|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AXENS SA |
|
|
|
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Registered Office : |
89 boulevard Franklin Roosevelt Rueil Malmaison, 92508 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
06.01.1959 |
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Com. Reg. No.: |
599815073 |
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Legal Form : |
Public Subsidiary |
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|
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Line of Business : |
Manufacture of basic chemicals |
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No. of Employees : |
785 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
France |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
FRANCE - ECONOMIC OVERVIEW
The French economy is diversified across all sectors. The
government has partially or fully privatized many large companies, including
Air France, France Telecom, Renault, and Thales. However, the government
maintains a strong presence in some sectors, particularly power, public
transport, and defense industries. With at least 79 million foreign tourists
per year, France is the most visited country in the world and maintains the
third largest income in the world from tourism. France's leaders remain
committed to a capitalism in which they maintain social equity by means of
laws, tax policies, and social spending that reduce income disparity and the
impact of free markets on public health and welfare. France's real GDP
contracted 2.6% in 2009, but recovered somewhat in 2010 and 2011, before
stagnating in 2012. The unemployment rate increased from 7.4% in 2008 to 10.3%
in 2012. Youth unemployment shot up to 24.2% during the third quarter of 2012
in metropolitan France. Lower-than-expected growth and high unemployment costs
have strained France's public finances. The budget deficit rose sharply from
3.4% of GDP in 2008 to 7.5% of GDP in 2009 before improving to 4.5% of GDP in
2012, while France's public debt rose from 68% of GDP to 89% over the same
period. Under President SARKOZY, Paris implemented some austerity measures to
bring the budget deficit under the 3% euro-zone ceiling by 2013 and to
highlight France's commitment to fiscal discipline at a time of intense
financial market scrutiny of euro-zone debt. Socialist Party candidate Francois
HOLLANDE won the May 2012 presidential election, after advocating pro-growth
economic policies, the separation of banks' traditional deposit taking and
lending activities from more speculative businesses, increasing the top
corporate and personal tax rates, and hiring an additional 60,000 teachers
during his five-year term. The government's attempt to introduce a 75% wealth
tax on income over one million euros for two years was struck down by the
French Constitutional Council in December 2012 because it applied to
individuals rather than households. France ratified the EU fiscal stability
treaty in October 2012 and HOLLANDE's government has maintained France's
commitment to meeting the budget deficit target of 3% of GDP during 2013 even
amid signs that economic growth will be lower than the government's forecast of
0.8%. Despite stagnant growth and fiscal challenges, France's borrowing costs
declined during the second half of 2012 to euro-era lows.
Source
: CIA
Axens SA
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Business
Description
|
Provision of clean fuels solutions and services to the petrochemical
and natural gas industries, including processes, catalysts, adsorbents and
equipment |
Industry
|
Industry |
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ANZSIC 2006: |
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ISIC Rev 4: |
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NACE Rev 2: |
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NAICS 2012: |
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UK SIC 2007: |
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US SIC 1987: |
2819 - Industrial Inorganic Chemicals, Not Elsewhere
Classified |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
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Axens SA |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Rueil Malmaison |
France |
Research and Development Services |
45.3 |
1,686 |
|
|
Subsidiary |
Lyon, Solaize |
France |
Petroleum and Natural Gas Extraction |
|
2,000 |
|
|
Subsidiary |
Rueil Malmaison |
France |
Basic Chemical Manufacturing |
536.4 |
785 |
|
|
Subsidiary |
Trappes |
France |
Miscellaneous Professional Services |
39.7 |
336 |
|
|
Subsidiary |
Rueil Malmaison |
France |
Miscellaneous Professional Services |
91.8 |
224 |
|
|
Subsidiary |
Montbonnot St Martin |
France |
Research and Development Services |
9.4 |
41 |
|
|
Subsidiary |
Pau |
France |
Petroleum and Natural Gas Extraction |
|
10 |
|
|
Subsidiary |
Rueil Malmaison |
France |
Property Managers |
9.0 |
7 |
Executives
Report
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|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
640.4 |
518.9 |
527.5 |
|
Net sales |
536.4 |
439.4 |
431.8 |
|
Change in stock |
-2.9 |
-18.8 |
13.7 |
|
Unfinished work in progress |
1.1 |
-3.2 |
-0.9 |
|
Own work capitalised |
23.9 |
8.8 |
7.9 |
|
Subsidies for operating costs |
0.0 |
0.1 |
0.1 |
|
Supplementary operating income |
13.2 |
7.4 |
18.9 |
|
Other operating income |
65.8 |
66.5 |
69.7 |
|
Other external charges |
177.8 |
136.5 |
132.9 |
|
Cost of goods sold |
170.5 |
170.7 |
142.1 |
|
Taxes and social security costs |
11.4 |
11.3 |
12.5 |
|
Social charges |
31.4 |
27.5 |
27.6 |
|
Total payroll costs |
64.1 |
55.4 |
57.0 |
|
Cost of stock depreciation and amortisation |
18.4 |
13.8 |
11.1 |
|
Fixed asset depreciation and amortisation |
43.6 |
23.9 |
25.0 |
|
Other operating costs |
35.0 |
35.7 |
38.2 |
|
Total operating costs |
549.2 |
456.0 |
460.1 |
|
Net operating income |
91.3 |
62.9 |
67.4 |
|
Total financial income |
6.6 |
11.9 |
4.6 |
|
Interest payable on loans |
0.5 |
0.0 |
0.0 |
|
Other expenses |
5.1 |
6.1 |
4.7 |
|
Total expenses |
5.6 |
6.1 |
4.7 |
|
Profit before tax |
92.3 |
68.7 |
67.2 |
|
Extraordinary income |
8.9 |
6.0 |
4.4 |
|
Extraordinary expenses |
3.1 |
4.1 |
6.3 |
|
Extraordinary result |
5.8 |
2.0 |
-1.9 |
|
Total taxation |
31.9 |
4.9 |
17.4 |
|
Profit distributed to employees |
6.3 |
16.2 |
4.8 |
|
Net profit |
59.8 |
49.5 |
43.1 |
|
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Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
37.5 |
38.8 |
41.5 |
|
Share premium account |
18.2 |
18.8 |
20.1 |
|
Legal reserves |
20.3 |
26.4 |
30.5 |
|
Other reserves |
0.0 |
- |
- |
|
Total reserves |
6.8 |
7.0 |
7.5 |
|
Profits for the year |
55.9 |
50.2 |
44.5 |
|
Profit brought forward from previous year(s) |
154.6 |
133.4 |
130.8 |
|
Capital subsidies and grants |
1.2 |
1.0 |
0.6 |
|
Total stockholders equity |
294.4 |
275.5 |
275.4 |
|
Provisions and allowances |
22.9 |
24.9 |
23.4 |
|
Trade creditors |
86.4 |
87.9 |
72.7 |
|
Advances received |
8.0 |
11.6 |
12.2 |
|
Bank loans and overdrafts |
16.0 |
5.1 |
0.0 |
|
Current bank debts |
0.0 |
5.1 |
0.0 |
|
Other liabilities |
3.5 |
4.1 |
3.6 |
|
Debts on fixed assets |
245.2 |
11.8 |
29.9 |
|
Income stated in advance |
14.4 |
12.7 |
7.7 |
|
Taxation and social security |
46.4 |
30.1 |
29.5 |
|
Total current liabilities |
201.0 |
151.1 |
142.5 |
|
Total debts |
419.9 |
163.3 |
155.5 |
|
Regularisation account |
4.1 |
0.6 |
1.3 |
|
Total liabilities (including net worth) |
741.3 |
464.3 |
455.6 |
|
Patents |
189.1 |
4.9 |
19.7 |
|
Other intangibles |
6.3 |
6.7 |
5.2 |
|
Land |
0.6 |
0.6 |
0.6 |
|
Buildings |
16.6 |
17.4 |
17.3 |
|
Other fixed assets |
65.8 |
53.3 |
57.1 |
|
Long-term investments |
26.7 |
27.4 |
20.0 |
|
Other financial assets |
29.8 |
9.8 |
2.1 |
|
Total non-current assets |
335.0 |
120.1 |
122.0 |
|
Prepayments |
0.1 |
8.8 |
3.8 |
|
Net stocks and work in progress |
107.4 |
107.9 |
99.0 |
|
Trade debtors |
165.5 |
141.4 |
146.3 |
|
Other receivables |
52.9 |
24.8 |
32.1 |
|
Prepaid expenses |
3.7 |
1.0 |
3.1 |
|
Cash and liquid assets |
32.4 |
10.5 |
1.1 |
|
Marketable securities |
42.1 |
49.5 |
47.7 |
|
Total current assets |
404.0 |
343.7 |
333.1 |
|
Prepaid expenses and deferred costs |
2.3 |
0.4 |
0.5 |
|
Total assets |
741.3 |
464.3 |
455.6 |
|
|
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
2.00 |
2.30 |
2.30 |
|
Quick ratio |
1.50 |
1.60 |
1.60 |
|
Total liabilities to net worth |
4.35% |
0.62% |
0.62% |
|
Net worth to total assets |
0.13% |
0.57% |
0.55% |
|
Collection period |
100.30 |
96.40 |
99.70 |
|
Stock turnover rate |
4.70 |
4.10 |
4.50 |
|
Asset turnover |
0.68% |
0.96% |
0.98% |
|
Profit margin |
0.17% |
0.16% |
0.16% |
|
Return on assets |
0.12% |
0.15% |
0.15% |
|
Shareholders' return |
0.89% |
0.26% |
0.28% |
|
Sales per employee |
3,223.60 |
2,808.44 |
2,821.03 |
|
Profit per employee |
554.50 |
439.03 |
439.20 |
|
Average wage per employee |
385.13 |
353.83 |
372.08 |
|
Net worth |
294.4 |
275.5 |
275.4 |
|
Number of employees |
785 |
775 |
722 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.