MIRA INFORM REPORT
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Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
VAREL EUROPE
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Registered Office : |
Route De Pau,
Ibos, 65420 |
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Country : |
France |
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Financials (as on) : |
31.07.2012 |
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Date of Incorporation : |
15.03.1995 |
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Com. Reg. No.: |
400782017 |
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Legal Form : |
Private
Independent Company |
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Line of Business : |
·
manufacturer
of machine tools for working metal operated by laser and the like: machining
centres ·
manufacturer
of lathes, boring and milling machines for working metals ·
manufacturer
of other machine tools for working metal ·
manufacturer
of parts and accessories for metalworking machine-tools. |
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No. of Employees : |
108 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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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 |
Company name & address
Varel Europe
Route De Pau
Ibos, 65420
France
Tel: +33 05 59 14 48 25
Fax: +33 05 62 90 07 19
Synthesis
Employees: 108
Company Type: Private Independent
Incorporation
Date: 15-Mar-1995
Financials in: USD (Millions)
Fiscal Year End: 31-Jul-2012
Reporting
Currency: Euro
Annual Sales: 109.5
Total Assets: 81.7
Business Description
Varel Europe is
primarily engaged in manufacture of machine tools for working metal operated by
laser and the like: machining centres and the like; manufacture of lathes,
boring and milling machines for working metals; manufacture of other machine
tools for working metal; and manufacture of parts and accessories for
metalworking machine-tools.
Industry
Industry
Machinery and Equipment Manufacturing
ANZSIC 2006: 2463 - Machine Tool and Parts Manufacturing
ISIC Rev 4: 2822 - Manufacture of metal-forming
machinery and machine tools
NACE Rev 2: 2849 - Manufacture of other machine tools
NAICS 2012: 33351 - Metalworking Machinery
Manufacturing
UK SIC 2007: 2849 - Manufacture of other machine tools
US SIC 1987: 3545 - Cutting Tools, Machine Tool
Accessories, and Machinists' Precision Measuring Devices
Key Executives
|
Name |
Title |
|
Bernard Pontneau |
President |
|
Bruno Barial |
Accounts manager, EDP manager |
|
Isabelle Malvy |
Director |
|
Sandrine Wery |
Director |
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7572546
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.8157049
Corporate Overview
Location
Route De Pau
Ibos, 65420
France
Tel: +33 05 59 14 48 25
Fax: +33 05 62 90 07 19
Sales EUR(mil): 83.0
Assets EUR(mil): 66.6
Employees: 108
Fiscal Year End: 31-Jul-2012
Industry: Miscellaneous Capital
Goods
Incorporation
Date: 15-Mar-1995
Company Type: Private Independent
Quoted Status: Not Quoted
Registered
No.(FRA): 400782017
President: Bernard Pontneau
Industry Codes
ANZSIC 2006
Codes:
2463 - Machine
Tool and Parts Manufacturing
2591 - Jewellery
and Silverware Manufacturing
ISIC Rev 4 Codes:
2822 - Manufacture
of metal-forming machinery and machine tools
3211 - Manufacture
of jewellery and related articles
NACE Rev 2 Codes:
2849 - Manufacture
of other machine tools
3212 - Manufacture
of jewellery and related articles
NAICS 2012 Codes:
33351 - Metalworking
Machinery Manufacturing
339910 - Jewelry
and Silverware Manufacturing
US SIC 1987:
3545 - Cutting
Tools, Machine Tool Accessories, and Machinists' Precision Measuring Devices
3915 - Jewelers'
Findings and Materials, and Lapidary Work
UK SIC 2007:
2849 - Manufacture
of other machine tools
3212 - Manufacture
of jewellery and related articles
Business Description
Varel Europe is
primarily engaged in manufacture of machine tools for working metal operated by
laser and the like: machining centres and the like; manufacture of lathes,
boring and milling machines for working metals; manufacture of other machine
tools for working metal; and manufacture of parts and accessories for
metalworking machine-tools.
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Executive report
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Executives |
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President |
President |
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Director |
Administration Executive |
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Director |
Administration Executive |
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Accounts manager, EDP manager |
Sales Executive |
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Annual Profit & Loss
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|
31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.757255 |
0.72759 |
0.727556 |
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Consolidated |
No |
No |
No |
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Total income |
119.4 |
103.3 |
86.3 |
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Net sales |
109.5 |
90.1 |
78.8 |
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Change in stock |
-3.0 |
2.9 |
-0.7 |
|
Unfinished work in progress |
3.5 |
7.8 |
1.5 |
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Own work capitalised |
0.0 |
0.0 |
0.0 |
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Subsidies for operating costs |
0.1 |
0.0 |
0.1 |
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Supplementary operating income |
6.3 |
5.3 |
5.8 |
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Other operating income |
0.0 |
0.0 |
0.0 |
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Other external charges |
30.0 |
23.6 |
19.7 |
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Cost of goods sold |
57.1 |
49.9 |
40.3 |
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Taxes and social security costs |
1.3 |
1.1 |
0.9 |
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Social charges |
3.0 |
2.8 |
2.5 |
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Total payroll costs |
8.2 |
8.3 |
7.7 |
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Cost of stock depreciation and
amortisation |
8.3 |
6.7 |
5.1 |
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Fixed asset depreciation and amortisation |
0.8 |
0.8 |
1.0 |
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Other operating costs |
2.8 |
1.3 |
1.7 |
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Total operating
costs |
108.5 |
97.4 |
78.1 |
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Net operating
income |
11.0 |
5.9 |
8.2 |
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Total financial
income |
4.7 |
3.2 |
2.7 |
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Interest payable on loans |
0.4 |
0.5 |
0.4 |
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Other expenses |
4.2 |
4.4 |
1.8 |
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Total expenses |
4.7 |
5.0 |
2.2 |
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Profit before tax |
10.9 |
4.1 |
8.8 |
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Extraordinary income |
0.1 |
0.1 |
0.1 |
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Extraordinary expenses |
0.1 |
0.3 |
0.5 |
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Extraordinary result |
0.0 |
-0.2 |
-0.4 |
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Total taxation |
4.6 |
1.6 |
2.8 |
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Profit distributed to employees |
0.8 |
0.2 |
0.5 |
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Net profit |
5.5 |
2.1 |
5.2 |
Annual Balance Sheet
Financials in: USD (mil)
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|
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31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.815705 |
0.695894 |
0.767578 |
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Consolidated |
No |
No |
No |
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Issued capital |
2.4 |
2.9 |
2.6 |
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Share premium account |
3.7 |
4.3 |
3.9 |
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Legal reserves |
0.3 |
0.3 |
0.2 |
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Other reserves |
0.1 |
0.2 |
0.2 |
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Total reserves |
17.7 |
13.1 |
11.9 |
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Profits for the year |
5.1 |
2.2 |
4.9 |
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Profit brought forward from previous
year(s) |
2.1 |
7.9 |
2.2 |
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Capital subsidies and grants |
0.0 |
0.1 |
0.1 |
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Total
stockholders equity |
31.4 |
30.9 |
26.0 |
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Provisions and allowances |
1.1 |
0.7 |
1.0 |
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Trade creditors |
16.2 |
11.6 |
15.4 |
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Advances received |
0.1 |
0.1 |
0.1 |
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Bank loans and overdrafts |
1.4 |
0.9 |
0.0 |
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Current bank debts |
1.4 |
0.9 |
0.0 |
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Other loans |
17.5 |
16.0 |
11.6 |
|
Other liabilities |
2.9 |
2.4 |
1.3 |
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Income stated in advance |
0.0 |
0.0 |
- |
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Taxation and social security |
9.2 |
5.5 |
2.8 |
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Total current
liabilities |
47.2 |
36.4 |
31.2 |
|
Total debts |
47.3 |
36.5 |
31.3 |
|
Regularisation account |
1.8 |
0.7 |
0.4 |
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Total
liabilities (including net worth) |
81.7 |
68.7 |
58.7 |
|
Patents |
0.2 |
0.2 |
0.1 |
|
Other intangibles |
0.0 |
0.2 |
0.4 |
|
Land |
0.1 |
0.2 |
0.2 |
|
Buildings |
0.7 |
0.8 |
0.5 |
|
Other fixed assets |
1.4 |
1.6 |
1.4 |
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Long-term investments |
0.4 |
0.4 |
0.2 |
|
Other financial assets |
0.4 |
0.7 |
0.5 |
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Total non-current
assets |
3.1 |
4.2 |
3.4 |
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Prepayments |
- |
0.0 |
- |
|
Net stocks and work in progress |
23.6 |
22.4 |
16.5 |
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Trade debtors |
36.4 |
31.4 |
30.4 |
|
Other receivables |
4.9 |
4.6 |
2.6 |
|
Prepaid expenses |
0.5 |
0.6 |
0.5 |
|
Cash and liquid assets |
11.9 |
4.9 |
4.2 |
|
Marketable securities |
0.0 |
0.0 |
0.0 |
|
Total current
assets |
77.4 |
63.9 |
54.3 |
|
Prepaid expenses and deferred costs |
1.1 |
0.7 |
1.0 |
|
Total assets |
81.7 |
68.7 |
58.7 |
Annual Ratios
Financials in: USD (mil)
|
|
|
|
|
31-Jul-2012 |
31-Jul-2011 |
31-Jul-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.815705 |
0.695894 |
0.767578 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.60 |
1.80 |
1.70 |
|
Quick ratio |
1.10 |
1.10 |
1.20 |
|
Total liabilities to net worth |
1.57% |
1.23% |
1.28% |
|
Net worth to total assets |
0.37% |
0.43% |
0.42% |
|
Collection period |
108.70 |
101.20 |
123.60 |
|
Stock turnover rate |
4.30 |
4.20 |
4.50 |
|
Asset turnover |
1.25% |
1.37% |
1.27% |
|
Profit margin |
0.10% |
0.05% |
0.11% |
|
Return on assets |
0.12% |
0.06% |
0.14% |
|
Shareholders' return |
0.34% |
0.15% |
0.34% |
|
Sales per employee |
5,038.17 |
4,257.20 |
4,002.84 |
|
Profit per employee |
503.03 |
194.97 |
445.75 |
|
Average wage per employee |
377.88 |
394.15 |
390.21 |
|
Net worth |
31.4 |
30.9 |
26.0 |
|
Number of employees |
108 |
101 |
94 |
|
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FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
UK Pound |
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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.