MIRA
INFORM REPORT
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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CEVIMOD |
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Registered Office : |
30 Rue Des Chateaux Zone Industrielle De La Pilaterie Wasquehal, 59290 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.04.1983 |
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Com. Reg. No.: |
327323770 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Wholesale of clothing and footwear |
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No. of Employees : |
106 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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France |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
France was transitioning from
an economy that has featured extensive government ownership and intervention to
one that relies more on market mechanisms but is in the midst of a euro-zone
crisis. The government has partially or fully privatized many large companies,
banks, and insurers, and has ceded stakes in such leading firms as Air France,
France Telecom, Renault, and Thales. It maintains a strong presence in some
sectors, particularly power, public transport, and defense industries. With at
least 75 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. The
unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011.
Lower-than-expected growth and increased unemployment have cut government
revenues and increased borrowing costs, contributing to a deterioration of
France's public finances. The government budget deficit rose sharply from 3.4%
of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011,
while France's public debt rose from 68% of GDP to 86% over the same period.
Under President SARKOZY, Paris implemented austerity measures that eliminated
tax credits and froze most government spending in an effort 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 levels. Socialist Francois HOLLANDE won the May 2012 presidential
election, after advocating pro-growth economic policies, as well as measures
such as forcing banks to separate their traditional deposit taking and lending
activities from more speculative businesses, increasing taxes on bank profits,
introducing a new top bracket on income taxes for people earning over €1
million ($1.3 million) a year, and hiring an additional 60,000 civil servants
during his five-year term of office.
Source
: CIA
Company name and address
Cevimod
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Business
Description
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Cevimod is primarily engaged in wholesale of adults' fur and leather
clothing; wholesale of children's and infants' clothing; wholesale of footwear;
and wholesale of clothing not elsewhere classified. |
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
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NAICS 2002: |
4243 - Apparel, Piece Goods, and Notions Merchant
Wholesalers |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
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
Corporate Overview
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Corporate Structure News
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Cevimod |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
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Parent |
Wasquehal |
France |
Commercial Banks |
|
74 |
|
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Subsidiary |
Wasquehal |
France |
Retail (Apparel) |
97.1 |
374 |
|
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Subsidiary |
Wasquehal |
France |
Apparel and Accessories |
84.1 |
106 |
|
|
Subsidiary |
Wasquehal |
France |
Retail (Apparel) |
15.4 |
74 |
|
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Subsidiary |
Villeneuve D Ascq |
France |
Apparel and Accessories |
4.3 |
26 |
Executives Report
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Annual Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
88.3 |
85.0 |
86.3 |
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Net sales |
84.1 |
80.7 |
82.6 |
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Change in stock |
-2.3 |
0.5 |
-0.4 |
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Subsidies for operating costs |
0.0 |
0.0 |
0.0 |
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Supplementary operating income |
0.3 |
0.5 |
- |
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Other operating income |
4.0 |
3.7 |
3.6 |
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Other external charges |
6.8 |
4.3 |
3.9 |
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Cost of goods sold |
76.4 |
72.3 |
74.9 |
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Taxes and social security costs |
0.5 |
0.5 |
0.5 |
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Social charges |
1.6 |
1.2 |
1.1 |
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Total payroll costs |
3.9 |
3.1 |
2.9 |
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Cost of stock depreciation and amortisation |
0.4 |
0.3 |
0.1 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.0 |
0.0 |
0.0 |
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Total operating costs |
87.4 |
82.4 |
83.3 |
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Net operating income |
0.9 |
2.6 |
3.0 |
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Total financial income |
0.9 |
1.3 |
1.5 |
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Interest payable on loans |
0.1 |
0.0 |
0.0 |
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Other expenses |
- |
0.3 |
0.1 |
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Total expenses |
0.1 |
0.3 |
0.1 |
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Profit before tax |
1.8 |
3.7 |
4.4 |
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Extraordinary income |
0.3 |
0.1 |
- |
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Extraordinary expenses |
0.3 |
0.6 |
0.2 |
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Extraordinary result |
0.0 |
-0.4 |
-0.2 |
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Total taxation |
0.5 |
1.0 |
0.7 |
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Profit distributed to employees |
0.0 |
0.1 |
0.1 |
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Net profit |
1.2 |
2.2 |
3.4 |
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Annual Balance
Sheet |
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Financials in:
USD (mil) |
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Issued capital |
0.7 |
0.7 |
0.8 |
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Legal reserves |
0.0 |
0.0 |
0.0 |
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Total reserves |
0.6 |
0.7 |
0.7 |
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Profits for the year |
1.1 |
2.2 |
3.5 |
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Profit brought forward from previous year(s) |
5.0 |
5.2 |
4.1 |
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Total stockholders equity |
7.5 |
8.8 |
9.2 |
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Provisions and allowances |
0.2 |
0.4 |
0.1 |
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Trade creditors |
6.6 |
2.8 |
3.8 |
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Bank loans and overdrafts |
0.0 |
0.3 |
0.3 |
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Current bank debts |
0.0 |
0.3 |
0.3 |
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Other loans |
0.1 |
0.1 |
- |
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Other liabilities |
0.0 |
0.0 |
0.0 |
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Debts on fixed assets |
0.1 |
0.0 |
0.0 |
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Taxation and social security |
1.6 |
2.0 |
1.7 |
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Total current liabilities |
8.5 |
5.2 |
5.8 |
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Total debts |
8.5 |
5.2 |
5.8 |
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Total liabilities (including net worth) |
16.1 |
14.3 |
15.2 |
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Patents |
0.0 |
0.0 |
0.0 |
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Other fixed assets |
0.4 |
0.3 |
0.3 |
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Other financial assets |
0.0 |
0.0 |
0.0 |
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Total non-current assets |
0.4 |
0.3 |
0.3 |
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Prepayments |
2.2 |
- |
0.2 |
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Net stocks and work in progress |
4.0 |
1.9 |
2.4 |
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Trade debtors |
6.4 |
6.6 |
6.9 |
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Other receivables |
2.5 |
4.7 |
5.2 |
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Prepaid expenses |
0.4 |
0.2 |
0.1 |
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Cash and liquid assets |
0.2 |
0.6 |
0.1 |
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Total current assets |
15.7 |
14.0 |
14.8 |
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Total assets |
16.1 |
14.3 |
15.2 |
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Annual Ratios |
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Financials in:
USD (mil) |
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.90 |
2.70 |
2.50 |
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Quick ratio |
1.40 |
2.30 |
2.10 |
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Total liabilities to net worth |
1.14% |
0.59% |
0.63% |
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Net worth to total assets |
0.46% |
0.61% |
0.61% |
|
Collection period |
24.80 |
24.30 |
24.40 |
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Stock turnover rate |
19.50 |
43.10 |
36.00 |
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Asset turnover |
4.87% |
5.72% |
5.62% |
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Profit margin |
0.02% |
0.05% |
0.05% |
|
Return on assets |
0.10% |
0.26% |
0.30% |
|
Shareholders' return |
0.22% |
0.43% |
0.49% |
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Sales per employee |
3,742.07 |
4,544.19 |
5,265.92 |
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Profit per employee |
78.02 |
207.08 |
279.36 |
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Average wage per employee |
173.72 |
175.82 |
182.06 |
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Net worth |
7.5 |
8.8 |
9.2 |
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Number of employees |
106 |
88 |
74 |
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
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 |
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NB |
New Business |
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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.