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Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
SEAH INTERNATIONAL |
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Registered Office : |
Zi De La Tresorerie Wimille, 62126 |
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Country : |
France |
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Financials (as on) : |
30.06.2011 |
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Date of Incorporation : |
15.04.1988 |
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Com. Reg. No.: |
344753181 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Wholesale of chemical products |
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No. of Employees : |
5 |
RATING & COMMENTS
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Seah International
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Business
Description
|
Seah International is primarily engaged in wholesale of industrial chemicals
(aniline, printing ink, essential oils, industrial gases, chemical glues,
colouring matter, synthetic resin, methanol, paraffin, scents and
flavourings, soda, industrial salt, acids and sulphur, starch derivatives,
etc.); wholesale of fertilisers and agro-chemical products; wholesale of
plastic materials in primary forms; and wholesale of rubber. |
Industry
|
Industry |
|
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ANZSIC 2006: |
3323 - Industrial and Agricultural Chemical Product
Wholesaling |
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NACE 2002: |
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NAICS 2002: |
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UK SIC 2003: |
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UK SIC 2007: |
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US SIC 1987: |
5169 - Chemicals and Allied Products, Not Elsewhere
Classified |
Key Executives
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1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7347003
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.6897265
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Seah
International |
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|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Courbevoie |
France |
Food Processing |
216.8 |
9 |
|
|
Subsidiary |
Le Portel |
France |
Food Processing |
15.7 |
79 |
|
|
Subsidiary |
Wmlle |
France |
Food Processing |
71.6 |
26 |
|
|
Subsidiary |
Wimille |
France |
Chemical Manufacturing |
10.8 |
5 |
Executives Report
|
|
|
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.7347 |
0.721483 |
0.731067 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
10.9 |
11.4 |
9.4 |
|
Net sales |
10.8 |
10.8 |
9.3 |
|
Change in stock |
0.0 |
1.0 |
-1.0 |
|
Supplementary operating income |
0.1 |
0.6 |
0.1 |
|
Other operating income |
0.0 |
0.0 |
- |
|
Other external charges |
0.9 |
0.8 |
0.8 |
|
Cost of goods sold |
8.8 |
8.0 |
8.4 |
|
Taxes and social security costs |
0.1 |
0.0 |
0.0 |
|
Social charges |
0.1 |
0.1 |
0.1 |
|
Total payroll costs |
0.3 |
0.3 |
0.3 |
|
Cost of stock depreciation and amortisation |
0.1 |
0.0 |
0.2 |
|
Fixed asset depreciation and amortisation |
0.0 |
0.0 |
0.0 |
|
Other operating costs |
0.0 |
0.0 |
0.0 |
|
Total operating costs |
10.3 |
10.3 |
8.8 |
|
Net operating income |
0.6 |
1.1 |
0.6 |
|
Total financial income |
1.3 |
0.8 |
1.2 |
|
Interest payable on loans |
0.0 |
0.0 |
0.0 |
|
Other expenses |
0.1 |
0.0 |
0.0 |
|
Total expenses |
0.1 |
0.0 |
0.0 |
|
Profit before tax |
1.8 |
1.9 |
1.7 |
|
Extraordinary income |
0.6 |
0.0 |
0.0 |
|
Extraordinary expenses |
0.3 |
0.1 |
0.5 |
|
Extraordinary result |
0.4 |
-0.1 |
-0.5 |
|
Total taxation |
0.3 |
0.4 |
0.1 |
|
Net profit |
1.8 |
1.4 |
1.1 |
|
Annual Balance
Sheet |
|
Financials in:
USD (mil) |
|
|
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.816393 |
0.712936 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
1.3 |
1.1 |
1.3 |
|
Legal reserves |
0.9 |
1.1 |
1.3 |
|
Total reserves |
1.6 |
1.3 |
1.5 |
|
Profits for the year |
2.0 |
1.3 |
1.2 |
|
Profit brought forward from previous year(s) |
5.0 |
4.2 |
4.2 |
|
Total stockholders equity |
10.8 |
9.0 |
9.4 |
|
Provisions and allowances |
0.1 |
0.0 |
0.0 |
|
Trade creditors |
0.9 |
0.7 |
0.5 |
|
Bank loans and overdrafts |
0.1 |
0.5 |
- |
|
Current bank debts |
0.1 |
0.5 |
- |
|
Other loans |
- |
0.3 |
0.4 |
|
Other liabilities |
0.0 |
0.0 |
0.0 |
|
Taxation and social security |
0.2 |
0.1 |
0.2 |
|
Total current liabilities |
1.3 |
1.6 |
1.2 |
|
Total debts |
1.3 |
1.6 |
1.2 |
|
Regularisation account |
0.0 |
0.1 |
- |
|
Total liabilities (including net worth) |
12.2 |
10.7 |
10.6 |
|
Goodwill |
0.1 |
0.1 |
0.1 |
|
Buildings |
0.0 |
- |
- |
|
Other fixed assets |
0.0 |
0.0 |
0.0 |
|
Long-term investments |
5.6 |
4.7 |
5.2 |
|
Other financial assets |
0.8 |
- |
- |
|
Total non-current assets |
6.5 |
4.8 |
5.4 |
|
Net stocks and work in progress |
1.9 |
1.7 |
2.4 |
|
Trade debtors |
1.9 |
1.6 |
2.3 |
|
Other receivables |
0.2 |
0.1 |
0.3 |
|
Prepaid expenses |
0.0 |
0.0 |
0.0 |
|
Cash and liquid assets |
1.6 |
2.5 |
0.2 |
|
Total current assets |
5.6 |
5.9 |
5.3 |
|
Prepaid expenses and deferred costs |
0.1 |
0.0 |
0.0 |
|
Total assets |
12.2 |
10.7 |
10.6 |
|
Annual Ratios |
|
Financials in:
USD (mil) |
|
|
30-Jun-2011 |
30-Jun-2010 |
30-Jun-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.689727 |
0.816393 |
0.712936 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
4.40 |
3.70 |
4.50 |
|
Quick ratio |
2.90 |
2.60 |
2.40 |
|
Total liabilities to net worth |
0.12% |
0.18% |
0.13% |
|
Net worth to total assets |
0.87% |
0.83% |
0.88% |
|
Collection period |
50.70 |
49.50 |
74.10 |
|
Stock turnover rate |
5.90 |
5.60 |
3.90 |
|
Asset turnover |
0.94% |
0.89% |
0.90% |
|
Profit margin |
0.16% |
0.17% |
0.18% |
|
Return on assets |
0.15% |
0.16% |
0.16% |
|
Shareholders' return |
0.18% |
0.19% |
0.19% |
|
Sales per employee |
10,389.07 |
10,242.43 |
8,895.48 |
|
Profit per employee |
1,688.81 |
1,783.10 |
1,633.59 |
|
Average wage per employee |
274.37 |
293.85 |
256.60 |
|
Net worth |
10.8 |
9.0 |
9.4 |
|
Number of employees |
5 |
5 |
5 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.04 |
|
|
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
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.