MIRA
INFORM REPORT
|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
DRESCO
|
|
|
|
|
Registered Office : |
6 Route Des Gorres, Bonneuil Sur Marne, 94380 |
|
|
|
|
Country : |
France |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
15.01.1961 |
|
|
|
|
Com. Reg. No.: |
612045864 |
|
|
|
|
Legal Form : |
Public Subsidiary |
|
|
|
|
Line of Business : |
wholesaler
of adults' fur and leather clothing |
|
|
|
|
No. of Employees : |
57 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
A2 |
A2 |
|
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 |
Company name & address
Dresco
6 Route Des Gorres
Bonneuil Sur Marne, 94380
France
Tel: +33 01 45 13 80 90
Fax: +33 01 45 13 80 99
Synthesis
Employees: 57
Company Type: Public Subsidiary
Corporate Family: 24
Companies
Ultimate Parent: Eram
Incorporation Date: 15-Jan-1961
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 57.5
Total Assets: 42.8
Business Description
Dresco 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
Industry Apparel and Accessories
ANZSIC 2006: 371 - Textile,
Clothing and Footwear Wholesaling
NACE 2002: 5142 - Wholesale
of clothing and footwear
NAICS 2002: 4243 - Apparel,
Piece Goods, and Notions Merchant Wholesalers
UK SIC 2003: 5142 - Wholesale
of clothing and footwear
UK SIC 2007: 4642 - Wholesale
of clothing and footwear
US SIC 1987: 5139 - Footwear
Key Executives
|
Name |
Title |
|
Isabelle Boutigny |
Marketing director |
|
Bernard Juramy |
Director, EDP manager |
|
Denis Vauttier |
Director |
|
David Partouche |
Commercial director |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.770327
Corporate Overview
Location
6 Route Des Gorres
Bonneuil Sur Marne, 94380
France
Tel: +33 01 45 13 80 90
Fax: +33 01 45 13 80 99
Sales EUR(mil): 41.4
Assets EUR(mil): 33.0
Employees: 57
Fiscal Year End: 31-Dec-2011
Industry: Apparel and Accessories
Incorporation Date: 15-Jan-1961
Company Type: Public Subsidiary
Quoted Status: Not Quoted
Registered No.(FRA): 612045864
Director, EDP manager: Bernard
Juramy
Industry Codes
ANZSIC 2006 Codes:
371 - Textile, Clothing and Footwear Wholesaling
NACE 2002 Codes:
5142 - Wholesale of clothing and footwear
NAICS 2002 Codes:
4243 - Apparel, Piece Goods, and Notions Merchant Wholesalers
US SIC 1987:
5139 - Footwear
UK SIC 2003:
5142 - Wholesale of clothing and footwear
UK SIC 2007:
4642 - Wholesale of clothing and footwear
Business
Description
Dresco 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.
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Corporate Family |
Corporate
Structure News: |
|
|
Dresco |
|
Dresco |
|
|
|
|
|
Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Eram |
Parent |
|
|
|
|
|
|
|
Subsidiary |
Saint Pierre Montlimart |
France |
Retail (Apparel) |
1,005.0 |
3,525 |
|
|
|
Subsidiary |
Paris |
France |
Retail (Specialty) |
49.2 |
374 |
|
|
|
Subsidiary |
Chemille |
France |
Footwear |
8.1 |
224 |
|
|
|
Subsidiary |
Montjean Sur Loire |
France |
Footwear |
4.5 |
224 |
|
|
|
Subsidiary |
Leamington Spa |
United Kingdom |
Retail (Specialty) |
1.0 |
4 |
|
|
|
Subsidiary |
Valanjou |
France |
Footwear |
3.5 |
224 |
|
|
|
Subsidiary |
St Denis |
France |
Apparel and Accessories |
305.1 |
164 |
|
|
|
Subsidiary |
Saint- Denis La Plaine |
France |
Apparel and Accessories |
161.7 |
1,113 |
|
|
|
Subsidiary |
Paris |
France |
Retail (Apparel) |
|
1,000 |
|
|
|
Subsidiary |
La Pommeraye |
France |
Footwear |
2.8 |
149 |
|
|
|
Subsidiary |
La Poueze |
France |
Footwear |
2.1 |
149 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Commercial Banks |
|
149 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Footwear |
77.3 |
85 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Commercial Banks |
|
74 |
|
|
|
Subsidiary |
Aubagne |
France |
Retail (Specialty) |
119.5 |
70 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Retail (Specialty) |
260.1 |
61 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Retail (Specialty) |
77.3 |
642 |
|
|
|
Subsidiary |
SaarbrĂ¼cken, Saarland |
Germany |
Retail (Specialty) |
|
3 |
|
|
|
Subsidiary |
Bonneuil Sur Marne |
France |
Apparel and Accessories |
57.5 |
47 |
|
|
|
Subsidiary |
Chalonnes Sur Loire |
France |
Footwear |
5.1 |
34 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Apparel and Accessories |
46.0 |
18 |
|
|
|
Subsidiary |
Aubagne |
France |
Apparel and Accessories |
3.0 |
8 |
|
|
|
Subsidiary |
St Pierre Montlimart |
France |
Apparel and Accessories |
8.9 |
6 |
|
Executive report
|
Annual
Profit & Loss
|
|
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 |
58.5 |
52.7 |
49.5 |
|
Net sales |
57.5 |
51.8 |
48.2 |
|
Change in stock |
-5.4 |
1.0 |
-1.4 |
|
Supplementary operating income |
0.9 |
0.9 |
1.3 |
|
Other external charges |
6.7 |
6.2 |
6.4 |
|
Cost of goods sold |
42.0 |
33.1 |
32.9 |
|
Taxes and social security costs |
0.6 |
0.5 |
0.5 |
|
Social charges |
2.1 |
1.6 |
1.5 |
|
Total payroll costs |
4.6 |
4.0 |
3.9 |
|
Cost of stock depreciation and amortisation |
0.9 |
0.7 |
0.9 |
|
Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
|
Other operating costs |
2.7 |
3.3 |
3.3 |
|
Total operating costs |
54.3 |
50.5 |
48.1 |
|
Net operating income |
4.1 |
2.3 |
1.4 |
|
Total financial income |
0.8 |
0.8 |
0.8 |
|
Interest payable on loans |
0.1 |
0.1 |
0.1 |
|
Total expenses |
0.1 |
0.1 |
0.1 |
|
Profit before tax |
4.9 |
2.9 |
2.1 |
|
Extraordinary income |
0.3 |
0.1 |
0.0 |
|
Extraordinary expenses |
0.2 |
0.5 |
0.0 |
|
Extraordinary result |
0.2 |
-0.4 |
0.0 |
|
Total taxation |
1.6 |
0.7 |
0.6 |
|
Net profit |
3.5 |
1.8 |
1.5 |
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 |
1.4 |
1.4 |
1.5 |
|
Share premium account |
5.5 |
5.6 |
6.0 |
|
Total reserves |
23.4 |
24.1 |
25.7 |
|
Profits for the year |
3.2 |
1.9 |
1.6 |
|
Total stockholders equity |
33.4 |
33.0 |
34.8 |
|
Provisions and allowances |
0.4 |
0.7 |
0.4 |
|
Trade creditors |
4.4 |
6.8 |
6.8 |
|
Bank loans and overdrafts |
0.0 |
0.0 |
0.0 |
|
Current bank debts |
0.0 |
0.0 |
0.0 |
|
Other liabilities |
0.9 |
0.5 |
0.3 |
|
Income stated in advance |
0.4 |
- |
- |
|
Taxation and social security |
3.3 |
3.4 |
3.1 |
|
Total current liabilities |
9.0 |
10.7 |
10.3 |
|
Total debts |
9.0 |
10.7 |
10.3 |
|
Total liabilities (including net worth) |
42.8 |
44.4 |
45.4 |
|
Patents |
0.0 |
0.0 |
0.0 |
|
Goodwill |
0.0 |
0.0 |
0.0 |
|
Other intangibles |
- |
- |
0.0 |
|
Other fixed assets |
0.3 |
0.3 |
0.3 |
|
Long-term investments |
0.0 |
0.0 |
0.1 |
|
Other financial assets |
0.4 |
7.1 |
12.7 |
|
Total non-current assets |
0.8 |
7.5 |
13.1 |
|
Net stocks and work in progress |
20.6 |
16.2 |
18.3 |
|
Trade debtors |
5.3 |
5.3 |
4.6 |
|
Other receivables |
9.1 |
5.2 |
5.6 |
|
Prepaid expenses |
0.4 |
0.3 |
1.5 |
|
Cash and liquid assets |
1.8 |
1.7 |
1.1 |
|
Marketable securities |
4.8 |
8.2 |
1.1 |
|
Total current assets |
42.1 |
36.9 |
32.3 |
|
Total assets |
42.8 |
44.4 |
45.4 |
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 |
4.70 |
3.40 |
3.10 |
|
Quick ratio |
2.40 |
1.90 |
1.40 |
|
Total liabilities to net worth |
0.27% |
0.33% |
0.30% |
|
Net worth to total assets |
0.78% |
0.74% |
0.77% |
|
Collection period |
30.10 |
30.80 |
28.20 |
|
Stock turnover rate |
2.60 |
3.20 |
2.70 |
|
Asset turnover |
1.25% |
1.18% |
1.10% |
|
Profit margin |
0.08% |
0.06% |
0.04% |
|
Return on assets |
0.11% |
0.07% |
0.05% |
|
Shareholders' return |
0.14% |
0.09% |
0.06% |
|
Sales per employee |
4,761.16 |
4,504.57 |
4,212.06 |
|
Profit per employee |
401.55 |
254.61 |
181.74 |
|
Average wage per employee |
383.27 |
345.49 |
338.09 |
|
Net worth |
33.4 |
33.0 |
34.8 |
|
Number of employees |
57 |
57 |
54 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.93 |
|
UK Pound |
1 |
Rs.91.81 |
|
Euro |
1 |
Rs.78.18 |
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.