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Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
OMNOVA SOLUTIONS
SAS |
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|
Registered Office : |
14 avenue des
Tropiques Zone Artisanale de Courtaboeuf 2 Les Ulis, |
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|
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Country : |
France |
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|
Financials (as on) : |
30.11.2011 |
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Date of Incorporation : |
15.12.1987 |
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Com. Reg. No.: |
343139325 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Manufacture of other organic basic chemicals |
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No. of Employees : |
374 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
France |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
Omnova Solutions SAS
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Business Description
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Eliokem is a manufacturer of speciality
chemicals. The company is engaged in manufacturing antioxidants, coating resins,
elastomeric modifiers, rubber latex, rubber and polyblends, rubber
reinforcing resins, rheological polymers, and toner resins. Eliokem serves
coatings, plastics and TPE compounds, polymers protection, rubber, latex,
brake linings and friction materials, and oilfield chemicals industries. The
company has production sites in Sandouville, France, Akron in Ohio, Ningbo in
China, and Ankleshwar in India. It also has a representative office in
Singapore. Its four manufacturing facilities have ISO 9001:2000
certification. The company is a subsidiary of Goodyear Tire & Rubber
Company of USA. The company is headquartered in Villejust, France. |
Industry
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Industry |
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ANZSIC 2006: |
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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: |
2869 - Industrial Organic Chemicals, Not Elsewhere
Classified |
Key Executives
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1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7189929
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7428592
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Omnova Solutions SAS |
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Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Fairlawn, OH |
United States |
Chemical Manufacturing |
1,125.5 |
2,390 |
|
|
Branch |
Columbus, MS |
United States |
Fabricated Plastic and Rubber |
120.4 |
550 |
|
|
Subsidiary |
Les Ulis |
France |
Chemical Manufacturing |
208.1 |
374 |
|
|
Branch |
Mogadore, OH |
United States |
Fabricated Plastic and Rubber |
35.7 |
266 |
|
|
Branch |
Jeannette, PA |
United States |
Fabricated Plastic and Rubber |
4.1 |
225 |
|
|
Subsidiary |
Hemel Hempstead |
United Kingdom |
Paper and Paper Products |
82.9 |
220 |
|
|
Subsidiary |
Warszawa |
Poland |
Retail (Home Improvement) |
0.9 |
5 |
|
|
Branch |
Monroe, NC |
United States |
Fabricated Plastic and Rubber |
47.0 |
170 |
|
|
Branch |
Chester, SC |
United States |
Chemical Manufacturing |
88.7 |
100 |
|
|
Branch |
Akron, OH |
United States |
Apparel and Accessories |
31.0 |
100 |
|
|
Subsidiary |
Fairlawn, OH |
United States |
Containers and Packaging |
|
100 |
|
|
Branch |
Green Bay, WI |
United States |
Fabricated Plastic and Rubber |
22.6 |
99 |
|
|
Branch |
Calhoun, GA |
United States |
Fabricated Plastic and Rubber |
17.9 |
75 |
|
|
Subsidiary |
Asnieres Sur Seine |
France |
Furniture and Fixtures |
13.7 |
34 |
|
|
Branch |
Fitchburg, MA |
United States |
Chemical Manufacturing |
19.1 |
28 |
|
|
Subsidiary |
Cardiff |
United Kingdom |
Personal and Household Products |
39.4 |
6 |
|
|
Branch |
Dalton, GA |
United States |
Retail (Specialty) |
1.3 |
6 |
|
|
Subsidiary |
Akron, OH |
United States |
Chemical Manufacturing |
|
6 |
|
|
Subsidiary |
Ningbo |
China |
Chemical Manufacturing |
|
|
|
|
Subsidiary |
Sandouville |
France |
Chemical Manufacturing |
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Executives Report
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|
30-Nov-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
11 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period Average) |
0.718993 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
213.5 |
199.4 |
156.6 |
|
Net sales |
208.1 |
196.5 |
153.5 |
|
Change in stock |
-1.2 |
-0.9 |
2.5 |
|
Unfinished work in progress |
4.6 |
1.9 |
1.6 |
|
Subsidies for operating costs |
- |
- |
0.0 |
|
Supplementary operating income |
0.6 |
0.8 |
1.3 |
|
Other operating income |
0.2 |
0.1 |
0.2 |
|
Other external charges |
31.3 |
33.1 |
30.3 |
|
Cost of goods sold |
120.2 |
104.0 |
74.9 |
|
Taxes and social security costs |
2.5 |
2.6 |
3.3 |
|
Social charges |
8.1 |
8.6 |
8.4 |
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Total payroll costs |
18.7 |
22.7 |
24.0 |
|
Cost of stock depreciation and amortisation |
1.0 |
0.9 |
1.4 |
|
Fixed asset depreciation and amortisation |
3.4 |
3.4 |
3.8 |
|
Other operating costs |
4.7 |
0.3 |
0.4 |
|
Total operating costs |
188.7 |
174.7 |
149.0 |
|
Net operating income |
24.7 |
24.7 |
7.6 |
|
Total financial income |
7.3 |
11.8 |
13.2 |
|
Interest payable on loans |
1.6 |
1.0 |
0.8 |
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Other expenses |
7.7 |
13.0 |
12.2 |
|
Total expenses |
9.3 |
14.0 |
12.9 |
|
Profit before tax |
22.8 |
22.6 |
7.8 |
|
Extraordinary income |
2.0 |
0.8 |
1.8 |
|
Extraordinary expenses |
3.2 |
3.1 |
3.8 |
|
Extraordinary result |
-1.2 |
-2.3 |
-2.0 |
|
Total taxation |
6.0 |
5.0 |
0.1 |
|
Profit distributed to employees |
1.5 |
1.3 |
0.5 |
|
Net profit |
14.1 |
13.9 |
5.3 |
|
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Annual Balance Sheet |
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Financials in: USD (mil) |
|
|
|
|
|
30-Nov-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.742859 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
40.0 |
39.9 |
42.7 |
|
Legal reserves |
20.0 |
18.4 |
17.3 |
|
Total reserves |
4.0 |
4.0 |
4.3 |
|
Profits for the year |
13.7 |
14.1 |
5.4 |
|
Profit brought forward from previous
year(s) |
3.7 |
0.0 |
0.0 |
|
Total stockholders equity |
81.5 |
76.4 |
69.7 |
|
Provisions and allowances |
7.2 |
6.8 |
7.5 |
|
Trade creditors |
21.0 |
21.7 |
20.1 |
|
Bank loans and overdrafts |
0.0 |
0.0 |
13.7 |
|
Other loans |
18.6 |
19.1 |
4.2 |
|
Other liabilities |
31.4 |
13.9 |
8.2 |
|
Debts on fixed assets |
1.2 |
0.9 |
1.4 |
|
Income stated in advance |
2.3 |
3.7 |
2.7 |
|
Taxation and social security |
10.2 |
13.2 |
9.8 |
|
Total current liabilities |
66.4 |
53.0 |
42.5 |
|
Total debts |
84.7 |
72.4 |
60.0 |
|
Regularisation account |
0.8 |
0.5 |
0.5 |
|
Total liabilities (including net worth) |
174.1 |
156.1 |
137.8 |
|
Patents |
2.9 |
3.5 |
4.5 |
|
Land |
2.0 |
2.5 |
2.4 |
|
Buildings |
7.7 |
7.4 |
5.7 |
|
Other fixed assets |
27.3 |
26.2 |
29.0 |
|
Long-term investments |
5.2 |
5.2 |
4.1 |
|
Other financial assets |
30.3 |
26.2 |
22.8 |
|
Total non-current assets |
75.5 |
70.9 |
68.6 |
|
Net stocks and work in progress |
26.5 |
20.9 |
19.2 |
|
Trade debtors |
31.5 |
28.7 |
23.8 |
|
Other receivables |
25.2 |
21.7 |
17.2 |
|
Prepaid expenses |
0.2 |
0.4 |
0.6 |
|
Cash and liquid assets |
2.4 |
11.4 |
5.5 |
|
Marketable securities |
10.9 |
- |
- |
|
Total current assets |
96.8 |
82.9 |
66.3 |
|
Prepaid expenses and deferred costs |
1.9 |
2.2 |
2.9 |
|
Total assets |
174.1 |
156.1 |
137.8 |
|
|
|
Annual Ratios |
|
Financials in: USD (mil) |
|
|
|
|
|
30-Nov-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
11 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.742859 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.50 |
1.60 |
1.60 |
|
Quick ratio |
1.10 |
1.20 |
1.10 |
|
Total liabilities to net worth |
1.10% |
1.02% |
0.96% |
|
Net worth to total assets |
0.44% |
0.45% |
0.45% |
|
Collection period |
47.50 |
43.70 |
45.60 |
|
Stock turnover rate |
7.60 |
9.50 |
8.20 |
|
Asset turnover |
1.16% |
1.28% |
1.15% |
|
Profit margin |
0.11% |
0.12% |
0.05% |
|
Return on assets |
0.13% |
0.15% |
0.06% |
|
Shareholders' return |
0.29% |
0.32% |
0.13% |
|
Sales per employee |
3,543.06 |
3,488.86 |
2,413.74 |
|
Profit per employee |
387.41 |
400.43 |
123.08 |
|
Average wage per employee |
319.21 |
402.68 |
377.82 |
|
Net worth |
81.5 |
76.4 |
69.7 |
|
Number of employees |
277 |
279 |
300 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.46 |
|
Euro |
1 |
Rs.70.49 |
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.