MIRA INFORM REPORT
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Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
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Name : |
KIABI EUROPE SAS |
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Registered Office : |
100 Rue Du Calvaire, Hem, 59510 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.07.1987 |
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Com. Reg. No.: |
344103270 |
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Legal Form : |
Private Subsidiary Company |
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Line of Business : |
· retail sale of fabrics; · retail sale of knitting yarn; ·
retail
sale of basic materials for rug, tapestry or embroidery making |
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No. of Employees : |
5527 |
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 : |
Slow but Correct |
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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 |
A2 |
A2 |
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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
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.
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Source : CIA |
Company name & address
Kiabi Europe SAS
100 rue du Calvaire
Hem, 59510
France
Tel: +33 03 20 81 45 00
Fax: +33 03 20 81 49 15
Web: www.kiabi.com
synthesis
Employees: 5,527
Company Type: Private
Subsidiary
Corporate Family: 4 Companies
Ultimate Parent: Bunsha
Incorporation Date:
15-Jul-1987
Financials in: USD
(Millions)
Fiscal Year End:
31-Dec-2011
Reporting Currency: Euro
Annual Sales: 1,624.3
Total Assets: 671.8
Business Description
Kiabi Europe is primarily engaged in retail sale of fabrics; retail sale of knitting yarn; retail sale of basic materials for rug, tapestry or embroidery making; retail sale of household textiles such as sheets, tablecloths, towels; and retail sale of haberdashery: needles, sewing thread, etc.
Industry
Industry Retail (Apparel)
ANZSIC 2006: 4251 - Clothing
Retailing
NACE 2002: 5242 - Retail sale
of clothing
NAICS 2002: 448110 - Men's
Clothing Stores
UK SIC 2003: 52424 - Retail
sale of other men's clothing
UK SIC 2007: 4771 - Retail sale
of clothing in specialised stores
US SIC 1987: 5611 - Men's and
Boys' Clothing and Accessory Stores
Key Executives
|
Name |
Title |
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Edgard Bonte |
Member of the Board, President |
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Alain Boittiaux |
Marketing director |
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Jean-Christophe Garbino |
General manager |
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Antoine Lepoutre |
EDP manager |
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Philippe Dayraud |
Purchase manager |
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
100 rue du Calvaire
Hem, 59510
France
Tel: +33 03 20 81 45 00
Fax: +33 03 20 81 49 15
Web: www.kiabi.com
Sales EUR(mil): 1,168.2
Assets EUR(mil): 517.5
Employees: 5,527
Fiscal Year End: 31-Dec-2011
Industry: Retail
(Apparel)
Incorporation Date: 15-Jul-1987
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(FRA): 344103270
Member of the
Board, President:
Edgard Bonte
Industry Codes
ANZSIC 2006 Codes:
4251 - Clothing Retailing
NACE 2002 Codes:
5242 - Retail sale of clothing
NAICS 2002 Codes:
448110 - Men's Clothing Stores
448120 - Women's Clothing Stores
448140 - Family Clothing Stores
448150 - Clothing Accessories Stores
448130 - Children's and Infants' Clothing Stores
US SIC 1987:
5611 - Men's and Boys' Clothing and Accessory Stores
5632 - Women's Accessory and Specialty Stores
5621 - Women's Clothing Stores
5641 - Children's and Infants' Wear Stores
5651 - Family Clothing Stores
UK SIC 2003:
52424 - Retail sale of other men's clothing
52423 - Retail sale of other women's clothing
52422 - Retail sale of children's and infants' clothing
5242 - Retail sale of clothing
UK SIC 2007:
4771 - Retail sale of clothing in specialised stores
Business
Description
Operation of retail outlets selling low cost clothing for men, women and
children
More Business
Descriptions
Kiabi Europe is primarily engaged in retail sale of fabrics; retail sale
of knitting yarn; retail sale of basic materials for rug, tapestry or
embroidery making; retail sale of household textiles such as sheets,
tablecloths, towels; and retail sale of haberdashery: needles, sewing thread,
etc.
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Corporate Family |
Corporate
Structure News: |
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Kiabi
Europe SAS |
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Kiabi Europe SAS |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
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Bunsha |
Parent |
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Kiabi Europe SAS |
Subsidiary |
Hem |
France |
Retail (Apparel) |
1,624.3 |
5,527 |
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Top Office |
Subsidiary |
Villeneuve D Ascq |
France |
Retail (Specialty) |
145.2 |
374 |
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Kiabi Logistique |
Subsidiary |
Villeneuve D Ascq |
France |
Miscellaneous Transportation |
30.8 |
374 |
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Executive report
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Board
of Directors |
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Administrateur |
Director/Board Member |
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Member of the Board, President |
Director/Board Member |
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Administrateur |
Director/Board Member |
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Administrateur |
Director/Board Member |
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Administrateur |
Director/Board Member |
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Administrateur |
Director/Board Member |
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Executives |
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Member of the Board, President |
President |
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General manager |
Administration Executive |
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Director |
Administration Executive |
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Accounts manager |
Sales Executive |
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Marketing director |
Marketing Executive |
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EDP manager |
Information Executive |
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Purchase manager |
Purchasing Executive |
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Annual profit & loss
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|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
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Period Length |
12 Months |
12 Months |
12 Months |
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Filed Currency |
EUR |
EUR |
EUR |
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Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
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Consolidated |
No |
No |
No |
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Total income |
1,665.1 |
1,556.2 |
1,353.4 |
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Net sales |
1,624.3 |
1,531.9 |
1,332.5 |
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Change in stock |
30.9 |
-89.7 |
-45.8 |
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Subsidies for operating costs |
0.9 |
0.9 |
1.2 |
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Supplementary operating income |
37.7 |
22.5 |
19.1 |
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Other operating income |
2.2 |
0.9 |
0.6 |
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Other external charges |
297.6 |
278.2 |
249.7 |
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Cost of goods sold |
973.3 |
944.4 |
757.9 |
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Taxes and social security costs |
19.9 |
26.9 |
23.9 |
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Social charges |
61.0 |
52.0 |
51.3 |
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Total payroll costs |
151.3 |
152.0 |
148.3 |
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Cost of stock depreciation and amortisation |
67.8 |
36.8 |
21.9 |
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Fixed asset depreciation and amortisation |
23.4 |
27.9 |
28.1 |
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Other operating costs |
19.8 |
16.1 |
9.8 |
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Total operating costs |
1,645.0 |
1,444.6 |
1,244.9 |
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Net operating income |
20.1 |
111.5 |
108.5 |
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Joint venture results |
7.2 |
11.5 |
4.1 |
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Total financial income |
1.4 |
0.9 |
0.4 |
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Interest payable on loans |
6.4 |
3.1 |
2.1 |
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Other expenses |
7.8 |
0.1 |
0.1 |
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Total expenses |
14.2 |
3.2 |
2.1 |
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Profit before tax |
14.5 |
120.7 |
107.5 |
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Extraordinary income |
5.2 |
15.6 |
7.0 |
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Extraordinary expenses |
35.2 |
22.4 |
21.9 |
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Extraordinary result |
-30.0 |
-6.8 |
-14.9 |
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Total taxation |
-2.8 |
36.3 |
27.0 |
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Profit distributed to employees |
- |
12.3 |
8.9 |
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Net profit |
- |
65.3 |
56.7 |
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Net loss |
12.7 |
- |
- |
Annual Balance Sheet
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 |
76.5 |
79.0 |
84.5 |
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Legal reserves |
49.9 |
38.3 |
36.1 |
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Total reserves |
79.0 |
86.6 |
34.1 |
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Profits for the year |
-11.9 |
66.1 |
58.5 |
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Total stockholders equity |
193.4 |
270.0 |
213.3 |
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Provisions and allowances |
20.8 |
9.5 |
12.8 |
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Trade creditors |
158.9 |
187.5 |
141.6 |
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Advances received |
0.2 |
0.3 |
0.2 |
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Bank loans and overdrafts |
140.2 |
140.5 |
142.8 |
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Current bank debts |
34.9 |
52.6 |
81.4 |
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Other loans |
1.4 |
1.6 |
1.1 |
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Other liabilities |
104.9 |
20.7 |
4.5 |
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Debts on fixed assets |
1.3 |
2.6 |
2.4 |
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Income stated in advance |
- |
0.0 |
- |
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Taxation and social security |
50.6 |
61.7 |
68.0 |
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Total current liabilities |
378.0 |
351.1 |
319.8 |
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Total debts |
457.5 |
414.9 |
360.4 |
|
Regularisation account |
- |
0.5 |
- |
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Total liabilities (including net worth) |
671.8 |
694.9 |
586.5 |
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Patents |
4.8 |
- |
- |
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Goodwill |
19.8 |
19.0 |
18.4 |
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Other intangibles |
6.2 |
13.1 |
7.2 |
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Land |
0.0 |
0.0 |
0.0 |
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Buildings |
88.1 |
105.0 |
97.6 |
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Other fixed assets |
32.4 |
25.7 |
26.8 |
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Long-term investments |
38.5 |
34.3 |
35.7 |
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Other financial assets |
16.4 |
15.2 |
14.9 |
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Total non-current assets |
206.1 |
212.3 |
200.7 |
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Net stocks and work in progress |
234.5 |
287.7 |
225.3 |
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Trade debtors |
44.5 |
47.0 |
25.4 |
|
Other receivables |
136.3 |
83.6 |
83.2 |
|
Prepaid expenses |
17.6 |
17.8 |
24.1 |
|
Cash and liquid assets |
16.6 |
22.6 |
27.7 |
|
Marketable securities |
16.1 |
23.8 |
- |
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Total current assets |
465.6 |
482.5 |
385.8 |
|
Prepaid expenses and deferred costs |
0.0 |
0.1 |
0.1 |
|
Total assets |
671.8 |
694.9 |
586.5 |
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 |
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Consolidated |
No |
No |
No |
|
|
|
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Current ratio |
1.20 |
1.40 |
1.20 |
|
Quick ratio |
0.60 |
0.60 |
0.50 |
|
Total liabilities to net worth |
2.81% |
1.75% |
1.92% |
|
Net worth to total assets |
0.24% |
0.34% |
0.32% |
|
Collection period |
8.90 |
9.20 |
5.60 |
|
Stock turnover rate |
6.50 |
5.40 |
6.10 |
|
Asset turnover |
2.26% |
2.23% |
2.34% |
|
Profit margin |
0.01% |
0.08% |
0.08% |
|
Return on assets |
0.02% |
0.18% |
0.19% |
|
Shareholders' return |
0.08% |
0.51% |
0.59% |
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Sales per employee |
1,386.44 |
1,251.65 |
1,051.16 |
|
Profit per employee |
12.35 |
98.62 |
84.81 |
|
Average wage per employee |
129.11 |
124.16 |
117.01 |
|
Net worth |
193.4 |
270.0 |
213.3 |
|
Number of employees |
5,527 |
6,062 |
5,979 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.89 |
|
UK Pound |
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
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.