MIRA INFORM REPORT
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Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CEFEM TECHNOLOGIES |
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Registered Office : |
Zone Artisanale La Chapelle, St Michel De Boulogne,
07200 |
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Country : |
France |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
15.10.1986 |
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Com. Reg. No.: |
339247330 |
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Legal Form : |
Public Independent |
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Line of Business : |
Manufacture of electrical signalling, safety or traffic control
equipment for motorways, roads or streets, railways and tramways, inland
waterways, ports and harbours and airports. |
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No. of Employees : |
74 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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 and Address
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Cefem Technologies |
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Business Description
Cefem Technologies is primarily engaged in manufacture of
electrical signalling, safety or traffic control equipment for motorways, roads
or streets, railways and tramways, inland waterways, ports and harbours and airports;
manufacture of diverse electrical sound or visual signalling apparatus (bells,
sirens, indicator panels, burglar and fire alarms, etc.); manufacture of
electromagnets including electromagnetic or permanent magnet chucks, clutches,
brakes, couplings, clamps or lifting heads; manufacture of electrical
insulators and insulating fittings, except of glass or ceramics; manufacture of
insulating fittings for electrical machines or equipment, except of ceramics or
plastics; manufacture of carbon or graphite electrodes; manufacture of
electrical conduit tubing and joints for such tubing, of base metal lined with
insulating material; and manufacture of diverse electrical machines and
apparatus (particle accelerators, signal generators, mine detectors, electrical
detonators, etc.).
Industry
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Industry |
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ANZSIC 2006: |
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NACE 2002: |
3162 -
Manufacture of other electrical equipment not elsewhere classified |
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NAICS 2002: |
335999 -
All Other Miscellaneous Electrical Equipment and Component Manufacturing |
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UK SIC 2003: |
3162 -
Manufacture of other electrical equipment not elsewhere classified |
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UK SIC 2007: |
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US SIC 1987: |
Key Executive
|
Name |
Title |
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Lionel Fangier |
Commercial director, Marketing director |
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Virginie Fangier |
Accounts manager, Purchase manager |
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Nadine Fangier |
Director |
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Dominique Pontal |
Director |
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Georges Pierre Fangier |
Member of the Board |
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
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INDUSTRY CODE
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ANZSIC 2006 Codes: |
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2439 |
- |
Other Electrical Equipment Manufacturing |
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NACE 2002 Codes: |
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3162 |
- |
Manufacture of other electrical equipment
not elsewhere classified |
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3120 |
- |
Manufacture of electricity distribution
and control apparatus |
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NAICS 2002 Codes: |
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335999 |
- |
All Other Miscellaneous Electrical
Equipment and Component Manufacturing |
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335313 |
- |
Switchgear and Switchboard Apparatus
Manufacturing |
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US SIC 1987: |
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3625 |
- |
Relays and Industrial Controls |
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3613 |
- |
Switchgear and Switchboard Apparatus |
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UK SIC 2003: |
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3162 |
- |
Manufacture of other electrical equipment
not elsewhere classified |
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3120 |
- |
Manufacture of electricity distribution
and control apparatus |
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UK SIC 2007: |
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2790 |
- |
Manufacture of other electrical equipment |
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2712 |
- |
Manufacture of electricity distribution
and control apparatus |
BUSINESS DESCRIPTION
Cefem Technologies is primarily engaged in manufacture of
electrical signalling, safety or traffic control equipment for motorways, roads
or streets, railways and tramways, inland waterways, ports and harbours and
airports; manufacture of diverse electrical sound or visual signalling
apparatus (bells, sirens, indicator panels, burglar and fire alarms, etc.);
manufacture of electromagnets including electromagnetic or permanent magnet
chucks, clutches, brakes, couplings, clamps or lifting heads; manufacture of
electrical insulators and insulating fittings, except of glass or ceramics;
manufacture of insulating fittings for electrical machines or equipment, except
of ceramics or plastics; manufacture of carbon or graphite electrodes;
manufacture of electrical conduit tubing and joints for such tubing, of base
metal lined with insulating material; and manufacture of diverse electrical
machines and apparatus (particle accelerators, signal generators, mine
detectors, electrical detonators, etc.).
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Executive Report
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Board
of Directors |
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Member of the Board |
Director/Board Member |
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Executives |
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Director |
Administration Executive |
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Director |
Administration Executive |
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Accounts manager, Purchase manager |
Sales Executive |
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Commercial director, Marketing director |
Marketing 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 |
1.1 |
0.9 |
0.8 |
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Net sales |
1.1 |
0.9 |
0.8 |
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Subsidies for operating costs |
0.0 |
- |
- |
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Other operating income |
0.0 |
0.0 |
0.0 |
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Other external charges |
0.0 |
0.0 |
0.0 |
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Taxes and social security costs |
0.0 |
0.0 |
0.0 |
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Social charges |
0.3 |
0.3 |
0.2 |
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Total payroll costs |
0.6 |
0.5 |
0.4 |
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Fixed asset depreciation and amortisation |
0.1 |
0.1 |
0.1 |
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Other operating costs |
0.0 |
- |
- |
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Total operating
costs |
1.1 |
0.9 |
0.8 |
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Net operating
income |
0.0 |
0.0 |
0.1 |
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Total financial
income |
0.2 |
0.0 |
0.0 |
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Interest payable on loans |
0.0 |
0.0 |
0.0 |
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Total expenses |
0.0 |
0.0 |
0.0 |
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Profit before tax |
0.3 |
0.0 |
0.1 |
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Extraordinary income |
0.0 |
0.0 |
0.0 |
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Extraordinary result |
0.0 |
0.0 |
0.0 |
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Total taxation |
-0.1 |
0.0 |
- |
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Net profit |
0.4 |
0.1 |
0.1 |
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 |
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Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Issued capital |
1.9 |
2.0 |
2.2 |
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Total reserves |
1.2 |
1.2 |
1.3 |
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Profits for the year |
0.4 |
0.1 |
0.1 |
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Capital subsidies and grants |
0.3 |
0.4 |
0.4 |
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Total stockholders
equity |
3.8 |
3.7 |
3.9 |
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Trade creditors |
0.5 |
0.0 |
0.0 |
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Bank loans and overdrafts |
1.0 |
0.7 |
0.5 |
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Other loans |
0.4 |
0.2 |
0.1 |
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Other liabilities |
0.0 |
- |
0.4 |
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Debts on fixed assets |
0.0 |
0.0 |
0.0 |
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Taxation and social security |
0.3 |
0.2 |
0.3 |
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Total current
liabilities |
1.4 |
0.6 |
1.0 |
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Total debts |
2.1 |
1.2 |
1.4 |
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Regularisation account |
0.0 |
0.0 |
0.1 |
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Total
liabilities (including net worth) |
6.0 |
4.9 |
5.4 |
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Land |
0.1 |
0.1 |
0.1 |
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Buildings |
0.9 |
1.0 |
1.2 |
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Other fixed assets |
0.5 |
0.0 |
0.0 |
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Long-term investments |
2.1 |
2.2 |
2.4 |
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Other financial assets |
0.0 |
0.0 |
- |
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Total
non-current assets |
3.6 |
3.4 |
3.7 |
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Trade debtors |
0.3 |
0.1 |
1.0 |
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Other receivables |
0.9 |
0.4 |
0.3 |
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Cash and liquid assets |
0.4 |
0.1 |
0.5 |
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Marketable securities |
0.8 |
0.8 |
- |
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Total current
assets |
2.4 |
1.5 |
1.7 |
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Total assets |
6.0 |
4.9 |
5.4 |
Annual Ratios
Financials
in: USD (mil)
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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 |
0.770327 |
0.745406 |
0.696986 |
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Consolidated |
No |
No |
No |
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Current ratio |
1.70 |
2.50 |
1.80 |
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Quick ratio |
1.70 |
2.50 |
1.80 |
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Total liabilities to net worth |
0.57% |
0.32% |
0.36% |
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Net worth to total assets |
0.63% |
0.75% |
0.73% |
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Collection period |
85.20 |
47.50 |
348.50 |
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Asset turnover |
0.17% |
0.19% |
0.16% |
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Profit margin |
0.23% |
0.04% |
0.08% |
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Return on assets |
0.04% |
0.01% |
0.01% |
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Shareholders' return |
0.06% |
0.01% |
0.02% |
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Net worth |
3.8 |
3.7 |
3.9 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.04 |
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|
1 |
Rs.83.95 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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.