|
Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
VALLOUREC MANNESMANN OIL & GAS FRANCE |
|
|
|
|
Registered Office : |
54 Rue Anatole France 59620 Aulnoye Aymeries |
|
|
|
|
Country : |
France |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
01.02.1992 |
|
|
|
|
Com. Reg. No.: |
38462717000036 |
|
|
|
|
Legal Form : |
Simplified Joint Stock Company with Single Associate |
|
|
|
|
Line of Business : |
Manufacturer of tubes, pipes, hollow profiles and accessories corresponding steel |
|
|
|
|
No. of Employees : |
608 (2011) |
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 : |
Good |
|
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 |
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 |
Company Name VALLOUREC
MANNESMANN OIL & GAS FRANCE
Company Registration Number 38462717000036
Country FR
Activity Code 2420Z
Activity Description Fabrication de
tubes, tuyaux, profilés creux et accessoires
correspondants en
acier
(Manufacture of
tubes, pipes, hollow profiles and accessories
corresponding
steel)
Company Status Economically
active
Latest Turnover 504,465,000.00
(EUR)
Latest Shareholders Equity 120,220,000.00
(EUR)
Profit Before Tax 22,107,000.00
(EUR)
Activities
Activity Code 2420Z
Activity Description Fabrication de
tubes, tuyaux, profilés creux et accessoires
correspondants en
acier
Basic Information
Company Name VALLOUREC
MANNESMANN OIL & GAS FRANCE
Registered Company Name VALLOUREC
MANNESMANN OIL & GAS FRANCE
Company Registration Number 38462717000036
Country FR
VAT Registration Number FR77384627170
Date of Company Registration 01/02/1992
Date of Starting Operations 01/02/1992
Commercial Court Legal Form Simplified Joint
Stock Company with Single Associate
Company Status Economically
active
Principal Activity Code 2420Z
Principal Activity Description Fabrication de
tubes, tuyaux, profiles creux et accessoires
correspondants en
acier
Contact Address 54 RUE ANATOLE
FRANCE 59620
AULNOYE AYMERIES
Contact Telephone Number 0327696600
Address 54 RUE ANATOLE FRANCE 59620 AULNOYE AYMERIES
Country FR
Telephone 03 27 69 66 00
Address 54 RUE ANATOLE FRANCE 59620 AULNOYE AYMERIES
Country FR
Address AULNOYE AYMERIES, 59620
Country FR
Address TARBES, 65000
Country FR
Address BOULOGNE BILLANCOURT, 92100
Country FR
Address AULNOYE AYMERIES, 59620
Country FR
Address AULNOYE AYMERIES, 59620
Country FR
Name M HORNET DIDIER
Gender Male
Date of Birth 14/09/1963
Position Administrator
Name M MICHEL JEAN-PIERRE ROBERT
Gender Male
Date of Birth 17/05/1955
Position Administrator
Name M BERTRAND ETIENNE GEORGES HENRI
Gender Male
Date of Birth 13/09/1955
Position Administrator
Name M DIEULIN ALAIN
Gender Male
Date of Birth 04/02/1953
Position Administrator
Name M MALLET OLIVIER BRUNO
Gender Male
Date of Birth 14/07/1956
Position Administrator
Name M CARLIER PHILIPPE JEAN
Gender Male
Date of Birth 16/04/1965
Position Administrator
Name M CROUZET PHILIPPE JACQUES
Gender Male
Date of Birth 18/10/1956
Position Administrator
Name M CURIE FRANCOIS
Gender Male
Date of Birth 17/08/1961
Position Administrator
Name M EMERY PHILIPPE GERARD MARIE
Gender Male
Date of Birth 02/05/1952
Position Administrator
Name M BRUNO CARBONARO
Gender Male
Position Managing director
Name M BRUNO CARBONARO
Gender Male
Position Administrator
Name M PHILIPPE CARLIER
Gender Male
Position Administrator
Name M MARCO-ANTONIO CASTELLO BRANCO
Gender Male
Position Administrator
Name M PHILIPPE CROUZET
Gender Male
Position Administrator
Name M ALAIN DIEULIN
Gender Male
Position Administrator
Name M OLIVIER MALLET
Gender Male
Position Administrator
Nominal Share Capital 9,048,000.00 (EUR)
|
Company Name |
Registration Number |
Last Financials |
|
|
VALLOUREC |
552142200 |
31/12/2010 |
|
|
VALLOUREC UNIVERSITY FRANCE |
415008721 |
31/12/2012 |
|
|
VALLOUREC UMBILICALS |
414947796 |
31/12/2012 |
|
|
ASSURVAL |
311427132 |
31/12/2012 |
|
|
VALLOUREC & MANNESMANN TUBES |
411373525 |
31/12/2011 |
|
|
VALTIMET |
383132024 |
31/12/2012 |
|
|
VALTIMET, INC |
US08349138 |
|
|
|
VALINOX ASIA |
352297113 |
31/12/2012 |
|
|
VALLOUREC ITALIANA S.R.L. |
13339480157 |
|
|
|
VALLOUREC OIL & GAS UK LTD. |
SC147386 |
31/12/2011 |
|
|
VALLOUREC MANNESMANN OIL & GAS FRANCE |
384627170 |
31/12/2012 |
|
|
VALLOUREC DRILLING PRODUCTS FRANCE |
390053411 |
31/12/2012 |
|
|
VALINOX NUCLEAIRE |
388353765 |
31/12/2011 |
|
|
INTERFIT |
331408591 |
31/12/2012 |
|
|
Vallourec Norden Aktiebolag |
5561966614 |
31/12/2012 |
|
|
VALTI |
652052531 |
31/12/2012 |
|
|
Valti GmbH |
HRB 7068 |
31/12/2011 |
|
|
Sidro Rohrbogen GmbH |
HRB 7883 |
31/12/2012 |
|
|
VALLOUREC Gesellschaft mit beschränkter Haftung |
HRB 5309 |
31/12/2011 |
|
|
VAM PTS |
US27754177 |
|
|
|
Vallourec Benelux en liquidation SA |
423183383 |
31/12/2010 |
|
|
CITRA TUBINDO |
1150823 |
31/12/2012 |
|
|
VALLOUREC INDUSTRIES, INC |
US05603425 |
|
|
|
VALLOUREC & MANNESMANN TUBES CORP |
US42939050 |
|
|
|
VALLOUREC UK LIMITED |
02236118 |
31/12/2007 |
|
|
V&M FRANCE |
652044991 |
31/12/2012 |
|
|
V ET M SERVICES |
411373707 |
31/12/2012 |
|
V & M ONE 442485066
31/12/2012
SERIMAX HOLDINGS 453293243
31/12/2012
SERIMAX 400039954
31/12/2012
SERIMAX RUSSIA 499235919
31/12/2012
SERIMAX ANGOLA LIMITED SC273793 31/12/2012
SERIMAX LIMITED SC073616 31/12/2012
UMAX SERVICE LIMITED SC291513 31/12/2012
Affiliate Name VALLOUREC UNIVERSITY FRANCE
Affiliate ID FR002/X/415008721
Country FR
Affiliate Name VALLOUREC UMBILICALS
Affiliate ID FR002/X/414947796
Country FR
Affiliate Name ASSURVAL
Affiliate ID FR002/X/311427132
Country FR
Affiliate Name VAM HOLDING HONG KONG LTD
Country CN
Affiliate Name PEISA
Country MX
Affiliate Name VAM MEXICO
Country MX
Affiliate Name VALTIMET
Affiliate ID FR002/X/383132024
Country FR
Affiliate Name POONGSAN VALINOX CORP
Country KR
Affiliate Name VALTIMET, INC
Affiliate ID US023/X/US08349138
Country US
Affiliate Name CST VALINOX
Country IN
Affiliate Name VALINOX ASIA
Affiliate ID FR002/X/352297113
Country FR
Affiliate Name CHANGZHOU VALINOX GREAT WALL WELDED TUBE
Country CN
Affiliate Name CHANGZHOU CAREX VALINOX COMPONENTS
Country CN
Affiliate Name VALLOUREC ITALIANA S.R.L.
Affiliate ID IT026/X/13339480157
Country IT
Affiliate Name VALLOUREC OIL & GAS UK LTD.
Affiliate ID GB003/0/SC147386
Country GB
Affiliate Name VALLOUREC DRILLING PRODUCTS FRANCE
Affiliate ID FR002/X/390053411
Country FR
Affiliate Name VAM DRILLING SINGAPORE PTE
Country SG
Affiliate Name VAM DRILLING DUBAÏ
Country AE
Affiliate Name SMFI NORTH SEA
Country GB
Affiliate Name VALLOUREC & MANNESMANN OIL & GAS NEDERLAND
Country NL
Affiliate Name VAM FIELD SERVICES BEIJING CO LTD
Affiliate ID
Country CN
Affiliate Name VALLOUREC & MANNESMANN CHANGZHOU CO LTD
Country CN
Affiliate Name VALINOX NUCLEAIRE
Affiliate ID FR002/X/388353765
Country FR
Affiliate Name VALLOUREC TUBES CANADA
Country CA
Affiliate Name INTERFIT
Affiliate ID FR002/X/331408591
Country FR
Affiliate Name Vallourec Norden Aktiebolag
Affiliate ID SE011/X/5561966614
Country SE
Affiliate Name VALTI
Affiliate ID FR002/X/652052531
Country FR
Affiliate Name Valti GmbH
Country DE
Affiliate Name Sidro Rohrbogen GmbH
Country DE
Affiliate Name VALLOUREC Gesellschaft mit beschränkter Haftung
Country DE
Affiliate Name VAM PTS
Affiliate ID US023/X/US27754177
Country US
Affiliate Name Vallourec Benelux en liquidation SA
Affiliate ID BE009/X/423183383
Country BE
Affiliate Name CITRA TUBINDO
Country ID
Affiliate Name VIETUBES
Country VN
Affiliate Name VALLOUREC & MANNESMANN HOLDINGS INC
Country US
Affiliate Name VAM DRILLING USA
Country US
Affiliate Name VALLOUREC INDUSTRIES, INC
Affiliate ID US023/X/US05603425
Country US
Affiliate Name VAM USA LLC
Country US
Affiliate Name VALLOUREC & MANNESMANN TUBES CORP
Affiliate ID US023/X/US42939050
Country US
Affiliate Name VALLOUREC UK LIMITED
Affiliate ID GB003/0/02236118
Country GB
Affiliate Name VAM CANADA
Country CA
Affiliate Name V&M FRANCE
Affiliate ID FR002/X/652044991
Country FR
Affiliate Name V & M DO BRASIL
Country BR
Affiliate Name V & M MINERAÇAO LTDA
Country BR
Affiliate Name V & M FLORESTAL
Country BR
Affiliate Name V ET M SERVICES
Affiliate ID FR002/X/411373707
Country FR
Affiliate Name V & M ONE
Affiliate ID FR002/X/442485066
Country FR
Affiliate Name VALLOUREC & MANNESMANN STAR
Country US
Affiliate Name VAM FAR EAST PTE LTD
Country SG
Affiliate Name VALLOUREC & MANNESMANN TUBES DEUTSCHLAND GMBH
Country DE
Affiliate Name VALLOUREC & MANNESMANN OIL & GAS NIGERIA
Country NG
Affiliate Name VAM FIELD SERVICES ANGOLA
Country AD
Affiliate Name VALLOUREC & SUMITOMO TUBOS DO BRESIL
Country BR
Affiliate Name V & M BEIJING
Country CN
Affiliate Name VALLOUREC & MANNESMANN RUS
Country RU
Affiliate Name VAM ONNE NIGERIA
Country NG
Affiliate Name SEAMLESS TUBES ASIA PACIFIC
Country SG
Affiliate Name DPAL FZCO
Country AE
Affiliate Name SERIMAX HOLDINGS
Affiliate ID FR002/X/453293243
Country FR
Affiliate Name SERIMAX
Affiliate ID FR002/X/400039954
Country FR
Affiliate Name SERIMAX NORTH AMERICA
Country US
Affiliate Name SERIMAX RUSSIA
Affiliate ID FR002/X/499235919
Country FR
Affiliate Name V & M TUBE ALLOY
Country US
Affiliate Name V & M AL QAHTANI TUBES
Country SA
Affiliate Name KESTREL WAVE INVESTMENT LTD
Country HK
Affiliate Name PREMIUM HOLDING LIMITED
Country HK
Affiliate Name V & M TWO
Country US
Affiliate Name SERIMAX ANGOLA LIMITED
Affiliate ID GB003/0/SC273793
Country GB
Affiliate Name SERIMAX DO BRASIL SERVIÇOS DE SOLDAGEM E FABRICAÇAO
LTDA
Country BR
Affiliate Name SERIMAX LIMITED
Affiliate ID GB003/0/SC073616
Country GB
Affiliate Name SERIMAX SOUTH EAST ASIA PTE LTD
Country SG
Affiliate Name SERIMAX WELDING SERVICES MALAYSIA SDN BHD
Country MY
Affiliate Name UMAX SERVICE LIMITED
Affiliate ID GB003/0/SC291513
Country GB
Affiliate Name VALINOX NUCLÉAIRE TUBES GUANGZHOU CO. LTD
Country CN
Affiliate Name VAM DRILLING PROTOOLS OIL EQUIPMENT MANUFACTURING
LLC
Country AE
Affiliate Name VMOG CHINA
Country CN
Affiliate Name VMOG NIGERIA LTD
Country NG
Affiliate Name VALLOUREC MANNESMANN OIL & GAS CHINA
Country CN
Year 2012
Number of Employees 0
Year 2011
Number of Employees 608
Year 2009
Number of Employees 0
Profit & Loss
Financial Year 2012 2011 2009
Number of Weeks 52 52 52
Currency EUR EUR EUR
Revenue 603,522,000.00 552,956,000.00
656,216,000.00
Operating Costs 594,027,000.00 524,894,000.00
620,194,000.00
Operating Profit 9,495,000.00 28,062,000.00 36,022,000.00
Wages & Salaries
27,640,000.00 25,151,000.00 27,097,000.00
Pension Costs 15,122,000.00 12,499,000.00 11,132,000.00
Depreciation 5,520,000.00 6,061,000.00 4,122,000.00
Financial Income 19,155,000.00 7,950,000.00 8,625,000.00
Financial Expenses 22,982,000.00 11,710,000.00 8,137,000.00
Extraordinary Income 20,636,000.00 18,251,000.00 0.00
Extraordinary Costs 3,185,000.00 3,967,000.00 3,157,000.00
Profit Before Tax 22,107,000.00 36,351,000.00 32,784,000.00
Tax 2,329,000.00 3,134,000.00 4,833,000.00
Profit After Tax 19,778,000.00 33,217,000.00 27,951,000.00
Dividends 0.00 0.00 0.00
Retained Profit 19,778,000.00 33,217,000.00 27,951,000.00
Balance Sheet
Financial Year 2012 2011 2009
Number of Weeks 52 52 52
Currency EUR EUR EUR
Land & Buildings
4,692,000.00 4,970,000.00 4,673,000.00
Plant & Machinery
60,488,000.00 49,292,000.00 50,496,000.00
Other Tangible Assets 12,045,000.00 11,283,000.00 1,848,000.00
Total Tangible Assets 77,225,000.00 65,545,000.00 57,017,000.00
Goodwill 0.00 0.00 0.00
Other Intangible Assets 0.00 199,000.00 305,000.00
Total Intangible Assets 0.00 199,000.00 305,000.00
Investments 3,000.00 3,000.00
5,000.00
Loans to Group 0.00 0.00 0.00
Other Loans 608,000.00 683,000.00 625,000.00
Miscellaneous
Fixed Assets 44,000.00 41,000.00
10,000.00
Total Other Fixed Assets 655,000.00 727,000.00 640,000.00
Total Fixed Assets 77,880,000.00 66,471,000.00 57,962,000.00
Raw Materials 32,761,000.00 45,090,000.00 22,261,000.00
Work in Progress 10,387,000.00 8,645,000.00 9,056,000.00
Finished Goods 66,893,000.00 41,473,000.00 51,063,000.00
Other Inventories 0.00 0.00 0.00
Total Inventories 110,041,000.00 95,208,000.00 82,380,000.00
Trade Receivables 153,910,000.00 172,351,000.00
173,734,000.00
Miscellaneous
Receivables 13,999,000.00 14,338,000.00 14,539,000.00
Total Receivables 167,909,000.00 186,689,000.00
188,273,000.00
Cash 157,000.00 3,236,000.00 8,977,000.00
Other Current Assets 621,000.00 2,979,000.00 8,063,000.00
Total Current Assets 278,728,000.00 288,112,000.00
287,693,000.00
Total Assets 356,608,000.00 354,583,000.00
345,655,000.00
|
Trade Payables |
66,415,000.00 |
69,840,000.00 |
70,622,000.00 |
|
Bank Liabilities |
0.00 |
0.00 |
0.00 |
|
Other Loans/Finance |
119,147,000.00 |
93,441,000.00 |
100,967,000.00 |
|
Miscellaneous Liabilities |
35,863,000.00 |
39,772,000.00 |
24,982,000.00 |
|
Total Current Liabilities |
221,425,000.00 |
203,053,000.00 |
196,571,000.00 |
|
Bank Liabilities due after 1 year |
0.00 |
0.00 |
0.00 |
|
Other Loans/Finance due after 1 year |
0.00 |
0.00 |
0.00 |
|
Miscellaneous Liabilities due after 1 year |
14,963,000.00 |
7,066,000.00 |
6,310,000.00 |
|
Total Long Term Liabilities |
14,963,000.00 |
7,066,000.00 |
6,310,000.00 |
|
Total Liabilities |
236,388,000.00 |
210,119,000.00 |
202,881,000.00 |
|
Called Up Share Capital |
9,048,000.00 |
9,048,000.00 |
9,048,000.00 |
|
Share Premium |
292,000.00 |
292,000.00 |
292,000.00 |
|
Revenue Reserves |
78,269,000.00 |
85,062,000.00 |
72,069,000.00 |
|
Other Reserves |
32,611,000.00 |
50,062,000.00 |
61,365,000.00 |
|
Total Shareholders Equity |
120,220,000.00 |
144,464,000.00 |
142,774,000.00 |
|
Other Financials |
|
|
|
|
Working Capital |
57,303,000.00 |
85,059,000.00 |
91,122,000.00 |
|
Net Worth |
120,220,000.00 |
144,265,000.00 |
142,469,000.00 |
Ratios
|
Return
on Capital Employed |
4.56 |
2.40 |
1.38 |
|
Stock Turnover
Ratio |
21.81 |
19.52 |
13.95 |
|
Debtor
Days |
110.00 |
127.00 |
106.00 |
|
Creditor Days |
45.00 |
54.00 |
46.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
UK Pound |
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
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.