MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
DERVAUX SA |
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Registered Office : |
Allee Ampere, Zone
Industrielle Le Bec, Le Chambon Feugerolles, 42500 |
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Country : |
France |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.12.1993 |
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Com. Reg. No.: |
393398532 |
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Legal Form : |
Public
Subsidiary Company |
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Line of Business : |
·
manufacturer
of metal household articles (sauce-pans, frying pans and other non-electrical
utensils for use at the table or in the kitchen; base metal flat ware; small
kitchen appliances and accessories; and metal scouring pads); ·
manufacturer
of baths, sinks, wash basins and similar articles of base metal; ·
manufacturer
of small metal goods for office use ·
manufacturer
of safes, strong-boxes & armoured doors ·
manufacturer
of cutlasses, swords & bayonets ·
manufacturer
of ships’ propellers ·
manufacturer
of various articles in base metal (metal safety headgear; clasps, buckles,
hooks; and sign plates). |
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|
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No. of Employees |
190 (31.12.2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
France |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 & address
Dervaux Sa
Allee Ampere
Zone Industrielle
Le Bec
Le Chambon
Feugerolles, 42500
France
Tel: +33 04 77 40 17 40
Fax: +33 04 77 89 02 19
Web: www.sicame.fr
Synthesis
Employees: 190
Company Type: Public
Subsidiary
Corporate Family: 14 Companies
Ultimate Parent: Societe
Industrielle De Construction Dappareils Et De Materiel Electriques
Incorporation
Date: 15-Dec-1993
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 43.8
Total Assets: 34.6
Business
Description
Dervaux Sa is
primarily engaged in manufacture of metal household articles (sauce-pans,
frying pans and other non-electrical utensils for use at the table or in the
kitchen; base metal flat ware; small kitchen appliances and accessories; and
metal scouring pads); manufacture of baths, sinks, wash basins and similar
articles of base metal; manufacture of small metal goods for office use; manufacture
of safes, strong-boxes & armoured doors.; manufacture of cutlasses, swords
& bayonets.; manufacture of ships’ propellers; and manufacture of various
articles in base metal (metal safety headgear; clasps, buckles, hooks; and sign
plates).
Industry
Industry
Metal Products Manufacturing
ANZSIC 2006: 2299 - Other Fabricated Metal Product
Manufacturing Not Elsewhere Classified
ISIC Rev 4: 2599 - Manufacture of other fabricated
metal products n.e.c.
NACE Rev 2: 2599 - Manufacture of other fabricated
metal products n.e.c.
NAICS 2012: 332999 - All Other Miscellaneous
Fabricated Metal Product Manufacturing
UK SIC 2007: 2599 - Manufacture of other fabricated
metal products n.e.c.
US SIC 1987: 3499 - Fabricated Metal Products, Not
Elsewhere Classified
Key
Executives
|
Name |
Title |
|
Pierre Henri Adrien Francois |
General manager, Member of the Board |
|
Christian Fayolle |
Director |
|
Pierre Vandevelle |
Director |
|
Christophe Veysseyre |
Director |
1 - Profit & Loss Item Exchange Rate: USD 1 =
EUR 0.7782366
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.7566
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Corporate Family |
Corporate
Structure News: |
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Societe
Industrielle De Construction Dappareils Et De Materiel Electriques |
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Dervaux Sa |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Societe
Industrielle De Construction Dappareils Et De Materiel Electriques |
Parent |
Arnac Pompadour |
France |
Machinery and Equipment Manufacturing |
64.6 |
421 |
|
Subsidiary |
Le Chambon Feugerolles |
France |
Metal Products Manufacturing |
43.8 |
190 |
|
|
Subsidiary |
Bagneux |
France |
Machinery and Equipment Manufacturing |
45.3 |
166 |
|
|
Subsidiary |
Pompadour |
France |
Electrical Equipment and Appliances Manufacturing |
46.4 |
157 |
|
|
Subsidiary |
Evreux |
France |
Semiconductor and Other Electronic Component Manufacturing |
18.3 |
81 |
|
|
Subsidiary |
St Martin La Plaine |
France |
Metal Products Manufacturing |
28.1 |
74 |
|
|
Subsidiary |
Milano, Milano |
Italy |
Electrical Equipment and Appliances Manufacturing |
40.0 |
73 |
|
|
Subsidiary |
Ozoir La Ferriere |
France |
Machinery and Equipment Manufacturing |
34 |
||
|
Subsidiary |
Warszawa |
Poland |
Machinery Wholesale |
2.5 |
30 |
|
|
Subsidiary |
Zibido San Giacomo, Milano |
Italy |
Electrical Equipment and Appliances Manufacturing |
4.7 |
10 |
|
|
Subsidiary |
Arnac Pompadour |
France |
Professional and Commercial Equipment Wholesale |
32.8 |
||
|
Subsidiary |
Arnac Pompadour |
France |
Miscellaneous Wholesale |
6.8 |
||
|
Subsidiary |
Arnac Pompadour |
France |
Machinery and Equipment Manufacturing |
5.4 |
||
|
Subsidiary |
Epinay Sous Senart |
France |
Professional and Commercial Equipment Wholesale |
4.0 |
Executive report
|
Board of
Directors |
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|
General manager, Member of the Board |
Director/Board Member |
|
Executives |
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General manager, Member of the Board |
Division Head Executive |
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Director |
Senior Management (General) |
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Director |
Senior Management (General) |
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|
Director |
Senior Management (General) |
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Annual profit & loss
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.778237 |
0.71919 |
0.755078 |
|
Consolidated |
No |
No |
No |
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Total income |
45.7 |
56.4 |
40.3 |
|
Net sales |
43.8 |
53.0 |
37.7 |
|
Change in stock |
0.0 |
-0.2 |
-0.2 |
|
Unfinished work in progress |
0.1 |
1.2 |
0.6 |
|
Own work capitalised |
- |
- |
0.0 |
|
Subsidies for operating costs |
- |
- |
0.0 |
|
Supplementary operating income |
1.7 |
2.0 |
2.0 |
|
Other operating income |
0.1 |
0.2 |
0.0 |
|
Other external charges |
11.0 |
11.3 |
9.7 |
|
Cost of goods sold |
19.0 |
29.8 |
17.9 |
|
Taxes and social security costs |
0.8 |
0.8 |
0.7 |
|
Social charges |
3.4 |
3.5 |
3.1 |
|
Total payroll costs |
7.3 |
7.9 |
7.1 |
|
Cost of stock depreciation and amortisation |
2.0 |
1.7 |
1.6 |
|
Fixed asset depreciation and amortisation |
1.0 |
1.0 |
0.9 |
|
Other operating costs |
0.1 |
0.1 |
0.3 |
|
Total operating costs |
44.9 |
55.9 |
41.2 |
|
Net operating income |
0.8 |
0.5 |
-0.8 |
|
Total financial income |
0.3 |
0.8 |
0.0 |
|
Interest payable on loans |
0.2 |
0.3 |
0.1 |
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Other expenses |
0.1 |
0.7 |
0.2 |
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Total expenses |
0.3 |
1.0 |
0.3 |
|
Profit before tax |
0.8 |
0.3 |
-1.1 |
|
Extraordinary income |
0.5 |
0.4 |
0.4 |
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Extraordinary expenses |
2.7 |
0.6 |
0.6 |
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Extraordinary result |
-2.1 |
-0.2 |
-0.2 |
|
Total taxation |
-0.7 |
-0.3 |
-0.7 |
|
Profit distributed to employees |
0.2 |
0.2 |
0.2 |
|
Net profit |
- |
0.2 |
- |
|
Net loss |
0.8 |
- |
0.8 |
Annual Balance
Sheet
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
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Issued capital |
3.6 |
3.5 |
3.6 |
|
Share premium account |
0.2 |
0.2 |
0.2 |
|
Legal reserves |
0.9 |
0.9 |
1.0 |
|
Total reserves |
0.2 |
0.2 |
0.2 |
|
Profits for the year |
-0.9 |
0.2 |
-0.8 |
|
Profit brought forward from previous year(s) |
2.3 |
2.2 |
3.1 |
|
Total stockholders equity |
6.3 |
7.2 |
7.3 |
|
Provisions and allowances |
1.5 |
1.3 |
1.7 |
|
Trade creditors |
5.7 |
8.1 |
10.2 |
|
Advances received |
- |
- |
0.2 |
|
Bank loans and overdrafts |
4.4 |
4.6 |
3.7 |
|
Current bank debts |
4.4 |
4.6 |
3.4 |
|
Other loans |
10.8 |
11.9 |
7.6 |
|
Other liabilities |
0.7 |
1.2 |
1.6 |
|
Debts on fixed assets |
0.5 |
0.2 |
- |
|
Taxation and social security |
4.6 |
3.3 |
3.3 |
|
Total current liabilities |
26.4 |
28.9 |
25.8 |
|
Total debts |
26.8 |
29.3 |
26.5 |
|
Regularisation account |
0.0 |
- |
- |
|
Total liabilities (including net worth) |
34.6 |
37.8 |
35.5 |
|
Patents |
0.1 |
0.1 |
0.1 |
|
Other intangibles |
0.0 |
0.0 |
0.0 |
|
Buildings |
0.0 |
0.0 |
0.0 |
|
Other fixed assets |
4.0 |
3.4 |
3.3 |
|
Long-term investments |
0.2 |
0.2 |
0.2 |
|
Other financial assets |
0.0 |
0.0 |
0.0 |
|
Total non-current assets |
4.3 |
3.7 |
3.6 |
|
Prepayments |
- |
- |
0.0 |
|
Net stocks and work in progress |
10.5 |
10.3 |
9.5 |
|
Trade debtors |
10.8 |
15.4 |
16.3 |
|
Other receivables |
7.2 |
6.9 |
5.5 |
|
Prepaid expenses |
0.8 |
0.6 |
0.6 |
|
Cash and liquid assets |
0.9 |
0.9 |
0.0 |
|
Total current assets |
30.2 |
34.1 |
31.9 |
|
Prepaid expenses and deferred costs |
0.0 |
- |
- |
|
Total assets |
34.6 |
37.8 |
35.5 |
Annual Ratios
Financials in: USD (mil)
|
31-Dec-2012 |
31-Dec-2011 |
31-Dec-2010 |
|
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.7566 |
0.770327 |
0.745406 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.10 |
1.20 |
1.20 |
|
Quick ratio |
0.70 |
0.80 |
0.90 |
|
Total liabilities to net worth |
4.35% |
4.15% |
3.69% |
|
Net worth to total assets |
0.18% |
0.19% |
0.20% |
|
Collection period |
72.60 |
94.70 |
129.50 |
|
Stock turnover rate |
4.30 |
4.80 |
4.00 |
|
Asset turnover |
1.30% |
1.31% |
1.08% |
|
Profit margin |
0.02% |
0.01% |
-0.03% |
|
Return on assets |
0.02% |
0.01% |
-0.03% |
|
Shareholders' return |
0.13% |
0.03% |
-0.16% |
|
Sales per employee |
1,176.39 |
1,366.44 |
1,014.59 |
|
Profit per employee |
21.49 |
6.54 |
-29.65 |
|
Average wage per employee |
196.23 |
202.75 |
190.07 |
|
Net worth |
6.3 |
7.2 |
7.3 |
|
Number of employees |
190 |
183 |
184 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.16 |
|
UK Pound |
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.85.27 |
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.