MIRA
INFORM REPORT
|
Report Date : |
24.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
STEPAN |
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Registered Office : |
Chemin
Jongkind, BP 127, Voreppe, 38340; Cedex |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1958 |
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Com. Reg. No.: |
058503327 |
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Legal Form : |
Private
Subsidiary Company |
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Line of Business : |
·
Manufacturer
of specialty and intermediate chemicals used in consumer and industrial
cleaning compounds, such as detergents and toiletries manufacturer
of soap and detergents manufacturer
of cleaning and polishing preparations. |
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|
No. of Employees |
148 (31.12.2012) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
|
With Financials |
|
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 – 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
STEPAN EUROPE SAS
Chemin Jongkind
BP 127
Voreppe, 38340;
cedex
France
Tel: +33 04 76 50 51 00
Fax: +33 04 76 56 71 65
Web: www.stepan.com
Synthesis
Employees: 148
Company Type: Private
Subsidiary
Corporate Family: 18 Companies
Ultimate Parent: Stepan Company
Incorporation
Date: 01-Jan-1958
Financials in: USD (Millions)
Fiscal Year End: 31-Dec-2012
Reporting
Currency: Euro
Annual Sales: 308.5
Total Assets: 157.1
Business
Description
Manufacture of
specialty and intermediate chemicals used in consumer and industrial cleaning
compounds, such as detergents and toiletries
Industry
Industry
Basic Chemical Manufacturing
ANZSIC 2006: 1813 - Basic Inorganic Chemical
Manufacturing
ISIC Rev 4: 2011 - Manufacture of basic chemicals
NACE Rev 2: 2013 - Manufacture of other inorganic
basic chemicals
NAICS 2012: 325180 - Other Basic Inorganic Chemical
Manufacturing
UK SIC 2007: 2013 - Manufacture of other inorganic basic
chemicals
US SIC 1987: 2819 - Industrial Inorganic Chemicals, Not
Elsewhere Classified
Key Executives
Name Title
Anthony Martin President
Anne Delprat Director
Didier Ray Marketing
director
Pierre-Yves
Chabrol Accounts
manager
Catherine Remy Commercial director
1 - Profit &
Loss Item Exchange Rate: USD 1 = EUR 0.7782366
2 - Balance Sheet
Item Exchange Rate: USD 1 = EUR 0.7566
Corporate
Overview
Location
Chemin Jongkind
BP 127
Voreppe, 38340;
cedex
France
Tel: +33 04 76 50 51 00
Fax: +33 04 76 56 71 65
Web: www.stepan.com
Sales EUR(mil): 240.1
Assets EUR(mil): 118.9
Employees: 148
Fiscal Year End: 31-Dec-2012
Industry: Chemical Manufacturing
Incorporation
Date: 01-Jan-1958
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered
No.(FRA): 058503327
President: Anthony Martin
Industry Codes
ANZSIC 2006
Codes:
1813 - Basic
Inorganic Chemical Manufacturing
1899 - Other
Basic Chemical Product Manufacturing Not Elsewhere Classified
ISIC Rev 4 Codes:
2011 - Manufacture
of basic chemicals
2029 - Manufacture
of other chemical products n.e.c.
NACE Rev 2 Codes:
2013 - Manufacture
of other inorganic basic chemicals
2059 - Manufacture
of other chemical products n.e.c.
NAICS 2012 Codes:
325180 - Other
Basic Inorganic Chemical Manufacturing
325998 - All
Other Miscellaneous Chemical Product and Preparation Manufacturing
US SIC 1987:
2819 - Industrial
Inorganic Chemicals, Not Elsewhere Classified
2899 - Chemicals
and Chemical Preparations, Not Elsewhere Classified
UK SIC 2007:
2013 - Manufacture
of other inorganic basic chemicals
2059 - Manufacture
of other chemical products n.e.c.
Business
Description
Manufacture of
specialty and intermediate chemicals used in consumer and industrial cleaning
compounds, such as detergents and toiletries
More Business
Descriptions
Chemical Product
Mfr
Stepan Europe is
primarily engaged in manufacture of soap and detergents; and manufacture of
cleaning and polishing preparations.
Cosmetics, Beauty
Supplies and Perfume Stores
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Corporate Family |
Corporate
Structure News: |
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Stepan
Company |
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Stepan Europe SAS |
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Company
Name |
Company
Type |
Location |
Country |
Industry |
Sales |
Employees |
|
|
Parent |
Northfield, IL |
United States |
Basic Chemical Manufacturing |
1,803.7 |
1,920 |
|
|
|
Facility |
Elwood, IL |
United States |
Basic Chemical Manufacturing |
|
346 |
|
|
|
Subsidiary |
Voreppe |
France |
Basic Chemical Manufacturing |
308.5 |
148 |
|
|
|
Subsidiary |
Stalybridge |
United Kingdom |
Miscellaneous Chemical Manufacturing |
106.4 |
114 |
|
|
|
Subsidiary |
Wesseling, Nordrhein-Westfalen |
Germany |
Basic Chemical Manufacturing |
142.9 |
25 |
|
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|
Branch |
Winder, GA |
United States |
Chemical Wholesale |
254.4 |
87 |
|
|
|
Branch |
Fieldsboro, NJ |
United States |
Chemical Wholesale |
253.4 |
80 |
|
|
|
Subsidiary |
Burlington, ON |
Canada |
Miscellaneous Chemical Manufacturing |
2.6 |
75 |
|
|
|
Joint Venture |
Bogota, SP |
Colombia |
Miscellaneous Chemical Manufacturing |
200.0 |
50 |
|
|
|
Subsidiary |
Brzeg Dolny |
Poland |
Synthetic Chemical Manufacturing |
|
50 |
|
|
|
Subsidiary |
Sao Paulo, SP |
Brazil |
Basic Chemical Manufacturing |
|
50 |
|
|
|
Branch |
Anaheim, CA |
United States |
Chemical Wholesale |
102.2 |
40 |
|
|
|
Subsidiary |
Mexico, DF |
Mexico |
Basic Chemical Manufacturing |
|
10 |
|
|
|
Branch |
Joliet, IL |
United States |
Chemical Wholesale |
18.6 |
6 |
|
|
|
Branch |
Northbrook, IL |
United States |
Chemical Wholesale |
15.5 |
5 |
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|
|
Branch |
Anaheim, CA |
United States |
Chemical Wholesale |
12.8 |
5 |
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Subsidiary |
Singapore |
Singapore |
Miscellaneous Chemical Manufacturing |
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Subsidiary |
Manizales |
Colombia |
Miscellaneous Chemical Manufacturing |
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Executive report
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Executives |
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President |
President |
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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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Accounts manager |
Sales Executive |
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Marketing director |
Marketing Executive |
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Commercial director |
Commercial Executive |
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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 |
|
|
|
|
|
|
Total income |
306.8 |
327.6 |
249.1 |
|
Net sales |
308.5 |
326.5 |
248.8 |
|
Change in stock |
-0.3 |
-0.6 |
-0.5 |
|
Unfinished work in progress |
-2.0 |
0.5 |
0.2 |
|
Subsidies for operating costs |
0.0 |
0.0 |
0.0 |
|
Supplementary operating income |
0.2 |
0.7 |
0.0 |
|
Other operating income |
- |
0.0 |
- |
|
Other external charges |
28.3 |
31.9 |
26.8 |
|
Cost of goods sold |
248.6 |
268.7 |
195.2 |
|
Taxes and social security costs |
1.6 |
1.4 |
1.5 |
|
Social charges |
4.9 |
4.9 |
4.4 |
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Total payroll costs |
10.5 |
10.4 |
9.7 |
|
Cost of stock depreciation and amortisation |
0.8 |
0.4 |
0.9 |
|
Fixed asset depreciation and amortisation |
1.7 |
1.7 |
1.6 |
|
Other operating costs |
1.3 |
1.5 |
0.5 |
|
Total operating costs |
297.5 |
320.3 |
239.9 |
|
Net operating income |
9.2 |
7.3 |
9.1 |
|
Total financial income |
1.0 |
6.4 |
1.4 |
|
Interest payable on loans |
0.9 |
1.1 |
0.5 |
|
Other expenses |
0.7 |
6.4 |
1.4 |
|
Total expenses |
1.7 |
7.6 |
1.9 |
|
Profit before tax |
8.5 |
6.2 |
8.7 |
|
Extraordinary income |
0.5 |
0.7 |
0.3 |
|
Extraordinary expenses |
0.4 |
1.1 |
0.7 |
|
Extraordinary result |
0.1 |
-0.4 |
-0.4 |
|
Total taxation |
3.1 |
1.8 |
2.7 |
|
Profit distributed to employees |
0.4 |
- |
0.4 |
|
Net profit |
5.2 |
4.0 |
5.2 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
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 |
|
|
|
|
|
|
Issued capital |
39.7 |
38.9 |
40.2 |
|
Legal reserves |
3.4 |
3.4 |
3.0 |
|
Total reserves |
4.0 |
3.9 |
4.0 |
|
Profits for the year |
5.3 |
3.7 |
5.3 |
|
Profit brought forward from previous year(s) |
30.3 |
26.0 |
21.6 |
|
Total stockholders equity |
82.6 |
76.0 |
74.1 |
|
Provisions and allowances |
2.6 |
2.3 |
2.0 |
|
Trade creditors |
41.2 |
39.6 |
26.3 |
|
Bank loans and overdrafts |
22.3 |
26.5 |
24.6 |
|
Current bank debts |
9.7 |
10.3 |
14.2 |
|
Other liabilities |
1.1 |
2.0 |
3.3 |
|
Income stated in advance |
0.5 |
0.6 |
0.5 |
|
Taxation and social security |
6.8 |
4.6 |
4.6 |
|
Total current liabilities |
69.5 |
69.7 |
54.1 |
|
Total debts |
71.8 |
73.2 |
59.2 |
|
Regularisation account |
0.0 |
0.1 |
0.0 |
|
Total liabilities (including net worth) |
157.1 |
151.6 |
135.3 |
|
Patents |
0.0 |
- |
0.0 |
|
Goodwill |
1.0 |
1.0 |
1.0 |
|
Land |
0.4 |
0.4 |
0.4 |
|
Buildings |
0.8 |
1.0 |
1.2 |
|
Other fixed assets |
6.9 |
5.7 |
5.4 |
|
Long-term investments |
66.1 |
64.9 |
50.7 |
|
Other financial assets |
0.0 |
0.0 |
0.0 |
|
Total non-current assets |
75.3 |
73.0 |
58.9 |
|
Net stocks and work in progress |
7.3 |
7.4 |
6.1 |
|
Trade debtors |
58.1 |
56.7 |
47.7 |
|
Other receivables |
13.8 |
13.6 |
22.1 |
|
Prepaid expenses |
0.3 |
0.2 |
0.1 |
|
Cash and liquid assets |
2.0 |
0.1 |
0.2 |
|
Marketable securities |
0.2 |
0.2 |
0.2 |
|
Total current assets |
81.8 |
78.2 |
76.4 |
|
Prepaid expenses and deferred costs |
0.0 |
0.4 |
0.0 |
|
Total assets |
157.1 |
151.6 |
135.3 |
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 |
1.20 |
1.10 |
1.40 |
|
Quick ratio |
1.10 |
1.00 |
1.30 |
|
Total liabilities to net worth |
0.88% |
0.98% |
0.81% |
|
Net worth to total assets |
0.52% |
0.49% |
0.54% |
|
Collection period |
55.60 |
56.50 |
57.40 |
|
Stock turnover rate |
43.30 |
41.40 |
41.30 |
|
Asset turnover |
2.02% |
2.01% |
1.86% |
|
Profit margin |
0.03% |
0.02% |
0.04% |
|
Return on assets |
0.06% |
0.04% |
0.07% |
|
Shareholders' return |
0.11% |
0.08% |
0.12% |
|
Sales per employee |
10,642.61 |
10,846.31 |
8,930.90 |
|
Profit per employee |
294.66 |
205.31 |
312.22 |
|
Average wage per employee |
363.54 |
346.36 |
346.68 |
|
Net worth |
82.6 |
76.0 |
74.1 |
|
Number of employees |
148 |
142 |
138 |
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.