MIRA INFORM REPORT

 

 

Report Date :

23.01.2014

 

IDENTIFICATION DETAILS

 

Name :

CEODEUX EXTINGUISHER VALVES TECHNOLOGY SA

 

 

Registered Office :

24, Rue De Diekirch, 7440 Lintgen

 

 

Country :

Luxembourg

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

02.02.1993

 

 

Com. Reg. No.:

Trade register number: B 43.592 (Luxembourg)

 

 

Legal Form :

Limited company by shares

 

 

Line of Business :

Manufacturer of gas cylinder valve for gas fire extinguishing systems and non – electrical disable device

 

 

No. of Employees :

38 (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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct  

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Luxembourg

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Luxembourg ECONOMIC OVERVIEW

 

This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, and other products. Growth in the financial sector, which now accounts for about 27% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world, and is the highest in the euro zone. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks.

 

Source : CIA

 

 

Company summary

Summary

Company name

CEODEUX EXTINGUISHER VALVES TECHNOLOGY SA

Operative address

24, RUE DE DIEKIRCH
7440 LINTGEN
Luxembourg

 

Legal form

Limited company by shares

Registration number

Trade register number: B 43.592 (Luxembourg)
Trade register number: B 43.592 (Luxembourg)

VAT-number

LU15692720

Year

2012

Mutation

2011

Mutation

2010

Fixed assets

294.292

 -21,90

376.831

 25,69

299.810

Total receivables

581.733

 -29,52

825.399

 120,67

374.045

 

Total equity

502.409

 -31,46

732.972

 -43,57

1.298.933

Short term liabilities

4.203.298

 -3,41

4.351.808

 10,93

3.923.065

 

Net result

-230.563

 59,26

-565.961

 -681,67

97.299

 

Working capital

612.564

 -23,32

798.842

 -36,05

1.249.123

Quick ratio

0,58

 9,43

0,53

 12,77

0,47


Contact information

 

Company name

CEODEUX EXTINGUISHER VALVES TECHNOLOGY SA

Operative address

24, RUE DE DIEKIRCH
7440 LINTGEN
Luxembourg

Correspondence address

24, RUE DE DIEKIRCH
7440 LINTGEN
Luxembourg

 

Telephone number

+352 3278321

Fax number

+352 327832326

 

Registration

 

Registration number

Trade register number: B 43.592 (Luxembourg)
Trade register number: B 43.592 (Luxembourg)

VAT-number

LU15692720

Status

Active

Establishment date

1993-02-02

 

Legal form

Limited company by shares

Subscribed share capital

EUR 750.000

 

Activities

 

NACE

Manufacturer of gas cylinder valve for gas fire extinguishing systems and non – electrical disable device

 

Relations

 

Shareholders

ULTIMATE GLOBAL SHAREHOLDER
Name: SCHMITZ JEAN CLAUDE
Address: VILLE HEISDORF
City: LUSSEMBURGO
Country: LU
Type: One or more named individuals or families

SHAREHOLDERS
Name: ROTAREX SA
National id number: B 30.984 (Luxembourg)
Address: 24, Rue de Diekirch
Zipcode: 7440
City: LINTGEN
Country: LU
Phone: +352 3278321
FAX: +352 327832854
Website: www.rotarex.com
Type: Industrial company
Share direct: 99.93%
Turnover: 26.87 mil. USD
TOTAL assets: 58.05 mil. USD
Profit loss before tax: 2.48313 mil. USD
Profit loss after tax net income: 2.21451 mil. USD
Shareholders funds: 35.84859 mil. USD
Number of employees: 41

Name: SCHMITZ JEAN CLAUDE
Address: VILLE HEISDORF
City: LUSSEMBURGO
Country: LU
Type: One or more named individuals or families
Share direct: 0.07%

 

 

 

Management

 

Management

Fullname: Mrs Isabelle Bamberger
Type: Individual
Gender: Female
date of birth: 1979
Age: 35
Address: Rue de Diekirch 24, 7440, Lintgen, Luxembourg
Number of involvements: 9
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Dipl.-Kfm. Jean Claude Schmitz
Type: Individual
Gender: Male
date of birth: 1947/08/07
Age: 66
Country of nationality: Luxembourg
Address: Rue de Diekirch 24, 7440, Lintgen, Luxembourg
Country: Luxembourg
Number of involvements: 29
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Mr Philippe Schmitz
Type: Individual
Gender: Male
date of birth: 1981/07/17
Age: 32
Address: Rue de Diekirch 24, 7440, Lintgen, Luxembourg
Number of involvements: 16
Function: Administrative Board (AG)
Level of responsibility: Member

Fullname: Compagnie Luxembourgeoise d'Expertise et de Revision Comptable SA
Type: Company
Address: Rue Pletzer 1, 8080, Bertrange, Luxembourg
Number of involvements: 27
Function: Member, Supervisory Board (AG)
Level of responsibility: Member

 

 

Employees

 

Year

2012

2011

2010

2009

2008

Total

38

49

38

34

43

 

Financial analysis

 

Trend

Fluctuating

Profitability

Negative

Solvability

Limited

Liquidity

Limited

Show amount in

Euro

 

Key figures

Year

2012

2011

2010

2009

2008

Quick ratio

0,58

0,53

0,47

0,49

0,62

Current ratio

1,15

1,18

1,32

1,14

1,15

 

Working capital/ balance total

0,12

0,14

0,23

0,12

0,12

Equity / balance total

0,10

0,13

0,24

0,17

0,16

Equity / Fixed assets

1,71

1,95

4,33

3,32

2,96

Working capital

612.564

798.842

1.249.123

857.008

1.000.450

Equity

502.409

732.972

1.298.933

1.201.634

1.357.951

Mutation equity

-31,46

-43,57

8,10

-11,51

 

Mutation short term liabilities

-3,41

10,93

-34,91

-12,51

 

 

Return on total assets (ROA)

-4,31

-10,12

2,13

-1,99

0,36

Return on equity (ROE)

-43,83

-76,28

8,99

-12,02

2,22

Gross profit margin

-1,08

-2,98

1,47

-0,55

1,32

Net profit margin

-1,58

-3,24

0,62

-1,08

0,18

 

Average collection ratio

3,47

4,01

4,01

2,40

2,49

Average payment ratio

25,07

21,15

42,08

82,82

90,31

Equity turnover ratio

29,03

23,82

12,12

12,06

12,62

Total assets turnover ratio

2,85

3,16

2,88

2,00

2,05

Fixed assets turnover ratio

49,56

46,32

52,50

40,06

37,28

Inventory conversion ratio

6,16

6,13

4,73

3,70

4,78

 

Turnover

14.585.796

17.455.894

15.739.382

14.486.110

17.130.664

Operating result

-157.364

-519.706

231.804

-79.029

226.782

Net result after taxes

-230.563

-565.961

97.299

-156.318

30.129

 

Cashflow

-91.674

-285.486

451.003

16.770

167.559

Gross profit

1.832.299

1.613.673

2.060.430

1.440.754

 

EBITDA

-18.475

-239.231

585.508

94.059

364.212

Summary

The 2012 financial result structure is a postive working captial of 612.564 euro, which is in agreement with 12 % of the total assets of the company.
The working capital has diminished with -23.32 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.
The deterioration between 2011 and 2012 has mainly been caused by an increase of the current liabilities.
The current ratio of the company in 2012 was 1.15. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.
The quick ratio in 2012 of the company was 0.58. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.

The 2011 financial result structure is a postive working captial of 798.842 euro, which is in agreement with 14 % of the total assets of the company.
The working capital has diminished with -36.05 % compared to previous year. The ratio, with respect to the total assets of the company has however, declined.
The deterioration between 2010 and 2011 has mainly been caused by an increase of the current liabilities.
The current ratio of the company in 2011 was 1.18. When the current ratio is below 1.5, the company may have problems meeting its short-term obligations.
The quick ratio in 2011 of the company was 0.53. A company with a Quick Ratio of less than 1 cannot currently pay back its current liabilities.


Financial statement

 

Last annual account

2012

Remark annual account

The company is obliged to file its financial statements.

Type of annual account

Corporate

Annual account

CEODEUX EXTINGUISHER VALVES TECHNOLOGY SA
24, RUE DE DIEKIRCH
7440 LINTGEN
Luxembourg

Balance

Year

2012

2011

2010

2009

2008

End date

2012-12-31

2011-12-31

2010-12-31

2009-12-31

2008-12-31

Intangible fixed assets

17.166

24.993

 

46.590

111.875

Tangible fixed assets

277.126

351.839

299.810

315.036

347.626

Fixed assets

294.292

376.831

299.810

361.626

459.502

 

Inventories

2.367.622

2.848.165

3.324.793

3.916.576

3.585.951

Total receivables

581.733

825.399

374.045

174.907

189.689

Liquid funds

341

251

1.823

2.141

1.809

Other current assets

1.866.165

1.476.835

1.471.528

2.790.880

4.111.963

Current assets

4.815.862

5.150.650

5.172.188

6.884.503

7.889.412

Total assets

5.110.154

5.527.481

5.471.998

7.246.129

8.348.914

 

Total equity

502.409

732.972

1.298.933

1.201.634

1.357.951

Provisions

265.731

280.438

250.000

17.000

102.000

Long term liabilities

138.715

162.263

 

 

 

Accounts payable

977.285

1.175.275

740.550

974.022

1.518.943

Other short term liabilities

3.226.013

3.176.533

3.182.515

5.053.473

5.370.019

Short term liabilities

4.203.298

4.351.808

3.923.065

6.027.495

6.888.962

Total liabilities

5.110.154

5.527.481

5.471.998

7.246.129

8.348.914

Summary

The total assets of the company decreased with -7.55 % between 2011 and 2012.
This downturn is mainly retrievable in the fixed asset decrease of -21.9 %.
In 2012 the assets of the company were 5.76 % composed of fixed assets and 94.24 % by current assets. The assets are being financed by an equity of 9.83 %, and total debt of 90.17 %.

The total assets of the company increased with 1.01 % between 2010 and 2011.
The total asset increase is retrievable in the fixed asset growth of 25.69 %.
In 2011 the assets of the company were 6.82 % composed of fixed assets and 93.18 % by current assets. The assets are being financed by an equity of 13.26 %, and total debt of 86.74 %.

 

Profit and loss

 

Year

2012

2011

2010

2009

2008

Revenues

14.427.733

17.382.501

15.459.096

14.329.475

16.494.782

Net turnover

14.585.796

17.455.894

15.739.382

14.486.110

17.130.664

 

Wages and salaries

1.833.957

1.803.201

1.460.517

1.263.860

1.710.013

Amorization and depreciation

138.889

280.475

353.704

173.088

137.430

Production costs

8.586.289

11.493.506

9.309.864

9.255.079

11.155.202

Operating result

-157.364

-519.706

231.804

-79.029

226.782

 

Financial income

23.525

50.060

14.404

82.835

70.434

Financial expenses

86.353

89.466

129.477

148.256

267.087

Financial result

-62.828

-39.406

-115.072

-65.421

-196.653

Result on ordinary operations before taxes

-220.192

-559.112

116.732

-144.450

30.129

 

Taxation on the result of ordinary activities

3.663

6.492

19.433

11.868

 

Result of ordinary activities after taxes

-223.855

-565.604

97.299

-156.318

30.129

 

Extraordinary income

 

140

 

 

 

Extraordinary expense

6.708

497

 

 

 

Extraordinary result before taxation

-6.708

-357

 

 

 

Net result

-230.563

-565.961

97.299

-156.318

30.129

Summary

The turnover of the company decreased by -16.44 % between 2011 and 2012.
The operating result of the company grew with 69.72 % between 2011 and 2012. This evolution implies an increase of the company's economic profitability.
The result of these changes is an increase of the company's Economic Profitability of 57.41 % of the analysed period, being equal to 2011 % in the year 2012.
Despite the growth the assets turnover decreased, whose index evolved with -9.81 % to a level of 2.85.
The Net Result of the company decreased by 59.26 % between 2011 and 2012.
The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of 42.54 % of the analysed period, being -43.83 % in the year 2012.
The company's financial structure has slowed down its financial profitability.

The turnover of the company grew with 10.91 % between 2010 and 2011.
The operating result of the company declined with -324.2 % between 2010 and 2011. This evolution implies an decrease of the company's economic profitability.
The result of these changes is a reduction of the company's Economic Profitability of -575.12 % of the analysed period, being equal to 2010 % in the year 2011.
Despite the decline the assets turnover increased by 9.72 % reaching 3.16.
The Net Result of the company increased by -681.67 % between 2010 and 2011.
The company's Financial Profitability has been positively affected by the financial activities in comparison to the EBITs behaviour. The result of these variations is a profitability increase of -948.5 % of the analysed period, being -76.28 % in the year 2011.
The company's financial profitability has been positively affected by its financial structure.

 

Publications

 

Remarks

Status: Active
Category: Large company
Last year: 2012
Turnover last year: 14.585.796 EUR
Result last year: -230.563 EUR
TOTAL assets last year: 5.110.154 EUR
Number of employees: 38
Number of shareholders: 2
Number of subsidiaries: 0
Number of branches: 0

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.101.98

Euro

1

Rs.83.93

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.