Thursday, 29 August 2013
LABORATOIRES SVR
MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Company name
LABORATOIRES SVR
Identification number If you want to know more, ASKMORE modeFinance’s credit report.
TM
Almost every day millions of people around the world are wondering the real creditworthiness of the companies with which they are in business. Every day these questions remain unanswered. modeFinance now aims to answer these questions in a simple, complete and immediate way. TM
TM
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France
ZIP code and city
91220 - LE PLESSIS PATE
Address
RUE DE LA MARE A BLOT +33 1 69 11 70 70 www.labo - svr.com infoconso@labo - svr.com
Legal form
Limited company, simplified - SAS
Account
Unconsolidated
Incorporation date
18/01/1999
NACE 2 Sector
2042 - Manufacture of perfumes and toilet preparations
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ASKMORE is the modeFinance product which gives the chance to evaluate the credit risk for every company from all around the world.
ASKMORE
Country
Listed Status
Active (insolvency proceedings)
MORE Credit limit
Not assessable on the base of the available informations
Black records
Available on request
plans 3 types of reports:
30/09/2012
s-peek
Plus
Basic TM
ASKMORE Basic: This report includes modeFinance ’ s MORE Credit Ratings and MORE Credit Limit to help you in the decision making. It covers all essential information including financial statements of the last three years and descriptive information including trade description and sector analysis. This report type is ideally suited for decisions on transactions with each level of credit risk. TM
30/09/2011
30/09/2010
Turnover (th e)
18,294
32,645
30,947
Rating
CCC
BBB
BBB
19.28%
1.22%
0.52%
100%
100%
100%
Leverage ratio
1.42
0.69
0.53
Financial Leverage
0.34
0.06
0.03
Total asset/Total liabilities
1.71
2.45
2.88
Current Ratio
2.07
2.24
2.81
Quick Ratio
2.07
2.24
2.81
95.00
49.00
40.00
Return on investement ROI (%)
-11.18
5.24
12.78
Return on equity ROE (%)
-37.37
3.59
10.96
0.90
1.66
1.70
-0.11
0.01
0.06
EBIT interest coverage ratio
-13.61
1.15
12.00
EBITDA interest coverage ratio
-13.05
1.61
12.57
Probability of default Confidence Level Solvency ratios
Liquidity ratios
Cash Cycle Ratio Profitability ratios
Asset turnover EBITDA/Sales Interest Coverage ratios
modeFinance Headquarter Building A - AREA Science Park Padriciano 99 - 34149 Trieste - Italy Ph.: +39 040 375 5337 Fax: +39 040 375 6741 info@modefinance.com TM
Analysis and trend of financial strength
key askMORETM is a registered mark of modeFinanceTM
MORE Credit Rating
D not available
non return
C
CC
extremly pathological pathological
CCC
B
BB
BBB
A
AA
AAA
high danger
weak
sufficient
adequate
good
very strong
extremely strong
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Sector Analysis Company
Healthy
Balanced
Vulnerable
Risky
Solvency ratios Leverage ratio
1.42
0.42
1.62
3.67
-2.36
Financial Leverage
0.34
0.02
0.63
1.59
-0.99
Total asset/Total liabilities
1.71
3.37
1.59
1.24
0.94
2.07
2.51
1.53
1.24
0.73
Liquidity ratios Current Ratio Quick Ratio
2.07
1.89
1.03
0.79
0.37
Cash Cycle Ratio
95.00
-22.00
-9.50
5.00
-27.00
Return on investement ROI (%)
-11.18
14.80
6.26
1.24
-20.23
Return on equity ROE (%)
-37.37
14.30
9.12
-0.79
-100.70
Profitability ratios
Asset turnover
0.90
1.16
1.20
1.14
1.30
EBITDA/Sales
-0.11
0.15
0.08
0.03
-0.22
EBIT interest coverage ratio
-13.61
127.90
5.81
0.52
-8.30
EBITDA interest coverage ratio
-13.05
196.60
8.50
1.67
-5.70
Days Sales Of Inventory (DIO)
0
38
49
70
61
Days Sales Outstanding (DSO)
152
49
62
75
44
Days Payable Outstanding (DPO)
84
21
42
44
65
Cash Conversion Cycle (DIO + DSO - DPO)
68
58
71
93
15
Interest Coverage ratios
Cash Conversion Cycle (days)
Numer of analyzed companies (Average) Rating
-
77
106
53
11
CCC
AA
BBB
B
C
The sector has been chosen according to: international companies in the sector NACE 2 2042 with financial data of year 2012.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Sector Analysis - Graphs
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Balance Sheet BALANCE SHEET (th e)
30/09/2012
30/09/2011
30/09/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate EUR - EUR
1
1
1
Number of months
12
12
12
Total assets
19,758
19,305
17,876
Fixed assets
2,789
2,665
1,160
1
3
22
1,123
1,039
805
Intangible fixed assets Tangible fixed assets
1,666
1,623
334
16,968
16,641
16,716
0
0
0
Debtors
7,620
10,734
9,114
Other current assets
9,348
5,907
7,602
73
1,378
1,740
8,177
11,439
11,668
300
300
300
7,877
11,139
11,368
11,581
7,866
6,209
Non current liabilities
3,390
448
265
Long term debt
2,125
255
70
Other non-current liabilities
1,265
193
195
8,191
7,419
5,943
662
448
270
Creditors
4,196
3,140
3,162
Other current liabilities
3,333
3,830
2,512
19,758
19,305
17,876
30/09/2012
30/09/2011
30/09/2010
Other fixed assets Current assets Stocks
Cash & cash equivalent Shareholders funds Capital Other shareholders funds Total liabilities
Current liabilities Loans
Total shareh. funds & liab. NET DEBT (th e) Short term debts Long term debt Cash & cash equivalent Net debt
662
448
2,125
255
70
73
1,378
1,740
2,714
-675
-1,400
30/09/2012
30/09/2011
270
30/09/2010
Working capital
3,424
7,594
5,953
Net Current Assets
8,778
9,222
10,773
30/09/2012
30/09/2011
30/09/2010
Days Sales Of Inventory (DIO)
0
0
0
Days Sales Outstanding (DSO)
152
120
107
Days Payable Outstanding (DPO)
84
35
37
Cash Conversion Cycle (DIO + DSO - DPO)
68
85
70
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
C
D
CC CCC
B
BB BBB
A
AA AAA
key
Income Statement INCOME STATEMENT (th e)
30/09/2012
30/09/2011
30/09/2010
Accounting practice
Local GAAP
Local GAAP
Local GAAP
Exchange rate EUR - EUR
1
1
1
Number of months
12
12
12
17,738
32,040
30,342
-45
6
-
557
605
605
Operating revenue / turnover
18,294
32,645
30,947
Total costs
20,290
32,323
29,175
Costs growth (%)
-37
11
-
Service costs
11,441
15,309
13,267
Material costs
7,046
12,025
11,794
Costs of employees
1,803
4,989
4,114
-1,996
322
1,772
Sales Revenues growth (%) Other revenues +/- variation in inventories and contract in progress + Fixed assets own construction capitalized
EBITDA Depreciation EBIT Financial P/L
87
92
80
-2,083
229
1,692
-278
581
452
Financial revenue
382
781
593
Financial expenses
660
200
141
153
200
141
-2,362
811
2,144
-697
-400
-438 135
Interest paid P/L before tax Extr. and other P/L Extr. and other revenue Extr. and other expenses P/L before tax + Extr. and other P/L Taxation P/L for period
0
9
697
409
573
-3,059
411
1,706
-3
-1
427
-3,056
411
1,279
30/09/2012
30/09/2011
30/09/2010
Cash flow
-2,969
503
1,359
Added value
-1,015
5,692
6,041
30/09/2012 Number of employees
20
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
30/09/2011
30/09/2010
84
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
66
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
key
Evolutions and trends
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
AA AAA
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Qualitative information Full overview
The company is engaged in the production and distribution of cosmetics. The company was established by Simone and Robert Veret in 1962. The registered head office of the company is located in Le Plessis Pate, France. The company’s products are CHRONOLYSr Cream; CHRONOLYSr Healthy Glow Cream; CHRONOLYSr Eye Contour; SPÉCILIFTr Cream; SPÉCILIFTr Light Cream; SPÉCILIFTr Eye Contour; DENSITIUMr Cream; DENSITIUMr Rich Cream; DENSITIUMr Concentrate Serum; DENSITIUMr Eye Contour; DENSITIUMr Body; HYDRACIDr C20 Cream; CLAIRIALr PEEL; CLAIRIALr SPF 50+ Cream; CLAIRIALr C 10 Cream; and CLAIRIALr Cream. The company’s products are available in Belgium; Bulgaria; Croatia; Cyprus; Luxembourg; Malta; Poland; Portugal; Romania; Serbia; Slovenia; Spain; Ukraine; Algeria; Benin; Burkina Faso; Cameroon; Central Africa; Chad; Congo; Congo Kinshasa; Gabon; Guinea; Ivory Coast; Lybia; Mali; Marocco; Mauritania; Niger; Senegal; Togo; Tunisia; Brazil; Canada; Guadeloupe; Guyana; Martinique; Saint Barthelemy - Saint Martin; China; Singapore; South Korea; Taiwan; Iran; Israel; Jordan; Kuwait; Lebanon; Qatar; Saudi Arabia; Syria; United Arab Emirates; Madagascar; Mauritius; Reunion Island; and New Caledonia.
History
Established by Simone and Robert Veret.
Primary business line
Engaged in the production and distribution of cosmetics.
Secondary business line
Not available.
Main activity
Manufacturing; Wholesale.
Secondary activity
Not available.
Main products and services
CHRONOLYSr Cream; CHRONOLYSr Healthy Glow Cream; CHRONOLYSr Eye Contour; SPÉCILIFTr Cream; SPÉCILIFTr Light Cream; SPÉCILIFTr Eye Contour; DENSITIUMr Cream; DENSITIUMr Rich Cream; DENSITIUMr Concentrate Serum; DENSITIUMr Eye Contour; DENSITIUMr Body; HYDRACIDr C20 Cream; CLAIRIALr PEEL; CLAIRIALr SPF 50+ Cream; CLAIRIALr C 10 Cream; and CLAIRIALr Cream.
Size estimate
Not available.
Strategy, organization and policy
Not available.
Strategic alliances
Not available.
Membership of a network
Not available.
Main brand names
CHRONOLYS; SPÉCILIFT; DENSITIUM; CLAIRIAL; HYDRACID.
Main domestic country
France.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Main foreign countries or regions
Belgium; Bulgaria; Croatia; Cyprus; Luxembourg; Malta; Poland; Portugal; Romania; Serbia; Slovenia; Spain; Ukraine; Algeria; Benin; Burkina Faso; Cameroon; Central Africa; Chad; Congo; Congo Kinshasa; Gabon; Guinea; Ivory Coast; Lybia; Mali; Marocco; Mauritania; Niger; Senegal; Togo; Tunisia; Brazil; Canada; Guadeloupe; Guyana; Martinique; Saint Barthelemy - Saint Martin; China; Singapore; South Korea; Taiwan; Iran; Israel; Jordan; Kuwait; Lebanon; Qatar; ? Saudi Arabia; Syria; United Arab Emirates; Madagascar; Mauritius; Reunion Island; New Caledonia.
Main production sites
Not available.
Main distribution sites
Not available.
Main sales representation sites
Not available.
Main customers
Not available.
Black records Available on request.
Auditor/Advisor/Bank name
type
address
STE GENERALE ARS THEMIS AUDIT ATA
Banker Auditor
-
BLARY Francois
Auditor
-
Board Not available.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Shareholders (the first twenty shareholders ordered by Direct %) Rating:
SVR GROUP Country ISO code NACE Rev. 2, Core code Direct % Total % Address : Not available
FR
BBB
Operating Revenue (MIL $)
95.00 -
Total Assets (MIL $) Number of Employees Information date
7.56 27.02 44 12/2012
Subsidiaries (the first twenty subsidiaries ordered by Direct %) Rating:
LABORATOIRES SVR ESPANA S.L. Country ISO code NACE Rev. 2, Core code Direct % Total %
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
FR 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
IT 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
MA 100.00 100.00
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
TN 1.00 -
Operating Revenue (MIL $) Total Assets (MIL $) Number of Employees Information date
Rating:
LABORATOIRES SVR FRANCE Country ISO code NACE Rev. 2, Core code Direct % Total %
12/2012
12/2012
Rating:
SVR TUNISIE Country ISO code NACE Rev. 2, Core code Direct % Total %
D 18.13 2.62 66 12/2012
Rating:
LABORATOIRES SVR MAROC Country ISO code NACE Rev. 2, Core code Direct % Total %
0.43 0.48 16 06/2013
Rating:
LABORATOIRES SVR ITALIA Country ISO code NACE Rev. 2, Core code Direct % Total %
D
ES 100.00 100.00
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
12/2012
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
ASKMORE rating guide General vision
A credit rating is an opinion of the general creditworthiness of an obligor (issuer rating), or the creditworthiness of an obligor in respect of a specific debt security, or other financial obligation (issue rating), based on relevant risk factors. The Multi Objective Rating Evaluation (MORE) model is essentially used to assess the level of distress of industrial companies by using data included in financial statements. The basic idea of the model is to analyze a set of financial and economic ratios in a predictive corporate bankruptcy model with the purpose of creating a fundamental credit rating model for each industrial sector. Results of the model are obtained by applying newly developed numerical methodologies, drawing together financial theory, data mining and engineering design methodologies. The heart of MORE is a multi dimensional and multi objective algorithm that produces a classification of each company, by taking into account any attributes (such as sector and country) characterizing a firm. The model gives the opportunity to assign a rating to a company even without considering a complete data analysis and allows to process quality information. It induces a better understanding of a company’s strength and weakness thanks to sophisticated data mining tools and taking into account the analyst knowledge. The MORE rating vision is to look at the fundamental economics of the company. The main idea is to evaluate the rating observing every aspect of the economical and financial behavior of the company: better is the equilibrium between the different aspects, better will be the final rating. This is done studying, evaluating and aggregating the most important sections of the financial and economic behavior of a company such as: profitability, liquidity, solvency, interest coverage and efficiency.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Rating scale Rating class
Rating macro class
The company’s capacity to meet its financial commitments is extremely strong.
AAA AA
Assessment
Healthy
The company has very strong creditworthiness. The company has a high solvency.
A
Capital structure and economic equilibrium are considered adequate.
BBB Balanced BB
The companyï¿ 21 s performances are adequate considering the sector and the country in which it is operating.
B
The company presents vulnerable signals with regards to its fundamentals. Vulnerable
CCC
The company shows signals of high vulnerability.
CC C D
The company has a dangerous disequilibrium on the capital structure and on its economic and financial fundamentals.
Risky
The company shows considerable pathological situations. The company has not any longer the capacity to meet its financial commitments.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Fundamental Credit Rating Ratios Analysis area
Ratio
Assessment This measures the level of total liabilities of the company in comparison
Leverage ratio
with equity.
Solvency ratios
Financial ratios
Assets to debt
This indicates company’s solvency. The company shows a level of deficit when the value of this ratio is under one unit.
Fixed Assets coverage ratio
This is calculated only for holdings. It measures the capital structure i.e. whether a company covers the fixed assets with long term capital.
Current ratio
This measures whether a company has sufficient short-term assets to cover its short-term liabilities.
Liquidity ratios This compares current liabilities only to those assets that can be readily
Quick ratio
turned into cash.
Return on Investement(ROI)
This measures the profitability of company investments without regard to the way the investment is financed.
Return on Equity(ROE)
This measures the profitability of the equity.
Asset turnover
This indicates the investments turnover with regards to sales. The level assumed from the ratio depends on the sector in which the company operates.
Profit margin
This indicates the profitability of sales.
Interest Paid coverage
This indicate the ability of the company to cover interest expenses through the economic margins (Gross profit and EBIT) and through the cash flow from operating activities.
Profitability and economic ratios
Interest coverage ratio
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
MORE Credit Limit, Probability of default and Confidence Level MORE Credit Limit
MORE Credit limit is the estimation of the amount of maximum credit that is possible to assign on a commercial relationship with the analyzed company with an outlook of one year. modeFinance used the following values associated with the company analyzed while computing the credit limit:
• Size; • Years in Business; • Average number of suppliers; • Liquidity of the company and the comparison with its sector; • The funds dedicated to be paid to suppliers; • The likelihood that a company may pay its debts in the next 12 months (MORE Ratings).
The credit limit in this report is merely a suggested value of commercial credit limit calculated on the basis of annual public data. This value should be reviewed by paying attention to the Confidence Level value and by using other information such as other business information, news... etc; and private information such as the relationship with client, history of payments, guarantees and the knowledge of the sector.
Probability of default e Confidence Level
In addition to the MORE Rating, modeFinance also estimates the probability of default and provides a level of confidence. The probability of default is the degree of certainty (in quantitative terms) that the company will go into default. As the probability of default is strongly affected by the economic climate that the company is operating in, companies in the same MORE class will not necessarily have the same probability of default. The MORE model can produce a MORE rating even if there is missing data by using an associated confidence level:
Confidence =
P Available Information P Total Information
The level of confidence does not indicate financial confidence in the company. It is a reflection of the variations in availability of financial data across Europe due to filing regulations and suggests the degree of financial detail the MORE rating is able to take into account for each company. For companies with fully populated records a confidence level of 100% would be applied: companies where no financial data is provided, 0%. This puts the MORE rating in a context for the user and aids interpretation.
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741
LABORATOIRES SVR
Thursday, 29 August 2013 MORE Credit Rating
D
C
CC CCC
B
BB BBB
A
AA AAA
key
Notes and disclaimer NOTES
modeFinance has based the present analysis on the company available financial statements, coming from one or more of the following sources: local providers, Commercial Register (Companies House), websites, modeFinance’s database etc.
DISCLAIMER
All Rights Reserved. No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the publisher modeFinance. The facts of this report are believed to be correct at the time of publication but cannot be guaranteed. Please note that the findings, conclusions and recommendations that modeFinance delivers will be based on information gathered in good faith from both primary and secondary sources, whose accuracy we are not always in a position to guarantee. As such modeFinance can accept no liability whatever for actions taken based on any information that may subsequently prove to be incorrect.
Contacts
Info web
modeFinance MORE rating AREA Science Park 34149 Trieste, via Padriciano 99 - ITALY info@modefinance.com www.modefinance.com
Phone
+39 040 3755337
Company Products Where
modeFinance srl VAT number 01168840328 info@modefinance.com www.modefinance.com TM
Area Science Park, Padriciano 99. 34149 Trieste, Italy Tel. +39 040 3755337 Fax +39 040 3756741