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If you want to know more, ASKMORE TM
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modeFinanceTM HeadquarterBuilding A - AREA Science ParkPadriciano 99 - 34149 Trieste - ItalyPh.: +39 040 375 5337Fax: +39 040 375 [email protected]
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAAnot
available
non return extremlypathological
pathological highdanger
weak sufficient adequate good very
strongextremely
strong
Company name LABORATOIRES SVR
Identification number
Country 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
Listed
Status Active (insolvency proceedings)
MORE Credit limit Not assessable on the base of the available informations
Black records Available on request
30/09/2012 30/09/2011 30/09/2010
Turnover (th e) 18,294 32,645 30,947
Rating CCC BBB BBB
Probability of default 19.28% 1.22% 0.52%
Confidence Level 100% 100% 100%
Solvency ratios
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
Liquidity ratios
Current Ratio 2.07 2.24 2.81
Quick Ratio 2.07 2.24 2.81
Cash Cycle Ratio 95.00 49.00 40.00
Profitability ratios
Return on investement ROI (%) -11.18 5.24 12.78
Return on equity ROE (%) -37.37 3.59 10.96
Asset turnover 0.90 1.66 1.70
EBITDA/Sales -0.11 0.01 0.06
Interest Coverage ratios
EBIT interest coverage ratio -13.61 1.15 12.00
EBITDA interest coverage ratio -13.05 1.61 12.57
Analysis and trend of financial
strength
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Liquidity ratios
Current Ratio 2.07 2.51 1.53 1.24 0.73
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
Profitability ratios
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
Asset turnover 0.90 1.16 1.20 1.14 1.30
EBITDA/Sales -0.11 0.15 0.08 0.03 -0.22
Interest Coverage ratios
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
Cash Conversion Cycle (days)
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
Numer of analyzed companies - 77 106 53 11
(Average) Rating 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.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Sector Analysis - Graphs
Page 4
LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Intangible fixed assets 1 3 22
Tangible fixed assets 1,123 1,039 805
Other fixed assets 1,666 1,623 334
Current assets 16,968 16,641 16,716
Stocks 0 0 0
Debtors 7,620 10,734 9,114
Other current assets 9,348 5,907 7,602
Cash & cash equivalent 73 1,378 1,740
Shareholders funds 8,177 11,439 11,668
Capital 300 300 300
Other shareholders funds 7,877 11,139 11,368
Total liabilities 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
Current liabilities 8,191 7,419 5,943
Loans 662 448 270
Creditors 4,196 3,140 3,162
Other current liabilities 3,333 3,830 2,512
Total shareh. funds & liab. 19,758 19,305 17,876
NET DEBT (th e) 30/09/2012 30/09/2011 30/09/2010
Short term debts 662 448 270
Long term debt 2,125 255 70
Cash & cash equivalent 73 1,378 1,740
Net debt 2,714 -675 -1,400
30/09/2012 30/09/2011 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
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Sales 17,738 32,040 30,342
Revenues growth (%) -45 6 -
Other revenues +/- variation in inventories and contract in progress + Fixed assets
own construction capitalized557 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
EBITDA -1,996 322 1,772
Depreciation 87 92 80
EBIT -2,083 229 1,692
Financial P/L -278 581 452
Financial revenue 382 781 593
Financial expenses 660 200 141
Interest paid 153 200 141
P/L before tax -2,362 811 2,144
Extr. and other P/L -697 -400 -438
Extr. and other revenue 0 9 135
Extr. and other expenses 697 409 573
P/L before tax + Extr. and other P/L -3,059 411 1,706
Taxation -3 -1 427
P/L for period -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 30/09/2011 30/09/2010
Number of employees 20 84 66
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Evolutions and trends
Page 7
LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Main foreign countries or regions Belgium; Bulgaria; Croatia; Cyprus; Luxembourg; Malta; Poland; Portugal; Romania; Serbia; Slovenia; Spain; Ukrai-
ne; 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; Ku-
wait; 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 Banker -
ARS THEMIS AUDIT ATA Auditor -
BLARY Francois Auditor -
Board
Not available.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Shareholders (the first twenty shareholders ordered by Direct %)
SVR GROUP Rating: BBB
Country ISO code FR Operating Revenue (MIL $) 7.56
NACE Rev. 2, Core code - Total Assets (MIL $) 27.02
Direct % 95.00 Number of Employees 44
Total % - Information date 12/2012
Address : Not available
Subsidiaries (the first twenty subsidiaries ordered by Direct %)
LABORATOIRES SVR ESPANA S.L. Rating: D
Country ISO code ES Operating Revenue (MIL $) 0.43
NACE Rev. 2, Core code - Total Assets (MIL $) 0.48
Direct % 100.00 Number of Employees 16
Total % 100.00 Information date 06/2013
LABORATOIRES SVR FRANCE Rating: D
Country ISO code FR Operating Revenue (MIL $) 18.13
NACE Rev. 2, Core code - Total Assets (MIL $) 2.62
Direct % 100.00 Number of Employees 66
Total % 100.00 Information date 12/2012
LABORATOIRES SVR ITALIA Rating:
Country ISO code IT Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 12/2012
LABORATOIRES SVR MAROC Rating:
Country ISO code MA Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 100.00 Number of Employees -
Total % 100.00 Information date 12/2012
SVR TUNISIE Rating:
Country ISO code TN Operating Revenue (MIL $) -
NACE Rev. 2, Core code - Total Assets (MIL $) -
Direct % 1.00 Number of Employees -
Total % - Information date 12/2012
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Rating scale
Rating class Rating macro class Assessment
AAA
Healthy
The company’s capacity to meet its financial commitments is extremely strong.
AA The company has very strong creditworthiness.
A The company has a high solvency.
BBB
Balanced
Capital structure and economic equilibrium are considered adequate.
BB The companyï¿ 12
s performances are adequate considering the sector and the country in which it is operating.
B
Vulnerable
The company presents vulnerable signals with regards to its fundamentals.
CCCThe company has a dangerous disequilibrium on the capital structure and on its economic and financial
fundamentals.
CC
Risky
The company shows signals of high vulnerability.
C The company shows considerable pathological situations.
D The company has not any longer the capacity to meet its financial commitments.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
Fundamental Credit Rating Ratios
Analysis area Ratio Assessment
Solvency ratios
Leverage ratioThis measures the level of total liabilities of the company in comparison
with equity.
Assets to debtThis indicates company’s solvency. The company shows a level of deficit
when the value of this ratio is under one unit.
Financial ratios Fixed Assets coverage ratioThis is calculated only for holdings. It measures the capital structure i.e.
whether a company covers the fixed assets with long term capital.
Liquidity ratios
Current ratioThis measures whether a company has sufficient short-term assets to cover
its short-term liabilities.
Quick ratioThis compares current liabilities only to those assets that can be readily
turned into cash.
Profitability and economic ratios
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 coverage ratio 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.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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 =
∑Available Information∑
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.
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LABORATOIRES SVRThursday, 29 August 2013
MORE Credit Rating
key
D C CC CCC B BB BBB A AA AAA
modeFinance TM srlVAT number [email protected]
Area Science Park,Padriciano 99. 34149 Trieste, ItalyTel. +39 040 3755337Fax +39 040 3756741
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
Company modeFinance
Products MORE rating
Where AREA Science Park
34149 Trieste, via Padriciano 99 - ITALY
Info [email protected]
web www.modefinance.com
Phone +39 040 3755337