MIRA
INFORM REPORT
|
Report Date : |
10.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
COMASEC SAS |
|
|
Registered Office : |
5 Allee des Bas |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Date of Incorporation : |
15.01.1974 |
|
|
|
|
|
|
Com. Reg. No.: |
582111571 |
|
|
|
|
|
|
Legal Form : |
Private Subsidiary |
|
|
|
|
|
|
Line of Business : |
Manufacture of knitted or crocheted pullovers, cardigans, jerseys, waistcoats and similar articles |
|
|
|
|
|
|
No. of Employees : |
102 |
|
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
France |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
FRANCE - ECONOMIC OVERVIEW
France was transitioning from an economy that has featured
extensive government ownership and intervention to one that relies more on
market mechanisms but is in the midst of a euro-zone crisis. The government has
partially or fully privatized many large companies, banks, and insurers, and
has ceded stakes in such leading firms as Air France, France Telecom, Renault,
and Thales. It maintains a strong presence in some sectors, particularly power,
public transport, and defense industries. With at least 75 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. The
unemployment rate increased from 7.4% in 2008 to 9.3% in 2010 and 9.1% in 2011.
Lower-than-expected growth and increased unemployment have cut government
revenues and increased borrowing costs, contributing to a deterioration of
France's public finances. The government budget deficit rose sharply from 3.4%
of GDP in 2008 to 7.5% of GDP in 2009 before improving to 5.8% of GDP in 2011,
while France's public debt rose from 68% of GDP to 86% over the same period.
Under President SARKOZY, Paris implemented austerity measures that eliminated
tax credits and froze most government spending in an effort 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 levels. Socialist Francois HOLLANDE won the May 2012
presidential election, after advocating pro-growth economic policies, as well
as measures such as forcing banks to separate their traditional deposit taking
and lending activities from more speculative businesses, increasing taxes on
bank profits, introducing a new top bracket on income taxes for people earning
over €1 million ($1.3 million) a year, and hiring an additional 60,000 civil
servants during his five-year term of office.
Source
: CIA
COMPANY NAME AND ADDRESS
COMASEC
SAS
5 Allee des Bas Tilliers
Gennevilliers, 92238
France
Tel: +33 01 47 92 92 92
Fax: +33 01 47 92 92 19
Website: www.comasec.com
Employees: 102
Company Type: Private
Subsidiary
Corporate Family: 33 Companies
Ultimate Parent: Ansell
Limited
Incorporation Date: 15-Jan-1974
Financials in: USD
(Millions)
Fiscal Year End: 31-Dec-2011
Reporting Currency: Euro
Annual Sales: 109.2
Total Assets: 70.1
Business Description
Comasec is primarily engaged in manufacture of knitted or crocheted pullovers, cardigans, jerseys, waistcoats and similar articles
Industry
|
Industry |
|
|
ANZSIC 2006: |
|
|
NACE 2002: |
1824 -
Manufacture of other wearing apparel and accessories not elsewhere classified
|
|
NAICS 2002: |
|
|
UK SIC 2003: |
|
|
UK SIC 2007: |
1419 -
Manufacture of other wearing apparel and accessories n.e.c. |
|
US SIC 1987: |
Key Executives
|
Name |
Title |
|
Pascal Berend |
President |
|
Patrice Radon |
Accounts manager, Personnel director |
|
Eddy Cartier |
General manager |
|
Steve Wiser |
Responsable Informatique |
|
JĂ©rĂ´me Friedrich |
Responsable Export |
News
|
Title |
Date |
|
Ansell rolls out changes |
23-Oct-2012 |
|
Ansell on track to lift earnings
after slowdown |
23-Oct-2012 |
|
FED:Ansell predicts growth despite
slowdown |
22-Oct-2012 |
|
FED:Ansell on track to lift FY
earnings |
21-Oct-2012 |
|
Deal snapshot: ANSELL WRAPS UP
EUR101.5M COMASEC PURCHASE |
17-Oct-2012 |
Registered No.(FRA):582111571
1 - Profit & Loss Item Exchange Rate: USD 1 = EUR 0.7191895
2 - Balance Sheet Item Exchange Rate:
USD 1 = EUR 0.770327
Location
5 Allee des Bas Tilliers
Gennevilliers, 92238
France
Tel: +33
01 47 92 92 92
Fax: +33
01 47 92 92 19
Website: www.comasec.com
Sales EUR(mil): 78.5
Assets EUR(mil): 54.0
Employees: 102
Fiscal Year End: 31-Dec-2011
Industry: Apparel
and Accessories
Incorporation Date: 15-Jan-1974
Company Type: Private
Subsidiary
Quoted Status: Not
Quoted
Registered No.(FRA): 582111571
President : Pascal
Berend
Industry
Codes
|
ANZSIC 2006 Codes: |
||
|
1351 |
- |
Clothing Manufacturing |
|
NACE 2002 Codes: |
||
|
1824 |
- |
Manufacture of other wearing apparel and
accessories not elsewhere classified |
|
NAICS 2002 Codes: |
||
|
315991 |
- |
Hat, Cap, and Millinery Manufacturing |
|
315299 |
- |
All Other Cut and Sew Apparel
Manufacturing |
|
315993 |
- |
Men's and Boys' Neckwear Manufacturing |
|
315992 |
- |
Glove and Mitten Manufacturing |
|
US SIC 1987: |
||
|
2353 |
- |
Hats, Caps, and Millinery |
|
2323 |
- |
Men's and Boys' Neckwear |
|
2389 |
- |
Apparel and Accessories, Not Elsewhere
Classified |
|
3151 |
- |
Leather Gloves and Mittens |
|
UK SIC 2003: |
||
|
18241 |
- |
Manufacture of hats |
|
18249 |
- |
Manufacture of other wearing apparel and accessories
not elsewhere classified |
|
1824 |
- |
Manufacture of other wearing apparel and
accessories not elsewhere classified |
|
UK SIC 2007: |
||
|
1419 |
- |
Manufacture of other wearing apparel and
accessories n.e.c. |
Business
Description
Industrial Gloves Mfr
More Business Descriptions
Comasec is primarily engaged in manufacture of knitted or crocheted pullovers, cardigans, jerseys, waistcoats and similar articles.
Fiber, Yarn, and Thread Mills
Financial Data
|
Financials in: |
EUR(mil) |
1 Year Growth |
|
Revenue: |
78.5 |
13.5% |
|
Assets: |
54.0 |
NA |
|
Current Assets: |
41.0 |
|
|
Total Liabilities: |
54.0 |
|
|
Issued Capital: |
1.0 |
|
|
Net Worth: |
14.5 |
|
|
Date of Financial Data: |
31-Dec-2011 |
|
Subsidiaries
|
|
|||
|
|
|
|
|
|
Company |
Percentage Owned |
Country |
|
Marigold Industrial Portugal - Luvas Industriais, Unipessoal, Lda |
|
Portugal |
|
Marigold Industrial Inc |
|
Canada |
|
Marigold Industrial Gmbh |
|
Germany |
|
Comasec Holdings Ltd |
|
England |
|
Comasec Italia Srl |
|
Italy |
|
Marigold Industrial (Malaysia) Sdn. Bhd. |
|
Malaysia |
Bank: Bnp Paribas, Lcl - Le Credit Lyonnais, Credit Agricole
Corporate
Structure News
Comasec
SAS
Total Corporate Family Members: 33
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Richmond, VIC |
Australia |
Medical Equipment and Supplies |
1,263.9 |
10,207 |
|
|
Subsidiary |
Richmond, VIC |
Australia |
Apparel and Accessories |
|
5,105 |
|
|
Subsidiary |
Pu Dong, Shanghai |
China |
Miscellaneous Capital Goods |
64.0 |
750 |
|
|
Subsidiary |
Bruxelles |
Belgium |
Medical Equipment and Supplies |
241.8 |
141 |
|
|
Subsidiary |
KrakĂ³w |
Poland |
Fabricated Plastic and Rubber |
|
209 |
|
|
Subsidiary |
Cergy-Pontoise |
France |
Medical Equipment and Supplies |
122.7 |
74 |
|
|
Subsidiary |
Köln, Nordrhein-Westfalen |
Germany |
Fabricated Plastic and Rubber |
47.7 |
45 |
|
|
Subsidiary |
Erfurt, ThĂ¼ringen |
Germany |
Fabricated Plastic and Rubber |
5.5 |
2 |
|
|
Subsidiary |
Gennevilliers |
France |
Apparel and Accessories |
109.2 |
102 |
|
|
Subsidiary |
Kedah, Kulim |
Malaysia |
Apparel and Accessories |
26.1 |
900 |
|
|
Marigold Industrial
Portugal - Luvas Industriais, Unipessoal, LDA |
Subsidiary |
SĂ£o Miguel De Poiares, Vila Nova De Poiares |
Portugal |
Miscellaneous Fabricated Products |
21.2 |
265 |
|
Subsidiary |
Bristol |
United Kingdom |
Miscellaneous Fabricated Products |
19.8 |
20 |
|
|
Subsidiary |
Neunkirchen, Saarland |
Germany |
Apparel and Accessories |
|
20 |
|
|
Subsidiary |
Milan |
Italy |
Apparel and Accessories |
8.2 |
7 |
|
|
Subsidiary |
Madrid |
Spain |
Apparel and Accessories |
5.7 |
7 |
|
|
Subsidiary |
Greenville, SC |
United States |
Apparel and Accessories |
|
|
|
|
Subsidiary |
Red Bank, NJ |
United States |
Medical Equipment and Supplies |
|
101 |
|
|
Subsidiary |
Coshocton, OH |
United States |
Medical Equipment and Supplies |
112.7 |
350 |
|
|
Branch |
Dothan, AL |
United States |
Fabricated Plastic and Rubber |
27.3 |
100 |
|
|
Branch |
Long Branch, NJ |
United States |
Medical Equipment and Supplies |
3.9 |
12 |
|
|
Branch |
Norwalk, CA |
United States |
Medical Equipment and Supplies |
3.9 |
12 |
|
|
Branch |
Marlborough, MA |
United States |
Medical Equipment and Supplies |
3.9 |
12 |
|
|
Branch |
St Louis, MO |
United States |
Medical Equipment and Supplies |
3.9 |
12 |
|
|
Branch |
Phoenix, AZ |
United States |
Medical Equipment and Supplies |
3.9 |
12 |
|
|
Branch |
Tarboro, NC |
United States |
Healthcare Facilities |
0.6 |
4 |
|
|
Subsidiary |
Fort Dodge, IA |
United States |
Retail (Apparel) |
7.0 |
45 |
|
|
Branch |
Beardstown, IL |
United States |
Retail (Apparel) |
11.9 |
77 |
|
|
Subsidiary |
Kowloon |
Hong Kong |
Fabricated Plastic and Rubber |
|
40 |
|
|
Subsidiary |
Chatsworth, CA |
United States |
Medical Equipment and Supplies |
13.5 |
32 |
|
|
Subsidiary |
Sao Paulo, Sao Paulo |
Brazil |
Retail (Specialty) |
|
20 |
|
|
Joint Venture |
Maharashtra |
India |
Miscellaneous Capital Goods |
12.0 |
|
|
|
Subsidiary |
Brussels |
Belgium |
Fabricated Plastic and Rubber |
|
|
|
|
Subsidiary |
Red Bank, NJ |
United States |
Fabricated Plastic and Rubber |
|
|
Executives
|
|
|
|||
|
President |
President |
|||
|
President |
President |
|||
|
General manager |
Administration Executive |
|||
|
Director |
Administration Executive |
|||
|
|
|||||
|
Secrétaire Comité d'Entreprise |
Company Secretary |
|||
|
Accounts manager, Personnel director |
Human Resources Executive |
|||
|
Responsable Export |
International Executive |
|||
|
Responsable Informatique |
Information Executive |
|||
News
|
Ansell
rolls out changes |
23-Oct-2012 |
|
Ansell on
track to lift earnings after slowdown |
23-Oct-2012 |
|
FED:Ansell
predicts growth despite slowdown |
22-Oct-2012 |
|
FED:Ansell
on track to lift FY earnings |
21-Oct-2012 |
|
Deal snapshot:
ANSELL WRAPS UP EUR101.5M COMASEC PURCHASE |
17-Oct-2012 |
|
Ansell
wraps up EUR101.5m Comasec purchase |
28-Sep-2012 |
|
Media
Release: Ansell Healthcare |
28-Sep-2012 |
|
Ansell Completes
Acquisition of Comasec SAS |
28-Sep-2012 |
|
Ansell to
buy Comasec, expand glove lines. |
03-Sep-2012 |
|
Deal
snapshot: ANSELL TO ACQUIRE FRENCH COMASEC FOR EUR101.5M |
29-Aug-2012 |
Articles
|
Ansell
Finalizes Acquisition of Comasec SAS |
03-Oct-2012 |
|
Ansell
wraps up EUR101.5m Comasec purchase |
28-Sep-2012 |
Annual Profit & Loss
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate
(Period Average) |
0.71919 |
0.755078 |
0.719047 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Total income |
110.0 |
92.9 |
74.8 |
|
Net sales |
109.2 |
91.6 |
76.5 |
|
Change in stock |
-5.6 |
-6.5 |
4.7 |
|
Unfinished work in progress |
0.0 |
-0.4 |
-2.5 |
|
Supplementary operating income |
0.9 |
1.7 |
0.7 |
|
Other external charges |
13.2 |
11.1 |
9.6 |
|
Cost of goods sold |
86.1 |
77.5 |
53.4 |
|
Taxes and social security costs |
1.1 |
0.9 |
1.0 |
|
Social charges |
2.8 |
2.4 |
2.4 |
|
Total payroll costs |
6.2 |
5.5 |
5.7 |
|
Cost of stock depreciation and
amortisation |
2.8 |
1.0 |
0.6 |
|
Fixed asset depreciation and amortisation |
0.2 |
0.5 |
0.2 |
|
Other operating costs |
0.0 |
0.0 |
0.1 |
|
Total operating
costs |
106.7 |
92.4 |
77.6 |
|
Net operating
income |
3.2 |
0.4 |
-2.8 |
|
Total financial
income |
4.1 |
3.3 |
3.5 |
|
Interest payable on loans |
0.5 |
0.8 |
1.1 |
|
Other expenses |
3.1 |
1.3 |
1.5 |
|
Total expenses |
3.7 |
2.2 |
2.6 |
|
Profit before tax |
3.7 |
1.6 |
-2.0 |
|
Extraordinary income |
1.1 |
0.4 |
0.1 |
|
Extraordinary expenses |
0.8 |
0.5 |
0.3 |
|
Extraordinary result |
0.3 |
-0.1 |
-0.2 |
|
Net profit |
3.9 |
1.5 |
- |
|
Net loss |
- |
- |
2.1 |
Annual Balance Sheet
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
1.3 |
1.3 |
1.4 |
|
Share premium account |
0.9 |
0.9 |
1.0 |
|
Legal reserves |
0.0 |
0.1 |
0.2 |
|
Total reserves |
11.0 |
11.4 |
12.2 |
|
Profits for the year |
3.7 |
1.5 |
-2.2 |
|
Profit brought forward from previous
year(s) |
1.9 |
0.5 |
2.7 |
|
Total stockholders
equity |
18.8 |
15.7 |
15.3 |
|
Provisions and allowances |
1.5 |
1.3 |
0.8 |
|
Trade creditors |
22.6 |
27.0 |
18.7 |
|
Advances received |
1.3 |
1.6 |
1.7 |
|
Bank loans and overdrafts |
13.0 |
- |
4.9 |
|
Debenture loans |
- |
7.0 |
6.7 |
|
Other loans |
0.4 |
0.6 |
2.5 |
|
Other liabilities |
9.7 |
3.4 |
1.2 |
|
Taxation and social security |
2.3 |
2.2 |
1.5 |
|
Total current
liabilities |
37.5 |
40.2 |
28.7 |
|
Total debts |
49.2 |
41.9 |
37.2 |
|
Regularisation account |
0.6 |
1.7 |
2.5 |
|
Total
liabilities (including net worth) |
70.1 |
60.5 |
55.7 |
|
Other intangibles |
0.2 |
0.2 |
0.2 |
|
Land |
- |
0.6 |
0.7 |
|
Buildings |
- |
0.2 |
0.7 |
|
Other fixed assets |
0.7 |
0.3 |
0.2 |
|
Long-term investments |
13.6 |
12.1 |
14.7 |
|
Other financial assets |
2.1 |
6.0 |
6.5 |
|
Total
non-current assets |
16.6 |
19.6 |
23.0 |
|
Prepayments |
0.0 |
0.0 |
0.0 |
|
Net stocks and work in progress |
22.3 |
17.2 |
10.8 |
|
Trade debtors |
19.9 |
20.9 |
16.3 |
|
Discounted bills not yet due |
- |
0.0 |
- |
|
Other receivables |
5.5 |
1.6 |
0.9 |
|
Prepaid expenses |
0.1 |
0.2 |
0.1 |
|
Cash and liquid assets |
1.5 |
0.9 |
4.6 |
|
Marketable securities |
3.9 |
- |
- |
|
Total current
assets |
53.2 |
40.8 |
32.7 |
|
Prepaid expenses and deferred costs |
0.3 |
0.1 |
0.0 |
|
Total assets |
70.1 |
60.5 |
55.7 |
Annual Ratios
Financials in: USD (mil)
|
|
31-Dec-2011 |
31-Dec-2010 |
31-Dec-2009 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.770327 |
0.745406 |
0.696986 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.40 |
1.00 |
1.10 |
|
Quick ratio |
0.80 |
0.60 |
0.80 |
|
Total liabilities to net worth |
2.69% |
2.73% |
2.47% |
|
Net worth to total assets |
0.26% |
0.25% |
0.27% |
|
Collection period |
59.20 |
68.40 |
62.60 |
|
Stock turnover rate |
4.60 |
5.40 |
7.30 |
|
Asset turnover |
1.45% |
1.54% |
1.42% |
|
Profit margin |
0.03% |
0.02% |
-0.03% |
|
Return on assets |
0.05% |
0.03% |
-0.04% |
|
Shareholders' return |
0.19% |
0.10% |
-0.14% |
|
Sales per employee |
5,254.56 |
4,447.61 |
3,538.35 |
|
Profit per employee |
177.35 |
76.35 |
-91.05 |
|
Average wage per employee |
296.48 |
267.42 |
264.99 |
|
Net worth |
18.8 |
15.7 |
15.3 |
|
Number of employees |
98 |
102 |
102 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.86.97 |
|
Euro |
1 |
Rs.69.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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.