MIRA
INFORM REPORT
|
Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
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Name : |
CARTIER INTERNATIONAL SNC |
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Registered Office : |
33 rue Boissy-d'Anglas
Paris, 75008 |
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Country : |
France |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
15.01.1981 |
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Com. Reg. No.: |
321130346 |
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Legal Form : |
Private Subsidiary |
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Line of Business : |
Manufacture and Sale of rolled gold, precious metal and plated precious metal jewellery |
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No. of Employees : |
374 |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
France |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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
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.
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Source : CIA |
Company name and address
CARTIER INTERNATIONAL SNC
33 rue Boissy-d'Anglas
Paris, 75008
France
Tel: +33 01 58 18 10 10
Fax: +33 01 40 74 62 11
Website: www.cartier.com
Employees: 374
Company Type: Private Subsidiary
Corporate Family: 18 Companies
Ultimate Parent: Reinet
Investments SCA
Incorporation Date: 15-Jan-1981
Financials in: USD (In Millions)
Fiscal Year End: 31-Mar-2012
Reporting Currency: Euro
Annual Sales: 101.8
Total Assets: 48.3
Business Description
Holding company with interests in the manufacture and sale of rolled gold, precious metal and plated precious metal jewellery
Industry
|
Industry |
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ANZSIC 2006: |
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NACE 2002: |
3622 -
Manufacture of jewellery and related articles not elsewhere classified |
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NAICS 2002: |
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UK SIC 2003: |
3622 -
Manufacture of jewellery and related articles not elsewhere classified |
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UK SIC 2007: |
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US SIC 1987: |
Key Executives
|
Name |
Title |
|
Bernard Fornas |
Partner |
|
François Lepercq |
Directeur Financier |
|
Anna Loustau |
Marketing director |
|
Claude Lavelli |
Director |
|
Françoise Pees Martin |
Directeur Ressources Humaines |
News
|
Title |
Date |
|
Ottawa
Macdonald-Cartier International Airport Authority Announces New President and
CEO |
6-Nov-2012 |
|
Investcorp
acquires Scandinavia's leading luxury brand Georg Jensen |
5-Nov-2012 |
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Investcorp
announces USD140m deal to buy luxury retailer Georg Jensen |
5-Nov-2012 |
|
/R E P E A
T -- Media Advisory - New benefits for NEXUS members will make air travel
faster and easier for Canadians/ |
4-Oct-2012 |
|
Media
Advisory - New benefits for NEXUS members will make air travel faster and
easier for Canadians |
3-Oct-2012 |
Registered No.(FRA): 321130346
1 - Profit & Loss
Item Exchange Rate: USD 1 = EUR 0.7269425
2 - Balance Sheet Item Exchange Rate: USD 1 = EUR 0.7534632
Location
33 rue Boissy-d'Anglas
Paris, 75008
France
Tel: +33
01 58 18 10 10
Fax: +33
01 40 74 62 11
Website: www.cartier.com
Sales EUR(mil): 74.0
Assets EUR(mil): 36.4
Employees: 374
Fiscal Year End: 31-Mar-2012
Industry: Jewelry and
Silverware
Incorporation Date: 15-Jan-1981
Company Type: Private Subsidiary
Quoted Status: Not Quoted
Registered No.(FRA): 321130346
Directeur Financier: François Lepercq
ANZSIC 2006 Codes:
2591 - Jewellery
and Silverware Manufacturing
6240 - Financial
Asset Investing
NACE 2002 Codes:
3622 - Manufacture
of jewellery and related articles not elsewhere classified
7415 - Management
activities of holding companies
NAICS 2002 Codes:
339911 - Jewelry
(except Costume) Manufacturing
551112 - Offices
of Other Holding Companies
339912 - Silverware
and Holloware Manufacturing
339913 - Jewelers'
Material and Lapidary Work Manufacturing
US SIC 1987:
3911 - Jewelry,
Precious Metal
6719 - Offices
of Holding Companies, Not Elsewhere Classified
3915 - Jewelers'
Findings and Materials, and Lapidary Work
3914 - Silverware,
Plated Ware, and Stainless Steel Ware
UK SIC 2003:
3622 - Manufacture
of jewellery and related articles not elsewhere classified
7415 - Management
activities of holding companies
UK SIC 2007:
3212 - Manufacture
of jewellery and related articles
642 - Activities
of holding companies
Holding company with
interests in the manufacture and sale of rolled gold, precious metal and plated
precious metal jewellery
More Business
Descriptions
Cartier International is
primarily engaged in other financial intermediation primarily concerned with
distributing funds other than by making loans.
Jewelry and Silverware
Manufacturing
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Financials in: |
EUR(mil) |
1 Year Growth |
|
Revenue: |
74.0 |
9.7% |
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Assets: |
36.4 |
NA |
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Current Assets: |
35.2 |
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Total Liabilities: |
36.4 |
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Issued Capital: |
10.0 |
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Net Worth: |
14.6 |
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Date of Financial
Data: |
31-Mar-2012 |
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Company Percentage Owned Country
Cartier
Joaillerie International SAS FRANCE
Société
Cartier SA FRANCE
Bank: Banque Paribas
Corporate
Structure News
Cartier International SNC
Total Corporate Family Members: 18
|
Company Name |
Company Type |
Location |
Country |
Industry |
Sales |
Employees |
|
Parent |
Luxembourg |
Luxembourg |
Miscellaneous Financial Services |
181.6 |
180 |
|
|
Subsidiary |
Le Sentier |
Switzerland |
Jewelry and Silverware |
845.6 |
900 |
|
|
Subsidiary |
Glashütte, Sachsen |
Germany |
Scientific and Technical Instruments |
105.5 |
400 |
|
|
Subsidiary |
Paris |
France |
Retail (Specialty) |
|
300 |
|
|
Subsidiary |
London |
United Kingdom |
Business Services |
42.0 |
67 |
|
|
Subsidiary |
Paris |
France |
Jewelry and Silverware |
101.8 |
374 |
|
|
Subsidiary |
Nice |
France |
Retail (Apparel) |
13.1 |
100 |
|
|
Subsidiary |
New York, NY |
United States |
Retail (Specialty) |
40.0 |
75 |
|
|
Branch |
Bal Harbour, FL |
United States |
Retail (Specialty) |
1.6 |
7 |
|
|
Branch |
Costa Mesa, CA |
United States |
Retail (Specialty) |
1.4 |
6 |
|
|
Branch |
Short Hills, NJ |
United States |
Retail (Specialty) |
1.2 |
5 |
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|
Branch |
Las Vegas, NV |
United States |
Retail (Specialty) |
1.2 |
5 |
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|
Branch |
New York, NY |
United States |
Retail (Specialty) |
1.1 |
5 |
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|
Branch |
Palm Beach, FL |
United States |
Retail (Specialty) |
1.1 |
5 |
|
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Branch |
Boca Raton, FL |
United States |
Retail (Specialty) |
1.1 |
5 |
|
|
Branch |
Naples, FL |
United States |
Retail (Specialty) |
1.1 |
3 |
|
|
Branch |
Manhasset, NY |
United States |
Retail (Specialty) |
1.1 |
2 |
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|
Subsidiary |
|
United Kingdom |
Business Services |
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Executives
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Director |
Administration Executive |
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Director |
Administration Executive |
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Directeur Financier |
Finance Executive |
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Directeur Ressources Humaines |
Human Resources Executive |
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Marketing director |
Marketing Executive |
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Directeur-Communications |
Corporate Communications Executive |
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Directeur-Relations Publiques |
Public Relations Executive |
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Partner |
Partner |
News
|
Julius
Baer's Polo Preparations in Full Swing as it Sponsors Cartier International
Dubai Polo Challenge for Third Consecutive Year |
27-Feb-2012 |
Annual
Profit & Loss
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate (Period
Average) |
0.726943 |
0.757168 |
0.70861 |
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Consolidated |
No |
No |
No |
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|
|
|
|
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Total income |
103.5 |
89.7 |
81.2 |
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Net sales |
101.8 |
89.1 |
80.2 |
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Supplementary operating income |
1.2 |
0.1 |
0.7 |
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Other operating income |
0.4 |
0.5 |
0.3 |
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Other external charges |
53.3 |
47.7 |
40.7 |
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Taxes and social security costs |
2.5 |
2.0 |
2.2 |
|
Social charges |
13.1 |
11.0 |
11.5 |
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Total payroll costs |
23.3 |
19.6 |
17.7 |
|
Cost of stock depreciation and amortisation |
0.1 |
0.9 |
- |
|
Fixed asset depreciation and amortisation |
0.4 |
0.6 |
0.8 |
|
Other operating costs |
0.0 |
0.2 |
0.2 |
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Total operating costs |
92.6 |
82.1 |
73.2 |
|
Net operating income |
10.8 |
7.6 |
8.0 |
|
Total financial income |
0.2 |
0.1 |
0.0 |
|
Interest payable on loans |
0.2 |
0.1 |
- |
|
Other expenses |
0.0 |
0.0 |
0.0 |
|
Total expenses |
0.2 |
0.1 |
0.0 |
|
Profit before tax |
10.9 |
7.7 |
8.0 |
|
Extraordinary income |
- |
0.0 |
0.2 |
|
Extraordinary expenses |
0.1 |
0.0 |
0.2 |
|
Extraordinary result |
-0.1 |
0.0 |
0.0 |
|
Total taxation |
2.8 |
2.5 |
2.1 |
|
Profit distributed to employees |
1.6 |
1.6 |
1.1 |
|
Net profit |
6.4 |
3.6 |
4.8 |
Annual
Balance Sheet
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Issued capital |
13.3 |
14.2 |
13.5 |
|
Profits for the year |
6.1 |
3.8 |
4.6 |
|
Profit brought forward from previous year(s) |
0.0 |
0.0 |
0.0 |
|
Total stockholders equity |
19.4 |
18.0 |
18.1 |
|
Provisions and allowances |
0.7 |
1.4 |
0.5 |
|
Trade creditors |
8.5 |
14.2 |
8.3 |
|
Bank loans and overdrafts |
0.1 |
0.0 |
0.0 |
|
Current bank debts |
0.1 |
0.0 |
0.0 |
|
Other liabilities |
6.1 |
6.3 |
2.0 |
|
Debts on fixed assets |
- |
- |
0.0 |
|
Taxation and social security |
13.6 |
13.2 |
10.2 |
|
Total current liabilities |
28.2 |
33.8 |
20.5 |
|
Total debts |
28.2 |
33.8 |
20.5 |
|
Total liabilities (including net worth) |
48.3 |
53.2 |
39.1 |
|
Other intangibles |
0.1 |
0.1 |
0.1 |
|
Other fixed assets |
1.4 |
1.6 |
1.9 |
|
Other financial assets |
0.3 |
0.2 |
0.3 |
|
Total non-current assets |
1.7 |
1.9 |
2.3 |
|
Prepayments |
0.1 |
0.0 |
- |
|
Other receivables |
46.4 |
51.0 |
36.2 |
|
Prepaid expenses |
0.2 |
0.4 |
0.6 |
|
Cash and liquid assets |
0.0 |
0.0 |
0.0 |
|
Total current assets |
46.7 |
51.4 |
36.8 |
|
Total assets |
48.3 |
53.2 |
39.1 |
Annual
Ratios
Financials in: USD (mil)
|
|
31-Mar-2012 |
31-Mar-2011 |
31-Mar-2010 |
|
Period Length |
12 Months |
12 Months |
12 Months |
|
Filed Currency |
EUR |
EUR |
EUR |
|
Exchange Rate |
0.753463 |
0.704672 |
0.739044 |
|
Consolidated |
No |
No |
No |
|
|
|
|
|
|
Current ratio |
1.70 |
1.50 |
1.80 |
|
Quick ratio |
1.70 |
1.50 |
1.80 |
|
Total liabilities to net worth |
1.46% |
1.88% |
1.14% |
|
Net worth to total assets |
0.40% |
0.34% |
0.46% |
|
Asset turnover |
2.03% |
1.80% |
1.97% |
|
Profit margin |
0.11% |
0.09% |
0.10% |
|
Return on assets |
0.22% |
0.16% |
0.20% |
|
Shareholders' return |
0.54% |
0.46% |
0.43% |
|
Sales per employee |
2,147.40 |
2,268.99 |
1,817.65 |
|
Profit per employee |
228.94 |
195.28 |
181.68 |
|
Average wage per employee |
492.12 |
500.44 |
401.76 |
|
Net worth |
19.4 |
18.0 |
18.1 |
|
Number of employees |
226 |
195 |
205 |
DIAMOND INDUSTRY –
INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century when
Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA –
DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name of their diamond business
has been diverted in real estate and the share market. The banks are not in a
position to seize their properties because in many cases, these were purchased
in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
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.