|
Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHRIST UHREN UND SCHMUCK (DIVISION DER COOP) |
|
|
|
|
Registered Office : |
Rudolf
Diesel-Strasse 25 8404 Winterthur/ZH |
|
|
|
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Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Incorporation : |
1970 |
|
|
|
|
Legal Form : |
Branch of
domestic company |
|
|
|
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Line of Business : |
The
business activities are the retail sale of watches, gold jewellery, diamonds,
pearls and precious stones. |
|
|
|
|
No. of Employees : |
400-599 |
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 : |
Good |
|
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SWITZERLAND - ECONOMIC OVERVIEW
Switzerland is a peaceful, prosperous, and modern market economy
with low unemployment, a highly skilled labor force, and a per capita GDP among
the highest in the world. Switzerland''s economy benefits from a highly
developed service sector, led by financial services, and a manufacturing
industry that specializes in high-technology, knowledge-based production. Its
economic and political stability, transparent legal system, exceptional
infrastructure, efficient capital markets, and low corporate tax rates also
make Switzerland one of the world''s most competitive economies. The Swiss have
brought their economic practices largely into conformity with the EU''s to
enhance their international competitiveness, but some trade protectionism
remains, particularly for its small agricultural sector. The fate of the Swiss
economy is tightly linked to that of its neighbors in the euro zone, which
purchases half of all Swiss exports. The global financial crisis of 2008 and
resulting economic downturn in 2009 stalled export demand and put Switzerland
in a recession. The Swiss National Bank (SNB) during this period effectively
implemented a zero-interest rate policy to boost the economy as well as prevent
appreciation of the franc, and Switzerland''s economy recovered in 2010 with
3.0% growth. The sovereign debt crises currently unfolding in neighboring
euro-zone countries pose a significant risk to Switzerland''s financial
stability and are driving up demand for the Swiss franc by investors seeking a
safe-haven currency. The independent SNB has upheld its zero-interest rate policy
and conducted major market interventions to prevent further appreciation of the
Swiss franc, but parliamentarians have urged it to do more to weaken the
currency. The franc''s strength has made Swiss exports less competitive and
weakened the country''s growth outlook; GDP growth fell to 1.9% in 2011 and
0.8% in 2012. Switzerland has also come under increasing pressure from
individual neighboring countries, the EU, the US, and international
institutions to reform its banking secrecy laws. Consequently, the government
agreed to conform to OECD regulations on administrative assistance in tax
matters, including tax evasion. The government has renegotiated its double
taxation agreements with numerous countries, including the US, to incorporate
the OECD standard, and is considering the possibility of imposing taxes on bank
deposits held by foreigners. These steps will have a lasting impact on
Switzerland''s long history of bank secrecy
Source
: CIA
Christ Uhren und Schmuck (Division der Coop)
Operating address:
Rudolf Diesel-Strasse 25
8404 Winterthur/ZH
Switzerland/CH
Telephone: 052
2344848
Fax: 052
2344849
Web site: http://www.christ-swiss.ch
E-mail: info@christ-swiss.ch
Established: 1970
Line of Business: Retail stores
Industry Division: Retail trade
Industry-code (NACE): 4777 Retail sale of
watches and jewellery in specialised stores
Import/Export: Import
Banks: CS
Credit Suisse
Migros Bank
Coverage: Company
Employees: 400-599
Sales: CHF
100-200 Mio
The business
activities are the retail sale of watches, gold jewellery, diamonds, pearls and
precious stones.
Sales area:
2012: 6'076 m2
2011: 6'240 m2
2010: 6'048 m2
Information on property
ownership was not available.
Registration: The
company is not recorded in the Company Register.
Legal form: Branch
of domestic company
Legal status: active
Title Name
Chief Executive Officer Joos Sutter
Consolidation: unconsolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
Number of months: 12 12 12 12 12
Currency: th.
CHF th. CHF th. CHF th. CHF th.
CHF
Operating revenue 109,000,0 114,000,0 112,000,0 109,000,0 114,000,0
Sales per Employee 224,0 224,0 221,0 215,0 296,0
Employees at
year end 487 510 506 506 516
Full time units at year end 363 370 368 364 385
Employees inland 487 510 506 506 516
Employees abroad 0 0 0 0 0
Offices 81 82 79 82 84
Offices inland 81 82 79 82 84
Offices abroad 0 0 0 0 0
WIN: CH0009810948
Name: Coop
Genossenschaft
City/Country: Basel/BS,
Switzerland/CH
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2012 31.12.2011 31.12.2010 31.12.2009 31.12.2008
Number of months: 12 12 12 12 12
Currency: mil.
CHF mil. CHF mil. CHF mil. CHF mil.
CHF
Statement norm: ARR ARR ARR ARR ARR
Balance Sheet
Intangible fixed
assets 1,463,0 1,633,0 1,101,0 1,517,0 1,279,0
Land and buildings 8,333,0 8,330,0 6,191,0 6,325,0 6,361,0
Other tangible fixed assets 1,494,0 1,553,0 1,285,0 1,340,0 1,330,0
Tangible fixed assets 9,827,0 9,883,0 7,476,0 7,665,0 7,691,0
Financial fixed assets 311,0 261,0 1,170,0 1,271,0 584,0
Fixed assets 11,601,0 11,777,0 9,747,0 10,453,0 9,554,0
Stocks 2,622,0 2,581,0 1,942,0 1,872,0 1,914,0
Trade accounts
receivable 938,0 951,0 552,0 525,0 501,0
Liquid assets 929,0 442,0 1,762,0 497,0 576,0
Securities 89,0 130,0 110,0 83,0 84,0
other trade accounts 367,0 282,0 217,0 235,0 133,0
Accruals 334,0 329,0 294,0 309,0 219,0
Other current assets 1,719,0 1,183,0 2,383,0 1,124,0 1,012,0
Current assets 5,279,0 4,715,0 4,877,0 3,521,0 3,427,0
Total assets 16,880,0 16,492,0 14,624,0 13,974,0 12,981,0
Other shareholders funds 6,892,0 6,436,0 6,080,0 5,773,0 5,385,0
Total shareholders equity 6,892,0 6,436,0 6,080,0 5,773,0 5,385,0
Minority interests 370,0 350,0 331,0 326,0 290,0
long term debt (financial debts) 3,685,0 3,551,0 3,681,0 3,128,0 1,966,0
Provisions 1,084,0 1,022,0 1,078,0 1,107,0 1,078,0
Non current liabilities 4,769,0 4,573,0 4,759,0 4,235,0 3,044,0
short term debt (financial debts) 1,187,0 1,529,0 1,005,0 1,294,0 2,006,0
Trade accounts payable 2,242,0 2,224,0 1,326,0 1,124,0 1,096,0
Provisions 313,0 304,0 140,0 153,0 160,0
Accruals 628,0 598,0 562,0 615,0 550,0
other accounts payable 479,0 478,0 421,0 454,0 450,0
other current liabilities 1,420,0 1,380,0 1,123,0 1,222,0 1,160,0
Current liabilities 4,849,0 5,133,0 3,454,0 3,640,0 4,262,0
Shareh. equity, min. interests + liabilities 16,880,0 16,492,0 14,624,0 13,974,0 12,981,0
Profit and loss account
Net sales 26,731,0 26,640,0 18,965,0 18,717,0 18,271,0
Other operating revenue 1,003,0 975,0 788,0 697,0 684,0
Operating revenue 27,734,0 27,615,0 19,753,0 19,414,0 18,955,0
Cost of goods sold 18,980,0 18,941,0 12,480,0 12,286,0 12,217,0
Gross profit 8,754,0 8,674,0 7,273,0 7,128,0 6,738,0
Other operating expenses 8,019,0 7,963,0 6,563,0 6,514,0 6,079,0
Operating result 735,0 711,0 710,0 614,0 659,0
Interest revenues 14,0 17,0 29,0 40,0 26,0
other financial revenues 55,0 131,0 52,0 228,0 117,0
Financial income 69,0 148,0 81,0 268,0 143,0
Interest expenses 116,0 140,0 123,0 134,0 126,0
other financial expenses 9,0 94,0 15,0 197,0 138,0
Financial expenses 125,0 234,0 138,0 331,0 264,0
Financial result -56,0 -86,0 -57,0 -63,0 -121,0
Result before extraordinary items 679,0 625,0 653,0 551,0 538,0
Extraordinary income 0,0 0,0 40,0 90,0 73,0
Extraordinary expenses 0,0 0,0 16,0 24,0 39,0
Extraordinary Result 0,0 0,0 24,0 66,0 34,0
Result before taxes 679,0 625,0 677,0 617,0 572,0
Taxes 148,0 122,0 144,0 134,0 131,0
Result before minority interests 531,0 503,0 533,0 483,0 441,0
minority interests 79,0 71,0 63,0 53,0 51,0
Result for the financial year 452,0 432,0 470,0 430,0 390,0
Cash flow
Depreciation 1,193,0 881,0 742,0 1,146,0 904,0
Cash flow 1,724,0 1,384,0 1,275,0 1,621,0 1,336,0
Cash flow from operating activities 1,711,0 1,761,0 1,709,0 1,626,0 1,515,0
Investments in tangible fixed assets 854,0 1,399,0 286,0 290,0 299,0
Cash flow from investing activities -950,0 -3,116,0 -653,0 -2,055,0 -1,476,0
Cash flow from financing activities -275,0 40,0 211,0 350,0 250,0
Others 2,0 -5,0 -2,0 0,0 -29,0
Change in liquidity 488,0 -1,320,0 1,265,0 -79,0 260,0
Liquidity at beginning of the year 442,0 1,762,0 497,0 576,0 316,0
Liquidity at end ot the year 930,0 442,0 1,762,0 497,0 576,0
Notes
Material costs 18,980,0 18,941,0 12,480,0 12,286,0 12,217,0
Cost of employees 4,009,0 3,998,0 3,141,0 3,175,0 3,017,0
Added value 5,997,0 5,644,0 4,683,0 5,065,0 4,611,0
Working Capital 1,318,0 1,308,0 1,168,0 1,273,0 1,319,0
Sales per Employee 0,4 0,4 0,4 0,4 0,4
Gross cost land and buildings 13,843,0 13,344,0 10,422,0 10,297,0 10,064,0
Gross cost other tangible fixed assets 4,381,0 4,190,0 3,482,0 3,312,0 3,144,0
Gross cost total 18,224,0 17,534,0 13,904,0 13,609,0 13,208,0
Insurance value total 17,629,0 16,788,0 13,289,0 13,080,0 12,581,0
Employees at
year end 75,309 75,296 53,559 52,974 53,880
Full time units at year end 64,416 64,507 43,925 44,154 41,550
Employees inland 75,309 75,296 53,559 52,974 53,880
Employees abroad 0 0 0 0 0
Offices 2,017 1,991 1,915 1,864 1,885
Offices inland 2,017 1,991 1,915 1,864 1,885
Offices abroad 0 0 0 0 0
It is believed that
the company has no investments.
An updated legal
action check is only available against proof of interest. e.g. a copy of an
enquiry letter, and order or invoice relating to the subject company.
Financial Situation: The financial situation is good.
Payment experiences: Payment habits are considered good.
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.
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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.
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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 –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.70 |
|
|
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.18 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.