|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
PICTET FUNDS (EUROPE) S.A. |
|
|
|
|
Registered Office : |
15 avenue
J.F. Kennedy 1855 |
|
|
|
|
Country : |
Luxembourg |
|
|
|
|
Financials (as on) : |
2012 |
|
|
|
|
Date of Incorporation : |
16.06.1995 |
|
|
|
|
Com. Reg. No.: |
B51329 |
|
|
|
|
Legal Form : |
Limited
Company |
|
|
|
|
Line of Business : |
Subject is engaged in management of investment funds and pension |
|
|
|
|
No of Employees : |
17 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Luxembourg |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
LUXEMBOURG - ECONOMIC OVERVIEW
This small, stable, high-income economy - benefiting from its proximity to France, Belgium, and Germany - has historically featured solid growth, low inflation, and low unemployment. The industrial sector, initially dominated by steel, has become increasingly diversified to include chemicals, rubber, automobile components, and other products. Growth in the financial sector, which now accounts for about 36% of GDP, has more than compensated for the decline in steel. Most banks are foreign-owned and have extensive foreign dealings, but Luxembourg has lost some of its advantages as a favorable tax location because of OECD and EU pressure. The economy depends on foreign and cross-border workers for about 40% of its labor force. Luxembourg, like all EU members, suffered from the global economic crisis that began in late 2008, but unemployment has trended below the EU average. Following strong expansion from 2004 to 2007, Luxembourg's economy contracted 3.6% in 2009, but rebounded in 2010-11 before slowing again in 2012. The country continues to enjoy an extraordinarily high standard of living - GDP per capita ranks among the highest in the world, and is the highest in the euro zone. Turmoil in the world financial markets and lower global demand during 2008-09 prompted the government to inject capital into the banking sector and implement stimulus measures to boost the economy. Government stimulus measures and support for the banking sector, however, led to a 5% government budget deficit in 2009. Nevertheless, the deficit was cut to 1.1% in 2011 and 0.9% in 2012. Even during the financial crisis and recovery, Luxembourg retained the highest current account surplus as a share of GDP in the euro zone, owing largely to their strength in financial services. Public debt remains among the lowest of the region although it has more than doubled since 2007 as percentage of GDP. Luxembourg's economy, while stabile, grew slowly in 2012 due to ongoing weak growth in the euro area. Authorities have strengthened supervision of domestic banks because of their exposure to the activities of foreign banks
|
Source
: CIA |
Business Name Pictet Funds (Europe) S.A.
Country LU
Company Registration Number B51329
Number LU00150932
Main Activity Management of investment funds and pension
Activity Code 66.301
Company Status Active
Latest Turnover Figure 455.047.606
Latest Shareholder Equity Figure 9.288.723
Employee
Information
Number of Employees
17
31
Company History
|
Date Of Event |
Description |
|
08/11/2007 |
Amendments to the
statutes indicated as such in the text |
|
04/09/2007 |
Director
(publications made outside the balance sheets) |
|
28/07/2007 |
Balances - mention
of deposit |
|
11/04/2007 |
Coordinated
articles - mention of deposit |
|
07/04/2007 |
Amendments to the
statutes indicated as such in the text |
|
19/07/2012 |
Transfer of the
registered |
|
19/07/2012 |
Transfer of the
registered |
|
08/06/2012 |
Director
(publications made outside the balance sheets) |
|
25/05/2012 |
Balances - mention
of deposit |
|
25/05/2012 |
Balances - mention
of deposit |
|
18/02/2012 |
Coordinated
articles - mention of deposit |
|
31/01/2012 |
Director
(publications made outside the balance sheets) |
|
27/07/2011 |
Balances - mention
of deposit |
|
27/07/2011 |
Director
(publications made outside the balance sheets) |
|
01/10/2010 |
Director
(publications made outside the balance sheets) |
|
15/06/2010 |
Balances - mention
of deposit |
|
15/06/2010 |
Director (publications
made outside the balance sheets) |
|
08/06/2010 |
Director
(publications made outside the balance sheets) |
|
04/03/2010 |
Director
(publications made outside the balance sheets) |
|
07/08/2009 |
Director (publications
made outside the balance sheets) |
|
06/04/2009 |
correction |
|
02/12/2008 |
Balances - mention
of deposit |
|
16/07/2008 |
Director
(publications made outside the balance sheets) |
|
13/11/2007 |
Coordinated
articles - mention of deposit |
Ultimate Holding Parent
Name Number
Country
PICTET & CIE CH
Basic Information
|
Business Name |
Pictet Funds (Europe) S.A. |
|
Registered Company Name |
Pictet Funds (Europe) S.A. |
|
Company Registration Number |
B51329 |
|
Country |
LU |
|
Date of Company Registration |
16/06/1995 |
|
Date of Starting Operations |
16/06/1995 |
|
Legal Form |
Limited Company |
|
Company Status |
ACTIVE |
|
Currency of this Report |
EUR |
|
Principal Activity Description |
Management of investment funds and pension |
|
Contact Address |
15 avenue J.F. Kennedy Luxembourg 1855 |
|
Contact Telephone Number |
026683920 |
|
Activities |
|
|
|
Activity
Description |
|
66.301 |
Management of investment
funds and pension |
Profit and Loss
|
Financial Year |
2012 |
2010 |
2007 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
EUR |
EUR |
EUR |
|
Consolidated
Accounts |
|||
|
Revenue |
455.047.606 |
||
|
Other Operating
Income |
|||
|
Operating Costs |
453.321.357 |
529.990.522 |
|
|
Operating Profit |
1.726.250 |
1.075.248 |
|
|
Wages &
Salaries |
647.528 |
5.816.218 |
|
|
Depreciation |
|||
|
Financial Income |
1.951 |
||
|
Financial
Expenses |
826.239 |
1.685 |
|
|
Extraordinary Income |
- |
- |
- |
|
Extraordinary
Costs |
|||
|
Profit before
Tax |
901.961 |
1.073.563 |
1.309.000 |
|
Tax |
353.238 |
410.150 |
|
|
Profit after Tax |
548.724 |
663.413 |
1.309.000 |
|
Retained Profit |
548.724 |
663.413 |
1.309.000 |
Balance Sheet
|
Financial Year |
2012 |
2010 |
2007 |
|
Number of Weeks |
52 |
52 |
52 |
|
Currency |
EUR |
EUR |
EUR |
|
Consolidated
Accounts |
0 |
0 |
0 |
|
Land &
Buildings |
0 |
0 |
0 |
|
Plant &
Machinery |
0 |
0 |
0 |
|
Other Tangible Assets |
0 |
0 |
0 |
|
Total Tangible
Assets |
0 |
0 |
0 |
|
Goodwill |
0 |
0 |
0 |
|
Other Intangible
Assets |
0 |
0 |
0 |
|
Total Intangible
Assets |
0 |
0 |
0 |
|
Investments |
0 |
0 |
0 |
|
Loans to Group |
0 |
0 |
0 |
|
Other Loans |
0 |
0 |
0 |
|
Miscellaneous
Fixed Assets |
0 |
0 |
0 |
|
Total Other
Fixed Assets |
0 |
0 |
0 |
|
TOTAL FIXED
ASSETS |
0 |
0 |
0 |
|
Raw Materials |
0 |
0 |
0 |
|
Work in Progress |
0 |
0 |
0 |
|
Finished Goods |
0 |
0 |
0 |
|
Other
Inventories |
0 |
0 |
0 |
|
Total Inventories |
0 |
0 |
0 |
|
Trade
Receivables |
0 |
0 |
0 |
|
Group
Receivables |
17.119.407 |
1.906.430 |
0 |
|
Receivables Due
after 1 year |
0 |
0 |
0 |
|
Miscellaneous
Receivables |
47.255.673 |
130.391.951 |
30.036.000 |
|
Total
Receivables |
64.375.080 |
132.298.381 |
30.036.000 |
|
Cash |
80.471.901 |
29.194.957 |
169.451.000 |
|
Other Current
Assets |
0 |
0 |
0 |
|
TOTAL CURRENT
ASSETS |
144.846.981 |
161.493.338 |
199.487.000 |
|
TOTAL ASSETS |
144.846.981 |
161.493.338 |
199.487.000 |
|
Trade Payables |
0 |
0 |
0 |
|
Bank Liabilities |
0 |
0 |
0 |
|
Other
Loans/Finance |
0 |
0 |
0 |
|
Group Payables |
126.500.148 |
139.018.910 |
0 |
|
Miscellaneous
Liabilities |
8.787.991 |
12.521.701 |
188.315.000 |
|
TOTAL CURRENT
LIABILITIES |
135.288.139 |
151.540.611 |
188.315.000 |
|
Trade Payables
due after 1 year |
0 |
0 |
0 |
|
Bank Liabilities
due after 1 year |
0 |
0 |
0 |
|
Other Loans Or
Finance Due After 1 Year |
0 |
0 |
0 |
|
Group Payables
due after 1 year |
0 |
0 |
0 |
|
Miscellaneous Liabilities
Due After 1 Year |
270.119 |
157.220 |
913.000 |
|
TOTAL LONG TERM
LIABILITIES |
270.119 |
157.220 |
913.000 |
|
TOTAL
LIABILITIES |
135.558.258 |
151.697.831 |
189.228.000 |
|
Called Up Share
Capital |
7.268.951 |
8.750.000 |
8.750.000 |
|
Share Premium |
0 |
0 |
0 |
|
Revenue Reserves |
1.671.293 |
695.460 |
1.309.000 |
|
Other Reserves |
348.479 |
350.047 |
200.000 |
|
TOTAL
SHAREHOLDERS EQUITY |
9.288.723 |
9.795.507 |
10.259.000 |
Other Financials
|
Working Capital |
9.558.842 |
9.952.727 |
11.172.000 |
|
Net Worth |
11.181.300 |
9.795.507 |
10.259.000 |
Ratios
|
Pre-Tax Profit
Margin |
0.20 % |
|
|
|
Return On
Capital Employed |
9.44 % |
10.79 % |
11.72 % |
|
Return On Total
Assets Employed |
0.62 % |
0.66 % |
0.66 % |
|
Return On Net Assets
Employed |
9.71 % |
10.96 % |
12.76 % |
|
Sales/Net
Working Capital |
47.60 |
||
|
Stock Turnover
Ratio |
|||
|
Debtor Days |
|||
|
Creditor Days |
|||
|
Current Ratio |
1.07 |
1.07 |
1.06 |
|
Liquidity
Ratio/Acid Test |
1.07 |
1.07 |
1.06 |
|
Current Debt
Ratio |
14.56 |
15.47 |
18.36 |
|
Gearing |
2.91 % |
1.61 % |
8.90 % |
|
Equity In
Percentage |
6.41 % |
6.07 % |
5.14 % |
|
Total Debt Ratio |
14.59 |
15.49 |
18.45 |
|
Main Address |
||
|
Address |
Country |
Telephone |
|
15 avenue J.F. Kennedy Luxembourg 1855 |
LU |
026683920 |
|
|
||
|
Previous
Addresses |
||
|
Address |
Country |
|
|
3 boulevard Royal Luxembourg 2449 |
LU |
|
|
1 boulevard Royal Luxembourg 2449 |
LU |
|
|
||
|
Email Addresses |
|
|
|
||
|
No email addresses for this company. |
|
|
|
||
|
Web Pages |
|
|
|
||
|
No web pages for this company. |
|
|
|
||
|
Negative
Information |
|
|
|
||
|
No negative information for this company. |
|
|
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 59.33 |
|
|
1 |
Rs. 99.18 |
|
Euro |
1 |
Rs. 80.76 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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.