MIRA INFORM REPORT

 

 

Report Date :

17.10.2011

 

IDENTIFICATION DETAILS

 

Name :

GEMSTAR SA, EN LIQUIDATION

 

 

Registered Office :

1012 Port Franc La Voie-des-Traz 20 1211 Genève 5

 

 

Country :

Switzerland

 

 

Date of Incorporation :

21.03.2003

 

 

Com. Reg. No.:

660.0.613.003-7 / 703115

 

 

Legal Form :

Company limited by shares

 

 

Line of Business :

Trading in precious stones and jewelry.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

Status :

In Process of Dissolution

 

 

Payment Behaviour :

--

 

 

Litigation :

Exists

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

Gemstar SA, en liquidation

 

Operating address:

1012 Port Franc

La Voie-des-Traz 20

1211 Genève 5

Switzerland/CH

 

Telephone:                    022 7910120

Fax:                             022 7910122

 

Web site:                      http://www.gemstaronline.com

E-mail:                         gemstar@gemstaronline.com

 

VAT-No.:                      CHE-110.048.457

 

 

Profile

 

Established:                  2003

Line of Business:           Consumer goods wholesale

Industry Division:           Wholesale trade

Industry-code (NACE):   4648       Wholesale of watches and jewellery

Import/Export:               Import, Export

Banks:                         unknown

 

 

Operational Figures

 

Coverage:                     Company

Employees:                  2

 

 

Activity

 

The business activities includes trading in precious stones and jewelry.

 

 

Real Estate

 

Information on property ownership was not available.

 

 

Company Register

 

Company No:                660.0.613.003-7 / 703115

Legal form:                    Company limited by shares

Registration:                 21.03.2003

Legal status:                 in liquidation

Responsible Register:    Registre du commerce du canton de Genève

History:                        Date of Statutes: 06.09.2004

                                    Date of Incorporation Statutes: 13.03.2003

 

Entry          Deleted      Name

07.07.2011                    Gemstar SA, en liquidation

21.03.2003  07.07.2011  Gemstar SA

 

Entry          Deleted      Legal domicile

10.09.2004                    Le Grand-Saconnex, Switzerland

21.03.2003  10.09.2004  Genève, Switzerland

 

Entry          Deleted      Address

07.07.2011                    c/o Berney Conseil SA, rue du Nant 8, 1207 Genève/GE, Switzerland/CH (Liquidation address)

 

Entry          Deleted      Capital

21.03.2003                    Share Capital CHF 100'000, paidup CHF 100'000

 

Entry          Deleted      Capital Structure

21.03.2003                    100 Registered shares of CHF 1'000.--

 

Entry          Deleted      Activity (original Language)

21.03.2003                    Toute opération commerciale ou industrielle concernant les pierres précieuses et semi-précieuses ainsi que la joaillerie.

 

Entry          Deleted      Remarks (original Language)

07.07.2011                    Dissolution: La société est dissoute par décision de l'assemblée générale du 05.07.2011. 

21.03.2003                    Publishing authority: FOSC.

21.03.2003                    Reports: Communication aux actionnaires: lettre recommandée.

 

 

Management

 

Title                                           Name

Liquidator                                    Berney et Associés SA, Address: Genève/GE, Switzerland, without signature, Appointment: 07.07.2011

 

 

Owner/-s

 

Owner:                         The company is privately owned.

 

 

Investments

 

It is believed that the company has no investments.

 

 

Remarks

 

Debt collection case:

MAR 2010: CHF 495.00.

AUG 2009: CHF 952.00, paid.

 

 

Legal Actions

 

Control date       Year                       No.             Amount CHF     Status

22.07.2011          2011                           0

22.07.2011          2008                           1                           1'758.-- Open legal actions

22.07.2011          2007                           0

22.07.2011          2006                           0

 

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.

 

 

Credit Information

 

Financial Statements:    The company does not disclose any financial statements. Third parties are not permitted any insight into the financial affairs. It is therefore difficult to make a proper assessment of the actual situation.

 

Financial Situation:        The company has been dissolved and its activities have ceased. As a consequence no opinion on the financial or business situation can be given.

 

Credit Opinion:              The company is in the process of dissolution. Credit is not advised.

 

 

 

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.49.07

UK Pound

1

Rs.77.42

Euro

1

Rs.67.72

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.