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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
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Name : |
VAN LOGGEM DIAMANTENHANDEL AG |
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Registered Office : |
Schochenmühlestrasse 2 Postfach 627 6341 Baar/ZG |
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Country : |
Switzerland |
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Date of Incorporation : |
30.07.2002 |
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Com. Reg. No.: |
170.3.025.723-8 / 681839 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
Wholesale of watches and jewellery |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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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 2.7% 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 safehaven 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 2.1% in 2011. 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 in 2011 it reached deals with Germany and the UK to resolve outstanding issues, particularly 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
Van Loggem
Diamantenhandel AG
Operating
address:
Schochenmühlestrasse
2
Postfach 627
6341 Baar/ZG
Switzerland/CH
Telephone: 041
7670099
Fax: 041
7670095
Web
site: http://www.vanloggem.ch
E-mail: info@vanloggem.ch
VAT-No.: CHE109620333
Established: 2002
Line
of Business: Consumer goods
wholesale
Industry
Division: Wholesale trade
Industry-code (NACE): 4648 Wholesale of watches and jewellery
Import/Export: Import
Banks: unknown
Coverage: Company
Figures: approximately
Employees: 8
The business activities includes purchasing
and trading of top-quality cut diamonds. The worldwide leaders in the watch and
jewelry industry, as well as renowned jewelers all over Switzerland, are their
clients.
Information on property ownership was not
available.
Company
No: 170.3.025.723-8 / 681839
Legal
form: Company limited by
shares
Registration: 30.07.2002
Legal
status: active
Responsible
Register: Handelsregister des Kantons
Zug
History: Date of Statutes:
15.04.2011
Date of
Statutes: 02.06.2005
Date of
Incorporation Statutes: 29.07.2002
Entry Deleted Name
30.07.2002 Van
Loggem Diamantenhandel AG
Entry Deleted Legal domicile
26.04.2011 Baar,
Switzerland
30.07.2002 26.04.2011 Zug, Switzerland
Entry Deleted Address
26.04.2011 Schochenmühlestrasse
2, 6340 Baar/ZG, Switzerland/CH
30.07.2002 26.04.2011 Untermüli 6, 6300 Zug, Switzerland/CH
Entry Deleted Capital
21.06.2005 Share
Capital CHF 200'000, paidup CHF 200'000
30.07.2002 Participation
Capital CHF 100'000, paidup CHF 100'000
Entry Deleted Capital Structure
21.06.2005 100'000
Registered shares with restricted transferability of CHF 1.--
21.06.2005 100'000
Registered shares (preferred shares) of CHF 1.--
30.07.2002 100'000
Bearer participation certificates of CHF 1.--
Entry Deleted Activity (original Language)
30.07.2002 Handel
mit Diamanten, Rohdiamanten und Juwelen sowie Dienstleistungen in diesem
Bereich; kann Tochtergesellschaften errichten, sich an anderen Unternehmen
beteiligen sowie Grundstücke erwerben, halten und veräussern
Entry Deleted Remarks (original Language)
26.04.2011 Shares:
Die Übertragbarkeit der Namenaktien ist nach Massgabe der Statuten beschränkt.
26.04.2011 Reports:
Die Mitteilungen an die Aktionäre erfolgen durch Brief an die im Aktienbuch
verzeichneten Adressen.
22.06.2010 Merger:
Übernahme der Aktiven und Passiven der "EUROSTAR" Spahni-van Loggem
& Co., in Zug (CH-170.2.001.026-3), gemäss Fusionsvertrag vom 18.05.2010
und Bilanz per 31.12.2009. Aktiven von CHF 14'848'171.97 und Passiven
(Fremdkapital) von CHF 8'986'204.29 gehen auf die übernehmende Gesellschaft
über. Da die Gesellschafter der übertragenden Gesellschaft die einzigen
Aktionäre der übernehmenden Gesellschaft sind, findet weder eine
Kapitalerhöhung noch eine Aktienzuteilung statt.
21.06.2005 Shares:
Die Namen-Vorzugsaktien sind hinsichtlich ihres Anspruches auf Dividende gemäss
näherer Umschreibung in den Statuten privilegiert.
30.07.2002 Publishing
authority: SHAB.
30.07.2002 Intended
asset takeover: Erwerb eines Teils der Aktiven der im Handelsregister
eingetragenen Einzelfirma "A. van Loggem Diamantenhandel", in Zug,
zum Maximalpreis von CHF 11'733'333.00 zuzüglich Mehrwertsteuer
Title Name
President Peter
Spahni, Origin: Niedermuhlern, Switzerland, Residential address: 6340 Baar,
Switzerland, single signature, Registered since: 30.07.2002
Director Erich
Ammann, Origin: Horgen, Switzerland, Residential address: 8810 Horgen,
Switzerland, born: 1966, single signature, Registered since: 13.05.2004
Director Ashish
Kothari, Origin: Germany, Residential address: Antwerpen , Belgium, single
signature, Registered since: 30.07.2002
Director Nicole
Spahni, Origin: Niedermuhlern, Switzerland, Residential address: 6340 Baar,
Switzerland, single signature, Registered since: 13.05.2004
Director Brian
Vintioen, Origin: Belgium, Residential address: Schoten , Belgium, single
signature, Registered since: 27.06.2007
Title Name
Member
with signing authority Markus Elmer,
Origin: Glarus Süd, Meilen, Switzerland, Residential address: Zug, Switzerland,
joint signature of two, Registered since: 04.03.2013
Member
with signing authority Kurt Alfred
Jurczek, Origin: Zug, Switzerland, Residential address: Zug, Switzerland, joint
signature of two, Registered since: 04.03.2013
Title Name
Auditor PRV
Provides Treuhandgesellschaft AG, Residential address: Baar, Switzerland, Id:
CH-170.3.015.673-6, Registered since: 26.04.2011
Title Name
Chief
Executive Officer Peter Spahni
(p.spahni@vanloggem.ch)
Chief
Financial Officer Kurt
Alfred Jurczek (k.jurczek@vanloggem.ch)
Chief
Business Segment Officer Markus Elmer
(m.elmer@vanloggem.ch)
Class: 30-39%
Name: EUROSTAR DIAMONDS
INTERNATIONAL S.A.
City/Country: Luxembourg, Luxembourg/LU
Interest: 33.33% voting right,
33.33% capital interest
Class: unknown
Name: Peter Spahni
City/Country: Baar, Switzerland/CH
It is believed that the company has no
investments.
Control date Year No. Amount CHF Status
14.09.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal
actions
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
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
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 financial situation
is in order.
Payment
experiences: Financial obligations are
met as appropriate.
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.
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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.
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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.54.53 |
|
|
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
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.