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Report Date : |
01.08.2014 |
IDENTIFICATION DETAILS
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Name : |
BELFONT SA |
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Registered Office : |
Rue de Candolle 6, 1205 Genčve/GE, Switzerland/CH |
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Country : |
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Date of Incorporation : |
1954 |
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Com. Reg. No.: |
660.0.033.954-3 / 16979 |
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Legal Form : |
Company Limited By Shares |
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Line of Business : |
·
Wholesale of Watches and Jewellery. ·
Sales of Pearls and Diamonds. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 |
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 began to
recover in 2010. 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 below 2% per year during
2011-13. 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 |
BELFONT SA
Operating address: Rue de
Candolle 6
1205 Genčve/GE
Switzerland/CH
Telephone: 022
3295011
Fax: 022
3293820
Web site: http://www.belfont.com
E-mail: info@belfont.com
WIN Worldbox No.: CH0000577763
VAT-No.: CHE105855191
Established: 1954
History: 1954: Established from Leopold Popper
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
Coverage: Company
Figures: approximately
Employees: 7
The business activities includes sales of pearls and diamonds from all
over the world.
Information on property ownership was not available.
Company No: 660.0.033.954-3
/ 16979
Legal form: Company
limited by shares
Registration: 23.03.1954
Legal status: active
Responsible Register: Registre
du commerce du canton de Genčve
History: Date of Statutes: 22.05.1990
Entry Deleted Name
active Belfont
SA
Entry Deleted Legal domicile
active Genčve,
Switzerland
Entry Deleted Address
active rue
de Candolle 6, 1200 Genčve/GE, Switzerland/CH
Entry Deleted Capital
active Share
Capital CHF 1,000,000, paidup CHF 1,000,000
Entry Deleted Capital Structure
active 500
Registered shares (preferred shares) of CHF 1,100.--
active 500
Registered shares (preferred shares) of CHF 900.--
Title Name
President Stephan Popper, Origin:
Genčve, Switzerland, Residential address: Choulex, Switzerland, single
signature
Company Secretary Dani Yarisal, Origin: Chęne-Bougeries,
Switzerland, Residential address: Cologny, Switzerland, single signature
Title Name
Auditor Experaudit
SA, Residential address: Genčve, Switzerland, Registered since: 09.11.1999
Title Name
Chief Executive Officer Stephan
Popper
No. of Owner/-s: 2
Owner: The
company is privately owned.
Class: unknown
Type: Direct
Name: Dani
Yarisal
City/Country: Cologny/GE,
Switzerland/CH
Class: unknown
Type: Direct
Name: Stephan
Popper
City/Country: Choulex/GE,
Switzerland/CH
It is believed that the company has no investments.
Control date Year No. Amount
CHF Status
14.06.2013 2013 0
14.06.2013 2012 0
14.06.2013 2011 0
15.07.2008 2008 0
15.07.2008 2007 0
15.07.2008 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.
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 considered to be in order.
Payment experiences: Payments
are made with arranged conditions.
DIAMOND INDUSTRY – INDIA
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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.
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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.
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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.
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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.
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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.60.25 |
|
|
1 |
Rs.101.92 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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.