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Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
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Name : |
RICHOLD SA |
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Registered Office : |
Cours de Rive 10 1204 Genève/GE
Switzerland/CH |
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Country : |
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Date of Incorporation : |
24.08.1962 |
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Com. Reg. No.: |
660.0.201.962-6 / 153115 |
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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 |
30 |
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 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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 |
RICHOLD SA
Cours de Rive 10
1204 Genève/GE
Switzerland/CH
Telephone: 022
7313150
Fax: 022
7314397
Web
site: http://www.richold.com
E-mail: info@richold.com
WIN
Worldbox No.: CH0001326469
VAT-No.: CHE107742528
Established: 1962
Line
of Business: Consumer goods
wholesale, Retail stores
Industry
Division: Wholesale trade,
Retail trade
Industry-code (NACE): 4648 Wholesale of watches and jewellery
4777 Retail sale of watches and jewellery in
specialised stores
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Figures: approximately
Employees: 30
Sales: CHF 20-40 Mio
The Richold group is the leading supplier of
renowned worldwide watch and jewellery brands. It manufactures to very precise
standards at plants in China and Sri Lanka and offers extremely advanced
in-house design services.
Products:
Generic polished goods:
- Very fine and ideal make in full cut and
single cut diamond
- Precision baguette
- GIA certificates from 0.50ct to 10ct in
all shapes
Information on property ownership was not
available.
Company
No: 660.0.201.962-6 /
153115
Legal
form: Company limited
by shares
Registration: 24.08.1962
Legal
status: active
Responsible
Register: Registre du commerce du
canton de Genève
History: Date of Statutes:
22.09.1988
Date of
Statutes: 07.12.2004
Entry Deleted Name
active Richold
SA
Entry Deleted Legal domicile
active Genève,
Switzerland
Entry Deleted Address
14.07.2005 Cours
de Rive 10, 1200 Genève, Switzerland/CH
14.07.2005 rue du Mont-Blanc 4, 1200 Genève/GE,
Switzerland/CH
Entry Deleted Capital
09.12.2004 Share
Capital CHF 5,050,000, paidup CHF 5,050,000
09.12.2004 Share Capital CHF 50,000, paidup CHF 50,000
Entry Deleted Capital Structure
09.12.2004 5,050
Registered shares of CHF 1,000.--
09.12.2004 500 Bearer shares of CHF 100.--
Title Name
Director Maurice
Dabbah, Origin: Genève, Switzerland, Residential address: Genève, Switzerland,
single signature
Title Name
Auditor Berney
et Associés SA Société Fiduciaire, Residential address: Genève, Switzerland,
Registered since: 17.07.2006
Title Name
Chief
Executive Officer Maurice
Dabbah
Name: Richold Holding SA
City/Country: Genève/GE, Switzerland/CH
No.
of Owner/-s: 1
Owner: The company is domestic
owned.
Class: 100%
Type: direct, Group-Level
1
Name: Richold Holding SA
City/Country: Genève/GE, Switzerland/CH
Interest: 100,00% voting right,
100,00% capital interest
Name: RICHOLD BELGIUM
City/Country: Antwerpen, Belgium/BE
It is believed that the company has no
investments.
Control date Year No. Amount CHF Status
23.03.2012 2012 0
23.03.2012 2011 0
23.03.2012 2010 0
11.01.2007 2007 0
11.01.2007 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 difficult to assess.
Payment
experiences: There are no objections
regarding the payment of financial obligations.
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.61.06 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
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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 |
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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 |
|
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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 |
-- |
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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.