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Report Date : |
02.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
FERRARI EXPÉDITIONS SA |
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Registered Office : |
Via Campagna 7, Zona Industriale, 6982
Agno/TI |
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Country : |
Switzerland |
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Date of Incorporation : |
09.06.1999 |
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Com. Reg. No.: |
514.3.020.957-8 / 458855 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
· Engaged as Freight transport by road · Engaged in Providing services of a transport company for Jewelry, Gemstone and Other Valuable Shipments Worldwide. |
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No of Employees : |
90 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
|
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 : |
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 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 |
Ferrari Expéditions SA
Via Campagna 7
Zona Industriale
6982 Agno/TI
Switzerland/CH
Telephone: 091
6042500
Fax: 091
6042571
Web
site: http://www.ferrarigroup.net
E-mail: info.agno@ferrarigroup.net
VAT-No.: CHE106842587
Established: 1999
Line
of Business: Transport of goods,
Transport services
Industry
Division: Services
Industry-code (NACE): 4941 Freight transport by road
5229 Other transportation support activities
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Figures: estimated
Financial
year: 2014
Employees: 90
Sales: CHF 18,000,000.--
Branches: 2
Their work includes the services of a transport company for jewelry,
gemstone and other valuable shipments worldwide.
Aerogare Fret
Bureau E 92 C.P.1010
CH-1211 Geneve 5
Aeroport
Tel: +41 22 7988260
Fax: +41 22 7880237 (Import)
+41 22 7910650 (Export)
Email: info.geneva@ferrarigroup.net
Rue de Monruz 34
CH-2000 Neuchatel
Tel: +41 32 722 63 00
Fax: +41 32 722 63 10
Email: info.neuchatel@ferrarigroup.net
Real Estate: The
company does not appear to own any property.
Company
No: 514.3.020.957-8 / 458855
Legal
form: Company limited by
shares
Registration: 09.06.1999
Legal
status: active
Responsible
Register: Registro di commercio del Cantone
Ticino
History: Date of Statutes:
12.02.2002
Date of
Statutes: 12.12.2001
Date of
Statutes: 02.05.2001
Date of
Incorporation Statutes: 08.06.1999
Entry Deleted Name
25.02.2002 Ferrari
Expéditions SA
18.02.2002 25.02.2002 Ferrari Spedizioni SA
09.06.1999 18.02.2002 Ferrari Spedizioni Internazionali SA
Entry Deleted Legal domicile
25.11.2014 Agno,
Switzerland
03.05.2001 25.11.2014 Bioggio, Switzerland
09.06.1999 03.05.2001 Manno, Switzerland
Entry Deleted Address
03.05.2001 25.11.2014 Via La Campagna, zona industriale, 6934
Bioggio, Switzerland/CH
09.06.1999 03.05.2001 Centro galleria 1, 6928 Manno/TI,
Switzerland/CH
Entry Deleted Capital
28.12.2001 Share
Capital CHF 350,000, paidup CHF 350,000
Entry Deleted Capital Structure
28.12.2001 35,000
Participation shares of CHF 10.--
Entry Deleted Branches
02.10.2007 ,
1218 Le Grand-Saconnex/GE, Switzerland/CH
07.05.2002 rue
de Monruz 34, 2000 Neuchâtel/NE, Switzerland/CH
Title Name
President Corrado
Deiana
Citizen:
Italy
Residential
address: Monaco , Monaco
single
signature
Registered
since: 25.10.2005
Director Ivana
Bevilacqua
Citizen:
Italy
Residential
address: 6921 Vico Morcote, Switzerland
single
signature
Registered
since: 14.10.2008
Director Patrizia
Ferrari Soragni
Citizen:
Mendrisio, Switzerland
Residential
address: 6863 Besazio, Switzerland
single
signature
Registered
since: 09.06.1999
Title Name
Auditor Fidea SA
Residential
address: Chiasso, Switzerland
Registered
since: 27.09.2000
Owner: The
company is privately owned.
It is believed that the company has no investments.
Control date Year No. Amount CHF Status
19.04.2013 2013 0
31.12.2012 2012 0
31.12.2011 2011 0
31.12.2010 2010 0
31.12.2009 2009 0
31.12.2008 2008 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: Payment habits are
considered good.
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.
-
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.62.14 |
|
UK Pound |
1 |
Rs.97.05 |
|
Euro |
1 |
Rs.77.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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.