MIRA INFORM REPORT

Report Date :

26.12.2014

IDENTIFICATION DETAILS

Name :	ALFION SA
Registered Office :	Rue Neuve-du-Molard 17 1204 Genève/GE Switzerland/CH
Country :	Switzerland/
Date of Incorporation :	13.07.1984
Com. Reg. No.:	660.0.424.984-6 / 4159
Legal Form :	Company limited by shares
Line of Business :	Wholesale of watches and jewellery
No. of Employees :	03

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	No complaints
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 – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
Switzerland	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
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

Company name

ALFION SA

Operating address

rue Neuve-du-Molard 17

1204 Genève/GE

Switzerland/CH

Telephone: 022 3120870

Fax: 022 3120921

E-mail: alfion@bluewin.ch

WIN Worldbox No.: CH0000499763

VAT-No.: CHE106005433

Profile

Established: 1984

Line of Business: Consumer goods wholesale

Industry Division: Wholesale trade

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

Banks: unknown

Operational Figures

Coverage: Company

Figures: estimated

Financial year: 2014

Employees: 3

Sales: CHF 1-2 Mio

Activity

The Company's business is the sale of watches and jewelry. Specializing in the sale of precious stones and diamonds as well as the cutting of precious stones and diamonds.

Real Estate

Information on property ownership was not available.

Company Register

Company No: 660.0.424.984-6 / 4159

Legal form: Company limited by shares

Registration: 13.07.1984

Legal status: active

Responsible Register: Registre du commerce du canton de Genève

History: Date of Statutes: 15.06.1994

Date of Statutes: 25.06.2009

Entry Deleted Name

active Alfion SA

Entry Deleted Legal domicile

active Genève, Switzerland

Entry Deleted Address

11.01.1999 rue Neuve-du-Molard 17, 1200 Genève, Switzerland/CH

11.01.1999 c/Michel Muhlematter, place des Philosophes 8, 1200 Genève/GE, Switzerland/CH

Entry Deleted Capital

active Share Capital CHF 200,000, paidup CHF 200,000

Entry Deleted Capital Structure

active 500 Bearer shares of CHF 400.--

Official Administration

Title Name

Director Josef Feuerwerker

Citizen: Belgium

Residential address: Genève, Switzerland

single signature

Registered since: 28.08.2007

External Positions

Title Name

Auditor Société Fiduciaire Previsia SA

Residential address: Carouge/GE, Switzerland

Id: CH-660-1416994-6

Registered since: 23.03.2011

Executive board

Title Name

Chief Executive Officer Josef Feuerwerker

Owner/-s

No. of Owner/-s: 1

Owner: The company is privately owned.

Class: 100%

Type: direct

Name: Josef Feuerwerker

City/Country: Genève, Switzerland/CH

Interest: 100,00% voting right, 100,00% capital interest

Investments

It is believed that the company has no investments.

Legal Actions

Control date Year No. Amount CHF Status

05.02.2014 2014 0

31.12.2013 2013 0

31.12.2012 2012 0

31.12.2011 2011 0

31.12.2010 2010 0

31.12.2009 2009 1 32,361.-- Opposition filed

31.12.2008 2008 0

31.12.2007 2007 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 financial situation is difficult to assess.

Payment experiences: Financial obligations are paid punctually.

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 8^th Century B.C.  India, in fact, remained undisputed leader till 18^th 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.

- 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 30^th 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.

- 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.63.45
UK Pound	1	Rs.98.88
Euro	1	Rs.77.62

INFORMATION DETAILS

Analysis Done by :	SUB
Report Prepared by :	NIS

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%)

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