MIRA INFORM REPORT

 

 

Report Date :

12.09.2014

 

IDENTIFICATION DETAILS

 

Name :

GEMBAY FINANCE LIMITED

 

 

Registered Office :

C/o Onyx Financial Advisors SA, Voie-des-Traz 20, Case postale 1002, 1211 Genève 5/GE

 

 

Country :

Switzerland

 

 

Date of Incorporation :

Not Available

 

 

Legal Form :

Branch of foreign company

 

 

Line of Business :

Financial service activities, except insurance and pension funding n.e.c.

 

 

No of Employees :

NIL

 

 

RATING & COMMENTS

 

MIRA’s Rating :

C

 

RATING

STATUS

PROPOSED CREDIT LINE

<10

C

Absolute credit risk exists. Caution needed to be exercised

Credit not recommended

 

 

Status :

Domiciled Company

 

 

Payment Behaviour :

--

 

 

Litigation :

--

 

 

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 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Switzerland

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 and Address

 

Gembay Finance Limited

 

Operating Address:

C/o Onyx Financial Advisors SA

Voie-des-Traz 20

Case postale 1002

1211 Genève 5/GE

Switzerland/CH

 

Telephone:                      022 7881460

Fax:                               022 7881461

Web site:                        http://www.diacore.com

E-mail:                            diacor.reception@diacore.com

 

WIN Worldbox No.:          CH0010360449

 

Profile

 

Line of Business:             Financial services

Industry Division:             Services

Industry-code (NACE):     6499       Other financial service activities, except insurance and pension funding n.e.c.

Banks:                            unknown

 

 

Operational Figures

 

Employees:                     0

 

Activity

 

The activities contains financials services of all kind.

 

The company does not employ any person in Switzerland.

 

Real Estate

 

Real Estate:                    The company owns no property.

 

 

Company Register

 

Registration:                    The Company is not recorded in the Company Register.

Legal form:                      Branch of foreign company

Legal status:                   active

 

 

Headquarters

 

WIN:                               VG0000124361

Name:                            Gembay Finance Limited

City/Country:                   Road Town, British Virgin Islands/VG

 

 

Investments

 

It is believed that the company has no investments.

 

 

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.

 

 

Remarks

 

The Company belongs to the Diacore group of companies. Details about the legal structure of this group are not available. We expect, that the following companies belongs to the same group of companies:

 

Sotheby's Dimaonds Holding S.A., quai Mont-Blanc 13, Genève

Sotheby's Diamonds SA, quai Mont-Blanc 13, Genève

Blue Rock Advisors SA, Voie-des-Traz 20, Genève

 

This companies are represented by Brett Josselowitz, from South Africa, in Geneva.

 

 

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 company is a "domiciled" company where local presence is handled by a representative. As far as can be ascertained the activities are conducted abroad. No information is available on the financial situation and business development.

 

Payment experiences:   There are no objections regarding the payment of financial obligations.

 

Credit Opinion:              Due to insufficient payment history and financial information being available we suggest any credit extended to the company be on secured terms with necessary guarantees.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.92

UK Pound

1

Rs.98.66

Euro

1

Rs.78.64 

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.