MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	INDIA HOUSE GROUP SA

Registered Office :	Route Suisse 26 1163 Etoy/VD Switzerland/CH

Country :	Switzerland

Date of Incorporation :	28.09.1998

Com. Reg. No.:	550.0.058.625-2 / 439095

Legal Form :	Company limited by shares

Line of Business :	Retail sale of furniture, lighting equipment and other household articles in specialised stores

No. of Employees :	10

RATING & COMMENTS

MIRA’s Rating :

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

Status :	Moderate
Payment Behaviour :	Unknown
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

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

INDIA HOUSE GROUP SA

Operating address

Route Suisse 26

1163 Etoy/VD

Switzerland/CH

Fax: 022 3612303

Mobile: 079 5070415

Web site: http://www.india-house.ch

E-mail: indiahouse@india-house.ch

WIN Worldbox No.: CH0003474349

VAT-No.: CHE106840051

Profile

Established: 1998

Line of Business: Retail stores

Industry Division: Retail trade

Industry-code (NACE): 4759 Retail sale of furniture, lighting equipment and other household articles in specialised stores

Import/Export: Import

Banks: unknown

Operational Figures

Coverage: Company

Figures: estimated

Employees: 10

Activity

The company sells high class furniture, carpets and handicrafts under the brand name of India House, Makhni STYLE and Sgline.

Real Estate

Information on property ownership was not available.

Company Register

Company No: 550.0.058.625-2 / 439095

Legal form: Company limited by shares

Registration: 28.09.1998

Legal status: active

Responsible Register: Registre du commerce du canton de Vaud

History: Date of Statutes: 23.05.2011

Entry Deleted Name

active India House Group SA

Entry Deleted Legal domicile

active Etoy, Switzerland

Entry Deleted Address

active Route Suisse 26, 1163 Etoy/VD, Switzerland/CH

Entry Deleted Capital

active Share Capital CHF 500,000, paidup CHF 500,000

Entry Deleted Capital Structure

active 5,000 Registered shares of CHF 100.--

Official Administration

Title Name

President Manmohan Singh Makhni, Origin: India, Residential address: Mont-sur-Rolle, Switzerland, single signature

Director Balwinder Makhni, Origin: India, Residential address: Mont-sur-Rolle, Switzerland, single signature

External Positions

Title Name

Auditor Jean-Jacques Reato, expert-réviseur agréé , Residential address: Villeneuve /VD, Switzerland, Id: CH-550-0048051-3, Registered since: 16.12.2013

Owner/-s

No. of Owner/-s: 2

Owner: The company is in family ownership.

Class: 50%

Type: direct

Name: Balwinder Makhni

City/Country: Mont-sur-Rolle , Switzerland/CH

Interest: 50,00% voting right, 50,00% capital interest

Class: 50%

Type: direct

Name: Manmohan Singh Makhni

City/Country: Mont-sur-Rolle, Switzerland/CH

Interest: 50,00% voting right, 50,00% capital interest

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

BRANCHES:

NYON : Grand - Rue 10, 1260 Nyon

Tel : +41 22 361 20 23, Fax : +41 22 361 23 03

MORGES : Rue Louis de Savoie 26/28, 1110 Morges

Tel : +41 21 801 22 44, Fax : +41 21 801 29 42

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 considered to be in order.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	RAS

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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