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Report Date : |
01.01.2015 |
IDENTIFICATION DETAILS
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Name : |
BETTER COTTON INITIATIVE |
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Registered Office : |
Rue des Asters 22, 1202 Genève/GE |
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Country : |
Switzerland |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2005 |
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Legal Form : |
Association |
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Line of Business : |
Subject is engaged in non-profit organization with sustainable cotton production taking into account the environment, society and economy |
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No. of Employee : |
10-19 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Switzerland |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Better Cotton
Initiative
Rue des Asters 22
1202 Genève/GE
Switzerland/CH
Telephone: 022
9391250
Fax: 022
9391259
Web
site: http://www.bettercotton.org
E-mail: office@bettercotton.org
WIN
Worldbox No.: CH0010462585
VAT-No.: CHE317159900
Established: 2005
Line
of Business: Organisations
Industry
Division: Services
Industry-code (NACE): 9499 Activities of other membership
organisations n.e.c.
Banks: unknown
Coverage: Company
Employees: 10-19
Sales: CHF 2-4 Mio
The activities consists of a non-profit
organization with sustainable cotton production taking into account the
environment, society and economy. The organization provides and supports the
supply chain from the cotton farmer to retailer. Producing countries are
Brazil, India, Mali, Pakistan, China, Mozambique, Tajikistan, Turkey, Senegal
and Kenya. The company has offices spread around the world.
In 2013, 300,000 farmers worked with 24
Partner Organisations in 8 countries. Farmers learned new farming techniques
and shared experiences under the guidance of the partner organisations in the
field.
The company has 313 members in 2013 (241 in
2012). They came from 27 different countries.
Real
Estate: It is understood
that the company owns certain property.
Registration: The company is not recorded in
the Company Register.
Legal
form: Association
Legal
status: active
Title Name
General
Director Patrick
Laine
Director Paola
Geremicca
Director Ruchira
Joshi
Director Damien
Sanfilippo
Director Lena
Staafgard
Title Name
Chief
Executive Officer Patrick
Laine
Executive
Director Paola
Geremicca
Executive
Director Ruchira
Joshi
Executive
Director Damien
Sanfilippo
Executive
Director Lena
Staafgard
Consolidation: unconsolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2013 31.12.2012
Number of months: 12 12
Currency: th.
EUR th. EUR
Statement norm: Local GAAP Local GAAP
Balance Sheet
Intangible fixed assets 209.0
Tangible fixed
assets 0.0 0.0
Financial fixed
assets 54.6 53.0
Fixed assets 263.6 53.0
Trade accounts
receivable 357.9 67.7
Liquid assets 1,241.9 1,499.2
other trade
accounts 34.2 45.8
Accruals 88.1 13.4
Other current
assets 1,364.2 1,558.4
Current assets 1,722.1 1,626.1
Total assets 1,985.7 1,679.1
Other shareholders
funds 406.2 1,121.4
Total shareholders equity 406.2 1,121.4
Trade accounts
payable 158.7 199.3
Provisions 456.4
Accruals 56.3 35.2
other accounts
payable 908.1 323.2
other current
liabilities 1,420.8 358.4
Current liabilities 1,579.5 557.7
Total liabilities 1,985.7 1,679.1
Profit and loss
account
Net sales 3,404.0 3,569.8
Other operating
revenue 66.1 11.9
Operating revenue 3,470.1 3,581.7
Gross profit 3,470.1 3,581.7
Other operating
expenses 4,150.7 2,811.4
Operating result -680.6 770.3
other financial
revenues 94.4 51.2
Financial income 94.4 51.2
other financial
expenses 128.9 102.6
Financial expenses 128.9 102.6
Financial result -34.5 -51.4
Result before extraordinary items -715.1 718.9
Result before taxes -715.1 718.9
Result before
minority interests -715.1 718.9
Result for the financial year -715.1 718.9
Notes
Cost of employees 969.2 606.3
Working Capital 199.2 -131.6
Sales per Employee 200.2 292.6
Insurance value
total 58.0 58.8
Full time units
average 17 12
Employees inland 17 12
Employees abroad 0 0
Owner: The company is owned by
institutional investors.
It is believed that the company has no
investments.
The BCI Financial Statement only includes
the income and expenses for the Secretariat itself. In addition to the
approximately €4 million spent on providing project support, global oversight
and management, more than €8 million was invested directly in farm-level
capacity building by BCI partners and members.
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
Situation: The financial situation
is considered to be good.
Payment
experiences: There are no objections
regarding the payment of financial obligations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.98.58 |
|
Euro |
1 |
Rs.77.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
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|
Report Prepared
by : |
DPT |
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 |
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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 |
|
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.