|
Report No. : |
324285 |
|
Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAFDICO INTERNATIONAL LIMITED |
|
|
|
|
Registered Office : |
Aerogare Fret Case Postale 1138 1211 Genève 5/GE |
|
|
|
|
Country : |
Switzerland |
|
|
|
|
Year of Incorporation : |
2012 |
|
|
|
|
Legal Form : |
Branch of foreign company |
|
|
|
|
Line of Business : |
Wholesale of watches and jewellery |
|
|
|
|
No. of Employees : |
2 |
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 : |
Branch of foreign company |
|
|
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Switzerland |
B1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
SWITZERLAND - ECONOMIC
OVERVIEW
Surrounded by South Africa, aside from a short border with Mozambique, Swaziland depends heavily on South Africa from which it receives more than 90% of its imports and to which it sends 60% of its exports. Swaziland's currency is pegged to the South African rand, effectively subsuming Swaziland's monetary policy to South Africa. The government is heavily dependent on customs duties from the Southern African Customs Union (SACU), and worker remittances from South Africa supplement domestically earned income. Swaziland’s GDP per capita makes it a lower middle income country but its income distribution is highly skewed, with an estimated 20% of the population controlling 80% of the nation’s wealth. Subsistence agriculture employs approximately 70% of the population. The manufacturing sector diversified in the 1980’s and 1990’s, but manufacturing has grown little in the last decade. Sugar and wood pulp had been major foreign exchange earners; however, the wood pulp producer closed in January 2010, and sugar is now the main export earner. Mining has declined in importance in recent years. Coal, gold, diamond, and quarry stone mines are small-scale and the only iron ore mine closed in 2014. With an estimated 40% unemployment rate, Swaziland's need to increase the number and size of small and medium enterprises and attract foreign direct investment is acute. Overgrazing, soil depletion, drought, and floods persist as problems for the future. On 1 January 2015, Swaziland lost its eligibility for benefits under the African Growth and Opportunity Act (AGOA), threatening the remaining 12,000 jobs in the textile and apparel sector; approximately 3,000 jobs have been lost since the 2014 announcement of the loss of AGOA. As of 2013 more than one-quarter of the adult population was infected by HIV/AIDS; Swaziland has the world’s highest HIV prevalence rate.
|
Source
: CIA |
SAFDICO INTERNATIONAL LIMITED
Operating address:
Aerogare Fret
Case Postale 1138
1211 Genève 5/GE
Switzerland/CH
Telephone: 022 7102120
Fax: 022 7102125
Web site: http://www.safdico.com
E-mail: safdico.geneve@safdico.com
WIN Worldbox No.: CH0008913611
Established: 2012
Line of Business: Consumer goods wholesale
Industry Division: Wholesale
trade
Industry-code (NACE): 4648 Wholesale of watches and jewellery
Banks: unknown
Coverage: Company
Financial year: 2014
Employees: 2
Sales: CHF 0-1 Mio
Safdico has set unsurpassed standards of innovation, craftsmanship and
professionalism throughout the diamond industry. They have a worldwide
distribution network, employing over 250 people and specialising in top-end,
extraordinary diamonds. Thousands of carats of rough diamonds are cut and
polished monthly in South Africa, Antwerp, New York and Botswana. They are
subsequently offered to a discerning public around the world.
The company has 2 employees, working in France and in the office in
Geneva. All Businesses are carried outside Switzerland.
Real Estate: The company owns
no property.
Registration: The company is
not recorded in the Company Register.
Legal form: Branch of foreign
company
Legal status: active
Title Name
Chief Administration Officer Elena
Gallo
WIN: MU0000354139
Name: Safdico International
Limited
City/Country: Port Louis,
Mauritius/MU
No. of Owner/-s: 1
Owner: The company is foreign
owned.
It is believed that the company has no investments.
Balance sheet publication:
The subject company does not publish balance sheet or turnover figures.
Official bankruptcy reports:
No bankruptcy publications available on the subject.
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.
The company is not listed in the WorldCompliance database.
Payment experiences from pre-legal collection cases:
No payment experiences from pre-legal collection cases are available.
Payment experiences from collection cases:
No payment experiences from legal collection cases are available.
Mode of payment / Business conduct:
There are no complaints about the mode of payment and the business conduct.
The Group Companies includes: Safdico Ltd, Safdico SA (Mauritius); Safdico RSA (Pty) Ltd; Safdico Rough (Pty) Ltd; Safdico Botswana (Pty) Ltd; Diamond Technology Park (Pty) Ltd; Safdico Israel Ltd; Safdico Antwerp BVBA; Safdico USA Inc; Graff Diamonds International Ltd.
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: There are no objections regarding the payment of financial obligations.
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.
-
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 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.
-
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.63.76 |
|
|
1 |
Rs.97.80 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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.