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Report No. : |
324750 |
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Report Date : |
02.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HARMONIC INTERNATIONAL AG |
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Registered Office : |
Avenue de la Gare 12, 3rd Floor, 1700 Fribourg/FR |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.10.2008 |
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Com. Reg. No.: |
217.3.541.012-9 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
· Wholesale of electrical household appliances · Wholesale of computers, computer peripheral equipment and software · Computer consultancy activities |
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No. of Employees : |
25 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Switzerland |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 responded to 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 hurt Switzerland's long history of bank secrecy.
|
Source
: CIA |
HARMONIC INTERNATIONAL AG
Operating address:
Avenue de la Gare
12
3rd Floor
1700 Fribourg/FR
Switzerland/CH
Telephone: 026
3501400
Fax: 026
3225000
Web
site: http://www.harmonicinc.com
WIN
Worldbox No.: CH0008031483
VAT-No.: CHE-114.530.405 MWST
UID-No.: CHE114530405
Established: 2008
Line
of Business: Consumer goods
wholesale, IT services
Industry
Division: Wholesale trade,
Services
Industry-code (NACE): 4643 Wholesale of electrical household
appliances
4651 Wholesale of computers, computer
peripheral equipment and software
6202 Computer consultancy activities
Import/Export: Import, Export
Banks: unknown
Coverage: Company
Figures: estimated
Financial
year: 2015
Employees: 25
The business activities includes sales of
products of harmonic group, in particular video systems and products.
Products: Video servers, shared storage,
content management systems, video networking solutions.
Information on property ownership was not
available.
Company
No: 217.3.541.012-9
UID-No.: CHE114530405
Legal
form: Company limited
by shares
Registration: 06.10.2008
Legal
status: active
Responsible
Register: Handelsregister des
Saane-Bezirkes (FR)
History: Date of Statutes:
27.03.2015
Date of
Statutes: 03.04.2009
Date of
Incorporation Statutes: 26.09.2008
Entry Deleted Name
06.10.2008 Harmonic
International AG
06.10.2008 Harmonic
International Ltd (Name translated)
06.10.2008 Harmonic
International SA (Name translated)
Entry Deleted Legal domicile
06.10.2008 Fribourg,
Switzerland
Entry Deleted Address
28.05.2009 Avenue
de la Gare 12, 1700 Fribourg/FR, Switzerland/CH
06.10.2008 28.05.2009 c/o REVICOR Consulting SA, Route des Arsenaux
41, 1705 Fribourg/FR, Switzerland/CH
Entry Deleted Capital
01.05.2009 Share
Capital CHF 100,200, paidup CHF 100,200
06.10.2008 01.05.2009 Share Capital CHF 100,000, paidup CHF 100,000
Entry Deleted Capital Structure
01.05.2009 1,002
Registered shares of CHF 100.--
06.10.2008 01.05.2009 1,000 Registered shares of CHF 100.--
Title Name
President Raphaël
Camille Segur
Citizen:
St.Antoni, Switzerland
Residential
address: Cormondrèche, Switzerland
single
signature
Registered
since: 22.12.2011
Director Charles Bonasera
Citizen:
United States of America
Residential
address: Pleasanton, United States of America
single
signature
Registered
since: 27.10.2008
Director Isabelle
Garcin
Citizen:
France
Residential
address: Zürich, Switzerland
single
signature
Registered
since: 22.12.2011
Director François
Jacobus Janse van Vuuren
Citizen:
Canada
Residential
address: Givisiez, Switzerland
single
signature
Registered
since: 21.03.2011
Title Name
Auditor PricewaterhouseCoopers
SA
Residential
address: Pully, Switzerland
Id:
CH-550-0056305-7
Registered
since: 06.10.2008
Name: Harmonic Inc
City/Country: San Jose/California, United
States of America/US
Consolidation: consolidated
Industry: Trade/Industry
Fiscal year end: 31.12.2014 31.12.2013 31.12.2012 31.12.2011 31.12.2010
Number of months: 12 12 12 12 12
Currency: th.
USD th. USD th. USD th. USD th.
USD
Statement norm: US-GAAP US-GAAP
Intangible fixed
assets 208,483.0 229,141.0 270,965.0 300,068.0 329,948.0
Tangible fixed
assets 27,221.0 34,945.0 38,122.0 40,469.0 39,825.0
Financial fixed
assets 0.0 0.0 0.0
other fixed assets 12,130.0 13,268.0 11,572.0 1,751.0 2,062.0
Fixed assets 247,834.0 277,354.0 320,659.0 342,288.0 371,835.0
Stocks 32,747.0 36,926.0 64,270.0 70,649.0 58,065.0
Trade accounts
receivable 74,144.0 75,052.0
Cash & Cash
Equivalents 73,032.0 90,329.0 96,670.0 90,983.0 96,533.0
Securities 31,847.0 80,252.0
other trade
accounts 9,968.0 27,848.0
Accruals 10,946.0 18,323.0
Other current
assets 125,793.0 216,752.0
Current assets 232,684.0 328,730.0 396,872.0 391,878.0 348,551.0
Total assets 480,518.0 606,084.0 717,531.0 734,166.0 720,386.0
Capital 2,262,040.0 2,336,374.0
Other shareholders
funds -1,890,227.0 -1,842,208.0
Total shareholders
equity 371,813.0 494,166.0 553,413.0 564,316.0 520,203.0
Minority interests 0.0 0.0 0.0
long term debt
(financial debts) 0.0 0.0 0.0
Provisions 0.0 0.0 0.0
Other non current
liabilities 18,775.0 26,838.0 61,224.0 57,032.0 69,530.0
Non current
liabilities 18,775.0 26,838.0 61,224.0 57,032.0 69,530.0
Trade accounts
payable 15,318.0 22,380.0
Accruals 73,719.0 62,369.0
other accounts
payable 893.0 331.0
other current
liabilities 74,612.0 62,700.0
Current
liabilities 89,930.0 85,080.0 102,894.0 112,818.0 130,653.0
Shareh. equity,
min. int. & liabilities 480,518.0 606,084.0 717,531.0 734,166.0 720,386.0
Net sales 433,557.0 461,940.0 530,464.0 549,332.0 423,344.0
Operating revenue 433,557.0 461,940.0
Cost of goods sold 221,209.0 241,495.0
Gross profit 212,348.0 220,445.0
Other operating
expenses 234,275.0 243,816.0
Operating result -21,927.0 -23,371.0 -9,600.0 11,259.0 4,357.0
Interest revenues 132.0 219.0
Financial income 132.0 219.0
Financial expenses 0.0 0.0
Financial result 132.0 219.0
Result before
extraordinary items -21,795.0 -23,152.0
Extraordinary
income 15,438.0
Extraordinary
Result 0.0 15,438.0
Result before
taxes -21,795.0 -7,714.0
Taxes 24,453.0 -44,741.0
Result before
minority interests -46,248.0 37,027.0
Result for the
financial year -46,248.0 37,027.0 -10,937.0 8,779.0 -4,335.0
Depreciation 16,459.0 16,641.0
Cash flow -29,789.0 53,668.0
Cash flow from
operating activities 47,369.0 53,759.0
Investments in
tangible fixed assets 10,065.0 14,581.0
Cash flow from
investing activities 27,799.0 51,094.0
Cash flow from
financing activities -92,007.0 -111,202.0
Others -458.0 8.0
Change in
liquidity -17,297.0 -6,341.0
Liquidity at
beginning of the year 90,329.0 96,670.0
Liquidity at end
of the year 73,032.0 90,329.0
Research and
Development 93,061.0 99,938.0
Added value -5,336.0 8,927.0
Working Capital 91,573.0 89,598.0
Net Current Assets 142,754.0 243,650.0 293,978.0 279,060.0 217,898.0
Sales per Employee 421.7
Gross cost land
and buildings 8,140.0 7,888.0
Gross cost other
tangible fixed assets 123,722.0 122,405.0
Gross cost total 131,862.0 130,293.0
Employees at year end 1,028
Employees inland 541
Employees abroad 487
No.
of Owner/-s: 1
Owner: The company is foreign
owned.
Class: 100%
Type: direct, Group-Level
1
Name: Harmonic Inc
City/Country: San Jose/California, United
States of America/US
Interest: 100,00% voting right, 100,00%
capital interest
Class: 100%
Name: Harmonic Germany GmbH
City/Country: München/Bayern, Germany/DE
Interest: 100,00% voting right,
100,00% capital interest
Class: 100%
Name: Harmonic (UK) Ltd.
City/Country: Slough/Berkshire, United Kingdom/GB
Interest: 100,00% voting right,
100,00% capital interest
Balance sheet publication:
The subject company does not publish balance
sheet or turnover figures.
Control date Year No. Amount CHF Status
12.01.2011 2011 0 Legal
actions
31.12.2010 2010 0 Legal
actions
31.12.2009 2009 0 Legal
actions
31.12.2008 2008 0 Legal
actions
31.12.2007 2007 0 Legal
actions
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.
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 in order.
Payment
experiences: Slow but correct
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
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|
1 |
Rs.97.27 |
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Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.