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Report No. : |
319788 |
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Report Date : |
06.05.2015 |
IDENTIFICATION DETAILS
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Name : |
HOROVITZ ET TOTAH SA |
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Registered Office : |
Place DE LA, Fusterie 9-11 CH 1204 Geneve -Suisse |
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Country : |
Switzerland |
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Year of Establishment : |
1968 |
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Com. Reg. No.: |
660.0.271.990-8 |
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Legal Form : |
Company limited by shares |
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Line of Business : |
The business includes trading and distribution of jewelry and gemstones. |
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No. of Employees : |
8 |
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 : |
Unknown |
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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) |
|
Switzerland |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 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 |
HOROVITZ ET TOTAH
SA
Operating
address:
Place de la
Fusterie 9/11
1204 Genève/GE
Switzerland/CH
Telephone: 022
3115012
Fax: 022
3106866
E-mail: ronny@h-t.ch
WIN Worldbox No.: CH0001827398
VAT-No.: CHE-106.587.515
MWST
UID-No.: CHE106587515
Established: 1968
Line of Business: Retail stores
Industry Division: Retail trade
Industry-code (NACE): 4777 Retail sale of
watches and jewellery in specialised stores
Banks: unknown
Coverage: Company
Figures: estimated
Financial year: 2015
Employees: 8
Sales: CHF
2-4 Mio
The business includes trading and distribution of jewelry and gemstones.
Products are diamonds, colored stones, antiques, sapphires and natural pearls.
Information on property ownership was not available.
Company No: 660.0.271.990-8
UID-No.: CHE106587515
Legal form: Company
limited by shares
Registration: 12.03.1990
Legal status: active
Responsible Register: Registre du commerce du canton de Genève
History: Date
of Statutes: 27.07.2009
Date
of Incorporation Statutes: 07.03.1990
Entry Deleted Name
12.03.1990 Horovitz
et Totah SA
Entry Deleted Legal domicile
12.03.1990 Genève,
Switzerland
Entry Deleted Address
12.03.1990 place
de la Fusterie 9, 1200 Genève, Switzerland/CH
Entry Deleted Capital
30.10.2009 Share
Capital CHF 100,000, paidup CHF 100,000
12.03.1990 30.10.2009 Share Capital CHF 100,000, paidup CHF 100,000
Entry Deleted Capital Structure
30.10.2009 100
Registered shares with restricted transferability of CHF 1,000.--
12.03.1990 30.10.2009 100 Registered shares of CHF 1,000.--
Title Name
President Ronny Totah
Citizen:
France
Residential
address: Cranves Sales, France
single
signature
Registered
since: 12.03.1990
Company
Secretary Mona de Weck
Citizen:
Fribourg, Switzerland
Residential
address: Vandoeuvres, Switzerland
joint
signature of two
Registered
since: 12.03.1990
Director Stéphane
de Weck
Citizen:
Pierrafortscha, Switzerland
Residential
address: Bellevue, Switzerland
single
signature
Registered
since: 24.07.2008
Title Name
Chief
Executive Officer Ronny
Totah (ronny@h-t.ch)
Owner/-s
Owner: The company is
privately owned.
It is believed that the company has no
investments.
Balance sheet publication:
The subject company does not publish balance
sheet or turnover figures.
Control date Year No. Amount CHF Status
26.11.2013 2013 0 Legal
actions
31.12.2012 2012 0 Legal
actions
31.12.2011 2011 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 World
Compliance 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 difficult to assess.
Payment experiences: There are no objections regarding the payment of financial obligations.
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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.
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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.
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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.
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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.
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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.
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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.
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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.
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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.63.52 |
|
|
1 |
Rs.95.96 |
|
Euro |
1 |
Rs.70.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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 |
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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 |
-- |
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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.