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MIRA
INFORM REPORT
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Report Date : |
08.12.2011 |
IDENTIFICATION DETAILS
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Name : |
ROSY BLUE TRADING LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
08.06.2005 |
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Com. Reg. No.: |
74478, |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
import and distribution
of jewellery and precious stones |
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No. of Employees : |
18 Persons |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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United Arab Emirates |
a2 |
a2 |
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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 |
SUMMARY
Company Name :
ROSY BLUE TRADING LLC
Country of Origin :
Legal Form :
Limited Liability Company - LLC
Registration Date :
8th June 2005
Commercial Registration Number :
74478,
Trade Licence Number :
570141
Chamber Membership Number :
98143
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
18
Activities :
Import and distribution of jewellery and precious stones
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Rao Vagddi, Finance Manager
COMPANY NAME
ROSY BLUE TRADING LLC
company ADDRESS
Registered &
Physical Address
Building : Gold Centre Building,
5th Floor, Zone IV, Suite No. 134
Street :
Area : Gold Souq,
Al Ras
PO Box : 54303
Town : Dubai
Country :
Telephone : (971-4) 2252221
/ 2350442
Facsimile : (971-4)
2269442
Email : nader.n@rosyblue.com
/ surabh.shah@rosyblue.com / rao.vagddi@rosyblue.com
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Dubai.
Branch Offices
Location Description
· Al Qayada
Building, Suite No. 203-204 Showroom
premises
PO Box: 98174
Tel: (971-4)
2998008
Fax: (971-4)
2991189
KEY PRINCIPALS
Name Nationality Position
· Nader Nazim
Nasruddin Lebanese Managing Director
· Rao Vagddi - Finance
Manager
· Saurab Shah - Commercial
Manager
· Arun Bhatnagar - Branch Manager
LEGAL FORM & OWNERS
Date of
Establishment : 8th
June 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 74478,
Trade Licence No. : 570141
Chamber Member No. : 98143
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of Shareholder
(s) Percentage
· Gulf Future
Investment LLC 51%
Khalid Al Attar
Tower
· Rosy Blue
(Euroasia) FZE 49%
PO Box: 54303
Tel:
(971-4) 2995914
Fax:
(971-4) 2995916
AFFILIATED COMPANIES
· Rosy
Blue DMCC
Unit
23,
PO
Box: 98173
Tel:
(971-4) 2995914 / 2998001 / 2045990
Fax:
(971-4)
2995916
Email:
manoj.shah@rosyblue.com
OPERATIONS
Activities: Engaged in the import and distribution of jewellery and precious
stones.
Import Countries: Europe and the
Operating Trend: Steady
Subject has a workforce of 18 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency:
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales US$
143,000,000 US$
150,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Rao Vagddi, Finance Manager
BANKERS
·
Emirates Bank International Ltd
Deira
PO Box: 2923
Tel: (971-4)
2256256 / 2256900
Fax: (971-4)
2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Rosy Blue Trading LLC commenced operations in June 2005. It is engaged
in the import and distribution of jewellery and precious stones.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding the
manner in which payments are fulfilled. As such the company is considered to be
a fair trade risk.
DIAMOND INDUSTRY –
INDIA
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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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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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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 –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.45 |
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1 |
Rs.80.38 |
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Euro |
1 |
Rs.69.12 |
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.