MIRA INFORM REPORT
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Report Date : |
30.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ROSY BLUE DMCC |
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Registered Office : |
Almas Tower, Level 31, Jumeirah Lakes Towers, P O Box 340502, Dubai |
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Country : |
United Arab Emirates |
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Date of Incorporation : |
26.02.2006 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of diamonds, polished diamonds and
jewellery |
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No. of Employees : |
13 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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 DMCC
Country of Origin :
Dubai, United Arab Emirates
Legal Form :
Limited Liability Company
Registration Date :
26th February 2006
Trade Licence Number :
30426
Issued Capital :
UAE Dh 300,000
Paid up Capital :
UAE Dh 300,000
Total Workforce :
13
Activities :
Distributors of diamonds, polished diamonds and
jewellery.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Monoj Shah, General Manager
COMPANY
NAME
ROSY BLUE DMCC
company ADDRESS
Registered &
Physical Address
Location : Almas Tower, Level
31, Jumeirah Lakes Towers
PO Box : 340502
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 4230644
Facsimile : (971-4) 4230645
Mobile :
(971-50) 4551259 / 5518661
Email : dubai@rosyblue.com
/ monoj.shah@rosyblue.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Dubai.
KEY PRINCIPALS
Name Nationality Position
· Delip Mehta Indian Managing Director
· Harshad Mehta Indian Director
· Monoj
Shah - General
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 26th
February 2006
Legal Form : Limited Liability
Company
Trade Licence No. : 30426
Membership No. : 0247
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
Name of
Shareholder (s)
· Delip
Mehta
· Harshad Mehta
AFFILIATED COMPANIES
· Rosy Blue Trading
LLC
Gold
Centre Building, Zone IV, Suite 134
Al
Khor Street
Al
Ras
PO
Box: 54303
Dubai
Tel:
(971-4) 2252221
Fax:
(971-4) 2269442
· Rosy
Blue Eurasia FZE
Dubai Airport Free
Zone, West Wing No. 3, 3rd Floor, Suite No. 304
Dubai
Tel: (971-4)
2995914 / 2995915
Fax: (971-4)
2995916
Email: rosyblue@emirates.net.ae / dubai@rosyblue.com
OPERATIONS
Activities: Engaged in the import and distribution of
diamonds, polished diamonds and jewellery.
Import Countries: India, South Africa and Switzerland.
Subject has a workforce of 13 employees.
FINANCIAL DATA
Companies registered in Dubai, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources. However local
informants reported that Rosy Blue DMCC has an annual turnover of US$ 200
million.
BANKERS
·
Emirates Bank International Ltd
Baniyas Road
Deira
PO Box: 2923
Dubai
Tel: (971-4)
2256256 / 2256900
Fax: (971-4)
2268005 / 2267718
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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 business 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.93 |
|
UK Pound |
1 |
Rs.80.62 |
|
Euro |
1 |
Rs.69.37 |
RATING EXPLANATIONS
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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 |
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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 |
|
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 |
|
<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.