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Report Date : |
15.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROSY
BLUE DMCC |
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|
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Registered Office : |
Almas Tower,
Level 31, Jumeirah Lakes Towers, 340502 Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2011 |
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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 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
United Arab
Emirates |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
210,000
Paid up Capital : UAE Dh
210,000
Total Workforce : 13
Activities :
Distributors of diamonds, polished diamonds and
jewellery.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Monoj Shah, General Manager
ROSY
BLUE DMCC
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
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Dubai.
Name Nationality Position
·
Delip Mehta Indian Managing Director
·
Harshad Mehta Indian Director
·
Monoj Shah - General
Manager
Date of Establishment : 26th
February 2006
Legal Form :
Limited Liability Company
Trade Licence No. : 30426
Membership No. : 0247
Issued Capital : UAE Dh 210,000
Paid up Capital : UAE Dh 210,000
·
Delip Mehta
·
Harshad Mehta
·
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
Activities: Engaged in the import and distribution of diamonds, polished diamonds and jewellery.
Import
Countries: India, South
Africa and Switzerland.
Operating Trend: Steady
Subject has a
workforce of 13 employees.
Financial
highlights provided by local sources are given below:
Currency: United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales UAE Dh
178,600,000 UAE Dh
185,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Monoj Shah, General
Manager
·
Emirates
Bank International Ltd
Baniyas Road
Deira
PO Box: 2923
Dubai
Tel: (971-4) 2256256 / 2256900
Fax: (971-4) 2268005 / 2267718
No complaints
regarding subject’s payments have been reported.
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
-
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.
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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.
-
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.
-
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.49.90 |
|
|
1 |
Rs.78.14 |
|
Euro |
1 |
Rs.65.08 |
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.