|
Report Date : |
10.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ROSY BLUE
HONG KONG LTD. |
|
|
|
|
Registered Office : |
Room 403-404, 4/F., Harbour Centre, Tower 2, 8 Hok Cheung Street,
Hunghom, Kowloon |
|
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Country : |
|
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|
|
Date of Incorporation : |
15.07.1986 |
|
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Com. Reg. No.: |
10439855 |
|
|
|
|
Legal Form : |
Private Limited Company. |
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|
|
Line of Business : |
Importer, Exporter, Wholesaler and Distributor of all kinds of diamond and jewellery. |
|
|
|
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No. of Employees : |
20 |
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
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 (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
ROSY BLUE
HONG KONG LTD.
ADDRESS: Room 403-404, 4/F., Harbour Centre,
Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 2523 9475
FAX: 2845 0940, 2523 9030,
2523 9538
E-MAIL: info@rosyblue.com
hongkong@rosyblue.com
Managing
Director: Mr. Maiank Mehta
Incorporated on: 15th July, 1986.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00 & US$3,700,000.00
Issued: HK$3.00 & US$3,700,000.00
Business Category: Diamond and Jewellery Trader.
Employees: 20.
Main Dealing Banker: The Royal Bank of Scotland N.V., Hong Kong Branch.
Banking Relation: Good.
ROSY BLUE HONG
KONG LTD.
ADDRESS:
Registered
Head Office:-
Room 403-404,
4/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong
Kong.
Holding
Company:-
Prime Investments
S.A., Luxembourg.
Ultimate
Holding Company:-
Rosy Blue
Investments S.a.r.l., Luxembourg.
Associated/Affiliated
Companies:-
Rosy Blue Group of Companies
Inter Gold Gems Pvt. Ltd., India.
Inter Gold India Pvt. Ltd., India.
R.B. Solitaires Inc., USA.
Rosy Blue (Eurasia) FZE, UAE.
Rosy Blue (India) Pvt. Ltd., India.
Rosy Blue (Shanghai) Diamond Co. Ltd., China.
Rosy Blue Diamond Co. Ltd., Thailand.
Rosy Blue Diamond Sales Ltd., Israel.
Rosy Blue Fine Inc., USA.
Rosy Blue Inc., USA.
Rosy Blue International S.A., Luxembourg.
Rosy Blue Jewellery (HK) Ltd., Hong Kong.
Rosy Blue Ltd., Japan.
Rosy Blue N.V., Belgium.
Rosy Blue Overseas Holdings Ltd., Hong Kong.
Rosy Blue Trading (Pty) Ltd., South Africa.
Rosy Blue Trading Inc., USA.
Rosy Blue Trading LLC, UAE.
Tai Shan Gems Ltd., Hong
Kong.
etc.
10439855
0171832
Executive Director & Group Chief Executive
Officer: Mr. Dilip Ramniklal Mehta
Managing
Director: Mr. Maiank Mehta
Contact
Person: Ms. Jones Woo
Nominal Share
Capital: HK$10,000.00 & US$3,700,000.00
(Divided into
10,000 Ordinary shares of HK$1.00 each and 3,700,000 Redeemable Preference
shares of US$1.00 each)
Issued Share
Capital: HK$3.00 & US$3,700,000.00
(As per registry dated 15-07-2011)
|
Name |
|
No.
of shares |
|
|
|
|
|
Redeemable
Preference |
|
Maiank
MEHTA |
|
1 |
- |
|
Prime Investments S.A. 63, Boulevard Prince Felix, L-1513 Luxembourg, Luxembourg. |
|
2 |
3,700,000 |
|
|
|
–– |
–––––––– |
|
|
Total: |
3 = |
3,700,000 ======= |
(As per registry dated 15-07-2011)
|
Name (Nationality) |
Address |
|
Maiank MEHTA |
Flat A, 7/F., Block 1, Estoril Court, 55
Garden Road, Hong Kong. |
|
Dilip Ramniklal
MEHTA |
1200 Shanu Deep, 10 Altamount Road, Mumbai
400026, India. |
(As per registry dated 15-07-2011)
|
Name |
Address |
Co.
No. |
|
EQ
Secretaries Ltd. |
36/F., Tower Two, Tines Square, 1 Matheson Street, Causeway Bay,
Hong Kong. |
0099444 |
The
subject was incorporated on 15th July, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Jade Made Enterprises Ltd., name
changed to R.B. Diamond Sales Ltd. on 7th October, 1986; and further to the
present style on 17th January, 1997.
Formerly
the subject’s registered office was located at 18/F., Lincoln House, Taikoo
Place, 979 King’s Road, Quarry Bay, Hong Kong, moved to 31/F., The Center,
99 Queen’s Road Central, Hong Kong in August 2005, and further to the
present address with effect from 16th May, 2011.
Last
time the head office of the subject was located at Room 3601, 36/F., New World
Tower, 18 Queen’s Road Central, Hong Kong.
Now, the subject’s registered office is the same as its head office.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter, Wholesaler and Distributor.
Lines: All kinds of diamond and jewellery.
Employees: 20.
Commodities Imported: Imported from Belgium, India, Israel, USA, Thailand, etc.
Markets: Japan, USA, Europe, Asian countries, etc.
Terms/Sales: On various terms.
Terms/Buying: L/C.
Japan Jewellery Association, Japan.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKR0306]
Nominal Share Capital: HK$10,000.00 & US$3,700,000.00
(Divided into 10,000 Ordinary shares of HK$1.00 each and 3,700,000 Redeemable Preference shares of US$1.00 each)
Issued Share Capital: HK$3.00 & US$3,700,000.00
Indebtedness: US$6,989,547.96 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 15-07-2011)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Royal Bank of Scotland N.V., Hong Kong Branch.
Antwerpse DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong Branch.
Standing: Good.
Incorporated
in 1986, Rosy Blue Hong Kong Ltd. is one third owned by Mr. Maiank Mehta
and two thirds held by Prime Investments S.A., a Luxembourg-registered
firm. The subject in fact is a member of
the Rosy Blue Group with headquarters in Luxembourg known as Rosy Blue
Investments S.a.r.l. [Rosy Blue].
The
subject is trading in fine diamonds and jewellery. It is able to provide customers with a wide
range of polished diamonds with different sizes, colour cuttings and
quantities. Moreover, it provides
finished jewellery products to the worldwide.
Main products of the subject are diamond pendants, white gold diamond
pendants, 18K gold rings, white gold rings, white gold pendants, gold ring,
loose diamonds, carat size diamonds, diamond necklaces and earrings, etc.
Originally
Rosy Blue was established in 1960 in Mumbai, India as a diamond
manufacturer. It is an Indian firm with
corporate headquarters in India.
Currently, Rosy Blue is a family-owned company chiefly owned by the
members of Mehta and Bhansali families.
As
a sightholder and client of the Diamond Trading Company, BHP, Rio Tinto
Diamonds and Alrosa, Rosy Blue is a key infrastructure provider to both small
and large businesses.
Rosy
Blue is one of the renowned diamond and jewellery companies in the world. Founded in 1960, Rosy Blue has grown from a
single workshop specialized in polishing small diamonds to a global
corporation. In 1973, Rosy Blue opened
its new international headquarters in Antwerp, Belgium.
As
a family-owned corporation with over 40 years of experience, the skill and
knowledge of Rosy Blue have passed from generation to generation, each driven
by a passion for innovation and quality.
Rosy
Blue has its headquarters in India and Belgium with offices, factories and
stores in 14 countries, about 5,100 direct employees.
Besides,
Rosy Blue also has a 25% stake in the jewellery company Tse Sui Luen Jewellery
(International) Ltd. [TSL], which has 15 shops in Hong Kong and 100 retail
outlets on the Chinese mainland. TSL is
a listed firm in Hong Kong. TSL
usually purchases raw materials and finished goods from the subject.
Rosy
Blue is now a global leader in the design, manufacture and distribution of fine
diamonds and jewellery – a dynamic corporation built on expertise and
integrity. From an exceptional supply of
rough diamonds, through state‑of-the-art diamond manufacturing, Rosy Blue
provides a comprehensive selection of polished diamonds and a complementary
range of finished jewellery. In
accordance with its highest ethical standards, Rosy Blue takes great care to
verify the provenance of its rough diamonds.
Its internal distribution systems are designed to track the diamonds
through the manufacturing and finishing processes. The rough diamonds range from the smallest to
the largest, in all forms and colours of sawables, makeables, cleavages,
industrials and crystals. Rosy Blue
procures diamonds from miners in Canada, Russia, South Africa and South
America.
Rose
Blue’s clients range from the world’s most prestigious brands to small,
specialty jewellery houses. It also
supplies the leading diamond manufacturers, distributors and retailers in every
part of the world with a comprehensive range of diamonds, from the smallest
polished stones, to single diamonds of the very highest quality.
The
Rosy Blue Group has a significant involvement in jewellery manufacturing and
distribution through various operations around the world, including Inter Gold,
the Group’s jewellery manufacturing facility and the largest Indian exporter of
diamond jewellery. Major customers are
diamond brokers, diamond wholesalers and jewellery manufacturers.
As
one of India’s largest diamond jewellery company, Rosy Blue supplies quality
jewellery to a variety of segments and businesses. Its marketing and distribution network
spreads throughout the globe with special expertise in the United States,
Europe, Japan, and Asia Pacific; each backed by a local service desk.
Inter
Gold Gems Pvt. Ltd., is a part of the Rosy Blue Group. Inter Gold is India’s largest jewellery
exporter (for the last 12 consecutive years) and India’s only dedicated diamond
jewellery retail chain. Today it is
present in 15 cities in India with 24 stores in two store formats, Orra &
Inter Gold.
The
subject is fully supported by the Rosy Blue Group and ultimately by the Mehta
family in India.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in “HKTDC Hong
Kong International Jewellery Show 2012” which had been held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 16th
to 20th February, 2012. Besides, it is
going to take part in “HKTDC Hong Kong International Jewellery Show 2013” which
will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong
during the period of 5th to 9th March, 2013.
As
the history of the subject in Hong Kong is over twenty-five years and nine
months, on the whole, consider it good for normal business engagements.
Court case:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Sept. 1995 |
H9184 |
R.B. Diamond Sales Ltd. [Now known as Rosy
Blue Hong Kong Ltd.] |
La Venti Co. Ltd. |
Amount due |
HK$294,485 |
|
Dec. 1998 |
H21734 |
Rosy Blue Hong Kong Ltd. |
Asian Gem Distributors (Hong Kong)
Ltd. |
Amount due |
HK$252,829 |
|
Nov. 2003 |
H1243 |
Rosy Blue Hong Kong Ltd. |
Anson Fine Jewellery Ltd. |
Companies Winding Up Proceedings |
Not stated |
Property
information of the company:-
1. Property Location: Workshop Unit 2 on 4/F., Harbour Centre, Tower 2,
8 Hok Cheung Street, Kowloon, Hong Kong.
Owner: Rosy Blue Hong Kong Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
28-09-2007 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
Mortgage to secure general banking facilities |
2. Property Location: Workshop Unit 3 on 4/F., Harbour Centre, Tower 2,
8 Hok Cheung Street, Kowloon, Hong Kong.
Owner: Rosy Blue Hong Kong Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
28-09-2007 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
Mortgage to secure general banking facilities |
3. Property Location: Workshop Unit 4 on 4/F., Harbour Centre, Tower 2,
8 Hok Cheung Street, Kowloon, Hong Kong.
Owner: Rosy Blue Hong Kong Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-11-2007 |
- |
ABN AMRO Bank N.V., Hong Kong Branch. [Now known as The Royal Bank of Scotland
N.V.] |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
24-01-2002 |
Instrument: Debenture Property: 1) All freehold and leasehold
property of the Company 2) All stocks shares bonds and
securities of any kind whether marketable or otherwise and all other
interests including loan capital of the Company 3) All book and other debts
revenues and claims 4) The uncalled capital
goodwill and all patents patent applications trade marks trade names
registered designs and copyrights and all licences and ancillary and
connected rights relating to the intangible property 5) The undertaking and all other assets of the
Company Mortgagee: Antwerpse
DiamantBank NV (also known as Antwerp Diamond Bank NV), Hong Kong
Branch. |
The general credit facilities of sum of HK$78,000,000 |
|
16-07-2003 |
Instrument: Debenture Property: All the Company’s undertaking and property
and assets whatsoever and wheresoever both present and future including all
book and other debts revenues and claims Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
General banking facilities |
|
27-04-2006 |
Instrument: Supplemental
Debenture Property: The subject matter of the charge contained
in the Debenture dated 16-07-2003, namely all the Company’s undertaking and
property and assets whatsoever and wheresoever both present and future
including all book and other debts revenues and claims Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
General banking facilities |
|
28-09-2007 |
Instrument: Mortgage Property: 56/5,767th parts or shares of and in The
Remaining Portion of Kowloon Marine Lot No. 113 (Workshop Unit 2 on 4/F. of
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
All moneys, obligations and liabilities |
|
28-09-2007 |
Instrument: Rental
Assignment Property: 56/5,767th parts or shares of and in The
Remaining Portion of Kowloon Marine Lot No. 113 (Workshop Unit 2 on 4/F. of
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
All moneys, obligations and liabilities |
|
28-09-2007 |
Instrument: Mortgage Property: 54/5,767th parts or shares of and in The
Remaining Portion of Kowloon Marine Lot No. 113 (Workshop Unit 3 on 4/F. of
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
All moneys, obligations and liabilities |
|
30-11-2007 |
Instrument: Mortgage Property: 66/5,767th parts or shares of and in The
Remaining Portion of Kowloon Marine Lot No. 113 (Workshop Unit 4 on 4/F. of
Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.) Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
All moneys, obligations and liabilities |
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.
-
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.
-
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.
-
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.
-
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.53.46 |
|
|
1 |
Rs.86.27 |
|
Euro |
1 |
Rs.69.40 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.