|
Report Date : |
17.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
ROSY BLUE TRADING LLC |
|
|
|
|
Registered Office : |
Gold Land Building, 3rd Floor, Office No. 323-328 Gold
Souq, Deira PO Box 54303 Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
08.06.2005 |
|
|
|
|
Com. Reg. No.: |
74478, Dubai |
|
|
|
|
Legal Form : |
Limited Liability Company - LLC |
|
|
|
|
Line of Business : |
Import and distribution of jewellery, diamonds and other precious stones. |
|
|
|
|
No. of Employees : |
18 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income
and a sizable annual trade surplus. Successful efforts at economic
diversification have reduced the portion of GDP based on oil and gas output to
25%. Since the discovery of oil in the UAE more than 30 years ago, the country
has undergone a profound transformation from an impoverished region of small
desert principalities to a modern state with a high standard of living. The
government has increased spending on job creation and infrastructure expansion
and is opening up utilities to greater private sector involvement. In April
2004, the UAE signed a Trade and Investment Framework Agreement with Washington
and in November 2004 agreed to undertake negotiations toward a Free Trade
Agreement with the US; however, those talks have not moved forward. The
country''s Free Trade Zones - offering 100% foreign ownership and zero taxes -
are helping to attract foreign investors. The global financial crisis, tight
international credit, and deflated asset prices constricted the economy in
2009. UAE authorities tried to blunt the crisis by increasing spending and
boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it
was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash
to meet its debt obligations, prompting global concern about its solvency. The
UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In
December 2009 Dubai received an additional $10 billion loan from the emirate of
Abu Dhabi. Dependence on oil, a large expatriate workforce, and growing
inflation pressures are significant long-term challenges. The UAE''s strategic
plan for the next few years focuses on diversification and creating more
opportunities for nationals through improved education and increased private
sector employment.
Source
: CIA
Company Name : ROSY BLUE TRADING LLC
Country of Origin : Dubai, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 8th June 2005
Commercial Registration Number : 74478, Dubai
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, diamonds and other precious stones.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Sunil Mahesvari, Accountant
ROSY BLUE TRADING LLC
Building : Gold Land
Building, 3rd Floor, Office No. 323-328
Area : Gold Souq,
Deira
PO Box : 54303
Town : Dubai
Country : United Arab
Emirates
Telephone : (971-4) 2252221
/ 2350442 / 2202099
Facsimile : (971-4)
2269442 / 2518530
Email : nader.n@rosyblue.com
/ surabh.shah@rosyblue.com
/ rao.vagddi@rosyblue.com
Please note that subject’s previous address was, Gold Centre Building, 5th
Floor, Zone IV, Suite No. 134, Al Khor Street, Gold Souq, Al Ras, Dubai.
Subject moved to the above address in June 2012.
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
Dubai
Tel: (971-4)
2998008
Fax: (971-4)
2991189
Name Nationality Position
· Nader Nazim
Nasruddin Lebanese Managing Director
· Rao Vagddi - Finance
Manager
· Saurab Shah - Commercial
Manager
· Arun Bhatnagar - Branch
Manager
· Sunil Mahesvari - Accountant
Date of
Establishment : 8th
June 2005
Legal Form : Limited Liability
Company - LLC
Commercial Reg.
No. : 74478, Dubai
Trade Licence No. : 570141
Chamber Member No. : 98143
Issued Capital : UAE Dh 300,000
Paid up Capital : UAE Dh 300,000
· Gulf Future
Investment LLC 51%
Khalid Al Attar
Tower
Sheikh Zayed Road
Dubai
· Rosy Blue
(Euroasia) FZE 49%
Al Twar Road
PO Box: 54303
Dubai
Tel:
(971-4) 2995914
Fax:
(971-4) 2995916
· Rosy Blue DMCC
Unit
23, Business Avenue, Plot 287/128
PO
Box: 98173
Dubai
Tel:
(971-4) 2995914 / 2998001 / 2045990
Fax:
(971-4) 2995916
Email:
manoj.shah@rosyblue.com
Activities: Engaged in the import and distribution of jewellery, diamonds and other
precious stones.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 18 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales US$
153,500,000 US$
155,700,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on
estimations by our local sources.
·
Emirates National Bank of Dubai
Baniyas Street
PO Box:
777
Dubai
Tel:
(971-4) 2222241
No complaints regarding subject’s payments have been reported.
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
-
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.
-
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 –
-
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.
-
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.59.39 |
|
|
1 |
Rs.89.89 |
|
Euro |
1 |
Rs.77.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.