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Report Date : |
10.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ROSY BLUE DMCC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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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 : |
Subject is engaged in the import, export and distribution of diamonds,
polished diamonds and jewellery. |
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No of Employees : |
13 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
UNITED ARAB EMIRATES - 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
|
Source
: CIA |
Company Name :
ROSY BLUE DMCC
Country of Origin :
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 :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Manoj Shah, General Manager
ROSY BLUE DMCC
Registered &
Physical Address
Location :
PO Box : 340502
Town :
Country : United Arab Emirates
Telephone : (971-4) 4230644
Facsimile : (971-4)
4230645
Email : dubai@rosyblue.com
/ manoj.shah@rosyblue.com
Premises
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
Dipu Mehta Indian Director
Manoj Shah - General
Manager
Date of Establishment : 26th
February 2006
Legal Form :
Limited
Liability Company
Trade Licence No. : 30426 (Expires
25/02/2015)
Membership No. :
0247
Issued Capital : UAE Dh 210,000
Paid up Capital :
UAE
Dh 210,000
Name of
Shareholder (s)
Delip Mehta
Dipu Mehta
Rosy Blue Trading LLC
Al Ras
PO Box: 54303
Tel: (971-4) 2252221
Fax: (971-4) 2269442
Rosy Blue
Tel: (971-4) 2995914 / 2995915
Fax: (971-4) 2995916
Email: rosyblue@emirates.net.ae / dubai@rosyblue.com
Activities: Engaged in the import, export and distribution of diamonds, polished
diamonds and jewellery.
Import Countries:
International
Suppliers:
A J Mehta & Sons
Lypsa Gems
Super Gems NV
Operating Trend: Steady
Subject has a workforce of 13 employees.
Financial highlights provided by local sources are given below:
Currency:
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales UAE
Dh 190,000,000 UAE Dh
256,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Manoj Shah, General Manager
Standard Chartered Bank
PO Box: 999
Tel: (971-4) 2520455
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 –
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From time immemorial,
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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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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 –
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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,
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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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
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|
1 |
Rs.96.90 |
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Euro |
1 |
Rs.76.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.