|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ROSY BLUE HONG KONG LTD. |
|
|
|
|
Formerly Known as : |
R.B. Diamond Sales
Ltd. |
|
|
|
|
Registered Office : |
Room 403-404, 4/F., Harbour Centre, Tower 2, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
15.07.1986 |
|
|
|
|
Com. Reg. No.: |
10439855 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· Importer, Exporter, Wholesaler and Distributor of all kinds of diamond and jewellery ·
Subject product ranges includes Diamond
Pendants, White Gold Diamond Pendants, White Gold Diamond Ring, 18K Gold
Rings, 18K Gold Earrings, White Gold Rings, White Gold Pendants, Gold Rings,
Loose Diamonds, Carat Size Diamonds, Diamond Necklaces and earrings. |
|
|
|
|
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 : |
Satisfactory |
|
|
|
|
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, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
|
Source
: CIA |
ROSY BLUE
HONG KONG LTD.
ADDRESS: Room 403-404, 4/F., Harbour
Centre, Tower 2,
PHONE: 852-2523 9475
FAX: 852-2845 0940, 2523 9030, 2523 9538
E-MAIL: info@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: 18.
Main Dealing Banker: The Royal Bank of
Banking Relation: Good.
Registered Head
Office:-
Room 403-404, 4/F., Harbour Centre, Tower 2,
Holding Company:-
Prime Investments S.A.,
Ultimate Holding
Company:-
Rosy Blue Investments
Associated/Affiliated
Companies:-
Rosy Blue Group of Companies
Diamotech CJSC,
Inter Gold Europe N.V.,
Inter Gold Gems Pvt. Ltd.,
Inter Gold India Pvt. Ltd.,
International Gold Co. Pvt. Ltd.,
Jewel-Asia Ltd.,
Lanka Diamond Polishing Ltd.,
Linyi Rosy Blue Huaxing (D & J) Co. Ltd.,
MZF Jewelry Co. BVBA,
R.B.
R.B. Solitaires Inc.,
RB Centro Inc.,
Rosy Blue (
Rosy Blue (
Rosy Blue (
Rosy Blue Diamond Co. Ltd.,
Rosy Blue Diamonds
Rosy Blue DMCC, UAE.
Rosy Blue Enterprises SA,
Rosy Blue Excellent LLC,
Rosy Blue Fine Inc.,
Rosy Blue Inc.,
Rosy Blue Jewellery (HK) Ltd., Hong Kong.
Rosy Blue Jewelry Inc.,
Rosy Blue Ltd.,
Rosy Blue N.V.,
Rosy Blue NV (RBIN-036BE) Tier A,
Rosy Blue Overseas Holdings Ltd.,
Rosy Blue Sales Ltd.,
Rosy Blue Services NV,
Rosy Blue Trading (Pty) Ltd.,
Rosy Blue Trading Inc.,
Rosy Blue Trading LLC, UAE.
Step Stones Ltd.,
Tai Shan Gems Ltd.,
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 15-07-2013)
|
Name |
|
No. of shares |
|
|
|
|
|
Redeemable Preference |
|
Maiank MEHTA |
|
1 |
- |
|
Prime Investments S.A. 63, Boulevard Prince Felix, L-1513 |
|
2 |
3,700,000 |
|
|
|
–– |
–––––––– |
|
|
Total: |
3 = |
3,700,000 ======= |
(As per registry
dated 15-07-2013)
|
Name (Nationality) |
Address |
|
Maiank MEHTA |
Flat A, 7/F., Block 1, |
|
Dilip Ramniklal MEHTA |
1200 Shanu Deep, |
(As per registry
dated 15-07-2013)
|
Name |
Address |
|
|
TMF Secretaries (HK) Ltd. |
36/F., Tower |
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.,
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: 18.
Commodities Imported: Imported from
Markets:
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T, etc.
The Hong Kong General
Chamber of Commerce,
[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$21,604,098.35 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 15-07-2013)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
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: Very 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 the followings: diamond pendants, white gold diamond pendants, white gold diamond ring, 18K gold rings, 18K gold earrings, white gold rings, white gold pendants, gold rings, loose diamonds, carat size diamonds, diamond necklaces and earrings.
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 13 countries, having about 5,100 direct employees. The significant sales office of Rosy Blue are in Belgium, Israel, the United Arab Emirates, Japan, the United States, South Africa, China, etc.
The main category products of the Rosy Blue Group are:-
· Rough Diamonds;
· Core Polished Diamonds;
· Specialist Polished Diamonds;
· Diamond Jewellery; &
· Polished Outcome.
Besides, Rosy Blue also has a 25% stake in the jewellery company Tse Sui Luen Jewellery (International) Ltd. [TSL]. TSL is a listed firm in Hong Kong. It usually purchases raw materials and finished goods from the subject.
Besides, Rosy Blue Group is holding preference shares of TSL which is a listed company in Hong Kong. TSL was founded by Mr. Tse Sui Luen in 1971, and was listed on the Hong Kong Stock Exchange in 1987. TSL is currently one of the largest jewellers in Asia, principally engaged in jewellery design, retailing, export and manufacturing. The Group operates over 200 jewellery boutiques spanning major cities in Asia, including Beijing, Shanghai, Guangzhou, Hong Kong, Macau, Kuala Lumpur and Japan.
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 is going to take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2015” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 2nd to 6th March, 2015.
As the history of the subject in Hong Kong is about twenty-eight years, 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. |
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.
-
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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.