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Report No. : |
352603 |
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Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ROSY BLUE DMCC |
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Registered Office : |
Almas Tower, Level 31, Jumeirah Lakes Towers, PO Box 340502, Dubai |
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Country : |
United
Arab Emirates |
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Financials (as on) : |
31.12.2014 |
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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 : |
Satisfactory |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
United Arab Emirates |
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. 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 and
ultimately a $20 billion bailout from the UAE Central Bank and Abu
Dhabi-emirate government that was refinanced in March 2014. 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 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 :
Good
Payments : Nothing
detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Manoj Shah, General Manager
ROSY BLUE DMCC
Registered &
Physical Address
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 / 6571908
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
Shrena Fortis - Company
Secretary
Date of Establishment : 26th
February 2006
Legal Form : Limited Liability
Company
Trade Licence No. : 30426 (Expires
25/02/2016)
Membership No. : 0247
Issued Capital : UAE Dh 210,000
Paid up Capital : UAE Dh 210,000
Name of Shareholder (s)
Delip Mehta
Dipu Mehta
7 CS Diamond & Jewellery 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
7CS 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, export and distribution of diamonds, polished diamonds
and jewellery.
Import Countries: India, South Africa, Belgium and Switzerland.
International
Suppliers:
A J Mehta & Sons India
Lypsa Gems India
Super Gems NV Belgium
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 31/12/13: Year Ending 31/12/14:
Total Sales UAE
Dh 256,000,000 UAE Dh
272,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Standard Chartered Bank
Khalid Bin Waleed Street
PO Box: 999
Dubai
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 – INDIA
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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.
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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, 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.
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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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.81 |
|
|
1 |
Rs.100.37 |
|
Euro |
1 |
Rs.70.68 |
|
UAE Dh |
1 |
Rs.18.12 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.