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MIRA
INFORM REPORT
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Report No. : |
490269 |
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Report Date : |
09.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ROSY BLUE HONG KONG LIMITED |
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Registered Office : |
Room
403-404, 4/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.07.1986 |
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Com. Reg. No.: |
10439855 |
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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 : |
16. (Including
associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONG
KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of reexports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China through trade, tourism, and financial links aided a more rapid initial recovery than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.4% of total system deposits in Hong Kong by the end of 2015. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota.
The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% of the exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company name and address
ROSY BLUE
HONG KONG LIMITED
ADDRESS: Room 403-404, 4/F., Harbour Centre, Tower
2, 8 Hok Cheung Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2523 9475
FAX: 852-2845
0940, 2523 9030, 2523 9538
E-MAIL: info@rosyblue.com.hk
hongkong@rosyblue.com
MANAGEMENT:
Managing Director: Mr. Maiank Mehta
SUMMARY
Incorporated on: 15th
July, 1986.
Organization:
Private Limited
Company.
Issued Share Capital: HK$3.00 & US$3,700,000.00
Business Category: Diamond and Jewellery Trader.
Employees:
16. (Including associates)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
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
Diamotech CJSC, Armenia.
Inter Gold Europe N.V., Belgium.
Inter Gold Gems Pvt. Ltd., India.
Inter Gold India Pvt. Ltd., India.
International Gold Co. Pvt. Ltd., India.
Jewel-Asia Ltd., Hong Kong.
Lanka Diamond Polishing Ltd., Sri Lanka.
Linyi Rosy Blue Huaxing (D & J) Co. Ltd.,
China.
MZF Jewelry Co. BVBA, Belgium.
R.B. Diamantslijperij BVBA, Belgium.
R.B. Solitaires Inc., USA.
RB Centro 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 Diamonds Johannesburg (Pty) Ltd.,
South Africa.
Rosy Blue DMCC, UAE.
Rosy Blue Enterprises SA, Luxembourg.
Rosy Blue Excellent LLC, Russian Federation.
Rosy Blue Fine Inc., USA.
Rosy Blue Inc., USA.
Rosy Blue Jewellery (HK) Ltd., Hong Kong.
Rosy Blue Jewelry Inc., USA.
Rosy Blue Ltd., Japan.
Rosy Blue N.V., Belgium.
Rosy Blue NV (RBIN-036BE) Tier A, Belgium.
Rosy Blue Overseas Holdings Ltd., Hong Kong.
Rosy Blue Sales Ltd., Israel.
Rosy Blue Services NV, Belgium.
Rosy Blue Trading (Pty) Ltd., South Africa.
Rosy Blue Trading Inc., USA.
Rosy Blue Trading LLC, UAE.
Step Stones Ltd., Thailand.
Tai Shan Gems Ltd., Hong Kong.
etc.
BUSINESS REGISTRATION NUMBER
10439855
COMPANY FILE NUMBER
0171832
MANAGEMENT
Managing Director: Mr. Maiank Mehta
Contact Person: Ms. Jonas Woo
ISSUED SHARE CAPITAL
HK$3.00 & US$3,700,000.00 (3 fully paid ordinary shares and
3,700,000 fully paid redeemable preference shares)
SHAREHOLDERS
(As per registry dated 15-07-2017)
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Name |
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No. of shares |
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Redeemable Preference |
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Maiank MEHTA |
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1 |
-- |
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Prime Investments S.A. 63, Boulevard Prince Felix, L-1513
Luxembourg, Luxembourg. |
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2 |
3,700,000 |
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–– |
–––––––– |
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Total: |
3 = |
3,700,000 ======= |
DIRECTORS
(As per registry dated 29-11-2017)
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Name (Nationality) |
Address |
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Rajkumar MEHTA |
Ahornenlaan 15, B-2610 Antwerpen, Belgium. |
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Maiank MEHTA |
Flat A, 7/F., Block 1, Estoril Court, 55
Garden Road, Hong Kong. |
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Vishal MEHTA |
Silk Leaf 5, Villa no. 2 AKA 12.10 Al
Barari, 600-Nad Al Shiba, Dubai, U.A.E. |
SECRETARY
(As per registry dated 15-07-2017)
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Name |
Address |
Co. No. |
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TMF Secretaries (HK) Ltd. |
36/F., Tower Two, Tines Square, 1 Matheson
Street, Causeway Bay, Hong Kong. |
0099444 |
HISTORY
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 operating office.
In July 2016, a new director have been appointed.
The subject changed its shareholders in November 2017.
Apart from these, neither material change nor amendment has been
ever traced and noted.
OPERATIONS
Activities: Importer, Exporter, Wholesaler and
Distributor.
Lines: All kinds of diamond and
jewellery.
Brand Name:
Rosy Blue.
Employees: 16.
(Including associates)
Commodities Imported: Imported from Belgium, India, Israel, US, Thailand, etc.
Markets: Japan, US, Europe, Asian countries,
etc.
Terms/Sales:
Various terms.
Terms/Buying:
L/C, T/T, etc.
MEMBERSHIP
Japan Jewellery Association, Japan.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKR0306]
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
FINANCIAL INFORMATION
Issued
Share Capital: HK$3.00 & US$3,700,000.00
(3 fully paid ordinary shares and 3,700,000 fully paid redeemable preference
shares)
Indebtedness: US$21,904,893.21 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 15-07-2017)
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:
Slow but
Correct.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
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.
GENERAL
Incorporated in 1986, Rosy Blue Hong Kong Limited 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 director of the subject Maiank Mehta is a Hong Kong ID card
holder and has got the right to reside in Hong Kong.
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 worldwide customers.
Main products of the subject are the followings:
Diamond pendants, white gold diamond pendants, white gold diamond
rings, 18K gold rings, 18K gold earrings, white gold rings, white gold
pendants, gold rings, loose diamonds, carat size diamonds, diamond necklaces,
earrings, etc.
Most of the products bear the brand name Rosy Blue.
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 a client of the Diamond Trading Company, Rio
Tinto Diamonds and Alrosa, Rosy Blue is a key 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.
Rosy Blue has its headquarters in India and Belgium with offices,
factories and stores in 13 countries, having about 5,000 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:-
1. Rough Diamonds;
2. Core Polished Diamonds;
3. Specialist Polished Diamonds;
4. Diamond Jewellery; &
5. Polished Outcome.
Besides, Rosy Blue also has a 25% stake in the jewellery company
Tse Sui Luen Jewellery (International) Ltd. [TSL]. 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.
Rosy Blue also trades in rough diamonds. The rough diamonds range from the smallest to
the largest which are in all forms and colours.
Rosy Blue procures diamonds from miners in Canada, Russia, South Africa
and South America.
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 2018” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong
Kong during the period of 27th February to 3rd March, 2018. Its booth No. is AWE 5-D10.
The subject’s total amount outstanding registered with the
Companies Registry as at mid-July 2017 amounted to US$21.9 million (2016:
US$11.2 million).
The subject owns premises in Hong Kong and operates from its own
office.
The business of the subject is chiefly handled by Ms. Jonas Woo
who is the marketing coordinator.
As the history of the subject in Hong Kong is over thirty-one
years and six months, on the whole, consider it good for normal business
engagements.
REMARKS
Court case records:-
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Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
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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 |
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Dec. 1998 |
H21734 |
Rosy Blue Hong Kong Ltd. |
Asian Gem Distributors (Hong Kong)
Ltd. |
Amount due |
HK$252,829 |
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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:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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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 |
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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 |
MORTGAGE OR CHARGE
(since 2016)
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Date |
Description of Instrument |
Mortgagee |
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15-03-2016 |
Mortgage |
Bank of China (Hong Kong) Ltd., Hong Kong. |
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01-11-2016 |
Mortgage |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
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01-11-2016 |
Assignment of
Rentals |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.16 |
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1 |
INR 89.19 |
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Euro |
1 |
INR 78.75 |
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HKD |
1 |
INR 8.23 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIY |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to business
in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.