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MIRA INFORM REPORT
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Report No. : |
498952 |
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Report Date : |
20.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ROSY BLUE DMCC |
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Registered Office : |
Almas Tower, Level 31, Jumeirah Lakes Towers Sheikh Zayed Road PO Box 340502 & 98173 Dubai |
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Country : |
United Arab Emirates |
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Financials (as on) : |
31.12.2017 |
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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
(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 : |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United Arab Emirates |
A2 |
A2 |
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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 |
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 from the oil and gas sector to 30%.
Since the discovery of oil in the UAE nearly 60 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 of 2008-09, 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 Government that was refinanced in March 2014.
The UAE’s dependence on oil is a significant long-term challenge. Low oil prices have prompted the UAE to cut expenditures, including on some social programs, but the UAE has sufficient assets in its sovereign investment funds to cover its deficits. The government reduced fuel subsidies in August 2015, and has announced plans to introduce excise and value-added taxes by January 1, 2018. The UAE's strategic plan for the next few years focuses on economic diversification, promoting the UAE as a global trade and tourism hub, developing industry, and creating more job opportunities for nationals through improved education and increased private sector employment.
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Source
: CIA |
SUMMARY
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 : No Complaints
Operating Trend : Steady
COMPANY
NAME
ROSY BLUE DMCC
ADDRESS
Registered &
Physical Address
Location :
Almas Tower, Level 31, Jumeirah Lakes Towers
Street :
Sheikh Zayed Road
PO Box :
340502 & 98173
Town :
Dubai
Country : United Arab
Emirates
Telephone :
(971-4) 4230644 / 2450900
Facsimile : (971-4)
4230645 / 2450999
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.
KEY
PRINCIPALS
Name Nationality Position
· Delip
Mehta Indian Managing
Director
· Dipu Mehta Indian Director
· Manoj
Shah - General
Manager
· Shrena Fortis - Company
Secretary
LEGAL
FORM & OWNERS
Date
of Establishment : 26th
February 2006
Legal
Form : Limited
Liability Company
Trade
Licence No. : 30426
Membership
No. : 0247
Issued Capital : UAE
Dh 210,000
Paid up Capital :
UAE Dh 210,000
Name of Shareholder (s)
· Delip
Mehta
· Dipu Mehta
AFFILIATED
COMPANIES
· 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
OPERATIONS
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
DATA
Financial
highlights provided by local sources are given below:
Currency:
United Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales UAE
Dh 300,000,000 UAE Dh
312,000,000
Local sources consider subject’s financial condition to be
Good.
The above financial figures are based
on estimations by our local sources.
BANKERS
·
Standard Chartered Bank
Khalid
Bin Waleed Street
PO
Box: 999
Dubai
Tel:
(971-4) 2520455
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
GENERAL
COMMENTS
The subject and its shareholders/owners have been searched
in the following databases; Office of Foreign Assets Control (OFAC), United
Nations Security Council Sanctions, Australian Sanctions List, US Consolidated
Sanctions List, EU Financial Sanctions List and UK Financial Sanctions List and
nothing adverse could be found on the exact names listed within the report.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.04 |
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1 |
INR 90.55 |
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Euro |
1 |
INR 79.77 |
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UAE DH |
1 |
INR 17.75 |
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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VIV |
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Report Prepared
by : |
TPT |
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.