MIRA
INFORM REPORT
|
Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
PLATINUM 3 LTD |
|
|
|
|
Registered Office : |
A-4/28
Sharjah Airport Free Zone, PO Box: 8603, Sharjah, United Arab Emirates. |
|
|
|
|
Country : |
United
Arab Emirates |
|
|
|
|
Date of Incorporation : |
August
2002 |
|
|
|
|
Legal Form : |
Mouassasat
Al Mintaka Al Horra (Free Zone Establishment - FZE) |
|
|
|
|
Line of Business : |
Engaged
in the manufacture of men’s and women’s clothing, specialising in leather
products. |
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 |
|
Maximum Credit Limit : |
US$
200,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company
Name |
PLATINUM 3 LTD |
|
Country
of Origin |
Sharjah, United Arab Emirates |
|
Legal
Form |
Free Zone Establishment - FZE |
|
Registration
Date |
August 2002 |
|
Trade
Licence Number |
030301430 |
|
Issued
Capital |
UAE Dh 1,000,000 |
|
Paid
up Capital |
UAE Dh 1,000,000 |
|
Total
Workforce |
300 |
|
Line
of Business |
Manufacturers of men’s and women’s clothing. |
|
Financial
Condition |
Undetermined |
|
Payments |
Nothing detrimental uncovered |
COMPANY NAME
PLATINUM
3 LTD
ADDRESS
Registered & Physical Address
Location : A-4/28 Sharjah Airport Free Zone
PO Box : 8603
Town : Sharjah
Country : United Arab Emirates
Telephone : (971-6) 5571448
Facsimile : (971-6) 5570685 / 5570868
Mobile : (971-50) 6243100
Email : info@platinum3.com
Premises
Subject
operates from a large suite of offices and a factory that are rented and
located in the Free Zone Area of Sharjah.
KEY PRINCIPALS
Name Nationality Position
· Vishal Aroura Indian Managing Director
· Vanita Maher Indian Director
· Mohan Wanigera Shakera - General
Manager
LEGAL FORM & OWNERS
Date of Establishment : August 2002
Legal Form : Mouassasat Al Mintaka Al Horra (Free Zone Establishment - FZE)
Trade Licence No. : 030301430
Issued
Capital : UAE Dh 1,000,000
Paid
up Capital : UAE Dh 1,000,000
Name of Shareholder (s)
· Vishal Aroura
· Vanita Maher
Note to the Legal Form
A Free Zone Establishment (FZE) is a Private Limited Liability Company, with its liability determined by the amount of paid-up capital. The minimum share capital currently stands at UAE Dh 1,000,000.
This legal form allows for 100 percent foreign ownership within the United Arab Emirates and allows foreign companies to maintain a presence in the UAE (within the free zone), without the usual requirement of a local sponsor that would hold majority ownership, ie minimum of 51% equity in the capital.
LINE OF BUSINESS
Operations
: Engaged in the
manufacture of men’s and women’s clothing, specialising in leather products.
Import
Countries :
France, Italy and Russia.
Brand
Names : PLATINUM
Subject
has a workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Sharjah, United Arab Emirates are not legally required to make
their accounts public and no financial information was released by the company
or submitted by outside sources.
BANKERS
·
Habib
Bank Ltd
PO Box : 2681
Hamdan Street
Abu Dhabi
Tel :
(971-2) 6322838
Fax :
(971-2) 6351832
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Established
in 2002, subject is involved in the manufacture of men’s and women’s clothing,
specialising in leather products under the brand name Platinum.
During
the course of this investigation nothing detrimental was uncovered regarding
subject’s operating history or the manner in which payments are fulfilled. As
such the company is considered to be a fair trade risk and the above credit
figure is deemed admissible.
Maximum
suggested credit figure: US$ 200,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|