MIRA INFORM REPORT

 

 

Report Date :           

04.10.2011

 

IDENTIFICATION DETAILS

 

Name :

PLATINUM CORPORATION FZE

 

 

Registered Office :

Dubai Airport Free Zone Area, Dubai

 

 

Country :

United Arab Emirates

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

29.10.2003

 

 

Legal Form :

Free Zone Establishment

 

 

Line of Business :

Import and distribution of automobiles, frozen foodstuff products, dairy products, chemicals and fertilisers

 

 

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 :

Good

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

United Arab Emirates 

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : PLATINUM CORPORATION FZE

Country of Origin                                    : Dubai, United Arab Emirates

Legal Form                                            : Free Zone Establishment - FZE

Registration Date                                   : 29th October 2003

Trade Licence Number                            : 327

Chamber Membership Number                : 84112

Issued Capital                                        : UAE Dh 1,000,000

Paid up Capital                                      : UAE Dh 1,000,000

Total Workforce                                     : 40

Activities                                               : Import and distribution of automobiles, frozen foodstuff products, dairy

                                                              products, chemicals and fertilisers.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Priya Salandha, Administration Manager

COMPANY NAME

 

PLATINUM CORPORATION FZE

 

 

company ADDRESS

 

Registered Address

Location            : Dubai Airport Free Zone Area

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 2997779

Facsimile          : (971-4) 2997776

 

Physical Address

Location            : AG Silver Tower, 37th Floor, Jumeirah Lakes Towers

PO Box             : 54513 & 122233

Town                 : Dubai

Country             : United Arab Emirates

Telephone         : (971-4) 4340999

Facsimile          : (971-4) 4340901

Email                : contact@platcorp.com / info@platcorp.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Dubai.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Arun Kumar Rishi                                              British                       Managing Director

 

·       Vaidyanathan Arunachabem                                   -                           Finance Manager

 

·       Priya Salandha                                                     -                           Administration Manager

 

·       Fiona Fernandes                                                   -                           Administration Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th October 2003

 

Legal Form                  : Free Zone Establishment - FZE

 

Trade Licence No.       : 327, DAFZA (Expires 07/05/2012)

 

Chamber Member No. : 84112

 

Issued Capital              : UAE Dh 1,000,000

 

Paid up Capital            : UAE Dh 1,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Platinum Investment Ltd *                                              100%

British Virgin Islands

 

* Platinum Investment Ltd was formerly known as Longleigh Asset Management Ltd

 

 

AFFILIATED COMPANIES

 

·       Platinum Incorporation DMCC

     AG Silver Tower, 37th Floor

     Jumeirah Lakes Towers

     Dubai

     Tel: (971-4) 4340999

     Fax: (971-4) 4340901

 

·       Platinum Vision LLC

Dubai

Tel: (971-4) 4340999

Fax: (971-4) 4340901

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of automobiles, frozen foodstuff products, dairy products, chemicals and fertilisers.

 

Import Countries: Europe, Mauritania, Chile, Uruguay, Argentina, Thailand and India.

 

Operating Trend: Steady

 

Subject has a workforce of 40 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                UAE Dh 2,500,000,000               UAE Dh 2,950,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above figures were provided by Priya Salandha, Administration Manager

 

 

BANKERS

 

·       National Bank of Dubai

Baniyas Street

     PO Box: 777

     Dubai

     Tel: (971-4) 2222241

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2005

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Established in 2003, subject is involved in the import and distribution of automobiles, frozen foodstuff products, dairy products, chemicals and fertilisers.

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

                                                             

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.