MIRA
INFORM REPORT
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Report Date : |
22.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
DAGA GLOBAL
CHEMICALS FZE |
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Registered Office : |
Plot No. 9,
Office No. 120, Sheikh Zayed Road, Jebel Ali Free Zone, P O Box 17818, Dubai |
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Country : |
United Arab
Emirates |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
6th November 2000 |
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Legal Form : |
Free Zone Establishment – FZE |
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Line of Business : |
Engaged in the import
and distribution of industrial chemicals. |
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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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DAGA GLOBAL CHEMICALS FZE
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 6th November 2000
Trade Licence Number : 2724
Membership Number : 59226
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 5
Line of Business : Distributors of industrial chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DAGA GLOBAL
CHEMICALS FZE
ADDRESS
Registered & Physical Address
Location : Plot No. 9, Office No. 120
Street : Sheikh Zayed Road
Area : Jebel Ali Free Zone
PO Box : 17818
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8871300
Facsimile : (971-4) 8871301
Mobile : (971-50) 5525471
Email : dpl@emirates.net.ae
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Jebel Ali Free Zone.
KEY PRINCIPALS
Name Nationality Position
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Kirti Krishna
Daga Indian Managing
Director
LEGAL FORM & OWNERS
Date of Establishment : 6th
November 2000
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 2724
(Expires 15th October 2008)
Membership No. : 59226
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
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Kirti Krishna
Daga 100%
Note to the Legal Form
A Free Zone Establishment - or FZE - is an establishment formed and registered within the Free Zones and regulated solely by the Free Zone authorities.
Such establishments must have a capital of at least UAE Dh 1 million and
liability will be limited to the amount of paid-up capital. A FZE need only
have a single shareholder and is an independent legal entity.
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, i.e. minimum of 51 % equity in the capital.
LINE OF BUSINESS
Operations: Engaged in the import and distribution of
industrial chemicals.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : United
Arab Emirates Dirham (UAE Dh)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue UAE Dh 5,500,000 UAE Dh 5,910,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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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.
Date of transaction September 2006
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
Opinion on the
credit figure of US$ 150,000
Established in
2000, subject is involved in the import and distribution of industrial
chemicals.
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 and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 150,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)