MIRA
INFORM REPORT
|
Report Date : |
18.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DAGA GLOBAL CHEMICAL FZE |
|
|
|
|
Registered Office : |
LOB 9, 1st
Floor, Jebel Ali Free Zone, PO Box 17818, Dubai |
|
|
|
|
Country : |
United Arab Emirates |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
16th September 2000 |
|
|
|
|
Legal Form : |
Free Zone Establishment - FZE |
|
|
|
|
Line of Business : |
Distributors of Agrochemicals and Pharmaceuticals. |
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$ 150,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : DAGA GLOBAL CHEMICAL FZE
Also Known As : DAGA PETROCHEMICALS LTD (DPL)
Country of Origin : Dubai, United Arab Emirates
Legal Form : Free Zone Establishment - FZE
Registration Date : 16th September 2000
Trade Licence Number : 02724
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Total Workforce : 6
Line of Business : Distributors of agrochemicals and pharmaceuticals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
DAGA GLOBAL
CHEMICAL FZE
ALSO KNOWN AS
DAGA PETROCHEMICALS
LTD (DPL)
ADDRESS
Registered & Physical Address
Location : LOB 9, 1st Floor
Street :
Area : Jebel Ali Free Zone
PO Box : 17818
Town : Dubai
Country : United Arab Emirates
Telephone : (971-4) 8871300
Facsimile : (971-4) 8871301
Email : dubai@dagaglobal.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Jebel Ali Free
Zone.
KEY PRINCIPALS
·
Kirti Krishna
Daga Managing
Director
·
Mahes Bapna General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 16th
September 2000
Legal Form :
Mouassasat Al Mintaka Al
Horra (Free Zone Establishment - FZE)
Trade Licence No. : 02724
Issued Capital : UAE Dh 1,000,000
Paid up Capital : UAE Dh 1,000,000
Name of Shareholder (s) Percentage
·
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
agrochemicals and pharmaceuticals.
Import Countries : India
Operating Trend : Steady
Subject has a
workforce of 6 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 Sales UAE Dh 5,380,000 UAE Dh 5,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Standard
Chartered Bank
Khalid Bin Waleed Street
PO Box : 999
Dubai
Tel : (971-4) 2520455
Acc No. 014717864
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit
figure of US$ 150,000:
Established in
2000, subject is involved in the import and distribution of agrochemicals and
pharmaceuticals.
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
|
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. |
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 |
|
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%)