1. Summary Information
|
Country |
|
||
|
Company Name |
DAGA GLOBAL
CHEMICALS LIMITED |
Principal Name 1 |
Mr. Satyen M. Daga |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Pradeep Daga |
|
Registration # |
11-98494 |
||
|
Street Address |
112, Dattani Trade Centre, |
||
|
Established Date |
28.03.1996 |
SIC Code |
-- |
|
Telephone# |
91-22-28060909/ 28924466 |
Business Style 1 |
Supplier |
|
Fax # |
91-22-28911013/ 28911014 |
Business Style 2 |
Distributor |
|
Homepage |
Product Name 1 |
Chemicals |
|
|
# of employees |
-- |
Product Name 2 |
Pharmaceutical Raw Materials |
|
Paid up capital |
Rs.40,000,000/- |
Product Name 3 |
-- |
|
Shareholders |
Directors or relatives of directors 99.56%, Other top
fifty shareholders 0.44% |
Banking |
Union Bank of |
|
Public Limited Corp. |
No |
Business Period |
14 Years |
|
IPO |
No |
International Ins. |
- |
|
Public |
No |
Rating |
Ba
(49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
|
Daga Life Science Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
457,115,000 |
Current Liabilities |
222,906,000 |
|
Inventories |
79,998,000 |
Long-term Liabilities |
140,545,000 |
|
Fixed Assets |
4,216,000 |
Other Liabilities |
24,398,000 |
|
Deferred Assets |
16,000 |
Total Liabilities |
387,849,000 |
|
Invest& other Assets |
16,705,000 |
Retained Earnings |
130,201,000 |
|
|
|
Net Worth |
170,201,000 |
|
Total Assets |
558,050,000 |
Total Liab. & Equity |
558,050,000 |
|
Total Assets (Previous Year) |
401,063,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,296,774,000 |
Net Profit |
37,489,000 |
|
Sales(Previous yr) |
1,325,251,000 |
Net Profit(Prev.yr) |
9,134,000 |
MIRA INFORM REPORT
|
Report Date : |
14.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
DAGA GLOBAL CHEMICALS LIMITED |
|
|
|
|
Registered Office : |
112, Dattani Trade Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
28.03.1996 |
|
|
|
|
Com. Reg. No.: |
11-98494 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24100MH1996PLC098494 |
|
|
|
|
IEC No.: |
0389019496 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD07970E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACD2233M |
|
|
|
|
Legal Form : |
A closely held Public Limited Liability Company. |
|
|
|
|
Line of Business : |
Suppliers and Distributors of Chemicals, Pharmaceutical
Raw Materials. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 680000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to be
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered/ Head Office : |
112, Dattani Trade Centre, |
|
Tel. No.: |
91-22-28060909/ 28924466 |
|
Fax No.: |
91-22-28911013/ 28911014 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
985 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Corporate Office
: |
Sector 12, Lilashah Nagar, Gandhidham – 370201, |
|
Tel. No.: |
91-22-28920909/ 91-79-6634793 |
|
|
|
|
Overseas Office
: |
Located at: |
|
|
|
|
Marketing Office
|
Located at:
|
|
|
|
|
Branches : |
Located at:
|
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Satyen M. Daga |
|
Designation : |
Chairman and
Managing Director |
|
Address : |
A-4/401, |
|
Date of Birth/Age : |
12.12.1961 |
|
Qualification |
B. Com Graduate |
|
Date of Appointment : |
28.03.1996 |
|
Previous Employment |
Partner in Daga Chemicals |
|
Email : |
|
|
PAN No.: |
AAAPD9787F |
|
|
|
|
Name : |
Mr. Pradeep Daga |
|
Designation : |
Whole time
Director |
|
Address |
B-503, Prince Manor, 5th Floor, 114, |
|
Date of Birth/Age : |
11.07.1959 |
|
Date of Appointment : |
01.04.1996 |
|
Date of Ceasing : |
12.08.2006 |
|
|
|
|
Name : |
Mr. Mahesh Gajadhar Daga |
|
Designation : |
Associate
Director |
|
Address : |
A-2/102, |
|
Date of Birth/Age : |
02.12.1968 |
|
Date of Appointment : |
29.09.2007 |
|
Email : |
|
|
PAN No.: |
AAAPD9786E |
|
|
|
|
Name : |
Ms. Kokila A. Gadhiya |
|
Designation : |
Whole-Time
Director |
|
Address : |
A-503, Shiv Amrut, Bharwany’s Complex, Kalyan (West), Thane-421301, |
|
Date of Birth/Age : |
29.12.1963 |
|
Qualification |
B. Com. Graduate |
|
Date of Appointment : |
01.06.2007 |
|
Previous Employment |
Manager In Daga Chemicals |
|
Email : |
|
|
PAN No.: |
ABMPG4824F |
|
|
|
|
Name : |
Mr. Vijay Gajanan Gangan |
|
Designation : |
Additional Director |
|
Address : |
A-704, Shri Krishna, Borasa Pada Road, Near Kamala Vihar Sports Club,
Kandivali- West, Mumbai-400067, Maharashtra, India |
|
Date of Birth/Age : |
10.05.1968 |
|
Date of Appointment : |
03.05.2006 |
|
Email : |
|
|
PAN No.: |
AECPG9990D |
|
|
|
|
Name : |
Ms. Kirti Krishna Daga |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
23.11.1972 |
|
Date of Appointment: |
29.09.2007 |
|
Email : |
|
|
PAN No.: |
AABPD9521C |
|
|
|
|
Name : |
Mr. Ravikumar Maganlal Chaturvedi |
|
Designation : |
Independent Director |
|
Address : |
Flat No. 302, |
|
Date of Birth/Age : |
03.10.1949 |
|
Date of Appointment: |
12.05.2010 |
|
|
|
|
Name : |
Mr. Shiv Kumar Singhal |
|
Designation : |
Director |
|
Address : |
F-14, Ashok Vihar Phase- I, Delhi-11052, |
|
Date of Birth/Age : |
30.05.1952 |
|
Date of Appointment: |
29.09.2007 |
|
|
|
|
Name : |
Mr. Maheshkumar Hansraj Mishra |
|
Designation : |
Independent Director |
|
Address : |
A-1/401-402, |
|
Date of Birth/Age : |
07.07.1951 |
|
Date of Appointment: |
12.05.2010 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Sayten Mahabirprasad Daga |
|
261920 |
|
Pradeep Daga |
|
10 |
|
Rama Daga |
|
6470 |
|
Kokila A. Gadhiya |
|
12000 |
|
Sayten Daga and Rama Daga |
|
96840 |
|
Mahesh Daga |
|
20000 |
|
Vijay Gajanan Gangan |
|
1000 |
|
Krishnakumar Saboo |
|
10 |
|
Babu Ghadi |
|
100 |
|
Deepak Ghadshi |
|
100 |
|
Deepak Kamerkar |
|
100 |
|
Deepal Modani |
|
200 |
|
Harish Maheshwari |
|
100 |
|
N. Krishanan |
|
250 |
|
Moloy Kumar Panja |
|
500 |
|
Nilesh Shantaram Ghone |
|
100 |
|
Parag Bhanage |
|
50 |
|
Prakash Chogale |
|
100 |
|
Ravindra Kamath |
|
50 |
|
Santosh Yadav |
|
100 |
|
|
|
|
|
Total |
|
400000 |
As on 30.09.2010
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Directors
or relatives of directors |
|
99.56 |
|
Other
top fifty shareholders |
|
0.44 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Suppliers and Distributors of Chemicals, Pharmaceutical
Raw Materials. |
||||
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|
Products : |
|
GENERAL INFORMATION
|
Bankers : |
|
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Facilities : |
|
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Banking
Relations : |
-- |
|
|
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Auditors : |
|
|
Name : |
A P Doshi and Company Chartered Accountant |
|
Address : |
201, Bhaveshwar Complex,
Opposite Railway Station, Vidyavihar (West), Mumbai - 400 086, |
|
Tel. No.: |
91-22-25146854/25146855 |
|
Fax No.: |
91-22-25156800/25155141/25146854 |
|
E-Mail : |
|
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|
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Associates/Subsidiaries : |
|
|
|
|
|
Foreign Subsidiary: |
Zhangjiagang FTZ Dagu Chemical Tr. Company Limited |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
400000 |
Equity Shares |
Rs.100/- each |
Rs.40.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
40.000 |
40.000 |
40.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
130.201 |
106.706 |
97.571 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
170.201 |
146.706 |
137.571 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
140.545 |
148.892 |
100.049 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
140.545 |
148.892 |
100.049 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.118 |
0.088 |
|
|
|
|
|
|
|
|
TOTAL |
310.746 |
295.716 |
237.708 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4.216 |
4.245 |
5.643 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
16.705 |
14.010 |
17.252 |
|
|
DEFERREX TAX ASSETS |
0.016 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
79.998
|
55.769
|
37.920
|
|
|
Sundry Debtors |
380.913
|
224.079
|
210.540
|
|
|
Cash & Bank Balances |
69.730
|
90.195
|
77.431
|
|
|
Other Current Assets |
1.822
|
2.333
|
2.867
|
|
|
Loans & Advances |
4.650
|
10.432
|
13.110
|
|
Total
Current Assets |
537.113
|
382.808
|
341.868
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
221.806
|
104.761 |
|
|
|
Other Current Liabilities |
1.100
|
0.586
|
127.055
|
|
|
Provisions |
24.398
|
0.000
|
0.000
|
|
Total
Current Liabilities |
247.304
|
105.347
|
127.055
|
|
|
Net Current Assets |
289.809
|
277.461
|
214.813
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
310.746 |
295.716 |
237.708 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1296.774 |
1325.251 |
1130.615 |
|
|
|
Other Income |
90.875 |
50.236 |
73.635 |
|
|
|
TOTAL (A) |
1387.649 |
1375.487 |
1204.250 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of sales |
1260.942 |
1285.871 |
1100.277 |
|
|
|
Payments to and provision for employees |
11.202 |
13.207 |
14.931 |
|
|
|
Selling and administrative expense |
38.443 |
38.844 |
39.597 |
|
|
|
Loss on sales of fixed assets |
0.001 |
0.068 |
0.002 |
|
|
|
TOTAL (B) |
1310.588 |
1337.990 |
1154.807 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
77.061 |
37.497 |
49.443 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.467 |
23.550 |
18.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
62.594 |
13.947 |
30.932 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.896 |
1.243 |
1.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
61.698 |
12.704 |
29.332 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.209 |
3.570 |
12.153 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
37.489 |
9.134 |
17.179 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
77.529 |
71.045 |
64.323 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.700 |
0.000 |
2.000 |
|
|
|
Reserves for Doubtful Debts |
1.310 |
1.325 |
1.131 |
|
|
|
Reserves for Contingent Liabilities |
1.310 |
1.325 |
1.131 |
|
|
|
Proposed Dividend |
12.000 |
0.000 |
5.295 |
|
|
|
Additional Tax on Dividend |
1.993 |
0.000 |
0.900 |
|
|
BALANCE CARRIED
TO THE B/S |
94.705 |
77.529 |
71.045 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
11.825 |
71.029 |
|
|
|
|
Dividend |
0.000 |
6.310 |
143.182 |
|
|
|
Commission |
7.947 |
7.673 |
|
|
|
TOTAL EARNINGS |
19.772 |
85.012 |
143.182 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
93.72 |
22.84 |
44.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
2.70
|
0.66 |
1.43 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.76
|
0.96 |
2.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.40
|
3.28 |
8.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.09 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.28
|
1.73 |
1.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
3.63 |
2.69 |
LOCAL AGENCY FURTHER INFORMATION
Operation:
In the aftermath of global economic turmoil last quarter of 2008, whole
of 2009 witnessed heavy gyrations in products prices with off and on
demand-supply imbalance. Business sentiment all along remained under shadow of
caution optimism, which still persist.
During the year, though the company has recorded marginal growth in
sales, there has been substantial jump in PBT because of right product mix,
tighter control, on recoveries and expenses, further strengthening company
financials.
FIXED ASSETS:
v
Land
v
Building
v
Office Equipment
v
Furniture and Fixture
v
Computers Systems
v
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.48 |
|
|
1 |
Rs.72.37 |
|
Euro |
1 |
Rs.64.42 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
49 |
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%)
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 report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.