MIRA INFORM REPORT
|
Report Date : |
13TH March 2006 |
IDENTIFICATION DETAILS
|
Name : |
CURE CHEM INDIA |
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Registered Office : |
D-3/3582 Vasant Kunj, New Delhi – 110 070, India. |
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Date of Incorporation : |
on 28th April, 2000 |
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IEC No. |
0500009601 |
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TAN No.: (Tax Deduction &
Collection Account No.) |
DELC05214G |
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Legal Form : |
Partnership concern with an unlimited
liability of the partners |
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Line of Business : |
Exporters
and Importers of various types of chemicals |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 65000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established concern engaged in the business as export of various
types of Chemicals procured from domestic market and imported from China,
South Korea and Israel. Partners are very resourceful businessman having
business establishment in Africa. Trade
relations are fair. Payments are usually correct and as per commitments. The
concern can be considered good for normal business dealings. Input
for this report has been supplied by Mr. P. N. Kutty -Export Executive (Cell. No. +91 9811213932) |
LOCATIONS
|
Registered Office : |
D-3/3582 Vasant Kunj, New Delhi – 110 070, India. |
|
Tel. No.: |
91-11-26898689/26139884 |
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Mobile |
91-9811213932 |
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Fax No.: |
91-11-26123135/26121756/26123165 |
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E-Mail : |
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Website : |
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Area : |
900 sq. ft., |
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Location : |
Owned
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Overseas Office: |
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PARTNERS
|
Name : |
Mr. Anup Chand |
|
Designation : |
Partner |
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Address : |
15 Boscobel Drive (West) Highlands,
Harare, Zimbabwe |
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Date of Birth/Age : |
21st May 1952 |
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Qualification : |
Civil Engineer |
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Experience : |
16
Years |
|
|
|
|
Name : |
Mr.
Chaman Lal Gupta |
|
Designation : |
Partner |
|
Address : |
Jai
Devi Cottage Chapslee Estate, Shimla (H.P.) – 171001 |
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Date of Birth/Age : |
18th
August, 1946 |
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Qualification : |
Engineer
|
|
Experience : |
2
Years |
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BUSINESS DETAILS
|
Line of Business : |
Exporters
and Importers of various types of chemicals |
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|
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Products : |
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|
|
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Exports to : |
South
Africa, Zimbabwe, Mali |
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Imports from : |
South
Korea, China, Turkey, U.K., Israel, Singapore |
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|
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Terms : |
|
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Selling : |
Credit (30 days) or other (90 days) |
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Purchasing : |
L/C or Cash (60 days) |
GENERAL INFORMATION
|
Customers : |
Wholesalers and end users
1, Berrange Road, Wadenville Ext. 1.1407, Gauteng, South Africa
P O Box 4280, Midrand,
1685, Johannesburg, Gauteng, South Africa
1, Kennilworth Road,
Highlands, Zimbabwe
Charter House, 70, Samor
Machel Av, Harare, Zimbabwe
14, Luton Street,
Belmont, Bulawayo, Zimbabwe
93, Park Lane, Harare,
Zimbabwe
90, Mutare Road, Msasa,
Harare, Zimbabwe
P. O. Box 221, Kadoma,
Zimbabwe
Sadiola Hill Gold Mine,
1230 Rue, 376 Niarel, BP-E-1194, Bamako, Mali |
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No. of Employees : |
8 |
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Bankers : |
·
State Bank of India A-5 N.D.S.E. Part-I, New Delhi-110049, India Tel. No. 91-11-24694245 Fax. No. 91-11-24624148 |
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Facilities : |
Credit Limit : L/C Limit :
Rs. 12.000 millions B/G Limit : Rs. 0.150 million |
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Banking Relations : |
Good |
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Auditors : |
Sushil Vipan & Company Chartered Accountants D-98, Street No.5, 2nd
Floor, Laxmi Nagar, Delhi – 110 092 |
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Tel. No.: |
91-11-30902750 |
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Fax No.: |
91-11-22442897 |
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E-Mail : |
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Associates/Subsidiaries
: |
11,Williams Way, Msasa, Harare-
Zimbabwe Line of Business : Import of various chemicals and local
sale.
Corner
Quality and Furnace Road, Unit 1, Flender Building, Kempton Park, Isando,
Gauteng-South Africa
Line of Business: Import of
various chemicals and local sales. ·
Curechem Zambia
Limited 397-A, Makeni Road, Makeni, Lusaka-Zambia Line of Business: Import of various chemicals and
Local Sale ·
Curechem Overseas
Private Limited No.4 Aida Court, Windsor Park, Famona, Bulwayo,
Zimbabwe Line of Business: Stock and Sale |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs.
14.888 millions |
|
Borrowed : |
Rs.
1.212 millions |
|
Total : |
Rs.
16.100 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
Partners’ Capital |
|
|
|
|
|
1] Mr. Anup Chand |
14.755 |
13.036 |
6.258 |
|
|
2] Mr. Avinash Gupta |
0.000 |
1.327 |
0.159 |
|
|
3] Mr. Chaman Lal Gupta |
0.133 |
0.000 |
0.000 |
|
NETWORTH
|
14.888 |
14.363 |
6.417 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.204 |
|
|
2] Unsecured Loans |
1.212 |
0.651 |
0.000 |
|
TOTAL
BORROWING
|
1.212 |
0.651 |
0.204 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
|
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TOTAL
|
16.100 |
15.014 |
6.621 |
|
|
|
|
|
|
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APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
0.313 |
0.356 |
0.445 |
|
Capital work-in-progress
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT
|
0.000 |
0.000 |
0.000 |
|
DEFERREX TAX ASSETS
|
|
|
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES
|
|
|
|
|
|
|
Inventories
|
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors
|
21.944
|
38.069 |
9.804 |
|
|
Cash & Bank Balances
|
0.806
|
3.737 |
4.474 |
|
|
Other Current Assets
|
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances
|
2.204
|
2.795 |
5.420 |
Total Current Assets
|
24.954
|
44.601 |
19.698 |
|
Less : CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Current Liabilities
|
9.167
|
29.943 |
10.577 |
|
|
Provisions
|
0.000
|
0.000 |
2.945 |
Total Current Liabilities
|
9.167
|
29.943 |
13.522 |
|
Net Current
Assets
|
15.787
|
14.658 |
6.176 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
16.100 |
15.014 |
6.621 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other income]
|
118.974 |
163.869 |
78.001 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
2.440 |
3.765 |
4.638 |
Provision for Taxation
|
-- |
-- |
-- |
Profit/(Loss) After Tax
|
2.440 |
3.765 |
4.638 |
|
|
|
|
|
Total Expenditure
|
116.534 |
160.104 |
76.508 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
|
(%)
|
2.05
|
2.29 |
5.94 |
|
|
|
|
|
|
Net Profit Margin
(PBT/Sales) |
(%) |
2.05
|
2.29 |
5.94 |
|
|
|
|
|
|
Return on Total Assets
(PBT/Total Assets} |
(%) |
9.65
|
8.37 |
23.02 |
|
|
|
|
|
|
Return on Investment (ROI)
(PBT/Networth) |
|
0.16
|
0.26 |
0.72 |
|
|
|
|
|
|
Debt Equity Ratio
(Total Liability/Networth) |
|
0.69
|
2.13 |
2.13 |
|
|
|
|
|
|
Current Ratio
(Current Asset/Current
Liability) |
|
2.72
|
1.48 |
1.45 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade terms with:-
- Portea Chemicals
(Inland)
1 Berrange Road, Wadenville
Ext 1.1407, Gauteng – South Africa
- Crest Chemicals (PTY)
Limited
P. O. Box No. 4280, Midrand,
1685 Johannesburg, Gauteng – South Africa
- Rio Tinto Zimbabwe
Limited
1 Kennilworth Road,
Highlands - Zimbabwe
- Anglo American
Corporation
Charter House, 70 Samor
Machel AV Harare - Zimbabwe
- Stanchem Private Limited
14 Luton Street, Belmont,
Bulawayo – Zimbabwe
- Chemplex Corporation
Limited
93 Park Lane, Harare -
Zimbabwe
- Zimbabwe Minerals
Development Corporation
90 Mutare Road, MSASA,
Harare – Zimbabwe
- Kadoma Magnesite
(Private) Limited
P. O. Box 221, Kadoma -
Zimbabwe
- Semos S. A.
Sadiola Hill Gold Mine,
1230 RUE, 376 Niarel BP-E-1194, Bamako - Mali
- OCI Corporation
50, Songong-Dong, Chung-Gu,
Seoul- Korea – 100 718
Tel No. +82-2-37099922
Fax : +82-2-7552682
E Mail : chlee@ocicorp.co.kr
Attn : Mr. Chang Ho Lee
- TPFTZ Yunhao
International Trading Company Limited
B2-702 Bright Pearl Garden No. 11,
Nanhai Road, Teda Tianjin, China,.
Tel/Fax : +86-451-53661660/+86-22-66208066
Email : yangzhand@21cn.com
Attn : Mr. Yang Zhanda
- Norbright Industry Co.
Limited
10FL,
Tianjin International Development Building, 2, Dongting Rd., Teda, Tianjin 300457, China
Tel : +86-22-25288888
Fax
: +86-22-25288877
E Mail : Karen@norbright.com
Attn : Ms. Karen Yin
- Inner Mongolia Ihju
Chemicals Imp. & Exp. Co. Limited
Nanchafang St., Jia No. 2, Yuquan Dis,
Hoggot, Inner Mongolia, China
Tel :
+86-22-66297448
Fax : +86-22-66297449
E Mail : ihjuchem@china.com
Attn :
Mr. Li Xudong
- Haifa Chemicals
Limited
POB 10809, Haifa City, 26120, Israel
Tel : +972-48469611 / 35
Fax : +972-4-8469639
E Mail : dina@haifachem.co.il
Attn : Ms. Dina
- Megavisa Solutions
(Singapore) Pte. Limited
3, Shenton Way, #07-04 Shenton House,
Singapore 068805
Tel : +65-62211329
Fax : +65-62278101
E Mail : megavisa@singnet.com.sg
·
Tongsuh Petrochemical
Corporation Limited
8th Floor, KTP B/D, 27-2, Yoldo-Dong,
Youngdungpo-gu, Seoul, 150-742 Korea
Tel: +82-2-32150720
Fax: +82-2-32150770
E-Mail: WDLEE@TSPC.CO.KR
·
CHEMFIELD INC.
3F, Wooshin Building, 21, Yangpyeongdong
2-GA
Yeongdengpo-GU
Seoul,
150-102, Korea
Tel
:+82-2-20688064
Fax:
+82-2-26380433
Email:
chlee@chemfield.co.kr
·
DONG HAE CHEMICALS
CORPORATIONS
50
Singong-Dong, Chung-Gu
Seoul-Korea
100-718
Tel:
+82-2-37099922
Fax:
+82-2-7552682
Email:
CHLee@ocicorp.co.kr
- Gujarat Alkali &
Chemicals Limited, Ahmedabad, Gujarat
P. O. Petrochemicals, Dist. Vadodara,
Gujarat
Tel No. 91-265-2230206-210 / 2230126
Fax No. 91-265-2230026
Attn :
Mr. Gulati / Mr. H. S. Das
- Jubiliant Organisys
Limited
1-A, Sector 16-A, Industrial Area,
Noida – 201 301, Uttar Pradesh
Tel No. 91-120-4594626 / 4516601-11
Fax No. 91-120-4516829
Attn :
Mr. Ved Khare
- Uniphos Agro
Industries Limited
Readymoney Terrace, 167, Dr. A. B.
Road, Worli, Mumbai – 400 018
Tel No. 91-22-24930681 / 24954881
Fax No. 91-22-24938826
Attn : Mr. A. M. Rajyaguru - Joint
Managing Director
- Indo German Carbons
Limited
XI/20, Chembakasserry Jn Alwaye,
Cochin, Kerala
Tel No. 91-484-2620095 / 2624095
Fax No. 91-484-2627867
Attn :
Mr. Santosh Kumar
- Thermax Limited
97-E, General Block, MIDC, Bhosari,
Pune – 411 026, Maharashtra
Tel No. 91-20-7120169 / 7120181
Fax No. 91-20-7120206
Attn :
Mr. Uday Kerwar
- Maize Products
P.O. Kathwada-Maize Products, Ahmedabad
– 382430, Gujarat, India.
Tel. No. : 91-79-22901581
Fax. No. : 91-79-22901013
Subject was started with an objective to do the export business of
chemicals with various countries i.e. Zimbabwe, South Africa, Mali, etc. and it has achieved a tremendous turnover
within a short span of 3 years.
The concern’s turnover has doubled each year as compared to previous
years.
It is planning to start the supply of chemicals to various European
countries where negotiations are going on.
The Cure Chem Group is multi-dimension organisation, which came into
existence in the year 1998 at Harare, Zimbabwe, through the visionary
entrepreneurship of its founder and Chief Executive Officer, Mr. Anup
Chand. Over the last four years, the
Curechem Group has been actively involved in importing industrial chemicals
from South Korea, China, India and South Africa and distributing in Southern
African Market.
The group has diversified into medical and electrical products through
its sister company Global Intertrade Network (Private) Limited and established
offices in India, Bulawayo and Johannesburg.
Subject was established as head office of the group in New Delhi, India
under the command of Lt.Col. Avinash (Retd.) and as a strategy in order to
enable Cure Chem to establish itself as one of the leading Corporate Houses in
the International Market. It sources
requirements of the African market from various countries in Asia.
Subject is also supplying essential oils to several parts of the world
including USA, UK, Brazil, etc.
Curechem Overseas (Bulawayo) was established in 2001 to give
personalised service to its clients in Matableland region in Zimbabwe. Curechem South Africa has recently been
established in industrial area of Meadowdale, Johannesburg. It is expected to act as regional hub for
supplies to Southern Africa.
Group profile
The
Cure Chem Group is multi-dimension organization which came into existence in
the year 1996 at Harare, Zimbabwe, through the visionary entrepreneurship of
its Founder and Chief Executive Officer, Mr Anup Chand. Over the last five
years, The Cure Chem Group has been actively involved in trading, tendering and
marketing activities across Africa and Asia.
Cure Chem India was established as head office of the group in New Delhi, India
under the command of Lt. Col. Avinash (Retd.) and, as a corporate strategy in
order to enable Cure Chem, the group, to establish itself as one of the leading
Corporate Houses in the Indian and International Market. It sources
requirements of the African market from various countries in Asia. With
presence in Africa for the last fourteen years, the Cure Chem Group has close
contacts in all African Countries with the Government as well as Private
sectors and the business community.
Cure Chem South Africa was established in Johannesburg in August 2002 with a
view to augment presence in Southern Africa. This office is expected to cater
to Chemical requirements of the regional countries like Mozambique, Botswana,
Lesotho, Tanzania, Malawi, Namibia besides that of South Africa.
Subject participate in tenders of Chemicals Medical disposable
Electrical sector and stationary items the group strong area is southern part
of Africa that to say South Africa, Zimbabwe, Mozambique, Tanzania, Malawi, and
Zambia. Kenya and Congo etc. Besides regular supplies to Africa, the Concern
have exported some flavours and essences to North America and are diversifying
to other countries as well.
The concern does participate in tenders of Chemicals and Medical
disposable Electrical sector and stationary items. The concern’s strong area is southern part of Africa that too say
South Africa, Zimbabwe, Mozambique, Tanzania, Malawi, Zambia, Kenya and
Congo.
CMT REPORT [Corruption, Money laundering & Terrorism]
The
Public Notice information has been collected from various sources including but
not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION
ON DESIGNATED PARTY
No 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. 44.47 |
|
UK
Pound |
1 |
Rs. 77.14 |
|
Euro |
1 |
Rs. 53.21 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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
|
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 |