Attachment 1

 

Report Update On

27th April, 2000

 

 

Report on

CURE CHEM INDIA

 

 

Registered Office

D-III/3582 Vasant Kunj, New Delhi – 110 070, INDIA

 

 

Tel. No.

91-11-612 3165 / 689 8689

Fax No.

 

E-Mail

icc@mantraonline.com

Telex

--

 

 

Attachment 2

 

SUMMARY

 

 

Incorporated

1999

Status

New Concern

 

 

 

 

Registration No.

--

Chief Executive

Lt. Col. Mr. Avinash Gupta

 

 

 

 

Capital  (Rs.)

0.1 million

Payments

Not known due to the nature of its activity

 

 

 

 

Sales   (Rs.)

0.3 million

Litigation

--

 

 

 

 

Net Worth (Rs.)

--

Banking Reputation

Satisfactory

 

 

 

 

No. of Employees

3

Auditors

--

 

 

 

 

Credit Rating

B (See attachment 3)

 

 

 

INDUSTRY

 

 

************************

 

FACTORY

 

Not applicable

 

BRANCH

 

Nil

 

HISTORY

 

Subject was established in the year 1999 at New Delhi as a Partnership concern.

 

LEGAL FORM

 

It is a Partnership concern with Unlimited Liability of the Partners.

 

PARTNERS

 

Lt. Col. Mr. Avinash Gupta

Mr. R. C. Gupta

Mr. Anup Chand

 

PARTICULARS OF CHIEF EXECUTIVE

 

Name

Lt. Col. Mr. Avinash Gupta

Designation

Partner

Address

D-III/3582 Vasant Kunj, New Delhi – 110 070, INDIA

Age

60 years

Qualification

Graduate

Experience

36 years

 

BUSINESS

 

The concern acts as Indenting Agents and Merchant Exporters.

 

The concern earnings are through commission.

 

The concern earns commission on exports of Chemical made to Korea, China & Zimbabwe and also represents few Indian concerns.

 

The concern does not have any import activities.

 

The concern’s customers are mostly Wholesalers.

 

The concern is in trade terms with :

 

K                 Gujarat Alkali & Chemicals Limited, Ahmedabad, Gujarat, INDIA

K                 Honchung & Company, Seoul, Korea

K                 Sienochem, China

 

The concern operates from a caption owned office premises 300 sq. yards, where 3 persons are reported to be employed.

 

SISTER CONCERNS

 

K                 QCM Exports Private Limited, New Delhi

 

BANKERS

 

K                 American Express Banking Corporation, Connaught Place, New Delhi, INDIA

K                 Standard Chartered Bank, Parliament Street, New Delhi, INDIA

 

FINANCIAL INFORMATION

 

  [figures are in Rupees Millions]

PARTICULARS

 

31.03.2000

 

 

Capital Investment

0.1

 

 

Annual Turnover (Commission)

0.3

 

COMMENTS

 

Subject is a new concern. Scale of operation is small. Proprietor of the concern is reported as experienced, respectable and having satisfactory means of his own. His trade relations are reported as fair. No payment are available due to the nature of its’ activity.

 

The concern can be considered normal for business dealings at usual trade terms and conditions.

 

*******

The above details were parted by Lt. Col. Mr. Avinash Gupta – Partner of the concern.

*******

 

Attachment 3

 

 

SCORE SHEET

 

SCORE

CREDIT 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. Maybe drawn to slightly difficult position as unfavourable conditions arise. Minimal assurance for timely payment on interest and principal sums

Moderate

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively limited or considered not known. Capability to pay both interest and principal sums is doubtful

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

 

Attachment 4

 

 

INDIA

 

INDIA, a Union of States, is a Sovereign Socialist Secular Democratic Republic with a Parliamentary System of government. It covers an area of 32872631 sq. km. Population, as on 1st March, 1991 (last counted) stood at 846.30 millions.

 

The value of total foreign trade increased to Rs.2,778,392.8 millions in 1997-98. During 1997-98, it’s total exports amounted to Rs.1,262,857.6 millions and imports increased to Rs.1,515,535.2 millions.

 

As on 20th April, 1999, Standard and Poor’s affirmed its ratings for India and said the country’s outlook was stable despite weak coalition governments. S&P affirmed its BB foreign currency and the BBB local currency ratings for India. The B foreign currency and A3 local currency short-term issuer credit ratings were also affirmed. The outlook is stable. Official foreign exchange reserves cover about 165 percent of total government, public sector and private sector external principal-repayment obligations due within the next 12 months. At $32.6 billion as on April 7, 1999, they mitigate the risk of a sudden loss of external confidence even as exports decelerate and the trade gap widens, the agency said.

 

LEADING EONOMIC INDICATORS

 

 

Outstanding As On

% Variation Over

Banking, M3 & Forex

(Rs. mlns.)

Feb. 26, 1999

End-March 1998

Financial Year So Far

Year Ago

1997-98

1998-99

 

 

 

 

 

 

Aggregate Deposits

6,983,380

6,054,100

15.3

15.3

19.8

Demand Deposits

1,029,500

1,025,130

0.2

0.4

13.4

Time Deposits

5,953,880

5,028,970

18.7

18.4

20.9

Investments

2,519,660

2,187,050

12.3

15.2

17.7

Government Securities

2,203,170

1,869,570

14.2

17.8

21.4

Other Approved Securities

316,490

317,480

2.7

-0.3

-2.3

Bank Credit

3,547,420

3,240,790

12.4

9.5

13.3

Food Credit

167,320

124,850

62.4

34.0

35.6

Non-food Credit

3,380,110

3,115,940

11.0

8.5

12.4

Money Supply M3 (Feb. 26, 1999)

9,455,060

8,253,890

13.4

14.6

18.8

Net Bank Credit to Government

3,868,200

3,306,190

11.4

17.0

20.3

Reserve Bank Credit to Government

1,543,690

1,351,600

5.1

14.2

18.3

Bank Credit to Commercial Sector

4,651,290

4,321,900

11.8

7.6

10.6

FOREX (US$ mln.) March 19, 1999

312,350

293,670

7.0

6.4

10.5

Foreign Currency Assets

282,560

259,750

11.1

8.8

13.7

 

FOREIGN INSTITUTIONAL INVESTMENT IN INDIA

 

Financial Year

Gross Purchases (Rs. mlns.)

Gross Sales

 

(Rs. mlns.)

Net Investment (Rs. mlns.)

 

 

 

 

1992-93

175

40

135

1993-94

55,927

4,665

51,262

1994-95

76,310

28,354

47,966

1995-96

96,930

27,520

69,420

1996-97

155,540

69,804

85,746

1997-98

186,948

127,373

59,577

1998-99

161,150

176,993

-15,844

Total

732,980

434,749

298,262

 

FOREIGN EXCHANGE RATES

 

Currency

 

Unit

Indian Rupees

US Dollar

1

Rs.43.35

UK Pound

1

Rs.68.08

Euro

1

Rs.40.52

 

Attachment 5

 

ACKNOWLEDGEMENT

 

Dear Sir/Madam,

 

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