MIRA INFORM REPORT

 

 

Report Date :

25.08.2011

 

IDENTIFICATION DETAILS

 

Name :

CURE CHEM INDIA

 

 

Registered Office :

A-85, 1st Floor, Masoodpur Main Road, Vasant Kunj, New Delhi-110070, Delhi.

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

28.04.2002

 

 

Capital Investment / Paid-up Capital :

Rs.10.000 Millions

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners

 

 

Line of Business :

Trader, Exporter and Importer of Various types of chemicals.

 

 

No. of Employees :

10 [Approximately]

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (45)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 49000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established partnership concern having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitment.

 

The concern 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. P.N. Kutty

Designation :

General Manager

Contact No:

91-9811213932

Date :

24.08.2011

 

 

LOCATIONS

 

Registered Office :

A-85, 1st Floor, Masoodpur Main Road, Vasant Kunj, New Delhi-110070, Delhi, India.

Tel. No.:

91-11-26898689

Mobile No.:

91-9811213932 (Mr. P.N. Kutty)

Fax No.:

91-11-26123135

E-Mail :

curechem@vsnl.net

kutty@curechem.com

surechem@vsnl.net

Website :

http://www.curechem.com

Area :

900 sq. ft.

Location:

Owned

 

 

PARTNERS

 

Name :

Mr. Anup Chand

Designation :

Partner

Date of Birth/Age :

59 Years 

Qualification :

Civil Engineering

 

 

Name :

Mr. Chaman Lal Gupta

Designation :

Partner

Date of Birth/Age :

65 Years 

Qualification :

Engineer

 

 

KEY EXECUTIVES

 

Name :

Mr. P.N. Kutty

Designation :

General Manager

Contact No:

91-9811213932

 

 

BUSINESS DETAILS

 

Line of Business :

Trader, Exporter and Importer of Various types of chemicals.

 

 

Products :

Products Description

ITC Code No.

Merchandising Trade

0204

 

  • Activated Bleaching Earth
  • Activated Carbon Black
  • Calcium Hypochilorate
  • Citric Acid Anhydrous BP93
  • Dodecyl Benzene Sulphonic Acid
  • Glacial Acetic Acid
  • Labsa
  • Oxalic Acid
  • Peppermint Oil
  • Potassium Cyanide
  • Sodium Bicarbonate
  • Sodium Hydrosulphite
  • Sodium Sulphate Anhydrous
  • Sodium Trypolyphosphate
  • Thymol
  • Activated Carbon
  • Aluminium Sulphate
  • Caustic Soda
  • Citric Acid Monohydrate
  • Formic Acid
  • Hydrogen Peroxide
  • Menthol
  • Paraffin Wax
  • Phosphoric Acid
  • Sodium Benzoate
  • Sodium Cyanide
  • Sodium Sulphide Flake
  • Sorbitol Solution
  • Stearic Acid Triple
  • Titanium Dioxide CR828 Rutile Grade

 

 

Exports :

 

Products :

Chemicals

Countries :

Ř       South Africa

Ř       Zimbabwe

Ř       Mali

Ř       Mauritius

Ř       Kenya

Ř       Tanzania

Ř       Ghana

Ř       Uganda

Ř       UAE

Ř       Congo Republic

Ř       Philippians

Ř       Madagascar

Ř       Yemen

 

 

Imports :

 

Products :

Chemicals

Countries :

Ř       South Korea

Ř       China

Ř       Turkey

Ř       UK

Ř       Israel

Ř       Singapore

Ř       Indonesia

Ř       Taiwan

 

 

Terms :

 

Selling :

L/C, Cash, Credit

 

 

Purchasing :

L/C, Cash, Credit

 

 

GENERAL INFORMATION

 

Customers :
  • Wholesalers
  • Retailers

 

 

No. of Employees :

10 [Approximately]

 

 

Bankers :

State Bank of India, A-5 N.D.S.E. Part-I, New Delhi-110049, India

 

 

Facilities :

--

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Sushil Vipan and Company

Chartered Accountant

Address :

D-98, Street No.5, 2nd Floor, Laxmi Nagar, Delhi – 110 092

Tel. No.:

91-11-30902750

Fax No.:

91-11-22442897

E-Mail :

vipagarwal@eth.net

 

 

Associates/Subsidiaries :
  • Curechem Overseas Private Limited

11,Williams Way, Msasa, Harare- Zimbabwe

Line of Business :  Import of various chemicals and local sale.

 

  • Curechem South Africa CC

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

 

As on 31.03.2011

 

Capital Investment :

 

Owned :

Rs.10.000 Millions

Borrowed :

 

Total :

Rs.10.000 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

31.03.2011

 

Sales Turnover [Approximately]

250.000

[total goods sold by the company]

 

The above information has been parted by Mr. P.N. Kutty [General Manager].

 

Note : Sole Proprietary and Partnership concerns are exempted from filing their financials with the Government Authorities or Registry Records.

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Partner Capital

12.295

12.651

10.289

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

0.000

0.000

0.000

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

12.295

12.651

10.289

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

3.800

2.550

2.150

TOTAL BORROWING

3.800

2.550

2.150

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

16.095

15.201

12.439

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

0.392

0.157

0.216

Capital work-in-progress

0.000

0.000

0.000

 

 

 

 

INVESTMENT

0.000

0.000

0.000

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
0.000

0.000

0.000

 

Sundry Debtors
35.640

14.860

26.805

 

Cash & Bank Balances
6.277

11.844

3.909

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
1.558

5.342

2.482

Total Current Assets
43.475

32.046

33.196

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
24.667

0.000

0.000

 

Current Liabilities
3.105

17.002

20.973

 

Provisions
0.000

0.000

0.000

Total Current Liabilities
27.772

17.002

20.973

Net Current Assets
15.703

15.044

12.223

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

16.095

15.201

12.439

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Interest Received

0.197

0.104

0.105

 

 

Income from Merchandising Trade

6.540

6.625

4.394

 

 

Forex Gain/Loss

1.412

4.921

0.622

 

 

Other Income

0.012

0.000

0.003

 

 

Interest Subsidy (SBI)

0.010

0.000

0.000

 

 

TOTAL                                    

7.974

11.650

5.124

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Bank Charges

1.311

1.259

0.943

 

 

Commission

0.387

0.424

0.188

 

 

Salary and Other Benefit

2.025

1.634

1.549

 

 

Conveyance Expenses

0.083

0.093

0.083

 

 

Telephone Expenses

0.192

0.199

0.120

 

 

Other Expenses

2.970

0.000

0.000

 

 

TOTAL                                    

6.258

3.609

2.883

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

1.716

8.041

2.241

 

 

 

 

 

Less

FINANCIAL EXPENSES            

0.463

0.348

0.323

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION

1.253

7.693

1.918

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                    

0.048

0.031

0.036

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                              

1.205

3.656

0.709

 

 

 

 

 

Less

TAX                                                                 

0.210

1.266

0.287

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                 

0.995

2.390

0.422

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
12.47

20.51

8.23

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
15.11

31.38

13.84

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
2.75

11.35

2.12

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.10

0.29

0.07

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.57

1.54

2.25

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.56

1.88

1.58

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade References:

 

Ř       Labchem, Kenya

Ř       Metroplastic, Kenya

Ř       Uchmi Chemi, Kenya

Ř       Orbits, Kenya

Ř       Desbro, Kenya

Ř       Tata Africia, Tanzania

Ř       SEIFI, Tanzania

Ř       Euro Petro, Tanzania

Ř       Mcmai, Phillipins

Ř       Allied Chemical, Tanzania

Ř       LCI, Madagascar

Ř       SIB, Madagascar

Ř       Elgon, Kenya

Ř       Osian Agri, Kenya

Ř       Lov Enterpriese, Ghana

Ř       Desbro, Uganda

Ř       Montroso, Madagascar

Ř       Tanda Spare Parts, Yemen

Ř       Desbro, Mauritius

 

AS PER WEB DETAILS:

 

Group profile:

 

Subject 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. 


Subject was established as head office of the group in New Delhi, India under the command of Limited 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 subject has close contacts in all African Countries with the Government as well as Private sectors and the business community. 


Subject 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. 

 

Profile:

 

Curechem is a leading supplier of high quality chemicals with Head Office in Johannesburg, South Africa; an office in Harare and another in Bulawayo, Zimbabwe; an office in Lusaka, Zambia; an office in Luanda, Angola; an office in New Delhi, India and an office in Harbin, China.  They also have associate offices in Malawi, Ghana, Mauritius and Ethiopia.

 

The Curechem Group is a fast growing phenomenon that came into existence in the year 1998. The group has grown since then becoming the undisputed leader in supply of commodity chemicals especially to the industrial and mining sectors.


Their international network enables us to supply quality products at most competitive prices and to maintain a reliable and flexible service at all times. Their commitment to Total Quality Management is a philosophy that extends to all facets of their operations. ISO Standards drive their quality program and they are poised for accreditation from the International Standards Organizations.


Their Zimbabwe office already awarded ISO 9001:2000 in the year 2007 and Johannesburg office in South Africa is now preparing for ISO certification and should be certified before last quarter of the year.


They have a client base that spans the Globe, They are supplying to mostly Southern Africa, West Africa, East Africa, Middle East and Philippines.  Our client base is ever expanding as they continue to forge new partnerships and develop new products.  Their specialty fields include the Gold and Copper Mining industry, Detergent industry and Water treatment.  They are also strong in Food and Industrial Chemicals as well as Agricultural Chemicals. The Agricultural Chemical Department is growing rapidly as most economies in Africa are agrarian based.

The Curechem Group has been actively involved in importing Chemicals from South Korea, China, Indonesia, Rotterdam, Russia, Saudi Arabia, UAE, India and South Africa and distributing in African market.  Curechem Group has created a niche market for itself in Mining Chemicals and detergent Chemicals.


There has been steady expansion of the group in terms of product portfolio and physical presence in the target area. Curechem group has supplied through tenders medical disposables such as condoms, sutures, administrations sets, hospital lines, and electrical items like meters, transformers etc. to various government bodies in Zimbabwe and Mozambique.


From Curechem, customers get not just products or services but an association that lasts for years. The management policy of Curechem Group is centered around “Customer's Satisfaction”. They believe that it is far more important to gain customer's trust than to win an isolated deal. To this effect Curechem has invested substantially to bring quality products to its customers.


 

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 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.45.76

UK Pound

1

Rs.75.57

Euro

1

Rs.65.97

 

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

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--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

 

45

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.