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MIRA INFORM REPORT
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Report No. : |
504920 |
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Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
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Name : |
CHARKIT CHEMICAL CORPORATION |
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Registered Office : |
32 Haviland Street, Unit 1, Norwalk, Ct, 06854 |
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Country : |
United States |
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Date of Incorporation : |
25.05.1982 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject supplies specialty chemicals for flavor and fragrance, personal
care, food, pharmaceutical, imaging, water treatment, and metal treatment
industries. |
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No. of Employees : |
86 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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United States |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
UNITED STATES - ECONOMIC OVERVIEW
The US has the most technologically powerful economy in the world, with a per capita GDP of $59,500. US firms are at or near the forefront in technological advances, especially in computers, pharmaceuticals, and medical, aerospace, and military equipment; however, their advantage has narrowed since the end of World War II. Based on a comparison of GDP measured at purchasing power parity conversion rates, the US economy in 2014, having stood as the largest in the world for more than a century, slipped into second place behind China, which has more than tripled the US growth rate for each year of the past four decades.
In the US, private individuals and business firms make most of the decisions, and the federal and state governments buy needed goods and services predominantly in the private marketplace. US business firms enjoy greater flexibility than their counterparts in Western Europe and Japan in decisions to expand capital plant, to lay off surplus workers, and to develop new products. At the same time, businesses face higher barriers to enter their rivals' home markets than foreign firms face entering US markets.
Long-term problems for the US include stagnation of wages for lower-income families, inadequate investment in deteriorating infrastructure, rapidly rising medical and pension costs of an aging population, energy shortages, and sizable current account and budget deficits.
The onrush of technology has been a driving factor in the gradual development of a "two-tier" labor market in which those at the bottom lack the education and the professional/technical skills of those at the top and, more and more, fail to get comparable pay raises, health insurance coverage, and other benefits. But the globalization of trade, and especially the rise of low-wage producers such as China, has put additional downward pressure on wages and upward pressure on the return to capital. Since 1975, practically all the gains in household income have gone to the top 20% of households. Since 1996, dividends and capital gains have grown faster than wages or any other category of after-tax income.
Imported oil accounts for more than 50% of US consumption and oil has a major impact on the overall health of the economy. Crude oil prices doubled between 2001 and 2006, the year home prices peaked; higher gasoline prices ate into consumers' budgets and many individuals fell behind in their mortgage payments. Oil prices climbed another 50% between 2006 and 2008, and bank foreclosures more than doubled in the same period. Besides dampening the housing market, soaring oil prices caused a drop in the value of the dollar and a deterioration in the US merchandise trade deficit, which peaked at $840 billion in 2008. Because the US economy is energy-intensive, falling oil prices since 2013 have alleviated many of the problems the earlier increases had created.
The sub-prime mortgage crisis, falling home prices, investment bank failures, tight credit, and the global economic downturn pushed the US into a recession by mid-2008. GDP contracted until the third quarter of 2009, the deepest and longest downturn since the Great Depression. To help stabilize financial markets, the US Congress established a $700 billion Troubled Asset Relief Program (TARP) in October 2008. The government used some of these funds to purchase equity in US banks and industrial corporations, much of which had been returned to the government by early 2011. In January 2009, Congress passed and former President Barack OBAMA signed a bill providing an additional $787 billion fiscal stimulus to be used over 10 years - two-thirds on additional spending and one-third on tax cuts - to create jobs and to help the economy recover. In 2010 and 2011, the federal budget deficit reached nearly 9% of GDP. In 2012, the Federal Government reduced the growth of spending and the deficit shrank to 7.6% of GDP. US revenues from taxes and other sources are lower, as a percentage of GDP, than those of most other countries.
Wars in Iraq and Afghanistan required major shifts in national resources from civilian to military purposes and contributed to the growth of the budget deficit and public debt. Through FY 2018, the direct costs of the wars will have totaled more than $1.9 trillion, according to US Government figures.
In March 2010, former President OBAMA signed into law the Patient Protection and Affordable Care Act (ACA), a health insurance reform that was designed to extend coverage to an additional 32 million Americans by 2016, through private health insurance for the general population and Medicaid for the impoverished. Total spending on healthcare - public plus private - rose from 9.0% of GDP in 1980 to 17.9% in 2010.
In July 2010, the former president signed the DODD-FRANK Wall Street Reform and Consumer Protection Act, a law designed to promote financial stability by protecting consumers from financial abuses, ending taxpayer bailouts of financial firms, dealing with troubled banks that are "too big to fail," and improving accountability and transparency in the financial system - in particular, by requiring certain financial derivatives to be traded in markets that are subject to government regulation and oversight.
In December 2012, the Federal Reserve Board (Fed) announced plans to purchase $85 billion per month of mortgage-backed and Treasury securities in an effort to hold down long-term interest rates, and to keep short-term rates near zero until unemployment dropped below 6.5% or inflation rose above 2.5%. The Fed ended its purchases during the summer of 2014, after the unemployment rate dropped to 6.2%, inflation stood at 1.7%, and public debt fell below 74% of GDP. In December 2015, the Fed raised its target for the benchmark federal funds rate by 0.25%, the first increase since the recession began. With continued low growth, the Fed opted to raise rates several times since then, and in December 2017, the target rate stood at 1.5%.
In December 2017, Congress passed and President Donald TRUMP signed the Tax Cuts and Jobs Act, which, among its various provisions, reduces the corporate tax rate from 35% to 21%; lowers the individual tax rate for those with the highest incomes from 39.6% to 37%, and by lesser percentages for those at lower income levels; changes many deductions and credits used to calculate taxable income; and eliminates in 2019 the penalty imposed on taxpayers who do not obtain the minimum amount of health insurance required under the ACA. The new taxes took effect on 1 January 2018; the tax cut for corporations are permanent, but those for individuals are scheduled to expire after 2025. The Joint Committee on Taxation (JCT) under the Congressional Budget Office estimates that the new law will reduce tax revenues and increase the federal deficit by about $1.45 trillion over the 2018-2027 period. This amount would decline if economic growth were to exceed the JCT’s estimate.
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Source : CIA |
STATUTORY
INFORMATION
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Address in the
order: |
PO Box 90, Norwalk, Ct 06856-0090, USA The address given corresponds to a mailing address. |
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Legal Name: |
CHARKIT CHEMICAL CORPORATION |
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Trade Name: |
CHARKIT CHEMICAL COMPANY |
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ID: |
0130818 |
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Date Created: |
1982 |
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Date
Incorporated: |
May 25, 1982 |
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Legal Address: |
32 HAVILAND STREET, UNIT 1, NORWALK, CT, 06854 USA |
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Operative
Address: |
32 Haviland Street, Norwalk, CT 06854-4906 United States |
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Telephone: |
203-299-3220 |
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Fax: |
203-299-1355 |
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Legal Form: |
Limited Liability Company |
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Email: |
sales@charkit.com |
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Registered in: |
Connecticut (CT) |
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Website: |
www.charkit.com |
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Contact: |
CHARLES A HINNANT, President |
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Staff: |
86 Employees |
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Activity: |
SIC Code: 5169, Chemicals and Allied Products, NEC |
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BANKS
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FLEET NATIONAL BANK 850 MAIN STEET, USA |
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HISTORY
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Charkit Chemical Company LLC was founded in 1982 and is based in
Norwalk, Connecticut. |
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Key
Developments: |
Charkit
Chemical Mulls Acquisitions Charkit Chemical Corporation (Charkit Chemical Company LLC), which has
received an investment from LeBaronBrown Industries LLC, is looking for
acquisitions. The company currently is in position to pursue selective
acquisitions of other specialty chemical distributors. |
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PRINCIPAL
ACTIVITY
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CHARKIT CHEMICAL CORPORATION supplies specialty chemicals for flavor
and fragrance, personal care, food, pharmaceutical, imaging, water treatment,
and metal treatment industries. |
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Products/Services
description: |
It also offers hydrazine and hydrazine derivatives, and toluene
derivatives, including benzyl alcohol and benzyl chloride, and imaging
chemicals; fragrance and food ingredients, including aroma chemicals, benzyl
alcohol and chloride, benzaldehyde NF/FCC, and benzyl acetate; and flavored
and fragrance products. In addition, the company provides ingredients, such
as hard-to-get gums, resins, preserving agents, and specialty oils for food
and beverage processors; and personal care ingredients, including lanolin and
lanolin derivatives, jojoba oils, oat extracts and derivatives, marine
specialties, seaweed, exfoliating rubs, botanical extracts, natural and
refined oils, sunless accelerators, specialty oils, and skin lightening agents
for skin and hair care, and cosmetic products. Further, it offers excipients,
reagents, and other intermediates for pharmaceutical applications; and
printing film chemicals and platemaking chemicals, bleaching agents,
anti-fogging compounds, bromides, photographic intermediates, hydroquinone,
color developers and other developing agents, chelating agents, sensitizing
and CTP dyes, fixing agents, nitrates, polymers, lithographic coating
chemicals, pigments, preservatives, speed controlling agents, water soluble
photo polymers, and a host of photographic chemicals and processing formulas
for the imaging industry. Furthermore, the company provides hydrazine-based
chemicals for oxidation and corrosion inhibitors, leveling agents, and
recovery agents for water and metal treatment; and custom and contract
manufacturing services. |
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Brands: |
No brands registered |
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Sales are: |
Wholesale |
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Clients: |
Dupont Mexico S.A. De C.V. |
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Suppliers: |
ARKEMA FRANCE Ineos Chlorotoluenes Ltd TENNANTS FINE CHEMICALS LTD GOKUL OVERSEAS |
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Operations area:
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National and International |
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The company
imports from |
France, United Kingdom, India |
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The company
exports to |
Mexico |
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The subject
employs |
86 Employees |
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Payments: |
Regular |
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LOCATION
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Headquarters : |
32 Haviland Street, Norwalk, CT 06854-4906 United States |
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Comments: |
NA |
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Branches: |
The company does not have branches |
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Main Competitors |
NA |
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Related
Companies: |
The company does not have related companies |
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GROUP STRUCTURE AND SUBSIDIARY COMPANIES
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Listed at the
stock exchange: |
NO |
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Capital: |
NA |
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Shareholders: |
The company does not disclose information on shareholders. According
to our, major holder is: Charles Hinnant, Founder and President |
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Management: |
Charles Hinnant, Founder and President |
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FINANCIAL
INFORMATION
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The company does
not make its financial statements public. The following information has been
provided by private sources: |
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USD 2017 |
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Assets |
14 600 000 |
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Cash flow |
Normal |
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LEGAL
FILINGS
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Lawsuits: |
UNITED STATES DISTRICT COURT SOUTHERN DISTRICT OF INDIANA TERRE HAUTE DIVISION CITIZENS INSURANCE COMPANY ) OF AMERICA, as subrogee of ) TERRE HAUTE REALTY CORP., ) A Michigan Corporation, )) Plaintiff, ) v. ) 2:11-cv-72-JSM-WGH MASSAGE WAREHOUSE, a Division of ) SCRIP, INC., an Illinois Corporation, ) CHARKIT CHEMICAL CORPORATION, ) a Connecticut Corporation, and ) BON VITAL, INC., ) a Wisconsin Corporation, ) Defendant. |
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UCC: |
Filing Information Lien Number: 0001867880 Lien Type: OFS Lapse Date: Jul 31, 2018 Filing #: 0003204936 Filing Date/Time: 8:30:00
AM Type of Filing: AMENDMENT Microfilm Volume: 00636 Start Page: 1018 Number of Pages: 1 Debtor Information Debtor Name CHARKIT CHEMICAL
CORPORATION Street Address 1: 9 OLD
KINGS HIGHWAY SOUTH Street Address 2: Street Address 3: City: DARIEN State: CT Zip: 06820 Country: Secured Party Information
Secured Party Name: FLEET
NATIONAL BANK Assignor: No Street Address 1: 850
MAIN STEET Street Address 2: Street Address 3: City: BRIDGEPORT State: CT Zip: 06604 Country: Filing Information Lien Number: 0002219580 Lien Type: OFS Lapse Date: Aug 13, 2018 Filing #: 0003204931 Filing Date/Time: 8:30:00
AM Type of Filing: AMENDMENT Microfilm Volume: 00636 Start Page: 1010 Number of Pages: 1 Debtor Information Debtor Name CHARKIT CHEMICAL
CORPORATION Street Address 1: 9 OLD
KINGS HIGHWAY SOUTH Street Address 2: Street Address 3: City: DARIEN State: CT Zip: 06820 Country: Secured Party Information
Secured Party Name: FLEET
NATIONAL BANK Assignor: No Street Address 1: 850
MAIN STREET Street Address 2: Street Address 3: City: BRIDGEPORT State: CT Zip: 06604 Filing Information Lien Number: 0002257297 Lien Type: OFS Lapse Date: Mar 22, 2019 Filing #: 0003204932 Filing Date/Time: 8:30:00
AM Type of Filing: AMENDMENT Microfilm Volume: 00636 Start Page: 1011 Number of Pages: 1 Debtor Information Debtor Name CHARKIT CHEMICAL
CORPORATION Street Address 1: 330
POST ROAD Street Address 2: Street Address 3: City: DARIEN State: CT Zip: 06820 Country: Secured Party Information
Secured Party Name: FLEET
NATIONAL BANK Assignor: No Street Address 1: P.O.
BOX 2984 777 MAIN STREET Street Address 2: Street Address 3: City: HARTFORD State: CT Zip: 06101 Filing Information Lien Number: 0002257300 Lien Type: OFS Lapse Date: Mar 22, 2019 Filing #: 0003204935 Filing Date/Time: 8:30:00
AM Type of Filing: AMENDMENT Microfilm Volume: 00636 Start Page: 1017 Number of Pages: 1 Debtor Information Debtor Name CHARKIT CHEMICAL
CORPORATION Street Address 1: 330
POST ROAD Street Address 2: Street Address 3: City: DARIEN State: CT Zip: 06820 Country: Secured Party Information
Secured Party Name: FLEET
NATIONAL BANK Assignor: No Street Address 1: P.O.
BOX 2984 Street Address 2: 777
MAIN STREET Street Address 3: City: HARTFORD State: CT Zip: 06101 Filing Information Lien Number: 0002287577 Lien Type: OFS Lapse Date: Sep 01, 2019 Filing #: 0003204937 Filing Date/Time: 8:30:00
AM Type of Filing: AMENDMENT Microfilm Volume: 00636 Start Page: 1019 Number of Pages: 1 Debtor Information Debtor Name CHARKIT CHEMICAL
CORPORATION Street Address 1: 330
POST ROAD Street Address 2: Street Address 3: City: DARIEN State: CT Zip: 06820 Country: Secured Party Information
Secured Party Name: FLEET
NATIONAL BANK Assignor: No Street Address 1: ONE
LANDMARK SQUARE Street Address 2: Street Address 3: City: STAMFORD State: CT Zip: 06901 |
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The company is not listed in the
OFAC list. |
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SUMMARY
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Charkit Chemical Corporation is a
privately held company in Norwalk, CT . The company mainly imports from France, United Kingdom, India and
exports to Mexico. It is ACTIVE in CONNECTICUT, USA; with no negative records. |
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RISK
INFORMATION
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DEBTS |
Controlled |
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PAYMENTS |
Regular |
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CASH FLOW |
Normal |
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STATUS |
ACTIVE |
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INTERVIEW |
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NAME |
JOHN |
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POSITION |
Operator |
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COMMENTS |
He confirmed name, email address, website, operative address and that
Charles Hinnant is the president. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.36 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 81.05 |
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USD |
1 |
INR 66.98 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.