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MIRA
INFORM REPORT
|
Report Date : |
12.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED |
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|
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|
Registered Office : |
Plot No. 1/1 TTC Industrial Area, thane Belapur Road, Koparkhairne, Navi
Mumbai – 400 709, Maharashtra |
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Country : |
India |
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|
Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.02.2001 |
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Com. Reg. No.: |
11-131020 |
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CIN No.: [Company
Identification No.] |
U24117MH2001PTC131020 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH05154C |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Marketer of Chemicals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
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 |
|
Maximum Credit Limit : |
USD 8100000 |
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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 usually owned subsidiary of Huntsman, the Netherlands.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Payments are correct and as per commitments. The
company is doing well .It can be considered good for any normal business
dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 1/1 TTC Industrial Area, thane Belapur Road, Koparkhairne,
Navi Mumbai – 400 709, Maharashtra |
|
Tel. No.: |
91-22-27780000/ 83 |
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Fax No.: |
91-22-2778008/4/5/8 |
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E-Mail : |
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Website : |
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Corporate Office : |
A -10/ A, Sector 24, FDDI Complex, Noida – 201 301, Gautam Buddha
Nagar, Uttar Pradesh, India |
|
Tel. No.: |
91-120-4255100 |
|
Fax No.: |
91-120-4255105 / 4255106 |
DIRECTORS
|
Name : |
Mr. Peter Hunstman John |
|
Designation : |
Director |
|
Address : |
Jezuseklaan Tervuren, Belgium - |
|
Date of Birth/Age : |
13.03.1963 |
|
Date of Appointment : |
01.03.2001 |
|
|
|
|
Name : |
Mr. Umer Bischand Sharma |
|
Designation : |
Director |
|
Address : |
Flat No. 27, SRM Apartment, A – Block 106, Patparganji, New Delhi –
110 092 |
|
Date of Birth/Age : |
14.07.1962 |
|
Date of Appointment : |
30.10.2001 |
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|
|
|
Name : |
Mr. Gerrard William Ron |
|
Designation : |
Managing Director |
|
Address : |
6, Bindong Park, Singapore – 269 789 |
|
Date of Birth/Age : |
16.08.1954 |
|
Date of Appointment : |
30.09.2003 |
|
Date of Ceasing: |
03.03.2005 |
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|
|
|
|
|
|
|
|
|
Name : |
Mr. Sandeep Ganesh Divekar |
|
Designation : |
Managing Director |
|
Address : |
A -1, Bhaskar CHS Limited, Nurlidhar Lane, Tilak Chowk, Kalyan, Thane, Mumbai – 421 301, Maharashtra |
|
Date of Birth/Age : |
30.07.1972 |
|
Date of Appointment : |
06.01.2004 |
|
Date of Ceasing: |
03.03.2005 |
|
|
|
|
Name : |
Mr. Sheng Shun Wang |
|
Designation : |
Director |
|
Address : |
Blk -109, Hongqiao, Golf, Villa, 555, Honxu Road, Shanghai, China |
|
Date of Appointment : |
22.02.2005 |
|
|
|
|
Name : |
Mr, Anish Nirmal Ghoshal |
|
Designation : |
Director |
|
Address : |
Maudaestan, 2D, Monte Park Road, Bandra (West), Mumbai – 400 050,
Maharashtra |
|
Date of Birth/Age : |
16.09.1964 |
|
Date of Appointment : |
22.09.2005 |
|
|
|
|
Name : |
Mr. Arun Kumar |
|
Designation : |
Director |
|
Address : |
B – 46/428, M G Colony, Bandra (East) , Mumbai - 400 051, Maharashtra |
|
Date of Appointment : |
25.08.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
Huntsman Investment Netherlands BV |
|
16713117 |
|
Huntsman Netherlands BV |
|
10000 |
|
|
|
|
|
|
Total
|
16723117 |
Equity Shares Breakup (Percentage of Total Equity):
|
Sr No. |
Category |
Percentage |
|
1 |
Foreign holdings (Foreign institutional
investor(s), Foreign companie(s), Financial institution(s), Non –
resident(s), or Overseas corporate bodies or others. |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Chemicals. |
GENERAL
INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Bankers : |
N.A. |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12, Dr. Annie Besant Road, Shiv Sagar Estate, Worli, Mumbai – 400018,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
167000000 |
Equity shares |
Rs. 10/- each |
Rs.1670.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
85847541 |
Equity shares |
Rs. 10/-
each |
Rs.858.475
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
858.475 |
167.231 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1188.816 |
278.891 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
2047.291 |
446.122 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
180.000 |
0.000 |
|
|
TOTAL BORROWING |
|
180.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
4.664 |
|
|
|
|
|
|
|
|
TOTAL |
|
2227.291 |
450.786 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
990.326 |
85.523 |
|
|
Capital work-in-progress |
|
39.970 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
5.500 |
0.000 |
|
|
DEFERREX TAX ASSETS |
|
13.143 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
571.672 |
146.338 |
|
|
Sundry Debtors |
|
1129.949 |
228.083 |
|
|
Cash & Bank Balances |
|
201.744 |
172.233 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
135.682 |
23.901 |
|
Total
Current Assets |
|
2039.047 |
570.555 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
845.578 |
203.766 |
|
|
Provisions |
|
15.117 |
1.525 |
|
Total
Current Liabilities |
|
860.695 |
205.292 |
|
|
Net Current Assets |
|
1178.352 |
365.263 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
2227.291 |
450.786 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
|
4236.279 |
1507.875 |
|
|
Other Income |
|
0.000 |
0.000 |
|
|
Total Income |
|
4236.279 |
1507.875 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
140.671 |
121.383 |
|
|
Provision for Taxation |
|
0.000 |
0.000 |
|
|
Profit/(Loss) After Tax |
|
140.671 |
121.383 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Interest |
|
189.814 |
46.599 |
|
|
Insurance Expenses |
|
0.000 |
0.000 |
|
|
Power & Fuel |
|
0.000 |
0.000 |
|
|
Depreciation & Amortization |
|
0.000 |
0.000 |
|
|
Other Expenditure |
|
3905.794 |
1339.893 |
|
Total Expenditure |
|
4095.608 |
1386.492 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
3.32 |
8.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
3.32 |
8.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.65 |
18.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.07 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.50 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
2.36 |
2.77 |
LOCAL AGENCY
FURTHER INFORMATION
WEBISTE DETAILS:
Subject is a global
manufacturer and marketer of differentiated chemicals. Its operating
companies manufacture products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care, detergent,
personal care, furniture, appliances and packaging.
Originally known for
pioneering innovations in packaging and, later, for rapid and integrated growth
in petrochemicals, subject today has 13,000 employees and operates from
multiple locations worldwide. The Company had 2006 revenues of over $13
billion.
Subject is a global
manufacturer and marketer of differentiated chemicals. Its operating
companies manufacture products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care, detergent,
personal care, furniture, appliances and packaging.
Originally known for
pioneering innovations in packaging and, later, for rapid and integrated growth
in petrochemicals, Huntsman today has 13,000 employees and operates from
multiple locations worldwide. The Company had 2006 revenues of over $13
billion.
HISTORY:
2000
Acquisition of Orica's
polyurethane business in Australia is concluded.
Jon M. Huntsman
gives another $125 million to the Huntsman Cancer Institute to fund ongoing
cancer research and to help construct a clinical research hospital.
Huntsman Packaging
is sold to Chase Capital Partners and renamed Pliant Corporation.
Peter R. Huntsman is
appointed President and CEO. Jon M. Huntsman continues as Chairman.
Huntsman announces
global reorganizations of the company into four distinct businesses: Huntsman
Specialty Chemicals, Huntsman Tioxide, Huntsman Petrochemicals and Huntsman
Surface Sciences.
The company
completes purchase of the thermoplastic polyurethanes business from Rohm and
Haas.
Jon M. Huntsman
dedicates the new Huntsman Village School in Gyumri, Armenia, the city hardest
hit by the 1988 earthquake.
2001
Huntsman doubles its global
surfactant business with the purchase of Albright and Wilson's European
surfactant business.
Huntsman Cancer
Institute breaks ground for state-of-the-art cancer research hospital. Phase II
of Institute to provide integrated care.
2002
Launch of Huntsman's
historic new £58 million pigments plant at Greatham, United Kingdom.
Chinese Government
approves Huntsman plan to build MDI plant in Shanghai, China.
2003
Huntsman gains full
operational and financial control of the Vantico group and renames it
Huntsman Advanced Materials.
2004
Huntsman announces plans to
build the world's largest low-density polyethylene (LDPE) manufacturing
facility, at Wilton, on Teesside in the U.K.
2005
Huntsman successfully
launches an Initial Public Offering of Huntsman shares on the New York Stock
Exchange.
2006
Huntsman acquires the global Textile Effects business of Ciba Specialty
Chemicals Inc.
Huntsman completed the sale of its UK-based European commodity chemicals
business to Saudi Basic Industries Corporation (SABIC).
2007
Huntsman Chemical Company
Australia Pty Ltd (HCCA), a part of Huntsman's Base Chemicals and Polymers
division, completed the sale of its Polyester Resins (composites) business
assets to Nuplex Industries Ltd.
Huntsman stockholders voted to approve the merger agreement with Hexion
Specialty Chemicals, Inc. (Hexion).
Huntsman completed
the sale of its Base Chemicals business to Flint Hills Resources, LP,
an independent, wholly owned subsidiary of Koch Industries, Inc.
Background
Their operations in India joined Huntsman Polyurethanes in
2001, strengthening the company's presence in this fast growing and exciting
market.
A Customer Partnership Center operates at Navi Mumbai,
consisting of a modern technical service center and systems house,
manufacturing customized polyol blends for both rigid and flexible foams. The
administration center is also based in Thane.
A dedicated Footwear Technical Center was inaugurated in
April, 2002 at Noida near New Delhi, to better support footwear customers in
this growing area. They service customers from a wide spectrum of
industry segments such as automotive, furniture, appliances, construction,
adhesives, coatings and footwear industries.
NEWS:
Additional production
line at Osnabrück, Germany
The Woodlands, TX, November 22, 2007 - Huntsman Corporation today announced it will expand capacity at its Osnabrück, Germany TPU facility by investing in a new line to produce specialist high performance TPU grades. The new line is expected to come on stream during the second half of 2008. Capacities and financial details were not disclosed.
They are expanding capacity due to increasing customer demand especially in
Asia, Eastern Europe and the Middle East and this investment fits neatly into
our global growth strategy said Ron Gerrard, Vice President of Global
Operations for Huntsman's polyurethanes business. TPUs, which combine the advantages
of rubber polymers with those of thermoplastics, are increasingly displacing
more traditional materials in a variety of end-use markets and this new line
strengthens our ability to meet this opportunity he added.
Huntsman TPUs, made at Osnabrück and at Ringwood, Illinois (USA) and sold under
the IROGRAN®, IRODUR®, IROSTIC®, IROCOAT®, KRYSTALFLEX® and KRYSTALGUARD® TPU
trade names, are injected or extruded to produce a wide range of products
such as footwear, wire and cable encapsulations, hose, tubing, films and sheet.
They are also used to produce coated and laminated textiles,
protective/functional coatings and adhesives.
Huntsman is a
global manufacturer and marketer of differentiated chemicals. Its operating
companies manufacture products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care,
detergent, personal care, furniture, appliances and packaging. Originally
known for pioneering innovations in packaging and, later, for rapid and
integrated growth in petrochemicals, Huntsman today has 13,000 employees and
operates from multiple locations worldwide.
Note to editors: IROGRAN®, IRODUR®, IROSTIC®, IROCOAT®, KRYSTALFLEX® and KRYSTALGUARD® TPU are registered trademarks of Huntsman Corporation or an affiliate thereof in one or more, but not all, countries.
Glass laminators across
Europe are set to benefit from improved quality of service and product
development thanks to Huntsman Polyurethanes.
Huntsman Polyurethanes has brought the
commercial sales process and technical support for its high performance range
of KRYSTALFLEX® optical
aliphatic films in-house, significantly improving service and support it can
provide to glass laminators
across Europe.
The market for
hybrid glass / polycarbonate lamination is growing rapidly as it is
increasingly used in a diverse number of applications where intrinsic strength combined
with transparency is critical; including glazing for security vehicles,
prisons, hospitals, embassies, computer centres and sensitive research centres.
Bonding together
different materials such as glass,
polycarbonate and other plastics, can prove a significant design challenge
for manufacturers of glass
laminates. However, the excellent adhesive properties provided by the KRYSTALFLEX® range of thermoplastic
polyurethane (TPU) films overcome this issue and also provide highly effective
load transfer between the different sheets.
Johan Van Tongelen,
commercial director Europe, Africa, Middle East & Indian Sub-continent,
said: “Huntsman has focused on
the needs of glass laminators
for more than 20 years and it is through using this knowledge and understanding
of applications and processes that they are able to engineer tangible
performance benefits into aliphatic TPU film interlayer. By bringing the sales
and technical support in-house, we hope to be able to steer new initiatives, be
more responsive to our customer’s needs and further enhance the performance
capabilities of Huntsman’s KRYSTALFLEX® film range.”
About
Huntsman:
Huntsman is a global
manufacturer and marketer of differentiated chemicals. Its operating
companies manufacture products for a variety of global industries, including
chemicals, plastics, automotive, aviation, textiles, footwear, paints and
coatings, construction, technology, agriculture, health care, detergent,
personal care, furniture, appliances and packaging. Originally known for
pioneering innovations in packaging and, later, for rapid and integrated growth
in petrochemicals, Huntsman
today has 13,000 employees and operates from multiple locations
worldwide. The Company had 2006 revenues of over $13 billion. For
more information about Huntsman,
please visit the company’s
Forward Looking Statements:
Statements
in this release that are not historical are forward-looking statements. These
statements are based on management’s current beliefs and expectations. The
forward-looking statements in this release are subject to uncertainty and
changes in circumstances and involve risks and uncertainties that may affect
the company’s operations, markets, products, services, prices and other factors
as discussed in the Huntsman
companies’ filings with the U.S. Securities and Exchange Commission.
Significant risks and uncertainties may relate to, but are not limited to,
financial, economic, competitive, environmental, political, legal, regulatory
and technological factors. In addition, the completion of any
transactions described in this release is subject to a number of uncertainties
and closing will be subject to approvals and other customary conditions.
Accordingly, there can be no assurance that such transactions will be completed
or that the company’s expectations will be realized. The company assumes no
obligation to provide revisions to any forward-looking statements should
circumstances change, except as otherwise required by applicable laws.
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.39.36 |
|
UK Pound |
1 |
Rs.80.58 |
|
Euro |
1 |
Rs.57.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
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 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|