%20PRIVATE%20LIMITED%2017-Jul-2008_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
17.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered Office : |
Plot No. 1/1 TTC Industrial Area, Post Box No. 12, Koparkhairne,
Thane, Belapur Road, Navi Mumbai -
400 709, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
27.02.2001 |
|
|
|
|
Com. Reg. No.: |
11-131020 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U24117MH2001PTC131020 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMH05154C |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Manufacturer and Marketer of Chemicals. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
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 |
|
Fax No.: |
91-22-2778008/4/5/8 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
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 |
|
|
|
|
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 |
|
|
|
|
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 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Chemicals. |
GENERAL
INFORMATION
|
No. of Employees : |
200 |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells (Chartered Accountant) |
|
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
NIL
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.43.17 |
|
UK Pound |
1 |
Rs.86.46 |
|
Euro |
1 |
Rs.68.68 |
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. |
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 |
|