MIRA INFORM REPORT

 

 

Report Date :

24.02.2011

 

IDENTIFICATION DETAILS

 

Name :

HALDIA PETROCHEMICALS LIMITED

 

 

Registered Office :

1 Auckland Place Kolkata – 700017, West Bengal

 

 

Country :

India 

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

16.09.1985

 

 

Com. Reg. No.:

039487

 

 

CIN No.:

[Company Identification No.]

U23209WB1985SGC039487

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALH00472D

 

 

Legal Form :

A Closely Held Public Limited Liability Company.

 

 

Line of Business :

Manufacturer and Exporter of Petrochemical Polymers Products.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (72)

 

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 100000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Though the company was incorporated in the year 1985, commercial activities started during the year 1998-99 only. The company had incurred some losses during the first year of its production. The management of the company consists of highly qualified and respectable personnel. Their trade relations are fair.  Payments are usually correct and as per commitments. In view of strong promoters, the company can be considered normal for business dealings at usual trade terms and conditions.

 

The company can be regarded as a promising business partner in a long-run. Efforts are continued for latest Annual Reports and if available we shall scan and lend it to you.

 

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 DECLINED BY

 

The Management non cooperative

 

LOCATIONS

 

Registered Office/

Eastern Regional Office / Corporate Office :

1 Auckland Place Kolkata – 700017, West Bengal, India

Tel. No.:

91-33-22831640 / 43/ 45 / 471024 / 22831637

Fax No.:

91-33-22802390 / 1654

E-Mail :

aloke.chattopadhyay@hpl.co.in

corp@hpl.co.in

ero@hpl.co.in

Websites:

www.haldiapetrochemicals.com

 

 

Corporate Office :

31, Netaji Subhash Road, Kolkata - 700017, West Bengal, India

Tel. No.:

91-33-2247 1024 / 1167 / 1294

Fax No.:

91-33-2247 1361 / 1102

E-Mail :

marketing@hpl.co.in

Website :

http://www.hpl.co.in

Area:

10000 Sq. ft

Location:

Rented

 

 

Factory 1 :

Haldia, District 24 Parganas, West Bengal, India.

Location:

Owned

 

 

Factory 2 :

Post Box 12, P.O Durgachak, District Purba Mednipur – 721602, West Bengal, India 

Tel. No.:

91-3224-274007 / 877/876/882/384

Fax No.:

91-3224-274420

E-Mail :

plant@hpl.co.in

 

 

Research Developments Center  :

54 / A/1 Block – DN, sector 5, Salt Lake, Kolkata – 700091, West Bengal, India

Tel. No.:

91-33-23673491 /3492/3061 / 3062 / 3495 / 91-3224-274007 / 877/876/882/384

Fax No.:

91-33-23679890 / 2247 1361/1102

E-Mail :

ARDC@hpl.co.in

marketing@hpl.co.in

 

 

Southern Regional Office:

2A Royal Court , 41 Venkata Narayana Road, T Nagar, Chennai – 600 017, India

Tel. No.:

91-44-24341003 / 9929 / 8592

Fax No.:

91-44-2434 1401

E-Mail :

sro@hpl.co.in

 

 

Northern Regional Office:

903, Ansal Bhawan, 16 Kasturba Gandhi Marg, New Delhi – 110 001

Tel. No.:

91-11-23315606 / 5626  / 2372 1348 / 3176

Fax No.:

91-11-2372 3327

E-Mail :

nro@hpl.co.in

 

 

Western  Regional Office

106-108 Kesava Building, Bandra – Kurla complex, Bandra (East), Mumbai – 400 051

Tel. No.:

91-22-26590653 / 113/ 219 /318

Fax No.:

91-22-2659 0114

E-Mail :

wro@hpl.co.in

 

 

Area Sales Office:

 

 

Indore office:

18, Old Palasia 102C, Kanchan Sagar, A.B. Road, Indore – 452001

Tel No: 91-731-2547452 / 5066979
Mobile No:91-9821026699

Fax No:91-731-5066979

Email: asoindo@hpl.co.in

 

Hyderabad Office:

Mega Sri Classics, 301, 4th Floor, Model House Lane, Dwarkapuri Colony, Punjagutta, Hyderabad – 500

Tel no: 91-40-55633072

 Fax No: 91-40-23358302

Email: asohyd@hpl.co.in

 

Kanpur Office:

6, Prabhu Sadbhavana, 9/56 Arya Nagar, Kanpur – 208002

Tel no: 91-512-255 6863
Mobile No–91-9839103055

Fax no: 91-512 -2555089

Email: asokan@hpl.co.in

 

Jaipur  Office:

225, City Centre, S.C. Road, Jaipur – 302001

Tel no: 91-141-237 6910
Mobile No: 91-9829051882

Fax No: 91-141-2367910

Email: asojai@hpl.co.in

 

Ludhiana Office:

Flat - B, 5th Floor, Noble Enclave, Bhaiwala Chawk, Ferozepur Road, Ludhiana – 141001

Tel no: 91-161- 403853 / 315136
Mobile no:91-9814161096

Fax no: 91-161- 403853

Email:asoludh@hpl.co.in

 

Ahmedabad Office:

B - 504, Suhavan Apartments,  Opp. Judges Bunglow Road, Near Rudra Square,  Vastrapur, Bodak-Deb,  Ahmedabad – 380015

Tel no: 91-79-6870594 / 6871508
Mobile No:–91-9825604342

 

Durgapur Office:

C/O. Adda Office, City Centre, 1st Floor,  Durgapur – 713216

Tel No:91-343-546815/6716, Extn. 232

 

 

DIRECTORS

 

Name :

Mr. Tarun Das

Designation :

Chairman cum Managing Director

Address :

102, B Beverly Park, Mehraul Gurgoan, Haryana, India.

Date of Birth/Age :

16.02.1939

Date of Appointment :

17.10.2001

Election comm. Identity Card No.

ADKPD9961C

 

 

Name :

Mr. Subhasendu Chatterjee

Designation :

Director

Address :

L – 3 Kailash Colony, SecondFloor, New Delhi-110048, India.

Date of Birth/Age :

13.07.1947

Date of Appointment :

04.05.1999

Election comm. Identity Card No.

AACPC6148F

 

 

Name :

Mr. Swapan Bhattacharya

Designation :

Director

Address :

26, Lee Road, 10th Floor, Kolkata, West Bengal-700020, India.

Date of Birth/Age :

02.01.1957

Date of Appointment :

14.06.1997

Election comm. Identity Card No.

AEEPB5023L

 

 

Name :

Mr. Rangarajan Vasudevan

Designation :

Director

Address :

E – 262, Greater Kailash Part, New Delhi-110048

Date of Birth/Age :

14.06.1937

Date of Appointment :

25.07.1997

Election comm. Identity Card No.

AAAPV0400H

 

 

Name :

Mr. Ramni Nirula

Designation :

Director

Address :

A 14, Anand  Niketan, New Delhi-110021, India.

Date of Birth/Age :

27.05.1952

Date of Appointment :

20.12.2005

 

 

Name :

Mr. Vijay Chaudhry

Designation :

Director

Address :

6126- A Ramshorn Drive, Mclean, Virginia, USA-22101

Date of Birth/Age :

19.06.1945

Date of Appointment :

22.08.2009

 

 

Name :

Mr. Jamshyd Naval Godrej

Designation :

Director

Address :

40, Ridge Road, Mumbai, Maharashtra-400006, India.

Date of Birth/Age :

24.01.1949

Date of Appointment :

02.11.2004

Election comm. Identity Card No.

AACPG0840L

 

 

Name :

Mr. Subrata Gupta

Designation :

Director

Address :

CF,90 Saltlake City, Sector-1, Kolkata, West Bengal-700054, India.

Date of Birth/Age :

31.05.1965

Date of Appointment :

18.12.2007

 

 

Name :

Mr. Bhaskar Khulbe

Designation :

Director

Address :

A-285, Sector 47, Noida, Uttar Pradesh, India.

Date of Birth/Age :

20.03.1959

Date of Appointment :

22.08.2009

 

 

Name :

Mr. Purnendu Chatterjee

Designation :

Director

Address :

1107, Fifth Avenue, New York, USA.

Date of Birth/Age :

09.01.1950

Date of Appointment :

30.03.1994

 

 

Name :

Mr. Dipankar Mukhopadhyay,IAS

Designation :

Director

 

 

Name :

Dr Subrata Gupta, IAS

Designation :

Director

 

 

Name :

Mr Swapan Kumar Bhowmik

Designation :

Director

 

 

Name :

Mr.Bhaskar Khulbe, IAS

Designation :

Director

 

 

Name :

Mr. Iswar C. Agasti

Designation :

Director

 

 

Name :

Mr. T K Ray

Designation :

Director

 

 

Name :

Mr Jamshyd N Godrej

Designation :

Director

 

 

Name :

Mr Sushil Muhnot

Designation :

Director

 

 

Name :

Mr.S Roy Chowdhury

Designation :

Director

 

 

Name :

Ms Ramni Nirula

Designation :

Director

 

 

 

      KEY EXECUTIVES

 

AUDIT COMMITTEE

 

 

 

Name :

Mr. S Muhnot

Designation :

Chairman

 

 

Name :

Mr Vijay K Chaudhry
Mr Dipankar Mukhopadhyay
Mr T K Ray
Mr S Roy Chowdhury
Mr S K Bhowmik

 

 

PROJECT REVIEW COMMITTEE

 

 

 

Name :

Mr. J. N. Godrej

Designation :

Chairman

 

 

Name :

Mr S Chatterjee
Dr Subrata Gupta
Mr Sushil Muhnot
Ms Ramni Nirula
Mr S Roy Chowdhury
Mr S K Bhowmik

 

 

BORROWINGS AND RISK MANAGEMENT COMMITTEE

 

 

 

Name :

Mr. S Roy Chowdhury

Designation :

Chairman

 

 

Name :

Mr T K Ray
Mr S Muhnot
Mr Dipankar Mukhopadhyay
Mr Vijay K Chaudhry
Mr S K Bhowmik

 

 

PERSONNEL COMMITTEE

 

 

 

Name :

Mr. Tarun Das

Designation :

Chairman

 

 

Name :

Dr P Chatterjee
Mr J N Godrej
Mr Dipankar Mukhopadhyay
Mr S K Bhowmik

 

 

HSE COMMITTEE

 

 

 

Name :

Mr Ishwar C Agasti

Designation :

Chairman

 

 

Name :

Mr S Chatterjee
Mr S Roy Chowdhury
Dr Subrata Gupta
Ms Ramni Nirula
Mr S K Bhowmik

 

 

NAPHTHA PURCHASE COMMITTEE

 

 

 

Name :

Ms. Ramini Nirula

Designation :

Chairman

 

 

Name :

Mr S Chatterjee
Dr Subrata Gupta
Mr Ishwar C Agasti
Mr S K Bhowmik

 

 

COMPENSATION COMMITTEE

 

 

 

Name :

Mr. Sushil Muhnot

Designation :

Chairman

 

 

Name :

Mr Bhaskar Khulbe
Mr R Vasudevan
Mr S K Bhowmik

 

 

COMMITTEE FOR SHARE TRANSFERS

 

 

 

Name :

Mr Ishwar C Agasti

Designation :

Chairman

 

 

Name :

Mr Bhaskar Khulbe
Mr Vijay K Chaudhry
Mr T K Ray
Mr S K Bhowmik

 

 

EMPOWERED COMMITTEE FOR CDR

 

 

 

Name :

Dr. P. Chatterjee

Designation :

Chairman

 

 

Name :

Mr Dipankar Mukhopadhyay
Mr Bhaskar Khulbe
Mr Vijay K Chaudhry
Mr S K Bhowmik

 

 

Name:

Mr. Rabin Mukhopadhyay

Designation:

Head – Plant, Projects and Executive Vice President

 

 

Name:

Mr. Aloke. Kr. Chattopadhyay

Designation:

Head – Legal and Vice President and Dy Co. Secy.

 

 

Name:

Mr. Anjan Bose

Designation:

CIO, Head-HRA and Senior Vice President

 

 

Name:

Mr. Ashok Kr. Ghosh

Designation:

Head-  Manufacturing, Deputy Head – Plant and Vice President

 

 

Name:

Mr. Durga Sankar Chakrabarti

Designation:

Head – Finance and Accounts, Senior Vice President and CFO

 

 

Name:

Mr. Gaur Hari Guchhait

Designation:

Head – Projects Planning and Vice President

Name:

Mr. Rabin Mukhopadhyay

Designation:

Head – Procurement, Marketing (Chemicals) and Senior Vice President

 

 

Name:

Mr. Ujjal De

Designation:

Head – Marketing (Polymers), Customer Services, Business Development and Senior Vice President

 

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 30.09.2009

 

Names of Shareholders

No. of Shares

Percentage of Holding

West Bengal Industrial Development Corporation Limited

674999996

43.27

Mr. Gopal Krishna

1

 

Mr. D Bhattacharya

1

 

Mr. A. Pandey

1

 

Mr. Amirava Dasgupta

1

 

 Indian Oil Corporation Limited)

150000000

9.62

TATA GROUP

 

2.88

Tata Motors Limited

22499999

 

TML Mr. Ratan Tata

1

 

TML j/w. R. Gopalkrishna

1

 

Tata Power Company Limited

22499999

 

Chaterjee Petrochemicals Limited

432852148

27.75

Winsor India Investment Company Limited.

127400000

8.17

India Trade (Mauritius) Limited

107141852

6.87

 Vijay .K. Chaudhry

4500000

(0.29)

Vinod Krishna Chaudhry

1000000

0.06

Shapun Chaudhry

1000000

0.06

Vishal Chaudhry

1000000

0.06

Ayesha Chaudhry

1000000

0.06

Trade Pre Lal

9879.0

0.06

AKM Systems Private Limited

2000000

0.13

Saroj Ramesh Patel

413640

0.03

Vijay Diamond Pre Limited

2836000

0.12

Lalpet Govindarajan Devaki

5000

0.00

Raogarapan Vasudevan

50000

0.00

Prithvi Raj Khanna

20000

0.00

IISBC Global Custody Nominee (UK,Limited)

732247

0.05

Viresh Mathar

49532

0.00

Baldev Raj Bathra

4000

0.00

Deepak Kumar

4999

0.00

Jyoti Bhanor

2000

0.00

Simon b Choksa(j/w Hemal Shrenik choksa)

1000000

0.06

Anil Ritesh Kotharij/w Ritesh Rupen Kothari

1000000

0.06

Rupa Sumar Mehta

1400000

0.09

Purvi Ajesh Mehta

400000

0.03

Bharti Shrenik Choksi

400000

0.03

Kokila Navan Chandra Mehta

1000000

0.06

Sandhya Rupen Kothari

400000

0.03

Ankit Dilip Kumar Mehta

1000000

0.06

Kalpana Dilip Kumar Mehta

400000

0.03

Radhika Govind Rayan

350000

0.02

Swadesh Chateerjee

200000

0.01

Dr. Devansh Bhattacharaya j/w Archana Bhattacharya

5000

0.00

Dr. Devansh Bhattacharaya j/w Bharati Bhattacharya

5000

0.00

Radhika Rayan

350000

0.02

 

AS ON: 30.09.2009

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

43.389

Bodies corporate

 

3.013

Govt.Companies

 

52.887

Directors or relatives of directors

 

0.003

Other top fifty shareholders

 

0.708

 

Total

100.00

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Petrochemical Polymers Products.

 

 

Import:

 

Products:
  • Raw Materials

Countries:
  • Middle East
  • Srilanka
  • Bangalore
  • Turkey

 

 

Export:

 

Products:
  • Petrochemicals Polymers

Countries:
  • China
  • Taiwan
  • Japan

 

 

Terms :

 

Purchasing :

L/C, Cash and Credit (30 Days)

 

 

Selling :

L/C, Cash and Credit (30 Days)

 

 

 

GENERAL INFORMATION

 

Customer :

  • Wholesalers
  • End Users

 

 

No. of Employees :

1000 (Approximately)

 

 

Bankers :
  • Allahabad Bank
  • Canara Bank
  • Dena Bank
  • Central Bank of India
  • State Bank of India
  • Punjab National Bank
  • Union Bank of India
  • United Bank State Bank of Hyderabad
  • UCO Bank
  • Indian Overseas Bank
  • The Karur Vysya Bank
  • Bank of India
  • IDBI
  • ICICI Bank Limited
  • Standard Chartered Bank
  • Vijaya Bank
  • Axis Bank Limited
  • State Bank of Mysore
  • State Bank of Patiala
  • State Bank of Bikaner and Jaipur

 

 

Facilities :

Secured Loans

31.03.2007

(Rs. In Millions)

 

 

Rupee Term Loans (RTL)

 

Banks

997.590

Financial Institutions

4359.480

Others

32.750

 

 

Foreign Currency Term Loans (FCTL)

 

Financial Institutions (FI)

2471.110

 

 

External Commercial Borrowings (ECB)

 

Banks

4130.310

 

 

Funded Interests Term Loans (FITL) On -

 

Banks

-

Financial Institutions

-

Others

-

 

 

Other Credit Facilities From Banks:-

 

Cash Credit

2834.560

Packing Credit Foreign Currency Loan

1134.780

Working Capital Demand Loan

730.780

Short Term Working Capital Loan

750.000

 

 

Total

26441.360

 

O] The original insurance company limited of its terms Loans of Rs.57.300 Millions

P] United India insurance company limited of its terms Loans of Rs.98.200 Millions

Q] IFCI Limited of its terms Loans of Rs.125.200 Millions

R] IDBI of its terms Loans of Rs.271.300 Millions

S] ICICI Bank Limited of its terms Loans of Rs.140.100 Millions

T] Indian Overseas Bank of its terms Loans of Rs.559.600 Millions

 

Note:

Security on movables has since been created by way of execution of deed of hypothecation. Creation of security on immovable by way of mortgage is under process.

 

On First Charge Basis – ECB Facilities

 

The ECB Facilities of the company have been refinanced by way of availment of the following ECB facilities:

 

I] State Bank of India, Tokyo of its ECB facility of JPY Rs.5228.53 Millions

Security on movables has since been created by way of execution of deed of hypothecation. Creation of security on immovable by way of mortgage is under process

II] State Bank of India, Singapore of its ECB facility of USD Rs.39.700 Millions

III] State Bank of India, London of its ECB facility of USD Rs.22.500 Millions and USD Rs.40.000 Millions

 

On First Charge Basis – LC Facilities

 

I] IDBI its LC facilities of Rs.2250.000 Millions

Security on movables has since been created by way of execution of deed of hypothecation. Creation of security on immovable by way of mortgage is under process

 

On Second Charge Basis – Revised Working Capital Facilities

 

A] State Bank of India of its Working Capital facilities Rs.7860.000 Millions

B] Central Bank of India of its Working Capital facilities Rs.350.000 Millions

C] Punjab National Bank of its Working Capital facilities Rs.1570.000 Millions

D] Allahabad Bank of its Working Capital facilities Rs.2500.000 Millions

E] Union Bank of India of its Working Capital facilities Rs.1300.000 Millions

F] United Bank of India of its Working Capital facilities Rs.750.000 Millions

G] State Bank of Hyderabad of its Working Capital facilities Rs.1150.000+ Millions

H] UCO Bank of its Working Capital facilities Rs.250.000 Millions

I] Indian Overseas Bank of its Working Capital facilities Rs.781400.000Millions

J] The Karur Vysya Bank of its Working Capital facilities Rs.1400.000 Millions

K] Bank of India of its Working Capital facilities Rs.1620.000Millions

L] IDBI of its Working Capital facilities Rs.2250.000 Millions

M] ICICI Bank Limited of its Working Capital facilities Rs.1880.000 Millions

N] Standard Chartered Bank of its Working Capital facilities Rs.1000.000 Millions.

 

 

 

Banking Relations :

Satisfactory

 

 

Financial Institutions :
  • Life Insurance Corporation of India
  • IFCI Limited
  • United India Insurance Company Limited
  • National Insurance Company Limited
  • General Insurance Company Limited
  • The New India Assurance Company Limited
  • The Oriental Insurance Company Limited

 

 

Auditors :
  • Lodha and Company

Chartered Accountants

 

  • Chakraborthy and Company

Chartered Accountants

 

 

Membership :

Confederation of Indian Industry

 

 

Joint venture:
  • Chatterjee Petrochem (Mauritius) Company, Mauritius; TATAs, India
  • West Bengal Industrial Development Corporation Limited, India

 

 

Collaboration:
  • ABB Lommus Global Inc; BASF / LUMMUS;
  • Chatterejee Petrochem (Mauritius) Company, Mauritius; IFP, France, Lurgi, Germany; Mutsui/ Technimont; Montell (Spherilene)/ Tecnimont , Itay, Montell thru Tecnimont, Italy.

 

 

Other Company:
  • Merlin Resources Private Limited

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

2,200,000,000

Equity Shares

Rs.10/- each

Rs.22000.000millions

3,000,00,000

Preference Shares

Rs.10/- each

Rs.3000.000 millions

 

 

 

 

 

Total

 

Rs.25000.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

1,559,915,828

Equity Shares

Rs.10/- each

Rs.15599.160 millions

271,081,818

Preference Shares

Rs.10/- each

Rs.2710.820 millions

 

 

 

 

 

Total

 

Rs.18309.980 Millions

 

Note:

 

The above shares are redeemable on 24th February, 2012, which at the company’s option can be extended for 2 additional 5 year term with coupon rate 1% or Equity Dividend whichever is higher.

 

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

 

18309.980

18309.980

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

7344.230

1531.330

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

25654.210

19841.310

LOAN FUNDS

 

 

 

1] Secured Loans

 

26441.360

30106.100

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

26441.360

30106.100

DEFERRED TAX LIABILITIES

 

3215.460

728.000

 

 

 

 

TOTAL

 

55311.030

50675.410

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

41484.260

44288.860

Capital work-in-progress

 

2964.190

661.010

 

 

 

 

INVESTMENT

 

775.310

775.310

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

 

7091.540

8098.450

 

Sundry Debtors

 

2641.470

1878.340

 

Cash & Bank Balances

 

4267.680

467.300

 

Other Current Assets
 
163.870
1453.790

 

Loans & Advances

 

4618.440

3122.280

Total Current Assets

 

18783.000

15020.160

Less : CURRENT LIABILITIES & PROVISIONS
 

 
 

 

Sundry Creditors

 

 

Other Current Liabilities

 

7480.840

9542.200

 

Provisions

 

1214.890

581.280

Total Current Liabilities

 

8695.730

10123.480

Net Current Assets

 

10087.270

4896.680

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

53.550

 

 

 

 

TOTAL

 

55311.030

50675.410

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

 

31.03.2007

31.03.2006

 

 

 

 

Sales Turnover

 

70873.700

57518.700

Other Income

 

1745.940

4241.200

Total Income

 

72619.640

61759.900

 

 

 

 

Profit/(Loss) Before Tax

 

8311.960

4879.730

Provision for Taxation

 

2499.080

1876.370

Profit/(Loss) After Tax

 

5812.880

3003.360

 

 

 

 

Earnings in Foreign Currency :

 

 

 

 

Export Earnings

 

16565.120

14422.210

 

Other Earnings

 

0.200

0.100

Total Earnings

 

16565.320

14422.310

 

 

 

 

Imports :

 

 

 

 

Raw Materials

 

36357.010

31349.660

 

Stores & Spares

 

1301.840

552.580

Total Import

 

37658.850

31902.240

 

 

 

 

Expenditures :

 

 

 

 

Raw Materials

 

46398.240

40138.300

 

Other Manufacturing Expenses

 

11624.430

10618.310

 

Increase/(Decrease) in Finished Goods

 

383.650

(375.160)

 

Miscellaneous Expenses

 

53.550

160.670

 

Interest and Financial Expenses

 

2820.090

3304.560

 

Depreciation

 

3027.720

3033.490

Total Expenditure

 

64307.680

56880.170

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2007

31.03.2006

PAT / Total Income

(%)
 

8.00

4.86

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

11.73

8.48

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

13.79

8.23

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

0.32

0.25

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

1.37

2.03

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

2.16

1.48

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Fixed Assets:

 

  • Land (Leasehold)
  • Building
  • Plant and Machinery
  • Electrical Equipment
  • Furniture, Fixture and Office Equipment
  • Vehicles
  • Intangibles

 

WEBSITE DETAILS:

 

Major Milestones

 

2010-Sucessful completion of project Supermax

2009-HPLCL buyout and management control

2007-Turnover exceeded 2 Billion USD. Reported maximum PAT since inception

2005-Capacity enhanced by 25%

2004-Reported PAT for the first time. Turnover exceeded 1 Billion USD

2003-Corporate Debt Restructuring (CDR) Approved

2001-Commercial production started.

2000-Project Commissioned. Trial production started

1997-Project construction started

1996-Land Acquisition completed

1994-MOU signed between WBIDC, Chatterjee Fund Management, Soros Fund Management & Tata group of companies for implementation of HPL Complex through a joint venture co.

1992-Environmental Clearance of the project received

1985-Incorporated as a public limited company

 

Financials

 

Performance of subject company has been phenomenal since 2003-04. Overcoming the past setback and backed by significant turnaround, HPL had posted its maiden profit in 2003-04. During 2005-06, HPL wiped out all its accumulated losses and added Rs. 1,531.33 million to Reserves and Surplus and is standing at Rs. 7344.23 million as at March 31, 2007.

 

Backed by strong state-of-the-art technology, operating experience and committed efforts of highly skilled manpower, the Company consistently operated its plant at rates higher than the[declared] installed capacity. Naphtha Cracker capacity utilization during fiscal 2004-05, 2005-06 and 2006-07 were about 104%, 103% and 106%.

 

In fiscal 2004-05, 2005-06 and 2006-07, the net sales (net of excise duty) of the Company were Rs. 53,619.78 million, Rs.57518.70 million and Rs. 70873.70 million respectively, representing about 32% increase from fiscal 2004-05 to fiscal 2006-07.

 

The quality of HPL’s products remained World Standard and continued to be appreciated in domestic and international markets.

 

In 2006-07, polymers accounted for about 73% of the net sales as against 74% and 76% in 2005-06 and 2004-05 respectively. Chemicals accounted for about 27% of the turnover as against 26% and 24% in 2005-06 and 2004-05 respectively.

 

Sales in the domestic market accounted for about 77% of the net sales in 2006-07 as against 75% and 67% in 2005-06 and 2004-05 respectively while the export sales accounted for 23% as against 25% and 33% in 2005-06 and 2004-05 respectively.

 

Interest and financial charges reduced to Rs. 3,980.98 million in 2004-05 from Rs. 4,303.89 million in 2003-04 primarily due to implementation of CDR package. Interest expenditure further reduced from Rs. 3304.56 million in 2005-06 to Rs. 2820.09 million in fiscal 2006-07 due to prepayment of debts, refinancing of External Commercial Borrowings and repayment of foreign currency debts.

 

During 2006-07, the Company recorded Profit before Tax (PBT) of Rs. 8311.96 million, an increase of 70% over 2005-06 of Rs. 4879.73 million and increase of 16% over 2004-05 of Rs. 7153.95 million.

The performance of HPL during the year ended March 31, 2007 is as under:

 

Net Sales – Rs. 70873.70 million
Operating Profit (EBITDA) – Rs. 14213.32 million
Interest and Financial Charges – Rs. 2820.09 million
Profit Before Taxation (PBT) - Rs. 8311.96 million

 

The Company is implementing expansion of capacity by about 30% which will take ethylene production capacity to 670 KTPA from the current level of 520 KTPA.

 

The Company is firmly moving ahead and aims at growing aggressively.

 

PRESS CLIPPINGS:-

 

AHMEDABAD: The West Bengal government is understood to have initiated informal talks with the Mukesh Ambani-controlled Reliance group for selling its stake in the Haldia Petrochemicals.


According to market sources, the government, which is in conflicts with its JV partner, the Chatterjee Group, over shareholding pattern has started looking at other big petrochemicals companies, including Reliance group companies.

Sources said Reliance is toying over the idea of acquiring West Bengal government stake in HPL through IPCL, considering the synergy between the two companies. When contacted by TOI, an IPCL spokesperson declined to comment.

The allotment of 7.5% equity to IOC has become a bone of contention between the West Bengal government and Chatterjee group, as the latter is opposing the move. Following this proposal, Chatterjee group had approached the Company Law Board on the issue of allotment of shares worth Rs 1500.000 millions  IOC.


If the allotment takes place, the Chatterjee group is likely to become minority share-holders. It is reliably learnt that the West Bengal government has also opposed the formula suggested by CLB, allowing the Chatterjee group to remain majority stake holders.


Sources said, for a permanent solution, the West Bengal government may offer a price at which it wants to sell its holding to Chatterjee group, which has the first right of refusal. "In case, the price is not favourable to the group, The government is expected make a counter offer to buy Chatterjee group's holding in HPL and then it may sell to other interested parties," sources said.


According to sources, in HPL, West Bengal government holds 47.88% share through its West Bengal Industrial Corporation and the Chatterjee group holds 48.94% stake. The government wants to exit from HPL as the project has not taken off as per expectations.

 

KOLKATA: The shareholding tussle over Haldia Petrochemcials has just got murkier. The company's single largest stakeholder, Purnendu Chatterjee, has ruled out any out-of-court settlement with the West Bengal government on the lingering dispute.


The Chatterjee Group (TCG) chairman has also rejected the possibility of any meeting with CM Buddhadeb Bhattacharjee to arrive at a solution to the vexed problem. "The case is sub judice.


Let the Company Law Board now decide the fate of the HPL dispute," Chatterjee said. "I am in no way responsible for whatever has happened with regard to Haldia Petrochemicals, and have no desire at all to meet the CM," he said.


The principal secretary to the CM, Dipankar Mukherjee, said Chatterjee's decision was entirely his own. "They can't speak on his behalf. However, they don't think that their relations have soured," Mukherjee pointed out.


The CLB has already completed its hearings on the HPL issue and an order is expected soon. In the past, CLB chairman S Balasubramanian had urged the CM to play a lead role in reaching an amicable settlement with Chatterjee. However, the CM had told Times of India earlier that he did not wish to meet the TCG chairman.


Chatterjee's spat with the state government arose over the handing over of a 7.5% equity stake in HPL to Indian Oil Corporation, which he felt would reduce him to a minority holding in Haldia Petrochem.


He alleged that he was never kept in the loop about the IOC development, a charge denied by the Bhattacharjee government. Chatterjee has even demanded the resignation of HPL chairman Tarun Das for not keeping him abreast about the deal with IOC.

 

KOLKATA: The Bengal government said it was open to an out-of-court settlement with Purnendu Chatterjee in the larger interests of Haldia Petrochemicals Limited (HPL), but added that The Chatterjee Group (TCG) would first have to make a formal approach.


"They have always suggested such a way out (out-of-court settlement). It is now up to them to decide what to do," state commerce and industries minister Nirupam Sen told TOI, while pointing out that the state was still weighing options to contest the Company Law Board (CLB) verdict on HPL in high court. The minister also said the state has not received any communication from TCG following the CLB verdict that it was willing to talk with the government.

Last week, a TCG spokesman said the group was keen to work amicably with the state.


While contacted for a response to Sen's latest comments, the TCG spokesman declined to comment on whether a formal approach has been made

 

KOLKATA: The Bengal government has filed an appeal in the Calcutta High Court seeking a stay on the Company Law Board's order on Haldia Petrochemicals. This was disclosed by state commerce and industries minister Nirupam Sen,who didnot say when the case is likely to come up for hearing in the court.


Sources close to Chatterjee said the group would take steps to ensure that its interests were protected. However, they reiterated that TCG was still willing to work in coordination with government, as was indicated by Chatterjee in his recent letter to CM Buddhadeb Bhattacharjee.


Sen's immediate reaction to CLB verdict, which was delivered on January 31, was that it was "not acceptable". However, later, he said CLB order had not gone completely against the state. He had said that the state was ready to talk to Chatterjee to ensure that the spat between shareholders did not harm HPL's interests.

The state government had been weighing the option of moving court ever since the CLB directed the state to exit from HPL by selling its stake in the company to The Chatterjee Group (TCG). CLB chairman S Balasubramanian had said that the government/West Bengal Industrial Development Corporation should disinvest 520 million shares in favour of TCG.

 

The CLB had directed both the state and TCG to appear before it on February 20 to suggest a mutually-acceptable valuer for the 520 million HPL shares. The CLB had said the price payable for the 520 million shares should be the fair price determined by the valuer appointed by it, or Rs 28.80, whichever was higher. Sources said it was still unclear whether the state would be present at CLB forum on February 20 to suggest a valuer in the backdrop of its decision to move the court.

 

KOLKATA: The Calcutta High Court, in an interim order on Friday, stayed the transfer of all shares of Haldia Petrochemicals Limited (HPL).


Justice Jayanta Biswas was hearing a petition filed by the West Bengal government and West Bengal Industrial Development Corporation (WBIDC) against a January 31 order of the Company Law Board (CLB).


The high court stay will be effective till further orders or till the matter is finally disposed of. The next date of hearing has been fixed on February 28.


On January 31, the CLB had confirmed the transfer of 155 million shares by WBIDC at Rs 10 per share to Chatterjee Petrochem (Mauritius) Company, Winstar India Investment Company Limited, India Trade (Mauritius) Limited and Chatterjee Petrochem (India) Private Limited.


CLB had also directed WBIDC and the West Bengal government to transfer 520 million shares held by them to these four companies.


These orders were challenged by the state government and WBIDC before the high court. On Friday, the court started hearing the issue of transfer of 155 million shares by WBIDC. The matter concerning transfer of the 520 million shares will come up for hearing later.


The CLB had directed both the state and The Chatterjee Group (TCG) to appear before it on February 20 to suggest a mutually-acceptable valuer for the 520 million HPL shares.


The CLB had said that the price payable for the 520 million shares should be the fair price determined by the valuer appointed by it, or Rs 28.80, whichever was higher.


The CLB had said the consideration for 520 million shares should be paid within 45 days of the date of valuation report, or 60 days if the state did not feel the need for valuation.

 

CLB chairman S Balasubramanian had instructed TCG to prepare an irrevocable bank guarantee of Rs 500.000 millions in favour of WBIDC and a comfort letter of Rs 15000.000 millions with the state government.


Balasubramanian had said that if TCG failed to pay the amount for 520 million shares, the state government could forfeit the bank guarantee of Rs 500.000 millions and encash it. The government would purchase the shares at Rs 28.80 or as fixed by the valuer.

 

KOLKATA: The Chatterjee Group (TCG) has questioned the locus standi of the West Bengal government, in the matter concerning the transfer of shares of Haldia Petrochemicals Limited (HPL) to Indian Oil Corporation Limited (IOC), before the Calcutta High Court.


TCG also filed four cross appeals against the Company Law Board (CLB) order of January 31, upholding the allotment of 150 million shares to IOC.


"The CLB order will not affect the state government in any way as the latter has no stake in HPL," advocate Sudipto Sarkar submitted on behalf of TCG.


In its January 31 order, CLB had also confirmed the transfer of 155 million shares by the West Bengal Industrial Development Corporation (WBIDC) at Rs 10 per share to Chatterjee Petrochem (Mauritius) Co, Winstar India Investment Co Limited, India Trade (Mauritius) Limited and Chatterjee Petrochem (India) Private Limited.


CLB had also directed WBIDC and the state government to transfer 520 million shares held by them to the four companies. These orders were challenged by the state government and WBIDC before the high court.

On February 16, Justice Jayanta Biswas admitted the appeals and in an interim order, stayed transfer of all shares of HPL.


The court then fixed February 28 as hearing date of appeal against transfer of the 155 million shares by WBIDC. The matter concerning transfer of the 520 million shares will come up later.


After TCG submitted that it had filed four cross appeals, advocate P C Sen for the government sought adjournment.

 

KOLKATA: Haldia Petrochemicals Limited (HPL) is likely to invest Rs 30000.000 millions over a period of more than three years for getting into new product category.


A majority of the fund will come from the internal cash flow of the outfit. HPL chairman Tarun Das said this after the company board meeting.


Das said the company will maintain the performance even in the current financial year. "The bad days are over. Now it is a gold mine,"he added. Das informed that there will be a shutdown at the plant for two months in early 2008.

 

KOLKATA: The Bengal government can continue to have a say in the running of Haldia Petrochemicals Limited (HPL).

On Friday, the Calcutta High Court set aside the January 31 order of the Company Law Board (CLB) which had asked the state government to exit HPL by selling its stake in the company to The Chatterjee Group (TCG).

However, Justice Jayanta Biswas, while passing his order, upheld the CLB's order pertaining to the allotment of HPL shares to Indian Oil Corporation (IOC).


The CLB too had upheld the allotment to IOC.


Justice Biswas also refused a prayer by TCG's lawyers to stay operation of his order for two weeks to allow the Purnendu Chatterjee-led group to appeal against it before a higher bench. An appeal against Justice Biswas' order can now be made only in the Supreme Court. "They have no comments to make at this stage as they are awaiting a copy of the order," a TCG spokesman said, when asked for his reaction to the High Court order.

State commerce and industries minister Nirupam Sen said: "It is a happy occasion for us. They have won and are free now." Chief minister Buddhadeb Bhattacharjee said he had heard about the order but did not have the details.

The legal spat between TCG and the state government arose over the transfer of 10% of HPL's equity to IOC for Rs 1500.000 millions, with TCG approaching the CLB for justice in August 2005.

 

Indrani Dutta

 

KOLKATA, Jan. 2

HALDIA Petrochemicals Limited (HPL) may assign (legal transfer of a right) to some banks the agreement that it had signed with Gas Authority of India Limited (GAIL) on December 31, 2002, to raise upfront some funds for the cash-strapped company. With these agreements in place, company officials felt upbeat about further participation by the gas major in the finances of SUBJECT.

 

"The inking of these documents is a significant first step in forging a strong alliance between these two large organisations,'' sources said. Available information suggests that HPL expected to raise at least Rs 3000.000 Millions by securitising the commercial agreements sealed with GAIL.

 

Several banks are expected to be involved in this process, sources said, adding that the memorandum of understanding on a proposed strategic alliance between  the two corporates went "well beyond commercial arrangements paving the way for GAIL's participation in SUBJECT's equity".

 

While a press release issued by SUBJECT on the agreements said that GAIL has already communicated "an expression of interest'' on the equity issue sometime ago, sources said that various routes were being explored for pumping in around Rs 2000.000 Millions . They however refused to divulge details in this regard.

 

It may be mentioned here that in the `comfort letter' given by SUBJECT's lead lender - IDBI - in September 2002 on the proposed financial recast, the beleaguered petrochemical company was told to `arrange' at least Rs 5000.000 Millions of funds by November 30, 2002. Sources felt that by concluding the commercial arrangements (which were hanging fire for quite sometime), SUBJECT has been able to make some progress.

 

Sources said that SUBJECT, which had missed quite a few of its debt servicing schedules since the beginning of 2002, paid IDBI Rs 170.000 Millions in December. This was done on the strength of SUBJECT's December performance.

 

"SUBJECT has had the highest-ever earnings before depreciation, interest and taxation (EBDIT) during this month,'' Mr A. Bose, the company secretary said.

 

A company release said that SUBJECT has clocked 102 per cent capacity utilisation with the highest ever polymer production of 62,000 tonnes. Turnover stood at Rs 3100.000 Millions in December with EBDIT standing at about Rs 420.000 Millions.

 

"With the expected upturn in world petrochem business, SUBJECT was hopeful of emerging as a large and profitable petrochemical company in the not too distant a future,'' the release said.

 

 

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 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.45.20

UK Pound

1

Rs.73.17

Euro

1

Rs.61.88

 

 

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

9

--PROFITABILIRY

1~10

7

--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

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

 

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

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.