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Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
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Name : |
HUNTSMAN PERFORMANCE PRODUCTS (INDIA) PRIVATE LIMITED (w.e.f.
04.08.2011) |
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Formerly Known
As : |
LAFFANS FINE CHEMICALS PRIVATE LIMITED
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Registered
Office : |
Plot No. 321, G.I.D.C. Panoli, Ankleshwar – 394 116, |
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Country : |
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Date of
Incorporation : |
18.08.2010 |
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Com. Reg. No.: |
062014 |
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Capital
Investment / Paid-up Capital : |
Rs.29.600 millions |
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CIN No.: [Company Identification
No.] |
U24100GJ2010PTC062014 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDL00551F |
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PAN No.: [Permanent Account No.] |
AABCL9521H |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Processing, Manufacturing, Importing and Exporting Petrochemicals like
Naphtha, Methane,, Ethylene, Propylene, Butanes, Naphthalene, Cyclohexane
etc. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
New company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively new company and yet to establish itself
gradually. Trade relations are reported as fair. Business is active. Payments
are unknown. The company can be considered for business dealings on a secured trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION DECLINED BY
MANAGEMENT NON-COOPERATIVE
LOCATIONS
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Registered Office : |
Plot No. 321, G.I.D.C. Panoli, Ankleshwar – 394 116, |
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Tel. No.: |
91-2646-272009 / 272437 |
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Fax No.: |
91-2646-272429 |
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E-Mail : |
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Head Office : |
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Tel. No.: |
91-22-40506565 |
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Fax No.: |
91-22-40506300 |
DIRECTORS
|
Name : |
Mr. Patrick Albert Peter Verraes
|
|
Designation : |
Additional Director |
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Address : |
Annegijsboslaan, Overijse 3090 |
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Date of Birth/Age : |
20.09.1972 |
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Date of Appointment : |
02.04.2011 |
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DIN No.: |
03155820 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Company Status |
Defaulting
status |
|
1 |
U24132MH2000PTC126012 |
Huntsman
Advanced Materials ( |
Director |
27-09-10 |
09-09-10 |
Active |
NO |
|
2 |
U24110MH1996PTC104393 |
Petro Araldite Private
Limited |
Director |
27-09-10 |
09-09-10 |
Active |
NO |
|
3 |
U24100GJ2010PTC062014 |
Huntsman
Performance Products ( |
Additional
director |
02-04-11 |
02-04-11 |
Active |
NO |
|
Name : |
Mr. Sandeep Seth |
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Designation : |
Director |
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Address : |
10, 10th Floor, |
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Date of Birth/Age : |
08.09.1964 |
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Date of Ceasing : |
02.04.2011 |
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DIN No.: |
00316075 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
L99999GJ1992PLC018626 |
Laffans Petrochemicals
Limited |
Managing
director |
01-01-09 |
27-11-92 |
- |
Active |
NO |
|
2 |
U24100GJ2010PTC062014 |
Huntsman
Performance Products ( |
Director |
18-08-10 |
18-08-10 |
02-04-11 |
Active |
NO |
|
|
|
|
Name : |
Mr. Sanjay Seth |
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Designation : |
Director |
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Address : |
17, Eastern Avenue, Basement, Opposite Meera Bai, Maharani Baug, |
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Date of Birth/Age : |
18.04.1968 |
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Date of Ceasing : |
02.04.2011 |
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DIN No.: |
00316091 |
Other Directorship
|
S.No. |
CIN |
Name of the
Company |
Current
designation of the director |
Date of
appointment at current designation |
Original date of
appointment |
Date of
cessation |
Company Status |
Defaulting
status |
|
1 |
U52321DL1920PTC185101 |
Laffans ( |
Managing
director |
10-06-11 |
18-04-68 |
- |
Active |
NO |
|
2 |
L99999GJ1992PLC018626 |
Laffans
Petrochemicals Limited |
Director |
30-03-02 |
30-03-02 |
- |
Active |
NO |
|
3 |
U24100GJ2010PTC062014 |
Huntsman
Performance Products ( |
Director |
18-08-10 |
18-08-10 |
02-04-11 |
Active |
NO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 07.09.2010
|
Names of Shareholders |
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No. of Shares |
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Laffans Petrochemicals Limited, |
|
9989 |
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Sandeep Seth |
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10 |
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Sanjay Seth |
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1 |
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Total |
|
10000 |
List of Allottee (As on 29.03.2011)
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Names of Shareholders |
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No. of Shares |
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Laffans Petrochemicals Limited, |
|
2450000 |
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Total |
|
2450000 |
List of Allottee (As on 29.09.2011)
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Names of Shareholders |
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No. of Shares |
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Huntsman Investments ( |
|
500000 |
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Total |
|
500000 |
BUSINESS DETAILS
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Line of Business : |
Processing, Manufacturing, Importing and Exporting Petrochemicals like
Naphtha, Methane,, Ethylene, Propylene, Butanes, Naphthalene, Cyclohexane
etc. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Axis Bank Limited, Corporate Banking Branch, Axis House, Ground Floor,
Bombay Dyeing Mills Compound, P. B. Marg, Worli, Mumbai – 400 025,
Maharashtra, India |
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Banking
Relations : |
-- |
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Auditors : |
Not Available |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2960000 |
Equity Shares |
Rs.10/- each |
Rs.29.600
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
NEW COMPANY
LOCAL AGENCY FURTHER INFORMATION
FORM 8
|
Corporate identity number of the company |
U24100GJ2010PTC062014 |
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Name of the company |
LAFFANS FINE CHEMICALS PRIVATE LIMITED |
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Address of the registered office or of the principal place of business in |
Plot No. 321, G.I.D.C. Panoli, Ankleshwar – 394 116, |
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This form is for |
Creation of charge |
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Type of charge |
·
Book debts ·
Movable property (not being pledge) ·
Others o
Stock of RM, WIP, FG, P and M etc |
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Particular of charge holder |
Axis Bank Limited Corporate Banking Branch, Axis House, Ground Floor, Bombay Dyeing
Mills Compound, P. B. Marg, Worli, Mumbai – 400 025, Maharashtra, India E-Mail : suyashri@vsnl.com |
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Nature of instrument creating charge |
Composite Hypothecation Deed (Current Assets, Movables, P and M) {CHD}
dated 02/04/2011. |
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Date of instrument Creating the charge |
02.04.2011 |
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Amount secured by the charge |
Rs.820.000 millions |
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Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest CC/WCDL/FCNR(B) & TL - Base rate + 2.50% p.a. EPC/PCFC/PSC/PSCFC(sub limit of CC) Upto 180 days @ Base rate + 1.25%
p.a. Other limit as per sanction letter or as stipulated by bank from time
to time. Terms of Repayment As per sanction letter or as stipulated by Bank from time to time. Margin CC/WCDL/FCNR(B)-Raw Material, Stock in Progress, Finished Goods, Book
Debts (cover period 90 days) -25% EPC/PCFC/PSC/PSCFC (sub limit of CC) -10%, LC, BG (sub limit of CC), Buyer credit -5%, Other limit as per sanction letter or as stipulated by bank from time
to time. Extent and Operation of the charge Bank granted Credit facilities agg. to Rs.820.000 millions, secured
by 1. Exclusive charge for WC facilities and 2nd charge for TL facility
on present and future stock of RM,SIP,FG etc lying at Co's premises or in
transit and BDs, O/s monies, receivable, etc due and owing to Co in course of
its busi., 2. 2nd charge for WC facilities and Excl charge for TL facility on
movable. P and M, F and F etc. lying at Co's premises at Plot No.321, GIDC,
Panoli, Ankleshwar or elsewhere |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Exclusive charge for WC facilities and 2nd charge for TL facility
present and future stock of RM,SIP,FG etc. lying at Co's premises or
elsewhere or in transit Exclusive charge for WC Credit facility and 2nd charge for TL facility
present and future Book-debt, O/s monies, receivable, claims etc due and
owing to Co in course of its business. 2nd charge for WC facilities and Exclusive charge for TL facility
present & future mov. P and M, F and F etc. lying at Co's premises at
Plot No.321, GIDC, Panoli, Ankleshwar or elsewhere, |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.84 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.