MIRA
INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
HALDIA PETROCHEMICALS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as on)
: |
31.03.2007 |
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Date of
Incorporation : |
16.09.1985 |
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Com. Reg. No.: |
039487 |
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Capital
Investment / Paid-up Capital : |
Rs.18309.980 Millions |
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CIN No.: [Company Identification
No.] |
U23209WB1985SGC039487 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALH00472D |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business
: |
Manufacturer and Exporter of Petrochemical Polymers Products. |
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No. of Employees
: |
1000 (Approximately) |
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 |
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Maximum Credit Limit : |
USD 100000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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 – 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 |
|
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 PARTED BY
|
Name : |
M. Deepak |
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Designation : |
Chief Manager |
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Contact No.: |
91-9836944004 |
LOCATIONS
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Registered/ Eastern
Regional/ Corporate Office: |
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Tel. No.: |
91-33-22831640/ 43/ 45 / 471024 / 22831637 |
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Fax No.: |
91-33-22802390/ 1654 |
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E-Mail : |
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Websites: |
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Location: |
Owned |
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Factory 2 : |
Post |
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Tel. No.: |
91-3224-274007/ 877/ 876/ 882/ 384 |
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Fax No.: |
91-3224-274420 |
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E-Mail : |
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54 / A/1 Block – DN, sector 5, |
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Tel. No.: |
91-33-23673491/ 3492/ 3061/ 3062/ 3495/ 91-3224-274007 / 877/876/882/384 |
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Fax No.: |
91-33-23679890/ 22471361/ 1102 |
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E-Mail : |
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Southern
Regional Office: |
2A |
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Tel. No.: |
91-44-24341003 / 9929 / 8592 |
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Fax No.: |
91-44-2434 1401 |
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E-Mail : |
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Northern
Regional Office: |
903, Ansal Bhawan, 16 Kasturba Gandhi Marg, |
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Tel. No.: |
91-11-23315606 / 5626 / 2372
1348 / 3176 |
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Fax No.: |
91-11-2372 3327 |
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E-Mail : |
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Western Regional Office |
106-108 |
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Tel. No.: |
91-22-26590653 / 113/ 219 /318 |
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Fax No.: |
91-22-2659 0114 |
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E-Mail : |
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Area Sales
Office: |
18, Old Palasia 102C,
Kanchan Sagar, Tel No: 91-731-2547452
/ 5066979 Fax No:91-731-5066979 Email: asoindo@hpl.co.in Mega Sri Classics, 301, 4th Floor, Tel no: 91-40-55633072 Fax No: 91-40-23358302 Email: asohyd@hpl.co.in 6, Prabhu Sadbhavana, 9/56 Arya Nagar, Tel no: 91-512-255 6863 Fax no: 91-512 -2555089 Email: asokan@hpl.co.in Jaipur
Office: 225, City Centre, Tel no: 91-141-237 6910 Fax No: 91-141-2367910 Email: asojai@hpl.co.in Flat - B, 5th Floor, Noble Enclave, Bhaiwala Chawk, Tel no: 91-161- 403853 / 315136 Fax no: 91-161- 403853 Email: asoludh@hpl.co.in Ahmedabad Office: B - 504, Suhavan Apartments, Tel no: 91-79-6870594 / 6871508 C/O. Adda Office, City Centre, 1st Floor, Tel No:91-343-546815/6716,
Extn. 232 |
DIRECTORS
AS ON 30.09.2009
|
Name : |
Mr. Tarun Das |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
102, B Beverly Park, Mehraul Gurgoan, Haryana, India. |
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Date of Birth/Age : |
16.02.1939 |
|
Date of Appointment : |
17.10.2001 |
|
Election comm. Identity Card No. |
ADKPD9961C |
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Name : |
Mr Partha S Bhattacharyya |
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Designation : |
Managing Director |
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Name : |
Mr. Purnendu Chatterjee |
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Designation : |
Director |
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Address : |
1107, Fifth Avenue, New York, USA. |
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Date of Birth/Age : |
09.01.1950 |
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Date of Appointment : |
30.03.1994 |
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Name : |
Mr. Subhasendu Chatterjee |
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Designation : |
Director |
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Address : |
L – 3 Kailash Colony, Second Floor, New Delhi-110048,
India. |
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Date of Birth/Age : |
13.07.1947 |
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Date of Appointment : |
04.05.1999 |
|
Election comm. Identity Card No. |
AACPC6148F |
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Name : |
Mr. Rangarajan Vasudevan (Retd.) |
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Designation : |
Director |
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Address : |
E – 262, Greater Kailash Part, New Delhi-110048 |
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Date of Birth/Age : |
14.06.1937 |
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Date of Appointment : |
25.07.1997 |
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Election comm. Identity Card No. |
AAAPV0400H |
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Name : |
Mr. Subrata Gupta |
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Designation : |
Director |
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Address : |
CF,90 Saltlake City, Sector-1, Kolkata, West
Bengal-700054, India. |
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Date of Birth/Age : |
31.05.1965 |
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Date of Appointment : |
18.12.2007 |
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Name : |
Mr. Bhaskar Khulbe |
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Designation : |
Director |
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Address : |
A-285, Sector 47, Noida, Uttar Pradesh, India. |
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Date of Birth/Age : |
20.03.1959 |
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Date of Appointment : |
22.08.2009 |
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|
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|
Name : |
Mr. Vijay Chaudhry |
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Designation : |
Director |
|
Address : |
6126- A Ramshorn Drive, Mclean, Virginia, USA-22101 |
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Date of Birth/Age : |
19.06.1945 |
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Date of Appointment : |
22.08.2009 |
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|
Name : |
Mr. Dipankar Mukhopadhyay,IAS |
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Designation : |
Director |
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|
Name : |
Mr. Iswar C. Agasti |
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Designation : |
Director |
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|
Name : |
Mr. T K Ray |
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Designation : |
Director |
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Name : |
Mr Jamshyd N Godrej |
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Designation : |
Director |
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Name : |
Mr Sushil Muhnot |
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Designation : |
Director |
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Name : |
Mr.S Roy Chowdhury |
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Designation : |
Director |
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Name : |
Ms Ramni Nirula |
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Designation : |
Director |
KEY EXECUTIVES
|
AUDIT COMMITTEE |
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Name : |
Mr. S Muhnot |
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Designation : |
Chairman |
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Name : |
Mr Vijay K Chaudhry |
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PROJECT REVIEW COMMITTEE |
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Name : |
Mr. J. N. Godrej |
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Designation : |
Chairman |
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Name : |
Mr S Chatterjee |
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BORROWINGS AND RISK MANAGEMENT COMMITTEE |
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|
Name : |
Mr. S Roy Chowdhury |
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Designation : |
Chairman |
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Name : |
Mr T K Ray |
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PERSONNEL COMMITTEE |
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|
Name : |
Mr. Tarun Das |
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Designation : |
Chairman |
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|
Name : |
Dr P Chatterjee |
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HSE COMMITTEE |
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|
Name : |
Mr Ishwar C Agasti |
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Designation : |
Chairman |
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Name : |
Mr S Chatterjee |
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NAPHTHA PURCHASE COMMITTEE |
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|
Name : |
Ms. Ramini Nirula |
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Designation : |
Chairman |
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Name : |
Mr S Chatterjee |
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COMPENSATION COMMITTEE |
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|
Name : |
Mr. Sushil Muhnot |
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Designation : |
Chairman |
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|
Name : |
Mr Bhaskar Khulbe |
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COMMITTEE FOR SHARE TRANSFERS |
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|
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|
Name : |
Mr Ishwar C Agasti |
|
Designation : |
Chairman |
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|
Name : |
Mr Bhaskar Khulbe |
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EMPOWERED COMMITTEE FOR CDR |
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|
Name : |
Dr. P. Chatterjee |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr Dipankar Mukhopadhyay |
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|
Name: |
Mr. Rabin Mukhopadhyay |
|
Designation: |
Head – Plant, Projects and
Executive Vice President |
|
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|
Name: |
Mr. Aloke. Kr. Chattopadhyay |
|
Designation: |
Head – Legal and Vice
President and Dy Co. Secy. |
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|
|
Name: |
Mr. Anjan Bose |
|
Designation: |
CIO, Head-HRA and Senior Vice President |
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|
Name: |
Mr. Ashok Kr. Ghosh |
|
Designation: |
Head- Manufacturing, Deputy Head – Plant and Vice
President |
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Name: |
Mr. Durga Sankar Chakrabarti |
|
Designation: |
Head – Finance and Accounts,
Senior Vice President and CFO |
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|
Name: |
Mr. Gaur Hari Guchhait |
|
Designation: |
Head – Projects Planning and
Vice President |
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Name: |
Mr. Ujjal De |
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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 |
|
West Bengal Industrial Development Corporation Limited |
674999996 |
|
Indian Oil Corporation Limited) |
150000000 |
|
Tata Motors Limited |
22499999 |
|
Tata Power Company Limited |
22499999 |
|
Chaterjee Petrochemicals Limited |
432852148 |
|
Winsor India Investment Company Limited. |
127400000 |
|
India Trade ( |
107141852 |
|
Vinod Krishna Chaudhry |
1000000 |
|
Shapun Chaudhry |
1000000 |
|
Vishal Chaudhry |
1000000 |
|
Ayesha Chaudhry |
1000000 |
|
Trade Pre Lal |
9879.0 |
|
AKM Systems Private Limited |
2000000 |
|
Saroj Ramesh Patel |
413640 |
|
Vijay Diamond Pre Limited |
2836000 |
|
Lalpet Govindarajan Devaki |
5000 |
|
Raogarapan Vasudevan |
50000 |
|
Prithvi Raj Khanna |
20000 |
|
IISBC Global Custody Nominee (UK, Limited) |
732247 |
|
Viresh Mathar |
49532 |
|
Baldev Raj Bathra |
4000 |
|
Deepak Kumar |
4999 |
|
Jyoti Bhanor |
2000 |
|
Simon b Choksa(j/w Hemal Shrenik choksa) |
1000000 |
|
Anil Ritesh Kotharij/w Ritesh Rupen Kothari |
1000000 |
|
Rupa Sumar Mehta |
1400000 |
|
Purvi Ajesh Mehta |
400000 |
|
Bharti Shrenik Choksi |
400000 |
|
Kokila Navan Chandra Mehta |
1000000 |
|
Sandhya Rupen Kothari |
400000 |
|
Ankit Dilip Kumar Mehta |
1000000 |
|
Kalpana Dilip Kumar Mehta |
400000 |
|
Radhika Govind Rayan |
350000 |
|
Swadesh Chateerjee |
200000 |
|
Dr. Devansh Bhattacharaya j/w Archana Bhattacharya |
5000 |
|
Dr. Devansh Bhattacharaya j/w Bharati Bhattacharya |
5000 |
|
Radhika Rayan |
350000 |
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. |
|
|
|
|
Exports : |
|
|
Products : |
Petrochemicals Polymers |
|
Countries : |
European Countries |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
European Countries |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit (30 Days) |
|
|
|
|
Purchasing : |
L/C, Cash and Credit (30 Days) |
GENERAL INFORMATION
|
Customers : |
· Wholesalers · End Users |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
· Allahabad Bank · Canara Bank · Dena Bank ·
Central Bank of ·
State Bank of · Punjab National Bank ·
Union Bank of ·
United Bank State Bank of · UCO Bank · Indian Overseas Bank · The Karur Vysya Bank ·
Bank of · IDBI Bank · ICICI Bank Limited · Standard Chartered Bank · Vijaya Bank · Axis Bank Limited ·
State Bank of ·
State Bank of ·
State Bank of |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
O] The original insurance company limited of its terms Loans of Rs.57.300 Millions P] United 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:
On First Charge Basis
– LC Facilities
On Second Charge
Basis – Revised Working Capital Facilities A] State Bank of B] Central Bank of 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 F] United Bank of G] State Bank of 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 : |
-- |
|
|
|
|
Financial Institutions : |
·
Life Insurance Corporation of · 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
|
|
|
|
|
Joint venture: |
·
Chatterjee Petrochem ( ·
West Bengal Industrial Development Corporation
Limited, |
|
|
|
|
Collaboration: |
· ABB Lommus Global Inc; BASF / LUMMUS; ·
Chatterejee Petrochem ( |
|
|
|
|
Other Company: |
· Merlin Resources Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2007)
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 |
|
|
|
|
|
|
|
Income |
|
70873.700 |
57518.700 |
|
|
|
Other Income |
|
1745.940 |
4241.200 |
|
|
|
TOTAL (A) |
|
72619.640 |
61759.900 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
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 |
|
|
|
TOTAL (B) |
|
58459.870 |
50542.120 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
14159.770 |
11217.780 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
2820.090 |
3304.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
11339.680 |
7913.220 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
3027.720 |
3033.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
8311.960 |
4879.730 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
2499.080 |
1876.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
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 IMPORTS |
|
37658.850 |
31902.240 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
Particulars |
|
31.03.2011 |
31.03.2010 |
|
Sales Turnover (Approximately) |
|
84000.000 |
37890.000 |
Expected Sales (2011-2012) : Rs.120000.000 Millions
The above information has been parted by Mr. Deepak [Chief Manager]
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
BUSINESS DESCRIPTION
Subject produces polymers and chemicals for various industrial applications. The company owns and operates plants that produce polyethylene in different grades. It products are used to manufacture bags and containers for the packaging of fruits and vegetables. The company also produces polypropylene for manufacturing woven sacks for packaging fertilisers. In addition, its products are used to make thermoformed cups, containers and other disposable items. The company other product range includes hydro-generated liquefied petroleum gas for vehicles and heating appliances.
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
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
The allotment of 7.5% equity to IOC has become a bone of contention between the
If the allotment takes place, the Chatterjee group is likely to become minority
share-holders. It is reliably learnt that the
Sources said, for a permanent solution, the
According to sources, in HPL,
KOLKATA: The shareholding
tussle over Haldia Petrochemicals has just got murkier. The company's single
largest stakeholder, Purnendu Chatterjee, has ruled out any out-of-court
settlement with the
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
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
"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
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
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
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 (
CLB had also directed WBIDC and the
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
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
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 (
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
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.
PRESS REALEASE:
Accord Fintech (India): 22 July 2011
India, July 22 -- Indian equity indices are trading firm continuing their euphoric mood gyrating near the highest point of the day as investors relentlessly piled up hefty positions in the heavyweight stocks. Market participants were seen piling up the position in TECk, Bankex and Auto while selling was witnessed in Consumer Durables sector. Stocks like ITC, CRISIL, Rallis India, Hawkins Cooker, TTK Healthcare, AKZO India, Gujarat Fluorochemicals, TTK Prestige, Sabero Organics, Sumeet Industries, Ajanta Pharma, Petronet LNG, Indraprastha Gas, Rushil Decor, KKCL, Redington India and Varun Industries hit new high. Sesa Goa, a Vedanta Group company has cut its year-on-year volume growth projection for FY12 at 15% from 25% estimated earlier due to export ban in Karnataka and other issues. The Sesa Goa stock has been under pressure since March this year after the government levied 20% duty on all kinds of ore export. Heavy activity is seen in BS TransComm, Jubliant Industries and Network 18 after Mukund Motor sold 2.21 lakh shares of BS TransComm, GA Global Investments sold 2 lakh shares of Jubilant Industries while Citigroup Global bought 41.79 lakh shares of Network 18. On the global front, Asian markets are trading in green barring KLSE Composite while the European markets too were trading in green on optimistic note after the European Union leaders carved out a second bailout package worth 109 billion euros ($157 billion) for debt-stricken Greece in a desperate effort to contain the 18-month-long debt crisis in the single-currency bloc of 17 nations. Back home, the NSE Nifty and BSE Sensex were trading above their psychological 5,600 and 18,700 levels, respectively. The market breadth on the BSE was positive in the ratio of 1696:1088 while, 124 scrips remained unchanged.Moreover, India's lucrative polypropylene market dominated by Reliance Industries is occupying centre stage in diplomatic relations between India and Saudi Arabia as the oil-rich kingdom is mounting intense pressure on New Delhi to withdraw anti-dumping duty on the plastics raw material. The issue will be on the agenda in bilateral talks in September, when Saudi Arabia is expected to strongly pitch for the withdrawal of the duty as the world's biggest oil exporter is eyeing markets for the giant petrochemicals plants it wants to build to diversify its oil-centric economy. Reliance, Asia's biggest manufacturer of the key input for plastics, commands 70% market share in India with a capacity of 1 million tonnes and had successfully led the domestic industry's campaign for anti-dumping duty two years ago. Haldia Petrochemicals, which produces 3.2 lakh tonnes a year, also supports the levy. But Saudi Arabia resents this move and is relentlessly lobbying against it. The BSE Sensex is currently trading at 18,727.69 up by 291.50 points or 1.58% after trading as high as 18,742.35 and as low as 18,533.43. There were 29 stocks advancing against 1 decline on the index. The broader indices were trading on a strong note; the BSE Mid cap index surged 1.19% and Small cap climbed by 0.89% respectively.� On the BSE sectoral space, TECk up 2.03%, Bankex up 1.91%, Auto up 1.83%, IT up 1.81% and Oil and Gas up 1.65% were the major gainers, while Consumer Durables down 1.12% was the lone loser on the index. The top gainers on the Sensex were Bharti Airtel up by 3.40%, M and M up by 2.65%, Infosys up by 2.52%, Tata Motors up 2.50% and ICICI Bank up 2.02%.On the flip side, DLF down by 0.33% was the lone losers on the index.Meanwhile, ahead of the central bank's monetary policy review on July 26, RBI Governor D Subbarao met Finance Minister Pranab Mukhejee to discuss the macro economic situation of the country. Despite the fear of economic slowdown, RBI is expected to hike its key policy rate to control the sticky inflation. After meeting finance minister, Governor said, "I have come to review the macro-economic situation with Finance Minister before the policy review, slated for July 26.' The meeting of RBI governor and finance minister was also attended by other senior official of finance ministry.� On 26 July, the central bank is scheduled to announce the first quarterly credit policy for current financial year. In the quarterly policy review, RBI is expected to hike its short term leading (repo) and borrowing rate (reverse repo) rates by another 25 basis points. Since March 2010, central bank has increased its short term leading and borrowing rates by 2.5% or 250 basis points, as a result of RBI's non-stop increase in interest rates, capital cost has increased significantly, and it also had adversely affected industry and consumers.�� Despite the anti-inflationary stance adopted by the RBI, headline inflation measured by Wholesale Price Index (WPI) had remained well above the RBI's comfort level. For the month June, headline inflation increase to 9.44% from 9.06% in May. RBI is facing challenging task of managing balance between inflation and growth. However, elevated inflation along with RBI's anti-inflationary stance had affected the health of economic growth. Recently, government also revised its projection of country's Gross Domestic Product (GDP) downward from 9% to 8.6 % on account of slower industrial production and stubbornly high inflation. The Index of Industrial Production for May stood at 5.6% which is nine month low level due to poor performance of manufacturing, mining and lower offtake of capital goods.� The S and P CNX Nifty is currently trading at 5,633.00, higher by 91.40 points or 1.65% after trading as high as 5,638.90 and as low as 5,567.10. There were 48 stocks advancing against 1 decline while 1 stock remained unchanged on the index. The top gainers of the Nifty were Axis Bank up by 4.90%, Bharti Airtel up by 3.45%, IDFC up by 2.92%, M and M up by 2.80% and Ambuja Cement up by 2.69%, while on the flip side DLF down 0.12% was the lone losers on the index. Asian markets are exhibiting optimistic trends as Shanghai Composite inched up 0.18%, Hang Seng rallied 2.08%, Jakarta Composite gained 0.55%, Nikkei 225 surged by 1.22%, Straits Times soared 1.33%, Seoul Composite jumped 1.22% and Taiwan Weighted climbed by 0.55%. On the other hand, KLSE Composite slipped by 0.05%. The European markets are trading in green with, France's CAC 40 gained 1.21%, Germany's DAX rose 0.69% and London's FTSE added 0.89%. Published by HT Syndication with permission from Accord Fintech. For any query with respect to this article or any other content requirement, please contact Editor at htsyndication@hindustantimes.com
Press Trust of India: 20 July 2011
Rajkot, July 21 2011 (PTI) -- Gujarat's leading player in the polymers, woven
sack bags and fabrics, Rajiv group is eyeing to achieve Rs 10000.000 Millions
sales in next five years.
Talking to media persons here, Chairman and Managing Director of Team
Rajiv, Rajiv Vastupal said, "with the Indian economy poised for strong
growth over the next decade, our group too will grow aggressively. The group's
first target is to cross the Rs.7000.000 Millions sales mark in next two years
from Rs 5500.000 Millions now and thereafter we plan to grow to Rs 10000.000
Millions over the next five years".
Our manufacturing as well as trading businesses will contribute to
growth in the future, he said.
The group's flagship company, Rajiv Petrochemicals is a leader in
trading of petrochmeicals and polymers and is one of the largest distributors
of polypropylene and polyethylene for Haldia Petrochemicals.
While group company Atlantis Products has emerged as one of the largest
producers of woven sack bags and fabrics in the country.
Atlantis exports woven sack bags and fabrics to over ten countries including
Canada, USA, Belgium and Brazil, he added.
Mint: 19 July 2011
India, July 19 -- US-based venture capitalist and Haldia Petrochemicals
Limited (HPL) cochemicals Limited (HPL) cofounder Purnendu Chatterjee was
appointed the firm's chairman on Monday, but its board did not immediately give
him a definite term.
"I am chairman of the company from today's board meeting till the
next one," said Chatterjee, who until now was HPL's vicechairman. HPL is a
joint venture between The Chatterjee Group (TCG) and the West Bengal
government.
The state government was likely to agree to the appointment of
Chatterjee as HPL chairman, capping six years of litigation between the two
promoters over control and ownership of eastern India's biggest petrochemical
company, Mint reported on 6 June.
The latest arrangement will continue till the Supreme Court delivers a
verdict in the legal dispute between TCG and the state government, according to
Partha Chatterjee, the state's commerce and industries minister. "We could
have offered him a definite term--say at least a year--but couldn't in view of
the outstanding legal dispute," he said.
Monday's decision to immediately agree to his appointment as chairman
indicates a last-minute change of plan, pointing to the possibility that the
two key stakeholders are discussing an out-ofcourt settlement.
Partha Chatterjee had said on 6 July that the state government was
willing to consider faster ways of resolving the legal dispute. That apart, he
has said that unlike the previous administration, the Trinamool Congressled
state government wouldn't interfere with the running of HPL.
The post of HPL's chairman was lying vacant after Tarun Das, former
chief mentor of industry lobby group Confederation of Indian Industry, stepped
down after the end of the Left Front's 34-year rule in West Bengal two months
ago.
He was appointed the firm's chairman in 2001 by the previous government.
HPL's board on Monday decided to halt production to address some
outstanding technical problems that arose from capacity expansion.
"If a lifetime award was ever to be given for a botched-up
industrial project, it should go to Project Supermax," Purnendu Chatterjee
said in an interview. HPL's capacity expansion programme was internally known
as Project Supermax.
HPL will halt production for at least 18 days, which could be later
extended, according to Chatterjee. "There's a glut in the international
market and margins are low," said Chatterjee. "So we decided to take
the shutdown immediately."
The company had raised its naphtha cracking capacity to 700,000 tonnes
from 522,000 tonnes a year at a cost of Rs.13000.000 Millions.
It spent almost twice the amount it had budgeted for capacity expansion.
But the expanded capacity didn't stabilize, and production had to be
halted several times.
Petrochemical prices fell by the time the expanded capacity was
commissioned, HPL's managing director Partha S. Bhattacharyya had said earlier.
The loss of production because of the 18-day shutdown would worsen HPL's
financial condition. Its cash flow in fiscal 2011 was "just about
enough" to fulfil its commitments to lenders, Purnendu Chatterjee said.
The company has secured consent from lenders to borrow an additional
Rs.4000.000 Millions through five-year term loans to meet immediate working
capital needs, he added. Published by HT Syndication with permission from MINT.
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.50.03 |
|
|
1 |
Rs.79.32 |
|
Euro |
1 |
Rs.66.02 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.