MIRA INFORM REPORT

Report Date :

24.12.2013

IDENTIFICATION DETAILS

Name :	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED
Registered Office :	E-Wing, Tex Centre, Saki Village, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra
Country :	India
Financials (as on) :	30.09.2012
Date of Incorporation :	27.02.2001
Com. Reg. No.:	11-131020
Capital Investment / Paid-up Capital :	Rs. 868.540 Millions
CIN No.: [Company Identification No.]	U24117MH2001PTC131020
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05154C
PAN No.: [Permanent Account No.]	AAACH9149J
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Marketer of differentiated chemicals.
No. of Employees :	Not Available

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

We are living in a world where volatility and uncertainty have become the New Normal. We saw a change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once powerful countries in Europe are now fighting for bankruptcy. We have taken growth in the developing part of the world for granted but economic growth in China and India has begun to slow. Companies that were synonymous with their product categories just a few years ago are now no longer in existence. Kodak, the inventor of the digital camera had to wind up its operations, HMV, the British entertainment retailing company and Borders, once the second largest bookstore have shut down due to their inability to evolve their business models with the changing time. Readers’ Digest, Thomson Register are no more !

There is another megatrend happening. The World order is changing as economic power shifts from West to East. According to McKinsey study, it took Britain more than 100 years to double its economic output per person during its industrial revolution and the US later took more than 50 years to do the same. More than a century later, China and India have doubled their GDP per capital in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s largest consuming block, overtaking North America.

The years after the outbreak of the global financial crisis, the world economy continues to remain fragile. The Indian economy demonstrated remarkable resilience in the initial years of the contagion but finally lost ground last year. GDP growth slowed down. Currency has been weakening. There is a marked deceleration in agriculture, industry and services. Dampening sentiment led to a cut-back in investment as well as private consumption expenditure.  Inflation remained at high levels fuelled by the pressure from the food and fuel sectors. The large fiscal and current account deficit s continued to cause grave concern. It is imperative that India regains its growth trajectory of 8-9 % sooner than later. This is crucially important given the need to create gainful livelihood opportunities for the millions living in poverty as also the large contingent of young people joining the job market every year.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long term fund based limits: A -
Rating Explanation	Adequate degree of safety and low credit risk.
Date	August 2012.

Rating Agency Name	ICRA
Rating	Short term limits: A1
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	August 2012.

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	E-Wing, Tex Centre, Saki Village, Chandivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Tel. No.:	91-22-40506565/ 40506556
Fax No.:	91-22-40506300
E-Mail :	arun.kumar@huntsman.com peter_huntssman@huntsman.com kurt_girod@huntsman.com pratik_shah@huntsman.com suresh_bagul@huntsman.com
Website :	http://www.huntsman.com
Polyurethanes Office :	Casa Modia, D28/7, TTC, MIDC Industrial Area, Turbhe, District - Thane, Navi Mumbai – 400 705. Maharashtra, India
Tel. No.:	91-22-66678800 to 66678899
Fax No.:	91-22-66678804/ 8805
Huntsman Textile Effects:	S-113, 1^st Floor, Salcon Aurum Jasola, District Centre, Plot No. 4, New Delhi – 110025, India
Factory :	Plot No.1/1, TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India
Tel. No.:	91-22-27780000/ 83
Fax No.:	91-22-27780084/ 5/ 8
Area :	5000 sq. ft
Location :	Owned

DIRECTORS

As on: 10.07.2013

Name :

Mr. Nicholas Andrew Webster

Designation :

Director

Address :

3040, Huldenberg, Hollestratt (Loo) 9, Huldenbera-9, GB

Date of Birth/Age :

31.08.1957

Date of Appointment :

29.09.2008

DIN No.:

01963565

Name :

Mr. Stephen James Stilliard

Designation :

Director

Address :

10 Prinsep Link, #12-18, Singapore 187948

Date of Birth/Age :

18.03.1952

Date of Appointment :

10.07.2013

DIN No.:

03475786

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U24100GJ2010PTC062014	Huntsman Performance Products (India) Private Limited	Director	26/09/2011	29/03/2011	-	Active	NO
2	U24117MH2001PTC131020	Huntsman International (India) Private Limited	Director	10/07/2013	30/01/2013	-	Active	NO

Name :

Ms. Vinita Sangappa Korti

Designation :

Director

Address :

701, C Wing, Palash Tower, Veera Desai Road, Near Country Club, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

03.12.1982

Date of Appointment :

10.07.2013

DIN No.:

06519967

KEY EXECUTIVES

Name :	Ms. Pranali Namdeo Dhumal
Designation :	Secretary
Address :	B/2, 601, Raunak Park CHS Limited, Kokani Pada Pokhran Road No.2, Thane – 400 602, Maharashtra, India
Date of Birth/Age :	29.08.1987
Date of Appointment :	08.07.2013
PAN No.:	AQJPD2700R
E-Mail :	pranali_n_dhumal@huntsman.com
Name :	Mr. Ajay Kanwar
Designation :	Commercial Director (SAME)
Date of Birth/Age :	42 Years
Qualification:	B. Sc. and B. Tech
Experience:	20 Years
Name :	Mr. Alok Biyani
Designation :	Performance Director, Global Marketing/Planning and Finance Director, Asia-Pacific
Date of Birth/Age :	45 Years
Qualification:	B.Com, C.A.
Experience:	17 Years
Name :	Kurt Girod
Designation :	Director Projects
Date of Birth/Age :	65 years
Qualification:	Master Degree - Textile Chemistry, Dyeing & Finishing, Diploma – Textile Laboratory
Experience:	40 Years
Name :	G Anand
Designation :	Country General Manager
Date of Birth/Age :	42 years
Qualification:	PGDM
Experience:	18 Years
Name :	Umesh Sharma
Designation :	Director Planning
Date of Birth/Age :	48 years
Qualification:	PGDM
Experience:	21 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 10.07.2013

Names of Shareholders	No. of Shares
Huntsman Investments Netherlands BV, Netherlands	86844274
Huntsman Netherlands BV, Netherlands	10000
Total	86854274

Equity Share Break up (Percentage of Total Equity)

As on: 10.07.2013

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer and Exporter of any nature and kind whatsoever, specialty chemicals and other chemical products.
Products :	· Polyoi · Isocyan Ate · Chemicals

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Polyol and Performance Chemicals	MT	21,936	15,134.88*
Dyes and Chemicals	MT	N.A	6034.04**

(*Note: excludes 163.04 MT quantity of polyol reprocessed.)

(** represents goods manufactured on job work basis by other parties)

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

IDBI Bank Limited, IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

Facilities :

(Rs. In Millions)

Secured Loan	01.04.2011 to 30.09.2012 (18 months)	As on 31.03.2011
Short term borrowings
Working capital loans banks	168.180	486.040
Total	168.180	486.040

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN No.:	AACFD4815A
Holding Company:	· Huntsman Investments (Netherlands) BV
Ultimate Holding Company:	· Huntsman Corporation (US)
Subsidiary Company :	· Baroda Textile Effects Private Limited CIN No.: U24100GJ2007PTC051201 · Huntsman Performance Products (India) Private Limited
Associate Company :	· Swathi Organics and Specialities Private Limited CIN No.: U24294TN1994PTC027261
Fellow Subsidiaries :	· Huntsman Polyurethanes Australia Pty. Limited · Huntsman (Germany) GmbH · Huntsman Holland BV · Huntsman Chemical Trading (Shanghai) Limited · Huntsman (Singapore) Pte Limited · Huntsman (Holdings) UK Unlimited · Huntsman (Europe) BVBA. · Huntsman (Taiwan) Limited · Huntsman (Thailand) Limited · Huntsman International Polyurethanes USA · Huntsman International (Hong Kong) Limited · Huntsman International LLC. · Huntsman Corporation Australia Pty · Pt. Huntsman Indonesia , Indonesia · Huntsman Quimica Brazil Limited, Brazil · Huntsman Textile Effects France, France · Huntsman Advance Materials HK Limited, Hong Kong · Huntsman Japan KK , Japan · Huntsman International Mexico, Mexico · Huntsman Tekstil Urunleri Kimya, Turkey · Huntsman Advance Materials (Switzerland) GmbH, Basle · Huntsman Effects Textiles (Chile) LTDA, Chile · Huntsman Colombia Ltda, Colombia · Huntsman Textile Effects (Panama) · Huntsman Advance Materials KK, Japan · Huntsman Textile Effects (Qingdao) Company Limited, China · Huntsman Advance Materials India Private Limited · Huntsman Italy SRL · Petro Araldite Private Limited · Huntsman Surface Sciences UK Limited, UK · Huntsman Textile Effects (Landhi Karachi)

CAPITAL STRUCTURE

As on: 10.07.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
167000000	Equity Shares	Rs.10/- each	Rs. 1670.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
86854274	Equity Shares	Rs.10/- each	Rs. 868.540 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	01.04.2011 to 30.09.2012 (18 months)	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	868.540	756.850
(b) Reserves & Surplus	2864.340	2400.570
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	3732.880	3157.420
(3) Non-Current Liabilities
(a) long-term borrowings	1470.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000
(c) Other long term liabilities	44.100	0.000
(d) long-term provisions	43.180	21.540
Total Non-current Liabilities (3)	1557.280	21.540
(4) Current Liabilities
(a) Short term borrowings	368.180	686.040
(b) Trade payables	2810.710	1448.740
(c) Other current liabilities	188.410	129.870
(d) Short-term provisions	14.760	2.560
Total Current Liabilities (4)	3382.060	2267.210
TOTAL	8672.220	5446.170
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	349.220	147.770
(ii) Intangible Assets	0.630	39.340
(iii) Capital work-in-progress	357.430	163.320
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	1149.500	542.480
(c) Deferred tax assets (net)	97.650	63.270
(d) Long-term Loan and Advances	460.100	211.190
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	2414.530	1167.370
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	1821.330	1291.350
(c) Trade receivables	2317.900	1812.500
(d) Cash and cash equivalents	147.760	110.180
(e) Short-term loans and advances	1872.670	1037.150
(f) Other current assets	98.030	27.620
Total Current Assets	6257.690	4278.800
TOTAL	8672.220	5446.170

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		652.287
2] Share Application Money		0.000
3] Reserves & Surplus		1887.887
4] (Accumulated Losses)		0.000
NETWORTH		2540.174
LOAN FUNDS
1] Secured Loans		41.098
2] Unsecured Loans		200.000
TOTAL BORROWING		241.098
DEFERRED TAX LIABILITIES		0.000
TOTAL		2781.272
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		372.588
Capital work-in-progress		0.750
INVESTMENT		542.500
DEFERRED TAX ASSETS		40.245
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	871.394
	Sundry Debtors	1300.288
	Cash & Bank Balances	111.142
	Other Current Assets	0.006
	Loans & Advances	510.062
Total Current Assets		2792.892
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	890.192
	Other Current Liabilities	44.490
	Provisions	33.021
Total Current Liabilities		967.703
Net Current Assets		1825.189
MISCELLANEOUS EXPENSES		0.000
TOTAL		2781.272

PROFIT & LOSS ACCOUNT

	PARTICULARS		01.04.2011 to 30.09.2012 (18 months)	31.03.2011	31.03.2010
	SALES
		Gross Income	14754.370	7570.400	5922.850
		Other Income	NA		154.290
		TOTAL (A)	NA	7570.400 (Including Increase/ Decrease in Stock)	6077.140
Less	EXPENSES
		Purchase of Traded Goods		6861.360	3286.163
		Manufacturing Expenses			1928.305
		Increase/(Decrease) in Finished Goods			(39.485)
		TOTAL (B)	NA	6861.360 (Including Financial Expenses)	5174.983
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(Including Financial		902.157
			Expenses and
Less	FINANCIAL EXPENSES (D)		Depreciation)		52.880
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)			709.040	849.277
Less/ Add	DEPRECIATION/ AMORTISATION (F)			200.980	239.320
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		(65.940)	508.060	609.957
Less	TAX (H)		(34.380)	210.880	235.678
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		(31.560)	297.180	374.279
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1419.710	1122.520	748.240
	BALANCE CARRIED TO THE B/S		1388.150	1419.710	1122.519
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Export	NA	685.860	606.516
		Commission on indent Sales	NA	50.987	21.530
		Other Earnings	NA	41.933	47.927
	TOTAL EARNINGS		NA	778.780	675.973
	IMPORTS
		Raw Materials and Finished Goods	NA	3805.313	2637.053
		Capital Goods	NA	7.138	6.542
	TOTAL IMPORTS		NA	3812.451	2643.595
	Earnings Per Share (Rs.)			4.30	5.76

KEY RATIOS

PARTICULARS		01.04.2011 to 30.09.2012 (18 months)	31.03.2011	31.03.2010
PAT / Total Income	(%)	(0.21)	3.93	6.15
Net Profit Margin (PBT/Sales)	(%)	NA	NA	10.29
Return on Total Assets (PBT/Total Assets}	(%)	(0.93)	10.86	11.82
Return on Investment (ROI) (PBT/Networth)		(0.01)	0.16	0.24
Debt Equity Ratio (Total Debt/Networth)		0.49	0.21	0.09
Current Ratio (Current Asset/Current Liability)		1.86	1.89	2.88

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

Note:

The registered office of the company has been shifted from Plot No.1/1, TTC Industrial Area, Thane, Belapur Road, Koparkhairane, Navi Mumbai – 400 709, Maharashtra to the present address w.ef. 19.03.2012.

UNSECURED LOAN

(Rs. In Millions)

Particulars	01.04.2011 to 30.09.2012 (18 months)	As on 31.03.2011
Long term borrowings
Debentures	1470.000	0.000
Short term borrowings
Loans repayable on demand	200.000	200.000
Total	1670.000	200.000

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10165456	24/01/2013 *	800,000,000.00	IDBI Bank Limited	IDBI Tower, WTC Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India	B68707850

* Date of charge modification

FIXED ASSETS:

· Building

· Lease Hold Building

· Plant and Machinery

· Improvement

· Furniture, Fixture and Equipment

· Computer

· Vehicle

· Goodwill

· Distribution Network

· Computer Software

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. 61.99
UK Pound	1	Rs. 101.37
Euro	1	Rs. 84.81

INFORMATION DETAILS

Report Prepared by :

DPT

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.