MIRA INFORM REPORT

 

 

Report Date :

28.01.2013

 

IDENTIFICATION DETAILS

 

Name :

HALDIA PETROCHEMICALS LIMITED

 

 

Registered Office :

1 Auckland Place, Kolkata – 700017, West Bengal

 

 

Country :

India

 

 

Financials (as on) :

31.03.2012 [Profit and Loss Account]

 

 

Date of Incorporation :

16.09.1995

 

 

Com. Reg. No.:

21-039487

 

 

Capital Investment / Paid-up Capital :

Rs. 18309.980 millions

 

 

CIN No.:

[Company Identification No.]

U23209WB1985SGC039487

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

CALH00472D

 

 

PAN No.:

[Permanent Account No.]

AAACH7360R

 

 

Legal Form :

A Closely Held Public Limited Liability Company

 

 

Line of Business :

Manufacturer and Exporter of Petrochemical Polymers Products.

 

 

No. of Employees :

1000 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (33)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 73230000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Exist

 

 

Comments :

Subject is a joint venture between the Government of West Bengal, the Dr. Purnendu Chatterjee Petrochem [Mauritius] and the Tata Group. It is an established company having a moderate track record.

 

Even though there appears some growth in its revenue from operations during 2012, it has incurred loss from its operations.

 

However, trade relations are reported as fair. Business is active. Payment terms are reported as slow but correct.

 

The company can be considered for business dealings with some caution.

 

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 – June 30, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

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

 

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

ICRA

Rating

BB+ (Term Loans)

Rating Explanation

Moderate risk of default

Date

March 2012

 

Rating Agency Name

ICRA

Rating

A4+ (Short Term Debt)

Rating Explanation

Minimal degree of safety and very high credit risk.

Date

March 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/ Eastern Regional/ Corporate Office:

1 Auckland Place Kolkata – 700017, West Bengal, India

Tel. No.:

91-33-22831640/ 43/ 45 / 471024 / 22831637 /22806221

Fax No.:

91-33-22802390/ 1654

E-Mail :

aloke.chattopadhyay@hpl.co.in

corp@hpl.co.in

ero@hpl.co.in

Websites:

www.haldiapetrochemicals.com

Location:

Owned

Factory 2 :

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

Tel. No.:

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

Fax No.:

91-3224-274420

E-Mail :

plant@hpl.co.in

 

 

Research Developments Center  :

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

Tel. No.:

91-33-23673491/ 3492/ 3061/ 3062/ 3495/

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

Fax No.:

91-33-23679890/ 22471361/ 1102

E-Mail :

ARDC@hpl.co.in

marketing@hpl.co.in

 

 

Southern Regional Office:

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

Tel. No.:

91-44-24341003 / 9929 / 8592

Fax No.:

91-44-2434 1401

E-Mail :

sro@hpl.co.in

 

 

Northern Regional Office:

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

Tel. No.:

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

Fax No.:

91-11-2372 3327

E-Mail :

nro@hpl.co.in

 

 

Western  Regional Office

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

Tel. No.:

91-22-26590653 / 113/ 219 /318

Fax No.:

91-22-2659 0114

E-Mail :

wro@hpl.co.in

 

 

Area Sales Office:

Indore office:

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

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

Fax No:91-731-5066979

Email: asoindo@hpl.co.in

 

Hyderabad Office:

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

Tel no: 91-40-55633072

 Fax No: 91-40-23358302

Email: asohyd@hpl.co.in

 

Kanpur Office:

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

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

Fax no: 91-512 -2555089

Email: asokan@hpl.co.in

 

Jaipur  Office:

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

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

Fax No: 91-141-2367910

Email: asojai@hpl.co.in

 

Ludhiana Office:

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

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

Fax no: 91-161- 403853

Email: asoludh@hpl.co.in

 

Ahmedabad Office:

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

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

 

Durgapur Office:

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

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

 

 

DIRECTORS

 

As on 26.09.2012

 

Name :

Mr. Rangarajan Vasudevan

Designation :

Director

Address :

F – 262, Greater Kailash Part – 1, New Delhi – 110 048, India

Date of Birth/Age :

14.06.1937

Qualification :

IAS (Retired) MA, MPA (Harvard, USA)

Date of Appointment :

25.07.1997

DIN No.:

00025334

 

 

Name :

Mr. Umesh Jain

Designation :

Nominee director

Address :

B 221, Twin Towers, Prabhadevi, Mumbai – 400 025, Maharashtra, India

Date of Birth/Age :

28.06.1959

Date of Appointment :

16.07.2012

DIN No.:

00033729

 

 

Name :

Mr. Partha Chatterjee

Designation :

Director

Address :

9/4A, Khanpur Road, Kolkata – 700 047, West Bengal, India

Date of Birth/Age :

06.10.1952

Qualification :

B A (Economics), L.L.B, MBA

Date of Appointment :

21.03.2012

DIN No.:

00044589

 

 

Name :

Mr. Tarun Kumar Ray

Designation :

Nominee director

Address :

A – 28, Ranjit Singh Block AGVC, New Delhi, India

Date of Birth/Age :

12.10.1958

Qualification :

M.Com (Fin), LLB, C.A, JAIIB, DBF (IFCI Nominee)

Date of Appointment :

15.06.2010

DIN No.:

00050882

 

 

Name :

Mr. Jamshyd Naoroji Godrej

Designation :

Director

Address :

40, Ridge Road, BG Kher Marg, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

24.01.1949

Qualification :

MSc, Business Admin., Illinois Institute of Technology, Chicago, USA.

Date of Appointment :

24.02.2012

DIN No.:

00076250

 

 

Name :

Mr. Subhasendu Chatterjee

Designation :

Director

Address :

L – 3, Kailash Colony, Second Floor, New Delhi – 110 048, India

Date of Birth/Age :

13.07.1947

Qualification :

B. Tech

Date of Appointment :

04.05.1999

DIN No.:

00153459

 

 

Name :

Ms. Sumantra Choudhury

Designation :

Managing director

Address :

50, Purna Das Road, Kolkata – 700 029, West Bengal, India

Date of Birth/Age :

08.01.1951

Date of Appointment :

19.06.2012

DIN No.:

00233781

 

 

Name :

Mr. Purnendu Chatterjee

Designation :

Director

Address :

1107 Fifth Avenue, New York – 101 128

Date of Birth/Age :

09.01.1950

Qualification :

B. Tech (IIT), MSc, PhD

Date of Appointment :

30.06.1994

DIN No.:

00415297

 

 

Name :

Mr. Alapan Bandopadhyay

Designation :

Director

Address :

KB – 2 / 7, Salt Lake, Sector – 111, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

17.05.1961

Date of Appointment :

07.06.2012

DIN No.:

00515963

 

 

Name :

Ms. Nandini Chakroborty

Designation :

Director

Address :

S 2, Snehachaya Apartments, P444 HS Math Road, Garia, West Bengal – 700 084, India

Date of Birth/Age :

10.06.1969

Qualification :

IAS

Date of Appointment :

18.07.2011

DIN No.:

01281290

 

 

Name :

Mr. Sumit Kumar Sanghai

Designation :

Nominee director

Address :

3B. 3rd Floor, Palazzo, 35 Panditya Road, Kolkata – 700 020, West Bengal, India

Date of Birth/Age :

09.03.1976

Date of Appointment :

07.06.2012

DIN No.:

02277681

 

 

Name :

Mr. Surya Kumar Roy

Designation :

Director

Address :

14 Queens Mansion, 12 Park Street, Kolkatta – 700 017, West Bengal, India

Date of Birth/Age :

30.07.1958

Date of Appointment :

26.09.2012

DIN No.:

02503135

 

 

Name :

Mr. Krishna Prasad Nair

Designation :

Nominee director

Address :

2c, RAJHANS AND Rajshree Building 6, Hasti HGS Park Road, Kolkata – 700 027, West Bengal, India

Date of Birth/Age :

24.05.1959

Qualification :

B.Com, MBA (IDBI Nominee)

Date of Appointment :

28.06.2011

DIN No.:

02611496

 

 

Name :

Mr. Vijay Krishna Chaudhry

Designation :

Director

Address :

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

Date of Birth/Age :

19.06.1945

Qualification :

B.Tech (IIT), MBA (Toronto)

Date of Appointment :

22.08.2009

DIN No.:

02761079

 

 

Name :

Mr. Basudeb Banerjee

Designation :

Director

Address :

FD – 422 / 8, Bidhan Nagar, Kolkata – 700 091, West Bengal, India

Date of Birth/Age :

07.06.1957

Qualification :

IAS

Date of Appointment :

06.02.2012

DIN No.:

03350297

 

 

KEY EXECUTIVES

 

Name :

Aloke Chattopadhyay

Designation :

Secretary

Address :

125, Bonomali Nashar Road, Kolkata – 700 060, West Bengal, India

Date of Birth/Age :

03.01.1955

Date of Appointment :

19.04.2005

PAN No.:

ACHPC7998L

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 26.09.2012

 

Note:

 

MAJOR SHAREHOLDERS DETAILS FILE ATTACHED

 

Equity Share Break up (Percentage of Total Equity)

 

Category

Percentage

Government Companies

48.87

Nationalised or other banks

7.57

Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others

39.83

Bodies corporate

2.81

Directors or relatives of Directors

0.26

Other top fifty shareholders

0.66

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Exporter of Petrochemical Polymers Products.

 

 

 

 

GENERAL INFORMATION

 

 

No. of Employees :

1000 (Approximately)

 

 

Bankers :

·         United Bank of India, Old Court House Street Branch, 11, Hemanta Basu Sarani, Kolkata – 700 001, West Bengal, India

·         Union Bank, 1/1, Camac Street, Kolkata – 700 016, West Bengal, India

·         State bank of India, CAG branch, 2nd Floor, Reliance House, 34, J L Nehru Road, Kolkata – 700 071, West Bengal, India

·         Export - Import Bank of India, Floor 21, Centre One Building, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

 

 

Facilities :

Secured Loan

As on

31.03.2012

(Rs. in

Millions)

As on

31.03.2011

(Rs. in

Millions)

Rupee term loans banks

(A)15272.040

(B)17737.130

Rupee term loans financial institutions

(C) 2179.190

(D) 2479.770

Rupee term loans others

(E) 23.740

(F) 27.020

Foreign currency loans banks

(G)195.240

(H) 413.900

Foreign currency loans financial institutions

(I) 574.070

(J) 677.100

Other external commercial borrowings

(K) 1756.820

(L) 2254.580

Working capital loans others

(M) 6331.160

(N) 4464.390

Total

26332.260

28053.890

 

Notes :

 

(A) Repayable within one year: RTL from Banks and FI's Rs 3,590.190 million

(B) Repayable within one year: RTL from Banks and FI's Rs 2,778.750 million

(C) Rupee Term Loan from Financial Institutions comprise: As at 31.03.2011 Rs in million Life Insurance Corporation of India 1,083.230 IFCI Limited 380.730 United India Insurance Company Limited 158.480 National Insurance Company Limited 112.92 General Insurance Corporation of India 168.420 The New India Assurance Company Limited 168.420 The Oriental Insurance Company Limited 106.99

Totals 2,179.19

(D) Rupee Term Loan from Financial Institutions comprise: As at 31.03.2010 Rs in million Life Insurance Corporation of India 1,232.640 IFCI Limited 433.250 United India Insurance Company Limited 180.340 National Insurance Company Limited 128.5 General Insurance Corporation of India 191.650 The New India Assurance Company Limited 191.650 The Oriental Insurance Company Limited 121.740

Totals 2,479.770

(E) Amounts In Millions Rupee Term Loan from Others comprise: Merlin Resources Private Limited 23.740

Totals 23.740

(F) Amounts In Millions Rupee Term Loan from Others comprise: Merlin Resources Private Limited 27.020

Totals 27.020

(G) FCTL from Banks and Fl's Rs 257.730 million

(H) Repayable within one year FCTL from Bank Rs 315.080 million

(I) Amounts In Millions Foreign Currency Term Loans from Financial Institutions comprise: Export Import Bank Of India 574.070

Totals 574.070

(J) Amounts In Millions Foreign Currency Term Loans from Financial Institutions comprise: Export Import Bank Of India 677.100

Totals 677.100

(K) Repayable within one year ECB from Banks Rs 473.290 million

(L) Repaybale within one year ECB from banks Rs 478.480 million

(M) Working Capital Loans are secured on pari passu basis: By way of first charge, created / to be created on current assets of the Company (both present and future). By way of second charge, created / to be created on fixed assets of the Company (both present and future) subservient to Long Term loan.

(N) Working Capital Loans are secured on pari passu basis: By way of first charge, created / to be created on current assets of the Company (both present and future). By way of second charge, created / to be created on fixed assets of the Company (both present and future) subservient to Long Term loan.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name1 :

M. Choudhury and Company

Chartered Accountants

Address :

Kolkata

PAN No.:

AADFM7501P

 

 

Name2 :

Lodha and Company

Chartered Accountants

Address :

Kolkata

PAN No.:

AABFL1894Q

 

 

Name3 :

Chaturvedi and Company

Chartered Accountants

Address :

Kolkata

PAN No.:

AABFC9567F

 

 

Associates/Subsidiaries :

·         Haldia Riverside Estates Limited (HREL), India

CIN No.: U45202WB1998PLC087462

·         Haldia Cracker Complex Limited (HCCL), India

·         CIN No.: U45201WB1998PLC086768

 

 

Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :

·         Chatterjee Petrochem (Mauritius) Company [CP(M)C]

·         West Bengal Industrial Development Corporation Limited (WBIDC)

CIN No.: U75142WB1967SGC026988

 

 

 

CAPITAL STRUCTURE

 

As on 26.09.2012

 

Authorized Capital:

 

No. of Shares

Type

Value

Amount

 

 

 

 

2200000000

Equity Shares

Rs. 10/- each

Rs. 22000.000 millions

300000000

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

 

 

 

 

1687938532

Equity Shares

Rs. 10/- each

Rs. 16879.385 millions

271081818

Preference Shares

Rs. 10/- each

Rs. 2710.818 millions

 

 

 

 

 

TOTAL

 

Rs. 19590.203 millions

 

As on 31.03.2011

 

Authorized Capital:

 

No. of Shares

Type

Value

Amount

 

 

 

 

2200000000

Equity Shares

Rs. 10/- each

Rs. 22000.000 millions

300000000

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

 

 

 

 

1559915828

Equity Shares

Rs. 10/- each

Rs. 15599.158 millions

271081818

Preference Shares

Rs. 10/- each

Rs. 2710.818 millions

 

 

 

 

 

TOTAL

 

Rs. 18309.976 millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2011

31.03.2010

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

18309.980

18309.980

2] Share Application Money

 

0.000

0.000

3] Reserves & Surplus

 

2663.640

5160.350

4] (Accumulated Losses)

 

0.000

0.000

NETWORTH

 

20973.620

23470.330

LOAN FUNDS

 

 

 

1] Secured Loans

 

26332.260

28053.890

2] Unsecured Loans

 

2000.000

1800.000

TOTAL BORROWING

 

28332.260

29853.890

DEFERRED TAX LIABILITIES

 

2267.060

2871.070

 

 

 

 

TOTAL

 

51572.940

56195.290

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

46637.340

35133.290

Capital work-in-progress

 

173.490

14487.310

 

 

 

 

INVESTMENT

 

175.550

175.550

DEFERRED TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

8952.730

8592.810

 

Sundry Debtors
 

1755.870

2235.580

 

Cash & Bank Balances
 

281.880

142.350

 

Other Current Assets
 

1707.480

1653.190

 

Loans & Advances
 

5066.290

5127.960

Total Current Assets
 

17764.250

17751.890

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
 

8301.590

7064.440

 

Other Current Liabilities
 

2053.190

1203.000

 

Provisions
 

2822.910

3085.310

Total Current Liabilities
 

13177.690

11352.750

Net Current Assets
 

4586.560

6399.140

 

 

 

 

MISCELLANEOUS EXPENSES

 

0.000

0.000

 

 

 

 

TOTAL

 

51572.940

56195.290

 

NOTE: Balance sheet for the year 2012 is not available, only Profit and Loss account is available.

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2012

31.03.2011

31.03.2010

 

SALES

 

 

 

 

 

Income

81344.470

75501.050

33914.340

 

 

Other Income

188.250

822.660

490.000

 

 

TOTAL                                     (A)

81532.720

76323.710

34404.340

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of materials consumed

70016.130

61403.220

 

 

Purchases of stock-in-trade

396.840

1972.110

 

 

 

Changes in inventories of finished goods, work-in-progress and stock-in-trade

(371.690)

(2075.510)

 

 

 

Employee benefit expense

908.260

844.240

 

 

 

Other expenses

11984.270

10825.330

 

 

 

TOTAL                                     (B)

82933.810

72969.390

33001.170

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

(1401.090)

3354.320

1403.170

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

3875.080

2557.470

1875.410

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

(5276.170)

796.850

(472.240)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

4241.570

4110.180

3317.730

 

 

 

 

 

Add

Exceptional items

932.110

0.000

1311.660

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

(8585.630)

(3313.330)

(2478.310)

 

 

 

 

 

Less

TAX                                                                  (H)

(1121.770)

(816.620)

(637.940)

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

(7463.860)

(2496.710)

(1840.370)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

FOB Value of Exports

27078.500

19923.330

NA

 

 

Recovery of Demurrage

7.410

13.050

NA

 

TOTAL EARNINGS

27085.910

19936.380

NA

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

51642.940

51085.420

20588.070

 

 

Chemicals, Catalysts, Additives and Spares

1542.000

1771.250

948.580

 

 

Capital Goods

0.000

5.100

718.500

 

TOTAL IMPORTS

53184.940

52861.770

22255.150

 

 

 

 

 

 

Earnings Per Share (Rs.)

(4.8)

(1.62)

(1.2)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2012

31.03.2011

31.03.2010

PAT / Total Income

(%)
(9.15)

(3.27)

(5.35)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(10.55)

(4.38)

(7.30)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
NA

(5.14)

(4.68)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
NA

(0.41)

(0.10)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
NA

1.98

2.03

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
NA

1.34

1.57

 

 

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

Yes

9]

Name of person contacted

No

10]

Designation of contact person

No

11]

Turnover of firm for last three years

No

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

No

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

 

 

LITIGATION DETAILS:

CALCUTTA HIGH COURT
CASE STATUS INFORMATION SYSTEM

Case Status    :  P

Status of          ARBITRATION PETITION(AP)  482        of    2012    

WINSTAR INDIA INVESTMENT CO. LTD.                 Vs.                  HALDIA PETROCHEMICALS LTD & ORS.

Pet's Adv.       :   M/S P.BASU & CO                   

Res's Adv.      :       

Court No.       :  8     Last Listed On :     Thursday, January 17, 2013     

Category        :   NO CATEGORY MENTIONED

 

CONNECTED APPLICATION (S)

 

CONNECTED MATTER (S)

 

No Connected Application.

No Connected Cases.

Case Updated on:   Wednesday, January 16, 2013

 

 

RESULTS OF OPERATION

 

Operational and financial highlights for FY 2010-11 are:

 

Total Turnover Rs 83102.800 Millions against Rs 37895.500 Million for the corresponding previous period, an increase of 119 %.

 

Earnings before Interest, Tax, Depreciation and Amortization (EBITDA) was Rs.2589.140 Millions against Rs.1403.170 Millions for the corresponding previous period, an increase of 84.52%.

 

Profit (loss) After Tax (PAT) is (loss) Rs (2496.710) Millions against Rs. (1840.370) Millions for the corresponding previous period.

 

UNSECURED LOAN:

                                                                                                                                           (Rs. in Millions)

Particulars

As on 31.03.2011

 

As on 31.03.2010

 

 

 

 

Rupee term loans banks

2000.000

1800.000

 

 

 

Total

2000.000

1800.000

 

NOTE:

 

Amounts In Millions 2010 From Banks Punjab National Bank 1,000.000 United Bank Of India 1,000.000

Totals 2,000.000

 

BANKERS CHARGES REPORT AS PER REGISTRY

 

Corporate identity number of the company

U23209WB1985SGC039487

Name of the company

HALDIA PETROCHEMICALS LIMITED

Address of the registered office or of the principal place of  business in India of the company

1 Auckland Place, Kolkata – 700017, West Bengal, India

e-mail: Aloke.Chattopadhyay@hpl.co.in

This form is for

Modification of charge

Charge identification number of the modified 

10116851

Type of charge

Book Debts

Currents assets

Particular of charge holder

Export - Import Bank of India, Floor 21, Centre One Building, Cuffe Parade, Mumbai – 400 005, Maharashtra, India

e-mail: cbg@eximbankindia.in

Nature of description of the instrument creating or modifying the charge

Supplemental Deed of Hypothecation dated 3rd November, 2012 executed by Haldia Petrochemicals Limited creating an additional security by way of pari passu second charge over the entire current Assets of the Company in favour of Export-Import Bank of India (EXIM Bank)

Date of instrument Creating the charge

03.11.2012

Amount secured by the charge

Rs. 1150.000 millions

Brief particulars of the principal terms an conditions and extent and operation of the charge

Rate of Interest

Rupee Loan of Rs 400.000 Millions - EXIM Bank's prime lending rate + 280 basis points, payable monthly, subject to reset. Dollar Loan of USD 15 Million - (6 months) LIBOR + 500 bps p.a. payable quarterly, subject to reset

 

Terms of Repayment

Loan will be repaid in 21 quarterly installments commencing after a moratorium of 2 years from the date of first disbursement.

 

Extent and Operation of the charge

Present charge operates as an additional security in favour of EXIM Bank by way of a pari passu second charge on the current assets of the Company

Short particulars of the property charged

The whole of the Borrower's Current Assets on pari-passu 2nd charge basis subject to prior charge of  first charge holders, both present and future, including book-debts, receivables, outstanding moneys, claims, demands, bills, contracts, engagements and securities belonging to or held by the Borrower and which are now due and owing or accruing stocks of raw materials, finished and semi-finished goods, goods in process and consumable stores, which are now lying or stored in or which may hereafter during the continuance of the security related moveable’s in the course of transit or delivery, whether now belonging or which may hereafter belong to the Borrower or which may be held by any person at any place within or outside India to the order or disposition of the Borrower and all documents of title including bills of lading, shipping documents, policies of insurance and other instruments and documents relating to such moveable’s together with benefits of all rights

Date of latest modification prior to the present modification

19.03.2009

Particulars of the present modification 

The security created under the Deed of Hypothecation dated 31.1.2009 and Memorandum of Entry dated 19.3.2009 is now extended to include additional security by way of pari passu second charge over the entire current Assets of the Company vide Deed of Hypothecation dated 3.11.2012.

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Equipments

·         Furniture and Fixtures

·         Vehicles

·         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.53.85

UK Pound

1

Rs.82.26

Euro

1

Rs.71.72

 

 

INFORMATION DETAILS

 

Report Prepared by :

NID

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

-

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

4

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

YES

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

33

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

 

NB

New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.