MIRA INFORM REPORT

Report Date :

02.05.2013

IDENTIFICATION DETAILS

Name :	HUNTSMAN ADVANCED MATERIALS (INDIA) PRIVATE LIMITED
Formerly Known As :	AVANTI PERFROMANCE POLYMERS PRIVATE LIMITED
Registered Office :	5^th Floor, Building No.10, Solitaire Corporate Park, 167, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	19.04.2000
Com. Reg. No.:	11-126012
Capital Investment / Paid-up Capital :	Rs. 625.002 Millions
CIN No.: [Company Identification No.]	U24132MH2000PTC126012
TAN No.: [Tax Deduction & Collection Account No.]	MUMH07425F
PAN No.: [Permanent Account No.]	AABCH3909H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Epoxy Resins, Adhesives, Construction Chemicals.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 6000000
Status :	Satisfactory
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. The management of the company has failed to file its latest financial with the government department. However, as per available financials of 2011 it seems that the company is performing well. Trade relations are reported as fair. Business is active. Payment terms are unknown in absence of latest financial. The company can be considered normal for business dealings at usual trade terms and condition.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Bank Facility = LA
Rating Explanation	Adequate degree of safety it carry low credit risk.
Date	October 2010

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.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Rakesh
Designation :	Accounts Department
Contact No.:	91-9818684212
Date :	29.04.2013

LOCATIONS

Registered Office :	5^th Floor, Building No.10, Solitaire Corporate Park, 167, Guru Hargovindji Marg, Chakala, Andheri (East), Mumbai – 400 093, Maharashtra, India
Tel. No.:	91-22-40951556 / 40951503 / 40951560
Mobile No.:	91-9818684212 (Mr. Rakesh)
Fax No.:	91-22-40951300
E-Mail :	asit_adhikari@huntsman.com sanjay_kathane@huntsman.com rayomand_sabawalla@huntsman.com
Website :	www.huntsman.com
Factory :	Located At Chennai
Branch Office :	Door No-139, 3^rd Floor, Tower-A, The Coherent, Plot No-A-41, Sector-62, Noida – 201309, Uttar Pradesh
Tel. No.:	91-120-4253597

DIRECTORS

As on 30.09.2011

Name :	Mr. Rayomand Parvez Sabawalla
Designation :	Whole-Time Director
Address :	Ralph Gideon Jaari Building, Med 73, Flatv 517500, Jabl Ali Po 196942, Dubai, UAE
Date of Birth/Age :	31.05.1977
Date of Appointment :	02.12.2010
DIN No.:	03098056
Name :	Mr. Harald Michael Wiedemann
Designation :	Director
Address :	Blasiring 16, Ch 4153, Weilam Rhien - 79576, Germany
Date of Birth/Age :	08.07.1959
Date of Appointment :	27.09.2010
DIN No.:	03196346
Name :	Mr. Patrick Albert Peter Verraes
Designation :	Director
Address :	Annegijsboslaan, Overijse – 3090, Belgium
Date of Birth/Age :	20.09.1972
Date of Appointment :	27.09.2010
DIN No.:	03155820
Name :	Mr. Steven Michael Hanshaw
Designation :	Additional Director
Address :	Reinacherstr 63A, 4106, Therwil
Date of Birth/Age :	03.06.1966
Date of Appointment :	27.02.2012
DIN No.:	05204047

KEY EXECUTIVES

Name :	Mr. Sanjay Kathane
Designation :	Company Secretary
Address :	Unit: 3 RMG Co-Operative Housing Society, B – 33, Flat 401, B Wing, Gokuldham, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Date of Birth/Age :	02.04.1969
Date of Appointment :	05.07.2008
PAN No.:	ARDPK1854C
Name :	Mr. Rakesh
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2011

Names of Shareholders	No. of Shares
Huntsmn Textile EFF ECTS (Belgium) BVBA, Belgium	200
Vantico International SARL, Luxembourge	62500000
Total	62500200

As on 30.09.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Epoxy Resins, Adhesives, Construction Chemicals.

Products :

Item Code No. (ITC Code)	390730.01
Product Description	Epoxy Resins

Terms :

Selling :

Cash / Credit

Purchasing :

Cash / Credit

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Synthetic Resins	Tonnes	1377.73

GENERAL INFORMATION

Customers :

End Users

No. of Employees :

100 (Approximately)

Bankers :

Axis Bank Limited, 209, Atlanta, Ground Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India

Tel. No.: 91-22-22834296

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Working capital loans secured	204.189	9.503
Total	204.189	9.503
Cash Credit Facilities are secured first by a charge on the current assets of the company and thereafter a charge on the movable fixed assets. Additionally a corporate guarantee of Huntsman International (India) Private Limited has also been furnished.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	12, Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400 018, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66675025
PAN.:	AACFD4815A
Ultimate Holding Company :	Huntsman Corporation
Holding Company :	Vantico International SARL
Fellow Subsidiary Company :	Petro Araldite Private Limited Huntsman Advanced Materials (Switzerland) GmbH Huntsman Advanced Materials (Europe) BVBA Huntsman International LLC Huntsman Advanced Materials (Hongkong) Limited Huntsman Advanced Materials (U.A.E.) FZE Dubai Huntsman Advanced Materials Americas Inc. Huntsman Advanced Materials (Singapore) Pte Limited. Huntsman Advanced Materials LLC USA Huntsman Singapore (Pte) Limited Tioxide (Malaysia) Sdn Bhd Huntsman International (India) Private Limited Baroda Textile Effects Private Limited

CAPITAL STRUCTURE

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
70000000	Equity Shares	Rs.10/- each	Rs.700.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
62500200	Equity Shares	Rs.10/- each	Rs.625.002 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		625.002	625.002	625.002
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		885.739	648.910	449.197
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		1510.741	1273.912	1074.199
LOAN FUNDS
1] Secured Loans		204.189	9.503	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		204.189	9.503	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		1714.930	1283.415	1074.199
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		15.484	17.267	20.007
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		280.025	280.000	0.000
DEFERREX TAX ASSETS		9.555	5.770	7.842
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	196.653	126.406	122.942
	Sundry Debtors	739.498	604.947	523.826
	Cash & Bank Balances	226.990	52.113	83.936
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	538.355	325.768	417.869
Total Current Assets		1701.496	1109.234	1148.573
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	281.482	115.075	88.975
	Other Current Liabilities	5.484	4.698	3.350
	Provisions	4.664	9.083	9.898
Total Current Liabilities		291.630	128.856	102.223
Net Current Assets		1409.866	980.378	1046.350
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1714.930	1283.415	1074.199

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
SALES
	Income	4581.000	3735.107	3534.354
	Other Income	73.000	54.929	44.456
	TOTAL	4654.000	3790.036	3578.810
EXPENSES
	Office Expenses		3041.776	2928.294
	Administrative Expenses	4288.000	71.415	62.995
	Advertising Expenses		367.725	335.862
	TOTAL	4288.000	3480.916	3327.151
PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		366.000	309.120	251.659
DEPRECIATION/ AMORTISATION		4.000	4.331	5.157
PROFIT BEFORE TAX		359.000	304.789	246.502
TAX		122.000	105.076	86.304
PROFIT AFTER TAX		237.000	199.713	160.198
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		648.910	449.197	288.999
BALANCE CARRIED TO THE B/S		885.910	648.910	449.197
EARNINGS IN FOREIGN CURRENCY
	Export Earnings	88.341	44.445	40.514
	Commission Earnings	18.659	12.048	12.073
	Service Charges	0.000	0.000	6.600
TOTAL EARNINGS		107.000	56.493	59.187
IMPORTS
	Finished goods for resale	307.147	230.969	212.724
TOTAL IMPORTS		307.147	230.969	212.724
Earnings Per Share (Rs.)		3.79	3.20	2.56

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.09	5.27	4.48
Net Profit Margin (PBT/Sales)	(%)	7.84	8.16	6.97
Return on Total Assets (PBT/Total Assets}	(%)	20.91	27.06	21.09
Return on Investment (ROI) (PBT/Networth)		0.24	0.34	0.32
Debt Equity Ratio (Total Debt /Networth)		0.14	0.01	0.00
Current Ratio (Current Asset/Current Liability)		5.83	8.61	11.24

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

Rs. in Millions

Particular	31.03.2011	31.03.2010	31.03.2009
Creditors due small micro enterprises	6.242	1.939	3.018
Creditors due others	275.240	113.136	85.957
Total	281.482	115.075	88.975

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	Yes
10]	Designation of contact person	Yes
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	Yes
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

BACKGROUND

Subject was incorporated in India on 19^th April 2000. The Company's operations primarily involve the purchase of epoxy resins and hardeners mainly from group companies and to a limited extent repacking of quantities purchased and sale to customers in India.

OPERATIONS

Sales during the year have increased by 22.65 % as compared to the previous year. Their operational margins have improved by 17.80 % as compared to previous year. Material costs as a percentage to sales increased marginally to 95.73% as compared to 95.66% in the previous year. Overall they managed to increase their EBITDA contribution by as compared to last year. They will continue this trend for the coming year too.

FIXED ASSETS:

• Building
• Leasehold Improvement
• Plant and Machinery
• Computers
• Furniture and Fittings
• Vehicles

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.54.22
UK Pound	1	Rs.84.00
Euro	1	Rs.70.98

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	NTH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		45

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.