MIRA INFORM REPORT

Report No. :	357257
Report Date :	28.12.2015

IDENTIFICATION DETAILS

Name :	PETRO ARALDITE PRIVATE LIMITED

Registered Office :	4^th Floor, B Wing, lighthall, Hiranandani Business Park, Saki Vihar Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra
Mobile No.:	91-9444461280 (Mr. Bhoopathi)

Country :	India

Financials (as on) :	31.03.2014

Date of Incorporation :	10.12.1996

Com. Reg. No.:	11-104393

Capital Investment / Paid-up Capital :	Rs.570.000 Million

CIN No.: [Company Identification No.]	U24110MH1996PTC104393

IEC No.:	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	MUMP09084F

PAN No.: [Permanent Account No.]	AAACP5685K

Legal Form :	Private Limited Liability Company

Line of Business :	Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and Formulation. (Confirmed by management)

No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended

Status :	Closed Down

Payment Behaviour :	-

Litigation :	-

Comments :	Mr. Tarun Kumar (Sales Manager) claimed that the subject got closed down from September 2014 and denied to part any information to us. No other information could be made available. In view of close down business operations, the subject cannot be recommended for any business dealings.

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	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Tarun Kumar
Designation :	Sales Manager
Contact No.:	91-9871421177
Date :	25.12.2015

LOCATIONS

Registered Office :	4^th Floor, B Wing, lighthall, Hiranandani Business Park, Saki Vihar Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	Not Available
Mobile No.:	91-9444461280 (Mr. Bhoopathi)
Fax No.:	Not Available
E-Mail :	rayomand_sabawall@huntsman.com asit_adhikari@hutsman.com
Website :	www.huntsman.com

Factory :	Manali Express Highway, Manali, Chennai – 600068, Tamilnadu, India
Tel. No.:	91-44-5940084/69400845/2242875100
Fax No.:	91-44-25942494/25940079/42875400

DIRECTORS

As on 31.03.2015

Name :	Mr. Rayomand P Sabawalla
Designation :	Director
Address :	Ralph Gideon Jaari Building, Med 73, Flat V 517, 500 Jabl Ali 196942, Dubai, UAE
Date of Birth/Age :	31.05.1977
Date of Appointment :	09.09.2010
DIN No.:	03098056

Name :	Mr. Patric Peter Verraes
Designation :	Director
Address :	Annegijs Boslaan, Overijse-3090, Belgium
Date of Birth/Age :	20.09.1972
Date of Appointment :	09.09.2010
DIN No.:	03155820

Name :	Mr. Harald M Wiedeman
Designation :	Director
Address :	Blasiring 16, Weil AM Rhien-79576, Germany
Date of Birth/Age :	08.07.1959
Date of Appointment :	09.09.2010
DIN No.:	03196346

Name :	Mr. Steven Michael Hanshaw
Designation :	Director
Address :	Relnacherstr 63A, 4106, Therwil, Switzerland
Date of Birth/Age :	03.09.1966
Date of Appointment :	27.02.2012
DIN No.:	05204047

Name :	Hari Goverdanan
Designation :	Director
Address :	82B,1st Street,Velan Nagar, Valasaravakkam, Chennai - 600087, Tamil Nadu, India
Date of Appointment :	01.04.2014
DIN No.:	06743075

KEY EXECUTIVES

Name :	Mr. Tarun Kumar
Designation :	Sales Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 27.09.2013

Names of Shareholders	No. of Shares	Percentage
Tamilnadu Petro Products Limited, India	1368000	23.99
Vantico International Sarl, Luxembourge	4332002	76.01
TOTAL	5700002	100.00

Equity Share Break up (Percentage of Total Equity)

As on: 27.09.2013

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	76.01
Bodies corporate	23.99
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Dealers of Basic Liquid Resins, Solid Resins and Formulation. (Confirmed by management)

Products :

Item Code No.	Product Description
3911	Petolileium Resign KGs

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Bank Name	Not Divulged
Branch	Not Divulged
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Deloitte Haskins and Sells Indiabulls Finance Center Tower 3, 32nd Floor, Elphinstone (West), Mumbai 400013, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A

Memberships :	Not Available

Collaborators :	Not Available

Ultimate Holding Company :	Huntsman Corporation

Holding Company :	Vantico International, S.a.r.l

Joint venture:	Tamilnadu Petroproducts Limited


Entities under common control with whom there were transactions during the year:	Huntsman Advanced Materials (India) Private Limited (Up-to June 30, 2012) Huntsman International (India) Private Limited (w.e.f. July 1, 2012) Huntsman Advanced Materials (Switzerland) Gmbh Huntsman Advanced Materials, Americas Inc Huntsman Advanced Materials (Hong Kong) Limited Huntsman Advanced Materials (Argentina) S R L Huntsman Advanced Materials (UAE) FZE, Huntsman Advanced Materials Quimica Brazil Limited Huntsman Advanced Materials (Taiwan) Corporation Huntsman Advanced Materials (Singapore) Private Limited Huntsman Advanced Materials Isando, South Africa Huntsman Advanced Materials (Australia) Private Limited Huntsman Advanced Materials (Europe) BVBA, Belgium Huntsman Advanced Materials (South Africa) Limited Huntsman Advanced Materials ,Egypt Huntsman Japan KK Huntsman Ileri Teknoloji Urunleri San. Tic. Limited, Turkey Huntsman Advanced Materials ,US Tioxide (Malaysia) SDN BHD

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount

6000000	Equity Shares	Rs.100/- each	Rs.600.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

5700002	Equity Shares	Rs.100/- each	Rs.570.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	570.000	570.000	570.000
(b) Reserves & Surplus	(174.380)	(68.870)	75.590
(c) Money received against share warrants	0.000	0.000	0.000

(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	395.620	501.130	645.590

(3) Non-Current Liabilities
(a) long-term borrowings	177.590	238.840	281.510
(b) Deferred tax liabilities (Net)	0.000	22.270	32.660
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	32.800	34.860	34.060
Total Non-current Liabilities (3)	210.390	295.970	348.230

(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	229.490	550.520	578.270
(c) Other current liabilities	166.750	226.190	146.740
(d) Short-term provisions	13.260	14.410	17.680
Total Current Liabilities (4)	409.500	791.120	742.690

TOTAL	1015.510	1588.220	1736.510

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	215.620	412.870	429.190
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	5.880	6.860	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	265.790	111.610	106.120
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	487.290	531.340	535.310

(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	310.660	521.630	435.510
(c) Trade receivables	124.220	23.520	121.870
(d) Cash and cash equivalents	8.160	42.810	236.860
(e) Short-term loans and advances	85.180	468.920	406.900
(f) Other current assets	0.000	0.000	0.060
Total Current Assets	528.220	1056.880	1201.200

TOTAL	1015.510	1588.220	1736.510

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	TOTAL INCOME	2197.190	3545.430	3427.280

	TOTAL EXPENSES	2324.970	3700.280	3501.890

	PROFIT BEFORE TAX	(127.780)	(154.850)	(74.610)

Less	TAX	(22.270)	(10.390)	(3.710)

	PROFIT AFTER TAX	(105.510)	(144.460)	(70.900)

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	94.050	199.930	486.280
	TOTAL EARNINGS	94.050	199.930	486.280

	IMPORTS
	Raw Materials	1208.300	1779.810	1661.450
	Capital Goods	0.070	6.160	4.860
	TOTAL IMPORTS	1208.370	1785.970	1666.310

	Earnings Per Share (Rs.)	0.58	0.72	0.78

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	61.250	42.660	34.960
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(0.04)	(0.04)	(0.02)

Return on Total Assets (PBT/Total Assets}	(%)	(12.66)	(9.79)	(4.30)

Return on Investment (ROI) (PBT/Networth)		(0.32)	(0.31)	(0.12)

Debt Equity Ratio (Total Debt /Networth)		0.60	0.56	0.49

Current Ratio (Current Asset/Current Liability)		1.29	1.34	1.62

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	570.000	570.000	570.000
Reserves & Surplus	75.590	-68.870	-174.380
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	645.590	501.130	395.620

long-term borrowings	281.510	238.840	177.590
Short term borrowings	0.000	0.000	0.000
Current Maturities Of Long-Term Debts	34.960	42.660	61.250
Total borrowings	316.470	281.500	238.840
Debt/Equity ratio	0.490	0.562	0.604

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	3427.280	3545.430	2197.190
		3.447	(38.028)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Total Income	3427.280	3545.430	2197.190
Profit	(70.900)	(144.460)	(105.510)
	(2.07%)	(4.07%)	(4.80%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS REVIEW:

The company has registered a loss of Rs. 127.780 Million as against previous year loss of Rs. 154.850 Million. Net loss after tax for the year is RS. 105.510 Million As compared to loss of Rs. 144.460 Million in the previous year. As the competitiveness of the Company was eroding continuously over the past couple of years, the loss making Base Resin Production unit (BLR) was causing further erosion's in the profitability of the Company. The continued freeze / ban on production in Manali Industrial belt, has also been quite detrimental to the overall position in which the Company was also it would not sustain the economics for future investment / infusion of capital in the Company.

UNSECURED LOAN

Particular	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Deferred sales tax loan	177.590	238.840

Total	177.590	238.840
Note: Deferred payment liabilities represent the sales tax liability covered under the sales tax deferral scheme of the Government of Tamil Nadu for new or existing industries, while undertaking expansion or diversification of the unit, for a period of ten years, commencing from July 1, 2000. The repayment of the deferred liability has commenced from July, 2010 and will be paid on monthly basis as per the terms of eligibility certificate. The total amount paid during the year amounts to Rs. 42.660 Million (Previous year Rs.34.960 Million). As per the terms of eligibility certificate, if the company defaults in payment of Government loan, the moveable and immovable properties of the company shall be liable to be attached / proceeded towards the realisation of outstanding Government loan under Revenue Recovery Act together with interest at 24% per annum (simple interest) calculated from the due date for repayment of loan. The term movable shall include cash / shares / debentures / Bank balance etc.

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

FIXED ASSETS

Building
Plant and machinery
Office equipment
Computers
Furniture and Fixture
Vehicles
Computer equipments

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.66.20
UK Pound	1	Rs.98.29
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	NYA

Analysis Done by :	AMT

Report Prepared by :	SUJ

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.

MIRA INFORM REPORT

34.960

(0.04)

INDEX OF CHARGES: NO CHARGES EXIST FOR THE COMPANY

Unit