MIRA INFORM REPORT

 

 

Report No. :

349813

Report Date :

16.11.2015

 

IDENTIFICATION DETAILS

 

Name :

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Light Hall B - Wing, Saki Vihar Road, Andheri(East), Mumbai – 400072, Maharashtra

Tel. No.:

91-22-42875100

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

27.02.2001

 

 

Com. Reg. No.:

11-131020

 

 

Capital Investment / Paid-up Capital :

Rs.2213.660 Million

 

 

CIN No.:

[Company Identification No.]

U24117MH2001PTC131020

 

 

IEC No.:

0300073259

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

Not Available

 

 

PAN No.:

[Permanent Account No.]

AAACH9149J

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject operates through two divisions namely Polyurathanes (PU) and Textile Effects (TE). PU division is engaged in manufacture of blended polyol and is also engaged in trading of isocyanate sourced from group companies.

 

TE Division operations primarily involve purchase of dyes and chemicals mainly from group companies and to a limited extent of processing of chemicals purchased and sold to customer.

 

 

No. of Employees :

Information declined by the management 

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A (60)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a wholly owned subsidiary of "Huntsman Investments (Netherlands) B.V., Netherland and it a part of Huntsman Corporation of USA, which is a fortune 500 company. It operates in more than 100 manufacturing and R&D facilities in more than 30 countries.

 

The rating takes into consideration strong financial risk profile of the company marked by strong networth base with very minimal debt level. Further the company has reported decent increase in its sales revenue base, but has reported losses from its operations in FY14.

 

Further the group companies namely Baroda Textile Effects Private Limited, Huntsman Performance Products (India) Private Limited and Huntsman Advanced Materials (India) private Limited have been amalgamated with the subject company with effect on 13th September 2013.

 

Trade relations are fair. Business is active. Payment terms are reported to be regular and as per commitments.

 

In view of strong parent company, the company can be considered for normal business dealings with usual trade terms and conditions.

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

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

January 2014

 

Rating Agency Name

ICRA

Rating

Short term limits: A2+

Rating Explanation

Strong degree of safety and low credit risk.

Date

January 2014

 

 

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 DECLINED

 

MANAGEMENT NON CO-OPERATIVE (91-22-42875100)

 

 

LOCATIONS

 

Registered Office :

Light Hall B - Wing, Saki Vihar Road, Andheri(East), Mumbai – 400072, Maharashtra, India

Tel. No.:

91-22-42875100

Fax No.:

91-22-42875300/400

E-Mail :

pranali_n_dhumal@huntsman.com

contact_india@huntsman.com

Website:

www.huntsman.com

 

 

DIRECTORS

 

AS ON 12.09.2014

 

Name :

Mr. Rohit Aggarwal

Designation :

Managing director

Address :

C/O Aggarwal Industries, Hoshiarpur Road, Jalandhar City - 144001, Punjab, India

Date of Appointment :

19.08.2015

DIN No.:

02007321

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

U24117MH2001PTC131020

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

Managing director

19/08/2015

18/01/2008

-

Active

NO

2

U24294TN1994PTC027261

SWATHI ORGANICS & SPECIALITIES PRIVATE LIMITED

Director

23/09/2008

11/2/2008

15/07/2009

Active

NO

3

U24100GJ2007PTC051201

BARODA TEXTILE EFFECTS Private Limited

Director

29/09/2009

22/06/2009

23/11/2012

Amalgamated

NO

4

U51909DL1997PTC126131

Louis Dreyfus Commodities India Private Limited

Director

27/09/2013

18/02/2013

26/11/2014

Active

NO

 

 

Name :

Mr. Ajay Kanwar

Designation :

Director

Address :

House No. 2016, Sector-16, Faridabad, Haryana, Faridabad - 121002, Haryana, India

Date of Birth/Age :

04.11.1970

Date of Appointment :

12.09.2014

DIN No.:

02169721

PAN No.:

ADYPK5321M

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

U24117MH2001PTC131020

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

Director

12/9/2014

28/05/2008

-

Active

NO

 

 

Name :

Ms. Vinita Korti Patil

Designation :

Director

Address :

A/402, Eden - I, Hiranandani Gardens, Powai, Mumbai, Mumbai - 400076, Maharashtra, India

Date of Birth/Age :

03.12.1982

Date of Appointment :

10.07.2013

DIN No.:

06519967

PAN No.:

APLPK1625B

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

U24117MH2001PTC131020

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

Director

10/7/2013

30/01/2013

-

Active

NO

 

 

Name :

Mr. Harshad Naik

Designation :

Director

Address :

F-903, Raheja Vistas, Raheja Vihar,, Powai, Mumbai - 400072, Maharashtra, India

Date of Birth/Age :

03.12.1971

Date of Appointment :

12.09.2014

DIN No.:

06940169

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

U24117MH2001PTC131020

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

Director

12/9/2014

11/8/2014

-

Active

NO

 

 

Name :

Mr. Samir Harilal Rawal

Designation :

Director

Address :

D 103,Soni Paradise, Plot 380, Vazira Naka, 25th Road, off L T Road, Borivali (West), Mumbai - 400092, Maharashtra, India

Date of Birth/Age :

29.11.1976

Date of Appointment :

12.09.2014

DIN No.:

06942351

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

U24117MH2001PTC131020

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

Director

12/9/2014

11/8/2014

-

Active

NO

 

Name :

Mr. Muralidhara Pete Kamalaksha Shenoy

Designation :

Additional director

Address :

Ali Ahmad Khalfan Bin Ghalaita, Flat 308a, W Sub Meter, 318-6a St Al Karama, Dubai - 16942, United Arab Emirates

Date of Appointment :

15.04.2015

DIN No.:

07082311

 

 

KEY EXECUTIVES

 

Name :

Pranali Dhumal

Designation :

Secretary

Address :

B/2 601 Raunak Park Cooperative Housing Society Limited, Kokani Pada Pokhran Road No 2, Thane - 400602, Maharashtra, India

Date of Birth/Age :

29.08.1987

Date of Appointment :

08.07.2013

PAN No:

AQJPD2700R

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

AS ON 12.09.2014

 

Names of Shareholders

 

No. of Shares

Huntsman Investments (Netherlands) BV, Netherlands

 

86844274

Huntsman (Netherlands) BV, Netherlands

 

10000

Huntsman Investments (Netherlands) BV, Netherlands

 

21950000

Huntsman Investments (Netherlands) BV, Netherlands

 

32219712

Vantico International Sari, Luxembourg,

 

100000000

HuntsmanTextiles BVBA, Belgium

 

320

Huntsman Investments (Netherlands) BV, Netherlands

 

2291667

Mr. Sunil Kukreja

 

5

Total

 

243315978

 

AS ON 18.12.2014

 

Names of Allottees

 

No. of Shares

Huntsman Investments (Netherlands) BV, Netherlands

 

26250000

Total

 

26250000

 

 

Equity Share Break up (Percentage of Total Equity)

 

AS ON 12.09.2014

 

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 :

Subject operates through two divisions namely Polyurathanes (PU) and Textile Effects (TE). PU division is engaged in manufacture of blended polyol and is also engaged in trading of isocyanate sourced from group companies.

 

TE Division operations primarily involve purchase of dyes and chemicals mainly from group companies and to a limited extent of processing of chemicals purchased and sold to customer.

 

 

Products :

Item Code No.

Product Description

39111090

Chemical

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

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 :

Banker Name

IDBI Bank Limited

Branch Address

IDBI Towerwtc Complex, Mumbai - 400005, Maharashtra, India

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

 

 

Facilities :

(Rs. In Million)

 

SECURED LOAN

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWING

 

 

Working capital loans from banks

(First Charge on all Current asset along with first mortgage charge)

494.380

210.270

Total

494.380

210.270

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

Address :

Indiabulls Finance Center, Tower-3, 32nd Floor, Elphinstone (West), Mumbai – 400013, Maharashtra, India

PAN N Income-tax PAN of auditor or auditor's firm :

AACFD4815A

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Holding Company:
  • Huntsman Investments (Netherlands) BV

 

 

Ultimate Holding Company:

Huntsman Corporation (US)

 

 

Subsidiary Company:

  • Baroda Textile Effects Private Limited, India

[U24100GJ2007PTC051201]

  • Huntsman Performance Products (India) Private Limited, India

 [U24100GJ2010PTC062014]

 

 

Associate Company:

  • Swathi Organics and Specialities Private Limited, India

 [U24294TN1994PTC027261]

 

 

Entities under common control:
  • Huntsman Textile Effects (Landhi Karachi)
  • Huntsman (Asia Pacific) Pte Limited
  • Huntsman (Europe) BVBA.
  • Huntsman (Germany) Gmbh
  • Huntsman (Holdings) UK Unlimited
  • Huntsman (Singapore) Pte Limited
  • Huntsman (Thailand) Limited.
  • Huntsman Advanced Materials (Switzerland) Gmbh, Basle
  • Huntsman Advanced Materials HK. Limited., Hongkong
  • Huntsman Advanced Materials Kk, Japan
  • Huntsman Advanced Materials (Europe) BVBA
  • Huntsman Advanced Materials (Hongkong) Limited.
  • Huntsman Advanced Materials (U.A.E.) FZE Dubai
  • Huntsman Advanced Materials (Singapore) Pte Limited
  • Huntsman Advanced Materials Americas Inc.
  • Huntsman Advanced Materials LLC USA
  • Huntsman Advanced Material (Australia) Pty Limited.
  • Huntsman Advanced Material (Deutschland) Gmbh
  • Huntsman Advanced Material (Guangdong) Co., Limited
  • Huntsman Argentina SRL, Argentina
  • Huntsman Chemical Trading (Shanghai) Limited
  • Huntsman Colombia Limiteda, Colombia
  • Huntsman Corporation Australia Pty
  • Huntsman Holland BV
  • Huntsman International (Hong Kong) Limited
  • Huntsman International LLC
  • Huntsman International Mexico, Mexico
  • Huntsman International Polyurethanes USA
  • Huntsman Italy SRL
  • Huntsman Japan K K, Japan
  • Huntsman Polyurethanes Australia Pty. Limited
  • Huntsman Polyurethanes Shanghai Limited
  • Huntsman Polyurethanes (China) Limited
  • Huntsman Petro Chemical Corporation
  • Huntsman Quimica Brazil Limited., Brazil
  • Huntsman Surface Sciences UK Limited., UK
  • Huntsman Tekstil Urunleri Kimya, Turkey
  • Huntsman Textile Effects (Guangdong) Company Limited, China
  • Huntsman Textile Effects (Panama)
  • Huntsman Textile Effects (Qingdao) Company Limited., China
  • Huntsman Textile Effects France, France
  • Huntsman Textile Effects (Gautemala) S. De R.I.
  • Huntsman Textile Effects China Company Limited
  • Huntsman Tioxide (Europe) Limited
  • Jurong New Ningwu Chemical Company Limited
  • Petro Araldite Private Limited, India [U24110MH1996PTC104393]
  • Pt. Huntsman Indonesia , Indonesia
  • Tioxide (Malaysia) Sdn Bhd

 

 

CAPITAL STRUCTURE

 

AFTER 12.09.2014

 

Authorised Capital : Rs. 3321.105 Million

 

Issued, Subscribed & Paid-up Capital : Rs. 2748.580 Million

 

AS ON 12.09.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

304110523

Equity Shares

Rs.10/- each

Rs. 3041.105 Million

28000000

Preference Shares

Rs.10/- each

Rs. 280.000 Million

 

 

 

 

 

Total

 

Rs. 3321.105 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

243315978

Equity Shares

Rs.10/- each

Rs. 2433.160 Million

 

 

 

 

 

AS ON 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

304110523

Equity Shares

Rs.10/- each

Rs. 3041.105 Million

28000000

Preference Shares

Rs.10/- each

Rs. 280.000 Million

 

 

 

 

 

Total

 

Rs. 3321.105 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

221365978

Equity Shares

Rs.10/- each

Rs. 2213.660 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

2213.660

868.543

868.540

(b) Reserves & Surplus

2235.590

2927.350

2864.340

(c) Money received against share warrants

0.000

0.000

0.000

 

 

 

 

(2) Share Application money pending allotment

1229.200

0.000

0.000

Total Shareholders’ Funds (1) + (2)

5678.450

3795.893

3732.880

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

1470.000

1470.000

1470.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

0.000

0.000

44.100

(d) long-term provisions

66.160

46.400

43.180

Total Non-current Liabilities (3)

1536.160

1516.400

1557.280

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

878.570

410.270

368.180

(b) Trade payables

5552.650

3490.660

2810.710

(c) Other current liabilities

452.970

256.047

188.410

(d) Short-term provisions

23.020

8.620

14.760

Total Current Liabilities (4)

6907.210

4165.597

3382.060

 

 

 

 

TOTAL

14121.820

9477.890

8672.220

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

2408.760

607.130

349.220

(ii) Intangible Assets

108.020

0.260

0.630

(iii) Capital work-in-progress

925.210

142.890

357.430

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

6.750

1149.500

1149.500

(c) Deferred tax assets (net)

0.000

100.670

97.650

(d)  Long-term Loan and Advances

805.010

444.080

460.100

(e) Other Non-current assets

0.000

0.000

0.000

Total Non-Current Assets

4253.750

2444.530

2414.530

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

3184.730

1987.770

1821.330

(c) Trade receivables

4592.480

2533.600

2317.900

(d) Cash and cash equivalents

236.100

105.510

147.760

(e) Short-term loans and advances

1851.960

2248.330

1872.670

(f) Other current assets

2.800

158.150

98.030

Total Current Assets

9868.070

7033.360

6257.690

 

 

 

 

TOTAL

14121.820

9477.890

8672.220

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

23377.260

6057.220

14754.370

 

Other Income

 

 

 

 

TOTAL

23377.260

6057.220

14754.370

 

 

 

 

 

Less

EXPENSES

23979.360

5986.670

14820.310

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(602.100)

70.550

(65.940)

 

 

 

 

 

Less

TAX

0.000

7.140

(34.380)

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX

(602.100)

63.410

(31.560)

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

(2.72)

NA

NA

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

31.03.2012

Current Maturities of Long term debt

NA

NA

NA

Cash generated from operations

NA

NA

NA

Net cash flows from (used in) operations

(772.300)

240.450

NA

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Return on Total Assets

(PBT/Total Assets}

(%)

(4.56)

0.87

(0.93)

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

(0.11)

0.02

(0.02)

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

0.41

0.50

0.49

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.43

1.69

1.85

 

 

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

868.540

868.543

2213.660

Reserves & Surplus

2864.340

2927.350

2235.590

Money received against share warrants

0.000

0.000

0.000

 Share Application money pending allotment

0.000

0.000

1229.200

Net worth

3732.880

3795.893

5678.450

 

 

 

 

long-term borrowings

1470.000

1470.000

1470.000

Short term borrowings

368.180

410.270

878.570

Total borrowings

1838.180

1880.270

2348.570

Debt/Equity ratio

0.492

0.495

0.414

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

14754.370

6057.220

23377.260

 

 

(58.946)

285.940

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Total Income

14754.370

6057.220

23377.260

Profit

(31.560)

63.410

(602.100)

 

(0.21%)

1.05%

(2.58%)

 

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

No

8

Designation of contact person

No

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

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

LITIGATION DETAILS

CASE DETAILS

BENCH:-BOMBAY

 

Presentation Date:-

28/03/2014

Lodging No.:-

CCL/282/2014

Filing Date:-

28/03/2014

Reg. No.:-

CC/6/2014

Reg. Date:-

11/04/2014

 

 

Petitioner:-

M/S. KAKARAM BABU RAM AGGARWAL AND 2 ORS.

 

Respondent:-M/S. HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

 

 

Petn.Adv.:-

S K JAIN AND ASSOCIATES (415)

 

District:-

OUTSIDE MAHARASHTRA

 

 

Bench:-

SINGLE

Status:-

Pre-Admission

Category:-

COUNTER CLAIM

 

 

Act :-

Code of Civil Procedure 1908

 

NOTE: Registered office of the company has been shifted from E - Wing, Tex Centre, Saki Village, Chandivali Farm Road, Andheri - East, Mumbai -400072, Maharashtra, India to the present address w.e.f. 10.12.2013

 

AMALGAMATION:

 

That Baroda Textile Effects Private Limited, Huntsman Performance Products (India) Private Limited and Huntsman Advanced Materials (India) Private Limited (each being a Transferor Company and together the Transferor Companies), the Group Companies of Huntsman have been amalgamated with Huntsman International (India) Private Limited pursuant to orders of the Bombay High Court and the Gujarat High Court dated 13th September 2013 and 12th November 2013 respectively. All the Transferor Companies stand amalgamated with and into Huntsman International (India) Private Limited with effect from 04th April, 2014 and the Transferor Companies have been dissolved

 

CORPORATE INFORMATION:

 

Subject operates through two divisions namely Polyurathanes (PU) and Textile Effects (TE). PU division is engaged in manufacture of blended polyol and is also engaged in trading of isocyanate sourced from group companies.

 

TE Division operations primarily involve purchase of dyes and chemicals mainly from group companies and to a limited extent of processing of chemicals purchased and sold to customer.

 

In terms of scheme of amalgamation sanctioned by the Hon’ble High Courts of Mumbai and Gujarat, Baroda Textile Effects Private Limited (BTE), Huntsman Performance Products (India) Private Limited (HPPIPL), the erstwhile subsidiaries of the Company and Huntsman Advanced Materials (India) Private Limited (HAM), a group company, has been amalgamated with the Company with effect from the appointed date viz. June 30, 2012.

 

The erstwhile BTE was engaged in manufacturing of synthetic organic dyes and dye intermediate. The erstwhile HPPIPL was engaged in the business of manufacture and trading of specialty chemicals mainly in petrochemicals, ethylene oxide based derivatives and surfactants. The erstwhile HAM 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. All these respective businesses form part of the Company with effect from June 30, 2012 as a result of the aforesaid scheme of amalgamation.

 

UNSECURED LOAN

 

(Rs. In Million)

Particulars

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWING

 

 

Partly convertible debentures intercorporate

1470.000

1470.000

SHORT TERM BORROWING

 

 

Working capital loans from banks

384.190

0.000

Intercorporate borrowings

0.000

200.000

Total

1854.190

1670.000

 

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 TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHA
RASHTRA - 400005, INDIA

B68707850

 

* Date of charge modification

 

FIXED ASSETS

 

Tangible assets

 

 

Intangible assets

 

 

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.66.14

UK Pound

1

Rs.100.55

Euro

1

Rs.71.26

 

 

INFORMATION DETAILS

 

Information Gathered by :

DIP

 

 

Analysis Done by :

KIN

 

 

Report Prepared by :

KVT

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

7

FINANCIAL CONDITION

 

0

--BUSINESS SCALE

1~10

7

--PROFITABILITY

1~10

5

--LIQUIDITY

1~10

7

--LEVERAGE

1~10

7

--RESERVES

1~10

7

--CREDIT LINES

1~10

7

--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

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

60

 

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.