MIRA INFORM REPORT

 

 

Report No. :

346390

Report Date :

20.10.2015

 

IDENTIFICATION DETAILS

 

Name :

HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Lighthall, B-Wing, Saki Vihar Road, Andheri (East), Mumbai -  400072, Maharashtra

Tel. No.:

91-22-40506565/ 40506556

 

 

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.:

24073404996

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMH05154C

 

 

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

·         TE Division operations primarily involve purchase of dyes and chemicals

 

 

No. of Employees :

Information declined by the management.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (50)

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Huntsman Investments (Netherlands) B.V., Netherlands.

 

It is an established company incorporated in the year 2001 having a satisfactory track.

 

The company has incurred a loss during FY 2014. However networth position of the company is sound. General financial position of the company is good.

 

The rating also derives strength from holding company and its experienced management.

 

It is also to be noted that “HUNTSMAN” has been ranked 259 with fortune 500 companies.

 

Trade relations are reported as fair. Business is active. Payments are reported as usually correct and as per commitments.

 

The company can be considered normal for business dealings at 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 limits : “A-“

Rating Explanation

Adequate degree of safety. It carry low credit risk.

Date

January 2014

 

 

Rating Agency Name

ICRA

Rating

Short term limits : “A2+“

Rating Explanation

Strong degree of safety and carry 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 DENIED BY

 

Name :

Mr. Rahul Patankar

Designation :

HR

Contact No.:

91-9819292647

 

 

LOCATIONS

 

Registered Office / Factory:

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

Tel. No.:

91-22-40506565/ 40506556

Mobile No.:

91-9819292647  (Mr. Rahul Patankar)

Fax No.:

91-22-40506300

E-Mail :

arun.kumar@huntsman.com

peter_huntssman@huntsman.com

kurt_girod@huntsman.com 

pratik_shah@huntsman.com

suresh_bagul@huntsman.com

sunil_kukreja@huntsmen.com

Website :

http://www.huntsman.com

Location :

Owned

 

 

Warehouse :    

C3-2110, Plot No.A-41, Sector 62, Noida - 201307, Uttar Pradesh, India

 

 

DIRECTORS

 

As on 31.03.2015

 

Name :

Mr. Rohit Aggarwal

Designation :

Managing Director

Address :

C/O Aggarwal Industries, Hoshiarpur Road, Jalandhar - 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

11/02/2008

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 :

Ms. Vinita Sangappa Korti

Designation :

Director

Address :

701, C Wing, Palash Tower, Veera Desai Road, Near Country Club, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

03.12.1982

Date of Appointment :

10.07.2013

DIN No.:

06519967

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

10/07/2013

30/01/2013

-

ACTIVE

NO

 

 

Name :

Mr. Ajay Kanwar

Designation :

Director

Address :

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

Date of Appointment :

12.09.2014

DIN No.:

02169721

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

12/09/2014

28/05/2008

-

ACTIVE

NO

 

 

Name :

Mr. Harshad Naik

Designation :

Director

Address :

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

Date of Appointment :

11.08.2014

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

12/09/2014

11/08/2014

-

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 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

12/09/2014

11/08/2014

-

ACTIVE

NO

 

 

Name :

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 :

Ms. Pranali Namdeo Dhumal

Designation :

Secretary

Address :

B/2, 601, Raunak Park Co-Operative 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

 

 

Name :

Mr. Rahul Patankar

Designation :

HR

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on: 28.11.2013

 

Names of Shareholders

 

No. of Shares

Percentage of Holding

Huntsman Investments (Netherlands) B.V., Netherlands

86844274

99.99

Huntsman Netherlands B.V., Netherlands

10000

0.01

 

 

 

Total

86854274

100.00

 

 

 

 

AS ON 25.04.2014

 

Names of Allottee

 

 

No. of Shares

Huntsman Investments (Netherlands) B.V., Netherlands

 

21950000

Total

 

21950000

 

 

Equity Share Break up (Percentage of Total Equity)

 

As on: 28.11.2013

 

Category

 

Percentage

 

 

 

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

 

100.00

 

 

 

Total

 

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

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

TE Division operations primarily involve purchase of dyes and chemicals

 

 

Products :

Synthetic Organic Dyes and Dye Intermediates

 

Item Code No.

Product Description

39111090

Chemical

 

 

Brand Names :

Not Available

 

 

Agencies Held :

Not Available

 

 

Exports :

Not Available

 

 

Imports :

Not Available

 

 

Terms :

Not Available

 

PRODUCTION STATUS : NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

Customers :

Reference :

Not Available

Name of the Person :

Not Available

Contact No.:

Not Available

Since How Long Known :

Not Available

Maximum Limit Dealt :

Not Available

Experience :

Not Available

Remark:

Not Available

 

 

No. of Employees :

Information declined by the management.

 

 

Bankers :

IDBI Bank Limited, IDBI Tower WTC Complex, Mumbai - 400005, Maharashtra, India

 

 

Facilities :

(Rs. In Million)

Secured Loan

As on

31.03.2014

As on

31.03.2013

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

494.380

210.270

 

 

 

Total

494.380

210.270

 

Auditors :

 

Name :

Deloitte Haskins and Sells LLP

Chartered Accountants

Address :

Indiabulls Finance Centre, Tower 3, 27th -32nd Floor, Senapati Bapat Marg, Elphinstone Road (West), Mumbai, India

PAN No.:

AACFD4815A

 

 

Holding Company :
  • Huntsman Investments (Netherlands) B.V., Netherlands

 

 

Ultimate Holding Company :
  • Huntsman Corporation (US)

 

 

Subsidiary Company:
  • Baroda Textile Effects Private Limited
  • Huntsman Performance Products (India) Private Limited

 

 

Associates :
  • Swathi Organics and Specialities Private Limited

 

 

Other related parties :

  • 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) Company, Limited
  • Huntsman Argentina SRL,Argentina
  • Huntsman Chemical Trading (Shanghai) Limited
  • Huntsman Colombia Ltda, 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
  • Pt. Huntsman Indonesia, Indonesia
  • Tioxide (Malaysia) Sdn Bhd

 

 

CAPITAL STRUCTURE

 

AS ON 12.09.2014

 

Authorised Capital : Rs. 3321.105 Million

 

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

 

As on: 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

332110523

Equity Shares

Rs.10/- each

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

30.09.2012

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

2213.660

868.542

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

3795.892

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

256.048

188.410

(d) Short-term provisions

23.020

8.620

14.760

Total Current Liabilities (4)

6907.210

4165.598

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

30.09.2012

 

SALES

 

 

 

 

GROSS INCOME

23377.260

6057.220

14754.370

 

 

 

 

 

Less

GROSS EXPENSES

 

 

 

 

 

TOTAL                                    

23979.360

5986.670

14820.310

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX

(602.100)

70.550

(65.940)

 

 

 

 

 

Less

TAX                                                                 

0.000

7.540

(34.380)

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX

(602.100)

63.010

(31.560)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

1451.160

1388.150

1419.710

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

849.060

1451.160

1388.150

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

4315.630

418.160

1235.310

 

TOTAL EARNINGS

4315.630

418.160

1235.310

 

 

 

 

 

 

Earnings Per Share (Rs.)

6.93

0.73

(0.36)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2014

31.03.2013

30.09.2012

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

30.09.2012

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

30.09.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

868.540

868.542

2213.660

Reserves & Surplus

2864.340

2927.350

2235.590

Share Application money pending allotment

0.000

0.000

1229.200

Net worth

3732.880

3795.892

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

30.09.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Income

14754.370

6057.220

23377.260

 

 

(58.946)

285.940

 

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

30.09.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Gross Income

14754.370

6057.220

23377.260

Profit / Loss

(31.560)

63.010

(602.100)

 

(0.21%)

1.04%

(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

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

Yes

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

 

NOTE:

 

The 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.

 

 

UNSECURED LOAN:

(Rs. In Million)

PARTICULARS

As on

31.03.2014

As on

31.03.2013

LONG TERM BORROWINGS

 

 

Debentures

1470.000

1470.000

 

 

 

SHORT TERM BORROWINGS

 

 

Working capital loans from banks

384.190

0.000

Intercorporate borrowings

0.000

200.000

 

 

 

Total

1854.190

1670.000

 

 

BUSINESS REVIEW:

 

During the year, the company has registered a net loss of Rs. 602.10 Million as against previous year profit of Rs. 63.010 Million.

 

 

AMALGAMATION:

 

The members had 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. The entire 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:

 

The company 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.

 

 

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 - 400005, MAHARASHTRA, INDIA

B68707850

 

* Date of charge modification

 

 

FIXED ASSETS:

 

Tangible Assets

 

·         Land

·         Buildings 

·         Plant and Machinery

·         Furniture and Fixtures

·         Vehicles

·         Office Equipment

·         Computer Equipment

·         Lease Hold Building

 

 

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 records 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 records 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. 64.88

UK Pound

1

Rs. 99.89

Euro

1

Rs. 72.06

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SYL

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

6

PAID-UP CAPITAL

1~10

6

OPERATING SCALE

1~10

6

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

6

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

6

--LEVERAGE

1~10

5

--RESERVES

1~10

6

--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

 

50

 

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.