MIRA INFORM REPORT

Report No. :	496945
Report Date :	15.03.2018

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) :	31.03.2016
Date of Incorporation :	27.02.2001
Com. Reg. No.:	11-131020
Capital Investment / Paid-up Capital :	INR 2748.580 Million
TIN No.:	24073404996
CIN No.: [Company Identification No.]	U24117MH2001PTC131020
IEC No.: [Import-Export Code No.]	0300073259
TAN No.: [Tax Deduction & Collection Account No.]	MUMH05154C
GSTN : [Goods & Service Tax Registration No.]	Not Divulged
PAN No.: [Permanent Account No.]	AAACH9149J
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in four business segments and is engaged in the business of manufacturing (through tolling and stock), importing, exporting, processing, marketing, distribution, wholesale, trading, retail, dealing in and/or selling of dyes and dyes stuffs, polyol blends, surfactants, isocynates, polyurethane resins, hardeners, industrial and consumers adhesives, release agents, fillers, ancillary electronic chemicals. (Registered activity) [Line of Business is updated as per latest annual report - 2016]
No. of Employees :	Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 230000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a wholly owned subsidiary of “Huntsman Investments Netherlands B.V., Netherlands and it a part of Huntsman Corporation of USA, which is a fortune 500 company stands at position 277. It operates in more than 100 manufacturing and R and D facilities in more than 30 countries. For the financial year 2016, the company has achieved revenue growth of 3.44% as compared to the previous year along with an average profit margin of 2.01%. The rating takes into consideration sound financial risk profile of the company marked by adequate networth base along with strong debt protection metrics due to debt free balance sheet profile. The ability of the company to improve operations year-on-year is the key rating sensitivities. Rating also takes into account the strong financial and managerial support that company receives from its holding entity backed by its well experienced management team. Business is active. Payment seems to be regular and as per commitments. In view of strong promoters, it can be considered for business dealings at usual trade terms and conditions. Note: As per Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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

Country Name	Previous Rating (30.09.2017)	Current Rating (31.12.2017)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Long Term Rating – withdrawn (A-)
Rating Explanation	Adequate degree of safety and low credit risk.
Date	February 2016

Rating Agency Name	ICRA
Rating	Short Terms Rating – Withdrawn (A2+)
Rating Explanation	Strong degree of safety and low credit risk.
Date	February 2016

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 14.03.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Sunil Kukreja
Designation :	Accountant
Contact No.:	91-9769370164
Date :	09.03.2018

MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-42875100 / 40506556)

LOCATIONS

Registered/ Corporate Office :	Light Hall B - Wing, Saki Vihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-42875100 / 40506556
Fax No.:	91-22-42875300/400
E-Mail :	pranali_n_dhumal@huntsman.com contact_india@huntsman.com kurt_girod@huntsman.com arun.kumar@huntsman.com
Website :	www.huntsman.com
Location :	Owned
Locality :	Commercial
Huntsman Polyurethanes Division Office:	The Correnthum, CS-2110, Plot No. A-41, Sectore-62, Nodia – 201307, Uttar Pradesh, India
Tel. No.:	91-120-4255100
Fax No.:	91-120-4255105
Head Office :	E Wing, Tax Center, Saki Village, Chadivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra, India
Corporate Office :	A-10/ A, Sector 24, FDDI Complex, Noida-201301, Gautam Buddha Nagar, Uttar Pradesh, India
Tel. No.:	91-120-4255100
Fax No.:	91-120-4255105 / 4255106
Polyurethanes Office :	Casa Modia, D28/7, TTC, MIDC Industrial Area, Turbhe, District Thane, Navi Mumbai – 400 705. Maharashtra, India
Tel. No.:	91-22-66678800 to 66678899
Fax No.:	91-22-66678804/ 8805
Huntsman Textile Effects :	S-113, 1^st Floor, Salcon Aurum Jasola, District Centre, Plot No.4, New Delhi – 110 025, India
Factory 1 :	Plot No.1/1, TTC Industrial Area, Thane Belapur Road, P.O. Box 12, Koparkhairane, Navi Mumbai – 400 709, Maharashtra, India
Tel. No.:	91-22-27780000/ 83
Fax No.:	91-22-27780084/ 5
Area :	5000 sq. ft.
Location :	Owned
Factory 2 :	Plot No. 321, GIDC, Panoli, Ankleshwar, Bharuch-394116, Gujarat, India
Tel No.:	91-2646-660742
Factory 3:	Village Umraya, Taluka Padra, District – Vadodara – 391440, Gujarat, India
Factory 4 :	Located At: Pune
Branch Offices:	Located at: · Mumbai · New Delhi · Faridabad · Bangalore · Chandigarh · Thane · Pondicherry
Global Headquarters :	Located at: UK Brazil Bulgaria China Colombia Hong Kong India Japan Malaysia Philippines USA

DIRECTORS

As on 31.03.2017

Name :

Ms. Vinita Sangappa Korti

Designation :

Director

Address :

• 201, Sovereign CHS Limited, A S Marg, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

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

Date of Birth/Age :

03.12.1982

Qualification :

Law Graduate

Date of Appointment :

23.09.2016

PAN No.:

APLPK1625B

DIN No.:

06519967

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24304MH2016FTC286182	HUNTSMAN SPECIALTY CHEMICALS PRIVATE LIMITED	23/09/2016	-

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

Qualification :

Post Graduate in Engineering and MBA

Date of Appointment :

12.09.2014

PAN No.:

AAYPN7177K

DIN No.:

06940169

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	12/09/2014	-

Name :

Mr. Samir Harilal Rawaln

Designation :

Director

Address :

D 103,Soni Paradise, Plot No. 380, Vazira Naka, 25th Road, Off L T Road, Borivali (West), Mumbai - 400092, Maharashtra, India

Date of Birth/Age :

29.11.1976

Qualification :

Engineer and MBA

Date of Appointment :

12.09.2014

PAN No.:

AFQPR1702R

DIN No.:

06942351

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24117MH2001PTC131020	HUNTSMAN INTERNATIONAL (INDIA) PRIVATE LIMITED	12/09/2014	-

Name :

Mr. Anuraag Harshad Kothari

Designation :

Director

Address :

703 Brookfield Lokhandwala Complex, Andheri (West), Mumbai- 400053 , Maharashtra, India

Date of Appointment :

02.08.2017

DIN No.:

00167963

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U24100GJ2007PTC051201	BARODA TEXTILE EFFECTS PRIVATE LIMITED	18/09/2013	-
U24132MH2000PTC126012	HUNTSMAN ADVANCED MATERIALS (INDIA) PRIVATE LIMITED	28/11/2013	-
U24304MH2016FTC286182	HUNTSMAN SPECIALTY CHEMICALS PRIVATE LIMITED	04/08/2017	-
U72400MH2008PLC188728	KGB INFORMATION SERVICES INDIA LIMITED	15/12/2008	-

Name :

Mr. Arun Kumar

Designation :

Director

PAN No.:

AAAPA4227F

Name :

Mr. Dheeraj Tolaram Talreja

Designation :

Director

Address :

152 Beach Road, Number 29-00, Gateway East Singapore 189721 SG

Date of Appointment :

02.08.2017

DIN No.:

07674485

Cessations:

The Managing Director, Mr. Stephen Stilliard, ceased due to resignation of Mr. Stephen Stilliard with effect from July 15, 2015.

KEY EXECUTIVES

Name :	Ms. Pranali Namdeo Dhumal
Designation :	Secretary
Address :	B/2, 601, Raunak Park CHS Limited, Kokani Pada Pokhran Road No.2, Thane – 400 602, Maharashtra, India
Date of Birth/Age :	29.08.1987
Date of Appointment :	08.07.2013
PAN No.:	AQJPD2700R
E-Mail :	pranali_n_dhumal@huntsman.com
Name :	Mr. Ajay Kanwar
Designation :	Commercial Director (SAME)
Date of Birth/Age :	04.11.1970
Qualification:	B. Sc. and B. Tech / BE
PAN No.:	ADYPK5321M
Experience:	22 Years
Name :	Ms. Rosy Ohri
Designation :	Company Secretary
Address :	Flat 604, Panch Leela, Chandivali, Powai, Mumbai - 400072, Maharashtra, India
Date of Appointment :	31.07.2017
PAN No.:	AAUPO2098L
Name :	Mr. Sunil Kukreja
Designation :	Accountant
Name :	Mr. Alok Biyani
Designation :	Performance Director, Global Marketing/ Planning and Finance Director, Asia-Pacific
Date of Birth/Age :	47 Years
Qualification:	B.Com, C.A.
Experience:	19 Years
Name :	Kurt Girod
Designation :	Director Projects
Date of Birth/Age :	67 Years
Qualification:	Master Degree - Textile Chemistry, Dyeing and Finishing, Diploma – Textile Laboratory
Experience:	42 Years
Name :	Mr. Umesh Sharma
Designation :	Director Planning
Date of Birth/Age :	50 Years
Qualification:	PGDM
Experience:	23 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 31.03.2017

Names of Shareholders	No. of Shares
Huntsman Investments (Netherlands) BV, Netherlands	174847653
Vantico International Sari, Luxembourg,	100000000
Huntsman Netherlands BV, Netherlands	10000
Sunil Kukreja	5
Huntsman Textile Effects (Belgium) BVBA	320
Total	274857978

Equity Share Break up (Percentage of Total Equity)

As on 02.08.2017

Category	Percentage
Promoter - Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in four business segments and is engaged in the business of manufacturing (through tolling and stock), importing, exporting, processing, marketing, distribution, wholesale, trading, retail, dealing in and/or selling of dyes and dyes stuffs, polyol blends, surfactants, isocynates, polyurethane resins, hardeners, industrial and consumers adhesives, release agents, fillers, ancillary electronic chemicals. (Registered activity)

[Line of Business is updated as per latest annual report - 2016]

Products :

Item Code No.	Product Description
99884210	Manufacturing of basic chemicals

• Isocyan Ate
• Chemicals

Brand Names :

Not Divulged

Agencies Held :

Not Divulged

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS NOT AVAILABLE

Note: Latest details are not available

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Not Available [We tried to confirm the number of employees but no one is ready to part any information from the company management]

Bankers :

(Banker details of the company is updated as per annual report 2016)

Bank Name	IDBI Bank Limited
Branch	IDBI Tower, WTC Complex, Cuffe Parade, Mumbai – 400 005, Maharashtra, India
Person Name (With Designation)	--
Contact Number	--
Name of Account Holder	--
Account Number	--
Account Since (Date/Year of Account Opening)	--
Average Balance Maintained (If Possible)	--
Credit Facilities Enjoyed (If any)	--
Account Operation	--
Remarks (If any)	--

Auditors :
Name :	Deloitte Haskins and Sells LLP Chartered Accountants
Address :	Tower 3, 27^th - 32^nd Floor, Indiabulls, Finance Center Elphiston Mill Compound Senapati Bapat Marg, Elphiston (West), Mumbai, Maharashtra, India
Tel. No.:	91-22-66679000
Fax No.:	91-22-66679025
PAN N Income-tax PAN of auditor or auditor's firm :	AACFD4815A
Memberships :	Not Available
Collaborators :	Not Available
Holding company :	Huntsman Investments (Netherlands) BV, Netherlands
Associate :	Swathi Organics and Specialities Private Limited, India U24294TN1994PTC027261 Petro Araldite Private Limited, India U24110MH1996PTC104393
Enterprises which are owned, or have significant influence of or are partners with Key management personnel and their relatives :	Huntsman Textile Effects (Landhi Karachi), Pakistan Huntsman (Asia Pacific) Pte Limited., Singapore Huntsman (Europe) BVBA., Belgium Huntsman (Germany) Gmbh, Germany Huntsman (Holdings) UK Unlimited., United Kingdom Huntsman (Singapore) Pte Limited, Singapore Huntsman (Singapore) Pte Limited - TE, Singapore Huntsman (Thailand) Limited., Thailand Huntsman Advanced Materials (Switzerland) Gmbh, Basle, Switzerland Huntsman Advanced Materials (Switzerland) GmbH - TE, Switzerland Huntsman Advanced Materials HK. Limited., Hong Kong, Hong Kong Huntsman Advanced Materials Kk, Japan, Japan Huntsman Advanced Materials (Europe) BVBA, Netherlands Huntsman Advanced Materials (Hong Kong) Limited., Hong Kong Huntsman Advanced Materials (U.A.E.) FZE Dubai, United Arab Emirates Huntsman Advanced Materials (Singapore) Pte Limited., Singapore Huntsman Advanced Materials Americas Inc, United States Huntsman Advanced Materials LLC USA, United States Huntsman Advanced Material (Australia) Pty Limited., Australia Huntsman Advanced Material (Deutschland) Gmbh, Germany Huntsman Advanced Material (Guangdong) Company, Limited, China Huntsman Argentina SRL, Argentina, Argentina Huntsman Chemical Trading (Shanghai) Limited., China Huntsman Colombia Ltda, Colombia, Colombia Huntsman Corporation Australia Pty Limited, Australia Huntsman Holland BV, Belgium Huntsman International (Hong Kong) Limited., Hong Kong Huntsman International LLC., United States Huntsman International Mexico, Mexico Huntsman International Polyurethanes USA, United States Huntsman (Italy) SRL, Italy Huntsman Japan K K, Japan Huntsman Polyurethanes Australia Pty. Limited., Australia Huntsman Polyurethanes Shanghai Limited, China Huntsman Petro Chemical Corporation, United States Huntsman Polyurethanes (China) Limited, China Huntsman Quimica Brazil Limited., Brazil Huntsman Surface Sciences UK Limited., United Kingdom Huntsman Tekstil Urunleri Kimya, Turkey Huntsman Textile Effects (Guangdong) Co, Limited, China Huntsman Textile Effects (Panama), Panama Huntsman Textile Effects (Qingdao) Company Limited., China, Huntsman Textile Effects France, France, France Huntsman Textile Effects (Gautemala) S. De R.I., Mexico Huntsman Textile Effects China Company Limited, China Huntsman Tioxide (Europe) Limited, Netherlands Huntsman Turkey EMA, Turkey Jurong New Ningwu Chemical Company. Limited, China Pt. Huntsman Indonesia, Indonesia Tioxide (Malaysia) Sdn Bhd, Malaysia Vantico International S.a.r.l, Luxembourg Huntsman Corp Australia (Surfactants), Australia Huntsman Propylene Oxide Limited, United States Huntsman Advanced Materials Guangzhou, Hong Kong Huntsman Textile Effects (Colombia), Colombia Huntsman International Istanbul, Turkey Huntsman International Langweid, Germany Huntsman Chemical Australia, Australia Huntsman Ileri Teknoloji Urunleri, Turkey
Others :	Huntsman Advanced Materials K.K., Japan

CAPITAL STRUCTURE

As on 30.09.2017

Authorised Capital:

No. of Shares	Type	Value	Amount
304110523	Equity Shares	INR 10/- each	INR 3041.105 Million
28000000	Preference Shares	INR 10/- each	INR 280.000 Million
	Total		INR 3321.105 Million

Issued, Subscribed and Paid-up Capital:

No. of Shares	Type	Value	Amount
274857978	Equity Shares	INR 10/- each	INR 2748.580 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET – (STANDALONE)

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2748.580	2748.580	2213.660
(b) Reserves & Surplus	5342.640	4843.790	2235.590
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	1229.200
Total Shareholders’ Funds (1) + (2)	8091.220	7592.370	5678.450
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	1470.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	134.110	109.790	46.440
Total Non-current Liabilities (3)	134.110	109.790	1516.440
(4) Current Liabilities
(a) Short term borrowings	0.000	395.330	878.570
(b) Trade payables	6323.360	6091.020	5552.650
(c) Other current liabilities	310.900	262.650	452.970
(d) Short-term provisions	137.320	13.530	42.740
Total Current Liabilities (4)	6771.580	6762.530	6926.930
TOTAL	14996.910	14464.690	14121.820
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3138.990	3092.960	2408.760
(ii) Intangible Assets	2.200	54.010	108.020
(iii) Capital work-in-progress	409.060	621.250	925.210
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	6.690	6.750	6.750
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1134.990	948.520	847.790
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4691.930	4723.490	4296.530
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3461.270	3598.270	3184.730
(c) Trade receivables	4700.130	4368.210	4592.480
(d) Cash and cash equivalents	354.610	50.090	236.100
(e) Short-term loans and advances	1783.070	1724.320	1809.180
(f) Other current assets	5.900	0.310	2.800
Total Current Assets	10304.980	9741.200	9825.290
TOTAL	14996.910	14464.690	14121.820

PROFIT & LOSS ACCOUNT – (STANDALONE)

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	24784.760	23959.110	23153.150
	Other Income	153.110	323.210	224.110
	TOTAL	24937.870	24282.320	23377.260
Less	EXPENSES
	Cost of Materials Consumed	9612.460	9681.890	9400.880
	Purchases of Stock-in-Trade	8230.170	9198.300	10060.810
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	71.830	(131.280)	(244.360)
	Employees benefits expense	1104.720	1055.420	848.140
	Other expenses	4575.230	3490.600	3368.830
	TOTAL	23594.410	23294.930	23434.300
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1343.460	987.390	(57.040)
Less	FINANCIAL EXPENSES	47.390	182.790	228.930
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1296.070	804.600	(285.970)
Less/ Add	DEPRECIATION/ AMORTISATION	673.060	607.020	316.130
	PROFIT/ (LOSS) BEFORE TAX	623.010	197.580	(602.100)
Less	TAX	124.150	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX	498.860	197.580	(602.100)
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	5272.260	4684.520	4315.630
	TOTAL EARNINGS	5272.260	4684.520	4315.630
	Earnings / (Loss) Per Share (INR)	1.181	0.81	(6.22)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	NA	NA	NA
Net cash flows from (used in) operations	1345.870	1266.730	(776.680)
Net cash flow from operating activity	1345.870	1266.730	(818.810)

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income * 365 Days)	69.22	66.55	72.40
Account Receivables Turnover (Income / Sundry Debtors)	5.27	5.48	5.04
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	129.35	117.75	104.14
Inventory Turnover (Operating Income / Inventories)	0.39	0.27	(0.02)
Asset Turnover (Operating Income / Net Fixed Assets)	0.38	0.26	(0.02)

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.45	0.47	0.59
Debt Equity Ratio (Total Liability / Networth)	0.00	0.05	0.41
Current Liabilities to Networth (Current Liabilities / Net Worth)	0.84	0.89	1.22
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.44	0.50	0.61
Interest Coverage Ratio (PBIT / Financial Charges)	28.35	5.40	(0.25)

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) * 100)	%	2.01	0.82	(2.60)
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.33	1.37	(4.26)
Return on Investment (ROI) ((PAT / Networth) * 100)	%	6.17	2.60	(10.60)

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	1.52	1.44	1.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.01	0.91	0.96
G-Score Ratio Financial (Networth / Total Assets)	0.54	0.52	0.40
G-Score Ratio Debt (Debts / Equity Capital)	0.00	0.14	1.06
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.52	1.44	1.42

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Share Capital	2213.660	2748.580	2748.580
Reserves & Surplus	2235.590	4843.790	5342.640
Share Application money pending allotment	1229.200	0.000	0.000
Net worth	5678.450	7592.370	8091.220
Long Term borrowings	1470.000	0.000	0.000
Short Term borrowings	878.570	395.330	0.000
Total borrowings	2348.570	395.330	0.000
Debt/Equity ratio	0.414	0.052	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	23153.150	23959.110	24784.760
		3.481	3.446

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	INR In Million	INR In Million	INR In Million
Sales	23153.150	23959.110	24784.760
Profit / (Loss)	(602.100)	197.580	498.860
	(2.60%)	0.82%	2.01%

ABRIDGED BALANCE SHEET – (CONSOLIDATED)

SOURCES OF FUNDS	31.03.2016
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2748.580
(b) Reserves & Surplus	5350.350
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	8098.930
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	0.000
(d) long-term provisions	134.110
Total Non-current Liabilities (3)	134.110
(4) Current Liabilities
(a) Short term borrowings	0.000
(b) Trade payables	6323.360
(c) Other current liabilities	310.900
(d) Short-term provisions	137.320
Total Current Liabilities (4)	6771.580
TOTAL	15004.620
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3138.990
(ii) Intangible Assets	2.200
(iii) Capital work-in-progress	409.060
(iv) Intangible assets under development	0.000
(b) Non-current Investments	14.400
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1134.990
(e) Other Non-current assets	0.000
Total Non-Current Assets	4699.640
(2) Current assets
(a) Current investments	0.000
(b) Inventories	3461.270
(c) Trade receivables	4700.130
(d) Cash and cash equivalents	354.610
(e) Short-term loans and advances	1783.070
(f) Other current assets	5.900
Total Current Assets	10304.980
TOTAL	15004.620

PROFIT & LOSS ACCOUNT – (CONSOLIDATED)

	PARTICULARS	31.03.2016
	SALES
	Income	24784.760
	Other Income	153.110
	TOTAL	24937.870
Less	EXPENSES
	Cost of Materials Consumed	9612.460
	Purchases of Stock-in-Trade	8230.170
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	71.830
	Employees benefits expense	1104.720
	Other expenses	4575.230
	TOTAL	23594.410
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	1343.460
Less	FINANCIAL EXPENSES	47.390
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	1296.070
Less/ Add	DEPRECIATION/ AMORTISATION	673.060
	PROFIT/ (LOSS) BEFORE TAX	623.010
Less	TAX	124.150
	PROFIT/ (LOSS) AFTER TAX	498.860
	Earnings / (Loss) Per Share (INR)	1.81

LEGAL CASES

METROPOLITAN MAGISTRATE, ANDHERI, MUMBAI

Case Details

Case Type:	SW
Filing Number:	6543//2017	Filing Date:	27.04.2017
Registration Number:	121/2017	Registration Number:	27.04.2017
CNR Number:	MHMM19- 004039- 2017

Case Status

First Hearing Date:	09th May 2017
Next Hearing Date:	16th May 2017
Stage of Case:	Uncontested--156-3 DISPOSAL
Court Number and Judge:	22-Addl. Chief Metropolitan Magistrate, 22nd Court

Petitioner and Advocate

1) SHREEPUSHKA CHEMICALS AND FERTILIZERS LIMITED

Respondent and Advocate

1. HUNTSMAN INTERNATIONAL INDIA PRIVATE LIMITED AND 12. ORS

Acts

Under Act(s)	Under Section(s)
I.P.C.	418,420,120b,34

History of Case Hearing

Registration Number	Judge	Business On Date	Hearing Date	Purpose of hearing
121/2017	Addl. Chief Metropolitan Magistrate, 22nd Court	09.05.2017	16.05.2017	NOT HEARD CASES
121/2017	Addl. Chief Metropolitan Magistrate, 22nd Court	16.05.2017		Disposed

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	Yes
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)	Yes
16	No. of employees	Yes
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

Note: The registered office of the company has been shifted from E-Wing, Tax Center, Saki Village, Chadivali Farm Road, Andheri (East), Mumbai – 400 072, Maharashtra to the present address w.e.f. 10.12.2013.

OPERATIONS:

The Company continues to be engaged in four business segments and is engaged in the business of manufacturing (through tolling and stock), importing, exporting, processing, marketing, distribution, wholesale, trading, retail, dealing in and/or selling of dyes anddyes stuffs, polyol blends, surfactants, isocynates, polyurethane resins, hardeners, industrial and consumers adhesives, release agents, fillers, ancillary electronic chemicals, other chemical products for related industries.

UNSECURED LOAN

Unsecured Loan	31.03.2016 (INR in Million)	31.03.2015 (INR in Million)
Short-term borrowings
Loans repayable on demand	0.000	195.330
Other loans and advances	0.000	200.000
Total	0.000	395.330

INDEX OF CHARGES:

SNo	SRN	Charge Id	Charge Holder Name	Date of Creation	Date of Modification	Date of Satisfaction	Amount	Address
1	C74099367	10165456	IDBI Bank Limited	10/06/2009	24/01/2013	22/12/2015	800000000.0	IDBI TOWERWTC COMPLEXCUFFE PARADEMUMBAIMH400005IN
2	C23425275	10167867	Axis Bank Limited	26/06/2009	25/06/2013	23/09/2014	568000000.0	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN
3	C23426893	10164228	Axis Bank Limited	19/06/2009	25/06/2013	23/09/2014	568000000.0	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN
4	C12035879	10162772	Axis Bank Limited	29/05/2009	-	03/07/2014	270000000.0	209, ATLANTA,GROUND FLOOR, NARIMAN POINTMUMB AIMH400021IN
5	C12036794	10281407	Axis Bank Limited	02/04/2011	03/01/2013	03/07/2014	550000000.0	TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLELAW GARDEN ELLISBRIDGEAHMEDABADGJ380006IN
6	B56489644	10164467	Export-Import Bank of India	27/06/2009	19/02/2010	31/07/2012	250000000.0	Centre One Building, Floor 21,World Trade Centre Complex, Cuffe ParadeMumbaiMH400005IN

FIXED ASSETS

Tangible Assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Motor vehicles
• Computer equipments
• Leasehold improvements

Intangible Assets

• Goodwill
• Computer software
• Licenses and franchise
• Licenses

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	INR
US Dollar	1	INR 65.01
UK Pound	1	INR 90.12
Euro	1	INR 80.09

INFORMATION DETAILS

Information Gathered by :	SLK
Analysis Done by :	PRY
Report Prepared by :	SUJ

SCORE FACTORS

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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.