MIRA
INFORM REPORT
|
Report Date : |
01.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
BASF INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
Lal Bahadur Shastri Marg, Bhandup (West), Mumbai - 400078,
Maharashtra, India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.05.1996 |
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Com. Reg. No.: |
11-99448 |
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CIN No.: [Company
Identification No.] |
U74999MH1996PTC099448 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB07460F |
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Legal Form : |
Private
limited liability company. |
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Line of Business : |
Manufacturing
of printing ink and automotive coatings including high-tech chemicals and
dyes. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
125000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having satisfactory track. Trade relations are
fair. Profit margin is under severe pressure. Payments are usually correct
and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
Lal Bahadur Shastri Marg, Bhandup (West), Mumbai - 400 078,
Maharashtra, India |
|
Tel. No.: |
91-22-25641471 |
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Fax No.: |
91-22-25644351 |
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E-Mail : |
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Website : |
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Locations : |
Owned |
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Factory
1 : |
Automotive
Coating
147,
Mumbai Pune Road, Pimpri, Pune - 411 018, Maharashtra Tel.
91-20-27469681 Fax.
91-20-27464083 Printing
Ink
Bhandup,
Mumbai, Maharashtra Tel.
91-22-25641471 / 72/74 Fax.
91-22-25644351 |
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Locations : |
Owned |
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|
|
|
Corporate Office : |
Rhone-Poulenc
House, S. K. Ahire Marg, Mumbai - 400 025 |
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Tel No. : |
91-22-24618000 |
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Fax No. : |
91-22-24950512 |
DIRECTORS
|
Name : |
Mr.
Umesh D Pandit |
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Designation : |
Director
|
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Address : |
Flat
No. 501, Springleaf Seven Bunglows, Andheri [West], Mumbai – 4000061,
Maharashtra, India |
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Date of Birth/Age : |
07.01.1954 |
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Date of Appointment : |
09.02.2005 |
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|
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Name : |
Johan
Marcus Mikael Aspelin |
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Designation : |
Director
|
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Address : |
Kavallvagen
7, FIN – 02700 Grankulla, Finland |
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Date of Birth/Age : |
21.10.1954 |
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Date of Appointment : |
09.02.2005 |
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|
|
|
Name : |
Hendrik
Albert Draaijer |
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Designation : |
Director
|
|
Address : |
Akzo
Nobel Inks, BV Antwerpenweg 4, P O Box, 253, 7400 AG Deventer, the
Netherlands |
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Date of Birth/Age : |
29.03.1963 |
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Date of Appointment : |
09.02.2005 |
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|
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Name : |
Mr.
Prasad S. Chandran |
|
Designation : |
Chairman cum Managing Director |
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Address : |
16-B, Darbhanga Mansion, Carmichael Road,
Mumbai – 400 026, Maharashtra |
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Date of Birth/Age : |
20.04.1952 |
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Date of Appointment : |
01.07.1998 |
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Ceasing
Date : |
31.10.2003 |
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|
Name : |
Mr.
Kurt Harald Lauke |
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Designation : |
Director (Foreign) |
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Address : |
40-A, Jalan Jambu Ayer Singapore – 588825 |
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Date of Birth/Age : |
13.12.1958 |
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Date of Appointment : |
01.10.2002 |
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Name
: |
Mr.
Ramnik R. Behl |
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Designation
: |
Director |
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Address
: |
A-2/302, Ganga Satellite, Wanowri, Pune –
411 040, Maharashtra |
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Date
of Birth/Age : |
31.03.1941 |
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Date
of Appointment : |
02.07.2001 |
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|
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Name
: |
Mr.
Hintoso Hintoso |
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Designation
: |
Director (Japanese) |
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Address
: |
Room
EF, 8th Floor, No. 9, Lane 1720 Hangaiad Road, Shanghai, China |
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Date
of Birth/Age : |
11.07.1964 |
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Date
of Appointment : |
01.01.2003 (Appointed as director in the caused by
the resignation of Dr. George
Zuissler w.e.f. 01.01.2003) |
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|
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Name
: |
Krishnappa
Shamanna Thyagarajan |
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Designation
: |
Director
|
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Address
: |
Flat
No 603 / 4, Indradarshan Building -
16, Newelink Road, Lokhadwala, Mumbai – 400053, Maharashtra |
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Date
of Birth/Age : |
20.05.1956 |
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Date
of Casing : |
09.02.2005 |
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Date
of Appointment : |
15.05.2004 |
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Name
: |
Mr.
Shreyas P. Tridevi |
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Designation
: |
Company Secretary |
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Address
: |
2, Lal – Lal Chsl, Datta Mandir Road,
Dahanukar Wadi, Kandivali (West), Mumbai – 400 067, Maharashtra |
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Date
of Birth/Age : |
04.01.1973 |
|
Date
of Appointment : |
26.04.2002 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
|
No. of Shares |
|
Aster
Betaligungs Gmbh |
|
9399999 |
|
Ani
International BV |
|
1 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
of printing ink and automotive coatings including high-tech chemicals and
dyes. |
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|
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|
Products : |
·
Paints,
except items reserved for the small scale sector ·
Printing
Inks – [ITC Code] - 32159009 |
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Exports to : |
Gulf
and SAARC Countries |
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Imports from : |
Germany
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Terms : |
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Selling : |
L/C
(90 days) terms |
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Purchasing : |
L/C
(90 -180 days) terms |
PRODUCTION
STATUS
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Paints |
Qty |
-- |
1752 |
577.7 |
|
Paints
Trading |
Qty |
-- |
-- |
61.3 |
GENERAL
INFORMATION
|
Suppliers : |
˜
Gem
Synthetics & Polymers Private Limited ˜
Setco
Chemicals India Private Limited ˜
Rana
Cans Private Limited ˜
Mehta
Petro Refineries Limited ˜
Yes
Plastics Private Limited ˜
Western
Steel Drugs Private Limited ˜
Ohm
Polytech Private Limited ˜
Marigold
Paints Private Limited ˜
Prithvi
Containers Private Limiteds ˜
BASF
India Limited, Mumbai ˜
BASF
AG, Germany |
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Customers : |
Automobile
Manufacturers, Paint Users And Printers And Publishers ˜
BASF
(China) Company Limited ˜
P.
T. BASF Indonesia ˜
BASF
Pakistan (Private) Limited ˜
BASF
Mexicana S. A. de C V ˜
BASF
AG ˜
BASF
Styrenics Private Limited ˜
BASF
Petronas Chemicals SND BHD ˜
Maruti
Udhyog Limited, Haryana ˜
Tata
Engineering & Locomotive Company Limited, Pune, Maharashtra ˜
Ford
Motors Limited, Chennai, Tamilnadu |
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No. of Employees : |
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Bankers : |
Ř
The
Hongkong & Shanghai Banking Corporation Limited,52 / 60, M. G. Road,
Mumbai – 400001 Ř
Citibank
N. A., Mumbai Ř
Societe
Generate, Mumbai13th Floor, 4, Maker Chambers, P O Box 40000021,
Mumbai Ř
Deutsche
Bank, Mumbai |
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Facilities : |
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Auditors : |
Deloitte
Haskins & Sells Chartered
Accountants 12,
Dr. Annie Besant Road, Opp. Shiv Sagar Estate, Warli, Mumbai – 400018, India |
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Tel. No.: |
91-22-56679000 |
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Fax No.: |
91-22-56679025 |
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|
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|
Associates/Subsidiaries : |
˜
BASF
India Limited, Mumbai ˜
BASF
Coatings Limited ˜
BASF
Styrenies Private Limited ˜
BASF
South East Asia Pte Limited ˜
BASF
Bangladesh Limited ˜
XSYS
Print Solutions Deutschland GmbH [Formerly BASF Drucksysteme GMBH] ˜
XSYS
Print Solutions [Formerly BASF Printing Systems Limited] ˜
Aster
Print Pigments China Company Limited [Formerly BASF Vernici e Inchistri Spa] ˜
ANI
International BV, Netherlands |
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|
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|
Parent Company : |
˜
BASF
AG, Germany ˜
Aster
Zweute Beteiligungs Gmbh |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
18000000 |
Equity
Shares |
Rs.10/- each |
Rs. 180.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
9400000 |
Equity
Shares |
Rs.10/- each |
Rs. 94.000 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
94.000 |
61.000 |
61.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
[59.846] |
[22.687] |
[1.530] |
|
|
NETWORTH |
34.154 |
38.313 |
59.470 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
10.385 |
0.000 |
|
|
2] Unsecured Loans |
70.000 |
95.000 |
90.000 |
|
|
TOTAL BORROWING |
70.000 |
105.385 |
90.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
104.154 |
143.698 |
149.470 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
58.654 |
62.501 |
66.011 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
16.616
|
28.959 |
21.215 |
|
|
Sundry Debtors |
34.875
|
54.732 |
57.586 |
|
|
Cash & Bank Balances |
6.584
|
4.649 |
18.178 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
6.533
|
17.446 |
15.234 |
|
Total Current Assets |
64.608
|
105.786 |
112.213 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
17.207
|
22.891 |
28.754 |
|
|
Provisions |
1.901
|
1.698 |
|
|
Total Current Liabilities |
19.108
|
24.589 |
28.754 |
|
|
Net Current Assets |
45.500
|
81.197 |
83.459 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
104.154 |
143.698 |
149.470 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover [including other income] |
90.408 |
111.565 |
488.249 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
[37.159] |
[21.157] |
10.022 |
|
Provision
for Taxation |
-- |
-- |
0.710 |
|
Profit/(Loss)
After Tax |
[37.159] |
[21.157] |
9.312 |
|
|
|
|
|
|
Export
Value |
17.225 |
30.900 |
33.522 |
|
|
|
|
|
|
Import
Value |
12.654 |
20.522 |
112.450 |
|
|
|
|
|
|
Total
Expenditure |
119.576 |
137.868 |
531.271 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
PAT / Total Income |
(%) |
[41.10]
|
[18.96] |
1.91 |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
[41.10]
|
[18.96] |
2.05 |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
[30.15]
|
[12.57] |
5.62 |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
[1.09]
|
[0.55] |
0.17 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
2.61
|
3.39 |
2.00 |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
3.38
|
4.30 |
3.90 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
˜
Goodwill
˜
Plant
& machinery
˜
Furniture
˜
Fixtures
& equipments
˜
Vehicles
History
The
company was incorporated on 10th May 1996 at Mumbai in Maharashtra
as a private limited liability company having Company Registration Number
99448.
It was
converted into a deemed public limited liability company with effect from 3rd
April 1998.
The
company took over paint division of Dr. Beck & Company Limited, Pune. The company commenced manufacturing of
automotive paints from January 1998.
The
paint division was taken in consideration of Rs. 144 millions from Dr. Beck
& Company Limited.
In terms
of the Agreement dated 4th December, 1997, the company had taken
over the Automotive Coatings business of Dr. Beck + Company (India) Limited
(BEIN) as a going concern w.e.f. 1st January, 1998. Pending completion of the transfer, BEIN
carried on the Automotive Coatings business for and on behalf of the company
for the period 1st January, 1998 to 24th March, 1998. The
company took over the Automotive Coatings business on 25th March,
1998.
Subject
has collaboration with BASF AG, Germany.
Activities
The
Printing Ink business of the company recorded sales of TRs 90408 and incurred
loss of TRs 37159 during the year under report. The operating margins were
affected on account of increase in the prices of petroleum based solvents and
oils added with steep increase in the prices of imported resins, rutile which
account for major portion of raw materials used in Packaging and Printing Media
products. High finished goods costs and other costs, low volume of business and
lower capacity utilization accounted for the loss during the year ended
31.3.2005. the demand for high end products remained static during their under
report. Export sales during the year amounted to TRs 13791.
The
company achieved break through in Publication Houses and secured orders form
Hindustan Times for Coldset Inks during the year under report. Prospects for
the current year in encouraging.
The
company initiated measures for introduction of high tech research based
proprietary pesticide products in the future.
Change
in the Management
On and
with effect from February 9, 2005 being the date of execution of the Share sale
and Transfer agreement between BASF AG, BASF Handels and Export GmbH, Aster
Zweite Betelligungss Gmbh and 9399999 equity shares of Rs. 10/- each held by
BASF AG and 1 equity shares of 10/- each held by BASF Handels and Export GmbH
have been sold and transferred in favour of Aster Zweite Betelligungss GmbH,
Germany and ANI international B. V., Netherlands respectively. The Boards has
been reconstituted from the same dated.
|
Name of the company |
BASF INDUSTRIES
LIMITED |
||||||||||
|
Presented By |
The Hongkong & Shanghai Banking
Corporation Limited, 52 / 60, M. G. Road, Mumbai – 400001 |
||||||||||
|
1) Date and description of instrument creating the change |
Joint deed of hypothecation of stock and book debts dated 02.07.1999 between BASF Industries Limited and The Hongkong & Shanghai Banking Corporation Limited, 52 / 60, M. G. Road, Mumbai – 400001 and Citi Bank, Societe General and Deutsche Bank |
||||||||||
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 114.500 millions
|
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|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
The whole of the Borrower present and future stocks of raw materials, finished goods, stock in process, stores and spares which now belong to or may hereafter from time to time during the continuance of this security belong to borrower and which are or shall or may be brought the borrowers factory, godown and other premises or wherever else the same may be situated stored or lying or being including any such raw materials articles and good, stores spares and components or other similar movable property in course of transit or delivery to the Borrower and all of the borrower present and future book dents, outstanding money, receivables, claims, bills contracts, rights assets etc to or immovable properties and movable assets and which are now due owing or payable or belonging to the borrower or which may at any time hereafter during the continuance of this security become due owing payable or belonging to the borrower in the course of its business and all of which are hereinafter for brevity sake referred to as the said debts and assets. |
||||||||||
|
4) Gist of the terms and conditions and extent and operation of the charge. |
In consideration of overdrafts / working capital demand loan and or any other banking facilities sanctioned to sanctioned by the bank by way of first charge as a continuing security the to secure to the repayment of the advances together with interest cost and all other chares. Interest shall be payable by the company at the rate of Hongkong Bank prime lending rate currently 15.50 % p a and 14.50 % p. a. to Citi Bank 15.50 % p a to Deutsche Bank and 16.00 % p.a. to Societe Generale subject however that the Bank shall have the right to change the rate of interest after giving notice to the company. The company shall maintain such margin of security as may be specified by the bank from time to time. In case the company fails to fulfil its obligations under the agreement the bank shall be entitled to take possession of the hypothecated properties and sell them by public auction or private contract and utilise the proceeds in full or part settlement of its claims. |
||||||||||
|
5) Name and Address and description of the person entitled to the charge. |
˜
The
Hongkong & Shanghai Banking Corporation Limited,52 / 60, M. G. Road,
Mumbai – 400001 ˜
Citi
Bank ˜
Societe
General ˜
Deutsche
Bank |
||||||||||
|
6) Date and brief description of instrument modifying the charge |
NA |
||||||||||
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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.44.17 |
|
UK
Pound |
1 |
Rs.86.66 |
|
Euro |
1 |
Rs.57.25 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--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 |
|
TOTAL |
|
42 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|