MIRA INFORM REPORT
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Report
Date : |
06.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
BASF STYRENICS PRIVATE LIMITED |
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Registered
Office : |
RBC, 5th Floor, B Wing, Dr. G. M. Bhosale Marg,
Worli, Mumbai – 400018, Maharashtra |
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Country
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India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
18.07.1990 |
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Com.
Reg. No.: |
11-149830 |
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CIN
No.: [Company
Identification No.] |
U25202MH2004FTC149830 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMB07252A |
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Legal
Form : |
Private Limited Liability Company |
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Line
of Business : |
Manufacturers of Homopolymers and Copolymers from Styrene
and other Vinyl’s Monomers. |
RATING & COMMENTS
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MIRA’s
Rating : |
B |
RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable
factors carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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Maximum
Credit Limit : |
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Status
: |
Satisfactory |
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Payment
Behaviour : |
Usually
Correct |
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Litigation
: |
Clear |
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Comments
: |
Subject is a well-established and reputed company and a
part of BASF Group. Available information indicates satisfactory financial
responsibility of the company. Directors are reported as experienced and
respectable businessmen. Their trade relations are fair. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
RBC, 5th Floor, B Wing, Dr. G. M. Bhosale Marg,
Worli, Mumbai – 400018, Maharashtra, India |
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Tel.
No.: |
91-22-56618000
/ 56604877 |
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Fax
No.: |
91-22-24950512 |
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E-Mail
: |
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Website
: |
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Corporate
Office : |
Rhone-Poulenc House, S. K. Ahire Marg, Mumbai - 400 022, Maharashtra |
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Factory
1 : |
Village
Dahej, Taluka Vaghra, District
Bharuch – 392 130, Gujarat |
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Tel
No. : |
91-2641-256021
/ 256022 |
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Branches
: |
7, Basant
Lok, Basant Villa, New Delhi |
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Tel.
No.: |
91-11-26147593/97 |
DIRECTORS
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Name : |
Mr. Prasad Chandran |
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Designation
: |
Director |
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Address
: |
16B, Darbanga Mansion,
Carmichael Road, Mumbai – 400006, Maharashtra, India |
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Date
of Birth/Age : |
20/04/1952 |
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Date of Appointment : |
08/11/2000 |
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Name : |
Mr. Baum Gartner Ehrenfreied |
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Designation
: |
Director |
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Address
: |
Garten Strasse, 32 B 67149, Mechenheim, Germany |
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Date
of Birth/Age : |
07/03/1952 |
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Date
of Appointment : |
24/09/2001 |
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Name : |
Mr. Chang Tae Hyung |
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Designation
: |
Director |
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Address
: |
156, Price Charles Cres, 10-16, Tower A, Tanglin View,
Singapore |
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Date
of Birth/Age : |
23.01.1952 |
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Date
of Appointment : |
10.10.2002 |
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Name : |
Mr. Bhattacharya K. Pranab |
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Designation
: |
Director |
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Address
: |
Bunglows, Bharat Tritha Co-operative Housing Society, S.
T. Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Date
of Birth/Age : |
26.01.1944 |
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Date
of Appointment : |
10.10.2002 |
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Name : |
Mr. Manish M. Shah |
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Designation
: |
Director |
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Address
: |
B 105, Highland Harmony, Mahavir Nagar, Kandivali
[West], Mumbai – 400050, Maharashtra, India |
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Date
of Birth/Age : |
08.05.1976 |
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Date
of Appointment : |
27.09.2004 |
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Name : |
Mr. Rajendra Vaidya |
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Designation
: |
Director |
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Address
: |
92, Primo Rose, Opposite Lok Hospital, Pokharan
Road, No. 2, Thane [West], Thane – 400610, Maharashtra, India |
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Date
of Birth/Age : |
25.08.1950 |
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Date
of Appointment : |
01.04.2006 |
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Other
Directorship : |
Chemicolour Industries Private Limited U24100MH1980PTC023209 |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No of Shares |
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BASF
Styrenics Holdings Company |
61544576 |
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BASF
Beteiligungsgesellshaft GmbH, Germany |
64 |
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Total |
61544640 |
BUSINESS DETAILS
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Line
of Business : |
Manufacturers of Homopolymers and Copolymers from Styrene
and other Vinyl’s Monomers. |
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Products
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Exports
to : |
Hong Kong, Egypt, Malaysia, Sri Lanka, South East Asia and
Neighboring countries. |
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Imports
from : |
Germany and U.S.A. |
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Terms
: |
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Purchasing : |
L/C |
GENERAL INFORMATION
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No. of
Employees : |
167 |
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Bankers
: |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Auditors
: |
Deloitte
Haskin and Sells Chartered
Accountants 12, Dr.
Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018,
Maharashtra, India BSR and
Company Chartered
Accountants KPMG House, Kamala Mills Compound, 448 Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
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Associates/Subsidiaries
: |
BASF
Group |
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Holding
Company : |
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CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
200,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 2000.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
61,544,640 |
Equity Shares |
Rs. 10/- each |
Rs. 615.446 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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1] Share
Capital |
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615.446 |
615.446 |
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2] Share
Application Money |
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0.000 |
0.000 |
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3]
Reserves & Surplus |
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35.327 |
33.888 |
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4]
(Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH
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|
650.773 |
649.334 |
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LOAN
FUNDS |
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1]
Secured Loans |
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0.000 |
0.000 |
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2]
Unsecured Loans |
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0.000 |
0.000 |
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TOTAL
BORROWING
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|
0.000 |
0.000 |
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DEFERRED
TAX LIABILITIES |
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303.742 |
750.369 |
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TOTAL
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954.515 |
1399.703 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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1141.741 |
1214.383 |
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Capital work-in-progress
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0.000 |
0.000 |
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INVESTMENT
|
|
0.116 |
0.068 |
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DEFERREX TAX ASSETS
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
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Inventories
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276.746 |
323.966 |
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Sundry Debtors
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470.956 |
533.287 |
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Cash & Bank Balances
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|
0.573 |
0.544 |
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Loans & Advances
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|
131.903 |
135.653 |
Total Current Assets
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880.178 |
993.450 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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1052.169 |
794.423 |
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Provisions
|
|
15.351 |
13.775 |
Total Current Liabilities
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1067.520 |
808.198 |
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Net
Current Assets
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[187.342] |
185.252 |
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MISCELLANEOUS EXPENSES
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0.000 |
0.000 |
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TOTAL
|
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954.515 |
1399.703 |
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KEY
RATIOS
|
PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
Debt Equity Ratio
(Total
Liability/Networth) |
|
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1.64 |
1.24 |
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Current Ratio
(Current
Asset/Current Liability) |
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0.82 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject was originally incorporated under the name and style
of "Pushpa Polymers Private Limited" on 18th July, 1990 at
Mumbai in Maharashtra having Company Registration Number 57310.
Subsequently the company changed its name to present w. e.
f. 13.11.2000.
The company changed its registered office from "Glory
House", Dalia Industrial Plot, Off. New link Road, Andheri (West), Mumbai
- 400 053, Maharashtra to Gujarat and a new Company Registration Number 23527,
of Gujarat R.O.C. was obtained.
The registered office has again been shifted to Mumbai in
2004 and a new Company Registration No. 11-149830 of Mumbai ROC was obtained.
The company’s operations were started in March, 1999. It was suspended upto March, 2000. Operations are running now.
BUSINESS
Subject is engaged in the business as manufacturers of
Homopolymers and Copolymers from Styrene and other Vinyl’s Monomers.
It is in
trade terms with:-
- BASF AG - Germany
The company
has technical collaboration with:-
- Toyo Engineering Corporation of
Japan
Caption
plot of land admeasuring 45.16 hectors of lease hold land allotted by GIDC for
the project at Village Dahej, in Bharuch District out of which 7.19 hectors is
still pending.
DAHEJ (Guest- House) 91-2642-246007
HOLDING COMPANY
BASF
Styrenics Holdings
(Formerly
known as Pushpa Holdings (Mauritus) Company, Mauritus)
FIXED ASSETS:
The company’s fixed assets of important value includes
leasehold land, buildings, plant and machinery, office equipments, computer
systems, furniture and fixtures, air conditioner and vehicles.
AS PER WEBSITE
BASF Styrenics Private Limited is a leading
polystyrene manufacturer in India. The company is headquartered in Mumbai and
has sales offices in Mumbai, Delhi, Ahmedabad and Bangalore with production
facilities in Dahej, State of Gujarat. The production site at Dahej is
strategically located between the western & northern market, which help to
serve their customers better.
Today BASF is the only global polystyrene manufacturer operating in India.
BASF
Styrenics Private Limited is a leading polystyrene manufacturer in India. In
November 2000, BASF gained management and operational control of Pushpa
Polymers Private Limited. The company was renamed as BASF Styrenics Private
Limited. Today BASF is the only global polystyrene manufacturer operating in
India.
BASF Styrenics Private Limited is headquartered
in Mumbai and has sales offices in Mumbai and Delhi with production facilities
in Dahej, state of Gujarat. With existing BASF polystyrene plants in Korea and
China, the Dahej operation is a cornerstone in the regional manufacturing
network in the Asia Pacific region. The Dahej operation caters to needs and
demands of the polystyrene customers in India and also exports to the entire
region.
The production facilities at Dahej are located
on the west coast of India and within close proximity to the Dahej port in
Gujarat. BASF Styrenics Private Limited is also strategically located in
between to major markets in India viz. North and Western Region as well as
between two major ports viz. Bombay and Kandla. It offers easy access to West
Asian markets for sourcing raw materials and the ASEAN and South East Asian
markets for shipping out finished goods.
Substantial changes have taken place in the
plastics industry in recent years, and BASF has been a significant contributor
to these. The driving force behind these changes is the desire for greater
efficiency for the customer. The increasing demands placed on technical
expertise and cost-efficiency form the basis for BASF's continuing progress
with further development in this sector. BASF is the second largest polystyrene
manufacturer in the world.
Under
the trade name, Polystyrol®, registered in India, BASF Styrenics Private
Limited manufactures general-purpose and high impact polystyrenes for injection
moulding, extrusion, thermoforming, blow moulding and injection blow moulding.
The product range of Polystyrol® has its various applications in the food
packaging, disposable and multi trip packaging, refrigeration, consumer
electronics, household appliances, furniture, office and information
technology, audio and video cassettes etc.
BASF Styrenics on behalf of BASF AG, also
markets styrene copolymers such as Luran®, Luran® S, Terluran® and Terlux® and;
styrene blends such as Luranyl® and Terblend® N.
BASF Styrenics has thus emerged as a key player
in the polystyrene market with product portfolio better suited to meet end user
requirements. BASF Styrenics has also become one of the major exporter of
polystyrene.
Overview
BASF currently stands at the crossroads of
enormous change, which is affecting the way that they do business as well as
the methods that they adopt to achieve their goals and vision.
The key drivers throughout this process are
their employees, developing their competencies and skill sets will place us at
the forefront of the chemical industry and enable us to retain their position
as the "Best Company to work for in the chemical and fertilizer
sector".
Their employees provide us with the winning edge
and enable us to chart path-breaking ventures in hitherto unexplored markets.
BASF's multi-cultural
and multi-disciplinary workforce is often provided with cross functional,
challenging and mission critical assignments. The feedback they have gained
from employees passing through these assignments has only reinforced their
belief that these experiments at cross functional assignments should be rolled
out throughout the organisation.
Leadership Training and Development
The BASF Asia Pacific Program for Leadership
Excellence (APPLE) is one of the premier Leadership Development courses in the
Chemical Industry. The program strives to develop management potential for key
positions in Asia Pacific and thereby to facilitate that the right person will
be at the right time in the right position.
The program attempts to ensure that succession
is "planned" and is in tandem with the requirements of the
organization.
Their APPLE candidates are today placed all
across the globe making a difference to BASF globally. BASF firmly believes
that these candidates will ensure that BASF remains a world class manufacturing
organization despite the odds and turbulence of world markets.
BASF South East Asia Training is held annually
at any of the South East Asian countries. This training program provides
advanced management development inputs to managers nominated by BASF group
companies all across South East Asia. These programs form the spring board for
managerial talent across the group, to blossom and be recognized. Fast track
candidates, nominated for these courses derive cosiderable learnings in terms
of both competency development and skill enhancement which become critical factors
for future success.
Inhouse Training at BASF
BASF is dedicated to
training and the professional development of its human resources. Apart from
the Leadership Development training BASF in India ensures that the training
needs of each employee is mapped and appropriate training courses are run
either with in house or professional trainers.
Career corner
They are looking for people with drive and
determination to make a difference. Their people profile is fairly
self-evident, to meet future challenges they need the brightest and the best
with dollops of enthusiasm and an unshakeable commitment to grasp the future.
CMT REPORT
[Corruption, Money laundering & Terrorism]
The Public Notice information has been collected from
various sources including but not limited to: The Courts, India Prisons
Service, Interpol, etc.
1] INFORMATION ON DESIGNATED PARTY
No
exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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. 45.41 |
|
UK Pound |
1 |
Rs. 80.24 |
|
Euro |
1 |
Rs. 54.19 |
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 |