MIRA INFORM
REPORT
|
Report
Date : |
17.03.2008 |
IDENTIFICATION DETAILS
|
Name : |
BASF INDIA LIMITED |
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|
|
|
Registered
Office : |
RBC, Mahindra Towers, 1st Floor, A Wing, Dr. G
M Bhosale Marg, Worli, Mumbai 400018, Maharashtra |
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Country: |
India |
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|
Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
13.05.1943 |
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Com.
Reg. No.: |
3972 |
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CIN
No.: [Company
Identification No.] |
L33112MH1943FLC003972 |
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TAN
No.: [Tax
Deduction & Collection Account No.] |
MUMB00133A |
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Legal
Form : |
Subject
is a Public Limited Liability Company with 50% of its equity capital being
held by the foreign collaborator BASF AG, 67056, Ludwigshafen, Germany. The company’s
shares are listed on the Stock Exchange. |
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|
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|
Line
of Business : |
Manufacturing and Marketing of Expandable Polystyrene
(Styropor), Carbendazim, Leather Auxiliaries (Organic Chemicals), Oil &
Well Chemicals, Leather Auxiliaries, Finishing Agents & Pigments, Leather
Chemicals & Auxiliaries including Metal Complex, Dyes & Acrylic
Polymers, Pesticides and Dyestuffs & Other Chemicals. |
RATING & COMMENTS
|
MIRA’s
Rating : |
Aa |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum
Credit Limit : |
USD
12136000 |
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Status
: |
Good |
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Payment
Behaviour : |
Regular |
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Litigation
: |
Clear |
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Comments
: |
Subject
is a part of multinational BASF Group. Available information indicates high
financial responsibility of the company. Financial position of the company is
good. Business is active. Payments are always correct and as per commitments. The
company can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered
Office : |
RBC, Mahindra Towers, 1st Floor, A Wing, Dr. G
M Bhosale Marg, Wor, Mumbai 400018, Maharashtra, India |
|
Tel.
No.: |
91-22-56618000 |
|
Fax
No.: |
91-22-24930653 |
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E-Mail
: |
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Website: |
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|
Works: |
v
Thane
Belapur Road, Turbhe, Navi Mumbai – 400705, Maharashtra, India Tel. No. 91-22-55917400 Fax. No. 91-22-55917230 v
Bala Thokur Village, Surathkal-Bajpe Road,
Mangalore Taluka, Dakshina Kannada District, Karnataka, India v
83/2,
Demni Village, Dena Bank Road, Dadra – 396 191, Union Territory of Dadra and Nagar
Haveli, India v
Village
Dahej, Taluk Vagra, Dist. Bharuch – 392130, Gujarat, India Tel. No. 91-2641-256021 Fax. No. 91-2641-256022 |
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Head
Office: |
v
RBC,
Mahindra Towers, ‘A’ Wing, 1st Floor, Dr. G. M. Bhosale Marg, Worli,
Mumbai – 400018, Maharashtra Tel. No. 91-22-56618000 Fax. No. 91-22-24950512 v
Thane
Belapur Road, Turbhe, Navi Mumbai – 400705, Maharashtra Tel. No. 91-22-55917400 Fax. No. 91-22-55917230 |
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Branches: |
Located
at v
Surathkal-Bajpe
Road, Bala – 574149, Via Katipalla, Mangalore, Karnataka Tel. No. 91-824-270670 Fax. No. 91-824-270025 v
Ashram
Road, Karaka Building, Navrangpura, Ahmedabad – 380009, Gujarat Tel. No. 91-79-26583074 Fax. No. 91-26581447 v
13/A,
Government Place East, Chennai – 600086, Tamilnadu Tel. No. 91-33-22201354 Fax. No. 91-33-22480854 v
46,
Cathedral Road, Chennai – 600086, Tamilnadu Tel. No. 91-44-28113561 Fax. No. 91-44-28115956 v
203,
Demni Village, Dena Bank Road, Dadra – 396191, Union Territory of Dadra and
Nagar Haveli Tel. No. 91-260-2668937 Fax. No. 91-260-2668652 v
502A,
5th Floor, 3-6-237-Lingapur La Building, Himayat Nagar, Hyderabad
– 500029, Andhra Pradesh Tel. No. 91-40-23226166 v
Plot
No. C-12, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar Pradesh Tel. No. 91-512-2461732 v
17-18,
Kailash Enclave, Lala Lajpat Rai Marg, New Delhi – 110048 Tel. No. 91-11-51596400 Fax. No. 91-11-51596496 v
Post
Box No. 7304, Lal Bahadur Shastri Marg, Bhandup (West), Mumbai – 400078,
Maharashtra Tel. No. 91-22-25461471 Fax. No. 91-22-25644351 v
147,
Mumbai – Pune Road, Pimpri, Pune – 411018, Maharashtra Tel. No. 91-20-27469681 Fax. No.
91-20-27464083 |
DIRECTORS
|
Name : |
Mr. Prasad Chandran |
|
Designation
: |
Chairman & Managing Director |
|
Qualification
: |
B.Sc.
(Hons.), Diploma in Industrial Chemistry, M.B.A. |
|
Experience
: |
29 Years |
|
Date
of Appointment : |
02/04/2000 |
|
Previous
Employment: |
Searle
India Limited – Executive Director (2 years) |
|
|
|
|
Name : |
Mr. R. E. Vaz |
|
Designation
: |
Chief
Executive – Performance Chemicals |
|
Date
of Appointment : |
1st
October, 1999 |
|
|
|
|
Name : |
Mr. S.
Kumarasamy |
|
Designation
: |
Chief
Executive – Crop Protection Chemicals |
|
Date
of Appointment : |
18th
January, 2002 |
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|
|
|
Name : |
Dr. Harald Lauke |
|
Designation
: |
Director |
|
Date
of Appointment : |
01/10/2002 |
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|
|
Name : |
Dr. E.
Baumgartner |
|
Designation
: |
Director |
|
Date
of Appointment : |
17th
April, 2002 |
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|
|
|
Name : |
Mr. Boon Yeow Yee |
|
Designation
: |
Director |
|
Date
of Appointment : |
21/04/2004 |
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|
|
|
Name : |
Mr. K. R.
Coorlawala |
|
Designation
: |
Director |
|
Date
of Appointment : |
10th
February. 1975 |
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|
|
|
Name : |
Mr.
Pradip P. Shah |
|
Designation
: |
Director |
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Date
of Appointment : |
31st
January, 2000 |
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|
|
|
Name : |
Mr. R. A.
Shah |
|
Designation
: |
Director |
|
Date
of Appointment : |
25th
April, 1968 |
|
|
|
|
Name : |
Mr. R. R.
Nair |
|
Designation
: |
Director |
|
Date
of Appointment : |
30th
March, 2001 |
|
|
|
|
Name : |
Mr. L. S. Naik |
|
Designation
: |
Chief Executive – Dispersions, Specialities,
Pigments & Printing Inks |
|
Date
of Appointment : |
1st October, 1999 |
|
|
|
|
Name : |
Dr. W. Burgert |
|
Designation
: |
Director |
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Date
of Appointment : |
1st October, 1999 |
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|
|
|
Name : |
Mr. E. Hilgemann |
|
Designation
: |
Director |
|
Date
of Appointment : |
28th July, 1998 |
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|
|
|
Name : |
Mr. S. Ramnath |
|
Designation
: |
Director |
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|
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|
Name : |
Mr. Tilman Krauch |
|
Designation
: |
Director |
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|
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|
Name : |
Mr. Rainer Diercks |
|
Designation
: |
Director |
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|
Name : |
Mr. Raman Ramachandran |
|
Designation
: |
Director |
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|
Name : |
Mr. Deepak Thuse |
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Designation
: |
Director |
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|
Name : |
Mr. S. Khanolkar |
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Designation
: |
Director |
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|
Name : |
Mr. Dr. G. Ramaseshan |
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Designation
: |
Director |
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|
Name : |
Mr. R. Y. Vaidya |
|
Designation
: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. R.
Iyer |
|
Designation
: |
Company
Secretary |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Foreign
Promoters |
14853020 |
52.69 |
|
Directors
and relatives of Directors |
450 |
0.00 |
|
NRIs,
OCBs and FIIs |
1126204 |
4.00 |
|
Financial
Institutions and Mutual Funds |
4016904 |
14.25 |
|
Nationalised
and Other Banks |
35186 |
0.12 |
|
Domestic
Corporate Bodies |
1005674 |
3.57 |
|
General
Public including shares in transit |
7152710 |
25.37 |
|
Total |
28190148 |
100.00 |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturing and Marketing of Expandable Polystyrene
(Styropor), Carbendazim, Leather Auxiliaries (Organic Chemicals), Oil &
Well Chemicals, Leather Auxiliaries, Finishing Agents & Pigments, Leather
Chemicals & Auxiliaries including Metal Complex, Dyes & Acrylic
Polymers, Pesticides and Dyestuffs & Other Chemicals. |
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Products
: |
|
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Expandable Polystyrene (Styropor) |
MT |
20000 |
13470 |
|
Leather Auxiliaries (Organic Chemicals) |
MT |
15000 |
11195 |
|
Oil & Well Chemicals |
MT |
3250 |
Nil |
|
Leather Auxiliaries, Finishing Agents &
Pigments |
MT |
7350 |
5795 |
|
Leather Chemicals & Auxiliaries including
Metal Complex Dyes & Acrylic Polymers |
MT |
22225 |
19732 |
|
Pesticides |
|
|
|
|
Basic Production |
MT |
1670 |
1132 |
|
Formulation |
MT |
-- |
1460 |
|
|
KL |
-- |
3837 |
GENERAL INFORMATION
|
No. of
Employees : |
990 |
|
|
|
|
Bankers
: |
Ø State Bank of India, Madame Cama
Road, Mumbai-400021, Maharashtra,
India Ø
Union
Bank of India Ø
Bank
of America N.A., Vereinigte Staaten Ø
Citibank
N.A. Ø
Deutsche
Bank Ø
Standard
Chartered Grindlays Bank Limited Ø
ABN
Amro Bank N.V. Ø
HDFC
Bank Limited Ø
Mitsui
Bank Limited, Fort, Mumbai-400001, Maharashtra, India |
|
|
|
|
Facilities : |
Bank Overdraft /Facilities of Rs. 90.5 millions |
|
|
|
|
Banking Relations : |
Good |
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|
|
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Auditors
: |
Deloitte Haskins & Sells Chartered
Accountants |
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|
|
|
Internal
Auditor: |
Mahajan And Aibara Chartered Accountants |
|
|
|
|
Associates: |
·
BASF
Agro B.V. ·
BASF
Kanoo Gulf Fze ·
Bassell
Polyolefin Company, NV ·
BASF
Petronas Chemicals SDN ·
BASF
Styrenics Private Limited ·
BASF
AG ·
BASF
Company Limited ·
BASF
Japan Limited ·
BASF Bangladesh Limited ·
P.
T. BASF Indonesia ·
BASF
Finlay Private Limited ·
Funfte
BASF Projektentwicklungsgesellschaft mbH ·
BASF
Corporation ·
M.
Dohmen Italia ·
BASF
Curtex S.A. ·
BASF
JCIC Neopentylglycol Company ·
BASCOM
AG ·
BASF
Industries Private Limited ·
BASF
Taiwan Limited ·
BASF
(Thai) Limited ·
BASF
Vita |
|
|
|
|
Subsidiaries: |
Ø
BASF
Curtex S. A. Ø
BASF
Finlay Private Limited Ø
BASF
Phillipines Inc. Ø
BASF
South East Asia Pte Limited Ø
BASF
Taiwan Limited Ø
BASF
Uruguay S. A. Ø
BASF
(Malaysia) SDN BHD Ø
PT
BASF Indonesia Ø
BASF
China Limited Ø
BASF
Colorants and Chemicals Company Limited Ø
BASF
Drucksysteme Schweiz GmbH Ø
Elastogran
GmbH Ø
Elenac
GmbH Ø
Kali
Und Salz Betelligungs AG Ø
BASFD
Industries Private Limited |
|
|
|
|
Membership: |
Confederation
of Indian Industry |
CAPITAL STRUCTURE
Authorised
Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs. 10/- Each |
Rs.
300.000 Millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of
Shares |
Type |
Value |
Amount |
|
28190000 |
Equity Shares |
Rs. 10/- Each |
Rs.
281.900 Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS
FUNDS |
|
|
|
|
|
1] Share
Capital |
281.900 |
281.900 |
281.900 |
|
|
2] Share
Application Money |
0.000 |
0.000 |
0.000 |
|
|
3]
Reserves & Surplus |
2752.100 |
2482.100 |
2253.000 |
|
|
4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3034.000 |
2764.000 |
2534.900 |
|
|
LOAN
FUNDS |
|
|
|
|
|
1]
Secured Loans |
0.000 |
0.000 |
90.500 |
|
|
2]
Unsecured Loans |
5.100 |
13.000 |
9.200 |
|
|
TOTAL BORROWING |
5.100 |
13.000 |
99.700 |
|
|
DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3039.100 |
2777.000 |
2634.600 |
|
|
|
|
|
|
|
|
APPLICATION
OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED
ASSETS [Net Block] |
995.000 |
639.000 |
769.700 |
|
|
Capital
work-in-progress |
49.900 |
65.900 |
13.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
119.000 |
29.500 |
0.000 |
|
|
DEFERREX
TAX ASSETS |
|
|
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1152.600
|
1105.800 |
1198.400 |
|
|
Sundry
Debtors |
1450.800
|
1521.400 |
1735.500 |
|
|
Cash
& Bank Balances |
24.400
|
9.200 |
18.500 |
|
|
Other
Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans
& Advances |
842.600
|
635.600 |
457.100 |
|
Total Current Assets |
3470.400
|
3272.000 |
3409.500 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current
Liabilities |
1299.400
|
947.100 |
1317.800 |
|
|
Provisions |
295.800
|
282.300 |
240.400 |
|
Total Current
Liabilities |
1595.200
|
1229.400 |
1558.200 |
|
|
Net Current Assets |
1875.200
|
2042.600 |
1851.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3039.100 |
2777.000 |
2634.600 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales
Turnover |
8749.600 |
7716.400 |
7401.800 |
|
|
Other Income |
12.200 |
(66.500) |
261.200 |
|
|
Total
Income |
8761.800 |
7649.900 |
7663.000 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
779.000 |
703.700 |
598.600 |
|
|
Provision for Taxation |
278.100 |
249.600 |
218.900 |
|
|
Profit/(Loss) After Tax |
500.900 |
454.100 |
379.700 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
296.600 |
226.900 |
216.800 |
|
|
Administrative Expenses |
594.400 |
628.900 |
564.400 |
|
|
Raw Material Consumed |
4740.800 |
4061.400 |
4325.000 |
|
|
Excise Duty |
1054.800 |
886.700 |
828.600 |
|
|
Employee cost |
653.000 |
550.400 |
501.700 |
|
|
Miscellaneous expenses |
297.500 |
158.800 |
152.600 |
|
|
Interest |
15.100 |
23.600 |
61.100 |
|
|
Power & Fuel |
221.900 |
189.000 |
170.100 |
|
|
Depreciation & Amortization |
108.700 |
220.500 |
244.100 |
|
Total
Expenditure |
7982.800 |
6946.200 |
7064.400 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales
Turnover |
2360.100 |
2551.200 |
2227.100 |
|
Other
Income |
8.400 |
13.700 |
13.800 |
|
Total
Income |
2368.500 |
2564.900 |
2240.900 |
|
Total
Expenditure |
2026.000 |
2158.300 |
2020.200 |
|
Operating
Profit |
342.500 |
406.600 |
220.700 |
|
Interest |
2.200 |
2.200 |
5.800 |
|
Gross
Profit |
340.300 |
404.400 |
214.900 |
|
Depreciation |
32.500 |
32.900 |
34.800 |
|
Tax |
109.100 |
130.600 |
70.100 |
|
Reported
PAT |
198.700 |
240.900 |
110.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT /
Total Income |
(%) |
5.71
|
5.93 |
4.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.90
|
9.11 |
8.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.44
|
17.99 |
14.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.25 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.52
|
0.44 |
0.65 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.17
|
2.66 |
2.18 |
LOCAL AGENCY FURTHER
INFORMATION
BIODATA
Subject was incorporated as R A Cole Private Limited in May'43
and its name was changed to Indoplast Ltd in Jan '63. It got its present name
in Sep.'67. It is managed by the chairman and managing director P M Thampi. BIL
has a technical collaboration with BASF AG, Germany, which also holds a 50%
stake in the company. BIL manufactures expandable polystyrene (styropar),
leather chemicals, tanning agents, pesticides and oil well chemicals. It has
manufacturing facilities at Thane and Bokaro. BIL's sugicides (Bavistin and
Calixin) are regularly exported to the parent company, Subject, Germany. In
addition, it manufactures herbicides (basalin) and insecticides (basathrin), as
well as auxiliaries for the paper industry, waterproofing agents for the
construction industry, and dyestuffs for the carpet/hosiery industries.
In Jan.'95, it came up with a rights issue at a premium of Rs 900.000 millions,
aggregating Rs 191.7 millions to set up a chemical complex at Mangalore to
manufacture leather chemicals and auxiliaries including metal complex dyes and
polymer dispersions, with technical knowhow from Subject, Germany. Commercial
production commenced in Mar.'96.
In 1996, it again raised Rs 575. millions by way of a rights issue in the ratio
2:5 at a price of Rs 125 per share to part finance the expansions and new
projects at its plants in Mangalore and Thane.
The Company's Mangalore factory has obtained ISO 9002 certification w.e.f5th
July 2000.
In a major move, the board of directors of BASF India has approved the scheme
of amalgamation of Cyanamid Agro (CAL) with the company effective from 1 Jan
2001. The share swap ratio has been determined by the board of directors at two
equity shares of BASF India (of Rs 10 each fully paid-up) for five equity
shares of CAL (of Rs 10 each fully paid-up).
FIXED
ASSETS
The
company’s fixed assets of important value include Freehold Land, Leasehold
Land, Buildings & Ownership Flats, Plant & Machinery, Furniture,
Fixtures & Equipments and Vehicles.
Formation of wholly owned subsidiary:
In line with the practice globally followed by Polyurethane
business and with a view to impart greater focus to the Polyurethane business
in India, the Board of Directors approved the formation of a wholly owned
subsidiary of your Company named as BASF Polyurethanes India Limited (BPIL).
BPIL was incorporated on 6th April 2005. BPIL will establish a system house,
within Turbhe works, to manufacture Polyurethane System (PU) products.
The existing businesses of the Company include the activity of indenting and
trading in PU products. After the requisite approvals are received, BPIL will
commence manufacture of PU products. The indenting and trading activity of the
Company relating to PU products will be suitably integrated in BPIL.
Further, in the event of synergies with existing operations of your Company not
materializing, BASF AG or its affiliates will have the discretion to acquire
the Company's holding in BPIL, in 2008. This will be done on the basis of a
fair valuation of shares of BPIL, carried out by an independent valuer. In any
event, the value of the said shares shall not be lower than the original
investment value, appearing in the books of the Company
Others:
The chemicals supplied by the BASF Group cater to the requirements of a wide
range of user industries including pharmaceuticals, agrochemicals,
petrochemicals, plastics, fertilizers, organic and inorganic chemicals,
coatings, leather and textile processings.
The amended patent law provides significant growth opportunities to Indian
industries specially in the areas of pharmaceuticals, life sciences and
agrochemicals. The Company also expects to derive benefits by supplying quality
products, utilizing its strong business relationships with the user
industries.
The reduction in import duties also contributed to the increase in the indent
business activities of the Company.
The Company is in the process of enhancing its business presence by engaging in
merchandising activities, to enlarge the range of services to its
customers.
The outlook for chemicals business is favourable.
Given the technological excellence of BASF products coupled with technical
service capabilities, the Company is well positioned to take advantage of
growth opportunities.
Technical Management:
The factories of the Company situated at Mangalore and Thane and the Corporate
office at Mumbai successfully underwent fully integrated ISO 9001:2000 (Quality
Management) and ISO 14001:1996 (Environmental Management) surveillance audit,
confirming the Company's commitment to quality and environmental management
standards.
Development Center:
Development Center is an objective medium of providing information about an
individual's skills over a range of managerial competencies. It is administered
by a team of specially trained observers and professionals. Through the
process, the Company gets to know the competencies demonstrated by the
individuals that would help in deepening and expanding the understanding of
their strengths and development needs
AS PER WEBSITE DETAILS:
PROFILE:
Subject is the flagship company of the BASF Group in India.
The company is listed on the National Stock Exchange and the Bombay Stock
Exchange.
Subject is headquartered in Mumbai, with manufacturing
facilities in Thane, Mangalore and Dadra.
Subject manufactures and markets expandable polystyrene, tanning agents,
leather chemicals and auxiliaries including specialised metal complexdyes,
leather dyes, textile chemicals, dispersions and speciality chemicals, acrylic
polymers in primary forms and crop protection chemicals.
Subject also involved in the trading of chemicals including dyestuffs and
related textile auxiliaries, and renders technical services to various
industries
NEWS RELEASE
BASF opens new plant for Eukesolar® dyes in India
·
Major
benefits for the Indian leather industry
·
A
broad variety of striking colors
Mangalore, India, December 5, 2007 – BASF today celebrated
the opening of its new plant in Mangalore, southern India, which will manufacture
Eukesolar® dyes for the leather tanning industry.
The facility will provide customers in the growing Asian
market as well as the tanning industry in other regions with a reliable supply
of high-quality chemicals.
“The establishment of the Eukesolar plant is part of BASF’s
strategy to continually strengthen its commitment to the Indian market, which
is one of our most important prospective markets,” said Thomas Sattler, who is
responsible for the global leather business at BASF.
Located in Mangalore, the new plant will leverage synergies
with the leather powder dyes production that has been taking place at Mangalore
for many years. Together with the new service centre in Thane, which was
inaugurated yesterday, the Eukesolar plant will provide the Indian leather
industry with major benefits, including a broad portfolio of technical support,
advisory services and short delivery times.
“This production facility in Mangalore will help us to
maintain our leading position as the complete solution provider in the South
Asian leather industry,” said Prasad Chandran, Chairman, BASF Group in India
and Head South Asia.
Eukesolar® E liquid spray dyes offer a broad variety of
striking colors. The extreme brightness and intensity of these colors make them
perfect for creating special fashionable effects on aniline, semi-aniline and
nubuck leathers. Eukesolar® E dyes afford excellent resistance to water-
spotting and, like many other BASF leather products, they are NMP-free.
BASF Performance Chemicals - always one idea ahead!
The product range of BASF's Performance Chemicals for
Leather business unit includes chemicals for all wet-end and finishing
processes in the leather and fur industries. With a worldwide manufacturing and
marketing organization, we are one of the leading suppliers in these fields.
BASF is the world’s leading chemical company: The
Chemical Company. Its portfolio ranges from chemicals, plastics, performance products,
agricultural products and fine chemicals to crude oil and natural gas. As a
reliable partner to virtually all industries, BASF’s high-value products and
intelligent system solutions help its customers to be more successful. BASF
develops new technologies and uses them to meet the challenges of the future
and open up additional market opportunities. It combines economic success with
environmental protection and social responsibility, thus contributing to a
better future. BASF has approximately 95,000 employees and posted sales of €52.6 billion
(approximately $66.1 billion) in 2006.
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.40.45 |
|
UK Pound |
1 |
Rs.82.25 |
|
Euro |
1 |
Rs.63.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP
CAPITAL |
1~10 |
9 |
|
OPERATING
SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS
SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT
LINES |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT
ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER
MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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
|
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 |