MIRA
INFORM REPORT
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Report Date : |
12.09.2008 |
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 : |
India |
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Financials (as on) : |
31.03.2007 |
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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 |
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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 : |
USD 3300000 |
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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. |
INFORMATION PARTED
BY
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Name : |
Mr. Madhur Gundecha |
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Designation : |
Finance Department |
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Date : |
08.09.2008 |
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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Area : |
1200 sq.ft ( Owned) |
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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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Area : |
30 acres (Owned) |
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Branches : |
7, Basant Lok,
Basant Villa, New Delhi |
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Area : |
Owned |
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 |
KEY EXECUTIVES
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Name : |
Mr. Rajiv Madhav Limaye |
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Designation : |
Secretary |
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Address : |
7, Madhuban Society, Mahant Road, Vileparle (East), Mumbai-400057,
Maharashtra, India |
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Date of Birth/Age : |
11.02.1979 |
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Date of Appointment : |
07.12.2007 |
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E Mail : |
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Name : |
Mr. Manohar Shirkant Kamath |
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Designation : |
Secretary |
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Address : |
408, C Wing Neelkamal Apartments, Shradananda Road, Vilparle (east) ,
Mumbai-400057, Maharashtra, India |
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Date of Birth/Age : |
13.06.1979 |
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Date of Appointment : |
07.12.2007 |
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E Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
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BASF Styrenics
Holdings Company |
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61544576 |
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BASF
Beteiligungsgesellshaft GmbH, Germany |
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64 |
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Total |
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61544640 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Foreign holdings
(Foreign institutional investor(s), Foreign Companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas corporate bodies or others |
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100.00 |
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 : |
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Countries : |
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Imports : |
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Countries : |
Germany and
U.S.A. |
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Terms : |
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Purchasing : |
L/C and T/T |
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Selling: |
L/C |
GENERAL
INFORMATION
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Customers: |
End Users |
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No. of Employees : |
128 ( Office 15,
Factory 100 and Branch 3) |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskin
and Sells Chartered
Accountants |
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Address : |
12, Dr. Annie Besant
Road, Opposite Shiv Sagar Estate, Worli, Mumbai – 400018, Maharashtra, India |
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Name : |
BSR and Company Chartered
Accountants |
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Address : |
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
As on 21.09.2007
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 |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
615.446 |
615.446 |
615.446 |
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2] Share Application Money |
46.164 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
35.327 |
33.888 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
661.610 |
650.773 |
649.334 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
108.000 |
394.171 |
0.000 |
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TOTAL BORROWING |
108.000 |
394.171 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
750.369 |
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TOTAL |
769.610 |
1044.944 |
1399.703 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1065.658 |
1141.741 |
1214.383 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.116 |
0.116 |
0.068 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
371.015
|
276.746 |
323.966 |
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Sundry Debtors |
504.994
|
470.956 |
533.287 |
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Cash & Bank Balances |
203.403
|
91.002 |
0.544 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
193.663
|
131.903 |
135.653 |
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Total
Current Assets |
1273.075
|
970.607 |
993.450 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1552.218
|
1052.169 |
794.423 |
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Provisions |
17.021
|
15.351 |
13.775 |
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Total
Current Liabilities |
1569.239
|
1067.520 |
808.198 |
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Net Current Assets |
[296.164]
|
[96.913] |
185.252 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
769.610 |
1044.944 |
1399.703 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3407.123 |
2501.537 |
3009.375 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
3407.123 |
2501.537 |
3009.375 |
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Profit/(Loss) Before Tax |
13.170 |
3.049 |
22.363 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
13.170 |
3.049 |
22.363 |
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Export Turnover |
139.026 |
88.614 |
430.859 |
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Expenditures : |
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Interest |
20.784 |
33.722 |
46.389 |
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Depreciation & Amortization |
85.519 |
58.334 |
85.473 |
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Other Expenditure |
3287.650 |
2406.432 |
2855.150 |
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Total Expenditure |
3393.953 |
2498.488 |
2987.012 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
0.39
|
0.12 |
0.74 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.39
|
0.12 |
0.74 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.56
|
0.14 |
2.25 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.00 |
0.03 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
1.64 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
|
0.81
|
0.82 |
1.12 |
LOCAL AGENCY
FURTHER INFORMATION
The registered office of the company has been shifted from Dahej
Village, Vaghra Taluka, Bharuch-392130, Gujarat, India to present address w.e.f
23.011.2004
Trade References:
- LG
- Samusung
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
Subject
is 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.
Subject
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. Subject 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 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.45.44 |
|
UK Pound |
1 |
Rs.79.62 |
|
Euro |
1 |
Rs.63.48 |
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 |
|