1. Summary Information

 

 

Country

India

Company Name

BASF INDIA LIMITED

Principal Name 1

Mr. Prasad Chandran

Status

Good

Principal Name 2

Mr. R. E. Vaz

 

 

Registration #

11-003972

Street Address

1st Floor, Vibgyor Towers, Plot No. 62, ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Established Date

13.05.1943

SIC Code

--

Telephone#

91-22-66618000

Business Style 1

Manufacturing

Fax #

91-22-24930653

Business Style 2

Marketing

Homepage

http://www.basf-india.com

Product Name 1

Leather Auxiliaries

(Organic Chemicals)

# of employees

990 (Approximately)

Product Name 2

Acrylic Polymers

Paid up capital

Rs.407,700,000/-

Product Name 3

Pesticides and Dyestuffs

Shareholders

Shareholding of Promoter and Promoter Group-73.33%, Public Shareholding- 26.67%

Banking

State Bank of India

Public Limited Corp.

Yes

Business Period

68 years

IPO

Yes

International Ins.

--

Public Enterprise

Yes

Rating

Aa (78)

Related Company

Relation

Country

Company Name

CEO

Associates

--

BASF Agro B.V.

--

Note

--

 

2. Summary Financial Statement

Balance Sheet as of

31.03.2010

(Unit: Indian Rs.)

Assets

Liabilities

Current Assets

6477,200,000

Current Liabilities

3476,700,000

Inventories

3495,100,000

Long-term Liabilities

0,000,000

Fixed Assets

2433,100,000

Other Liabilities

542,100,000

Deferred Assets

85,900,000

Total Liabilities

4,018,800,000

Invest& other Assets

185,200,000

Retained Earnings

8250,000,000

 

 

Net Worth

8657,700,000

Total Assets

12,676,500,000

Total Liab. & Equity

12,676,500,000

 Total Assets

(Previous Year)

6,574,400,000

 

 

P/L Statement as of

31.03.2010

(Unit: Indian Rs.)

Sales

13,816,900,000

Net Profit

968,100,000

Sales(Previous yr)

11,156,000,000

Net Profit(Prev.yr)

686,400,000

 

MIRA INFORM REPORT

 

 

Report Date :

16.08.2011

 

 

IDENTIFICATION DETAILS

 

Name :

BASF INDIA LIMITED

 

 

Registered Office :

1st Floor, Vibgyor Towers, Plot No. 62, ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

13.05.1943

 

 

Com. Reg. No.:

11-003972

 

 

Capital Investment / Paid-up Capital :

Rs.407.700 Millions

 

 

CIN No.:

[Company Identification No.]

L33112MH1943FLC003972

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB00133A

 

 

PAN No.:

[Permanent Account No.]

AAACB4599E

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.

 

 

Line of Business :

Manufacturing and marketing of expandable polystyrene (styropor), carbendazim, leather auxiliaries (organic chemicals), oil and well chemicals, leather auxiliaries, finishing agents and pigments, leather chemicals and auxiliaries including metal complex, dyes and acrylic polymers, pesticides and dyestuffs and other chemicals.

 

 

No. of Employees :

990 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Aa (78)

 

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 34630000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

Comments :

Subject is a part of multinational BASF group. Financial position of the company is sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are regular and as per commitments.

 

The company can be considered good for normal business dealings at usual trade terms and conditions.

 

 

NOTES:

 

Any query related to this report can be made on e-mail: infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

 

 

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D


 

LOCATIONS

 

Registered Office :

1st Floor, Vibgyor Towers, Plot No. 62, ‘G’ Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-66618000

Fax No.:

91-22-24930653

E-Mail :

pradeep.chandan@basf.com

shreyas.trivedi@basf.com

Website :

http://www.basf-india.com

 

 

Corporate Office :

RBC, Mahindra Towers, 1st Floor, A Wing, Dr. G M Bhosale Marg, Worli, Mumbai 400018, Maharashtra, India

Tel. No.:

91-22-66618000/ 66917400

Fax No.:

91-22-24930653

 

 

Works / Factory:

·         Thane Belapur Road, Turbhe, Navi Mumbai – 400705, Maharashtra, India

 Tel. No. 91-22-66917400

  Fax. No. 91-22-66917230

 

·         Bala Thokur Village, Surathkal-Bajpe Road, Mangalore Taluka, Dakshina Kannada District, Karnataka, India

 

·         83/2, Demni Village, Dena Bank Road, Dadra – 396 191, Union Territory of Dadra and Nagar Haveli, India

 

·         Village Dahej, Taluk Vagra, Dist. Bharuch – 392130, Gujarat, India

Tel. No. 91-2641-256021

Fax. No. 91-2641-256022

 

 

Unit I:

Plot No. 6214/6216, GIDC Phase IV, Ankleshwar 393002, Gujarat, India

 

 

Unit II:

Plot No. 8001, GIDC Phase VI, Ankleshwar 393002, Gujarat, India

 

 

Branches :

Located at

 

  • Surathkal-Bajpe Road, Bala – 574149, Via Katipalla, Mangalore,

      Karnataka, India

      Tel. No. 91-824-270670

      Fax. No. 91-824-270025

 

  • Ashram Road, Karaka Building, Navrangpura, Ahmedabad – 380009,

      Gujarat

      Tel. No. 91-79-26583074

      Fax. No. 91-26581447

 

  • 13/A, Government Place East, Chennai – 600086, Tamilnadu

       Tel. No. 91-33-22201354

       Fax. No. 91-33-22480854

 

  • 46, Cathedral Road, Chennai – 600086, Tamilnadu

      Tel. No. 91-44-28113561

      Fax. No. 91-44-28115956

 

  • 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

 

  • 502A, 5th Floor, 3-6-237-Lingapur La Building, Himayat Nagar,

      Hyderabad – 500029, Andhra Pradesh

      Tel. No. 91-40-23226166

 

  • Plot No. C-12, 150 Feet Road, Jajmau, Kanpur – 208010, Uttar

      Pradesh

      Tel. No. 91-512-2461732

 

  • 17-18, Kailash Enclave, Lala Lajpat Rai Marg, New Delhi – 110048

       Tel. No. 91-11-51596400

       Fax. No. 91-11-51596496

 

  • Post Box No. 7304, Lal Bahadur Shastri Marg, Bhandup (West),

      Mumbai – 400078, Maharashtra

      Tel. No. 91-22-25461471

      Fax. No. 91-22-25644351

 

  • 147, Mumbai – Pune Road, Pimpri, Pune – 411018, Maharashtra

       Tel. No. 91-20-27469681

       Fax. No. 91-20-27464083

 

 

DIRECTORS

 

AS ON 31.03.2010

 

Name :

Mr. Prasad Chandran

Designation :

Chairman and 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 :

01.10.1999

 

 

Name :

Mr. S. Kumarasamy

Designation :

Chief Executive – Crop Protection Chemicals

Date of Appointment :

18.01.2002

 

 

Name :

Dr. Harald Lauke

Designation :

Director

Date of Appointment :

01.10.2002

 

 

Name :

Dr. E. Baumgartner

Designation :

Director

Date of Appointment :

17.04.2002

 

 

Name :

Mr. Boon Yeow Yee

Designation :

Director

Date of Appointment :

21.04.2004

 

 

Name :

Mr. K. R. Coorlawala

Designation :

Director

Date of Appointment :

10.02.1975

 

 

Name :

Mr. Pradip P. Shah

Designation :

Director

Date of Appointment :

31.01.2000

 

 

Name :

Mr. R. A. Shah

Designation :

Director

Date of Appointment :

25.04.1968

 

 

Name :

Mr. R. R. Nair

Designation :

Director

Date of Appointment :

30.03.2001

 

 

Name :

Mr. L. S. Naik

Designation :

Chief Executive – Dispersions, Specialities, Pigments and Printing Inks

Date of Appointment :

01.10.1999

 

 

Name :

Dr. W. Burgert

Designation :

Director

Date of Appointment :

01.10.1999

 

 

Name :

Mr. E. Hilgemann

Designation :

Director

Date of Appointment :

28.07.1998

 

 

Name :

Mr. S. Ramnath

Designation :

Director

 

 

Name :

Mr. Tilman Krauch

Designation :

Director

 

 

Name :

Mr. Rainer Diercks

Designation :

Director

 

 

Name :

Mr. Raman Ramachandran

Designation :

Director

 

 

Name :

Mr. Deepak Thuse

Designation :

Director

 

 

Name :

Mr. S. Khanolkar

Designation :

Director

 

 

Name :

Dr. G. Ramaseshan

Designation :

Director

 

 

Name :

Mr. R. Y. Vaidya

Designation :

Director

 

 

Name :

Mr. Hermann Althoff

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. M. R. Iyer

Designation :

Company Secretary

 

 

Name :

Mr. Pradeep Chandan

Designation :

Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 30.06.2011)

 

Names of Shareholders

No. of Shares

Percentage of Holding

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

--

--

 

 

 

(2) Foreign

 

 

Bodies Corporate

31,743,220

73.33

Sub Total

31,743,220

73.33

 

 

 

Total shareholding of Promoter and Promoter Group (A)

31,743,220

73.33

 

 

 

(B) Public Shareholding

 

 

(1) Institutions

 

 

Mutual Funds / UTI

241,331

0.56

Financial Institutions / Banks

1,039,952

2.40

Central Government / State Government(s)

30

-

Insurance Companies

1,444,993

3.34

Foreign Institutional Investors

313,094

0.72

Sub Total

3,039,400

7.02

 

 

 

(2) Non-Institutions

 

 

Bodies Corporate

1,920,112

4.44

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

5,626,620

13.00

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million

716,977

1.66

Any Others (Specify)

239,311

0.55

Non Resident Indians

237,459

0.55

Trusts

1,852

-

Sub Total

8,503,020

19.64

 

 

 

Total Public shareholding (B)

11,542,420

26.67

 

 

 

Total (A)+(B)

43,285,640

100.00

 

 

 

(C) Shares held by Custodians and against which Depository Receipts have been issued

-

-

(1) Promoter and Promoter Group

-

-

(2) Public

-

-

Sub Total

-

-

 

 

 

Total (A)+(B)+(C)

43,285,640

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and marketing of expandable polystyrene (styropor), carbendazim, leather auxiliaries (organic chemicals), oil and well chemicals, leather auxiliaries, finishing agents and pigments, leather chemicals and auxiliaries including metal complex, dyes and acrylic polymers, pesticides and dyestuffs and other chemicals.

 

 

Products :

Product Description

 

Item Code No

Synthetic Tanning Agents

32021000

Expandable Polystyrene

39031100

Carbendazim

38082000

Other

38089390

 

 

PRODUCTION STATUS

 

 AS ON 31.03.2010

 

Particulars

Unit

Installed Capacity

Expandable Polystyrene (Styropor)

MT

30000

Engineering Plastics ****

MT

9000

Leather Auxiliaries (Organic Chemicals)

MT

15000

Leather Auxiliaries, Finishing Agents and Pigments

MT

7350

Leather Chemicals and Auxiliaries including Metal Complex Dyes and Acrylic Polymers

MT

67225

Pesticides

 

 

Optical brightening agents ***

MT

6700

Thermal Developers and Color Former  ***

MT

905

 

*** Production facility of amalgamating company at Ankleshwar site

**** Production has commenced during 2009-10.

 

 

GENERAL INFORMATION

 

No. of Employees :

990 Approximately

 

 

Bankers :
  • State Bank of India,

Madame Cama Road, Mumbai-400021,  Maharashtra, India

 

  • Mitsui Bank Limited

Fort, Mumbai-400001, Maharashtra, India

 

  • Union Bank of India
  • Bank of America N.A., Vereinigte Staaten
  • Citibank N.A.
  • Deutsche Bank
  • Standard Chartered Grindlays Bank Limited
  • ABN Amro Bank N.V.
  • HDFC Bank Limited
  • BNP Paribas

 

 

Facilities :

Bank Overdraft /Facilities of Rs.90.500 millions

 

 

 

Banking Relations :

Good

 

 

Auditors :

 

Name :

Deloitte Haskins and Sells

Chartered Accountants

 

BSR and Company

Chartered Accountants

Address: KPMG House, Kamala Mills Compound, 448, Senapati Bapat Marg, Lower Parel, Mumbai 400013, Maharashtra, India

 

 

Internal Auditors :

Mahajan and Aibara

Chartered Accountants

 

 

Memberships :

Confederation of Indian Industry

 

 

Holding Company :

BASF SE

 

 

Associates :

·         BASF Agro B.V.

·         BASF Kanoo Gulf Fze

·         Bassell Polyolefin Company, NV

·         BASF Petronas Chemicals SDN BHD

·         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 :

·         BASF Curtex S. A.

·         BASF Finlay Private Limited

·         BASF Phillipines Inc.

·         BASF South East Asia Pte Limited

·         BASF Taiwan Limited

·         BASF Uruguay S. A.

·         BASF (Malaysia) SDN BHD

·         PT BASF Indonesia

·         BASF China Limited

·         BASF Colorants and Chemicals Company Limited

·         BASF Drucksysteme Schweiz GmbH

·         Elastogran GmbH

·         Elenac GmbH

·         Kali Und Salz Betelligungs AG

·         BASFD Industries Private Limited

·         BASF Agro B.V. Arnhem (NI)

·         BASF Agro B.V. - Wedneswil Branch

·         BASF Asia Pacific Service Centre SDN, BHD

·         BASF Chemtrade Gesellschafr MBH

·         BASF Chemicals and Polymers Pakistan (Private) Limited

·         BASF (China) Company Limited

·         BASF Coating (India) Private Limited

·         BSFA Company Limited

·         BSFA Construction Chemicals (India) Private Limited

·         BSFA East Asia Regional Headquarter Limited

·         BSFA Construction Chemicals, Dubai

·         BASF Espanola S.L

·         BSFA Pakistan (Private) Limited

·         BASF Polurethanes (Malaysia) SDN BHD

·         BASF Polurethanes (Taiwan) Company Limited

·         BASF Turkey Kimya Sanayi Ve Ticaret Limited STI.

·         BASF Specially Chemicals Distribution Gmbh

·         Elastrong Italia Spa (Elit)

·         K+S Akitengesellscaft

·         BTD Speciality Chemicals

 

 

CAPITAL STRUCTURE

 

AS ON 12.08.2010

 

Authorised Capital : Rs.543.597 millions

 

Issued Subscribed & Paid-up Capital : Rs.432.849 millions

 

 

AS ON 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

45000000

Equity Shares

Rs.10/- Each

Rs.450.000 Millions

 

 

 

 

 

Issued Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40769987

Equity Shares

Rs.10/- Each

Rs.407.700 Millions

 

 

 

 

 

Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

40769305

Equity Shares

Rs.10/- Each

Rs.407.700 Millions

 

 

 

 

 

Of the above –

 

Issued for consideration other than cash

 

- 700 Equity Shares were allotted as fully paid pursuant to a contract without payment being received in cash and 15,771,400 Equity Shares were allotted as fully paid Bonus Shares by way of capitalisation of Reserves.

 

- 4,035,948 shares were allotted to the erstwhile shareholders of Cyanamid Agro Limited (CAL) consequent to the amalgamation w.e.f. April 1, 2001.

 

- 12,579,839 shares were allotted to the erstwhile shareholders of Ciba India Limited and Ciba Research (India) Private Limited consequent to the amalgamation w.e.f. February 1, 2010 (Refer Schedule 19(2)). Holding Company and its affiliates

 

- 20,319,667 (Previous Year - 20,066,242) Equity Shares are held by BASF SE, the holding company.

 

- 1,941,912 (Previous Year - Nil) Equity Shares are held by Ciba International Inc., Switzerland, an affiliate of the Holding Company.

 

- 6,965,988 (Previous Year - Nil) Equity Shares are held by BASF Specialty Chemicals Holding GmbH, an affiliate of the Holding Company.

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

407.700

281.900

281.900

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

8250.000

3570.400

3114.900

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

8657.700

3852.300

3396.800

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

0.000

0.000

0.000

TOTAL BORROWING

0.000

0.000

0.000

DEFERRED TAX LIABILITIES

0.000

65.900

0.000

 

 

 

 

TOTAL

8657.700

3918.200

3396.800

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2433.100

1259.400

1168.600

Capital work-in-progress

95.200

211.500

40.000

 

 

 

 

INVESTMENT

90.000

90.000

119.000

DEFERREX TAX ASSETS

85.900

68.400

23.600

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

3495.100

2009.800

1249.200

 

Sundry Debtors

2580.000

1372.800

1586.900

 

Cash & Bank Balances

1638.400

277.000

81.600

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances

2258.800

1285.500

977.100

Total Current Assets

9972.300

4945.100

3894.800

Less : CURRENT LIABILITIES & PROVISIONS

 

 

 

 

Sundry Creditors

3281.700

2183.700

0.000

 

Current Liabilities

195.000

128.000

1513.100

 

Provisions

542.100

344.500

336.100

Total Current Liabilities

4018.800

2656.200

1849.200

Net Current Assets

5953.500

2288.900

2045.600

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

8657.700

3918.200

3396.800

 

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Sales

13816.900

11156.000

9072.000

 

 

Other Income

124.500

102.200

46.900

 

 

TOTAL                                     (A)

13941.400

11258.200

9118.900

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Raw Material Consumed

6292.700

6072.000

4971.300

 

 

Purchased of finished goods

3125.800

1527.100

900.100

 

 

Other Expenses

3215.900

2650.200

2252.700

 

 

Increase/(Decrease) in Finished Goods

(475.900)

(237.700)

(84.000)

 

 

TOTAL                                     (B)

12158.500

10011.600

8040.100

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

1782.900

1246.600

1078.800

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

8.400

14.900

12.800

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

1774.500

1231.700

1066.000

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

260.800

151.600

136.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

1513.700

1080.100

930.000

 

 

 

 

 

Less

TAX                                                                  (H)

545.600

391.700

336.300

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

968.100

686.400

593.700

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

598.900

566.100

370.300

 

 

Commission Earnings

676.900

608.800

492.200

 

 

Other Earnings

14.400

48.200

12.800

 

TOTAL EARNINGS

1290.200

1223.100

875.300

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

4772.400

3858.300

2451.000

 

 

Capital Goods

71.500

101.800

27.600

 

 

Stores & Spares

2.100

0.800

0.000

 

 

Finished Goods

1504.200

762.300

754.600

 

TOTAL IMPORTS

6350.200

4723.200

3233.200

 

 

 

 

 

 

Earnings Per Share (Rs.)

25.00

23.16

21.06

 

 

 

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

31.03.2011

30.06.2011

Type

1st Quarter

2nd Quarter

3rd Quarter

4th Quarter

5th Quarter

Net Sales

6636.100

6586.600

7019.900

6787.200

10163.400

Total Expenditure

5809.300

5803.500

6827.500

6502.900

9250.200

PBIDT (Excl OI)

826.800

783.100

192.400

284.300

913.200

Other Income

0.000

0.000

0.000

0.000

0.000

Operating Profit

826.800

783.100

192.400

284.300

913.200

Interest

1.900

4.100

29.100

24.500

16.200

Exceptional Items

0.000

0.000

0.000

0.000

0.000

PBDT

824.900

779.000

163.300

259.800

897.000

Depreciation

89.400

89.000

117.100

119.000

116.000

Profit Before Tax

735.500

690.000

46.200

140.800

781.000

Tax

246.900

233.500

(190.600)

20.600

254.400

Provisions and contingencies

0.000

0.000

0.000

0.000

0.000

Profit After Tax

488.600

456.500

236.800

120.200

526.600

Extraordinary Items

0.000

0.000

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

0.000

0.000

Net Profit

488.600

456.500

236.800

120.200

526.600

 

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)

6.94

6.09

6.51

 

 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)

10.95

9.65

10.25

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

12.20

17.38

18.38

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.17

0.28

0.27

 

 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 

0.46

0.69

0.54

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

2.40

1.86

2.11

 

 

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 know-how 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 subject 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 subject (of Rs.10 each fully paid-up) for five equity shares of CAL (of Rs.10 each fully paid-up).

 

 

FINANCIAL RESULTS 

 

ACTIVITIES

 

The performance of the Company during the year under report registered an impressive growth over the previous year. Sales at Rs.14655 million and Profit before tax at Rs.1514 million during the year ended 31st March, 2010 represent an increase of 18% and 40% respectively, over the previous year. This substantial increase in profit before tax was mainly on account of higher capacity utilization, improved operating results of the Agricultural Solutions, Performance Products and Plastics businesses. Profit after tax at Rs.968.1 million was higher by 41% compared to the previous year. The Agricultural Solutions business recorded substantial increase in sales and profits during the year ended 31st March, 2010 mainly due to higher realizations, effective working capital management and several marketing initiatives undertaken including introduction of new products during the year under report. The Performance Products segment which include care chemicals, dispersions, textiles, specialty and leather chemical businesses registered increase in sales, both in volume and value terms. The Plastics business recorded higher sales and profits compared to the previous year. The Chemical business performance during the year under review was lower, compared to the previous year mainly due to reduced market uptake in certain segments and lower prices.

 

Overall capacity utilization was higher compared to the previous year. The export sales at Rs.609 million during the year under report represented an increase of 7% over the previous year. During the year under report, the Company has successfully commissioned the Engineering Plastics Compounding plant at its Navi Mumbai factory, which will cater to the requirements of the automobiles, electrical and electronic industries.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT:

The fiscal year 2009-10 saw the world economy slowly but surely emerge out of the deep trenches of the economic recession following the global financial crisis. Visible signs of global economic recovery and stabilization surfaced as industrial production and trade world over picked up by the second half of the calendar year 2009. The Indian economy escaped the worst effects of the crisis due to sound economic policies and financial measures. The resilience of the Indian economy was evident as the GDP growth was stable at 6.7% in 2008-2009, and the Economic Survey for 2009-2010 pegged India's GDP growth at 7.2%. The survey has forecasted strong GDP growth and expects it to scale 9% by 2012. The Indian manufacturing sector started picking up since June, 2009 and gained momentum in subsequent months. Overall, the manufacturing sector is expected to grow at about 8.9% in 2009-2010, as against 3.2% in the previous year. In line with the manufacturing industry, the index for chemical products in 2009-2010 is expected to grow at an impressive rate of 11%, as against the modest growth of 4% in the last year. The Company's products cater to many end-use industries, including agriculture, paper, Pharmaceuticals, consumer durables, electronics, automobiles, construction, leather and textiles, etc. Strong performance of these end-use industries is a pre-requisite for the healthy growth of the Company. With poor monsoon leading to a decline in the production of food grains and oilseeds, the growth in the agriculture sector has shown a decline of 0.2% in 2009-10. However, with stable monsoon expected and continued government initiatives, India's agricultural sector is expected to rebound strongly in the current year. The economic scenario in the advanced countries also showed marked signs of revival in the latter part of 2009-10, providing the much needed thrust to export dependent industries like textiles and leather. Despite inflation worries gripping the Indian economy, the domestic demand in 2010-11 is expected to remain healthy. Improved economic scenario and general stability will aid the demand for end-use industries where the Company's products are supplied. The general improvement in global economy would boost higher growth for export dependent industries, including most of the end use industries. All these indicators are expected to generate an improved demand for chemical products. The outlook for the chemical industry thus remains optimistic.

 

Agricultural Solutions

 

The Agricultural Solutions business includes insecticides, herbicides, fungicides and specialties. Food grain production in 2009-10, estimated at 217 million tons, is lower by 7.2% as compared to the previous year due to poor monsoon. However, with continued government initiatives and positive monsoon forecast, India's agricultural

sector is expected to rebound in the current year. The Herbicides business was impacted during the year due to delayed and deficit monsoon. Despite this, the crop protection market grew by 8-10%, mainly by virtue of insecticides market getting upgraded to new chemistries. Fungicides and Herbicides segments, in which the Company has products to offer, also registered growth. The Agricultural Solutions business continued its growth due to introduction of new products, expansion of marketing initiatives and consolidating and building on the various strategic measures initiated in the earlier years.

 

During the year, the Company has successfully launched three new prosperity products, namely 'Verismo' in Insecticide segment, 'Cabrio Top' in Fungicide segment and 'Stomp Xtra' in the Herbicide segment. These new products will add value to the existing market product portfolio and favorable response to these products is foreseen. The Company's Samruddhi (prosperity) program, which is a yield enhancement program, has received wide acceptance within the farmer community. Through this program, the farmers are educated about usage of fertilizers, seed, spacing and timely usage of agrochemical inputs. Efforts to expand the product portfolio will continue, along with strengthening of the development, technical services and marketing teams.

 

Performance Products

 

Research and Development experts from leading cosmetics companies try their hands at the newly launched Color Trends 2010 organised by the Care Chemicals division. The Performance Products business includes performance chemicals and functional polymers. This business caters to the requirements of a wide spectrum of industries, including textile, leather, plastics and coatings, detergent formulators, automobile and oil. Leather chemical business witnessed a slow recovery in the second half of 2009, post global economic crisis. Upholstery leather production was the worst affected during the year. The shoe upper and safety shoes production business, however, is now on a recovery path. The leather chemicals business recorded marginal increase in sales. Increasing raw material prices and weakening rupee are serious concerns for this business. Despite these concerns, the year 2010 looks optimistic in terms of the global demand, especially from US and  EU markets. The textiles chemical market comprises diverse players in terms of size, from single product suppliers to suppliers offering chemicals for the entire value chain, along with added services such as process optimization, specialized fabric testing and certification. The textiles chemicals business achieved good growth, both in value and  volume terms. Better packaging offered by the Company has yielded good results in the pre-treatment, finishing and pigments printing businesses. Eco-friendly chemicals, which offer resource savings, energy, water consumption, will be the key drivers for growth in the coming years. New opportunities are expected in following segments - Home Textiles, Technical Textiles. Several cost optimization measures initiated during the previous year were fully implemented across all the product groups of textile and leather chemicals during the year under review. The outlook for the Textiles Chemicals business looks reasonably optimistic, due to the demand from US and  EU markets. In addition, the domestic demand is likely to drive the textiles market in a positive direction. During the year, the Company strengthened its product portfolio by addition of the polymers business of erstwhile Ciba. The plastics additives business saw improved sales. However, sale of domestic antioxidant business was lower during

the year. . Innovative and cost-effective product development, consolidation of capacities across the polymer value chain, energy management and effective knowledge management will drive the global polymers industry in the near future. The Automotive and Refinery Chemicals business of the Company witnessed a good year, with substantial growth in sales as compared to the previous year. This was due to the growth of the Automotive Sector, especially in passenger vehicles and two wheelers segment. The Company continues to be a leading supplier in coolants to the major OEMs in the country. The Company acquired the process lubricant additive business from erstwhile Ciba and this has strengthened the product portfolio further and facilitated to serve both the oil and the automotive industries better. Effective pricing policy has enabled the Company to sustain profitable performance in this business. The Water Treatment solutions business was severely affected due to lowering of the plant capacities. However, with the revival of sugar and mining industries, polymer usage will increase, resulting in good demand for water treatment solutions.

 

The Care Chemicals business showed encouraging growth, driven by increase in disposable income and changing lifestyles. Prospects of this business depend on the growth of the FMCG and Pharmaceuticals sectors. This business ranges from the eco-friendly surfactants and polymers in the area of textile, agro, cosmetics and detergents, to the regulatory complaint vitamins, active pharmaceutical ingredients and excipients. Growth areas for this business have been identified in segments like disintegrates, food fortification and dietary supplements. Detergents and Cosmetics business was strengthened with the addition of the erstwhile Ciba products into this business, which were complementary to the Company's existing products. The strengthened product portfolio will provide the customers with better value proposition. The Pharma sector witnessed growth and BASF has been successful in making new chemistries for Pharma. The Nutrition business of the Company is also well poised to grow in emerging segments like value added food and beverages. The Acrylics Monomer business was integrated with the Petrochemicals business, while the Dispersions business was aligned according to the customer target industries into the Dispersions and Pigments business to cater to the needs of coatings, construction and packaging industries. Dispersions and Pigments division supports its customers to continuously improve their products in industries like adhesives, printing, packaging and constructions. The Paper Chemicals business, with its comprehensive product portfolio and technical expertise, was able to cater to the needs of the industry from the wet-end to paper coatings chemicals. The Paper Chemicals business registered significant growth during the year, resulting in higher utilization of the manufacturing capacity. Growth areas for paper industry were mainly in the areas of art, graphic and writing-printing paper segments. Overall, economic growth, high consumption of packaging and increasing literacy rates are the main growth drivers of this industry. General economic slowdown, volatility in pricing of feed stocks and exchange rate fluctuation are potential threats to the overall business. The Paper Chemicals business is expected to further grow in the coming year, given the positive outlook for manufacturing in the country.

 

 

FIXED ASSETS

 

·         Freehold Land

·         Leasehold Land

·         Buildings and Ownership Flats

·         Plant and Machinery

·         Furniture

·         Fixtures and

·         Equipments

·         Vehicles

 

 

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

 

 

PRESS RELEASES 

 

BASF EXHIBITS AT 26TH EU PVSEC

 

BASF presents solar product range at European Photovoltaic Solar Energy Conference and Exhibition in Hamburg, Germany

New pan construction for installing photovoltaic modules by SCHOTT Solar from BASF plastics Ultramid

Broad portfolio of products for the photovoltaic industry

 

From September 5 – 8, 2011, BASF will exhibit at the 26th European Photovoltaic Solar Energy Conference and Exhibition (EU PVSEC), presenting its range of innovative products for the solar industry. This year's conference and exhibition, which belong to the most important in this field, will be taking place in Hamburg, Germany.

 

Experts will be on hand at BASF's booth (A12 in hall B1G) to inform visitors about the company's extensive offering, which covers the entire value chain for solar cells. Established products will be joined by a special product innovation: a sub-construction (“pan”) made from the engineering plastic Ultramid®, which allows a novel and easy installation of PV modules.

 

Roof integrated, lightweight and multi-functional plastic pan for PV modules

 

A new photovoltaic concept study, developed by SCHOTT Solar and BASF, comprises a one-piece plastic pan, which can be installed on the roof instead of the conventional roofing, and a frameless double-glazed module. After installing the pan on the roof substructure, in a second step the double-glazed module only needs to be inserted into the pan’s precision mounting system and secured in position by means of an integrated latch – tool-free and screw-free. A plastic handle as well as integrated support edges of the plastic pan facilitate the installation. Thanks to the rain channels, cable channels and a large opening in the center of the pan, the 1.7m˛ photovoltaic module weighs only 8 kg and has adequate back ventilation. The plastic that makes these characteristics possible is Ultramid B High Speed by BASF (polyamide 6): the material is not only easy-flowing but also tough, rigid and weather-resistant – and it satisfies the criteria required for such construction applications (material class B2).

 

Alongside the product innovation plastic pan, BASF presents SELURIS® Clean, the eco-friendly cleaning fluid and the plastics Ultramid® for manufacturing connectors and junction boxes again this year. Moreover, plastic additives like Uvinul® and Irganox®, cutting fluids from the Pluriol® range, inks and pastes for metallization (Cyposol®) and polyurethane casting systems COLO-FAST® for framing will be topics on the BASF booth.

 

 

Solar cell cleaning

 

BASF offers and develops solutions for etching, texturizing, doping, and cleaning mono- and polycrystalline solar cells. The range is extended by the innovative and eco-friendly cleaning fluid SELURIS® Clean. Treatment with SELURIS® Clean prior to phosphoric acid doping provides both final pre-dope wafer cleaning and efficient surface hydrophilization resulting in excellent dopant wetting. As a consequence, a homogeneous distribution of phosphoric acid on the wafer can be achieved. Post doping treatment (phosphoric acid or POCI3 process) with SELURIS® Clean offers efficient removal of phosphor silicate glass residues and of the less active emitter zone (dead layer) leaving a clean and high performing emitter.

 

Plastic for connectors and junction boxes

 

In order to efficiently use the energy generated by photovoltaic plants, connectors are required. They transport the electricity to the end consumer. BASF supplies special variants of Ultramid® for connectors and junction boxes, which fulfill those functions. This plastic of the polyamide family is highly stable, flame-retardant and especially low-temperature impact resistant, which is essential for the durability of plants exposed to the elements. Significant fluctuations in temperature and humidity also place high demands on the plastic components.

 

Heat, light and UV stabilizers

 

BASF plastic additives enable all plastics used in PV modules to withstand exposure to heat (Irgafos®, Irganox®) and sunlight (Chimassorb®, Tinuvin®, Uvinul®). The company offers a broad range of heat, light and UV stabilizers for plastics worldwide. They are tailor-made for the various plastic resins used in PV-applications, like encapsulants, frames, backsheet films and electrical components to meet the lifetime requirements of at least 25 years.

 

Cutting fluids

 

In addition, BASF will also show-case the well-established Pluriol® portfolio, a range of tailor-made wafer cutting fluids for the solar cell industry. These products allow wafer cutters the flexibility to design cutting slurries that match their process requirements. The Pluriol® portfolio ensures optimized wafer production economics through constant high wafer quality, high yield, less wafer defect and breakage as well as high fluid recycling efficiency.

 

Inks and pastes for metallization

 

CypoSol® is a range of silver and aluminum inks and pastes for the metallization of solar wafers. In addition to pastes for conventional screen printing, the CypoSol® range also includes the L series, especially designed inks for the innovative laser transfer printing process. The lead-free inks are eco-friendly and can be used to print the front and backside of the wafer.

 

PU casting systems for framing

 

The polyurethane casting system COLO-FAST® is a quick, reliable and high-quality method for framing photovoltaic modules. The UV-stable and weather-proof PU system is able to replace traditional aluminum frames both with installed PV modules in the roof and on the roof. COLO-FAST® opens up an almost unlimited choice of color and a variety of possible frame designs for the customer. The COLO-FAST® technology enables the installation of clamping elements and electrical components in one work step. Ultimately, PV modules framed with COLO-FAST® can be integrated perfectly into the roof, which fulfills high aesthetic demands.

 

 

About BASF

 

BASF is the world’s leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and agricultural products to oil and gas. As a reliable partner BASF creates chemistry to help its customers in virtually all industries to be more successful. With its high-value products and intelligent solutions, BASF plays an important role in finding answers to global challenges such as climate protection, energy efficiency, nutrition and mobility. BASF posted sales of about €63.9 billion in 2010 and had approximately 109,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN).

 

 

 

 

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.45.37

UK Pound

1

Rs.73.53

Euro

1

Rs.64.37

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

8

PAID-UP CAPITAL

1~10

9

OPERATING SCALE

1~10

9

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

9

--PROFITABILIRY

1~10

9

--LIQUIDITY

1~10

9

--LEVERAGE

1~10

8

--RESERVES

1~10

9

--CREDIT LINES

1~10

8

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

78

 

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

Capability to overcome financial difficulties seems comparatively below average.

 

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

-

NB

                                       New Business

 

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.