MIRA
INFORM REPORT
|
Report Date : |
23.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BASF INDIA LIMITED |
|
|
|
|
Registered
Office : |
1st Floor, |
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Country : |
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|
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|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.05.1943 |
|
|
|
|
Com. Reg. No.: |
11-003972 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 432.900
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L33112MH1943FLC003972 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB00133A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB4599E |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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|
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 38000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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, |
|
Tel. No.: |
91-22-66618000 |
|
Fax No.: |
91-22-24930653 |
|
E-Mail : |
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|
Website : |
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|
|
|
Corporate Office : |
RBC, |
|
Tel. No.: |
91-22-66618000/ 66917400 |
|
Fax No.: |
91-22-24930653 |
|
|
|
|
Works / Factory: |
·
Thane 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, ·
Village Dahej, Taluk Vagra, Dist. Bharuch –
392130, Tel. No. 91-2641-256021 Fax. No. 91-2641-256022 |
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|
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Unit I: |
Plot No. 6214/6216, GIDC Phase IV, Ankleshwar 393002, |
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Unit II: |
Plot No. 8001, GIDC Phase VI, Ankleshwar 393002, |
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|
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Branches : |
Located at
Tel. No. 91-824-270670
Fax. No. 91-824-270025
Tel. No. 91-79-26583074
Fax. No. 91-26581447
Tel. No. 91-33-22201354
Fax. No. 91-33-22480854
Tel. No. 91-44-28113561
Fax. No. 91-44-28115956
Tel. No. 91-260-2668937
Fax. No. 91-260-2668652
Tel. No. 91-40-23226166
Pradesh
Tel. No. 91-512-2461732
Tel. No. 91-11-51596400
Fax. No. 91-11-51596496
Mumbai – 400078,
Tel. No. 91-22-25461471
Fax. No. 91-22-25644351
Tel. No. 91-20-27469681
Fax. No. 91-20-27464083 |
DIRECTORS
AS ON 31.03.2011
|
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. Rainer Diercks |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Y. Vaidya |
|
Designation : |
Alternate Director To Dr. Rainer Diercks
(upto 31st August, 2011) |
|
|
|
|
Name : |
Dr. G. Ramaseshan |
|
Designation : |
Alternate Director to Dr. Rainer Diercks
(w.e.f. 1st September, 2011) |
|
|
|
|
Name : |
Ms. Saori Dubourg |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tilo Bischoff |
|
Designation : |
Alternate to Ms. Saori Dubourg |
|
|
|
|
Name : |
Mr. Andrew Postlethwaite |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S Regunathan |
|
Designation : |
Alternate to Mr. Andrew
Postlethwaite |
|
|
|
|
Name : |
Mr. R A Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R R Nair |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip P Shah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Bewoor |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep
Chandan |
|
Designation : |
Company Secretary
|
|
|
|
|
Management Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
31,743,220 |
73.33 |
|
|
31,743,220 |
73.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
31,743,220 |
73.33 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
237,786 |
0.55 |
|
|
1,040,644 |
2.40 |
|
|
30 |
- |
|
|
1,444,978 |
3.34 |
|
|
322,702 |
0.75 |
|
|
3,046,140 |
7.04 |
|
|
|
|
|
|
1,975,099 |
4.56 |
|
|
|
|
|
|
5,567,857 |
12.86 |
|
|
726,637 |
1.68 |
|
|
226,687 |
0.52 |
|
|
225,535 |
0.52 |
|
|
1,152 |
- |
|
|
8,496,280 |
19.63 |
|
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 |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
43,285,640 |
- |
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. |
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Products : |
|
PRODUCTION STATUS
AS ON
31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
a) Manufactured
Goods: |
|
|
|
|
Expandable Polystyrene (Styropor) |
M.T. |
30,000 |
22,079 |
|
Engineering Plastics |
M.T |
9,000 |
2,127 |
|
Leather Auxiliaries (Organic Chemicals) |
M.T |
15,000 |
12,448 |
|
Leather Auxiliaries, Finishing Agents and Pigments |
M.T |
7,350 |
5,344 |
|
Leather Chemicals and Auxiliaries including Metal Complex Dyes and
Acrylic Polymers and Carboxylated Styrene Butadiene Lattices |
M.T |
67,225 |
48,105 |
|
Pesticides - Formulations |
M.T |
-- |
377 |
|
|
K.L. |
-- |
2,484 |
|
Optical Brightening Agent |
M.T |
6,700 |
3,925 |
|
Thermal Developers and Colour Former |
M.T. |
905 |
523 |
|
Other Polyurethanes*** |
M.T. |
27,500 |
19,617 |
|
Paints*** |
M.T. |
12,798 |
1,187 |
|
Construction Chemicals *** |
M.T |
62,160 |
1,307 |
|
b) Traded Goods: |
|
|
|
|
Agro Chemicals |
M.T./ K.L. |
-- |
6,400 |
|
Pigments for Coating and inks |
M.T./ K.L. |
-- |
1,560 |
|
Isocyanate- Others**** |
M.T./ K.L. |
-- |
7,672 |
|
Other Chemicals**** |
M.T./ K.L. |
-- |
24,283 |
Note:
*** Production facility of amalgamating
company at Navi Mumbai, Mangalore,
**** Includes trading activity of amalgamating
company.
GENERAL INFORMATION
|
No. of Employees : |
990
[Approximately] |
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Bankers : |
Fort,
Mumbai-400001,
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
|
|
Name : |
B S R and Company Chartered
Accountant |
|
Address: |
Lodha Excelus, 1st Floor, Apollo
Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai-400011, |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Mahajana dn
Aibara Chartered
Accountant |
|
Address: |
1, Chawla House,
62, |
|
|
|
|
Cost Auditors : |
|
|
Name : |
R Nanabhoy and Company Cost Accountant |
|
Address: |
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|
|
Solicitors 1: |
|
|
Name: |
Crawlord Bayley and Company Solicitors and Advocates |
|
Address: |
|
|
|
|
|
Solicitors 2: |
|
|
Name: |
Udwadia and Udeshi Solicitors and Advocates |
|
Address: |
Elphinstonse Housel, 1st Floor, |
|
|
|
|
Memberships : |
Confederation of
Indian Industry |
|
|
|
|
Holding Company : |
BASF SE |
|
|
|
|
Subsidiaries: |
BASF Polyurethanes India Limited |
|
|
|
|
Fellow Subsidiaries : |
· BASF PLC · BASF Philippines, Inc ·
BASF · BASF Chemtrade Gesellschaft Mbh · BASF CANADA INC · BASF Coating S.A. · BASF Bangladesh Limited ·
BASF · BASF Chemicals Company Limited · Styrolution India Private Limited ·
BASF Chemicals and Polymers · BASF Tuerk Kimya Sanayi Ve Ticaret Limited, Stl · BASF China Limited · BASF Finlay (Private) Limited ·
BASF Coating ( · BASF Coating S.A.S. · BASF Company DLimited ·
BASF Color Solutions ·
BASF Construction Chemicals ( · BASF Italia SPA · BASF Corporation · Construction Research and Technology GmbH · BASF Curtex S.A. ·
P.T. BASF ·
BASF Eat · BASF Antwerpen N.V. ·
BASF Construction Chemicals, · BASG Agrochemical Production B.V. · BAST IT Services Holding GmbH · BASF Autralia Limited · BASF Construction ·
BASF South · BASF Kanoo Gulf FZE ·
BASF Polyurethane Specialties ( · BASF Construction Polymers GmbH ·
BASF Asia Pacific ( · BASF Coatings GmbH · BASF Fine Chemicals Switzerland S.A. · BASF Japan Limited · BASF Catalysts India Private Limited ·
Styrolution South ·
BASF ·
BASF Construction Systems ( · BASF Espanola S.I. · BASF Construction Chemicals GmbH · BASF Schweiz AG · BASF Coatings Japan Limited ·
BASF · BASF YPC Company Limited · BASF Taiwan Limited ·
BASF ( ·
BASF ( · BASF A/S. · BASF (Thai) Limited · BASF Agro B.V. · BASF Agro B.V. – Wadenswil · BASF Agro B.V. Arnhem (NL) ·
BASF · BASF Auxillary Chemicals · BASF Auxillary Chemicals Company Limited · BASF Belgium S.A. · BASF Chem Trade GmbH · BASF Chemicals and Polymers ·
BASF Chemicals and Polymers · BASF Coating Spa ·
BASF Coating International Trade ( ·
BASF Construction Chemicals, ( · BASF INOAC Polyurethanes Limited · BASF Iran AG · BASF Italia Srl · BASF JCIC Neopentylglycol Company Limited · BASF Lanka (Private) Limited · BASF Oy ·
BASF · BASF Paper Chemicals ·
BASF Paper Chemicals ( · BASF Performance Products LLC · BASF Performance Products PLC · BASFR Petronas Chemicals Sdn. Bhd ·
BASF Pharma (Evionnaz) ·
BASF Polyurethane ( · BASF Qingdao Pigments Compamy Limited ·
BASF · BASF Speciality Chemicals · BASF Vietnam Company Limited · BASF Vitamins Company Limited · Elastogran Kanoo Polyurethane Systems LLC · Iranian BASF Construction Chemicals · RELIUS Coatings GmbH and Company KG · Shanghai BASF Polyurethanes Company Lidmited · BASF FZE · BASF Hongkong Limited · BASF Mexican S.A. DE. C.V ·
BASF · BASF Poliurethani Italia SPA · BASF Polyurethane Licensing GmbH · BASF Polyurethane Specialities · BASF Polyrethane Licensing GmbH · BASF Polyurethane Specialities ·
BASF Polyurethane ( ·
BASF Polyurethane ( · BASF Polyurethane GmbH · BASF Shanghai Coatings Company Limited · BASF YAPI Kimyasallir ·
PCI · Shanghai Gao QIAO |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
54359715 |
Equity Shares |
Rs.10/- Each |
Rs. 543.600
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43285640 |
Equity Shares |
Rs.10/- Each |
Rs. 432.900
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43284958 |
Equity Shares |
Rs.10/- Each |
Rs. 432.900
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 (
- 2515653 Shares
were allotted to the erstwhile shareholders of BASF Coatings (
Holding Company and its affiliates:
- 20,939,259
(Previous Year - 20,319,667) Equity Shares are held by BASF SE, the holding
company.
- 8,907,900 (Previous
year – (8,907,900) Equity Shares are held by BASF Schewiz AG, an affiliate of
the Holding Company.
- 1,896,061
(Previous year – Nil) Equity Shares are held by BASF Construction Chemicals
GmbH, an affiliates of the Holding Company consequent to the amalgamation
w.e.f. April 1, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
432.900 |
407.700 |
281.900 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
9246.900 |
8250.000 |
3570.400 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
9679.800 |
8657.700 |
3852.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1284.600 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1284.600 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
65.900 |
|
|
|
|
|
|
|
|
TOTAL |
10964.400 |
8657.700 |
3918.200 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3490.500 |
2433.100 |
1259.400 |
|
|
Capital work-in-progress |
368.600 |
95.200 |
211.500 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
90.000 |
90.000 |
|
|
DEFERREX TAX ASSETS |
7.400 |
85.900 |
68.400 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
6220.900 |
3495.100 |
2009.800 |
|
|
Sundry Debtors |
4707.200 |
2580.000 |
1372.800 |
|
|
Cash & Bank
Balances |
172.600 |
1638.400 |
277.000 |
|
|
Other Current
Assets |
0.000 |
0.000 |
0.000 |
|
|
Loans &
Advances |
2307.100 |
2258.800 |
1285.500 |
|
Total
Current Assets |
13407.800 |
9972.300 |
4945.100 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5399.100 |
3281.700 |
2183.700 |
|
|
Current
Liabilities |
281.000 |
195.000 |
128.000 |
|
|
Provisions |
629.800 |
542.100 |
344.500 |
|
Total
Current Liabilities |
6309.900 |
4018.800 |
2656.200 |
|
|
Net Current Assets |
7097.900 |
5953.500 |
2288.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1096.400 |
8657.700 |
3918.200 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
30599.100 |
13816.900 |
11156.000 |
|
|
|
Other Income |
340.100 |
124.500 |
102.200 |
|
|
|
TOTAL (A) |
30939.200 |
13941.400 |
11258.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
14735.400 |
6292.700 |
6072.000 |
|
|
|
Purchased of finished goods |
8964.900 |
3125.800 |
1527.100 |
|
|
|
Other Expenses |
6221.100 |
3215.900 |
2650.200 |
|
|
|
Increase/(Decrease) in Finished Goods |
(1047.200) |
(475.900) |
(237.700) |
|
|
|
TOTAL (B) |
28874.200 |
12158.500 |
10011.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2065.000 |
1782.900 |
1246.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
93.500 |
8.400 |
14.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1971.500 |
1774.500 |
1231.700 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
464.000 |
260.800 |
151.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1507.500 |
1513.700 |
1080.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
329.200 |
545.600 |
391.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1178.300 |
968.100 |
686.400 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
761.000 |
264.000 |
264.000 |
|
|
Add |
Addition
on account of amalgamation |
(194.500) |
2218.300 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
533.000 |
2309.000 |
455.500 |
|
|
|
Proposed Dividend |
346.300 |
326.200 |
197.300 |
|
|
|
Corporate tax on dividend |
57.500 |
54.200 |
33.600 |
|
|
BALANCE CARRIED
TO THE B/S |
808.000 |
761.000 |
264.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2204.200 |
598.900 |
566.100 |
|
|
|
Commission Earnings |
966.100 |
676.900 |
608.800 |
|
|
|
Other Earnings |
54.700 |
14.400 |
48.200 |
|
|
TOTAL EARNINGS |
3225.000 |
1290.200 |
1223.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
8225.700 |
4772.400 |
3858.300 |
|
|
|
Capital Goods |
121.800 |
71.500 |
101.800 |
|
|
|
Stores & Spares |
2.600 |
2.100 |
0.800 |
|
|
|
Finished Goods |
6151.400 |
1504.200 |
762.300 |
|
|
TOTAL IMPORTS |
14501.500 |
6350.200 |
4723.200 |
|
|
|
|
|
|
|
|
|
|
Basic and
Diluted Earnings Per Share (Rs.) |
27.22 |
25.00 |
23.16 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
10163.400 |
9529.400 |
|
Total Expenditure |
|
9250.200 |
8888.800 |
|
PBIDT (Excl OI) |
|
913.200 |
640.600 |
|
Other Income |
|
0.000 |
0.000 |
|
Operating Profit |
|
913.200 |
640.600 |
|
Interest |
|
16.200 |
9.900 |
|
PBDT |
|
897.000 |
630.700 |
|
Depreciation |
|
116.000 |
124.400 |
|
Profit Before Tax |
|
781.000 |
506.300 |
|
Tax |
|
254.400 |
164.400 |
|
Profit After Tax |
|
526.600 |
341.900 |
|
Net Profit |
|
526.600 |
341.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.81 |
6.94 |
6.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.93 |
10.95 |
9.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.92 |
12.20 |
17.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.17 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.78 |
0.46 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12 |
2.40 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
BIODATA
Subject was incorporated
as R A Cole Private Limited in May'43 and its name was changed to Indoplast
Limited 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,
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
ACTIVITIES
The sales performance of the
Company during the year under report
registered significant growth over the previous year. Sales, net of excise at Rs. 30,599.1 million, represents an
increase of 121%, over the previous year.
These sales figures include the sales of the 3 BASF legal entities viz., BASF Coatings (
Profit before tax stood at Rs. 1507.5 million during the year ended 31s1 March, 2011 as compared to Rs. 1513.7 million
for the previous year.
Profit after tax at Rs. 1178.3
million was higher by 22% compared to
the previous year.
Paper chemicals, dispersions and
fine chemicals businesses in the
Performance Chemicals segment, registered substantial increase in sales, both in volume and value terms.
The Chemicals business segment, which includes intermediates,
inorganic chemicals, process catalysts
and petrochemicals recorded significant
increase in sales, both in volume and value terms, due to healthy growth in domestic demand from Indian
manufacturers fuelled by growth in
export of downstream products.
The Construction Chemicals business, which became part of the Functional Solutions business of the Company
consequent to the integration, recorded higher
turnover and profits during the year.
The Coatings and Polyurethanes businesses have good long-term
business prospects. Currently, there is
stiff competition, which has impacted
the profitability of the Company during the year.
The Agricultural Solutions business has shown growth in sales
during the year ended 31st March, 2011
mainly due to higher volumes from the
new products introduced in the market. However, the profits of the Agricultural Solutions business declined
marginally on account of increase in
sales promotion costs for launching new products as part of the growth strategy.
Although the Plastics business recorded higher sales, the
profitability was affected on account of
increase in fixed costs coupled with
under-utilization of capacities in the newly commissioned
Engineering Plastics Compounding plant
at Navi Mumbai.
The export sales at Rs. 2,262 million during the year under report represented an increase of 271% over the
previous year.
Merger of BASF Coatings (
The Scheme of Amalgamation of BCIN, BCCIPL and BPIL, a wholly owned subsidiary of the Company was sanctioned by
the Hon''ble High Court of Bombay vide
its Order dated 14th January, 2011. Accordingly, BCIN, BCCIPL and BPIL were merged with the Company
from the Appointed Date, 1st April,
2010. The shareholders of erstwhile BCIN and BCCIPL were issued 1 equity share and 10 equity shares of
the Company for every 60 equity shares
and 13 equity shares of BCIN and BCCIPL, respectively held by them.
As a result, the subscribed and paid-up capital of the Company increased from Rs. 407.7 million to
Rs. 432.9 million. The Authorised Share
Capital of the Company increased from Rs. 450 million to Rs. 543.6 million. Post Merger, the
financial statements of the Company for
the year ended 31st March, 2011 includes the financials of BCIN, BCCIPL and BPIL.
FINANCE and
ACCOUNTS
With focus on cash flows and working capital management, the
Company continued to minimize the bank
borrowing during the year. Internal cash
accruals were effectively used for funding working capital needs and
capital expenditure requirements
of the Company.
The Company follows a prudent
financing policy and aims to maintain
optimum financial gearing at all times. The Company's total debt to equity ratio was 0.11 as at 31st March, 2011.
MANAGEMENT
DISCUSSION AND ANALYSIS
The Indian economy exhibited broad based recovery in the second half of
2009-2010 from the slowdown that was
witnessed in 2008-2009. With a rebound in rural income due to increase
in agricultural production and continued growth momentum in industrial and
services sectors, the Indian economy is expected to register an impressive
growth of 8.6% in 2010-2011. During the year, the Agricultural sector is
expected to grow at 5.4% while the industrial and services sector is likely to
register growth rates of 8.1% and 9.6%, respectively.
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 performance of the
Company. The improved output of food grains, fruits and vegetables boosted the
demand of crop protection chemicals. On the demand side, a rise in the savings
and investment coupled with pick up in private consumption resulted in higher
demand for industrial products. The automotive industry witnessed a growth in
excess of 30%. The rise in consumerism boosted the demand for FMCG products,
consumer durables, personal care products, paper products, paints and packaging
products, etc. The Pharmaceuticals sector continued to show robust growth of
20% due to demand in the local as well as international markets.
The Government’s continued thrust on infrastructure development, by initiating
a host of projects, led to higher demand for Construction Chemicals, which
augers well for the Company.
The inflationary pressures, which remained at a high level during the
previous year are expected to moderate in the year 2011-2012.
The improved Indian economic scenario and healthy growth in the
industrial and manufacturing sectors is likely to result in an increase in
demand for industrial goods. All these indicators are expected to generate an
improved demand for chemical products. Thus, the outlook for the chemical
industry remains optimistic.
AGRICULTURAL SOLUTIONS
The Agricultural Solutions business includes agrochemicals like
insecticides, herbicides, fungicides and specialties. The Indian food grain
production in 2010-2011 is likely to be 232 million tonnes as against the
target of 245 million tonnes. Due to good monsoon in the year 2010-2011, the
production of rice and wheat is expected to be higher as compared to the year
2009-2010. With continued government initiatives and a positive forecast for
the monsoon,
In 2010, the crop protection industry achieved double digit growth due
to growth in new chemistries. Fungicides and Herbicides segments, in which the
Company offers a variety of products, registered good growth.
During the year, the Agricultural Solutions business of the Company
continued to be on the growth path due to introduction of new products,
expansion of marketing initiatives and consolidation and building on the
various strategic measures initiated in the earlier years. The Samruddhi
(prosperity) program, where the Company operates as a total solution provider
for the farmers, continued during the year and was extended to newer
geographies and crops. Due to this program, the Company has been viewed by the
farming community as an important “Partner in their Progress”.
During the year, the Company has successfully launched its new brand “Headline”
in the Fungicide segment, which will add value to the existing product
portfolio and also provide entry in new crops.
PERFORMANCE PRODUCTS
The Performance Products business includes performance chemicals,
dispersions and pigments, care chemicals, nutrition and health and paper
chemicals. This business caters to the requirements of a wide spectrum of
industries, including textile, leather, plastics and coatings, detergent
formulators, automobile and oil.
The Leather Chemicals business witnessed a slow recovery, post the
global economic crisis. After witnessing growth in the first half of 2010, the
demand stabilized at a lower level in the second half of 2010. Sales of all the
product groups of the leather chemicals business of the Company, in particular,
retanning systans, water repellants, polyurethane binders and beam house
auxiliaries were higher as compared to the previous year. During the year, the
leather chemicals business division will focus on the promotion of new
products. Stringent pollution norms, higher input costs and power shortages in
certain leather production areas are serious concerns for this business.
Challenging conditions prevailing in the leather industry are forcing medium
and small leather manufacturers to consider cheaper alternative products as
against the quality products offered by the Company.
The Indian textiles chemicals market comprises of diverse players in
terms of size, from single product suppliers to suppliers offering chemicals
for the entire value chain, along with additional technical services such as
process optimization, specialized fabric testing and certification. The Indian
textile chemicals market is estimated to grow at 4-5% in coming years. During
the year, the Company’s textiles chemicals business achieved good growth, both
in value and volume terms.
New opportunities are foreseen in the Home and Technical Textiles
segments. Textiles with performance finishes such as water repellants, stain
repellant, anti-bacterial finish are expected to do well in the domestic
market. Eco-friendly chemicals, which offer savings in energy and water
consumption, will be the key drivers for growth in the coming years.
The outlook for the Textiles Chemicals business looks challenging due to
rising raw material prices and stiff competition in the domestic market.
The Care Chemicals business of the Company focuses on home and personal
care and formulation technologies.
During the year, significant growth was recorded in the Care Chemicals business
as compared to the previous year due to addition of erstwhile Ciba products
into this business. Substantial growth was also registered in Home Care and
Formulation Technologies.
The Nutrition and Health business of the Company comprises of Human Nutrition,
Animal Nutrition, Pharma Ingredients, Application Services and Flavours and
Fragrances. During the year, the Nutrition and Health business registered good
growth as compared to the previous year.
The Pharma Application Laboratory provides customer and industry focused
activities to Industrial customers.
The Plastics additives, Fuels and Lubricant solutions, oil, water and
mining solutions businesses recorded healthy sales as compared to the previous
year. The Technical Application Laboratory, especially for fuels and lubricants
and plastic additives contributed positively to the growth of the businesses.
The Dispersions and Pigments division of the Company caters to the needs
of the coatings, paints, adhesives, printing, packaging and construction
industries. The Dispersions and Pigments business registered strong growth in
sales due to general economic upturn. New generation dispersions introduced in
the automotive sector and overall growth in paints and coatings industries,
contributed to the growth of this business.
The Paper Chemicals business has a comprehensive product portfolio and
technical expertise. The Company is 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 due to its varied product range
and better distribution network. However, increasing raw material and energy
costs are causes of concern for this business.
With the local manufacturing facilities at Mangalore and Ankleshwar, the
Paper Chemicals business is expected to further grow in the coming years.
The Refinery chemicals and chemical catalysts business achieved good
sales for the year. However, increase in raw material prices remains a concern.
In the coming years, the Company expects a moderate growth in this business.
PLASTICS
The Plastics division comprises of Expandable Polystyrene (EPS),
performance polymers (engineering plastics) and polyurethanes businesses.
During the year 2010-2011, the EPS business of the Company recorded
healthy growth in volume and turnover. Growth in consumer electronics and home
appliances are major demand drivers for the plastics business.
Volatile raw material prices, low import duty barriers and
under-utilized capacities in
The Company has been continuously focusing on innovation, functionality,
eco-compatibility and vital aesthetic to match fast changing attitudes and
expand its business in growth-oriented markets.
In the insulation segment, major consumers include cold storages and
air-conditioned buildings. The Company also launched the initiative “Building
Envelop Concept” for construction of Green buildings.
Performance Polymers are primarily used in the automotive industry, electrical
switchgear and accessories and barrier films for packaging. This business
recorded significant growth as compared to the previous year, mainly on account
of higher sales volume in compounded performance polymers.
The Company’s Engineering Plastics Compounding Plant, which was
commissioned last year, successfully completed its first year of operation.
Overall, the outlook for Plastics business is favourable. The
Polyurethanes (PU) market witnessed significant growth during 2010 mainly due
to fast development and growth of key PU end user industries such as furniture,
automobiles, consumer durables and footwear. The market for polyurethanes
business in
In order to cater to the strong growth of the Automobile production in
FUNCTIONAL SOLUTIONS
Pursuant to the integration of businesses of erstwhile BASF Coatings (
The Coatings business comprises of three segments viz., automotive OEM
coatings, automotive refinish coatings and industrial coatings. The Company is
one of the major players in the automotive coatings industry in
The Company has been working jointly with automotive OEM customers to
develop innovative coatings processes through its research and development
initiatives and also providing technical services. The Company's
During the year, the automotive refinish business of the Company showed
favourable growth. The
Company’s global premium refinish product brand “Glasurit” and local
refinish brand “L2K” also demonstrated steady growth.
However, higher input costs and raw material availability would be the
major challenges for this business. Rising fuel prices and high interest cost
may hinder the growth of the automotive market. The industrial coatings
business includes pre-coatings which comprises of coil coatings, foil coatings
and panel coatings.
With the current prospects of high growth in the automotive sector in
The Construction Chemicals Business of the Company supplies chemical
systems and formulations for customers in the construction industry.
The Admixture systems business caters to customers from the ready-mix,
pre-fabrication, concrete products and
underground mining industries.
The Construction systems business offers products for sports and
industrial flooring, exterior insulation, facade systems, expansion joints, wood
preserving agents and construction and repair products. During the year, the
Construction Chemicals business of the Company recorded healthy growth both in
turnover and volume. The Admixtures systems business recorded significant
growth in turnover and volumes due to introduction of new technology products.
Introduction of new technology solutions provided by the Company such as
UCRETE, Masterpen, Coniroof, MBrace, have been well accepted by the local
customers.
Positive growth in demand is foreseen in the Construction Chemicals
business due to the strong growth in construction industry viz., commercial,
residential, infrastructure projects, power plants etc.
CHEMICALS
The Company’s Chemicals business includes intermediates, inorganics,
petrochemicals and other process chemicals. The chemicals supplied by the BASF
Group cater to the requirement of a wide range of user industries including
coatings, life sciences, construction additives, food and feed, plastics and
fibers, process chemicals and intermediates. The performance of the
intermediates business witnessed a steady recovery as compared to the previous
year. During the year, the focus areas such as coatings, life sciences and
chemical processing were the growth drivers for the chemicals business, which
was well supported by competitiveness and growth witnessed in associated
industrial sectors such as automotive, durables, construction, healthcare and
retail.
The Company continues to concentrate on customer focused activities to
achieve higher growth. Stronger logistics and supply chain support actions
taken by the Company would support the business activity during the current
year.
The product portfolio of the petrochemicals business includes acrylics,
plasticizers and solvents. During the year, the petrochemicals business
achieved substantial growth in turnover and volumes. The Company expects good
growth in the acrylics esters business in coming years. However, the continuing
increase in crude oil prices and its effect on the down stream petrochemical
industry is a major concern.
The performance of the inorganic chemicals business of the Company was
significantly higher as compared to the previous year. New businesses and
growth segments were identified with emphasis in life sciences, textiles,
powder injection moulding and electronic related applications. The outlook for
the Chemicals business is positive.
TECHNICAL MANAGEMENT
The efforts for optimum utilization of assets at all manufacturing sites
continued during the year. This ensured optimal utilization of manpower and
resources. These steps, coupled with energy conservation measures undertaken by
the Company, resulted in cost reduction, higher yield, lower batch cycle time,
better quality products, enhanced capacities and also had a positive impact on
the environment. During the year, a number of technical initiatives and energy
conservation measures were implemented at all production sites of the Company.
As part of the several steps undertaken globally in the sphere of
climate protection, the Company has strived to reduce emissions and ensured
effective utilization of resources like water and electricity, which led to
decrease in emission of air pollutants.
All the production sites of the Company have achieved higher production
and productivity as compared to the previous year.
Environment, Health and Safety management continued to receive priority
at all sites. Industrial relations in all the factories continue to remain
cordial.
Contingent Liabilities not provided for: (As
on 31.03.2011)
a) Claims against
the company not acknowledged as debts: Rs. 31.100 Millions (Previous year Rs.
30.200 Millions) in Respect of which the company has counter claims of Rs.
67.000 Millions (Previous year Rs. 67.000 Millions)
b) Demands for
taxes and duties in respect of which the company has preferred appeals with
appropriate authorities
- Income tax : Rs. 32.000 Millions
(Previous year Rs. 66.600 Millions)
- Customs, Excise and Sales Tax : Rs.
142.700 Millions (Previous year Rs. 131.000 Millions)
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2011
Rs.
in Millions
|
PARTICULAR |
3 MONTHS ENDED |
YEAR TO DATE FIGURES
FOR CURRENT PERIOD YEAR |
|
|
30.09.2011 |
30.09.2011 |
|
|
|
|
|
(a)
Net Sales / Income from operations |
9509.400 |
19647.000 |
|
(b)
Other Operating Income |
20.000 |
45.800 |
|
Total
Income |
9529.400 |
19692.800 |
|
|
|
|
|
Expenditure |
|
|
|
a)
(Increase) / Decrease in stock in trade and work in progress |
326.300 |
243.800 |
|
b)
Consumption of raw materials |
4450.100 |
9232.600 |
|
c)
Purchase of traded goods |
2177.400 |
4845.800 |
|
d)
Employees cost |
610.300 |
1233.400 |
|
e)
Depreciation |
124.400 |
240.400 |
|
f)
Other expenditure |
1324.700 |
2583.400 |
|
Total |
9013.200 |
18379.400 |
|
|
|
|
|
Profit
before interest and exceptional Items |
516.200 |
1313.400 |
|
Interest |
9.900 |
26.100 |
|
Profit (+)/Loss(-) from
Ordinary Activities before tax |
506.300 |
1287.300 |
|
Tax
expense |
164.400 |
418.800 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
341.900 |
868.500 |
|
Net Profit
(+) / Loss (-) for the year period |
341.900 |
868.500 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
432.900 |
432.900 |
|
Reserves
excluding revaluation reserves as per balance sheet of previous accounting
year |
|
|
|
Earning
per share (EPS) |
|
|
|
(a) Basic and diluted
EPS before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
7.90 |
11.20 |
|
(a) Basic and diluted EPS
before Extraordinary items for the period, for the year
to date and for the previous year (not to be
annualised) |
7.90 |
11.20 |
|
Public
shareholding |
|
|
|
Number of shares |
11542420 |
11542420 |
|
Percentage of shareholding |
26.70 |
26.70 |
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
a)
Pledged /Encumbered |
|
|
|
Number
of shares |
-- |
-- |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
-- |
-- |
|
Percentage
of shares (as a % of total share capital of the company) |
-- |
-- |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
Number
of shares |
31743220 |
31743220 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
|
Percentage
of shares (as a % of total share capital of the company) |
73.30 |
73.30 |
NOTE:
·
The above results for the quarter and half year
ended 30th September 2011 have been reviewed by the audit committee at
its meeting held on October 25, 2011 and thereafter approved by the board of
directors at its meetings held on October 25, 2011.
·
Agricultural Solutions business, which constitutes
significant part of sales for this quarter, is seasonal in nature and hence the
quarterly figures are not representative of the full year.
·
Provision for taxation includes provision for
current income tax and deferred tax.
·
The Scheme of Amalgamation of BASF Polyurethanes
India Limited (BPIL), BASF Coatings (India) Private Limited (BCIN) and BASF
Construction Chemicals (India) Private Limited (BCCIPL) with the company was
sanctioned by Hon’ble High Court of Bombay vide its order dated January 14,
2011. Accordingly BPIL, BCIN and BCCIPL were merged with the company from the appointed
date, April 1, 2010, In view of the aforesaid amalgamation, the figures for the
current quarter and year to date for current period ended September 30, 2011
including EPS are not strictly comparable with the figures for the
corresponding period of the previous year.
·
The result of the Merged entities for the quarter
and half year ended 30th September, 2011 were as follow:
|
Particular |
Quarter
Ended 30.09.2011 [Rs.
in Millions] |
Half
Year Ended 30.09.2011 [Rs.
in Millions] |
|
Net sales / income from operations |
2674.800 |
5214.900 |
|
Profit before interest and tax |
22.800 |
23.800 |
·
Pursuant to an agreement entered into between BASF
India Limited and Cognis Speciality Chemicals India Private Limited the specially
chemical business of cognis along with assets and liabilities were purchased by
the company on going concern basis w.e.f. 01.07.2011. The assets and
liabilities of cognis have been taken over at fair value and the difference,
between the fair value of the net assets purchased over the consideration paid
aggregating to Rs.68.800 millions has been accounted as goodwill.
·
There were no investor complaints pending at the
beginning and end of the current quarter, no investor complaints was received
during the quarter.
·
The results for the quarter and half year ended
September 30, 2011 have been subjected to “Limited Review” by the auditors.
·
Previous periods figures have been regrouped,
wherever necessary to conform to current periods classification.
BALANCE SHEET
AS ON 30TH SEPTEMBER 2011
|
|
|
Rs in Millions |
|
Particulars |
Quarter ended |
|
|
As on 30.09.2011 |
||
|
(Unaudited) |
||
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
432.800 |
|
|
Reserves & Surplus |
10115.400 |
|
|
|
|
|
|
LOAN FUNDS |
1052.100 |
|
|
|
|
|
|
DEFERRED TAX
LIABILITIES |
0.000 |
|
|
|
|
|
|
TOTAL |
11600.300 |
|
|
|
|
|
|
FIXED ASSETS |
4068.500 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
|
|
DEFERRED TAX
ASSETS |
43.700 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
Inventories |
5695.800 |
|
|
Sundry Debtors |
6123.400 |
|
|
Cash & Bank
Balances |
576.300 |
|
|
Other Current
Assets |
0.000 |
|
|
Loans &
Advances |
1998.800 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
Other Current
Liabilities |
6681.100 |
|
|
Provisions |
225.100 |
|
|
|
|
|
|
Net
Current Assets |
7488.100 |
|
|
|
|
|
|
TOTAL |
11600.300 |
|
FIXED ASSETS
·
·
·
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
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
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
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
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
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.52.78 |
|
|
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.68.87 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.