MIRA INFORM REPORT

Report Date :

17.01.2011

IDENTIFICATION DETAILS

Name :	BASF ESPANOLA SL
Registered Office :	Carretera Nacional 340 (Km 1156), 43006 Tarragona
Country :	Spain
Financials (as on) :	31.12.2008
Date of Incorporation :	08.09.1966
Legal Form :	Sole-partnered Limited Liability Company
Line of Business :	Manufacturer of other inorganic basic chemical products

RATING & COMMENTS

MIRA’s Rating :

Ca

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Poor
Payment Behaviour :	Slow
Litigation :	Clear

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 – June 30, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
Spain	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXECUTIVE SUMMARY

Identification

Current Business Name: BASF ESPANOLA SL

Other names:  YES

Current Address:  CARRETERA NACIONAL 340 (KM 1156)

43006 TARRAGONA 

Branches:  6

Telephone number: 977256200 Fax: 977256201

URL:  www.basf.es 

Trade Risk

Credit Appraisal: Caution suggested 

Incidents:  YES

Financial Information

Latest sales known (2009):  522.425.640,00  €  (Estimated)

Balance sheet latest sales (2008): 512.182.000,00 € (Trade Register)

Result:  -96.050.000 €

Total Assets: 892.715.000 €

Social Capital:  9.030.000,00 €

Employees:  600

Listed on a Stock Exchange: NO

Commercial Information

Incorporation date:  08/09/1966

Activity:  Mfg. of other inorganic basic chemical products

NACE 2009 CODE: 2013

International Operations:  Imports and Exports

Corporate Structure

President: 

SEUFERT WALTER GERHARD

Parent Company: 

BASF AKTIENGESELLSCHAFT

Participations:  19

Other Complementary Information

Latest act published in BORME:  08/06/2010 Appointments

Latest press article:  29/07/2010 EXPANSIÓN DE CATALUÑA (BRANCHES)

Bank Entities:  There are

The date when this report was last updated is 13/09/2010.

The information contained in this report has been investigated and contrasted on 14/07/2010

TRADE RISK

Credit Appraisal

Maximum Credit

(from 0 to 6,000,000 €)

Caution suggested 

Financial Situation

Exercise:2008

Treasury	Very degraded
Indebtedness	Important
Profitability	Very Negative
Balance	Very Degraded

Performance

Incidents	Exceptional
Business Trajectory	Acceptable

Latest investigations carried out indicate that the subject could be having problems with its payments.

INCIDENTS

Summary

LEGAL ACTIONS: No legal actions registered

ADMINISTRATIVE CLAIMS: 1  ( Last:20/05/2005 )

With the Social Security:	0
With the Tax Authorities:	0
With Other Official bodies:	1

AFFECTED BY: 

9 Company / Companies in Insolvency Proceedings.

Latest Administrative Claims

Figures expressed in €

WITH OTHER OFFICIAL BODIES

Seizures

DATE	ORGANIZATION	AMOUNT
20/05/2005	TOWN/ CITY HALL DE MADRID

FINANCIAL ELEMENTS AND SECTORIAL COMPARATIVE

FINANCIAL ELEMENTS

The shaded amounts in the following financial statements have been converted to the norms established in the PGC2007 derived from RD 1514/2007 and 1515/2007, this way comparatives could be shown with the amounts of exercises initiated from 1/01/08.

Balance-sheet analysis

Figures given in thousands €

	31/12/2008 (12)	% ASSETS	31/12/2007 (12)	% ASSETS
ASSETS
A) NON CURRENT ASSETS	632.570,00	70,86	549.369,00	68,50
B) CURRENT ASSETS	260.145,00	29,14	252.623,00	31,50
LIABILITIES
A) NET WORTH	153.908,00	17,24	233.940,50	29,17
B) NON CURRENT LIABILITIES	31.708,00	3,55	14.578,50	1,82
C) CURRENT LIABILITIES	707.099,00	79,21	553.473,00	69,01

A) NON CURRENT ASSETS  B) CURRENT ASSETS	A) NET WORTH  B) NON CURRENT LIABILITIES  C) CURRENT LIABILITIES

Balance Sheet Comments

Total assets of the company  grew in 11,31%  between 2.007 and 2.008.

This growth is a consequence of non current assets increase in 15,14%.

This growth has been financed with an indebtedness increase of 30,06. Besides, Net Worth has reduced in 34,21%, which explains a part of the indebtedness increase.

Profit and Loss Account Analysis

Figures given in thousands €

	2009	31/12/2008 (12)	% NET TURNOVER	31/12/2007 (12)	% NET TURNOVER
SALES	522.425,64	512.182,00		489.401,00
GROSS MARGIN		189.287,00	36,96	177.341,00	36,24
EBITDA		39.866,00	7,78	24.994,00	5,11
EBIT		27.171,00	5,30	-3.502,00	-0,72
NET RESULT		-96.050,00	-18,75	21.094,00	4,31
EFFECTIVE TAX RATE (%)		-1,27		-29,87

Profit and Loss Account Comments

The company’s sales figure  grew in 4,65% between 2.007 and 2.008.

The company’s EBIT  grew in 875,87% between 2.007 and 2.008.

This evolution implies an increase in the company’s economic profitability .

The result of these variations is an increase of the company’s Economic Profitability of 945,45% in the analysed period, being equal to 4,60% in the year 2.008.

The Net Result of the company  decreased in 555,34% between 2.007 and 2.008.

The company’s Financial Profitability has been negatively affected by the financial activities in comparison with EBITs behaviour .

The result of these variations is a reduction of the company’s economic profitability of 1.010,92% in the analysed period, being equal to -63,40% in the year 2.008 .

ANNUAL FINANCIAL REPORT ADDITIONAL DATA

Results Distribution

Source: annual financial report 2008

Figures given in €

DISTRIBUTION BASE		DISTRIBUTION TO
Profit and Loss	-96.050.495,35	Legal Reserve	0,00
Carry Over	0,00	Voluntary Reserve	0,00
Voluntary reserves	0,00	Prior years losses	-96.050.495,35
Reserves	0,00	Carry Over	0,00
Other concepts	0,00	Other funds	0,00
Total of Amounts to be distributed	-96.050.495,35	Dividends	0,00
		Other Applications	0,00

Auditing

Source: filing of annual financial statement 2008

Auditors’ opinion: FAVOURABLE

Auditor: KPMG AUDITORES S.L.

COMPARATIVE SECTOR ANALYSIS

Values table

Figures expressed in %

	COMPANY (2008)	SECTOR	DIFFERENCE
BALANCE SHEET ANALYSIS: % on the total assets
ASSETS
A) NON CURRENT ASSETS	70,86	55,37	15,49
A) CURRENT ASSETS	29,14	44,63	-15,49
LIABILITIES
A) NET WORTH	17,24	37,74	-20,50
B) NON CURRENT LIABILITIES	3,55	13,68	-10,13
C) CURRENT LIABILITIES	79,21	48,57	30,63
	COMPANY (2008)	SECTOR	DIFFERENCE
PROFIT AND LOSS ACCOUNT ANALYSIS: % on the total operating income
SALES	84,64	97,96	-13,32
GROSS MARGIN	31,28	41,01	-9,73
EBITDA	6,59	7,08	-0,49
EBIT	4,49	2,77	1,72
NET RESULT	-15,87	0,06	-15,94

Sector Composition

Compared sector (NACE 2009): 2013

Number of companies: 16

Size (Sales Figure): > 7,000,000.00 Euros

Comments on the sectorial comparative

ADDRESSES

Business address

Current Legal Seat Address: 

CARRETERA NACIONAL 340 (KM 1156)

43006 TARRAGONA

Previous Seat Address: 

PASEO GRACIA 99

08008 BARCELONA

Branches

STREET	POSTAL CODE	TOWN	PROVINCE
CALLE CAN RABIA (5), 3	08017	BARCELONA	Barcelona
PASEO GRACIA (BJ), 99	08008	BARCELONA	Barcelona
CARRETERA MIG, 129	08907	L’HOSPITALET DE LLOBREGAT	Barcelona
CALLE MICER MASCO, 2	46010	VALENCIA	Valencia
BARRIO GALINDO (S-N), S/N	48510	VALLE DE TRAPAGA	Vizcaya
PASEO FERNANDO EL CATOLICO (3 DR), 26	50009	ZARAGOZA	Saragossa

CORPORATE STRUCTURE

ADMINISTRATIVE LINKS

Main Board members, Directors and Auditor

POSITION	NAME AND SURNAME		APPOINTMENT DATE
PRESIDENT	SEUFERT WALTER GERHARD		18/05/2005
VICE-PRESIDENT	THOMAS CHEWSKI DIETER		11/05/2002
VICE-PRESIDENT	RAUHE ERWIN		17/09/2009
MEMBER OF THE BOARD	CARBONERO ZALDUEGUI LUIS		26/06/2007
SECRETARY	VILA VILA JOAN		20/05/2010
AUDITOR		APPOINTMENT DATE
KPMG AUDITORES SL		16/03/2010

Functional Managers

POSITION	NAME AND SURNAME
General Manager	SEUFERT WALTER GERHARD
Financial Director	BUTTICE GUILLERMO ENRIQUE
Human Resources Director	ALONSO GUSTAVO
Commercial Director	NAVARRO CARLES

FINANCIAL LINKS

Shareholders

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
BASF AKTIENGESELLSCHAFT	GERMANY	100,00		22/06/2010

Participations

BUSINESS NAME	CIF / COUNTRY	%	SOURCE	DATE REP.
BASF CONSTRUCTION CHEMICALS PORTUGAL LDA	PORTUGAL	100,00		31/12/2008
BASF POLIURETANOS IBERIA SA	A48058408	100,00		20/05/2010
BASF TRADING CENTRE-PRODUCTOS QUIMICOS LTDA	PORTUGAL	100,00		31/12/2008
BTC ESPECIALITY CHEMICAL DISTRIBUTION UNIPESSOAL LTDA	PORTUGAL	100,00		03/03/2006
BTC SPECIALITY CHEMICAL DISTRIBUTION SL.	B62953435	100,00		23/06/2010
BASF COLOR SOLUTIONS IBERIA S.L.	B64621766	100,00		31/12/2008

CREDIT INFORMATION

Constitution

Incorporation date: 08/09/1966

Activity

Activity: Mfg. of other inorganic basic chemical products

NACE 2009 CODE: 2013

NACE 2009 Activity: Manufacture of other inorganic basic chemicals

Business: FABRICACION Y COMERCIALIZACION DE PRODUCTOS QUIMICOS EN GENERAL,

Employees

Number of total employees: 600 (2010)

Number of fixed employees: 100,00%

Employees evolution

COMMERCIAL OPERATIONS

PURCHASES

Payments (estimated): 

Import Percentage: 27%

Imports from: UNION EUROPEA RESTO DEL MUNDO

National Distribution: 73%

SUPPLIERS

BUSINESS NAME	INTERNATIONAL
BASF PORTUGUESA LDA	YES
BASF MALTA LTD	YES
BASF CURTEX SA	NO
BASF COORDINATION CENTER COMM V	YES
BASF CATALYST LLC	YES
BASF BELGIUM SA	YES
BTC PRODUCTOS QUIMICOS LDA PORTUGAL	YES
BASF SONATRACH PROPANCHEM SA	NO
BASF SE	YES
BASF AGRO BV	YES

SALES

Collection (estimated): 

Export Percentage: 23%

National Distribution: 77%

CLIENTS

BUSINESS NAME	INTERNATIONAL
BTC PRODUCTOS QUIMICOS LDA PORTUGAL	YES
BASF SONATRACH PROPANCHEM SA	YES
BASF SERVICES EUROPE GMBH	YES
BASF SE	YES
BASF CONSTRUCTION CHEMICALS ESPAÑA SL	NO
BASF CONSTRUCTION CHEMICALS PORTUGAL LDA	YES
BASF AGRO BV	YES

Banks

ENTITY	BRANCH	ADDRESS	TOWN OR CITY	PROVINCE
BANCO BILBAO VIZCAYA ARGENTARIA, S.A.	1000	PL. DE CATALUÑA, 5	BARCELONA	Barcelona
BANCO SANTANDER, S.A.	4700	PS DE GRACIA 5 APDO. 00000	BARCELONA	Barcelona
BANKINTER, S.A.	0500	AVDA.DIAGONAL,507-509	BARCELONA	Barcelona
DEUTSCHE BANK A.G., S.E.	0002	PASEO DE GRACIA,111 12	BARCELONA	Barcelona
DEUTSCHE BANK, S.A.E.			BARCELONA

Brands

FORMER NAMES: 

• BASF ESPANOLA SA

Brand name: AGRICENTER (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 03/04/2003

Brand name: AGROPORTAL (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 03/04/2003

Brand name: BIDRIN (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/01/1900

Brand name: TALCORD (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/01/1900

Brand name: BLADEX (Valid)

Type: DENOMINATIVE    Scope: NATIONAL    Date: 01/01/1900

LEGAL STRUCTURE

Constitution Data

Register Date: 08/09/1966

Current structure data

Current Legal Form: Sole-partnered Limited Liability Company

Social Capital: 9.030.000,00 €

Legal Aspects

Obligation to fill in Financial Statements: YES

Chamber census: YES (2008)

B.O.R.M.E. (OFFICIAL COMPANIES REGISTRY GAZETTE)

Summary

  Acts on activity: 0

  Acts on administrators: 184 (Last: 08/06/2010, first: 16/08/1990)

  Acts on capital: 1 (Last: 11/12/2000)

  Acts on creation: 0

  Acts on filed accounts: 20 (Last: 08/02/2010, first: 10/12/1990)

  Acts on identification: 2 (Last: 06/02/2007, first: 19/06/2001)

  Acts on Information: 5 (Last: 12/05/2008, first: 02/04/1993)

  Acts on proceedings: 9 (Last: 19/02/2010, first: 11/07/1997)

Latest acts in B.O.R.M.E.

Most relevant acts of the last twelve months

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Takeover merger	19/02/2010	73260	Tarragona

Other acts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Appointments	08/06/2010	227699	Tarragona
Resignations	08/06/2010	227699	Tarragona
Re-elections	16/03/2010	111241	Tarragona
Appointments	05/03/2010	95846	Tarragona
Appointments	22/01/2010	26886	Tarragona
Resignations	22/01/2010	26886	Tarragona
Appointments	20/10/2009	438839	Tarragona

Latest filed accounts

ACT	DATE	NOTICE NUM.	TRADE REGISTER
Annual Filed Accounts (2008)	08/02/2010	83178	Tarragona
Annual Filed Accounts (2007)	28/01/2009	46377	Tarragona
Annual Filed Accounts (2006)	20/12/2007	1196904	Tarragona

PRESS ARTICLES

Press summary by type of information (last five years)

Legal notices: 4 (Last: 25/05/2010, first: 22/02/2007)

Structural Data: 16 (Last: 29/07/2010, first: 02/10/2005)

Informative data: 21 (Last: 24/06/2010, first: 01/02/2005)

Financial Information: 6 (Last: 06/06/2008, first: 15/03/2005)

Negative information: 0

Business lines: 9 (Last: 01/04/2010, first: 24/02/2006)

Historical press releases: 126 (Last: 11/12/2004, first: 19/03/1993)

Latest press article published

29/07/2010 EXPANSIÓN DE CATALUÑA - BRANCHES

BASF ha iniciado la construcción de la planta de IGEST-RES en los terrenos del centro de producción del grupo en Tarragona. La inversión inicial en este proyecto asciende a 6 millones de euros y generará 25 puestos de trabajo a partir de 2011.  

IGEST-RES es proveedora de BASF. 

24/06/2010 NEGOCIO (Page 12) SHAREHOLDERS AND HOLDINGS

Basf SE ha comunicado la firma de un acuerdo para la compra de Cognis. El valor de la transacción asciende a 3.100 millones, incluyendo la deuda financiera y los planes de pensiones. De esta cantidad, 700 millones se destinarán a la compra de acciones a Cognis Holding Luxemburgo, controlado por los fondos Permira, GS Capital Partners y SV Life Sciences. Cognis, que cuenta con 62 centros de producción en 30 países, posee 2 centros en Barcelona (España). La compra de Cognis precisa de la aprobación de las autoridades europeas de la competencia. Una vez se proceda a la compra, la producción de Cognis se integrará en el área de Perfomance Products de BASF. 

24/06/2010 NEGOCIO (Page 12) GENERAL INFORMATION

La multinacional alemana Basf acaba de finalizar un proceso de reestructuración iniciado en 2009 que supuso el cierre de una planta en Tarragona y el recorte de empleo en otra instalación. El grupo ha atravesado en España un mal año, con un descenso de ventas del 25% en 2009. En el primer trimestre de 2010, las ventas han repuntado un 27%. Erwin Rauhe, vicepresidente y consejero delegado de Basf Española, está satisfecho con las fábricas de Guadalajara, Tarragona y la de Rubí. En cambio, en otras divisiones de la empresa, como es Constructions Chemicals, la situación no está tan clara. Según Rauhe, tras la reducción de la capacidad productiva, se centrarán en racionalizar la estructura. 

Complementary Information

Current situation

Según Borme Sección I de fecha 10/11/09 esta sociedad ha absorbido a CIBA IBERIA S.L. NIF B61166807

Según Borme Sección II de fecha 21/02/2007 esta sociedad se encuentra en proceso de absorber a ENGELHARD CATALYST-CENTER TARRAGONA S.L. NIF B43616598.

La Junta General de fecha 15/05/2000, acordo la escisión parcial de BASF ESPANOLA S.A. NIF A08200388 siendo beneficiaria COMPO AGRICULTURASL NIF B62126198, según anuncio publicado en Borme Sección 2 del 22/05/2000.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.30
UK Pound	1	Rs.71.73
Euro	1	Rs.60.40

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

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%)

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