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Report Date : |
27.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
BASF
HONG KONG LTD. |
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Formerly Known As : |
Ciba ( |
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Registered Office : |
45/F., Jardine House, |
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Country : |
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Date of Incorporation : |
20.12.1977 |
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Com. Reg. No.: |
00614211 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of Plastic additives, coating effects, and water & paper treatment, etc. |
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No. of Employees : |
240. (Including associates) 111,141. (Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
BASF HONG
KONG LTD.
45/F., Jardine House, 1 Connaught Place, Central, Hong Kong.
PHONE: 2731 0111, 2731 1222, 2731 1500
FAX: 2731 5631, 2734 9631
E-MAIL: basf@basf-china.com.hk
Managing Director: Mr. Ulf Hinrich Loleit
Incorporated on: 20th December, 1977.
Organization: Private Limited Company.
Capital: Nominal: HK$54,000,000.00
Issued: HK$54,000,000.00
Business Category: Specialty Chemicals Manufacturer and Trader.
Group Sales:- (Year ended 31-12-2011)
€73,497 million (The BASF Group)
€13,316 million (Asia Pacific Region)
Company Employees: 240. (Including associates)
Group Employees: 111,141. (As at 31-12-2011)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Calyon Corporate & Investment Bank, Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
45/F., Jardine House, 1 Connaught Place, Central, Hong Kong.
Immediate Holding Company:-
BASF East Asia Regional Headquarters Ltd., Hong Kong.
Ultimate Holding Company:-
BASF SE (or known as BASF Societas Europaea)
Carl-Bosch-Strabe 38, 67056 Ludwigshafen, Germany.
[Tel: 49-621-60-0; Fax: 49-621-60-42525]
Affiliated Companies:-
BASF Group of
Companies
· BASF (China) Co. Ltd., China.
BASF (Malaysia) Sdn. Bhd., Malaysia.
BASF (Thai) Ltd., Thailand.
BASF Agro Ltd., Japan.
BASF Argentina S.A., Argentina.
BASF Asia Pacific Service Centre Sdn. Bhd.,
Malaysia.
BASF Australia Ltd., Australia.
BASF Auxiliary Chemicals Co. Ltd., China.
BASF Bangladesh Ltd., Bangladesh.
BASF Beteiligungsgesellschaft mbH, Germany.
BASF Bolivia S.r.l., Bolivia.
BASF Canada Inc., Canada.
BASF Catalysts (Shanghai) Co. Ltd., China.
BASF Chemicals & Polymers Pakistan (Private)
Ltd., Pakistan.
BASF Chemicals Co. Ltd., China.
BASF Chile S.A., Chile.
BASF China Ltd., Hong Kong.
BASF Co. Ltd., South Korea.
BASF Coatings (Pty.) Ltd., South Africa.
BASF Coatings + Inks Philippines Inc.,
Philippines.
BASF Coatings AG, Germany.
BASF Coatings Australia Pty. Ltd. Pty. Ltd.,
Australia.
BASF Coatings International Trade (Shanghai) Co. Ltd., China.
BASF Coatings Japan Ltd., Japan.
BASF Coatings Ltd., UK.
BASF Coatings Services (Pty.) Ltd., South
Africa.
BASF Coatings Services GmbH, Germany.
BASF Construction Chemicals (Hong Kong) Ltd., Hong Kong.
[Members’ Voluntary Winding Up]
BASF Corporation, USA.
BASF de Costa Rica S.A., Costa Rica.
BASF Dominicana S.A., Dominican Republic.
BASF Ecuatoriana S.A., Ecuador.
BASF Electronic Materials (Shanghai) Co. Ltd.,
China.
BASF Electronic Materials Sdn. Bhd., Malaysia.
BASF Española S.L., Spain.
BASF FZE, UAE.
BASF Idemitsu Co. Ltd., Japan.
BASF India Ltd., India.
BASF Inoac Polyurethanes Ltd., Japan.
BASF Iran AG, Iran.
BASF IT Services Ltd., UK.
BASF
Japan Ltd., Japan.
BASF
JCIC Neopentylglycol Co. Ltd., China.
BASF Kanoo Gulf FZE, UAE.
BASF Maroc S.A., Morocco.
BASF Mexicana S.A. de C.V., Mexico.
BASF New Zealand Ltd., New Zealand.
BASF Pakistan (Private) Ltd., Pakistan.
BASF Paraguaya S.A., Paraguay.
BASF Petronas Chemicals Sdn. Bhd., Malaysia.
BASF Philippines Inc., Philippines.
BASF plc, UK.
BASF Poliuretanos Ltda., Brazil.
BASF Poliuretanos S.A., Argentina.
BASF Polyurethane (China) Co. Ltd., China.
BASF Polyurethanes (Malaysia) Sdn. Bhd.,
Malaysia.
BASF Polyurethanes (Taiwan) Co. Ltd., Taiwan.
BASF Polyurethanes (Thailand) Ltd., Thailand.
BASF Quimica Colombiana S.A., Colombia.
BASF Resins Co. Ltd., Hong Kong.
BASF S.A., Brazil.
BASF Services (Malaysia) Sdn. Bhd., Malaysia.
BASF Shanghai Coatings Co. Ltd., China.
BASF Singapore Pte. Ltd., Singapore.
BASF South Africa (Pty.) Ltd., South Africa.
BASF South East Asia Pte. Ltd., Singapore.
BASF Styrenics East Asia Co. Ltd., Hong Kong.
BASF Styrenics Private Ltd., India.
BASF
Taiwan Ltd., Taiwan.
BASF Tunisie S.A., Tunisia.
BASF Türk Kimya Sanayi ve Ticaret Ltd. Sti.,
Turkey.
BASF Uruguaya S.A., Uruguay.
BASF Venezolana S.A., Venezuela.
BASF Vitamins Co. Ltd., China.
BASF-Finlay (Private) Ltd., Sri Lanka.
BASF-YPC Co. Ltd., China.
Cognis Holding GmbH, Germany.
ELLBA Eastern (Pte) Ltd., Singapore.
Kartal Kimya Sanayi ve Ticaret A.S., Turkey.
Nisso BASF Agro Co. Ltd., Japan.
NOF (Thailand) Ltd., Thailand.
P.T. BASF Indonesia, Indonesia.
Santoku BASF Pte. Ltd., Singapore.
Shanghai BASF Polyurethane Co. Ltd., China.
Shanghai
Gaoqiao BASF Dispersions Co. Ltd., China.
Shanghai
Lianheng Isocyanate Co. Ltd., China.
Styrolution Group GmbH, Germany.
Styrolution Holding GmbH, Germany.
Toray BASF PBT Resin Sdn. Bhd., Malaysia.
Yangzi-BASF Styrenics Co. Ltd., China.
Yasar BASF Automotive Coatings Co. Ltds.,
Turkey.
etc.
00614211
0057377
Managing Director: Mr. Ulf Hinrich Loleit
Nominal Share Capital: HK$54,000,000.00 (Divided into 54,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$54,000,000.00
(As per registry
dated 20-12-2011)
|
Name |
|
No. of shares |
|
BASF East Asia Regional Headquarters Ltd., Hong Kong. |
|
54,000,000 ======== |
(As per registry
dated 15-06-2012)
|
Name (Nationality) |
Address |
|
Soeren Piet BAUERMANN |
Flat 6011, 60/F., The Harbourview Place, 1 Austin Road West, Kowloon, Hong Kong. |
|
Albert Gerhard HEUSER |
Flat A, 49/F., The Summit, 41C Stubbs Road, Hong Kong. |
|
Ulf Hinrich LOLEIT |
Flat 1104, 11/F., Tower B, Queen’s Garden, 9 Old Peak Road, Mid-Levels, Hong Kong. |
|
Saori Ulrike DUBOURG |
Flat 3103, 31/F., Tower B, Queen’s Garden, 9 Old Peak Road, Mid-Levels, Hong Kong. |
(As per registry
dated 20-12-2011)
|
Name |
Address |
Co.
No. |
|
Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong Kong. |
0014900 |
The subject was incorporated on 20th December, 1977 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Ciba-Geigy (Hong Kong) Ltd., name changed to Ciba Specialty Chemicals (Hong Kong) Ltd. on 15th January, 1997, to Ciba (Hong Kong) Ltd. on 26th July, 2007, and further to the present style on 28th December, 2009.
Formerly the registered head office was located at 13/F., Warwick House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong, moved to combine with its laboratory and godown at 61-69 Yau Ma Hom Road, Kwai Chung, New Territories, Hong Kong in August 1998. In November 2005, the registered office was relocated at Suite 1104-1106, 11/F., Tower 2, The Gateway, Harbour City, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong, and subsequently to the present address in January 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer, Exporter and Wholesaler.
Lines: Plastic additives, coating effects, and water & paper treatment, etc.
Company Employees: 240. (Including associates)
Group Employees: 111,141. (As at 31-12-2011)
Materials/Commodities: Imported from Europe, Israel, etc.
Markets: Hong Kong (main), China, Europe, etc.
Group Sales:-
|
FY |
The
BASF Group |
Asia
Pacific Region |
|
Year ended 31-12-2007 |
€57,951 million |
€ 8,785 million |
|
Year ended 31-12-2008 |
€62,304 million |
€ 8,664 million |
|
Year ended 31-12-2009 |
€50,693 million |
€ 7,997 million |
|
Year ended 31-12-2010 |
€63,873 million |
€11,642 million |
|
Year ended 31-12-2011 |
€73,497 million |
€13,316 million |
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
GOVERNMENT
CONTRACT AWARDED SINCE 1999:
|
Date |
GN
No. |
Particulars |
Amount |
|
28-05-1999 |
GN3001 |
Supply of polyelectrolyte (Type I) |
HK$4,338,880 F.I.S./Hong Kong with ±20% variation (not exceeding HK$5,206,656) |
|
26-10-2001 |
GN6719 |
Supply of anionic polymer |
HK$901,120 F.I.S./Hong Kong with ±30% variation (not exceeding HK$1,171,456) |
|
27-10-2006 |
GN6881 |
Supply of cationic polymer |
US$2,565,000 (F.I.S./Hong Kong) |
|
27-10-2006 |
GN6881 |
Supply of polyelectrolyte (Type IV) |
HK$6,807,500 (F.I.S./Hong Kong) |
|
30-09-2010 |
GN6287 |
Supply of polyelectrolyte (Type IV) |
HK$7,047,000 (F.I.S./Hong Kong) |
Nominal Share Capital: HK$54,000,000.00 (Divided into 54,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$54,000,000.00
Group Operating Income:-
|
Period |
The
BASF Group |
Asia
Pacific Region |
|
Year ended 31-12-2007 |
€7,316 million |
€ 828 million |
|
Year ended 31-12-2008 |
€6,463 million |
€ 254 million |
|
Year ended 31-12-2009 |
€3,677 million |
€ 503 million |
|
Year ended 31-12-2010 |
€7,761 million |
€1,271 million |
|
Year ended 31-12-2011 |
€8,586 million |
€1,133 million |
Profit or Loss: Operation is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Reliable.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Calyon
Corporate & Investment Bank, Hong Kong Branch.
Deutsche
Bank AG, Hong Kong Branch.
Standing: Very Good.
BASF Hong Kong Ltd. [BHKL], incorporated in December 1977, was originally registered as Ciba-Geigy (Hong Kong) Ltd. [CGHK].
CGHK was a merger of Ciba and Geigy, two businesses established in Hong Kong in 1947 and 1946 respectively. In 1996, CGHK and Sandoz were merged; Ciba-Geigy’s industrial divisions spun off to form a specialty chemical firm - Ciba Specialty Chemicals. On 15th January, 1997, CGHK was renamed as Ciba Specialty Chemicals (Hong Kong) Ltd. [CSCHK].
CSCHK was a member of the Ciba Group. Ciba Holding AG [Ciba Holding] was the ultimate holding company of Group. Its shares were listed on the SIX Swiss Exchange, traded on SWX Europe, and its American Depositary Shares traded on the New York Stock Exchange until 20th July, 2007. Ciba Holding was a global leader in the discovery and manufacture of innovative specialty chemicals that provide colour, performance and care for plastics, coatings, paper and other products. Its products and services were also used to provide clean water and to treat water streams in industrial and municipal applications.
CSCHK was a specialty chemicals manufacturer and trader. Employing 200 persons and having a laboratory area of 10,000 sq.ft., CSCHK was engaged in manufacturing PC boards, multi-layer PCBs, ICs and other specialty chemicals. CSCHK also imported and wholesaled specialty chemicals such as additives, colours, consumer care and performance polymers, etc. Having a long history and getting a firm foothold in Hong Kong, CSCHK’s business had been good. On 26th July, 2007, CSCHK changed its name to Ciba (Hong Kong) Ltd. [Ciba HK].
On 15th September, 2008, BASF SE (or known as BASF Societas Europaea) [BASF] made a public tender offer to acquire all publicly held shares in Ciba Holding at a price of CHF 50 in cash per share. The offer was accepted by shareholders in November 2008, and 94.59% of the company’s shares were acquired by BASF. On 9th April, 2009, BASF completed the acquisition of Ciba Holding. The purchase price was €2,178 million.
Following the acquisition, Ciba HK became a member of the BASF Group. Subsequently, the name of Ciba HK has been changed to BHKL on 28th December, 2009.
The businesses of Ciba Holding, which was acquired on 9th April, 2009, were managed as a separate division in the Performance Products segment in the second quarter of 2009. As of the third quarter of 2009, the former Ciba businesses have been integrated into the operating divisions of Performance Products.
In order to accommodate the changes to its portfolio as a result of the acquisition of Ciba Holding, the divisions in the Performance Products segment have been restructured as of 1st April, 2009. This segment has been assigned the new Paper Chemicals Division consisting of BASF’s paper chemicals and binders business as well as the kaolin minerals business, which were previously part of the Acrylics & Dispersions Division. Ciba’s business with products for paper manufacturing was integrated into the Paper Chemicals Division in the third quarter of 2009.
Presently, BASF’s worldwide business is managed by operating divisions that are aggregated into 6 segments including Chemicals, Plastics, Performance Products, Functional Solutions, Agricultural Solutions, Oil & Gas and Other.
The Chemicals Division supplies products to customers in the chemical, electronics, construction, textile, automotive, pharmaceutical and agricultural industries as well as many others. It ensures that other BASF segments are supplied with chemicals for the production of higher value products. Its portfolio ranges from basic chemicals, glues and electronic chemicals for the semiconductor and solar cell industries, to solvents and plasticizers, as well as starting materials for products such as detergents, plastics, textile fibres, paints and coatings and pharmaceuticals.
The Plastics Division includes a broad range of products, system solutions and services. It offers a number of engineering plastics for the automotive and electrical industries as well as use in household appliances and sports and leisure products.
The Performance Chemicals Division helps its customers to improve their products and processes. It gives special characteristics to countless every products from diapers, paper, vitamins for food supplements or UV filters for sunscreen to products for the oil, automotive and coatings industries as well as for the production of textiles and leather. The acquisition of Ciba strengthens the existing businesses and extends the portfolio to include plastic additives and products for water treatment and mining applications.
The portfolio of Functional Solutions Division comprises automotive and industrial catalysts, automotive and industrial coatings, as well as concrete admixtures and construction systems such as tile adhesives and architectural coatings.
Agricultural Solutions Division contains crop protection products guard against fungal diseases, insects and weeds and it increases quality and secures crop yields.
Oil & Gas Division focuses its exploration and production on oil and gas-rich regions in Europe, North Africa, South America, Russia and the Caspian Sea region. Together with its Russian partner Gazprom, it is active in the trading, transport and storage of natural gas in Europe.
Activities not allocated to a particular division are reported under Other and include, among other things, Styrenics as well as our fertilizer activities. In addition, the sale of raw materials, engineering and other services, rental income and leases are reported under Other.
The integration of Ciba, acquired in April 2009, was fully completed in the first quarter of 2010. Together with former Ciba’s business, BASF is becoming a leading supplier of paper chemicals. BASF also became the world’s second-largest provider of raw materials for the coatings and paints industry. Ciba’s plastic additives business extended BASF’s portfolio to cover important product segments such as UV stabilizers and antioxidants, making BASF the world leader in plastic additives.
There are four former Ciba sites in Greater China, with 1,100 employees, in Qingdao, Shandong, Zhejiang, Jiangsu, Shanghai as well as Kaohsiung, Taiwan. These sites are now all integrated into the BASF Greater China organization.
Currently, BASF has expanded its Pudong site in Shanghai, China. In December 2010, ground was broken on a new Innovation Campus for the Asia Pacific region which will open in 2012. Moreover, the BASF Greater China head office will be relocated to the Pudong site from downtown Shanghai.
In order to serve the growing market of western China, BASF will build a large MDI plant in Chongqing. The plant will have an annual production capacity of 400,000 tons. The project broke ground in April 2011, and commercial operation is scheduled for 2014.
On 9th December, 2010, BASF acquired Cognis Holding GmbH [Cognis], Monheim, Germany, a specialty chemicals, company that produces products based on renewable raw materials for the health and nutrition market as well as the cosmetics, detergents and cleaner industries.
On 30th December, 2010, BASF acquired the styrene catalysts business of CRI/Criterion, a company based in Iselin, New Jersey of the United States.
BASF currently operates 26 wholly owned subsidiaries and 14 joint ventures in Greater China and maintains a number of sales offices, for example in Hong Kong (the subject BHKL), Beijing, Shanghai, Guangzhou, Nanjing, Qingdao and Taipei. BASF’s business in Greater China includes products such as petrochemicals, inorganics, polymer dispersions, polyurethanes, engineering plastics, coatings, finishing products for the textile and leather industries, electronic materials, intermediates, catalysts, construction chemicals, paper chemicals and care chemicals.
For the year ended 31st December, 2011, the sales of the Group amounted to €73,497.0 million, grew by 15.1% as compared with €63,873.0 million in FY 2010; income from operation was €8,586.0 million, grew by 10.6% as compared with €7,761.0 million in FY 2010.
For the year ended 31st December, 2011, the Group has 111,141 employees.
On the whole, in view of the parentage of BHKL, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.95 |
|
UK Pound |
1 |
Rs.86.56 |
|
Euro |
1 |
Rs.67.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.