MIRA INFORM REPORT

 

 

Report Date :

10.05.2012

 

IDENTIFICATION DETAILS

 

Name :

BASF SOUTH EAST ASIA PTE. LTD.

 

 

Formerly Known As :

BASF SOUTH EAST ASIA REGIONAL HEADQUARTERS PTE. LTD.

 

 

Registered Office :

7 Temasek Boulevard #35-01 Suntec Tower One Singapore 038987

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2009

 

 

Date of Incorporation :

28.06.1978

 

 

Com. Reg. No.:

197801536N

 

 

Legal Form :

Limited Private Company

 

 

Line of Business :

Speciality Chemicals Manufacturer

 

 

No. of Employees :

Not Available

 

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

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

--

 

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)

Singapore 

A1 

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Executive Summary

 

Company Name

:

BASF SOUTH EAST ASIA PTE. LTD.

Registration No

:

197801536N

Date of Registration

:

28/06/1978

Former Name

:

1.BASF SOUTH EAST ASIA PTE LTD Eff. date : 28/06/1978 Eff. date : 28/06/1978

2.BASF SOUTH EAST ASIA REGIONAL HEADQUARTERS PTE. LTD. Eff. date : 23/02/1990 Eff. date : 23/02/1990

3.BASF SOUTH EAST ASIA PTE LTD Eff. date : 22/01/1998 Eff. date : 22/01/1998

Date of Change of Name

:

22/01/1998

Type of Company

:

LIMITED PRIVATE COMPANY

Registered Address

:

7 TEMASEK BOULEVARD #35-01 SUNTEC TOWER ONE SINGAPORE 038987

Date of Change of Address

:

04/12/1997

Amalgamated With

:

CIBA (SINGAPORE) PTE. LTD. 197100846H

CIBA (SINGAPORE) PTE. LTD. 197100846H

CIBA (SINGAPORE) PTE. LTD. 197100846H

Amalgamated To Form

:

BASF SOUTH EAST ASIA 197801536N

Amalgamation Eff Date

:

01/02/2010

Contact No.

:

6337 0330

Fax No.

:

6334 0330

Website

:

www.asiapacific.basf.com

Registered Activities

:

SPECIALITY CHEMICALS MANUFACTURER.

ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

Issued Ordinary Capital*

:

$520,300,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 520,300

Issued Preference Capital

:

NA

Paid-Up Ordinary Capital

:

$520,300,000.00 SINGAPORE, DOLLARS

Paid-Up Preference Capital

:

NA

* Number of Shares includes number of Issued Treasury Shares

Issued Treasury Capital

:

NA

Paid-Up Treasury Capital

:

NA

No. of Local Subsidiaries

:

3

No. of Local Associates

:

1

Auditor

:

KPMG LLP

Bankers / Financiers

:

NA

Turnover

:

SGD - SIN 4,710,265,521.00 (FY2009)

Net Worth

:

SGD - SIN 932,740,253.00 (FY2009)

No. of Bank Charges

:

NA

No. of Litigation Suits

:

NA

S1000 / SME 500 / FG50 Ranking

:

64 POSITION IN SINGAPORE 1000 (2008/2009)

62 POSITION IN SINGAPORE 1000 (2007/2008)

58 POSITION IN SINGAPORE 1000 (2006/2007)

56 POSITION IN SINGAPORE 1000 (2005/2006)

42 POSITION IN SINGAPORE 1000 (2004/2005)

57 POSITION IN SINGAPORE 1000 (2003/2004)

87 POSITION IN SINGAPORE 1000 (2002/2003)

114 POSITION IN SINGAPORE 1000 (2001/2002)

179 POSITION IN SINGAPORE 1000 (2000/2001)

416 POSITION IN SINGAPORE 1000 (1999/2000)

818 POSITION IN SINGAPORE 1000 (1998/1999)

Compounded Annual Growth Rate (CAGR)

:

0.68% (4 years)

 

 

SHAREHOLDER DETAILS

 

NAME

:

BASF NEDERLAND B.V.

SHAREHOLDER ID

:

T08UF4122L

NATIONALITY

:

NA

ADDRESS

:

POSTBUS 1019 GREBOUW RIJNPOORT GRONINGENSINGEL NL-6835EA ARNHEM 1 NETHERLANDS

NO. OF ORD SHARES

:

520,300

% OF SHAREHOLDING

:

100%

CURRENCY

:

SINGAPORE, DOLLARS

 

OFFICER DETAILS

 

NAME

:

SAORI ULRIKE DUBOURG

ADDRESS

:

45/F JARDINE HOUSE, 1 CONNAUGHT PLACE, CENTRAL, HONGKONG

POSITION

:

DIRECTOR

DATE OF APPT

:

05/11/2009

NATIONALITY

:

GERMAN

I/C PASSPORT

:

646750091

 

NAME

:

YEE BOON YEOW

ADDRESS

:

7 TEMASEK BOULEVARD #35-01 SUNTEC TOWER ONE SINGAPORE 038987

POSITION

:

DIRECTOR

DATE OF APPT

:

31/08/2009

NATIONALITY

:

MALAYSIAN

I/C PASSPORT

:

A10698878

 

NAME

:

YANG NELLIE

ADDRESS

:

38 CORONATION ROAD WEST #03-01 ASTRID MEADOWS SINGAPORE 269257

POSITION

:

SECRETARY

DATE OF APPT

:

31/12/2005

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S0163132B

 

NAME

:

JOANE LEONG LAI FUN

ADDRESS

:

22 JALAN GELENGGANG SEMBAWANG HILLS ESTATE SINGAPORE 578197

POSITION

:

DIRECTOR

DATE OF APPT

:

04/08/2010

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1527868D

 

NAME

:

TAN TER YEE

ADDRESS

:

17 HUME AVENUE #04-01 HUME PARK I SINGAPORE 598726

POSITION

:

SECRETARY

DATE OF APPT

:

30/09/2001

NATIONALITY

:

SINGAPORE CITIZEN

I/C PASSPORT

:

S1654262H

 

 

KEY PERSONNEL PROFILE

 

Name:

SAORI ULRIKE DUBOURG

NRIC Number:

646750091

Available Address:

45/F JARDINE HOUSE, 1 CONNAUGHT PLACE, CENTRAL, HONGKONG

 

Current Business Interest

 

No.

Name

Position

Appt Date

#of Share

%

No Trace

 

 

 

 

 

 

Previous Business

 

No.

Name

 

 

Status

Position

Appt Date

Last Known Inactive Date

1

BASF SOUTH EAST ASIA PTE. LTD.

LIVE COMPANY

DIRECTOR

05/11/2009

01/02/2010

 

 

Bankruptcy Record

 

 

Case No.

Year

Date of Filing

Petitioner Name

Amount

No Trace

 

 

 

 

 

 

Litigation Search – Writ of Summons

 

Court

Case No.

Year

Date of Filing

Amount

Cause Category

No Trace

 

 

 

 

 

 

 

SUBSIDIARIES AND ASSOCIATE COMPANIES

 

Company

Shareholdings (%)

 

CIBA (SINGAPORE) PTE. LTD.

100

CIBA INDUSTRIES (SINGAPORE) PTE. LTD.

100

STYROLUTION SOUTH EAST ASIA PTE. LTD.

100

ELLBA EASTERN (PTE) LTD

50

                                                                                                                       

 

BANKERS/ FINANCIERS

 

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

             

 

 

 

LITIGATION

 

Clear                                           

           

                                             

COMPLIANCE

 

Date of Last AGM

:

02/03/2010

Date of Last AR

:

31/03/2010

Date of A/C Laid At Last AGM

:

31/12/2009

 

FINANCIAL HIGHLIGHTS

 

Financial Figures

Company

 

DEC 2009

% Change

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Currency

SGD - SIN

 

SGD - SIN

SGD - SIN

SGD - SIN

SGD - SIN

Profit and Loss Key Figures

 

 

 

 

 

 

Turnover

4,710,265,521

-11.89

5,346,184,275

5,237,015,433

4,631,295,265

4,583,879,460

Profit/(Loss) Before Tax

119,320,906

92.20

62,082,900

128,233,335

95,412,962

149,187,841

Profit After Tax attributable to Shareholders

109,134,975

166.71

40,918,275

117,387,445

92,485,222

135,021,137

 

 

 

 

 

 

 

Balance Sheet Key Figures

 

 

 

 

 

 

Total Assets

1,970,250,082

33.88

1,471,646,925

1,879,964,699

1,903,704,448

1,786,819,494

Current Assets

1,535,165,315

39.13

1,103,382,450

1,462,654,901

1,449,972,840

1,312,682,359

Non Current Assets

435,084,767

18.14

368,264,475

417,309,798

453,731,608

474,137,135

 

 

 

 

 

 

 

Total Liabilities

1,037,509,829

47.95

701,254,575

983,384,691

1,082,167,555

1,019,941,026

Current Liabilities

1,008,407,169

50.14

671,624,100

955,270,727

1,049,293,849

985,488,322

Non Current Liabilities

29,102,660

-1.78

29,630,475

28,113,964

32,873,706

34,452,704

 

 

 

 

 

 

 

Shareholders' Funds

932,740,253

21.07

770,392,350

896,580,009

821,536,891

766,878,465

Share Capital

427,809,102

3.13

414,826,650

441,498,927

465,491,681

489,643,685

Total Reserves

504,931,151

42.01

355,565,700

455,081,082

356,045,210

277,234,780

 

 

FINANCIAL RATIOS

 

 

Company

 

DEC 2009

DEC 2008

DEC 2007

DEC 2006

DEC 2005

Growth %

 

 

 

 

 

Year-on-Year Growth

-11.89

2.08

13.08

1.03

NA

 

 

 

 

 

 

Profitability

 

 

 

 

 

Profit Margin (%)

2.32

0.77

2.24

2.00

2.95

Return on Equity (%)

11.70

5.31

13.09

11.26

17.61

Return on Assets (%)

5.54

2.78

6.24

4.86

7.56

 

 

 

 

 

 

Leverage

 

 

 

 

 

Total Debt/Equity (Times)

1.11

0.91

1.10

1.32

1.33

Current Debt/Equity (Times)

1.08

0.87

1.07

1.28

1.29

Long Term Debt To Equity (Times)

0.03

0.04

0.03

0.04

0.04

Total Asset To Total Equity (Times)

2.11

1.91

2.10

2.32

2.33

 

 

 

 

 

 

Asset Management

 

 

 

 

 

Total Assets Turnover (Times)

2.39

3.63

2.79

2.43

2.57

Fixed Assets Turnover (Times)

10.83

14.52

12.55

10.21

9.67

 

 

 

 

 

 

Liquidity

 

 

 

 

 

Current Ratio (Times)

1.52

1.64

1.53

1.38

1.33

 

 

 

 

 

 

 

FINANCIAL COMMENTARY

 

Compound Annual Growth Rate

 

The company's CAGR is 0.68% (4 years).

 

CAGR is the year-over-year growth rate of a company over a specified period. Instead of looking at the average growth rate, CAGR allow users to look at the annualized growth rate of a company over a given period, a more indicative measure of growth of a company’s performance over a given period.

 

Profitability

The company yielded a rate of net profit on sales of 2.32 per cent in FY09 (FY08: 0.77 per cent). The company is now able to book in SGD - SIN 0.02 of profit for every SGD - SIN of sales in FY09, as compared with SGD - SIN 0.01 a year ago.

 

Liquidity

Current ratio stood at 1.52 times in FY09 (FY08: 1.64 times). This means that the company has SGD - SIN 1.52 of current assets for every SGD - SIN of current liability incurred.

 

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

 

Leverage

Total debt-to-equity ratio notched 1.11 times in FY09, compared with 0.91 times in FY08. This means that the company requires additional external financing of SGD - SIN 1.11 for every SGD - SIN injected into its operations.

 

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

 

 

Efficiency Ratio

 

Return on equity was 11.70 per cent for Subject in the current financial period, as compared to 5.31 per cent a year ago. The return on equity measures the return earned on the owner's investment.  Generally, the higher this return, the better off the owner.

 

Return on assets stood at 5.54 per cent (FY08: 2.78 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

 

Total assets turnover ratio logged at 2.39 times in FY09 (FY08: 3.63 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.46

UK Pound

1

Rs.86.27

Euro

1

Rs.69.40

 

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%)

 

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

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