MIRA
INFORM REPORT
|
Report Date : |
09.11.2012 |
IDENTIFICATION DETAILS
|
Name : |
BASF INDIA LIMITED |
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Registered
Office : |
1st Floor, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.05.1943 |
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Com. Reg. No.: |
11-003972 |
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Capital
Investment / Paid-up Capital : |
Rs. 432.900
Millions |
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CIN No.: [Company Identification
No.] |
L33112MH1943FLC003972 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB00133A |
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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. |
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|
|
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No. of Employees
: |
2012 (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 41000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non Convertible Debentures : AAA |
|
Rating Explanation |
Highest degree of safety and very low credit
risk. |
|
Date |
August 22, 2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Commercial Paper : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
August 22, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
1st Floor, |
|
Tel. No.: |
91-22-66618000 |
|
Fax No.: |
91-22-24930653/ 67582751 |
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E-Mail : |
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Website : |
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Corporate Office : |
RBC, |
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Tel. No.: |
91-22-66618000/ 66917400 |
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Fax No.: |
91-22-24930653 |
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Works / Factory: |
Bangalore Bommasundra Industrial Area, Anekal Taluka, Bangalore, Karnataka,
India Himachal Pradesh Khasra No. 87/1, Village: Beer Plassis, Nalagarh, District: Solan,
Himachal Pradesh, India Kolkata Gate No. 3, Jalan Industrial Complex, 46/48/49/53, Jangalpur, Howrah,
West Bengal, India Mangalore Bala/Thokur Village, Surathkal-Bajpe Road, Mangalore Taluka, Dakshina
Kannada District 575030, Karnataka, India Navi Mumbai (1) Thane-Belapur Road, Turbhe, Navi Mumbai-400 705, Maharashtra,
India (2) C-68, MIDC Industrial Area, Thane Belapur Road, Turbhe, Navi
Mumbai-400 613, Maharashtra, India Rajasthan Plot No. F-218, Industrial Area IID Centre, Khushkera, Bhiwadi
District, Alwar, Rajasthan, India |
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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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Branches : |
Located at: · Ahmedabad Bangalore Chennai Delhi Hyderabad Indore Kolkata |
DIRECTORS
AS ON 31.03.2012
|
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 : |
2nd April, 2005 (re-appointed on 2nd April 2010) |
|
|
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|
Name : |
Mr. Rainer Diercks |
|
Designation : |
Director |
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|
Name : |
Mr. R. Y. Vaidya |
|
Designation : |
Alternate Director To Dr. Rainer Diercks (upto
31st August, 2011) |
|
Date of Appointment : |
16.04.2008 |
|
|
|
|
Name : |
Dr. G. Ramaseshan |
|
Designation : |
Alternate Director to Dr. Rainer Diercks
(w.e.f. 1st September, 2011) |
|
Date of Appointment : |
01.09.2011 |
|
|
|
|
Name : |
Ms. Saori Dubourg |
|
Designation : |
Director |
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|
Name : |
Mr. Thilo Bischoff |
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Designation : |
Alternate to Ms. Saori Dubourg |
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Date of Appointment : |
20.10.2010 |
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|
|
|
Name : |
Mr. Andrew Postlethwaite |
|
Designation : |
Director |
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|
Name : |
Mr. S Regunathan |
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Designation : |
Alternate to Mr. Andrew
Postlethwaite |
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Date of Appointment : |
16.07.2010 |
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|
|
|
Name : |
Mr. R A Shah |
|
Designation : |
Director |
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|
Name : |
Mr. R R Nair |
|
Designation : |
Director |
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|
Name : |
Mr. Pradip P Shah |
|
Designation : |
Director |
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|
Name : |
Mr. Arun Bewoor |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep
Chandan |
|
Designation : |
Company Secretary
|
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|
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|
Management Committee: |
·
Mr.
Prasad Chandran ·
Mr.
P. M. Balakrishnan ·
Mr.
Thilo Bischoff ·
Mr.
Pradeep Chandan ·
Mr.
Sandeep Gadre ·
Mr.
Ajay Gupta ·
Dr. G
Ramaseshan ·
Mr. S
Regunathan ·
Mr.
P.P. Srees ·
Mr.
Deepak Thuse |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
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 |
|
|
|
|
|
|
|
|
720,176 |
1.66 |
|
|
852,449 |
1.97 |
|
|
30 |
0.00 |
|
|
1,238,205 |
2.86 |
|
|
255,369 |
0.59 |
|
|
3,066,229 |
7.08 |
|
|
|
|
|
|
|
|
|
|
1,974,931 |
4.56 |
|
|
|
|
|
|
|
|
|
|
5,532,823 |
12.78 |
|
|
741,959 |
1.71 |
|
|
|
|
|
|
226,478 |
0.52 |
|
|
222,162 |
0.51 |
|
|
4,316 |
0.01 |
|
|
8,476,191 |
19.58 |
|
|
|
|
|
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. |
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 : |
2012 (Approximately) |
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Bankers : |
·
Citibank N.A. ·
Deutsche Bank ·
The Hongkong and Shanghai Banking Corporation
Limited ·
HDFC Bank Limited ·
BNP Paribas |
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Facilities : |
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Banking
Relations : |
-- |
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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, |
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|
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Cost Auditors : |
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|
Name : |
R Nanabhoy and Company Cost Accountant |
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Address: |
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Solicitors 1: |
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|
Name: |
Crawlord Bayley and Company Solicitors and Advocates |
|
Address: |
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Solicitors 2: |
|
|
Name: |
Udwadia and Udeshi Solicitors and Advocates |
|
Address: |
Elphinstonse Housel, 1st Floor, |
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|
Ultimate holding
company: |
BASF Societas Europaea (‘SE’) |
|
|
|
|
Fellow Subsidiaries : |
·
BASF - YPC Company Limited ·
BASF Kanoo Polyurethanes LLC ·
BASF (China) Company Limited ·
BASF Lanka (Private) Limited ·
BASF (Malaysia) Sdn. Bhd. ·
BASF Mexicana S.A. DE C.V. ·
BASF (Thai) Limited ·
BASF Netherland B.V. ·
BASF A/S BASF Oy ·
BASF Agro B.V. ·
BASF Pakistan (Private) Limited ·
BASF Agro B.V. Arnhem (NL) ·
BASF Paper Chemicals (Jiangsu) Company Limited ·
BASF Agrochemical Products B.V. ·
BASF Performance Products plc ·
BASF Antwerpen N.V. ·
BASF Performance Products Trading (Shanghai)
Limited ·
BASF Asia-Pacific (India) Private Limited ·
BASF Personal Care and Nutrition GmbH ·
BASF Asia-Pacific Service Centre Sdn. Bhd. ·
BASF Peruana S.A. ·
BASF Australia Limited ·
BASF Petronas Chemicals Sdn. Bhd. ·
BASF Auxiliary Chemicals Company Limited ·
BASF Pharma (Evionnaz) SA ·
BASF Bangladesh Limited ·
BASF Philippines Inc. ·
BASF Beauty Care Solutions France S.A.S. ·
BASF PJPC Neopentylglycol Company Limited ·
BASF Belgium Coordination Center ·
BASF Plant Science Company GmbH ·
BASF Canada Inc. ·
BASF PLC ·
BASF Care Chemicals (Shanghai) Company Limited ·
BASF Poliuretani Italia SpA ·
BASF Catalysts India Private Limited ·
BASF Polyurethane Licensing GmbH ·
BASF Chemicals and Polymers Pakistan Private
Limited ·
BASF Polyurethane Specialties (China) Company
Limited ·
BASF Kanoo Gulf FZE ·
BASF Polyurethanes (China) Company Limited ·
BASF Chemicals Company Limited ·
BASF Polyurethanes (Malaysia) Sdn. Bhd. ·
BASF ChemTrade GmbH ·
BASF Polyurethanes (Thailand) Limited ·
BASF Coatings Intl Trade (Shanghai) Company
Limited ·
BASF Polyurethanes GmbH ·
BASF Coatings Spa ·
BASF Pozzolith Limited ·
BASF Coatings GmbH ·
BASF Qingdao Pigments Company Limited ·
BASF Coatings Intl Trade Company Limited ·
BASF S.A. ·
BASF Coatings Japan Limited ·
BASF Schweiz AG ·
BASF Coatings Limited ·
BASF Shanghai Coatings Company Limited ·
BASF Coatings S.A. ·
BASF Singapore Pte. Limited ·
BASF Coatings S.A.S. ·
BASF South Africa (PTY) Limited ·
BASF Color Solutions Germany GmbH ·
BASF South East Asia Pte. Limited ·
BASF Company Limited ·
BASF Specialty Chemicals Marketing GmbH ·
BASF Construction Chemical (China) Company
Limited ·
BASF Taiwan Limited ·
BASF Construction Chemicals (UK) Limited ·
BASF Turk Kimya Sanayi Ve Ticaret ·
BASF Construction Chemicals Espana S.L. ·
BASF UK Limited ·
BASF Construction Chemicals Europe AG ·
BASF Vietnam Company Limited ·
BASF Construction Chemicals France S.A.S. ·
BASF Vitamins Company Limited ·
BASF Construction Chemicals GmbH ·
BASF Yapi Kimyasallari SAN. A.S. ·
BASF Construction Chemicals Italia Spa ·
BTC Specialty Chemical Distribution GmbH ·
BASF Construction Chemicals UAE LLC ·
Cognis Australia Pty. Limited ·
BASF Construction Polymers GmbH ·
Cognis Specialty Chemicals Private Limited ·
BASF Construction Systems (China) ·
Cognis Taiwan Limited ·
BASF Corporation ·
Construction Research and Technology GmbH ·
BASF East Asia Regional Headquarters Limited ·
Elastogran Kanoo Polyurethane Systems LLC ·
BASF Espanola S.L. ·
K+S Aktiengesellschaft ·
BASF FZE P.T. ·
BASF Care Chemicals Indonesia ·
BASF Gao-Qiao Performance Chemicals (Shanghai)
Company Limited ·
P.T. BASF Indonesia ·
BASF Grenzach GmbH ·
PCI Augsburg GmbH ·
BASF Health and Care Products France S.A.S. ·
PolyAd Services GmbH ·
BASF Hong Kong Limited ·
Relius Coatings GmbH and Company KG ·
BASF INOAC Polyurethanes Limited ·
Shanghai BASF Polyurethane Company Limited ·
BASF Iran (PJS) Company ·
Shanghai Gaoqiao-BASF ·
BASF IT Services Holding GmbH ·
Styrolution GmbH ·
BASF Italia Spa ·
Styrolution India Private Limited ·
BASF Italia Srl ·
Styrolution South East Asia Pte. Limited ·
BASF Japan Limited ·
Watson Bowman ACME Corp |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54,359,715 |
Equity Shares |
Rs. 10/- each |
Rs. 543.600 Millions |
|
|
|
|
|
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,285,640 |
Equity Shares |
Rs. 10/- each |
Rs. 432.900 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43,284,958 |
Equity Shares |
Rs. 10/- each |
Rs. 432.900 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
432.900 |
432.900 |
407.700 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10054.300 |
9246.900 |
8250.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10487.200 |
9679.800 |
8657.700 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
1748.900 |
1247.600 |
0.000 |
|
|
TOTAL BORROWING |
1748.900 |
1247.600 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
1.800 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12237.900 |
10927.400 |
8657.700 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
4046.700 |
3490.500 |
2433.100 |
|
|
Capital work-in-progress |
838.700 |
261.100 |
95.200 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
90.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
7.400 |
85.900 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
7455.200
|
6220.800 |
3495.100 |
|
|
Sundry Debtors |
6248.500
|
5309.000 |
2580.000 |
|
|
Cash & Bank Balances |
339.100
|
184.500 |
1638.400 |
|
|
Other Current Assets |
89.900
|
190.200 |
0.000 |
|
|
Loans & Advances |
2917.300
|
2280.000 |
2258.800 |
|
Total
Current Assets |
17050.000
|
14184.500 |
9972.300 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
6698.600
|
4702.800 |
3281.700 |
|
|
Other Current Liabilities |
2499.700
|
1683.600 |
195.000 |
|
|
Provisions |
499.200
|
629.700 |
542.100 |
|
Total
Current Liabilities |
9697.500
|
7016.100 |
4018.800 |
|
|
Net Current Assets |
7352.500
|
7168.400 |
5953.500 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
12237.900 |
10927.400 |
8657.700 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35159.400 |
30638.800 |
13816.900 |
|
|
|
Other Income |
51.100 |
258.900 |
124.500 |
|
|
|
TOTAL (A) |
35210.500 |
30897.700 |
13941.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
17626.100 |
14408.700 |
6292.700 |
|
|
|
Purchase of traded goods |
7916.600 |
9264.700 |
3125.800 |
|
|
|
Changes in inventories |
(197.500) |
(1282.500) |
(475.900) |
|
|
|
Employee benefits expenses |
2500.600 |
1991.400 |
0.000 |
|
|
|
Other expenses |
5254.900 |
4452.900 |
3215.900 |
|
|
|
TOTAL (B) |
33100.700 |
28835.200 |
12158.500 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2109.800 |
2062.500 |
1782.900 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
95.300 |
93.500 |
8.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2014.500 |
1969.000 |
1774.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
517.300 |
464.000 |
260.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1497.200 |
1505.000 |
1513.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
488.600 |
326.700 |
545.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1008.600 |
1178.300 |
968.100 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
808.000 |
761.000 |
264.000 |
|
|
|
|
|
|
|
|
|
Add |
Addition
on account of amalgamation |
0.000 |
(194.500) |
2218.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
807.400 |
533.000 |
2309.000 |
|
|
|
Proposed Dividend |
173.100 |
346.300 |
326.200 |
|
|
|
Corporate tax on dividend |
28.100 |
57.500 |
54.200 |
|
|
BALANCE CARRIED
TO THE B/S |
808.000 |
808.000 |
761.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
2129.600 |
2204.200 |
598.900 |
|
|
|
Commission Earnings |
1225.300 |
966.100 |
676.900 |
|
|
|
Other Earnings |
53.800 |
54.700 |
14.400 |
|
|
TOTAL EARNINGS |
3408.700 |
3225.000 |
1290.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11889.600 |
8225.700 |
4772.400 |
|
|
|
Capital Goods |
444.200 |
121.800 |
71.500 |
|
|
|
Stores & Spares |
6.400 |
2.600 |
2.100 |
|
|
|
Finished Goods |
4373.200 |
6151.400 |
1504.200 |
|
|
TOTAL IMPORTS |
16713.400 |
14501.500 |
6350.200 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
23.30 |
27.22 |
25.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
|
1st Quarter |
2nd Quarter |
|
Sales Turnover |
12918.700 |
10066.100 |
|
Total Expenditure |
11678.900 |
9396.200 |
|
PBIDT (Excl
OI) |
1239.800 |
669.900 |
|
Other Income |
6.600 |
5.600 |
|
Operating
Profit |
1246.400 |
675.500 |
|
Interest |
45.300 |
25.000 |
|
Exceptional
Items |
0.000 |
(88.400) |
|
PBDT |
1201.100 |
562.100 |
|
Depreciation |
138.500 |
146.900 |
|
Profit Before
Tax |
1062.600 |
415.200 |
|
Tax |
345.800 |
134.200 |
|
Provisions and Contingencies |
0.000 |
0.000 |
|
Reported PAT |
716.800 |
281.000 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
716.800 |
281.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.86 |
3.81 |
6.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.26 |
4.91 |
10.96 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.10 |
8.51 |
12.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.16 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.09 |
0.85 |
0.46 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.76 |
2.02 |
2.48 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
ACTIVITIES
The sales of the Company
during the year under report registered good growth over the previous year.
Sales, net of excise at Rs. 35,159.400 millions, represent an increase of
14.8%, over the previous year. However, profit before tax remained constant at
Rs. 1,497.200 million during the year ended 31st March 2012 as compared to Rs.
1,505 million for the previous year.
Profit after tax
at Rs. 1,008.600 million during the year ended 31st March, 2012 was lower by
14.4% as compared to the previous year mainly due to benefit of carry forward
tax losses of merged entities which was available in the previous year.
The Agricultural
Solutions business has shown substantial growth in sales and profits during the
year ended 31st March 2012 on account of introduction of new
products, adoption of innovative marketing initiatives and extension to new
crop geographies.
The Construction
Chemicals and Coatings businesses, part of the Functional Solutions business of
the Company consequent to the integration, recorded higher turnover and profits,
during the year.
Paper Chemicals
and Dispersions and Pigments businesses, part of the Performance Products
segment, registered an increase in sales and profits, during the year.
Plastics segment,
which comprises of Styropor, Engineering Plastics and Polyurethanes businesses,
registered good growth in sales, both in volume and value terms.
The sales of the
Chemicals business during the year swere lower compared to the previous year
mainly on account of weak global outlook coupled with reduced price realization
in certain segments and exchange rate fluctuations.
Exports sales
stood at Rs. 2,230 million during the year under report as compared to Rs.
2,262 million for the previous year.
ACQUISITION OF
BUSINESS OF COGNIS IN INDIA
Consequent upon the
world wide acquisition of Cognis Holding GmbH by BASF SE in December, 2010, the
Company acquired the business of Cognis Specialty Chemicals Private Limited
(“Cognis”) in India for a lumpsum consideration of Rs. 134 million. The
business of Cognis was integrated with the Company with effect from 1st
July, 2011. The Company’s product portfolio was strengthened with the addition
of Cognis products, which were complementary to the Company’s existing
products. This has provided the customers with a better value proposition.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
A
combination of high inflation, tight monetary policy, weak global economic
conditions and slow implementation of fiscal policies and reforms weakened
India’s industrial and economic growth momentum in the fiscal year 2011-2012.
After clocking a robust 8.4% growth in the previous two years, India’s economic
growth slackened and is estimated to grow by 6.9% in 2011-2012. The performance
of the industrial sector deteriorated, but on the positive side, the
agriculture and services sector recorded steady growth. The service sector
continued to be a major contributor to the GDP with an estimated growth rate of
9.4%. Similarly, agriculture sector is expected to achieve a growth rate of
2.5% in 2011-2012. However, the industrial growth moderated as the
manufacturing sector grew by 4.4% in the first 10 months of the year as against
8.9% growth in the previous year.
The
products manufactured by the Company serve the agriculture as well as several
other sectors including paper, pharmaceuticals, consumer durables, electronics,
automobiles, construction, leather and textiles. The demand for passenger
vehicles in the Indian market grew modestly by 4.7% while consumer durables
were expected to grow at about 4%. The growth of the construction industry was
also lower compared to the previous year. However, the continued rise in
consumer demand boosted the demand for FMCG products, personal care products,
paper products, paints and packaging. The pharmaceutical industry continued to
demonstrate growth of about 15% spurred by robust demand in both domestic and
international markets. The global economic scenario adversely impacted the
exports dependent Indian textile industry.
The
weakness in economic activity and industrial sector is expected to witness
gradual recovery. The Reserve Bank of India has also reduced its key lending
rate to support growth, marking the reversal of its monetary policy stance that
had focused on controlling inflation in the past three years.
AGRICULTURAL
SOLUTIONS
The
Agricultural Solutions business includes agrochemicals like insecticides,
herbicides, fungicides and specialties. During the year, the Agricultural
Solutions business has shown good growth in sales and profits.
India’s
food grain production for 2011-2012 is likely to cross 250 million tonnes
against a target of 245 million tonnes. The production of rice and wheat is
expected to be higher as compared to the previous year. Cotton exports have
grown significantly during the year as compared to the previous year. However,
the output price of cotton has dropped, on account of slowdown in the global
economy. Pro-farmers policies announced by the Indian Government will boost the
rural economy and enhance agricultural productivity.
The
Agricultural Solutions business of your Company continued its journey of
profitable growth driven by the consistent introduction of new products and
adoption of innovative marketing initiatives while building on various
strategic measures initiated in the earlier years. The Samruddhi (prosperity)
program, where your Company operates as a total solution provider to the
farmers, contributed to this growth. During the year, the Samruddhi program was
extended to other crops such as onions and potatoes. New Chemistries launched
in 2011, owing to farmers’ choice of specialty chemicals, in both Herbicides
and Fungicides, in which the Company has an edge, has registered good growth.
The
Company continues to launch new products to meet the changing and growing needs
of the farmers. The Company successfully launched its new brand “ODYSSEY” in
the Herbicide segment, which will provide the much needed boost to the soyabean
growers by further enhancing their farm productivity.
PERFORMANCE
PRODUCTS
The
Performance Products business includes performance chemicals, dispersions and
pigments, care chemicals, nutrition and health products and paper chemicals.
This business caters to the requirements of a wide spectrum of industries,
including textiles, leather, plastics and coatings, detergent formulators,
pharmaceuticals, automobile and oil.
The
Leather Chemicals business witnessed a slow recovery as a consequence of the
global financial slowdown. However, the demand recovered in the first quarter
of 2012. During the year, the sales of most of the product groups of the
leather chemicals business of your Company were lower as compared to the
previous year. However, significant growth was registered in sales of base
coat, dyestuffs and spray dyes. The Leather Chemicals business has recorded
higher profits due to the several operational excellence initiatives
implemented by the business.
Stringent
pollution norms, high input costs, non-availability of raw hides and skins,
power shortages in certain leather production areas and lack of manpower in
tanneries are major concerns for this business. Medium and small leather
chemical manufacturers are taking advantage of the above challenging conditions
prevailing in the leather industry and offering cheaper alternative products as
against the quality products offered by your Company.
Despite
the unfavourable market conditions, with the signs of gradual global recovery,
outlook for the leather chemicals business looks optimistic.
The
Indian textile industry is one of the major contributors to the Indian industry
contributing 4% to GDP and 17% to the manufacturing sector. The Indian textiles
chemical market comprises diverse players in terms of size, from single product
suppliers to suppliers offering chemicals for the entire value chain, along
with additional technical services such as process optimisation, specialised
fabric testing and certification. During the year, the Company’s Textile
Chemicals business witnessed lower growth as compared to previous year due to
lower production on account of shutdown of certain textile chemicals
manufacturing sites in India owing to stringent pollution norms.
Demand
for home textiles and denims continued to grow during the year. Lack of
innovation in textiles, shift of textile industry to low cost garments from
other countries, stringent pollution control norms are the major concerns for
this business.
The
outlook for the Textile Chemicals business looks challenging due to rising raw
material cost and stiff competition from the domestic market.
The
Care Chemicals business of the Company mainly caters to personal care, home
care and formulation technology sectors. During the year, significant growth
was recorded in the Care Chemicals business as compared to the previous year
due to addition of Cognis products into this business, which were complementary
to your Company’s existing products. Requirement of better performing and
higher efficiency products in the home care industry will drive the demand for
your Company’s polymers, fluorescent whitening agents and surfactants. With the
rising disposable income and increasing awareness, the growth in the personal
care industry presents a good opportunity for personal care ingredients
supplied by the Company.
The
Plastics Additives business is categorised into anti-oxidants, light
stabilizers and pigments for the plastic industry. The slowdown in the exports
to European markets had a negative impact on the demand for plastics additives
resulting in lower sales as compared to the previous year.
The
Fuel and Lubricants solution caters to automotive and oil industries. This
business is influenced mainly by the trends towards motorization and further
development of engines designed to cut fuel consumption. The Fuel and Lubricant
Solutions business witnessed substantial growth during the year as compared to
the previous year due to breakthroughs with certain key customers in the
automotive industry for engine coolants and fuel additives.
The
Water Solutions business of the Company focuses on water recycling and
industrial effluent. Significant growth in the municipal effluent sector is
expected to offer good opportunity for our products flocculants and coagulants.
Oilfield solutions cater to the service companies that carry out work for oil
sector. The sales performance of water solution, oilfield and mining solutions
business was lower as compared to the previous year.
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, this business registered growth in sales as
compared to the previous year. Pharma business successfully rebranded its huge
excipient portfolio during the year. The Dispersions and Pigments division of
the Company comprises of pigments, resins, dispersions and additives which
cater to the needs of adhesives, printing, packaging and construction
industries.
The
Dispersions and Pigments business registered modest growth in sales during the
year. The acquisition of Cognis business was one of the growth drivers of this
business. Growth in key customers industries like paints and coatings,
adhesives and construction material would boost higher demand for Dispersions
and Pigments business.
The
Paper Chemicals business of the Company has a comprehensive product portfolio
and technical expertise. With low per capita paper consumption in India as
against global average consumption, there is a good opportunity for Paper
Chemicals business in India. The Paper Chemicals business continued to make
steady progress by providing better services to customers and optimizing the
production footprint to improve competitiveness in the industry.
During
the year, BASF has relocated its paper dye production from Grenzach in Germany
to the Company’s plant at Ankleshwar. This will be a high quality direct dyes
supply hub for the global paper industry and will enable the Company to serve
its customers better. In addition, the Company also established a new paper
application centre at Chandivali, which is equipped with specialised
equipment’s for application and product testing. Given the positive outlook for
manufacturing in the country, the Paper Chemicals business is expected to grow
in the coming years.
The
Refinery Chemicals and Chemicals Catalysts business caters to petrochemicals
industry. This business showed marginal decline in sales for the year under
review. 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.
EPS is
primarily used in the areas of packaging and insulation. The major end-users in
the packaging segment include consumer electronics, white goods, fruits and
vegetable export packaging. Consumer electronics and home appliances sectors
are the major segments for the EPS business. During the year, the EPS business
of the Company recorded moderate growth in sales. In the white goods area, the
refrigerator segment registered moderate growth however, air conditioner
segment showed a decline in sales due to extended winter.
The
Company’s newly launched initiative “Building envelope concept” for
construction of green buildings, steadily
expanded
across the country. Volatile raw material prices, low import duty barriers and
under-utilised capacities in Asia are major concerns of EPS business. With the
expected growth in the consumer durable industry coupled with the rising
purchasing power, the outlook for the Plastics business looks positive.
The
Performance Polymers (engineering plastics) business of the Company caters to
the requirement of automotive and electrical industries. During the year, the
engineering plastics business of the Company showed increase in sales as
compared to the previous year. With wider market coverage, focus on new market
development, higher capacity utilisation and expected export opportunities, the
engineering plastics business is poised for higher growth in the coming years.
The
Polyurethanes business is largely dependent on the demand for consumer products
such as cars, white goods, furniture and footwear. High inflation, increased
interest costs and poor consumer confidence dampened, demand across all
segments, which in turn affected the polyurethanes business in India. Although
Polyurethanes business recorded healthy growth in volume and turnover, high
input costs and exchange rate fluctuation impacted the margins, during the
year.
The
growth opportunities for the Polyurethanes business in India looks positive as
the current penetration levels are low and there is untapped potential for this
business.
FUNCTIONAL
SOLUTIONS
The
Functional Solutions business of the Company comprises of the Coatings and
Construction Chemicals businesses.
The
Coatings business comprises of three segments viz., automotive OEM coatings,
automotive refinish coatings and industrial coatings. The Industrial coatings
business includes pre-coatings, which comprises of coil coatings, foil coatings
and panel coatings.
The
Company is one of the major players in the automotive coatings industry in
India supplying to almost all major car and motorcycle manufacturers. During the
year, Technology upgradation measures have been undertaken and implemented by
the Company. The Company has also set up body shop network with car
manufacturers for its refinish business. The Coatings business registered good
growth, both in volume and value terms, during the year.
The
Coatings business 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 Coatings business will
also be participating in the upcoming wind energy segment for supply of high
tech paints. With the expected growth in the automotive sector in India, the
outlook for the Coatings business of the Company looks optimistic.
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 thes Company recorded healthy growth in
sales and profits. Introduction of new technology solutions such as UCRETE,
Masterpen, Coniroof, MBrace, which were well accepted by the local customers,
supported the business growth.
The
Admixtures systems business recorded significant growth in turnover and volumes
as compared to the previous year due to introduction of new technology products
such as Gleninum, high range water reducer, Meyco SA range, Alkali free
shotcrete accelerator. However, weakening of the rupee, increasing cement and
crude prices and limited availability of raw materials including graded sand
are major concerns for this business.
Positive
growth in demand is foreseen in the construction chemicals business due to the
strong growth in construction industry viz., commercial, residential,
infrastructure projects, thermal and hydel power plants, etc.
CHEMICALS
The
Company’s Chemical business includes intermediates, inorganics, petrochemicals
and other process chemicals. The chemicals supplied by BASF Group cater to the
requirement of a wide range of user industries including coatings, life
sciences, construction additives, food and feed, pharmaceuticals,
agrochemicals, plastics and fibers, process chemicals and intermediates.
The
sales of the Chemicals business during the year were lower compared to the
previous year mainly on account of weak global outlook coupled with reduced
price realisation in certain segments and exchange rate fluctuations.
During
the year, new growth opportunities were also identified in flavours, fragrances
and nutrition intermediates. Textile intermediates also witnessed a strong
growth on account of new projects. The Company continues to concentrate on
customer focused activities to achieve higher growth. The product portfolio of
the petrochemicals business includes acrylics, plasticizers and solvents.
During the year, the performance of the petrochemicals business was impacted on
account of the difficult market conditions, which prevailed especially during
second quarter of 2011. The Company has been continuing to increase business
with key customers in paints, coatings and the plasticizers segments.
The
performance of the inorganic chemicals business of your Company was higher as
compared to the previous year. New businesses and growth segments were
identified with emphasis in solar industry applications, life sciences,
textiles and powder injection moulding.
The
outlook for Chemicals business is positive.
TECHNICAL
MANAGEMENT
The
efforts to optimize utilisation of assets at all manufacturing sites continued
during the year. These steps, coupled with energy conservation measures
undertaken by the Company, resulted in cost reduction, higher yield, lower
batch cycle time, better quality products and 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
manufacturing sites of the Company.
The Company
is committed to global climate protection. The Company has been publishing a
comprehensive corporate carbon footprint since 2008 and has been selected for
inclusion in the Carbon Disclosure Leadership Index and Carbon Performance
Leadership Index, being the only chemical Company to receive this honour. As
part of the several steps undertaken globally in the sphere of climate
protection, the Company continued to strive and further reduce emissions and
ensure even higher effective utilisation of scare resources like water and
electricity, which led to decrease in emission of air pollutants. The Company
has set up a Multiple Effect evaporator at Ankleshwar plant to reduce waste. A
scrubber was also set up at the Mangalore Plant to clean all the identified
fugitive emissions emanating out of the storage tanks.
During
the year, micro nutrient project, power up-gradation projects and diffused
aeration systems were completed and commissioned. Safety, Health and
Environment management continued to receive priority at all sites. The
Mangalore plant of the Company was ranked second in the safe factory (medium
category) for adopting safe practices in the year 2011. The Navi Mumbai Plant
of the Company also received the award for being the Meritorious Performance in
Industrial Safety in the Chemical and Fertilizer group in 2011.
The
Company has been working on improving its supply chain through enhanced
customer focus and improved
processes
and tools. Industrial relations in all the factories continue to remain cordial.
CONTINGENT LIABILITIES
(Rs. In Millions)
|
Nature |
2011-12 |
2010-11 |
|
Contingent Liabilities not Provided for |
|
|
|
(a) Claim against the Company not acknowledged as debt |
22.2 |
31.1 |
|
In respect of which the Company has counterclaim |
68.7 |
67.0 |
|
(b) Demand for taxes and duties in respect of which the company has preferred appeals with appropriate authority |
|
|
|
a. Income Tax |
18.4 |
32.0 |
|
b. Customs, Excise, Service Tax and Sales Tax |
175.9 |
142.7 |
FIXED ASSETS
Tangible assets
·
·
·
Buildings
and Ownership Flats
·
Plant
and Machinery
·
Furniture,
Fixtures and Equipments
·
Vehicles
·
Office
Equipment
Intangible assets
·
Goodwill
UNAUDITED
FINANCIAL RESULTS FOR QUARTER ENDED 30TH SEPTEMBER, 2012
(Rs. In Millions)
|
Particulars |
3 months ended 30.09.2012 |
3 months ended 30.06.2012 |
|
|
(Unaudited) |
(Unaudited) |
|
Net Sales/Income from Operations |
10044.100 |
12888.400 |
|
Other Operating Income |
22.000 |
30.3000 |
|
Total Income from operations
(net) |
10066.100 |
12918.700 |
|
|
|
|
|
Expenses |
|
|
|
(a) Cost of materials consumed |
4833.100 |
5910.700 |
|
(b) Purchase of stock in trade |
2454.900 |
3541.100 |
|
(c) Charges in inventories of finished goods, work in progress and stock in trade |
(55.400) |
(67.100) |
|
(d) Employee benefit expenses |
721.100 |
735.700 |
|
(e) Depreciation and amortization expenses |
146.900 |
138.500 |
|
(f) Other Expenses |
1442.500 |
1558.500 |
|
Total Expenses |
9543.100 |
11817.400 |
|
Profit from Operations
before Other Income, Finance costs |
523.000 |
1101.300 |
|
Other Income |
5.600 |
6.600 |
|
Profit/ Loss from
Ordinary Activities before Finance costs |
528.600 |
1107.900 |
|
Finance costs |
25.000 |
45.300 |
|
Profit/ Loss from Ordinary Activities
before tax |
503.600 |
1062.600 |
|
Tax Expenses |
88.400 |
345.800 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
415.200 |
716.800 |
|
Net Profit for the period |
415.200 |
716.800 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
432.900 |
432.900 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
Earnings per
share |
|
|
|
(a) Basic and Diluted EPS before Extraordinary
items for the period, for the year to date and for the previous year (not
annualized) |
6.49 |
16.56 |
|
(b) Basic and Diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year (not annualized) |
6.49 |
16.56 |
|
- Diluted |
|
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
1. Public
shareholding |
|
|
|
Number of
Shares |
11542420 |
11542420 |
|
Percentage of Shareholding |
26.7% |
26.7% |
|
2. Promoters
and promoter group shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
|
|
|
|
|
Non - encumbered |
|
|
|
- Number of
Shares |
31743220 |
31743220 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100% |
100% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
73.3% |
73.3% |
|
|
Particulars |
Quarter Ended 30
September, 2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
-- |
|
|
Disposed of during the quarter |
-- |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
- The above results for the quarter and half
year ended September 30, 2012 was reviewed by the Audit Committee at its meeting
held on October 22, 2012 and thereafter approved by the Board of Directors at
its meeting held on October 22, 2012.
- The Agricultural Solutions business which
constitutes significant part of sales for this quarter, its seasonal in nature
and hence the quarterly figures are not representative of the full year.
- Provision for taxation includes for current
income tax and deferred tax
- The results for the quarter ended September
30, 2012 have been subjected to ‘Limited Review’ by the auditors. The Limited
Review Report does not contain any modification and has been filed with the
Stock Exchanges.
- On 18 September, 2012 the Board of Directors
of the Company approved the proposal to shutdown the Expandable Polystrene
(EPS) business forming part of “Plastics” segment, including the Company’s
Styropor production facility at Thane, subject to requisite approval as may be
necessary. The Company has made a provision for impairment loss aggregating Rs.
88.400 Millions in respect of the net fixed assets related to this, which has
been disclosed as an exceptional tiem.
- Previous period’s figures have been
regrouped, wherever necessary to conform to current period’s classification.
SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
3 Months ended
30.09.2012 |
3 Months ended
30.06.2012 |
|
|
Unaudited |
Unaudited |
|
1. Segment Revenue |
|
|
|
a. Agricultural Solution |
2577.400 |
5044.900 |
|
b. Performance Products |
3552.800 |
3688.800 |
|
c. Plastics |
3080.800 |
2077.500 |
|
d. Chemicals |
120.900 |
126.500 |
|
e. Functional Solution |
1616.000 |
1854.700 |
|
f. Others |
118.200 |
126.300 |
|
Total |
11066.100 |
12918.700 |
|
Less: Inter – segment revenue |
-- |
-- |
|
Total income from operations (net) |
11066.100 |
12918.700 |
|
|
|
|
|
2. Segment Results |
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
a. Agricultural Solution |
293.400 |
693.100 |
|
b. Performance Products |
317.400 |
394.600 |
|
c. Plastics |
50.500 |
62.500 |
|
d. Chemicals |
53.600 |
54.200 |
|
e. Functional Solution |
9.300 |
54.200 |
|
f. Others |
2.300 |
3.400 |
|
Total |
726.500 |
1262.000 |
|
Less: Finance Costs |
25.00 |
45.300 |
|
Other un-allocable expenditure net off un-allocable
other operating income |
197.900 |
154.100 |
|
Total Profit Before Tax |
503.600 |
1062.600 |
|
Exceptional items |
88.400 |
-- |
|
|
|
|
|
3. Capital Employed |
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
a. Agricultural Solution |
968.000 |
80.400 |
|
b. Performance Products |
5938.700 |
5853.100 |
|
c. Plastics |
1983.700 |
2308.200 |
|
d. Chemicals |
506.400 |
329.000 |
|
e. Functional Solution |
2371.900 |
2413.300 |
|
f. Others |
187.400 |
171.900 |
|
g. Unallocated |
(471.100) |
48.100 |
|
Total |
11485.000 |
11204.000 |
- Agricultural Solution includes agrochemicals
- Performance Products includes tanning
agents, leather chemicals, textile chemicals, dispersion chemicals, speciality chemicals
and fine chemicals for the food, pharmaceuticals, animal feed and cosmotic
industries, Speciality chemicals include additives, water treatment and paper
treatment, home and fabric care chemicals.,
- Plastics included expandable polystyrene and
engineering plastic and polyurethanes.
- Chemicals includes inorganic chemicals,
intermediates and petrochemicals
- Functional solution includes catalysts,
coatings and construction chemicals.
- Others includes technical and service
charges.
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. in Millions)
|
Particulars |
30.09.2012 |
|
|
A. EQUITY AND LIABILITIES |
Unaudited |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
432.900 |
|
|
b] Reserves and Surplus |
11052.100 |
|
|
Sub-total –
Shareholders’ funds |
11485.000 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
1702.400 |
|
|
b] Deferred Tax Liabilities |
-- |
|
|
c] Other Long term liabilities |
520.800 |
|
|
d] Long term provisions |
293.300 |
|
|
Sub-total -
Non-current Liabilities |
2516.500 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
2175.400 |
|
|
b] Trade Payables |
6467.900 |
|
|
c] Other Current Liabilities |
1458.800 |
|
|
d] Short Term Provision |
40.000 |
|
|
Sub-total - Current Liabilities |
10142.100 |
|
|
|
|
|
|
TOTAL - EQUITY
AND LIABILITIES |
24143.600 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
5742.900 |
|
|
b] Deferred tax assets |
10.400 |
|
|
c] long Term loans and Advances |
903.800 |
|
|
d] Other non-current assets |
39.700 |
|
|
Sub-total – Non- current assets |
6696.800 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
6524.100
|
|
|
Trade Receivables |
6966.900
|
|
|
Cash & Bank Balances |
1498.200
|
|
|
Short Term loans and advances |
1987.500
|
|
|
Other Current Assets |
470.100
|
|
Sub-total – Current Assets |
17446.800
|
|
|
|
|
|
|
TOTAL - ASSETS |
24143.600 |
|
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
BASF India Limited achieves growth in sales and
profitability
·
- Q1 2012-13: Sales increased by 27%
·
- Profit after tax up by 36%
Mumbai, India – August 1, 2012 – BASF India Limited (BSE code: 500042) announced improved sales and earnings for the first quarter of FY 2012-13. Total sales stood at Rs.12,888 million for the quarter ended June 30, 2012 as compared to Rs.10,138 million in the corresponding quarter of the previous year, an increase of 27%.
The company’s profit before tax grew to Rs.1,063 million for the quarter ended June 30, 2012 as compared to Rs.781 million in the corresponding quarter of the previous year, an increase of 36%.
Profit after tax at Rs.717 million was 36% higher compared to the corresponding quarter of the previous year.
“BASF India Limited made a good start in the first quarter of 2012-13 with an increase in sales and earnings,” said Mr. Prasad Chandran, Chairman & Managing Director, BASF India Limited. “Furthermore, our continued focus on improving efficiencies, implementing cost-control measures and deriving synergies following the consolidation of legal entities all added to the growth momentum,” he continued.
BASF named world’s most transparent chemical
company
- Transparency International publishes report on world’s 105 largest companies
- Rating based on openness, transparency, and steps to fight corruption
Mumbai, India – July 16, 2012 – BASF globally has been named the world’s most transparent chemical company, in a new global ranking by non-governmental organization Transparency International. BASF was also the top rated German-headquartered company of any industry.
Transparency in Corporate Reporting scored 105 of the top publicly-traded companies based on their public commitment to transparency. Company scores were based on public availability of information about anti-corruption systems, transparency in reporting on how they structure themselves, and the amount of financial information they provide for each country they operate in.
“This type of reporting responds to the pressing need for improvements in corporate transparency and helps restore public trust. Companies in Asia, including India are therefore increasingly embracing this trend even though there are no legal requirements”, said Mr. Prasad Chandran, Chairman, BASF Companies in India & Head South Asia. BASF India has been publishing an integrated report since 2009. The BASF in India Report 2011 documents the development, progress and performance of the company’s activities in India across the three spheres of local influence - economy, ecology and society. “Our triple bottom line reporting sets benchmarks in governance and promotes transparent communication and open dialogue with the communities in which we operate”, added Chandran.
Several of BASF’s social projects aim to improve governance standards and fight corruption in India. Through the “Million Minds” project, BASF in India focuses on sensitizing the citizens of India to the evils of corruption and encourages them to take a firm stand against it. BASF’s ‘Good Governance Icon Series’ is a unique initiative within the “Million Minds” project that highlights the achievements of men and women of high integrity who have upheld the highest levels of good governance while succeeding in their fields. BASF in India also runs a ‘Seminar Series on Corporate Governance and Business Ethics” at educational institutes. The idea is to instill good practices among future corporate citizens – i.e., students who are on the threshold of entering corporate India – and offer training on the practical aspects of governance and ethical issues.
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 Rs.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 transaction 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. 54.44 |
|
|
1 |
Rs. 87.00 |
|
Euro |
1 |
Rs. 69.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
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 |
NO |
|
--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.