MIRA INFORM REPORT
|
Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
BASF INDIA LIMITED |
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Registered
Office : |
1st Floor, Vibgyor Towers, Plot No. 62, ‘G’ Block, Bandra
Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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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 : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in manufacture and sale of
agrochemicals, performance products, plastics, inorganic chemicals, and
functional solutions. |
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No. of Employees
: |
2076 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (78) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 45702000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of multinational BASF group. It is a
well-established and a reputed company having an excellent track record. The
performance capability of the company is high. Financial position of the company
is sound. Directors are reported to be experienced and respectable
businessmen. Trade relations are reported as trustworthy. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with advanced
trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Non Convertible Debenture : AAA |
|
Rating Explanation |
Highest degree of safety and lowest credit
risk. |
|
Date |
January 01, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Commercial Paper : A1+ |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
January 01, 2013 |
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.
INFORMATION DENIED
Management Non-Cooperative (91-22-66618000)
LOCATIONS
|
Registered Office : |
1st Floor, Vibgyor Towers, Plot No.62, ‘G’ Block, Bandra
Kurla Complex, Bandra (East), Mumbai – 400 051, Maharashtra, India |
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Tel. No.: |
91-22-66618000 |
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Fax No.: |
91-22-24930653/ 67582751 |
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E-Mail : |
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Website : |
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Corporate Office : |
RBC, Mahindra Towers, 1st Floor, A Wing, Dr. G M Bhosale
Marg, Worli, Mumbai – 400 018, Maharashtra, India |
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Tel. No.: |
91-22-66618000/ 66917400 |
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Fax No.: |
91-22-24930653 |
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Factory 1 : |
Maharashtra (Navi Mumbai): (1) Plot No.12, 13,
TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi Mumbai – 400 705,
Maharashtra, India |
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Factory 2 : |
(2) Plot No.C-68
and C-68 Pt., TTC Industrial Area, MIDC, Thane Belapur Road, Turbhe, Navi
Mumbai – 400 613, Maharashtra, India |
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Factory 3 : |
Mangalore Bala/Thokur
Village, Surathkal-Bajpe Road, Mangalore Taluka, Dakshina Kannada District –
575 030, Karnataka, India |
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Factory 4 : |
Bangalore Bommasundra
Industrial Area, Anekal Taluka, Bangalore, Karnataka, India |
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Factory 5 : |
Ankleshwar Unit I: Plot
No.6214/6216, GIDC Phase IV, Ankleshwar – 393 002, Gujarat, India |
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Factory 6 : |
Unit II: Plot No.8001,
GIDC Phase VI, Ankleshwar – 393 002, Gujarat, India |
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Factory 7 : |
Dahej 4B, Dahej Industrial
Estate, Village Dahej, District Bharuch - 392 130, Taluka Vagra, Gujarat,
India |
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Factory 8 : |
Himachal Pradesh Khasra No.87/1,
Village: Beer Plassis, Nalagarh, District: Solan, Himachal Pradesh, India |
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Factory 9 : |
West Bengal (Kolkata) Gate No.3, Jalan
Industrial Complex, 46/48/49/53, Jangalpur, Howrah, West Bengal, India |
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Factory 10 : |
Rajasthan Plot No.F-218,
Industrial Area IID Centre, Khushkera, Bhiwadi District, Alwar, Rajasthan,
India |
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Branches : |
Located at: ·
Ahmedabad ·
Bangalore ·
Chennai ·
Delhi ·
Kolkata ·
Pune |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
B.Sc. (Hons.), Diploma in Industrial Chemistry, M.B.A. |
|
Date of Appointment : |
2nd April, 2005 (re-appointed on 2nd April 2010) |
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|
Name : |
Ms. Saori Dubourg |
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Designation : |
Director (upto 30th April, 2013) |
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Name : |
Mr. Gops Pillay |
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Designation : |
Director (w.e.f. 30th April, 2013) |
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|
Name : |
Mr. Thilo Bischoff |
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Designation : |
Alternate Director to Mr. Gops Pillay (w.e.f. 30th
April, 2013) |
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|
Name : |
Dr. Rainer Diercks |
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Designation : |
Director |
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Name : |
Dr. G. Ramaseshan |
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Designation : |
Alternate Director to Dr. Rainer Diercks
(w.e.f. 1st September, 2011) |
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Date of Appointment : |
01.09.2011 |
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Name : |
Mr. Andrew Postlethwaite |
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Designation : |
Director |
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Name : |
Mr. S. Regunathan |
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Designation : |
Alternate Director to Mr.
Andrew Postlethwaite |
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Date of Appointment : |
16.07.2010 |
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Name : |
Mr. R.A. Shah |
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Designation : |
Director |
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Name : |
Mr. R.R. Nair |
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Designation : |
Director |
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Name : |
Mr. Pradip P. Shah |
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Designation : |
Director |
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Name : |
Mr. Arun Bewoor |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep
Chandan |
|
Designation : |
Director – Legal
and Company Secretary |
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Management Committee : |
Mr. Prasad Chandran Mr. Thilo Bischoff Mr. Yatindra Borkar Mr. Pradeep Chandan Mr. Sandeep Gadre Mr. Ajai Gupta Dr. G. Ramaseshan Mr. S. Regunathan Mr. P. P. Srees Mr. Deepak Thuse Mr. K. Thyagarajan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
|
|
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|
31743220 |
73.33 |
|
|
31743220 |
73.33 |
|
Total shareholding
of Promoter and Promoter Group (A) |
31743220 |
73.33 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
453763 |
1.05 |
|
|
682721 |
1.58 |
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|
30 |
0.00 |
|
|
1204082 |
2.78 |
|
|
301168 |
0.70 |
|
|
2641764 |
6.10 |
|
|
|
|
|
|
2399397 |
5.54 |
|
|
|
|
|
|
5596509 |
12.93 |
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|
699525 |
1.62 |
|
|
205225 |
0.47 |
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|
201635 |
0.47 |
|
|
1252 |
0.00 |
|
|
2338 |
0.01 |
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|
8900656 |
20.56 |
|
Total Public
shareholding (B) |
11542420 |
26.67 |
|
Total (A)+(B) |
43285640 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
43285640 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacture and sale of
agrochemicals, performance products, plastics, inorganic chemicals, and
functional solutions. |
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 : |
2076 (Approximately) |
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|
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|
Bankers : |
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|
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Banking Relations : |
-- |
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Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
Address: |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400 011,
Maharashtra, India |
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|
|
|
Internal Auditors : |
|
|
Name : |
Mahajana and Aibara Chartered Accountants |
|
Address: |
1, Chawla House, 62, Wodehouse Road, Colaba, Mumbai – 400 005,
Maharashtra, India |
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|
|
|
Cost Auditors : |
|
|
Name : |
R. Nanabhoy and Company Cost Accountants |
|
Address: |
Jer Mansion, 70, August Kranti Marg, Mumbai – 400 036, Maharashtra,
India |
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|
|
|
Solicitors 1: |
|
|
Name: |
Crawlord Bayley and Company Advocates and Solicitors |
|
Address: |
State Bank Building, N.G.N. Vaidya Marg, Mumbai – 400 023,
Maharashtra, India |
|
|
|
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Solicitors 2: |
|
|
Name: |
Udwadia Udeshi and Argus Partners Solicitors and Advocates |
|
Address: |
Elphinstone House, 1st Floor, 17, Murzban Road, Mumbai –
400 001, Maharashtra, India |
|
|
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|
Ultimate Holding
Company: |
BASF Societas Europaea (‘SE’) |
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|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
54359715 |
Equity Shares |
Rs.10/- each |
Rs.543.600 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43285640 |
Equity Shares |
Rs.10/- each |
Rs.432.900
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43284958 |
Equity Shares |
Rs.10/- each |
Rs.432.900 Millions |
|
|
|
|
|
a. Equity shares
held by Ultimate Holding Company/Holding Company and/or their associates or
subsidiaries
|
Name of Shareholder |
Relationship |
March 31, 2013 |
|
BASF Societas Europaea |
Ultimate Holding Company |
20939259 |
|
BASF Schweiz AG |
Subsidiary of Ultimate Holding Company |
8907900 |
|
BASF Construction Chemicals GmbH |
Subsidiary of Ultimate Holding Company |
1896061 |
b. Rights,
preferences and restrictions attached to the shares
The Company has
one class of equity shares having a par value of Rs. 10/- per share. Each
shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
c. Equity shares
in the Company held by each shareholder holding more than 5% shares
|
Name of Shareholder |
Relationship |
March 31, 2013 |
|
|
Number |
Percentage |
||
|
BASF Societas Europaea |
Ultimate Holding Company |
20939259 |
48.37% |
|
BASF Schweiz AG |
Subsidiary of
Ultimate Holding Company |
8907900 |
20.58% |
d. Reconciliation
of number of equity shares outstanding as at the beginning and at the end of
reporting period
|
Equity
shares |
As at 31st
March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Shares
outstanding at the beginning of the year |
43284958 |
432.900 |
|
Shares
Issued during the year |
-- |
-- |
|
Shares outstanding at the
end of the year |
43284958 |
432.900 |
e. Information on
equity shares allotted without receipt of cash or allotted as bonus shares or
shares bought back
— 12579839 equity shares were allotted
to the erstwhile shareholders of Ciba India Limited and Ciba Research
(India) Private
Limited consequent to the amalgamation w.e.f. February 1, 2010.
— 2515653 equity shares were allotted to
the erstwhile shareholders of BASF Coatings India Private Limited and BASF
Construction Chemicals India Private Limited consequent to the amalgamation
w.e.f. April 1, 2010.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
432.900 |
432.900 |
432.900 |
|
(b) Reserves & Surplus |
10992.600 |
10054.300 |
9246.900 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
11425.500 |
10487.200 |
9679.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
2582.700 |
203.800 |
360.400 |
|
(b) Deferred tax liabilities (Net) |
9.300 |
1.800 |
0.000 |
|
(c)
Other long term liabilities |
509.700 |
489.900 |
427.100 |
|
(d)
Long-term provisions |
286.000 |
201.800 |
189.600 |
|
Total
Non-current Liabilities (3) |
3387.700 |
897.300 |
977.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1011.800 |
1545.100 |
887.200 |
|
(b)
Trade payables |
9426.800 |
6647.700
|
4702.800 |
|
(c)
Other current liabilities |
2460.700 |
2060.700
|
1256.500 |
|
(d)
Short-term provisions |
344.100 |
297.400
|
440.100 |
|
Total
Current Liabilities (4) |
13243.400 |
10550.900 |
7286.600 |
|
|
|
|
|
|
TOTAL |
28056.600 |
21935.400 |
17943.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4118.200 |
3873.500 |
3490.500 |
|
(ii)
Intangible Assets |
235.800 |
58.500 |
0.000 |
|
(iii)
Capital work-in-progress |
3193.200 |
838.700 |
261.100 |
|
(iv) Intangible assets under development (ERP software) |
0.000 |
114.700 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
7.400 |
|
(d) Long-term Loan
and Advances |
1772.600 |
1071.800 |
824.000 |
|
(e)
Other Non-current assets |
675.100 |
39.700 |
40.200 |
|
Total
Non-Current Assets |
9994.900 |
5996.900 |
4623.200 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
8952.500 |
7455.200
|
6220.800 |
|
(c)
Trade receivables |
6815.300 |
6248.500
|
5309.000 |
|
(d)
Cash and cash equivalents |
155.500 |
339.100
|
184.500 |
|
(e)
Short-term loans and advances |
2080.000 |
1845.500
|
1456.000 |
|
(f)
Other current assets |
58.400 |
50.200
|
150.000 |
|
Total
Current Assets |
18061.700 |
15938.500 |
13320.300 |
|
|
|
|
|
|
TOTAL |
28056.600 |
21935.400 |
17943.500 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
39406.300 |
35159.400 |
30638.800 |
|
|
|
Other Income |
39.200 |
51.100 |
258.900 |
|
|
|
TOTAL (A) |
39445.500 |
35210.500 |
30897.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
18460.100 |
17626.100 |
14408.700 |
|
|
|
Purchase of traded goods |
10483.300 |
7916.600 |
9264.700 |
|
|
|
Changes in inventories |
(922.700) |
(197.500) |
(1282.500) |
|
|
|
Employee benefits expenses |
2929.900 |
2500.600 |
1991.400 |
|
|
|
Other expenses |
5936.200 |
5214.100 |
4452.900 |
|
|
|
Exceptional item |
95.400 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
36982.200 |
33059.900 |
28835.200 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2463.300 |
2150.600 |
2062.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
171.200 |
136.100 |
93.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2292.100 |
2014.500 |
1969.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
601.800 |
517.300 |
464.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1690.300 |
1497.200 |
1505.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
549.500 |
488.600 |
326.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1140.800 |
1008.600 |
1178.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
808.000 |
808.000 |
761.000 |
|
|
|
|
|
|
|
|
|
Add |
Addition
on account of amalgamation |
0.000 |
0.000 |
(194.500) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
173.100 |
173.100 |
346.300 |
|
|
|
Tax on Proposed Dividend |
29.400 |
28.100 |
57.500 |
|
|
|
Transfer to General Reserve |
936.300 |
807.400 |
533.000 |
|
|
BALANCE CARRIED
TO THE B/S |
810.000 |
808.000 |
808.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods
calculated on FOB basis [Excludes Rupee
Exports to Nepal and Bhutan – (2013: Rs.72.400
millions, 2012: Rs.100.500 millions and 2011: Rs.57.300 millions)] |
2604.400 |
2129.600 |
2204.200 |
|
|
|
Indent Commission/
Technical/ Service charges |
1702.500 |
1225.300 |
966.100 |
|
|
|
Others
(Freight/Insurance/Claims) |
70.600 |
53.800 |
54.700 |
|
|
TOTAL EARNINGS |
4377.500 |
3408.700 |
3225.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12076.100 |
11889.600 |
8225.700 |
|
|
|
Capital Goods |
211.200 |
444.200 |
121.800 |
|
|
|
Components and Spare Parts |
5.600 |
6.400 |
2.600 |
|
|
|
Traded Goods |
5695.300 |
4373.200 |
6151.400 |
|
|
TOTAL IMPORTS |
17988.200 |
16713.400 |
14501.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.35 |
23.30 |
27.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st Quarter |
|
Net Sales |
|
|
13595.400 |
|
Total Expenditure |
|
|
12085.400 |
|
PBIDT (Excl OI) |
|
|
1510.000 |
|
Other Income |
|
|
10.000 |
|
Operating Profit |
|
|
1520.000 |
|
Interest |
|
|
22.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1497.200 |
|
Depreciation |
|
|
180.200 |
|
Profit Before Tax |
|
|
1317.000 |
|
Tax |
|
|
448.300 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
868.700 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
868.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.89 |
2.86 |
3.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.29 |
4.26 |
4.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.80 |
7.14 |
8.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.31 |
0.17 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36 |
1.51 |
1.83 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
Yes |
|
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 |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|
||||||
|
Lodging No:- |
AAPL/226/2012 |
Failing Date:- |
31/03/2012 |
Reg. No.:- |
APP/432/2012 |
Reg. Date:- |
06/08/2012 |
|
|
|||||||
|
Petitioner:- |
LANDCOM PROPERTY PRIVATE LIMITED |
Respondent:- |
BASF INDIA LTD. |
||||
|
Petn.Adv:- |
THAKORDAS MADGAVKAR |
Resp.Adv.:- |
UDWADIA UDESHI & ARGUS PARTNERS |
||||
|
District:- |
|
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
APPEALS. |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
FOR CIRCULATION (ORIGINAL SIDE MATTERS) |
||||
|
Last Date:- |
02/04/2013 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD HON’BLE SHRI JUSTICE A.A. SAYED |
||||||
|
|
|
||||||
|
Act:- |
C.P.C. (Non-Interlocutory Order) |
||||||
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80056920 |
15/07/2000 |
10,000,000.00 |
ICICI BANK
LIMITED |
215, FREE PRESS
HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Term Loans from Related parties |
|
|
|
– External
commercial borrowings from BASF Constructions Chemicals GmbH* |
0.000 |
0.000 |
|
– External
commercial borrowings from BASF SE** |
109.900 |
203.800 |
|
– External
commercial borrowings from BASF Belgium Coordination Center Comm. V.*** |
2472.800 |
0.000 |
|
SHORT TERM
BORROWINGS |
|
|
|
Cash credit and
overdraft facilities from bank (Cash credit and overdraft facilities from banks carry interest ranging
from 9% to 11% pa computated on daily basis on the actual amount utilised and
is repayable on demand.) |
1011.800 |
1545.100 |
|
Total
|
3594.500 |
1748.900 |
Long term borrowings
Terms of repayment
* Repayable in two
equal installments of USD 2 million due on 14th June 2012 and 2nd
November 2012 respectively. Interest is payable half yearly on 31st
March and 30th September at LIBOR plus 0.325%.
** Repayable in
two equal installments of USD 2 million each due on 17th August 2013
and 14th December 2014. Interest is payable half yearly on 31st
March and 30th September at LIBOR plus 0.325%.
*** USD 30 million
repayable on 10th August 2017 and USD 15 million on 15th
January 2018. Interest is payable half yearly on 15th June and 15th
December at 4.93%.
SEGMENT
INFORMATION:
Details of type of
products included in each segment —
— Agricultural Solution – includes
Agrochemicals. Agricultural Solution is seasonal in nature.
— Performance Products – Tanning
agents, Leather Chemicals, Textile Chemicals, Dispersion Chemicals,
Specialty
Chemicals and high-value fine chemicals for the food, pharmaceuticals, animal
feed and cosmetics industries.
— Plastics – Expandable Polystyrene
(EPS), Engineering Plastics and Polyurethanes.
— Chemicals – Chemicals includes
inorganic chemicals, intermediates and petrochemicals.
— Functional Solution – Functional
Solution includes catalysts, coatings and construction chemicals.
— Others – includes technical and
service charges.
ACTIVITIES
Given the
challenging economic scenario, the sales of the Company during the year
registered good growth over the previous year. Sales, net of excise at
Rs.39406.300 millions, represent an increase of 12%, over the previous year.
Profit before tax for the year ended 31st March, 2013 stood at
Rs.1690.300 millions as compared to Rs.1497.200 millions for the previous year
which represents an increase of 12.9%.
Profit after tax
at Rs.1140.800 millions during the year ended 31st March, 2013 was
higher by 13.1% compared to the previous year.
The Agricultural
Solutions business has shown healthy topline growth during the year on account
of introduction of new products, adoption of innovative marketing initiatives
and extension of products to new crop geographies.
The Coatings and
Process Catalysts businesses, part of the Functional Solutions segment of the
Company, recorded higher turnover and profits during the year. Although the
Construction Chemicals business recorded moderate growth in sales, its
profitability was impacted on account of the competitive market environment
coupled with a slowdown in construction activities.
The Performance
Products segment which includes Leather, Textile, Dispersions and Pigments and
Care Chemicals and Nutrition businesses, registered an increase in sales and
profits during the year. However, the Paper Chemicals business in this segment
showed marginal increase in sales and lower profit compared to the previous
year, mainly due to increase in cost of raw materials which could not be passed
on to customers.
The Polyurethanes
business, part of the Plastics segment, registered good growth in sales and
profits, while the Engineering Plastics business achieved higher capacity
utilization.
The Chemicals
segment improved its performance in terms of sales and profits as compared to
the previous year. Exports sales stood at Rs.2676.800 millions during the year
as compared to Rs.2230.100 millions for the previous year.
Re-alignment of
the Business Segments
The Company has
reduced the number of Business Segments from five to four in order to serve its
customers more effectively and to enhance its operational and technological
excellence. A new division known as “Performance Materials” has been created in
the current Functional Solutions segment, which has been re-named as
“Functional Materials and Solutions”. The Performance Materials business
bundles BASF’s innovative, downstream plastics from the current Performance
Polymers and Polyurethanes divisions, which were earlier part of the Plastics
segment. The Plastics segment will now cease to exist. Similarly, a new Division
known as 'Monomers' has been created under the Chemicals segment, which
includes majority of the product groups from the current inorganics chemicals
business and basic polymers from the current Performance Polymers and
Polyurethanes businesses. Consequently, the Chemicals Division will now
comprise of Intermediates, Monomers and Petrochemicals businesses. The Company
has adopted the new segment structure with effect from 1st April, 2013.
Investment in a
new chemical production site at Dahej, Gujarat
The Company is in
the process of constructing a new chemical production site at Dahej, Gujarat.
The project, involving an investment of Rs.10000.000 millions was inaugurated
one year ago and marks the Company’s single largest investment in India so far.
The new Dahej Site will be an integrated hub for Polyurethanes manufacturing
and will also house production facilities for Care Chemicals and Polymer
Dispersions for the Coatings and Paper businesses. It will strengthen the
Company’s support to key industries such as appliances, footwear, automotive,
construction, architectural coatings and personal care, as well as paper.
Production at the Dahej site is expected to commence in the first quarter of
2014.
Shutdown of the
Expandable Polystyrene (EPS) business
On account of
continuous pressure on the EPS business due to strong competition coupled with
high overcapacities and low margins, the Board of Directors of the Company
approved the proposal to shut down the
EPS business,
forming part of Plastics segment, including the Company’s STYROPOR® production
facility at Thane, subject to receipt of the requisite approval(s). The
contribution of this business to the total turnover was marginal; hence there
will be no material impact on the Company’s growth strategy.
German Year in
India
The German Year in
India was celebrated during the year to commemorate the completion of 60 years
of successful bilateral ties in various fields. Under the theme, “Infinite
Opportunities”, the event brought together science and education, research,
politics, business and culture on one platform. The Company is proud to be the
official partner of the German Year in India. The highlight of the celebration
was the “Indo German Urban Mela”, a unique pavilion concept that traveled
through five cities across India - Mumbai, Bangalore, Chennai, New Delhi and
Pune. The Company’s pavilion showcased how chemistry shapes daily life and
plays a critical role in solving future challenges. It also featured their
innovative and technologically advanced solutions in the areas of Mobility,
Housing and Construction and Health and Nutrition. BASF’s Kids’ Lab, which
provides a hands-on lab experience to children/students about Chemistry was an
integral part of the programme.
Finance and
Accounts
The Company
continued to minimize bank borrowings during the year by focusing on cash flows
and working capital management. Internal cash accruals were effectively used
for funding working capital needs and capital expenditure requirements of the
Company.
The Company
follows a prudent financing policy and aims to maintain optimum financial
gearing at all times. The Company’s total debt to equity ratio was 0.32 as at
31st March, 2013.
The Company
secured External Commercial Borrowings (ECB) loan for the Dahej Project on
competitive terms.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Due to a
combination of both external and domestic factors, the economy decelerated in
2011-2012 growing at 6.2% and is expected to grow at 5% in 2012-2013. The
slowdown in the rate of growth of the services sector in 2012-2013 to 6.6%
coupled with lower growth in agricultural and industrial activities contributed
significantly to the slowdown in the overall growth of the economy. Faltering
global growth further impacted the slowing economy.
The products
manufactured by the Company serve the agriculture sector as well as several
other sectors including paper, pharmaceuticals, consumer durables, electronics,
automobiles, construction, leather and textiles.
The manufacturing
sector also witnessed a decline in growth to 1.9% in the year as compared to
2.7% in the previous year.
The automotive
industry was also hit by the slowing Indian economy and domestic sales grew by
2.6% during the year. However, the pharmaceutical industry continued to show
high growth of about 12% due to demand in the local as well as international
markets. Rising consumerism continued to spur the high demand for FMCG
products, personal care products, leather products, paints and packaging. The
chemical industry is expected to grow at 3.8% during the year.
Agricultural
Solutions
The Agricultural
Solutions business includes agrochemicals like insecticides, herbicides,
fungicides and specialties.
The Crop
Protection industry in which this business of the Company operates is dependent
on monsoon and registered weak growth last year due to a deficient monsoon.
This resulted in the industry carrying higher inventory and being straddled with
outstanding due to extended credit cycles. However, despite these challenging
conditions, the Agricultural Solutions business of the Company grew by 16.7%,
driven by the consistent introduction of new products and adoption of
innovative marketing initiatives. The SAMRUDDHI™ (prosperity) program, where
the Company operates as a total solution provider to the farmers contributed
significantly to this growth.
The new herbicide,
ODYSSEY® launched by the Company last year was well accepted by the farmers and
will further support the soya bean growers to enhance their farm productivity.
AgCelence® is a
global brand and a concept to define effects of certain products delivering
reliable return on crop investment and contributing to sustainable farming.
AgCelence® and their existing products have helped to create a base in other
crops like cotton, grapes, tomato, potato and rice to ensure that the benefits
of SAMRUDDHI™ are realized by all farmers.
Timely and
adequate availability of agricultural credit at affordable cost and further
liberalization of foreign investment in multi-brand retail will support to
boost the agriculture productivity and the rural economy.
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.
During the year,
the Leather Chemicals business witnessed a stable market as compared to the
previous year. Significant growth was registered in the sale of Beamhouse
chemicals, PU binders and top coats. However, sales of acrylic binders and
spray-dyes were adversely affected. Stringent pollution norms, high prices of
raw hides and skins, power shortages in certain leather production areas and
lack of manpower in tanneries are major concerns for this business.
Despite the
difficult 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 optimization, specialized fabric
testing and certification.
During the year,
the Company’s Textile Chemicals business witnessed good growth as compared to
previous year.
Demand for home
textiles and denims will continue to grow during the year. Technical textiles
would also witness significant investments. Innovation in process optimization
and resource savings would lead to growth opportunities in this segment.
However, lack of
innovation in textiles, credit crunch, high transportation and utilities costs
and 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, weakening of rupee and stiff competition in the domestic market.
The Care Chemicals
business of the Company mainly caters to personal care, home care and
formulation technology sectors. During the year, the Care Chemicals business of
the Company registered healthy growth as compared to the previous year. Rising
disposable income and awareness have resulted in increase in private
consumption and growth in the personal care industry. Home Care industry also
continued its stable growth rate during the year. High growth rates were seen
in surface cleaning and dish-wash categories. Requirement for better performing
and higher efficiency products in the Home Care industry will further drive the
demand for the Company’s polymers, fluorescent whitening agents and
surfactants. Growth opportunities for formulation technologies were also seen
in the emulsion polymerization, construction and paper industries.
The Plastics
Additives business is categorized into anti-oxidants, light stabilizers and
pigments for the plastic industry with customers broadly classified into
upstream and downstream industries such as packaging and automotive industries.
Slowdown in the automotive industry had a negative impact on the demand for the
Company’s plastic additives. Shift from natural fibres to plastic in the
packaging sector will increase the demand for light stabilizers in the plastics
additives business.
The Fuel and
Lubricants business, which caters to the automotive and oil industries
registered substantial growth in sales as compared to the previous year. This
was achieved due to implementation of various growth projects and breakthrough
with certain key customers.
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 their products flocculants and coagulants.
Oilfield solutions
cater to the service companies that carry out work for the oil sector.
Mining solutions
is mainly focused on the coal and alumina mining sectors.
The Nutrition and
Health business of the Company comprises of Human Nutrition, Animal Nutrition,
Pharma Ingredients, Application Services and Flavours and Fragrances. While the
Pharma Ingredients business grew significantly due to focus on technologies for
product life cycle extension, the Animal Nutrition business was under pressure
due to low demand on account of high food inflation and excess production. The
Flavours and Fragrances business registered significant growth.
The Dispersions
and Pigments division of the Company comprises of pigments, resins, dispersions
and additives which cater to the needs of the adhesives, paints and coatings,
printing and packaging and construction industries. This division registered
marginal growth in sales during the year. During the year, a key focus of the
division was to elevate the market to greener and sustainable products. The
division is also preparing to ramp up volumes once the new plant at Dahej
commences production in 2014.
The Paper
Chemicals business of the Company has a comprehensive product portfolio as well
as the requisite technical expertise. The overall market outlook is positive
and the focus is now on environmentally viable and sustainable technologies.
This business of the Company is well positioned in India with its wide product
portfolio covering coating chemicals and wet-end chemicals. During the year,
the Company successfully commenced the production of PERGASOL® direct dyes at
its Plant at Ankleshwar. During the year, the Company successfully launched an
innovative product range of BASONALL® smart coats for paper coatings.
Given the positive
outlook for manufacturing in the country, the Paper Chemicals business is
expected to grow in the coming years.
Plastics
The Plastics
division comprises of Expandable Polystyrene (EPS), performance polymers
(engineering plastics) and polyurethanes businesses.
The EPS business
in India is under continuous pressure due to strong competition. This coupled
with high over capacities and low margins have made the continuance of the EPS
operations uneconomical. Hence, considering that there is no potential to
improve the overall performance of the EPS business in the long run, the
Company decided to shut down the EPS business in India.
The Performance
Polymers (engineering plastics) business of the Company caters to the
requirement of automotive and electrical industries. This business faced stiff
challenges during the year due to several factors such as lack of growth in the
market, significant increase in input costs and high inflation. However,
despite these challenges, the business delivered high volume as well as revenue
growth.
The Polyurethanes
business is largely dependent on the demand for consumer products such as cars,
white goods, furniture and footwear. In the year, high inflation, increased
interest rates and poor consumer confidence dampened demand across all
segments, which in turn affected the polyurethanes business in India.
The low
penetration levels of refrigerators and cars as well as insulation for energy
efficiency in new construction present significant opportunities for growth for
polyurethane usage in India. However, volatility in exchange rates and
non-availability of raw materials are major concerns for this business.
The Polyurethanes
business showed substantial sales growth in value terms during the year. With
the focus on new specialty application areas coupled with reduction in raw
material prices the profitability of the Polyurethanes business improved as
compared to previous year.
With expectation
of reduced inflationary pressures and availability of affordable credit, growth
is expected in the consumer goods and construction segments, which will drive
the demand for the Company’s polyurethane products.
Functional
Solutions
The Functional
Solutions business of the Company comprises of the Coatings and Construction
Chemicals and Process Catalysts and Technology 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. The automotive industry was
adversely affected primarily on account of high fuel and interest cost and
inflation. The Automotive 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
Company has also made good progress in setting up a body shop network with car
manufacturers for its refinish business. However, intense competition in terms
of market investments in these body shops is a key challenge to this business.
The refinish coatings business of the Company registered a double digit sales
growth over the previous year.
The industrial
coatings business includes pre-coatings, which comprises of coil coatings, foil
coatings and panel coatings. Demand for coil coatings has been slowly
increasing over powder coatings due to easy availability and better inventory
management. During the year, the Company implemented technology upgradation
measures in this business. However, this business is experiencing fierce
competition from imported low cost coil coating sheets making it highly price
sensitive. The Company also expanded its footprint in the wind energy segment.
The outlook for
the Coatings business of the Company looks positive.
The Construction
Chemicals business of the Company supplies chemical systems and formulations to
customers in the construction industry. The Admixture Systems business caters
to customers from the ready-mix, precast, underground construction and the
cement producing industries.
Increased
investment in commercial and residential buildings, urban infrastructure
projects, highways and freight corridor, thermal and hydel power plants have
spurred the demand for new technologies and are seen as future growth drivers
for this business.
The Construction
Chemicals business of the Company registered an increase in sales as compared
to the previous year. The Admixture systems business recorded an increased
turnover as compared to the previous year due to introduction of new technology
products, such as GLENINUM®, high range water reducer, Smart Dynamic Concrete
coupled with a focus on metro projects. New technology solutions, such as UCRETE®,
MASTERPREN® and CONIROOF®, which form part of Construction Systems have gained
acceptance thereby enhancing the market position of the Construction Systems
segment. During the year, the expansion of the distribution network added to
the further growth of this business.
However, high
interest rates, weakening of the rupee, increasing cement and crude prices and
limited availability of raw materials are the major concerns for this business.
The Refinery
Chemicals and Chemicals Catalysts business caters to petrochemicals industry.
While the Refinery Chemicals business registered a marginal increase in sales,
the Chemical Catalysts business showed a marginal decline in sales for the
year. During the year, the Company also introduced new catalysts, which
received a positive response from customers.
Chemicals
The Company’s
Chemicals business includes intermediates, inorganics, petrochemicals and other
process chemicals. The chemicals supplied by the Company 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 Chemical Intermediates
business witnessed steady growth during the year. Apart from growth in existing
product groups and industry segments, the business also supported customers in
the textile industry by giving technical and technological expertise for
chemical intermediates and gained a significant share in this segment. The
Intermediates business also focused on the evergreen sectors of marketing raw
materials for the Pharmaceuticals and Agrochemicals industry.
Inorganic
chemicals, which are used in the Life Sciences industry, provided a strong
value offering to the market.
With focus on
customer centric activities and measures to improve on supply chain, the
business of the Intermediates division is well poised to grow further in the
coming years.
The product portfolio
of the Petrochemicals business comprises of Oxo-Alcohols Solvents, Acrylics and
Plasticizers. The business recorded substantial growth during the year, with
the Alcohols and Acrylics segments contributing to the improved performance.
The Company has been continuing to increase business with key customers in
paints, coatings and the plasticizers segments. However, new capacities for
acrylics and oxo-alcohols in the Middle East and China could impact margins in
the future.
Technical
Management
During the year,
production at all manufacturing sites of the Company adequately met the demand
due to optimal utilization of assets through proper planning of production,
manpower and other resources.
During the year,
work on the erection of the new plant at Dahej commenced and is proceeding
satisfactorily. A Liquid Dyes project with the state-of-the-art technology for
the paper industry has also become operational at the Company’s Ankleshwar
plant, which will be a global source of production for the international paper
industry.
During the year,
various de-bottlenecking and expansion projects were also undertaken at various
manufacturing sites of the Company.
The Company
continued its policy of giving priority to various energy conservation measures
including regular review of energy generation, distribution and consumption at
all manufacturing sites. Use of cleaner and cheaper fuel (PNG) got priority
over the conventional fuels and various heat recovery systems were also
introduced. These measures led to cost savings and contributed positively to
environmental protection. The factories of the Company at Navi Mumbai,
Mangalore and Ankleshwar were successfully re-certified for ISO 9001:2008 and
also ISO 14001:2004 for their environment management systems.
As a mark of its
commitment to global climate protection, the Company has been publishing a
comprehensive corporate carbon footprint since 2008 and has achieved one of the
top ranking in the Materials section of the Carbon Disclosure Leadership Index
in 2012. The Company achieved a reduction of 52% in the emission of Greenhouse
gases.
The Company set up
a state-of-the-art effluent treatment plant at its Ankleshwar site.
PURCHASE OF
SPECIALTY CHEMICALS BUSINESS OF BASF CHEMICALS INDIA PRIVATE LIMITED (FORMERLY
KNOWN AS COGNIS SPECIALTY CHEMICALS PRIVATE LIMITED)
Pursuant to an
Agreement entered into between BASF India Limited and Cognis Specialty
Chemicals Private Limited (‘Cognis’), the specialty chemicals business of
Cognis was acquired from 1st July 2011 for consideration of Rs.134.000
millions. The assets and liabilities of Cognis have been taken over at fair
value as determined by an independent valuer and the difference between the
fair value of the net assets purchased over the consideration paid aggregating
to Rs.68.800 millions has been accounted as Goodwill in the previous year.
AMALGAMATION OF
BASF COATINGS (INDIA) PRIVATE LIMITED (BCIN), BASF CONSTRUCTION CHEMICALS
(INDIA) PRIVATE LIMITED (BCC) AND BASF POLYURETHANES INDIA LIMITED (BPIL) WITH
BASF INDIA LIMITED (BIL OR THE COMPANY)
Pursuant to the
Scheme of Amalgamation (‘the scheme’) as approved in the court convened
shareholder meeting held on 3rd November, 2010 and subsequently
sanctioned by the Honourable High Court of Bombay vide its order dated 14th
January, 2011, BCIN, BCC, BPIL (wholly owned subsidiary of the Company)
(collectively referred to as the amalgamating companies) were merged with the
Company. The amalgamating companies were engaged in the business of
manufacturing and trading of resins, thinners and varnishes, building and
construction materials and polyurethane systems house and polyesterols.
As provided in the
Scheme of Amalgamation, 619,589 equity shares of BIL (representing 1.43% of
equity share capital as at 31st March, 2011) were issued against
37,175,399 shares of BCIN (representing 100% of equity share capital as at 1st
April, 2010) and 1,896,064 equity shares of BIL (representing 4.38% of equity
share capital as at 31st March, 2011) were issued against 2,464,885
shares of BCC (representing 100% of equity share capital as at 1st
April, 2010). 9,000,000 equity shares (representing 100% of equity share
capital as at 1st April, 2010 of BPIL) and BIL’s investment in such equity
shares held by the Company were cancelled. Accordingly 2,515,653 equity shares
of Rs. 10/- each fully paid up were issued to the equity share holders of the
BCIN and BCC without payment being received in cash.
As per the Scheme
of Amalgamation, the ‘Appointed Date’ is 1st April, 2010. The amalgamation
was accounted under the “pooling of interests” method as prescribed by
Accounting Standard 14 on “Accounting for Amalgamations”.
Accordingly:
(i) All the assets
and liabilities of BCIN, BCC and BPIL were transferred and vested in the
Company at book values with effect from 1st April, 2010. The
reserves of the amalgamating companies appear in the same form in the financial
statements of the Company.
(ii) As specified
in the scheme of amalgamation, the difference between the amount recorded as
share capital issued (Rs.25.200 millions) and the amount of share capital of
the amalgamating companies (Rs.396.400 millions) aggregating to Rs.371.200
millions was adjusted in amalgamation reserves.
(iii) The book
values of the intercompany balances and holdings were cancelled.
CONTINGENT LIABILITIES:
|
Nature |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
Contingent
Liabilities not Provided for |
|
|
|
(a) Claim against the Company not acknowledged as debt |
24.100 |
22.200 |
|
In respect of which the Company has counterclaim |
68.700 |
68.700 |
|
(b) Demand for
taxes and duties in respect of which the company has preferred appeals with
appropriate authority |
|
|
|
a. Income Tax |
262.800 |
18.400 |
|
b. Customs, Excise, Service Tax and Sales Tax |
174.800 |
175.900 |
FIXED ASSETS:
Tangible Assets
·
·
·
Plant
and Machinery and Computers
·
Furniture
and Fixtures
·
Vehicles
·
Office
Equipment
Intangible Assets
·
Software
·
Goodwill
WEBSITE DETAILS:
NEWS:
BASF Q4 NET SOARS 66% TO RS.133.000 MILLIONS; SHARES RALLY
April 30, 2013
Chemical producer BASF India's fourth quarter
(January-March) net profit jumped 66.25 percent year-on-year to Rs.133.000
Millions, pushing shares three percent higher. Meanwhile, net sales increased
7.5 percent to Rs.8190.000 Millions from Rs.7620.000 Millions Y-o-Y. The stock
gained 3.10 percent to close at Rs 583.85 amid large volumes on Bombay Stock
Exchange. Trading volumes moved up 17 times to 51,299 equity shares as compared
to its five-day average of 3,018 shares.
BASF INDIA APPOINTS RAMAN RAMACHANDRAN AS CMD
BASF India at its meeting held on September 30, 2013, appointed Dr. Raman Ramachandran as the Chairman and Managing Director of the Company with effect from October 01, 2013, subject to the approval of the Central Government and the shareholders of the Company.
BASF India Limited has informed BSE that by mutual consent, Mr. Prasad Chandran has relinquished his position as the Chairman and Managing Director of the Company with effect from the close of business hours as on September 30, 2013. The Board placed on record its appreciation and gratitude to Mr. Prasad Chandran for 17 years of distinguished service including 13 years as the Chairman and Managing Director of the Company. The Board of Directors of the Company at their meeting held on September 30, 2013, appointed Dr. Raman Ramachandran as the Chairman and Managing Director of the Company with effect from October 01, 2013, subject to the approval of the Central Government and the shareholders of the Company.
BASF INDIA LAUNCHES FINE CHEMICAL CATALYSTS PRODUCTION LINE IN
MANGALORE, INDIA
BASF’s first fine chemical catalysts production line and product development laboratory in Asia Pacific
Supports growth of Indian fine chemical industry
Mangalore, India – October 17, 2013 – BASF India Limited today celebrated the launch of its precious metal-based fine chemical catalysts production plant and product development laboratory at the Company’s operating site in Mangalore, India. The plant is BASF’s first precious metal- based fine chemical catalysts manufacturing and development operation in the Asia Pacific region.
The catalysts manufactured at the Mangalore plant will allow BASF’s customers to produce fine chemicals including active pharmaceutical ingredients (API), agrochemicals, nutrition components and flavors and fragrances. API and agrochemicals remain critical to the production of new and life-saving drugs and to feeding the world’s increasing population.
“BASF is an industry leader in fine chemical catalysts manufacturing and development and we are delighted to establish commercial-scale operations at the Mangalore site,” said Chris Wai, Vice President, Production & Sales, Asia Pacific, Process Catalysts and Technologies, BASF. “We have extensive experience supporting fine chemical producers around the globe, and we look forward to providing high-quality catalyst products and technologies to meet the needs of the fast-growing Indian marketplace.”
“We see great market potential in India and the region. The start-up of the facility in Mangalore, India, will allow us to respond to customers even quicker and further enhance our efficiency of logistics and supply of fine chemical products across the country,” said Dr. Raman Ramachandran, Chairman, BASF Companies in India & Head South Asia.
The Mangalore site is BASF’s largest manufacturing site in India and in South Asia. Operational since 1996, it is currently engaged in the production of performance chemicals, dispersions and paper chemicals, automotive coatings, coil coatings and construction chemicals. In addition to the Mangalore site, BASF produces precious metal-based fine chemical catalysts at its operating facilities in Rome, Italy, and Seneca, South Carolina.
BASF INDIA LIMITED: BASF COMMITTED TO GROWTH
IN GUJARAT
04.15.2013
Dahej chemical project gains momentum
Start of production on schedule for early 2014
Site to employ 250 people upon completion
Dahej/Mumbai, India - April 15, 2013 - BASF has completed
major construction work at its future chemical production site in Dahej, Gujarat.
The site will employ around 250 people upon completion, primarily in operations
and production. It will also generate indirect job opportunities in the region
for contractors and service providers.
The INR 10000.000 millions project, which broke ground one year ago,
marks BASF's single largest investment in India. It will strengthen the company's support to
key industries such as appliances, footwear, automotive, construction,
architectural coatings and personal care, as well as paper.
Speaking about the project development, Mr. Prasad Chandran,
Chairman, BASF Companies in India and Head South Asia, said, "We are
committed to ensuring that this project contributes to the growth and development
of the local industry, while maintaining BASF's excellent global standards. The
new site will strengthen our position in important northern and western markets
and also complement the existing manufacturing set up in Mangalore, Ankleshwar
and Thane."
Earthworks and foundation work have now been completed at the site.
Infrastructure project and plant structures including the administration
building, underground pipelines, warehouses, water tanks and plant buildings
are taking shape. Utilities like steam, water and electricity will be installed
step-by-step. This also includes waste water, thermal oxidizer and other
amenities.
The project has undergone a thorough examination on all aspects of
environment, health and safety by internal experts and local authorities. The
site's advanced design takes advantage of the latest technologies from BASF
facilities
around the world. BASF has been successful in maintaining a zero lost-time
Injury record at the site.
About BASF
in India
BASF has successfully partnered India's progress for over a
century, with all global businesses maintaining a local presence in India
today, except for oil and gas. BASF in India maintains excellent performance in
environment, health and safety, in line with BASF global and internationally
accepted standards. On the social front, our community development activities
focus on relief and rehabilitation, women's empowerment, education, and
improving governance standards. BASF in India has 2,157 employees at nine production
sites, 8 sales offices and two R and D centers. In 2012, BASF registered sales of 1.14
billion to customers in India.
About BASF
BASF is the world's leading chemical company: The Chemical Company. Its portfolio ranges from chemicals, plastics, performance products and crop protection products to oil and gas. We combine economic success with environmental protection and social responsibility. Through science and innovation, we enable our customers in nearly every industry to meet the current and future needs of society. Our products and solutions contribute to conserving resources, ensuring nutrition and improving quality of life. We have summed up this contribution in our corporate purpose: We create chemistry for a sustainable future. BASF had sales of 72.1 billion in 2012 and more than 110,000 employees as of the end of the year. BASF shares are traded on the stock exchanges in Frankfurt (BAS), London (BFA) and Zurich (AN)
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 exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No 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.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
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 |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.