|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BASF HONG KONG LTD. |
|
|
|
|
Registered Office : |
45/F., Jardine House, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
20.12.1977 |
|
|
|
|
Com. Reg. No.: |
00614211 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of Plastic additives,
coating effects, and water & paper treatment |
|
|
|
|
No. of Employees : |
240. (Including associates) |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
BASF HONG KONG
LTD.
ADDRESS: 45/F., Jardine House, 1
Connaught Place, Central, Hong Kong.
PHONE: 852-2731 0111, 852-2731 1222, 852-2731 1500
FAX: 852-2731
5631, 852-2734 9631
E-MAIL: basf@basf-china.com.hk
Managing Director: Mr. Ulf
Hinrich Loleit
Incorporated on: 20th December, 1977.
Organization: Private Limited Company.
Capital: Nominal: HK$54,000,000.00
Issued: HK$54,000,000.00
Business Category: Specialty
Chemicals Manufacturer and Trader.
Group Sales:- (Year ended 31-12-2012)
78,729
million (The BASF Group)
13,916
million (Asia Pacific Region)
Company Employees: 240.
(Including associates)
Group Employees: 112,617.
(As at 30-09-2013)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
BASF HONG
KONG LTD.
Registered Head
Office:-
45/F., Jardine House, 1 Connaught Place, Central, Hong Kong.
Immediate Holding
Company:-
BASF East Asia Regional Headquarters Ltd., Hong Kong.
Ultimate Holding
Company:-
BASF SE (or known as BASF Societas Europaea)
Carl-Bosch-Strabe 38, 67056
Ludwigshafen, Germany.
[Tel: 49-621-60-0; Fax:
49-621-60-42525]
Affiliated
Companies:-
BASF Group of Companies
Asia Pacific Region
BASF (China) Co. Ltd., China.
BASF (Malaysia) Sdn. Bhd., Malaysia.
BASF (Thai) Ltd., Thailand.
BASF Asia Pacific (India) Pvt. Ltd., India.
BASF Asia Pacific Service Centre Sdn. Bhd., Malaysia.
BASF Australia Co. Ltd., Australia.
BASF Auxiliary Chemicals Co. Ltd., China.
BASF Battery Materials (Suzhou) Co. Ltd., China.
BASF Care Chemicals (Shanghai) Co. Ltd., China.
BASF Catalysts (Guilin) Co. Ltd., China.
BASF Catalysts (Shanghai) Co. Ltd., China.
BASF Catalysts India Pvt. Ltd., India.
BASF Central Asia LLP, Kazakhstan.
BASF Chemcat (Thailand) Ltd., Thailand.
BASF Chemicals Co. Ltd., China.
BASF Co. Ltd., South Korea.
BASF Construction Chemicals (China) Co. Ltd., China.
BASF Construction Chemicals (Sichuan) Co. Ltd., China.
BASF Electronic Materials (Shanghai) Co. Ltd., China.
BASF Gao-Qiao Performance Chemicals (Shanghai) Co. Ltd., China.
BASF Heesung Trading Corporation, South Korea.
BASF HOCK Mining Chemical (China) Co. Ltd., China.
BASF Idemitsu Co. Ltd., Japan.
BASF India Ltd., India.
BASF Intertrade (Shanghai) Co. Ltd., China.
BASF Japan Ltd., Japan.
BASF Metals (Shanghai) Co. Ltd., China.
BASF Metals Japan Ltd., Japan.
BASF New Zealand Ltd., New Zealand.
BASF Pakistan (Pvt) Ltd., Pakistan.
BASF Paper Chemicals (Huizhou) Co. Ltd., China.
BASF Paper Chemicals (Jiangsu) Co. Ltd., China.
BASF Performance Products Ltd., China.
BASF Petronas Chemicals Sdn. Bhd., Malaysia.
BASF PJPC Neopentylglycol Co. Ltd., China.
BASF Polyurethane Specialties (China) Co. Ltd., China.
BASF Polyurethanes (China) Co. Ltd., China.
BASF Polyurethanes (Chongqing) Co. Ltd., China.
BASF Qingdao Pigments Co. Ltd., China.
BASF Services (Malaysia) Sdn. Bhd., Malaysia.
BASF Shanghai Coatings Co. Ltd., China.
BASF South East Asia Pte. Ltd., Singapore.
BASF Specialty Chemicals (Nanjing) Co. Ltd., China.
BASF Taiwan Ltd., Taiwan.
BASF Vietnam Co. Ltd., Vietnam.
BASF Vitamins Co. Ltd., China.
Ciba (Australia) Pty. Ltd., Australia.
Engelhard China Ltd., China.
Novolyte Technologies Ltd., China.
P.T. BASF Care Chemicals Indonesia, Indonesia.
P.T. BASF Indonesia, Indonesia.
Shanghai BASF Polyurethane Co. Ltd., China.
00614211
0057377
Managing Director: Mr. Ulf
Hinrich Loleit
Nominal Share Capital: HK$54,000,000.00
(Divided into 54,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$54,000,000.00
(As per registry dated 20-12-2012)
|
Name |
|
No. of shares |
|
BASF East Asia Regional Headquarters Ltd., Hong Kong. |
|
54,000,000 ======== |
(As per registry dated 21-10-2013)
|
Name (Nationality) |
Address |
|
Soeren Piet BAUERMANN |
Apartment 16A Seymour, 9 Seymour Road, Mid-Level, Hong Kong. |
|
Albert Gerhard HEUSER |
Flat A, 49/F., The Summit, 41C Stubbs Road, Hong Kong. |
|
Ulf Hinrich LOLEIT |
Flat 1104, 11/F., Tower B, Queens Garden, 9 Old Peak Road,
Mid-Levels, Hong Kong. |
|
Gopalan PILLAY |
Flat A, 33/F., Tower 2, Dynasty Court, 23 Old Peak Road, Mid-Levels,
Hong Kong. |
(As per registry dated 03-09-2013)
|
Name |
Address |
Co. No. |
|
Tricor Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queens Road East, Hong Kong. |
0014900 |
The subject was incorporated on 20th December, 1977 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Ciba-Geigy
(Hong Kong) Ltd., name changed to Ciba Specialty Chemicals (Hong Kong)
Ltd. on 15th January, 1997, to Ciba (Hong Kong) Ltd. on 26th July, 2007, and
further to the present style on 28th December, 2009.
Formerly the registered head office was located at 13/F., Warwick House,
Taikoo Place, 979 Kings Road, Quarry Bay, Hong Kong, moved to combine with its
laboratory and godown at 61-69 Yau Ma Hom Road, Kwai Chung, New Territories,
Hong Kong in August 1998. In November
2005, the registered office was relocated at Suite 1104-1106, 11/F., Tower 2,
The Gateway, Harbour City, 25 Canton Road, Tsimshatsui, Kowloon,
Hong Kong, and subsequently to the present address in January 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer, Exporter and Wholesaler.
Lines: Plastic
additives, coating effects, and water & paper treatment
Company Employees: 240. (Including associates)
Group Employees: 112,617. (As at 30-09-2013)
Materials/Commodities: Imported
from Europe, Israel
Markets: Hong
Kong (main), China, Europe.
Group Sales:-
|
FY |
The BASF Group |
Asia Pacific Region |
|
Year ended 31-12-2008 |
62,304 million |
8,664 million |
|
Year ended 31-12-2009 |
50,693 million |
7,997 million |
|
Year ended 31-12-2010 |
63,873 million |
11,642 million |
|
Year ended 31-12-2011 |
73,497 million |
13,316 million |
|
Year ended 31-12-2012 |
78,729 million |
13,916 million |
|
9 months ended 30-09-2013 |
55,824 million |
2,919 million |
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
GOVERNMENT CONTRACT AWARDED SINCE 1999:
|
Date |
GN No. |
Particulars |
Amount |
|
28-05-1999 |
GN3001 |
Supply of polyelectrolyte (Type I) |
HK$4,338,880 F.I.S./Hong Kong with ±20% variation
(not exceeding HK$5,206,656) |
|
26-10-2001 |
GN6719 |
Supply of anionic polymer |
HK$901,120 F.I.S./Hong Kong with ±30% variation
(not exceeding HK$1,171,456) |
|
27-10-2006 |
GN6881 |
Supply of cationic polymer |
US$2,565,000 (F.I.S./Hong Kong) |
|
27-10-2006 |
GN6881 |
Supply of polyelectrolyte (Type IV) |
HK$6,807,500 (F.I.S./Hong Kong) |
|
30-09-2010 |
GN6287 |
Supply of polyelectrolyte (Type IV) |
HK$7,047,000 (F.I.S./Hong Kong) |
Nominal Share Capital: HK$54,000,000.00
(Divided into 54,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$54,000,000.00
Group Operating Income:-
|
Period |
The BASF Group |
Asia Pacific Region |
||
|
Year ended 31-12-2008 |
6,463 million |
254 million |
||
|
Year ended 31-12-2009 |
3,677 million |
503 million |
||
|
Year ended 31-12-2010 |
7,761 million |
1,271 million |
||
|
Year ended 31-12-2011 |
8,586 million |
1,133 million |
||
|
Year ended 31-12-2012 |
8,976 million |
905 million |
||
|
9 months ended 30-09-2013 |
5,624 million |
206 million |
|
|
Profit or Loss: Operation
is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general
banking facilities.
Payment: Reliable.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Calyon Corporate & Investment Bank, Hong Kong Branch.
Deutsche Bank AG, Hong Kong Branch.
Standing: Very Good.
BASF Hong Kong Ltd. [BHKL], incorporated in December 1977, was originally
registered as Ciba-Geigy (Hong Kong) Ltd. [CGHK].
CGHK was a merger of Ciba and Geigy, two businesses established in
Hong Kong in 1947 and 1946 respectively.
In 1996, CGHK and Sandoz were merged; Ciba-Geigys industrial divisions
spun off to form a specialty chemical firm - Ciba Specialty Chemicals. On 15th January, 1997, CGHK was renamed as
Ciba Specialty Chemicals (Hong Kong) Ltd. [CSCHK].
CSCHK was a member of the Ciba Group.
Ciba Holding AG [Ciba Holding] was the ultimate holding company of
Group. Its shares were listed on the SIX
Swiss Exchange, traded on SWX Europe, and its American Depositary Shares traded
on the New York Stock Exchange until 20th July, 2007. Ciba Holding was a global leader in the
discovery and manufacture of innovative specialty chemicals that provide
colour, performance and care for plastics, coatings, paper and other
products. Its products and services were
also used to provide clean water and to treat water streams in industrial and
municipal applications.
CSCHK was a specialty chemicals manufacturer and trader. Employing 200 persons and having a laboratory
area of 10,000 sq.ft., CSCHK was engaged in manufacturing PC boards,
multi-layer PCBs, ICs and other specialty chemicals. CSCHK also imported and wholesaled specialty
chemicals such as additives, colours, consumer care and performance polymers,
etc. Having a long history and getting a
firm foothold in Hong Kong, CSCHKs business had been good. On 26th July, 2007, CSCHK changed its name to
Ciba (Hong Kong) Ltd. [Ciba HK].
On 15th September, 2008, BASF SE (or known as BASF Societas Europaea)
[BASF] made a public tender offer to acquire all publicly held shares in Ciba
Holding at a price of CHF 50 in cash per share.
The offer was accepted by shareholders in November 2008, and 94.59% of
the companys shares were acquired by BASF.
On 9th April, 2009, BASF completed the acquisition of Ciba Holding. The purchase price was 2,178 million.
Following the acquisition, Ciba HK became a member of the BASF
Group. Subsequently, the name of Ciba HK
has been changed to BHKL on 28th December, 2009.
The businesses of Ciba Holding, which was acquired on 9th April, 2009,
were managed as a separate division in the Performance Products segment in the
second quarter of 2009. As of the third
quarter of 2009, the former Ciba businesses have been integrated into the
operating divisions of Performance Products.
Presently, BASFs worldwide business is managed by operating divisions
that have been aggregated into 5 segments since 2013: Chemicals, Performance
Products, Functional Solutions, Agricultural Solutions, Oil & Gas.
Chemicals
In the Chemicals segment, the Group supplies products to customers in
the chemical, electronics, construction, textile, automotive, pharmaceutical
and agricultural industries as well as many others. It also ensures that other BASF segments are
supplied with chemicals for producing downstream products. Its portfolio ranges from basic chemicals,
glues and electronic chemicals for the semiconductor and solar cell industries,
to solvents, plasticizers and large-volume monomers, as well as starting
materials for detergents, plastics, textile fibers, paints and coatings, and
pharmaceuticals.
Performance Products
Performance Products lend stability and colour to countless everyday
items and help to improve their application profile. Its product portfolio includes vitamins and
food additives as well as ingredients for pharmaceuticals and for hygiene, home
and personal care items. Other
Performance Products improve processes in the paper industry, oil and gas
production, mining and water treatment.
They can also enhance the efficiency of fuels and lubricants, the
effectiveness of adhesives and coatings, and the stability of plastics.
Functional Materials & Solutions
In the Functional Materials & Solutions segment, the Group bundles
system solutions, services and innovative products for specific sectors and
customers, in particular for the automotive, electrical, chemical and
construction industries as well as for household appliances, sports and leisure
products.
Its portfolio comprises catalysts, battery materials, engineering
plastics, polyurethanes, automotive and industrial coatings and concrete
admixtures as well as construction systems such as tile adhesives and architectural
coatings.
Agricultural Solutions
Crop protection products guard against fungal diseases, insects and
weeds, increase the quality of agricultural products and secure crop
yields. Its research in plant
biotechnology concentrates on plants for greater efficiency in agriculture,
better nutrition, and use as renewable raw materials. Research and development expenses, sales,
earnings and all other data pertaining to BASF Plant Science are not included
in the Agricultural Solution segment; they are reported in other.
Oil & Gas
As the largest German producer of oil and gas, the Group focuses its
exploration and production on oil- and gas-rich regions in Europe, North
Africa, South America, Russia and the Caspian Sea region. Together with its Russian partner Gazprom,
its is active in the transport, storage and trading in natural gas in Europe.
BASF has expanded its Pudong site in Shanghai, China. In December 2010, ground was broken on a new
Innovation Campus for the Asia Pacific region which will open in 2012.
Moreover, the BASF Greater China head office will be relocated to the Pudong
site from downtown Shanghai.
In order to serve the growing market of western China, BASF will build a
large MDI plant in Chongqing. The plant
will have an annual production capacity of 400,000 tons. The project broke ground in April 2011, and
commercial operation is scheduled for 2014.
BASF currently has subsidiaries in 80 countries. In Greater China it has maintained a number of
sales offices, for example in Hong Kong (the subject BHKL), Beijing, Shanghai,
Guangzhou, Nanjing, Qingdao and Taipei.
BASFs business in Greater China includes products such as
petrochemicals, inorganics, polymer dispersions, polyurethanes, engineering
plastics, coatings, finishing products for the textile and leather industries,
electronic materials, intermediates, catalysts, construction chemicals, paper
chemicals and care chemicals.
For the year ended 31st December, 2012, the sales of the Group amounted
to 78,729 million, grew by 7.1% as compared with 73,497 million in
FY 2011; income from operation was 8,976 million, grew by 4.5% as
compared with 8,586 million in FY 2011.
For the 9 months ended 30th September, 2013, the sales of the Group
amounted to 55,824 million, grew by 3.1% as compared with 54,148 million in
the same period of FY 2012; income from operation was 5,624 million,
decreased by 0.9% as compared with 5,677 million in the same period of
FY 2012.
For the year ended 30th September, 2013, the Group has 112,617
employees.
On the whole, in view of the parentage of BHKL, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.