MIRA INFORM REPORT

 

 

Report Date :

23.05.2014

 

IDENTIFICATION DETAILS

 

Name :

BASF SOUTH EAST ASIA PTE. LTD.

 

 

Formerly Known As :

BASF SOUTH EAST ASIA REGIONAL HEADQUARTERS PTE LTD

 

 

Registered Office :

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

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

28.06.1978

 

 

Com. Reg. No.:

197801536-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

Subject is principally engaged in the activities of head and regional head offices

 

 

No. of Employees

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Singapore

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SINGAPORE ECONOMIC OVERVIEW

 

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. The economy contracted 0.8% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010, on the strength of renewed exports, before slowing to in 2011-13, largely a result of soft demand for exports during the second European recession. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub

 

Source : CIA

 

 

 

EXECUTIVE SUMMARY

 

REGISTRATION NO.

:

197801536-N

COMPANY NAME

:

BASF SOUTH EAST ASIA PTE. LTD.

FORMER NAME

:

BASF SOUTH EAST ASIA PTE LTD (22/01/1998)
BASF SOUTH EAST ASIA REGIONAL HEADQUARTERS PTE LTD (22/01/1998)
BASF SOUTH EAST ASIA PTE LTD (23/02/1990)

INCORPORATION DATE

:

28/06/1978

COMPANY STATUS

:

EXIST

LEGAL FORM

:

PRIVATE LIMITED

LISTED STATUS

:

NO

REGISTERED ADDRESS

:

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

BUSINESS ADDRESS

:

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

TEL.NO.

:

65-63370330

FAX.NO.

:

65-63340330

WEB SITE

:

WWW.BASF.COM.SG

CONTACT PERSON

:

DEAN TREVOR DRAPER ( DIRECTOR )

PRINCIPAL ACTIVITY

:

ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

ISSUED AND PAID UP CAPITAL

:

520,300.00 ORDINARY SHARE, OF A VALUE OF SGD 520,300,000.00

SALES

:

USD 6,255,000,000 [2012]

NET WORTH

:

USD 557,000,000 [2012]

STAFF STRENGTH

:

N/A

BANKER (S)

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

PROMPT

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

AVERAGE GROWTH

 

HISTORY / BACKGROUND

 

The Subject is a private limited company and is allowed to have a minimum of one and a maximum of forty-nine shareholders. As a private limited company, the Subject must have at least two directors. A private limited company is a separate legal entity from its shareholders. As a separate legal entity, the Subject is capable of owning assets, entering into contracts, sue or be sued by other companies. The liabilities of the shareholders are to the extent of the equity they have taken up and the creditors cannot claim on shareholders' personal assets even if the Subject is insolvent. The Subject is governed by the Companies Act and the company must file its annual returns, together with its financial statements with the Registrar of Companies.

The Subject is principally engaged in the (as a / as an) activities of head and regional head offices.

 

The immediate holding company of the Subject is BASF NEDERLAND B.V., a company incorporated in NETHERLANDS.

The ultimate holding company of the Subject is BASF SE, a company incorporated in GERMANY.

 

Share Capital History

Date

Issue & Paid Up Capital

31/12/2012

SGD 520,300,000.00

 

The major shareholder(s) of the Subject are shown as follows :

 

Name

Address

IC/PP/Loc No

Shareholding

(%)

BASF NEDERLAND B.V.

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

T08UF4122

520,300.00

100.00

---------------

------

520,300.00

100.00

============

=====

+ Also Director

 

The Subject's interest in other companies (Subsidiaries/Associates) are shown as follow :

 

Local No

Country

Company

(%)

As At

VIETNAM

BASF VIETNAM LTD

100.00

31/12/2012

199903598Z

SINGAPORE

ELLBA EASTERN (PTE) LTD

50.00

23/12/2013




 

DIRECTORS

 

DIRECTOR 1

 

Name Of Subject

:

MR. DEAN TREVOR DRAPER

Address

:

7, TEMASEK BOULEVARD, 35-01, SUNTEC TOWER ONE, 038987, SINGAPORE.

IC / PP No

:

F5658246X

Nationality

:

AUSTRALIAN

Date of Appointment

:

01/03/2011

 

DIRECTOR 2

 

Name Of Subject

:

JOANE JOANE LEONG LAI FUN

Address

:

136B, HILLVIEW AVENUE, 08-06 MERAWOODS, 669607, SINGAPORE.

IC / PP No

:

S1527868D

Nationality

:

SINGAPOREAN

Date of Appointment

:

04/08/2010

 

DIRECTOR 3

 

Name Of Subject

:

GOPALAN PILLAY

Address

:

FLAT A, 33/F, TOWER 2, 23, OLD PEAK ROAD, DYNASTY COURT, MID LEVELS, HONG KONG.

IC / PP No

:

M00042411

Nationality

:

SOUTH AFRICAN

Date of Appointment

:

17/05/2013

 

MANAGEMENT

 

1)

Name of Subject

:

DEAN TREVOR DRAPER

Position

:

DIRECTOR

 

AUDITOR

 

Auditor

:

KPMG LLP

Auditor' Address

:

N/A

 

COMPANY SECRETARIES

 

1)

Company Secretary

:

TAN TER YEE

IC / PP No

:

S1654262H

Address

:

17, HUME AVENUE, 04-01, HUME PARK 1, 598726, SINGAPORE.

 

2)

Company Secretary

:

YANG NELLIE

IC / PP No

:

S0163132B

Address

:

38, CORONATION ROAD WEST, 03-01, ASTRID MEADOWS, 269257, SINGAPORE.

 

BANKING


Banking relations are maintained principally with :

1)

Name

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

 

 

ENCUMBRANCE (S)


No encumbrance was found in our databank at the time of investigation.

 

 

LEGAL CHECK AGAINST SUBJECT


* A check has been conducted in our databank againt the Subject whether the subject has been involved in any litigation.

No legal action was found in our databank.

No winding up petition was found in our databank.

 

PAYMENT RECORD

 

 

SOURCES OF RAW MATERIALS:

Local

:

YES

Overseas

:

YES



The Subject refused to provide any name of trade/service supplier and we are unable to conduct any trade enquiry. However, from financial historical data we conclude that :

OVERALL PAYMENT HABIT

Prompt 0-30 Days

[

X

]

Good 31-60 Days

[

]

Average 61-90 Days

[

]

Fair 91-120 Days

[

]

Poor >120 Days

[

]



CLIENTELE

 

Local

:

YES

Domestic Markets

:

SINGAPORE

Overseas

:

YES

Export Market

:

ASIA PACIFIC

EUROPE

Credit Term

:

AS AGREED

Payment Mode

:

TELEGRAPHIC TRANSFER (TT)

 

OPERATIONS

 

Goods Traded

:

CHEMICAL PRODUCTS, RAW MATERIALS

 

Total Number of Employees:

 

YEAR

2013

2012

2011

2010

GROUP

N/A

N/A

N/A

N/A

COMPANY

480

700

650

650

 

Branch

:

NO

Other Information:


The Subject is principally engaged in the (as a / as an) activities of head and regional head offices.

The Group is a leading chemical company producing comprehensivre range of chemicals.

The Subject's chemical products are used in a wide range of industries such as agriculture, textile, leather, automotive, construction, electrical appliances and electronics, paper, food, feed, cosmetics, printing and packaging

The Subject has five major products categories:

* Chemicals
* Plastics
* Performance Products
* Functional Solutions
* Agricultural Solutions
* innovative special mixtures
* high purity process chemicals
* electronic chemicals


CURRENT INVESTIGATION

 

Latest fresh investigations carried out on the Subject indicated that :

Telephone Number Provided By Client

:

N/A

Current Telephone Number

:

65-63370330

Match

:

N/A

Address Provided by Client

:

7 TEMASEK BOULEVARD 35-01 SUNTEC TOWER ONE SINGAPORE 038987

Current Address

:

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

Match

:

YES

 

Other Investigations


we contacted one of the staff from the Subject and she provided some information.

The Subject refused to disclose its number of employees.



FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2009 - 2012

]

Profit/(Loss) Before Tax

:

Decreased

[

2009 - 2012

]

Return on Shareholder Funds

:

Unfavourable

[

7.36%

]

Return on Net Assets

:

Unfavourable

[

9.38%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players.The Subject's profit fell sharply because of the high operating costs incurred. The unfavourable return on shareholders' funds could indicate that the Subject was inefficient in utilising its assets to generate returns.

Working Capital Control

Stock Ratio

:

Favourable

[

14 Days

]

Debtor Ratio

:

Favourable

[

26 Days

]

Creditors Ratio

:

Favourable

[

3 Days

]

The Subject's stocks were moving fast thus reducing its holding cost. This had reduced funds being tied up in stocks. The favourable debtors' days could be due to the good credit control measures implemented by the Subject. The Subject had a favourable creditors' ratio where the Subject could be taking advantage of the cash discounts and also wanting to maintain goodwill with its creditors.

Liquidity

Liquid Ratio

:

Acceptable

[

1.00 Times

]

Current Ratio

:

Unfavourable

[

1.18 Times

]

The Subject's liquid ratio was slightly low. This could indicate that the Subject's working capital was slightly deficient. The Subject will have to improve its liquidity position either by obtaining short term financing or increase its paid up capital so that it can meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Acceptable

[

9.00 Times

]

Gearing Ratio

:

Favourable

[

0.04 Times

]

The Subject's interest cover was slightly low. If there is no sharp fall in its profit or sudden increase in the interest rates, we believe the Subject is able to generate sufficient income to service its interest and repay the loans. The Subject was lowly geared thus it had a low financial risk. The Subject was mainly financed by its shareholders' funds and internally generated funds. In times of economic slowdown / downturn, the Subject being a lowly geared company, will be able to compete better than those companies which are highly geared in the same industry.

Overall Assessment :

The Subject recorded lower profits as its turnover showed a erratic trend. The Subject's management was unable to control its costs efficiently as its profit showed a downward trend. The Subject had an acceptable interest cover. If there is no sudden sharp increase in interest rate or fall in the Subject's profit, we do believe the Subject is able to generate sufficient cash flow to service its interest payment. The Subject as a lowly geared company, will be more secured compared to those highly geared companies. It has the ability to meet all its long term obligations.

Overall financial condition of the Subject : FAIR

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2008

2009

2010

2011

2012

 

Population (Million)

4.84

4.98

5.08

5.18

5.31

Gross Domestic Products ( % )

1.5

(0.8)

14.5

4.9

1.3

Consumer Price Index

6.6

0.6

2.8

5.2

4.6

Total Imports (Million)

450,892.6

356,299.3

423,221.8

459,655.1

474,554.0

Total Exports (Million)

476,762.2

391,118.1

478,840.7

514,741.2

510,329.0

 

Unemployment Rate (%)

2.2

3.2

2.2

2.1

2.0

Tourist Arrival (Million)

10.12

9.68

11.64

13.17

14.49

Hotel Occupancy Rate (%)

81.0

75.8

85.6

86.5

86.4

Cellular Phone Subscriber (Million)

1.31

1.37

1.43

1.50

1.52

 

Registration of New Companies (No.)

25,327

26,414

29,798

32,317

31,892

Registration of New Companies (%)

(2.2)

4.3

12.8

8.5

(1.3)

Liquidation of Companies (No.)

10,493

22,393

15,126

19,005

17,218

Liquidation of Companies (%)

13.7

113.4

(32.5)

25.6

9.4

 

Registration of New Businesses (No.)

24,850

26,876

23,978

23,494

24,788

Registration of New Businesses (%)

0.36

8.15

(10.78)

2.02

5.51

Liquidation of Businesses (No.)

21,150

23,552

24,211

23,005

22,489

Liquidation of Businesses (%)

(0.8)

11.4

2.8

(5)

(2.2)

 

Bankruptcy Orders (No.)

2,326

2,058

1,537

1,527

1,748

Bankruptcy Orders (%)

(15.9)

(11.5)

(25.3)

(0.7)

14.5

Bankruptcy Discharges (No.)

1,500

3,056

2,252

1,391

1,881

Bankruptcy Discharges (%)

(7.7)

103.7

(26.3)

(38.2)

35.2

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

(0.32)

3.25

(0.48)

4.25

3.64

Fish Supply & Wholesale

(6.31)

(1.93)

(10.5)

12.10

(0.5)

 

Manufacturing *

74.6

71.5

92.8

100.0

100.3

Food, Beverages & Tobacco

94.8

90.4

96.4

100.0

103.5

Textiles

180.1

145.9

122.1

100.0

104.0

Wearing Apparel

334.6

211.0

123.3

100.0

92.1

Leather Products & Footwear

128.2

79.5

81.8

100.0

98.6

Wood & Wood Products

132.0

101.4

104.0

100.0

95.5

Paper & Paper Products

101.0

95.4

106.1

100.0

97.4

Printing & Media

118.2

100.9

103.5

100.0

93.0

Crude Oil Refineries

113.1

96.4

95.6

100.0

99.4

Chemical & Chemical Products

84.5

80.3

97.6

100.0

100.5

Pharmaceutical Products

43.7

49.1

75.3

100.0

109.7

Rubber & Plastic Products

120.1

101.2

112.3

100.0

96.5

Non-metallic Mineral

96.5

91.9

92.5

100.0

98.2

Basic Metals

109.8

92.6

102.2

100.0

90.6

Fabricated Metal Products

101.3

90.8

103.6

100.0

104.3

Machinery & Equipment

65.0

57.3

78.5

100.0

112.9

Electrical Machinery

81.7

86.8

124.1

100.0

99.3

Electronic Components

93.1

85.2

113.6

100.0

90.6

Transport Equipment

102.0

96.0

94.0

100.0

106.3

 

Construction

45.90

(36.9)

14.20

20.50

28.70

Real Estate

(11.2)

1.4

21.3

25.4

31.9

 

Services

Electricity, Gas & Water

(1.3)

1.70

4.00

7.00

6.30

Transport, Storage & Communication

11.60

3.90

12.80

7.40

5.30

Finance & Insurance

(5.9)

(16.4)

(0.4)

8.90

0.50

Government Services

17.40

4.50

9.70

6.90

6.00

Education Services

0.50

0.10

(0.9)

(1.4)

0.30

 

* Based on Index of Industrial Production (2011 = 100)

 

INDUSTRY ANALYSIS

 

INDUSTRY :

TRADING

The wholesale and retail trade sector contracted by 1.5% in the fourth quarter of 2012, extending the 0.2% decline in the preceding quarter. For the whole of 2012, the sector declined by 0.7%, reversing the 1.6% growth in 2011. The sector was weighed down primarily by the wholesale trade segment. In 2012, the wholesale trade segment contracted by 1.0%, a reversal from the 1.4% growth in 2011. Growth of the retail trade segment also moderated to 2.0%, from 3.2% in the year 2011.

The domestic wholesale trade index grew by 1.2% in the fourth quarter of 2012, an improvement from the 5.4% decline in the third quarter. This was partly due to an increase in the sales of chemicals & chemical products and ship chandlers & bunkering. For the full year of 2012, the domestic wholesale trade index contracted by 2.2%, extending the 1.7% decline in 2011. The foreign wholesale trade index grew by 8.6% in the fourth quarter, an increase from the 6.6% growth in the third quarter. The expansion was partly due to resilient sales of petroleum & petroleum products. For the whole of 2012, the foreign wholesale trade index expanded by 9.1%, faster than the 4.3% increase in 2011.

In the fourth quarter of 2012, retail sales volume declined by 2.0%, extending the 0.3% decline in the third quarter. Excluding motor vehicles, retail sales volume grew by 0.4%, a slight moderation compared to the 1.5% gain in the third quarter of 2012. The sales volume of motor vehicles fell by 11% in the fourth quarter of 2012, after contracting by 6.1% in the third quarter. The sales of several discretionary items also declined in the fourth quarter. Besides, the sales of optical goods & books in 2012 fell by 3.6%, while the sales of telecommunications apparatus & computers declined by 1.4%.

For 2012 as a whole, retail sales volume grew by 1.3%, compared to the 2.0% expansion in 2011. Excluding motor vehicle sales, the increase in retail sales volume also moderated from 5.4% in 2011 to 1.7% in 2012. Medical goods & toiletries registered the largest increase (9.3%) in sales, followed by telecommunications apparatus & computers (6.9%). By contrast, the sales of watches & jewellery (-2.2%) and optical goods & books (-3.6%) declined.

OVERALL INDUSTRY OUTLOOK : AVERAGE GROWTH



CREDIT RISK EVALUATION & RECOMMENDATION

 


Incorporated in 1978, the Subject is a Private Limited company, focusing on activities of head and regional head offices. The Subject has been in business for 3 two decades. It has built up a strong clientele base and good reputation will enable the Subject to further enhance its business in the near term. The Subject is expected to enjoy a stable market shares. Having strong support from its shareholder has enabled the Subject to remain competitive despite the challenging business environment. The Subject is a large entity with strong capital position. We are confident with the Subject's business and its future growth prospect.

Over the years, the Subject has penetrated into both the local and overseas market. The Subject has positioned itself in the global market and is competing in the industry. Its stable clientele base will enable the Subject to further enhance its business in the near term. Overall, we regard that the Subject's management capability is average. This indicates that the Subject has greater potential to improve its business performance and raising income for the Subject.

The Subject's business performance showed a reverse trend as both its turnover and pre-tax profit have decreased compared to the previous year. The Subject has generated an unfavourable return on shareholders' funds indicating that the management was inefficient in utilising its funds to generate return. The Subject however is in good liquidity position with its current liabilities well covered by it current assets. Hence, it has sufficient working capital to meet its short term financial obligations. Being a lowly geared company, the Subject is exposed to low financial risk as it is mainly dependent on its internal funds to finance its business needs. Given a positive net worth standing at USD 557,000,000, the Subject should be able to maintain its business in the near terms.

The Subject's supplier are from both the local and overseas countries. This will eliminates the risk of dependency on deliveries from a number of key suppliers and insufficient quantities of its raw materials. Overall the Subject has a good control over its resources.

We regard that the Subject's overall payment habit is prompt. The Subject had a favourable creditors' ratio as evidenced by its favourable collection days.

The industry shows an upward trend and this trend is very likely to sustain in the near terms. Hence, the Subject is expected to benefit from the favourable outlook of the industry.

Based on the above condition, we recommend credit be granted to the Subject promptly.

 



PROFIT AND LOSS ACCOUNT

 

THE FINANCIAL STATEMENTS WERE PREPARED IN ACCORDANCE WITH SINGAPORE FINANCIAL REPORTING STANDARDS.

BASF SOUTH EAST ASIA PTE. LTD.

 

Financial Year End

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

TURNOVER

6,255,000,000

6,267,000,000

5,565,000,000

3,237,000,000

Other Income

-

27,000,000

-

-

----------------

----------------

----------------

----------------

Total Turnover

6,255,000,000

6,294,000,000

5,565,000,000

3,237,000,000

Costs of Goods Sold

(5,834,000,000)

(5,756,000,000)

(5,128,000,000)

(2,939,000,000)

----------------

----------------

----------------

----------------

Gross Profit

421,000,000

538,000,000

437,000,000

298,000,000

----------------

----------------

----------------

----------------

PROFIT/(LOSS) FROM OPERATIONS

48,000,000

188,000,000

136,000,000

82,000,000

----------------

----------------

----------------

----------------

PROFIT/(LOSS) BEFORE TAXATION

48,000,000

188,000,000

136,000,000

82,000,000

Taxation

(7,000,000)

(22,000,000)

(5,000,000)

(7,000,000)

----------------

----------------

----------------

----------------

PROFIT/(LOSS) AFTER TAXATION

41,000,000

166,000,000

131,000,000

75,000,000

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

382,000,000

347,000,000

341,000,000

252,000,000

----------------

----------------

----------------

----------------

As restated

382,000,000

347,000,000

341,000,000

252,000,000

----------------

----------------

----------------

----------------

PROFIT AVAILABLE FOR APPROPRIATIONS

423,000,000

513,000,000

472,000,000

327,000,000

TRANSFER TO RESERVES - General

-

-

(21,000,000)

14,000,000

DIVIDENDS - Ordinary (paid & proposed)

(166,000,000)

(131,000,000)

(104,000,000)

-

----------------

----------------

----------------

----------------

RETAINED PROFIT/(LOSS) CARRIED FORWARD

257,000,000

382,000,000

347,000,000

341,000,000

=============

=============

=============

=============

INTEREST EXPENSE (as per notes to P&L)

Others

6,000,000

7,000,000

5,000,000

-

----------------

----------------

----------------

----------------

6,000,000

7,000,000

5,000,000

-

=============

=============

=============

 

BALANCE SHEET

 

BASF SOUTH EAST ASIA PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

162,000,000

156,000,000

171,000,000

60,000,000

LONG TERM INVESTMENTS/OTHER ASSETS

Subsidiary companies

2,000,000

2,000,000

2,000,000

40,000,000

Investments

144,000,000

155,000,000

170,000,000

188,000,000

----------------

----------------

----------------

----------------

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

146,000,000

157,000,000

172,000,000

228,000,000

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

38,000,000

42,000,000

46,000,000

11,000,000

----------------

----------------

----------------

----------------

TOTAL INTANGIBLE ASSETS

38,000,000

42,000,000

46,000,000

11,000,000

----------------

----------------

----------------

----------------

TOTAL LONG TERM ASSETS

346,000,000

355,000,000

389,000,000

299,000,000

CURRENT ASSETS

Stocks

232,000,000

163,000,000

190,000,000

92,000,000

Trade debtors

439,000,000

434,000,000

1,134,000,000

856,000,000

Other debtors, deposits & prepayments

2,000,000

1,000,000

-

-

Short term deposits

8,000,000

209,000,000

-

-

Amount due from related companies

801,000,000

768,000,000

-

-

Cash & bank balances

6,000,000

2,000,000

70,000,000

107,000,000

Others

17,000,000

14,000,000

-

-

----------------

----------------

----------------

----------------

TOTAL CURRENT ASSETS

1,505,000,000

1,591,000,000

1,394,000,000

1,055,000,000

----------------

----------------

----------------

----------------

TOTAL ASSET

1,851,000,000

1,946,000,000

1,783,000,000

1,354,000,000

=============

=============

=============

=============

CURRENT LIABILITIES

Trade creditors

48,000,000

47,000,000

1,051,000,000

682,000,000

Other creditors & accruals

67,000,000

63,000,000

-

-

Short term borrowings/Term loans

20,000,000

1,000,000

-

-

Other borrowings

-

47,000,000

48,000,000

-

Amounts owing to holding company

559,000,000

532,000,000

-

-

Amounts owing to related companies

509,000,000

462,000,000

-

-

Provision for taxation

9,000,000

22,000,000

17,000,000

11,000,000

Other liabilities

63,000,000

70,000,000

-

-

----------------

----------------

----------------

----------------

TOTAL CURRENT LIABILITIES

1,275,000,000

1,244,000,000

1,116,000,000

693,000,000

----------------

----------------

----------------

----------------

NET CURRENT ASSETS/(LIABILITIES)

230,000,000

347,000,000

278,000,000

362,000,000

----------------

----------------

----------------

----------------

TOTAL NET ASSETS

576,000,000

702,000,000

667,000,000

661,000,000

=============

=============

=============

=============

SHARE CAPITAL

Ordinary share capital

294,000,000

294,000,000

294,000,000

294,000,000

----------------

----------------

----------------

----------------

TOTAL SHARE CAPITAL

294,000,000

294,000,000

294,000,000

294,000,000

RESERVES

General reserve

6,000,000

6,000,000

6,000,000

6,000,000

Retained profit/(loss) carried forward

257,000,000

382,000,000

347,000,000

341,000,000

----------------

----------------

----------------

----------------

TOTAL RESERVES

263,000,000

388,000,000

353,000,000

347,000,000

----------------

----------------

----------------

----------------

SHAREHOLDERS' FUNDS/EQUITY

557,000,000

682,000,000

647,000,000

641,000,000

LONG TERM LIABILITIES

Deferred taxation

19,000,000

20,000,000

20,000,000

20,000,000

----------------

----------------

----------------

----------------

TOTAL LONG TERM LIABILITIES

19,000,000

20,000,000

20,000,000

20,000,000

----------------

----------------

----------------

----------------

576,000,000

702,000,000

667,000,000

661,000,000

=============

=============

=============

=============

 

FINANCIAL RATIO

 

BASF SOUTH EAST ASIA PTE. LTD.

 

TYPES OF FUNDS

Cash

14,000,000

211,000,000

70,000,000

107,000,000

Net Liquid Funds

14,000,000

211,000,000

70,000,000

107,000,000

Net Liquid Assets

(2,000,000)

184,000,000

88,000,000

270,000,000

Net Current Assets/(Liabilities)

230,000,000

347,000,000

278,000,000

362,000,000

Net Tangible Assets

538,000,000

660,000,000

621,000,000

650,000,000

Net Monetary Assets

(21,000,000)

164,000,000

68,000,000

250,000,000

BALANCE SHEET ITEMS

Total Borrowings

20,000,000

48,000,000

48,000,000

0

Total Liabilities

1,294,000,000

1,264,000,000

1,136,000,000

713,000,000

Total Assets

1,851,000,000

1,946,000,000

1,783,000,000

1,354,000,000

Net Assets

576,000,000

702,000,000

667,000,000

661,000,000

Net Assets Backing

557,000,000

682,000,000

647,000,000

641,000,000

Shareholders' Funds

557,000,000

682,000,000

647,000,000

641,000,000

Total Share Capital

294,000,000

294,000,000

294,000,000

294,000,000

Total Reserves

263,000,000

388,000,000

353,000,000

347,000,000

LIQUIDITY (Times)

Cash Ratio

0.01

0.17

0.06

0.15

Liquid Ratio

1.00

1.15

1.08

1.39

Current Ratio

1.18

1.28

1.25

1.52

WORKING CAPITAL CONTROL (Days)

Stock Ratio

14

9

12

10

Debtors Ratio

26

25

74

97

Creditors Ratio

3

3

75

85

SOLVENCY RATIOS (Times)

Gearing Ratio

0.04

0.07

0.07

0.00

Liabilities Ratio

2.32

1.85

1.76

1.11

Times Interest Earned Ratio

9.00

27.86

28.20

0.00

Assets Backing Ratio

1.83

2.24

2.11

2.21

PERFORMANCE RATIO (%)

Operating Profit Margin

0.77

3.00

2.44

2.53

Net Profit Margin

0.66

2.65

2.35

2.32

Return On Net Assets

9.38

27.78

21.14

12.41

Return On Capital Employed

8.79

26.21

19.78

12.20

Return On Shareholders' Funds/Equity

7.36

24.34

20.25

11.70

Dividend Pay Out Ratio (Times)

4.05

0.79

0.79

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.58.57

UK Pound

1

Rs.98.87

Euro

1

Rs.80.05

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

PDT

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                  Payment record (10%)

Credit history (10%)                   Market trend (10%)                                Operational size (10%)

 

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

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