MIRA INFORM REPORT

 

 

Report No. :

301773

Report Date :

05.01.2015

 

IDENTIFICATION DETAILS

 

Name :

BASF SOUTH EAST ASIA PTE. LTD.

 

 

Registered Office :

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

 

 

Country :

Singapore

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

28.06.1978

 

 

Com. Reg. No.:

197801536-N

 

 

Legal Form :

Private Limited

 

 

Line of Business :

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

 

 

No of Employees :

480 [2014]

 

 

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 :

Slow but correct

 

 

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, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 0.6% in 2009 as a result of the global financial crisis, but rebounded 15.1% 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 6,619,000,000 [2013]

NET WORTH

:

USD 606,000,000 [2013]

STAFF STRENGTH

:

480 [2014]

BANKER (S)

:

DEUTSCHE BANK AKTIENGESELLSCHAFT

LITIGATION

:

CLEAR

FINANCIAL CONDITION

:

FAIR

PAYMENT

:

GOOD

MANAGEMENT CAPABILITY

:

AVERAGE

COMMERCIAL RISK

:

LOW

CURRENCY EXPOSURE

:

MODERATE

GENERAL REPUTATION

:

GOOD

INDUSTRY OUTLOOK

:

MARGINAL 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.

T08UF4122L

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

199903598Z

SINGAPORE

ELLBA EASTERN (PTE) LTD

50.00

31/12/2013

199903598Z

SINGAPORE

ELLBA EASTERN (PTE) LTD

50.00

31/12/2013

 

 

 

DIRECTORS



DIRECTOR 1

 

Name Of Subject

:

MR. DEAN TREVOR DRAPER

Address

:

52, ORIOLE CRESCENT, RAFFLES PARK, 288643, SINGAPORE.

IC / PP No

:

F5658246X

Nationality

:

AUSTRALIAN

Date of Appointment

:

01/03/2011

 

DIRECTOR 2

 

Name Of Subject

:

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, 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. 

 

LITIGATION CHECK AGAINST SUBJECT


* A check has been conducted in our databank against 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

:

N/A

Overseas

:

N/A


The Group refused to disclose its suppliers. 


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

[

]

Good 31-60 Days

[

X

]

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

 

Services

:

ACTIVITIES OF HEAD AND REGIONAL HEAD OFFICES

 

Total Number of Employees:

 

YEAR

2014

2013

2012

2011

2010

GROUP

N/A

N/A

N/A

N/A

N/A

COMPANY

480

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 Grouop 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,038987 SINGAPORE

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.



FINANCIAL ANALYSIS

 

Profitability

Turnover

:

Erratic

[

2009 - 2013

]

Profit/(Loss) Before Tax

:

Increased

[

2009 - 2013

]

Return on Shareholder Funds

:

Unfavourable

[

8.09%

]

Return on Net Assets

:

Unfavourable

[

9.76%

]

The fluctuating turnover reflects the fierce competition among the existing and new market players. The Subject's management have been efficient in controlling its operating costs. 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

[

13 Days

]

Debtor Ratio

:

Favourable

[

27 Days

]

Creditors Ratio

:

Favourable

[

2 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

:

Favourable

[

1.02 Times

]

Current Ratio

:

Unfavourable

[

1.20 Times

]

A minimum liquid ratio of 1 should be maintained by the Subject in order to assure its creditors of its ability to meet short term obligations and the Subject was in a good liquidity position. Thus, we believe the Subject is able to meet all its short term obligations as and when they fall due.

Solvency

Interest Cover

:

Favourable

[

61.00 Times

]

Gearing Ratio

:

Favourable

[

0.00 Times

]

The interest cover showed that the Subject was able to service the interest. The favourable interest cover could indicate that the Subject was making enough profit to pay for the interest accrued. The Subject had no gearing and hence it had virtually no financial risk. The Subject was financed by its shareholders' funds and internally generated fund. During the economic downturn, the Subject, having a zero gearing, will be able to compete better than those which are highly geared in the same industry.

Overall Assessment :

Although the turnover was erratic, the Subject had maintained a steady growth in its profit. This indicate the management's efficiency in controlling its costs and profitability. The Subject was in good liquidity position with its total current liabilities well covered by its total current assets. With its current net assets, the Subject should be able to repay its short term obligations. With the favourable interest cover, the Subject could be able to service all the accrued interest without facing any difficulties. The Subject was a zero gearing company, it was solely dependant on its shareholders to provide funds to finance its business. The Subject has good chance of getting loans, if the needs arises.

Overall financial condition of the Subject : FAIR

 

 

 

 

SINGAPORE ECONOMIC / INDUSTRY OUTLOOK

 

Major Economic Indicators :

2009

2010

2011

2012

2013

 

Population (Million)

4.98

5.08

5.18

5.31

5.40

Gross Domestic Products ( % )

(0.8)

14.5

4.9

1.3

3.7

Consumer Price Index

0.6

2.8

5.2

4.6

2.4

Total Imports (Million)

356,299.3

423,221.8

459,655.1

474,554.0

466,762.0

Total Exports (Million)

391,118.1

478,840.7

514,741.2

510,329.0

513,391.0

 

Unemployment Rate (%)

3.2

2.2

2.1

2.0

1.9

Tourist Arrival (Million)

9.68

11.64

13.17

14.49

15.46

Hotel Occupancy Rate (%)

75.8

85.6

86.5

86.4

86.3

Cellular Phone Subscriber (Million)

1.37

1.43

1.50

1.52

1.97

 

Registration of New Companies (No.)

26,414

29,798

32,317

31,892

37,288

Registration of New Companies (%)

4.3

12.8

8.5

(1.3)

9.8

Liquidation of Companies (No.)

22,393

15,126

19,005

17,218

17,369

Liquidation of Companies (%)

113.4

(32.5)

25.6

9.4

(5.3)

 

Registration of New Businesses (No.)

26,876

23,978

23,494

24,788

22,893

Registration of New Businesses (%)

8.15

(10.78)

2.02

5.51

1.70

Liquidation of Businesses (No.)

23,552

24,211

23,005

22,489

22,598

Liquidation of Businesses (%)

11.4

2.8

(5)

(2.2)

0.5

 

Bankruptcy Orders (No.)

2,058

1,537

1,527

1,748

1,992

Bankruptcy Orders (%)

(11.5)

(25.3)

(0.7)

14.5

14.0

Bankruptcy Discharges (No.)

3,056

2,252

1,391

1,881

2,584

Bankruptcy Discharges (%)

103.7

(26.3)

(38.2)

35.2

37.4

 

INDUSTRIES ( % of Growth ) :

Agriculture

Production of Principal Crops

3.25

(0.48)

4.25

3.64

-

Fish Supply & Wholesale

(1.93)

(10.5)

12.10

(0.5)

-

 

Manufacturing *

71.5

92.8

100.0

100.3

102.0

Food, Beverages & Tobacco

90.4

96.4

100.0

103.5

103.5

Textiles

145.9

122.1

100.0

104.0

87.1

Wearing Apparel

211.0

123.3

100.0

92.1

77.8

Leather Products & Footwear

79.5

81.8

100.0

98.6

109.8

Wood & Wood Products

101.4

104.0

100.0

95.5

107.4

Paper & Paper Products

95.4

106.1

100.0

97.4

103.2

Printing & Media

100.9

103.5

100.0

93.0

86.1

Crude Oil Refineries

96.4

95.6

100.0

99.4

93.5

Chemical & Chemical Products

80.3

97.6

100.0

100.5

104.1

Pharmaceutical Products

49.1

75.3

100.0

109.7

107.2

Rubber & Plastic Products

101.2

112.3

100.0

96.5

92.9

Non-metallic Mineral

91.9

92.5

100.0

98.2

97.6

Basic Metals

92.6

102.2

100.0

90.6

76.5

Fabricated Metal Products

90.8

103.6

100.0

104.3

105.1

Machinery & Equipment

57.3

78.5

100.0

112.9

114.5

Electrical Machinery

86.8

124.1

100.0

99.3

108.5

Electronic Components

85.2

113.6

100.0

90.6

94.3

Transport Equipment

96.0

94.0

100.0

106.3

107.5

 

Construction

(36.9)

14.20

20.50

28.70

-

Real Estate

1.4

21.3

25.4

31.9

-

 

Services

Electricity, Gas & Water

1.70

4.00

7.00

6.30

-

Transport, Storage & Communication

3.90

12.80

7.40

5.30

-

Finance & Insurance

(16.4)

(0.4)

8.90

0.50

-

Government Services

4.50

9.70

6.90

6.00

-

Education Services

0.10

(0.9)

(1.4)

0.30

-

 

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



INDUSTRY ANALYSIS

 

INDUSTRY :

ECONOMY

According to Ministry of Trade and Industry (MTI), the Singapore economy is expected to grow by 1.0 to 3.0% in 2013 as growth in the global economy is likely to remain subdued despite macroeconomic conditions stablising in recent months of 2013. 

However, the global economic outlook is still clouded with uncertainties. Notably, concerns remain over the extent of the fiscal cutback with the budget sequester in the US and potential flareup of the debt crisis in the Eurozone. Should any of these risks materialise, Singapore's economic growth could come in lower than expected.

Although resilient domestic demand in emerging Asia will provide some support to global demand, it will not fully mitigate the effects of an economic slowdown in the advanced economies. Consequently, Singapore's externally-oriented sectors such as electronics and wholesale trade will continue to perform poorly, while the financial services sector will be affected by heightened uncertainties in the external environment. Nevertheless, there will be some modest support to growth from the biomedical manufacturing cluster and tourism-related sectors. The former will likely see increased production of active pharmaceutical ingredients and biologics while the latter will benefit from rising visitor arrivals from the region.

For the whole of 2012, Singapore's GDP growth slowed to 1.3%, from 5.2% in 2011, mainly due to weakness in the externally-oriented sectors. Manufacturing sector growth slowed sharply from 7.8% in the year 2011 to 0.1%. The hudge decline was largely due to a rebound in the output of the biomedical manufacturing and transport engineering clusters, which together helped to mitigate part of the fall in output in the electronics cluster. By contrast, the construction sector growth accelerated from 6.3% to 8.2% in 2012, due to the expansion in both public and private building activities. 

Growth in the services producing industries also moderated to 1.2% in 2012, compared to 4.6% in 2011. This was mainly due to the slowdown in wholesale and retail trade, accommodation and food services as well as other services industries. In particular, the wholesale and retail trade sector contracted by 0.7%, compared to the 1.6% growth in year 2011. The accommodation and food services as well as other services industries posted lower gains of 2.8% and 0.1% respectively, compared to 8.2% and 6.3% in 2011. 

For the whole of 2012, all sectors, except the wholesale and retail trade, contributed to growth. Business services was the largest contributor with 0.4 percentage-points, followed by construction with 0.3 percentage-points and transportation and storage at 0.2 percentagepoints. Besides, growth in total demand moderated to 2.4%, compared to 4.2% in 2011. Domestic demand was the key contributor to total demand growth, accounting for 2.2 percentage-points, or over 90 per cent, of the increase.

In 2012, total domestic demand rose by 9.7%, following the 6.5% increase in 2011. The growth in total domestic demand was broad-based across consumption, gross fixed capital formation (GFCF) and changes in inventories. The total consumption expenditure in 2012 grew slightly by 0.9%, easing from the 3.7% growth in 2011. Public consumption expenditure fell by 3.6%, reversing the 0.5% growth in 2011. Private consumption expenditure registered a 2.2% gain, moderating from the 4.6% increase in the preceding year.

Overall, the Singapore economy is expected to grow by 1.0 to 3.0% in 2013.

OVERALL INDUSTRY OUTLOOK : MARGINAL 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 over 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. The Subject is a large entity with strong capital position of SGD 520,300,000. We are confident with the Subject's business and its future growth prospect. Having strong support from its holding company has enabled the Subject to remain competitive despite the challenging business environment. 

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. The Subject is a fairly large and rapidly growing company with over 480 staff in its operations 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. 

We noted that both the turnover and profits have increased compared to the previous year. The higher profit could be due to increase in turnover and better control over its operating costs. 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 is in average 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 zero geared company, the Subject virtually has no financial risk as it is mainly dependent on its internal funds to finance its business. Given a positive net worth standing at USD 606,000,000, the Subject should be able to maintain its business in the near terms. 

Overall, the Subject's payment habit is good as the Subject has a good credit control and it could be taking advantage of the cash discounts while maintaining a good reputation with its creditors. 

The industry has reached its maturity stage and only enjoying a marginal growth. The steady growth of the country's economy will further enhance the industry activities. Thus, the Subject's future performance is very much depend on its marketing strategies in order to retain its position in the market. 

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

 



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

2013-12-31

2012-12-31

2011-12-31

2010-12-31

2009-12-31

Months

12

12

12

12

12

Consolidated Account

Company

Company

Company

Company

Company

Audited Account

YES

YES

YES

YES

YES

Unqualified Auditor's Report (Clean Opinion)

YES

YES

YES

YES

YES

Financial Type

FULL

FULL

FULL

FULL

FULL

Currency

USD

USD

USD

USD

USD

TURNOVER

6,619,000,000

6,255,000,000

6,267,000,000

5,565,000,000

3,237,000,000

Other Income

-

-

27,000,000

-

-

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

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

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

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

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

Total Turnover

6,619,000,000

6,255,000,000

6,294,000,000

5,565,000,000

3,237,000,000

Costs of Goods Sold

(6,152,000,000)

(5,834,000,000)

(5,756,000,000)

(5,128,000,000)

(2,939,000,000)

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

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

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

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

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

Gross Profit

467,000,000

421,000,000

538,000,000

437,000,000

298,000,000

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

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

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

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

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

PROFIT/(LOSS) FROM OPERATIONS

60,000,000

48,000,000

188,000,000

136,000,000

82,000,000

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

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

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

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

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

PROFIT/(LOSS) BEFORE TAXATION

60,000,000

48,000,000

188,000,000

136,000,000

82,000,000

Taxation

(11,000,000)

(7,000,000)

(22,000,000)

(5,000,000)

(7,000,000)

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

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

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

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

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

PROFIT/(LOSS) AFTER TAXATION

49,000,000

41,000,000

166,000,000

131,000,000

75,000,000

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

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

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

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

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

RETAINED PROFIT/(LOSS) BROUGHT FORWARD

As previously reported

257,000,000

382,000,000

347,000,000

341,000,000

252,000,000

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

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

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

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

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

As restated

257,000,000

382,000,000

347,000,000

341,000,000

252,000,000

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

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

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

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

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

PROFIT AVAILABLE FOR APPROPRIATIONS

306,000,000

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

306,000,000

257,000,000

382,000,000

347,000,000

341,000,000

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

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

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

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

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

INTEREST EXPENSE (as per notes to P&L)

Others

1,000,000

6,000,000

7,000,000

5,000,000

-

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

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

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

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

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

1,000,000

6,000,000

7,000,000

5,000,000

-

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

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

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

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

 

 

 

 

 

 

 

BALANCE SHEET

 

BASF SOUTH EAST ASIA PTE. LTD.

 

ASSETS EMPLOYED:

FIXED ASSETS

179,000,000

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

2,000,000

40,000,000

Investments

138,000,000

144,000,000

155,000,000

170,000,000

188,000,000

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

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

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

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

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

TOTAL LONG TERM INVESTMENTS/OTHER ASSETS

140,000,000

146,000,000

157,000,000

172,000,000

228,000,000

INTANGIBLE ASSETS

Deferred/Expenditure carried forward

35,000,000

38,000,000

42,000,000

46,000,000

11,000,000

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

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

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

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

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

TOTAL INTANGIBLE ASSETS

35,000,000

38,000,000

42,000,000

46,000,000

11,000,000

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

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

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

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

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

TOTAL LONG TERM ASSETS

354,000,000

346,000,000

355,000,000

389,000,000

299,000,000

Stocks

243,000,000

232,000,000

163,000,000

190,000,000

92,000,000

Trade debtors

491,000,000

439,000,000

434,000,000

1,134,000,000

856,000,000

Other debtors, deposits & prepayments

2,000,000

2,000,000

1,000,000

-

-

Short term deposits

11,000,000

8,000,000

209,000,000

-

-

Amount due from related companies

877,000,000

801,000,000

768,000,000

-

-

Cash & bank balances

5,000,000

6,000,000

2,000,000

70,000,000

107,000,000

Others

22,000,000

17,000,000

14,000,000

-

-

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

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

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

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

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

TOTAL CURRENT ASSETS

1,651,000,000

1,505,000,000

1,591,000,000

1,394,000,000

1,055,000,000

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

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

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

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

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

TOTAL ASSET

2,005,000,000

1,851,000,000

1,946,000,000

1,783,000,000

1,354,000,000

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

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

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

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

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

CURRENT LIABILITIES

Trade creditors

39,000,000

48,000,000

47,000,000

1,051,000,000

682,000,000

Other creditors & accruals

149,000,000

130,000,000

63,000,000

-

-

Short term borrowings/Term loans

-

-

1,000,000

-

-

Other borrowings

-

-

47,000,000

48,000,000

-

Amounts owing to holding company

600,000,000

559,000,000

532,000,000

-

-

Amounts owing to related companies

581,000,000

529,000,000

462,000,000

-

-

Provision for taxation

11,000,000

9,000,000

22,000,000

17,000,000

11,000,000

Other liabilities

-

-

70,000,000

-

-

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

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

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

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

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

TOTAL CURRENT LIABILITIES

1,380,000,000

1,275,000,000

1,244,000,000

1,116,000,000

693,000,000

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

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

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

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

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

NET CURRENT ASSETS/(LIABILITIES)

271,000,000

230,000,000

347,000,000

278,000,000

362,000,000

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

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

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

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

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

TOTAL NET ASSETS

625,000,000

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

294,000,000

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

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

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

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

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

TOTAL SHARE CAPITAL

294,000,000

294,000,000

294,000,000

294,000,000

294,000,000

General reserve

6,000,000

6,000,000

6,000,000

6,000,000

6,000,000

Retained profit/(loss) carried forward

306,000,000

257,000,000

382,000,000

347,000,000

341,000,000

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

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

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

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

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

TOTAL RESERVES

312,000,000

263,000,000

388,000,000

353,000,000

347,000,000

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

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

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

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

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

SHAREHOLDERS' FUNDS/EQUITY

606,000,000

557,000,000

682,000,000

647,000,000

641,000,000

Deferred taxation

19,000,000

19,000,000

20,000,000

20,000,000

20,000,000

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

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

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

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

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

TOTAL LONG TERM LIABILITIES

19,000,000

19,000,000

20,000,000

20,000,000

20,000,000

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

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

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

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

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

625,000,000

576,000,000

702,000,000

667,000,000

661,000,000

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

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

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

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

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

 

 

 

 

 

 

 

FINANCIAL RATIO

 

BASF SOUTH EAST ASIA PTE. LTD.

 

TYPES OF FUNDS

Cash

16,000,000

14,000,000

211,000,000

70,000,000

107,000,000

Net Liquid Funds

16,000,000

14,000,000

211,000,000

70,000,000

107,000,000

Net Liquid Assets

28,000,000

(2,000,000)

184,000,000

88,000,000

270,000,000

Net Current Assets/(Liabilities)

271,000,000

230,000,000

347,000,000

278,000,000

362,000,000

Net Tangible Assets

590,000,000

538,000,000

660,000,000

621,000,000

650,000,000

Net Monetary Assets

9,000,000

(21,000,000)

164,000,000

68,000,000

250,000,000

BALANCE SHEET ITEMS

Total Borrowings

0

0

48,000,000

48,000,000

0

Total Liabilities

1,399,000,000

1,294,000,000

1,264,000,000

1,136,000,000

713,000,000

Total Assets

2,005,000,000

1,851,000,000

1,946,000,000

1,783,000,000

1,354,000,000

Net Assets

625,000,000

576,000,000

702,000,000

667,000,000

661,000,000

Net Assets Backing

606,000,000

557,000,000

682,000,000

647,000,000

641,000,000

Shareholders' Funds

606,000,000

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

294,000,000

Total Reserves

312,000,000

263,000,000

388,000,000

353,000,000

347,000,000

LIQUIDITY (Times)

Cash Ratio

0.01

0.01

0.17

0.06

0.15

Liquid Ratio

1.02

1.00

1.15

1.08

1.39

Current Ratio

1.20

1.18

1.28

1.25

1.52

WORKING CAPITAL CONTROL (Days)

Stock Ratio

13

14

9

12

10

Debtors Ratio

27

26

25

74

97

Creditors Ratio

2

3

3

75

85

SOLVENCY RATIOS (Times)

Gearing Ratio

0.00

0.00

0.07

0.07

0.00

Liabilities Ratio

2.31

2.32

1.85

1.76

1.11

Times Interest Earned Ratio

61.00

9.00

27.86

28.20

0.00

Assets Backing Ratio

2.01

1.83

2.24

2.11

2.21

PERFORMANCE RATIO (%)

Operating Profit Margin

0.91

0.77

3.00

2.44

2.53

Net Profit Margin

0.74

0.66

2.65

2.35

2.32

Return On Net Assets

9.76

9.38

27.78

21.14

12.41

Return On Capital Employed

9.24

8.79

26.21

19.78

12.20

Return On Shareholders' Funds/Equity

8.09

7.36

24.34

20.25

11.70

Dividend Pay Out Ratio (Times)

0.00

4.05

0.79

0.79

0.00

NOTES TO ACCOUNTS

Contingent Liabilities

0

0

0

0

0




FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.28

UK Pound

1

Rs.98.38

Euro

1

Rs.76.30

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

DPT

 

 

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.