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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

494645

Report Date :

27.02.2018

 



IDENTIFICATION DETAILS

 

Name :

BASF INDIA LIMITED (w.e.f. 1967)

 

 

Formerly Known As :

INDOPLAST LIMITED (w.e.f. 1963)

 

R.A. COLE LIMITED

 

 

Registered Office :

The Capital, A Wing, 1204-C,12th Floor, Plot No.C-70 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra

Tel. No.:

91-22-62785600

 

 

Country :

India

 

 

Financials (as on) :

31.03.2017

 

 

Date of Incorporation :

13.05.1943

 

 

Com. Reg. No.:

11-003972

 

 

Capital Investment / Paid-up Capital :

INR 432.900 Million

 

 

CIN No.:

[Company Identification No.]

L33112MH1943FLC003972

 

 

IEC No.:

[Import-Export Code No.]

0388007257

 

 

TIN No.:

Not Divulged

 

 

GSTN :

[Goods & Service Tax Registration No.]

27AAACB4599E1ZL

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMB00133A

 

 

PAN No.:

[Permanent Account No.]

AAACB4599E 

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturing and Selling of agricultural solutions, performance products, chemicals, and functional materials and Solutions.

 

Details of type of products included in each segment —

 

— Agricultural Solution – includes Agrochemicals. Agricultural Solution is seasonal in nature.

— Performance Products – includes Tanning agents, Leather Chemicals, Textile Chemicals, Dispersion Chemicals, Speciality Chemicals and high-value fine chemicals for the food, pharmaceuticals, animal feed and cosmetics industries. Speciality chemicals include additives, water treatment and paper treatment, home and fabric care chemicals.

— Chemicals – includes Monomers, Intermediates and Petrochemicals.

— Functional Materials & Solutions – includes Catalysts, Coatings, Construction chemicals, Polyurethanes system and Engineering plastics.

— Others – includes technical and service charges other than those specifically identifiable to above segments.

 

(Registered Activity)

 

 

No. of Employees :

1868 (Approximately)

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A+

 

Credit Rating

Explanation

Rating Comments

A+

Low Risk

Business dealings permissible with low risk of default

 

Maximum Credit Limit :

USD 31490000

 

 

Status :

Excellent

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Exist

 

 

Comments :

Subject is a well-established company incorporated in the year 1943. It is a step down subsidiary of ‘BASF Societas Europaea (SE)’. It is engaged into manufacturing and selling of agricultural solutions, performance products, chemicals, and functional materials.

 

For the financial year ended 2017, the company has increased its operational performance as compared to previous year but reported losses.

 

The rating draw comfort from the sound financial risk profile marked by healthy networth base and comfortable debt level along with fair liquidity position.

 

The rating also takes into consideration company’s experienced management team, strong operational and product support from its parent company BASF SE, which is one of the leading chemical company is the world and diversified service offerings across verticals and geographies which help mitigate business concentration risks.

 

Rating strength is partially offset due to financial risk profile has come under pressure because of recent losses from core operations.

 

Share price are quoted high on stock exchange (Share Price of INR 2029 with face value of INR 10).

 

Trade relations are fair. Payments seems to be regular and as per commitment.

 

In view of aforesaid, 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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

D

 

 

EXTERNAL AGENCY RATING

 

Rating Agency Name

CRISIL

Rating

Long Term Rating - AAA

Rating Explanation

Highest degree of safety and Carry lowest credit risk.

Date

31.03.2017

 

 

Rating Agency Name

CRISIL

Rating

Short Term Rating – A1+

Rating Explanation

Very strong degree of safety and carry lowest credit risk.

Date

31.03.2017

 

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 31-03-2016.

 

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

 

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 27.02.2018.

 

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

 

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

 

INFORMATION DENIED BY

 

Name :

Mr. Rutvik Nadkar

Designation :

Assistant Manager

Contact No.:

91-9920490448

Date :

23.02.2018

 

 

MANAGEMENT NON CO-OPERATIVE (Tel No.91-22-62785600/ 66739983)

 

 

LOCATIONS

 

Registered Office :

The Capital, A Wing, 1204-C,12th Floor, Plot No.C-70 'G' Block, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, Maharashtra, India

Tel. No.:

91-22-62785600

Mobile No.:

91-9920490448 [Mr. Rutvik Nadkar]

Fax No.:

Not Available

E-Mail :

investor-grievance-india@basf.com

pankaj.bahl@basf.com

Website :

www.basf.com

 

 

Branch Office 1 :

Mumbai

 

Shree Sawan Knowledge Park, Plot No. D-507, TTC Industrial Area, MIDC Turbhe, Navi Mumbai- 400 705, Maharashtra, India

Tel. No.:

91-22-67243700

Fax No.:

91-22-66739983

 

 

Branch Office 2 :

Mumbai

 

Plot No 12 Thane Belapur Road, Navi Mumbai - 400705, Maharashtra, India

Tel. No.:

91-22-67127600

Fax No.:

91-22-67127717

 

 

Branch Office 3 :

Ahmedabad


Basf India Limited, No.110, Abhishree Adroit, Near Mansi Circle, Judges Bungalow, Road, Vastrapur – 380015, Gujarat, India

Tel. No.:

91-79-48915257

 

 

Branch Office 4 :

Bangalore                                                      
Basf India Limited, "Sri Hari" #No 16, 18th Main Road, Padmanabha Nagar, Next To Decan International School, Bangalore - 560061, Karnataka, India     

Tel. No.:

91-80-2639453 

 

 

Branch Office 5 :

Chennai


Plot No. P 8/1, 2nd Floor, Veerapuram Village, Mahindra World City, Chengelpet Taluk, Kanchipuram District - – 603002, Tamilnadu, India

Tel. No.:

91-44-67468417

 

 

Branch Office 6 :

Delhi


4th Floor, "A" Wing, Commercial Plaza, Radisson Hotel, Mahipalpur, NH-8, New Delhi - 110 037, India

Tel. No.:

91-11-41596400

Fax No.:

91-11-41596496

 

 

Branch Office 7 :

Hyderabad


402,4th Floor, Gowra Grand, S. P. Road, Begumpet, Secunderabad – 500003, Telangana, India

Tel. No.:

91-40-66160159

Fax No.:

91-40-66160130

 

 

Branch Office 8 :

Kolkota (Construction Chemicals Sales Office)

 

3rd Floor, Block 1a, DLF It Park-1, New Town, Rajaharat, Kolkota – 700056, West Bengal, India

Tel. No.:

91-33-40283219

 

 

Branch Office 8 :

Pune


C/O Evolve Technologies and Services Private Limited, S. No. S-177; S Block; Midc Bhosari, Pune-411026, Maharashtra, India

Tel. No.:

91-20-66316082

Fax No.:

91-22-66316085

 

 

Factory 1 :

Plot Nos. 12 and 13, TTC Industrial Area, Thane-Belapur Road, Turbhe, Navi Mumbai - 400 705, Maharashtra, India

Tel. No:

91-22-67127600

Fax. No:

91-22-67127717

 

 

Factory 2 :

Plot Nos. C-68 and C-68 Pt., TTC Industrial Area, MIDC, Thane Belapur Road, Turbhe, Navi Mumbai - 400 613, Maharashtra, India

Tel. No:

91-22-41577746

Fax. No:

91-22-41577766

 

 

Factory 3 :

Bala/Thokur Village, Surathkal-Bajpe Road, Mangalore Taluka, Dakshina Kannada District - 575030, Karnataka, India

Tel. No:

91-824-2237000

Fax. No:

91-824-2270025

 

 

Factory 4 :

Plot Nos. 6214/6216, GIDC Phase IV, Ankleshwar-393 002, Gujarat, India

Tel. No:

91-2646-617252

Fax. No:

91-2646-250464

 

 

Factory 5 :

Plot No. 8001, GIDC, Phase VI, Ankleshwar - 393002, Gujarat, India

Tel. No:

91-2646-617452

Fax. No:

91-2646-238039

 

 

Factory 6 :

4/B, Dahej Industrial Estate, Village Dahej, Taluka Vagra, District Bharuch -392130, Gujarat, India

Tel. No:

91-2641-660101

 

 

Factory  7 :

Khasra No. 87/1, Village: Beer Plassis, Nalagarh, District: Solan, Himachal Pradesh, India

Tel. No:

91-1795-265335/265336

 

 

Factory 8 :

Plot No. F-7, Vidyasagar Industrial Park, Kharagpur, Paschim Medinipur, West Bengal, India

 

 

Factory 9:

Plot No 1/1A, APIIC Industrial Park, Menakur (V), Naidupet, SPSR Nellore District, Andhra Pradesh, India

 

 

Factory 10 :

Bommasandra Industrial Area, Anekal Taluka, Bangalore, Karnataka, India

 

 

Factory 11 :

Gate No. 3, Jalan Industrial Complex, 46/48/49/53, Jangalpur, Howrah, West Bengal, India

 

 

DIRECTORS

 

AS ON 31.03.2017

 

Name :

Dr. Raman Ramachandran

Designation :

Managing Director

Address :

2802 A, B and C, 28th Floor, Glenridge, Hiranandani Gardens, Powai Mumbai -400076, Maharashtra, India

Date of Appointment :

01.10.2013

DIN No.:

00200297

 

 

Name :

Mr. Rajesh Keshav Naik

Designation :

Whole-time Director

Address :

IRIS 201, Kesar Garden, Section-20, Kharghar, New Mumbai – 410210, Maharashtra, India

Date of Appointment :

01.04.2017

DIN No.:

06935998

 

 

Name :

Mr. Rajendra Ambalal Shah

Designation :

Director

Address :

Panorama, 2nd Floor, 203, Walkeshwar Road, Mumbai – 400006,  Maharashtra, India

Date of Appointment :

24.04.1968

DIN No.:

00009851

 

 

Name :

Mr. Arun Madhav Bewoor

Designation :

Casual Vacancy Director

Address :

20, Gilchrist Avenue, Harrington Road Chetpet, Chennai – 600031, Telangana, India

Date of Appointment :

19.01.2010

DIN No.:

00024276

 

Name :

Mr. Pradip Panalal Shah

Designation :

Director

Address :

72A, Embassy Apartments, 7th Floor, Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Appointment :

31.01.2000

DIN No.:

00066242

 

Name :

Mr. Ramakrishna Rajasekharan Nair

Designation :

Director

Address :

Aavishkar, 785, 4th Block, 5th Cross, Koramangala, Bengaluru – 560034, Karnataka, India

Date of Appointment :

03.03.2001

DIN No.:

00202551

 

Name :

Mr. Narendranath Jagannath Baliga

Designation :

Alternate Director

Address :

Glen Ridge, 1101, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India

Date of Appointment :

29.09.2017

DIN No.:

07005484

 

Name :

Dr. Andrea Frenzel

Designation :

Casual Vacancy Director

Address :

Wachenheim A.D., Weinstr, Mittelbergstrasse - 67157, Germany

Date of Appointment :

01.01.2015

DIN No.:

07070693

 

Name :

Ms. Lakshmi Anant Nadkarni

Designation :

Alternate Director

Address :

B-203, Gunina CHS Limited, Sanpada, Section 16 - A, Navi Mumbai - 400705 Maharashtra, India

Date of Appointment :

29.09.2017

DIN No.:

07076164

 

 

Name :

Raimar Axel Martin Jahn

Designation :

Casual Vacancy Director

Address :

Hechtsheimerstrase, 68, D- 55131, Mainz D55131, Germany

Date of Appointment :

01.04.2017

DIN No.:

07819517

 

 

KEY EXECUTIVES

 

Name :

Mr. Pradeep Manjunath Chandan

Designation :

Company Secretary

Address :

504 Mars, E Wing, Vasant Galaxy, M G Road, Bangur Nagar, Goregaon (West), Mumbai – 400090, Maharashtra, India

Date of Appointment :

02.04.2010

PAN No.:

AAFPC0417J

 

 

Name :

Mr. Rutvik Nadkar

Designation :

Assistance Manager

 

 

Management Committee:

 
  • Dr. Raman Ramachandran
  • Dr. Rajan Venkatesh
  • Mr. Narendranath J. Baliga
  • Mr. Sylvain Huguenard
  • Mr. Pradeep Chandan
  • Mr. Rajesh Naik
  • Dr. Lakshmi Nadkarni
  • Ms. Sunita Sule
  • Mr. Pradeep Chandan
  • Director – Legal, General Counsel & Company Secretary

 

 

SHAREHOLDING PATTERN

 

AS ON 31.12.2017

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957) As a %

(A) Promoter & Promoter Group

31743220

73.33

(B) Public

11542420

26.67

Grand Total

43285640

100.00

 

 

 

Statement showing shareholding pattern of the Promoter and Promoter Group

 

Category of shareholder

Total nos. shares held

Shareholding as a % of total no. of shares (calculated as per SCRR, 1957)As a %

A1) Indian

 

A2) Foreign

 

Any Other (specify)

31743220

73.33

BASF CONSTRUCTION SOLUTIONS GMBH

1896061

4.38

BASF SCHWEIZ AG

8907900

20.58

BASF SOCIETAS EUROPAEA

20939259

48.37

Sub Total A2

31743220

73.33

A=A1+A2

31743220

73.33

 

 

Statement showing shareholding pattern of the Public shareholder

 

Category & Name of the Shareholders

Total No. shares held

Shareholding % calculated as per SCRR 1957 As a %

B1) Institutions

 

Mutual Funds/

578630

1.34

Franklin templeton mutual fund a/c franklin india high growth companies fund

465000

1.07

Alternate Investment Funds

34700

0.08

Foreign Portfolio Investors

1036858

2.40

Financial Institutions/ Banks

18867

0.04

Insurance Companies

2711943

6.27

Bajaj allianz life insurance company limited

1026201

2.37

General insurance corporation of india

690000

1.59

Life insurance corporation of india

576588

1.33

Sub Total B1

4380998

10.12

B2) Central Government/ State Government(s)/ President of India

0.00

Central Government/ State Government(s)/ President of India

30

0.00

Sub Total B2

30

0.00

B3) Non-Institutions

0.00

Individual share capital upto INR 0.200 Million

5967427

13.79

Individual share capital in excess of INR 0.200 Million

372202

0.86

NBFCs registered with RBI

100772

0.23

Any Other (specify)

720991

1.67

Clearing Members

72596

0.17

Bodies Corporate

610667

1.41

Limited Limited Partnership - LLP

32591

0.08

Trusts

4200

0.01

IEPF

937

0.00

Sub Total B3

7161392

16.54

B=B1+B2+B3

11542420

26.67

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturing and Selling of agricultural solutions, performance products, chemicals, and functional materials and Solutions.

 

Details of type of products included in each segment —

 

— Agricultural Solution – includes Agrochemicals. Agricultural Solution is seasonal in nature.

— Performance Products – includes Tanning agents, Leather Chemicals, Textile Chemicals, Dispersion Chemicals, Speciality Chemicals and high-value fine chemicals for the food, pharmaceuticals, animal feed and cosmetics industries. Speciality chemicals include additives, water treatment and paper treatment, home and fabric care chemicals.

— Chemicals – includes Monomers, Intermediates and Petrochemicals.

— Functional Materials & Solutions – includes Catalysts, Coatings, Construction chemicals, Polyurethanes system and Engineering plastics.

— Others – includes technical and service charges other than those specifically identifiable to above segments.

 

(Registered Activity)

 

 

Products / Services :

NIC Code

Name and Description of main products / services

20

Chemicals and Chemical Products

 

  • Agricultural Solution – The Agricultural Solutions segment consists of the Crop Protection division. Agricultural Solution is seasonal in nature.

 

  • Performance Products – The Performance Products segment consists of the Dispersions and Pigments, Care Chemicals, Nutrition & Health and Performance Chemicals divisions.

 

  • Specialty Chemicals and high-value fine chemicals for the food, pharmaceuticals, animal feed and cosmetics industries. Specialty chemicals include additives, water treatment and paper treatment, home and fabric care chemicals.

 

  • Chemicals – The Chemicals segment consists of the Petrochemicals, Monomers and Intermediates divisions.

 

  • Functional Materials and Solutions – The Functional Materials and Solutions segment comprises the Catalysts, Construction Chemicals, Coatings and Performance Materials divisions.

 

  • Others – Includes technical and service charges other than those specifically identifiable to above segments.

 

 

Brand Names :

Not Divulged

 

 

Agencies Held :

Not Divulged

 

 

Exports :

Not Divulged

 

 

Imports :

Not Divulged

 

 

Terms :

Not Divulged

 

PRODUCTION STATUS – NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

Customers :

Reference :

Not Divulged 

Name of the Person :

--

Contact No.:

--

Since How Long Known :

--

Experience :

--

Maximum Limit Dealt :

--

Remark :

--

 

 

No. of Employees :

1868 (Approximately)

 

 

Bankers :

Banker Name :

Deutsche Bank AG

Branch :

Hazarimal somani Marg, Fort, Mumbai – 400001, Maharashtra, India

Person Name (With Designation) :

--

Contact Number :

--

Name of Account Holder :

--

Account Number :

--

Account Since (Date/Year of Account Opening) :

--

Average Balance Maintained :

--

Credit Facilities Enjoyed (CC/OD/Term Loan) :

--

Account Operation :

--

Remark :

--

 

  • HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai – 400013, Maharashtra, India

 

  • Citi Bank, Fort, Mumbai, Maharashtra, India

 

  • The Hongkong and Shanghai Banking Corporation Limited

 

  • BNP Paribas
  • The Bank of Tokyo and Mitsubishi UFJ LimitedCredit Agricole CIB

 

Statutory Auditors :

 

Name :

B S R and Company LLP

Chartered Accountants

Address :

5th Floor, Lodha Excelus, Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai-400 011, Maharashtra, India.

 

 

Internal Auditors :

 

Name :

Mahajan and Aibara

Chartered Accountants

Address :

1, Chawla House, 62, Wodehouse Road, Colaba, Mumbai-400 005, Maharashtra, India

 

 

Cost Auditors :

 

Name :

R. Nanabhoy and Company

Cost Accountants

Address :

Jer Mansion 70, August Kranti Marg, Mumbai-400 036, Maharashtra, India

 

 

Secretarial Auditor:

 

Name :

HS Associates

Address :

206, 2nd Floor, Tantia Jogani Industrial Estate, J. R. Boricha Marg, Opposite Lodha Excelus, Lower Parel (East), Mumbai-400 011, Maharashtra, India

 

 

Advocates & Solicitors :

 

Name :

Crawford Bayley and Company

Address :

State Bank Building, 4th Floor, N. G. N. Vaidya Marg, Fort, Mumbai-400 023, Maharashtra, India

 

 

Name :

Dhruve Liladhar and Company

Address :

61 Free Press House, 215 Free Press Journal Marg, Nariman Point, Mumbai-400 021, Maharashtra, India

 

 

Memberships :

Not Available

 

 

Collaborators :

Not Available

 

 

Ultimate holding company :

BASF Societas Europaea (‘SE’)

 

 

Party with significant influence :

BASF Schwelz AG

 

 

Other related parties with whom transactions have taken place during the year Fellow Subsidiaries:
  • BASF (China) Company Limited
  • BASF Hock Mining Chemical (China) Company Limited
  • BASF PLC BASF Hong Kong Limited
  • BASF (Malaysia) SDN. BHD.
  • BASF Intertrade (Shanghai) Company Limited
  • BASF (Thai) Limited BASF Intertrade AG
  • BASF Advanced Chemicals Company Limited(Formerly known as BASF Auxiliary)
  • BASF Italia S.P.A.
  • BASF Agro B.V. Arnhem (NL)
  • BASF Japan Limited
  • BASF Agrochemical Products B.V.
  • BASF Kanoo Gulf FZE
  • BASF Antwerpen N.V.
  • BASF Lanka (Private) Limited
  • BASF Asia-Pacific Service Centre SDN. BHD.
  • BASF Metals Limited
  • BASF Australia Limited
  • BASF Mexicana S.A. DE C.V.
  • BASF Bangladesh Limited
  • BASF Nederland B.V.
  • BASF Belgium Coordination Center Comm. V.
  • BASF New Zealand Limited
  • BASF Business Services GmbH
  • BASF Pakistan (Private) Limited
  • BASF Business Services Holding GmbH
  • BASF Paper Chemicals (Huizhou) Company Limited
  • BASF Canada Inc.
  • BASF Performance Products Limited
  • BASF Care Chemicals (Shanghai) Company Limited
  • BASF Personal Care and Nutrition GmbH
  • BASF Catalysts India Pvt. Limited
  • BASF Petronas Chemicals SDN. BHD.
  • BASF Chemcat (Thailand) Limited
  • BASF Pharma (Evionnaz) SA
  • BASF Chemicals and Polymers Pakistan (Private) Limited
  • BASF Philippines Inc.
  • BASF Chemicals Company Limited
  • BASF Plant Science Company GmbH
  • BASF Chemicals India Pvt. Limited
  • BASF Poliuretani Italia S.P.A.
  • BASF Chile SA
  • BASF Poliurtanos Ltda
  • BASF Coatings GmbH
  • BASF Polyurethane Specialties (China) Company Limited
  • BASF Coatings Limited
  • BASF Polyurethanes (China) Company Limited
  • BASF Coatings S.A.
  • BASF Polyurethanes GmbH
  • BASF Coatings S.A.S.
  • BASF Polyurethanes Licencing GmbH
  • BASF Coatings S.P.A.
  • BASF Poliuretanos Limited
  • BASF Company Limited
  • BASF S.A.
  • BASF Construction Chemical (China) Company Limited
  • BASF Schweiz AG
  • BASF Construction Chemicals Egypt S
  • BASF Schwarzheide GmbH
  • BASF Construction Chemicals Espana S.L.
  • BASF Shanghai Coatings Company Limited
  • BASF Construction Chemicals Europe AG
  • BASF South Africa (PTY) Limited
  • BASF Construction Chemicals GmbH
  • BASF South East Asia Private Limited
  • BASF Construction Polymers GmbH
  • BASF Taiwan Limited
  • BASF Construction Solutions GmbH
  • BASF Türk Kimya Sanayi
  • BASF Construction Systems (China). Company Limited
  • BASF Vietnam Company Limited
  • BASF Corporation BTC Speciality Chemicals
  • BASF East Asia Regional Headquarters Limited
  • Cognis IP Management GmbH
  • BASF Espanola S.L.
  • Construction Research and Technology GmbH
  • BASF France S.A.S.
  • K+S Kali GmbH
  • BASF Grenzach GmbH
  • PCI Augsburg GmbH
  • P.T. BASF Indonesia
  • Styrolution India Private Limited (till 17th November 2014)
  • P.T. BASF Care Chemicals Indonesia
  • Styrolution ABS (India) Limited (till 17th November 2014)
  • Shanghai BASF Polyurethane Company Limited
  • Thai Ethoxylate Company Limited
  • Shanghai Gaoqiao-BASF
  • Watson Bowman ACME Corporation
  • Shanghai MBT and SCG High-tech Construction Chemicals Company Limited

 

 

CAPITAL STRUCTURE

 

AS ON 31.03.2017

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

54359715

Equity Shares

INR 10/- each

INR 543.600 Million

 

 

 

 

 

Issued Capital:

No. of Shares

Type

Value

Amount

 

 

 

 

43285640

Equity Shares

INR 10/- each

INR 432.900 Million

 

 

 

 

 

 

Subscribed & Paid-up Capital

No. of Shares

Type

Value

Amount

 

 

 

 

43284958

Equity Shares

INR 10/- each

INR 432.900 Million

 

 

 

 

 

Reconciliation of number of equity shares outstanding as at the beginning and at the end of reporting

Period

 

Particulars

March 31, 2017

 

Number

INR in million

Shares outstanding at the beginning and at the end of the year

43284958

432.900

 

Rights, preferences and restrictions attached to the shares

 

The Company has one class of equity shares having a par value of INR 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.

 

Equity shares held by Ultimate Holding Company/Holding Company and/or their associates or subsidiaries

Names of Shareholders

 

Relationship

No. of shares

BASF Societas Eurpaea

Ultimate Holding Company

20393259

BASF Schweiz AG

Subsidiary of Ultimate Holding Company

8907900

BASF Construction Solutions GmbH (Formerly known as BASF Construction Chemicals GmbH)

 

Subsidiary of Ultimate Holding Company

1896061

 

Equity shares in the Company held by each shareholder holding more than 5% shares

 

As on 31.03.2017

Names of Shareholders

 

Relationship

No. of shares

Percentage

BASF Societas Eurpaea (SE)

Ultimate Holding Company

20393259

48.37%

BASF Schweiz AG

Subsidiary of Ultimate Holding Company

8907900

20.58%

 

Information on equity shares alloted without receipt of cash or alloted as bonus shares or shares bought back one

 

 

FINANCIAL DATA

[all figures are INR Million]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

31.03.2017

31.03.2016

31.03.2015

 

 

 

 

I.              EQUITY AND LIABILITIES

 

 

 

(1)Shareholders' Funds

 

 

 

(a) Share Capital

432.900

432.900

432.900

(b) Reserves & Surplus

10589.700

10727.200

11187.700

(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)

11022.600

11160.100

11620.600

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

6927.900

9255.700

9522.000

(b) Deferred tax liabilities (Net)

0.000

0.000

0.000

(c) Other long term liabilities

1015.700

401.200

2404.500

(d) long-term provisions

340.300

315.100

310.300

Total Non-current Liabilities (3)

8283.900

9972.000

12236.800

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

3660.200

4236.500

6480.000

(b) Trade payables

12305.100

11057.900

9149.700

(c) Other current liabilities

3261.500

1005.900

1869.600

(d) Short-term provisions

272.200

333.200

322.000

Total Current Liabilities (4)

19499.000

16633.500

17821.300

 

 

 

 

TOTAL

38805.500

37765.600

41678.700

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

12218.100

12843.100

13402.700

(ii) Intangible Assets

0.000

45.600

108.200

(iii) Capital work-in-progress

328.600

551.400

741.800

(iv) Intangible assets under development

5.800

0.000

0.000

(b) Non-current Investments

0.000

0.000

0.000

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

0.000

0.000

1404.200

(e) Other Non-current assets

2141.000

2037.600

1322.600

Total Non-Current Assets

14693.500

15477.700

16979.500

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

9201.300

8075.800

9907.700

(c) Trade receivables

10909.800

10423.400

9304.500

(d) Cash and cash equivalents

251.000

31.700

1276.900

(e) Short-term loans and advances

0.000

0.000

3599.300

(f) Other current assets

3749.900

3757.000

610.800

Total Current Assets

24112.000

22287.900

24699.200

 

 

 

 

TOTAL

38805.500

37765.600

41678.700

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2017

31.03.2016

31.03.2015

 

SALES

 

 

 

 

Income

50846.200

47517.300

47057.600

 

Other Income

115.100

29.000

99.000

 

TOTAL

50961.300

47546.300

47156.600

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

19532.900

20321.900

21529.600

 

Purchases of Stock-in-Trade

17534.400

13452.800

13080.600

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

(137.800)

982.500

337.700

 

Employees benefits expense

3283.600

3286.100

3444.100

 

Other expenses

7936.300

8417.900

7335.300

 

Exceptional Item

(170.100)

(1721.100)

(291.900)

 

TOTAL

47979.300

44740.100

45435.400

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION

2982.000

2806.200

1721.200

 

 

 

 

 

Less

FINANCIAL EXPENSES

1416.400

1007.300

955.600

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION

1565.600

1798.900

765.600

 

 

 

 

 

Less

DEPRECIATION/ AMORTISATION

1690.300

1754.400

1424.200

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX

(124.700)

44.500

(658.600)

 

 

 

 

 

Less

TAX

16.600

0.000

10.400

 

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX 

(141.300)

44.500

(669.000)

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(343.400)

122.600

1000.000

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

50.600

0.000

0.000

 

Proposed Dividend

(43.300)

43.300

173.100

 

Corporate Tax on Dividend

(8.800)

8.800

35.300

 

Balance Carried to the B/S

(486.200)

115.000

122.600

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

Exports of goods calculated on FOB basis  (Excludes Rupee Exports to Nepal and Bhutan –INR 97.400 million – Previous Year INR 154.800 million)

NA 

5497.500

3504.600

 

Indent commission/technical/service charges

NA 

1751.100

2030.700

 

Others (freight/insurance/claims)

NA 

109.800

82.300

 

TOTAL EARNINGS

NA 

7358.400

5617.600

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

NA 

13402.100

12688.900

 

Components and Stores parts

NA 

21.800

23.000

 

Capital Goods

NA 

132.300

256.300

 

TOTAL IMPORTS

NA 

13556.200

12968.200

 

 

 

 

 

 

Earnings / (Loss) Per Share (INR)

(3.30)

1.03

(15.45)

 

 

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

 

Particulars

 

31.03.2017

31.03.2016

31.03.2015

Current Maturities of Long term debt

(2177.300)

0.000

0.000

Cash generated from operations

2296.800

2695.100

(808.500)

Net cash flow from (used in) operations Activities

2210.700

1988.600

(963.400)

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2017

1st Quarter

30.09.2017

2nd Quarter

31.12.2017

3rd Quarter

Unaudited

 

 

 

Net Sales

16494.200

14551.400

12787.400

Total Expenditure

15794.400

13407.700

12108.300

PBIDT (Excl OI)

699.800

1143.700

679.100

Other Income

3.000

23.800

38.500

Operating Profit

702.800

1167.500

717.600

Interest

304.200

346.200

210.500

Exceptional Items

NA

1317.100

78.200

PBDT

398.600

2138.400

585.300

Depreciation

391.800

401.300

371.100

Profit Before Tax

6.800

1737.100

214.200

Tax

NA

8.00

145.000

Provisions and contingencies

NA

NA

NA

Profit After Tax

6.800

1729.100

69.200

Extraordinary Items

NA

NA

NA

Prior Period Expenses

NA

NA

NA

Other Adjustments

NA

NA

NA

Net Profit

6.800

1729.100

69.200

 

 

KEY RATIOS

 

EFFICIENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Average Collection Days

(Sundry Debtors /Income * 365 Days)

78.32

80.14

72.17

 

 

 

 

Account Receivables Turnover

(Income / Sundry Debtors)

4.66

4.55

5.06

 

 

 

 

Average Payment Days

(Sundry Creditors / Purchases * 365 Days)

121.17

120.34

96.49

 

 

 

 

Inventory Turnover

(Operating Income / Inventories)

0.32

0.35

0.17

 

 

 

 

Asset Turnover

(Operating Income / Net Fixed Assets)

0.24

0.21

0.12

 

 

 

 

LEVERAGE RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Debt Ratio

((Borrowing + Current Liabilities) / Total Assets)

0.62

0.69

0.66

 

 

 

 

Debt Equity Ratio

(Total Liability / Networth)

0.76

1.21

1.38

 

 

 

 

Current Liabilities to Networth

(Current Liabilities / Net Worth)

1.77

1.49

1.53

 

 

 

 

Fixed Assets to Networth

(Net Fixed Assets / Networth)

1.14

1.20

1.23

 

 

 

 

Interest Coverage Ratio

(PBIT / Financial Charges)

2.11

1.90

1.80

 

 

PROFITABILITY RATIOS

 

PARTICULARS

 

 

31.03.2017

31.03.2016

31.03.2015

PAT to Sales [(PAT/Sales) * 100)

%

(0.28)

(0.64)

(1.42)

 

 

 

 

 

Return on Total Assets

((PAT / Total Assets) * 100)

%

(0.36)

(0.80)

(1.61)

 

 

 

 

 

Return on Investment (ROI)

((PAT / Networth) * 100)

%

(1.28)

(2.72)

(5.76)

 

 

SOLVENCY RATIOS

 

PARTICULARS

 

31.03.2017

31.03.2016

31.03.2015

Current Ratio

(Current Assets / Current Liabilities)

1.24

1.34

1.39

 

 

 

 

Quick Ratio

((Current Assets – Inventories) / Current Liabilities)

0.76

0.85

0.83

 

 

 

 

G-Score Ratio Financial

(Networth / Total Assets)

0.28

0.30

0.28

 

 

 

 

G-Score Ratio Debt

(Debts / Equity Capital)

19.43

31.17

36.96

 

 

 

 

G-Score Ratio Liquidity

(Total Current Assets / Total Current Liabilities)

1.24

1.34

1.39

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

 

STOCK PRICES

 

Face Value

INR 10.00/-

Market Value

INR 2029.00/-

 

 

FINANCIAL ANALYSIS

[all figures are INR Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Share Capital

432.900

432.900

432.900

Reserves & Surplus

11187.700

11180.100

10589.700

Share Application money pending allotment

0.000

0.000

0.000

Net worth

11620.600

11613.000

11022.600

 

 

 

 

Long Term borrowings

9522.000

9255.700

6927.900

Short Term borrowings

6480.000

4236.500

3660.200

Current Maturities of Long term debt

0.000

0.000

(2177.300)

Total borrowings

16002.000

13492.200

8410.800

Debt/Equity ratio

1.377

1.162

0.763

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

47057.600

47517.300

50846.200

 

 

0.977

7.006

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2015

31.03.2016

31.03.2017

 

INR In Million

INR In Million

INR In Million

Sales

47057.600

47517.300

50846.200

Profit/(Loss)

(669.000)

44.500

(141.300)

 

(1.42)%

0.09%

(0.28)%

 

 

LEGAL CASE

High court

 

THE COMMISSIONER OF INCOME TAX 6 MUMBAI VS MS BASF INDIA LIMITED MUMBAI

high court-Mumbai

Case no: 94. ITXAL/2640/2008

Case status: Pending

Judge: MASTER & ASSTT. PROTHONOTARY(JUDL)

Date:2009-09-07T00:00:00Z



High court

 

THE COMMISSIONER OF INCOME TAX 6 MUMBAI VS MS. BASF INDIA LIMITED UMBAI

high court-Mumbai

Case no: 368. ITXAL/271/2009

Case status: Pending

Judge: MASTER & ASSTT. PROTHONOTARY(JUDL)

Date:2009-09-07T00:00:00Z



High court

 

MS. SUNIL TRANSPORT VS BASF INDIA LIMITED. CHAMBER SUMMONS

high court-Mumbai

Case no: 74. S/470/1984

Case status: Pending

Judge: REGISTRAR(OS)/PROTHONOTARY AND SR. MASTER

Date:2009-08-09T00:00:00Z



High court

 

MS. SUNIL TRANSPORT VS BASF INDIA LIMITED CHAMBER SUMMONS

high court-Mumbai

Case no: 49. S/470/1984

Case status: Pending

Judge: HON'BLE SHRI JUSTICE S.J. KATHAWALLA

Date:2009-03-19T00:00:00Z



High court

 

THECOMMISSIONER OF INCOME TAX 6 MUMBAI VS MS. BASF INDIA LIMITED

high court-Mumbai

Case no: 68. ITXA/1125/2010

Case status: Pending

Judge: IIIRD ASSTT. MASTER

Date:2011-01-18T00:00:00Z



High court

 

THE COMMISSIONER OF INCOM E TAX CITY VI MUMBAI VS MS. BASF INDIA LIMITED

high court-Mumbai

Case no: 11. NMA/1837/2009

Case status: Pending

Judge: MASTER & ASSTT. PROTHONOTARY(JUDL)

Date:2009-06-19T00:00:00Z



High court

 

MS.CHEMICAL CORPORATION OF INDIA VS BASF INDIA LIMITED AND ORS.

high court-Mumbai

Case no: 64. S/2505/1988

Case status: Pending

Judge: ADDL.REGISTRAR(OS)/ADDL. PROTHO. & SR. MASTER

Date:2010-06-09T00:00:00Z



High court

 

THECOMMISSIONER OF INCOME TAX 6 MUMBAI VS BASF INDIA LIMITED

high court-Mumbai

Case no: 243. ITXAL/901/2009

Case status: Pending

Judge: IST ASSTT. MASTER

Date:2009-07-22T00:00:00Z



High court

 

THE COMMISSIONER OF INCOME TAX 6 MUMBAI VS BASF INDIA LIMITED

high court-Mumbai

Case no: 47. ITXAL/1775/2009

Case status: Pending

Judge: IST ASSTT. MASTER

Date:2009-03-08T00:00:00Z



High court

 

H.E.KIZILBASH VS BASF INDIA LIMITED

high court-Mumbai

Case no: S/2514/1998

Case status: Pending

Judge: INSOLVENCY REGISTRAR

Date:2009-12-03T00:00:00Z



High court

 

LANDCOM PROPERTY PRIVATE LIMITED VS BASF INDIA LIMITED

high court-Mumbai

Case no: 77. APPL/226/2012

Case status: Pending

Judge: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Date:2012-07-19T00:00:00Z



High court

 

DAMANI SHIPPING PRIVATE LIMITED VS BASF INDIA LIMITED

high court-Mumbai

Case no: SL/1655/2009

Case status: Pending

Judge: IST ASSTT. MASTER

Date:2009-11-08T00:00:00Z



High court

 

DAMANI SHIPPING PRIVATE LIMITED VS BASF INDIA LIMITED

high court-Mumbai

Case no: S/2224/2009

Case status: Pending

Judge: COMPANY REGISTRAR

Date:2009-09-12T00:00:00Z



High court

 

MS. SUNIL TRANSPORT VS BASF INDIA LIMITED

high court-Mumbai

Case no: 67. S/470/1984

Case status: Pending

Judge: COMPANY REGISTRAR

Date:2009-09-12T00:00:00Z



High court

 

VALSAD VALSAD BHARUCH DISTRICT VEGETA BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED

high court-Guj

Case no: 25. CA/12497/2006

Case status: Pending

Judge: HON'BLE MR.JUSTICE A.J.DESAI

Date:2016-01-27T00:00:00Z



High court

 

VALSAD BHARUCH DISTRICT VEGETA BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED

high court-Guj

Case no: 19. FA/4075/2006

Case status: Pending

Judge: HON'BLE TAXING OFFICER

Date:2016-01-13T00:00:00Z



High court

 

LANDCOM PROPERTY PRIVATE LIMITED VS BASF INDIA LIMITED FOR ADMISSION FRESH

high court-Mumbai

Case no: APP/432/2012

Case status: Pending

Judge: COMPANY REGISTRAR

Date:2013-02-04T00:00:00Z



High court

 

THECOMMISSIONER OF INCOME TAX 6 MUMBAI VS MS. BASF INDIA LTD OF SERVICE FILED BY OF SERVICE FILED BY

high court-Mumbai

Case no: 83. ITXA/1125/2010

Case status: Pending

Judge: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER

Date:2011-03-29T00:00:00Z



 

High court

 

VALSAD MR M VALSAD MR M VALSAD BHARUCH DISTRICT VEGETA BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED M HAKIM On Leave from 12

high court-Guj

Case no: 19. CA/12497/2006

Case status: Pending

Judge: HON'BLE TAXING OFFICER

Date:2016-01-13T00:00:00Z



High court

 

VALSAD MR S VALSAD MR S VALSAD BHARUCH DISTRICT VEGETA BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED MAJMUDAR On Leave 0302 Page 273 of HCN Created On Tue Feb 02

high court-Guj

Case no: 22. CA/12497/2006

Case status: Pending

Judge: HON'BLE MR.JUSTICE - 1

Date:2016-03-02T00:00:00Z



High court

 

H.E.KIZILBASH VS BASF INDIA LTD. PERFORMANCE SUIT.COMPILATION FILED ON 22122006.COMMISSIONER OF EXAM. ON 291108.6 WEEKS TIME ORDER DTD 27012009 TO RECORD EVIDENCE BEFORE DTD 12032009 PER SHRI

high court-Mumbai

Case no: S/2514/1998

Case status: Pending

Judge: ADDL.REGISTRAR (OS)/ADDL. PROTHO. & SR. MASTER

Date:2012-03-27T00:00:00Z



High court

 

BHARUCH DISTRICT VEGETA MR MTM HAKIM 1 BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED

high court-Gujarat

Case no: CA/12497/2006 IN FA/4075/2006

Case status: Pending

Judge: HONOURABLE MS.JUSTICE HARSHA DEVANI AND HONOURABLE MR.JUSTICE A.S. SUPEHIA

Date:2016-12-22



High court

 

ITD CEMENTATION INDIA LIMITED VS BASF INDIA LIMITED

high court-Maharashtra

Case no: CARAP/9/2017 [Original] REMARK: PRAECIPE DTD. 19/01/2017.=== LAST PAGE 83 CD IS GIVEN ON 12.01.2017

Case status: Pending

Judge: HON'BLE SHRI JUSTICE G.S. PATEL

Date:2017-01-25



High court

 

ITD CEMENTATION INDIA LIMITED VS BASF INDIA LIMITED FOR SETTLEMENTFILING CONSENT TERM ORIGINAL SIDE MATTERS

high court-Maharashtra

Case no: CARAP/9/2017 [Original] REMARK : LAST PAGE 83 CD IS GIVEN ON 12.01.2017

Case status: Pending

Judge: HON'BLE SHRI JUSTICE G.S. PATEL

Date:2017-03-27



High court

 

BHARUCH DISTRICT VEGETA MR MTM HAKIM 1 BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED

high court-Gujarat

Case no: FA/4075/2006

Case status: Pending

Judge: HONOURABLE MS.JUSTICE HARSHA DEVANI AND HONOURABLE MR.JUSTICE A.S. SUPEHIA

Date:2016-12-15



High court

 

ALFA CHEMO PLAST PRIVATE VS BASF INDIA LIMITED AN D 18 ORS MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR

high court-Maharashtra

Case no: NMCD/73/2016 COMS 138/2016 REMARK :  PRECEIPE DATED 24/11/2016 ***

Case status: Pending

Judge: HONBLE COURT ORIGINAL SETTLEMENT LETTER DT 19/10/2012 SEND

Date:2017-02-03



High court

 

ALFA CHEMO PLAST PRIVATE VS BASF INDIA LIMITED AN D 18 ORS MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR MS. DHRUVE LILADHAR

high court-Maharashtra

Case no: NMCD/73/2016 COMS 138/2016 REMARK : *** PRECEIPE DATED 24/11/2016 *** AFFIDAVIT IN REPLY OF APPLICANT

Case status: Pending

Judge: HONBLE JUSTICE SHRI K. R. SHRIRAM J DT. 20/01/2017 FILED

Date:2017-02-17





High court

 

ALFA CHEMO PLAST PRIVATE LIMITED THROUGH MANAGING VS BASF INDIA LIMITED AND 18 ORS

high court-Maharashtra

Case no: NMS/2178/2016

Case status: Pending

Judge: HONBLE JUSTICE SHRI K. R. SHRIRAM J DT. 20/01/2017 FILED

Date:2017-02-17



High court

 

VALSAD BHARUCH DISTRICT VEGETA BLE ANDFRUITS PRODUCTS CO OPERATIVE VS BASF INDIA LIMITED Page 322 of HCN Created On Mon Jan 25

high court-Guj

Case no: 25. FA/4075/2006

Case status: Pending

Judge: HON'BLE MR.JUSTICE A.J.DESAI

Date:2016-01-27T00:00:00Z

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Sr. No.

Check list by info agents

Available in Report (Yes/No)

1

Year of establishment

Yes

2

Constitution of the entity -Incorporation details

Yes

3

Locality of the entity

Yes

4

Premises details

No

5

Buyer visit details

--

6

Contact numbers

Yes

7

Name of the person contacted

Yes

8

Designation of contact person

Yes

9

Promoter’s background

Yes

10

Date of Birth of Proprietor / Partners / Directors

Yes

11

Pan Card No. of Proprietor / Partners

No

12

Voter Id Card No. of Proprietor / Partners

No

13

Type of business

Yes

14

Line of Business

Yes

15

Export/import details (if applicable)

No

16

No. of employees

Yes

17

Details of sister concerns

Yes

18

Major suppliers

No

19

Major customers

No

20

Banking Details

Yes

21

Banking facility details

Yes

22

Conduct of the banking account

--

23

Financials, if provided

Yes

24

Capital in the business

Yes

25

Last accounts filed at ROC, if applicable

Yes

26

Turnover of firm for last three years

Yes

27

Reasons for variation <> 20%

--

28

Estimation for coming financial year

No

29

Profitability for last three years

Yes

30

Major shareholders, if available

Yes

31

External Agency Rating, if available

Yes

32

Litigations that the firm/promoter involved in

Yes

33

Market information

--

34

Payments terms

No

35

Negative Reporting by Auditors in the Annual Report

No

 

Note: The registered address of the company has been shifted from “Plot No. 37, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai – 400072, Maharashtra, India” to the present registered address.

 

PERFORMANCE

 

Revenue from operations (Gross of excise) at INR 55257.900 million, represents an increase of 7% over the previous year. The Company reported a loss after tax (after exceptional items) of INR 141.300 million for the year ended 31st March, 2017. The recovery is mainly due to effective utilization of the production capacity at the Dahej plant and improved performance of the Functional Materials and Solutions and Performance Products segments.

 

Although the Agricultural Solutions business recorded modest growth in sales during the year as compared to the

previous year, its profitability was impacted due to generic competition resulting in lower realisations. The Functional Materials and Solutions segment of the Company which comprises of the coatings, construction chemicals, performance materials and process catalysts technologies business recorded good growth in sales and profits as compared to the previous year.

 

The Performance Products segment, which includes performance chemicals, dispersions and pigments, care chemicals, nutrition and health products and paper chemicals business registered good growth both in terms of sales and margins.

 

The Chemicals segment of the company comprises of intermediates, petrochemicals and monomers businesses. During the year, the sales of the Chemicals segment were lower as compared to the previous year on account of lower feedstock prices as well as limited volume availability on certain product lines. Moreover, Chemicals segment results are not comparable due to internal transfer of certain manufacturing assets from the Chemicals segment to Functional Materials and Solutions segment during the year. Export sales stood at INR 5250.700 million.

 

BASF ENTERS INDIA CROP PROTECTION MARKET FOR RICE

 

In January, 2017, The Company entered the crop protection market for rice in India and would be offering a range of new solutions to boost yields in India by managing rice diseases, weeds and pests. With the launch of products i.e. Seltima, Adexar and Basagran, The company will provide comprehensive solutions that effectively meet consumers’ expectations for healthy, high quality food.

 

RESTRUCTURING OF BUSINESSES

 

Sale of Industrial Coatings business to AkzoNobel

 

Pursuant to the sale of global industrial coatings business by BASF SE, Germany to AkzoNobel, the industrial coatings business of the Company was transferred to Akzo Nobel India Limited with effect from 14th December, 2016. With this divestiture, the Company would continue to emphasize on core automotive OEM & decorative paints business.

 

Divestment of Leather Chemicals business

 

In March, 2017, BASF SE, Germany and Stahl Group announced the sale of BASF’s leather chemicals business to the Stahl Group. Consequently, the company’s leather chemicals business will be transferred to Stahl Group, subject to receipt of requisite approvals. The transaction is expected to close in fourth quarter of 2017. Under the arrangement, the company would supply leather chemical products from its manufacturing facilities to Stahl Group under mid to long-term supply agreements. Presently, the leather chemicals business forms part of the Performance Products segment of the Company.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

The world witnessed political and economic volatility in 2016. While oil and commodity prices have relatively stabilized over the year, concerns from the slowing Chinese economy due to geo political risks continue.

 

The Indian economy grew by a robust 7.9% in 2015-16 and is expected to grow by ~7% in 2016-17. A good monsoon is expected to lead to a healthy growth of more than 4% in the agriculture sector. Due to the impact of demonetization, the industry and service sectors are expected to grow lower around 6% and 8% respectively in 2016-17. Manufacturing sector is expected to perform lower in the high single digit compared to 10.6% in the previous year. In 2016-17, the domestic automobile industry performed in the wake of new launches. Production of four wheeler light vehicles grew by 8.9% while two wheelers also showed a decent performance registering a growth of 5.8%.

 

The Indian construction industry is estimated to grow by 3% in 2016-17. The reform initiatives of the Government of India like Goods and Services Tax, formalization of parallel economy, focus on rural economy, improving domestic demand, controlled fiscal deficit and inflation are some of the key factors which are likely to lead to the overall growth of the Indian economy.

 

The products manufactured by the company serve several sectors including agriculture, automotive, pharmaceuticals, construction, consumer durables, consumer care, paper and paints.

 

PERFORMANCE PRODUCTS

 

The Performance Products business includes performance chemicals, dispersions and pigments, care chemicals, nutrition and health products and paper chemicals. The business caters to the requirements of a wide spectrum of industries, including leather, plastics and coatings, detergent formulators, pharmaceuticals, automobile and oil.

 

The leather chemicals business witnessed challenges due to stringent pollution norms implemented by the government and the demonetization drive. Despite the challenging market conditions, this business maintained market share and profits due to a clear focus on enhancing customer service through innovative, sustainable and reliable products and offerings. In March 2017, worldwide, BASF SE and Stahl Group entered into an agreement to combine BASF’s leather chemicals business with the Stahl Group, subject to receipt of requisite approvals. The Company would supply leather chemical products from its manufacturing facilities to Stahl Group under mid to long-term supply agreements.

 

The care chemicals business of the company caters to the personal care, home care and formulation technology sectors. Rise in disposable income and increased awareness amongst consumers have contributed to the increase in sales in the personal care industry. In the laundry care category, the business witnessed good growth in surface cleaning and dish washing categories. This growth has been ably supported by the Company’s investment in the Dahej site.

 

Improvement in the quality of lifestyles have made consumers more aware of better performing and higher efficiency products in the home care industry. This is expected to drive demand for the Company’s polymers, fluorescent whitening agents, stain removers and surfactants. The formulation technology sector was characterized by growth in agrochemical additives, surfactants for textile chemicals and specialty additives. New opportunities for the products of this business were also realized in the rubber and paper industry. Key focus areas have been identified for specialty additives, with its offerings to enhance industrial processes.

 

The company’s plastic additives business is categorized into antioxidants and light stabilizers for the plastic industry. Customers are broadly classified into upstream industries such as polymer manufacturers and downstream industries such as packaging and automotive. Expansion plans of major polymer producers and expected shift from natural fibers to plastic in the packaging sector will give rise to the demand for light stabilizers and antioxidants. Focused business development activities undertaken during the year helped to significantly increase the sales of this business.

 

 

The Fuel and Lubricants business of the Company caters to the automotive, fuel, lubricants, refinery and refrigeration industries. This business registered good growth in sales as compared to the previous year. New markets for coolants for tractors were identified and products introduced. Additionally, brake fluids were established in the service fill replacement markets of the automotive OEM’s (Original Equipment Manufacturers) during the year. With new product launches and entry into new market segments, growth prospects for this business look optimistic.

 

The water Solutions business of the company provides solutions to raw water, industrial and municipal effluents. In spite of a poor sugar season, with secured orders from key accounts and leveraging the cross business unit synergies by introducing their products/solutions in new applications/markets, the sales of the water Solutions business of the company grew over previous year.

 

The Oilfield Solutions cater to the service companies that carry out work for the oil sector. Growth opportunities have been identified in the enhanced oil recovery areas and efforts are ongoing.

 

The Company’s Mining Solutions are mainly focused on the coal and alumina mining sectors. With reforms in the mining sector, this business is expected to grow, but industry related challenges continue to remain.

 

The Nutrition and Health business of the Company offers a comprehensive range of products and solutions for Human Nutrition, Animal Nutrition, Pharma Solutions and Flavours and Fragrances. This business demonstrated strong growth across segments. The focus of the Company continues to remain on excipients and certain core API’s in the pharma segment. The company is committed to food fortification to address malnutrition, leveraging on BASF’s vitamin portfolio.

 

Focus is also on improving the productivity and efficiency by employing varied performance ingredients in the poultry, diary and aqua segment. With new assets expected online in China and Malaysia in the financial year 2017-18, the company’s focus is to grow its business in pharma and establish new business in flavours and fragrances.

 

The Dispersions and Pigments business of the company comprises of pigments, resins, dispersions and additives, which cater to the needs of the adhesives, paper, paints & coatings, printing and packaging, plastics and construction industries. The sales of this business were increased as a result of the enhanced footprint to service North/West customers from Dahej and South customers from Mangalore. Innovative paper coating binders were introduced to improve paper quality and printability. The decorative and construction industry as well as the plastic and printing and packaging grew building upon the right product mix and strong collaborative engagement with key customers. This business registered growth in profits during the year under review

 

The Paper Chemicals – wet end business of the company caters to diverse industry segments such as graphical paper, newsprint, and packaging paper and enjoys substantial customer goodwill and industry leadership. Innovative solutions to encourage paper recycling and reduction in the usage of water in the paper manufacturing process were also introduced.

 

Exports of imaging products continued to rise. A comprehensive product portfolio along with requisite technical expertise enabled this business to grow in sales and profits during the year.

 

 

UNSECURED LOANS:

 

Particulars

31.03.2017

INR In Million

31.03.2016

INR In Million

LONG TERM BORROWINGS

 

 

Term loan from related party:

 

 

External Commercial Borrowings from BASF Belgium Coordination

Center Comm. V.

9105.200

9255.700

Less: Current maturities of long-term debt

(2177.300)

0.000

SHORT TERM BORROWINGS

 

 

Overdraft facilities from bank

660.300

236.500

Short-term loan from bank

749.900

0.000

Commercial papers

2250.000

4000.000

Total

10588.100

13492.200

 

 

 

Terms of repayment

Interest is payable half yearly on 15th June and 15th December at 4.93% p.a. The repayment schedule is as follows:

 

Financial Year

Amount payable

in USD (Million)

March 31, 2017

Amount payable

in USD (Million)

March 31, 2016

2017-18

33.000

33.000

2018-19

76.500

76.500

2019-20

5.000

5.000

2020-21

23.500

23.500

Total term loans from related parties

138.000

138.000

 

Overdraft facilities and Short-term loan from banks carry average interest ranging from 6% to 9% p.a. computed on daily basis on the actual amount utilized and is repayable on demand and maturity respectively.

 

Commercial papers carry average interest ranging from 6% to 7% p.a. repayable on maturity in May 2017.

 

 

INDEX OF CHARGE:

 

SNO

SRN

CHARGE ID

CHARGE HOLDER NAME

DATE OF CREATION

DATE OF MODIFICATION

DATE OF SATISFACTION

AMOUNT

ADDRESS

1

A14736722

90213117

STATE BANK OF INDIA

15/12/1997

06/10/1999

09/05/2007

660000000.0

JUSTICE G.N. VAIDYA MARG, MUMBAI – 400023, MAHARASHTRA, INDIA

2

A13730940

80019842

HDFC BANK LIMITED

20/09/2004

28/01/2007

10/04/2007

31000000.0

HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI – 400013, MAHARASHTRA, INDIA

3

A25815242

80034106

DEUTSCHE BANK AG

30/04/2003

-

09/03/2007

60000000.0

HAZARIMAL SOMANI MARG, FORT, MUMBAI – 400001, MAHARASHTRA, INDIA

4

A06761340

80014712

STATE BANK OF INDIA

08/06/1973

19/03/2003

09/11/2006

872000000.0

COMMERCIAL BRANCHG N VAIDYA MARG, MUMBAI – 400023, MAHARASHTRA, INDIA

5

Z00964012

80056920

ICICI BANK LIMITED

12/02/1998

-

10/12/2002

100000000.0

215, FREE PRESS HOUSE, NARIMAN POINT, MUMBAI – 400021, MAHARASHTRA, INDIA

 

 

CONTINGENT LIABILITIES:

 

(INR in million)

PARTICULARS

31.03.2017

31.03.2016

Contingent liabilities not provided for

 

 

Claims against the Company not acknowledged as debt

51.900

59.400

In respect of which the Company has counterclaim

 

68.700

Demand for taxes and duties in respect of which the company

has preferred appeals with appropriate authorities

 

 

Income tax

767.700

636.100

Customs, Excise, Service tax and Sales tax *

135.800

138.800

 

Commercial taxes department had issued demand notices amounting to INR 956.900 million (excludes interest and penalty) for the periods April 2006 - March 2010 and periods February 2011 to March 2011 by treating 100%

 

 

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 

31.12.2017

 

 (INR In Million)

Particulars

3 Month ended

3 Month ended

Year to date figures for current period ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

 

 

 

Revenue From Operation

 

 

 

Sale of Products

12227.200

13929.200

42132.300

Sale of Services

462.800

402.900

1354.300

Other operating revenue

97.400

219.300

346.400

 

12787.400

14551.400

43833.000

Other income

38.500

23.800

65.300

Total Income

12825.900

14575.200

43898.300

 

 

 

 

Expenses

 

 

 

Cost of materials consumed

6408.100

6890.400

20402.200

Purchase of Stock-in-trade

2638.300

3025.800

10194.900

Changes in inventories of finished goods, Stock-in-trade and work-in-progress

47.700

724.900

323.400

Excise Duty

0.000

0.000

1392.800

Employee benefits expense

880.300

881.400

2686.300

Finance Costs

210.500

346.200

860.900

Depreciation and Amortization expenses

371.100

401.300

1164.200

Other Expenditure

2133.900

1885.200

6310.800

Total Expenses

12689.900

14155.200

43335.500

Profit/(Loss) before Exceptional item and tax

136.000

420.000

562.800

Exceptional items

78.200

1317.100

1395.300

Profit/(loss) before tax

214.200

1737.100

1958.100

 

 

 

 

Tax expenses

 

 

 

Current tax including MAT

2.700

373.500

376.200

Deferred tax (credit)/ Charge

142.300

(365.500)

(223.200)

Income tax for previous periods

0.000

0.000

0.000

 

145.000

8.000

(20.000)

 

 

 

 

Profit/(loss) for the period

69.200

1729.100

6.800

 

 

 

 

Other Comprehensive Income

 

 

 

Items that will not be reclassified to profit or loss :

 

 

 

Remeasuremeal (Loss)/ Gain of post-employment benefit plans

18.800

(7.500)

(25.500)

Income tax relating to these items

(4.000)

9.400

5.500

Other Comprehensive Income for the period

14.800

1.900

(20.000)

 

 

 

 

Total Comprehensive Income for the period

84.000

1731.000

1785.100

Paid-up Equity Share Capital (Face value INR 10/- per share)

432.900

432.900

432.900

Reserves (excluding Revaluation Reserve)

 

 

 

Basic and Diluted earnings per share after exceptional items

1.60

39.90

41.70

Basic and Diluted earnings per share before exceptional items

1.00

9.50

12.00

 

Notes:

 

The above results for the quarter and nine months ended December 31, 2017 have been reviewed by the Audit Committee and thereafter approved by the Board of Directors at its meeting held on February 5, 2018.

 

As per Indian Accounting Standard 18 on Revenue and Schedule III of the Companies Act, 2013. Revenue from Operations for the quarter ended December 31, 2017 and September 30, 2017 does not include Goods and Service Tax (GST), however Revenue from Operations till the period ended June 30, 2017 and other comparative periods includes Excise Duty. On a comparable basis. Revenue from Operations (net of GST/Excise) increased by 14% for quarter ended December 31, 2017 and 11% for nine months ended December 31, 2017 with the corresponding period of the previous year.

 

 Finance cost includes interest and other costs incurred on short and long time borrowings, effects from fair valuation of derivatives relating to financing activities and exchange differences arising from foreign currency borrowings to the extent that they ate regarded as an adjustment to interest costs.

 

Tax expense includes provision for current income tax, tax expense for previous periods, minimum alternate tax (based on estimated average effective annual income tax rate, considering tax allowances) and deferred tax charge/ (credit).

 

During the quarter ended September 30, 2017, the Company had recognized export incentive income aggregating INR 186.000 million eligible under foreign trade policy based on enhanced certainty arisen from receipt of incentives under applicable export incentive schemes.

 

Results for the quarter and nine months ended December 31, 2016. for the year ended March 31, 2017 and for the quarter ended June 30, 2017 were reviewed/ audited by another firm of chartered accountants.

 

Previous period figures have been regrouped and reclassified, wherever necessary to conform to current period classification.

Segment – Wise Revenue, Results Assets, Liabilities and Capital Employed

 

Particulars

3 Month ended

3 Month ended

Year to date figures for current period ended

 

31.12.2017

30.09.2017

31.12.2017

 

Unaudited

Unaudited

Unaudited

1. Segment Revenue

 

 

 

Agriculture Solution

1276.700

2806.800

7475.700

Performance Products

5239.500

5653.500

17038.900

Chemicals

1027.800

784.300

2423.800

Functional Material and Solution

5172.500

5234.600

16662.400

Others

70.900

72.200

232.200

Total

12787.400

14551.400

43833.000

Less : Inter-segment revenue

0.000

0.000

0.000

Total income from operation

12787.400

14551.400

4833.000

 

 

 

 

2 Segment Results

 

 

 

Profit/(Loss) before tax and interest

 

 

 

Agriculture Solution

33.800

390.800

579.300

Performance Products

(23.100)

404.700

431.600

Chemicals

251.100

100.200

480.700

Functional Material and Solution

150.400

(63.200)

139.100

Others

30.500

18.500

53.700

Total

442.700

851.000

1684.400

Less : (i) Finance Costs

210.500

346.200

860.900

          (ii) Other un-allocable expenditure net off

               Un-allocable other operating income

96.200

84.800

260.700

Total Profit/(Loss) before tax and exceptional items

136.000

420.000

562.800

Exceptional items

78.200

1317.100

1395.300

 

 

 

 

Profit/(Loss) from ordinary activities before tax

214.200

1737.100

1958.100

 

 

 

 

3. Segment Assets

 

 

 

Agriculture Solution

3860.800

4698.100

3860.800

Performance Products

14338.100

15090.100

14338.100

Chemicals

1465.900

1332.800

1465.900

Functional Material and Solution

14885.300

15672.600

14885.300

Others

179.300

499.100

179.300

Unallocated

2202.800

1561.500

2202.800

Total Segment Assets

36932.200

38854.200

36932.200

 

 

 

 

4. Segment Liabilities

 

 

 

Agriculture Solution

2058.100

2716.900

2058.100

Performance Products

10576.500

9919.000

10576.500

Chemicals

1003.800

752.200

1003.800

Functional Material and Solution

8910.000

8430.600

8910.000

Others

7.700

137.800

7.700

Unallocated

1605.300

4220.000

1605.300

Total Segment Liabilities

24161.400

26176.500

24161.400

 

 

 

 

5. Capital Employed

   (Segment Assets-Segment Liabilities)

 

 

 

Agriculture Solution

1802.700

1981.200

1802.700

Performance Products

3761.600

5171.100

3761.600

Chemicals

462.100

580.600

462.100

Functional Material and Solution

5975.300

7242.000

5975.300

Others

171.600

361.300

171.600

Unallocated

597.500

(2658.500)

597.500

Total

12770.800

12677.700

12770.800

 

 

FIXED ASSETS:

 

Tangible Assets

 

  • Freehold land
  • Leasehold land
  • Building
  • Plant and machinery
  • and computers
  • Furniture and Fixture
  • Office equipments
  • Vehicles

 

Intangible Assets

 

  • Goodwill
  • Software

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                           None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                        None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                        None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency

 
Unit

INR

US Dollar

1

INR 64.66

UK Pound

1

INR 79.70

Euro

1

INR 90.65

 

 

INFORMATION DETAILS

 

Information Gathered by :

PRT

 

 

Analysis Done by :

PSD

 

 

Report Prepared by :

GEET

 

 

SCORE FACTORS

 

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

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

NT

No Trace

No recommendation can be done as the business is not traceable

 

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

 

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 are as follows:

 

·         Financial condition covering various ratios

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

 

 

 

 

 

 

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.