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DIRECTOR'S REPORT

BASF India Ltd.

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Market Cap. (₹) 4326.18 Cr. P/BV 3.06 Book Value (₹) 326.41
52 Week High/Low (₹) 1933/975 FV/ML 10/1 P/E(X) 52.94
Bookclosure 12/07/2019 EPS (₹) 18.88 Div Yield (%) 0.50
Year End :2019-03 

Directors’ Report

The Directors have pleasure in presenting their Report for the financial year ended 31st March, 2019.

Financial Results

(Rs. in million)

Description

Year ended 31.3.2019

Year ended 31.3.2018

Revenue from operations (Net of GST / Excise duty)

60,256.7

55,834.0

(Loss) / Profit before tax and exceptional items

(542.0)

1,024.6

Exceptional items

1,260.6

1,585.7

Profit before tax

718.6

2,610.3

Tax expense / (credit)

(98.6)

145.3

Profit after tax

817.2

2,465.0

Dividend

216.4

129.9

Dividend distribution tax

44.5

26.7

Note: As per Indian Accounting Standard 115/Indian Accounting Standard 18 on Revenue and Schedule III of the Companies Act, 2013, Revenue from Operations for the period ended after June 30, 2017 does not include Goods and Services Tax (GST), however Revenue from Operations till the period ended June 30, 2017 included Excise duty.

Performance

Revenue from Operations (net of GST / Excise duty) at Rs. 60,256.7 million, represents an increase of 8% over the previous year. Your Company reported a profit after tax of Rs. 817.2 million for the year ended 31st March, 2019 as compared to profit after tax of Rs. 2,465.0 million in the previous year. The profitability was mainly impacted due to higher input cost.

The business segments of your Company have been reorganized effective 1st January, 2019. The new segment structure will enable an even more differentiated steering of the business, taking into account market-specific requirements and the competitive environment. It will further increase the transparency of the segment results. The new segments are as under:

a) Agricultural Solutions - The Agricultural Solutions segment consists of the Crop Protection business.

b) Materials - The Materials segment comprises of Performance Materials and the Monomers businesses.

c) I ndustrial Solutions - The Industrial Solutions segment consists of the Dispersions & Pigments and Performance Chemicals businesses.

d) Surface Technologies - The Surface Technologies segment comprises of the Catalysts, Coatings and Construction Chemicals businesses.

e) Nutrition & Care - The Nutrition & Care segment consists of the Care Chemicals and Nutrition & Health businesses.

f) Chemicals - The Chemicals segment consists of the Petrochemicals and Intermediates businesses.

g) Others - Others include activities that are not allocated to any of the continued operating divisions. These include remaining activities after divestiture of certain businesses including leather and textile chemicals business, paper wet-end and water chemicals business, technical and service charges other than those specifically identifiable to the above segments.

The Agricultural Solutions segment of your Company registered good growth in sales and profits during the year as compared to the previous year mainly due to increased sales from launch of new products for crops like cotton, corn, rice and coupled with growth in volumes.

The Materials segment registered modest growth in sales during the year under review as compared to the previous year. However, its margins significantly dropped due to volatile Crude MDI (Methylene diphenyl di-isocyanate) prices.

The Industrial Solutions segment registered increase in sales & profits mainly due to right product mix, collaborative engagement with key customers, tapping of new market opportunities, strong domestic demand driven by increase in prices and favourable exchange rates from exports.

The Surface Technologies segment registered marginal growth in sales during the year under review as compared to the previous year. The improved profitability of the Construction Chemicals business was offset by a weak Coating Chemicals business due to slowdown in the auto industry.

The Nutrition & Care segment recorded modest growth in sales and incurred losses due to force majeure declared in BASF SE Plant in Germany and fluctuations in fatty alcohol prices. The pressure on margins continued due to higher input cost.

During the year under review, the sales & profits of the Chemicals segment were lower as compared to the previous year on account of shortage of materials & volatility in prices.

Exports of goods & services stood at Rs. 7,811.1 million during the year under review.

Change of Business Model from Agency to Merchandise

Pursuant to the new rules framed by Organisation for Economic Cooperation and Development (OECD), BASF has decided to phase out the agency business globally.

Accordingly, the Board of Directors of your Company approved the proposal to replace the agency business of your Company with the merchandise model effective financial year 2019-2020.

BASF to evaluate strategic options for Construction Chemicals business

As a part of its active portfolio management, BASF SE, Germany, continuously evaluates its businesses. Accordingly, in October 2018, BASF SE decided to evaluate strategic options for its Construction Chemicals business. BASF SE could consider a merger of this business with a strong partner as well as a divestiture, subject to such approvals, as may be necessary. The Construction Chemicals business comprises of the Admixture and the Construction Systems and forms part of the Surface Technologies segment.

Transfer of Pigments business to BASF Colors & Effects India Private Limited

In order to further develop the Pigments business and to fully leverage its growth potential arising out of the emerging Asian region, the Board of Directors of your Company had approved the transfer of the Pigments business of your Company, to BASF Colors & Effects India Private Limited, a 100% subsidiary of BASF Colors & Effects GmbH, Germany at a consideration to be determined by an independent valuer (on an arm's length basis).

Accordingly, the Pigments business of your Company was transferred to BASF Colors & Effects India Private Limited with effect from 1st January, 2019 for a consideration of Rs. 190.0 million based on the valuation of an Independent Valuer.

Transfer of the Company’s Paper Wet-end & Water Chemicals businesses to Solenis Chemicals India Private Limited

Pursuant to the global combination of BASF's Paper wet-end & Water Chemicals businesses with Solenis, your Company's Paper wet-end and Water Chemicals businesses were transferred to Solenis Chemicals India Private Limited with effect from 1st February, 2019 for a consideration of Rs. 2,520.0 million (based on an Independent Valuation Report), subject to working capital adjustments.

Dividend

In view of the 75th anniversary milestone, the Board of Directors of your Company have recommended a special dividend of Rs. 2/- per equity share of Rs. 10 each i.e. 20% in addition to a final dividend of Rs. 3/- per equity share of Rs. 10 each i.e. 30% for the financial year ended 31st March, 2019 aggregating to 50% i.e. Rs. 5/- per equity share of Rs. 10 each, subject to the approval of the shareholders at the 75th Annual General Meeting of the Company to be held on 19th July, 2019. The aggregate dividend will absorb Rs. 216.4 million and the dividend distribution tax to be borne by the Company would amount to Rs. 44.5 million.

Further, as per Regulation 43A of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”), the top 500 listed entities based on market capitalization are required to formulate a Dividend Distribution Policy. Accordingly, your Company has formulated its Dividend Distribution Policy, which is available on the Company's website at http://bit.do/basfdividenddistributionpolicy

Directors

Dr. Andrea Frenzel resigned as Director of your Company on 31st July, 2018 and Dr. Ramkumar Dhruva was appointed as Director of the Company with effect from 10th August, 2018 in place of Dr. Andrea Frenzel. The Board of Directors of your Company place on record its sincere appreciation of the valuable contributions made by Dr. Andrea Frenzel during her tenure as Director of the Company.

In accordance with the provisions of Section 161(4) of the Companies Act, 2013, Dr. Ramkumar Dhruva being eligible, offers himself for re-appointment.

Dr. Raman Ramachandran superannuated as the Chairman & Managing Director of the Company with effect from the close of business hours as on 31st March, 2019. The Board of Directors of your Company place on record its sincere appreciation of the valuable contributions made by Dr. Raman Ramachandran in the growth of the Company during his tenure as the Chairman & Managing Director of the Company.

The Board of Directors of the Company at their Meeting held on 23rd January, 2019 appointed Mr. Narayan Krishnamohan as the Managing Director of the Company with effect from 1st April, 2019, subject to the approval of the Ministry of Corporate Affairs (Central Government). His appointment has been duly approved by the shareholders of the Company by way of Postal Ballot on 26th March, 2019.

Mr. Narayan Krishnamohan has completed his Bachelors in Chemical Engineering from Laxminarayan Institute of Technology, Nagpur. Having joined the Company in January, 1995, Mr. Narayan Krishnamohan has been with BASF for more than 24 years. He has held various regional and global leadership roles in Singapore, Germany and Hong Kong. His leadership experience cuts across multiple operating divisions like Leather Chemicals, Specialty Chemicals, Petrochemicals, Acrylics & Dispersions, Paper Chemicals, Human Nutrition and Chemical Intermediates.

Mr. Pradip P. Shah was re-appointed as Independent Non-Executive Director of the Company by the shareholders of the Company on 26th March, 2019 by way of Postal Ballot for a second term of five years with effect from 1st April, 2019 to 31st March, 2024. He was also appointed as the Chairman of the Company with effect from 1st April, 2019 by the Board of Directors of the Company at their Meeting held on 23rd January, 2019.

Mr. R. A. Shah and Mr. Arun Bewoor were re-appointed as Independent Non-Executive Directors of the Company by the shareholders of the Company on 26th March, 2019 by way of Postal Ballot for a second term of five years with effect from 1st April, 2019 to 31st March, 2024.

SEBI vide its notification dated 9th May, 2018 has amended the SEBI Listing Regulations requiring the top 500 listed entities based on market capitalization, to appoint an Independent Woman Director by 1st April, 2019. Accordingly, Mrs. Shyamala Gopinath was appointed as Independent Woman Director of the Company for a period of five years with effect from 23rd January, 2019 to 22nd January, 2024 by the shareholders of the Company on 26th March, 2019 by way of Postal Ballot.

Mrs. Shyamala Gopinath is the Non-Executive Chairperson of HDFC Bank Limited. As Deputy Governor of the Reserve Bank of India (RBI) for seven years and member of the RBI's Board of Directors, she guided and influenced national policies in diverse areas of financial sector regulation and supervision, the development and regulation of financial markets, capital account management, management of government borrowings, foreign exchange reserves management and payment and settlement systems. She has served on several Committees of RBI. During 2001 to 2003, she worked as senior financial sector expert in the Monetary Affairs and Exchange Department of the International Monetary Fund (Financial Institutions Division). She has served as Chairperson of the Advisory Board on Bank, Commercial and Financial Frauds for two years from 2012 to 2014. She was an Independent Director on the Boards of Clearing Corporation of India, Indian Oil Corporation Limited, GAIL India Limited and an Independent Non-Executive Director on the Global Governance Council of Ernst and Young. She was also the Chairperson of the Board of Corporate Bonds and Securitisation Advisory Committee of Securities & Exchange Board of India. Apart from HDFC Bank, she is an Independent Non-Executive Director on the Boards of Colgate-Palmolive (India) Limited, Tata Elxsi Limited and other companies, including not for profit entities. Mrs. Shyamala Gopinath is also Chairperson of the Board of Governors of Indian Institute of Management, Raipur.

Pursuant to expiry of his first term as Independent Non-Executive Director, Mr. R. R. Nair did not seek re-appointment for a second term. Hence, he ceased to be an Independent Non-Executive Director of the Company with effect from the close of business hours as on 31st March, 2019. Your Directors place on record their sincere appreciation of the invaluable contribution made by Mr. R. R. Nair in the growth of the Company during his long years of association with the Company.

Dr. Lakshmi Nadkarni ceased as an Alternate Director to Dr. Ramkumar Dhruva with effect from the close of business hours as on 31st March, 2019. Your Directors place on record their sincere appreciation of the contribution made by Dr. Lakshmi Nadkarni in the growth of the Company, during her tenure as Director of the Company.

Mr. Pradeep Chandan was appointed as an Alternate Director to Dr. Ramkumar Dhruva and being in the whole-time employment of the Company, also as a Whole-time Director of the Company for a period of three years from 1st April, 2019 to 31st March, 2022. The shareholders of the Company have also approved the appointment of Mr. Pradeep Chandan on 26th March, 2019 by way of Postal Ballot.

Mr. Rajesh Naik was re-appointed as a Whole-time Director of the Company for a period of three years from 1st April, 2019 to 31st March, 2022 by the shareholders of the Company on 26th March, 2019 by way of Postal Ballot.

As required under the SEBI Listing Regulations, the profiles of Directors seeking re-appointment at the ensuing Annual General Meeting is provided on page no. 53 in the Corporate Governance Report, forming part of this Annual Report.

Finance & Accounts

Your Company continued to optimize borrowings during the year by focusing on cash flows and working capital management. Your Company availed of alternative funding options such as Commercial Papers, Trade Financing, Inter-Corporate Deposits from BASF Group Companies, etc., to ensure efficiency in its borrowing costs.

Your Company follows a prudent financing policy and aims to maintain optimum financial gearing at all times. Your Company's debt equity ratio was 0.6 as at 31st March, 2019.

Capital Expenditure

Capital expenditure incurred during the year aggregated to Rs. 674.5 million.

Credit Rating

During the year, CRISIL reaffirmed credit rating of ‘CRISIL AAA/Stable' for long term debt programs and ‘CRISIL A1 ' for Commercial Paper Programme of Rs. 7,500.0 million. Further, India Ratings and Research Private Limited has also maintained a credit rating of ‘IND A1 ' for Commercial Paper Programme of Rs. 7,500.0 million.

Instruments with these ratings are considered to have the highest degree of safety regarding timely servicing of financial obligations & carry lower credit risk.

Fixed Deposits

During the year, your Company has not invited, accepted or renewed any fixed deposits from the public and accordingly, there is no principal or interest outstanding in respect thereof.

Management Discussion and Analysis Report

In terms of SEBI Listing Regulations, the Management Discussion and Analysis Report is appended to this Report.

Corporate Governance

Your Company is committed to maintain the highest standards of Corporate Governance and has complied with the Corporate Governance requirements as per SEBI Listing Regulations.

A separate report on Corporate Governance as stipulated under SEBI Listing Regulations along with a Certificate of Compliance from the Statutory Auditors, forms part of this Annual Report.

Corporate Social Responsibility

As required under the provisions of the Companies Act, 2013, the Board of Directors of your Company constituted a Corporate Social Responsibility (CSR) Committee on 30th April, 2013.

Mr. Arun Bewoor, Mr. R. A. Shah, Independent Non-Executive Directors and Mr. Rajesh Naik, Whole-time Director are presently the members of the CSR Committee.

Mr. Pradeep Chandan, Director - Legal, General Counsel (South Asia) & Company Secretary is the Secretary of the CSR Committee.

The CSR Committee has formulated the CSR Policy and has recommended the activities to be undertaken by the Company as specified under Schedule VII of the Companies Act, 2013.

During the year under review, due to impact on profitability, your Company was not required to spend any amount on CSR activities. However, in order to maintain project sustainability, the Board of Directors of your Company decided to spend an amount of Rs. 1.5 million towards CSR activities.

Your Company undertook CSR activities mainly in the areas of Water, Sanitation and Hygiene (WASH) & Education including conduct of various behavioural change programs, details of which are provided in Annexure I of this Report.

Business Responsibility Report

Regulation 34(2) of the SEBI Listing Regulations, inter alia, provides that the Annual Report of the top 500 listed entities based on market capitalization, should include a Business Responsibility Report (“BRR”).

Your Company, being among the top 500 listed entities, has included BRR, as part of this Report as Annexure II, describing the initiatives taken by the Company from an environmental, social and governance perspective.

The BRR for the financial year 2018-2019 has also been hosted on the Company's website, which can be accessed at www.basf.com/in

Vigil Mechanism

Your Company has established a Whistle Blower Policy for employees, Directors and third parties to report their genuine concerns, details of which have been given in the Corporate Governance Report annexed to this Report. This policy is available on the Company's website and can be accessed at: http://bit.do/basfwhistleblowerpolicy

Directors’ Responsibility Statement

Your Directors confirm that:

(i) I n the preparation of the annual accounts, the applicable accounting standards have been followed;

(ii) they have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2019 and of the profit of the Company for that period;

(iii) they have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

(iv) they have prepared the annual accounts on a going concern basis;

(v) t hey have laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and operating effectively; and

(vi) they have devised proper systems to ensure compliance with the provisions of all applicable laws and such systems are adequate and operating effectively.

Conservation of Energy, Technology Absorption and Foreign Exchange Earnings and Outgo

Information pursuant to Section 134(3)(m) of the Companies Act, 2013 read with sub-rule 3 of Rule 8 of the Companies (Accounts) Rules, 2014, forms part of this Report as Annexure III.

Performance Evaluation

Pursuant to the provisions of the Companies Act, 2013 and SEBI Listing Regulations, the Company has devised a policy containing criteria for evaluating the performance of the Executive, Non-Executive and Independent Non-Executive Directors, Key Managerial Personnel, Board and its Committees based on the recommendation of the Nomination & Remuneration Committee. Feedback was sought by way of a structured questionnaire covering various aspects of the Board's functioning, such as adequacy of the composition of the Board and its Committees, Board culture, execution and performance of specific duties, obligations and governance. The manner in which the evaluation has been carried out is explained on page no. 48 in the Corporate Governance Report, forming part of this Annual Report.

Policy on Directors’ appointment and remuneration

The policy on Directors' appointment and remuneration including the criteria for determining the qualifications, positive attributes, independence of a Director and other matters provided under Section 178(3) of the Companies Act, 2013, forms part of the Nomination & Remuneration Policy of the Company. This policy is available on the Company's website and can be accessed at: http://bit.do/basfnrc

Auditors

M/s. Price Waterhouse Chartered Accountants LLP (Registration No. 012754N/N500016), Mumbai, have been appointed as Statutory Auditors of the Company at the Annual General Meeting held on 28th September, 2017. They have confirmed to the Company that they are not disqualified from continuing to act as Statutory Auditors of the Company.

Secretarial Audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company had appointed M/s. HS Associates, Practising Company Secretaries, Mumbai (C.P. 1483), to conduct the Secretarial Audit of the Company for the financial year 2018-2019 and to furnish the report to the Board. The Secretarial Audit Report dated 30th April, 2019 forms part of this Report as Annexure IV.

Auditors’ Report & Secretarial Audit Report

There are no qualifications/reservations/emphasis of matter placed by the Statutory Auditors and the Secretarial Auditors in their respective Reports for the financial year ended 31st March, 2019.

Cost Audit

The Board of Directors, in pursuance of Section 148 of the Companies Act, 2013, has appointed M/s. R. Nanabhoy & Co., Cost Accountants, Mumbai, having Registration No. 000010, for conducting the audit of the cost accounting records maintained by the Company for the financial year 2019-2020. They have confirmed that their appointment is within the limits of Section 141(3)(g) of the Companies Act, 2013 and that they are not disqualified from acting as Cost Auditors.

Composition of the Audit Committee

As required by Section 177(8) read with Section 134(3) of the Companies Act, 2013 and the Rules framed thereunder, the composition of the Audit Committee is in line with the provisions of the Companies Act, 2013 and SEBI Listing Regulations, details of which are provided on page nos. 46 and 47 of the Corporate Governance Report, forming part of this Annual Report.

Related Party Transactions

All related party transactions that were entered into by the Company during the financial year were on arms' length basis. There are no materially significant related party transactions entered into by the Company with its Promoters, Directors, Key Managerial Personnel or other Related Parties, which may have a potential conflict with the interest of the Company at large.

All related party transactions are placed before the Audit Committee for its approval. Prior omnibus approval of the Audit Committee is obtained for transactions, which are repetitive in nature. A statement giving details of all related party transactions is placed before the Audit Committee and the Board of Directors for their approval on a quarterly basis. The policy on Related Party Transactions, as approved by the Board, is available on the Company's website and can be accessed at http://bit.do/basffrptpolicy

Your Directors draw the attention of the shareholders to Note No. 45 of the Financial Statements, which sets out related party disclosures under the Indian Accounting Standards (IND AS).

Further, the disclosures as required under Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2, form part of this Report, as Annexure V

Particulars of loans, guarantees or investments under Section 186 of the Companies Act, 2013

The Company has not provided any loan to any person or body corporate or given any guarantee or provided security in connection with such loan or made any investment in the securities of any body corporate pursuant to Section 186 of the Companies Act, 2013. The Company has given advance against salary to some employees in terms of the applicable policies of the Company.

Extract of Annual Return

The extract of the Annual Return in Form MGT-9 is available on the Company's website and can be accessed at: www.basf.com/in

Particulars of Employees

The particulars of employees required to be furnished pursuant to Section 197(12) of the Companies Act, 2013 read with sub-rules 2 and 3 of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 as amended, forms part of this Report as Annexure VI. However, as per the provisions of Section 136 of the Companies Act, 2013, read with sub-rules 2 and 3 of Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Annual Report excluding the statement of particulars of employees, is being sent to all the shareholders of the Company. Any shareholder interested in obtaining a copy of the said statement may write to the Company Secretary at the Registered Office of the Company.

Prevention of sexual harassment at the Workplace

Your Company gives prime importance to the dignity and respect of its employees irrespective of their gender or hierarchy and expects responsible conduct and behaviour on the part of employees at all levels. Providing a safe and congenial work environment for all employees is an integral part of the Company's Code of Conduct.

In compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and the Rules made thereunder, your Company has adopted a policy for Prevention of Sexual Harassment at the Workplace and has constituted an Internal Committee (IC). The names of the Committee Members are displayed on the notice board in each establishment. All employees as well as contract staff and trainees are covered by this policy. Allegations of sexual harassment reported are expeditiously and discreetly investigated and disciplinary action, if required, is taken in accordance with the policy.

There was no complaint of sexual harassment received during the financial year 2018-2019.

Training programs on prevention of sexual harassment at the workplace are also conducted at regular intervals. During the year under report, your Company conducted e-workshops/awareness programmes on the policy for the employees. Your Company also rolled out an e-learning module to sensitize & create awareness amongst the employees of the Company on prevention of sexual harassment.

Risk Management

Your Company has in place a mechanism to inform the Board about the risk assessment and minimization procedures and undertakes periodical review of the same to ensure that the risks are identified and mitigated by means of a properly defined framework. In the Board's view, there are no material risks, which may threaten the existence of the Company.

SEBI vide its notification dated 9th May, 2018 had amended the SEBI Listing Regulations which mandates top 500 listed entities based on market capitalization, to constitute a Risk Management Committee, comprising of majority of the members of the Board of Directors of the Company with effect from 1st April, 2019.

In view of the above and being one of the top 500 listed entities, the Board of Directors of the Company at their Meeting held on 28th March, 2019 constituted the Risk Management Committee of the Company with effect from 1st April, 2019. The details about the Risk Management Committee have been provided in the Corporate Governance section of the Annual Report.

Internal Financial Control Systems and their adequacy

Your Company has policies and procedures for ensuring the orderly and efficient conduct of its business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information. Additional details on Internal Financial Controls and their adequacy are provided in the Management Discussion and Analysis Report, forming part of this Annual Report.

Significant and material orders passed by the Regulators or Courts

Certain litigations pending with Regulators or Courts have been disclosed as Contingent Liabilities in note no. 35 of the notes to the financial statements for the year ended 31st March, 2019. There are no significant and material orders passed by the Regulators/Courts, which would impact the going concern status of the Company and its future operations.

Material changes and commitments affecting the financial position of the Company

There have been no material changes and commitments affecting the financial position of the Company, which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this Report.

Board Meetings

Eight Board Meetings were held during the financial year 2018-2019 on the following dates:

(1) 3rd May, 2018 (2) 4th May, 2018

(3) 31st July, 2018 (4) 10th August, 2018

(5) 3rd October, 2018 (6) 30th October, 2018

(7) 23rd January, 2019 (8) 28th March, 2019

Declaration of Independence

The Company has received declarations from all the Independent Non-Executive Directors of the Company confirming that they meet the criteria of independence as prescribed under Section 149(6) of the Companies Act, 2013 and the SEBI Listing Regulations as amended.

Personnel and Welfare

Your Directors place on record their sincere appreciation of the contribution made by the employees at all levels to the growth of the Company. Industrial Relations at all our manufacturing sites remained cordial.

Acknowledgments

The Board of Directors take this opportunity to thank BASF SE, Germany and all other stakeholders including customers, suppliers, bankers, business partners/associates, Central and State Governments, Regulatory Authorities and the society at large for their consistent support and co-operation to the Company. Your Directors thank the shareholders and investors for their confidence in the Company.

On behalf of the Board of Directors

For BASF India Limited

PRADIP P. SHAH NARAYAN KRISHNAMOHAN

Chairman Managing Director

(DIN: 00066242) (DIN: 08350849)

Mumbai

Dated : 30th April, 2019

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