MIRA INFORM REPORT
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Report Date : |
13.11.2006 |
IDENTIFICATION DETAILS
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Name : |
BILAG
INDUSTRIES PRIVATE LIMITED |
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Formerly Known As : |
MITSU
INDUSTRIES LIMITED |
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Registered Office : |
512/513, 5th Floor, MIDAS Sahar Plaza
Complex, Andheri – Kurla Road, J. B. Nagar, Andheri (East), Mumbai – 400 059,
Maharashtra |
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Country : |
India
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Financials (as on) : |
31.12.2004 |
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Date of Incorporation : |
08.08.1990 |
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Com. Reg. No.: |
11-133995
(New) 1417
(Old) |
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CIN No.: [Company Identification No.] |
U28999GJ1990PTC014147
/ U99999MH2001PTC133995 |
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TAN No.: [Tax Deduction & Collection Account No.] |
SRTB01014G |
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PAN No.: [Permanent Account No.] |
AABCB2100L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturing and Marketing of Pesticides and
Pesticide Intermediates. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
RATING
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STATUS |
PROPOSED CREDIT LINE |
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71-85 |
Aa |
Possesses adequate working capital. No caution
needed for credit transaction. It has above average (strong) capability for
payment of interest and principal sums |
Large |
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Maximum Credit Limit : |
USD 6000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having fine track. Financial position is good.
Payments are correct and as per commitments. Financial position is good.
Payments are correct and as per commitments. The company can be
considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
512/513, 5th Floor, MIDAS Sahar Plaza
Complex, Andheri – Kurla Road, J. B. Nagar, Andheri (East), Mumbai – 400 059,
Maharashtra, India |
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Tel. No.: |
91-22-28364313
/ 4 / 5 / 6 |
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Fax No.: |
91-22-28222222 |
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E-Mail : |
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Website : |
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Administrative Office : |
512
/ 513, Midas, Sahar Plaza Complex, J. B. Nagar, Next to Airport, Kohinoor
Hotel, Andheri East, Mumbai 400 069, Maharashtra, India |
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Tel. No.: |
91-22-28364313 - 16 |
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Fax No.: |
91-22-2822 2222 |
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Factory 1 : |
Plot
No. 306/3, II Phase, GIDC Estate, Vapi – 396 195, Gujarat, India |
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Tel. No.: |
91-260
–2400055 / 443 / 444 / 709 |
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Fax No.: |
91-260-2442774 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. Yunus G. Bilakhia |
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Designation : |
Chairman |
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Name : |
Mr. P. L. Dupont |
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Designation : |
Vice Chairman |
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Name : |
Mr. Kadankote Kannan Unni |
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Designation : |
Chairman and Managing Director |
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Address : |
145,
Nibbana Co Operative Housing Society, Pali Hill, Bandra [West], Mumbai –
400050 |
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Date of Birth/Age : |
15.07.1941 |
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Date of Appointment : |
03.11.1999 |
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Name : |
Mr. S. Ravisankar |
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Designation : |
Director |
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Address : |
C
– 2/401, Sankara Colony, P L Lokhande Marg, Govandi, Mumbai – 400043 |
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Date of Birth/Age : |
23.06.1956 |
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Date of Appointment : |
22.08.2003 |
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Name : |
Dr. Wolfgang Berhard Welter |
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Designation : |
Director |
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Address : |
AM
Wickerbach 25, D – 65719, Hofheim, Germany |
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Date of Birth/Age : |
28.01.1948 |
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Date of Appointment : |
03.11.1999 |
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Name : |
Mr. Remy Goetgheluck |
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Designation : |
Director |
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Name : |
Mr. Raj Kaul |
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Designation : |
Director |
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Name : |
Dr. D. P. Minocha |
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Designation : |
Whole time Director |
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Name : |
Mr. Prashant Desai |
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Designation : |
Director |
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Address : |
1,
Devki Park, behind Bhagyoday Society, Daman Road, Chala, Vapi – 396191,
Gujarat |
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Date of Birth/Age : |
26.11.1959 |
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Date of Appointment : |
25.07.2006 |
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Name : |
Mr. Anjum G. Bilakita |
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Designation : |
Alternate Director to Mr. Prashant Desai |
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Name : |
Mr. Geoff Halls |
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Designation : |
Alternate Director to Mr. Remy Goetgheluck |
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Address : |
Sendelbacher,
WWG 41- 65779, Germany |
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Date of Birth/Age : |
12.06.1952 |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr. Vinay Pandya |
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Designation : |
Alternative Director to Mr. Yunus Bilkhis |
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Name : |
Mr. S. M. Gupte |
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Designation : |
Whole
Time Director (resigned w.e.f. 30.06.2003) |
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Name : |
Mr.
Mochael Deall |
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Designation : |
Director
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Address : |
Bornheim,
No. 27 A, 51399, Burscheid, Germany |
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Date of Birth/Age : |
23.09.1953 |
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Date of Appointment : |
07.02.2005 |
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Name : |
Mr.
Pramodkumar Mangalsain Minocha |
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Designation : |
Director
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Address : |
108,
bhagyoday Society, Daman Road, Chala, Vapi – 396191, Valsad, Gujarat |
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Date of Birth/Age : |
20.10.1953 |
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Date of Appointment : |
23.09.2002 |
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Name : |
Mr.
Vinay Navnitbhai Pandya |
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Designation : |
Director
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Address : |
401
& 402, Royal Enclave, Gurukul Road, Chala Road, Vapi – 396191 |
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Date of Birth/Age : |
08.12.1965 |
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Date of Appointment : |
24.05.2005 |
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Name : |
Mr.
Pramod Gopaldas Gujarathi |
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Designation : |
Director
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Address : |
26,
Yash, Dharamsi Park, Opp. GIDC Guest House, GIDC Vapi – 396195 |
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Date of Birth/Age : |
25.06.1952 |
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Date of Appointment : |
22.03.2006 |
MAJOR SHAREHOLDERS
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Name
of Shareholders |
No. of Shares |
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Mr.
Anjumbhai G. Bilakhia |
800996 |
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Mr.
Yunusbhai G. Bilakhia |
811802 |
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Mr.
Rashida Y. Bilakhia |
848100 |
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Mr.
Hamida A. Bilakhia |
215800 |
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Mr.
Satish S. Khanna |
2510 |
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Mr.
Jakir G. Bilakhia |
2300710 |
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Mr.
Jiluben G. Bilakhia |
1 |
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Mr.
Amina Z. Bilakhia |
1 |
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Bauer
Crop Science SA |
27750000 |
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Bilakhia
Holdings Private Limited |
1874999 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Marketing of Pesticides and
Pesticide Intermediates. |
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Products : |
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PRODUCTION STATUS
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Product |
Unit
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Installed Capacity |
Actual Production
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Pesticides |
MT |
4524 |
3067 |
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Pesticides
Intermediates |
MT |
7425 |
5215 |
GENERAL INFORMATION
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No. of Employees : |
830 |
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Bankers : |
Ř
Bank of Baroda, III
Phase Branch, Vapi, Gujarat Ř
Bank of India, Sand
Chowk, Vapi Branch, Vapi - 396191, Gujarat Ř
Dena Bank , Selvasa
Road, Vapi – 396191, Gujarat Ř
Bank of Baroda,
International Banking Branch, F/73, Maker Towers, Cuffe Parade,
Mumbai – 400 005, Maharashtra Ř
Bank of India Ř
Punjab National Bank ,
GIDC, Vapi – 396195, Gujarat Ř Standard Chartered Bank90 M. G. Road, Mumbai – 400001 Ř
Deutsche Bank Ř
Nova Scotia Bank Ř ABN Amro Bank Ř Bank of America Ř HSBC Bank |
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Facilities : |
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Banking Relations : |
Satisfactory
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Auditors : |
Price
Waterhouse & Company Chartered
Accountants Mumbai,
India |
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Subsidiaries : |
v
Bayer Environmental
Science S A , France v
Bayer chemicals, AG v
Bayer Distribution
Services GmbH v
Bayer ABS Limited v
Bayer Specialty
Products Limited v
Bayer Corp Science
Limited v
Bayer Material Science
Private Limited |
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Holding Company : |
v
Bayer AG, Germany v
Bayer Corpscience AG,
Germany v
Bayer CorpScience,
S.A. France |
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Membership: |
v
Micro Inks Limited v
Mitsu Limited v
Micro Inks
Corporation, Inc v
Mitsu Overseas Private
Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000,000 |
Equity Share |
Rs.10/- |
Rs. 400.000 Millions |
|
8,500,000 |
Preference Share |
Rs. 100/- |
Rs. 850.000 Millions |
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Total |
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Rs. 1250.000 Millions |
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30428571 |
Equity Shares |
Rs. 10/- |
Rs. 304.285 Millions |
Notes:
(a)
In
accordance with Section 77 and 100 of the companies Act, 1956, of India,
6336429 Equity Shares of Rs. 10/- each fully paid up, were purchased from the
existing shareholders and reduced from the paid up capital.
(b)
Of
the above, 1927750 equity shares of Rs. 10 each, fully paid up are held by
Bayer CorpScience SA France (formerly known as Aventis CropScience S.A.,
France) the holding company. The ultimate holding company is Bayer AG, Germany.
(c)
Of
the above, 28152571equity shares of Rs. 10 each were allotted as fully paid up
bonus shares by capitalisation of Capita; Redemption Reserve and General
Reserve.
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
31.12.2004 (12
months) |
31.12.2003 (9
months) |
31.03.2003 (12
months) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
304.285 |
367.650 |
375.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1225.865 |
2731.122 |
2363.564 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
1530.150 |
3098.772 |
2738.564 |
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LOAN FUNDS |
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1] Secured Loans |
203.532 |
622.152 |
718.661 |
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2] Unsecured Loans |
600.819 |
1379.675 |
140.007 |
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TOTAL
BORROWING
|
804.351 |
2001.827 |
858.668 |
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DEFERRED TAX LIABILITIES |
187.763 |
167.757 |
201.531 |
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TOTAL
|
2522.264 |
5268.356 |
3798.763 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
1997.126 |
1494.495 |
1369.678 |
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Capital work-in-progress
|
232.582 |
645.324 |
265.148 |
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INVESTMENT
|
0.137 |
0.138 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
7.031 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES
|
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Inventories
|
1092.851 |
846.620 |
571.685 |
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Sundry Debtors
|
1000.539 |
1019.206 |
1269.154 |
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Cash & Bank Balances
|
79.371 |
93.183 |
88.383 |
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Other Current Assets
|
1.859 |
48.192 |
41.500 |
|
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Loans & Advances
|
1978.306 |
2742.310 |
1427.678 |
Total Current Assets
|
4152.926 |
4749.511 |
3398.400 |
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Less : CURRENT LIABILITIES & PROVISIONS
|
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|
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Current Liabilities
|
2405.326 |
1628.143 |
1234.463 |
|
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Provisions
|
1455.181 |
0.000 |
0.000 |
Total Current Liabilities
|
3860.507
|
1628.143
|
1234.463 |
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Net Current
Assets
|
292.419 |
3121.368 |
2163.937 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
|
2522.264 |
5268.356 |
3798.763 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.12.2004 (12
months) |
31.12.2003 (9
months) |
31.03.2003 (12
months) |
Sales Turnover [including other income]
|
5284.260 |
2895.611 |
4609.066 |
|
|
|
|
|
Profit/(Loss) Before Tax
|
1426.198 |
862.449 |
2028.712 |
Provision for Taxation
|
320.037 |
186.191 |
448.467 |
Profit/(Loss) After Tax
|
1106.161 |
676.258 |
1580.245 |
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Export Value
|
3899.870 |
2116.612 |
3130.270 |
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Import Value
|
1647.416 |
798.315 |
826.231 |
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|
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Total Expenditure
|
3858.062 |
2033.161 |
2580.354 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2004 (12
months) |
31.12.2003 (9
months) |
31.03.2003 (12
months) |
PAT / Total Income
|
(%)
|
20.93 |
23.35
|
34.28
|
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Net Profit Margin
(PBT/Sales) |
(%) |
26.99 |
29.78
|
44.02
|
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Return on Total Assets
(PBT/Total Assets} |
(%) |
23.19 |
12.50
|
42.55
|
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Return on Investment (ROI)
(PBT/Networth) |
|
0.93 |
0.28
|
0.74
|
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Debt Equity Ratio
(Total Liability/Networth) |
|
3.11 |
2.22
|
0.76
|
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Current Ratio
(Current Asset/Current
Liability) |
|
1.08 |
2.91
|
2.75
|
LOCAL AGENCY FURTHER INFORMATION
History:
The Company was incorporated on 8th
August, 1990 at Vapi in Gujarat under the name and style of Mitsu Industries
Limited having Company Registration Number 14147.
The company changed its name to “Bilag Industries
Limited” w.e.f. 27th December, 1999.
The company’s old registered office at Plot No.
306/3, II Phase, GIDC, Vapi – 396195, Gujarat was shifted to 512/513, 5th
Floor, MIDAS Sahar Plaza Complex, Andheri-Kurla Road, J. B. Nagar, Andheri
(East), Mumbai – 400 059 and a new company Company Registration Number
11-133995 dated 20th November, 2001 was obtained.
The Bilakhia Group, owns and manages Hindustan Inks
and Resins Limited, India’s largest and fully integrated printing ink facility,
with a presence in the USA market too.
In 1990, as a move to diversify, it set up Mitsu
Industries Limited. This venture, focused on the agrochemical business on a
small scale, in the area of intermediate chemicals.
Its manufacturing activities commenced in the year
1991 with Chloral.
The Bilakhias, foreseeing a tremendous opportunity
in this field, chose to move up the value chain through backward integration.
This move has resulted in the introduction of a
series of new products, with the value level going up appreciably.
In 1993, Trichloroacetyl Chloride was added.
In 1994, Mitsu carried out a forward integration
into the manufacture of Chlorpyriphos Technical, becoming the largest exporter
of Chlorpyriphos from India.
In 1995, it further added Cypermethrin Technical and
its intermediates Cypermetric Acid Chloride and Metaphenoxy Benzaldehyde.
In 1996, two new synthetic pyrethroids Alpha
Cypermethirn and permethrin were added.
Then in 1997, it added Metaphenoxy Benzyl Alcohol
and followed it up with the eventful launch of Deltamethrin. D-trans Allethrin
and Lambda Cyhalothrin, were then added to its product portfolio in 1998 and
1999 respectively.
In a conscious move, Mistu concentrated its energies
on exploring foreign markets.
The Company has with effect from May 17, 2001
changed its name from Bilag Industries Limited to Bilag Industries Private
Limited. Necessary approval from the
Registrar of Companies has been obtained.
Fixed assets
v Freehold land
v Leasehold land and Buildings
v Plant & machinery
v Laboratories Equipments
v Furniture and Fittings
v Office Equipments
v Computer Hardware and
Software
v Vehicles
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Name of the company |
Bilag Industries Private Limited |
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Presented By |
Bilag Industries Private Limited |
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1) Date and description of
instrument creating the change |
14.08.1995 CC Hypothecation of goods
an packing credit hypothecation |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 22.5 Millions including
sub limit of packing credit hypothecation of Rs. 7.5 millions |
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3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
Stock of raw materials,
semi finished goods, finished goods, stock, spares and spares, packing credit
material used for manufacturing |
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4) Gist of the terms and
conditions and extent and operation of the charge. |
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5) Name and Address and
description of the person entitled to the charge. |
Punjab
National Bank GIDC,
Vapi 396195 |
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6) Date and brief description of instrument
modifying the charge |
Dated 4.05.2006 no document
has been executed but letter form bank. |
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7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
No document is executed
however the PNB has given a letter for reduction of various credit limits as
per certified copy of the letter enclosed. The
existing charge of Rs. 269.00 millions on hypothecation of goods is reduced
by Rs. 254 millions thereby total is reduced to Rs. 15 millions and the cash
credit is being continued against the security of hypothecation of raw materials in process and finished
goods the details as below : The
other terms and conditions remains same.
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Name of the company |
Bilag Industries Private Limited |
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Presented By |
Bilag Industries Private Limited |
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1) Date and description of
instrument creating the change |
Date of Hypothecation
executed on the 13.12.2000 |
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2) Amount secured by the
charge/amount owing on the securities of charge |
Rs. 15 millions
|
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3) Short particular of the
property charged. If the property acquired is subject to charge, date of the
acquired of the property should be given |
Pari Passu First charge by
way of Hypothecation of company Goods i.e. charge on all
stock in trade raw materials goods in
process semi manufactured goods semi
finished and finished products articles equipments stores and spares of every
kind now or at any time hereafter lying anywhere or in transit or awaiting
transit by ship rail air or otherwise or in custody or control of any of the
company agent or distributors. All the present and future
book dents outstanding money receivable claims close in action contracts
engagement and security which are now
due and owing or which may any time hereinafter become due to owing to the company
. For the due repayment and
payment on demand of all monies including the principal sums interests
additional interest, interest in case of default commission costs charges
expenses and other monies whatsoever and howsoever due owing and payable by
the company to the bank in respect of or in anywise concerning or relating to
the banking facilities and
accommodation granted to be granted by the bank to the company as
aforesaid
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4) Gist of the terms and
conditions and extent and operation of the charge. |
ROI
Interest
to be charged above Prime Lending Rate of the company which is 15.5 % p.a. The
maximum limit for the above facilities are as indicated against each and
total combined outstanding at any point in time must nor exceed the combined
limit stated. |
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5) Name and Address and
description of the person entitled to the charge. |
Standard
Chartered Bank 90
M. G. Road, Mumbai
– 400001 |
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6) Date and brief description of instrument
modifying the charge |
Dated 23.05.2005 no
document has been executed but letter form bank. |
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|
7) Particulars of
modifications specifying the terms and conditions or the extent of operations
of the charge in which modification is made and the details of the
modification. |
No
document is executed however the PNB has given a letter for reduction of
various credit limits as per certified copy of the letter enclosed. The
original charge by way of hypothecation of Goods and Book debts created on
13.12.2000 for Rs. 1500 millions is further modified on 20.09.2003 the
earlier limit of Rs. 1500 millions comprising of Short term Working capital loan / Export Finance / Letter of
Credit / Non convertible debenture is now sustained with overdraft / Working
capital demand loan / inland bills discount / guarantee / letter of credit
for INR 1500 Mio. Is
further modified on 23.05.2005 for the Existing charge of Rs. 1500 millions
on Hypothecation of goods and book
dents is reduced by Rs. 500 Millions thereby total is reduced to Rs. 1000
millions comparison of working capital demand loan / export finance / letter of credit with overdraft /
working capital demand loan / inland bills discount / guarantee / letter of
credit for INR Discount / grantees letter of credit for INR 1000 mio. |
Performance Review
Sales
During the period under the review, the company has achieved a turnover of Rs. 5030 Millions as against Rs. 2728 Millions (9 month) recorded in the previous year.
Exports
During the period under review, the company’s export sales stood at Rs. 3938 Millions as against Rs. 2142 Millions during the previous year. The company exports stood at 78 % of the total sales.
Profitability
During the period under review the company has achieved operating profits i.e. PBDIT of Rs. 1846 Millions compared to Rs. 1121 Millions during the previous accounting periods. The net profits of the company for the accounting period under review to Rs. 1106 millions as against Rs. 676 millions in the previous year.
Capital Expenditure
During the period under review, total additions to
fixed assets amounted to Rs. 819 Millions and accordingly the Gross Fixed
Assets of the company stood at Rs. 3454 Millions and the Net Fixed Assets stood at Rs. 2230 millions
During the period under review, the company has
incurred a capital expenditure of Rs. 232 Millions for setting up projects for
the manufacture of Cyfluthrin, Beta – Cylfuthrin and for carrying out
modifications on the existing plants and utilities.
Export Advance from BCS SA
During the period under review, the company has
resorted to the method of availing Export Advance form BCS SA instead of
availing working capital facility from the Banks. This has resulted in a
substantial saving on the finance cost of the company.
Business Expansion
Consequent to the approval of the products
manufactured in the pilot plant by BCS SA R & D Team, the company has
completed the implementation of the projects for the manufacture of Cyfluthrin
and B-Cufluthrin. The project went into commercial production in the month of
February, 2005. the plant is presently running smoothly.
Corporate Restructuring
During the period under review, in accordance with
the approval of the Honorable High
Court of Mumbai dated 1st October, 2003, the company has
purchased 3750000 Equity Shares of Rs. 10/- each from Bilakhias on 25th
March 2004.
The High Court of Mumbai has passed an order
confirming the minutes of reduction of share capital on 17th
February, 2004 in respect of the purchase of 1st tranche of 2586429
shares from Bilakhias. The said reduction was confirmed by the Registrar of
companies on 8th April 2004.
The High Court of Mumbai has passed an order
confirming the minutes of reduction of share capital on 4th April,
2004 in respect of the purchase in 2nd tranche Registrar of companies
has registered the reduction of Share Capital on 20th July
2004.
Consequent to the above and approval in respect of 1st
tranche and 2nd tranche of purchase of shares, the share capital of
the company stands reduced to Rs. 304.28 millions comprising of 30428571 equity
shares of Rs. 10/- each.
Bayer Corp Science SA holds 27.57 millions equity
shares of Rs. 10/- each (91.20 %) and Bilakhias holds Rs. 2.678 millions equity
shares of Rs. 10/- each (8.80 %) in the company.
Business:
The company is engaged in the business as
manufacturing and marketing of Pesticides and Pesticide Intermediates.
The company is also engaged in to carry on business
as manufacturers, formulators, processors, producers, makers, buyers, sellers,
re-sellers, importers, exporters, distributors, suppliers, fermentators,
distillers, refiners, stockists, agents, merchants and dealers in Chemical,
Chemical Compounds (Organic & Inorganic) in all forms (Solid, Liquid and
Gaseous and of all kinds of Heavy Chemicals, Acids, Alkalies, Tanning Extracts,
Solvents, Dyestuffs, Dyes, Colours, Intermediates, Chemical Auxiliaries, Bio
Chemicals and its threaded preparations, articles and products of all kinds of
Pesticides, Insecticides, Dips, Vermicides, Germicides, etc.
The company is now a joint venture of Hoechst
Schering Agrico AG, German (51%) and Bilakhia Group (49%) for manufacture of
Synthetic Pyrethroids Chemicals and Intermediates. This Joint Venture is effective from 1st June, 1999.
The company backed by global size capacities, fine
tuned operations, high powered Research and Development, intensive quality
control parameters and a globally savvy marketing task force, Mitsu soon catapulted
to a position of strength.
A position it reinforced further, by introducing
more than one product a year, which vindicated its dominance over complex
chiral chemistry.
The company marketed by Aventis, as its central
pyrethroid sourcing point and has inherited a world class manufacturing and
Research & Development facility, with an emphasis on environment
protection.
Bilag is a merger of Aventis (Now Bayer
CropSciense S.A.), one of the top five MNC's in the global crop protection
industry and Mitsu Industries Ltd., the Rs. 2250 millions company of the
Bilakhia Group.
Focused totally on the Synthetic
Pyrethroids business this venture will combine Mitsu's manufacturing expertise
in Pyrethroids with the worldwide marketing and distribution of Aventis.
Additionally, it will give Bilag access to the latest technology, newer
products and the latest safety and ecological measures adopted by Aventis in
its operations.
Bilag, consequent to the merger has also
become the largest and most integrated manufacturer of synthetic pyrethroids in
the world.
Ably backed by the manufacturing capacities,
integrated plants setup, high-powered Research & Development centre,
quality mind set, precise logistic management, etc. the company went from
strength to strength in very competitive market. 80 % of the total revenue of
the company comes from export business.
The company has increased exports sales through
access of Aventis Crop Science global marketing network and also assured sales
to Aventis Crop Science SA and its associates worldwide.
It has gained access to latest technology and to
newer products through the Research and Development activities undertaken by
Aventis Crop Science, SA.
It has gained access to latest safety and ecological
measures adopted by Aventis.
In 1999, the joint venture was incorporated in India
with AgrEvo investing in a 51% stake in the Synthetic Pyrethroids manufacturing
business of Mitsu. The new entity was christened subject representing Bilakhias
and AgrEvo.
In the later years AgrEvo merged
globally with Rhone Poulenc of France to form Aventis CropScience. In 2001,
Aventis CropScience was acquired by the German chemical conglomerate Bayer AG
to create Bayer CropScience.
At present subject is a joint venture
company of Bayer Cropscience SA and Bilakhia
with 74% and 26% holding respectively.
Bilag's turnover (2003-04) is Rs.4000 millions (US $ 85 Million)
of which 80% is generated from exports to over 60 countries.
Subject became part of Bayer AG consequent to the
acquisition of crop protection business of ACS SA by Bayer AG. BCS SA (Formerly
known as ACS SA) have increased their equity stake to 74% in company and
accordingly the representation of BCS SA in the Board of Bilag has increased to
7 members out of the total strength of 9 members.
Subject has implemented project for the manufacture
of special chemical namely Acrinathrin. The manufacturing process of the
product is a complex one and with the help of the R and D Department at BCS SA,
subject is able to successfully implement the project.
With the manufacture of Acrinathrin and Deltamethrin
(through Bromolactone Route), subject sales and profit are expected to increase
substantially in the future.
The company’s product range includes: -
v Cypermethrin Technical
v Alphacypermethrin
v Permethrin
v Cypermethric Acid Chloride
v
Metaphenoxybenzeldehyde
v
Esbiothrin
Technical
v
Deltamethrin
Technical
Group Companies where common control exists are:
Ř Bayer Environmental Science
S. A., France
Ř Bayer India Limited
Ř Bayer ABS Limited
Ř Bayer Speciality Products
Limited
Ř Bayer Cropscience India
Limited
The company operates from its caption owned factory
& office which are equipped with most modern manufacturing facilities.
Website Details Attached:
About
us:
The beginning:
It
all started as Mitsu in 1992… and later by creating global size capacities,
using high level R & D leading to regular introduction of new products,
adapting strict international quality control norms, employing highly
sophisticated manufacturing processes and with continuous backward integration
to curtail manufacturing costs, Mitsu catapulted to a position of strength in
the global agrochemicals market.
Believing in the philosophy of "collaborate
rather than compete", AgrEvo, an agrochemical company of the German
chemical giant Hoechst Ag and Schering, and Bilakhias decided to form a joint
venture.
In 1999, the joint
venture was incorporated in India with AgrEvo investing in a 51% stake in the
Synthetic Pyrethroids manufacturing business of Mitsu. The new entity was
christened BILAG
representing Bilakhias and AgrEvo.
In the later years
AgrEvo merged globally with Rhone Poulenc of France to form Aventis
CropScience. In 2001, Aventis CropScience was acquired by the German chemical
conglomerate Bayer AG to create Bayer CropScience.
At present BILAG
is a joint venture company of Bayer
Cropscience SA and Bilakhia
with 74% and 26% holding respectively.
Bilag Today
Bilag
Industries Private Limited is a highly successful joint venture company of Bayer CropScience AG, a chemical conglomerate
from Germany and Bilakhia Group,
a first generation Indian entrepreneur.
The
shareholding of Bilag is 74%
Bayer and 26% Bilakhia
Group. Bilag is an agrochemical manufacturing company engaged in the production
of Synthetic Pyrethroids active ingredients and their intermediates for use in
a wide array of agriculture and environmental science products. Bilag does not
manufacture nor market formulations.
Bilag is the single largest manufacturing unit in the world with fully backward
integrated facilities for manufacturing all the products of its range.
With
mastery over difficult chemistry, global size manufacturing capacities,
adoption of international quality control standards, low production costs and
highly successful R & D, Bilag's business focus is on world markets. Bilag
is India's largest exporter of agrochemicals for the past three years.
Bilag's turnover (2003-04) is Rs.400
Crores (US $ 85 Million) of which 80% is generated from exports
to over 60 countries.
High powered R
& D, ability to manufacture custom made grades of various products, large
logistics capabilities, state-of-the-art SAP software implementation and
convenient transportation links to any part of the world make Bilag a logical
choice for procurement of their requirements for many multinational
agrochemicals corporates in India and abroad.
Bilag is today
considered by Bayer CropScience as its exclusive Pyrethroids manufacturing
site.
Bilag Salient Features
A joint venture of Bayer
CropScience and Bilakhia
Manufacturer of active
ingredients and intermediates for agriculture and environmental science
World's largest production
site for Synthetic Pyrethroids
India 's largest exporter of
agrochemicals
80% of turnover from exports
Sourcing point for Bayer
CropScience and many other global agrochemical corporates
Bilag Philosophy
Vision
To
emerge as a center of excellence for process development of complex chemistry
& leading manufacturer of agrochemicals and its intermediates and to
enhance the status as a leading core manufacturing facility of Bayer
CropScience .
Mission
Develop & Deploy competitive technologies for manufacturing agrochemicals
and its intermediates
·
meeting international quality standards
·
using complex chemistry through economical and eco-friendly processes
·
with emphasis on occupational safety, health, and environment
·
through employee participation for the benefit of the masses
·
ensuring responsibility as a corporate citizen.
Bilag's
mission is to develop better technologies for chemicals for agriculture and
environmental health, of international quality standards through most
economical and eco-friendly processes.
To
achieve this objective we at Bilag continuously strive to emerge as a center of
excellence for manufacturing and process development of chemicals.
Customer
Delight, World-size Capacities, Premium Quality, International Focus and
Dependable Logistics are among the key words which aptly describe Bilag's
business philosophy.
Excellence in whatever we do is a
way of life at Bilag. Striving to scale higher benchmarks of excellence is an
inborn habit. No wonder that, Bilag's journey right from its inception as Mitsu
to today's position of leadership is studded with laurels from industry as well
as the Government.
Site:
Bilag's production site
is located at Vapi, in the state of Gujarat in Western India. Conveniently
located at a distance of 180 kms from
Mumbai, the commercial capital of India, it is very well linked by road to
locations for international transportation by rail, sea and air. The production plants are situated on a 25 Hectare
plot of land with custom-built constructions, housing sophisticated
manufacturing machinery for each product.
The
production site is served via an excellent infrastructure of utilities and
energies. Bilag has its own power generation plant of 6.4 MW capacities for
captive consumption. Another plant is under construction. It also has its own R
& D Center equipped with highly sophisticated equipments and apparatus.
An effluent treatment plant, two
solid and liquid waste incinerators and safety arrangements such as medical aid
center, fire tenders etc. are well provided for.
Products:
Bilag is committed to
providing the farmers across the earth, world-class agrochemical solutions.
The chemistry of creation
Bilag's products
which are basic chemicals for agriculture and environmental health science, are
classified into 2 categories viz. Active Ingredients and Intermediates.
Active Ingredients
Deltamethrin
Cypermethrin
Alphamethrin
Permethrin
Allethrins
Acrinathrin
Bayothrin
Imidacloprid
Cyfluthrin
Beta Cyfluthrin
PYRETHROID INTERMEDIATES
METAPHENOXY
BENZALDEHYDE
CYPERMETHRIC ACID CHLORIDE
HIGH- CIS-CYPERMETHRIC ACID CHLORIDE
METAPHENOXY BENZYL ALCOHOL
ALLETHROLONE (DL)
D+DL ALLETHROLONE
L ALLETHROLONE
BECISTHEMIC ACID
d-TRANS CHRYSANTHEMIC ACID
Research and Development:
Indigenous
development of eco-friendly, innovative and internationally compliant quality
agrochemicals has been an early reality at Bilag.
Always
a step ahead
Bilag is, focusing on supporting and nurturing a high-powered
Research and Development facility. This facility is what Bilag has inherited
today. And since the manufacture of Synthetic Pyrethroids is multi step, highly
complex and well protected through various process patents, every facet of the
R & D center is compulsorily world class. Consequently, the indigenous
development of eco-friendly, innovative and internationally compliant quality
agrochemicals has been a reality at Bilag.
Complementing
all this is perhaps the finest brain bank in the business. Bilag has therefore,
been able to create competitive technologies for pesticide manufacturing
It
has also achieved capabilities of commissioning manufacturing facilities, right
from design to switch-on, through in-house know-how. Importantly, it has also
successfully filed process patents for some products.
The R&D lab also has a Biotech wing where
biotechnology related research and development projects like Biocatalysts,
Biotransformation and Biodegradation are undertaken.
Key
Instruments in the R&D Lab
G.C.M.S
F.T.I.R
N.M.R(C13NMR,
P-NMR, F-NMR and S-NMR)
Preparative
H.P.L.C
During 1999, Bilag received
"Department of Scientific and Industrial Research" award instituted
by Ministry of Science and Technology, Government of India, in recognition of
its excellent Research & Development efforts in Chemical and Allied areas.
Ř Significant Contributions of Research and
Development
Ř Availability of advanced
and latest Synthetic Pyrethroid based insecticides at lower prices.
Ř Self-Reliance
Ř First Indian Company to
bring latest generation optically active Synthetic Pyrethroids in the
country.
Ř Enhancement of
technological capacities.
Ř Grant of process patent
in India.
Bilag also has a pilot plant
where the laboratory experiments are tested before they are implemented in the
plants.
The pilot plant is well equipped having versatile MOC ( MSGL, SS, MSLB and
Glass), working at a temperature range of 20-250 o C, pressure range of 2 mm-
10 kg/cm2, and having the assemblies size of 20 lit. to 2000 lit.
VERSATILE OPERATIONS OF PILOT PLANT
Distillation (Azotropic and
steam distill)
Fractionation
General Chemical Reactions
Crystallization
Filtration
Drying
Fixed Bed Catalytic
Reactions
Pressure reaction
Bilag's policy of allowing people
complete freedom of operation has inculcated a deep sense of ownership and
responsibility in its work force.
The resource with a difference in its quest for excellence, Bilag has always laid
emphasis on the quality of its human resource. This mental make-up has
translated into accumulation of a wealth of intellectual capital . Consequently
today, Bilag is a professional powerhouse, with in-depth expertise in every
area of function like idea generation, formulation, production and marketing.
Bilag has a work
force of 803 permanent employees comprising 704 technical and 99 non-technical
which means that more than 88% are technically skilled. Additionally, trainees
and casual labour is employed on the basis of needs. The company operates six
days a week.
Bilag Employees
- March '04
v Technical 704
v Non-Technical 99
v Total 803
Quality:
More than 80% of sales turnover
from exports to more than 60 countries emphatically
demonstrates Bilag's consistent achievement of the most stringent
international quality
standards.
A no-compromise factor
Quality
Assurance is an essential part of any business activity at Bilag. At every
stage of production or delivery, Bilag makes regular quality checks of each
product in order to ensure that its customer receives only high quality
products.
Bilag has set for itself the most stringent quality
specifications; it has its own Quality Assurance department with testing
facilities that include classical analytical instruments like UV/ Vis
spectrophotometer, Autotitrators, Digital melting point apparatus etc. and
modern analytical instruments like High Performance Liquid Chromatographs, Gas
Liquid Chromatographs, GC MS, FTIR and NMR.
Apart from the purity specifications of the product, we
match the impurity profile and lay emphasis on the aesthetics of the product.
Packing plays an important role, as it is an essential part of the product. We
therefore take special care about our product packing.
It is this emphasis on quality that sets Bilag apart and
ensures that it stays ahead of competitors.
Key Raw materials:
Bilag maintains cost
competitiveness of the finished products by procuring raw and packing materials
at the lowest possible prices yet not compromising on quality. Some of the key
raw materials procured at Bilag are mentioned below:
Key Raw Materials at Bilag :
S.No. Name of the Material
1 Liquid
Bromine
2 Propionitrile
3 Phenol
4 Thionyl
Chloride
5 Glycine
6 Tentbutyl
Bromoacetate
7 Benzaldehyde
8 D.V. Ester
9 Ethylenediamine
10 2,5
Dimethyl 2,4 Hexadine
Contact :
|
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 44.75 |
|
UK Pound |
1 |
Rs. 85.14 |
|
Euro |
1 |
Rs. 57.55 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
72 |
This score serves as a reference
to assess SC’s credit risk and to set the amount of credit to be extended. It
is calculated from a composite of weighted scores obtained from each of the
major sections of this report. The assessed factors and their relative weights
(as indicated through %) are as follows:
Financial condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound
financial base with the strongest capability for timely payment of interest
and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital.
No caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered
normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent.
Repayment of interest and principal sums in default or expected to be in
default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not
recommended |