MIRA
INFORM REPORT
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Report Date : |
16.05.2007 |
IDENTIFICATION DETAILS
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Name : |
BAYER PHARMACEUTICALS PRIVATE LIMITED |
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Formerly known as: |
Bayer Lydus Healthcare Private Limited |
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Registered Office : |
Bayer House, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.07.1998 |
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Com. Reg. No.: |
116021 |
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CIN No.: [Company
Identification No.] |
U0519MH1998PTC116021 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB08712E |
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PAN No.: [Permanent
Account No.] |
AABCB3852F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Pharmaceuticals. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 842788 |
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Status : |
Satisfactory |
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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 satisfactory
track. Directors are reported as experienced and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are
usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Bayer House, |
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Tel. No.: |
91-22-25711234 |
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Fax No.: |
91-22-25700147/25455080 |
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Website : |
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Thane Address: |
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DIRECTORS
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Name : |
Mr.Stephan Friedhelm Gerlich |
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Designation : |
Chairman |
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Address : |
Vinrita, Flat No. 13 and 14, Plot No. 98 of TPS 4, |
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Date of Birth/Age : |
11.09.1958 |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. Praveen Surendra Singh |
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Designation : |
Director |
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Address : |
401, Ram Krishna, 26, Alkapuri, |
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Date of Birth/Age : |
14.08.1955 |
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Date of Appointment : |
19.12.2002 |
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Name : |
Mr. Biren Dave |
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Designation : |
Director |
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Address : |
C – 15, Shrinath Apartmennts, |
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Date of Birth/Age : |
01.07.1970 |
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Date of Appointment : |
10.01.2007 |
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Name : |
Mr. Fidahusein Merchant |
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Designation : |
Director |
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Address : |
3, Louella, Plot No. 443, TPS 3, 14th Road, Bandra Khar,
Mumbai – 400050, Maharashtra |
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Date of Birth/Age : |
03.04.1958 |
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Date of Appointment : |
10.01.2007 |
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Name : |
Mr. D. Kameck |
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Designation : |
Director |
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Name : |
Mr. A F Hennecken |
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Designation : |
Director |
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Name : |
Mr. Andreas Krebs |
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Designation : |
Director |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Bayer Materialscience Private Limited |
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90,00,000 |
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Bayer Materialscience Private Limited Jointly with Shirin V. Balsara |
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1 |
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Bayer Materialscience Private Limited Jointly with Pradnesh Kamat |
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1 |
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Bayer Materialscience Private Limited Jointly |
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1,00,00,000 |
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category |
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Percentage of
Holding |
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Foreign holdings (Foreing institutional investor(s), Foreign companies
(s) Foreign financial institution(s), Non-resident Indian(s) or overseas
corporate bodies |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pharmaceuticals |
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Class of Goods |
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Unit |
Actual
Production |
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Health Care Formulation |
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Tablets / capsules |
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1000 NOS. |
200,771 |
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Injectables / orals / ointments |
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1000 NOS. |
6658 |
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GENERAL INFORMATION
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Bankers : |
HDFC Bank Limited, Transactional Banking Group, Kamal Mill Compound,
Senapati Bapat Marg, Lower Parel, Mumbai - 400013 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Natraj Ramakrishna Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji park, Dadar, Mumbai – 400028, |
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Associates: |
Bayer AG, |
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Subsidiaries : |
♦ Bayer Diagyestic India Limited ♦ Bayer Cropscience Limited ♦ Bayer Singapore Limited ♦ Bayer Healthcare AG/ Leveruseng ♦
Bayer Healthcare LLC / ♦
Bayer South Asia Private Limited / Bayer ABS Limited |
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Holding Company: |
Bayer Materialscience Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10240000 |
Equity Shares |
Rs.10/- each |
Rs.102.400 millions |
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12000000 |
Preference Shares |
Rs. 10/- each |
Rs. 120.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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9000002 |
Equity Shares |
Rs.10/- each |
Rs.
90.00millions |
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10000000 |
Preference Shares |
Rs.10/- each |
Rs. 100.000
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
190.000 |
190.000 |
190.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.697 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
(18.801) |
(82.181) |
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NETWORTH |
210.697 |
171.199 |
107.819 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
12.528 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
25.000 |
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TOTAL BORROWING |
0.000 |
12.528 |
25.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
210.697 |
183.727 |
132.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.883 |
4.633 |
1.076 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
89.990 |
10.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
5.893 |
5.646 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
91.281
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68.534 |
58.755 |
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Sundry Debtors |
32.326
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66.099 |
93.625 |
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Cash & Bank Balances |
8.964
|
1.194 |
14.289 |
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Other Current Assets |
4.371
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0.000 |
0.000 |
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Loans & Advances |
119.193
|
146.281 |
125.615 |
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Total
Current Assets |
256.135
|
282.108 |
292.284 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
120.960
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103.694 |
166.477 |
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Provisions |
18.351
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15.213 |
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Total
Current Liabilities |
139.311
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118.907 |
166.477 |
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Net Current Assets |
116.824
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163.201 |
131.453 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.290 |
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TOTAL |
210.697 |
183.727 |
132.819 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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Sales Turnover |
474.984 |
496.976 |
480.816 |
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Other Income |
29.95 |
29.512 |
0.000 |
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Total Income |
504.934 |
524.488 |
480.816 |
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Profit/(Loss) Before Tax |
69.675 |
71.234 |
53.469 |
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Provision for Taxation |
30.177 |
7.854 |
2.968 |
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Profit/(Loss) After Tax |
39.498 |
63.380 |
50.501 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
1.480 |
2.710 |
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Commission Earnings |
NA |
4.744 |
1.474 |
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Total Earnings |
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6.224 |
4.184 |
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Imports : |
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Raw Materials |
NA |
52.289 |
43.514 |
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Total Imports |
NA |
52.289 |
43.514 |
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Expenditures : |
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Raw Material Consumed |
109.856 |
106.728 |
NA |
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Purchases made for re-sale |
37.013 |
42.450 |
NA |
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Salaries, Wages, Bonus, etc. |
55.425 |
59.004 |
NA |
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Payment to Auditors |
0.689 |
0.600 |
NA |
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Interest |
1.203 |
1.836 |
6.228 |
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Insurance Expenses |
0.491 |
0.066 |
NA |
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Power & Fuel |
0.098 |
0.032 |
NA |
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Depreciation & Amortization |
NA |
NA |
0.292 |
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Other Expenditure |
230.484 |
242.538 |
NA |
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Total Expenditure |
230.484 |
473.022 |
6.520 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
7.82
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12.08 |
10.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.66
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14.33 |
11.12 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.79
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24.84 |
18.22 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33
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0.41 |
0.49 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.66
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0.69 |
1.54 |
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Current Ratio (Current Asset/Current Liability) |
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1.83
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2.37 |
1.75 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
BAYER
PHARMACEUTICALS LIMITED |
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Presented By |
HDFC Bank Limited
and Bayer Pharmaceuticals Limited |
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1) Date and description of instrument creating the change |
29th
December, 2000 Letter of
Hypothecation of stock and Book Debts |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.30.000
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 |
(a) All the stock
in trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever being
movable properties now or at any time hereafter belonging to the borrower or
at their disposal at any time and from time to time hereafter stored or to
brought into or upon or in course of transit to the borrower’s factory or
premises or at any other place whatsoever and wheresoever in borrower’s
possession or occupation or at any other premises or place. (b) All the book
debts outstanding monies receivable claims and bills which are now due and
owing or which may at any time hereafter during the continuance of this security
be comes due and owing to the borrower in the course of its business by any
person, firm, company or body corporate or by the government body or office
or any Municipal or Local or Public or Semi Government Body or authority or
body corporate or undertaking or project whatever in the public sector. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
(1) the goods and
debts stated above shall be the continuing security for the due repayment by
the borrower to the bank at any time on demand 2) the company
shall at all tomes during the continuance of this security maintain the said
hypothecation assets of a sufficient quantity and value (as estimated by
bank) and maintain the said debts of a sufficient amount (as estimated by the
bank) so as to provide the margin of security as may form time to time be
advised by the bank to the borrower |
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5) Name and Address and description of the person entitled to the charge. |
HDFC Bank
Limited, Transactional Banking Group, Kamal Mill Compound, Sanapati Bapat
Marg, Lower Parel, Mumbai – 400013 |
Director Report
During the period under review your company has earned a income of Rs. 526.000 millions (P.Y.Rs.481 millions) which included Rs. 1.400 millions (P.Y. Rs.2.700 millions) by way of exports. After meeting the operation expenses the company profit become tax was Rs. 71.000 millions as compared to a loss of Rs. 53.000 millons in two year 2004
Fixed Assets:
♦ Computers
♦ Office capital
♦ Furniture and Fixtures
♦ vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.90 |
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|
1 |
Rs.80.78 |
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Euro |
1 |
Rs.55.18 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
48 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|