MIRA
INFORM REPORT
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Report Date : |
28.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AGRI CARE – UNIT OF BAYER CROPSCIENCES LIMITED |
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Registered Office : |
Bayer House, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
09.09.1958 |
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Com. Reg. No.: |
11173 |
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CIN No.: [Company
Identification No.] |
L24210MH1958PLC011173 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB00146G |
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PAN No.: [Permanent
Account No.] |
AAACB9651K |
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Legal Form : |
It is a public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacture and sale of Agro Chemicals products like Methyl
Parathion, Oxydemetonmethyl, Fenthion etc. |
RATING
& COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
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 13257224 |
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Status : |
Excellent
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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 in its’
field. Available information indicates
high financial responsibility of the company.
Directors are reported as experienced, respectable and resourceful
industrialists. General financial position of the company is good. Business is active. Payments are always correct and as per
commitments. The company can be considered good for normal any 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
/ 25711391 |
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Fax No.: |
91-22-25700147 |
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E-Mail : |
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Website : |
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Unit Office: |
228,
GIDC Estate, Panoli, Ankleshwar 394 116, |
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Factory
1 : |
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Tel.
No.: |
91-22-2531 1234 |
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Fax
No.: |
91-22-2575 5083 |
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Factory
2 : |
Plot Nos. 6009 - 10 & 6301 - 10A, GIDC
Industrial Estate, Ankleshwar 393 002, |
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Factory 3 : |
Plot Nos. 66/1 to 75/2, GIDC, Estate, Himatnagar-383 001, |
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Branches
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Hoechst House, 193, Backbay Reclamation, Nariman
Point, Mumbai – 400021, |
DIRECTORS
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Name
: |
Dr. Vijay Mallya |
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Designation
: |
Chairman and Independent Director |
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Name
: |
Mr. Stephan Gerlich |
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Designation
: |
Vice Chairman & Managing Director Promoter Director Member - Shareholders'
Grievance Committee |
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Name
: |
Mr. Sharad M Kulkarni |
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Designation
: |
Independent Director Chairman - Audit Committee Chairman - Shareholders' Grievance Committee |
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Name
: |
Mr. Yezdi Malegam |
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Designation
: |
Independent Director Member - Audit Committee |
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Name
: |
Jens Hartmann |
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Designation
: |
Country Head BCS & Head Indian
Sub-Continent |
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Name
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Mr. A K Ravi Nedungadi |
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Designation
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Independent Director Member - Audit Committee |
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Name
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Mr. Johannes M Dietsch |
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Designation
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Non-Executive Promoter Director |
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Name
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Mr. Raj Kaul |
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Designation
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Non-Executive Promoter Director |
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Name
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Ms. Christiane Kunze |
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Designation
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Wholetime Director Promoter Director Member - Shareholders' Grievance Committee |
KEY
EXECUTIVES
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Name
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Mr. Anil Jain |
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Designation
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Marketing & Co-operations |
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Name
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Dr. Asif Tanweer |
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Designation
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Development |
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Name
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Mr. Kishor Nahar |
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Designation
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Registration & Regulatory Affairs |
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Name
: |
Mr. K R Sekhar |
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Designation
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Procurement, Logistics & Distribution |
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Name
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Mr. Aloke Pradhan |
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Designation
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Corporate Communications |
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Name
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Mr. Fidahusein Merchant |
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Designation
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Controlling |
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Name
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Mr. Shiv Kumar |
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Designation
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Industrial Relations & Corporate Services |
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Name
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Mr. Atul Samalia |
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Designation
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Information Technology |
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Name
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Mr. Devesh Shah |
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Designation
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Treasury |
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Name
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Mr. Pravin Trama |
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Designation
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Zonal Accounts |
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Name
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Mr. Dinesh Bapat |
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Designation
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Environmental Science |
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Name
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Mr. Girish Kshirsagar |
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Designation
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Supply Chain & Industrial Operations |
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Name
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Mr. M Rama Rao |
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Designation
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Sales All |
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Name
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Mr. Satish Patil |
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Designation
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Strategic Planning & Business Development |
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Name
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Mr. Ganesh Kamath |
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Designation
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Internal Audit |
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Name
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Mr. K S Harish |
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Designation
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Human Resources |
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Name
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Mr. Biren Dave |
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Designation
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Corporate Accounts |
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Name
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Mr. C Manorama |
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Designation
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Financial Services |
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Name
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Mr. Sant Kumar Verma |
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Designation
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Taxation |
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Name
: |
Mr. Shirin V. Balsara |
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Designation
: |
Company Secretary, General Counsel & Compliance Officer |
MAJOR
SHAREHOLDERS
As on 30th June 2007
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Shareholding of Promoter and Promoter
Group |
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Indian |
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Bodies Corporate |
654850 |
1.66
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Foreign |
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Bodies Corporate |
27431812 |
69.45 |
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Public Shareholding |
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Institutions |
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Mutual Funds / UTI |
530496 |
1.34 |
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Financial Institutions / Banks |
13076 |
0.03 |
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Insurance Companies |
2434109 |
6.16 |
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Foreign Institutional Investors |
606872 |
1.54 |
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Any Other (Foreign Company) |
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Non-Institutions |
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Bodies Corporate |
2370863 |
6.00 |
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Individuals - |
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Individual shareholders
holding nominal share capital upto
Rs. 0.1 Millions |
4078431 |
10.33 |
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Individual shareholders holding nominal
share capital in excess of Rs. 0.1 Millions |
1377486 |
3.49 |
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Any Other (Director ) |
53 |
0.00 |
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Any Other (Trusts) |
366 |
0.00 |
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Any Other (Foreign Companies ) |
333 |
0.00 |
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Total
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39498747 |
100.00 |
BUSINESS
DETAILS
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Line of Business : |
Manufacture and sale of Agro Chemicals products like Methyl
Parathion, Oxydemetonmethyl, Fenthion etc. |
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Products : |
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PRODUCTION
STATUS
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Products |
Units
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Installed
Capacity |
Actual
Production |
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Active Ingredient Production |
Tons |
6345 |
2741 |
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Formulations |
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Powders |
Tons |
3650 |
9881 |
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Liquids |
KL |
10625 |
7506 |
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Wetable dispersable granules |
Tons |
300 |
45 |
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Tablets |
Million Nos |
6200 |
89 |
GENERAL INFORMATION
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No. of Employees : |
1831 |
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Bankers : |
Ř Bank of Ř BNP Paribas Ř Central Bank of Ř Citibank N.A. Ř Deutsche Bank Ř HDFC Bank Limited Ř Societe Generale Ř State Bank of Ř
Union Bank of |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
Price Waterhouse Chartered
Accountants |
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Parent Company : |
Bayer CropScience AG Alfred-Nobel-Str. 50, D-40789, Monheim am Tel. No. +49 (0) 21 73 –38 30 34 |
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Associates : |
v Bayer
Industries Private Limited Tel.
No. 91-22-2531 1234 v Bayer
TPU Private Limited 749, Anna Salai, Tel. No. 91-44-28418175 / 76 / 78 Fax No. 91-44-28418177 v Bayer
Speciality Products Private Limited 749, Anna Salai, Tel. No. 91-44-28419716 / 28417400
/ 08 / 28420165 / 66 Fax No. 91-44-28419974 v Bayer
ABS Limited Tel No. 91-265-2355861 / 62 / 63 /
2355871 / 72 / 73 Fax No. 91-265-2355950 / 2356020 v Bayer
Diagnostics India Limited 589, Sayaji Pura, Tel No. 91-265-2562720 / 2571593 /
2565102 Fax No. 91-265-2565103 v Bayer
Pharmaceuticals Private Limited Tel. No. 91-22-25311200 Fax No. 91-22-25455080 v Bayer
Polychem ( v Proagro
Seed Company Private Limited v
Bilag Industries Private Limited |
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Subsidiaries : |
v Farbenfabriken
Bayer and Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No.
of Shares |
Type |
Value |
Amount |
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46,300,000 |
Equity Shares |
Rs. 10/- each |
Rs. 463.000 millions |
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Issued,
Subscribed & Paid-up Capital :
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No.
of Shares |
Type |
Value |
Amount |
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39,498,747 |
Equity Shares |
Rs. 10/- each |
Rs. 394.987 millions |
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FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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SHAREHOLDERS
FUNDS |
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1]
Share Capital |
394.987 |
394.987 |
394.987 |
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2]
Share Application Money |
0.000 |
0.000 |
0.000 |
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3]
Reserves & Surplus |
2919.319 |
2461.649 |
2189.265 |
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4]
(Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3314.306 |
2856.636 |
2584.252 |
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LOAN
FUNDS |
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1]
Secured Loans |
203.459 |
195.798 |
173.789 |
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2]
Unsecured Loans |
877.960 |
964.760 |
602.300 |
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TOTAL BORROWING |
1081.419 |
1160.558 |
776.089 |
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DEFERRED
TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4395.725 |
4017.194 |
3360.341 |
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APPLICATION
OF FUNDS |
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FIXED
ASSETS [Net Block] |
1516.792 |
1553.706 |
1350.105 |
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Capital
work-in-progress |
37.519 |
79.546 |
87.971 |
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INVESTMENT |
40.043 |
40.043 |
120.131 |
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DEFERREX
TAX ASSETS |
25.698 |
15.041 |
65.270 |
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CURRENT
ASSETS, LOANS & ADVANCES |
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Inventories |
1887.201
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1760.648 |
1339.316 |
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Sundry
Debtors |
2144.059
|
1704.214 |
1507.199 |
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Cash
& Bank Balances |
265.892
|
309.711 |
525.918 |
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Other
Current Assets |
39.499
|
34.550 |
5.940 |
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Loans
& Advances |
478.082
|
579.735 |
601.620 |
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Total Current
Assets |
4814.733
|
4388.858 |
3979.993 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current
Liabilities |
1804.930
|
1817.947 |
1870.841 |
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Provisions |
234.130
|
242.053 |
372.288 |
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Total Current
Liabilities |
2039.060
|
2060.000 |
2243.129 |
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Net Current Assets |
2775.673
|
2328.858 |
1736.864 |
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MISCELLANEOUS
EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
4395.725 |
4017.194 |
3360.341 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
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Sales Turnover |
7757.408 |
7079.356 |
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Other Income |
327.271 |
269.400 |
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Total
Income |
8084.679 |
7348.756 |
6957.757 |
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Profit/(Loss) Before Tax |
894.723 |
815.966 |
231.000 |
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Provision for Taxation |
326.145 |
444.497 |
29.431 |
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Profit/(Loss) After Tax |
568.578 |
371.469 |
263.604 |
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Earnings
in Foreign Currency : |
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Indenting commission and others |
4.805 |
5.321 |
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Recoveries from group companies |
110.597 |
16.828 |
688.173 |
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Income from divestment of ODM business |
79.500 |
0.000 |
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Total
Earnings |
194.902 |
22.149 |
688.173 |
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Imports
: |
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Raw Materials |
1792.394 |
1364.190 |
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Stores & Spares |
7.977 |
10.266 |
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Capital Goods |
48.335 |
64.094 |
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Traded goods |
5.103 |
3.064 |
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Total
Imports |
1853.809 |
1441.614 |
1813.386 |
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Expenditures : |
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Cost of Goods Sold |
1415.306 |
510.242 |
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Employee Cost |
673.836 |
574.307 |
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Financial Charges |
85.335 |
74.352 |
6444.491 |
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Raw Material Consumed |
3111.927 |
3186.045 |
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Depreciation & Amortization |
218.637 |
225.743 |
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Other Expenditure |
1638.426 |
1898.413 |
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Total
Expenditure |
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|
6444.491 |
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QUARTERLY
RESULTS
|
PARTICULARS |
|
31.03.2007 |
30.06.2007 |
|
Type |
|
1st Quarter |
2nd Quarter |
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Sales Turnover |
|
1387.500 |
3244.500 |
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Other Income |
|
32.800 |
267.900 |
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Total Income |
|
1420.300 |
3512.400 |
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Total Expenditure |
|
1389.000 |
3113.500 |
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Operating Profit |
|
31.300 |
398.900 |
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Interest |
|
11.400 |
7.000 |
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Gross Profit |
|
19.900 |
391.900 |
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Depreciation |
|
51.400 |
50.900 |
|
Tax |
|
(5.300) |
82.300 |
|
Reported PAT |
|
(26.200) |
258.700 |
KEY
RATIOS
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
Debt-Equity Ratio |
0.36 |
0.36 |
0.61 |
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Long Term Debt-Equity Ratio |
0.19 |
0.22 |
0.27 |
|
Current Ratio |
1.39 |
1.36 |
1.37 |
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TURNOVER RATIOS |
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Fixed Assets |
2.42 |
2.48 |
2.60 |
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Inventory |
4.43 |
4.92 |
5.91 |
|
Debtors |
4.20 |
4.76 |
4.21 |
|
Interest Cover Ratio |
10.30 |
11.04 |
5.70 |
|
Operating Profit Margin(%) |
13.58 |
13.69 |
11.86 |
|
Profit Before Interest And Tax Margin(%) |
10.87 |
10.74 |
8.41 |
|
Cash Profit Margin(%) |
8.96 |
7.81 |
6.93 |
|
Adjusted Net Profit Margin(%) |
6.25 |
4.86 |
3.49 |
|
Return On Capital Employed(%) |
20.88 |
22.26 |
15.80 |
|
Return On Net Worth(%) |
16.37 |
13.66 |
10.54 |
LOCAL AGENCY FURTHER INFORMATION
The company’s fixed assets of important value include land
(freehold and leasehold), roads, buildings, plant & machinery, equipments,
furniture & fixtures, car and vehicles.
History
Subsequently, the Registered Office of the company was shifted
from “Bayer House,
Bayer CropScience formerly known as Bayer (
The company incorporated in 1958 is diversifying into inorganic-chemistry-
related fields like hard metals, engineering ceramics, etc, after acquiring
Hermann C Starck,
Bayer and Hoechst have joined hands to form Dystar Textilfraben to undertake
activities in textile dyes. The company also has a crop protection test station
at Kandlakoya, AP. In 1993, the company entered into a strategic alliance with
Herdillia Chemicals to manufacture diphyl heat transfer medium.
The company hived off its health care brands in July,98 to a joint venture
between Bayer AG and Zydus-Cadila, the Ahmebadad based pharmaceutical group. In
Nov, 1998, the RPG group exited BIL by selling its stake in the company to some
of the institutional investors through a negotiated deal. During 1998-99, Jagat
Chemicals, a 100% subsidiary was amalgamated with the company.
Sales and marketing operations of the Pharma Business Group were discontinued
during the month of August 2000 and are now being handled by a new subsidiary
of Bayer AG in
The company has announced a strategic marketing tie-up with Indo Biocare
Private Limited for Animal Health products. Through this tie-up, company will
now have access to the strong national distribution network of Indo Biocare,
while Indo Biocare will get the opportunity to market Bayer's international
range in livestock products and companion animal health products.
The company's Himatnagar Plant has been certified to comply with international
standard ISO 14001 for Environment Management System
The company is also in the process of transfering of Fipronil activities and
assets to BASF India Limited and execution of related agreements in line with
the Global arrangement between Bayer Crop Science AG and BASF AG. During 2004
Bayer AG acquired the agrochemical business of Aventis SA. Bayer AG was
directed by Federal Trade Commission (FTC),
During the year 2003, the merger has taken palce between Bayer (India) Limited
and Bayer CropScience India Limited (Formerly known as Aventis CropScience
India Limited As a result of this merger the Company has Consolidated its
position in the CropScience Business and today it is the largest CropScience
Company in India.
The name of the company has been changed during the May 2004,from Bayer (
During 2003 the company has sub-divided its equity share face value from
Rs.100/- per share to Rs.10/- per share.
During 2004 Bayer Polychem (India) Limited, a wholly owned
subsidiary of the company has transferred its chemicals and part of polymers
business to Lanxess India Private Limited on a going concern business with
effect from 1st July 2004 and also its MaterialScience business to
Bayer MaterialScience Private Limited with effect from 1st October
2004.
The company has increased its installed capacity of CropScience Liquids
Formulations by 425 KL during 2004 and with this expansion the total installed
capacity of CropScience Liquids Formulations has increased to 10025 KL.
In 2005, The company current portfolio and the products in the pipeline will
give the company scope to develop these segments into significant business. The
company is expecting registration of 3 new products in coming years.
Fixed Assets:
Ř
Ř
Ř
Buildings
Ř
Plant and Machinery
Ř
Office Equipment and Computers
Ř
Furniture and Fixtures
Ř
Vehicles
Operations:
The Company's profit after tax increased to Rs.568.58 million this year as
compared to Rs.371.47 million in the last year, an increase of 53%.
Exports:
The Company is a recognised Export House. The export turnover during the year
was Rs.1233.30 million compared to Rs.867.76 million achieved during the
preceding year.
Responsible
Care and Quality:
The Company accords high priority to health, safety and environment.
The Company has achieved a landmark of 'Zero Reportable Injuries' in the year
2006. This is the third consecutive year the company has achieved zero
reportable injuries. This includes all the three Manufacturing Units at Thane,
Himatnagar and Ankleshwar. The Company also celebrated National Safety Day and
Fire Prevention Day with various activities throughout that week to spread
greater awareness amongst employees.
The Company, covering all the Manufacturing Units, all India business
operations and supporting services, were audited on Quality Management System
by TUV India Pvt, Ltd, and the Company was recommended continuance of the ISO
9001 ;2000 certificate with inclusion of Development activities.
The Environmental Management System for Ankieshwar was audited by TUV and TUV
recommended recertification with upgradation from ISO 14001:1996 to ISO
14001:2004.
TUV and DNV conducted Surveillance Audit of Environmental Management System at
Himatnagar & Thane respectively and recommended continuance of ISO 14001:2004
Certificate.
Continual improvement and sustainability resulted in conservation of energy,
reduction in waste generation and recycling of resources and cost
savings.
Future
Plans:
In the new scenario of WTO and Patent Regime, the Company has an excellent
opportunity to bring in new and advanced technology based products to
The year 2007 will see the launch of globally renowned products like Secure 60
WG and Melody Duo 66.75 WP, both speciality fungicides to control diseases
afflicting Potato and Grape, causing huge losses to the farmers, Folicur 250
EC, a broad spectrum versatile fungicide for control of various diseases in
Rice, Chilli and Groundnut, Fame 480 SC is yet another brand new and impressive
insecticide to be launched for use against Cotton and Rice pests.
The company continues with the philosophy of finding newer and better
cost-effective solutions to the farming community by evaluating a number of new
research based molecules for a variety of crops. For this, it has the support
of the parent company, Bayer CropScience AG,
OVERVIEW:
The wheels of
Despite the slow down in GDP growth, Agriculture still remains an important
sector for the sustained development of the Indian economy, About 70 per cent
of the rural households and 8 per cent of urban households are still
principally dependent on agriculture for employment.
The performance of the agricultural sector is highly dependent on the vagaries
of weather. In 2006, delay in arrival of South-West monsoon led to delay in
season for major crops like cotton and rice by 15-20 days. Though overall
monsoon was normal with a marginal deviation of -1%, Central India received
excessive rainfall as against
INDUSTRY DEVELOPMENT:
Crop Protection:
Overall market development has been in line with their forecasts, however,
slightly lower than their anticipation due to erratic monsoon and growth in BT
Cotton area. The latest estimates for 2006 market development indicate a change
of +/- 2% over 2005 as against their earlier estimate of +5%.
There has been a strong growth in the area planted under BT in this year.
The reduction in the
farmers' price of BT cotton from Rs.1,450 per packet in the last year to Rs.750
per packet was the key factor for the sharp increase in the planted area which
reached 3.8 million hectares. This development impacted the crop protection
industry in the cotton segment more than expected. In addition the cereal
herbicides segment faced tremendous pressure from generic price competition
during 2006.
However, during the year, the crop protection industry witnessed a good
development in the overall fungicides and herbicides segment. The development
in these areas reconfirmed their belief that farmers are now adopting newer
technologies in these areas. Good value propositions to farmers in these growth
segments will provide additional opportunities for the crop protection
industry.
The industry has seen some dynamic activity in the field of retailing. Some
market players opened up their retail centres in rural areas for supply of
agri-inputs to farmers. Though the current share of such players is less than
2%, this activity is expected to grow rapidly in the coming years.
Crop
Protection:
Subject has been focusing its activities in line with the development of the
industry. The Company has maintained its position as a market leader with the
help of a wide range of crop protection chemicals and presence in diverse
crop-pest segments.
Subject has adopted the strategy to invest in rice, fruits and vegetables. The
Company has seen good progress of their business in these crops and shall
continue introduction of new products and technologies suitable for these
growing segments.
During the year, the Company successfully launched Admire 70 WG (Insecticide
for sucking pests in various crops) and Dadeci (Insecticide for brown plant
hopper control in Rice).
The cotton bollworm market has seen a faster decline due to the speedy growth
of BT cotton acreage. Their strategy to focus on the sucking pest segment has
paid off well with the introduction of Admire in this segment.
As a proactive strategic move, the Company has entered into agreements with key
corporate retailers and it expects this segment to advance rapidly. The Company
is among the front-runners to participate in this new channel.
In line with the global strategy, the Company has stopped sales of all products
based on Methyl Parathion from 1st April, 2006.
OUTLOOK:
Crop Protection:
With the changes happening in the crop protection industry, the Company is
closely monitoring advancements of new segments. These relate to growth areas
in fungicides, herbicides and sucking pest segment. The Company shall continue
to work on expansion of these segments and is already testing new products to
be launched in these new areas.
The long range strategic analysis for the Company has clearly laid down
concrete directions for the future. With the vision of broadening needs of the
enlightened customer of tomorrow and providing them with a complete seed to
harvest solution, the Company has embarked upon a project for distribution of
Agricultural seeds through their channels. In order to capitalize on the strong
seed portfolio (predominantly Rice, Cotton and Millet) of their group companies
viz.. Proagro Seed Company Private Limited (now known as Bayer BioScience
Private Limited) and Hybrid Rice International Private Limited, the Company has
successfully commenced distribution of these agricultural seeds from 1st
January 2007.
Distribution of seeds
along with crop protection products is going to make the Company a stronger
player in the market with a much broader portfolio of agricultural
solutions.
Environmental Science:
To maintain leadership position in the market, strategic plans are being worked
out which includes launch of new range of speciality products and partnering
with key players. The Company's strong post sales techno - commercial support
will continue to have an edge over their competition.
News
Wednesday - December
13, 2006
Bayer donates
antibiotics with a wholesale value of more than US$ 25 million to MAP International
for Africa and
“The successful and ambitious work of MAP is impressive,” said Dr. Gunnar
Riemann, Head of Bayer HealthCare’s Pharmaceuticals Division, following the
official signing of the agreement. “They are delighted to be able to contribute
to their health programs with their donation.”
MAP International President and CEO Michael J. Nyenhuis says the donation of
this specific drug is particularly significant in MAP’s work to save lives in
impoverished communities.
“More than 20,000 people die each day in
Cipro® (ciprofloxacin) is an antibiotic used to treat certain bacterial
infections. Cipro® tablets and suspension are used to treat pneumonia,
bronchitis, some types of gonorrhea, bacterial diarrhea, typhoid fever, and
bone, joint, skin, prostate, sinus and urinary tract infections.
About MAP International
MAP International
headquartered in
Bayer HealthCare
Bayer HealthCare, a
subsidiary of Bayer AG, is one of the world’s leading, innovative companies in
the health care and medical products industry based in Leverkusen/Germany. In
2005, the Bayer HealthCare subgroup generated sales amounting to some €9.4
billion. Bayer HealthCare employed 33,800 people world-wide in 2005.
The company combines the global activities of the divisions Animal Health,
Consumer Care, Diabetes Care, Diagnostics and Pharmaceuticals. Since January 1,
2006, the new Pharmaceuticals Division consists of the former Biological
Products and Pharmaceuticals Division and now comprises three business units:
Hematology/Cardiology, Oncology and Primary Care.
Bayer HealthCare’s aim is to discover and manufacture products that will
improve human and animal health worldwide. The products enhance well-being and
quality of life by diagnosing, preventing and treating diseases.
Forward-Looking Statements
This news release
contains forward-looking statements based on current assumptions and forecasts
made by Bayer Group management. Various known and unknown risks, uncertainties
and other factors could lead to material differences between the actual future
results, financial situation, development or performance of the company and the
estimates given here. These factors include those discussed in their public
reports filed with the Frankfurt Stock Exchange and with the U.S. Securities
and Exchange Commission (including their Form 20-F).The company assumes no
liability whatsoever to update these forward-looking statements or to conform
them to future events or developments.
Friday - December 15,
2006
Two acquisitions
advance Bayer CropScience
Assets of CPCSD and Reliance Genetics strengthen growing
cotton seed portfolio
Monheim (
The CPCSD transaction
serves to broaden the geographic reach of subject’s
Reliance Genetics is a
specialized cotton breeding program, which will further complement Bayer subject’s
current FiberMax® offering and expand the company’s germplasm library. In
acquiring the assets of Reliance, subject will gain the ability to introduce
additional varieties into its FiberMax® line, including many that have the
latest insect-resistant and herbicide-tolerant traits.
Says Mike Gilbert, Global Cotton Seed Manager of subject: “Acquiring the assets
of CPCSD and Reliance Genetics is an excellent strategic fit for their
Subject, a subsidiary of Bayer AG with annual sales of about EUR 5.9 billion in
2005, is one of the world’s leading innovative crop science companies in the
areas of crop protection, non-agricultural pest control, seeds and plant
biotechnology. The company offers an outstanding range of products and
extensive service backup for modern, sustainable agriculture and for
non-agricultural applications. Subject has a global workforce of about 19,000
and is represented in more than 120 countries. This and further news is
available at: http://www.newsroom.bayercropscience.com
Forward-looking statements
This news release contains forward-looking statements based on current assumptions and forecasts made by subject AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the Bayer CropScience AG or their parent company, Bayer AG, and the estimates given here. These factors include those discussed in Bayer AG's public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including Bayer AG's Form 20-F). Neither Bayer AG nor subject AG assumes any liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
Tuesday - September 11, 2007
Effective
Vector Control:
Bayer
CropScience Key Partner in new Research Projects to fight Malaria
Monheim, September 11, 2007 – subject announced that it has signed an agreement with the Innovative Vector Control Consortium (IVCC) to collaborate on two projects aimed at finding new effective solutions in the fight against malaria and other vector borne diseases. The IVCC is a consortium of leading institutions in the field of the development of vector control products and information systems formed with a grant of $50.7 million from the Bill and Melinda Gates Foundation. The strategy of the consortium is to identify opportunities for the development of new products, strategies and tools for improved vector control and to enable and support those projects through developing partnerships that will provide the resources to bring them to fruition.
The first subject project, in partnership with the Medical Research Council,
“This partnership is a clear sign for them that their expertise and their
long-term commitment to fight malaria by offering effective products in vector
control has been acknowledged”, says Prof. Dr. Friedrich Berschauer, Chairman
of the Board of Management of subject AG. “They are very proud to work with the
IVCC on finding a sustainable solution in the combat of one of the world’s most
devastating diseases.”
“Subject is a world leader in discovering innovative compounds for public
health uses. Together with the substantial knowledge available within the IVCC
and the project’s other partners, they will have an excellent chance to find
new options for the vector control of malaria especially with a view to
addressing increasing resistance problems”, says Prof. Dr. Janet Hemingway,
Chief Executive Officer of the IVCC.
For many years subject has been fully committed to the fight against malaria.
Working with international organizations such as the World Health Organization,
UNICEF, the Global Fund to Fight AIDS, Tuberculosis and Malaria as well as
USAID, the company helps to control malaria through its innovative vector
control products and its insect resistance management programs. The company has
in the past provided safe and effective protection for tens of millions of
people at risk in the key malaria threatened countries across Africa,
According to the World Health Organization (WHO) malaria is the most important
tropical disease worldwide. Over three billion people live under the threat of
malaria; each year more than one million people – mostly children – are killed
by the disease which is caused by a protozoan parasite. The vector for the
human malarial parasite is the Anopheles mosquito, which can be effectively
controlled by insecticides for vector control. Symptoms of malaria include
fever; complications of malaria include coma and death if untreated.
Bayer AG is a global research-based and growth-oriented enterprise with core
competencies in the fields of health care, nutrition and high-tech materials. subject
AG, a subsidiary of Bayer AG with annual sales of EUR 5.7 billion (2006), is
one of the world’s leading innovative crop science companies in the areas of
crop protection, non-agricultural pest control, seeds and plant biotechnology.
The company offers an outstanding range of products and extensive service
backup for modern, sustainable agriculture and for non-agricultural
applications. Subject has a global workforce of about 17,900 and is represented
in more than 120 countries. This and further news is available at:
www.newsroom.bayercropscience.com
Forward-Looking Statements
This news release contains forward-looking statements based on current assumptions and forecasts made by subject AG management. Various known and unknown risks, uncertainties and other factors could lead to material differences between the actual future consolidated results, financial situation, development or performance of the Bayer CropScience AG or their parent company, Bayer AG, and the estimates given here. These factors include those discussed in Bayer AG's public reports filed with the Frankfurt Stock Exchange and with the U.S. Securities and Exchange Commission (including Bayer AG's Form 20-F). Neither Bayer AG nor Bayer CropScience AG assumes any liability whatsoever to update these forward-looking statements or to conform them to future events or developments.
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 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.39.74 |
|
|
1 |
Rs.80.34 |
|
Euro |
1 |
Rs.56.30 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
81 |
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 |
|