MIRA
INFORM REPORT
|
Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
BILAG INDUSTRIES
PRIVATE LIMITED |
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Registered Office/Factory : |
Plot No. 306/3, 2nd
Phase, GIDC, Vapi – 396195, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
08.08.1990 |
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Com. Reg. No.: |
04-49322 |
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CIN No.: [Company
Identification No.] |
U99999GJ1990PTC049322 |
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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 : |
A Closely held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Agro Chemicals |
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 15606160 |
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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. |
INFORMATION PARTED
BY
|
Name : |
Mr. Ravi Shankar |
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Designation : |
Company Secretary, Director |
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Date : |
23.07.2008 |
LOCATIONS
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Registered Office/Factory : |
Plot No. 306/3, 2nd
Phase, GIDC, Vapi – 396195, Gujarat, India |
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Tel. No.: |
91-260-2400809 |
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E-Mail : |
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Website : |
1. http://www.bilagindustries.com |
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Area : |
26.3 Hectar |
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Location : |
Owned |
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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 |
DIRECTORS
|
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,
Maharashtra, India |
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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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Other Directorship
: |
Micro Inks
Limited CIN No.:
L24220GJ1991PLC016598 Hikal Limited CIN No.:
U24200MH1988PTC048028 Harvey Healthcare
Limited CIN No.:
U85110TN2001PLC046794 Stanes Agencies
Limited CIN No.:
U05110TZ1913PLC000273 |
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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. 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, Maharashtra,
India |
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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 : |
Mr. Michael 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, India |
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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 Gujarat, India |
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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, Gujarat, India |
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Date of
Birth/Age : |
25.06.1952 |
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Date of
Appointment : |
22.03.2006 |
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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. 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, India |
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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. Kumar Narayan
Inamdar |
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Designation : |
Managing Director
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Name : |
Mr. Swaminathan
Ravisankar |
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Designation : |
Director and
Company Secretary |
KEY EXECUTIVES
|
Name : |
Mr. Ravi Shankar |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As on 31.12.2006) |
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No. of Shares |
|
Anjumbhai G.
Bilakhia |
|
800996 |
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Yunusbhai G.
Bilakhia |
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811802 |
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Rashida Y.
Bilakhia |
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848100 |
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Hamida A.
Bilakhia |
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215800 |
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Satish S. Khanna |
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2510 |
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Jakir G. Bilakhia |
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2300710 |
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Jiluben G.
Bilakhia |
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1 |
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Amina Z. Bilakhia |
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1 |
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Bauer Crop
Science SA |
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27750000 |
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Bilakhia Holdings
Private Limited |
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1874999 |
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Equity Share
Breakup |
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Category |
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Percentage of
Holding |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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96.28% |
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Bodies corporate |
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3.72% |
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Total |
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100.00% |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Agro Chemicals |
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Products : |
·
Alphacypermethrin ·
Permethrin ·
Cypermethric
Acid Chloride ·
Metaphenoxybenzeldehyde |
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Exports : |
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Countries : |
Japan, USA, Germany, China, Korea |
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Imports : |
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Countries : |
China and Germany |
PRODUCTION STATUS
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Particulars |
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Unit |
Installed
Capacity |
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Pesticides |
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MT |
4524 |
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Pesticides
Intermediates |
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MT |
7425 |
GENERAL
INFORMATION
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No. of Employees : |
836 (In Office) |
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Bankers : |
·
Bank of Baroda,
III Phase Branch, Vapi, Gujarat ·
Bank of
India, Sand Chowk, Vapi Branch, Vapi - 396191, Gujarat ·
Dena Bank ,
Selvasa Road, Vapi – 396191, Gujarat ·
Bank of
Baroda, International Banking Branch, F/73, Maker Towers, Cuffe Parade,
Mumbai – 400 005, Maharashtra ·
Punjab
National Bank , GIDC, Vapi – 396195, Gujarat-Main
(Working Capital
Limit Rs.1000.000 millions) ·
Deutsche
Bank ·
Nova Scotia
Bank ·
ABN Amro
Bank ·
Bank of
America ·
HSBC Bank ·
Citi Bank |
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Facilities: |
SC (100 Limited) WC |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse
& Company Chartered
Accountants |
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Address : |
252, Savakar Marg,
Shivaji Park, Dadar, Mumbai – 400028, Maharashtra, India |
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Memberships : |
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Associates/Subsidiaries : |
Part of Bayer
Group:
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Holding Company: |
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CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Share |
Rs.10/- each |
Rs. 400.000 millions |
|
8500000 |
Preference Share |
Rs.100/- each |
Rs. 850.000 millions |
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Total |
|
Rs.1250.000 millions
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
28821427 |
Equity Shares |
Rs. 10/- each |
Rs.288.214 millions |
NOTE:
27750000 Equity Shares are held by Bayer Crop Science S A, France
(Formerly Known as Aventis Cro Science S A, France) the Holding Company. The
Ultimate Holding Company is Bayer AG, Germany
FINANCIAL DATA
[all figures are in Rupees Millions]
.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
288.214 |
296.250 |
304.285 |
|
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
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3] Reserves & Surplus |
3613.326 |
2896.399 |
1225.865 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
3901.540 |
3192.649 |
1530.150 |
|
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LOAN FUNDS |
|
|
|
|
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1] Secured Loans |
0.000 |
0.000 |
203.532 |
|
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2] Unsecured Loans |
0.000 |
500.000 |
600.819 |
|
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TOTAL BORROWING |
0.000 |
500.000 |
804.351 |
|
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DEFERRED TAX LIABILITIES |
140.259 |
172.349 |
187.763 |
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|
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|
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TOTAL |
4041.799 |
3864.998 |
2522.264 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1682.259 |
1860.182 |
1997.126 |
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Capital work-in-progress |
219.998 |
80.528 |
232.582 |
|
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|
|
|
|
|
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INVESTMENT |
566.837 |
566.836 |
0.137 |
|
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1159.460
|
1161.342 |
1092.851 |
|
|
Sundry Debtors |
504.443
|
898.750 |
1000.539 |
|
|
Cash & Bank Balances |
444.060
|
151.386 |
79.371 |
|
|
Other Current Assets |
23.483
|
10.503 |
1.859 |
|
|
Loans & Advances |
527.942
|
560.065 |
1978.306 |
|
Total
Current Assets |
2659.388
|
2782.046 |
4152.926 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
1073.412
|
1409.500 |
2405.326 |
|
|
Provisions |
13.271
|
15.094 |
1455.181 |
|
Total
Current Liabilities |
1086.683
|
1424.594 |
3860.507 |
|
|
Net Current Assets |
1572.705
|
1357.452 |
292.419 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4041.799 |
3864.998 |
2522.264 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
|
Sales Turnover |
5201.432 |
6004.292 |
5284.260 |
|
|
Other Income |
173.877 |
951.336 |
0.000 |
|
|
Total Income |
5375.309 |
6955.628 |
5284.260 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
1341.854 |
2394.140 |
1426.198 |
|
|
Provision for Taxation |
282.488 |
406.217 |
320.037 |
|
|
Profit/(Loss) After Tax |
1059.366 |
1987.923 |
1106.161 |
|
|
|
|
|
|
|
|
Earnings in
Foreign Currency : |
|
|
|
|
|
Total Earnings |
3813.108 |
4331.728 |
3899.870 |
|
|
|
|
|
|
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
1624.136 |
2075.115 |
|
|
|
Stores & Spares |
3.773 |
14.353 |
1647.416 |
|
|
Capital Goods |
11.789 |
11.233 |
|
|
Total Imports |
1639.698 |
2100.701 |
1647.416 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
905.348 |
943.672 |
|
|
|
Consumption of stores and spares parts |
2634.230 |
3261.699 |
|
|
|
Increase/(Decrease) in Finished Goods |
(134.371) |
46.590 |
3858.062 |
|
|
Financial Charges |
43.238 |
70.185 |
|
|
|
Depreciation & Amortization |
302.440 |
328.251 |
|
|
Total
Expenditure |
3750.885 |
4650.397 |
3858.062 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2006 |
31.12.2005 |
31.12.2004 |
|
PAT / Total
Income |
(%) |
19.70
|
28.58 |
20.93 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
25.79
|
39.87 |
26.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.90
|
51.57 |
23.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.74 |
0.93 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.27
|
0.60 |
3.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.44
|
1.95 |
1.08 |
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 Registered
Office has been shifted from 512/513, 5th Floor, MIDAS Sahar Plaza
Complex, Andheri – Kurla Road, J. B. Nagar, Andheri (East), Mumbai – 400 059,
Maharashtra to the present address w.e.f. 01.11.2006
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.
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.
Subject is a merger
of Aventis (Now Bayer Crop Science S.A.), one of the top five MNC's in the
global crop protection industry and Mitsu Industries Limited, 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 Subject access
to the latest technology, newer products and the latest safety and ecological
measures adopted by Aventis in its operations.
Subject, 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.
Subject'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 Subject 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.
Group Companies where common control
exists are:
·
Bayer
Environmental Science S. A., France
- Bayer India Limited
- Bayer ABS Limited
- Bayer Speciality Products Limited
- Bayer Cropscience India Limited
The company
operates from its caption owned factory & office which are equipped with
most modern manufacturing facilities.
Fixed assets
- Freehold land
- Leasehold land and Buildings
- Plant & machinery
- Laboratories Equipments
- Furniture and Fittings
- Office Equipments
- Computer Hardware and Software
- Vehicles
FORM 8:-
|
Name of the
company |
Bilag
Industries Private Limited |
|||||||||||||||||||||||||||||||||
|
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. 22.500 Millions
including sub limit of packing credit hypothecation of Rs. 7.500 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. 269.000 millions on hypothecation of goods is reduced by Rs.
254.000 millions thereby total is reduced to Rs. 15.000 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. |
Trade References:
- Syngenta Chemicals Company Limited, Mumbai, Switzerland
- Sumitomo Chemicals Company Limited, Japan, Mumbai
The beginning:
It all
started as Mitsu in
1992… and later by creating global size capacities, using high level R and 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.
Milestones:
1992: Started as Mitsu with manufacture of Chloral
1993: Trichloroacetyl Chloride production commenced
1994: Forward Integration to manufacture Chlorpyriphos Tech
1995: Cypermethrin Tech & its intermediates Cypermethric Acid Chloride and Metaphenoxybenzaldehyde production
1996: Alpha Cypermethrin and Permethrin production launched
1997: Metaphenoxy Benzyl Alcohol and launch of Deltamethrin
1998: Allethrins Range launched
1999: Creation of BILAG
2001: Aventis CropScience in place of AgrEvo in JV
2002: Bayer CropScience replaces Aventis CropScience. Shareholding of Bayer increased to 74%
2003: Launch of Acrinathrin
2004: Launch of Imidacloprid & Bayothrin
2005: Launch of Cyfluthrin & Beta Cyfluthrin
Bilag Today
Subject 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 and 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 and 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
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 and D Center equipped with highly sophisticated equipments
and apparatus.
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
Key Instruments in the R and 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 and Development efforts in Chemical and
Allied areas.
- Significant Contributions of
Research and Development
·
Availability of
advanced and latest Synthetic Pyrethroid based insecticides at lower
prices.
·
Self-Reliance
·
First Indian
Company to bring latest generation optically active Synthetic Pyrethroids
in the country.
·
Enhancement of
technological capacities.
·
Grant of process
patent in India.
Subject 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
The company’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, subject 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, subject is a
professional powerhouse, with in-depth expertise in every area of function like
idea generation, formulation, production and marketing.
Subject 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.
Employees - March '04
·
Technical 704
·
Non-Technical 99
·
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.
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
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.42.33 |
|
UK Pound |
1 |
Rs.84.32 |
|
Euro |
1 |
Rs.66.75 |
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. |
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 |
|