MIRA
INFORM REPORT
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Report Date : |
22.11.2008 |
IDENTIFICATION DETAILS
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Name : |
BIOSTADT INDIA LIMITED |
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Registered Office : |
Poonam Chambers, A Wing, 6th Floor, Dr. |
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Country : |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
28.05.2003 |
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Com. Reg. No.: |
140614 |
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CIN No.: [Company
Identification No.] |
U24210MH2003PLC140614 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11170F |
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Legal Form : |
Subject is a closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Pesticides Formulations |
RATING & COMMENTS
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MIRA’s Rating : |
NR |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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Status : |
Undetermined |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
No responsible person was available during our six attempts in last
two days. Subject is a part of Wockhardt Group, controlled and managed by
Khorakiwala family. In general, trade relations are fair.
Payment are not known. However,
in absence of latest financial and business dealings it would be difficult to
assess current financial position of the company. |
LOCATIONS
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Registered Office : |
Poonam Chambers, A Wing, 6th Floor, Dr. |
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Tel. No.: |
91-22-66520520 |
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Fax No.: |
91-22-66520521 |
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E-Mail : |
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Website : |
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Corporate Headquarters: |
MUMBAI Address Poonam Chambers,
'A' Wing, 6th Floor, Dr. Phone : 91-22-6652 0520 Fax : 91-22-6652 0521 Email : corporate@biostadt.net
CHENNAI Address: New No. 77, Old
No. 30, New Phone : 91-44-3251 2334 Email : corporate@biostadt.net Address : Flat No. 302,
Nagasai Nivas, Srinivas Nagar (East), Maithrivanam, Ameerpet, Phone : 91-40-2373 5489 Email : corporate@biostadt.net KOLKATA Address 34, Phone : 91-33-6521 5936 Email corporate@biostadt.in NOIDA Address: 404, 4th Floor,
Sector 18, Vishal Chambers, Noida - 201 301, Phone : 91-120-4312
472 / 91-120-4355 329 Fax : 91-120-4312 472 Email : corporate@biostadt.net
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Domestic Depots: |
·
Ahmedabad ·
Ambala ·
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Bhatinda ·
Bhiwandi ·
Chennai ·
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Guwahati ·
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Jaipur ·
Kolkata ·
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Rudrapur ·
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Siliguri ·
Sriganganagar ·
Vijaywada |
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International Offices: |
BIOSTADT EUROPE
LIMITED Address 42, Email : europe@biostadt.com BIOSTADT
PHILIPPINES INC. Address: Unit 307 Phone : 632-7231
238/7233 482 Fax : 632-7231 237 Email : philippines@biostadt.com BIOSTADT
THAILAND COMPANY LIMITED Address : 72/788 Moo 6, Phone : 662-9873 525 Email : thailand@biostadt.com |
DIRECTORS
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Name : |
Mr. Juzar S. Khorakiwala |
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Designation : |
Chairman and Managing Director |
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Address : |
9B, Clover Apartment, 29, Cuffe Parade, Colaba, Mumbai 400005, |
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Date of Birth/Age : |
30.10.1950 |
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Date of Appointment : |
28.05.2003 |
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Name : |
Mr. Saifuddin T. Khorakiwala |
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Designation : |
Director |
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Address : |
3B, Clover Apartment, 29, Cuffe Parade, Colaba, Mumbai 400005, |
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Date of Birth/Age : |
27.07.1923 |
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Date of Appointment : |
28.05.2003 |
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Name : |
Nishreen J. Khorakiwala |
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Designation : |
Director |
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Address : |
9B, Clover Apartment, 29, Cuffe Parade, Colaba, Mumbai 400005, |
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Date of Birth/Age : |
20.12.1952 |
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Date of Appointment : |
28.05.2003 |
KEY EXECUTIVES
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Name : |
Mr. Satish Ratnakar Kamath |
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Designation : |
Secretary |
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Address : |
B – 402, Hrishikesh, |
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Date of Birth/Age : |
01.09.1963 |
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Date of Appointment : |
15.10.2003 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders [As on 30.09.2004] |
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No. of Shares |
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Juzar S. Khorakiwala |
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49994 |
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Nishreen J. Khorakiwala |
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1 |
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Jumana Merchant |
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1 |
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Saifuddin T. Khorakiwala |
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1 |
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Fatema Khorakiwala |
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1 |
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Devendra Kumar Chopra |
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1 |
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Nandkishore Sharma |
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1 |
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Al – Hambra Trust |
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3250000 |
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Total |
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3300000 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Pesticides Formulations |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
600 |
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Bankers: |
Standard
Chartered Bank, 270, |
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Facilities : |
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Banking
Relations : |
Unknown |
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Joint Venture : |
Biostadt MHseeds Limited |
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Associated Enterprises: |
·
Akbarallys ·
Al Hambra Trust ·
Wockhardt Lifesciences Limited |
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Subsidiaries : |
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Biostadt Europe Limited ·
Biostadt Philippines Inc. |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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4050000 |
Equity Shares |
Rs. 10/- each |
Rs. 40.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3300000 |
Equity Shares |
Rs. 10/-
each |
Rs. 33.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
No Financials subsequent to year 2005 could be available from any of the
sources.
Management remained non responsive during our several interactions.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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33.000 |
33.000 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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566.589 |
468.552 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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599.589 |
501.552 |
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LOAN FUNDS |
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1] Secured Loans |
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132.370 |
150.467 |
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2] Unsecured Loans |
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33.420 |
27.511 |
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TOTAL BORROWING |
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165.790 |
177.978 |
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DEFERRED TAX LIABILITIES |
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1.706 |
4.455 |
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TOTAL |
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767.085 |
683.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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138.815 |
120.293 |
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Capital work-in-progress |
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8.715 |
1.446 |
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INVESTMENT |
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19.324 |
9.824 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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221.105 |
191.261 |
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Sundry Debtors |
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492.816 |
349.474 |
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Cash & Bank Balances |
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15.687 |
1.972 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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122.902 |
173.005 |
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Total
Current Assets |
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852.510 |
715.712 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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245.966 |
158.597 |
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Provisions |
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6.687 |
5.192 |
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Total
Current Liabilities |
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252.653 |
163.789 |
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Net Current Assets |
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599.857 |
551.923 |
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MISCELLANEOUS EXPENSES |
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0.374 |
0.499 |
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TOTAL |
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767.085 |
683.985 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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1220.675 |
968.503 |
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Other Income |
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5.396 |
1.338 |
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Total Income |
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1226.071 |
969.841 |
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Profit/(Loss) Before Tax |
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129.171 |
126.857 |
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Provision for Taxation |
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7.751 |
32.055 |
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Profit/(Loss) After Tax |
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121.420 |
94.802 |
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Earning in Foreign Currency: |
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117.703 |
40.672 |
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Value of Imports |
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67.480 |
40.661 |
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Expenditures : |
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Cost of Goods Sold |
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636.878 |
492.198 |
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Increase/(Decrease) in Finished Goods |
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[8.606] |
[35.920] |
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Interest |
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15.890 |
9.392 |
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Depreciation & Amortization |
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12.072 |
6.082 |
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Other Expenditure |
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440.666 |
371.232 |
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Total Expenditure |
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1096.900 |
842.984 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Debt-Equity Ratio |
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0.31 |
0.35 |
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Long Term Debt-Equity Ratio |
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0.07 |
0.07 |
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Current Ratio |
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2.27 |
2.27 |
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Fixed Assets |
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9.12 |
7.96 |
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Inventory |
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6.26 |
5.25 |
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Debtors |
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3.06 |
2.88 |
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Interest Cover Ratio |
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9.12 |
14.49 |
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Operating Profit Margin(%) |
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12.18 |
14.16 |
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Profit Before Interest And Tax
Margin(%) |
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11.24 |
13.55 |
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Cash Profit Margin(%) |
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10.35 |
10.04 |
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Adjusted Net Profit Margin(%) |
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9.41 |
9.43 |
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Return On Capital Employed(%) |
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20.08 |
20.06 |
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Return On Net Worth(%) |
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22.05 |
18.90 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The domestic sales recorded a growth of 18.9% over the previous period
and the Export Sales recorded a growth of 189.4% over the previous period. The Biological division of the company
continued to contribute significantly to the profitability of the company.
New
Projects/Expansions/Improvements
The Silvassa works of the company, which was commissioned during the
last year went into full production during the current year.
With a view to have better focus on the Northern markets, the company
intents to set up a manufacturing facility in
OUTLOOK
With improved performance of Agriculture Sector backed by forecast of
normal, monsoon and better prospects for exports, the outlook for the year
appears bright, barring unforeseen circumstances.
Fixed Assets
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Freehold land
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Other Building
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Plant and Machinery
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Office Equipments
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Furniture and Fixtures
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Computers
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Vehicles
Contingent Liabilities :
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Particulars |
As on 31.03.2005 [Rs. In Millions] |
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Guarantees given by Company’s bankers on
behalf of the Company to third parties |
24.478 |
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Claims against companies not acknowledged as
debts |
0.510 |
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Estimated amount of contracts remaining to
be executed on capital account and not provided for [net of advance] |
3.309 |
Form 8
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Name of the company |
BIOSTADT INDIA
LIMITED |
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Presented By |
Standard Chartered Bank, 270, |
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1) Date and description of instrument creating the change |
Agreement of
hypothecation of stocks and book debts dated 28.11.2005 |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 150.000
Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
Hypothecation by
way of first charge to the banks on: I] All the stock
n trade both present and future consisting of raw materials, finished goods,
goods in process of manufacturing and other merchandise whatsoever being
movable properties now or at any time hereafter belonging to the borrower or
at the borrower’s disposal and now or at any time and from time to time
hereafter stored or be stored or brought into or upon or in course of transit
to the borrowers factory or premises or any other place whatsoever and
wheresoever in the borrower’s possession or occupation or at any other
premises or place [all of which hereinafter collectively referred to as the
said goods] and Ii] all the
present and future book debts, outstandings moneys receivables, claims and
bills which are now due and owing or which may at any time hereafter during
the continuance of this security becomes due and owing to the borrower in the
course of its business by any person, firm, company or body corporate or by
the Government Department or office or any Municipal or Local or Public or
Semi Government body or authority or
any body corporate or undertaking or project whatever in the public sector
[all of which hereinafter collectively referred to as ‘the said debts’] [the said goods
and the said debts whatsoever the context so requires are hereinafter
collectively referred to as Hypothecated Assets] |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Limit 1 – Rs.
110.000 Millions Limit Type –
Overdraft Description –
Working capital Purposes Tenor – 1 day Interest – At the
rate as negotiated with and agreed by the bank from time to time payable
monthly in arrears. The rate of
interest is subject to change without prior notice at the discretion of the
Bank. Limit 1a – Rs.
50.000 Millions Limit Type –
Working Capital Demand loan Tenor – Upto 365
day. Shorter tenors also permitted Description –
Working capital purpose Interest – At the
rate as negotiated with and agreed by the Bank from time to time payable monthly
in arrears or at maturity whichever is earlier. The rate of interest is subject to change
without prior notice at the discretion of the Bank. Limit 1b – Rs.
110.000 Millions Limit Type - Letter of credit Description –
Issuance of irrevocable letter of credit calling for sight / usance for
import / local purchase of raw materials / capital equipment and other trade
related goods. Tenor – 180 days Commission – As
negotiated with Bank from time to time. Limit 2 – Rs.
40.000 Millions or USD Equivalent Limit Type –
Stand by Letter of Credit Description – In
favour of SCB Philippines for extending credit facilities to Biostadt
Philippines Inc. Tenor – 360 days Commission – As
negotiated with Bank from time to time. |
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5) Name and Address and description of the person entitled to the
charge. |
Standard
Chartered Bank, 270, |
AS PER WEBSITE DETAILS
PROFILE
Subject believes that 'the
growth of
With this as their core initiative,
Biostadt India Limited has been serving the farming community for over two
decades. An impressive track record takes forward its strategy to head the
leading position in the Biotechnology research-based agro inputs. This strategy
has been further supported with safer and speciality chemical pesticides. The
tremendous growth in the business in a span of just ten years (from Rs. 40.000
Millions in 1994 to Rs. 1000 Millions in 2003) speaks for itself.
Now, Biostadt India Limited is firmly positioned to address
the emerging local and global challenges. They help in providing the farmers
not just customized products but customized solutions, developing and
evaluating products and processes for improving their satisfaction.
Their extensive high-quality product range that includes insecticides, herbicides,
fungicides, hybrid seeds, aqua products and farm services, further supports
this goal. They offer amongst the best list of farm protection and associated
products in
They have now ventured to extend their vision in serving the farming community
by introducing, for the first time in India, a chain of "Biostadt Aastha
Clinics" that addresses the three healthcare needs of the farmer - a
doctor for his family's health, a vet to take care of his animals and a crop
care specialist to ensure a healthy crop produce.
Subject offers a healthy working environment that cultivates speed, teamwork
and growing partnerships. They have a diverse group of talented people who
discover, develop, manufacture and market crop protection, and industrial and
commercial pest management products for use around the globe. A unique distributor network helps
in serving this purpose effectively.
With a well-charted goal and powerful alliances,
Biostadt India Limited is growing from strength to strength, expecting to touch
the base of $100 million by the year 2010.
PRESS ROOM
Biostadt is going for new experience with Farmers in
1st Bio-Aastha Clinic may Open in
During his visit, he met some selected press reporter and told that company is
undertaking many projects in the interest for farmers. He told that they are
going to start a single window solution for farmers. He expressed Biostadt is
Rs.135 Crores & is well diversified company. He told that in Punjab some
sites are under consideration in Mansa,
This company has business of Pesticides & Hybrid Seeds. He informed that
Bio-fertilizers, Pesticides, Aqua products and Seeds will be made available to
Farmers under one roof and where doctors for human health care and veterinary will
also be present. Soil Testing Specialists will also be available on the clinic,
who will suggest right direction to the farmers. Name of this center will be
Biostadt Aastha Clinic. Mr. Khorakiwala visited different places. He traveled
to Rajpura, Ahmedgarh,
He listened to their problems and suggestions and assured them for the
solutions. He also visited demonstration plots. At this occasion Chief Business
Manager Mr. C.P. Shoran gave his view to increase the business in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 50.03 |
|
|
1 |
Rs. 74.42 |
|
Euro |
1 |
Rs. 62.71 |
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 |
|