MIRA
INFORM REPORT
|
Report Date : |
19.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
BILAG INDUSTRIES PRIVATE LIMITED |
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Formerly Known
As : |
BILAG INDUSTRIES LIMITED |
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Registered
Office : |
Plot No. 306/3, 2nd
Phase, GIDC, Vapi – 396195, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
08.08.1990 |
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Com. Reg. No.: |
04-049322 |
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Capital
Investment / Paid-up Capital : |
Rs.277.500 Millions |
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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 : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Agro Chemicals. |
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No. of Employees
: |
826 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 45100000 |
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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 company having fine track. Financial position
of the company appears to be sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Mr. Mahesh N |
|
Designation : |
DGM Finance |
|
Date : |
16.12.2011 |
LOCATIONS
|
Registered Office / Factory : |
Plot No. 306/3, 2nd
Phase, GIDC, Vapi – 396195, |
|
Tel. No.: |
91-260-2400809 / 2400444/ 2400443 |
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Fax No. : |
91-260-2400444 / 2432774 |
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E-Mail : |
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Website : |
http://www.bilagindustries.com www.bilag.com
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Area : |
26.3 Hector |
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Location : |
Owned (Some part Owned and Some Leased) |
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Administrative Office : |
512 / 513, Midas,
Sahar Plaza Complex, J. B. Nagar, Next to Airport, Kohinoor Hotel, Andheri East,
Mumbai 400059, Maharashtra, India |
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Tel. No.: |
91-22-28364313 –
16 |
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Fax No.: |
91-22-2822 2222 |
DIRECTORS
As on 01.07.2011
|
Name : |
Mr. Kumar Narayan Inamdar |
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Designation : |
Managing director |
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Address : |
B / 101, Macromol
Apartment, Chharwada Road, GIDC, Vapi – 396195, Gujarat, India |
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Date of Birth/Age : |
12.11.1965 |
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Qualification : |
B. E. Chemical,
MBA |
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Experience : |
20 Years |
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Date of Appointment : |
01.01.2007 |
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DIN No.: |
01191768 |
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Other Directorship :
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Name : |
Mr. Kannan Unni Kadankote |
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Designation : |
Director |
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Address : |
145, Nibbana
Co-operative Housing Society, Pali Hill, Bandra [West], Mumbai – 400050, |
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Date of Birth/Age : |
15.07.1941 |
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Date of Appointment : |
13.07.1999 |
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DIN No.: |
00227858 |
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Other Directorship :
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Name : |
Achim Noack |
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Designation : |
Director appointed in casual vacancy |
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Address : |
Curt-Beckmann Strasse 10, Dusseldorf, Germany 40474 |
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Date of Birth/Age : |
17.07.1959 |
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Date of Appointment : |
01.10.2010 |
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DIN No.: |
03349799 |
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Name : |
Rolf Otto Alfred Decker |
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Designation : |
Director appointed in casual vacancy |
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Address : |
Amselweg – 4, Langenfeld, Germany 40764 |
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Date of Birth/Age : |
20.11.1958 |
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Date of Appointment : |
01.10.2010 |
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DIN No.: |
03349822 |
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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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Qualification : |
B. Tech, DMS |
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Experience : |
34 Years |
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Date of Appointment : |
01.04.2006 |
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DIN No.: |
00418958 |
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KEY EXECUTIVES
|
Name : |
Mr. Ravisankar Swaminathan |
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Designation : |
Secretary |
|
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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Qualification : |
B. Com, ACA, ACS |
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Experience : |
29 Years |
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Date of Appointment : |
13.06.2002 |
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PAN No.: |
AABPR0416Q |
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|
|
|
Name : |
Mr. Mahesh N |
|
Designation : |
DGM Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 01.07.2011
|
Names of Shareholders |
No. of Shares |
|
Bayer SAS |
27749999 |
|
Bayer CropScience AG (nominee shareholder of Bayer SAS) |
1 |
|
Total |
27750000 |
Equity Share Break up (Percentage of Total Equity)
As on 01.07.2011
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Agro Chemicals |
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Products : |
·
Alphacypermethrin ·
Permethrin ·
Cypermethric
Acid Chloride ·
Metaphenoxybenzeldehyde |
PRODUCTION STATUS AS ON 31.03.2011
|
PARTICULARS |
Unit |
Installed
Capacity |
|
Class of Goods |
|
|
|
Pesticides |
MT |
9674 |
|
Pesticide Intermediates |
MT |
8800 |
|
Total |
|
18474 |
|
|
|
|
|
PARTICULARS |
|
Actual Production |
|
Class of Goods |
|
|
|
Pesticides |
MT |
5571 |
|
Pesticide Intermediates |
MT |
6889 |
|
Total |
|
12460 |
GENERAL INFORMATION
|
No. of Employees : |
826 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of
Baroda, III Phase Branch, Vapi, Gujarat, India ·
Bank
of India, Sand Chowk, Vapi Branch, Vapi - 396191, Gujarat, India ·
Dena
Bank , Selvasa Road, Vapi – 396191, Gujarat, India ·
Punjab
National Bank, International Banking Branch,
F/73, Maker Towers, Cuffe Parade, Mumbai – 400 005, Maharashtra, India ·
Punjab
National Bank , GIDC, Vapi – 396195, Gujarat, India
(Working Capital
Limit Rs.1000.000 millions) ·
Deutsche
Bank ·
Nova
Scotia Bank ·
ABN
Amro Bank ·
Bank
of ·
HSBC
Bank ·
Citi Bank ·
ANZ Grindlays Bank Limited, O.R.D.S.A., 90,
Mahatma Gandhi Road, Mumbai-400001, Maharashtra , India |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
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Address : |
252, Veer Savakar
Marg, |
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PAN.: |
AAEFP3641G |
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Holding and Ultimate Holding Companies : |
|
|
|
|
|
Enterprise in the Group with whom transactions have taken place during
the year : |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
8500000 |
Preference Shares |
Rs.100/- each |
Rs.850.000 Millions |
|
|
Total |
|
Rs.1250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27750000 |
Equity Shares |
Rs.10/- each |
Rs.277.500
Millions |
|
|
|
|
|
Notes:
(a) 27,750,000 Equity
Shares of Rs. 10 each, fully paid-up, are held by Bayer S.A.S., France, the
holding company and its nominees. The ultimate holding company is Bayer AG,
Germany.
(b) Of the above,
25,474,000 Equity Shares of Rs.10 each were allotted as fully paid-up bonus
shares by capitalisation of Capital Redemption Reserve and General Reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
277.500 |
277.500 |
277.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
11019.793 |
9102.329 |
7188.470 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
11297.293 |
9379.829 |
7465.970 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
87.443 |
93.004 |
84.982 |
|
|
|
|
|
|
|
|
TOTAL |
11384.736 |
9472.833 |
7550.952 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1979.525 |
2099.384 |
1943.590 |
|
|
Capital work-in-progress |
131.666 |
68.817 |
300.208 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.108 |
0.115 |
0.118 |
|
|
DEFERREX TAX ASSETS |
0.0000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1565.502
|
1660.733
|
2161.829
|
|
|
Sundry Debtors |
1363.246
|
1560.280
|
1848.401
|
|
|
Cash & Bank Balances |
2355.978
|
1696.489
|
1590.153
|
|
|
Other Current Assets |
133.229
|
188.014
|
13.766
|
|
|
Loans & Advances |
4780.241
|
2829.490
|
939.885
|
|
Total
Current Assets |
10198.196
|
7935.006
|
6554.034
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
849.313
|
564.842
|
1175.917
|
|
|
Current Liabilities |
31.550
|
39.041
|
32.946
|
|
|
Provisions |
43.896
|
26.606
|
38.135
|
|
Total
Current Liabilities |
924.759
|
630.489
|
1246.998
|
|
|
Net Current Assets |
9273.437
|
7304.517
|
5307.036
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11384.736 |
9472.833 |
7550.952 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7333.920 |
|
8058.856 |
|
|
|
Other Income |
NA |
|
302.113 |
|
|
|
TOTAL (A) |
NA |
7932.322 |
8360.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw material |
|
|
4063.540 |
|
|
|
Cost of traded goods |
NA |
|
-- |
|
|
|
(Accretion) / Decretion of other Inventories |
|
5373.603 |
(68.244) |
|
|
|
Manufacturing and Other Expenses |
|
|
1159.673 |
|
|
|
TOTAL (B) |
NA |
5373.603 |
5154.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2791.720 |
2558.719 |
3206.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
0.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2791.720 |
2558.719 |
3205.250 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
NA |
NA |
288.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2538.520 |
2558.719 |
2916.480 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
621.060 |
644.860 |
553.585 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
1917.460 |
1913.859 |
2362.895 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8588.890 |
6675.030 |
4312.134 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
10506.350 |
8588.890 |
6675.029 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Exports |
5039.608 |
5611.377 |
6240.875 |
|
|
TOTAL EARNINGS |
5039.608 |
5611.377 |
6240.875 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1758.031 |
1914.432 |
2708.964 |
|
|
|
Stores & Spares |
15.818 |
26.776 |
15.985 |
|
|
|
Capital Goods |
15.533 |
8.201 |
19.386 |
|
|
TOTAL IMPORTS |
1789.382 |
1949.411 |
2744.337 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
69.10 |
68.97 |
85.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total
Income |
(%) |
NA |
24.12 |
28.26 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
34.61 |
NA |
36.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.84 |
25.49 |
34.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.27 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.08 |
0.06 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.03 |
12.58 |
5.25
|
LOCAL AGENCY FURTHER INFORMATION
Note :
The registered address of the company 512/513, 5th Floor,
Sahar Complex, Andheri - Kurla Road, J. B. Nagar, Andheri (East). Mumbai –
400069, Maharashtra, India has shifted to present address with effect from 01.11.2006
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
-
Due to micro and small
enterprises |
13.018 |
8.841 |
12.456 |
|
-
Due to others |
836.295 |
556.001 |
1163.461 |
|
Total |
849.313 |
564.842 |
1175.917 |
PERFORMANCE REVIEW
Sales
During the period,
the Company has achieved a turnover of Rs.7333.920 Millions as against
Rs.7512.830 Millions recorded in the previous year.
Contingent
Liabilities As on 31.03.2011
·
Disputed income tax matters* - Rs.1208.916 Millions
·
Disputed excise matters* - Rs.68.859 Millions
·
Potential liability for non-fulfillment of export
obligation in the future on account of duty free imported of materials imported
against the Advance Quantity License Scheme – Rs.1.068 Millions
*The timing and the amount of cash flows, if
any that may arise from the above matters will be determined only on settlement
of the cases.
Fixed assets
- Freehold land
- Leasehold land and Buildings
- Plant and machinery
- Laboratories Equipments
- Furniture and Fittings
- Office Equipments
- Computer Hardware and Software
- Vehicles
- Manufacturing and Process Know-how
- Marketing Rights
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.52.81 |
|
|
1 |
Rs.82.00 |
|
Euro |
1 |
Rs.68.81 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.