MIRA INFORM REPORT

 

 

Report Date :

05.01.2011

 

IDENTIFICATION DETAILS

 

Name :

BAYER MATERIALSCIENCE PRIVATE LIMITED

 

 

Registered Office :

Bayer House, Central Avenue Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.09.1995

 

 

Com. Reg. No.:

179724

 

 

CIN No.:

[Company Identification No.]

u19113mh1995ptc179724

 

 

Legal Form :

Private Limited Liability Company 

 

 

Line of Business :

Manufacturer of Thermoplastic Polyurethanes and Chemicals

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba     ( 45 )

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 4610984

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

Litigation :

Clear

 

 

Comments :

Subject is a subsidiary of Bayer AG, Germany.

 

It is a well established and reputed company having satisfactory track. Trade relations are reported as fair. business is active. Payments are reported to be usually correct and as per commitments.

 

In view of strong Holding Company the subject can be considered normal 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.

 

ECGC Country Risk Classification List – April 1, 2010

 

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

INFORMATION PARTED BY

 

Name :

Mr. Soni

Designation :

Account Manager

Date :

03.01.2011

 

LOCATIONS

 

Registered Office :

Bayer House, Central Avenue Hiranandani Gardens, powai, Mumbai – 400 076, Maharashtra

Tel. No.:

91-22-25711234

Fax No.:

91-22-25700147

E-Mail :

niranjan.ketkar@bayercropscience.com

Website :

www.bayer.com

Area :

2500Sq.ft.

Location :

Owned

 

 

Factory :

1-2, Community Centre, Aram Bagh, panchkuian Road, New Delhi – 110 055, Delhi

 

 

DIRECTORS

 

As On :  17.08.2010

 

Name :

Mr. Stephan Feirdhelm Gerlich

Designation :

Chairman Cum Managing Director 

Address :

Vinrita, Flat No. 13 and 14, Plot No. 98 of TPS IV, Prof. Almedia Road, Bandra, Mumbai – 400 050

Date of Birth/Age :

11.09.1958

Date of Appointment :

24.07.2008

 

 

Name :

Mr. Kaikobad Behram Mistry

Designation :

Director    

Address :

The Anchorage, 217/A, Staff Road, Secunderabad – 500 009, Andhra Pradesh

Date of Birth/Age :

16.12.1959

Date of Appointment :

01.07.2008

 

 

Name :

Mr. Darius Cavasji Shroff

Designation :

Director    

Address :

Moonlight, Flat No. 8, Maharishi Karve Road, Mumbai – 400 020, Maharashtra

Date of Birth/Age :

08.08.1944

Date of Appointment :

07.12.2006

 

 

Name :

Mr. Subrahmanian Kugalur Ramasesha Venkata

Designation :

Director    

Address :

8, Rushilla, 17C, Carmichael Road, Mumbai – 400 026, Maharashtra

Date of Birth/Age :

26.09.1933

Date of Appointment :

13.06.1996

 

 

KEY EXECUTIVES

 

Name :

Mr. Niranajn Arun Ketkar

Designation :

Secretary

Address :

A/101, Om Vaibhav Park, Tandon Road, Ram Nagar, Dombivli – 421 201, Maharashtra

Date of Birth/Age :

27.09.1975

Date of Appointment :

26.02.2007

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders (As on 17.08.2010)

 

 

No. of Shares

Bayer AG, Germany

 

100267652

Bayer AG jointly with Shirin V Balsara, Germany

 

1

Bayer AG jointly with Pradnesh Kamat, Germany

 

1

Total

 

100267654

 

 

AS ON : 30.09.2010

 

Equity Share Breakup

 

Percentage of Holding

Category

 

 

Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]

 

100.00

 

 

 

 

Total

100.00

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer of Thermoplastic Polyurethanes and Chemicals

 

 

Products :

Product

Item Code No. (ITC Code)

Desmodur 44 V 20 L

292910.90

Desmodur Vppu 926

292910.90

Bayfit 23 BT 001

390799.00

 

 

Terms :

 

Selling :

Cash, Credit  (30 days / 60 days / 90 days)

 

 

Purchasing :

Cash, Credit  (30 days / 60 days / 90 days)

 

 

GENERAL INFORMATION

 

 

Customers :
  • End Users
  • OEM’s

 

 

No. of Employees :

50 (Approximately)

 

 

Bankers :

HDFC Bank

Senapati Bapat Marg, Lower Parel, Mumbai, Maharashtra, India

 

 

 

 

Facilities :

 

Unsecured Loans

31.03.2010

(Rs. In Millions)

31.03.2009

(Rs. In Millions)

Inter Corporate Bodies

410.000

385.000

Loan from banks

0.000

365.000

Loan others

1096.000

112.000

Loan from Holding Company

780.000

0.000

Cash Credit from banks

27.225

277.997

Total

2313.225

1139.997

 

Notes:

Of the above, due within one year Rs. 437.225 millions (Previous Period Rs. 1027.997 millions)

 

 

Banking Relations :

---

 

 

Auditors :

 

Name :

Price Waterhouse

Chartered Accountants 

Address :

252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai – 400 028, Maharashtra

 

 

Holding Company  :

Bayer AG

 

 

Subsidiaries :

·         Bayer Pharmaceuticals Private Limited, India

·         Bayer Polychem (India) Limited

 

 

CAPITAL STRUCTURE

 

As on: 31.03.2010

 

Authorised Capital :

 

No. of Shares

Type

Value

Amount

160000000

Equity Shares 

Rs. 10/- each

Rs. 1600.000 millions

 

Issued, Subscribed & Paid-up Capital :

 

No. of Shares

Type

Value

Amount

100267654

Equity Shares 

Rs. 10/- each

Rs.1002.677 millions

 

Note :

 

100,267,654 (Previous year 100,267,654) Equity shares are held by Byer AG, Germany, the holding company and its nominees.

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

1002.676

1002.676

1002.677

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

150.070

136.298

297.202

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

1152.746

1138.974

1299.879

LOAN FUNDS

 

 

 

1] Secured Loans

0.000

0.000

0.000

2] Unsecured Loans

2313.225

1139.997

533.158

TOTAL BORROWING

2313.225

1139.997

533.158

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

 

 

 

 

TOTAL

3465.971

2278.971

1833.037

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

595.687

601.687

599.529

Capital work-in-progress

1276.350

246.284

5.593

 

 

 

 

INVESTMENT

89.528

218.666

243.666

DEFERREX TAX ASSETS

0.000

0.000

5.075

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories

693.255

438.414

559.126

 

Sundry Debtors
709.000

642.846

432.917

 

Cash & Bank Balances
478.942

34.570

19.312

 

Other Current Assets

0.000

0.000

0.000

 

Loans & Advances
408.345

476.827

411.299

Total Current Assets
2289.542

1592.657

1422.654

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
58.407

18.076

19.068

 

Sundry Creditors
683.441

349.343

414.713

 

Provisions
43.288

12.905

9.699

Total Current Liabilities
785.136

380.324

443.480

Net Current Assets
1504.406

1212.334

979.174

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

3465.971

2278.971

1833.037

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

2976.292

2047.164

2094.239

 

 

Other Income

 

 

 

 

 

TOTAL                                     (A)

2976.292

2047.164

2094.239

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Cost of Materials

 

 

 

 

Manufacturing Expenses

 

 

 

 

 

Employees Remuneration

 

 

 

 

 

Increase/(Decrease) in Finished Goods

2924.448

2209.542

2018.339

 

 

Selling and Distribution Expenses

 

 

 

 

 

Office Expenses

 

 

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

2924.448

2209.542

2018.339

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

51.844

(162.378)

75.900

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

51.844

(162.378)

75.900

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

0.000

0.000

0.000

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

51.844

(162.378)

75.900

 

 

 

 

 

Less

TAX                                                                  (H)

38.074

(1.477)

47.813

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

13.770

(160.901)

28.087

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

 

72.062

132.922

 

 

Commission Earnings

2104.000

286.947

325.900

 

 

Other Earnings

 

0.000

10.747

 

TOTAL EARNINGS

2104.000

359.009

469.569

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

NA

545.912

422.363

 

 

Stores & Spares

NA

2.087

3.609

 

 

Capital Goods

NA

140.073

52.634

 

 

Others

NA

495.252

995.081

 

TOTAL IMPORTS

NA

1183.324

1473.687

 

 

 

 

 

 

Earnings Per Share (Rs.)

0.14

1.60

0.28

 

Expected Sales (2010 - 2011) : Rs. 3500.000 millions (Expected)

 

KEY RATIOS

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
0.46

(7.86)

1.34

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)

1.74

(7.93)

3.62

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
1.80

(7.40)

3.75

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.04

(0.14)

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.69

1.33

0.75

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
2.92

4.19

3.21

 

 

LOCAL AGENCY FURTHER INFORMATION

 

SUNDRY CREDITORS

 

Particulars

31.03.2010

31.03.2009

31.03.2008

Due to Micro and Small Enterprises

0.001

0.000

0.000

Due to Others

683.145

349.048

414.405

Deposits from Agents and Dealers

0.295

0.295

0.295

Due to Subsidiary Company

0.000

0.000

0.013

Total

683.441

349.343

414.713

 

Operations:

 

During the year under review, the Company has earned a total income including other income of Rs. 2976.000 millions (previous year Rs. 2047.000 million) which includes Rs. 339.000 millions (previous year Rs. 359.000 millions) by way of exports. After meeting the operative expenses, the profit before tax works out to Rs. 52.000 millions (previous year loss before tax Rs. 162.000 millions).

 

TRADE REFERANCE :

 

Baxter Healthcare Limited

Atlas Weighing Equipments, New Delhi

 

Material Developments:

 

The Scheme of Amalgamation of subsidiary companies of the Company viz., Bayer Polychem (India) Limited with Bayer Pharmaceuticals Private Limited was approved by the Hong Kong’ble High Court of Bombay on 27th November, 2009. Pursuant to the said sceme Bayer Polychem (India) limited was dissolved without winding up with effect from 1st December, 2009 (effective date of amalgamation).

 

Bayer Pharmaceuticals Private Limited (BPPL) was 100% subsidiary of the Company. The Company vide its board resolution dated 5th December, 2009 approved the sale of entire equity share capital of BPPL in favour of Bayer (South East Asia) Private Limited. Subsequently, BPPL vide its board resolution dated 21st December, 2009 approved the transfer of the entire equity share capital held by the company to Bayer (South East Asia) Private Limited.

 

Hence, as on 31st March, 2010 the Company does not have any subsidiary.

 

change of address:

 

the Registered Address of the company was 1-2, Community Centre, Aram Bagh, panchkuian Road, New Delhi – 110 055 change to present Registered Office w.e.f 15.02.2008.

 

 

FIXED ASSETS :

 

  • Goodwill
  • Software
  • Freehold Land
  • Buildings
  • Leasehold Improvements
  • Plant and Machinery
  • Office Equipments
  • Computers
  • Furniture and Fixtures
  • Vehicles

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, 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.44.84

UK Pound

1

Rs.69.32

Euro

1

Rs.59.79

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

5

PAID-UP CAPITAL

1~10

5

OPERATING SCALE

1~10

5

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

5

--PROFITABILIRY

1~10

5

--LIQUIDITY

1~10

5

--LEVERAGE

1~10

5

--RESERVES

1~10

5

--CREDIT LINES

1~10

5

--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

NO

--LISTED

YES/NO

no

--OTHER MERIT FACTORS

YES/NO

yes

TOTAL

 

45

 

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.