MIRA INFORM REPORT
|
Report Date : |
29.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAYER CROPSCIENCE LIMITED (w.e.f 2004) |
|
|
|
|
Formerly Known
As : |
BAYER ( |
|
|
|
|
Registered
Office : |
Bayer House, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
09.09.1958 |
|
|
|
|
Com. Reg. No.: |
11-11173 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.394.987 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24210MH1958PLC011173 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB00146G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB9651K |
|
|
|
|
Legal Form : |
A
Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacture, sale and distribution of insecticides, fungicides,
weedicides and various other agrochemical products. |
|
|
|
|
No. of Employees
: |
200
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 31000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is a subsidiary of Bayer AG, 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating : AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
05.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
05.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Bayer House, |
|
Tel. No.: |
91-22-25711234 / 25711391/
25711388/ 25711395 |
|
Fax No.: |
91-22-25700147 |
|
E-Mail : |
|
|
Website : |
www.bayercropscience.com
|
|
|
|
|
Factory 1 : |
Plot Nos. 6008 - 10 and 6301 - 10A, GIDC Industrial Estate, Ankleshwar
– 393002, |
|
|
|
|
Factory 2 : |
Plot Nos. 66/1 to 75/2, GIDC,
Estate, Himatnagar – 383001, |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Dr.
Vijay Mallya |
|
Designation : |
Chairman
and Independent Director |
|
|
|
|
Name : |
Mr.
Stephan Gerlich |
|
Designation : |
Vice Chairman and Managing Director Promoter Director Member - Shareholders' Grievance Committee |
|
|
|
|
Name : |
Mr.
Sharad M Kulkarni |
|
Designation : |
Independent
Director Chairman
- Audit Committee Chairman
- Shareholders' Grievance Committee |
|
|
|
|
Name : |
Mr. A
K Ravi Nedungadi |
|
Designation : |
Independent Director Member - Audit Committee |
|
|
|
|
Name : |
Mr.
Vimal
Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Peter Mueller |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tobias Marchand |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kaikobad Mistry |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Shirin V. Balsara |
|
Designation : |
Vice President – Legal and Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6637798 |
16.81 |
|
|
|
|
|
|
|
|
|
|
21448864 |
54.30 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
280866962 |
71.11 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2685713 |
6.80 |
|
|
14785 |
0.04 |
|
|
1935458 |
4.90 |
|
|
1871534 |
4.74 |
|
Sub
Total |
6507490 |
16.48 |
|
|
|
|
|
|
|
|
|
|
1463832 |
3.71 |
|
|
|
|
|
|
|
|
|
|
3090404 |
7.82 |
|
|
344991 |
0.87 |
|
|
|
|
|
|
|
|
|
|
53 |
0 |
|
|
5315 |
0.01 |
|
|
|
|
|
Total (A+B) |
39498747 |
100.00 |
|
|
|
|
|
(C) Share held by custodian and against which depository
Receipts have been issued |
|
|
|
Promoter
and promoter group |
0 |
0 |
|
Public |
0 |
0 |
|
Sub Total |
0 |
0 |
|
Total (A+B+C) |
39498747 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, sale and distribution of insecticides, fungicides,
weedicides and various other agrochemical products. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Active
Ingredient Production |
Tons |
5783 |
2192 |
|
Formulations |
|
|
|
|
Powders
|
Tons |
12610 |
5209 |
|
Liquids |
KL |
3600 |
2321 |
|
Wetable
dispersable granules |
Tons |
720 |
13370 |
|
Tablets
|
Million Nos |
-- |
-- |
GENERAL INFORMATION
|
No. of Employees : |
200 (Approximately) |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price
Waterhouse Chartered
Accountants |
|
|
|
|
Ultimate Holding Company: |
Bayer AG, |
|
|
|
|
Parties under
common control : |
-
Bayer ( -
Bayer (South East Asia) Pte Limited, -
Bayer A/S, -
Bayer Animal Health -
Bayer Australia Limited, -
Bayer Bio Science Private Limited, -
Bayer Business and Technology Services -
Bayer Business Services -
Bayer Business Services Private Limited, -
Bayer Company ( -
Bayer CropScience ( -
Bayer CropScience Private Limited, -
Bayer CropScience AG, -
Bayer CropScience K.K., Japan -
Bayer CropScience -
Bayer CropScience Limited, -
Bayer CropScience Limited, -
Bayer CropScience Inc., -
Bayer Direct Services -
Bayer HealthCare Limited, -
Bayer HealthCare -
Bayer Korea Limited, -
Bayer Malibu Polymers Private Limited, -
Bayer MaterialScience AG, -
Bayer MaterialScience Limited, -
Bayer MaterialScience Private Limited, -
Bayer Middle |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46300000 |
Equity Shares |
Rs.10/- each |
Rs.463.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
39498747 |
Equity Shares |
Rs.10/- each |
Rs.395.000
Millions |
|
|
|
|
|
Notes to the financial statements for the
year ended March 31, 2012
|
Share Capital |
As On 31.03.2012 (Rs. In
Millions) |
As On 31.03.2011 (Rs. In
Millions) |
|
1] Authorised 46,300,000 (Previous Year 46,300,000) Equity Shares of ` 10/- each |
463.000 |
463.000 |
|
2] Issued, Subscribed and Paid-up: |
|
|
|
39,498,747 (Previous Year 39,498,747) Equity Shares of ` 10/- each,
fully paid-up |
395.000 |
395.000 |
a) Rights, preferences and restrictions attached to
Equity Shares:
The Company has
one class of Equity Shares having a par value of ` 10/- per share. Each
Shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the Shareholders in the
ensuing Annual General Meeting. In the event of liquidation, the Equity
Shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, in proportion to their shareholding.
|
b) Shares held by Ultimate Holding Company and its
subsidiaries: |
Number of Shares |
|
|
|
As On 31.03.2012 |
As On 31.03.2011 |
|
Ultimate Holding Company: Bayer AG, |
8272560 |
8272560 |
|
Ultimate Holding Company: Bayer AG, |
11236586 |
11236586 |
|
Bayer S.A.S.,
France |
7922666 |
7922666 |
|
Bayer
MaterialScience Private Limited, |
654850 |
654850 |
Note: There are no shareholders holding more than
5% of the aggregate Equity Shares of the Company except those marked above.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
395.000 |
395.000 |
394.987 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7532.000 |
6335.000 |
5202.938 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7927.000 |
6730.000 |
5597.925 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
14.906 |
|
|
2] Unsecured Loans |
0.000 |
1085.000 |
1124.843 |
|
|
TOTAL BORROWING |
0.000 |
1085.000 |
1139.749 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7927.000 |
7815.000 |
6737.674 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2558.000 |
3537.000 |
2921.096 |
|
|
Capital work-in-progress |
8.000 |
0.000 |
287.359 |
|
|
|
|
|
|
|
|
INVESTMENT |
36.000 |
36.000 |
628.175 |
|
|
DEFERREX TAX ASSETS |
104.000 |
60.000 |
66.118 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4995.000
|
4374.000 |
3479.998
|
|
|
Sundry Debtors |
2562.000
|
2814.000 |
1976.014
|
|
|
Cash & Bank Balances |
4299.000
|
3630.000 |
153.514
|
|
|
Other Current Assets |
1064.000
|
1137.000 |
0.000
|
|
|
Loans & Advances |
2781.000
|
9.000 |
1182.851
|
|
Total
Current Assets |
15701.000
|
11964.000 |
6792.377 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2605.000
|
2950.000 |
2640.453
|
|
|
Other Current Liabilities |
7292.000
|
4376.000 |
882.400
|
|
|
Provisions |
583.000
|
456.000 |
434.598
|
|
Total
Current Liabilities |
10480.000
|
7782.000 |
3957.451 |
|
|
Net Current Assets |
5221.000
|
4182.000 |
2834.926 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7927.000 |
7815.000 |
6737.674 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22723.000 |
21373.000 |
16247.619 |
|
|
|
Other Income |
453.000 |
205.000 |
1245.969 |
|
|
|
TOTAL (A) |
23176.000 |
21578.000 |
17493.588 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5013.000 |
4072.000 |
3855.839 |
|
|
|
Purchases of Stock-in-Trade |
10283.000 |
10038.000 |
6627.115 |
|
|
|
Changes in inventories of semi-finished goods, finished goods and
stock-in-trade |
(739.000) |
(368.000) |
122.235 |
|
|
|
Employee benefit expenses |
1553.000 |
1566.000 |
1411.231 |
|
|
|
Other
expenses |
4086.000 |
3834.000 |
3033.201 |
|
|
|
TOTAL (B) |
20196.000 |
19142.000 |
15049.621 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2980.000 |
2436.000 |
2443.967 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
17.000 |
83.000 |
128.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2963.000 |
2353.0000 |
2315.651 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
340.000 |
327.000 |
264.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX AND EXCEPTIONAL ITEMS (G) |
2623.000 |
2026.000 |
2051.232 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
579.000 |
38.000 |
86.785 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
2044.000 |
1988.000 |
1964.447 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
654.000 |
672.000 |
691.912 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1390.000 |
1316.000 |
1272.535 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5659.524 |
4343.524 |
3070.989 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
166.000 |
157.995 |
157.995 |
|
|
|
Dividend |
27.000 |
25.631 |
26.241 |
|
|
|
Tax on Dividend |
139.000 |
131.544 |
127.254 |
|
|
BALANCE CARRIED
TO THE B/S |
7049.524 |
5659.524 |
4343.524 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Charges Recover From Group of Companies |
68.000 |
607.000 |
629.455 |
|
|
|
Proceeds From Global Disinvestment of Carbaryl |
24.000 |
- |
N.A |
|
|
|
Reimbursement OF Expenses |
53.000 |
135.000 |
N.A |
|
|
|
Export of Goods |
3096.000 |
2363.000 |
N.A |
|
|
TOTAL EARNINGS |
3241.000 |
2498.000 |
629.455 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2642.000 |
2694.000 |
3483.283 |
|
|
|
Packaging Material |
17.000 |
6.000 |
N.A |
|
|
|
Stock In Trade |
1955.000 |
1896.000 |
15.480 |
|
|
|
Stores & Spares |
10.000 |
9.000 |
1.442 |
|
|
|
Capital Goods |
107.000 |
103.000 |
91.646 |
|
|
TOTAL IMPORTS |
4731.000 |
4708.000 |
108.568 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.19 |
33.30 |
32.22 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
9208.200 |
8265.600 |
|
Total Expenditure |
7819.100 |
6798.300 |
|
PBIDT (Excl OI) |
1389.100 |
1467.300 |
|
Other Income |
224.400 |
138.100 |
|
Operating Profit |
1613.500 |
1605.400 |
|
Interest |
3.700 |
9.500 |
|
Exceptional Items |
(217.800) |
(61.400) |
|
PBDT |
1392.000 |
1534.500 |
|
Depreciation |
86.9000 |
88.400 |
|
Profit Before Tax |
1305.100 |
1446.100 |
|
Tax |
417.700 |
467.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
887.400 |
978.500 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
887.400 |
978.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.99
|
6.10 |
7.27
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.99
|
9.30 |
11.39
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.19
|
12.82 |
20.22
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.30 |
0.35
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.32
|
1.32 |
0.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
0.25 |
0.17
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN
DETAILS
|
Particulars |
Rs.
In Millions 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Loans and Advances from Related Parties (Bilag Industries Private
Limited) |
- |
1085.000 |
|
TOTAL |
- |
1085.000 |
OPERATION
The company’s
profit after tax increased to Rs.1390.000 Millions during the financial year
ended March 31, 2012 as compared to Rs.1316.000 Millions in previous year, an
increase of 5.62 %.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW OF AGRICULTURAL SECTOR
The story of
The agricultural
sector has continued its steady growth, estimated to be around 3%, for
‘agriculture and allied activities’, according to the Central Statistical
Organization. The main impetus for growth during 2011-12 emanated from
agriculture, which showed an above-trend growth rate, thanks to a normal
monsoon. The year also witnessed record production in wheat, coarse cereals,
pulses and cotton.
With the
announcement made by the Planning Commission, growth in the agricultural sector
has made up for the shortfall in industrial output.
The second advance
estimates released by the Ministry of Agriculture, state that
Various initiatives
launched by the Government of India such as Rashtriya Krishi Vikas Yojana
(launched in 2007) to boost agricultural growth rate are showing significant
results. In addition, the Government of India’s encouragement towards
incentivising states to increase public investment in agriculture, extending
the Green Revolution to eastern states such as West Bengal and Assam, the
National Horticultural Mission to promote fruits and vegetables and the
increased Minimum Support Prices (MSP) for farmers have been contributing to
the holistic development in this sector.
The above
initiatives, coupled with private sector participation, have shown significant
improvement. These are expected to boost the growth of Indian agricultural
sector in 2012.
INDUSTRY DEVELOPMENT
The Indian crop
protection market has been growing steadily at nearly 14% during the last 4
years. However, in 2011-12, the crop protection season has slowed down to a
single digit growth rate, mainly due to the uneven spread of the south west
monsoon, relatively less favorable commodity prices and especially critical
cropping condition during the recent Rabi season. It is important to emphasise
that the overall positive market trends in the agricultural sector are fully in
place and the agrochemicals industry is well synchronized to match with them. A
number of reasons have been attributed to the long-term positive market trend,
such as good commodity prices and Minimum Support Price from the Government of
India, that has been helping farmers to choose qualitative inputs as well as
increasing awareness amongst farmers about development in cropping patterns.
Indian
agrochemical companies have been contributing substantially towards generating
awareness among farmers about sound crop protection practices. Diversity of
crops across newer geographical areas has brought in a gainful period for the
agricultural sector and in particular to the crop protection industry.
Newer chemistry is
entering the markets, as companies focus on innovation. Farmers today are more
educated and their acceptance towards newer trends is much higher than ever
before. Quality has become a watchword for farmers, as exports of fruits and
vegetables are increasingly offering price advantages to them. Their power of
choice has also contributed to an ever-expanding range of crop protection
products.
The option for
greater use of herbicides is on account of labour shortage spurred by Mahatma
Gandhi National Rural Employment Guarantee Scheme as also greater employment
opportunities in the manufacturing and service sectors across the country.
There is also a
higher acceptance for new products. Farmers are now well aware about the demand
for quality of produce in fruit and vegetable segments and are increasingly
opting for fungicides, which has remarkably spurred the growth of this segment.
The Public Health
business segment in
Professional Pest
Control (PPC) business also continued its positive growth curve in both
commercial and residential segments. Synthetic pyrethroids are still used for
active treatments of various pests. A latent demand for ‘natural / alternative
products’ is met by unbranded products in the unorganised sector. Termite
control products business keeps growing with the increase in new constructions.
Bedbugs are posing a major threat to households and hospitality industry and
are emerging as a key segment apart from roaches and rodents. The segment grew
overall by 12% as compared to last year.
OPPORTUNITIES AND OUTLOOK
The outlook for
crop protection companies continues to be positive. Innovation-driven companies
will achieve better consolidation in terms of value capture, say experts.
Better quality molecules and the range of products well-suited for high-value
agriculture will ensure growth. Swelling farm incomes, encouraged by good
commodity prices, will further embolden farmers in spending on qualitative and
innovative crop protection products.
Increasing
employment opportunities in rural areas, encouraged by progressive government
policies and actions and coupled with high economic growth, are expected to
influence labour availability for agricultural business. Usage of selective and
non-selective herbicides consequently, will get a major impetus due to this
phenomenon.
Quality-conscious
consumers will impact the market. This will boost fungicides segment and create
opportunities for the crop protection products in Horticultural crop
cultivation.
While the
government has taken proactive steps to give remunerative prices to farmers,
the full benefit will flow to them with the strengthening of procurement and
improved distribution systems.
The Company is
well positioned as an innovation leader in the industry. By implementing a
comprehensive business strategy, the Company is poised strongly in the market
with an extensive pipeline of products that are being developed keeping in
sight the evolving market trends. The Company’s focus on innovation will ensure
that it benefits from the existing growth trends.
With more than
3,500 sales managers and field advisers, as well as a large distribution
network, the Company has the deepest reach in the Indian market. This helps in
providing necessary insight into farmer needs and the capability to respond
accordingly.
An increased
reach, focus on large and medium sized customers as Key Accounts and a growing
PMP segment are some of the main contributors that will help Bayer consolidate
its position in 2012 and onwards. This year the outlook seems bright, as the
Company is reintroducing some earlier products, as also launching new ones.
Bayer is also introducing new tools like the ‘Safety Card’ to help the Company
make further inroads in the PMP segment
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Claims against the Company not acknowledged as debts towards: |
|
|
|
Direct Tax matters |
461.000 |
171.000 |
|
Indirect Tax matters (Excise duty, Customs duty, Service tax and Sales
tax) |
7633.000 |
754.000 |
|
Litigation/ claims filed by customer/ vendor/ labour |
33.000 |
33.000 |
|
Litigation/ demands raised by other Statutory Authorities |
53.000 |
28.000 |
|
TOTAL |
8180.000 |
986.000 |
Note: Future cash flows
in respect of above, if any, is determinable only on receipt of judgment/
decisions pending with relevant authorities
FIXED ASSETS
- Buildings
- Plant and Machinery
- Office Equipment
- Computers
- Furniture and Fixtures
- Vehicles
STATEMENT OF
UNAUDITED FINANCIAL RESULT FOR THE QUARTER AND SIX MONTH ENDED 30.09.2012
(Rs, in Millions)
|
Particulars |
Quarter Ended On
30.09.2012 |
Quarter Ended On
30.06.2012 |
Year to Date 30.09.2012 |
|
Income
from Operations |
(UnAudited) |
(UnAudited) |
(UnAudited) |
|
(a) Net Sales/Income from Operations |
8001.0 |
8994.400 |
16995.400 |
|
(Net of Excise duty) |
|
|
|
|
(b) Other
Operating Income |
264.600 |
213.800 |
478.400 |
|
Total
Income from Operations (Net) |
264.600 |
9208.200 |
17473.800 |
|
Expenses |
|
|
|
|
Cost
of material consumed |
1317.200 |
1449.200 |
2766.400 |
|
Purchase
of stock in trade |
3351.200 |
6230.100 |
9581.300 |
|
Changes
in inventories of finished goods, in
progress and Stock- in- trade |
462.800 |
(1495.200) |
(1032.400) |
|
Employee
benefit expenses |
449.500 |
478.000 |
927.500 |
|
Depreciation
and amortisation expenses |
88.400 |
86.900 |
175.300 |
|
Other
Expenses |
1217.600 |
1157.000 |
2374.600 |
|
Total
Expenses |
6886.700 |
7906.000 |
14792.700 |
|
Profit
from Operations before other income, Finance cost and Exceptional items |
1378.900 |
1302.200 |
2681.100 |
|
Other
Income |
138.100 |
224.400 |
362.500 |
|
Profit
from ordinary activities before finance costs and Exceptional items (3+4) |
1507.500 |
1526.600 |
3042.600 |
|
Finance
Costs |
61.400 |
3.700 |
13.200 |
|
Profit
from ordinary activities after finance costs but before Exceptional items (5-6) |
1446.100 |
1522.900 |
3030.400 |
|
Exceptional
items |
467.600 |
217.800 |
279.200 |
|
Profit/Loss
from ordinary activities before tax (7+8) |
978.500 |
1305.100 |
2751.200 |
|
Tax Expense |
|
|
|
|
Tax
Expense |
395.000 |
417.700 |
885.300 |
|
Net
Profit from ordinary activities after tax (9-10) |
978.500 |
887.400 |
1865.900 |
|
Paid up Equity Share Capital (
Face Value Rs.10 each) |
395.000 |
395.000 |
395.000 |
|
Reserves excluding revaluation
reserves as per balance sheet of previous year accounting |
|
|
|
|
Earning Per Share (basic and
dillute) (non audited) |
24.77 |
22.47 |
47.24 |
|
PARTICULARS OF
SHARE HOLDING Public Shareholding |
|
|
|
|
No
of Equity Shares |
11412085 |
11412085 |
11412085 |
|
%
of Share holding |
28.89% |
28.89% |
28.89% |
|
Promoters and Promoter Group a) Pledged /
Encumbered
Shareholding |
|
|
|
|
-
Number of Equity shares |
Nil |
Nil |
Nil |
|
-
%of shares (of the total shareholding of promoter and promoter group) |
N.A |
N.A |
N.A |
|
-
Percentage of shares (of the total share capital of the Company) |
N.A |
N.A |
N.A |
|
b)
Non - encumbered |
|
|
|
|
-
Number of Equity shares |
28086662 |
28086662 |
28086662 |
|
%of
shares (of the total shareholding
of promoter and promoter group) |
100% |
100% |
100% |
|
- Percentage of
shares (of the total share capital of the |
71.11% |
71.11% |
71.11% |
Notes:
1.
The Company has only one reportable business
segment, i.e. "Agri Care". The Company’s business is seasonal in nature
and hence quarterly figures are not representative of the full year's
performance.
2.
Consistent with past practice, Sales for the six
months ended September 30, 2012 are net of estimated returns of Rs.344.400 Millions (April - September
2011 Rs.661.600 Millions), in respect of seasonal sales, which, in Management's
opinion, may need to be reviewed dependent on future circumstances. Sales
returns are accounted at actual at the financial year end.
3.
The Bayer Companies worldwide place great
importance on protecting the environment and conserving natural resources.
Pursuant to the cessation of manufacturing activities at Thane, the Company has
incurred expenses towards Demolition and Remediation activities.
STATEMENT OF
ASSETS AND LIABILITIES AS ON 30.09.2012
(UNAUDITED)
(Rs, in Millions)
|
Particulars |
Quarter Ended On 30.09.2012 |
|
Equities and Liability |
|
|
[A] SHAREHOLDERS
FUNDS |
|
|
1] Share Capital |
395.000 |
|
2] Reserves & Surplus |
9397.800 |
|
Sub
Total |
9792.800 |
|
[B] Non Current
Liability |
|
|
1] Long Term Borrowings |
- |
|
2] Differed Tax Liability |
395.400 |
|
Sub
Total |
395..400 |
|
[C] Current
Liabilities |
|
|
1] Trade Payable |
3174.500 |
|
2] Other Current Liability |
7047.900 |
|
3] Short – Term Provision |
848.500 |
|
Sub
Total |
11070.900 |
|
Total
Equity and Liability |
21259.100 |
|
ASSETS |
|
|
[I] Non Current
Assets |
|
|
a) Fixed assets |
2398.200 |
|
b) Non Current Investment |
36.100 |
|
c)Differed Tax Assets |
158.800 |
|
d) Long Term Loan and Advances |
744.400 |
|
Sub
Total Non Current Assets |
3337.500 |
|
[II] Current Assets |
|
|
a) Inventories |
5815.600 |
|
b) Trade Receivable |
7852.900 |
|
c) Cash and Cash Equivalents |
1564.500 |
|
d) Short Term Loan and Advances |
2227.100 |
|
e) Other Current Assets |
1061.500 |
|
Sub
Total Current Assets |
18521.600 |
|
TOTAL
– Current Assets |
21259.100 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.85 |
|
|
1 |
Rs.85.26 |
|
Euro |
1 |
Rs.71.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
HET |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
75 |
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.