MIRA
INFORM REPORT
|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAYER CROPSCIENCE LIMITED (w.e.f. 2004) |
|
|
|
|
Formerly Known
As : |
BAYER (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
Olympia, First Floor, Central Avenue, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.09.1958 |
|
|
|
|
Com. Reg. No.: |
11-011173 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.395.000 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
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 77252000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ (Long Term Rating) |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
December 24, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
December 24, 2013 |
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.
INFORMATION DENIED
Management Non Co-Operative (91-22-25711234)
LOCATIONS
|
Registered Office : |
Olympia, First Floor, Central Avenue, Hiranandani Gardens, Powai,
Mumbai – 400076, Maharashtra,
India |
|
Tel. No.: |
91-22-25711234 /
25711391/ 25711388/ 25711395 |
|
Fax No.: |
91-22-25700147 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Kolshet Road, Thane - 400607, Maharashtra, India |
|
Tel. No.: |
91-22-2531234 |
|
Fax No.: |
91-22-2545235 |
|
|
|
|
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: 31.03.2013
|
Name : |
Dr. Vijay
Mallya |
|
Designation : |
Chairman
|
|
|
|
|
Name : |
Mr.
Stephan Gerlich |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr.
Sharad M Kulkarni |
|
Designation : |
Non-Executive
Independent Director |
|
|
|
|
Name : |
Mr. A
K Ravi Nedungadi |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Vimal Bhandari |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Peter Mueller |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Tobias Marchand |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Mr. Kaikobad Mistry |
|
Designation : |
Non-Executive Director |
|
|
|
|
Name : |
Dr. Thomas Hoffmann |
|
Designation : |
Whole-Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Wani |
|
Designation : |
Vice President - Law, Patents and Compliance and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.11.2013
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
5967617 |
16.30 |
|
|
5967617 |
16.30 |
|
|
|
|
|
|
19283290 |
52.66 |
|
|
19283290 |
52.66 |
|
Total shareholding
of Promoter and Promoter Group (A) |
25250907 |
68.96 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3109987 |
8.49 |
|
|
14046 |
0.04 |
|
|
909391 |
2.48 |
|
|
3029898 |
8.27 |
|
|
7063322 |
19.29 |
|
|
|
|
|
|
1242453 |
3.39 |
|
|
|
|
|
|
2654922 |
7.25 |
|
|
399433 |
1.09 |
|
|
7964 |
0.02 |
|
|
53 |
0.00 |
|
|
7911 |
0.02 |
|
|
4304772 |
11.76 |
|
Total Public
shareholding (B) |
11368094 |
31.04 |
|
Total (A)+(B) |
36619001 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
36619001 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Bayer Cropscience AG |
6431375 |
17.56 |
17.56 |
|
2 |
Bayer AG |
5729158 |
15.65 |
15.65 |
|
3 |
Bayer SAS |
7122757 |
19.45 |
19.45 |
|
4 |
Bayer MaterialScience Private Limited |
588734 |
1.61 |
1.61 |
|
5 |
Bayer Vapi Private Limited |
5378883 |
14.69 |
14.69 |
|
|
Total |
25250907 |
68.96 |
68.96 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares assuming full
conversion of warrants and convertible securities) as a % of diluted share
capital |
|
|
1 |
Bajaj Allianz Life Insurance Company Limited |
656453 |
1.79 |
1.79 |
|
|
2 |
Wasatch Emerging Markets Small Cap Fund |
565973 |
1.55 |
1.55 |
|
|
3 |
HDFC Trustee Company Limited - A/C HDFC MID - Capopportunities Fund |
410000 |
1.12 |
1.12 |
|
|
4 |
Indian Syntans Investments Private Limited |
492848 |
1.35 |
1.35 |
|
|
5 |
Meenakshi Narayanan Investments Private Limited |
411539 |
1.12 |
1.12 |
|
|
6 |
PineBridge Investments Asia Limited A/C Pinebridge Investments GF Mauritius Limited |
448628 |
1.23 |
1.23 |
|
|
|
Total |
2985441 |
8.15 |
8.15 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture, sale and distribution of insecticides,
fungicides, weedicides and various other agrochemical products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|
|
|
|
Bankers : |
· Bank of America · BNP Paribas · Central Bank of India · Citibank N.A. · Credit Agricole Corporate and Investment Bank · Deutsche Bank · HDFC Bank Limited · Societe Generale · State Bank of India ·
Union Bank of India |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
|
|
|
Solicitors : |
|
|
Name : |
Crawford Bayley and Company Chartered Accountant |
|
|
|
|
Ultimate Holding
Company : |
Bayer AG, Germany |
|
|
|
|
Parties under
common control : |
· Bayer (China) Limited, China · Bayer (South East Asia) Pte Limited, Singapore · Bayer A/S, Denmark · Bayer Animal Health GmbH, Germany · Bayer Australia Limited, Australia · Bayer BioScience Private Limited, India · Bayer Business Services GmbH, Germany · Bayer Business Services Private Limited, India · Bayer CropScience (China) Company Limited, China · Bayer CropScience (Private) Limited, Pakistan (Upto June 30, 2012) · Bayer CropScience AG, Germany · Bayer CropScience K.K., Japan · Bayer CropScience LP, U.S.A. · Bayer CropScience Limited, Bangladesh · Bayer Direct Services GmbH, Germany · Bayer HealthCare Pharmaceuticals Inc. Pine Brook, U.S.A. · Bayer Intellectual Property GmbH, Germany · Bayer Malibu Polymers Private Limited, India · Bayer MaterialScience AG, Germany · Bayer MaterialScience Limited, Hong Kong · Bayer MaterialScience Private Limited, India · Bayer Middle East FZE, United Arab Emirates · Bayer Pakistan (Private) Limited, Pakistan · Bayer Pharmaceuticals Private Limited, India · Bayer S.A.S., France · Bayer Taiwan Company Limited, Taiwan · Bayer Technology Services GmbH, Germany · Bayer Thai Company Limited, Thailand · Bayer Turk Kimya Sanayi Limited Sirketi, Turkey · Bayer Vietnam Limited, Vietnam · Bayer Yakuhin Limited, Japan · Bilag Industries Private Limited, India · Currenta GmbH and Company OHG, Germany · Nunhems India Private Limited, India ·
PT. Bayer Indonesia, Indonesia |
|
|
|
|
Sister Concern : |
|
CAPITAL STRUCTURE
As on: 31.03.2013
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 |
|
|
|
|
|
a) Rights,
preferences and restrictions attached to Equity Shares:
The Company has one class of Equity Shares having a par value of Rs.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.
|
|
As at 31.03.2013 |
|
Shares held by
Ultimate Holding Company and its subsidiaries: |
Number of Shares |
|
Ultimate Holding
Company: |
|
|
Bayer AG, Germany * |
6372560 |
|
|
|
|
Subsidiaries of
Ultimate Holding Company: |
|
|
Bayer S.A.S., France * |
7922666 |
|
Bayer CropScience AG, Germany * |
7153638 |
|
Bilag Industries Private Limited, India * |
5982948 |
|
Bayer MaterialScience Private Limited, India |
654850 |
* 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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
395.000 |
395.000 |
395.000 |
|
(b) Reserves & Surplus |
18918.000 |
7532.000 |
6335.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
19313.000 |
7927.000 |
6730.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
18.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
75.000 |
65.000 |
2649.000 |
|
(d) long-term provisions |
384.000 |
295.000 |
150.000 |
|
Total Non-current Liabilities
(3) |
477.000 |
360.000 |
2799.000 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
1085.000 |
|
(b) Trade payables |
1972.000 |
2605.000 |
2950.000 |
|
(c) Other current liabilities |
1949.000 |
7227.000 |
1727.000 |
|
(d) Short-term provisions |
439.000 |
288.000 |
306.000 |
|
Total Current
Liabilities (4) |
4360.000 |
10120.000 |
6068.000 |
|
|
|
|
|
|
TOTAL |
24150.000 |
18407.000 |
15597.000 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2157.000 |
2449.000 |
3440.000 |
|
(ii) Intangible Assets |
29.000 |
29.000 |
36.000 |
|
(iii) Capital work-in-progress |
1271.000 |
80.000 |
61.000 |
|
(iv) Intangible assets under development |
0.000 |
8.000 |
0.000 |
|
(b) Non-current Investments |
37.000 |
36.000 |
36.000 |
|
(c) Deferred tax assets (net) |
0.000 |
104.000 |
60.000 |
|
(d) Long-term Loan and Advances |
743.000 |
720.000 |
692.000 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4237.000 |
3426.000 |
4325.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5000.000 |
4995.000 |
4374.000 |
|
(c) Trade receivables |
3224.000 |
2562.000 |
2814.000 |
|
(d) Cash and cash equivalents |
9741.000 |
4299.000 |
3630.000 |
|
(e) Short-term loans and advances |
1851.000 |
2061.000 |
445.000 |
|
(f) Other current assets |
97.000 |
1064.000 |
9.000 |
|
Total Current
Assets |
19913.000 |
14981.000 |
11272.000 |
|
|
|
|
|
|
TOTAL |
24150.000 |
18407.000 |
15597.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27253.000 |
22723.000 |
21373.000 |
|
|
|
Other Income |
689.000 |
453.000 |
205.000 |
|
|
|
TOTAL (A) |
27942.000 |
23176.000 |
21578.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5754.000 |
5013.000 |
4072.000 |
|
|
|
Purchases of Stock-in-Trade |
11597.000 |
10283.000 |
10038.000 |
|
|
|
Changes in Inventories of semi-finished goods, finished goods and stock-in-trade |
95.000 |
(739.000) |
(368.000) |
|
|
|
Employee Benefit Expenses |
1810.000 |
1553.000 |
1566.000 |
|
|
|
Other Expenses |
4398.000 |
4086.000 |
3834.000 |
|
|
|
Profit on Sale of Land and Buildings |
(11906.000) |
0.000 |
0.000 |
|
|
|
Demolition and Remediation Expenditure |
159.000 |
579.000 |
38.000 |
|
|
|
TOTAL (B) |
11907.000 |
20775.000 |
19180.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16035.000 |
2401.000 |
2398.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
37.000 |
17.000 |
83.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
15998.000 |
2384.000 |
2315.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
366.000 |
340.000 |
327.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
15632.000 |
2044.000 |
1988.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4015.000 |
654.000 |
672.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
11617.000 |
1390.000 |
1316.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6090.000 |
5032.000 |
4032.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
197.000 |
166.000 |
158.000 |
|
|
|
Taxation on Proposed Dividend |
34.000 |
27.000 |
26.000 |
|
|
|
Transferred to General Reserve |
1162.000 |
139.000 |
132.000 |
|
|
BALANCE CARRIED
TO THE B/S |
16314.000 |
6090.000 |
5032.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Service Charges recovered from Group Companies |
112.000 |
68.000 |
607.000 |
|
|
|
Proceeds from Global Divestment of Carbaryl |
0.000 |
24.000 |
0.000 |
|
|
|
Reimbursement of Expenses |
0.000 |
53.000 |
135.000 |
|
|
|
Sale of Fixed Assets |
30.000 |
0.000 |
0.000 |
|
|
|
Export of Goods calculated on F.O.B. basis |
4582.000 |
3096.000 |
2363.000 |
|
|
TOTAL EARNINGS |
4724.000 |
3241.000 |
3105.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3796.000 |
2642.000 |
2694.000 |
|
|
|
Packing Materials |
17.000 |
17.000 |
6.000 |
|
|
|
Stock-in-trade |
2419.000 |
1955.000 |
1896.000 |
|
|
|
Stores and Spare Parts |
15.000 |
10.000 |
9.000 |
|
|
|
Capital Goods |
9.000 |
107.000 |
103.000 |
|
|
TOTAL IMPORTS |
6256.000 |
4731.000 |
4708.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
294.11 |
35.19 |
33.30 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
41.58 |
6.00 |
6.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
57.36 |
9.00 |
9.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
68.44 |
11.24 |
12.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.81 |
0.26 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.57 |
1.48 |
1.86 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG-TERM DEBT DETAILS – NOT AVAILABLE
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
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 |
Yes |
|
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 |
OPERATIONS:
The Company’s Revenue from Operation (Net) has increased by 19.94%, from Rs. 22723.000 Millions in 2011-12 to Rs. 27253.000 Millions in 2012-13. Profit before Exceptional Items and Taxation has increased by 48.11%, from Rs. 2623.000 Millions in 2011-12 to Rs. 3885.000 Millions in 2012-13.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
OVERVIEW OF
AGRICULTURAL SECTOR
Agriculture is an important sector of the Indian economy, accounting for 14% of the nation’s Gross Domestic Product (GDP). More than 50% of India’s population is dependent on agriculture. This sector also serves as a source of raw material for a large number of industries. Therefore, accelerating the growth of agricultural production is important, not only to achieve the overall GDP target of 8% during the 12th Plan and meet the rising demand for food, but also to increase incomes of those dependent on agriculture and ensure inclusiveness. As per the latest estimates, agriculture and allied sectors are estimated to grow at 1.8% during 2012-13 as against 3.6% during the last year.
2012-13 was a challenging year for Indian Agriculture. Uneven southwest monsoon in most parts of India resulted in reduced production during the Kharif (main) cropping season. In its 3rd advance estimate for crop year 2012-13 (June-May), India’s Ministry of Agriculture reported an overall food grain production of 255 Million Tonnes, four Million Tonnes less than last year’s peak output of 259 Million Tonnes.
Important crops, like Rice, saw substantial growth in production. As per the 3rd advance estimates, Rice production in 2012-13 stood at 104 Million Tonnes, the second highest fi gures on record, despite the delayed monsoon last year and Wheat production stood at 93.6 Million Tonnes. On the other side, Cotton and Millet acreages reduced due to unfavorable commodity prices and climatic conditions, thus shifting farmer preference towards lucrative cash crops such as Cluster bean.
Various initiatives launched by the Government of India, such as the National Food Security Mission, supported by other programs and schemes and a conducive price policy regime, helped achieve a target of 20 Million Tonnes of additional food grains production during the 11th Five Year Plan.
To further improve agricultural growth, the Economic Survey 2013 underlines the need for stable and consistent policies where markets play an appropriate role, private investment in infrastructure is stepped up, food price, food stock management and food distribution improves and a predictable trade policy is adopted for agriculture.
Foreign Direct Investment (FDI) in retail allowed by the government is expected to pave the way for investment in new technology and marketing of agricultural produce in India. Fast agricultural growth is vital for ensuring jobs, incomes and food security in India. The priority for the government will be to fight high inflation by reducing the fiscal impetus to demand as well as by focusing on incentivising food production, through measures other than price supports.
The above initiatives, coupled with private sector participation are expected to boost the growth of Indian Agriculture in 2013.
INDUSTRY DEVELOPMENT
The global Seeds and Crop Protection market continued to show dynamic development in 2012. Demand for high-value seeds rose considerably and the global Crop Protection market also posted signifi cant growth.
In India, the Crop Protection and Hybrid Agri Seeds market have grown steadily over the last 5 years, at a growth rate of 14% and 15% respectively. However, in 2012-13, growth in the Crop Protection segment slowed down to an estimated single digit rate of about 5% and the Hybrid Agri Seeds market recorded a de-growth by about 1%. This was mainly due to delayed and uneven distribution of southwest monsoon and crop shifts (mainly Cotton). But long term trends in Indian Agriculture continue to be positive for the Agrochemical and Seed Industry.
Growing food demand with limited farmland availability, attractive commodity prices, growth in horticulture and floriculture industries and increasing farmer awareness about developments in cropping patterns and use of agrochemicals, will promote the use of agri-inputs to increase productivity.
Limited mechanisation of farm operations, preference for non-agricultural work by younger generation, coupled with the impact of MGNREGS (Mahatma Gandhi National Rural Employment Guarantee Scheme) on availability of farm labour, has led to a shortage in farm labour. To compensate the scarcity and high cost of labour, farmers will require innovative agri-inputs (in particular herbicides) to ensure remunerative and sustainable farming.
Rising demand from consumer and retail companies for good quality farm products and growth of the organised retail sector is increasing quality consciousness among Indian farmers, which in turn is resulting in growing demand for fungicides.
Increasingly, Agrochemical and Seed companies are stepping up their efforts on farm extension services to enhance awareness about the benefits of Crop Protection products and hybridisation in major field crops among the farming community. This is supported by increased attention to farming needs by the government and an ever-increasing, progressive farmer population that is focusing on increasing productivity by adopting innovative farming solutions.
REVIEW OF FINANCIAL
AND OPERATIONAL PERFORMANCE
The Company’s Revenue from Operation (Net) increased by 19.94%, from Rs. 22723.000 Millions in 2011-12 to Rs. 27253.000 Millions in 2012-13. Profit before Exceptional Items and Tax increased by 48.11%, from Rs. 2623.000 Millions in 2011-12 to Rs. 3855.000 Millions in 2012-13.
Bayer CropScience, one of the leading innovation-driven companies in its industry, offers products and customer-oriented solutions to farmers for the production of high-quality food, feed and fibre. Their goal is to raise agricultural productivity through innovation. Their strategy for future growth is built on four key elements: enhancing the Crop Protection portfolio, increasing customer centricity along the entire value chain, leading the way in innovation, and expanding their Seeds business.
They aim to enhance their Crop Protection portfolio by innovating and focusing on integrated Crop Protection solutions. They have phased out all WHO Class I Insecticides from their portfolio since 2011. In line with their commitment to sustainable agriculture, Crop Protection products in this category are being replaced with new, user-friendly and more environmentally compatible formulations. Key focus areas of the Company’s global research and development are: yield improvement, stress tolerance and improving plant health. Through their innovative products and services, the Company has established itself as a comprehensive provider of ‘Seed to Shelf’ solutions. In the year 2012-13, Bayer CropScience successfully grew its innovation portfolio with flagship Crop Protection products like
Nativo, Confidor, Regent and Fame, as well as launched new Hybrid Seeds in Rice (Arize 6444 Gold), Mustard (ProAgro 5121) and Millet (ProAgro 7701 Gold, ProAgro - 9450).
Wheat and Rice are the two most important staple food crops not just in India but also globally. With a steadily increasing population, agricultural output will have to proportionately increase to feed the growing population. Neither farmers, nor governments nor manufacturers of agricultural inputs can achieve this on their own. That’s why the Company is investing in setting up research collaborations all over the world to drive research into Wheat and Rice.
Their comprehensive approach comprises of collaborations with agri-input suppliers along the entire value chain, from the seed to the consumer. They include regional and local projects to help millions of farmers improve the production of staple foods. Among these projects are 240 Food Chain Partnerships in 30 countries for major fruit and vegetable crops. They are working with their partners at the interfaces between biology and chemistry – and between science and farming – to develop tomorrow’s solutions.
In 2012, Food Chain Partnership projects in India were carried out with 32 leading players in Food Processing, Exports and Food Retail. The project has benefitted more than 68,000 farmers in the year. They aim to further strengthen their customer focus along the entire value-added chain. This involves boosting their commitment to farmers and improving processes in distribution and field advisory. In 2012, a global Food Chain Partnership project has been signed between the Company and Jain Irrigation to produce high-quality white onion and mango.
The Company has also been implementing many exceptional business excellence initiatives. These initiatives are giving us deeper knowledge of markets that are contributing actively to increasing the business and adding to their competitive edge.
The Environmental Science business maintained its position as the market leader in the areas of public health and Professional Pest Control (PPC). The Company continued to sponsor major symposia and seminars to promote general awareness, product knowledge and international trends in vector-borne disease management. These activities helped the Company increase its reach amongst ‘Local Bodies’, thus reflecting a growth in their vector control products, despite a limited product portfolio. Further, the Company also made inroads into new categories, like Poultry – helping its core brand in the category, “Bilarv” grow well. One of the biggest achievements of the Company was the approval from TAC – Ministry of Health to use Difl ubenzuron (Bilarv) in “National Vector Borne Disease Control Program” as larvicides for both polluted and non-polluted water.
Under the Environmental Science business, the Company also started a rural project under “Rural Hygiene” in one of the coastal districts of Andhra Pradesh to protect and improve the quality of farmer’s ecosystem.
OPPORTUNITIES AND
OUTLOOK
The world’s population is expected to reach 9 Billions by 2050. As population increases, natural resources will become scarcer, mainly due to insufficient arable land reserves, increasing urbanisation and progressive climate change. The importance of sustainable agriculture and of higher crop yields and quality in producing sufficient food on a limited amount of land will increase in years to come. Therefore, the outlook for companies providing Crop Protection, Seeds and other agri-inputs continues to be positive.
Innovation-driven companies will achieve better consolidation in terms of value capture, say experts. Better quality molecules, hybrid seeds and the range of other 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 inputs for achieving higher yields, better quality and a more favorable return on investment. Increasing employment opportunities in rural areas, encouraged by progressive government policies, coupled with high economic growth, are expected to influence labour availability for the agricultural sector. Usage of selective and non-selective herbicides will get a major impetus due to this phenomenon. Quality-conscious consumers will impact the market. This will boost the fungicides segment and create opportunities for Crop Protection products in Horticultural crop cultivation.
With the global acquisition of AgraQuest, Bayer CropScience has added bio-based products “Biologics” as an integrated part to its Pest Control solutions. The Company and farmers in particular will benefit in mid and long term from these integrated offers of Crop Protection and Biologics.
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 3,000 trained farm advisors and sales team as well as a large distribution network, the Company has a deep reach in the Indian market. This helps in getting necessary insights into farmer needs and deliver customised solutions to farmers. The Company launched “Indigro”, an internal strategic initiative, to align its planning with long-term trends in agriculture and design a comprehensive go-to-market execution plan to consolidate its leadership position in Crop Protection market with a focus on maximizing return on sales and marketing investments and successful launch of new products.
CONTINGENT
LIABILITIES
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debts towards: |
|
|
|
Direct Tax matters |
784.000 |
461.000 |
|
Indirect Tax matters (Excise duty, Customs duty, Service tax and Sales
tax) |
757.000 |
763.000 |
|
Litigation/ claims filed by customer/ vendor/ labour |
41.000 |
33.000 |
|
Litigation/ demands raised by other Statutory Authorities |
53.000 |
53.000 |
Note: Future cash flows
in respect of above, if any, is determinable only on receipt of judgment/
decisions pending with relevant authorities
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90235976 |
19/01/2000 |
150,000,000.00 |
CENTRAL BANK OF INDIA |
JEHANGIR WADIA BUILDING, M.G. ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
2 |
90234434 |
16/04/1998 |
236,000,000.00 |
UNION BANK OF INDIA |
INDUST. FINANCE BRANCH, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400027, INDIA |
- |
|
3 |
90235729 |
03/05/1996 |
50,000,000.00 |
BANQUE NATIONALE DE PARIS |
FRENCH BANK BUILDING, FORT, MUMBAI, MAHARASHTRA - |
- |
|
4 |
90234228 |
22/04/1996 |
7,500,000.00 |
BANK OF AMERICA |
18 BRUCE STREET, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
5 |
90234223 |
28/06/1996 * |
51,700,000.00 |
BANK OF INDIA |
NARIMAN POINT BRNCH, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
6 |
90234210 |
20/02/1996 |
10,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
7 |
90234121 |
20/04/1995 |
100,000,000.00 |
UNION BANK OF INDIA |
INDUSTRIALD FINANCE BRANCH, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
90234118 |
05/04/1995 |
80,000,000.00 |
UNION BANK OF INDIA |
INDUST. FINANCE BRANCH, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400027, INDIA |
- |
|
9 |
90235670 |
22/03/1995 |
4,000,000.00 |
PUNJAB NATIONAL BANK |
I.F.B., MAKER TOWER, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
10 |
90234008 |
03/06/1994 |
100,000,000.00 |
UNION BANK OF INDIA |
I.F.B., NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
11 |
90235554 |
22/05/1993 * |
4,000,000.00 |
PUNJAB NATIONAL BANK |
I.F.B., MAKER TOWER, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
12 |
90233874 |
26/11/1992 |
6,000,000.00 |
STATE BANK OF INDIA |
INDUST. FINANCE BRANCH, FORT, BOMBAY, MAHARASHTRA - 400022, INDIA |
- |
|
13 |
90233820 |
12/09/1995 * |
10,000,000.00 |
PUNJAB NATIONAL BANK |
I.F.B., MAKER TOWER, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
14 |
90235511 |
03/03/1993 * |
150,000,000.00 |
THE INDUSTRIAL CREDIT AND INVEST. CORP. OF INIDA L |
163; BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
15 |
90233769 |
29/08/1991 |
5,000,000.00 |
STATE BANK OF INDIA |
I.F.B., MUMBAI, MAHARASHTRA, INDIA |
- |
|
16 |
90233740 |
07/05/1991 |
20,000,000.00 |
I.D.B.I. |
IDBI TOWER, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
17 |
90233433 |
16/06/1987 |
32,000,000.00 |
UNION BANK OF INDIA |
V.N. ROAD BRANCH, RAJ MAHAL, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
18 |
90235322 |
01/07/1986 |
1,856,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA, INDIA |
- |
|
19 |
90233341 |
07/01/1986 |
1,115,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G.N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
20 |
90233059 |
12/01/1980 |
4,500,000.00 |
STATE BANK OF INDIA |
INDUST. FINANCE BRANCH, FORT, BOMBAY, MAHARASHTRA - 400022, INDIA |
- |
* Date of charge modification
STATEMENT OF UNAUDITED RESULT FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2013
(Rs. in Millions)
|
Particulars |
Quarter Ended |
Year to Date |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
(UnAudited) |
(UnAudited) |
(UnAudited) |
|
Income from
Operations |
|
|
|
|
(a) Net Sales/Income from Operations (Net of Excise duty) |
10274.000 |
9663.000 |
19937.000 |
|
(b) Other Operating Income |
230.000 |
214.000 |
444.000 |
|
Total Income from
Operations (Net) |
10504.000 |
9877.000 |
20381.000 |
|
Expenses |
|
|
|
|
Cost of material consumed |
2011.000 |
1196.000 |
3207.000 |
|
Purchase of stock in trade |
4072.000 |
6772.000 |
10844.000 |
|
Changes in inventories of finished goods, in progress and Stock- in- trade |
618.000 |
(1141.000) |
(523.000) |
|
Employee benefit expenses |
480.000 |
552.000 |
1032.000 |
|
Depreciation and amortisation expenses |
343.000 |
83.000 |
426.000 |
|
Other Expenses |
1474.000 |
1320.000 |
2794.000 |
|
Total Expenses |
8998.000 |
8782.000 |
17780.000 |
|
Profit from
Operations before other income, Finance cost and Exceptional items |
1506.000 |
1095.000 |
2601.000 |
|
Other Income |
279.000 |
231.000 |
510.000 |
|
Profit from ordinary
activities before finance costs and Exceptional items (3+4) |
1785.000 |
1326.000 |
3111.000 |
|
Finance Costs |
7.000 |
6.000 |
13.000 |
|
Profit from
ordinary activities after finance costs but before Exceptional items (5-6) |
1778.000 |
1320.000 |
3098.000 |
|
Exceptional items: |
|
|
|
|
Profit on sale of land and building |
- |
- |
- |
|
Demolition and Remediation |
- |
- |
- |
|
Exceptional items |
- |
- |
- |
|
Profit/Loss from
ordinary activities before tax (7+8) |
1778.000 |
1320.000 |
3098.000 |
|
Tax Expense |
613.000 |
442.000 |
1055.000 |
|
Net Profit from
ordinary activities after tax
(9-10) |
1165.000 |
878.000 |
2043.000 |
|
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) |
29.49 |
22.23 |
51.72 |
|
|
Quarter Ended |
Year to Date |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
(UnAudited) |
(UnAudited) |
(UnAudited) |
|
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% |
|
PARTICULARS |
3 Months ended
30.09.2013 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
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
month ended September 30, 2013 are net of estimated returns of Rs.1061.000
Millions (April – September 2012 Rs. 344.000 Millions) in respect of seasonal
sales, which, in managements opinion, may need to be reviewed dependent of
future circumstances. Sales returns are accounted are actual at the financial
year end.
3.
Pursuant to the Board of Directors approval for
proposal to sell either the whole or in part the manufacturing units and
facilities of the company located at Ankleshwar and Subsequent execution on
“Business Transfer Agreement”. The company has recognized an impairment loss of Rs. 177.000 Millions during the quarter
and six months ended September 30, 2013. The sales pursuant to both the
agreement will be recognized subject to satisfactory fulfilment of certain
conditions and receipt of such government approval or permission, as may be
required.
4.
The depreciation and Amortization Expenses for the
quarter and six months ended September 30, 2013 includes additional
depreciation charge Rs.82.000 Millions on account of revision in economic
useful life of the fixed assets of the company effective from April 1, 2013.
5.
This represent profit from sales of thane land and
building Rs. 11083.000 Millions and Rs.823.000 Millions from sale of Powai
building the previous year ended march 31, 2013.
6. 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 had incurred expenditure towards Demolition and Remediation activities.
7. Statement of Assets and Liabilities
(Rs. In Millions)
|
Particulars |
30.09.2013 |
|
Equities and Liability |
|
|
[A] SHAREHOLDERS
FUNDS |
|
|
1] Share Capital |
395.000 |
|
2] Reserves & Surplus |
20961.000 |
|
Sub
Total |
21356.000 |
|
[B] Non Current
Liability |
|
|
1] Other long term liabilities |
17.000 |
|
2] long-term provisions |
406.000 |
|
Sub
Total |
423.000 |
|
[C] Current
Liabilities |
|
|
1] Trade Payable |
3862.000 |
|
2] Other Current Liability |
2357.000 |
|
3] Short-Term Provision |
1593.000 |
|
Sub
Total |
7812.000 |
|
|
|
|
Total
Equity and Liability |
29591.000 |
|
ASSETS |
|
|
[I] Non Current
Assets |
|
|
a) Fixed assets |
3809.000 |
|
b) Non Current Investment |
37.000 |
|
c)Differed Tax Assets (Net) |
112.000 |
|
d) Long Term Loan and Advances |
731.000 |
|
Sub
Total Non Current Assets |
4689.000 |
|
[II] Current Assets |
|
|
a) Inventories |
5203.000 |
|
b) Trade Receivable |
9165.000 |
|
c) Cash and Cash Equivalents |
9655.000 |
|
d) Short Term Loan and Advances |
795.000 |
|
e) Other Current Assets |
84.000 |
|
Sub
Total Current Assets |
24902.000 |
|
|
|
|
TOTAL
– Current Assets |
29591.000 |
8.
|
PARTICULARS |
Quarter Ended |
Year to Date |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
Earnings per share Before Exceptional Items (net Of Tax) (base & diluted) (net annualised) (in) |
24.49 |
22.23 |
51.72 |
9. The shareholders, vide a special resolution passed through the Postal Ballot, the result of which was announced on September 16, 2013, approved the proposal to buy-back not exceeding 2,879,746 equity shares of Rs. 10/- each (representing 7.29% of the total equity capital), at a price of Rs.1580/- per equity share aggregating to approximately Rs. 4550.000 Millions. The buy-back will be from all the shareholders of the Company on a proportional basis through the 'Tender Offer' route as prescribed under the Securities and Exchange Board of India (Buy-Back of Scantiest) Regulators, 1998, as amended (the 'Buyback Regulations') and in accordance with the applicable provisions of the Companies Act, 1956, as amended. The dispatch of the Letter of Offer to shareholders as on the Record Date (October 08, 2013) was completed on October 29, 2013. The date of opening of the Buyback Offer is November 06, 2013 and date of closing of the Buyback Offer is November 20, 2013.
10. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on October 30, 2013 and the statutory auditors have carried out a limited review of the results for six months ended September 30, 2013.
11 Previous period's figures have been regrouped wherever necessary.
FIXED ASSETS
TANGIBLE ASSETS
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Leasehold Improvements
· Vehicles
· Office Equipment (including Computers)
INTANGIBLE ASSETS
· Goodwill
· Computer Software
· Technical Knowhow
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 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.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
NAY |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working
capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not cause
fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
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.