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MIRA INFORM REPORT
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Report No. : |
498769 |
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Report Date : |
21.03.2018 |
IDENTIFICATION DETAILS
|
Name : |
BAYER CROPSCIENCE LIMITED (w.e.f. 2003) |
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Formerly Known
As : |
BAYER (INDIA) LIMITED (w.e.f. 1963) BAYER AGROCHEM LIMITED |
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Registered
Office : |
Bayer House, Central Avenue, Hiranandani Estate, Thane (West) – 400607, Maharashtra |
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Tel. No.: |
91-22-25711234 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
09.09.1958 |
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Com. Reg. No.: |
11-011173 |
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Capital
Investment / Paid-up Capital : |
INR 353.540 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L24210MH1958PLC011173 |
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IEC No.: [Import-Export Code No.] |
0388048565 |
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GSTIN : [Goods & Service Tax Registration No.] |
27AAACB9651K1ZD |
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TIN No.: |
27910299226 |
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PAN No.: [Permanent Account No.] |
AAACB9651K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged into ‘Agri Care’ business which primarily includes Manufacturer, Seller and Distribution of insecticides, fungicides, weedicides and various other agrochemical products and sale and distribution of hydrid seeds. [Registered Activity] |
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No. of Employees
: |
1126 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January
2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject tis a step down subsidiary of “Bayer AG”, Germany. The company was incorporated in the year 1958. For the financial year 2017, the revenue of the company has increased by 2.04% along with decent profit margin of 9.87%. The healthy financial profile of the company is marked by strong debt coverage indicators due to debt free balance sheet profile. The rating takes into consideration the subject’s long established track record of business operations along with extensive experience of its promoters. The company has favourable Earning Per Share (EPS) of INR 82.31 against a face value (FV) of INR 10. Rating also takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. The company has its share price trading at around INR 4087.40 against the Face Value (FV) of INR 10 on BSE as on March 19, 2018. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 4797 million and has reported profit margin of 2.48%. However, these rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payment seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per indirect sources the subject's parent company Bayer AG is planning to acquire 26% stake in Monsanto India, held by public shareholders. Bayer had bid to acquire Monsanto in May 2016. Monsanto accepted Bayer's revised offer of INR 4356000 million (initial offer of INR 409,2000 million) on September 14, 2016. As a part of the proposed global transaction, Bayer will acquire all the shares held in Monsanto and its global subsidiaries (including those in India). Monsanto's 72.14% stake (held along with subsidiary, Monsanto Investments India Pvt Ltd) in Monsanto India Ltd (Monsanto India) will be transferred to Bayer on completion of the proposed global transaction, which is subject to regulatory clearances in various countries. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
14.02.2018 |
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|
|
|
Rating Agency Name |
CRISIL |
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Rating |
Short Term Debt = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
|
Date |
14.02.2018 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.03.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
Management non-cooperative (Tel No.: 91-22-25311234)
LOCATIONS
|
Registered/ Head Office/ Corporate Office : |
Bayer House, Central Avenue, Hiranandani Estate, Thane (West) – 400607, Maharashtra, India |
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Tel. No.: |
91-22-25711234 |
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Fax No.: |
91-22-25455063 |
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E-Mail : |
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Website : |
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Factory : |
Plot Nos. 66/1 to 75/2, GIDC, Industrial
Estate,
Himatnagar – 383001, Gujarat, India |
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|
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Crop Science
Division :
|
Located at: · Gurgaon · Hyderabad · Thane ·
Kolkata |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Richard Ewald Van Der Merwe |
|
Designation : |
Vice Chairman & Managing Director and Chief Executive Officer |
|
Address : |
Ricardo Gutierrez 3652 Munro - Vicente Lopez Buenos Aires, Argentina |
|
Date of Appointment : |
01.02.2014 |
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DIN No.: |
06768305 |
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|
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Name : |
Mr. Ulrich Stefer |
|
Designation : |
Executive Director and Chief Financial Officer |
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Address : |
Unit No. 2, Bhojwani Enclave, Apsara Compound, 32, Nargis Dutta Road, Pali Hill, Bandra (West), Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
01.04.2016 |
|
DIN No.: |
07447177 |
|
Name : |
Mr. Vimal Bhandari |
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Designation : |
Director |
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Address : |
164, 16th Floor, Kalpataru Horizon, Tower A, S K Ahire Marg, Worli,
Mumbai- 400018, Maharashtra, India |
|
Date of Appointment : |
01.07.2008 |
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DIN No.: |
00001318 |
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|
|
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Name : |
Mr. Sharad Madhav Kulkarni |
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Designation : |
Director |
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Address : |
161/A, Twin Towers V.S.Road, Prabhadevi, Mumbai-400025, Maharashtra, India |
|
Date of Appointment : |
01.04.2006 |
|
DIN No.: |
00003640 |
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Name : |
Ayani Kurussi Ravindranath Nedungadi |
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Designation : |
Director |
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Address : |
Flat No. 103, Delphi-Iii, Prestige Acropolis, 20, Hosur Road, Bangalore-560029, Karnataka, India |
|
Date of Appointment : |
20.12.2003 |
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DIN No.: |
00103214 |
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|
|
|
Name : |
Mr. Pankaj Ramanbhai Patel |
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Designation : |
Chairman and Director |
|
Address : |
16. Azad Society Ambawadi, Ahmedabad-380015, Gujarat, India |
|
Date of Appointment : |
05.07.2016 |
|
DIN No.: |
00131852 |
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|
|
|
Name : |
Mr. Peter Mueller |
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Designation : |
Director |
|
Address : |
AM Muhlenberg 53a, 51465 Bergisch Gladbach |
|
Date of Appointment : |
01.08.2011 |
|
DIN No.: |
03582162 |
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|
|
|
Name : |
Mr. Ulrich Stefer |
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Designation : |
Executive Director and Chief Financial Officer |
|
Address : |
Unit No. 2, Bhojwani Enclave, Apsara Compound, 32, Nargis Dutta Road, Pali Hill, Bandra (West), Mumbai -400050, Maharashtra, India |
|
Date of Appointment : |
01.04.2016 |
|
DIN No.: |
07447177 |
|
|
|
|
Name : |
Miriam Colling Hendelkens |
|
Designation : |
Director |
|
Address : |
41844, Wegberg, Marienweiler 3 Wegberg 41844 , Germany |
|
Date of Appointment : |
06.06.2017 |
|
DIN No : |
07839649 |
KEY EXECUTIVES
|
Name : |
Mr. Rajiv Wani |
|
Designation : |
Vice President - Law, Patents & Compliance and
Company Secretary |
|
Address : |
C/602, Palm Court Complex, Behind D Mart, Link Road, Malad (West) Mumbai – 400064, Maharashtra, India |
|
Date of Appointment : |
01.11.2012 |
|
PAN No : |
AAAPW3553A |
MAJOR SHAREHOLDERS
As on December 2017
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957) |
|
|
(A) Promoter & Promoter Group |
23584448 |
68.69 |
|
|
(B) Public |
10749145 |
31.31 |
|
|
Grand Total |
34333593 |
100.00 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Any Other (specify) |
8039736 |
23.42 |
|
|
Bayer Vapi Private Limited |
8039736 |
23.42 |
|
|
Sub Total A1 |
8039736 |
23.42 |
|
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
15544712 |
45.28 |
|
|
Bayer Sas |
6618105 |
19.28 |
|
|
Bayer Cropscience Ag |
5354030 |
15.59 |
|
|
Bayer Ag |
3572577 |
10.41 |
|
|
Sub Total A2 |
15544712 |
45.28 |
|
|
A=A1+A2 |
23584448 |
68.69 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name
of the Shareholders |
Total no. shares
held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
3602584 |
10.49 |
|
|
Aditya Birla Sun Life Trustee Private Limited |
1814314 |
5.28 |
|
|
Franklin Templeton Mutual Fund A/C Franklin India Prima Fund |
496626 |
1.45 |
|
|
Alternate Investment Funds |
48953 |
0.14 |
|
|
Foreign Portfolio Investors |
1790000 |
5.21 |
|
|
Pinebridge Investments Gf Mauritius Limited |
741232 |
2.16 |
|
|
Financial Institutions/ Banks |
16389 |
0.05 |
|
|
Insurance Companies |
989023 |
2.88 |
|
|
Hdfc Standard Life Insurance Company Limited |
573990 |
1.67 |
|
|
Sub Total B1 |
6446949 |
18.78 |
|
|
B2) Central Government/ State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200 Million |
1780428 |
5.19 |
|
|
Individual share capital in excess of INR 0.200 Million |
1289743 |
3.76 |
|
|
NBFCs registered with RBI |
71 |
0.00 |
|
|
Any Other (specify) |
1231954 |
3.59 |
|
|
Trusts |
52049 |
0.15 |
|
|
Bodies Corporate |
1065957 |
3.10 |
|
|
Indian Syntans Investments (P) Ltd |
469185 |
1.37 |
|
|
Meenakshi Narayanan Investments (P) Ltd |
398673 |
1.16 |
|
|
Foreign Individuals |
1440 |
0.00 |
|
|
IEPF Account |
85222 |
0.25 |
|
|
Clearing Members |
20135 |
0.06 |
|
|
LLP |
7151 |
0.02 |
|
|
Sub Total B3 |
4302196 |
12.53 |
|
|
B=B1+B2+B3 |
10749145 |
31.31 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged into ‘Agri Care’ business which primarily includes Manufacturer, Seller and Distribution of insecticides, fungicides, weedicides and various other agrochemical products and sale and distribution of hydrid seeds. [Registered Activity] |
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Products / Services
: |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1126 (Approximately) |
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Bankers : |
|
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Solicitors: |
|
|
Name : |
Crawford Bayley and Company Chartered Accountants |
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|
|
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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|
|
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Memberships : |
Not Available |
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|
|
|
Collaborators : |
Not Available |
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|
|
|
Ultimate Holding Company: |
Buyer AG, Germany |
|
|
|
|
Entities under
Common Group Control : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46300000 |
Equity Shares |
INR 10/- each |
INR 463.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35354001 |
Equity Shares |
INR 10/- each |
INR 354.000
Million |
|
|
|
|
|
a) Rights, preferences and restrictions attached to Equity Shares:
The Company has one class of Equity Shares having a par value of INR 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) Reconciliation of number of issued, subscribed and paid- up equity
shares:
|
PARTICULARS |
As At 31.03.2017 |
|
|
Number of shares |
Amount |
|
|
Balance as at the beginning of the year |
35354001 |
354.000 |
|
Less : shares bought back during the year |
-- |
-- |
|
Balance as at the end of the year |
35354001 |
354.000 |
Pursuant to the approval of the Board of Directors on June 3, 2015 and Shareholders of the Company through postal ballot, results of which were declared on July 20, 2015, the Company bought back 1265000 equity shares (representing 3.45% of the equity capital) at a price of INR 4,000/- per equity share aggregating to 5,060 through the tender offer route, in terms of Public Announcement dated July 22, 2015. After extinguishment of 1265000 Equity Shares on October 26, 2015, the Issued, Subscribed and Paid-up Equity Capital of the Company reduced from 36619001 equity shares to 35354001 equity shares.
Accordingly: (i) the face value of issued, subscribed and
paid-up equity share capital was reduced by 12; (ii) 12 had been transferred
from Surplus in Statement of Profit and Loss to Capital Redemption Reserve as
per the provision of Section 69(1) of the Companies Act, 2013; (iii) the
premium aggregating to 5,048 had been adjusted from the Surplus in Statement of
Profit and Loss during the year ended March 31, 2016
E) Shares held by
Ultimate Holding company and its subsidiaries
|
Particulars |
Number of shares |
|
|
As at 31.03.2017 |
|
Aggregate number of Equity Shares bought back |
4144746 |
|
|
|
|
Ultimate Holding
company |
|
|
Bayer AG, Germany |
3676380 |
|
Subsidiaries of
Ultimate Holding company |
|
|
Bayer Vapi Private Limited, India |
8248312 |
|
Bayer S.A.S., France |
6810399 |
|
Bayer Crop Science AG, Germany |
5509593 |
|
There are no shareholders holding more than 5% of the aggregate Equity
Shares of the Company except those mentioned above. |
|
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
354.000 |
354.000 |
366.000 |
|
(b) Reserves & Surplus |
20213.000 |
18040.000 |
19963.000 |
|
(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) |
20567.000 |
18394.000 |
20329.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
20.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
102.000 |
|
(d) long-term provisions |
836.000 |
750.000 |
520.000 |
|
Total Non-current Liabilities (3) |
856.000 |
750.000 |
622.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2874.000 |
2043.000 |
2676.000 |
|
(c) Other current liabilities |
1835.000 |
1272.000 |
3127.000 |
|
(d) Short-term provisions |
2122.000 |
1909.000 |
977.000 |
|
Total Current Liabilities (4) |
6831.000 |
5224.000 |
6780.000 |
|
|
|
|
|
|
TOTAL |
28254.000 |
24368.000 |
27731.000 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3052.000 |
2878.000 |
3210.000 |
|
(ii) Intangible Assets |
61.000 |
25.000 |
8.000 |
|
(iii) Capital work-in-progress |
10.000 |
67.000 |
2.000 |
|
(iv) Intangible assets under
development |
231.000 |
102.000 |
4.000 |
|
(b) Non-current Investments |
307.000 |
312.000 |
34.000 |
|
(c) Deferred tax assets (net) |
0.000 |
26.000 |
96.000 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
680.000 |
|
(e) Other Non-current assets |
851.000 |
739.000 |
0.000 |
|
Total Non-Current Assets |
4512.000 |
4149.000 |
4034.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
497.000 |
364.000 |
254.000 |
|
(b) Inventories |
7681.000 |
6646.000 |
5647.000 |
|
(c) Trade receivables |
5565.000 |
4050.000 |
5711.000 |
|
(d) Cash and cash equivalents |
8390.000 |
7632.000 |
11304.000 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
670.000 |
|
(f) Other current assets |
1609.000 |
1527.000 |
111.000 |
|
Total Current Assets |
23742.000 |
20219.000 |
23697.000 |
|
|
|
|
|
|
TOTAL |
28254.000 |
24368.000 |
27731.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
29484.000 |
28894.000 |
37233.000 |
|
|
Other Income |
701.000 |
817.000 |
879.000 |
|
|
TOTAL
|
30185.000 |
29711.000 |
38112.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
15892.000 |
15044.000 |
8616.000 |
|
|
Purchases of Stock-in-Trade |
1614.000 |
1099.000 |
15571.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1045.000) |
(316.000) |
(51.000) |
|
|
Employees benefits expense |
2451.000 |
2207.000 |
2269.000 |
|
|
Other expenses |
4980.000 |
5310.000 |
5673.000 |
|
|
Excise Duty |
1456.000 |
1204.000 |
0.000 |
|
|
TOTAL |
25348.000 |
24548.000 |
32078.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
4837.000 |
5163.000 |
6034.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
69.000 |
100.000 |
46.000 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
4768.000 |
5063.000 |
5988.000 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
289.000 |
247.000 |
253.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
4479.000 |
4816.000 |
5735.000 |
|
|
|
|
|
|
|
Less |
TAX |
1569.000 |
1665.000 |
1905.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
2910.000 |
3151.000 |
3830.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4241.000 |
5442.00 |
6287.000 |
|
|
TOTAL
EARNINGS |
4241.000 |
5442.000 |
6287.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11363.000 |
0.000 |
5226.000 |
|
|
Packaging Material |
0.000 |
0.000 |
29.000 |
|
|
stock in trade |
0.000 |
0.000 |
2934.000 |
|
|
Components and Stores parts |
0.000 |
0.000 |
1.000 |
|
|
Capital Goods |
0.000 |
0.000 |
32.000 |
|
|
TOTAL
IMPORTS |
11363.000 |
0.000 |
8222.000 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
82.31 |
87.34 |
104.590 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
3050.000 |
3719.000 |
3909.000 |
|
Net cash flows from (used in) operating activity |
1573.000 |
2065.000 |
2004.000 |
QUARTERLY
RESULTS
|
Particulars |
(Unaudited) Quarter Ended
30.06.2017 |
(Unaudited) Quarter Ended
30.09.2017 |
(Unaudited) Quarter Ended
31.12.2017 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter
|
|
Net Sales |
7371.000 |
12320.000 |
4797.000 |
|
Total Expenditure |
6215.000 |
9445.000 |
4571.000 |
|
PBIDT (Excl OI) |
1156.000 |
2875.000 |
226.000 |
|
Other Income |
163.000 |
133.000 |
29.000 |
|
Operating Profit |
1319.000 |
3008.000 |
255.000 |
|
Interest |
17.000 |
22.000 |
52.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
1302.000 |
2986.000 |
203.000 |
|
Depreciation |
80.000 |
79.000 |
84.000 |
|
Profit Before Tax |
1222.000 |
2907.000 |
119.000 |
|
Tax |
105.000 |
1001.000 |
12.000 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit After Tax |
1117.000 |
1906.000 |
107.000 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
1117.000 |
1906.000 |
107.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
68.89 |
51.16 |
55.99 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
5.30 |
7.13 |
6.52 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
59.92 |
46.19 |
40.38 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.63 |
0.78 |
1.07 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
1.44 |
1.68 |
1.87 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.24 |
0.21 |
0.24 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.33 |
0.28 |
0.33 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.16 |
0.17 |
0.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
70.10 |
51.63 |
131.17 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
9.87 |
10.91 |
10.29 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
10.30 |
12.93 |
13.81 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
14.15 |
17.13 |
18.84 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
3.48 |
3.87 |
3.50 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
2.35 |
2.60 |
2.66 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.73 |
0.75 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
3.48 |
3.87 |
3.50 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
Market Value |
INR 4087.40/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Share Capital |
366.000 |
354.000 |
354.000 |
|
Reserves & Surplus |
19963.000 |
18040.000 |
20213.000 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
20329.000 |
18394.000 |
20567.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
37233.000 |
28894.000 |
29484.000 |
|
|
|
(22.397) |
2.042 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
(INR
in Million) |
(INR
in Million) |
(INR
in Million) |
|
Sales |
37233.000 |
28894.000 |
29484.000 |
|
Profit |
3830.000 |
3151.000 |
2910.000 |
|
|
10.29% |
10.91% |
9.87% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
No |
|
8] |
Designation of contact person |
No |
|
9] |
Promoter’s background |
Yes |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
-- |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
COMPANY PROFILE :
Subject is a company incorporated under the Companies Act, 1956 having
its registered office at Bayer House, Central Avenue, Hiranandani Estate,
Thane-400 607. The company is engaged into ‘AgriCare’ business which primarily
includes manufacture, sale and distribution of insecticides, fungicides,
weedicides and various other agrochemical products and sale and distribution of
hydrid seeds. Out of the total paid-up share capital of the Company, 68.58% is
held by its promoters. The company is listed on the Bombay Stock Exchange,
Mumbai. The Company has its own manufacturing site at Himatnagar in the State
of Gujarat.
Operations:
The Company’s Revenue from Operation for the financial year 2016-17
is INR 29484.000 Millions vis-ŕ-vis INR 28894.000 Millions in 2015-16. Profit
before Taxation is INR 4479.000 Millions for the financial year 2016-17.
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
Y10343613 |
90235976 |
CENTRAL BANK OF INDIA |
19/01/2000 |
- |
150000000.0 |
JEHANGIR WADIA BUILDINGM.G. ROADMUMBAIMH400023IN |
|
2 |
Y10342071 |
90234434 |
UNION BANK OF INDIA |
16/04/1998 |
- |
236000000.0 |
INDUST. FINANCE BRANCHNARIMAN POINTBOMBAYMH400027IN |
|
3 |
Y10343366 |
90235729 |
BANQUE NATIONALE DE PARIS |
03/05/1996 |
- |
50000000.0 |
FRENCH BANK BUILDINGFORTMUMBAIMH400001IN |
|
4 |
Y10341865 |
90234228 |
BANK OF AMERICA |
22/04/1996 |
- |
7500000.0 |
18 BRUCE STREETMUMBAIMH400001IN |
|
5 |
Y10341860 |
90234223 |
BANK OF INDIA |
29/03/1996 |
28/06/1996 |
51700000.0 |
NARIMAN POINT BRNCHBOMBAYMH400021IN |
|
6 |
Y10341847 |
90234210 |
STATE BANK OF INDIA |
20/02/1996 |
- |
10000000.0 |
COMMERCIAL BRANCHJUSTICE G.N. VAIDYA MARGMUMBAIMH400023IN |
|
7 |
Y10341758 |
90234121 |
UNION BANK OF INDIA |
20/04/1995 |
- |
100000000.0 |
INDUSTRIALD FINANCE BRANCHNARIMAN POINTMUMBAIMH400021IN |
|
8 |
Y10341755 |
90234118 |
UNION BANK OF INDIA |
05/04/1995 |
- |
80000000.0 |
INDUST. FINANCE BRANCHNARIMAN POINTBOMBAYMH400027IN |
|
9 |
Y10343307 |
90235670 |
PUNJAB NATIONAL BANK |
22/03/1995 |
- |
4000000.0 |
I.F.B.MAKER TOWERMUMBAIMH400005IN |
|
10 |
Y10341645 |
90234008 |
UNION BANK OF INDIA |
03/06/1994 |
- |
100000000.0 |
I.F.B.NARIMAN POINTMUMBAIMH400021IN |
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31.12.2017
(INR In Million)
|
Particulars
|
Quarter ended |
Year to date |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income
from operations |
|
|
|
|
Net sales/ Income from operation (net of excise duty) |
4797.000 |
12320.000 |
24488.000 |
|
b) Other operating income |
29.000 |
133.000 |
325.000 |
|
Total
income from Operations(net) |
4826.000 |
12453.000 |
24813.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
2866.000 |
4246.000 |
10468.000 |
|
b) Purchases of stock in trade |
374.000 |
1091.000 |
2953.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(397.000) |
2280.000 |
871.000 |
|
d) Excise Duty |
-- |
-- |
391.000 |
|
e) Employees benefit expenses |
645.000 |
640.000 |
1950.000 |
|
f) Finance costs |
52.000 |
22.000 |
91.000 |
|
g) Depreciation and amortization expenses |
84.000 |
79.000 |
243.000 |
|
h) Other expenditure |
1083.000 |
1188.000 |
3598.000 |
|
Total expenses |
4707.000 |
9546.000 |
20565 |
|
|
|
|
|
|
Profit before tax |
119.000 |
2907.000 |
4248.000 |
|
Tax Expenses |
|
|
|
|
Current Tax |
40.000 |
905.000 |
1047.000 |
|
Deferred Tax |
(28.000) |
96.000 |
71.000 |
|
Total Tax expenses |
12.000 |
1001.000 |
1118.000 |
|
|
|
|
|
|
Profit after tax |
107.000 |
1906.000 |
3130.000 |
|
|
|
|
|
|
Items that will not be reclassified to profit or loss |
|
|
|
|
Remeasurement/
gain on post-employment benefit obligation |
(26.000) |
-- |
(44.000) |
|
Tax on
remeasurement of post employment benefit obligation |
9.000 |
-- |
15.000 |
|
Other
Comprehensive Income, net of income tax |
(17.000) |
--- |
(29.000) |
|
Total Comprehensive Income
for the Period |
90.000 |
1906.000 |
3101.000 |
|
Paid-up equity share capital (Face value INR 10/-) |
343.000 |
343.000 |
343.000 |
|
Earnings
per share (basic and diluted) (in INR) |
3.12 |
54.00 |
89.44 |
Notes:
- 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 necessarily
representative of the full year's performance.
- The Government of India introduced the Goods and Service tax (GST) with effect from July 1, 2017. Revenue for the quarter ended December 31, 2017 and September 30, 2017 is presented net of GST. Sales of earlier periods up to June 30, 2017 included Excise duty. Sales for the nine months ended December 31, 2017 includes Excise duty for the quarter ended June 30, 2017.
- Current Tax for the nine months ended December 31, 2017 is net of Rs. 330 Millions towards reversal of provision for income tax matters on completion of assessment for earlier years.
- 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 February 2, 2018. The above results have been subjected to limited review by the Statutory Auditors of the Company.
- Pursuant to the approval of the Board of Directors and the Shareholders, the Company bought back 1,020,408 equity shares (representing 2.89% of the equity share capital) at a price of Rs. 4,900/- per share aggregating Rs. 4,999,999,200/- through tender offer route. The buyback was concluded on September 26, 2017, and 1,020,408 shares were extinguished on the same day. Pursuant to extinguishment of 1,020,408 equity shares, the Issued, Subscribed and Paid-up Equity shares of the Company are 34,333,593 as reduced from 35,354,001.
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the Company not acknowledged as debts towards: |
|
|
|
a) Direct Tax Matters |
331.000 |
344.000 |
|
b) Indirect Tax Matters (Excise duty,
Customs duty, Services tax and Sales tax) |
755.000 |
738.000 |
|
c) Litigation/ claims filed by customer/vender/labor |
48.000 |
53.000 |
|
d) Litigation/ demands raised by other
Statutory Authorities |
117.000 |
117.000 |
PRESS RELEASE
Mega-mergers between
multinationals like Bayer and Monsanto threaten citizens’ rights
The world’s biodiversity
shouldn’t be in the hands of the few. The EU must say no to mergers between
multinationals to protect farmers and consumers. The op-ed by Navdanya
International.
The only responsible decision the European Union can make is to stop the Bayer-Monsanto merger. However, the latest updates from the European Commission don’t seem promising. The deadline for the verdict of the merger between Monsanto and Bayer (which amounts to over 63 billion dollars) has been extended to the 5th April 2018. The European Competition Commissioner, Margrethe Verstager, who had already cleared the approval of other mergers including Dupont and DowChemical (estimated at 122-130 billion dollars) and Syngenta and ChemChina (43 billion dollars), has announced that Bayer is being cooperative in responding to issues raised by the competition watchdogs. Bayer, for instance, is also planning to sell its global vegetables seeds business and allow chemical giant BASF access to its digital farming data. Verstager’s statement therefore seems to point towards a green light for the approval of the merger.
Mega-mergers threaten
farmers’ rights
The Commission, however, isn’t listening to the demands of hundreds of civil rights movements and farmers’ organisations around the world. Big agri-business mergers represent one more step into the wrong direction, because they are shifting power from small and medium farmers into the hands of multinational corporations which will eventually monopolise the agricultural as well as the food sectors. The process we are witnessing can no longer be considered a mere discussion on commercial competition, as suggested by Vestager, who pointed out that the role of the European Commission is not to block the merger but to ensure that this process doesn’t stifle competition. We’re in fact facing a political emergency with multiple devastating effects on the economy. Through patents, intellectual property rights (IPR) and free trade agreements, large multinational companies have established monopolies, threatening the rights of farmers to use their own seeds, the rights of people to access of affordable medicines and the rights of consumers to healthy and nutritious food.
Agrochemical giants’ monopoly
In little more than half a century, small farmers have been under attack in most parts of the world in order to favour the toxic production systems of industrial agriculture at every level. The six multinational corporations which control the production of seeds, pesticides and biotechnologies want to increase their power through international mergers. If these mega-mergers get approved, within a short time only three companies will be in control of nearly 60 per cent of the world’s seeds and nearly 70 per cent of the agro-chemicals and pesticides.
It’s a strategy designed to extend the control of multinational corporations not only over our food but over our democracy too. Corporations are expanding their markets through mega-mergers while simultaneously increasing their influence and pressure on governments and institutions by addressing policy makers directly. Through aggressive propaganda they’re also undermining independent science to ensure that health and environmental regulations do not interfere with their profit-generating activities, which leads to a further erosion of our democratic principles. By expanding their monopolies on seeds, food, chemicals and medicines, multinationals are increasing their control over our food and our health. The negative impacts of this system affect mostly small and medium producers and low-income consumers.
Stop mergers to protect citizens
Regulatory agencies should therefore not approve the merger and protect their citizens. The planned merger was announced in September 2016 and it will need the approval of regulators of some 30 countries in which it would operate. Bayer still faces important investigations into the Monsanto affair, by regulatory agencies in the United States, the European Union and India. While Brazil, one of the main producers of cereals and other agricultural goods, has just given its approval to the proposed merger, Bayer decided to bring the Russian antitrust regulator to court. Igor Artemiev who is in charge of the Russian antitrust, has revealed that Bayer has sued the Russian control agency. Even in India, where the integration process is subject to the approval of the Competition Commission of India (CCI), the debate involves many actors from civil society. After the merger, India would be one of Bayer’s main markets for research and development, as stated by Richard van der Merwe, managing director of Bayer CropScience Ltd in India. His goal is to obtain the approval of the CCI by May but the merger is expected to face stiff opposition in India, especially due to the negative impacts of GMO crops on the environment and the economy.
Expressing concern about the merger between Monsanto and Bayer, Indian activist Vandana Shiva has submitted her official objection to the Competition Commission of India: “The Bayer Monsanto merger is not an arithmetic issue of economic concentration. It is a political issue. If the mergers go through, it will be spelling the end of peoples’ rights, democracy and constitutional safeguards. In 20 years time Monsanto has illegally captured the cotton seed sector violating biosafety laws and corrupting regulatory agencies.”
FIXED ASSETS
- Land
- Building
- Furniture and
Fixture
- Computer
- Plant and
Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.20 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 80.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
TRUP |
SCORE FACTORS
|
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.