Bayer CropScience Ltd

HSL Code: BAYIND | BSE Code: 506285 | NSE Symbol: BAYERCROP | ISIN: INE462A01022

 Bayer CropScience is a world leader in the areas of crop protection, pest control, seeds and plant biotechnology. The company offers comprehensive solutions for modern, sustainable agriculture and non-agricultural applications. The company operates in the area of Crop Protection, Environmental Science and BioScience. The company develops and markets fungicides, insecticides, herbicides, and seed treatment products. They use plant biotechnology and breeding to offer solutions for agriculture, nutrition, health and biomaterials. They have their production facilities at Thane in Maharashtra, Himatnagar and Ankleshwar in Gujarat. Bayer CropScience Ltd formerly known as Bayer (India) Ltd was incorporated in the year 1958. The company is the Indian subsidiary of Bayer Germany which is a diversified international chemical and healthcare company. They diversified into inorganic-chemistry-related fields like hard metals, engineering ceramics, etc, after acquiring Hermann C Starck of Berlin, Germany. The company was converted into public limited company on December 28, 1996. In 1993, the company entered into a strategic alliance with Herdillia Chemicals to manufacture diphyl heat transfer medium. During 1998-99, Jagat Chemicals, a 100% subsidiary was amalgamated with the company with effect from January 1, 1999. Sales and marketing operations of the Pharma Business Group were discontinued during the month of August 2000 and are now being handled by a new subsidiary of Bayer AG in India. The Trademark License Agreement between Bayer AG and Bayer (India) Limited in respect of Business group Pharma has been terminated with effect from 27th July,2000.The Company will continue to manufacture the existing products at Thane on Toll basis for the new subsidiary. Bayer CropScience India Ltd was amalgamated with the company with effect form April 1, 2003. The company sold the assets of the Household Insecticide Business of the Consumer Care Division of the company to S C Johnson Products Ltd. The company incorporated a wholly owned subsidiary named Bayer Polychem (India) Ltd on September 15, 2003. The non-cropscience businesses of the company comprising of Healthcare, Polymers and Chemicals were transferred to the Bayer Polychem (India) Ltd with effect from November 1, 2003. The company name was changed from Bayer (India) Ltd to Bayer CropScience Ltd. In the year 2004, the company had entered into an agreement with BASF India Ltd for the transfer of the Fipronil activities to BASF India. The chemical business and part of the polymers business of Bayer Polychem (India) Ltd has been transferred to Lanxess India Pvt Ltd during the year in the a strategic realignment of the Bayer Group, worldwide. Also, the MaterialScience business of the company has been transferred to Bayer MaterialScience Pvt Ltd. During the year 2006, the company successfully launched two products namely Admire 70WG, an Insecticide for sucking pests in various crops and Dadeci, an Insecticide for brown plant hopper control in Rice. In June 2007, the company sold the shares of their subsidiary company Bayer Polychem India Ltd to Bayer MaterialScience Pvt Ltd for the consideration of Rs 3.90 crore. 

Balance Sheet

Rs. in Cr.	Dec 2006	Dec 2005	Dec 2004	Dec 2003	Dec 2002
SOURCES OF FUNDS :
Share Capital	39.50	39.50	39.50	39.50	16.22
Reserves and Surplus	294.29	249.97	221.53	199.99	71.88
Total Shareholders Funds	333.79	289.47	261.03	239.49	88.10
Secured Loans	20.34	19.58	17.38	103.42	50.81
Unsecured Loans	91.60	100.87	62.47	122.96	96.76
Total Debt	111.94	120.45	79.85	226.38	147.57
Minority Interest	0.00	0.00	0.00	0.00	0.00
Total Liabilities	445.73	409.92	340.88	465.87	235.67
APPLICATION OF FUNDS :
Gross Block	347.11	333.87	296.50	314.39	246.77
Less: Accum. Depreciation	194.60	173.10	155.59	139.92	118.31
Net Block	152.51	160.77	140.91	174.47	128.46
Capital Work in Progress	3.75	7.95	8.80	7.25	9.49
Investments	3.95	3.95	12.71	3.94	3.68
Current Assets, Loans and Advances
Inventories	191.07	177.82	136.31	141.50	110.81
Sundry Debtors	215.81	171.28	149.85	248.23	95.39
Cash and Bank Balance	27.37	31.52	52.59	83.99	7.77
Loans and Advances	334.80	314.78	270.54	80.69	43.39
Less: Current Liab. and Prov.
Current Liabilities	197.43	204.69	214.58	249.46	141.30
Provisions	286.10	253.46	216.25	24.74	22.02
Net Current Assets	285.52	237.25	178.46	280.21	94.04
Miscellaneous Expenses not w/o	0.00	0.00	0.00	0.00	0.00
Total Assets	445.73	409.92	340.88	465.87	235.67
Contingent Liabilities	36.12	37.86	56.96	52.83	17.72

Rs. in Cr.	Dec 2006	Dec 2005	Dec 2004	Dec 2003	Dec 2002
INCOME :
Sales Turnover	817.76	773.35	842.26	982.69	612.63
Other Income	73.92	57.37	53.95	39.19	19.51
Stock Adjustments	-6.01	14.63	13.69	-56.88	30.82
Total Income	885.67	845.35	909.90	965.00	662.96
EXPENDITURE :
Raw Materials	421.46	362.69	400.60	388.32	316.98
Excise Duty	76.00	88.78	97.66	89.97	35.57
Power and Fuel Cost	17.66	17.33	17.58	20.04	15.41
Other Manufacturing Expenses	67.78	80.62	80.13	67.42	43.65
Employee Cost	64.93	62.48	70.49	97.26	57.97
Selling and Administration Expenses	101.21	111.84	101.46	166.70	111.43
Miscellaneous Expenses	18.39	14.02	41.50	37.50	23.12
Less: Preoperative Expenditure Capitalised	0.00	0.00	0.00	0.00	0.00
Profit before Interest, Depreciation and Tax	118.24	107.59	100.48	97.79	58.83
Interest and Financial Charges	8.76	7.59	11.41	19.78	18.54
Profit before Depreciation and Tax	109.48	100.00	89.07	78.01	40.29
Depreciation	22.58	23.30	28.40	30.75	12.51
Minority Interest before PAT	0.00	0.00	0.00	0.00	0.00
Profit Before Tax	86.90	76.70	60.67	47.26	27.78
Tax	31.49	38.35	29.22	14.49	12.30
Profit After Tax	55.41	38.35	31.45	32.77	15.48
Minority Interest after PAT	0.00	0.00	0.00	0.00	0.00
Profit/Loss of Associate Company	0.00	0.00	0.00	0.00	0.00
Profit after Minority Interest and P/L of Assoc. Co.	55.41	38.35	31.45	32.77	15.48
Adjustment below Net Profit	0.00	0.00	0.00	72.74	0.00
P and L Balance brought forward	165.65	140.92	122.01	29.83	19.93
Appropriations	16.78	13.62	12.54	13.33	5.58
P and L Bal. carried down	204.28	165.65	140.92	122.01	29.83
Equity Dividend	9.48	8.69	8.69	8.69	3.57
Preference Dividend	0.00	0.00	0.00	0.00	0.00
Corporate Dividend Tax	1.61	1.22	1.22	1.11	0.46
Equity Dividend (%)	24.00	22.00	22.00	22.00	22.00
Earning Per Share (Rs.)	13.62	9.40	7.65	8.02	9.26
Book Value	84.50	73.28	66.08	60.63	54.32
Extraordinary Items	6.18	-4.53	1.82	-8.94	-5.94

Profit & Loss Rs. in Cr. Dec 2006 Dec 2005 Dec 2004 Dec 2003 Dec 2002 INCOME : Sales Turnover 817.76 773.35 842.26 982.69 612.63 Other Income 73.92 57.37 53.95 39.19 19.51 Stock Adjustments -6.01 14.63 13.69 -56.88 30.82 Total Income 885.67 845.35 909.90 965.00 662.96 EXPENDITURE : Raw Materials 421.46 362.69 400.60 388.32 316.98 Excise Duty 76.00 88.78 97.66 89.97 35.57 Power and Fuel Cost 17.66 17.33 17.58 20.04 15.41 Other Manufacturing Expenses 67.78 80.62 80.13 67.42 43.65 Employee Cost 64.93 62.48 70.49 97.26 57.97 Selling and Administration Expenses 101.21 111.84 101.46 166.70 111.43 Miscellaneous Expenses 18.39 14.02 41.50 37.50 23.12 Less: Preoperative Expenditure Capitalised 0.00 0.00 0.00 0.00 0.00 Profit before Interest, Depreciation and Tax 118.24 107.59 100.48 97.79 58.83 Interest and Financial Charges 8.76 7.59 11.41 19.78 18.54 Profit before Depreciation and Tax 109.48 100.00 89.07 78.01 40.29 Depreciation 22.58 23.30 28.40 30.75 12.51 Minority Interest before PAT 0.00 0.00 0.00 0.00 0.00 Profit Before Tax 86.90 76.70 60.67 47.26 27.78 Tax 31.49 38.35 29.22 14.49 12.30 Profit After Tax 55.41 38.35 31.45 32.77 15.48 Minority Interest after PAT 0.00 0.00 0.00 0.00 0.00 Profit/Loss of Associate Company 0.00 0.00 0.00 0.00 0.00 Profit after Minority Interest and P/L of Assoc. Co. 55.41 38.35 31.45 32.77 15.48 Adjustment below Net Profit 0.00 0.00 0.00 72.74 0.00 P and L Balance brought forward 165.65 140.92 122.01 29.83 19.93 Appropriations 16.78 13.62 12.54 13.33 5.58 P and L Bal. carried down 204.28 165.65 140.92 122.01 29.83 Equity Dividend 9.48 8.69 8.69 8.69 3.57 Preference Dividend 0.00 0.00 0.00 0.00 0.00 Corporate Dividend Tax 1.61 1.22 1.22 1.11 0.46 Equity Dividend (%) 24.00 22.00 22.00 22.00 22.00 Earning Per Share (Rs.) 13.62 9.40 7.65 8.02 9.26 Book Value 84.50 73.28 66.08 60.63 54.32 Extraordinary Items 6.18 -4.53 1.82 -8.94 -5.94

Registered Office
Address	Bayer House Central Avenue, Hiranandani Gardens Powai
District	Mumbai
State	Maharashtra
Pin Code	400076
Tel. No.	91-22-25711234/395/393/388
Fax. No.	91-22-25700147
Email	nilesh.limaye:bayer.com
Web Site	http://www.bayer.co.in

Registrars
Name	N.A.
Address	N.A., N.A., N.A., N.A.
Tel. No.	N.A.
Fax. No.	N.A.

Company Background
Company Chairman	Vijay Mallya
Company Secretary	Shirin V Balsara
Auditor	Price Waterhouse
Sector Name	Agro Chemicals
House Name	MNC Associate - Bayer

	Tel	Fax	Email
Corporate
Secretarial Department Kolshet Road Thane Pin 400607 India	91-22-25311234	91-22-25455079
Bayer House Central Avenue Hiranandani Gardens Powai Mumbai Pin 400076 India	91-22-5705885/5700300	91-22-5770389	chrismene@hotmail.com
Kolshet Road Thane Thane Pin 400607 India	91-22-25311234	91-22-25455227
Bayer House Central Avenue Hiranandani Gardens Powai Mumbai Pin 400076 India	91-022-25700300	91-022-25700523
Registered Office
Bayer House Central Avenue Hiranandani Gardens Powai Mumbai Pin 400076 India	91-22-25711234/395/393/388	91-22-25700147	nilesh.limaye:bayer.com
Plant Location
Plot No 66/1 to 75/2 GIDC Industrial Estate Himatnagar Pin 383001 India
Plot No 6008-10 & 6301-10A GIDC Industrial Estate Ankleshwar Pin 393002 India