BAYER
DIAGNOSTICS INDIA LIMITED |
UNAUDITED
FINANCIAL RESULTS FOR THE THREE MONTHS ENDED JUNE 30, 2006 |
| |
(Rs.
Lacs) |
Sr.No. |
Particulars |
IInd Quarter
ended on
30.06.2006 |
Corresponding
IInd Quarter
in the previous
year |
Six
Months
ended on 30.06.2006 |
Corresponding
Six Months in the previous year |
Previous
Accounting
Year ended 31.12.2005 |
| . |
. |
. |
. |
. |
. |
(Audited) |
1. |
Net Sales (excluding Excise duty) and Operating Income |
1836.81 |
1771.84
|
3450.34 |
3286.57 |
6775.68 |
|
. |
2. |
Other
Income |
63.45 |
26.57 |
102.85 |
65.05 |
151.31 |
. . |
. |
. |
. |
. |
. |
Total
Income |
1900.26 |
1798.41 |
3553.19 |
3351.62 |
6926.99 |
|
. |
3. |
Total
Expenditure |
1520.67 |
1434.09 |
2834.16 |
2685.81
|
5555.32 |
. |
. |
. |
. |
. |
. |
a)
(Increase) / decrease in stock in trade |
(97.88) |
21.03 |
(197.99) |
(105.27) |
22.85 |
b)Consumption
of raw materials |
218.47 |
198.77 |
455.94 |
371.32 |
839.25 |
| c) Purchase of finished goods for resale |
996.97 |
786.97 |
1823.20 |
1635.94 |
2979.22 |
Cost of Goods Sold
(a+b+c)
|
1117.56
|
1006.77 |
2081.35 |
1901.99 |
3841.32 |
| |
d)
Staff cost |
161.64 |
194.44 |
291.72 |
335.15 |
641.98 |
e)
Other expenditure |
241.47 |
232.88
|
461.09 |
448.67 |
1072.02 |
|
. |
4. |
Interest |
3.92 |
5.75
|
7.72 |
9.58 |
15.29 |
|
. |
5. |
Depreciation |
112.19 |
101.39 |
223.92 |
191.55 |
407.29 |
|
. |
6. |
Profit
Before Tax |
263.48 |
257.18 |
487.39 |
464.68 |
949.09 |
|
. |
7. |
|
|
|
|
|
|
| |
- Current Tax |
103.88 |
102.00 |
192.23 |
170.00 |
367.51 |
| |
-
Deferred Tax |
(19.30) |
(17.25) |
(39.01) |
(8.05) |
(43.04) |
. |
- Fringe Benefit Tax |
3.10 |
8.40 |
9.89 |
8.40 |
24.87 |
|
. |
8. |
Net
Profit |
175.80
|
164.03 |
324.28 |
294.33 |
599.75 |
|
. |
9. |
Paid-up
Equity Share Capital (Face Value of Rs. 10 / - each) |
156.74
|
156.74 |
156.74
|
|
156.74
|
|
. |
10. |
Reserves
Excluding Revaluation Reserve |
. |
. |
. |
. |
3608.14 |
|
. |
11. |
Basic
and Diluted EPS
(Rs.) [Not annualised] |
11.22 |
10.47 |
20.69 |
18.78 |
38.27 |
|
. |
12. |
Aggregate
of Non-Promoter Shareholding |
.
|
. |
. |
. |
. |
-
No. of Shares |
. |
. |
593007 |
592607 |
593007 |
- Percentage
of Shareholding |
. |
. |
37.83 |
37.81 |
37.83 |
| Notes: |
. |
| 1. |
The above statement of Financial Results was
reviewed and recommended by the Audit Committee and approved by the Board
of Directors of the Company at its meeting held at Mumbai on July 25,
2006. |
| 2. |
The Company has received Central Government
approval regarding remuneration paid to Managing Director for the year
ended December 31, 2005 which had exceeded the limits prescribed under
the Companies Act, 1956 of India by Rs.10.64 lacs |
| 3. |
The Board of Directors have recommended the
sale of Diabetes Care business of the Company to Bayer MaterialScience
Private Limited for an aggregate consideration of Rs.25.74 crores based
on the valuation done by two independent valuers. The conclusion of this
sale is subject to the approval of the shareholders of the Company and
such other approvals as may be required in that behalf. |
| 4. |
Bayer AG has decided to sell the human in
vitro Diagnostics business (excluding Diabetes Care business) to Siemens
AG, subject to the approval of antitrust authorities. Bayer HealthCare
LLC, USA and Bayer CropScience Limited, India have executed a Share Purchase
Agreement (SPA) with Siemens AG under which Siemens AG will acquire 799,350
equity shares comprising 51% paid up Share Capital of Bayer Diagnostics
India Ltd. (the Company). This SPA has triggered the "Takeover Regulations"
of Securities and Exchange Board of India (Substantial Acquisition of
Shares and Takovers) Regulations, 1997 and subsequent amendments thereto.
Pursuant to and in compliance with Regulations 10 & 12 of the Takeover
Regulations, J.P. Morgan India Private Limited (Manager to the Offer)
has issued a Public Announcement ("PA") on behalf of Siemens
AG to the Shareholders of Bayer Diagnostics India Ltd. on July 3, 2006
for an open offer for acquisition of 313,470 equity shares of the Company
(20% of the paid up Share Capital of the Company) at an offer price
of Rs. 629.45/- per equity share/ This is subject to the conclusion
of the sale of Diabetes Care business indicated in Note 3 above. |
| 5. |
For the period under consideration, the Company
is engaged in "DIAGNOSTICS" business only and therefore, segment
reporting as defined by Accounting Standard issued by ICAI is not applicable. |
| 6. |
There were no investor complaints pending
at the beginning of the quarter. Two complaints were received during the
quarter and were resolved during the quarter ended June 30, 2006. |
| 7. |
The statutory auditors of the
Company have carried out a limited review of the results for the quarter
and half year ended June 30, 2006. |
| . |
For
and on behalf of the |
| BOARD
OF DIRECTORS |
| . |
| Date
: |
July 25, 2006 |
. |
Praveen Singh |
| Place: |
Mumbai |
Managing
Director |
|
|
|
|
|
|
|
