MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
BHARAT SERUMS AND VACCINES LIMITED |
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Formerly Known As : |
GAUTAM LABORATORIES PRIVATE LIMITED |
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Registered Office : |
52, Mittal Chambers, Nariman Point, Mumbai – 40002, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
29.04.1971 |
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Com. Reg. No.: |
11-15134 |
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CIN No.: [Company
Identification No.] |
U24230MH1971PLC015134 |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturers, Dealers, Wholesalers and Retailers in Pharmaceutical,
Medicinal, Chemical, Industrial and Other Preparations and articles,
compounds, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 2200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
52, Mittal Chambers, Nariman Point, Mumbai – 40002, |
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Tel. No.: |
91 - 22 - 22886881 / 22886882
/ 22886884 |
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Fax No.: |
91 - 22 - 22836993 / 22886883 |
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E-Mail : |
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Website : |
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Corporate Office : |
Hoechst House, 16th Floor, Nariman Point, Mumbai – 400021, |
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Tel. No.: |
91-22-56560900 |
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Fax No.: |
91-22-56560901 |
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E-Mail : |
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Factory 1 : |
Plot No.
A-371-372, Road 27, Wagle Industrial Estate, Thane – 400604, |
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Tel. No.: |
91-22-25822181 |
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Fax No.: |
91-22-25823640 |
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E-Mail : |
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Factory 2 : |
Plot No. K-27, Anand Nagar, Additional M.I.D.C., Ambernath
(East), |
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Tel. No.: |
91-95251-2621645 |
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Fax No.: |
91-95251-2621089 |
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E-Mail : |
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Distribution : |
Gala No. B, Plot No. 83 B2, Near
Kala Industrial Estate, Opposite Shangrila Biscuit Factory, LBS Marg,
Bhandup, Mumbai – 400078, Maharashtra,
India |
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Tel. No.: |
91-22-25919434 |
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Fax No.: |
91-22-25919544 |
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Animal Farm : |
At Post Khoni, Ambernath M. I. D. C. Road, Khoni-Taloja
Link Road, Kalyan, Thane-421308, Maharashtra, India |
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Tel. No.: |
91-251- 2395107 |
DIRECTORS
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Name : |
Mr. Bharat V. Daftary |
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Designation : |
Chairman and Managing Director |
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Address : |
114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, |
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Date of Birth/Age : |
12.01.1956 |
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Date of Appointment : |
05.05.1992 |
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Name : |
Dr. Gautam V. Daftary |
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Designation : |
Managing Director |
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Address : |
114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, |
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Date of Birth/Age : |
03.10.1959 |
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Date of Appointment : |
05.05.1992 |
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Name : |
Mr. Nilesh Ganjwala |
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Designation : |
Whole Time Director |
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Address : |
33, Vaibhav, |
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Date of Birth/Age : |
18.11.1963 |
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Date of Appointment : |
22.11.2001 |
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Name : |
Mr. Shahzaad Dalal |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
01.12.1958 |
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Date of Appointment : |
14.11.2000 |
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Name : |
Dr. Dilip Mehta |
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Designation : |
Director |
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Address : |
870, U. N. Plaza, |
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Date of Birth/Age : |
04.07.1932 |
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Date of Appointment : |
29.08.2002 |
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Name : |
Mr. Prakash Shah |
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Designation : |
Director |
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Address : |
503-504-A, Mithila Apartments, |
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Date of Birth/Age : |
07.04.1955 |
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Date of Appointment : |
29.08.2002 |
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Name : |
Mr. Arun Prakash S. Korati |
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Designation : |
Alternate Director |
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Address : |
171, 3rd Cross, Giri Nagar, Phase – I, |
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Date of Birth/Age : |
21.05.1966 |
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Date of Appointment : |
14.11.2000 |
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Date of Ceasing : |
23.12.2004 |
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Name : |
Ms. Deepa Sankaran |
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Designation : |
Alternate Director |
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Address : |
25 A, |
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Date of Birth/Age : |
17.11.1968 |
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Date of Appointment : |
23.12.2004 |
KEY EXECUTIVES
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Name : |
Mr. Nimish Mehta |
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Designation : |
Company Secretary |
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Address : |
A – 203, Green Garan, Plot No. 14, Lokhandwala Township, Akurli Road,
Kandivali, Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
18.09.1977 |
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Date of Appointment : |
24.05.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Vinod G. Daftary |
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2318550 |
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Lilavati N. Daftary |
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213000 |
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Gautam V. Daftary |
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2373450 |
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Bharat V. Daftary – HUF |
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785550 |
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Gautam V. Daftary – HUF |
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785550 |
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Nayantara H. Kothari Jointly With Mrs. Sarala G. Kothari |
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135750 |
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Bharat V. Daftary |
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2373450 |
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Aksipro Diagnostic Private Limited |
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900000 |
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Bharat V. Daftary Jointly With Bhavna Daftary |
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1906200 |
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Dr. Gautam V. Daftary Jointly With Aarti Daftary |
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1906200 |
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Aarti Daftary Jointly with Gautam V. Daftary |
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1012500 |
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Bhavna Daftary Jointly With Bharat V. Daftary |
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1012500 |
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Sara Fund Trustee Company Limited |
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594000 |
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Il & FS Trust Company Limited A/C India Auto Ancillary Fund |
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396000 |
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Agcetech Pharmaceuticals Private Limited |
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534600 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Dealers, Wholesalers and Retailers in Pharmaceutical,
Medicinal, Chemical, Industrial and Other Preparations and articles,
compounds, etc. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
350 |
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Bankers : |
State Bank of Industrial
Development Bank of India Limited |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M M Nissim & Company Chartered Accountants |
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Address : |
Barodawala Mansion, B – Wing, 3rd Floor, 81, Dr. Annie
Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
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Associates/Subsidiaries : |
¨
Advy Chemicals, (Manufacturing and Exporting of
Human Proteins, Polyclonal Antibodies) ¨
Special Reference Laboratory (specialised pathology
laboratory) ¨
(Laboratory Diagnostic
Products & Reagents) ¨
Aksipro Diagnostics Private Limited (Plant Tissue Culture) ¨
Mucos Pharmaceuticals ( (Manufacturing and Marketing
of Therapeutic Enzyme Products in collaboration with Mucos Pharmaceuticals
GmbH & Company; ¨
Calico Dyeing and Printing Mills
Limited (Dyeing & Printing) ¨
Calico Industrial Engineers Limited (Manufacturing Textile
Machinery) ¨
Raj Traders (Estate Investment) ¨
Parekh Brothers (Export of Leather Footwear) ¨
A G Daftary Engineers &
Contractors (Constructions) ¨
(Manufacturing EPABX,
Telephone Systems) ¨
Haver Standard (Manufacturing & Sales of
Wiremesh) ¨
Siro Clinpharm Private Limited ¨
Voltamp Travels (Travel Agency) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
24000000 |
Equity Shares |
Rs.5/- each |
Rs. 120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17820000 |
Equity Shares |
Rs.5/- each |
Rs. 89.100
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
89.100 |
89.100 |
29.700 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
470.529 |
413.111 |
416.300 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
559.629 |
502.211 |
446.000 |
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LOAN FUNDS |
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1] Secured Loans |
147.186 |
220.609 |
224.800 |
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2] Unsecured Loans |
146.095 |
29.930 |
29.000 |
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TOTAL BORROWING |
293.281 |
250.539 |
253.800 |
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DEFERRED TAX LIABILITIES |
37.528 |
61.460 |
0.000 |
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TOTAL |
890.438 |
814.210 |
699.800 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
381.975 |
390.804 |
410.000 |
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Capital work-in-progress |
148.657 |
100.535 |
0.000 |
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INVESTMENT |
79.183 |
110.006 |
96.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
229.896
|
149.727 |
130.900 |
|
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Sundry Debtors |
122.032
|
145.169 |
151.600 |
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Cash & Bank Balances |
10.686
|
8.841 |
8.600 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
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Loans & Advances |
91.763
|
40.572 |
34.500 |
|
Total
Current Assets |
454.377
|
344.309 |
325.600 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
|
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Current Liabilities |
149.670
|
109.249 |
110.700 |
|
|
Provisions |
24.084
|
22.195 |
21.100 |
|
Total
Current Liabilities |
173.754
|
131.444 |
131.800 |
|
|
Net Current Assets |
280.623
|
212.865 |
193.800 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
890.438 |
814.210 |
699.800 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
Sales Turnover |
905.021 |
903.186 |
876.000 |
|
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Other Income |
95.181 |
14.583 |
[2.100] |
|
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Total Income |
1000.202 |
917.769 |
873.900 |
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|
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Profit/(Loss) Before Tax |
53.887 |
91.626 |
177.400 |
|
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Provision for Taxation |
20.802 |
18.669 |
47.200 |
|
|
Profit/(Loss) After Tax |
33.085 |
72.957 |
130.200 |
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Expenditures : |
|
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Excise Duty |
0.000 |
0.000 |
4.300 |
|
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Selling and Administration
Expenses |
0.000 |
0.000 |
53.900 |
|
|
Miscellaneous Expenses |
0.000 |
0.000 |
123.600 |
|
|
Manufacturing Expenses |
0.000 |
0.000 |
78.200 |
|
|
Raw Material Consumed |
330.697 |
275.565 |
264.300 |
|
|
Purchases made for re-sale |
69.877 |
70.998 |
0.000 |
|
|
Consumption of stores and spares parts |
25.573 |
15.436 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
[57.217] |
[14.901] |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
128.217 |
99.965 |
89.500 |
|
|
Managerial Remuneration |
6.048 |
8.143 |
0.000 |
|
|
Payment to Auditors |
0.617 |
0.602 |
0.000 |
|
|
Interest |
19.970 |
13.368 |
17.900 |
|
|
Insurance Expenses |
6.398 |
2.172 |
0.000 |
|
|
Power & Fuel |
37.531 |
26.892 |
19.200 |
|
|
Depreciation & Amortization |
57.028 |
53.530 |
45.600 |
|
|
Other Expenditure |
322.063 |
274.373 |
0.000 |
|
Total Expenditure |
946.315 |
826.143 |
696.500 |
|
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity
Ratio |
0.47 |
0.53 |
0.55 |
|
Long
Term Debt-Equity Ratio |
0.47 |
0.53 |
0.55 |
|
Current
Ratio |
1.66 |
2.02 |
2.22 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
1.49 |
1.67 |
2.05 |
|
Inventory |
5.12 |
6.47 |
6.60 |
|
Debtors |
7.27 |
6.12 |
7.86 |
|
Interest
Cover Ratio |
3.50 |
5.45 |
10.91 |
|
Operating
Profit Margin(%) |
15.14 |
17.70 |
27.50 |
|
Profit
Before Interest And Tax Margin(%) |
9.88 |
12.42 |
22.29 |
|
Cash
Profit Margin(%) |
11.93 |
13.37 |
20.07 |
|
Adjusted
Net Profit Margin(%) |
6.66 |
8.09 |
14.86 |
|
Return
On Capital Employed(%) |
12.32 |
15.53 |
32.29 |
|
Return
On Net Worth(%) |
12.19 |
15.50 |
33.44 |
LOCAL AGENCY FURTHER INFORMATION
BUSINESS
Subject was incorporated with the main object to carry on
the business of Manufacturers, Dealers, Wholesalers and Retailers in Pharmaceutical,
Medicinal, Chemical, Industrial and Other Preparations and articles, compounds,
oils, paints, pigments and varnishes, drugs, dye-ware, paint and colour
grinders, makers of and dealers in proprietory articles of all kinds and of
electrical, chemical, photographical and scientific apparatus and materials. To
carry on all or any of the business of chemists, druggists and chemical
manufacturers of all kinds.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Charge
identification number of the charge to be modified |
80017365 |
|
Corporate
identity number of the company |
U24230MH1971PLC015134 |
|
Name of the
company |
BHARAT SERUMS AND VACCINES LIMITED |
|
Address of the registered
office or of the principal place of
business in |
52, Mittal Chambers, Nariman Point, Mumbai – 40002, |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
L65190MH2004GOI48838 Industrial
Development bank of India Limited |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum of
equitable mortgage by deposit of title deeds |
|
Date of
instrument Creating the charge |
08.11.2006 |
|
Amount secured by
the charge |
RS. 130.000
Millions |
|
Date of latest
modification prior to the present modification |
27.02.2003 |
AS PER WEBSITE
Profile
Since inception in 1971, BSV has worked ceaselessly to research,
develop, manufacture and market specialized biological, pharmaceutical and
biotechnology products.
Today, BSV is one of the fast growing Indian bio-pharmaceutical
companies. The product portfolio comprises of a wide range of products such as
plasma derivatives, monoclonals, hormones, equine antitoxins and serums,
antifungals, anaesthetics, cardiovascular and diagnostic products.
BSV is managed by an experianced Board of Directors, who are
assisted by a team of dedicated and qualified professionals drawn from various
disciplines. The management team comprises of qualified doctors, professionals
and postgraduates having rich experience and expertise in their respective
fields.
Milestones
|
1972 |
Establishes Blood Bank |
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1972 |
Exports Polyclonal Sera |
|
1976 |
Receives recognition by |
|
1978 |
Thane Plant operationalised for manufacture |
|
1980 |
Develops Plasma fractions indigenously for therapeutic
use: |
|
1982 |
Import Substitution Awards from the Indian Government for
Anti D Blood Grouping Sera Strips for detection of Diabetes |
|
1982 |
Receives
R&D recognition by Department of Scientific and Industrial Research,
Government Of India |
|
1996 |
Sets up three independent focused R&D divisions |
|
1999 |
First International Product Patent Application filed |
|
2000 |
Equity
Investment from reputed Indian Institutional Investors recognising high value
and growth potential |
|
2001 |
Animal Farm at Khoni operationalised |
|
2002 |
Pilot
Plant For Biotechnology Products set up |
|
2003 |
Ambernath Plant commissioned and
Swift Division constituted for focused marketing of Institutional Products |
Management
Board
of Directors and Management Team
BSV is guided by the experience and direction provided by the
Board of Directors, comprising of the following eminent personalities:
Dr. Vinod G Daftary, Chairman
Emeritus
Mr. Bharat V. Daftary, Chairman
and Managing Director
Dr. Gautam V. Daftary, Managing
Director
Mr. Nilesh R Ganjwala, Finance
Director
Mr. Shahzaad Dalal, Nominee
Director, ILFS Investment Managers Limited
Dr. Dilip Mehta, Professional
Director
Mr. Prakash Shah, Professional
Director
The
Board of Directors formulates the overall business plan and strategy of the Company
and monitors the implementation. The core management team consisting of senior
production, marketing, finance and research professionals is responsible for
the day-to-day operations of the Company and implementation of the Company's
plans.
Brief
profiles of the Board of Directors:
Dr.
Vinod G. Daftary: Dr. Vinod Daftary founded BSV in 1971, primarily for the
manufacture and marketing of diagnostic and therapeutic products based on plasma
fractions. Given his medical and scientific background, Dr. Daftary realized
the need for domestic manufacturing of plasma products. Dr. Vinod Daftary holds
a post graduate and doctoral degree in pathology and microbiology from the
Walter Reed Hospital, Washington DC.
Dr.
Daftary has won several academic and business awards including the Junior
Clinical Shirvalkar Gold Medal for Medicine at G.S. Medical College in 1945,
the DAHANUKAR ENTREPRENEUR AWARD of Maharashtra Chamber of Commerce for making
Anti-D Immuneglobulin for the first time in India, the Certificate Award for
Import Substitution for making strips for detection of albumin and glucose in
urine and the Import Substitution Award for making Anti-D serum for the first
time in India by the then Invention Promotion Grant of the Government of India.
His distinguished and pioneering efforts in the field of
plasma products have also led to his having several prestigious scientific
memberships like Fellow of the
Mr.
Bharat Daftary: Mr. Bharat Daftary is the Managing Director of the Company
and is mainly responsible for business strategy, international alliances, sales
and marketing. He has been instrumental in striking several fruitful
international alliances for BSV and has over the years developed excellent
relationships internationally in the biological and biotech industry.
Dr.
Gautam Daftary: A qualified medical doctor, Dr. Gautam Daftary is the
Managing Director of BSV and spearheads the R&D activities. He also
overseas the manufacturing function of the Company. He is also credited with
starting the first Indian Clinical Research Company, Siro Clinpharm Private
Limited. Dr. Gautam Daftary's knowledge and expertise in the fields of
microbiology, oncology, allergies, psychiatrics and infectious diseases has led
him to being instrumental in providing the necessary thrust in R&D at BSV.
Mr.
Nilesh Ganjwala: Mr.Nilesh Ganjwala is a Chartered Accountant with 18 years
of experience in the accounting and financial consulting profession. He has
significant experience in corporate taxation, systems audit and financial
structuring.
Mr.
Shahzaad Dalal: Mr. Shahzaad Dalal is the Executive Vice Chairman of
IL&FS Investment Managers Limited. Mr Dalal is a Management Graduate with
over 20 years experience. Prior to assuming this responsibility Mr Dalal was
the CEO of the Asset Management Strategic Business Unit (ASBU) of IL&FS. He
is also on the Board of various IL&FS group companies such as ORIX Auto
Finance India Ltd., Noida Toll Bridge Company Ltd.,etc. Mr Dalal was earlier
responsible for the overall planning and raising of resources for IL&FS and
project finance for IL&FS sponsored infrastructure projects. Prior to
joining IL&FS, Mr Dalal was responsible for structured leasing and hire
purchase products, marketing and credit evaluation with Industrial Credit and
Investment Corporation of India Limited (ICICI).
Dr.
Dilip Mehta: Dr. Dilip Mehta is well known in the pharmaceutical
research sector globally. He has worked with the several global pharmaceutical
companies including Bristol Laboratories (Clinical Laboratories), Hoechst AG
and its subsidiaries (Group Director, US Clinical Research), Pfizer Inc. (Sr.
Vice President, US Clinical Research), and Quintiles Spectral (India) Limited
(Chairman).
Dr. Dilip Mehta has had more than fifty scientific
publications relating to methodology of clinical research, pre-clinical work,
clinical studies with cardio-vascular drugs etc, in medical journals in the
Mr.
Prakash Shah: Mr. Prakash Shah is a senior partner in DSK Legal and heads
the Direct and Indirect Taxation, Litigation and arbitration practices. A
qualified solicitor, Mr. Shah has specialized in advising on complex issues in
the fields of Direct and Indirect Taxation, Intellectual Property and General
Commercial Litigation. He has provided strategic legal advice and represented
several large business houses and multinational companies before a wide variety
of fora in diverse legal matters. Mr. Prakash Shah is an Advocate in the High
Court of Bombay, a Solicitor in the Supreme Court of India and a Solicitor in
the Supreme Court of England and
Associates Company
Siro
Clinpharm Private Limited
Siro
Clinpharm Private Limited is one of the earliest entrants in the contract
clinical research business in
To
enhance its comprehensive range of clinical research services, SIRO also
provides central laboratory services for clinical trials with the
implementation of its state-of-the-art molecular biology laboratory in
Advy
Chemical
Advy
Chemical, a partnership firm, was founded in 1988 to develop, manufacture and
market bulk immuno-diagnostic reagents such as polyclonal antibodies, antigens,
calibrators and controls.
The firm's entire production is exported to various
immuno-diagnostic industries in Europe,
Mucos
Pharma (
Mucos
Pharma (
Products
BSV
has developed considerable market strengths in the domestic markets through its
portfolio of niche primary line, life saving injectables. The Company remains
focused on ascending the value chain in the manufacturing and marketing of
biological, pharmaceutical and biotechnology products and is committed to
enhancing the sales of these products.
The Company has in its portfolio over 25 brands, most of
them having the potential of being a product capable of being marketed in the
global market. Exports would continue to propel the Company's growth in the
coming years.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.91 |
|
|
1 |
Rs.80.46 |
|
Euro |
1 |
Rs.54.60 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
59 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|