MIRA
INFORM REPORT
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Report Date : |
26.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
BLISS GVS PHARMA LIMITED |
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Registered Office : |
Building No. 6 Unit No. 29 Udit Mittal Industrial Society Limited,
Andheri (East), Mumbai – 400 059, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.12.1984 |
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Com. Reg. No.: |
34771 |
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CIN No.: [Company
Identification No.] |
L24230MH1984PLC034771 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB10979D |
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PAN No.: [Permanent
Account No.] |
AABCN1328J |
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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 : |
Manufacturer of Female Contraceptives, Soft Pessaries and
Suppositories. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 950000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having satisfactory track.
Trade relations are fair. Financial position is satisfactory. Payments are
usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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LOCATIONS
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Registered Office : |
Building No. 6 Unit No. 29 Udit Mittal Industrial Society Limited,
Andheri (East), Mumbai – 400 059, Maharashtra , India |
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Tel. No.: |
91-22-28505387 |
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E-Mail : |
info@blissgvspharma.com
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Website : |
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Factory : |
Plot No.10, Survey No. 38/1, Dewan Udyog Nagar, Aliyali Village,
Taluka - Palghar, Dist.Thane, Maharashtra, India |
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Tel. No.: |
91 - 22 - 28505387 / 28503870 |
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Mobile No.: |
91-9820212869 |
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Fax No.: |
91 - 22 – 28563930 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Govind G Desai |
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Designation : |
Chairman |
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Date of Birth/Age : |
15.10.1956 |
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Qualification : |
M. Com |
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Experience : |
Foreign Exchange Business |
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Name : |
Mr. Gautam R Ashra |
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Designation : |
Director |
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Name : |
Mr. Mahendra N Thakkar |
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Designation : |
Director |
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Date of Birth/Age : |
17.10.1941 |
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Qualification : |
FCA – Chartered Accountants |
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Experience : |
Accounting , Auditing and Management Consultancy |
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Name : |
Mrs. Shruti N Kamath |
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Designation : |
Director |
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Date of Birth/Age : |
06.04.1985 |
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Qualification : |
Bachelor of Engineering |
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Experience : |
Computers |
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Name : |
Mr. Shibroor N Kamath |
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Designation : |
Managing Director |
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Date of Birth/Age : |
21.12.1953 |
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Qualification : |
Intermediate |
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Experience : |
Pharmaceuticals |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (as on 31.03.2007) |
No. of Shares |
Percentage of
Holding |
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Indian Promoters , Directors and Relatives |
4141504 |
65.6% |
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Banks, Financial Institutions, Insurance Companies, (Central/ State
Government Institutions/ Non Government Institutions) |
1330 |
0.0% |
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Private Corporate Bodies |
776990 |
12.3% |
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Indian Public |
1288325 |
20.4% |
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NRIs/ OCBs |
93947 |
1.4% |
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Clearing Members |
4571 |
0.0% |
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Total
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6306667 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Female Contraceptives, Soft Pessaries and
Suppositories. |
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Products : |
· Nonoxynol 9 Vaginal Contraceptive · 100 MG Clotrimazole Vaginal Contraceptive · Hydrocortisone Anal Suppositories |
GENERAL
INFORMATION
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No. of
Employees: |
Around 250 |
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Bankers : |
The Federal Bank Limited, Dombivli – Thane |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B K Khare and Company Chartered Accountants |
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Associates/Subsidiaries : |
· Kanji Money Changers Private Limited · Kanji Pitamber Forex Private limited · IBS Forex Private Limited · Mafatlal Dyes and Chemicals Limited · Kanji Pitamber and Company · Florotek Bio Systems |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000000 |
Equity Shares |
Rs. 1/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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6306667 |
Equity Shares |
Rs. 10/- each |
Rs.63.066
millions |
Notes:
[Of the above,
during the year, 2666667 Equity Shares of Rs. 10/- each, issued to the Promoter
and Managing Director, Mr. S. N. Kamath at a value of Rs. 60 per share
(including premium of Rs. 50/-per share) on a preferential basis for
consideration other than cash. Of the above 1040000 Equity Shares, fully paid
up have been issued as Bonus Shares by Capitalisation of the General Reserve.]
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
63.066 |
36.400 |
25.900 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
172.245 |
7.881 |
10.600 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
235.311 |
44.281 |
36.500 |
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LOAN FUNDS |
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1] Secured Loans |
76.316 |
4.766 |
1.200 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
76.316 |
4.766 |
1.200 |
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DEFERRED TAX LIABILITIES |
0.604 |
0.801 |
0.000 |
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TOTAL |
312.231 |
49.848 |
37.700 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
154.454 |
22.549 |
11.200 |
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Capital work-in-progress |
1.449 |
1.976 |
3.300 |
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INVESTMENT |
0.001 |
0.001 |
0.000 |
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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 |
34.048 |
6.074 |
7.000 |
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Sundry Debtors |
270.455 |
21.349 |
12.700 |
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Cash & Bank Balances |
41.245 |
4.177 |
9.700 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
74.190 |
23.967 |
15.900 |
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Total
Current Assets |
419.938 |
55.567 |
45.300
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
223.511 |
5.517 |
8.200 |
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Provisions |
40.100 |
24.728 |
13.900 |
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Total
Current Liabilities |
263.611 |
30.245 |
22.100
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Net Current Assets |
156.327 |
25.322 |
23.200
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
312.231 |
49.848 |
37.700 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
623.392 |
56.248 |
46.000 |
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Other Income |
0.967 |
1.941 |
1.200 |
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Total Income |
624.359 |
58.189 |
47.200 |
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Profit/(Loss) Before Tax |
58.637 |
18.217 |
6.900 |
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Provision for Taxation |
20.229 |
6.406 |
2.700 |
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Profit/(Loss) After Tax |
38.408 |
11.811 |
4.200 |
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Export Value |
581.607 |
9.586 |
NA |
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Expenditures : |
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Manufacturing Expenses |
0.000 |
0.000 |
1.000 |
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Administrative Expenses |
0.000 |
0.000 |
19.600 |
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Raw Material Consumed |
356.585 |
12.902 |
10.300 |
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Salaries, Wages, Bonus, etc. |
0.000 |
0.000 |
4.200 |
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Excise duty |
0.000 |
0.000 |
3.400 |
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Interest |
6.662 |
0.389 |
0.300 |
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Personnel Expenses |
13.758 |
7.455 |
0.000 |
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Power & Fuel |
0.000 |
0.000 |
0.400 |
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Depreciation & Amortization |
29.170 |
1.244 |
0.700 |
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Other Expenditure |
159.545 |
17.980 |
0.500 |
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Total Expenditure |
565.720 |
39.970 |
40.400 |
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QUARTERLY RESULTS
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PARTICULARS |
30.06.2007 |
30.09.2007 |
31.12.2007 |
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Type
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1st
Quarter |
2nd
Quarter |
3rd
Quarter |
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Sales Turnover |
140.900 |
299.100 |
222.800 |
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Other Income |
0.300 |
0.000 |
0.600 |
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Total Income |
141.200 |
299.100 |
223.400 |
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Total Expenditure |
80.100 |
163.000 |
110.000 |
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Operating Profit |
61.100 |
136.100 |
113.400 |
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Interest |
2.400 |
2.200 |
3.200 |
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Gross Profit |
58.700 |
133.900 |
110.200 |
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Depreciation |
7.800 |
7.800 |
7.700 |
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Tax |
7.100 |
3.900 |
19.500 |
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Reported PAT |
43.800 |
122.200 |
83.000 |
KEY RATIOS
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Year |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt-Equity Ratio |
0.29 |
0.07 |
0.04 |
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Long Term Debt-Equity Ratio |
0.24 |
0.01 |
0.03 |
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Current Ratio |
1.53 |
1.72 |
2.10 |
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Fixed Assets |
5.69 |
2.51 |
2.99 |
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TURNOVER RATIOS |
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Inventory |
31.37 |
9.08 |
6.76 |
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Debtors |
4.31 |
3.50 |
4.20 |
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Interest Cover Ratio |
9.75 |
46.25 |
24.00 |
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Operating Profit Margin(%) |
15.02 |
33.11 |
17.17 |
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Profit Before Interest And Tax Margin(%) |
10.38 |
31.09 |
15.65 |
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Cash Profit Margin(%) |
10.75 |
21.85 |
10.65 |
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Adjusted Net Profit Margin(%) |
6.10 |
19.83 |
9.13 |
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Return On Capital Employed(%) |
36.21 |
42.63 |
20.20 |
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Return On Net Worth(%) |
27.47 |
29.21 |
12.21 |
LOCAL AGENCY
FURTHER INFORMATION
THE YEAR UNDER
REVIEW
During the year, with effect from 1st April, 2006 the Company took over GVS Labs a proprietary concern of Mr. S.N. Kamath for a consideration of Rs. 160.000 millions. The consideration was paid by way of issue of further shares of 2666667 to Mr. S. N. Kamath at a premium of Rs.50/- each. After the take over the company has booked profit after tax of Rs.38.408 millions.
Presently the company has expanded its business horizon beyond the boundaries
of the country and established its business mainly in African and European
Countries.
During the year under review the company successfully set of its 100% Export
Oriented Unit (EOU) with world class standards at its Palghar Unit.
Also the company is a WHO / GMP certified company.
The Company's key business has reported an encouraging performance for the year
ended 31st March, 2007. In the year gone by the company has demonstrated its
execution skills booking sales order of Rs.623.392 millions (Previous Year Rs.
56.248 millions).
FUTURE OUTLOOK
Their vision under the Management demonstrated the far reaching changes to make the company a class of its own. Over the long term, their aspirations are to leverage their R and D capabilities to develop their own line of product and patents to establish their presence felt around the world.
FIXED ASSETS:
· Goodwill
· Land
· Factory Building
· Residential Building
· Office Premises
· Plant
· Office Equipment
· Factory Equipment
· Computers
· Air Conditioners
· Furnitures and Fixtures
· Vehicles
· Electrical Installation and Fittings
WEBSITE DETAILS:
History:
Subject was incorporated
on 11th December, 1984 as Public Limited Company. It is listed on
Bombay and Delhi Stock Exchange. The Manufacturing Plant is located at Palghar
(approximately 90 kms from Bombay) in an industrial area which is well
developed with all infra-structural facilities. The plant is 1.5 kms. from
Palghar Railway Station on the Western Railway. The company's most unique
product is
'Today' Vaginal Contraceptive, a safe female contraceptive aimed at
furthering planned parenthood and is also an established method for preventing
conception.
Business:
Subject has the modern
plant to manufacture Female Contraceptives, Soft Pessaries and Suppositories.
Its most popular product is 'Today' Vaginal Contraceptive pessaries
containing Nonoxynol 9. Bliss also manufactures to U.S. specification vaginal
pessaries of Clotrimazole and Povidone Iodine in addition to Anal Suppositories
for treatment of Piles.
The Company complies with all norms laid down by Food and Drug Administration for
manufacture of its products and maintains high International GMP standards.
The Company also manufacturers wide range of Pessary Formulations, Suppository
Formulations, Calcium Preparation, Protein Powders, Iron Preparation,
Antibiotics, Analgesic and Antipyretics, Respiratory, Anti-inflammatory,
Dermatological Preparations, Anti-Diarrhoeal products.
Location
It is a sophisticated automatic plant situated at Palghar (approx. 90
kms away from Mumbai City) in an Industrial area which is well-developed with
all Infra-structural facilities. This site is around 1.5 kms away from Palghar
Railway Station on the Western Railway and is well-connected by Road and Rail
to most parts of the country, including Mumbai.
The plant aims to be as the most modern and one of its kind in Indian
sub-continent, to manufacture suppositories. Complete overhaul and annual
maintenance has kept the plant in excellent condition and fully operational
with minimum down time. Spares and consumables are maintained at proper levels
to prevent unnecessary delays and the company has made efforts to employ a
qualified Maintenance Engineer since production should not be hampered in any
way.
Quality Assurance
The fully equipped, sophisticated Quality Control laboratories,
installed with latest computerized analytical instrumentation and equipments,
control and test every stage of formulation development and production, from
raw materials to packing materials to finished products besides in process
testing. Special emphasis is laid on Validation. Stability Studies and
Bio-clinical studies.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.39.97 |
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UK Pound |
1 |
Rs.79.53 |
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Euro |
1 |
Rs.63.09 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
---- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
NO |
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TOTAL |
|
54 |
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. |
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 |
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