MIRA
INFORM REPORT
|
Report Date : |
19.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT SERUMS AND VACCINES LIMITED |
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Formerly Known As : |
GAUTAM LABORATORIES PRIVATE LIMITED |
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Registered Office : |
17th Floor, Hoechst
House, Nariman Point, Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
29.04.1971 |
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Com. Reg. No.: |
11-015134 |
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Paid-Up Capital : |
Rs. 100.483 Millions |
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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 : |
Manufacturer and Marketer of Biologicals, Biotechnology
Products and Pharmaceuticals. |
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No. of Employees : |
884 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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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 6700000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having good track.
Financial position of the company appears to be sound. Directors are reported
to be experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are reported to be regular and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
The Management non cooperative
LOCATIONS
|
Registered Office : |
17th Floor, Hoechst House, Nariman Point,
Mumbai – 400 021, |
|
Tel. No.: |
91-22-66560900 / 66560980 |
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Fax No.: |
91-22-66560901 / 66560903 |
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E-Mail : |
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Website : |
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Corporate Office 1 /Exports : |
Hoechst House, 16th Floor, Nariman Point, Mumbai –
400021, Maharashtra, India |
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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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Corporate Office 2 / R and D Centre : |
DIL Complex, Behind Cine Wonder, |
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Tel No : |
91-22-25899758 |
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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 |
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Godown : |
Shree Arihant Compound, Building No. H-2, Gala No. 12, 13
(Part), 14 (Part), 15, 16, 17, Ground Floor, Koper Village, Thane Bhiwandi
Road, District Thane – 421302, Maharashtra, India |
|
Tel. No.: |
91-252-2646169/70 |
DIRECTORS
As On 16.09.2010
|
Name : |
Mr. Bharat Vinod Daftary |
|
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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DIN No.: |
00011518 |
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Name : |
Dr. Gautam Vinod 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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DIN No.: |
00009326 |
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Name : |
Mr. Shahzaad Dalal |
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Designation : |
Director (uptp 25.09.2009) |
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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 : |
Mr. Kamlesh Niranjan Sarangi |
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Designation : |
Alternate Director |
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Address : |
Plot No. 503, Floor 5, Lakshchandi Height, Gokuldham, Goregaon (E),
Mumbai – 400063, Maharashtra, India |
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Date of Birth/Age : |
28.11.1971 |
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DIN No.: |
02852838 |
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Name : |
Mrs. Cynthia Christine D’Souza |
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Designation : |
Director |
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Address : |
Sarguro Park 3, 1st Floor, |
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Date of Birth/Age : |
02.11.1953 |
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Date of Appointment : |
06.06.2008 |
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DIN No.: |
00420046 |
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Name : |
Mr. Sunil Vasantrao Diwakar |
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Designation : |
Alternate Director (Upto 30.03.2010) |
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Address : |
C-002, Shreejville, Opposite Nitin Company, |
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Date of Birth/Age : |
22.05.1963 |
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Date of Appointment : |
07.08.2006 |
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Date of Cessation : |
30.03.2010 |
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DIN No.: |
00089266 |
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Name : |
Mr. Ajeet Singh Karan |
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Designation : |
Director |
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Address : |
House No.36, Sector – 37, Arunvihar, Noida – 201 303 |
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Date of Birth/Age : |
09.12.1965 |
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Date of Appointment : |
27.09.2007 |
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DIN No.: |
00183622 |
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Name : |
Mr. Sunil Manubhai Shah |
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Designation : |
Director |
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Address : |
40, Yashodham Bungalows, |
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Date of Birth/Age : |
06.01.1958 |
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Qualification : |
B.Com (Hon), MBA (IIMA) |
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Date of Appointment : |
18.06.2009 |
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DIN No.: |
00137105 |
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Other Directorships Held : |
- Evergreen Research and Asset Management Private Limited |
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Name : |
Mr. Rohan Pradeep Shah |
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Designation : |
Director |
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Address : |
P-6, Godrej Glenelg, Damani House, Captain Prakash Pethe Marg, 11,
CUffe Parade, Mumbai – 400005, Maharashtra, India |
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Date of Birth/Age : |
12.01.1963 |
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Date of Appointment : |
18.06.2009 |
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DIN No.: |
00088684 |
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Name : |
Mr. Sunny Gurparshad Sharma |
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Designation : |
Director |
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Address : |
10, West End Ave Apartment, 11 H, new York 10023 |
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Date of Birth/Age : |
31.08.1974 |
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Qualification : |
M.B.B.S. MBA from
IIM, Bangalore |
|
Date of Appointment : |
24.03.2010 |
|
DIN No.: |
02267273 |
|
Other Directorships
held : |
-
OrbiMed
Advisors India Private Limited -
Manipal
Acunova Limited |
|
Name : |
Mr. Nitin Jagannath Deshmukh |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Ekta Heritage, 15 Road, Khar (West), Mumbai – 400 052,
Maharashtra, India |
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Date of Birth/Age : |
07.11.1962 |
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Qualification : |
MBA (Mumbai University), Masters Degree in Pharmaceutical Technology (UDCT), Post Graduation Programme in Pharmaceutical Technology (University of Ghent, Belgium) |
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Date of Appointment : |
21.11.2008 |
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DIN No.: |
00060743 |
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Other Directorships
held : |
- Metahelix Lifesciences Limited - Vlife Sciences Technologies Private Limited - Siro Clinpharm Private Limited - BVG India Limited - Indus Biotech Private Limited - Rubicon Research India Private Limited - Intas Biopharmaceuticals Limited - Kotak Investment Advisor Limited |
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Name : |
Mr. Suketu Viren Shah |
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Designation : |
Director |
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Address : |
A/52, Darshan Apartments, Mt. Pleasant Road, Malabar Hill, Mumbai –
400006, Maharashtra, India |
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Date of Birth/Age : |
04.12.1954 |
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Qualification : |
MBA from Harvard Business School |
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Date of Appointment : |
22.12.2009 |
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DIN No.: |
00033407 |
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Other Directorships
held : |
-
Mukund Limite -
Hospet Steels Limited -
UTV Software Communications Limited -
Metro Dairy Limited -
Jeewan Limited -
Lineage Investments Limited -
Primus Investments and Finance Limited -
Econium Investments and Finance Limited -
Alloy Steel Producers Association of India -
Mukund Vijayanagar Steel Limited -
Ravi Engineering and Investment Private Limited -
Akhil Investments and Trade Private Limited -
Kshitij Holdings and Engineering Private Limited -
Jyoti Shah Premises and Investments Private Limited -
Adonis Laboratory Private Limited -
Galaxy Lifestyle Restaurant Private Limited -
Mukund Vini Mineral Private Limited -
JLS Realty Private Limited -
Mukund International Limited, UK -
Mukund International FZE (Dubai) -
Kuber and Company |
|
|
|
|
Name : |
Mr. Siddharth Bharat Daftary |
|
Designation : |
Director |
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Address : |
114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, |
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Date of Birth/Age : |
28.12.1983 |
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Qualification : |
B.sc
(Lifesciences), Mumbai University and M.sc (Molecular and Genetic Medicine),
University of Sheffield |
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Date of Appointment : |
22.12.2009 |
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DIN No.: |
02897197 |
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Other Directorships
held : |
-
Kasiak
Research Private Limited -
Nostimia
Foods Private Limited -
Aksipro
Diagnostic Private Limited -
Advy
Chemical -
Aksigen
Hospital Care |
KEY EXECUTIVES
|
Name : |
Mr. Aniket Bavchandbhai Hirpara |
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Designation : |
Company Secretary |
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Address : |
B-105, Pravin Palace, Dindayal Nagar, Station Road, Vasai (West),
Thane – 401202, Maharashtra, India |
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Date of Birth/Age : |
15.07.1982 |
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Date of Appointment : |
26.12.2008 |
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Pan No.: |
ABPPH4615N |
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Name : |
Mr. Ajay Sapre |
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Designation : |
Executive Vice President – Finance |
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Name : |
Mr. Anil Damle |
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Designation : |
Finance Controller |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 16.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Vinod G. Daftary |
|
2073954 |
|
Gaurang S Daftary |
|
106500 |
|
Ameet S Daftary |
|
106500 |
|
Gautam V. Daftary |
|
1839820 |
|
Bharat V.Daftary (HUF) |
|
785550 |
|
Gautam V. Daftary (HUF) |
|
785550 |
|
Vinod Daftary (HUF) |
|
750 |
|
Akshay G. Daftary Jointly with Aarti G. Daftary |
|
750 |
|
Siddharth B. Daftary Jointly with Bhavna Daftary |
|
750 |
|
Ansuya V. Daftary Jointly with Vinod G. Daftary |
|
750 |
|
Nayantara H. Kothari Jointly with Sarala G. Kothari |
|
135750 |
|
Bharat V. Daftary |
|
1839820 |
|
Aksipro Diagnostic Private Limited – India |
|
900000 |
|
Bharat V. Daftary Jointly with Bhavna Daftary |
|
1906200 |
|
Gautam V. Daftary Jointly with Aarti Daftary |
|
1906200 |
|
Aarti Daftary Jointly with Gautam Daftary |
|
1012500 |
|
Bhavna Daftary Jointly with Bharat Daftary |
|
1012500 |
|
Agcetech Pharmacuticals Private Limited – India |
|
155562 |
|
Czaee Shah |
|
71000 |
|
Gauri Pohoomul |
|
71000 |
|
Kavita Khanna |
|
71000 |
|
Kotak Mahindra Trusteeship Services Limited – India |
|
1201801 |
|
Kotak India Private Equity Fund – Mauritius |
|
407727 |
|
Kotak Investment Advisors Limited – India |
|
29151 |
|
Raj N. Parekh |
|
300 |
|
Caduceus Asia Mauritius Limited – Mauritius |
|
699358 |
|
Total |
|
17120743 |
As On 16.09.2010
|
Category |
Percentage |
|
Mutual Funds |
7.02 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
6.47 |
|
Bodies corporate |
6.34 |
|
Directors or relatives of Directors |
76.90 |
|
Other top fifty shareholders |
3.27 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Biologicals, Biotechnology
Products and Pharmaceuticals. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2010)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Injections |
Nos |
|
27160000 |
7584930 |
Note: Excludes quantity produced under loan licence agreement
GENERAL INFORMATION
|
No. of Employees : |
884 (approximately) |
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Bankers : |
·
DBS
Bank Limited – 221, Dr. D. N. Road, Fort, Mumbai – 400001, Maharashtra, India
·
IDBI Bank
Limited – Dosti Pinnacle, Ground Floor, Road No. 22, Wagle Industrial Estate,
Thane West 400604, Maharashtra, India ·
Corporation
Bank ·
Citi
Bank N.A ·
ICICI
Bank Limited ·
Bank
of Baroda ·
Exim
Bank |
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Facilities : |
Note: 1. Rupee Term Loan taken from various banks is secured by way of the hypothecation of movable assets and the first pari-passu charge on immovable assets of the company situated at Ambernath Plant. Foreign Currency Term Loan is secured by way of first pari-passu charge on the immovable assets of the company situated at Ambernath Plant. 2. Rupee Term loan installment repayable within a year – Rs.55.000 (74.000) millions 3. Foreign Currency Term Loan installment repayable within a year Rs. 54.988 millions 4. Working capital facilities from banks are secured by way of hypothecation of raw material, packing material, materials under process, finished goods, book debts, machinery and other movable assets of the Company situated at Thane factory; first pari-passu charge on the immovable assets of the Company situated at Thane Factory; and second charge on the immovable assets of the company situated at Ambernath Plant.
Note: Hire Purchase Loan is secured
against the specific vehicle purchased from the loan amount. * Others include loans taken from
Dept of Science and Technology and Dept of Biotechnology. Out of the same
Rs.18.000 (NIL) millions, is repayable within a year. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
M M Nissim and Company Chartered Accountants |
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Address : |
Barodawala Mansion, B – Wing, 3rd Floor, 81, Dr. Annie
Besant Road, Worli, Mumbai – 400018, Maharashtra, India |
|
Pan No : |
AAAFM5103E |
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Tel No : |
91-22-24949991 |
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Fax No : |
91-22-24949995 |
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E-mail : |
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Website : |
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Pan No.: |
AAAFM5103E |
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Associates : |
·
Siro Clinpharm Private Limited ·
Advy Chemical ·
Aksigen Hospital Care ·
Kasiak Research Private Limited ·
Aksigen Pharmaceuticals Private
Limited ·
Aksipro Diagnostics Private Limited ·
Hitech Laboratories Private Limited ·
Sara Trust |
|
|
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Joint Venture : |
·
Zydus BSV Pharma Private Limited |
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Subsidiaries : |
·
BSV Biosciences Inc. USA ·
BSV Biosciences Inc., Germany ·
BSV Biosciences GmbH |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20987800 |
Equity Shares |
Rs. 5/- each |
Rs.104.939 Millions |
|
200 |
Equity Shares with Differentail Voting Right |
Rs. 5/- each |
Rs. 0.001 Millions |
|
920000 |
0.01% Convertible Redeemable Preference shares |
Rs. 5/- each |
Rs. 4.600 Millions |
|
742000 |
0.01% Convertible Cumulative Preference Shares Series – I |
Rs. 5/- each |
Rs. 3.710 Millions |
|
1350000 |
0.01% Convertible Cumulative Preference Shares Series – II |
Rs. 5/- each |
Rs. 6.750 Millions |
|
|
Total
|
|
Rs. 120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
Equity Share Capital |
|
|
|
17120643 |
Equity Shares |
Rs.5/- each |
Rs.85.603
Millions |
|
100 |
Equity Shares with Differentail Voting Right |
Rs. 5/- each |
Rs. 0.001
Millions |
|
|
Preference
Share Capital |
|
|
|
919243 |
0.01% Convertible Redeemable Preference shares |
Rs. 5/- each |
Rs. 4.596
Millions |
|
714119 |
0.01% Convertible Cumulative Preference Shares Series – I |
Rs. 5/- each |
Rs. 3.571 Millions
|
|
1342444 |
0.01% Convertible Cumulative Preference Shares Series – II |
Rs. 5/- each |
Rs. 6.712
Millions |
|
|
|
|
Rs. 100.483 Millions |
Note:
-
(699357 Equity Shares has
been brought back and extinguished during the year as per section 77A of the
Companies Act,1956)
-
(of the above 175353
shares has been issued as bonus shares by utilizing securities premium account)
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.483 |
93.562 |
89.100 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1578.293 |
1067.558 |
718.274 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1678.776 |
1161.120 |
807.374 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
586.424 |
682.778 |
718.050 |
|
|
2] Unsecured Loans |
284.997 |
238.945 |
403.592 |
|
|
TOTAL BORROWING |
871.421 |
921.723 |
1121.642 |
|
|
DEFERRED TAX LIABILITIES |
88.605 |
72.510 |
75.439 |
|
|
|
|
|
|
|
|
TOTAL |
2638.802 |
2155.353 |
2004.455 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
902.601 |
843.864 |
755.494 |
|
|
Capital work-in-progress |
735.442 |
599.942 |
569.762 |
|
|
|
|
|
|
|
|
INVESTMENT |
160.897 |
153.897 |
143.897 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
287.479
|
258.443 |
311.481
|
|
|
Sundry Debtors |
573.993
|
316.645 |
221.019
|
|
|
Cash & Bank Balances |
215.474
|
214.042 |
34.873
|
|
|
Other Current Assets |
0.000
|
0.000 |
0.000
|
|
|
Loans & Advances |
227.943
|
116.182 |
283.206
|
|
Total
Current Assets |
1304.889
|
905.312 |
850.579 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
139.771 |
93.565 |
183.532
|
|
|
Other Current Liabilities |
263.638
|
209.042 |
96.002
|
|
|
Provisions |
61.618
|
45.055 |
35.743
|
|
Total
Current Liabilities |
465.027
|
347.662 |
315.277
|
|
|
Net Current Assets |
839.862
|
557.650 |
535.302
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2638.802 |
2155.353 |
2004.455 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1957.972 |
1492.891 |
1395.698 |
|
|
|
Income from Intellectual Property |
99.000 |
67.996 |
13.453 |
|
|
|
Export Entitlements |
17.918 |
13.863 |
10.825 |
|
|
|
Other Income |
42.744 |
42.672 |
106.881 |
|
|
|
TOTAL (A) |
2117.634 |
1617.422 |
1526.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
478.925 |
283.281 |
295.399 |
|
|
|
Purchase of Finished Goods |
298.306 |
115.659 |
144.011 |
|
|
|
Decrease in Stocks |
10.500 |
47.227 |
28.858 |
|
|
|
Manufacturing and other Expenses |
951.516 |
853.846 |
731.930 |
|
|
|
TOTAL (B) |
1739.247 |
1300.013 |
1200.198 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
378.387 |
317.409 |
326.659 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
95.941 |
116.219 |
150.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
282.446 |
201.190 |
175.870 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
97.084 |
96.311 |
96.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
185.362 |
104.879 |
79.184 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
16.159 |
(0.048) |
(10.224) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
169.203 |
104.927 |
89.408 |
|
|
|
|
|
|
|
|
|
Add |
TAXATION
ADJUSTMENT FOR EARLIER YEARS |
0.636 |
0.137 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
Prior Period
Expenses |
0.000 |
0.000 |
1.050 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
441.940 |
363.853 |
300.716 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
15.746 |
15.366 |
15.147 |
|
|
|
Corporate Dividend Tax |
2.675 |
2.611 |
2.574 |
|
|
|
General Reserve |
16.000 |
9.000 |
7.500 |
|
|
BALANCE CARRIED
TO THE B/S |
577.358 |
441.940 |
363.853 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
361.392 |
323.550 |
244.397 |
|
|
TOTAL EARNINGS |
361.392 |
323.550 |
244.397 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
377.835 |
155.123 |
200.987 |
|
|
|
Finished Goods |
228.468 |
65.240 |
103.503 |
|
|
|
Packing Materials |
13.102 |
15.881 |
7.010 |
|
|
|
Spare Parts |
3.150 |
1.720 |
10.408 |
|
|
|
Capital Goods |
10.801 |
15.610 |
4.047 |
|
|
TOTAL IMPORTS |
633.356 |
253.574 |
325.955 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
9.53 |
5.90 |
4.96 |
|
|
|
-
Diluted |
9.07 |
5.61 |
4.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
7.99 |
6.49 |
5.86 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.47 |
7.03 |
5.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.40 |
5.99 |
4.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.09 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.81 |
1.09 |
0.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.81 |
2.60 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
The Details of
Sundry Creditors:
Rs.
In Millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
|
|
|
-
Due to micro, small and medium enterprises |
0.397 |
0.863 |
-- |
|
-
Others |
139.374 |
92.702 |
183.532 |
|
Total |
139.771 |
93.565 |
183.532 |
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW:
The Indian pharmaceutical industry recorded a turnover of
Rs.417000.000 millions with 18% growth over the prior year (MAT March 2010).
The growth was primarily driven by the volume and new products introduction.
The industry growth is largely influenced by the chronic disease management
segments. Overall, the industry was relatively less affected by the impact of
the economic slowdown.
India’s pharma sector now ranks 3rd in terms of volume of production
with 10% share of the global pharmaceutical market and occupies 14th position
by value, says a news release issued by Press Information Bureau from the
Ministry of Finance, government of India. During the year, there was a status
quo as regards major issues like clarity on certain areas in the Patent Laws,
Drug Pricing policy, Data Exclusivity. The progress in these areas would stimulate
the growth and support the rapid development including R and D initiatives of
the pharmaceutical industry.
OUTLOOK AND OPPORTUNITIES:
In 2010-11, the pace of the economic recovery would influence the
macroeconomic indicators globally. The impact of this on the Indian economy
would be determined by the Country’s GDP growth, Government’s policies.
The pharmaceutical industry is expected to show a double digit growth in
the medium term. The Government’s healthcare policies continues to focus on improving
the access, reach of the medicines and increase in the Public healthcare
spending from present 1% to 2%of the GDP. The increase in the disposable
income, improved health awareness, development in the rural areas and
infrastructure along with favourable Government healthcare policies would drive
the growth of the industry.
The Company has planned a robust growth during 2010-11. The various
measures initiated would augment the rapid growth of the business in the
future. On the Operations side, the emphasis would be to drive the top line.
The marketing plans are in place to achieve the sales targets and drive the
growth of the power brands. The export team would be expanded in terms of the
manpower resources to exploit the potential in the existing territories as well
as to take advantage of the new registrations which are likely to be received
during the year.
The fund raised through the private equity investment and terms loans
from the Banks would support the facility up gradation including new hormones
facility. The new Hormones API plant in Germany and formulation plant in
Ambernath would be operational and would enable the Company to tap high
potential export markets in future.
The Company.s research capabilities have been recognized by the pharma
players. The strategies have been worked out to create more alliances and
strategic partnerships to commercialize the R and D molecules. This would have
significant impact on the profitability and give boost to the R and D work of
the Company.
The new products introduction is a lifeline for the pharmaceutical
industry. The Company is currently carrying out the clinical trials on three
Products and plans to initiate the trial on one more new Product. These
Products have very high potential and advantage in terms of cost, efficacy and
safety profile. The Company plans to introduce these Products in the coming
year. The Company has also put in place various action plans to ensure that the
adequate resources are available in terms of manpower, technology, infrastructure
etc to support the achievement of its business plans.
FINANCIAL
PERFORMANCE REVIEW:
The Company recorded sales of Rs.1957.900 million verses Rs.1492.800
million in the previous year and grew by 31.1. The revenue included income of
Rs.99.000 million from the outlicensing deals made during the year. The profit
before tax was Rs.185.000 million verses Rs.105.000 million in the previous
year. The sales of flagship Products progressed well. The availability of
plasma range of Products supported the sales growth. The sales of these
Products were affected in the prior year due to non-availability. The
favourable exchange fluctuation of rupee versus dollar has helped in improving
the profitability of the Company.
The Company’s focused outlicensing strategy is showing encouraging
results. The discussions are at the advance stage for outlicensing arrangement
of one of its molecules. This would be the second such arrangement since last
year.
The Company has made significant work on the molecule which deals with
kala azar. The Department of Science and Technology has recognized this work
and have rendered support in the form of grant to carry out further clinical
trial in the field of kala azar for inclusion in National Vector Borne Disease
Control Programme (NVBDCP) of the Government of India. The clinical trial has
progressed very well and the results are expected to be available in the third
quarter of the coming year. The Company has also initiated clinical trial on
the additional two new drugs. The Company is very optimistic about the clinical
trial results and the successful launch of these drugs. Company’s Joint Venture
(JV), namely Zydus BSV Pharma Private Limited (ZBP) continues to focus on the
development of the patented product, Nudoxa and on the contract manufacturing
business for generic products. For the patented product, Nudoxa, the JV Company
has initiated a trial in breast cancer which is showing promising results. The
trial would be used for support for the sales in India and also for filing in
the dossiers for certain emerging markets like Russia, etc. For the Developed
markets, the JV has filed for a request with the FDA for a Pre IND meeting. For
the Generic Contract Manufacturing Business, in addition to the signed Contract
from a US company, the JV is in advanced stages of discussions with an European
company for manufacturing of generic products for certain European Markets. The
JV is also pursuing exploratory discussions with a few other Indian / US
companies for the development and manufacture of generic oncology products.
The Company received the infusion of funds through the private equity
agreement and the term loans from the Banks. The Company expects to benefit
immensely from the rich experience and knowledge of both the Equity Partners in
the coming years. The funds would be utilized for the operations and
manufacturing facility expansion which would meet international manufacturing
and quality standards. This would help the company to enhance its presence in
the export markets. The construction of new hormone API facility in Germany and
formulation facility in Ambernath has started and both the plants are expected
to commence the operations in the next year. The R and D expenditure continues
to be higher but the Company is hopeful that the results of the same in coming
years will provide excellent growth prospects for the Company.
Contingent Liability not provided for:
- Income Tax
Rs.0.171 million (Rs.0.171 million)
- Excise Duty
Rs.1.942 million (Rs.1.942 million)
- Bank Guarantee
Rs.17.177 million (Rs.23.174 million)
Stand By Letter of Credit (SBLC)
Corporate Guarantee
given to Citibank [Rs.137,800 thousand (previous year Rs. Nil)] in
consideration of the stand by letter of credit (SBLC) opened by them in favor
of Commerzbank AG, Germany, as security for loan granted by them to BSV
Biosciences GmbH Germany, a subsidiary Company. The SBLC is issued out of the
working capital facilities of the company.
NOTE:
The Registered office of the company has been shifted from “16th
Floor, Hoechst House, Nariman Point, Mumbai – 400
021, Maharashtra, India” to present address w.e.f
27.09.2007.
Form: 8
|
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 |
17th Floor,
Hoechst House, Nariman Point, Mumbai – 400 021, |
|
This form is for |
Modification of
charge |
|
Type of charge |
Immovable
Property Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
IDBI Bank Limited
– Dosti Pinnacle, Ground Floor, Road No. 22, Wagle Industrial Estate, Thane West
400604, Maharashtra, India E-Mail: bn.nambiar@idbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
1. Supplemental
deed of hypothecation 2. Memorandum of
entry |
|
Date of
instrument Creating the charge |
10.06.2011 |
|
Amount secured by
the charge |
Rs. 300.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
- As per sanction letter as may be modified from time to time Terms of
Repayment - As per sanction letter as may be modified from time to time Margin - As per
sanction letter as may be modified from time to time Extent and Operation
of the charge - First pari passue charge by way of hypothecation of all
present and future goods, book debts and other movable assets and mortgage on
immovable property situated at A-371 and A-372, industrial area, village
panchpakadhadi, dist. Thane to secure the due repayment of working capital
facility of Rs.300.000 millions along with interest and other costs. |
|
Short particulars
of the property charged |
All present and
future goods, book debts and other movable assets immovable property situated
at A-371 and A-372, industrial area, village panchpakadhadi, dist. Thane |
|
Particulars of
present modification |
A charge was
created on current assets of the company both present and future to secure
working capital facility of charge holders on 29-9-2007 and on immovable
property situated at A-371 and A-372, industrial area, villege panchpakhadi,
dist. Thane as a collateral security to secure working capital facility. Now
with this modification charge on the above properties extended to secure working
capital facility of Rs.300.000 millions by way of collateral security. |
FIXED ASSETS:
·
Leasehold
Land
·
Freehold
Land
·
Buildings
·
Leasehold
Improvements
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Office
Equipment
·
Live
Stock
·
Vehicles
·
Software
·
Patents
PRESS RELEASE
Piramal
Healthcare Limited to acquire the Anesthetic products business of
Bharat
Serums And Vaccines Limited
Piramal
Healthcare expands it’s anesthetic portfolio to include injectibles
Mumbai, 22.04.2010: Piramal Healthcare Limited [NSE: PIRHEALTH, BSE:
500302] (“Piramal”), one of India’s largest pharmaceutical and healthcare
companies, and Bharat Serums And Vaccines Limited (“BSV”), an Indian
bio-pharmaceutical company, jointly announced that they have signed a
definitive agreement for Piramal to acquire BSV’s injectible anesthetic
products business including - Propofol, Bupivacaine and Atracurium Besylate.
This anesthetic product range is developed and currently manufactured by BSV at
its own plant.
In a hospital setting Propofol is used for “Induction / Initiation of
Anesthesia” while Bupivacaine is used for local anesthesia. Atracurium Besylate
is used to provide muscle relaxation during surgery. The business had sales of
Rs. 106 million in FY2010 out of which around 80% is accounted for by Propofol.
The acquisition gives Piramal access to key intellectual property
developed by BSV for the manufacture of injectible anesthetics products
including process-based intellectual property and business contracts. The
acquisition provides Piramal an immediate entry into the Propofol market, the
largest selling injectible anesthetic globally. As per IMS, the total market
size of Propofol is approximately US $ 825 million. The market excluding
Europe/US/Japan is approximately US $ 250 million.
Piramal is a leading producer of inhalation anesthetics such as
sevoflurane, enflurane, halothane and isoflurane. The acquisition of injectible
anesthetic product portfolio will strengthen the overall product offering. BSV
currently sells the injectible anesthetic products in 30 countries including
India, Russia, Columbia and Ukraine. The reach and span of this business will
now be expanded significantly given Piramal’s strong marketing and sales
network across 108 countries with 178 distributors.
As per the terms of the agreement, BSV will enter into a long-term
manufacture and supply agreement with Piramal Healthcare for anesthetic
products developed and manufactured by BSV.
Commenting on the acquisition, Mr. Ajay Piramal, Chairman, Piramal Group
said, “At Piramal Healthcare, we are committed to building a strong global
presence in critical care. Our strong marketing capabilities and distribution
infrastructure across 108 countries will help us rapidly scale up the BSV’s
injectable anesthetic business. Our core values of knowledge, action and care
propel us to reduce the burden of disease”
Bharat V. Daftary, Chairman and Managing Director, Bharat Serums and
Vaccines Limited said: “We are very pleased to partner with Piramal Healthcare
for marketing of our anesthetic products. BSV has built a strong presence
globally for its anesthetic product range and Piramal’s focus on anesthetics
will build on our foundation of product development and marketing, adding value
to both companies. This will enable us to focus on our core competencies of
cutting edge research, development and manufacturing of innovative
biopharmaceutical and biotech products.”
About the Piramal
Group
The Piramal Group, led by Ajay G. Piramal is one of India’s foremost business
conglomerates. Driven by the core values of Knowledge Action Care, the Piramal
Group has interests in a myriad of industries that encompass healthcare, drug
discovery and research, diagnostics, glass, real estate and financial services.
The Piramal Group steadfastly pursues inclusive growth while adhering to
ethical and value driven practices. The Group’s turnover exceeded US $ 900
million in FY2009.
About Piramal
Healthcare Limited
Piramal Healthcare Limited, a Piramal Group company, is one of India’s
largest pharmaceutical companies, with a growth track record of above 29% CAGR
since 1988. Piramal Healthcare had consolidated revenues of US$ 656 million in
FY2009. The Company is currently ranked 4th in the Indian pharmaceutical market
with a diverse product portfolio spanning fourteen therapeutic areas. The
Company is also one of the largest custom manufacturing companies with a global
footprint of assets across North America, Europe and Asia.
About Bharat
Serums and Vaccines Limited
BSV is a public limited company incorporated in India with a focus on
the niche segment of life saving pharma, biological and biotech injectibles.
The Company has two manufacturing facilities and a research center. BSV's
product portfolio is comprised of a wide range of products covering
biologicals, equine antitoxins and serums, hormones, anesthetics, antifungals,
and cardiovascular formulations.
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.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
64 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.