|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT SERUMS AND VACCINES LIMITED |
|
|
|
|
Formerly Known
As : |
GAUTAM LABORATORIES PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
17th Floor, Hoechst
House, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.04.1971 |
|
|
|
|
Com. Reg. No.: |
11-015134 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.100.483 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24230MH1971PLC015134 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB01505A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB2431M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer and Marketer of Biologicals, Biotechnology
Products and Pharmaceuticals. |
|
|
|
|
No. of Employees
: |
1063 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7200000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having good track
record. Financially company is performing well. Trade relations are reported to
be fair. Business is active. Payment are reported to be regular and as per
commitments. The company can be considered for business dealing 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A- (Long term Bank Facilities) |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation, it carry low credit risk. |
|
Date |
2012 |
|
Rating Agency Name |
CARE |
|
Rating |
A2+ (Short Term Bank Facilities) |
|
Rating Explanation |
Having strong degree of safety regarding
timely payment of financial obligation, it carry low credit risk. |
|
Date |
2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-operative.
Contact No.: 91-22-61383456
LOCATIONS
|
Registered Office : |
17th Floor, Hoechst House, Nariman Point,
Mumbai – 400 021, |
|
Tel. No.: |
91-22-66560900/ 66560980 |
|
Fax No.: |
91-22-66560901/ 66560903 |
|
E-Mail : |
aniket.hirpara@bharatserums.com shipa.likhite@bharatserums.com |
|
Website : |
|
|
|
|
|
Corporate Office /Exports : |
Hoechst House, 16th Floor, Nariman
Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-56560900 |
|
Fax No.: |
91-22-56560901 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Thane Plant Plot No.
A-371-372, Road 27, Wagle Industrial Estate, Thane – 400604, |
|
Tel. No.: |
91-22-25822181 |
|
Fax No.: |
91-22-25823640 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Ambernath Plant Plot No. K-27, Anand Nagar, Additional M.I.D.C., Ambernath (East),
Maharashtra, India |
|
Tel. No.: |
91-95251-2621645 |
|
Fax No.: |
91-95251-2621089 |
|
E-Mail : |
|
|
|
|
|
Distribution : |
Gala No.
B, Plot No. 83 B2, Near Kala Industrial Estate, Opposite Shangrila
Biscuit Factory, LBS Marg, Bhandup,
Mumbai – 400078, Maharashtra, India |
|
Tel. No.: |
91-22-25919434 |
|
Fax No.: |
91-22-25919544 |
|
|
|
|
Khoni Animal Farm : |
At Post Khoni, Ambernath M.I.D.C. Road, Khoni-Taloja Link
Road, Kalyan, Thane – 421308, Maharashtra, India |
|
Tel. No.: |
91-251- 2395107 |
DIRECTORS
(AS ON 29.09.2011)
|
Name : |
Mr. Bharat Vinod Daftary |
|
Designation : |
Chairman and Managing Director |
|
Address : |
114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, |
|
Date of Birth/Age : |
12.01.1956 |
|
Date of Appointment : |
05.05.1992 |
|
DIN No.: |
00011518 |
|
|
|
|
Name : |
Dr. Gautam Vinod Daftary |
|
Designation : |
Managing Director |
|
Address : |
114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, |
|
Date of Birth/Age : |
03.10.1959 |
|
Date of Appointment : |
05.05.1992 |
|
DIN No.: |
00009326 |
|
|
|
|
Name : |
Mr. Ajeet Singh Karan |
|
Designation : |
Director |
|
Address : |
House No.36, Sector – 37, Arunvihar, Noida – 201 303, Uttar Pradesh,
India |
|
Date of Birth/Age : |
09.12.1965 |
|
Date of Appointment : |
27.09.2007 |
|
DIN No.: |
00183622 |
|
|
|
|
Name : |
Mrs. Cynthia Christine D’Souza |
|
Designation : |
Director |
|
Address : |
Sarguro Park 3, 1st Floor, Deonar Farm Road, (Opposite Raj Kapoor’s
Bunglow), Mumbai – 400 088, Maharashtra, India |
|
Date of Birth/Age : |
02.11.1953 |
|
Date of Appointment : |
06.06.2008 |
|
DIN No.: |
00420046 |
|
|
|
|
Name : |
Mr. Sunny Gurparshad Sharma |
|
Designation : |
Additional Director |
|
Address : |
10, West End Ave Apartment, 11 H, |
|
Date of Birth/Age : |
31.08.1974 |
|
Qualification : |
M.B.B.S. MBA from
IIM, |
|
Date of Appointment : |
24.03.2010 |
|
DIN No.: |
02267273 |
|
|
|
|
Name : |
Mr. Nitin Jagannath Deshmukh |
|
Designation : |
Director |
|
Address : |
Flat No. 201, Ekta Heritage, 15 Road, Khar (West), Mumbai – 400 052, |
|
Date of Birth/Age : |
07.11.1962 |
|
Qualification : |
MBA ( |
|
Date of Appointment : |
21.11.2008 |
|
DIN No.: |
00060743 |
|
|
|
|
Name : |
Mr. Sunil Manubhai Shah |
|
Designation : |
Director |
|
Address : |
40, Yashodham Bungalows, |
|
Date of Birth/Age : |
06.01.1958 |
|
Qualification : |
B.Com (Hon), MBA (IIMA) |
|
Date of Appointment : |
18.06.2009 |
|
DIN No.: |
00137105 |
|
|
|
|
Name : |
Mr. Rohan Pradeep Shah |
|
Designation : |
Director |
|
Address : |
P-6, Godrej Glenelg, Damani House, Captain Prakash Pethe Marg, 11,
CUffe Parade, Mumbai – 400005, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1963 |
|
Date of Appointment : |
18.06.2009 |
|
DIN No.: |
00088684 |
|
|
|
|
Name : |
Mr. Suketu Viren Shah |
|
Designation : |
Director |
|
Address : |
A/52, Darshan Apartments, Mt. Pleasant Road, Malabar Hill, Mumbai –
400006, Maharashtra, India |
|
Date of Birth/Age : |
04.12.1954 |
|
Qualification : |
MBA from |
|
Date of Appointment : |
22.12.2009 |
|
DIN No.: |
00033407 |
|
|
|
|
Name : |
Mr. Siddharth Bharat Daftary |
|
Designation : |
Director |
|
Address : |
114, Sneh Sadan, Churchgate, Reclamaion, Mumbai – 400020, |
|
Date of Birth/Age : |
28.12.1983 |
|
Qualification : |
B. Sc
(Lifesciences), Mumbai University and M.sc (Molecular and Genetic Medicine),
University of Sheffield |
|
Date of Appointment : |
22.12.2009 |
|
DIN No.: |
02897197 |
KEY EXECUTIVES
|
Name : |
Mr. Aniket Bavchandbhai Hirpara |
|
Designation : |
Company Secretary |
|
Address : |
B-105, |
|
Date of Birth/Age : |
15.07.1982 |
|
Date of Appointment : |
26.12.2008 |
|
PAN No.: |
ABPPH4615N |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 29.09.2011)
|
Names of Equity 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 – |
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 – |
155562 |
|
Czaee Shah |
71000 |
|
Gauri Pohoomul |
71000 |
|
Kavita Khanna |
71000 |
|
Kotak Mahindra Trusteeship Services Limited- A/c Kotak India Growth
Fund II – India |
1201801 |
|
Kotak |
407727 |
|
Kotak Investment Advisors Limited – |
29151 |
|
Raj N. Parekh |
300 |
|
Caduceus Asia Mauritius Limited – |
699358 |
|
|
|
|
Total |
17120743 |
|
Names of Convertible Redeemable Preference Shareholders |
No. of Shares |
|
|
|
|
Kotak Mahindra Trusteeship Services Limited – A/c Kotak India Growth
Fund II, India |
892305 |
|
Kotak Investment Advisors Limited, India |
26938 |
|
|
|
|
Total |
919243 |
|
Names of Compulsorily Convertible Cumulative Preference Shareholders
Series I |
No. of Shares |
|
|
|
|
Kotak India Private Equity Fund |
714119 |
|
|
|
|
Total |
714119 |
|
Names of Compulsorily Convertible Cumulative Preference Shareholders
Series II |
No. of Shares |
|
|
|
|
Caduceus Asia Mauritius Limited, Mauritius |
1342444 |
|
|
|
|
Total |
1342444 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Venture capital |
|
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. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Injections |
Nos |
NA |
27160000 |
7584930 |
|
|
|
|
|
|
Note: Excludes quantity produced under loan licence agreement
GENERAL INFORMATION
|
No. of Employees : |
1063 (Approximately) |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013,
Maharashtra, India ·
Bank of Baroda, Backbay Reclamation Branch, Churchgate, Mumbai – 400021, Maharashtra,
India · IDBI Bank Limited Dosti Pinnacle, Ground Floor, Road No.22, Wagle Industrial Estate,
Thane West - 400604, Maharashtra, India · Citi Bank N.A. Bandra Kurla
Complex, Bandra (West), Mumbai - 400051, Maharashtra, India · Export Import Bank of India Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M M Nissim and Company Chartered Accountant |
|
Address : |
Barodawala Mansion, B-Wing, 3rd Floor, 81 Dr. Annie Besant
Road, Worli, Mumbai-400018, Maharashtra, India |
|
PAN No.: |
AAAFM5103E |
|
|
|
|
Joint Ventures : |
· Zydus BSV Pharma Private Limited |
|
|
|
|
Subsidiaries : |
·
BSV Bioscience Inc., USA ·
BSV Bioscience GmbH, Germany |
|
|
|
|
Associates : |
·
Advy Chemical Private Limited (Formerly Known as
Advy Chemicals) ·
Aksigen Hospital Care ·
Kasiak Research Private Limited. ·
Aksigen Pharmaceuticals Private Limited ·
Aksipro Diagnostics Private Limited. ·
Siro Clinpharm Private Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20987800 |
Equity Shares |
Rs.5/- each |
Rs.104.939 Millions |
|
200 |
Equity Shares |
Rs.5/- each |
Rs. 0.001 Million |
|
920000 |
Convertible Redeemable Preference Shares |
Rs.5/- each |
Rs. 4.600 Millions |
|
742000 |
Convertible Cumulative Series I |
Rs.5/- each |
Rs. 3.710 Millions |
|
1350000 |
Convertible Cumulative 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 |
|
|
|
|
|
|
17120643 |
Equity Shares |
Rs.5/- each |
Rs.85.603
Millions |
|
100 |
Equity Shares |
Rs.5/- each |
Rs. 0.001
Million |
|
919243 |
Convertible Redeemable Preference Shares |
Rs.5/- each |
Rs. 4.596
Millions |
|
714119 |
Convertible Cumulative Series I |
Rs.5/- each |
Rs. 3.571
Millions |
|
1342444 |
Convertible Cumulative Series II |
Rs.5/- each |
Rs. 6.712
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.483 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
100.483 |
100.483 |
93.562 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1689.584 |
1578.293 |
1067.558 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1790.067 |
1678.776 |
1161.120 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
801.943 |
586.424 |
682.778 |
|
|
2] Unsecured Loans |
329.399 |
284.997 |
238.945 |
|
|
TOTAL BORROWING |
1131.342 |
871.421 |
921.723 |
|
|
DEFERRED TAX LIABILITIES |
21.382 |
88.605 |
72.510 |
|
|
|
|
|
|
|
|
TOTAL |
2942.791 |
2638.802 |
2155.353 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
842.174 |
902.601 |
843.864 |
|
|
Capital work-in-progress |
1088.616 |
735.442 |
599.942 |
|
|
|
|
|
|
|
|
INVESTMENT |
202.897 |
160.897 |
153.897 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
383.157
|
287.479
|
258.443 |
|
|
Sundry Debtors |
472.729
|
573.993
|
316.645 |
|
|
Cash & Bank Balances |
94.318
|
215.474
|
214.042 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
454.043
|
306.285
|
116.182 |
|
Total
Current Assets |
1404.247
|
1383.231 |
905.312 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
170.292
|
139.771 |
93.565 |
|
|
Other Current Liabilities |
269.305
|
263.638
|
209.042 |
|
|
Provisions |
155.546
|
139.960
|
45.055 |
|
Total
Current Liabilities |
595.143
|
543.369 |
347.662 |
|
|
Net Current Assets |
809.104
|
839.862
|
557.650 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2942.791 |
2638.802 |
2155.353 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2047.495 |
2056.971 |
1492.891 |
|
|
|
Income from Intellectual Property |
-- |
--- |
67.996 |
|
|
|
Export Entitlements |
-- |
-- |
13.863 |
|
|
|
Other Income |
41.984 |
60.663 |
42.672 |
|
|
|
TOTAL (A) |
2089.479 |
2117.634 |
1617.422 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption
materials changes inventories |
747.592 |
797.004 |
283.281 |
|
|
|
Manufacturing
service costs |
181.899 |
124.549 |
853.846 |
|
|
|
Employee related
expenses |
321.197 |
250.062 |
-- |
|
|
|
Administrative
selling other expenses |
538.038 |
512.377 |
-- |
|
|
|
Research
development expenditure |
62.969 |
55.255 |
-- |
|
|
|
Purchase of
Finished Goods |
-- |
-- |
115.659 |
|
|
|
Decrease is
Stock |
-- |
-- |
47.227 |
|
|
|
TOTAL (B) |
1851.695 |
1739.247 |
1300.013 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
237.784 |
378.387 |
317.409 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
69.489 |
95.941 |
116.219 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
168.295 |
282.446 |
201.190 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
104.236 |
97.084 |
96.311 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
64.059 |
185.362 |
104.879 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(67.087) |
15.523 |
(0.048) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
131.146 |
169.839 |
104.927 |
|
|
|
|
|
|
|
|
|
Add |
TAXATION
ADJUSTMENT FOR EARLIER YEARS |
-- |
-- |
0.137 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
577.358 |
441.940 |
363.853 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
17.084 |
15.746 |
15.366 |
|
|
|
Corporate Dividend Tax |
2.771 |
2.675 |
2.611 |
|
|
|
General Reserve |
10.000 |
16.000 |
9.000 |
|
|
BALANCE CARRIED
TO THE B/S |
678.649 |
577.358 |
441.940 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
447.640 |
361.392 |
323.550 |
|
|
TOTAL EARNINGS |
447.640 |
361.392 |
323.550 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
403.299 |
377.835 |
155.123 |
|
|
|
Finished Goods |
133.621 |
228.468 |
65.240 |
|
|
|
Packing Materials |
19.275 |
13.102 |
15.881 |
|
|
|
Spare Parts |
2.459 |
3.150 |
1.720 |
|
|
|
Capital Goods |
0.000 |
10.801 |
15.610 |
|
|
TOTAL IMPORTS |
558.654 |
633.356 |
253.574 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.66 |
9.53 |
5.90 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
6.28
|
8.02 |
6.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.13
|
9.01 |
7.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.85
|
8.11 |
5.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.11 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.98
|
0.90 |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.36
|
2.55 |
2.60 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
-Creditors due small micro enterprises |
6.937 |
0.397 |
0.863 |
|
-Creditors due others |
163.355 |
139.374 |
92.702 |
|
|
|
|
|
|
Total |
170.292
|
139.771 |
93.565 |
|
Sr. No. |
Check List by Info Agents |
Available in Report (Yes
/ No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
----- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm / promoter
involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
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.
MANAGEMENT DISCUSSION AND ANALYSIS:
INDUSTRY OVERVIEW:
Indian
Pharmaceutical Industry, as per the latest IMS audit has recorded a turnover of
Rs.548490.000 Millions with the three years compounded annual growth rate is
15%. Bio-pharmaceutical segment is estimated to be around 8000 crores growing
at 25%. The growth is primarily driven by volume and new introductions. Life
style therapy and preventive care therapy areas are driving the growth of the
industry.
Despite the lack
of clarity on issues like patent laws, data exclusivity, drug pricing policy,
status of Bio-similars, etc. the industry is poised to continue its double
digit growth in the coming years. The consolidation and Mergers could
significantly change industry landscape.
.
FINANCIAL PERFORMANCE REVIEW:
The Company has
recorded sales of Rs.2066.000 Millions with 5.5% growth as compare to previous
year. The single digit growth was mainly on account of restricted availability
of Equine range of products. The situation was further compounded firstly, by
delay in getting regulatory licenses which affected the launch of new products
and secondly, competitive pressure of lower prices.
On the positive
side, the major brands in the Hormones and Anti-D range grew very well. During
the year, the Company has expanded the field staff strength and invested the
resources in training of the new recruits. This investment is expected to
augment the rapid growth planned for 2011-12.
During the year,
the company has successfully completed the clinical trials of three (3)
products.
The Company’s new
API facility in Germany and formulation facility in Ambernath are now ready and
would commence operations in the first quarter of 2011-12.
During 2011-12,
the Company’s strategy would be two fold. One is to improve the profitability
through robust sales growth along with the cost containment and second, is to
focus on out licensing agreements for their research molecules. The company is
also planning to introduce few new products in coming year.
In addition, the
marketing strategies are in place to drive the sales growth of the existing
products. In order to meet the growing market demand of Equine range of products,
the company has planned to use outsources horse farm facilities in addition to
its own existing horse farm facility.
CONTINGENT
LIABILITY NOT PROVIDED FOR: (AS ON 31.03.2011)
Disputed matters in respect of;
a. Income Tax Rs.0.171 Million (Rs.0.171 Million)
b. Excise Duty Rs.1.942 Millions (Rs.1.942 Millions)
c. Service Tax ( Amount not ascertainable)
These disputes represent estimates mainly for probable claims arising out
of litigation/ disputes pending with authorities under respective statutes.
The Probability and timing of the outflow with regard to these matters
will depend on the consequent decision /conclusion by the management.
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 |
|
Charge
identification number of the charge to be modified |
10172203 |
|
Type of charge |
·
Immovable
property ·
Book
debts ·
Movable
property (not being pledge) ·
Floating
charge |
|
Particular of
charge holder |
Bank of Baroda, Backbay Reclamation Branch, Churchgate, Mumbai-400021,
Maharashtra, India |
|
Nature of
instrument creating charge |
Memorandum Of
Entry Creating Mortgage By Deposit Of
Title Deeds |
|
Date of
instrument Creating the charge |
20.03.2012 |
|
Amount secured by
the charge |
Rs. 360.000
Millions |
|
Brief 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 passu
charge created by way of mortgage on company's immovable property situated at
plot no. A-371 and a-372, Thane Industrial Area, Panchpakhadi, Dist. Thane
and second pari passu charge created by way of mortgage on Plot No. K-27,
Addl. Anmbernath Industrial Area, Villege Jambivali, Ulhasnagar, thane both
present and future to secure due repayment of working capital facility of
Rs.400.000 Millions along with interest and other costs. |
|
Short particulars
of the property charged (Including location of the property) |
First Pari Passu
Charge On Immovable Property Situated At A-371 And A-372, Thane Industrial
Area, Village Panchpakadhadi, District Thane Second Pari Passu
Charge On Immovable Property Situated At Plot No. K-27, Addl. Anmbernath
Industrial Area, Villege Jambivali, Ulhasnagar, Thane |
|
Particulars of
the present modification |
With This
Modification Charge On The Immoveable Properties Of Thane Both Present And
Future, Is Extended To Rs 360.000 Millions To Secure Enhanced Working Capital
Limits, Also The Entire Working Capital Limit Of Rs 360.000 Millions Are
Additionally Secured By Second Pari Passu Charge On Immoveable Property Of
Ambernath Both Present And Future, Together With Interest And Other Charges. |
FIXED ASSETS
·
·
·
Buildings
·
Leasehold
Improvements
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Office
Equipment
·
Live
Stock
·
Vehicles
·
Software
·
Patents
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 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.55.34 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
51 |
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.