MIRA
INFORM REPORT
|
Report Date : |
23.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLISS GVS PHARMA LIMITED |
|
|
|
|
Registered
Office : |
102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai-400072,
Maharashtra |
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Country : |
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|
|
Financials (as
on) : |
31.03.2012 |
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|
|
Date of
Incorporation : |
11.12.1984 |
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Com. Reg. No.: |
11-034771 |
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Capital
Investment / Paid-up Capital : |
Rs. 103.147 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L24230MH1984PLC034771 |
|
|
|
|
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 Pessary and
Suppository Formulations, Calcium Preparations, Protein Powders, Iron
Preparations, Antibiotics, Analgesic and Antipyretics, Respiratory,
Antiinflammatory, Anti-Malarial, Dermatological Preparations, Anti-Diarrhoeal
products |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8400000 |
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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 company having a good track record. The financial
strength and the performance capability of the company appear good. Trade
relations are reported as decent. Business is active. Payments are reported
to be regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com while quoting report
number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BBB+ (Term Loans) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
April 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A2+ (Fund Based Limits) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
April 2013 |
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 BY
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-22-42160000 |
|
Date : |
22.07.2013 |
LOCATIONS
|
Registered Office : |
102, Hyde Park, Saki Vihar Road, Andheri (East), Mumbai-400072,
Maharashtra, India |
|
Tel. No.: |
91-22-42160000 |
|
Fax No.: |
91-22-28563930 |
|
E-Mail : |
info@blissgvspharma.com
|
|
Website : |
|
|
|
|
|
Factory : |
Plot No.10 and
11, Survey No. 38/1, Dewan Udyog Nagar, |
|
Tel. No.: |
91 - 22 -
28505387 / 28503870 |
|
Fax No.: |
91 - 22 –
28563930 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Govind G Desai |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Gautam R Ashra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mayank Mehta |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S R Vaidya |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Shibroor N Kamath |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. Shruti N Kamath |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Dr. Vibha N Kamath |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
|
|
(1) Indian |
|
|
|
|
|
64837246 |
62.86 |
|
|
|
2122584 |
2.06 |
|
|
Sub Total |
66959830 |
64.92 |
|
|
(2) Foreign |
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
66959830 |
64.92 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
Financial Institutions / Banks |
34520 |
0.03 |
|
|
|
31945 |
0.03 |
|
|
|
66465 |
0.06 |
|
|
(2) Non-Institutions |
|
|
|
|
Bodies Corporate |
9549750 |
9.26 |
|
|
|
|
|
|
|
|
20665872 |
20.04 |
|
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
3700919 |
3.59 |
|
|
Any Others (Specify) |
2203836 |
2.14 |
|
|
|
236168 |
0.23 |
|
|
Non Resident Indians |
1967668 |
1.91 |
|
|
Sub Total |
36120377 |
35.02 |
|
|
Total Public shareholding (B) |
36186842 |
35.08 |
|
|
Total (A)+(B) |
103146672 |
100 |
|
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0 |
|
|
|
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total (A)+(B)+(C) |
103146672 |
0 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
Details of
Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|||||||||||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
|
||||||||||||
|
|
Antara Gautam Ashra |
4,27,924 |
0.41 |
0.41 |
||||||||||
|
2 |
Gautam Rasiklal Ashra |
1,12,31,045 |
10.89 |
10.89 |
||||||||||
|
3 |
Mamta Gautam Ashra |
19,80,333 |
1.92 |
1.92 |
||||||||||
|
|
Mangesh Ghanashyam Wagle |
75,200 |
0.07 |
0.07 |
||||||||||
|
5 |
Mangesh Ghanashyam Wagle HUF |
7,720 |
0.01 |
0.01 |
||||||||||
|
6 |
Shibroor Narasimha Kamath |
5,05,17,024 |
48.98 |
48.98 |
||||||||||
|
7 |
Shruti N Kamath |
2,50,000 |
0.24 |
0.24 |
||||||||||
|
|
Vibha N Kamath |
2,50,000 |
0.24 |
0.24 |
||||||||||
|
9 |
Prabhavati Rasiklal Ashra |
98,000 |
0.1 |
0.1 |
||||||||||
|
10 |
Genteel Trading Company Private Limited |
6,12,122 |
0.59 |
0.59 |
||||||||||
|
11 |
Kanji Forex Private Limited |
13,07,622 |
1.27 |
1.27 |
||||||||||
|
|
Kanji Pitamber Forex Private Limited |
2,02,840 |
0.2 |
0.2 |
||||||||||
|
|
Total |
6,69,59,830 |
64.92 |
64.92
|
||||||||||
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including
shares, warrants, convertible securities) of persons belonging to the category
Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Nirav Commercial Limited |
1040000 |
1.01 |
1.01 |
|
2 |
Winever Investment Consultants Private Limited |
5868000 |
5.69 |
5.69 |
|
|
Total |
6908000 |
6.7 |
6.7
|
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Winever Investment Consultants Private Limited |
5868000 |
5.69 |
5.69 |
|
|
Total |
5868000 |
5.69 |
5.69
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Pessary and Suppository Formulations, Calcium Preparations, Protein
Powders, Iron Preparations, Antibiotics, Analgesic and Antipyretics, Respiratory,
Antiinflammatory, Anti-Malarial, Dermatological Preparations, Anti-Diarrhoeal
products. |
|
|
|
|
Products : |
· Nonoxynol 9 Vaginal Contraceptive · 100 MG Clotrimazole Vaginal Contraceptive · Hydrocortisone Anal Suppositories |
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Production |
|
Pharma |
Ltrs / Kgs /
Nos. |
680.87 |
|
Healthcare Products |
Nos. / Boxes |
17.04 |
|
Trading Items |
Nos. / Boxes |
6.23 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
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Bankers : |
·
The Federal Bank Limited ·
Export Import Bank of India ·
State Bank of Bikaner and Jaipur |
||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B K Khare and Company Chartered Accountant |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associates : |
·
Kanji Pitamber Forex Private Limited ·
Kanji Forex Private Limited ·
Kanji Pitamber and Company ·
Genteel Trading Company Private Limited ·
Monochrome Investment Private Limited ·
Ace Investments Service (India) Limited ·
Prachi Graphics ·
D E Pavri ·
Florotek Bio Systems ·
Sathyashree Constructions ·
Ashtavinayak Enterprises ·
Patel Power Private Limited ·
Sitaram Pai Memorial Trust ·
Bliss Indasi Lifescience Private Limited ·
Bliss GVS International Pte Limited ·
GNR Enterprises |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.1/- each |
Rs. 150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
103146672 |
Equity Shares |
Rs.1/- each |
Rs. 103.147
Millions |
|
|
|
|
|
NOTES
Details Shareholder
Holding More than 5% shares in the company
|
Particulars |
31.03.2012 |
|
|
Nos. |
%Holdings |
|
|
Shibroor
Narsimha Kamath |
505170024 |
48.98 |
|
Gautam Rasiklal
Ashra |
11231045 |
10.89 |
|
Winever
Investment Consultants Private Limited |
5868000 |
5.69 |
Aggregate No of
Bonus Shares Issued, Shares issued for consideration other than Cash during the
period of 5 Years Immediately preceding reporting date
|
|
31.03.2012 |
|
Equity Shares of
Rs. 1/- each fully paid have been issued as Bonus Shares by Capitalization of
General Reserve and Share Premium Account. |
38680002 |
The rights,
preferences and restrictions attaching to each class of shares including restrictions
on the distribution of dividends and the repayment of capital
The Company has
only one class of Equity Shares having a par value of Rs. 1/- per share. Each
Shareholder is eligible for one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
unlikely event of liquidation of the Company, the holders of equity shares will
be entitled to receive any of the remaining assets of the Company, in
proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
103.147 |
103.147 |
|
(b) Reserves & Surplus |
|
2001.163 |
1563.062 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2104.310 |
1666.209 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
29.419 |
36.525 |
|
(b) Deferred tax liabilities (Net) |
|
12.017 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
5.136 |
5.806 |
|
Total Non-current Liabilities (3) |
|
46.572 |
42.331 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
22.211 |
32.869 |
|
(b) Trade payables |
|
401.169 |
313.973 |
|
(c) Other current
liabilities |
|
53.321 |
43.466 |
|
(d) Short-term provisions |
|
75.835 |
36.126 |
|
Total Current Liabilities (4) |
|
552.536 |
426.434 |
|
|
|
|
|
|
TOTAL |
|
2703.418 |
2134.974 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
358.751 |
134.239 |
|
(ii) Intangible Assets |
|
41.552 |
65.049 |
|
(iii) Capital
work-in-progress |
|
0.000 |
75.539 |
|
(iv)
Intangible assets under development |
|
6.288 |
0.000 |
|
(b) Non-current Investments |
|
86.071 |
0.001 |
|
(c) Deferred tax assets (net) |
|
0.000 |
3.744 |
|
(d) Long-term Loan and Advances |
|
96.843 |
290.858 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
589.505 |
569.430 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
8.026 |
0.000 |
|
(b) Inventories |
|
126.809 |
116.113 |
|
(c) Trade receivables |
|
1285.902 |
1196.123 |
|
(d) Cash and cash
equivalents |
|
579.040 |
179.830 |
|
(e) Short-term loans and
advances |
|
97.230 |
70.409 |
|
(f) Other current
assets |
|
16.906 |
3.069 |
|
Total Current Assets |
|
2113.913 |
1565.544 |
|
|
|
|
|
|
TOTAL |
|
2703.418 |
2134.974 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
103.147 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1228.926 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1332.073 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
76.421 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
76.421 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1408.494 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
202.044 |
|
|
Capital work-in-progress |
|
|
34.107 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.001 |
|
|
DEFERREX TAX ASSETS |
|
|
2.754 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
306.729 |
|
|
Sundry Debtors |
|
|
704.098 |
|
|
Cash & Bank Balances |
|
|
153.222 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
187.172 |
|
Total
Current Assets |
|
|
1351.221 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
82.213 |
|
|
Other Current Liabilities |
|
|
34.485 |
|
|
Provisions |
|
|
64.935 |
|
Total
Current Liabilities |
|
|
181.633 |
|
|
Net Current Assets |
|
|
1169.588 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1408.494 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2666.749 |
2188.381 |
1688.753 |
|
|
|
Other Income |
162.005 |
18.727 |
22.485 |
|
|
|
TOTAL (A) |
2828.754 |
2207.108 |
1711.238 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1479.948 |
1202.784 |
|
|
|
|
Purchase of stock in trade |
100.129 |
78.100 |
|
|
|
|
Employee benefits expense |
60.315 |
43.047 |
|
|
|
|
Other expenses |
319.895 |
284.135 |
|
|
|
|
Changes in Inventories of finished goods/WIP/stock in trade |
(5.360) |
(6.940) |
|
|
|
|
TOTAL (B) |
1954.927 |
1601.126 |
1179.234 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
873.827 |
605.982 |
532.004 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.241 |
21.473 |
20.441 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
833.586 |
584.509 |
511.563 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.461 |
54.695 |
54.011 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
797.125 |
529.814 |
457.552 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
268.835 |
123.511 |
40.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
528.290 |
406.303 |
417.215 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1310.355 |
1016.219 |
694.339 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.000 |
40.000 |
35.000 |
|
|
|
Dividend |
36.101 |
30.944 |
60.336 |
|
|
|
Income-tax on Interim Dividends |
6.135 |
5.259 |
0.000 |
|
|
|
Proposed Dividends |
41.259 |
30.944 |
0.000 |
|
|
|
Income-tax on Proposed Dividends |
6.693 |
5.020 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1688.457 |
1310.355 |
1016.218 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2489.488 |
2018.262 |
1330.596 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.12 |
3.94 |
4.04 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
643.400 |
1048.700 |
818.500 |
1026.300 |
|
Total Expenditure |
424.800 |
681.200 |
571.600 |
851.500 |
|
PBIDT (Excl OI) |
218.600 |
367.500 |
246.800 |
174.900 |
|
Other Income |
39.500 |
9.900 |
27.800 |
73.200 |
|
Operating Profit |
258.100 |
377.400 |
274.600 |
248.100 |
|
Interest |
8.100 |
13.300 |
22.100 |
22.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
250.000 |
364.100 |
252.600 |
225.900 |
|
Depreciation |
10.700 |
11.100 |
10.600 |
12.000 |
|
Profit Before Tax |
239.400 |
353.000 |
242.000 |
214.000 |
|
Tax |
70.400 |
106.100 |
148.100 |
156.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
169.000 |
246.900 |
93.900 |
57.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
169.000 |
246.900 |
93.900 |
57.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
18.68
|
18.41 |
24.38 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.89
|
24.21 |
27.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.53
|
25.77 |
29.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.32 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.02
|
0.04 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.83
|
3.67 |
7.44 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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) |
Yes |
|
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 |
No |
|
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 |
CURRENT MATURITIES
OF LONG TERM DEBT
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Current maturities of long-term debt |
10.570 |
13.000 |
NA |
|
|
|
|
|
|
TOTAL |
10.570 |
13.000 |
NA |
THE YEAR UNDER REVIEW
The Company has successfully
completed 27 years of operation. The Company’s key businesses have reported an
encouraging performance for the year ended 31st March 2012.
OPERATIONS
Net Sales of the
company were Rs. 2666.749 Millions as compared to Rs.2188.381 Millions in the
previous year. Profit before tax was Rs. 7971.25 as compared to Rs. 529.814
Millions in the previous year. Profit after tax was Rs. 528.290 Millions as
compared to Rs. 406.303 Millions in the previous year. The Company booked a
profit of Rs. 1346.84 due to foreign Exchange Fluctuation and better foreign
exchange management.
FUTURE OUTLOOK
As part of future
expansion and Business Convenience, the Company incorporated a 100% Subsidiary
at Singapore to overseas the Business of export. The company strategically
holds 51% stake in Bliss Indasi Lifescience Private Limited.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
In the words of
Richard Gerster, the famous economist and activist, Indian pharmaceutical industry
can be defined as a success story providing employment for thousands and
ensuring that essential drugs are available at affordable prices to the vast
population of Indian sub-continent. The Indian pharmaceutical industry has
witnessed a growth rate of about 10% over the last few years. Indian
Pharmaceutical industry is further expected to continue to grow at a faster
pace as compared to the global pharma sector.
COMPANY OVERVIEW
The Bliss GVS
Pharma Limited is primarily engaged in manufacturing of Pessary and Suppository
Formulations, Calcium Preparations, Protein Powders, Iron Preparations,
Antibiotics, Analgesic and Antipyretics, Respiratory, Antiinflammatory,
Anti-Malarial, Dermatological Preparations, Anti-Diarrhoeal products.
OUTLOOK
The Company
planned to set up local manufacturing units and Joint Venture and by relating
its subsidiary to do better business.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year
the Company has earned Income of Rs. 2828.755 Millions as against Rs. 2207.107
Millions in the previous year registering a rise of Rs. 621.648 Millions.
During the year the Company has registered a Net Profit before tax of Rs.
797.125 Millions as against Rs. 529.814 Millions in the previous year.
FIXED ASSETS
·
Goodwill
·
Brands
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and
Office Equipments
·
Vehicles
AUDITED FINANCIAL
RESULTS FOR THE QUARTER / YEAR ENDED 31.03.2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
31.03.2013 (Audited) |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
1001.271 |
813.168 |
3481.082 |
|
|
Other Operating Income |
25.070 |
10.524 |
55.750 |
|
|
Net Sales/Income
from Operations |
1026.341 |
823.692 |
3536.832 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
560.669 |
456.795 |
1884.951 |
|
|
Purchase of Stock In Trade |
5.250 |
0.000 |
36.028 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
(9.465) |
(44.005) |
(51.173) |
|
|
Employee Benefits Expenses |
27.290 |
28.249 |
98.707 |
|
|
Depreciation and Amortization Expenses |
11.971 |
10.586 |
44.278 |
|
|
Other Expenses |
267.722 |
132.955 |
560.499 |
|
|
f) Total |
863.439 |
584.580 |
2573.290 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
162.902 |
239.112 |
963.542 |
|
|
|
|
|
|
|
4. |
Other Income |
73.182 |
22.565 |
150.328 |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
236.084 |
261.677 |
1113.870 |
|
|
|
|
|
|
|
6. |
Interest |
22.113 |
19.686 |
65.547 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
213.971 |
241.991 |
1048.323 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
213.971 |
241.991 |
1048.323 |
|
|
|
|
|
|
|
10. |
Tax Expense |
156.928 |
148.102 |
481.503 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
57.042 |
93.889 |
566.820 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
57.042 |
93.889 |
566.820 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
103.147 |
103.147 |
103.147 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
2484.203 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) |
0.55 |
0.91 |
5.50 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
36187842 |
36187842 |
36187842 |
|
|
- Percentage of Shareholding |
35.08 |
35.08 |
35.08 |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
66958830 |
66957830 |
66958830 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
64.92 |
64.92 |
64.92 |
|
Particulars
|
Quarter
Ended 31st March 2013 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
-- |
STATEMENT OF ASSETS AND LIABILITIES AS AT 31ST MARCH, 2013
(Rs. In Millions)
|
PARTICULARS |
31.03.2013
AUDITED |
|
Equity and
liabilities |
|
|
Shareholders'
fund |
|
|
Share capital |
103.147 |
|
Reserve &
surplus |
2484.203 |
|
Sub-total - Shareholders' funds |
2587.350 |
|
Non - current
liabilities |
|
|
Long term
borrowings |
536.781 |
|
Deferred tax
liability (net) |
43.669 |
|
Long term
provisions |
7.381 |
|
Sub-total - Non-current liabilities |
587.831 |
|
Current
liabilities |
|
|
Short term
borrowings |
182.075 |
|
Trade payables |
924.253 |
|
Other current
liabilities |
138.165 |
|
Short term
provisions |
142.224 |
|
Sub-total - Current liabilities |
1386.717 |
|
Total - Equity & Liabilities |
4561.897 |
|
|
|
|
Assets |
|
|
Non-current
assets |
|
|
Fixed assets |
494.416 |
|
Non-current
investment |
192.202 |
|
Long term loans
& advances |
936.729 |
|
Other
non-current assets |
24.120 |
|
Sub-total - Non-current Assets |
1647.467 |
|
Current assets |
|
|
Inventories |
245.845 |
|
Trade
receivables |
2182.111 |
|
Cash & bank
balances |
308.157 |
|
Short term loans
& advances |
135.725 |
|
Other current
assets |
42.592 |
|
Sub-total - Current Assets |
2914.430 |
|
Total – Assets |
4561.897 |
NOTES
1. The company operates primarily in the pharmaceutical business and hence
has only one reportable segment.
2. Tax expenses for the quarter ended March 31, 2013 includes short provision
for earlier years Rs. 72.170 Millions and the Year Ended March 31, 2013
includes short provision of earlier years of Rs. 142.266 Millions (Including
mat reversal).
3. The board has recommended a dividend of 40% i.e. Rs. 0.40 per equity
share for the year ended 31st March 2012.
4. The figures for the quarter ended March 31, 2013 are the balancing
figures between the Audited Figures in respect of the full financial year ended
March 31, 2013 and the publishing year to date figures up to the Third Quarter
ended December 31, 2012. Figures for the previous year / quarters have been
regrouped / rearranged wherever necessary.
5. The above results were reviewed by the Audit Committee and were there
after approved by the Board at its meeting held on 28th May 2013.
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 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. 59.40 |
|
|
1 |
Rs. 90.73 |
|
Euro |
1 |
Rs. 78.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.