MIRA
INFORM REPORT
|
Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
BLISS GVS PHARMA LIMITED (w.e.f. 27.12.2006) |
|
|
|
|
Formerly Known
As : |
BLISS CHEMICALS AND PHARMACEUTICALS INDIA LIMITED |
|
|
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Registered
Office : |
102, Hyde Park, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation
: |
11.12.1984 |
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|
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Com. Reg. No.: |
11-034771 |
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Capital
Investment / Paid-up Capital : |
Rs. 103.146 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L24230MH1984PLC034771 |
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|
|
|
IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB10979D |
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|
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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 Pessaries/ Suppositories and Anti-Malarial
Formulations. |
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|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. There seems slight de pint he turnover and profit of the company
during Financial Year 2014. However, general financial position of the
company is sound and healthy. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains revenue
guidance. COO Rao says attrition still an area of concern and it would take a
few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans (BBB+) |
|
Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
|
Date |
September 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits (A2+) |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
September 2014 |
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
31-03-2014.
INFORMATION DECLINED
Management non co-operative
(91-22-42160000)
LOCATIONS
|
Registered / Administrative / Corporate Office : |
102, Hyde Park, Sakivihar Road, Andheri (East), Mumbai – 400072,
Maharashtra, India |
|
Tel. No.: |
91-22-42160000 |
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Fax No.: |
91-22-28563930 |
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E-Mail : |
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Website : |
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Factory : |
Plot No.10 and
11, Survey No. 38/1, Dewan Udyog Nagar, Aliyali Village, Taluka - Palghar, District Thane, Maharashtra, India |
|
Tel. No.: |
91 - 22 -
28505387/ 28503870 |
|
Fax No.: |
91 - 22 -
28563930 |
|
E-Mail : |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Govind G Desai |
|
Designation : |
Chairman |
|
Address : |
Kedar Apartment, Bhandar Lane, L. J. Road, Mahim, Mumbai – 400015,
Maharashtra, India |
|
Date of Birth/ Age : |
04.06.1933 |
|
Date of Appointment : |
21.12.1984 |
|
DIN No.: |
00140853 |
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|
Name : |
Mr. Shibroor N Kamath |
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Designation : |
Managing Director |
|
Address : |
202, Jai Akshay Sagar Chs, Namdeao Path, Thane – 4212001, Maharashtra,
India |
|
Date of Birth/ Age : |
21.12.1953 |
|
Pan No.: |
AFMPK8583R |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
00140593 |
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|
|
|
Name : |
Mr. Gautam R Ashra |
|
Designation : |
Director |
|
Address : |
1/4, Breach Candy Apartmebnt , B. D. Road, Mira Road (East), Mumabai –
400026, Maharashtra, India |
|
Date of Birth/ Age : |
15.10.1956 |
|
Pan No.: |
AABPA0457 E |
|
Date of Appointment : |
14.06.2004 |
|
DIN No.: |
00140942 |
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|
|
|
Name : |
Mr. Mayank Mehta |
|
Designation : |
Director |
|
Address : |
9, Prem Milan, 18/10 Ra Kidwai Road, Teen Batti, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/ Age : |
08.04.1960 |
|
Date of Appointment : |
29.07.2011 |
|
DIN No.: |
00765052 |
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|
|
|
Name : |
Mr. S R Vaidya |
|
Designation : |
Director |
|
Address : |
Plot No. 6, Block No. 08, Perubaug, Goregaon (East), Mumbai – 400063, Maharashtra,
India |
|
Date of Birth/ Age : |
26.10.1942 |
|
Date of Appointment : |
14.08.2014 |
|
DIN No.: |
03600249 |
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|
|
|
Name : |
Ms. Shruti N Kamath |
|
Designation : |
Whole Time Director |
|
Address : |
202, Jai Akshay Sagar Chs, Namdeao Path, Dombivali (East)Thane –
4212001, Maharashtra, India |
|
Date of Birth/ Age : |
06.04.1985 |
|
Date of Appointment : |
01.04.2013 |
|
DIN No.: |
00731501 |
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|
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Name : |
Dr. Vibha N Kamath |
|
Designation : |
Whole Time Director |
|
Address : |
202, Jai Akshay Sagar Chs, Namdeao Path, Dombivali (East)Thane –
4212001, Maharashtra, India |
|
Date of Birth/ Age : |
08.07.1983 |
|
Date of Appointment : |
27.01.2013 |
|
DIN No.: |
02307289 |
KEY EXECUTIVES
|
Name : |
Ms. Sushana Yadav |
|
Designation : |
Secretary |
|
Address : |
302 New Golden Nest Complex,
Building No. 7, Mira Bhayandar, Thane – 401105, Maharashtra, India |
|
Date of Birth/ Age : |
15.07.1988 |
|
PAN No.: |
ABVPY2378K |
|
Date of Appointment : |
01.11.2013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
65047246 |
63.06 |
|
|
1942584 |
1.88 |
|
|
66989830 |
64.95 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
66989830 |
64.95 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
36424 |
0.04 |
|
|
4631945 |
4.49 |
|
|
4668369 |
4.53 |
|
|
|
|
|
|
|
|
|
|
8203072 |
7.95 |
|
|
|
|
|
|
|
|
|
|
15690503 |
15.21 |
|
|
223299 |
2.16 |
|
|
5361907 |
5.20 |
|
|
310340 |
0.30 |
|
|
5051567 |
4.90 |
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|
31488473 |
30.53 |
|
|
|
|
|
Total Public
shareholding (B) |
36156842 |
35.05 |
|
|
|
|
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Total (A)+(B) |
103146672 |
100.00 |
|
|
|
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(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total
(A)+(B)+(C) |
103146672 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 Millions 
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pessaries/ Suppositories and Anti-Malarial
Formulations. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Information denied by management |
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Bankers : |
·
Export Import Bank of India, Centre One Building,
Floor 21, Word Trade Centre Complex, Cuff Parade, Mumbai – 400005,
Maharashtra, India ·
FirstRand Bank Limited, TCG Financial Centre Plot
No C 53 G Block, Bandra Kurla Complex, Mumbai - 400051, Maharashtra, India ·
Canara Bank, Fort Market Branch.Frere Road,
Mumbai - 400038, Maharashtra, India ·
Federal Bank Limited, 101-105,Kasturi Plaza
Complex-A, Manpada Road, Dombivali (East) Thane - 421201, Maharashtra, India ·
Punjab National Bank, Shop No. 3/6, Sai Krishna Apartment,
Opposite Income Tax Office, Devka Road, Daman, Daman and Diu, India ·
State Bank of Bikaner and Jaipur |
|||||||||||||||||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
Long Term
Borrowing 1.
1 The Term Loan in foreign Currency of Rs.
573.705 Millions including current maturities bearing interest rate of LIBOR
+ 335 bps is secured against shares of Bliss GVS Healthcare Ltd pari passu
charge on Current assets and fixed assets of the Comany and fixed deposit
account with First Rand bank. Foreign Currency Loan is repayable from
December 2013 in 12 Quarterly Installments. 2.
2 Term Loans from bank include Loan of Rs. 12.994
Millions including current maturities taken for EOU II bearing interest of
BPLR- 2.25% p.a. unit is secured by equitable mortgage of Land & Building
and Plant & Machinery of EOU II unit which is repayable from March 2010
in 66 monthly installments and ` 404.14 lacs for Plot No 12, Aliyali Village
Palghar for the extension of EOU I Unit bearing interest of Base rate +
2.55%p.a.and is secured by Land and Building of Plot No 12, along with the Property
of R&D Centre and Plant and Machinery at R&D Centre which is
repayable from December 2013 in equal monthly installments. Of the above `
258.64 Lacs is shown in Note VIII as current maturities of Long Term Debt. 3.
3 Loan from others is secured against vehicle
repayable from November 2012 in 36 monthly installments. Short Term
Borrowing 1.
Includes cash credit of Rs. 206.306 Millions
(Previous year Rs. 156.575Millions) bearing interest @ base rate +1.99% p.a.
secured by creating 1st pari passu charge on current assets of the
company and second pari passu charge on fixed assets and is repayable on
demand. 2. Includes Demand
loan of Rs. 25.110 Millions (Previous
year Rs. 25.500 Millions) secured against Fixed deposits with Federal bank |
|
Auditors : |
|
|
Name : |
B. K. Khare and Company Chartered Accountant |
|
Address : |
Shradda Chambers, 6th Floor, New Marine Lines, Mumbai,
Maharashtra, India |
|
PAN No.: |
AAAFB0265E |
|
|
|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
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|
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 PrivateLimited ·
Bliss GVS Clinics Health Care PrivateLimited ·
Kremoint Pharma Private Limited ·
GVS Health Care Clinics Limited ·
Surgined Pharma Limited ·
GNR Enterprises |
CAPITAL STRUCTURE
As on 31.03.2014
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 |
31.03.2014 |
|
|
Nos. |
%Holdings |
|
|
Shibroor
Narsimha Kamath |
50517024 |
48.98 |
|
Gautam Rasiklal
Ashra |
11231045 |
10.89 |
|
Winever Investment
Consultants Private Limited |
1600000 |
1.55 |
Aggregate No of
Bonus Shares Issued, Shares issued for consideration other than Cash during the
period of 5 Years Immediately preceding reporting date.
|
|
31.03.2014 |
|
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 |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
103.147 |
103.147 |
103.147 |
|
(b) Reserves & Surplus |
3045.264 |
2484.203 |
2001.163 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3148.411 |
2587.350 |
2104.310 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
451.354 |
536.781 |
29.419 |
|
(b) Deferred tax liabilities (Net) |
61.980 |
43.669 |
12.017 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.923 |
7.381 |
5.136 |
|
Total Non-current Liabilities (3) |
521.257 |
587.831 |
46.572 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
231.416 |
182.075 |
22.211 |
|
(b) Trade payables |
589.897 |
924.253 |
401.169 |
|
(c) Other current
liabilities |
285.153 |
138.171 |
53.321 |
|
(d) Short-term provisions |
87.811 |
142.223 |
75.835 |
|
Total Current Liabilities (4) |
1194.277 |
1386.722 |
552.536 |
|
|
|
|
|
|
TOTAL |
4863.945 |
4561.903 |
2703.418 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
527.890 |
462.565 |
358.751 |
|
(ii) Intangible Assets |
7.375 |
25.326 |
41.552 |
|
(iii) Capital
work-in-progress |
43.106 |
6.525 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
6.288 |
|
(b) Non-current Investments |
192.253 |
192.202 |
2.310 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1061.786 |
951.728 |
199.663 |
|
(e) Other Non-current assets |
18.866 |
24.120 |
0.000 |
|
Total Non-Current Assets |
1851.276 |
1662.466 |
608.564 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
8.026 |
|
(b) Inventories |
212.289 |
245.845 |
126.809 |
|
(c) Trade receivables |
1835.325 |
2182.111 |
1285.902 |
|
(d) Cash and cash
equivalents |
741.207 |
308.157 |
579.040 |
|
(e) Short-term loans and
advances |
155.204 |
120.732 |
78.171 |
|
(f) Other current assets |
68.644 |
42.592 |
16.906 |
|
Total Current Assets |
3012.669 |
2899.437 |
2094.854 |
|
|
|
|
|
|
TOTAL |
4863.945 |
4561.903 |
2703.418 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2904.568 |
3536.832 |
2670.706 |
|
|
|
Other Income |
278.981 |
150.328 |
158.585 |
|
|
|
TOTAL |
3183.549 |
3687.160 |
2829.291 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1351.782 |
1880.030 |
1479.948 |
|
|
|
Purchases of Stock-in-Trade |
103.040 |
36.028 |
100.129 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
6.057 |
(51.173) |
(5.360) |
|
|
|
Employees benefits expense |
129.261 |
98.707 |
69.443 |
|
|
|
Other expenses |
631.446 |
565.421 |
320.446 |
|
|
|
TOTAL
|
2221.586 |
2529.013 |
1964.606 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
961.963 |
1158.147 |
864.685 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
94.363 |
65.547 |
31.099 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
867.600 |
1092.600 |
833.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
44.616 |
44.278 |
36.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
822.984 |
1048.322 |
797.125 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
283.719 |
481.502 |
268.835 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
539.265 |
566.820 |
528.290 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2111.467 |
1688.457 |
1310.355 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
60.000 |
60.000 |
60.000 |
|
|
|
Dividend |
0.000 |
30.944 |
36.101 |
|
|
|
Income-tax on Interim Dividends |
0.317 |
4.952 |
6.135 |
|
|
|
Proposed Dividends |
51.573 |
41.259 |
41.259 |
|
|
|
Income-tax on Proposed Dividends |
8.694 |
6.625 |
6.693 |
|
|
|
TOTAL |
120.584 |
143.780 |
150.188 |
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
2530.148 |
2111.467 |
1688.457 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
2668.623 |
3295.203 |
2489.488 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packaging Materials |
105.606 |
69.556 |
56.783 |
|
|
|
Capital Goods |
71.168 |
52.987 |
0.350 |
|
|
TOTAL IMPORTS |
176.774 |
122.543 |
57.133 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.23 |
5.50 |
5.12 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
18.57 |
16.03 |
19.78 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
33.12 |
32.75 |
32.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.78 |
24.03 |
29.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.41 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22 |
0.28 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.52 |
2.09 |
3.79 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
103.147 |
103.147 |
103.147 |
|
Reserves & Surplus |
2001.163 |
2484.203 |
3045.264 |
|
Net
worth |
2104.310 |
2587.350 |
3148.411 |
|
|
|
|
|
|
long-term borrowings |
29.419 |
536.781 |
451.354 |
|
Short term borrowings |
22.211 |
182.075 |
231.416 |
|
Total
borrowings |
51.630 |
718.856 |
682.770 |
|
Debt/Equity
ratio |
0.025 |
0.278 |
0.217 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2670.706 |
3536.832 |
2904.568 |
|
|
|
32.431 |
(17.877) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2670.706 |
3536.832 |
2904.568 |
|
Profit |
528.290 |
566.820 |
539.265 |
|
|
19.78% |
16.03% |
18.57% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
179.239 |
39.555 |
10.570 |
|
|
|
|
|
|
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 |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
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) |
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
CHARGE HOLDER |
ADDRESS |
Service Request
Number (SRN) |
|
1 |
10411446 |
22/02/2013 |
100,000,000.00 |
FIRST RAND BANK
LIMITED |
TCG FINANCIAL
CENTRE PLOT NO C 53 G BLOCK, BANDRA |
B70659289 |
|
2 |
10375374 |
28/07/2012 |
550,000,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
ASIAN BLDG.,
GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA -
400001, INDIA |
B57635989 |
|
3 |
10354948 |
30/03/2012 |
70,700,000.00 |
PUNJAB NATIONAL
BANK |
SHOP NO. 3/6,
SAI KRISHNA APARTMENT, OPP. INCOME |
B39402797 |
|
4 |
10334858 |
20/12/2011 * |
150,000,000.00 |
STATE BANK OF
BIKANER & JAIPUR |
232-234, SAMUEL
STREET, VADGADI, MANDVI, MUMBAI, |
B32090128 |
|
5 |
10300313 |
13/02/2012 * |
3,283,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B32463689 |
|
6 |
10026649 |
24/08/2011 * |
355,000,000.00 |
THE FEDERAL BANK
LIMITED |
101-105,KASTURI
PLAZA COMPLEX=A,MANPADA ROAD, DOMBIVALI (EAST), MUMBAI, MAHARASHTRA - 421201,
INDIA |
B22482913 |
|
7 |
90162153 |
11/04/1988 |
700,000.00 |
CANARA BANK |
FORT, BOMBAY,
MAHARASHTRA - 400032, INDIA |
- |
|
8 |
90161971 |
18/08/1986 |
600,000.00 |
CANARA BANK |
FORT MARKET,
BOMBAY, MAHARASHTRA - 400038, INDIA |
- |
|
9 |
90161943 |
04/08/1994 * |
700,000.00 |
CANARA BANK |
FORT MARKET
FRERE ROAD, BOMBAY, MAHARASHTRA - 400038, INDIA |
- |
|
10 |
90161940 |
07/04/1986 |
600,000.00 |
CANARA BANK |
FORT MARKET
FRERE ROAD, BOMBAY, MAHARASHTRA - 400038, INDIA |
- |
* Date of charge modification
CONTINGENT LIABILITIES
(Rs. in Million)
|
Particulars |
31.03.2014 |
|
|
33.756 |
|
a. Estimated amount of contract remaining to
be executed on capital account and not provided for. |
1.431 |
|
b. Bank Guarantees issued to Excise
Department. |
49.200 |
|
c. Disputed Income Tax Demand |
Nil |
|
d. Corporate Guarantee given to Bank for
loan taken by Subsidiary |
400.052 |
OPERATIONS:
Net Sales of the Company were Rs. 2904.568 Millions as compared to Rs.3536.832 Millions in the previous year. Profit before tax was Rs. 822.984 Millions as compared to Rs. 1048.323
millions in the previous year. Profit after tax was Rs. 5392.65 millions as
compared to Rs. 566.820 millions in the previous year. The Company booked a
profit of Rs. 209.646 Millions
due to foreign Exchange fluctuation and better Foreign Exchange management.
MANAGEMENT
DISCUSSION AND ANALYSIS
COMPANY OVERVIEW
Bliss GVS is a
fast-growing Pharmaceutical Company with a proven track record of developing,
manufacturing and marketing high quality pharmaceutical formulations at
affordable prices for the global market.
Today, Bliss GVS
is among the world leaders in the Suppositories and Pessaries dosage forms with
one of the largest product portfolios in this segment. The company’s thirty
years of experience in suppository manufacturing has resulted in developing an
extensive product offering in suppositories and pessaries across various
therapeutic categories. Bliss GVS manufacturing plants are certified to be cGMP
compliant by local and international standards: EU GMP, WHO GMP, OHSAS-18001 :
2007 and ISO-14001 : 2004. The Company is constantly looking to raise the bar
in terms of developing innovative products and quality standards which keeps it
ahead of competition. This organisation is proud of its segment leadership in
Antimalarial products across most African markets. Its brands cover an
extensive range of Artemisinin-based combination formulations across various
dosage forms – Tablets, Suspensions, Sachets, Suppositories and Injections.
Over the last
decade, Bliss GVS has acquired definitive knowhow in other dosage forms &
therapeutic segments, which is exemplified by its ever-expanding product
offering across more than sixty countries. With significant expansion in
Research& Development, Manufacturing & Marketing capabilities, the
company is poised for an accelerated rate of growth which makes for very
exciting times at Bliss GVS.
DISCUSSION ON
FINANCIAL PERFORMANCE
During the year the Company has earned Income of Rs. 2904.568 millions as against Rs. 3536.83
millions. During the year the Company has registered a Net Profit before tax of
Rs. 539.265 millions as against Rs. 566.820/ in the previous year. During the
year the company due to currency exchange fluctuation booked a profit of Rs.
209.646 millions and adequately taken hedge against future payments and
realization.
UNAUDITED
FINANCIAL RESULT FOR THE QUARTER ENDED 30.09.2014
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Half Year Ended |
||||
|
30.09.201 |
30.06.2014 |
30.09.2014 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
875.569 |
698.088 |
1573.657 |
|
|
|
b. Other Operating Income |
17.372 |
10.611 |
27.983 |
|
|
|
Total Income from
Operations (Net) |
892.941 |
708.699 |
1601.640 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
421.951 |
260.690 |
682.641 |
|
|
|
b. Purchase of Stock-in trade |
9.032 |
0.000 |
9.032 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
1.762 |
26.811 |
58.573 |
|
|
|
d. Employees Benefit Expenses |
40.913 |
39.418 |
80.331 |
|
|
|
e. Depreciation and Amortisation Expenses |
11.848 |
11.293 |
23.141 |
|
|
|
f. Other expenses |
129.863 |
167.276 |
297.139 |
|
|
|
Total Expenses |
615.369 |
505.488 |
1120.857 |
|
|
3 |
Profit from
Operations before Other Income, Interest and Exceptional Items |
277.572 |
203.211 |
480.783 |
|
|
4 |
Other Income |
71.338 |
24.988 |
96.326 |
|
|
5 |
Profit from
ordinary activities before finance cost & exceptional items |
348.910 |
228.199 |
577.109 |
|
|
6 |
Finance Costs |
25.117 |
22.397 |
47.514 |
|
|
7 |
Profit from
ordinary activities after finance costs & exceptional items |
323.793 |
205.802 |
529.595 |
|
|
8 |
Exceptional items |
-- |
-- |
-- |
|
|
9 |
Profit from ordinary
activities before tax |
323.793 |
205.802 |
529.595 |
|
|
10 |
Tax Expense |
|
|
|
|
|
|
- Income Tax |
|
|
|
|
|
|
- Deferred Tax |
108.120 |
65.857 |
173.977 |
|
|
11 |
Net Profit from
ordinary activity after tax |
215.673 |
139.945 |
355.618 |
|
|
12 |
Extraordinary Items |
-- |
-- |
-- |
|
|
13 |
Net Profit After
Tax |
515.673 |
139.945 |
355.618 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
103.147 |
103.147 |
103.147 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
-- |
-- |
-- |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
|
|
Basic EPS |
2.09 |
1.36 |
3.46 |
|
|
|
Diluted EPS |
2.09 |
1.36 |
3.46 |
|
|
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
36156842 |
36156842 |
36156842 |
|
|
|
- Percentage of shareholding |
35.05 |
35.05 |
35.05 |
|
|
18 |
Promoter & Promoter
Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
- |
- |
- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
- |
- |
- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
66989830 |
66989830 |
66989830 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
64.95 |
64.95 |
64.95 |
|
|
|
Particulars |
Quarter ended
30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
2 |
|
|
Disposed off during the quarter |
2 |
|
|
Remaining unresolved at the end of the
quarter |
-- |
STATEMENT
OF ASSET AND LIABILITIES AS AT 30TH SEPTEMBER 2014
|
SOURCES OF FUNDS |
|
|
As on 30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
103.147 |
|
(b) Reserves & Surplus |
|
|
3423.697 |
|
|
|
|
3526.844 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
0.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
376.286 |
|
(b) Deferred tax liabilities (Net) |
|
|
73.551 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
8.970 |
|
|
|
|
458.807 |
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
263.112 |
|
(b) Trade payables |
|
|
365.591 |
|
(c) Other current
liabilities |
|
|
335.938 |
|
(d) Short-term provisions |
|
|
170.081 |
|
|
|
|
1134.722 |
|
|
|
|
|
|
TOTAL |
|
|
5120.373 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
644.114 |
|
(b)Goodwill on
Consolidation |
|
|
0.000 |
|
(c) Non-current Investments |
|
|
192.253 |
|
(d) Deferred tax assets (net) |
|
|
0.00 |
|
(e) Long-term Loan and Advances |
|
|
1071.686 |
|
(f) Other Non-current assets |
|
|
9.281 |
|
|
|
|
1917.334 |
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
233.761 |
|
(c) Trade receivables |
|
|
2234.777 |
|
(d) Cash and cash
equivalents |
|
|
538.883 |
|
(e) Short-term loans and
advances |
|
|
109.879 |
|
(f) Other current assets |
|
|
85.739 |
|
|
|
|
3203.039 |
|
|
|
|
|
|
TOTAL |
|
|
5120.373 |
FIXED ASSETS
· Land
· Buildings
· Plant and Machinery
· Vehicles
· Furniture and Fixtures
· Office Equipments
· Computer
· Goodwill
· Software
· Brand
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. 61.97 |
|
|
1 |
Rs. 97.36 |
|
Euro |
1 |
Rs. 77.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KLS |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
50 |
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.