MIRA
INFORM REPORT
|
Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
BLISS GVS PHARMA LIMITED |
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|
|
|
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) : |
31.03.2013 |
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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 |
|
|
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|
CIN No.: [Company Identification
No.] |
L24230MH1984PLC034771 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB10979D |
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PAN No.: [Permanent Account No.] |
AABCN1328J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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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 |
|
Maximum Credit Limit : |
USD 10000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. Profitability of the company seems to be decent. General financial
position of the company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures to
curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and acquisition
guidelines, cleared by a group of ministers, will be out before the auction
begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans: BBB+ |
|
Rating Explanation |
Moderate degree at safety and moderate
credit risk. |
|
Date |
October, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund based Limits: A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
October, 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
MANAGEMENT NON CO-OPERATIVE
Contact No.: 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 |
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E-Mail : |
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Govind G Desai |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Shibroor N Kamath |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Gautam R Ashra |
|
Designation : |
Director |
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|
Name : |
Mr. Mayank Mehta |
|
Designation : |
Director |
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|
Name : |
Mr. S R Vaidya |
|
Designation : |
Director |
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|
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|
Name : |
Ms. Shruti N Kamath |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Dr. Vibha N Kamath |
|
Designation : |
Whole Time Director |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
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 |
|
|
|
|
|
|
|
|
19880 |
0.02 |
|
|
1733945 |
1.68 |
|
|
1753825 |
1.70 |
|
|
|
|
|
|
|
|
|
|
8937167 |
8.66 |
|
|
|
|
|
|
|
|
|
|
18386871 |
17.83 |
|
|
3072039 |
2.98 |
|
|
4006940 |
3.88 |
|
|
526672 |
0.51 |
|
|
3480268 |
3.37 |
|
|
34403017 |
33.35 |
|
|
|
|
|
Total Public
shareholding (B) |
36156842 |
35.05 |
|
|
|
|
|
Total (A)+(B) |
103146672 |
100.00 |
|
|
|
|
|
(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 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) |
|
||
|
1 |
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 |
|
4 |
Mangesh Ghanashyam Wagle |
65,200 |
0.06 |
0.06 |
|
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 |
|
8 |
Vibha N Kamath |
2,50,000 |
0.24 |
0.24 |
|
9 |
Prabhavati Rasiklal Ashra |
98,000 |
0.10 |
0.10 |
|
10 |
Vijayaben Kanji Ashra |
2,20,000 |
0.21 |
0.21 |
|
11 |
Genteel Trading Company Private Limited |
6,12,122 |
0.59 |
0.59 |
|
12 |
Kanji Forex Private Limited |
11,27,622 |
1.09 |
1.09 |
|
13 |
Kanji Pitamber Forex Private Limited |
2,02,840 |
0.20 |
0.20 |
|
|
Total |
6,69,89,830 |
64.95 |
64.95 |
(*) 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 |
1600000 |
1.55 |
1.55 |
|
|
3 |
Gulbarga Trading and Investments Private
Limited |
4275000 |
4.14 |
4.14 |
|
|
4 |
Fidelity Puritan Trust Fid Low-Priced
Stock Fund |
1700000 |
1.65 |
1.65 |
|
|
5 |
Jashvant Mansukhlal Shah |
1576975 |
1.53 |
1.53 |
|
|
|
Total |
10191975 |
9.88 |
9.88 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pessaries/ Suppositories and Anti-Malarial
Formulations. |
PRODUCTION STATUS (AS ON 31.03.2013)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
Pharma* |
Ltrs / Kgs /
Nos. |
NA |
NA |
945.84 |
|
Healthcare Products |
Nos. / Boxes |
NA |
NA |
21.17 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
The Federal Bank Limited ·
Export Import Bank of India ·
State Bank of Bikaner and Jaipur ·
FirstRand Bank |
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Facilities : |
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Banking
Relations : |
-- |
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|
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 ·
Bliss GVS Clinics Health Care Pte Limited ·
Kremoint Pharma Private Limited ·
GVS Health Care Clinics Limited ·
Surgined Pharma Limited ·
GNR Enterprises |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
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 |
31.03.2013 |
|
|
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.
|
|
31.03.2013 |
|
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 |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
103.147 |
103.147 |
103.147 |
|
(b) Reserves & Surplus |
2484.203 |
2001.163 |
1563.062 |
|
(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) |
2587.350 |
2104.310 |
1666.209 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
536.781 |
29.419 |
36.525 |
|
(b) Deferred tax liabilities (Net) |
43.669 |
12.017 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.381 |
5.136 |
5.806 |
|
Total Non-current Liabilities (3) |
587.831 |
46.572 |
42.331 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
182.075 |
22.211 |
32.869 |
|
(b) Trade payables |
924.253 |
401.169 |
313.973 |
|
(c) Other current
liabilities |
138.165 |
53.321 |
43.466 |
|
(d) Short-term provisions |
142.224 |
75.835 |
36.126 |
|
Total Current Liabilities (4) |
1386.717 |
552.536 |
426.434 |
|
|
|
|
|
|
TOTAL |
4561.898 |
2703.418 |
2134.974 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
462.565 |
358.751 |
134.239 |
|
(ii) Intangible Assets |
25.326 |
41.552 |
65.049 |
|
(iii) Capital
work-in-progress |
6.526 |
0.000 |
75.539 |
|
(iv)
Intangible assets under development |
0.000 |
6.288 |
0.000 |
|
(b) Non-current Investments |
192.202 |
2.310 |
0.001 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
3.744 |
|
(d) Long-term Loan and Advances |
936.729 |
199.663 |
290.858 |
|
(e) Other Non-current assets |
24.120 |
0.000 |
0.000 |
|
Total Non-Current Assets |
1647.468 |
608.564 |
569.430 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
8.026 |
0.000 |
|
(b) Inventories |
245.845 |
126.809 |
116.113 |
|
(c) Trade receivables |
2182.111 |
1285.902 |
1196.123 |
|
(d) Cash and cash equivalents |
308.157 |
579.040 |
179.830 |
|
(e) Short-term loans and
advances |
135.725 |
78.171 |
70.409 |
|
(f) Other current assets |
42.592 |
16.906 |
3.069 |
|
Total Current Assets |
2914.430 |
2094.854 |
1565.544 |
|
|
|
|
|
|
TOTAL |
4561.898 |
2703.418 |
2134.974 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
3536.832 |
2670.706 |
2188.381 |
|
|
|
Other Income |
150.328 |
158.585 |
18.727 |
|
|
|
TOTAL (A) |
3687.160 |
2829.291 |
2207.108 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1884.951 |
1479.948 |
1202.784 |
|
|
|
Purchase of stock in trade |
36.028 |
100.129 |
78.100 |
|
|
|
Employee benefits expense |
98.707 |
69.443 |
43.047 |
|
|
|
Other expenses |
560.499 |
320.446 |
284.135 |
|
|
|
Changes in Inventories of finished goods/WIP/stock in trade |
(51.173) |
(5.360) |
(6.940) |
|
|
|
TOTAL (B) |
2529.012 |
1964.606 |
1601.126 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1158.148 |
864.685 |
605.982 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
65.547 |
31.099 |
21.473 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1092.601 |
833.586 |
584.509 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
44.278 |
36.461 |
54.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1048.323 |
797.125 |
529.814 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
481.503 |
268.835 |
123.511 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
566.820 |
528.290 |
406.303 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
1310.355 |
1016.219 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
60.000 |
40.000 |
|
|
|
Dividend |
NA |
36.101 |
30.944 |
|
|
|
Income-tax on Interim Dividends |
NA |
6.135 |
5.259 |
|
|
|
Proposed Dividends |
NA |
41.259 |
30.944 |
|
|
|
Income-tax on Proposed Dividends |
NA |
6.693 |
5.020 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1688.457 |
1310.355 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
3295.203 |
2489.488 |
2018.262 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Packaging Materials |
69.556 |
56.783 |
NA |
|
|
|
Capital Goods |
52.987 |
0.350 |
NA |
|
|
TOTAL IMPORTS |
122.543 |
57.133 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.50 |
5.12 |
3.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
15.37
|
18.67
|
18.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
29.64
|
29.85
|
24.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.03
|
29.58
|
25.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.41
|
0.38
|
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.28
|
0.02
|
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10
|
3.79
|
3.67 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBTS DETAIL:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current Maturity of Long Term Debts |
56.164 |
15.901 |
13.000 |
|
|
|
|
|
|
Total |
56.164 |
15.901 |
13.000 |
|
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 |
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 |
OPERATIONS
Net Sales of the company were Rs.3536.832
Millions as compared to Rs.2670.706
Millions in the previous year. Profit before tax was Rs.1048.323 Millions as compared to Rs.797.125 Millions in the previous year. Profit
after tax was Rs.566.820
Millions as compared to Rs.528.290
Millions in the previous year. The Company booked a profit of Rs.86.365 Millions 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 oversee the Business of export.
The Company strategically holds 51% stake in Bliss Indasi Lifescience Private
Limited, 70% stake in Kremoint Pharma Private Limited, and 100% stake in Bliss
GVS Clinic Health Care Pte 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, 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.3687.160 Millions as against Rs.2829.291 Millions in the previous year
registering a rise of Rs.857.869
Millions. During the year the Company has registered a Net Profit before tax of
Rs.1048.323 Millions as against Rs.797.125 Millions in the previous year.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
a. Estimated amount of contract remaining to
be executed on capital account and not provided for. |
Nil |
150.000 |
|
b. Bank Guarantees issued to Excise
Department. |
3.042 |
2.921 |
|
c. Disputed Income Tax Demand |
18.369 |
18.369 |
|
d. Corporate Guarantee given to Bank for
loan taken by Subsidiary |
407.276 |
340.829 |
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
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.61.63 |
|
|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
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 |
NO |
|
--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.