MIRA
INFORM REPORT
|
Report Date : |
30.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHARAT SERUMS AND VACCINES LIMITED |
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Formerly Known
As : |
GAUTAM LABORATORIES PRIVATE LIMITED |
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Registered
Office : |
17th Floor, Hoechst
House, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.04.1971 |
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Com. Reg. No.: |
11-015134 |
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Capital
Investment / Paid-up Capital : |
Rs.100.483 Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
U24230MH1971PLC015134 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB01505A |
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PAN No.: [Permanent Account No.] |
AAACB2431M |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturing, Marketing and Selling of Formulation Drugs. |
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No. of Employees
: |
1311 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having a fine track
record. Financial position of the company seems to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. The company can be considered normal for business dealing at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
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.
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 BY
|
Name : |
Mr. Akilesh Mishra |
|
Designation : |
Finance Head |
|
Contact No.: |
91-22-61383456 |
|
Date : |
12.09.2014 |
|
|
|
|
Name : |
Mr. Jaykumar |
|
Designation : |
Finance Department |
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Contact No.: |
91-22-61383456 |
|
Date : |
12.09.2014 |
LOCATIONS
|
Registered Office : |
17th Floor, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66560900/ 66560980 |
|
Fax No.: |
91-22-66560901/ 66560903 |
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E-Mail : |
aniket.hirpara@bharatserums.com shipa.likhite@bharatserums.com |
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Website : |
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Corporate Office : |
DIL Complex Office, 1st Floor, Building No. 1, Business Development Centre, Near Tatwagyan Vidyapeeth, Ghodbhunder Road, Thane (West) – 400610, Maharashtra, India |
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Tel. No.: |
91-22-61383456 |
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Fax No.: |
91-22-61383400 |
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E-Mail : |
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Factory 1 : |
Thane Plant Plot No. A-371-372, Road 27, Wagle Industrial Estate,
Thane – 400604, |
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Tel. No.: |
91-22-25822181 |
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Fax No.: |
91-22-25823640 |
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E-Mail : |
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Factory 2 : |
Ambernath Plant Plot No. K-27, Anand Nagar, Additional M.I.D.C., Ambernath (East),
Maharashtra, India |
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Tel. No.: |
91-251-2621645 |
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Fax No.: |
91-251-2621089 |
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E-Mail : |
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Distribution
Department : |
Gala No. B, Plot No. 83 B2, Near Kala Industrial Estate, Opposite Shangrila Biscuit Factory, LBS Marg, Bhandup, Mumbai – 400078, Maharashtra, India |
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Tel. No.: |
91-22-25919434 |
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Fax No.: |
91-22-25919544 |
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Khoni Animal Farm : |
At Post Khoni, Ambernath M.I.D.C. Road, Khoni-Taloja Link Road,
Kalyan, Thane – 421308, Maharashtra, India |
|
Tel. No.: |
91-251-2395107 |
DIRECTORS
As on 30.08.2013
|
Name : |
Mr. Bharat Vinod Daftary |
|
Designation : |
Managing director |
|
Address : |
114, Sneh Sadan, Churchgate, Reclamation, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
12.01.1956 |
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Qualification : |
Graduate |
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Date of Appointment : |
05.05.1992 |
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PAN No.: |
ABPPD0877D |
|
DIN No.: |
00011518 |
|
|
|
|
Name : |
Dr. Gautam Vinod Daftary |
|
Designation : |
Managing director |
|
Address : |
114, Sneh Sadan, Churchgate, Reclamation, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
03.10.1959 |
|
Qualification : |
Doctor |
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Date of Appointment : |
05.05.1992 |
|
PAN No.: |
ABPPD0878N |
|
DIN No.: |
00009326 |
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|
|
|
Name : |
Mr. Siddharth Bharat Daftary |
|
Designation : |
Whole-time director |
|
Address : |
114, Sneh Sadan, Churchgate, Reclamation, Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
28.12.1983 |
|
Qualification : |
MSC |
|
Date of Appointment : |
22.12.2009 |
|
PAN No.: |
AFKPD1429F |
|
DIN No.: |
02897197 |
|
|
|
|
Name : |
Mr. Suketu Viren Shah |
|
Designation : |
Director |
|
Address : |
A/52, Darshan Apartments, Mt. Pleasant Road, Malabar Hill, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
04.12.1954 |
|
Qualification : |
MBA from Harvard Business School |
|
Date of Appointment : |
22.12.2009 |
|
DIN No.: |
00033407 |
|
|
|
|
Name : |
Mr. Nitin Jagannath Deshmukh |
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Designation : |
Director |
|
Address : |
Flat No. 201, Ekta Heritage, 15 Road, Khar (West), Mumbai – 400052, Maharashtra, India |
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Date of Birth/Age : |
07.11.1962 |
|
Qualification : |
MBA, MPT (UDCT) |
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Date of Appointment : |
21.11.2008 |
|
DIN No.: |
00060743 |
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|
|
|
Name : |
Mr. Ajeet Singh Karan |
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Designation : |
Director |
|
Address : |
House No.36, Sector – 37, Arunvihar, Noida – 201303, Uttar Pradesh, India |
|
Date of Birth/Age : |
09.12.1965 |
|
Qualification : |
IIM (Ahmedabad) |
|
Date of Appointment : |
27.09.2007 |
|
DIN No.: |
00183622 |
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|
|
|
Name : |
Mr. Sunny Sharma |
|
Designation : |
Director |
|
Address : |
10, West End Ave Apartment, 11 H, New York - 10023 |
|
Date of Birth/Age : |
31.08.1974 |
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Qualification : |
M.B.B.S. MBA from IIM, Bangalore |
|
Date of Appointment : |
24.03.2010 |
|
DIN No.: |
02267273 |
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|
|
|
Name : |
Mrs. Kavita Vinod Khanna |
|
Designation : |
Director |
|
Address : |
13/C, ILL Plaza, Little Gibs Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
31.08.1961 |
|
Date of Appointment : |
30.08.2013 |
|
DIN No.: |
00100979 |
|
|
|
|
Name : |
Mr. Manu Prafull Daftary |
|
Designation : |
Director |
|
Address : |
8, Waybridge Lane, Wayland MA Wayland MA 01778 |
|
Date of Birth/Age : |
21.06.1957 |
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Qualification : |
B.A. (Eco), BS, MBA (California), CFA |
|
Date of Appointment : |
30.08.2013 |
|
DIN No.: |
06425237 |
KEY EXECUTIVES
|
Name : |
Mr. Nilesh Narayan Pingle |
|
Designation : |
Secretary |
|
Address : |
701, Tara Manek, Opposite Karkhanis Hospital, Court Naka, Thane (West) – 400601, Maharashtra, India |
|
Date of Birth/Age : |
07.01.1978 |
|
Date of Appointment : |
20.08.2012 |
|
PAN No.: |
ALWPP4774B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.08.2013
|
Names of Equity Shareholders |
No. of Shares |
|
Vinod G. Daftary |
2073954 |
|
Gaurang S Daftary |
106500 |
|
Ameet S Daftary |
106500 |
|
Gautam V. Daftary |
1839820 |
|
Bharat V. Daftary (HUF) |
785550 |
|
Gautam V. Daftary (HUF) |
785550 |
|
Vinod Daftary (HUF) |
750 |
|
Akshay G. Daftary Jointly with Aarti G. Daftary |
750 |
|
Siddharth B. Daftary Jointly with Bhavna Daftary |
750 |
|
Ansuya V. Daftary Jointly with Vinod G. Daftary |
750 |
|
Nayantara H. Kothari Jointly with Sarala G. Kothari |
135750 |
|
Bharat V. Daftary |
1839820 |
|
Aksipro Diagnostic Private Limited, India |
900000 |
|
Bharat V. Daftary Jointly with Bhavna Daftary |
1906200 |
|
Gautam V. Daftary Jointly with Aarti Daftary |
1906200 |
|
Aarti Daftary Jointly with Gautam Daftary |
1012500 |
|
Bhavna Daftary Jointly with Bharat Daftary |
1012500 |
|
Agcetech Pharmaceuticals LLP, India |
155562 |
|
Czaee Shah |
71000 |
|
Gauri Pohoomul |
71000 |
|
Kavita Khanna |
71000 |
|
Kotak Mahindra Trusteeship Services Limited - A/c Kotak India Growth
Fund II, India * |
1201801 |
|
Kotak India Private Equity Fund, Mauritius ** |
407727 |
|
Kotak Investment Advisors Limited, India |
29151 |
|
Raj N. Parekh |
300 |
|
Caduceus Asia Mauritius Limited, Mauritius |
699358 |
|
|
|
|
Total |
17120743 |
*The total equity shareholding of Kotak Mahindra Trusteeship Services Limited includes, Sixty One (61) Equity shares with Different Voting Rights.
**The total equity shareholding of Kotak India Private Equity Fund includes, Thirty Nine (39) Equity shares with Differential Voting Rights.
|
Names of Convertible Redeemable Preference Shareholders |
No. of Shares |
|
Kotak Mahindra Trusteeship Services Limited – A/c Kotak India Growth
Fund II, India |
892305 |
|
Kotak Investment Advisors Limited, India |
26938 |
|
|
|
|
Total |
919243 |
|
Names of Compulsorily Convertible Cumulative Preference Shareholder
Series I |
No. of Shares |
|
Kotak India Private Equity Fund |
714119 |
|
|
|
|
Total |
714119 |
|
Names of Compulsorily Convertible Cumulative Preference Shareholder
Series II |
No. of Shares |
|
Caduceus Asia Mauritius Limited, Mauritius |
1342444 |
|
|
|
|
Total |
1342444 |
As on 30.08.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Venture capital |
7.02 |
|
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
6.46 |
|
Bodies corporate |
6.34 |
|
Directors or relatives of Directors |
76.80 |
|
Other top fifty shareholders |
3.38 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Marketing and Selling of Formulation Drugs. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
1311 (Approximately) |
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Bankers : |
·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India ·
Bank of Baroda, Backbay Reclamation Branch, Churchgate,
Mumbai – 400021, Maharashtra, India ·
IDBI Bank Limited, Dosti Pinnacle, Ground Floor, Road No.22,
Wagle Industrial Estate, Thane [West] - 400604, Maharashtra, India · Export Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India · DBS Bank Limited, 3rd Floor, Fort House, Dr. D N Road, Fort, Mumbai - 400001, Maharashtra, India · IDBI Bank Limited, 224-A, A-Wing, Mittal Court, Nariman Point, Mumbai - 400021, Maharashtra, India |
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Facilities : |
NOTE LONG TERM
BORROWINGS The term loan from bank is a foreign currency term loan taken from Exim Bank during the financial year 2012-13 which carries interest at applicable LIBOR plus margin (550 basis points). It is repayable in 20 equal quarterly installments of USD 8,325 each commencing 28 September 2014. The term loan is secured by first charge on immovable properties (Fixed assets at Ambernath), present and future, of the company. Loan from Department of Biotechnology is secured by way of the hypothecation of movable assets. The loan carries interest at the rate of 3% p.a. and is repayable in 10 equal installments of Rs.0.580 Million for Goserline and Rs.9.430 Millions for R-fsh projects. Installment for R-fsh commencing on 1 April 2009 while for Goserline project it is not determined as it is based on commencing date of the project. SHORT TERM BORROWINGS Cash credit from banks are secured by way of hypothecation
of raw material, packing material, materials under process, finished goods,
book debts, machinery and other movable assets of the Company situated at
Thane factory; first pari-passu charge on the immovable assets of the Company
situated at Thane Factory; and second charge on the immovable assets of the
company situated at Ambernath Plant. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Associates Chartered Accountants |
|
Address : |
212/C, Plot No.31, Manish Chaitali C.H.S. Limited, J.P.Road, Manish Nagar Andheri (West) Mumbai – 400053, Maharashtra, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AADFB6889R |
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Subsidiary Company
: |
· BSV Bioscience Inc BSV Bioscience GmbH |
|
|
|
|
Joint venture : |
Zydus BSV Pharma Private Limited CIN No.: U24230GJ2005PTC046915 |
|
|
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|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives : |
· Kasiak Research Private Limited CN CIN No.: U73100MH2005PTC153327 Evergreen Family business Advisors SIRO Clinpharm Private Limited CIN No.: U24230MH2000PTC125061 Aksigen Hospital Care |
CAPITAL STRUCTURE
As on 30.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20987800 |
Equity Shares |
Rs.5/- each |
Rs. 104.939 Millions |
|
200 |
Equity Shares |
Rs.5/- each |
Rs. 0.001 Million |
|
920000 |
0.01% Convertible Cumulative Preference Shares |
Rs.5/- each |
Rs. 4.600 Millions |
|
742000 |
0.01% Convertible Cumulative Preference Shares |
Rs.5/- each |
Rs. 3.710 Millions |
|
1350000 |
0.01% Convertible Cumulative Preference Shares Series-II |
Rs.5/- each |
Rs. 6.750 Millions |
|
|
Total |
|
Rs. 120.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17120643 |
Equity Shares |
Rs.5/- each |
Rs. 85.603
Millions |
|
100 |
Equity Shares |
Rs.5/- each |
Rs. 0.001 Million |
|
919243 |
0.01% Convertible Cumulative Preference Shares |
Rs.5/- each |
Rs. 4.596 Millions |
|
714119 |
0.01% Convertible Cumulative Preference Shares |
Rs.5/- each |
Rs. 3.571 Millions |
|
1342444 |
0.01% Convertible Cumulative Preference Shares Series-II |
Rs.5/- each |
Rs. 6.712 Millions |
|
|
Total |
|
Rs. 100.483 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
100.483 |
100.483 |
|
(b) Reserves & Surplus |
|
2032.373 |
1739.191 |
|
(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) |
|
2132.856 |
1839.674 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
649.608 |
623.124 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
176.207 |
124.426 |
|
(d) long-term provisions |
|
27.299 |
18.707 |
|
Total Non-current Liabilities (3) |
|
853.114 |
766.257 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
660.956 |
736.406 |
|
(b) Trade payables |
|
311.643 |
214.183 |
|
(c) Other current
liabilities |
|
335.309 |
344.452 |
|
(d) Short-term provisions |
|
142.592 |
52.807 |
|
Total Current Liabilities (4) |
|
1450.500 |
1347.848 |
|
|
|
|
|
|
TOTAL |
|
4436.470 |
3953.779 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
824.894 |
849.776 |
|
(ii) Intangible Assets |
|
379.668 |
174.732 |
|
(iii) Capital
work-in-progress |
|
226.006 |
192.715 |
|
(iv)
Intangible assets under development |
|
757.395 |
830.513 |
|
(b) Non-current Investments |
|
408.239 |
328.239 |
|
(c) Deferred tax assets (net) |
|
0.000 |
19.000 |
|
(d) Long-term Loan and Advances |
|
288.074 |
215.497 |
|
(e) Other Non-current assets |
|
17.733 |
33.277 |
|
Total Non-Current Assets |
|
2902.009 |
2643.749 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
536.446 |
567.141 |
|
(c) Trade receivables |
|
712.303 |
592.755 |
|
(d) Cash and cash
equivalents |
|
57.400 |
33.010 |
|
(e) Short-term loans and
advances |
|
210.879 |
93.463 |
|
(f) Other current assets |
|
17.433 |
23.661 |
|
Total Current Assets |
|
1534.461 |
1310.030 |
|
|
|
|
|
|
TOTAL |
|
4436.470 |
3953.779 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
100.483 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1689.584 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1790.067 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
801.943 |
|
|
2] Unsecured Loans |
|
|
329.399 |
|
|
TOTAL BORROWING |
|
|
1131.342 |
|
|
DEFERRED TAX LIABILITIES |
|
|
21.382 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2942.791 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
842.174 |
|
|
Capital work-in-progress |
|
|
1088.616 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
202.897 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
383.157
|
|
|
Sundry Debtors |
|
|
472.729
|
|
|
Cash & Bank Balances |
|
|
94.318
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
454.043
|
|
Total
Current Assets |
|
|
1404.247
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
170.292
|
|
|
Other Current Liabilities |
|
|
269.305
|
|
|
Provisions |
|
|
155.546
|
|
Total
Current Liabilities |
|
|
595.143
|
|
|
Net Current Assets |
|
|
809.104
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2942.791 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3492.291 |
2652.622 |
2083.147 |
|
|
|
Other Income |
17.786 |
33.543 |
26.992 |
|
|
|
TOTAL |
3510.077 |
2686.165 |
2110.139 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
827.144 |
778.678 |
568.043 |
|
|
|
Purchases of stock-in-trade |
256.861 |
359.375 |
249.415 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
38.730 |
(100.518) |
(127.164) |
|
|
|
Employee benefit expense |
564.203 |
415.464 |
309.991 |
|
|
|
Other expenses |
1227.480 |
966.567 |
872.064 |
|
|
|
TOTAL |
2914.418 |
2419.566 |
1872.349 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
595.659 |
266.599 |
237.790 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
124.518 |
118.794 |
69.490 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
471.141 |
147.805 |
168.300 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
128.527 |
118.250 |
104.237 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD ITEMS |
0.000 |
(0.477) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
342.614 |
29.078 |
64.063 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.041 |
(40.382) |
(67.087) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
322.573 |
69.460 |
131.150 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at F.O.B. Value |
778.840 |
389.321 |
447.640 |
|
|
|
Income from intellectual property |
0.000 |
9.176 |
0.000 |
|
|
TOTAL EARNINGS |
778.840 |
398.497 |
447.640 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
640.182 |
679.465 |
422.574 |
|
|
|
Finished Goods |
NA |
211.939 |
133.621 |
|
|
|
Components and Spare Parts |
7.939 |
3.707 |
2.459 |
|
|
|
Capital Goods |
29.828 |
4.213 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
899.324 |
558.654 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
18.59 |
3.89 |
7.49 |
|
|
|
Diluted
|
15.84 |
3.31 |
6.38 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.19 |
2.59 |
6.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.81 |
1.10 |
3.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.25 |
1.13 |
2.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.02 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.61 |
0.74 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06 |
0.97 |
2.36 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
|
100.483 |
100.483 |
|
Reserves & Surplus |
|
1739.191 |
2032.373 |
|
Net
worth |
|
1839.674 |
2132.856 |
|
|
|
|
|
|
long-term borrowings |
|
623.124 |
649.608 |
|
Short term borrowings |
|
736.406 |
660.956 |
|
Total
borrowings |
|
1359.530 |
1310.564 |
|
Debt/Equity
ratio |
|
0.739 |
0.614 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2083.147 |
2652.622 |
3492.291 |
|
|
|
27.337 |
31.654 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2083.147 |
2652.622 |
3492.291 |
|
Profit |
131.150 |
69.460 |
322.573 |
|
|
6.30% |
2.62% |
9.24% |
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 |
Yes |
|
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) |
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10413329 |
22/03/2013 |
200,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71295315 |
|
2 |
10412851 |
22/03/2013 * |
350,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B71978852 |
|
3 |
10331779 |
25/07/2012 * |
350,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, 21 FLOOR, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B45661824 |
|
4 |
10320221 |
20/03/2012 * |
100,000,000.00 |
IDBI BANK LIMITED |
DOSTI PINNACLE, GROUND FLOOR, ROAD NO.22, WAGLE INDUSTRIAL ESTATE, THANE WEST, MAHARASHTRA - 400604, INDIA |
B36100238 |
|
5 |
10239209 |
31/07/2010 |
14,309,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
6-8TH FLOOR, BLOCK NO. 2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A94241536 |
|
6 |
10209223 |
21/10/2010 * |
160,000,000.00 |
EXPORT-IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A96933908 |
|
7 |
10181585 |
29/09/2009 |
65,000,000.00 |
CORORATION BANK |
OVERSEAS BRANCH, 1ST, FLOOR, EARNEST HOUSE, NARIMAN POINT, MAHARASHTRA - 400021, INDIA |
A71369730 |
|
8 |
10174588 |
31/08/2013 * |
450,000,000.00 |
BANK OF BARODA |
BACKBAY RECLAMATION BRANCH, RAM MAHAL, BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
B87722831 |
|
9 |
10172203 |
20/03/2012 * |
360,000,000.00 |
BANK OF BARODA |
BACKBAY RECLAMATION BRANCH, CHURCHGATE, MUMBAI, MAHARASHTRA - 400021, INDIA |
B36229680 |
|
10 |
10167303 |
29/06/2009 |
100,000,000.00 |
DEPARTMENT OF BIOTECHNOLOGY |
BLOCK 2, CGO COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
A65385668 |
|
11 |
10072458 |
31/10/2013 * |
550,000,000.00 |
IDBI BANK LIMITED |
224 A, 2ND FLOOR, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B89617377 |
|
12 |
10059732 |
19/04/2014 * |
200,000,000.00 |
DBS BANK LTD |
3RD FLOOR, FORT HOUSE, DR. D N ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
C05891262 |
|
13 |
80002209 |
07/07/2009 * |
65,000,000.00 |
CORPORATION BANK |
OVERSEAS BRANCH, EARNEST HOUSE, 1ST FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A66194846 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Other loans and advances, others |
95.478 |
109.118 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand from banks |
0.362 |
53.474 |
|
Other loans and advances, others |
68.895 |
0.000 |
|
Total |
164.735 |
162.592 |
CHANGE OF ADDRESS
The Registered office of the company has been shifted from 16th Floor, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India to present address w.e.f 27.09.2007.
COMPANY OVERVIEW
Bharat Serums and Vaccines Limited (the company) is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The company is engaged in the manufacturing, marketing and selling of formulation drugs in India and outside India.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY OVERVIEW:
The global pharmaceutical market is estimated to cross USD 1 trillion in 2013. It is expected to grow at a CAGR of 6% to reach USD 1.2 trillion by 2016 (IMS, The Global Use of Medicines: Outlook through 2016).
This growth will be largely contributed by what is called the pharmerging markets, generics and the biologics space. For the period from 2011 to 2016, pharmerging markets have been estimated to grow at a CAGR of 12% to 15%; generics at a CAGR of 11% to 12% and biologics at a CAGR of 5% to 6%. During the same period, developed markets, coping with patent expiries, are expected to register much lower growth estimated at a CAGR of 1% to 4%. Of all developed markets, the US still continues to be the largest, followed by Japan and Germany. However, what needs noting is that by growing at a significantly higher rate, the pharmerging markets are expected to account for 30% of the global market in 2016, from 20% in 2012. In doing so, the pharmerging markets will, in the aggregate, match the size of the US market in 2016. The global pharmaceutical industry is at an interesting point in time. To understand its characteristics and offerings, one needs to examine the opportunities and challenges. Indian domestic formulation is ranked 3rd in terms of volume and 10th in terms value globally as per reports by ICRA and Moody’s. Bio-pharmaceutical segment is estimated to be growing at 25% per annum and the Indian Bio-pharmaceutical market is expected to triple by the year 2015. The major growth in Indian market has been driven by expansion in volume and new product introductions. India tops the world in export of generic medicines, where future growth is expected at a CAGR of 17% for the financial year ending March 31, 2014. The Indian Pharmaceutical Industry is poised to continue its double digit growth driven by chronic therapy, branded generics and launch of patented products / in licensing ,besides increasing reach to tier-2 as well as tier- 3 towns through field force expansion by Companies.
OUTLOOK AND
OPPORTUNITIES:
In financial year 2013-14 the outlook on Indian pharmaceutical companies will continue to benefit from recovery in the domestic market and the Indian market is expected to continue its double digit growth. Pharmerging markets are defined as those with over USD 1 billion absolute spending growth over 2012-16 and also has GDP per capita of less than $25,000 at Purchasing Power Parity (PPP). Such markets include China, Brazil, India, Russia, Mexico, Turkey, Poland, Venezuela, Argentina, Indonesia, South Africa, Thailand, Romania, Egypt, Ukraine, Pakistan and Vietnam.
GROWTH DRIVERS
(DOMESTIC):
The strong growth will been driven by a confluence of factors including-
1. Rising household income levels.
2. Increasing prevalence of lifestyle related diseases.
3. Improving health care infrastructure and delivery systems.
4. Rising penetration in smaller towns and rural areas continue to support.
5. Health insurance and IT penetration making treatment within reach of patients.
6. Joint Ventures/Alliances/in licensing.
Also, India is recognized as a destination for quality medical care, and this is bound to improve the inflow of medical tourism. Strong product portfolios coupled with pricing strategies to enhance market penetration apart from proliferation of corporate hospitals will help the Company grow.
GROWTH DRIVERS EXPORT
BUSINESS:
Sales productivity improvement measures have been put in place to improve the per capita returns. EXPORT business will also see a continued growth aided by a more focused approach combined with new registrations, which are likely to be received during the year.
Threats, Risks and Concerns:
Competitive pressures in the domestic market are likely to sustain as follows-
1) Multi National Companies become aggressive in India.
2) Domestic players leverage on their expanded field force.
3) Potential regulatory interventions could hurt pricing.
Additionally, with the introduction of product patent regime, the basket of products for introduction are gradually declining.
Key challenges facing the industry are Pricing policy in India, increasing competitive pressure in chronic segment, health care reforms in by government are some of the factors that could impede profitability and growth for pharmaceutical Companies.
Development in the area of patent laws, data exclusivity, and the delay in the approval of new products by the regulatory authority can impact the business. Non-availability of critical materials which would adversely affect the robust revenue growth.
FINANCIAL PERFORMANCE
REVIEW:
The Company has recorded sales of Rs. 3492.291 Millions with 32% growth as compared to previous year.
On the positive side, the major brands in the Hormones and Anti-D range continued their remarkable growth from last year and Anti fungal, Biological products observed a growth as well. During the year, the Company has expanded the field staff strength and invested the resources in training of the new recruits. This investment is further expected to augment the rapid growth planned for 2013-14.
The Company’s new Active Pharmaceutical Ingredients (API) facility in Germany and formulation facility in Ambernath factory have already commenced the operations .
During 2013-14, the Company’s strategy would be two fold. One is to improve the profitability through robust sales growth along with the cost containment and second, is to focus on out licensing agreements for their research molecules. The company is also planning to introduce few new products in coming year.
In addition, the marketing strategies like creating divisions to enhance the sales, are in place to drive the sales growth of the existing products.
The company is also focusing on export market.
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Motor
vehicles
Office
Equipment
Other
Equipments
Livestock
Intangible Assets
· Computer Software
Copyrights,
Patents and Other Operating Rights
Know-how
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.61.43 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.77.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
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 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.