MIRA INFORM REPORT

Report No. :	357237
Report Date :	29.12.2015

IDENTIFICATION DETAILS

Name :	BLISS GVS PHARMA LIMITED (w.e.f. 27.12.2006)
Formerly Known As :	BLISS CHEMICALS AND PHARMACEUTICALS INDIA LIMITED
Registered Office :	102, Hyde Park, Sakivihar Road, Andheri (East), Mumbai – 400 072, Maharashtra
Tel. No.:	91-22-42160000
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	11.12.1984
Com. Reg. No.:	11-034771
Capital Investment / Paid-up Capital :	Rs.103.147 million
CIN No.: [Company Identification No.]	L24230MH1984PLC034771
IEC No.:	0397031441
TAN No.: [Tax Deduction & Collection Account No.]	MUMB10979D
PAN No.: [Permanent Account No.]	AABCN1328J
Legal Form :	Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Subject is engaged in the business of developing, manufacturing, Exporting and marketing of high quality pharmaceutical formulations.(Registered Activity and also confirmed by management)
No. of Employees :	400 [Approximately]

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
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 1984 having a satisfactory track record. Subject is engaged in the business as manufacturer and exporter of pharmaceutical formulation. Available financial indicates sound financial risk profile marked by healthy net worth base with low borrowings recorded and favorable gap between trade payables and trade receivables. Further, the rating also takes into consideration good profit margin of the company. Trade relations are reported as fair. Business is active. Payments terms are reported as usually correct and as per commitment. In view of long track record and sound financial base, 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.

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Term Loan: BBB
Rating Explanation	Moderate degree of safety and carry moderate credit risk.
Date	December, 2015

Rating Agency Name	ICRA
Rating	Fund Based Limits: A3+
Rating Explanation	Moderate degree of safety and carry higher credit risk.
Date	December, 2015

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 31-03-2015.

INFORMATION PARTED BY

Name :	Ms. Snehal
Designation :	Assistance Manager Finance
Contact No.:	91-22-42160000
Date :	25.12.2015

LOCATIONS

Registered Office/ Corporate Office/ Administrative Office :	102, Hyde Park, Sakivihar Road, Andheri (East), Mumbai – 400072, Maharashtra, India
Tel. No.:	91-22-42160000
Fax No.:	91-22-28563930
E-Mail :	info@blissgvs.com cs@blissgvs.com
Website :	http://www.blissgvs.com
Factory 1 :	Plot No.10, 11 and 12, Village: Aliyali, Palghar Taluka, District Thane – 401 404, Maharashtra, India
Tel. No.:	91-22-28505387/ 28503870
Fax No.:	91-22-28563930
Factory :	Also located at: · Ambernath, Thane, Maharashtra, India · Daman (U.T.), India

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Govind Guno Desai
Designation :	Chairman
Address :	Kedar Apartment, Bhandar Lane, L.J. Road, Mahim, Mumbai – 400 015, Maharashtra, India
Date of Birth/ Age :	04.06.1933
Date of Appointment :	21.12.1984
DIN No.:	00140853
Name :	Mr. Shibroor Narsimha Kamath
Designation :	Managing Director
Address :	202, Jai Akshay Sagar CHS, Namdeao Path, Thane – 421 201, Maharashtra, India
Date of Birth/ Age :	21.12.1953
Date of Appointment :	01.04.2013
DIN No.:	00140593
PAN No.:	AFMPK8583R
Name :	Mr. Gautam Rasiklal Ashra
Designation :	Director
Address :	1/4, Breach Candy Apartment, B.D. Road, Mumbai – 400 026, Maharashtra, India
Date of Birth/ Age :	15.10.1956
Date of Appointment :	14.06.2004
DIN No.:	00140942
PAN No.:	AABPA0457 E
Name :	Mr. Mayank Surendra Mehta
Designation :	Director
Address :	9, Prem Milan, 18/10 R.A. Kidwai Road, Wadala, Mumbai – 400 031, Maharashtra, India
Date of Birth/ Age :	08.04.1960
Date of Appointment :	29.07.2011
DIN No.:	00765052
Name :	Mr. Subramanian Ramaswamy Vaidya
Designation :	Director
Address :	Plot No.6, Block No.08, Peru Baug, Goregaon (East), Mumbai – 400 063, Maharashtra, India
Date of Birth/ Age :	26.10.1942
Date of Appointment :	14.08.2014
DIN No.:	03600249
Name :	Ms. Shruti Narasimha Kamath
Designation :	Whole-Time Director
Address :	202, Jai Akshay Sagar CHS, Namdeao Path, Thane – 421 201, Maharashtra, India
Date of Birth/ Age :	06.04.1985
Date of Appointment :	01.04.2013
DIN No.:	00731501
Name :	Dr. Vibha Narsimha Kamath
Designation :	Whole-Time Director
Address :	202, Jai Akshay Sagar CHS, Namdeao Path, Thane – 421 201, Maharashtra, India
Date of Birth/ Age :	08.07.1983
Date of Appointment :	27.01.2013
DIN No.:	02307289

KEY EXECUTIVES

Name :	Ms. Sushama Dharmraj Yadav
Designation :	Secretary
Address :	302, New Golden Nest Complex, Building No.7, Mira-Bhayandar (East), Thane – 401 105, Maharashtra, India
Date of Birth/ Age :	15.07.1988
Date of Appointment :	01.11.2013
PAN No.:	ABVPY2378K
Name :	Mr. Dinesh Shetty
Designation :	Sales Department
Name :	Ms. Snehal
Designation :	Assistance Manager Finance

SHAREHOLDING PATTERN

AS ON 30.09.2015

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	63247246	61.32
Sub Total	63247246	61.32
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	63247246	61.32
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	64416	0.06
Foreign Institutional Investors	4531975	4.39
Sub Total	4596391	4.46
(2) Non-Institutions
Bodies Corporate	12981457	12.59
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	15006874	14.55
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	2960144	2.87
Any Others (Specify)	4354560	4.22
Clearing Members	628639	0.61
Non Resident Indians	3725921	3.61
Sub Total	35303035	34.23
Total Public shareholding (B)	39899426	38.68
Total (A)+(B)	103146672	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	103146672	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	No. of Shares held	As a % of grand total (A)+(B)+(C)	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
		14,27,924	1.38	1.38
2	ARJUN GAUTAM ASHRA	50,00,000	4.85	4.85
3	GAUTAM R ASHRA	52,31,045	5.07	5.07
4	MAMTA GAUTAM ASHRA	19,80,333	1.92	1.92
5	MANGESH GHANASHYAM WAGLE - HUF	7,720	0.01	0.01
6	NARSIMHA SHIBROOR KAMATH	4,70,17,024	45.58	45.58
7	PRABHAVATI RASIKLAL ASHRA	98,000	0.10	0.10
8	SHRUTI VISHAL RAO	7,00,000	0.68	0.68
9	VIBHA GAGAN SHARMA	15,00,000	1.45	1.45
10	VIJAYABEN KANJI ASHRA	2,20,000	0.21	0.21
11	MANGESH GHANASHYAM WAGLE	65,200	0.06	0.06
	Total	6,32,47,246	61.32	61.32

(*) 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	FIDELITY PURITAN TRUST-FIDELITY LOW-PRICD STOCK FUND	4400030	4.27	4.27

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as % of Total No. of Shares	Total shares (including underlying shares assuming full conversion of warrants and convertible securities) as a % of diluted share capital
1	GULBARGA TRADING AND INVESTMENT PVT. LTD.	5875000	5.70	5.70
	Total	5875000	5.70	5.70

Details of disclosure made by the Trading Members holding 1% or more of the Total No. of shares of the company.

Sl. No.	Name of the Trading Member	Name of the Beneficial Owner	No. of shares held	% of total no. of shares	Date of reporting by the Trading Member
1	KUMAR SHARE BROKERS LIMITED	NARSIMHA SHIBROOR KAMATH	30,00,000	2.91	07/11/2015
2	KUMAR SHARE BROKERS LIMITED	12 client/s (individual holding less than 1%)	16,39,809	1.59	07/11/2015

BUSINESS DETAILS

Line of Business :	Subject is engaged in the business of developing, manufacturing, Exporting and marketing of high quality pharmaceutical formulations.( Registered Activity and also confirmed by management)
Products :	Pharma Products Other Healthcare Products
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Pharmaceutical formulations
Countries :	African Countries
Imports :	Not Available
Terms :
Selling :	L/C, Cash and Credit (30 Days)
Purchasing :	L/C, Cash and Credit (30 Days)

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

End Users

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

No. of Employees :

400 [Approximately]

Bankers :

Banker Name	The Federal Bank Limited
Branch Address	101-105, Kasturi Plaza Complex-A, Manpada Road, Dombivali (East), Mumbai – 421 201, Maharashtra, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Cash and Credit: Rs.200.000 Million
Remarks (If any)	Not Divulged

· Export Import Bank of India

· State Bank of Bikaner and Jaipur

· FirstRand Bank

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Term Loan in Foreign Currency from bank	157.250	422.730
Rupee Term Loan from banks	144.845	27.144
SHORT TERM BORROWING
Loans repayable on demand from banks	283.762	231.416
Total	585.857	681.290

NOTES

The Term Loan in Foreign Currency of Rs.440.3.00 Million (Previous Year Rs.573.705 Million) including current maturities of Rs.283.050 Million (Previous year - Rs.150.975 Million) bearing interest rate of 335 basis points above LIBOR is secured against 51% shares of Bliss GVS Healthcare Limited and 100% shares of Bliss GVS Clinic Healthcare Pte Limited, pari passu charge on Current assets and fixed assets of the Company and fixed deposit account with First Rand Bank. Foreign Currency Loan is repayable from December 2013 in 12 Quarterly Installments.

Term Loans from bank

a) Includes Loan of Rs.73.674 Million (PY Rs.40.014 Million) including current maturities of Rs.12.864 Million (Previous Year- Rs.12.864 Million) for Company’s Palghar Land bearing interest of Base rate + 2.55%p.a.and is secured by the said Land and building thereon, along with the Property of Company’s Research and Development Centre and Plant and Machinery at R&D Centre which is repayable from December 2013 in equal monthly installments.

b) Includes Loan of Rs.98.669 Million for Plot No 1,2,3 (Previous Year - Nil) including current maturities of Rs.14.634 Million (Previous Year - Nil) and adjacent open space for new plant bearing interest of Base rate + 2.80% (13.00%) and is secured by Land and Building at Plot 1,2,3 which is repayable in 82 equal installments.

Loan from others is secured against vehicle repayable from November 2012 in 36 monthly installments.

Auditors :
Name :	B.K. Khare and Company Chartered Accountants
Address :	Mumbai, Maharashtra, India
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries and Step down Subsidiaries:	Bliss Indasi Lifescience Private Limited Bliss Gvs International Pte Limited Bliss Gvs Clinics Health Care Pte Limited Kremoint Pharma Private Limited Bliss Gvs Healthcare Limited Surgimed Pharma Limited Lifeon Labs Private Limited Greenlife Bliss Healthcare Limited Asterisk Lifesciences Limited
Companies in which Key Management Personnel significant influence:	Kanji Forex Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Re.1/- each	Rs.150.000 million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
103146672	Equity Shares	Re.1/- each	Rs.103.147 million

Details Shareholder Holding More than 5% shares in the company:

Particulars	31.03.2015
	Nos.	% of Holdings
S.N. Kamath	4,70,17,024	48.98
Gautam Rasiklal Ashra	52,31,045	10.89
Gulbarga Trading and Investment Private Limited	58,75,000	1.55

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 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 them. The Board of Directors in their meeting held on 29th May 2015 proposed a dividend of Rs.0.50/- per share. (Previous Year- Rs.0.50/- per share)

There are no shares reserved for issue under options and contracts/ arrangements/ commitments.

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	103.147	103.147	103.147
(b) Reserves & Surplus	3578.714	3045.264	2484.203
(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)	3681.861	3148.411	2587.350
(3) Non-Current Liabilities
(a) long-term borrowings	302.095	451.354	536.781
(b) Deferred tax liabilities (Net)	71.530	61.980	43.669
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	13.985	11.033	7.381
Total Non-current Liabilities (3)	387.610	524.367	587.831
(4) Current Liabilities
(a) Short term borrowings	283.762	231.416	182.075
(b) Trade payables	504.672	589.897	924.253
(c) Other current liabilities	391.346	285.153	138.171
(d) Short-term provisions	300.762	84.701	142.223
Total Current Liabilities (4)	1480.542	1191.167	1386.722
TOTAL	5550.013	4863.945	4561.903
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	807.110	527.890	462.565
(ii) Intangible Assets	7.929	7.375	25.326
(iii) Capital work-in-progress	0.000	43.106	6.525
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	192.263	192.253	192.202
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1013.508	1091.786	951.728
(e) Other Non-current assets	4.326	14.237	24.120
Total Non-Current Assets	2025.136	1876.647	1662.466
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	225.183	212.289	245.845
(c) Trade receivables	2106.121	1835.325	2182.111
(d) Cash and cash equivalents	473.677	741.207	308.157
(e) Short-term loans and advances	613.362	125.204	120.732
(f) Other current assets	106.534	73.273	42.592
Total Current Assets	3524.877	2987.298	2899.437
TOTAL	5550.013	4863.945	4561.903

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2015	31.03.2014	31.03.2013
	SALES
	Income	3130.217	2882.307	3536.832
	Other Income	213.504	301.242	150.328
	TOTAL (A)	3343.721	3183.549	3687.160
Less	EXPENSES
	Cost of Materials Consumed	1378.413	1351.782	1880.030
	Purchases of Stock-in-Trade	9.032	103.040	36.028
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	24.827	6.057	(51.173)
	Employees benefits expense	173.608	129.261	98.707
	Other expenses	682.395	631.446	565.421
	TOTAL (B)	2268.275	2221.586	2529.013
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	1075.446	961.963	1158.147
Less	FINANCIAL EXPENSES (D)	112.118	94.363	65.547
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	963.328	867.600	1092.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)	50.783	44.616	44.278
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	912.545	822.984	1048.322
Less	TAX (H)	312.390	283.719	481.502
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)	600.155	539.265	566.820
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	2530.178	2111.497	1688.456
Add	Depreciation adjustment (net of deferred tax of Rs.0.240 Million)	(0.466)	0.000	0.000
Less	APPROPRIATIONS
	Transfer to General Reserve	50.000	60.000	60.000
	Interim Dividend	20.629	0.000	30.944
	Dividend Distribution Tax on Interim Dividend	0.000	0.000	4.952
	Dividend Distribution Tax of Earlier Year	4.152	0.317	0.000
	Proposed Dividends	51.573	51.573	41.259
	Tax on Dividend	10.559	8.694	6.625
	Balance Carried to the B/S	2992.954	2530.178	2111.496
	EARNINGS IN FOREIGN CURRENCY	2934.237	2668.623	3295.203
	IMPORTS
	Raw Materials and Packaging Materials	47.765	105.606	69.556
	Capital Goods	55.316	71.168	52.987
	Trading Goods	9.169	81.793	0.000
	TOTAL IMPORTS	112.250	258.567	122.543
	Earnings / (Loss) Per Share (Rs.)	5.82	5.23	5.5

Expected Sales (2016-2016): Rs.3500.000 Million

The above information has been parted by Ms. Snehal

QUARTERLY RESULTS

PARTICULARS	30.06.2015 1^st Quarter	30.09.2015 2^nd Quarter
Audited / UnAudited
Net Sales	802.490	936.650
Total Expenditure	559.610	632.130
PBIDT (Excl OI)	242.880	304.520
Other Income	63.080	83.620
Operating Profit	305.960	388.140
Interest	29.120	41.620
Exceptional Items	NA	NA
PBDT	276.840	346.520
Depreciation	13.520	15.770
Profit Before Tax	263.320	330.750
Tax	109.320	89.130
Provisions and contingencies	NA	NA
Profit After Tax	154.030	241.620
Extraordinary Items	NA	NA
Prior Period Expenses	NA	NA
Other Adjustments	NA	NA
Net Profit	154.030	241.620

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt
On Term Loan in foreign currency	283.050	150.975	39.555
On Rupee Loans from banks	27.498	25.864
On Vehicle Loans	1.480	2.400
Total	312.028	179.239	39.555
Cash generated from operations	122.708	979.716	(134.518)
Net cash from operating activities	34.304	647.089	(518.574)

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin (PAT / Sales)	(%)	19.17	18.71	16.03
Operating Profit Margin (PBIDT/Sales)	(%)	34.36	33.37	32.75
Return on Total Assets (PBT/Total Assets}	(%)	17.03	17.78	24.03
Return on Investment (ROI) (PBT/Networth)		0.25	0.26	0.41
Debt Equity Ratio (Total Debt /Networth)		0.24	0.27	0.29
Current Ratio (Current Asset/Current Liability)		2.38	2.51	2.09

STOCK PRICES

Face Value	Rs.1.00/-
Market Value	Rs.179.65/-

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	103.147	103.147	103.147
Reserves & Surplus	2484.203	3045.264	3578.714
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2587.350	3148.411	3681.861
long-term borrowings	536.781	451.354	302.095
Short term borrowings	182.075	231.416	283.762
Current maturities of long-term debts	39.555	179.239	312.028
Total borrowings	758.411	862.009	897.885
Debt/Equity ratio	0.293	0.274	0.244

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3536.832	2882.307	3130.217
		(18.506)	8.601

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	3536.832	2882.307	3130.217
Profit	566.820	539.265	600.155
	16.03%	18.71%	19.17%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	Yes
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

THE YEAR UNDER REVIEW:

The Company has successfully completed 30 years of operation this year. The Company 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 markets that have reported an encouraging performance for the year ended 31st March 2015. During the year, the Company has formed a new company Asterisk Lifesciences Limited a wholly owned foreign subsidiary in United Kingdom for the purpose of facilitating registrations and marketing of pharmaceutical formulations in the European continent.

COMPANY’S PERFORMANCE:

Net Sales of the Company were Rs.3130.217 Million as compared to Rs.2882.307 Million in the previous year. Profit before tax was Rs.912.545 Million as compared to Rs.822.984 Million in the previous year. Profit after tax was Rs.600.155 Million as compared to Rs.539.265 Million in the previous year. The Company booked a profit of Rs.113.239 Million due to foreign Exchange fluctuation and better Foreign Exchange management.

STATE OF AFFAIRS OF THE COMPANY

1. The Company has successfully completed 30 years of operation this year.

2. Bliss GVS manufacturing plants are certified to be GMP compliant by local and international standards: EU GMP, WHO GMP, OHSAS -18001: 2007 and ISO-14001:2004. This company is the only EU-GMP certified suppositories manufacturer in India.

3. They are among the world leaders in Suppositories and Pessaries dosage forms with one of the largest portfolios in this segment. Over the last decade, they have acquired definitive which is exemplified by their ever-expanding product offering across more than sixty countries.

4. With significant expansion in R and D, Manufacturing and Marketing capabilities, they are poised for an accelerated rate of growth which makes for very exciting times at Bliss GVS.

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 know-how in other dosage forms and therapeutic segments, which is exemplified by its ever-expanding product offering across more than sixty countries. With significant expansion in Research and Development, Manufacturing and Marketing capabilities, the company is poised for an accelerated rate of growth which makes for very exciting times at Bliss GVS.

UNSECURED DETAILS

(Rs. In Million)

Particulars	As on 31.03.2015	As on 31.03.2014
LONG TERM BORROWING
Rupee Term Loan from Others (Vehicle Loan)	0.000	1.480
Total	0.000	1.480

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2015 (Rs. in Million)	31.03.2014 (Rs. in Million)
a. Estimated amount of contract remaining to be executed on capital account and not provided for.	14.947	33.756
b. Bank Guarantees issued to Excise Department.	3.672	1.431
Bank Guarantees issued to Sales Tax Department	58.000	40.000
c. Disputed Income Tax Demand	0.058	Nil
d. Corporate Guarantee given to Bank for loan taken by Subsidiary	321.715	400.052

UNAUDITED FINANCIAL RESULT FOR THE QUARTER ENDED 30.09.2015

Sr. No	Particulars		Standalone
			Quarter Ended		Half Year Ended
			30.09.2015	30.06.2015	30.09.2015
			Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)		926.854	798.283	1725.137
	b. Other Operating Income		9.797	4.206	14.003
	Total Income from Operations (Net)		936.651	802.488	1739.140
2	Expenditure
	a. Cost of material Consumed		371.549	348.387	719.936
	b. Purchase of Stock-in trade		0.000	3.637	3.637
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade		(19.183)	1.590	(17.593)
	d. Employees Benefit Expenses		56.407	48.258	104.665
	e. Depreciation and Amortisation Expenses		15.767	13.522	29.288
	f. Other expenses		223.359	157.741	381.100
	Total Expenses		647.899	573.134	1221.033
3	Profit from Operations before Other Income, Interest and Exceptional Items		288.752	229.355	518.107
4	Other Income		83.624	63.078	146.702
5	Profit from ordinary activities before finance cost & exceptional items		372.376	292.433	664.809
6	Finance Costs		41.624	29.118	70.742
7	Profit from ordinary activities after finance costs & exceptional items		330.752	263.315	594.067
8	Exceptional items		0.000	0.000	0.000
9	Profit from ordinary activities before tax		330.752	363.315	594.067
10	Tax Expense (Including Deferred Tax)		89.128	109.290	198.418
11	Net Profit from ordinary activity after tax		241.624	154.025	395.649
12	Paid-up equity share capital		103.147	103.147	103.147
13	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year		--	--	--
14	Basic and Diluted Earning Per Share		2.34	1.49	3.84
A		PARTICULARS OF SHAREHOLDING
17		Public Shareholding
		- No. of shares	39899426	36156842	39899426
		- Percentage of shareholding	38.68	35.05	38.68
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	63247246	66989830	63247246
		- 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)	61.32	64.95	61.32

	Particulars	Quarter ended 30.09.2015
B	Investor Complaints
	Pending at the beginning of the quarter	--
	Received during the quarter	5
	Disposed off during the quarter	5
	Remaining unresolved at the end of the quarter	--

STATEMENT OF ASSET AND LIABILITIES AS AT 30^TH SEPTEMBER 2015

SOURCES OF FUNDS	30.09.2015
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	103.147
(b) Reserves & Surplus	4017.508
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	4120.655
(3) Non-Current Liabilities
(a) long-term borrowings	132.775
(b) Deferred tax liabilities (Net)	79.907
(c) Other long term liabilities	0.000
(d) long-term provisions	15.485
Total Non-current Liabilities (3)	228.167
(4) Current Liabilities
(a) Short term borrowings	276.588
(b) Trade payables	603.168
(c) Other current liabilities	502.835
(d) Short-term provisions	316.068
Total Current Liabilities (4)	1698.659
TOTAL	6047.481
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	801.656
(ii) Intangible Assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b) Non-current Investments	205.937
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1128.553
(e) Other Non-current assets	0.000
Total Non-Current Assets	2136.146
(2) Current assets
(a) Current investments	0.000
(b) Inventories	255.970
(c) Trade receivables	2524.972
(d) Cash and cash equivalents	572.202
(e) Short-term loans and advances	439.376
(f) Other current assets	118.815
Total Current Assets	3911.335
TOTAL	6047.481

Note:

1. The company operates primarily in the pharmaceutical business and hence has only one reportable segment.

2. The above results were reviewed by the audit committee & were there after approved by the board at its meeting held on November 09, 2015.

3. The statutory auditors have carried out a limited review of the results for the quarter ended September 30, 2015.

4. Figures for the previous periods have been regrouped rearranged wherever necessary.

FIXED ASSETS

Tangible Assets

· Land

· Buildings

· Plant and Machinery

· Vehicles

· Furniture and Fixtures

· Office Equipments

· Computers

Intangible Assets

· Goodwill

· Software

· Brand

PRESS RELAPSES

BLISS GVS PHARMA ZOOMS 20% ON BAGGING $35 MILLION CONTRACT

JULY 3, 2015

Till 1034 hours, a combined 2.41 million shares changed hands and there were pending buy orders for 1.59 million shares on the BSE and NSE.

Shares of Bliss GVS Pharma are locked at the upper circuit of 20% at Rs 158, also their 52-week highs on the NSE, after the company announced that it had bagged a $35 million (approximately Rs 2200.000 Million) contract for providing medical healthcare services in Kenya.

The Teachers Services Commission has awarded Bliss GVS Healthcare, the Kenyan step-down subsidiary of Bliss GVS Pharma, in association with Aon Kenya Insurance Brokers, an annual service contract worth $350 million to provide medical healthcare cover, the company said in a statement.

The contract is effective from 1st July 2015 and the first quarterly payment has been received by the company.

Besides the said services, the contract also envisages supplies of various Bliss GVS Pharma products from India, for administering to patients covered under this scheme.

The trading volumes on the counter jumped more than three-fold. Till 1034 hours, a combined 2.41 million shares changed hands on the counter and there were pending buy orders for 1.59 million shares on the BSE and NSE.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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.66.14
UK Pound	1	Rs.98.69
Euro	1	Rs.72.55

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	DIV
Report Prepared by :	GEET

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
--PROFITABILITY	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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.