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Notes to Accounts of Bliss GVS Pharma Ltd.

Mar 31, 2015

1. 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.

2. Contingent Liabilities:

(Rs. in Lacs)

Sr. No Particulars As At As At 31.03.2015 31.03.2014

a. Estimated amount of contract remaining to be executed on capital account and not provided for. 149.47 337.56

b. Bank Guarantees issued to Excise Department. 36.72 14.31

Bank Guarantees issued to Sales Tax Department 580.00 400.00

Bank Guarantees issued for tenders 0.58 Nil

c. Corporate Guarantee given to Bank for loan taken by Subsidiary 3217.15 4000.52

3.Employee Benefits:

Retirement benefits to employees include gratuity, a defined benefit. Gratuity is payable as per the applicable law subject to maximum of Rs. 10 lacs/-. The liability is funded by a Group Gratuity Plan of the Life Insurance Corporation of India.

4. Related Party Disclosures

Disclosures as required by the Accounting Standard - 18 on ''Related Parties Disclosures'' issued by the Institute of Chartered Accountants of India are as follows: "

a. List of Related Parties

Subsidiaries and Step down Subsidiaries

1 Bliss Indasi Lifescience Pvt Ltd

2 Bliss Gvs International Pte Ltd

3 Bliss Gvs Clinics Health Care Pte Ltd

4 Kremoint Pharma Pvt Ltd

5 Bliss Gvs Healthcare Ltd

6 Surgimed Pharma Limited

7 Lifeon Labs Pvt Ltd

8 Greenlife Bliss Healthcare Limited

9 Asterisk Lifesciences Ltd

Key Management Personnel

1 Mr. S. N. Kamath Managing Director

2 Dr. Vibha N. Kamath Whole Time Director

3 Ms. Shruti N. Kamath Whole Time Director

4 Mr. Gagan Harsh Sharma Relative of Director

5 Mr. Arjun Ashra Relative of Director

6. Ms. Sushama Yadav Company Secretary

Companies in which key management personnel have significant interest.

5. Kanji Forex Pvt. Ltd.

b Transactions during the year and balances outstanding as on March 31,2015 with related Parties were as follows

6. Earnings per share:

Earnings Per Share is calculated by dividing the profit attributable to the equity shareholders by the average number of equity shares

7. Financial & Derivative Instruments:

The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on 31st March 2014 were to the tune of USD 24.50 lacs (PY. USD 58.00 lacs) & EURO 2.00 lacs (PY. EURO 2.75 lacs) with INR as cross currency.

8. During the year the Company has incurred CSR Expenses of Rs. 36.23 Lacs which represented donations/ contributions to Charitable Trusts which are engaged in the CSR activities eligible under section 135 of the Companies Act as specified in Schedule VII.

9. Quantitative Details are given in Annexure -

10. Previous year figures are regrouped/rearranged/reclassified wherever necessary to Conform with current years classification.


Mar 31, 2014

1. Contingent Liabilities: (In Lacs)

Sr. No Particulars Mar - 14 Mar - 13

a. Estimated amount of contract remaining to be executed on capital account and 337.56 Nil not provided for.

b. Bank Guarantees issued to Excise Department. 14.31 30.42 Bank Guarantees issued to Sales Tax Department 400.00 Nil

c. Disputed Income Tax Demand Nil 183.69

d. Corporate Guarantees given to Banks for loan taken by Subsidiaries 4000.52 4072.76

2. Investment in subsidiaries:

During the year, the Company has subscribed to 51% equity shares of Lifeon Labs Private Limited (Lifeon), a Company incorporated for the purpose of manufacture of pharmaceutical formulations and thereby, Lifeon became a subsidiary of the Company.

3. Employee Benefits:

Company has covered its gratuity liability by a Group Gratuity Plan issued by Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service subject to maximum of Rs.10 lacs.

Expenses recognised in the Statement of Profit and Loss for the year ended 31st March 2014 as determined on the basis of actuarial valuation.

4. Related Party Disclosures:

Disclosures as required by the Accounting Standard - 18 on ''Related Parties Disclosures'' issued by the Institute of Chartered Accountants of India are as follows:

AS 18 - RELATED PARTY DISCLOSURE a. List of Related Parties

Subsidiaries and Step down Subsidiaries

1 Bliss Indasi Lifescience Pvt Ltd

2 Bliss Gvs International Pte ltd

3 Bliss Gvs Clinic Health Care Pte Ltd

4 Kremoint Pharma Pvt ltd

5 Bliss Gvs Healthcare Ltd

6 Surgimed Pharma Limited

7 Lifeon Labs Pvt Ltd

8 Greenlife Bliss Healthcare Limited

Key Management Personnel and their relatives

1 Mr. S. N. Kamath Managing Director

2 Mr. Gautam R. Ashra Director

3 Dr. Vibha N. Kamath Whole Time Director

4 Ms. Shruti N. Kamath Whole Time Director

5 Mr. Gagan Harsh Sharma Relative of Director

6 Arjun Ashra Relative of Director

Companies in which Key Management Personnel significant influence 1 Kanji Forex Pvt Ltd

5. Financial & Derivative Instruments:

The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on 31st March 2014 were to the tune of USD 58.00 lacs (P.Y. USD 107.00 lacs) & EURO 2.75 lacs (P.Y. EURO 3.00 lacs) with INR as cross currency.

6. Note on Segment Disclosure:

The Company operates primarily in the pharmaceutical business hence has only single reportable business segment. Further, in the opinion of the management, there is no reportable geographical segment.

7. Note of Research & Development:

Disclosure of Revenue & Capital Expenditure incurred at R&D Centers recognized by DSIR

There are no micro and small enterprises to which the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2014. This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company.

8. Quantitative Details are given in Annexure

9. Previous year figures are regrouped/rearranged/reclassified wherever necessary to conform with current years classification.


Mar 31, 2013

1. Contingent Liabilities:

(Rs. in Lacs)

Sr. No Particulars As At 31.03.2013 As At 31.03.2012

a. Estimated amount of contract remaining to be executed Nil 1500.00 on capital account and not provided for.

b. Bank Guarantees issued to Excise Department. 30.42 29.21

c. Disputed Income Tax Demand 183.69 183.69

d. Corporate Guarantee given to Bank for loan taken by 4072.76 3408.29 Subsidiary

2. Investment in subsidiaries:

a) During the year, the company has acquired 70% shares of Kremoint Pharma Private Limited (Kremoint), a company engaged in manufacture of pharmaceuticals for a consideration of Rs. 18.03 crores and thereby, Kremoint became a subsidiary of the Company.

During the year, the company has formed wholly owned subsidiary company namely Bliss GVS Clinic Healthcare Pte Limited in Singapore. The said subsidiary has in turn acquired 51% stake in GVS Healthcare Clinics Limited and Surgimed Pharma Limited, stepdown subsidiaries incorporated in Kenya.

b) Share Application Money paid to Bliss GVS International Pte Ltd amounting to Rs. 860.19 lacs was shown as part of investment in Financial Year 2011-12. In the current year it was converted into long term advance j and accordingly previous year figures are reclassified.

3. Employee Benefits:

Company has covered its gratuity liability by a Group Gratuity Plan issued by an Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service subject to maximum of Rs. 10.00 lacs.

4. Related Party Disclosures

Disclosures as required by the Accounting Standard - 18 on ''Related Parties Disclosures'' issued by the Institute of Chartered Accountants of India are as follows: "

AS 5 - RELATED PARTY DISCLOSURE

a. List of Related Parties

Associate Companies/ Entities

1 Kanji Pitamber Forex Pvt Ltd.

2 Kanji Forex Pvt. Ltd.

3 Kanji Pitamber & Co.

4 Genteel Trading Co. Pvt.Ltd.

5 Monochrome Investment Pvt.Ltd.

6 Ace Investments Service (I) Ltd.

7 Prachi Graphics

8 D E Pavri

9 Florotek Bio Systems

10 Sathyashree Constructions

11 Ashtavinayak Enterprises

12 Patel Power Pvt. Ltd.

13 Sitaram Pai Memorial Trust

14 Bliss Indasi Lifescience Pvt Ltd

15 Bliss Gvs International Pte ltd

16 Bliss Gvs Clinics Health Care Pte Ltd

17 Kremoint Pharma Pvt ltd

18 Gvs Health Care Clinics Limited

19 Surgimed Pharma Limited

20 GNR Enterprises

Key management Personnel and Relatives

1 Mr. Shibroor N. Kamath Managing Director

2 Mr. Gautam R. Ashra Director

3 Dr. Vibha N. Kamath Whole Time Director

4 Ms. Shruti N. Kamath Whole Time Director

5 Mrs. Mamta G. Ashra Relative of Director

6 Mrs. Prabhavati R. Ashra Relative of Director

7 Ms. Antra G. Ashra Relative of Director

8 Mr. Gagan Harsh Sharma Relative of Director

6. Earnings per share:

Earning Per Share is calculated by dividing the profit attributable to the equity shareholders by the average number of equity shares outstanding during the year. Numbers used for calculating basic and diluted earning per share are as stated below:

7. Financial & Derivative Instruments:

The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on 31st March 2013 were to the tune of USD 107.00 lacs (P.Y. USD 189.00 lacs) & EURO 3.00 lacs (P.Y. EURO 33.50 lacs) with INR as cross currency.

The foreign currency exposure, which is not hedged as at the end of the year, is:

8. Note on Segment Disclosure:

The Company operates primarily in the pharmaceutical business hence has only single reportable business segment. Further, in the opinion of the management, there is no reportable geographical segment.

There are no micro and small enterprises to which the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2013. This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This information has been relied upon by the Auditors

9. Quantitative Details are given in Annexure -

10. Previous figures are regrouped / rearranged / reclassified verever necessary.


Mar 31, 2012

1. Contingent Liabilities: (Rs. in Lacs)

No. Particulars As At As At 31.03.2012 31.03.2011

a. Estimated amount of contract remaining to be executed on capital account 1500.00 1000.00 and not provided for

b. Contingent Liability not provided for Bank Guarantees issued to 29.21 29.21 Excise Department.

c. Disputed Income Tax Demand 183.69 183.69

d Guarantee given to a Bank for loan taken by subsidiary 3408.09 -

2. Employee Benefits

Company has covered its gratuity liability by a Group Gratuity Plan issued by an Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service subject to maximum ofRs10.00 lacs.

Expenses recognised in the Profit and Loss Account for the year ended 31st March 2011 as determined on the basis of actuarial valuation.

3. Related Party Disclosures

Disclosures as required by the Accounting Standard - 18 on 'Related Parties Disclosures' issued by the Institute of Chartered Accountants of India are as follows:

AS 18 - RELATED PARTY DISCLOSURE a. List of Related Parties

Associate Companies/ Entities

1 Kanji Pitamber Forex Pvt Ltd.

2 Kanji Forex Pvt. Ltd.

3 Kanji Pitamber & Co.

4 Genteel Trading Co. Pvt.Ltd.

5 Monochrome Investment Pvt.Ltd.

6 Ace Investments Service (I) Ltd.

7 Prachi Graphics

8 D E Pavri

9 Florotek Bio Systems

10 Sathyashree Constructions

11 Ashtavinayak Enterprises

12 Patel Power Pvt. Ltd.

13 Sitaram Pai Memorial Trust

14. Bliss Indasi Lifescience Pvt. Ltd.

15 Bliss GVS International Pte Ltd.

16. GNR Enterprises

There are no micro and small enterprises to which the Company owes dues, which are outstanding for more than 45 days as at 31st March, 2012.This information as required under the Micro, Small and Medium Enterprises Development Act, 2006 has been determined to the extent such parties have been identified on the basis of information available with the Company. This information has been relied upon by the Auditor.

4. During the year, the Company has subscribed 5,100 Equity Shares of Rs10 each amounting to Rs51,000/- of M/s. Bliss Indasi Life Sciences Pvt. Ltd and accordingly it became the subsidiary of the Company. Advance of Rs170 lacs which was shown as advance for investment in last year has been converted into long-term loan. During the year, additional loan ofRs109.49 lacs is given.

5. The Revised Schedule VI has become effective from 1 April, 2011 for the preparation of financial statements. This has significantly impacted the disclosure and presentation made in the financial statements. Previous year's figures have been regrouped / reclassified wherever necessary to correspond with the current year's classification / disclosure.

6. Quantitative Details as annexed in Annexure.


Mar 31, 2011

1. Contingent Liabilities:

(Rs. In Lacs)

As At As At

No Particulars 31.03.2011 31.03.2010

a. Estimated amount of contract remaining to be executed on capital account and not provided for 1000.00 1500.00

b. Contingent Liability not provided for Bank Guarantees issued to Excise Department. 29.21 38.55

c. Disputed Income Tax Demmand 183.69 183.69

2. Employee Benefits

Company has covered its gratuity liability by a Group Gratuity Plan issued by an Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service subject to maximum of Rs.10.00 lacs.

Expenses recognised in the Profit and Loss Account for the year ended 31st March 2011 as determined on the basis of actuarial valuation.

3. Taxation:-

Deferred tax:

The deferred tax during the year for timing difference is accounted using tax rates that have been enacted or substantially enacted; the net difference arising thereon is debited to Profit and Loss Account.

4. Related Party Disclosures

Related Party Disclosures Disclosures as required by the Accounting Standard - 18 on Related Parties Disclosures issued by the Institute of Chartered Accountants of India are as follows:

AS 18 - RELATED PARTY DISCLOSURE

a. List of Related Parties

Associate Companies Entities

1 Kanji Pitamber Forex Pvt Ltd.

2 Kanji Forex Pvt. Ltd.

3 Kanji Pitamber & Co.

4 Genteel Trading Co. Pvt.Ltd.

5 Monochrome Investment Pvt.Ltd.

6 Ace Investments Service (I) Ltd.

7 Prachi Graphics

8 D E Pavri

9 Florotek Bio Systems

10 Sathyashree Constructions

11 Ashtavinayak Enterprises

12 Patel Power Pvt. Ltd.

Key Management Personnel and Relatives

1 Mr. Govind.G.Desai Chairman

2 Mr. Shibroor N. Kamath Managing Director

3 Mr. Gautam R. Ashra Director

4 Mr. Mahendra N. Thakkar Director

5 Mr. Yogendra N. Thakkar Director

6 Mr. Satej M. Katekar Director

7 Dr. Vibha N. Kamath Whole Time Director

8 Ms. Shruti N. Kamath Whole Time Director

9 Mrs. Mamta G. Ashra Relative of Director

10 Mr. Gagan Harsh Sharma Relative of Director

5. Financial & Derivative Instruments:

The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on 31st March 2011 were to the tune of USD 1,23,62,449 (P.Y. USD 19,00,000)& EURO 65,000 (P.Y. EURO 3,75,000) with INR as cross currency.

6. Note on Segment Disclosure

The Company operates primarily in the pharmaceutical business hence has only single reportable business segment. Further, in the opinion of the management, there is no reportable geographical segment.

7. During the year Company has paid an advance of Rs.170.00 lacs towards the Joint Venture in M/s. Bliss Indasi Life Sciences Pvt. Ltd. however, no shares have been issued as of 31st March, 2011

8. Previous year figures have been regrouped, reclassified and rearranged wherever necessary.




Mar 31, 2010

1. Contingent Liabilities:(Rs. In Lacs) As At As At No Particulars 31.03.2010 31.03.2009

a. Estimated amount of contract remaining to be executed on capital account and not provided for 1500.00 1500.00

b. Contingent Liability not provided for Bank Guarantees issued to Excise Department. 38.55 39.53

c. Disputed Income Tax Demand 183.69 Nil



2. Employee Benefits

Company has covered its gratuity liability by a Group Gratuity Plan issued by a Insurance Company. Under the plan, employee at retirement is eligible for benefit which will be equal to 15 days salary for each completed year of service.

Expenses recognized in the Profit and Loss Account for the year ended 31st March 2010 as determined on the basis of actuarial valuation.

3. Taxation:-

Deferred tax:

The deferred tax during the year for timing difference is accounted using tax rates that have been enacted or substantially enacted, the net difference arising thereon is debited to Profit and Loss Account.

4. Related Party Disclosures

Disclosures as required by the Accounting Standard -18 on Related Parties Disclosures issued by the Institute of Chartered Accountants of India are as follows:"

AS 18 - RELATED PARTY DISCLOSURE

a. List of Related Parties

Associate Companies Entities

1 Kanji Pitamber Forex Pvt. Ltd.

2 Kanji Forex Pvt Ltd.

3 Genteel Trading Co. Pvt. Ltd.

4 Monochrome Investment Pvt. Ltd.

5 TVS Infrastructure Ltd.

6 Goodwill Cultivator Pvt. Ltd.

7 Bajaj Hindustan Sugar & Industries Ltd.

8 Bombay Gymkhana Ltd.

9 Florotek Bio Systems

10 Sathyashree Constructions

11 Ashtavinayak Enterprises

12 Patel Power Pvt. Ltd.

Key Management Personnel and Relatives

1 Mr.Govind.G.Desai Chairman

2 Mr.Shibroor N. Kamath Managing Director

3 Mr.Gautam R. Ashra Director

4 Mr.Mahendra N. Thakkar Director

5 Mr.Satej M. Katekar Director

6 Dr.Vibha N. Kamath Whole Time Director

7 Ms.Shruti N. Kamath Whole Time Director

8 Mrs.Mamta G. Ashra Relative of Director

5. Financial & Derivative Instruments:

The Company has entered into Forward Exchange Contracts (being a derivative instrument), which are not intended for trading or speculative purpose, but are for hedge purpose, to establish the amount of reporting currency required or available at the settlement date of certain receivables. The sell contracts outstanding as on 31st March 2010 were to the tune of USD 19,00,000 (P.Y. USD 49,00,000) & EURO 3,75,000 (P.Y. EURO Nil) with INR as cross currency.

6. Note on Segment Disclosure

The Company operates primarily in the pharmaceutical business hence has only single reportable business segment. Further, in the opinion of the management, there is no reportable geographical segment.

7. Previous year figures have been regrouped, reclassified and rearranged wherever necessary.

 
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