MIRA
INFORM REPORT
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Report Date : |
21.02.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AVESTHA
GENGRAINE TECHNOLOGIES PRIVATE LIMITED |
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Registered Office : |
3,
Discoverer Building, 9th Floor, ITPL, White Field Road,
Bangalore-66, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
24.06.2002 |
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Com. Reg. No.: |
08-30671 |
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CIN No.: [Company
Identification No.] |
U73100KA2002PTC030671 |
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Legal Form : |
Private
Limited Liability Company |
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Line of Business : |
To
conduct research and develop innovative technologies and products in life
sciences with special emphasis on areas such as agriculture to produce
Generally Modified Organisms, tranagonic seed varieties, Plant genomics and
bioinformatics sequencing, analysis marker aided selection of clite germ
plasm, phytopharmaceuticals, diagnostics, DNA finger printing and secondary
(plant) metabolic engineering. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
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Status : |
Moderate |
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Payment Behaviour : |
Usually
correct |
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Litigation : |
Clear |
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Comments : |
Financial
position of the company is poor having huge accumulated losses. The company
has various foreign affiliations. It’s payments are usually correct and as
per commitments. The
company can be considered for any business dealings on safe and secured trade
terms and conditions. |
LOCATIONS
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Registered/ Corporate Office : |
3,
Discoverer Building, 9th Floor, ITPL, White Field Road,
Bangalore-66, Karnataka, India |
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Tel. No.: |
91-80-28411665/
2308/ 2770/ 2766 |
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Fax No.: |
91-80-28418780 |
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E-Mail : |
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Website : |
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Area : |
3236
Sq. Mtrs. |
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Branch 1 : |
Delhi Office Mr. Manan Bhatt |
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Tel. No.: |
91-11-2464 8840 |
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Mobile No.: |
91-9845984842 |
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Fax No.: |
91-11-2464 8830 |
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E-Mail : |
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Branch 2 : |
Hyderabad Office AQUAS Private Limited Mr. Pramod Deshmane Business Development Executive Avesthagen Quality Agriculture Services
Private Limited (AQUAS) |
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Mobile No.: |
91-9886037294 |
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Telefax No.: |
040 - 3071 3574 |
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E-Mail : |
DIRECTORS
|
Name : |
Mr.
Darius E. Udwadia |
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Designation : |
Director |
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Address : |
Udwadia
and Udeshi, Advocates and Solicitors, Thomas Cook Building, III Floor, 324, D.N.
Road, Mumbai-400001, Maharashtra |
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Date of Birth/Age : |
27.09.1939 |
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Date of Appointment : |
12.04.2002 |
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Name : |
Dr.
Villoo Murawala Patell |
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Designation : |
Director |
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Address : |
8A,
Regency Heights, 3, Cleveland Road, Frazer Town, Bangalore560005, Karnataka |
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Date of Birth/Age : |
18.06.1955 |
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Date of Appointment : |
13.04.1998 |
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Name : |
Mr.
Nadir B. Godrej |
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Designation : |
Director |
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Address : |
40,
B.G. Kher Marg, Malabar Hills, 324, D.N. Road, Mumbai-400006, Maharashtra |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr.
Koen Wentenk |
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Designation : |
Director |
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Address : |
Flat
446, Ranka Court, 18, Cambridge Road, Bangalore-560008, Karnataka |
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Date of Birth/Age : |
19.11.1964 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Prof.
Marc Van Montagu |
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Designation : |
Director |
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Address : |
University
of Ghent, Lebeganckstraat-35, Labo Gentika, Ghent, B-9000-Ghent, Belgium |
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Date of Birth/Age : |
10.11.1933 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Ms.
Farah Morawala Patell |
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Designation : |
Director |
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Address : |
1st
Albans Road, Cambridge CB42HG, United Kingdom, Cambridge CB42HG, United
Kingdom |
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Date of Birth/Age : |
02.07.1981 |
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Date of Appointment : |
15.09.2005 |
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Name : |
Mr.
Robert Mitchell |
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Designation : |
Director |
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Name : |
Ms.
Daulat Dara Morawala |
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Designation : |
Director |
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Address : |
Shreyas
Apartment No.301, Penderghast Road, Secunderabad-500003, Andhra Pradesh |
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Date of Birth/Age : |
13.04.1998 |
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Date of Appointment : |
27.06.2005 |
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Name : |
Mrs.
Pushpa M. Bhargava |
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Designation : |
Chairman |
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Name : |
Mr.
Khushroo Rustumji |
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Designation : |
Director |
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Name : |
Mr.
Giuliano Micheletti |
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Designation : |
Director |
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Name : |
Mr.
Srinivasa Rao Aluri |
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Designation : |
Director |
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Address : |
ICICI
Venture Funds Management Company Limited, Stanrose Road, Ground Floor, Appa
Saheb Marathe Marg, Prabhadevi, Mumbai-400025, Maharashtra |
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Date of Birth/Age : |
13.02.1965 |
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Date of Appointment : |
10.07.2003 |
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Date of Ceasing : |
20.12.2004 |
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Name : |
Mr.
Barrington John Albert Furr |
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Designation : |
Additional
Director |
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Address : |
52,
Fence Avenue Macclesfield, Cheshire SK 110, 1 LT, United Kingdom |
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Date of Ceasing : |
08.11.2005 |
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Name : |
Mr.
Simon Geoffrey Best |
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Designation : |
Additional
Director |
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Address : |
6B,
Wester Coates Road, Edinburgh, EH125LU, UK |
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Date of Appointment : |
08.11.2005 |
KEY EXECUTIVES
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Name
: |
Ms.
Kavitha N. Murthy |
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Designation
: |
Company
Secretary |
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Address
: |
1517,
13th Main, 10th Cross, BTM Layout, 2nd
Stage, Bangalore-560076, Karnataka |
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Date
of Birth/Age : |
10.02.1976 |
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Date
of Appointment : |
29.09.2004 |
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Date
of Ceasing : |
01.02.2005 |
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Name
: |
Mr. J.
Rajagopalan |
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Designation
: |
Company
Secretary |
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Address
: |
#83,
Adarsh Vista, Vignana Nagar Main Road, Vibhuthipura, Bangalore-560037,
Karnataka |
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Date
of Birth/Age : |
23.07.1951 |
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Date
of Appointment : |
01.02.2005 |
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Name
: |
Ms.
Supriya Kumar Guha |
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Designation
: |
Company
Secretary |
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Address
: |
2409,
HAL III Stage, BDA Layout, Bangalore-560017, Karnataka |
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Date
of Appointment : |
01.02.2006 |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
|
Dr.
Villoo Morawala Patell |
954501 |
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Mr.
Koen Wentink |
201000 |
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Dr.
Jean Faullimel |
18200 |
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Mr.
Taco Kuiper |
40000 |
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Ms.
Jyothi Reddy |
20000 |
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Mr.
Guiliano Micheletti |
20000 |
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Mr.
K.V. Veugopalan |
10000 |
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Dr.
Jean Faullimel |
16656 |
|
Oriental
Bank of Commerce |
254933 |
|
Tata
Industries Limited |
129870 |
|
ICICI
Trusteeship Services Limited |
637333 |
|
Enssemble
Holdings & Finance Limited |
55500 |
|
Meditab
Specialities Private Limited |
250000 |
|
Godrej
Industries Limited |
120244 |
|
BioMerieux
SA |
162555 |
|
Daninvest.com
S.A. |
177341 |
|
Fid
Funds (Mauritius) Limited |
385585 |
|
Bennett,
Coleman & Company Limited |
39420 |
|
Bharat
Nidhi Limited |
45485 |
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Vimorin
and CIE, France |
193723 |
BUSINESS DETAILS
|
Line of Business : |
To
conduct research and develop innovative technologies and products in life
sciences with special emphasis on areas such as agriculture to produce
Generally Modified Organisms, tranagonic seed varieties, Plant genomics and
bioinformatics sequencing, analysis marker aided selection of clite germ
plasm, phytopharmaceuticals, diagnostics, DNA finger printing and secondary
(plant) metabolic engineering. |
|
|
|
|
Products : |
Research
in life sciences |
GENERAL
INFORMATION
|
No. of Employees : |
130 |
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Bankers : |
v
ICICI
Bank, Koramangala, Bangalore, Karnataka v
Oriental
Bank of Commerce, M.G. Road, Bangalore, Karnataka |
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Banking Relations : |
-- |
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Auditors : |
S.R.
Batliboi & Associates, Chartered
Accountants, Bangalore Sharp
& Tannan Chartered
Accountants |
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Subsidiaries : |
v
Avestha
Good Earth Food Limited v
Avesthagen
Inc., USA |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity
Shares |
Rs.10/- each |
Rs.50.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
2942826 |
Equity
Shares |
Rs.10/- each |
Rs.29.428 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
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|
SHAREHOLDERS FUNDS |
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1] Share Capital |
|
29.428 |
25.823 |
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2] Share Application Money |
|
0.389 |
0.070 |
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3] Reserves & Surplus |
|
217.069 |
75.628 |
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4] (Accumulated Losses) |
|
(202.240) |
(211.703) |
|
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NETWORTH |
|
44.646 |
(110.182) |
|
|
LOAN FUNDS |
|
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|
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|
1] Secured Loans |
|
95.955 |
76.465 |
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2] Unsecured Loans |
|
49.766 |
48.160 |
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TOTAL BORROWING |
|
145.721 |
124.625 |
|
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DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
|
190.367 |
14.443 |
|
|
|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
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|
FIXED ASSETS [Net Block] |
|
43.198 |
37.373 |
|
|
Capital work-in-progress |
|
37.156 |
23.954 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.104 |
0.104 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.869 |
0.127 |
|
|
Sundry Debtors |
|
49.947 |
0.935 |
|
|
Cash & Bank Balances |
|
62.122 |
0.925 |
|
|
Other Current Assets |
|
26.623 |
0.000 |
|
|
Loans & Advances |
|
16.187 |
9.294 |
|
Total Current Assets |
|
155.748 |
11.281 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
44.556 |
57.609 |
|
|
Provisions |
|
1.283 |
0.716 |
|
Total Current Liabilities |
|
45.839 |
58.325 |
|
|
Net Current Assets |
|
109.909 |
(47.044) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.056 |
|
|
|
|
|
|
|
|
TOTAL |
|
190.367 |
14.443 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Service Charges |
|
106.509 |
10.650 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
9.463 |
(61.885) |
|
Provision
for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss)
After Tax |
|
9.463 |
(61.885) |
|
|
|
|
|
|
Export
Value |
|
34.057 |
5.454 |
|
|
|
|
|
|
Import
Value |
|
35.374 |
5.647 |
|
|
|
|
|
|
Total
Expenditure |
|
97.046 |
72.535 |
KEY
RATIOS
|
PARTICULARS |
|
|
31.03.2005 |
31.03.2004 |
|
PAT / Total Income |
(%) |
|
8.88 |
(581.08) |
|
|
|
|
|
|
|
Net
Profit Margin (PBT/Sales) |
(%) |
|
8.88 |
(581.08) |
|
|
|
|
|
|
|
Return
on Total Assets (PBT/Total
Assets} |
(%) |
|
4.75 |
(127.19) |
|
|
|
|
|
|
|
Return
on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.56 |
|
|
|
|
|
|
|
Debt
Equity Ratio (Total
Liability/Networth) |
|
|
4.29 |
(1.66) |
|
|
|
|
|
|
|
Current
Ratio (Current
Asset/Current Liability) |
|
|
3.40 |
0.19 |
LOCAL AGENCY
FURTHER INFORMATION
Its main
activity is “GMD Testing” Research and Development of Innovature Technologies
and Products in life sciences with special emphasis on agriculture in the field
of Biotechnology.
Form 8 Particular for creation or modification of
charges
|
Name of the company |
AVESTHA
GENGRAINE TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
Oriental
Bank of Commerce, M.G. Road Branch, M.G. Road, Bangalore-560001 and AVESTHA GENGRAINE TECHNOLOGIES PRIVATE
LIMITED |
|
1) Date and description of instrument creating the change |
Date : 08.11.2005 Agreement of hypothecation of assets. Agreement of Term Loan. (Both the above pertain to same charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.67.200 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation in favour of the Bank by way of first chargfe on all the Borrowers present and future current assets comprising of stocks of raw materials, semi finished goods, finished goods, receivables etc., Equipments/Consumables procured/ imported under LC and Machinery, Vehicles, Goods, Items, Furniture and Fixtures, Movable property of any kind. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest : CC/TL – 11% per annum periodical rests and or at such rates and rests as may be specified by the Bank form time to time. Penal Interest : 2% per annum, Margin as specified. Repayment : TL – In OB Quarterly instalments of Rs.4.025 millions each commencing from December, 2005. |
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5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, M.G. Road
Branch, M.G. Road, Bangalore-560001 (A Banking Company) |
|
6) Date and brief description of instrument modifying the charge |
Date : 15.11.2005 Equitable mortgage by deposit of title deeds – Letter confirming deposit of title deeds- enclosed. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
By the above, the company has provided the security of its immovable properties comprising of land and building situated at Property bearing No.153 (p) and 154 (p), EPIP, Phase II, Whitefield Industrial Area, Bangalore and Property bearing No.153 (p-1) and 154 (p-1), EPIP, Phase II, Whitefield Industrial Area, Bangalore. To cover the entire credit facilities of Rs.67.200 millions by way of first charge. |
|
Name of the company |
AVESTHA
GENGRAINE TECHNOLOGIES PRIVATE LIMITED |
|
Presented By |
Oriental
Bank of Commerce, M.G. Road Branch, M.G. Road, Bangalore-560001 and AVESTHA GENGRAINE TECHNOLOGIES PRIVATE
LIMITED |
|
1) Date and description of instrument creating the change |
Date : 08.11.2005 Agreement of hypothecation of assets. Agreement of Term Loan. (Both the above pertain to same charge) |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.67.200 millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Hypothecation in favour of the Bank by way of first charge on all the Borrowers present and future current assets comprising of stocks of raw materials, semi finished goods, finished goods, receivables etc., Equipments/Consumables procured/ imported under LC and Machinery, Vehicles, Goods, Items, Furniture and Fixtures, Movable property of any kind. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of interest : CC/TL – 11% per annum periodical rests and or at such rates and rests as may be specified by the Bank form time to time. Penal Interest : 2% per annum, Margin as specified. Repayment : TL – In O8 Quarterly instalments of Rs.4.025 millions each commencing from December, 2005. CC- on demand. |
|
5) Name and Address and description of the person entitled to the charge. |
Oriental Bank of Commerce, M.G. Road
Branch, M.G. Road, Bangalore-560001 (A Banking Company) |
|
6) Date and brief description of instrument modifying the charge |
Not Applicable |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Not Applicable |
Website Details :
Subject is India's leading fully integrated
biotechnology and Bioinformatics Company, focusing on the convergence between
food, pharmaceuticals and clinical genomics leading to preventive personalized
medicine. Subject provides innovative solutions for global challenges in
agriculture & health problems in the areas of degenerative conditions, metabolic
disorders and infectious diseases.
Subject, founded in 1998, is a science and
discovery based life sciences company that focuses on achieving convergence
between food, pharma and population genetics leading to preventive personalized
medicine. To this end the company develops, both in-house and/or in partnering
mode, medicinal plant based bioactive nutraceuticals for degenerative
conditions ("Food for Medicine" program), such as diabetes, obesity,
osteoporosis and CVD, biopharmaceuticals, DNA based diagnostic products
allowing for future personalized therapies (e.g. tuberculosis), and novel,
value added seed hybrids combining abiotic stress tolerance with enhanced
nutritional value ("Seed for Food" program), the company also uses
its technology platform and capabilities to provide innovative R&D Services
to the global pharma, biotech, food and seed industries ("RPO – Research
Process Outsourcing" program).
Subject has built and continues to build an
integrated, systems biology approach of capabilities, infrastructure and
technology that allows for and facilitates "cross talk" between
numerous disciplines, leading to innovative solutions and flexibility. The
business model of the company is to combine IP & product development for
long term sustainable revenue generation and value addition, with R&D
services and collaborative research programs for/with other parties to generate
an early revenue stream and market focus. Subject intends to partner at every
stage in the value chain with appropriate partners, both public and private,
for access to and exchange of technology and expertise, financial support,
access to facilities, infrastructure and distribution channels and to leverage
the "India advantage" for the mutual benefit of Subject as well as
for its partners.
A selection of the successful partnerships that have been developed during the past years are:
In diagnostics: with bioMérieux S.A., France, for co-development of diagnostic chips for Tuberculosis and with Sequenom Inc., USA, for validation of genetic markers for breast cancer, lung cancer and diabetes
In pharma: with Cipla Limited, India, for co-development and manufacturing in joint venture mode, of a pipeline of bio-therapeutic drugs
In nutraceuticals: with Nestle Nutrition S.A., Switzerland, for co development of medicinal plant based bioactives for degenerative conditions as food ingredients and with CCBR (Center for Clinical and Basic Research), Denmark, and IFU, a Denmark based venture fund, in joint venture mode, to discover and develop medicinal plant based bioactives, to be commercialized as nutraceuticals, for the treatment of osteoporosis
In agri biotech: with Limagrain to develop
novel seed varietie; with Godrej Agrovet Limited to use marker assisted
Breeding Technology to increase the oil content in corn for animal feed
purposes.
Subject has established world class,
state-of-the-art laboratory facilities at the International Tech Park in
Bangalore. Its facilities include, in addition to its general lab space,
clean-rooms, a radio-isotope lab, high throughput sequencing and genotyping
facilities, a bio-safety level P2 greenhouse space for transgenic plant
experiments and trials, as well as, through one of its partners, access to
irrigated land for field trials. The company is about to start construction of
its new facilities, which will include additional facilities such as cGMP
facilities for pilot and commercial scale manufacturing of bio-pharmaceuticals,
pilot scale plant extraction facilities as well as facilities for animal trials.
Subject is backed by reputed investors such
as ICICI Ventures, Oriental Bank of Commerce, Tata Industries, Godrej
Industries, Cipla Limited (all based in India) and bioMérieux, France.
Research
Avesthagen RPOTM offers fully integrated biotechnology and bioinformatics platform, set up to promote research & development relationships/services worldwide. The company makes use of its high throughput proven technologies, complemented by world-class management with the commitment to transparency and emphasis on ecologically viable strategies.
Avesthagen RPOTM team is backed by well-trained scientific research team and state of the art fully equipped research laboratories and a bioinformatics center. Company’s high caliber science and technology leads to meticulous internal quality control measures and indisputable results.
Through its in-house research programs and alliances, company has developed strong competencies in genomics, proteomics, metabolomics and bioinformatics, resulting in an integrated biotechnology platform, which is applied in its focus areas to aid the rapid development of novel therapeutics and molecular diagnostic products.
v Genome Analysis
v Transcriptome (Expression) Analysis
v Metabolome Analysis and Lead Optimization
v Recombinant Protein Expression
v
Bioinformatics
Trade References :
BioMerieux, F r a n c e
Cipla, India
Nestle, Switzerland
CCBR, Denmark
Sequenom, USA
AstraZeneca, United Kingdom
Imperial College, United Kingdom
TNO, Netherlands
Novartis,
Switzerland
Itochu,
Japan
Limagrain,
France
People
Dr.
Villoo Morawala Patell, Founder & Managing Director
Dr. Patell
was awarded a Ph. D in 1993 in Plant molecular biology from University of Louis
Pasteur, Strasbourg in France and did a Post-doctoral tenure from University of
Ghent, Belgium. She has received several prestigious grants from Institutions
such as The Rockefeller Foundation, Indo-French Centre for the Promotion of
Advanced Research (IFCPAR), DFID etc. Dr. Patell and her group at Subject have
to their credit several patent applications in the field of Gene Discovery,
Gene Functionality, Gene Transformation, Bioinformatics and Biotherapeutics.
Dr. Patell currently is the Founder, Vice Chairperson & Managing Director
of Subject, Bangalore and Chairman of AQUAS, Hyderabad and Avgen Inc., USA. Dr.
Patell is a member of Advisory Board for Biotechnology at Mysore University as
well. Owing to her pioneering work in the field of molecular biology, Dr.
Patell has long-standing professional relationships with individuals, institutions
and corporates working in the domain of Agri-Biotechnology across the world.
She is a key member of the Task Force and Vision for Biotechnology,
instituted by the State Government of Karnataka and founding member of the
Association of Biotechnology Led Enterprises (ABLE). Dr. Patell has received
the BioSpectrum Entrepreneur of the Year Award 2006
Mr.
Bruce Murdoch, Chief
Business Officer
Bruce
Murdoch joined Subject in October 2006 as Chief Business Officer. An
experienced pharmaceutical executive, he has held a number of Senior Management
positions within General Management, Marketing and M&A fields in the
pharmaceutical industry within UK and Asia between 1975 and 2002. Mr. Murdoch
recently held the position of CEO of Genaderm Limited, a privately held
pharmaceutical development company based in London. The company was developing
products within the Infectious disease and dermatological fields.
Prior to this he was Country Manager and Vice President for Schering-Plough
Corp in Indonesia, VP for Pharmacia Asia in Hong Kong, President of Pharmacia
Japan, Regional VP-North Asia for Astra AB and Board Member of SSPC, a joint
venture of Astra AB and KabiVitrum in China. He received his degree in
Biological Sciences with Statistics from Nottingham University in 1971 and has
been Chairman and Director of the Pharmaceutical Associations (IFPMA) within
Thailand, Hong Kong and Indonesia. He was also the resident delegate of the
PhRMA (US association) between 1996-2002 in Indonesia. He is a member of the Institute
of Directors in London.
Mr.
Deepak Mullick, Executive
Director, Seed for Food
Deepak
Mullick is the former Managing Director of Advanta India Limited (formerly ITC
Zeneca Limited) Bangalore, which was set up as a 50:50 joint venture between ITC
Limited and Zeneca Plc. U.K. He has recently accepted to be the Executive
Director, Seed for Food business vertical of Subject providing strategic
leadership to Agribiotechnology stream which has a J.V with the French Seed
major Groupe Limagrain to help develop a technology led Seed business in India
for the sustainable development of Indian Agriculture.
Deepak Mullick is a first class post graduate in Agriculture and a gold
medalist alumnus of I.I.M. Ahmedabad (1974) and Ashridge Management College, U.K.
(1988). With over three decades of experience in agribusiness, agrochemicals
and agri biotechnology industry in India and having lived, worked and travelled
in over 50 countries in the Americas, Europe, Africa and Asia, he has been
described by Worldaware as "One of India's foremost professionals in the
agribusiness sector". Mr. Mullick was presented the Worldaware (with Her
Majesty the Queen of Great Britain as Patron) GIBB Sustainable Development
Award at the Royal Institution of Great Britain in London on 20th January 2000.
He was presented the 20th Century Achievement Award for his contributions and
achievements in agribusinesses by the Global Economic Council. He is also the
recipient of Management Excellence Award conferred by the Bangalore Management
Association in August 2001.
Mr. Mullick is on several national Committees on Agriculture &Biotechnology
of CII, ASSOCHAM & FICCI, the apex Chambers of Industry in India and
represents the Indian Seed Industry on the International Seed Federation (ISF)
Section Boards. He is also the former President of the Bangalore Chamber of
Industry and Commerce.
Mr.
Koen Wentink, Chief
Logistics Officer
Mr. Koen
Wentink is Chief Logistics Officer of the Subject since September 2000. He
Completed his Master of Science Degree in Agriculture (Crop Science) at
Wageningen Agricultural University. The Netherlands with Majors in Plant
Breeding, Crop Modeling and Business Administration, he has immense experience
in productivity improvement and management control in Europe and Asia in
diverse businesses. Here at Subject he is a member of the management team and
responsible for ensuring that contracts secured are deliverable in terms of
capacity, consumables, quality and time. He is also responsible for overall
control and follow up on the Financial, Legal & Administrative functions of
the company.
Mr. J.
Rajagopalan, Chief
Finance Officer
Mr.
Rajagopalan has joined the company as Chief Finance Officer and General Manager
Administration with effect from 17th Jan 2005. He is a Fellow member of the
Institute of Chartered Accountants of India, Fellow member of the Institute of
cost and works Accounts of India, and Fellow member of the Institute of Company
Secretaries of India. He has 27 years of extensive experience with Britannia
Industries Limited a leading FMCG company in India. The above experience
includes working in the company's four factories located at Chennai, Mumbai,
Delhi and Kolkata and finally at their corporate office in Bangalore as General
Manager with exposure in Finance, Legal, Administration and Secretarial
Functions.
Mr.
Supriyo Kumar Guha, Company
Secretary
Mr.
Supriyo Kumar Guha is an Honors Graduate in Commerce (with Advanced Accountancy
as specialization). He is also a qualified Company Secretary and is a
Fellow member of the Institute of Company secretaries of India. He joined us as
Company Secretary on 1st February 2006. He comes to us from
AstraZeneca Pharma India Ltd (subsidiary of AstraZeneca group). Previous
to that he has worked in reputed Companies like Autoliv-IFB Ltd (part of the
world wide Autoliv AB), TATA group and IFB (Bosch) group. He has varied
experience in handling IPO, Stock exchange matters, Risk Management, Company
Law, HR and Finance.
Dr.
Rajesh Ullanat, Chief
Scientist - Pharmaceuticals
Dr. Rajesh Ullanat was awarded his Ph.D in 2000 following his research into
"Light and phytohormone regulated gene expression in higher plant
systems" at the Department of Biochemistry, Indian Institute of Science,
Bangalore, India. Prior to assuming his present position at Subject, Dr Ullanat
pursued his post-doctoral studies at Plant Research International, Wageningen,
The Netherlands, where his research featured an investigation into the
molecular genetics of the medicinal plant Hypericum perforatum (St John Wort).
Dr. Ullanat's research at Avesthagen is focused on the isolation of novel lead
compounds of therapeutical or nutraceutical relevance from the medicinal plant
flora prevalent in India and their subsequent target identification.
Mr.
Sandip Dang, Chief
Executive Officer, Avesta Good Earth Food Private Limited
Mr. Sandip Dang
has joined in Avesta Good Earth Foods as Chief Executive Officer. He has
completed his MBA in Marketing at Indian Institute of Management, Calcutta,
India in the year 1986. He worked for Saregama India Limited as General
manager prior to join in Avesta Good Earth Foods. He has vast experience in
marketing in various companies such as RPG Cellular Services Limited, Cadbury
and Britannia Industries Limited.
Press Release :
Dr. Villoo Morawala- Patell receives The Bio
Spectrum Enterpreneur of the year award 2006
Bangalore,
December 13.2006 :
Dr
Villoo Morawala Patell, Founder and Managing Director of Subject was presented
the 'Entrepreneur of the Year 2006' award at a recently concluded Bio Spectrum
awards function in Bangalore. The award was given in recognition of her efforts
towards steering Subject into the league of top Biotech companies in India
through an innovative business model, which combines product development and
services.
Dr.
Patell was presented the award at a glittering ceremony, which was presided
over by the Union Minister for Science and Technology, Kapil Sibal, Dr R A
Mashelkar, Director General, CSIR and Dr M K Bhan, Secretary, Department of
Biotechnology, Government of India.
Dr. M.K.
Bhan, Secretary, Department of Biotechnology, and the Chairman of the
BioSpectrum Awards Jury, along with other biotech industry leaders were in
complete agreement with the selection of Patell as Entrepreneur of the Year.
Patell, a first generation scientist turned entrepreneur who founded Subject in
1998, focused on the novel concept of preventive personalised healthcare. Since
its inception, Subject has grown into one of India's leading healthcare technology
groups in India and in addition to its agri-biotechnologies product pipeline,
Subject's activities include development of scientifically validated bioactive
nutraceuticals, derived from Indian medicinal plants, as well as the
development of a pipeline of bio-similar drugs. "Dr Villoo has set up an
impressive company with a sustainable business plan. She has been successfully
forging alliances and coming up with novel products," said Nitin Deshmukh,
Head, Private Equity, Kotak Mahindra Bank.
Subject
was recently declared a Red Herring Magazine 100 Asia Winner for 2006 for
"disruptive innovation." The award recognizes that Subject is an
emerging star in Asia and follows a stringent evaluation of its business model,
profitability forecasts, management team and technology.
In
acknowledgement, Patell said "This award is in recognition of the unique
model of Subject pursuing its vision to achieve convergence of food, pharma and
population genetics leading to preventive personalised medicine."
Subject was founded
in 1998 by one of India’s pioneers and leading biotech entrepreneurs Dr. Villoo
Morawala-Patell, who got her PhD from Louis Pasteur University in Strasbourg,
France, in 1993. It began business operations officially in 2001.
Since its inception Subject has grown into one of
India's leading healthcare technology group in India, pursuing its vision of
convergence of food, pharma and population genetics leading to preventive
personalised medicine. Its activities include, in addition to its agri-biotechnologies
product pipeline, development of scientifically validated bioactive
nutraceuticals, derived from Indian medicinal plants, as well as the
development of a pipeline of bio-similar drugs. Subject has four strategic
business units: Biopharmaceuticals, Food for Medicine (Bio-nutritionals), Seed
for Food (agribiotech) and Science Innovation. Subject's partners include
multiple top 10 global companies in each of its fields of research.
Subject collaborates at every stage in the value
chain with appropriate partners, both public and private, for access to and
exchange of technology and overall commercial expertise to leverage the ‘India
advantage’. Subject at present employs 250 people worldwide.
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 records 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.44.25 |
|
UK
Pound |
1 |
Rs.86.41 |
|
Euro |
1 |
Rs.58.10 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
-- |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
-- |
|
--LEVERAGE |
1~10 |
-- |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
17 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|