MIRA
INFORM REPORT
|
Report Date : |
03.03.2008 |
IDENTIFICATION
DETAILS
|
Name : |
ADVANTA INDIA LIMITED |
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Registered Office : |
B -22, Brigade MM Building, KR Road Cross, Yediyur, Bangalore – 560
082, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24.01.1994 |
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Com. Reg. No.: |
31458 |
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CIN No.: [Company
Identification No.] |
U01119KA1994PLC031458 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA06535E |
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PAN No.: [Permanent
Account No.] |
AACCA7700L |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
Development, Production and Marketing of yielding hybrid seeds of
crops. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 4810400 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company having fine track.
It is a part of United Phosphorous Group. Available information indicates high
financial responsibility of the company. Trade relations are fair. Payments
are reported as usually correct and as per commitments. The company can be considered good for any normal business dealings at
usual trade terms ands conditions. |
LOCATIONS
|
Registered Office : |
B -22, Brigade MM Building, KR Road Cross, Yediyur, Bangalore – 560
082, Karnataka, India |
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E-Mail : |
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Website : |
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Corporate Office : |
203-205, 2nd Floor, Bhuvana Towers, S.D. Road, Secunderabad -
500 003, Andhra Pradesh, India |
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Tel. No.: |
91-40-66284000 (15 Lines) |
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Fax No.: |
91-40-27890138 |
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E-Mail : |
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Administrative Office: |
8 -12 B Block , Brigade MM Building, K R Road, Cross, Yediyur, Bangalore, Karnataka, India |
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Tel. No.: |
91-80-26766764 |
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Fax No.: |
91-80-26764742 |
DIRECTORS
|
Name : |
Mr. Jai R Shroff |
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Designation : |
Chairman |
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Name : |
Mr. V R Kaundinya |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Vikram Shroff |
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Designation : |
Director |
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Name : |
Mr. Vinod Sethi |
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Designation : |
Director |
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Name : |
Mr. Hardeep Singh |
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Designation : |
Director |
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Name : |
Mr. Vasant P Gandhi |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Champak Kesari Burma |
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Designation : |
Company Secretary |
BUSINESS DETAILS
|
Line of Business : |
Development, Production and Marketing of yielding hybrid seeds of
crops. |
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|
|
|
Products : |
· Cotton · Grain · Multicut · Maize · Rapeseed · Pearl · Rice · Sunflower |
GENERAL
INFORMATION
|
Bankers : |
NA |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
S V Ghatalia and Associates Chartered Accountant |
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Group Companies : |
· Advanta · Pacific Seeds Pty Limited · Nutrisun · Pacific Seeds Thai Limited |
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Associates/Subsidiaries : |
· Advanta Holdings B.V., Netherlands · Advanta Netherlands Holdings B.V., Netherlands; · Advanta Finance B.V., Netherlands; · Advanta International B.V., Netherlands, · Pacific Seeds Holdings (Thailand) Limited, Thailand; · Pacific Seeds Pty Limited, Australia; · Pacific Seeds (Thai) Limited, Thailand, and · Advanta Semillas SAIC, Argentina. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity shares |
Rs. 10/- each |
Rs 200.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11780000 |
Equity shares |
Rs. 10/- each |
Rs.117.800
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2006 (9 months) |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
117.800 |
63.000 |
63.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1084.800 |
190.800 |
176.100 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1202.600 |
253.800 |
239.100 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
40.000 |
40.000 |
0.000 |
|
|
2] Unsecured Loans |
403.900 |
250.000 |
0.000 |
|
|
TOTAL BORROWING |
443.900 |
290.00 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1646.500 |
543.800 |
239.100 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
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|
|
|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
158.400 |
114.000 |
122.700 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.400 |
16.500 |
0.100 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
176.300
|
105.400 |
92.200 |
|
|
Sundry Debtors |
55.000
|
51.200 |
36.300 |
|
|
Cash & Bank Balances |
472.000
|
5.500 |
104.400 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1008.600
|
479.200 |
131.900 |
|
Total
Current Assets |
1711.900
|
641.300 |
364.800 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
239.300
|
194.000 |
248.500 |
|
|
Provisions |
24.400
|
34.000 |
0.000 |
|
Total
Current Liabilities |
263.700
|
228.000 |
248.500 |
|
|
Net Current Assets |
1448.200
|
413.300 |
116.300 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
38.500 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1646.500 |
543.800 |
239.100 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.12.2006 (9 months) |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
710.900 |
483.300 |
511.200 |
|
|
Other Income |
284.500 |
5.100 |
12.300 |
|
|
Total Income |
995.400 |
488.400 |
523.500 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
373.500 |
55.500 |
83.300 |
|
|
Provision for Taxation |
73.700 |
11.000 |
11.000 |
|
|
Profit/(Loss) After Tax |
299.800 |
44.500 |
72.300 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Manufacturing Expenses |
284.600 |
113.900 |
139.200 |
|
|
Administrative Expenses |
270.500 |
210.100 |
237.700 |
|
|
Increase/(Decrease) in Finished Goods |
[71.600] |
[7.400] |
[18.800] |
|
|
Salaries, Wages, Bonus, etc. |
60.700 |
59.900 |
67.500 |
|
|
Interest |
47.600 |
25.900 |
1.200 |
|
|
Power & Fuel |
3.300 |
4.100 |
0.000 |
|
|
Depreciation & Amortization |
9.900 |
13.200 |
13.400 |
|
|
Other Expenditure |
16.900 |
13.200 |
0.000 |
|
Total Expenditure |
621.900 |
432.900 |
440.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2007 |
30.06.2007 |
30.09.2007 |
|
Type
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
102.600 |
524.000 |
64.500 |
|
Other Income |
26.700 |
86.000 |
73.800 |
|
Total Income |
129.300 |
610.000 |
138.300 |
|
Total Expenditure |
131.600 |
276.100 |
169.400 |
|
Operating Profit |
-2.300 |
333.900 |
-31.100 |
|
Interest |
18.200 |
42.500 |
11.400 |
|
Gross Profit |
-20.500 |
291.400 |
-42.500 |
|
Depreciation |
3.000 |
19.800 |
19.500 |
|
Tax |
37.500 |
26.800 |
6.500 |
|
Reported PAT |
-18.300 |
202.100 |
-54.300 |
KEY RATIOS
|
Year |
31.12.2006 (9 months) |
31.03.2006 |
31.03.2005 |
|
Debt-Equity Ratio |
0.50 |
0.59 |
0.00 |
|
Long Term Debt-Equity Ratio |
0.44 |
0.59 |
0.00 |
|
Current Ratio |
3.95 |
2.11 |
1.44 |
|
TURNOVER RATIOS |
|||
|
Fixed Assets |
3.91 |
2.23 |
2.40 |
|
Inventory |
6.73 |
4.89 |
6.32 |
|
Debtors |
17.85 |
11.05 |
14.52 |
|
Interest Cover Ratio |
3.95 |
3.14 |
70.42 |
|
Operating Profit Margin(%) |
27.84 |
19.57 |
19.15 |
|
Profit Before Interest And Tax Margin(%) |
26.45 |
16.84 |
16.53 |
|
Cash Profit Margin(%) |
17.01 |
11.94 |
16.76 |
|
Adjusted Net Profit Margin(%) |
15.61 |
9.21 |
14.14 |
|
Return On Capital Employed(%) |
23.30 |
20.79 |
35.65 |
|
Return On Net Worth(%) |
20.81 |
18.06 |
30.50 |
LOCAL AGENCY
FURTHER INFORMATION
OPERATIONAL
PERFORMANCE:
During the year under review, the monsoon was erratic particularly in
the Sunflower growing areas of Andhra Pradesh and Karnataka. The performance of
the company was impacted due to the erratic monsoon.
The Company was able to maintain profitable operations during the year.
The Company looks forward to a normal business year in 2007 on
expectations of a normal monsoon.
SCHEME OF AMALGAMATION:
In December, 2006, A Scheme of Arrangement between the Company and
Uniphos Seeds and Biogenetics Private Limited (USBPL) and their respective
shareholders was sanctioned by the Hon'ble High Court of Karnataka vide their
Order dated 15th December, 2006 and by the Hon'ble High Court of Gujarat vide
their Order dated 11th December, 2006. As per the said Scheme, the entire
business and undertaking of the USBPL including all the assets and liabilities
were transferred to and vested in the Company with effect from the appointed
date viz. 1st April, 2006.
Pursuant to the Scheme, 3377500 fully paid up equity shares of Rs.10 each have
been allotted by the Company to the Shareholders of USBPL in the ratio of 4
Shares of the Company for every 7 Equity Shares of Rs.10 each fully paid up
held in USBPL.
RESEARCH and
DEVELOPMENT:
With the merger of USBPL, the company has now got Cotton breeding
activities added to its portfolio. Based on a license to access BT
technologies of Chinese origin, they have introduced Bt Cotton successfully
during khariff season of 2006.
During the year they have strengthened their Hyrid Rice research considerably.
They have now got active collaboration and networking with various
research institutions and R and D programs of Adverts, world wide. This will
facilitate to bring out high quality new products in future. They are also
using Marker Technology for the world class research programs of the company
worldwide.
CAPITAL STRUCTURE:
During the Company has allotted 1677000 Equity Shares to the Pre-Issue
Investors at a price of Rs.625 per Equity Share under the Pre-Issue Placement
according to the resolution of the Board dated February 23, 2007.
During the year, the company made a maiden public offering of 3380000 equity
shares with a price band of Rs.600/- to Rs.650/- for which the subscription was
open from 26th March to 30th March 2007. The investors response was good and
the company allotted the shares at 95.640/- per equity share of Rs.10/- each.
With the allotment of 33,80,000 equity shares to the public on 13th April 2007,
the paid up capital of the Company has gone up to Rs.168.345 millions. As per
the SEBI (Disclosure and Investor Protection) Guidelines, 2000, all fresh issue
of shares to the public shall be in the dematerialized form only. Accordingly,
to facilitate the public to hold the shares in the demat form, the Company
entered into a tripartite agreement with National Securities Depository Limited
(NSDL) Central Depository Services India Limited (CDSL) and Sharepro Services
(India) Private Limited.
UTILISATION OF PRE
IPO AND IPO PROCEEDS:
Out of the proceeds of Pre IPO of Rs.1048.100 millions, the entire
proceeds have been invested in their subsidiary, Advanta Holdings B.V.
Out of Rs.2163.200 millions raised through Initial Public Offer (IPO)
Rs.400.000 millions have been utilised for the purpose of Investment in
subsidiary, Advanta Holdings B.V. The balance amount is invested in Fixed
Deposit with Banks which would be utilised during the current financial year.
MANAGEMENT
DISCUSSION AND ANALYSIS:
Industry Structure
and Development:
The core business of Adverts is seeds and agricultural biotechnology.
Adverts is a unique Indian company that has global operations in seeds and
has leadership position in some of the crops like Sunflower, Sorghum and Sweet
Corn.
The company is present directly in four countries of Asia Pacific and South
America, the two fastest growing seed markets in the world. Apart from direct
operations in Australia, Thailand, India and Argentina. The company exports
seeds to 14 other countries in the Asia, Africa and South American continents
of the world. The company is a well recognized brand name in the world because
of its history of more than 40 years.
In India Uniphos Seeds and Biogenetics (USBPL), the earlier seeds business of
the UPL group, merged into Advanta India in 2000. This helped the company to
enter into Cotton seeds business.
The value of the global seed market is growing continuously because of the
increasing hybridization of the seed market and the increasing application of
biotechnology to seeds.
The company participates actively in both these aspects of value addition by
continuously developing better quality hybrid seeds and commercializing the
biotech traits in agricultural crops. The company operates through high quality
breeding programs in different parts of the world. In addition the company
applies Molecular Marker technology in Sunflower, Sorghum, Corn and other crops
to increase the speed and precision of the breeding programs.
To access biotech traits Adverts enters into licensing agreements with some of
the global leaders in agricultural biotechnology. Advents was able to introduce
Bt Cotton technology in India by entering into a license arrangement for the
Chinese Bt technology.
Similarly in countries like Australia and Argentina. The Company is working
with Transgenic technologies licensed from global majors. Opportunities and
Threats:
a) The need for continuously increasing agricultural productivity is high
on the priorities of many countries including India. This is possible only by
increasing the genetic potential of the seeds on a continuous basis Seed
is the most critical input in this process. So, the demand for good quality
hybrid seeds will keep increasing around the world. This is the biggest
opportunity for companies like Advanta.
In this category Hybrid Rice is a big opportunity that is emerging in India and
the other Rice growing countries in Asia and South America. Enhancing the
productivity of Rice is a major benefit that is delivered by the hybrid
technology. The company is well placed to utilize this opportunity with the
help of the high quality breeding program and products that already exist with
the company. These assets are being strengthened through additional
investments.
b) Along with the need for increasing yields it is also necessary to breed
seeds for pest resistance, drought tolerance and to improve the quality of the
output. These objectives are now met through the use of biotech traits.
This is a major emerging opportunity to add value to the seeds. The
company achieves this through licensing of biotech traits.
In this category, among the crops that the company is dealing in, application
of biotech traits (input traits) is expected to be a major factor in cotton,
corn, canola and rice.
Among the output traits, while many companies are working on Genetically
Modified traits, The company has successfully developed a non-GM trait in
Sunflower that gives a healthy oil. This is called the Sunset project.
There is a major demand coming up for transfat free oils in the world.
This is an emerging opportunity for Advanta's Sunset sunflower oil when it gets
commercialized in 2009.
c) Dependence of agriculture on monsoon is a major threat to the seeds business
just as it is to any agricultural input business. In individual countries this
will always continue to be a risk. However at the global level, in Advanta's
case, this risk is mitigated with the distribution of the business areas across
the world. Also, the global business of the company is equally contributed by
the top three crops, thereby mitigating the risks associated with fluctuations
in the areas of any one particular crop due to weather conditions.
WEBSITE DETAILS:
Company profile:
Subject is owned by United Phosphorus Limited (UPL) a large Indian
agrochemical company with a group turnover of Rs. 20000.000 millions.
Originally established as ITC Zeneca Limited with the prime objective of
conducting research, development, production and marketing of superior high
yielding hybrid seeds of crops of national importance. The company has
progressed with its vision of 'Growing for a Better Future' and its objective
of 'Plant breeding in India for the Indian farmer' while networking with
'Zeneca' technology world wide.
Due to restructuring of promoters/shareholder businesses ITC Zeneca has changed
its name to company from October 1st, 1998 but continues to maintain the objective
of 'Latest Technology Promising Prosperity’. Now as a part of the UPL group,
Advanta India is involved in delivering complete crop solution to the Farmers
of India.
The prosperity of India's agriculture based economy is dependent on use of
progressive techniques by the Indian farmers. The use of hybrid seeds, which is
the most cost effective way of improving productivity, is one such critical
area.
Purpose
This neutral portal would be providing information on Agricultural
Technology, Superior Products, Latest Development in Agricultural Inputs and
other news and information that are of interest to farmers.
AdvantageIndia.com also provides another unique opportunity by enabling
dealers to transact online, what is commonly known as e-commerce. To start
with, one can do business in the products of subject but soon other quality
products of leading companies engaged in agriculture would also be available.
The purchasers can access information on the portal, both before and after the
business transaction, to help them make informed business decisions.
Agritech
· Sunflower - an important contributor to India's rapid growth in oilseed production
· Farmers are finding Baby corn an attractive crop to cultivate
· An alternative crop option: Hyola PAC-401
Rice:-
· Hybrid rice - the makings of the second green revolution
· Tips for crop management of rice crop
· Rice Diseases - Pests - Deficiencies and their control
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 records 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.40.29 |
|
UK Pound |
1 |
Rs.79.98 |
|
Euro |
1 |
Rs.61.20 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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. |
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 |
|