MIRA
INFORM REPORT
|
Report Date : |
27.05.2011 |
IDENTIFICATION DETAILS
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Name : |
AVESTHAGEN LIMITED |
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Registered
Office : |
Unit 3, Discoverer, 9th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.04.1998 |
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Com. Reg. No.: |
01-030671 |
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Capital
Investment / Paid-up Capital : |
Rs.45.553 Millions |
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CIN No: |
U73100KA1998PLC030671 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRA06507E |
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PAN No.: [Permanent Account No.] |
AABCA7217K |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business
: |
The Company is a leading life science company pioneering the
convergence between food, pharma and
populations genetics leading to predictive preventive personalized Healthcare. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 3090000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be under pressure. There appears to be some accumulated
losses recorded by the company. However, trade relations are reported as
fair. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
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Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
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Registered Office : |
Unit 3, Discoverer, 9th Floor, |
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Tel. No.: |
91-80-28411665/28412308/28412770/28412766 |
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Fax No.: |
91-80-28418780 |
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E-Mail : |
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Website : |
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Branch Office 1 : |
Business Centre, 22 Tower B, |
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Tel. No.: |
91-120-4393000 |
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Fax No.: |
91-120-4393094 |
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Branch Office 2 : |
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Tel. No.: |
91-40-30588012/30588013 |
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Fax No.: |
91-40-30588014 |
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Overseas Office 1 : |
Avesthagen M-E FZ-LLC, Office No.113,114 Dubiotech Business Center, |
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Tel. No.: |
971-506445324/43756734/43756735 |
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Fax No.: |
971-43604899/43551901 |
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Overseas Office 2 : |
Avesthagen Pte. Limited, |
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Tel. No.: |
65-65322122 |
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Fax No.: |
65-65320122 |
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Overseas Office 3 : |
Avesthagen Inc., 9588, |
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Tel. No.: |
818-709-2411 |
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Fax No.: |
818-709-2414 |
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Web : |
DIRECTORS
AS ON 20.08.2010
|
Name : |
Mr. Villoo Morawala Patel |
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Designation : |
Chairman Cum Managing Director |
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Address : |
No.8A, |
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Date of Birth/Age : |
18.06.1955 |
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Date of Appointment : |
20.04.1998 |
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DIN No : |
01692908 |
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Name : |
Mr.Koenraad Jan Wentink |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
19.11.1964 |
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Date of Appointment : |
06.02.1999 |
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DIN No : |
01732163 |
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Name : |
Mr. Marc Van Montagu |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
10.11.1933 |
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Date of Appointment : |
23.03.1999 |
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DIN No : |
01907873 |
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Name : |
Ms. Farah Patell Socha |
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Designation : |
Director |
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Address : |
No.8A, |
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Date of Birth/Age : |
02.07.1981 |
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Date of Appointment : |
27.06.2005 |
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DIN No : |
01739131 |
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Name : |
Ms. Sanaya Morawala Patell |
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Designation : |
Director |
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Address : |
No. 8A, Regency Heights, No. 3, Cleaveland Road, Frazer Town – 560005,
Bangalore, India |
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Date of Birth/Age : |
01.10.1983 |
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Date of Appointment : |
21.01.2008 |
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DIN No : |
02023602 |
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Name : |
Mr. John Darbyshire |
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Designation : |
Additional Director |
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Address : |
Rte de Fenil, 16 A, 1806 St Legier-La Chiesaz |
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Date of Birth/Age : |
02.07.1948 |
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Date of Appointment : |
21.01.2010 |
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DIN No : |
02859853 |
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Name : |
Mrs. Dominique Takizawa |
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Designation : |
Additional Director |
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Address : |
17 rue Vaucanson, |
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Date of Birth/Age : |
12.07.1956 |
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Date of Appointment : |
17.02.2010 |
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DIN No : |
02704660 |
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Name : |
Mr. Christophe Paul Bowler |
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Designation : |
Additional Director |
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Address : |
21, Avenue De Suffren Paris – 75007 NA |
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Date of Birth/Age : |
23.02.1965 |
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Date of Appointment : |
31.03.2010 |
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DIN No : |
02948584 |
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Name : |
Mr. Narayan K Sesadhri |
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Designation : |
Additional Director |
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Address : |
Flat No.91, 9th Floor, Everest Co-operative Housing Society,
MT. Pleasant Road, Malabar Hill, Mumbai – 400006, |
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Date of Birth/Age : |
13.04.1957 |
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Date of Appointment : |
29.06.2010 |
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DIN No : |
00053563 |
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Name : |
Mr. Jaques Francois Alexandre Vincent |
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Designation : |
Additional Director |
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Address : |
15 RUE Theodule Ribot |
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Date of Birth/Age : |
09.04.1946 |
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Date of Appointment : |
29.06.2010 |
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DIN No: |
02675669 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 20.08.2010
|
Names of Shareholders |
No. of Shares |
|
Villoo Morawala Patel |
1650294 |
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Koenraad Jan Wentink |
246416 |
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Christophe Paul Bowler |
1573 |
AS ON 20.08.2010
|
Category |
Percentage |
|
Venture Capital |
13.27 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
38.90 |
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Bodies corporate |
14.82 |
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Directors or relatives of Directors |
29.66 |
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Other |
3.35 |
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Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is a leading life science company pioneering the
convergence between food, pharma and populations
genetics leading to predictive preventive personalized Healthcare. |
GENERAL INFORMATION
|
Bankers : |
Not Available |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Batliboi and Associates Chartered Accountant |
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Address : |
UB City 24, Vital |
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PAN No.: |
AABFS3421N |
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Name : |
Agarwal and Italia Chartered Accountant |
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Address : |
Suite “H”, Fifth Floor, Surya Towers, Sardar Patel Road, Secunderabad
-500003, Andhra Pradesh, India |
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PAN No.: |
AAGFS7350F |
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Subsidiary Company : |
Name of the Company : Avesthagen Research Private Limited CIN No.: U73100KA2004PTC034247
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Name of the Company : Avestagenome
Project International Private Limited CIN No.: U73100KA2007PTC044724 |
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Name of the Company : Avesthagen
Quality Agriculture Services Private Limited CIN No .: U01119AP2003PTC041571 Adress : Discoverer, 9th Floor, Telephone No.: 91-80-28411665 / 2308 / 2770 / 2766 Fax No: 91-80-28418780 Web : www.aquasltd.com |
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Name of the Company : Ava Seeds
Private Limited CIN No.: U01403KA2007PTC042404 |
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Name of the Company : Swagath
Seeds Private Limited CIN No.: U01119AP1999PTC031422 |
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Name of the Company : Dhanvantaru
Botanicals Private Limited CIN No.: U51909KA1995PTC017430 Address : #593 10th Cross, 7th main, JP Nagar, 3rd Phase, Telephone No: 91-80-26591529 Fax No : 91-80-26596062 |
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Name of the Company : Avesta
Good Earth Foods Private Limited CIN No.: U01549KA2005PTC036627 Address : Discoverer, 9th Floor, Telephone No: 91-80-28411665/2308/2770/2766 Fax No.: 91-80-2841 8780 |
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Name of the Company : Avesta
Nordic Research Private Limited (ANRPL) Adress : Discoverer, 9th Floor, Telephone No: 91-80-28411665 / 2308 / 2770 / 2766 Fax No.: 91-80-28411665 / 2308 / 2770 / 2766 |
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Name of the
Company : Avesta Middleeast FZ-LLC |
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Name of the
Company : Avesthagen Private Limited |
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Name of the
Company : Avesthagen Inc. |
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Joint Venture: |
Atash Seeds
Private Limited, Address : Discoverer, 9th Floor, |
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Avesta
Biotherapeutics and Research Private Limited (ABRPL) Address : Discoverer, 9th Floor, |
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Avesta
Biotherapeutics and Research Private Limited, |
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Swagath Seeds
Private Limited, |
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Ava Seed Private
Limited, |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4555296 |
Equity Shares |
Rs.10/-each |
Rs.45.553
Millions |
Notes :
1. Of the above, 2401 equity shares were
allotted pursuant to a contract for consideration other than cash.
AS ON 20.08.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.7/- each |
Rs.140.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6524947 |
Equity Shares |
Rs.10/-each |
Rs.45.674
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
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1] Share Capital |
45.553 |
42.541 |
42.113 |
|
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2] Share Application Money |
5.126 |
25.085 |
10.614 |
|
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3] Reserves & Surplus |
764.998 |
377.776 |
1653.788 |
|
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4] (Accumulated Losses) |
(42.186) |
0.000 |
(306.054) |
|
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NETWORTH |
773.491 |
445.402 |
1400.461 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
849.255 |
963.836 |
759.583 |
|
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2] Unsecured Loans |
55.626 |
158.433 |
46.545 |
|
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TOTAL BORROWING |
904.881 |
1122.269 |
806.128 |
|
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
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Others |
|
|
|
|
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Stock Options Outstanding |
5.064 |
2.743 |
2.061 |
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TOTAL |
1683.436 |
1570.414 |
2208.650 |
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APPLICATION OF FUNDS |
|
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FIXED ASSETS [Net Block] |
634.542 |
618.385 |
460.354 |
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Capital work-in-progress |
15.366 |
11.232 |
101.042 |
|
|
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|
|
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|
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INVESTMENT |
548.635 |
479.106 |
455.631 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
10.021
|
20.877 |
26.648 |
|
|
Sundry Debtors |
328.943
|
330.650 |
371.186 |
|
|
Cash & Bank Balances |
24.314
|
7.730 |
158.357 |
|
|
Other Current Assets |
1.058
|
5.845 |
6.025 |
|
|
Loans & Advances |
611.694
|
595.776 |
777.452 |
|
Total
Current Assets |
976.030
|
960.878 |
1339.668 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
234.932
|
295.488 |
|
|
|
Other Current Liabilities |
45.099
|
51.462 |
138.192 |
|
|
Provisions |
211.106
|
152.237 |
9.853 |
|
Total
Current Liabilities |
491.137
|
499.187 |
148.045 |
|
|
Net Current Assets |
484.893
|
461.691 |
1191.623 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1683.436 |
1570.414 |
2208.650 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
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SALES |
|
|
|
|
|
|
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Income |
338.685 |
88.763 |
332.307 |
|
|
|
Other Income |
23.506 |
20.174 |
84.063 |
|
|
|
TOTAL (A) |
362.191 |
108.937 |
416.370 |
|
|
|
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|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Traded Goods |
0.000 |
8.887 |
0.000 |
|
|
|
Consumption of Chemicals and Consumables |
15.600 |
37.873 |
45.115 |
|
|
|
Employee Costs |
122.762 |
192.345 |
162.433 |
|
|
|
Administration, Selling and other Expenses |
164.466 |
225.596 |
232.732 |
|
|
|
Amortization |
9.351 |
9.866 |
19.476 |
|
|
|
TOTAL (B) |
312.179 |
474.567 |
459.756 |
|
|
|
|
|
|
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Less |
PROFIT
BEFOREINTEREST,TAX, DEPRECIATION AND AMORTISATION (A-B) I |
50.012 |
(365.630) |
(43.386) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
71.894 |
86.947 |
67.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(21.882) |
(452.577) |
(110.952) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
19.220 |
22.199 |
27.658 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
(41.102) |
(474.776) |
(138.610) |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1.084 |
6.200 |
2.601 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
(42.186) |
(480.976) |
(141.211) |
|
|
|
|
|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
(306.054) |
(164.843) |
|
|
Less |
Adjusted
with Securities Premium Account |
0.000 |
(787.030) |
(306.054) |
|
|
|
Loss end of the year |
(42.186) |
0.000 |
(306.054) |
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and
Diluted |
(9.86) |
(113.55) |
(33.64) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
(11.64)
|
(441.51) |
(33.91) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(12.13)
|
(534.88) |
(41.71) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.55)
|
(30.06) |
(7.70) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.05)
|
(1.06) |
(0.09) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.80
|
3.64 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98
|
1.92 |
9.04 |
LOCAL AGENCY FURTHER INFORMATION
Review of
Operations:
Avesthagen Limited’s income stood at Rs. 362.19 million (~ USD 6.94
million) as on 31st March 2010, compared to Rs. 108.94 million (~USD
2.32 million). Avesthagen continues to invest in research and product
development, the costs for which have to be largely expensed through the Profit
and Loss account as per the accounting standards. The company continued with
its pharmaceutical product development resulting in an expenditure linked loss
of 0.8 million USD as against a net loss. A rich portfolio of products and
assets are the outcome of these expenditures and will contribute to significant
mid-term cash flow and in the short term enhance the valuation of their
company.
Following the deferral of the IPO of the company in October 2008 as a
consequence of the worst global financial crisis in almost 80 years, the
company had to implement a turn-around strategy of raising funds from new
sources, reducing costs and rescheduling debt obligations. The following is a
brief summary of the achievements in this respect subsequent to the ones
already reported to the shareholders in the previous year’s Director’s Report:
* equity investment of approx. Rs. 360 million (~USD 7.66 million) from
Eternity VMP Holdings, France, an entity owned by Dr. Villoo Morawala-Patell.
This transaction closed in March 2010. Part of the funds were used to repay
certain pressing debts as a consequence of which the “Loan Funds” as on the 31st
March 2010 balance sheet stand reduced correspondingly.
A big milestone achievement was the licensing of the Environment
Adjusted Crops technology to Vilmorin and Cie resulting in a revenue of 5
million Euros. The deal would also result in the long term revenues through
royalties of 5-15% from seeds sold using this technology.
- following
partial repayment on 31st march 2010 of the principal amount
due under its debenture, the India Advantage Fund (managed by ICICI
Ventures) had kindly agreed to write off the pending interest and
redemption premium on the repaid principle amount, as well as to
reschedule the maturity date to March 2011.
- a similar
arrangement was simultaneously agreed with the Emerging Sectors Fund
(managed by ICICI Ventures) for its debenture.
Government Grants
/ Softloans
Avesthagen Science
Team was successful in peer reviewed grants to the tune of Rs. 104 million
(~USD 2.21 M).
- DBT- SBIRI
Grant of Rs. 6.5 million was awarded in December 2009 for Project –
Heaptocyte-like cells generated from Human embryonic stem cells (hESCs)
for Hepatotoxcity screening of Xenobiotics in Drug discovery process
- DBT-BIPP
Grant of Rs. 15 million in November 2009 for Project – Development of
Self-Glucogenic Pearl Millet for production
- National
Medicinal Plant Board grant of Rs. 2.5 million in 2009 for Project –
Pharmacognostivc and Scientific Dossier preparation of selected Rare and
Endangered and Threatened (RET) Medicinal Plants
- DBT-SIBRI
grant of Rs.40 million in 2010 for Project – Development and
Commercialization of a High Value Biosimilar Product aimed at providing
cost effective healthcare solution to emerging markets (Etanercept)
- DST-DPRP
funding grant of Rs. 40 million in January 2010 for Project – Clinical
Study of Efficacy and Safety of Darbepoetin alfa (AVDESP™) for correction
of Anemia in Chronic Kidney Disease and Chemotherapy –induced Anemia
patients – an Equivalence study
Contingent
Liabilities:
(Rs. in Millions)
|
|
2010 |
2009 |
|
a. Bank guarantee to customs authorities/less or |
37.795 |
39.445 |
|
b. Income tax matter under
appeal |
2.146 |
2.146 |
|
c. Guarantee against loan
taken by subsidiaries |
139.000 |
141.000 |
d. Customer duty (amount
not ascertained) in respect of goods imported duty free under STPI Scheme
valuing Rs.254.002 Millions in the prior years. The company has received an
order from the Software Technology Parks of India (STPI) for de-bonding of
capital has filed an appeal with the STPI authorities. Based on the budgeted
revenue plan, the management is confident of discharging export obligation by
executing required volume of export in the future period.
e. During the
year, the company has recognized revenue of Rs.347.17 Million from licensing of
intellectually property. Basis, legal opinion, the company is of the view that aforesaid transaction attracts
VAT and service tax is not applicable.
f. The company has
carried their research services under joint product development contracts with
Cipla Limited in prior year till March 31,2009. Based on management’s
evaluation and an independent opinion obtained by the company, the company is
of the view that there is no service tax payable on such revenues.
g. During the year
ended March 31,2006, certain fixed assets were purchased and then transferred
to ABRPL and hence are not included in fixed assets schedule. The company is in
process of de-bonding of such assets. No provision has been made in books of
account for custom duty and sales tax liability as the requisite procedural
formalities are yet to be complied with. The management plans to recover the
taxes from ABRPL as and when paid.
Form 8:
|
Corporate
Identity Number (CIN) : |
U73100KA1998PLC030671 |
|
Name of the company
|
AVESTHAGEN
LIMITED |
|
Address of the
registered office or of the principal place of business in |
Unit 3,
Discoverer, 9th Floor, International Tech Park, Whitefield Road,
Bangalore-560066, Karnataka, India E-Mail: viloo@avesthagen.com |
|
This form is for |
Creation of
charge |
|
Type of charge |
Movable property
(not being pledge) |
|
Particular of
charge holder |
Department of
Biotechnology, 6-8th Floor, Block No.2, CGO Complex, Email Id : swarup@dbt.nic.in |
|
Nature of
instrument creating charge |
Deed of
Hypothecation dated 29th March 2010 read with the original agreement
executed between the department of biotechnology and Avesthagen Limited |
|
Date of
instrument Creating the charge |
29.03.2010 |
|
Amount secured by
the charge |
Rs. 0.400 Million |
|
Brief of the principal
terms an conditions and extent and operation of the charge |
Rate of interest 2% p.a. upto
Rs.100.000 Millions and 3% exceeding Rs. 100.000 Millions Terms of repayment Ten equal half
yearly installments payable one year after closure of the project. Margin 50% Extent and operation of the charge Any and all
equipment, apparatus machineries, machineries, tools and other accessories,
goods and or the other moveable property of the borrower, acquired for the
project, through contribution by the borrower and bad debt equivalent to
Rs.0.400 Million Being the loan sanctioned for no recurring items |
|
Short particulars
of the property charged (Including location of the property) |
Any and all
equipment, apparatus machineries Spares,
tools and other accessories, goods and or the other moveable property
of the borrower, acquired for the project The project
through contribution by the borrower and by Debt equivalent to Rs.0.400
Million being the loan sanctioned for no recurring items. |
Fixed Assets:
- Land
- Building
- Leasehold Improvements
- Plant and Machinery
- Computer
- Furniture and Fittings
- Office Equipment
WEBSITE DETAILS
COMPANY PROFILE
Avesthagen is a life science company pioneering
the convergence between Food, Pharma and Population Genetics leading to
Predictive Preventive Personalized HealthcareTM.
The business model of Avesthagen is to combine IP and
product development through in-house research and collaborations. Avesthagen
has built and continues to build an integrated, systems biology approach of
capabilities, products, infrastructure and technology that allows for and
facilitates ‘cross talk’ between numerous disciplines, leading to unique and
innovative solutions. They employ 450 people worldwide and are headquartered in
Systems Biology
Model. When it comes to discovery and scientific breakthrough they believe in
putting together rather than taking apart, integration rather than reduction.
The pluralism of causes and effects in biological networks is better addressed
by observing, through quantitative measures, multiple components simultaneously
and by rigorous data integration and analysis. Systems biology is about looking
at one event from different angles; it is about merging sciences at micro and
macro levels. It means changing traditional scientific philosophy, in the full
sense of the term.
Predictive Preventive Personalized Healthcare. They believe that healthcare will be revolutionized by
genomic and stem cell research, becoming predictive, preventive, and
personalized. The goal of personalized medicine is, first of all, to use the
advanced tools of molecular genetics to predict how patients will respond to
drugs, reducing harm and increasing benefit. The dual combination of diagnostic
and treatment technologies is at the heart of personalized medicine and will
transform healthcare dramatically. They have just entered the world of
molecular medicine, and the realities of regenerative medicine and preventative
healthcare are within their grasp.
Preventive Nutrition
The BioNutrition (or Food-for-Medicine) group focuses
on developing scientifically validated bioactives from Indian medicinal plants
for prevention or treatment of degenerative conditions such as diabetes,
obesity, CVD and bone health. They also work on performance enhancement, stress
management, skincare, weight management, immunomodulation, pain management,
osteoarthritis and digestion through use of proprietary tools. FFM products
target both food and pharma markets and, coupled with global marketing
strategies and the acquisition of two product driven businesses, the
BioNutrition group is poised for sustainable fast growth. It hosts two wholly
owned subsidiaries and large collaborative programs.
On the Dietary Supplement front, Avesthagen markets
scientifically validated natural ingredients. These set the highest standards
for purity and concentration of active constituents. Many of their leading
products have strong intellectual proprietary positions. These include
trademarks and patents that employ process, composition and method of use
claims. Products are manufactured in
The food wing develops nutritious alternatives for
breakfast, daily snacks, and functional foods for all who strive towards
promoting well-being through a healthy diet. The products target the
discriminating health conscious consumer, who cares about using natural
food ingredients for their nutrition requirements and those who believe
that their health can be managed better through foods. This unit
follows the philosophy of healthy and tasty foods while adding
value by bringing to market product lines fortified with clinically
validated nutritional bioactives developed by the FFM team. Products are
currently sold in
The BioAgriculture (or Seed-for-FoodTM)
group focuses on biotic and abiotic stress resistance, oil enhancement and
developing functional foods from plants. It hosts three wholly owned
subsidiaries, large collaborative programs with the likes of Limagrain and
Godrej and sees itself as a vehicle of high quality seed transmutation, wherein
crops are developed through a combination of genetic and genomic tools,
conventional and markers assisted breeding, exploiting natural and directed
variation and trans/cisgenics. The aim is to combine/create germplasm with
in-house technologies to enhance trait based solutions for farmers in
Personalised
Healthcare
In the Science and Innovation group, technologies are
being developed through collaborative R and D with global partners in the life
sciences industry. It is the R and D heart of Avesthagen where new ideas are
incubated and the main driver in the creation of high value IP. Over the years
numerous collaborations have emerged from this program and evolved into new
ventures. Others have also attracted equity investments in the parent company.
The Science and Innovation business unit of Avesthagen employs a Systems
Biology approach for the dissection of molecular mechanisms in human diseases
and works towards delivery of innovative solutions for predictive, preventive,
personalized healthcare. To take a product or a technology from concept to
market is Science and Innovation’s greatest strength.
Science and Innovation currently covers four programs:
AVESTAGENOMETM (a flagship large scale population genomics study on
Parsis), Cancer Stem Cells, Molecular Diagnostics and, finally, Natural Drug
Discovery.
Under the BioPharmaceuticals group a solid pipeline of
biosimilars is being developed in partnership with Cipla Limited The group
focuses on pathway engineering and development of novel expression systems,
development of product specific bioassays and design of novel animal component
free production media, generation of over-expressing stable cell lines, development
of proprietary expression platforms and novel, scalable processes in microbial
and mammalian systems. Scale-up, manufacturing and supply of commercial
scale material is done through a joint venture with certified manufacturing
facilities in
First mover advantage, strategic positioning and
worldwide collaborations saw the company progress towards its goal of bringing
new safe medicine faster to the world whilst keeping social and ecological
aspects in mind. Avesthagen recognise that corporate responsibility does not
end at the factory gate or at office doors and that economic performance and
attention to people go hand in hand.
Avesthagen has built number
of collaborations including joint ventures and equity led deals with global
partners generating significant IP portfolio – valued by independent parties at
Eur 2 Bn. In addition, they received numerous international certifications and
awards. Revenues have progressed steadily since 2006 and they have seeing fast
growth compared to the usual gestation period in the biotech industry. The company
has raised to date more than Eur 40 million in equity that have been carefully
deployed on four acquisitions and a substantial product portfolio and pipeline.
Avesthagen is armed with international manufacturing, distribution and
marketing capabilities.
HISTORY AND
MILESTONE
MANAGEMENT
Dr. Villoo
Morawala Patell
Founder,
Chairperson and Managing Director
Dr. Villoo Morawala-Patell is an Academic Entrepreneur who founded
Avesthagen in 1998. Avesthagen is globally recognized as a leading systems
biology company with a unique model focused on the convergence of food, pharma
and population genetics. A convergence that leads to continuous and path-breaking innovations in predictive, preventive,
personalized healthcare. 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 biotechnology
across the world. She is a key member of the Task Force and Vision Group for
Biotechnology, instituted by the State Government of Karnataka and founding
member of the Association of Biotechnology Led Enterprises (ABLE). Dr. Patell
was Awarded the 'Officer of the National Order of Merit' by the President of
the
Mr. Manoj Bawa
Chief Finance
Officer
Mr Manoj Bawa joined the Company as Chief Finance Officer in November 2009. He is a Chartered Accountant with 26 years rich experience in Finance and Accounts, Taxation and US Gaap. Before joining the Company, he worked with reputed Companies such as McAfee, Cisco, Talisma, and VeriFone ."
Mr. Koen Wentink
Chief of Corporate
Alliances and JVs
Mr. Koen Completed his Master of Science Degree in Agriculture (Crop
Science) at Wageningen Agricultural University. The
Dr. Mittur N
Jagadish
Senior Vice
President
bioAgriculture
Dr. Jagadish brings with him over 21 years of experience. He is a Former
Director of
Dr. Jagadish obtained BSc (Hons) and MSc in Botany from
Mr. Pierre Socha
Senior Vice
President
Corporate Strategy
and Planning
Dr. Anil Ram
Chauhan
Senior Vice
President
Operations
Dr. Anil Ram Chauhan is a gold medalist from HPU and earned his Ph.D. in
Genetics from College of Basic Sciences (PAU) and a MBA in International
Business from Baruch College , New York. In 1984, he topped the Indian Agri.
Scientists Recruitment Board in Plant Breeding. He has worked as Vice President
(Marketing) in Indo-American Hybrid Seeds and as Business Head in Deepak Agro
Solutions Limited and Emergent Genetics India Private Limited.
Dr. Sami N Guzder
Chief Scientific
Officer
Science and
Innovation
Sami N. Guzder obtained his B.Sc. (Hons) in Chemistry and a M.Sc. in
Biochemistry from
At Avesthagen Dr. Guzder is Chief Scientist for the Science and
Innovation division. Dr. Guzder is involved in the design and supervision of
diverse R and D projects resulting in the development of molecular diagnostics
for various diseases. Dr. Guzder is currently leading The AVESTAGENOME ProjectTM,
which is a population genomics and systems biology based study on the Parsi
population to uncover the basis of longevity and discovery of novel biomarkers
and drug targets for certain diseases.
Dr. Renuka Jain
Chief Scientific
Officer
bioNutrition
Renuka Jain obtained her B.Sc. and a M.Sc. in Botany
from
For the last two years, Dr. Jain has been heading the bioNutrition
division and is involved in the supervision of various research and discovery
projects for the development of novel plant bioactives for diabetes,
cardiovascular health, calorie management, bone health.
Mr. Manan Bhatt
Senior Vice
President
External Relations
Manan Bhatt has 27 years' rich experience in business development of
Indo-European technology and investments having worked with MNCs such as IRI
and ENI groups of
He has a management degree in international economic relations from the prestigious
'Center for Higher Studies on Africa and Modern Asia' (CHEAM) in
SUBSIDIARIES
Avesta
Good Earth Foods Private Limited (AGEF)
Avesta Good Earth Foods is an Indian food company with global ambitions,
dedicated to developing nutritious alternatives for breakfast, daily snacks,
and functional food for all who strive towards promoting wellbeing through a
healthy diet. They add value by developing and marketing product lines
Fortified with nutritional bioactives Sourced from traditional Indian medicine
Clinically validated by techniques of modern science. Avesta Good Earth Foods
will play a key role in Avesthagen's long-term strategy to launch its branded
nutraceuticals as Functional Foods targeting the burgeoning health foods market
in
Avesthagen
Inc
At Avesthagen, we’re devoted to the
research and manufacture of quality high-potency, clinically validated,
botanical bioactive ingredients, derived from traditional medicinal plants
Their signature ingredients have scientifically validated health benefits to
promote wellness through the prevention of specific degenerative and address
conditions such as – diabetes, obesity, metabolic syndrome, CVD and bone loss.
They combine nature, tradition and technology to create innovative ingredients that
meet consumer needs for great taste, better nutrition and heath and wellness,
as well as a commitment to environmental sustainability.
Avesthagen
Quality Agriculture Services Private Limited (AQUAS)
AQUAS is a subsidiary of Avesthagen that
has been established for the purpose of food, water and seed purity testing as
well as seed development in their labs located in Hyderabad.
JOINT VENTURES
ATASH Seeds Private Limited
Avesthagen established 'ATASH SEEDS PRIVATE LIMITED as a vehicle to deliver the
latest Agbiotechnology technologies developed within Avesthagen dealing with
agricultural productivity and production. The forefront technologies developed
by Avesthagen and desperately required in
Avesta
Biotherapeutics and Research Private Limited (ABRPL)
Avesthagen and Meditab Specialities Limited have embarked on a
manufacturing Joint Venture for production of Biopharmaceuticals in
AVA Seeds
Private Limited
Avesthagen
has also established ‘AVA SEEDS PRIVATE LIMITED’ as a vehicle to deliver the
latest Agbiotechnology technologies developed within Avesthagen dealing with
Vegetable productivity and production. The forefront technologies developed by
Avesthagen and desperately required in
PRESS RELEASE
Avesthagen
- Kemwell Manufacturing
Bangalore, May 10,
2011: Avesthagen Limited and Kemwell Biopharma Private Limited signed a
Memorandum of Understanding (MoU) that will enable Avesthagen to leverage
Kemwell’s biopharmaceutical manufacturing expertise for large scale manufacture
of biosimilars. Avesthagen has a portfolio of eight biosimilars under various
phases of development in the areas of autoimmune diseases, cancers, anemia, and
cardiovascular disorders.
Kemwell will perform technology transfer, process improvement, scale -
up and manufacturing of pre-clinical, clinical and commercial material of
Avesthagen biosimilars.
Kemwell’s new 15,000 sq.
Biosimilars are one of the most keenly watched group of pharmaceuticals
that are seen as a panacea for the lack of reasonably priced medicines in the
developing and developed economies. Many blockbuster and high-priced biologics
are to go off‐patent in the next decade and biosimilar
manufacturers are expected to reap the benefits.
Dr. Villoo Morawala-Patell, founder and Chairperson, Avesthagen stated,
“Kemwell is well placed to accelerate Avesthagen’s projects to get its
Biosimilars to the global markets. Given Kemwell’s global capabilities in terms
of capacities, experience and expertise, Avesthagen has found a partner that is
globally recognized to consistently deliver superior quality product in a
timely manner. This enables Avesthagen to bring its products a step closer to
the market.”
Mr. Anurag Bagaria, CMD, Kemwell stated, “Over the last 30 years,
Kemwell has always placed emphasis on delivering quality products on time and
on a consistent basis. We are excited to begin work for Avesthagen from our new
biologics facility and are confident of extending our record of high customer
service to this new foray.”
About Avesthagen
Limited:
Avesthagen is
Avesthagen partners include multiple top 10 global companies in each of
its fields of research. Since its inception Avesthagen has grown into one of
About Kemwell
Biopharma Private Limited
Bangalore-based Kemwell Biopharma Private Limited. is a leading provider
of formulations contract manufacturing and development services for
multinational pharmaceutical companies for 30 years. From facilities in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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.45.29 |
|
|
1 |
Rs.73.84 |
|
Euro |
1 |
Rs.64.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
33 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.