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MIRA INFORM REPORT
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Report No. : |
493981 |
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Report Date : |
23.02.2018 |
IDENTIFICATION DETAILS
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Name : |
ADVANCED ENZYME TECHNOLOGIES LIMITED |
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Registered
Office : |
Sun Magnetica, 5th Floor, Near LIC Service Road, Louis Wadi, Thane –
400604, Maharashtra |
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Tel. No.: |
91-22-41703200/ 25838350 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
15.03.1989 |
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Com. Reg. No.: |
11-051018 |
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Capital
Investment / Paid-up Capital : |
INR 223.260 Million |
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CIN No.: [Company Identification
No.] |
L24200MH1989PLC051018 |
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IEC No.: |
Not Divulged |
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GST No.: |
Not Divulged |
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TIN No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCA4555E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of Manufacturing,
Marketing and Selling of Enzymes and Probiotics. [Registered Activity] |
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No. of Employees
: |
308 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Maximum Credit Limit : |
USD 7288700 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1989. It is engaged in manufacturing and marketing/distribution of enzymes and also providing eco-safe solutions to a wide variety of industries like Human Health Care and Nutrition, Animal Nutrition, Baking, Fruit & Vegetable Processing, Brewing and Malting, Grain Processing, Protein Modification, Dairy Processing and Natural Extraction. For the financial year 2017, the company has achieved 24.91% growth in its revenue as compared to previous year revenue and has maintained healthy profitability margin of 19.29% during the year under review. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile. The company has its share price trading at around INR 230 against the face value (FV) of INR 02 on BSE as on 22nd February, 2018. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. However, rating strengths are partially offset by working capital-intensive operations and susceptibility to changes in food and drug safety regulations. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term=A |
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Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
03.08.2017 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 23.02.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered/ Corporate Office : |
Sun Magnetica, 5th Floor, Near LIC Service Road, Louis Wadi, Thane –
400604, Maharashtra, India |
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Tel. No.: |
91-22-41703200/ 25838350 |
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Fax No.: |
91-22-25835159 |
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E-Mail : |
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Website : |
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Factory 1 : |
A-61/62, M.I.D.C. Malegaon, Tal, Sinnar, Nasik - 422103, Maharashtra, India |
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Tel. No.: |
91-2551-230044 |
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Fax No.: |
91-2551-230816 |
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Factory 2 : |
Plot No. B-5-13, SEZ, Pithampur, Dhar-452008, Madhya Pradesh, India |
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Factory 3 : |
Survey No.30, Pali, Vasind, Shahpur, Thane-421604, Maharashtra, India |
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Factory 4 : |
SORL, H-17, M.I.D.C,Satpur Area, Nasik, Maharashtra, India |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Chandrakant Laxminarayan Rathi |
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Designation : |
Managing Director |
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Address : |
Row House No. 18, Eternity, Teen Hath Naka, Thane (West), Thane - 400601, Maharashtra, India |
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Profile : |
Mr. Chandrakant Laxminarayan Rathi, is the Promoter and Managing Director of our Company. He is currently responsible for the management of the entire operations of the Company and its Indian subsidiaries, including strategic initiatives of our businesses. |
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Date of Birth/Age : |
12.06.1954 |
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Date of Appointment : |
01.04.2010 |
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DIN No.: |
00365691 |
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Name : |
Mr. Pramod Kasat |
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Designation : |
Director |
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Address : |
24 III, Tarangan Complex, Samatanagar, Opposite J.K.Gram, Thane – 400606, Maharashtra, India |
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Profile : |
Mr. Pramod Kasat, is a Non-Executive and Independent Director of our Company since December 14, 2016. He is currently the Country Head of Investment banking , Indusind Bank, Mumbai. |
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Date of Appointment : |
14.12.2016 |
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DIN No.: |
00819790 |
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Name : |
Mr. Mukund Madhusudan Kabra |
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Designation : |
Wholetime director |
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Address : |
33, Sheetal Society, Behind Hotel Dwarka, Opposite Shankar
Nagar, Dwarka Corner, Nashik- 422011, Maharashtra, India |
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Profile : |
Mr. Mukund Madhusudan Kabra, is the Whole-time Director of our Company. He is responsible for overlooking the manufacturing operations of the Company at Sinnar and Indore and for optimising the fermentation for existing products, strain improvement, downstream research and analytical research. |
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Date of Birth/Age : |
09.07.1972 |
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Date of Appointment : |
04.09.1999 |
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DIN No.: |
00148294 |
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Name : |
Mr. Kedar Jagdish Desai |
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Designation : |
Director |
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Address : |
Flat No.52, Makani Manor., Opposite Jaslok Hospital. Peddar Road, Mumbai - 400026, Maharashtra, India |
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Profile : |
Mr. Kedar Jagdish Desai, is the Non-Executive and Independent Director on our Board. He holds a Bachelor’s degree in Commerce and Law from the University of Mumbai. He is also a qualified solicitor from the Bombay Incorporated Law Society and has over 19 years of experience in the field of law. |
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Date of Birth/Age : |
17.08.1971 |
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Date of Appointment : |
27.08.2010 |
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DIN No.: |
00322581 |
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Name : |
Mrs. Savita Chandrakant Rathi |
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Designation : |
Wholetime director |
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Address : |
Row House No. 18, Eternity, Teen Hath Naka, Thane (West), Thane - 400601, Maharashtra, India |
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Profile : |
Mrs. Savita Chandrakant Rathi, is the Whole-time Director of our Company. She is responsible for the administration of the Company, management and supervision of Export-Import, Client relationship management and the Human Resource department of the Company. |
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Date of Birth/Age : |
26.02.1961 |
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Date of Appointment : |
01.01.2016 |
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DIN No.: |
00365717 |
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Name : |
Mr. Ramesh Thakorlal Mehta |
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Designation : |
Director |
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Address : |
C/2, Sea Face Park, 50, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
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Profile : |
Mr. Ramesh Thakorlal Mehta is a Non-Executive and Independent Director of our Company since 1993. He has experience in the business of jewellery designing and manufacturing. |
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Date of Birth/Age : |
02.10.1932 |
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Date of Appointment : |
05.03.1993 |
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DIN No.: |
00367439 |
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Name : |
Mrs. Rupa Rajul Vora |
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Designation : |
Director |
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Address : |
8, Hyde Park 227 Sher E Punjab Society, Mahakali Caves Road, Mumbai – 400093, Maharashtra, India |
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Profile : |
Mrs. Rupa Rajul Vora, is a Non-Executive and Independent Director of our Company since November 28, 2015. She was the CFO at Antwerp Diamond Bank N.V., after which she joined IDFC Group as a Group Director and Chief Financial Officer-Alternatives until June 2014. Currently, she serves as an independent Director on a few corporate boards. |
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Date of Appointment : |
28.11.2015 |
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DIN No.: |
01831916 |
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Name : |
Mr. Vasant Rathi |
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Designation : |
Director |
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Address : |
5390 La Crescenta, Yorba Linda Ca92887 US |
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Profile : |
Mr. Vasant Laxminarayan Rathi is the Promoter Chairman and Non- Executive Director of our Company. He promoted & incorporated Cal-India in the year 1985 and has been associated with our Company since the year 1993. Mr. Rathi heads our international subsidiaries based in US. |
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Date of Birth/Age : |
17.01.1950 |
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Date of Appointment : |
05.03.1993 |
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DIN No.: |
01233447 |
KEY EXECUTIVES
|
Name : |
Mr. Beni Prasad Rauka |
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Designation : |
Chief Financial Officer (KMP) |
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Address : |
802-B, Ivy Tower, Vasant Valley, Film City Road, Near Dindoshi Bus Depot, Malad (East), Mumbai-400097, Maharashtra, India |
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Date of Birth/Age : |
01.04.1964 |
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Date of Appointment : |
26.05.2015 |
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PAN No.: |
ABKPR5067M |
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Name : |
Mr. Sanjay Prakash Basantani |
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Designation : |
Company Secretary |
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Address : |
5/601, Vasant Lawns Complex, Majiwada, Thane (West), Thane – 400601, Maharashtra, India |
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Date of Appointment : |
14.02.2017 |
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PAN No.: |
AKHPB9796R |
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Name : |
Mr. Piyush Rathi |
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Designation : |
Chief Buisness Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2017
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Promoter
& Promoter Group |
79606930 |
71.31 |
|
(B) Public |
32023095 |
28.69 |
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|
|
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Total |
111630025 |
100.00 |
Statement showing shareholding pattern of the Promoter
and Promoter Group
|
Category
of shareholder |
No.
of fully paid up equity shares held |
Shareholding
as a % of total no. of shares (calculated as per SCRR, 1957)As a % of
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
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Individuals/Hindu
undivided Family |
24,70,100 |
2.21 |
|
|
Kishor Laxminarayan Rathi |
14,66,000 |
1.31 |
|
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Mangala Madhusudan Kabra |
4,35,600 |
0.39 |
|
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Savita Chandrakant Rathi |
3,71,500 |
0.33 |
|
|
Piyush Chandrakant Rathi |
1,23,500 |
0.11 |
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Chandrakant L Rathi |
46,500 |
0.04 |
|
|
Radhika Chandrakant Rathi |
27,000 |
0.02 |
|
|
Any Other
(specify) |
3,73,14,330 |
33.43 |
|
|
Chandrakant Rathi Innovations And Projects
Private Limited |
2,48,49,630 |
22.26 |
|
|
Atharva Green Ecotech LLP |
1,24,64,700 |
11.17 |
|
|
Sub Total A1 |
3,97,84,430 |
35.64 |
|
|
A2) Foreign |
0.00 |
|
|
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Individuals
(NonResident Individuals/ Foreign Individuals) |
3,98,22,500 |
35.67 |
|
|
Vasant L Rathi |
3,39,04,500 |
30.37 |
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|
Prabha V Rathi |
10,43,000 |
0.93 |
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Rachana Vasant Rathi |
16,25,000 |
1.46 |
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Rasika Rathi |
16,25,000 |
1.46 |
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Reshma Rathi |
16,25,000 |
1.46 |
|
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Sub Total A2 |
3,98,22,500 |
35.67 |
|
|
A=A1+A2 |
7,96,06,930 |
71.31 |
|
Statement showing shareholding pattern of the Public
shareholder
|
Category
& Name of the Shareholders |
No.
of fully paid up equity shares held |
Shareholding
% calculated as per SCRR, 1957 As a % of (A+B+C2) |
|
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|
B1) Institutions |
0 |
0.00 |
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|
Mutual Funds/ |
4713287 |
4.22 |
|
|
Dsp Blackrock Micro Cap Fund |
2414515 |
2.16 |
|
|
Reliance Capital Trustee Co. Ltd-A/C
Reliancesmall Cap Fund |
1361757 |
1.22 |
|
|
Foreign
Portfolio Investors |
2700019 |
2.42 |
|
|
Financial
Institutions/ Banks |
582843 |
0.52 |
|
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Sub Total B1 |
7996149 |
7.16 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual share
capital upto INR 0.200 Million |
13296095 |
11.91 |
|
|
Individual share
capital in excess of INR 0.200 Million |
4048445 |
3.63 |
|
|
Mukund Madhusudan Kabra |
1680500 |
1.51 |
|
|
Arvind Varchaswi |
1124470 |
1.01 |
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Any Other
(specify) |
6682406 |
5.99 |
|
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Trusts |
1177000 |
1.05 |
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Sri Sri Ravi Shankar Trust |
1177000 |
1.05 |
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HUF |
491970 |
0.44 |
|
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NRI – Non- Repat |
2245456 |
2.01 |
|
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Pradip Bhailal Shah |
2004000 |
1.80 |
|
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NRI – Repat |
437403 |
0.39 |
|
|
Foreign Portfolio Investors (Category III) |
200 |
0.00 |
|
|
Clearing Members |
380384 |
0.34 |
|
|
Bodies Corporate |
1949993 |
1.75 |
|
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Sub Total B3 |
24026946 |
21.52 |
|
|
B=B1+B2+B3 |
32023095 |
28.69 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of Manufacturing, Marketing
and Selling of Enzymes and Probiotics. [Registered Activity] |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
308 (Approximately) |
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Bankers : |
· HDFC Bank Limited HDFC Bank House, Senapati Bpat Marg, Lower Parel (West), Mumbai, Maharashtra, India · Citi Bank N.A. · Kotak Mahindra Bank Limited · DBS Bank Limited · Yes Bank Limited |
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Facilities : |
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Auditors : |
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Name : |
BSR and Company, LLP Chartered Accountants |
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Address : |
05th Floor, Lodha Excelus, Apollo Mills Compound, N.M. Joshi Marg, Mahalaxmi, Mumbai-400011, Maharashtra, India |
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Tel. No.: |
91-22-43455300 |
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Fax No.: |
91-22-43455399 |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries including step-down subsidiaries: |
· Advanced Bio-Agro Tech Limited · Advanced EnzyTech Solutions Limited · JC Biotech Private Limited (w.e.f. 1 December 2016) · Advanced Enzymes USA, Inc. · Cal India Foods International (subsidiary of Advanced Enzymes USA, Inc.) · Advanced Supplementary Technologies Corporaon (Wholly owned subsidiary of Advanced Enzymes USA, Inc.) · Enzyme Innovation, Inc. (Wholly owned subsidiary of Cal India Foods International) · Dynamic Enzymes, Inc. (Wholly owned subsidiary of Advanced Enzymes USA) · Enzyfuel Innovation, Inc. (Wholly owned subsidiary of Advanced Enzymes USA, Inc. w.e.f. 30 December 2015) |
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Other related parties (entities in which
either of the KMP's have significant influence) with whom transactions have
taken place during the year : |
· Advanced Vital Enzymes Private Limited · Om Manufacturing Jalna Private Limited · Silvertech Trading Company Private Limited ·
Pranoo Financial Services Private Limited |
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
INR 10/- each |
INR 350.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22326005 |
Equity Shares |
INR 10/- each |
INR 223.260 Million |
|
|
|
|
|
a) Reconciliation of Equity share capital
|
Particulars |
As
at 31 March 2017 |
|
|
|
Number
in Million |
INR in million |
|
Balance at the beginning of the year |
21765600 |
217.660 |
|
Add : Issued during the year |
560405 |
5.600 |
|
Balance at the end of the year |
22326005 |
223.260 |
b) Shareholders
holding more than 5% of the shares
|
Particulars |
As
at 31 March 2017 |
|
|
|
Number
|
%
of holding |
|
Equity
shares of INR 10 each |
|
|
|
Vasant L. Rathi |
5780900 |
25.89% |
|
Chandrakant Rathi Innovations and Projects Private limited (formerly known as Chandrakant Rathi Finance and Investment Company Private Limited) |
4699278 |
21.05% |
|
Atharva Green ecotech LLP (formerly known as Atharva Capital Ventures Private Limited) |
2492940 |
11.17% |
|
Vasant and Prabha Rathi Generation Trust |
1000000 |
4.48% |
|
|
13973118 |
62.59% |
c)
Rights, preferences and restrictions
attached
to equity shares
The
Company has only one class of equity share having a par value of INR 10/- per share.
The final dividend, if any, proposed by Board of Directors is subject to
approval by the Shareholders. All shares rank pari passu on repayment of
capital in the event of liquidation.
Dividend proposed by the Board of Directors is subject to the approval of
shareholders in the ensuing AGM except interim dividend.
d)
Shares reserved for issue under options
The
Company had reserved issuance of 44,000 (Previous year Nil) Equity shares of
INR 10/- each for offering to eligible employees of the Company under Employees
Stock Option
Scheme (ESOS). The option
would vest on graded basis over a maximum period of 4 years or such other
period as may be decided by the Employees Stock
Compensation Committee from the date of grant based on
specific criteria. (Also, refer note 40)
e)
Subdivision of shares
The
Shareholders vide a special resolution
has approved sub division of shares of the Company in the ratio of 5 shares of face value of INR
2/- each for every existing 1
share of the face value of INR 10/- each through postal ballot.
The
requisite approvals for modification
of the Memorandum and Articles
of Association
of the Company had been accorded by the shareholders on 4 May 2017.
f)
Initial
public offering
The
Company had made an Initial
Public Offer (IPO) of 4,594,875 Equity shares of INR 10/- each at an issue
price of INR 896/- per Equity share (INR 810/- per Equity share for eligible
employees), consisting
of fresh issue of 560,405 Equity shares and an Offer for Sale of 4,034,470
Equity shares by Selling Shareholders.
g) Utilization of IPO proceeds
From
the total proceeds of INR 4,114.880 million through an IPO, the Company
received proceeds of INR 499.990 million towards fresh issue of 560,405 equity
shares of INR 10/- each fully paid up at a premium of INR 886/- per share for
535,714 equity shares and INR 800/- per share for 24,691 equity shares, net of
INR 3,614.890 million attributed
to the selling shareholders towards 4,034,470 equity shares of INR 10/- each
fully paid up at a premium of INR 886/- per share offered by them for sale.
Details
of utilization of IPO proceeds, of INR 499.990 million by the Company are as
follows:
|
Particulars |
As per prospectus |
Utilized upto 31 march2017 |
Utilized amount as at 31 march2016 |
|
Investment
in Advanced Enzymes USA, Inc., the wholly owned subsidiary for repayment /
pre-payment of certain loans availed by Advanced Enzymes USA, Inc. |
400.00 |
400.00 |
-- |
|
General
corporate purposes |
71.98 |
70.67 |
1.31 |
|
Share issue expenses |
28.01 |
29.32 |
(1.31) |
|
Total |
499.99 |
499.99 |
-- |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
223.260 |
217.660 |
217.660 |
|
(b) Reserves & Surplus |
2327.800 |
1524.350 |
1341.150 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2551.060 |
1742.010 |
1558.810 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
121.350 |
156.010 |
51.480 |
|
(b) Deferred tax liabilities (Net) |
153.020 |
157.590 |
147.700 |
|
(c)
Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d)
long-term provisions |
6.990 |
1.750 |
0.000 |
|
Total
Non-current Liabilities (3) |
281.360 |
315.350 |
199.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
211.330 |
294.520 |
223.750 |
|
(b)
Trade payables |
84.810 |
89.870 |
75.300 |
|
(c)
Other current liabilities |
159.510 |
149.540 |
148.200 |
|
(d)
Short-term provisions |
16.550 |
14.500 |
18.260 |
|
Total
Current Liabilities (4) |
472.200 |
548.430 |
465.510 |
|
|
|
|
|
|
TOTAL |
3304.620 |
2605.790 |
2223.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
993.850 |
1012.320 |
1057.160 |
|
(ii)
Intangible Assets |
1.410 |
0.530 |
0.060 |
|
(iii)
Capital work-in-progress |
14.950 |
18.340 |
2.410 |
|
(iv) Intangible assets under development |
65.490 |
50.620 |
38.200 |
|
(b) Non-current
Investments |
1033.890 |
530.790 |
273.220 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
168.860 |
179.930 |
159.830 |
|
(e)
Other Non-current assets |
1.390 |
1.270 |
0.370 |
|
Total
Non-Current Assets |
2279.840 |
1793.800 |
1531.250 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
510.590 |
474.020 |
393.780 |
|
(c)
Trade receivables |
314.160 |
227.820 |
245.800 |
|
(d)
Cash and cash equivalents |
6.050 |
15.360 |
9.540 |
|
(e)
Short-term loans and advances |
145.510 |
28.010 |
35.900 |
|
(f)
Other current assets |
48.470 |
66.780 |
7.230 |
|
Total
Current Assets |
1024.780 |
811.990 |
692.250 |
|
|
|
|
|
|
TOTAL |
3304.620 |
2605.790 |
2223.500 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
1738.030 |
1391.410 |
1258.790 |
|
|
|
Other Income |
61.190 |
9.280 |
12.910 |
|
|
|
TOTAL |
1799.220 |
1400.690 |
1271.700 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
636.500 |
496.890 |
381.030 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(30.940) |
(56.980) |
(11.500) |
|
|
|
Employees benefits expense |
280.560 |
243.430 |
191.180 |
|
|
|
Other expenses |
380.870 |
344.900 |
360.930 |
|
|
|
TOTAL |
1266.990 |
1028.240 |
921.640 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
532.230 |
372.450 |
350.060 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
27.480 |
43.710 |
46.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
504.750 |
328.740 |
303.500 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
83.740 |
73.850 |
79.840 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
421.010 |
254.890 |
223.660 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
85.690 |
45.950 |
30.770 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
335.320 |
208.940 |
192.890 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export value of goods on FOB basis |
618.440 |
459.490 |
446.010 |
|
|
|
Service income |
8.780 |
1.580 |
0.000 |
|
|
TOTAL EARNINGS |
627.220 |
461.070 |
446.010 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
181.150 |
229.410 |
186.480 |
|
|
|
Components and spare parts |
9.150 |
17.810 |
6.960 |
|
|
|
Capital Goods |
5.140 |
11.580 |
2.400 |
|
|
TOTAL IMPORTS |
195.440 |
258.800 |
195.840 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
15.15 |
9.60 |
8.86 |
|
|
|
Diluted |
15.14 |
9.60 |
8.86 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
From banks |
30.000 |
30.000 |
99.890 |
|
Vehicle loans |
2.680 |
1.280 |
2.210 |
|
Deferred sales tax payment liabilities |
10.080 |
7.580 |
6.060 |
|
Total |
42.760 |
38.860 |
108.160 |
|
|
|
|
|
|
Cash generated from operating activities |
314.240 |
280.480 |
393.210 |
|
|
|
|
|
|
Net cash generated from operating activities |
213.690 |
223.290 |
334.850 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
65.98 |
59.76 |
71.27 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.53 |
6.11 |
5.12 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
48.63 |
66.02 |
72.13 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.04 |
0.79 |
0.89 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.49 |
0.34 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.19 |
0.29 |
0.28 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.15 |
0.28 |
0.25 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.19 |
0.31 |
0.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.42 |
0.62 |
0.70 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
19.37 |
8.52 |
7.52 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
19.29 |
15.02 |
15.32 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
10.15 |
8.02 |
8.68 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
13.14 |
11.99 |
12.37 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.17 |
1.48 |
1.49 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.09 |
0.62 |
0.64 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.77 |
0.67 |
0.70 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.68 |
2.25 |
1.76 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.17 |
1.48 |
1.49 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 230.00/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
217.660 |
217.660 |
223.260 |
|
Reserves & Surplus |
1341.150 |
1524.350 |
2327.800 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1558.810 |
1742.010 |
2551.060 |
|
|
|
|
|
|
long-term borrowings |
51.480 |
156.010 |
121.350 |
|
Short term borrowings |
223.750 |
294.520 |
211.330 |
|
Current Maturities of Long
term debt |
108.160 |
38.860 |
42.760 |
|
Total
borrowings |
383.390 |
489.390 |
375.440 |
|
Debt/Equity
ratio |
0.246 |
0.281 |
0.147 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1258.790 |
1391.410 |
1738.030 |
|
|
|
10.536 |
24.911 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
1258.790 |
1391.410 |
1738.030 |
|
Profit |
192.890 |
208.940 |
335.320 |
|
|
15.32% |
15.02% |
19.29% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G41791427 |
100092007 |
HDFC BANK LIMITED |
25/03/2017 |
- |
- |
1680000.0 |
HDFC Bank House, Senapati Bpat MargLower Parel, WestMumbai |
|
2 |
G29518149 |
100065405 |
KOTAK MAHINDRA PRIME LIMITED |
29/08/2016 |
- |
- |
1831160.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
3 |
G09781238 |
100045295 |
KOTAK MAHINDRA BANK LIMITED |
01/08/2016 |
- |
- |
200000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMa400051IN |
|
4 |
G22384101 |
100060365 |
DAIMLER FINANCIAL SERVICES INDIA PRIVATE LIMITED |
08/04/2016 |
- |
- |
4500000.0 |
Unit 202, 2nd Floor, Campus 3B,RMZ MillenniaBusiness Park, No.143, Dr. M.G.R.Road,PerungudiChennaiTa600096IN |
|
5 |
C69986156 |
10551880 |
KOTAK MAHINDRA BANK LIMITED |
13/02/2015 |
03/11/2015 |
- |
300000000.0 |
27BKC, C 27, G BlockBandra Kurla Complex, Bandra (E),MumbaiMH400051IN |
|
6 |
B78255262 |
10433741 |
DBS BANK LTD. |
11/06/2013 |
- |
- |
50000000.0 |
3rd Floor, Fort House,Dr. D N Road, FortMumbaiMH400001IN |
|
7 |
C11448503 |
10021925 |
HDFC BANK LIMITED |
28/08/2006 |
23/06/2014 |
- |
150000000.0 |
HDFC BANK HOUSE, SENAPATI BAPT MARGLOWER PAREL WMUMBAIMH400013IN |
|
8 |
G53697389 |
90146880 |
CITI BANK N.A. |
22/06/2005 |
05/09/2017 |
- |
300000000.0 |
First International Financial Centre,9th FloorPlot No. C-54 & 55, BKC, Bandra (E)MumbaiMH400051IN |
|
9 |
C78045671 |
10043837 |
Citi Bank N.A. |
06/03/2007 |
01/06/2012 |
04/02/2016 |
697500000.0 |
TRENT HOUSE, 2ND FLOOR, G BLOCK, PLOT NO.C60BANDRA KURLA COMPLEX, BANDRA (E)MUMBAIMH400051IN |
|
10 |
C77500197 |
10287286 |
DBS Bank Ltd |
11/05/2011 |
- |
19/01/2016 |
276000000.0 |
5th Floor,Fort House,221,Dr. D. N.Road,FortMumbaiMH400001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred sales tax payment liabilities |
33.150 |
42.260 |
|
|
|
|
|
Total |
33.150 |
42.260 |
OVERVIEW
OF THE COMPANY
Advanced
Enzyme Technologies Limited (‘the Company') was incorporated on 15 March 1989 under
the provisions of Companies Act, 1956. The Company is engaged in the business
of developing manufacturing and sales of enzymes. The equity shares of the
Company were listed on National
Stock Exchange of India Limited (NSE) via id ADVENZYMES and on BSE Limited
(BSE) via Id 540025 on 1 August 2016.
REVENUE
- STANDALONE
The
Company’s revenue from operations on
standalone basis increased to INR 1,738.030 Million from INR 1,391.410 Million
in the previous year i.e. at a growth rate of 24.91%. The total revenue
comprises of International sales of INR 627.930
Million (previous year INR 471.710 Million) increased by 33.12% and Domestic sales INR 1,110.100 Million (previous year INR 919.700
Million) increased by 20.70%.
The
domestic Sales constitutes 63.87% of revenue from operations during financial year 2016-17 as compared to 66.10% of
revenue from operations during financial year
2015-16. International sales were 36.13% of
revenue from operations as compared to 33.90% of
revenue from operations during financial year
2015-16.
INITIAL
PUBLIC OFFER (IPO)
During
the year, the Company has come out with its Initial
Public Offer (IPO) of 4,594,875 Equity shares of INR 10 each at an issue price of
INR 896 per Equity share (INR 810 per Equity share for eligible employees),
consisting of fresh issue of 560,405
Equity shares and an Offer for Sale of 4,034,470 Equity shares by Selling
Shareholders. The said offer was overall subscribed 82.06 times. Out of 560,405 Equity shares, 24,691 Equity shares were
subscribed and allotted to eligible employees. The
Company raised a sum of `499.99 Million through the IPO to invest in
Equity/Debt Instruments of Advanced Enzymes USA, Inc., the wholly owned
subsidiary, primarily for repayment / pre-payment of certain loans availed from
Advanced Enzymes USA, Inc. The details of utilization of IPO proceeds are provided in Note no. 5 (g) of the
Standalone Financial Statements of the Company forming part of this Annual report.
The Company’s equity shares were listed on BSE Limited (BSE) and National Stock Exchange of India Limited (NSE) on August 01,
2016 at an opening market price of INR 1,210 on both the exchanges.
SUB-DIVISION
OF SHARES
The
sub-division of equity shares of the Company from face value of INR 10/- each
to face value of INR 2/- each (“Stock Split”) and consequent alteration in Capital Clause of Memorandum of Association of the Company was approved by the Members on May 04,
2017, through Postal Ballot.
The
‘Record Date’ for the purpose of ascertaining the Members entitled to receive the said sub-divided equity shares of the
Company was fixed by the Board of Directors of your Company as ‘May 26, 2017’.
Subsequently, the Company has issued five (5) sub-divided equity shares of INR
2/- each in lieu of one (1) equity share of INR 10/- each to the eligible
Members of the Company. In case of Members holding equity shares of the Company
in physical form, the Company, without requiring the surrender of old share certificate(s), has directly issued and dispatched the new share
certificate(s) of the Company for the
sub-divided equity shares of INR 2/- each. The said new share certificate(s) were issued in lieu of the old share certificate(s), which were deemed to have been automatically cancelled and be of no effect. In the case of equity
shares of the Company held in dematerialized form, the sub-divided equity
shares have been duly credited to the respective
beneficiary accounts of the Members with the respective Depository Participants,
as per the existing credits representing the equity shares of
the
Company.
In
view of the aforesaid Stock Split, the number of equity shares of the Company
and price of underlying equity share in the stock markets has been correspondingly
adjusted by the Stock Exchanges, where the Company’s shares are listed (i.e.
BSE and NSE).
The details of the Authorised and Paid-up share capital of
the Company (pre & post Stock Split) is as follows:
|
Particulars |
Authorised
Capital |
Paid - up
Capital |
||
|
|
No. of shares |
Amount |
No. of shares |
Amount |
|
Pre Stock Split |
35000000 |
350.000 |
22326005 |
223.260 |
|
Post Stock Split |
175000000 |
350.000 |
111630025 |
223.260 |
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMY
Global
activity is firming broadly as
expected. Manufacturing and trade are picking up, self-reliance is improving
continuously. Global growth is
projected to strengthen to 2.7 percent in 2017-18 and 2.9 percent in 2018-19.
In emerging market and developing economies (EMDEs), growth is predicted to
recover to 4.2 percent in 2017-18 and reach an average of 4.6 percent in
2018-19, as difficulties to growth in commodity
exporters reduce, while activity
in commodity importers continues
to be strong. Risks to the global outlook remain tilted
to the downside. A policy priority for EMDEs is to rebuild monetary and fiscal
space that could be drawn on were such risks to materialize. Over the longer
term, structural policies that support investment and trade are critical to boost efficiency and potential development.
In
low-income countries, growth is rebounding, as rising metals prices lite production in
metal exporters and infrastructure investment continues
in non-resource intensive economies. However, some low-income countries are still struggling with declining oil production, conflict, drought, and security and political challenges. Growth in low-income countries is expected
to strengthen during 2017-19, as activity
firms in commodity exporters. A pickup in regional growth is underway in
2016-17. In India, recent data indicate a rebound this year, with the easing of
cash shortages and rising exports.
INDIAN
ECONOMY
Growth
in South Asia remains strong, with regional output projected to grow by 6.8
percent in 2017-18 and an average of 7.2 percent in 2018-19. Excluding India,
growth is projected to average 5.8 percent in 2017-19, with some cross-country
variation. Robust domestic demand, an uptick in
exports, and strong foreign direct investment inflows underpin this forecast.
Domestic risks to the outlook include
policy uncertainty related to upcoming elections
and possible setbacks to reform progress. External brisks include an increase
in global financial volatility,
a slowdown in remittances inflows, and rising
geopolitical tensions.
The
Indian economy is currently seeing a culmination of
positive domestic indicators. Economic growth has picked up and government
expect it to be above 7.4% in 2017-18. India’s statistics department has estimated economic growth in 2016-17 at 7.2%. India’s economy is
set to grow at 7.4% in financial year 2017-18, on the back of a pick-up in
consumption demand and higher public
investment. Such a growth rate with global contribution makes India, the “World’s Fastest Growing Economy”. The
fiscal deficit is on track, as per the target of 3.5%, and retail inflation has dipped to below 5%.
India
is expected to be the third largest consumer economy as its consumption may triple to USD 4 trillion by 2025, owing to shift in consumer behaviour and expenditure pattern, according to a Boston Consulng Group (BCG) report; and is estimated to surpass USA to become the second largest economy in
terms of purchasing power parity (PPP) by the year 2040, according to a report by
PricewaterhouseCoopers. Also, the Hon’ble Prime Minister, Mr. Narendra Modi has
stated that India has become the world's fastest growing large economy, and is
expected to grow five-fold by 2040, owing to a series of policy measures.
India
has emerged as the fastest growing major economy in the world as per the
Central Statistics
Organization
(CSO)
and International Monetary Fund (IMF). The
improvement in India's economic fundamentals has accelerated in the year
2016-17 with the combined impact of strong government reforms, RBI's inflation focus supported by benign global commodity prices.
INDUSTRY
STRUCTURE AND DEVELOPMENTS
GLOBAL ENZYME MARKET
Global
enzyme market is positive supported by its usefulness
for various industrial processes and chemical reactions. According to the 2011-12 market survey reports global
enzyme market was valued about USD 4 billion in 2011-12 and estimated to reach USD 6 billion by 2016-17 and USD 7 billion by
2017-18 of which industrial enzyme is projected to constitute of nearly USD 5 billion, with rest being contributed by
speciality enzymes. Moving ahead, the global enzyme demand is expected to
witness significant market growth and demand for various enzymes, the market is
further expected to grow at a 5-year Compounded Annual Growth Rate (CAGR) of
6.5% attire 2017, reaching a size of USD
9.5 billion by 2022.
On the
other hand enzymes market is projected to show high gains in light of its
extensive usage in food processing, germination in
breweries, pre-digestion of baby food, fruit juice
clarification, meat tenderization, cheese manufacturing, and conversion of starch into
glucose. Also, favourable government policies by various countries across the
globe to promote biodiesel production
will fuel demand over the next few years. The global Palm Oil market is
expected to grow at a healthy pace in forth coming years. Furthermore, palm oil
and palm oil extracts are now being used in varied consumer goods widely which
helps to boost the growth of palm oil market.
The share
of specialty enzyme use is increasing – Growing from 28.3% in 2002 to 31.5% in
2017 and is further expected to rise to 33.7% by 2022 .
Food
industrial enzyme market is expected to experience broad based growth from
nearly USD 1.5 billion in 2016 to USD 1.9 billion in 2021 at a CAGR of 4.7%
from 2016 through 2021.
Similarly
animal feed industrial enzyme market is expected to grow from USD 1.2 billion
in 2016 to nearly USD 1.6 billion at a CAGR of 5.2% from 2016 through 2021.
Apart from these categories pharmaceuticals
was also the dominant application of
specialty enzymes valued at USD 1.63 billion in 2015 and is expected to witness
growth in light of growing pharmaceutical
sector in China, India, Indonesia, Malaysia, Mexico, and Vietnam. Also, the increasing
importance of enzyme-based pharmaceutical
formulations in the treatment of chronic
conditions such as AIDS and Cancer will
augment industry expansion over the forecast period.
According
to market survey and business development conditions,
global enzyme demand is forecast to grow at the rate 6.9% from USD 5.8 bn to
USD 11.3 bn over 2010-2020. Both the industrial and specialty enzymes segments
are expected to grow over the years. Specialty enzymes are likely to witness a
growth rate of 7.5%, higher than the forecast of 6.5% for industrial enzymes.
Demand for industrial enzymes is expected to be supported by the animal feed
segment and the food and biofuel segment.
NORTH
AMERICAN ENZYME MARKET
North
America is the world’s largest regional enzyme market, accounting for around 41 percent of world demand in 2012-13. Enzyme
demand in North America is majorly concentrated in the United States(US), which
single headed for 90 percent of regional demand in 2012-13. Overall, enzyme
demand in North America will advance 4.3 percent per year to over USD 2.6
billion in 2017-18. While advances in specialty enzymes will help power-drive
overall market growth.
The
United States is the largest consumer of enzymes across globally. All enzyme
markets are found in the US due to the diversity of its advanced economy.
Favourable economic and environmental factor in US helps constant increase in
productivity, improves quality and
results in cost reduction. These factors also make it a
natural location for the introduction of new applications.
Moving
ahead, enzyme demand in the US will grow 4.2 percent annually to USD 2.4
billion in 2017-18, as strong growth in specialty enzymes offsets slower growth
in biofuel production and maturity in most
industrial enzyme markets. Biofuel production
enzymes, in particular, will experience much
slower advances in demand as the industry matures and future increases in
‘grain-based ethanol’ consumption
mandated under federal law.
Most
enzyme types will experience moderate to strong growth, with celluloses doing
particularly well due to the
development of the cellulosic ethanol industry.
GLOBAL
PROBIOTICS
MARKET
The
global market for probiotic
ingredients is projected to reach USD 3560.70 Million by 2025. The growing
preference for functional foods to curb health
disorders is expected to favour the overall market growth over the forecast
period. Increasing probiotics
market penetration in dairy and other food
beverages industry is expected to favor the overall demand. Probiotics have beneficial effects on humans as well as animals. The
rising demand in food and beverage industry, rising health concerns among the
population, huge investments in the
research and development, curative for
intestine and gut disorders and an
upsurge in the disposable income in emerging economies are dominant drivers for
the growth of Probiotic market.
INDIAN
ENZYME MARKET
The
market for enzymes in India was relatively
small USD 105 Million in 2012-13 but India is an attractive market with high growth rates
in the past years. Enzyme use is still in
its infancy with growing awareness of enzyme potential and benefits providing attractive growth perspectives.
Indian enzyme market will average more than 10% per year through 2017-18,
driving demand to USD 173 Million. As with most other markets in the Asia /
Pacific region, demand is concentrated in industrial enzymes. However, the
rapid development of India’s pharmaceutical
and chemical industry is starng to
change this, and specialty enzyme demand will outpace industrial enzyme demand
going forward. There are about 17-20 players in this market. Most of these
companies are either into marketing or
into formulations. But India has companies
that also manufacture enzymes used in different industries such as pharmaceutical, food processing, leather, detergents, paper and pulp
and textile. These companies produce
various enzymes and several other eco-friendly biological products. The product
range and services are growing rapidly as the use of enzymes is gaining
widespread acceptance. The Indian manufacturers are not only supplying to local
market but are also exporting to
number of countries.
As the
economy is slowly opened to increased foreign direct investment, enzyme usage
rates should continue to improve. In specialty
enzymes, around half the demand is in the Research and Biotechnology space.
Strong growth will also be seen in research and biotechnology as the government
seeks to promote development of the biotechnology sector to showcase the
country’s technological capabilities,
and Indian pharmaceutical and biotechnology companies
increasingly seek to make inroads into the developed markets of the United
States. This same trend will also benefit the biocatalysis market.
INDIAN
PROBIOTICS
MARKET
Over the
past few years, India has been witnessing a large number of deaths due to
rising incidences of digestive,
diarrhoea and cardiovascular diseases. According to a study conducted by Centre
for Global Health Research at the University of Toronto and Indian Council of
Medical Research (ICMR), around 18.8% of all deaths in 2010-11 were caused by
cardiovascular diseases alone. This is consequently, resulting into increasing health concerns and rising inclination towards probiotic
products among Indian consumers which is in turn resulting into increasing demand for probiotic products in India. Consequently, India is poised to offer
immense opportunities to both domesc as well as international players operang in
the probiotics market in the country. Other
factors driving the growth of probiotic
products in the country include rising trend for fortified food and growing incidences of lifestyle oriented
diseases such as diabetes. Besides probiotic
products for humans, probiotic
animal feeds are also becoming very popular among Indian farmers to feed their
cattle. According to “India Probiotic Market Forecast & Opportunities, 2019”, India’s probiotic
market is projected to grow at a CAGR of around 19% till 2019. The market has been segmented into Probiotic functional
food, beverages, Probiotic
drugs, dietary supplements and Probiotic
animal feed.
BUSINESS
OVERVIEW
COMPANY
OVERVIEW
They
started operations two decades ago with strong
vision supported by group of professionals. The company has transformed
business globally in the manufacturing of enzymes by improving the fundamentals
based on research and technology. They are the largest Indian enzyme company,
engaged in the research and development, manufacturing and marketing of 400+ proprietary products developed from over 65
indigenous enzymes and probiotics.
They are committed to providing eco-safe solutions to a wide variety of industries like human health care
and nutrition, animal nutrition, baking, fruit & vegetable processing, brewing &
malting, grain processing, protein
modification, dairy processing, specialty
applications, textile processing, leather processing, paper & pulp
processing, biofuels, biomass processing, biocatalysis, etc. Their aim is to
enhance nutrition for animals, and also to help
the industry replace traditional
thermal-mechanical-chemical processes into enzyme based process. They help
consumers access side-effect free healthcare.
Having
pioneered the production of enzymes in India, they continue to set trends with the research & development of new
applications for the use of enzymes
across various industries. Equipped with state-of-the-art manufacturing facilities and research & development centers across India and
US, they offer several hundreds of enzyme products.
They
pride ourselves in being one of the few manufacturers in the world who possess
great depth and expertise in fermented enzymes
manufacturing.
Advanced
Enzyme Technologies Ltd. comprises of two wholly owned subsidiaries, two
subsidiaries and five step-down subsidiaries as on March 31, 2017.
The
Company has completed the acquisition of
Advanced Enzymes (Malaysia) Sdn. Bhd. (erstwhile Palm Techno Ventures Enzyme
Sdn. Bhd.) [“AEM”] on July 03, 2017 by way of investment of RM 200,000 (Malaysian
Ringgit) in Ordinary Shares of AEM i.e. 80% of paid-up share capital of AEM. In
view of this, AEM became a subsidiary of your Company.
On
July 11, 2017, the Company has incorporated a wholly owned subsidiary,
“Advanced Enzyme Europe B.V.” in Amsterdam (Netherlands) having issued share
capital of Euro 2 Million.
At
Advanced Enzymes, building enduring relationships
with our customers is at the heart of their business. With exports across 6 continents, we provide customized and effective enzyme solution coupled with the best in technical advice
and superior service.
OUTLOOK
They
expect Advanced Enzymes to maintain the strong revenues and profitability track
record in the FY 2017-2018.
Stepping
ahead, the Company intends to strengthen its focus on new age applications such as palm oil extraction and
biodiesel. Advanced Enzymes is in process to expand its business in Malaysian
market and European market through its newly formed subsidiaries, to drive
growth in profoundly potential
markets. The Company intends to expand its presence in the huge market
available globally for Animal Feed. The Company will connue to drive revenues by expanding its
distribution network and registrations in key target geographies like North America, Europe and
Lan
America. The Company also continues
to explore new avenues, both organically and inorganically, to establish a
significant presence in key target segments. The Company is connuously focusing on enzymes and probiotics to become a successful market leader in the global enzyme
industry.
To
drive this growth, the Company is fairly comfortable with its existing capacities and
capital investments. Currently, the Company is operang at 55% (approximately) of the
installed capacity of its fermentation
assets, which is sufficient to fulfil our present customer needs.
The
Company intends to set trends in the R&D mainly for formulaon of new applications and shall continue to
significantly invest to build its portiolio
in focus applications and industries.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations |
580.500 |
491.670 |
1555.200 |
|
Other Income |
16.540 |
23.580 |
41.920 |
|
Total
Income from Operations |
597.040 |
515.250 |
1597.120 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
190.050 |
225.250 |
620.330 |
|
Purchases of Stock-in-Trade |
--- |
--- |
--- |
|
Changes in inventories of finished goods and
work-in-progress |
47.470 |
32.390 |
51.970 |
|
Excise Duty |
--- |
--- |
32.450 |
|
Employee benefits expense |
80.890 |
76.270 |
244.270 |
|
Finance Costs |
6.980 |
9.350 |
23.740 |
|
Depreciation and Amortization expenses |
20.200 |
19.230 |
58.350 |
|
Other expenses |
127.420 |
83.810 |
301.810 |
|
Total
Expenses |
473.010 |
446.300 |
1332.920 |
|
Profit/(Loss) before Exceptional Items and tax |
124.030 |
68.950 |
264.200 |
|
Exceptional Items |
--- |
--- |
--- |
|
Profit / (Loss) before Tax |
124.030 |
68.950 |
264.200 |
|
Tax Expense |
|
|
|
|
Current
tax |
23.730 |
13.740 |
57.160 |
|
Deferred
tax charge/(credit) |
0.290 |
1.070 |
2.090 |
|
Total tax expenses |
24.020 |
14.810 |
59.250 |
|
Net Profit for the period |
100.010 |
54.140 |
204.950 |
|
Other comprehensive income |
|
|
|
|
Items that will not be reclassified to profit or loss |
2.830 |
(0.140) |
(2.170) |
|
Income tax relating of items that will not be reclassified to profit or loss |
(0.980) |
0.050 |
0.750 |
|
Items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Income tax relating of items that will be reclassified to profit or loss |
--- |
--- |
--- |
|
Total Other comprehensive income |
1.850 |
(0.090) |
(1.420) |
|
Total comprehensive income |
101.860 |
54.050 |
203.530 |
|
Paid-up Equity Share Capital (Face value INR 2 each fully
paid up) |
223.260 |
223.260 |
223.260 |
|
Earnings per Share (EPS) of INR 2/- each (not annualized) |
|
|
|
|
Basic |
0.90 |
0.48 |
1.84 |
|
Diluted |
0.89 |
0.48 |
1.83 |
Notes:
1. The above Statement of unaudited standalone financial results for the quarter and nine months ended 31 December 2017 of Advanced Enzyme Technologies Limited (the "Company") were reviewed by the Audit Committee and thereafter approved by the Board of Directors at their meeting held on 6 February 2018 The statutory auditors of the Company have earned out a limited review of the above Statement of unaudited standalone financial results pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 The Limited Review report does not have any qualifications.
2. On April 1 2017, the Company has adopted Indian Accounting Standards
("Ind AS") notified by the Ministry of Corporate Affairs with effect
from 1 April 2016 Accordingly, the financial results for the quarter and nine
months ended 31 December 2017 have been prepared in accordance with Ind AS and
other accounting principles generally accepted in India and the unaudited
standalone results for the comparative quarter and nine months ended 31
December 2016 have been restated in accordance with Ind AS.
3. According to the requirements of Ind AS and SEBI (Listing Obligations and
Disclosure Requirements) Regulation, 2015, revenue for the corresponding
previous quarter ended 31 December 2016 and for the nine months ended 31
December 2016 were and are reported inclusive of Excise Duty The Government of
India has implemented Goods and Service Tax (’GST) from 1 July 2017, replacing
Excise Duty, Service Tax and various other indirect taxes As per Ind AS 18, the
revenue for the quarters ended 30 September 2017 and 31 December 2017 are
reported net of GST Had the previously reported revenues were shown net of
Excise Duty, comparative revenue of the Company would have been as follow
|
Particulars |
Quarter
ended |
Growth % |
Quarter ended
30.09.2017 |
Nine month ended |
Growth % |
||
|
|
31.12.2017 |
31.12.2016 |
31.12.2017 |
31.12.2016 |
|||
|
Revenue from operations |
580.500 |
415.190 |
40% |
491.670 |
1524.310 |
1200.040 |
27% |
4. During the quarter ended 30 September 2016, the Company completed the
Initial Public Offer (IPO) of 4,594,875 Equity shares of INR 10
each at an issue price of INR 896 per Equity share (INR 810 per Equity share
for eligible employees), consisting of fresh issue of 560,405 Equity shares and
an Offer for Sale of 4,034,470 Equity shares by Selling Shareholders. The
Equity shares of the Company were listed on National Stock Exchange of India
Limited (NSE) via id ADVENZYMES and on BSE Limited (BSE) via Id 540025 on 1
August 2016
5. The proceeds from the IPO of INR 499 990 million (including
issue related expenses, inclusive of service tax amounting to INR 29.320
million)
Details of utilization of IPO proceeds are as
|
Particulars |
As per
prospectus |
Utilized
upto 31 March 2017 |
Unutilized
amount as at 31.03.2017 |
|
Investment in Advanced Enzymes USA, Inc, the wholly owned subsidiary |
400.000 |
400.000 |
--- |
|
General corporate purposes |
71.980 |
70.670 |
1.310 |
|
Share issue expenses |
28.010 |
29.320 |
(1.310) |
|
Total |
499.990 |
499.990 |
0.000 |
6. Reconciliation of net profit as reported under Indian Generally Accepted
Accounting Principles (previous GAAP) and as per Ind AS for the quarter and nine
months ended 31 December 2016 is given as follow.
|
Particulars |
Quarter
ended |
Nine month ended |
|
|
31.12.2016 (Unaudited) |
31.12.2016 (Unaudited) |
|
Profits after
tax as per previous Indian GAAP |
79.630 |
210.240 |
|
Add/less adjustments to GAAP
differences |
|
|
|
Security
deposits recognized at amotised cost |
--- |
0.010 |
|
Amortisation of leasehold land |
(0.020) |
(0.050) |
|
Provision for sales return |
(0.800) |
(0.450) |
|
Net
Actuarial loss on employees defined benefit plan reclassified to other
comprehensive income |
1.740 |
5.220 |
|
Provision for doubtful debts under Expected Credit Loss Model |
(0.890) |
(4.450) |
|
Other
Ind AS adjustments |
0.030 |
0.030 |
|
Deferred
tax on Indexation benefit of land |
0.050 |
0.140 |
|
Deferred tax on above adjustments |
(0.650) |
(0.120) |
|
Net profit for
the period as per Ind AS |
79.090 |
210.570 |
7. The Shareholders vide a special resolution approved sub division of shares of
the Company in the ratio of 5 shares of face value of INR 2 each for every
existing 1 share of the face value of INR 10 each through postal
ballot. The requisite approvals for modification of the Memorandum and Articles
of Association of the Company had been accorded by the shareholders on 4 May
2017. Accordingly, the earnings per share for the previous period has been
restated in accordance with ind AS 33 "Earnings Per Share"
8. The Company operates only in one primary business segment viz. manufacturing
and sales of enzymes'.
9. On 3 July 2017, the Company completed its acquisition of Advanced Enzymes
(Malaysia) Sdn. Bhd. formerly known as Palm Techno Ventures Enzyme Sdn Bhd
("PTVE"), Malaysia by way of an investment of 200,000 Malaysian
Ringitt (RM), equivalent to INR 3.140 Million, in 200,000 ordinary shares of RM
1.00 each of PTVE i.e. 80% of the paid-up share capital of PTVE.
10. On 11 July 2017, the Company has incorporated a wholly owned subsidiary;
Advanced Enzymes Europe B V. in Amsterdam, Netherlands registered with Chamber
of Commerce having a paid up share capital of Euro 2 million, equivalent to INR 149.850
Million.
11. On 15 August 2017, Advanced Enzymes Europe B.V based in Amsterdam has
completed the 100% acquisition of Evoxx Technologies GmbH (Evoxx), Germany, for
a consideration of Euro 6.96 million, equivalent to INR 524.620 Million.
12. The Shareholders in its meeting held on 11 September 2017 have approved the
final dividend for the financial year 2016-17 of INR 0.40 per equity share
and the same was paid on 15 September 2017.
13. The Company’s step-down wholly owned subsidiary , Enzyfuel innovation,
Inc., based in California (USA), being non-operative has been dissolved
voluntarily w.e.f 19 September 2017
14. On 3 October 2017, the Company's step-down wholly owned subsidiary,
Advanced Supplementary Technologies Corporation (USA), acquired certain assets
and liabilities of Biomedic Labs, LLC, USA for a purchase consideration of USD
750,000 equivalent to INR 49.160 Million.
15. Previous period’s figures have been regrouped / reclassified where
necessary, to conform to the current period's classification.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Contingent
liabilities |
|
|
|
i) Pertains to income tax demand/ matters on account of deductions/ disallowances for earlier years, pending for appeals consequent to order passed against the Company/ demands raised by the Department under Income Tax Act, 1961. Amount paid and adjusted there against and included under note 15 'Loans and advances' INR 52.480 million (31 March 2016- INR 24.000 million). |
135.680 |
170.970 |
|
ii) Pertains to excise duty and service tax demand raised by Commissioner of Central Excise, Customs and Service tax on account of inadmissible CENVAT credit, incorrect product classification and service tax levy on directors' remuneration for various periods. Amount paid there against and included under note 15 'Loans and advances' INR 15.060 million (31 March 2016- INR Nil). |
31.460 |
23.160 |
|
The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed as contingent liability, where applicable in its financial statements. The Company’s management does not reasonably expect that these legal actions, when ultimately concluded and determined, will have a material and adverse effect of the Company’s results of operations or financial condition. |
||
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and equipment
·
Factory equipment’s
·
Furniture and fixtures
·
Vehicles
·
Office equipment
·
Computer equipment’s
·
Other equipment’s
·
Leasehold improvements
PRESS RELEASE :
ADVANCED ENZYME
TECHNOLOGIES LIMITED APPROVES ADDITIONAL INVESTMENT IN MALAYSIAN SUBSIDIARY
Posted On: 2018-02-19
The Board of Directors of Advanced Enzyme Technologies Ltd in its Meeting held on February 19, 2018 has, approved the additional investment not exceeding MYR 300,000 (Malaysian Ringgit Three Hundred Thousand), in one or more tranches, in shares of Advanced Enzymes (Malaysia) Sdn. Bhd., Subsidiary (80%) ['AEM'] in the following manner:
- Acquisition of remaining 20% stake i.e. 50,000 equity shares of face value of
MYR 1 each from the existing other shareholders of AEM. On completion of the
said acquisition, AEM would become wholly owned subsidiary (100%) of the
Company; and
- Balance investment by way of subscription, purchase or otherwise of shares of
AEM, in one or more tranches.
Shares of Advanced Enzyme Technologies Ltd was last trading in BSE at INR 236
as compared to the previous close of INR 242. The total number of shares traded
during the day was 23890 in over 613 trades.
The stock hit an intraday high of INR 243.25 and intraday low of 234.6. The net
turnover during the day was INR 5721278.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 65.05 |
|
UK Pound |
1 |
INR 90.41 |
|
Euro |
1 |
INR 79.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
VAR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.