financial system analysis

External Guide Internal Guide

Mr.Ragunath.P Prof. Parul Todon

August, 2011

Submitted By

Pradeep Kumar Pradhan

Reg. No: A1032

DayananDa sagar business school

bangalore -560078

Financial System Analysis

Dayananda Sagar Business School

CERTIFICATE

This is to certify that the Project Report at

AVESTHAGEN LIMITED, BANGALORE.

Submitted in partial fulfillment of the requirements for the award of the degree of

POST GRADUATE DIPLOMA IN MANAGEMENT

(Industry Integrated) To

DAYANANDA SAGAR BISUNESS SCHOOL, BANGLORE.

Is a record of bonafide training carried out by

PRADEEP KUMAR PRADHAN

Under my supervision and guidance and that no part of this report has been submitted for the award of any other degree /diploma /fellowship or similar titles or prizes.

FACULTY GUIDE

Signature:

Faculty Name: Prof. PARUL TONDON



Guide Certification

This is to certify that the report titled “FINANCIAL STATEMENT

ANALYSIS” has been prepared under my guidance and supervision. The report is submitted in partial fulfillment of the requirement for the award of Post Graduate Diploma in Management (Approved by AICTE) by student name Pradeep kumar Pradhan, Reg No A1032

and this report / study has not formed a basis for the award of any degree or diploma in any university / institution.

Place:-Banglore

Date:- Guide Name:- Prof. PARUL TONDON

Director Designation:-Sr lecturer



STUDENTS DECLARATION

I hereby declare that the Project Report conducted at

AVESTHAGEN LIMITED, BANGALORE,

under the guidance of

Prof. PARUL TONDON,

submitted in Partial fulfillment of the requirements for the

Degree of

POST GRADUATE DIPLOMA IN MANAGEMENT

(Industry Integrated) to

DAYNANDA SAGAR BISUNESS SCHOOL,

BANGLORE,

is my original work and the same has not been submitted for the award of any other Degree / Diploma / Fellowship or other similar titles or prizes.

Place: BANGALORE Pradeep Kumar Pradhan

Reg No.: A1032



ACKNOWLEDGEMENT

This satisfaction and euphoria that accompany the successful completion of any task would

be incomplete without mentioning the people who made it possible, whose guidance and

encouragement grow with all the efforts with success.

I consider as my privilege to express my sincere gratitude and respect to our Director Prof. R.K Vijaya Sarathy for permitting me to undertake this project.

I extend my sincere thanks to my company guide Mr. Raghunath .P(Finance Manager) for

his commendable inspiring guidance, valuable advice, encouragement and motivation given

to me to succeed in my endeavor.

I owe from the depth of my heart my gratitude to all those who were so generous in

extending their time and giving a lending hand to bring out this project.

I would also like to thank our friends for giving all the co-operation and confidence to me.

Pradeep Kumar Pradhan.



CONTENTS Sl. No. CHAPTER Page No.

01.

CHAPTER 01: INTRODUCTION

1.1 General Introduction 1.2 Industry Profile a. Origin and Development of the industry b. Growth and Present Status of the industry c. Future of the industry

08-23

08 08 08 11 14

02.

CHAPTER 02: PROFILE OF THE ORGANISATION

2.1 Origin of the Organization 2.2 Growth and Development of the Organization 2.3 Present Status of the Organization 2.4 Functional Departments of the Organization 2.5 Organization Structure and Organization Chart 2.6 Product and Service Profile of the Organization Competitor. 2.7 Market Profile of the Organization

24-46

24 25 31 32 37 38 46

03.

CHAPTER 03: DISCUSSIONS ON TRAINING

3.1 Student's Work Profile(Roles and Responsibilities) 3.2 Description of Live Experience

47-48

47 48

04.

CHAPTER 04: STUDY OF SELECTED RESEARCH PROBLEM

4.1 Statement of Research Problem 4.2 Statement of Research Objectives 4.3 Research Design and Methodology 4.4 Analysis of Data 4.5 Summary of Findings

49-92

49 49 50 51 80

05.

CHAPTER 05: SUMMARIES AND CONCLUSION

5.1 Summary of Learning Experience 5.2 Conclusion & Suggestion

93-95

93 95

06.

QUESTIONNAIRE

96-98

07.

BIBLOGRAPHY 99



Sl. No.

LIST OF GRAPH & CHART

Chart No. Graph/ Chart Title Page No.

01.

02.

03.

04.

05.

06.

Chart 01

Chart 02

Chart 03

Chart 04

Chart 05

Chart 06

Growth and Development of Avesthagen Ltd.

Organization Chart

Comparison of P&L A/c from 2007 to 2009

Comparison of Balance Sheet from 2007 to 2009

Ratio Analysis of the year 2007-08


05

29

54

60

61

62

Sl. No.

LIST OF TABLE Table No. Table Title Page No.

01.

02.

03.

04.

05.

06.

07.

Table: 01

Table: 02

Table: 03

Table: 04

Table: 05

Table: 06

Table: 07

Growth and Development of the Organization.

Profit and Loss Account of the year 2007-08

Profit and Loss Account of the year 2008-09

Balance Sheet of the year 2007-08

Balance Sheet of the year 2008-09



18

50

52

54

57

60

61



The project was carried out for Financial Statement Analysis of AVESTHAGEN LIMITED.

Avesthagen Limited was established in the year 1998, they are the old player in Bio chemical

sector, and the sector has two principal client segments – Research and Development of new

formulas. The company follows values such as – Integrity, teamwork, respect, professionalism,

& mission. The segment of company we are considering here is – pharmaceutical. The thing I

chosen for research is financial statement analysis of the company. The research helps me to

find out financial position of the Avesthagen Limited and awareness by promotion and also find

out the financial position of the Avesthagen Limited.

1.1

General Introduction:

1.2 Industry Profile:

Avestha Gengraine Technologies Pvt. Ltd. is India’s leading fully integrated

biotechnology & bioinformatics firm, focusing on the convergence between food,

pharma and clinical genomics leading to a personalized preventive medicine and

providing innovative solutions for global health problems in the areas of metabolic

disorders and infectious diseases.

(a.) Origin and Development of the Industry:-

CHAPTER – 01

INTRODUCTION



Avesthagen promotes high caliber science and technology, realizing its core mission

through its commitment to transparency and emphasis on ecologically viable strategies.

At Avesthagen, world-class management and excellent science leads to meticulous

internal quality control measures and indisputable results.

Avesthagen’s premises house fully equipped research laboratories and a bioinformatics

center. The infrastructure includes scientific equipments for DNA sequencing, PCR,

assay development, mammalian and plant tissue culture and hi-tech computational

analysis of genes and gene products.

Today, the success of Avesthagen's cutting edge approach is reflected in the

company's existing IP portfolio of 42 patent applications and 9 PCTs covering gene

discovery and transformation methodologies. Avesthagen plans to bring to market over

the next few years a range of branded products based on clinically validated nutritional

compounds.

Avesthagen’s subsidiaries Avgen INC, USA, AQUAS & Avesthagen Europe has

been formed to offer integrated biotechnology research & development services to large

biotechnology, pharmaceutical & agro companies in India and Worldwide.

Avgen Inc is the wholly owned subsidiary based in USA, This global operational

structure will enable the company to take advantage of India's low cost-structure for

research & availability of high-squealed internationally trained scientists. It also enables

Avgen Inc



to access India's unique biodiversity while maintaining the ability to raise capital and

market its products in more mature markets.

AQUAS is a joint venture between Avesthagen and ICRISAT, Hyderabad. AQUAS has been

established mainly for the purpose of Food, Water & Seed purity Testing in our labs located in

ICRISAT premises at Hyderabad.

Avesthagen Quality Agriculture Services (AQUAS)

Avesthagen Europe

Avesthagen Europe has been established to bridge the gap between India and Europe and

capitalize the new business development/marketing opportunities available in Europe. It also

acts as a vital knowledge management/transfer link to be in sync with the developments

happening in the international scenario.

Avesthagen had its academic beginnings in the National Centre for Biological Sciences

campus and the University of Agricultural Sciences, Bangalore in 1998. The legacy of

academic research and the vision to be pioneer in biotech sector, Avesthagen ventured

into the business domain in the early years of biotech boom. In Sept 1999 Avesthagen

acquired seed funding and Intellectual property from Rockefeller foundation and Indo

French Grants.

Avesthagen started its biotechnology era with the following projects : Engineering

for oxidative stress in rice, sponsored by the Rockefeller Foundation

Transformation and regeneration of Pearl millet supported by DFID, UK



• An Indo-French Project dealing with RNA editing as a molecular tool to generate

CMS Rice lines.

• In house work on the T2 transgenic plants (MnSOD), strategies of tomato and

tobacco callus regeneration, engineering chitinase gene for disease resistance.

The setting up of laboratories and scientific groups began simultaneously,

Bioinformatics group & Genomics division with the infrastructure for Sequencing,

Transformation & Marker Aided Selection and cDNA Library construction was set up to

take on world-class services in early 2000. The company ventured into

ethnopharmacogenomics with the inception of the proteomics division.

In late 2000 company moved out of the traditional clusters and hubs of science into the

International Technology Park and equipped with excellent environs for the business of

science.

(b.) Growth and Present Status of the Company:-

The Growth & Development Cycle at Avesthagen

Avesthagen specializes in the discovery, development and marketing of quality

ingredients aimed at degenerative conditions that combine nature, tradition and

technology.

In addition to a well-defined development cycle, Avesthagen also offers the following

technology advantages as part of its "Natural Products" platform:



ADePtTM

ADePtTM is a proprietary Indian medicinal plant resource developed by Avesthagen that

contains 3 complimentary data streams:

• Over 3000 formulations described in traditional medicine compendia like Ayurveda,

Unani or Siddha compendia classified by disease states. The formulations consist

primarily of one or more herbs. They have been developed empirically over several

thousand years, and there is demonstrated evidence that several of them have passed

extensive pre-clinical and clinical validation. This is primary source for lead selection.

• Listing of more than 2500 medicinal plants, and extensive information about their ethno

botanical uses, and pharmacognosy related information. This is used for adding validity

to selected leads.

• Listing of the structure of molecules and profiles of more than 15,000 compounds

common to plants reported to have biological activity across disease states. It is



combined with a proprietary molecular profiling technology called MetaGridTM. It also

contains additional biological and chemical analysis of the potential leads.

Etiology-based Cell-assays

A series of cell-free (enzymatic) and cell-based assays are conducted to screen and validate

natural extracts specific to various etiologies within a medical condition. The assays are

classified into two groups - outcome oriented and mechanistic. The assays, now standardized

for variations within natural extracts, have proved invaluable as an indicator of bioactivity; in

elucidating potential mode of action; and helping in better planning of in-vivo and human trials

for efficacy.

MetaGridTM

MetaGridTM is a proprietary comparative metabolite analysis tool for fingerprinting of

phytoextracts. It enables us to track up to 250 metabolites across different varieties, batches

and extracts of a particular botanical. The result is better reproducibility of extracts and a more

exacting tool for quality control at the manufacturing level than is currently available.

Solvent-free Extraction

Supercritical fluids extraction (SFE) is increasingly replacing organic solvents due to regulatory

and environmental pressures on ozone-depleting emissions. SFE processes have eliminated

the use of hexane and methylene chloride as solvents. With increasing scrutiny of solvent

residues in pharmaceuticals, medical products, and nutraceuticals, and with stricter regulations

on VOC and ODC emissions, the use of SFE is rapidly proliferating in natural extracts.

Avesthagen has built competency to develop and implement supercritical CO2 extraction from



lab to commercial scale to ensure "solvent-free" ingredients. The following are the advantages

of SFE to our customers:

• No solvent residues. For industrial processes involving food or pharmaceuticals this is a

big plus.

• SCF derived extracts are regarded as "nature identical".

• Retains biological activity and allows minimal product degradation, particularly for

products such as polyunsaturated oils and complex lipids.

Supporting our Partners

• Discovery and validation of natural ingredients for health benefits.

• Optimization of organoleptics and physical characteristics to exactly fit YOUR food

product.

• Support product and concept design.

• Extensive safety studies and analysis for potential contaminants.

• Execution of well-designed clinical studies to demonstrate benefit.

• Solvent free manufacturing process for supply of ingredients.

• Marketing support to health professional.

Avesthagen focuses on generating novel nutraceutical products through application of its

integrated technology platform on the converging food and pharmaceutical sectors. The

program is developing medicinal plant based solutions for chronic degenerative conditions such

as diabetes, obesity, osteoporosis, etc. where no effective treatment currently exists.

Avesthagen plans to bring to market over the next few years a range branded therapeutic

nutritional compounds with supporting clinically validation.

(c.) Future of the Industry:-



Avesthagen being a first discovery-based fully integrated biotechnology & bioinformatics

company believes in the theory of Food for Medicine, Seed for Food & Nutrigenomics.

Therefore the focus areas of Avesthagen is :

• Nutrition & Healthcare

• AgBiotechnology

• Research Process Outsourcing

Nutrition & Healthcare

In the highly competitive environment of contemporary pharmaceutical research, plant

natural products provide a unique element of structural diversity and biological

functionality, which are indispensable for biotherapeutic discovery. About 40% of the

drugs currently used are derived from natural sources. Throughout rural India,

traditional physicians use a large number of plants from the ambient vegetations to deal

with complicated diseases and ailments.

The WHO estimates that 80% of the population in developing countries rely on

traditional medicines, mostly plant drugs, for their primary health care needs. A survey

conducted by the All India Coordinated Research Project on Ethno-biology (AICRPE)

recorded over 5,000 rare species of wild plants used by tribals and other traditional

communities in India for treating various health problems. Recent studies of ethno-

medical information have confirmed plants as a reservoir of chemical agents with

therapeutic potential. The primary systems of traditional medicine practiced in India are

Siddha, Ayurveda, and Unani.



The companies aims to discover novel multi-component bioactive natural products or

receptor target homologue peptides that can serve as leads for the development of

novel nutritional compounds to address unmet therapeutic needs in diabetes, obesity

and bone loss.

In order to support the research on diabetes, Avesthagen has been awarded a major

grant by the World Bank through the Sponsored Research & Development (SPREAD)

program.

Agbiotechnology

Enhancement of Quality traits for agronomically important plants is at one helm of

Avesthagen. The primary aim of the AgBiotech Gene Discovery Program is to identify

all genes responsible for the physical body, the chemical nature and growth of

agronomically important plants, with emphasis to Quality traits, tolerance to biotic and

abiotic stress for subsequent use in modifying the characteristics of the plant to

generate elite varieties.

Production of DHA and ALA in yeast and sunflower

Docosahexaenoic acid (DHA) is an w-3 fatty acid that is essential for the growth and

well being of infants, adults and senior citizens. It is an essential component of the brain

and the retina and is necessary for the growth and development of the fetal and

neonatal brain. Since the fetus and nursing child draw DHA from the mother, it is vitally



important for the mother to have sufficient intake of DHA during pregnancy and

lactation. Reduced levels of DHA during this period lead to retarded neural

development, visual acuity and reduced childhood intelligence. Postnatal deficiency of

DHA may also induce a predisposition to adult degenerative diseases. Reduced levels

of DHA in older people predispose them to memory loss and neurological diseases.

The major demand for DHA is at present in the European infant formula market and is

expected to be 100 to 200 tons. DHA has been traditionally obtained from fish oils.

However, inconsistency in DHA content in fish oils and the undesirable fishy odor of the

product have spurred research for alternate sources of DHA. Thraustochytrium, a

marine unicellular organism, has been identified as an alternate source of DHA. Large-

scale production of DHA from Thraustochytrium and genetic engineering of yeast could

be a cost-effective alternative for the large-scale production of DHA.

Avesthagen is engaged in large-scale production of DHA from Thraustochytrium.

Scientists at Avesthagen are also cloning the genes of the DHA biosynthetic pathway

for introduction into yeast wherein yeast would be used as a vehicle for large-scale

production of DHA in fermentation cultures. An ongoing attempt to introduce the

necessary genes for production of a linolenic acid, a precursor of DHA, into sunflower.

Human beings have the capacity to convert ALA to DHA albeit with reduced efficiency.

In order to complete this project, Avesthagen has been awarded a USD 600,000 grant

by the Council of Scientific and Industrial Research (CSIR) through the New Millennium



Initiative for Technological Leadership in India program.

Enhancement of Quality traits (Aroma) in rice

Aroma in Basmati is one of the most important qualitative trait. This is because of the

presence of more than 100 compounds with 2-Acetyl-1- Pyrroline (2-AP) as the primary

component. The production of this compound is highly regulated by environmental

conditions.

The objective of the project is to identify the gene(s) responsible for aroma production in

Basmati Rice and to envisage the regulation of aroma production under different

environmental conditions and the pathway responsible for the production of 2-AP.

Production of Cytoplasmic Male Sterile (CMS) lines in Rice

Cytoplasmic Male Sterility (CMS) is a maternally inherited trait resulting in abortion of

pollen grains. The high level of.

Rice is the world's most important crop and primary food source for one third of human

population. The aim of this project is to alter the function of complex I of the

mitochondrial respiratory chain. We will utilize the phenomenon of RNA editing to

generate transgenic rice expressing the unedited gene resulting in CMS rice varieties.

The modified new protein, targeted to mitochondria, will impair subunit assembly

resulting in a decrease in cellular energy levels and CMS.



This project involves introduction of both edited and unedited genes via biolistic method

of transformation into rice, tomato and cotton cultures followed by selection and

regeneration of plants.

Engineering plant tolerance to environmental stress

The three major abiotic stresses, drought, salinity, and (especially low) temperature, are

causing significant yield reduction in most crops. Abiotic stress in plants has emerged

as a significant problem in agriculture. Therefore plant engineering for increased stress

tolerance development has great potential and is currently the broad focus of the

company. Our results will provide the number and nature of all genes that are involved

in various stress tolerance and their response to alterations in osmotic and ionic

conditions, which make essential contributions to stress tolerance, and the mechanisms

of stress tolerance.

Engineering plants for Salt stress by over-expressing a putative protease

inhibitor -AGTSal11

Protease inhibitors play a key role in combating biotic stress in plants. This project

involves cloning of the above said AGTSal11 gene (antisense version) into plant

transformation vectors and to induce stress tolerance by over expressing in susceptible

rice varieties, chickpea and tomato. The objective is to assign a role in abiotic stress for

the gene AGTSal11 based on its expression pattern in IR64 (salinity susceptible line)

and Rasi (tolerant line) indica rice varieties. AGTSal11 was cloned from an RNA



differential display between control and salt-stressed etiolated seedlings of IR64 and

Rasi. The gene was expressed in IR64 etiolated seedlings, but not in Rasi seedlings.

This differential expression of the gene in indica rice genotypes with opposing abiotic

tolerance levels points to a role for AGTSal11 in salinity tolerance/susceptibility. The

antisense strand of the cDNA codes for a putative polypeptide with 143 aminoacids and

a deduced molecular mass of 156.87kDa. Using sequence analysis, secondary

structure prediction and molecular modeling, we were able to assign a putative function

for the protein encoded by the antisense cDNA, as a Bowman-Birk type II protease

inhibitor.

Cloning and transformation of cDRSS (cDNA Rasi Salt Stress) genes for salt

tolerance

A salt stressed cDNA library was made using the salt tolerant rice variety - Rasi - by

sub-cloning of full-length cDNA implicated in salt tolerance from this library, into plant

expression vectors. These sub-cloned genes are transformed into rice for increased

stress tolerance.

Isolation of DREB genes in rice and engineering for drought and high salt stress

tolerance in rice

DREB (Dehydration-Responsive Element Binding protein) genes are a family of five

genes involved in drought and salt stress tolerance and are induced by dehydration and

high-salt stress. In Arabidopsis, organ-specific northern analysis showed that these



genes are strongly induced in roots by high-salt stress and in stems and roots by

dehydration stress.

This project involves screening salt-stress cDNA library (RASI) to get full-length DREB

genes. Gene specific primers have been designed based on the sequence of

Arabidopsis cDNA DREB genes, available in AdePt™, PCR product will be cloned.

Then Avesthagen will proceed to the sub-cloning of these full-length cDNAs into plant

expression vectors. Finally, we aim to transform these genes and check the expression

levels of under stress conditions.

Engineering Pearl millet for Disease Resistance

Pearl millet (Pennisetum glaucum) is commonly called bajra in India. It is also known as

poor mans crop as it grows in semi arid conditions and is a staple food in most of the

drought hit areas of the third world. 843B is an important variety because of its early

maturity, short life cycle, and good tillering capacity.

Downy mildew is the major disease caused by a fungus Sclerospora graminicola.

Chitinases are enzymes that degrade the chitin a major compund in fungal cell wall in

an insect exoskeleton or thin, thread like filaments of fungi.

The aim of this project is to develop a standard protocol for regeneration through tissue

culture and to introduce disease resistance through genetic transformation techniques.

Engineering Indica Rice lines for Oxidative Stress

Plants exposed to stress (cold, drought, or herbicide treatment) produce active oxygen

species such as superoxides that cause peroxidation of membrane lipids leading to

inactivation of enzymes and various other physiological disorders in plants. Superoxide



dismutases (SOD) are a group of metalloenzymes which catalyze the dismutation of

superoxide radicals into molecular oxygen and hydrogen peroxide. Thus they protect

the plant cells from superoxide radicals.

Catalase is a tetrameric heme-containing enzyme found in nearly all the aerobic

organisms, which converts hydrogen peroxide into water and molecular oxygen in

plants. They are primarily localized in peroxisomes and involved in decomposition of

hydrogen peroxides generated during photorespiration and a-oxidation of fattyacids. It

also plays a very important role in detoxifying active oxygen species produced under

various biotic and abiotic stresses. This project involves co-bombardment of superoxide

dismutase and catalase genes by particle bombardment into rice callus followed by

selection and regeneration of plants.

Research process Outsourcing

Through its in-house research programs and alliances, Avesthagen has developed

strong competencies in genomics, proteomics, metabolomics and bioinformatics,

resulting in an integrated biotechnology platform, which is applied in its focus areas to

Under its proprietary Research Process Outsourcing™ (RPO™) model, Avesthagen

provides R&D Services to biotechnology, Pharmaceutical and agro companies in India

and abroad. At Avesthagen, scientific expertise is harnessed to distill solutions to your

problems with a guarantee of absolute confidentiality. Further we are continually forming

alliances worldwide to develop sensitive and rapid tests to service new and emerging

industry/agriculture needs. The technology developed in-house is protected by patents

of international standards and are licensed out by Avesthagen.



aid the rapid development of novel therapeutics and molecular diagnostic products.

Avesthagen has developed a range of capabilities to become a high quality, competitive

cost outsource partner for Pharmaceutical, agro, and Biotech companies, who

outsource (some of) their research processes. The premises house fully equipped

research laboratories and a bioinformatics center. Infrastructure includes scientific

equipment for genetically engineering plants, DNA sequencing, developing assays and

performing computational analysis of biological activity of genes and gene products.



2.1 Origin of the Organization: Avesthagen had its academic beginnings in the National Centre for Biological Sciences

campus and the University of Agricultural Sciences, Bangalore in 1998. The legacy of

academic research and the vision to be pioneer in biotech sector, Avesthagen ventured

into the business domain in the early years of biotech boom. In Sept 1999 Avesthagen

acquired seed funding and Intellectual property from Rockefeller foundation and Indo

French Grants.

Avesthagen started its biotechnology era with the following projects :

• Engineering for oxidative stress in rice, sponsored by the Rockefeller

Foundation

• Transformation and regeneration of Pearl millet supported by DFID, UK

• An Indo-French Project dealing with RNA editing as a molecular tool to generate

CMS Rice lines.

• In house work on the T2 transgenic plants (MnSOD), strategies of tomato and

tobacco callus regeneration, engineering chitinase gene for disease resistance.

CHAPTER – 02

PROFILE OF THE ORGANIZATION



The setting up of laboratories and scientific groups began simultaneously,

Bioinformatics group & Genomics division with the infrastructure for Sequencing,

Transformation & Marker Aided Selection and cDNA Library construction was set up to

take on world-class services in early 2000. The company ventured into

ethnopharmacogenomics with the inception of the proteomics division.

In late 2000 company moved out of the traditional clusters and hubs of science into the

International Technology Park and equipped with excellent environs for the business of

science.

2.2 Growth and Development of the Organization:

Growth of the Industry from 1998 to2020:--

Year Growth and Development

1998 Avesthagen was founded by Dr. Villoo Morawala-Patell

2001 Avesthagen started its business operations

2001 Avesthagen received raised $1.5 million from ICICI Venture Funds as first round of venture funding

2001 Global Trust Bank became a strategic investor by investing Rs. 2 Crore

2001 TATA Industries Ltd. has picked up 5% stake in Avesthagen

2001 Avesthagen has announced an exclusive tie-up with the US-based Genetic Id Inc, thus becoming the first Indian Company to offer globally approved testing and certification for Genetically Modified Organisms (GMO’s).

2002 Avesthagen has tied up with pharma major AstraZeneca for drug



discovery program in tuberculosis (TB).

2002 Avesthagen has been rated amongst the top five life sciences companies for its business plan presented at the TiEcon, 2002 (the world's largest conference on entrepreneurship held in Silicon Valley, US) held at Westin, Santa Clara, California.

2002 Wipro ties up with Avesthagen to explore BT

2003 The one billion euro French biotechnology giant, bioMerieux, in collaboration with Avesthagen, is setting up a global research project in Bangalore to develop diagnostic solutions for Tuberculosis (TB).

2003 Avesthagen has announced the launch of new facilities in Andhra Pradesh in International Crops Research Institute for the Semi-Arid Tropics (lCRISAT) at Patancheru

2003 Avesthagen entered into a alliance with bioMerieux to develop diagnostic kit based on the Affymetrix gene chip technology.

2003 Avesthagen has tied up with Imperial College London for population genomics study. The project is expected to focus on systemic lupus erythematosus (SLE) a generalized autoimmune disease

2003 Avesthagen has tied-up with state government of Andhra Pradesh and the international Crop Research Institute for Semi Arid Tropics (ICRISAT) to provide technological support to the emerging food, water and seed-testing sectors.

2003 Avesthagen and Kerala Government signed an MoU and agreed to set up a special purpose vehicle (SPV),

2003 Avesthagen gets US patents for multiple use technology

2004 Avesthagen ties up with CIPLA Ltd.

2004 Avesthagen received Rs. 2.75 crore CSIR grant for DHA research

2004 Avesthagen has obtained exclusive market rights to Raisio’s top-selling product, Benecol, in India.

2004 Godrej Industries Ltd. picks up Stake in Avesthagen

2004 Ranbaxy Laboratories Ltd and Avesthagen have signed a long term collaborative research agreement in the area of new drug discovery research



2004 Ahmedabad based Intas Pharmaceuticals Ltd and Avesthagen have entered into a collaboration wherein Avesthagen will develop novel laboratory and pilot plant scale processes for expression of recombinant proteins for Intas.

2004 Avesthagen and Nordic Bio-sciences, a subsidiary of the Denmark-based Center for Clinical & Basic Research (CCBR), have announced a strategic joint venture Avesta Nordic Research Pvt Ltd

2005 Avesthagen ties up with US Company Sequenom

2005 Expansion of Laboratory and Office space (14,500 sq ft) into Innovator building at ITPL

2005 Acquisition of Good Earth Foods Pvt Ltd.

2005 Inception of Avesta Biotherapeutics & Research Pvt Ltd (JV with Cipla Ltd, India)

2005 Strategic alliances with Nestle Nutrition SA, Novartis AG and with TNO Quality of Life

2005 Dr. Patell received the GR8! Women Award for Science & Technology

2005 Series B – follow-on investments by bioMérieux SA, France, and Godrej Industries Ltd, India.

2005 Granting of “Pearl Millet” patent in Australia

2006 Signing of agreement for construction on new headquarters with Ascendas within ITPL campus, Bangalore.

2006 Winner of the Red Hearing Asia Award for “Disruptive Innovation”

2006 Expansion of Laboratory and Office space (4,000 sq ft) into Discoverer building at ITPL

2006 Grant from Indian Department of Biotechnology under the SBIRI scheme.

2006 R&D tie up with Group Danone

2006 Strategic Alliance with Groupe Limagrain, France and inception of Atash Seeds Pvt Ltd.

2006 Extension of Nestlé Nutrition Deal



2006 Dr. Villoo Morawala-Patell receives the BioSpectrum Entrepreneur of the Year Award 2006

2007 Avesthagen gets patent for salt tolerant rice

2007 Avesthagen IP model achieves global benchmark valuation of Euro 115 mn

2007 Avesthagen announces the closure of Series "C" round Euro 25 mn. New Investors are Fidelity, Daninvest, Limagrain and Bennett Coleman Co. Ltd.

2007 AVESTHAGEN-ONE, Avesthagen breaks ground for its new corporate headquarters and R&D center at International Technology Park, Whitefield, Bangalore

2007 Avesthagen launches THE AVESTAGENOME PROJECTTM, Undertakes path breaking project for Novel Therapies and Diagnostics

2007 The Avestagenome ProjectTM Nature, March 29, 2007

2007 Dr. Villoo Morawala-Patell received the 2006 FICCI AWARD

2007 Avesthagen and Manipal Acunova announce collaboration in drug discovery, pre-clinical, clinical research including regulatory matters

2007 Avesthagen Receives INR 225 Million Share Capital Investment from NYLIM India Fund

2007 Avesthagen-Limagrain announces co-acquisition of majority stake in two seed companies

2007 Avesthagen enters into agreement with Malaysian Biotechnology Corporation to manufacture Bio Similar products

2007 Dr. Villoo Morawala-Patell’s profile was published in Nature Biotechnology, July 2007

2007 Avesthagen Acquires US Dietary Supplement Company Renaissance Herbs, Inc. (RHI)

2007 Avesthagen receives Australian Patent “A process for generating cytoplasmic male sterile line in rice and other crops by RNA editing”

2007 Avesthagen-CIPLA Joint Venture acquires Siegfried Biologics GmbH company

http://www.avesthagen.com/docs/Avestha_Manipal.doc�





2007 Avesthagen arm acquires Siegfried Biologics

2007 Dr. Villoo Morawala-Patell takes over as Chairman of Avesthagen

2008 AVESTHAGEN becomes AVESTHAGEN LIMITED

2008 Avesthagen Limited launches Avestaä brand of plant–based bioact ives

2008 Parsi communit ies in Hyderabad, Navsar i and Surat provide part ic ipat ive support to The AVESTAGENOME Project™.

2008 Avesthagen begins Phase II I Human cl inical Studies for its AVESTA BRAND OF Bioactives.doc

2008 Affymetr ix Signs Agreement W ith Avesthagen Limited

2008 AVESTHAGEN LIMITED and DuBiotech to enter into a Joint Venture

2008 AVESTHAGEN LIMITED and LIMAGRAIN Introduce India’s First 100% Biodegradable Plast ic

2008 France Government honors and awards Dr. Vi l loo Morawala – Patell ‘Off icer of the National Order of Merit ’

2008 Avesthagen launches Whole wheat crackers with TeestarT M - a c l in ical ly validated bioact ive that would help those who are prone to Type II diabetes

2008 AVESTHAGEN announces the cl in ical tr ial results of TeestarT M

2008 Avesthagen partners with ShigaMediX to develop vaccines for cervical cancer and tuberculosis

2008 ABRPL Gets RCGM’s Nod for Pre-Cl inical Evaluation of Biopharmaceut ical Products

2008 Avesthagen and ICMR join to promote biomedical research in India

2008 Dr. Vil loo Morawala-Patel l Receives the Prest igious ‘Ast itva Award’ for Excel lence in Science and Technology

2008 Avesthagen Limited and Mall ika Sarabhai Present “And



They Came to India”

2008 Avesthagen L imited’s new Strategic Scientif ic Advisory Board addresses its mult idiscipl inary product pipeline

2008 Avesthagen Limited’s Intel lectual Property For Diabetes Management Valued at $470 mil l ion

2008 Avesthagen Limited’s gets “License To Heal”: To Manufacture Bioact ives for Ayurvedic Drugs

2008 Dr. Vil loo Morawala-Patel l Awarded For Achievement in Innovat ion And Creation Of Value. Award Conferred By The Adolfo Ibanez University

2009 AVESTHAGEN LIMITED Appoints Two Independent Board Members

2009 His Excel lency Dr Boni Yayi, President, Republ ic of Benin today vis ited the campus of AVESTHAGEN LIMITED, at ITPB, Bangalore.

2009 Outstanding Entrepreneur of the Year; Dr. Vil loo Morawala-Patell, Conferred Upon By The World Zarathusthi Chamber of Commerce (WZCC) at Houston,Texas, USA

2009 Avesthagen sai ls into Lat in American waters. Forms Avesthagen Latam SpA to tap a large emerging market for its technologies, products and services. Announces strategic al l iance with Chi lean biotech company - Uxmal S.A. The venture is being act ively supported by the Chilean government.

2009 Avesthagen and The Harvard Medical School (HMS) Department of Genetics sign MOU to share knowledge and services in the f ield of Genomics

2009 Avesthagen and VTT Technical Research Centre of Finland, s ign MOU to conduct product-based research projects in the f ield of Theranostics

2009 AVESTHAGEN to init iate Cl inical Trials for biosimilar AVDESP™

2009 Avesthagen revives IPO plans



2009 Avesthagen forms global Joint Venture with Limagrain in ATASH Seeds Private Limited 'Novel seeds for the challenges of the changing environment'

2009 Dr. Villoo Morawala Patellreceived prestigious ‘Karmaveer Puraskar’ as a ‘Corporate Citizen’ for her contribution in the field of agriculture and healthcare in Nov 2009 by iCONGO (Indian Confederation of NGOs) & Karmaveer Puraskar is a National Award for Social Justice & Citizen Action

2010 Avesthagen Limited was granted Patent registration for trapezoidal packaging design of its Good Earth Foods range of Products. The sub-category 09-03 includes Boxes, Cases, Containers, (Preserve) Tins and Cans and is effective from Jan 31, 2008.

2010 Avesthagen's Strategic Scientific Advisory Board meeting was held on Feb 15, 2010

2010 Avesthagen achieves significant commercial milestone Sends first batch of cell lines for cGMP production of Clinical grade biosimilars to Inno Biologics, Malaysia

2010 Avesthagen moves towards Clinicals of its biosimilar AVENTTM

2.3 Present Status of the Organization:

AVESTHAGEN LIMITED, was established in the year 1998, as a pharmaceutical company in

India. The company was incorporated with its registered office in Bangalore. It started its

operation in 2001 with $1.5 million from ICICI Venture and 2 crore from Global Trust Bank and

also TATA pick up 5% stock from Avesthagen Limited.

Head Office:-

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AVESTHAGEN LIMITED

Discoverer, 9th Floor

International Tech Park

Whitefield Road

Bangalore – 560 066

Phone: +91 9535078442

Fax: +91 81 2841 8780

E-mail: [email protected]

Website: www.avesthagen.com

Presen status of the company:-

The profit and loss of the company in the year 2008-09 is 787031300.34 and Balance sheet is

2989092799.7

2.4 Functional Department of the Organization:

1. Systems Biology Model. When it comes to discovery and scient if ic

breakthrough we believe in putting together rather than taking apart,

integrat ion rather than reduction. The pluralism of causes and effects in

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biological networks is better addressed by observing, through quantitative

measures, multiple components simultaneously and by rigorous data

integrat ion 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 tradit ional scient if ic phi losophy, in the full

sense of the term.

2. Predictive Preventive Personalized Healthcare . We believe that

healthcare wil l be revolutionized by genomic and stem cell research,

becoming predict ive, preventive, and personalized. The goal of

personalized medicine is, f irst 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 wil l

transform healthcare dramatically. We have just entered the world of

molecular medicine, and the realit ies of regenerat ive medicine and

preventat ive healthcare are within our grasp.

3. The BioNutrition (or Food-for-MedicineTM) group focuses on developing

scient if ical ly val idated bioact ives f rom Indian medicinal plants for prevent ion or

treatment of degenerat ive condit ions such as diabetes, obesity, CVD and bone

health. We also work on performance enhancement, stress management,

skincare, weight management, immunomodulat ion, pain management,

osteoarthr it is and digest ion through use of proprietary tools. FFM products

target both food and pharma markets and, coupled with global marketing



strategies and the acquisit ion of two product driven businesses, the

BioNutr it ion group is poised for sustainable fast growth. I t hosts two whol ly

owned subsidiaries and large col laborative programs.

On the Dietary Supplement f ront, Avesthagen markets scientif ically val idated

natural ingredients. These set the highest standards for purity and

concentrat ion of act ive const ituents. Many of our leading products have strong

intel lectual propr ietary posit ions. These include trademarks and patents that

employ process, composit ion and method of use claims. Products are

manufactured in India and sold in the US and Japan in the form of pil ls and

powders and wor ldwide though bulk volumes. Europe and south-east Asia wi l l

be covered by mid 2009. We have an exist ing catalogue of over 40

standardized extracts and mult iple grades of innovative specialty products and

wi l l continue to fuel the pipeline with new products developed in-house or

though col laborat ions.

The food wing develops nutr it ious alternatives for breakfast, dai ly snacks, and

functional foods for al l who str ive towards promot ing wel l -being through a

healthy diet. The products target the discriminating health conscious consumer,

who cares about using natural food ingredients for their nutr it ion

requirements and those who bel ieve that their health can be managed better

through foods. This unit fol lows the phi losophy of healthy and tasty foods whi le

adding value by bringing to market product l ines fort if ied with c linically

val idated nutr it ional bioact ives developed by the FFM team. Products are

currently sold in India and wi l l enter Europe & US in 2009.



4. The BioAgriculture (or Seed-for-FoodTM) group focuses on biot ic & abiot ic

stress resistance, oil enhancement and developing funct ional foods f rom plants.

I t hosts three wholly owned subsidiar ies, large col laborat ive programs with the

l ikes of Limagrain and Godrej and sees itself as a vehicle of high qual ity seed

transmutation, wherein crops are developed through a combination of genetic

and genomic tools, conventional and markers assisted breeding, exploi t ing

natural and directed var iat ion and trans/cisgenics. The aim is to combine/create

germplasm with in-house technologies to enhance trait based solut ions for

farmers in India and across the globe.

5. In the Science & Innovation group, technologies are being developed

through collaborat ive R&D with global partners in the l i fe sciences industry. I t is

the R&D heart of Avesthagen where new ideas are incubated and the main

driver in the creat ion of high value IP. Over the years numerous col laborat ions

have emerged f rom this program and evolved into new ventures. Others have

also attracted equity investments in the parent company. The Science &

Innovat ion business unit of Avesthagen employs a Systems Biology approach

for the dissect ion of molecular mechanisms in human diseases and works

towards delivery of innovat ive solut ions for predict ive, preventive, personal ized

healthcare. To take a product or a technology f rom concept to market is

Science & Innovation’s greatest strength.

6. Science & Innovation current ly covers four programs : AVESTAGENOMET M

(a f lagship large scale populat ion genomics study on Parsis), Cancer Stem

Cells, Molecular Diagnostics and, f inal ly, Natural Drug Discovery.



7. Under the BioPharmaceuticals group a sol id pipel ine of biosimilars is being

developed in partnership with Cipla Ltd. The group focuses on pathway

engineering and development of novel expression systems, development of

product specif ic bioassays and design of novel animal component f ree

product ion media, generat ion of over-expressing stable cell l ines, 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 cert if ied manufacturing

facil i t ies in India and Malaysia. The f irst products are expected to reach the

market early 2011 and wi l l be sold in unregulated markets through Cipla’s

distr ibut ion network. Regulated markets wi l l be penetrated post patent expiry.

First mover advantage, strategic posit ioning and worldwide col laborat ions saw

the company progress towards its goal of bringing new safe medicine faster to

the wor ld whilst keeping social and ecological aspects in mind. Avesthagen

recognise that corporate responsibi l i ty does not end at the factory gate or at

off ice doors and that economic performance and attention to people go hand in

hand.

Avesthagen has built number of collaborat ions including joint ventures

and equity led deals with global partners generating signif icant IP

portfolio – valued by independent parties at Eur 2 Bn. In addition, we

received numerous international certif icat ions and awards. Revenues

have progressed steadily since 2006 and we have seeing fast growth

compared to the usual gestation period in the biotech industry. The

company has raised to date more than Eur 40 mil l ion in equity that have



been carefully deployed on four acquisit ions and a substantial product

portfolio and pipeline. Avesthagen is armed with international

manufacturing, distribut ion and marketing capabili t ies.

2.5 Organization Structure and Organization Chart:

The organization structure of the Avesthagen Ltd. is such that it comprises of the departments

and the employees in the hierarchical order so that they are able to perform their functions and

duties smoothly and effectively doing their job in a manner in which it should be done. The

organization is headed by the administrative department which coordinates and controls the

executive department. The executive department is a link from the top and the bottom

comprising of the lower level employees such that they work together to fulfil the common

objective of getting business from the persons who get in touch with them and see to it that they

are provided with the best of the Avesthagen Ltd. which constitute giving financial advise to

providing Account to the customers. The lower level employees and the corporate financial

consultants work together to see to it that the database for providing financial Avesthagen Ltd.

to sufficient number of people is made .They work together to see to it that this database is

followed and worked upon such that more and more number of people get themselves avail the

financial Avesthagen Ltd. of the organization. Team leaders who form the part of the

administrative department of the Organization make sure that the clients that turn up for the

financial Avesthagen Ltd. are dealt with most efficiently and effectively.

The organizational structure is well planned out and it follows a simple format which is

follows:



Each team lead has a team comprising only of both senior as well as junior market research

analyst who aid the team lead in the entire market research process as it has been discussed

previously. This is the basic organizational structure followed by AVESTHAGEN LTD.

2.6 Product and Service Profile of the Organization:

Biogen is principally engaged in using the tools of biotechnology to develop innovative

drugs for human health care. Biogen has a world-class research engine for drug

discovery, with a higher percentage of revenues dedicated to R&D investment than

virtually all other leading names in biotechnology industry. This commitment has helped

produce a pipeline of much-needed therapies.



Avesthagen is engaged in using biotechnology pioneers in offering high throughput

technology research services catering to pharmaceutical, biotechnology & seed

companies.

• Functional genomics

• Population Genomics

• Proteomics

• Bioinformatics

• Metabolomics

Functional Genomics

Sequencing DNA is the step between information and its interpretation. It is the

sequencing of DNA that has lead Biology and medicine through a revolution. The

catalyst for this revolution are the Human Genome Project and the Arabidopsis Genome

sequencing that have improved technologies for sequencing and analysis of DNA and

generated detailed information. Sequencing techniques have hit a high, and we, at

Avesthagen, are a part of the biological revolution.

DNA Sequencing

Our DNA sequencing service specializes in regular and custom DNA sequencing. We

provide several different types of sequence data. We have a service that should fit your

needs. Results are delivered by e-mail or floppy/CD-Rom.

Services Available



- Sequencing Read Length = 550bp +/-50bp (Verified basecalls)

- Gene Walking (primer walk sequencing)

Technical Information

Sequencing reactions are performed by PCR according to Applied Biosystems (Big Dye

Terminator) protocols. All samples are processed on either ‘slab gel' sequencing instruments

(i.e. ABI-377) or capillary sequencing instruments (i.e. ABI-3700). For additional information

please contact Dr. K. R. Rajyashri and/or Deepak Sardana.

Quality Standards

Quality controls are performed throughout the entire sample processing, ensuring the

highest quality results possible. All procedures and protocols follow strict QC guidelines.

Most of our sequencing reactions will achieve the intended run length (500bp +/-50bp),

for an 'average' plasmid DNA sample ('average' means- not severely rich in AT or GC,

not low copy number plasmid, not containing a high percentage of microsatellites,

hairpins, etc).

Recommendations

DNA sample concentration and volume: We ask you to submit 15 µl of sample in

distilled water at the following concentrations:

For Plasmid DNA: 100 ng per microliter.

For PCR Product: 10 ng per microliter.

For BAC DNA: 1 µg per microliter.

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DNA sample packaging and shipping:

1 to 15 samples : Please submit them in 1.5-mL or 0.5mL microcentrifuge tubes sealed with

parafilm.

16 or more : You may submit them in 96-well plates.

All strip caps and plate covers must be securely fastened to prevent evaporation and/or

leakage from the tubes. DNA samples do not need to be sent on ice, and can be sent

via regular mail or other carrier service. All samples should be securely packaged to

prevent damage during shipping.

Custom primer volume and concentration:

Please submit your custom primer(s) at a concentration of 3.2pm/µl. Please send a

minimum volume of 10 µL. All primers should be suspended in distilled water.

PCR product concentration and volume:

We prefer that clients submit purified DNA samples at a concentration of 10 ng/µl or

greater 25 µl of each PCR product sample in distilled water. PCR product should be

cleaned for excess of dNTP’s and primers.

Turn-Around Time

Express Service is normally less than 48 hours.

Standard Service is normally 3 to 7 days.

Quote Request

1. Cloning Vector name?

2. Number of DNA samples and number of sequencing reactions on each?



3. Estimated date to start project?

4. Any related products needed (i.e. plasmid DNA prep, bioinformatics services-vector

trimming, assembly, BLAST reports or any other DNA analysis based on our in-house

GCG server)?

5. Number of PCR product samples and number of sequencing reactions on each?

Gene Walking (primer walk sequencing)

When you need to have the complete sequence of an unknown insert or have an entire

construct sequenced (both ends), Gene Walking may be the best solution. Our Gene

Walking service includes primer design, sequencing, data verification and sequence

assembly. The number of bases sequenced and the level of coverage selected

determine the price. Results are delivered by e-mail or floppy/CD-Rom.

Turn-Around Time

Under normal circumstances we expect to achieve 1 walk on each clone frontier, every eight

working days.

Quote Request

1) Project name and cloning vector name?

2) Number of plasmid DNA samples to be Gene Walked?

3) Size of each insert?

4) Proposed date to start project?

5) Any related services needed (i.e. plasmid DNA prep)?



BAC & Cosmid Sequencing

For sequencing an entire BAC/COSMID clone, our Randomly Sheared Shotgun Library

service is the recommended strategy.

Recommendations

For the best results, sequencing grade BAC DNA needs to be purified by an ultrapure maxi- or

midi-prep (e.g. kits made by Qiagen, Princeton Separations or Gibco-BRL). Please contact Dr.

Rajyashri if you have questions concerning your BAC DNA preps. Preparing sequence grade

BAC DNA can be tricky; we have very reliable techniques for preparing sequencing-grade BAC

DNA at Avesthagen.

Turn-Around Time

It depends on the size of the insert.

Quote Request

1) Type of clone(s) and vector(s) used (i.e. BAC, Cosmid)?

2) Number of clone(s)?

3) Insert size of each clone

4) Estimated date to start project?

5) Any related products needed (i.e. sequence grade DNA prep, bioinformatics services-vector

trimming, assembly, BLAST reports)?

End Sequencing & Tiling of Clones

End Sequencing of cosmids/BACs/YACs and tiling of clones is also provided as a service.

Quote Request :

1) Type of the starting material ?

2) Insert size range ?

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3) Number of clones to be sequenced ?

4) Type of tiling required ?

5) Overlaps ?

6) Minimum tiling path ?

Whole Genome Shotgun Libraries

A Whole Genome Shotgun library is an integral tool in efficiently generating DNA

sequence or identifying specific genes from total genomic DNA. We can provide whole

genome shotgun libraries in vectors that are easily sequenced with common primers.

Depending on the type of project, clones within these libraries can be customized to

carry inserts within a narrow size range. We will provide transformed cells or frozen

subclones arrayed on 96 or 384 well plates, ready to prep and sequence. If you wish,

we can prep DNA, sequence, trim and assemble the clones.

Subtractive cDNA Libraries

Genes may be differentially regulated, leading to different mRNA transcript levels

between different tissues, at different developmental stages, in response to an

environmental stimuli; or between genetically dissimilar individuals, e.g. mutant

compared to wild type plants. Differential screening is a procedure that allows a

comparison to be made between two treatments or stages of development that result in

the identification of differentially regulated genes.

Custom BAC Libraries



A large-insert BAC library forms the foundation for constructing physical maps, genome

sequencing and cloning genes of interest. We have optimised protocols for making high

quality, large insert BAC libraries with a competitive turnaround time. We guarantee the

average insert size will be between 100 Kb and 150 Kb. BAC libraries are delivered as

frozen BAC clones in 96 or 384 well plates, a complete report and information about

working with your BAC clones. We will provide technical support for the safe storage of

your custom BAC library.

Other Biology Services

• Custom Cloning & Subcloning

• Genotyping

• AFLP/cDNA AFLP

• Fingerprinting

Population Genomics

We believe that Population Genomics Studies will cause a fundamental improvement in

the delivery of health care. We foresee knowledge of each individual's unique genome

being used to predict disease susceptibility and progression as well as each individual's

response to a drug. Predicting patient response to a particular drug represents a

significant advance in therapy with current and novel drugs developed with these

criteria’s in mind. Often effective drug response is limited only to a portion of treated

patients. Ultimately, our technology may allow physicians and patients to select specific



treatments based on a patient's genome. Good responders to drug therapy can be

distinguished from the poor ones on the basis of their genetic make-up.

2.7 Market Profile of the Organization:

• 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. We 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 India. The new line of business will also complement the company's core

philosophy of promoting good health and wellbeing in India and abroad.

• 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 Our

signature ingredients have scientifically validated health benefits to promote wellness through

the prevention of specific degenerative and address conditions such as – diabetes, obesity,

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metabolic syndrome, CVD and bone loss. We 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

& seed purity testing as well as seed development in our labs located in Hyderabad.

3.1 Student Work Profile (Role & Responsibility):

The work profile of the student or the roles and responsibilities that are being handled by the

student on his internship programmed at AVESTHAGEN LIMITED. The first day and during the

first week of the internship programmed the new employee of the AVESTHAGEN LIMITED was

welcomed by giving an induction programme in order to make him understand his role and

responsibilities during his stay in the organization. Being appointed as a TRAINEE at

CHAPTER – 03

DISCUSSION ON TRAINING

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AVESTHAGEN LIMITED during the internship programme my duty or the role is to Analyse

Financial Statement, Checking the financial entry, creating transaction, etc.

The Duty and Responsibility taken by me are as follows:

• Handling Daily patty cash Accounts.

• Preparing Bank Reconciliation.

• Inventory Calculation.

• Maintain Accounting Transaction.

• MIS Preparation.

3.2 Description of Live Experience:

The office of AVESTHAGEN LIMITED is blessed by brilliant and skilled professionals and team

leader who have the responsibility of handling the Financial Statement Analysis. The team

leader provides the particular day’s plan of action and then guide show to go about for executing

the plan of action successfully .Till the time a Financial Statement Analysis is in the office he

receives the valuable suggestions and insights of the team leader. This prepares him for the

day’s Work and provides him the necessary directions to analyse financial statement. In the

office the Head Finance Department make calls continuously to fix the follow-up appointments

so that on the basis of the financial health check collected by him and also getting the follow-up

appointments from the telesales she goes in the field for making up the appointments.



4.1 Statement of Research Problem:

PROBLEM DEFINATION:

Financial Analysist were with good background human being and through rigorous process of

recruitment but still not able to perform up to the expectation level of company, HR is not able to

sort out the problem why the performance is not coming even after giving the full Finace

Reaserch support. The Financial Statement Analysis is now very problem in the company.

4.2 Statement of Research Objective:

RESEARCH OBJECTIVES:

To find out the Financial Position of the Company.

To study brand image of the Company.

To create the Bank Reconciliation Statement of the company.

To creat MIS of the company.

To create Inventory of the company.

CHAPTER – 04

STUDY OF SELECTED RESEARCH PROBLEM



4.3 Research Design and Methodology

Primary data source:

Analysie the data provided by the company. They were the main source of Primary data. The

method of collection of primary data was direct personal interview through a structured

questionnaire.

Secondary Data Source:

It was collected from internal sources. The secondary data was collected on the basis of

organizational file, official records, news papers, magazines, management books, preserved

information in the company’s database and website of the company.

SAMPLING PLAN:

Since it is not possible to study whole universe, it becomes necessary to take sample from the

universe to know about its characteristics.

Sampling Units: Financial Data

Sample Technique: Random Sampling.

Research Instrument: Tally.

Contact Method: Analysis of data .

SAMPLE SIZE:

My sample size for this project was 100 respondents. Since it was not possible to cover the

whole universe in the available time period, it was necessary for me to take a sample size of

100 respondents.



RESEARCH LIMITATIONS:

It was not possible to understand thoroughly about the different marketing aspects of the

Financial Consultant within 60 days. As stipend, money was not given it was difficult to continue

the project work. All the work was limited in some limited areas of Bangalore so the findings

should not be generalized.

The area of research was Bangalore and it was too vast an area to cover within 60 days.

All the findings and conclusions obtained are based on the survey done in the working area

within the time limit. I tried to select the sample representative of the whole group during my job

training.

4.4 Data Analysis:

Financial statement analysis-

Financial statement constitutes profit & loss account and balance sheet. In layman’s point of

view financial statement analysis means analysis and interpretation of financial statement for

determining financial strengths and weaknesses of the firm. According to Metcalf and Titard,

financial statement analysis is a process of evaluating the relationship between component

parts of a financial statement to obtain a better understanding of a firm ‘s position and

performance.”

Financial Types of statement analysis

Analysts can obtain useful information by comparing a company's most recent financial

statements with its results in previous years and with the results of other companies in the same



industry. Three primary types of financial statement analysis are commonly known as horizontal

analysis, vertical analysis, and ratio analysis.

Horizontal Analysis

When an analyst compares financial information for two or more years for a single

company, the process is referred to as horizontal analysis, since the analyst is reading

across the page to compare any single line item, such as sales revenues. In addition to

comparing dollar amounts, the analyst computes percentage changes from year to year

for all financial statement balances, such as cash and inventory. Alternatively, in

comparing financial statements for a number of years, the analyst may prefer to use a

variation of horizontal analysis called trend analysis. Trend analysis involves calculating

each year's financial statement balances as percentages of the first year, also known as

the base year. When expressed as percentages, the base year figures are always 100

percent, and percentage changes from the base year can be determined.

Vertical Analysis

When using vertical analysis, the analyst calculates each item on a single financial statement as

a percentage of a total. The term vertical analysis applies because each year's figures are listed

vertically on a financial statement. The total used by the analyst on the income statement is net

sales revenue, while on the balance sheet it is total assets. This approach to financial statement

analysis, also known as component percentages, produces common-size financial statements.

Common-size balance sheets and income statements can be more easily

PROCEDURE OF FINANCIL STATEMENTS ANALYSIS



Broadly there are three steps involve in financial statement analysis these are.

a. The first step involve Selection of information relevant to the purpose

of financial statement analysis

b. The second step involve is the methodical classification of the data

c. The third step involve drawing of interences and conclusion

METHODS OR DEVICES OF FINANCIAL ANALYSIS

The fallowing methods adapted while financial statement analysis,

a. comparative statements

b. Trend Analysis

c. Common- size statements

d. Fund flow analysis

e. Cash flow analysis

f. Ratio analysis

g. Cost-volume-profit Analysis

The above methods are briefly discussed in the next page

a. comparative statement

The comparative financial statements are statements of the financial position at different

periods; of time. The elements of financial position are shown in a comparative form so as to

give an idea of financial position at two or more periods. Any statement prepared in a

comparative form will be covered in comparative statements. From practical point of view,



generally two financial statements (balance sheet & income statement) are prepared in

comparative form for financial analysis purposes. Not only the comparison of the figures of two

period but also relationship between balance sheet and income statement enables an indepth

study of financial position and operative results

b. Trend analysis

The financial statements may be analysed by computing trends of series of information. This

method determines the direction upwards or downwards and involves the computation of the

percentage relationship that each statement iteam bears to the same time in base year. The

information for a number of years is taken up and one year, generally the first year, is taken as a

base year. The figures of the base year are taken as 100 and trend ratios for other years on the

basis of base year. The analyst able to see the trend of the figures, whether upward or

downward.

For example if sales figures for the year 1995to1997 are to be studied, then sales of 1995 will

be taken as 100 and percentage of sales for all other years will be calculated in relation to the

base year, i.e,1995 suppose the fallowing trend are determined.

From the above example it can be concluded the base year is 1995 and other years sales

figures are compared with the base year it shows an upward trend then a downward trend.

c. Common-size statement

The common-size statements, balance sheet and income statement, are shown in analytical

percentages. The figures are shown as percentage of the total assets, total liabilities and total

sales. The total assets are taken as 100 and different assets are expressed as a percentage of

the total. Similarly, various liabilities are taken as a part of total liabilities. These statement are

also known as component percentage or 100 percent statements because every individual



iteam is stated as a percentage of the total 100. The short-comings in comparative statement &

trend percentages where changes in iteam could not be compared with the total have been

covered up. The analyst is able to assess the figures in relation to total values.

(1)the total assets or liabilities are taken as 100

(2) the individual assets expressed as a percentage of total assets,i.e,100

and different liabilities are calculated in relation to total liabilities.

For example total asset is Rs5lakh and inventory value is Rs5000 ,

then it will be 10% of total asset.

Ratio Analysis:

Ratio analysis enables the analyst to compare items on a single financial statement or to

examine the relationships between items on two financial statements. After calculating ratios for

each year's financial data, the analyst can then examine trends for the company across years.

Since ratios adjust for size, using this analytical tool facilitates intercompany as well as

intracompany comparisons. Ratios are often classified using the following terms: profitability

ratios (also known as operating ratios), liquidity ratios, and solvency ratios. Profitability ratios

are gauges of the company's operating success for a given period of time. Liquidity ratios are

measures of the short-term ability of the company to pay its debts when they come due and to

meet unexpected needs for cash. Solvency ratio indicate the ability of the company to meet its

long-term obligations on a continuing basis and thus to survive over a long period of time. In

judging how well on a company is doing, analysts typically compare a company's ratios to

industry statistics as well as to its own past performance.

THE VARIOUS RATIOS USED FOR FINANCIAL STATEMENT ANALYSIS



a. Short term financial position or test of liquidity

1. current ratio = current assets / current liability

2. quick or acid test or liquid ratio =

quick assets / current liabilities

3. absolute liquid ratio =

absolute liquid assets / current liability

b. current asset movement or efficiency or activity ratio

1. inventory turn over ratio=

cost of goods sold / average inventory

2. debtors turn over ratio=

net credit annual sales/average trade debtor

3. average collection period=

no. of months/debtor turn over ratio

4. creditors turn over ratio=

net credit annual purchases/average trade creditor

5. average payment period=

no. of month/creditor turn over ratio



6. working capital turn over ratio=

cost of sales/average working capital

c. analysis of long term financial position or solvency ratio

1. debt-equity ratio=

outsider’s fund/shareholder’s fund

2. funded debt to total capitalization ratio

=funded debt/total capitalization

3. long term debt to share holders fund

=long term debt / share holders funds

4. proprietary ratio = share holders fund / total assets

5. solvency ratio =

total liability to outsiders/ total asset

6. fixed asset net worth ratio =

fixed asset after dep. / shareholders fund

7. fixed assets ratio =

fixed asset after dep. / total long term fund

8. ratio of current asset to proprietors fund

=current asset / share holders fund

9. debt service or interest coverage



=net profit (after dep. & taxes)/fixed interest charge

d. analysis of profitability ratio

(i) general profitability

1. gross profit ratio=

gross profit/net sales

2. operating ratio=

operating cost/net sales

3. expense ratio =

particular expense/net sales

4. net profit ratio =

net profit after tax/ net sales

5. operating profit ratio =

operating profit/net sales

(ii) overall profitability

1. return share holders investment or net worth

= net profit /share holder’s fund

2. return on equity capital



=net profit / paid up equity capital

3. earning per share

= net profit/ number of equity share

4. dividend yield ratio =

dividend per share/MP per share

5. dividend pay out ratio

= dividend per share/ EPS

6. price earning ratio

= MP per share/ EPS

1. Profit & Loss Account of the company in the year 2007-08:-

Avestha Gengraine Techonologies Pvt Ltd (From 2005)

Particulars 1-Apr-2007 to 31-Mar-2008

Trading Account :

Sales Accounts

332307203.00

100 %

Income From Domestic 322296943.00

Income From Overseas 10010260.00

Income From Projects - Domestic

Income From Projects - Overseas

Sale of Cereals / Biscuits

Sales FUNCTIONAL FOOD

Sales Bills to Make



Cost of Sales :

59424496.81

17.88 %

Opening Stock 6172125.29

Add: Purchase Accounts 47960071.02

Less: Closing Stock 13019409.00

41112787.31

Direct Expenses

18311709.50

Asian Center for Genotyping

CIPLA PROJECT

NMITLI Project Exps - P&L

Chemicals

Consumables 705813.50

Outsourcing – Cipla

Outsourcing Expense-Corporate 1049491.00

Outsourcing Expense-FFM 308212.00

Outsourcing Expenses

Outsourcing Expenses-Biopharma 13628080.00

Outsourcing Expense-SFF 689943.00

Outsourcing Expense-SI&S 1671250.00

Trading Expenses 254520.00

Transport RM 4400.00

Gross Profit: 272882706.19 82.12 %

Income Statement :

Indirect Incomes

83073619.21

25 %

Creditors Written Off 1315201.00

Estate Income



Forwarding Charges

Grant – BIPP

Grant-in-Aid - National Medicinal Plants Board 491551.00

Income From Sub-Lease 12889436.00

Interest on Fixed Deposit 42710604.80

Interest Received 23172183.59

Miscellaneous Income 2275300.82

Other Deductions 3400.00

Prior Period Income

Profit/ Loss on Sale of Assets -2046.00

Recovery From Atash Seeds Pvt. Ltd.

ROUND OFF

Sale of Scrap 38550.00

Training Programme Income 179438.00

Written Off Employees Dues

355956325.40 107.12 %

Indirect Expenses

497168054.56

149.61 %

Administrative Expenses 42790922.01

Audit Fees & Other Expenses 3179072.00

Board Meeting Expenses 1314271.08

Communication Expenses 7261090.70

Employees Remuneration & Benefits 173550962.97

Finance Charges 67565932.50

Good Earth Expenses 123860.00

Legal, Professional, Consultancy Fees & Exp 26722908.20

Rent, Rates & Taxes 33295358.76

Repairs & Maintenance 16081378.00



Selling Expenses 29767880.22

Travelling & Conveyance 34007345.20

Coorg Estate Expenses 1666825.50

Amortization – Intangibles 19476894.00

Coorg Generator Mntc 65327.00

Current Tax FY 2006-07

Demmurage Charges 9430.00

Depreciation Account 27658255.00

Due Diligence Expenses 615340.00

Employee Stock Option Expense 1971516.00

Estate Expenses

Extraordinary Item

FBT - Expenses A/C 2601150.00

Freight Inward

Freight Outward

Hire Charges 1875.00

Income Tax Payments

Lab Expenses 262034.00

Labour Charges 43534.00

Marketing Expenses

Office Expenses 1250059.00

Prior Period Expenses 0.42

Prov for Doubtful Debts & Advances 5884833.00

Provision for Dimunition in Value of Investment

Royalty Fees

Service Tax

Nett Profit: -141211729.16

-42.49 %



2. Profit & Loss of the company in the year 2008-09:-


Particulars 1-Apr-2008 to 31-Mar-2009

Trading Account :

Sales Accounts 88763465.00 100 %

Income From Domestic 88509224.00

Income From Overseas 209670.00

Income From Projects - Domestic

Income From Projects - Overseas

Sale of Cereals / Biscuits

Sales FUNCTIONAL FOOD 44571.00

Sales Bills to Make

Cost of Sales : 66716423.19 75.16 %

Opening Stock 13019409.00

Add: Purchase Accounts 39932588.69

Less: Closing Stock 20876780.00

32075217.69

Direct Expenses 34641205.50

Asian Center for Genotyping

CIPLA PROJECT

NMITLI Project Exps - P&L

Chemicals

Consumables -87469.00

Outsourcing – Cipla

Outsourcing Expense-Corporate

Outsourcing Expense-FFM 1013359.00

Outsourcing Expenses 24750.00

Outsourcing Expenses-Biopharma 31124005.50



Outsourcing Expense-SFF 2439800.00

Outsourcing Expense-SI&S 126760.00

Trading Expenses

Transport RM

Gross Profit: 22047041.81 24.84 %

Income Statement :

Indirect Incomes 17239481.93 19.42 %

Creditors Written Off

Estate Income 906930.00

Forwarding Charges 14777.00

Grant – BIPP

Grant-in-Aid - National Medicinal Plants Board

Income From Sub-Lease 9646452.00

Interest on Fixed Deposit 1672659.00

Interest Received 729458.00

Miscellaneous Income 4128753.75

Other Deductions

Prior Period Income

Profit/ Loss on Sale of Assets -106791.00

Recovery From Atash Seeds Pvt. Ltd.

ROUND OFF -0.38

Sale of Scrap

Training Programme Income 253609.00

Written Off Employees Dues -6365.44

39286523.74 44.26 %

Indirect Expenses 520263506.47 586.12 %

Administrative Expenses 41610638.94

Audit Fees & Other Expenses 4865097.00



Board Meeting Expenses 1642710.00

Communication Expenses 8019051.97

Employees Remuneration & Benefits 193258603.05

Finance Charges 86947592.59

Good Earth Expenses

Legal, Professional, Consultancy Fees & Exp

36163558.51

Rent, Rates & Taxes 32276034.12

Repairs & Maintenance 18726811.32

Selling Expenses 16392942.36

Travelling & Conveyance 27676520.80

Coorg Estate Expenses 180000.00

Amortization – Intangibles 9866446.00

Coorg Generator Mntc

Current Tax FY 2006-07

Demmurage Charges 4505705.00

Depreciation Account 22199756.00

Due Diligence Expenses

Employee Stock Option Expense 5406098.00

Estate Expenses 1846360.00

Extraordinary Item

FBT - Expenses A/C 5291376.00

Freight Inward 2791.00

Freight Outward

Hire Charges

Income Tax Payments 362635.00

Lab Expenses 133647.25

Labour Charges

Marketing Expenses



Office Expenses 228708.29

Prior Period Expenses 283863.00

Prov for Doubtful Debts & Advances 0.27

Provision for Dimunition in Value of Investment

Royalty Fees

Service Tax 2376560.00

Nett Profit: -480976982.73

-541.86 %

Chart:3- Comparision of P&L A/c from 2007 to 2009

3.

Balance sheet of the company in the year 2007-08:-

Avestha Gengraine Techonologies Pvt Ltd

(From 2005)

Avestha Gengraine Techonologies Pvt Ltd

(From 2005)

Liabilities as at 31-Mar-2008 Assets as at 31-Mar-2008

Capital Account 1708577442.09

Fixed Assets 336633595.96

-5E+08-4E+08-3E+08-2E+08-1E+08

0100000000200000000300000000

2007-08 2008-09 2007-08 2008-09

Trading A/cP&L A/c



Reserves & Surplus

Fixed Assets - Buildings

5172554.62

Business Restructuring Reserve

Fixed Assets - Computers

26043756.85

Defered Employee Stock

Fixed Assets - Depreciation Reserve

-131354675.54

Employee Stock Option Outstanding

2060856.00 Fixed Assets - Office Equipment

5256181.07

Equity Fund Raising Fees

-56681133.0

0

Fixed Assets - Plant & Machinery

238568731.11

Securities Premium Account

-1893699.00 SPREAD - Project Expenses

Share Application

10614440.14

Avesthagen One 29465918.00

Share Capital 42113480.00

CWIP - Building

Share Premium 1712363497.95

CWIP - Hyderabad Land

Loans (Liability) 806128420.89

Fixed Assets - Capital Work in Progress

65140223.85

Bank OD A/c 74732167.69

Fixed Assets - Computer Software

5340209.00

Secured Loans 684850985.20

Fixed Assets - Coorg Estate

Unsecured Loans

46545268.00

Fixed Assets - Electrical Installation

Raimundo Villarroel

Fixed Assets - Furniture & Fixtures

18518056.79

Current Liabilities 139974291.38

Fixed Assets - Leasehold Improvements

10608754.71

Interest Accrued But Not Due

4652710.00 Fixed Assets - Leasehold Land

8998110.00

Creditors for Statutory Dues

31186872.87

Fixed Assets - Vehicles

7781312.00

Duties & Taxes Freehold Land 38167720.00



Provisions 17455393.00

Leasehold Improvements

8926743.50

Sundry Creditors 69264219.50

Investments 455631605.99

Center for Clinical and Basic Research A/S

Avesthagen Middle East FZ-LLC

3070000.00

CSIR (KNOWHOW) PAYABLE

10000000.00

Invest-Avestagenome Project International Pltd

99000.00

Dimunition in Value of Investment

Investment-Avesthagen Pte Ltd

303360499.99

FBT - Liability Account

1423213.00 Investment in ABRPL

4008000.00

Food Coupons Payable

313081.00 Investment in ABR Pte Ltd.

29080.00

IFU Investment in AGEF

Interest Accrued But Not Due CitiCorp

1856992.43 Investment in Atash Seeds (P) Ltd.

76250000.00

Premium on Redumption of Debenture

1893699.00 Investment in AVA Seeds Pvt. Ltd.

Provision for Other Advances

1619661.58 Investment in Avesta Nordic

68711026.00

TDS - Payable Capital Gains

Investment in Avesthagen Research

Unearned Income

308449.00 Investment in Swagath Seeds Pvt. Ltd.

Suspense A/c Investments 104000.00

Suspense Current Assets 1334270189.02

Grants Petrol Cards 159016.94

Biotech Consortium India

Closing Stock 13019409.00



Ltd. A/c SBIRI

Inter Department Deposits (Asset) 60498431.00

Loans & Advances (Asset)

718648617.79

Sundry Debtors 370478073.20

Cash-in-hand

Bank Accounts 157838562.09

APSFC

FBT - Asset

MRF Tyres Showroom

Prepaid Monthly Expenses

STOCK IN TRANSIT (SIT)

Unbilled Revenue

Work in Progress 13628079.00

Branch / Divisions

Misc. Expenses (ASSET)

Defered Premium on Debenture

Deferred Revenue Expenditure

Intangible Assets 218326569.94

Project - NMITLI 1414696.00

Amortization Intangible Assets

-26402258.00

Intangibles - Adept Database

99528654.11

Intangible - Teestar

Intangible Work-in 104188091.00



Progress

PROJECT-NMITLI 32342386.83

Trade Marks - Good Earth

2255000.00

Work in Progress - NMITLI

5000000.00

Loans & Advances (Liability)

3763875.84

AGT 44 Koen Wentink

-13730.42

Citi Corp Card Anil Ram Chauhan

266585.46

Citi Corp Card Bruce

Citi Corp Card Chirag Dalal

-179473.08

Citi Corp Card Dr.Villoo

Citi Corp Card Koen Wentink

27.05

Citi Corp Card Manan Bhatt

134622.18

Citicorp Card Parag Shah

Citi Corp Card Parthasarathi Ghosh

Citi Corp Card Pramod Deshmane

6996.60

Citi Corp Card Rajesh

36791.67

Citi Corp Card Ronnie Khajotia

-0.90

Citi Corp Card Samaresh

884.13

Citi Corp Card Sami Guzder

472080.52

Citicorp Card



Seetharam Annadana

Citi Corp Card Shantanu Pandey

Citicorp Card Sharmishtha

Citi Corp Card Sridhar Venkatraman

Citicorp Card Suman Khanuja

Citi Corp Card Supriya K Guha

-54420.42

Credit Card A/c - Dr.Villoo

Dr.Villoo Morawala Patell

3093513.05

J.V.Laxman Rao

Loan From Koen

Revenue

Profit & Loss A/c 306054317.61

Opening Balance 164838810.45

Current Period 141211729.16

Less: Transferred -3778.00

Total 2654680154.36

Total 2654680154.36

4. Balance Sheet of the company in the year 2008-09:-

Avestha Gengraine Techonolo

gies Pvt Ltd (From

2005)




Liabilities as at 31-Mar-2009

Assets as at 31-Mar-2009

Capital Account 1235176838.09

Fixed Assets 334159

372.48

Reserves & Surplus

Fixed Assets - Buildings

5172554.62

Business Restructuring Reserve

-3957644

68.00

Fixed Assets - Computers

27919937.37

Defered Employee Stock

Fixed Assets - Depreciation Reserve

-1593376

78.54

Employee Stock Option Outstanding

2743398.00

Fixed Assets - Office Equipment

6813453.07

Equity Fund Raising Fees

-56681133.0

0

Fixed Assets - Plant & Machinery

344705024.11

Securities Premium Account

-136012476.

00

SPREAD - Project Expenses

Share Application 25085401.1

4

Avesthagen One

Share Capital 42540670.0

0

CWIP - Building



Share Premium 1753265445

.95

CWIP - Hyderabad Land

Loans (Liability) 1121603891.48

Fixed Assets - Capital Work in Progress

4137250.85

Bank OD A/c 156802021.

31

Fixed Assets - Computer Software

5406440.00

Secured Loans 806368611.

17

Fixed Assets - Coorg Estate

363361.00

Unsecured Loans 158433259.

00

Fixed Assets - Electrical Installation

Raimundo Villarroel Fixed Assets - Furniture & Fixtures

20537477.79

Current Liabilities 629700105.05

Fixed Assets - Leasehold Improvements

13499838.71

Interest Accrued But Not Due

1300596.00

Fixed Assets - Leasehold Land

8998110.00

Creditors for Statutory Dues

76043435.6

7

Fixed Assets - Vehicles

7781312.00

Duties & Taxes -0.23 Freehold Land 37915653.00

Provisions 39680465.0

0

Leasehold Improvements

10246638.50

Sundry Creditors 188432270.

03

Investments 479134605.99

Center for Clinical and Basic Research A/S

Avesthagen Middle East FZ-LLC

3070000.00

CSIR (KNOWHOW) PAYABLE

10000000.0

0

Invest-Avestagenome Project International Pltd

100000.00

Dimunition in Value of Investment

29080.00

Investment-Avesthagen Pte Ltd

303360499.99



FBT - Liability Account

6969613.00

Investment in ABRPL 4008000.00

Food Coupons Payable

2027086.00

Investment in ABR Pte Ltd.

29080.00

IFU Investment in AGEF 100000.00

Interest Accrued But Not Due CitiCorp

1718855.00

Investment in Atash Seeds (P) Ltd.

99450000.00

Premium on Redumption of Debenture

136012476.

00

Investment in AVA Seeds Pvt. Ltd.

100000.00

Provision for Other Advances

166467256.

58

Investment in Avesta Nordic

68711026.00

TDS - Payable Capital Gains

Investment in Avesthagen Research

100000.00

Unearned Income 1018972.00

Investment in Swagath Seeds Pvt. Ltd.

Suspense A/c Investments 106000.00

Suspense Current Assets 1100404767.95

Grants Petrol Cards 107.61

Biotech Consortium India Ltd. A/c SBIRI

Closing Stock 20876780.00

Inter Department Deposits (Asset) 29787241.00

Loans & Advances (Liability)

2611965.08

Loans & Advances (Asset)

720339901.65

AGT 44 Koen Wentink

416636.26

Sundry Debtors 321807986.81

Citi Corp Card Anil Ram Chauhan

Cash-in-hand 62136.50

Citi Corp Card Bruce

20371.97

Bank Accounts 7430614.38

Citi Corp Card Chirag Dalal

179473.08

APSFC 100000.00



Citi Corp Card Dr.Villoo

433368.82

FBT - Asset

Citi Corp Card Koen Wentink

55543.76

MRF Tyres Showroom

Citi Corp Card Manan Bhatt

0.32 Prepaid Monthly Expenses

Citicorp Card Parag Shah

103961.95

STOCK IN TRANSIT (SIT)

Citi Corp Card Parthasarathi Ghosh

Unbilled Revenue

Citi Corp Card Pramod Deshmane

Work in Progress

Citi Corp Card Rajesh

148716.12

Branch / Divisions

Citi Corp Card Ronnie Khajotia

Misc. Expenses (ASSET)

Citi Corp Card Samaresh

Defered Premium on Debenture

Citi Corp Card Sami Guzder

29803.51

Deferred Revenue Expenditure

Citicorp Card Seetharam Annadana

233005.54

Intangible Assets 288362752.94

Citi Corp Card Shantanu Pandey

2771.32

Project - NMITLI 1414696.00

Citicorp Card Sharmishtha

Amortization Intangible Assets

-4778171

7.00

Citi Corp Card Sridhar Venkatraman

55737.69

Intangibles - Adept Database

99528654.11

Citicorp Card Suman Khanuja

Intangible - Teestar 4521679.00

Citi Corp Card Supriya K Guha

177147.05

Intangible Work-in Progress

191082054.00

Credit Card A/c - Dr.Villoo

512427.45

PROJECT-NMITLI 32342386.83

Dr.Villoo Morawala Patell

243000.24

Trade Marks - Good Earth

2255000.00

J.V.Laxman Rao Work in Progress – 5000000.00



NMITLI

Loan From Koen Profit & Loss A/c 787031300.34

Revenue Opening Balance 306054317.61

Current Period 480976982.73

Total 2989092799.70

Total 2989092799.70

Chart:4- Comparison of Balance Sheet from 2007to 2009

5. Ratio Analysis of the company in the year 2007-08:-

Avestha Gengraine

Techonologies Pvt Ltd

(From 2005)


Principal Groups 1-Apr-2007 to 31-Mar-2008

Principal Ratios 1-Apr-2007 to 31-Mar-

0

200000000

400000000

600000000

800000000

1E+09

1.2E+09

1.4E+09

1.6E+09

1.8E+09

2007-08 2008-09

Capital

loans

current assets

Loan& advances(Lib)

Fixed Assets

Investment

Current Assets



2008

Working Capital 1,19,42,95,897.64 Dr

Current Ratio 9.53 : 1

(Current Assets-Current Liabilities)

(Current Assets : Current Liabilities)

Cash-in-hand 0.00 Dr Quick Ratio 9.44 : 1

Bank Accounts 15,78,38,562.09 Dr

(Current Assets-Stock-in-hand : Current Liabilities)

Bank OD A/c 7,47,32,167.69 Cr

Debt/Equity Ratio 0.51 : 1

Sundry Debtors 37,04,78,073.20 Dr

(Loans (Liability) : Capital Account + Nett Profit)

(due till today) 73,01,30,278.97 Dr

Gross Profit % 82.12%

Sundry Creditors 6,92,64,219.50 Cr

Nett Profit % (-)42.49 %

(due till today) 33,52,20,647.25 Cr

Operating Cost % 142.49%

Sales Accounts 33,23,07,203.00 Cr

(as percentage of Sales Accounts)

Purchase Accounts 4,79,60,071.02 Dr

Recv. Turnover in days 230.18 days

Stock-in-hand 1,30,19,409.00 Dr

(payment performance of Debtors)

Nett Loss 14,12,11,729.16 Dr

Return on Investment % (-)9.01 %

Wkg. Capital Turnover 0.28 (Nett Profit / Capital Account + Nett Profit )

(Sales Accounts / Working Capital)

Return on Wkg. Capital % (-)11.82 %

Inventory Turnover 25.52 (Nett Profit / Working Capital) %

(Sales Accounts / Closing Stock)



Chart:5- Ratio Analysis of 2007-08

6. Ratio Analysis of the company in 2008-09:-

Avestha Gengraine

Techonologies Pvt Ltd

(From 2005)

Avestha Gengraine

Techonologies Pvt Ltd (From

2005)

Principal Groups 1-Apr-2008 to 31-Mar-

2009

Principal Ratios 1-Apr-2008 to 31-Mar-2009

Working Capital 47,07,04,662.90 Dr

Current Ratio 1.75 : 1


(Current Assets : Current Liabilities)

Cash-in-hand 62,136.50 Dr Quick Ratio 1.71 : 1

Bank Accounts 74,30,614.38 Dr

(Current Assets-Stock-in-hand : Current Liabilities)

Bank OD A/c 15,68,02,021.31 Cr

Debt/Equity Ratio 1.49 : 1

Sundry Debtors 32,18,07,986.81 Dr

(Loans (Liability) : Capital Account + Nett Profit)

(due till today) 77,53,04,355 Gross Profit % 24.84%

05

1015202530

Aves

tha

Gen

grai

ne

Tech

onol

ogie

s Pv

t Ltd

(Fro

m

2005

)

Aves

tha

Gen

grai

ne

Tech

onol

ogie

s Pv

t Ltd

(Fro

m

2005

)

Principal Groups

Working Capital


Cash-in-hand

Bank Accounts

Bank OD A/c

Sundry Debtors

(due till today)

Sundry Creditors

(due till today)

Sales Accounts

Purchase Accounts

Stock-in-hand

Nett Loss



.48 Dr

Sundry Creditors 18,84,32,270.03 Cr

Nett Profit % (-)541.86 %

(due till today) 48,49,33,391.99 Cr

Operating Cost % 641.86%

Sales Accounts 8,87,63,465.00 Cr

(as percentage of Sales Accounts)

Purchase Accounts 3,99,32,588.69 Dr

Recv. Turnover in days 164.94 days

Stock-in-hand 2,08,76,780.00 Dr

(payment performance of Debtors)

Nett Loss 48,09,76,982.73 Dr

Return on Investment % (-)63.77 %

Wkg. Capital Turnover 0.19 (Nett Profit / Capital Account + Nett Profit )

(Sales Accounts / Working Capital)

Return on Wkg. Capital % (-)102.18 %

Inventory Turnover 4.25 (Nett Profit / Working Capital) %

(Sales Accounts / Clo

Chart:6- Ratio Analysis of 2008-09



4.5 Summary of Findings:

ADePtTM is a proprietary Indian medicinal plant resource developed by Avesthagen

that contains 3 complimentary data streams:

• Over 3000 formulations described in traditional medicine compendia like Ayurveda,

Unani or Siddha compendia classified by disease states. The formulations consist

primarily of one or more herbs. They have been developed empirically over several

thousand years, and there is demonstrated evidence that several of them have passed

extensive pre-clinical and clinical validation. This is primary source for lead selection.

• Listing of more than 2500 medicinal plants, and extensive information about their ethno

botanical uses, and pharmacognosy related information. This is used for adding validity

to selected leads.

01234567

Avestha Gengraine echonologies Pvt Ltd (From

2005)

Principal Groups

Working Capital

(Current Assets-Current Liabilities)Cash-in-hand

Bank Accounts

Bank OD A/c



• Listing of the structure of molecules and profiles of more than 15,000 compounds

common to plants reported to have biological activity across disease states. It is

combined with a proprietary molecular profiling technology called MetaGridTM. It also

contains additional biological and chemical analysis of the potential leads.

Etiology-based Cell-assays

A series of cell-free (enzymatic) and cell-based assays are conducted to screen and validate

natural extracts specific to various etiologies within a medical condition. The assays are

classified into two groups - outcome oriented and mechanistic. The assays, now standardized

for variations within natural extracts, have proved invaluable as an indicator of bioactivity; in

elucidating potential mode of action; and helping in better planning of in-vivo and human trials

for efficacy.

MetaGridTM is a proprietary comparative metabolite analysis tool for fingerprinting of

phytoextracts. It enables us to track up to 250 metabolites across different varieties, batches

and extracts of a particular botanical. The result is better reproducibility of extracts and a more

exacting tool for quality control at the manufacturing level than is currently available.

Solvent-free Extraction

Supercritical fluids extraction (SFE) is increasingly replacing organic solvents due to regulatory

and environmental pressures on ozone-depleting emissions. SFE processes have eliminated

the use of hexane and methylene chloride as solvents. With increasing scrutiny of solvent

residues in pharmaceuticals, medical products, and nutraceuticals, and with stricter regulations

on VOC and ODC emissions, the use of SFE is rapidly proliferating in natural extracts.

Avesthagen has built competency to develop and implement supercritical CO2 extraction from



lab to commercial scale to ensure "solvent-free" ingredients. The following are the advantages

of SFE to our customers:

• No solvent residues. For industrial processes involving food or pharmaceuticals this is a

big plus.

• SCF derived extracts are regarded as "nature identical".

• Retains biological activity and allows minimal product degradation, particularly for

products such as polyunsaturated oils and complex lipids.

Supporting our Partners

• Discovery and validation of natural ingredients for health benefits.

• Optimization of organoleptics and physical characteristics to exactly fit YOUR food

product.

• Support product and concept design.

• Extensive safety studies and analysis for potential contaminants.

• Execution of well-designed clinical studies to demonstrate benefit.

• Solvent free manufacturing process for supply of ingredients.

• Marketing support to health professional.

Avesthagen focuses on generating novel nutraceutical products through application of its

integrated technology platform on the converging food and pharmaceutical sectors. The

program is developing medicinal plant based solutions for chronic degenerative conditions such

as diabetes, obesity, osteoporosis, etc. where no effective treatment currently exists.

Avesthagen plans to bring to market over the next few years a range branded therapeutic

nutritional compounds with supporting clinically validation.

Disease Background and Unmet Needs



Diabetes

It is estimated that there are about a 135 million cases of diabetes in the world today.

Recent studies indicate that this number could astonishingly rise to 300 million by 2025.

Worldwide sales of anti-diabetic drugs have reached $9 billion. Type 2 diabetes, which

is Avesthagen's specific interest in this area accounts for almost 90% of the cases and

is rising, with the risk of developing the disease increasing with age. The greatest

increase in the diabetic population worldwide is projected for India at 195%. With the

rising numbers of diabetes sufferers worldwide, the market for diabetes medications

could exceed $20 billion by 2006.

Obesity

Over the past three decades, the prevalence of obesity has risen to epidemic

proportions in the United States and Europe. Despite public health efforts, no marked

shift towards healthier lifestyles is likely over the next ten years rather, the health

problems of obese and overweight people are expected to increase. The number of

obese adults in the 7 major markets (US, France, Germany, Italy, Spain, UK and Japan)

is expected to grow from 95 million in 2000 to 139 million in 2010. Less than 25% of

potential patients are formally diagnosed as obese, and less than 20% of those who are

diagnosed are treated with pharmacological therapies. The modest efficacy of the

available pharmacological therapies led by sibutramine (Knoll's Meridia,

AstraZeneca/Eisai's Reductil) and orlistat (Roche's Xenical) contributes to the small

percentage of drug-treated patients: available therapies achieve only an average 5-10%

loss of initial body weight in less than 50% of patients.

Bone Loss



About 40 million people in the USA alone suffer from conditions related to bone loss and

rheumatoid arthritis. The combined market for pharmaceutical and nutritional products

aimed at these conditions exceeds $15 billion. Disease in which bone loss is observed

includes malignant bone disease, arthritis - rheumatoid ($1–3 billion) and osteoarthritis

($8 billion) and osteoporosis ($5 billion). Rheumatoid arthritis is a chronic inflammatory

disease characterized by focal regions of subchondral osteoclastic bone resorption.

Osteoporosis is characterized by a reduction in bone mass and deterioration in bone

architecture. The most common cause of osteoporosis in women is loss of estrogen,

which occurs at menopause.

In the highly competitive environment of contemporary pharmaceutical research, plant

natural products provide a unique element of structural diversity and biological

functionality, which are indispensable for biotherapeutic discovery. About 40% of the

drugs currently used are derived from natural sources. Throughout rural India,

traditional physicians use a large number of plants from the ambient vegetations to deal

with complicated diseases and ailments. The WHO estimates that 80% of the

population in developing countries rely on traditional medicines, mostly plant drugs, for

their primary health care needs. A survey conducted by the All India Coordinated

Research Project on Ethno-biology (AICRPE) recorded over 5,000 rare species of wild

plants used by tribals and other traditional communities in India for treating various

health problems. Recent studies of ethno-medical information have confirmed plants as

a reservoir of chemical agents with therapeutic potential. The primary systems of

traditional medicine practiced in India are Siddha, Ayurveda, and Unani.

What differentiates our approach from other available phytoextracts



• Availability of extensive databases that include a wide range of products used in

traditional systems of medicine practiced in India and SEA and a compendium of

herbal medicines used across the world,

• A proprietary methodology called MetaGridTM, which is based on the use of

sophisticated high-throughput instrumental analysis,

• Validation of the activity of compositions using tissue specific gene expression

profiling (micro-arrays) and highly targeted cell and animal models of human

diseases.

bioAgriculture

Mission Statement

To improve productivity in Agriculture and develop technologies that address global

environmental challenges to achieve as sustainable future through a fine blend of food,

feed, fiber and fuel.

Avesthagen Seed Promise

To build credibility with farmers and commitment to excellence while growing as a

profitalbe enterprise.

The Agri. Biotech: bioAgriculture business line aims to improve productivity in

Agriculture through a combination of:

• Plant genetics & breeding using Molecular Techniques

• Selection of natural and artificial variation and

• Plant Transformation.



Some of the major products in the pipeline are:

• Male Sterile Lines in Rice (FTO - worldwide patent)

• Male Sterile Lines in Tomato.

• Engineering plants for Salt stress by over-expressing a putative protease inhibitor

-AGTSal11 in Rice

• Transformed lines in Pearl Millet

• Isolation of DREB genes in rice and engineering for drought and high salt stress

tolerance in rice. Engineering Pearl millet for Disease Resistance

• Engineering Indica Rice lines for Oxidative Stress Tolerance.

• Production of DHA and ALA in yeast and sunflower

• Enhancement of Quality traits (Aroma) in Rice

• Cloning and transformation of cDRSS (cDNA Rasi Salt Stress) genes for salt

tolerance

In addition to carrying on its in-house research, Avesthagen uses its infrastructure and

capabilities to provide a range of services to the international seed industry, both in "fee

for service" and in "co-development" mode:

• Gene Discovery: Identifying gene of Interest, Cloning, Sequencing and Vector

Construction

• Plant Transformation: Plant Tissue/ Callus culture, Agro bacterium / Biolistic Gun

Plantlet Regeneration and Hardening

• Transgene Analysis: Integration - PCR & Southern Analysis, Product - Protein Analysis



• Transgene Stabilization: Maintenance of Transgenics in containment (Greenhouse),

Toxicity & Allergen Testing

• Field Trials

• Marker Assisted Breeding ("MAB"): both development of DNA markers as well as

germplasm screening programs using existing markers

• Varietal Identification & DNA fingerprinting

Avesthagen currently has over 83 patent applications, of which 37 are resulting from the

Seed for Food program. Out of the 37, 12 are international patents, which include the

patents for the DHA/ALA as well as the CMS technology. In addition, Avesthagen has

licensed several technologies / genes for further R&D, from other parties. As a result,

Avesthagen Seed for Food has substantial freedom to operate in the agri-biotech

domain.

Core Competency

A complete 'gene to field' set-up places us in a unique position for being a part of the

gene discovery, its subsequent cloning, analysis and transformation into plants, and

also raising the transgenic plants in containment, up to the production of hybrid seeds.

Avesthagen is being tied-up with ICRISAT for field trials. The facility includes an

advanced molecular laboratory equipped for gene discovery, cloning, sequencing,

molecular analysis and transformation and supported by Bioinformatics and Proteomics

teams.

Avesthagen Hybrid-FITTM

http://www.avesthagen.com/docs/white_paper/hybrid.pdf�



A dedicated team effort by the "Seed for Food" group at Avesthagen utilizing the state-

of-art technology for the improvement and increase in the agricultural produce.

Developing novel plant varieties that are not only tolerant to environmental and biotic

stress, but also plant products with improved taste, nutrition and longer shelf life

RNA editing - a tool to generate male sterile lines in agronomically important crops

• Generating male sterile lines by inducing mitochondrial dysfunction using a novel

gene product by plant transformation

• Powerful tool enabling the breeders to shorten the laborious emasculation and

selection procedure

• A species/variety independent protocol that can be extended to a number of

important crop varieties for F 1 hybrid seed production

The AGTSal 11 - Silver RiceTM (IR64)

The AGTSal 11 - Silver RiceTM salt tolerant variety of Indica rice State-of-art Avesthagen

Plant Transformation Facility (AaPTF) has successfully developed and established

workable protocols for producing a number of transgenic crops that include cereals,

vegetable crops, oilseeds and cotton, using Biolistic gun and Agrobacterium-mediated

Avesthagen Rice-BCPTM

Relates to the isolation of a Blue Copper Protein from the RASI variety of rice seedlings

under salinity stress conditions. The protein was found to be up-regulated two to three

fold under salt stressed conditions. Differential expression was observed between the

http://www.avesthagen.com/docs/white_paper/silver_rice.pdf�

http://www.avesthagen.com/docs/white_paper/rice_bcp.pdf�



RASI control and salt stressed sample and that there was increased induction of the

mRNA in the salt stressed RASI

The APTF-Pearl Millet Transformation SystemTM (IR64)

Avesthagen Plant Transformation Facility (APTF) has been instrumental in successfully

establishing workable transformation protocols for producing a number of agronomically

important crops that include cereals, vegetable crops, oilseeds and cotton, using

Biolistic gun-/Agrobacterium-mediated transformation systems.

The APTF-Pearl Millet Transformation SystemTM is a very well established protocol that

has been utilized in developing Environmental Stress Tolerant (Avesthagen EnSTolTM)

and Fungal resistant (Avesthagen Myco-FITTM) varieties of Pearl Millet.

Indica Rice BAC LibrariesTM

Rice is a leading grain crop and the staple food for over half the world population. Rice

is also an ideal species for genetic and biological studies for cereal crops and other

monocotyledonous plants because of its small genome and well-developed genetic

system. To facilitate rice genome analysis leading to physical mapping, the identification

of molecular markers closely linked to economic traits, and map-based cloning, we have

constructed bacterial artificial chromosome library (Indica Rice BAC LibrariesTM) in

collaboration with Dr. Rod A. Wing, CUGI, Clemson University, of two superior Indica

varieties of rice 'SWARNA' and 'BASMATI' which represent the two major genomes of

cultivated rice, both are leading commercial varieties and widely used germplasm in rice

http://www.avesthagen.com/docs/white_paper/apt.pdf�

http://www.avesthagen.com/docs/white_paper/indica.pdf�



breeding programs. An entire representative and genetically stable BAC library of rice

genome from Swarna and Basmati has been constructed by the Seed for Food Group

at Avesthagen This has been systematically analysed by restriction enzyme

fragmentation and polyacrylamide gel electrophoresis. The BAC recombinant

transformants were picked at random and analyzed for the size of inserts, which was

observed to be of 120 kb in length on average.

Avesthagen has a library of > 50,000 such BAC clones. Large scale DNA sequencing of

individual chromosomes could now be initiated simply by selecting and sequencing the

minimally overlapped BAC clones of the contigs. We are now in the process of mapping

the contigs to chromosomes.

Biochemical engineering of natural product biosynthesis pathwaysTM

Metabolic engineering of natural products is a science that been built on the goals of

traditional strain improvement with the availability of modern molecular biological

technologies. During the past decade, the state of the art in metabolic engineering of

natural products research has been advanced from the first proof-of-principle

experiment based on minimal known genetics to a fairly commonplace event using

highly specific and sophisticated gene manipulation methods. With the availability of

specific genes, host organisms, vector systems, and advanced molecular biological

tools, Avesthagen is aimed at translating metabolic engineering into an industrial reality.

Avesthagen has been focused on the enhanced synthesis of therapeutically relevant

http://www.avesthagen.com/docs/white_paper/biochemical.pdf�



secondary metabolites such as colchicine and forskolin in cell-culture systems of

G.superba and C.forskohlii respectively. Callus cultures of G.superba were biolistically

transformed with a homologue of the recently characterized ORCA family of

transcription factors that have been shown to be involved with the regulation of both

primary and secondary metabolic flux in higher plant systems, so as to facilitate an

enhanced, controlled production of colchicine. In similar lines, a homologue of the

R2/R3-myb family of transcription factors has been over-expressed in C. forskohlii

cultures to result in an increased accumulation of forskolin.

Avesthagen-MetaGridTM

The plethora of plants selected for the isolation of therapeutically relevant molecules to

be used in the treatment of diabetes, is being subjected to both targeted and non-

targeted screening procedures. The ongoing-targeted screening procedures, which

feature a comprehensive metabolite profiling of multitudes of phyto-extracts, were

envisaged to facilitate the creation of a metabolite grid. Extensive comparative analyses

of the individual plant species with the existing drug and/or phytoextract formulations in

the market has revealed the presence of both unique and common molecular

constituents that will be used individually and/or in combination to accelerate the

process of discovery of novel therapeutic formulations.

Avesthagen-ProFuseTM

A concerted team effort by the Food for Medicine group at Avesthagen making use of

the state of art technology to produce a library of novel compounds by the fusion of

http://www.avesthagen.com/docs/white_paper/metagrid.pdf�

http://www.avesthagen.com/docs/white_paper/profuse.pdf�



protoplasts from two different cell lines of Taxus species, thereby engineering living

cells to a state of desired metabolite concentrations and fluxes. The resulting product

will possess distinctive compounds of therapeutic value coupled with a fast growing

nature.

Avesthagen - ElixirTM

Avestha-ElixirTM has been envisaged as a unique formulation aimed at combating

ageing, fatigue, inertia and stress, thus promoting youthfulness and vigour. This

formulation will serve as a panacea for health, free of chemical pesticides, antibiotics,

hormones, herbicides and chemical solvents. Avestha-ElixirTM can be consumed as

such or can be incorporated into other food products, especially confectionary items and

beverages.

Over Expression of Mitochondrial Manganese Superoxide (MnSOD)

MnSOD is a nuclear-encoded protein that scavenges superoxide radicals in the

mitochondrial matrix. The chloroplast is one of the primary sites of high AOS production

during stress conditions. By targeting MnSOD enzyme to the chloroplast, the capacity to

scavenge any radical that may be produced can be increased.

http://www.avesthagen.com/docs/white_paper/elixir.pdf�

http://www.avesthagen.com/docs/white_paper/mnsod.pdf�



5.1

Summary of Learnind Experience:

1) For performing these king of research large data base is required. The data collected for this study is not sufficient to analyze the investment pattern of retail investors in India.

2) There may be many variables which influences the result but this analysis reveals only few variables.

3) There can be some deviations in the data as the human psychology changes from time to time.

4) The feedback we got may not be correct as the respondent might have filled in the information with no interest or in hurry.

5) Scientific research on the part of research is also required.

6) Accuracy level may be effected when data is subjected to weighing.

7) Time was the biggest constraint as these studies cannot be completed with accuracy in two month.

8) Understanding the psychology of human is not the cup of every one tea so, might be some interpretations go wrong.

CHAPTER – 05

SUMMARY AND CONCLUSION



9) Some respondents might have taken the question in different sense which can change the data collected.

10) Cost was also the constraint as collection of Primary data required huge amount of spending.

5.2 Conclusion & Recommendation:

1) The company should look into the low call ratio problem and sort this out at the earliest as these potential clients can be a customer of the company.

2) The company should go through the entire data collected about the investors risk appetite, their preference for financial instrument and investment capacity etc. to diversify their business in other sectors also.

3) Apart from retail investors, the company can also focus on institutional sector as institutions, banks and corporate have their own unique investment needs.

4) The company can also go for business tie-ups to upgrade their services or to widen the product line and width.

5) The company can adopt corporate level strategy like merger or acquisition to increase their client base and geographical dominance.

6) Keep on improving the Information Technology section of the company so as to keep themselves ahead from others in terms of quality and speed.

7) Marketing strategy for the promotion of the company is required.



8) Identify the core competencies of the company as well as the loose ends so as to maintain the core competency and work on the weakness.

9) Quarterly review of the employee performance to maintain the hard working employee in the company otherwise they can be a liability on the company.

10) Review the pay system of the company to keep the motivation of the employee as employees are the one who convert the commitments of the company into reality.



NAME: _________________________

Contact no.:______________________

Q 01: What is Profit and Loss account?

______________________________________________________________

Q 02: What is Balance Sheet?

ANNEXTURE

QUESTIONNAIRES



______________________________________________________________

Q 03: Cash-in- hand is the item of.

a) Current Liability b) Current Asset c) Fixed Asset d) Long term liability

Q 04:What is capital?

______________________________________________________

05: What is Revenue?

______________________________________________________

Q 06: Form 15ca?

_____________________________________________________

Q 07: What is bank reconciliation?



____________________________________________________

Q 08: What is sales Tax return?

_____________________________________________



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