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© This is a licensed product of Ken Research and should not be copied
Kaveri Seed Company Limited
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© This is a licensed product of Ken Research and should not be copied
TABLE OF CONTENTS
1. Executive Summary: Kaveri Seed Company Limited
2. Business Overview
Introduction
Expertise
Products
Awards
2.1. Corporate Timeline
2.2. Key Developments
2.3. Ownership Structure
2.4. Kaveri Seed Company Limited Organisational Structure
3. Kaveri Seed Company Limited Products Portfolio
3.1. By Hybrid Seeds
3.2. By Micro-Nutrients
3.3. By Exotic Vegetables
4. Kaveri Seed Company Limited Financial Performance
4.1. Valuation Analysis and Financial Summary
4.2. DCF (Discounted Cash flow) Valuation and Upside Potential
5. Kaveri Seed Company limited Annotated Stock Chart and Analyst Recommendations
5.1. Annotated Stock Price Performance
5.2. Analyst Recommendations
Expected Bullish Stock Performance
Low Liquidity Implying High Investments
Expectation of Earning Growth
6. SWOT Analysis
Strengths
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Weaknesses
Opportunities
Threats
7. Kaveri Seed Company Limited Operational Overview
7.1. Board of Directors Profile
7.2. Management Profile
8. Indian Hybrid Seed Industry Overview and Size, FY’2008- Fy’2012
8.1. Indian Hybrid Seed Industry Segmentation, FY’2012
8.2. Market Share of Major Players in the Indian Hybrid Seed Market, FY’2012
9. Competitive Analysis
9.1. By Products Offered/Revenue/Business Strategy
9.2. By Financial Performance (Topline/ Enterprise Value/ Multiples)
9.3. A Relative Valuation Analysis of Indian Seed and Agrochemical Industry
10. Kaveri Seed Company Limited Management Outlook and Future Projections
10.1. Kaveri seed Company Limited Future Projections
10.2. Ratio Analysis
11. Appendix
11.1. Market Definition
11.2. Abbreviations
11.3. Research Methodology
Data Collection Methods
Approach
11.4. Disclaimer
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LIST OF FIGURES
Figure 1: Kaveri Seed Company Limited Corporate Timeline
Figure 2: Kaveri Seed Company Limited Ownership Structure in Percentage as on 30 September 2012
Figure 3: Kaveri Seed Company Limited Product Portfolio
Figure 4: Kaveri Seed Company Limited Revenue Segmentation on the Basis of Contribution by Business Segments in overall Revenue in Percentage, FY’2012
Figure 5: Kaveri Seed Limited Hybrid Seeds Performance on the Basis of Revenue in INR Crore, FY’2008-LTM 31st December 2012
Figure 6: Kaveri Seed Company Limited Micro-nutrients and Bio-pesticides Performance on the Basis of Revenue in INR Crore, FY’2008-LTM 31st December 2012
Figure 7: Kaveri Seed Company Limited Annotated Stock Price Performance on the Basis of Volume Traded and Stock Prices in Thousand Shares and INR per Share, 25th February 2012-25th February 2013
Figure 8: India Hybrid Seed Industry Market Size and Contribution in the Overall Indian Seed Market on the Basis of Revenue in INR Crore and percentage, FY’2008-FY’2012
Figure 9: India Hybrid Seed Industry Segmentation on the Basis of Contribution in the Overall Hybrid Seed Industry in Percentage, FY’2012
Figure 10: Market Share of Major Players in Indian Hybrid Seed Market on the Basis of Contribution by Revenue in Percentage, FY’2012
Figure 11: Kaveri Seed Company Limited Future Projections on the Basis of Revenue, EBITDA Margin and Net Profit Margin in INR Crore and Percentage, FY’2013-FY’2017
Figure 12: Non-linear Regression Analysis and Scatter Chart Based upon Indian Hybrid Seed Industry Market size, FY’2008-FY’2012
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LIST OF TABLES
Table 1: Kaveri Seed Company Limited Financial Summary on the Basis of Revenue, Growth and Net Profit Margin in INR Crore and Percentage, FY’2008-LTM, 31st December 2012
Table 2: Kaveri Seed Company Limited Key Developments
Table 3: Kaveri Seed Company Limited Ownership Structure on the Basis of Share held as on 30th September 2012
Table 4: Kaveri Seed Company Limited Promoters Stake on the Basis of Number of Share Held and the Percentage of Share Held in Shares Outstanding, as on 30th September 2012
Table 5: Kaveri Seed Company Limited Top Mutual fund Investors stake on the Basis of Number of Shares Held and the Percentage of Shares Held in Shares Outstanding, as on 30th September 2012
Table 6: Kaveri Seed Company Limited Seed Product Quality on the Basis of Breeding Objectives
Table 7: Kaveri Seed Company Limited Financial Performance on the Basis of Revenue, EBITDA Margin and Net Profit Margin in INR Crore, and Percentage, FY’2008-LTM ending 31st December 2012
Table 8: Kaveri Seed Company Limited Valuation Analysis on the Basis of Market Capitalization, Net Debt and Enterprise Value in INR Crore and Units as on 25th February 2013
Table 9: Kaveri Seed Company Limited Valuation Multiples Ratios on the Basis of Revenue, EBITDA and Net Profit Multiples, FY’2008-LTM ending 31st December 2012
Table 10: Kaveri Seed Company Limited Discounted Cash Flow Valuation on the Basis of Weighted Average Cost to Capital, Present Value of Company Valuation and Target Share Price
Table 11: Kaveri Seed Company Limited Sensitivity Analysis of Discounted Cash Flow Analysis, Perpetuity Growth Rate and weighted Average Cost of Capital on the basis of Perpetuity Growth Rate Method in INR Crore and in Percentage
Table 12: Kaveri Seed Company Limited Operational Overview on the Basis of Board of Directors Profile
Table 13: Kaveri Seed Company Limited Operational Overview on the Basis of Management Profile
Table 14: Competitive Landscape of Major Companies on the basis of Product Offered, Revenue and Business Strategies
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Table 15: Company Comparable Analysis on the Basis of Financial Performance in INR Crore and Valuation Multiples as on LTM 31st December 2012
Table 16: Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year ending 31st December 2012
Table 17: Relative Valuation Analysis on the Basis of Deal Value, Deal Stake, Implied Enterprise Value and Multiples in INR Crore, Percentage and Multiples
Table 18: Kaveri Seed Company Limited Fututre Projections on the Basis of Income Statement in INR, FY’2011-FY’2014
Table 19: Kaveri Seed Company Limited Future Projections on the Basis of Balance Sheet in INR, FY’2011-FY’2014
Table 20: Kaveri Seed Company Limited Fututre Projections on the Basis of Cash Flow Statement in INR, FY’2011-FY’2014
Table 21: Kaveri Seed Company Limited Ratio Analysis on the Basis of Liquidity, Asset Management, Profitability and Leverage Ratios in Multiple and Percentage, FY’2008-FY’2014
Table 22: Regression Coefficients of the Indian MSW market
Table 23: Regression Intercepts of the Kaveri Seed Company Limited
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EXECUTIVE SUMMARY: KAVERI SEED COMPANY LIMITED
Recommendation: ~ Target Price: INR ~ Date: 25th February 2013
Kaveri Seed Company is involved in the production of genetically modified hybrid seed for various vegetables and field crops. The company generates most of the revenue from the sale of these hybrid seeds. The company engages in the production of soil enhancing micro-nutrients, bio-pesticides and has a separate division for producing exotic vegetables. The company was listed on the Bombay stock exchange of India in 2007 and is headquartered in Hyderabad
Key Differentiators
The company engages in the pre cleaning, grading, cob drying, packing and storage of hybrid seeds via ultra modern equipment
Competition and Positioning
The company is one of the leading hybrid cotton producer, contributing ~% in the INR ~ crore hybrid cotton market
Key Developments
Established a new Subsidiary “Kexveg India Private Limited” for producing exotic vegetables and herbs to cater to the demand in both domestic and international market
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Financial Summary
Kaveri Seed Company Limited Financial Summary on the Basis of Revenue, Growth and Net Profit Margin in INR Crore and Percentage, FY’2008-LTM, 31st December 2012
Particulars FY’2008 FY’2009 FY’2010 FY’2011 FY’2012 LTM
Revenue
Growth%
Net Profit%
CORPORATE TIMELINE
The company started its operations in 1976 with the production of different varieties of hybrid seeds such as corn, millet, sunflower and rice. In 1986, the company changed its structure to a private limited under the Companies Act, having registration No. 6728 of 1986-87. The company established a seed processing unit in Bellary, Karnataka. In 1987, Kaveri Seed set up its first marketing office in Davangere in Karanataka. In 1997, the company established its first research and development facility and launched its first hybrid corn seeds in 1997 in South India. The company’s hybrid corn seeds product were successfully commercialized as it was providing more yield than other existing variety of seeds. In 1999, the company increased its seed production capacity to meet the growing demand for the same by setting up a processing plant at Kandlakoi near Hyderabad. Subsequently, the company had added more hybrid seeds of other crops such as sunflower, pearl millet, sorghum and rice...
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The company introduced its first corn hybrid seed
The company had developed its first seed conditioning plant in Kandlkoi
The company was given recognition from the department of science and industry research, for its research and development practices on hybridization of seeds
The company entered into partnership for producing bio-pesticides and micro-nutrients
The company had acquired license from Mahyco Monsanto Biotech (India) Limited for using Bt. Gene technology to produce hybrid cotton seeds
The company had established a seed conditioning plant with cob dryers facility at Gundla, Pochampally and Eluru
The company was listed on the bombay stock exchange (BSE)
The company had signed an agreement with Agri Jenetics for producing testing and marketing hybrid cotton seed products
The company acquired Kaveri Agritek, a joint venture establishment which produces micro-nutrients
The company’s revenue had inclined to INR 1.0 billion
The company had established a new division for producing exotic vegetables and herbs named as Kexveg India Private limited
Kaveri Seed Company Limited Corporate Timeline
The company had incepted its operation in the field of hybrid seed, at Gatla Narsingapur Village, Andhra Pradesh
The company had expanded its structure to a private limited entity and developed a seed processing unit at Bellary, Karnataka
The company had started research and development on the hybridization of seeds and thus initiated a seed processing plant in Biramulguda
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OWNERSHIP STRUCTURE
Kaveri Seed promoters are the major stake holders of the company accounting for ~% stake in total shares outstanding of the company. Company promoters have increased their stake from ~% as of 31st March 2012 to ~% as of 30th September 2012, a ~% y-o-y increase. Foreign Institutional Investors (FIIs) have increased their share holding significantly from ~% as on 30th June 2012 to ~% as of 30th September 2012 an increase of ~%. Among the promoters, G.V.Bhaskar Rao and R.Venu Manohar Rao had the highest shares held. Together they held more than ~%. The institutional investors held ~% stake in the company, of these institutional investors, IDFC premier equity fund has the highest stake of ~%.
Kaveri Seed Company Limited Ownership Structure on the Basis of Share held as on 30th September 2012
Category No. of Share Holder as on 30th September 2012
No. of Shares as on 30th September 2012
Change in Share Held
Percentage Change
Promoters
Mutual Funds
Financial Institutions/ Banks
Bodies Corporate
FIIs
NRIs
Public
Total
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Kaveri Seed Company Limited Ownership Structure in Percentage as on 30 September 2012
Kaveri Seed Company Limited Promoters Stake on the Basis of Number of Share Held and the Percentage of Share Held in Shares Outstanding, as on 30th September 2012
Name of Shareholder No. of Share as on 30th September 2012
Percentage of Shares as on 30th September 2012
G.V.Bhaskar Rao
G.V. Bhaskar Rao (HUF)
DR.C.Gopal Rao
Gouthareddy Shanker Reddy
G. Madhushree
G. Pawan
Padamaja C
R. Venu Mahohar Rao
G. Vanaja Devi
Promoters
Mutual Funds
Financial Institutions/ Banks
Bodies Corporate
FIIs
NRIs
Public
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Madhavi Chennamaneni
C Mithun Chand
Vamsheedhar Chennamaneni
Total
Kaveri Seed Company Limited Top Mutual fund Investors stake on the Basis of Number of Shares Held and the Percentage of Shares Held in Shares Outstanding, as on 30th September 2012
Name of Institution No. of Share Percentage of Share
IDFC Premier Equity Fund
Religare Finvest Ltd.
Bengal Finance & Investment Private Limited
Bodhivrishika Advisors LLP
Ashish Kacholia
Bodhivriksha Advisors LLP
Total
BY HYBRID SEEDS
The company had introduced 4 hybrid paddy seeds namely KPH 216, KPH 371, KPH 272, and KPH 199…
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…The company has a market share of more than ~% in the overall hybrid seed industry of India and is primarily involved in the production of hybrid cotton, corn/maize and rice in the segment of field crops. The company’s revenue from the hybrid seed has increased at a CAGR rate of ~% from FY’2008-FY’2012. The company produced ~ tonnes of seeds in FY’2012 up by ~% y-o-y. The segments generated an overall net profit of INR ~ crore in FY’2012 up by ~% y-o-y.
The company’s product for hybrid cotton and corn seeds contributes the highest in the overall revenue from the hybrid seed segment. The product is estimated to contribute 47.3% in the overall revenue from hybrid seed in FY’2012 and the company has a market share of 5.5% in the hybrid cotton market in FY’2012…
.
…The company has been giving emphasis on the development of herbicide tolerance (HT) and draught tolerance (DT) while BT cotton has been the main focus of the company. The company’s sales of the BT cotton seeds had increased because of the increase in the demand for the company’s premier BT cotton hybrid products namely, jadoo and jack-pot.
Kaveri Seed Limited Hybrid Seeds Performance on the Basis of Revenue in INR Crore, FY’2008-LTM 31st December 2012
0.0
100.0
200.0
300.0
400.0
500.0
600.0
700.0
FY'2008 FY'2009 FY'2010 FY'2011 FY'2012 LTM
INR
Cro
re
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Kaveri Seed Company Limited Seed Product Quality on the Basis of Breeding Objectives
Seed Product Category
Breeding Objectives
Corn To ensure high yield
To provide for medium to full maturity seeds
Sunflower Medium harvesting duration
Pearl Milet Maturity ranging from early to medium
Sorghum Medium height
Cotton Suitable for rain fed and irrigated condition
Rice To provide for 30% more yield
Source: Company Reports
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VALUATION ANALYSIS AND FINANCIAL SUMMARY
The company has witnessed a revenue growth of 39.6% from FY’2008 to FY’ 2012. This was due to an increase in the sales of hybrid seeds and micro nutrient over the years. Hybrid cotton seeds have been major source of revenue for the company…
… Though the expenses incurred on sales has increased on account of an increase in the cost of raw material from INR ~ crore in FY’2008 to INR ~ crore in FY’2012 at a CAGR of ~% however, the increase was offset by a more than a proportional increase in the revenue of the company. Additionally, the increase in the compensation to the employees at a CAGR of ~% for the same period led to the further expansion in the cost of sales. The net profit margins had also declined at a CAGR of ~% from FY’2008-FY’2012 at a CAGR of ~%. It represents the percentage of gross sales which is being transformed into the profit after tax…
Kaveri Seed Company Limited Financial Performance on the Basis of Revenue, EBITDA Margin and Net Profit Margin in INR Crore, and Percentage, FY’2008-LTM ending 31st December 2012
Particulars (in INR Crore and Percentage) FY’2008 FY’2009 FY’2010 FY’2011 FY’2012 LTM*
Revenue
y-o-y Growth%
EBITDA%
Net Profit%
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Kaveri Seed Company Limited Valuation Analysis on the Basis of Market Capitalization, Net Debt and Enterprise Value in INR Crore and Units as on 25th February 2013
Particulars (in INR Crore and Units)
Share Price (INR)*
Share Outstanding (in Million)
Market Value
Net Debt
Associates/ Minority Interest
Enterprise Value
Kaveri Seed Company Limited Valuation Multiples Ratios on the Basis of Revenue, EBITDA and Net Profit Multiples, FY’2008-LTM ending 31st December 2012
Particulars FY’2008 FY’2009 FY’2010 FY’2011 FY’2012 LTM*
EV/Revenue
EV/ EBITDA
EV/Net Profit
DCF (DISCOUNTED CASH FLOW) VALUATION AND UPSIDE POTENTIAL
The DCF Valuation of the company showcases that the company stock price has an upside potential of ~% for the future period. The company is expected to grow at a perpetuity growth rate of ~% in the future, leading to a terminal value of INR ~ crore. This implies that the company’s stock price is undervalued and is expected to increase in the future.
The present value of the company’s future cash flows has been discounted by ~% which represents the weighted average cost of capital for the company. Assuming a risk free rate of return of ~% and an unlevered beta of 0.81, the weighted average cost of capital has been computed for a debt to equity ratio of ~%. The company comprises equity of ~% and debt of ~%
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leading to a levered beta of ~. The company’s cost of equity has been estimated at 14.8% and the cost of debt is estimated to be ~%...
…The sensitivity analysis showcases how the company’s valuation will be affected, given a change in the weighted average cost of capital and in the perpetuity growth rate of the company. The company’s enterprise value is expected to show a nominal change, given an upside or downside 0.5% change in the weighted average cost of capital and 1.0% positive or negative change in the company’s perpetuity growth rate.
Kaveri Seed Company Limited Discounted Cash Flow Valuation on the Basis of Weighted Average Cost to Capital, Present Value of Company Valuation and Target Share Price
Particulars Value (in INR Crore, Percentage and Units)
WACC
Revenue CAGR over 2013-17E
Present Value of Cash Flow till 2017E
Terminal Growth
Present Value (PV) of terminal cash flow
Present Value (PV) of firm
Less: Current Debt
Total present value of the Equity
Number of Equity Shares Outstanding (in Units)
DCF - Target price (INR)
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Kaveri Seed Company Limited Sensitivity Analysis of Discounted Cash Flow Analysis, Perpetuity Growth Rate and weighted Average Cost of Capital on the basis of Perpetuity Growth Rate Method in INR Crore and in Percentage
Enterprise Value (in INR Crore) Weighted Average Cost of Capital
Perpetuity Growth Rate
MARKET SHARE OF MAJOR PLAYERS IN THE INDIAN HYBRID SEED MARKET, FY’2012
…As per the historical trend, the revenue of the seed companies has been inclining. However, despite expansion in demand and favorable crop economics, EBITDA margins of most domestic seed companies declined in FY’2012 over the previous year, due to high competition intensity, maturation of growing cotton seed market leading to stagnant growth and significant increase in labor cost due to shortage in labor supply.
For Monsanto India, corn hybrid was the single biggest focus in seed business. Through its Project Golden Rays project the company has signed a public-private partnership with Rajasthan state government for increasing the maize hybrid yields by two folds. The project involves ~ lakh tribal farmers. The company has a share of ~% in the overall hybrid seed market…
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Market Share of Major Players in Indian Hybrid Seed Market on the Basis of Contribution by Revenue in Percentage, FY’2012
BY FINANCIAL PERFORMANCE (TOPLINE/ ENTERPRISE VALUE/ MULTIPLES)
Company Comparable Analysis on the Basis of Financial Performance in INR Crore and Valuation Multiples as on LTM 31st December 2012
(INR Crore, unless Stated) Last Twelve Months (LTM) Year Ending December 2012
Company Market Cap
Net Debt Enterprise Value (EV)
EV/Revenue EV/EBITDA P/E
JK Agri Genetics Ltd.
Advanta India Limited
Monsanto India Ltd.
Nath Seeds India Limited
Nuziveedu Seeds Private limited
Maharashtra Hybrid Corporation (Mahyco)Monsanto India Limited (MIL)
Bayer CropScience Ltd. - India
Pioneer Seeds
Syngenta India Ltd.
Ankur Seeds Pvt. Ltd.
Vibha Agrotech Ltd
Rasi Seeds Private Limited
Kaveri Seed Company Limited
Others
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Kaveri Seed Company Limited
Mean
Median
Company Comparables on the Basis of Revenue in INR Crore, FY’2008-LTM year ending 31st December 2012
Revenue (in INR Crore) FY’2008 FY’2009 FY’2010 FY’2011 FY’2012 LTM
JK Agri Genetics Ltd.*
Advanta India Limited**
Monsanto India Ltd.
Kaveri Seed Company Limited
Nath Seeds India Limited
7.1. A RELATIVE VALUATION ANALYSIS OF INDIAN SEED AND AGROCHEMICAL INDUSTRY
The Indian seed Industry has witnessed a number of deal transactions in terms of mergers and acquisition between companies. Some of the company have transformed from a private limited to public limited by issuing equity stocks, one such company is R J Biotech Limited…
Relative Valuation Analysis on the Basis of Deal Value, Deal Stake, Implied Enterprise Value and Multiples in INR Crore, Percentage and Multiples
Date Target Company
Deal Type Deal Value INR (Cr)
Stake % Implied EV/ Revenue
Implied EV/ EBITDA
Implied EV/ PAT
21-Feb-13 R J Biotech Limited
IPO
10-Jan-13 Karnalyte Resources Inc
Outbound Acquisition
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6-Dec-12 Sree Ramcides Inbound Acquisition
24-Nov-12 Century Seeds Private Limited
Inbound Acquisition
26-Jul-12 Advanta India Limited
Private Equity Fund Raise
17-Jul-12 Agrichem Domestic Acquisition
21-May-12 Bisco Bio Sciences Private Limited
Inbound Acquisition
14-May-12 NaanDanJain Irrigation Limited
Domestic Acquisition
24-Apr-12 Zero Waste Agro Organics Private Limited
Domestic Acquisition
2-Apr-12 Super Agri Seeds Pvt. Ltd
Private Equity Fund Raise
5-Mar-12 Gold'N Chicks Limited
Inbound Acquisition
9-Dec-10 Metahellix Life Sciences
Domestic Acquisition
Mean
Median
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KAVERI SEED COMPANY LIMITED FUTURE PROJECTIONS
…Additionally, the farmers of rice are also expected to weigh the benefits of hybrid rice over its cost, thus providing growth opportunity for the company’s revenue. The government will also help in the growth of company’s revenue in the form of subsidies for production of quality hybrid seeds so as to raise the farm productivity and increase the demand for hybrid seeds…
…Additionally, the company has ~ hybrid seed products in development stage. These products are expected to be ready for commercialization in the next three years. Kaveri Seed Company limited is expected to showcase a revenue growth of ~% from FY’2012-FY’2017 as the company is expected to focus on quality, product development, manufacturing efficiencies, productivity improvements and quicker reach to market…
Kaveri Seed Company Limited Future Projections on the Basis of Revenue, EBITDA Margin and Net Profit Margin in INR Crore and Percentage, FY’2013-FY’2017
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
0.0
500.0
1,000.0
1,500.0
2,000.0
2,500.0
3,000.0
3,500.0
FY'2013 FY'2014 FY'2015 FY'2016 FY'2017
in P
erce
ntag
e
INR
Cro
re
Revenue EBITDA Margin Net Profit Margin
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Kaveri Seed Company Limited Fututre Projections on the Basis of Income Statement in INR, FY’2011-FY’2014
Income Statement (in INR) FY’2011 FY’2012 FY’2013 FY’2014
Revenues
Expenses
Financial Cost
Depreciation
EBITDA
Net Profit
Kaveri Seed Company Limited Future Projections on the Basis of Balance Sheet in INR, FY’2011-FY’2014
Balance Sheet (in INR) FY’2011 FY’2012 FY’2013 FY’2014
Application of Funds
Fixed Asset (Net)
CWIP
Investments
Other Assets
Inventories
Sundry Debtors
Cash and Bank Balance
Loans and Advances
Miscellaneous Expenses not written-off
Total
Sources of Funds
Share Capital
Reserves and Surplus
Other Liabilities
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Total Debt
Current Liabilities
Provisions
Total
Kaveri Seed Company Limited Fututre Projections on the Basis of Cash Flow Statement in INR, FY’2011-FY’2014
Cash Flow Statement (in INR) FY'2011 FY'2012 FY'2013 FY'2014
Profit Before Tax
Total Adjustments
Change in Operational Expenses
Direct Taxes Paid
Cash Flow from Operations
Net Investment in GFA
Change in Investments
Others
Cash Flow from Investment
Repayment of LT Borrowings
Repayment of ST Borrowings
Dividend Paid
Interest Paid
Cash Flow from Financing
Net Cash Flows
Openning balance of cash
Transferred to Balance Sheet
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DISCLAIMER
The research reports provided by Ken Research are for the personal information of the authorized recipient and is not for public distribution and should not be reproduced or redistributed without prior permission. You are permitted to print or download extracts from this material for your personal use only. None of this material may be used for any commercial or public use.
The information provided in the research documents is from publicly available data and other sources, which are reliable. Efforts are made to try and ensure accuracy of data. With respect to documents available, neither the company nor any of its employees makes any warranty, express or implied, including the warranties of merchantability and fitness for a particular purpose, or assumes any legal liability or responsibility for the accuracy, completeness, or usefulness of any information, apparatus, product, or process disclosed, or represents that its use will not infringe privately owned rights.
The report also includes analysis and views expressed by our research team. The research reports are purely for information purposes. The opinions expressed are our current opinions as of the date appearing in the material and may be subject to change from time to time without notice. Investors should not solely rely on the information contained in the research documents and must make investment decisions based on their own investment objectives, risk profile and financial position. The recipients of this material should take their own professional advice before acting on this information.
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