| Dear Members,
The Directors take pleasure in presenting the 21st Annual Report on
the business and operations of the Company together with the audited
Financial Statements along with the Report of the Auditors for the
financial year ended December 31, 2014.
Financial Performance
The financial highlights for the year under review are presented below:
(in Lacs)
DESCRIPTION CONSOLIDATED STANDALONE
December, December, December, December,
31 2014 31 2013 31 2014 31 2013
Sales including other Income 151,905.20 126,256.24 10,387.14 11,172.01
Earnings before Interest,
Tax & Depreciation and
Amortization 25,020.84 19,446.70 3,875.02 4,769.89
Profit before exceptional
item, prior period
adjustments and Tax 9,089.67 6,468.49 174.51 512.77
Exceptional Item (888.22) (1,668.96) - -
Prior period adjustments - - - -
Profit Before Tax 8,201.45 4,799.53 174.51 512.77
Profit / (Loss) After
Tax (PAT) 8,353.88 4,448.71 (517.27) 464.79
Add: Balance brought
forward from previous year 23,234.09 19,250.17 (2,959.59) (2,959.59)
Adjustment on account of
amalgamation of
subsidiary company - - - -
Surplus Available for
Appropriations 31,587.97 23,698.88 (3,476.86) (2,494.80)
Appropriations:
Proposed Final Dividend Nil Nil Nil Nil
Tax on Dividend Nil Nil Nil Nil
Transfer to General Reserve Nil Nil Nil Nil
Transfer to Debenture
Redemption Reserve - 464.79 - 464.79
Balance Transferred to
Balance Sheet 31,587.97 23,234.09 (3,476.86) (2,959.59)
Conversion rates as on 31st December, 2014
For Balance Sheet items For Statement of Profit & Loss
(Closing Rate) (Average Rate)
1USD = 63.0350 61.1538
1AUD = 51.7202 54.8450
1EURO = 76.6316 80.9973
1THB = 1.9171 1.8775
1IDR = 0.0050 0.0051
1BRL = 23.7196 25.9834
1AED = 17.1614 16.6496
business overview/operations
Geographically, the Company has registered robust growth in all areas
of its presence except in Thailand and Europe. Thailand suffered a
severe nine month-long drought.
Besides, a change in the government policy on purchasing prices
affected the liquidity of the farmers which adversely impacted corn
planting, resulting in lower numbers for the Company. Europe slowed
down due to uncertainty in the CIS region.
In the US, the Company's strategy of transitioning from a private Label
to a branded one has resulted in incremental growth in the sorghum
business. The Company has done excellent business in Mexico this year
predominantly in Sorghum.
India also achieved creditable numbers as the Company's forage business
enjoyed a strong competitive position in some important markets. Some
of its crops have emerged as trademarks thereby positioning the Company
as a favoured choice among its customers.
PAC-740 hybrid is gaining a lot of popularity in the rain-fed markets
of India for its wide adaptability and grain colour. Hybrid rice - a
legacy crop of Advanta is gaining its due share in the Eastern and
Northern markets.
With the vision of increasing productivity and net income of the Indian
Vegetable farmers, UPL - Advanta group, with its flagship brand, Golden
Seeds, is one of the major players of the Indian Vegetable Seed
Industry. From a turnover point of view it is among the top 6 players
in the industry. It has a dominant market share in tropical
cauliflower, beet root, peas and is geared up to take a quantum leap in
the high- value segment of okra with the introduction of novel hybrids.
Business from Europe remained subdued primarily due to political crisis
in Ukraine. However, the Company has received many products
registrations across European countries, not only for sunflower but
also sorghum. This should help the Company strengthen its position in
Europe and de-risk its business from a dependence on a single crop as
well as geography.
In Asia, we have doubled our volumes in the newly opened markets of
Vietnam and grown in Indonesia despite supply chain limitations. Our
dominance in the fresh corn segment in SE Asia continued in 2014. We
work very closely with the provincial governments and developmental
agencies in different PPP projects to improve farm productivity and
farm incomes of small and marginal farmers in Asia.
In Africa, grain sorghum has shown a significant revenue growth of 26%.
Our cutting edge hybrids have yielded 2 to 2.5 times more compared to
the local varieties. This crop has one of the largest acreages in
Africa and Advanta can provide Seed and Agronomic solutions to improve
the yields significantly. We are working closely with various African
Governments for developing this crop. Canola in the Middle East and
Africa, the other important crop for this geography in which we have a
leading position, has been a significant contributor to our revenue and
margin growth in 2014.
FUTURE OUTLOOK / PROSPECTS
Your company with vast experience in seed production of major
agricultural crops backed by a very strong in-house R&D program for
crops corn, sorghum, sunflower, rice and several vegetable crops
nurtured a competitive edge in seed and agribusiness.
Advanta has a great opportunity to develop its growth strategy through
a combination of internally driven factors and external dynamics that
have taken place in the industry today.
We will continue to focus and develop collaboration to capture wider
set of resources and leverage on a particular market expertise. Also,
in our specialty projects we will focus on developing those commercial
partnerships, synergizing the Advanta's and its partners capabilities
throughout the integrated value chain.
The US: In the US, due to the transitioning from a private label to a
branded one in sorghum growth is expected to continue. This will be
complemented by the launch of new products from the R&D pipeline in the
coming years.
India: India will be one of the major growth areas in the next five
years or so. Corn, forage and some of the rapeseed business is going to
grow in India and we believe that we have been capturing most of the
opportunities because of our business structure and the way we enter
the market.
UPL - Advanta after its transformation, has just started the new growth
story within and outside the organization. With sound professional
teams in place, we are all set to capture high market share and are
striving to have our place in the top three vegetable seed companies of
India. Our vegetable research strategy is focused on in-house breeding
for tomato, okra, eggplant, hot pepper, cauliflower, gourds, watermelon
and sweetcorn; and the rest through strategic tie-ups, to capture high
market shares in okra, tropical corn and pepper.
Europe. The Company possesses a strong product portfolio comprising
high oleic, high stearic sunflowers which position it perfectly to
carve out a meaningful share over the years. Additionally, the Company
is working to establish a strong presence in Russia and Romania.
Further, the Company expects to get some of its most important products
registered in early 2015 which should help augment sales.
Asia: Our cutting-edge research and technology development will
continue to help in maintaining leadership position in South East Asia
i.e., Thailand. Our focus markets beyond Thailand would be Vietnam and
Indonesia where we have been growing rapidly and investing in supply
chain and market development.
South Asia: Bangladesh and Sri Lanka are the other corn markets where
we would continue to defend our leadership position.
Africa: This is expected to be an important growth area as Africa
stands on the threshold of an agricultural revolution. The Company is
working to realign its product portfolio to suit the agricultural and
geographical factors.
Key crops and offerings for Africa include sorghum, sunflower, corn
(white & yellow), canola, forages, rice and vegetables. The robust
technology development process should enable us to expand rapidly
across Africa.
Rest of the world The Company expects Australia and Argentina among
other developing nations to emerge as important growth drivers in the
coming years.
MODERNISATION / EXPANSION PROJECTS
We continue to evaluate the capacity and plant requirements as the
business continues to develop. During 2014, the following projects were
undertaken:
Dust extraction and upgradation of control, Corn sizing in processing
facility, Australia
Installation of automatic bag placer in processing facility, Thailand
Upgradation and expansion of parent seed processing and warehousing
facility in India
We have taken up numerous negotiations and found suitable partners to
assist in capacity expansion. We have also developed four year plan for
upgradation and expansion of our projects.
We are evaluating IT systems to assist in development of supply chain
management system to improve planning, production and inventory
management.
RESEARCH & DEVELOPMENT
Advanta believes that innovation is the cornerstone of sustainable
development in any corporate structure and a holistic means of ushering
it is through continuous investment in research and development.
The Company invests about 10% of its revenues into its R&D programmes
in select areas which represent important growth opportunities.
Considering the efforts of its R&D team, the Company expects new
product launches in sorghum, canola, corn and sunflower.
The Company has strong products in the pipeline in India for the coming
years. For this, the team is running extensive
trials to assure the farmer of their performance. In addition to
trials, the team is creating a management package for the growers -
"here is the new hybrid, this is the agronomic management you need to
put in place in order to get the best of this hybrid'. With this
package, the Company hopes to increase product acceptability among the
farmers.
The R&D team focuses solely on products and regions with considerable
scope and not populated by bigger players, allowing the Company to play
to its strengths and expand in selected areas.
DIVIDEND
The Board of Directors do not recommend any Dividend in view of the
loss for the Financial Year ended 31st December 2014.
SUBSIDIARIES
As on date, your Company has three direct subsidiaries: Advanta
Holdings BV - Netherlands; Advanta Seed International - Mauritius; PT
Advanta Seeds Indonesia - Indonesia and ten step-down subsidiaries:
Advanta US Inc. - USA; Advanta Netherlands Holdings BV - Netherlands;
Advanta Comercio De Sementas Ltda - Brazil; Advanta Seeds Pty. Ltd. -
Australia; Advanta Semillas, SAIC - Argentina; Advanta (BVI) Ltd. -
British Virgin Islands; Long Reach Plant Breeders Management Pty. Ltd.
- Australia; Pacific Seeds (Thai) Ltd. - Thailand; Pacific Seeds
Holding (Thailand) Ltd - Thailand; Advanta Seeds JLT - Dubai.
Pursuant to the provisions of Section 212 of the Companies Act, 1956,
your Company, being the Holding Company is required to attach the
Directors' Report, Balance Sheet and Statement of Profit and Loss and
other documents of its subsidiaries along with its Balance Sheet.
In this regard, it may be noted that pursuant to the directions issued
by the MCA, vide General Circular No.2/ 2011, Dt. 8th February, 2011,
general exemption has been granted to the Companies from complying with
the provisions of Section 212 of the Companies Act, 1956 in respect of
their subsidiaries. This implies that your Company, being the Holding
Company need not attach the Balance Sheet, Statement of Profit and Loss
etc., of its subsidiaries subject to compliance of certain conditions
attached with the said exemption.
In view of the compliance of said conditions, audited consolidated
financial statements for the year ended 31st December, 2014, prepared
in compliance with applicable Accounting Standards are attached
herewith.
Further, your Company undertakes that the Annual Accounts of the
subsidiary companies and the related detailed information will be made
available to its shareholders and to the shareholders of its subsidiary
companies seeking such information at any point of time. Further, the
Annual Accounts of the subsidiary companies are also available for
inspection by any shareholder at its head office and that of the
concerned subsidiary companies.
Further, Statement as required under Section 212 in respect of
Subsidiaries is annexed to this Report.
CONSOLIDATED FINANCIAL STATEMENTS
In accordance with Accounting Standard AS-21 on Consolidated Financial
Statements read with Accounting Standard AS-23 on Accounting for
Investment in Associates and with reference to Clause 32 of the Listing
Agreement, the Audited Consolidated Financial Statements forms part of
the Annual Report.
CASH FLOW ANALYSIS
The Cash Flow Statement for the year under reference in terms of Clause
32 of the Listing Agreement is annexed hereto.
NON-CONVERTIBLE DEBENTURES
The outstanding amount of Non-Convertible Debentures as on 31st
December 2014 is H162 crores comprising 1620 Unsecured Non-Convertible
Debentures of H10,00,000 each.
ISSUE OF SHARES - ESOP
During the year under review, the paid-up share capital of the Company
has increased from H1686.85 lacs divided into 84,342,325 equity shares
of H2 each to H1687.42 lacs divided into 84,371,095 equity shares of H2
each consequent to the allotment of 28,770 equity shares of H2 each to
employees upon exercise of options under Employee Stock Option and
Shares Plan - 2006.
The particulars of shares allotted during the FY ended 31st December,
2014 are as follows:
Date of Allotment Name of the No. of Shares Date of Listing
Allottee BSE NSE
30.01.2014 Mr. V.R. Kaundinya 4,035
Dr. M. Narasimham 75 14.02.2014 17.02.2014
Dr. Krishna Prasad 4,125
29.04.2014 Mr. V. Ameya Nayak
Salatry 4,125 20.05.2014 19.05.2014
25.07.2014 Mr. Venkatram
Vasantavada 4,125 25.08.2014 18.08.2014
31.10.2014 Mr. Venkatram
Vasantavada 4,125
Mr. V.R. Kaundinya 4,035 20.11.2014 20.11.2014
Dr. Krishna Prasad 4,125
Total 28,770
FOREIGN CuRRENCY CONVERTIBLE BONDS
In July 2011, the Company had issued USD 50,000,000 Floating Rate
Guaranteed Convertible Bonds due 2016 Convertible into Ordinary Shares
or Global Depository Shares representing Ordinary Shares of the
Company.
The said bonds are listed at Singapore Exchange Limited. These bonds
are convertible into Ordinary Shares or Global Depositary Shares (GDSs)
representing Equity Shares of Advanta Limited at the option of the
bondholder(s).
If the bondholder(s) opt for conversion into Ordinary Shares, the
equity capital of the Company will increase by an amount of H79,444,210
comprising of 39,722,105 equity shares of H2 each.
During the year under review, the Company has made necessary
arrangements and appointed the required
intermediaries in order to enable the Company to issue Global
Depositary Receipts (GDRs), in case the bondholders opts to convert the
FCCBs into GDRs. The said GDRs will be listed on Singapore Exchange and
the said Exchange has in- principally approved the listing of upto
40,000,000 Global Depositary Shares representing 40,000,000 equity
shares of the Company.
During the year under review, the Company has not received any
conversion notice from the FCCB holders.
Additional information, such as the total bonds issued, bonds
converted, expected number of shares to be allotted in respect of
outstanding FCCBs is given in detail in Corporate Governance Report.
PUBLIC DEPOSITS
The Company has neither accepted nor renewed any deposits from public
within the meaning of Section 73 of the Companies Act, 2013 read with
Companies (Acceptance of Deposits) Rules, 2014 during the year under
review.
DIRECTORS/MANAGER
During the year, the following changes took place in the Board of your
Company:
Appointment of Mr. Arun C Ashar as Additional Director & subsequently
as Whole-Time Director for a period of 3 years w.e.f. 22nd March, 2014.
Appointment of Ambassador Deepak Vohra as an Independent Director
w.e.f. 22nd March, 2014.
Resignation of Mr. Arun C Ashar from the office of Director as well as
Whole-Time Director w.e.f. 30th September, 2014.
Appointment of Mr. Venkatram Vasantavada as Additional Director and
subsequently as Whole-Time Director for a period of 3 years w.e.f. 1st
November, 2014.
Appointment of Mr. Hardeep Singh, Mr. Vinod Sethi, Dr. Vasant P Gandhi
and Ambassador Deepak Vohra as Independent Directors for a period of 5
years w.e.f. 1st January, 2015.
Further, Mr. Manoj Gupta resigned from the office of Manager w.e.f.
22nd March, 2014.
Pursuant to the provisions of Section 152 of the Companies Act, 2013
Mr. Jaidev R Shroff, Chairman and Non-Executive Director of the Company
retire by rotation at the ensuing Annual General Meeting and being
eligible, offer himself for re-appointment.
Brief profile of Mr. Jaidev R Shroff as required under Clause
49(VMI)(E) of the Listing Agreement is provided in the Notice, attached
hereto.
AUDITORS AND AUDITORS REPORT
M/s. S.R. Batliboi and Associates LLP, Chartered Accountants, Statutory
Auditors of the Company retire at the conclusion of the ensuing AGM.
However, being eligible for re-appointment, they have offered
themselves for re-appointment. Pursuant to the provisions of Section
139 of the Companies Act, 2013 read with Companies (Audit and Auditors)
Rules, 2014 and as recommended by the Audit Committee it is proposed to
re-appoint M/s. S.R.Batliboi & Associates LLP, Chartered Accountants as
Statutory Auditors of the Company to hold office as such from the
conclusion of this AGM till the conclusion of next AGM.
The Statutory Auditors have confirmed that their appointment, if made,
will be in accordance with the provisions of Section 141 of the
Companies Act, 2013 read with Companies (Audit and Auditors) Rules,
2014.
Statutory Auditors of the Company, vide their Report on Consolidated
Financial Statements, have qualified their Report about "recognition of
deferred tax assets" with respect to the subsidiary companies i.e.,
Longreach Plant Breeders Management Pty. Ltd., Advanta Holdings BV,
Advanta Comercio De Sementes Ltda., PT Advanta Seeds Indonesia, Advanta
Semillas SAIC, Pacific Seeds Holdings (Thailand) Ltd., stating that
there is no virtual certainity as required by Accounting Standard (AS)
22, 'Accounting for Taxes on Income' read with General Circular 8/2014
dated April 4, 2014 issued by the Ministry of Corporate Affairs.
In this regard, your attention is invited to Note No. 33 of Notes to
Consolidated Financial Statements on recognition of deferred taxes
containing management's opinion that the said unused losses can be
utilized.
Auditors of the Company, vide their Report on Consolidated Financial
Statements have qualified their Report about the "recognition of MAT
Credit entitlement" with respect to Advanta Semillas SAIC stating that
there is no convincing evidence as required by guidance note on
"Accounting for credit available in respect of Minimum alternate Tax
under the Income-tax Act, 1961" issued by "The Institute of Chartered
Accountants of India".
In this regard, your attention is invited to Note No. 33 of Notes to
Consolidated Financial Statements on MAT credit containing management's
opinion that the said MAT credit can be utilized.
COST AUDIT
The members may note that by virtue of Order No. F.No. 52/26/CAB-2010,
dated 6th November 2012, issued by the Ministry of Corporate Affairs,
your Company has been generally directed to get its cost accounting
records in respect of FY commencing on 1st day of January 2014, audited
by a practicing Cost Accountant.
In view of the aforesaid, the Board of Directors appointed M/s. MPR &
Associates, Cost Accountants, as Cost Auditor of the Company to conduct
the audit of cost records maintained by the Company for the Financial
Year ending 31st December, 2014.
However, your Company has not appointed the Cost Auditor for FY 2015
since the provisions of Section 148 of the Companies Act, 2013 read
with Companies (Cost records and audit) Rules, 2014 are not attracted.
SECRETARIAL AUDIT
The Company has appointed M/s. PS. Rao & Associates, Company
Secretaries as Secretarial Auditors to conduct the audit of secretarial
and related records of the Company for the FY ended 31st December,
2014.
DIRECTORS' RESPONSIBILITY STATEMENT
To the best of our knowledge and belief and according to the
information and explanations obtained by us, we make the following
statement in terms of Section 217(2AA) of the Companies Act, 1956:
i. That in the preparation of accounts for the year ended December 31,
2014, the applicable accounting standards have been followed and that
no material departures have been made from the same.
ii. That such accounting policies have been selected and been applied
consistently and judgments and estimates been made that are reasonable
and prudent so as to give a true and fair view of the state of the
affairs of the Company at the end of the financial year and of the
profit of the Company for that period.
iii. That proper and sufficient care has been taken for the maintenance
of the adequate accounting records in accordance with the provisions of
the Companies Act, 1956 for safeguarding the assets of the Company and
for preventing and detecting fraud and other irregularities.
iv. That the annual accounts for the year ended 31st December, 2014
have been prepared on a going concern basis.
VIGIL MECHANISM
The Company has established vigil mechanism and adopted whistle blower
policy for directors and employees to report concerns about unethical
behavior, actual or suspected fraud or violation of the company's code
of conduct or ethics policy.
The details of such mechanism is communicated to all the directors and
employees and is also disclosed on the website of the Company
www.advantaseeds.com.
REMuNERATION POLICY
The Company has adopted a policy relating to the remuneration for the
directors, key managerial personnel and other employees and copy of the
policy has been placed on the website of the Company
www.advantaseeds.com.
COMPOSITION OF AUDIT COMMITTEE
Audit Committee of the Company comprises three independent directors:
Mr. Vinod Sethi, Independent Director - Chairman
Mr. Vikram R. Shroff, Non-Executive Director - Member
Dr. Vasant P. Gandhi, Independent Director - Member
Mr. Hardeep Singh, Independent Director - Member
CORPORATE Social Responsibility
Pursuant to the provisions of Section 135 of the Companies Act, 2013
read with Companies (Corporate Social Responsibility Policy) Rules,
2014, a Corporate Social Responsibility Committee has been constituted
under the Chairmanship of Mr. Vikram R. Shroff, Director, consisting of
the following members:
Mr. Hardeep Singh - Independent Director
Mr. Vinod Sethi - Independent Director
Ambassador Deepak Vohra - Independent Director
Mr. Claudio Torres - Global CEO
Mr. Manoj Gupta - Global CFO
The Company has adopted a Corporate Social Responsibility Policy
indicating the activities to be undertaken by the company.
During the year under review, the Company has conducted various CSR
programs in the areas of promoting education and environment
sustainability. The report on CSR activities for FY 2014 is enclosed as
Annexure - A
MANAGEMENT DISCuSSION AND ANALYSIS REPORT
Pursuant to the provisions of Clause 49 of the Listing Agreement, a
report on Management Discussion and Analysis is enclosed as Annexure -
B to this Report.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OuTGO
Particulars with respect to conservation of energy, technology
absorption, foreign exchange earnings and outgo pursuant to Section 217
(1) (e) of the Companies Act, 1956 read with Companies (Disclosure of
particulars in the Report of Board of Directors) Rules, 1988 are
provided in Annexure - C, which forms part of this report.
PERSONNEL
The relationship with the employees at different levels in the Company
remained cordial throughout the year. Your Directors place their
appreciation for the contribution made by all the employees of the
Company.
PARTICULARS OF EMPLOYEES
Particulars of employees, as required under section 217(2A) of the
Companies Act, 1956 and the Companies (Particulars of Employees) Rules,
1975 as amended, forms part of this report.
However, in pursuance of section 219(1)(b)(iv) of the Companies Act,
1956, this report is being sent to all the shareholders of the company
excluding the aforesaid information and the said particulars are made
available at the registered office of the Company. Any shareholder
interested in obtaining copy of the same may write to the Company
Secretary at the registered office of the Company. None of the
employees listed in the said Annexure is related to any Director of the
Company and all the employments are contractual in nature.
EMPLOYEES STOCK OPTION PLANS
(i) Advanta India Limited Employees Stock Option and Shares Plan - 2006
The Advanta India Limited Employees Stock Option and Shares Plan - 2006
('ESOPs') approved by the shareholders on 20th September, 2006 is in
force. In accordance with the said Plan, the Company reserved 840,000
Equity Shares of H2/- each (originally 168,000 shares of H10/- each) to
be issued to its employees and to the employees of its subsidiaries on
one to one basis at an exercise price of H57/- being the market price
as per the valuation report from a Chartered Accountant on the date of
grant. The options were granted with a vesting period spread over 4
years and 6 months. Out of the total options granted, vesting of such
options is conditional upon the employee's tenor and upon the Company
meeting annual performance benchmarks based on parameters set by the
Nomination and Remuneration Committee.
The disclosures with regard to the said Plan are enclosed as Annexure -
D to this Report.
(ii) Advanta Employee Stock Option Plan - 2013
The Advanta Employee Stock Option Plan - 2013 was approved by the
shareholders on 3rd December, 2013 by way of postal ballot and is in
force. In accordance with the said Plan, the Company reserved 1,300,000
options to be issued to such eligible employees of the Company and also
to that of its subsidiaries as may be decided by the Nomination and
Remuneration Committee from time to time, which if exercised would give
rise to equal number of shares of H2 each.
The disclosures with regard to the said Plan are enclosed as Annexure -
D to this Report.
CORPORATE GOVERNANCE
The Company is committed to achieve the highest standards of corporate
governance and it aspires to benchmark itself with best international
practices in this regard.
As required under Clause 49 of the Listing Agreement with the Stock
Exchanges, a separate section on Corporate Governance practices
followed by the Company together with a certificate from a Company
Secretary in practice confirming compliance is annexed as part of the
Annual Report.
INSIDER TRADING REGULATIONS
Based on the requirements under SEBI (Prohibition of Insider Trading)
Regulations, 1992, as amended from time to time, the Company has
adopted Code of Conduct for prevention of Insider Trading and the same
is in force.
LISTING
The Equity Shares of your Company continue to be listed on BSE Limited
(BSE) and National Stock Exchange of India Limited (NSE). There is no
default in payment of Annual listing fees.
DEMATERIALISATION OF SHARES
The entire paid up equity share capital of the Company (except 10
shares) is held in dematerialized form as on 31st December, 2014.
ACKNOWLEDGEMENTS
Your Directors wish to express their appreciation for the valuable
support and co-operation extended by customers, investors, lenders,
business associates, banks, financial institutions, various statutory
authorities and society at large. We also thank the Governments of
various countries where we have operations and particularly the
Ministry of Agriculture, Govt. of India.
Your Directors also place on record their appreciation for the
contribution, commitment and dedication of the employees of the Company
and its subsidiaries at all levels.
For and on behalf of the Board of
Advanta Limited
Place: Mumbai Jaidev R. Shroff
Date: February 02, 2015 Chairman
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