MIRA
INFORM REPORT
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Report Date : |
24.11.2008 |
IDENTIFICATION DETAILS
|
Name : |
VENKY’S INDIA
LIMITED |
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Formerly Known As : |
WESTERN HATCHERIES LIMITED |
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Registered Office : |
“Venkateshware
House”, S. No. 114/A/2, Pune – |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.07.1976 |
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Com. Reg. No.: |
11-19110 |
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CIN No.: [Company
Identification No.] |
L01222PN1976PLC017422 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEW00143D |
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PAN No.: [Permanent
Account No.] |
AAACW1300L |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer and Seller of Poultry Feed, One Day Old Commercial
Chicks, Animal Feed, etc. The company
is a part of VH Group. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 8000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. Directors are experienced, respectable and resourceful businessmen. Their trade relations are fair. Financial position is good. The company is doing very well. Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
“Venkateshware
House”, S. No. 114/A/2, Pune – |
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Tel. No.: |
91-20-2422231/4251530-41 /24251530 to 41 |
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Fax No.: |
91-20-2537760/4251077/1060 |
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Corporate
Office : |
“Venkateshwara House”, S.No. 3-5-808 & 808/1,
Hyderguda, |
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Factory : |
Units : Pune, Solapur, Anand, Samalkha and Sonepat, Haryana - Broiler Breeder Farm and Layer Breeder Farm Ambala, Haryana - Broiler Breeder Farm and Poultry Feed Dehradun, Uttaranchal - Broiler Breeder Farm and Layer Breeder Farm and Poultry Feed Khanna, Rewa, Madhya Pradesh – Broiler Breeder Farm and Hatchery |
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Plants : |
Solapur, Osade (Pune), Patvi, Ambala |
DIRECTORS
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Name : |
Mrs. Anuradha J. Desai |
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Designation : |
Chairman |
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Name : |
Mr. B. Venkatesh Rao |
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Designation : |
Vice Chairman |
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Name : |
Mr. B. Balaji Rao |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. Jitendra M. Desai |
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Designation : |
Director |
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Name : |
Mr. S. B. Thorat |
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Designation : |
Director |
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Name : |
Mr. B. G. Deshmukh |
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Designation : |
Director |
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Name : |
Mr. C. Jagapati Rao |
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Designation : |
Director |
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Name : |
Mr. V. N. Dubey |
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Designation : |
Director |
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Name : |
Lt. Col. Ashok
Mahajan |
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Designation : |
Director [Retired]
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KEY EXECUTIVES
|
Name : |
Mr. A.G.Bauskar |
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Designation : |
Chief Financial Officer and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2008
|
Category |
Category of Shareholder |
Total No. Of Shares |
Total Shareholding as % of total No. of shares |
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A |
Shareholding of promoter and promoter group |
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1 |
Indian |
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a |
Individuals ?Hindu Undivided Family |
701355 |
- |
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b |
Central Government/State Government(S) |
- |
- |
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Bodies Corporate |
4357300 |
- |
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Sub Total (A) (1) |
5058655 |
- |
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Total Shareholding of promoter group |
5058655 |
53.86 |
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B |
Public Shareholding |
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1 |
Institutions |
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a |
Mutual Funds /UTI |
146303 |
- |
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b |
Financial Institutions / Banks |
221 |
- |
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c |
Foreign Institutional Investors |
1809 |
- |
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Sub Total (B) (1) |
148333 |
- |
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2 |
Non Institutions |
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a |
Bodies Corporate |
755174 |
- |
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(i) Individuals |
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Individuals Share –holders holdings nominal
share capital up to Rs. 0.100 millions |
2403763 |
- |
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(ii) Individual Share –holders holdings
nominal share capital up to Rs. 0.100 |
879285 |
- |
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c |
Any other – (Specify ) |
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NRI’S /OCB’s |
78345 |
- |
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Directors /Relatives / Associates
(Independ-ent and are not in control of the company |
62970 |
- |
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Shares in transit |
5032 |
- |
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Sub total (B) (2) |
4184569 |
- |
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Total Public share holding = (B)1+(B)2 |
4332902 |
46.14 |
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TOTAL (A)+(B) |
9391557 |
100% |
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Grand Total (A)+ (B) + (C) |
9391557 |
100 % |
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Mrs. Anuradha J. Desai |
411951 |
4.39 |
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Mr. B. VENKATESH RAO |
43554 |
0.46 |
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Mr.B.BALAJI RAO |
43778 |
0.47 |
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Mr. JITENDRA M. DESAI |
20053 |
0.21 |
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Mrs. Uttaradevi Rao |
15501 |
0.17 |
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Mrs. Vimal M. Desai |
33326 |
0.35 |
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Mrs. Chitturi Mangayamma |
27641 |
0.29 |
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Mr. CHITTURI JAGAPATI RAO |
95342 |
1.02 |
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Mr. CHITTURI SURESH RAYUDU |
9396 |
0.10 |
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Mr. VISHWANATH DUBEY |
813 |
0.01 |
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Venkateshwara Hatcheries Private Limited |
4357294 |
46.39 |
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Srivenk Investments Private Limited |
6 |
0.00 |
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Total |
5058655 |
53.86% |
AS ON 31.03.2008
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoters |
5058655 |
53.86 |
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Mutual Funds / Unit Trust of |
327342 |
3.49 |
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Banks |
301 |
0.00 |
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Foreign Institutional Investors |
1809 |
0.02 |
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Private Bodies Corporate |
728386 |
7.76 |
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Non – Resident Indians |
79261 |
0.84 |
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Public |
3195803 |
34.03 |
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Total |
9391557 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of Poultry Feed, One Day Old
Commercial Chicks, Animal Feed, etc.
The company is a part of VH Group. |
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Products : |
Item Code No. (ITC Code) Product Description 01051100 One Day Old Commercial Chicks 23040010 De-Oiled Cake for Poultry Feed 15079010 Refind Soyabean Oil |
PRODUCTION
STATUS AS ON 31.03.2008
|
Products |
Unit |
Installed Capacity |
Actual Production |
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- At Own facilities |
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Chicks |
Nos. |
108.387414 |
62774922 |
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[Include for captive consumption] |
Nos. |
- |
18104542 |
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S.P.F. eggs |
Nos. |
5400000 |
5350144 |
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Refined Oil |
MT |
15000 |
15992 |
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[Include for captive consumption] |
MT |
- |
1787 |
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De-Oiled cakes for poultry feed |
MT |
98400 |
75488 |
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[Include for captive consumption] |
MT |
- |
28127 |
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Animal Health Products |
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- Powder |
MT |
540 |
999 |
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[Includes for captive consumption] |
MT |
- |
18 |
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- Liquid |
K.L. |
600 |
1166 |
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[Include for captive consumption] |
MT |
- |
52 |
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Poultry Feed |
MT |
132200 |
106827 |
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[Include for captive consumption] |
MT |
- |
81855 |
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Nutrition Health Products |
MT |
36 |
57 |
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- At External Leased facilities |
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AHP Powder |
MT |
- |
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Chicks |
Nos. |
- |
23596550 |
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[Include for captive consumption] |
KGS. |
- |
1112030 |
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Grown up Commercial Broilers |
KGS. |
- |
29469572 |
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[Include for captive consumption] |
KGS. |
- |
12623137 |
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Grown up Commercial Layers |
Nos. |
- |
1000319 |
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Poultry Feed |
MT |
- |
18800 |
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[Include for captive consumption] |
MT |
- |
14503 |
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Processed Chicken |
KG |
- |
6265391 |
GENERAL INFORMATION
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No. of Employees : |
2000 |
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Bankers : |
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Facilities : |
Note : Security: a. Term loans
from banks are secured by equitable mortgage? of certain land and
buildings and other structures /
fixtures thereon and hypothecation of plant and machinery and other movable
assets, both present and future. b. Working
Capital facilities are secured by hypothecation of stocks of raw materials,
stocks in process, semi-finished and finished goods, stores and spares not
relating to plant and machinery (consumable stores and spares), bills
receivable and book debts and all other movables, both present and future.
These are further secured by a second charge on certain fixed assets of the
Company by way of collateral security. |
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Banking Relations : |
Satisfactory |
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Auditors : |
Sudit K. Parekh & Company Chartered Accountants, 12-A, Suleman Chambers, 2nd Floor, 4, |
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Audit Committee : |
Mr. B.G.Deshmukh (Chairman – Independent Director ) Mr.S.B.Thorat (Member - Independent Director ) Mr.Jitendra M. Desai (Member – Non –Executive Director ) Lt. Col. Ashok Mahajan (Retd.) –( Member - Independent Director ) |
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Associates : |
Ø Balu Foods Private Limited Ø Shivalik Hatcheries Private Limited Ø Srivenk Finance Limited Ø Uttara Dairy & Food Products Limited Ø Uttara Foods and Feeds Products Private Limited Ø Venkateshwara Foods and Feeds (firm) Ø Venkateshwara Farms Private Limited Ø Venkateshwara Research and Breeding Farm Limited Ø Venkateshwara Hatcheries Private Limited Ø Venco Research & Breeding Farm Limited Ø Venkateshwara Research and Breeding Farm Private Limited Ø V. R. Equipment Limited Ø V. J. Equipment Limited Ø Venkateshwara Bio Sentry India Limited Ø Brindavan Bio Sentry India Limited Ø Eastern Hatcheries Private Limited Ø Medivenk Laboratories Private Limited Ø Venkateshwara Farms Private Limited Ø B. V. Supplements Manufacturing Company Limited Ø Baramati Agro Limited Ø Vivek Hatcheries Limited Ø Brindavan Hatcheries Private Limited Ø V. R. Equipment Limited Ø Biotech Consortion India Limited Ø Contronic International Private Limited Ø Omni Bio Search Private Limited Ø Venki Imports and Exports Private Limited Ø Ranchi Hatcheries Private Limited Ø Dattatraya Hatcheries Private Limited Ø Balaji Foods And Feeds Limited Ø Srivenk Investment Limited |
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Subsidiaries : |
Venky’s Food ( "Venkateshwara House", S. No. 114/A/2, Venkateshwara Management Services Limited "Venkateshwara House", S. No. 114/A/2,
Pune-Sinhagad Road, Pune, - 411030, |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs. 10/- each |
Rs. 110.000 millions |
|
1000000 |
Preference Shares |
Rs. 10/- each |
Rs. 100.000 millions |
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TOTAL |
|
Rs. 210.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9397272 |
Equity Shares |
Rs. 10/- each |
Rs. 93.973 millions |
|
5715 |
Less : -
Forfeited Shares |
|
Rs. 0.057 million |
|
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TOTAL |
|
Rs. 93.916 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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|
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|
1] Share Capital |
93.916 |
93.916 |
93.916 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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|
3] Reserves & Surplus |
1309.676 |
1122.698 |
1030.652 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1403.592 |
1216.614 |
1124.568 |
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LOAN FUNDS |
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|
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|
1] Secured Loans |
657.051 |
323.411 |
301.485 |
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2] Unsecured Loans |
446.498 |
732.519 |
534.087 |
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TOTAL BORROWING |
1103.549 |
1055.930 |
835.572 |
|
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DEFERRED TAX LIABILITIES |
139.184 |
154.331 |
139.162 |
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Government Grants |
0.410 |
0.462 |
10.292 |
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TOTAL |
2646.735 |
2427.337 |
2109.594 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1163.468 |
1134.167 |
906.296 |
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Capital work-in-progress |
63.553 |
25.457 |
163.296 |
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INVESTMENT |
526.275 |
444.221 |
404.010 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
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Inventories |
806.401
|
638.879 |
497.765 |
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Sundry Debtors |
466.510
|
418.918 |
377.263 |
|
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Cash & Bank Balances |
90.670
|
107.014 |
91.784 |
|
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Other Current Assets |
57.293
|
62.490 |
67.798 |
|
|
Loans & Advances |
47.565
|
117.698 |
55.296 |
|
Total
Current Assets |
1468.439
|
1344.999 |
1089.906 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
465.822
|
477.205 |
423.877 |
|
|
Provisions |
109.178
|
44.302 |
30.454 |
|
Total
Current Liabilities |
575.000
|
521.507 |
454.331 |
|
|
Net Current Assets |
893.439
|
823.492 |
635.575 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2646.735 |
2427.337 |
2109.594 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
5231.609 |
4104.807 |
3837.769 |
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|
Other Income |
52.203 |
64.028 |
0.000 |
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Total Income |
5283.812 |
4168.835 |
3837.769 |
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Profit/(Loss) Before Tax |
418.208 |
181.401 |
177.895 |
|
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Provision for Taxation |
152.118 |
66.169 |
60.212 |
|
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Profit/(Loss) After Tax |
266.090 |
115.232 |
117.686 |
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Imports : |
|
|
|
|
|
|
Raw Materials |
60.892 |
60.973 |
NA |
|
|
Stores & Spares |
6.981 |
4.142 |
NA |
|
|
Capital Goods |
3.341 |
NA |
NA |
|
|
Others |
0.770 |
0.493 |
117.812 |
|
Total Imports |
71.984 |
65.608 |
117.812 |
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Export Value |
35.644 |
34.071 |
74.356 |
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Expenditures : |
|
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|
|
|
|
Manufacturing Expenses |
4416.667 |
3607.446 |
0.000 |
|
|
Purchases made for re-sale |
343.612 |
345.834 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(66.527) |
(88.904) |
0.000 |
|
|
Interest |
87.158 |
48.343 |
0.000 |
|
|
Depreciation & Amortization |
82.673 |
73.379 |
0.000 |
|
|
Other Expenditure |
2.021 |
1.336 |
3657.702 |
|
Total Expenditure |
4865.604 |
3987.434 |
3657.702 |
|
QUARTERLY / RESULTS
|
PARTICULARS |
|
30.06.2008 |
30.09.2008 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Sales Turnover |
|
1413.700 |
1243.300 |
|
Other Income |
|
35.400 |
06.300 |
|
Total Income |
|
1449.100 |
1249.600 |
|
Total Expenditure |
|
1272.800 |
1261.100 |
|
Operating Profit |
|
176.300 |
(11.500) |
|
Interest |
|
17.600 |
16.500 |
|
Gross Profit |
|
158.700 |
(28.000) |
|
Depreciation |
|
21.400 |
21.600 |
|
Tax |
|
40.500 |
(14.100) |
|
Reported PAT |
|
96.800 |
(35.500) |
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
Debt-Equity
Ratio |
0.82 |
0.80 |
0.63 |
|
Long
Term Debt-Equity Ratio |
0.62 |
0.72 |
0.48 |
|
Current
Ratio |
1.33 |
1.48 |
1.24 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
2.86 |
2.52 |
2.67 |
|
Inventory |
7.26 |
7.25 |
8.37 |
|
Debtors |
11.86 |
10.35 |
10.51 |
|
Interest
Cover Ratio |
5.80 |
4.76 |
6.61 |
|
Operating
Profit Margin(%) |
11.20 |
7.36 |
7.07 |
|
Profit
Before Interest And Tax Margin(%) |
9.63 |
5.58 |
5.46 |
|
Cash
Profit Margin(%) |
6.65 |
4.58 |
4.68 |
|
Adjusted
Net Profit Margin(%) |
5.07 |
2.80 |
3.07 |
|
Return
On Capital Employed(%) |
21.14 |
10.83 |
12.04 |
|
Return
On Net Worth(%) |
20.30 |
9.80 |
11.03 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company formerly known as 'Western Hatcheries (WHL) a Venkateswara Hatcheries Group company was incorporated in 1971, engaged in poultry breeding, producing eggs and hatching layer and broiler chicks. WHL also processes markets and sells ready to cook chicken, fast food items of poultry meal and other ingredients.
Its hatcheries are at Pune, Maharashtra;
The company's Specific Pathogen-Free eggs (SPF eggs)
producing facility is one of the five of its kind in the world. This facility
with a capacity of 500000 eggs is started in 1983 with technology from
The company entered the capital market in May, 1989 with an issue of 14% PCDs to part finance its expansion cum diversification programme of setting up a central grower farm at Pune, animal health products division at Ambala, Haryana, broiler breeder farm at Dehradun and also expansion of SPF eggs production facilities. In 1992-93, the company commissioned the central grower farm, animal health products division, broiler breeder farms were commissioned and the expansion SPF eggs production capacity was also completed. The company commissioned a poultry feed unit at Dehradun in 1993-94.
Chintamani Hatcheries Private Limited and Sahyadri
Hatcheries Private Limited were amalgamated with the company, with effect from
April, 1993 and with effect from April, 1994 respectively. Northern Hatcheries
Private Limited, Pawna Hatcheries Private Limited, Narmada Hatcheries Private
Limited and the company were amalgamated with its. In 1995-96, the company
completed the expansion of its poultry business at Samalkha and Ambala, both in
Haryana, whereas expansion at Bhigwan,
During the year 1997-98 the company increased the installed capacity of its SPF Eggs, Solvent Extraction Oil and Poultry Feed by 200000 Nos, 599 TPA and 9000 MT. The Animal Health Products division started manufacturing eggs powder and chicken powder for humans under the brand names Venper, Vengain and Venfit. The company benefits substantially from the technological break through from the research carried out by the foreign joint venture partners and further research by Indian joint ventures partners to make breeds suitable for Indian conditions.
The company's mew SPF unit was set up at Bhor last year. In
2000-01, the company commissioned a 50 TPA Edible Oil refinery with a cost of
Rs. 25.000 millions. The company's Animal Health Products division has entered
into a business association with the
OPERATIONS:
The Company's performance for the year
was very good. Sales turnover registered a growth of 27% for the year at
Rs. 5231.600 millions as compared to Rs, 4104.800 millions in the previous
year, Profit before tax rose sharply by 130% at Rs. 418.200 millions as
compared to Rs. 181.400 millions. The overall good performance was as a result
of improvement in realisations-mainly in poultry products and oil seed
segments, The performance of the Company would have been still better but for
the steep increase in price of maize and soya.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:
1. Industry Structure and
Development:
In the last few years the Indian economy has been on an upswing and for the
year 2007-08 it has posted an appreciable growth of 8.7%. It is estimated that
During the year 2007-08 the agricultural sector is estimated
to have grown by about 2,6%, Within this sector, poultry continued to post
healthy growth of 10% in layer segment and 20% in the broiler segment.
The poultry industry is a Rs, 40,000 crore industry as on date, providing
direct and indirect employment to over 4 million persons. 20 million
agricultural farmers are also dependent for their livelihood on poultry
industry, especially the maize and soya growers, 75% to 80% of the cost of
production in the poultry industry consists of agriculture products, like maize
and soya. With an annual production of over 53,000 million eggs;
Farm gate prices of eggs and broilers are generally stable. However, the
industry is facing deep crisis because of an almost 100% increase in the prices
of maize and soya meal after the introduction of forward trading in these
commodities, They have seen the prices of maize and soya rising sharply and
they have never seen this before.
The poultry industry has the inherent strength and resilience to absorb such
shocks. They have a strong production infrastructure, world class technologies;
one of the best disease monitoring and surveillance systems, and, the farming
community is well informed about good management practices and bio-security
measures. They have made great advancements in the world of poultry and this a
universally accepted fact. The Poultry Diagnostic Research Centre of VH Group
has a network of 100 satellite laboratories, 4 regional laboratories and 300
veterinarians working under its umbrella, and over the years, this network has
trained the poultry farmers by constantly giving them service in all aspects of
poultry. Thanks to Late Dr. B.V.
Rao's vision and foresighted planning, their industry has a strong production infrastructure base and a world class health care system. Based on these strengths, they are confident of a steady and continuous growth of the industry.
Segmentwise
Performance :
Poultry and Poultry
Products
The Company's major business segment is poultry and poultry products which consists of production and sale of day old broiler and layer chicks, specific pathogen free eggs, processed chicken products and poultry feed. In 2007-08 this segment's turnover increased to Rs. 3208.200 millions as compared to Rs. 2571.600 millions in the last year. The profit before tax and interest of this segment was Rs. 23.22 crores as compared to Rs. 55.600 millions in the previous year.
Animal Health
Products
The Company has its animal health products manufacturing facility at Pune. This segment's sales turnover was Rs. 680.100 millions as compared to Rs. 630.000 millions. Profit before tax and interest was Rs.l 26.000 millions as against Rs. 110.500 millions in the last year.
Solvent Extraction
This segment registered a sales turnover of Rs. 1862.900 millions as compared to Rs. 1215.700 millions last year. Profit before tax and interest was Rs. 219.700 millions as against Rs. 115.100 millions in the previous year.
CONTINGENT
LIABILITIES AS ON 31.03.2006
|
PARTICULARS |
Rs. In Million |
|
Income-tax matters in dispute |
1.084 |
|
Non Agriculture Tax in dispute Net of tax |
0.424 0.280 |
|
Sales tax demands in dispute Net of tax |
17.335 11.443 |
|
Labour wages in dispute Net of tax |
- - |
|
Water charges in dispute Net of tax |
2.354 1.554 |
|
Bank Guarantee in respect of Export Commitment to be fulfilled as required in the EPCG licence scheme |
10.237 |
|
Others |
1.786 |
FIXED ASSETS
TANGIBLE ASSETS
- Buildings
- Plant, Machinery
- and Equipments
- Electrical Installations
- Furniture, Fixtures and Office
- Equipments
- Vehicles
INTANGIBLE ASSETS
- Trade Mark
- Technical Know - how
- Software
WEBSITE DETAILS
Subject formerly known as Western Hatcheries Limited was established
in 1976, mainly to produce day-old layer and broiler chicks for the dense
poultry markets of
Over the years, subject embarked upon new ventures in
regular succession, adding tremendous value to the company, giving it an edge
in technology and high returns on investment. The company has steadily grown to
over 30 units spread across
Today, Venky's impressive portfolio includes animal health products, pellet feeds, processed, and further processed chicken products, solvent oil extraction, and SPF Eggs. The company's Specific Pathogen Free Egg unit (in technical collaboration with SPAFAS Inc. USA) is among four such units in the world and the only one of its kind in the developing world.
Diversifying from mainstream poultry products, subject has
added to its credit, manufacturing facilities for nutritional health products
for humans, and pet food and health care products. The company has steadily
grown to over 30 units spread across
The Forbes business magazine of
PRESS RELEASE
Venky's nutritional supplement
Their
Bureau
The nutritional supplement will be distributed free of cost to poor
children in Andhra Pradesh.
According to a company press release, Venky's Human Health Division in
cooperation with the Department of Pediatrics,
The press release stated that in the present context of a viral fever
taking a heavy toll of children in Andhra Pradesh, the chicken-based supplement
would help them build resistance and effectively ward off the viral attack.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.03 |
|
|
1 |
Rs.74.42 |
|
Euro |
1 |
Rs.62.71 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|