%20LIMITED%20-%20160335%2018-Nov-2011_files/image002.jpg){kind=small}
MIRA INFORM REPORT
|
Report Date : |
18.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
VENKY’S ( |
|
|
|
|
Formerly Known As : |
WESTERN HATCHERIES LIMITED |
|
|
|
|
Registered Office : |
Venkateshwara House,
S. No.114/A/2, Pune – |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2011 |
|
|
|
|
Date of Incorporation : |
01.07.1976 |
|
|
|
|
Com. Reg. No.: |
11-17422 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.93.916
millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L01222PN1976PLC017422 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEW00143D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACW1300L |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturer and Seller of Poultry Feed, One Day Old
Commercial Chicks, Animal Feed, etc. |
|
|
|
|
No. of Employees
: |
3335 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 11000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Corporate Office : |
Venkateshwara
House, S. No.114/A/2, Pune – |
|
Tel. No.: |
91-20-24251530 to 41 |
|
Fax No.: |
91-20-24251077 |
|
Website : |
|
|
|
|
|
Factory : |
Units ·
Pune, ·
Solapur, ·
Anand, ·
Dehradun, ·
·
Sunderpur, ·
·
Sonepat, ·
Panipat, ·
Ambala, ·
Hissar, ·
·
Hoshiarpur, ·
Gurdaspur, ·
Sangrur, ·
Rewa, ·
Kangra, |
|
|
|
|
Plants : |
·
Solapur,
·
Osade,
Pune, ·
Patvi,
Ambala, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mrs. Anuradha J. Desai |
|
Designation : |
Chairperson |
|
|
|
|
Name : |
Mr. B. Venkatesh Rao |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. B. Balaji Rao |
|
Designation : |
Managing Director and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Jitendra M. Desai |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. Jagapati Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. B. Thorat |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. G. Deshmukh |
|
Designation : |
Director |
|
|
|
|
Name : |
Lt. Col. Ashok Mahajan
|
|
Designation : |
Director
[Retired] |
KEY EXECUTIVES
|
Name : |
Mr. A. G. Bauskar |
|
Designation : |
Chief Financial Officer and Company Secretary |
|
|
|
|
Name : |
Mr. S. M. Deshkukh |
|
Designation : |
Company Secretary |
|
|
|
|
Audit Committee : |
· Mr. B. G. Deshmukh – Chairman (Independent Director) · Mr. S. B. Thorat – Member (Independent Director) · Mr. Jitendra M. Desai – Member (Non-Executive Non-Independent Director) ·
Lt.
Col. (Retd.) Ashok Mahajan - Member (Independent Director) |
|
|
|
|
Share Transfer and Investors’ Grievances Committee : |
· Mrs. Anuradha J. Desai – Chairperson · Mr. B. Venkatesh Rao – Member ·
Mr. Jitendra M. Desai – Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
568,976 |
6.06 |
|
|
4,701,282 |
50.06 |
|
|
5,270,258 |
56.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5,270,258 |
56.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
335,808 |
3.58 |
|
|
6,354 |
0.07 |
|
|
20,307 |
0.22 |
|
|
3,343 |
0.04 |
|
|
3,133 |
0.03 |
|
|
210 |
- |
|
|
365,812 |
3.90 |
|
|
|
|
|
|
637,611 |
6.79 |
|
|
|
|
|
|
2,107,881 |
22.44 |
|
|
906,643 |
9.65 |
|
|
103,352 |
1.10 |
|
|
27,338 |
0.29 |
|
|
175 |
- |
|
|
75,839 |
0.81 |
|
|
3,755,487 |
39.99 |
|
Total Public shareholding (B) |
4,121,299 |
43.88 |
|
Total (A)+(B) |
9,391,557 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
9,391,557 |
- |
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NRI /OCBBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Poultry Feed, One Day Old
Commercial Chicks, Animal Feed, etc. |
||||||||
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|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Brand Name : |
“VENGAIN” |
PRODUCTION
STATUS (As on 31.03.2011)
|
Particulars
|
Unit |
Installed Capacity |
Actual Production |
|
-
At Own facilities |
|
|
|
|
Chicks** |
Nos. |
103479669 |
57382808 |
|
[Include for captive consumption] |
Nos. |
-- |
18423117 |
|
S.P.F. eggs |
Nos. |
6300000 |
5268726 |
|
Refined Oil |
M.T. |
15000 |
15522 |
|
[Include for captive consumption] |
M.T. |
-- |
179 |
|
De-Oiled cakes for poultry feed |
M.T. |
98400 |
81944 |
|
[Include for captive consumption] |
M.T. |
-- |
32075 |
|
Animal Health
Products |
|
|
|
|
- Powder |
M.T. |
540 |
1575 |
|
[Includes for captive consumption] |
M.T. |
-- |
136 |
|
- Liquid |
K.L. |
600 |
1690 |
|
[Include for captive consumption] |
K.L. |
-- |
68 |
|
Poultry Feed |
M.T. |
227100 |
166248 |
|
[Include for captive consumption] |
M.T. |
-- |
117394 |
|
Nutrition Health Products** |
M.T. |
90 |
-- |
|
- At External Leased facilities |
|
|
|
|
AHP - Powder |
M.T. |
-- |
261 |
|
Chicks |
Nos. |
-- |
16694778 |
|
[Include for captive consumption] |
Nos. |
-- |
6343740 |
|
Grown up Commercial Broilers |
Kgs. |
-- |
46359931 |
|
[Include for captive consumption] |
Kgs. |
-- |
18611683 |
|
Grown up Commercial Layers |
Nos. |
-- |
691894 |
|
Processed Chicken |
Kgs. |
-- |
9660666 |
·
Installed
capacity is as certified by the management and accepted by the auditors, being
a technical matter.
·
The
installed capacities have been stated on triple shift basis except for the
Animal Health Products and Health Care Division which have been stated on a single
shift basis.
·
Unless
otherwise stated, actual production does not include production meant for
captive consumption.
·
**
Excluding chicks hatched / Nutritional health products processed for others.
GENERAL INFORMATION
|
No. of Employees : |
3335 (Approximately) |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
State Bank of ·
Industrial Development Bank of · HDFC Bank ·
Bank of ·
Bank of · Corporation Bank · IDBI Bank Limited |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes Security 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. 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.
|
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sudit K. Parekh and Company Chartered Accountants |
|
Address : |
Ballard House, 2nd Floor, Ad Marzaban Path, Ballard
Pier, Fort, Mumbai – 400 001, |
|
Tel No.: |
91-22-66178000 |
|
|
|
|
Holding Company : |
Venkateshwara Hatcheries Private Limited |
|
|
|
|
Enterprises Over which key management person
have significant influence and enterprises having a key management person in
common where transactions have taken place during the year : |
· Venco Research and Breeding Farm Private Limited · Uttara Foods and Feeds Private Limited · BV Bio-Corp Private Limited · Venkateshwara Research and Breeding Farm Private Limited · Uttara Dairy and Food Products Private Limited · Eastern Hatcheries Private Limited · Bala Industries and Entertainment Private Limited (Formerly known as V J Equipments Private Limited) · Venkateshwara Engineering Industries Private Limited (Formerly known as V R Equipments Limited) · Uttara Impex Private Limited ·
All · Venkateshwara Foods and Feeds (Firm) |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs.110.000
millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000
millions |
|
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.10/- each |
Rs.0.057 million |
|
Total |
Rs.93.916 millions |
||
Of the above
Issued, subscribed and paid-up capital
·
Shares issued as fully paid up bonus shares by
capitalisation of
-
General reserve
-
Securities premium account
·
Shares issued pursuant to a scheme of amalgamation without
payment being received in cash
·
Shares held by holding company – Venkateshwara
Hatcheries Private Limited
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
93.916 |
93.916 |
93.916 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2647.876 |
1972.139 |
1476.822 |
|
|
4] Government Grants |
0.000 |
0.304 |
0.349 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2741.792 |
2066.359 |
1571.087 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
329.636 |
93.603 |
515.793 |
|
|
2] Unsecured Loans |
815.581 |
805.581 |
423.081 |
|
|
TOTAL BORROWING |
1145.217 |
899.184 |
938.874 |
|
|
DEFERRED TAX LIABILITIES |
153.043 |
145.776 |
134.127 |
|
|
|
|
|
|
|
|
TOTAL |
4040.052 |
3111.319 |
2644.088 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1514.654 |
1238.128 |
1174.936 |
|
|
Capital work-in-progress |
245.344 |
97.032 |
86.721 |
|
|
|
|
|
|
|
|
INVESTMENT |
927.842 |
813.111 |
521.133 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1223.378
|
866.036 |
709.814 |
|
|
Sundry Debtors |
598.655
|
514.395 |
522.700 |
|
|
Cash & Bank Balances |
134.852
|
84.811 |
108.399 |
|
|
Other Current Assets |
80.058
|
79.735 |
70.539 |
|
|
Loans & Advances |
70.764
|
49.806 |
59.304 |
|
Total
Current Assets |
2107.707
|
1594.783 |
1470.756 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
523.023
|
444.364 |
408.550 |
|
|
Other Current Liabilities |
128.966
|
89.240 |
78.416 |
|
|
Provisions |
103.506
|
98.131 |
122.492 |
|
Total
Current Liabilities |
755.495
|
631.735 |
609.458 |
|
|
Net Current Assets |
1352.212
|
963.048 |
861.298 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4040.052 |
3111.319 |
2644.088 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales net of excise duty |
8520.077 |
7054.709 |
5692.635 |
|
|
|
Other Income |
87.419 |
49.226 |
59.952 |
|
|
|
TOTAL (A) |
8607.496 |
7103.935 |
5752.587 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing, farm and other expenses |
6844.132 |
5825.518 |
5022.407 |
|
|
|
Goods purchased for resale |
603.265 |
363.887 |
239.734 |
|
|
|
Decrease / (Increase) in stocks |
(62.376) |
(50.512) |
14.041 |
|
|
|
Prior period items (Net) |
2.878 |
1.989 |
1.041 |
|
|
|
TOTAL (B) |
7387.899 |
6140.882 |
5277.223 |
|
|
|
|
|
|
|
|
Less |
PROFIT/LOSS
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1219.597 |
963.053 |
475.364 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST (D) |
45.541 |
50.374 |
78.817 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1174.056 |
912.679 |
396.547 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
96.476 |
89.775 |
86.201 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
BEFORE TAX (E-F) (G) |
1077.580 |
822.904 |
310.346 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
347.267 |
279.749 |
104.743 |
|
|
|
|
|
|
|
|
|
|
PROFIT/LOSS
AFTER TAX (G-H) (I) |
730.313 |
543.155 |
205.603 |
|
|
|
|
|
|
|
|
|
Less |
EXCESS / (SHORT)
PROVISION FOR TAX IN PRIOR PERIODS |
0.000 |
4.033 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1136.475 |
695.474 |
548.888 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1000.000 |
54.316 |
20.560 |
|
|
|
Proposed Dividend |
46.958 |
37.566 |
32.871 |
|
|
|
Dividend distribution tax |
7.618 |
6.239 |
5.586 |
|
|
BALANCE CARRIED
TO THE B/S |
812.212 |
1136.475 |
695.474 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Fob Value of Exports |
12.159 |
4.552 |
12.831 |
|
|
TOTAL EARNINGS |
12.159 |
4.552 |
12.831 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Trading Goods |
174.326 |
121.396 |
95.672 |
|
|
|
Capital Goods |
31.683 |
6.172 |
5.083 |
|
|
|
Stores & Spares |
4.373 |
8.054 |
5.177 |
|
|
|
Packing Material |
1.096 |
0.549 |
0.768 |
|
|
TOTAL IMPORTS |
211.478 |
136.171 |
106.700 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
77.76 |
57.83 |
21.89 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 1st
Quarter |
30.09.2011 2nd
Quarter |
|
Net Sales |
|
2311.200 |
2414.000 |
|
Total Expenditure |
|
2143.700 |
2222.900 |
|
PBIDT (Excl OI) |
|
167.500 |
191.100 |
|
Other Income |
|
32.600 |
13.800 |
|
Operating Profit |
|
200.100 |
204.900 |
|
Interest |
|
23.600 |
31.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
176.500 |
173.300 |
|
Depreciation |
|
27.300 |
28.000 |
|
Profit Before Tax |
|
149.200 |
145.300 |
|
Tax |
|
45.600 |
49.200 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
103.600 |
96.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
103.600 |
96.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.48 |
7.65 |
3.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.65 |
11.66 |
5.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
29.75 |
29.05 |
11.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39 |
0.40 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.69 |
0.74 |
0.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.79 |
2.52 |
2.41 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
Sales turnover for the year ended 31st March, 2011 amounted to
Rs.8533.000 millions as against Rs.7062.800 millions achieved in the previous
year, registering a growth of 20.8%. Profit before tax was higher at
Rs.1077.600 millions as compared to Rs.822.900 millions in the previous year,
showing a growth of 31 %.
For the year as a whole, the poultry and poultry products segment
continued to register better growth in sales turnover and profits, in spite of
increase in prices of poultry feed ingredients. The other two segments, viz.
animal health products and oilseed have also performed better as compared to
the previous year.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT
The global economy went through recession in the last 2 to 3 years,
however this has not affected the Indian economy to the extent it affected
certain other countries. The agricultural sector which has been growing at a
slow pace in the past couple of years, has contributed to the improvement of
the Indian GDP which is estimated to have grown by 8.5% in 2010-11. While the
growth in GDP was encouraging they have seen spiraling inflation, high fiscal
deficit level, constraints in infrastructure front which are threatening to
hamper the growth trajectory of their economy in the near future. However, in
this backdrop the poultry industry continued to grow at satisfactory rates i.e.
15% to 20% in broilers and 8% to 10% in layers.
The growth rate witnessed by the poultry industry in the recent years is
likely to continue for the foreseeable future. Presently the poultry industry
is a Rs.550000.000 millions industry with over 2 crore agricultural farmers,
especially the maize and soya growers, also being dependent for their
livelihood on this industry. 75% to 80% of the cost of production in the
poultry industry consists of feed ingredients, like maize and soya. With an
annual production of over 53,000 million eggs,
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 2010-11 this segment's turnover wasRs.5942.500
millions as compared to Rs.4813.600 millions in the last year. The profit
before tax and interest of this segment was Rs.915.800 millions as compared to
Rs.694.700 millions in the previous year.
The Company has its animal health products
manufacturing facility at Pune. This segment's sales turnover was Rs.868.500
millions as compared to Rs.624.500 millions. Profit before tax and interest was
Rs.165.800 millions as against Rs.110.700 millions in the last year.
·
Oilseed
This segment registered a sales turnover of
Rs.2348.500 millions as compared to Rs.2359.000 millions last year. Profit
before tax and interest was Rs.162.500 millions as against Rs.117.600 millions
in the previous year.
OUTLOOK
The outlook for the year 2011-12 appears to be better in terms of
overall growth for the Company, although the primary issue i.e. increase in
cost of poultry feed prices remain a cause of concern. The company expects
better growth in demand for poultry and poultry products. Barring unforeseen
circumstances, the Company is expected to maintain its performance in the year
2011-12.
CONTINGENT LIABILITIES
|
Particulars |
As on 31.03.2011 Rs. in millions |
|
a) Income-tax matters in dispute |
1.084 |
|
b) Non agriculture tax in dispute |
0.424 |
|
Net of tax |
0.283 |
|
c) Sales tax demands in dispute |
18.163 |
|
Net of tax (Including demand of Rs.4.688 millions
guaranteed by bank) |
12.130 |
|
d) Labour wages in dispute |
13.009 |
|
Net of Tax |
8.688 |
|
e) Bank Guarantee |
11.844 |
|
f)
Others |
4.618 |
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE,
2011
(Rs. in millions)
|
Particulars |
QUARTER ENDED 30.06.2011 (Audited) |
|
1.
Net Sales/Income from Operations |
2311.200 |
|
|
|
|
2. Expenditure: |
|
|
a)
Increase/decrease in stock in trade and work in progress |
(36.000) |
|
b)
Consumption of raw materials |
1460.300 |
|
c)
Purchase of traded goods |
200.900 |
|
d)
Employees cost |
158.800 |
|
e)
Depreciation |
27.300 |
|
f)
Other expenditure |
359.700 |
|
g) Total |
2171.000 |
|
3.
Profit from Operations before Other Income, Interest and Exceptional Items
(1-2) |
140.200 |
|
4.
Other Income |
32.600 |
|
5.
Profit before Interest and Exceptional Items (3+4) |
172.800 |
|
6.
Interest |
23.600 |
|
7.
Profit after Interest but before Exceptional Items (5-6) |
149.200 |
|
8.
Exceptional items |
-- |
|
9. Profit (+)/ Loss (-)
before tax (7+8) |
149.200 |
|
10.
Tax expense |
45.600 |
|
11. Net Profit (+)/ Loss (-)
from Ordinary Activities after tax (9-10) |
103.600 |
|
12.
Extraordinary Items (net of tax expense) |
-- |
|
13. Net Profit(+)/
Loss(-) for the period (11-12) |
103.600 |
|
14.
Paid-up equity share capital ( Face Value of Rs.10/- each) |
93.900 |
|
15.
Reserves excluding Revaluation Reserves as per balance sheet of previous
accounting year |
-- |
|
16. Earnings Per Share (EPS) (Not Annualised)* a)
Basic and diluted EPS before Extraordinary items |
* 11.03 |
|
b)
Basic and diluted EPS after Extraordinary items |
* 11.03 |
|
17. Public
shareholding: |
|
|
-
No. of Shares |
4121299 |
|
-
Percentage of Shareholding |
43.88 |
|
18. Promoters and
Promoter Group shareholding: |
|
|
a) Pledged/
Encumbered |
|
|
-
Number of Shares |
-- |
|
-
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
-- |
|
-
Percentage of Shares (as a % of the total share capital of the Company) |
-- |
|
b) Non – encumbered |
|
|
-
Number of Shares |
5270258 |
|
-
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100.00 |
|
-
Percentage of Shares (as a % of the total share capital of the Company) |
56.12 |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Particulars |
QUARTER ENDED 30.06.2011 (Audited) |
|
1. Segment Revenue |
|
|
a. Poultry and
Poultry Products |
1595.700 |
|
b. Animal Health Products |
241.800 |
|
c. Oilseed |
659.300 |
|
Total |
2496.800 |
|
Less : Inter Segment Revenue |
185.600 |
|
Net Sales / Income from Operations |
2311.200 |
|
|
|
|
2. Segment Results |
|
|
Profit (+) / Loss (-) before tax and
interest |
|
|
a. Poultry and
Poultry Products |
104.700 |
|
b. Animal Health Products |
52.000 |
|
c. Oilseed |
35.300 |
|
Total |
192.000 |
|
|
|
|
Less : i) In Interest |
23.600 |
|
ii) Other unallocable expenditure net off unallocable income |
19.200 |
|
Total Profit before tax |
149.200 |
|
|
|
|
3. Capital Employed |
|
|
a. Poultry and
Poultry Products |
2281.900 |
|
b. Animal Health Products |
291.500 |
|
c. Oilseed |
525.800 |
|
d. Unallocable assets |
897.600 |
|
|
|
|
Total Capital Employed for Company as a whole |
3996.800 |
Notes
·
The above results were reviewed
by the Audit Committee and thereafter taken on record by the Board of Directors
at their respective meetings held on 12th August, 2011.
·
During the quarter, the
poultry and poultry products segment registered lower profits due to high cost
of feed ingredients and lower realizations from sale of day old chicks and
grown up birds.
·
The status of investor
complaints received and disposed off during the quarter ended 30th
June, 2011 is as under:
|
Pending at the
beginning of quarter |
Received during the
quarter |
Disposed off
during the quarter |
Pending at the
end of the quarter |
|
Nil |
24 |
24 |
Nil |
·
Previous period figures
are regrouped/reclassified to conform to the current period’s presentation.
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
WEB DETAILS
PROFILE
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, subejct 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
BUSINESS DESCRIPTION
Subject produces day-old layer and broiler chicks for the
poultry markets of
BOARD OF DIRECTORS
Mrs. Anuradha J.
Desai - Non-Executive Chairperson of the Board
Mrs. Anuradha J. Desai is Non-Executive Chairperson of the Board of
subject. She is the Chairperson of V. H. Group of Companies. She played a role
in increasing the per capita consumption of eggs in
Mr. B. Venkatesh
Rao - Non-Executive Vice Chairman of the Board
Mr. B. Venkatesh Rao is Non-Executive Vice Chairman of the Board of
subject. He has by his proactive approach lifted performance of the Company to
high level of efficiency and productivity especially operations and marketing
of poultry feed.
Mr. Jitendra M.
Desai - Non-Executive Non-Independent Director
Mr. Jitendra M. Desai is Non-Executive Non-Independent Director subject
since 1993. He is the member of Chartered Accountants of India and has in
corporate structuring, financial management and taxation.
Mr. Ashok Mahajan
- Independent Non-Executive Director
Lt. Col. Ashok Mahajan (Retd.) serves as an Independent Non-Executive
Director of subject. He is a Graduate from the
Education
Mr. B. Balaji Rao
- Chief Executive Officer, Managing Director, Director
Mr. B. Balaji Rao serves as Chief Executive Officer, Managing Director,
Director of subject since 1997. He is Director of the Company since 1995.
Mr. C. Jagapati
Rao - Independent Non-Executive Director
Shri. C. Jagapati Rao is an Independent Non-Executive Director of
subject for last 21 years. He is an Whole Time Director in Venkateshwara
Hatcheries Private Limited and Director in Srinivasa Hatcheries Limited,
Srinivasa Aqua Feeds Private Limited, Jaagruthi Foundations Private Limfted,
Agro Corpex India Limited, Santir Aquatics Private Limited, Pallavi Perfumes
and Cosmetics Private Limited, Jagapati Finance Private Limited, Sri ChrHuri
Agencies Private Limited, Harsna Hospitalities Private Limited, Srinivasa
Solutech Private Limited, Srinivasa Foods and Feeds Private Limited, Corporate
Leasing Private Limited, Sri Krishna Devaraya Hatcheries Private Limited,
Chltturi Enterprises Private Limited, Varuna Hatcheries Private Limited,
Srinivasa Agri High Tech Private Limited, Kansas Feeds Private Limited, Monisha
Sri Durga Farms Private Limited, Jagapati Investments Private Limited, Poultry
Development Council and All India Poultry Development and Services Private
Limited.
Mr. S. B. Thorat -
Independent Non-Executive Director
Mr. S. B. Thorat is an Independent Non-Executive Director of subject. He
is a member of the Audit Committee of subject.
PRESS RELEASES
VENKYS (
EXPANSION-CUM-MODERNISATION
PROGRAMME
India, July 16 -- Venkys (India) Limited has informed BSE that the Company has decided to undertake expansion-cum-modernisation programme at an estimated cost of Rs.1070.000 millions, to augment the capacities in Poultry and Poultry Products and Animal Health Products Segments, modernisation in Oilseed Segment and for setting up of Venkys Xprs outlets.The expansion - cum- modernisation programme will be funded by internal accruals and long term loans.
VENKYS TO
UNDERTAKE RS.1070.000 MILLIONS EXPANSION-CUM-MODERNISATION PROG
New Delhi, July 16 2011 (PTI) -- Venkys India Limited, a leading producer of poultry products in the country, has decided to undertake expansion-cum-modernisation programme at an estimated cost of Rs.1070.000 millions to augment poultry, poultry produce and animal health products' capacities.
It also plans to
augment capacities in modernisation in oilseed segment and for setting up of
Venky's Xprs' outlet.
Venky's (
The
expansion-cum-modernisation programme will be funded by internal accruals and
long term loans, it told the BSE. PTI SNS SHT 07161830
VENKYS (
India, July 12 -- Venkys (India) has informed that the register of members and share transfer books of the company will remain closed from August 01, 2011 to August 05, 2011 (both days inclusive) for the purpose of payment of dividend and 35th Annual General Meeting (AGM) of the company to be held on August 05, 2011.The above information is part of the company's filing submitted to the BSE.
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.50.72 |
|
|
1 |
Rs.79.87 |
|
Euro |
1 |
Rs.68.46 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
63 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.