MIRA INFORM REPORT

Report Date :

03.11.2012

IDENTIFICATION DETAILS

Name :	VENKY’S (INDIA) LIMITED (w.e.f. 27.08.2001)

Formerly Known As :	WESTERN HATCHERIES LIMITED

Registered Office :	Venkateshwara House, S. No.114/A/2, Pune – Sinhagad Road, Pune - 411 030, Maharashtra

Country :	India

Financials (as on) :	31.03.2012

Date of Incorporation :	01.07.1976

Com. Reg. No.:	11-017422

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 (61)

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 12630000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and reputed company having good track. There appears slight dip in the profitability of the company. However, general financial position of the company appears to be good. Trade relations are reported to be fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered for normal for 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 – June 30, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	A-(Cash Credit)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	October 2011

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office/ Corporate Office :	Venkateshwara House, S. No.114/A/2, Pune – Sinhagad Road, Pune - 411 030, Maharashtra, India
Tel. No.:	91-20-24251530 to 41
Fax No.:	91-20-24251077
Email :	corp.sec@venkys.com response@venkys.com
Website :	http://www.venkys.com

Central Marketing Office :	Camp Office, Uttara House, 2 Wellesley Road, Camp, Pune 411 001,Maharashtra, India
Tel. No.:	91-20-26131274 / 26137971 / 66099300
Fax No.:	91-20-26114128
Email :	info@uttarafoods.com exports@uttarafoods.com

Factory :	Units · Pune, Maharashtra, India - Breeder Farms, Specific Pathogen Free Egg, Poultry Feed, Animal Health Products, Chicken Processing, Commercial Farms, Health Care Products · Solapur, Maharashtra, India - Solvent Extraction, Refinery and Poultry Feed · Anand, Gujarat, India - Breeder Farms Hatchery · Dehradun, Uttaranchal, India - Breeder Farms, Hatchery and Poultry Feed · Allahabad, Uttar Pradesh, India - Breeder Farms, Hatchery and Poultry Feed · Sunderpur, Uttar Pradesh, India - Breeder Farms · Gorakhpur, Uttar Pradesh, India – Hatchery · Sonepat, Haryana, India – Breeder Farms and Hatchery · Panipat, Haryana, India – Breeder Farms and Hatchery · Ambala, Haryana, India – Breeder Farms, Poultry Feed and Commercial Farms · Hissar, Haryana, India – Commercial Farms · Ludhiana, Punjab, India – Breeder Farms, Hatchery and Commercial Farms · Hoshiarpur, Punjab, India - Breeder Farms, Hatchery and Commercial Farms · Gurdaspur, Punjab, India - Commercial Farms · Sangrur, Punjab, India - Commercial Farms · Rewa, Madhya Pradesh, India - Breeder Farms and Hatchery · Kangra, Himachal Pradesh, India – Hatchery · Basti (Uttar Pradesh) – Hatchery · Kurukshetra (Haryana) - Commercial Farms · Karnal (Haryana) - Commercial Farms · Tohana (Haryana) - Commercial Farms

Plants :	· Solapur, Maharashtra, India · Osade, Pune, Maharashtra, India · Patvi, Ambala, Haryana, India

Poultry Farm :	19/2, Milestone, Pune-Panshet, District Pune-411025, Maharashtra, India

DIRECTORS

AS ON 31.03.2012

Name :	Mrs. Anuradha Jitendra Desai
Designation :	Director
Address :	Venkatesh Farms S. No. 95/1, NDA Road, Mauje-Warje, Taluka – Haveli, Pune – 411029, Maharashtra, India
Date of Birth/Age :	15.05.1962
Date of Appointment :	02.12.1988
DIN No.:	00012212

Other Directorship:

S.No.	CIN	Name of the company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01222AP1971PTC001422	VENKATESHWARA HATCHERIES PRIVATE LIMITED	Managing director	27/10/1983	27/10/1983	Active	NO
2	U07222PN1980PTC017423	VENCO RESEARCH AND BREEDING FARM PRIVATE LIMITED	Director	3/12/1984	3/12/1984	Active	NO
3	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Director	2/12/1988	2/12/1988	Active	NO
4	U65999MH1987PTC023309	SRIVENK INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	29/01/1991	29/01/1991	Active	NO
5	U74999PN1988PTC020677	BALA INDUSTRIES AND ENTERTAINMENT PRIVATE LIMITED	Director	14/03/1996	14/03/1996	Active	NO
6	U01222PN1980PTC017494	VENKATESHWARA RESEARCH AND BREEDING FARM PRIVATE LIMITED	Director	15/03/1996	15/03/1996	Active	NO
7	U29299PN1993PTC020678	VENKATESHWARA ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	18/03/1996	18/03/1996	Active	NO
8	U15400AP1982PLC070673	AGROCORPEX INDIA LIMITED	Director	23/03/1996	23/03/1996	Active	NO
9	U15332MH1996PTC099964	UTTARA FOODS AND FEEDS PRIVATE LIMITED	Director	4/6/1996	4/6/1996	Active	NO
10	U67120MH1982PTC027946	VENKA INVESTMENTS PVT LTD	Director	30/06/1997	30/06/1997	Active	NO
11	U92111MH1998PTC114045	BALA ENTERTAINMENT INTERNATIONAL PRIVATE LIMITED	Director	19/03/1998	19/03/1998	Active	NO
12	U01222AP2000NPL035402	POULTRY DEVELOPMENT PROMOTION COUNCIL	Director	5/10/2000	5/10/2000	Active	NO
13	U15332PN2002PTC016680	B.V. BIO-CORP PRIVATE LIMITED	Director	15/01/2002	15/01/2002	Active	NO
14	U74220PN2002NPL017463	NATIONAL AGRICULTURE AND FOOD ANALYSIS AND RESEARCH INSTITUTE	Director	13/12/2002	13/12/2002	Active	NO
15	U55101MH2000PLC187834	LAVASA CORPORATION LIMITED	Director	24/02/2003	24/02/2003	Active	NO
16	U15136PN2004PTC018753	UTTARA MASALA PRODUCTS PRIVATE LIMITED	Director	8/1/2004	8/1/2004	Active	NO
17	U74140DL2004NPL125424	CENTRE FOR INTERNATIONAL TRADE IN AGRICULTURE AND AGRO BASED INDUSTRIES	Director	25/03/2004	25/03/2004	Active	NO
18	U01222AP1998NPL029027	BHARAT EGG PRODUCERS' ASSOCIATION	Director	30/09/2004	30/09/2004	Active	NO
19	U01222PN2005PTC020345	ALL INDIA POULTRY DEVELOPMENT AND SERVICES PRIVATE LIMITED	Director	28/02/2005	28/02/2005	Active	NO
20	U00029PN2006PTC022258	UTTARA HATCHERIES AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
21	U00029PN2006PTC022259	UTTARA POULTRY AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
22	U24230PN2007PTC130916	UTTARA BIOSCIENCES PRIVATE LIMITED	Director	27/10/2007	27/10/2007	Active	NO
23	U51909PN2009PTC133389	UTTARA IMPEX PRIVATE LIMITED	Director	20/01/2009	20/01/2009	Active	NO
24	U01222OR1985PTC002190	EASTERN HATCHERIES PRIVATE LIMITED	Director	19/06/2010	23/04/2010	Active	NO
25	U73100PN2011PTC140966	SRIVENK BIOLOGICAL LABORATORIES PRIVATE LIMITED	Director	4/10/2011	4/10/2011	Active	NO

Name :	Mr. B. Venkatesh B. Vasudev Rao
Designation :	Director
Address :	Venkatesh Farms S. No. 95/1, NDA Road, Mauje-Warje, Taluka – Haveli, Pune – 411029, Maharashtra, India
Date of Birth/Age :	31.12.1964
Date of Appointment :	10.11.1995
DIN No.:	00013614

Other Directorship:

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1982PTC027946	VENKA INVESTMENTS PRIVATE LIMITED	Director	7/8/1982	7/8/1982	Active	NO
2	U01222OR1985PTC002190	EASTERN HATCHERIES PRIVATE LIMITED	Director	11/11/1985	11/11/1985	Active	NO
3	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Director	10/11/1995	10/11/1995	Active	NO
4	U01222AP1971PTC001422	VENKATESHWARA HATCHERIES PRIVATE LIMITED	Managing director	10/11/1995	10/11/1995	Active	NO
5	U74999PN1988PTC020677	BALA INDUSTRIES AND ENTERTAINMENT PRIVATE LIMITED	Director	14/03/1996	14/03/1996	Active	NO
6	U07222PN1980PTC017423	VENCO RESEARCH AND BREEDING FARM PRIVATE LIMITED	Director	16/03/1996	16/03/1996	Active	NO
7	U29299PN1993PTC020678	VENKATESHWARA ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	18/03/1996	18/03/1996	Active	NO
8	U15332MH1996PTC099964	UTTARA FOODS AND FEEDS PRIVATE LIMITED	Managing director	4/6/1996	4/6/1996	Active	NO
9	U92111MH1998PTC114045	BALA ENTERTAINMENT INTERNATIONAL PRIVATE LIMITED	Director	19/03/1998	19/03/1998	Active	NO
10	U01222PN1980PTC017494	VENKATESHWARA RESEARCH AND BREEDING FARM PRIVATE LIMITED	Director	12/7/2001	12/7/2001	Active	NO
11	U15332PN2002PTC016680	B.V. BIO-CORP PRIVATE LIMITED	Director	15/01/2002	15/01/2002	Active	NO
12	U15136PN2004PTC018753	UTTARA MASALA PRODUCTS PRIVATE LIMITED	Director	8/1/2004	8/1/2004	Active	NO
13	U01222AP1998NPL029027	BHARAT EGG PRODUCERS' ASSOCIATION	Director	30/09/2004	30/09/2004	Active	NO
14	U01222PN2005PTC020345	ALL INDIA POULTRY DEVELOPMENT AND SERVICES PRIVATE LIMITED	Director	28/02/2005	28/02/2005	Active	NO
15	U00029PN2006PTC022259	UTTARA POULTRY AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
16	U00029PN2006PTC022258	UTTARA HATCHERIES AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
17	U24230PN2007PTC130916	UTTARA BIOSCIENCES PRIVATE LIMITED	Managing director	20/06/2008	27/10/2007	Active	NO
18	U51909PN2009PTC133389	UTTARA IMPEX PRIVATE LIMITED	Managing director	31/07/2010	20/01/2009	Active	NO
19	U73100PN2011PTC140966	SRIVENK BIOLOGICAL LABORATORIES PRIVATE LIMITED	Director	4/10/2011	4/10/2011	Active	NO

Name :	Mr. B. Balaji B. Vasudev Rao
Designation :	Director
Address :	Venkatesh Farms S. No. 95/1, NDA Road, Mauje-Warje, Taluka – Haveli, Pune – 411029, Maharashtra, India
Date of Birth/Age :	08.12.1972
Date of Appointment :	09.11.1995
DIN No.:	00013551

Other Directorship:

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Managing director	1/11/2007	9/11/1995	Active	NO
2	U01222AP1971PTC001422	VENKATESHWARA HATCHERIES PRIVATE LIMITED	Whole-time director	10/11/1995	10/11/1995	Active	NO
3	U15332MH1996PTC099964	UTTARA FOODS AND FEEDS PRIVATE LIMITED	Director	4/6/1996	4/6/1996	Active	NO
4	U92111MH1998PTC114045	BALA ENTERTAINMENT INTERNATIONAL PRIVATE LIMITED	Director	19/03/1998	19/03/1998	Active	NO
5	U15332PN2002PTC016680	B.V. BIO-CORP PRIVATE LIMITED	Director	15/01/2002	15/01/2002	Active	NO
6	U15136PN2004PTC018753	UTTARA MASALA PRODUCTS PRIVATE LIMITED	Director	8/1/2004	8/1/2004	Active	NO
7	U00029PN2006PTC022259	UTTARA POULTRY AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
8	U00029PN2006PTC022258	UTTARA HATCHERIES AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
9	U24230PN2007PTC130916	UTTARA BIOSCIENCES PRIVATE LIMITED	Director	27/10/2007	27/10/2007	Active	NO
10	U51909PN2009PTC133389	UTTARA IMPEX PRIVATE LIMITED	Director	20/01/2009	20/01/2009	Active	NO
11	U01222OR1985PTC002190	EASTERN HATCHERIES PRIVATE LIMITED	Director	19/06/2010	23/04/2010	Active	NO
12	U74999PN1988PTC020677	BALA INDUSTRIES AND ENTERTAINMENT PRIVATE LIMITED	Director	4/7/2011	28/10/2010	Active	NO
13	U73100PN2011PTC140966	SRIVENK BIOLOGICAL LABORATORIES PRIVATE LIMITED	Director	4/10/2011	4/10/2011	Active	NO

Name :	Jitendra Moreshwar Desai
Designation :	Director
Address :	Venkatesh Farms S. No. 95/1, NDA Road, Mauje-Warje, Taluka – Haveli, Pune – 411029, Maharashtra, India
Date of Birth/Age :	27.04.1962
Date of Appointment :	30.11.1993
DIN No.:	00013533

Other Directorship:

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U67120MH1982PTC027946	VENKA INVESTMENTS PRIVATE LIMITED	Director	20/01/1991	20/01/1991	Active	NO
2	U65999MH1987PTC023309	SRIVENK INVESTMENTS AND FINANCE PRIVATE LIMITED	Director	29/01/1991	29/01/1991	Active	NO
3	U01222PN1980PTC017494	VENKATESHWARA RESEARCH AND BREEDING FARM PRIVATE LIMITED	Managing director	22/03/1991	22/03/1991	Active	NO
4	U74999PN1988PTC020677	BALA INDUSTRIES AND ENTERTAINMENT PRIVATE LIMITED	Director	12/4/1993	12/4/1993	Active	NO
5	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Director	30/11/1993	30/11/1993	Active	NO
6	U01222OR1985PTC002190	EASTERN HATCHERIES PRIVATE LIMITED	Director	5/12/1994	5/12/1994	Active	NO
7	U01222AP1971PTC001422	VENKATESHWARA HATCHERIES PPRIVATE LIMITED	Whole-time director	23/12/1994	23/12/1994	Active	NO
8	U92111MH1998PTC114045	BALA ENTERTAINMENT INTERNATIONAL PRIVATE LIMITED	Director	19/03/1998	19/03/1998	Active	NO
9	U15332PN2002PTC016680	B.V. BIO-CORP PRIVATE LIMITED	Director	15/01/2002	15/01/2002	Active	NO
10	U15136PN2004PTC018753	UTTARA MASALA PRODUCTS PRIVATE LIMITED	Director	8/1/2004	8/1/2004	Active	NO
11	U00029PN2006PTC022258	UTTARA HATCHERIES AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
12	U00029PN2006PTC022259	UTTARA POULTRY AND AGRI-FARMS PRIVATE LIMITED	Director	30/03/2006	30/03/2006	Active	NO
13	U29299PN1993PTC020678	VENKATESHWARA ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	27/11/2006	27/11/2006	Active	NO
14	U07222PN1980PTC017423	VENCO RESEARCH AND BREEDING FARM PRIVATE LIMITED	Alternate director	12/3/2012	30/03/2007	Active	NO
15	U24230PN2007PTC130916	UTTARA BIOSCIENCES PRIVATE LIMITED	Director	27/10/2007	27/10/2007	Active	NO
16	U51909PN2009PTC133389	UTTARA IMPEX PRIVATE LIMITED	Director	20/01/2009	20/01/2009	Active	NO
17	U73100PN2011PTC140966	SRIVENK BIOLOGICAL LABORATORIES PRIVATE LIMITED	Director	4/10/2011	4/10/2011	Active	NO

Name :	Mr. Chitturi Jagapati Rao
Designation :	Director
Address :	p. No. 1142-A, Road No. 54, Jubilee Hills, Hyderbad – 500033, Andhra Pradesh, India
Date of Birth/Age :	15.04.1933
Date of Appointment :	26.12.1988
DIN No.:	00003425

Other Directorship:

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U01222AP1971PTC001422	VENKATESHWARA HATCHERIES PRIVATE LIMITED	Whole-time director	12/1/1973	12/1/1973	-	Active	NO
2	L01222AP1978PLC002297	SRINIVASA HATCHERIES LIMITED	Whole-time director	1/4/2009	8/5/1978	-	Active	NO
3	U01222AP1983PTC003979	SRINIVASA FOODS AND FEEDS PRIVATE LIMITED	Director	2/6/1983	2/6/1983	-	Active	NO
4	U52100AP1983PTC004275	CORPORATE ENTERPRISES PRIVATE LIMITED	Director	28/11/1983	28/11/1983	-	Active	NO
5	U65993AP1984PTC004829	JAGAPATI FINANCE PRIVATE LIMITED	Director	4/7/1984	4/7/1984	-	Active	NO
6	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Director	26/12/1988	26/12/1988	-	Active	NO
7	U01222AP1980PTC002779	VARUNA HATCHERIES PRIVATE LIMITED	Director	25/03/1989	25/03/1989	-	Active	NO
8	U22210AP1989PTC010632	SRI KRISHNA DEVARAYA HATCHERIES PRIVATE LIMITED	Director	3/11/1989	3/11/1989	-	Active	NO
9	U15400AP1982PLC070673	AGROCORPEX INDIA LIMITED	Director	24/11/1990	24/11/1990	-	Active	NO
10	U70102AP1993PTC016796	CHITTURI ENTERPRISES PRIVATE LIMITED	Director	27/12/1993	27/12/1993	-	Active	NO
11	U51909AP1993PTC016797	SRI CHITTURI AGENCIES PRIVATE LIMITED	Director	27/12/1993	27/12/1993	-	Active	NO
12	U01110AP1994PTC037063	SRI SRINIVASA AQUA FEEDS PRIVATE LIMITED	Director	10/2/1994	10/2/1994	-	Active	NO
13	U01110AP1993PTC037064	KANSAS FEEDS PRIVATE LIMITED	Director	14/05/1994	14/05/1994	-	Active	NO
14	U01229AP1994PTC017881	MONISHA SRI DURGA FARMS PRIVATE LIMITED	Director	7/7/1994	7/7/1994	-	Active	NO
15	U01111AP1994PTC018685	SRINIVASA AGRI TECH PRIVATE LIMITED	Director	4/11/1994	4/11/1994	-	Active	NO
16	U01222OR1985PTC002190	EASTERN HATCHERIES PRIVATE LIMITED	Director	5/12/1994	5/12/1994	23/04/2010	Active	NO
17	U65993AP1994PTC018270	JAGAPATI INVESTMENTS PRIVATE LIMITED	Director	27/11/1996	27/11/1996	-	Active	NO
18	U45200AP1996PTC025335	JAAGRUTHI FOUNDATIONS PRIVATE LIMITED	Director	12/1/1998	12/1/1998	-	Active	NO
19	U72200AP1998PTC030747	HARSHA HOSPITALITIES PRIVATE LIMITED	Director	22/12/1998	22/12/1998	1/10/2011	Active	NO
20	U72200AP1998PTC030748	RHAPSODY FOODS AND BEVERAGES PRIVATE LIMITED	Director	22/12/1998	22/12/1998	27/09/2011	Active	NO
21	U01222AP2000NPL035402	POULTRY DEVELOPMENT PROMOTION COUNCIL	Director	5/10/2000	5/10/2000	-	Active	NO
22	U24244AP1998PTC029802	PALLAVI PERFUMES AND COSMETICS PRIVATE LIMITED	Director	9/12/2003	9/12/2003	1/8/2008	Active	NO
23	U01222PN2005PTC020345	ALL INDIA POULTRY DEVELOPMENT AND SERVICES PRIVATE LIMITED	Director	28/02/2005	28/02/2005	-	Active	NO

Name :	Mr. Subhashchandra Bhausaheb Thorat
Designation :	Director
Address :	125, National Co – Operative Society, Baner Road, Aundh, Pune – 411007, Maharashtra, India
Date of Birth/Age :	09.02.1933
Date of Appointment :	26.12.1988
DIN No.:	00017032

Other Directorship:

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U01222AP1971PTC001422	VENKATESHWARA HATCHERIES PRIVATE LIMITED	Director	12/1/1973	12/1/1973	Active	NO
2	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Director	26/12/1988	26/12/1988	Active	NO
3	U74210MH1990PTC057401	S B THORAT ARCHITECTS AND CONSULTANTS PRIVATE LIMITED	Director	17/10/1990	17/10/1990	Active	YES

Name :	Mr. Ashok Kumar Harikishanlal Mahajan
Designation :	Director
Address :	F No.304, Brownie Nyati Estate, Mohannadwadi, Hadapsar, Pune – 411028, Maharashtra, India
Date of Birth/Age :	20.05.1945
Date of Appointment :	21.10.2005
DIN No.:	00017150

Other Directorship:

S.No.	CIN	NAME OF THE COMPANY	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	L01222PN1976PLC017422	VENKY'S (INDIA) LIMITED	Director	21/10/2005	21/10/2005	Active	NO
2	U29299PN1993PTC020678	VENKATESHWARA ENGINEERING INDUSTRIES PRIVATE LIMITED	Director	31/01/2007	31/01/2007	Active	NO
3	U74999PN1988PTC020677	BALA INDUSTRIES AND ENTERTAINMENT PRIVATE LIMITED	Director	31/01/2007	31/01/2007	Active	NO
4	U15332PN2002PTC016680	B.V. BIO-CORP PRIVATE LIMITED	Director	1/8/2007	1/8/2007	Active	NO

Name :	Mr. Surinder Kumar
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Ashok Gambhir Bauskar
Designation :	Secretary
Address :	5, Novelty Heritage, Chaturshringi Corner, Shivaji Nagar, Pune – 411016, Maharashtra, India
Date of Birth/Age :	09.03.1952
Date of Appointment :	26.07.2007
PAN NO.:	AALPB2680E

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	568976	6.06
Bodies Corporate	4701282	50.06
Sub Total	5270258	56.12
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	5270258	56.12
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	354651	3.78
Financial Institutions / Banks	6679	0.07
Foreign Institutional Investors	85998	0.92
Any Others (Specify)	3343	0.04
NRI /OCB	3133	0.03
Foreign Bank	210	0.00
Sub Total	450671	4.80
(2) Non-Institutions
Bodies Corporate	756898	8.06
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	2021274	21.52
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	772941	8.23
Any Others (Specify)	119515	1.27
Clearing Members	57634	0.61
Trusts	100	0.00
NRIs/OCBs	61781	0.66
Sub Total	3670628	39.08
Total Public shareholding (B)	4121299	43.88
Total (A)+(B)	9391557	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	9391557	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Seller of Poultry Feed, One Day Old Commercial Chicks, Animal Feed, etc.

Products :

AHP (Animal Health Products)
Bio Security
Egg Powder
FMCG
Livestock
HHP (Human Health Products)
Pet Food and Health Care
Day-Old Chicks
SPF Eggs
Venky’s Xprs
Day-old Chicks
Hatching eggs
Hatching Egg
Vitamins and Minerals Premixes
Quail

Product Description	ITC Code
One Day Old Commercial Chicks	0105 11 00
Refined Soyabean Oil	1507 90 10
De-Oiled Cake for Poultry Feed	2304 00 10

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 India

· Industrial Development Bank of India

· ICICI Bank

· HDFC Bank

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

LONG TERM BORROWINGS

Term loans

From Banks

Rupee loan

187.822

211.300

External commercial borrowings

839.355

0.000

Less: Current maturities of term loans

46.956

23.478

SHORT TERM BORROWINGS

Loans repayable on demand

From Banks - Cash credit facilities

186.889

118.336

TOTAL

1167.110

306.158

Unsecured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

LONG TERM BORROWINGS

Deferred payment liabilities

Sales Tax Deferral

5.581

Less: Current maturities of deferred payment liabilities

0.039

0.000

SHORT TERM BORROWINGS

From Banks - Working capital facilities

709.479

810.000

TOTAL

715.021

815.581

NOTES

LONG TERM BORROWINGS

Details of securities, terms of repayments and rate of interest :

(i) Rupee loan (Secured) :

Rupee term loan carries an interest rate of sum of base rate as increased by appropriate term premia and spread per annum, subject to minimum rate of ICICI bank base rate +2.25%. The payment of interest shall be subject to statutory levies, if any. The loan is repayable in 9 half yearly equal installments commencing from 25 March 2012. The loan is secured by an exclusive mortgage of land and buildings located at village Dikadla, Tehsil Samalkha, District Panipat, State Haryana, plot no. 55, Sansarpur terrace, District Kangra, State Himachal Pradesh and village Laider, Tehsil Bara, District Allahabad, State Uttar Pradesh and by way of hypothecation of movable fixed assets acquired / to be acquired out of said loan at these locations.

(ii) External commercial borrowings (Secured) :

The Company has availed External commercial borrowing (ECB) from ICICI bank into two tranches for financing its expansion plans. ECB is repayable in 11 half yearly predetermined installments commencing from 03 April 2013 and is denominated in US$. It carries an interest rate of 6 month USD LIBOR plus 4.5 percent Taking into considerations, the currency risks in the cash flows arising out of fluctuations of USD LIBOR rates and also the currency fluctuations, the Company has entered into hedge agreements with its bankers. As per the hedge agreements, the effective rate of interest is fixed at 12% and 12.60% p.a. respectively for two tranches. Further the repayment of said liability in respect of the ECB is also fixed at predetermined exchange rate pursuant to the hedge agreements. ECB is secured by an exclusive mortgage of land, buildings and immovable plant and machinery at Processing plant situated at Baur Kamshet, Pune, Feed Mill and Oilseed plant at Solapur, poultry farm at village Bhigwan and SPF plant at Pasure Bhor. Further ECB is secured by an exclusive hypothecation of movable assets of the company acquired/to be acquired from the loan facilities extended by the bank.

(iii) Deferred payment liabilities (Unsecured) :

The deferred sales tax liabilities shall be repaid in equal annual installments not exceeding five such installments at the expiry of 10th year. The details of which are as detailed below:

(Rs. In Millions)

Particulars	Healthcare Division	Animal Health Products Division	Animal Health Products Division
		Scheme 01	Scheme 02
Deferred sales tax liability amount	5.199	0.190	0.192
Deferment scheme started from	01.04.2007	30.04.2002	30.04.2003
Installments will start from	01.04.2007	30.04.2012	30.04.2003

SHORT TERM BORROWINGS

The details of securities:

The cash credit facilities are secured by way of first charge on entire current assets of the Company on parri passu basis.


Banking Relations :	--

Auditors :
Name :	Sudit K. Parekh and Company Chartered Accountants
Address :	Ballard House, 2^nd Floor, Ad Marzaban Path, Ballard Pier, Fort, Mumbai – 400 001, Maharashtra, India
Tel. No.:	91-22-66178000
PAN No.:	AAAFS4500P

Holding Company :	· Venkateshwara Hatcheries Private Limited

Related Parties :	· 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 Foods Products Private Limited · Eastern Hatcheries Private Limited · Bala Industries and Entertainment Private Limited · Venkateshwara Engineering Industries Private Limited · Uttara Impex Private Limited · All India Poultry Development and Services Private Limited · Venkateshwara Foods and Feeds (Firm)

CAPITAL STRUCTURE

AS ON 31.03.2012

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

9391557	Equity Shares	Rs.10/- each	Rs. 93.916 Millions

NOTES

(a) Reconciliation of the equity shares outstanding at the beginning and at the end of the reporting year :

PARTICULARS	AS AT 31^ST MARCH 2012
Equity Shares	NOS.	RS. IN MILLIONS
Number of shares outstanding at the beginning of the year	9,391,557	93.916
Additions/deductions during the year	--	--
Number of shares outstanding at the end of the year	9,391,557	93.916

(b) Terms, rights and restrictions attached to equity shares

The Company has only one class of equity shares having a par value of Rupees 10/- per share.

Each shareholder is entitled to vote in proportion to his share of the paid up equity capital of the Company except upon voting by “Show of hands” where one shareholder is entitled to one vote.

The Company declares and pays dividend in Indian Rupees.

In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholdings.

(c) Shares held by holding/ultimate holding company and/or their subsidiaries/associates :

PARTICULARS	AS AT 31^ST MARCH 2012
Equity Shares	NOS.	RS. IN MILLIONS
Holding company
Venkateshwara Hatcheries Private Limited	4,701,276	47,013

(d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company:

PARTICULARS	AS AT 31^ST MARCH 2012
Equity Shares	NOS.	%Age
Venkateshwara Hatcheries Private Limited	4,701,276	50.06%

(e) There are no shares reserved for issue under options or contracts/commitments for the sale of shares/ disinvestment as at 31 March 2012 and 31 March 2011.

(f) The Company has neither allotted any shares as fully paid up pursuant to contracts without payments being received in cash or by way of bonus shares nor bought back any shares for the period of five years immediately preceding 31 March 2012 or 31 March 2011.

(g) The Company do not have any securities convertible into equity or preference shares as at 31 March 2012 and 31 March 2011.

(h) For the year ended 31 March 2011, the amount of per share dividend recognized as distribution to equity shareholders was Rupees 5/- towards final dividend. The total dividend appropriation for the year ended 31 March 2011 amounted to Rupees 54.576 Millions including dividend distribution tax of Rupees 7.618 Millions.

(i) The Board of Directors, in it’s meeting on 29 May 2012, declared final dividend of Rupees 5/- per equity share. The total dividend appropriation for the year ended 31 March 2012 amounts to Rupees 54.576 Millions including dividend distribution tax of Rupees 7.618 Millions. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		93.916	93.916	93.916
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		3063.975	2647.876	1972.139
4] Government Grants		0.000	0.000	0.304
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		3157.891	2741.792	2066.359
LOAN FUNDS
1] Secured Loans		1167.110	306.158	93.603
2] Unsecured Loans		715.021	815.581	805.581
TOTAL BORROWING		1882.131	1121.739	899.184
DEFERRED TAX LIABILITIES		172.385	153.043	145.776

TOTAL		5212.407	4016.574	3111.319

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		2050.117	1514.654	1238.128
Capital work-in-progress		384.559	162.702	97.032

INVESTMENT		373.371	927.842	813.111
DEFERREX TAX ASSETS		0.000	0.000	0.000
OTHER NON CURRENT ASSETS		73.552	10.721	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1605.903	1223.378	866.036
	Sundry Debtors	534.152	595.908	514.395
	Cash & Bank Balances	1038.987	131.689	84.811
	Other Current Assets	14.970	1.906	79.735
	Loans & Advances	335.434	226.747	49.806
Total Current Assets		3529.446	2179.628	1594.783
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	806.241	511.735	444.364
	Other Current Liabilities	282.660	163.732	89.240
	Provisions	109.737	103.506	98.131
Total Current Liabilities		1198.638	778.973	631.735
Net Current Assets		2330.808	1400.655	963.048

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		5212.407	4016.574	3111.319

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	9902.899	8517.598	7054.709
		Other Income	162.522	84.750	49.226
		TOTAL (A)	10065.421	8602.348	7103.935

Less	EXPENSES
		Consumption materials charges inventories	6232.009	4943.864	4814.078
		Purchase of Stock-in-trade	773.993	603.265	537.283
		Employee related expenses	687.991	565.897	437.353
		Administrative selling other expenses	0.000	0.000	350.179
		Manufacturing, farm and other Expenses	1749.196	1327.948	0.000
		Changes in inventories of finished goods, work-in-progress, stock-in-trade and poultry for livestock breeding	(224.876)	(62.376)	0.000
		TOTAL (B)	9218.313	7378.598	6138.893

Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		847.108	1223.750	965.042

Less	FINANCIAL EXPENSES (D)		154.112	46.816	50.374

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		692.996	1176.934	914.668

Less/ Add	DEPRECIATION/ AMORTISATION (F)		117.797	96.476	89.775

Less	Prior period items before tax		3.298	2.878	1.989

	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		571.901	1077.580	822.904

Less	TAX (H)		161.342	347.267	279.749

	PROFIT / (LOSS) AFTER TAX (G-H) (I)		410.559	730.313	543.155

Less	EXCESS / (SHORT) PROVISION FOR TAX IN PRIOR PERIODS		0.000	0.000	4.033

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		812.212	1136.475	695.474

Less	APPROPRIATIONS
		Transfer to General Reserve	750.000	1000.000	54.316
		Dividend	47.000	46.958	37.566
		Tax on Dividend	7.600	7.618	6.239
	BALANCE CARRIED TO THE B/S		418.171	812.212	1136.475

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	24.069	12.159	4.552
	TOTAL EARNINGS		24.069	12.159	4.552

	IMPORTS
		Raw Materials / Trading Goods	173.000	174.326	121.396
		Capital Goods	92.875	31.683	6.172
		Stores & Spares	12.390	4.373	8.054
		Packing Material	1.038	1.096	0.549
	TOTAL IMPORTS		279.303	211.478	136.171

	Earnings Per Share (Rs.)		43.72	77.76	57.83

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
	1^st Quarter	2^nd Quarter
Net Sales	3348.400	3147.800
Total Expenditure	3259.900	2805.000
PBIDT (Excl OI)	88.500	342.800
Other Income	37.500	34.300
Operating Profit	126.000	377.100
Interest	53.200	43.700
Exceptional Items	0.000	0.000
PBDT	72.800	333.400
Depreciation	38.400	34.500
Profit Before Tax	34.400	298.900
Tax	11.300	97.600
Provisions and contingencies	0.000	0.000
Profit After Tax	23.100	201.300
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	23.100	201.300

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.08	8.49	7.65

Net Profit Margin (PBT/Sales)	(%)	5.78	12.65	11.66

Return on Total Assets (PBT/Total Assets}	(%)	10.12	29.08	29.05

Return on Investment (ROI) (PBT/Networth)		0.18	0.39	0.40

Debt Equity Ratio (Total Liability/Networth)		1.03	0.75	0.74

Current Ratio (Current Asset/Current Liability)		2.94	2.80	2.52

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

OPERATIONS

Sales turnover for the year ended 31st March, 2012 amounted to Rs. 9924.600 Millions as against Rs. 8530.600 Millions achieved in the previous year, registering a growth of 16.3%. Profit before tax was lower at Rs. 571.900 Millions as compared to Rs. 1077.600 Millions in the previous year, showing a decline of 47%.

During the year, 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. Performance of this segment was largely responsible for overall decline in profits of the Company. Performance of the other two segments, viz. animal health products and oilseed has been satisfactory.

EXPANSION

During the year, the Company has undertaken an expansion-cum-modernisation programme at an estimated cost of Rs.10,700 lakhs, to augment the capacities in Poultry and Poultry Products and Animal Health Products Segments, modernisation in Oilseed Segment and for setting up of ‘Venky’s Xprs’ outlets.

The expansion-cum-modernisation programme is funded by internal accruals and long term loans. Benefits of the expanded capacities will start accruing to the Company from second half of the current financial year.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The global economic growth slowed down during the last year which has also affected the Indian economy to the extent it affected certain other countries. The agricultural sector in India has been growing at a slow pace in the past couple of years. For the year 2011-12 the Indian GDP has grown by 6.5% as compared to 8.5% in 2010-11. While there is fair amount of uncertainty in GDP growth rate for the current year, they are surrounded by several negative factors, like spiraling inflation, high fiscal deficit level, currency volatility and constraints in infrastructure

front. 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.750000.000 Millions industry that provides direct and indirect employment to 5.00 million people and also supports the economy of over 2 crore agricultural farmers, especially the maize and soya growers, dependent 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 65,000 million eggs, India ranks second in the world in egg production. The broiler production is estimated at 3.5 million tons of chicken meat and India ranks 3rd in the world.

SEGMENTWISE PERFORMANCE

a. 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 2011-12 this segment’s turnover was Rs. 7132.300 Millions as compared to Rs. 5940.800 Millions in the last year. The profit before tax and interest of this segment was Rs. 564.800 Millions as compared to Rs. 915.800 Millions in the previous year

b. ANIMAL HEALTH PRODUCTS

The Company has its animal health products manufacturing facility at Pune. This segment’s sales turnover was Rs. 953.600 Millions as compared to Rs. 867.800 Millions. Profit before tax and interest was Rs. 159.600 Millions as against Rs. 165.800 Millions in the last year.

c. OILSEED

This segment registered a sales turnover of Rs. 2586.700 Millions as compared to Rs. 2348.500 Millions last year. Profit before tax and interest was Rs. 150.800 Millions as against Rs. 162.500 Millions in the previous year.

OUTLOOK

The outlook for the year 2012-13 appears to be better in terms of overall growth for the Company. However, the steep increase in cost of poultry feed prices in the last couple of months remains a challenge and may impact the profitability.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The turnover of the Company registered growth of 16.3% over the last year from Rs. 8530.600 Millions to Rs. 9924.600 Millions. The profit before tax from operations declined by 47% from Rs. 1077.600 Millions to Rs. 571.900 Millions.

The borrowings of the Company during the year were increased by about 67.8% from Rs. 1121.700 Millions to Rs. 1882.100 Millions. The borrowed funds are being utilized for the expansion-cummodernisation programme, at an estimated cost of Rs. 1070.000 Millions. Interest cost of the Company has increased by 229% from Rs. 46.800 Millions to Rs. 154.100 Millions.

Keeping in view liquidity, returns and also safety, the Company has invested certain funds in bank deposit and debt/liquid schemes of mutual funds.

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	L01222PN1976PLC017422
Name of the company	VENKY’S (INDIA) LIMITED
Address of the registered office or of the principal place of business in India of the company	Venkateshwara House, S. No.114/A/2, Pune – Sinhagad Road, Pune - 411 030, Maharashtra, India corp.sec@venkys.com
This form is for	Modification Charge
Charge identification (ID) number of the charge to be modified	10021965
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	State Bank of India, Tara Chambers Industrial Finance Branch, Pune Mumbai Road Wakdewadi, Pune – 411034, Maharashtra, India vasudeo.shegokar@sbi.co.in
Nature of instrument creating charge	Memorandum recording reduction in working facility limits reduced for Rs.1070.000 Millions to Rs.400.000 Millions
Date of instrument Creating the charge	Rs.31.03.2012
Amount secured by the charge	Rs.400.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest FOR SBI :4.25% above base rate with monthly rests FOR IDBI : @BBR+425 bps p.a. ( presently BBR 8.50% p.a. payable monthly) Terms of Repayment Repayable on demand Margin FOR SBI : RM ( Domestic/Imported) 25%, SIP 25%, FG 33.33%, Book Debts (cover 60 days) 40% For IDBI : Stock 25%,Book Debts 30% Extent and Operation of the charge The charge covers fund and non-fund based limited aggregating to Rs.400.000 Millions alongwith interest, penal interest and other charges. It creates parri passu charge in favour of State Bank of India and industrial Development Bank of India Limited on the entire current assets of the Company. Others As per Memorandum recording reduction in working facilities limits reduced from Rs.1070.000 Millions to Rs.400.000 Millions
Short particulars of the property or asset(s) charged (including complete address and location of the property)	Hypothecation of entire current assets of the Company namely 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 receivables @ book debts and all other movables both present and future whether now lying loose or in cases or which are now lying or stored in or about or shall hereinafter from time to time during the continuance of the security of these presents be brought into or upon or be stored or be in or about the Company factories premises and godowns situate at Pune in the State of Maharashtra or wherever else the same may be or be held by any party to the order or disposition of the Company or in the course of transit or on high seas or on order or delivery howsoever in the possession of the Company and either by way of substitution or addition on pari passu basis with other consortium member.
Date of instrument modifying the charge	22.02.2011
Particulars of the present modification	The amount secured by the charge has been reduced by means Memorandum recording reduction in working facilities limits reduced from Rs.1070.000 Millions to Rs.400.000 Millions

FIXED ASSETS

· Freehold Land

· Leasehold Land

· Buildings

· Plant, Machinery and Equipments

· Electrical Installations

· Furniture, Fixtures and Office Equipments

· Vehicles

WEBSITE 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 North India.

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 India.

Today, Subject 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 India.

The Forbes business magazine of USA ranked Subject as 67th among the 100 best global small companies in the year 1999-2000.

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

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. 53.66
UK Pound	1	Rs. 86.37
Euro	1	Rs. 69.24

INFORMATION DETAILS

Report Prepared by :

DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--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		61

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	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.

MIRA INFORM REPORT

1605.903

1223.378

534.152

595.908

1038.987

131.689

14.970

1.906

335.434

226.747

3529.446

806.241

511.735

282.660

163.732

109.737

103.506

1198.638

2330.808

1400.655

4.08

5.78

10.12

0.18

1.03

2.94

Unit