MIRA
INFORM REPORT
|
Report Date : |
28.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
VENKY’S ( |
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Formerly Known
As : |
WESTERN HATCHERIES LIMITED |
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Registered
Office : |
Venkateshwara
House, S. No.114/A/2, Pune – Sinhagad Road, Pune-411030, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.07.1976 |
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Com. Reg. No.: |
11-017422 |
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Capital
Investment / Paid-up Capital : |
Rs. 93.916 Millions |
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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 Chicks, Grownup commercial broiler and layer, processed chicks,
S.P.F. Eggs, poultry feed and other miscellaneous poultry products. |
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No. of Employees
: |
3335 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (51) |
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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 13497000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a good track record. There
appears dip in its profitability during 2013. However, general financial position seems to be strong. Trade
relations are reported to be fair.
Business is active. Payments are reported to be regular and as per
commitment. The company can be considered for normal dealings at usual trade terms
and condition. |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term
= A- |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation. It carry moderate 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 – |
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Tel. No.: |
91-20-24251530-41 |
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Fax No.: |
91-20-24251077/24251060 |
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Email : |
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Website : |
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Central Marketing
Office : |
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Tel. No.: |
91-20-26131274 / 26137971 / 66099300 |
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Fax No.: |
91-20-26114128 |
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Email : |
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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 ·
Basti (Uttar Pradesh) – 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 ·
Kurukshetra (Haryana) - Commercial Farms ·
Karnal (Haryana) - Commercial Farms ·
Kaithal (Haryana) - Commercial Farms ·
Yamuna Nagar (Haryana) - Commercial Farms ·
Tohana (Haryana) - 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 ·
Kathua (Jammu and Kashmir) – Hatchery ·
Mujjafarpur (Bihar) - Hatchery |
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Plants : |
·
Solapur,
·
Osade,
Pune, ·
Patvi,
Ambala, |
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Poultry Farm : |
19/2, Milestone,
Pune-Panshet, District Pune-411025, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mrs. Anuradha Jitendra Desai |
|
Designation : |
Chairperson |
|
Address : |
Venkatesh Farms S. No. 95/1, |
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Date of Birth/Age : |
15.05.1962 |
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Date of Appointment : |
02.12.1988 |
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DIN No.: |
00012212 |
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Name : |
Mr. B. Venkatesh B. Vasudev Rao |
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Designation : |
Vice Chairman |
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Address : |
Venkatesh Farms S. No. 95/1, |
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Date of Birth/Age : |
31.12.1964 |
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Date of Appointment : |
10.11.1995 |
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DIN No.: |
00013614 |
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Name : |
Mr. B. Balaji B. Vasudev Rao |
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Designation : |
Managing Director |
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Address : |
Venkatesh Farms S. No. 95/1, |
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Date of Birth/Age : |
08.12.1972 |
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Date of Appointment : |
09.11.1995 |
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DIN No.: |
00013551 |
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|
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Name : |
Mr. Jitendra Moreshwar Desai |
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Designation : |
Director |
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Address : |
Venkatesh Farms S. No. 95/1, |
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Date of Birth/Age : |
27.04.1962 |
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Date of Appointment : |
30.11.1993 |
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DIN No.: |
00013533 |
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|
|
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Name : |
Mr. Chitturi Jagapati Rao |
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Designation : |
Director |
|
Address : |
p. No. 1142-A, Road No. 54, Jubilee Hills, Hyderbad – 500033, |
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Date of Birth/Age : |
15.04.1933 |
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Date of Appointment : |
26.12.1988 |
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DIN No.: |
00003425 |
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|
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Name : |
Lt. Col. (Retd). Ashok Kumar
Harikishanlal Mahajan |
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Designation : |
Director |
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Address : |
F No.304, Brownie Nyati Estate, Mohannadwadi, Hadapsar, Pune – 411028,
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Date of Birth/Age : |
20.05.1945 |
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Date of Appointment : |
21.10.2005 |
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DIN No.: |
00017150 |
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Name : |
Col. (Retd.) Surinder Kumar |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Ashok Gambhir Bauskar |
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Designation : |
Chief Financial Officer and Secretary |
|
Address : |
5, Novelty Heritage, Chaturshringi
Corner, Shivaji Nagar, Pune – 411016, |
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Date of Birth/Age : |
09.03.1952 |
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Date of Appointment : |
26.07.2007 |
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PAN NO.: |
AALPB2680E |
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AUDIT COMMITTEE |
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Name : |
Lt. Col. (Retd). Ashok Kumar Harikishanlal
Mahajan |
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Designation : |
Director |
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Name : |
Mr. Jitendra Moreshwar Desai |
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Designation : |
Director |
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Name : |
Col. (Retd.) Surinder Kumar |
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Designation : |
Director |
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SHARE TRANSFER AND INVESTORS GRIEVANCES COMMITTEE |
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Name : |
Mrs. Anuradha Jitendra Desai |
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Designation : |
Chairperson |
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Name : |
Mr. B. Balaji B. Vasudev Rao |
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Designation : |
Managing Director |
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|
Name : |
Mr. Jitendra Moreshwar Desai |
|
Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
568163 |
6.05 |
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|
4701282 |
50.06 |
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|
5269445 |
56.11 |
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|
Total shareholding of Promoter and Promoter Group (A) |
5269445 |
56.11 |
|
(B) Public Shareholding |
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|
|
|
|
|
|
675564 |
7.19 |
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|
10777 |
0.11 |
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|
284284 |
3.03 |
|
|
3343 |
0.04 |
|
|
3133 |
0.03 |
|
|
210 |
0.00 |
|
|
973968 |
10.37 |
|
|
|
|
|
|
465610 |
4.96 |
|
|
|
|
|
|
1811022 |
19.28 |
|
|
795647 |
8.47 |
|
|
75865 |
0.81 |
|
|
17725 |
0.19 |
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|
100 |
0.00 |
|
|
58040 |
0.62 |
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|
3148144 |
33.52 |
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Total Public shareholding (B) |
4122112 |
43.89 |
|
Total (A)+(B) |
9391557 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
9391557 |
0.00 |
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NRI /OCBBUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Seller of Chicks, Grownup commercial broiler and layer, processed chicks,
S.P.F. Eggs, poultry feed and other miscellaneous poultry products. |
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) |
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Bankers : |
·
State Bank of India ·
Industrial Development Bank of India ·
ICICI Bank ·
HDFC Bank |
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Facilities : |
LONG TERM BORROWINGS Details of
securities, terms of repayments and rate of interest : (i)
Rupee loan one (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
25th March 2012. The loan is secured by an exclusive mortgage of land and
buildings located at village Dikadla, Tehsil Samalkha, Dist. Panipat, State
Haryana, plot no. 55, Sansarpur terrace, Dist. 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)
Rupee loan two (Secured) : Rupee term loan
carries an interest rate of sum of Bank Borrowing Rate (BBR) as increased by
150 basis points per annum. The loan is repayable in 54 equal monthly
Installments commencing from 1st April 2014.The loan is secured by way of
second charge on movable fixed assets of the Company in form of Plant and
Machinery, Electrical Installations, vehicles, furniture and fixture, office
equipments etc. and also by way of second charge on entire current assets of
the Company. (iii)
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 3rd 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. SHORT TERM BORROWINGS The details of securities : 1.
The cash credit facilities and short term loan
one are secured by way of first charge on entire current assets of the
Company on parri passu basis. 2.
The short term loan two is secured by an
extension of charge on land and buildings located at (i)
Village Dikadla, Tehsil Samalkha, Dist. Panipat,
State Haryana, (ii)
Plot no. 55, Sansarpur terrace, Dist. Kangra, State
Himachal Pradesh, (iii)
Village Laider, Tehsil Bara, District Allahabad,
State Uttar Pradesh, (iv)
Processing plant at Baur Kamshet, Pune, (v)
Feed Mill and Oilseed plant at Solapur, Poultry farm at village Bhigwan and (vi)
SPF plant at Pasure Bhor and by way of hypothecation
of movable fixed assets acquired/to be acquired out of Rupee term loan one
and External commercial borrowings at these locations. |
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Banking
Relations : |
-- |
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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 |
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PAN No.: |
AAAFS4500P |
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Holding Company : |
Venkateshwara Hatcheries
Private Limited |
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|
Subsidiaries : |
·
Eastern Hatcheries Private Limited ·
Bala Industries and Entertainment Private Limited |
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|
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|
Related Parties : |
·
Venco Research and Breeding Farm Private Limited ·
Uttara Foods and Feeds Private Limited ·
B. V. Bio-Corp Private Limited ·
Venkateshwara Research and Breeding Farm Private Limited ·
Uttara Impex Private Limited ·
All India Poultry Development and Services Private Limited ·
Venkateshwara Foods and Feeds (Firm) |
CAPITAL STRUCTURE
As on 31.03.2013
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 |
(a)
Reconciliation of the equity shares outstanding at the
beginning and at the end of the reporting year :
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Equity Shares |
|
|
|
Number of shares outstanding at the beginning of the year |
9391557 |
93.916 |
|
Additions/deductions during the year |
- |
- |
|
Number of shares outstanding at the end of the
year |
9391557 |
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
Rs.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 |
No. of Shares |
Rs. In Millions |
|
Equity Shares (Holding Company) |
|
|
|
Venkateshwara Hatcheries Private Limited |
4701276 |
47.013 |
|
Total |
4701276 |
47.013 |
(d)
Details of shares held by shareholders holding more
than 5% of the aggregate shares in the Company :
|
Particulars |
No. of Shares |
% of Holding |
|
Equity Shares |
|
|
|
Venkateshwara Hatcheries Private Limited |
4701276 |
50.06% |
(e) There are no
shares reserved for issue under options or contracts/commitments for the sale
of shares/ disinvestment as at 31st March 2013 and 31st March 2012.
(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 31st March 2013 or
31st March 2012.
(g) The Company does
not have any securities convertible into equity or preference shares as at 31st
March 2013 and 31st March 2012.
(h) For the year ended
31st March 2012, 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 31st March 2012 amounted to Rupees 54.576
Millions including dividend distribution tax of Rupees 7.618 Millions.
(i) The Board of
Directors, in its meeting on 30th May 2013, declared final dividend of Rupees
5/- per equity share. The total dividend appropriation for the year ended 31st
March 2013 amounts to Rupees 54.938 Millions including dividend distribution
tax of Rupees 7.980 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]
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
93.916 |
93.916 |
93.916 |
|
(b) Reserves & Surplus |
3280.217 |
3063.975 |
2647.876 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
0.000 |
0.000 |
0.000 |
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
3374.133 |
3157.891 |
2741.792 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1465.308 |
985.763 |
193.403 |
|
(b) Deferred tax liabilities (Net) |
207.227 |
172.385 |
153.043 |
|
(c) Other long term liabilities |
12.528 |
7.979 |
13.754 |
|
(d) long-term provisions |
49.958 |
36.573 |
29.946 |
|
Total Non-current Liabilities (3) |
1735.021 |
1202.700 |
390.146 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1609.080 |
896.368 |
928.336 |
|
(b) Trade payables |
1233.956 |
657.707 |
511.735 |
|
(c) Other current
liabilities |
583.630 |
423.215 |
149.978 |
|
(d) Short-term provisions |
85.254 |
73.164 |
73.560 |
|
Total Current Liabilities (4) |
3511.920 |
2050.454 |
1663.609 |
|
|
|
|
|
|
TOTAL |
8621.074 |
6411.045 |
4795.547 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2624.925 |
2048.023 |
1510.659 |
|
(ii) Intangible Assets |
6.015 |
2.094 |
3.995 |
|
(iii) Capital
work-in-progress |
501.096 |
384.559 |
162.702 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
411.177 |
275.847 |
148.434 |
|
(e) Other Non-current assets |
150.076 |
73.552 |
10.721 |
|
Total Non-Current Assets |
3693.289 |
2784.075 |
1836.511 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
330.772 |
373.371 |
927.842 |
|
(b) Inventories |
1783.673 |
1605.903 |
1223.378 |
|
(c) Trade receivables |
1074.488 |
534.152 |
595.908 |
|
(d) Cash and cash
equivalents |
1444.553 |
1038.987 |
131.689 |
|
(e) Short-term loans and
advances |
258.244 |
59.587 |
78.313 |
|
(f) Other current assets |
36.055 |
14.970 |
1.906 |
|
Total Current Assets |
4927.785 |
3626.970 |
2959.036 |
|
|
|
|
|
|
TOTAL |
8621.074 |
6411.045 |
4795.547 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
14264.271 |
9902.899 |
8517.598 |
|
|
|
Other Income |
177.288 |
161.512 |
84.750 |
|
|
|
TOTAL |
14441.559 |
10064.411 |
8602.348 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and packing materials consumed |
10262.795 |
6232.009 |
4943.864 |
|
|
|
Purchases of stock-in-trade |
752.875 |
773.993 |
603.265 |
|
|
|
Changes in inventories of finished goods, work-in-progress,
stock-in-trade and poultry for livestock breeding |
(229.472) |
(224.876) |
(62.376) |
|
|
|
Employee benefits expense |
860.113 |
685.991 |
565.897 |
|
|
|
Manufacturing, farm and other expenses |
2009.432 |
1750.186 |
1327.948 |
|
|
|
TOTAL |
13655.743 |
9217.303 |
7378.598 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
785.816 |
847.108 |
1223.750 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
231.447 |
154.112 |
46.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
554.369 |
692.996 |
1176.934 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
155.376 |
117.797 |
96.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS |
398.993 |
575.199 |
1080.458 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
ITEMS (NET) |
6.964 |
3.298 |
2.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX |
392.029 |
591.901 |
1077.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
138.342 |
161.342 |
347.267 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
253.687 |
410.559 |
730.313 |
|
|
|
|
|
|
|
|
|
Less |
TAX ADJUSTMENTS
IN RESPECT OF EARLIER YEARS |
5.859 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
418.191 |
812.208 |
1136.475 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
750.000 |
1000.000 |
|
|
|
Proposed Dividend |
46.958 |
46.958 |
46.958 |
|
|
|
Tax on Dividend |
7.980 |
7.618 |
7.618 |
|
|
BALANCE CARRIED
TO THE B/S |
411.081 |
418.191 |
812.212 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B.
value of exports (SPF Eggs) |
21.011 |
24.069 |
12.159 |
|
|
TOTAL EARNINGS |
21.011 |
24.069 |
12.159 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials / Trading Goods |
266.382 |
173.000 |
174.326 |
|
|
|
Capital Goods |
6.628 |
92.875 |
31.683 |
|
|
|
Stores & Spares |
10.391 |
12.390 |
4.373 |
|
|
|
Packing Material |
1.864 |
1.038 |
1.096 |
|
|
TOTAL IMPORTS |
285.265 |
279.303 |
211.478 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.39 |
43.72 |
77.76 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.75
|
4.08
|
8.49 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.75
|
5.98
|
12.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.83
|
9.82
|
23.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.19
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.91
|
0.60
|
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.40
|
1.77
|
1.78 |
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) |
No |
|
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 |
Yes |
|
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 |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Deferred Payment
Liabilities |
|
|
|
Sales Tax Deferral |
5.542 |
5.581 |
|
Less. Current maturities of deferred payment liabilities |
0.076 |
0.039 |
|
Short Term
Borrowings |
|
|
|
From Bank – Working Capital Facilities |
899.243 |
709.479 |
|
Total |
904.709 |
715.021 |
Note:
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 |
Healthcare
Division |
Animal Health products
division |
Animal Health products division |
|
|
|
|
|
|
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 |
30.04.2013 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10439296
|
19/07/2013
|
845,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390015, INDIA |
B80536519
|
|
2 |
10412896
|
25/03/2013
|
500,000,000.00
|
IDBI
Bank Limited |
IDBI TOWERWTC COMPLEX, CUFFE
PARADE, MUMBAI, Maharashtra - 400005, INDIA |
B71160493
|
|
3 |
10411476
|
19/02/2013
|
500,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B70668488
|
|
4 |
10308732
|
02/12/2011
* |
813,800,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI,
BARODA, Gujarat - 390015, INDIA |
B30018139
|
|
5 |
10271668
|
02/12/2011
* |
300,000,000.00
|
ICICI
BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B30017321
|
|
6 |
10021965
|
29/09/2012
* |
1,275,000,000.00
|
State
Bank of India (Lead Bank) |
Industrial Finance Branch,Tara
Chambers, Mumbai Pune Road, Wakdewadi, Pune, Maharashtra - 411003, INDIA |
B62481668
|
* Date of charge modification
OPERATIONS:
Sales turnover for
the year ended 31st March, 2013 amounted to Rs.14291.100 Millions as against
Rs.9924.600 Millions achieved in the previous year, registering a growth of
44%. Profit before tax was lower at Rs. 392.000 Million as compared to
Rs.571.900 Millions in the previous year, showing a decline of 31%.
During the year,
the performance of the poultry and poultry products segment was affected due to
the unprecedented high cost of feed ingredients and the lower realizations from
sale of day old chicks and grown up birds. While the cost of feed ingrediens
went up by 40% to 45%, the increase in prices of eggs and chicken was only by
20% to 25%. The extent of increase in the prices of raw material is
unprecedented in the history of the poultry industry by far, and this can be
considered as the worst year experienced by the poultry industry. This was
largely responsible for the overall decline in profits of the Company.
Performance of the other two segments, viz. animal health products and oilseed
has been satisfactory.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry Structure and Development:
The global
economic growth slowed down during the last year as the recovery that was
expected at the beginning of the year has not materialised. The agricultural
sector in India has been growing at a slow pace in the past couple of years.
For the year 2012-13 the Indian GDP has grown by 5% as compared to 6.5% in
2011-12. While there is some uncertainty in GDP growth rate for the current year,
we have to deal with couple of negative factors, like high inflation, high
fiscal deficit level, currency volatility and subdued industrial growth.
However, in this backdrop the poultry industry continued to grow at
satisfactory rates – both in broilers and 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 20.000 Millions 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.
Segment wise
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 2012-13 this segment’s
turnover was Rs.9260.700 Million compared to Rs.7132.300 Millions in the last
year. The profit before tax and interest of this segment was Rs.152.400
Millions as compared to Rs.564.800 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.1068.300 Millions as compared to Rs.953.600 Millions. Profit
before tax and interest was Rs.150.200 Millions as against Rs.159.600 Millions
in the last year.
Oilseed
This segment
registered a sales turnover of Rs.4634.700 Millions as compared to Rs.2586.700
Millions last year. Profit before tax and interest was Rs.434.300 Millions as
against Rs.150.800 Millions in the previous year.
Outlook
The outlook for
the year 2013-14 appears to be better in terms of overall growth for the
Company. However, any steep increase in cost of poultry feed prices – as
happened in the last year – will have an impact on the profitability of the
Company.
FIXED ASSETS:
·
Freehold land
·
Leasehold land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office equipments
·
Electrical installations
·
Computer software
·
Technical know how
·
License cost
NEWS:
ICRA
REAFFIRMS RATING OF VENKY’S INDIA’S BANK FACILITIES
Mumbai:
Credit rating agency, ICRA has reaffirmed the rating assigned to Rs. 112
Millions term loan (enhanced from Rs. 300.000 Millions) and Rs. 250.000
Millions cash credit facilities (enhanced from Rs. 180.000 Millions) of Venky’s
India as A- with stable outlook. The rating agency has also assigned A1 rating
to Rs. 500.000 Millions short term fund based facilities and reaffirmed A1 for
Rs. 150.000 Millions (enhanced from Rs. 70.000 Millions) non fund based
facilities of the company.
The rating
reaffirmation reflects continued strong financial performance of the company in
FY11 resulting in healthy accruals, and comfortable debt protection indicators.
The rating reaffirmation also takes into account favorable demand prospects for
the domestic poultry industry on back of favorable socio economic factors
combined with positioning of the VH (Venkateshwara Hatcheries) group as the
largest fully integrated poultry player in the country.
The company mainly produces day-old layer and broiler chicks for the
dense poultry markets of North India. Its product portfolio includes animal
health products, pellet feeds, processed, and further processed chicken
products, solvent oil extraction, and SPF Eggs
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 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. 65.67 |
|
UK Pound |
1 |
Rs. 102.19 |
|
Euro |
1 |
Rs. 87.75 |
INFORMATION DETAILS
|
Report Prepared by
: |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.