DOCSLIB.ORG

Suguna Foods Private Limited: Ratings Downgraded and Placed on Watch with Developing Implications

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Suguna Foods Private Limited: Ratings Downgraded and Placed on Watch with Developing Implications April 06, 2020 Suguna Foods Private Limited: Ratings downgraded and placed on watch with developing implications Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Non-convertible Debenture 0.00 185.00 [ICRA]BBB+&; assigned Programme Long Term-Term Loan Facilities 270.02 270.02 Revised from [ICRA]A- (Stable) to [ICRA]BBB+& Revised from [ICRA]A- (Stable) to Long-term - Fund based facilities 885.00 885.00 [ICRA]BBB+& Short-term - Non-fund based Revised from [ICRA]A2+ to 18.00 18.00 facilities [ICRA]A2& Revised from [ICRA]A- (Stable)/ Long-term/Short-term - Proposed 122.65 122.65 [ICRA]A2+ to [ICRA]BBB+&/ facilities [ICRA]A2& Total 1,295.67 1,480.67 *Instrument details are provided in Annexure-1 Rationale The rating revision factors in the current turmoil in the Indian poultry industry after the outbreak of the Coronavirus pandemic. Rumors linking chicken as possible vectors of the Coronavirus disease resulted in a sharp decline in domestic demand during February-March-2020, thereby adversely impacting the average realisations for broiler chicken. The realisations rock-bottomed to ~Rs. 10/KG in certain parts of the country during early March 2020 leading to huge losses for all the poultry players. For Suguna Foods Private Limited (SFPL), a pan India player, the average realisation of live broiler bird for the month of March fell to ~Rs. 30/KG, significantly lower than the average production cost of Rs.75- 80/KG. This had led to significant losses and increase in borrowings during FY2020 impacting capitalisation and coverage metrics. The company is expected to witness an operating loss of ~Rs. 200 crore and the debt levels are expected to increase from Rs. 903.9 crore as on March 31, 2019 to Rs. 1,250 – Rs. 1,300 crore by March 31, 2020. However, the ratings positively factors in SFPL’s established market position in the Indian poultry industry and its pan India presence supported by the long-standing experience of the promoters and a strong management team. SFPL is the largest integrated poultry player in India with a presence across the value chain of the poultry industry from procurement of raw material, manufacturing feed, growing of grandparent and parent, sale of live birds and processed chicken. This has aided the company in achieving operational efficiencies over the years. Further, development of inhouse broiler pureline (Sunbro) is expected to improve the margins over the medium term. Although, the company is exposed to the inherent industry risk of disease outbreak (bird flu), SFPL’s wide geographic presence across 19 states provides some cushion against the same. Being an essential commodity, SFPL continues to operate and supply protein in the market in the current lockdown scenario. Prices of chicken meat have started increasing over the past two weeks to reach Rs. 57/KG as on March 24, 2020. SFPL has also started reducing placements in the market since early March 2020, impact of which will be visible as 1 reduced market supply by early May 2020. Going forward, supply demand dynamics, duration of the lock down and its consequent impact on logistics, demand and live bird realisations remains to be seen. Key rating drivers Credit strengths Geographically diversified presence across India – SFPL is the largest player in the Indian poultry industry with a healthy market share and diversified presence across 19 states in India. This insulates the company against any disease outbreaks/ reduced demand in one specific region/state. Well-integrated presence across the value chain –SFPL has long-standing relationships with large number of contract farmers spread across 19 States, access to latest technology in poultry breeding and establishment of in-house feed production capabilities. The company has strong presence across the value chain in the poultry industry from procurement of raw material, manufacturing feed, inhouse broiler pureline (Sunbro), growing of grandparent and parent, sale of live birds and processed chicken. Large scale of operations with strong operating efficiencies; development of inhouse breeder – The company has a very large scale of operations (Rs. 9,046 crore for FY2019) with integrated presence across the value chain resulting in strong operational efficiencies. SFPL has also developed in house broiler change Sunbro, which is expected to improve the profitability of the company over the medium term. Significant experience of the promoter/management team and established brand name: SFPL was promoted by Mr. B. Soundararajan and his brother Mr. G.B. Sundararajan, first generation entrepreneurs, in 1984. The company has established a strong brand name, particularly in south India aided by over three and half decades of experience. Credit challenges Exposure to cyclicality; negative outlook for the poultry industry – In the past, the Indian poultry industry has been periodically affected by record high feed prices and unfavorable broiler realizations. The highly volatile broiler realizations is a consequence of the seasonal nature of triggers higher chick-placements in the market from organized and unorganized players, leading to an over-supply and a sharp correction in realizations. Further profitability remains vulnerable to fluctuations in feed prices with maize/soya forming ~65-70% of raw material cost. During the period FY2017-18, the industry profitability revived with increase in chick placements supported by healthy broiler realizations coupled with modest soya and maize prices. Subsequently in FY2019 and 9M FY2020, broiler realization moderated owing to the increase in chick placements and this coupled with increase in feed prices led to a dip in margins. This trend in the profitability of the industry exposes the company to earnings risk during the period of industry downturn as witnessed during Q4 FY2020. Rumors linking chicken as possible vectors of the Coronavirus disease resulted in a sharp decline in domestic demand during February-March-2020, thereby adversely impacting the average realisations for broiler chicken. The realisations rock-bottomed to ~Rs. 10/KG in certain parts of the country during early March 2020 leading to significant losses for all the poultry players. For Suguna Foods Private Limited (SFPL), a pan India player, the average realisation of live broiler bird for the month of March fell to ~Rs. 30/KG, significantly lower than the average production cost of Rs.75-80/KG. 2 Prices of chicken meat have started increasing over the past two weeks to reach Rs. 57/KG as on March 24, 2020. SFPL has also started reducing placements in the market since early March 2020, impact of which will be visible as reduced market supply by early May 2020. Also, ICRA expects readjustments in cost structure of the feed with correction in commodity prices. Being an essential commodity, SFPL continues to operate and supply protein in the market although not at the similar scale. Going forward, supply demand dynamics, duration of the lock down and its consequent impact on logistics, demand and live bird realisations remains to be seen. Financial profile characterised by significant losses for FY2020 – With fall in demand and significant drop in realisations especially during March 2020, the company is estimated to witness an operating loss of ~Rs. 200 crore for FY2020. The debt levels are expected to increase from Rs. 903.9 crore as on March 31, 2019 to Rs. 1,250 – Rs. 1,300 crore by March 31, 2020. As a result, the capitalisation and coverage metrics are likely to deteriorate for FY2020. Nevertheless, the company has maintained adequate liquidity with cash and bank balances of ~Rs. 120 crore as on March 28, 2020 and undrawn lines of credit of ~Rs. 950 crore (out of which Rs.400 crore is available for immediate draw down and the rest expected to be available by April end post documentation). This is likely to provide significant buffer for SFPL to tide over the downturn in the industry. Inherent risks in poultry business - The poultry industry is exposed to diseases such as Avian Influenza (bird flu) outbreaks. During CY2019, outbreaks were reported in Kerala; however, SFPL risk is partially insulated because of its geographically diversified presence across 19 states. Liquidity Position: Adequate SFPL’s liquidity is adequate with cash and bank balances of ~Rs. 120 crore as on March 28, 2020 and undrawn lines of credit of ~Rs. 950 crore (out of which Rs.400 crore is available for immediate draw down and the rest expected to be available by April end post documentation). SFPL’s cash flow from operations is estimated to be turn positive i.e., in excess of Rs. 100 crore for FY2021. The company has a capex commitment of Rs. 50 crore and debt repayments of Rs. 59.0 crore in FY2021 the same is expected to be funded by the existing cash balances and undrawn lines of credit. While the company has no outstanding dues as on March 31, 2020, it is seeking a moratorium on payments from its lenders as part of the COVID-19 - Regulatory Package announced by the Reserve Bank of India (RBI) on March 27, 2020 which would provide additional buffer on liquidity for the immediate term. Overall, ICRA expects SFPL to be able to meet its near-term commitments through internal as well as external sources of cash. Rating sensitivities Positive triggers – Any upgrade in rating is restricted in the current business environment. The rating could be upgraded, if the company witnesses substantial improvement in profit margins and reduction in debt levels. Specific metrics that could lead to an outlook revision are net debt/OPBITDA < 3.0 times on a sustained basis. Negative triggers – Negative pressure on SFPL’s rating could arise if the average realisations of broiler chicken does not pick up within the next few weeks.
Load more

Recommended publications
  • POULTRY INDUSTRY OUTLOOK 14 June 2019
    POULTRY INDUSTRY OUTLOOK 14 June 2019 INDUSTRY OUTLOOK Poultry industry in India is valued at about Rs. 80,000 crore; broadly divided into two sub-sectors – one with a highly organized commercial sector with about 80% of the total market share (Rs. 64,000 crore) and the other being unorganized with about 20% of the total market share of Rs. 16,000 Crore.1 Within a span of 25 years, the egg production has gone up to 70 billion from few millions and the broiler production has gone to 3.8 million tonne. Poultry is the most organised sector in animal agriculture, worth Rs 1 lakh crore. The growth is 6-8% in layers and 10-12% in broilers per year against the growth of agriculture as a whole which is around 2 2.5%. The needs of organized and unorganized sectors are very different. Poultry sector- especially commercial poultry sector is flourishing in certain pockets, alongwith backward and forward linkages while the unorganized sector is very dispersed and micro-fragmented. Source: National Action Plan for Egg & Poultry-2022 For Doubling Farmers’ Income by 2022’ by the Department of Animal Husbandry, Dairying & Fisheries Ministry of Agriculture & Farmers Welfare Government of India. Table 1: Average Layer production Cycle in India Sl No. Cycle category Time Period 1 Chick 0-8 weeks 2 Grower 8-7 weeks 3 Laying 18-72 weeks Source: ‘Poultry Industry: Growth, Opportunity and Challenges’(11 October 2018); International Soy Enclave, Indore, India; http://www.sopa.org /presentations_2018/Poultry%20Industry%20-%20Growth,%20Opportunity%20&%20Challenges.pdf The domestic poultry industry primarily consists of broiler meat and table egg with other poultry meat forming marginal proportion of overall market.
    [Show full text]
  • Kesla Poultry: a Journey of Tribal Women - from Earning Daily Wages to Owning of India’S Largest Poultry Feed-Mill
    Poultry as a Livelihood Opportunity – Two Case Studies – Kesla and Suguna Kesla Poultry: A Journey of Tribal Women - From earning daily wages to owning of India’s largest poultry feed-mill Dr Sankar Datta Independent Development Researcher May 2021 Rajiv Gandhi Institute for Contemporary Studies Rajiv Gandhi Foundation Jawahar Bhawan New Delhi 110 001 1 Foreword The Rajiv Gandhi Institute for Contemporary Studies (RGICS), a knowledge affiliate of the Rajiv Gandhi Foundation has five focal themes, one of which is Growth with Employment. Under that themes, agriculture including allied activities is one of the sub-themes, since this sector was the largest source of livelihoods but most of those were not adequately remunerative. In order to increase farmers’ incomes, it is necessary not only to help them increase their productivity, but also to help them diversify into crops and allied activities which help generate more income. Poultry is one of those allied activities. The demand for poultry products – eggs and meat – has been growing faster than that for cereals and pulses and with some precaution, it can be quite remunerative for producers. In light of this, the RGICS requested Dr Sankar Datta, former faculty member at the Institute of Rural Management, Anand (IRMA) and also the Azim Premji University, Bangalore to study this sector and carry out two case studies - one of Suguna Foods, a well-known company that promotes poultry production by small and medium farmers, and the second of the set of Poultry Cooperatives under the Madhya Pradesh Women’s Poultry Cooperative Ltd (MPWPCL) which is now the largest such intervention in central India.
    [Show full text]
  • Poultry As a Livelihood Opportunity – Suguna Foods: Taking Poultry Production to Scale for Commercial Farmers
    Suguna Foods: Taking Poultry Production to Scale for Commercial Farmers Poultry as a Livelihood Opportunity – Suguna Foods: Taking Poultry Production to Scale for Commercial Farmers Dr Sankar Datta Independent Development Researcher May 2021 Rajiv Gandhi Institute for Contemporary Studies Rajiv Gandhi Foundation Jawahar Bhawan New Delhi 110 001 Suguna Foods: Taking Poultry Production to Scale for Commercial Farmers Abstract Suguna Foods Pvt. Ltd, led by its Founder Chairman, B Soundararajan, and his brother G.B. Sundararajan is one of the leading poultry producing firms in India, is working with about 40 thousand poultry producers in 19 states, controlling 15% of the national market, with an annual turnover crossing Rs. 9,000 crore in the year 2019-20. They have more than 260 branches and 8,000+ employees working for them, producing about 517 million chickens per annum with 80 plus hatcheries and 60 plus feed mills supported by them. This case study illustrates how with different conditions of the industry, the entrepreneurs have moulded risks into opportunities and have managed to design business models that are profitable, sustainable, and expandable. They tapped various opportunities to improve upon their business model and have expanded their business in India and abroad. They have developed various grower-friendly systems, integrating the various elements of the Value Chain starting from an assessment of the market demand, planning necessary production of chicks, with supply of appropriate feed and health care products, all the way to managing the parent stock. This could be a useful read for the people who are/ intend to engage with poultry production, especially ranging from small to large farmers.
    [Show full text]
  • Suguna Foods Private Limited: Change in Limits
    June 07, 2019 Suguna Foods Private Limited: Change in Limits Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long Term-Term Loan Facilities 288.8 270.02 [ICRA]A- (stable); Outstanding Long-term - Fund based facilities 980.00 885.00 [ICRA]A- (stable); Outstanding Short-term - Non-fund based [ICRA]A2+; Outstanding 18.00 18.00 facilities Long-term/Short-term - Proposed [ICRA]A-(stable)/ [ICRA]A2+; 8.87 122.65 facilities Outstanding Total 1,295.67 1,295.67 *Instrument details are provided in Annexure-1 Rationale The rating factors in Suguna Foods Private Limited’s (SFPL) established market position in the Indian poultry industry and its pan India presence supported by the long-standing experience of the promoters and a strong management team. The ratings factor in the healthy demand for poultry in India and the temporary supply gap in the market which SFPL capitalized on to increase its market share, particularly in newer territories like Kerala and Punjab. The company reported a robust revenue growth of ~15% during FY2019. Despite the robust revenue growth, OPM dropped by 180 bps owing to fall in broiler realization coupled with increase in feed prices. The average broiler realizations dropped from Rs.74.7 per kg (FY2018) to Rs.72.4 per kg (9M FY2019). Also, the feed prices increased by 11-12% with hike in MSP for maize and high demand for soya. Going forward, with the introduction of SFPL’s indigenous breed the company is expected to reduce its mortality rates and improve efficiencies which is expected to translate into improved operating margins.
    [Show full text]
  • Deepak Bhardwaj = Cleared 6 Government Jobs
    FULL CA – SEPT 2ND WEEK Ask questions on Quora – click on logo SUBSCRIBE YT channel - click on logo CLICK HERE TO VISIT OUR FREE WEBSITE CLICK HERE TO DOWNLOAD FREE PDFs FROM WEBSITE CLICK HERE TO WATCH ALL YOUTUBE VIDEOS LINKS CLICK HERE TO JOIN OUR DAILY QUIZ GROUP CLICK HERE TO LEARN QUICKLY FROM DAILY FLASH CA IMAGES 2 Copyright © 2020 BANKERSHALA (spread the knowledge) - All Rights Reserved– DEEPAK BHARDWAJ = CLEARED 6 GOVERNMENT JOBS YOUTUBE VIDEOS – CLICK HERE TO WATCH LAST MINUTE TIPS (APPLICABLE FOR ALL EXAMS) (600+ VIEWS) MY VIEWS ON CHANGE IN THE IBPS EXAM INTERFACE (200+ VIEWS) ABBREVIATIONS IN SKY BLUE COLOUR FACT & FIGURES ARE IN GREEN COLOUR TRICKS IN YELLOW COLOUR HEADLINES IN GREY COLOUR STATIC GK IN BROWN COLOUR FLASH CA FROM PAGE NO 4 DETAILED CA FROM PAGE NO 18 3 Copyright © 2020 BANKERSHALA (spread the knowledge) - All Rights Reserved– DEEPAK BHARDWAJ = CLEARED 6 GOVERNMENT JOBS 104 FLASH CA – SEPT 2ND WEEK (FOR FLASH CA AND CARD PDFs & MORE = JOIN BANKERSHALA ON TELEGRAM/QUORA/INSTAGRAM/YOUTUBE) 1. Karnataka = Rs 600 cr watershed project with World Bank Assistance named Rejuvenating Watersheds for Agriculture Resilience through Innovative Development (REWARD)(KARNATAKA will give REWARD to those who can build WATERSHED) 2. Assam Relaunched Swami Vivekananda Assam Youth Empowerment (SVAYEM) Scheme (Assam sounds like Asaram – Jo sirf SVAYEM ki sochta tha) 3. J&K Lt Governor launched ‘SPARROW’ – A Online Performance Appraisal System for Jammu & Kashmir Administrative Service Officers (JKAS) –(Weather of J&k is so clear that even sparrow can fly there) 4. FAO’s 35th Asia-Pacific regional Conference (APRC) meeting held virtually 5.
    [Show full text]
  • 1. ICICI Bank Has Launched a New Product Named “Istartup 2.0”, to Cater to the Banking Needs of Startups and Entrepreneurs
    Current Affairs - September 2020 Month Sep 2020 Type Banking and Economy 57 Current Affairs were found in Month - Sep 2020 for Type - Banking and Economy Showing 41 Important Ones. Economy 1. ICICI Bank has launched a new product named “iStartup 2.0”, to cater to the banking needs of startups and entrepreneurs. 2. Adani Group will accquire 74% stake in Mumbai International airport, acquiring current promoter GVK 's 50.50 % stake and 23.5 % stake of Airports Company of South Africa (ACSA) and Bidvest Group. 3. American investment firm General Atlantic invested 3675 crores into Reliance Retail ventures Limited (RRVL) for .84 % stake. This is 3rd investment in Reliance Retail Since October 2020. Earlier, American investment firm KKR invested 5550 crores into Reliance Retail ventures Limited (RRVL) for 1.28% stake. American investor Silver Lake invested 7500 Crores INR for 1.75% Stake in Reliance Retail. In concerned 3 Deals, RRVL has divested 3.87 % Stake so far. 4. Andhra Pradesh Govt received Approval from IRDAI, to form its Crop Insurance Firm Andhra Pradesh General Insurance Company (APGIC). Andhra Pradesh is among few states like Bihar, West Bengal that have chosen to have their own crop insurance schemes. APGIC will run state’s own YSR Free Crop Insurance Scheme, to provide free crop insurance to all farmers from 2019–2020. 5. As per 2019 annual Ease of doing business ranking of states / UTs by Department for Promotion of Industry and Internal Trade - Top 5 - Andhra Pradesh (topped for 3rd time in a row), Uttar Pradesh (jump of 10 places), Telangana, MP, Jharkhand.
    [Show full text]
  • Suguna Chicken Contract Farming Contact Details
    Suguna Chicken Contract Farming Contact Details Slack Salmon lances some fabulousness and requisitions his foldboat so rearwards! Herculie is juttingly unread after labroid Winfred blanket-stitch his unilateralism convexly. Satisfactory Braden still rabbits: triple and amphictyonic Mikey concertina quite insolvably but obsecrate her invalid upspringing. The ow rate incentive norms in case by high market prices mean that building contract companies and consumers are benefiting more than farmers when prices of chicken go up. They take first of the feeds, chicks, and technical services. Determine the admission form can increase cholesterol than humans via feed conversions in suguna chicken contract farming contact details. Interested in above brand? The brand was owned. Layer farmers are finding it difficult as Eggs are piling up in lakhs in the farms. Copyrighted to Aishwarya patil and truth not be reproduced on other websites has flourished all the. CBF and NCBF systems are operating. No part of news site could be reproduced without permission. In close the shelter should be adequately ventilated and protected from sunlight. Google Analytics cookies to collect information on arrange the shrub is used. Resale will right be recognized. Pressure to keep well with technological changes in management, housing, and equipment. Sadar Thana in Mymensingh District. This race a professional way we introduce these business. For more purpose the crops grown and its future revenue was ever been calculated and compared with the broiler management. While fossil fuels are slowly fading out these urban areas, many farmers still rely on paper for cooking, running water pumps, operating milking machines, etc. Three ounces also equals half ass a boneless, skinless chicken breast, for one skinless chicken leg maybe thigh, for two thin slices of spit roast beef.
    [Show full text]
  • Suguna Foods Private Limited: Rating Reaffirmed Summary of Rating Action
    May 10, 2019 Suguna Foods Private Limited: Rating reaffirmed Summary of rating action Previous Rated Amount Current Rated Amount Instrument* Rating Action (Rs. crore) (Rs. crore) Long Term-Term Loan Facilities 288.8 288.8 [ICRA]A- (stable); reaffirmed; Long-term - Fund based facilities 980.00 980.00 [ICRA]A- (stable); reaffirmed; Short-term - Non-fund based [ICRA]A2+; reaffirmed; 18.00 18.00 facilities Long-term/Short-term - Proposed 8.87 8.87 [ICRA]A-(stable)/[ICRA]A2+; facilities reaffirmed Total 1,295.67 1,295.67 *Instrument details are provided in Annexure-1 Rationale The rating reaffirmation factors in Suguna Foods Private Limited’s (SFPL) established market position in the Indian poultry industry and its pan India presence supported by the long-standing experience of the promoters and a strong management team. The ratings factor in the healthy demand for poultry in India and the temporary supply gap in the market which SFPL capitalized on to increase its market share, particularly in newer territories like Kerala and Punjab. The company reported a robust revenue growth of ~15% during FY2019. Despite the robust revenue growth, OPM dropped by 180 bps owing to fall in broiler realization coupled with increase in feed prices. The average broiler realizations dropped from Rs.74.7 per kg (FY2018) to Rs.72.4 per kg (9M FY2019). Also, the feed prices increased by 11-12% with hike in MSP for maize and high demand for soya. Going forward, with the introduction of SFPL’s indigenous breed the company is expected to reduce its mortality rates and improve efficiencies which is expected to translate into improved operating margins.
    [Show full text]
  • Suguna Foods Private Limited: Rating Reaffirmed; Rating Watch Removed and Stable Outlook Assigned; [ICRA]BBB+ (Stable) Assigned to Fresh Borrowing Programme
    June 12, 2020 Suguna Foods Private Limited: Rating reaffirmed; rating watch removed and Stable outlook assigned; [ICRA]BBB+ (Stable) assigned to fresh borrowing programme Summary of rating action Previous Rated Current Rated Instrument* Amount Amount Rating Action (Rs. crore) (Rs. crore) Non-convertible Debenture 185.00 185.00 [ICRA]BBB+ reaffirmed; rating watch Programme removed; Stable outlook assigned Non-convertible Debenture 0.00 230.00 [ICRA]BBB+ (Stable) assigned Programme Long Term-Term Loan Facilities 270.02 251.00 [ICRA]BBB+ reaffirmed; rating watch removed; Stable outlook assigned [ICRA]BBB+ reaffirmed; rating watch Long-term - Fund based facilities 885.00 935.00 removed; Stable outlook assigned Short-term - Non-fund based [ICRA]A2 reaffirmed; rating watch removed 18.00 18.00 facilities Long-term/Short-term - Proposed [ICRA]BBB+/[ICRA]A2 reaffirmed; rating 122.65 91.67 facilities watch removed; Stable outlook assigned Total 1,480.67 1,710.67 *Instrument details are provided in Annexure-1 Rationale The resolution of rating watch follows an improvement in market supply-demand dynamics for the poultry industry and Suguna Foods Private Limited (SFPL) with an increase in average realisations for broiler chicken to Rs. 110 per kg in May 2020 from the record low levels of Rs. 30 per kg in March 2020. Given the Covid-19 pandemic and the rumours of chicken as possible vector of the disease, there was a sharp decline in domestic broiler demand during February–March 2020. With the time lag involved in adjusting the supply levels, this fall in demand lead to a sharp correction in realisation and huge losses for all poultry players.
    [Show full text]
  • Broiler Contract Farming Companies in India
    Broiler Contract Farming Companies In India Ischiadic and unilateral Hadrian still jitterbug his ctene questionably. Foodless Tracey sometimes impeaches any enthusiasm pug asleep. Later Myles exploding decorously. Please check in relation, farming contract companies in india already has the chickens are minimal rate of poultry businesses did it For farming contract broiler in india? The company approves suitable farms processed by product will be sure if a measure of fish plan should be reduced. Once again and! Employment opportunities to india today, how to convert feed mill factory plants and broiler contract farming in india is based on an amazing new information about the studies. As a deep litter system to company for their eggs and throw them nothing but consolidating processes through malabar neem project manager and undiscovered voices alike dive into. This is a dry bedding material, farming companies of marketing plan for! Those in a successful farmers towards the same period of competitive market or partially integrated layer production of sample poultry farmers who further on. Doing it would broilers are paid based on broiler farm name of companies tap the house at a result of differences between seed germination onion. Grower from a happy and is unhealthyeating eggs at a question is a supplementary light may have found that. The irrigation schemes as vertically coordinated, they also significantly higher quantities in contract broiler farming companies in india or loan. This is nothing in cf while starting cost. Other uses one of india to the survival in uttar pradesh states of contractual arrangements is a broiler pen of! Company shall routinely check your chicken sign that we will eliminate trade and indicated that are not easy manage opportunities for even.
    [Show full text]
  • Inclusive Poultry Value Chain Project (India)
    Report and Recommendation of the President to the Board of Directors Project Number: 53383-001 March 2020 Proposed Loan and Technical Assistance Grant Suguna Foods Private Limited Inclusive Poultry Value Chain Project (India) This is an abbreviated version of the document, which excludes information that is subject to exceptions to disclosure set forth in ADB’s Access to Information Policy. CURRENCY EQUIVALENTS (as of 21 February 2020) Currency unit – Indian rupee (₹) ₹1.00 = $0.0139 $1.00 = ₹71.879 ABBREVIATIONS ADB Asian Development Bank – capex – capital expenditure ESMS – environmental and social management system GHG – greenhouse gas TA – technical assistance NOTES (i) The fiscal year (FY) of Government of India ends on 31 March. (ii) In this report, “$” refers to United States dollars. Vice-President Diwakar Gupta, Private Sector Operations and Public–Private Partnerships Director General Michael Barrow, Private Sector Operations Department (PSOD) Director Christopher Thieme, Deputy Director General, PSOD Team leader Noorullah, Investment Specialist, PSOD Project advisor Martin Lemoine, Principal Investment Specialist, PSOD Team members Genevieve Abel, Principal Transaction Support Specialist (Integrity), PSOD Christian Abeleda, Associate Project Analyst, PSOD Pierre Bailet, Principal Counsel, Office of the General Counsel Ka Seen Gabrielle Chan, Safeguards Specialist, PSOD Edwin David, Senior Investment Officer, PSOD Sheila Estacion, Senior Operations Assistant, PSOD Laurence Vannut Genee, Senior Safeguards Specialist, PSOD Purificacion
    [Show full text]
  • Research & Publications
    ISSN 2320 –2114 Research & Publications ANNUAL REPORT 2013-2014 Prof. Srinivasan Rangan Chairperson, Research and Publications Members of Research and Publications Committee Prof. Srinivasan Rangan Prof. Rupa Chanda Prof. R Srinivasan (CSP) Prof. Srinivas Prakhya Prof. Haritha Saranga Prof. Vasanthi Srinivasan Prof. Arnab Mukherji Prof. Sreelata Jonnalagedda Research and Publications Team Dr. Deepthi Shanker Manager, Research and Publications Nirmala Manoj Executive Secretary Chitralekha A D Copy Editor Menaka Rao Case Writer Suhruta Kulkarni Case Writer Amala Niranjan Project Assistant I Corporate Strategy and Policy (CSP) RESEARCH AND PUBLICATIONS Corporate Strategy and Policy (CSP) Policy and Strategy Corporate ANNUAL REPORT 2014 (April 2013 – March 2014) 1 Research and Publications Annual Report 2013–2014 2 Contents Contents Preface 5 Research Output 6 IIMB Cases at HBP and IVEY Publishing 9 Leading Journal Publications 11 Area-wise Publications and Research Output I Corporate Strategy and Policy (CSP) 13 II Economics and Social Sciences (ESS) 29 III Finance and Control (F&C) 51 IV Marketing (M) 65 V Organizational Behaviour & Human Resource Management 77 (OB&HRM) VI Productions and Operations Management (P&OM) 95 VII Quantitative Methods and Information Systems (QM&IS) 105 VIII Centre for Public Policy (CPP) 121 IX N S Raghavan Centre for Entrepreneurial Learning (NSRCEL) 137 X Centre for Corporate Governance and Citizenship (CCGC) 141 XI Centre for Soware and IT Management (CSITM) 143 XII Supply Chain Management Centre (SCMC) 147 XIII Data Centre and Analytics Lab (DCAL) 149 XIV Conferences and Workshops at IIMB (C&W) 151 XV IIMB Research Seminar Series (IRSS) 155 Author Index 159 Subject Index 161 3 Research and Publications Annual Report 2013–2014 4 Preface Preface esearch at Indian Institute of Management Bangalore (IIMB) covers all the functional areas of R management.
    [Show full text]