snmp configuration via xinetd fails

 I am trying to configure snmp service using linux XINETD using a non standard port. I follow the XINETD configuration guidelines and I see that the xinetd is active with snmpd. However, when I send a snmpwalk command to the xinetd configured SNMP service I get no response. 
 
 snmpd running directly on standard port (161) works fine. Any help would be appreciated.
 
my xinetd config:

I changed following files;

file1: /etc/services 

my-snmp 49555/udp

file2: /etc/xinetd.d/my-snmp

service my-snmp
{
socket_type = dgram
protocol = udp
wait = yes
user = root
server = /etc/rc.d/init.d/snmpd
log_on_failure += USERID
}
 
Some debug info:
snmpwalk -v 1 -c craz33guy udp:localhost:49555
Timeout: No Response from udp:localhost:49555

 I see the following log messages in /var/log:
Jan 26 17:23:31 machine-1 xinetd[15023]: START: my-snmp pid=15047 from=192.168.11.21
Jan 26 17:23:31 machine-1 xinetd[15023]: EXIT: my-snmp status=1 pid=15047 duration=0(sec)
Jan 26 17:23:32 machine-1 xinetd[15023]: START: my-snmp pid=15050 from=192.168.11.21
Jan 26 17:23:32 machine-1  xinetd[15023]: EXIT: my-snmp status=1 pid=15050 duration=0(sec)

Thanks.

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