MIRA
INFORM REPORT
|
Report Date : |
11.04.2011 |
Note : - Given address is shifted to the present Registered address.
IDENTIFICATION DETAILS
|
Name : |
RUCHI SOYA INDUSTRIES LIMITED |
|
|
|
|
Registered Office : |
614, Tulsiani Chambers, 2nd Floor, Backbay
Reclamation, Nariman Point, Mumbai - 400 021, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
06.01.1986 |
|
|
|
|
Com. Reg. No.: |
11-038536 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L15140MH1986PLC038536 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR14074E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACR2892I |
|
|
|
|
Legal Form : |
A public limited liability company. The company's shares
are listed on the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacturing of Soya bean Oil Edible Grade, Meal of Soya
Bean and Other Vegetable Oils and Fats. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
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 77000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. R. K. Jain |
|
Designation : |
General Manager Finance |
|
Contact No.: |
91-731-2513281 |
|
Date : |
05.04.2011 |
LOCATIONS
|
Registered Office : |
614, Tulsiani Chambers, 2nd Floor, Backbay
Reclamation, Nariman Point, Mumbai - 400 021, |
|
Tel. No.: |
91-22-66560600 |
|
Fax No.: |
91-22-22837525 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
500 Sq. ft. (Approximately) |
|
|
|
|
Head/Administrative Office : |
301 Mahakosh House, 7/5 South Tukoganj, |
|
Tel. No.: |
91-731-2513281-82-83 |
|
Fax No.: |
91-731-4065019 / 2527250 |
|
|
|
|
Plant Locations : |
|
|
|
|
|
Branches : |
Located at |
DIRECTORS
As On 30.09.2009
|
Name : |
Mr. Kailashchandra Shahra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Dinesh Shahra |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B. E. (Chemical Engineer) |
|
Experience : |
33 Years |
|
Date of Appointment : |
07.01.1986 |
|
|
|
|
Name : |
Mr. P. S. Santhanakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Purushottamdas D. Nagar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gopal Datt Bhatt |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. P. Joshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. B. Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P.D. Dwivedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sajeve Deora |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
84026737 |
27.00 |
|
|
66718813 |
21.44 |
|
|
150745550 |
48.44 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
150745550 |
48.44 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
74095 |
0.02 |
|
|
1657666 |
0.53 |
|
|
51416218 |
16.52 |
|
|
53147979 |
17.08 |
|
|
|
|
|
|
90257577 |
29.00 |
|
Individuals |
|
|
|
|
12543571 |
4.03 |
|
|
2775472 |
0.89 |
|
|
1747861 |
0.56 |
|
|
1747861 |
0.56 |
|
|
107324481 |
34.49 |
|
Total Public shareholding (B) |
160472460 |
51.56 |
|
Total (A)+(B) |
311218010 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
-- |
-- |
|
Total (A)+(B)+(C) |
311218010 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Soyabean Oil Edible Grade, Meal of Soya
Bean and Other Vegetable Oils and Fats. |
||||||||
|
|
|
||||||||
|
Products : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
· Edible Oils · Soya Foods |
||||||||
|
Countries : |
|
||||||||
|
Imports : |
|
||||||||
|
Products : |
|
||||||||
|
Countries : |
|
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C, Cash and Credit (30 / 60 / 90 days) |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C, Cash and Credit (30 / 60 / 90 days) |
PRODUCTION STATUS
|
|
|
|
|
31.03.2010 Quantity (M.T.) |
|
INSTALLED
CAPACITY (On three shift
basis) |
|
|
|
|
|
Textured Soya Proteins |
|
|
|
152000 |
|
Edible Soya Flour (Soya Protein) |
|
|
|
60000 |
|
Soyabean Extraction |
|
|
|
3308724 |
|
Oils (including lecithin) |
|
|
|
2271000 |
|
Vanaspati |
|
|
|
469500 |
|
Power Generation (in MW) |
|
|
|
59.10 |
|
Palm Crushing |
|
|
|
518400 |
|
Soya Milk |
|
|
|
1500 |
|
|
|
|
|
|
|
PRODUCTION |
|
|
|
|
|
Textured Soya Proteins |
|
|
|
112220.678 |
|
Realisable by-products |
|
|
|
234045.622 |
|
Seed Extractions (DOC) |
|
|
|
820033.094 |
|
Oils |
|
|
|
1664151.390 |
|
Vanaspati |
|
|
|
178297.158 |
|
Milk |
|
|
|
30.660 |
|
Power Generation (Number of Units) |
|
|
|
80597398 |
|
Seedling (Number of Units) |
|
|
|
907586 |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customer |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2000 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø State Bank of Ø State Bank of
Saurashtra Ø State Bank of Ø State Bank of Ø State Bank of
Travancore Ø State Bank of Ø State Bank of Ø Dena Bank Ø Oriental Bank of
Commerce Ø The Bank of
Rajasthan Limited Ø Punjab National
Bank Ø Bank of Ø Axis Bank Limited Ø United Bank of Ø Bank of Ø Syndicate Bank Ø Corporation Bank Ø Canara Bank Ø UCO Bank Ø The South Indian
Bank Limited Ø The Karur Vysya
Bank Limited Ø Vijaya Bank Ø Andhra Bank Ø Central Bank of |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
Notes : 1 The outstanding balance against the 9.75% Secured Redeemable Non
Convertible Debentures of Rs 100/- each privately placed with Financial
institution is redeemable during the year ending March 31st, 2010. The above debentures are secured by (a) first charge by way of an
equitable mortgage of all immovable properties of the Company, wherever
situated and (b) a first charge by way of hypothecation of all movable
proporties, both present and future (save and except book debts) of the
Company. The first charge by way of equitable mortgage and hypothecation in
favour of debentureholders rank pari passu with the lenders as per Note
No.2(a) below and is subject to charge on specified properties referred to in
Note no.2(b). Amount repayable within 12 months Rs.11.666 millions 2 The loans from financial institutions, banks and others are
secured/to be secured by :(a) (i) first charge by way of an equitable
mortgage of all immovable properties of the Company,wherever situated and
(ii) a first charge by way of hypothecation of all movable properties, both
present and future (save and except book debts) of the Company and (iii)
Personal Guarantee of the Managing Director in certain cases. The First
Charges by way of equitable mortgage and hypothecation in favour of lenders
rank pari passu with the Debentureholders as per Note No.1 above and subject
to charge on specified properties referred to in Note no 2(b) below. (b) (i)
a first charge by way of an equitable mortgage over all the immovable
properties of the Company at specific locations, (ii) a first charge by way
of hypothecation of movable properties situated at the respective locations
and (iii) Personal guarantee of the Managing Director. The above charges of various lenders at specified locations mentioned
above rank pari passu inter se the lenders at each location, wherever
applicable. The above outstanding amount of loan includes interest accrued and due
Rs.54.294 millions. Amount repayable within 12 months Rs.1442.710 millions
(Previous year Rs.1713.362 millions) 3 (a) The Borrowing availed from consortium banks are secured / to be
secured by (i) a first charge by way of hypothecation of stocks, book debts
and other current assets (ii) a charge by way of hypothecation /equitable
mortgage of movable / immovable properties in favour of consortium banks,
ranking second and subservient to the charges specified in Note No. 1 and 2
and (iii) personal guarantee of promoter directors of the Company. The
charges mentioned above rank pari passu inter se the consortium banks. (b)
The borrowings availed from banks outside consortium are secured /to be
secured by (i) specific charges on Stocks, book debts and other current
assets pertaining to the facilities granted by them and (ii) personal
guarantee of the Mananging Director of the Company. Amount repayable within 12 months Rs.0.268 millions (Previous year
Rs.1.041millions). 4 In terms of the schemes of arrangement and amalgamation, the loans
vested on amalgamation are subject to existing charges/hypothecation/mortgage
subsisting thereon and shall neither extend to the assets of the company nor
operate to enlarge the securities for the said liabilities of the transferee
company. 5 These Loans are secured by hypothecation of vehicles purchased out
of the said loans. Amount repayable within 12 months Rs.3.825 millions
(Previous year Rs.3.825 millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
P. D. Kunte and Company Chartered Accountants Cost Auditors : K. G. Goyal and Company Chartered Accountants |
|
|
|
|
Associates/Subsidiaries : |
Ø Ruchi
International Limited, Ø Ruchi Private Limited Subsidiaries : Ø Ruchi Health
Foods Limited Ø Ruchi Worldwide
Limited Ø Aneja Solvex
Limited Ø Mahadeo Shahra and Sons Ø Mahadeo Shahra Sukrut Trust Ø Nutrela Marketing Private Limited Ø Ruchi Realty Private Limited Ø Ruchi Infrastructure Limited Ø Shahra Brothers Private Limited Ø Sunshine Oleochem Limited (Private Limited upto 25.03.2008) Ø RSIL Beneficiary Trust Ø Soyumm Marketing Private Limited Ø Ruchi Bio Fuels Private Limited Ø Ruchi Marktrade Private Limited Ø Shiva
Foundation (Trust) Ø Mrig
Trading Private Limited (w.e.f
01.062009) Ø Gemini
Edibles and Fats India Private Limited (w.e.f 29.03.2010) Ø RIFL
Energy Private Limited Ø Great
Eastern Infrastructure Corporation Private Limited Ø Ruchi
Corporation Limited Ø Ruchi
Multitrade Private Limited Ø Indivar
Wellness Private Limited Ø Nirvana
Housing Private Limited Ø Bright
Star Housing Private Limited Ø High
Tech Realty Private Limited Ø Spectra
Realty Private Limited Ø Mahakosh
Amusement Private Limited Ø Deepti
Housing Private Limited Ø Deepti
Properities Private Limited Ø Neha
Resorts and Hotels Private Limited Ø Ankesh
Resorts and Hotels Private Limited Ø Shahra
Estate Private Limited Ø Neha
Securities Private Limited Ø Vishal
Resorts and Hotels Private Limited Ø Vishal
Warehousing Private Limited |
CAPITAL STRUCTURE
As On 30.09.2010
Authorised Capital : Rs.2530.500 millions
Issued, Subscribed & Paid-up Capital : Rs.685.052 millions
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.2/- Each |
Rs.1000.000 Millions |
|
2000000 |
Cumulative Redeemable Preference Shares |
Rs.100/-each |
Rs.200.000 Millions |
|
|
Total |
|
Rs.1200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
262888860 |
Equity Shares |
Rs.2/- Each |
Rs.525.778 Millions |
|
Nil |
4% Cumulative Preference Shares |
Rs.100/-each |
-- |
|
|
Share Warrant Application Money |
|
Rs.228.375 Millions |
|
|
Share Capital Suspense on amalgamation |
|
Rs. 70.660 Millions |
|
|
Total |
|
Rs.824.813 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
824.813 |
1054.178 |
1054.178 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
18404.902 |
10795.726 |
10012.067 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
19229.715 |
11849.904 |
11066.245 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6853.367 |
6978.709 |
6985.107 |
|
|
2] Unsecured Loans |
16610.196 |
10229.738 |
8610.684 |
|
TOTAL BORROWING
|
23463.563 |
17208.447 |
15595.791 |
|
|
DEFERRED TAX LIABILITIES |
1686.500 |
1347.815 |
1017.815 |
|
|
Employees Stock Options |
18.132 |
3.876 |
0.000 |
|
|
|
|
|
|
|
TOTAL
|
44397.910 |
30410.042 |
27679.851 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
19605.195 |
13347.617 |
11782.363 |
|
Capital work-in-progress
|
644.052 |
786.589 |
233.787 |
|
|
|
|
|
|
|
INVESTMENT
|
1967.273 |
817.824 |
819.169 |
|
DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
15872.849
|
15093.267
|
21382.280
|
|
|
Sundry Debtors
|
11968.193
|
10268.276
|
10377.058
|
|
|
Cash & Bank Balances
|
15013.811
|
10147.932
|
5789.031
|
|
|
Other Current Assets
|
390.529
|
183.025
|
107.239
|
|
|
Loans & Advances
|
9537.406
|
9941.990
|
7258.196
|
Total Current Assets
|
52782.788
|
45634.490
|
44913.804
|
|
Less:
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
27101.772
|
27050.927
|
0.000
|
|
|
Other Current Liabilities
|
1502.485
|
1684.967
|
28907.198
|
|
|
Provisions
|
1998.629
|
1442.432
|
1164.282
|
Total Current Liabilities
|
30602.886
|
30178.326
|
30071.480
|
|
Net Current Assets
|
22179.902
|
15456.164
|
14842.324
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
1.488 |
1.848 |
2.208 |
|
|
|
|
|
|
|
TOTAL
|
44397.910 |
30410.042 |
27679.851 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES AND OTHER
INCOME |
135314.894 |
121720.641 |
110688.146 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
75357.638 |
79189.805 |
77704.463 |
|
|
|
Purchases made for re-sale |
47432.206 |
30347.749 |
23251.592 |
|
|
|
Increase/(Decrease) in Finished Goods |
(379.816) |
800.682 |
(2846.749) |
|
|
|
Expenses |
8537.184 |
8463.142 |
8274.041 |
|
|
|
Exceptional Items |
(35.243) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
130911.969 |
118801.378 |
106383.347 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
4402.925 |
2919.263 |
4304.799 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
674.393 |
554.168 |
1020.085 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3728.532 |
2365.095 |
3284.714 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1003.717 |
857.593 |
747.299 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2724.815 |
1507.502 |
2537.415 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
1000.142 |
574.684 |
945.140 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
1724.673 |
932.818 |
1592.275 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3445.491 |
2911.832 |
|
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD RELATING TO TRANSFEROR COMPANIES |
15.438 |
0.000 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
250.000 |
250.000 |
|
|
|
|
Proposed Dividend |
159.609 |
127.492 |
|
|
|
|
Capital Redemption Reserve |
452.429 |
0.000 |
|
|
|
|
Tax on Dividend |
27.126 |
21.667 |
|
|
|
BALANCE CARRIED
TO THE B/S |
4296.438 |
3445.491 |
|
|
|
|
|
|
|
|
|
|
|
FOREIGN EXCHANGE
EARING VALUE |
58997.200 |
45118.000 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
7.017 |
2.236 |
28.434 |
|
|
TOTAL IMPORTS |
7.017 |
9.253 |
30.67 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
6.92 |
4.83 |
NA |
|
QUARTERLY RESULTS
(Rs. In Millions)
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
30.12.2010 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
34577.100 |
38063.200 |
46298.000 |
|
Total Expenditure |
33596.700 |
36605.000 |
44399.200 |
|
PBIDT (Excl OI) |
980.400 |
1458.200 |
1898.800 |
|
Other Income |
113.400 |
16.600 |
200.300 |
|
Operating Profit |
1093.800 |
1474.800 |
2099.100 |
|
Interest |
36.800 |
207.100 |
692.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1057.000 |
1267.700 |
1407.000 |
|
Depreciation |
261.400 |
299.600 |
330.800 |
|
Profit Before Tax |
795.600 |
968.200 |
1076.200 |
|
Tax |
271.500 |
331.900 |
438.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
524.100 |
636.300 |
637.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
524.100 |
636.300 |
637.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.27
|
0.76
|
1.43 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.76
|
2.55
|
4.47 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.12
|
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.81
|
3.99
|
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
1.51
|
1.49 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITOR DETAILS
(Rs. in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
27101.772 |
27050.927 |
NA |
|
Total |
27101.772 |
27050.927 |
NA |
HISTORY:
Subject, a company which has been in the business of edible oils for
over two decades. They are offering a cooking medium to match the various
tastes of this vast and varied nation. They are the leader in edible oil and
soya food businesses in
At Present, Subject has only one subsidiary namely Ruchi worldwide Limited The
company plants are located at
Ruchi, a pioneer Soya Processor Group started operations in the year 1972-73.
In the year 1986 the company became a Public Limited company. In March 1991,
the Production in Vanaspati Plant, Edible Soya flour and Oil Commenced with
capacity of 7,500 MT, 60,000 MT, 12,000 MT respectively.
During the year1991-92, the Company increased their existing capacity of
Textured Soya Protein by 12,000 MT to 24,000 MT and Vanaspati by 7,500 MT to
15,000 MT. Also they commenced the production in their Lecithin Plant during
the year.
During the year 1992-93, the company increased the production capacity of
Vanaspati from 15,000 MT to 30,000 MT. Also they installed Soyabean Extraction
with a capacity of 60,000 MT. In the year 1994-95, the production capacity of
oil has been increased from 30,000 tpa to 55,000 tpa and Soyabean Extraction
from 60,000 tpa to 1,85,000 tpa. In the year 1995-96, they further increased
the production capacity of Soya bean extraction, oils and Vanaspati by 2,47,000
tpa, 53,000 tpa, and 22,500 tpa respectively.
In the year 1997-98, the company launched two new brands namely SUNRICH for
Sunflower Refined Edible Oil and RUCHI GOLD for Refined Edible Palmolein Oil.
In the year 1998-99, the Company launched two products namely Ruchi Sona and
Ruchi Star.
In the year 1999-2000, the company has invested in equity shares of Ruchi
Health Foods Limited which has become wholly owned subsidiary of the company.
Also in the same year, Imperial Exports Limited has ceased to be a subsidiary
of the company.
In the same year, one of the subsidiary company has set up a Refinery unit near
Chennai which has commenced commercial production in the month of January,
2000. The Company has also increased the capacity of Vanaspati by 70000 MT
during this period.
During the Year 2001-2002, the Company has set up a composite unit comprising
of Refinery, Vanaspati and Texturised Vegetable Protein Plants at Mangalore.
The production capacity of Texturised Soya proteins has been increased by
30,000 MT to 54,000 MT and Oil by 189000 MT to 297000 MT.
During the Year 2002-2003 the capacity of Soyabean Extraction, Oil and
Vanaspati has increased to 555,000, 687,000 and 172,500 respectively. During
the year 2003-2004 the Company set up a composite Unit Comprising of edible oil
refinery and Vanaspati Plant at Raigad in
In the same year, the company has launched two new product in the bakery
segment namely Avanti and Bakefat. Also they launched Nutrela Proflo defatted
soya flour, which offers the consumers another option to include soya in their
diet.
During the year 2004-2005, the company has set up a solvent extraction plant
and refinery unit at
In the year 2005-06, General Foods Limited, Ruchi Health Foods Limited,
Ruchi Credit Corporation Limited, Aneja Solvex Limited, Param Industries
Limited and Ruchi Private Limited have been amalgamated with Subject. The SVF
business of Anik Industries Limited formerly known as Madhya Pradesh Glychem
Industries Limited has also been acquired by the Company on slump sale
basis.
In the same year, the company has increased their production capacity for
Textured Soya Proteins by 30000 MT to 114000 MT, Seed Extraction by 847224 MT
to 1894224 MT, Oil by 951000 MT to 2052000 MT and for Vanaspati by 237000 MT to
469500 MT. In the year 2006-07, they furher increased the capacity for Textured
Soya Proteins by 26000 MT to 140000 MT, Seed Extraction by 233700 MT to 2127924
MT, Oil by 160000 MT to 221200 MT and for Vanaspati 237000 MT to 469500
MT.
OPERATIONS:
During the year, the sales and other income of the Company have
increased to Rs. 135314.894 millions from Rs. 121720.641 millions in the
previous year, recording a growth of over 10%. Profit after tax of Rs.1724.673
millions was recorded during the year which is over 84% higher than Rs. 932.818
millions in the previous year.
EXPORTS:
During the year, the company has exported products of Rs. 13542.000
millions during the year as compared to Rs. 17100.000 millions in the previous
year. The decline in export was mainly due to lower arrival of soya crop during
peak season between October, 2009 to March, 2010 and intense competition in the
export market.
FUTURE OUTLOOK:
There is a need for consolidation of Domestic Businesses and to drive
economies of scale to remain competitive in the challenging environment being
faced by the industry. The company is in the process of setting up / expanding
production facilities at the new locations / existing processing plants to
cater to the growing demand and sustain leadership position. As a part of the
strategy to enlarge the presence in the growing domestic edible oil segment,
the company has begun to increase capacities of production facilities in
Mustard oil segment.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
and DEVELOPMENT
The primary business of the Company is processing of Oil-Seeds and
Refining of Crude Oil for Edible use. The Company also produces oil meal, food
products from soya and value added products from downstream processing. The
size of Indian edible oil and oil seed industry is estimated to be around Rs.
900000.000 millions (USD 19 billion). The domestic edible oil consumption has
been steadily growing and is estimated to be over 15 million MT in the current
year with Palm and soya oil, in which the Company has a dominant presence,
contributing over 60% volume. In view of the demand- supply gap, over 55% of
the domestic edible oil consumption is met by imports, with Palm and Soya
accounting for close to 90% of the imported volume. The oil meal is essentially
consumed as poultry, fish and cattle feed, a substantial part of soya meal is
exported to the Asian region even though the domestic demand is growing. The
domestic soya crop production was around 8 million MT in
Keeping in view the growing demand of Palm Oil and augmentation of the
domestic supply, the Government of India and the State Governments
have identified the potential areas for oil palm cultivation and taken
measures to promote oil palm cultivation and processing in
INDUSTRY OUTLOOK
The Indian edible oil sector is, by and large, a price conscious and
price sensitive market, as a substantial part of consumption takes place at the
bottom end of the pyramid. The propensity to consume is correlated with the
changes in prices of edible oil and the quantum of disposable income. With
rising incomes, food remains an important item of expenditure to warrant large
share of incremental spending. Edible oil is and will remain an important
constituent of dietary plan despite varied eating habits and varied methods of
cooking across the different states/regions in the country. Also, the growth of
edible oil in packed form has far exceeded the industry wide growth rate. In
the foreseeable future, it is envisaged that the overall quantum of edible oil
consumption will continue to grow significantly in the packed segment, with the
pattern of consumption shifting from unpacked to packed form due to factors,
amongst others, rising incomes coupled with changes in household demographics,
improving health consciousness, growing organized retail improving reach of the
products across the country, visual advertisements etc.
Keeping in view the steady rate of GDP growth and Income growth expected
in
The edible oil industry is in consolidation phase. Enterprises having
strong business capabilities in terms of integration, risk management, working
capital management, efficiencies in procurement, logistics and distribution,
manufacturing presence at strategic locations across the country and strong
consumer focus, that have undertaken expansion of their market share through
organic and inorganic route coupled with introduction of new and innovative
products - including presence through branded products, will enjoy the gains in
the times to come.
BUSINESS STRATEGY
To meet the challenges amidst growing industry size and the need to
consolidate, the Company has continued to initiate and strengthen several
measures on a proactive basis, which will allow the Company to build-on its
current presence and market share in the edible oil industry. The Company is
poised to undertake the business opportunities arising from leadership position
in the industry. The focus on driving cost and operational efficiencies by use
of latest and modern technology confirming to global standards will provide an
edge to itself and its business partners and place it at a better pedestal as
compared to its peers. The Company will continue to strengthen itself in areas
of sourcing raw materials from points of origin, reducing inefficiencies in supply
chain and logistics, promoting green energy initiatives, expanding capabilities
to process at strategic locations, improvements in product quality, and
increased sales of branded products in retail stores.
The consumerism in
The company is a leader in palm oil segment in
The company has the largest exclusive access area for development of oil
palm cultivation in
As a part of growth strategy, the company is expanding presence
internationally by setting up of facilities for soya/oil palm cultivation and
processing into downstream products. This will enhance the origination
capabilities; support the strategy of value integration, add significant
improvement in the margin profile on a consistent basis, resulting in the
business model with reasonable predictability and sustainability, in the times to
come.
The consumption of local edible oils such as Mustard, Cottonseed and
Rice bran has also been growing. The Company sees opportunity to broad base its
manufacturing and marketing presence in the domestic market for Mustard oil and
other oils by expanding its existing/new locations. The Company proposes to
leverage its existing distribution network and also expand the same in new
areas to offer value added products so as to serve across a wide spectrum of
the current and potential customers.
The Company is strengthening the existing internal business processes,
more particularly in the areas of Marketing, Information technology, Human
resource systems and Risk management, and is thus gearing-up to meet the
challenges ahead.
The Company is of the view that strategic initiatives in the above
mentioned areas will prove beneficial for the Company and the stakeholders in
the long term.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2010
(Rs. In Millions)
|
Particulars |
|
QUARTER |
|
a) Net Sales / Income from Operations |
|
34570.400 |
|
b) Other Operating Income |
|
6.700 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
|
1343.800 |
|
(b) Consumption of Raw Materials |
|
12107.500 |
|
(c) Purchase of traded goods |
|
18487.900 |
|
(d) Employees Cost |
|
177.700 |
|
(e) Depreciation |
|
261.400 |
|
(f) Other Expenditure |
|
1479.800 |
|
Total Expenditure |
|
33858.100 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
|
719.000 |
|
Other Income |
|
113.400 |
|
Profit/(Loss) before Interest and Exceptional items |
|
832.400 |
|
Interest |
|
36.800 |
|
Profit / (Loss) after interest before Exceptional items |
|
795.600 |
|
Exceptional Items |
|
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
|
795.600 |
|
Provision for Taxation |
|
271.500 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
|
524.100 |
|
Extraordinary Items |
|
-- |
|
Net Profit/(Loss) for the period |
|
524.100 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
|
525.800 |
|
Reserves (Excluding Revaluation Reserves) |
|
-- |
|
Public Share
Holding |
|
|
|
Earning Per Share |
|
|
|
-Basic |
|
1.89 |
|
-Diluted |
|
1.77 |
|
Average of Public Share Holding |
|
|
|
- Number of Shares |
|
139638805 |
|
- Percentage of shareholding |
|
53.12 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
|
11437045 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
|
9.28 |
|
- Percentage of shares(as a % of the total share capital of the company) |
|
4.35 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
|
111813010 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
90.72 |
|
- Percentage of Share (as a % of the total share capital of the company) |
|
42.53 |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No |
Particulars |
|
QUARTER |
|
|
1 |
Segment Revenue |
|
|
|
|
|
(Net Sale/Income from operations & other Income) |
|
|
|
|
|
Oils |
|
2715.300 |
|
|
|
Vanaspati |
|
2299.900 |
|
|
|
Seed Extraction |
|
3232.700 |
|
|
|
Food Products |
|
830.600 |
|
|
|
Others |
|
1222.000 |
|
|
|
Net Sales/Income from operations |
|
34690.500 |
|
|
2 |
Segment Results |
|
|
|
|
|
(Profit before interest and tax) |
|
|
|
|
|
|
|
464.700 |
|
|
|
Vanaspati |
|
36.200 |
|
|
|
Seed Extraction |
|
122.900 |
|
|
|
Food Products |
|
26.000 |
|
|
|
Others |
|
177.100 |
|
|
|
Total |
|
826.900 |
|
|
|
Less: Interest (Net) |
|
36.800 |
|
|
|
Less: Other unallocable expenditure net of un-allocable income |
|
(5.500) |
|
|
|
Total Profit before tax |
|
795.600 |
|
|
3 |
Capital Employed |
|
|
|
|
|
(Segment Assets less Segment Liabilities) |
|
|
|
|
|
Oils |
|
10518.900 |
|
|
|
Vanaspati |
|
2343.100 |
|
|
|
Seed Extraction |
|
7941.700 |
|
|
|
Food Products |
|
600.900 |
|
|
|
Others |
|
2943.800 |
|
|
|
Total |
|
24368.400 |
Notes:
1. The above results have been reviewed by
the Audit Committee and have been approved by the Board
of Directors of the Company at the meeting held
on 31.07.2010. The results are subject to limited review by the Statutory
Auditors of the Company.
2. During the quarter, Company received 10 investors'
complaints with one complaint pending at the beginning of quarter. At the end
of quarter, no complaint was pending to be redressed.
3. At the end of quarter, options for 24,40,200 equity shares
were outstanding under Employees Stock Options Scheme – 2007 of the Company,
out of which, options for 30,000 equity shares have been vested and the same
are exercisable upto 31.03.2012.
4. At the end of quarter, 2,61,00,000 warrants are
outstanding, which are convertible into equivalent number of equity shares till
26.01.2011.
5. The Board of Directors of the Company had, on 16.11.2009,
approved the Scheme of Amalgamation and Arrangement between Mac Oil Palm
Limited with Ruchi Soya Industries Limited and their respective shareholders
under Sections 391 to 394 read with Section 78 and Sections 100 to 103 and
other applicable provisions of the Companies Act, 1956. The same has been
approved by the Hon’ble High Court of Bombay and is operative
from 01.04.2009.The effect of Scheme has been given in the un-audited results
of quarter ended 30.06.2010 only. The effect of results of Mac Oil Palm Ltd.
has not been given in the above mentioned results for the quarter ended
30.06.2009 and year ended 31.03.2010.
6. The Board of Directors of the Company had, on 08.02.2010,
approved the Scheme of Amalgamation between Palm Tech India Limited with Ruchi
Soya Industries Limited and their respective shareholders under Sections 391 to
394 and other applicable provisions of the Companies Act, 1956. The Scheme is
to be operative from 1st April, 2009. The same has been approved by the Hon’ble
High Court of Bombay and Hon’ble High Court of A.P. Copies of such Orders
have not been received. Pending receipt of such orders and other compliances,
no effect of the Scheme has been given in the un-audited results of the
Company.
7. The Board of Directors of the Company had, on 03.07.2010,
approved the Scheme of Amalgamation and Arrangement of Sunshine Oleochem
Limited with Ruchi Soya Industries Limited and their respective shareholders
under Sections 391 to 394 read with Section 78 and Sections 100 to 103 and
other applicable provisions of the Companies Act, 1956. The Scheme would be
operative from 01.07.2010 is subject to approval of the shareholders,
creditors and jurisdictional High Court.
8. The Board of Directors of the Company has, on 31.07.2010
allotted 15000000 equity shares of Rs.2/- each fully paid up to the shareholders
of Mac Oil Palm Limited pursuant to Scheme of Amalgamation and
Arrangement between Mac Oil Palm Limited with Ruchi Soya Industries Limited and
their respective shareholders. Post such allotment the paid up capital of the
Company is Rs.555.800 millions divided into 277888860 equity shares of Rs.2/-
each.
9. The equity shares issued to the shareholders of Mac Oil
Palm Limited on 31.07.2010 pursuant to the Scheme of Amalgamation and
Arrangement have been considered for computation of earning per share for the
quarter ended 30.06.2010.
10. The Company had paid an amount of Rs.10.000 millions to
Securities and Exchange Board of India against settlement charges for its
consent order in respect of certain preferential allotments made by Param
Industries Limited before 2005 (since merged with the Company with effect from
01.04.2005). The aforesaid amount has since been recovered from
the allottees of such shares.
11. The results of subsidiary companies and material investee
Company will be consolidated at the year end only.
12. Interest income has been netted off against interest cost.
13. The proceeds of the preferential allotments of securities
raised by the Company during the quarter ended 31.03.2010 and quarter ended
30.06.2010 have been utilized in line with objects of the issue.
14. The figures for the corresponding periods have been
re-grouped/re-arranged, wherever required.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED AND NINE MONTHS ENDED 31ST DECEMBER, 2010
(Rs. In Millions)
|
Particulars |
QUARTER ENDED |
QUARTER ENDED |
|
a) Net Sales / Income from Operations |
46283.600 |
118912.300 |
|
b) Other Operating Income |
14.400 |
26.000 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(3912.200) |
(4583.800) |
|
(b) Consumption of Raw Materials |
32181.900 |
72331.900 |
|
(c) Purchase of traded goods |
12814.300 |
39480.800 |
|
(d) Employees Cost |
253.500 |
640.500 |
|
(e) Depreciation |
330.800 |
891.700 |
|
(f) Other Expenditure |
3061.700 |
6639.200 |
|
Total Expenditure |
44730.000 |
115400.300 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
1568.000 |
3538.000 |
|
Other Income |
39.300 |
77.000 |
|
Profit/(Loss) before Interest and Exceptional items |
1607.300 |
3615.000 |
|
Interest |
531.100 |
775.000 |
|
Profit / (Loss) after interest before Exceptional items |
1076.200 |
2840.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
Profit / (Loss) From
Ordinary activities before Tax |
1076.200 |
2840.000 |
|
Provision for Taxation |
438.400 |
1041.800 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
637.800 |
1798.200 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Net Profit/(Loss) for the period |
637.800 |
1798.200 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.2/- each ) |
665.100 |
665.100 |
|
Preference Share Capital ( Face Value of the share Rs.2/- each ) |
20.000 |
20.000 |
|
(including 2,13,08,462 equity shares and 2,00,000
preference shares to be issued to shareholders of Sunshine Oleochem Limited
pursuant to Scheme of Amalgamation and Arrangement, involving Amalgamation of
Sunshine Oleochem Limited with Ruchi Soya Industries Limited, duly
sanctioned by Hon'ble High Court of Bombay) |
|
|
|
Reserves (Excluding Revaluation Reserves) |
0.000 |
0.000 |
|
Public Share
Holding |
|
|
|
Earning Per Share |
|
|
|
-Basic |
1.92 |
5.65 |
|
-Diluted |
1.86 |
5.46 |
|
Public Share Holding |
|
|
|
- Number of Shares |
160510547 |
160510547 |
|
- Percentage of shareholding |
51.57 |
51.57 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
13372202 |
13372202 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
8.87 |
8.87 |
|
- Percentage of shares(as a % of the total share capital of the company) |
4.30 |
4.30 |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
137335261 |
137335261 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
91.13 |
91.13 |
|
- Percentage of Share (as a % of the total share capital of the company) |
44.13 |
44.13 |
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED
(Rs. In Millions)
|
Sr. No |
Particulars |
QUARTER ENDED |
QUARTER ENDED |
|
|
1 |
Segment Revenue |
|
|
|
|
|
(Net Sale/Income from operations & other Income) |
|
|
|
|
|
Oils |
30191.200 |
84966.800 |
|
|
|
Vanaspati |
3357.300 |
8507.000 |
|
|
|
Seed Extraction |
10101.000 |
19640.400 |
|
|
|
Food Products |
717.100 |
2480.000 |
|
|
|
Wind Turbine Power Generation |
63.100 |
277.800 |
|
|
|
Others |
1907.600 |
3143.300 |
|
|
|
Net Sales/Income from
operations |
46337.300 |
119015.300 |
|
|
2 |
Segment Results |
|
|
|
|
|
(Profit before interest and tax) |
|
|
|
|
|
|
991.700 |
2299.800 |
|
|
|
Vanaspati |
138.500 |
225.000 |
|
|
|
Seed Extraction |
324.900 |
643.500 |
|
|
|
Food Products |
65.400 |
114.700 |
|
|
|
Wind Turbine Power Generation |
25.400 |
162.500 |
|
|
|
Others |
51.700 |
153.900 |
|
|
|
Total |
1597.600 |
3599.400 |
|
|
|
Less: Interest (Net) |
531.100 |
775.000 |
|
|
|
Less: Other unallocable expenditure net of un-allocable income |
(9.700) |
(15.600) |
|
|
|
Total Profit before
tax |
1076.200 |
2840.000 |
|
|
3 |
Capital Employed |
|
|
|
|
|
(Segment Assets less Segment Liabilities) |
|
|
|
|
|
Oils |
10692.100 |
10692.100 |
|
|
|
Vanaspati |
2923.000 |
2923.000 |
|
|
|
Seed Extraction |
21289.900 |
21289.900 |
|
|
|
Food Products |
756.200 |
756.200 |
|
|
|
Wind Turbine Power Generation |
2770.000 |
2770.000 |
|
|
|
Others |
1667.100 |
1667.100 |
|
|
|
Total |
40098.300 |
40098.300 |
Notes :
- The above results have been reviewed by
the Audit Committee and have been approved by the Board
of Directors of the Company at the meeting
held on 17th January, 2011 and subject to review by the Statutory Auditors
of the Company.
- During the quarter, Company received 23
investors' complaints with no complaint pending at the beginning of
quarter. At the end of quarter, no complaint was pending to be redressed.
- The Board of Directors of the Company
at its meeting held on 3rd July, 2010 approved the Scheme of Amalgamation
and Arrangement involving Amalgamation of Sunshine Oleochem Limited and
Ruchi Soya Industries Limited and their respective shareholders under
Sections 391 to 394 read with Section 78 and Sections 100 to 103 and other
applicable provisions of the Companies Act, 1956. The Scheme has been
approved by the Hon’ble Bombay High Court on December 16, 2010. The
appointed date under the Scheme is 1st July, 2010. The Board at its
meeting held on 17th January, 2011, has, inter alia, taken on record the
Order of Hon’ble High Court of Bombay and allotted/cancelled requisite
numbers of Equity/Preference Shares in accordance with the Scheme. Post
such corporate actions, the paid-up equity share Capital of the Company is
Rs.665.100 millions divided in 33,25,26,472 equity shares of Rs.2/- each fully
paid up. Post such corporate actions, the promoters’ holding has increased
to 51.63%. Effect to the said Scheme has been given while
preparing the unaudited financial results for the quarter and period ended
31st December, 2010. However, no effect has been given in the unaudited
results for the quarter and period ended 31st December, 2009.
- At the end of quarter, 1,36,00,000
warrants, each convertible into one equity share of Rs.2/-, were
outstanding. The same were duly converted into equivalent number of equity
shares of Rs.2/- at the meeting of Board of Directors held on 17th
January, 2011. As per the Scheme referred to in para 3 above, such
1,36,00,000 equity shares were cancelled by the Board while implementing
the Scheme.
- The Board of Directors of the Company
at their meetings held on 16th November, 2009 and 8th February 2010
approved the Scheme of Amalgamation and Arrangement between Ruchi Soya
Industries Limited and Mac Oil Palm Limited and their respective
shareholders (under Sections 391 to 394 read with Section 78 and Sections
100 to 103 and other applicable provisions of the Companies Act, 1956) and
Scheme of Amalgamation between Ruchi Soya Industries Limited and Palm Tech
India Limited and their respective shareholders (under Sections 391 to 394
and other applicable provisions of the Companies Act, 1956) respectively.
Both the Schemes became operative from 1st April, 2009. The said Schemes
were duly approved by the jurisdictional High Courts. The required
formalities in relation thereto were completed during the quarter ended
30th September 2010. Necessary effect to the said Schemes was given in the
audited accounts of the Company for the year ended 31st March, 2010.
Effect to the said Schemes has been given while preparing the unaudited financial
results for the quarter and period ended 31st December, 2010. However, no
effect has been given in the unaudited results for the quarter and period
ended 31st December, 2009.
- At the end of quarter, options
for 1962550 equity shares were outstanding under Employees Stock Options
Scheme – 2007 of the Company.
- The results of subsidiary companies and
material investee Company will be consolidated at the year end only.
- Interest income of Rs.161.000 millions
and Rs.657.600 millions for the quarter and nine months ended 31st
December, 2010 respectively have been netted off against interest cost.
- The figures for the corresponding
periods have been re-grouped/re-arranged, wherever required.
FIXED ASSETS:
- Free
- Buildings
- Plant and
Machinery
- Furniture and
Fixtures
- Vehicles
- Office
Equipment
- Software
- Trade Marks
WEBSITE DETAILS:
The 20-year old
Subject is the flagship company of Ruchi Group of Industries. It’s recent
merger with sister concerns ( Aneja Solvex Limited, General Foods Limited,
Ruchi Credit Corporation, Ruchi Health Foods Limited, Param Ind. Limited, Ruchi
Private Limited and soya businesses of MP Glychem) has catapulted it among the
top five FMCG players in the country, with a turnover of 86250 Millions .
This merger illustrates the strength that is to be found in increased
transparency, firm market position and better control of systems.
Besides being a leading manufacturer of high quality edible oils, vanaspati, bakery
fats and soya foods, Subjectis also the highest exporter of soya meal and
lecithin from
Subject is the undisputed leader in the branded edible oil category as
well with brands like Nutrela Soyumm (Soyabean Oil), Ruchi Gold (Palmolein
Oil), Sunrich (Sunflower Oil) and Mandap (Mustard Oil). New healthy oil
variants like Nutrela Vitamin Sunflower oil and Nutrela Groundnut oil make
Nutrela a trusted option in edible oils as well.
Superior procurement and trading skills, continuous innovation, an endeavor to
meet consumer needs and stringent quality control standards have enabled Ruchi
to emerge as a highly-respected and admired Indian company. The scrip is listed
and the BSE code is 500368, while the NSE code is RUCHISOYA.
THE SOYA REVOLUTION
In early 1960s, when Mr. Mahadev Shahra went about convincing farmers in M.P.,
about the potential of Soya, he would not have imagined that he will be
instrumental in bringing up a small green revolution in the State, by
introducing and encouraging Soya bean cultivation on a commercial scale. The
family was in the business of commodities trading and subsequently, they
entered the business of ginning and oil milling. The family's efforts, along
with that of the others, resulted in Soya revolution in M.P. Today M.P. is
considered as Soya bowl of the country, and contributes to 70% of its
production. Despite all odds, Subject is now the largest player in the country
in edible oils, Soya foods and processed foods categories. This is largely due
to its strict quality commitment and continuous innovation to keep with the
times. Also, Subject has evolved from being a large manufacturing firm to a
respected brand, keeping in line with the FMCG players. Its Nutrela and Ruchi
Gold brands have captured leading positions in the Soya foods and edible oils
categories respectively. Subject has also ventured into other businesses like
bakery specialties, where it foresees a big potential for growth. With Ruchi's
innate manufacturing and logistics advantages, and its foray into the branded
sector, one only sees immense potential for growth in the future.
The extensive distribution network, built over the years, is
a major strength for Ruchi. Catering nationally through over 5 Lac retail
stores, with 90 Company depots, over 2000 distributors and a sales staff of
over 200, Ruchi has attempted to penetrate depth wise, alongwith opening new markets.
With its emphasis on providing value goods to consumers, Ruchi's dual strategy
of popular and premium range works well. ‘Ruchi Gold’ and ‘Sunrich’ are the
value for money offering but with no compromise in quality. This positioning
helps generate large sales volumes for the products. The Nutrela series is more
premium, and offers healthy options in soya foods and edible oils. This dual
strategy is based on the cultivated understanding of the Indian consumer
psyche.
they also have a firm footing in modern retail and
prestigious hotel chains due to the undivided focus on new channels of
distribution. With the alliances with big players like Pantaloon and visible
presence in all leading national and regional supermarkets, they hope to grow
the consumer base and product portfolio.
Ruchi Soya is the Flagship
Company of Ruchi Group, a pioneer Soya Processor group, which started operating
back in 1972-73 and is the first exporter of Soyabean Meal from
Over the years, Ruchi has become one of the largest
crushers of Soyabean in
Ruchi has been able to create a strong niche in the international market for
its soyabean meal which is in high demand particularly by the quality feed
producers in South East Asia, Far East and
Besides, Ruchi is also able to export high end value added products like edible
de-fatted soya flour, full fatted edible flour, soya lecithin, soya granules,
soya flakes and soya chunks etc.,
All the products produced by Ruchi enjoy ready accessibility in the export
market namely, Japan, Vietnam, Indonesia, Thailand, Philippines, South Korea,
Taiwan, Middle East countries apart from Indian Sub continent countries namely
Bangladesh, Pakistan, Nepal, Srilanka etc.
Over the years, they have grown to become a multi-million US Dollar company.
Two of their strongest brands, Nutrela and Ruchi Gold are category leaders.
Nutrela, the
biggest Soya foods brand in the country, enjoys more than 50% of the market
share. It has enjoyed the trust of consumers for last 20 years now, and
continues to expand its range to cater to varying needs of its consumers. It
has become generic to the soya category. They have effortlessly strived to
educate people about health and goodness of Soya as their firm commitment is to
provide healthy solutions to the consumers.
Their edible oils
brands like Ruchi Gold and Nutrela Soyumm enjoy mass acceptability and acclaim
from the people. Ruchi Gold is the leader in the palmoline category. As a part
of packaged goods thrust, ‘Ruchi Gold' was introduced about 6 years back in
Chennai. The market share in southern states ranges from 50 to 85%. The brand
has grown from35% to 40% CAGR since its introduction. Today, it enjoys the
number one position in branded palmoline oil category.
Nutrela Soyumm
ranks in the top three soya oils category, and continues to strive to reach the
top position. Both brands symbolize health and quality.
They are also leaders in the vanaspati
category with brands like Ruchi No 1 and have also ventured into bakery and
special fats category.
RUCHI’S REFINING AND CRUSHING STRENGTHS
They are one of the few edible oil companies in the country that has a balanced
mix of inland and port based refineries. This enables them to optimize
production depending upon the availability of cheaper alternatives – local
oilseeds or imported crude oil. Moreover, multi- location refineries have
reduced road travel costs leading to significant transportation cost advantage.
They have Sixteen refineries at various locations and fourteen inland crushing
plants.
AWARDS
"Subject has been the reciepient of many prestigious awards, from leading
organisations like Dun and Bradstreet, Globoil and many more"
Subject Q1 (2008-09) Net sales up by
20% at Rs.27964.600 Millions
PAT up 55 %
at Rs. 426.200 Millions
About Subject
Subject is one of
the largest agri companies in
In terms of size
by value turnover, RSIL is the fifth largest FMCG Co. in
Subject has been
honoured by Dun and Bradstreet, at American Express Corporate Awards, 2006 and
2007, as the No. 1 food processing company in
NEWS
FOR IMMEDIATE RELEASE
STATEMENT FROM
RUCHI SOYA INDUSTRIES LIMITED
Mumbai, December
09, 2010: This in response to the media report in relation to the movement of the
share price of Ruchi Soya Industries Limited. It is clarified that the
Promoters have already denied the allegations as baseless.
The Promoters have
not sold any shares in the current financial year (excepting a nominal market
sale of 12,255 shares representing 0.008% of the promoters' stake) and the
Promoters' stake in the Company currently stands at 48.44%.
Ruchi Soya as a
policy does not comment on the share price movements.
Ruchi Soya Industries
Limited is
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is or
was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.04 |
|
|
1 |
Rs.72.19 |
|
Euro |
1 |
Rs.63.40 |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
66 |
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.