MIRA INFORM REPORT

Report Date :

23.08.2012

IDENTIFICATION DETAILS

Name :	RUCHI WORLDWIDE LIMITED
Registered Office :	614, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	05.06.1996
Com. Reg. No.:	11-100016
Capital Investment / Paid-up Capital :	Rs. 189.407 Millions
CIN No.: [Company Identification No.]	U15499MH1996PLC100016
TAN No.: [Tax Deduction & Collection Account No.]	MUMR08215E
PAN No.: [Permanent Account No.]	AAACR4937N
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Traders of Oils, Seed Extraction, Sugar, Yellow Soya Seed, Peas, Moong and Rice
No. of Employees :	Information not given by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	USD 2300000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct. The company can be considered for normal business dealing 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.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	BBB (Long Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely servicing of financial obligation. It carry moderate credit risk.
Date	March 2012

Rating Agency Name	CARE
Rating	A3+ (Short Term Rating)
Rating Explanation	Having moderate degree of safety regarding timely payment of financial obligation. It carry higher credit risk.
Date	March 2012

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.

INFORMATION DECLINED BY

Management non co-operative

LOCATIONS

Registered Office :	614, Tulsiani Chambers, Nariman Point, Mumbai-400021, Maharashtra, India
Tel. No.:	91-22-66560600 / 22042867
Fax No.:	91-22-22042865
E-Mail :	neeraj_jain@ruchigroup.com info@ruchihealth.com sp_Joshi@ruchigroup.com
Website :	www.ruchigroup.com

DIRECTORS

AS ON 30.09.2011

Name :	Mr. Dinesh Chandra Shahra
Designation :	Director
Address :	Sharda Building, No.2-A, Road Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	14.07.1952
Date of Appointment :	05.06.1996
DIN No.:	00533055
Name :	Mr. Naveen Gupta
Designation :	Director
Address :	101, Classic Palace, 12-A, Srinagar Annex Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	06.03.1949
Date of Appointment :	05.06.1996
DIN No.:	00101778
Name :	Mr. Vijay Kumar Jain
Designation :	Additional Director
Address :	C-119, Ground Floor, Suncity, Sector-54, Gurgaon-122002, Haryana, India
Date of Birth/Age :	03.10.1957
Date of Appointment :	12.01.2011
DIN No.:	00098298

KEY EXECUTIVES

Name :	Mr. Neeraj Kumar Jain
Designation :	Secretary
Address :	86, Braheshwari, Annex Near Bengal Square, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	3.03.1979
Date of Appointment :	08.08.2009
PAN No.:	AKGPJ5073L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Nitesh Shahra	100
Naveen Gupta	100
Dinesh Khandelwal	550
Ruche Soya Industries Limited, India	9939200
Manish Shahra	100
Santosh Shahra	100
Kailash Shahra	550
Dinesh Shahra (Trustee of Shiva Foundation, India)	9000000
TOTAL	18940700

AS ON 30.09.2010

Equity Shares Break Up	Percentage of Holding
Bodies corporate	52.48
Directors or relatives of Directors	47.52
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Traders of Oils, Seed Extraction, Sugar, Yellow Soya Seed, Peas, Moong And Rice

PRODUCTION STATUS (AS ON : 31.03.2010)

Particulars	Unit	Actual Production
Coffee	MT	1147.279

GENERAL INFORMATION

No. of Employees :

Information not given by the management

Bankers :

• Global Trust Bank Limited, 15, Maker Chambers III, Nariman Point, Mumbai-400021, Maharashtra, India
• ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
• HDFC Bank Limited, HDFC Bank House, Senapati Bapat Marg, Lower Parel (West), Mumbai-400013, Maharashtra, India
• Corporation Bank, Industrial Finance Branch, Bharat House No.104, Ground Floor, M. S. Marg, Mumbai-400023, Maharashtra, India
• Oriental Bank of Commerce
• Yes Bank Limited
• Standard Charted Bank

Facilities :

Unsecured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee term loans unsecured
Rupee term loans banks unsecured	3442.704	912.122
TOTAL	3442.704	912.122

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountant
Address :	Indore, India
PAN No.:	AACFA7732P
Holding Company :	Ruche Soya Industries Limited CIN No.: L15140MH1986PLC038536
Fellow Subsidiaries :	Mrig Trading Private Limited Gemini Edibles and Fats India Private Limited Ruchi Industries Pte. Limited Ruchi Ethiopia Holdings Limited Ruchi Agri Plantation (Combodia) Pte. Limited
Entities where parties/ companies having significant influence over the Company :	Shiva Foundation RIFL Energy Private Limited Soyumm Marketing Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
19000000	Equity Shares	Rs.10/- each	Rs. 190.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
18940700	Equity Shares	Rs.10/- each	Rs. 189.407 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		189.407	189.407	189.407
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		405.285	325.891	260.735
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		594.692	515.298	450.142
LOAN FUNDS
1] Secured Loans		0.000	0.000	147.207
2] Unsecured Loans		3442.704	912.122	1159.334
TOTAL BORROWING		3442.704	912.122	1306.541
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		4037.396	1427.420	1756.683
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.373	0.430	1.273
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.050	0.127	0.000
DEFERREX TAX ASSETS		0.103	0.067	0.053
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2030.415	304.125	168.515
	Sundry Debtors	3819.571	2712.855	2549.813
	Cash & Bank Balances	2030.148	969.384	1238.552
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	378.831	653.101	370.734
Total Current Assets		8258.965	4639.465	4327.614
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	4074.257	3067.128	2467.657
	Other Current Liabilities	50.316	44.357	21.831
	Provisions	97.522	101.499	83.163
Total Current Liabilities		4222.095	3212.984	2572.651
Net Current Assets		4036.870	1426.481	1754.963
MISCELLANEOUS EXPENSES		0.000	0.315	0.394
TOTAL		4037.396	1427.420	1756.683

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	17545.168	16581.023	10355.971
		Other Income	215.394	25.605
		TOTAL (A)	17760.562	16606.628	10355.971
Less	EXPENSES
		Consumption materials changes inventories	17428.498	16302.475	9580.889
		Manufacturing service costs	16.415	6.581	64.207
		Employee related expenses	4.803	5.572
		Administrative selling other expenses	187.216	191.231	76.647
		Exceptional income expense, net	0.161	0.000	--
		(Increase) / Decrease in Stock	--	--	648.352
		TOTAL (B)	17637.093	16505.859	10370.095
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		123.469	100.769	(14.124)
Less	FINANCIAL EXPENSES (D)		0.000	0.000	(78.564)
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		123.469	100.769	64.440
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.164	0.221	0.152
	PROFIT BEFORE TAX (E-F) (G)		123.305	100.548	64.288
Less	TAX (H)		43.912	35.392	22.297
	PROFIT AFTER TAX (G-H) (I)		79.393	65.156	41.991
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		323.395	258.239	216.248
	BALANCE CARRIED TO THE B/S		402.788	323.395	258.239
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	3384.768	4636.191	1128.426
		Other Earnings	5.359	4.497	9.719
	TOTAL EARNINGS		3390.127	4640.688	1138.145
	IMPORTS		NA	8999.520	7173.436
	Earnings Per Share (Rs.)		4.19	3.44	2.22

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	0.45	0.39	0.41
Net Profit Margin (PBT/Sales)	(%)	0.70	0.61	NA
Return on Total Assets (PBT/Total Assets}	(%)	1.49	2.17	1.49
Return on Investment (ROI) (PBT/Networth)		0.21	0.20	0.14
Debt Equity Ratio (Total Liability/Networth)		12.89	8.01	8.62
Current Ratio (Current Asset/Current Liability)		1.96	1.44	1.68

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	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	Yes
21]	Market information	-----
22]	Litigations that the firm / promoter involved in	-----
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	-----
26]	Buyer visit details	-----
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	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

SUNDRY CREDITORS DETAILS

(Rs. In Millions)

Particulars	31.03.2011	31.03.2010	31.03.2009
Sundry Creditors
Creditors due small micro enterprises	0.000	0.000	0.000
Creditors due others	4074.257	3067.128	2467.657
TOTAL	4074.257	3067.128	2467.657

NOTE

Registered office has been shifted from 408, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India to the present address w.e.f.17.01.2011

OPERATIONS

During the year, the sales and other income of the Company has been recorded at Rs. 17760.562 Millions as against Rs. 16606.628 Millions in the previous financial year witnessing a growth of 6.95%. The Company recorded Profit after tax of Rs. 79.394 Millions as against Rs. 65.157 Millions in the previous financial year witnessing a healthy growth of 21.85%.

FORM 8

Corporate identity number of the company	U15499MH1996PLC100016
Name of the company	RUCHI WORLDWIDE LIMITED
Address of the registered office or of the principal place of business in India of the company	408, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
This form is for	Modification of Charge
Charge identification number of the charge to be modified	80029999
Type of charge	Book debts Floating charge
Particular of charge holder	ICICI Bank Limited, Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India
Nature of instrument creating charge	Supplemental Deed of Hypothecation executed on 23rd October, 2010 to secure the repayment of enhanced credit facilities(fund based and non fund based) of Rs. 2900 Millions in favour of ICICI Bank Limited.
Date of instrument Creating the charge	23.10.2010
Amount secured by the charge	Rs. 2900.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest The rate of interest of each drawal of the facility will be stipulated by ICICI Bank at the time of disbursement of each drawal on the basis of repayment schedule. Terms of repayment Maximum tenor of each tranche : 180 days (or) up to validity period of facility, whichever is earlier. Principal amount of each tranche is to be repaid as bullet payment on the maturity date or in installments as agreed upon, but within the validity period of Facility. Margin Line of credit for Short term loan -Inventory : Uniform margin of 25% against all components of inventory. Book debts: 25% Export Packing Credit- 10.00% of FOB value in respect of export orders. 20.00% of CIF value in respect of export orders. Letter of Credit- Nil Extent and operation of the charge The current assets have been hypothecated as and by way of first charge and shall rank pari-passu with the other charge holders
Short particulars of the property charged (Including location of the property)	Current assets including stocks of raw materials, goods-in-process, finished goods, consumable stores and spares and such other movables, including book debts, bills etc. both present and future.
Date of instrument modifying the charge	27.01.2010
Particulars of the present modification	Original Hypothecation agreement was executed on 29th April, 2005. Present, Supplemental Deed of Hypothecation executed on 23rd October, 2010 to secure the repayment of enhanced limit of Rs. 2900.000 Millions (earlier 2000.000 Millions).

FIXED ASSETS

• Office Equipment
• Furniture and Fixture
• Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 55.51
UK Pound	1	Rs. 87.59
Euro	1	Rs. 69.14

INFORMATION DETAILS

Information Gathered by :	SVA
Report Prepared by :	DPT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

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

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