MIRA INFORM REPORT

Report Date :

29.10.2012

Tel. No.:	00912222824851
Fax No.:	00912222886878

IDENTIFICATION DETAILS

Name :	RUCHI SOYA INDUSTRIES LIMITED
Registered Office :	614, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	06.01.1986
Com. Reg. No.:	11-038536
Capital Investment / Paid-up Capital :	Rs.686.717 Millions
CIN No.: [Company Identification No.]	L15140MH1986PLC038536
TAN No.: [Tax Deduction & Collection Account No.]	MUMR14074E BPLR03207B
PAN No.: [Permanent Account No.]	AAACR28921
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on The Stock Exchange.
Line of Business :	Manufacturing of Soya Bean Oil Edible Grade, Meal of Soya Bean and Other Vegetable Oils and Fats.
No. of Employees :	2000 (Approximately)

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 88270000
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 businessman. 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	A (Long Term Bank Facilities)
Rating Explanation	Having adequate degree of safety regarding timely servicing of financial obligation. It carry low credit risk.
Date	February

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office :	614, Tulsiani Chambers, 2^nd Floor, Backbay Reclamation, Nariman Point, Mumbai - 400 021, Maharashtra, India.
Tel. No.:	91-22-66560600
Fax No.:	91-22-22837525
E-Mail :	amrita_shahra@ruchigroup.com snehhal@ipan.com rl_gupta@ruchigroup.com
Website :	http://www.ruchisoya.com
Area :	500 Sq. ft. (Approximately)
Head /Administrative Office :	301 Mahakosh House, 7/5 South Tukoganj,Nath Mandir Road, Indore - 452 001, Madhya Pradesh, India.
Tel. No.:	91-731-2513281/82/83
Fax No.:	91-731-4065019 / 2527250
Factory 1 :	Survey No.217/1, Village Mityhirohar, Taluka Gandhidham, Kutch, Gandhidham – 370201, Gujarat, India
Tel No.:	91-2836-645672/73
Fax No.:	91-2836-286509/286473
Factory 2 :	Mangliagaon, A. B. Road, Indore, Madhya Pradesh, India
Factory 3 :	Baikampady Industrial Area, Mangalore, Karnataka, India
Factory 4 :	Village Esambe, Taluka Khalapur, District Raigad, Maharashtra, India
Factory 5 :	Bijoyramchak, Ward No. 9, P.O. Durgachak, Haldia, West Bengal, India
Factory 6 :	Village Butibori, Tehsil Nagpur, Maharashtra, India
Factory 7 :	Akodia Road, Industrial Area, Shujalpur, District Shajapur, Madhya Pradesh, India
Factory 8 :	Gram Kanti Pipariya Road, Village Kamati, Gadarwada, District Narsinghpur, Madhya Pradesh, India
Factory 9 :	Gram Mithi Rohar, Taluka Gandhidham, District Bhuj, Gujarat, India
Factory 10 :	Kannigaiper Village, Uthukottai Taluk, Thiruvallur District Tamilnadu, India
Factory 11 :	RIICO Udyog Vihar, Sriganganagar, Rajasthan, India
Factory 12 :	RIICO Industrial Area, Govindpur Bawari, Post Talera District, Bundi, Rajasthan, India
Factory 13 :	Kusmoda, A.B. Road, Guna, Madhya Pradesh, India
Factory 14 :	Kota Road, Baran, Rajasthan, India
Factory 15 :	Rani Piparia, District Hoshangabad, Madhya Pradesh, India
Factory 16 :	SIDCO Industrial Estate, Bari Brahmana, Jammu and Kashmir, India
Factory 17 :	Village Daloda, District Mandsaur, Madhya Pradesh, India
Factory 18 :	Survey No. 178, Surkandi Road, Washim, Maharashtra, India
Factory 19 :	Bapulapadu Mandal, Ampapuram Village, Krishna District, Vijaywada, Andhra Pradesh, India
Factory 20 :	IDA, ADB Road, Peddapuram, East Godawari District, Andhra Pradesh, India

DIRECTORS

AS ON 31.03.2012

Name :	Mr. Kailash Shahra
Designation :	Chairman
Name :	Mr. Dinesh Shahra
Designation :	Managing Director
Qualification :	B. E. (Chemical Engineer)
Name :	Mr. A. B. Rao
Designation :	Director (Legal)
Name :	V. K. Jain
Designation :	Director (Commercial)
Name :	Mr. Sanjeev Kumar Asthana
Designation :	Director
Name :	Mr. P. D. Dwivedi
Designation :	Director
Name :	Mr. Sajeve Deora
Designation :	Director
Name :	Mr. N. Murugan
Designation :	Director
Name :	Mr. Navin Khandelwal
Designation :	Director

KEY EXECUTIVES

Name :	Mr. R. L. Gupta
Designation :	Company Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2012

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	104127167	31.23
Bodies Corporate	75639513	22.68
Sub Total	179766680	53.91
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	179766680	53.91
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	31500	0.01
Financial Institutions / Banks	249304	0.07
Foreign Institutional Investors	52059372	15.61
Sub Total	52340176	15.7
(2) Non-Institutions
Bodies Corporate	78176483	23.45
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	11605560	3.48
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	1723990	0.52
Any Others (Specify)	9826733	2.95
Clearing Members	9826733	2.95
Sub Total	101332766	30.39
Total Public shareholding (B)	153672942	46.09
Total (A)+(B)	333439622	100
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0
(1) Promoter and Promoter Group	0	0
(2) Public	0	0
Sub Total	0	0
Total (A)+(B)+(C)	333439622	0

BUSINESS DETAILS

Line of Business :

Manufacturing of Soya bean Oil Edible Grade, Meal of Soya Bean and Other Vegetable Oils and Fats.

Products :

Product Description	Item Code No.
Soya bean Oil Edible Grade	15079000.10
Meal of Soya Bean	230400.03
Other Vegetable Oil and Fats	151800.09

PRODUCTION STATUS AS ON 31.03.2011

Particulars	31.03.2011 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)	76
Palm Crushing	518400
Toilet Soap	33600
Soap Noodles	42000
Split Fatty Acid	35000
Glycerine	2250
PRODUCTION
Textured Soya Proteins/ Flour	171733.903
Realisable by-products	390918.699
Seed Extractions (DOC)	1549222.447
Oils	1943022.499
Vanaspati	170138.405
Milk	--
Power Generation (Number of Units)	112058160
Seedling (Number of Units)	521405

GENERAL INFORMATION

No. of Employees :

2000 (Approximately)

Bankers :

· Axis Bank Limited

· Bank of Baroda

· Bank of India

· Central Bank of India

· Corporation Bank

· Dena Bank

· ICICI Bank Limited

· IDBI Bank Limited

· Oriental Bank of Commerce

· Punjab National Bank

· State Bank of Bikaner and Jaipur

· State Bank of Hyderabad

· State Bank of India

· State Bank of Mysore

· State Bank of Patiala

· State Bank of Travancore

· Syndicate Bank

· The Karur Vysya Bank Limited

· UCO Bank

Facilities :

Secured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

Term Loans from Banks

- Rupee Loans

1928.164

1862.769

- Foreign Currency Loans

5558.359

4403.705

Short Term Loan from Banks

1261.735

0.000

Working Capital Loans from banks

5010.271

5222.320

TOTAL

13758.529

11488.794

Unsecured Loan

Rs. In Millions

31.03.2012

Rs. In Millions

31.03.2011

- Deferred Sales Tax Liability

510.527

297.204

From Banks / Financial Institutions

31602.003

19981.151

TOTAL

32112.530

20278.355

NOTES

LONG TERM BORROWINGS

Nature of Security and terms of repayment for secured borrowings

Name of the lender	Rate of Interest	Nature of Security	Terms of Repayment
Term loan from IDBI Bank amounting to Rs. 85.600 Millions (March 31, 2011: Rs. 306.400 Millions	BBR+2.5% p.a.	Secured by a first pari passu charge over the fixed assets, both present and future, located at Washim unit (Maharashtra) of the Company.	Repayable in 60 monthly installments (commenced from December, 2010) of sanctioned amount of Rs. 1100.000 Millions .
Term loan from IDBI Bank amounting to Rs. 788.889 Millions (March 31, 2011: Rs. 900.000 Millions)	BBR+3.5% p.a.	Secured by a first pari passu charge over all the fixed assets, both present and future, located at Haldia unit/s (West Bengal), Patalganga and Nagpur unit/s (Maharashtra) of the Company together with first exclusive charge on the entire fixed assets, both present and future, located at Washim unit (Maharashtra) of the Company.	Repayable in 18 equal quarterly installments (commenced from September, 2011) of sanctioned amount of Rs. 1000.000 Millions
Term loan from EXIM Bank amounting to Rs. 57.143 Millions (March 31, 2011: Rs. 114.286 Millions)	LTMLR+2.20% p.a.	Secured by a first pari passu charge over the fixed assets, both present and future, located at Manglia unit (Madhya Pradesh) of the Company, and first charge over the properties, both present and future, located at Jaora (Madhya Pradesh), Dhule (Maharashtra) and Coimbatore (Tamilnadu), wind farm locations of the Company, having total capacity of 7.4 MW.	Repayable in 21 equal quarterly installments (commenced from March, 2008) of sanctioned amount of Rs. 300.000 Millions .
Foreign Currency Term loan from EXIM Bank amounting to Rs. 89.932 Millions (March 31, 2011: Rs. 141.430 Millions )	LIBOR 6 Months + 500 BPS p.a.	Secured by a first pari passu charge over the fixed assets, both present and future, located at Manglia unit (Madhya Pradesh) of the Company, and first charge over the properties, both present and future, located at Jaora (Madhya Pradesh), Dhule (Maharashtra) and Coimbatore (Tamilnadu), wind farm locations of the Company, having total capacity of 7.4 MW.	Repayable in 21 equal quarterly installments (commenced from June, 2008) of sanctioned amount of Rs. 300.000 Millions .
Term loan from State Bank of India amounting to Rs. 368.636 Millions (March 31, 2011: Rs. 560.667 Millions )	BBR + 4% p.a.	Secured by a first exclusive charge over the fixed assets, both present and future, located at Palsodi (Madhya Pradesh) Wind farm location of the Company, having total capacity of 22.5 MW.	Repayable in 20 equal quarterly installments (commenced from June, 2009) of sanctioned amount of Rs. 950.000 Millions .
Corporate Loan I from State Bank of India amounting to Rs. 508.127 Millions (March 31, 2011: Rs. 1259.583 Millions)	BBR + 4.25% p.a.	Secured by a first exclusive charge over the fixed assets, both present and future, located at Kota (Rajasthan), Chennai (Tamilnadu) and Shriganganagar unit (Rajasthan) of the Company and first pari passu charge over the fixed assets, both present and future, located at Haldia (West Bengal), Patalganga and Nagpur unit/s (Maharashtra), Mangalore (Karnataka) and Manglia (Madhya Pradesh) of the Company.	Repayable in 17 quarterly installments (commenced from March, 2008) of sanctioned amount of Rs. 2500.000 Millions out of that first 13 installments shall be of Rs. 100.000 Millions per installments and next 4 shall be of Rs. 300.000 Millions per installments.
Corporate Loan II from State Bank of India amounting to Rs. 760.595 Millions (March 31, 2011: Rs. 1269.450 Millions )	BBR + 4.25% p.a.	Secured by a first exclusive charge over the fixed assets, both present and future, located at Kota Rajasthan), Chennai (Tamilnadu) and Shriganganagar unit (Rajasthan) of the Company and first pari passu charge over the fixed assets, both present and future, located at Haldia (West Bengal), Patalganga and Nagpur unit/s (Maharashtra), Mangalore (Karnataka) and Manglia (Madhya Pradesh) of the Company.	Repayable in 18 quarterly installments (commenced from December, 2008) of sanctioned amount of Rs. 2500.000 Millions out of that first 14 installments shall be of Rs. 125.000 Millions per installments and next 4 shall be of Rs. 187.500 Millions per installments.
Corporate Loan III from State Bank of India amounting to Rs. 2279.677 Millions (March 31, 2011: Rs. Nil)	BBR + 4.25% p.a.	Secured by a first exclusive charge over the fixed assets, both present and future, located at Kota (Rajasthan), Chennai (Tamilnadu) and Shriganganagar (Rajasthan) of the Company, and first pari passu charge over the fixed assets, both present and future, located at Haldia (West Bengal), Patalganga and Nagpur (Maharashtra), Mangalore (Karnataka) and Manglia (Madhya Pradesh) of the Company.	Repayable in 20 equal quarterly installments (commenced from September 2011) of sanctioned amount of Rs. 2500.000 Millions .
Term loan from State Bank of India amounting to Rs. 32.578 Millions (March 31, 2011: Rs. 48.687 Millions)	PLR-1.25% p.a	Secured by a first pari passu charge over the entire fixed assets, both present and future, located at Oleochem division, Kandala (Gujarat) of the Company.	Repayable in 25 quarterly installments (commenced from October, 2006) of sanctioned amount of Rs. 150.000 Millions out of that first 22 installments shall be of Rs. 5.320 Millions per installments, then next 2 shall be of Rs. 10.996 Millions per installments and last installments shall be of 10.968 Millions .
Term loan from State Bank of India amounting to Rs. 17.933 Millions (March 31, 2011: Rs. 38.858 Millions)	PLR-1% p.a		Repayable in 22 quarterly installments (commenced from October, 2007) of sanctioned amount of Rs. 100.000 Millions out of that first installments shall be of Rs. 2.350 Millions, then next 13 shall be of Rs. 4.321 Millions per installments, then next 7 installments shall be of Rs. 51.85 Millions per installments and last installments shall be of Rs. 5.182 Millions .
Term loan from State Bank of India amounting to Rs. 23.662 Millions (March 31, 2011: Rs. 51.916 Millions)	PLR-1% p.a		Repayable in 26 quarterly installments (commenced from September, 2006) of sanctioned amount of Rs. 150.000 Millions out of that first 2 installments shall be of Rs. 6.300 Millions per installments, then next 8 installments shall be of Rs. 4.500 Millions per installment, then next 4 installments shall be of Rs. 6.000 Millions per installment, then next 4 installments shall be of Rs. 6.500 Millions per installment, then next 7 installments shall be of Rs. 7.000 Millions per installment and last installments shall be of Rs. 2.400 Millions.
Term loan from State Bank of India amounting to Rs. 39.554 Millions (March 31, 2011: Rs. 77.213 Millions)	PLR+1.25% p.a		Repayable in 22 quarterly installments (commenced from December, 2007) of sanctioned amount of Rs. 180.000 Millions out of that first 2 installments shall be of Rs. 6.700 Millions per installments, then next 4 shall be of Rs. 5.700 Millions per installments, then next 8 installments shall be of Rs. 8.200 Millions per installments, then next 4 installments shall be of Rs. 9.820 Millions per installments and last 4 installments shall be of Rs. 9.740 Millions per installments.
Term loan from State Bank of Mysore amounting to Rs. 15.083 Millions (March 31, 2011: Rs. 35.248 Millions)	PLR-1.75% p.a		Repayable in 25 quarterly installments (commenced from October 2006) of sanctioned amount of Rs. 122.900 Millions out of that first 2 installments shall be of Rs. 4.000 Millions per installment, then next 22 shall be of Rs. 5000 Millions per installment, and last installment shall be of Rs. 4.900 Millions.
Term loan from Yes Bank amounting to Rs. 612.500 Millions (March 31, 2011: Rs. 706.123 Millions)	10.3% p.a.	Secured by a first pari passu charge over the fixed assets, both present and future, located at Mangalore (Karnataka) of the Company	Repayable in 16 equal quarterly installments (commenced from August, 2011). of sanctioned amount of Rs. 700.000 Millions
Term loan from ICICI Bank amounting to Rs. 81.458 Millions (March 31, 2011: Rs. 1,445.83 lac)	BBR+2.5% p.a.	Secured by a first charge over the specific fixed assets, both present and future, located at Ampapuram, Bapulapadu Mandai in Krishna District (Andhra Pradesh) of the Company	Repayable in 48 equal monthly installments (commenced from February, 2010) of sanctioned amount of Rs. 200.000 Millions .
ECB I in foreign currency from DBS Bank Limited Amounting to Rs. 1026.000 Millions (March 31, 2011: Rs. 896.400 Millions)	LIBOR 6 months + 340 bps p.a.	Secured by a first charge over the fixed assets, both present and future, located at Guna (Madhya Pradesh), Daloda (Madhya Pradesh), Baran (Rajasthan) and Gadarwara (Madhya Pradesh) of the Company.	Repayable in 5 semiannual installments (to be commenced from March, 2013) of 15%, 20%, 20%, 20% and 25% of sanctioned amount of US $ 200.00 lac.
ECB II in foreign currency from DBS Bank Limited Amounting to Rs. 1026.000 Millions (March 31, 2011: Rs. 672.300 Millions)	LIBOR 6 months + 290 bps p.a.	Secured by a first charge over the fixed assets, both present and future, located at refinary Kandla (Gujarat) of the Company.	Repayable in 6 semiannual installments (to be commenced from Sep, 2014) of 13%, 13%, 13%, 13% 24% and 24% of sanctioned amount of US $ 200.00 lac.
ECB III in foreign currency from DBS Bank Limited Amounting to Rs. 769.500 Millions (March 31, 2011: Rs. Nil)	LIBOR 6 months + 370 bps p.a.	Secured by a first charge over the fixed assets, both present and future, located at Guna unit (Madhya Pradesh), Daloda unit (Madhya Pradesh), Baran unit (Rajasthan) and Gadarwara unit (Madhya Pradesh) and Kandla refinary unit (Gujarat) of the Company.	Repayable in 5 semiannual installments (to be commenced from March, 2016) of 19.67%, 20%, 20%, 20% and 20.33% of sanctioned amount of US $ 300.00 lac.
ECB I in foreign currency from Standard Chartered Bank amounting to Rs. 1026.000 Millions (March 31, 2011: Rs. 896.400 Millions)	LIBOR 3 months + 260 bps p.a.	Secured by a first charge over the fixed assets, both present and future, located at Maliya Miyana (Gujarat), Piploda (Madhya Pradesh), Fatehgrah (Rajasthan), Shergrah (Rajasthan), and Osiyan (Rajasthan) wind farm locations of the company, having total capacity of 26.1 MW .	Repayable in 16 quarterly installments (to be commenced from June, 2012) out of that first 8 installments shall be 5% and next 8 installments shall be 7.5% of sanctioned amount of US $ 200.00 lac.
ECB II in foreign currency from Standard Chartered Bank amounting to Rs. 1026.000 Millions (March 31, 2011: Rs. 896.400 Millions)	LIBOR 3 months +225 bps p.a.	Secured by a first charge over the fixed assets, both present and future, located at Piploda (Madhya Pradesh), Palsodi (Madhya Pradesh) and Fatehgrah (Rajathan) wind farm locations of the company, having total capacity of 19.8 MW.	Repayable in 6 semi annual equal installments (to be commenced from June, 2013) of sanctioned amount of US $ 200.00 lac.

BBR-Base Bank Rate

PLR-Prime Lending Rate

LIBOR-London Interbank Offered Rate

LTMLR- Long Term Minimum Lending Rate

a) In addition to the securities specified above, loans amounting to Rs. 5067.408 Millions (March 31, 2011: Rs. 4936.333 Millions) are secured by personal guarantee of Director.

b) The charges referred to above, rank pari passu inter se the lenders at each locations, wherever applicable.

D. Deferred Sales tax denotes interest free sales tax deferral under Schemes of State Government of Andhra Pradesh and Tamilnadu. The same are repayable in annual installments beginning from June 2013 in case of Andhra Pradesh. and from August 2015 in case of Tamilnadu .

SHORT TERM BORROWINGS

Name of the lender	Rate of Interest	Nature of Security	Terms of Repayment
Short Term loan from Barclays Bank amounting to Rs. 261.735 Millions (March 31, 2011: Rs. Nil)	6.30133% p.a.	Specific charge over the current assets acquired out of facility or book debts pertaining to current assets acquired out of facility to the extent of INR 250.000 Millions	Repayable on demand within tenure of 90 days or at the end of 90 days from date of drawdown.
Short Term loan from IDBI Bank amounting to Rs. 1000.000 Millions (March 31, 2011: Rs. Nil)	BBR+50bps p.a.	Pledge of stocks held in approved Warehouse(s) with duly endorsed Warehouse receipts in favour of the lender.	Repayable on demand within tenure of 180 days or at the end of 180 days from date of release of facility.
Working Capital Loans from Banks amounting to Rs. 5010.271 Millions (March 31, 2011: Rs. 5222.320 Millions )	Packing Credit Loans ( Ranging from 10.50% p.a to 13.00% p.a. ) and other working capital loans(Ranging from 10.5% p.a. to 14.75% p.a. )	First pari passu charge within the Consortium Member banks over the current assets, both present and future of the Company and second pari passu charge within the Consortium Member banks over the movable and immovable fixed assets , both present and future, of the Company.	Repayable on demand during the facility tenure of 12 months.

C In addition to the securities specified above, loans amounting to Rs. 6010.271 Millions (March 31, 2011: Rs. 5222.320 Millions) are secured by personal guarantee of Director/s.

D During the year, the Company has availed buyer’s credit. The amount of Rs. 31602.003 Millions (Previous year Rs. 12732.424 Millions) outstanding on account of buyer’s credit is guaranteed by the banks against fixed deposits of Rs. 22069.300 Millions (Previous year Rs. 10907.500 Millions ) placed with them and against credit line of non fund based limit of Rs. 9805.183 Millions (Previous year Rs. 2335.255 Millions ).

Banking Relations :	--
Auditors :
Name :	P. D. Kunte and Company Chartered Accountants
Cost Auditor :
Name :	K. G. Goyal and Company Cost Auditors
Name :	Chartered Accountant
Subsidiaries :	· Ruchi Worldwide Limited · Mrig Trading Private Limited · Gemini Edibles and Fats India Private Limited · Ruchi Industries Pte. Limited, Singapore · Ruchi Ethiopia Holdings Limited, Dubai · Indian Oil Ruchi Bio Fuels, Limited Liability Partnership · Ruchi Infrastructure Limited
Step Down Subsidiaries:	· Ruchi Agri Plantation (Combodia) Pte. Limited · Ruchi Agri Trading Pte. Limited, Singapore (with effect from December 30, 2011) · Ruchi Agri SARL (Madgasker) (with effect from December 12, 2011) · Ruchi Agri PLC (with effect from May 20, 2011)
Associates :	· GHI Energy Private Limited · Ruchi Green Energy Private Limited
Other Related Parties :	· Aaradhya Buildtech Private Limited · Alison Builders and Construction Private Limited · Ankesh Resorts and Hotels Private Limited · Aparaa Buildtech Private Limited · Arav Construction and Developers Private Limited · Archer Construction and Builders Private Limited · Aseem Infracon Private Limited · Avid Constructions Private Limited · Bright Star Buildtech Private Limited · Bright Star Housing Private Limited · Deepti Housing Private Limited · Deepti Properties Private Limited · Delite Ventures Private Limited · Great Eastern Infrastructure Corporation Private Limited · High Tech Realties Private Limited · I Farm Equity Advisors Private Limited · I Farm Venture Advisors Private Limited · Indivar Wellness Private Limited · Mahadeo Shahra Sukrut Trust · Mahakosh Amusement Private Limited · Mahadeo Shahra and Sons · Mahadeo Shahra and Sons Private Limited · Mangalore Liquid Impex Private Limited · Navaagat Infratech Private Limited · Navodit Infracon Private Limited · Neha Resorts and Hotels Private Limited · Neha Securities Private Limited · Nibodh Infradevelopers Private Limited · Nirvana Housing Private Limited · Nischit Intratech Private Limited · RSIL Benificiary Trust · Ruchi Marketrade Private Limited · Ruchi Bio-fuels Private Limited · Ruchi Corporation Limited · Ruchi Multitrade Private Limited · Ruchi Realty Private Limited · Sadashay Construction Private Limited · Saharsh Brokers Private Limited · Sakushal Buildtech Private Limited · Sanchit Buildtech Private Limited · Shahra Brothers Private Limited · Shahra Estate Private Limited · Shahra Sons Private Limited · Shalin Infratech Private Limited · Sharsha Infracon construction and Developers Private Limited · Shiva Foundation (Trust) · Soyumm Marketing Private Limited · Spectra Realties Private Limited · Suramya Infratech Private Limited · Vishal Warehousing Private Limited

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
1010250000	Equity Shares	Rs. 2/- each	Rs. 2020.500 Millions
5100000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 510.000 Millions
	TOTAL		Rs. 2530.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
333358572	Equity Shares	Rs. 2/- each	Rs. 666.717 Millions
200000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 20.000 Millions
	TOTAL		Rs. 686.717 Millions

NOTES

(a) Reconciliation of numbers of shares

Particulars	As at March 31, 2012
i) Equity Shares:	Number of Shares	Rs. in Millions
Balance as at the beginning of the year	332,526,472	665.053
Add:
Shares issued pursuant to a scheme of amalgamation	--	--
Share issued on conversion of Warrants	--	--
Shares issued under Employee Stock option during the year	832,100	1.664
Balance as at the end of the year	333.358.572	666.717
ii) Preference Shares
Balance as at the beginning of the year	200,000	20.000
Add:
Shares issued pursuant to a scheme of amalgamation	--	--
Balance as at the end of the year	200,000	20.000

(b) Rights, Preferences and Restrictions attached to Shares

A-Equity Shares:

The Company has one class of equity shares having a par value of Rs. 2 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.

Lock in Restrictions

70,559,616 (Previous year 70,559,616) Equity shares are subject to lock in restrictions ranging from period January 29, 2013 to March 28, 2014.

B-Preference Shares:

The 6% Non-Convertible Redeemable Cumulative Preference Shares of Rs. 100/- each were issued pursuant to the Scheme of Amalgamation and Arrangement between Sunshine Oleochem Limited, Ruchi Soya Industries Limited and their respective shareholders sanctioned by the Hon’ble High Court of Mumbai in the preceding year on the same terms and conditions as originally issued by Sunshine Oleochem Limited.

The preference shares are redeemable as follows:

a) First installment of Rs. 33/- per preference share on completion of 144 months from March 31, 2009.

b) Second installment of Rs. 33/- per preference share on completion of 156 months from March 31, 2009.

c) Third installment of Rs. 34/- per preference share on completion of 168 months from March 31, 2009.

(c) For Shares allotted under Employee Stock Option Plan Scheme, 2007 as modified from time to time.

d) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company.

Particulars	31.03.2012	%
EQUITY SHARES
Mr. Dinesh Shahra (in the capacity of Trustee of Shiva Foundation)	47,274,013	14.18%
Dinesh Shahra (HUF)	18,705,836	5.61%
Soyumm Marketing Private Limited	23,358,049	7.01%
Spectra Realities Private. Ltd.	18,000,000	5.40%
Sawit Plantations PTE Limited	19,612,913	5.88%
VS Net Limited	21,973,459	6.59%
TOTAL EQUITY SHARES	148,924,270	44.67%
PREFERENCE SHARES
Ruchi Infrastructure Limited	200,000	100%
TOTAL PREFERENCE SHARES	200,000	100%

(e) The issued, subscribed and paid-up share capital includes 56,638,462 Equity Shares and 200,000 Preference Shares issued pursuant to Schemes of Amalgamation, Arrangement and Mergers during the last five years.

AS ON 30.09.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
1010250000	Equity Shares	Rs. 2/- each	Rs. 2020.500 Millions
5100000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 510.000 Millions
	TOTAL		Rs. 2530.500 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
333439622	Equity Shares	Rs. 2/- each	Rs. 666.879 Millions
200000	Cumulative Redeemable Preference Shares	Rs.100/- each	Rs. 20.000 Millions
	TOTAL		Rs. 686.879 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		686.717	685.053	824.813
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		21381.477	20872.387	18404.902
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		22068.194	21557.440	19229.715
LOAN FUNDS
1] Secured Loans		13758.529	11488.794	6853.367
2] Unsecured Loans		32112.530	20278.355	16610.196
TOTAL BORROWING		45871.059	31767.149	23463.563
DEFERRED TAX LIABILITIES		2528.721	1990.495	1686.500
EMPLOYEES STOCK OPTIONS		0.000	0.000	18.132
TOTAL		70467.974	55315.084	44397.910
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		23449.920	21033.698	19605.195
Capital work-in-progress		2370.057	1818.661	644.052
INVESTMENT		2107.273	1872.438	1967.273
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	36602.026	28234.140	15872.849
	Sundry Debtors	30990.157	22300.497	12002.742
	Cash & Bank Balances	23992.329	12573.919	15013.811
	Other Current Assets	1777.804	1007.499	412.353
	Loans & Advances	5553.820	6668.222	9481.033
Total Current Assets		98916.136	70784.277	52782.788
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	41240.782	34515.559	27079.524
	Other Current Liabilities	14947.697	5370.812	1524.733
	Provisions	186.933	307.619	1998.629
Total Current Liabilities		56375.412	40193.990	30602.886
Net Current Assets		42540.724	30590.287	22179.902
MISCELLANEOUS EXPENSES		0.000	0.000	1.488
TOTAL		70467.974	55315.084	44397.910

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	259964.526	166268.001	135135.989
		Other Income	2272.565	1359.691	161.228
		TOTAL (A)	262237.091	167627.692	135297.217
Less	EXPENSES
		Cost of Material Consumed	140349.946	101415.081	121895.430
		Purchases of Stock In Trade	98278.910	51410.554	0.000
		Employees Benefits Expenses	1102.561	885.896	0.000
		Others Expenses	19723.527	11794.502	9411.555
		Exceptional Items	0.000	0.000	(35.243)
		Increase/(Decrease) in Stock	(6121.493)	(4363.336)	(377.450)
		TOTAL (B)	253333.451	161142.697	130894.292
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8903.640	6484.995	4402.925
Less	FINANCIAL EXPENSES (D)		5212.619	2227.518	674.393
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3691.021	4257.477	3728.532
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1407.765	1199.270	1003.717
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		2283.256	3058.207	2724.815
Less	TAX (H)		1060.109	926.121	1000.142
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		1223.147	2132.086	1724.673
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		6086.295	4296.438	3445.491
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD RELATING TO TRANSFEROR COMPANIES		0.000	101.571	15.438
Less	APPROPRIATIONS
		General Reserve	100.000	250.000	250.000
		Proposed Dividend	107.900	166.749	159.609
		Capital Redemption Reserve	0.000	0.000	452.429
		Tax on Dividend	17.500	27.051	27.126
	BALANCE CARRIED TO THE B/S		7084.042	6086.295	4296.438
	EARNINGS IN FOREIGN CURRENCY
		F. O. B value of Export	32343.326	22672.177	13458.161
		F. O. B value of Merchandise trade	10843.919	9063.470	7603.100
	TOTAL EARNINGS		43187.245	31735.647	21061.261
	IMPORTS
		Capital Goods	0.000	0.000	7.071
		Purchase of Oils	69127.946	46374.738	50987.995
		Purchases for Merchandise exports	9334.897	8883.483	7474.504
		Purchase of Consumables/ packing materials	7.394	6.314	70.339
	TOTAL IMPORTS		78470.237	55264.535	58539.909
	Earnings Per Share (Rs.)		3.67	6.62	6.92

QUARTERLY RESULTS

PARTICULARS	30.06.2012	30.09.2012
	1^st Quarter	2^nd Quarter
Net Sales	50079.110	54272.270
Total Expenditure	48608.050	53620.720
PBIDT (Excl OI)	1471.060	651.550
Other Income	677.380	831.610
Operating Profit	2148.440	1483.160
Interest	1165.900	185.850
Exceptional Items	0.000	0.000
PBDT	982.540	1297.310
Depreciation	346.300	342.750
Profit Before Tax	636.240	954.560
Tax	210.150	297.990
Provisions and contingencies	0.000	0.000
Profit After Tax	426.090	656.570
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	426.090	656.570

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	0.47	1.27	1.27
Net Profit Margin (PBT/Sales)	(%)	0.88	1.84	2.02
Return on Total Assets (PBT/Total Assets}	(%)	1.87	3.33	3.76
Return on Investment (ROI) (PBT/Networth)		0.10	0.14	0.14
Debt Equity Ratio (Total Liability/Networth)		4.75	3.43	2.90
Current Ratio (Current Asset/Current Liability)		1.75	1.76	1.72

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	No
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	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	No
31]	Date of Birth of Proprietor/Partner/Director, if available	No
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

OPERATIONS

During the year, the Total Income (revenue) of the Company increased to Rs. 262237.100 Millions from Rs. 167627.700 Millions in the previous year, recording a growth of over 56%. The earnings before interest, tax and depreciation (EBITDA) has increased by 37.30% from Rs. 6485.000 Millions to Rs. 8903.600 Millions. Profit after tax of Rs. 1223.100 Millions was recorded during the year as against Rs. 2132.100 Millions in the previous year. During the year, the international economic and political situations coupled with monetary conditions have influenced domestic business sentiments. Also, volatility in the currency and commodity prices and the sharp depreciation in the value of Indian rupee had impacted cost structure and margins.

EXPORTS

The Company registered a growth of over 42% in exports during the financial year as compared to that of previous year. It exported products of Rs. 32343.300 Millions during the year as compared to Rs. 22672.200 Millions in the previous year.

FUTURE OUTLOOK

Subject is a leading branded edible oil supplier. Nutrela Healthy Oils (Soyabean, Sunflower, Mustard Oil), Ruchi Gold (Palmolein and Mustard Oil), Mahakosh (Soyabean Oil), Sunrich (Sunflower Oil) are all leading brands in the Indian edible oil market space and Ruchi is the leader in the Refined Oil Consumer Pack (ROCP) space today.

Superior procurement and leadership position in the industry, continuous innovation, an endeavor to meet consumer needs and stringent quality control standards have enabled the Company to emerge as a highly-respected and admired Indian company.

The Company is exploring new horizons beyond its traditional business interests. New initiatives like palm plantation and renewable energy sources coagulate well with the existing business goals of the company. The Company has also recently expanded the capacity of its port based refineries by close to 600,00 MT per annum to cater to the growing demand and remain competitive in the market. The company is also ready to commission one new processing unit in the state of Bihar with refining capacity of close to 2 lac MT per annum.

SUBSIDIARY COMPANIES

During the year, the Company has set up its step down subsidiary companies in Singapore, Ethiopia and Madgascar to expand presence in the international markets.

The Company has complied with the conditions of General Circular No. 2 dated February 8, 2011 issued by the Ministry of Corporate Affairs, Government of India and availed exemption from compliance of Section 212 of the Companies Act, 1956. Hence, the annual accounts of the subsidiary companies, directors’ and auditors’ reports thereon, do not form part of the Annual Report of the Company.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The primary business of the Company is processing of oilseeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The domestic edible oil consumption has been steadily growing and is estimated to be around 17 million MT in the current year, with Palm and soya oil, in which the Company has a dominant presence, contributing approx 60% in volume. While there has been a steady growth that has led to per capita consumption of approx 13 kg (2011-12), the supply growth has been primarily lower due to relative stagnancy in the domestic oil seed output. In view of the demand-supply gap, around 53% of the domestic edible oil consumption is met by imports, with Palm and Soya accounting for over 89% of the imported volume. The domestic soya crop production was around 11 Million MT in India during the year. The oil meal is essentially consumed as poultry, fish and cattle feed. A substantial part of soya meal is generally exported to the Asian region even though the domestic demand is growing.

Owing to the growing demand-supply gap in edible oil, the volumes of import of edible oil have gone up from 5.4 Million MT (2006-07) to 9.04 Million MT (2011-12) over the past six years. The share of palm segment in the import of oil has increased from 3.6 Million MT (2006-07) to 7.14 Million MT (2011-12) ) over the past six years due to favorable price dynamics and higher demand of the cost conscious consuming population in the country. The palm segment continues to maintain the overall share of around 80% of the imported vegetable oil in the country, despite the growth in the overall import volume in the country.

During the year, the international economic and political situations coupled with monetary conditions have influenced domestic business sentiments. Also, volatility in the currency and commodity prices and the sharp depreciation in the value of Indian rupee had impacted cost structure and margins.

The Government of Indonesia had changed the export duty structure for export of crude and refined palm oils during October 2011, increasing the duty for export of crude oil. The landed cost of imported crude oil from Indonesia has increased as compared to refined oils and the share of import of refined oil has gone up, thereby adversely impacting the capacity utilization, operations and performance of port based edible oil refinery units in

India during the second half of the year ended March 31, 2012. Various representations were made by the industry associations to protect the domestic industry (including the associated dependent sectors) and promote domestic value addition. The anomaly has since been resolved in July 2012 by the Government of India by correcting the import duty structure to have a level playing field for the domestic industry and thus the industry is hopeful of better performance in the coming years. Keeping in view the substantial quantum of imports, the industry hopes that the Government would continue to take appropriate counter measures proactively to encourage domestic refining industry and domestic value addition.

Keeping in view the growing demand of Palm Oil and augmentation of the domestic supply, the Government of India and State Governments have identified potential areas for oil palm cultivation and taken measures to promote oil palm cultivation and processing in India. It is believed that the above will benefit farmers with better income, reduce import bill of edible oil, support domestic industry and promote regional development. As the effective oil yield per Hectare of palm is far higher than any other oil seeds, the encouragement will entail increase in the sustainable sources of supply of domestic edible oil and will be beneficial to the stakeholders in the long run.

INDUSTRY OUTLOOK

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. The pattern of consumption of edible oil is moving towards packed and/or branded form due to factors such as, 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. Thus the growth of edible oil in packed form has far exceeded the industry wide growth rate over the last five years. 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, across different layers of positioning from “mass” to “class” segments.

According to the industry estimates, the consumption of edible oil is expected to increase from the current level of approximately 17 Million MT to over 21 Million MT by the year 2015. Due to lower domestic supply, the import of edible oil will rise to meet the demand-supply gap.

In order to encourage farmers in taking up higher oil seeds cultivation, the Government of India declared a significant increase in the Minimum Support Prices of oil seeds (MSP) for the year 2012-13, which is expected to divert higher acreage to oil seed crop. The MSP for soya bean seed has gone up from Rs.1,690 to Rs.2,240 per Quintal, thereby improving the sentiments of farmers for better sowing of soya crop. It is widely believed that, to supplement the MSP initiatives, the Government may also proactively facilitate providing better quality of planting materials, high yielding oil seeds, irrigation facilities, information to farmers for adoption of pre and post harvest technology etc., which will result in overall higher production and productivity of oil seeds.

The edible oil industry in India is in a consolidation phase. Enterprises having strong business capabilities in terms of integration of the value chain, 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

The per capita consumption of edible oil in India is low with reference to global average and also to comparable economies. Also, considering the very basic needs to cater to the varying cooking styles/patterns in India, large size of population, better disposable income etc, The demand for edible oil is expected to increase in future. Thus the size and the steady growth of the edible oil industry in India offer great potential for the company to proactively adopt strategies to sustain leadership position in the Industry. The company is in the process of consolidation of the expansion of production capacities in the core business activities with a view to lay a strong foundation to aim at sustainable growth in the years to come. Also, the company is more focused on strengthening the front end and back end business activities with a view to have better visibility of end products in the market place across the spectrum and sustainable sourcing of raw materials to capture the value chain. Keeping in view the rising consumption and changing consumer preferences /needs, the company is evaluating business opportunities in providing health based products by strengthening Research and Development activities and imbibing global technologies for better value to their growing customer base. The focus is also targeted towards achieving continuous improvement in products, processes and services to serve their customer better.

The company has structured the overall operations which has resulted in creation of a robust organizational structure to evolve appropriate response mechanisms which are closer to the point of action considering ground realities and which enables faster decision making and consequent response to the consumer needs, in line with the emerging business needs and trends. The increase in the company’s share of packed and branded retail segment is a testimony of their efforts to deliver consumer oriented action in the market place.

The consumption of edible oil in packed form, given its current low base and vast untapped potential, offers tremendous business opportunities to expand business volumes in retail segment. The company will continue to expand its distribution channels across the country, broad base its product range, and invest in designing and implementing brand position/promotion strategies to achieve the objectives. With the favourable shift towards growth in packaged goods segment, the company has chalked out plans to continue to achieve far higher growth than the industry growth. The company is also strengthening the business processes while realigning the products and markets for value creation.

Being the largest branded marketer in palm oil with strong sourcing strengths, processing capabilities in port based locations to process imported palm oil for distribution in the domestic markets, The company perceives that vertical integration into palm plantations will be the key goal to partially insulate against the short supplies and spiraling prices in the long run. The company perceives, therefore, a logical business opportunity to achieve backward integration in palm plantations in overseas/ domestic markets to complete the value chain and thus give a fillip to the momentum. The direct benefit of the above endeavors, besides strengthening the existing attributes of its business in the domestic market, will be to de-risk the operations from geographical and product risks, to support supply chain requirements and to add long-term sustainable value to the business of the Company. In this regard, the company has already secured procurement rights for the development and sourcing of oil palm over 185,000 Hectares of land, suitable for the cultivation, across various states in India, and set up commensurate processing capacities/facilities appropriate to the requirements. The planted area as of the close of the year was over 42,000 Hectares. Despite the challenging task of scalability, the company has resolved to step up the efforts

resulting in increase in the area of oil palm plantation in the coming years, thereby contributing to income of farmers, the regional development and increase in domestic oil production. The active completion of oil palm plantation in India will be one of the key focus drivers in the future.

As a part of growth strategy, the company is in the process of expanding its presence internationally by setting up of facilities for palm, soya and other cash crops and processing into downstream products, through step down subsidiaries. This will enhance their origination capabilities; support their strategy of value integration, add significant improvement in the margin profile on a consistent basis, resulting in their business model with reasonable predictability and sustainability, in the times to come. They have also identified growth opportunities in grains, cereals and certain cash crops to capitalise on business prospects by leveraging their agriculture oriented business strengths.

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, improvements in product quality, and increased sales of branded products in retail segment.

The Company is of the view that the initiatives in the above mentioned areas will improve the product mix and enhance the margin profile in future. Keeping in view the scale of operations and the overall growth, the company believes that strategic moves will prove beneficial for the Company and the stakeholders in the long term.

CONTINGENT LIABILITIES

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
a) Claims against the company not acknowledged as debts	88.315	90.676
b) Outstanding bank guarantees	450.641	404.834
c) Outstanding letter of credit	--	2.164
d) Outstanding corporate gurantees given on behalf of
- Indian Subsidiary	3629.876	2913.909
- Foreign Subsidiary	513.000	--
e) Income tax/Sales tax/Excise/Octroi/Custom duty/ESIC/ Electricity Duty/demand disputed	2540.171	2926.730
f ) Bills discounted	5260.259	2794.053
g) Interest liability , if any, in respect of advance from customers in the event of default.	183.072	--

FIXED ASSETS

· Freehold Land

· Lease hold Land

· Buildings

· Plant and Machinery

· Windmills

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Trade Marks

· Software

STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED ON 30th JUNE 2012

Particulars		3 Months Ended 30.6.2012
		(Unaudited)
Part I (Rs. In Millions)
1	Income from operations
	(a) Net Sales/Income from operations (Net of excise duty)	50024.392
	(b) Other Operating Income	54.722
	Total income from operations(net)	50079.114
2	Expenses
	(a) Cost of materials consumed	32470.512
	(b) Purchases of stock-in-trade	11557.755
	(c ) Changes in inventories of finished goods, work-in-progress and stock-in-trade.	(355.534)
	(d) Employee benefits expenses	315.019
	(e) Depreciation and amortisation expenses	346.297
	(f) Other expenses	4620.317
	Total Expenses	48954.366
3	Profit/(Loss) from operations before other income, finance costs and exceptional items(1-2)	1124.748
4	Other Income	677.384
5	Profit/(Loss) from ordinary activities before finance costs and exceptional items(3+4)	1802.132
6	Finance costs	1165.896
7	Profit/(Loss) from ordinary activities after  finance costs but before exceptional items(5+6)	636.236
8	Exceptional Items	-
9	Profit/(Loss) from ordinary activities before tax(7+8)	636.236
10	Tax Expenses	210.151
11	Net Profit/(Loss) from ordinary activities after tax(9+10)	426.085
12	Extraordinary items (net of tax expenses)	-
13	Net Profit/(Loss) for the period (11+12)	426.085
14	Share of Profit/(loss) of associates	-
15	Minority Interest	-
16	Net Profit/(Loss) after taxes, monority interest and share of profit/(loss) of associates (13+14+15).	426.085
17	Paid up - Equity Share Capital	666.879
	(Face value Rs 2/- per  share)
	Preference Share Capital	20.000
	(Face value Rs 100/- per  share)
18	Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year	-
19.i	Earning per share (before extraordinary items)
	(of Rs 2/-each) (not annualised)( in Rs Per share)
	a)  Basic	1.28
	b) Diluted	1.28
19.ii	Earning per share (after extraordinary items)
	(of Rs 2/-each) (not annualised)( in Rs Per share)
	a)  Basic	1.28
	b) Diluted	1.28
Part II
A. PARTICULARS OF SHARE HOLDING
1	Public shareholding
	No. of shares	153,382,842
	Percentage of Holding	46.00
2	Promoters and Promoters group shareholding
	a) Pledged/Encumbered
	- Number of shares	3,301,665
	- Percentage of shares(as a % of the total    shareholding of promoter and promoter group)	1.83
	- Percentage of shares(as a % of the total  share capital of the Company)	0.99
	b) Non-encumbered
	- Number of shares	176,755,115
	- Percentage of shares(as a % of the total shareholding of promoter and promoter group)	98.17
	- Percentage of shares(as a % of the total share capital of the Company)	53.01

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

PARTICULARS		3 months ended
		30.6.2012
		(Unaudited)
1	Segment Revenue
	Oils	33726.698
	Vanaspati	1954.643
	Seed Extraction	17551.637
	Food Products	1185.107
	Wind Turbine Power Generation	205.143
	Others	2594.853
	Unallocated	-
	Total Segment Revenue	57218.081
	Less : Inter segment Revenue	7193.689
	Net Sales/Income from operations	50024.392
2	Segment Results (Profit/(loss) before tax and interest from each segment)
	Oils	524.610
	Vanaspati	26.556
	Seed Extraction	362.526
	Food Products	42.925
	Wind Turbine Power Generation	128.254
	Others	50.167
	Unallocated	-
	Total	1135.038
	Less: (i) Finance costs	1165.896
	(ii) Interest Income	(667.094)
	(iii) Other unallocable expenditure net off un-allocable income	-
	Total Profit before tax	636.236
3	Capital Employed (Segment Assets less Segment Liabilities)
	Oils	8613.634
	Vanaspati	2391.163
	Seed Extraction	9759.239
	Food Products	1353.766
	Wind Turbine Power Generation	4974.243
	Others	9500.615
	Unallocated	-
	T O T  A L	36592.660

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 21st July, 2012.  The Statutory Auditors have carried out a ‘limited review’ of the above results.

2. The Compensation Committee of the Board of Directors, at its meeting held on 12th May, 2012 has allotted 81,050 equity shares of Rs 2/- each on exercise of 81,050 options by the eligible employees in accordance with the Employee Stock Option Scheme- 2007  of the Company, as amended from time to time.

The Compensation Committee has further granted 15,000 options and cancelled 52,500 options in terms of the Scheme at its meeting held on 12th May, 2012. The movement in the Employee Stock Options during the quarter ended 30th June, 2012 is as follows: .

Date of Grant	Opening Balance as in  April 1 ,2012	Issued during the quarter	Cancelled during the quarter	Exercised during the quarter	Closing Balance as on June 30,2012
April 1st 2008	83,100	-	-	1,000	82,100
October 1st  2009	615,550	-	38,500	13,200	563,850
April 1st 2010	181,300	-	4,000	36,250	141,050
April 1st 2011	198,000	-	10,000	30,600	157,400
April 1st 2012	-	15,000			15,000
Total	1,077,950	15,000	52,500	81,050	959,400

3. Pursuant to notification dated 29th December 2011 issued by the Ministry of Corporate Affairs, with effect from 1st April 2011, the Company has exercised the option available under the said Clause. Accordingly, the exchange difference   arising on reporting of long term foreign currency monetary items, in so far as they relate to acquisition of depreciable fixed assets, have been adjusted to the cost of the assets and in other cases, the same has been accumulated in Rs Foreign Currency Monetary Item Translation Difference Account’ and will be amortised over the balance period of liability. The amount remaining unamortized as at the end of the quarter is Rs 1363.198 Millions.

4. Pursuant to the Scheme of Amalgamation and Arrangement between the Company and Mac Oil Palm Limited, the Board has approved the following amounts as charge to Business Development Reserve during the quarter ended on June 30, 2012.

Particulars	Amount (Rs in Millions)
	3 months ended June 30, 2012
Additional depreciation/impairment/amortization on account of Revaluation	53.307
Advertisement Expenses for Business Development (net of current tax)	9.212
Total	62.519

5. With effect from 1 April 2011, the Company has adopted the principles of derivatives and hedge accounting of Accounting Standard (AS) 30 “Financial Instruments: Recognition and Measurement”, to account for interest rate swaps. Accordingly, mark to market losses of Rs 227.146 Millions (including Rs 45.142 Millions for the 3 month under review) on account of interest rate swaps designated as effective hedge has been recognized in the balance sheet under the head “Hedge Reserve”.

6. The ax expenses for the three months ended 30th June, 2012 comprises current tax of Rs 214.951 Millions and Deferred tax (Asset) of Rs 4.800 Millions.

7. The financial statements have been prepared as per the Revised Schedule VI to the Companies  Act, 1956 which had a significant impact on presentation. Corresponding figures for the previous period have been regrouped /reclassified to make them comparable with those of current period.

WEBSITE DETAILS

BUSINESS DESCRIPTION

Subject operates in four segments: Extractions, which include all types of seed extractions; Vanaspati, which involves manufacturing of vanaspati; Oils, which include Crude oils and refined oils; Food Products, which include textured soya protein, soya flour, fruit juice and soya milk; Wind Power Generation, which include electricity generation from wind mills excluding captive consumption, and Others, which include gram, wheat, rice, maize, corn, seeds, coffee, marine products, tuar, peas, barley, soap, fresh fruit bunch, seedling and plant and machinery (equipment), cotton bails and toiletry preparation. Its brands include Nutrela, Ruchi Gold, Mahakosh and Sunrich. Its other products include Bakery fats and Soaps. Its soaps include Magic of Fresh Jasmine, Purity of Natural Sandalwood, Goodness of Rose Petals and Freshness of Lime. It exports its products to Japan, Vietnam, Indonesia, Thailand, Philippines, South Korea, Taiwan and Middle East countries. For the fiscal year ended 31 March 2010, Ruchi Soya Industries Limited's revenues increased 13% to RS143.94B. Net income increased 87% to RS1.74B. Revenues reflect increased income from Oils segment, a rise in earnings from Food Products and higher income from other segments. Net income also reflects a fall in consumption of raw material. The Company operates in extractions, vanaspati, oils and food product segments.

BOARD OF DIRECTORS

Mr. Kailash Chandra Shahra (Non Executive Chairman of the Board)

Mr. Kailash Chandra Shahra is Non-Executive Chairman of the Board of Subject, since January 7, 1986. He holds B.Com from Vikram University, Ujjain (Madhya Pradesh). He established a new milestone by setting-up India’s first soyabean processing plant Served as member on the Board of Directors of Bank of India Served as Chairman of Soyabean Processors Association of India (SOPA), a body representing the Soyabean Industry in India. He holds Directorship of other companies are Anik Industries Limited, Shahra Brothers Private Limited, Indian Steel Corporation Limited, National Board of Trade Limited, Mahadeo Shahra and Sons Private Limited, Ruchi Strips and Alloys Limited, National Steel and Agro Industries Limited, Revati Cements Private Limited, Federation of Indian Commodity Exchange Shahra Sons Private Limited.

Mr. Sanjeev Kumar Ashtana (Non-Executive Director)

Mr. Sanjeev Kumar Asthana is Non-Executive Director of Subject, since August 28, 2010. He holds PGDIT from IIFT, New Delhi and PGDRM from IRMA, Anand. He holds PGDIT from IIFT, New Delhi and PGDRM from IRMA, Anand. He serves Erstwhile President and CEO of Agribusiness and Food Supply of Reliance Retail Limited and Director of Cargill India Private Limited. He Provides Advisory Services and manages the business of IFARM group of Companies Eminent expert in Agri and Food Sector and has served on several executive committees of national business associations, trade bodies and commodity exchanges, including those constituted by FICCI, CII and NCDEX. Affiliated to international forums and a regular speaker on commodity trade, risk management, food supply chain, retail and agriculture Distinguished Speaker on Agri, Food Security, Retail, Supply Chain etc., both in India and Overseas, Chairman - CII National Task Force on Horticulture for the year 2011-12, Chairman - CII National Council on Agriculture for the year 2011-12.

Mr. Sajeve Deora (Independent Non-Executive Director)

Mr. Sajeve Deora is Independent Non-Executive Director of Subject, since December 27, 2005. He holds B.Com from Delhi University and FCA from the Institute of Chartered Accountants of India. He holds Directorship of other companies are Ruchi Infrastructure Limited, Bholanath International Limited, Deora Associates Private Limited, Jai Mata Glass Limited, Integrated Capital Services Limited, Prochem Solutions Pte Limited, Thesgora Coal Private Limited, Sun Links Limited, Green Infra Profiles Private Limited, Vippy Industries Limited, Greenway Advisors Private Limited, Him Teknoforge Limited, Gemini Edibles and Fats India Private Limited. He is Practising Chartered Accountant since 1984 with an experience in financial re-constructions, acquisitions, mergers and corporate restructuring.

Mr. Prabhu Dayal Dwivedi (Independent Non-Executive Director)

Mr. Prabhu Dayal Dwivedi is the Independent Non-Executive Director of Subject. He holds M.A. from Allahabad University, LLB (professional) from Punjab University and CAIIB, Diploma in Industrial Finance and Cooperation from Indian Institute of Bankers. He is Former M.D. State Bank of Saurashtra, Served four Associate Banks of State Bank of India in the capacity of senior Executive. Attended executive development programmes in India (IIM Ahmadabad) and abroad. Former Banking Lokpal for Gujarat State and Union Territories of Dadra, Nagar Haveli, Daman Diu. Regional Director of Indo-Overseas Chamber of

Mr. V. K. Jain (Director)

Mr. Vijay Kumar Jain is Director - Commercial, Whole time Director of Subject, since July 27, 2009. He holds B.Sc (Physics Hons.) from Delhi University and PGDBM from Bhartiya Vidya Bhawan. He has Over 32 years experience across marketing, logistics, import and exports, commercial including taxation, bio fuels, public relations and business development Executive Committee member of Indian Vanaspati Producers Association and Biodiesel Association of India Currently he is looking after overseas projects in addition to work related to import/export and taxation among others. He holds Directorship of other companies are Evershine Oleochem Limited, Ruchi Infrastructure Limited, Ruchi Worldwide Limited, Mrig Trading Private Limited, Uttaranchal Bio Fuels Limited, Ruchi Agri Plc, Ruchi Agri Plantation (Cambodia) Pte. Limited

Mr. Navin Khandelwal (Independent Non – Executive Director)

Mr. Navin Khandelwal is Independent Non-Executive Director of Subject, since December 18, 2009. He holds B.Com from Devi Ahilya University, Indore and FCA from the Institute of Chartered Accountants of India. He holds Directorship of other companies are National Steel and Agro Industries Limited, Ruchi Strips and Alloys Limited, Indian Steel Corporation Limited, Indian Steel SEZ limited. He is Practising Chartered Accountant since 2002 and is associated with various management associations.

Mr. Navamani Murugan (Independent Non – Executive Director)

Shri. Navamani Murugan is Independent Non-Executive Director of Subject, since July 27, 2009. He holds M.Sc from Madras University and MBA from Texas, USA. He holds Directorship of other companies are Ruchi Infrastructure Limited, M.S.T. Enterprises Private Limited, Venturo Technologies Private Limited. He is Retired Indian Administrative Service Officer and the former Chairman and Managing Director of Tamil Nadu Urban Finance and Infrastructure Development Corporation Limited.

Mr. Ashutosh Bhailal Rao (Director)

Mr. Ashutosh Bhailal Rao serves as Director - Legal, Whole time Director of Subject. He holds LLB and MBA (Marketing) from Devi Ahilya University, Indore. He is a qualified legal professional holding experience of 25 years. Presently, heading the legal department of the Company and advising on legal matters and statutory compliances of manufacturing facilities, as in-house counsel for last 10 years Possesses exposure to indirect taxation and procedures, in particular, excise, service tax and customs duty.

Mr. Dinesh Shahra (Managing Director, Executive Director)

Mr. Dinesh Shahra is Managing Director, Executive Director of Subject, since January 7, 1986. He holds B.E. (Chemical Engineering) from HBIT, Kanpur (UP). He has been Managing Director of Ruchi Soya Industries Limited since January 7, 1986. He holds Directorship of other companies are Ruchi Worldwide Limited, Jafra Ruchi Cosmetics India Private Limited, Ruchi Multitrade Private Limited, Evershine Oleochem Limited, Shahra Brothers Private Limited, Shahra Estate Private Limited, Ruchi Infrastructure Limited, Mangalore Liquid Impex Private Limited, Brightstar Infrastructure Private Limited, Ruchi Green Energy Private Limited, Hightech Realties Private Limited, Spectra Realties Private Limited, IFarm Venture Advisors Private Limited, IFarm Equity Advisors Private Limited, Ruchi Industries Pte. Limited, Ruchi Ethiopia Holdings Limited.

Mr. Dinesh Shahra (Managing Director, Executive Director)

Mr. Dinesh Shahra is Managing Director, Executive Director of Subject, since January 7, 1986. He holds B.E. (Chemical Engineering) from HBIT, Kanpur (UP). He has been Managing Director of Ruchi Soya Industries Limited since January 7, 1986. He holds Directorship of other companies are Ruchi Worldwide Limited, Jafra Ruchi Cosmetics India Private Limited, Ruchi Multitrade Private Limited, Evershine Oleochem Limited, Shahra Brothers Private Limited, Shahra Estate Private Limited, Ruchi Infrastructure Limited, Mangalore Liquid Impex Private Limited, Brightstar Infrastructure Private Limited, Ruchi Green Energy Private Limited, Hightech Realties Private Limited, Spectra Realties Private Limited, IFarm Venture Advisors Private Limited, IFarm Equity Advisors Private Limited, Ruchi Industries Pte. Limited, Ruchi Ethiopia Holding Limited.

NEWS

PRESS RELEASE

RUCHI SOYA RECORDS 54.80% RISE IN THE NET PROFIT DURING H1 2012-13

Performance for the quarter ended on September 30, 2012

Exports up by 18.51% Branded Sales up by 6.01%

October 20, 2012; Mumbai: Ruchi Soya Industries Limited (Ruchi Soya) has announced its unaudited financial results for the six months (H1) and quarter (Q2) ended September 30, 2012.

During the first six months of the FY2012-13 that ended on September 30, 2012, net sales stood at Rs. 10,370.34 core, registering a marginal decline of 13.55% from Rs. 119963.600 Millions during the corresponding period in the last fiscal. However the Net Profit at Rs. 1082.700 Millions, was up by a healthy 54.80% which was at Rs. 699.400 Millions during the corresponding H1 in the last fiscal.

During the second quarter of FY2012-13, Ruchi Soya registered net sales of Rs. 53913.300 Millions, a decline of 11.52% from Rs. 60931.300 Millions during the corresponding period in the last financial year. Net profit stood at Rs. 656.600 Millions, up by 1637.87% (or more than 17 times) from Rs. 37.800 Millions. Sale of branded products recorded at Rs. 14812.700 Millions, rose by 6.01% from Rs. 13972.600 Millions. Seed Extraction sales recorded at Rs. 13104.000 Millions were up by 72.77% from Rs. 7584.700 Millions. Exports of oil seed extraction was at Rs. 4501.300 Millions, up by 18.51% from Rs. 3798.200 Millions. Sale of Textured soya protein (TSP) stood at Rs. 448.700 Millions registering an impressive rise of 52.40% from Rs. 294.400 Millions during Q2 in the last fiscal.

Commenting on the performance, Managing Director, Mr. Dinesh Shahra said, “I am happy to share the healthy growth recorded by the Company during the second quarter ended September 30, 2012. Better sales realization of Soya extraction and exports and favourable business sentiments towards the end of the quarter helped us to get profit on the track. Price parity was restored in the import of crude oil and refining business as the Government of India has eliminated taxation anomalies since August 2012.

With the highest ever Soya crop in the current season in India, we are expecting better utilization of our crushing capacities. Also the business sentiments improving, we are hopeful about achieving better utilization of our refining facilities at port based locations. We are thus hoping our financial performance to be far better during the current fiscal.”

Ruchi Soya Industries Limited

Featuring among the top five FMCG players in India, Ruchi Soya is the flagship company of Ruchi Group of Industries. Besides being a leading manufacturer of high quality edible oils, soya foods, vanaspati, and bakery fats, Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya features amongst top three players based on market share in the overall Refined Oil in Consumer Packs (ROCP) in India with leadership position in important segments like palm oil. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

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. 53.63
UK Pound	1	Rs. 86.17
Euro	1	Rs. 69.74

INFORMATION DETAILS

Report Prepared by :

DPT

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	-

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.