MIRA INFORM REPORT
|
Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUCHI SOYA INDUSTRIES LIMITED |
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Registered
Office : |
614, Tulsiani Chambers, Nariman Point, Mumbai – 400021, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
06.01.1986 |
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Com. Reg. No.: |
11-038536 |
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Capital
Investment / Paid-up Capital : |
Rs.686.717 Millions |
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CIN No.: [Company Identification
No.] |
L15140MH1986PLC038536 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR14074E BPLR03207B |
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PAN No.: [Permanent Account No.] |
AAACR28921 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
The Stock Exchange. |
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Line of Business
: |
Manufacturing of Soya Bean Oil Edible Grade, Meal of Soya Bean and
Other Vegetable Oils and Fats. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (55) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 88270000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
record. Even though the company has recorded some growth in its sales
turnover during 2012, there appears some dip in the profitability. However, 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) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Rating Agency Name |
CARE |
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Rating |
A (Long Term Bank Facilities) |
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Rating Explanation |
Having adequate degree of safety and low credit risk. |
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Date |
24.02.2012 |
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Rating Agency Name |
CARE |
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Rating |
A1 (Short Term Bank Facilities) |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
24.02.2012 |
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.
LOCATIONS
|
Registered Office : |
614, Tulsiani Chambers, 2nd Floor, Backbay Reclamation,
Nariman Point, Mumbai - 400 021, |
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Tel. No.: |
91-22-66560600 |
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Fax No.: |
91-22-22837525 |
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E-Mail : |
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Website : |
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Area : |
500 Sq. ft. (Approximately) |
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Head
/Administrative Office : |
301 Mahakosh House, 7/5 South Tukoganj, |
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Tel. No.: |
91-731-2513281/82/83 |
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Fax No.: |
91-731-4065019 / 2527250 |
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Factory 1 : |
Survey No.217/1, Village Mityhirohar, Taluka Gandhidham, Kutch,
Gandhidham – 370201, Gujarat, India |
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Tel No.: |
91-2836-645672/73 |
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Fax No.: |
91-2836-286509/286473 |
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Factory 2 : |
Mangliagaon, A.
B. Road, Indore, Madhya Pradesh, India |
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Factory 3 : |
Baikampady
Industrial Area, Mangalore, Karnataka, India |
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Factory 4 : |
Village Esambe,
Taluka Khalapur, District Raigad, Maharashtra, India |
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Factory 5 : |
Bijoyramchak, Ward
No. 9, P.O. Durgachak, Haldia, West Bengal, India |
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Factory 6 : |
Village
Butibori, Tehsil Nagpur, Maharashtra, India |
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Factory 7 : |
Akodia Road,
Industrial Area, Shujalpur, District Shajapur, Madhya Pradesh, India |
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Factory 8 : |
Village Kamati,
Gadarwada, District Narsinghpur, Madhya Pradesh, India |
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Factory 9 : |
Gram Mithi
Rohar, Taluka Gandhidham, District Bhuj, Gujarat, India |
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Factory 10 : |
Kannigaiper Village,
Uthukottai Taluk, Thiruvallur District Tamilnadu, India |
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Factory 11 : |
RIICO Udyog
Vihar, Sriganganagar, Rajasthan, India |
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Factory 12 : |
RIICO Industrial
Area, Govindpur Bawari, Post Talera District, Bundi, Rajasthan, India |
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Factory 13 : |
Kusmoda, A.B.
Road, Guna, Madhya Pradesh, India |
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Factory 14 : |
Kota Road,
Baran, Rajasthan, India |
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Factory 15 : |
Rani Piparia,
District Hoshangabad, Madhya Pradesh, India |
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Factory 16 : |
SIDCO Industrial
Estate, Bari Brahmana, Jammu and Kashmir, India |
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Factory 17 : |
Village Daloda,
District Mandsaur, Madhya Pradesh, India |
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Factory 18 : |
Survey No. 178,
Surkandi Road, Washim, Maharashtra, India |
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Factory 19 : |
Bapulapadu Mandal,
Ampapuram Village, Krishna District, Vijaywada, Andhra Pradesh, India |
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Factory 20 : |
IDA, ADB Road,
Peddapuram, East Godawari District, Andhra Pradesh, India |
DIRECTORS
AS ON 25.09.2012
|
Name : |
Mr. Kailashchandra Shahra |
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Designation : |
Director |
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Address : |
29, Old Palasia, A. B. Road, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
31.03.1938 |
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Date of Appointment : |
07.01.1986 |
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DIN No.: |
00062698 |
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Name : |
Mr. Dinesh Chandra Shahra |
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Designation : |
Managing Director |
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Address : |
Sharda Building, Flat No. 2A, Road, Churchgate, Mumbai – 400020, Maharashtra, India |
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Date of Birth/Age : |
14.07.1952 |
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Qualification : |
B. E. (Chemical Engineer) |
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Date of Appointment : |
07.01.1986 |
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DIN No.: |
00533055 |
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Name : |
Mr. Sajeve Deora |
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Designation : |
Director |
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Address : |
EC-13, Inderpuri, New Delhi – 110012, India |
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Date of Birth/Age : |
27.12.1959 |
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Date of Appointment : |
27.122005 |
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DIN No.: |
00003305 |
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Name : |
Mr. Prabhu Dayal Dwivedi |
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Designation : |
Director |
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Address : |
34 / 513, Pratap Nagar, Sector No 3, Sanganer, Jaipur – 302203, Rajasthan, India |
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Date of Birth/Age : |
30.01.1941 |
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Date of Appointment : |
31.03.2008 |
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DIN No.: |
02114285 |
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Name : |
Mr. Ashutosh Bhailal Rao |
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Designation : |
Whole-Time Director |
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Address : |
Scheme No. 98, Flat No. 203, Sanwad Nagar, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
01.04.1958 |
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Date of Appointment : |
01.06.2004 |
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DIN No.: |
00463278 |
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Name : |
Mr. Murugan Navamani |
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Designation : |
Director |
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Address : |
No 2 CP, Ramasamy Road, Alwarpet Chennai – 600018, Tamilnadu, India |
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Date of Birth/Age : |
24.05.1946 |
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Date of Appointment : |
27.07.2009 |
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DIN No.: |
01309393 |
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Name : |
Mr. Vijay Kumar Jain |
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Designation : |
Whole-Time Director |
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Address : |
C-119, Ground Floor, Sun City Sector – 54, Gurgaon – 122002, Haryana, India |
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Date of Birth/Age : |
03.10.1957 |
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Date of Appointment : |
27.07.2009 |
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DIN No.: |
00098298 |
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Name : |
Mr. Sanjeev Kumar Asthana |
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Designation : |
Director |
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Address : |
363, Espace, Nirvana Country, South City Ii, Gurgaon – 122018, Haryana, India |
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Date of Birth/Age : |
19.10.1964 |
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Date of Appointment : |
28.08.2010 |
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DIN No.: |
00048958 |
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Name : |
Mr. Navin Khandelwal |
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Designation : |
Director |
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Address : |
5/1, Saket, Nagar, Indore – 452018, Madhya Pradesh, India |
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Date of Birth/Age : |
22.04.1973 |
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Date of Appointment : |
18.12.2009 |
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DIN No.: |
00134217 |
KEY EXECUTIVES
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Name : |
Mr. Ramji Lal Gupta |
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Designation : |
Company Secretary |
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Address : |
8, Regency Priya Darshani, Khajrana Circle, Indore – 452001, Madhya Pradesh, India |
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Date of Birth/Age : |
10.06.1962 |
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Date of Appointment : |
01.12.1993 |
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Pan No.: |
AENPG4648H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|||
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(A) Shareholding of Promoter and Promoter Group |
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|||
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|||
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|
103593504 |
31.02 |
|||
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|
78430342 |
23.49 |
|||
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|
182023846 |
54.51 |
|||
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Total shareholding of Promoter and Promoter Group (A) |
182023846 |
54.51 |
|||
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(B) Public Shareholding |
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|||
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|
|||
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|
31500 |
0.01 |
|||
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|
248574 |
0.07 |
|||
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|
51900082 |
15.54 |
|||
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|
52180156 |
15.63 |
|||
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|
|||
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|
85073354 |
25.48 |
|||
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|
|
|||
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|
12700890 |
3.80 |
|||
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|
1904066 |
0.57 |
|||
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|
40260 |
0.01 |
|||
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|
40260 |
0.01 |
|||
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|
99718570 |
29.86 |
|||
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Total Public shareholding (B) |
151898726 |
45.49 |
|||
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Total (A)+(B) |
333922572 |
100.00 |
|||
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|||
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|
0 |
0.00 |
|||
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|
0 |
0.00 |
|||
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|
0 |
0.00 |
|||
|
Total (A)+(B)+(C) |
333922572 |
0.00 |
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%2015-Mar-2013_files/image005.gif){kind=small}
%2015-Mar-2013_files/image006.gif){kind=small}
AS ON 25.09.2012
SHAREHOLDING DETAILS FILE ATTACHED
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Soya bean Oil Edible Grade, Meal of Soya Bean and
Other Vegetable Oils and Fats. |
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Products : |
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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 |
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Toilet Soap |
33600 |
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Soap Noodles |
42000 |
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Split Fatty Acid |
35000 |
|
Glycerine |
2250 |
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PRODUCTION |
|
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Textured Soya Proteins/ Flour |
171733.903 |
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Realisable by-products |
390918.699 |
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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) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
P. D. Kunte and Company Chartered Accountants |
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Cost
Auditor : |
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|
Name : |
K. G. Goyal and Company Cost Auditors |
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Name : |
Chartered Accountant |
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Subsidiaries : |
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Step Down Subsidiaries: |
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Associates : |
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Other Related Parties : |
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CAPITAL STRUCTURE
AS ON 29.09.2012
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. 666.879
Millions |
|
200000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs. 20.000 Millions |
|
|
TOTAL |
|
Rs. 686.879 Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
333439622 |
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.
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 |
|
|
1st
Quarter |
2nd
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 |
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 |
DETAILS OF CHARGES
|
ENTITY |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
|
SEBI |
Alleged Failure In Making Disclosure Of
Shareholding/Changes In Shareholding To Stock Exchanges For Years 1998 To
2005 As Required Under Regulations 6(2),6(4) And 8(3) of Sebi Takeover Code,
1997 In Matter of Param Industries Limited. |
Reached Settlement (Settlement Charges Rs.10.000 Millions
Vide Consent Order) |
|
|
RUCHI SOYAINDUSTRIES LTD. |
CBEC |
Defaulted In Payment of Customs/Excise Duties |
Notice Issued Under Section 142 of Customs Act, 1962 |
Appeal Filed But Pending |
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 AND 9 MONTHS ENDED ON 31/12/2012
Rs. In Millions
|
PARTICULARS |
3 months ended 31.12.2012 |
Preceding 3 months ended 30.09.2012 |
Year to date figures for current period ended 31.12.2012 |
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net Sales/Income from operations(net of excise duty) |
81751.617 |
54034.132 |
1,858,10.141 |
|
|
(b) Other Operating Income |
(39.456) |
238.137 |
2,53.403 |
|
|
Total Income from
operations(net) |
81712.161 |
54272.269 |
1,860,63.544 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
50770.241 |
36363.169 |
1,196,03.922 |
|
|
(b) Purchases of stock-in-trade |
28294.937 |
7864.318 |
477,17.010 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(3955.969) |
6088.404 |
17,76.901 |
|
|
(d) Employee benefits expenses |
431.002 |
310.141 |
10,56.162 |
|
|
(e) Depreciation and amortization expenses |
395.541 |
342.748 |
10,84.586 |
|
|
(f) Other Expenses |
4274.699 |
2725.040 |
118,89.711 |
|
|
Total Expenses |
80210.451 |
53693.820 |
1,831,28.292 |
|
3 |
Profit /(loss) from
Operations before other income, finance costs and exceptional items (1-2) |
1501.710 |
578.449 |
29,35.252 |
|
4 |
Other Income |
846.486 |
831.612 |
23,55.482 |
|
5 |
Profit/(Loss) from ordinary
activities before finance costs and exceptional items (3±4) |
2348.196 |
1410.061 |
52,90.734 |
|
6 |
Finance costs |
1708.432 |
455.505 |
30,60.178 |
|
7 |
Profit/(Loss) from ordinary
activities after finance costs but before Exceptional Items (5±6) |
639.764 |
954.556 |
22,30.556 |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit/(Loss) from
Ordinary Activities before tax (7±8) |
639.764 |
954.556 |
22,30.556 |
|
10 |
Tax Expenses |
145.663 |
297.988 |
6,53.802 |
|
11 |
Net Profit/(Loss)
from Ordinary activities after tax (9±10) |
494.101 |
656.568 |
15,76.754 |
|
12 |
Extraordinary items (net of tax expenses Rs. Nil) |
|
|
|
|
13 |
Net Profit/(Loss) for
the period (11±12) |
494.101 |
656.568 |
15,76.754 |
|
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) |
494.101 |
656.568 |
15,76.754 |
|
17 |
Paid-up - Equity Share Capital(Face value Rs.2/- per share) |
667.845 |
666.879 |
6,67.845 |
|
|
Preference Share Capital (Face value Rs.100/- per share) |
20.000 |
20.000 |
20.000 |
|
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 |
1.48 |
1.97 |
4.73 |
|
|
b) Diluted |
1.48 |
1.97 |
4.72 |
|
19.ii |
Earning per share (after
extraordinary items) (of Rs.2/- each) (not annualised) (in Rs. Per share) |
|
|
|
|
|
a) Basic |
1.48 |
1.97 |
4.73 |
|
|
b) Diluted |
1.48 |
1.97 |
4.72 |
|
|
See accompanying note to the financial results |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
No. of shares |
151,898,726 |
153,672,942 |
151,898,726 |
|
|
Percentage of Shareholding |
45.49 |
46.09 |
45.49 |
|
2 |
Promoters and
Promoters Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered - Number of shares |
2,278,640 |
3,751,665 |
2,278,640 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
1.25 |
2.09 |
1.25 |
|
|
- Percentage of shares(as a % of the total share capital of the Company) |
0.68 |
1.12 |
0.68 |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
179,745,206 |
176,015,015 |
179,745,206 |
|
|
- Percentage of shares(as a % of the total shareholding of promoter and promoter group) |
98.75 |
97.91 |
98.75 |
|
|
- Percentage of shares(as a % of the total share capital of the Company) |
53.83 |
52.79 |
53.83 |
|
|
|
|
|
|
|
B. |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
- |
|
|
|
|
Received during the quarter |
11 |
|
|
|
|
Disposed of during the quarter |
10 |
|
|
|
|
Remaining unresolved at the end of the quarter |
1 |
|
|
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
|
PARTICULARS |
3 months ended 31.12.2012 |
Preceding 3 months ended 30.09.2012 |
Year to date figures for current period ended 31.12.2012 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Segment Revenue |
|
|
|
|
|
Oils |
59287.111 |
36610.625 |
129624.433 |
|
|
Vanaspati |
2082.110 |
2248.217 |
6284.970 |
|
|
Seed Extraction |
26631.095 |
17391.915 |
61574.647 |
|
|
Food Products |
900.002 |
1105.076 |
3190.185 |
|
|
Wind Turbine Power Generation |
106.198 |
244.176 |
555.517 |
|
|
Others |
3524.522 |
2805.345 |
8924.721 |
|
|
Unallocated |
|
|
|
|
|
Total Segment Revenue |
92531.038 |
60405.354 |
210154.473 |
|
|
Less : Inter segment Revenue |
10779.421 |
6371.222 |
24344.332 |
|
|
Net Sales/Income from operations |
81751.617 |
54034.132 |
185810.141 |
|
2 |
Segment Results (Profit/(loss) before tax and interest from each segment) |
|
|
|
|
|
Oils |
516.447 |
323.903 |
1095.305 |
|
|
Vanaspati |
90.892 |
25.357 |
142.805 |
|
|
Seed Extraction |
1254.865 |
128.322 |
1745.713 |
|
|
Food Products |
56.854 |
34.687 |
134.466 |
|
|
Wind Turbine Power Generation |
16.943 |
163.292 |
308.489 |
|
|
Others |
(419.282) |
(85.490) |
(454.605) |
|
|
Unallocated |
- |
- |
|
|
|
Total |
1516.719 |
590.071 |
2972.173 |
|
|
|
|
|
|
|
|
Less: (i) Finance costs |
1708.432 |
455.505 |
3060.178 |
|
|
(ii) Interest Income |
(827.396) |
(819.990) |
(2314.480) |
|
|
(iii) Other unallocable expenditure net off un-allocable income |
(4.081) |
|
(4.081) |
|
|
Total Profit before tax |
639.764 |
954.556 |
2230.556 |
|
3 |
Capital Employed (Segment Assets less Segment Liabilities) |
|
|
|
|
|
Oils |
14136.612 |
16490.245 |
14136.612 |
|
|
Vanaspati |
2803.607 |
2691.822 |
2803.607 |
|
|
Seed Extraction |
13112.963 |
3035.218 |
13112.963 |
|
|
Food Products |
1472.597 |
1284.448 |
1472.597 |
|
|
Wind Turbine Power Generation |
4733.125 |
4808.221 |
4733.125 |
|
|
Others |
5236.217 |
4841.998 |
5236.217 |
|
|
Unallocated |
- |
- |
- |
|
|
Total |
41495.121 |
33151.952 |
41495.121 |
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 February 14, 2013. 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 20th October, 2012 has allotted 4,82,950 equity shares of Rs.2/- each on exercise of 4,82,950 options by the eligible employees in accordance with the Employee Stock Option Scheme - 2007 of the Company, as amended from time to time.
The Employee Stock Options outstanding as on 31st December, 2012 are as follows :
|
Date of Grant |
Opening Balance as in October 1, 2012 |
Issued during the quarter |
Exercised during the quarter |
Cancelled during the quarter * |
Closing Balance as
on December 31, 2012 |
|
April 1st 2008 |
82,100 |
- |
6,000 |
76,100 |
- |
|
October 1st 2009 |
563,850 |
- |
476,950 |
- |
86,900 |
|
April 1st 2010 |
141,050 |
- |
- |
- |
141,050 |
|
April 1st 2011 |
157,400 |
- |
- |
- |
157,400 |
|
April 1st 2012 |
15,000 |
- |
- |
- |
15,000 |
|
Total |
959,400 |
- |
482,950 |
76,100 |
400,350 |
Note-* The cancellation is subject to approval at the ensuing meeting of the compensation committee.
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 theassets amounting to Rs.347.390 Millions (Rs.204.883 Millions for the quarter) and in other cases, the same has been accumulated in 'Foreign Currency Monetary Item Translation Difference Account' and will be amortised over the balance period of liability/ asset. The said asset remaining unamortised as at the end of the quarter is Rs.72.540 Millions.(During the quarter Rs. 85.309 Millions) and amortised for nine months ended on 31st December 2012 Rs. 28.434 Millions (including Rs. 21.032 Millions for the quarter).
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 December 31, 2012 :
Rs. In Millions
|
Particulars |
3 months ended December 31, 2012 |
|
Additional depreciation/impairment/amortization on account of revaluation |
45.695 |
|
Advertisement Expenses for Business Development (net of current tax) |
26.547 |
|
Additional loss on sale of Revalued Assets |
0.008 |
|
Total |
72.250 |
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/(gain) of Rs.198.906 Millions (Including gain of Rs. 19.670 Millions for the 3 month) on account of interest rate swaps designated as effective hedge has been recognized in the balance sheet under the head "Hedge Reserve".
6. Tax expenses comprises current tax Rs.578.400 Millions, Deferred tax Rs.37.100 Millions and taxation for earlier year Rs.38.301 Millions
7. The results of subsidiary companies, associates, Trust and Joint Venture will be Consolidated with the year end results.
8. 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.
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 105% jump
in Profit during the third quarter of FY 2012-13
Net sales up by 17.56%
Branded Sales grew by 22.95%
Export realization of Soya Meal up by 47.29%
February 14, 2013; Mumbai: Ruchi Soya Industries Limited (Ruchi Soya) has announced its un-audited financial results for the quarter ended December 31, 2012 (Q3). As compared to the corresponding period of the previous year, net profit for the quarter rose by 105.45% from Rs.240.500 Millions to Rs. 494.100 Millions whereas net sales rose by 17.56% from Rs. 69542.900 Millions to Rs. 81751.600 Millions
During the quarter, branded sales registered a healthy 22.95% growth from Rs. 13742.300 Millions to Rs. 16895.900 Millions. Refining capacity utilization improved by 8.85% from 4,78,589 MT to 5,20,960 MT. Export of Soya Meal in value improved by 47.29% from Rs. 8831.600 Millions to Rs. 13008.300 Millions. Sale of Textured soya protein (TSP) stood at Rs. 281.600 Millions registering an impressive rise of 43.53% from Rs.196.200 Millions during Q3 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 third quarter ended December 31, 2012. Improved branded sales, better sales realization of oilseed extraction, effective control on the costs and favourable business sentiments helped us to get profit on the track. We are making our efforts to have good performance on a sustained basis in the times to come.”
Ruchi Soya Industries
Limited
Featuring among the top five FMCG players in India, Ruchi Soya is India’s number one cooking oil maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other important parts of the world. 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,
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.54.11 |
|
|
1 |
Rs.80.84 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.