MIRA INFORM REPORT

Report Date :

23.11.2013

IDENTIFICATION DETAILS

Name :	RUCHI SOYA INDUSTRIES LIMITED
Registered Office :	614, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	06.01.1986
Com. Reg. No.:	11-038536
Capital Investment / Paid-up Capital :	Rs.687.845 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 :	Manufacturer of Soya Bean Edible Oil, Meal of Soya Bean.
No. of Employees :	3000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (54)

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

Maximum Credit Limit :	USD 88270000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a flagship company of the RUCHI GROUP. It is well-established and reputed company having fine track record. Financial position of the company appears to be sound. Over all fundamentals of the company appears to be sound and healthy. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
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

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6 % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term bank facilities: (A -)
Rating Explanation	Adequate degree of safety and carry low credit risk.
Date	October 2013

Rating Agency Name	CARE
Rating	Short Term bank facilities: (A2+)
Rating Explanation	Have strong degree of safety and carry low credit risk.
Date	October 2013

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

INFORMATION PARTED BY

Name :	Mr. Milind
Designation :	Finance manager
Contact No.:	91-22-66560600

LOCATIONS

Registered Office :	614, Tulsiani Chambers, 2^nd Floor, Backbay Reclamation, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-66560600
Mobile No.:	91-9967584902 (Mr. Ramesh Gupta)
Fax No.:	91-22-22837525
E-Mail :	amrita_shahra@ruchigroup.com snehhal@ipan.com rl_gupta@ruchigroup.com milind_s@ruchigroup.com
Website :	http://www.ruchisoya.com
Area :	More than 500 Sq. ft.
Location:	Owned
Head/ Administrative Office :	301 Mahakosh House, 7/5 South Tukoganj, Nath Mandir Road, Indore – 452001, Madhya Pradesh, India
Tel. No.:	91-731-2513281/ 282/ 283
Fax No.:	91-731-4065019/ 2527250
Branch Office:	408, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
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 :	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 25.09.2012)

Name :	Mr. Kailashchandra Shahra
Designation :	Director
Address :	29, Old Palasia, A. B. Road, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	31.03.1938
Date of Appointment :	07.01.1986
DIN No.:	00062698
Name :	Mr. Dinesh Chandra Shahra
Designation :	Managing Director
Address :	Sharda Building, Flat No. 2A, Road, Churchgate, Mumbai – 400020, Maharashtra, India
Date of Birth/Age :	14.07.1952
Qualification :	B. E. (Chemical Engineer)
Date of Appointment :	07.01.1986
DIN No.:	00533055
Name :	Mr. Sajeve Deora
Designation :	Director
Address :	EC-13, Inderpuri, New Delhi – 110012, India
Date of Birth/Age :	27.12.1959
Date of Appointment :	27.122005
DIN No.:	00003305
Name :	Mr. Prabhu Dayal Dwivedi
Designation :	Director
Address :	34 / 513, Pratap Nagar, Sector No 3, Sanganer, Jaipur – 302203, Rajasthan, India
Date of Birth/Age :	30.01.1941
Date of Appointment :	31.03.2008
DIN No.:	02114285
Name :	Mr. Ashutosh Bhailal Rao
Designation :	Whole-Time Director
Address :	Scheme No. 98, Flat No. 203, Sanwad Nagar, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	01.04.1958
Date of Appointment :	01.06.2004
DIN No.:	00463278
Name :	Mr. Murugan Navamani
Designation :	Director
Address :	No 2 CP, Ramasamy Road, Alwarpet Chennai – 600018, Tamilnadu, India
Date of Birth/Age :	24.05.1946
Date of Appointment :	27.07.2009
DIN No.:	01309393
Name :	Mr. Vijay Kumar Jain
Designation :	Whole-Time Director
Address :	C-119, Ground Floor, Sun City Sector – 54, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	03.10.1957
Date of Appointment :	27.07.2009
DIN No.:	00098298
Name :	Mr. Sanjeev Kumar Asthana
Designation :	Director
Address :	363, Espace, Nirvana Country, South City Ii, Gurgaon – 122018, Haryana, India
Date of Birth/Age :	19.10.1964
Date of Appointment :	28.08.2010
DIN No.:	00048958
Name :	Mr. Navin Khandelwal
Designation :	Director
Address :	5/1, Saket, Nagar, Indore – 452018, Madhya Pradesh, India
Date of Birth/Age :	22.04.1973
Date of Appointment :	18.12.2009
DIN No.:	00134217

KEY EXECUTIVES

Name :	Mr. Ramji Lal Gupta
Designation :	Company Secretary
Address :	8, Regency Priya Darshani, Khajrana Circle, Indore – 452001, Madhya Pradesh, India
Date of Birth/Age :	10.06.1962
Date of Appointment :	01.12.1993
Pan No.:	AENPG4648H
Name :	Ms. Amrita
Designation :	Accounts Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON: 30.06.2013)

Category of Shareholder	No. of Shares	% of No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	9354431	75.00
Sub Total	9354431	75.00
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	9354431	75.00
(B) Public Shareholding
(1) Institutions
Financial Institutions / Banks	300	0.00
Foreign Institutional Investors	11310	0.09
Sub Total	11610	0.09
(2) Non-Institutions
Bodies Corporate	65358	0.52
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 million	1597031	12.80
Individual shareholders holding nominal share capital in excess of Rs. 0.100 million	1379527	11.06
Any Others (Specify)	64618	0.52
Clearing Members	64618	0.52
Sub Total	3106534	24.91
Total Public shareholding (B)	3118144	25.00
Total (A)+(B)	12472575	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	12472575	0.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Soya Bean Edible Oil, Meal of Soya Bean.

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

Brand Names :

· Nutrela Oil

· Mahakash

· Sunrich

Exports :

Products :

· Edible Oil

Countries :

· South East

· East Countries

Imports :

Products :

· Machinery

Countries :

· South East

· Asian Countries

Terms :

Selling :

L/C, Cash and Credit

Purchasing :

L/C, Cash and Credit

GENERAL INFORMATION

Customers :

Wholesalers and Retailers

No. of Employees :

3000 (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

· Exim Bank

· Standard Charted Bank

Facilities :

Total limit including fund and non fund base: Rs. 80000.000 Millions.

Secured Loan	Rs. In Millions 31.03.2013	Rs. In Millions 31.03.2012
Long Term Borrowings
Term Loans from Banks
- Rupee Loans	3196.966	1928.164
- Foreign Currency Loans	6455.084	5558.359
Short Term Borrowings
Short Term Loan from Banks	0.000	1261.735
Working Capital Loans from banks	6963.264	5010.271
Total	16615.314	13758.529

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

CAPITAL STRUCTURE

AS ON 30.08.2013

Authorised Capital: Rs.2530.500 Millions

Issued, Subscribed & Paid-up Capital: Rs.688.093 Millions

AS ON 31.03.2013

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
333922572	Equity Shares	Rs.2/- each	Rs.667.845 Millions
200000	6% Non Convertible Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.687.845 Millions

NOTES

(a) Reconciliation of numbers of shares

Particulars	As at March 31, 2013
i) Equity Shares:	Number of Shares	Rs. in Millions
Balance as at the beginning of the year	333358572	666.717
Add:
Shares issued under Employee Stock option during the year	564000	1.128
Balance as at the end of the year	333922572	667.845
ii) Preference Shares
Balance as at the beginning of the year	200,000	20.000
Add:
Shares issued during the year	--	--
Balance as at the end of the year	200,000	20.000

(b) Rights, Preferences and Restrictions attached to Shares

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

12500000 (Previous year 70559616) Equity shares are subject to lock in restrictions up to August 27, 2013.

Preference Shares:

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 an earlier 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) 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% shares in the Company.

Particulars	31.03.2013	%
EQUITY SHARES
Mr. Dinesh Shahra (in the capacity of Trustee of Shiva Foundation)	47440350	14.21%
Dinesh Shahra (HUF)	17205836	5.15%
Soyumm Marketing Private Limited	28613984	8.57%
Spectra Realities Private. Ltd.	18100000	5.42%
Sawit Plantations PTE Limited	19612913	5.87%
VS Net Limited	--	--
Cresta Fund Limited	17670517	5.29%
Hi-Tech Housing Projects Private Limited	33758400	10.11%
TOTAL EQUITY SHARES	182402000	54.62%
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	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	687.845	686.717	685.053
(b) Reserves & Surplus	22974.421	21330.071	20872.387
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	23662.266	22016.788	21557.440
(3) Non-Current Liabilities
(a) long-term borrowings	10374.181	7997.050	6563.678
(b) Deferred tax liabilities (Net)	2466.711	2528.721	1990.495
(c) Other long term liabilities	279.543	352.294	151.172
(d) long-term provisions	0.015	16.669	31.111
Total Non-current Liabilities (3)	13120.450	10894.734	8736.456
(4) Current Liabilities
(a) Short term borrowings	44013.239	37874.009	25203.471
(b) Trade payables	48232.945	41240.782	34515.559
(c) Other current liabilities	15032.327	14595.403	5219.640
(d) Short-term provisions	211.985	170.264	276.508
Total Current Liabilities (4)	107490.496	93880.458	65215.178
TOTAL	144273.212	126791.980	95509.074
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24769.012	23413.770	21005.959
(ii) Intangible Assets	28.998	36.150	27.739
(iii) Capital work-in-progress	2133.226	2370.057	1818.661
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2610.795	2102.855	1867.935
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	1189.145	847.098	1133.505
(e) Other Non-current assets	3.419	3.877	3.024
Total Non-Current Assets	30734.595	28773.807	25856.823
(2) Current assets
(a) Current investments	218.257	4.418	4.503
(b) Inventories	33441.506	36602.026	28234.140
(c) Trade receivables	42467.747	30990.157	22300.497
(d) Cash and cash equivalents	29499.432	23992.329	12573.919
(e) Short-term loans and advances	5456.038	4706.722	5534.717
(f) Other current assets	2455.637	1722.521	1004.475
Total Current Assets	113538.617	98018.173	69652.251
TOTAL	144273.212	126791.980	95509.074

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from Operations (Net)	261603.182	259966.027	166268.001
		Other Income	3384.073	2272.565	1359.691
		TOTAL (A)	264987.255	262238.592	167627.692
Less	EXPENSES
		Cost of Material Consumed	160146.277	140349.946	101415.081
		Purchases of Stock In Trade	75179.792	98278.910	51410.554
		Changes in inventories of finished goods, work-in-progress and stock in trade	1504.319	(6121.493)	(4363.336)
		Employees Benefits Expenses	1425.590	1102.561	885.896
		Others Expenses	18992.454	19725.028	11794.502
		TOTAL (B)	257248.432	253334.952	161142.697
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7738.823	8903.640	6484.995
Less	FINANCIAL EXPENSES (D)		3160.746	5212.619	2227.518
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		4578.077	3691.021	4257.477
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1542.629	1407.765	1199.270
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		3035.448	2283.256	3058.207
Less	TAX (H)		672.808	1060.109	926.121
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		2362.640	1223.147	2132.086
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		7084.042	6086.295	4296.438
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD RELATING TO TRANSFEROR COMPANIES		0.000	0.000	101.571
Less	APPROPRIATIONS
		General Reserve	250.000	100.000	250.000
		Proposed Dividend	108.100	107.900	166.749
		Capital Redemption Reserve	0.000	0.000	0.000
		Tax on Dividend	18.300	17.500	27.051
	BALANCE CARRIED TO THE B/S		9070.282	7084.042	6086.295
	EARNINGS IN FOREIGN CURRENCY
		F. O. B value of Export	43210.658	32343.326	22672.177
		F. O. B value of Merchandise trade	14675.056	10843.919	9063.470
	TOTAL EARNINGS		57885.714	43187.245	31735.647
	IMPORTS
		Purchase of Oils	81644.833	69127.946	46374.738
		Purchases for Merchandise exports	14554.083	9334.897	8883.483
		Purchase of Consumables/ packing materials	68.974	7.394	6.314
	TOTAL IMPORTS		96267.890	78470.237	55264.535
	Earnings Per Share (Rs.)		7.08	3.67	6.62

QUARTERLY RESULTS

PARTICULARS	30.06.2013
Net Sales	48545.500
Total Expenditure	47498.200
PBIDT (Excl OI)	1047.400
Other Income	817.300
Operating Profit	1864.600
Interest	1402.100
Exceptional Items	0.000
PBDT	462.500
Depreciation	403.100
Profit Before Tax	59.400
Tax	28.600
Provisions and contingencies	0.000
Profit After Tax	30.800
Extraordinary Items	0.000
Prior Period Expenses	0.000
Other Adjustments	0.000
Net Profit	30.800

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.89	0.47	1.27
Net Profit Margin (PBT/Sales)	(%)	1.16	0.88	1.84
Return on Total Assets (PBT/Total Assets)	(%)	2.18	1.87	3.37
Return on Investment (ROI) (PBT/Networth)		0.13	0.10	0.03
Debt Equity Ratio (Total Debt/Networth)		2.30	2.08	1.47
Current Ratio (Current Asset/Current Liability)		0.27	0.29	0.37

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	Yes
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
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)	No
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

UNSECURED LOAN:

Particulars	(Rs. In Millions) 31.03.2013	(Rs. In Millions) 31.03.2012
Long Term Borrowings
Deferred Sales Tax Liability	722.131	510.527
Short Term Borrowings
From Banks / Financial Institutions	37049.975	31602.003
Total	37772.106	32112.530

PRESS RELEASE:

RUCHI SOYA ANNOUNCES JOINT VENTURE WITH J OIL MILLS AND TOYOTA TSUSHO CORPORATION

Joint Venture to takeover plant of Ruchi Soya based at Shujalpur, Madhya Pradesh New innovative product offerings to be introduced to Indian consumers by 2014 Ruchi Soya 51%, J-OIL 26% and TTC to have 23% stake in the new JV.

Mumbai, June 05, 2013: Ruchi Soya Industries Limited (Ruchi Soya), India’s leading Food and Agro based FMCG player has announced a Joint Venture (JV) with J-Oil Mills Inc. (J-Oil) Japan based Edible oil major, and Toyota Tsusho Corporation (TTC), one of the largest global trading companies of Japan. The Board of Directors of Ruchi Soya today consented to form the Joint Venture Company. Ruchi Soya will have 51% stake in the JV; J-Oil will have 26% and TTC will have 23% stake.

The JV Company is planning to enter in to the business of production and marketing of high quality, functional edible oils. The Board of Ruchi Soya has approved the sale and transfer of Soya processing business of the Company being run at its plant situated at Shujalpur, in the state of Madhya Pradesh to the proposed JV.

The JV will be managed by a Board consisting of representatives from all the three companies. The JV plans to start supplying products to the institutional customers by the end of 2013 and launch high quality consumer products for the Indian markets in the second half of 2014.

Mr. Dinesh Shahra, Founder and Managing Director, Ruchi Soya commented, “This alliance is an important step towards our business strategy of expanding our product portfolio by bringing value added & healthier products. Ruchi Soya will provide raw materials and necessary marketing and distribution assistance to the JV. J-Oil will provide technical assistance and TTC with its rich global experience will provide management assistance for internal control and access to international markets through its network.”

Mr. Sumikazu Umeda, President and CEO, J-Oil Mills said, “The main purpose of this investment is to start our first ever business activity overseas in a promising country like India. J-Oil sees India as a vast and fast growing market and has plans to establish as a leading company in high quality value added edible oil segment.”

Mr. Yoshiki Miura, Managing Director, Toyota Tsusho Corporation said, “Ruchi J-Oil JV provides us appropriate crossover opportunity to leverage our business networks, product portfolios, and skill sets. We create Global Vision 2020 in which we identified three business areas that we expect sustainable growth. We aim to expand food business in life and community field.”

About Ruchi Soya Industries Limited

Ruchi Soya is India’s leading FMCG Company, India’s number one cooking oil and soya food maker and marketer. An Integrated player from farm to fork, Ruchi Soya has secured access to oil palm plantations in India and other key regions of the world. Ruchi Soya is also the highest exporter of soya meal, lecithin and other food ingredients from India. Ruchi Soya is committed to renewable energy and exploring suitable opportunities in the sector.

About J-Oil Mills Inc.

J-Oil Mills is a Japan-based company engaged in manufacturing, processing and sale of oils and fats, oilseed meals, starch, various types of foods, feedstuff and fertilizers, and food-producing machinery. It also has business interests in warehousing, harbour and land transport agency business, and Real estate among others. J-Oil has 13 subsidiaries and 6 associated companies.

About Toyota Tsusho Corporation

Toyota Tsusho Corporation has been growing steadily together with the automotive business as the main axis. Tomen also has been developed with a wide range of business and customers in non-automotive field. Two companies merged on April 1, 2006, and started as newborn Toyota Tsusho Corporation. The newborn Toyota Tsusho group, using the know-how of a global network and as the only trading company group that deeply involved in a idea of manufacturing, aim at a new trading company group that make flexible ideas and an adequate proposal.

RUCHI SOYA JOINS HANDS WITH GAIN AND CECOEDECON FOR THE FORTIFICATION OF MAHAKOSH SOYABEAN OIL WITH VITAMIN A AND D

· CECOEDECON, GAIN and Soyabean oil processors join hands in Madhya Pradesh

· Mahakosh soyabean oil will now have added health benefits to tackle deficiency of Vitamins

JUNE 18, 2013

Bhopal: India’s leading FMCG Company and No. 1 manufacturer and marketer of Edible oil and Soya products, Ruchi Soya Industries Limited (Ruchi Soya) will play a pivotal role in the project on ‘Soybean oil fortification’ in Madhya Pradesh. Under this project, largest selling Soyabean oil brand in the state ‘Mahakosh’ will now have additional health benefits of Vitamin A and D

This was announced recently in Bhopal during the official launch ceremony of soybean oil fortification project graced by the Honourable Chief minister of Madhya Pradesh Shri. Shivraj Singh Chouhan. Also present on theoccasion was Shri Kailash Vijayvargiya, Honourable Minister of Science and Technology and Food Processing, Government of Madhya Pradesh along with several other dignitaries.

Centre for Community Economics and Development Consultants Society (CECOEDECON) has been working on ‘Soybean oil fortification’ in collaboration with the United Nations affiliated body, Global Alliance for Improved Nutrition (GAIN) and edible oil manufacturers in Madhya Pradesh. Under this project, soyabean oil by leading companies will be fortified with the essential vitamins A and D. This initiative aims to curb malnutrition in Madhya Pradesh with a primarily focus on the nutritional security.

Mr. Sarvesh Shahra, Business Head, FMCG and Specialty Ingredients, Ruchi Soya Industries Limited commented, “The objective of the soyabean oil fortification project in Madhya Pradesh is to reduce health related problems arising due to Vitamin A and D deficiencies in the state. We are happy to partner with the NGOs and offering healthier options to the consumers of our soya oil brand Mahakosh in Madhya Pradesh. We will also work closely with NGOs like CECOEDECON and GAIN on the awareness generation campaign on Vitamin A and D deficiency and the strategies to address it.”

OPERATIONS

During the year, the Company’s Total Income (revenue) increased to Rs.264987.300 Millions from Rs.262238.600 Millions in the previous year. The Profit after tax has also increased to Rs.2362.600 Millions from Rs.1223.100 Millions in the previous year, recording a growth of more than 93%.

During the year, the company commenced commercial production at its newly set up unit at Karanpura, Bihar, with an annual installed capacity of 87,500 Metric Tonnes per annum (MTPA) of Refined Edible Oil and 52,500 MTPA of Vanaspati. It has also commenced commercial production at its newly set up Refinery unit at Guna (MP) with an annual installed capacity of 30,000 MTPA of Refined edible oil.

During the year, the company also commenced commercial production of Guargum powder at its newly set up unit at Kandla, Gujarat, with an annual installed capacity of 9,600 MT, as on March 31, 2013. The installed capacity is proposed to be enhanced to 57,600 MTPA during the current financial year ending March 31, 2014.

EXPORTS

During the year, the Company exported products of Rs.43210.700 Millions (FOB Value) as against Rs.32343.300 Millions (FOB Value) in the previous year, registering a growth of over 33%.

FUTURE OUTLOOK

The Company hopes to optimally utilise its production facilities, which were expanded in recent past. Keeping in view the vast potential in the edible business and growing consumption across the population, the Company supports the industry’s view that consistent and conducive domestic tariff policies will facilitate domestic value addition, investment into the productive and its dependent sectors, and overall economic growth. The Company aims to leverage its strong position in sourcing processing, logistics and distribution activities in India to sustain its leadership position in near future.

Global supply chain and backward integration are essential areas for building a sustainable business model. Hence, the Company is planning to focus on and initiate activities in those areas through its wholly owned overseas subsidiaries.

Being India’s leading, branded edible oil Company, Ruchi Soya Industries Limited is assessing various opportunities to provide value-added, nutritious products to the consumers and to orient towards niche segments backed by world-class technology. The Company has already entered into a joint venture with its Japanese counterparts to manufacture and market tomato sauce and paste. The Company is also considering another joint venture with other Japanese counterparts for manufacture of high-end edible oils.

The Company is evaluating business opportunities in processing various oil seeds for value addition. It is also aiming to expand and strengthen its relationship with the farming community. The Company is also reviewing the business processes to take into account social, environmental, community developmental needs for inclusive growth. In the previous year, the Company went through a major operational restructuring by splitting the manufacturing operations into six operational hubs on a geographical basis. Encouraged by the outcomes, the Company restructured its trading business this year. It split the trading business into multiple divisions to substantially increase the product and category level focus. Each division/hub, being driven by an exclusive business head, ensures due accountability and fair competition to achieve corporate objectives.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The primary business of the Company is processing of oil-seeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The domestic edible oil consumption has been steadily growing and is estimated to be around 18 million MT in the current year, with Palm and soya oil, in which the Company has a dominant presence, contributing approx. 63% in volume. While there has been a steady demand growth that has led to per capita consumption of approx. 14 kg (2012-13), it still remains far below the estimated world average per capita consumption of around 22 kg. The demand drivers include consistent GDP growth rate over a period of time, demographic profile, urbanisation, consumer tastes and preferences etc. However, the supply growth has been primarily lower due to relative stagnancy in the domestic oil seed output, thereby resulting in higher import volumes. In view of the demand- supply gap, around 60% of the domestic edible oil consumption is met by imports, with Palm and Soya oil accounting for over 87% 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.

In order to bridge the growing demand- supply gap in edible oil, the volumes of import of edible oil have gone up from 5.90 million MT (2007-08) to 11.04 million MT (2012-13) over the last five years. The share of palm segment in the import of oil has increased from 5.01 million MT (2007-08) to 8.50 million MT (2012-13) over the last five 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 77% of the imported vegetable oil in the country, due to favorable price dynamics and higher demand of the cost conscious consuming population 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, the depreciation in the value of Indian rupee, change in the tariff structure of the exporting countries and the delayed response in their import tariff followed by the subsequent revision during the year 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. Based on the import duty structure in India, the landed cost of imported crude oil into India was much higher, entailing adverse cost structure for domestic refining industry and higher quantum of import of refined oil into the country. The policy response from the Government of India to protect the domestic industry was given only in July, 2012 after a series of representations by the industry, consequent upon low utilisation of refining facilities and adverse performance of the domestic units. However, the Government had raised import duty on crude oil in January, 2013 without raising duty on imported refined oil, resulting in cost pressures for the highly competitive domestic industry and promotion of refined products to India (thereby benefiting overseas refining industry), contrary to the general policy expectation of encouraging domestic industry (and the associated dependent sectors) and promoting domestic value addition. The anomaly has severely affected the operating performance of the port based domestic refining industry including the supporting sectors during 2012-13 and also the investments in manufacturing capacities, despite a strong consumption growth and a case for value addition.

The domestic refining industry is operating on highly competitive terms to offer economical prices of refined edible oils to Indian consumers. Any adverse landed cost of inputs due to domestic duty structure would adversely impact the functioning of the refining industry and its associated dependent sectors. The current low commodity prices due to global and related factors, the industry has, once again, represented to the Government to consider increasing the import duties on both crude and refined oil while retaining the differential duty to support domestic industry and to use the revenue for development of oil seeds and oil palm development programme to augment domestic supply of edible oil. Considering the global economic scenario and challenging business conditions in domestic markets, the industry hopes that the Government would set (and review from time to time, as may be required) tariff policy so as to stimulate the domestic industry on a consistent basis and harmonise the interest of domestic farmers, processors and consumers through appropriate and differential import duties between import of crude and refined oils. The industry further hopes that the Government would proactively respond to global factors and genuine requests of the industry on a regular basis so as to foster domestic manufacturing growth and to prop up investments in the domestic manufacturing sector, given the vast potential of edible oil consumption in India.

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. Food remains an important item of expenditure to warrant large share of spending. There has been a consistent demand growth over a period and the pattern is also expected to continue in the foreseeable future. However, 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 organised 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” markets. Also, owing to growing health consciousness, certain markets could be created for high value and differentiated products from health and wellness point of view. Consistency in quality and availability, market positioning, functional differentiation and perception of high value will be key deliverables for sustaining growth in niche segments.

According to the industry estimates, the consumption of edible oil is expected to increase from the current level of approximately 18 million MT to over 20 million MT by the year 2015. Due to lower domestic supply and increasing demand, 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), which is expected to divert higher acreage to oil seed crop. The MSP for soya bean seed has gone up from Rs.1690 (2011-12) to Rs.2240 (2012-13) per quintal and the MSP for mustard seed has increased from Rs.2,500 (2011-12) to Rs.3,000 (2012-13) per quintal, thereby improving the sentiments of farmers for better sowing of soya and Mustard 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 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.

CONTINGENT LIABILITIES: (AS ON: 31.03.2013)

(Rs. In Millions)

Particulars	31.03.2013	31.03.2012	31.03.2011
a) Claims against the company not acknowledged as debts	115.203	88.315	90.676
b) Outstanding bank guarantees	571.776	450.641	404.834
c) Outstanding letter of credit	--	--	2.164
d) Outstanding corporate guarantees given on behalf of
- Indian Subsidiary	3471.592	3629.876	2913.909
- Foreign Subsidiary	--	513.000	--
- Indian Associates	800.600	960.000	--
e) Income tax/Sales tax/Excise/Octroi/Custom duty/ESIC/ Electricity Duty/demand disputed	4472.812	2540.171	2926.730
f ) Bills discounted	6631.263	5260.259	2794.053
g) Interest liability, if any, in respect of advance from customers in the event of default.	--	183.072	--

The Company has received claims amounting to US$ 662.68 lac (to the extent quantified) from two overseas entities (claimants) alleging of performance guarantees purportedly given by the Company as a second guarantor on behalf of an overseas entity in respect of alleged contracts entered into between the caliamants and the overseas entity. The Company denies giving the guarantees and has disputed the claims and is in the process of taking appropriate legal actions and making suitable representations in the matter. The Company has been legally advised that there is no likelihood of any liability being fastened on the Company in view of prima facie absence of any performance Guarantee executed by the Company in favour of claimants and that no amount will be payable in respect of the claims made by the claimants. No provision is made in respect of the same in the books of account.

During the year under audit, the Income Tax authorities carried out search and seizure action u/s. 132(1) of the Income Tax Act, 1961 on the Company, its promoters and some other companies/entities. The consequential appraisal proceedings are in progress. Pending these proceedings, no provision has been made in the books for additional liability (amount presently not ascertainable) for tax, interest and penalty, if any.

STATEMENT OF STANDALONE UN-AUDITED RESULTS FOR THE QUARTER ENDED ON 30/06/2013

PARTICULARS		3 months ended 30.06.2013
		(Unaudited)
1	Income from operations
	(a) Net Sales/Income from operations (Net of excise duty)	48389.474
	(b) Other Operating Income	156.046
	Total income from operations(net)	48545.520
2	Expenses
	(a) Cost of materials consumed	28025.273
	(b) Purchases of stock-in-trade	10841.600
	(c ) Changes in inventories of finished goods, work-in-progress and stock-in-trade.	4412.217
	(d) Employee benefits expenses	392.014
	(e) Depreciation and amortisation expenses	403.117
	(f) Other expenses	3827.060
	Total Expenses	47901.281
3	Profit/(Loss) from operations before other income, finance costs and exceptional items(1-2)	644.239
4	Other Income	817.285
5	Profit/(Loss) from ordinary activities before finance costs and exceptional items(3+4)	1461.524
6	Finance costs	1402.144
7	Profit/(Loss) from ordinary activities after  finance costs but before exceptional items(5+6)	59.380
8	Exceptional Items	-
9	Profit/(Loss) from ordinary activities before tax(7+8)	59.380
10	Tax Expenses	28.600
11	Net Profit/(Loss) from ordinary activities after tax(9+10)	30.780
12	Extraordinary items (net of tax expenses Rs. Nil )	-
13	Net Profit/(Loss) for the period (11+12)	30.780
14	Share of Profit/(loss) of associates	-
15	Less: Minority Interest share (Gain/Loss)	-
16	Net Profit/(Loss) after taxes, monority interest and share of profit/(loss) of associates (13+14+15).	30.780
17	Paid up - Equity Share Capital (Face value Rs. 2/- per  share)	6,68.093
	Preference Share Capital (Face value Rs.100/- per  share)	20.000
18	Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year	-
19.i	Earnings per share (before extraordinary items) (of Rs.2/-each) (not annualised) (in Rs. Per share)
	a)  Basic	0.09
	b) Diluted	0.09
19.ii	Earnings per share (after extraordinary items)(of Rs. 2/-each) (not annualised)( in Rs. Per share)
	a)  Basic	0.09
	b) Diluted	0.09
2	Promoters and Promoters Group Shareholding
	a) Pledged/Encumbered
	- Number of shares	30,448,665
	- Percentage of shares(as a % of the total shareholding of promoter and promoter group)	16.64
	- Percentage of shares(as a % of the total share capital of the Company)	9.11
	b) Non-encumbered
	- Number of shares	152,492,084
	- Percentage of shares(as a % of the total shareholding of promoter and promoter group)	83.36
	- Percentage of shares(as a % of the total share capital of the Company)	45.65
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the quarter	-
	Received during the quarter	13
	Disposed of during the quarter	13
	Remaining unresolved at the end of the quarter	-

INDEX CHARGES:

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10419930	22/03/2013	3,650,000,000.00	State Bank of India	Commercial Branch, A. B Road, Near GPO, Indore, Madhya Pradesh - 452001, India	B73253957
2	10406214	29/12/2012	2,500,000,000.00	Bank of Maharashtra	Bhicholi Mardana Branch, Vidhya Sagar School Road Indore, Madhya Pradesh - 452001, India	B68850171
3	10386062	19/10/2012	2,650,000,000.00	State Bank of India	Commercial braanch, A. B. Road, Near G.P.O Indore, Madhya Pradesh - 452001, India	B61783767
4	10373592	30/08/2012	1,669,455,000.00	DBS Bank Limited	3rd Floor, Fort House, 221, Dr. D. N. Road, Fort, Mumbai, Maharashtra - 400001, India	B56697717
5	10370275	09/08/2012	1,102,900,000.00	DBS Bank Limited	3rd Floor, Fort House, 221, Dr. D. N. Road, Fort, Mumbai, Maharashtra - 400001, India	B45343043
6	10360000	17/05/2012	300,000,000.00	Axis Bank Limited	01, Kamal Palace, Y N Road, Indore, Madhya Pradesh - 452001, India	B41351016
7	10329974	19/12/2011	664,000,000.00	Australia and New Zealand Banking Group Limited	Cnergy, 6th Floor, Appasaheb Marathe Marg, Prabha Devi, Mumbai, Maharashtra - 400025, India	B29512936
8	10299238	28/07/2011	5,632,500,000.00	ICICI Bank	Corporate Head Office, ICICI Bank Towers, Bandra - Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India	B17691478
9	10296868	27/06/2011	2,500,000,000.00	State Bank of India	Commercial branch, a. B. Road, Near Gpo, Indore, Madhya Pradesh - 452001, India	B16773319
10	10286881	27/04/2011	917,400,000.00	Standard Chartered Bank	90, M G Road, Fort, Mumbai, Maharashtra - 400001, India	B12842993

FIXED ASSETS

· Freehold Land

· Lease hold Land

· Buildings

· Plant and Machinery

· Windmills

· Furniture and Fixtures

· Vehicles

· Office Equipments

· Trade Marks

· Software

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 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 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.63.02
UK Pound	1	Rs.102.04
Euro	1	Rs.84.91

INFORMATION DETAILS

Report Prepared by :

DPH

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	6
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		53

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.