MIRA INFORM REPORT

Report Date :

21.06.2014

IDENTIFICATION DETAILS

Name :	RUCHI INFRASTRUCTURE LIMITED
Registered Office :	615, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	28.08.1984
Com. Reg. No.:	11-033878
Capital Investment / Paid-up Capital :	Rs.751.301 Millions
CIN No.: [Company Identification No.]	L65990MH1984PLC033878
TAN No.: [Tax Deduction & Collection Account No.]	MUMR13880G
PAN No.: [Permanent Account No.]	AAACR2035H
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacture of Vegetable Oils and Fats.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (46 )

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

Maximum Credit Limit :	USD 9500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of the Ruchi Group of Indore. It is an established company having satisfactory track record. There seems some continuous dip in the profits of the company however networth of the company is satisfactory. Further the rating continue to derive strength from the established operations in edible oil refining, storage terminals and agri-warehousing business along with strong operational synergies with Ruchi Group entities. Trade relations are reported as fair. Business is active. Payment terms are reported to be usually correct. 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 – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
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

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CARE
Rating	Long Term Bank Facilities = BBB+
Rating Explanation	Moderate degree of safety. It carry moderate credit risk
Date	January 27, 2014

Rating Agency Name	CARE
Rating	Short Term Bank Facilities : A2
Rating Explanation	Strong degree of safety. It carry low credit risk
Date	January 27, 2014

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 DENIED

MANAGEMENT NON-COOPERATIVE

Contact No.: 91-22-22824851

LOCATIONS

Registered Office :	615, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Tel. No.:	91-22-22824851/ 52/ 53/ 57/ 59
Fax No.:	91-22-22023160
E-Mail :	ashish_mehta@ruchgroup.com tapan_c@ruchigroup.com ruchiinfrasecretarial@ruchigroup.com r_subramanian@ruchigroup.com
Website :	www.ruchiinfrastructure.com
Corporate Office :	101, The Horizon, 1st Floor, Nath Mandir Road, 11/5 South Tukoganj, Indore - 452001, Madhya Pradesh, India
Tel. No.:	91-731-4017979
Fax No.:	91-731-4017980
Factory 1 :	Beach Road, Dummulpet, Kakinada - 533008, Andhra Pradesh, India
Factory 2 :	Village Sejwaya, Ghatabhillod, District Dhar - 454773, Madhya Pradesh, India
Office Address :	Ruchi House, Royal Palms, Survey No.169, Arey Colony, Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra, India
Tel. No.:	91-22-39388200/300

DIRECTORS

AS ON 31.03.2013

Name :	Mr. Dinesh Shahra
Designation :	Director
Name :	Mr. Naveen Gupta
Designation :	Director
Name :	Mr. Dinesh Khandelwal
Designation :	Director

Name :	Mr. Kanta Prasad Mandhana
Designation :	Director
Name :	Mr. Navamani Murugan
Designation :	Director
Name :	Mr. Sajeve Deora
Designation :	Director
Name :	Mr. Vijay Kumar Jain
Designation :	Director
Date of Appointment :	10.11.2010

KEY EXECUTIVES

Name :	Mr. Ashish Mehta
Designation :	Secretary

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 31.03.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	51920881	25.30
Bodies Corporate	59856084	29.16
Sub Total	111776965	54.46
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	111776965	54.46
(B) Public Shareholding
(1) Institutions
Foreign Institutional Investors	29478885	14.36
Sub Total	29478885	14.36
(2) Non-Institutions
Bodies Corporate	57924338	28.22
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5109386	2.49
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	936339	0.46
Any Others (Specify)	14029	0.01
Clearing Members	14029	0.01
Sub Total	63984092	31.18
Total Public shareholding (B)	93462977	45.54
Total (A)+(B)	205239942	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	205239942	100.00

BUSINESS DETAILS

Line of Business :

Manufacture of Vegetable Oils and Fats.

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Oils #	MT/PA	240000	165274
Vanaspati	MT/PA	120000	38136
Textured Soya Proteins	MT/PA	15000	--
Soap	MT/PA	6000	799
Power Generation (M Wh)	MT/PA	10.80	20848371
By Products	MT/PA	--	9128

GENERAL INFORMATION

No. of Employees :

Information declined by the management.

Bankers :

· Axis Bank Limited

· ICICI Bank Limited

· Corporation Bank

· Yes Bank

· Rabobank International, Forbes Building 2^nd Floor, Charanjit Rai Marg, Fort, Mumbai - 400001, Maharashtra, India

· Standard Chartered Bank, 19, Rajaji Salai, Chennai - 600001, Tamilnadu, India

Facilities :

Secured Loan	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG -TERM BORROWINGS
TERM LOANS
From State Bank of India	368.536	463.661
From Standard Chartered Bank PLC	805.463	815.414
Less : Shown under current maturities of long term debt	1173.999	1279.075
Loan Installments due within 12 months
State Bank of India	(76.068)	(76.080)
Standard Chartered Bank PLC	(184.828)	(57.939)
Total	913.103	1145.056

Notes :

Term Loan from State Bank of India

Term Loan from State Bank of India is secured by

(a) Exclusive first charge on the fixed assets of the Company created at various locations under the Rural Warehouses and Agri Marketing Infrastructure Facility project of the Company.

(b) Personal guarantee of a Director of the Company.

ii) Rate of interest is 13% p.a. (Previous year 13.30%) as at the year-end on Term Loan for acquisition of assets and 14.20% p.a. (Previous year 14.75%) on the interest bearing portion of Loan against subsidy receivable from NABARD.

iii) Term Loan of Rs. 718.722 Millions availed from State Bank of India is repayable in 28 Quarterly scattered instalments starting from quarter ending June 2009 and last installment of Rs.167.900 Millions is payable in December, 2015.

Year	No of Installments	Amount of Installments in Millions	Amount in Millions
2009-2010	3	23.850	71.550
2009-2010	1	10.000	10.000
2010-2011	4	19.017	76.068
2011-2012	4	19.017	76.068
2012-2013	4	19.017	76.068
2013-2014	4	19.017	76.068
2014-2015	4	20.625	82.500
2015-2016	3	27.500	82.500
2015-2016	1	167.900	167.900

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Cost Auditors :
Name :	K.G. Goyal and Company Chartered Accountants
Associates:	Narang and Ruchi Developers Shubhdeep Habitants LLP
Subsidiaries :	Peninsular Tankers Private Limited Ruchi Green Energy Private Limited Ruchi Resources Pte. Limited Mangalore Liquid Impex Private Limited Union Infrastructure Solutions Private Limited
Entities where Key Management Personnel and their relatives of Key Management Personnel have significant influence :	Great Eastern Infrastructure Corporation Private Limited Ruchi Corporation Limited Ruchi Biofuels Private Limited Ruchi Marktrade Private Limited Ruchi Multitrade Private Limited Indivar Wellness Private Limited Ruchi Realty Private Limited Nirvana Housing Private Limited Bright Star Housing Private Limited High Tech Realty Private Limited Spectra Realty Private Limited Mahakosh Holdings Private Limited Mahakosh Amusement Private Limited Deepti Housing Private Limited Deepti Properties Private Limited Neha Resorts and Hotels Private Limited Ankesh Resorts and Hotels Private Limited Shahra Estate Private Limited Neha Securities Private Limited Vishal Warehousing Private Limited Shahra Brothers Private Limited I Farm Venture Advisors Private Limited I Farm Equity Advisors Private Limited Saharsh Brokers Private Limited Delite Ventures Private Limited Avid Constructions Private Limited Sanchit Buildtech Private Limited Sakushal Buildtech Private Limited Shalin Infratech Private Limited Archer Construction and Builders Private Limited Navodit Infracon Private Limited Suramya Infratech Private Limited Saharsha Infra Construction and Developers Private Limited Navaagat Infratech Private Limited Sadashay Constructions Private Limited Nibodh Infradevelopers Private Limited Aseem Infracon Private Limited Arav Construction and Developers Private Limited Aaradhya Buildtech Private Limited Aparaa Biuldtech Private Limited Alison Builders and Construction Private Limited Nischit Intratech Private Limited Mahaodeo Shahra and Sons Mahadeo Shahra Sukrut Trust Shiva Foundation (Trust) RSIL Benificiary Trust Ruchi Soya Industries Limited

CAPITAL STRUCTURE

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
500000000	Equity Shares	Rs.1/- each	Rs.500.000 Millions
20000000	Non Convertible Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.2000.000 Millions
	Total		Rs.2500.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
205239942	Equity Shares	Rs.1/- each	Rs.205.240 Millions
5460613	6% Non Convertible Cumulative Redeemable Preference Shares	Rs.100/- each	Rs.546.061 Millions
	Total		Rs.751.301 Millions

NOTE:

The reconciliation of the number of shares outstanding is set out below:

	As at March 31, 2013
	No. of Shares	Rs. In Millions
Equity Shares at the beginning of the year	205239942	205.240
Add: Shares issued during the year	--	--
Equity Shares at the year end	205239942	205.240
Preference Shares
Preference Shares at the beginning of the year	54,60,613	546.061
Shares issued during the year
Preference Shares at the end of the year	54,60,613	546.061

Terms / Rights attached to Equity Shares :

The company has one class of equity shares having a par value of Rs.1 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion to their shareholding.

Terms / Rights attached to Preference Shares :

Preference Shares are Non Convertible, Cumulative, Redeemable and have a par value of Rs. 100/- per share. Each Preference Shareholder is eligible for one vote per share only on resolutions affecting their rights and interest. Shareholders are entitled to dividend at the rate of 6% p.a. which is cumulative. In the event of liquidation of the Company before redemption, the holders of Preference shares will have priority over equity shares in the payment of dividend and repayment of capital.

The details of shareholders’ holding more than 5% of Equity Shares in the Company:

Name of shareholder	As at March 31, 2013
	No. of Shares held	% of holding
Bunkim Finance and Investments Private Limited	28986321	14.12
Ruchi Soya Industries Limited	27324239	13.31
Mahakosh Holding Private Limited	15057840	7.34
Mavi Investment Fund Limited	14704752	7.17
Jayati Finance and Investments Private Limited	--	--

The following shareholders’ hold more than 5% of Preference Shares in the Company:

Name of shareholder	As at March 31, 2013
	No of Shares held	% of holding
Wellway Development Limited	2796281	51.21
Apec Investments Limited (formerly Blairs Finance Group Limited)	1733345	31.74
Everlead Trading Limited	930987	17.05

The Company had allotted 6% Non Convertible Cumulative Redeemable Preference Shares of Rs.100/- each as under:

1733345 Shares were allotted on March 31, 2006

3727268 Shares were allotted on October 9, 2006

The aforesaid Preference Shares are redeemable as under:

Rs.33/- to be redeemed after 12 years from date of allottment

Rs.33/- to be redeemed after 13 years from date of allottment

Rs.34/- to be redeemed after 14 years from date of allotment

The Company at its sole discretion has an option to prematurely redeem the Preference Shares in full or in part after completion of three years from the date of allottment.

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	751.301	751.301	751.301
(b) Reserves & Surplus	1613.295	1612.191	1572.063
(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)	2364.596	2363.492	2323.364
(3) Non-Current Liabilities
(a) long-term borrowings	1002.185	1316.849	636.616
(b) Deferred tax liabilities (Net)	66.012	18.121	49.555
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	4.680	2.395	0.488
Total Non-current Liabilities (3)	1072.877	1337.365	686.659
(4) Current Liabilities
(a) Short term borrowings	2084.520	1944.962	1188.510
(b) Trade payables	3480.323	2963.906	3667.251
(c) Other current liabilities	473.542	308.052	1024.181
(d) Short-term provisions	56.054	52.851	58.707
Total Current Liabilities (4)	6094.439	5269.771	5938.649
TOTAL	9531.912	8970.628	8948.672
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2019.602	2289.919	2409.529
(ii) Intangible Assets	0.111	0.129	0.215
(iii) Capital work-in-progress	19.299	44.259	31.617
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	1072.856	1092.750	1071.625
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	105.566	85.512	103.821
(e) Other Non-current assets	42.916	23.767	7.995
Total Non-Current Assets	3260.350	3536.336	3624.802
(2) Current assets
(a) Current investments	4.171	14.777	0.000
(b) Inventories	2898.191	1608.524	2308.809
(c) Trade receivables	639.452	1366.997	1125.706
(d) Cash and cash equivalents	2414.972	2111.942	1383.455
(e) Short-term loans and advances	266.277	260.001	494.043
(f) Other current assets	48.499	72.051	11.857
Total Current Assets	6271.562	5434.292	5323.870
TOTAL	9531.912	8970.628	8948.672

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	22728.900	29642.713	17526.264
		Other Income	226.875	272.603	138.907
		TOTAL (A)	22955.775	29915.316	17665.171
Less	EXPENSES
		Cost of materials consumed	13684.875	13245.200	10190.144
		Purchases of stock-in-trade	7710.092	14768.835	6050.719
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(284.718)	(60.489)	(169.655)
		Employee benefits expense	97.002	74.280	67.638
		Other expenses	1101.091	1113.762	872.310
		Extraordinary Items	0.000	0.000	(11.614)
		TOTAL (B)	22308.342	29141.588	16999.542
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		647.433	773.728	665.629
Less	FINANCIAL EXPENSES (D)		252.418	379.725	160.065
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		395.015	394.003	505.564
Less/ Add	DEPRECIATION/ AMORTISATION (F)		222.280	260.003	261.817
	PROFIT BEFORE TAX (E-F) (G)		172.735	134.000	243.747
Less	TAX (H)		118.892	41.481	40.365
	PROFIT AFTER TAX (G-H) (I)		53.843	92.519	203.382
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		275.800	275.700	229.419
	APPROPRIATIONS
		Transfer to General Reserve	10.000	40.000	100.000
		Proposed Dividend – Preference	32.800	32.800	32.764
		Proposed Dividend – Equity	12.300	12.300	16.419
		Tax on Dividend	7.600	7.3000	8.000
	BALANCE CARRIED TO THE B/S		266.900	275.800	275.700
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	227.851	129.334	318.833
		Sale of Carbon Credit	1.796	0.000	0.000
	TOTAL EARNINGS		229.647	129.334	318.833
	IMPORTS
		Raw Materials	4703.884	5892.988	5261.400
		Stores & Spares	0.000	1.466	2.744
		Capital Goods	0.000	0.693	7.321
	TOTAL IMPORTS		4703.884	5895.147	5271.465
	Earnings Per Share (Rs.)		0.08	0.27	0.80

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	0.23	0.31	1.15
Net Profit Margin (PBT/Sales)	(%)	0.76	0.45	1.39
Return on Total Assets (PBT/Total Assets}	(%)	2.05	1.71	3.11
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.10
Debt Equity Ratio (Total Debt/Networth)		1.31	1.38	0.79
Current Ratio (Current Asset/Current Liability)		1.03	1.03	0.90

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	751.301	751.301	751.301
Reserves & Surplus	1,572.063	1,612.191	1,613.295
Share Application money pending allotment	0.000	0.000	0.000
Net worth	2,323.364	2,363.492	2,364.596
long-term borrowings	636.616	1,316.849	1,002.185
Short term borrowings	1,188.510	1,944.962	2,084.520
Total borrowings	1,825.126	3,261.811	3,086.705
Debt/Equity ratio	0.786	1.380	1.305

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	17,526.264	29,642.713	22,728.900
		69.133	(23.324)

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Revenue from operations	17,526.264	29,642.713	22,728.900
Profit/(Loss) After Tax	203.382	92.519	53.843
	1.16%	0.31%	0.24%

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

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10484702	21/03/2014	850,000,000.00	RABOBANK INTERNATIONAL	FORBES BUILDING 2ND FLOOR, CHARANJIT RAI MARG, FORT, MUMBAI - 400001, MAHARASHTRA, INDIA	C00445429
2	10478513	17/02/2014	2,700,000,000.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA	B96751201
3	10371587	16/08/2012	889,945,155.00	STANDARD CHARTERED BANK	19, RAJAJI SALAI, CHENNAI - 600001, TAMILNADU, INDIA	B45724572
4	10271805	24/01/2011	500,000,000.00	ICICI BANK LIMITED	6TH FLOOR, MIDC TOWER, TRANS TRADE CENTER, ANDHERI (EAST), MUMBAI - 400093, MAHARASHTRA, INDIA	B06297139
5	10203713	06/02/2010	750,000,000.00	CORPORATION BANK	BHARAT HOUSE, NO. 104, GROUND FLOOR, M.S. MARG, MUMBAI - 400023, MAHARASHTRA, INDIA	A79761243
6	10202991	17/09/2012 *	3,550,000,000.00	AXIS BANK LTD.	192, KARUMUTHU NILAYAM, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B59727651
7	10005886	28/02/2012 *	718,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B.ROAD, NEAR GPO, INDORE - 452001, MADHYA PRADESH, INDIA	B37696697
8	90229792	24/05/2011 *	1,800,000,000.00	AXIS BANK LIMITED	192, KARUMUTHU NILAYAM, ANNA SALAI, CHENNAI - 600002, TAMILNADU, INDIA	B14735484
9	90229335	27/03/1998	65,000,000.00	I.D.B.I.	IDBI TOWER, MUMBAI 400005, MAHARASHTRA , INDIA	-
10	90229268	14/10/1997	45,000,000.00	INDUSTRIAL. INVEST. BANK OF INDIA LIMITED	NETAJI SUBHAS ROAD, CALCUTTA - 700001 , WEST BENGAL , INDIA	-

* Date of charge modification

UNSECURED LOAN

Particular	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred Sales Tax Loan	171.793	191.942
Less : Shown under current maturities of long term debt	(82.711)	(20.149)
SHORT TERM BORROWINGS
From Banks - Buyers Credit	2037.658	1898.101
Interoperate Deposits	46.862	46.862
Total	2173.602	2116.756

Notes:

The Company has availed Buyers Credit during the year. The outstanding amount as on March 31, 2013 is Rs. 2037.659 Millions (Previous Year Rs.1898.100 Millions) is guaranteed by Company’s Bankers against lien on Fixed Deposits pledged with them amounting to Rs. 2094.300 Millions (Previous Year Rs.1912.100 Millions).

CONTINGENT LIABILITY

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Guarantees issued by Bank	357.922	331.028
Income Tax/Sales Tax/Customs Duty/ Excise Duty demands disputed in appeals	192.483	178.691

OPERATIONS:

During the year, the revenue from operations of the Company decreased to Rs.22728.900 Millions from Rs. 29642.700 Millions in the previous year. Profit before depreciation and tax marginally increased to Rs.395.000 Millions from Rs.394.000 Millions in the previous year. Profit before tax has gone up to Rs.172.700 Millions from Rs. 134.000 Millions. However, due to higher provision for taxation, the Profit after tax has declined to Rs.53.800 Millions as against Rs.92.500 Millions in the previous year.

FUTURE OUTLOOK:

The Company is in advance stage of acquiring land at Krishnapatnam Port for construction of Liquid Storage Tanks to cater to the growing requirements. 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, offering good business opportunities for storage facilities at ports.

Recently the Company has been selected for setting up new warehousing facilities at 16 locations in the state of Madhya Pradesh under the M.P. Government Warehousing & Logistic Policy 2012 to establish additional capacity of around 2,07,000 MT. This is in addition to existing warehousing facilities of 2,16,000 MT at 22 locations.

The Company is also exploring opportunity in supply chain businesses to increase the volume of operations and as value to the stake holders.

INDUSTRY STRUCTURE AND DEVELOPMENT

The Company is primarily engaged in the businesses of storage infrastructure viz (a) storage facilities for handling bulk storage of liquid commodities such as edible oils, petroleum products, liquid chemicals etc and (b) agricultural warehousing facilities for storing commodities such as, wheat, cotton, soybean etc., infrastructure development, refining of edible oils and manufacture of vanaspati.

In view of the growing integration of Indian economy with the global economy, the volumes of external trade have been showing an uptrend. The demand for bulk liquid storage handling facilities, more particularly in port based areas, has been rising. There is a need for an effective and economically viable storage solution that will totally integrate the supply chains for all commodities from the production centers to the consumption centers, thereby reducing physical waste and loss of value of commodities in the process of procurement, storage and distribution.

Agricultural marketing has assumed increasing importance. Keeping in view the focus of the Indian Government on the rural economy and the farm sector, the demand for storage facilities in rural areas is also increasing. Connectivity of rural and urban areas enhances the demand for quality storage infrastructure for better aggregation, supply chain and consumption with low wastages and costs, offering better value for consumers. The availability of good storage facilities in the rural areas facilitate better quality retention and consequently better sales realization of products for the farming community, apart from enabling funding needs. Thus the storage infrastructure facilities have vast potential to cater to the growing needs of various stakeholders. The domestic edible oil consumption has been steadily growing and is estimated to be around 18 million MT with a per capita consumption of approx. 14 kg (2012-13) which is low as compared to global average of 22 kg. Owing to the growing demandsupply gap in edible oil, the volumes of import of edible oil have gone up from 5.9 Million MT (2007-08) to 11.04 Million MT (2012-13) over the last five years. Currently imports represent 60% of the domestic edible oil consumption. Considering the very basic needs to cater to the varying cooking styles/patterns in India, large population, better disposable income etc, the demand for edible oil is expected to increase in future.

During the year, the international economic and political situations coupled with monetary conditions have influenced domestic business sentiments. However, higher cost of imported raw materials, volatility in the currency and commodity prices, depreciation in the value of Indian rupee, change in the tariff structure of the exporting countries and the delayed response in our import tariff followed by the subsequent revision during the year had impacted cost structure and margins of edible oil refining industry.

INDUSTRY OUTLOOK

There is a vast gap in the quantity of agricultural produce and the available storage. Agri-supply chain requires strong integration, posing challenges at each step. There are systemic gaps both in terms of capacity and integration. Despite the obvious need for improvement and new government initiatives to stimulate growth, private investment is in short supply for reasons such as lack of knowhow and trained manpower, lack of backward and forward linkages to supplement value chain, high capital outlay, high operational costs due to high cost of power, lack of two way cargo movements, connectivity, infrastructural bottlenecks, efficient utilization of fleets etc.

Keeping in view the rural development and need for storage infrastructural needs to bring in efficiencies in the commodity value chain and linkage between the points of production and consumption with minimal wastage, the Government has accorded priority in framing appropriate policies and providing support mechanism for developmental activities in this regard. Also, the increasing volumes of global trade entail a strong demand for growing storage infrastructure needs, more particularly at the port based areas, for commodities such as petroleum products, edible oil, liquid chemicals etc. As per the industry sources, the projected traffic at the major ports in India is expected to grow over 100% in the next six years. The long term potential for growth in this sector is, therefore, promising and the demand for storage infrastructural requirements is likely to grow in future.

Pursuant to the various representations made by the industry associations to protect the domestic refinery industry (including the associated dependent sectors) against the adverse impact on account of export duty regime changes by the Government of Indonesia relating to the palm segment and to promote domestic value addition, the Government of India positively responded by making appropriate changes in the import duty structure in July 2012 for import of refined palm products to have a level playing field for the domestic industry and thus the industry was hopeful of better performance in the coming years. However, the duty increase in import of crude vegetable oil in January 2013 has adversely impacted cost structure, capacity utilization of the production facilities and profitability of the domestic refining industry.The industry desires that the Government would continue to take appropriate counter measures proactively to encourage domestic refining industry and domestic value addition.

BUSINESS STRATEGY

Driven by growth in production and consumption, organized retail outlets across India, logistics outsourcing, increased agricultural production, food security initiatives and the likely consideration for implementation of Goods and services tax, the demand for storage infrastructure is expected to grow significantly in the coming years. Also, the demand for storage facilities at port based locations for storage of edible oils, petroleum products, liquid bulk chemicals etc. has also been growing. The Company has storage infrastructure facilities in six port locations, strategically placed to cater to all major states in India. Further the Company also has storage terminals in five inland locations. Their storage facilities are well connected to the railways to enable long distance supply and the port based facilities are integrated with ports to facilitate transportation by pipelines. Keeping in view good demand for liquid storage facilities at port based areas; the Company is examining the possibilities of expanding the capacities at the existing locations and /or exploring in new strategic locations to cater to the growing requirements.

Having established ourselves as one of the major players in offering state of the art agri warehousing storage facilities at 22 locations in Madhya Pradesh, we are also examining the possibility of further extension into other states and diversification into value added services to deepen and widen our business areas and presence to strengthen our leadership position.

The state of the art production facility of the Company for refining of edible oils and manufacture of vanaspati is located at Kakinada in the state of Andhra Pradesh. The Company has a significant market share in the states of Andhra Pradesh, Orissa and Chhatisgarh for Edible Oils and Vanaspati. The company has created a robust organizational structure to evolve appropriate response mechanisms closer to ground realities and faster to the consumer needs, in line with the emerging business needs and trends.

GENERAL COMPANY INFORMATION

Subject is a Public Limited Company incorporated on August 28, 1984 as Columbia Leasing and Finance Limited. The Name of the Company was changed to Ruchi Infrastructure and Finance Ltd on September 2, 1994 and to Ruchi Infrastructure Limited on June 14, 1995. The Company is engaged in the business of infrastructure, development and operation of Storage Tanks, Warehouses and Jetty. The Company also operates an Edible Oil Refinery. The Company is also engaged in Trading in various products, goods and generation of power from wind energy. The Registered Office of the company is situated at 615, Tulsiani Chambers, Nariman Point, Mumbai-400021. The Company’s shares are listed on the BSE Limited and the National Stock Exchange of India Limited.

AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED ON 31ST MARCH 2014

(Rs. In Millions)

PARTICULARS		Quarter Ended 31.03.2014	Quarter Ended 31.12.2013	Year Ended 31.03.2014
		(Audited)	(Unaudited)	(Audited)
1	Income from operations
	(a) Net Sales/Income from operations (Net of excise duty)	10768.200	8832.400	37136.500
	(b) Other Operating Income	257.900	65.300	565.000
	Total income from operations(net)	11026.100	8897.700	37701.500
2	Expenses
	(a) Cost of materials consumed	3437.400	2510.200	10206.200
	(b) Purchases of stock-in-trade	7208.100	6931.100	27208.500
	(c ) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(23.500)	(1026.600)	(1880.400)
	(d) Employee benefits expenses	21.000	27.500	97.400
	(e) Depreciation and amortisation expense	44.400	52.000	196.600
	(f) Other expenses	379.200	275.800	1655.900
	Total Expenses	11066.600	8770.000	37484.200
3	Profit/(Loss) from operations before other income, finance costs and exceptional items(1-2)	(40.500)	127.700	217.300
4	Other Income	40.700	30.100	192.700
5	Profit/(Loss) from ordinary activities before finance costs and exceptional items(3+4)	0.200	157.800	410.000
6	Finance costs	89.500	156.700	418.500
7	Profit/(Loss) from ordinary activities after finance costs but before exceptional items(5-6)	(89.300)	1.100	(8.500)
8	Exceptional Items	--	--	--
9	Profit/(Loss) from ordinary activities before tax(7+8)	(89.300)	1.100	(8.500)
10	Tax Expenses	(48.600)	1.700	(17.800)
11	Net Profit/(Loss) from ordinary activities after tax	(40.700)	(0.600)	9.300
12	Extraordinary items (net of tax expenses)	--	--	--
13	Net Profit/(Loss) for the period (11+12)	(40.700)	(0.600)	9.300
14	Share of Profit / (loss) of associates	--	--	--
15	Minority Interest	--	--	--
16.	Net Profit/(Loss) after taxes, minority interest and share of profit/(loss) of associates (13+14+15).	(40.700)	(0.600)	9.300
17	Paid up - Equity Share Capital (FacevalueRe.1/-per share)	205.200	205.200	205.200
	Preference Share Capital (Face value Rs.100/- per share)	546.100	546.100	546.100
18	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year	--	--	--
19.i	Earning per share (before extraordinary items) (of Re. 1/-each) (not annualised)( in Rs. Per share)
	a) Basic	(0.25)	(0.05)	(0.14)
	b) Diluted	(0.25)	(0.05)	(0.14)
19.ii	Earning per share (after extraordinary items) (of Re. 1/-each) (not annualised)( in Rs. Per share)
	a) Basic	(0.25)	(0.05)	(0.14)
	b) Diluted	(0.25)	(0.05)	(0.14)

SELECT INFORMATION FORTHEQUARTERANDYEAR MONTHS ENDEDON 31^ST MARCH, 2014

A. PARTICULARS OF SHARE HOLDING		Quarter Ended	Quarter Ended	Year Ended
		31.03.2014	31.12.2013	31.03.2014
		(Audited)	(Unaudited)	(Audited)
1	Public shareholding
	No. of shares	93462977	93462977	93462977
	Percentage of Holding	45.54	45.54	45.54
2	Promoters and Promoters group shareholding
	a) Pledged/Encumbered
	- Number of shares	4800000	2200000	4800000
	- Percentage of shares(as a % of the total shareholding of promoter and promoter group)	4.29	1.97	4.29
	- Percentage of shares(as a % of the total share capital of the Company)	2.34	1.07	2.34
	b) Non-encumbered
	- Number of shares	106976965	109576965	106976965
	- Percentage of shares(as a % of the total shareholding of promoter and promoter group)	95.71	98.03	95.71
	- Percentage of shares(as a % of the total share capital of the Company)	52.12	53.39	52.12

	Particulars	Quarter ended 31.03.2014
B.	INVESTOR COMPLAINTS
	Pending at the beginning of the year	Nil
	Received during the year	Nil
	Disposed of during the year	Nil
	Remaining unresolved at the end of the year	Nil

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

	PARTICULARS	Quarter Ended	Quarter Ended	Year Ended
		31.03.2014	31.12.2013	31.03.2014
		(Audited)	(Unaudited)	(Audited)
1	Segment Revenue
	Oils	6104.100	4498.200	21740.600
	Infrastructure	131.400	94.800	433.800
	Others Commodities	4784.200	4299.000	15503.700
	Others	6.400	5.700	23.400
	Total Segment Revenue	11026.100	8897.700	37701.500
	Less : Inter segment Revenue	--	--	--
	Net Sales/Income from operations	11026.100	8897.700	37701.500
2	Segment Results (Profit/(loss) before tax and interest from each segment)
	Oils	93.700	(44.900)	(93.300)
	Infrastructure	53.400	26.500	149.000
	Others Commodities	(142.900)	150.900	226.600
	Others	0.500	1.300	2.900
	Unallocable	(4.500)	24.000	124.800
	Total	0.200	157.800	410.000
	Less: (i) Finance Cost	89.500	156.700	418.500
	(ii) Other unallocable
	expenditure net	-	-	-
	off unallocable income	-	-	--
	Total Profit before tax	(89.300)	1.100	(8.500)
3	Capital Employed (Segment Assets less Segment Liabilities)
	Oils	192.100	298.100	192.100
	Others Commodities	3970.300	2558.800	3970.300
	Infrastructure	1680.900	1776.800	1680.900
	Others	14.400	11.900	14.400
	Unallocable	590.500	1563.300	590.500
	TOTAL	6448.200	6208.900	6448.200

STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

	Particulars	As at 31.03.2014
		Audited
A	EQUITY AND LIABILITIES
(1)	Shareholders' funds
	(a) Share capital	751.300
	(b) Reserves and surplus	1509.100
	(c) Money received against share warrants	-
	Sub-total-Shareholders' funds	2260.400
(2)	Share application money pending allotment	-
(3)	Minority interest	-
(4)	Non-current liabilities
	(a) Long-term borrowings	693.300
	(b) Deferred tax liabilities (Net)	48.200
	(c) Other Long term liabilities	0.000
	(d) Long-term provisions	3.100
	Sub-total-Non-current liabilities	744.600
(5)	Current liabilities
	(a) Short-term borrowings	2642.500
	(b) Trade payables	4955.500
	(c) Other current liabilities	627.800
	(d) Short-term provisions	53.900
	Sub-total-current liabilities	8279.700
	TOTAL -EQUITYAND LIABILITIES	11284.700
B.	ASSETS
(1)	Non-current assets
	(a) Fixed assets	1848.500
	(b) Goodwill on consolidation	-
	(c) Non-current investments	897.300
	(d) Deferred tax assets (net)	-
	(e) Long-term loans and advances	163.700
	(f) Other non-current assets	125.500
	Sub-total-Non-current Assets	3035.000
(2)	Current assets
	(a) Current investments	107.800
	(b) Inventories	4107.900
	(c) Trade receivables	2836.800
	(d) Cash and Bank Balances	255.900
	(e) Short-term loans and advances	525.700
	(f) Other current assets	415.600
	Sub-total-Current Assets	8249.700
	TOTAL -ASSETS	11284.700

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 30th May, 2014.

2. During the quarter, the company has entered into business transfer Agreement with Ruchi Soya Industries Limited for transfer of its refining business as going concern with assets and liabilities thereof. Such transfer is an accordance with the shareholders’ approval and is subject to certain regulatory/lenders approvals.

3. The figures for the quarter ended 31st March, 2014 and 31st March, 2013 are the balancing figures between audited figures in respect of the full financial year ended 31st March, 2014 and 31st March, 2013 respectively and the published year to date unaudited figures upto 31st December, 2013 and 31st December, 2012 respectively.

4. Corresponding figures for the previous period have been regrouped/ reclassified to make them comparable with those of current period

FIXED ASSETS:

Tangible Assets

• Land - Freehold
• Land - Leasehold
• Buildings
• Plant and Machinery
• Furniture and Fixtures
• Vehicles
• Office Equipment
• Jetty

Intangible Assets

• Computer 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 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 ssotherwise 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.60.28
UK Pound	1	Rs.102.77
Euro	1	Rs.82.12

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	DIV
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.