MIRA INFORM REPORT

Report No. :	306151
Report Date :	09.02.2015

IDENTIFICATION DETAILS

Name :	RUCHI INFRASTRUCTURE LIMITED (w.e.f.14.06.1995)
Formerly Known As :	Ruchi Infrastructure and Finance Limited (w.e.f 02.09.1994) Columbia Leasing and Finance Limited
Registered Office :	615, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
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
IEC No.:	Not Available
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 :	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.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (43)

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

Maximum Credit Limit :	USD 6500000
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is a part of the Ruchi Group. It is an established company having satisfactory track record. There seems a drastic decline in the profits of the company FY 2014 however net worth 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

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 31-03-2014.

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 26.09.2014

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	57473709	28.00
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	5556578	2.71
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	946229	0.46
Any Others (Specify)	7576	0.00
Clearing Members	7576	0.00
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	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)	205239942	0.00

BUSINESS DETAILS

Line of Business :	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.
Products :	Vegetable Oils and Fats.
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

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

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

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	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG -TERM BORROWINGS
TERM LOANS
From State Bank of India	291.960	368.536
From Standard Chartered Bank PLC	683.096	805.463
From HDFC Bank Limited	5.204	0.000
Less : Shown under current maturities of long term debt	0	0
Loan Installments due within 12 months	0	0
State Bank of India	(82.500)	(76.068)
Standard Chartered Bank PLC	(203.429)	(184.828)
HDFC Bank Limited	(1.041)	0.000
SHORT TERM BORROWING
From Banks
a. Export Packing Credit	1745.665	0.000
b. Working Capital Demand Loan	850.000	0.000
	0	0
Total	3288.955	913.103

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 13.30% p.a. (Previous year 13 %) as at the year-end on Term Loan for acquisition of assets and 16.95% p.a. (Previous year 16.65%) on the interest bearing portion of Loan against subsidy receivable from NABARD.

iii) Term Loan of Rs. 6,783.02 lacs, outstanding Rs. 168.770 Millions(Previous year Rs. 245.346 lacs) from State Bank of India is repayable in 26 scattered instalments starting from quarter ending June 2009 and last installment of Rs. 182.392 Millions

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	1	19.017	76.068
2011-2012	3	19.025	19.017
2012-2013	4	19.025	76.100
2013-2014	4	19.025	76.100
2014-2015	4	20.625	82.500
2015-2016	1	27.500	27.500
2015-2016	1	167.900	182.392

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
Parties where control exists :	Narang and Ruchi Developers
Entities where Key Management Personnel and their relatives of Key Management Personnel have significant influence :	· Nirvana Housing Private Limited · Ruchi Soya Industries Limited · Ruchi Biofuels Private Limited · Mahadeo Shahra Sukrut Trust · Disha Foundation (Trust)

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, 2014
	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, 2014
	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, 2014
	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	31.03.2014	31.03.2013	31.03.2012
EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	751.301	751.301	751.301
(b) Reserves & Surplus	1509.096	1555.242	1612.190
(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)	2260.397	2306.543	2363.491
(3) Non-Current Liabilities
(a) long-term borrowings	693.289	1002.185	1316.850
(b) Deferred tax liabilities (Net)	48.184	66.012	18.121
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	3.145	4.680	2.395
Total Non-current Liabilities (3)	744.618	1072.877	1337.366
(4) Current Liabilities
(a) Short term borrowings	2642.527	2084.520	1944.962
(b) Trade payables	4955.504	3480.323	2963.906
(c) Other current liabilities	627.762	473.543	308.052
(d) Short-term provisions	53.857	56.054	52.851
Total Current Liabilities (4)	8279.650	6094.440	5269.771
TOTAL	11284.665	9473.860	8970.628
ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1839.832	2019.602	2289.919
(ii) Intangible Assets	0.067	0.111	0.129
(iii) Capital work-in-progress	8.599	19.299	44.259
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	897.319	1072.856	1092.750
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	163.720	105.566	85.512
(e) Other Non-current assets	125.519	123.198	23.768
Total Non-Current Assets	3035.056	3340.632	3536.337
(2) Current assets
(a) Current investments	107.806	4.171	14.777
(b) Inventories	4107.853	2898.191	1608.523
(c) Trade receivables	2836.761	639.452	1366.997
(d) Cash and cash equivalents	255.915	2291.782	2111.942
(e) Short-term loans and advances	525.691	266.278	260.001
(f) Other current assets	415.583	33.354	72.051
Total Current Assets	8249.609	6133.228	5434.291
TOTAL	11284.665	9473.860	8970.628

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	37701.445	22728.899	29642.713
		Other Income	192.683	226.875	272.603
		TOTAL (A)	37894.128	22955.774	29915.316
Less	EXPENSES
		Cost of materials consumed	10206.241	13684.875	13245.200
		Purchases of stock-in-trade	27208.508	7781.151	14768.835
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(1880.456)	(284.718)	(60.488)
		Employee benefits expense	97.430	97.001	74.280
		Other expenses	1655.790	1034.987	1113.762
		TOTAL (B)	37287.513	22313.296	29141.589
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		606.615	642.478	773.727
Less	FINANCIAL EXPENSES (D)		418.517	247.464	379.725
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		188.098	395.014	394.002
Less/ Add	DEPRECIATION/ AMORTISATION (F)		196.642	222.280	260.002
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)		(8.544)	172.734	134.000
Less	TAX (H)		(17.827)	118.891	41.482
	PROFIT/ (LOSS) AFTER TAX (G-H) (I)		9.283	53.843	92.518
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		266.876	275.772	275.644
	APPROPRIATIONS
		Transfer to General Reserve	0.000	10.000	40.000
		Proposed Dividend – Preference	32.763	32.764	32.764
		Proposed Dividend – Equity	12.314	7.661	7.312
		Tax on Dividend	7.661	12.314	12.314
	BALANCE CARRIED TO THE B/S		223.421	266.876	275.772
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	12403.946	227.851	129.334
		Sale of Carbon Credit	0.380	1.796	0.000
	TOTAL EARNINGS		12404.326	229.647	129.334
	IMPORTS
		Raw Materials	3869.413	4703.883	5892.988
		Stores & Spares	0.137	0.000	1.466
		Capital Goods	0.848	0.000	0.692
	TOTAL IMPORTS		3870.398	4703.883	5895.146
	Earnings Per Share (Rs.)		(0.14)	0.08	0.27

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	0.02	0.24	0.31
Operating Profit Margin (PBDIT/Sales)	(%)	1.61	2.83	2.61
Return on Total Assets (PBT/Total Assets}	(%)	(0.08)	2.06	1.71
Return on Investment (ROI) (PBT/Networth)		(0.00)	0.07	0.06
Debt Equity Ratio (Total Debt/Networth)		1.48	1.34	1.38
Current Ratio (Current Asset/Current Liability)		1.00	1.01	1.03

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	751.301	751.301	751.301
Reserves & Surplus	1612.190	1555.242	1509.096
Net worth	2363.491	2306.543	2260.397
long-term borrowings	1316.850	1002.185	693.289
Short term borrowings	1944.962	2084.520	2642.527
Total borrowings	3261.812	3086.705	3335.816
Debt/Equity ratio	1.380	1.338	1.476

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	29642.713	22728.899	37701.445
		(23.324)	65.874

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	29642.713	22728.899	37701.445
Profit	92.518	53.843	9.283
	0.31%	0.24%	0.02%

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

UNSECURED LOAN

Particular	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)
LONG TERM BORROWINGS
Deferred Sales Tax Loan	89.082	171.793
Less : Shown under current maturities of long term debt	(89.082)	(82.711)
SHORT TERM BORROWINGS
From Banks - Buyers Credit	0.000	2037.658
Interoperate Deposits	46.861	46.862
Total	46.861	2173.602

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10532800	30/10/2014	750,000,000.00	THE SOUTH INDIAN BANK LIMITED	Mangalore Main Branch, Plaza Chambers, Balmatta Road, Hampankatta, Mangalore, Karnataka - 575001, INDIA	C34576181
2	10484702	21/03/2014	850,000,000.00	Rabobank International	Forbes Building 2nd Floor,, Charanjit Rai Marg, Fort, Mumbai, Maharashtra - 400001, INDIA	C00445429
3	10371587	16/08/2012	889,945,155.00	Standard Chartered Bank	19, Rajaji Salai, Chennai, Tamil Nadu - 600001, INDIA	B45724572
4	10203713	06/02/2010	750,000,000.00	Corporation Bank	Bharat House, No. 104, Ground Floor,, M.S. Marg, Mumbai, Maharashtra - 400023, INDIA	A79761243
5	10202991	17/09/2012 *	3,550,000,000.00	AXIS BANK LTD.	192, Karumuthu Nilayam, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	B59727651
6	10005886	28/02/2012 *	718,900,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B.ROAD, NEAR GPO,, INDORE, Madhya Pradesh - 452001, INDIA	B37696697
7	90229792	24/05/2011 *	1,800,000,000.00	Axis Bank Ltd	192, Karumuthu Nilayam, Anna Salai, Chennai, Tamil Nadu - 600002, INDIA	B14735484
8	90229335	27/03/1998	65,000,000.00	I.D.B.I.	IDBI TOWER, MUMBAI, Maharashtra - 400005, INDIA	-

* Date of charge modification

OPERATIONS:

During the year, the revenue from operations of the Company increased to Rs. 37701.400 Millions from Rs. 22728.900 Millions in the previous year. However, the Profit before depreciation and tax decreased to Rs. 188.100 Millions from Rs. 395.000 Millions in the previous year, on account of (a) lower capacity utilization of the refining capacity and absorption of costs primarily due to inverted import duty structure of edible oil and (b) increase in foreign currency hedging cost during the year. The company has incurred loss of Rs. 8.500 Millions as compared to profit before tax of Rs. 172.700 Millions in the previous year. After write back of Deferred Taxes, there is a Profit after Tax of Rs. 9.300 Millions against Rs. 53.800 Millions in the previous year.

FUTURE OUTLOOK:

The company will continue to focus on expanding the business of storage infrastructure and allied business activities, keeping in view the strong business potential in line with the increase in GDP growth, Government's attention on improving infrastructure, encouragement for cost effective storage of commodities to support supply chain efficiencies for deriving better value for the farming community and overall rural development.

The Company is awaiting due allotment of land at Krishnapatnam Port for construction of Liquid Storage Tanks. The Company foresees better utilisation of storage capacities at the ports in view of the growing demand for storage infrastructure.

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 challenges in the domestic and international economies during the year, the volumes of trade have been relatively lower. 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. This will also lead to lower cost to the consumer, better product realization value for the farming community and greater access to financing.

Agricultural marketing has, therefore, 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 likely to increase in future.

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 value for the users. Thus the storage infrastructure facilities have vast potential to cater to the growing needs of various stakeholders.

During the year under review, the international economic situations and policy actions have influenced domestic business sentiments. The cost structure and performance of edible oil industry was adversely impacted during the substantial part of the year under review due to (a) higher landed cost of imported crude palm oil and lower refinery utilsation due to inverted import duty structure and (b) higher hedging cost due to volatility and depreciation in the value of Indian rupee. The performance of the company for the year 2013-14 may be viewed in the in the context of the above mentioned economic/market environment and challenges apart from GDP growth of less than 5% for the second year in succession.

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 & 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 resulting in low returns and long payback period.

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 expected increasing volumes of global trade entail a strong demand for growing storage infrastructure needs, at the port based areas for commodities such as petroleum products, edible oil, liquid chemicals, oil seed extractions etc and at the in land areas for storage of various commodities to cater to the growing economy and demand. As per the industry sources, the projected traffic at the major ports in India is expected to grow over 100% in the next five years. The long term potential for growth in this sector is, therefore, promising and the demand for storage infrastructural requirements is likely to increase considerably 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 January 2014 for import of refined palm products to have a level playing field for the domestic industry. However, the industry desires that the Government would continue to take appropriate counter measures proactively to encourage domestic refining industry and domestic value addition. Companies having large capacities and vast manufacturing presence at strategic locations with efficient sourcing, distribution and logistics arrangments across India, brand orientation on national basis to cater to various market segments and preferences and robust risk management systems will derive the benefits of economies of scale and consolidation in future.

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. Our 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 company has set to evaluate potential business opportunities and expand its presence in the core business of storage infrastructure including related business segments and exit non-core areas such edible oil refining etc to have a clear direction and strategy in the core business activities.

GENERAL COMPANY INFORMATION

Ruchi Infrastructure Limited. is a Public Limited Company incorporated on 28th August 1984 as Columbia Leasing and Finance Limited. The Name of the Company was changed to Ruchi Infrastructure and Finance Ltd on 2nd September 1994 and to Ruchi Infrastructure Limited on 14th June, 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.

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 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.61.73
UK Pound	1	Rs.94.65
Euro	1	Rs.70.78

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYTK

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	5
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	4
--RESERVES	1~10	5
--CREDIT LINES	1~10	4
--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		43

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.