MIRA INFORM REPORT

Report No. :	303696
Report Date :	19.01.2015

IDENTIFICATION DETAILS

Name :	RUCHI SOYA INDUSTRIES LIMITED
Registered Office :	Ruchi House, Royal Palm, Survey No. 169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.01.1986
Com. Reg. No.:	11-038536
Capital Investment / Paid-up Capital :	Rs.688.093 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 Exchanges.
Line of Business :	Subject is engaged in the business of 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 Company is also engaged in trading in various products and generation of power from wind energy.
No. of Employees :	10000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track record. There seems sharp dip in the profit of the company during 2014 however net worth of the company is satisfactory. General financial position of the company is good. 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.

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	13.01.2015

Rating Agency Name	CARE
Rating	Short Term Bank Facilities: A2
Rating Explanation	Strong degree of safety and low credit risk.
Date	13.01.2015

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.

INFORMATION PARTED BY

Name :	Mr. S.K. Dhamni
Designation :	Admin. Manager
Contact No.:	91-22-39388200
Date :	11.12.2014

LOCATIONS

Registered Office :	Ruchi House, Royal Palm, Survey No. 169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (East), Mumbai – 400065, Maharashtra, India
Tel. No.:	91-22-66560600/ 22824851/ 39388200
Mobile No.:	91-9967584902 (Mr. Ramesh Gupta)
Fax No.:	91-22-22837525/ 22042865
E-Mail :	amrita_shahra@ruchigroup.com snehhal@ipan.com rl_gupta@ruchigroup.com milind_s@ruchigroup.com
Website :	http://www.ruchisoya.com
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
Factory 21 :	Village Karanpura, Durgawati, District Kaimur, Bihar, India
Factory 22 :	Survey No. 162 and 163, Bhuvad, Talluka- Anjar, District Kutch, Gujarat, India

DIRECTORS

AS ON 31.03.2014

Name :	Mr. Kailashchandra Shahra
Designation :	Chiarman
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
Pan No.:	ABJPS9987Q
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
PAN No.:	AACHD3089G
DIN No.:	00533055
Name :	Mr. A. B. Rao
Designation :	Director (Legal) (upto September 13, 2013)
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
PAN No.:	AAIPJ2722L
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
Date of Cessation :	11.08.2014
DIN No.:	00048958
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 :	26.09.2014
DIN No.:	02114285
Name :	Mr. Sajeve Deora
Designation :	Director
Address :	EC-13, Inderpuri, New Delhi – 110012, India
Date of Birth/Age :	27.12.1959
Date of Appointment :	26.09.2014
DIN No.:	00003305
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 :	26.09.2014
DIN No.:	01309393
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 :	26.09.2014
DIN No.:	00134217

KEY EXECUTIVES

Name :	Mr. S.K. Dhamni
Designation :	Admin. Manager
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

SHAREHOLDING PATTERN

AS ON 30.09.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	103714858	31.05
Bodies Corporate	82978938	24.84
Sub Total	186693796	55.89
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	186693796	55.89
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	33668	0.01
Financial Institutions / Banks	327781	0.10
Foreign Institutional Investors	57461580	17.20
Sub Total	57823029	17.31
(2) Non-Institutions
Bodies Corporate	58187850	17.42
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	17600615	5.27
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	13581794	4.07
Any Others (Specify)	173338	0.05
Clearing Members	173338	0.05
Sub Total	89543597	26.80
Total Public shareholding (B)	147366626	44.11
Total (A)+(B)	334060422	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)	334060422	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Sl.No.	Name of the Shareholder	Details of Shares held
		No. of Shares held	As a %
1	Abha Shahra	38,28,926	1.15
2	Dinesh Shahra	21,11,383	0.63
3	Dinesh Shahra HUF	1,72,05,836	5.15
4	Kailash Shahra	1,98,500	0.06
5	Mridula Shahra	9,92,055	0.30
6	Neeta Sharma	2,00,300	0.06
7	Santosh Shahra HUF	6,51,340	0.19
8	Suresh Shahra	2,54,080	0.08
9	Savitridevi Shahra	8,23,683	0.25
10	Neeta Umesh Shahra (Trustee of Suyash Trust)	500	0.00
11	Umesh Shahra	5,48,860	0.16
12	Ushadevi Shahra	6,74,850	0.20
13	Amrita Shahra	26,21,354	0.78
14	Ankesh Shahra	33,62,921	1.01
15	Sarvesh Shahra	53,06,872	1.59
16	Amisha Shahra	30,32,570	0.91
17	Suresh Shahra HUF	1,75,000	0.05
18	Manish Shahra	1,62,120	0.05
19	Neha Shahra	5,450	0.00
20	Bhawana Goel	1,00,000	0.03
21	Nitesh Shahra	60,96,153	1.82
22	Kailash Shahra HUF	85,000	0.03
23	Vishesh Shahra	1,15,300	0.03
24	Mamta Khandelwal	2,500	0.00
25	APL International Private Limited	65,96,805	1.97
26	Arandi Investment Private Limited	86,79,170	2.60
27	National Steel & Agro Industries Limited	2,07,500	0.06
28	Mahakosh Holdings Private Limited	25,11,906	0.75
29	Ruchi Infrastructure Limited	82,59,625	2.47
30	Dinesh Shahra (Trustee of Ruchi Soya Industries Limited Beneficiery Trust)	76,30,115	2.28
31	Dinesh Shahra (Trustee of Shiva Foundation)	4,74,40,350	14.20
32	Mahakosh Papers Private Limited	7,87,875	0.24
33	Ruchi Acroni Ind Limited	13,48,475	0.40
34	Shahra Estate Private Limited	10,12,610	0.30
35	Ruchi Global Ltd	7,31,330	0.22
36	Ruchi Infotech Ltd	1,66,665	0.05
37	Suresh Chandra Santosh Kumar Shahra (Trustee of Mahakosh Family)	88,840	0.03
38	Soyumm Marketing Private Limited	2,91,45,577	8.72
39	Shahra Brothers Private Limited	29,31,400	0.88
40	Spectra Realities Private Limited	1,81,00,000	5.42
41	Evershine Oleoochem Limited	25,00,000	0.75
	Total	18,66,93,796	55.89

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Sl. No.	Name of the Shareholder	No. of Shares held	Shares as %
1	Cresta Fund Limited	14941373	4.47
2	Albula Investment Fund Limited	14408754	4.31
3	Merdale Investment Company Limited	4249645	1.27
4	Clemfield Industires Limited	4001080	1.20
5	Elara India Opportunities Fund	10116901	3.03
6	Sawit Plantations PTE Limited	19612913	5.87
7	New Leaina Investments Limited	3979267	1.19
8	Suresh Kumar Gupta	8347825	2.50
9	Abhi Ambi Financial Services Limited	4252494	1.27
10	EM Resurgent Fund	6574969	1.97
	Total	90485221	27.09

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Sl. No.	Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them	No. of Shares	Shares as %
1	Sawit Plantations Pte. Limited	19612913	5.87
	Total	19612913	5.87

BUSINESS DETAILS

Line of Business :

Company engaged primarily in the business of 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 Company is also engaged in trading in various products and generation of power from wind energy.

Products :

Products Description	Item Code No.
Soya Extraction	23040030
RBD Palm/ Palmolein Oil	15111000
Guargum	15159099

Brand Names :

• Nutrela Oil
• Mahakash
• Sunrich

Agencies Held :

Not Divulged

Exports :

Products :

Finished Goods

Countries :

• Indonesia
• Malaysia
• US
• Sri Lanka
• Pakistan
• China

Imports :

Products :

Raw Material

Countries :

· Indonesia

· Malaysia

Terms :

Selling :

Cash, Advance Payment, L/C and Credit

Purchasing :

Cash, Advance Payment, L/C and Credit

GENERAL INFORMATION

Supplier :

Reference:	Not Divulged
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

Customer :

End Users

Reference:	Not Divulged
Name of the Person (with Designation):
Contact Number:
Since How Long Known:
Maximum Limit Dealt:
Experience :
Remarks :

No. of Employees :

10000 (Approximately)

Bankers :

· Axis Bank Limited

· Bank of Baroda

· Bank of India

· Bank of Maharashtra

· 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

· Union Bank of India

Facilities :

SECURED LOANS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Term Loans from Banks
- Rupee Loans	3501.457	3196.966
- Foreign Currency Loans	6256.825	6455.084
SHORT TERM BORROWINGS
Working Capital Loans from Banks	2911.887	6963.264
Total	12670.169	16615.314

Banking Relations :	--
Auditors :
Name :	P. D. Kunte and Company Chartered Accountants
Address :	205/206, Turf Estate, Shakti Mills Lane, Off Dr. E. Moses Road, Mumbai – 400011, Maharashtra, India
Tel. No.:	91-22-24903751/ 24903752/ 24903753
Fax No.:	91-22-24903754
E-Mail :	mail@pdkunte.com
Cost Auditor :
Name :	K. G. Goyal and Company Cost Accountants
Subsidiaries :	· Ruchi Worldwide Limited · Mrig Trading Private Limited · Gemini Edibles and Fats India Private Limited · Ruchi J-Oil Private Limited · RSIL Holdings Private Limited · Ruchi Industries Pte. Limited · Ruchi Ethiopia Holdings Limited
Step down Subsidiaries :	· Ruchi Agri Plantation (Combodia) Company Limited · Ruchi Agritrading Pte. Limited · Ruchi Agri SARLU · Ruchi Hi-Rich Seeds Private Limited · Ruchi Agri Private Limited Company · Palmolien Industries Pte. Limited
Associates :	· GHI Energy Private Limited · Ruchi Kagome Foods India Private Limited
Parties where control exists :	· Indian Oil Ruchi Bio Fuels, Limited Liability Partnership · Ruchi Infrastructure Limited
Entities where Key Management Personnel or relatives of Key Management Personnel have significant influence :	· Ruchi Bio Fuels Private Limited · High Tech Realties Private Limited · Mahakosh Holdings Private Limited · Deepti Housing Private Limited · Shahra Brothers Private Limited · Mahadeo Shahra and Sons · Mahadeo Shahra Sukrat Trust · Disha Foundation (Trust) (Formerly Shiva Foundation) · RSIL Benificiary Trust · Shahra Estate Private Limited · Spectra Realties Private Limited

CAPITAL STRUCTURE

AS ON 26.09.2014

Authorised Capital : Rs.2530.500 Millions

Issued, Subscribed & Paid-up Capital : Rs.688.121 Millions

AS ON 31.03.2014

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
334046422	Equity Shares	Rs.2/- each	Rs.668.093 Millions
200000	6% Non-Convertible Redeemable Preference Shares	Rs.100/- each	Rs.20.000 Millions
	Total		Rs.688.093 Millions

a) Reconciliation of the number of shares

Particulars	As at March 31, 2014
	Number of Shares	Rs. in Millions
Equity Shares
Balance as at the beginning of the year	33922572	667.845
Add: Shares issued under Employee Stock option during the year	123850	0.248
Balance as at the end of the year	34046422	668.093
ii) Preference Shares
Balance as at the beginning of the year	200000	20.000
Add: Shares issued during the year	--	--
Balance as at the end of the year	200000	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

Nil (Previous year 12500000) Equity shares are subject to lock in restrictions.

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 judicature of Mumbai in an earlier year on the same terms and conditions as originally issued by Sunshine Oleochem Limited.

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

Name of Shareholder	Number of Shares	% holding
Equity Shares
Mr. Dinesh Shahra [in the capacity of Trustee of Disha Foundation (Formerly known as Shiva Foundation)]	47440350	14.20%
Dinesh Shahra (HUF)	17205836	5.15%
Soyumm Marketing Private Limited	29145577	8.73%
Spectra Realties Private Limited	18100000	5.42%
Sawit Plantations Pte Limited	19612913	5.87%
Preference Shares
Ruchi Infrastructure Limited	200000	100.00%

d) The issued, subscribed and paid-up share capital includes 56638462 Equity Shares and 200000 Preference Shares issued during the last five years pursuant to Schemes of Amalgamation, Arrangement and Mergers.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	688.093	687.845	686.717
(b) Reserves & Surplus	22,696.430	22,974.421	21,330.071
(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)	23,384.523	23,662.266	22,016.788
(3) Non-Current Liabilities
(a) long-term borrowings	10,478.818	10,374.181	7,997.050
(b) Deferred tax liabilities (Net)	2,699.497	2,466.711	2,528.721
(c) Other long term liabilities	148.962	279.543	352.294
(d) long-term provisions	0.015	0.015	16.669
Total Non-current Liabilities (3)	13,327.292	13,120.450	10,894.734
(4) Current Liabilities
(a) Short term borrowings	15,201.657	44,013.239	37,874.009
(b) Trade payables	54,589.441	48,232.945	41,240.782
(c) Other current liabilities	16,466.833	15,032.327	14,595.403
(d) Short-term provisions	134.020	211.985	170.264
Total Current Liabilities (4)	86,391.951	107,490.496	93,880.458
TOTAL	123,103.766	144,273.212	126,791.980
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	24,923.651	24,769.012	23,413.770
(ii) Intangible Assets	37.926	28.998	36.150
(iii) Capital work-in-progress	1,433.556	2,133.226	2,370.057
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	3,233.362	2,610.795	2,102.855
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	969.796	1,189.145	847.098
(e) Other Non-current assets	1.745	3.419	3.877
Total Non-Current Assets	30,600.036	30,734.595	28,773.807
(2) Current assets
(a) Current investments	110.584	218.257	4.418
(b) Inventories	34,456.750	33,441.506	36,602.026
(c) Trade receivables	45,669.359	42,467.747	30,990.157
(d) Cash and cash equivalents	3,789.577	29,499.432	23,992.329
(e) Short-term loans and advances	7,100.967	5,456.038	4,706.722
(f) Other current assets	1,376.493	2,455.637	1,722.521
Total Current Assets	92,503.730	113,538.617	98,018.173
TOTAL	123,103.766	144,273.212	126,791.980

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Income	243,810.148	261,464.379	259,966.027
		Other Income	2,200.708	3,384.073	2,272.565
		TOTAL (A)	246,010.856	264,848.452	262,238.592
Less	EXPENSES
		Cost of Material Consumed	140,197.426	159,113.488	140,349.946
		Purchases of Stock In Trade	76,350.448	75,179.792	98,278.910
		Changes in inventories of finished goods, work-in-progress and stock in trade	2,315.619	2,398.305	(6,121.493)
		Employees Benefits Expenses	1,769.161	1,425.590	1,102.561
		Others Expenses	18,040.737	17,314.973	19,725.028
		Exceptional Items	(110.541)	0.000	0.000
		TOTAL (B)	238,562.850	255,432.148	253,334.952
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		7,448.006	9,416.304	8,903.640
Less	FINANCIAL EXPENSES (D)		5,305.972	4,838.227	5,212.619
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		2,142.034	4,578.077	3,691.021
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1,644.865	1,542.629	1,407.765
	PROFIT BEFORE TAX (E-F) (G)		497.169	3,035.448	2,283.256
Less	TAX (H)		362.968	672.808	1,060.109
	PROFIT AFTER TAX (G-H) (I)		134.201	2,362.640	1,223.147
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		9070.212	7,084.037	6,086.295
Less	APPROPRIATIONS
		General Reserve	100.000	250.000	100.000
		Proposed Dividend	54.650	108.095	107.901
		Tax on Dividend	9.288	18.370	17.504
	BALANCE CARRIED TO THE B/S		9040.475	9070.212	7,084.037
	EARNINGS IN FOREIGN CURRENCY
		F. O. B value of Export	35987.615	43210.658	32343.326
		F. O. B value of Merchandise trade	12449.145	14675.056	10843.919
	TOTAL EARNINGS		48436.760	57885.714	43187.245
	IMPORTS
		Purchase of Oils	68644.754	81644.833	69127.946
		Purchases for Merchandise exports	12293.162	14554.083	9334.897
		Purchase of Consumables/ packing materials	31.840	68.974	7.394
	TOTAL IMPORTS		80969.756	96267.890	78470.237
	Earnings Per Share (Rs.)		0.07	7.08	3.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.06	0.90	0.47
Operating Profit Margin (PBIDT/Sales)	(%)	3.05	3.60	3.42
Return on Total Assets (PBT/Total Assets)	(%)	0.42	2.18	1.87
Return on Investment (ROI) (PBT/Networth)		0.02	0.13	0.10
Debt Equity Ratio (Total Debt /Networth)		1.10	2.30	2.08
Current Ratio (Current Asset/Current Liability)		1.07	1.06	1.04

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	686.717	687.845	688.093
Reserves & Surplus	21330.071	22974.421	22696.430
Net worth	22016.788	23662.266	23384.523
long-term borrowings	7997.050	10374.181	10478.818
Short term borrowings	37874.009	44013.239	15201.657
Total borrowings	45871.059	54387.420	25680.475
Debt/Equity ratio	2.083	2.298	1.098

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	259,966.027	261,464.379	243,810.148
		0.576	(6.752)

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	259,966.027	261,464.379	243,810.148
Profit	1,223.147	2,362.640	134.201
	0.47%	0.90%	0.06%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2014 (Rs. In Millions)	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Current Maturities of Long Term Debts	3648.339	2787.777	3101.043

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	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	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

CHARGES

ENTITY	PERSON	COMPETENT AUTHORITY	REGULATORY CHARGES	REGULATORY ACTION(S) / DATE OF ORDER	FURTHER DEVELOPMENTS
RUCHI SOYA INDUSTRIES LTD.		CBEC	DEFAULTED IN PAYMENT OF CUSTOMS/EXCISE DUTIES	NOTICE ISSUED UNDER SECTION 142 OF CUSTOMS ACT, 1962 28-FEB-2013	--

INDEX OF CHARGE

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10512373	31/07/2014	1,680,000,000.00	STANDARD CHARTERED BANK	NARAIN MANZIL 23, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA	C14547269
2	10494305	29/03/2014	3,000,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A. B. ROAD, NEAR GPO, INDORE, MADHYA PRADESH - 452001, INDIA	C03965878
3	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
4	10386062	19/10/2012	2,650,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A. B. ROAD, NEAR G.P.O., INDOR E, MADHYA PRADESH - 452001, INDIA	B61783767
5	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
6	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
7	10360000	17/05/2012	300,000,000.00	AXIS BANK LIMITED	01, KAMAL PALACE, Y N ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	B41351016
8	10329974	10/09/2013 *	1,375,000,000.00	AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED	CNERGY, 6TH FLOOR, APPASAHEB MARATHE MARG, PRABHA DEVI, MUMBAI, MAHARASHTRA - 400025, INDIA	B85195261
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
11	10311401	25/03/2011	690,000,000.00	BANK OF INDIA	NARIMAN POINT LARGE CORPORATE BRANCH, 92/93, FREE PRESS HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B16845760
12	10285373	22/03/2011	700,000,000.00	YES BANK LIMITED	9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA - 400018, INDIA	B12152864
13	10272947	10/01/2011	1,000,000,000.00	IDBI BANK LIMITED	SPECIALISED CORPORATE BRANCH,UPPER GROUND FLOOR, CAPT C S NAYUDU ARCADE, 10/2, OLD PALASIA., INDORE, MADHYA PRADESH - 452001, INDIA	B07210198
14	10261308	28/12/2010	500,000,000.00	STATE BANK OF HYDERABAD	11-C, MITTAL TOWER, 210, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	B03229135
15	10239839	12/10/2012 *	46,255,000,000.00	AXIS BANK LIMITED	2ND FLR, AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLY, MUMBAI, MAHARASHTRA - 400001, INDIA	B61325767
16	10228812	24/06/2010	922,000,000.00	STANDARD CHARTERED BANK	90, M G ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA	A88973359
17	10181563	24/12/2013 *	75,905,400,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A.B. ROAD, NEAR G.P.O., INDORE, MADHYA PRADESH - 452001, INDIA	B92726215
18	10310363	19/12/2008	642,120,000.00	THE BANK OF RAJASTHAN LIMITED	OVERSEAS BRANCH, C-WING, MITTAL TOWER, NARIMAN PO INT, MUMBAI, MAHARASHTRA - 400021, INDIA	A56426968
19	10133208	30/10/2008	3,000,000,000.00	PUNJAB NATIONAL BANK	MID, CORPORATE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	A52247657
20	10127581	10/10/2008	250,000,000.00	BARCLAYS BANK PLC	FIRST FLOOR, 69 VALLAI PACHIAPPAN STREET, KAMARAJ SALAI, KANCHIPURAM, TAMIL NADU - 631501, INDIA	A49546526
21	10097587	19/03/2008	250,000,000.00	THE KARUR VYSYA BANK LIMITED	POST BOX NO.21, ERODE ROAD, KARUR, TAMIL NADU - 639002, INDIA	A36305332
22	10026845	10/11/2006	2,882,100,000.00	CENTRAL BANK OF INDIA LIMITED	CORPORATE FINANCE BRANCH, SIYAGANJ, INDORE, MADHYA PRADESH - 452001, INDIA	A07099666
23	10022029	24/10/2006	250,000,000.00	THE KARUR VYSYA BANK LTD	POST BOX NO.21, , ERODE ROAD, KARUR, TAMIL NADU - 639002, INDIA	A05511969
24	10022240	28/09/2006	350,000,000.00	CENTRAL BANK OF INDIA LIMITED	CORPORATE FINANCE BRANCH, PHASE-I, PALIKA PLAZA, SECOND FLOOR, M.T.H. COMPOUND, INDORE, MADHYA PRADESH - 452007, INDIA	A05551627
25	10073789	13/09/2006	200,000,000.00	DENA BANK	INDUSTRIAL FINANCE BRANCH, 9TH FLOOR, MAKERS TOWE R E, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA	A05748520
26	10007109	07/06/2006	900,000,000.00	STATE BANK OF PATIALA	20, USHA NAGAR EXTENSION, INDORE, MADHYA PRADESH - 452001, INDIA	A01501584
27	10007681	24/02/2010 *	1,162,900,000.00	STATE BANK OF INDORE (LEAD BANKER)	INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, INDORE, MADHYA PRADESH - 452001, INDIA	A82573049
28	80021478	24/02/2010 *	1,162,900,000.00	STATE BANK OF INDORE (LEAD BANKER)	INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL, INDORE, MADHYA PRADESH - 452001, INDIA	A82572553
29	90243877	30/03/2007 *	350,000,000.00	STATE BANK OF INDIA	COMMERCIAL BRANCH, A. B. ROAD, NEAR G. P. O., IN DORE, MADHYA PRADESH - 452001, INDIA	-
30	90238548	27/07/2005	100,000,000.00	IDBI BANK LIMITED	ALANKAR CHAMBERS, RATLAM KOTHI; A.B. ROAD, INDORE , MADHYA PRADESH, INDIA	-
31	90242661	16/03/2005	50,000,000.00	INDUYSTIRAL BANK	BOMBAY, INDORE, MADHYA PRADESH, INDIA	-
32	90242590	24/11/2004	40,000,000.00	INDUYSTIRAL BANK	BOMBAY, INDORE, MADHYA PRADESH, INDIA	-
33	90242580	27/10/2004	500,000,000.00	ANDHRA BANK	NO. 33, III FLOOR; ATLANTA; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
34	90241179	25/08/2004	200,000,000.00	UTI BANK LIMITED	KAMAL PALACE; 1, YASHWANT COLONY; YASHWANT NIWAS ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	-
35	90243728	30/11/2004 *	200,000,000.00	UTI BANK LIMITED	KAMAL PALACE; 1, YASHWANT NIWAS ROAD, INDORE, MADHYA PRADESH - 452001, INDIA	-
36	90241154	18/06/2004	125,000,000.00	SOUTH INDIAN BANK LIMITED	HAMPANKATTA BRANCH, MANGALORE, KARNATAKA, INDIA	-
37	90187976	08/05/2004	250,000,000.00	THE KARUR VYSYA BANK LIMITED	ERODE ROAD, INDORE, MADHYA PRADESH, INDIA	-
38	90242517	05/05/2004	250,000,000.00	THE KARUR VYSYA BANK LIMITED	APPOLO TRADE CENTRE, RAJGARH KOTHI; A.B. ROAD, INDORE, MADHYA PRADESH, INDIA	-
39	90241122	15/05/2004 *	50,000,000.00	PUNJAB NATIONAL BANK	SIYAGANJ BRANCH, INDORE, MADHYA PRADESH, INDIA	-
40	90243681	31/03/2004	100,000,000.00	THE BANK OF RAJASTHAN LIMITED	OVERSEAS BRANCH; C-WING, MITTAL TOWER; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
41	90241118	30/11/2004 *	250,000,000.00	ING VYSYA BANK LIMITED	OPERA HOUSE BRANCH, MUMBAI, MAHARASHTRA, INDIA	-
42	90187973	09/03/2004	202,500,000.00	THE JAMMU & KASHMIR BANK LIMITED	DIAMOND COLONY, INDORE, MADHYA PRADESH, INDIA	-
43	90241101	25/08/2004 *	240,000,000.00	UTI BANK LIMITED	KAMAL PLACE; 1, YASHWANT COLONY; YASHWANT NIWAS R OAD, INDORE, MADHYA PRADESH - 452001, INDIA	-
44	90241097	19/02/2004	141,000,000.00	THE KARUR VYSYA BANK LIMITED	APPOLO TRADE CENTRE, RAJGARH KOTHI; A.B. ROAD, INDORE, MADHYA PRADESH, INDIA	-
45	90188929	13/12/2003	100,000,000.00	KARUR VYSYA BANK LIMITED	ERODE ROAD, INDORE, MAHARASHTRA, INDIA	-
46	90241062	09/06/2004 *	150,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, A.B. ROAD (NEAR G.P.O.), INDORE, MADHYA PRADESH, INDIA	-
47	90050173	13/11/2003	150,000,000.00	PUNJAB NATIONAL BANK	M.P.H.B. BRANCH, INDORE, MADHYA PRADESH, INDIA	-
48	90144521	06/06/2003	175,000,000.00	CREDIT AGRICOLE INDOSUEZ	HOMCHAT HOUSE, 11TH FLOOR; NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA	-
49	90144428	08/07/2003 *	100,000,000.00	LORD KRISHNA BANK LTD	NO. 281; ANNA SALAI, CHENNAI, TAMIL NADU - 600018, INDIA	-
50	90240967	17/03/2003	25,000,000.00	PUNJAB NATIONAL BANK	SIYAGANJ BRANCH, INDORE, MADHYA PRADESH, INDIA	-

UNSECURED LOAN:

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Deferred Sales Tax Liability	720.536	722.131
SHORT TERM BORROWINGS
From Banks / Financial Institutions	12289.770	37049.975
Total	13010.306	37772.106

GENERAL INFORMATION

The Company is a Public Limited Company engaged primarily in the business of 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 Company is also engaged in trading in various products and generation of power from wind energy. The Company has manufacturing plants across India and is listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India Limited (NSE).

PERFORMANCE IN 2013-14

The business environment was challenging during the financial year 2013-14 mainly on account of an anomaly in India’s import duty regime for oils, a lower soya crop due to unfavourable monsoons, and increased hedging costs that were consequently faced. However, there balanced and integrated business model has insulated them to some degree as there focus is on the higher end of the value chain. This strategy has aided them in combating these challenging business conditions. There have also diversified into additional agri-product offerings that have a relatively inelastic export demand to help them maintain their revenues. Going forward, there are optimistic about their performance and have oriented ourselves to further brand development. Recognising that there is a vast potential in India for branded goods that offer consistent value to discerning consumers, there are positioning ourselves to increase their brand visibility and retail presence across the country.

OPERATIONS

During the year, the Total Income (Revenue) of the Company has decreased to Rs.246010.800 Millions from Rs.264848.500 Millions in the previous year. The Profit after tax of Rs.134.200 Millions was recorded during the year as against Rs.2362.700 Millions in the previous year. The anomaly in import duty structure entailing higher landed cost of crude palm products for the domestic refining industry and the consequent lower capacity utilization and profitability, poor arrival of soya seeds in the market resulting in lack of commercial parity for crushing and increase in foreign currency hedging cost during the year, have primarily contributed to decline in profitability.

ACQUISITION PROPOSAL

During the year, the Company has entered into a Business Transfer Agreement with Ruchi Infrastructure Limited to acquire its oil refinery business being run at its plant situated at Kakinada in the state of Andhra Pradesh as a going concern with assets/ liabilities thereof. Such acquisition will strengthen the presence of the Company in south eastern region of the country.

EXPORTS

The Company exported products of Rs. 48436.800 Millions during the year under review as compared to Rs. 57885.700 Millions in the previous year. The decline in export was mainly due to lower soya crop size and availability of soya beans in the market place for crushing.

FUTURE OUTLOOK

Keeping in view the improved business sentiments, the economy showing signs of better growth in the coming years and the partial corrective measures taken by the Government in January 2014 against the anomaly in import duty structure relating to palm segment, they expect better utilisation of productive capacities of domestic refining and performance. They also hope that the advancing of monsoon in July 2014 in the soya seed growing areas will help the sowing season and lead to better than expected crop production in the current year. They believe that better business environment will entail better capacity utilisation and higher export volumes. Considering the growing trend in the industry and their strong focus, they anticipate that the branded sales segment is also expected to be higher in the current year. They are hopeful of improved performance in the current year.

Keeping in view the vast potential in the edible business and growing consumption across the population, the company is supportive of the view of the industry that consistent and conducive domestic tariff policies will facilitate domestic value addition, investment into the productive and its dependent sectors and overall growth of the economy. In view of their growing strengths in the sourcing, processing, logistics and distribution activities in India, the Company expects to sustain the leadership position in the times to come.

The Company will continue to focus on growing the front end and back end activities of the integrated business model with a view to have better visibility of end products in the market place across the spectrum and sustainable sourcing and origination capabilities to improve margin on the value chain. The company is in the process of introducing new and value added products with a blend of taste, variety, health and wellness to cater to changing preferences of consumers. The strategy is oriented towards greater visibility in the market place and closeness to customers across regions. They trust the results and impact will be clearly visible in the market place in the times to come to enable them to continue to grow higher than the growth rate of the segment.

The Company is in the process of enlarging/extending its presence in the agri product portfolio involving connectivity with farming community for procurement, processing and export with value addition. The extension enables them to enter into complimentary areas to leverage sourcing strengths (agri commodities) and international distribution network with a view to sustain a growing relationship with their international customers and domestic farming community.

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

INDUSTRY STRUCTURE AND DEVELOPMENT

The primary business of the Company is processing of oilseeds and refining of crude oil for edible use. The Company also produces oil meal, food products from soya and value added products from downstream and upstream processing. The domestic edible oil consumption has been steadily growing with per capita consumption of approx. 15 kg (2013-14), 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 demandsupply gap, over 60% of the domestic edible oil consumption is met by imports, with Palm and Soya oil accounting forover 85% of the imported volume. The domestic soya crop production was marginally lower, around 11 million MT in India during the year under review. The oil meal, produced as a result of processing of oil seed, 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.

During the year under review, the international economic situations, coupled with policy actions have influenced domestic business sentiments. The palm segment continues to maintain the overall share of over 70% of the imported vegetable oil in the country, due to favourable price dynamics and higher demand of the cost conscious consuming population in the country. The Government of India had raised import duty on crude palm products in January, 2013 without raising duty on imported refined oil, resulting in cost pressures for the highly competitive domestic refining 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. While the anomaly was partially rectified in Jan 2014, for a substantial period of the year, higher landed cost of imported crude oil for refinery operations and the lower capacity utilisation of refinery units have adversely impacted the operating performance of the port based domestic refining industry during 2013-14 and also the investments in manufacturing capacities, despite a strong consumption growth and a case for value addition.

Also, volatility in the exchange rate of Indian currency more particularly during the first half of 2013-14 with a sharp depreciation in the value of Indian rupee has rendered hedging cost higher as compared to previous year.

The domestic Soybean crop which was estimated to be over 12 million MT initially, was revised downwards to less than 11 million MT due to unusual rains during the fag end of the crop season ended September 2013. The poor arrival of soya seeds market and disparity in processing have led to lower capacity utilisation and contribution of the crushing units during the peak season for crushing i.e October 2013 to March 2014. The company’s performance for the year 2013-14 may be viewed in the context of the above mentioned economic/ market environment and sluggish GDP growth of less than 5% for the second year in succession.

INDUSTRY OUTLOOK

The Indian economy is showing signs of strength, backed by improvement in overall business sentiments. Due to strong demand for the edible oil and food products, they expect the consumption to grow and to increase our market share, with better profitability and sustained performance. According to the industry estimates, the production of oil seed is around 28 to 30 Million tonnes with yield of only 1000 to 1100 kg per hectare. The domestic production of edible oil is around 7.5 million tonnes against the demand of around 19 million tonnes, rendering the import to bridge the demand – supply gap and the domestic refining industry to have a major role to

play in the edible oil segment.

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. Considering the global economic scenario and encouraging business conditions in domestic markets, the industry hopes that the Government of India 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.

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

The overall demand for edible oil has been growing and the incremental demand –supply gap is increasingly met by imports. While the domestic land for production of oil seeds, has been relatively stagnant due to alternative land use for production of food grain and other annual crops, there is an need to explore augmentation of different oil seeds supply across regions.

Given the growing dependency of imports for such a basic commodity of mass consumption, it is believed that strong and speedy policy actions such as amendments in relevant laws for stimulating investments and reduction of transaction costs, use of technology and mechanisation for fostering productivity and conservation of natural resources, steps for remunerative prices of products for farmers without consumer price increase, better agri infrastructure connectivity between production, storage, distribution and supply in the market place, rationalisation and cash transfer of subsidies to deserving beneficiaries etc. would be needed to boost higher growth of domestic supply.

Also, encouragement should be given for research and innovation in the area of improvement in yield and productivity of edible oil seeds. While this may be viewed as a long term initiative, the attention and investment in this regard would be much needed given the immense potential for a substantial growth in domestic supply and cascading growth. For example, substantial improvement in yield and productivity of soya seed will lead to augmentation of domestic supply of soya oil and corresponding import substitution, increase in export of oil meal, growth in supply of protein rich cost effective consumer products for Indian markets, improvement in rural economy and benefiting the stake holders on a sustained basis.

The pattern of consumption of edible oil is moving towards packed and/or branded form due to factors such as 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. Given the growth in the overall edible oil consumption, keeping in view the discerning and value conscious need of the growing consumer base, the growth in packed segment has been growing almost twice of the overall edible oil growth in the recent past. The trend is expected to continue due to low base and vast potential. Companies serving customers constantly with value added products across regions, considering the taste and preferences, would have competitive edge over others. 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.

PARTICULARS	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
a) Claims against the Company not acknowledged as debts	85.047	115.203
b) Outstanding bank guarantees	596.469	571.776
c) Outstanding letter of credit	--	--
d) Outstanding corporate guarantees given on behalf of
- Indian Subsidiary (Share in sanctioned amount Rs. 7020.879 Millions (Previous year Rs. 5550.416 Millions)	4239.171	3471.592
- Indian Associate (Sanctioned amount Rs. 960.000 Millions (Previous year Rs. 960.000 Millions)	732.600	800.600
- Foreign Subsidiary (Sanctioned amount Rs. 5103.400 Millions (Previous year Rs. 2400.200 Millions)	1373.415	--
e) EPCG Licences benefit in event of default of Export Obligation	52.038	17.796
f ) Income tax/Sales tax/Excise/Octroi/Custom duty/ESIC/ Other statues/Electricity Duty/demand disputed	4845.267	4472.812
g) Bills discounted	5011.609	6631.263
h) The Company has received claims amounting to US$ 662.68 lac (to the extent quantified) from two overseas entities (claimants) in respect of performance guarantees purportedly given by the Company as a second guarantor on behalf of an overseas entity in respect of contracts entered into between the claimants and the overseas entity. The Company has denied 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 does not expect that any amount will become payable in respect of the claims made. No provision is made in respect of the same in the books of account. i) No provision has been made in respect of claim of Rs. 10464.128 Millions under the Biological Diversity Act, 2002 since in the opinion of the Company the claim has been incorrectly raised and has been disputed by the Company. The demand has been stayed by the High Court of Madhya Pradesh.

STATEMENT STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30^TH SEPTEMBER 2014

(Rs. In Millions)

Particulars	3 Months ended 30.09.2014		Year to date figures for current year ended
	Unaudited	Unaudited	Unaudited
	30.09.2014	30.06.2014	30.09.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	69852.158	56467.963	126320.121
b) Other operating income	817.791	786.717	1604.508
Total income from Operations(net)	70669.949	57254.680	127924.629
2.Expenditure
a) Cost of material consumed	40592.520	35708.728	76301.248
b) Purchases of stock in trade	25346.467	16095.157	41441.624
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(544.667)	636.000	91.333
d) Employees benefit expenses	461.347	444.965	906.312
e) Depreciation and amortization expenses	244.870	553.972	798.842
f) Other expenditure	3611.822	2729.664	6341.486
Total expenses	69712.359	56168.486	125880.845
3. Profit/ (Loss) from operations before other income, finance costs and exceptional items (1-2)	957.590	1086.194	2043.784
4. Other income	74.488	104.781	179.269
5. Profit/ (Loss) from ordinary activities before finance costs and exceptional items (3+4)	1032.078	1190.975	2223.053
6. Finance costs	911.778	1133.321	2045.099
7. Profit/(loss) from ordinary activities after finance costs but before exceptional items (5-6)	120.300	57.654	177.954
8. Exceptional items	0.000	0.000	0.000
9. Profit/ (Loss) from ordinary activities before tax	120.300	57.654	177.954
10.Tax expenses	68.111	55.900	124.011
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	52.189	1.754	53.943
12.Extraordinary Items (net of tax expenses Rs. Nil)	--	--	--
13.Net Profit / (Loss) for the period (11 -12)	52.189	1.754	53.943
14. Share of Profit/ (Loss) of Associates	--	--	--
15. Less: Minority Interest Share (Gain/ Loss)	--	--	--
16. Net Profit / (Loss) after taxes, minority and share of profi/ (loss) of associates (13+14+15)	52.189	1.754	53.943
17.Paid-up equity share capital (Face Value of Rs. 2/- per share)	668.121	668.121	668.121
Preference Share Capital (Face Value of Rs.100/- per share)	20.000	20.000	20.000
18. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	--	--	--
19.i) Earnings per share (before extraordinary items (of Rs. 2/- each) (not annualized) (in Rs. Per Share)
(a) Basic	0.16	0.004	0.16
(b) Diluted	0.16	0.004	0.16
19.i) Earnings per share (after extraordinary items (of Rs. 2/- each) (not annualized) (in Rs. Per Share)
(a) Basic	0.16	0.004	0.16
(b) Diluted	0.16	0.004	0.16

Particulars	3 Months ended 30.09.2014		Year to date figures for current year ended
	Unaudited	Unaudited	Unaudited
	30.09.2014	30.06.2014	30.09.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	147362980	147362980	147362980
- Percentage of shareholding	44.11	44.11	44.11
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	28648390	28648390	28648390
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	15.35	15.35	15.35
Percentage of shares (as a % of total share capital of the company)	8.58	8.58	8.58
b) Non Encumbered
Number of shares	158049052	158049052	158049052
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	84.65	84.65	84.65
Percentage of shares (as a % of total share capital of the company)	47.31	47.31	47.31

B. Investor Complaints (Nos.)	3 Months Ended 30.09.2014
Pending at the beginning of the quarter	-
Receiving during the quarter	5
Disposed of during the quarter	5
Remaining unreserved at the end of the quarter	-

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED

(Rs. In Millions)

Particulars	3 Months ended 30.09.2014		Year to date figures for current year ended
	Unaudited	Unaudited	Unaudited
	30.09.2014	30.06.2014	30.09.2014
1 Segment Revenue
Oils	46070.370	37899.484	83969.854
Vanaspati	2552.029	2319.600	4871.629
Seed Extraction	9928.755	12453.297	22382.052
Food Products	1813.704	1591.969	3405.673
Wind Turbine Power Generation	216.733	192.335	409.068
Others	16379.020	8690.625	25069.645
Unallocated
Total Segment Revenue	76960.611	63147.310	140107.921
Less : Inter segment Revenue	7108.453	6679.347	13787.800
Net Sales/Income from operations	69852.158	56467.963	126320.121
2 Segment Results
Oils	155.499	118.468	273.967
Vanaspati	6.827	5.777	12.604
Seed Extraction	(48.932)	93.973	45.041
Food Products	18.589	23.633	42.222
Wind Turbine Power Generation	145.003	74.411	219.414
Others	688.273	800.207	1488.480
Unallocated	--	-	--
Total	965.259	1116.469	2081.728
Less: (i) Finance costs	911.778	1133.321	2045.099
(ii) Interest Income	(63.959)	(74.506)	(138.465)
(iii) Other unallocable expenditure net off un-allocable income	(2.860)	---	(2.860)
Total Profit before tax	120.300	57.654	177.954
Capital Employed
(Segment Assets less Segment Liabilities)
Oils	13152.441	20861.506	13152.441
Vanaspati	3030.997	2317.041	3030.997
Seed Extraction	19469.340	29101.786	19469.340
Food Products	1653.675	1446.996	1653.675
Wind Turbine Power Generation	4537.995	4476.812	4537.995
Others	8857.896	11453.681	8857.896
Unallocated	--	-	--
TOTAL	50702.344	69657.822	50702.344

STATEMENT OF ASSETS AND LIABILITIES

PARTICULARS	As At Current Half Year Ended (Unaudited)
	30.09.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	688.121
(b) Reserves & Surplus	21251.278
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	21939.399
Minority Interest	0.000
(3) Non-Current Liabilities
(a) long-term borrowings	9327.331
(b) Deferred tax liabilities (Net)	2694.493
(c) Other long term liabilities	165.258
(d) long-term provisions	0.035
Total Non-current Liabilities (3)	12187.117
(4) Current Liabilities
(a) Short term borrowings	14970.499
(b) Trade payables	57874.487
(c) Other current liabilities	15229.160
(d) Short-term provisions	187.899
Total Current Liabilities (4)	88262.045
TOTAL	122388.561
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	25177.913
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	3247.238
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	1181.699
(e) Other Non-current assets	0.250
Total Non-Current Assets	29607.100
(2) Current assets
(a) Current investments	218.504
(b) Inventories	28765.048
(c) Trade receivables	50254.677
(d) Cash and cash equivalents	3218.380
(e) Short-term loans and advances	9405.456
(f) Other current assets	919.396
Total Current Assets	92781.461
TOTAL	122388.561

NOTE

1. The above results have been reviewed by the Statutory Auditors and Audit Committee and have been approved by the Board of Directors of the Company.

2. The Employee Stock Options outstanding as on September 30, 2014 are as follows:

Date of Grant	Opening Balances as on July 1, 2014	Issued during the quarter	Exercised during the quarter	Cancelled during the quarter	Closing Balances as on September 30, 2014
October 1, 2009	--	--	--	--	--
April 1, 2010	--	--	--	--	--
April 1, 2011	0.080	--	--	--	0.080
April 1, 2012	0.004	--	--	--	0.004
April 1, 2013	0.172	--	--	--	0.172
April 1, 2014--	0.275	--	--	--	0.275
Total	0.531				0.531

3. The Company has exercised the option provided under paragraph 46A of AS 11: The Effects of Changes in Foreign Exchange Rates inserted vide Notification dated December 29, 2011. Consequently, the exchange differences on long term foreign currency monetary items are dealt with in the following manner:

The exchange difference to the extent it relates to acquisition of depreciable asset, is adjusted to the cost of the depreciable asset, and depreciated over the balance life of the asset.

In other cases, the exchange difference is accumulated in a Foreign Currency Monetary Item Translation Difference Account, and amortised over the balance period of such long term asset/ liability.

Accordingly, during the quarter the Company has

(a) Adjusted exchange loss of Rs. 116.644 Millions in respect of long term foreign currency monetary items relating to acquisition of depreciable fixed assets to the cost of fixed assets and

(b) Amortised exchange loss relating to long term foreign currency monetary item in other cases, over the life of the long term liability and included Rs. 563.52 lacs being the unamortised portion in Foreign Currency Monetary Item Translation Difference Account.

4. Pursuant to the Scheme of Amalgamation and Arrangement between the Company and Mac Oil Palm Limited, the Board has approved the following amounts as charge to Business Development Reserve during the quarter and Six months ended on September 30, 2014 :(Rs. in Millions)

Particulars	Quarter ended Sept 30, 2014
Advertisement and sales promotion expenses (net of current tax)	122.635
Provision for doubtful debts and doubtful advances (net of deferred tax)	(0.330)
Additional Depreciation/Impairment on account of revaluation of fixed assets	84.550
Total	206.855

Note: Rs. 876.170 Millions includes Rs. 706.887 Millions consequent to application of Schedule II to the Companies Act, 2013 in respect of assets whose useful life has been exhausted.

5. With effect from April 01, 2011, the Company has adopted the principles of derivatives and hedge accounting of Accounting Standard (AS) 30 "Financial Instruments: Recognition and Measurement", to account for interest rate swaps. Accordingly, mark to market losses/(gain) of Rs. 16.788 Millions (Including gain of Rs. 26.913 Millions for the quarter under review) on account of interest rate swaps designated as effective hedge has been recognized in the balance sheet under the head "Hedging Reserve".

6. Pursuant to the enactment of the Companies Act 2013, (the "Act"), the Company has, effective 1st April 2014, reviewed and revised the estimated useful lives and estimated residual value of its fixed assets, based on technical advice. As a result of the change, the consequential impact [after charging Rs. 4,414.98 lac (net of deferred tax of Ps. 789.14 lac) to Retained Earnings in line with the transition provision specified in Schedule II] on the depreciation charged and on the results for the quarter and six months is not material.

7. During the quarter, the Company has acquired Oil Refining business of Ruchi Infrastructure Limited with effect from September 01, 2014 on going concern basis with assets/liabilities thereof on slump sale basis for a consideration of Rs. 497.761 Millions.

8. Tax expenses comprises Tax Rs. 124.011 Millions (Current Tax Rs. 50.100 Millions, Deferred tax Rs. 73.911 Millions and tax for earlier year Rs. Nil).

9. The results of subsidiary companies, associate/s, Trust and Joint Venture will be consolidated with the year end results.

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

FIXED ASSETS

· Freehold Land

· Lease hold Land

· Buildings

· Plant and Machinery

· Windmills

· Furniture and Fixtures

· Vehicles

· Office Equipment

· Trade Marks

· Software

PRESS RELEASE

RUCHI SOYA FORAYS INTO LUCRATIVE SUNFLOWER OIL MARKET IN SOUTH INDIA BY LAUNCHING SUNRICH

Company plans to capture 10 to 15% market share in 2016

Hyderabad, April 3, 2014:- Ruchi Soya Industries Limited (Ruchi Soya), one of India’s leading FMCG companies and the largest manufacturer of healthier edible oils in India announces the launch of its premium refined sunflower oil brand ‘Sunrich’, in Karnataka, Andhra Pradesh, Tamilnadu and Kerala besides Odisha. The leader in edible oil business in the country, the company plans to take its share for Sunrich to 10 to 15 % in next two years and to 20% by 2017 in the sunflower oil category across states in South India.

Ruchi Soya is currently the market leader in the cooking oil category with the largest retail penetration of about 7 lakh retail outlets. The launch sees Ruchi Soya making more aggressive entry into the sunflower oil category, with an aim of making ‘Sunrich’ synonymous with taste and health, by leveraging the strength of its unique selling proposition ‘Clearer, Lighter and Healthier’.

Sunflower oil market in India has been growing magnificently owing to high growth of income levels, increasing trend towards spending, better living standards and growing health consciousness among Indian consumers. The current sunflower oil market in India is over INR 180 Billion of which, South is the biggest contributing over 70%. This is expected to grow with a CAGR of around 9.5% during 2013-14 to 2016-17.

Commenting on the launch, Mr. Satendra Aggarwal – COO, Ruchi Soya Industries Limited, said: “Ruchi Soya has been offering healthy and nutritious products to Indian families for over three decades now and continues to be one of India’s most trusted and popular providers of edible oil. Due to the immense faith that customers repose in us – Ruchi Soya is today India’s no. 1 edible oil manufacturer. The introduction of new Sunrich is the first step in our journey to establish a dominant presence in the sunflower oil segment in the country. Our vision is to make Sunrich a preferred choice among Indian families by providing them unbeatable value and a best in class product at a best in class price. With this launch our intent is to take our share for Sunrich in the sunflower oil category to 10% and then to 15% in next 3 years. In order, to achieve this we have planned both ATL and BTL marketing initiatives and are looking at tripling our distribution footprint for the brand. ”

The launch of Sunrich comes a time when the use of Sunflower oil, which is the fourth most used vegetable oil as cooking medium in the world, has increased in India in the recent years. The Sunflower oil market in India is increasing rapidly exacerbating the demand-supply gap for the raw material – sunflower seeds. India at present is able to meet only 20% of its demand for sunflower seeds from the domestic market with the balance 80% coming through imports.

Currently the sunflower oil production in the world is around 8-9 million tons annually, with a majority being produced by countries such as Ukraine and Russia respectively. The other major producers of sunflower oil are Argentina, France, Romania, Hungary, China, India and United States of America. States like Andhra Pradesh, Karnataka, Maharashtra and Haryana are gradually emerging as major hubs for the Sunflower seed production. South India is considered as the major market for Sunflower oil because of the increased market size. The entire consumer edible oil market in the state is about 230,000 tons per year (of which, sunflower oil contributes more than 50% to the total edible oil consumed.

Mr. Ajay Malik – VP South, Popular Division of Ruchi Soya Industries Limited, said “Ruchi Soya has great strengths in terms of infrastructure and distribution channels to make this new product a success. I am sure that once the consumer tries new Sunrich – a superior option to ordinary sunflower oils available in the market – he/she will get hooked to the product.”

“Our extensive consumer research reveals that consumers are becoming very conscious of what they eat and they are moving towards healthier alternatives in oils that do not have cholesterol and have minimal saturated fats. With the launch of the new Sunrich, we want to address the housewife’s requirement of oil that offers her both health and taste at an affordable price point” said Mr. Alok Mahajan – Head of Marketing, Popular Division of Ruchi Soya Industries Limited.

The new Sunrich refined sunflower oil is ‘Clearer, Lighter, Healthier’ as it is made by way of a unique 7-stage refining process so that it eliminates impurities. Sunrich contains Vitamins A, D & E. Cuisines and food cooked in Sunrich absorbs up to 15% less oil (compared to other ordinary sunflower oils).

The new Sunrich refined sunflower oil is available in 500ml, 1 Litre, 2 Litre pouches & 5 Litre jars and even 15 Litre bulk pack both jars and tins and is available across all grocers, neighborhood kirana stores and general stores. It is also available across modern retail chains, supermarkets and standalone self-service stores.

About RUCHI SOYA INDUSTRIES LIMITED Ruchi Soya is India’s leading FMCG Company, India’s number one cooking oil and soy 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.

SARVESH SHAHRA OF RUCHI SOYA RECEIVES THE TOP 40 UNDER FORTY BUSINESS LEADERS AWARD

· Economic Times in partnership with Spencer Stuart organizes the award

· The 40 awardees are selected by a jury chaired by Mr. Deepak Parekh, Chairman of HDFC

May 02, 2014, Mumbai: Sarvesh Shahra, the third generation entrepreneur of Madhya Pradesh based Shahra family has been bestowed by one of the most prestigious and admired accolades “Top 40 under 40”. Economic Times in association with the Spencer Stuart, one of the world's leading global executive search and leadership consulting firms has instituted this award. Mr. Deepak Parekh, Chairman, HDFC presented the award to Mr. Sarvesh Shahra, Business Head & Specialty Ingredients, Ruchi Soya Industries Limited at a glittering event held in Mumbai.

The award aims at identifying 40 leaders under forty years of age who are the crème-de-la-crème of India Inc’s young upcoming leadership. The methodology comprised of two phases: research and assessment. A list of 2,000 business leaders was drawn up and this was condensed on the basis of due diligence. The jury considered 80 business leaders for the final round. While selecting the 40 winners, the jury considered combination of quantitative business results (growth, margins, and turnaround) as well as qualitative attributes (innovation, reputation, people leadership, and contribution to the ecosystem).

The Jury consists of eminent business leaders and personalities such as Mr. Deepak Parekh - Chairman, HDFC (Chair of the Jury); Anjali Bansal - Managing Director, Spencer Stuart India; Subodh Bhargava - Chairman, Tata Communications; Sanjeev Bikhchandani - Chief Executive Officer and Co-Founder, Info Edge India; Harish Manwani - Chief Operating Officer, Unilever, Non-Executive Chairman, Hindustan Unilever Ltd; D Shivakumar - Chairman and Chief Executive Officer, PepsiCo India and Janmejaya Sinha - Chairman, Boston Consulting Group, Asia Pacific.

An excited and overwhelmed Sarvesh Shahra said, “I am extremely grateful to the jury for recognizing the potential and honoring the work and efforts. Such awards act as an encouragement and motivation to perform well in the future. Observing, listening and learning from people around me has really helped me grow a lot in my professional life.”

Mr. Sarvesh Shahra heads the FMCG division of Ruchi Soya Industries Limited, one of India’s leading FMCG Company. He has played an instrumental role in expanding the product range of company’s flagship brand Nutrela.

Under the visionary leadership of Sarvesh, the FMCG Division expanded its retail and distribution network, formed new R&D, sales, marketing, and supply chain processes. After taking up responsibility of the FMCG Business in 2009, he spearheaded the task of demerging the Consumer Foods Business (FMCG) into a new entity and today, the Consumer Brands Division functions as an independent profit center.

With a vision and commitment to be an international player, Sarvesh has set up the operations for Ruchi Soya in European Union for sales and distribution to 15 countries within Europe.

Sarvesh has played a pivotal role in Ruchi Soya inking two joint ventures with Japanese multinationals. Ruchi Soya’s JV with Kagome and Mitsui aims to revolutionize the 17 Million Tons Indian Tomato market by setting up processing of tomatoes in the India. Ruchi Soya has teamed up with J Oil Mills and Toyota Tsusho Corporation to enter in to the business of production and marketing of high quality, functional edible oils.

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 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.61.89
UK Pound	1	Rs.93.92
Euro	1	Rs.72.01

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SUB
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILIRY	1~10	4
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	7
--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		49

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.