MIRA INFORM REPORT

Report No. :	326928
Report Date :	12.06.2015

IDENTIFICATION DETAILS

Name :	RUCHI GLOBAL LIMITED
Registered Office :	611, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra
Tel. No.:	91-22-22851303
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	24.04.1996
Com. Reg. No.:	11-099082
Capital Investment / Paid-up Capital :	Rs.40.110 million
CIN No.: [Company Identification No.]	U51500MH1996PLC099082
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	MUMR12517B
PAN No.: [Permanent Account No.]	AAACR7202A
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in trading business of agro commodities like Soyabean, Soyabean Meal, DOC, Black and Dollar Gram, Musturd, Coriander, Chilli, Jeera (Cumin), Pulses, Barely, Rice, Indian Corn, Cotton Bales and Cotton Seeds etc. Besides, agro commodities, the company has also undertaken business activities in Steel and Allied products like Hot Rolled Coil, Cold Rolled Coil, CRCA, G.I. Coil, Tin Plate etc.
No. of Employees :	60 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (34)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1146000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained on account of company’s moderate financial risk profile marked by low profitability margins and unfavorable gap between trade payable to its receivables. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealing with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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	ICRA
Rating	Fund Based Limits: BB
Rating Explanation	Inadequate-credit-quality and high credit risk.
Date	December, 2014

Rating Agency Name	ICRA
Rating	Fund and Non-Fund based Limits: A4
Rating Explanation	Minimal degree of safety and very high credit risk
Date	December, 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 31-03-2013.

INFORMATION PARTED BY (GENERAL DETAILS)

Name :	Mr. Arvind Sharma
Designation :	Commercial Manager
Contact No.:	91.9630091889
Date :	11.06.2015

LOCATIONS

Registered Office :	611, Tulsiani Chambers, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22851303
Mobile No.:	91.9630091889 (Mr. Arvind Sharma)
Fax No.:	91-22-22042865
E-Mail :	ruchiglobal@ruchigroup.com ruchiglobal@indiatimes.com
Website :	http://www.ruchigroup.com
Corporate Office :	501, Royal Estate Building, 9/2 South Tukoganj, Near Surya Hotel, Indore – 452 001, Madhya Pradesh, India
Tel. No.:	91-731-2518124/ 2518125/ 4017844
Fax No.:	91-731-2518127
Correspondence Address :	504, Mahaosh House, South Tukoganj, Nath Mandir Road, Indore – 452 001, Madhya Pradesh, India
Warehouse :	Manglia, Indore, Madhya Pradesh, India

DIRECTORS

AS ON 30.09.2014

Name :

Mr. Umesh Shahra

Designation :

Director

Address :

28, Old Palasia, A. B. Road, Indore – 452 018, Madhya Pradesh, India

Date of Birth/Age :

17.06.1963

Date of Appointment :

24.04.1996

DIN No.:

00061312

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Managing director	01/10/2014	20/02/1989	-	Active	NO
2	U67120MH1994PTC080658	NEHA SECURITIES PRIVATE LIMITED	Director	31/08/1994	31/08/1994	11/03/2008	Active	NO
3	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	17/09/1994	17/09/1994	-	Active	NO
4	U32204MP1994PLC008151	RUCHI INFOTECH LIMITED	Director	14/03/1995	14/03/1995	-	Active	NO
5	U24117MH1995PTC086793	PARAM ALKALIES PRIVATE LIMITED	Director	24/03/1995	24/03/1995	02/05/2013	Active	NO
6	U51500MH1996PLC099082	RUCHI GLOBAL LIMITED	Director	24/04/1996	24/04/1996	-	Active	NO
7	U51100MH2003PLC140081	RUCHI CORPORATION LIMITED	Director	22/04/2003	22/04/2003	-	Active	NO
8	U27100MH2004PLC144559	INDIAN STEEL CORPORATION LIMITED	Managing director	29/08/2014	16/02/2004	31/03/2015	Active	NO
9	U45200MH1998PTC117520	CHHATTISGARH IRON AND STEEL COMPANY PRIVATE LIMITED	Director	09/04/2005	09/04/2005	20/03/2008	Active	NO
10	U74900MH2007PLC173930	INDIAN STEEL SEZ LIMITED	Director	07/09/2007	07/09/2007	14/11/2013	Active	NO
11	U65993MH2007PTC173888	PARAM HOLDING PRIVATE LIMITED	Director	07/09/2007	07/09/2007	02/12/2013	Active	NO
12	U27310MH2007PTC176076	REHWA CORPORATION PRIVATE LIMITED	Director	22/11/2007	22/11/2007	02/12/2013	Active	NO
13	U26942MP1992PTC007329	REVATI CEMENTS PRIVATE LIMITED	Director	30/09/2008	01/12/2007	-	Active	NO
14	U67190MH2008PTC178892	RUCHI EQUITY GROWTH PRIVATE LIMITED	Director	14/02/2008	14/02/2008	-	Active	NO
15	U63040MH2008PTC183328	MAHAKOSH TRAVELS PRIVATE LIMITED	Director	09/06/2008	09/06/2008	05/03/2009	Active	NO
16	U27100MP2008PLC020897	STEEL TECHNOLOGIES INDIA LIMITED	Director	09/07/2008	09/07/2008	25/03/2009	Active	NO
17	U10300DL2009PTC186321	THESGORA COAL PRIVATE LIMITED	Director	02/01/2009	02/01/2009	-	Active	NO
18	U01403MH2010PTC201405	RUCHI AGRI FRESH PRIVATE LIMITED	Director	29/03/2010	29/03/2010	25/03/2014	Active	NO
19	U01112MP2010PTC023497	SHAHRA SONS PRIVATE LIMITED	Director	06/05/2010	06/05/2010	-	Active	NO
20	U28990MH2010PTC211581	RSAL STEEL PRIVATE LIMITED	Director	29/12/2010	29/12/2010	-	Active	NO
21	U01110MH1995PLC091518	INDIAN INFRASTRUCTURE CORPORATION LIMITED	Director	26/09/2012	02/04/2012	-	Active	NO
22	U27109DL1991NPL042878	COLD ROLLED STEEL MANUFACTURERS ASSOCIATION OF INDIA	Nominee director	26/07/2012	26/07/2012	-	Active	NO
23	U51200MP2010PTC023507	MAHADEO SHAHRA AND SONS PRIVATE LIMITED	Director	23/09/2014	28/02/2014	-	Active	NO
24	U45201MP2008PTC020354	PARAM FOUNDATION PRIVATE LIMITED	Director	30/09/2014	27/03/2014	-	Active	NO

Name :

Mr. Ishwarlal Kalantri

Designation :

Whole-time Director

Address :

F/H 183, Scheme No.54, Vijay Nagar, Indore – 452 001, Madhya Pradesh, India

Date of Birth/Age :

08.03.1965

Date of Appointment :

01.04.2010

DIN No.:

03016709

PAN No.:

ACTPK0172A

Other Directorship

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U51500MH1996PLC099082	RUCHI GLOBAL LIMITED	Whole-time director	01/04/2013	01/04/2010	-	Active	NO
2	U15400MH2011PLC216876	GENERAL FOODS LIMITED	Director	29/04/2011	29/04/2011	-	Active	NO
3	U01403MH2010PTC201405	RUCHI AGRI FRESH PRIVATE LIMITED	Director	30/09/2014	25/03/2014	25/03/2015	Active	NO

Name :

Mr. Ashutosh Mishra

Designation :

Director

Address :

25, Scheme No.114, Part-1, A B Road, Indore – 452 010, Madhya Pradesh, India

Date of Birth/Age :

01.09.1959

Date of Appointment :

30.09.2011

DIN No.:

03483429

Name :

Mrs. Ishita Khandelwal

Designation :

Director

Address :

127, Jaora Compound, Indore – 452 001, Madhya Pradesh, India

Date of Appointment :

20.03.2015

DIN No.:

06932629

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U28990MH2010PTC211581	RSAL STEEL PRIVATE LIMITED	Director	10/09/2014	09/08/2014	-	Active	NO
2	L27100MH1987PLC142326	RUCHI STRIPS AND ALLOYS LIMITED	Director	25/09/2014	13/08/2014	-	Active	NO
3	U74999MH1979PLC029075	RUCHI ACRONI INDUSTRIES LIMITED	Director	20/03/2015	20/03/2015	-	Active	NO
4	U51500MH1996PLC099082	RUCHI GLOBAL LIMITED	Director	20/03/2015	20/03/2015	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ankit Medatwal
Designation :	Secretary
Address :	254 Vyanktesh Nagar, Airport Road, Indore – 452 005, Madhya Pradesh, India
Date of Birth/Age :	27.05.1990
Date of Appointment :	24.06.2014
PAN No.:	BLRPM3879C
Name :	Mr. Arvind Sharma
Designation :	Commercial Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Kailash Chandra Shahra	500
Umesh Shahra	6400
Suresh Shahra	300
Manish Shahra	300
NItesh Shahra	300
Global Limited, Indore	890000
Ruchi Strips and Alloys Limited, Mumbai	150000
Anand Mangal Investment and Finance Limited, Indore	265000
Promise Securities Private Limited, Mumbai	15000
Rushi Infrastructure Limited, Mumbai	125000
Ruchi Stock and Securities Private Limited, Indore	750000
Rohini Forex Private Limited, Mumbai	249300
Avirat Urja Private Limited, India	100000
Mandhana Leafin Limited, India	623418
Snehdeep Impex Private Limited, India	130000
Radiant Merchandies Private Limited, India	758000
Harish Khandelwal	900
Total	4064418

AS ON 30.09.2014

Equity Share Breakup	Percentage of Holding
Category
Bodies corporate	99.79
Directors or relatives of Directors	0.17
Other top fifty shareholders	0.04
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in trading business of agro commodities like Soyabean, Soyabean Meal, DOC, Black and Dollar Gram, Musturd, Coriander, Chilli, Jeera (Cumin), Pulses, Barely, Rice, Indian Corn, Cotton Bales and Cotton Seeds etc. Besides, agro commodities, the company has also undertaken business activities in Steel and Allied products like Hot Rolled Coil, Cold Rolled Coil, CRCA, G.I. Coil, Tin Plate etc.
Products :	Oil Seeds Pulses Cereals Cotton Spices Steel
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :
Products :	Finished Goods
Countries :	Turkey
Imports :
Countries :	Canada
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
Not Divulged	Not Divulged	Not Divulged

Remark:

Not Divulged

No. of Employees :

60 (Approximately)

Bankers :

Banker Name	Punjab National Bank
Branch Address	MID Corporate Branch, Siyaganj, Indore – 452 001, Madhya Pradesh, India
Person Name (With Designation)	Not Divulged
Contact Number	Not Divulged
Name of Account Holder	Not Divulged
Account Number	Not Divulged
Account Since (Date/Year of Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

· Dena Bank Industrial Finance Branch Dena Bank Building, 1st Floor 17 Horniman Circle Fort, Mumbai – 400 023, Maharashtra, India

· Jammu and Kashmir Bank Limited, UG 3-4, Diamond Trade Centre, Diamond Colony, New Palasia, Indore – 452 005, Madhya Pradesh, India

Facilities :

Secured Loans	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG-TERM BORROWINGS
Rupee term loans from banks	24.890	19.675
Total	24.890	19.675

Notes:

LONG-TERM BORROWINGS

(a) Term Loan from The Jammu and Kashmir Bank Limited is secured by mortgage of leasehold right of the land and building construction thereon, hypothecation of plant and machinery and other assets situated at Survey No.215/1 measuring 0.619 hectares and Survey No.215/1 measuring 0.809 hectares at village Garipiplia ,Tehsil Sanwer and personal guarantee of promoter Director.

(b) The company has been sanctioned a term loan of Rs.33.100 million out of which Rs.31.507 million has been disbursed. The loan is repayable in 28 equal quarterly installments of Rs.8.25 lacs each commencing from December' 2012 and last installment is due in September'2019.

(c) The company is entitled to a subsidy of Rs.10.000 million, which will be adjusted for repayment of term loan, with the last installment and balance term loan shall be repaid in installments as above.

The Rate of interest for the above term loan is Base rate plus 3.50% p.a. (presently 12% p.a.)

Banking Relations :	--
Auditors :
Name :	Ashok Khasgiwala and Company Chartered Accountants
Address :	317, Chetak Centre, 'Annex', R.N.T. Marg, Indore, Madhya Pradesh, India
PAN N Income-tax PAN of auditor or auditor's firm :	AACFA7732P
Memberships :	Not Available
Collaborators :	Not Available
Associates	· Ruchi Coil Centre Private Limited, India (CIN No.: U27106UR2009PTC032955) · Indus Infotech, India
Subsidiary Companies :	· Ruchi Agri Fresh Private Limited, India (CIN No.: U01403MH2010PTC201405) · General Foods Limited, India (CIN No.: U15400MH2011PLC216876)

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4500000	Equity Shares	Rs.10/- each	Rs.45.000 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4064418	Equity Shares	Rs.10/- each	Rs.40.644 million

AS ON 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
4015000	Equity Shares	Rs.10/- each	Rs.40.150 million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4011000	Equity Shares	Rs.10/- each	Rs.40.110 million

FINANCIAL DATA

[all figures are in Rupees Million]

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	40.110	40.110	35.820
(b) Reserves & Surplus	360.977	349.589	321.812
(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)	401.087	389.699	357.632
(3) Non-Current Liabilities
(a) Long-term borrowings	24.890	19.675	0.015
(b) Deferred tax liabilities (Net)	13.239	12.446	12.766
(c) Other long term liabilities	0.000	0.000	0.000
(d) Long-term provisions	1.125	1.449	1.085
Total Non-current Liabilities (3)	39.254	33.570	13.866
(4) Current Liabilities
(a) Short term borrowings	554.603	165.174	154.159
(b) Trade payables	2024.721	1709.760	1158.333
(c) Other current liabilities	166.889	149.568	145.909
(d) Short-term provisions	0.141	0.182	0.134
Total Current Liabilities (4)	2746.354	2024.684	1458.535
TOTAL	3186.695	2447.953	1830.033
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	96.223	44.351	47.332
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	47.518	0.560
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	146.440	128.145	128.274
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	12.720	9.039	7.540
(e) Other Non-current assets	0.007	0.007	0.165
Total Non-Current Assets	255.390	229.060	183.871
(2) Current assets
(a) Current investments	0.263	0.267	0.298
(b) Inventories	759.657	219.964	173.612
(c) Trade receivables	1474.710	1430.323	868.666
(d) Cash and cash equivalents	381.737	269.123	289.581
(e) Short-term loans and advances	302.948	292.446	308.224
(f) Other current assets	11.990	6.770	5.781
Total Current Assets	2931.305	2218.893	1646.162
TOTAL	3186.695	2447.953	1830.033

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	11280.664	11920.284	10456.269
		Other Income	42.347	29.300	36.740
		TOTAL	11323.011	11949.584	10493.009
Less	EXPENSES
		Purchases of stock-in-trade	11569.153	11831.463	9755.073
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(539.693)	(46.352)	562.058
		Employee benefit expense	23.858	24.526	21.428
		Other expenses	145.557	73.973	65.544
		TOTAL	11198.875	11883.610	10404.103
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION, DEPLETION AND AMORTISATION		124.136	65.974	88.906
Less	FINANCIAL EXPENSES		100.744	45.895	73.372
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION, DEPLETION AND AMORTISATION		23.392	20.079	15.534
Less/ Add	DEPRECIATION, DEPLETION AND AMORTISATION		4.622	3.316	3.208
	PROFIT/ (LOSS) BEFORE TAX		18.770	16.763	12.326
Less	TAX		7.382	6.147	6.417
	PROFIT/ (LOSS) AFTER TAX		11.388	10.616	5.909
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		267.610	256.994	251.085
	BALANCE CARRIED TO THE B/S		278.999	267.610	256.994
	EARNINGS IN FOREIGN CURRENCY		2821.209	2560.039	1394.662
	Earnings/ (Loss) Per Share (Rs.)		2.91	2.71	2.07

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	3.300	3.300	4.700
Cash generated from operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	0.10	0.09	0.06
Operating Profit Margin (PBIDT/Sales)	(%)	1.10	0.55	0.85
Return on Total Assets (PBT/Total Assets}	(%)	0.62	0.74	0.72
Return on Investment (ROI) (PBT/Networth)		0.05	0.04	0.03
Debt Equity Ratio (Total Debt /Networth)		1.45	0.48	0.44
Current Ratio (Current Asset/Current Liability)		1.07	1.10	1.13

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	35.820	40.110	40.110
Reserves & Surplus	321.812	349.589	360.977
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	357.632	389.699	401.087
Long-term borrowings	0.015	19.675	24.890
Short term borrowings	154.159	165.174	554.603
Current maturities of long-term debts	4.700	3.300	3.300
Total borrowings	158.874	188.149	582.793
Debt/Equity ratio	0.444	0.483	1.453

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	10456.269	11920.284	11280.664
		14.001	(5.366)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	10456.269	11920.284	11280.664
Profit	5.909	10.616	11.388
	0.06%	0.09%	0.10%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	Yes
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	Yes
35	Negative Reporting by Auditors in the Annual Report	No

COMPANY OVERVIEW:

Subject is engaged in trading business of agro commodities like Soyabean, Soyabean Meal, DOC, Black and Dollar Gram, Musturd, Coriander, Chilli, Jeera (Cumin), Pulses, Barely, Rice, Indian Corn, Cotton Bales and Cotton Seeds etc. Besides, agro commodities, the company has also undertaken business activities in Steel and Allied products like Hot Rolled Coil, Cold Rolled Coil, CRCA, G.I. Coil, Tin Plate etc. Subject incorporated on April 24, 1996 under the Companies Act, 1956 and has its registered office at 611, Tulsiani Chambers, Nariman Point, Mumbai and Corporate Office at 501, Royal Estate Building, 9/2 South Tukoganj, Near Surya Hotel, Indore. The company have also 1.20 MW Wind Farm Project set up at Tenkasi, Tiruananthpuram (Tamilnadu) and sold the same electricity to State Electricity Board under PPA.

OPERATIONS:

The Company has continued its business activities focusing mainly on Agro commodities like Rice, Maize, Black Gram, Soyabean, Mustered, Barley, Chick Peas, Coriander, Cumin, Urad, Red Lentils and other agro commodities. The company has also undertaken business activities in Steel and allied products. During the year, the Company has achieved sales and other income of Rs.11323.011 million as compared to the previous year’s figure of Rs.11949.584 million along with this, the Profit before tax of the Company has Increased to Rs.18.770 million as compared to Rs.16.763 million in the previous year. The Company’s Net Profit after tax for the year has also increased from Rs.10.616 million to Rs.11.388 million. Despite of weak economic situation, adverse market conditions and foreign currency fluctuation, the company was able to maintain the bottom line.

The Company has achieved overall Export Turnover of Rs.2858.137 million during the year as compared to Rs.2564.154 million in the previous year by exporting agro and steel products such as Soyabean Meal, Rice, Maize, Yellow Corn and other products to various countries depending upon the opportunities available in the International market. As regard to the import activities, the Company has imported Steel and allied products depending upon the opportunities available in the domestic market.

During the year, the Company has generated 14.36 Lac units (previous year 23.82 Lac units) of electricity from 1.20 MW Wind Farm Project set up at Tenkasi, Tiruananthpuram (Tamilnadu) and sold the same to State Electricity Board under PPA. During the year, both the windmills have performed satisfactorily.

The company is having two subsidiaries namely RGL Ventures Private Limited and General Foods Limited. The company is still in the process of exploring the manufacturing facilities in agro industry. Further, the Company is actively exploring the possibilities to augment its business volume in domestic as well as in international market.

UNSECURED LOAN

Particulars	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT-TERM BORROWINGS
Working capital loans from banks	546.672	158.075
Deposits from others	7.931	7.099
Total	554.603	165.174

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10351284	30/03/2012	14,400,000.00	JAMMU AND KASHMIR BANK LIMITED	UG 3-4, DIAMOND TRADE CENTRE, DIAMOND COLONY, NEW PALASIA, INDORE, MADHYA PRADESH - 452005, INDIA	B38042347
2	10351075	30/03/2012	18,700,000.00	JAMMU AND KASHMIR BANK LIMITED	UG 3-4, DIAMOND TRADE CENTRE, DIAMOND COLONY, NEW PALASIA, INDORE, MADHYA PRADESH - 452005, INDIA	B37962503
3	90158345	27/01/2012 *	3,434,400,000.00	DENA BANK	INDUSTRIES FINANCE BRANCH, DENA BANK BUILDING, 1ST FLOOR, 17 HORNIMAN CIRCLE, FORT, MUMBAI, MAHARASHTRA - 400023, INDIA	B32852618

* Date of charge modification

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2014 (Rs. In Million)	31.03.2013 (Rs. In Million)
Outstanding Bank Guarantee	1.950	2.950
Demand of Income-tax/ Sales-tax disputed in appeal (Net of advance paid)	14.255	14.255
Estimated liability of custom duty, which may arise on export obligation / commitment is not fulfilled against the goods imported in advance license.	2.649	2.236

FIXED ASSETS:

· Land

· Buildings

· Plant and Equipments

· Furniture and Fixtures

· Vehicles

· Computer Equipments

· Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.89
UK Pound	1	Rs.98.90
Euro	1	Rs.72.31

INFORMATION DETAILS

Information Gathered by :	DIP
Analysis Done by :	KAR
Report Prepared by :	SMN/ TRU

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	3
--RESERVES	1~10	4
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		34

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.