Ruchi Soya Industries Limited
Ruchi Soya Industries Limited
Ruchi Soya Industries Limited
: 1
IDENTIFICATION DETAILS
Registered Office : Ruchi House, Royal Palms, Survey No. 169, Aarey Milk Colony, Near Mayur
Nagar, Goregaon (East), Mumbai – 400065, Maharashtra
Tel. No.: 91-22-61090100
Country : India
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 2
04AAACR2892L2Z5 [Chandigarh]
36AAACR2892L1ZZ [Telangana]
37AAACR2892L2ZW [Andhra Pradesh]
23AAACR2892L7Z0 [Madhya Pradesh]
37AAACR2892L1ZX [Andhra Pradesh]
21AAACR2892L1ZA [Odisha]
05AAACR2892L1Z4 [Uttarakhand]
13AAACR2892L1Z7 [Nagaland]
01AAACR2892L1ZC [Jammu and Kashmir]
06AAACR2892L1Z2 [Haryana]
03AAACR2892L1Z8 [Punjab]
29AAACR2892L1ZU [Karnataka]
22AAACR2892L1Z8 [Chhattisgarh]
07AAACR2892L1Z0 [Delhi]
23AAACR2892L9ZY [Madhya Pradesh]
16AAACR2892L1Z1 [Tripura]
08AAACR2892L1ZY [Rajasthan]
20AAACR2892L1ZC [Jharkhand]
15AAACR2892L1Z3 [Mizoram]
Legal Form : A Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges.
Line of Business : • Subject engaged in the business of processing of oil-seeds and refining of
crude oil for edible use, also produces oil meal, food products from soya
and value added products from downstream and upstream processing and
also engaged in trading in various products and generation of power from
wind energy [Registered Activity]
MIRA’s Rating : B
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 3
Litigation : Clear
For the financial year 2019, the company has achieved growth in its revenue
from operations as compared to previous year and has shown an improvement
in its profitability
As per quarterly results of December 2019, the company has achieved revenue
of INR 37128.1 million.
DBS Bank and Standard Chartered Bank has filed insolvency petition under
section 7 of IBC Act against Ruchi Soya Industries Limited in National Company
Law Tribunal (Mumbai Bench).
It is also to be noted that the company is listed with RBI defaulter and defaulted
hefty amount, but the latest details is not yet updated.
However, Patanjali Ayurveda Subsequently, vide its order dated July 24, 2019
and September 4, 2019, the Mumbai Bench of the Hon’ble NCLT approved the
resolution plan submitted by a consortium of Patanjali Group and will infuse INR
34380 million as equity and debt to settle dues of creditors and debt laden firm.
As gathered, the subject’s payments are slow.
The subject has filed its GST returns till May 2020.
In view of aforesaid, the subject can be considered for business dealings with
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 4
some caution.
NOTES :
Any query related to this report can be made on e-mail : [email protected] while quoting report number,
name and date.
Subject’s name has been found enlisted as a defaulter in the publicly available RBI Defaulters’ list and the details
of the same are as under :
Suit Filed Accounts - Defaulters INR 10 million and above as on 30-Jun-2019 Search Details
Date of extraction 14.03.2020
Borrower Containing - Ruchi Soya Industries Limited
OUTSTANDIN
BANK BRANC QUARTE BORRO REGISTERED DIRECTOR NAME--DIN G AMOUNT
H R WER ADDRESS NO. DETAIL (INR IN
NAME MILLION)
BANK OF BHICH 30-09-18 M/S RUCHI DINESH SAHARA-- 2325.267
MAHARASH OLI RUCHI HOUSE,ROYAL 533055, VIJAY KUMAR
TRA MARDA SOYA PALMS, JAIN--98298, MEERA
NA INDUST SURVEY DINESH RAJDA--
RIES NO.169,AAREY 7130303, SAJEVE
LIMITE MILK DEORA--3305,
D COLONY,NEAR PRABHUDAYAL
MAYUR DWIVEDI--2114285,
NAGAR,GORE SANJEEV ASTHANA--
GAON (EAST) NA, NAVIN
MUMBAI KHANDELWAL--134217,
MAHARASHTR NAVMANI MURUGAN--
A. 1309393
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 5
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 6
ICICI BANK MUMBA 30-06-18 RUCHI RUCHI HOUSE, DINESH SHAHRA-- 4064.059
LIMITED I SOYA ROYAL PALMS, 00533055, KAILASH
INDUST SURVEY SHAHRA--00062698
RIES NO.169, AAREY
LIMITE MILK COLONY,
D NEAR MAYUR
NAGAR,
GOREGAON
(EAST),
MUMBAI -
400065
ICICI BANK MUMBA 30-09-18 RUCHI RUCHI HOUSE, DINESH SHAHRA-- 4064.059
LIMITED I SOYA ROYAL PALMS, 00533055, KAILASH
INDUST SURVEY SHAHRA--00062698
RIES NO.169, AAREY
LIMITE MILK COLONY,
D NEAR MAYUR
NAGAR,
GOREGAON
(EAST),
MUMBAI -
400065
ICICI BANK MUMBA 31-12-18 RUCHI RUCHI HOUSE, DINESH SHAHRA-- 4064.059
LIMITED I SOYA ROYAL PALMS, 00533055, KAILASH
INDUST SURVEY SHAHRA--00062698
RIES NO.169, AAREY
LIMITE MILK COLONY,
D NEAR MAYUR
NAGAR,
GOREGAON
(EAST),
MUMBAI -
400065
ICICI BANK MUMBA 31-03-19 RUCHI RUCHI HOUSE, DINESH SHAHRA-- 4882.992
LIMITED I SOYA ROYAL PALMS, 00533055, KAILASH
INDUST SURVEY SHAHRA--00062698
RIES NO.169, AAREY
LIMITE MILK COLONY,
D NEAR MAYUR
NAGAR,
GOREGAON
(EAST),
MUMBAI -
400065
STANDARD MUMBA 31-12-17 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN--NA, 3534.794
CHARTERE I SOYA ROYAL PALMS, DINESH CHANDRA
D BANK INDUST SURVEY NO. SHAHRA--NA
RIES 169, AAREY
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 7
LIMITE MILK
D COLONY,NEAR
MAYUR
NAGAR,GORE
GAON (EAST)
MUMBAI
MUMBAI CITY
MH 400065 IN
STANDARD MUMBA 31-03-18 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN--NA, 3534.794
CHARTERE I SOYA ROYAL PALMS, DINESH CHANDRA
D BANK INDUST SURVEY NO. SHAHRA--NA
RIES 169, AAREY
LIMITE MILK
D COLONY,NEAR
MAYUR
NAGAR,GORE
GAON (EAST)
MUMBAI
MUMBAI CITY
MH 400065 IN
STANDARD MUMBA 30-06-18 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN--NA, 3534.794
CHARTERE I SOYA ROYAL PALMS, DINESH CHANDRA
D BANK INDUST SURVEY NO. SHAHRA--NA
RIES 169, AAREY
LIMITE MILK
D COLONY,NEAR
MAYUR
NAGAR,GORE
GAON (EAST)
MUMBAI
MUMBAI CITY
MH 400065 IN
STANDARD MUMBA 30-09-18 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN--NA, 3534.794
CHARTERE I SOYA ROYAL PALMS, DINESH CHANDRA
D BANK INDUST SURVEY NO. SHAHRA--NA
RIES 169, AAREY
LIMITE MILK
D COLONY,NEAR
MAYUR
NAGAR,GORE
GAON (EAST)
MUMBAI
MUMBAI CITY
MH 400065 IN
STANDARD MUMBA 31-12-18 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN--NA, 3534.794
CHARTERE I SOYA ROYAL PALMS, DINESH CHANDRA
D BANK INDUST SURVEY NO. SHAHRA--NA
RIES 169, AAREY
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 8
LIMITE MILK
D COLONY,NEAR
MAYUR
NAGAR,GORE
GAON (EAST)
MUMBAI
MUMBAI CITY
MH 400065 IN
STANDARD MUMBA 31-03-19 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN--NA, 3534.794
CHARTERE I SOYA ROYAL PALMS, DINESH CHANDRA
D BANK INDUST SURVEY NO. SHAHRA--NA
RIES 169, AAREY
LIMITE MILK
D COLONY,NEAR
MAYUR
NAGAR,GORE
GAON (EAST)
MUMBAI
MUMBAI CITY
MH 400065 IN
UCO BANK FCC 31-12-18 RUCHI RUCHI HOUSE, VIJAY KUMAR JAIN-- 2907.000
MUMBA SOYA ROYAL PALMS, 98298, NAVIN
I INDUST SURVEY NO. KHANDELWAL--134217,
RIES 169, AAREY DINESH CHANDRA
LIMITE MILK SHAHRA--533055,
D COLONY,NEAR MURUGAN NAVAMANI--
MAYUR 1309393, MEERA
NAGAR,GORE DINESH RAJDA--
GAON (EAST) 7130303
MUMBAI
MUMBAI CITY
MAHARASHTR
A 400065 INDIA
Suit Filed Accounts - Defaulters INR 10 million and above as on 31-Mar-2019 Search Details
Date of extraction 14.03.2020
Borrowers details
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 9
Amount
Names of Credit Institutions Branch (INR in million)
STANDARD CHARTERED BANK MUMBAI 3534.794
Total 3534.794
Suit Filed Accounts - Defaulters INR 10 million and above as on 31-Mar-2019 Search Details
Date of extraction 14.03.2020
Borrowers details
Borrower name M/S RUCHI SOYA INDUSTRIES LIMITED
Address RUCHI HOUSE,ROYAL PALMS, SURVEY NO.169,AAREY MILK COLONY,NEAR
MAYUR NAGAR,GOREGAON (EAST) Mumbai Maharashtra.
MADHYA PRADESH
List Of Credit Institutions to which M/S RUCHI SOYA INDUSTRIES LIMITED is a defaulter:
Amount
Names of Credit Institutions Branch (INR in million)
BANK OF MAHARASHTRA BHICHOLI MARDANA 2325.267
Total 2325.267
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 10
Suit Filed Accounts - Defaulters INR 10 million and above as on 31-Mar-2019 Search Details
Date of extraction 14.03.2020
Borrowers details
Borrower name RUCHI SOYA INDUSTRIES LIMITED
Address 408, TULSIANI CHAMBER, 4TH FLOOR, NARIMAN POINT, MUMBAI.
MAHARASHTRA
Amount
Names of Credit Institutions Branch (INR in million)
CORPORATION BANK MUMBAI-I.F.B. 2664.856
Total 2664.856
Suit Filed Accounts - Defaulters INR 10 million and above as on 31-Mar-2019 Search Details
Date of extraction 14.03.2020
Borrowers details
Borrower name RUCHI SOYA INDUSTRIES LIMITED
Address RUCHI HOUSE, ROYAL PALMS, SURVEY NO.169, AAREY MILK COLONY,
NEAR MAYUR NAGAR, GOREGAON (EAST), MUMBAI - 400065
MAHARASHTRA
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 11
Amount
Names of Credit Institutions Branch (INR in million)
ICICI BANK LIMITED MUMBAI 4882.992
Total 4882.992
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 12
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 13
(NATURALPOLYMERS DIV.)
ANJAR-MUNDRA HIGHWAY
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Subject’s name is listed NCLT (National Company Law Tribunal) list as of 22.06.2020
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 24
Subject’s name is listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date. The details of the listing are as under :
Relevant Particulars
Name of Corporate Debtor Ruchi Soya Industries Limited
Date of Incorporation of Corporate Debtor January 6, 1986
Authority under which corporate debtor Registrar of Companies, Maharashtra (Mumbai) under the
incorporated/ registered Companies Act, 1956
Corporate identity number / limited liability L15140MH1986PLC038536
identification number of corporate debtor
Address of the registered office and principal Ruchi House, Royal Palms, Survey No. 169, Aarey Milk
office (if any) of corporate debtor Colony, Near Mayur Nagar, Goregaon (East), Mumbai –
400065, Maharashtra
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 25
Notice is hereby given that the National Company Law Tribunal has ordered the commencement of a corporate
insolvency resolution process against Ruchi Soya Industries Limited on 15th December, 2017.
INFORMATION DECLINED
LOCATIONS
Registered Office : Ruchi House, Royal Palms, Survey No. 169, Aarey Milk Colony, Near Mayur
Nagar, Goregaon (East), Mumbai – 400065, Maharashtra, India
Tel. No.: 91-22-61090100/ 28724445/ 28714449
Fax No.: 91-22-6109 0257
E-Mail : [email protected]
[email protected]
[email protected]
Website : www.ruchisoya.com
Administrative and Head 301 Mahakosh House, 7/5 South Tukoganj, Nath Mandir Road, Indore - 452
Office : 001, Madhya Pradesh, India
Tel. No.: 91-731-2513281 / 82 / 83
Fax No.: 91-731-4065019 / 2527250
Corporate Office : 615, Tulsiani Chambers Free Press Journal Marg, Nariman Point, Mumbai -
400021, Maharashtra, India
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 26
Branch Office: 408, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India
Factory 5 : Bijoyramchak, Ward No. 9, P.O. Durgachak, Haldia, West Bengal, India
Factory 7 : Akodia Road, Industrial Area, Shujalpur, District Shajapur, Madhya Pradesh,
India
Factory 9 : Gram Mithi Rohar, Taluka Gandhidham, District Bhuj, Gujarat, India
Factory 12 : RIICO Industrial Area, Govindpur Bawari, Post Talera District, Bundi, Rajasthan,
India
Factory 16 : SIDCO Industrial Estate, Bari Brahmana, Jammu and Kashmir, India
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 27
Pradesh, India
Factory 20 : IDA, ADB Road, Peddapuram, East Godawari District, Andhra Pradesh, India
Factory 22 : Survey No. 162 and 163, Bhuvad, Talluka- Anjar, District Kutch, Gujarat, India
Factory 23 : KIADB Industrial Area, Survey No 2 (P), Manglore – 575010, Karnataka, India
DIRECTORS
AS ON: 2020
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 28
KEY EXECUTIVES
Category of shareholder No. of fully paid up equity shares Shareholding as a % of total no. of
held shares (calculated as per SCRR,
1957) As a % of (A+B+C2)
(A) Promoter & Promoter Group 292981689 99.03
(B) Public 2859318 0.97
Grand Total 295841007 100.00
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 32
Category & Name of the Shareholders No. of fully paid up Shareholding % calculated as per
equity shares held SCRR, 1957 As a % of (A+B+C2)
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 33
BUSINESS DETAILS
Line of Business : • Subject engaged in the business of processing of oil-seeds and refining of
crude oil for edible use, also produces oil meal, food products from soya
and value added products from downstream and upstream processing and
also engaged in trading in various products and generation of power from
wind energy [Registered Activity]
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 34
GENERAL INFORMATION
Customers :
Reference: Not Divulged
Name of the Person --
(Designation):
Contact Number: --
Since how long known: --
Maximum limit dealt: --
Experience: --
Remark --
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 35
From Others
Working Capital Loans 200.000 200.000
Total 72795.020 65917.983
Auditors :
Name : Chaturvedi and Shah LLP
Chartered Accountants
Cost Auditors :
Name : K. G. Goyal and Company
Chartered Accountants
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 36
CAPITAL STRUCTURE
AS ON: 31.03.2019
Authorised Capital :
No. of Shares Type Value Amount
Equity Shares: The Company has one class of equity shares having a par value of INR 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.
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 37
Lock in Restrictions
None of the shares are subject to lock in restrictions.
Details of shares held by shareholders holding more than 5% shares in the Company.
* Holding as on 31st March, 2019 does not exceed more than 5 percent
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 38
FINANCIAL DATA
[all figures are in INR Million]
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets 37080.811 38416.770 39851.420
(ii) Intangible Assets 15158.930 15163.434 15169.508
(iii) Capital work-in-progress 269.130 281.225 291.626
(iv) Intangible assets under development 0.000 0.000 0.000
(b) Non-current Investments 145.055 347.148 877.823
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 39
Less EXPENSES
Cost of Materials Consumed 109678.957 92087.209 104809.745
Purchases of Stock-in-Trade 3553.568 14257.008 57831.109
Changes in inventories of finished goods, work-in- 787.988 56.352 2407.019
progress and Stock-in-Trade
Employees benefits expense 1511.896 1574.132 1866.704
Provision for Doubtful Debts, Advances, Bad Debts, 134.025 51501.783 13029.747
Financial guarantee Obligation and Others
Exceptional Items 0.000 0.000 (449.040)
Other expenses 10406.570 10957.751 12803.175
TOTAL 126073.004 170434.235 192298.459
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 40
QUARTERLY RESULTS
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 41
Extraordinary Items NA NA NA
Prior Period Expenses NA NA NA
Other Adjustments NA NA NA
Net Profit 140.170 818.210 76174.350
KEY RATIOS
EFFICIENCY RATIOS
LEVERAGE RATIOS
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 42
PROFITABILITY RATIOS
SOLVENCY RATIOS
STOCK PRICES
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 43
FINANCIAL ANALYSIS
[all figures are in INR Million]
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 44
YEAR-ON-YEAR GROWTH
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DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 46
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets 37247.502 38722.772
(ii) Intangible Assets 15158.930 15163.434
(iii) Capital work-in-progress 269.130 281.225
(iv) Intangible assets under development 0.000 0.000
(b) Non-current Investments 136.588 326.821
(c) Deferred tax assets (net) 0.000 0.000
(d) Long-term Loan and Advances 353.876 399.849
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 47
Less EXPENSES
Cost of Materials Consumed 109678.969 91681.706
Purchases of Stock-in-Trade 3563.299 15186.092
Changes in inventories of finished goods, 778.257 56.352
work-in-progress and Stock-in-Trade
Employees benefits expense 1534.296 1599.424
Provision for Doubtful Debts, Advances, B 548.979 51953.510
ad Debts, Financial guarantee Obligation and Others
Other expenses 10462.399 10887.188
TOTAL 126566.199 171364.272
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 48
Profit/(loss) after tax for the year before share in (879.712) (57482.697)
profit/(loss) of joint venture and associates
Subject has filed its GST returns with the concerned authorities till May 2020 as seen from the below table.
32AAACR2892L1Z7 [Kerala]
Return Type Financial Year Tax Period Date of filing Status
GSTR3B 2019-2020 March 04/05/2020 Filed
GSTR1 2019-2020 March 09/04/2020 Filed
GSTR3B 2019-2020 February 20/03/2020 Filed
GSTR1 2019-2020 February 06/03/2020 Filed
GSTR3B 2019-2020 January 20/02/2020 Filed
GSTR1 2019-2020 January 08/02/2020 Filed
GSTR3B 2020-2021 May 20/06/2020 Filed
GSTR1 2020-2021 May 06/06/2020 Filed
GSTR3B 2020-2021 April 02/06/2020 Filed
GSTR1 2020-2021 April 09/05/2020 Filed
27AAACR2892L1ZY [Maharashtra]
Return Type Financial Year Tax Period Date of filing Status
GSTR3B 2019-2020 March 04/05/2020 Filed
GSTR1 2019-2020 March 30/04/2020 Filed
GSTR3B 2019-2020 February 19/03/2020 Filed
GSTR1 2019-2020 February 12/03/2020 Filed
GSTR3B 2019-2020 January 20/02/2020 Filed
GSTR1 2019-2020 January 12/02/2020 Filed
GSTR3B 2020-2021 May 20/06/2020 Filed
GSTR1 2020-2021 May 11/06/2020 Filed
GSTR3B 2020-2021 April 02/06/2020 Filed
GSTR1 2020-2021 April 11/05/2020 Filed
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34AAACR2892L1Z3 [Puducherry]
Return Type Financial Year Tax Period Date of filing Status
GSTR3B 2019-2020 March 04/05/2020 Filed
GSTR1 2019-2020 March 17/04/2020 Filed
GSTR3B 2019-2020 February 19/03/2020 Filed
GSTR1 2019-2020 February 11/03/2020 Filed
GSTR3B 2019-2020 January 19/02/2020 Filed
GSTR1 2019-2020 January 11/02/2020 Filed
GSTR3B 2020-2021 May 20/06/2020 Filed
GSTR1 2020-2021 May 06/06/2020 Filed
GSTR3B 2020-2021 April 30/05/2020 Filed
GSTR1 2020-2021 April 12/05/2020 Filed
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 50
CORPORATE INFORMATION
Ruchi Soya Industries Limited (‘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). The Company’s registered office is at Ruchi House, Royal Palms, Survey No.
169, Aarey Milk Colony, Near Mayur Nagar, Goregaon (E), Mumbai – 400065, Maharastra.
Corporate Insolvency Resolution Process (“CIRP”) hasbeen initiated in case of the Company vide an order no.
CP1371 & CP1372/I&BP/NCLT/MAH/2017 delivered on 15th December 2017 of Hon’able National Company Law
Tribunal (“NCLT”), Mumbai Bench under the Provisions of the Insolvency and Bankruptcy Code, 2016 (the Code).
Pursuant to the order, the management of affairs of the Company and powers of board of directors of the
Company are now vested with the Resolution Professional (“RP”) who is appointed by the Committee of Creditors
(“CoC”). These financial statements have been prepared by the management of the Company and certified by Mr.
Anil Singhal, Chief Financial Officer and Mr. R. L. Gupta, Company Secretary, and approved by Resolution
Professional Mr. Shailendra Ajmera [IP Registration no.IBBI/IPA-001/IP-P00304/2017-18/10568].
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 51
PERFORMANCE REVIEW
The company achieved a total income of INR 128292.556 Million during the year as against INR 120292.803
Million in the previous financial year. Profit/(Loss) after Tax for the year stood at INR 767.201 Million as against
(INR 55732.799 Million) for the previous year.
The primary business of your Company is processing of oilseeds and refining of imported crude oil for edible use.
The Company produces oil meal, food products from soya and value added products from downstream and
upstream businesses. The company has an integrated value chain in palm and soya segments having a farm to
fork business model.
Considering the growing population and the food habits across India, edible oils form an essential part of the
modern diet. The total consumption of edible oil in India is estimated to be around 24 million metric ton out of
which domestic supply is approx. 7 million metric ton due to stagnant production of edible oil seeds, leaving
demand-supply gap of 17 million metric ton to be bridged by imports.
Industry Outlook
Consumption growth
As per the industry sources, India’s consumption growth is pegged at 5% p.a (6.31% in FY19) and the country is
expected to be consuming around 34 Million tonnes of edible oil by 2025, with a projected vegetable oil imports
bill of US$25 Billion. The growth in consumption presents an opportunity to build around a sustainable business
model to participate in the import activity and domestic business to capitalise the business prospects .
India is producing about 28 million tonnes of Oilseeds out of which 7 million tonnes in Mustard oilseeds. Industry
associations have proposed Mustard oilseeds production target of 15 million tonnes by 2025, with a sub target of
10 million tonnes by 2020 thereby doubling the income of farmers to accomplish vision of Honourable Prime
Minister of India in the next five years.
UNSECURED LOANS
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 52
CONTINGENT LIABILITIES:
Notes:
(ii) Deputy State Tax Commissioner Corporate, Rajkot, Gujarat, during inspection under Gujarat Value Added Tax
Act-2003 alleged that dealers from whom purchases were made by the Company during FY 2013-2014 to 2017-
2018 have not paid tax to government treasury and due to that input credit claimed by the Company is not
eligible. It is also alleged that the Company has not done transactions on market price. Therefore, demand of INR
1344.118 million of Tax and INR 2883.563 million of penalty aggregating to INR 4327.681/- million have been
made against the Company and Company’s plants at Kandla which include Refinery, Oleochem and Guargum
Division has been impounded. The Company has made submissions and following up the matter with the
appropriate authorities. The Company, based on merits of the case, does not expect material liability on this
account hence no provision has been made in the books of accounts. Furthermore, Gujarat High Court passed an
order in this matter pursuant whereby the retrospective cancellation of registration has stayed and the matter is
remanded to Tribunal for further hearing, which is pending.
(iii) During an earlier year , the Company had received claims amounting to US$ 662,67,857.31 (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 denies giving the guarantees and has disputed the claims and is
has taken 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.
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 53
(iv) In relation to trading in Castor seed contracts on National commodity and Derivative Exchange limited
(NCDEX), pending investigation by Securities and Exchange Board of India [SEBI], amount of liability, if any, can
not be ascertained at this stage.
(v) The Competition Commission of India has issued a notice under section 36(2) read with section 41(2) of The
Competition Act, 2002 (the Act) into alleged violations of the said Act. The Company has made representation in
the matter from time to time. Later a investigation by Director General was initiated under section 26(1) of the Act.
The hearing was completed on 28.06.2016 and Competition Commission of India had passed an order clearly
stating that there was no contravention of the Provisions of the Act. Aggrieved by the same, the other party filed
the writ petition in High Court in Delhi challenging the order of the Competition Commission of India. The final
order of the High Court is awaited. Pending receipt of the order, liability, if any, that may arise in this regard
cannot be ascertained at this stage.
(vi) The Honourable Supreme Court, has passed a decision on 28th February, 2019 in relation to inclusion of
certain allowances within the scope of “Basic wages” for the purpose of determining contribution to provident fund
under the Employees’ Provident Funds & Miscellaneous Provisions Act, 1952. The Company is awaiting further
clarifications in this matter in order to reasonably assess the impact on its financial statements, if any.
Accordingly, the applicability of the judgement to the Company, with respect to the period and the nature of
allowances to be covered, and resultant impact on the past provident fund liability, cannot be reasonably
ascertained, at present.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31 DECEMBER 2019
(INR in Million)
PARTICULARS Preceding 3 months Nine Month
Ended
Expenses
Cost of Materials Consumed 31878.203 25256.890 84593.797
Purchases of Stock-in-Trade 883.192 911.564 2441.536
Changes in inventories of finished goods, work-in- (407.437) 650.310 (112.226)
progress and Stock-in-Trade
Employee benefits expenses 356.403 421.424 1144.476
Finance costs 138.715 16.305 182.724
Depreciation and amortization expense 337.108 340.820 1015.272
Provision for Doubtful Debts, Advances, Bad 99.072 70.992 221.506
Debts, Financial guarantee Obligation and Others
Other expenses 2457.738 2666.891 7707.481
Total Expenses 35742.994 30335.196 97194.566
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the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 54
Tax Expenses
Current Tax -- -- --
Deferred Tax -- -- --
Profit After Tax 76174.342 818.201 77132.708
(INR in Million)
PARTICULARS Quarter Ended Nine Month
Ended
SEGMENT RESULTS
Profit/Loss (before tax, interest and Investment
income from each segment)
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 55
SEGMENT ASSETS
Oils 18356.805 18833.917 18356.805
Vanaspati 1699.712 2075.914 1699.712
Seed Extraction 7583.154 5387.454 7583.154
Food Products 1319.429 1180.017 1319.429
Wind Turbine Generation 3717.262 3741.612 3717.262
Others 2246.668 2577.448 2246.668
Unallocated 47707.634 45600.306 47707.634
Total 82630.664 79396.668 82630.664
SEGMENT LIABILITIES
Oils 1620.865 25589.151 1620.865
Vanaspati 2.009 1.729 2.009
Seed Extraction 652.283 325.230 652.283
Food Products 14.938 25.675 14.938
Wind Turbine Generation 0.071 12.765 0.071
Others 871.788 4726.754 871.788
Unallocated 45351.043 92618.210 45351.043
Total 48512.997 123299.514 48512.997
FIXED ASSETS:
Tangible Assets:
• Land
• Building
• Plant & Equipment’s
• Windmills
• Furniture and Fixture
• Vehicles
• Office Equipment’s
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 56
Intangible Assets:
• Computer Software
• Trade Marks/ Brands
PRESS RELEASE:
NEW DELHI | MUMBAI: Patanjali Ayurved’s proposed acquisition of Ruchi Soya NSE 3.26 % has reached the
final stages with the Committee of Creditors (CoC) meeting on Tuesday to clear the proposed deal, two officials
directly aware of the developments said.
“The deal is likely to be announced this month,” one of the officials mentioned above, said.
Patanjali Ayurved spokesperson SK Tijarawala confirmed the committee of creditors meeting on Tuesday but
declined to comment on details.
An email sent to Ruchi Soya’s spokesperson remained unanswered till press time.
Last month, the Baba Ramdev led Patanjali revised its offer to acquire the debt-laden Ruchi Soya Industries to
INR 43500.000 million, INR 2000 million more than it had offered earlier and topping Adani Wilmar's bid of INR
41000 million.
Of the INR 43500 million, INR 1150 million will come as company equity, while the balance INR 42350 million will
be distributed among financial creditors. Public sector lenders IDBI Bank and SBI have the highest exposure to
Ruchi Soya, the bankrupt edible oil company. Adani Wilmar was the other bidder, but withdrew recently citing
delay in completion of the insolvency process.
“Patanjali will submit details of the distribution of INR 42350 million to financial creditors in a couple of days,” said
an official close to the development. “The committee of creditors will meet in the third week of April again to
discuss the disbursal of funds,” he added.
Packaged foods maker Ruchi Soya, saddled with an overall debt of close to INR 120000 million, owns brands
such as Nutrela, Mahakosh, Sunrich, Ruchi Star and Ruchi Gold. At the end of 2017, the debt-laden company
was referred to the National Company Law Tribunal (NCLT) following petitions from creditors Standard Chartered
Bank and DBS Bank.
For the Haridwar-based Patanjali Ayurved, which approached the NCLT against the lenders’ decision in favour of
Adani Wilmar, the potential acquisition of Ruchi Soya will be its biggest.
Shailendra Ajmera is the resolution professional (RP) appointed by NCLT on the application of creditors Standard
Chartered Bank and DBS Bank under the Insolvency and Bankruptcy Code.
Patanjali Ayurved, which makes staples, personal care and packaged foods, saw revenues for the year ended
March 2018 decline 10% to INR 81350 million from INR 90300 million in FY17 after five years of impressive
growth, according to data from research platform Tofler. Company chief executive Acharya Balkrishna had
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 57
attributed the slowing sales to its supply chain and distribution network not being able to keep pace with its
growth, in addition to internal restructuring.
The potential acquisition of Ruchi Soya will help the ayurveda bellwether gain captive brand share, the largest oil
seed extraction capacity in the country, and 24 plants of crushing, milling, refining and packaging edible oils.
Ruchi Soya is also one of the country’s largest exporters of valueadded soy products.
RUCHI SOYA INSOLVENCY: LENDERS TO VOTE ON PATANJALI'S INR 43500 MILLION OFFER NEXT
WEEK
26 Apr 2019
Ruchi Soya has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi
Star and Ruchi Gold
Ruchi Soya Industries owes around INR 93450 million to financial creditors and another INR 27500 million to
operational creditors
NEW DELHI: Lenders of debt-ridden Ruchi Soya will vote on April 30 to decide on Baba Ramdev-led Patanjali
Ayurved's revised INR 43500 million bid for the edible oil firm, sources said.
Patanjali, the lone player left in contention after the exit of Adani Wilmar, had last month increased its bid value by
around INR 2000 million to INR 43500 million for the Madhya Pradesh-based Ruchi Soya. This excludes capital
infusion of INR 1700 million into the company.
Sources said the Committee of Creditors (CoC) met on Friday to discuss the revised bid of Patanjali and decided
to conduct the voting process on April 30.
In December 2017, the National Company Law Tribunal (NCLT) had referred Ruchi Soya for insolvency
proceedings on the application of financial creditors Standard Chartered Bank and DBS Bank.
Shailendra Ajmera was appointed as resolution professional (RP) to manage the affairs of the company and
undertake the insolvency proceedings.
Ruchi Soya Industries owes around INR 93450 million to financial creditors and another INR 27500 million to
operational creditors.
Among financial creditors, the State Bank of India (SBI) has the maximum exposure of around INR 18000 million,
followed by Central Bank of India INR 8160 million, Punjab National Bank INR 7430 million and Standard
Chartered Bank - India INR 6080 million.
Ruchi Soya has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi
Star and Ruchi Gold.
"We have revised our bid to INR 43500 million from earlier offer of INR 41600 million. We are ready to bail out
Ruchi Soya which has the biggest infrastructure for soyabean. It's a national asset," Patanjali's spokesperson S K
Tijarawala had said last month.
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 58
The decision to increase the bid was taken in the interest of all stakeholders, including farmers and consumers,
he had said.
Adani Wilmar, which emerged as the highest bidder in August last year after a long drawn battle with Patanjali,
had in December 2018 written to the RP regarding significant delays in resolution process that led to deterioration
of Ruchi Soya's assets.
Later, Adani Wilmar, which sells edible oil under the Fortune brand, withdrew from the race.
Adani Wilmar had then said the process was getting delayed as the Patanjali group moved the NCLT, Mumbai.
Patanjali Ayurved had approached NCLT challenging the decision of Ruchi Soya's lenders to approve Adani
Wilmar's INR 60000 million takeover bid.
Patanjali group came second with its bid of around INR 57000 million, including the infusion of about INR 17000
milion into the edible oil company.
PATANJALI BID FOR RUCHI SOYA: NCLT RESERVES ORDER, SEEKS FUNDING DETAILS AGAIN
May 10, 2019
Mumbai: The National Company Law Tribunal (NCLT) Friday reserved its order on the INR 43500 million offer by
Patanjali to take over the crippled edible oil firm Ruchi SoyaNSE 3.26 % and again sought clarity on INR 6000
million of part-funding committed as internal accruals for the acquisition.
This is the second time that the tribunal has sought details of INR 6000 million, and asked them to file written
submission on the same.
The counsel for the Haridwar-headquartered Patanjali reiterated that INR 6000 million of the INR 43500 million
fund will be met through internal accruals and offered to submit a written submission on the same.
The committee of creditors said Patanjali has already paid INR 2000 million as guarantee.
Meanwhile, ICICI Bank moved the tribunal to secure INR 650 million dues from Ruchi Soya.
NCLT had earlier directed ICICI Bank to reverse the transactions carried out on Ruchi Soya to retrieve around
INR 480 million and INR 650 million with interest, that the bank had paid towards a letter of credit from latter's
current account.
Following this, ICICI Bank approached National Company Law Appellate Tribunal, who said the private lender
cannot be forced to pay the amount.
To which, the lenders said since ICICI Bank will not pay the amount, their cut in the overall recovery amount will
also be lower.
The ICICI Bank counsel said in case NCLAT reverses its order later, the lender will not only have to pay but also
to take a lower haircut from the total recovery.
An NCLT bench of judges VP Singh and Ravikumar Duraisamy asked them to file a written submissions in this
regard saying as ICICI Bank is also a financial creditor they will consider their application.
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 59
In December 2017, NCLT had referred Ruchi Soya for insolvency on applications moved by Standard Chartered
Bank and DBS Bank and appointed Shailendra Ajmera as the RP.
Patanjali, the lone player left, had last month increased its bid value by around INR 1400 million to INR 43500
million. The offer excludes capital infusion of INR 17000 million.
Ruchi Soya owes over INR 93450 million to financial creditors led by the State Bank, which has an exposure of
INR 18000 million, followed by Central Bank at INR 8160 million, Punjab National Bank at INR 7430 million and
StanChart at INR 6080 million.
PATANJALI'S QUEST FOR RUCHI SOYA: VALUATION HURDLE MAY IMPEDE GROWTH PLANS
May 9, 2019
Patanjali's revised bid of INR 60000 million, against Ruchi Soya's total approved debt of INR 121465.800 million,
is not enough to cover even the half of the debt
Just when it seemed on the brink of ending to Patanjali’s management, its battle for acquiring beleaguered edible
oil maker Ruchi Soya has hit another hurdle. This time, the objections have come from a couple of creditors of the
debt-laden firm — DBS Bank Singapore and DBS India.
DBS India, the local unit of Singapore-headquartered financial services group DBS, and DBS Bank Singapore
have approached the National Company Law Tribunal (NCLT) in Mumbai challenging the recently approved deal
to sell Ruchi Soya. The group — one of the many creditors that dragged the edible oil maker to the insolvency
tribunal — told NCLT that it finds the deal insufficient to cover its dues. And it wants a larger share of the money
that Patanjali has offered to pay for Ruchi Soya.
According to Ruchi Soya’s latest release, dated April 26, DBS Bank Singapore and DBS India are two of its
financial creditors to whom it owes INR 2972.400 million. In the pecking order of the amount of money due, DBS
Bank Singapore is Ruchi Soya's 15th largest creditor with pending dues worth INR 2429.600 million, and DBS
India stands at 23rd place with dues amounting to INR 542.8 million.
Ruchi Soya shares have been rising continuously ever since the National Company Law Tribunal approved the
proposal of Baba Ramdev-promoted Patanjali Ayurved to acquire the company.
On Friday, Ruchi Soya’s stock hit the upper circuit to close at INR 6.42, a whopping gain of over 90 per cent from
the 52-week low of INR 3.28 that it had registered on July 27.
The NCLT, in July, had approved the bid for Ruchi Soya under the Insolvency and Bankruptcy Code. Earlier,
Patanjali Ayurveda had received the approval for its resolution plan from the committee of creditors, a group of
financial creditors.
Beleaguered Ruchi Soya, which has a debt of about INR 120000.000 million as of December 31, 2017, is India’s
largest edible oilseed extraction and refining company, with a capacity of 3.72 mtpa. According to the resolution
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
not reproduce, publish or disclose any of the contents of the Report to others without the express authorization of MIPL. This Report is prepared and issued to the
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 60
plan, Patanjali will infuse INR 43500.000 million in a special purpose vehicle. While INR 42350.000 million would
go to creditors, the balance INR 1150.000 million would be used for improving operations of Ruchi Soya.
Standard Chartered and DBS, creditors to Ruchi Soya, moved the NCLT for insolvency proceedings for about
INR 7000.000 million. Besides, the edibile oil major also owed money to 16 other banks. Earlier, Adani Wilmar
had emerged as the highest bidder with a INR 60000.000 million bid to acquire the company, pushing back
Patanjali Ayurved in the ongoing insolvency process that was approved by the lenders too. However, Patanjali
moved the NCLT challenging the lenders’ decision to approve Adani Wilmar’s bid. Later, Adani Wilmar, which
sells edible oil under the Fortune brand, withdrew from the race.
RAMDEV'S PATANJALI GETS CONTROL OF RUCHI SOYA AFTER NCLT APPROVES INR 43500.000
MILLION BID
July 26, 2019
Ruchi Soya owes over INR 93450.000 crore to financial creditors led by State Bank of India, which has an
exposure of INR 18000.000 million, followed by Central Bank at INR 8160.000 million, Punjab National Bank at
INR 7430.000 million and StanChart at INR 6080.000 million and DBS at INR 2430.000 million.
After a protracted battle, the NCLT Thursday finally cleared the INR 43500.000 million bid by yoga-exponent
Ramdev-run Patanjali Ayurved to take over edible oil player Ruchi Soya, which owes over INR 93450.000 million
to the lenders & around INR 28000.000 million to other creditors. The NCLT approval comes after it dismissed the
petitions filed by Standard Chartered Bank and Singaporean lender DBS, which had both challenged the low bid
by Patanjali and the resultant lower payout.
Ruchi Soya owes over INR 93450.000 million to financial creditors led by State Bank of India, which has an
exposure of INR 18000.000 million, followed by Central Bank at INR 8160.000 million, Punjab National Bank at
INR 7430.000 million and StanChart at INR 6080.000 million and DBS at INR 2430.000 million. Thus the
resolution comes at over INR 60 percent haircut to the lenders. That apart, the RP has admitted claims worth INR
27166.100 million from operational creditors. The order does not say how much they will get from the proceeds,
though.
The tribunal said its "approval for the deal is subject to the resolution professional (RP) bridging the information
gap regarding the exact source of funds worth INR 6000.000 million that is part of bid before the next date of
hearing on August 1." The tribunal also asked the RP to furnish the actual cost of the entire resolution process.
"The RP is directed to submit detailed breakup of the entire resolution cost before the next date of listing on
August 1," the tribunal said in a 43-page order.
Reacting to the order, Patanjali managing director Acharya Balkrishna said this is a positive development which
will help it expand the Swadeshi movement. "This is a great step to utilize the idle national resources. This will
help us strengthen the Swadeshi movement which in turn will help the farmers," Balkrishna told PTI. He also said
the company will utlise the infrastructure of Ruchi Soya for the betterment of farmers. "This is a great step to
utilize the idle national resources. This will help us strengthen the Swadeshi movement which in turn will help the
farmers," Balkrishna told PTI.
He also said the company will utlise the infrastructure of Ruchi Soya for the betterment of farmers. The NCLT had
concluded the hearing on the case on May 10 and reserved its order on the INR 43500.000 million offer by
Patanjali to take over the crippled edible oil firm. Reserving the order it had sought clarity on INR 6000.000 million
of part- funding committed as internal accruals for the acquisition.
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 61
The counsel for the Haridwar-headquartered Patanjali reiterated that INR 6000.000 million of the INR 43500.000
million fund would be met through internal accruals but did not furnish a detailed break-up of the same yet,
despite the tribunal directing it to do so twice. In December 2017, NCLT admitted the bankruptcy petition filed by
Standard Chartered Bank and DBS against Ruchi Soya and had appointed Shailendra Ajmera as the RP, who
had received over two dozen expressions of interest initially.
But financial bids were submitted only by Adani Wilmar and Patanajali. Later citing delays, Adani withdrew from
the process despite being the highest bidder, leaving Patanjali alone in the fray, which had in April increased its
bid value by around INR 1400.000 million to INR 43500.000 million. The offer excludes a staggered capital
infusion of INR 17000.000 million.
With the acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other edible oils.
Ruchi Soya has many functional plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi Star
and Ruchi Gold and has one of the best functional and the largest infrastructure for soyabean. Adani Wilmar,
which sells edible oil under the Fortune brand, was the highest bidder last August after a long-drawn battle with
Patanjali. But then said the process was getting delayed as Patanjali moved the Mumbai NCLT.
For Patanjali, which was clocking multi-fold growth in recent years, saw a marginal growth in FY18 hit by GST,
finishing at around INR 120000.000 million, the deal will help boost both bottomlines and topline. In FY17 it had a
turnover of INR 105610.000 million, registering 111 percent growth. The Competition Commission had cleared the
deal on March 6, 2019.
RUCHI SOYA INDUSTRIES STANDALONE NET PROFIT RISES 121003.82% IN THE DECEMBER 2019
QUARTER
February 14, 2020
Net profit of Ruchi Soya Industries rose 121003.82% to INR 761.743 Million in the quarter ended December 2019
as against INR 62.9 Million during the previous quarter ended December 2018. Sales rose 6.88% to INR 371.281
Million in the quarter ended December 2019 as against INR 34736.5 Million during the previous quarter ended
December 2018. ParticularsQuarter EndedDec. 2019Dec. 2018% Var.Sales3712.813473.65 7 OPM %5.010.52 -
PBDT185.0742.61 334 PBT151.366.29 2306 NP7617.436.29 121004
PATANJALI TO PUMP IN INR 34380 MILLION IN RUCHI SOYA TO SETTLE CREDITORS' DUES
September 8, 2019
Ruchi Soya informed that resolution applicant Patanjali group will infuse INR 2047.5 million as equity and INR
32333.6 Million as debt
Baba Ramdev-led Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya in an
insolvency process, will infuse over INR 34380 million as equity and debt to settle dues of creditors of the debt-
laden firm.
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
not reproduce, publish or disclose any of the contents of the Report to others without the express authorization of MIPL. This Report is prepared and issued to the
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 62
Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai in its order dated
September 6 approved Patanjali's INR 43500 million resolution plan with certain modifications that were accepted
by the bidder.
Ruchi Soya informed that resolution applicant Patanjali group will infuse INR 2047.5 million as equity and INR
32333.6 million as debt.
The amount will be infused in a special purpose vehicle 'Patanjali Consortium Adhigrahan Private Limited , which
will be later amalgamated with Ruchi Soya.
Another INR 9000 million will be infused by the Patanjali group through subscription of non-convertible
debentures and preference shares in the SPV. It will also provide credit guarantee of nearly INR 120 million.
On April 30 this year, a committee of creditors had approved the Patanjali group's INR 43500 Million resolution
plan to take over Ruchi Soya, which is into edible oil business. Lenders will have to take a hair cut of around 60
per cent.
The bid, approved by the NCLT, is binding on Ruchi Soya as well as its employees, members creditors,
guarantors and other stakeholders involved, the filing added.
Out of the INR 43500 million offered by Patanjali group, INR 42350 million would be utilised to pay creditors while
INR 1150 million would be used for capital expenditure and working capital requirements of Ruchi Soya.
As per the filing, INR 40531.9 million will be paid to secured financial creditors, INR 400 Million to unsecured
financial creditors, INR 900 million to operational creditors, INR 250 million to clear statutory dues, INR 149.2
million to workmen/employees and INR 118.9 million to provide counter bank guarantee.
A monitoring committee will be constituted to oversee the process, with three members each representing
financial creditors and Patanjali group. Shailendra Ajmera, the resolution professional (RP) will act as the
monitoring agent.
In December 2017, the NCLT had referred Ruchi Soya for insolvency proceedings on the application of financial
creditors Standard Chartered Bank and DBS Bank.
Shailendra Ajmera was appointed as RP to manage the company's affairs and conduct insolvency proceedings.
Ruchi Soya Industries owes around INR 93450 million to financial creditors.
Among financial creditors, State Bank of India (SBI) has the maximum exposure of around INR 18000 million,
followed by Central Bank of India INR 8160 million, Punjab National Bank INR 743 crore and Standard Chartered
Bank - India INR 6080 million.
With the acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other products.
Ruchi Soya has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi
Star and Ruchi Gold.
Homegrown FMCG major Patanjali almost got a walk over after rival Adani Wilmar decided to pull out from the
race despite being selected the highest bidder.
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
not reproduce, publish or disclose any of the contents of the Report to others without the express authorization of MIPL. This Report is prepared and issued to the
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 63
Adani Wilmar, which emerged as the highest bidder in August last year after a long drawn battle with Patanjali,
had in December 2018 written to the RP regarding significant delays in resolution process that led to deterioration
of Ruchi Soya's assets.
Later, Adani Wilmar, which sells edible oil under the Fortune brand, withdrew from the race.
Patanjali will infuse over INR 34380 Million as equity and debt to settle dues of creditors of the debt-laden firm.
NEW DELHI: Baba Ramdev-led Patanjali Ayurved, which got the NCLT approval last week to acquire Ruchi Soya
in an insolvency process, will infuse over INR 34380 Million as equity and debt to settle dues of creditors of the
debt-laden firm.
Ruchi Soya informed the exchanges that the National Company Law Tribunal (NCLT), Mumbai in its order dated
September 6 approved Patanjali's INR 43500 Million resolution plan with certain modifications that were accepted
by the bidder.
Ruchi Soya informed that resolution applicant Patanjali group will infuse INR 2047.5 crore as equity and Rs
3,233.36 crore as debt.
The amount will be infused in a special purpose vehicle 'Patanjali Consortium Adhigrahan Pvt Ltd', which will be
later amalgamated with Ruchi Soya.
Another Rs 900 crore will be infused by the Patanjali group through subscription of non-convertible debentures
and preference shares in the SPV. It will also provide credit guarantee of nearly Rs 12 crore.
On April 30 this year, a committee of creditors had approved the Patanjali group's Rs 4,350 crore resolution plan
to take over Ruchi Soya, which is into edible oil business. Lenders will have to take a hair cut of around 60 per
cent.
Out of the Rs 4,350 crore offered by Patanjali group, Rs 4,235 crore would be utilised to pay creditors while Rs
115 crore would be used for capital expenditure and working capital requirements of Ruchi Soya.
As per the filing, Rs 4,053.19 crore will be paid to secured financial creditors, Rs 40 crore to unsecured financial
creditors, Rs 90 crore to operational creditors, Rs 25 crore to clear statutory dues, Rs 14.92 crore to
workmen/employees and Rs 11.89 crore to provide counter bank guarantee.
A monitoring committee will be constituted to oversee the process, with three members each representing
financial creditors and Patanjali group. Shailendra Ajmera, the resolution professional (RP) will act as the
monitoring agent.
In December 2017, the NCLT had referred Ruchi Soya for insolvency proceedings on the application of financial
creditors Standard Chartered Bank and DBS Bank.
Shailendra Ajmera was appointed as RP to manage the company's affairs and conduct insolvency proceedings.
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
not reproduce, publish or disclose any of the contents of the Report to others without the express authorization of MIPL. This Report is prepared and issued to the
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 64
Among financial creditors, State Bank of India (SBI) has the maximum exposure of around Rs 1,800 crore,
followed by Central Bank of India Rs 816 crore, Punjab National BankNSE 10.81 % Rs 743 crore and Standard
Chartered Bank - India Rs 608 crore.
With acquisition of Ruchi Soya, Patanjali will become a major player in soyabean oils and other products.
Ruchi Soya has many manufacturing plants and its leading brands include Nutrela, Mahakosh, Sunrich, Ruchi
Star and Ruchi Gold.
Homegrown FMCG major Patanjali almost got a walk over after rival Adani Wilmar decided to pull out from the
race despite being selected the highest bidder.
Adani Wilmar, which emerged as the highest bidder in August last year after a long drawn battle with Patanjali,
had in December 2018 written to the RP regarding significant delays in resolution process that led to deterioration
of Ruchi Soya's assets.
Later, Adani Wilmar, which sells edible oil under the Fortune brand, withdrew from the race.
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 65
The Public Notice information has been collected from various sources including but not limited to: The Courts,
India Prisons Service, Interpol, etc.
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.
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.
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.
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 66
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.
INFORMATION DETAILS
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
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RUCHI SOYA INDUSTRIES LIMITED - 621358 PAGE NO. : 67
SCORE FACTORS
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
RATING EXPLANATIONS
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as
unfavourable.
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 are as follows:
DISCLAIMER : This Report is PRIVATE & CONFIDENTIAL and it is prepared at the request of and for its use by the Subscriber only. The Subscriber shall use
the contents of the Report merely as an aid to its business. Mira Inform Private Limited (“MIPL”) has collated information/data in the Report, which have not been
verified unless otherwise specifically mentioned in the Report. The Subscriber shall independently verify the accuracy and correctness of the information/data
before in any way acting upon the same. MIPL shall not be liable for any harm, injury, loss or damage caused to the Subscriber due to default by the Subscriber’s
debtors/beneficiaries in fulfilling their obligations of any nature whatsoever. This Report or any of its portion shall not be used as a documentary evidence or
otherwise before any investigative agencies or forum of law. This Report is confidential and proprietary to MIPL. The Subscriber and/or any other person(s) may
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