MIRA INFORM REPORT

Report Date :

08.04.2011

IDENTIFICATION DETAILS

Name :	ASTA INDIA PRIVATE LIMITED
Registered Office :	161/162, Mittal Court A Wing, 16^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	22.02.2005
Com. Reg. No.:	11-151488
CIN No.: [Company Identification No.]	U27100MH2005PTC151488
TAN No.: [Tax Deduction & Collection Account No.]	MUMA28803F
PAN No.: [Permanent Account No.]	AAFCA1141A
Legal Form :	Private Limited Liability Company.
Line of Business :	The company is setting up a project for manufacture of Continuous Transported Conductors (CTC)

RATING & COMMENTS

MIRA’s Rating :

B (27)

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

Maximum Credit Limit :	USD 1919728
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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

INFORMATION denied BY

Name :	Mr. Prasad Desai
Designation :	Account Manager
Date :	06.04.2011

LOCATIONS

Registered Office :	161/162, Mittal Court A Wing, 16^th Floor, Nariman Point, Mumbai – 400021, Maharashtra
Tel. No.:	91-22-22854261/2/3/4
Fax No.:	91-22-22843611
E-Mail :	general@metmin.in general@asta.in
Factory :	725-726, GIDC, Manjusar, taluka Savli, Vadodara – 391775, Gujarat
Tel. No.:	91-265-2250388
Fax No.:	91-265-2251335

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Nalin Somchand Parikh
Designation :	Director
Address :	161, Urvashi, 66, Napean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	02.01.1935
Date of Appointment :	22.02.2005
Name :	Mr. Prakash Ghandhyam Samant
Designation :	Director
Address :	56/4A, Jai Vijay CHS Limited, Parsi Wada, Vile Parle (East), Mumbai – 400099, Maharashtra, India
Date of Birth/Age :	25.05.1958
Date of Appointment :	22.02.2005
Name :	Ms. Anita Nalin Parikh
Designation :	Director
Address :	161, Urvashi, 66, Napean Sea Road, Mumbai – 400006, Maharashtra, India
Date of Birth/Age :	27.09.1937
Date of Appointment :	24.12.2009

KEY EXECUTIVES

Name :	Mr. Arun Kumar Gupta
Designation :	Company Secretary
Address :	301, Radhe – A, Pashabhai Park, Race Course, Vadodara – 390007, Gujarat, India
Date of Birth/Age :	10.11.1966
Date of Appointment :	01.05.2008

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Asta Singapore Pte Limited, Singapore	55209850
Asta International Pte Limited, Singapore	100
TOTAL	55209950

AS ON 30.09.2010

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The company is setting up a project for manufacture of Continuous Transported Conductors (CTC)

GENERAL INFORMATION

Bankers :

Bank of Baroda, Corporate Financial Services Branch, First Floor, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Cash Credit from a bank (Secured by hypothecation of all present and future inventory, book debts, other receivables and an equitable mortgage by deposit of title deeds of leasehold land of the company)	30.606	0.000
Total	30.606	0.000
Unsecured Loan	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009
Term Loan – Foreign Currency Loan from asta Singapore Pte Limited, The Holding Company (Amount Repayable within one year – NIL (Previous year – NIL)	308.356	347.512
Inter Corporate Loan from Metmin Investment and Trading Private Limited (Amount Repayable within one year – 50.000 Millions (Previous year – NIL)	50.000	0.000
Total	358.356	347.512

Banking Relations :

--

Auditors :

Name:

Price Waterhouse

Chartered Accountants

Address :

252, Veer Savarkar Marg, Shivaji park, Dadar, Mumbai – 400 028, Maharashtra

Holding Company :

Asta Singapore Pte Limited, Singapore

Ultimate Holding Company:

Metrod (Malaysia), Berhad

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
60000000	Equity Shares	Rs.10/- each	Rs.600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
55209950	Equity Shares	Rs.10/- each	Rs.552.100 millions

Notes:

Of the above, 55209850 shares are held are held by Asta Singapore Pte Limited, the holding Company. The Ultimate Holding Company is Metrod (Malaysia), Berhad

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		552.100	437.057	119.188
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.405	0.000
4] (Accumulated Losses)		(72.168)	0.000	(0.357)
NETWORTH		479.932	437.462	118.831
LOAN FUNDS
1] Secured Loans		30.606	0.000	0.000
2] Unsecured Loans		358.356	347.512	110.539
TOTAL BORROWING		388.962	347.512	110.539
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		868.894	784.974	229.370
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		811.450	54.920	29.943
Capital work-in-progress		3.244	725.575	132.210
INVESTMENT		0.000	6.047	67.178
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	67.705	9.773	0.000
	Sundry Debtors	47.665	0.000	0.000
	Cash & Bank Balances	18.973	22.564	0.355
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	22.516	15.114	0.511
Total Current Assets		156.859	47.451	0.866
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	101.076	45.450	0.000
	Other Current Liabilities	0.762	1.936	0.771
	Provisions	0.821	1.633	0.074
Total Current Liabilities		102.659	49.019	0.845
Net Current Assets		54.200	(1.568)	0.021
MISCELLANEOUS EXPENSES		0.000	0.000	0.018
TOTAL		868.894	784.974	229.370

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		TOTAL	NA	NA	2.190
Less	EXPENSES
		TOTAL	NA	NA	2.116
	PROFIT/LOSS BEFORE TAX		(72.573)	1.455	0.074
Less	TAX		0.000	0.693	(0.157)
	PROFIT/LOSS AFTER TAX		(72.573)	0.762	(0.231)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		0.405	(0.357)	NA
	BALANCE CARRIED TO THE B/S		(72.168)	0.405	NA

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	NA	NA	(10.55)
Return on Total Assets (PBT/Total Assets}	(%)	(7.49)	1.42	0.24
Return on Investment (ROI) (PBT/Networth)		(0.15)	0.00	0.00
Debt Equity Ratio (Total Liability/Networth)		1.02	0.91	0.94
Current Ratio (Current Asset/Current Liability)		1.53	0.97	1.02

LOCAL AGENCY FURTHER INFORMATION

sundry creditors details:

Particulars	Rs. In Millions 31.03.2010	Rs. In Millions 31.03.2009	Rs. In Millions 31.03.2008
Sundry Creditors
Micro and Small Enterprises	0.000	0.000	NA
Others	101.076	45.450	NA

FORM 8:

Corporate identity number of the company	U27100MH2005PTC151488
Name of the company	ASTA INDIA PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	161/162, Mittak Court A Wing, 16^th Floor, Nariman Point, Mumbai – 400021, Maharashtra, India
This form is for	Creation of charge
Type of charge	Immovable Property Book Debts Movable Property Floating Charge
Particular of charge holder	Bank of Baroda Corporate Financial Services Branch, First Floor, R C Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India corbar@bankofbaroda.com
Nature of instrument creating charge	Composite Hypothecation Agreement Instrument Relating to deposit of Title Deeds
Date of instrument Creating the charge	21.03.2009
Amount secured by the charge	Rs.210.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interests: 1% below Benchmark Prime Lending Rate (BPLR) per annum with monthly rests. Export Packaging Credit (EPC) interests rests as per RBI/ FEDAI/ Bank’s guideline from time to time. Terms of Repayment: In case of export Packaging Credit (EPC) – within 180 days from the date of disbursement In case of other facilities i.e. cash, credit, letter of credit (Inland/ Foreign), Bank Guarantee – on demand Margin: Cash Credit – 25% on Stocks, 30% on receivables including EPC – 10% Letter of Credit – 10% Cash Margin Bank Guarantee – Rs.10.000 Millions FDR Cash Martin upto BG limit of Rs.9.200 Millions 15% - for BG limit of Rs.25.800 Millions. Extent and Operation of the charge: The charge is created to secure the credit facilities extended/ Sanctioned to the company for Rs.210.000 Millions

FIXED ASSETS:

· Leasehold Land

· Buildings

· Office Equipment

· Furniture and Fixture

· Computer

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 records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.22
UK Pound	1	Rs.71.97
Euro	1	Rs.63.23

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILIRY	1~10	2
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	No
--OTHER ADVERSE INFORMATION	YES/NO	No
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	No
--EXPORT ACTIVITIES	YES/NO	No
--AFFILIATION	YES/NO	No
--LISTED	YES/NO	No
--OTHER MERIT FACTORS	YES/NO	Yes
TOTAL		27

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.