MIRA INFORM REPORT

Report Date :

03.12.2012

IDENTIFICATION DETAILS

Name :	ASTRON PACKAGING LIMITED
Registered Office :	2nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad – 380009, Gujarat
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	03.07.2001
Com. Reg. No.:	039733
Capital Investment / Paid-up Capital :	Rs.16.000 Millions
CIN No.: [Company Identification No.]	U21029GJ2001PLC039733
TAN No.: [Tax Deduction & Collection Account No.]	AHIMA03205G
PAN No.: [Permanent Account No.]	AAECA0093L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Corrugated Boxes.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (45)

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

Maximum Credit Limit :	USD 530000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is established company having satisfactory track. Company performance seems to be high in the current year and financially has performed well. Trade relations are reported to be fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered for business dealings at usual track terms conditions.

NOTES :

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

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 31-03-2012.

INFORMATION DECLINED BY

Name :	Mr. Paresh
Designation :	Marketing Head
Contact No.:	91-9909944583
Date :	30.11.2012

LOCATIONS

Registered Office :	2nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad – 380009, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9909944583 (Mr. Paresh)
Fax No.:	Not Available
E-Mail :	manoj_nair@intaspharma.com
Factory :	No.22, 23 and 34, Mahagujarat Industrial Estate, Sarkeh Bavla Highway, Village – Moraiya, Ahmedabad - 382210 Gujarat, India
Tel. No.:	91-2717-294204

DIRECTORS

As on 20.08.2012

Name :	Mr. Urmish Hasmukh Chudgar
Designation :	Director
Address :	16, Nishant Bunglows, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	16.02.1959
Date of Appointment :	03.07.2001
DIN No.:	00096080
Name :	Mr. Binish Hasmukh Chudgar
Designation :	Director
Address :	11, Akashneem Bunglows, Vastrapur, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.12.1963
Date of Appointment :	03.07.2001
Name :	Mr. Nimish Hasmukh Bhai Chudgar
Designation :	Director
Address :	13-14, Sanidhya Bunglows, Near Someshwar Jain Temple, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	19.08.1960
Date of Appointment :	03.07.2001
DIN No.:	00212400
Name :	Ms. Ruchi Nimishbhai Chudgar
Designation :	Director
Address :	13-14, Sanidhya Bunglows, Near Someshwar Jain Temple, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	26.09.1987
Date of Appointment :	04.02.2008
DIN No.:	02184075
Name :	Mrs. Bina Nimish Chudgar
Designation :	Whole-time director
Address :	13-14, Sanidhya Bunglows, Near Someshwar Jain Temple, Satelite, Ahmedabad – 380015, Gujarat, India
Date of Birth/Age :	01.07.1964
Date of Appointment :	15.04.2008
DIN No.:	00314377

KEY EXECUTIVES

Name :	Mr. Paresh
Designation :	Marketing Head

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 20.08.2012

Names of Shareholders	No. of Shares
Nimish Hasmukh Bhai Chudgar	500000
Bina Nimish Chudgar	1099500
Hasmukh K Chudgar	100
Bindiben B. Chudgar	100
Kusumben H. Chudgar	100
Parulben U. Chudgar	100
Ruchi NN. Chudgar	100
Total	1600000

Equity Share Break up (Percentage of Total Equity)

As on 20.08.2012

Category	Percentage
Directors or relatives of directors	100.00
Total

BUSINESS DETAILS

Line of Business :

Manufacturer of Corrugated Boxes.

PRODUCTION STATUS

As on 31.03.2012

Particulars	Unit	Installed Capacity	Actual Production
Cartons, Boxes and cases of Corrugated Paper and Paperboard and parts thereof	Tones	12000	7115
Self Adhesives Labels	SQM	1300000	1027078

GENERAL INFORMATION

No. of Employees :

Information declined by the management

Bankers :

Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India

Facilities :

(Rs. In Millions)

Secured Loan	As on 31.03.2012	As on 31.03.2011
Term Loan From Bank Secured
Axis Bank Limited Term Loan 910060011163031	53.114	70.667
Axis Bank Limited Term Loan 910060013322121	25.271	25.173
Axis Bank Limited Cash Credit Account	40.307	28.451
Total	118.692	124.291
Unsecured Loan	As on 31.03.2012	As on 31.03.2011
Binaben N. Chudgar	0.000	5.000
Nimishbhai H. Chudgar	29.500	0.000
Loan from Directors	20.000	0.000
Trade Deposits
True Value Paper Company (Advance Deposits)	0.100	0.100
Vadiawala Associates (Advance Deposits)	0.000	0.050
Total	49.600	5.150

Banking Relations :	--
Auditors :
Name :	Bhadresh Shah and Associates Chartered Accountants
Address :	7, New Aashish Flats, Opposite Shefali Center, Near Paldi Char Rasta, Ahmedabad – 380006, Gujarat, India
PAN No.:	ACAPS7095K
Group Companies :	Intas Pharmaceuticals Limited

CAPITAL STRUCTURE

As on 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2000000	Equity Shares	Rs.10/- each	Rs.20.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1600000	Equity Shares	Rs.10/- each	Rs.16.000 Millions

Notes:

Details of shares held by each shareholder holding more than 5% shares

Names of Shareholders	31.03.2012
	Number of Shares Held	% of holding in that class of shares
Nimish H. Chudgar	500000	31.25
Binaben N. Chudgar	1099500	68.72
	1599500	99.97

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2012	31.03.2011	31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		16.000	16.000	8.300
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		116.664	98.582	42.543
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		132.664	114.582	50.843
LOAN FUNDS
1] Secured Loans		118.692	124.291	0.000
2] Unsecured Loans		49.600	5.150	0.000
TOTAL BORROWING		168.292	129.441	0.0000
DEFERRED TAX LIABILITIES		15.839	10.943	4.338
TOTAL		316.795	254.966	55.181
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		203.698	173.967	88.207
Capital work-in-progress		0.000	0.461	12.232
INVESTMENT		0.005	0.005	0.005
DEFERREX TAX ASSETS		0.000	0.000	0.000
Other Non-Current Assets		4.148	1.720	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	35.059	66.383	18.200
	Sundry Debtors	134.783	80.751	30.775
	Cash & Bank Balances	7.809	27.666	6.637
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	32.942	21.932	32.193
Total Current Assets		210.593	196.732	87.805
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	90.676	115.264	46.425
	Other Current Liabilities	1.127	1.246	84.002
	Provisions	9.846	1.409	2.641
Total Current Liabilities		101.649	117.919	133.068
Net Current Assets		108.944	78.813	(45.263)
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		316.795	254.966	55.181

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	423.194	315.725	152.996
		Other Income	0.154	0.288	0.937
		TOTAL (A)	423.348	316.013	153.933
Less	EXPENSES
		Cost of material consumed	275.481	202.340	137.328
		Changes in inventories of finished goods, work-in-progress and stock –in-trade	(0.731)	(1.765)
		Employee benefits Expenses	20.005	11.721
		Other Expenses	74.022	69.131
		TOTAL (B)	368.777	281.433	137.328
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		54.571	34.580	16.605
Less	FINANCIAL EXPENSES (D)		15.251	7.675	0.025
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		39.320	26.905	16.580
Less/ Add	DEPRECIATION/ AMORTISATION (F)		9.928	6.361	2.266
	PROFIT BEFORE TAX (E-F) (G)		29.392	20.544	14.314
Less	TAX (H)		11.311	10.705	6.903
	PROFIT AFTER TAX (G-H) (I)		18.081	9.839	7.411
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		39.182	29.343	21.932
	BALANCE CARRIED TO THE B/S		57.263	39.182	29.343
	Earnings Per Share (Rs.)		11.30	0.61	NA

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	4.27	3.11	4.81
Net Profit Margin (PBT/Sales)	(%)	6.95	6.50	9.36
Return on Total Assets (PBT/Total Assets}	(%)	4.76	5.54	8.13
Return on Investment (ROI) (PBT/Networth)		0.22	0.18	0.28
Debt Equity Ratio (Total Liability/Networth)		2.03	2.16	1.73
Current Ratio (Current Asset/Current Liability)		2.07	1.67	0.66

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITOR DETAILS:

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditor	90.676	115.264	46.425

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U21029GJ2001PLC039733
Name of the company	ASTRON PACKAGING LIMITED
Address of the registered office or of the principal place of business in India of the company	2nd Floor, Chinubhai Centre, Ashram Road, Ahmedabad – 380009, Gujarat, India E-mail Id : manoj_nair@intaspharma.com
This form is for	Creation of charge
Type of charge	Book debts Movable property (not being pledge)
Particular of charge holder	Axis Bank Limited, Trishul 3rd Floor, Opposite Samartheshwar Temple, Law Garden Ellisbridge, Ahmedabad - 380006, Gujarat, India E-Mail id : Pranav.Pandit@axisbank.com
Nature of instrument creating charge	Deed of hypothecation of current assets (stock and book debts)
Date of instrument Creating the charge	29.10.2012
Amount secured by the charge	Rs.30.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per sanction terms Terms of Repayment As per sanction terms Margin 10% in the form of FDR to be kept under banks lein Extent and Operation of the charge All the securities as described herein below at column no 15 have been secured as a continuing security in favor of the bank in order to secure ad hoc letter of credit-import facility of Rs.30.000 Millions, together with interest and all other moneys payable by the company to bank
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All stock in trade both present and future consisting stock including RM, sip, FG, cash and other current assets, being movable properties, more particularly described in deed attached herewith.

FIXED ASSETS:

· Land

· Factory Building

· Plant and Machinery

· Electric Installation

· Office Equipments

· Furniture and Fixtures

· Material handling Equipments

· Computers

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.54.53
UK Pound	1	Rs.87.48
Euro	1	Rs.70.89

INFORMATION DETAILS

Information Gathered by :	PJA
Report Prepared by :	VRN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		45

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.