MIRA INFORM REPORT

Report Date :

02.06.2012

IDENTIFICATION DETAILS

Name :	ASTRA LIFECARE (INDIA) PRIVATE LIMITED
Registered Office :	Plot 57/P, Rajoda, Sarkhej Bavla Highway, Ahmedabad – 382 220, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	11.02.2004
Com. Reg. No.:	04-43597
Capital Investment / Paid-up Capital :	Rs.150.000 Millions
CIN No.: [Company Identification No.]	U24231GJ2004PTC043597
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pharmaceutical Items
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (34)

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

Maximum Credit Limit :	USD 960000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track. The company is progressing. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered for small to mediocre business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

LOCATIONS

Registered / Factory Office :	Plot 57/P, Rajoda, Sarkhej Bavla Highway, Ahmedabad – 382 220, Gujarat, India
Tel. No.:	Not Available
Mobile No.:	91-9924511944/9924611944
Fax No.:	91-2314-231132
E-Mail :	info@astralifecare.com
Website :	http://www.astralifecare.com
Corporate Office :	1103/1104, Safal Prelude, Opp. Prahalad Nagar Garden, Corporate Road, Prahalad Nagar, Satellite, Ahmedabad-380015, Gujarat, India
Tel. No.:	91-79-40321661
Fax No.:	91-79-40321660

DIRECTORS

As on 17.08.2011

Name :

Mr. Azizali Akbarali Bhaidani

Designation :

Director

Address :

46, Parkland Society, Opposite Zarf Diry, Juhapura, Sarkhej Road, Vejalpur, Ahmedabad-380055, Gujarat, India

Date of Birth/Age :

07.04.1969

Date of Appointment :

11.02.2004

DIN No.:

00375094

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ2004PTC043597	ASTRA LIFECARE (INDIA) PRIVATE LIMITED	Managing director	1/09/2010	11/02/2004	-	Active	NO
2	U45200MH2005PTC157922	LANDMARK CITY DEVELOPERS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
3	U25209GJ2006PTC048997	RAHSIL PLASTIC PRIVATE LIMITED	Director	4/09/2006	4/09/2006	-	Active	NO
4	U51397MH2004PTC146477	HEALTHILIFE EXIM (INDIA) PRIVATE LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
5	U51900GJ2009PTC056740	GOLDEN JUBILEE TRADEX PRIVATE LIMITED	Director	28/04/2009	28/04/2009	-	Active	NO
6	U74900MH2010PTC203021	AFRSHAAN SECURITIES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
7	U40100GJ2010PTC061358	ASTRA POWER PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO
8	U15544GJ2012PTC069499	ROYAL ICELINK PRIVATE LIMITED	Director	19/03/2012	19/03/2012	-	Active	NO

Name :

Mr. Shabbir Sherali Kassam

Designation :

Director

Address :

4, Rose Close, Harrow Weale, Harrow, Middle Sex – HA36SR, United Kingdom

Date of Birth/Age :

30.08.1957

Date of Appointment :

11.02.2004

DIN No.:

00565499

Name :

Mr. Ahmedali Akbarali Bhaidani

Designation :

Director

Address :

B-501, Green Park, Usha Darshan Co-op. Housing Society, Off New link Road, Andheri (West), Mumbai – 400 053, Maharashtra, India

Date of Birth/Age :

07.03.1965

Date of Appointment :

25.11.2004

DIN No.:

00375032

Other Directorship:

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24231GJ2004PTC043597	ASTRA LIFECARE (INDIA) PRIVATE LIMITED	Director	25/11/2004	25/11/2004	-	Active	NO
2	U45200MH2005PTC157922	LANDMARK CITY DEVELOPERS PRIVATE LIMITED	Director	19/12/2005	19/12/2005	-	Active	NO
3	U51397MH2004PTC146477	HEALTHILIFE EXIM (INDIA) PRIVATE LIMITED	Director	25/03/2008	25/03/2008	-	Active	NO
4	U74900MH2010PTC203021	AFRSHAAN SECURITIES PRIVATE LIMITED	Director	12/05/2010	12/05/2010	-	Active	NO
5	U40100GJ2010PTC061358	ASTRA POWER PRIVATE LIMITED	Director	29/06/2010	29/06/2010	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 17.08.2011

Names of Shareholders	No. of Shares
Shabbir Kassam	987950
Fatima Kassam	4000
Azizali Akbarali Bhaidani	11363850
Semina Akbarali Bhaidani	4100
M. Kassam	1769550
Ahmedali Akbarali Bhaidani	870550
Total	15000000

As on 28.03.2012

Names of Shareholders	No. of Shares
Azizali Akbarali Bhaidani Occ: Business	2260000
Ahmedali Akbarali Bhaidani Occ: Business	240000
Total	2500000

Equity Share Break up (Percentage of Total Equity)

As on 17.08.2011

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Pharmaceutical Items

PRODUCTION STATUS As on 31.03.2010

Particulars	Unit	Licensed Capacity	Installed #Capacity	Actual Production
Tablet	PCS in Lacs	1800	18000	12068
Capsules	PCS in Lacs	6000	6000	2527

Note: # as per Management Certificate

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

Bank of Baroda, Ashram Road Branch, Ashram Road, Ahmedabad – 380009, Gujarat, India

Facilities :

(Rs. in Millions)

Secured Loan	As on 31.03.2011	As on 31.03.2010
Rupee term loans banks secured	250.790	43.522
Working capital loans banks secured	216.465	167.126
Loans taken for vehicles secured	4.833	6.709
Total	472.088	217.357
Unsecured Loan	As on 31.03.2011	As on 31.03.2010
Loans directors unsecured	44.134	49.780
Total	44.134	49.780

Banking Relations :	--
Auditors :
Name :	B. J. Shah and Brothers Chartered Accountants
Address :	33/34, Shalvik Building, 9, Kalpana Society, Behind Navrangpura Post Office, Navrangpura, Ahmedabad – 380 009, Gujarat, India
PAN.:	ACVPS6967P
Enterprises over which significant influence exercised by directors:	· Healthlife Exim (India) Private Limited, India (CIN: U51397MH2004PTC146477) · Landmark Developers Private Limited, India (CIN: U45200MH2005PTC157922) · Astra Pharma (U) Limited, Uganda · Astra Pharma (T) Limited, Tanzania, United Republic of · Rahsil Plastics Private Limited, India (CIN: U25209GJ2006PTC048997)

CAPITAL STRUCTURE

As on 17.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
20000000	Equity Shares	Rs.10/- each	Rs.200.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
17500000	Equity Shares	Rs.10/- each	Rs.175.000 Millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		150.000	75.000	58.800
2] Share Application Money		0.000	0.000	13.226
3] Reserves & Surplus		92.452	27.388	0.000
4] (Accumulated Losses)		0.000	0.000	(6.534)
NETWORTH		242.452	102.388	65.492
LOAN FUNDS
1] Secured Loans		472.088	217.357	171.055
2] Unsecured Loans		44.134	49.780	52.180
TOTAL BORROWING		516.222	267.137	223.235
DEFERRED TAX LIABILITIES		8.585	7.466	8.486
TOTAL		767.259	376.991	297.213
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		248.465	149.779	141.423
Capital work-in-progress		121.187	0.000	0.000
INVESTMENT		1.000	0.000	0.000
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	154.494	135.418	59.765
	Sundry Debtors	26.737	6.297	183.861
	Cash & Bank Balances	295.486	243.895	3.238
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	195.664	53.550	16.373
Total Current Assets		672.381	439.160	263.237
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	266.792	207.377	105.609
	Other Current Liabilities	4.725	1.678	0.739
	Provisions	7.450	3.160	1.634
Total Current Liabilities		278.967	212.215	107.982
Net Current Assets		393.414	226.945	155.255
MISCELLANEOUS EXPENSES		3.193	0.267	0.535
TOTAL		767.259	376.991	297.213

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income
		Other Income
		TOTAL	645.279	451.623	315.242
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	595.824	421.993	290.811
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		49.455	29.630	24.431
Less/ Add	DEPRECIATION/ AMORTISATION		12.346	11.203	9.533
	PROFIT BEFORE TAX		37.109	18.427	14.898
Less	TAX		1.638	(0.649)	1.542
	PROFIT AFTER TAX		35.471	19.076	13.356
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	649.511	410.984	302.623
	TOTAL EARNINGS		649.511	410.984	302.623
	IMPORTS
		CIF Value of Import	NA	45.835	18.473
	TOTAL IMPORTS		NA	45.835	18.473
	Earnings Per Share (Rs.)		2.36	NA	NA

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	5.49	4.22	4.24
Return on Total Assets (PBT/Total Assets}	(%)	5.52	4.19	5.66
Return on Investment (ROI) (PBT/Networth)		0.15	0.18	0.23
Debt Equity Ratio (Total Liability/Networth)		1.15	2.07	1.65
Current Ratio (Current Asset/Current Liability)		2.41	2.07	2.44

LOCAL AGENCY FURTHER INFORMATION

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	No
10) Designation of contact person	No
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	--
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

Note: Registered office of the company has been shifted from A/12, Minita Apartment, Near Swati Society, St. Xavier’s School Road, Navrangpura, Ahmedabad – 380009, Gujarat, India to the present address w.e.f. 08.04.2004

BANKERS CHARGES REPORT AS PER REGISTRY

Corporate identity number of the company	U24231GJ2004PTC043597
Name of the company	ASTRA LIFECARE (INDIA) PRIVATE LIMITED
Address of the registered office or of the principal place of business in India of the company	Plot 57/P, Rajoda, Sarkhej Bavla Highway, Ahmedabad – 382 220, Gujarat, India Email: info@astralifecare.com
This form is for	Modification of charge
Charge identification (ID) number of the charge to be modified	10197380
Type of charge	Immovable property
Particular of charge holder	Bank of Baroda, Ashram Road Branch, Ashram Road, Ahmedabad – 380009, Gujarat, India Email: ashram@bankofbaroda.com
Nature of instrument creating charge	Instrument of Extension Relating to Deposit of Title Deeds Dated 15.09.2011.
Date of instrument Creating the charge	15.09.2011
Amount secured by the charge	Rs.885.400 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per supplemental composite agreement of hypothecation of goods, book debts, moveable machinery and vehicles cum deed of hypothecation dated 06.09.2011. Terms of Repayment Supplemental composite agreement of hypothecation of goods, book debts, moveable machinery and vehicles cum deed of hypothecation dated 06.09.2011. Margin Supplemental composite agreement of hypothecation of goods, book debts, moveable machinery and vehicles cum deed of hypothecation dated 06.09.2011. Extent and Operation of the charge First exclusive charge in favour of bank of baroda to the extent of Rs. 885.400 Millions plus interest, costs, charges, expenses etc. Over the immovable properties of the company. Details of immovable property more particularly described in second schedule attached to the instrument of extension relating to deposit of title deeds dated 15.09.2011.
Short particulars of the property or asset(s) charged (including complete address and location of the property)	All that piece and parcel of N.A. land of Co. bearing S.No.57/paiki,adm.about 18919 sq.mtrs. alongwith construction standing thereon,situated at Mouje:Rajoda,Tal:Bavla,Sub-Dist:Dholka, Dist:Ahmedabad. Flat No.201 adm.1300 sq.fts.on second floor in the building known Sugara Terrace Co-op.Hsg.Soc.Limited. Plot No.13 and 14, S.No. 209, Yerawada, Haveli, Pune in name of Ahmedali Bhaidani. Immovable Property bearing Tenement No.7, adm.400 sq.yds. together with construction thereon at Karimabad Society, R.S.No.24,Mouje Maktampura,Ahmedabad in name of Azizali Bhaidani.
Date of instrument modifying the charge	04.09.2010
Particulars of the present modification	The Charge created on immovable assets as mentioned above at Sr.No. 15(i)(ii)(iii) is extended to secure additional credit facilities sanctioned by the Bank as mentioned below: Fresh Term Loan-VI-Rs.46.000 Millions, Additional Packing Credit facility of Rs.280.00 Millions and Additional Inland/Foreign Bank Guarantee(Performance/Financial) of Rs.30.000 Millions. Total Additional Credit facilities sanctioned of Rs.356.000 Millions. Aggregate Credit facilities stands increased from Rs. 549.600 Millions to Rs. 885.400 Millions.

Fixed Assets:

· Land

· Staff Bus

· Computer

· Motor Car

· Motor Cycle

· Factory Building

· Plant and Machinery

· Electric Installation

· Furniture and Fixtures

AS PER WEBSITE DETAILS

COMPANY PROFILE

Subject was formed in February 2004 and came into commercial production in April 2006. At present, this facility is established to manufacture all types of Tablets and Capsules. This plant has dedicated facilities for General and Beta-lactum products and are equipped with latest technology equipments. Their in-house Quality Assurance and Control department is also facilitated with modern technology laboratory equipments to meet the international standards.

The facility is WHO-GMP compliant and have also been approved by National Drug Authority of Uganda as well as Tanzania Food and Drug Authority. Their long-term aim is to obtain other international regulatory approvals like, TGA-Australia, MHRA-U.K., MCC-South Africa, USFDA.

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.55.19
UK Pound	1	Rs.86.03
Euro	1	Rs.69.12

INFORMATION DETAILS

Report Prepared by :

KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILIRY	1~10	3
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	3
--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	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		34

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
-	NB	New Business	-

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.