MIRA INFORM REPORT

Report Date :

03.04.2013

IDENTIFICATION DETAILS

Name :	ASTA INDIA PRIVATE LIMITED
Registered Office :	161/162, Mittal Court, A Wing, 16^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	22.02.2005
Com. Reg. No.:	11-151488
Capital Investment / Paid-up Capital :	Rs.552.100 Millions
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 :	Manufacturer and Exporter of Continuously Transposed Conductors (CTC).
No. of Employees :	80 (Approximately) (In Office + In Factory)

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 1400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a moderate track record. Even through there appears growth in the income from operation during 2012, it has incurred loss. There appears some accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with great 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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

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

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Cash Credit : ICRA BB+
Rating Explanation	Moderate risk of default
Date	July, 2012

Rating Agency Name	ICRA
Rating	Non Fund Based Facilities : ICRA A4+
Rating Explanation	Minimal degree of safety and very high credit risk
Date	July, 2012

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 PARTED BY

Name :	Mr. Dharmin Vaidya
Designation :	Deputy Manager (Accounts and Finance)
Contact No.:	91-2667-665000
Date :	02.04.2013

LOCATIONS

Registered Office :	161/162, Mittal Court, A Wing, 16^th Floor, Nariman Point, Mumbai – 400 021, Maharashtra, India
Tel. No.:	91-22-22854261/ 2/ 3/ 4
Fax No.:	91-22-22843611
E-Mail :	general@metmin.in general@asta.in excise@asta.in
Website :	www.asta.in
Location :	Rented
Factory :	Plot No.725-726, GIDC, Manjusar, Taluka Savli, Vadodara – 391 775, Gujarat, India
Tel. No.:	91-2667-665000
Fax No.:	91-2667-264270
E-Mail :	inquiry@asta.in
Location :	Rented

DIRECTORS

As on 29.09.2012

Name :	Mr. Nirmit Jha
Designation :	Managing director
Address :	102, Dreamland Flat, Near Krishnadham Society, Vasna Road, Vadodara – 390015, Gujarat, India
Date of Birth/Age :	06.02.1975
Date of Appointment :	13.03.2012
DIN No.:	05245570
Name :	Mr. Josef Leopold Herzog
Designation :	Director
Address :	A-2560, Berndorf, Obere Oedlizerstrasse 68, Baden NA, Austria
Date of Birth/Age :	26.12.1962
Date of Appointment :	29.09.2012
DIN No.:	05276336
Name :	Mr. Johann Johann Ponweiser
Designation :	Director
Address :	A-2822, Bad Eriach, Stadistrasse 18, Neustadt, NA, Austria
Date of Birth/Age :	15.06.1965
Date of Appointment :	29.09.2012
DIN No.:	05276341
Name :	Mr. Herbert Herbert Roth
Designation :	Director
Address :	A-1190 Wien, Erbsenbachgasse 3/B4, Linz, NA, Austria
Date of Birth/Age :	08.02.1965
Date of Appointment :	29.09.2012
DIN No.:	05276360

KEY EXECUTIVES

Name :	Mr. Dharmin Vaidya.
Designation :	Deputy Manager (Accounts and Finance)

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2012

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

As on 29.09.2012

Equity Share Breakup	Percentage of Holding
Category
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 :	Manufacturer and Exporter of Continuously Transposed Conductors (CTC).
Exports :
Products :	Finished goods
Countries :	Middle East
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS [AS ON 31.03.2011]

Particulars	Unit	Licensed Capacity *	Installed Capacity #	Actual Production #
Transposed Conductors	Kgs.	4000000	4000000	2341438
Copper	Kgs.	--	--	817407

NOTE:

1. *Licensed Capacity is per annum and as per the Industrial Entrepreneurs Memorandum submitted with the Ministry of Industries.

2. #Installed Capacity is per annum and, being a technical matter, is certified by the management and relied upon by the auditors.

GENERAL INFORMATION

Customers :

· Siemens

· BHEL

· Areva

· ABB

· Kanohar

· IMP Powers Limited

· EMCO

No. of Employees :

80 (Approximately) (In Office + In Factory)

Bankers :

· Bank of Baroda, Corporate Financial Services Branch, First Floor, R C Dutt Road, Alkapuri, Vadodara – 390 007, Gujarat, India

Tel No.: 91-2652-344026

Facilities :

Secured Loan	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Cash Credit from Banks (Secured by hypothecation of all present and future ,inventory, book-debts, other receivables and an equitable mortgage by deposit of tilte of deeds of leasehold land of the company)	62.084	16.739
Total	62.084	16.739

Banking Relations :	--
Auditors :
Name :	Price Waterhouse Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji park, Dadar, Mumbai – 400 028, Maharashtra, India
PAN No.:	AAEFP5579P
Holding Company :	Asta Singapore Pte Limited, Singapore
Ultimate Holding Company :	Metrod Behrad, Malaysia
Fellow Subsidiaries :	· Asta Holdings GmbH, Austria · Asta Inc, USA · Asta Conductors, China · Metrod Flat Product Sdn Bhd, Malaysia

CAPITAL STRUCTURE

As on 31.03.2012

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

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		552.100	552.100	552.100
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		0.000	0.000	0.000
4] (Accumulated Losses)		(212.671)	(97.665)	(72.169)
NETWORTH		339.429	454.435	479.931
LOAN FUNDS
1] Secured Loans		62.084	16.739	30.606
2] Unsecured Loans		313.174	322.002	358.356
TOTAL BORROWING		375.258	338.741	388.962
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		714.687	793.176	868.893
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		737.889	775.717	811.449
Capital work-in-progress		5.403	0.000	3.244
INVESTMENT		0.100	0.000	0.000
DEFERRED TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	106.072	59.462	67.705
	Sundry Debtors	136.450	166.129	47.665
	Cash & Bank Balances	28.888	32.032	18.973
	Other Current Assets	21.588	0.397	0.000
	Loans & Advances	37.861	39.760	22.515
Total Current Assets		330.859	297.780	156.858
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	312.224	268.077	84.010
	Other Current Liabilities	46.031	11.096	17.828
	Provisions	1.309	1.148	0.820
Total Current Liabilities		359.564	280.321	102.658
Net Current Assets		(28.705)	17.459	54.200
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		714.687	793.176	868.893

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Turnover	921.127	764.506	107.100
		Other Income			NA
		TOTAL	921.127	764.506	NA
Less	EXPENSES
		Office Expenses	974.570	730.704	NA
		Administrative Expenses
		Advertising Expenses
		TOTAL	974.570	730.704	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		(53.443)	33.802	NA
Less	DEPRECIATION/ AMORTISATION		61.562	59.297	NA
	PROFIT / (LOSS) BEFORE TAX		(115.005)	(25.495)	(72.574)
Less	TAX		0.001	0.000	0.000
	PROFIT (LOSS) AFTER TAX		(115.006)	(25.495)	(72.574)
	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(97.664)	(72.169)	0.405
	BALANCE CARRIED TO THE B/S		(212.671)	(97.664)	(72.169)
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	42.245	2.432	0.000
		Professional Fees		2.102	0.651
	TOTAL EARNINGS		42.245	4.534	0.651
	IMPORTS
		Raw Materials	NA	450.455	96.291
		Stores & Spares		2.293	2.791
	TOTAL IMPORTS		NA	452.748	99.082
	Earnings / (Loss) Per Share (Rs.)		(2.08)	(0.46)	(1.31)

Expected Sales (2012-2013): Rs.1000.000 Millions

The above information has been parted by Mr. Dharmin Vaidya.

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	(12.49)	(3.33)	NA
Return on Total Assets (PBT/Total Assets}	(%)	(10.76)	(2.37)	(7.49)
Return on Investment (ROI) (PBT/Networth)		(0.34)	(0.06)	(0.15)
Debt Equity Ratio (Total Debt/Networth)		1.11	0.75	0.81
Current Ratio (Current Asset/Current Liability)		0.92	1.06	1.53

LOCAL AGENCY FURTHER INFORMATION

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011	31.03.2010
Sundry Creditors	312.224	268.077	84.010
Total	312.224	268.077	84.010

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	Yes
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	Yes
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
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	Yes

DETAILS OF UNSECURED LOAN

(Rs. In Millions)

Particulars	31.03.2012	31.03.2011
Loans and advances from others	313.174	322.002
Total	313.174	322.002

BACKGROUND:

Subject is promoted by Metrod (Malaysia) Berhad, a well known Malaysian company having many manufacturing units under its fold in different countries. The company is a subsidiary of ASTA Singapore Pte Limited, Singapore, a wholly owned subsidiary of ASTA Holdings GmbH, Austria. The company is engaged in manufacturing Continuously Transposed Conductors (CTC). The company's plant is situated at Savli Industrial Estate of Gujarat Industrial Development Corporation (GIDC) near Vadodara in the state of Gujarat and was commissioned on 1^st July, 2009.

WORKING AND OPERATIONS

As of now ASTA India is present in CTC market and 98 % of its volume is from domestic customer. However Following steps are taken in the process with respect to future strategy.

MICA production is revived through long tern rate contract with reputed customer in India. The samples were locally approved and were due to be approved by their German arm. ASTA India sees volumetric potential of 150 MT during 2013 and then on growing at steady rate of 10 to 15 % per annum. 180 class Enameled strips samples are in process of submission to another very reputed customer; the anticipated potential is 400 MT during the year 2013. Export to middle east is another such potential for which concrete steps are initiated. ASTA India looks forward for volume of 700 MT from exports during 2013.

CONTINGENT LIABILITIES:

Particulars	31.03.2011 (Rs. in millions)	31.03.2010 (Rs. in millions)
Bank Guarantees	27.122	27.122
Outstanding Letters of Credit	12.919	0.000
Total	40.041	27.122

FIXED ASSETS:

· Land

· Building

· Office Equipments

· Furniture and Fixtures

· Computer Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

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

1] INFORMATION ON DESIGNATED PARTY

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

2] Court Declaration :

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

3] Asset Declaration :

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

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

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

Charges or investigation registered against subject: None

7] Criminal Records

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

8] Affiliation with Government :

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

9] Compensation Package :

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

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

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

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

CONTRAVENTION

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.33
UK Pound	1	Rs.82.72
Euro	1	Rs.69.82

INFORMATION DETAILS

Information Gathered by :	PLK
Report Prepared by :	BSN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	-
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	-
--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
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

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.