1. Summary Information

		Country	India
Company Name	Astec Lifesciences Limited	Principal Name 1	Mr. Ashok Vishwanath Hiremath
Status	Satisfactory	Principal Name 2	Mr. Laxmikant Ramprasad Kabra
		Registration #	11-076236
Street Address	Elite Square, 274, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra, India
Established Date	25.01.1994	SIC Code	--
Telephone#	91-22-22618212	Business Style 1	Manufacturing
Fax #	Not Available	Business Style 2	--
Homepage	--	Product Name 1	Agro
# of employees	Not Available	Product Name 2	Pharma Chemicals
Paid up capital	Rs.169,291,300/-	Product Name 3	--
Shareholders	Foreign holdings- 1.10%, Bodies corporate- 16.39%, Directors or relatives of directors- 55.70%, Others- 26.81%	Banking	Axis Bank Limited
Public Limited Corp.	No	Business Period	19 years
IPO	No	International Ins.	--
Public Enterprise	No	Rating	Ba (44)
Related Company
Relation	Country	Company Name	CEO
Subsidiary	India	Astec Crop Care Private Limited,	--
Note	--

2. Summary Financial Statement

Balance Sheet as of	31.03.2012		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	516,214,000	Current Liabilities	559,234,000
Inventories	433,230,000	Long-term Liabilities	670,099,000
Fixed Assets	755,747,000	Other Liabilities	41,702,000
Deferred Assets	0,000	Total Liabilities	1,271,035,000
Invest& other Assets	563,470,000	Retained Earnings	814,735,000
		Net Worth	997,626,000
Total Assets	2,268,661,000	Total Liab. & Equity	2,268,661,000
Total Assets (Previous Year)	1,722,563,000
P/L Statement as of	31.03.2012		(Unit: Indian Rs.)
Sales	1,108,406,000	Net Profit	24,180,000
Sales(Previous yr)	1,111,250,000	Net Profit(Prev.yr)	50,843,000

MIRA INFORM REPORT

Report Date :

15.04.2013

IDENTIFICATION DETAILS

Name :	ASTEC LIFESCIENCES LIMITED (w.e.f. 23.03.2006)
Formerly Known As :	ASTEC CHEMICALS PRIVATE LIMITED
Registered Office :	Elite Square, 274, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	25.01.1994
Com. Reg. No.:	11-076236
Capital Investment / Paid-up Capital :	Rs.169.291 Millions
CIN No.: [Company Identification No.]	L99999MH1994PLC076236
PAN No.: [Permanent Account No.]	AAACA4832D
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchange.
Line of Business :	Manufacturing of Agro and Pharma Chemicals.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba (44)

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

Maximum Credit Limit :	USD 4000000
Status :	Satisfactory
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having a satisfactory track record. There appears some continuous dip in the profitability of the company. However, Networth appears to be satisfactory. Trade relations are reported as fair. Business is active. Payments are reported to be slow but correct. The company can be considered normal for 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 – 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	Long Term: BBB-
Rating Explanation	Moderate risk of default, it carry moderate credit risk.
Date	February, 2013

Rating Agency Name	ICRA
Rating	Short Term Rating: A3
Rating Explanation	Moderate degree of safety, it carry higher credit risk.
Date	February, 2013

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.

LOCATIONS

Registered Office :	Elite Square, 274, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra, India
Tel. No.:	91-22-22618212
Fax No.:	Not Available
E-Mail :	vikas@astecls.com chomal.vikas@gmail.com

DIRECTORS

(AS ON 25.09.2012)

Name :	Mr. Ashok Vishwanath Hiremath
Designation :	Managing Director
Address :	3, Jal Kiran, 35 Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	31.05.1955
Date of Appointment :	31.01.1994
DIN No.:	00349345
PAN No.:	AAAPH4452K
Name :	Mr. Laxmikant Ramprasad Kabra
Designation :	Director
Address :	16/503, Tulsidhan Triveni C.H.S. Limited, Near Vidyapeeth, Ghodbunder Road, Thane – 400607, Maharashtra, India
Date of Birth/Age :	09.03.1969
Date of Appointment :	10.03.2006
DIN No.:	00061346
Name :	Mr. Zakir Mohammed
Designation :	Director
Address :	2002, Sovereign, Hiranandani Gardens, Powai, Mumbai – 400053, Maharashtra, India
Date of Birth/Age :	06.06.1940
Date of Appointment :	27.09.2007
DIN No.:	00331018
Name :	Mr. Vinod Chintamani Malshe
Designation :	Director
Address :	University Staff Quarters, UDCT Campus, Matunga, Mumbai – 400019, Maharashtra, India
Date of Birth/Age :	28.02.1947
Date of Appointment :	28.03.2008
DIN No.:	00642540
Name :	Dr. Pyarelal Baburam Tiwari
Designation :	Director
Address :	2, Jal Kiran, 1^st Floor, Cuffe Parade, Colaba, Mumbai – 400005, Maharashtra, India
Date of Birth/Age :	01.07.1945
Date of Appointment :	11.08.1994
DIN No.:	00917603
Name :	Mr. Sitendu Sharma
Designation :	Director
Address :	Surrendra Industries, Flat No.102, Near Raunak Park, 2^ndPokaran Road, Thane – 400601, Maharashtra, India
Date of Birth/Age :	31.07.1969
Date of Appointment :	27.09.2007
DIN No.:	01956423
Name :	Mr. Janak Rawal Jaganath
Designation :	Whole-time director
Address :	602, Shiv Krupa Building, Plot No.20.22.24, Ramchandra Nagar, Dombivili, Thane – 4210201, Maharashtra, India
Date of Birth/Age :	08.01.1960
Date of Appointment :	20.01.2012
DIN No.:	05177267
Name :	Mr. Mandar Kamalakar Patil
Designation :	Director
Address :	30-B/33, Brindaban Society, Thane – 400601, Maharashtra, India
Date of Birth/Age :	24.05.1970
Date of Appointment :	27.05.2012
DIN No.:	05284076

KEY EXECUTIVES

Name :	Mr. Vikas Ramchandra Chomal
Designation :	Company Secretary
Address :	601/602, B-3, Mansarovar, Bhiwandi, Thane-421305, Maharashtra, India
Date of Birth/Age :	18.08.1985
Date of Appointment :	24.05.2010
PAN No.:	AMIPC5913C

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 25.09.2012)

Names of Shareholders	No. of Shares
Laxmikant Ramprasad Kabra	1100
Ashok Vishwanath Hiremath	6115780
Pyarelal Baburam Tiwari	1650000
Janak Rawal Jaganath	200

(AS ON 30.09.2012)

Equity Shares Break – up

Category	Percentage
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	1.10
Bodies corporate	16.39
Directors or relatives of directors	55.70
Others	26.81
Foreign holdings- 1.10%, Bodies corporate- 16.39%, Directors or relatives of directors- 55.70%, Others- 26.81%
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing of Agro and Pharma Chemicals.

Products :

Products Description	Item Code No.
Agro and Pharma Intermediate	38081099

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

· Axis Bank Limited

Nariman Point Branch, Ground Floor, Atlanta Building, Nariman Point, Mumbai - 400021, Maharashtra, India

· IDBI Bank

· State Bank of Hyderabad

Facilities :

Secured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
Rupee term loans from banks	110.820	21.206
Loans repayable on demand from banks	535.191	357.493
Total	646.011	378.699

Banking Relations :	--
Auditors :
Name :	P. M. Kathariya and Company Chartered Accountants
Address :	6/4, Kermani Building, 27 Sir P M Road, Opposite Citi Bank, Fort, Mumbai – 400001, Maharashtra, India
PAN No.:	AAEPK4407B
Associates :	· Altimax Financial Services Private Limited
Subsidiaries :	· Behram Chemicals Private Limited, India · Astec Crop Care Private Limited, India · Astec Europe SPRL

CAPITAL STRUCTURE

(AS ON 25.09.2012)

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
18044130	Equity Shares	Rs.10/- each	Rs.180.441 Millions

(AS ON 31.03.2012)

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
16929130	Equity Shares	Rs.10/- each	Rs.169.291 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		169.291	169.291	169.291
2] Share Application Money		0.000	0.000	0.000
3] Money Received against share warrant		13.600	0.000	0.000
4] Reserves & Surplus		814.735	800.393	759.388
5] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		997.626	969.684	928.679
LOAN FUNDS
1] Secured Loans		646.011	378.699	339.099
2] Unsecured Loans		24.088	21.262	28.276
TOTAL BORROWING		670.099	399.961	367.375
DEFERRED TAX LIABILITIES		27.580	24.129	16.869
TOTAL		1695.305	1393.774	1312.923
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		755.747	719.861	429.256
Capital work-in-progress		436.206	89.948	79.431
INVESTMENT		127.264	88.529	261.123
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	433.230	353.480	332.532
	Sundry Debtors	307.302	342.526	323.473
	Cash & Bank Balances	35.408	30.090	18.171
	Other Current Assets	0.000	0.545	1.762
	Loans & Advances	173.504	97.584	87.943
Total Current Assets		949.444	824.225	763.881
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	295.174	228.287	144.371
	Other Current Liabilities	264.060	82.829	8.812
	Provisions	14.122	17.673	67.585
Total Current Liabilities		573.356	328.789	220.768
Net Current Assets		376.088	495.436	543.113
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		1695.305	1393.774	1312.923

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income	1108.406	1111.250	1163.850
		Other Income	9.859	10.280	10.236
		TOTAL (A)	1118.265	1121.530	1174.086
Less	EXPENSES
		Cost of materials consumed	780.078	691.756
		Purchases of stock-in-trade	69.699	184.538
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	(82.386)	(46.253)	916.522
		Employee benefit expense	47.479	39.265
		Other expenses	123.509	85.860
		Prior Period Items	1.411	(0.218)
		TOTAL (B)	939.790	954.948	916.522
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		178.475	166.582	257.564
Less	FINANCIAL EXPENSES (D)		59.289	37.228	51.148
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		119.186	129.354	206.416
Less/ Add	DEPRECIATION/ AMORTISATION (F)		84.754	57.732	41.008
	PROFIT BEFORE TAX (E-F) (G)		34.432	71.622	165.408
Less	TAX (H)		10.252	20.779	33.317
	PROFIT AFTER TAX (G-H) (I)		24.180	50.843	132.091
	EARNINGS IN FOREIGN CURRENCY		384.407	251.000	346.073
	IMPORTS
		Raw Materials	301.809	155.578	297.067
	TOTAL IMPORTS		301.809	155.578	297.067
	Earnings Per Share (Rs.)		1.43	3.00	--

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	2.16	4.53	11.25
Net Profit Margin (PBT/Sales)	(%)	3.11	6.45	14.21
Return on Total Assets (PBT/Total Assets}	(%)	2.02	4.64	13.86
Return on Investment (ROI) (PBT/Networth)		0.03	0.07	0.18
Debt Equity Ratio (Total Debt/Networth)		0.67	0.41	0.40
Current Ratio (Current Asset/Current Liability)		1.66	2.51	3.46

LOCAL AGENCY FURTHER INFORMATION

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	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 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	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOANS

Particulars	31.03.2012	31.03.2011
	(Rs. In Millions)
Loans repayable on demand	14.536	6.544
Deposits from directors	9.552	14.718
Total	24.088	21.262

FINANCIAL HIGHLIGHTS

2011-12 was a challenging year for Astec as they were affected by continued destocking of inventory by their consumers. The Gross turnover of the company was at Rs. 1173.700 Millions as against Rs.1152.500 Millions in the previous year, resulting in increase of 1.84%. Exports for the year were at Rs.395.600 Millions as against Rs. 251.000 Millions in 2011 representing a growth of 58%.

Raw material costs rose sharply as a result of the increase in labour and power costs in China pushing raw material prices upwards in the global markets. Higher interest rates caused increased finance costs and the devaluation of the rupee led to forex losses. With the operating costs going up substantially, the margins were eaten up and EBIDTA for the year under review was consequently of a much lower order in comparison with the previous year.

As result, profit after tax for the year was at Rs.24.200 Millions as against Rs.50.800 Millions in the previous year.

OPERATIONS

The company has identified contract manufacturing as a platform for future growth. India is well positioned to capitalize on this opportunity as multinationals are moving manufacturing from high cost western economies to India and China. India has a strong pool of scientific manpower and a well-developed eco-system for the production of fine chemicals.

The company had signed two long term mutually exclusive confidential Manufacturing and Supply agreement with multinational majors to supply crop protection products. The company commenced commercial production of at its new state of the art facility at its new site at MIDC Mahad, Maharashtra. The said facility incorporates the proprietary process technology developed by their multinational major customer.

The commencement of these new projects will have a substantial positive impact on the Company's agrochemical business in coming years. They were successful in tapping markets in South East Asia and South America.

In Mahad they made investments to increase the capacity of their manufacturing facility and to improve the quality of their products. They also made the investments in line with their commitment to responsible care to improve their EHS standards.

They invested in R and D and were successful in developing products and intermediates that are unique and will give the company substantial growth in the coming years.

MANAGEMENT DISCUSSION AND ANALYSIS

Global economy review

In 2011, the global economy grew 3.8% (5.2% in 2010), emerging economies grew 6.2% (7.3% in 2010) and advanced economies grew 1.6% (3.2% in 2010). This indicates that emerging economies continued to catalyse global growth.

Indian economy review

The growth of the Indian economy is estimated at 6.9% in 2011-12 compared with 8.4% in the preceding two years, the lower growth attributed to a weakening global economy, lower industrial growth and reforms slowdown. World Bank has projected Indias GDP growth at 7-7.5% in 2012-13. Indias agricultural sector grew 2.5% compared with 7% in 2010-11.

BUSINESS ENVIRONMENT AND OVERVIEW

Global Agrochemical Industry

The Agrochemical Industry is interdependent with the performance of the agricultural sector. It is known that monsoons play a significant role in the performance of the agricultural eco system, and in good seasons, there is a demand upsurge for agrochemical products as well. Worldwide, agrochemicals are finding increasing acceptance, thanks to the dawning awareness of how beneficial their role could be in maximizing returns by way of crop protection and enhancement of yields. The potential for growth sees a large number of existing players operating in keen competition with each other not only in their respective domestic markets, but in the global context as well. On the one hand, one has to strive and develop new customers and markets; on the other hand, for achieving organic growth and bigger share of the pie, the way to go is to develop new products through research and innovation. It is, indeed, an R&D driven Industry, calling for deployment of the best of technical expertise and know how. Recent years have seen good rainfalls in Asian regions, as well as across Latin America and Europe. This has acted as spur in demand for the agrochemical products with the farming community willing to invest in their wider usage in order to maximize their returns from higher yields and better margins from volumes. Thus, riding on good rainfall and strong crop prices, 2011 turned out to be a good year for the global agrochemical market; counting the crop and the non crop segments together, its size has grown to US $ 51,520 million in 2011 up from US $ 44195 million in 2010, an increase of 16.6%. The crop protection market alone has grown by about 18% to US $ 45210 million from US$ 38315 million in 2010. Sales also got a boost as an offshoot of wide spread incidence of pests and diseases in major markets viz., Europe, Asia and Latin America. The global agrochemical market is being projected to grow around 2-3 % in real terms in the next 3 -5 year time span.

In Crop Protection Chemicals, fungicides usage continues to outpace that of insecticides and herbicides as farmers, wanting to take advantage of favorable strong commodity prices, are known to invest in their usage for higher yields. An ever rising demand worldwide for high-quality food is perhaps the most compelling factor driving Crop protection Chemicals usage.

Chinese Agrochemicals Industry is in the process of consolidation and it is being anticipated that there would be as much as 30% reduction in the number of Chinese companies operating in the agrochemical space in the next 3 to 5 years. This is likely to impact the global supply and pricing of all generics from China to markets like India, South America and Africa.

Indian Agrochemical Industry

The Indian agriculture Industry accounts for 12.9% of the nearly $ 2 trillion Indian economy. India is the second biggest producer in the world of rice, wheat, sugar and cotton; India also happens to be among the top consumers of their produce, given the size of its population. It is also a reality of the Indian agriculture that it is heavily reliant on the monsoon. The spread and reach of the monsoon and its onset timing have a crucial bearing on the fortunes of the agricultural sector, and of those associated with it like the agrochemical industry. 2011 has been a year of erratic rainfalls. To begin with, the onset of rains were delayed, though satisfactory overall. Despite the late onset of monsoon, the country witnessed strong sowing of cotton crop. In the latter half of the year, rainfall was quite deficient in the South, thereby affecting the sowings in the Kharif season in that part of the country. The consumption of agrochemicals thereby suffered in critical States of Andhra, Karnataka and Maharashtra. The overall performance of the agrochemical Industry during the year 2011-12 has been satisfactory.

COMPANY’S PERFORMANCE

The Company has product offerings mainly in the segments of the crop protection Industry i.e. Fungicides. The Company’s strategy is to consolidate its presence through a few key products and access customers across the globe with a view to ensure stable performance quarter on quarter in an otherwise seasonal industry. Export volumes complement domestic sales and insulate them against vagaries and shifts in market behavior, which is not so uncommon an experience in the agrochemical business.

2011-12 was a challenging year for ASTEC as we were affected by continued destocking of inventory by their consumers. The Gross turnover of the company was at Rs.1173.700 Millions as against Rs.1152.500 Millions in the previous year, resulting in increase of 1.84%. Exports for the year were at Rs.395.600 Millions as against Rs.251.000 Millions in 2011 representing a growth of 58%. The company has increased capacities of its plants. It has also implemented many cost reduction measures. In addition to this it has introduced new measures to improve its EHS performance. The company has obtained many new registrations in various parts of the world. Many more registrations are expected to come through Raw material costs rose sharply as a result of the increase in labour and power costs in China pushing raw material prices upwards in the global markets. Higher interest rates caused increased finance costs and the devaluation of the rupee led to forex losses. With the operating costs going up substantially, the margins were eaten up and EBIDTA for the year was consequently of a much lower order in comparison with the previous year.

In domestic formulation business, the planned scale up did not materialize for a variety of reasons; for one, the availability of products was restricted; an indifferent monsoon in addressable markets was also a dampener, pulling down the sales. The Company continued to focus on registration activity and received many registrations during the year across various countries. The ever increasing registrations are in the nature of being an enabler, ultimately leading to volume growth and better value realisation with the current customer base as well as help the Company access and reach out to new markets across its product range. The Company has taken various steps as under to bring about sustained improvement in the operations of the Company: Investment already made in waste water treatment facilities would make it possible to undertake treatment of higher volumes of production and reduce effluent treatment costs.

FUTURE OUTLOOK

The global agrochemical Industry for consolidation to upscale the level of operations and improve margins. The overall market size itself keeps on growing, year on year as the linkage of the Industry with the agriculture and food economy will continue to open new channels and markets. The growing income levels all over the world are driving consumption and demand for better quality food. The pressure to produce more and pushing for higher yields from limited arable land in countries like China, India, Australia, America, Brazil and Argentina, translates into growing opportunities for the crop protection Industry in the coming years. For Astec, the past year has been sort of an aberration, in terms of overall results owing to factors and circumstances over which the Company had little control. Be as it may, the past year is behind us. The Company has since taken requisite corrective measures at considerable investment, the results of which are already visible. Further plans are in motion for capacity expansion.

FORM 8

This form is for	Modification of charge
Charge identification number of the modified	10091557
Corporate identity number of the company	L99999MH1994PLC076236
Name of the company	Astec Lifesciences Limited
Address of the registered office or of the principal place of business in India of the company	Elite Square, 274, Perin Nariman Street, Fort, Mumbai – 400001, Maharashtra, India vikas@astecls.com
Type of charge	Immovable Property Book Debts Movable Property Others: Current and Movable Fixed Assets
Particular of charge holder	Axis Bank Limited Nariman Point Branch, Ground Floor, Atlanta Building, Nariman Point, Mumbai – 400021, Maharashtra, India info@ca-adlalwani.com
Nature of description of the instrument creating or modifying the charge	Simple Mortgage Deed (Without Possession)
Date of instrument Creating the charge	12/09/2012
Amount secured by the charge	Rs.794.100 Millions
Brief particulars of the principal terms and conditions and extent and operation of the charge	Rate of Interest As stipulated by bank from time to time Terms of Repayment As stipulated by bank from time to time Margin As stipulated by bank from time to time Extent and Operation of the charge First Pari Passu Charge (present and future)= Total Limit Rs.794.100 Millions (Axis Bank 223.800 Millions), IDBI Bank Rs.358.900 Millions and State Bank of Hyderabad =Rs.211.400 Millions) and/or as stipulated by bank from time to time Others As stipulated by bank from time to time
Short particulars of the property charged	First Pari Passu Charge (Present and Future) :- (1) Regt Mortgage of Plot No (1)B-17 (2)B-18 and (3) B-21 in Mahad Industrial are within village limits of Birwadi Taluka and Registration sub District of Mahad and District and registration district of Raigad together with structure standing thereon (2) Regt mortgage of Plot No K-2/1 in Addl Mahad Industrial are within village limits of Birwadi Taluka and Registration Sub District of Mahad and District and Registration District of Raigad together with structure standing thereon (3) Regt mortgage of Plot No F-39,in the Dombivali Industrial Area within village limits of sagaon and within the limits of Kalyan Municipal Corporation together with structure standing threon (4) Regt mortgage of office premises admeasuring about 1107 sq. ft carpet area bearing office premises nos. 1 to 6, on the Seventh Floor, together with Car Parking Space No.4, in building known as "Elite Square" Perien Nariman Street, Fort, Mumbai”
Particulars of the present modification	By this modification limit enhanced Rs.794.100 Millions (Axis Bank 223.800 Millions, IDBI Bank Rs.358.900 Millions and State Bank of Hyderabad = Rs.211.400 Millions), securities are continued as given by original charge as well as by modifications.

FIXED ASSETS:

· Land

· Building

· Office Building

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Motor Vehicles

· Office Equipment

· 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 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.54.44
UK Pound	1	Rs.83.78
Euro	1	Rs.71.33

INFORMATION DETAILS

Report Prepared by :

NIT

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	4
--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	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		44

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.