MIRA INFORM REPORT

Report Date :

14.11.2013

IDENTIFICATION DETAILS

Name :	ASTRAL POLY TECHNIK LIMITED (w.e.f. 29.09.2006)
Formerly Known As :	ASTRAL POLY TECHNIK PRIVATE LIMITED
Registered Office :	“Astral House”, 207/1, Behind Rajpath Club, Off S.G. Highway, Ahmedabad-380059, Gujarat
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	25.03.1996
Com. Reg. No.:	04-029134
Capital Investment / Paid-up Capital :	Rs.112.381 Millions
CIN No.: [Company Identification No.]	L25200GJ1996PLC029134
TAN No.: [Tax Deduction & Collection Account No.]	AHMA00853G
PAN No.: [Permanent Account No.]	AAACA9566C AABCA2951N
Legal Form :	Public Limited Liability Company. The Company’s Shares are listed on the Stock Exchanges.
Line of Business :	Manufacturer of CPVC Plumping Systems.
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (65)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 9670000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having fine track. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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.

INDIAN ECONOMIC OVERVIEW

The current downturn provides an opportunity to push ahead with reforms to accelerate growth, says the latest India Development Update report released by the World Bank. The report says that the adverse effects of rupee depreciation are likely to be offset by the gains in the exports performance due to improved external competitiveness. Since May this year, the local currency has depreciated substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.

A stagflation like situation appears to have arisen as inflation jumped to an eight month high of 6.46 % for the month of September. It is up from 6.10 % in August. Growth continues to be muted with factory output plunging to 0.6  % in August. Onion prices have risen nearly 300 % from last September. Vegetables cost nearly 90 % more than they did last year. Wake up to the economic contribution of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic product, according to a recent study conducted in 50 top cities.

136000 estimated number of jobs created during the second quarter of the current financial year. 50000 estimated number of additional jobs in the field of corporate social responsibility in the coming years.

The International Finance Corporation expects to come out with its rupee linked bonds issue before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched in India from 1^st November.

The Land Acquisition Act to provide just and fair compensation to farmers will come into force from January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a 119 year old registration. The Securities and Exchange Board of India has approved the trading of currency futures on the Bombay Stock Exchange. The exchange plans to launch the currency futures platform with advanced trading technology by the end of November.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long term rating: “A+”
Rating Explanation	Adequate credit quality and average credit risk.
Date	01.02.2013

Rating Agency Name	CRISIL
Rating	Short term rating: “A1”
Rating Explanation	Very strong degree of safety and lowest credit risk.
Date	01.02.2013

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.

INFORMATION PARTED BY

Name :	Ms. Shweta
Designation :	Account Executive
Contact No.:	91-79-66212000
Date :	12.11.2013

LOCATIONS

Registered / Corporate Office :	“Astral House”, 207/1, Behind Rajpath Club, Off S.G. Highway, Ahmedabad-380059, Gujarat, India
Tel. No.:	91-79-30112100 / 30112139
Fax No.:	91-79-30112139
E-Mail :	co@astralcpvc.com info@astralcpvc.com
Website :	http://www.astralcpvc.com
Factory 1 :	Plot No. 1253 and 1264, Village Santej, Taluka Kalol, District Gandhinagar, Gujarat, India
Factory 2 :	Survey No. 149/1, Dholka-Kheda Road, Rampur, Dholka, Gujarat, India.
Factory 3 :	Khasra No. 67-72, Village: Bated, P.O. Barotiwala, District Solan, Tehsil: Kasauli, Himachal Pradesh, India
Factory 4 :	Hosur, Tamilnadu, India (Under Construction)
Branch Office :	Located at: · New Delhi · Secunderabad · Mumbai · Bangalore · Chennai · Jaipur

DIRECTORS

As on 31.03.2013

Name :	Mr. K R Shenoy
Designation :	Chairman (Independent Director)
Name :	Mr. Sandeep P. Engineer
Designation :	Managing Director
Address :	59, Nehru Park, Vastrapur, Ahmedabad, Gurjarat, India
Date of Birth/Age :	52 Years
Qualification :	B.E. (Chemical)
Experience :	29 Years
Date of Appointment :	25.03.1996
Name :	Mrs. Jagruti S. Engineer
Designation :	Executive Director
Address :	59, Nehru Park, Vastrapur, Ahmedabad, Gurjarat, India
Date of Birth/Age :	15.07.1965
Date of Appointment :	25.03.1996
Name :	Mr. Pradip N. Desai
Designation :	Independent Director
Name :	Mr. Kyle A. Thompson
Designation :	Non Executive Director
Address :	102, Season Lake, NE Hunt’s Villa, 35811, USA
Date of Appointment :	01.12.1997

KEY EXECUTIVES

Name :	Ms. Shweta
Designation :	Account Executive
Name :	Ms. Zankhana V. Trivedi
Designation :	Company Secretary
Name :	Mr. Hiranand A. Savlani
Designation :	Chief Financial Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2013

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	16407410	29.20
Bodies Corporate	10632275	18.92
Any Others (Specify)	3660380	6.51
Directors/Promoters & their Relatives & Friends	3660380	6.51
Sub Total	30700065	54.64
(2) Foreign
Bodies Corporate	5158015	9.18
Sub Total	5158015	9.18
Total shareholding of Promoter and Promoter Group (A)	35858080	63.82
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	576094	1.03
Financial Institutions / Banks	889	0.00
Foreign Institutional Investors	8535608	15.19
Sub Total	9112591	16.22
(2) Non-Institutions
Bodies Corporate	1806136	3.21
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 Million	5347546	9.52
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million	3153689	5.61
Any Others (Specify)	912238	1.62
Clearing Members	24625	0.04
Non Resident Indians	887613	1.58
Sub Total	11219609	19.97
Total Public shareholding (B)	20332200	36.18
Total (A)+(B)	56190280	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	56190280	100.00

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group

Name of Shareholders	No. of Shares	Percentage of Holding
Sandeep Pravinbhai Engineer	1,18,35,705	21.06
Saumya Polymers LLP	78,79,085	14.02
Specialty Process LLC	51,58,015	9.18
Jagruti Sandeep Engineer	45,71,705	8.14
Hansa Pravinbhai Engineer	33,35,230	5.94
Saumya Polymers LLP	27,53,190	4.90
Bipin Ranchodbhai Mehta	3,25,150	0.58
Total	3,58,58,080	63.82

Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Public and holding more than 1% of the total number of shares

Name of Shareholders	No. of Shares	Percentage of Holding
HSBC Bank (Mauritius) Limted A/C Jwalamukhi Inv	5581142	9.93
Miten Mehta	750000	1.33
Steadview Capital Mauritius Limted	626437	1.11
Massachusetts Institute of Technology-SCM	609136	1.08
Total	7566715	13.47

Shareholding of securities (including shares, warrants, convertible securities) of persons (together with PAC) belonging to the category “Public” and holding more than 5% of the total number of shares of the company

Name of Shareholders	No. of Shares	Percentage of Holding
HSBC Bank (Mauritius) Limited A/C Jwalamukhi Investment Holdings	5581142	9.93
Total	5581142	9.93

BUSINESS DETAILS

Line of Business :

Manufacturer of CPVC Plumping Systems.

Products :

Item Code No. (ITC Code)	Product Description
39173990	Pipes
39174000	Fittings

GENERAL INFORMATION

Customers :

Others (Hospitals)

· Wipro Limited - Kolkata

· Indian Oil Limited - Delhi

No. of Employees :

300 (Approximately)

Bankers :

· Corporation Bank, Industrial Finance Branch, Ashram Road, Ahmedabad, Gujarat, India

· Standard Chartered Bank, Abhijeet- II, Mithakhali Six Road, Ahmedabad, Gujarat, India

· IDBI Bank, Opposite Municipal Staff Quarters, Near Lal Bunglow, Off. C.G. Road, Ahmedabad, Gujarat, India

· HDFC Bank Limited, Navrangpura Branch, Ahmedabad, Gujarat, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
LONG TERM BORROWINGS
Term Loans from Banks
In Rupee	170.153	40.843
In Foreign Currency	579.205	759.240
Less :- Current Maturity of Long Term Loans	(238.293)	(225.793)
Buyers Credit	137.658	67.086
Less :- Current Maturity of Long Term Buyers Credits	(21.486)	(22.995)
Vehicle Loans	7.622	4.533
Less :- Current Maturity of Vehicle Loans	(4.270)	(2.687)
Total	630.589	620.227

Note:

a) Term Loans Secured by way of first charge, in respect of Fixed assets, both present and future, and second charge on entire current assets of the Company both present and future and also further secured by personal guarantees of Directors.

i. Corporation Bank Term Loan of Rs. 290.967 Millions (Previous Year Rs. 2,47.713 Millions) repayable within 72 months including initial moratorium period of twelve months from the date of first disbursement in twenty quarterly equal instalments. Repayable by September 2019.

ii. Standard Chartered Bank Term Loan of Rs. 7.188 Millions (Previous Year Rs. 35.938 Millions) repayable within 60 months including initial moratorium period of twelve months from the date of first disbursement in sixteen quarterly equal instalments. Repayable by April 2013.

iii. HDFC Bank ECB Loan of Rs. 3229.66 Lacs (Previous Year Rs. 356.160 Millions) repayable within 66 months including initial moratorium period of twelve months from the date of first disbursement in eighteen quarterly instalments. Repayable by December 2016.

iv. Standard Chartered Bank ECB Loan of Rs. 128.237 Millions (Previous Year Rs. 160.272 Millions) repayable within 60 months including initial moratorium period of twelve months from the date of first disbursement in nine half yearly instalments. Repayable by March 2016.

b) Buyers Credit

i. HDFC Bank Limited Buyers Credit of Rs. 20.594 Millions (Previous Year Rs. 14.605 Millions) Repayable by December 2014. Secured by way of first charge, in respect of Fixed assets, both present and future, and second charge on entire current assets of the Company both present future and also further secured by personal guarantees of Directors.

ii. Corporation Bank Buyers Credit of Rs.14.121 Millions (Previous Year Rs. 52.481 Millions) Repayable by February 2016. Secured by way of first charge, in respect of entire current assets of the Company both present future and further secured by personal guarantees of Directors.

iii. IDBI Bank Limited Buyers Credit of Rs.102.943 Millions (Previous Year Rs. Nil) Repayable by April 2015. Secured by way of first charge, in respect of entire current assets of the Company both present future and further secured by personal guarantees of Directors.

c) Vehicle Loans are Secured by way of hypothecation of respective motor vehicles purchased.

i. Kotak Mahindra Prime Limited Vehicle Loan of Rs.5.058 Millions (Previous Year Rs. 3.574 Millions) repayable on monthly basis. Repayable by March 2015.

ii. Axis Bank Limited Vehicle Loan of Rs. 0.427 Million (Previous Year Rs. 0.711 Million) repayable on monthly basis.

Repayable by July 2014.

iii. Tata Motors Finance Limited Vehicle Loan of Rs. 0.012 Million (Previous Year Rs. 0.248 Million) repayable on monthly basis. Repayable by April 2013.

iv. ICICI Bank Limited Vehicle Loan of Rs. 2.125 Millions (Previous Year Rs. Nil) repayable on monthly basis. Repayable by November 2015.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Heritage', 3rd Floor, Near Gujarat Vidhyapith, Off Ashram Road, Ahmedabad-380014, Gujarat, India
Subsidiaries :	· Astral Biochem Private Limited · Advanced Adhesives Limited
Enterprises over which Key Managerial Personnel are able to exercise significant influence:	· Kairav Chemicals Limited · Saumya Polymers LLP (Formerly known as Saumya Polymers Private Limited)
Joint Venture :	· Astral Technologies Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
30000000	Equity Shares	Rs.5/- each	Rs.150.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
22476112	Equity Shares	Rs.5/- each	Rs.112.381 Millions

a) The Company has issued only one class of shares referred to as equity shares having a par value of Rs.5/-. All equity shares carry one vote per share without restrictions and are entitled to dividend, as and when declared. All shares rank equally with regard to the Company’s residual assets.

b) The amount of per share dividend recognised as distributions to equity Shareholders during the year ended March 31, 2013 is Rs. 1.25 (Previous Year Rs.1.125), subject to approval by shareholders in the ensuing annual general meeting. c) The details of shareholders holding more than 5% shares as at March 31, 2013 and March 31, 2012 is set out below.

Name of Shareholders	31.03.2013
	No. of Shares	% of Shares Held
Sandeep Pravinbhai Engineer	47,34,282	21.06
Saumya Polymers LLP	42,52,910	18.92
HSBC Bank (Mauritius) Limited A/C. Jwalmukhi Investment Holdings	22,32,457	9.93
Specialty Process LLC	20,63,206	9.18
Jagruti Sandeep Engineer	18,28,682	8.14
Hansa Pravinbhai Engineer	13,34,092	5.94

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	112.381	112.381	112.381
(b) Reserves & Surplus	2306.074	1743.653	1375.494
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	2418.455	1856.034	1487.875
(3) Non-Current Liabilities
(a) long-term borrowings	630.589	635.489	311.337
(b) Deferred tax liabilities (Net)	87.591	16.900	16.900
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	718.180	652.389	328.237
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	1700.475	1692.391	1132.643
(c) Other current liabilities	491.901	501.844	284.250
(d) Short-term provisions	75.348	47.935	31.844
Total Current Liabilities (4)	2267.724	2242.170	1448.737
TOTAL	5404.359	4750.593	3264.849
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	2055.016	1550.544	1040.094
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	112.937	123.717	80.986
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	19.170	19.170	0.952
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	78.386	91.058	95.679
(e) Other Non-current assets	0.000	0.000	19.302
Total Non-Current Assets	2265.509	1784.489	1237.013
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1481.175	1255.173	861.849
(c) Trade receivables	1046.882	1024.882	784.131
(d) Cash and cash equivalents	114.042	350.068	101.512
(e) Short-term loans and advances	492.733	327.779	275.371
(f) Other current assets	4.018	8.202	4.973
Total Current Assets	3138.850	2966.104	2027.836
TOTAL	5404.359	4750.593	3264.849

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	8210.879	5793.181	4108.248
		Other Income	20.105	38.977	12.690
		TOTAL (A)	8230.984	5832.158	4120.938
Less	EXPENSES
		Cost of Materials Consumed	5595.515	4133.741	2685.573
		Purchase of Stock In Trade	462.339	199.662	260.772
		Changes in Inventories of Finished Goods, and Stock In Trade	(218.984)	(228.016)	(3.428)
		Employee Benefits Expenses	200.165	146.064	105.029
		Other Expenses	1055.480	723.433	500.383
		TOTAL (B)	7094.515	4974.884	3548.329
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1136.469	857.274	572.609
Less	FINANCIAL EXPENSES (D)		180.663	219.843	43.470
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		955.806	637.431	529.139
Less/ Add	DEPRECIATION/ AMORTISATION (F)		176.660	133.775	107.192
	PROFIT BEFORE TAX (E-F) (G)		779.146	503.656	421.947
Less	TAX (H)		183.942	106.110	86.014
	PROFIT AFTER TAX (G-H) (I)		595.204	397.546	335.933
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1241.466	913.307	641.805
Less	APPROPRIATIONS
		Transfer to General Reserve	60.000	40.000	35.000
		Interim Dividend	11.238	11.238	11.238
		Proposed Final Dividend	16.857	14.048	14.048
		Dividend Distribution Tax	4.688	4.101	4.145
	BALANCE CARRIED TO THE B/S		1743.887	1241.466	913.307
	EARNINGS IN FOREIGN CURRENCY
		Value of Export Sales	77.072	65.913	65.676
	TOTAL EARNINGS		77.072	65.913	65.676
	IMPORTS
		Capital Goods	41.760	88.522	28.449
		Resin, Pipes & Fittings	2682.842	2050.585	1538.333
	TOTAL IMPORTS		2724.602	2139.107	1566.782
	Earnings Per Share (Rs.)		26.48	17.69	14.95

QUARTERLY RESULTS

PARTICULARS	30.06.2013	30.09.2013
Type	1^stQuarter	2^nd Quarter
Net Sales	2159.900	2558.400
Total Expenditure	1942.500	2187.100
PBIDT (Excl OI)	217.400	371.300
Other Income	7.700	7.700
Operating Profit	225.100	379.000
Interest	17.700	20.900
Exceptional Items	0.700	(102.500)
PBDT	208.100	255.600
Depreciation	48.600	51.100
Profit Before Tax	159.500	204.500
Tax	40.600	42.400
Provisions and contingencies	0.000	0.000
Profit After Tax	118.900	162.100
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	118.900	162.100

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	7.23	6.82	8.15
Net Profit Margin (PBT/Sales)	(%)	9.49	8.69	10.27
Return on Total Assets (PBT/Total Assets}	(%)	14.78	10.93	13.26
Return on Investment (ROI) (PBT/Networth)		0.32	0.27	0.28
Debt Equity Ratio (Total Debt/Networth)		0.26	0.34	0.21
Current Ratio (Current Asset/Current Liability)		1.38	1.32	1.40

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG TERM DEBTS

Particulars	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)	31.03.2011 (Rs. In Millions)
Current Maturities of Long Term Borrowings	267.094	254.757	136.904

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	No
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)	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	Yes

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10435959	02/07/2013	620,000,000.00	INDUSIND BANK LIMITED	WORLD BUSINESS HOUSE, M. G. ROAD, NR. PARIMAL GARDEN, ELLIS BRIDGE, AHMEDABAD GUJARAT - 411001, INDIA	B79236816
2	10308431	15/01/2013 *	589,280,000.00	IDBI TRUSTEESHIP SERVICES LIMITED	ASIAN BLDG., GROUND FLOOR, 17, R.KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA, INDIA	B67152439
3	10277794	02/07/2013 *	207,865,000.00	STANDARD CHARTERED BANK	ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B80566581
4	10201480	15/01/2013 *	300,000,000.00	IDBI BANK LIMITED	IDBI COMPLEX, OPP.MUNCIPAL STAFF QUARTERS,, NEAR  LAL BUNGLOW, OFF C.G.ROAD, AHMEDABAD - 380006, GUJARAT, INDIA	B67152280
5	10091244	02/07/2013 *	300,000,000.00	STANDARD CHARTERED BANK	ABHIJEET II GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD - 380006, GUJARAT, INDIA	B80392053
6	90110450	15/01/2013 *	1,308,100,000.00	CORPORATION BANK	INDUSTRIAL FINANCE BRANCH, 1ST FLOOR RANGOLI COMP  LEX, OPPOSITE V S HOSPITAL, AHMEDABAD - 380006, GUJARAT, INDIA	B66753443

* Date of charge modification

UNSECURED LOANS

PARTICULAR	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Buyers Credit	0.000	15.262
Total	0.000	15.262

FINANCIAL AND OPERATIONAL REVIEW

· During the year, theCompany has continued its growth momentum and has crossed a land mark figure of Rs.9000.000 Millions in Sales (Gross).

· Net Sales amounted to Rs.8210.900 Millions as compared to Rs.5793.200 Millions in the previous year, recording a growth of 42%.

· The EBDITA has increased by 33% from Rs.837.300 Millions to Rs.1117.500 Millions.

· Net Profit has increased by 50% from Rs.397.500 Millions to Rs.595.200 Millions.

· Export Sales has increased by 16.93% from Rs.65.913 Millions to Rs.77.072 Millions.

· Earnings per share (basic) amounted to Rs.26.48 per Share, as against Rs.17.69 per Share in the previous year.

PROJECT IMPLEMENTATION AND PERFORMANCE REVIEW

· During the year, the Company has increased its installed capacity by 18% from 65,496 M.T. to 77,212 M.T. by creating an additional Capacity at its Gujarat and Himachal Pradesh Plants involving a Capex outflow of Rs.420.000 Millions. The Company has utilized its capacity to the tune of 49,495 M.T. as against the last year's figure of 38,824 M.T. which shows a growth of 27%.

· During the year under review, the Company has incurred a Capital Expenditure to the tune of Rs.231.600 Millions towards the purchase of Land situated at Gujarat and Tamilnadu and balance Rs.455.500 Millions towards the Plant and Machinery, Factory Building and Other Capital Expenditure.

· During the year, The Company has launched Column Pipes and Bendable Pipes in Domestic/International Market.

During the year, the Company had entered into an Agreement with “Arbaaz Khan Production Private Limited” for promoting its Brand ASTRAL through in film advertisement in Film “Dabangg 2” by a leading Film Actor Mr. Salman Khan and its overwhelming response from all over India has enabled the Company to make its Brand more popular among the people all over India which can be seen from the results of last Quarter of the FY 2012-2013 as the Film was released in the month of November/December, 2012.

SUBSIDIARY COMPANIES

Astral Biochem Private Limited:

During the year, there was no activity in the said Subsidiary Company.

Advanced Adhesives Limited:

During the year, the Company has successfully commenced commercial production of CPVC Solvent Cement for hot and cold water application Pipes on a royalty sharing arrangement with IPSCorporation of USA. Due to Local production of CPVC Solvent Cement as against the imported Solvent Cement, the Company has been able to generate a significant growth both in top-line as well as bottom-line. Income from operations amounted to Rs.123.869 Millions as compared to Rs.25.993 Millions Lacs in the previous year. The Net Profit amounted to Rs.24.391 Millions as compared to Net Loss of Rs.2.171 Millions reported in the previous year. EBITA Margin has increased from 12.35% to 28.74%. The management of the Company has put in all efforts to utilize the existing capacity fully by 2013-2014 and the Company is also planning to increase the capacity in near future.

MANAGEMENT DISCUSSION AND ANALYSIS STATEMENTS

INDUSTRY STRUCTURE AND DEVELOPMENTS

According to the Knight Frank report of March 2013, with improvement in employment stability in the IT/ITES sector compared to the period 2008-2010 when global turmoil had begun to threaten its growth and expansion plans, demand for housing property has now achieved a steady momentum. We also believe that with the change in demographic structure of the Country, the demand for housing sector and particularly for the low cost housing schemes will increase in a big way in the coming days.

Further they observe that in the last few years, many infrastructure projects have been planned near metropolitan regions which attract a large influx of job-seekers from across the Country, enhancing the cosmopolitan nature of the respective metros and resulting in residential demand in the location where most of the Companies are located. Also, rise in employment opportunities due to commercial and industrial activities has resulted in an increase in income levels, hence the propensity to purchase residential properties. Other advantages working in favour of the city's residential market include continued support from both the manufacturing and the service industries and a relatively stable government, which ensures a positive environment to home-buyers in all income categories.

As reported in the Economic Times, Property Consultant Cushman and Wakefield have ranked India 20th in the list of world's top real estate investment markets with investment volume of USD 3.4 billion in 2012. China was ranked at the top position with investment of USD 304.1 billion, followed by US (USD 267.1 billion) and UK (USD 56.3 billion).

The above Consultants have also stated that global Property investment market grew by 6 per cent in 2012 to USD 929 billion and was expected to cross USD 1 trillion mark in 2013.The majority of the investments in India were through institutional sales (67 per cent) while remaining were through Private Equity (PE) investments (33 per cent). The market witnessed institutional sales (excluding apartments) of Rs.12,800 Crores, concentrated in commercial development sites and office segment including stand-alone and pre-leased office buildings. Investments in institutional sales saw a decline of 37 per cent over last year, but private equity investment in India rose by 7 per cent in 2012 at Rs.62000.000 Millions. Bengaluru saw the highest number and value of private equity investments at Rs.32500.000 Millions in 2012, more than doubling the investment over the last year, followed by Mumbai with Rs.13000.000 Millions and NCR with Rs.7000.000 Millions investments. Investment in ready income generating/operational office assets has gained strength over the last few years due to lower risk and steady cash-flows associated with this type of investment. With increase in number of high value transactions in this sector, the market is moving towards a mature phase according to C&W South Asia Executive Managing Director, Mr. Sanjay Dutt.

As per the report of Knight Frank in the past three years ending 2011, approximately 367000 units equating to roughly 533 mn. Sq. ft. of Grade A residential supply were to crop up in the seven major cities around India. Of this unit supply, NCR was to account for approximately 25% and Mumbai approximately 20%. From the above one can see the prevalence of potential demand in the construction sector which in turn will significantly contribute to the growth potential of the Company which is engaged in the manufacture of Plastic Pipes and accessories.

OUTLOOK :

The Plastic consumption in India is growing at 15% CAGR. Therefore the Company sees a bright growth potential for ASTRAL in the years ahead. Being a leader in CPVC pipes market in India, the Company foresees a very good demand going forward. With expected higher growth in GDP and a more benign interest rate environment, prospects for over all industrial growth in general and growth in Plastic Industry in particular, appear to be good.

With a strong branding activity, the Company foresees the possibility of retail market (Replacement Market) picking up in the days ahead. With the introduction of Column Pipes, Astral will reach the rural market which in turn will help the Company to introduce its bouquet of Products comprising PVC, CPVC, SWR, Under ground etc. in the rural segment.

The management of the Company further opines that not only new construction create a lot of demand for plumbing pipes but also the replacement demand, which is growing at a good pace. This will help the Company to expand its business rapidly. Metallic pipes will become a thing of the past over a period of time and polymer will dominate most of the market because of plenty of advantages compared to the metal Products.

The Company which manufactures world class CPVC Products at its NSF approved plants has immense opportunities for accelerated growth. The Company always endeavors to achieve a rate of growth which is superior to that of its competitors and the market in general. The Company has a bouquet of Products which is not restricted to only few applications so much so that it is in a position to provide the complete solution to any construction scheme. The Company's Product range covers Under Ground, Above Ground, Hot Water, Cold Water, Waste Water, Solar Water, Sewage Water, Rain Water etc. In short, for all applications of water, Astral has a Product available. Once the Fire Application is introduced during the current financial year, as now it is already approved by BIS, the Company will be the first Company in the Country to provide all solutions from one source.

Further with the introduction of the Bendable (CPVC Aluminum CPVC) Pipe for the first time in the world for commercial application and since the production of the said Pipe has already been started at the Santej Plant of the Company, we are quite confident that this Pipe will be widely accepted by the Multi Storied Buildings segment and for the Solar Application.

The Company has Clients from different Sectors which include Hospitals, Academic Institutions, Resorts, Clubs, Government Sectors, Construction Houses, Technology Parks, Industries, Hotels, Commercial Complexes, Corporate Houses etc.

The Company believes in increasing the efficiency in operations and bringing innovative Products in to the market thereby building sustainable competitiveness and edge over the others. The main thrust of the Company is on Product innovation and diversification. Besides that the Company also tries to reduce the cost of production to make its Products more competitive without sacrificing quality. As a part of cost reduction efforts, the Company is continuously increasing the production of value added items at its Himachal Pradesh Unit, which is enjoying the benefits of Excise Duty, Concessional Power and Income Tax. International alliances with various Companies help the Company to bring new and innovative Products to India at competitive prices. The Company has already set up a facility for manufacturing the Solvent Cement by its Subsidiary Company “Advanced Adhesives Ltd”. During the year under review, Advanced Adhesives Limited has commenced commercial production of CPVC Solvent Cement through a royalty sharing arrangement with IPS-Corporation of USA.

The Company is at an advanced stage of commencement of production at its Hosur Plant which is targeting to go on stream in the second half of this financial year. With the Hosur Plant the Company will be in the heart of the Southern Market which will help the Company in many aspects such as faster delivery to distributors, saving of freight and availing of local tax benefits.

ASTRAL now has geographical presence in the West, North and South of India. Soon the Company will also reach the East.

Their Joint Venture Company in Kenya has recently undergone a change of management and a very reputed local group “RAMCO” has taken 37.5% stake from the outgoing partners which will help the Company to grow further in the East African Market. RAMCO group has a very vast presence in the building material related Products in Africa and has a group turnover of more than USD 220 Million. With this change, the Company has decided to increase the production capacity from 3000 M.T. to 6000 M.T. by the second half of the current financial year. This will also increase the export business of Astral India.

CONTINGENT LIABILITIES:

PARTICULARS	31.03.2013 (Rs. In Millions)	31.03.2012 (Rs. In Millions)
Bank Guarantees	29.822	15.518
Letters of Credit for Purchases	0.000	3.800
Income tax matters under appeal	0.577	77.253

STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2013

(Rs. In Millions)

		Particulars		Quarter Ended
				30.09.2013	30.06.2013		30.09.2013
				(Unaudited)	(Unaudited)		(Unaudited)
1		a. Net Sales (Net of excise duty)		2556.789	2158.850		4715.640
		b. Other Operating Income		1.588	1.071		2.659
		Total Income from Operations (Net)		2558.377	2159.921		4718.299
2		Expenditure
		a. Cost of Materials Consumed		1788.599	1578.173		3366.772
		b. Purchase of Stock-in-Trade		125.175	150.784		275.959
		c. Changes in Inventories of Finished Goods & Stock in trade		(155.515)	(128.537)		(284.053)
		d. Employee Benefits Expenses		56.294	55.441		111.705
		e. Depreciation and amortisation Expense		51.135	48.600		99.735
		f. Other Expenses		372.497	286.710		659.207
		Total Expenses		2238.185	1991.141		4229.325
3		Profit from Operations before Other Income, Finance Costs & Exceptional Items (1-2)		320.192	168.780		488.974
4		Other Income		7.653	7.659		15.312
5		Profit Before Finance Costs & Exceptional Items (3+4)		327.845	176.439		504.286
6		Finance Costs		20.888	17.685		38.573
7		Profit after Finance Cost but before exceptional items (5-6)		306.957	158.754		465.713
8		Exceptional Items		(102.4)	0.739		(101.715)
9		Profit before Tax (7+8)		204.503	159.493		363.998
10		Tax Expense		42.411	40.617		83.027
11		Net Profit for the period (9-10)		162.092	118.876		280.971
12		Paid up Equity Share Capital (Face Value of Rs.2/- Each)		112.381	112.381		112.381
13		Reserves excluding Revaluation Reserves
14		Basic and Diluted Earnings Per Share (Rs.) (Not Annualised)		2.88	2.12		5.000
PART - II SELECT INFORMATION FOR THE QUARTER AND SIX MONTHS ENDED 30TH SEPTEMBER 2013
	A	PARTICULARS OF SHAREHOLDING
	1	Public shareholding
		a.	Number of shares	2,03,32,200		2,03,32,200		2,03,32,200
		b.	Percentage of shareholding	36.18%		36.18%		36.18%
	2	Promoters and promoter group shareholding
		a.	Pledged/Encumbered
		Number of shares		Nil		Nil		Nil
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	--		--		--
			Percentage of shares (as a % of the total share capital of the Company)	--		--		--
		b.	Non-encumbered
		Number of shares		3,58,58,080		3,58,58,080		3,58,58,080
			Percentage of shares (as a % of the total shareholding of promoter and promoter group)	100.00%		100.00%		100.00%
			Percentage of shares (as a % of the total share capital of the Company)	63.82%		63.82%		63.82%

Particulars	Quarter ended 30.09.2013
B INVESTOR COMPLAINTS (Nos.)
Pending at the beginning of the quarter	Nil
Received during the quarter	2
Disposed of during the quarter	2
Remaining unresolved at the end of the quarter	Nil

Note:

STANDALONE STATEMENT OF ASSETS AND LIABILITIES

(Rs. In Millions)

Particular	30.09.2013
EQUITY AND LIABILITIES
Shareholders’ funds
(a) Share capital	112.381
(b) Reserves and surplus	2570.611
Sub-total - Shareholders' funds	2682.992
Non-current liabilities
(a) Long-term borrowings	913.121
(b) Deferred Tax Liabilities (Net)	97.795
Sub-total - Non-current liabilities	1010.916
Current liabilities
(a) Trade payables	2208.968
(b) Other current liabilities	655.551
(c) Short-term provision	62.044
Sub-total - Current liabilities	2926.563
TOTAL - EQUITY AND LIABILITIES	6620.471
ASSETS
Non-current assets
(a) Fixed assets	2636.888
(b) Non-current investments	26.142
(c) Long-term loans and advances	101.508
Sub-total - Non-current assets Current assets	2764.538
Current assets
(a) Inventories	2248.684
(b) Trade receivables	787.595
(c) Cash and cash equivalents	209.250
(d) Short-term loans and advances	588.775
(e) Other current assets	21.629
Sub-total - Current assets	3855.933
TOTAL - ASSETS	6620.471

The above results have been reviewed by the Audit Committee, and approved by the Board in their meeting held on November 1,2013 and reviewed by the auditors.

The Board of Directors has recommended an Interim Dividend of Re. 0.25 per equity share of Rs. 2/- each.

Exceptional items comprises of loss due to changes in foreign exchange rates on repayment of borrowings, which have been accounted as per AS 11.

In view of prevailing volatility in the foreign exchange market, in respect of foreign currency borrowings and corresponding forward contracts, loss arising on foreign exchange rate fluctuation on outstanding balances, as at the end of the quarter and six months has not been given effect in the above results as the Company will account for the same at the end of the financial year. Such Loss for the quarter is Rs.249.94 Lacs (gain of Rs.1,216.33 lacs in the corresponding quarter of the previous year) and loss for the six months is Rs. 1835.14 Lacs (loss of Rs. 19 Lacs in the corresponding six months of the previous year).

Pursuant to the approval of the members at the Annual General Meeting held on August 5,2013, the Company sub-divided (Split) the face value of equity shares from Rs.5/-per equity share to Rs.2/-per equity share. Incompliance with Accounting Standard 20-Earnings Per Share (EPS), the Company has given effect to the said sub-division of shares in computing earnings per share for all comparative periods.

Previous quarter / Period Figures have been regrouped/rearranged where necessary.

FIXED ASSETS

· Land

· Buildings

· Plant and Machinery

· Furniture and Fixtures

· Vehicles

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 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.63.65
UK Pound	1	Rs.101.17
Euro	1	Rs.85.55

INFORMATION DETAILS

Information Gathered by :	NAY
Report Prepared by :	MRI

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	6
--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		64

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.