MIRA INFORM REPORT

Report Date :

30.12.2014

IDENTIFICATION DETAILS

Name :	ASTROTECH STEELS PRIVATE LIMITED
Registered Office :	Ghatala Towers, II Floor, Right Wing, 19, Avenue Road, Nungambakkam, Chennai – 600034, Tamilnadu
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	28.11.2011
Com. Reg. No.:	18-083334
Capital Investment / Paid-up Capital :	Rs.107.955 Millions
CIN No.: [Company Identification No.]	U24239MH2001PTC130893
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacture of fasteners.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 310000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. Reserves of the company seems to be low during 2014. External borrowings of the company seems to be increasing compared to previous year. However, trade relations are fair. Business is active. Payment terms are slow but correct. The company can be considered for business dealings with some cautions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2014

Country Name	Previous Rating (30.06.2014)	Current Rating (30.09.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

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 31-03-2014.

INFORMATION DECLINED BY

Name :	Mr. Ganesh
Designation :	Chief Executive Officer
Contact No.:	91-9952959017
Date :	27.12.2014

LOCATIONS

Registered Office :	Ghatala Towers, II Floor, Right Wing, 19, Avenue Road, Nungambakkam, Chennai – 600034, Tamilnadu
Tel. No.:	91-44 28295355/42142955
Mobile No.:	91-9952959017 (Mr. Ganesh)
Fax No.:	91-44-28295042
E-Mail :	contact@astrotechsteels.com
Website:	www.astrotechsteels.com

DIRECTORS

As on 10.09.2014

Name :

Mr. Arun Miranda

Designation :

Managing director

Address :

19A, First Seaward Road, Valmiki Nagar, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

12.01.1968

Date of Appointment :

21.01.2013

DIN No.:

02182067

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U29220TN2008PTC067661	HARSHA EXITO ENGINEERING PRIVATE LIMITED	Additional director	15-02-13	09-01-09	-	Active	NO
2	U01407TN2011PTC079622	MRM GREEN HARVEST PRIVATE LIMITED	Director	14-03-11	14-03-11	-	Active	NO
3	U01400TN2011PTC079657	MNM GREEN HARVEST PRIVATE LIMITED	Director	15-03-11	15-03-11	-	Active	NO
4	U92490TN2013PTC089249	MANAPAD SURF RESORT PRIVATE LIMITED	Director	03-01-13	03-01-13	-	Active	NO
5	U55101TN2013PTC089306	VILLA DE JOSEPH RESORT PRIVATE LIMITED	Director	08-01-13	08-01-13	-	Active	NO
6	U28939TN2011PTC083334	ASTROTECH STEELS PRIVATE LIMITED	Managing director	13-08-13	21-01-13	-	Active	NO

Name :

Deepa Joseph

Designation :

Director

Address :

Cherackal House, Odayamchal, PO Padimaruth, Kasaragod – 671531, Kerala, India

Date of Birth/Age :

18.05.1976

Date of Appointment :

21.01.2013

DIN No.:

03410614

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01403MH2011PTC216158	CJ PLANTATION PRIVATE LIMITED	Director	12-04-11	12-04-11	-	Active	NO
2	U28939TN2011PTC083334	ASTROTECH STEELS PRIVATE LIMITED	Director	21-01-13	21-01-13	-	Active	NO

Name :

Francina Miranda

Designation :

Director

Address :

19A, First Seaward Road, Valmiki Nagar, Thiruvanmiyur, Chennai – 600041, Tamilnadu, India

Date of Birth/Age :

02.12.1970

Date of Appointment :

21.01.2013

DIN No.:

03434765

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01407TN2011PTC079622	MRM GREEN HARVEST PRIVATE LIMITED	Director	14-03-11	14-03-11	-	Active	NO
2	U01400TN2011PTC079657	MNM GREEN HARVEST PRIVATE LIMITED	Director	15-03-11	15-03-11	-	Active	NO
3	U92490TN2013PTC089249	MANAPAD SURF RESORT PRIVATE LIMITED	Director	03-01-13	03-01-13	-	Active	NO
4	U55101TN2013PTC089306	VILLA DE JOSEPH RESORT PRIVATE LIMITED	Director	08-01-13	08-01-13	-	Active	NO
5	U28939TN2011PTC083334	ASTROTECH STEELS PRIVATE LIMITED	Director	21-01-13	21-01-13	-	Active	NO

Name :

Mr. Jaison Joseph

Designation :

Director

Address :

Cherackal House, Odayamchal, PO Padimaruth, Kasaragod – 671531, Kerala, India

Date of Birth/Age :

02.12.1970

Date of Appointment :

21.01.2013

DIN No.:

03623200

Other Directorship:

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U01403MH2011PTC216158	CJ PLANTATION PRIVATE LIMITED	Director	02-09-11	02-09-11	-	Active	NO
2	U28939TN2011PTC083334	ASTROTECH STEELS PRIVATE LIMITED	Director	21-01-13	21-01-13	-	Active	NO

Name :

Mr. Umalakshmi Rajashekaran

Designation :

Director

Address :

3, C1, Kalaniketan, Apartments, Manickeswarti Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

25.10.1968

Date of Appointment :

28.11.2011

DIN No.:

03642554

Name :

Mr. Muruguraj Rajashekaran

Designation :

Director

Address :

3, C1, Kalaniketan, Apartments, Manickeswarti Road, Kilpauk, Chennai – 600010, Tamilnadu, India

Date of Birth/Age :

07.01.1969

Date of Appointment :

28.11.2011

DIN No.:

03643475

KEY EXECUTIVES

Name :	Mr. Ganesh
Designation :	Chief Executive Officer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 10.09.2014

Names of Shareholders	No. of Shares	%age holding
Arun Miranda	3006680	27.85
Francina Miranda	1803363	16.70
Deepa Joseph	1983340	18.37
Jaison Joseph	1086660	10.07
Umalakshmi Rajashekaran	1505750	13.95
Rajashekaran	1409750	13.06
Total	10795543	100.00

Equity Share Break up (Percentage of Total Equity)

As on 10.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of fasteners.
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

PRODUCTION STATUS NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Payment Behaviour	Market Goodwill	Overall
--	--	--

Remark:

Not Divulged

Customers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Product Quality	Delivery Behaviour	Overall
--	--	--

Remark:

Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Indian Bank, T.Nagar Branch, 7, Prakasam Road, T Nagar, Chennai - 600017,

Tamil Nadu, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Millions)	31.03.2013 (Rs. in Millions)
Long-term Borrowings
Rupee term loans from banks	215.388	183.788
Short-term borrowings
Term loans from banks	157.053	44.760
Total	372.441	228.548

Banking Relations :
Auditors :
Name :	Prabhu and Senthil Chartered Accountants
Address :	147, III floor, Greams Road, Chennai - 600006, Tamilnadu, India
Tel No.:	91-44-28292191, 28293284
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFP0952E
Memberships :	--
Collaborators :	--
Associates/Subsidiaries :	NIL

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs. 120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10795543	Equity Shares	Rs.10/- each	Rs. 107.955 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	107.955	71.025	10.000
(b) Reserves & Surplus	0.753	-22.233	0.000
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	24.820	31.700
Total Shareholders’ Funds (1) + (2)	108.708	73.612	41.700
(3) Non-Current Liabilities
(a) long-term borrowings	215.388	183.787	0.000
(b) Deferred tax liabilities (Net)	6.066	3.754	0.000
(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)	221.454	187.541	0.000
(4) Current Liabilities
(a) Short term borrowings	158.646	46.208	0.081
(b) Trade payables	17.866	6.021	0.025
(c) Other current liabilities	41.313	29.928	11.397
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	217.825	82.157	11.503
TOTAL	547.987	343.310	53.203
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	294.848	248.387	0.000
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	3.000	27.311	24.761
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	297.848	275.698	24.761
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	139.482	47.446	0.000
(c) Trade receivables	89.027	11.250	0.000
(d) Cash and cash equivalents	5.117	0.096	9.348
(e) Short-term loans and advances	15.418	7.360	0.000
(f) Other current assets	1.095	1.460	19.094
Total Current Assets	250.139	67.612	28.442
TOTAL	547.987	343.310	53.203

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014 (12 Months)	31.03.2013 (3 Months)
	SALES
	Income	640.067	38.241
	Other Income	9.030	2.455
	TOTAL	649.097	40.696
Less	EXPENSES	557.834	46.782
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	91.263	-6.086
Less	FINANCIAL EXPENSES	34.886	5.654
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	56.377	(11.740)
Less/ Add	DEPRECIATION/ AMORTISATION	31.078	6.739
	PROFIT/ (LOSS) BEFORE TAX	25.299	-18.479
Less	TAX	6.080	3.754
	PROFIT/ (LOSS) AFTER TAX	19.219	(22.233)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	(22.233)	0.000
	Balance Carried to the B/S	(3.014)	(22.233)
	Earnings / (Loss) Per Share (Rs.)	1.78	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	3.00	(58.14)	NA
Operating Profit Margin (PBIDT/Sales)	(%)	14.26	(15.91)	NA
Return on Total Assets (PBT/Total Assets}	(%)	4.64	(5.85)	NA
Return on Investment (ROI) (PBT/Networth)		0.23	(0.25)	NA
Debt Equity Ratio (Total Debt /Networth)		3.44	3.12	0.00
Current Ratio (Current Asset/Current Liability)		1.15	0.82	2.47

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	10.000	71.025	107.955
Reserves & Surplus	0.000	(22.233)	0.753
Share Application money pending allotment	31.700	24.820	0.000
Net worth	41.700	73.612	108.708
long-term borrowings	0.000	183.787	215.388
Short term borrowings	0.081	46.208	158.646
Total borrowings	0.081	229.995	374.034
Debt/Equity ratio	0.002	3.124	3.441

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013 (3 Months)	31.03.2014 (12 Months)
	(Rs. In Millions)	(Rs. In Millions)
Sales	38.241	640.067
		1,573.772

NET PROFIT MARGIN

Net Profit Margin	31.03.2013 (3 Months)	31.03.2014 (12 Months)
	(Rs. In Millions)	(Rs. In Millions)
Sales	38.241	640.067
Profit	(22.233)	19.219
	(58.14%)	3.00%

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	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last two years	Yes
12]	Profitability for last two years	Yes
13]	Reasons for variation <> 20%	--
14]	Estimation for coming financial year	No
15]	Capital in the business	No
16]	Details of sister concerns	No
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	--
26]	Buyer visit details	--
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

NOTE: Registered office of the company has been shifted from 147, Greams Road, III Floor, Chennai – 600006, Tamilnadu, India to the present address w.e.f. 16.12.2013

SALES AND PROFITS:

The Company recorded total Net Sales and other income of Rs 649.000 Millions for the year ended March 31, 2014 as against Rs 40.700 Millions achieved during the previous year with only 3 months of operations from the commencement of operations. The export sale was at Rs 640.000 Millions as against Rs 38.200 Millions in the previous year (3 Months). The Profit after tax was at Rs 19.200 Millions as against Rs. (22.300) Millions in the previous year.

The Company continues to be a net foreign exchange earner for the Second year in succession.

UNSECURED LOAN

PARTICULARS	31.03.2013 (Rs. in Millions)	31.03.2012 (Rs. in Millions)
Short-term borrowings
Loans and advances from related parties	1.593	1.447
Total	1.593	1.447

FIXED ASSETS

Tangible assets

• Land
• Buildings
• Plant and equipment
• Furniture and fixtures
• Vehicles
• Office equipment
• Computer equipments
• Other 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.63.65
UK Pound	1	Rs.99.14
Euro	1	Rs.77.60

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	RAS
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	4
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	2
--RESERVES	1~10	2
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		26

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.