MIRA INFORM REPORT

Report Date :

08.11.2014

IDENTIFICATION DETAILS

Name :	ASTRAL STERITECH PRIVATE LIMITED
Registered Office :	911, G.I.D.C. Makarpura, Vadodara – 390010, Gujarat
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.09.2012
Com. Reg. No.:	04-071810
Capital Investment / Paid-up Capital :	Rs. 100.000 Millions
CIN No.: [Company Identification No.]	U24100GJ2012PTC071810
IEC No.:	0894004603
PAN No.: [Permanent Account No.]	AAKCA8971F
Legal Form :	Private Limited Liability Company
Line of Business :	Trader, Importer and Exporter of Pharmaceutical Products.
No. of Employees :	150 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was ertwhile established long back in 1991 as a partnership concern in the name of “ASTRAL PHARMACRUTICAL INDUSTRY”. Subsequently in 2012 it got reconstituted as a private limited company having satisfactory track. Trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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.

INDIAN ECONOMIC OVERVIEW

N E W S

Verdict Implications : Apex court order may alter coal import dynamics. Traders go slow on talks over coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.

Recent arrest of the Chennai head of the Registrar of Companies, the ministry of corporate affairs arm that ensures that companies file all the information required by the Companies Act is the latest manifestation of a messy fight between a father and his adopted son for the control of Rs 40000 mn business empire. The Central Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10 lakhs as bribe from M A M Ramaswamy, a CBI official said.

Central Bureau of Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.

Infosys maintains revenue guidance. COO Rao says attrition still an area of concern and it would take a few more quarters to bring down levels to 13-15 %.

DHL  to invest Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce business model for the Asia-Pacific region.

Blackstone may buy stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.

Kingfisher Airlines Ltd grounded in October 2012 under the weight of heavy debt and accumulated losses, recently approached the Delhi high court for relief in two separate cases. The airline challenged a notice by Punjab & National Bank alleging that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to comply with the requirements under the listing agreements with the Stock Exchanges.

OnMobile likely to sack another 300 employees. The lay-offs follow a spate of senior-level exits over the past two years, starting with of its founder. The overall lay-offs could number around 600 and are driven by the need to cut costs, says a former employee.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating “BBB”
Rating Explanation	Moderate Degree of Safety and Moderate Credit Risk
Date	July 01, 2013

Rating Agency Name	CRISIL
Rating	Short Term Rating “A3+”
Rating Explanation	Moderate Degree of Safety and Higher Credit Risk
Date	July 01, 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 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Ketan
Designation :	Director
Contact No.:	91-265-2638063
Date :	07.11.2014

LOCATIONS

Registered Office / Factory :	911, G.I.D.C. Makarpura, Vadodara – 390010, Gujarat, India
Tel. No.:	91-265-2638063 / 2636630
Fax No.:	91-265-2632212
E-Mail :	admin@astralsteritech.com ketan.naik@astralsteritch.com
Area :	3 Acres
Location :	Leased

DIRECTORS

As on 30.09.2014

Name :	Mr. Dushyantkumar Raojibhai Patel
Designation :	Managing Director
Address :	Amba Prabhu Saiyad Vasna Road, Near Visramnagar Old Padra Road, Vadodare – 390015, Gujarat, India
Date of Birth :	08.10.1957
Date of Appointment :	03.09.2012
DIN No.:	01267704
PAN No.:	AABFP1996F
Name :	Ms. Dakshben Dushyantkumar Patel
Designation :	Director
Address :	Amba Prabhu Saiyad Vasna Road, Near Visramnagar Old Padra Road, Vadodare – 390015, Gujarat, India
Date of Appointment :	03.09.2012
DIN No.:	01429436
Name :	Ms. Trupti Bipinbhai Bhagat
Designation :	Whole Time Directopr
Address :	C 13, Shreenath Park, B/h, Jagruti Society, Harni Road, Vadodare – 390022, Gujarat, India
Date of Birth :	09.08.1970
Date of Appointment :	03.09.2012
DIN No.:	06377579
Name :	Mr. Ketan Prabodhandra Naik
Designation :	Whole Time Director
Address :	B / 81, Pratham Enclave, Atladara, Vadodare – 390012, Gujarat, India
Date of Birth :	25.10.1956
Date of Appointment :	03.09.2012
DIN No.:	06377586

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2014

Names of Shareholders	No. of Shares	% of holding
Mr. Dushyantkumar Raojibhai Patel	6700000	67.00
Ms. Ushaben Raojibhai Patel	1400000	14.00
Mr.Raojibhai Prabhudas Patel	100000	1.00
Ms. Dakshben Dushyantkumar Patel	100000	1.00
Mr. Jay Dushyantkumar Patel	1500000	15.00
Ms. Dhara Dushyantkumar Patel	100000	1.00
Mr. Deval Dushyantkumar Patel	100000	1.00
Total	10000000	100.00

As on 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Trader, Importer and Exporter of Pharmaceutical Products.
Exports :
Products :	Pharmaceutical Formulation
Countries :	China Italy France Srilanka
Imports :
Products :	Pharmaceutical Intermediators Packing Material
Countries :	China France Italy
Terms :
Selling :	Cash, credit, L\C and Advance Payment
Purchasing :	Cash, credit, L\C and Over Draft

GENERAL INFORMATION

Suppliers :

• Aurobindo Pharma Limited

Customers :

• Pfizer, India
• Lupin Limited

No. of Employees :

150 (Approximately)

Bankers :

• Bank of Baroda, Corporate Finance Service Branch, 1^st Floor, Opposite Petrol Pump,R.C.Dutt Road, Alkapuri, Vadodara – 390007, Gujarat, India

Facilities :

(Rs. In Millions)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
Short Term Borrowing
Working capital loans from banks	63.410	51.036
Total	63.410	51.036

Banking Relations :	---
Auditors :
Name :	S A Patel and Company Chartered Accountant
Address :	422 Paradise Complex, Sayajigunj, Vadodara, Gujarat, India
PAN No.:	ADFPP1273N
Related Parties :	Biolotus INC, United States

CAPITAL STRUCTURE

As on 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs. 100.000 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	100.000	100.000
(b) Reserves & Surplus	231.960	105.590
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	331.960	205.590
(3) Non-Current Liabilities
(a) long-term borrowings	198.505	192.012
(b) Deferred tax liabilities (Net)	2.287	2.638
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	0.000	0.000
Total Non-current Liabilities (3)	200.792	194.650
(4) Current Liabilities
(a) Short term borrowings	63.410	51.036
(b) Trade payables	158.239	166.260
(c) Other current liabilities	2.047	3.364
(d) Short-term provisions	11.593	30.865
Total Current Liabilities (4)	235.289	251.525
TOTAL	768.041	651.765
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	126.487	139.212
(ii) Intangible Assets	63.787	79.734
(iii) Capital work-in-progress	0.000	0.000
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	145.174	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	75.139	75.225
(e) Other Non-current assets	0.690	2.697
Total Non-Current Assets	411.277	296.868
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	48.039	60.454
(c) Trade receivables	194.943	211.578
(d) Cash and cash equivalents	105.418	77.833
(e) Short-term loans and advances	1.819	1.850
(f) Other current assets	6.545	3.182
Total Current Assets	356.764	354.897
TOTAL	768.041	651.765

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013
	SALES
		Income	938.533	573.335
		Other Income	NA	NA
		TOTAL	NA	NA
Less	EXPENSES TOTAL		NA	NA
	PROFIT BEFORE TAX		210.333	161.595
Less	TAX		83.963	56.005
	PROFIT AFTER TAX		126.370	105.590
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	301.400	211.700
	TOTAL EARNINGS		301.400	513.100
	Earnings Per Share (Rs.)		12.64	10.56

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013
Net Profit Margin (PAT/Sales)	(%)	13.46	18.42
Return on Total Assets (PBT/Total Assets}	(%)	33.77	24.79
Return on Investment (ROI) (PBT/Networth)		0.63	0.79
Debt Equity Ratio (Total Debt /Networth)		0.79	1.18
Current Ratio (Current Asset/Current Liability)		1.52	1.41

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Share Capital	100.000	100.000
Reserves & Surplus	105.590	231.960
Net worth	205.590	331.960
long-term borrowings	192.012	198.505
Short term borrowings	51.036	63.410
Total borrowings	243.048	261.915
Debt/Equity ratio	1.182	0.789

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	573.335	938.533
		63.697

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)
Sales	573.335	938.533
Profit	105.590	126.370
	18.42%	13.46%

LOCAL AGENCY FURTHER INFORMATION

CURRENT MATURITIES OF LONG-TERM DEBT

(Rs. In Millions)

Particular	30.09.2014	30.09.2013
Current maturities of long-term debt	1.000	0.000

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	Yes
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 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	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	Yes
18]	Major customers	Yes
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	Yes
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN

(Rs. In Million)

Particulars	As on 31.03.2014	As on 31.03.2013
Long Term Borrowing
Deposits from Directors	198.505	192.012
Total	198.505	192.012

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10421160	03/09/2012	149,700,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOOR,OPP. PETROL PUMP,R.C.DUTT ROAD, ALKAPURI, VADODARA, Gujarat - 390007, INDIA	B68276377
2	10421162	03/09/2012	149,700,000.00	BANK OF BARODA	CORPORATE FINANCIAL SERVICES BRANCH, 1ST FLOOR,OPP. PETROL PUMP,R.C.DUTT ROAD, ALKAPURI, VADODARA, Gujarat - 390007, INDIA	B68277185

PERFORMANCE

During the year, the company has achieved turnover of Rs. 938.5 Millions as against Rs 573.300 Millions or previous year, which was as per the expectation of the directors also the company has generated net profit of Rs. 126.400 Millions during the year as compare to Rs. 105.600 Millions of previous year.

FIXED ASSETS

· Land

· Buildings

· Factory Building

· Plant and Equipment

· Furniture and Fixtures

· Vehicles

· Office Equipment

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. 61.52
UK Pound	1	Rs. 97.39
Euro	1	Rs. 76.15

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	SUB
Report Prepared by :	KLS

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--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	YES
--AFFILIATION	YES/NO	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		46

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.