MIRA INFORM REPORT

Report No. :	334445
Report Date :	03.08.2015

IDENTIFICATION DETAILS

Name :	ASTER BUILDING SOLUTIONS PRIVATE LIMITED
Registered Office :	Plot No. 141/1, Phase-II, IDA, Cherlapally, Hyderabad – 500051, Telangana
Tel. No.:	91-40-27111199
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.05.2008
Com. Reg. No.:	36-059204
Capital Investment / Paid-up Capital :	Rs. 150.000 Million
CIN No.: [Company Identification No.]	U45400TG2008PTC059204
IEC No.:	Not Available
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 :	Manufacturer and Supplier of Pre-Engineered Steel Building and Accessories.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Maximum Credit Limit :	USD 400000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “Aster Private Limited”. Company was incorporated on 16^th May 2008 and it is having a moderate track record. As per registrar of companies the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the document related to the financials are not been available from any sources. From the financial of 2013, the company has moderate financials risk profile marked by low profitability margin and moderate capital structures and low debt protection metrics. However, the rating take consideration on support from its holding company and established track record of the company backed by experience promoters. Trade relations are fair. Business is active. Payment terms are reported as slow but correct. The company can be considered for business dealings with caution.

NOTES :

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

ECGC Country Risk Classification List – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION DENIED

Management non co-operative (Tel. No.: 91-40-27162621)

LOCATIONS

Registered Office :	Plot No. 141/1, Phase-II, IDA, Cherlapally, Hyderabad – 500051, Telangana, India
Tel. No.:	91-40-27111199
Fax No.:	91-40-27110535
E-Mail :	info@aster.in

DIRECTORS

AS ON 30.09.2014

Name :

Parki Mohan Madhan Mohan

Designation :

Additional Director

Address :

8-2-293/82/Nl/37, Flat No.203, Sai Mitra Jubillent, Mla & Mp Colony, Road No. 10c, Jubilee Hills, Hyderabad – 500033, Andhra Pradesh, India

Date of Appointment :

06.01.2015

DIN No.:

00120366

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	U85110KA1996PLC019875	METCOKE INDUSTRIES LIMITED	Director	21/07/2004	21/07/2004	-	Active	NO
2	U65910TG2000PTC033494	SRUGEN ENTERPRISES PRIVATE LIMITED	Director	04/02/2005	04/02/2005	-	Active	NO
3	U27103KA2005PLC035999	JAYKAY PERIPHERALS LIMITED	Director	05/04/2005	05/04/2005	05/02/2010	Strike off	NO
4	L72200TG1996PLC023987	INDUS NETWORKS LIMITED	Director	29/09/2008	26/03/2008	-	Active	NO
5	U72200TG2007PTC053368	INL SOFTWARE TRADING PRIVATE LIMITED	Director	26/09/2008	28/04/2008	-	Under Process of Striking off	NO
6	U27100TG2010PTC067580	PADMAPRIYA ALUMINIUM PROFILES PRIVATE LIMITED	Director	10/09/2011	18/06/2010	27/02/2012	Active	NO
7	U74900TG2011PTC072691	NIA CONSULTANCY SERVICES PRIVATE LIMITED	Director	18/02/2011	18/02/2011	03/10/2012	Active	NO
8	U21011AP1999PTC033172	TEJASWINI ENGINEERING PRIVATE LIMITED	Director	06/09/2012	06/09/2012	-	Active	NO
9	U27100TG2008PTC058439	AGARWAL STEEL STRUCTURES (INDIA) PRIVATE LIMITED	Director	30/09/2014	13/12/2013	-	Active	NO
10	U01403TG2008PTC060245	INDUSEELA AGRO PRODUCTS PRIVATE LIMITED	Additional director	30/12/2013	30/12/2013	-	Active	NO
11	U45400TG2008PTC059204	ASTER BUILDING SOLUTIONS PRIVATE LIMITED	Additional director	06/01/2015	06/01/2015	-	Active	NO
12	U45209TG2015PTC097679	SHIRISH INFRA DEVELOPERS PRIVATE LIMITED	Director	18/02/2015	18/02/2015	27/06/2015	Active	NO
13	U27310TG2014PTC096464	BALAJI ALU-SOL (INDIA) PRIVATE LIMITED	Additional director	15/06/2015	15/06/2015	-	Active	NO
14	U67100MH2010PTC208042	Alamanat Financial Serivices & projects Private Limited	Additional director	18/06/2015	18/06/2015	-	Active	NO

Name :

Srinivasa Rao Atluri

Designation :

Additional Director

Address :

101 and 102, 19-71/C-37, Mani Kalyan Appts, Rukmini Puri, Dr. A S Rao Nagar, Ecil, Secunderabad – 500062, Andhra Pradesh, India

Date of Appointment :

09.10.2014

DIN No.:

03175005

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	U34102AP2005PTC047854	DURAFAST AUTOMOTIVE PRIVATE LIMITED	Director	08/07/2010	08/07/2010	-	Active	NO
2	U45400TG2008PTC059204	ASTER BUILDING SOLUTIONS PRIVATE LIMITED	Additional director	09/10/2014	09/10/2014	-	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Aster Private Limited, India	14999999
Peddi Ramesh	1
Total	15000000

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Bodies corporate	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer and Supplier of Pre-Engineered Steel Building and Accessories.
Products :	Not Divulged
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	Not Divulged

GENERAL INFORMATION

Suppliers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Not Divulged

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

• IDBI Bank Limited, 5-9-89/1&2, Hyderabad – 500001, Andhra Pradesh, India
• Axis Bank Limited, Corporate Banking Branch, 6-3-879/B, G Pullareddy Building, 1^st Floor, Begumpet Road, Hyderabad – 500016, Telangana, India

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Rupee term loan from banks	181.334	62.301
Other loan and advances	0.000	0.309
SHORT TERM BORROWING
Foreign Currency term loans from banks	66.312	81.130
Total	247.646	143.740

Auditors :
Name :	Akasam and Associates Chartered Accountant
Address :	10-1-17/1/1, Masab Tank, Hyderabad – 500004, Telangana, India
PAN No.:	AADFA6112E
Memberships :	--
Collaborators :	--
Holding Company :	Aster Private Limited
Fellow Subsidiary Company :	Aster Global Services Limited-Mauritius Durafast Automotive Private Limited
Subsidiary Company :	Aster Structural Solutions Private Limited

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital:

No. of Shares	Type	Value	Amount
25000000	Equity Shares	Rs.10/- each	Rs. 250.000 Million
10000000	Preference Shares	Rs. 10/- each	Rs. 100.000 Million
	Total		Rs. 350.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
18000000	Equity Shares	Rs.10/- each	Rs. 180.000 Million
10000000	Preference Shares	Rs. 10/- each	Rs. 100.000 Million
	Total		Rs. 280.000 Million

AS ON 31.03.2013

Authorised Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs. 150.000 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	150.000	150.000	150.000
(b) Reserves & Surplus	13.215	(0.092)	(18.681)
(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)	163.215	149.908	131.319
(3) Non-Current Liabilities
(a) long-term borrowings	181.334	244.207	219.443
(b) Deferred tax liabilities (Net)	12.691	11.755	0.000
(c) Other long term liabilities	0.563	0.409	0.000
(d) long-term provisions	2.183	1.109	0.736
Total Non-current Liabilities (3)	196.771	257.480	220.179
(4) Current Liabilities
(a) Short term borrowings	192.036	222.858	165.736
(b) Trade payables	247.015	178.183	211.988
(c) Other current liabilities	440.128	268.457	134.115
(d) Short-term provisions	15.138	35.692	22.673
Total Current Liabilities (4)	894.317	705.190	534.512
TOTAL	1254.303	1112.578	886.010
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	609.517	303.761	299.464
(ii) Intangible Assets	1.008	4.081	7.154
(iii) Capital work-in-progress	0.000	130.311	7.021
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.100
(c) Deferred tax assets (net)	0.000	0.000	6.212
(d) Long-term Loan and Advances	8.991	16.370	7.948
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	619.516	454.523	327.899
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	316.738	197.430	237.699
(c) Trade receivables	242.522	408.867	261.289
(d) Cash and cash equivalents	23.005	16.926	18.747
(e) Short-term loans and advances	52.091	34.510	39.995
(f) Other current assets	0.431	0.322	0.381
Total Current Assets	634.787	658.055	558.111
TOTAL	1254.303	1112.578	886.010

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	941.168	1153.244	962.089
		Other Income	2.316	5.389	2.812
		TOTAL	943.484	1158.633	964.901
Less	EXPENSES
		TOTAL	937.154	1095.673	825.814
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		98.353	145.852	139.087
	FINANCIAL EXPENSES		62.258	58.015	42.006
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		36.095	87.837	97.081
	DEPRECIATION/ AMORTISATION		29.765	24.877	16.420
	PROFIT BEFORE TAX		6.330	62.960	80.661
	TAX		(6.707)	33.328	(5.076)
	PROFIT AFTER TAX		13.037	29.632	85.737
	Earnings Per Share (Rs.)		0.46	1.06	3.06

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2013	31.03.2012	31.03.2011
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operation	169.313	67.610	(74.838)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT / Sales)	(%)	1.39	2.57	8.91
Return on Total Assets (PBT/Total Assets}	(%)	0.50	6.41	9.24
Return on Investment (ROI) (PBT/Networth)		0.04	0.42	0.61
Debt Equity Ratio (Total Debt /Networth)		2.29	3.12	2.93
Current Ratio (Current Asset/Current Liability)		0.71	0.93	1.04

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	150.000	150.000	150.000
Reserves & Surplus	(18.681)	(0.092)	13.215
Share Application money pending allotment	0.000	0.000	0.000
Net worth	131.319	149.908	163.215
long-term borrowings	219.443	244.207	181.334
Short term borrowings	165.736	222.858	192.036
Current Maturities of Long Term Debt	0.000	0.000	0.000
Total borrowings	385.179	467.065	373.370
Debt/Equity ratio	2.933	3.116	2.288

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	962.089	1153.244	941.168
		19.869	-18.390

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	962.089	1153.244	941.168
Profit	85.737	29.632	13.037
	8.91%	2.57%	1.39%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	----
6	Contact numbers	Yes
7	Name of the person contacted	No
8	Designation of contact person	No
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	No
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	No
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	Yes
22	Conduct of the banking account	-----
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	No
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	-----
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	-----
33	Market information	-----
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

Particulars	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWING
Loans and advances from related parties	0.000	181.597
SHORT TERM BORROWING
Working capital loans from banks	125.724	141.728
Total	125.724	323.325

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10295775	30/07/2013 *	540,000,000.00	AXIS BANK LIMITED	CORPORATE BANKING BRANCH, 6-3-879/B,, G.PULLAREDD  Y BUILDING,1ST FLOOR,BEGUMPET ROAD, HYDERABAD, Andhra Pradesh - 500016, INDIA	B82804758
2	10125315	20/11/2013 *	582,400,000.00	IDBI BANK LIMITED	5-9-89/1&2, CHAPEL ROAD, HYDERABAD, Andhra Pradesh - 500001, INDIA	B89716294

* Date of charge modification

FIXED ASSETS

• Factory Equipments
• Furniture and Fixture
• Motor Vehicle
• Computer Equipments
• Factory Buildings

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. 64.01
UK Pound	1	Rs. 99.84
Euro	1	Rs. 70.16

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	KAS
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.