MIRA INFORM REPORT

Report No. :	355939
Report Date :	24.12.2015

IDENTIFICATION DETAILS

Name :	ASTARC AGRO AND FOODS PRIVATE LIMITED
Registered Office :	64, Senapati Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra
Tel. No.:	91-22-66793500
Country :	India
Financials (as on) :	31.03.2015
Date of Incorporation :	03.09.2007
Com. Reg. No.:	11-173760
Capital Investment / Paid-up Capital :	Rs.0.100 Million
CIN No.: [Company Identification No.]	U01407MH2007PTC173760
IEC No.:	Not Divulged
TAN No.: [Tax Deduction & Collection Account No.]	MUMA31153D
PAN No.: [Permanent Account No.]	AAGCA5285L
Legal Form :	Private Limited Liability Company
Line of Business :	Subject is engaged in business of agro and foods. [Registered Activity]
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ca (12)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is an established company incorporated in the year 2007 having moderate track record. Financial position of the company is weak. It has incurred huge accumulated losses which exceeds entire networth. Management denied to part any information about the company. As per Registrar of Companies the status of the company is shown as active. Payment terms are unknown. The company can be considered for business dealings on safe and secured trade terms and conditions.

NOTES:

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

ECGC Country Risk Classification List – 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

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 31-03-2015.

INFORMATION DENIED

Management Non Co-operative (91-22-66793500 / 91-9422805688)

LOCATIONS

Registered Office :	64, Senapati Bapat Marg, Matunga (West), Mumbai – 400016, Maharashtra, India
Tel. No.:	91-22-66793500
Fax No.:	Not Available
E-Mail :	anand.barge@astarc.com
Website :	www.astarc.com

DIRECTORS

AS ON 31.03.2015

Name :	Mr. Kishore Manohar Musale
Designation :	Director
Address :	Astarc Bunglow, Survey No. 86, Sant Tukaram Marg, Juhu Tara Road, Juhu, Vile Parle (West), Mumbai - 400049, Maharashtra, India
Date of Birth/Age :	15.02.1954
Date of Appointment :	19.08.2014
DIN No.:	00144029
Name :	Mr. Chhaya Kishore Musale
Designation :	Director
Address :	601 6th Floor, Kubelisque 1629, A/2 Union Park, Pali Hill, Bandra (West), Mumbai - 400050, Maharashtra, India
Date of Birth/Age :	09.09.1955
Date of Appointment :	19.08.2014
DIN No.:	00640296

MAJOR SHAREHOLDERS

AS ON 31.03.2015

Names of Shareholders	No. of Shares	% of Holding
Jitendra Thakare	3750	37.50
Ganesh Tawde	3750	37.50
Kishore Musale	2500	25.00
Total	10000	100.00

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged in business of agro and foods. [Registered Activity]
Products :	Agro and Foods
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS – NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

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

Customers :

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

No. of Employees :

Information declined by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	Not Divulged
Contact Number :	Not Divulged
Name of Account Holder :	Not Divulged
Account Number :	Not Divulged
Account Since (Date/Year of Account Opening) :	Not Divulged
Average Balance Maintained :	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan) :	Not Divulged
Account Operation :	Not Divulged
Remark :	Not Divulged

Facilities :

SECURED LOANS	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Mahindra and Mahindra Financial Services Limited	0.277	0.500
Total	0.277	0.500

Financial Institution :	Mahindra and Mahindra Financial Services Limited
Auditors :
Name :	J. G. Shah and Associates Chartered Accountants
Address :	71, Ram Bhavan Building, Ground Floor, 108, Dada Saheb Phalke Road, Dadar (East), Mumbai – 400014, Maharashtra, India
Tel. No.:	91-22-24141442
Mobile No.:	91-9820211259
E-Mail :	Info@jgsaaca@gmial.com
PAN No.:	AABPS7951H
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Divulged

CAPITAL STRUCTURE

AS ON 30.09.2015

Authorised Capital:

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.10/- each	Rs.10.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
10000	Equity Shares	Rs.10/- each	Rs.0.100 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2015	31.03.2014	31.03.2013
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.100	0.100	0.100
(b) Reserves & Surplus	(58.440)	(54.102)	(51.013)
(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)	(58.340)	(54.002)	(50.913)
(3) Non-Current Liabilities
(a) long-term borrowings	77.285	75.258	71.463
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.621	0.527	0.442
Total Non-current Liabilities (3)	77.906	75.785	71.905
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	10.591	7.697	7.958
(c) Other current liabilities	2.553	2.420	3.062
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	13.144	10.117	11.020
TOTAL	32.710	31.900	32.012
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15.318	18.110	18.896
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.305	0.230	0.130
(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	0.423	0.440	0.510
(e) Other Non-current assets	2.836	2.660	2.650
Total Non-Current Assets	18.882	21.440	22.186
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1.802	1.939	2.444
(c) Trade receivables	7.036	6.205	4.184
(d) Cash and cash equivalents	0.719	0.704	1.690
(e) Short-term loans and advances	1.637	1.466	1.412
(f) Other current assets	2.634	0.146	0.096
Total Current Assets	13.828	10.460	9.826
TOTAL	32.710	31.900	32.012

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2015	31.03.2014	31.03.2013
	SALES
		Income	123.779	116.635
		Other Income	0.214	0.124
		TOTAL (A)	123.993	116.759	120.611
Less	EXPENSES
		Cost of Materials Consumed	106.859	101.153
		Changes in Inventories of finished goods	0.021	0.251
		Employee Benefits Expenses	5.390	4.978
		Other Expenses	12.210	11.218
		TOTAL (B)	124.480	117.600	122.929
	PROFIT/(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		(0.487)	(0.841)	[Including Financial and Depreciation expenses]
Less	FINANCIAL EXPENSES (D)		0.075	0.037
	PROFIT/(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		(0.562)	(0.878)
Less	DEPRECIATION/ AMORTISATION (F)		3.543	2.211
	PROFIT/(LOSS) BEFORE TAX (E-F) (G)		(4.105)	(3.089)	(2.318)
Less	TAX (H)		0.000	0.000	0.003
	PROFIT/(LOSS) AFTER TAX (G-H) (I)		(4.105)	(3.089)	(2.321)
	Earnings / (Loss) Per Share (Rs.)		(410.56)	(308.91)	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2015	31.03.2014	31.03.2013
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2015	31.03.2014	31.03.2013
Net Profit Margin PAT / Sales	(%)	(3.32)	(2.65)	NA
Operating Profit Margin (PBDIT/Sales)	(%)	(0.39)	(0.72)	NA
Return on Total Assets (PBT/Total Assets)	(%)	(12.67)	(9.75)	(7.27)
Return on Investment (ROI) (PBT/Networth)		0.07	0.06	0.05
Debt Equity Ratio (Total Debt /Networth)		(1.32)	(1.39)	(1.40)
Current Ratio (Current Asset/Current Liability)		1.05	1.03	0.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Share Capital	0.100	0.100	0.100
Reserves & Surplus	(51.013)	(54.102)	(58.440)
Net worth	(50.913)	(54.002)	(58.340)
long-term borrowings	71.463	75.258	77.285
Short term borrowings	0.000	0.000	0.000
Total borrowings	71.463	75.258	77.285
Debt/Equity ratio	(1.404)	(1.394)	(1.325)

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	120.611	116.759	123.993
		(3.194)	6.196

NET PROFIT MARGIN

Net Profit Margin	31.03.2013	31.03.2014	31.03.2015
	Rs. In Million	Rs. In Million	Rs. In Million
Total Income	120.611	116.759	123.993
Profit	(2.321)	(3.089)	(4.105)
	(1.92%)	(2.65%)	(3.31%)

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	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
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	Yes
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 LOANS:

Particulars	31.03.2015 Rs. In Million	31.03.2014 Rs. In Million
Long Term Borrowings
Loans and advance from related parties
Geeta Industries	0.000	3.000
Green Globe Agro Private Limited	0.000	0.583
Kishore Musale (Shareholder)	77.008	0.000
Other loans and advances
Mist Agro Private Limited	0.000	71.175
Total	77.008	74.758

NO CHARGES EXIST FOR COMPANY

FIXED ASSETS:

· Land

· Computer and Software

· Office Equipments

· Plant and Machinery

· Motor Vehicle

· Dairy Equipments

· Furniture and Fixture

· Factory Building

· Office Building

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.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41

INFORMATION DETAILS

Information Gathered by :	KMN
Analysis Done by :	DIV
Report Prepared by :	NKT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	2
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	2
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	2
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	2
--RESERVES	1~10	--
--CREDIT LINES	1~10	--
--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		12

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.