MIRA INFORM REPORT

Report No. :	314065
Report Date :	30.03.2015

IDENTIFICATION DETAILS

Name :	ASTRIX LABORATORIES LIMITED
Registered Office :	Plot No.564/A/22, Road No.92, Jubilee Hills, Hyderabad – 500 033, Telangana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	21.09.2005
Com. Reg. No.:	01-047551
Capital Investment / Paid-up Capital :	Rs.45.260 million
CIN No.: [Company Identification No.]	U24239TG2005PLC047551
TAN No.: [Tax Deduction & Collection Account No.]	HYDA05588C
PAN No.: [Permanent Account No.]	AAFCA4120R
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of a wide range of APIs and intermediates.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (56)

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 9900000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is a subsidiary of Mylan Laboratories Limited. It is an established company having fine track. The rating is constrained on account of declined sales turnover and operating loss made by the company during year under review. However, the rating also takes into consideration good net worth and liquidity position of the company. Trade relations reported to be fair. Business is active. Payments are reported to be regular and as per commitments. 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.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
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 DENIED

MANAGEMENT NON CO-OPERATIVE (TEL No. 91-40-30866666)

LOCATIONS

Registered Office :	Plot No.564/A/22, Road No.92, Jubilee Hills, Hyderabad – 500 033, Telangana, India
Tel. No.:	91-40-30866666/30866444
Fax No.:	91-40-30866699
E-Mail :	nagaraj.bodige@mylan.in nagarajgoud.bodige@matrixlabsindia.com matrix@matrixlabsindia.com ashwini.kandlikar@matrixlabsindia.com
Factory :	Survey No. 10 and 42, Gaddapotharam, Kazipally Industrial Area, Medak District – 502 319, Andhra Pradesh, India
Tel. No.:	91-40-66377000 Extn-1115
Fax No.:	91-8548277238

DIRECTORS

As on: 30.09.2014

Name :

Dr. Hari Babu Bodepudi

Designation :

Director

Address :

Plot No.11, Sai Ansh Arcade, Tirumalgherry, Secunderabad – 500 015, Andhra Pradesh, India

Date of Birth/Age :

01.07.1964

Date of Appointment :

17.08.2012

DIN No.:

01119687

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239AP2005PLC047551	Astrix Laboratories Limited	Director	29-11-06	29-11-06	-	Active	NO
2	U73100MH1997PTC106267	Mylan Pharmaceuticals Private Limited	Director	28-04-08	01-02-08	07-10-09	Active	NO
3	U24231AP1984PLC005146	Mylan Laboratories Limited	Whole-time director	17-08-12	07-10-09	-	Active	NO

Name :

Ms. Sarada Kalyani Bhagawati

Designation :

Director

Address :

H.No.1-1-380/38, Ashok Nagar Extension, Hyderabad – 500 020, Andhra Pradesh, India

Date of Birth/Age :

29.09.1968

Date of Appointment :

26.12.2014

DIN No.:

02680074

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24239TG2005PLC047551	ASTRIX LABORATORIES LIMITED	Director	30/09/2009	19/05/2009	-	Active	NO
2	U73100MH1997PTC106267	Mylan Pharmaceuticals Private Limited	Director	24/09/2013	16/08/2013	01/11/2014	Active	NO
3	U24231TG1984PLC005146	Mylan Laboratories Limited	Whole-time director	26/12/2014	01/11/2014	-	Active	NO

Name :

Dr. Yasir Yusufali Rawjee

Designation :

Director

Address :

8-2-28/11/A, F.no.104, Totem Banjara, Bhagyanagar Studio Premises, Road No.14, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Date of Birth/Age :

25.12.1965

Date of Appointment :

31.05.2009

DIN No.:

01965174

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U24230GJ1984PLC007440	Concord Biotech Limited	Director	31-07-08	29-09-07	04-12-09	Active	NO
2	U24239AP2005PLC047551	Astrix Laboratories Limited	Director	30-09-09	31-05-09	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Vijay Kumar Kumpatla
Designation :	General manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.09. 2014

Names of Shareholders	No. of Shares
Equity Shares
Mylan Laboratories Limited, India	2262497
Hari Babu	1
Sarada Kalyani Bhagawati	1
MP Laboratories (Mauritius) Limited	2217247
Mylan Luxembourg 2 S.a.r.l.	45250
Yasir Rawje jointly with Mylan Luxembourg 2 S.a.r.l.	1
Rajeev Mukundan	1
Susanto Banerjee	1
B. Nagraj Goud
Total No. of Shares	4525000

Equity Share Break up (Percentage of Total Equity)

As on: 30.09.2014

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companies(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	50.00
Bodies corporate	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of a wide range of APIs and intermediates.

Products :

Item Code No.	Product Description
29333919	Lamivudine
29349900	Zidovudine
29333919	Nevirapine

Brand Names :

Not Available

Agencies Held :

Not Available

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 :	Not Divulged
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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Not Divulged

Bankers :

v ABN Amro Bank, 6-3-24/1/1/A, Road No. 1, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

v The Bank of Nova Scotia, 6-3-346/1, Road No. 1, Banjara Hills, Hyderabad – 500 034, Andhra Pradesh, India

Facilities :

Secured Loan	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
Short-term borrowings
Working capital loans from banks	21.700	47.630
Total	21.700	47.630

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Address :	Gowra Grand, III Floor, 1-8-1-384 and 385, SP Road, Secunderabad – 500 003, Andhra Pradesh, India
Tel. No.:	91-40-40312600
Fax No.:	91-40-40312714
Income-tax PAN of auditor or auditor's firm :	AACFD3771D
Memberships :	Not Available
Collaborators :	Not Available
Holding Company	Mylan Laboratories Limited
Fellow Subsidiary	MP Laboratories (Mauritius) Limited Mylan Luxemburg 2 SARL Matrix Laboratories Xiamen Limited Mylan Pharmaceuticals Private Limited Mylan Laboratories Inc
Ultimate Holding Company	Mylan Inc

CAPITAL STRUCTURE

As on 31.03.2014

Authorized Capital:

No. of Shares	Type	Value	Amount
5,000,000	Equity Shares	Rs.10/- each	Rs. 50.000 Million

Issued, Subscribed & Paid-up Capital:

No. of Shares	Type	Value	Amount
4,526,000	Equity Shares	Rs.10/- each	Rs. 45.260 Million

FINANCIAL DATA

[all figures are in Rupees Million]

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	45.260	45.260	45.260
(b) Reserves & Surplus	3417.330	3513.970	3441.720
(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)	3462.590	3559.230	3486.980
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	90.930	155.330	172.940
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	9.920	11.290	7.910
Total Non-current Liabilities (3)	100.850	166.620	180.850
(4) Current Liabilities
(a) Short term borrowings	21.700	47.630	0.000
(b) Trade payables	655.680	1260.120	668.000
(c) Other current liabilities	39.720	36.920	32.640
(d) Short-term provisions	0.180	1.700	29.160
Total Current Liabilities (4)	717.280	1346.370	729.800
TOTAL	4280.720	5072.220	4397.630
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	827.480	810.220	845.230
(ii) Intangible Assets	194.930	303.290	411.400
(iii) Capital work-in-progress	2.810	31.660	4.230
(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	194.190	211.650	136.990
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	1219.410	1356.820	1397.850
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	843.140	1169.570	970.360
(c) Trade receivables	2124.360	2453.130	1942.190
(d) Cash and cash equivalents	0.850	1.110	32.740
(e) Short-term loans and advances	92.320	76.370	43.410
(f) Other current assets	0.640	15.220	11.080
Total Current Assets	3061.310	3715.400	2999.780
TOTAL	4280.720	5072.220	4397.630

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2014	31.03.2013	31.03.2012
	SALES
		Revenue from operations	3618.570	5611.110	4377.870
		Other Income	9.280	12.080	14.060
		TOTAL (A)	3627.850	5623.190	4391.930
Less	EXPENSES
		Cost of Materials Consumed	2748.590	3931.170	2855.620
		Purchases of Stock-in-Trade	14.410	543.940	373.430
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	79.910	17.660	75.390
		Employees benefits expense	161.390	136.540	115.300
		Other expenses	610.200	711.580	525.100
		TOTAL (B)	3614.500	5340.890	3944.840
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		13.350	282.300	447.090
Less	FINANCIAL EXPENSES (D)		2.380	5.810	8.210
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		10.970	276.490	438.880
Less/ Add	DEPRECIATION/ AMORTISATION (F)		172.020	167.200	165.830
	PROFIT(LOSS) BEFORE TAX (E-F) (G)		(161.050)	109.290	273.050
Less	TAX (H)		(64.400)	37.040	84.480
	PROFIT(LOSS) AFTER TAX (G-H) (I)		(96.650)	72.250	188.570
	EARNINGS IN FOREIGN CURRENCY		123.990	147.430	119.240
	IMPORTS
		Raw Materials	1099.110	2281.020	1695.510
		Stores & Spares	3.010	1.900	0.850
		Capital Goods	0.860	4.920	9.200
	TOTAL IMPORTS		1102.980	2287.840	1705.560
	Earnings Per Share (Rs.)		(21.36)	15.96	41.67

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Sales)	(%)	(2.67)	1.29	4.31
Operating Profit Margin (PBIDT/Sales)	(%)	0.37	5.03	10.21
Return on Total Assets (PBT/Total Assets}	(%)	(3.76)	2.17	6.22
Return on Investment (ROI) (PBT/Networth)		(0.05)	0.03	0.08
Debt Equity Ratio (Total Debt /Networth)		0.01	0.01	0.00
Current Ratio (Current Asset/Current Liability)		4.27	2.76	4.11

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	45.260	45.260	45.260
Reserves & Surplus	3441.720	3513.970	3417.330
Net worth	3486.980	3559.230	3462.590
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	47.630	21.700
Total borrowings	0.000	47.630	21.700
Debt/Equity ratio	0.000	0.013	0.006

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	4377.870	5611.110	3618.570
		28.170	(35.511)

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Revenue from operations	4377.870	5611.110	3618.570
Profit/ Loss	188.570	72.250	(96.650)
	4.31%	1.29%	(2.67%)

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	No
10]	Designation of contact person	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	Yes
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

LITIGATION DETAILS:

CASE STATUS INFORMATION SYSTEM

CEA 18 / 2009	CEASR 282 / 2009	CASE IS:PENDING
PETITIONER	RESPONDENT
THE COMMISSIONER OF CUSTOMS AND CENTRAL EXCISE, HYDERABAD	VS	M/S ASTRIX LABORATORIES LIMITED, JINNARAM MANDAL.
PET.ADV. : NARAYANA REDDY(ASST SOL GEN)		RESP.ADV. : LAKSHMI KUMARAN & SRIDHARAN
SUBJECT: PAYMENT OF DUTY TAX		DISTRICT:  HYDERABAD
FILING DATE:  06-02-2009	POSTING STAGE :  FOR ADMISSION & REPLY
REG. DATE    :   28-03-2009	LISTING DATE :  04-06-2009 STATUS: ADMIT
HON'BLE JUDGE(S):	HON'BLE THE CHIEF JUSTICE	RAMESH RANGANATHAN

NOTE: Registered Office of the Company has been shifted from “1/1/151/1, IV Floor, Sairam Towers, Alexander Road, Secunderabad, Hyderabad-500003, Telangana, India” to the present address w.e.f. 06.05.2011.

REVIEW OF OPERATIONS:

The Company has achieved total revenue of Rs.3627.850 million for the year ended March 31, 2014 as against Rs. 5623.190 million in the previous year. The loss after tax for the year ended March 31, 2014 is Rs.96.650 million as against the profit after tax of Rs. 72.250 million in the previous year.

INDEX OF CAHREGS: NO CHARGES EXIST FOR COMPANY 

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Income Tax and Indirect Tax claims disputed by the company relating to issues of applicability and classification	580.500
Others	11.130
Total	591.630

Fixed assets:

Tangible

v Land

v Building

v Plant and Machinery

v Electrical Equipments

v Computers

v Office Equipment

v Furniture and Fixtures

v Lab Equipment

v vehicles

Intangible

v Software

v DMF and Patents

v Technical Known How

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.62.60
UK Pound	1	Rs.92.95
Euro	1	Rs.68.15

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	SUB
Report Prepared by :	MTN

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	6
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	7
--CREDIT LINES	1~10	6
--MARGINS	-5~5	-
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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		56

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.