MIRA INFORM REPORT

Report Date :

15.07.2011

IDENTIFICATION DETAILS

Name :	HONEYWELL INTERNATIONAL INC.
Registered Office :	2711 Centerville Road Suite 400 Wilmington, De 19808, Usa (Registered Agent)
Country :	United States
Financials (as on) :	31.03.2011
Date of Incorporation :	24.11.1999
Legal Form :	Corporation for Profit
Line of Business :	Diversified technology and manufacturing company worldwide

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Maximum Credit Limit :	USD 3 000 000
Status :	Satisfactory
Payment Behaviour :	No Complaints
Litigation :	Exists

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^st, 2011

Country Name	Previous Rating (31.12.2010)	Current Rating (31.03.2011)
United States	A1	A1

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

GEOPOLITICS - UNITED STATES
POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION
Comment on data supplied:	We called the company at he address provided. The receptionist confirmed that the current name of he structure is HONEYWELL INTERNATIONAL INC.
Legal Name:	HONEYWELL INTERNATIONAL INC.
Legal Address	2711 CENTERVILLE ROAD SUITE 400 WILMINGTON, DE 19808, USA (Registered Agent)
Operative Address	101 Columbia Road, Morris Town, NJ 07962-1057, USA
Telephone:	+ 1 (973) 455-2000	File Number :	3108076
Fax:	+ 1 (973) 455-4807	Legal Form:	Corporation for Profit
Email:	rob.ferris@honeywell.com	Registered in:	Delaware
Website:	www.honeywell.com	Date Created:	1920
Manager:	David Cote Chairman and CEO	Date Incorporated:	November 24, 1999
Staff:	130,000 employees	Stock:	766,182,091
		Value:	NA
Activity:	Diversified technology and manufacturing company worldwide

BANKS
Name of the Bank	CITIBANK
Name of the Bank	BANK OF AMERICA, N.A.
Name of the Bank	JP MORGAN BANK
BUSINESS
HISTORY
	The company was founded in 1920.
PRINCIPAL ACTIVITY
	Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide.
Products/Services description:
	Products include: Turbine propulsion engines, auxiliary power units, environmental control systems, electric power systems. Also Combustion controls; sensing controls; security and life safety products and services. And semiconductor materials and services, catalysts, adsorbents, specialties, and renewable fuels among other products.
Sales are:
	Wholesale
Operations area:
	National, International
The company imports from worldwide
PAYMENTS
	made on a 55 days basis - monitored over the last 12 months
Comments on location:
	The compaby is incorporated in Delaware for tax purposes by "The Corporation Trust Company:" Corporation Trust Center 1209 Orange Street, Wilmington, 19801, DE, USA. However, it is headquartered in New Jersey.
Branches:
	The company has other locations worldwide. One of the operative locations is: 1034 East Ash St. 62703, Springfield, IL, United States. Regional and International locations are in: Africa Australia/New Zealand Austria Belgium Bulgaria China Czech Republic Denmark Finland France Germany Among other countries.

Shareholders - Manager - Related Companies
Capital:
	%of Shares Held by All Insider and 5% Owners: 0% %of Shares Held by Institutional & Mutual Fund Owners: 79% %of Float Held by Institutional & Mutual Fund Owners: 79% Number of Institutions Holding Shares: 840
Shareholders Parent Company(ies):
	Major Direct Holders: COTE DAVID M, FRADIN ROGER, BROWN ADRIANE M, MIKKILINENI KRISHNA, MAHONEY TIMOTHY O.
Management:
	David M. Cote, Chairman and CEO David J. Anderson, Senior Vice President, Chief Financial Officer Bask Iyer, Vice President and Chief Information Officer Kate Adams, Senior Vice President, General Counsel Krishna Mikkilineni, Senior Vice President, Engineering and Operations
Related Companies:
	You will find the list of the company’s subsidiaries in the document enclosed.

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the stock exchange. Please find enclosed the financial statements.

Legal Fillings

There are several UCC** files listed with the Secretary of State of Delaware.

Filing Number: 2010 1598089

Filing Date: 05-07-2010

Filing Jurisdiction: DELAWARE

Secured Party: MACQUARIE EQUIPMENT FINANCE, LLC

Filing Number: 2010 1598493

Filing Date: 05-07-2010

Filing Jurisdiction: DELAWARE

Secured Party: MACQUARIE EQUIPMENT FINANCE, LLC

Filing Number: 2010 1546781

Filing Date: 05-03-2010

Filing Jurisdiction: DELAWARE

Secured Party: BANC OF AMERICA LEASING & CAPITAL, LLC

Filing Number: 2010 1472327

Filing Date: 04-28-2010

Filing Jurisdiction: DELAWARE

Secured Party: MACQUARIE EQUIPMENT FINANCE, LLC

Filing Number: 2010 1472368

Filing Date: 04-28-2010

Filing Jurisdiction: DELAWARE

Secured Party: MACQUARIE EQUIPMENT FINANCE, LLC

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Company\'s consolidated financial position, results of operations or liquidity.

The last annual report was filed on February 12, 2010.

THE COMPANY IS NOT LISTED ON THE OFAC LIST.*

For information:

* The Specially Designated Nationals (SDN) List is a publication of OFAC which lists individuals and organizations with whom United States citizens and permanent residents are prohibited from doing business.

** The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating
The company is in Good Standing. This means that all local and federal taxes were paid on due date. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	The company currently employs 122,000 people being considered a large sized company. Based on the information analyzed, the company seems to have an adequate business structure with several branches and large workforce. The sources consulted record no specific detrimental adverse record against the structure. Profitability is correct, payments are regular. A credit line may be considered for USD 3 000 000

SUMMARY
FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	YES
Indebtedness	CONTROLLED	Payments	REGULAR
Cash	CORRECT

APPENDIX
Position
	Accounts payable representative
Comments
	We have contacted the accounts payable representative, who refused to verify any financial data on grounds of confidentiality.

SUBSIDIARIES OF THE REGISTRANT

Name	Country or State of Incorporation
ADI-Gardiner Holding Ltd.	United Kingdom
AlliedSignal Aerospace Service Corporation	Delaware
Alsip Packaging, Inc.	Delaware
Grimes Aerospace Company	Delaware
Hand Held Products, Inc.	Delaware
Honeywell (China) Co., Ltd.	China
Honeywell Aerospace GmbH	Germany
Honeywell ASCa Inc.	Canada
Honeywell Automation India Limited	India
Honeywell Automotive Parts Services (Shanghai) Co., Ltd.	China
Honeywell Avionics Systems Limited	United Kingdom
Honeywell Co., Ltd.	Korea
Honeywell Control systems Limited	United Kingdom
Honeywell Deutschland GmbH	Germany
Honeywell Electronic Materials, Inc.	Washington
Honeywell Europe NV	Belgium
Honeywell Finance LP	Delaware
Honeywell Garrett S.A.	France
Honeywell Holdings Pty. Ltd.	Australia
Honeywell International SarL	Switzerland
Honeywell Japan Inc.	Japan
Honeywell Korea, Ltd.	Korea
Honeywell Limited Honeywell Limitee	Canada
Honeywell Luxembourg Holding S.a.r.l.	Luxemborg
Honeywell Pte. Ltd.	Singapore
Honeywell Specialty Chemicals Seelze GmbH	Germany
Honeywell spol. sr.o.	Czech Republic
Honeywell Technologies Sarl	Switzerland
Honeywell Technology Solutions Inc.	Delaware
Honeywell Technology Solutions Lab Pvt. Ltd.	India
Honeywell UK Limited	United Kingdom
Life Safety Distribution AG	Switzerland
Maxon Corporation	Indiana
Metrologic Instruments Inc.	New Jersey
Norcross Safety Products L.L.C.	Delaware
Novar ED&S Limited	United Kingdom
Sperian Protection Europe SAS	France
UOP LLC	Delaware

Financials

Annual

Income Statement

Period Ending		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Total Revenue		33,370,000	30,908,000	36,556,000
Cost of Revenue		25,519,000	24,012,000	27,994,000
Gross Profit		7,851,000	6,896,000	8,562,000
	Operating Expenses
	Research Development	-	-	-
	Selling General and Administrative	4,717,000	4,443,000	5,033,000
	Non Recurring	-	-	-
	Others	-	-	-
	Total Operating Expenses	-	-	-
Operating Income or Loss		3,134,000	2,453,000	3,529,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	95,000	55,000	665,000
	Earnings Before Interest And Taxes	2,843,000	2,049,000	4,257,000
	Interest Expense	-	-	456,000
	Income Before Tax	2,843,000	2,049,000	3,801,000
	Income Tax Expense	808,000	465,000	1,009,000
	Minority Interest	(13,000)	(36,000)	-
	Net Income From Continuing Ops	2,022,000	1,548,000	2,792,000
	Non-recurring Events
	Discontinued Operations	-	-	-
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-
Net Income		2,022,000	1,548,000	2,792,000
Preferred Stock And Other Adjustments		-	-	-
Net Income Applicable To Common Shares		2,022,000	1,548,000	2,792,000

Currency in USD.

Quarterly

Income Statement

All numbers in thousands

Period Ending		Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Total Revenue		8,909,000	9,041,000	8,392,000	8,161,000
Cost of Revenue		6,610,000	6,779,000	6,490,000	6,392,000
Gross Profit		2,299,000	2,262,000	1,902,000	1,769,000
	Operating Expenses
	Research Development	-	-	-	-
	Selling General and Administrative	1,254,000	1,242,000	1,177,000	1,187,000
	Non Recurring	-	-	-	-
	Others	-	-	-	-
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		1,045,000	1,020,000	725,000	582,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	29,000	9,000	75,000	9,000
	Earnings Before Interest And Taxes	975,000	937,000	705,000	499,000
	Interest Expense	-	-	-	-
	Income Before Tax	975,000	937,000	705,000	499,000
	Income Tax Expense	267,000	268,000	208,000	126,000
	Minority Interest	(3,000)	-	2,000	(8,000)
	Net Income From Continuing Ops	705,000	669,000	499,000	365,000
	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		705,000	669,000	499,000	365,000
Preferred Stock And Other Adjustments		-	-	-	-
Net Income Applicable To Common Shares		705,000	669,000	499,000	365,000

Currency in USD.

Annual

Balance Sheet

All numbers in thousands

Period Ending		Dec 31, 2010	Dec 31, 2009	Dec 31, 2008
Assets
Current Assets
	Cash And Cash Equivalents	2,650,000	2,801,000	2,065,000
	Short Term Investments	458,000	381,000	-
	Net Receivables	7,945,000	7,308,000	7,051,000
	Inventory	3,958,000	3,446,000	3,848,000
	Other Current Assets	-	-	299,000
Total Current Assets		15,011,000	13,936,000	13,263,000
Long Term Investments		1,441,000	1,520,000	670,000
Property Plant and Equipment		4,840,000	4,847,000	4,934,000
Goodwill		11,597,000	10,494,000	10,185,000
Intangible Assets		2,574,000	2,174,000	2,267,000
Accumulated Amortization		-	-	-
Other Assets		1,153,000	1,016,000	2,036,000
Deferred Long Term Asset Charges		1,218,000	2,006,000	2,135,000
Total Assets		37,834,000	35,993,000	35,490,000
Liabilities
Current Liabilities
	Accounts Payable	10,828,000	9,786,000	9,779,000
	Short/Current Long Term Debt	889,000	1,361,000	2,510,000
	Other Current Liabilities	-	-	-
Total Current Liabilities		11,717,000	11,147,000	12,289,000
Long Term Debt		5,755,000	6,246,000	5,865,000
Other Liabilities		8,939,000	9,087,000	9,331,000
Deferred Long Term Liability Charges		636,000	542,000	818,000
Minority Interest		121,000	110,000	-
Negative Goodwill		-	-	-
Total Liabilities		27,168,000	27,132,000	28,303,000
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		958,000	958,000	958,000
Retained Earnings		15,097,000	14,023,000	16,250,000
Treasury Stock		(8,299,000)	(8,995,000)	(10,206,000)
Capital Surplus		3,977,000	3,823,000	3,994,000
Other Stockholder Equity		(1,067,000)	(948,000)	(3,809,000)
Total Stockholder Equity		10,666,000	8,861,000	7,187,000
Net Tangible Assets		(3,505,000)	(3,807,000)	(5,265,000)

Currency in USD.

Quarterly

Balance Sheet

Period Ending		Mar 31, 2011	Dec 31, 2010	Sep 30, 2010	Jun 30, 2010
Assets
Current Assets
	Cash And Cash Equivalents	3,076,000	2,650,000	2,640,000	2,451,000
	Short Term Investments	582,000	458,000	593,000	1,460,000
	Net Receivables	8,083,000	7,945,000	7,903,000	7,417,000
	Inventory	4,290,000	3,958,000	4,027,000	3,596,000
	Other Current Assets	-	-	-	-
Total Current Assets		16,031,000	15,011,000	15,163,000	14,924,000
Long Term Investments		1,301,000	1,441,000	1,431,000	1,398,000
Property Plant and Equipment		4,832,000	4,840,000	4,738,000	4,535,000
Goodwill		11,805,000	11,597,000	11,529,000	10,315,000
Intangible Assets		2,456,000	2,574,000	2,711,000	2,057,000
Accumulated Amortization		-	-	-	-
Other Assets		1,245,000	1,153,000	1,136,000	1,086,000
Deferred Long Term Asset Charges		1,232,000	1,218,000	1,411,000	1,776,000
Total Assets		38,902,000	37,834,000	38,119,000	36,091,000
Liabilities
Current Liabilities
	Accounts Payable	10,895,000	10,828,000	10,561,000	9,459,000
	Short/Current Long Term Debt	875,000	889,000	985,000	1,228,000
	Other Current Liabilities	-	-	-	-
Total Current Liabilities		11,770,000	11,717,000	11,546,000	10,687,000
Long Term Debt		6,763,000	5,755,000	6,265,000	6,254,000
Other Liabilities		7,888,000	8,939,000	9,097,000	9,446,000
Deferred Long Term Liability Charges		671,000	636,000	745,000	576,000
Minority Interest		120,000	121,000	136,000	120,000
Negative Goodwill		-	-	-	-
Total Liabilities		27,212,000	27,168,000	27,789,000	27,083,000
Stockholders' Equity
Misc Stocks Options Warrants		-	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		958,000	958,000	958,000	958,000
Retained Earnings		15,538,000	15,097,000	18,130,000	17,867,000
Treasury Stock		(8,155,000)	(8,299,000)	(8,405,000)	(8,699,000)
Capital Surplus		4,036,000	3,977,000	3,929,000	3,913,000
Other Stockholder Equity		(687,000)	(1,067,000)	(4,282,000)	(5,031,000)
Total Stockholder Equity		11,690,000	10,666,000	10,330,000	9,008,000
Net Tangible Assets		(2,571,000)	(3,505,000)	(3,910,000)	(3,364,000)

Currency in USD.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.44.53
UK Pound	1	Rs.71.80
Euro	1	Rs.63.15

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	--

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%)

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.