MIRA INFORM REPORT

Report Date :

08.11.2011

IDENTIFICATION DETAILS

Name :	HONEYWELL AUTOMATION INDIA LIMITED (w.e.f. March 24, 2005)

Formerly Known As :	TATA HONEYWELL LIMITED

Registered Office :	56 and 57, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra

Country :	India

Financials (as on) :	31.12.2010

Date of Incorporation :	13.01.1984

Com. Reg. No.:	25-017951

Capital Investment / Paid-up Capital :	Rs.88.415 Millions

CIN No.: [Company Identification No.]	L29299PN1984PLC017951

TAN No.: [Tax Deduction & Collection Account No.]	PNET00043B

Legal Form :	A Public Limited Liability Company. The company shares are listed on the Stock Exchanges.

Line of Business :	Manufacturer of Control Solutions.

No. of Employees :	1355 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (68)

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 21335000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal 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 – September 30, 2011

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

India

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

INFORMATION PARTED BY

Name :	Mr. Milind Dixit
Designation :	Accountant
Contact No.:	91-20-66039400

LOCATIONS

Registered Office :	56 and 57, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra, India
Tel. No.:	91-20-66039400/ 26870445/ 26870446/ 26872170/ 26870153/ 66008187/66072725
Fax No.:	91-20-66039800/ 26872205/ 26875957/66039979
E-Mail :	corpcomm@honeywell.com milinddixit@honeywell.com CorpComIndia@honeywell.com Sanjeev.rao@honeywell.com
Website :	http://www.honeywell.com http://www.honeywellautomationindia.com

Regional Offices :	Located at: · Bangalore · Baroda · Chennai · Hyderabad · Jamshedpur · Kolkata · Mumbai · New Delhi · Goa

DIRECTORS

As on 21.04.2011

Name :

Mr. Madhukar Narayan Bhagwat

Designation :

Chairman

Address :

62, Blue Haven, 14, Mount Pleasant Road, Mumbai – 400 006, Maharashtra, India

Date of Birth/Age :

04.06.1932

Qualification :

M .Mechanical Engineering

Date of Appointment :

02.11.2004

DIN No.:

00036692

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	L65993MH1920PLC000791	Walchand Peoplefirst Limited	Director	19-11-99	19-11-99	-	Active	NO
2	L32200MH1940PLC003164	Nelco Limited	Director	28-09-01	28-09-01	31-08-07	Active	NO
3	U70101MH1997PLC110915	Technopolis Knowledge Park Limited	Director	21-06-02	21-06-02	-	Active	NO
4	L27109KA1964PLC001546	Kennametal India Limited	Director	13-11-08	27-07-02	-	Active	NO
5	U72900MH1995PLC088816	Nelito Systems Limited	Director	28-01-04	28-01-04	02-12-07	Active	NO
6	L29299PN1984PLC017951	Honeywell Automation India Limited	Director	02-11-04	02-11-04	-	Active	NO
7	U74990MH2007PLC174898	Walchand Talentfirst Limited	Director	10-10-07	10-10-07	-	Amalgamated	NO

Name :

Shane Shahrooz Tedjarati

Designation :

Director

Address :

# 58, Le Chateau 2000, Jian He Road, Shanghai, China 200336

Date of Birth/Age :

16.11.1962

Qualification :

MBA

Date of Appointment :

14.10.2008

DIN No.:

02396256

Name :

Norman Lee Gilsdorf

Designation :

Director

Address :

Flat # 20, Dorchester House, 8, Strand Drive, Richmond Survey, United Kingdom, TW94DX

Date of Birth/Age :

18.12.1953

Qualification :

Chemical engineering degree, MBA in international business and finance

Date of Appointment :

06.02.2009

DIN No.:

02558302

Name :

Gerard Milton Willis

Designation :

Director

Address :

Jia Xin Garden, RM14A, Block 46, Yanan XI RD, Shanghai, China

Date of Birth/Age :

27.12.1953

Qualification :

MA International Affairs, BA

Date of Appointment :

01.01.2006

DIN No.:

02696947

Name :

Mr. Surendra Laxminarayan Rao

Designation :

Director

Address :

D1, Chartered Cottage, #8, Langford Road, Bangalore – 560 025, Karnataka, India

Date of Birth/Age :

22.01.1936

Qualification :

B.Com, M.A in Economic

Date of Appointment :

24.01.2002

DIN No.:

00005675

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	U99999MH1992PTC136660	Global Trustcapital Finance Private Limited	Director	01-04-95	01-04-95	-	Active	NO
2	L29299PN1984PLC017951	Honeywell Automation India Limited	Director	24-01-02	24-01-02	-	Active	NO
3	L24110WB1960PLC024910	Kanoria Chemicals and Industries Limited	Director	25-10-02	25-10-02	-	Active	NO
4	L99999MH1929PLC001530	Reliance Infrastructure Limited	Director	21-04-03	21-04-03	-	Active	NO
5	L23100AP1989PLC010655	Rain Calcining Limited	Director	21-04-03	21-04-03	-	Amalgamated	NO
6	U64200MH2000PLC125260	Reliance Natural Resources Limited	Director	10-07-07	07-02-06	12-11-10	Active	NO
7	U66020MH2006PLC165039	Axis Private Equity Limited	Director	15-04-08	30-08-07	12-06-08	Active	NO
8	L40101MH1995PLC084687	Reliance Power Limited	Director	23-09-08	30-09-07	-	Active	NO
9	U23209AP1999PLC031631	Rain Cements Limited	Director	02-09-08	29-02-08	10-02-11	Active	NO
10	U74140DL2008PTC184291	Insight Alpha Research and Solutions Private Limited	Director	10-09-09	08-12-08	-	Active	NO
11	U74900MH2010PTC205950	Rpower Trustee Company Private Limited	Director	12-11-10	12-11-10	-	Active	NO
12	U11100AP2008PLC058785	Rain CII Carbon (Vizag) Limited	Director	14-02-11	11-02-11	-	Active	NO
13	L26942AP1974PLC001693	Rain Commodities Limited	Additional director	13-05-11	13-05-11	-	Active	NO

Name :

Mr. Anant Hari Maheshwari

Designation :

Managing Director

Address :

73, National Media Center, Shanker Chowk, National Highway 8, Gurgaon – 122 002, Haryana, India

Date of Birth/Age :

07.04.1973

Qualification :

MBA, MS Economics, BE

Date of Appointment :

01.03.2010

DIN No.:

02963839

Name :

Vimal Madan Kapur

Designation :

Managing Director

Address :

14, Livestonia Pal Groves II, Ghorpadi, Kawade Road, Pune – 411 028, Maharashtra, India

Date of Birth/Age :

10.11.1965

Date of Appointment :

19.11.2004

Date of Ceasing :

01.03.2010

DIN No.:

00040249

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	L29299PN1984PLC017951	Honeywell Automation India Limited	Managing director	01-11-06	01-11-06	01-03-10	Active	NO
2	U51909PN2005PTC134517	Honeywell Controls and Automation India Private Limited	Managing director	07-07-08	09-05-08	03-11-08	Active	NO

KEY EXECUTIVES

Name :	Ms. Sneha Prashant Padve
Designation :	Company Secretary
Address :	Building I, Flat # 8, Parmar Nagar, Fatima Nagar, Pune – 411 013, Maharashtra, India
Date of Birth/Age :	19.04.1967
Qualification :	LLB, B commerce
Date of Appointment :	14.08.1996
PAN No.:	AEVPP7162B

Name :	Mr. Milind Dixit
Designation :	Accountant

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.04.2011

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	7,182,475	81.24
Sub Total	7,182,475	81.24
Total shareholding of Promoter and Promoter Group (A)	7,182,475	81.24
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	388543	4.39
Financial Institutions / Banks	270	-
Central Government / State Government(s)	285	-
Foreign Institutional Investors	70955	0.80
Sub Total	460053	5.20
(2) Non-Institutions
Bodies Corporate	174202	1.97
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	959130	10.85
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	63949	0.72
Any Others (Specify)
Trusts	1014	0.01
Directors & their Relatives & Friends	700	0.01
Sub Total	1198995	13.56
Total Public shareholding (B)	1659048	18.76
Total (A)+(B)	8841523	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
(1) Promoter and Promoter Group	-	-
(2) Public	-	-
Sub Total	-	-
Total (A)+(B)+(C)	8841523	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Control Solutions.

Products :

Product Description	ITC Code
Distribution Control Systems	903289.04
Building Control Systems	853220.00
Smart Transmitters	902680.09

Brand Names :

“TDC 3000”

PRODUCTION STATUS

As on 31.12.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Systems	Nos	NA	NA	231
Transmitters	Nos.	NA	NA	11787

GENERAL INFORMATION

No. of Employees :

1355 (Approximately)

Bankers :

Royal Bank of Scotland
ABN – Amro Bank N.V
Citibank N.A, Hadapsar Branch, Pune, Maharashtra, India
Canara Bank
Bank of Baroda
State Bank of Travancor
HDFC Bank Limited
ICICI Bank Limited
State Bank of India, Golibar Madian Branch, Shankashet Road, Camp, Pune – 411 001, Maharashtra, India

Facilities :

Secured Loan

As on

31.12.2010

(Rs. in

Millions)

As on

31.12.2009

(Rs. in

Millions)

Loan from Banks

[Repayable within one year Rs. NIL; Previous Year Rs.0.273 million]

0.000

1.248

Total

0.000

1.248

Banking Relations :	--

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	Mutha Towers, Suite 8, 5^th Floor, Off Airport Road, Yerwada, Pune – 411 006, Maharashtra, India
PAN.:	AADFP9359C

Holding Company :	Honeywell Asia Pacific Inc.

Ultimate Holding Company :	Honeywell International Inc.

Fellow Subsidiaries :	Cara C’Air B.V. Clarostat de Mexico, S. de R.L. de C.V. Comfort Cooling PLC Elmwood Sensors Limited Honeywell (China) Company Limited Honeywell Ecc (Tianjin) Limited Honeywell A.B. Honeywell A/S (Denmark) Honeywell A/S (Norway) Honeywell AG (Switzerland) Honeywell Airport Systems GmbH Honeywell Analytics AG Honeywell ASC Inc. Honeywell Austria Gesellschaft GmbH Honeywell Automation and Control Solutions Sarl Honeywell B.V. Honeywell CentraBuerkle AG Honeywell Company Limited (Korea) Honeywell Control Systems Limited Honeywell Egypt Limited Honeywell Engineering SDN. BHD. Honeywell Facility Management GmbH Honeywell GmbH Honeywell Hi-Spec Solutions Limited Honeywell Holdings Private Limited Honeywell Inc. - Puerto Rico (Not in Law DB) Honeywell International (India) Private Limited Honeywell International Asia Pacific Inc. Honeywell K.K. Honeywell Limited Honeywell Limited (Hong Kong) Honeywell Middle East B.V. Honeywell NEI Division Honeywell Optoelectronica, S.A. de C.V. Honeywell Otomasyon ve Kontrol Sistemleri Sanayi ve Ticaret A.S. Honeywell OY Honeywell P3 Global It Solutions Honeywell Pte. Ltd. Honeywell S.A. (France) Honeywell S.A. (Belgium) Honeywell S.p.A. Honeywell Safety Management Systems B.V. Honeywell Security and Custom Electronics Honeywell Services, S.A. de C.V. Honeywell Southern Africa (Proprietary) Limited Honeywell Sp.z o.o. Honeywell spol, sro Honeywell Systems (Thailand) Limited Honeywell Taiwan Limited Honeywell Technology Solutions Lab Private Limited Honeywell Tecnologia y Seguridad, S.A. Honeywell, C.A. Honeywell-Measurex (Ireland) Limited (Trading Branch) Petrocom Pittway Systems Technology Group Europe Limited Satronic AG Shanghai C and K Technology Company Limited Novar Controls Trend Control systems Limited Honeywell Electrical Devices and Systems India Limited (Novar India Limited) Honeywell Investment India Private Limited Honeywell Kuwait KSC Honeywell Turki Arabia Limited

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

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

Issued Capital :

No. of Shares	Type	Value	Amount
8841697	Equity Shares	Rs.10/- each	Rs.88.417 Millions

Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
8841523	Equity Shares	Rs.10/- each	Rs.88.415 Millions

Note:

7182475 Equity Shares constituting 81.24% of the paid-up capital of the Company are held by Hoenywell International Inc. the ultimate holding company, through its 100% subsidiary, Honeywell Asia Pacific Inc.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		88.415	88.415	88.415
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		5245.428	4298.068	3073.585
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		5333.843	4386.483	3162.000
LOAN FUNDS
1] Secured Loans		0.000	1.248	23.659
2] Unsecured Loans		0.000	0.000	95.999
TOTAL BORROWING		0.000	1.248	119.658
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		5333.843	4387.731	3281.658

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		753.143	717.714	552.680
Capital work-in-progress		8.772	35.212	149.943

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		308.868	281.854	197.600

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	788.267	805.465	671.288
	Sundry Debtors	3215.054	2891.700	3548.834
	Contracts in progress	1010.354	0.000	73.336
	Cash & Bank Balances	2111.825	1060.915	194.692
	Other Current Assets	28.850	0.592	0.000
	Loans & Advances	1022.703	1642.393	960.880
Total Current Assets		8177.053	6401.065	5449.030
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2721.773	2051.053	2325.678
	Other Current Liabilities	541.000	520.922	398.554
	Provisions	651.220	476.139	343.363
Total Current Liabilities		3913.993	3048.114	3067.595
Net Current Assets		4263.060	3352.951	2381.435

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		5333.843	4387.731	3281.658

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Net Sales	13547.084	11745.670	10015.280
		Other Income	90.571	68.055	118.243
		TOTAL (A)	13637.655	11813.725	10133.523

Less	EXPENSES
		Material and Manufacturing Expenses	7987.505	6177.339	5457.691
		Employees' Remuneration and Benefits	2215.305	1942.126	1683.944
		Selling, Administration and Other Expenses	1916.056	1749.631	1722.817
		TOTAL (B)	12118.866	9869.096	8864.452

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1518.789	1944.629	1269.071

Less	INTEREST (D)		0.843	6.136	7.237

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1517.946	1938.493	1261.834

Less/ Add	DEPRECIATION/ AMORTISATION (F)		128.990	118.627	85.177

	PROFIT BEFORE TAX (E-F) (G)		1388.956	1819.866	1176.657

Less	TAX (H)		338.496	491.942	358.152

	PROFIT AFTER TAX (G-H) (I)		1050.460	1327.924	818.505

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3090.810	1999.119	1180.614

Less	APPROPRIATIONS
		Proposed Dividend	88.415	88.415	0.000
		Dividend Distribution Tax	14.685	15.026	0.000
		Transfer to General Reserve	105.046	132.792	0.000
	BALANCE CARRIED TO THE B/S		3933.124	3090.810	1999.119

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2543.040	1551.131	1590.272
		Services	2327.678	3383.190	2236.881
		Reimbursements	378.741	432.032	395.963
	TOTAL EARNINGS		5249.459	5366.353	4223.116

	IMPORTS
		Capital Goods	24.292	45.996	12.359
		Raw Materials	3679.173	3434.915	2775.217
	TOTAL IMPORTS		3703.465	3480.911	2787.576

	Earnings Per Share (Rs.)		118.81	150.19	92.58

QUARTERLY RESULTS

PARTICULARS	31.03.2011	31.06.2011	31.09.2011
Type	1^st Quarter	2^ndQuarter	3^rd Quarter
Net Sales	3529.500	3490.800	4150.500
Total Expenditure	3118.600	3117.200	3881.200
PBIDT (Excl OI)	410.900	373.600	269.300
Other Income	26.500	26.900	25.000
Operating Profit	437.400	400.500	294.300
Interest	0.000	3.200	2.700
Exceptional Items	0.000	0.000	0.000
PBDT	437.400	397.300	291.600
Depreciation	34.600	37.300	38.400
Profit Before Tax	402.800	360.000	253.200
Tax	84.700	102.000	96.400
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	318.100	258.000	156.800
Extraordinary Items	0.000	0.000	0.000
Prior Period Expenses	0.000	0.000	0.000
Other Adjustments	0.000	0.000	0.000
Net Profit	318.100	258.000	156.800

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	7.70	11.24	8.40

Net Profit Margin (PBT/Sales)	(%)	10.25	15.49	12.22

Return on Total Assets (PBT/Total Assets}	(%)	15.55	25.64	19.61

Return on Investment (ROI) (PBT/Networth)		0.26	0.41	0.37

Debt Equity Ratio (Total Liability/Networth)		0.80	0.69	1.01

Current Ratio (Current Asset/Current Liability)		2.09	2.10	1.78

LOCAL AGENCY FURTHER INFORMATION

OPERATION

The Management Discussion and Analysis Report annexed herewith provide full details of operational performance and business analysis of these business units.

Honeywell Process Solutions (HPS) – Business serves core industrial sectors of Refining, Oil and Gas, Pulp and Paper, Metal and Cement etc.

Honeywell Building Solutions (HBS) – Business provides solutions and services for facilities such as Commercial and Industrial Buildings, IT and ITES industry, Hospitals, Hotels, Airports, Mass Rapid Transit (MRT) etc.

Environment and Combustion Control (ECC) – Through multi channels and multiple brands, offers environmental and combustion products and solutions to commercial, hospitality and industrial segments.

Sensing and Control (S&C) – Products business provides various sensors and switches to manufacturing and automobile industry. This business serves primarily OEMs in various manufacturing industries such as auto, medical instrumentation, IT, etc.

Global Services (GS) – Addresses manufacturing and engineering services needs of Honeywell along with some other non Honeywell customers across the globe, leveraging the cost, skills and knowledge arbitrage.

RESEARCH & DEVELOPMENT AND TECHNOLOGY ABSORPTION:

Subject being an affiliate Company of Honeywell International Inc., on merits it has access to some of the latest products and technology of the parent Company. They continue to roll out new products and technology in the Indian markets as and when they are rolled out in their part of the world. They also selectively decide to manufacture some products in India depending upon business case. Honeywell International Inc. in 2010 committed some new products for shifting contract manufacturing to India to leverage its electronic and manufacturing capabilities. These initiatives are in advanced stage of knowledge transfer.

MANAGEMENT DISCUSSION

INDUSTRY OUTLOOK AND OPPORTUNITIES

Subject is operating results are driven by Industrial Production, Capital Spending on Process and Building Automation, Commercial and Infrastructure Construction, Commodity and Foreign Exchange variations. Mega Trends on Environment, Security and Safety concerns and Regulations also have a bearing on the Company’s operations. Some of the important market conditions were:

• Challenges in exports volume originating from Non Honeywell and Honeywell customers due to adverse order mix for the Company. Price Pressure due to new and aggressive competition emerging from other developing nations.

• Continued government spending on key infrastructure projects like Roads, Airports, Mass Transit Systems, Energy Conservation Initiatives and Electronic Security helped volume growth opportunities in Buildings Solutions business.

• For Process Solutions Business, continued increased investment in Refining, Power Generation, Transmission and Distribution, Oil Exploration projects offset challenges due to delayed decisions in Oil Marketing and Distribution investments and private investments in Chemicals, Paper and other Small and Medium Enterprises (SME) Process Industries.

• Continued strong demand in 2010 in Automobile segment, Tier 2 and 3 Cities in construction segment and some improvement in credit availability to SMEs are reversing trends of volume shrinkage which persisted through most of 2009.

Honeywell Process Solutions (HPS):

HPS Solutions offerings include Field Instruments, Programmable Logic Controllers, Distributed Control Systems, Emergency hutdown Systems (ESD), Quality Controls Systems (QCS), Advanced Software Solutions and various value added services. Overall the business performed very well in 2010 and won several new contracts from customers across various vertical markets that you Company addresses.

Process Solutions offer its Solutions and Products in 4 modes. Each of the modes i.e. New Construction, Advance Solutions, life Cycle Services (LCS) and Field Solutions grew in order booking in 2010. The growth in order booking in 2010 was highlighted with some very important green field project wins. The major wins include one Greenfield Refinery Project (Paradip) from IOCL, one Petrochemical project from ONGC, two large Terminal Automation projects from HPCL and HMEL, in addition to several mid size orders from Bhushan Steel, JSPL, L and T, Tata Steel etc.

2011 is likely to be a challenging year for HPS due to continued increased competition in the market. The opportunities in the green field refining sector are declining and the Company shall rely heavily on continuous investments made in India in Power and Gas sectors. The Company has a strong position in each of these industries and with the available opportunities; they expect to win a fair share of the demand. Given the vast diversity of Products and Solutions portfolio and market reach, the Company will strive to sustain our performance in 2011.

Continued higher threat perception from security and safety and focus of energy conservation will lead to growth potential in Industrial security and safety applications where the Company has a strong product/solution portfolio.

The Company continues to be the beneficiary of Honeywell HPS global investment in technology in new Products and Solutions, which will help HPS India to make its competitive position stronger in 2011.

Honeywell Building Solutions (HBS):

HBS provides building solutions that are operationally intelligent and energy efficient. As part of its intelligent buildings suite, HBS provides building management systems (HVAC, Lighting and Utilities monitoring and control), fire detection and alarm systems, access control systems, video surveillance systems, integrated security systems and integrated building management systems leveraging Honeywell’s Enterprise Buildings Integrator i.e., EBI. As part of its operational efficiency promise, HBS provides After Market Services for all control systems as well as comprehensive Utilities Operations and Maintenance Services for all mechanical and electrical systems in a building. As part of its energy efficiency promise HBS provides energy management services, energy retrofits and energy performance contracts.

This business continued its consistent track record of performing well in 2010 and won several contracts in each of the three focus areas. Major wins / customers include Tata Consultancy Services, Cognizant Technology Solutions, Chennai Airport, Mumbai Airport, Mumbai and Pune Stadia, ICICI Bank, IOCL, Nokia, Bharti Airtel, TCL, Dr. Reddy’s Laboratories and Jindal Saw.

With a credible track record, an ability to innovate, world class project execution capability and solid systems and processes for execution and life cycle management, this business is poised for sustained growth in 2011.

Environment and Combustion Control (ECC):

Based on increasing demand in Tier 2 and 3 cities and revival in the hospitality and commercial real estate sector, ECC saw an impressive growth in 2010. Channel volumes and key project wins in the Building Management System (BMS) business were the highlight of the year. Some of the major wins being ITC Grand Chola, JW Marriot – Bangalore, Royal Bank of Scotland, Naya Raipur Development Authority (NRDA), Delhi International Airport Limited (DIAL) and Delhi Metro Rail Corporation. The Industrial Combustion Control business continued to see positive trends with revival of industrial demand in the last year. Solar water heaters launched in early in 2009 registered good business from residential sales and key commercial projects in 2010 and are expected to show strong growth in 2011. Government policies for encouraging renewable energy solutions are helping in leveraging large commercial opportunities in this space.

Consolidation of Commercial Construction and Real Estate segment, along with urbanization of Tier 2 and 3 cities, would drive growth of the diversified product portfolio for the business in 2011. They remain cautious on the overall interest rates for 2011 affecting the credit availability in Commercial construction segment, which directly affect the volume of the ECC business.

Sensing and Control (S&C):

Renewed focus on sales strategy resulted in strong sales and operating margin performance in S and C business performance in 2010 over 2009. The expanded Electromechanical Sensing and Test and Measurement lines of businesses has contributed significantly to the growth with focused penetration in sub-verticals such as Power Generation Equipment, Process Instruments, Off-highway/ Construction Equipments, Military/Aeronautical Industries, Educational and Research Institutions. Firming demand in transportation segments and diversification in other verticals and applications will help the business to pursue growth in 2011. The Company’s product distribution rights in the Automotive on Board (AOB) sensor applications have been discontinued from January 2011, pursuant to Sensata taking over the global S and C AOB business. The volume impact of this global divesture is not material considering the size of the business for the Company. Firming demand in focused verticals, new product introductions and localization volume growth will drive growth in 2011. This business, which offers engineering services and product manufacturing, solutions and services to overseas requirements of Honeywell and other customers, continues to show moderate growth. The strengthening of the Indian Rupee exchange rate as against that in 2009 and maturing engineering strategies of competition in low-cost geographies, particularly in the process automation space put margins under pressure. GS has adopted Honeywell Operating Systems (HOS), which is designed to improve service performance and cost optimisation, thereby representing a holistic approach to operational excellence. The team continues to aspire to drive maturity of this process in the business. The business continued to drive cost and engineering productivity under this framework. Service expansion to other Honeywell companies has diversified the business. This has also resulted in skill expansion within the team.

The global manufacturing initiative is now stabilizing with linear demand with new lines getting added. The business made earnest efforts to sustain profitability in stable global volumes. The Company has limited risk and return on this initiative as it purely works as a contract manufacturer for global associate companies of Honeywell. The Company’s manufacturing facility continues to get accreditation for Manufacturing Excellence by Frost and Sullivan India.

The initiative of providing turnkey solutions to global organizations continues to be successful. The business executed large turnkey global projects on schedule.

FINANCIALS

Overall Net Sales was Rs.13547.100 millions which was a good growth of 15% in the given economic conditions, as all segments have not completely recovered from the recessionary trends. The exports segment of the business registered a nominal growth of 4%. The growth was moderate due to competitive challenges on pricing and adverse order back log mix affecting sales volumes. The domestic business growth was an impressive 23%, representing a good win rate on multiple green field and brown field opportunities.

Overall Net Income was Rs 1050.500 million which was lower by 21% primarily due to:

• The unfavorable revenue mix due to Services business being lower by 10% year-on-year and increase in Product and Project business by 28% which includes the green field install base performance, results in lower margins due to its competitive environment and investments made by the Company with the intention of getting returns over the longer life cycle of the project.

• Competitive pressure on margins in the project and product business driven by lower selling prices as a result of the competitive market environment.

• A 14% increase in employee cost, which is in excess of the 6% increase in headcount due to wage rate inflation seen in the industry and due to the efforts taken by the Company to retain and develop talent.

• Increase in corporate allocation representing the Company’s share of international expenses charged by their Parent Company to all affiliate companies in compliance with global Transfer Pricing policy.

These factors were partially offset, though aggressive actions on controlling credit exposure and following project management best practices reduced the overall charge to the P and L on account of Liquidated Damages, Provision for doubtful Debts and Bad Debt charge by 43% year on year.

Cash flow from operations was Rs. 456.300 millions a decrease of 71% primarily due to large infrastructure projects having extended cash milestones and constrained credit markets in the overall commercial construction space resulted in increased working capital. While the Company was able to mitigate some risk on working capital due to better inventory and payable management, the overall project receivable and retentions increased beyond the proportion of project revenues thereby causing stress on overall cash flow from operations. The Company will continue to strive to have better working capital performance in generating operating cash flows in proportion to its Net Income.

FORM 8:

This form is for	Modification of charge
Charge identification number of the modified	10023282
Corporate identity number of the company	L29299PN1984PLC017951
Name of the company	HONEYWELL AUTOMATION INDIA LIMITED
Address of the registered office or of the principal place of business in India of the company	56 and 57, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra, India
Type of charge	Movable Property Others (Vehicles)
Particular of charge holder	State Bank of India, Golibar Madian Branch, Shankashet Road, Camp, Pune – 411 001, Maharashtra, India E-Mail: chandra.deshpande59@gmail.com
Nature of description of the instrument creating or modifying the charge	Supplemental Agreement of Loan-cum- Hypothecation (SME-4) executed on 22.10.2008 to create a single charge on the vehicles to be purchased out of the loan amount extended to the borrower company.
Date of instrument Creating the charge	22.10.2008
Amount secured by the charge	Rs.52.500 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest: Open Term Loan, the rate of interest would be 1% below of SBAR. The present effective rate would be: 12.75%. Terms of Repayment: Open Term Loan to be repay in 60 monthly installments. Each installment would be of Rs.0.453 million. The first installment commencing on October 2009 and the last installment falls due on September 2014. Margin: 10% Extent and Operation of the charge: The facility is to be availed with the span of 12 months. The State Bank of India, Golibar Maidan Branch, Camp Pune will have entire first charge on the vehicles purchased out of the loan amount and will have to be registered with the State Transport Authority (RTO-Pune), taking the note of first charge in the registration book and documents related to all vehicles to be purchased out of the loan amount provided and acknowledged by the borrower company through its authorised persons.
Short particulars of the property charged	All the vehicles purchased or to be purchased out the loan amount granted by the State Bank of India Golibar Maidan Branch, Pune will be registered in favour of the Bank, as first charge holder and will be at the disposal of the borrower company as the custodian of the vehicle till it square ups the entire loan amount including interest thereon and will keep at the registered office or at the various destinations/ locations as per the convenience of the borrower company as it Management thinks.
Date of latest modification prior to the present modification	15.07.2008
Particulars of the present modification	By this present modification, the present limit of Rs.32.500 millions has been enhanced to Rs.52.500 millions.

BUSINESS DESCRIPTION:

Subject invents and manufactures technologies. Subject has five business units: Honeywell Process Solutions (HPS), which serves core industrial sectors of refining, oil and gas, pulp and paper, metal and cement; Honeywell Building Solutions (HBS), which provides solutions and services for facilities, such as commercial and industrial buildings, information technology (IT) and IT enabled services industry, hospitals, hotels and airports; Environment and Combustion Control (ECC), which offers environmental and combustion products and solutions to commercial, hospitality and industrial segments; Sensing and Control (S and C), which provides various sensors and switches to manufacturing and automobile industry and serves primarily original equipment manufacturers in various manufacturing industries, and Global Services, which addresses manufacturing and engineering services needs of Honeywell along with some other non Honeywell customers across the globe. For the three months ended 31 March 2011, Subject revenues increased 27% to RS3.53B. Net income decreased 4% to Rs. 318.100 millions Revenues reflect an increase in income from operations and higher other operating income. Net income was partially offset by an increase in other expenditure, higher consumption of raw materials and services, an increase in employees cost and higher depreciation expenses

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011

(Rs. in Millions)

Particulars	Quarter ended 31.03.2011 (Unaudited)
1. a) Net Sales / Income from Operations	3514.700
b) Other Operating Income	14.800
2. Expenditure
(a) (Increase)/decrease in Stock in Trade and work in progress	(7.200)
(b) Consumption of Raw Materials & Services	1705.800
(c) Purchase of traded goods	285.200
(d) Employees Cost	614.500
(e) Depreciation (including amortization)	34.600
(f) Other Expenditure	520.300
(g) Total Expenditure	3153.200
3. Profit / (Loss) From Operations before other Income Interest & Exceptional Items (1-2)	376.300
4. Other Income	26.500
5. Profit/(Loss) before Interest and Exceptional items (3+4)	402.800
6. Interest	--
7. Profit / (Loss) after interest before Exceptional items (5-6)	402.800
8. Exceptional Items	--
9. Profit before Tax (7+8)	402.800
10. Tax Expenses	84.700
11. Net Profit/(Loss) From Ordinary activities after Tax (9-10)	318.100
12. Extraordinary Items (Net of tax expenses)	--
13. Net Profit for the period (11-12)	318.100
14. Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each )	88.400
15. Reserves excluding revaluation reserves as per balance sheet of previous year)	--
16. Earning Per Share (EPS)-
-Basic and Diluted before extraordinary items (not annualised)	35.98
-Basic and Diluted after extraordinary items (not annualised)	35.98
17. Public Share Holding
- Number of Shares	1659048
- Percentage of shareholding	18.76
18. Promoters and Promoter group share holding
a) Pledged / Encumbered
- Number of Shares	Nil
- Percentage of share (as a % of the total shareholding of promoter and promoter group)	Nil
- Percentage of shares(as a % of the total share capital of the company)	Nil
b) Non-encumbered
- Number of Shares	7182475
- Percentage of Share (as a % of the total shareholding of promoter and promoter group)	100
- Percentage of Share (as a % of the total share capital of the company)	81.24

Notes:

1. The above results have been reviewed by the audit committee and were taken on record by the board of directors in their meeting held on 21.04.2011.

2. The company has only one segment, automation and control as per accounting standard 17 (AS-17) – segment reporting

3. Other Expenditure for the year ended December 2010 includes Rs.105.200 millions payable in respect of various services rendered by Honeywell group companies during the prior period.

4. Tax Expenses includes in respect of other periods Rs.123.400 millions for the year ended December 2010

5. Information on investor complaints against to clause 41 of the listing agreement for the quarter ended 31.03.2011.

Opening balance	Additions	Disposals	Closing balance
0	0	0	0

6. Previous period/ year figures have been regrouped, wherever necessary

CONTINGENT LIABILITIES

Particular	31.12.2010	31.12.2009
Income tax claims against the Company	773.014	420.176
Excise duty claims against the Company	1.475	1.475
Sales Tax refunds/claims against the Company	42.283	173.992
Customs Duty claims against the Company	3.553	3.553

Note:

Bank guarantees given to customers against performance/advance Rs. 2803.187 Millions

FIXED ASSETS:

Tangible Assets

· Land

· Building

· Plant and Machinery

· Computer

· Furniture and Fixtures

· Office Equipments

· Vehicles

Intangible Assets

· Product Distribution Rights HSPL

· Oracle License

· Software

DIRECTOR

Norman L. Gilsdorf - Non-Executive Director

Mr. Norman L. Gilsdorf is Non-Executive Director of Subject, since February 6, 2009. He is President of the Process Solutions business for Honeywell's Automation and Control Solutions group. Mr. Gilsdorf has completed his Chemical engineering degree from Purdue University and has an MBA in international business and finance from the Northwestern University.

Anant Maheshwari - Managing Director, Additional Director

Mr. Anant Maheshwari is Managing Director, Additional Director of Subject. He has been with the Honeywell Group based at Delhi since the last 6 years and has held various important positions such as Director - Business Development, Honeywell International India; Director, South Asia - Honeywell Security and most recently he was Managing Director - ADI Asia Pacific. Prior to joining Honeywell, he was with McKinsey and Company. Anant has done his BE (Hons) Electrical and Electronics from BITS Pilani; MSc (Hons) Economics, BITS Pilani and is an MBA (PGDBM), Indian Institute of Management, Ahmedabad.

Shane S. Tedjarati - Non-Executive Director

Mr. Shane S. Tedjarati is Non-Executive Director Subject since October 14, 2008. Qualifications; McGill University, Montreal Computer Science and Mathematics. University of Surrey, United Kingdom - MBA. functional areas is Engineering

Gerard F. Willis - Non-Executive Director

Mr. Gerard Willis is Non-Executive Director of Subject. Qualifications; New York University School of Law, 1986 Honors. Brown University - B.A. International Affairs Honors. George Washington University School of Public and International Affairs, Washington D.C.; M.A. International Affairs. functional areas is Law

Sneha Padve- Compliance Officer, Company Secretary

Mrs. Sneha Padve is Compliance Officer, Company Secretary of Subject. She obtained her Bachelor in Commerce degree from the Ness Wadia College of Commerce, Pune and did her post graduation in Company Law from the Institute of Company Secretaries, New Delhi. She has completed her L.L.B. (Gen) from ILS Law College, Pune. She is the Company Secretary for Honeywell Automation India Limited and is in charge of all the compliances with regard to the Company as relates to the Company Law and other legal matters. She is the liaison officer between the Board of Directors and the Company Management and is responsible for the holding of all board meetings, audit committee and other committee meetings and the annual general meeting of the Company. Sneha joined the erstwhile Tata Honeywell Limited in 1993 and has been the Company Secretary since 1996.

PRESS RELEASE:

Honeywell Automation India Ltd. Announces Appointment of Chief Financial Officer

May 20, 2011

Subject is announced that Mr. Atul Pal, Chief Financial Officer (CFO) has moved to a new role within Honeywell as Finance Director for Honeywell Building Solutions with effective from June 01, 2011. Mr. Ajay Patil has been appointed as the CFO for the Company and has assumed office from May 09, 2011. Mr. Pai will work closely with Mr. Patil for the role transition till May 30, 2011.

'Smart grids will take 10 years to be meaningful part of biz'

Times of India

26 October 2011

By Sabharwal, Shruti

BANGALORE: With technology giants like Microsoft and Google pulling out of their smart grid plans, a serious question arises. Are smart grids going to become a reality in India soon? Besides making some sporadic and tiny efforts, the people who talk of smart grids are at least 10 years behind the talk, according to a top executive at Honeywell.

In an interaction with with ET, Roger Fradin, President and CEO of Honeywell Automation and Control Solutions, said: "In all honesty, I know smart grids make good press but I think it will take 10 years for it to become a meaningful part of my business, not only in India but in the rest of the world.

Everybody talks about it, but very few companies are actually doing anything about." Of the $6 billion in revenues that Fradin's business brings in to the $33-billion company, nearly half comes from products or services that help customers save energy. Technology giant Google and rival Microsoft launched their energy management platforms last year, and there was a lot of buzz around smart grids and its rising popularity.

However, in July this year, citing low user adoption Google discontinued the project. Microsoft followed suit and pulled out in the same month. Fradin, who heads Honeywell's largest global business unit, said: "Smart grids mostly began in the US where utilities were interested. China was probably the second country to pick it up.

India is a step behind." He added, "Our major pilots have been in China, the UK and the US in terms of grid balancing. We are hoping to get some pilots going on the demand side in India. But we have not seen the same uptick on the smart grid side that we have seen elsewhere." Smart grids in India are likely to see many more challenges when compared to the ones being tried abroad. When the generation, transmission and distribution of power is carried out by a single utility, it’s easier to integrate them and make the grid smarter.

But in India, generation, distribution and transmission are mostly done by separate entities except in a few cases. Anant Maheshwari, the managing director of Honeywell Automation India, said, "There have been some six to seven pilots that have started off across multiple state grids. The states which are ahead are Karnataka, Gujarat, Maharashtra, Delhi and West Bengal.

Some initial discussions are happening but there is still way to go. There are at least a couple of years if not more before you will see real full-scale smart grid kind of play happening in India."

"In other parts of the world, the utilities do not have an option to turn off power. But they have an option here that they don't have in the rest of the world. So, I don't know if that plays into their desire to have the smart grid," added Fradin.

For Honeywell's automation and control solutions business, which sells automated electronic control systems to help saving energy to buildings and industries, the India market is growing 15-20 % a year compared to low single digit growth in the more developed, western economies.

Presently, the India business for Honeywell's Automation and Control Solutions is about $350 million in revenues. "If you are a global company, there is pretty much no other market (maybe China) of size that can deliver that kind of growth," said Fradin, who is bullish on the Indian market.

"China, the Middle East and India are are the only markets for me that are showing healthy growth," he added. India's struggle with soaring power demand and low generation capacity is one of the drivers for Honeywell's automation and control solutions business.

Almost 40% of all new products every year are either completely or substantially developed in India. The company says a major part of new investments will now be in marketing and sales.

Financial Results for Sep 30, 2011

Accord Fintech (India)

18 October 2011

India, Oct. 18 -- Honeywell Automation India Limited has informed BSE about the Financial Results for the period ended September 30, 2011. Published by HT Syndication with permission from ACCORD FINTECH BSE.

Rittal India appoints Ajay Bhargava as MD

United News of India

29 September 2011

New Delhi, Sept. 29 -- Rittal India, a 100 per cent subsidiary of German firm Rittal GmbH and Company KG, today announced the appointment of Mr Ajay Bhargava as its Managing Director. The company, based in Bangalore, is a system suppliers for enclosures, power distribution, climate control, IT infrastructure and software and services. Mr Bhargava will be responsible for the overall India operations, business strategy and customer growth, it said in a statement. He, who has a 25 years industry experience, joins the company from Honeywell Automation India Limited whereas Country Manager, he was responsible for the profitable growth of Honeywell Process Solutions Business in India. He started his career as a computer engineer in Pune-based Uptron in 1982 where he rose to the Deputy Manager in 1989. He is a BE (Electronics & Communications) from IISc, Bangalore. UNI RKM SBA CS1645 Published by HT Syndication with permission from United News of India.

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 records 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.49.08
UK Pound	1	Rs.78.65
Euro	1	Rs.67.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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	YES
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		68

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.