MIRA INFORM REPORT

Report Date :

22.09.2011

IDENTIFICATION DETAILS

Name :	HINDUSTAN AERONAUTICS LIMITED
Registered Office :	15/1, Cubbon Road, Post Box No. 5150, Bangalore – 560 001, Karnataka
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	16.08.1963
Com. Reg. No.:	08-001622
Capital Investment / Paid-up Capital :	Rs.1205.000 millions
CIN No.: [Company Identification No.]	U35301KA1963GOI001622
TAN No.: [Tax Deduction & Collection Account No.]	BLRB00692G
PAN No.: [Permanent Account No.]	AAACB5987A
Legal Form :	Government of India fully liable of the debts of this company.
Line of Business :	Manufacturer of Upgrade and Overhaul of Fighters, Trainers, Helicopters etc.
No. of Employees :	35000 (approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (80)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 324000000
Status :	Excellent
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company of government of India. Financial positions of the company is sound. The company is doing well. 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 – April 1, 2010

Country Name	Previous Rating (31.12.2009)	Current Rating (01.04.2010)
India	A1	A1

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. Chatterjee
Designation :	Finance Department
Contact No.:	91-80-22320358

LOCATIONS

Registered/ Corporate Office :	15/1, Cubbon Road, Post Box No. 5150, Bangalore – 560 001, Karnataka
Tel. No.:	91-80-22266901/ 8758/ 22865197/ 1258 / 8629/ 22866701/ 902-908/ 4636 / 22864930 / 22866578/ 22320701/ 22320903/ 22320376/ 22320001 / 22320358 / 22320008
Fax No.:	91-80-22268758 / 22577533 / 22867140 / 22862334 / 22867361 / 22865275 / 22320140 / 22320361
E-Mail :	root@bnghal.kar.nic.in marketing@hal-india.com cosec@hal-india.com projects@hal-india.com
Telex	845-2266
Telegram	HAL Bangalore
Website :	www.hal-india.com
Area :	4126 acres
Location :	Owned
Factory :	Located at : v Chakeri, P. B. No. 225, Kanpur - 208 008, Uttar Pradesh, India v Bangalore v Hyderabad v Koraput v Nashik v Korwa Engine Division: Bangalore Complex, P. O. Bag # 9310, Old Madras Road, Bangalore - 560 093, Karnataka, India Tel. No. 91-80-2526 5201 / 2528 3117 Fax No. 91-80-2527 9564 Design Complex Vimanapura, P. B. No. 1789, HAL Complex, Bangalore - 560 017, Karnataka, India Tel. No. 91-80-2526 5201 / 1020 Contact Person: Dr. C. R. Ramanja Char (General Manager)
Plant :	Engine Division – Koraput, P.O. Sunabeda – 763 002, District Koraput, Orissa, India
Tel. No. :	91-6853-220200
Fax No. :	91-6853-220004/220217
Overseas Office :	v Room No. 602, India House High Commission of India, Aldwych London WC2B, 4NA, United Kingdom Tel. No. 0044 – 171 – 497 – 2360 / 81 – 958 – 1826 Fax No. 0044 – 171 – 497 – 8398 Contact Person: Mr. Kanakappa, Resident Manager v Embassy of India, 6/8 Ulitsa Obukha, Moscow CIS, Moscow Tel. No. 007 – 095 – 2977523 / 095 – 1430320 Fax No. 007 – 095 – 9752337 Contact Person: Mr. R. Varadarajan, Resident Manager
Regional Office :	v No. 101, Aurbindo Place, Hauz Khas, New Delhi – 110 016, India Tel. No. 91-11-26514604 Fax No. 91-11-26864683 Contact Person: Gp. Capt. M. S. Shukla (Retd.), Resident Manager v New Kamani Chambers, 32, Ramjibhai Kamani Marg, Ballard Estate, Mumbai – 400 018, Maharashtra, India Tel. No. 91-22-2261 0329 / 2261 6276 Fax No. 91-22-2266 4890 Contact Person: Mr. Harish Chandra, Resident Manager v No. 9, SAIT Colony, 2^nd Street, Ground Floor, Egmore, Chennai – 600 008, Tamil Nadu, India Tel. No. 91-44-2822 4982 Fax No. 91-44-2828 4180 Contact Person: Mr. S. Ramachandran, Resident Manager v HAL Bhavan, D. No. 49-22-4, Near Shankar Matham, Lalitanagar, Vishakhapatnam – 530 016, Andhra Pradesh, India Tel. No. 91-891-22554376 Fax No. 91-891-22495248 Contact Person: Mr. C. Patnaik, Officer-in-Charge v Secretariat Contact Person: Mr. Ashok Tandon, Company Secretary Tel. No. 91-80-2286 6001 Fax No. 91-80-2286 8758 / 2286 7533
Corporate Communications :	Chief of Media Communications and Official Spokesperson
Address :	15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-22868629
Fax No.:	91-80-22862334
E-Mail :	cmc@hal-india.com
Marketing :	GM (Marketing ) Hindustan Aeronautics Limited
Address :	15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-22865197
Fax No.:	91-80-22867140
E-Mail :	marketing@hal-india.com
Business Development :	GM (Projects) Hindustan Aeronautics Limited
Address :	15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-22864930
Fax No.:	91-80-22867361
E-Mail :	Projects@hal-india.com
Customer Services :	ED (Customer Service and QA) Hindustan Aeronautics Limited
Address :	15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-22866578
Fax No.:	91-80-22865275
E-Mail :	Customerservice@hal-india.com
Suppliers :	GM (Integrated Material Management)
Address :	15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-22860292
Fax No.:	91-80-22867234
E-Mail :	imm@hal-india.com
Personnel and Administration:	Executive Director (Human Resource)
Address :	15/1, Cubbon Road, Bangalore - 560 001, Karnataka, India
Tel. No.:	91-80-22862107
Fax No.:	91-80-22863432
Recruitment :
Tel. No.:	91-80-22861917
Fax No.:	91-80-22863432
E-Mail :	recruitment@hal-india.com

DIRECTORS

AS ON 20.08.2010

Name :	Mr. Ashok Nayak
Designation :	Chairman
Address :	106-10th Cross, Indiranagat 1st Stage, Bangalore- 560038, Karnataka, Indian
Date of Birth/Age :	24.10.1951
Date of Appointment :	01.04.2009
Din No.:	01621890

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Whole-time director	01-04-09	01-07-07	-	Active	NO
U35303KA2005PTC037539	Snecma Hal Aerospace Private Limited	Nominee director	28-09-07	28-09-07	-	Active	NO
U74999KA2008PTC044972	Hatsoff Helicopter Training Private Limited	Director	16-01-08	16-01-08	15-04-09	Active	NO
U93000KA2008PLC046588	Tata HAL Technologies Limited	Director	28-05-08	28-05-08	08-06-11	Active	NO
U35303KA1994PLC016219	Indo-Russian Aviation Limited	Nominee director	15-04-09	15-04-09	-	Active	NO

Name :	Mr. Dhulappa Shivamurti
Designation :	Whole-time Director
Address :	SOQ-7, Hal Senior Officers Colony, Old Madras Road, Bangalore- 560093, Karnataka, India
Date of Birth/Age :	10.01.1956
Date of Appointment :	28.10.2005
Din No.:	00098231

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Whole-time director	28-10-05	28-10-05	03-03-11	Active	NO
U72200KA1993PLC013983	Baehal Software Limited	Director	30-06-09	01-04-09	03-03-11	Active	NO
U35303KA1994PLC016219	Indo-Russian Aviation Limited	Nominee director	15-04-09	15-04-09	-	Active	NO
U73100KA2007PTC042634	HAL-Edgewood Technologies Private Limited	Nominee director	14-08-09	14-08-09	-	Active	NO

Name :	Mr. Naresh Agarwal
Designation :	Whole-time director
Address :	SOQ-4, Hal Senior Officers Colony, Old Madras Road, Bangalore- 560093, Karnataka, India
Date of Birth/Age :	16.06.1951
Date of Appointment :	01.05.2008
Din No.:	01246449

Name :	Mr. Prakash V Deshmukh
Designation :	Managing Director
Address :	MIG Cottage, Hal Township, Ojhar Township PO, Nasik- 422207, Maharashtra, India
Date of Birth/Age :	07.11.1952
Date of Appointment :	01.10.2008
Din No.:	02376494

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Managing director	01-10-08	01-10-08	-	Active	NO
U35303KA1994PLC016219	Indo-Russian Aviation Limited	Director	01-10-08	01-10-08	-	Active	NO
U29200KA2007PLC043691	Infotech HAL Limited	Nominee director	16-04-09	16-04-09	-	Active	NO
U74999KA2008PTC044972	Hatsoff Helicopter Training Private Limited	Nominee director	08-06-11	08-06-11	-	Active	NO

Name :	Mr. Salil Kumar Jha
Designation :	Director
Address :	D -1, Hal Township, Faizabad Road, Lucknow- 226019, Uttar Pradesh, india
Date of Birth/Age :	18.07.1957
Date of Appointment :	01.01.2009
Din No.:	02417261

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Managing director	01-01-09	01-01-09	-	Active	NO
U32204DL2007PLC158372	Samtel Hal Display Systems Limited	Director	23-09-09	01-01-09	-	Active	NO
U35303KA2007PTC042680	HALBIT Avionics Private Limited	Nominee director	15-04-09	15-04-09	14-08-09	Active	NO

Name :	Mr. R Srinivasan
Designation :	Managing Director
Address :	No. 97, 16^th Main Road, Koramangala 4^th Block, Bangalore- 560034, Karnataka, India
Date of Birth/Age :	19.05.1951
Date of Appointment :	22.06.2009
Din No.:	02715459

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	17-09-10	22-06-09	01-06-11	Active	NO
U74999KA2008PTC044972	Hatsoff Helicopter Training Private Limited	Nominee director	14-08-09	14-08-09	08-06-11	Active	NO
U35303KA2007PTC042680	Halbit Avionics Private Limited	Nominee director	14-08-09	14-08-09	08-06-11	Active	NO

Name :	Mr. Rajan P Soundara
Designation :	Whole- time director
Address :	A2-101, Everest Apartment, 8^th Mainroad, Malleshwaram, Bangalore-560003, Karnataka, India
Date of Birth/Age :	11.05.1953
Date of Appointment :	01.08.2009
Din No.:	02639746

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
U35303KA2005PTC037539	Snecma Hal Aerospace Private Limited	Director	01-04-09	01-04-09	-	Active	NO
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Managing director	17-09-10	01-08-09	-	Active	NO
U35303KA2007PTC042680	Halbit Avionics Private Limited	Nominee director	14-08-09	14-08-09	-	Active	NO
U72200KA1993PLC013983	Baehal Software Limited	Director	06-08-10	14-08-09	-	Active	NO
U74999KA2008PTC044972	Hatsoff Helicopter Training Private Limited	Nominee director	07-07-10	07-07-10	-	Active	NO
U29253KA2010PTC054509	International Aerospace Manufacturing Private Limited	Director	16-07-10	16-07-10	-	Active	NO
U29199KA2010PLC056091	Multirole Transport Aircraft Limited	Director	01-12-10	01-12-10	-	Active	NO
U93000KA2008PLC046588	Tata HAL Technologies Limited	Director	08-06-11	08-06-11	-	Active	NO

Name :	Mr. D Balasunder
Designation :	Managing Director
Address :	No. 966, Hal III Stage, 1^st Block, III Cross, New Thippasandra, Bangalore-560075, Karnataka, India
Date of Birth/Age :	16.08.1951
Date of Appointment :	22.03.2010
Din No.:	03034333

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Managing director	22-03-10	22-03-10	-	Active	NO
U29253KA2010PTC054509	International Aerospace Manufacturing Private Limited	Director	16-07-10	16-07-10	-	Active	NO
U35303KA2007PTC042680	Halbit Avionics Private Limited	Nominee director	08-06-11	08-06-11	-	Active	NO

Name :	Mr. Prem Kumar Kataria
Designation :	Director (Part – Time Official)
Address :	805, Setctor B- IX, Vasant Kunj, New Delhi-110070, India
Date of Birth/Age :	01.05.1960
Date of Appointment :	12.07.2010
Din No.:	03175921

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
U35100MH1934GOI002079	Mazagon Dock Limited	Director	12-07-10	12-07-10	-	Active	NO
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	12-07-10	12-07-10	-	Active	NO
U63032GA1967GOI000077	Goa Shipyard Limited	Director	12-07-10	12-07-10	-	ACTIVE	NO

Name :	Mr. Vinod Kumar Misra
Designation :	Director (Part- Time Non- Official)
Address :	56/1, Friends Colony (East), New Delhi-110065, India
Date of Birth/Age :	24.06.1947
Date of Appointment :	11.11.2009
Din No.:	01641492

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
U35100MH1934GOI002079	Mazagon Dock Limited	Director	12-07-10	12-07-10	-	Active	NO
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	12-07-10	12-07-10	-	Active	NO
U63032GA1967GOI000077	Goa Shipyard Limited	Director	12-07-10	12-07-10	-	Active	NO

Name :	Mr. Niranjan K Naik
Designation :	Director (Part – Time Non-Official)
Address :	Flat No. 804, “A” Wing, “Gundecha Heights”, L.B.S. Marg, Kanjur Marg (West), Mumbai-400078, Maharashtra, India
Date of Birth/Age :	20.06.1944
Date of Appointment :	11.11.2009
Din No.:	028935379

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
U27100WB2010PTC140961	Shree Omkar Steel and Power Private Limited	Director	12-01-10	12-01-10	-	Active	NO
U45400WB2009PTC132074	Bajarangbali Infracon Private Limited	Additional director	26-03-10	26-03-10	-	Active	NO
U27200WB2010PTC148076	Shree Amr Ferro Alloys Private Limited	Director	17-05-10	17-05-10	-	Active	NO
U27106WB2011PTC157251	Shree Psp Ferro Alloys Private Limited	Director	13-01-11	13-01-11	-	Active	NO
U27106WB2011PTC160780	Sharma Alloys Private Limited	Director	15-03-11	15-03-11	-	Active	NO

Name :	Mr. M Fakruddin
Designation :	Whole-time Director
Address :	SOQ-20, Hal Senior Officers Colony, Old Madras Road, Bangalore- 560093, Karnataka, India
Date of Birth/Age :	15.07.1949
Date of Appointment :	01.01.2005
Date of cessation :	31.07.2009
Din No.:	00098313

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
U27100WB2010PTC140961	Shree Omkar Steel & Power Private Limited	Director	12-01-10	12-01-10	-	Active	NO
U45400WB2009PTC132074	Bajarangbali Infracon Private Limited	Additional director	26-03-10	26-03-10	-	Active	NO
U27200WB2010PTC148076	Shree Amr Ferro Alloys Private Limited	Director	17-05-10	17-05-10	-	Active	NO
U27106WB2011PTC157251	Shree Psp Ferro Alloys Private Limited	Director	13-01-11	13-01-11	-	Active	NO
U27106WB2011PTC160780	Sharma Alloys Private Limited	Director	15-03-11	15-03-11	-	Active	NO

Name :	Mr. M K Moitra
Designation :	Director
Address :	Flat No.441, Shriniketan, plot No.1, Sector-7, Dwarka, New Delhi- 110075, Delhi, India
Date of Birth/Age :	28.02.1942
Date of Appointment :	14.09.2006
Date of Ceasing:	13.09.2009
Din No.:	00062340

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	14-09-06	14-09-06	13-09-09	Active	NO
U65999MH2008PTC178870	Aegon Trustee Company Private Limited	Additional director	04-07-08	04-07-08	29-01-09	Active	NO
U67190MH2005PLC153471	Religare Asset Management Company Limited	Director	24-09-09	05-02-09	-	Active	NO

Name :	Mr. S Ravi
Designation :	Director
Address :	D -218, Saket, New Delhi-110017, India
Date of Birth/Age :	12.07.1955
Date of Appointment :	14.09.2006
Din No.:	00009790

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
U65990MH1993GOI075578	IDBI Capital Market Services Limited	Director	12-07-00	12-07-00	-	Active	NO
L74899DL1993PLC053677	IFCI Limited	Director	01-10-01	01-10-01	16-10-08	Active	NO
U67110MH2000PTC129483	Principal Trustee Company Private Limited	Director	05-05-04	05-05-04	18-12-06	Active	NO
L52320MH1941PLC003494	Batliboi Limited	Nominee director	03-09-04	03-09-04	15-05-08	Active	NO
U40109AP1992PLC014937	Spectrum Power Generation Ltd.	Nominee director	09-05-05	09-05-05	28-08-08	Active	NO
L63010GJ1992PLC018106	Gujarat Pipavav Port Limited	Nominee director	21-05-05	21-05-05	26-02-09	Active	NO
L65922MH1989PLC052257	LIC Housing Finance Ltd	Director	26-06-05	26-06-05	-	Active	NO
L99999MH1962PLC012542	Mahindra Ugine Steel Company Limited	Director	29-07-05	29-07-05	-	Active	NO
U65999DL2000PLC103177	IDBI Homefinance Limited	Director	11-08-06	30-01-06	01-09-10	Amalgamated	NO
L13100KA1976PLC002974	Kiocl Limited	Director	15-04-06	15-04-06	14-04-09	Active	NO
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	14-09-06	14-09-06	13-09-09	Active	NO
U65991MH2002GOI137868	Uti Trustee Company Private Limited	Director	26-09-07	29-11-06	-	Active	NO
U74210DL1999PTC098637	Ravi Rajan And Company Private Limited	Director	29-09-08	16-10-07	28-10-10	Active	NO
L74899DL1964GOI004281	Bharat Heavy Electricals Limited	Additional director	10-03-11	29-11-07	-	Active	NO
U67120MH2005PLC157556	Inter-Connected Stock Exchange Of India Limited	Director	30-01-08	30-01-08	21-11-09	Active	NO
U74140DL2008PTC178279	S Ravi Financial Management Services Private Limitd	Director	19-05-08	19-05-08	-	Active	NO
L27100AP1989PLC010122	Zenotech Laboratories Limited	Director appointed in casual vacancy	17-10-08	17-10-08	31-12-08	Active	NO
U74899DL1993PLC054259	Religare Housing Development Finance Corporation Limited	Director	23-09-09	24-06-09	-	Active	NO
U45203KA2009PTC050441	GMR Chennai Outer Ring Road Private Limited	Director	11-08-10	13-07-10	-	Active	NO
U74999MH2005PLC155683	Sme Rating Agency Of India Limited	Director	29-09-10	03-09-10	-	Active	NO
U85110KA1995PLC017248	Canbank Venture Capital Fund Limited	Additional director	25-11-10	25-11-10	-	Active	NO

Name :	Mr. Raman Puri
Designation :	Director
Address :	S -429,Greater Kailash Part- 1, Greater Kailash -1, New Delhi- 110022, Delhi, India
Date of Birth/Age :	20.02.1946
Date of Appointment :	14.09.2006
Date of Ceasing:	13.09.2009
Din No.:	00822810

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	14-09-06	14-09-06	13-09-09	Active	NO

Name :	Mr. Satya N Misra
Designation :	Director
Address :	Type 5B, L-61, VI/F, / Nivedita Kunj, Sector- 10, R.K Puram, New Delhi- 110022, Delhi, India
Date of Birth/Age :	31.12.1954
Date of Appointment :	23.05.2007
Date of Ceasing:	21.12.2009
Din No.:	01778929

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
U35301KA1963GOI001622	Hindustan Aeronautics Limited	Director	23-05-07	23-05-07	21-12-09	Active	NO
U14292AP1973GOI001660	Mishra Dhatu Nigam Limited	Director	31-05-07	31-05-07	28-01-10	Active	NO
U24292AP1970GOI001353	Bharat Dynamics Limited	Nominee director	21-08-07	21-08-07	10-01-08	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Tandon
Designation :	Company Secretary
Address :	SOQ-3, Hal Senior Officers Colony, Old Madras Road, Bangalore- 560093, Karnataka, India
Date of Birth/Age :	26.04.1955
Date of Appointment :	27.09.1995
Name :	Mr. Ranjan Chatterjee
Designation :	Joint Secretary
Name :	Mr. Anuradha Mitra
Designation :	Joint Secretary
Name :	Mr. Chatterjee
Designation :	Finance Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 20.08.2010

Names of Shareholders	No. of Shares
Ashok Nayak	10
Dhlulappa Shivamurti	10
R K Singh	50
Manoj Saunik	10
P.K. Katria	10
N C Agarwal	10
President of India	120499900
Total	120500000

Equity Share Breakup (Percentage of Total Equity)

AS ON 31.03.2009

Category	Percentage
Government (Central and State )	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Upgrade and Overhaul of Fighters, Trainers, Helicopters etc.

Products:

Item code No.	Product Description
8802.20	Fighter, Transport and Trainer Aircraft
8802.11	Helicopters
8803.30	Parts of Aircraft and Helicopters

· Aircrafts of Russian Origin

· Aircrafts of Western Origin

· Helicopters

· Communication/ Navigation Equipments

· Advanced Communication Equipments

· Accessories for Aircraft Helicopters and Aeri Engines

· Aerospace Equipments

· Aero Engines of Russian Origin

· Aero Engines of Origin

Brand Names :

"HAL", "KIRAN", "HIT-34", "CHETAK", "HAWK" and "JAGUAR"

GENERAL INFORMATION

Customers :	Manufacturers Government Bodies Others Domestic Customers: v Indian Airforce - 80% v Indian Coast Guard v Indian Airlines v Indian Navy v Indian Army v Border Security Force v Defence Research & Development Organisation v Indian Space Research Organization v Air India v Airports Authority of India v Jet Airways v Air Sahara v Bharat Electronics v Ordinance Factories v Oil & Natural Gas Corporation Limited v Coal India v Kudremukh Iron Ore Company Limited v NALCO v Reliance Industries v United Breweries v Government of Karnataka v Government of Andhra Pradesh v Government of Maharashtra v Government of Rajasthan v Government of West Bengal v Government of Jammu & Kashmir v Government of Uttar Pradesh v Government of Andhra Pradesh International Customers v Cosmic Air, Nepal v Gorkha Airlines, Nepal v Royal Nepal Army, Nepal v Island Aviation Services, Maldives v Royal Malaysian Air Force, Malaysia v Vietnam Air Force, Vietnam v Corporate Air, Philippines v Mistubishi Heavy Industries, Japan v Coast Guard, Mauritius v Namibian Air Force, Namibia v Peruvian Air Force, Peru v ELTA, Israel v Israel Aircraft Industries, Israel v Royal Air Force, Oman v Transworld Aviation, UAE v Airbus Industries, France v Dassault Aviation, France v EADS, France v Snecma, France v APPH Bolton, UK v BAE Systems, UK v Chelton, UK v Dowty Aerospace Hydraulics, UK v Hampson, UK v Messier Dowty Limited, UK v Rolls Royce Plc, UK v Smiths Industries, UK v Strongfield Technologies, UK v The Boeing Aircraft Company, USA v Honeywell International, USA v MOOG, USA
No. of Employees :	35000 (approximately)
Bankers :	v State Bank of India Industrial Finance Branch Residency Plaza, Residency Road, Bangalore 560025, Karnataka, India v Punjab National Bank, City Branch, Bangalore - 560 002, Karnataka, India v State Bank of Mysore, Industrial Finance Branch, Bangalore - 560 001, Karnataka, India v Bank of Baroda, Banking Branch, Bangalore - 560 025, Karnataka, India v Indian Bank, Bangalore, Karnataka, India v State Bank of India, Madame Cama Road, Mumbai - 400 021, Maharashtra, India v State Bank of Hyderabad v State Bank of Travancore v State Bank of Bikaner and Jaipur
Banking Relations :	Good
Auditors :
Name :	Shantahmurthy and Company Chartered Accountants
Address :	“SIsa House” No.3029, Hal 2^nd Stage, Sri Sai Darshna Marg, 13^th Main, Indiranagar, Bangalore- 560008, Karnataka, India
Pan No.:	AACFS5604E
Associates/Subsidiaries :	v BAR Hal Software Private Limited Address: Bangalore, Karnataka, India v All Government of India Undertaking Companies

CAPITAL STRUCTURE

As on 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
160,000,000	Equity shares	Rs.10/- each	Rs.1600.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120,500,000	Equity shares	Rs.10/- each	Rs.1205.000 millions

Notes

Of the above Shares, 2400000 Shares of Rs.10 each have been allotted as fully paid-up without payment being received in cash

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		1205.000	1205.000	1205.000
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		80030.226	64959.658	51632.234
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		81235.226	66164.658	52837.234
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		15052.868	15252.657	13790.462
DEFERRED LIABILITIES (Net)		1.820	19.853	20.252
TOTAL		96289.914	81437.168	66647.948
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		14655.024	43397.092	10800.685
Capital work-in-progress		2123.740	2178.593	2426.985
Special Tools & Equipments		29782.531	0.000	29541.066
INVESTMENT		2306.560	440.298	192.026
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	136600.348	104311.862	86146.382
	Sundry Debtors	18580.350	18482.571	14861.050
	Cash & Bank Balances	186576.356	197445.579	196463.186
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	50733.840	58561.421	42134.158
Total Current Assets		392490.894	378801.433	339604.776
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	30636.563	37881.330	24355.361
	Other Current Liabilities	318236.667	312586.027	299366.955
	Provisions	15857.873	12719.952	11767.182
Total Current Liabilities		364731.103	363187.309	335489.498
Net Current Assets		27759.791	15614.124	4115.278
MISCELLANEOUS EXPENSES		19662.268	19807.061	19571.908
TOTAL		96289.914	81437.168	66647.948

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	114558.212	103706.965	86231.164
		Other Income	19536.961	21993.298	17148.450
		TOTAL (A)	134095.173	125700.263	103379.614
Less	EXPENSES
		Consumption of raw material, components etc.	92218.016	76359.457	46844.305
		Amortization and other charges	7855.189	7977.416	6620.569
		Salaries and wages	19540.535	25427.760	18026.870
		Other expenses	7884.972	7761.715	8879.969
		Provision	4237.221	4782.966	5307.487
		Capital and other accounts	(5847.515)	(7000.080)	(3571.725)
		Change in WIP/SIT Scrape	(20337.886)	(14386.141)	(1682.049)
		TOTAL (B)	105550.532	100923.093	80425.426
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		28544.641	24777.170	22954.188
Less	INTEREST (D)		0.344	2.987	132.396
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		28544.297	24774.183	22821.792
Less/ Add	DEPRECIATION/ AMORTISATION (F)		1659.973	1425.543	1179.500
	PROFIT BEFORE TAX (E-F) (G)		26884.324	23348.640	21642.292
Less	TAX (H)		7210.211	5950.048	5323.495
	PROFIT AFTER TAX (G-I) (I)		19674.113	17398.616	16318.797
Less	APPROPRIATIONS
		Interim Dividend	2999.500	2999.500	2879.468
		Proposed Final Dividend	935.322	480.300	390.532
		Tax on Dividend (Interim and Final)	668.723	591.392	555.737
	BALANCE CARRIED TO THE B/S		15070.568	13327.424	12493.060
	Earnings Per Share (Rs.)		163.27	144.39	135.43

Expected Sales (2010-2011): Rs. 130000.000 Millions

The above information has been parted by Mr. Chatterjee (Finance Department)

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.67	13.84	15.78
Net Profit Margin (PBT/Sales)	(%)	23.47	22.51	25.09
Return on Total Assets (PBT/Total Assets}	(%)	6.60	5.53	6.18
Return on Investment (ROI) (PBT/Networth)		0.33	0.35	0.41
Debt Equity Ratio (Total Liability/Networth)		4.49	5.49	6.35
Current Ratio (Current Asset/Current Liability)		1.08	1.04	1.02

LOCAL AGENCY FURTHER INFORMATION

TRADE REFERENCES:

• Turbomeca
• General Electric

HISTORY

Subject was incorporated on 01.10.1964 at Bangalore in Karnataka having Company Registration Number 1622.

The history of the Indian Aircraft Industry can be traced to the founding of Hindustan Aircraft Limited at Bangalore in December 1940 in association with the erstwhile princely State of Mysore and late Shri Seth Walchand Hirachand, an Industrialist of extra -ordinary vision. Govt. of India became one of its shareholders in March 1941 and took over the management in 1942. Hindustan Aircraft Limited was merged with Aeronautics India Limited and Aircraft Manufacturing Depot, Kanpur to form Hindustan Aeronautics Limited (HAL) on 01^st October 1964.

Today The Company has got 16 production units and 9 research and design centres spread out in seven different locations in India. Its product track record consists of 12 types of aircraft from in house R and D and 13 types by license production. The Company has so far produced over 3300 aircraft, 3400 Aeroengines and overhauled over 7700 aircraft and 26000 engines.

The Company has engaged and succeeded in number of R and D programs for both the military and civil aviation sectors. Substantial progress has been made in the current projects like Dhruv -Advanced Light Helicopter (ALH), Tejas-Light Combat Aircraft (LCA), Intermediate Jet Trainer (IJT) and various military and civil upgrades. The deliveries of Dhruv were affected to Indian Army, Navy, Air Force and Coast Guard in March 2002, in its first year of production which is a unique achievement.

The Company has played a significant role for India's space programs in the manufacturing of satellite launch vehicles like PSLV (Polar Satellite Launch Vehicle), GSLV (Geo Stationary Launch Vehicle), IRS (Indian Remote Satellite) and INSAT (Indian National Satellite).

The Company has also two joint venture companies, BAeHAL Software Limited and Indo- Russian Aviation Limited (IRAL). Apart from the two, other major diversification projects are Industrial Marine Gas turbine and Airport Services. Several co-production and joint Ventures with international participation are under consideration.

The Company's supplies / services are mainly to Indian Defense Services, Coast Guard and Border Security Force. Transport aircraft and Helicopters have also been supplied to Airlines as well as State Governments of India. The Company has also achieved a foothold in export in more than 30 countries, having demonstrated its quality and price competitiveness.  

The Company has won several International and National Awards for achievements in R and D, Technology, managerial performance, exports, energy conservation, quality and fulfillment of social responsibilities. M/S Global Rating, United Kingdom in conjunction with The International Information and Marketing Center (IIMC) has awarded the “INTERNATIONAL GOLD MEDAL AWARD” AT THE INTERNATIONAL SUMMIT (GLOBAL RATING LEADERS 2003) LONDON, UK to M/s. Hindustan Aeronautics Limited for Corporate Achievement in Quality and Efficiency.

The Company was also presented the INTERNATIONAL “ARCH OF EUROPE” AWARD IN GOLD CATEGORY in recognition for its commitment to Quality, Leadership, technology and Innovation. At National level, The Company won the top award instituted- by SCOPE (Standing Conference of Public Enterprises) -The "GOLD TROPHY" for excellence in Public Sector Management.

The Company scaled new heights in the financial year 2002-2003 with a turn over of Rs.  31200 millions and export of Rs. 1038.900 millions.

Subject is engaged in to carry on the business as design, manufacture, upgrade and overhaul of fighters, trainers, helicopters, transport aircraft engines, air onus and systems equipments for both military and civil application.

It is engaged in design and development of fixed and rotary wing aircraft, engines, avionics and accessories. It is also engaged in manufacturing, maintaining, repairing and overhauling of fighter, transport and trainer aircraft, helicopters, aero engines, avionics, accessories and ground support equipments. It is also engaged in manufacturing of structural components for satellite and launch vehicles, software development for aerospace applications and design consultancy.

OPERATIONS:

The Profit Before Tax grew from Rs. 23348.600 Millions in the previous year to Rs. 26884.300 Millions an increase of 14.14 per cent.

FORM : 8

Bankers Charges Report as per Registry

This form is for	Creation of charge
Corporate identity number of the company	U99999MH1964PLC013068
Name of the company	HINDUSTAN AERONAUTICS LIMITED
Address of the registered office or of the principal place of business in India of the company	P.B. No. 225, 15/1, Cubben Road, P. O. Box 5150, Bangalore – 560 001, Karnataka, India
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	v State Bank of India Industrial Finance Branch Residency Plaza, Residency Road, Bangalore - 560025, Karnataka, India E-Mail: ram1252006@yahoo.com
Nature of description of the instrument creating or modifying the charge	Agreement of hypothecation of goods and assets- Form C.2 and letter regarding the grant of individual limits within the overall limits – form- C-5 (both the above pertain to the same charge)
Date of instrument Creating the charge	28.08.2007
Amount secured by the charge	Rs.4000.000 millions
Brief particulars of the principal terms an conditions and extent and operation of the charge	Rate of Interest As per terms of sanction – LC Limit – NA. overdue interest is payable in case of default. Terms of Repayment Working capital facility- repayable on demand Margin As per term of sanction - Nil Extent and Operation of the charge Excusive first charge on the assets of the company and to the full extent. Others Letter of credit – Rs.4000.00 millions
Short particulars of the property charged	Hypothecation of present and future all of the borrowers stock of raw materials semi finished and finished goods; book debts, bills claims, receivable, outstanding, invoice documents, contractor, insurance policies, guarantees, engagements, securities investment, plant and machineries, other movable assets etc. wherever situate, held or stored or in transit or in the custody of any third party.

Corporate identity number of the company	U35301KA1963GOI001622
Name of the company	HINDUSTAN AERONAUTICS LIMITED
Address of the registered office or of the principal place of business in India of the company	P.B. No. 225, 15/1, Cubbon Road, P. O. Box 5150, Bangalore – 560 001, Karnataka
This form is for	Modification of Charge
Charge identification number of the charge to be modified	10070823
Type of charge	Book Debts Movable Property Floating Charge
Particular of charge holder	State Bank of India Industrial Finance Branch Residency Plaza, Residency Road, Bangalore - 560025, Karnataka, India
Nature of instrument creating charge	Joint deed of Hypothecation Form CF-2 and Interest pari passu agreement (both pertain to the same charge)
Date of instrument Creating the charge	30..04.2010
Amount secured by the charge	Rs. 11680.000 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of Interest CC/LC/BG – Limit as per respective sanction Terms of Repayment CC/LC/BG – Limit as per respective sanction Margin CC/LC/BG – Limit as per respective sanction Extent and Operation of the charge Pari Passu First Charge on the Asset of the assets of the company and to the full extent. Pari passu with other 11 banks SBI Rs. 9700.000 Millions, PNB Rs. 700.000 Millions, IB Rs. 300.000 Millions, BOB Rs. 80.000 Millions, SB Rs. 220.000 Millions, CRS, UBI Rs. 20.000 Millions, IOB Rs. 20.000 Millions, SBH Rs. 300.000 Millions, SBM Rs. 280.000 Millions, SBT Rs. 20.000 Millions, SBP Rs. 20.000 Millions SBB and J Rs. 20.000 Millions, Total Rs. 11680.000 Millions Others Accordingly the bank had taken security documents for Rs. 11700.000 Millions. However, Exim Bank who had earlier inclined to join the consortium have since withdrawn from the consortium and hence have not executed the inter se pari passu agreement. Hence, the charge to be registered has to be registered to Rs. 11680.000 Millions. Please register the charge favouring the consortium banks.
Short particulars of the property charged	Hypothecation of company’s present and future current assets like stocks, raw material, semi finished and finished goods, book debts, receivables, outstanding monies, bills, rights, stores, components and assets to be purchased out of bank finance.
Particulars of the present modification	The amount secured by the charge stands increased to Rs. 11680.000 Millions. The securities described and detailed in col. No. 15 herein above continue for the enhancement limit. All other terms and conditions remain unchanged.

FIXED ASSETS:

· Land and Development

· Buildings

· Plant,

· Machinery,

· Equipments

· Water Supply

· Rail Road, Siding

· Runways

· Equipments and Furniture’s

· Aircraft / Helicopters

· Transport Vehicles

AS PER WEBSITE DETAILS

Subject came into existence on 1st October 1964.  The Company was formed by the merger of Hindustan Aircraft Limited with Aeronautics India Limited and Aircraft Manufacturing Depot, Kanpur.

The Company traces its roots to the pioneering efforts of an industrialist with extraordinary vision, the late Seth Walchand Hirachand, who set up Hindustan Aircraft Limited at Bangalore in association with the erstwhile princely State of Mysore in December 1940. The Government of India became a shareholder in March 1941 and took over the Management in 1942.

Today, Subject has 19 Production Units and 9 Research and Design Centres in 7 locations in India. The Company has an impressive product track record - 12 types of aircraft manufactured with in-house R and D and 14 types produced under license. Subject has manufactured over 3550 aircraft , 3600 engines and overhauled over 8150 aircraft and 27300 engines.

HAL has been successful in numerous R and D programs developed for both Defense and Civil Aviation sectors. HAL has made substantial progress in its current projects:

• Advanced Light Helicopter  – Weapon System Integration (ALH-WSI)
• Tejas - Light Combat Aircraft (LCA)
• Intermediate Jet Trainer (IJT)
• Light Combat Helicopter (LCH)
• Various military and civil upgrades.

Dhruv was delivered to the Indian Army, Navy, Air Force and the Coast Guard in March 2002, in the very first year of its production, a unique achievement.

Subject has played a significant role for India's space programs by participating in the manufacture of structures for Satellite Launch Vehicles like

· PSLV (Polar Satellite Launch Vehicle)

· GSLV (Geo-synchronous Satellite Launch Vehicle)

· IRS (Indian Remote Satellite)

· INSAT (Indian National Satellite)

HAL has formed the following Joint Ventures (JVs) :

• BAeHAL Software Limited
• Indo-Russian Aviation Limited (IRAL)
• Snecma HAL Aerospace Private Limited
• SAMTEL HAL Display System Limited
• HALBIT Avionics Private Limited
• HAL-Edgewood Technologies Private Limited
• INFOTECH HAL LIMITED

Apart from these seven, other major diversification projects are Industrial Marine Gas Turbine and Airport Services. Several Co-production and Joint Ventures with international participation are under consideration.

Subject supplies / services are mainly to Indian Defense Services, Coast Guards and Border Security Forces. Transport Aircraft and Helicopters have also been supplied to Airlines as well as State Governments of India. The Company has also achieved a foothold in export in more than 30 countries, having demonstrated its quality and price competitiveness.

Subject has won several International and National Awards for achievements in R and D, Technology, Managerial Performance, Exports, Energy Conservation, Quality and Fulfillment of Social Responsibilities.

• Golden Award for Quality and Business Prestige from Other ways Management Association Club, France
• International Aerospace Awards (instituted by SAP Media Worldwide Ltd) as mark of recognition to the Indian Industry for excellence in innovation, indigenous technology and entrepreneurship under the following categories:-

− Outstanding contribution to the Defense Industry.

− Most Influential Company of the year

− Excellence in Indigenous Technology

− Excellence in Exports 

At the National level, HAL won the "GOLD TROPHY" for excellence in Public Sector Management,  instituted by the Standing Conference of Public Enterprises (SCOPE).

PRESS RELEASES

Bangalore, July 27, 2011 : Shri VM Chamola has taken over the coveted appointment of Director, Human Resources, Hindustan Aeronautics Ltd (HAL), today. Prior to this, he was Chief General Manager (CGM) HR in BEML and he also has HAL’s exposure earlier as Addl. General Manager (HR).

Having rich experience in various segments of HR coupled with unstinted efforts in streamlining the arena, HAL saw rapid changes during his previous term. He rationalised the transport services, brought in uniform system for canteen services and shift timings to name a few of his achievements.  On assuming the elevated post he said, “it is challenging, we need to focus on bringing in more transparent and uniform systems”.

Background : Born on 04^th Dec 1959, Shri Chamola hails from Uttarakhand and did his post graduation in MA(Economics) from Garhwal University, LLB from APS University, MBA (HRM) from IGNOU and is pursuing Doctorate in Business Administration.  His career started as Executive Trainee in NTPC in 1982 and reached the rank of Manager (P&A). Further he joined NJPC in 1992 and reached the scale of Chief Manager (P&A).  He joined HAL in 1998, served as Deputy General Manager (P&A) and Addl. General Manager (HR).  Finally he was with BEML as Chief General Manager (HR) before joining HAL now.  His expertise includes Industrial Relations, Training and Development, Administration, Welfare, issues related to Establishment and  manpower planning.  To his credit of outstanding achievements, he was instrumental in formulating the Employees Voluntary Benevolent Fund Scheme in 1991 providing an immediate relief of one lakh rupees to the deceased employees of NTPC.  He was also responsible for building a Corpus Fund under Himachal Pradesh Human Rights Commission for providing medical help to the incapacitated contract labour working with NJPC.  He accomplished an impossible task of arranging boarding and lodging for 130 employees of NJPC within a span of 24 hours.

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. 48.82
UK Pound	1	Rs. 75.48
Euro	1	Rs. 66.10

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	8
PAID-UP CAPITAL	1~10	9
OPERATING SCALE	1~10	9
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	9
--PROFITABILIRY	1~10	9
--LIQUIDITY	1~10	9
--LEVERAGE	1~10	9
--RESERVES	1~10	9
--CREDIT LINES	1~10	9
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	YES
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		80

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.