MIRA INFORM REPORT

Report Date :

13.01.2012

IDENTIFICATION DETAILS

Name :	INTERNATIONAL AEROSPACE MANUFACTURING PRIVATE LIMITED
Registered Office :	15/1, Cubbon Road, Post Box No. 5150, Bangalore – 560 001, Karnataka
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	16.07.2010
Com. Reg. No.:	08-54509
Capital Investment / Paid-up Capital :	Rs.100.000 millions
CIN No.: [Company Identification No.]	U29253KA2010PTC054509
Legal Form :	Private Limited Liability Company
Line of Business :	The Company’s main objective is to carry on business in manufacturing products and components to be used in civil aerospace sector.
No. of Employees :	100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 370000
Status :	New Company
Payment Behaviour :	Unknown
Litigation :	Clear
Comments :	Subject is a joint venture between Hinduatan Aeronautics Limited, India and Rolls-Royce Overseas Holdings Limited, Derbyshire. It is a new company and yet to commence its commercial operations. Payments are unknown. However in view of strong promoters the company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

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

ECGC Country Risk Classification List – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION DECLINED BY

Name :	Mr. Santosh
Designation :	Equipment Engineer
Date :	10.01.2012

LOCATIONS

Registered Office :	15/1, Cubbon Road, Post Box No. 5150, Bangalore – 560 001, Karnataka, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	ramakrishna.k@iampl.co.in cosec@hal-india.com
Factory (Under Construction) :	Wind Tunnel Road, Bangalore, India

DIRECTORS

As on 05.08.2011

Name :	Mr. P. Soundara Rajan
Designation :	Director
Address :	A2-101, Everest Apartments, 8^th Main Road, Malleshwaram, Bangalore – 560 033, Karnataka, India
Date of Birth/Age :	11.05.1953
Qualification :	Post Graduate
Date of Appointment :	16.07.2010
DIN No.:	02639746

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	U35303KA2005PTC037539	Snecma HAL Aerospace Private Limited	Director	01-04-09	01-04-09	21-10-11	Active	NO
2	U35301KA1963GOI001622	Hindustan Aeronautics Limited	Managing director	17-09-10	01-08-09	-	Active	NO
3	U35303KA2007PTC042680	Halbit Avionics Private Limited	Nominee director	14-08-09	14-08-09	-	Active	NO
4	U72200KA1993PLC013983	Baehal Software Limited	Director	06-08-10	14-08-09	30-09-11	Active	NO
5	U74999KA2008PTC044972	Hatsoff Helicopter Training Private Limited	Nominee director	07-07-10	07-07-10	-	Active	NO
6	U29253KA2010PTC054509	International Aerospace Manufacturing Private Limited	Director	16-07-10	16-07-10	29-09-11	Active	NO
7	U29199KA2010PLC056091	Multirole Transport Aircraft Limited	Director	01-12-10	01-12-10	-	Active	NO
8	U93000KA2008PLC046588	Tata HAL Technologies Limited	Director	08-06-11	08-06-11	-	Active	NO
9	U29200KA2007PLC043691	Infotech HAL Limited	Nominee director	28-09-11	21-07-11	-	Active	NO

Name :	Mr. Anil Sharad Shrikhande
Designation :	Director
Address :	7, Kautilya Marg, Chanakyapuri, New Delhi – 110 021, India
Date of Birth/Age :	14.01.1953
Qualification :	Post Graduate
Date of Appointment :	16.07.2010
DIN No.:	02788599

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29141DL1999PTC100963	Rolls-Royce India Private Limited	Managing director	18-09-09	16-09-09	Active	NO
2	U29253KA2010PTC054509	International Aerospace Manufacturing Private Limited	Director	16-07-10	16-07-10	Active	NO
3	U93000DL2011FTC225748	Bergen Engines India Private Limited	Director	03-10-11	03-10-11	Active	NO

Name :	Mr. Stephen Paul Churchhouse
Designation :	Director
Address :	2, Broadway, Derby, DE221FZ, United Kingdom
Date of Birth/Age :	27.12.1962
Qualification :	Post Graduate
Date of Appointment :	16.07.2010
DIN No.:	03023633
Name :	Mr. Andrew John Greasley
Designation :	Director
Address :	Back Lane Cottage, Back Lane, Curry Rivel, Langport, Somerset, TA100NY, United Kingdom
Date of Birth/Age :	14.09.1967
Qualification :	Post Graduate
Date of Appointment :	16.07.2010
DIN No.:	03023652
Name :	Mr. D. P. Rao
Designation :	Director
Address :	H. No. 412, 11^th Main, 9^th Cross, BEML Layout, 6^th Stage, Tuburahalli, Bangalore – 560 066, Karnataka, India
Date of Birth/Age :	04.02.1954
Qualification :	Post Graduate
Date of Appointment :	16.07.2010
DIN No.:	03031126

Other Directorship

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29253KA2010PTC054509	International Aerospace Manufacturing Private Limited	Director	16-07-10	16-07-10	Active	NO
2	U29199KA2010PLC056091	Multirole Transport Aircraft Limited	Director	01-12-10	01-12-10	Active	NO
3	U72200KA1993PLC013983	BAeHAL Software Limited	Director	29-09-11	03-08-11	Active	NO

KEY EXECUTIVES

Name :	Mr. Ramakrishna K.
Designation :	Secretary
Address :	No. 134, 5^th Main, 3^rd Cross, KSRTC Layout, Chikkalasandra, Bangalore – 560 061, Karnataka, India
Date of Birth/Age :	24.12.1977
Date of Appointment :	09.05.2011
PAN No.:	ALNPK0291P
Name :	Mr. Santosh
Designation :	Equipment Engineer

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 05.08.2011

Names of Shareholders	No. of Shares
Hindustan Aeronautics Limited, India	500000
Rolls Royce Overseas Holding Limited, Derbyshire	500000
Total	1000000

List of Allotment (As on 29.09.2011)

Names of Allottees	No. of Shares
Rolls Royce Overseas Holding Limited, Derbyshire	1500000
Hindustan Aeronautics Limited, India	1500000
Total	3000000

As on 05.08.2011

Equity Share Breakup	Percentage of Holding
Category
Government (Central and State)	50.00
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	50.00
Total	100.00

BUSINESS DETAILS

Line of Business :

The Company’s main objective is to carry on business in manufacturing products and components to be used in civil aerospace sector.

GENERAL INFORMATION

No. of Employees :	100 (Approximately)
Bankers :	Not Available

Banking Relations :	--
Auditors :
Name :	BSRR and Company Chartered Accountants
Address :	Maruthi Info-Techcenter, 11-12/1, Inner Ring Road, Koramangala, Bangalore – 560 071, Karnataka, India
PAN No.:	AAKFB1884H

CAPITAL STRUCTURE

After 05.08.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.100/- each	Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4000000	Equity Shares	Rs.100/- each	Rs.400.000 millions

As on 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.100/- each	Rs.1000.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Shares	Rs.100/- each	Rs.100.000 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011
SHAREHOLDERS FUNDS
1] Share Capital		100.000
2] Share Application Money		0.000
3] Reserves & Surplus		0.000
4] (Accumulated Losses)		(7.393)
NETWORTH		92.607
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		0.000
TOTAL BORROWING		0.000
DEFERRED TAX LIABILITIES		0.000
TOTAL		92.607
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		0.120
Capital work-in-progress		0.631
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000
	Sundry Debtors	0.000
	Cash & Bank Balances	90.814
	Other Current Assets	0.000
	Loans & Advances	2.087
Total Current Assets		92.901
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	0.439
	Other Current Liabilities	0.606
	Provisions	0.000
Total Current Liabilities		1.045
Net Current Assets		91.856
MISCELLANEOUS EXPENSES		0.000
TOTAL		92.607

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011
	SALES
		Income	0.000
		Other Income	1.984
		TOTAL	1.984
Less	EXPENSES
		Office Expenses	9.377
		Administrative Expenses
		Advertising Expenses
		TOTAL	9.377
	PROFIT/(LOSS) BEFORE TAX		(7.393)
Less	TAX		0.000
	PROFIT/(LOSS) AFTER TAX		(7.393)
	Earnings Per Share (Rs.)		(7.39)

KEY RATIOS

PARTICULARS		31.03.2011
PAT / Total Income	(%)	(372.63)
Return on Total Assets (PBT/Total Assets}	(%)	(7.95)
Return on Investment (ROI) (PBT/Networth)		(0.08)
Debt Equity Ratio (Total Liability/Networth)		0.01
Current Ratio (Current Asset/Current Liability)		88.90

LOCAL AGENCY FURTHER INFORMATION

BACKGROUND

Subject was incorporated on 16th July, 2010 as a private limited company under the Companies Act, 1956 (the Act). The registered office of the Company is in Bangalore, India.

The Companys main objective is to carry on business in manufacturing products and components to be used in civil aerospace sector.

REVIEW OF OPERATIONS

The Company is yet to commence the commercial production. Construction of manufacturing facilities on land leased by HAL is underway. The Company is in the process of obtaining all required registrations and approvals from the various Governmental authorities as applicable under various India laws and also it is in the process of registering itself as a 100% Export Oriented Unit in order to avail the various benefits available under the statutes.

The Executive Management Team has been established and other recruitments are under process. Also, the Executive management is in the process of setting up system and procedures for the day to day operations of the company.

FIXED ASSETS

· Leasehold Land

· Office Building

· Factory Building

· Plant and Machinery

· Computer Software

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.51.83
UK Pound	1	Rs.79.42
Euro	1	Rs.65.90

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.