MIRA INFORM REPORT

Report Date :

05.11.2012

IDENTIFICATION DETAILS

Name :	BELL HELICOPTER ASIA (PTE) LTD
Registered Office :	6 Seletar Aerospace Heights Singapore 797545
Country :	Singapore
Financials (as on) :	31.01.2011
Date of Incorporation :	12.12.1983
Com. Reg. No.:	198305847N
Legal Form :	Limited Private Company
Line of Business :	Wholesale of Aircraft Equipment and Supplies (Including Aeronautical Equipment)
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exists

NOTES :

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

ECGC Country Risk Classification List – June 30^th, 2012

Country Name	Previous Rating (31.03.2011)	Current Rating (30.06.2012)
Singapore	A1	A1

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

SINGAPORE - ECONOMIC OVERVIEW

Singapore has a highly developed and successful free-market economy. It enjoys a remarkably open and corruption-free environment, stable prices, and a per capita GDP higher than that of most developed countries. The economy depends heavily on exports, particularly in consumer electronics, information technology products, pharmaceuticals, and on a growing financial services sector. Real GDP growth averaged 8.6% between 2004 and 2007. The economy contracted 1.0% in 2009 as a result of the global financial crisis, but rebounded 14.8% in 2010 and 4.9% in 2011, on the strength of renewed exports. Over the longer term, the government hopes to establish a new growth path that focuses on raising productivity, which has sunk to a compound annual growth rate of just 1.8% in the last decade. Singapore has attracted major investments in pharmaceuticals and medical technology production and will continue efforts to establish Singapore as Southeast Asia's financial and high-tech hub.

Source : CIA

Company Name:	Registered Number:
BELL HELICOPTER ASIA (PTE) LTD	198305847N

Date Incorporated:	Registered Office:	Telephone Number:
12/12/1983	6 SELETAR AEROSPACE HEIGHTS SINGAPORE 797545	6542 2422
Age of Company:	Website:	Industry Type:
29	www.bellhelicopter.textron.com	COMMERCE-WHOLESALE

Risk Dashboard
Days Beyond Terms	Trend:	No. of Litigation Counts:
Company DTC:		1
66
Better than last month; last month the entity took 46 days to pay		No. of Charges(s): 0
Industry DTC
25

Directors		Corporate Structure
Number of Current Directors	4	Holding Company:	BELL HELICOPTER SERVICES INC
Number that are shareholders	1	No. of Subsidiaries & Associated Companies:	NA

EXECUTIVE SUMMARY

Company Name	:	BELL HELICOPTER ASIA (PTE) LTD
Registration No	:	198305847N
Date of Registration	:	12/12/1983
Former Name	:	NA
Date of Change of Name	:	NA
Type of Company	:	LIMITED PRIVATE COMPANY
Registered Address	:	6 SELETAR AEROSPACE HEIGHTS SINGAPORE 797545
Date of Change of Address	:	15/06/2012
Contact No.	:	6542 2422
Fax No.	:	6545 4098
Website	:	www.bellhelicopter.textron.com
Registered Activities	:	WHOLESALE OF AIRCRAFT EQUIPMENT AND SUPPLIES (INCLUDING AERONAUTICAL EQUIPMENT) SALE OF HELICOPTERS & SPARE PARTS
Issued Ordinary Capital*	:	$12,000,000.00 SINGAPORE, DOLLARS ,NO. OF SHARE : 120,000
Issued Preference Capital	:	$8,000,000.00 SINGAPORE, DOLLARS NO. OF SHARE : 80,000
Paid-Up Ordinary Capital	:	$12,000,000.00 SINGAPORE, DOLLARS
Paid-Up Preference Capital	:	$8,000,000.00 SINGAPORE, DOLLARS
* Number of Shares includes number of Issued Treasury Shares
Issued Treasury Capital	:	NA
Paid-Up Treasury Capital	:	NA
No. of Local Subsidiaries	:	NA
No. of Local Associates	:	NA
Auditor	:	ERNST & YOUNG LLP
Bankers / Financiers	:	NA
Turnover	:	SGD - SIN 182,364,614.00 (FY2011)
Net Worth	:	SGD - SIN 29,208,743.00 (FY2011)
No. of Bank Charges	:	NA
No. of Litigation Suits	:	1
S1000 / SME 1000 / FG50 Ranking	:	1248 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2010/2011) 1700 POSITION IN Singapore 1000 Companies Ranked by Sales/Turnover (2009/2010)
Compounded Annual Growth Rate (CAGR)	:	NA

SHAREHOLDER DETAILS

NAME	:	BELL HELICOPTER SERVICES INC
SHAREHOLDER ID	:	S83UF0271G
NATIONALITY	:	UNITED STATES
ADDRESS	:	P O BOX 482 FORT WORTH TEXAS 76101 USA
NO. OF ORD SHARES	:	120,000 80,000
% OF SHAREHOLDING	:	60% 40%
CURRENCY	:	SINGAPORE, DOLLARS SINGAPORE, DOLLARS

OFFICER DETAILS

NAME	:	ANTHONY ALFRED VIOTTO
ADDRESS	:	1006 NORTH CHARLOTTE, STEPHENVILLE, TX 76401, UNITED STATES OF AMERICA
POSITION	:	DIRECTOR
DATE OF APPT	:	31/10/2008
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	017823779
NAME	:	RICARDO DANIEL MALDONADO
ADDRESS	:	1566 HUNTERGLENN DRIVE, ALEDO, TX 06008, UNITED STATES OF AMERICA
POSITION	:	DIRECTOR
DATE OF APPT	:	31/10/2008
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	095541820
NAME	:	RAYMOND AARON WALLER
ADDRESS	:	11 NATHAN ROAD #05-04 REGENCY PARK SINGAPORE 248732
POSITION	:	SECRETARY
DATE OF APPT	:	31/10/2008
NATIONALITY	:	AMERICAN
I/C PASSPORT	:	G5738861M
NAME	:	KHOONG CHOI PENG JANET
ADDRESS	:	834 YISHUN STREET 81 #10-430 SINGAPORE 760834
POSITION	:	DIRECTOR
DATE OF APPT	:	11/09/1995
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S1363668J
NAME	:	ANG YEE KOON DAPHNE
ADDRESS	:	596D ANG MO KIO STREET 52 #11-307 SINGAPORE 564596
POSITION	:	SECRETARY
DATE OF APPT	:	11/08/2011
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7526599I
NAME	:	KAMILLE TEO WEI WEI (ZHANG WEIWEI)
ADDRESS	:	669D JURONG WEST STREET 64 #12-60 SINGAPORE 644669
POSITION	:	SECRETARY
DATE OF APPT	:	01/07/2009
NATIONALITY	:	SINGAPORE CITIZEN
I/C PASSPORT	:	S7628908E

KEY PERSONNEL PROFILE

Name:	KHOONG CHOI PENG JANET
NRIC Number:	S1363668J
Available Address:	834 YISHUN STREET 81 #10-430 SINGAPORE 760834

Current Business Interest

No.	Name	Position	Appt Date	#of Share	%
1	BELL HELICOPTER ASIA (PTE) LTD	DIRECTOR	11/09/1995	-	-
2	TEXTRON FAR EAST PTE. LTD.	MANAGER	04/02/2004	-	-

Previous Business

No.	Name	Status	Position	Appt Date	Last Known Inactive Date
No Trace

Bankruptcy Record

Case No.	Year	Date of Filing	Petitioner Name	Amount
No Trace

Litigation Search – Writ of Summons

Court	Case No.	Transfer	Year	Date of Filing	Amount	Cause Category
No Trace

SUBSIDIARIES AND ASSOCIATE COMPANIES

Company	Shareholdings (%)
NA

BANKERS/ FINANCIERS

Subject enjoys a normal banking routine with its bankers. To date, there are no bank charges registered against Subject by its bankers.

LITIGATION

To date, there have been 1 litigation suits filed against Subject.

	Current Year On/After 01 Jan 2012	Past Years Bef 01 Jan 2012
Court (Claim under normal circumstances)
Magistrate (< $80,000)	0	0
District ($80,000 - $250,000)	0	0
High (>$250,000)	0	1
Winding Up Trace		No
In litigation/Dissolved/Struck Off/In receivership		No

The details are as follows:

1)	Court	:	Supreme Court
	Case No.	:	569
	Transfer	:	-
	Date of Filing	:	07/09/2007
	Amount	:	USD 325,000.00 USD 1,688,000.00
	Cause	:	Contract - Sale of Goods & Services
	Case Status	:	PENDING
	Plaintiff	:	BANGKOK HELICOPTER SERVICES CO. LTD.

COMPLIANCE

Date of Last AGM	:	30/08/2012
Date of Last AR	:	19/09/2012
Date of A/C Laid At Last AGM	:	31/12/2011

COMPLIANCE RATING FOR ANNUAL FILING

ANNUAL GENERAL MEETING,ANNUAL RETURN AND ACCOUNTS UP-TO-DATE

Note:

Provided by ACRA (Accounting and Corporate Regulatory Authority), the Compliance Rating for Annual Filing measures a company’s compliance with the provisions under S175, S197 or S201 of the Companies Act, Cap. 50.

Applicable to all “Live” locally incorporated companies except for the Limited Partnerships, Limited Liability Partnerships, Business Entities, Foreign Companies and Public Accounting Firms, the rating provide information on whether a company is up-to-date with the holding of its Annual General Meeting (AGM) with up-to-date financial statements and filing of its Annual Return (AR).

For more information: www.acra.gov.sg/compliance

FINANCIAL HIGHLIGHTS

Financial Figures	Company
	JAN 2011	% Change	JAN 2010
Currency	SGD - SIN		SGD - SIN
Profit and Loss Key Figures
Turnover	182,364,614	65.44	110,228,049
Profit/(Loss) Before Tax	9,968,397	5.90	9,413,075
Profit After Tax attributable to Shareholders	8,206,956	4.76	7,833,826
Balance Sheet Key Figures
Total Assets	51,297,204	-3.62	53,225,604
Current Assets	51,190,163	-3.41	52,999,168
Non Current Assets	107,041	-52.73	226,436
Total Liabilities	22,088,460	-28.11	30,727,121
Current Liabilities	22,088,460	-28.11	30,727,121
Non Current Liabilities	0	NA	0
Shareholders' Funds	29,208,743	29.83	22,498,483
Share Capital	12,999,429	-6.65	13,925,835
Total Reserves	16,209,314	89.08	8,572,648

FINANCIAL RATIOS

	Company
	JAN 2011	JAN 2010
Growth %
Year-on-Year Growth	65.44	-25.11
Profitability
Profit Margin (%)	4.50	7.11
Return on Equity (%)	28.10	34.82
Return on Assets (%)	16.00	14.72
Leverage
Total Debt/Equity (Times)	0.76	1.37
Current Debt/Equity (Times)	0.76	1.37
Long Term Debt To Equity (Times)	0.00	0.00
Total Asset To Total Equity (Times)	1.76	2.37
Asset Management
Total Assets Turnover (Times)	3.56	2.07
Fixed Assets Turnover (Times)	1,703.69	486.80
Liquidity
Current Ratio (Times)	2.32	1.72

FINANCIAL COMMENTARY

Profitability

The company yielded a rate of net profit on sales of 4.50 per cent in FY11 (FY10: 7.11 per cent). The company is now able to book in SGD - SIN 0.05 of profit for every SGD - SIN of sales in FY11, as compared with SGD - SIN 0.07 a year ago.

Liquidity

Current ratio stood at 2.32 times in FY11 (FY10: 1.72 times). This means that the company has SGD - SIN 2.32 of current assets for every SGD - SIN of current liability incurred.

A minimum figure of 1.0 would be considered the lowest limit that this figure should reach. Any business that has a current ratio near 1.0 may be heading for liquidity problems, and would need to be closely monitored. A figure greater than 2.0 would be more desirable, to act as a buffer against any short-term liquidity problems, and give creditors/bank managers a degree of comfort when granting credit/finance.

FINANCIAL COMMENTARY

Leverage

Total debt-to-equity ratio notched 0.76 times in FY11, compared with 1.37 times in FY10. This means that the company requires additional external financing of SGD - SIN 0.76 for every SGD - SIN injected into its operations.

Generally, a total debt-to-equity ratio of less than 0.5 times is preferred. The ratio measures the proportion of the company's reliance on external debt for financing, relative to the shareholder's fund. A lower ratio would imply a greater financial safety and operating freedom for the company.

Efficiency Ratio

Return on equity was 28.10 per cent for Subject in the current financial period, as compared to 34.82 per cent a year ago. The return on equity measures the return earned on the owner's investment. Generally, the higher this return, the better off the owner.

Return on assets stood at 16.00 per cent (FY10: 14.72 per cent). The return on asset measures the overall effectiveness of management in generating profit with its available assets.

Total assets turnover ratio logged at 3.56 times in FY11 (FY10: 2.07 times). This ratio measures the company's ability to make productive use of its total assets to generate sales which reflects the efficiency of the management in utilising its resources.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

PRL

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.