MIRA INFORM REPORT

Report Date :

05.11.2012

1. Summary Information

		Country	India
Company Name	HONEYWELL AUTOMATION INDIA LIMITED	Principal Name 1	Mr. Madhukar Narayan Bhagwat
Status	Good	Principal Name 2	Mr. Surendra Laxminarayan Rao
		Registration #	11-017951
Street Address	56 and 57, Hadapsar Industrial Estate, Pune – 411 013, Maharashtra, India
Established Date	13.01.1984	SIC Code	--
Telephone#	91-20-66039400 / 26870445 / 26870446 / 26872170 / 26870153 / 66008187 / 66072725	Business Style 1	Manufacturer
Fax #	91-20-66039800 / 26872205 / 26875957 / 66039979	Business Style 2	--
Homepage	http://www.honeywellautomationindia.com	Product Name 1	Distribution Control Systems
# of employees	1355 (Approximately)	Product Name 2	Building Control Systems
Paid up capital	Rs.88,415,230/-	Product Name 3	Smart Transmitters
Shareholders	Promoter and Promoter -81.24% Public shareholding -18.76%	Banking	State Bank of India
Public Limited Corp.	Yes	Business Period	28 Years
IPO	Yes	International Ins.	--
Public Enterprise	Yes	Rating	A (68)
Related Company
Relation	Country	Company Name	CEO
Holding Company	--	Honeywell Asia Pacific Inc.	--
Note	-

2. Summary Financial Statement

Balance Sheet as of	31.12.2011		(Unit: Indian Rs.)
Assets		Liabilities
Current Assets	6,901,320,000	Current Liabilities	4,187,712,000
Inventories	3,187,470,000	Long-term Liabilities	0,000
Fixed Assets	741,679,000	Other Liabilities	771,141,000
Deferred Assets	403,631,000	Total Liabilities	4,958,853,000
Invest& other Assets	27,270,000	Retained Earnings	6,214,102,000
		Net Worth	6,302,517,000
Total Assets	11,261,370,000	Total Liab. & Equity	11,261,370,000
Total Assets (Previous Year)	9,247,836,000
P/L Statement as of	31.12.2011		(Unit: Indian Rs.)
Sales	16,124,962,000	Net Profit	1,071,433,000
Sales(Previous yr)	13,547,084,000	Net Profit(Prev.yr)	1,050,460,000

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) :	31.12.2011
Date of Incorporation :	13.01.1984
Com. Reg. No.:	11-017951
Capital Investment / Paid-up Capital :	Rs.88.415 Millions
CIN No.: [Company Identification No.]	L29299PN1984PLC017951
TAN No.: [Tax Deduction & Collection Account No.]	PNET00043B
PAN No.: [Permanent Account No.]	AAACT3904F
Legal Form :	A Public Limited Liability Company. The Company’s 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 25000000
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 – June 30, 2012

Country Name	Previous Rating (31.03.2012)	Current Rating (30.06.2012)
India	A1	A1

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

INDIAN ECONOMIC OVERVIEW

India is developing into an open-market economy, yet traces of its past autarkic policies remain. Economic liberalization, including industrial deregulation, privatization of state-owned enterprises, and reduced controls on foreign trade and investment, began in the early 1990s and has served to accelerate the country's growth, which has averaged more than 7% per year since 1997. India's diverse economy encompasses traditional village farming, modern agriculture, handicrafts, a wide range of modern industries, and a multitude of services. Slightly more than half of the work force is in agriculture, but services are the major source of economic growth, accounting for more than half of India's output, with only one-third of its labor force. India has capitalized on its large educated English-speaking population to become a major exporter of information technology services and software workers. In 2010, the Indian economy rebounded robustly from the global financial crisis - in large part because of strong domestic demand - and growth exceeded 8% year-on-year in real terms. However, India's economic growth in 2011 slowed because of persistently high inflation and interest rates and little progress on economic reforms. High international crude prices have exacerbated the government's fuel subsidy expenditures contributing to a higher fiscal deficit, and a worsening current account deficit. Little economic reform took place in 2011 largely due to corruption scandals that have slowed legislative work. India's medium-term growth outlook is positive due to a young population and corresponding low dependency ratio, healthy savings and investment rates, and increasing integration into the global economy. India has many long-term challenges that it has not yet fully addressed, including widespread poverty, inadequate physical and social infrastructure, limited non-agricultural employment opportunities, scarce access to quality basic and higher education, and accommodating rural-to-urban migration.

Source : CIA

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

LOCATIONS

Registered Office / Head 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 20.04.2012

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

Other Directorship

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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 :

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/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP 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	20-04-12	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	20-04-12	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	05-12-11	Active	NO
12	U11100AP2008PLC058785	RAIN CII CARBON (VIZAG) LIMITED	Director	14-02-11	11-02-11	-	Active	NO
13	L26942AP1974PLC001693	RAIN COMMODITIES LIMITED	Director	25-04-12	13-05-11	-	Active	NO

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 :

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 :

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

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

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.09.2012

Category of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
(2) Foreign
Bodies Corporate	7182475	81.24
Sub Total	7182475	81.24
Total shareholding of Promoter and Promoter Group (A)	7182475	81.24
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	439506	4.97
Financial Institutions / Banks	1170	0.01
Central Government / State Government(s)	285	0.00
Foreign Institutional Investors	44791	0.51
Sub Total	485752	5.49
(2) Non-Institutions
Bodies Corporate	179007	2.02
Individuals
Individual shareholders holding nominal share capital up to Rs. 0.100 Million	950073	10.75
Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million	42438	0.48
Any Others (Specify)	1778	0.02
Trusts	1078	0.01
Directors & their Relatives & Friends	700	0.01
Sub Total	1173296	13.27
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	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	8841523	0.00

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

PRODUCTION STATUS (As on 31.03.2011)

Particulars	Unit	Actual Production
Systems	Nos	399
Transmitters	Nos.	37933

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

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. No. :	AADFP9359C
Holding Company :	Honeywell Asia -Pacific Inc.
Ultimate Holding Company :	Honeywell International Inc.
Fellow Subsidiaries :	· Honeywell Middle East B.V. · Honeywell International (India) Private Limited · Honeywell Technology Solutions Quatar · Honeywell Limited Australia · Honeywell Tianjin Limited · Honeywell Limited · Honeywell Controls and Automation India Private Limited · Honeywell Enraf Americas, Inc. · Honeywell B.V. · Honeywell Measurex (Ireland) Limited · Honeywell and Co. Oman L.L.C. · Honeywell Turkey Arabia Limited · Honeywell Pte Limited · Honeywell Controls System Limited · Honeywell Automation and Control Solutions South Africa (Pty) Limited · Honeywell International Middle East Limited · Honeywell Kuwait KSC. · MST Technology GMBH · Novar Controls Corporation · Honeywell Security France S.A. · Honeywell Europe N.V. · Honeywell GMBH · Honeywell Systems (Thailand) Limited · Honeywell S.A. (Belgium) · Honeywell Limited. ( Hong Kong) · Honeywell Airport Systems Gmbh · Enraf B.V. · Honeywell s.r.l. · Honeywell Technology Solutions Lab Private Limited · UOP India Private Limited · Pittway Systems Technology Group Europe Limited · Honeywell Engineering Sdn. Bhd. · Honeywell Taiwan Inc. · Honeywell Company Limited · Callidus Technologies India Private Limited · Honeywell S.L. · Honeywell Building Solutions Gmbh · Honeywell Portugal, Automacao e Contolo, S.A. · Novar Systems Limited · Honeywell Automation and control Solutions Carribean Limited · Honeywell Middle East FZE · Honeywell AS Norway · Honeywell Controls International Limited · Honeywell OY · Tridium Inc. · Matrikon Middle East Co WLL · Honeywell Limited (New Zeland) · RMF US Holding Gmbh · Honeywell Austria Gesellschaft mbh · Honeywell International s.a.r.l. · Honeywell A.B. · Honeywell Sensing and Control China Company Limited · Matrikon Pty Limited · Honeywell E.P.E. · Trend Control Systems Limited · Honeywell AG · Sinpoec Honeywell Tianjin Limited · Honeywell International 108 LM and C · Honeywell Southern Africa (Proprietary) Limited · Matrikon Industrial Solutions India Private Limited · Honeywell Japan Inc. · Honeywell Chile S.A. · Honeywell A/S (Denmark) · Honeywell Aerospace B.V. · Honeywell Szabalyozastechnikaies Automatizalasi Kft. · Honeywell Turbo Technologies (India) Private Limited · Honeywell China Company Limited · Honeywell Electrical Devices and Systems India Limited · PT Honeywell Indonesia · Matrikon Deutschland AG · Life Safety Distribution AG · Honeywell Safety Products Chuzhou Company Limited · Honeywell Analytics Asia Pacific Company Limited · BW Research LP · Honeywell Otomasyon ve Kontrol Sistemleri Sanayi ve Ticaret A.S. · Honeywell SPA · Honeywell Analytics Inc, · Novar Gmbh · Honeywell Xinyao Automotive Sensors (Shanghai) Company Limited · Enraf Fluid Technology UK Limited · Honeywell Specialty Chemicals (Singapore) Pte. Limited · Ademco Asia Pacific Limited · Maxon Corporation · Tridium Asia Pacific Pte Limited · Honeywell ASCa Inc. · Honeywell Beijing Technology Solutio · Maxon Combustion Equipment (Shanghai) Company Limited · Honeywell ECC Novar · Honeywell Ic - Vancouver Operations · Phoenix Controls Corporation · Enraf Tanksystem SA · Honeywell Company Limited · Enraf Marine Systems · Honeywell Turbo (India) Private Limited

CAPITAL STRUCTURE

As on 31.12.2011

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

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		88.415	88.415	88.415
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		6214.102	5245.428	4298.068
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		6302.517	5333.843	4386.483
LOAN FUNDS
1] Secured Loans		0.000	0.000	1.248
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	1.248
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		6302.517	5333.843	4387.731
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		741.679	753.143	717.714
Capital work-in-progress		27.270	8.772	35.212
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		403.631	308.868	281.854
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	3187.470	788.267	805.465
	Sundry Debtors	3656.852	3215.054	2891.700
	Contracts in progress	0.000	1010.354	0.000
	Cash & Bank Balances	1765.649	2111.825	1060.915
	Other Current Assets	116.550	28.850	0.592
	Loans & Advances	1362.269	1022.703	1642.393
Total Current Assets		10088.790	8177.053	6401.065
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	3574.352	2721.773	2051.053
	Other Current Liabilities	613.360	541.000	520.922
	Provisions	771.141	651.220	476.139
Total Current Liabilities		4958.853	3913.993	3048.114
Net Current Assets		5129.937	4263.060	3352.951
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		6302.517	5333.843	4387.731

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	16124.962	13547.084	11745.670
		Other Income	168.650	90.571	68.055
		TOTAL (A)	16293.612	13637.655	11813.725
Less	EXPENSES
		Consumption materials changes inventories	9661.148	7889.267
		Manufacturing service costs	121.189	98.238	9869.096
		Employee related expenses	2835.535	2215.305
		Administrative selling other expenses	2062.079	1916.056
		TOTAL (B)	14679.951	12118.866	9869.096
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		1613.661	1518.789	1944.629
Less	FINANCIAL EXPENSES (D)		8.481	0.843	6.136
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		1605.180	1517.946	1938.493
Less/ Add	DEPRECIATION/ AMORTISATION (F)		148.119	128.990	118.627
	PROFIT BEFORE TAX (E-F) (G)		1457.061	1388.956	1819.866
Less	TAX (H)		385.628	338.496	491.942
	PROFIT AFTER TAX (G-H) (I)		1071.433	1050.460	1327.924
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		3933.124	3090.810	1999.119
Less	APPROPRIATIONS
		Transfer to General Reserve	107.100	105.046	132.792
		Dividend	88.400	88.415	88.415
		Tax on Dividend	14.300	14.685	15.026
	BALANCE CARRIED TO THE B/S		4794.757	3933.124	3090.810
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	2166.032	2112.510	1551.131
		Services	2724.927	2327.678	3383.190
		Reimbursements	487.535	378.741	432.032
		Others	670.758	430.529	0.000
	TOTAL EARNINGS		6049.252	5249.458	5366.353
	IMPORTS
		Raw Materials	4629.397	3679.173	3434.915
		Capital Goods	22.286	24.292	45.996
	TOTAL IMPORTS		4651.683	3703.465	3480.911
	Earnings Per Share (Rs.)		121.18	118.81	150.19

QUARTERLY RESULTS

PARTICULARS	31.03.2012	30.06.2012	30.09.2012
Type	1^st Quarter	2^ndQuarter	3^rd Quarter
Net Sales	4131.500	3866.200	4079.300
Total Expenditure	3883.700	2729.200	3794.400
PBIDT (Excl OI)	247.800	137.000	384.900
Other Income	19.600	63.500	28.800
Operating Profit	267.400	200.500	313.700
Interest	0.600	0.600	0.500
Exceptional Items	0.000	0.000	0.000
PBDT	266.800	199.900	313.200
Depreciation	34.300	24.200	34.500
Profit Before Tax	232.500	165.700	278.700
Tax	66.900	48.200	67.100
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	165.600	117.500	211.600
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	165.600	117.500	211.600

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
PAT / Total Income	(%)	6.58	7.70	11.24
Net Profit Margin (PBT/Sales)	(%)	9.04	10.25	15.49
Return on Total Assets (PBT/Total Assets}	(%)	13.45	15.55	25.64
Return on Investment (ROI) (PBT/Networth)		0.23	0.26	0.41
Debt Equity Ratio (Total Liability/Networth)		0.79	0.73	0.69
Current Ratio (Current Asset/Current Liability)		2.03	2.09	2.10

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
25]	Conduct of the banking account	----------------------
26]	Buyer visit details	----------------------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	No
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

OPERATIONS:

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 and 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.

Exports Business Group (EBG) –

Provides manufacturing and engineering services to Honeywell along with some other non Honeywell customers across the globe, leveraging the economies of scale on talent and cost arbitrage.

CONTINGENT LIABILITIES

Rs. In Millions

Particular	31.12.2011	31.12.2010
Income Tax claims against the Company	563.575	773.014
Excise duty claims against the Company	1.475	1.475
Sales tax refunds/claims against the Company	196.221	42.283
Customs duty claims against the Company	3.553	3.553

Note :

Bank Guarantees given to customers- against performance / advance Rs.3616.854 Millions (Previous Year Rs. 2684.891 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

WEBSITE DETAILS

PRESS RELEASE:

HONEYWELL CHOSEN BY KRAKATAU STEEL TO IMPROVE ENERGY EFFICIENCY AND REDUCE COSTS

Krakatau Steel Adopts Honeywell’s Energy Management Service to Create an Efficient Energy Consumption System

JAKARTA, Indonesia, August 23, 2011 – Honeywell (NYSE:HON) today announced that PT. Krakatau Daya Listrik (KDL), a subsidiary of PT. Krakatau Steel Group (PTKS Group), has selected Honeywell Process Solutions (HPS) to implement energy management and monitoring solutions which will help it get long-term cost savings through greater energy efficiency. KDL will implement the selected HPS solutions at PTKS Group’s facilities.

KDL is the primary supplier of electrical power for the government-owned PTKS Group, which is the largest steel maker in Indonesia with a combined maximum steel capacity of 2.45 million tons per year and is Southeast Asia’s largest integrated steel producer.

PTKS consumes a significant amount of energy (including electrical power, natural gas and industrial gases) due to its large production capacity. Implementing HPS' Energy Management Service allows KDL to effectively monitor, manage and control its energy consumption without affecting the levels of productivity at PTKS' facilities. This meticulous monitoring helps KDL achieve the best possible energy use, so lowering its overall operational expenses.

"Providing energy for such a large-scale production is not an easy task, as we often run into high costs. By implementing HPS' proven solutions, we will be able to control and monitor energy usage, which ultimately helps us reduce those costs significantly in the long run," said Wisnu Kuncoro, President Director, KDL. "We chose Honeywell Process Solutions because of their previous experience in handling energy management projects and their in-depth knowledge of the steel manufacturing industry."

"Often, energy expenses are considered a fixed cost due to their substantial share of operating expenditures," said Tony Cosgrove, vice president sales, Asia Pacific, Honeywell Process Solutions. "With our Energy Management Service, KDL will now be able to gain a competitive edge as they are able to fully control their energy supply chain and achieve energy savings. We look forward to strengthening our relationship with the Krakatau Steel Group and work on even greater projects in the future."

Honeywell International is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com. Honeywell Process Solutions is part of Honeywell’s Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.

ONEYWELL LAUNCHES NEW REMOTE COLLABORATION, OPTIMIZATION AND OPERATIONS SOLUTION

Latest Honeywell Solution Produces True Business Transformation by Leveraging Expertise Across Remote Facilities

PERTH, Australia, August 22, 2011 - Honeywell (NYSE:HON) today announced the launch of its new Remote Collaboration, Optimization and Operations solution, which helps customers share their expertise across remote facilities, improving safety in hazardous environments, as well as optimizing production and improving recovery.

In the upstream oil and gas and mining industries, multiple production facilities are often spread over vast geographical distances and, in some cases, in hazardous environments, making it difficult to ensure the safety of plant personnel and production assets, or share valuable information and best practices. Plus, remote facilities often operate independently from one another, making it even harder to share learnings and to achieve optimal productivity levels across the whole network.

Honeywell Process Solutions' (HPS) approach allows industrial organizations to monitor and manage operational activities across multiple facilities from anywhere within a network of sites, leading to better collaboration between staff and process optimization across locations. Sites can be connected to each other, either through a central facility or via a network of interconnected collaboration centers, supporting real-time collaboration, resolving challenges quickly and improving production/yield over the full lifecycle.

"As organizations grow, it becomes more important for them to work efficiently across different locations to meet growing production demands," said Ian Brown, Vice President and General Manager, Advanced Solutions. “HPS has already worked with many top-notch customers to implement this type of solution, including the world’s largest producer of copper, the leading producer of crude oil and natural gas in the North Sea, a major international producer of primary and fabricated aluminum and a global industrial gas production company. With this solution, these companies have seen a boost in yield and production, increased profit margins without major capital expansions, faster and more accurate decision making by operations staff, and reduced energy consumption.

As well as delivering advanced technology and implementation services, HPS’ solution uses a global network of partners to offer a host of services including change management consulting, business process management consulting, telecom support and collaboration facility design. The combination of the Advanced Solutions team’s expert consultative approach and vendor-neutral integration capabilities with HPS’ broad product portfolio and service experience helps customers achieve transformative business outcomes.

“HPS’ new Remote Collaboration, Optimization and Operations solution not only addresses this need, but also improves safety for employees in hazardous environments, as they can learn from their colleagues who may not even be physically present in the same location,” Brown said. “This solution is made for companies who want to grow geographically while making sure they share knowledge so as to continue being as efficient as possible.”

Honeywell International is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; automotive products; turbochargers; and specialty materials. Based in Morris Township, N.J., Honeywell’s shares are traded on the New York, London, and Chicago Stock Exchanges. For more news and information on Honeywell, please visit www.honeywellnow.com. Honeywell Process Solutions is part of Honeywell’s Automation and Control Solutions group, a global leader in providing product and service solutions that improve efficiency and profitability, support regulatory compliance, and maintain safe, comfortable environments in homes, buildings and industry.

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.53.66
UK Pound	1	Rs.86.37
Euro	1	Rs.69.24

INFORMATION DETAILS

Report Prepared by :

NTH

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.