MIRA INFORM REPORT

Report Date :

27.07.2013

IDENTIFICATION DETAILS

Name :	GOODRICH AEROSPACE SERVICES PRIVATE LIMITED (w.e.f.10.05.2001)
Formerly Known As :	Bf Goodrich aerospace aircraft evacuation systems private limited
Registered Office :	SY No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody Village, KR Puram, Hobli, Bangalore – 560048, Karnataka
Country :	India
Financials (as on) :	31.03.2012
Date of Incorporation :	30.10.1996
Com. Reg. No.:	08-021327
Capital Investment / Paid-up Capital :	Rs. 12.465 Millions
CIN No.: [Company Identification No.]	U85110KA1996PTC021327
TAN No.: [Tax Deduction & Collection Account No.]	BLRG03614C
PAN No.: [Permanent Account No.]	AAACB8857H
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Aircraft Safety and Evacuation Systems, Assembly of Aircraft Lighting System, Cargo, Electrical Power Systems, Actuation Systems and Offshore Design Services.
No. of Employees :	Not Divulged

RATING & COMMENTS

MIRA’s Rating :

A (65)

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 6748000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of Goodrich Asia Holding Pte Limited, Singapore. It is a well established company having a fine track record. 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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
India	A1	A1

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

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.

INFORMATION DECLINED

MANAGEMENT NON-COOPERATIVE [91-80-67370000 / 67370060]

LOCATIONS

Registered Office :	SY No. 14/1 and 15/1, Maruti Industrial Estate, Phase II, Hoody Village, KR Puram, Hobli, Bangalore – 560048, Karnataka, India
Tel. No.:	91-80-66160700/ 67370000
Fax No.:	91-80-66160707/ 67370005/ 67370006
E-Mail :	gurunandan.molahalliker@goodrich.com santosh.kumar@goodrich.com chris.rao@goodrich.com santosh.setty@goodrich.com
Website :	http://www.goodrich.com
Corporate Office :	117, 5^th Main Industrial, Suburb Yeshwanthpur II stage, Bangalore – 560022, Karnataka, India
Tel. No.:	91-80-28371665/ 28378120
Fax No.:	91-80-28371664
E-Mail :	pvbabu@vsnl.net santosh.kumar@goodrich.co

DIRECTORS

AS ON 30.08.2012

Name :

Christopher Anil Rao

Designation :

Director

Address :

#2, Mayfair Apartments No.2, Cookson Road, Bangalore – 560005, Karnataka, India

Date of Birth/Age :

10.08.1964

Qualification :

BE (Mech)

Experience :

26 Years

Date of Appointment :

25.01.2001

PAN No.:

ABDPR6225J

DIN No.:

00519821

Name :

Dennis James Cronin

Designation :

Director

Address :

1370, W Raven Dr Chandler, Arizona-85286, United States

Date of Birth/Age :

11.10.1965

Date of Appointment :

31.10.2011

DIN No.:

03642764

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	Company/ LLP Status	Defaulting status
1	U85110KA1996PTC021327	GOODRICH AEROSPACE SERVICES PRIVATE LIMITED	Director	31/10/2011	24/10/2011	Active	NO

Name :

Mr. Thomas Andrew Mepham

Designation :

Director

Address :

Pinnacle Town Center , # 1129, 1601, Highland Avenue, Phoenix, Arizona-85016, United States of America

Date of Birth/Age :

03.08.1964

Date of Appointment :

29.09.2006

DIN No.:

00667678

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	Company/ LLP Status	Defaulting status
1	U85110KA1996PTC021327	GOODRICH AEROSPACE SERVICES PRIVATE LIMITED	Director	29/09/2006	28/06/2006	Active	NO

Name :

Igor Victor Tischenko

Designation :

Director

Address :

#08-03 Yong AN Park, 329 River Valley Road, Singapore 238361

Date of Birth/Age :

30.08.1961

Date of Appointment :

30.09.2010

DIN No.:

02957141

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	Company/ LLP Status	Defaulting status
1	U85110KA1996PTC021327	GOODRICH AEROSPACE SERVICES PRIVATE LIMITED	Director	30/09/2010	23/03/2010	Active	NO

KEY EXECUTIVES

Name :	Ravishankar M R
Designation :	Vice President - Engineering
Date of Birth/Age :	47 Years
Qualification :	BE (Mech)
Experience :	24 Years
Name :	Basavaraj S. Gadigeppagoudar
Designation :	Director – HR
Date of Birth/Age :	48 Years
Qualification :	P.G. in Personnel Management and Industrial Relations
Experience :	22 Years

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.08.2012

Names of Shareholders	No. of Shares
Goodrich Asia Holding Pte. Limited, Singapore	1246474
Goodrich Aerospace Pte. Limited, Singapore	1
Total	1246475

AS ON 30.08.2012

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

BUSINESS DETAILS

Line of Business :

Manufacturer of Aircraft Safety and Evacuation Systems, Assembly of Aircraft Lighting System, Cargo, Electrical Power Systems, Actuation Systems and Offshore Design Services.

GENERAL INFORMATION

No. of Employees :	Not Divulged
Bankers :	Not Divulged

Banking Relations :	--
Auditors :
Name :	S.R. Batliboi and Associates Chartered Accountants
Address :	UB City, 'Canberra Block'. 12th and 13th, Floor No. 24, Vittal Mallya Road, Bangalore – 560001, Karnataka, India
Income-tax PAN of auditor or auditor's firm :	AABFS3421N
Holding Company :	Goodrich Asia Holding Pte Limited, Singapore
Ultimate Holding company :	Goodrich Corporation, USA
Fellow Subsidiary company :	· Goodrich Evacuations Systems, Phoenix Goodrich Lighting Systems GmbH, Germany Goodrich Lighting Systems Inc, USA AMI Industries Inc, Colorodo Springs, USA Goodrich Cargo Systems LLC, USA Goodrich Power Systems, Pitstone, UK Goodrich Aerostructures Service Centre Asia, Singapore Goodrich Actuation Systems, France Goodrich SIS, Vergennes

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
2,500,000	Equity Shares	Rs. 10/- each	Rs. 25.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1,246,475	Equity Shares	Rs. 10/- each	Rs. 12.465 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	12.465	12.465
(b) Reserves & Surplus	1674.524	1187.307
(c) Money received against share warrants	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000
Total Shareholders’ Funds (1) + (2)	1686.989	1199.772
(3) Non-Current Liabilities
(a) long-term borrowings	129.621	59.143
(b) Deferred tax liabilities (Net)	15.647	27.223
(c) Other long term liabilities	0.000	0.000
(d) long-term provisions	10.907	3.175
Total Non-current Liabilities (3)	156.175	89.541
(4) Current Liabilities
(a) Short term borrowings	406.918	445.831
(b) Trade payables	722.675	543.754
(c) Other current liabilities	89.559	80.912
(d) Short-term provisions	27.101	24.102
Total Current Liabilities (4)	1246.253	1094.599
TOTAL	3089.417	2383.912
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	712.495	706.488
(ii) Intangible Assets	69.045	109.877
(iii) Capital work-in-progress	42.278	5.925
(iv) Intangible assets under development	0.000	0.000
(b) Non-current Investments	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000
(d) Long-term Loan and Advances	329.465	162.806
(e) Other Non-current assets	0.000	0.000
Total Non-Current Assets	1153.283	985.096
(2) Current assets
(a) Current investments	0.000	0.000
(b) Inventories	999.449	757.874
(c) Trade receivables	462.332	276.058
(d) Cash and cash equivalents	401.133	336.051
(e) Short-term loans and advances	73.220	28.833
(f) Other current assets	0.000	0.000
Total Current Assets	1936.134	1398.816
TOTAL	3089.417	2383.912

SOURCES OF FUNDS		31.03.2010
SHAREHOLDERS FUNDS
1] Share Capital		12.465
2] Share Application Money		0.000
3] Reserves & Surplus		875.916
4] (Accumulated Losses)		0.000
NETWORTH		888.381
LOAN FUNDS
1] Secured Loans		0.000
2] Unsecured Loans		449.236
TOTAL BORROWING		449.236
DEFERRED TAX LIABILITIES		10.524
TOTAL		1348.141
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		700.208
Capital work-in-progress		8.553
INVESTMENT		0.000
DEFERREX TAX ASSETS		0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	407.658
	Sundry Debtors	355.099
	Cash & Bank Balances	135.462
	Other Current Assets	0.000
	Loans & Advances	135.093
Total Current Assets		1033.312
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	340.076
	Other Current Liabilities	36.141
	Provisions	17.715
Total Current Liabilities		393.932
Net Current Assets		639.380
MISCELLANEOUS EXPENSES		0.000
TOTAL		1348.141

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2012	31.03.2011	31.03.2010
	SALES
		Income
		Other Income
		TOTAL	5986.903	3989.982	3328.795
Less	EXPENSES
		Office Expenses
		Administrative Expenses
		Advertising Expenses
		TOTAL	5231.225	3531.730	2769.602
	PROFIT BEFORE TAX		755.678	458.252	559.193
Less	TAX		268.461	146.861	140.041
	PROFIT AFTER TAX		487.217	311.391	419.152
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		1174.774	863.383	730.920
Less	APPROPRIATIONS
		Dividend	0.000	0.000	237.966
		Tax on Dividend	0.000	0.000	48.723
	BALANCE CARRIED TO THE B/S		1661.991	1174.774	863.383
	EARNINGS IN FOREIGN CURRENCY
		Sale of Evacuation & other systems	5986.089	1007.009	897.923
		Sale of Lighting systems		870.100	961.992
		Sale of Cargo systems		1116.959	737.481
		Sale of Electrical Power Systems		67.800	52.484
		Sale of Actuation Systems		19.551	0.000
		Service Income		897.880	657.668
	TOTAL EARNINGS		5986.089	3979.299	3307.548
	IMPORTS
		Capital Goods		95.154	48.215
		Raw Materials		2362.136	1533.828
	TOTAL IMPORTS		NA	2457.290	1582.043
	Earnings Per Share (Rs.)		390.88	249.82	336.27

KEY RATIOS

PARTICULARS		31.03.2012	31.03.2011	31.03.2010
PAT / Total Income	(%)	8.14	7.80	12.59
Return on Total Assets (PBT/Total Assets}	(%)	24.80	19.27	32.26
Return on Investment (ROI) (PBT/Networth)		0.45	0.38	0.63
Debt Equity Ratio (Total Debt/Networth)		0.32	0.42	0.51
Current Ratio (Current Asset/Current Liability)		1.55	1.28	2.62

LOCAL AGENCY FURTHER INFORMATION

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

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	No
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	No
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	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

UNSECURED LOANS

Unsecured Loans	31.03.2012	31.03.2011
	(Rs. In Millions)
LONG-TERM BORROWINGS
Term loans from others	129.621	59.143
SHORT-TERM BORROWINGS
Foreign currency term loans from others	406.918	445.831
Total	536.539	504.974

CORPORATE INFORMATION

The Goodrich Aerospace Services Private Limited (‘the Company’) is a private limited Company domiciled in India and incorporated under the provisions of Companies Act, 1956. The Company has been engaged in the business of manufacture of aircraft safety and evacuation systems, assembly of aircraft lighting system, cargo, electrical power systems, actuation systems and offshore design services. The Company caters to its group Companies. The manufacturing activities are carried out by a 100 percent Export Oriented Undertakings (EOU) division and the design service has been registered under Software Technology Park of India (STPI).

OPERATIONS REVIEW

The Company has achieved a total income of Rs. 5986.903 Millions for the year ended March 31, 2012 as against Rs. 3989.982 Millions achieved during the previous year ended March 31, 2011.

Net Profit of the Company for the year ended March 31, 2012 stood at Rs. 487.217 Millions as against Net Profit of Rs. 311.391 Millions for the previous year.

The Board is confident of achieving better results in the coming years.

CONTINGENT LIABILITIES:

Particulars	31.03.2012	31.03.2011
	(Rs. in Millions)
Bank Guarantee to custom authorities	3.650	2.650
Income tax matter, under dispute	17.582	6.773
- Amounts paid under protest	14.248	1.129

FIXED ASSETS:

· Plant and equipment

· Furniture and fixtures

· Vehicles

· Office equipment

· Computer equipments

· Leasehold improvements

· 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. 58.91
UK Pound	1	Rs. 90.68
Euro	1	Rs. 78.22

INFORMATION DETAILS

Information Gathered by :	PDT
Report Prepared by :	BVA

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	5
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
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	7
--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	No
--OTHER MERIT FACTORS	YES/NO	Yes
DEFAULTERS
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		65

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.