MIRA INFORM REPORT

Report Date :

27.08.2014

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) :	31.03.2013
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 :	32659 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (81)

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

Status :	Good
Payment Behaviour :	Regular
Litigation :	Exist
Comments :	Subject is wholly owned by Government of India. It has a memorandum of understanding with the Ministry of Defence Department of Defence Production and Supplies. It is well-established and reputed company having fine track record. Financial position of the company seems to be strong and healthy. The management of the company reported to be experienced and well managed people. Trade relations are reported as fair. Business is active. Payment terms 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 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

NEWS

As per the latest IMF study, the total weigh of emerging markets in the GDP of the world on a purchasing power parity basis has seen a sizeable shift. It highlights how as against 51 % in 2005, the emerging economies now account for close to 56 % of the global purchasing power GDP as per the latest survey. And with the emerging economies growing at a faster rate than their developed counterparts, there are every possibility that the their share goes up further in the coming years.  China may surpass the US over the next few years.

Politics and economics are very intricately connected. They tend to influence each other in ways that could be very complex and far-reaching. The prospects of the India’s economy have been seriously compromised due to political corruption. High inflation, poor standard of living are to a great extent a result of rampant corruption in the country. China on the other hand, seems to be facing diametrically opposite challenge. American hedge fund manager Jim Chanos has been keenly following the political and economic development in the dragon economy and has figured out something that is quite worrying. He is of the view that the Chinese economy could be heading toward trouble on account of new Chinese President Xi Jingping’s very aggressive anti-corruption drive. Chanos believes tat many things such as apartment sales, luxury products, etc. were largely bought with dirty money. And it is now beginning to impact consumption. This may indeed be bad news for an economy that is struggling to transition from an investment-driven export-oriented economy to a domestic consumption-driven economy.

A study published by Firstpost has revealed that asset classes like real estate and equities were the biggest beneficiaries of the liberalization policies.  A firm called Ciane Analytics studied returns from assets including equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate outperformed every other asset classes during the 23-year period with an annualized return of 20 % ! Equities came in second with annualized return of 15.5 % ! However, while these returns may seem mouthwatering, the fact is that the return from equities adjusted for inflation came down to just 7.1 %.

Some brief news are as under

. R-Power to buy Jaypee’s hydro assets

. Investors await justice in NSEL case

. India seeks MFN status from Pakistan ahead of meeting

. Ukrain’s clashes with rebels hinder MH17 crash investigation

. India exploring merger of state-owned hydro PSUs

..Higher costs weigh down profit growth to slowest in 9 quarters

..Wal-Mart to expand wholesale business in India

. GMR group moves to strengthen balance sheet

. Central Bank to sell 4 % stake to Life Insurance Corporation

. Tata Chemicals plans to raise up to Rs 10000 mn.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating: AAA
Rating Explanation	Have the highest degree of safety and carry lowest credit risk.
Date	30.06.2014

Rating Agency Name	CRISIL
Rating	Short Term Rating: A1+
Rating Explanation	Have very strong degree of safety and carry lowest credit risk.
Date	30.06.2014

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 31-03-2014.

LOCATIONS

Registered/ Corporate Office Planning and Project office :	15/1, Cubbon Road, Post Box No. 5150, Bangalore – 560001, Karnataka, India
Tel. No.:	91-80-22266901/ 8758/ 22865197/ 1258/ 8629/ 22866701/ 902-908/ 4636/ 22864930/ 22866578/ 22320701/ 22320903/ 22320376/ 22320001/ 22320358/ 22320008
Fax No.:	91-80-22320140/ 22268758/ 22577533/ 22867140/ 22862334/ 22867361/ 22865275/ 22320361
E-Mail :	root@bnghal.kar.nic.in marketing@hal-india.com cosec@hal-india.com projects@hal-india.com
Website :	www.hal-india.com
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 - 560093, 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
Aircraft Division :	Post Bag N 1796, Vimanapura Post, Bangalore 560017, Karnataka, India

DIRECTORS

AS ON 30.09.2013

Name :

Mr. Ravindra Kumar Tyagi

Designation :

Chairman

Address :

C-1-42, ONGC Colony, Reclamation, Bandra (West), Mumbai-400050, Maharashtra, India

Date of Birth/Age :

06.01.1955

Date of Appointment :

02.03.2012

Din No.:

01509031

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	U62200DL1985GOI022233	PAWAN HANS LIMITED	Managing director	18/05/2007	18/05/2007	01/03/2012	Active	NO
2	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Whole-time director	02/03/2012	02/03/2012	-	Active	NO

Name :

Mr. Krishnaswamy Naresh Babu

Designation :

Managing Director

Address :

No. 1989, 3^rd Cross, 20^th Main, J.P. Nagar, 2^nd Phase, Bangalore-560078, Karnataka, India

Date of Birth/Age :

29.03.1955

Date of Appointment :

05.09.2011

Din No.:

03642273

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	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Managing director	05/09/2011	05/09/2011	-	Active	NO
2	U35303KA2005PTC037539	SNECMA HAL AEROSPACE PRIVATE LIMITED	Director	30/09/2011	30/09/2011	08/03/2013	Active	NO
3	U29253KA2010PTC054509	INTERNATIONAL AEROSPACE MANUFACTURING PRIVATE LIMITED	Director	26/06/2012	30/09/2011	21/08/2012	Active	NO
4	U35303KA2007PTC042680	HALBIT Avionics Private Limited	Nominee director	03/10/2011	03/10/2011	-	Active	NO
5	U72200KA1993PLC013983	BAeHAL SOFTWARE LIMITED	Director	03/08/2012	03/11/2011	16/11/2013	Active	NO

Name :

Mr. Vinay Mohan Chamola

Designation :

Director

Address :

A 1-201, Yamuna Block, National Games Village, Koramangala, Bangalore-560042, Karnataka, India

Date of Birth/Age :

04.12.1959

Date of Appointment :

27.07.2011

Din No.:

03595483

Name :

Dr. Ashok Kumar Misra

Designation :

Director (Finance)

Address :

SOQ-15, Hal Senior Officers Enclave, C.V. Raman Nagar PO, Old Madras Road, Bangalore-560093, Karnataka, India

Date of Birth/Age :

03.01.1956

Date of Appointment :

28.10.2011

Din No.:

05122678

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	U35303KA1994PLC016219	INDO-RUSSIAN AVIATION LIMITED	Nominee director	08/06/2011	08/06/2011	16/11/2013	Active	NO
2	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Whole-time director	28/10/2011	28/10/2011	-	Active	NO
3	U35303KA2005PTC037539	SNECMA HAL AEROSPACE PRIVATE LIMITED	Director	21/12/2011	21/12/2011	08/03/2013	Active	NO
4	U29199KA2010PLC056091	MULTIROLE TRANSPORT AIRCRAFT LIMITED	Director	29/05/2013	21/08/2012	-	Active	NO
5	U29253KA2010PTC054509	INTERNATIONAL AEROSPACE MANUFACTURING PRIVATE LIMITED	Director	21/09/2012	21/09/2012	16/11/2013	Active	NO

Name :

Mr. Talari Suvarna Raju

Designation :

Director (Design and Development)

Address :

FD-41, Hal Senior Officer Enclave, C.V. Raman Nagar, PO, Old Madras Road, Bangalore-560093, Karnataka, India

Date of Birth/Age :

06.08.1958

Date of Appointment :

04.01.2012

Din No.:

05183617

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	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Whole-time director	04/01/2012	04/01/2012	Active	NO
2	U29199KA2010PLC056091	MULTIROLE TRANSPORT AIRCRAFT LIMITED	Director	29/05/2013	21/08/2012	Active	NO
3	U29200KA2007PLC043691	INFOTECH HAL LIMITED	Nominee director	22/07/2013	08/03/2013	Active	NO

Name :

Mr. Subrahmanyan Shivaramakrishnan

Designation :

Director

Address :

FD 34, Hal Senior Officer Enclave, C.V. Raman Nagar, PO, Old Madras Road, Bangalore-560093, Karnataka, India

Date of Birth/Age :

28.04.1957

Date of Appointment :

01.12.2012

Din No.:

06447057

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	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Managing director	01/12/2012	01/12/2012	-	Active	NO
2	U35303KA1994PLC016219	INDO-RUSSIAN AVIATION LIMITED	Nominee director	08/03/2013	08/03/2013	16/11/2013	Active	NO
3	U29199KA2010PLC056091	MULTIROLE TRANSPORT AIRCRAFT LIMITED	Additional director	16/11/2013	16/11/2013	-	Active	NO

Name :

Mr. Prem Kumar Kataria

Designation :

Director (Part-Time Official)

Address :

8205, Sector B-IX, Vasant Kunj, New Delhi-110070, India

Date of Birth/Age :

01.05.1960

Date of Appointment :

12.07.2010

Din No.:

03175921

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	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
2	U63032GA1967GOI000077	GOA SHIPYARD LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
3	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	12/07/2010	12/07/2010	-	Active	NO
4	L35202KA1964GOI001530	BEML LIMITED	Nominee director	13/06/2012	13/06/2012	02/08/2012	Active	NO

Name :

Mr. Kamlesh Kumar Pant

Designation :

Director (Part-Time Official)

Address :

Set No. 3 GF, Type VI Old Brockhurst Shimla-171002, Himachal Pradesh, India

Date of Birth/Age :

04.12.1970

Date of Appointment :

16.01.2013

Din No.:

02710487

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	U00000HP1994SGC014169	HIMACHAL BACKWARD CLASSES FINANCE AND DEVELOPMENT CORPORATION	Director	29/05/2009	29/05/2009	-	Active	YES
2	U32301HP1974SGC003419	HIMACHAL PRADESH STATE HANDICRAFTS AND HANDLOOM CORPN LTD	Director	06/06/2009	06/06/2009	02/09/2011	Active	NO
3	U70109HP1966SGC002683	HIMACHAL PRADESH STATE INDUSTRIAL DEVELOPMENT CORP LTD	Managing director	02/04/2011	06/06/2009	02/01/2012	Active	NO
4	U51219HP1966SGC002675	THE HIMACHAL PRADESH STATE SMALL INDUSTRIES AND EXPORT CORP LTD	Director	26/06/2009	26/06/2009	-	Amalgamated	NO
5	U29219HP1952SGC002129	NAHAN FOUNDRY LIMITED	Director	26/06/2009	26/06/2009	01/12/2011	Amalgamated	NO
6	U85330HP1972SGC003204	HIMACHAL PRADESH GENERAL INDUSTRIES CORP LTD	Director	20/10/2009	20/10/2009	14/10/2011	Active	NO
7	U01122HP1974GOI003457	HIMACHAL PRADESH HORTICULTURE PRODUCE MARKETING AND PROCESSING CORPN LTD	Director	16/11/2009	16/11/2009	06/09/2011	Active	NO
8	U01111HP1970PLC002964	HIMACHAL PRADESH AGRO INDUSTRIES CORPORATION LTD	Director	29/12/2009	29/12/2009	19/01/2012	Active	NO
9	U21015HP1987GOI007280	AGRO INDUSTRIAL PACKAGING INDIA LTD	Director	29/12/2009	29/12/2009	13/07/2012	Active	NO
10	U74140HP1977PLC003721	HIMACHAL CONSULTANCY ORGANISATION LTD	Nominee director	09/11/2010	09/11/2010	23/03/2012	Active	NO
11	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	16/01/2013	16/01/2013	-	Active	NO

Name :

Mr. Ajay Shankar

Designation :

Director (Part-Time Non Official)

Address :

C-II/16, Bapa Nagar, New Delhi-110003, India

Date of Birth/Age :

26.12.1949

Date of Appointment :

09.03.2011

Din No.:

01800443

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	L65190MH2004GOI148838	IDBI BANK LIMITED	Director	07/09/2007	07/09/2007	31/12/2009	Active	NO
2	U65920JK2005GOI002523	JAMMU AND KASHMIR DEVELOPMENT FINANCE CORPORATION LIMITED	Director	19/09/2007	19/09/2007	22/04/2010	Active	NO
3	U45400DL2008PLC172316	DELHI MUMBAI INDUSTRIAL CORRIDOR DEVELOPMENT CORPORATION LIMITED	Director	07/01/2008	07/01/2008	01/01/2010	Active	NO
4	U91100DL2009NPL197064	INVEST INDIA	Director	17/12/2009	17/12/2009	31/12/2009	Active	NO
5	L15491WB1962PLC031425	TATA GLOBAL BEVERAGES LIMITED	Director	23/08/2010	30/04/2010	26/11/2011	Active	NO
6	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO

Name :

Mr. Surendra Kumar

Designation :

Director (Part-Time Official)

Address :

Bungalow No. 25, Lakshmi Gayatri Enclave, HMT Hills, Kukatpally, Hyderabad-500085, Andhra Pradesh, India

Date of Birth/Age :

09.1.1949

Date of Appointment :

09.03.2011

Din No.:

03514408

Name :

Prof. (Dr.) Venkata Rao Rambhatla

Designation :

Director (Part-Time Official)

Address :

Vice Chancellor’s Lodge, National Law School, University of India, Nagabhavi, Bangalore-560072, Karnataka, India

Date of Birth/Age :

15.03.1954

Date of Appointment :

09.03.2011

Din No.:

03386559

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	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Director	26/09/2011	21/12/2010	20/12/2013	Active	NO
2	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
3	U63032GA1967GOI000077	GOA SHIPYARD LIMITED	Director	20/09/2011	20/09/2011	-	Active	NO

Name :

Mr. Sastry Venkata Rama Vadlamani

Designation :

Director (Part-Time Non Official)

Address :

No. 957, 9^th Main, 3^rd Stage, 3^rd Block, Basaveswara Nagar, Bangalore-560079, Karnataka, India

Date of Birth/Age :

23.04.1949

Date of Appointment :

09.03.2011

Din No.:

00027875

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	L32309KA1954GOI000787	BHARAT ELECTRONICS LIMITED	Managing director	01/02/2007	01/05/2005	30/04/2009	Active	NO
2	U31909PN1990GOI058096	BEL OPTRONIC DEVICES LIMITED	Nominee director	01/02/2007	19/05/2005	01/05/2009	Active	NO
3	U32109KA1997PTC022695	BEL MULTITONE Private LIMITED	Nominee director	27/06/2005	27/06/2005	01/05/2009	Under liquidation	NO
4	U74899DL2005PTC142561	C-DOT Alcatel-Lucent Research Centre Private Limited	Additional director	10/09/2010	10/09/2010	-	Active	NO
5	U35100MH1934GOI002079	MAZAGON DOCK LIMITED	Director	07/12/2010	07/12/2010	06/12/2013	Active	NO
6	U35301KA1963GOI001622	HINDUSTAN AERONAUTICS LIMITED	Director	09/03/2011	09/03/2011	-	Active	NO
7	U32100AP1967GOI001149	ELECTRONICS CORPORATION OF INDIA LIMITED	Director	10/03/2011	10/03/2011	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Ashok Tandon
Designation :	Secretary
Address :	SOQ-5, Senior Officer Enclave, Old Madras Road, Bangalore-560093, Karnataka, India
Date of Birth/Age :	26.04.1955
Date of Appointment :	27.09.1995
Pan No.:	AAEPT8129R

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2013

Names of Shareholders	No. of Shares
Ravindra Kumar Tyagi	10
Vinay Mohan Chamola	10
Gokul Chandra Pati	50
Kamlesh Pant	10
P.K. Kataria	10
A.K. Mishra	10
President of India, India	120499900
Total	120500000

AS ON 30.09.2013

Equity Share Breakup	Percentage of Holding
Category
Government [Central and State]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

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

GENERAL INFORMATION

No. of Employees :	32659 (Approximately)
Bankers :	· State Bank of India · State Bank of Mysore · State Bank of Hyderabad · State Bank of Travancore · State Bank of Patiala · State Bank of Bikaner and Jaipur · Punjab National Bank · Indian Bank · Indian Overseas Bank · Bank of Baroda · Exim Bank · Syndicate Bank · Union Bank of India
Facilities :	--

Banking Relations :	--
Auditors :
Name :	Dagliya and Company Chartered Accountants
Address :	L Block, Unity Building, J.C. Road, Bangalore-560002, Karnataka, India
PAN No:	AAAFB6954E
Joint Venture :	· Indo-Russian Aviation Limited · Baehal Software Limited · Samtel Hal Display Systems Limited · HALBIT Avionics Private Limited · Infotech Hal Limited · Hal-Edgewood Technologies Private Limited · Tata Hal Technologies Limited · Hatsoff Helicopter Training Private Limited

CAPITAL STRUCTURE

AS ON 27.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
600000000	Equity Shares	Rs.10/- each	Rs.6000.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
482000000	Equity Shares	Rs.10/- each	Rs.4820.000 Millions

AS ON 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
160000000	Equity Shares	Rs.10/- each	Rs.1600.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
120500000	Equity Shares	Rs.10/- each	Rs.1205.000 Millions

FINANCIAL DATA

[All figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1205.000	1205.000	1205.000
(b) Reserves & Surplus	132576.926	112180.989	96247.224
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	133781.926	113385.989	97452.224
(3) Non-Current Liabilities
(a) long-term borrowings	47.904	50.455	53.004
(b) Deferred tax liabilities (Net)	15663.208	14769.763	14855.529
(c) Other long term liabilities	68658.464	92445.190	111863.470
(d) long-term provisions	5006.532	7335.679	7798.158
Total Non-current Liabilities (3)	89376.108	114601.087	134570.161
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	21197.329	13578.928	12541.335
(c) Other current liabilities	307789.057	287395.882	262941.541
(d) Short-term provisions	23078.969	24089.613	16077.778
Total Current Liabilities (4)	352065.355	325064.423	291560.654
TOTAL	575223.389	553051.499	523583.039
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	15480.748	15558.313	15091.794
(ii) Intangible Assets	4603.950	3824.500	3508.720
(iii) Capital work-in-progress	1026.642	699.787	1184.198
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	7073.486	5274.504	3975.107
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	6788.655	6842.229	7677.181
(e) Other Non-current assets	114005.758	53796.478	51777.942
Total Non-Current Assets	148979.239	85995.811	83214.942
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	178627.148	160888.266	173757.848
(c) Trade receivables	54885.100	39062.252	23066.260
(d) Cash and cash equivalents	133779.651	219325.385	200992.860
(e) Short-term loans and advances	45711.086	31212.285	22279.717
(f) Other current assets	13241.165	16567.500	20271.412
Total Current Assets	426244.150	467055.688	440368.097
TOTAL	575223.389	553051.499	523583.039

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Revenue from operations	143277.877	142110.596	131237.326
		Other Income	33273.885	25104.615	22873.120
		TOTAL (A)	176551.762	167215.211	154110.446
Less	EXPENSES
		Cost of materials consumed	68783.031	55073.612	113905.942
		Purchases of stock-in-trade	11301.363	2540.254	3818.312
		Employee benefit expense	24463.283	27206.565	22462.825
		Other expenses	29815.761	26796.663	10719.134
		Changes in inventories of finished goods, work-in-progress and stock-in-trade	1205.306	15089.827	(33339.008)
		TOTAL (B)	135568.744	126706.921	117567.205
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		40983.018	40508.290	36543.241
Less	FINANCIAL EXPENSES (D)		0.000	0.000	0.045
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		40983.018	40508.290	36543.196
Less/ Add	DEPRECIATION/ AMORTISATION (F)		6013.315	7223.135	8147.957
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		34969.703	33285.155	28395.239
Less	TAX (H)		50005.630	7890.834	7252.661
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		29969.140	25394.321	21142.578
	EARNINGS IN FOREIGN CURRENCY
		FOB Value of Manufactured Goods Exported	3650.757	3260.435	2217.082
		Earnings on Other Income	177.384	222.904	156.772
	TOTAL EARNINGS		3828.141	3483.339	2373.854
	IMPORTS
		Raw Materials	60593.900	38454.202	96229.035
		Stores & Spares	25092.208	17377.219	14965.518
		Capital Goods	940.465	590.442	558.996
		Special Tools	0.000	0.000	1625.807
	TOTAL IMPORTS		86626.573	56421.863	113379.356D
	Earnings / (Loss) Per Share (Rs.)		248.71	210.74	175.46

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	16.97	15.19	13.72
Net Profit Margin (PBT/Sales)	(%)	24.41	23.42	21.64
Return on Total Assets (PBT/Total Assets}	(%)	6.17	6.08	5.47
Return on Investment (ROI) (PBT/Networth)		0.26	0.29	0.29
Debt Equity Ratio (Total Debt/Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		1.21	1.44	1.51

FINANCIAL ANALYSIS

[All figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns.)	(INR in Mlns.)	(INR in Mlns.)
Share Capital	1205.000	1205.000	1205.000
Reserves & Surplus	96247.224	112180.989	132576.926
Net worth	97452.224	113385.989	133781.926
long-term borrowings	53.004	50.455	47.904
Short term borrowings	0.000	0.000	0.000
Total borrowings	53.004	50.455	47.904
Debt/Equity ratio	0.001	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1,31,237.326	1,42,110.596	1,43,277.877
		8.285	0.821

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	(INR in Mlns)	(INR in Mlns)	(INR in Mlns)
Revenue from operations	1,31,237.326	1,42,110.596	1,43,277.877
Profit After Tax	21,142.578	25,394.321	29,969.140
	16.11%	17.87%	20.92%

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	Yes
23]	Banking Details	Yes
24]	Banking facility details	Yes
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]	PAN of Proprietor/Partner/Director, if available	No
32]	Date of Birth of Proprietor/Partner/Director, if available	Yes
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

LITIGATION DETAILS

CASE PENDING

HIGH COURT OF KARNATAKA-BANGALORE BENCH WP 37571/2013

PETITIONER/APPNT. NAME	CHALET HOTELS PRIVATE LIMITED	RESPONDENT/DEFNT. NAME	HINDUSTAN AERONAUTICS LIMITED
PETNR. /APPNT. ADVOCATE	VIVEK HOLLA	RESPNT. /DEFNT. ADVOCATE	S R KAMALACHARAN
DATE FILED	21/08/2013	CLASSIFICATION	GM(RES)
DISTRICT	OUT OF STATE

STAGE		PENDING FOR ADMISSON	LAST POSTED FOR	PRELIMINARY HEARING – B GROUP
LAST ACTION TAKEN	PARTLY HEARD		LAST DATE OF ACTION	31/07/2014	NEXT HEARING DATE
LATEST ORDER
BEFORE HON'BLE JUDGE/S	RAM MOHAN REDDY

LOWER COURT DETAILS [APPEAL FROM BELOW CASE.]

CASE NO	COURT NAME	DISPOSAL DT
ASC/DGM 131/2013	OTHERS	16/08/2013

DETAILS OF THE DAILY ORDER

SR.NO.	HONBLE JUDGE	DATE OF ORDER
1	HONBLE ANVGJ	10/03.2014
2	HONBLE ANVGJ	27/03/2014
3	HONBLE ABHJ	13/06/2014
4	HONBLE ABHJ	07/07/2014
5	HONBLE ABHJ	18/07/2014

UNSECURED LOAN

Particulars	As on 31.03.2013 [Rs. in Millions]	As on 31.03.2012 [Rs. in Millions]
Long Term Borrowings
Deferred Payment Liabilities	47.904	50.455
Total	47.904	50.455

INDEX OF CHARGES:

S. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10070823	26/04/2013 *	14,980,000,000.00	STATE BANK OF INDIA	INDUSTRIAL FINANCE BRANCH,, RESIDENCY ROAD, RESIDENCY PLAZA, BANGALORE - 560025, KARNATAKA, INDIA	B77779734
* Date of charge modification

AWARDS AND RECOGNITIONS:

COMPANY LEVEL:

· Conferred with Platinum Award for Quality and Excellence from OMAC, France, in recognition of Quality and Business Excellence.

· Regional Export Award from EEPC India for the year 2010-11.

· Best Manufacturer / Exporter award 2012 in large category (Gold) from FKCCI.

· Digital Inclusion Award - 2012for ERP and e-procurement implementation across the Company in the silver Category.

· On the eve of Aero India, SAP Media Worldwide awarded HAL three awards in the following categories :-

- Outstanding contribution to the Defence Industry

- Most Influential Company of the year

- Excellence in Indigenous Technology

· HAL was selected for Raksha Mantris awards for excellence for the year 2010-11 in the following Categories :-

- Institutional Award Excellence in Performance

- Group / Individual Awards Design Efforts

PRESS RELEASE:

BUSINESS PARTNERS OF LCA PROGRAM RESOLVE TO INCREASE INDIGENIZATION

August 12, 2014

ANGALORE --- The business partners who work on India’s prestigious Light Combat Aircraft - a lightweight multirole fighter jet - have resolved to ensure the indigenous content of components used in the aircraft touches 80 percent in next three years at the indigenous strategic partners’ meet of LCA organized by HAL here yesterday.

According to SA to RM, Mr. Avinash Chander, it is possible to achieve such a goal since 165 out of 344 Line Replacement Units (LRUs) are already made in India. In his address to the vendors, representing around 50 companies, he pointed out that LCA dream has been achieved in-spite of denial of technology.

“It is clear that we have capability and the government will do everything possible to strengthen the knowledge base. Even funding can be provided and national facilities (such as testing) may be shared with private players to bring down costs to create a vibrant aerospace eco-system”, he added.

Dr. R.K. Tyagi, Chairman HAL said the production of LCA is on track with the creation of dedicated production division at HAL Bangalore. “We are aiming to roll-out 16 LCAs every year from the initial target of eight per year. Having specific business partners on such an important project has been of great help”, he added.

Dr. K. Tamilmani, Director General (Aeronautical Systems) and Mr. P.S. Subramanyam, Director, Aeronautical Development Agency (ADA) also spoke on the occasion. Mr. T. Suvarna Raju, Director (Design and Development, HAL) in his address said coming together of stakeholders is necessary to understand and share the knowledge since India is poised to have its own fighter aircraft comparable to the best in the world.

During the Q&A session, queries from these vendors on future programs of HAL, procurement procedures, taxation, IT enabled services etc were addressed.

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 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.60.50
UK Pound	1	Rs.100.33
Euro	1	Rs.79.91

INFORMATION DETAILS

Information Gathered by :	HTL
Analysis Done by :	RAS
Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
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	YES
--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
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		81

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.