MIRA INFORM REPORT

Report Date :

18.02.2011

IDENTIFICATION DETAILS

Name :	CATERPILLAR INC
Formerly Known As :	Caterpillar Tractor Co
Registered Office :	Corporation Trust Center 1209 Orange Street, Wilmington, DE, 19801
Country :	United States
Financials (as on) :	31.12.2009
Date of Incorporation :	03.12.1986
Com. Reg. No.:	2085588
Legal Form :	Corporation for Profit
Line of Business :	Manufacturer of mining equipment, diesel and natural gas engines and industrial gas turbines

RATING & COMMENTS

MIRA’s Rating :

A

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 2.000.000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

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, 2010

Country Name	Previous Rating (01.04.2010)	Current Rating (30.06.2010)
United States	a1	a1

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

GEOPOLITICS - UNITED STATES

POLITICAL DATA	ECONOMIC DATA
Form of Government: Federal Economic Risk: Nil	Currency: USD Branch Situation: Stable

IDENTIFICATION

Ordered as:	Caterpillar Inc
Address in the order:	Caterpillar 100 Ne Adams St,. Peoria, IL 61629,
Legal Name:	CATERPILLAR INC
Trade Name:	CAT
Legal Address	Corporation Trust Center 1209 Orange Street, Wilmington, DE, 19801, USA. (The Corporation Trust Company/Registered Agent)
Operative Address	100 NE Adams Street, Peoria, IL, 61629, United States. (Headquarters)
Telephone:	+1 (309) 675-1000	Registration Number :	2085588
Fax:	+1 (309) 675-6155	Legal Form:	Corporation for Profit
Email:	info@cat.com	Registered in:	Delaware
Website:	http://www.cat.com	Date Created:	1925
Manager:	Jim Owens, CEO	Date Incorporated:	03/12/1986
Staff:	93,813	Stock:	621,293,542 shares
		Value:	$1 Par Value
Activity:	Manufacturer of mining equipment, diesel and natural gas engines and industrial gas turbines.

BANKS

Name of the Bank	CITIBANK
Name of the Bank	JPMORGAN CHASE BANK
Name of the Bank	BANK OF AMERICA

BUSINESS

HISTORY
	The company was founded in 1925. The company was formerly known as Caterpillar Tractor Co. and changed its name to Caterpillar Inc. in 1986.
PRINCIPAL ACTIVITY
	Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, and industrial gas turbines worldwide.
Products/Services description:
	Its Machinery business engages in the design, manufacture, marketing, and sale of construction, mining, and forestry machinery, such as track and wheel tractors, track and wheel loaders, pipelayers, motor graders, wheel tractor-scrapers, track and wheel excavators, backhoe loaders, log skidders, log loaders, off-highway trucks, articulated trucks, paving products, skid steer loaders, underground mining equipment, tunnel boring equipment, and related parts among other equipments. The company’s Engines business designs, manufactures, markets, and sells engines for electric power generation systems, locomotives, marine, petroleum, construction, industrial, agricultural, and other applications; and related parts. The company also provides various forms of insurance to customers and dealers, through its Financial Products business, to support the purchase and lease of its equipment. Caterpillar markets its products through distribution centers.
Sales are:
	Wholesale, Retail
Brands:
	Owned brands: CAT CAT Logistics CAT Financial CAT Reman CAT Rental Stores FG Wilson Solar Turbines Among others.
Clients:
	Mining corporations, Farming stores, Industrial corporations.
Operations area:
	International
The company export to several countries depending on the demand.
The subject employs 93,813 employee(s)
PAYMENTS
	made on a 55 days basis - monitored over the last 12 months
LOCATION
Headquarters
	The company is headquartered in 100 NE Adams Street Peoria, IL, 61629, United States.
Comments on location:
	The company is incorporated in Delaware for tax purposes. However, it is headquartered in Peoria, IL.
Branches:
	The company has several locations throughout the world: Canada Brazil Chie Mexico Italy France Ireland Belgium Autralia Indonesia Among others.

Shareholders - Manager - Related Companies

Listed at the stock exchange:
	YES
Capital:
	%of Shares Held by All Insider and 5% Owners: 0% %of Shares Held by Institutional & Mutual Fund Owners: 68% %of Float Held by Institutional & Mutual Fund Owners: 68% Number of Institutions Holding Shares: 924
Shareholders Parent Company(ies):
	Major Direct Holders: Magowan Peter A Shares: 293,918 Reported: 4-Aug-09 Gallardo Juan Shares: 212,756 Reported: 13-Apr-09 Owens James W Shares: 178,051 Reporterd: 2-Mar-10 Vittecoq Gerard R Shares: 109,819 Reported: 2-Mar-10 Oberhelman Douglas R Shares: 82,954 Reported: 2-Mar-10 Top Institutional Holders: Vanguard Group, Inc. (The) Shares: 22,321,657 Reported: 31-Dec-09 State Farm Mutual Automobile Insurance Co Shares: 19,707,800 Reported: 31-Dec-09 Blackrock Institutional Trust Company, N.A. Shares: 15,921,881 Reported: 31-Dec-09 State Street Corporation Shares: 86,887,071 Reported: 31-Dec-09 Primecap Management Company Shares: 11,318,806 Reported: 31-Dec-09 Fmr Llc Shares: 9,671,534 Reported: 31-Dec-09 Northern Trust Corporation Shares: 8,145,353 Reported: 31-Dec-09 Bank Of New York Mellon Corporation Shares: 8,038,055 Reported: 31-Dec-09 Wellington Management Company, Llp Shares: 7,633,961 Reported: 31-Dec-09 Gates (Bill & Melinda) Foundation Shares: 7,590,400 Reported: 31-Dec-09 Top Mutual Fund Holders: Vanguard 500 Index Fund Shares: 5,916,388 Reported: 30-Sep-09 Diamonds Trust Series I Shares: 5,740,596 Reported: 31-Oct-09 Vanguard Total Stock Market Index Fund Shared: 5,714,617 Reported: 30-Sep-09 Vanguard/Primecap Fund Shares: 5,681,900 Reported: 31-Dec-09 Spdr Trust Series 1 Shares: 4,765,913 Reported: 30-Sep-09 Fidelity Growth Company Fund Shares: 4,440,000 Reported: 31-Dec-09 Vanguard Institutional Index Fund-Institutional Index Fd Shares: 4,312,236 Reported: 30-Sep-09 Growth Fund Of America Inc Shares: 4,000,000 Reported: 31-Dec-09 Dodge & Cox Stock Fund Shares: 2,621,500 Reported: 31-Dec-09 College Retirement Equities Fund-Stock Account Shares: 2,203,996 Reported: 30-Sep-09
Management:
	Jim Owens, CEO Douglas R. Oberhelman, Vice Chairman Bradley M. Halverson, Controller Kevin E. Colgan, Treasurer Edward J. Scott, Chief Audit Officer Christopher C. Spears, Chief Ethics and Compliance Officer Jananne A. Copeland, Chief Accounting Officer Board of Directors: Joshua I. Smith Susan C. Schwab Edward B. Rust, Jr. Charles D. Powell James W. Owens William A. Osborn Peter A. Magowan David R. Goode Juan Gallardo Gail D. Fosler Eugene V. Fife John T. Dillon Daniel M. Dickinson John R. Brazil W. Frank Blount
Related Companies:
	Affiliates/Subsidiaries: 1446790 Ontario Limited AsiaTrak (Tianjin) Ltd. Caterpillar (Africa) (Proprietary) Limited Caterpillar (Thailand) Limited Caterpillar Brasil Ltda. Caterpillar Commerciale S.r.L. Caterpillar European Finance s.r.o. Caterpillar Financial Nordic Services AB Caterpillar Distribution Services Europe B.V.B.A. Caterpillar Financial Services Netherlands B.V. Caterpillar Financial Ukraine LLC Among others.

Financials - COMMERCIAL TRENDS AND FORECAST

The subject is a public company traded at the New York stock exchange (NYSE) under the symbol "CAT".

Please find enclosed the financial statements as of 2009.

Comments on the financial data: Sales and revenues for 2009 decreased USD 18.928 billion from 2008, and profit of USD 895 million was down 75 percent from USD 3.557 billion in 2008. The decline in profit was primarily due to significantly lower sales volume.
Caterpillar expects 2010 sales and revenues to be up 10 to 25 percent from 2009, and profit is expected to be about USD 2.50 per share at the midpoint of the sales and revenues range.

Legal Fillings

There are more than 1000 UCC files listed with the Secretary of State of Delaware.Among them we found one current

There are various claims, lawsuits, and pending actions against the Company and its subsidiaries incident to the operations of its businesses. It is the opinion of management, after consultation with counsel, that the ultimate resolution of such claims, lawsuits and pending actions will not have a material adverse effect on the Company\'s consolidated financial position, results of operations or liquidity.

The last annual report was filed on 02/19/10.

For information:

The Uniform Commercial Code (UCC) is one of a number of uniform acts that have been promulgated in conjunction with efforts to harmonize the law of sales and other commercial transactions in all 50 states within the United States of America.

The UCC deals primarily with transactions involving personal property (movable property), not real property (immovable property).

It allows a creditor to notify other creditors about a debtor’s assets used as collateral for a secured transaction by filing a public notice (financing statement) with a particular filing office.

The Uniform Commercial Code Bureau files and maintains on financial obligations (including IRS liens) incurred by individuals (in business as a sole proprietor), business entities and corporations.

Rating

Local credit bureau gave a correct credit rate. The company is in Good Standing. This means that all local and federal taxes were paid on due date.
Final Opinion
	This US company currently employs 93,813 workers, considering it as a large sized. It has 85 years of experience in manufacturing mining equipment, diesel and natural gas engines and industrial gas turbines world wide. Based on the information analyzed, company seems to have an adequate business structure with several branches and large workforce. The company has a high indebtedness. A credit line may be considered for USD 2.000.000

SUMMARY

FINANCIAL SUMMARY		DEBT COLLECTIONS AND PAYMENTS
Profitability	CORRECT	Public Records	NO
Indebtedness	HIGH	Payments	REGULAR
Cash	NORMAL

Income Statement

View: Annual Data |

All numbers in thousands

PERIOD ENDING		31-Dec-09	31-Dec-08	31-Dec-07
Total Revenue		32,396,000	51,324,000	44,958,000
Cost of Revenue		24,931,000	38,415,000	32,626,000
Gross Profit		7,465,000	12,909,000	12,332,000
	Operating Expenses
	Research Development	1,421,000	1,728,000	1,404,000
	Selling General and Administrative	5,467,000	4,399,000	4,875,000
	Non Recurring	-	-	-
	Others	-	-	-
	Total Operating Expenses	-	-	-
Operating Income or Loss		577,000	6,782,000	6,053,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	381,000	(882,000)	320,000
	Earnings Before Interest And Taxes	958,000	5,900,000	6,373,000
	Interest Expense	389,000	1,427,000	1,420,000
	Income Before Tax	569,000	4,473,000	4,953,000
	Income Tax Expense	(270,000)	953,000	1,485,000
	Minority Interest	68,000	-	-
	Net Income From Continuing Ops	895,000	3,557,000	3,541,000
	Non-recurring Events
	Discontinued Operations	-	-	-
	Extraordinary Items	-	-	-
	Effect Of Accounting Changes	-	-	-
	Other Items	-	-	-
Net Income		895,000	3,557,000	3,541,000
Preferred Stock And Other Adjustments		-	-	-
Net Income Applicable To Common Shares		$895,000	$3,557,000	$3,541,000

Balance Sheet

View: Annual Data |

All numbers in thousands

PERIOD ENDING		31-Dec-09	31-Dec-08	31-Dec-07
Assets
Current Assets
	Cash And Cash Equivalents	4,867,000	2,736,000	1,122,000
	Short Term Investments	-	-	-
	Net Receivables	15,128,000	19,351,000	16,568,000
	Inventory	6,360,000	8,781,000	7,204,000
	Other Current Assets	434,000	765,000	583,000
Total Current Assets		26,789,000	31,633,000	25,477,000
Long Term Investments		13,355,000	15,837,000	14,745,000
Property Plant and Equipment		12,386,000	12,524,000	9,997,000
Goodwill		2,269,000	2,261,000	1,963,000
Intangible Assets		465,000	511,000	475,000
Accumulated Amortization		-	-	-
Other Assets		2,060,000	1,705,000	3,475,000
Deferred Long Term Asset Charges		2,714,000	3,311,000	-
Total Assets		60,038,000	67,782,000	56,132,000
Liabilities
Current Liabilities
	Accounts Payable	8,620,000	12,341,000	10,694,000
	Short/Current Long Term Debt	9,784,000	12,701,000	10,600,000
	Other Current Liabilities	888,000	1,027,000	951,000
Total Current Liabilities		19,292,000	26,069,000	22,245,000
Long Term Debt		21,847,000	22,834,000	17,829,000
Other Liabilities		9,599,000	12,268,000	7,175,000
Deferred Long Term Liability Charges		-	-	-
Minority Interest		83,000	524,000	-
Negative Goodwill		-	-	-
Total Liabilities		50,821,000	61,695,000	47,249,000
Stockholders' Equity
Misc Stocks Options Warrants		477,000	-	-
Redeemable Preferred Stock		-	-	-
Preferred Stock		-	-	-
Common Stock		3,439,000	3,057,000	2,744,000
Retained Earnings		19,711,000	19,826,000	17,398,000
Treasury Stock		(10,646,000)	(11,217,000)	(9,451,000)
Capital Surplus		-	-	-
Other Stockholder Equity		(3,764,000)	(5,579,000)	(1,808,000)
Total Stockholder Equity		8,740,000	6,087,000	8,883,000
Net Tangible Assets		$6,006,000	$3,315,000	$6,445,000

Income Statement

View: | Quarterly Data

All numbers in thousands

PERIOD ENDING		31-Dec-09	30-Sep-09	30-Jun-09	31-Mar-09
Total Revenue		7,898,000	7,298,000	7,975,000	9,225,000
Cost of Revenue		6,897,000	5,255,000	5,752,000	7,027,000
Gross Profit		1,001,000	2,043,000	2,223,000	2,198,000
	Operating Expenses
	Research Development	355,000	327,000	351,000	388,000
	Selling General and Administrative	1,325,000	1,183,000	1,253,000	1,706,000
	Non Recurring	-	-	-	-
	Others	-	-	-	-
	Total Operating Expenses	-	-	-	-
Operating Income or Loss		(679,000)	533,000	619,000	104,000
	Income from Continuing Operations
	Total Other Income/Expenses Net	88,000	66,000	163,000	64,000
	Earnings Before Interest And Taxes	(591,000)	599,000	782,000	168,000
	Interest Expense	(719,000)	347,000	381,000	380,000
	Income Before Tax	128,000	252,000	401,000	(212,000)
	Income Tax Expense	(91,000)	(139,000)	40,000	(80,000)
	Minority Interest	26,000	42,000	(19,000)	19,000
	Net Income From Continuing Ops	232,000	434,000	341,000	(112,000)
	Non-recurring Events
	Discontinued Operations	-	-	-	-
	Extraordinary Items	-	-	-	-
	Effect Of Accounting Changes	-	-	-	-
	Other Items	-	-	-	-
Net Income		232,000	434,000	341,000	(112,000)
Preferred Stock And Other Adjustments		-	(30,000)	30,000	-
Net Income Applicable To Common Shares		$232,000	$404,000	$371,000	($112,000)

Balance Sheet

View: | Quarterly Data

All numbers in thousands

PERIOD ENDING		31-Dec-09	30-Sep-09	30-Jun-09	31-Mar-09
Assets
Current Assets
	Cash And Cash Equivalents	4,867,000	4,188,000	3,991,000	3,566,000
	Short Term Investments	-	-	-	-
	Net Receivables	15,128,000	14,772,000	15,791,000	17,366,000
	Inventory	6,360,000	6,815,000	7,160,000	7,992,000
	Other Current Assets	434,000	448,000	441,000	748,000
Total Current Assets		26,789,000	26,223,000	27,383,000	29,672,000
Long Term Investments		13,355,000	14,208,000	14,397,000	14,724,000
Property Plant and Equipment		12,386,000	12,250,000	12,226,000	12,342,000
Goodwill		2,269,000	2,272,000	2,264,000	2,256,000
Intangible Assets		465,000	474,000	485,000	492,000
Accumulated Amortization		-	-	-	-
Other Assets		2,060,000	2,113,000	2,067,000	1,735,000
Deferred Long Term Asset Charges		2,714,000	3,298,000	3,270,000	3,219,000
Total Assets		60,038,000	60,838,000	62,092,000	64,440,000
Liabilities
Current Liabilities
	Accounts Payable	8,620,000	8,118,000	8,895,000	9,666,000
	Short/Current Long Term Debt	9,784,000	9,047,000	9,738,000	11,425,000
	Other Current Liabilities	888,000	792,000	857,000	998,000
Total Current Liabilities		19,292,000	17,957,000	19,490,000	22,089,000
Long Term Debt		21,847,000	23,069,000	23,558,000	23,466,000
Other Liabilities		9,599,000	11,299,000	11,188,000	12,036,000
Deferred Long Term Liability Charges		-	-	-	-
Minority Interest		83,000	537,000	481,000	513,000
Negative Goodwill		-	-	-	-
Total Liabilities		50,821,000	52,862,000	54,717,000	58,104,000
Stockholders' Equity
Misc Stocks Options Warrants		477,000	-	-	-
Redeemable Preferred Stock		-	-	-	-
Preferred Stock		-	-	-	-
Common Stock		3,439,000	3,392,000	3,347,000	3,086,000
Retained Earnings		19,711,000	-	-	19,694,000
Treasury Stock		(10,646,000)	(10,702,000)	(10,745,000)	(11,214,000)
Capital Surplus		-	-	-	-
Other Stockholder Equity		(3,764,000)	15,286,000	14,773,000	(5,230,000)
Total Stockholder Equity		8,740,000	7,976,000	7,375,000	6,336,000
Net Tangible Assets		$6,006,000	$5,230,000	$4,626,000	$3,588,000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.45.38
UK Pound	1	Rs.73.08
Euro	1	Rs.61.60

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

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

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

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

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

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