MIRA INFORM REPORT

Report Date :

14.11.2011

IDENTIFICATION DETAILS

Name :	PULLMAN ENGINEERING COMPANY PRIVATE LIMITED
Registered Office :	32, 2nd Floor, Ganesh Chandra Avenue, Kolkata 700013, West Bengal
Country :	India
Financials (as on) :	31.03.2010
Date of Incorporation :	26.09.1974
Com. Reg. No.:	029667
Capital Investment / Paid-up Capital :	Rs.9.671 millions
CIN No.: [Company Identification No.]	U74140WB1974PTC029667
TAN No.: [Tax Deduction & Collection Account No.]	CALP00802E
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Material Handling Equipments
No. of Employees :	100 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (46)

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

Maximum Credit Limit :	USD 105156
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – September 30, 2011

Country Name	Previous Rating (30.06.2011)	Current Rating (30.09.2011)
India	A1	A1

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

INFORMATION PARTED BY

Name :	Mr. Vikas
Designation :	Finance Manager
Contact No.:	91-33-22151971
Date :	11.11.2011

LOCATIONS

Registered Office :	32, 2nd Floor, Ganesh Chandra Avenue, Kolkata 700013, West Bengal, India
Tel. No.:	91-33-22151971
Fax No.:	91-33-22156217
E-Mail :	finance@pullmanengg.in Pullman@satyam.net.in
Location :	Owned
Factory :	37, Mall Road (K B Sarani), Dum Dum, Kolkata 700080, West Bengal, India

DIRECTORS

AS ON 30.09.2010

Name :	Mr. Amit Sharaf
Designation :	Director
Date of Birth/Age :	15.03.1976
Date of Appointment :	22.08.2008
DIN No.:	02283188

OTHER DIRECTORS

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U74140WB1974PTC029667	Pullman Engineering Company Private Limited	Director	22/08/2008	22/08/2008	-	Active	NO

Name :	Mr. Kamal Mohan Das
Designation :	Director
Date of Birth/Age :	07.07.1945
Date of Appointment :	02.02.2011
DIN No.:	01764106

OTHER DIRECTORS

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	U29299WB2004PTC097973	Kps Pumps Private Limited	Managing director	02/07/2004	02/07/2004	-	Active	NO
2	U74140WB1974PTC029667	Pullman Engineering Company Private Limited	Director	02/02/2011	02/02/2011	-	Active	NO

Name :	Mr. Gyan P Khaitan
Designation :	Director
Date of Birth/Age :	05.02.1960
Date of Appointment :	02.02.2011
DIN No.:	01226106

OTHER DIRECTORS

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L67120WB1980PLC033222	Ratlam Industrial Limited	Director	31/01/2007	31/01/2007	29/01/2009	Active	NO
2	U74140WB1974PTC029667	Pullman Engineering Company Private Limited	Director	02/02/2011	02/02/2011	-	Active	NO
3	U27100DL2011PLC222783	Sumo Forge Limited	Director	25/07/2011	25/07/2011	-	Active	NO

Name :	Mr. Subash C Saraf
Designation :	Director
Date of Birth/Age :	14.06.1947
Date of Appointment :	24.09.1994
DIN No.:	00354969

OTHER DIRECTORS

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Date of cessation	Company Status	Defaulting status
1	L25199TN1980PLC008354	Madras Elastomers Limited	Director	23/07/1980	23/07/1980	-	Active	NO
2	U74140WB1974PTC029667	Pullman Engineering Company Private Limited	Director	24/09/1994	24/09/1994	-	Active	NO
3	U25111UP1994PTC016974	Ayodhya Rubber Private Limited	Director	27/09/1994	27/09/1994	-	Active	NO
4	U27106WB1995PTC073623	Subhamoti Exports Private Limited	Director	23/08/1995	23/08/1995	-	Active	NO
5	U51909WB1970PTC027864	S.S. Agencies Private Limited	Director	05/09/1996	05/09/1996	-	Active	NO
6	U19201TN1997PLC038844	Sumo Airboss India Limited	Director	14/08/1997	14/08/1997	-	Under Process of Striking off	NO
7	U25191UP1990PLC012199	Avadh Rubber Limited	Director	14/08/1999	14/08/1999	-	Dormant	NO
8	U29241WB1998PTC087270	Sumo Pullman Private Limited	Director	03/12/1999	03/12/1999	-	Active	NO
9	U65999WB1995PTC073391	Subhamoti Finance Private Limited	Director	18/01/2001	18/01/2001	-	Active	NO
10	U51909WB1996PTC079223	Emerald Tracon Private Limited	Director	26/06/2006	26/06/2006	-	Active	NO
11	L51909WB1983PLC035704	Kamayani Engineering Products Limited	Director	30/04/2007	30/04/2007	-	Active	YES
12	U28121DL2005PTC138082	Bihariji Cylinders Private Limited	Additional director	01/01/2010	01/01/2010	-	Active	YES
13	U70100CH2005PTC030897	Radiant Buildcon Private Limited	Additional director	20/12/2010	20/12/2010	-	Active	NO
14	U51101WB2009PTC132276	Atlantic Tradelinks Private Limited	Director	21/10/2011	21/10/2011	-	Active	NO

Name :	Mr. J B Kheta
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Vikas
Designation :	Finance Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares
Jagjit Singh	2625
Bina Singh	10
Alok Todi	10
Subhash C Saraf	8926
Sampat Saraf	5
Manoj Jain	2090
Anjali Saraf	4844
Abhishek Saraf	2625
Mash Trading Private Limited, Kolkata, West Bengal	4900
Aristodic Comm. Private Limited, Kolkata, West Bengal	5200
Sears Merchandise Private Limited, Kolkata, West Bengal	3800
Macy’s Advisory Private Limited, Kolkata, West Bengal	4000
Epica Tracon Private Limited, Kolkata, West Bengal	5180
Bristol Tie UP Private Limited, Kolkata, West Bengal	400
Mamta Consultancy Services Private Limited, Kolkata, West Bengal	4650
Kular Dealcom Private Limited, Kolkata, West Bengal	5550
Tirtha Pati Trading Private Limited, Kolkata, West Bengal	4880
Emery Suppliers Private Limited, Kolkata, West Bengal	1450
Todson Vintra Private Limited, Kolkata, West Bengal	4200
Nilyog Commercial Private Limited, Kolkata, West Bengal	3365
S S Agencies Private Limited, Kolkata, West Bengal	14900
Subhamoti Finance Private Limited, Kolkata, West Bengal	13100
Total	96710

AS ON 30.09.2010

Equity Share Breakup		Percentage of Holding
Category
Bodies corporate		78.15
Directors or relatives of directors		16.96
Other top fifty shareholders		4.89
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Material Handling Equipments

Products :

ITC Code	Products Description
Chapter 84.25	Winches
Chapter 84.30	Grab Bucket

· Electric Winches

· Capstans

· Diesel Winches

· Haulages (Flame-Proof and Non-Flame Proof)

· Hydraulic Winches

· Electric Hoists

· Grab Buckets

· Complete Slipways For Repair Of Ships/Trawlers/Boats

· Pile Driving Plants

· E.O.T. Cranes Gantry Cranes

· Platform Trucks Diesel Operated

· Gear Boxes

· Forklift Trucks Diesel Operated

· Grab Dredgers

· Derrick Cranes

· Wagon Haulers

· Hammer-Head And A.S.C. Wires

· Skip/Builders Hoist

· Vehicle Winch

· Road Wheel With Solid Rubber Tyre

· Heavy Fabrication

· Coach/Loco Bogie Side Frame Bolster

· Pneumatic Winch

· Piling Rig

PRODUCTION STATUS

AS ON 31.03.2010

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Winches	Nos.	80	80	73

GENERAL INFORMATION

Suppliers :

Crompton Greaves

Customers :

· Larsen and Toubro

· Sail

· NTPC

· BHEL

· Essar

· Reliance

· Indian Railway

· Public works departments of Central and State Government.

No. of Employees :

100 Approximately

Bankers :

· Indian Overseas Bank, Chandra Avenue

· Punjab National Bank, 31, C R Avenue, Kolkata, West Bengal, India

Facilities :

Rs. In Millions

SECURED LOAN	31.03.2010	31.03.2009
Secured against Vehicle	0.333	0.000
Total	0.333	0.000

Banking Relations :	--
Auditors :
Name :	Jain and Seth Company Chartered Accountant
Address :	6, Jawaharlal Nehru Road, 4^th Floor, Kolkata 700013, West Bengal, India
Associates/Subsidiaries :	Nil

CAPITAL STRUCTURE

AS ON 31.03.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
100000	Equity Shares	Rs. 100 each	Rs.10.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
96710	Equity Shares (of the above 19145 equity shares were allotted as fully paid up pursuant to a contract without payment being received in cash)	Rs. 100 each	Rs.9.671 millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		9.671	9.671	9.671
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		16.618	10.264	6.273
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		26.289	19.935	15.944
LOAN FUNDS
1] Secured Loans		0.333	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.333	0.000	0.000
DEFERRED TAX LIABILITIES		0.530	0.593	0.641
TOTAL		27.152	20.528	16.585
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		5.473	4.800	4.230
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		4.005	4.007	4.006
DEFERREX TAX ASSETS		0.000	0.000	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	1.920	3.796	7.346
	Sundry Debtors	31.057	35.462	12.047
	Cash & Bank Balances	2.807	0.226	0.289
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	20.293	12.630	12.466
Total Current Assets		56.077	52.114	32.148
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	23.686	17.821	5.969
	Other Current Liabilities	9.218	19.977	17.194
0.636	Provisions	5.499	2.595	0.636
Total Current Liabilities		38.403	40.393	23.799
Net Current Assets		17.674	11.721	8.349
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		27.152	20.528	16.585

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009
	SALES
		Sales	75.194	99.083
		Other Income	39.984	15.853
		TOTAL (A)	115.178	114.936
Less	EXPENSES
		Cost of Materials	80.198	77.095
		Increase/(Decrease) in Finished Goods	2.678	1.780
		Excise Duty	5.385	9.798
		Sales Tax	2.005	3.023
		Personnel Expenses	1.410	1.655
		Administrative Expenses	13.431	14.999
		TOTAL (B)	105.107	108.350
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		10.071	6.586
Less	FINANCIAL EXPENSES (D)		0.077	0.065
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		9.994	6.521
Less/ Add	DEPRECIATION/ AMORTISATION (F)		0.798	0.620
	PROFIT BEFORE TAX (E-F) (G)		9.196	5.901
Less	TAX (H)		2.842	1.911
	PROFIT AFTER TAX (G-H) (I)		6.354	3.990
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		10.264	6.274
	BALANCE CARRIED TO THE B/S		16.618	10.264
	Earnings Per Share (Rs.)		65.70	--

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	5.51	3.47	NA
Net Profit Margin (PBT/Sales)	(%)	12.22	5.95	NA
Return on Total Assets (PBT/Total Assets}	(%)	14.94	10.36	NA
Return on Investment (ROI) (PBT/Networth)		0.34	0.29	NA
Debt Equity Ratio (Total Liability/Networth)		1.49	2.05	1.53
Current Ratio (Current Asset/Current Liability)		1.46	1.29	1.35

LOCAL AGENCY FURTHER INFORMATION

OPERATIONS:

The company has incurred a profit of Rs. 9.196 millions during the year as against profit of RS. 5.902 millions during the previous years.

FIXED ASSETS:

· Land

· Residential Building

· Factory Shed and Building

· Furniture and Fixture

· Plant and Machinery

· Electrical Installation

· Office and Lab Equipments

· Computer

· Crane

· Car and Vehicles

· Small Tools

· Air Conditioner

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	Yes
5) Type of Business	Yes
6) Line of Business	Yes
7) Promoter's background	--
8) No. of employees	Yes
9) Name of person contacted	Yes
10) Designation of contact person	Yes
11) Turnover of firm for last three years	Yes
12) Profitability for last three years	--
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	Yes
16) Details of sister concerns	No
17) Major suppliers	Yes
18) Major customers	Yes
19) Payments terms	Yes
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	--
25) Conduct of the banking account	--
26) Buyer visit details	--
27) Financials, if provided	No
28) Incorporation details, if applicable	--
29) Last accounts filed at ROC	--
30) Major Shareholders, if available	--

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 records 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.50.28
UK Pound	1	Rs.80.08
Euro	1	Rs.68.44

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILIRY	1~10	5
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		46

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.