MIRA INFORM REPORT

Report Date :

20.12.2012

Note : Correct name of the company is PL ENGINEERING LIMITED

IDENTIFICATION DETAILS

Name :	PL ENGINEERING LIMITED (w.e.f.06.08.2009)
Formerly Known As :	SIMON CARVES INDIA LIMITED
Registered Office :	Punj Lloyd House, 17 – 18, Nehru Place, New Delhi – 110019
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	13.12.2006
Com. Reg. No.:	55 - 156532
Capital Investment / Paid-up Capital :	Rs.622.500 Millions
CIN No.: [Company Identification No.]	U45201DL2006PLC156532
PAN No.: [Permanent Account No.]	AAKCS4126L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Subject is engaged in the business of rendering Engineering and Design Consultancy Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

A (61)

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 3100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a subsidiary of ‘Punj – Lloyd Limited’. It is a well established company having fine track record. The latest financials are not made available. However, as per previous year’s record, the company is found to be performing well. Financial position of the company appears to be good. Trade relations are reported as trustworthy. Business is active. Payment terms are regular and as per commitment. The company can be considered good 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 – June 30, 2012

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

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

INDIAN ECONOMIC OVERVIEW

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

Source : CIA

RBI DEFAULTERS’ LIST STATUS

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

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

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

LOCATIONS

Registered Office :	Punj Lloy House, 17 – 18 Nehru Place, New Delhi – 110019, India
Tel. No.:	91-124-2620123
Fax No.:	91-124-2620111
E-Mail :	rajivdudeja@punjlloyd.com
Head Office :	5 – 7 Udyog Vihar, Phase IV, Gurgaon 122 016, Haryana, India
Tel. No.:	91- 124 486 0000
Fax No.:	91- 124 486 0001
E-Mail :	marketing@ple.co.in

DIRECTORS

AS ON 25.07.2012

Name :	Mr. Atul Punj
Designation :	Chairman and Managing Director
Address :	10, Prithvi Raj Road, New Delhi – 110011, India
Date of Birth/Age :	27.10.1957
Date of Appointment :	13.10.2010
DIN No.:	00005612

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	L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Whole-time director	01/07/2008	26/09/1988	-	Active	NO
2	U67120DL1995PLC071911	PLANCON SECURITIES LIMITED	Director	24/08/1995	24/08/1995	-	Strike off	NO
3	U74899DL1995PTC073510	JACOB BALLAS CAPITAL INDIA PRIVATE LIMITED	Director	31/10/1995	31/10/1995	24/02/2010	Active	NO
4	U74899DL1994PLC061630	INDO PACIFIC AVIATION LIMITED	Director	01/07/1997	01/07/1997	21/09/2007	Active	NO
5	U92411DL1998PTC097552	AFSAN HEALTH RESORT PRIVATE LIMITED	Director	18/12/1998	18/12/1998	-	Active	NO
6	U74899DL1993PLC054888	PUNJ LLOYD INDUSTRIES LIMITED	Director	20/01/1999	20/01/1999	-	Active	NO
7	U74899DL1995PTC067598	SPECTRA NET Private Limited	Director	18/05/1999	18/05/1999	21/10/2008	Active	NO
8	U30009PB2000PLC023802	SPECTRA PUNJAB LIMITED	Director	28/06/2000	28/06/2000	17/07/2010	Active	NO
9	U74900DL2001PTC110209	SPECTRA ISP NETWORKS PRIVATE LIMITED	Director	28/03/2001	28/03/2001	27/05/2010	Active	NO
10	U67120DL1989PLC035393	ATNA INVESTMENTS LIMITED	Director	29/03/2001	29/03/2001	-	Active	NO
11	U24119DL1989PTC036576	PLE HYDRAYLICS PRIVATE LIMITED	Director	27/05/2001	27/05/2001	-	Active	NO
12	U67120DL2000PLC106315	SPECTRANET HOLDINGS LIMITED	Director	13/09/2001	13/09/2001	21/10/2008	Active	NO
13	U67200MH2004PTC144558	HOWDEN INSURANCE BROKERS INDIA PRIVATE LIMITED	Director	17/02/2004	17/02/2004	14/12/2007	Active	NO
14	U74899DL1994PTC059190	ATNA PROPERTIES PRIVATE LIMITED	Director	28/12/2004	28/12/2004	-	Active	NO
15	U85110DL2004PTC128319	GLOBAL HEALTH PRIVATE LIMITED	Director	09/09/2006	25/03/2006	-	Active	NO
16	U63013DL2006FTC156122	SWISSPORT PUNJ LLOYD INDIA PRIVATE LIMITED	Director	30/05/2008	01/12/2006	-	Under liquidation	NO
17	U45201DL2006PLC156532	PL ENGINEERING LIMITED.	Director	13/10/2010	13/12/2006	-	Active	NO
18	U45400DL2007PLC161684	PUNJ LLOYD INFRASTRUCTURE LIMITED	Director	04/04/2007	04/04/2007	-	Active	NO
19	U11100DL2007PLC161686	PUNJ LLOYD UPSTREAM LIMITED	Director	04/04/2007	04/04/2007	-	Active	NO
20	U62200DL2007PLC163930	PUNJ LLOYD AVIATION LIMITED	Director	25/05/2007	25/05/2007	-	Active	NO
21	U45400DL2007PTC166937	RAMPRASTHA PUNJ LLOYD DEVELOPERS PRIVATE LIMITED	Director	13/08/2007	13/08/2007	-	Active	NO
22	L35110GJ1997PLC033193	PIPAVAV DEFENCE AND OFFSHORE ENGINEERING COMPANY LIMITED	Director	15/07/2008	18/09/2007	27/03/2010	Active	NO
23	U93000DL2007PTC171049	INDTECH AVIATION TRAINING SERVICES PRIVATE LIMITED	Director	04/12/2007	04/12/2007	-	Active	NO
24	U74210MH1986PTC040889	AIR WORKS INDIA (ENGINEERING)PVT LTD	Director	20/09/2008	04/02/2008	25/03/2010	Active	NO
25	U45203DL1996PTC190367	SEMBAWANG INFRASTRUCTURE(INDIA) PRIVATE LIMITED	Director	19/09/2008	31/03/2008	-	Active	NO
26	U00063HR2005PTC035845	GALACTIC INFRASTRUCTURE PRIVATE LIMITED	Director	06/05/2008	06/05/2008	-	Strike off	NO
27	U32109DL2008FTC178601	Olive Group India Private Limited	Director	30/09/2009	25/06/2008	-	Active	NO
28	U80100AP1997NPL036631	INDIAN SCHOOL OF BUSINESS	Director	29/09/2008	25/08/2008	-	Active	NO
29	U51909DL1985PLC021607	SPECTRA PUNJ LLOYD LIMITED	Director	28/07/2009	27/04/2009	-	Active	NO
30	U62200DL2009PTC189795	IMPERIAL JETS INDIA PRIVATE LIMITED	Director	28/04/2009	28/04/2009	31/08/2010	Active	NO
31	U74900DL2009PLC191789	PUNJ LLOYD SYSTEMS LIMITED.	Additional director	02/09/2009	02/09/2009	21/06/2010	Active	NO
32	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Director	30/09/2010	09/11/2009	-	Active	NO
33	U74140DL2010PTC206852	PLI VENTURES ADVISORY SERVICES PRIVATE LIMITED	Director	09/08/2010	09/08/2010	-	Active	NO
34	U93000DL1993PTC056684	MANAV CAPITAL SERVICES PRIVATE LIMITED	Director	30/09/2010	31/08/2010	-	Active	NO
35	U74899DL1993PTC056458	SUMAIN HARCRO INDIA PRIVATE LIMITED	Director	01/12/2010	01/12/2010	-	Strike off	NO
36	U45200DL2012PLC232075	INDRAPRASTHA METROPOLITAN DEVELOPMENT LIMITED	Director	25/02/2012	25/02/2012	-	Active	NO
37	U74999DL2012PLC241909	PL DELTA TECHNOLOGIES LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO

Name :	Mr. Pawan Kumar Gupta
Designation :	Director
Address :	126, Laburnum Sushant Lok Phase, Sector 28, Gugaon - 122001 Haryana, India
Date of Birth/Age :	24.08.1952
Date of Appointment :	12.07.2010
DIN No.:	01520949

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	L74899DL1988PLC033314	PUNJ-LLOYD LIMITED	Whole-time director	01/06/2012	01/06/2007	-	Active	NO
2	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Director	19/07/2011	09/11/2009	06/08/2012	Active	NO
3	U74899DL1997PLC088400	PLN CONSTRUCTION LIMITED	Director	16/12/2009	16/12/2009	-	Active	NO
4	U45400DL2007PLC161684	PUNJ LLOYD INFRASTRUCTURE LIMITED	Director	02/08/2010	16/12/2009	-	Active	NO
5	U62200DL2007PLC163930	PUNJ LLOYD AVIATION LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
6	U45203DL1996PTC190367	SEMBAWANG INFRASTRUCTURE(INDIA) PRIVATE LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
7	U45201DL2006PLC156532	PL ENGINEERING LIMITED.	Director	12/07/2010	16/12/2009	-	Active	NO
8	U51909DL1985PLC021607	SPECTRA PUNJ LLOYD LIMITED	Director	27/07/2010	16/12/2009	-	Active	NO
9	U74899DL1994PLC062696	KAEFER PUNJ LLOYD LIMITED	Director	30/09/2010	17/12/2009	-	Active	NO
10	U74210DL2010PLC199851	PLE TCI ENGINEERING LIMITED	Director	09/03/2010	09/03/2010	31/08/2010	Active	NO
11	U40106DL2010PLC211739	PUNJ LLOYD SOLAR POWER LIMITED	Director	24/12/2010	24/12/2010	02/05/2011	Active	NO
12	U11100DL2007PLC161686	PUNJ LLOYD UPSTREAM LIMITED	Director	27/07/2012	02/07/2012	-	Active	NO

Name :	Mr. Sanjay Goel
Designation :	Director
Address :	3, Birch Court, Nirwana Country, South City II, Sector – 51, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	22.02.1956
Date of Appointment :	25.07.2012
DIN No.:	00352408

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	U70102DL2008PTC176991	BENCHMARK INFRASTRUCTURE PRIVATE LIMITED	Director	22/04/2008	22/04/2008	-	Active	NO
2	U74210DL2010PLC199851	PLE TCI ENGINEERING LIMITED	Director	09/03/2010	09/03/2010	-	Active	NO
3	U74900DL2011PTC219149	AEROEURO ENGINEERING INDIA PRIVATE LIMITED	Director	13/05/2011	13/05/2011	-	Active	NO
4	U74900DL1982PLC014233	INDTECH GLOBAL SYSTEMS LIMITED	Director	10/08/2011	25/05/2011	-	Active	NO
5	U74120MH2011PTC222313	BENCHMARK CORPORATE MANAGEMENT ADVISORS PRIVATE LIMITED	Director	23/09/2011	23/09/2011	-	Active	NO
6	U33110HR2012PTC046336	ADILAC HEALTHTECH PRIVATE LIMITED	Director	25/06/2012	25/06/2012	-	Active	NO
7	U45201DL2006PLC156532	PL ENGINEERING LIMITED.	Director	25/07/2012	20/07/2012	-	Active	NO
8	U51103DL2008PTC180660	PUNJ LLOYD DELTA RENEWABLES PRIVATE LIMITED	Additional director	06/08/2012	06/08/2012	-	Active	NO
9	U74999DL2012PLC241909	PL DELTA TECHNOLOGIES LIMITED	Director	10/09/2012	10/09/2012	-	Active	NO

Name :	Mr. Rajesh Kumar Dugar
Designation :	Director
Address :	31, Chitrakoot, Altamount Road, Mumbai – 400025, Maharashtra, India
Date of Birth/Age :	01.07.1969
Date of Appointment :	07.05.2010
DIN No.:	00307729

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	U72200TN1999PTC042375	INTERCEPT TECHNOLOGIES INDIA PRIVATE LIMITED	Nominee director	21/08/2000	21/08/2000	10/02/2003	Active	NO
2	U70100MH1989PTC053972	SRIPAN LAND DEVELOPMENT PRIVATE LIMITED	Director	09/06/2003	09/06/2003	-	Active	NO
3	U73900MH1998PTC116053	NETMAGIC SOLUTIONS PRIVATE LIMITED	Additional director	24/01/2008	24/01/2008	29/08/2012	Active	NO
4	U74140MH2007PTC172259	FIL CAPITAL ADVISORS (INDIA) PRIVATE LIMITED	Director	28/01/2008	28/01/2008	-	Active	NO
5	U45203OR1995PLC003982	COASTAL PROJECTS LIMITED	Alternate director	10/11/2008	25/03/2008	-	Active	NO
6	U29199AP1997PLC026477	VMC SYSTEMS LIMITED	Alternate director	30/10/2008	30/10/2008	-	Active	NO
7	U72300KA2003PTC033038	MANTHAN SOFTWARE SERVICES PRIVATE LIMITED	Nominee director	22/07/2010	18/12/2009	07/03/2012	Active	NO
8	U45201DL2006PLC156532	PL ENGINEERING LIMITED.	Director	07/05/2010	07/05/2010	-	Active	NO
9	U51505MH1976PLC235523	SHREEM ELECTRIC LIMITED	Director	30/09/2011	14/10/2010	-	Active	NO
10	U72900DL2000PTC103915	MIND SHAPER TECHNOLOGIES PRIVATE LIMITED	Director	11/02/2011	05/02/2011	18/04/2011	Active	NO
11	U63013DL2004PTC128680	TRANSPOLE LOGISTICS PRIVATE LIMITED	Director	16/05/2011	16/05/2011	-	Active	NO
12	U33112KA1993PTC014776	XCYTON DIAGNOSTICS Private LIMITED	Director	25/11/2011	25/11/2011	-	Active	NO
13	U24239AP2005PTC047518	LAURUS LABS PRIVATE LIMITED	Director	07/09/2012	14/02/2012	-	Active	NO
14	U74140MH1997NPL111167	YOUNG PRESIDENTS ORGANIZATION (MUMBAI CHAPTER)	Director	01/07/2012	01/07/2012	-	Active	NO
15	U40109AP2004PLC043985	JALPOWER CORPORATION LIMITED	Additional director	01/10/2012	01/10/2012	-	Active	NO
16	U85110TN1998PTC040515	TRIVITRON HEALTHCARE PRIVATE LIMITED	Nominee director	23/10/2012	23/10/2012	-	Active	NO

Name :	Mr. Kabir Nagar
Designation :	Alternate Director
Address :	B 4/29, Safdarjung Enclave, New Delhi – 110063, India
Date of Birth/Age :	19.08.1976
Date of Casing :	30/10/2012
Date of Appointment :	20.07.2012
DIN No.:	03071945
Name :	Mr. Rajiv Dudeja
Designation :	Director
Address :	235, 1^st Floor State Bank Nagar, Paschim Vihar, New Delhi – 110063, India
Date of Birth/Age :	21.07.1969
Date of Appointment :	07.05.2010

KEY EXECUTIVES

Name :	Mr. Sanjay Goel
Designation :	Manager
Address :	3, Birch Court, Nirwana Country, South City II, Sector – 51, Gurgaon – 122002, Haryana, India
Date of Birth/Age :	22.02.1956
Date of Appointment :	21.05.2010
PAN No.:	ACPKG9182D
Name :	Mr. Rajiv Dudeja
Designation :	Secretary
Address :	235, 1^st Floor State Bank Nagar, Paschim Vihar, New Delhi – 110063, India
Date of Birth/Age :	21.07.1969
Date of Appointment :	07.05.2010
PAN No.:	AAMPD9544L

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 25.07.2012

Names of Equity Shareholders	No. of Shares
Punj Lloyd Limited, India	4999994
Atul Punj	1
Luv Chhabra	1
Dinesh Thairani	1
Sanjay Goel	150000
Sameer Sashidharan	1
Fil Capital Management Mauritius Limited, Mauritius	1066955
Fidelity India Principals, India	8045
Anupam Sharma	1
Manhar Kapoor	1
TOTAL	6225000

Names of Preference Shareholders	No. of Shares
Fidelity India Principals, India	150
Fil Capital Management Mauritius Limited, Mauritius	19855
TOTAL	20005

AS ON 25.07.2012

Equity Shares Break Up	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	17.14
Bodies corporate	80.32
Directors or relatives of Directors	0.00
Other top fifty shareholders	2.54
TOTAL	100.00

BUSINESS DETAILS

Line of Business :

Subject is engaged in the business of rendering Engineering and Design Consultancy Services.

GENERAL INFORMATION

No. of Employees :

Not Available

Bankers :

• State Bank of India, Overseas Branch, Jawahar Vyapar Bhavan, 1, Tolstoy Marg, New Delhi – 110001, India

Facilities :

Secured Loan	Rs. In Millions 31.03.2011	Rs. In Millions 31.03.2010
Rupee Term Loans Secured	11.880	110.386
TOTAL	11.880	110.386

Banking Relations :	--
Auditors :
Name :	S R Batliboi and Associates Chartered Accountant
Address :	Golf View corporate Tower – B Sector – 42, Sector Road Gurgaon 122002, Haryana, India
Pan No :	AABFS3421N
Holding Company	Punj – Lloyd Limited CIN No:- L74899DL1988PLC033314
Subsidiaries :	PLE Technology Consultancy Limited CIN No:- U74210DL2010PLC199851 Punj Lloyd Engg Pte Limited, Singapore
Fellow Subsidiary Company	Sembawang Infrastructure (India) private Limited CIN No:- U45203DL1996PTC190367 Olive Group India Private Limited CIN No:- U32109DL2008FTC178601 Punj Lloyd Delta Renewables Private Limited CIN No:- U51103DL2008PTC180660 Punj Lloyd Aviation Limited CIN No:- U62200DL2007PLC63930 PLI Ventures Advisory Services Private Limited CIN No:- U741440DL2010PTC206852 Punj Lloyd Kazakhstan LLP, Kazakhstan PT Punj Lloyd Indonesia, Indonesia Punj Lloyd Pte Limited, Singapore Simon Carves Limite, United Kingdom Punj Lloyd – Oil and Gas Sdn Bhd, Malaysia Simon Carves Singapore (Pte) Limited, Singapore Techodyne International Limited, United Kingdom Dayim Punj Lloyd Construction Contracting Company Limited, Saudi Arabia

CAPITAL STRUCTURE

AS ON 31.03.2012

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/- each	Rs.100.000 Millions
20005	Preference Shares	Rs.10000/- each	Rs. 200.005 Millions
	Total		Rs. 300.050 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
6225000	Equity Shares	Rs.10/- each	Rs.62.250 Millions
200058	Preference Shares	Rs.10000/- each	Rs.200.050 Millions
	Total		Rs.262.300 Millions

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010	31.03.2009
SHAREHOLDERS FUNDS
1] Share Capital		262.300	51.500	50.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		519.134	197.813	69.950
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		781.434	249.313	120.450
LOAN FUNDS
1] Secured Loans		11.880	110.386	185.094
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		11.880	110.386	185.094
DEFERRED TAX LIABILITIES		2.209	6.422	1.755
Deferred Payment Liabilities		0.000	0.000	9.524
TOTAL		795.523	366.121	316.823
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		70.233	52.352	56.620
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		110.778	0.500	0.000
DEFERREX TAX ASSETS		2.540	4.254	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	0.000	0.000	0.000
	Sundry Debtors	529.100	377.071	320.031
	Cash & Bank Balances	43.759	4.803	32.286
	Other Current Assets	174.392	51.135	23.625
	Loans & Advances	68.459	35.355	23.676
Total Current Assets		815.710	468.364	399.618
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	86.529	87.086	113.507
	Other Current Liabilities	40.626	23.056
	Provisions	76.583	49.207	25.908
Total Current Liabilities		203.738	159.349	139.415
Net Current Assets		611.972	309.015	260.203
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		795.523	366.121	316.823

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1099.583	1081.910	799.820
		Other Income	136.455	0.000	6.102
		TOTAL (A)	1236.038	1081.910	805.922
Less	EXPENSES
		Manufacturing Service cost	45.447	27.753
		Employee related Expenses	706.094	635.392	698.515
		Administrative selling other expenses	253.377	177.023
		TOTAL (B)	1004.918	840.168	698.515
Less	PROFIT / (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		231.120	241.742	107.407
Less	FINANCIAL EXPENSES (D)		12.973	38.532	8.146
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		218.147	203.210	99.261
Less/ Add	DEPRECIATION/ AMORTISATION (F)		14.917	11.722	27.370
	PROFIT / (LOSS) BEFORE TAX (E-F) (G)		203.230	191.488	71.890
Less	TAX (H)		65.261	65.724	30.222
	PROFIT / (LOSS) AFTER TAX (G-H) (I)		137.969	125.763	41.669
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		193.764	68.000	26.332
	BALANCE CARRIED TO THE B/S		331.733	193.763	68.001
	EARNINGS IN FOREIGN CURRENCY
		Consultancy Fees	0.000	635.425	411.495
	TOTAL EARNINGS		0.000	635.425	411.495
	Earnings Per Share (Rs.)		22.55	24.71	8.25

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	11.16	11.62	5.17
Net Profit Margin (PBT/Sales)	(%)	18.48	17.70	8.99
Return on Total Assets (PBT/Total Assets}	(%)	20.39	36.74	15.76
Return on Investment (ROI) (PBT/Networth)		0.26	0.77	0.60
Debt Equity Ratio (Total Liability/Networth)		0.26	0.64	1.16
Current Ratio (Current Asset/Current Liability)		4.00	2.94	2.87

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	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	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	No
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

Nature of Operations

Subject has been incorporated on December 13, 2006 and is registered under Indian Companies Act, 1956. The Company is primarily engaged in the business of rendering Engineering and Design Consultancy Services.

REVIEW OF PERFORMANCE:

2010-11 was a slow growth year for PL Engineering, the design and engineering arm of the Punj Lloyd Group. The company was just able to maintain its top Sine as at Rs. 1099.500 Millions, with a headcount of 743 Engineers including facilities in Gurgaon and Hyderabad. Company has made remarkable progress in three strategic business sustainability and growth drivers:

1) Diversification of services and sectors of operation beyond Oil and Gas

2) Diversification of customer base and reducing dependence on parent company for the business by winning majority orders from third party clients.

3) Penetration in new Geographies beyond India and Middle East countries.

Subject major source of revenue in the past came from design and engineering projects in the Oil and Gas sector. In the year 2010-11, the company has been focusing on diversifying into new sectors, especially In Poly silicon process plants, Nuclear a thermal power sectors .It has successfully bagged projects for two Indian Nuclear nodal agencies, namely Bhabha Atomic Research Centre (BARC) and Nuclear Power Corporation of India Limited (NPCIL). Company also started to build capabilities in Product design, E- leaming and embedded system with few initial business opportunities. To give further impetus to diversification drive, PL Engineering has set up a JV with GECI India, a subsidiary of GECI International, an aerospace design and commercial aircraft manufacturing company head quartered in Paris (France). The JV will focus on providing services to the growing Indian Aerospace sector on supporting activities in Europe, followed by looking at the global market. The company has set up a new Facility in Bangalore to carry out aerospace engineering design business under this JV. PL Engineering has established its presence and expanded its operations from India to Middle East, North Africa and Canada in last three years; With slow down in North African markets due to political disturbances, company has decided to shift its focus to develop new markets in next year. Efforts are being put to develop US and Latin America markets. PLE has initiated for a Joint Venture with TCI Brazil in Oil and gas sector to tap in huge growth in Latin America. In addition to its 'traditional' business segments of design and engineering, the company is also looking forward to set in foot in automotive and aerospace engineering The Company has, during 2010-11, bagged and completed a project of FEED work in Polysilicon. This is a very significant step up the value chain for the company .Now with this qualification; company can target high margin feed and basic engineering work in process plants, in summary during the year the Company has made significant progress in qualitative terms to build foundation for sustainable and profitable growth in future.

FIXED ASSETS

• Vehicles
• Computer Hardware
• Office Equipment
• Furniture and Fixture

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.54.74
UK Pound	1	Rs.89.02
Euro	1	Rs.72.48

INFORMATION DETAILS

Report Prepared by :

SPR

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	6
--CREDIT LINES	1~10	7
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		61

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.