MIRA INFORM REPORT

Report Date :

11.01.2012

IDENTIFICATION DETAILS

Name :	FLOWSERVE SANMAR LIMITED
Registered Office :	9, Cathedral Road, Chennai - 600 086, Tamilnadu
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	08.09.1987
Com. Reg. No.:	18-14838
Paid up Capital :	Rs. 4.800 Millions
CIN No.: [Company Identification No.]	U18209TN1987PLC014838
TAN No.: [Tax Deduction & Collection Account No.]	CHED00088E
PAN No.: [Permanent Account No.]	AAACD2238A
Legal Form :	A Closely held Public Limited Liability Company.
Line of Business :	Manufacturing Of Shoe Uppers And Full Shoes
No. of Employees :	250 (approximately)

RATING & COMMENTS

MIRA’s Rating :

A (66)

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 1100000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a part of Sanmar group. It is a well established and a reputed company having fine track. Financial position of the company appears to be sound. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are reported to be regular 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

LOCATIONS

Registered Office/ Corporate Office:	9, Cathedral Road, Chennai - 600 086, Tamilnadu, India
Tel. No.:	91-44-2825 8955 / 28128400 / 28128722
Fax No.:	91-44-2826 9359 / 28112437 / 28112627
E-Mail :	reachus@sanmargroup.com mr1@sanmargroup.com nnh@sanmargroup.com rs36@sanmargroup.com
Website :	http://www.sanmargroup.com
Location :	Owned
Administrative office:	8, Cathedral Road, Chennai – 600 086, Tamil Nadu, India
Tel. No.:	91-44-8258955
Fax No.:	91-44-8269359
Factory 1 :	47 / 1, Chettipunyam Village, Chingleput District, Tamil Nadu, India
Tel. No.:	91-4114-264101
Fax No.:	91-4114-264261
Location :	Owned
Factory 2 :	147, Karapakkam Village, Chennai – 600 097, Tamilnadu, India
Tel. No.:	91-44-24504100
Fax No.:	91-44-24502124
Area:	29500 Sq. fts
Sales Office :	Located at: Karapakkam Hyderabad Jamnagar Kochi Kolkata Mumbai New delhi Pune Surat Vadodara Vizag

DIRECTORS

AS ON 29.07.2011

Name :	Mr. Manachanallur Narayanaswamy Radhakrishnan
Designation :	Whole Time Director
Address :	12, Besant Avene Adyar, Chennai – 600 020, Tamilnadu, India
Date of Birth/Age :	03.08.1943
Date of Appointment :	01.04.2004
DIN No.:	00011091

Other Directorship:

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	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) PRIVATE LIMITED	Director	09-09-87	09-09-87	31-07-08	Active	NO
2	U33111TN1980PLC008499	BS AND B SAFETY SYSTEMS (INDIA) LIMITED	Director	30-06-91	30-06-91	-	Active	NO
3	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA PRIVATE LIMITED	Director	22-02-96	22-02-96	01-07-08	Active	NO
4	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	01-05-01	01-05-01	-	Active	NO
5	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	25-06-01	25-06-01	30-04-11	Active	NO
6	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	01-09-09	02-07-01	31-03-11	Active	NO
7	U30006TN1996PLC034869	SANMAR ENGINEERING SERVICES LIMITED	Director	18-04-02	18-04-02	30-03-07	Amalgamated	NO
8	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Whole-time director	01-04-04	01-04-04	-	Active	NO
9	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Whole-time director	01-09-09	01-04-04	-	Active	NO
10	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	30-05-05	30-05-05	31-03-08	Active	NO
11	L24230TN1985PLC011637	CHEMPLAST SANMAR LIMITED	Director	08-06-05	08-06-05	-	Active	NO
12	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	27-06-05	27-06-05	06-08-11	Active	NO
13	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	18-07-05	18-07-05	-	Active	NO
14	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	02-07-07	30-09-06	-	Active	NO
15	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	30-04-07	30-04-07	01-06-11	Active	NO
16	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	28-07-08	01-04-08	-	Active	NO
17	U45201TN1999PLC043396	SHL PROPERTY HOLDINGS LIMITED	Director	22-09-09	07-11-08	-	Active	NO
18	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	26-09-11	30-04-11	-	Active	NO

Name :	Mr. Subbaiah Sankaran
Designation :	Director
Address :	2/1, IV street, Balaji Nagar, Chennai – 600 014, Tamilnadu, India
Date of Birth/Age :	07.05.1954
Date of Appointment :	01.04.2004
DIN No.:	00009172

Other Directorship:

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	U24117TN1989PLC018211	SANMAR PERFORMANCE CHEMICALS AND RESEARCH SERVICES LIMITED	Director	14-05-03	14-05-03	-	Dissolved	NO
2	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	14-05-03	14-05-03	31-03-08	Active	NO
3	U24231TN1989PLC054653	BANGALORE GENEI LIMITED	Director	09-12-03	09-12-03	-	Dissolved	NO
4	U33111TN1980PLC008499	BS AND B SAFETY SYSTEMS (INDIA) LIMITED	Director	01-04-04	01-04-04	-	Active	NO
5	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Director	01-04-04	01-04-04	-	Active	NO
6	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	01-04-04	01-04-04	-	Active	NO
7	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director	01-04-04	01-04-04	-	Active	NO
8	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	01-04-04	01-04-04	-	Active	NO
9	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) Private LIMITED	Director	01-04-04	01-04-04	31-07-08	Active	NO
10	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	01-04-04	01-04-04	31-03-11	Active	NO
11	U24111TN1985PLC055699	INTEC POLYMERS LIMITED	Director	26-07-04	26-07-04	-	Dissolved	NO
12	U24299TN1982PLC009443	SANMAR SPECIALITY CHEMICALS LIMITED	Director	18-05-05	18-05-05	-	Active	NO
13	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	02-07-07	30-09-06	-	Active	NO
14	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	18-10-06	18-10-06	01-04-08	Active	NO
15	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	30-04-07	30-04-07	01-06-11	Active	NO
16	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	12-09-08	01-04-08	-	Active	NO
17	U93090TN1996PLC034761	CABOT SANMAR LIMITED	Director	10-07-09	01-04-08	-	Active	NO
18	U74210TN1996PLC034870	SANMAR ENGINEERING TECHNOLOGIES LIMITED	Director	26-09-11	30-04-11	-	Active	NO
19	U65991TN1990PLC019237	SHL SECURITIES (ALPHA) LIMITED	Additional director	04-10-11	04-10-11	31-10-11	Active	NO

Name :	Mr. Gopinath Sivasankar
Designation :	Director
Address :	Villa 83, Phasei, Palm Meadows, White Field Road, Bangalore- 560066, Karnataka, India.
Date of Birth/Age :	26.05.1946
Date of Appointment :	01.04.2004
DIN No.:	00328624

Other Directorship:

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	U29120KA1996PTC020335	FLOWSERVE MICROFINISH VALVES PRIVATE LIMITED	Director	21-08-02	21-08-02	-	Active	NO
2	U74999MH1961PLC012188	AUDCO INDIA LIMITED	Director	21-09-02	21-09-02	-	Active	NO
3	U85110KA1996PTC021196	FLOWSERVE MICROFINISH PUMPS PRIVATE LIMITED	Director	03-11-03	03-11-03	-	Active	NO
4	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	01-04-04	01-04-04	-	Active	NO
5	U85110KA1996PTC021388	FLOWSERVE INDIA CONTROLS PRIVATE LIMITED	Director	10-02-05	10-02-05	05-03-08	Active	NO

Name :	Mr. Pranatharthiharan Natarajan
Designation :	Director
Address :	No. 6, Sreshta Subasri, 56/ 46, First Main Road, R A Puram, Chennai- 600028, Tamilnadu, India.
Date of Birth/Age :	10.10.1955
Date of Appointment :	28.03.2005
DIN No.:	00018397

Other Directorship:

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	U51909TN1998PLC041556	TYCO SANMAR LIMITED	Director	01-04-04	01-04-04	-	Active	NO
2	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	01-04-04	01-04-04	01-10-11	Active	NO
3	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	04-07-08	01-04-04	31-03-11	Active	NO
4	U33111TN1980PLC008499	BS & B SAFETY SYSTEMS (INDIA) LIMITED	Director	28-03-05	28-03-05	-	Active	NO
5	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	11-07-07	28-03-05	-	Active	NO
6	U33112TN1983PLC009911	SANMAR FOUNDRIES LIMITED	Managing director	01-10-11	28-03-05	-	Active	NO
7	U31404TN1990PTC019244	VISHAY TRANSDUCERS INDIA PRIVATE LIMITED	Director	28-03-05	28-03-05	01-07-08	Active	NO
8	U29199TN2001PLC047307	SANMAR CONSOLIDATIONS LIMITED	Director	28-03-05	28-03-05	30-04-11	Active	NO
9	U30006TN1996PLC034869	SANMAR ENGINEERING SERVICES LIMITED	Director	28-03-05	28-03-05	30-03-07	Amalgamated	NO
10	U33111TN1987PTC014841	ASCO NUMATICS (INDIA) PRIVATE LIMITED	Director	15-06-07	28-03-05	31-07-08	Active	NO
11	U65993TN1995PLC030445	SANMAR ENGINEERING SERVICES LIMITED	Director	02-07-07	30-09-06	01-11-11	Active	NO
12	U27310TN2007PLC063323	JKM FERROTECH LIMITED	Director	31-07-09	22-09-08	01-06-11	Active	NO

Name :	Mr. Rajagopalan Rangarajan
Designation :	Director
Address :	4 F, Prof Subramanian Street, Chennai – 600 010, Tamilnadu, India.
Date of Birth/Age :	14.03.1955
Date of Appointment :	01.04.2008
DIN No.:	02128525

Other Directorship:

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	U63090TN1994PLC028616	SANMAR SHIPPING LIMITED	Director	16-09-08	31-03-08	-	Active	NO
2	U28999TN2001PLC047056	XOMOX SANMAR LIMITED	Director	04-07-08	01-04-08	-	Active	NO
3	U24119TN2002PLC048677	SANMAR GROUP INTERNATIONAL LIMITED	Director	15-09-08	01-04-08	-	Active	NO
4	U33111TN1980PLC008499	BS AND B SAFETY SYSTEMS (INDIA) LIMITED	Director	31-07-09	01-04-08	-	Active	NO
5	U18209TN1987PLC014838	FLOWSERVE SANMAR LIMITED	Director	05-07-10	01-04-08	-	Active	NO
6	U93090TN1985PLC024245	EMERSON PROCESS MANAGEMENT CHENNAI LIMITED	Director	04-07-08	01-04-08	31-03-11	Active	NO

Name :	Mr. Richard James Heppenstall
Designation :	Director Appointed In Casual Vacancy
Address :	201, Raintree CT, Colleyville, Texas-76034, USA
Date of Birth/Age :	13.10.1970
Date of Appointment :	25.09.2010
DIN No.:	03133682
Name :	Mr. Chua Wei Tein Colin
Designation :	Director Appointed In Casual Vacancy
Address :	52, ENG, Kongdrive, Singapore-599379
Date of Birth/Age :	03.03.1960
Date of Appointment :	25.09.2010
DIN No.:	03157380

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.07.2011

Names of Shareholders	No. of Shares
Sanmar Engineering Corporation Limited – India	26395
Madhu Sarin	2400
Flowserve International Inc, USA	19200
N Sankar	1
Vijay Sankar	1
K S Narayanan	1
N Kumar	1
Sanmar Reality Private Limited - India	1
TOTAL	48000

AS ON 29.07.2011

Equity Shares Break Up	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	40.00
Bodies corporate	55.00
Other top fifty shareholders	5.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing Of Shoe Uppers And Full Shoes

Products :

Product description	ITC Code
Mechanical Seals	841391

GENERAL INFORMATION

No. of Employees :	250 (Approximately)
Bankers :	· Bank of Baroda, 28, Rajaji Salai, Chennai-600001, Tamilnadu, India

Banking Relations :	--
Auditors :
Name :	S R Batliboi and associates Chartered Accountants
Address :	TPL House, second Floor, No.3 , Cenotaph Road, Chennai – 600 018, Tamil Nadu, India
Tel. No.:	91-44-42194400
Fax No.:	91-44-24311450
Pan No.:	AABFS3421N
Holding Company :	Sanmar Engineering Technologies Limited CIN No.: U74210TN1996PLC034870
Associates :	Flowserve International Inc. Cathedral Corporate Finance Chemplast Sanmar Limited CIN No.: L24230TN1985PLC011637 Cabot Sanmar Limited CIN No.: U93090TN1996PLC034761 Kalamkriya Limited CIN No.: U22121TN1991PLC020589 Sanmar Engineering Services Limited CIN No.: U65993TN1995PLC030445 Emerson Process Management Chennai Limited CIN No.: U93090TN1985PLC024245 Sanmar Foundries Limited CIN No.: U33112TN1983PLC009911 Sanmar Speciality Chemicals Limited CIN No.: U24299TN1982PLC009443 SHL Property Holdings Limited CIN No.: U45201TN1999PLC043396 Tyco Sanmar Limited CIN No.: U51909TN1998PLC041556 Xomox Sanmar Limited CIN No.: U28999TN2001PLC047056

CAPITAL STRUCTURE

AS ON 31.03.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
90000	Equity shares	Rs. 100/- each	Rs. 9.000 Millions
100000	4% Non Cumulative Redeemable Preference shares	Rs. 10/- each	Rs. 1.000 Million
		Total	Rs. 10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
48000	Equity shares	Rs. 100/- Each	Rs. 4.800 Millions

Note:

Out of the above, 26,400 equity shares are held by the holding company, Sanmar Engineering Technologies Limited and its nominees

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		4.800	4.800	4.800
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		284.306	246.886	406.513
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		289.106	251.686	411.313
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		0.000	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		289.106	251.686	411.313
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		89.165	91.121	101.967
Capital work-in-progress		1.559	1.803	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		18.918	7.618	8.421
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	97.848	73.390	104.753
	Sundry Debtors	446.287	366.392	342.581
	Cash & Bank Balances	23.603	207.783	76.415
	Other Current Assets	0.230	0.395	0.000
	Loans & Advances	35.750	35.743	26.794
Total Current Assets		603.718	683.703	550.543
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	141.886	97.474	88.978
	Other Current Liabilities	114.012	84.671	94.092
	Provisions	168.356	350.414	66.548
Total Current Liabilities		424.254	532.559	249.618
Net Current Assets		179.464	151.144	300.925
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		289.106	251.686	411.313

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010	31.03.2009
	SALES
		Income	1551.419	1391.446	1331.993
		Other Income	52.873	16.453	19.800
		TOTAL (A)	1604.292	1407.899	1351.793
Less	EXPENSES
		Cost of goods sold	532.929	545.934	532.668
		Salaries, Wages and Amenities to staff	145.708	146.116	135.874
		Repairs and Maintenance	0.000	28.338	32.649
		Other expenses	112.940	79.266	82.615
		Manufacturing Service Cost	84.138	0.000	0.000
		TOTAL (B)	875.715	799.654	783.806
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		728.577	608.245	567.987
Less	FINANCIAL EXPENSES (D)		6.576	7.565	7.031
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		722.001	600.680	560.956
Less/ Add	DEPRECIATION/ AMORTISATION (F)		15.199	16.119	18.282
	PROFIT BEFORE TAX (E-F) (G)		706.802	584.561	542.674
Less	TAX (H)		297.116	198.324	184.585
	PROFIT AFTER TAX (G-H) (I)		409.686	386.237	358.089
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		17.668	215.919	213.737
Less	APPROPRIATIONS
		Transfer to General Reserve	40.969	38.624	35.809
		Interim Dividend		180.000	242.400
		Proposed dividend	372.266	287.520	31.200
		Tax on Dividend		78.344	46.498
	BALANCE CARRIED TO THE B/S		14.119	17.668	215.919
	EXPORT VALUE		7.627	15.817	11.532
	IMPORTS
		Raw Materials	167.476	116.517	117.037
		Stores & Spares	0.355	0.757	10.114
		Capital Goods	14.164	1.005	0.000
	TOTAL IMPORTS		181.995	118.279	127.151
	Earnings Per Share (Rs.)		8535.12	8047	7460

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010	31.03.2009
PAT / Total Income	(%)	25.54	27.43	26.49
Net Profit Margin (PBT/Sales)	(%)	45.56	42.01	40.74
Return on Total Assets (PBT/Total Assets}	(%)	99.30	74.71	134.69
Return on Investment (ROI) (PBT/Networth)		2.44	2.32	1.32
Debt Equity Ratio (Total Liability/Networth)		1.47	2.12	0.61
Current Ratio (Current Asset/Current Liability)		1.42	1.28	2.21

LOCAL AGENCY FURTHER INFORMATION

CORPORATE RESULTS

During the year, the Company paid interim dividend of Rs.3915 per share. The directors recommend a final dividend of Rs.2745 per share for the year and transfer of Rs.40.97 million to General Reserve.

OPERATIONS

During the year, the Company recorded a growth of 11.5% in sales over the previous year. MRO sales grew by 10.8% and OEM sales increased by 17.0%. Profits for the year was at 45.6% on sales as compared to 42.0% in the previous year. The Company expects to maintain the growth at the back of expanded installed base.

FINANCE

The Company enjoyed a healthy financial position throughout the year. The Company’s contribution to the Central and State Exchequers during the year was Rs.585.32 million.

FORM 8

Corporate identity number of the company	U18209TN1987PLC014838
Name of the company	FLOWSERVE SANMAR LIMITED
Address of the registered office or of the principal place of business in India of the company	9,Cathedral Road, Chennai-600008, Tamil Nadu, India
This form is for	Creation of charge
Type of charge	Book debts Floating charge
Particular of charge holder	Bank of Baroda, 28, Rajaji Salai, Chennai-600001, Tamilnadu, India
Nature of instrument creating charge	Hypothecation of book debts dated 29th September 2010 Instrument of hypothecation of goods dated 29th September 2010
Date of instrument Creating the charge	29.09.2010
Amount secured by the charge	Rs. 138.200 Millions
Brief of the principal terms an conditions and extent and operation of the charge	Rate of interest 2.50% over the base rate Terms of repayment Repayable on Demand Margin 25% on Stocks and Book Debts 10% on packing credit Extent and operation of the charge Charge over entire stock of raw materials, work in process, finished goods, stores, spares and Book Debts
Short particulars of the property charged (Including location of the property)	Entire stock of raw materials, work in process, semi finished and finished goods, stores and spares (not relating to plant and machinery) lying at the factory of the borrower or elsewhere. Book Debts

FIXED ASSETS:

v Land

v Building

v Plant and machinery

v Furniture and fixtures

v Office equipment

v Vehicles

v Software

v Technical know how

WEBSITE DETAILS

PROFILE

A joint venture with Flowserve Corporation, USA, Subject is the market leader in engineered mechanical sealing devices, offering a wide choice for the industry—from pusher seals, dry running seals and split seals to metal bellows seals and non-contacting seals.

The association which goes back more than 25 years, began with a joint venture between Durametallic Corporation, and the Sanmar group.

Mergers and acquisitions have brought major seal players together under the Flowserve umbrella, with a product range that today includes BW®, Durametallic®, Pacific Wietz™ and Pac-Seal®.

The company is a major force in the petroleum, petrochemical, power, chemical, food and pharmaceutical markets.

SANMAR GROUP MILESTONES

1967	Chemplast - PVC Plant inauguration - Capacity of 6,000 TPA, in collaboration with B F Goodrich
1976	Formation of Durametallic India; SEC begins operations at Karapakkam, Chennai
1978	Commissioning of the Industrial Alcohol Plant, Krishnagiri
1981	BS and B Safety Systems and Sanmar Weighing Systems  commence commercial operations
1981	Chemplast - PVC capacity augmentation to 20,000 TPA
1982	Acquisition of Arvind Distillery
1983	SEC operations extended to Viralimalai Complex, near Trichy— Xomox Valves inaugurated
1983	Sanmar moves to its own Headquarters at 8 Cathedral Road
1984	FMC Sanmar commences commercial production of Smith Meters and Crosby Safety Relief Valves
1984	Micropack commences commercial operations of manufacture of PCBs
1985	Chemplast acquires a stake in Mettur Chemicals (MCIC)
1985	Commencement of commercial production of Silicon Wafers at Mettur Chemicals
1985	Chemplast commences commercial production of Battery Separator Resin (based on ICI technology)
1986	Combined Cycle Power Plant commissioned at Mettur, Chemplast
1986	Mettur Chemicals celebrates its Golden Jubilee
1987	B F Goodrich withdraws from Chemplast
1987	Chemplast - PVC capacity augmentation to 30,000 TPA
1988	Commencement of commercial operations of Peroxides India for manufacture of Peroxide Initiators and Urethanes India for manufacture of Thermoplastic Polyurethane (TPU), both at Cuddalore
1988	Sanmar Footwear commences manufacture of shoe uppers
1988	Commercial production of Refrigerant Gases commences - Chemplast
1988	Commissioning of the first LSHS-based Captive Power Plant I (6.5 MW) at Mettur, Chemplast
1988	Mettur Chemicals merges with Chemplast
1989	Sensortronics Sanmar and Asco (India) commence operations
1991	Fine Chemicals division of Chemplast commences manufacture of Aromatic Chemicals through a JV with Dragoco Gerberding and Company AG - Drachem Speciality Chemicals
1991	Urethanes India merges with Chemplast
1992	Chemplast - PVC capacity augmentation to 48,000 TPA
1992	Silver Jubilee Celebrations - Chemplast
1994	Xomox adds Fisher Control Valves to its range and the company changes name to Fisher – Xomox to reflect this
1994	Elf Atochem S.A. becomes a JV partner in Peroxides India
1994	Formation of Dragoco India, a JV with Dragoco Gerberding and Company AG., to make Flavours and Fragrances; Dragoco disinvest in Drachem Speciality Chemicals and change of name effected - becomes Sanmar Speciality Chemicals
1995	Commencement of Shipping operations - Sanmar Shipping Corporation, a division of Chemplast; Acquires 5 Handymax Bulk Carriers
1996	Sanmar Industrial Systems is formed out of an internal restructuring of the group's presence in the electronics business
1996	Chemplast - PVC capacity expansion from 48,000 TPA to 60,000 TPA
1996	Sale of TPU division of Chemplast (erstwhile Urethanes India) to a JV with Bayer AG - Bayer Sanmar
1996	Sanmarnet (WAN) commissioned
1996/97	Sanmar Shipping - Acquisition of 3 Tankers
1997	Sanmar Alloy Castings establishes itself as a major supplier of castings
1997	Chemplast enhances the production capacity of Chloromethanes from 11,000 MT to 22,000 MT
1998	Sanmar-PTI Filters commences commercial operations
1998	Fumed Silica plant of Cabot Sanmar, as a JV with Cabot Corporation, inaugurated
1998	Shipping operations spun off into a separate company - Sanmar Shipping Limited
1998	Captive Power Generation Capacity at Chemplast, Mettur enhanced to 40 MW - self-sufficiency in power requirements at Mettur achieved
1999	To reflect the worldwide restructuring of operations, the existing operations of Crosby in FMC Sanmar are separated out as Tyco Sanmar
1999	Sanmar Specialty Chemicals acquires the Bulk Drugs unit of American Remedies
2000	Dedication of the new manufacturing facility of Tyco Sanmar at Viralimalai
2000	Fisher Sanmar adds LP Gas Regulators to its product range
2000	Chemplast commissions the Oxy Chlorination plant at Mettur
2000	Sanmar Alloy Castings begins a major initiative - an Investment Castings project at Viralimalai
2001	Sanmar Engineering Corporation celebrates Silver Jubilee.
2001	Sanmar Alloy Castings commissions the state-of-the-art Investment Castings facility at Viralimalai.
2001	Sanmar Specialty Chemicals completes ten years.
2001	Disinvestment of Sanmar shares in Bayer Sanmar in favour of Bayer
2001	Closure of Sanmar-PTI Filters operations
2001	Sanmar Industrial Systems merges with Sanmar Engineering Services
2002	The launch of AMP Sanmar Assurance Company Limited.
2002	The new 9,000 square metre complex of Dragoco India inaugurated at Semmanchery, near Chennai.
2002	Sanmar Specialty Chemicals Research Centre inaugurated.
2002	Sensortronics Sanmar begins to operate as a joint venture with Vishay Transducers, pursuant to the acquisition of Sensortronics Inc., USA by Vishay
2002	Disinvestment of Sanmar shares in Atofina Peroxides India Ltd in favour of Atofina
2003	Demerger of the operations of the Fisher and Xomox divisions of Fisher-Xomox Sanmar, following the restructuring of the operations of the joint venture partners
2003	Merger of Sanmar Alloy Castings with FMC Technologies Sanmar; in-house machining capacity at the Viralimalai complex
2003	Sanmar Alloy Castings Limited name changed to Sanmar Foundries Limited
2003	Acquisition of caustic soda plant at Karaikal and merger with Chemplast Sanmar
2003	Acquisition of Bangalore Genei Limited, Bangalore, to facilitate Sanmar Speciality Chemicals’ entry into biotechnology.
2003	The Sanmar Group receives Rotary Vocational Excellence Award for its ethics policies.
2004	AMP Sanmar Assurance Company Limited renamed as AMP Sanmar Life Insurance Company Limited.
2004	Disinvestment of Sanmar shares in Dragoco India in favour of Dragoco India, now Symrise India.
2004	Acquisition of Intec Polymers Limited, Dadra, Gujarat, as part of the expansion plans of Sanmar Speciality Chemicals Limited
2004	Constitution of Group Corporate Board comprising eminent people from a variety of fields to oversee Sanmar Group operations, to complete the professionalisation of the Group.
2005	AMP Sanmar Life Insurance Company Limited divested in favour of Reliance Life Insurance Company Limited, a subsidiary of Reliance Capital Limited
2006	Strategic Weighing Systems divested
2006	Sensortronics Sanmar Limited name changed to Vishay Sanmar Limited
2006	BS&B Safety Systems (India) Limited celebrates Silver Jubilee
2006	Chemplast Sanmar Limited, acquires the PVC pipes businesses of Polytrusions Private Limited and Vinplex Private Limited - marketed under the brand name ‘Trubore’
2007	Actavis buys API business of SSCL
2007	Inauguration of new research facilities at Ticel Park, for ProCitius Research
2007	The Sanmar Group’s first overseas acquisition, Eisenwerk Erla, a foundry unit in Erla, Germany
2007	The Sanmar Group completes acquisition of a caustic soda plant, Trust Chemical Industries LLC at Port Said, Egypt.
2007	Acquisition of a modern Panamax bulk carrier
2007	The MMA-Sanmar Effective Business Communication Award instituted
2007	The first IACC-Sanmar Award for Indo-US Business Cooperation Award presented to Flowserve Corporation, USA
2007	Foundation stone laid for new PVC facility at Cuddalore
2007	Fisher Sanmar inaugurates new large valve facility at Karapakkam
2007	Foundation stone laid for new steel foundry at Viralimalai, near Trichy
2007	"Trust Chemical Industries LLC" is renamed as "TCI Sanmar Chemicals LLC"
2007	S R Seshadri Training Institute dedicated to the late S R Seshadri inaugurated on 24 Sept 07 at Karapakkam
2007	Commissioned environment-friendly membrane cell process for caustic soda production
2007	Marine Terminal Facility commissioned at Karaikal
2008	Landmark zero liquid discharge facility goes on stream at Mettur (March 2008)
2008	The Sanmar Group acquires Matix Metals LLC, a steel foundry in North America
2008	The second IACC-Sanmar Award for Indo-US Business Cooperation presented to Cherry Corporation, USA
2008	Trubore Piping Systems commissions the 20,000 tpa Greenfield PVC Pipes facility at Shinoli, Maharashtra
2008	Xomox Sanmar celebrates Silver Jubilee year
2008	Sanmar Ferrotech, with a capacity of 25,000 tpa commissioned in November 2008
2008	Received Certificate for Significant Achievement in its sustainability practices at the CII-ITC Sustainability Awards 2008
2008	Asco (India) Limited divested
2008	Vishay Sanmar Limited divested
2009	Intec Polymers divested to Dorf Ketal
2009	Bangalore Genei divested to Merck KGaA
2009	Xomox Sanmar Limited inaugurates Pacific Valves Division
2009	Chemplast Sanmar commissions Greenfield PVC project at Cuddalore
2010	The third IACC-Sanmar Award for Indo-US Business Cooperation presented to General Electric Company, India.
2010	Xomox Sanmar bags Supply Chain Leader Award 2010 by Logistics 2.0 for its No.1 ranking in supply chain management by CMIE.
2011	Fisher Sanmar Limited Divested
2011	Eisenwerk Erla GmbH, Germany and Sanmar Ferrotech Limited Divested

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. 52.22
UK Pound	1	Rs. 80.83
Euro	1	Rs. 66.79

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	8
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--CREDIT LINES	1~10	7
--MARGINS	-5~5	---
DEMERIT POINTS
--BANK CHARGES	YES/NO	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		66

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.