MIRA INFORM REPORT

Report Date :

05.03.2012

IDENTIFICATION DETAILS

Name :	SPX FLOW TECHNOLOGY (INDIA) PRIVATE LIMITED (w.e.f. 23.03.2010)
Formerly Known As :	JOHNSON PUMP (INDIA) PRIVATE LIMITED
Registered Office :	Survey No. 275, Odhav Road, Odhav, Ahmedabad 382415, Gujarat
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	02.04.1980
Com. Reg. No.:	050281
Capital Investment / Paid-up Capital :	Rs.4.995 millions
CIN No.: [Company Identification No.]	U51900GJ1980PTC050281
TAN No.: [Tax Deduction & Collection Account No.]	AHMJ00355F
PAN No.: [Permanent Account No.]	AAACS7234B
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer and Importer of Industrial Pumps, Centrifugal Pumps etc.
No. of Employees :	110 Approximately

RATING & COMMENTS

MIRA’s Rating :

Ba (53)

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

Maximum Credit Limit :	USD 1084512
Status :	Satisfactory
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Financial position of the company appears to be sound. 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.

INFORMATION PARTED BY (General Details)

Name :	Mr. Bhavesh Patel
Designation :	Deputy Manager
Contact No.:	91-79-22870311
Date :	02.03.2011

LOCATIONS

Registered Office /Factory :	Survey No. 275, Odhav Road, Odhav, Ahmedabad 382415, Gujarat, India
Tel. No.:	91-79-22870311
Fax No.:	91-79-22810593
E-Mail :	Girish.gajjar@spx.com Bhavesh.patel@spx.com
Website :	www.spx.com
Location :	Owned

DIRECTORS

AS ON 29.06.2011

Name :	Mr. Gerwin Alex Roelof Schaafsma
Designation :	Director
Date of Birth/Age :	15.10.1966
Date of Appointment :	01.01.2009
Name :	Mr. Patrick Joseph Oleary
Designation :	Director
Date of Birth/Age :	19.06.1957
Date of Appointment :	31.03.2009
Name :	Mr. Gerard Bauke Santema
Designation :	Director
Date of Birth/Age :	02.08.1969
Date of Appointment :	08.04.2009
Name :	Mrs. Jenny Ngeeee
Designation :	Director
Date of Birth/Age :	04.02.1963
Date of Appointment :	22.07.2009

KEY EXECUTIVES

Name :	Mr. Bhavesh Patel
Designation :	Deputy Manager

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 29.06.2011

Names of Shareholders	No. of Shares
SPX Flow Technology Sweden AB (formerly known as SPX Process Equipment AB), Sweden	499494
Johnson Pump (Australia) Pty. Ltd, as nominees of SPX Flow Technology Sweden AB, Australia	1
SPX Flow Technology Norderstedt GmBH (formerly known as BRAN+LUEBBE GmbH) as nominees of SPX Flow Technology Sweden AB, Deutschland	1
Johnson Pumps of America, Inc. as nominees of SPX Flow Technology Sweden AB, United States	1
SPX Flow Technology Orebro AB (formerly known as SPX Johnson Pump Marine AB) as nominees of SPX Flow Technology Sweden AB, Sweden	1
SPX Flow Technology Belgium (formerly known as SPX Process Equipment BE NV) as nominees of SPX Flow Technology Sweden AB, Belgium	1
SPX Flow Technology Assert BV {formerly known as SPX Process Equipment NL BV) as nominees of SPX Flow Technology Sweden AB, Netherlands	1
Total	499500

AS ON 29.06.2011

Equity Share Breakup		Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]		100.00
	Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer and Importer of Industrial Pumps, Centrifugal Pumps etc.

Products :

Product Description	ITC Code
Power Driven Industrial and Process Pumps and Its Components	8413.80

Exports :

Countries :

European Countries

Imports :

Products :

Raw Materials

Countries :

European Countries, Asian Countries, China

Terms :

Selling :

Credit (30-45-60 Days)

Purchasing :

Credit (30-45-60 Days)

PRODUCTION STATUS

AS ON 31.12.2010

Particulars	Unit	Installed Capacity	Actual Production
Power Driven Industrial and Process Pumps	Qty. (in Nos.)	15000	17971

GENERAL INFORMATION

Suppliers :

Not Available

Customers :

Government

No. of Employees :

110 Approximately

Bankers :

· Citi Bank, Ahmedabad, Gujarat

· Bank of India, Ahmedabad, Gujarat

Facilities :

Rs. In Millions

SECURED LOAN	31.12.2010	31.12.2009
Loans from Banks
Cash Credit Facility	3.565	16.426
Interest Accrued and Due	0.302	0.150
Total	3.867	16.576
Note: The working capital loans are secured through first charge by way of hypothecation of Stocks, book debts, receivables, collateral security having first charge on all movable assets, including plant and machinery both present and future and equitable mortgage.

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountant
Address :	Heritage, 3^rd Floor, Nr. Gujarat Vidhyapith, Off Ashram Road, Ahmedabad 380014, Gujarat, India
Holding Company :	SPX Flow Technology Sweden AB (formerly known as SPX Process Equipment AB), Sweden
Parent Company :	SPX Corporation, USA
Fellow Subsidiary :	· SPX Process Equipment NL BV · SPX Process Equipment BE NV · SPX Process Equipment Pte Limited, Singapore · SPX Process Equipment Pty Limited, Australia · SPX Flow Technology Poland SP. Z.O.O. · SPX Shared Services, Delvan A/P · SPX Process Equipment Pte Limited, Korea · SPX Process Equipment Limited, UK · SPX (Shanghai) Flow Technology Company Limited · SPX Flow Technology Hongkong Company Limited · SPX Flow Technology Rosista GMBH · APV North America Inc. · APV Manufacturing (Shanghai) Company Limited · SPX Process Flow Technology (Cops Vulcan) · SPX Corporation China) Company Limited · SPX Flow Technology (Bran+Lueee GMBH)

CAPITAL STRUCTURE

AS ON 29.06.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
500000	Equity Shares	Rs. 10 each	Rs.5.000 millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
499500	Equity Shares	Rs. 10 each	Rs.4.995 millions

Note:

Above 499500 equity shares are held by the holding company viz, SPX Process Equipments AB, Sweden (formerly known as Johnson Pump Industry AB, Sweden) and Its Nominees.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2010	31.12.2009	31.12.2008
SHAREHOLDERS FUNDS
1] Share Capital		4.995	4.995	4.995
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		266.133	220.723	177.052
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		271.128	225.718	182.047
LOAN FUNDS
1] Secured Loans		3.867	16.576	17.224
2] Unsecured Loans		0.000	0.000	0.000
TOTAL BORROWING		3.867	16.576	17.224
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		274.995	242.294	199.271
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		67.780	67.757	68.441
Capital work-in-progress		0.000	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		6.930	6.624	1.968
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	114.569	93.726	86.328
	Sundry Debtors	279.993	162.962	126.085
	Cash & Bank Balances	17.847	21.436	15.884
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	5.247	8.220	5.612
Total Current Assets		417.656	286.344	233.909
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	153.953	69.272	55.839
	Other Current Liabilities	44.988	27.807	37.963
	Provisions	18.430	21.352	11.245
Total Current Liabilities		217.371	118.431	105.047
Net Current Assets		200.285	167.913	128.862
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		274.995	242.294	199.271

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Sales and Other Income	604.395	446.360	478.742
		TOTAL (A)	604.395	446.360	478.742
Less	EXPENSES
		Selling and Distribution Expenses
		Office Expenses	527.782	374.752	409.088
		Administrative Expenses
		Advertising Expenses
		TOTAL (B)	527.782	374.752	409.088
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		76.613	71.608	69.654
Less	FINANCIAL EXPENSES (D)		NA	NA	NA
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		76.613	71.608	69.654
Less/ Add	DEPRECIATION/ AMORTISATION (F)		7.424	7.310	6.770
	PROFIT BEFORE TAX (E-F) (G)		69.189	64.298	62.884
Less	TAX (H)		23.780	20.628	22.663
	PROFIT AFTER TAX (G-H) (I)		45.409	43.670	40.221
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		184.167	140.497	100.276
	BALANCE CARRIED TO THE B/S		229.576	184.167	140.497
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	179.725	149.680	136.770
		Other Earnings	0.084	0.599	1.164
	TOTAL EARNINGS		179.809	150.279	137.934
	IMPORTS
		Raw Materials	39.730	27.826	1.978
		Stores & Spares	11.327	44.417	3.469
		Capital Goods	9.964	0.000	0.000
	TOTAL IMPORTS		61.021	72.243	5.447
	Earnings Per Share (Rs.)		90.09	87.43	--

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	7.51	9.78	8.40
Net Profit Margin (PBT/Sales)	(%)	11.44	14.40	13.13
Return on Total Assets (PBT/Total Assets}	(%)	14.25	18.15	20.79
Return on Investment (ROI) (PBT/Networth)		0.25	0.28	0.34
Debt Equity Ratio (Total Liability/Networth)		0.81	0.59	0.67
Current Ratio (Current Asset/Current Liability)		1.92	2.41	2.22

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS

Rs. In Millions

Particulars	31.12.2010	31.12.2009	31.12.2008
Sundry Creditors	153.953	69.272	55.839

Note:

Registered office of the company has been shifted from 43 Dr. V B Gandhi Marg, Fort, Mumbai 400023, Maharashtra, India to the present address w.e.f. 09.03.2007.

REVIEW OF OPERATIONS

The sales turnover for the year ended on 31^st December 2010 has been 604 MINR as against the previous year turnover of 446 MINR. During the year the Company has performed well. Company's sales and services is increased 35 % and profit after tax is increased by 7.6% as compared to the previous year.

FUTURE OUTLOOK

Local Markets

The Company continues its efforts to advance in its existing pump families. With improvement in economy in general and in pharmaceutical, mining and infrastructure sectors in particular, the Company is expecting higher turnover in the times to come.

Exports

The patronage of the parent company in the exports of the components and assemblies to world market is at an accelerated rate. The Company is getting regular orders from them for supplies to their associates in various countries like Netherlands Belgium, Sweden, Singapore and others.

FIXED ASSETS:

· Land

· Building

· Plant and Machinery

· Electrical Installation

· Furniture and Fixtures

· Office Equipments

· Vehicles

· Computer Software

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	No
12) Profitability for last three years	No
13) Reasons for variation <> 20%	--
14) Estimation for coming financial year	No
15) Capital in the business	No
16) Details of sister concerns	Yes
17) Major suppliers	No
18) Major customers	No
19) Payments terms	Yes
20) Export / Import details (if applicable)	Yes
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.49.35
UK Pound	1	Rs.78.68
Euro	1	Rs.65.63

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILIRY	1~10	6
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		53

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.