MIRA INFORM REPORT

Report Date :

14.03.2012

IDENTIFICATION DETAILS

Name :	IDEX FLUID AND METERING PRIVATE LIMITED (w.e.f. 13.12.2010)
Formerly Known As :	LIQUID CONTROLS INDIA PRIVATE LIMITED
Registered Office :	Survey No. 256, GIDC, Manjusar, Savli – 391770, Gujarat
Country :	India
Financials (as on) :	31.03.2011
Date of Incorporation :	01.01.1993
Com. Reg. No.:	04-018768
Capital Investment / Paid-up Capital :	Rs.7.351 Millions
CIN No.: [Company Identification No.]	U99999GJ1993PTC018768
Legal Form :	Private Limited Liability Company
Line of Business :	Manufacturer of Pumps
No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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

Maximum Credit Limit :	USD 620000
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. NOTE: Earlier when we had prepared the report Ms. Archana Gundre had confirmed that the legal form of the subject was partnership concern. But now she has confirmed that there is no company by the name Idex Fluid and Metering Technologies and the correct name of the company is as per this report.

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 :	Ms. Archana Gundre
Designation :	HR Department
Contact No.:	91-9820314385
Date :	01.03.2012

LOCATIONS

Registered Office/ Factory :	Survey No. 256, GIDC, Manjusar, Savli – 391770, Gujarat, India
Tel. No.:	91-265-2631855
Mobile No.:	91-9820314385 (Ms. Archana Gundre)
Fax No.:	91-265-2631859
E-Mail :	bmehta@idexcorp.com info.pmt@idexcorp.com icindia@idexlc.com
Website :	http://www.idexfmt-asia.com http://www.idexcorp.com
Area :	90 yards
Location :	Leased
Factory :	213-1/2, Por Industrial Estate, Por – Ramangamdi, District Vadodara – 391243, Gujarat, India
Mumbai Branch Office :	3^rd Floor, South Wing, Sunteck Center, 37-40 Subhash Road, Vile Parle East Mumbai – 400057 Maharashtra India
Tel. No.:	91-22-66435553/ 66435563/ 66755967/ 66755966
Fax No.:	91-22-66780055
Area :	5000 sq. ft.
Location :	Rented

DIRECTORS

(AS ON 05.09.2011)

Name :

Mr. Kevin George Hostetler

Designation :

Director

Address :

105,Albrecht Drive, Lake Bluff, Illinois, 600442242, United States of America

Date of Birth/Age :

19.07.1968

Date of Appointment :

20.07.2005

DIN No.:

00347741

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999GJ1993PTC018768	IDEX FLUID AND METERING PRIVATE LIMITED	Director	20-07-05	20-07-05	Active	NO
2	U29120MH2001PTC130309	IDEX INDIA PRIVATE LIMITED	Director	30-09-11	08-06-10	Active	NO

Name :

Mr. Terrance Lamont Collins

Designation :

Nominee Director

Address :

601, Hampton Drive, Lake Villa, Illinois, 60046, , United States of America

Date of Birth/Age :

28.09.1964

Date of Appointment :

22.07.2011

DIN No.:

03596943

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U99999GJ1993PTC018768	IDEX FLUID AND METERING PRIVATE LIMITED	Nominee director	22-07-11	22-07-11	Active	NO
2	U29120MH2001PTC130309	IDEX INDIA PRIVATE LIMITED	Director	30-09-11	12-08-11	Active	NO

Name :

Mr. Hemant Nagappa Puthran

Designation :

Director

Address :

B-107,Moreshwar Krupa, D.N. Mhatre Road, Eksar, Borivli (West), Mumbai, 400103, Maharashtra, India

Date of Birth/Age :

07.08.1964

Date of Appointment :

17.02.2003

DIN No.:

00477186

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	U99999GJ1993PTC018768	IDEX FLUID AND METERING PRIVATE LIMITED	Alternate director	17-02-03	17-02-03	-	Active	NO
2	U51909MH2006FTC164070	HAYASHIBARA INTERNATIONAL MARKETING INDIA PRIVATE LIMITED	Director	25-08-06	25-08-06	31-08-07	Active	NO
3	U74140MH2006FTC165648	CBC INDIA PRIVATE LIMITED	Director	20-11-06	20-11-06	11-09-07	Active	NO
4	U70200MH2007PTC166716	PERIGEE REALTY VENTURES PRIVATE LIMITED	Director	04-01-07	04-01-07	29-07-07	Active	NO
5	U70200MH2007PTC166721	APOGEE REALTY VENTURES PRIVATE LIMITED	Director	04-01-07	04-01-07	29-07-07	Active	NO
6	U29248KA2007FTC044014	DOOSAN INTERNATIONAL INDIA PRIVATE LIMITED	Director	01-10-07	01-10-07	01-12-07	Active	NO
7	U28990PN2008FTC132030	GESTAMP AUTOMOTIVE INDIA PRIVATE LIMITED	Director	16-05-08	16-05-08	06-01-09	Active	NO

Name :

Mr. Rajesh Rajendra Prasad

Designation :

Director

Address :

A-1, Silver Arrow, Sunder Nagar, Kalina, Mumbai – 400098, Maharashtra, India

Date of Birth/Age :

17.04.1960

Date of Appointment :

26.09.2008

DIN No.:

00353436

Other Directorship :

S.No.	CIN	Name of the Company	Current designation of the director	Date of appointment at current designation	Original date of appointment	Company Status	Defaulting status
1	U29120MH2001PTC130309	IDEX INDIA PRIVATE LIMITED	Director	11-07-02	11-07-02	Active	NO
2	U99999GJ1993PTC018768	IDEX FLUID AND METERING PRIVATE LIMITED	Director	26-09-08	26-09-08	Active	NO
3	U29120MH2007FTC171871	RICHTER PUMPS AND VALVES INDIA PRIVATE LIMITED	Additional director	01-09-10	01-09-10	Active	NO

KEY EXECUTIVES

Name :	Ms. Archana Gundre
Designation :	HR Department

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

(AS ON 05.09.2011)

Names of Shareholders	No. of Shares
Liquid Control LLC	735060
IDEX Holding Inc.	10
Total	735070

(AS ON 30.09.2011)

Equity Shares Break – up

Category	Percentage
Directors or relatives of directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer of Pumps.
Terms :
Selling :	Cash and Credit
Purchasing :	Cash and Credit

PRODUCTION STATUS (AS ON 31.03.2011)

Particulars	Unit	Licensed Capacity	Installed Capacity	Actual Production
Meters	Nos.	--	250	332
Metering System	Nos.	--	250	62
Strainer and Eliminator	Nos.	--	525	1248
Pumps	Nos.	--	3000	2193
Compressors	Nos.	--	100	71
Digital Control Valves	Nos.	--	500	686
By Pass Valves	Nos.	--	6000	3040

NOTE:

1] The installed capacities mentioned above have been determined by the Company's technical officials and have been accepted by the Auditors being a technical matter.

2] The above figures are inclusive of production got done from sub-contractors.

GENERAL INFORMATION

Customers :

End Users and OEM’s

No. of Employees :

300 (Approximately)

Bankers :

· HSBC Bank

Facilities :

Unsecured Loans	31.03.2011	31.03.2010
	(Rs. In Millions)
External Commercial Borrowing	133.785	--
Total	133.785	0.000

Banking Relations :	--
Auditors :
Name :	Deloitte Haskins and Cells Chartered Accountant
Address :	31, Nutan Bharat Society, Alkapuri, Baroda – 390007, Gujarat, India
PAN No.:	AADFD2337G
Tel No.:	91-265-2333776
Fax No.:	91-265-2339729
Holding Company :	· Liquid Controls LLC, USA
Ultimate Parent Company:	· IDEX Inc. USA
Fellow Subsidiary :	· Corken Inc., USA · S.A.M.P.I.S.P.A., Italy · Faure Herman, France · Hydra Stop Inc., USA · IDEX AODD Inc., USA · IDEX Corporation, USA

CAPITAL STRUCTURE

(AS ON 31.03.2011)

Authorised Capital :

No. of Shares	Type	Value	Amount
1000000	Equity Share	Rs.10/- each	Rs.10.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
735070	Equity Share	Rs.10/- each	Rs.7.351 Millions

NOTE:

Of the above 735060 (March 31, 2010: 735060) Equity Shares are held by Liquid Controls LLC, USA, the Holding company of which IDEX Inc. USA is the Ultimate Parent Company.

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2011	31.03.2010 (16 Months)	30.11.2008
SHAREHOLDERS FUNDS
1] Share Capital		7.351	7.351	7.351
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		146.566	113.257	80.618
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		153.917	120.608	87.969
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		133.785	0.000	0.000
TOTAL BORROWING		133.785	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.656
TOTAL		287.702	120.608	88.625
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		12.276	9.108	10.180
Capital work-in-progress		31.919	0.000	0.000
INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		0.739	0.573	0.000
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	54.861	39.624	49.205
	Sundry Debtors	106.860	27.917	54.641
	Cash & Bank Balances	134.398	59.882	29.038
	Other Current Assets	0.000	0.000	0.000
	Loans & Advances	19.049	10.855	6.725
Total Current Assets		315.168	138.278	139.609
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditor	54.242	16.899	48.188
	Other Current Liabilities	14.917	7.495	4.603
	Provisions	3.241	2.957	8.373
Total Current Liabilities		72.400	27.351	61.164
Net Current Assets		242.768	110.927	78.445
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		287.702	120.608	88.625

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2011	31.03.2010 (16 Months)
	SALES
		TOTAL	304.394	281.637
Less	EXPENSES
		TOTAL	252.700	230.981
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		51.694	50.656
Less/ Add	DEPRECIATION/ AMORTISATION		1.952	2.277
	PROFIT BEFORE TAX		49.742	48.379
Less	TAX		16.433	15.739
	PROFIT AFTER TAX		33.309	32.640
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		105.170	72.530
	BALANCE CARRIED TO THE B/S		138.479	105.170
	EARNINGS IN FOREIGN CURRENCY		102.225	118.035
	IMPORTS
		Raw Materials and Components	89.157	67.030
	TOTAL IMPORTS		89.157	67.030
	Earnings Per Share (Rs.)		45.31	44.40

KEY RATIOS

PARTICULARS		31.03.2011	31.03.2010 (16 Months)	30.11.2008
PAT / Total Income	(%)	10.94	11.59	NA
Return on Total Assets (PBT/Total Assets}	(%)	15.19	32.82	NA
Return on Investment (ROI) (PBT/Networth)		0.32	0.40	NA
Debt Equity Ratio (Total Liability/Networth)		1.34	0.23	0.70
Current Ratio (Current Asset/Current Liability)		4.35	5.06	2.28

LOCAL AGENCY FURTHER INFORMATION

Check list by info Agents	Available in Report (Yes/ No)
Year of Establishment	Yes
Locality of the Firm	Yes
Constitution of the Firm	Yes
Premises details	Yes
Type of Business	Yes
Line of Business	Yes
Promoter’s Background	-----
No. of Employees	Yes
Name of Person Contacted	Yes
Designation of Contact person	Yes
Turnover of Firm for last three years	Yes
Profitability for last three years	No
Reasons for variation <> 20%	No
Estimation for coming financial year	No
Capital in the business	Yes
Details of sister concerns	Yes
Major Suppliers	No
Major Customers	No
Payments Terms	Yes
Export/ Imports Details (If applicable)	No
Market Information	-----
Litigations that the firm/ Promoters Involved in	-----
Banking details	Yes
Banking Facility Details	No
Conduct of the Banking Account	-----
Buyer visit details	-----
Financials, if provided	No
Incorporation details is applicable	-----
Last Accounts filed at ROC	-----
Major Shareholders, if available	-----

NOTE:

The Registered office of the company has been shifted from, 808, VCCI complex, GIDC, Makarpura road, Baroda – 390010, Gujarat, India, to the present address w.e.f. 17.11.2011.

CONTINGENT LIABILITIES IN RESPECT OF:

Particulars	31.03.2011	31.03.2010
	(Rs. In Millions)
Guarantee given by Banks on behalf of the company to third parties.	20.662	12.851
Claims against the company not acknowledged as debts:
Sales Tax De4mand raised by sales Tax Authorities under central sales tax act which is contested by the company and where no provision is considered necessary	0.042	0.042

FIXED ASSETS:

· Leasehold Land

· Factory Building

· Plant and Machinery

· Furniture, Fittings and Equipments

· Computers

· Vehicles

· Jigs and Tools

· Air Conditioner

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.49.85
UK Pound	1	Rs.77.97
Euro	1	Rs.65.62

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	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
TOTAL		50

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.