MIRA INFORM REPORT

Report Date :

18.05.2012

IDENTIFICATION DETAILS

Name :	MATHER AND PLATT PUMPS LIMITED
Registered Office :	Greaves Compound, Chinchwad Works, Bombay - Pune Road, Chinchwad, Pune – 411019, Maharashtra
Country :	India
Financials (as on) :	31.12.2010
Date of Incorporation :	17.10.1996
Com. Reg. No.:	25-014499
Capital Investment / Paid-up Capital :	Rs.46.981 Millions
CIN No.: [Company Identification No.]	U51909PN1996PLC014499
TAN No.: [Tax Deduction & Collection Account No.]	PNEM02942C
PAN No.: [Permanent Account No.]	AABCD3568L
Legal Form :	A Closely Held Public Limited Liability Company
Line of Business :	Manufacturer of Centrifugal Pumps
No. of Employees :	1550 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ba (52)

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

Maximum Credit Limit :	USD 3100000
Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – September 30, 2011

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

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

LOCATIONS

Registered Office :	Greaves Compound, Chinchwad Works, Bombay - Pune Road, Chinchwad, Pune – 411019, Maharashtra, India
Tel. No.:	91-20-27442100/27442134
Fax No.:	91-20-27442111
E-Mail :	phadkerp@pun.matherplastt.co.in comp_scr@pun.matherplatt.co.in
Website :	http://www.matherplastt.com

DIRECTORS

As on 30.04.2011

Name :

Mr. Gilbert Charles Faul

Designation :

Director

Address :

Place De L’eglise, Set Montaine- 187700, France

Date of Birth/Age :

02.05.1967

Date of Appointment :

27.02.2010

DIN No.:

02626305

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	U74899DL1995PTC072256	ALLIED CENTRIFUGAL PUMPS PRIVATE LIMITED	Director	28-04-09	28-04-09	-	Amalgamated	NO
2	U51909PN1996PLC014499	MATHER AND PLATT PUMPS LIMITED	Director	24-04-10	27-02-10	-	Active	NO
3	L65999PN1993PLC014500	MATHER AND PLATT FIRE SYSTEMS LIMITED	Director	24-04-10	27-02-10	-	Active	NO

Name :

Mr. Eike Uwe Werner Doelscher

Designation :

Director

Address :

Place De L’eglise, Set Montaine- 187700, France

Date of Birth/Age :

30.08.1960

Date of Appointment :

26.02.2011

DIN No.:

03506766

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	U51909PN1996PLC014499	MATHER AND PLATT PUMPS LIMITED	Director	30-04-11	26-02-11	-	Active	NO
2	L65999PN1993PLC014500	MATHER AND PLATT FIRE SYSTEMS LIMITED	Director	30-04-11	26-02-11	29-10-11	Active	NO

Name :

Mr. Prakash Madhava Nene

Designation :

Director

Address :

4405, Ashok Towrs, Dr.S S Rao Road, Parel, Mumbai – 400012, Maharashtra, India

Date of Birth/Age :

13.07.1954

Date of Appointment :

14.09.2001

DIN No.:

00164133

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	L25114KA1973PLC002455	FALCON TYRES LIMITED	Director	12-02-00	12-02-00	05-04-07	Active	NO
2	U51909PN1996PLC014499	MATHER AND PLATT PUMPS LIMITED	Director	14-09-01	14-09-01	-	Active	NO
3	U67120MH1988PLC049299	RAMANRETI INVESTMENTS AND TRADING COMPANY LIMITED	Director	27-05-05	27-05-05	24-03-09	Active	NO
4	L65999PN1993PLC014500	MATHER AND PLATT FIRE SYSTEMS LIMITED	Director	31-01-06	31-01-06	-	Active	NO
5	U45201KA2006PTC038699	JUBILEE HILLS LANDMARK PROJECTS PRIVATE LIMITED	Director	29-12-06	30-05-06	15-02-07	Active	NO
6	U66010MH2005PLC157108	BHARTI AXA LIFE INSURANCE COMPANY LIMITED	Director appointed in casual vacancy	04-06-08	11-06-07	10-09-09	Active	NO
7	U74120DL2007PLC158956	CENTUM LEARNING LIMITED	Director	07-07-08	29-06-07	24-07-09	Active	NO
8	U66030KA2007PLC043362	BHARTI AXA GENERAL INSURANCE COMPANY LIMITED	Director	27-09-08	12-08-07	24-08-09	Active	NO
9	U67190MH2007FTC173080	BHARTI AXA TRUSTEE SERVICES PRIVATE LIMITED	Director	13-08-07	13-08-07	24-06-08	Active	NO
10	U15133HR2004PTC041215	FIELDFRESH FOODS PRIVATE LIMITED	Alternate director	13-06-08	08-10-07	18-08-08	Active	NO
11	U32204HR1999PLC042204	BEETEL TELETECH LIMITED	Director	25-09-08	19-11-07	27-01-09	Active	NO
12	U72200DL2000PLC184006	JATAAYU SOFTWARE LIMITED	Director	12-09-08	14-12-07	06-03-09	Amalgamated	NO
13	U70101DL2003PLC123387	BHARTI REALTY LIMITED.	Director	16-09-08	01-04-08	02-01-10	Active	NO
14	U72200HR1999PLC041214	COMVIVA TECHNOLOGIES LIMITED	Director	22-09-08	20-05-08	17-02-09	Active	NO
15	U74140KA2007PTC043520	GIBA HOLDINGS PRIVATE LIMITED	Director	04-09-08	28-05-08	24-08-09	Active	NO

Name :

Mr. Kiran Premchand Malhotra

Designation :

Director

Address :

Flat No.2 A/B, Building H/1, Hindustan Estate, Pluto Housing Society, Kalyaninagar, Pune – 411014, Maharashtra, India

Date of Birth/Age :

14.11.1945

Date of Appointment :

31.01.2006

DIN No.:

00008626

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	U29120PN1993PTC073492	HOERBIGER INDIA PRIVATE LIMITED	Director	30-06-10	15-12-99	-	Active	NO
2	L65999PN1993PLC014500	MATHER AND PLATT FIRE SYSTEMS LIMITED	Director	31-01-06	31-01-06	-	Active	NO
3	U51909PN1996PLC014499	MATHER AND PLATT PUMPS LIMITED	Director	31-01-06	31-01-06	-	Active	NO
4	U34300PN2007PTC130110	MIBA DRIVETEC INDIA PRIVATE LIMITED	Director	10-05-07	10-05-07	-	Active	NO
5	U92419PN1931PLC001769	THE POONA CLUB LIMITED	Director	25-09-10	25-09-10	24-09-11	Active	NO

Name :

Mr. Bomi Firoz Daruwala

Designation :

Director

Address :

54/A, Vikas Finlay Towers, Parel Tank Road, Mumbai – 400033, Maharashtra, India

Date of Birth/Age :

19.03.164

Date of Appointment :

21.01.2006

DIN No.:

00257695

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	U67120DL1995PTC066428	BHAVNA TRADING AND INVESTMENTS PRIVATE LIMITED	Director	16-03-95	16-03-95	-	Strike off	NO
2	U99999GJ1993PTC018768	IDEX FLUID AND METERING PRIVATE LIMITED	Alternate director	30-12-08	06-02-02	22-07-11	Active	NO
3	L65999PN1993PLC014500	MATHER AND PLATT FIRE SYSTEMS LIMITED	Director	31-01-06	31-01-06	-	Active	NO
4	U51909PN1996PLC014499	MATHER AND PLATT PUMPS LIMITED	Director	31-01-07	31-01-07	-	Active	NO

Name :

Dr. Holger Wilhlm Krasmann

Designation :

Chairman

Address :

Grenzwg 63A, Dortmund – 44267,Germany

Date of Birth/Age :

15.09.1961

Date of Appointment :

15.07.2008

DIN No.:

02261908

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	U51909PN1996PLC014499	MATHER AND PLATT PUMPS LIMITED	Director	25-04-09	15-07-08	26-04-12	Active	NO
2	L65999PN1993PLC014500	MATHER AND PLATT FIRE SYSTEMS LIMITED	Director	24-04-10	27-02-10	26-04-12	Active	NO

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 21.12.2010

Names of Shareholders	No. of Shares
Wilo SE, Germany	4690420
Pomps Salmson, France	314
Shridhar P. Iyer	4400
Vasantlal P. Dalal	1080
Jugal Kishore Patodia	1355
Savitri Devi Patodia	560
Total	4698129

As on 19.07.2011

Names of Alottee	No. of Allotted
Wilo SE, Germany	3126947
Shridhar P. Iyer	2960
Total	3129907

As on 30.04.2011

Equity Share Break up (Percentage of Total Equity)

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	99.84
Other top fifty shareholders	0.16
Total	100.00

BUSINESS DETAILS

Line of Business :

Manufacturer of Centrifugal Pumps

Products :

Products	Item Code No.
Centrifugal Pumps	841370

· Axially Split Casing Pumps

· Norm Pumps

· Ring Section Pumps

· Sewage Pumps

· Vertical Turbine Pumps

· Butterfly and Check Valves

· Fire Systems

· Pump Systems

· Wilo Pump Range 

PRODUCTION STATUS (As on 31.12.2010)

Particulars	Unit	Installed Capacity	Actual Production
Centrifugal pumps	Nos.	21,500	16475
Electric motors	Nos.	420	--
Miscellaneous machineries *	Nos.	31	--

* Being heterogeneous in nature.

Notes:

1) Installed capacity is certified by the Management and accepted by the auditors, without verification being a technical matter.

2) Installed capacity of each type of product manufactured by the Company cannot be indicated precisely as various machines have overlapping capacities for each product. The product mix varies from time to time based on actual market demand. The Company also buys some of the components from outside

GENERAL INFORMATION

Customers :

· Wilo SE, Germany

· Pompes Salmson S.A., Cedex

· Wilo, Indonesia

· Wilo EMU, Taiwan

· Wilo China Limited, China

· Wilo Pumps Limited, Korea

· Wilo Rus. O.O.O., Russia

· Wilo Salmson Argentina S., Argentina

· Salmson, South Africa

· Wilo SE, Werk Hof

· Wilo USA LLC

· WILO Ukraina t.o.w.

· Wilo Middle East WMEA

· Mather and Platt Fire Systems Limited., India

No. of Employees :

1550 (Approximately)

Bankers :

· Bank of India, Sahakar Nagar Branch, Plot No.5, C.T.S. No.584, Parvati, Sarang Society, Pune – 411009, Maharashtra, India

· Deutsche Bank AG

· HSBC

· HDFC

· The United Western Bank Limited, Chinchwad Branch, Chinchwad, Pune – 411019, Maharashtra, India

Facilities :

(Rs. In Millions)

Unsecured Loan	As on 31.12.2010	As on 31.12.2009
External Commercial Borrowing (‘ECB’) [Repayable within one year: Rs Nil (2009: Rs.Nil)]	357.936	267.361
Short term working capital facilities from banks	1405.637	839.232
Total	1763.573	1106.593

Banking Relations :
Auditors :
Name :	BSR and Company Chartered Accountants
Address :	703, 7th Floor, Godrej Castlemaine, Next to Ruby Hall Clinic, Bund Garden Road, Pune – 411001, Maharashtra, India
PAN.:	AAIFB4734C
Solicitors :	Ms. Vaish Associates Advocates
Holding Company :	WILO SE , Germany
Joint Venture :	M and P Subhash ,Pune
Enterprises over which the Company exercises control :	Allied Centrifugal Pumps Private Limited ( upto 30 September 2009)
Associates :	· Mather and Platt Fire Systems Limited · Pompes Salmson, S.A · Wilo Pumps Limited, Kimhae · Wilo China Limited · Wilo Turkey · Wilo EMU GmbH · Salmson South Africa · Wilo EMU Taiwan · Wilo Russia O.O.O · Wilo Indonesia · Wilo Salmson Argentina S. · Wilo USA LLC · WILO Ukraina t.o.w. · Wilo Turkey · Vaish Associates

CAPITAL STRUCTURE

As on 31.12.2010

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
4698129	Equity Shares	Rs.10/- each	Rs.46.981 Millions

Notes:

a) All the equity shares until the approval of ‘The Scheme’ (refer note 21) were allotted for consideration other than cash pursuant to the “Scheme of Arrangement’’, between the Company and Mather and Platt (India) Limited., sanctioned by the Hon’ble High Court of Bombay.

b) Out of the above 4,690,420 shares (2009: 8,597,568 shares) are held by the Holding Company.

c) Out of the above, 391,950 shares of Rs 10 each fully paid up have been alloted to erstwhile shareholders of Allied Centrifugal Pumps Private Limited, pursuant to the scheme of arrangement sanctioned by the Hon’ble High Court of Mumbai and Delhi.

d) Consequent to the scheme of arrangement with the small shareholders , Company has purchased and cancelled 617,746 shares held by small shareholders at a price of Rs.275 per equity share of Rs.10 each(inclusive of share premium of Rs.265 per equity share).

e) Pursuant to the resolution passed at the Board Meeting held on 20 December 2010 and as per the approval from the Hon. High Courts of Bombay and Delhi, the Company has re-organised its subscribed and paid up share capital by cancelling the paid up share capital to the extent of Rs 5 each per equity share and simultaneously consolidating the equity shares of Rs 5 each in such a manner that every 2 equity shares of Rs 5 shall constitute 1 equity share of Rs 10 each fully paid. Consequently, the Company has cancelled paid up capital of Rs 5 equity per share of 8,612,358 equity shares. The Scheme provided that shares issued on amalgamation would not be part of the reduction and reorganisation of the shares.

After 30.04.2011

Authorised Capital :

No. of Shares	Type	Value	Amount
12000000	Equity Shares	Rs.10/- each	Rs.120.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7828036	Equity Shares	Rs.10/- each	Rs.78.280 Millions

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		46.981	92.301	92.301
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		745.221	597.625	362.048
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		792.202	689.926	454.349
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		1763.573	1106.593	678.871
TOTAL BORROWING		1763.573	1106.593	678.871
DEFERRED TAX LIABILITIES		0.000	0.000	0.000
TOTAL		2555.775	1796.519	1133.220
APPLICATION OF FUNDS
FIXED ASSETS [Net Block]		814.867	378.274	263.677
Capital work-in-progress		26.127	156.444	13.154
INVESTMENT		0.010	0.410	0.410
DEFERREX TAX ASSETS		58.203	48.433	21.920
CURRENT ASSETS, LOANS & ADVANCES
	Inventories	566.719	311.683	411.062
	Sundry Debtors	2335.307	1758.515	1091.310
	Cash & Bank Balances	52.369	104.332	62.661
	Other Current Assets	0.069	0.524	.819
	Loans & Advances	433.387	231.544	205.306
Total Current Assets		3387.851	2406.598	1771.158
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	837.595	433.807	570.313
	Other Current Liabilities	763.079	616.764	241.864
	Provisions	130.609	143.069	124.922
Total Current Liabilities		1731.283	1193.640	937.099
Net Current Assets		1656.568	1212.958	834.059
MISCELLANEOUS EXPENSES		0.000	0.000	0.000
TOTAL		2555.775	1796.519	1133.220

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2010	31.12.2009	31.12.2008
	SALES
		Income	3779.734	3411.373	2542.712
		Other Income	73.525	31.788	48.288
		TOTAL (A)	3853.259	3443.161	2591.000
Less	EXPENSES
		Materials consumed	2479.410	2026.560	1577.692
		Salaries, wages and other staff costs	509.398	417.574	346.569
		Other expenses	503.276	513.413	358.630
		TOTAL (B)	3492.084	2957.547	2282.891
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		361.175	485.614	308.109
Less	FINANCIAL EXPENSES (D)		88.027	79.105	79.785
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		273.148	406.509	228.324
Less/ Add	DEPRECIATION/ AMORTISATION (F)		55.694	40.443	28.815
	PROFIT BEFORE TAX (E-F) (G)		217.454	366.066	199.509
Less	TAX (H)		73.111	128.001	69.825
	PROFIT AFTER TAX (G-H) (I)		144.343	238.065	129.684
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		562.801	324.736	195.052
	Net Profit for the period from 1 October 2009 to 31 December 2009 with respect to the erstwhile Allied Centrifugal Pumps Private Limited		13.159	0.000	0.000
	BALANCE CARRIED TO THE B/S		720.303	562.801	324.736
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	398.519	511.483	178.080
		Expenses back charged to Group companies	24.372	16.208	12.966
		Freight and insurance recovered	9.854	19.638	3.547
	TOTAL EARNINGS		432.745	547.329	194.593
	IMPORTS
		Capital Goods	0.00	1.166	6.601
		Stores & Spares	56.524	38.401	155.579
		Raw Material	121.430	64.999	83.935
	TOTAL IMPORTS		177.954	104.566	246.115
	Earnings Per Share (Rs.)		15.26	25.79	14.05s

KEY RATIOS

PARTICULARS		31.12.2010	31.12.2009	31.12.2008
PAT / Total Income	(%)	3.75	6.91	5.01
Net Profit Margin (PBT/Sales)	(%)	5.75	10.63	7.85
Return on Total Assets (PBT/Total Assets}	(%)	5.17	13.14	9.57
Return on Investment (ROI) (PBT/Networth)		0.27	0.53	0.44
Debt Equity Ratio (Total Liability/Networth)		4.41	3.33	3.56
Current Ratio (Current Asset/Current Liability)		1.96	2.01	1.89

LOCAL AGENCY FURTHER INFORMATION

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	Yes
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	Yes
19) Payments terms	No
20) Export / Import details (if applicable)	No
21) Market information	--
22) Litigations that the firm / promoter	--
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

Review of Operations and Future Outlook

As evident from the financial results, the performance of the Company during the financial year has been encouraging. The Company has been able to achieve year on year growth of around 11% in net Sales and Service Income. However the Company had to bear the burden of increased material and financing costs and these facrors have affected the profitability of the Company.

Scheme of Arrangement

Pursuant to the provisions of Section 391 to 394 read with Section 100 to 103 and other relevant provisions of the Companies Act, 1956, the Company has presented a Scheme of Arrangement in the Hon’ble High Court of Judicature at Bombay vide Company Application No. 1333 of 2009 for the amalgamation of Allied Centrifugal Pumps Private Limited with Mather and Platt Pumps Limited and to provide one more exit opportunity to its Small Shareholders and to approve subsequent reorganization of the share capital of Mather and Platt Pumps Limited. The Scheme of Arrangement was sanctioned by the Hon’ble High Court of Bombay vide its Order dated 7 May 2010 and by the Hon’ble High Court of Delhi vide its Order dated 11 July 2010.

Background

Mather and Platt Pumps Limited (‘the Company’) was originally promoted in 1870 by Mr. Peter Mather and Mr. John Platt, who had introduced the world’s first turbine type multi-stage centrifugal pumps. The Company started its marketing operations in India in 1913 and set up its first manufacturing unit in Kolkata in 1940 and thereafter its second manufacturing unit at Pune 1959.

The Company is a subsidiary of WILO SE (‘the Holding Company’), previously known as WILO AG, a company headquartered in Dortmund, Germany.

The equity shares were delisted from Bombay Stock Exchange with effect from 3 February 2009 and Pune Stock

Exchange with effect from 7 February 2009. Consequent to delisting, the Holding Company offered to acquire the equity shares, having face value of Indian Rupees 10 from remaining public shareholders at a price of Indian Rupees 250 per share during six months exit period commencing on 4 February 2009. The Holding Company’s stake increased to 93.15% upon completion of the open offer.

In the current year, in accordance with the Scheme of Amalgamation approved by the Honourable High Court of

Bombay on 7th May 2010 and Honourable High Court of Delhi on 19th July 2010, Allied Centrifugal Pumps Private Limited (hereinafter referred to as ‘erstwhile Allied Centrifugal Pumps Private Limited ‘or’ Transferor Company ‘or’ ACP) was amalgamated with the Company with effect from 1 October 2009.

In accordance with the scheme of arrangement the Company had reoffered to acquire the equity shares from the remaining public shareholders at a price of Indian Rupees 275 per equity share. Subsequent to the buy back and reorganisation of the equity share capital (also refer Schedule 3 and Note 21), WILO SE holds 99.84% of the paid up equity share capital of the Company as at 31 December 2010.

The Company is primarily engaged in the business of design, development, manufacture, sales, installation and servicing of centrifugal pumps, pump sets, valves, fire systems, contracts of pumping systems on turnkey basis and trading of pumps. The Company has its corporate office and manufacturing plant at Chinchwad, Pune and a foundry at Kolhapur.

The erstwhile Allied Centrifugal Pumps Private Limited was engaged in the business of manufacturing and trading of pumps and other products. It was a wholly owned subsidiary of WILO SE. Consequent to the amalgamation, the business of ACP is being carried by the Company.

Contingent liabilities

Rs. In Millions

Particular	31.12.2010	31.12.2009
Income tax and excise matters	48.137	63.982
Custom authority - net value of bond issued	15.282	15.282
Service tax	0.302	0.000
Bank guarantees given on behalf of Mather and Platt Fire Systems Limited	0.000	16.041

Website Details

Profile

WILO SE

How German "Pumpen Intelligenz." was formed from ideas, speed and engineering...

WILO SE is one of the leading manufacturers of pumps and pump systems for heating, cooling and air-conditioning technology and for water supply and sewage disposal.

The company was founded in 1872 by Louis Opländer as a copper and brass goods factory and now has subsidiaries in more than 50 countries and employs about 6,000 personnel throughout the world. WILO SE is the holding company of the current WILO Group, which was formed with the merger of WILO - Salmson SE and WILO GmbH in 2002. In 2006, turnover amounted to 873 million euros.

In November 2005, WILO SE acquired management control of Mather + Platt.

MATHER + PLATT PUMPS Limited

Mather + Platt, a subsidiary of WILO SE is one of the leading manufacturers of centrifugal pumps up to 50,000 m3/hr, valves up to 2600 mm diameter and pumping systems for water supply, irrigation, energy, industry, building sector and wastewater fields and is also pioneer and leader in the field of fire fighting systems from small buildings to large industrial plants.

Milestones

1817: Mr. Peter Mather, a visionary businessman sees emerging opportunities in textile machinery

1845: Mr. Mather joins hands with Mr. John Platt at Manchester, U. K. - Beginning of Mather and Platt

1870: Develops original design of Centrifugal Pump 

1880: Introduces World’s First: 

1) Turbine type, Multi-Stage Centrifugal Pump 

2) Electric Generator with calculated output

3) Fire Protection Systems 

1890: Supplies Multi-Stage Pumps for Collieries and Water Supply Schemes in U. K. and India 

1913: Marketing operations begin in India

1940: Manufacturing in India commences with a factory at Kolkata

1959: Second manufacturing unit set up at Chinchwad, Pune

1978: Changes share holding pattern to become an Indian company

1987: Becomes a member of the Jumbo Group, Dubai

2005: Became part of WILO AG, Germany

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.54.39
UK Pound	1	Rs.86.56
Euro	1	Rs.69.30

INFORMATION DETAILS

Report Prepared by :

NTH

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	6
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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		52

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.