MIRA INFORM REPORT

Report Date :

19.10.2013

IDENTIFICATION DETAILS

Name :	X FLOW B.V.
Registered Office :	50 Marssteden, Enschede 7547t
Country :	Netherlands
Date of Incorporation :	01.04.1984
Com. Reg. No.:	06050907
Legal Form :	Private limited liability company (BV) with ordinary structure
Line of Business :	· Engineering activities and related technical consultancy on electrotechnics Manufacturer of machinery and equipment for general use
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
Litigation :	Clear

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 – March 31^st, 2013

Country Name	Previous Rating (31.12.2012)	Current Rating (31.03.2013)
Netherlands	A1	A1

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

Netherlands ECONOMIC OVERVIEW

The Dutch economy is the sixth-largest economy in the euro-zone and is noted for its stable industrial relations, moderate unemployment and inflation, a sizable trade surplus, and an important role as a European transportation hub. Industrial activity is predominantly in food processing, chemicals, petroleum refining, and electrical machinery. A highly mechanized agricultural sector employs only 2% of the labor force but provides large surpluses for the food-processing industry and for exports. The Netherlands, along with 11 of its EU partners, began circulating the euro currency on 1 January 2002. After 26 years of uninterrupted economic growth, the Dutch economy - highly dependent on an international financial sector and international trade - contracted by 3.5% in 2009 as a result of the global financial crisis. The Dutch financial sector suffered, due in part to the high exposure of some Dutch banks to U.S. mortgage-backed securities. In 2008, the government nationalized two banks and injected billions of dollars of capital into other financial institutions, to prevent further deterioration of a crucial sector. The government also sought to boost the domestic economy by accelerating infrastructure programs, offering corporate tax breaks for employers to retain workers, and expanding export credit facilities. The stimulus programs and bank bailouts, however, resulted in a government budget deficit of 5.3% of GDP in 2010 that contrasted sharply with a surplus of 0.7% in 2008. The government of Prime Minister Mark RUTTE began implementing fiscal consolidation measures in early 2011, mainly reductions in expenditures, which resulted in an improved budget deficit in 2011. In 2012 tax revenues dropped nearly 9%, GDP contracted, and the budget deficit deteriorated. Although jobless claims continued to grow, the unemployment rate remained relatively low at 6.8 percent.

Source : CIA

Company Summary

Company Name X Flow B.V.

Company Registration Number 06050907

Country NL

Activity Code 2829

Activity Description Engineering activities and related technical consultancy on

electrotechnics

Manufacture of machinery and equipment for general use

Company Status Other

Company Identification

Activities

Activity Code 2829

Activity Description Engineering activities and related technical consultancy on

electrotechnics

Manufacture of machinery and equipment for general use

Basic Information

Company Name X Flow B.V.

Registered Company Name X-Flow B.V.

Company Registration Number 06050907

Country NL

Date of Company Registration 01/04/1984

Legal Form Private limited liability company (BV) with ordinary structure

Company Status Other

Principal Activity Code 2829

Principal Activity Description Engineering activities and related technical consultancy on

electrotechnics

Manufacture of machinery and equipment for general use

Formal objective Het geven van advies inzake waterbehandeling, alsmede de fabricage

van- en handel in technische artikelen, in het bijzonder bestemd voor overheid, industrie, scheepvaart en offshore

(Providing advice on water treatment and the manufacture of and trade in technical articles, especially for government, industry, shipping and offshore)

Contact Address 50 Marssteden, ENSCHEDE 7547T

Contact Telephone Number 0534287350

Main Address

Address 50 Marssteden, ENSCHEDE 7547TC

Country NL

Other Addresses

Address 50 Marssteden, ENSCHEDE 7547TC

Telephone 0534287350

Current Directors Managers

Name Tim Sybren Horstink

Position Authorised Signatory

Share Capital Structure

Issued Share capital 72,500.00 (EUR)

Name Pentair Water Proces Technologie Holding B.V.

Address 50 Marssteden, ENSCHEDE 7547TC

Share Percent 100.00 %

Extended Group Structure

Company Name Registration Number Status Last

Financials

1 Pentair Netherlands B.V. 524167710000 NonActive 31/12/2012

2 Pentair Water Proces Technologie Holding B.V. 060320840000 Active 31/12/2012

3 Pentair Water Winkelsteeg B.V. 081051930000 NonActive 31/12/2010

3 Pentair Water Projects International B.V. 081515230000 NonActive 31/12/2010

3 Nijhuis International B.V. 081525210000 Other 31/12/2010

3 Filtrix B.V. 301803640000 Other 31/12/2010

3 Pentair Water Membraan Technologie B.V. 060686670000 Other

3 Pentair Water Process Technology B.V. 060595840000 Other

3 Pentair Water Components & Services B.V. 060788010000 Other

3 X-Flow B.V. 060509070000 Other

3 Leushuis Projects International B.V. 060681310000 NonActive 31/12/2010

3 Haffmans B.V. 120301190000 Other

Affiliated Companies

Affiliate Name Pentair Water Winkelsteeg B.V.

Affiliate ID NL007/X/081051930000

Country NL

Affiliate Name Pentair Water Projects International B.V.

Affiliate ID NL007/X/081515230000

Country NL

Affiliate Name Nijhuis International B.V.

Affiliate ID NL007/X/081525210000

Country NL

Affiliate Name Filtrix B.V.

Affiliate ID NL007/X/301803640000

Country NL

Affiliate Name Pentair Water Membraan Technologie B.V.

Affiliate ID NL007/X/060686670000

Country NL

Affiliate Name Pentair Water Process Technology B.V.

Affiliate ID NL007/X/060595840000

Country NL

Affiliate Name Pentair Water Components & Services B.V.

Affiliate ID NL007/X/060788010000

Country NL

Affiliate Name Leushuis Projects International B.V.

Affiliate ID NL007/X/060681310000

Country NL

Affiliate Name Haffmans B.V.

Affiliate ID NL007/X/120301190000

Country NL

Additional Information

Miscellaneous

Ceased Trading Date

Exporter No

Importer No

Industry Avg Payment Expectation Days 32.57

Industry Avg Day Sales Outstanding 57.71

Suspension Of Payments Mora No

Industry Quartile Analysis

Payment Expectations Lower 37.21

Payment Expectations Median 49.19

Payment Expectations Upper 62.32

Day Sales Outstanding

Day Sales Outstanding Lower 13.80

Day Sales Outstanding Median 36.67

Day Sales Outstanding Upper 40.28

Letters Of Liability Information

Financial Year 2012

Company Name Pentair Water Proces Technologie Holding B.V.

Company Number 06032084

Date Submited 13/12/2012

LetterOfLiabilityStartDate 01/01/2011

LetterOfLiabilitySubmittedDate 15/11/2011

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.28
UK Pound	1	Rs.99.03
Euro	1	Rs.83.80

INFORMATION DETAILS

Report Prepared by :

MNL

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	--

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%)

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.