MIRA INFORM REPORT

Report Date :

30.10.2013

IDENTIFICATION DETAILS

Name :	CAMERON IRELAND LIMITED
Registered Office :	Aghafad, Longford, Co Longford 448423
Country :	Ireland
Financials (as on) :	2011
Date of Incorporation :	13.10.1976
Com. Reg. No.:	IE056759
Legal Form :	SIngle Member Private Company Limited By Shares
Line of Business :	Manufacture of taps and valves
No. of Employees :	221

RATING & COMMENTS

MIRA’s Rating :

Ba

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

Status :	Satisfactory
Payment Behaviour :	Regular
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)
Ireland	B1	B1

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

IRELAND - ECONOMIC OVERVIEW

Ireland is a small, modern, trade-dependent economy. Ireland was among the initial group of 12 EU nations that began circulating the euro on 1 January 2002. GDP growth averaged 6% in 1995-2007, but economic activity has dropped sharply since the onset of the world financial crisis, with GDP falling by over 3% in 2008, nearly 7% in 2009, and less than 1% in 2010. Ireland entered into a recession in 2008 for the first time in more than a decade, with the subsequent collapse of its domestic property and construction markets. Property prices rose more rapidly in Ireland in the decade up to 2007 than in any other developed economy. Since their 2007 peak, average house prices have fallen 47%. In the wake of the collapse of the construction sector and the downturn in consumer spending and business investment, the export sector, dominated by foreign multinationals, has become a key component of Ireland's economy. Agriculture, once the most important sector, is now dwarfed by industry and services. In 2008 the former COWEN government moved to guarantee all bank deposits, recapitalize the banking system, and establish partly-public venture capital funds in response to the country's economic downturn. In 2009, in continued efforts to stabilize the banking sector, the Irish Government established the National Asset Management Agency (NAMA) to acquire problem commercial property and development loans from Irish banks. Faced with sharply reduced revenues and a burgeoning budget deficit, the Irish Government introduced the first in a series of draconian budgets in 2009. In addition to across-the-board cuts in spending, the 2009 budget included wage reductions for all public servants. These measures were not sufficient. In 2010, the budget deficit reached 32.4% of GDP - the world's largest deficit, as a percentage of GDP - because of additional government support for the banking sector. In late 2010, the former COWEN government agreed to a $112 billion loan package from the EU and IMF to help Dublin further increase the capitalization of its banking sector and avoid defaulting on its sovereign debt. Since entering office in March 2011, the new KENNY government has intensified austerity measures to try to meet the deficit targets under Ireland's EU-IMF program. Ireland achieved moderate growth of 1.4% in 2011 and cut the budget deficit to 9.1% of GDP. Although the recovery slowed in 2012 because of weaker EU demand for Irish exports, Dublin managed to trim the deficit to about 8.5% of GDP

Source : CIA

Company name and address

_{CAMERON IRELAND LIMITED}

Company Summary

Company Name CAMERON IRELAND LIMITED

Company Registration IE056759

Number

Country IE

Activity Code 29130

Activity Description Manufacture of taps and valves

Company Status Active - Accounts Filed

Latest Turnover 89,627,362.00 (EUR)

Latest Shareholders Equity 21,024,727.00 (EUR)

Company Identification

Activities

Activity Code 29130

Activity Description Manufacture of taps and valves

Previous Names

Previous Name COOPER OIL TOOL IRELAND LIMITED

Date Changed 28/01/1992

Previous Name WILLIS OIL TOOL IRELAND LIMITED

Date Changed 13/10/1976

Basic Information

Company Name CAMERON IRELAND LIMITED

Registered Company Name CAMERON IRELAND LIMITED

Company Registration Number IE056759

Country IE

Date of Company Registration 13/10/1976

Date of Starting Operations 13/10/1976

Legal Form SINGLE MEMBER PRIVATE COMPANY LIMITED BY SHARES

Company Status Active - Accounts Filed

Principal Activity Description The manufacture of valves, chokes and actuators for the petroleum completion sector of the oil and gas industry.

Contact Address AGHAFAD, LONGFORD, CO LONGFORD 448423

Contact Telephone Number 04345301

Main Address

Address AGHAFAD, LONGFORD, CO LONGFORD 448423

Telephone 04345301

Current Directors Managers

Name BOB WALKER

Address ALBA, FORGNEY, BALLYMAHON, CO LONGFORD

Date of Birth 23/12/1951

Position Director

Date Appointed 29/12/2000

Name WILLIAM LEMMER

Address 11836 WINK ROAD, HOUSTON, TEXAS, 77-7012343

Date of Birth 06/06/1944

Position Director

Date Appointed 29/09/2000

Name CARMEL STRANGE

Address 135 PARK ROAD, LONGFORD, CO. LONGFORD

Date of Birth 23/10/1957

Position Company Secretary

Date Appointed 29/09/1995

Share Capital Structure

Issued Share capital 904,053.46 (EUR)

Name CAMERON LUX III SARL

Extended Group Structure

Company Name	Registration Number	Status	Last Financials
1 CAMERON INTERNATIONAL CORP	US27330527	Active
2 CAMERON (LUXEMBOURG) V SARL		Other
3 CAMERON SYSTEMS (IRELAND) LIMITED	IE432259	Active	31/12/2011
2 Cameron Lux III S.à r.l.	B90441	Active	31/12/2011
3 CAMERON IRELAND LIMITED	IE056759	Active	31/12/2011
2 Cameron Lux V S.à r.l.	B155711	Other
3 CAMERON INDUSTRIES LIMITED	07293147	Active	31/12/2012
4 AXSIA HOLDINGS LIMITED	04150927	Active	31/12/2012
3 CAMERON PETROLEUM (UK) LIMITED 04589882 Active 31/12/2011
4 CAMERON PRODUCTS LIMITED	02106584	NonActive	31/12/2012
4 INTERNATIONAL VALVES LIMITED	02561616	NonActive	31/12/2012
4 CAMERON FLOW CONTROL TECHNOLOGY (UK) LIMITED	08379585	Active
4 CAMERON FLOW CONTROL SERVICES (UK) LIMITED	08379586	Active
4 ONESUBSEA UK LIMITED	00400176	Active	31/12/2011
5 JISKOOT HOLDINGS LIMITED	00692441	Active	31/12/2012
6 JISKOOT LIMITED	01834943	Active	31/12/2012
5 AXSIA HOWMAR LIMITED	00961792	NonActive	31/12/2012
5 CAMERON TECHNOLOGIES UK LIMITED	03440964	NonActive	31/12/2012
5 PETRECO INTERNATIONAL (MIDDLE EAST) LIMITED	03485833	Active	31/12/2012
5 CAMERON PENSIONS TRUSTEE LIMITED	03001435	NonActive	31/12/2011
5 CAMERON PETROLEUM INVESTMENTS LIMITED	04550385	Active	31/12/2012
5 CAMERON SYSTEMS LIMITED	04291991	Active	31/12/2012
5 ONESUBSEA OFFSHORE ENGINEERING LIMITED	02107702	Active	31/12/2011
6 CAIRNWELL MANAGEMENT SERVICES LTD	SC367971	Active	31/12/2012
5 ONESUBSEA OPERATIONS LIMITED	SC226359	NonActive	31/12/2012
2 PETRECO-KCC HOLDINGS INC		Other

Affiliated Companies

Affiliate Name CAMERON SYSTEMS (IRELAND) LIMITED

Affiliate ID IE003/0/IE432259

Country IE

Affiliate Name Cameron Lux V S.à r.l.

Affiliate ID LU020/X/B155711

Country LU

Affiliate Name CAMERON INDUSTRIES LIMITED

Affiliate ID GB003/0/07293147

Country GB

Affiliate Name AXSIA HOLDINGS LIMITED

Affiliate ID GB003/0/04150927

Country GB

Affiliate Name CAMERON PETROLEUM (UK) LIMITED

Affiliate ID GB003/0/04589882

Country GB

Affiliate Name CAMERON PRODUCTS LIMITED

Affiliate ID GB003/0/02106584

Country GB

Affiliate Name INTERNATIONAL VALVES LIMITED

Affiliate ID GB003/0/02561616

Country GB

Affiliate Name CAMERON FLOW CONTROL TECHNOLOGY (UK) LIMITED

Affiliate ID GB003/0/08379585

Country GB

Affiliate Name CAMERON FLOW CONTROL SERVICES (UK) LIMITED

Affiliate ID GB003/0/08379586

Country GB

Affiliate Name ONESUBSEA UK LIMITED

Affiliate ID GB003/0/00400176

Country GB

Affiliate Name JISKOOT HOLDINGS LIMITED

Affiliate ID GB003/0/00692441

Country GB

Affiliate Name JISKOOT LIMITED

Affiliate ID GB003/0/01834943

Country GB

Affiliate Name AXSIA HOWMAR LIMITED

Affiliate ID GB003/0/00961792

Country GB

Affiliate Name CAMERON TECHNOLOGIES UK LIMITED

Affiliate ID GB003/0/03440964

Country GB

Affiliate Name PETRECO INTERNATIONAL (MIDDLE EAST) LIMITED

Affiliate ID GB003/0/03485833

Country GB

Affiliate Name CAMERON PENSIONS TRUSTEE LIMITED

Affiliate ID GB003/0/03001435

Country GB

Affiliate Name CAMERON PETROLEUM INVESTMENTS LIMITED

Affiliate ID GB003/0/04550385

Country GB

Affiliate Name CAMERON SYSTEMS LIMITED

Affiliate ID GB003/0/04291991

Country GB

Affiliate Name ONESUBSEA OFFSHORE ENGINEERING LIMITED

Affiliate ID GB003/0/02107702

Country GB

Affiliate Name CAIRNWELL MANAGEMENT SERVICES LTD

Affiliate ID GB003/0/SC367971

Country GB

Affiliate Name ONESUBSEA OPERATIONS LIMITED

Affiliate ID GB003/0/SC226359

Country GB

Employee Information

Year 2011

Number of Employees 221

Year 2010

Number of Employees 221

Year 2009

Number of Employees 224

Bankers

Name ALLIED IRISH BANKS PLC

Bank Code 93-21-40

Financial Statements

PROFIT & LOSS

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts False False False

Revenue 89,627,362.00 72,603,569.00 73,706,731.00

Operating Costs 71,885,049.00 58,673,505.00 55,813,627.00

Operating Profit 17,742,313.00 13,930,064.00 17,893,104.00

Wages & Salaries 8,697,819.00 9,044,588.00 9,138,218.00

Pension Costs 359,000.00 282,000.00 352,818.00

Depreciation 1,608,323.00 1,713,869.00 1,716,609.00

Amortisation 0.00 0.00 0.00

Financial Expenses 975,595.00 948,335.00 476,932.00

Profit Before Tax 16,835,318.00 13,032,668.00 17,774,955.00

Tax -1,875,987.00 -709,568.00 -757,826.00

Profit After Tax 14,959,331.00 12,323,100.00 17,017,129.00

Dividends 0.00 20,000,000.00 65,000,000.00

Minority Interests 0.00 0.00 0.00

Other Appropriations 0.00 0.00 0.00

Retained Profit 14,959,331.00 -7,676,900.00 -47,982,871.00

BALANCE SHEET

Financial Year 2011 2010 2009

Number of Weeks 52 52 52

Currency EUR EUR EUR

Consolidated Accounts False False False

Total Tangible Assets 14,583,657.00 15,545,537.00 16,373,637.00

Total Intangible Assets 0.00 0.00 0.00

Total Other Fixed Assets 0.00 0.00 0.00

Total Fixed Assets 14,583,657.00 15,545,537.00 16,373,637.00

Total Inventories 13,657,503.00 10,725,752.00 10,829,146.00

Trade Receivables 7,833,274.00 5,722,010.00 3,349,764.00

Miscellaneous Receivables 11,082,962.00 8,426,082.00 8,225,257.00

Total Receivables 18,916,236.00 14,148,092.00 11,575,021.00

Cash 12,925,782.00 702,816.00 4,311,602.00

Other Current Assets 0.00 0.00 0.00

Total Current Assets 45,499,521.00 25,576,660.00 26,715,769.00

Total Assets 60,083,178.00 41,122,197.00 43,089,406.00

Trade Payables 6,262,485.00 6,365,286.00 5,434,792.00

Bank Liabilities 0.00 2,937,418.00 0.00

Other Loans/Finance 8,794,016.00 3,169,162.00 5,802,714.00

Miscellaneous Liabilities 2,636,926.00 1,502,708.00 941,877.00

Total Current Liabilities 17,693,427.00 13,974,574.00 12,179,383.00

Bank Liabilities

due after 1 year 0.00 0.00 0.00

Other Loans/Finance 20,000,000.00 20,000,000.00 15,976,525.00

due after 1 year

Miscellaneous Liabilities 1,365,024.00 745,745.00 632,916.00

due after 1 year

Total Long Term Liabilities 21,365,024.00 20,745,745.00 16,609,441.00

Total Liabilities 39,058,451.00 34,720,319.00 28,788,824.00

Called Up Share Capital 904,054.00 904,054.00 904,054.00

Revenue Reserves 18,956,157.00 4,919,951.00 12,758,851.00

Other Reserves 1,164,516.00 577,873.00 637,677.00

Total Shareholders Equity 21,024,727.00 6,401,878.00 14,300,582.00

Other Financials

Contingent Liabilities Yes Yes No

Working Capital 27,806,094.00 11,602,086.00 14,536,386.00

Net Worth 21,024,727.00 6,401,878.00 14,300,582.00

Ratios

Pre-Tax Profit Margin 18.78 17.95 24.12

Return on Capital Employed 39.71 48.00 57.50

Return on Total Assets 28.02 31.69 41.25

Employed

Return on Net Assets Employed 80.07 203.57 124.29

Sales/Net Working Capital 3.22 6.26 5.07

Stock Turnover Ratio 15.23 14.77 14.69

Debtor Days 31.81 28.68 16.54

Creditor Days 25.43 31.91 26.83

Current Ratio 2.57 1.83 2.19

Liquidity Ratio/Acid Test 1.79 1.06 1.30

Current Debt Ratio 0.84 2.18 0.85

Gearing 101.62 369.94 116.15

Equity in Percentage 34.99 15.57 33.19

Total Debt Ratio 1.85 5.42 2.01

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.46
UK Pound	1	Rs.98.99
Euro	1	Rs.84.72

INFORMATION DETAILS

Report Prepared by :

NIS

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.