MIRA INFORM REPORT

Report Date :

07.07.2014

IDENTIFICATION DETAILS

Name :	FLOWSERVE CONTROL VALVES GMBH
Registered Office :	Kasernengasse  6, A-9500 Villach
Country :	Austria
Financials (as on) :	31.12.2012
Date of Incorporation :	1920
Legal Form :	Limited Liability Company
Line of Business :	Manufacture of other taps and valves
No. of Employees	277

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 :	No complaints
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, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
Austria	A2	A2

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

AUSTRIA ECONOMIC OVERVIEW

Austria, with its well-developed market economy, skilled labor force, and high standard of living, is closely tied to other EU economies, especially Germany's. Its economy features a large service sector, a sound industrial sector, and a small, but highly developed agricultural sector. Following several years of solid foreign demand for Austrian exports and record employment growth, the international financial crisis of 2008 and subsequent global economic downturn led to a sharp but brief recession. Austrian GDP contracted 3.8% in 2009 but saw positive growth of about 2% in 2010 and 2.7% in 2011. Growth fell to 0.6% in 2012. Unemployment did not rise as steeply in Austria as elsewhere in Europe, partly because the government subsidized reduced working hour schemes to allow companies to retain employees. The 2012 unemployment rate of 4.3% was the lowest within the EU. Stabilization measures, stimulus spending, and an income tax reform pushed the budget deficit to 4.5% in 2010 and 2.6% in 2011, from only about 0.9% in 2008. The international financial crisis of 2008 caused difficulties for Austria's largest banks whose extensive operations in central, eastern, and southeastern Europe faced large losses. The government provided bank support - including in some instances, nationalization - to support aggregate demand and stabilize the banking system. Austria's fiscal position compares favorably with other euro-zone countries, but it faces external risks, such as Austrian banks' continued exposure to Central and Eastern Europe as well as political and economic uncertainties caused by the European sovereign debt crisis. In 2011 the government attempted to pass a constitutional amendment limiting public debt to 60% of GDP by 2020, but it was unable to obtain sufficient support in parliament and instead passed the measure as a simple law. In March 2012, the Austrian parliament approved an austerity package consisting of a mix of expenditure cuts and new revenues that will bring public finances into balance by 2016. In 2012, the budget deficit rose to 3.1% of GDP.

Source : CIA

Company name and address

Company name:	FLOWSERVE CONTROL VALVES GMBH
Status:	Active Company
Locations:	Kasernengasse  6, A-9500 Villach
Phone:	0043 (4242) 41181
Fax:	0043 (4242) 41181 - 50
E-mail:	villach_operation@flowserve.com
Activities:	Önace 28140 100% Manufacture of other taps and valves

Additional company information

Year of incorporation:	1920
Activities:
Type of company:	Manufacturing
Legal form:	limited liability company since 2011-05-12
companies' house number:	FN 363661 x Klagenfurt 2011-06-11
VAT number:	ATU 66527868
number - Austrian National Bank:	10867295
Import		Country
Import		world-wide	2014

Export	Country
Export	world-wide	2014

Financial data

total turnover (total sales)	2014	EUR  70.000.000,00	(planned)
total turnover (total sales)	2013	EUR  63.400.000,00	(approx.)
total turnover (total sales)	2012	EUR  56.234.804,67	(exact)
total turnover (total sales)	2011	EUR  52.713.269,75	(exact)
total employees	2014	277	(exact)

Extraxt from the Companies' House

firm (style):

1 Flowserve Control Valves GmbH

legal form:

1 Gesellschaft mit beschränkter Haftung

registered office:

4 politischer Gemeinde Villach

business adress:

1 Kasernengasse 6
9500 Villach

capital:

1 EUR 35.000

reference date annual accounts:

1 31. Dezember

annual accounts:

8 zum 31.12.2012 eingereicht am 17.12.2013

power of representation:

1 Die Gesellschaft wird, wenn mehrere Geschäftsführer
bestellt sind, durch zwei Geschäftsführer gemeinsam oder
durch einen von ihnen gemeinsam mit einem Prokuristen
vertreten, sofern nicht mit dem Bestellungsbeschluss oder
durch die Generalversammlung eine abweichende Regelung
getroffen wird.
1 Erklärung über die Errichtung der Gesellschaft 001
vom 12.05.2011
3 Spaltungs- und Übernahmsvertrag vom 29.06.2011 002
Spaltung zur Aufnahme eines Vermögensteiles der
FLOWSERVE (Austria) GmbH (FN 128945 a) und zwar
des Teilbetriebes "Ventilerzeugung"

managing director:

B Ing. Norbert Lauritsch, geb. 28.04.1965
1 vertritt seit 11.06.2011 selbständig
D Luke Alverson, geb. 11.12.1977
6 vertritt seit 24.04.2013 selbständig

shareholder:

C FLOWSERVE (Austria) GmbH
1 ..................... EUR 35.000
1 ................................................ EUR 35.000
------------------------------------------------------
Summen: EUR 35.000 EUR 35.000

general table:

Landesgericht Klagenfurt
1 eingetragen am 11.06.2011 Geschäftsfall 65 Fr 2619/11 x
Antrag auf Neueintragung einer Firma eingelangt am 23.05.2011
Landesgericht Wiener Neustadt
3 eingetragen am 01.11.2011 Geschäftsfall 1 Fr 12257/11 h
Antrag auf Änderung eingelangt am 29.09.2011
Landesgericht Klagenfurt
4 eingetragen am 04.02.2012 Geschäftsfall 65 Fr 216/12 x
Zuständigkeitsänderung gem. § 120 (7) JN
6 eingetragen am 11.06.2013 Geschäftsfall 65 Fr 1523/13 b
Antrag auf Änderung eingelangt am 03.06.2013
8 eingetragen am 19.12.2013 Geschäftsfall 65 Fr 7160/13 t
Elektronische Einreichung Jahresabschluss eingelangt am 17.12.2013

Real estate

Real estate KSV text:

No real estate property registered

Private data:

Surname	Date of birth	Address	Executive positions	Further executive positions (as registered in the companies' house)
Luke Alverson	1977-12-11	76182 Texas Belmont Court North Richland H 8121	manager	1
Ing.  Norbert Lauritsch	1965-04-28	9500 Villach Fabriksteig 12	manager	0

Balance Sheet 

(absolute) all amounts in EUR 

	2012-12-31
Franchises, patents, licences, trademarks and similar rights and advantages	2.500,00
Sum intangible assets	2.500,00
Land and leasehold rights with buildings thereon including building on land owned by third parties	2.166.785,87
Other operating and business equipment	878.538,19
Technical plants and machines	2.400.008,70
Advanced payments and constructions in progress	11.039,85
Sum tangible assets	5.456.372,61
Shares on related firms	215.912.500,00
Other financial assets, values and securities of fixed assets	58.150,98
Sum financial assets	215.970.650,98
Sum fixed assets	221.429.523,59
Raw-, auxiliary materials and supplies	4.035.597,00
Unfinished products	1.430.876,00
Finished products	909.727,00
Sum stock	6.376.200,00
Claims from delivered goods and performed services	7.773.397,19
Claims against related firmes Claims against companies with shareholding relationship	36.077.463,98
Other claims and assets	86.637,41
Sum claims	43.937.498,58
Cash on hand, cheques and bank deposits	238.075,79
Sum cash and bank	238.075,79
Sum current assets	50.551.774,37
Deferred charges	59.604,91
Sum deferred charges	59.604,91
Assets	272.040.902,87
Subscribed/declared capital	35.000,00
Not committed capital reserves	221.220.227,26
Legal reserves	3.500,00
Balance sheet profit/balance sheet loss	38.681.665,46
Thereof profit/loss carried forward	2.660.146,36
Sum equity capital	259.940.392,72
Other reserves before taxes	34.371,63
Sum reserves before taxes	34.371,63
Reserves for severance pays	1.632.701,13
Reserves for pensions	103.848,00
Other reserves	2.333.337,51
Sum reserves	4.069.886,64
Received advanced payments for orders	724.632,93
Liabilities from delivered goods and performed services	3.272.934,67
Liabilities against related firms	3.667.065,28
Other liabilities	331.619,00
Sum liabilities	7.996.251,88
Liabilities	272.040.902,87
Contingent liabilities	5.225.214,65
Balance sheet sum	272.040.902,87

P / L Account 

(absolute) all amounts in EUR 

	2012-12-31
Gross sales	56.234.804,67
Increase or decrease in finished and unfinished goods and in service claims	-130.213,00
Total turnover or gross profit	56.104.591,67
Profits from retirement of fixed assets, except financial assets	600,00
Other operating profits	1.232.823,09
Other operating profits totally	1.233.423,09
Costs for obtained services	-813.624,80
Material costs	-22.622.217,12
Costs for obtained services totally	-23.435.841,92
Wages	-1.037.990,80
Salaries	-8.674.362,33
Costs for severance pays	-216.944,46
Costs for old age pension	-15.091,76
Legal fringe benefits and other payments depending on salaries	-2.669.934,81
Other social fringe benefits	-227.906,34
Personnel expenses totally	-12.842.230,50
Depreciation of intangible assets, tangible assets,activated expenses for the set up and expansion of business operation	-816.013,07
Depreciation tangible assets / intangible assets totally	-816.013,07
Other operating costs	-12.717.728,69
Other taxes	-9.427,12
Total costs	-12.727.155,81
Operating result totally	7.516.773,46
Profits from shareholdings	391.233,00
Income from other securities and loans of financial assets	1.790,00
Interest income, securties income and similar income	56.887,27
Interest and similar disbursements	-3.378,27
Financial profits totally	446.532,00
Results from usual business activity totally	7.963.305,46
Taxes on income and profits	-1.940.502,12
Taxes on income and profits totally	-1.940.502,12
Annual surplus/annual deficit totally	6.022.803,34
Dissolution reserves before taxes	2.215,76
Dissolution capital reserves	30.000.000,00
Transfer to profit reserves	-3.500,00
Reserves movements totally	29.998.715,76
Annual profit/annual loss totally	36.021.519,10
Profit and loss carried forward from previous year	2.660.146,36
Transfer of profits totally	2.660.146,36
B/S profit/ B/S loss from profit and loss account	38.681.665,46

Key ratios

	2012
Cash flow II	6.838.816,41
Debt amortisation period	1,62
Bank indebtedness	0,00
Equity capital share	95,81
Social capital share	0,63
Fixed assets coverage	118,19
Net profit ratio	14,19
Capital turnover	0,20
Return on investment	2,92
Cash flow in % of operating performance	12,18
Cash flow I	8.779.318,53
Gross productivity	4,36
Net productivity	2,54
Operating performance	56.104.591,67
Inventories in % of operating performance	11,36
Gross profit	32.668.749,75

Locations

Type	Locations	Description
		E-mail
operational	Kasernengasse  6, A-9500 Villach	registered office
operational	Kasernengasse  6, A-9500 Villach	registered headquarters, rented premises
		villach_operation@flowserve.com

related companies

Company name	Postal code	Stake in %	KSV-number	Companies House
Shares in this company are held by:
FLOWSERVE (Austria) GmbH	Industriestraße  B/6, A-2345 Brunn Gebirge	100 % 2011-06-11	76.603	FN 128945 a

Bankers

Banker	Bank sort code	Type of banking connection
UniCredit Bank Austria AG, 9500 Villach	12000	main bank connection

Historical development

Year of incorporation:	1920
Date of registration:	2011-06-11

Former executives:
From	To	Function	Name
2011-06-11	2013-06-11	manager	John Nanos

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.59.79
UK Pound	1	Rs.102.66
Euro	1	Rs.81.32

INFORMATION DETAILS

Analysis Done by :	SUB
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.