MIRA INFORM REPORT

Report No. :	321318
Report Date :	11.05.2015

IDENTIFICATION DETAILS

Name :		CIRCOR FLOW TECHNOLOGIES INDIA PRIVATE LIMITED
Registered Office :		S. F. No. 337, No. 15, Naranapuram Village, Thennampalayam – Annur Road, Ponnandampalayam Coimbatore – 614659, Tamilnadu
Tel. No.:	91-422-4504495
Country :		India
Financials (as on) :		31.03.2013
Date of Incorporation :		21.01.2009
Com. Reg. No.:		18-014991
Capital Investment / Paid-up Capital :		Rs. 431.661 Million
CIN No.: [Company Identification No.]		U29120TZ2009PTC014991
IEC No.:		3209001707
TAN No.: [Tax Deduction & Collection Account No.]		Not Available
PAN No.: [Permanent Account No.]		AADCC5649M
Legal Form :		Private Limited Liability Company
Line of Business :		Manufacturer of Ball Valve, Control Valve and Pressure relief Valve Manufacturer
No. of Employees :		Not Available

RATING & COMMENTS

MIRA’s Rating :

B (30)

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

Maximum Credit Limit :	USD 72000
Status :	Moderate
Payment Behaviour :	/ Unknown
Litigation :	Clear
Comments :	Subject is an established company having track. As per registrar of companies the date of balance sheet i.e. financials filed is shown as 31.03.2014 but the documents related to the financials for the year 2014 is not available from any source. Business is active as per status shown in the registrar of companies. Payment terms are unknown. The company can be considered for business dealing on safe and secured 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

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

EXTERNAL AGENCY RATING

MOT AVAILABLE

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION DECLINED

MANAGEMENT NON CO-OPERATIVE

(Tel. No.: 91-421-2321600)

LOCATIONS

Registered Office :	S. F. No. 337, No. 15, Naranapuram Village, Thennampalayam – Annur Road, Ponnandampalayam Coimbatore – 614659, Tamilnadu, India
Tel. No.:	91-422-4504495/ 2321600
Fax No.:	Not Avaialble
E-Mail :	srikanth.narasimhan@circor.com power.valve@circor.com
Website :	www.circor.com
Corporate Headquarters :	30 Corporate Drive, Suite 200, Burlington, MA 01803-4232
Tel. No.:	781.270.1200

DIRECTORS

AS ON 23.12.2014

Name :	Mr. Foster Wayne Robbins
Designation :	Directors
Address :	107, Laurel Oak Trl Sc. 296814735, Simpsonville, United State of America
Date of Birth/Age :	11.04.1951
Date of Appointment :	16.05.2013
DIN No.:	06575095
Name :	Mr. Rajesh Bhalla
Designation :	Director
Address :	11, Brownstone Turn, Weatogue Ct. 060899678, Weatogue Ct, United States of America
Date of Birth/Age :	14.03.1963
Date of Appointment :	07.03.2014
DIN No.:	06828967
Name :	Mr. Srikanth
Designation :	Managing Director
Address :	B-3, SFI, Rhythm Tango Parsn Apartments, Nanjundapuram Road, Coimbatore – 641036, Tamilnadu, India
Date of Birth/Age :	30.07.1968
Date of Appointment :	21.11.2014
DIN No.:	07024048

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 23.12.2014

Names of Shareholders	No. of Shares
Circor India Holdings B.V, Netherland	35366129
Circor India LLC, United States Or America	1
Total	35366130

Allottee as on 20.01.2015

Names of Allottee	No. of Shares
Circor India Holdings B.V, Netherland	7800000
Total	7800000

AS ON 23.12.2014

Equity Share Breakup	Percentage of Holding
Category
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others]	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

To carry on Business of Manufacturing, Designing, Installation, Maintaining, Importing, Exporting, Processing, Sourcing, Selling, Relief Valves, etc.

Products/ Services :

ITC Code No.	Product Descriptions
84811000	Valves or Actuators

· Mini gearboxes

· Actuation packages

· Automatic drain valves

· Motor generators

· Motor-operated valves

· Needle valves

· Bend restrictors

· Brake motors

· Nose Wheel Steering Actuators

· On-off valves, etc.

Brand Names :

--

Agencies Held :

--

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Not Divulged

PRODUCTION STATUS: NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	Not Divulged
Contact Number:	Not Divulged
Since how long known:	Not Divulged
Maximum limit dealt:	Not Divulged
Experience:	Not Divulged
Remark	Not Divulged

No. of Employees :

Not Divulged

Bankers :

Bank Name:	Not Divulged
Branch:	Not Divulged
Person Name (with Designation):	Not Divulged
Contact Number:	Not Divulged
Name of Account Holder:	Not Divulged
Account Number:	Not Divulged
Account Since (Date/ Year of A/c Opening):	Not Divulged
Average Balance Maintained (Optional):	Not Divulged
Credit Facilities Enjoyed (CC/OD/Term Loan):	Not Divulged
Account Operation:	Not Divulged
Remarks:	Not Divulged

· The Hongkong and Shanghai Banking Corporation Limited, No.30 Rajaji Salai, Opposite Beach Station, Chennai - 600001, Tamilnadu, India

Facilities :

SECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
SHORT TERM BORROWINGS
Working Capital Loans from Banks	84.054	0.000
Total	84.054	0.000

Banking Relations :	--
Auditors :
Name :	Walker, Chandiok and Company Chartered Accountants
Address :	Arihant Nitco Park ,6th Floor, No.90, Dr. Radhakrishnan Salai , Mylapore, Chennai-600004, Tamilnadu, India
Income-tax PAN of auditor or auditor's firm :	AAAFW4298E
Holding company :	Circor India Holdings BV, Netherlands
Ultimate Holding Company :	Circor International, Inc., United States
Fellow Subsidiary Company :	· Circor Energy Products, Inc. · Circor Instrumentation Technologies, Inc. · Circor SF Valve · Circor Aerospace, Inc. · Circor Flow Technologies Tampa (HQ) · Circor Flow Technologies, Greenville (HQ) · Hale Hamilton (Valves) Limited · Hoke Handelsgesellschaft GMBH · Leslie Controls Inc. · Pibiviesse Srl, · Pipeline Engineering Limited · Regeltechnik Kornwestheim GMBH · SF Valvulas Inc · Segebrush Pipeline Equipment Company · Spence Engineering Company, Inc.,

CAPITAL STRUCTURE

AFTER 23.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
43,166,130	Equity Shares	Rs. 10/- each	Rs. 431.661 Million

AS ON 23.12.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50,000,000	Equity Shares	Rs. 10/- each	Rs. 500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
3,53,66,130	Equity Shares	Rs. 10/- each	Rs. 353.661 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	353.661	353.661	268.236
(b) Reserves & Surplus	(98.360)	(37.828)	(23.078)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	255.301	315.833	245.158
(3) Non-Current Liabilities
(a) Long-term borrowings	171.983	35.371	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	171.983	35.371	0.000
(4) Current Liabilities
(a) Short term borrowings	84.054	0.000	0.000
(b) Trade payables	74.247	57.879	35.735
(c) Other current liabilities	47.665	21.966	9.584
(d) Short-term provisions	3.675	1.326	0.895
Total Current Liabilities (4)	209.641	81.171	46.214
TOTAL	636.925	432.375	291.372
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	291.420	117.390	22.117
(ii) Intangible Assets	71.507	89.431	121.608
(iii) Capital work-in-progress	0.790	14.237	1.502
(iv) Intangible assets under development	0.000	2.038	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	0.000	6.803	0.000
(e) Other Non-current assets	0.387	2.575	17.818
Total Non-Current Assets	364.104	232.474	163.045
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	105.404	57.437	28.225
(c) Trade receivables	113.188	72.646	55.964
(d) Cash and cash equivalents	16.206	56.306	32.955
(e) Short-term loans and advances	35.072	11.109	8.275
(f) Other current assets	2.950	2.403	2.908
Total Current Assets	272.820	199.901	128.327
TOTAL	636.924	432.375	291.372

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Turnover	466.436	301.675	189.502
		Other Income	NA	NA	NA
		TOTAL	NA	NA	NA
Less	EXPENSES		NA	NA	NA
	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		19.111	28.551	19.106
Less	FINANCIAL EXPENSES		3.982	0.724	0.393
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		15.129	27.827	18.713
Less/ Add	DEPRECIATION/ AMORTISATION		48.712	42.577	39.081
Less	EXCEPTIONAL ITEMS		26.949	0.000	0.000
	PROFIT/ (LOSS) BEFORE TAX		(60.532)	(14.750)	(20.368)
Less	TAX		0.000	0.000	0.000
	PROFIT/ (LOSS) AFTER TAX		(60.532)	(14.750)	(20.368)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		(37.828)	(23.078)	(2.711)
	BALANCE CARRIED TO THE B/S		(98.360)	(37.828)	(23.079)
	Earnings Per Share (Rs.)		(1.71)	(0.41)	(0.76)

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
Net Profit Margin (PAT/Sales)	(%)	(12.98)	(4.89)	(10.75)
Operating Profit Margin (PBDIT/Sales)	(%)	4.10	9.46	10.08
Return on Total Assets (PBT/Total Assets}	(%)	(9.52)	3.54	(7.03)
Return on Investment (ROI) (PBT/Networth)		(0.24)	(0.05)	(0.08)
Debt Equity Ratio (Total Debt/Networth)		1.00	0.11	0.00
Current Ratio (Current Asset/Current Liability)		1.30	2.46	2.78

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	268.236	353.661	353.661
Reserves & Surplus	(23.078)	(37.828)	(98.360)
Net Worth	245.158	315.833	255.301
Long-term Borrowings	0.000	35.371	171.983
Short-term Borrowings	0.000	0.000	84.054
Total Borrowings	0.000	35.371	256.037
Debt/Equity Ratio	0.000	0.112	1.003

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	189.502	301.675	466.436
		59.194	54.615

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Turnover	189.502	301.675	466.436
Profit	(20.368)	(14.750)	(60.532)
	(10.75%)	(4.89%)	(12.98%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	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	No
8]	No. of employees	No
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	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	--
22]	Litigations that the firm / promoter involved in	--
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
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10529187	23/09/2014	20,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO 30, RAJAJI SALAI, OPP TO BEACH STATION, CHENNAI - 600001, TAMIL NADU , INDIA	C32304933
2	10377232	14/09/2012	110,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO.30 RAJAJI SALAI, OPP BEACH STATION, CHENNAI, T  AMIL NADU - 600001, INDIA	B58390063
3	10385179	14/09/2012	125,000,000.00	THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED	NO.30 RAJAJI SALAI, OPP BEACH STATION, CHENNAI, T  AMIL NADU - 600001, INDIA	B61628228

UNSECURED LOANS

UNSECURED LOANS	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
LONG-TERM BORROWINGS
Loans and Advances from Others (Term loans having an interest rate of 6 months LIBOR plus 300 base points availed from holding company is repayable as one instalment of 35,714 and twenty seven quarterly instalments of Euro113,491 each from August 2013.)	171.983	35.371
Total	171.983	35.371

OPERATIONS

During the financial year, the Company has achieved a total sales turnover of Rs. 466.436 Million as against Rs. 301.675 Million in the previous year. Accordingly, the Company has recorded an increase of 54.61% in the total sales turnover. However, during the period, the Company has incurred a loss of Rs. 60.532 Million as against a loss of Rs. 14.750 Million in the previous year.

CONTINGENT LIABILITIES:

Particulars	31.03.2013 (Rs. In Million)	31.03.2012 (Rs. In Million)
Counter guarantees given by the Company to the bankers for bank guarantee	10.992	11.606

FIXED ASSETS

· Land

· Buildings

· Plant and Equipment

· Computer Software

· Furniture and Fixtures

· Office Equipment

· Vehicles

· Computer Equipment’s

· Other Equipment’s

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 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.64.05
UK Pound	1	Rs. 99.04
Euro	1	Rs. 71.76

INFORMATION DETAILS

Information Gathered by :	NYA
Analysis Done by :	SAN
Report Prepared by :	ARC

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	4
--LEVERAGE	1~10	4
--RESERVES	1~10	1
--CREDIT LINES	1~10	4
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		30

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.