MIRA INFORM REPORT

Report No. :	309957
Report Date :	27.02.2015

IDENTIFICATION DETAILS

Name :	BAKER GAUGES INDIA PRIVATE LIMITED
Registered Office :	33-1-2, Nagar Road, Pune – 441014, Maharashtra
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	15.09.1972
Com. Reg. No.:	11-129366
Capital Investment / Paid-up Capital :	Rs.74.239 Million
CIN No.: [Company Identification No.]	U28900PN1972PTC129366
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company.
Line of Business :	Manufacture of Thread Gauges.
No. of Employees :	Information declined by the management.

RATING & COMMENTS

MIRA’s Rating :

Ba (49)

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

Status :	Satisfactory
Payment Behaviour :	Usually correct
Litigation :	Clear
Comments :	Subject is a well-established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment terms 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 – 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

Not 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 DENIED BY

Name :	Mr. Harsh
Designation :	AGM (Finance)
Contact No.:	91-20-66250600
Date :	26.02.2015

LOCATIONS

Registered / Corporate Office / Factory 1 :	33-1-2, Nagar Road, Pune – 441014, Maharashtra, India
Tel. No.:	91-20-66093800
Fax No.:	Not Available
E-Mail :	bakerbmi@bakergauges.com
Head Office / Factory 2:	37-40, Viman Nagar, Off Nagar Road, Pune – 411014, Maharashtra, India
Tel. No.:	91-20-66250600
Fax No.:	91-20-66250786
E-Mail :	bakerhip@bakergauges.com
Branch Office :	Located At: Mumbai Ahmedabad Bangalore Chandigarh Chennai New Delhi Kolkata Hyderabad

DIRECTORS

As on 05.09.2014

Name :

Baakir Asgeraly Baker

Designation :

Chairman and Managing Director

Address :

Kumar city, Cluster 2, Bunglow 11, Vadgaonsheri, Pune – 411014, Maharashtra, India

Date of Birth/Age :

07.10.1948

Date of Appointment :

15.09.1972

DIN No.:

00043294

Name :

Ammar Baakir Baker

Designation :

Executive Director

Address :

Kumar city, Cluster 2, Bunglow 11, Vadgaonsheri, Pune – 411014, Maharashtra, India

Date of Birth/Age :

16.10.1977

Date of Appointment :

01.04.2007

DIN No.:

00043101

Name :

Taizoon Baakir Baker

Designation :

Executive Director

Address :

Kumar city, Cluster 2, Bunglow 11, Vadgaonsheri, Pune – 411014, Maharashtra, India

Date of Birth/Age :

14.09.1983

Date of Appointment :

01.04.2009

DIN No.:

02559088

Name :

Zainab Abdullah Baker

Designation :

Director

Address :

Flat H-4, Breach Candy Apartments, B. Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

21.01.1940

Date of Appointment :

02.11.2004

DIN No.:

00026666

Name :

Razia Ebrahim Poonawala

Designation :

Director

Address :

Kumar city, Cluster 2, Bunglow 11, Vadgaonsheri, Pune – 411014, Maharashtra, India

Date of Birth/Age :

13.10.1950

Date of Appointment :

22.03.2013

Name :

Rashida Abdullah Baker

Designation :

Director

Address :

Flat H-4, Breach Candy Apartments, B. Desai Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

25.05.1968

Date of Appointment :

26.06.1995

DIN No.:

00032035

Other Directorship :

S. No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U45203MH1994PTC082702	ZESA PROPERTIES PRIVATE LIMITED	Managing director	15/12/1994	15/12/1994	-	Active	NO
2	U28900PN1972PTC129366	BAKER GAUGES INDIA PRIVATE LIMITED	Director	26/06/1995	26/06/1995	-	Active	NO
3	U36100MH1999PTC118473	INDO-ITALIAN FURNITURE COMPANY PRIVATE LIMITED	Managing director	17/03/2014	23/02/1999	-	Active	NO

Name :

Zakiuddin Asgeraly Baker

Designation :

Director

Address :

Noon Baker, Apartments 28, Motlibai Streen, Mumbai – 400008, Maharashtra, India

Date of Birth/Age :

15.11.1942

Date of Appointment :

15.09.1972

DIN No.:

00045704

Name :

Yusuf Ebrahim Sitabkhan

Designation :

Director

Address :

Flat No.10, Mubarak Manzil, Saifee Park, Church Road, Marol, Andheri (E), Mumbai – 400059, Maharashtra, India

Date of Birth/Age :

19.03.1947

Date of Appointment :

28.09.1996

DIN No.:

00034790

Name :

Zehra Fakhruddin Sitabkhan

Designation :

Director

Address :

64, Eby Castle, 3^rd Floor, R. Nos. 28/29, Mohamedaly Road, Mumbai – 400003, Maharashtra, India

Date of Birth/Age :

23.11.1937

Date of Appointment :

08.06.2001

DIN No.:

00026792

KEY EXECUTIVES

Name :	Mr. Harsh
Designation :	AGM (Finance)

MAJOR SHAREHOLDERS

As on 05.09.2014

SHAREHOLDERS FILE ATTACHED

As on 05.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Directors or relatives of Directors	99.27
Other top fifty shareholders	0.73
Total	100.00

BUSINESS DETAILS

Line of Business :	Manufacture of Thread Gauges.
Products :	Thread Gauges Dial Gauges Micrometers Air Gauges Dial Instruments Digital Instruments Special Thread Gauges Special Micrometers Electronic Gauges Electronic Gauges
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Divulged
Imports :	Not Divulged
Terms :
Selling :	Not Divulged
Purchasing :	Not Divulged

PRODUCTION STATUS = NOT AVAILABLE

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

Information declined by the management.

Bankers :

• IDBI Bank Limited, IDBI Towerwtc Complex, Cuffe Parade, Mumbai – 400005, Maharashtra, India
• Industrial Development Bank of India Limited, IDBI House, Dnyaneshwar Paduka Chowk, F C Road, Shivaji Nagar, Pune – 411004, Maharashtra, India

Facilities :

SECURED LOANS	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Term Loans from Banks	8.972	13.481
SHORT TERM BORROWINGS
Rupee term loans from banks	62.679	62.486
Total	71.651	75.967

Auditors :
Name :	G.D. Apte and Company Chartered Accountants
Address :	GDA House, Plot No.85,Bhusari Colony, Kothrud, Pune --411038, Maharashtra, India
PAN No.:	AAACG9075E
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
10000000	Equity Shares	Rs.10/-each	Rs.100.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
7423984	Equity Shares	Rs.10/-each	Rs.74.239 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	74.239	74.239	74.239
(b) Reserves & Surplus	236.589	213.907	187.777
(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)	310.828	288.146	262.016
(3) Non-Current Liabilities
(a) long-term borrowings	52.272	23.781	30.948
(b) Deferred tax liabilities (Net)	4.071	4.745	5.941
(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)	56.343	28.526	36.889
(4) Current Liabilities
(a) Short term borrowings	62.679	62.486	54.078
(b) Trade payables	129.734	120.556	110.901
(c) Other current liabilities	88.087	91.573	85.547
(d) Short-term provisions	21.016	23.528	33.655
Total Current Liabilities (4)	301.516	298.143	284.181
TOTAL	668.687	614.815	583.086
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	199.199	207.099	197.782
(ii) Intangible Assets	5.509	2.461	3.094
(iii) Capital work-in-progress	0.000	0.000	2.730
(iv) Intangible assets under development	0.000	3.229	3.729
(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	9.618	10.623	5.580
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	214.326	223.412	212.915
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	181.812	207.282	174.922
(c) Trade receivables	199.693	147.360	175.307
(d) Cash and cash equivalents	52.073	15.457	0.213
(e) Short-term loans and advances	18.259	20.644	19.564
(f) Other current assets	2.524	0.660	0.165
Total Current Assets	454.361	391.403	370.171
TOTAL	668.687	614.815	583.086

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES	NA	NA	NA
Less	EXPENSES	NA	NA	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	74.102	85.571	105.012
Less/ Add	DEPRECIATION/ AMORTISATION	24.195	28.759	25.057
	PROFIT/ (LOSS) BEFORE TAX	49.907	56.812	79.955
Less	TAX	18.539	22.054	27.634
	PROFIT/ (LOSS) AFTER TAX	31.368	34.758	52.321
Less	APPROPRIATIONS
	Transfer to General Reserve	22.682	26.129	43.692
	Proposed Dividend @10 %	7.423	7.423	7.423
	Tax on Dividend	1.261	1.204	1.204
	Total	31.366	34.756	52.319
	Earnings / (Loss) Per Share (Rs.)	4.23	4.68	7.05

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	7.46	9.29	13.87
Return on Investment (ROI) (PBT/Networth)		0.16	0.20	0.31
Debt Equity Ratio (Total Liability/Networth)		0.37	0.30	0.32
Current Ratio (Current Asset/Current Liability)		1.51	1.31	1.30

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	74.239	74.239	74.239
Reserves & Surplus	187.777	213.907	236.589
Net worth	262.016	288.146	310.828
long-term borrowings	30.948	23.781	52.272
Short term borrowings	54.078	62.486	62.679
Total borrowings	85.026	86.267	114.951
Debt/Equity ratio	0.325	0.299	0.370

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	Yes
8]	No. of employees	No
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	No
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	No
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	Yes
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

Note:

The registered office has been shifted from 401, Jolly Bhavan No. 2, 7-New Marine Lines, Mumbai – 400020, Maharashtra, India to the present address w.e.f. 22.08.2006

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
LONG TERM BORROWINGS
Deposits from Directors	19.850	6.250
Deposits from shareholders	23.450	4.050
Total	42.300	10.300

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.61.93
UK Pound	1	Rs.96.24
Euro	1	Rs.70.38

INFORMATION DETAILS

Information Gathered by :	SVA
Analysis Done by :	RAS
Report Prepared by :	PNM

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	5
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	5
--PROFITABILITY	1~10	6
--LIQUIDITY	1~10	5
--LEVERAGE	1~10	5
--RESERVES	1~10	6
--CREDIT LINES	1~10	6
--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	NO
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		49

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.