MIRA INFORM REPORT

Report No. :	316799
Report Date :	09.04.2015

IDENTIFICATION DETAILS

Name :	ADLEC POWER PRIVATE LIMITED
Registered Office :	Rohad By Pass, Behind IPU Jindal, Decora Station Road, Rohad, Jhajjar – 124507, Haryana
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	03.05.2013
Com. Reg. No.:	05-049028
Capital Investment / Paid-up Capital :	Rs. 0.400 Million
CIN No.: [Company Identification No.]	U31900HR2013PTC049028
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 :	Subject is engaged primarily in manufacture and trading of Electrical Products (Electrical Panels, Bus-ducts, Matrix components).
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

B (28)

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

Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	The subject operates as a subsidiary of Novateur Electrical and Digital Systems Private Limited. It is an established company having moderate track record. The company has reported loss from its operations during the financial year 2013-2014. Further liquidity seems to be under pressure, probably due to management’s inability to realize its inventories or receivable into cash in the requisite time. However, trade relations are fair. Business is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some cautions.

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

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	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 DECLINED BY

Name :	Mr. Nitin Rastogi
Designation :	Deputy Manager Finance
Contact No.:	91-9717872698
Date :	08.04.2015

LOCATIONS

Registered Office / Works :	Rohad By Pass, Behind IPU Jindal, Decora Station Road, Rohad, Jhajjar – 124507, Haryana, India
Tel. No.:	Not Available
Mobile No.:	91-9717872698 (Mr. Nitin Rastogi)
Fax No.:	Not Available
E-Mail :	manish.saxena@adlecpower.com
Website :	www.adlecpower.com
Sales Office:	C-34/4, 2^nd Floor, Lawrence Road, Industrial Area, Delhi – 110035, India
Tel No.:	91-11-45585064/45585065/45585066
E-Mail :	adlec@adlecpower.com

DIRECTORS

As on 30.12.2014

Name :

Mr. Sanjay Surana

Designation :

Managing director

Address :

C-4/62, Rajathali Apartment, Near Madhuban Chowk, Pitam Pura, new Delhi – 110034, India

Date of Birth/Age :

20.12.1968

Date of Appointment :

20.05.2013

DIN No.:

00008450

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	U74899DL1995PTC071181	MATRIX CONTROL & ENGINEERS PRIVATE LIMITED	Director	27-07-95	27-07-95	-	Amalgamated	NO
2	U74899DL1995PTC072283	RHINE POWER PRIVATE LIMITED	Director	18-04-13	08-09-95	15-07-13	Active	NO
3	U67120DL1994PTC164431	SETHIA INTRA PRIVATE LIMITED	Additional director	01-01-15	27-06-01	-	Active	NO
4	U67120DL1994PTC164430	SETHIA NIVESH & NIRYAT PRIVATE LIMITED	Director	03-09-07	07-07-07	31-03-14	Active	NO
5	U52324DL1993PTC164209	NISCHINTA COMMERCIAL PRIVATE LIMITED	Director	04-09-07	07-07-07	-	Active	NO
6	U29300HR2012PTC050190	ENERSOL SYSTEMS PRIVATE LIMITED	Director	26-06-12	26-06-12	13-03-13	Active	NO
7	U31900HR2013PTC049028	ADLEC POWER PRIVATE LIMITED	Managing director	20-05-13	03-05-13	-	Active	NO
8	AAD-3562	RHINE CONSTRUCTIONS LLP	Designated Partner	12-02-15	12-02-15	-	Active	NO
9	AAD-3801	RHINE BUILDWELL LLP	Designated Partner	14-02-15	14-02-15	-	Active	NO

Name :

Mr. Olivier Rene Le Floch

Designation :

Director

Address :

N-105, Panchashila Park, New Delhi -110017, India

Date of Birth/Age :

19.02.1971

Date of Appointment :

17.07.2013

DIN No.:

03391960

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	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	Director	05-12-11	10-01-11	-	Active	NO
2	U31900HR2013PTC049028	ADLEC POWER PRIVATE LIMITED	Director	17-07-13	17-07-13	-	Active	NO

Name :

Mr. Jean Charles Thuard

Designation :

Director

Address :

Flat No.601, 6^th Floor, Writer Residences, ST Leo Road, CTS No. 462, Bandra (West), Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

30.06.1956

Date of Appointment :

17.07.2013

DIN No.:

06458087

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	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	Managing director	30-09-13	16-01-13	-	Active	NO
2	U31900HR2013PTC049028	ADLEC POWER PRIVATE LIMITED	Director	17-07-13	17-07-13	-	Active	NO

KEY EXECUTIVES

Name :	Mr. Nitin Rastogi
Designation :	Deputy Manager Finance

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 30.12.2014

Names of Shareholders	No. of Shares	%age holding
Sanjay Surana	12000	30.00
Novateur Electrical and Digital Systems Private Limited, India	28000	70.00
Total	40000	100.00

Equity Share Break up (Percentage of Total Equity)

As on 30.12.2014

Category	Percentage
Bodies corporate	70.00
Directors or relatives of Directors	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is engaged primarily in manufacture and trading of Electrical Products (Electrical Panels, Bus-ducts, Matrix components).
Products :	Electrical Products (Electrical Panels, Bus-ducts, Matrix components).
Brand Names :	Not Divulged
Agencies Held :	Not Divulged
Exports :	Not Divulged
Imports :	Not Divulged
Terms :	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
Maximum Limit Dealt :	Not Divulged
Experience :	Not Divulged
Remark:	Not Divulged

Customers :

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

No. of Employees :

Information declined by the management

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 Account Opening)	Not Divulged
Average Balance Maintained (If Possible)	Not Divulged
Credit Facilities Enjoyed (If any)	Not Divulged
Account Operation	Not Divulged
Remarks (If any)	Not Divulged

Auditors :
Name :	Price Waterhouse and Company Chartered Accountants
Address :	8th Floor, Prestige Palladium Dayan, Door No. 129-140, Greams Road, Chennai – 600006, Tamilnadu, India
PAN N Income-tax PAN of auditor or auditor's firm :	AAAFP8828M
Memberships :	--
Collaborators :	--
Ultimate Holding company:	· Legrand France S.A. · Legrand Nederland B.V.
Holding company:	· Novatuer Electrical and Digital Systems Private Limited
Fellow Subsidiary:	· Legrand Biticino GMBH · Legrand Antibes · Legrand Electric Sanayi A.S · Legrand (S) Pte Limited · Legrand SNC · Legrand (Shanghai) Management · Wuxi Tcl Legrand Low Voltage · HPM Legrand Sydney
Entities where KMP or his relatives are interested:	· Rhine Power Private Limited · Associated Engineers

CAPITAL STRUCTURE

As on 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
50000	Equity Shares	Rs.10/- each	Rs. 0.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
40000	Equity Shares	Rs.10/- each	Rs. 0.400 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014
I.              EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	0.400
(b) Reserves & Surplus	718.642
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	719.042
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	0.000
(c) Other long term liabilities	3.996
(d) long-term provisions	12.236
Total Non-current Liabilities (3)	16.232
(4) Current Liabilities
(a) Short term borrowings	582.852
(b) Trade payables	351.442
(c) Other current liabilities	37.117
(d) Short-term provisions	23.256
Total Current Liabilities (4)	994.667
TOTAL	1729.941
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	130.051
(ii) Intangible Assets	794.671
(iii) Capital work-in-progress	2.691
(iv) Intangible assets under development	2.412
(b) Non-current Investments	0.000
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	2.050
(e) Other Non-current assets	0.100
Total Non-Current Assets	931.975
(2) Current assets
(a) Current investments	0.000
(b) Inventories	368.194
(c) Trade receivables	402.671
(d) Cash and cash equivalents	0.100
(e) Short-term loans and advances	27.001
(f) Other current assets	0.000
Total Current Assets	797.966
TOTAL	1729.941

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014
	SALES
	Income	850.243
	Other Income	5.467
	TOTAL (A)	855.710
Less	EXPENSES
	Cost of Materials Consumed	563.723
	Purchases of Stock-in-Trade	87.159
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	(63.340)
	Employees benefits expense	74.007
	Other expenses	152.453
	TOTAL (B)	814.002
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)	41.708
Less	FINANCIAL EXPENSES (D)	45.574
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	(3.866)
Less/ Add	DEPRECIATION/ AMORTISATION (F)	139.526
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	(143.392)
Less	TAX (I)	0.000
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	(143.392)
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	0.000
	Balance Carried to the B/S	(143.392)
	IMPORTS
	Raw Materials	1.743
	TOTAL IMPORTS	1.743
	Earnings / (Loss) Per Share (Rs.)	(4682.00)

KEY RATIOS

PARTICULARS		31.03.2014
Net Profit Margin (PAT / Sales)	(%)	(16.86)
Operating Profit Margin (PBIDT/Sales)	(%)	4.91
Return on Total Assets (PBT/Total Assets}	(%)	(8.31)
Return on Investment (ROI) (PBT/Networth)		(0.20)
Debt Equity Ratio (Total Debt /Networth)		0.81
Current Ratio (Current Asset/Current Liability)		0.80

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 one year	Yes
12]	Profitability for last one year	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	No
24]	Banking facility details	No
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

INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY

BUSINESS UPDATES

Subject was incorporated on May 3,2013 and has acquired the entire electric components business of Adlec Systems Private Limited on July 17, 2013 through Business Transfer Agreement dated MAy4, 2013. On July 17, 2013, Novateur Electrical and Digital Systems Private Limited, a wholly owned subsidiary of Legrand 5.4. ("Legrand”), acquired 70% equity share in APPL by way of Joint Venture Agreement dated May 15 2013 with Sanjay Surana and APPI.

GENERAL INFORMATION

Subject is engaged primarily in manufacture and trading of Electrical Products (Electrical Panels, Bus-ducts, Matrix components). The Company has manufacturing plant in Rohad, Haryana, India.

Subject sells its products primarily in India Subject was incorporated on May 3, 2013 and has acquired the entire electric components business of Adlec Systems Private Limited on July 16, 2013 through Business Transfer Agreement dated May 14, 2013. On May 15, 2013, Novatuer Electrical and Digital Systems Private Limited, a wholly owned subsidiary of Legrand France S.A. ("Legrand"), acquired 70% equity share in APPL by way of Joint Venture Agreement with Sanjay Surana and APPL.

UNSECURED LOAN

PARTICULARS	31.03.2014 (Rs. in Million)
Short-term borrowings
From Banks Cash credit	500.00
	82.852
Total	582.852
NOTE: (a)Unsecured short term financing facility has been sanctioned by BNP Paribas for Rs 800.000 Million on dated July 17,2013 for one year, which is renewable after one year. Out of total limit of Rs 800.000 Million, working capital demand loan has been obtained for Rs. 500.000 Million bearing interest rate of 10.50% p.a (payable monthly) and balance limit has been utilised for cash credit facility, export credit, Letter or credit, acceptances and Financial and performance guarantees. (b) The above short term financing facility has been guaranteed by Legrand France, SA (Ultimate Holding Company) through Letter of Comfort vide their letter dated February 28, 2014.

CONTINGENT LIABILITIES:

(Rs. in million)

PARTICULARS	31.03.2014
Claims against the company not acknowledge as debts
Pending C and F Forms	28.220
Claims made by employee pending before various courts. The matter is contingent on the facts and evidence presented before the courts / adjudicating authorities	0.600
NOTE: (a) It is not practicable for the company to estimate the timings of cash outflows, ifany, in respect of the above pending resolution of the respective proceedings. (b) The amounts shown above represent the best possible estimates arrived at on the basis of available information The uncertainties and possible reimbursements are dependent on the outcome of the different legal processes which have been invoked by the Company or the claimants as the case may be and therefore cannot be predicted accurately. The Company engages reputed professional advisors to protect its interests and has been advised that it has strong legal positions against such disputes.

FIXED ASSETS

Tangible Assets

· Plant and Machinery

· Furniture and Fixture

· Leasehold Improvements

· Vehicle

· Office Equipment’s

· Computer

Intangible Assets

· Goodwill

· Computer Software

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 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.62.33
UK Pound	1	Rs.92.53
Euro	1	Rs.67.60

INFORMATION DETAILS

Information Gathered by :	PPT
Analysis Done by :	SUC
Report Prepared by :	KVT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	3
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	4
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	2
--LEVERAGE	1~10	3
--RESERVES	1~10	3
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	NO
--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		28

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	--

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.