MIRA INFORM REPORT

Report No. :	334069
Report Date :	29.07.2015

IDENTIFICATION DETAILS

Name :	NOVATEUR ELECTRICAL AND DIGITAL SYSTEMS PRIVATE LIMITED (w.e.f. 21.03.2012)
Formerly Known As :	INDO ASIAN ELECTRIC PRIVATE LIMITED (w.e.f. 14.04.2011) ERA ELECTRICALS PRIVATE LIMITED
Registered Office :	61/62, 6^thFloor, Kalpataru Square, Kondivita Road, Off Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra
Tel. No.:	91-22-30416200
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	11.08.2010
Com. Reg. No.:	11-206487
Capital Investment / Paid-up Capital :	Rs.6398.600 Millions
CIN No.: [Company Identification No.]	U31909MH2010PTC206487
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCE4671N
Legal Form :	Private Limited Liability Company
Line of Business :	The company is engaged in trading and manufacturing of Electrical Products.
No. of Employees :	1000 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

B (26)

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

Maximum Credit Limit :	USD 890000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is a subsidiary of “B TICINO SPA”. It is an established company having moderate track record. The company possesses moderate operational performance and it has incurred huge losses from its operational activities. Rating further constrained on account of company’s moderate financial risk profile marked by negative reserves and leverage balance sheet profile of the company. However, trade relations are reported as fair. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.

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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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 31-03-2013.

INFORMATION PARTED BY (PARTIAL DETAILS)

Name :	Mr. Rajesh Khanna
Designation :	Finance Officer
Contact No.:	91-120-3853000

LOCATIONS

Registered Office :	61/62, 6^thFloor, Kalpataru Square, Kondivita Road, Off Andheri-Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India
Tel. No.:	91-22-30416200
Fax No.:	91-22-30416201
E-Mail :	ranjeet.kaur@indoasian.com mukesh.chawla@legrand.co.in jean-charles.thuard@iegrand.co.in dimple.gupta@indoasian.com
Website :	http://www.Indoovan.com
Corporate Office :	B-24, Phase – II, Noida – 201305, Uttar Pradesh, India
Tel No.:	91-120-3853000/ 3042222
Fax No.:	91-120-3853002
Mumbai Branch Office :	G-6, Nahar and Seth Industrial Estate, Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India
Tel No.:	91-22-28390072/ 28301987
Fax No.:	91-22-66922831
Branch Offices :	Located at: North · Chandigarh · Delhi · Jaipur · Lucknow South · Bengaluru · Cochin · Coimbatore · Chennai · Secunderabad West · Ahmedabad · Indore · Mumbai · Pune · Surat · Goa East · Kolkata · Jamshedpur

DIRECTORS

As on 30.09.2013

Name :

Mr. Pranav Kumar Ranade

Designation :

Additional Director

Address :

11 Ishwar Nagar, Mathura Road, New Delhi – 110055, India

Date of Birth/Age :

10.11.1947

Date of Appointment :

05.12.2011

DIN No.:

00005359

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	U74899DL1991PTC046346	IAFL SWITCHGEARS PRIVATE LIMITED	Director	08/11/1991	08/11/1991	15/12/2007	Active	NO
2	U74899DL1995PTC066290	INDO NORDEX LIGHTINGS PRIVATE LIMITED	Director	13/03/1995	13/03/1995	01/06/2012	Active	NO
3	L31200HR1989PLC035580	EON ELECTRIC LIMITED	Managing director	24/06/2010	24/06/2005	23/03/2013	Active	NO
4	U51101DL2006PTC151476	Simon Electric Private Limited	Director	02/08/2006	02/08/2006	08/05/2007	Active	NO
5	U31503DL2003PTC119527	HAUSMANN ELEKTRIK PRIVATE LIMITED	Director	29/09/2007	09/12/2006	01/06/2012	Active	NO
6	U74140DL2009PTC191154	LITHEON GREEN ENERGY PRIVATE LIMITED	Director	12/06/2009	12/06/2009	24/03/2012	Active	NO
7	U74140DL2009PTC191286	PKR TECHNOLOGIES PRIVATE LIMITED	Director	16/06/2009	16/06/2009	-	Active	NO
8	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	Director	05/12/2011	21/10/2010	-	Active	NO
9	L31401DL2011PLC271394	ADVANCE METERING TECHNOLOGY LIMITED	Managing director	12/05/2012	07/02/2011	-	Active	NO
10	U65993HR2011PTC043882	PKR POWER PRIVATE LIMITED	Director	14/09/2011	14/09/2011	-	Active	NO
11	U28910DL2007PLC170333	PKR ENERGY LIMITED	Director	13/06/2012	23/03/2012	-	Active	NO
12	U70200DL2005PTC137495	R.S.INFOSYSTEMS PRIVATE LIMITED	Director	08/08/2014	22/07/2013	-	Active	NO
13	AAA-0321	PKR HITECH INDUSTRIAL CORPORATION LLP	Designated Partner	28/10/2009	28/10/2009	-	Active	NO
14	AAD-5361	INDUSTRIAL SOLUTIONS CORPORATION LLP	Designated Partner	13/03/2015	13/03/2015	-	Active	NO

Name :

Chellappan Ramaswamy

Designation :

Director

Address :

New No.10, Old No. 8, Visweswarapuram, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

08.05.1953

Date of Appointment :

29.05.2012

DIN No.:

00016958

Name :

Mrs. Urvashi Dipaksinh Morarji

Designation :

Director

Address :

Vasant Vihar 8, Capmichael Road, Mumbai – 400026, Maharahstra, India

Date of Birth/Age :

08.10.1926

Date of Appointment :

01.08.2012

DIN No.:

00922217

Name :

Mr. Michael Paul Carter

Designation :

Director

Address :

19, Rue Jules Rathgeber, 67100, Strasbourg, France

Date of Birth/Age :

16.05.1958

Date of Appointment :

28.09.2012

DIN No.:

01807488

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	U00000HR1999PTC038504	SOCOMEC INDIA PRIVATE LIMITED	Director	01/08/2002	01/08/2002	30/11/2010	Active	NO
2	U74899DL1992PTC048945	HPL ELECTRIC & POWER PRIVATE LIMITED	Director	01/08/2002	01/08/2002	30/11/2010	Active	NO
3	U31909DL2003PTC122565	SOCOMEC UPS PRIVATE LIMITED	Director	25/06/2004	25/06/2004	30/11/2010	Active	NO
4	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	Director	28/09/2012	25/05/2012	-	Active	NO

Name :

Mr. Mukesh Omprakash Chawla

Designation :

Director

Address :

A/3104, Oberoi Springs CHS. Limited, (Excel Indus) No.705 Etc Off. New Link Road, Near Monginis Cake Factory, Andheri (West), Mumbai – 400053, Maharashtra, India

Date of Birth/Age :

13.03.1959

Date of Appointment :

28.09.2012

DIN No.:

02698963

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	U65990MH1971PTC015413	DIPAREENA ELECTRICALS PRIVATE LIMITED	Director	23/06/2009	24/03/2009	-	Amalgamated	NO
2	U99999MH1961PTC012219	LEGRAND (INDIA) PRIVATE LIMITED	Director	30/09/2009	24/03/2009	-	Amalgamated	NO
3	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	Director	28/09/2012	01/09/2010	-	Active	NO

Name :

Antoine Didier Marie Burel

Designation :

Director

Address :

12, Allee De La Grange, Pissy Poville, France 76360

Date of Birth/Age :

22.12.1962

Date of Appointment :

28.09.2012

DIN No.:

02935400

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	U99999MH1961PTC012219	LEGRAND (INDIA) PRIVATE LIMITED	Director	30/09/2009	13/07/2009	-	Amalgamated	NO
2	U65990MH1971PTC015413	DIPAREENA ELECTRICALS PRIVATE LIMITED	Director	28/06/2010	13/07/2009	-	Amalgamated	NO
3	U31909MH2010PTC206487	NOVATEUR ELECTRICAL & DIGITAL SYSTEMS PRIVATE LIMITED	Director	28/09/2012	25/05/2012	-	Active	NO

Name :

Mr. David Beugin

Designation :

Director

Address :

5, Lotissement, LA Mauriniere, Montmeyran France 26120

Date of Birth/Age :

16.09.1974

Date of Appointment :

28.09.2012

DIN No.:

05287508

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	28/09/2012	25/05/2012	-	Active	NO

Name :

Benoit Nicolas Coquart

Designation :

Director

Address :

30Rte D Aureil, Le Puy Parlier Saint Justle Martel France 87590

Date of Birth/Age :

30.11.1973

Date of Appointment :

11.06.2012

DIN No.:

05300917

Name :

Jean Charles Thuard

Designation :

Managing Director

Address :

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

Date of Birth/Age :

30.06.1956

Date of Appointment :

30.09.2013

DIN No.:

06458087

Name :

Mr. Marc Philippe Werle

Designation :

Director

Address :

Numeric House No.5, SIR P S Sivasamy Salai, Chennai – 600004, Tamilnadu, India

Date of Appointment :

30.09.2014

DIN No.:

06966282

Name :

Mr. Sameer Saxena

Designation :

Additional Director

Address :

67, Ground Floor, Mandakini Enclave, Alaknanda, Kalkaji, New Delhi – 110019, India

Date of Appointment :

13.05.2015

DIN No.:

07182599

Name :

Mr. Ronan Nicolas Armand Marc

Designation :

Additional Director

Address :

B-67/3, Second Floor, Fateh Nagar, New Delhi – 110018, India

Date of Appointment :

13.05.2015

DIN No.:

07183318

KEY EXECUTIVES

Name :	Mr. Ranjeet Kaur
Designation :	Secretary
Address :	B – 67/ 3, Second Floor, Fateh Nagar, New Delhi – 110018, India
Date of Birth/Age :	02.01.1979
Date of Appointment :	24.02.2011
PAN No.:	ARLPK1888L
Name :	Mr. Darminder Singh Tiwana
Designation :	Chief Financial Officer
Date of Birth/Age :	35 Years
Qualification :	ACMA
Name :	Mr. Rajesh Khanna
Designation :	Finance Officer

MAJOR SHAREHOLDERS

As on 30.09.2013

Names of Shareholders	No. of Shares
Legrand France S.A., France	9999
Legrand Nederland BV, Netherland	85446754
B. Ticino S.P.A., Italy	554399846
Total	639856599

As on 30.09.2013

Category	Percentage
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	The company is engaged in trading and manufacturing of Electrical Products.
Products :	Circuit Breakers Wiring Accessories Distribution Boards Uninterrupted Power Supply Systems Time Switches
Brand Names :	Not Available
Agencies Held :	Not Available
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 :
Remark:	Not Divulged

No. of Employees :

1000 (Approximately)

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 :	LoveLock and Lewes Chartered Accountants
Address :	252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India
PAN N Income-tax PAN of auditor or auditor's firm :	AABFL5878L
Memberships :	Not Available
Collaborators :	Not Available
Holding Company :	B Ticino SpA
Ultimate Holding Company :	Legrand SA
Subsidiary :	Adlec Power Private Limited U31900HR2013PTC049028 Numeric Lanka Technologies (Private) Limited
Fellow Subsidiary Company :	Legrand Stras bourg Legrand Nederland B.V. Anam Legrand Company Limited Baco Constructions Bticino Gmbh Legrand Elektrik Bufer Sanayi A S Legrand – South Africa Legrand Snc. France Legrand (Beijing) Electrical Company Limited Legrand Beijing Electric Limited Legrand (S) Pte Limited Cablofil (I.C.M Group) Legrand (Shanghai) Trading Company Legrand Isere St Marcellin Legrand ZRT Legrand Polska Sp. Zo.o Legrand Low Voltage Electrical (Wuxi) Company Limited Legrand Antibes Rocom Electric Company Limited Legrand Australia PTY Limited Legrand France Ets Sille Legrand SNC FZE Legrand Cable Management Legrand France SA Legrand Electric Limited Shenzhen Shidean Legrand Electric Production Company Limited B Ticino Chile Ltda Rocom Electric Company Limited HPM Legrand Legrand Pyrenees E.M.B. Electrical Industries SAE, Egypt HPM Australia Legrand B Ticino GMBH Legrand Inovac S.A.S G L Eletro-Eletronicos JSC Kontaktor Legrand France Ets Sille TCL Huizhou Inform Elektronik San.Tic. As S2S Onduleurs Legrand Elektrik Sanayi A.S Jean-Charles Thuard Olivier Rene Le Floc’h

CAPITAL STRUCTURE

As on 30.09.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2499960000	Equity Shares	Rs.10/- each	Rs.24999.600Million
400000	Preference Shares	Rs.10/- each	Rs.0.400 Million
	Total		Rs.25000.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
639856599	Equity Shares	Rs.10/- each	Rs.6398.566 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	6,398.600	6,398.600	400.100
(b) Reserves & Surplus	(6,086.600)	(5,010.600)	(3,919.800)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	6,221.200
Total Shareholders’ Funds (1) + (2)	312.000	1,388.000	2,701.500
(3) Non-Current Liabilities
(a) long-term borrowings	13,409.500	13,409.500	13,415.300
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	43.100	31.600	25.800
(d) long-term provisions	311.000	237.000	97.400
Total Non-current Liabilities (3)	13,763.600	13,678.100	13,538.500
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	2,788.300	2,321.600	1,645.300
(c) Other current liabilities	1,344.700	1,230.800	859.700
(d) Short-term provisions	267.100	247.200	121.800
Total Current Liabilities (4)	4,400.100	3,799.600	2,626.800
TOTAL	18,475.700	18,865.700	18,866.800
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1,480.800	1,391.100	1,194.700
(ii) Intangible Assets	5,831.700	8,236.900	3,562.900
(iii) Capital work-in-progress	71.600	62.200	57.200
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	885.900	93.600	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	634.500	614.100	592.700
(e) Other Non-current assets	112.100	72.200	1.600
Total Non-Current Assets	9,016.600	10,470.100	5,409.100
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	3,222.300	2,578.000	1,680.900
(c) Trade receivables	3,826.700	3,601.800	2,186.100
(d) Cash and cash equivalents	1,833.800	1,871.100	9,275.100
(e) Short-term loans and advances	520.200	322.600	289.100
(f) Other current assets	56.100	22.100	26.500
Total Current Assets	9,459.100	8,395.600	13,457.700
TOTAL	18,475.700	18,865.700	18,866.800

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL REVENUE (NET)	18644.000	15956.300	10497.200
Less	GROSS EXPENSES	19725.200	17231.700	10578.500
	PROFIT/(LOSS) BEFORE TAX	(1081.200)	(1275.400)	(81.300)
Less	TAX	(5.200)	38.100	29.000
	PROFIT/(LOSS) AFTER TAX	(1076.000)	(1313.500)	(110.300)
	Earnings / (Loss) Per Share (Rs.)	(1.68)	(2.05)	(0.17)

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from operating activity	2227.500	1590.100	495.700

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Return on Total Assets (PBT/Total Assets}	(%)	(6.17)	(6.82)	(0.43)
Return on Investment (ROI) (PBT/Networth)		(3.47)	(0.92)	(0.03)
Debt Equity Ratio (Total Debt /Networth)		42.98	9.66	4.97
Current Ratio (Current Asset/Current Liability)		2.15	2.21	5.12

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	400.100	6398.600	6398.600
Reserves & Surplus	(3919.800)	(5010.600)	(6086.600)
Share Application money pending allotment	0.000	0.000	0.000
	6221.200	0.000	0.000
Net worth	2701.500	1388.000	312.000
Long Term borrowings	13415.300	13409.500	13409.500
Short Term borrowings	0.000	0.000	0.000
Total borrowings	13415.300	13409.500	13409.500
Debt/Equity ratio	4.966	9.661	42.979

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Revenue (Net)	10,497.200	15,956.300	18,644.000
		52.005	16.844

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Total Revenue (Net)	10,497.200	15,956.300	18,644.000
Profit	(110.300)	(1,313.500)	(1,076.000)
	(1.05%)	(8.23%)	(5.77%)

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check list by info agents	Available in Report (Yes/No)
1	Year of establishment	Yes
2	Constitution of the entity -Incorporation details	Yes
3	Locality of the entity	Yes
4	Premises details	No
5	Buyer visit details	--
6	Contact numbers	Yes
7	Name of the person contacted	Yes
8	Designation of contact person	Yes
9	Promoter’s background	Yes
10	Date of Birth of Proprietor / Partners / Directors	Yes
11	Pan Card No. of Proprietor / Partners	Yes
12	Voter Id Card No. of Proprietor / Partners	No
13	Type of business	Yes
14	Line of Business	Yes
15	Export/import details (if applicable)	No
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	No
21	Banking facility details	Yes
22	Conduct of the banking account	--
23	Financials, if provided	Yes
24	Capital in the business	Yes
25	Last accounts filed at ROC, if applicable	Yes
26	Turnover of firm for last three years	Yes
27	Reasons for variation <> 20%	--
28	Estimation for coming financial year	No
29	Profitability for last three years	Yes
30	Major shareholders, if available	Yes
31	External Agency Rating, if available	No
32	Litigations that the firm/promoter involved in	--
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

BUSINESS PROSPECTS

The turnover of the Company for the current financial year 2013-14 is Rs.18644.000 Millions as against turnover of Rs.15956.300 Millions in previous financial year 2012-13. The turnover of the Company has gone up as compared to previous year, however, due to increased financial cost of the Company, the Company has incurred a loss of Rs.1076.000 Millions in the FY 2013-14.

Financial year 2013-14 witnessed an aggressive product launches for all the three business units, reinforcing the Company’s commitment to innovation and to its Indian subsidiary. The Company launched Caretron and DX3 in CBs, Glint in wiring devices, Onfinity in 1-phase UPS, Archimod/Tromod in 3-phase modular UPS etc. Further, in 2014-15 the Company is planning to launch new products as per the market environment and shall concentrate on Geographical penetration in B and C class towns for retail business. The directors expect that the Company to do much better in years to come

BACKGROUND

The company was incorporated on 11^th August, 2010 as Era Electricals Private Limited. Subsequently, the name of the company was changed from Era Electricals Private Limited to Indo Asian Electric Private Limited on 14th April, 2011 and from Indo Asian Electric Private Limited to Novateur Electrical & Digital Systems Private Limited on 21st March, 2012.

The company is engaged in trading and manufacturing of Electrical Products and has manufacturing plants in India and operates across the country through stockists and retail outlets. The company offers a wide range of products in the categories of Energy Distribution, Wiring Devices, Uninterrupted Power Supply Systems (UPS), Home Automation, Structured Cabling, 31/03/2014 Lighting Management Solutions, Cable

UNSECURED LOAN

Particulars	31.03.2014 Rs. In Millions	31.03.2013 Rs. In Millions
LONG TERM BORROWINGS
Fully convertible debentures	13287.300	13287.300
Deferred sales tax loan	122.200	122.200
Total	13409.500	13409.500

INDEX OF CHARGES

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90226103	07/11/1996	36,500,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
2	90225950	22/07/1999 *	67,300,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
3	90225936	13/02/1995 *	11,000,000.00	The State Industrial And Invest Corporation Of Mahrashtra Lt	Nirmal, 1 St Floor; Nariman Point, Mumbai, Maharashtra, India	-
4	90225923	29/07/1993 *	38,500,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
5	90225914	29/07/1993	2,000,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
6	90225910	18/06/1993	8,000,000.00	BANK OF INDIA	CUMBALLA HILL BRANCH, 9 - A; NS PATKAR MARG, MUMB AI, Maharashtra - 400026, INDIA	-
7	90225900	12/09/1996 *	7,000,000.00	UNION BANK OF INDIA	INDUSTRIAL FINANCE BRANCH, 239; VIDHAN BHAWAN MA RG; NARIMAN POINT, MUMBAI, Maharashtra - 400021, I NDIA	-
8	90225827	29/07/1993 *	2,500,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
9	90225799	28/02/1991	1,200,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
10	90225721	05/08/1994 *	1,000,000.00	Canara Bank	Worli Branch, Mumbai, Maharashtra, India	-
11	90225688	17/11/1989 *	10,000,000.00	ICICI Bank Ltd	163; Backbay Reclamation, Mumbai, Maharashtra, India	-
12	90225673	20/04/1989	3,500,000.00	Algeemence Bank Nederlands Nv	14; veer nariman road, mumbai, maharashtra, india	-
13	90225653	05/08/1994 *	3,000,000.00	CANARA BANK	WORLI, MUMBAI, Maharashtra, INDIA	-
14	90225587	05/08/1994 *	3,250,000.00	CANARA BANK	WORLI, MUMBAI, Maharashtra, INDIA	-
15	90225586	25/11/1988 *	8,500,000.00	Ageemence Bank Nederlands Nv	14; Veer Nariman Point, Fort, Mumbai, Maharashtra - 400001, India	-
16	90225548	29/10/1985	4,000,000.00	The Bank Of Nova Scotia	Mittal Tower - B Wing, Nariman Point, Mumbai, Maharashtra - 400021, India	-
17	90225513	11/05/1984	3,350,000.00	The State Industrial And Invest Corporation Of Maharashtra Lt	Nirmal, 1 St Floor; Nariman Point, Mumbai, Maharashtra, India	-
18	90225508	15/02/1984	1,000,000.00	The Hong Kong And Shanghai Banking Corporation	52/60; Mg Road, Mumbai, Maharashtra, India	-
19	90220049	03/08/1983	150,000.00	The Hdfc Bak Ltd.	Ramon House; 4 - Floor, 169; Backbay Reclamtion, Mumbai, Maharashtra - 400020, India	-
20	90225494	17/05/1983	600,000.00	The Hong Kong And Shanghai Banking Corporation	52/60; Mg Road, Mumbai, Maharashtra, India	-
21	90225487	11/11/1982	1,600,000.00	The Sangli Bank Ltd.	Fort Branch, Mumbai, Maharashtra, India	-
22	90225436	19/12/1977	800,000.00	The Sangli Bank Ltd.	Fort Branch, P Nariman Road, Mumbai, Maharashtra, India	-
23	90225434	02/11/1977	406,298.00	The State Industrial And Invest. Corporation Maharashtra Lt	Nirmal; 1 - St Floor, Nariman Point, Mumbai, Maharashtra - 400021, India	-
24	90225413	08/02/1972	500,000.00	The Sangli Bank Ltd.	Fort Branch, P. Nariman Road, Mumbai, Maharashtra, India	-
25	90225395	15/12/1966	150,000.00	Dena Bank	17; Horniman Circle, Mumbai, Maharashtra, India	-
26	90225390	24/09/1991 *	8,500,000.00	Algeemence Bank Nederland Nv	14; Veer Nariman, Mumbai, Maharashtra, India	-

FIXED ASSETS

· Land

· Building

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

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.64.02
UK Pound	1	Rs.99.77
Euro	1	Rs.70.88

INFORMATION DETAILS

Information Gathered by :	HNA
Analysis Done by :	KAR
Report Prepared by :	SUD

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	4
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	--
--LIQUIDITY	1~10	3
--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		26

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.