MIRA INFORM REPORT

Report No. :	339557
Report Date :	04.09.2015

IDENTIFICATION DETAILS

Name :	EATON POWER QUALITY PRIVATE LIMITED

Formerly Known As :	POWERWARE INTERNATIONAL PRIVATE LIMITED

Registered Office :	No.2, EVR Street, Sedarapet, Pondicherry - 605111
Tel. No.:	91-120-3855300

Country :	India

Financials (as on) :	31.12.2011

Date of Incorporation :	01.03.1996

Com. Reg. No.:	59-002941 [NEW] 11-097812 [OLD]

Capital Investment / Paid-up Capital :	Rs.128.500 Million

CIN No.: [Company Identification No.]	U72900PY1996PTC002941 [NEW] U72900MH1996PTC097812 [OLD]

IEC No.:	3196002713

TAN No.: [Tax Deduction & Collection Account No.]	DELP08842B

PAN No.: [Permanent Account No.]	AAACC6943R

Legal Form :	Private Limited Liability Company

Line of Business :	Trader and Manufacturer activities in UPS and DC Power Systems, SMPS Power Supply and Power Distribution System Maintenance Service for these items.

No. of Employees :	300 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Ca (11)

RATING		STATUS	PROPOSED CREDIT LINE
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

Status :	Moderate

Payment Behaviour :	Unknown

Litigation :	Clear

Comments :	Subject is an established company incorporated in the year 1996 having a moderate track. As per ROC the date of balance sheet (i.e. financial filed) is shown as 31.03.2014 but the documents related to the financials for the year 2012, 2013 and 2014 are not available from any sources. Mr. Rajnish (Finance Head) provided general information confirmed that company is active however, he denied tom part financial details. Payment terms unknown. In view absence of latest financials, the company can be considered for business dealings on a 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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

India

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 (GENERAL DETAILS)

Name :	Mr. Rajnish
Designation :	Finance Head
Contact No.:	91-9350362319
Date :	04.09.2015

LOCATIONS

Registered Office / Factory :	No.2, EVR Street, Sedarapet, Pondicherry - 605111, India
Tel. No.:	Not Available
Mobile No.:	91-9350362319 (Mr. Rajnish)
Fax No.:	Not Available
E-Mail :	ravindrammathur@eaton.com amitdhingra@eaton.com eatonpowerqualityindia@eaton.com
Website :	http://powerquality.eaton.in

Head Office/ Administrative Office / Service Centre :	6th Floor, Tower- B, Plot # 8, Sector - 127, Noida – 201301, Uttar Pradesh, India
Tel. No.:	91-120-3855300

Service Centre :	B1/D1Basement, Mohan Cooperative Industrail Estate, Near Sagar Ratna Restaurant Mathura Road, New Delhi – 110044, India

Regional Offices :	Located at: Mumbai Bangalore

Branch Offices :	Located at: Chennai Hyderabad Kolkata Pune Chandigarh Coimbatore Gurgaon Ahmedabad

DIRECTORS

As on: 30.06.2012

Name :	Mr. Deepak Sharma
Designation :	Director
Address :	N-30, Panchsheel Park, New Delhi – 110017, India
Date of Birth/Age :	19.03.1959
Qualification :	Post Graduate
Date of Appointment :	01.04.2001
PAN No.:	AMCPS8533J
Date of cessation :	31.08.2012
DIN No.:	00308666

Name :	Mr. James Allan Sternweis
Designation :	Director
Address :	6655, Winston Lane Solon, Ohio 44139, USA
Date of Birth/Age :	05.04.1952
Date of Appointment :	29.09.2004
Date of cessation :	16.09.2014
DIN No.:	00492025

Name :	Thomas Stephen Gross
Designation :	Director
Address :	15 Colony Lane, Bratenahl, Ohio – 44108, USA
Date of Birth/Age :	04.08.1954
Date of Appointment :	29.09.2004
Date of cessation :	16.09.2014
DIN No.:	00479232

Name :	Mr. Ravindra Mohan Mathur
Designation :	Director
Address :	C-156, Sector -50, Noida – 201307, Uttar Pradesf, India
Date of Birth/Age :	07.04.1958
Qualification :	Post Graduate
Date of Appointment :	05.10.2004
PAN No.:	AGBPM8467C
Date of cessation :	01.07.2014
DIN No.:	00308169

Name :	Mr. David Paul Johnson
Designation :	Director
Address :	7208 Cabin Creek Lane, Raleigh Etn 1967 USA
Date of Birth/Age :	26.01.1967
Date of Appointment :	05.10.2004
Date of cessation :	31.08.2012
DIN No.:	00492017

Name :	Syed Sajjadh Ali
Designation :	Director
Address :	No:1, Bharathi Street, Ellaipillai Chavady, Pondicherry - 605005, India
Date of Appointment :	30.09.2014
DIN No.:	02335078

Name :	Sivagurunathapillai Arumugam
Designation :	Director
Address :	12, 1st Cross Street, Nandanam Avvai Nagar, Lawspet, Pondicherry - 605008, India
Date of Appointment :	12.08.2014
DIN No.:	06947507

KEY EXECUTIVES

Name :	Mr. Rajnish
Designation :	Finance Head

Name :	Preeti Prasad Sabnis
Designation :	Secretary
Address :	Lake Town Co - Op HSG SOC, Building C-6, Flat No - 203, S.N. 11, Katraj, Pune - 411046, Maharashtra, India
Date of Appointment :	01.12.2014
PAN No.:	CDSPS6028K

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on: 30.06.2012

Names of Shareholders		No. of Shares
ETN Holding 2 Limited, Mauritius		12850000
ETN Asia International Limited, Mauritius		1

Total		12850001

Equity Share Break up (Percentage of Total Equity)

As on: 30.06.2012

Category		Percentage

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 :	Trader and Manufacturer activities in UPS and DC Power Systems, SMPS Power Supply and Power Distribution System Maintenance Service for these items.

Products / Service :	UPS and DC Power Systems SMPS Power Supply Power Distribution System Maintenance Service

Brand Names :	Not Divulged

Agencies Held :	Not Divulged

Exports :
Products :	Finished Goods
Countries :	South African Countries Nepal Bangladesh

Imports :
Products :	Raw Material
Countries :	China USA Germany

Terms :
Selling :	Depend

Purchasing :	Depend

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 :

Retailers and OEMs

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 :

300 (Approximately)

Bankers :

Bank Name	Citi Bank
Branch	New Delhi Branch
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 :	S.R. Batliboi and Associates Chartered Accountants
Address :	Golf View, Corporte Tower-B, Sector 42, Sector Road, Gurgaon, Haryana, India
PAN No.:	AABFS3421N

Memberships :	--

Collaborators :	---

Holding Company [AS ON 31.12.2011] :	Eaton Corporation USA

Fellow Subsidiaries [AS ON 31.12.2011]:	Eaton Power Quality Oy, Finland Eaton Power Quality International Inc Santak Electronic (Shen Zhen) Company Limited Moeller Gmbh Austria Phoenixtec Power Company Limited Phoenixtec Electronics (Shenzhen) Company Limited, China Lianzheng Electronic Company (Shenzhen) Limited Phoenixtec Power MMPL Company Limited Moeller Electric Pte Limited Eaton Industries Gmbh, Germany Eaton (China) Investment Company Limited Eaton Electrical (Suzhou) Limited Eaton Limited, UK Eaton Industries SDN BHD, Malaysia Eaton Manufacturing LP Eaton Power Quality Pte Limited Hangzhou Eaton Power Quality Company Limited Eaton Power Quality Companympany, New Zealand UPE Electronics (Shenzhen ) Company Limited Eaton Industries Netherlands BV Eaton Industries Mfc Gmbh Eaton Power Quality Pty Limited Australia Eaton Power Quality (Shanghai) Company Limited Eaton Power Quality Gmbh Eaton Technologies Private Limited Eaton Industries Mfg (Global Sourcing) Eaton Industries Private Limited Eaton Ind Mfg GMBH, Shanghai Eaton Power Quality Corporation, San Diego Eaton Power Quality Denmark Eaton Industries Pte Limited Eaton Fluid Power Limited Eaton Industrial Systems Private Limited Eaton EMEA PDC Germany

CAPITAL STRUCTURE

AS ON: 31.12.2011

Authorised Capital :

No. of Shares	Type	Value	Amount

13000000	Equity Shares	Rs.10/- each	Rs.130.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

12850001	Equity Shares	Rs.10/- each	Rs.128.500 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.12.2011	31.12.2010	31.12.2009
SHAREHOLDERS FUNDS
1] Share Capital		128.500	128.500	128.500
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		373.384	361.030	290.476
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		501.884	489.530	418.976
LOAN FUNDS
1] Secured Loans		0.000	0.000	0.000
2] Unsecured Loans		296.281	0.000	0.000
TOTAL BORROWING		296.281	0.000	0.000
DEFERRED TAX LIABILITIES		0.000	0.000	0.000

TOTAL		798.165	489.530	418.976

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		36.015	33.595	27.450
Capital work-in-progress		0.279	0.000	0.000

INVESTMENT		0.000	0.000	0.000
DEFERREX TAX ASSETS		72.490	69.900	61.862

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	432.936	212.349	97.994
	Sundry Debtors	731.934	473.543	233.826
	Cash & Bank Balances	28.481	8.989	11.407
	Other Current Assets	0.071	0.409	1.354
	Loans & Advances	153.131	178.127	354.989
Total Current Assets		1346.553	873.417	699.570
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	501.825	342.067	222.231
	Other Current Liabilities	43.713	41.021	34.483
	Provisions	111.634	104.294	113.192
Total Current Liabilities		657.172	487.382	369.906
Net Current Assets		689.381	386.035	329.664

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		798.165	489.530	418.976

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.12.2011	31.12.2010	31.12.2009
	SALES
		Income	2144.477	1517.055	764.833
		Other Income
		TOTAL	2144.477	1517.055	764.833

Less	EXPENSES
		TOTAL	2100.681	1409.085	712.824

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION		43.796	107.970	52.009

Less/ Add	DEPRECIATION/ AMORTISATION		7.440	5.539	7.622

	PROFIT BEFORE TAX		36.356	102.431	44.387

Less	TAX		NA	NA	NA

	PROFIT AFTER TAX		NA	NA	NA

	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		361.030	290.476	266.954

	BALANCE CARRIED TO THE B/S		373.384	361.030	290.476

	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	207.726	242.044	89.352
	TOTAL EARNINGS		207.726	242.044	89.352

	Earnings Per Share (Rs.)		NA	NA	NA

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.12.2011	31.12.2010	31.12.2009
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	NA	NA	NA
Net cash flow from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.12.2011	31.12.2010	31.12.2009
Return on Total Assets (PBT/Total Assets}	(%)	2.63	11.29	6.11

Return on Investment (ROI) (PBT/Networth)		0.07	0.21	0.11

Debt Equity Ratio (Total Debt/Networth)		0.59	0.00	0.00

Current Ratio (Current Asset/Current Liability)		2.05	1.79	1.89

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.12.2009	31.12.2010	31.12.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	128.500	128.500	128.500
Reserves & Surplus	290.476	361.030	373.384
Share Application money pending allotment	0.000	0.000	0.000
Net worth	418.976	489.530	501.884

Secured Loans	0.000	0.000	0.000
Unsecured Loans	0.000	0.000	296.281
Total borrowings	0.000	0.000	296.281
Debt/Equity ratio	0.000	0.000	0.590

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.12.2009	31.12.2010	31.12.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	764.833	1517.055	2144.477
		98.351	41.358

NET PROFIT MARGIN

Net Profit Margin	31.12.2009	31.12.2010	31.12.2011
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	764.833	1517.055	2144.477
Profit	44.387	102.431	36.356
	5.80%	6.75%	1.70%

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	No
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)	Yes
16	No. of employees	Yes
17	Details of sister concerns	Yes
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
21	Banking facility details	No
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	No
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	Yes
35	Negative Reporting by Auditors in the Annual Report	No

UNSECURED LOAN

(Rs. In Million)

PARTICULARS

As on

31.12.2011

As on

31.12.2010

Other debt unsecured

296.281

0.000

Total

296.281

0.000

INDEX OF CHARGES : NO CHARGES EXIST FOR COMPANY

FINANCIAL RESULT [AS ON 31.12.2011]

These financial statements have been prepared for the period from January 1, 2011 to December 31, 2011. The Company continues to expand its operations in trade of Uninterruptible Power Supply, DC Power Supply Systems and Power Distribution. During the period, company’s turnover increased by 41% as compared to last year. Company has carved out a niche for itself in this segment. It has earned a profit of Rs.36.356 Million before Tax during the period of 12 months.

FIXED ASSETS

Plant and Machinery
Office Equipments
Computer Equipments
Furniture and Fixtures
Vehicles
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 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.66.22
UK Pound	1	Rs.101.22
Euro	1	Rs.74.33

INFORMATION DETAILS

Information Gathered by :	SPR

Analysis Done by :	DIV

Report Prepared by :	SNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	3
PAID-UP CAPITAL	1~10	2
OPERATING SCALE	1~10	1
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	1
--PROFITABILITY	1~10	1
--LIQUIDITY	1~10	1
--LEVERAGE	1~10	1
--RESERVES	1~10	1
--CREDIT LINES	1~10	---
--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	YES
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		11

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.

MIRA INFORM REPORT

432.936

731.934

28.481

0.071

153.131

1346.553

501.825

43.713

111.634

657.172

689.381

Unit