MIRA INFORM REPORT

Report No. :	349733
Report Date :	20.11.2015

IDENTIFICATION DETAILS

Name :	ESENNAR TRANSFORMERS PRIVATE LIMITED
Registered Office :	Plot D-6, Pashamailaram, Medak - 502307, Telangana
Mobile No.:	91-9848866344 (Mr. Rambaby)
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	06.01.2000
Com. Reg. No.:	36-033244
Capital Investment / Paid-up Capital :	Rs.1.990 Million
CIN No.: [Company Identification No.]	U40109TG2000PTC033244
IEC No.:	Not Divulged
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 a business as Importers, Exporters, Producers, Assemblers, Manufacturers and dealers in transformers of all sizes, shapes and descriptions, voltage stabillsers, voltage regulators, conductors and to fabricate/produce or acquire all articles which are generally used in the above business or are capable of being used.
No. of Employees :	Information declined by the management

RATING & COMMENTS

MIRA’s Rating :

Ba (50)

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 established company having satisfactory track record. Rating on company reflects its healthy financial risk profile along with comfortable capital structure, negligible debt and strong liquidity position. Further rating derives strengths from its well experienced promoter, y-o-y growing scale of operation and decent profitability margin and comfortable debt protection metrics. This rating strength is partially offset on company’s working capital requirements and challenging business environment of the transformers industry. However, trade relations are fair. Business is active. Payment terms are reported as usually correct. The company can be considered 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 – 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 31-03-2015.

INFORMATION DENIED BY

Name :	Mr. Rambaby
Designation :	G.M. in Marketing
Contact No.:	91-9848866344
Date :	14.11.2015

LOCATIONS

Registered Office :	Plot D-6, Pashamailaram, Medak - 502307, Telangana, India
Tel. No.:	91-8455-22420506
Mobile No.:	91-9848866344 (Mr. Rambaby)
Fax No.:	Not Available
E-Mail :	finance@esennar.com ap@esennar.com
Website :	www.esennar.com
Corporate Office :	Plot No: 12, Flat No.4, Aravinda Apartments, Sunder Nagar, Erragadda, Hyderabad - 500038, Telangana, India.
Tel. No.:	91- 40-65764561/62
Fax No.:	91- 91-40-23810926
Factory :	Unit II, Phase I, IDA, Pashamailaram, Medak - 502307, Telangana, India
Tel. No.:	91-8455-224203/04/05/06
Fax No.:	91-8455-224173
Website :	www.esennar.com
Sales office:	Located At: Hyderabad Chennai  Coimbatore New Delhi  Bangalore Mumbai  Kolkata

DIRECTORS

AS ON 30.09.2014

Name :	Mr. Arumalla Sridhar Reddy
Designation :	Director
Address :	Plot-12, F-4, Aravinda Apatments, Sundar Nagar, Hyderabad - 500038, Telangana, India
Date of Birth/Age :	19.08.1965
Date of Appointment :	06.01.2000
DIN No.:	00463580
Name :	Mrs. Arumalla Nirmala
Designation :	Director
Address :	Plot-12, F-4, Aravinda Apatments, Sundar Nagar, Hyderabad - 500038, Telangana, India
Date of Birth/Age :	12.07.1971
Date of Appointment :	01.04.2000
DIN No.:	00724428
Name :	Sreenivas Namani
Designation :	Director
Address :	H.No.502, Vaishnavi Apartments,Rd No.1, Sbi Colony, Nagole Road, Kothapet, Hyderabad - 500035, Telangana, India
Date of Birth/Age :	18.04.1966
Date of Appointment :	06.05.2013
DIN No.:	06573268

KEY EXECUTIVES

Name :	Mr. Rambaby
Designation :	G.M. in Marketing

MAJOR SHAREHOLDERS

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Arumalla Sridhar Reddy	12000
Arumalla Nirmala	7900
Total	19900

Equity Share Break up (Percentage of Total Equity)

AS ON 30.09.2014

Category	Percentage
Directors or relatives of Directors	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Subject is a business as Importers, Exporters, Producers, Assemblers, Manufacturers and dealers in transformers of all sizes, shapes and descriptions, voltage stabillsers, voltage regulators, conductors and to fabricate/produce or acquire all articles which are generally used in the above business or are capable of being used.
Products :	Transformers 11KV voltage class up to 5000 KVA. 33KV voltage class up to 15000 KVA. 132KV voltage class up to 50000 KVA. Auto Transformers. Furnace transformers. Rectifier Transformers. Earthing Transformers.
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 :	Not Divulged
Remark:	Not Divulged

No. of Employees :

Information declined by the management

Bankers :

Banker Name	HDFC Bank Limited
Branch Address	HDFC Bank Housesenapati Bapat Marg, Lower Parel (West), Mumbai- 400013, Maharashtra, India
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

Facilities :

(Rs. In Million)

SECURED LOAN	As on 31.03.2014	As on 31.03.2013
LONG TERM BORROWINGS
Tem Loan from Banks	0.681	2.351
Secured	0.000	0.720
SHORT TERM BORROWINGS
Loans Repayable on Demand from Banks	25.315	20.824
Total	25.996	23.895

Auditors :
Name :	V V Subramanyam Chartered Accountant
Address :	1-1-123/A, R .T. C. Cross Roads, Hyderabad – 500020, Telangana, India
PAN N Income-tax PAN of auditor or auditor's firm :	ABPPV9722C
Memberships :	Not Available
Collaborators :	Not Available
Associates/Subsidiaries :	Not Available

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
200000	Equity Shares	Rs.100/- each	Rs.20.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
19900	Equity Shares	Rs.100/- each	Rs.1.990 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	1.990	1.990	1.990
(b) Reserves & Surplus	91.691	79.972	75.372
(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)	93.681	81.962	77.362
(3) Non-Current Liabilities
(a) long-term borrowings	0.681	3.071	29.544
(b) Deferred tax liabilities (Net)	0.000	0.000	(0.072)
(c) Other long term liabilities	0.000	0.000	0.720
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	0.681	3.071	30.192
(4) Current Liabilities
(a) Short term borrowings	25.315	20.824	1.024
(b) Trade payables	25.059	25.496	39.876
(c) Other current liabilities	41.992	44.615	7.687
(d) Short-term provisions	0.000	0.000	0.000
Total Current Liabilities (4)	92.366	90.935	48.587
TOTAL	186.728	175.968	156.141
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	61.150	66.937	71.851
(ii) Intangible Assets	0.068	0.113	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.237	0.149	0.000
(d) Long-term Loan and Advances	0.000	0.000	0.306
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	61.455	67.199	72.157
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	72.645	55.765	38.950
(c) Trade receivables	22.057	31.804	29.468
(d) Cash and cash equivalents	8.294	4.953	4.050
(e) Short-term loans and advances	18.971	14.002	8.084
(f) Other current assets	3.306	2.245	3.432
Total Current Assets	125.273	108.769	83.984
TOTAL	186.728	175.968	156.141

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	TOTAL INCOME	423.403	344.572	341.876
Less	TOTAL EXPENSES	394.780	322.515
Less	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	28.623	22.057
Less	FINANCIAL EXPENSES	2.000	3.533	NA
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	26.623	18.524
Less	DEPRECIATION/ AMORTISATION	8.512	10.593
	PROFIT/ (LOSS) BEFORE TAX	18.111	7.931
Less	TAX	7.112	3.229
	PROFIT/ (LOSS) AFTER TAX	10.999	4.702	10.223
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	80.024	75.322	65.149
	Balance Carried to the B/S	91.023	80.024	75.372
	Earnings / (Loss) Per Share (Rs.)	552.71	236.28	513.72

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2014	31.03.2013	31.03.2012
Current Maturities of Long term debt	1.670	8.332	NA
Cash generated from operations	NA	NA	NA
Net cash flows from (used in) operations	NA	NA	NA

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT / Total Income)	(%)	2.60	1.36	2.99
Operating Profit Margin (PBIDT/Sales)	(%)	6.76	6.40	NA
Return on Total Assets (PBT/Total Assets}	(%)	9.71	4.51	NA
Return on Investment (ROI) (PBT/Networth)		0.19	0.10	NA
Debt Equity Ratio (Total Debt /Networth)		0.30	0.39	0.40
Current Ratio (Current Asset/Current Liability)		1.36	1.20	1.73

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	1.990	1.990	1.990
Reserves & Surplus	75.372	79.972	91.691
Net worth	77.362	81.962	93.681
Long-term borrowings	29.544	3.071	0.681
Short term borrowings	1.024	20.824	25.315
Total borrowings	30.568	23.895	25.996
Debt/Equity ratio	0.395	0.292	0.277

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	341.876	344.572	423.403
		0.789	22.878

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Total Income	341.876	344.572	423.403
Profit	10.223	4.702	10.999
	2.99%	1.36%	2.60%

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)	No
16	No. of employees	No
17	Details of sister concerns	No
18	Major suppliers	No
19	Major customers	No
20	Banking Details	Yes
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

COMPANY PERFORMANCE:

The company completed yet another year of strong performance with robust top line growth and high quality earnings. All business segments posted strong growth in revenues and enhanced their market standing, testifying to the robustness of the corporate strategy of creating multiple drivers of growth. This performance is even more satisfying when viewed in the light of the challenging business environment of the transformers industry.

And the Directors have pleasure in informing them that the company to do better business in the current financial year and is expected to achieved positive results.

INDEX OF CHARGES

S.NO.	CHARGE ID	DATE OF CHARGE CREATION/MODIFICATION	CHARGE AMOUNT SECURED	CHARGE HOLDER	ADDRESS	SERVICE REQUEST NUMBER (SRN)
1	10075359	23/02/2015 *	80,000,000.00	HDFC BANK LIMITED	HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI- 400013, MAHARASHTRA, INDIA	C44585685

* Date of charge modification

FIXED ASSETS

• Freehold Land
• Building
• Plant and Equipment
• Office Equipment
• Furniture and Fixture
• Vehicles

Intangible Assets

• 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.66.11
UK Pound	1	Rs.101.03
Euro	1	Rs.70.78

INFORMATION DETAILS

Information Gathered by :	SUV
Analysis Done by :	KAS
Report Prepared by :	GEET

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	6
PAID-UP CAPITAL	1~10	5
OPERATING SCALE	1~10	6
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	6
--PROFITABILITY	1~10	5
--LIQUIDITY	1~10	6
--LEVERAGE	1~10	6
--RESERVES	1~10	5
--CREDIT LINES	1~10	5
--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		50

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.