MIRA INFORM REPORT

Report No. :	494451
Report Date :	28.02.2018


Mob No.:	9370319243 (Mr.Rajkumar Mandan)

IDENTIFICATION DETAILS

Name :	BHARTI HEXACOM LIMITED

Registered Office :	Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase - II, New Delhi - 110070
Mobile No.:	91-9370319243 (Mr. Rajkumar Madan)

Country :	India

Financials (as on) :	31.03.2016

Date of Incorporation :	20.04.1995

Com. Reg. No.:	55-067527

Capital Investment / Paid-up Capital :	INR 2500.000 Million

CIN No.: [Company Identification No.]	U74899DL1995PLC067527

IEC No.: [Import-Export Code No.]	Not Divulged

GSTN : [Goods & Service Tax Registration No.]	Not Divulged

TAN No.: [Tax Deduction & Collection Account No.]	Not Available

PAN No.: [Permanent Account No.]	AAACH1766P

Legal Form :	A Closely Held Public Limited Liability Company

Line of Business :	Providing Mobile Services and Telemedia Services. Mobile Services - These services cover voice and data telecom services provided through wireless technology in India (2G/3G). This also includes intra city fibre networks. Telemedia Services - These services cover voice and data communications based on fixed network and broadband technology. [Registered Activity]

No. of Employees :	Information denied by the management

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23^rd January 2017)

MIRA’s Rating :

A+

Credit Rating	Explanation	Rating Comments
A+	Low Risk	Business dealings permissible with low risk of default

Maximum Credit Limit :	USD 170000000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Exists

Comments :	Subject is a subsidiary of “Bharti Airtel Limited”. The company was incorporated in the year 1995. It is engaged in providing Telecommunication and Broadcasting services. For the financial year 2016, the revenue of the company has increased by 10.37% along with fair profit margin of 19.81%. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile. Rating takes into consideration strong financial and managerial support that the company receives from its holding entity backed by its well experienced management team. The company has favourable Earning Per Share (EPS) of INR 41.11 against a face value (FV) of INR 10. The rating takes into consideration the subject’s long track record of business operations along with extensive experience of its promoters. However, rating strengths are partially offset by unfavourable gap between trade payables and trade receivables. Business is active. Payments seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. Note: As per the Registrar of Companies date of balance sheet (i.e. financial filed) is shown as 31.03.2017 but documents related to financial for the year 31.03.2017 are not available from any sources.

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

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

India

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately High Risk	C1
High Risk	C2
Very High Risk	D

EXTERNAL AGENCY RATING

Rating Agency Name	ICRA
Rating	Commercial Paper: A1+
Rating Explanation	Very strong degree of safety and carry lowest credit risk.
Date	13.02.2018

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 31-03-2016.

BIFR (Board for Industrial & Financial Reconstruction) LISTING STATUS

Subject’s name is not listed as a Sick Unit in the publicly available BIFR (Board for Industrial & Financial Reconstruction) list as of 28.02.2018

IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS

Subject’s name is not listed in the publicly available IBBI (Insolvency and Bankruptcy Board of India) list as of report date.

INFORMATION DENIED BY

Name :	Mr. Rajkumar Madan
Designation :	Not Divulged
Contact No.:	91-9370319243
Date :	27.02.2018

LOCATIONS

Registered Office :	Bharti Crescent, 1, Nelson Mandela Road, Vasant Kunj, Phase - II, New Delhi – 110070, India
Tel. No.:	91-11-46666100
Mobile No.:	91-9370319243 (Mr. Rajkumar Madan)
Fax No.:	91-11-41666137
E-Mail :	corporate.secretarial@bharti.in

DIRECTORS

AS ON 31.03.2017

Name :

Mr. Devendra Khanna

Designation :

Director

Address :

Devi Sadan, Ground Floor, L 1/5, Hauz Khas, New Deli 110016, India

Date of Birth/Age :

14.07.1960

Qualification:

Graduate from Shri Ram College of Commerce, Chartered Accountant

Date of Appointment :

19.09.2013

DIN No.:

01996768

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U64200DL2010PTC205334	WIRELESS BROADBAND BUSINESS SERVICES (HARYANA) PRIVATE LIMITED	24/05/2012	-
U93000DL2010PLC301236	NETTLE INFRASTRUCTURE INVESTMENTS LIMITED	20/07/2017	-
U64200DL2010PTC205336	WIRELESS BROADBAND BUSINESS SERVICES (KERALA) PRIVATE LIMITED	24/05/2012	-
U64200DL2010PTC205333	WIRELESS BROADBAND BUSINESS SERVICES (DELHI) PRIVATE LIMITED	24/05/2012	-
U74140DL2010PTC197775	BHARTI ENTERPRISES (HOLDING) PRIVATE LIMITED	30/09/2015	-
U72900DL2008PTC325106	BHARTI DIGITAL NETWORKS PRIVATE LIMITED	11/09/2017	-
U74140DL2008PTC173843	BHARTI RETAIL RESOURCES PRIVATE LIMITED	24/04/2009	-
U72900MH2007PTC175384	AIRTEL BROADBAND SERVICES PRIVATE LIMITED	24/05/2012	-
U65923DL2007PTC168197	BHARTI (SBM) HOLDINGS PRIVATE LIMITED	16/09/2016	-
U74120DL2007PLC158956	CENTUM LEARNING LIMITED	17/09/2013	-
U92200DL2006PLC156075	BHARTI TELEMEDIA LIMITED	24/09/2012	-
U74999DL2000PLC108006	BHARTI AQUANET LIMITED	01/08/2008	-
U74899DL1983PTC015323	BHARTI INFOTEL PRIVATE LIMITED	09/12/2014	-
U32039HR1985PLC032091	BHARTI TELECOM LIMITED	01/10/2014	-
U80904DL2017NPL327182	SATYA BHARTI FOUNDATION	15/12/2017	-

Name :

Mr. Sunil Kumar Goyal

Designation :

Director

Address :

Flat No. 902 Block-14 Heritage City Mehrauli Gurgaon Road, Gurugram 122002, Haryana, India

Date of Birth/Age :

19.01.1968

Qualification:

Financial Analyst, Business Economist and Cost Accountant

Date of Appointment :

17.08.2015

DIN No.:

02312181

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL2016PTC301627	STAY PRIME TECHNOLOGY SOLUTIONS PRIVATE LIMITED	18/06/2016	-
U72900KA2015PTC080475	BOTTLE LAB TECHNOLOGIES PRIVATE LIMITED	12/04/2016	-
U85100DL2015PTC274982	HEALTHONE TECHNOLOGY PRIVATE LIMITED	28/09/2016	-
U51900TN2013PTC089899	AAHAA STORES PRIVATE LIMITED	02/03/2016	-
U67200HR2011PTC042643	YOURNEST CAPITAL ADVISORS PRIVATE LIMITED	15/09/2011	-
U80302DL2010PTC203604	JUST4KIDS SERVICES PRIVATE LIMITED	02/06/2017	-
U74140DL2008PTC182279	GOLFLAN TECHNOLOGY SOLUTIONS PRIVATE LIMITED	27/02/2015	-
U74120DL2007PLC158956	CENTUM LEARNING LIMITED	10/08/2017	-
U32204DL1982PLC179800	BEETEL TELETECH LIMITED	24/09/2009	-

Name :

Mr. Nilanjan Roy

Designation :

Director

Address :

A-4/901, Uni World Spa East, Sector-30, NH 8 Gurugram 122002, Haryana, India

Date of Birth/Age :

08.09.1966

Qualification:

Chartered Accountant

Date of Appointment :

19.09.2013

DIN No.:

02703775

PAN No.:

ABEPR3735L

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U93000DL2010PLC301236	NETTLE INFRASTRUCTURE INVESTMENTS LIMITED	20/07/2017	-
U64200DL2010PTC207522	AUGERE WIRELESS BROADBAND INDIA PRIVATE LIMITED	18/08/2016	-

Name :

Mr. Ravi Kumar Kaushal

Designation :

Director

Address :

B/3-4/3245 Vasant Kunj Delhi 110070, India

Date of Appointment :

24.07.2017

DIN No.:

02814471

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U64200DL2010PTC205336	WIRELESS BROADBAND BUSINESS SERVICES (KERALA) PRIVATE LIMITED	25/06/2013	-
U64200DL2010PTC205334	WIRELESS BROADBAND BUSINESS SERVICES (HARYANA) PRIVATE LIMITED	25/06/2013	-
U64200DL2010PTC205333	WIRELESS BROADBAND BUSINESS SERVICES (DELHI) PRIVATE LIMITED	25/06/2013	-
U32204DL2008PLC183976	INDO TELEPORTS LIMITED	24/07/2017	-
U92200DL2006PLC156075	BHARTI TELEMEDIA LIMITED	16/08/2016	-
U45208DL2003PLC123388	BHARTI REALTY HOLDINGS LIMITED	30/09/2016	-

Name :

Mr. Mukesh Hassanand Bhavnani

Designation :

Director

Address :

C-294, 29th Floor Tower - C, Belaire, Golf Course Road, Gurugram 122011, Haryana, India

Date of Appointment :

24.07.2017

DIN No.:

03595080

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U72900MH2007PTC175384	AIRTEL BROADBAND SERVICES PRIVATE LIMITED	24/05/2012	-
U64200DL2010PTC205333	WIRELESS BROADBAND BUSINESS SERVICES (DELHI) PRIVATE LIMITED	24/05/2012	-
U64200DL2010PTC205336	WIRELESS BROADBAND BUSINESS SERVICES (KERALA) PRIVATE LIMITED	24/05/2012	-
U64200DL2010PTC205334	WIRELESS BROADBAND BUSINESS SERVICES (HARYANA) PRIVATE LIMITED	24/05/2012	-
U93000DL2005PLC142756	BHARTI VENTURES LIMITED	30/09/2016	-
U67120DL1996PTC293113	BHARTI LIFE VENTURES PRIVATE LIMITED	30/09/2016	-
U74140DL2007PTC293108	BHARTI GENERAL PRIVATE LIMITED	30/09/2016	-

Name :

Mr. Shefali Malhotra

Designation :

Director

Address :

J-6/95 2nd Floor Rajouri Garden New Delhi 110027, India

Date of Birth/Age :

24.04.1973

Qualification:

Chartered Accountant

Date of Appointment :

17.08.2015

DIN No.:

07143784

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U93000DL2005PLC142756	BHARTI VENTURES LIMITED	29/09/2015	-
U92200DL2006PLC156075	BHARTI TELEMEDIA LIMITED	27/11/2017	-

Name :

Mr. Seshagiri Rao Annangi

Designation :

Additional Director

Address :

Tower 21, Fn-502 Vipul Green, Sohna Road, Gurugram 122001, Haryana, India

Date of Appointment :

07.09.2017

DIN No.:

06364174

Other Directorship:

CIN/FCRN	Company Name	Begin Date	End Date
U74999DL1978GOI008911	TELECOMMUNICATIONS CONSULTANTS INDIA LIMITED	28/08/2017	-

Name :

Mr. Narendra Jain

Designation :

Additional Director

Address :

IC-IV/505 Essel Towers M G Road, Gurugram -122002, Haryana, India

Date of Appointment :

01.12.2017

DIN No.:

06942419

KEY EXECUTIVES

Name :	Mr. Akhil Garg
Designation :	Chief Finance Officer
Address :	G-253 Sarita Vihar New Delhi 110044, India
Date of Appointment :	16.12.2015
PAN No.:	AAOPG4189Q

Name :	Swati Kapoor
Designation :	Company Secretary
Address :	C-6B/94 Janakpuri New Delhi 110058, India
Date of Appointment :	31.03.2016
PAN No.:	ATTPK7127J

Name :	Hemanthkumar Guruswamy
Designation :	Chief executive officer
Address :	Plot 91, Third Main Road, Laxmi Nagar Extention, Porur, Chennai -600116, Tamilnadu, India
Date of Appointment :	08.10.2017
PAN No.:	AAAPH6579D

MAJOR SHAREHOLDERS

AS ON 31.03.2017

Names of Shareholders		No. of Shares
Bharti Airtel Limited, India		174999995
Telecommunications Consultants India Limtied		75000000
Puneet Tandon*		1
Suman Singh*		1
Mukesh Hassanand Bhavnani *		1
Devendra Khanna*		1
Rohit Puri*		1
Total		250000000

Note: * Beneficial interest held by Bharti Airtel Limited, India

Equity Share Break up (Percentage of Total Equity)

AS ON 24.07.2017

Category	Percentage
Promoters- Body corporate	70.00
Public/Other than promoters - Government -Central Government	30.00
Total	100.00

BUSINESS DETAILS

Line of Business :

Providing Mobile Services and Telemedia Services.

Mobile Services - These services cover voice and data telecom services provided through wireless technology in India (2G/3G). This also includes intra city fibre networks.

Telemedia Services - These services cover voice and data communications based on fixed network and broadband technology.

[Registered Activity]

Products / Services :

Name and Description of main products / services	NIC Code of the Product/service
Activities of Internet access by the operator of the wireless infrastructure	61201
Activities of maintaining and operating pageing, cellular and other telecommunication networks	61202

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 :	--
Contact No.:	--
Since How Long Known :	--
Maximum Limit Dealt :	--
Experience :	--
Remark:	--

Customers :

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

No. of Employees :

Information denied by the management

Bankers :

Banker Name :	Not Divulged
Branch :	Not Divulged
Person Name (With Designation) :	--
Contact Number :	--
Name of Account Holder :	--
Account Number :	--
Account Since (Date/Year of Account Opening) :	--
Average Balance Maintained :	--
Credit Facilities Enjoyed (CC/OD/Term Loan) :	--
Account Operation :	--
Remark :	--

Auditors :
Name :	S.R. Batliboi and Associates LLP Chartered Accountants
Address :	Golf View Corporate Tower-BSector-42, Sector Road, Gurugram-122002, Haryana, India
PAN N Income-tax PAN of auditor or auditor's firm :	AALFS0506L

Memberships :	Not Available

Collaborators :	Not Available

Holding Company (AS ON 31.03.2016):	Bharti Airtel Limited, India [L74899DL1995PLC070609]

Fellow Subsidiary (AS ON 31.03.2016):	Bharti Airtel Services Limited, India [U64201DL1997PLC091001] Bharti Telemedia Limited, India [U92200DL2006PLC156075] Bharti Infratel Limited, India [L64201DL2006PLC156038] Airtel M Commerce Services Limited Telesonic Networks Limited, India [U64200HR2009PLC039237] Nxtra Data Limited Wynk Limited Airtel Bangladesh Limited Bharti Airtel Lanka (Private) Limited Airtel (Ghana) Limited Airtel (Seychelles) Limited Airtel (SL) Limited Airtel Burkina Faso S.A. Airtel Congo S.A Airtel Gabon S.A. Airtel Madagascar S.A. Airtel Malawi Limited Airtel Networks Kenya Limited Airtel Networks Limited Airtel Networks Zambia Plc Airtel Rwanda Limited Airtel Tanzania Limited Airtel Tchad S.A. Airtel Uganda Limited Bharti Airtel Gabon Holdings B.V. Bharti Airtel Nigeria B.V. Celtel Congo RDC S.a.r.l. Celtel Niger S.A Bharti Airtel Sierra Leone holding B.V

Entity where Holding Company exercises significant influence (AS ON 31.03.2016):	Indus Towers Limited, India [U92100DL2007PLC170574] Entity having significant influence Telecommunications Consultants India Limited, India [U74999DL1978GOI008911] Group Companies * Beetel Teletech Limited Jersey Airtel Limited Bharti Foundation Centum Learning Limited, India [U74120DL2007PLC158956] Bharti Axa General Insurance Company Limited Ignite World Private Limited (formerly known as BSB Portal Limited) Y2CF Digital Media Limited
* Group Companies” though not ‘Related Parties’ as per the definition under AS 18, have been included by way of a voluntary disclosure, following the best corporate governance practices.

CAPITAL STRUCTURE

AS ON 24.07.2017

Authorised Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	INR 10/- each	INR 2500.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount

250000000	Equity Shares	INR 10/- each	INR 2500.000 Million

FINANCIAL DATA

[all figures are INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2016	31.03.2015	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2500.000	2500.000	2500.000
(b) Reserves and Surplus	57748.000	49787.000	40078.000
(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)	60248.000	52287.000	42578.000

(3) Non-Current Liabilities
(a) long-term borrowings	7477.000	4800.000	0.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long-term liabilities	1842.000	1674.000	1520.000
(d) long-term provisions	331.000	324.000	184.000
Total Non-current Liabilities (3)	9650.000	6798.000	1704.000

(4) Current Liabilities
(a) Short-term borrowings	336.000	9054.000	0.000
(b) Trade payables	3727.000	3526.000	3701.000
(c) Other current liabilities	8170.000	8940.000	5249.000
(d) Short-term provisions	2346.000	1116.000	607.000
Total Current Liabilities (4)	14579.000	22636.000	9557.000

TOTAL	84477.000	81721.000	53839.000

II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	18144.000	17741.000	16541.000
(ii) Intangible Assets	20918.000	8333.000	7612.000
(iii) Tangible assets capital work-in-progress	1333.000	1312.000	957.000
(iv) Intangible assets under development	10.000	1242.000	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	474.000	550.000	183.000
(d) Long-term loans and advances	37091.000	47698.000	2376.000
(e) Other Non-current assets	1642.000	1127.000	987.000
Total Non-Current Assets	79612.000	78003.000	28656.000

(2) Current assets
(a) Current investments	0.000	0.000	21026.000
(b) Inventories	0.000	4.000	0.000
(c) Trade receivables	1235.000	1174.000	919.000
(d) Cash and bank balances	68.000	27.000	221.000
(e) Short-term loans and advances	2755.000	1369.000	1987.000
(f) Other current assets	807.000	1144.000	1030.000
Total Current Assets	4865.000	3718.000	25183.000

TOTAL	84477.000	81721.000	53839.000

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2016	31.03.2015	31.03.2014
	SALES
	Income	51878.000	47003.000	40687.000
	Other Income	78.000	3815.000	677.000
	TOTAL	51956.000	50818.000	41364.000

Less	EXPENSES
	Cost of Materials Consumed	0.000	0.000	0.000
	Employee benefit expense	948.000	773.000	799.000
	Other expenses	29735.000	29205.000	27327.000
	Exceptional items	202.000	0.000	0.000
	TOTAL	30885.000	29978.000	28126.000

	PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION	21071.000	20840.000	13238.000

Less	FINANCIAL EXPENSES	387.000	111.000	208.000

	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION	20684.000	20729.000	13030.000

Less/ Add	DEPRECIATION/ AMORTISATION	5170.000	4597.000	4688.000

	PROFIT/ (LOSS) BEFORE TAX	15514.000	16132.000	8342.000

Less	TAX	5236.000	5340.000	2306.000

	PROFIT/ (LOSS) AFTER TAX	10278.000	10792.000	6036.000

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD	47847.000	38138.000	32687.000

Less	APPROPRIATIONS
	Proposed Dividend and tax on Dividend	2317.000	1083.000	585.000
	Balance Carried to the B/S	55808.000	47847.000	38138.000

	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	128.000	121.000	169.000
	TOTAL EARNINGS	128.000	121.000	169.000

	IMPORTS	483.000	849.000	0.000

	Earnings / (Loss) Per Share (INR)	41.11	43.17	24.14

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

Particulars	31.03.2016	31.03.2015	31.03.2014
Current Maturities of Long term debt	1430.000	1200.000	0.000

Cash generated from operations	NA	NA	NA

Net cash flows from (used in) operations	21233.000	16610.000	13214.000

Net cash flows from (used in) operating activities	15037.000	12080.000	9792.000

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Average Collection Days (Sundry Debtors / Income 365 Days)*	8.69	9.12	8.24

Account Receivables Turnover (Income / Sundry Debtors)	42.01	40.04	44.27

Average Payment Days (Sundry Creditors / Purchases 365 Days)*	0.00	0.00	0.00

Inventory Turnover (Operating Income / Inventories)	0.00	5210.00	0.00

Asset Turnover (Operating Income / Net Fixed Assets)	0.52	0.73	0.53

LEVERAGE RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.28	0.35	0.18

Debt Equity Ratio (Total Liability / Networth)	0.15	0.29	0.00

Current Liabilities to Networth (Current Liabilities / Net Worth)	0.24	0.43	0.22

Fixed Assets to Networth (Net Fixed Assets / Networth)	0.67	0.55	0.59

Interest Coverage Ratio (PBIT / Financial Charges)	54.45	187.75	63.64

PROFITABILITY RATIOS

PARTICULARS		31.03.2016	31.03.2015	31.03.2014
Net Profit Margin ((PAT / Sales) 100)*	%	19.81	22.96	14.84

Return on Total Assets ((PAT / Total Assets) 100)*	%	12.17	13.21	11.21

Return on Investment (ROI) ((PAT / Networth) 100)*	%	17.06	20.64	14.18

SOLVENCY RATIOS

PARTICULARS	31.03.2016	31.03.2015	31.03.2014
Current Ratio (Current Assets / Current Liabilities)	0.33	0.16	2.64

Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	0.33	0.16	2.64

G-Score Ratio Financial (Networth / Total Assets)	0.71	0.64	0.79

G-Score Ratio Debt (Debts / Equity Capital)	3.70	6.02	0.00

G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	0.33	0.16	2.64

Total Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term debts

FINANCIAL ANALYSIS

[all figures are INR Million]

DEBT EQUITY RATIO

Particular	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Share Capital	2500.000	2500.000	2500.000
Reserves & Surplus	40078.000	49787.000	57748.000
Money received against share warrants	0.000	0.000	0.000
Share Application money pending allotment	0.000	0.000	0.000
Net worth	42578.000	52287.000	60248.000

Long-term borrowings	0.000	4800.000	7477.000
Short term borrowings	0.000	9054.000	336.000
Current maturities of long-term debts	0.000	1200.000	1430.000
Total borrowings	0.000	15054.000	9243.000
Debt/Equity ratio	0.000	0.288	0.153

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	40687.000	47003.000	51878.000
		15.523	10.372

NET PROFIT MARGIN

Net Profit Margin	31.03.2014	31.03.2015	31.03.2016
	(INR In Million)	(INR In Million)	(INR In Million)
Sales	40687.000	47003.000	51878.000
Profit/ (Loss)	6036.000	10792.000	10278.000
	14.84 %	22.96 %	19.81 %

LEGAL CASES

$~58 to 60

* IN THE HIGH COURT OF DELHI AT NEW DELHI

+ ITA 512/2017, C.M. APPL.24217/2017

+ ITA 513/2017, C.M. APPL.24219/2017

+ ITA 514/2017, C.M. APPL.24221/2017

PRINCIPAL COMMISSIONER OF INCOME TAX, DELHI-2

..... Appellant

versus

BHARTI HEXACOM LTD. ..... Respondent Through: Sh. Rahul Kaushik, Sr. Standing Counsel, for Income Tax Department. Ms. Kavita Jha and Sh. Vaibhav Kulkarni, Advocates.

CORAM:

HON'BLE MR. JUSTICE S. RAVINDRA BHAT

HON'BLE MR. JUSTICE SUNIL GAUR

O R D E R

% 05.09.2017

Ms. Kavita Jha, learned counsel appearing on advance notice on behalf of the assessee seeks permission to place on record a recent judgment of the Rajasthan High Court quashing the proceedings under Section 201 of the Income Tax Act, 1961, pertaining to identical transactions in respect of the assessee.

Permission granted.

List on 13.10.2017.

S. RAVINDRA BHAT, J

SUNIL GAUR, J

SEPTEMBER 05, 2017/ajk

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	No
8	Designation of contact person	No
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	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	Yes
32	Litigations that the firm/promoter involved in	Yes
33	Market information	--
34	Payments terms	No
35	Negative Reporting by Auditors in the Annual Report	No

CORPORATE INFORMATION (AS ON 31.03.2016)

Subject was incorporated in India on April 20, 1995. The Company’s principal shareholders are Bharti Airtel Limited and Telecommunications Consultants India Limited. BHL was providing Cellular Mobile Telephony Services (CMTS) in the telecom circle of North-East and Unified Access Service (UAS) in the telecom circle of Rajasthan in terms of license granted by the Department of Telecommunications (DoT), Government of India (GoI). Pursuant to the expiry of the CMTS License of North East circle on December 11, 2015 and UAS License of Rajasthan circle on April 20, 2016 the Company has migrated to Unified Licence (UL) on July 24, 2015 with service authorization for Access Services in North East Service Area from December 12, 2015 and Rajasthan service area from April 22, 2016.

SEGMENT DEFINITIONS (AS ON 31.03.2016)

The Company’s operating businesses are organized and managed separately according to the nature of products and services provided, with each segment representing a strategic business unit that offers different products and serves different markets.

Mobile Services - These services cover voice and data telecom services provided through wireless technology in India (2G/3G). This also includes intra city fibre networks.

Telemedia Services - These services cover voice and data communications based on fixed network and broadband technology.

Unallocated – Unallocated includes advance tax (net of provision for tax) and deferred tax assets (net).

UNSECURED LOANS:

(INR In Million)

Particulars	As on 31.03.2016	As on 31.03.2015
LONG TERM BORROWING
Rupee term loans from banks	7477.000	4800.000
SHORT TERM BORROWING
Loans repayable on demand	336.000	54.000
Other loans and advances	0.000	9000.000
Total	7813.000	13854.000

INDEX OF CHARGE:

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	Y10141232	90061137	THE INDUSTRIAL CREDIT & INVESTMENT CORPN. OF INDIA LTD.	17/04/1997	-	347300000.0	163; BACKBAY RECLAMATIONBOMBAYMH400020IN
2	Y10141556	90061461	ABN AMRO BANK N. V.	25/07/1998	13/01/2004	12165110.0	STOCKHOLM BRANCHSWEDENNASE-10137STSG
3	Y10142075	90061980	BANK OF BARODA	03/05/2000	19/08/2003	30000000.0	MADHUBAN55 NEHRU PLACENEW DELHIDL110019IN
4	Y10142234	90062139	STATE BANK OF INDIA	12/01/2001	24/06/2002	25000000.0	INDUSTRIAL FINANCE BRANCH17; BARAKHAMBA ROADNEW DELHIDL110001IN
5	Y10140913	90060818	STATE BANK OF INDIA	26/12/1995	14/09/2001	8400000.0	NARAINANEW DELHIDL110028IN

FIXED ASSETS:

Tangible assets

Land
Buildings
Furniture and fixtures
Plant and equipment
Office equipment
Leasehold improvements
Computer equipments

Intangible assets

Computer software
Licenses and franchise

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 records 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	INR
US Dollar	1	INR 64.85
UK Pound	1	INR 90.58
Euro	1	INR 79.97

INFORMATION DETAILS

Information Gathered by :	PNM

Analysis Done by :	VAR

Report Prepared by :	KVT

SCORE FACTORS

DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	YES
--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

RATING EXPLANATIONS

Credit Rating	Explanation	Rating Comments
A++	Minimum Risk	Business dealings permissible with minimum risk of default
A+	Low Risk	Business dealings permissible with low risk of default
A	Acceptable Risk	Business dealings permissible with moderate risk of default
B	Medium Risk	Business dealings permissible on a regular monitoring basis
C	Medium High Risk	Business dealings permissible preferably on secured basis
D	High Risk	Business dealing not recommended or on secured terms only
NB	New Business	No recommendation can be done due to business in infancy stage
NT	No Trace	No recommendation can be done as the business is not traceable

NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.

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 are as follows:

· Financial condition covering various ratios

· Company background and operations size

· Promoters / Management background

· Payment record

· Litigation against the subject

· Industry scenario / competitor analysis

· Supplier / Customer / Banker review (wherever available)

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.