MIRA INFORM REPORT

Report No. :	485625
Report Date :	12.01.2018

IDENTIFICATION DETAILS

Name :	VERTEL INFOTEL PRIVATE LIMITED [w.e.f. 21.04.2009]
Formerly Known As :	NK INFOSOFT PRIVATE LIMITED
Registered Office :	505 Ashok Bhawan, 93, Nehru Place, New Delhi-110019
Tel. No.:	91-11-47697010
Country :	India
Financials (as on) :	31.03.2017
Date of Incorporation :	19.05.2008
Com. Reg. No.:	55-178267
Capital Investment / Paid-up Capital :	INR 2.100 Million
CIN No.: [Company Identification No.]	U32201DL2008PTC178267
IEC No.:	Not Divulged
GST No.:	07AACCV9978P1Z5
TIN No:	07160369372
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	AACCV9978P
Legal Form :	Private Limited Liability Company
Line of Business :	· Trading and Supplying of Wireless and Walky Talky. [Registered Activity] · Manufacturing, Developing, Designing, Rendering, Installing, Maintaining, Servicing and Repairing of all kinds of telecommunication and telematics equipment including wireless broad band, cellular and mobile telephone system, etc. [As per Memorandum of Association]
No. of Employees :	Not Divulged

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	Acceptable Risk	Business dealings permissible with moderate risk of default

Maximum Credit Limit :	USD 111600
Status :	Satisfactory
Payment Behaviour :	Usually Correct
Litigation :	Clear
Comments :	Subject was incorporated in the year 2008 having satisfactory track record. It is engaged in the business of manufacturing, developing, designing, rendering, installing, maintaining, servicing and repairing all kinds of telecommunication and telematics equipment including wireless broad band, cellular and mobile telephone system, etc. For the financial year 2017, the company has reported a decline in its revenue as compared to its previous year along with average profit margin maintained during the year. However, the company possesses satisfactory financial risk profile marked by adequate net worth base and comfortable debt protection metrics. Rating continue to derive strength, from its established track record of its business operation backed by its well experienced management team. Payments are reported to be usually correct. In view of aforesaid, 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

Country Name	Previous Rating (30.06.2017)	Current Rating (30.09.2017)
India	A1	A1

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

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 31-03-2016.

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 12.01.2018.

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 DECLINED BY

Name :	Mr. Kuldeep Kumar
Designation :	Director
Contact No.:	91-11-47697010
Date :	11.01.2018

LOCATIONS

Registered Office :	505 Ashok Bhawan, 93, Nehru Place, New Delhi-110019, India
Tel. No.:	91-11-47697010
Fax No.:	Not Available
E-Mail :	sales@vertel.in
Corporate/ Sales Office :	C-98, Industrial Area, Sector-10, Noida-201301, Uttar Pradesh, India
Tel. No.:	91-120-4769700
Fax No.:	91-120-4769710

DIRECTORS

AS ON: 31.03.2017

Name :

Mr. Ramneek Chopra

Designation :

Director

Address :

W 149A, Greater Kailash-1, New Delhi-110048, India

Date of Appointment :

28.12.2009

DIN No.:

00927303

Other Directorship :

CIN/FCRN	Company Name	Begin Date
U28910DL2007PTC168888	JAYANT FABRICATIONS PRIVATE LIMITED	04/08/2009
U32201DL2008PTC177669	MIDLAND SECURETECH PRIVATE LIMITED	05/05/2008
U64204DL2007PTC165775	VERTEL DIGITAL PRIVATE LIMITED	30/09/2016

Name :

Mr. Kuldeep Kumar

Designation :

Director

Address :

L-51/2, Gali No.13 L-Block, Brahampuri, Delhi-110053, India

Date of Appointment :

07.09.2010

DIN No.:

03169957

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON: 31.03.2017

Names of Shareholders	No. of Shares	Percentage of Holding
Ramneek Chopra	105000	50.00
Sangeeta Chopra	105000	50.00
Total	210000	100.00

AS ON: 30.09.2017

Equity Share Breakup	Percentage of Holding
Category
Promoters – Individual/ Hindu Undivided Family – Indian	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :

· Trading and Supplying of Wireless and Walky Talky. [Registered Activity]

· Manufacturing, Developing, Designing, Rendering, Installing, Maintaining, Servicing and Repairing of all kinds of telecommunication and telematics equipment including wireless broad band, cellular and mobile telephone system, etc. [As per Memorandum of Association]

Products/ Services :

ITC Code No.	Product Descriptions
99611852	Telecommunication equipment and parts thereof;

Brand Names :

Not Available

Agencies Held :

Not Available

Exports :

Not Divulged

Imports :

Not Divulged

Terms :

Selling :

Not Divulged

Purchasing :

Not Divulged

PRODUCTION STATUS: (NOT AVAILABLE)

GENERAL INFORMATION

Suppliers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

Customers :

Reference:	Not Divulged
Name of the Person (Designation):	--
Contact Number:	--
Since how long known:	--
Maximum limit dealt:	--
Experience:	--
Remark	--

No. of Employees :

Not Divulged

Bankers :

· ICICI Bank Limited

Landmarkrace Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

Facilities :

SECURED LOANS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loan from HDFC Bank	0.109	0.726
Loan from Central Bank of India	0.000	18.000
Loan from Standard Chartered Bank	3.694	0.000
Loan from Central Bank of India (New)	9.908	0.000
SHORT TERM BORROWINGS
Yes Bank Limited – OD A/c	1.393	18.024
ICICI Bank – CC A/c	25.520	9.757
Central Bank of India – CC A/c	0.000	17.693
Total	40.624	64.200

Auditors :
Name :	Bhuvi Kant and Associates Chartered Accountants
Address :	C-35, Sector -47, Gautam Budh Nagar, Noida-201307, Uttar Pradesh, India
Tel. No.:	91-120-4292729
Mobile No.:	91-9811050368
E-Mail :	bhuvikant@hotmail.com
PAN No.:	ADLPK2456Q
Memberships :	Not Available
Collaborators :	Not Available
Entities over which key management personnel and their relatives are able to exercise significant influence :	· Midland Securetech Private Limited · Vertel Digital Private Limited · Jayant Fabrications Private Limited

CAPITAL STRUCTURE

AS ON: 31.03.2017

Authorised Capital :

No. of Shares	Type	Value	Amount
250000	Equity Shares	INR 10/- each	INR 2.500 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
210000	Equity Shares	INR 10/- each	INR 2.100 Million

FINANCIAL DATA

[all figures are in INR Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2017	31.03.2016	31.03.2015
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	2.100	2.100	2.100
(b) Reserves & Surplus	36.972	31.943	26.681
(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)	39.072	34.043	28.781
(3) Non-Current Liabilities
(a) Long-term borrowings	14.194	19.926	21.046
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	0.000	0.000	0.000
Total Non-current Liabilities (3)	14.194	19.926	21.046
(4) Current Liabilities
(a) Short term borrowings	26.913	45.474	32.024
(b) Trade payables	31.927	42.539	40.541
(c) Other current liabilities	12.163	24.683	31.204
(d) Short-term provisions	2.416	2.726	2.660
Total Current Liabilities (4)	73.419	115.422	106.429
TOTAL	126.685	169.391	156.256
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	3.610	3.800	5.015
(ii) Intangible Assets	0.000	0.000	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)	0.562	0.372	0.182
(d) Long-term Loan and Advances	0.000	0.000	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	4.172	4.172	5.197
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	15.611	15.746	14.043
(c) Trade receivables	17.511	69.170	62.058
(d) Cash and cash equivalents	35.975	23.967	24.241
(e) Short-term loans and advances	53.416	56.336	50.717
(f) Other current assets	0.000	0.000	0.000
Total Current Assets	122.513	165.219	151.059
TOTAL	126.685	169.391	156.256

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2017	31.03.2016	31.03.2015
	SALES
		Revenue from Operations	211.340	251.592	231.537
		Other Income	7.246	5.322	4.097
		TOTAL	218.586	256.914	235.634
Less	EXPENSES
		Cost of Materials Consumed	22.943	27.879	12.836
		Purchases of Stock-in-Trade	126.041	169.453	154.542
		Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	0.135	(1.702)	1.235
		Employees benefits expense	18.603	16.955	18.624
		Other expenses	37.464	31.240	37.294
		TOTAL	205.186	243.825	224.531
	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION		13.400	13.089	11.103
Less	FINANCIAL EXPENSES		4.540	3.254	2.112
	PROFIT/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION		8.860	9.835	8.991
Less/ Add	DEPRECIATION/ AMORTISATION		1.657	1.629	0.841
	PROFIT/ (LOSS) BEFORE TAX		7.203	8.206	8.150
Less	TAX		2.226	2.536	2.715
	PROFIT/ (LOSS) AFTER TAX		4.977	5.670	5.435
	EARNINGS IN FOREIGN CURRENCY
		Export Earnings	0.000	0.000	0.023
	TOTAL EARNINGS		0.000	0.000	0.023
	IMPORTS
		Raw Materials	123.314	147.367	107.340
	TOTAL IMPORTS		123.314	147.367	107.340
	Earnings/ (Loss) Per Share (INR)		23.70	27.00	25.88

CURRENT MATURITIES OF LONG TERM DEBT DETAILS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Maturities of Long term debt	NA	NA	NA
Cash generated from operations	40.165	(4.669)	NA
Net Cash from Operating Activities	37.439	(7.329)	NA

KEY RATIOS

EFFICIENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Average Collection Days (Sundry Debtors / Income * 365 Days)	30.24	100.35	97.83
Account Receivables Turnover (Income / Sundry Debtors)	12.07	3.64	3.73
Average Payment Days (Sundry Creditors / Purchases * 365 Days)	78.22	78.68	88.41
Inventory Turnover (Operating Income / Inventories)	0.86	0.83	0.79
Asset Turnover (Operating Income / Net Fixed Assets)	3.71	3.44	2.21

LEVERAGE RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Debt Ratio ((Borrowing + Current Liabilities) / Total Assets)	0.69	0.80	0.82
Debt Equity Ratio (Total Liability / Networth)	1.05	1.92	1.84
Current Liabilities to Networth (Current Liabilities / Net Worth)	1.88	3.39	3.70
Fixed Assets to Networth (Net Fixed Assets / Networth)	0.09	0.11	0.17
Interest Coverage Ratio (PBIT / Financial Charges)	2.95	4.02	5.26

PROFITABILITY RATIOS

PARTICULARS		31.03.2017	31.03.2016	31.03.2015
Net Profit Margin ((PAT / Sales) * 100)	%	2.35	2.25	2.35
Return on Total Assets ((PAT / Total Assets) * 100)	%	3.93	3.35	3.48
Return on Investment (ROI) ((PAT / Networth) * 100)	%	12.74	16.66	18.88

SOLVENCY RATIOS

PARTICULARS	31.03.2017	31.03.2016	31.03.2015
Current Ratio (Current Assets / Current Liabilities)	1.67	1.43	1.42
Quick Ratio ((Current Assets – Inventories) / Current Liabilities)	1.46	1.30	1.29
G-Score Ratio Financial (Networth / Total Assets)	0.31	0.20	0.18
G-Score Ratio Debt (Debts / Equity Capital)	19.57	31.14	25.27
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities)	1.67	1.43	1.42

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

FINANCIAL ANALYSIS

[all figures are in INR Million]

DEBT EQUITY RATIO

Particular	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Share Capital	2.100	2.100	2.100
Reserves & Surplus	26.681	31.943	36.972
Share Application money pending allotment	0.000	0.000	0.000
Net worth	28.781	34.043	39.072
long-term borrowings	21.046	19.926	14.194
Short term borrowings	32.024	45.474	26.913
Total borrowings	53.070	65.400	41.107
Debt/Equity ratio	1.844	1.921	1.052

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	231.537	251.592	211.340
		8.662	(15.999)

NET PROFIT MARGIN

Net Profit Margin	31.03.2015	31.03.2016	31.03.2017
	INR In Million	INR In Million	INR In Million
Sales	231.537	251.592	211.340
Profit/ (Loss)	5.435	5.670	4.977
	2.35%	2.25%	2.35%

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	Yes
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

INDEX OF CHARGES

SNO	SRN	CHARGE ID	CHARGE HOLDER NAME	DATE OF CREATION	DATE OF MODIFICATION	DATE OF SATISFACTION	AMOUNT	ADDRESS
1	C81587891	10625642	ICICI BANK LIMITED	24/02/2016	-	-	72500000.0	LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN

UNSECURED LOANS

PARTICULARS	31.03.2017 (INR In Million)	31.03.2016 (INR In Million)
LONG-TERM BORROWINGS
Loans from Directors and Relatives	0.483	1.200
Total	0.483	1.200

INDUSTRY SCENARIO AND STATE OF COMPANY’S AFFAIRS

The performance of the company during F.Y. 2016-17 is given. The financials incorporate the revenues generated by the addition of more customers in several new geographical territories, along with the associated expenses.

The company has incurred profit of INR 4.977 Million for the year ended as March 31^st, 2017 as compared to profit of INR 5.670 Million for the previous financial year ended as on March 31^st, 2016.

The directors are continuously looking for avenues for future growth of the company which is promising and has vast potential.

FIXED ASSETS:

Tangible Assets

· Furniture and Fixtures

· Office Equipment

· Printer

· Laptop

· Digital Camera

· Mobile Phone

· Motor Car

· Testing Machine

· Plant and Machinery, etc

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	INR
US Dollar	1	INR 63.74
UK Pound	1	INR 86.01
Euro	1	INR 76.14

INFORMATION DETAILS

Information Gathered by :	PRT
Analysis Done by :	NIS
Report Prepared by :	IND

SCORE FACTORS

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	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.