MIRA INFORM REPORT

 

Report Date :

11.03.2011

 

IDENTIFICATION DETAILS

 

Name :

PAYMATE INDIA PRIVATE LIMITED

 

 

Registered Office :

No. 111, 1st Floor, A Wing, Sundervilla, S.V. Road, Santacruz (West), Mumbai – 400054, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

12.05.2006

 

 

Com. Reg. No.:

18-205023

 

 

CIN No.:

[Company Identification No.]

U72200MH2006PTC205023

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMP22632B

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing Wireless Transaction Platform.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (26)

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

Maximum Credit Limit :

USD 300000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is a company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are fair. Business is active. Payments are reported to be slow.

 

The company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

No. 111, 1st Floor, A Wing, Sundervilla, S.V. Road, Santacruz (West), Mumbai – 400054, Maharashtra, India

Tel. No.:

91-22-26616170 / 80 (For Asia Pacific and Middle East)

+1-4087861077 (For America, Europe and Africa)

Fax No.:

91-22-26616190

E-Mail :

accounts@paymate.co.in

Website :

www.paymate.co.in

 

 

DIRECTORS

As on 28.09.2010

 

Name :

Mr. Ajay Adiseshan

Designation :

Director

Address :

No. 56, Luz Church Road, Mylapore, Chennai – 600004, Tamilnadu, India

Date of Birth/Age :

31.08.1970

Date of Appointment :

12.05.2006

 

 

Name :

Mr. Probir Roy

Designation :

Director

Address :

No. F9, Venus Apartments, 3rd Face, Worli Sea Face, Worli, Mumbai – 400018, Maharashtra, India

Date of Birth/Age :

12.11.1958

Date of Appointment :

12.05.2006

 

 

Name :

Mr. Aniruddha Arvind Nazre

Designation :

Nominee Director

Address :

640, Ashton Avenue, Palo Alto, USA – 94306

Date of Birth/Age :

15.09.1964

Date of Appointment :

16.11.2006

 

 

Name :

Mr. Sandeep Murthy

Designation :

Nominee Director

Address :

232, Urvashi, Napean Sea Road, Mumbai – 400006, Maharashtra, India

Date of Birth/Age :

22.11.1976

Date of Appointment :

16.11.2006

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on 29.09.2010

 

Names of Shareholders

No. of Shares

 

Equity Shares

Non Cumulative Participating Optionally Convertible Preference Shares

Fully Convertible Preference Shares

Non Cumulative Participating Compulsorily Convertible Preference Share

Mr. Ajay Adiseshan

18412

-

-

-

Mr. Probir Roy

3611

-

-

-

Mr. Alexander Kuruvilla

1807

-

-

-

Ms. Manjula Rajaram

100

-

-

-

G. Adiseshan and V. Selvaraj

4642

-

-

-

Sherpalo Maurutius LLC, (Mauritius)

4

3862

3862

832

Murugan Capital (Mauritius)

4

3862

3862

1257

M/s.  Mayfield FVCI Limited (Mauritius)

4

-

-

2544

 

As on 28.09.2010

 

Category

Percentage

Venture Capital

0.04

Directors or relatives of Directors

77.05

Other top fifty shareholders

22.91

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Providing Wireless Transaction Platform.

 

 

GENERAL INFORMATION

 

Bankers :

Not Available

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Chandran and Raman

Chartered Accountant

Address :

83, Gandhi Bazar, Basavanagudi, Bangalore – 560004, Karnataka, India

Tel. No.:

91-80-22425667 / 22423285

Fax No.:

91-80-26604557

E-Mail :

blr1@chandranandraman.com

 

 

CAPITAL STRUCTURE

 

As on 29.09.2010

 

Authorised Capital : Rs.650.000 Millions

 

Issued, Subscribed & Paid-up Capital : Rs.429.286 Millions

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

24225330

Equity Shares

Rs.10/- each

Rs.242.253 Millions

3862

Preference Shares

Rs.14781.84/- each

Rs.57.087 Millions

3862

Preference Shares

Rs.14694.45/- each

Rs.56.750 Millions

1820

Fully Convertible Preference Shares

Rs.12681.34/- each

Rs.23.080 Millions

1820

Fully Convertible Preference Shares

Rs.12642.48/- each

Rs.23.009 Millions

2042

Fully Convertible Preference Shares

Rs.12726.16/- each

Rs.25.987 Millions

2042

Fully Convertible Preference Shares

Rs.12669.53/- each

Rs.25.871 Millions

605

Fully Convertible Preference Shares

Rs.46905.42/- each

Rs.28.378 Millions

1030

Fully Convertible Preference Shares

Rs.46905.42/- each

Rs.48.313 Millions

2544

Fully Convertible Preference Shares

Rs.46883.44/- each

Rs.119.272 Millions

1

Preference Share

Rs.42.38/- each

Rs.0.000 Millions

1

Preference Share

Rs.50.34/- each

Rs.0.000 Millions

 

Total

 

Rs.650.000 Millions

 

Issued, Subscribed and Paid up :

No. of Shares

Type

Value

Amount

23942

Equity Shares

Rs.10/- each

Rs.0.239 Millions

4642

Equity Shares

Rs.10/- each

Rs.0.005 Millions

3862

Preference Shares

Rs.14781.84/- each

Rs.57.087 Millions

3862

Preference Shares

Rs.14694.45/- each

Rs.56.750 Millions

1820

Fully Convertible Preference Shares

Rs.12681.34/- each

Rs.23.080 Millions

1820

Fully Convertible Preference Shares

Rs.12642.48/- each

Rs.23.009 Millions

2042

Fully Convertible Preference Shares

Rs.12726.16/- each

Rs.25.987 Millions

2042

Fully Convertible Preference Shares

Rs.12669.53/- each

Rs.25.871 Millions

605

Fully Convertible Preference Shares

Rs.46905.42/- each

Rs.28.378 Millions

1030

Fully Convertible Preference Shares

Rs.46905.42/- each

Rs.48.313 Millions

2544

Fully Convertible Preference Shares

Rs.46883.44/- each

Rs.119.271 Millions

 

Total

 

Rs.407.990 Millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

 

31.03.2010

31.03.2009

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

 

407.991

339.807

2] Share Application Money

 

0.000

0.000

3] Share Premium

 

8.204

0.000

4] Reserves & Surplus

 

0.000

0.000

5] (Accumulated Losses)

 

(321.741)

(235.733)

NETWORTH

 

94.454

104.074

LOAN FUNDS

 

 

 

1] Secured Loans

 

0.000

0.000

2] Unsecured Loans

 

0.000

0.000

TOTAL BORROWING

 

0.000

0.000

DEFERRED TAX LIABILITIES

 

0.000

7.958

 

 

 

 

TOTAL

 

94.454

112.032

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

 

38.829

35.326

Capital work-in-progress

 

0.000

5.638

 

 

 

 

INVESTMENT

 

0.040

0.040

DEFERREX TAX ASSETS

 

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
 

0.000

0.000

 

Sundry Debtors
 

7.524

9.042

 

Cash & Bank Balances
 

14.834

33.693

 

Other Current Assets
 

0.000

0.000

 

Loans & Advances
 

51.440

34.843

Total Current Assets
 

73.798

77.578

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Current Liabilities
 

19.247

9.229

 

Provisions
 

1.065

1.215

Total Current Liabilities
 

20.312

10.444

Net Current Assets
 

53.486

67.134

 

 

 

 

MISCELLANEOUS EXPENSES

 

2.099

3.894

 

 

 

 

TOTAL

 

94.454

112.032

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Transaction Fees and License Fees

 

7.297

7.274

 

 

Other Income

 

1.281

5.088

 

 

TOTAL                                     (A)

 

8.578

12.362

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Office Expenses

 

 

 

Administrative Expenses

 

 

 

 

 

Advertising Expenses

 

 

 

 

 

TOTAL                                     (B)

 

94.984

116.167

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

 

(86.406)

(103.805)

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

 

7.560

5.955

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

 

(93.966)

(109.760)

 

 

 

 

 

Less

TAX                                                                  (I)

 

(7.958)

5.504

 

 

 

 

 

 

PROFIT AFTER TAX (G-I)                                  (J)

 

(86.008)

(115.264)

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

(4151)

--

 

 

KEY RATIOS

 

PARTICULARS

 

 

 

31.03.2010

31.03.2009

PAT / Total Income

(%)
 

(1002.66)

(932.41)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
 

(1287.73)

(1508.94)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
 

(83.43)

(97.22)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
 

(0.99)

(1.05)

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
 

0.22

0.65

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
 

3.63

7.43

 

 

LOCAL AGENCY FURTHER INFORMATION

 

OPERATIONS :

 

The company being in fourth year of business operations has realized Rs.7.297 Millions as income from transaction and other fees and income from other sources amounting to Rs.1.280 Millions, loss for the year after tax was Rs.86.008 Millions. The directors are confident that company will show excellent results during the forthcoming years.

 

 

CHANGE OF ADDRESS :

 

Registered office of the company has been shifted from 56, Luzchurch Road, Mylapore, Chennai - - 600004, Tamilnadu, India to the present address w.e.f. 30.04.2010

 

 

FIXED ASSETS :

 

  • Air Conditioner
  • Computers and Softwares
  • Furniture and Fixtures
  • Office Equipments
  • Leasehold Premises

 

 

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

Indian Rupees

US Dollar

1

Rs.45.02

UK Pound

1

Rs.72.70

Euro

1

Rs.62.54

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

2

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

YES

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

26

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

RATING EXPLANATIONS

 

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.