MIRA
INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SUVIDHAA INFOSERVE PRIVATE LIMITED |
|
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|
Registered
Office : |
Hi |
|
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Country : |
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Financials (as
on) : |
31.03.2011 |
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|
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|
Date of
Incorporation : |
22.06.2007 |
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|
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|
Com. Reg. No.: |
11-171937 |
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Capital
Investment / Paid-up Capital : |
Rs.54.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U72900MH2007PTC171937 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMSE6354E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAKCS9448K |
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|
Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Service Provider and Travel
Tourism |
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|
No. of Employees
: |
Not Available |
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 670000 |
|
|
|
|
Status : |
Moderate |
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|
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
huge accumulated losses recorded by the company. Profitability in under
pressure. Trade relations are reported as 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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 : |
Hi |
|
Tel. No.: |
91-22-67765300 |
|
Fax No.: |
91-22-64465200 |
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E-Mail : |
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Website : |
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Regional Office : |
10 - C, 10th Floor, Gopala Tower, Rajender
Palace, New Delhi-110 008. India |
|
Tel. No.: |
91-11-45634705 / 45634700 / 45634707 |
|
Fax No.: |
91-11-45084936 |
DIRECTORS
As on 27.09.2011
|
Name : |
Mr. Paresh Jamnadas Rajde |
|
Designation : |
Managing director |
|
Address : |
A - 1401 , Rahul
Towers, R P Road , Mulund West, Mumbai – 400080, Maharashtra, India |
|
Date of Birth/Age : |
31.07.1965 |
|
Date of Appointment : |
22.06.2007 |
|
DIN No.: |
00016263 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U72200MH1995PTC091236 |
TURBO
TECHNOLOGIES PRIVATE LIMITED |
Director |
01-10-97 |
01-10-97 |
30-11-06 |
Active |
NO |
|
2 |
U72200MH2000PLC123486 |
TURBO
INFOTECH LIMITED |
Director |
05-01-00 |
05-01-00 |
- |
Active |
NO |
|
3 |
U70200MH2003PLC139672 |
NUEVO
CONSULTANCY SERVICES LIMITED |
Director |
22-03-03 |
22-03-03 |
06-05-11 |
Active |
NO |
|
4 |
U92490MH2003PTC139673 |
DHAN
GAMING SOLUTION (INDIA) PRIVATE LIMITED |
Director |
22-03-03 |
22-03-03 |
- |
Active |
NO |
|
5 |
U72900MH2006PTC166010 |
SUVIDHAA
INFOWAY PRIVATE LIMITED |
Director |
05-12-06 |
05-12-06 |
- |
Active |
NO |
|
6 |
U72900MH2007PTC171937 |
SUVIDHAA
INFOSERVE PRIVATE LIMITED |
Managing
director |
01-08-08 |
22-06-07 |
- |
Active |
NO |
|
7 |
U67190MH2007PTC176774 |
TANMAN
ADVISORY AND FINANCIAL SERVICES PRIVATE LIMITED |
Director |
14-12-07 |
14-12-07 |
- |
Active |
NO |
|
Name : |
Mr. Niren Narendra Shah |
|
Designation : |
Director |
|
Address : |
304 , Shree Sagar,
29 - C , Dongersy Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
24.03.1973 |
|
Date of Appointment : |
08.09.2008 |
|
DIN No.: |
01794829 |
Other Directorship:
|
S.No. |
CIN |
Name
of the Company |
Current
designation of the director |
Date
of appointment at current designation |
Original
date of appointment |
Date
of cessation |
Company
Status |
Defaulting
status |
|
1 |
U67110MH2006PTC172142 |
NVP
VENTURE CAPITAL INDIA PRIVATE LIMITED |
Director |
14-11-07 |
14-11-07 |
- |
Active |
NO |
|
2 |
U72900MH2007PTC171937 |
SUVIDHAA
INFOSERVE PRIVATE LIMITED |
Director |
08-09-08 |
08-09-08 |
- |
Active |
NO |
|
Name : |
Mr. Haresh Lakshmanlal Bathija |
|
Designation : |
Director |
|
Address : |
128, 4th Floor,
Pankaj Mansionc - Block, Dr. A. B. Road , Worli, Mumbai – 400018, Maharashtra, India |
|
Date of Birth/Age : |
04.04.1971 |
|
Date of Appointment : |
08.09.2008 |
|
DIN No.: |
02445290 |
|
|
|
|
Name : |
Mr. Prashant Prahaladray Thakar |
|
Designation : |
Director |
|
Address : |
602 , Jalaram
Krupa Near, Pranay Nagar, Ram Mandir Road, Borivali (West), Mumbai – 400092,
Maharashtra, India |
|
Date of Birth/Age : |
22.07.1977 |
|
Date of Appointment : |
15.09.2011 |
|
DIN No.: |
03179115 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
Equity Shares
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Rajde Jamnadas Paresh |
|
6067360 |
|
Mistry Pallonji Shapoor |
|
3000000 |
|
Turbo Telecom Private Limited, India |
|
950000 |
|
Bhathija L Haresh |
|
57900 |
|
Norwest Venture Partners X - Mauritius |
|
57900 |
|
Total |
|
10133160 |
As on 27.09.2011
Preference Shares
|
Names of Shareholders |
No. of Shares |
|
|
|
Class
A |
Class
B |
|
Norwest Venture Partners X - Mauritius |
7237980 |
2417325 |
|
Reliance Capital Limited, India |
7237980 |
369709 |
|
International Finance Corporation, USA |
|
7109780 |
|
Total |
14475960 |
9896814 |
As on 01.11.2011
List of Allottees
|
Names of Shareholders |
|
No. of
Preference Shares |
|
|
|
Series
‘C’ |
|
Mitsui and Company Limited, Tokyo |
|
9583983 |
|
Total |
|
9583983 |
As on 27.09.2011
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
0.57 |
|
Bodies corporate |
9.38 |
|
Directors or relatives of Directors |
60.45 |
|
Other top fifty shareholders |
29.60 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Service Provider and Travel
Tourism |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Axis Bank Limited, Corporate Centre, Ground Floor, Cts No.271, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Ladha Excelus 1st
Floor, Apollo Mills Compound, N. M. Joshi Marg, Mahalakshmi, Mumbai-400 001,
Maharashtra, India |
|
PAN.: |
AAIFB4734C |
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|
|
|
Related parties : |
·
Suvidhaa Infoway Private Limited |
CAPITAL STRUCTURE
After 27.09.2011
Authorised Capital : Rs.96.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.83.051 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.1/- each |
Rs.15.000 Millions |
|
15000000 |
Preferences Shares (Class ‘A’) |
Rs.1/- each |
Rs.15.000 Millions |
|
10000000 |
Preferences Shares (Class ‘B’) |
Rs.3/- each |
Rs.30.000 Millions |
|
|
Total |
|
Rs.50.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10133160 |
Equity Shares |
Rs.1/- each |
Rs. 10.133
Millions |
|
14475960 |
Preferences Shares (Class ‘A’) |
Rs.1/- each |
Rs. 14.476
Millions |
|
9896814 |
Preferences Shares (Class ‘B’) |
Rs.3/- each |
Rs. 29.690
Millions |
|
|
Total |
|
Rs.54.300 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
54.300 |
24.592 |
24.592 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
513.793 |
222.961 |
222.961 |
|
|
4] (Accumulated Losses) |
(400.311) |
(256.808) |
(156.096) |
|
|
NETWORTH |
167.782 |
(9.255) |
91.457 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
167.782 |
(9.255) |
91.457 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
21.700 |
20.249 |
19.696 |
|
|
Capital work-in-progress |
7.986 |
0.117 |
1.520 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
0.000
|
0.000 |
0.313 |
|
|
Cash & Bank Balances |
183.800
|
36.208 |
110.731 |
|
|
Other Current Assets |
1.842
|
0.439 |
0.000 |
|
|
Loans & Advances |
75.964
|
28.214 |
22.960 |
|
Total
Current Assets |
261.606
|
64.861 |
134.004 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
19.634
|
17.836 |
59.912 |
|
|
Other Current Liabilities |
99.253
|
73.463 |
2.694 |
|
|
Provisions |
4.623
|
3.183 |
1.157 |
|
Total
Current Liabilities |
123.510
|
94.482 |
63.763 |
|
|
Net Current Assets |
138.096
|
(29.621) |
70.241 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
167.782 |
(9.255) |
91.457 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
81.437 |
101.481 |
55.925 |
|
|
|
Other Income |
8.375 |
4.766 |
7.026 |
|
|
|
TOTAL |
89.812 |
106.247 |
62.951 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Office Expenses |
|
|
|
|
|
|
Administrative Expenses |
|
|
|
|
|
|
Advertising Expenses |
|
|
|
|
|
|
TOTAL |
228.831 |
202.551 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
(139.019) |
(96.304) |
(91.126) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.484 |
4.408 |
3.203 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
(143.503) |
(100.712) |
(94.329) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
(1.140) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
(143.503) |
(100.712) |
(95.469) |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(14.48) |
(10.22) |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
(159.78)
|
(94.79) |
(149.85) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(176.21)
|
(99.24) |
(168.67) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(50.65)
|
(118.33) |
(61.37) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.86)
|
(10.88) |
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.74
|
(10.21) |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.12
|
0.69 |
2.10 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
No |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
OPERATION:
This is the fourth year of the subject’s operation. The aim of a company
is to aggregate, commoditize and distribute services in most convenient form to
the consumers using Information Technology (IT'). The Company assists service
providers in bridging the gap of time, accessibility and convenience by the use
of the IT innovations, providing convenience and value to customers who are
looking for travel, utility, e-Governance and entertainment related services.
The Company has grown almost 100% in Gross Transaction Value and has a
distribution network of around 45000 retailers and has a tie up with more than
250 Service Providers. It serves approximately 4.5 Million unique consumers
across 1750 cities and towns.
During the year, inter-alia the company had associated with key business
brands like Yes Bank (Domestic Remittance), Corporation Bank, Union Bank of
India, Karnataka Bank, BSES Rajdhani, GSPC Gas Company Limited, Punjab State
Power Corporation Limited, Reliance Energy, Aircel Limited, Tata Teleservices
Limited, MTNL (Mumbai), Loop Mobile, Virgin Mobile, Aviva Life Insurance.
The company has put in consistent efforts towards diversifying its
business bouquets in order to reduce dependency risk on any single vertical.
The Director is overwhelmed to state that now the Company has reached to
a such level, wherein it has spread its tentacles into various business
verticals including but not limited to Payment services, Banking
services, Travel, Bill Collection, Telecom and DTH, Insurance, Utility Bill
Payments, Entertainment etc.; in such a way that all the Sectors/Verticals are
equally spread and equally important and functioning. This will be a key entry
barrier for new player and also will help the Company to keep a pace of growth
in vulnerable time.
AWARD/
RECOGNITIONS:
Suvidhaa Wins Prestigious - "Skoch Virtual Corporation Award"
Award recognizes Suvidhaa's contribution towards
Financial Inclusion for Urban and Rural Poor'
'SKOCH Virtual Corporation Award ' from the hands of Shri Ajai Chowdhry
( Chairman and CEO - HCL Infosystems ) at a glittering function in
New Delhi on 22nd September, 2010 for Suvidhaa's contribution towards '
Financial Inclusion for Urban and Rural Poor '
Skoch awards come as a refreshing change with no sponsor driven agenda,
neutrality and a time-tested process that can differentiate the winners.
SKOCH Financial Inclusion Award 2011
The 5th January 2011 was commemorated as the Financial Inclusion Day.
The highlight of the day was conferring of Skoch Financial Inclusion Awards
honoured on people, projects and institutions that have enabled livelihood
linkages, capacity building, economic enablement and have simply moved beyond
financial access.
Contingent
Liability:
(Rs.
In Millions)
|
Particulars
|
31.03.2011 |
31.03.2010 |
|
|
|
|
|
Outstanding Bank
Guarantees |
39.435 |
8.635 |
|
Claims against
the Company pertaining to service issues from distributors/retailers not
acknowledged as debt: |
0.129 |
0.930 |
|
Arrears on 8%
Series "A" compulsorily convertible preference
shares of Re 1 each, fully paid-up and tax thereon.(No of Shares: 14,475,960) |
4.051 |
2.701 |
|
Arrears on 8%
Series "B" compulsorily convertible
preference shares of Re 3 each, fully paid-up and tax thereon.(No of Shares:
9,896,814) |
1.846 |
0.000 |
Bankers Charges
Report as per Registry
|
Corporate identity number of the company |
U72900MH2007PTC171937 |
|
Name of the company |
SUVIDHAA INFOSERVE PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in India of the company |
Hi Tech Plaza, 2nd Floor, Mahakali Caves Road, Andheri (East), Mumbai
– 400093, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Axis Bank Limited, Corporate Centre, Ground Floor, Cts No.271, Andheri
Kurla Road, Andheri (East), Mumbai – 400059, Maharashtra, India E-mail : daljit.dogra@axisbank.com
|
|
Nature of instrument creating charge |
Deed of Hypothecation of Machinery and other movable fixed assets
dt.08.03.2008 |
|
Date of instrument Creating the charge |
08.03/.2008 |
|
Amount secured by the charge |
Rs.10.000 Millions |
|
Brief of the principal terms an conditions and extent and operation of
the charge |
Rate of Interest BPLR less 1.75% i.e. 13.00% p.a. payable monthly Terms of Repayment Term loan repayment : 12months (inclusive of moratorium of 3 mths)
payable in 3 quarterly installments Margin 25% Extent and Operation of the charge For repayment of term loan along with interest, costs, fees and other
charges. To cover the said term loan facility of Rs.10.000 Millions including
sub limit of Bank guarantee Rs.1.500 Millions |
|
Short particulars of the property or asset(s) charged (including
complete address and location of the property) |
Hypothecation of Fixed Assets, equipments, Furniture, Fixtures and
other movable assets. |
Website Details:
Profile:
Subject, a company floated to aggregate, commoditize and distribute the
services in most convenient form to the consumers. The motto of the company is
to give convenience and value to all its customers who are looking for travel,
utility, e-Governance and entertainment related services. As a corporate they
are committed to develop new strategies and influence business transformations
with smart thinking expertise. Our business expertise aims to address the
prevailing gaps in various service sectors.
They endeavour to influence business service modules by riding on the
advantage of IT innovations. They work towards creating a technological
environment which delivers high performance, saves time and money and higher
customer satisfaction within the service sectors.
The service industry today is the fastest growing segment in India with
a recorded 30% growth level. To assist the service providers bridge the gap of
time, accessibility and convenience, SIPL provides them well customized
services. This empowers the neighbourhood convenience store with various
services at click of a button to address their consumer needs as required.
Each product / services is created after an in-depth understanding of
the market characteristics and the consumer profile to ensure the approach is
well rewarded.
Press Release:
Suvidhaa Raises USD 12 Million Series C Funding to Fuel Growth
Mitsui and Company, Limited, a Japanese Corporate Conglomerate joins as
new investor
Mumbai, November 15th, 2011:
Suvidhaa Infoserve Private Limited, pioneer of
the Services Commerce (“S-Commerce®”) and payment revolution in India,
announced today the completion of a USD 12 million third round of funding by
new investor, Mitsui and Company,
Limited, Japan based Corporate Conglomerate. Suvidhaa will use the new
capital to further enhance its technology platform, broaden its portfolio of
consumer service offerings and aggressively expand its market presence in
neighborhood stores pan India. The company was established in 2007, promoted by
Mr. Paresh Rajde, and was initially seed funded by Mr. Shapoor Pallonji Mistry
and two rounds of institutional investment by Norwest Venture Partners,
Reliance Assets Management and IFC (World Bank Group). The total fund raised by
Suvidhaa so far is USD 25 million.
In a span of four years, Suvidhaa has
established more than 45,000 neighborhood stores called ‘Suvidhaa Points’
across India. Suvidhaa makes it possible for consumers to walk into these local
stores and purchase every day "services" they need such as money
remittance, air, railway and bus tickets, mobile recharges, insurance payments,
utility bill payments, hotel packages, payment collection services and a wide
variety of other services. Suvidhaa has grown its presence in 28 states and
throughout 2000 + cities / towns across urban and rural India. The Suvidhaa
Points consists of Kirana Stores / Mobile Stores / Medical Stores / STD Booths
/ Cyber Cafes / Travel Agents / Insurance Agents and many other categories of
neighborhood stores.
Suvidhaa’s proprietary technology platform
seamlessly integrates neighborhood stores to various Services Provider's
systems, enabling consumers to purchase their service of choice at any time,
across any sector, and at a single-window access point in a unique click-and-mortar
set-up. Suvidhaa has developed strong relationships with top Indian corporate
to deliver these services. For example, consumers can obtain services provided
by leading companies including IRCTC for railway ticketing, all major airlines
such as Jet Airways, Kingfisher, Air India, SpiceJet, GoAir and IndiGo for
airline ticketing, telecom services purchases from such leaders as Vodafone,
Airtel, BSNL, Reliance, Idea, Aircel, Tata Docomo and MTNL, leading banks Union
Bank of India, Corporation Bank, ICICI Bank, Indian Overseas Bank, YES Bank,
and Karnataka Bank , leading financial services and insurance players such as,
LIC, ICICI Prudential ,HDFC Life, Metlife, ING Vysya, Birla SunLife, bus
ticketing from more than 400 bus operators covering 7000+ routes, multiplexes
such as Fun Cinema, and others. Suvidhaa also supports bill payment for utility
companies in areas such as electricity, gas, telephones and mobile. Other
services include education, cash collection service etc.
"We are excited in making this strategic
decision to move into the field of electronic payments in India through our
investment in Suvidhaa. We believe that Suvidhaa has not only proven its social
value of providing an alternative payment method for the general public, but
also has significant potential to expand its business into related areas, such
as e-wallet and mobile payment, through the introduction of advanced Internet
technology." said Yasushi Okazaki, General Manger of Internet Business
Division of Mitsui and Company, Limited,
Mr. Paresh Rajde, Founder and CEO, Suvidhaa
Infoserve Private Limited said,
"We are happy to have Mitsui on board,
which reflects the strength of Suvidhaa’s business model and brand Suvidhaa.
This investment underscores the opportunity for Suvidhaa to become the Numero
Uno payment management company in the Country. The global experience and
expertise of Mitsui across key industry categories will certainly help Suvidhaa
in gaining scale, strategic alliances and adopting best practices."
“When NVP invested in Suvidhaa less than three
years ago, we were extremely impressed with the company’s vision and business
model, and we believed it could deliver a robust and scalable payments and
services platform that Indian consumers would be passionate about,” said Niren
Shah, Managing Director, Norwest Venture Partners India. “Suvidhaa is
delivering on this vision as it has scaled from 1,300 outlets to more than
47,000 outlets in less than four years. This is an increase of about 35x, with
solid revenues to prove it. We are excited about Suvidhaa’s rapid growth and we
look forward to working with the team to continue addressing consumers’ needs
related to convenience and accessibility of services."
“We believe Suvidhaa, through its electronic
distribution platform, provides a one-stop convenience of services to the end
consumer. The company is ideally positioned to leverage the emerging potential
of the internet as a medium to efficiently distribute services and in the
process create the largest payments and services marketplace in India”, said
Harshal Shah, CEO, Reliance Venture Asset Management.
About Suvidhaa Infoserve Private Limited (SIPL)
Suvidhaa Infoserve Private Limited is a
company floated to aggregate, commoditize and distribute multiple services
under one roof in the most convenient form to consumers. The motto of the
company is to give convenience and value to all its customers who are looking
for travel services (such as railway tickets, air, bus, and hotel), utility
bill payments, remittance services, telecom products, entertainment, education,
financial services (including insurance, loans, investments and e-Governance)
and lifestyle related services. Suvidhaa's business expertise aims to address
the prevailing gaps in various service sectors in India. The company has
developed a technology platform to deliver these services giving consumers
higher performance, enormous time and cost savings and increased customer
satisfaction.
Suvidhaa currently powers more than 47,000
local neighborhood convenience stores spread across 28 states in over 2000
cities/ towns. The Suvidhaa Point consists of Kirana Store /Mobile Store /
Medicals Store / STD Booth / Cyber Cafe / Travel agent and other categories of
neighborhood stores. The main premise of Suvidhaa's platform is to bring
convenience to customers near their homes. Suvidhaa is headquartered in Mumbai,
with branch offices in Delhi, Bangalore, Chennai, and Kolkata.
For more information, please visit: www.mysuvidhaa.com
About Mitsui and Company, Limited
Mitsui is one of the most diversified and
comprehensive trading, investment and service enterprises in the world, with
153 offices in 65 countries as of Jan, 2011. Utilizing the global operating
locations, network and information resources, Mitsui is multilaterally pursuing
business that ranges from product sales, worldwide logistics and financing,
through to the development of major international infrastructure and other
projects in the following fields, Iron and Steel Products, Mineral and Metal
Resources , Infrastructure Projects ,Motor Vehicles, Marine and Aerospace,
Chemicals, Energy, Foods and Retail, Consumer Services, Information,
Electronics and Telecommunications, Financial Markets and Transportation
Logistics
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.