MIRA
INFORM REPORT
|
Report Date : |
13.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
FINO PAYTECH LIMITED (w.e.f. 07.07.2012) |
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Formerly Known
as: |
FINANCIAL INCLUSION NETWORK AND OPERATIONS LIMITED (w.e.f. 02.02.2007) FINANCIAL INFORMATION NETWORK AND OPERATIONS PRIVATE LIMITED |
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Registered
Office : |
Shree Sawan Knowledge Park, 2nd Floor, D-507, TTC
Industrial Area, MIDC Turbhe, Navi Mumbai – 400705, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
15.06.2006 |
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Com. Reg. No.: |
11-162656 |
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Capital
Investment / Paid-up Capital : |
Rs.516.779 Millions |
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CIN No.: [Company Identification
No.] |
U72900MH2006PLC162656 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMF0486D |
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PAN No.: [Permanent Account No.] |
AAACF9869M |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business
: |
Subject acts as a inventor, innovator and implementer of integrated
technology solutions for institutions like Banks, Microfinance Institutions,
Government entities, Insurance companies to enable financial inclusion
environment for the micro customers. |
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|
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 3800000 |
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Status : |
Moderate |
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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
some 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 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.
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
31-03-2012.
INFORMATION DECLINED
Management Non-cooperative
(91-22-41613466)
LOCATIONS
|
Registered Office : |
Shree Sawan Knowledge Park, 2nd Floor, D-507, TTC Industrial
Area, MIDC Turbhe, Navi Mumbai – 400705, Maharashtra, India |
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Tel. No.: |
91-22-41613466 |
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Fax No.: |
91-22-40973300 |
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E-Mail : |
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Website: |
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Head Office : |
Office Premises 6th Floor, Wing A 601 and 602, Godrej
Colesium, off Eastern Express Highway, Sion Road, Above Honda Showroom,
Mumbai – 400019, Maharashtra, India |
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Tel. No.: |
91-22-42430400 |
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Branch Offices : |
Located at: ·
Ahmedabad ·
Bangalore ·
Hyderabad ·
Jaipur ·
Kolkata ·
New Delhi |
DIRECTORS
AS ON 29.07.2011
|
Name : |
Mr. Manish Khera |
|
Designation : |
Whole-time Director |
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Address : |
2503/A-Wing, 25th Floor, Sea Filama Dosti Plamingos, China
Mill Compound, Sewree, Mumbai – 400015, Maharashtra, India |
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Date of Birth/Age : |
15.04.1970 |
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Qualification : |
MBA |
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Date of Appointment : |
01.01.2007 |
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DIN No.: |
01122979 |
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Name : |
Mr. Ashok Kini |
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Designation : |
Director |
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Address : |
B-202, Mantripride Apartments, 1st block, Jaya Nagar,
Bangalore – 560011, Karnataka, India |
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Date of Birth/Age : |
12.12.1945 |
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Qualification : |
MBA |
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Date of Appointment : |
11.09.2007 |
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DIN No.: |
00812946 |
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Name : |
Mr. Mahendrakumar Nandkishor Chouhan |
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Designation : |
Director |
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Address : |
A-1, Shitala Krupa 277 L J Road, Mahim West, Mumbai – 400016,
Maharashtra, India |
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Date of Birth/Age : |
02.12.1955 |
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Qualification : |
MBA |
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Date of Appointment : |
29.04.2010 |
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DIN No.: |
00187253 |
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Name : |
Mr. James Frederick Savage |
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Designation : |
Nominee Director |
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Address : |
8A, Block 18, Baguio Villas, 555, Victoria Road, Pok Fu Lam, Hong Kong |
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Date of Birth/Age : |
18.04.1969 |
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Qualification : |
MBA |
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Date of Appointment : |
03.12.2009 |
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DIN No.: |
01505485 |
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Name : |
Mr. Sandeep Bakhshi |
|
Designation : |
Director |
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Address : |
B/4, Tanna Residency, Opposite Siddhivinayak Temple, Prabhadevi, Mumbai - 400 025, Maharashtra, India |
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Date of Birth/Age : |
28.05.1960 |
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Qualification : |
MBA |
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Date of Appointment : |
25.02.2011 |
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DIN No.: |
00109206 |
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Name : |
Mr. Anil Kaul |
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Designation : |
Nominee director |
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Address : |
B-305, Ashok Tower, Dr. S.S. Rao Road, Parel, Mumbai- 400 012, Maharashtra, India |
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Date of Birth/Age : |
17.08.1965 |
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Date of Appointment : |
14.12.2010 |
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DIN No.: |
00644761 |
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Name : |
Mr. Mathew Cyriac |
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Designation : |
Nominee director |
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Address : |
1908, 19tn Floor, B.B. Nakashe Marg, Imperial North Tower, Tardeo, Mumbai - 400 034, Maharashtra, India |
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Date of Birth/Age : |
20.05.0969 |
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Date of Appointment : |
08.07.2011 |
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DIN No.: |
01903606 |
KEY EXECUTIVES
|
Name : |
Mr. Sundaresan Rajaraman |
|
Designation : |
Secretary |
|
Address : |
Flat No.303, Building No.2B, Ratan Nagar Apartments, Four Bunglows,
Andheri West, Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
16.06.1960 |
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Date of Appointment : |
23.03.2007 |
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PAN No.: |
AATPS7386Q |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 29.07.2011
|
Names of Shareholders |
|
No. of Equity
Shares |
|
Tarun Aggarwal |
|
16000 |
|
IFMR Trust |
|
500000 |
|
Union Bank of India |
|
2250000 |
|
Indian Bank |
|
2250000 |
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Corporation Bank |
|
2250000 |
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LIC of India |
|
2250000 |
|
International Finance Corporation |
|
4500000 |
|
Intel Capital (Mauritius) Limited |
|
4575000 |
|
ICICI Bank Limited |
|
5750000 |
|
ICICI Lombard General Insurance Company Limited |
|
2750000 |
|
S Rajaraman |
|
8000 |
|
Navneet Kumar |
|
8000 |
|
Rajiv Arora |
|
8000 |
|
Rishi Gupta |
|
10000 |
|
Amit Jain |
|
28850 |
|
Manish Khera |
|
11000 |
|
HAV 3 Holdings (Mauritius) Limited |
|
2925000 |
|
Kamaljit Rastogi |
|
6250 |
|
V Chandar Rao |
|
4000 |
|
FINO Trusteeship Services Limited |
|
63000 |
|
Amarinder Singh Aulakh |
|
25000 |
|
Amit Bhargava |
|
2500 |
|
Aziz Zulfiquer |
|
3500 |
|
Prabhashankar Mishra |
|
5000 |
|
Rashad Kidwai |
|
8750 |
|
Rakesh Jain |
|
10000 |
|
Jummy Parakh |
|
66670 |
|
Suresh Goklaney |
|
70000 |
|
Shapoor P. Mistry |
|
405230 |
|
Suneel Gupta |
|
212500 |
|
Vikas Goel |
|
25000 |
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Total |
|
30997250 |
AS ON 29.07.2011
|
Names of Shareholders |
|
No. of
Preference Shares |
|
International Finance Corporation |
|
5173917 |
|
Intel Capital (Mauritius) Limited |
|
4434273 |
|
HAV 3 Holdings (Mauritius) Limited |
|
11329983 |
|
Blackstone GPV Capital Partner (Mauritius) VI-B-FDI Limited |
|
18780518 |
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Total |
|
39718691 |
List of Allottees
As on 26.03.2012
|
Names of Allottees |
|
No. of Shares Allotted |
|
Vivek Jadhav |
|
1250 |
List of Allottees
As on 16.11.2011
|
Names of Allottees |
|
No. of Shares Allotted |
|
Amarinder Singh Aulakh |
|
8750 |
|
Amarinder Singh Aulakh |
|
16250 |
|
Prerna Kalra |
|
1250 |
|
Total |
|
26250 |
List of Allottees
As on 27.02.2012
|
Names of Allottees |
|
No. of Shares Allotted |
|
Pankaj Misra |
|
17500 |
|
Pankaj Misra |
|
2500 |
|
Kamal Kishore Gupta |
|
7500 |
|
Kamal Kishore Gupta |
|
2500 |
|
Total |
|
30000 |
List of Allottees
As on 12.10.2011
|
Names of Allottees |
|
No. of Shares Allotted |
|
Noor Mohammed Shaikh |
|
8000 |
|
Yogesh Bhavsar |
|
1250 |
|
Varun Dudeja |
|
1250 |
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Total |
|
10500 |
AS ON 29.07.2011
|
Category |
Percentage |
|
Public Financial
Companies |
7.26 |
|
Nationalised and
Other Banks |
40.33 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
38.71 |
|
Bodies corporate |
10.48 |
|
Other top fifty shareholders |
3.22 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject acts as a inventor, innovator and implementer of
integrated technology solutions for institutions like Banks, Microfinance
Institutions, Government entities, Insurance companies to enable financial
inclusion environment for the micro customers. |
GENERAL INFORMATION
|
Partners and Customers : |
Banking Partner ·
Andhra Bank ·
Axis Bank ·
Bank of Baroda ·
Corporation Bank ·
Central Bank of India ·
Dhanlaxmi Bank ·
Dena Bank ·
Everest Bank Limited ·
Gurgaon Gramin Bank ·
HDFC Bank ·
ICICI Bank ·
ING Vysya Bank ·
J and K Bank ·
KGB Tiny ·
Oriental Bank of Commerce ·
Purvanchal
Gramin Bank ·
Punjab
National Bank ·
State
Bank of India ·
Union
Bank of India ·
United
Bank of India ·
UCO Bank Government
Partner ·
Government of Karnataka ·
Government of Uttar Pradesh ·
Meghalaya Tourism ·
Government of Chhattisgarh ·
Government of Madhya Pradesh ·
Government of Jharkhand ·
Government of Bihar ·
Government of Rajasthan Insurance
Partner ·
Life Insurance Corporation of India ·
ICICI Prudential Life Insurance ·
ICICI Lombard General Insurance |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
·
Punjab National Bank, Andheri (East)
Branch,Nirman Darshan, Jijamata Road, Vikas Nagar, Nr. Pump House, Andheri
(E),, Mumbai - 400093, Maharashtra, India ·
ICICI Bank Limited, Landmarkrace Cource Circle,
Alkapuri, Baroda - 390015, Gujarat, India ·
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery of India, Dr. Annie Besant
Road, Worli, Mumbai - 400018, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
BSR and Company Chartered Accountants |
|
Address : |
India |
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Associates : |
ICICI Bank Limited CIN No.: L65190GJ1994PLC021012 |
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Subsidiaries : |
FINO Trusteeship Services Limited CIN No.: U67190MH2009PLC192391 Intrepid Finance & Leasing Private Limited (w.e.f. 3 September 2010) CIN No.: U65921MH1994PTC216496 |
CAPITAL STRUCTURE
After 29.07.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40,000,000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
50,000,000 |
Fully Convertible Preference Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
Total |
|
Rs.900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31,176,500 |
Equity Shares |
Rs.10/- each |
Rs.311.765 Millions |
|
39,718,691 |
Fully Convertible Preference Shares |
Rs.10/- each |
Rs.397.187 Millions |
|
|
Total |
|
Rs.708.952
Millions |
AS ON 31.03.2011
Authorised Capital : Rs.700.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.516.779 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 |
516.779 |
500.992 |
365.364 |
|
|
2] Share Warrant |
62.480 |
62.480 |
62.480 |
|
|
3] Reserves & Surplus |
930.235 |
924.653 |
382.253 |
|
|
4] (Accumulated Losses) |
(547.530) |
(583.346) |
(345.591) |
|
|
NETWORTH |
961.964 |
904.779 |
464.506 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
502.472 |
336.772 |
145.914 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
74.432 |
|
|
TOTAL BORROWING |
502.472 |
336.772 |
220.346 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1464.436 |
1241.551 |
684.852 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
501.610 |
336.261 |
310.071 |
|
|
Capital work-in-progress |
1.959 |
62.201 |
16.317 |
|
|
|
|
|
|
|
|
INVESTMENT |
206.344 |
331.060 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
249.204
|
256.696
|
168.191 |
|
|
Sundry Debtors |
775.518
|
546.077
|
156.766 |
|
|
Cash & Bank Balances |
78.360
|
110.666
|
199.586 |
|
|
Other Current Assets |
29.185
|
27.057
|
28.544 |
|
|
Loans & Advances |
231.940
|
139.924
|
74.249 |
|
Total
Current Assets |
1364.208
|
1080.420
|
627.336 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
309.339 |
320.616 |
191.982 |
|
|
Other Current Liabilities |
271.299
|
220.611
|
65.079 |
|
|
Provisions |
29.046
|
18.164
|
11.811 |
|
Total
Current Liabilities |
609.684
|
559.391
|
268.872 |
|
|
Net Current Assets |
754.524
|
521.029
|
358.464 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1464.436 |
1241.551 |
684.852 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales/Income from Operation |
1878.917 |
1029.462 |
457.243 |
|
|
|
Other Income |
22.658 |
45.220 |
50.223 |
|
|
|
TOTAL (A) |
1901.575 |
1074.682 |
507.466 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Materials Changes Inventories |
419.022 |
208.343 |
(67.876) |
|
|
` |
Manufacturing Service Costs |
494.620 |
342.447 |
(16.102) |
|
|
|
Employee Related Expenses |
415.520 |
279.532 |
423.835 |
|
|
|
Administrative Selling Other Expenses |
335.857 |
215.944 |
148.360 |
|
|
|
Prior Period Items |
1.085 |
0.000 |
124.669 |
|
|
|
Extraordinary Items |
0.000 |
71.000 |
|
|
|
|
TOTAL (B) |
1666.104 |
1117.266 |
612.886 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
235.471 |
(42.584) |
(105.420) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
68.993 |
61.012 |
9.675 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
166.478 |
(103.596) |
(115.095) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
130.662 |
134.159 |
55.026 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
35.816 |
(237.755) |
(170.121) |
|
|
|
|
|
|
|
|
|
Less |
TAX
(I) |
0.000 |
0.000 |
(2.658) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-I) (J) |
35.816 |
(237.755) |
(172.779) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(583.346) |
(345.591) |
(172.811) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(547.530) |
(583.346) |
(345.591) |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1.18 |
(7.91) |
(5.75) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.88
|
(22.12)
|
(34.05) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.91
|
(23.10)
|
(37.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.92
|
(16.78)
|
(18.14) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
(0.26)
|
(0.37) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.16
|
0.99
|
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.24
|
1.93
|
2.33 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs. In
Millions
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
|
|
|
|
Due Small Micro Enterprises |
0.000 |
0.000 |
|
|
Due Others |
309.339 |
320.616 |
|
|
Total |
309.339 |
320.616 |
191.982 |
|
Sr. No. |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
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 |
|
31] |
Date of Birth of
Director, if available |
Yes |
|
32] |
PAN of Director, if
available |
No |
|
33] |
Voter ID No of Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE
The net revenue of the Company was Rs.1901.576 Millions as against Rs. 1074.683 Millions in the previous year. The Profit / (Loss) before tax was Rs. 35.862 Millions as against Rs.(237.755) Millions in the previous year.
FORM 8:
|
Corporate identity number of the company |
U72900MH2006PLC162656 |
|
Name of the company |
FINO PAYTECH LIMITED |
|
Address of the registered office or of the
principal place of business in |
Shree Sawan Knowledge Park, 2nd Floor, D-507, TTC
Industrial Area, MIDC Turbhe, Navi Mumbai – 400705, Maharashtra, India E-mail id : s.rajaraman@fino.co.in |
|
This form is for |
Creation of charge |
|
Type of charge |
Movable property (not being pledge) |
|
Particular of charge holder |
Yes Bank Limited, 9th Floor, Nehru Centre,
Discovery Of India, Dr. Annie Besant Road, Worli, Mumbai – 400018,
Maharashtra, India E-mail id : shareholders@yesbank.in |
|
Nature of instrument creating charge |
Deed of hypothecation |
|
Date of instrument Creating the charge |
21.09.2011 |
|
Amount secured by the charge |
Rs.100.000 Millions |
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest TERM LOAN: To be negotiated at the time of
disbursement Terms of Repayment TERM LOAN: Tenure 36 months, Repayment in
12 equated quarterly installments Margin Not applicable Extent and operation of the charge First pari passu charge on the movable
fixed assets of borrower. |
|
Short particulars of the property charged |
Pari passu first charge on moveable assets
of the borrower to secure all principal amount of respective dues together
with interest, commission, costs and expenses. |
PRESS RELEASE:
FINO AND ZAAEDGE JOIN FORCES TO PROMOTE FINANCIAL INCLUSION TECHNOLOGY
IN NIGERIA
Highlights:
·
FINO - ZaaEdge aims to tap the huge potential in
Nigeria; it is estimated that nearly 46.3% of the country's population is
unbanked
·
Nigeria is keen to deploy technology to drive
financial inclusion and services
·
FINO’s expertise in pioneering technology enabled
branchless banking in India, would be of immense value to the strategic
partnership
New Delhi, India, 5th July, 2012:
Financial Inclusion Network and Operations
(FINO), India’s largest alternate channel for banking services and banking technology
service provider, today announced the tie up with ZaaEdge Resources Limited,
one of the leading technology solutions providers.
Through this strategic partnership, FINO would
be entering Nigerian market that has a huge potential for providing banking
services to the bottom of the pyramid population. Towards this opportunity,
ZaaEdge would promote FINO’s path breaking banking technology solutions and
services in Nigeria. These are designed and developed keeping in mind the needs
of illiterate, poor and rural people. The strategic partnership will extend the
reach of FINO’s wide range of products to the Nigerian market.
Mr. Shyam Rao, Vice President and Head of
international Business, FINO said, “FINO has been at the forefront of enabling
financial inclusion in India through branchless banking and deploying in house
developed technology for the target market. We are excited at the prospect of
sharing our expertise towards Nigeria’s financial inclusion efforts. We believe
our proven banking technology products and services would help bridge the
banked-unbanked gap in a timely and affordable manner.”
ZaaEdge
Resources Co-Founder, Mr. Omotayo Babatunde said “we have many Nigerians, for
several reasons, are unbanked and lack access to formal financial services. The
results of the EFInA Access to Financial Services in Nigeria 2010 survey stated
that 39.2 million Nigerians representing 46.3% of the adult population are
financially excluded; whilst only 25.4 million Nigerians, representing 30% of
the adult population are banked.
“The survey also revealed” Babatunde continued
“that 23.8 million adults are currently saving at home. If 50% of these people
were to save N1, 000 per month, then up to N143bn could be incorporated into
the formal sector every year. We believe that our partnership with FINO will
make a great impact in helping to drive the CBN initiative aimed at reducing
the percentage of adult Nigerians excluded from financial services from 46.3
percent as at 2010 to 20 percent by 2020”
“Technological
innovations reduce transaction costs, bridge geographical strains and open new
opportunities by expanding markets”, added Mr. Rao.
About FINO:
FINO, India’s largest alternate channel for
banking and business correspondent (BC), was created in 2006 by a consortium of
banks and other sectoral entities. It provides banking technology and
infrastructure services to financial institutions. FINO serves over 50 million
customers through 31000 transaction points spread across India. FINO works with
various national and private banks in their efforts to reach out to the
unbanked and unserved population
About ZaaEdge:
ZaaEdge is a technology service provider
serving the needs of government agencies, financial institutions and
telecommunication companies registered in Nigeria to carry out the business of
supplying, installing and maintaining advanced integrated customized solutions
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.55.34 |
|
|
1 |
Rs.86.45 |
|
Euro |
1 |
Rs.68.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
SBA |
|
|
|
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
35 |
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.