MIRA INFORM REPORT
|
Report No. : |
356498 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
CITRUS PAYMENT
SOLUTIONS PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
H – 203, Building No. 1, Greenwoods, German Remedies, A.K. Road, Chakala,
Andheri (East), Mumbai – 400093, Maharashtra |
|
Mobile No.: |
91-8767709900 (Ms. Saraswati) |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
28.04.2011 |
|
|
|
|
Com. Reg. No.: |
11-216800 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 15.427 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74900MH2011PTC216800 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECC4204H |
|
|
|
|
Legal Form : |
Private Limited Liability Company. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of payment processing for credit cards,
debit cards, bill payment, prepaid cards and all other kinds of payment
instruments. It also provides various other solutions (online or offline) for
payments in India or elsewhere in the world. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of Citrus Payment Solutions Pte. Limited
(Singapore) incorporated in the year 2011. It is a payment solutions provider and huge merchant base on board,
including a number of India’s biggest corporate and startup ventures, such as
Airtel, Jet Airways, Amazon and Faasos, among others. For FY15, the company recorded significant growth in its revenue base
as compared to previous year, however reported loss. The company possesses decent net worth base marked by low borrowings
and fair cash accruals. Trade relations are fair. Business is active. Payments are slow but
correct. In view of strong holding and support, 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.
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
31-03-2015.
INFORMATION DECLINED
Management non-cooperative (91-8767709900)
LOCATIONS
|
Registered Office : |
H – 203, Building No. 1, Greenwoods, German Remedies, A.K. Road,
Chakala, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8767709900 (Ms. Saraswati) |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
|
|
|
Branch Office 1 : |
Office No-31-32, 3rd Floor, 124, Viraj Premises, Above HDFC Bank, SV Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
|
|
|
Branch Office 2 : |
5th Floor, Icon Tower, Opposite KFC Restaurant, Baner Road,
Baner, Pune – 411045, Maharashtra, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Jitendra Bajrang Lal Gupta |
|
Designation : |
Director |
|
Address : |
H-203, Building No-1, Green Woods, German Remidies, A. K. Road, Chakala, Andheri (East), Mumbai – 400069, Maharashtra, India |
|
Date of Birth/Age : |
03.08.1981 |
|
Date of Appointment : |
28.04.2011 |
|
DIN No. : |
03341028 |
|
|
|
|
Name : |
Mr. Satyen Vijay Kothari |
|
Designation : |
Director |
|
Address : |
25 Silver Sands Society, Juhu Tara Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
07.02.1973 |
|
Date of Appointment : |
20.01.2012 |
|
DIN No. : |
01817020 |
|
|
|
|
Name : |
Mr. Bairavarasu Amrish Rau |
|
Designation : |
Director |
|
Address : |
A/13, Sagar- Darshan, 308, Carter Road, Khar, Mumbai – 400052, Maharashtra, India |
|
Date of Birth/Age : |
07.10.1973 |
|
Date of Appointment : |
30.09.2014 |
|
DIN No. : |
02008811 |
|
|
|
|
Name : |
Mr. Mohit Anand Bhatnagar |
|
Designation : |
Director |
|
Address : |
A - 1/19, Shanti Niketan, New Delhi – 110057, India |
|
Date of Birth/Age : |
30.06.1969 |
|
Date of Appointment : |
20.01.2012 |
|
DIN No. : |
00381741 |
MAJOR SHAREHOLDERS
As on 31.03.2015
|
Names of Equity Shareholders |
No. of Shares |
|
Jitendra Gupta |
418637 |
|
Shivani Gupta |
46515 |
|
Citrus Payment Solutions Pte. Limited, Singapore |
1200000 |
|
Total |
1665152 |
|
Names of Preference
Shareholders (0.001% Cumulative
Compulsory Convertible) |
No. of Shares |
|
White Pay Private Limited, India
(Series A) |
2002015 |
|
Citrus Payment Solutions Pte. Limited, Singapore (Series B) |
1148000 |
|
Total |
3150015 |
|
Names of Preference
Shareholders (0.001% Cumulative
Compulsory Convertible) |
No. of Shares |
|
Citrus Payment Solutions Pte. Limited, Singapore (Series C) |
4311737 |
|
Total |
4311737 |
As on 30.09.2014
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage of Holding |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
71.52 |
|
Bodies corporate |
23.11 |
|
Directors or relatives of Directors |
5.37 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of payment processing for credit
cards, debit cards, bill payment, prepaid cards and all other kinds of payment
instruments. It also provides various other solutions (online or offline) for
payments in India or elsewhere in the world. (Registered Activity) |
||||
|
|
|
||||
|
Products/ Services : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
Not Divulged |
||||
|
|
|
||||
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
·
Citi Bank ·
ICICI Bank Limited ·
Ratnakar Bank |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
Note: Bank Overdraft facility taken from Ratnakar Bank up to Rs. 99.000
Million Secured against fixed Deposit of Rs. 111.857 Million placed with the
Bank. |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
12 Dr. Annie Besant Road, Opposite Shiv Sagar Estate, Worli, Mumbai –
400018, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Company in which Director is interested : |
|
CAPITAL STRUCTURE
As on 31.3.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2087006 |
Equity Shares |
Re.1/- each |
Rs. 2.087 Million |
|
2152000 |
Preference Shares (0.001%
Series A Cumulative Compulsory Convertible) |
Rs.3/- each |
Rs. 6.456 Million |
|
1148000 |
Preference Shares (0.001%
Series B Cumulative Compulsory Convertible) |
Rs.3/- each |
Rs. 3.444 Million |
|
4311737 |
Preference Shares (0.001%
Series C Cumulative Compulsory Convertible) |
Re.1/- each |
Rs. 4.312 Million |
|
|
Total |
|
Rs. 16.299
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1665152 |
Equity Shares |
Re.1/- each |
Rs. 1.665 Million |
|
2002015 |
Preference Shares (0.001%
Series A Cumulative Compulsory Convertible) |
Rs.3/- each |
Rs. 6.006 Million |
|
1148000 |
Preference Shares (0.001%
Series B Cumulative Compulsory Convertible) |
Rs.3/- each |
Rs. 3.444 Million |
|
4311737 |
Preference Shares (0.001% Series
C Cumulative Compulsory Convertible) |
Re.1/- each |
Rs. 4.312 Million |
|
|
Total |
|
Rs. 15.427
Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
15.427 |
15.911 |
10.400 |
|
(b) Reserves &
Surplus |
105.397 |
342.709 |
43.577 |
|
(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) |
120.824 |
358.620 |
53.977 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
1.020 |
1.190 |
0.000 |
|
(d) long-term provisions |
1.773 |
0.460 |
1.090 |
|
Total Non-current Liabilities
(3) |
2.793 |
1.650 |
1.090 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
65.386 |
0.000 |
1.697 |
|
(b) Trade payables |
79.557 |
27.405 |
23.805 |
|
(c) Other current
liabilities |
537.114 |
177.985 |
2.511 |
|
(d) Short-term provisions |
0.094 |
0.003 |
0.222 |
|
Total Current Liabilities
(4) |
682.151 |
205.393 |
28.235 |
|
|
|
|
|
|
TOTAL |
805.768 |
565.663 |
83.302 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
11.282 |
3.599 |
1.329 |
|
(ii) Intangible Assets |
22.226 |
21.522 |
12.800 |
|
(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) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
28.134 |
5.229 |
1.173 |
|
(e) Other Non-current
assets |
131.462 |
23.043 |
0.000 |
|
Total Non-Current Assets |
193.104 |
53.393 |
15.302 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
0.000 |
0.000 |
8.136 |
|
(d) Cash and cash
equivalents |
174.306 |
394.638 |
53.560 |
|
(e) Short-term loans and
advances |
6.591 |
1.844 |
4.096 |
|
(f) Other current assets |
431.767 |
115.788 |
2.208 |
|
Total Current Assets |
612.664 |
512.270 |
68.000 |
|
|
|
|
|
|
TOTAL |
805.768 |
565.663 |
83.302 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
355.409 |
104.124 |
18.987 |
|
|
Other Income |
22.332 |
12.812 |
5.892 |
|
|
TOTAL (A) |
377.741 |
116.936 |
24.879 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Commission expense |
300.190 |
79.957 |
0.000 |
|
|
Employees benefits
expense |
112.854 |
42.072 |
18.873 |
|
|
Other expenses |
101.282 |
28.001 |
29.115 |
|
|
TOTAL (B) |
514.326 |
150.030 |
47.988 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
(136.585) |
(33.094) |
(23.109) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.871 |
0.541 |
0.152 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(137.456) |
(33.635) |
(23.261) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
14.898 |
8.461 |
1.570 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
(152.354) |
(42.096) |
(24.831) |
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
(152.354) |
(42.096) |
(24.831) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
(91.02) |
(46.04) |
(49.66) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
(2.799) |
29.660 |
NA |
|
Net cash flows from (used in) operation |
(22.826) |
27.591 |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/ Sales) |
(%) |
(42.87) |
(40.43) |
(130.78) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
(38.43) |
(31.78) |
(121.71) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(18.91) |
(7.44) |
(29.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.26) |
(0.12) |
(0.46) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.00 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.90 |
2.60 |
2.41 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
10.400 |
15.911 |
15.427 |
|
Reserves & Surplus |
43.577 |
342.709 |
105.397 |
|
Net worth |
53.977 |
358.620 |
120.824 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1.697 |
0.000 |
65.386 |
|
Total borrowings |
1.697 |
0.000 |
65.386 |
|
Debt/Equity ratio |
0.031 |
0.000 |
0.541 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
18.987 |
104.124 |
355.409 |
|
|
|
448.396 |
241.332 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
18.987 |
104.124 |
355.409 |
|
Profit |
(24.831) |
(42.096) |
(152.354) |
|
|
(130.78%) |
(40.43%) |
(42.87%) |
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 |
No |
|
9] |
Promoter’s background |
No |
|
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 |
CORPORATE
INFORMATION:
The company is a Private Limited Company incorporated on 28"' April, 2011 under the erstwhile provisions of the Companies Act, 1956. The Company is engaged in the business of payment processing for credit cards, debit cards, bill payment, prepaid cards and all other kinds of payment instruments. It also provides various other solutions (online or offline) for payments in India or elsewhere in the world.
OPERATIONS :
The company has reported total revenue of Rs.355.409 Million for the current year as compared to Rs.104.124 in the previous year. The net loss for the year amounted to Rs.168.029 in the current year as compared to Rs.42.096 in the previous year.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10495714 |
31/03/2014 |
291,965.95 |
KOTAK MAHINDRA BANK LIMITED |
27BKC, C 27, G Block, Bandra Kurla Complex, Bandra (E), Mumbai, Maharashtra - 400051, INDIA |
C04770368 |
* Date of charge modification
CONTINGENT
LIABILITIES
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
Bank Guarantee |
1.800 |
1.800 |
FIXED ASSETS
- Computer
- Furniture and Fixtures
- Office Equipment’s
WEBSITE DETAILS :
PRESS RELEASE/
NEWS
CITRUS PAYMENTS
CARVES OUT CUBE INTO SEPARATE ENTITY; COFOUNDER SATYEN KOTHARI TO HEAD NEW
VENTURE
DATE: 11.12.2015
NEW DELHI: Digital payments solutions venture Citrus Payments has hived off its mobile banking app Cube into a separate corporate entity, with one co-founder, Satyen Kothari, leaving to head the new startup.
The brand new, Mumbai-based company Cube Services Private Limited, will come into effect on January 1, 2016, and will be completely independent from parent Citrus Payment Solutions, which will hold no stake in the upcoming venture, which will be 100% owned and operated by Kothari.
Citrus Payment Solutions, which is also headquartered in Mumbai, will continue to operate, with co-founder Jitendra Gupta and Amrish Rau at the helm. The payment solutions provider has over 8,000 merchants on board, including a number of India's biggest corporate and startup ventures, such as Airtel, Jet Airways, Amazon and Faasos, among others.
Separately, Kothari, 41, will continue to have a stake in the parent company, which is backed by marquee investors, Sequoia Capital and Ascent Capital, while holding the position of non-executive director at the board level.
Kothari is believed to own between 13%-16% of Citrus Payment Solutions. He, however, declined to share current ownership pattern with ET, citing confidentiality.
"The decision to spin off Cube is primarily because we wanted to focus on, and participate in the global banking revolution taking place, by building a product that is consumer-facing, and provides mobile banking services to millennials. This is going to be a clean set of systems going forward," Kothari said.
According to him, the new entity - Cube Services - will also not be entitled to any of the proceeds from the $25 million funding round that the erstwhile parent company closed in October earlier this year, and which was first reported by ET.
In that equity financing round, Sequoia Capital, an existing backer of Citrus Payment, and new investor, mid-to-growth stage private equity firm, Ascent Capital, led the Series C round of funding, with other existing investors , eContext Asia and Beenos Asia, also participating. The round is believed to have valued the digital payments company at between $90 million-$100 million, according to industry sources.
"I will be investing my personal funds in Cube, and that will ensure that we have a runway of at least 12 months, before we start considering risk capital or strategic investors," Kothari said.
A Stanford University alum, who has spent about a decade and half in the Silicon Valley, working with Apple and Frog Design, Kothari has played the dominant role in launching Cube.
The mobile banking services app, which was launched in February earlier this year, sees a daily transactional volume of about 2,500, with an average transaction amount of Rs 500. Its revenue model includes taking a percentage of each transaction taking place on its platform.
The app has partnered with about 50 billers, including, mobile operators, DTH operators, and, according to Kothari, is currently in the process of tying up with insurance providers and banks.
"With Satyen's capabilities, Cube will focus on money management and building consumer relationships. It is important to bring new stakeholders in the new venture," said Amrish Rau, managing director of Citrus Payment Solutions.
Formed in 2011, Citrus Payment Solutions, which competes with the likes of Alibaba Group and SAIF Partners-backed Paytm, has targeted a run-rate of $4 billion gross merchandise sales processed through its platform.
The company, which claims to onboard about 1,000 merchants a month, has about 20 million registered users, according to Rau.
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 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 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. 66.20 |
|
|
1 |
Rs. 98.29 |
|
Euro |
1 |
Rs. 72.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.