MIRA INFORM REPORT
|
Report No. : |
356451 |
|
Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
VODAFONE M-PESA LIMITED |
|
|
|
|
Registered
Office : |
Peninsula Corporate Park, G K Marg, Lower Parel, Mumbai –
400013, Maharashtra |
|
Tel. No.: |
91-22-71715000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
13.09.2014 |
|
|
|
|
Com. Reg. No.: |
11-258108 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1512.146 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67100MH2014PLC258108 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV21656F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAECV8934F |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Company is engaged in the business of facilitating mobile payment services in partnership with a bank in accordance with license received from Reserve Bank India (RBI). (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2014 by joint co-ordination of
ICICI Bank and MCSL, a Vodafone Group Company in order to promote “M-Pesa” a
mobile money transfer service. In first year of operation, the company has reported decent revenue
base but reported huge loss. The company possesses good share capital base marked by fair cash
accruals and nil borrowings. The rating take into consideration, the combined strengths of
Vodafone’s global expertise in the domain of mobile payments and significant distributor
reach in India, plus the security of financial transactions provided by ICICI
bank. However, rating is constrained on account of first year of operation. Trade relations are fair. Business is active. Payments are usually
correct. In view of strong experienced promoters, 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
|
Rating Agency Name |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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 DENIED
MANAGEMENT NON-COOPERATIVE (TEL NO.: 91-22-71715000)
LOCATIONS
|
Registered Office : |
Peninsula Corporate Park, G K Marg, Lower Parel, Mumbai –
400013, Maharashtra, India |
|
Tel. No.: |
91-22-71715000 |
|
Fax No.: |
91-22-24963645 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branch Office : |
Located At :
|
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Suresh Kumar Sethi |
|
Designation : |
Managing Director |
|
Address : |
C-901, Lodha Bellissimo,Apollo Mills Compound, N. M. Joshi Marg, Mahalaxmi, Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
13.09.2014 |
|
DIN No.: |
06426040 |
|
|
|
|
Name : |
Mr. Rajesh Rameshwardas Daga |
|
Designation : |
Director |
|
Address : |
Flat No 901, C Wing, Lavenddre Mahindra Splendour, Mumbai - 400078, Maharashtra, India |
|
Date of Appointment : |
24.08.2015 |
|
DIN No.: |
07258491 |
|
|
|
|
Name : |
Mr. Nitin Chopra |
|
Designation : |
Director |
|
Address : |
A-401 Quantum Park, Union Park, Khar (West), Mumbai - 400052, Maharashtra, India |
|
Date of Appointment : |
20.03.2015 |
|
DIN No.: |
00213333 |
|
|
|
|
Name : |
Ms. Tripti Pande Desai |
|
Designation : |
Director |
|
Address : |
63, G Block 3, Charmswood, Village FBD, Faridabad - 121009, Haryana, India |
|
Date of Appointment : |
20.03.2015 |
|
DIN No.: |
07129494 |
KEY EXECUTIVES
|
Name : |
Ms. Pallavi Kiran Balkur |
|
Designation : |
Company Secretary |
|
Address : |
Building No.23, Flat No.40, Swatantrya Sainik Nagar, Near MVM School, Amboli, Andheri (West), Mumbai - 400059, Maharashtra, India |
|
PAN No.: |
AHTPB3347F |
|
Date of Appointment : |
05.03.2015 |
|
|
|
|
Name : |
Tridib Ghosh Dastider |
|
Designation : |
Chief Financial Officer |
|
Address : |
Flat No B1002, Blue Meadows, Off JVLR, Behind Majas Bus Depot, Andheri (East), Mumbai - 400093, Maharashtra, India |
|
PAN No.: |
ACYPG0303L |
|
Date of Appointment : |
16.03.2015 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of Shareholders |
|
No. of Shares |
|
Vodafone India Limited, India |
|
151214556 |
|
Vodafone West Limited Jointly with VIL |
|
1 |
|
Vodafone South Limited Jointly with VIL |
|
1 |
|
Vodafone Cellular Limited Jointly with VIL |
|
1 |
|
Vodafone Mobile Services Limited Jointly with VIL |
|
1 |
|
Vodafone Digilink Limited Jointly with VIL |
|
1 |
|
Vodafone Spacetel Limited Jointly with VIL |
|
1 |
|
Total |
|
151214562 |
Equity Share Break up (Percentage of Total Equity)
AS ON 31.03.2015
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of facilitating mobile payment services in partnership with a bank in accordance with license received from Reserve Bank India (RBI). (Registered Activity) |
|
|
|
|
Services : |
Mobile Payment Services |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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Customers : |
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|
||||||||||||||||||||||
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No. of Employees : |
Information denied by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar (West), Mumbai - 400028, Maharashtra, India |
|
PAN No.: |
AABFL5878L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding
Company: |
Vodafone Group Plc. |
|
|
|
|
Intermediate
Holding Company : |
|
|
|
|
|
Immediate Holding
Company : |
Vodafone India Limited |
|
|
|
|
Fellow Subsidiaries
where transactions exists : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
350,000,000 |
Equity Shares |
Rs.10/- each |
Rs.3500.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
151,214,562 |
Equity Shares |
Rs.10/- each |
Rs.1512.146 Million |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
1512.146 |
|
(b) Reserves &
Surplus |
|
|
664.831 |
|
(c) Money received
against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
|
2176.977 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.341 |
|
(d) long-term provisions |
|
|
37.738 |
|
Total Non-current
Liabilities (3) |
|
|
38.079 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
572.540 |
|
(c) Other current
liabilities |
|
|
628.528 |
|
(d) Short-term provisions |
|
|
5.405 |
|
Total Current Liabilities
(4) |
|
|
1206.473 |
|
|
|
|
|
|
TOTAL |
|
|
3421.529 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
371.198 |
|
(ii) Intangible Assets |
|
|
145.991 |
|
(iii) Capital work-in-progress |
|
|
41.274 |
|
(iv) Intangible assets
under development |
|
|
15.356 |
|
(b) Non-current
Investments |
|
|
0.000 |
|
(c) Deferred tax assets
(net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
81.216 |
|
(e) Other Non-current
assets |
|
|
0.350 |
|
Total Non-Current Assets |
|
|
655.385 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
0.000 |
|
(c) Trade receivables |
|
|
4.014 |
|
(d) Cash and cash
equivalents |
|
|
2535.013 |
|
(e) Short-term loans and
advances |
|
|
155.838 |
|
(f) Other current assets |
|
|
71.279 |
|
Total Current Assets |
|
|
2766.144 |
|
|
|
|
|
|
TOTAL |
|
|
3421.529 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
|
|
128.787 |
|
|
Other Income |
|
|
7.942 |
|
|
TOTAL |
|
|
136.729 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
|
0.000 |
|
|
Purchases of
Stock-in-Trade |
|
|
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
|
0.000 |
|
|
Employees benefits
expense |
|
|
170.345 |
|
|
Other expenses |
|
|
738.389 |
|
|
TOTAL |
|
|
908.734 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
|
(772.005) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
|
4.638 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
|
(776.643) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
|
46.380 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
|
(823.023) |
|
|
|
|
|
|
|
Less |
TAX |
|
|
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
|
(823.023) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
|
|
(33.56) |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
|
|
31.03.2015 |
|
Current Maturities of Long term debt |
|
|
NA |
|
Cash generated from operations |
|
|
NA |
|
Net cash flows from (used in) operations |
|
|
(524.487) |
|
Net cash flows from (used in) operating activities |
|
|
(527.375) |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2015 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
|
|
(639.06) |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
|
|
(599.44) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
(24.46) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
(0.38) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
|
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
2.29 |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners / Directors |
No |
|
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 |
No |
|
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 about last 6 months |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last about last 6 months |
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 |
FINANCIAL PERFORMANCE
The Company was incorporated on 13th day of September 2014; hence comparative figures for previous year are not available. The Company is engaged in the business of facilitating mobile payment services in partnership with a bank in accordance with license received from Reserve Bank India (RBI).
YEAR UNDER REVIEW: OPERATIONS
Vodafone M-pesa Limited provides customers with a new currency in the form of M-pesa, the world renowned mobile wallet and money transfer service. Vodafone M-pesa is an innovative, safe and secure mobile wallet which enables complete suite of services like money transfer, bill payments, and recharge on the move from the mobile. It caters to all segments of the society, from the unbanked to the under banked and to the net-savvy and evolved customers.
Today, with a pan-India distribution of 89476 agents covering Top Migrant Money Transfer Corridors and more than 3 million customers, Vodafone M-pesa is the largest banking correspondent in the country and has very good potential in playing a vital role in enabling financial inclusion and m-commerce.
The Company had applied for a Payments Bank Licence with The Reserve Bank of India on February 02, 2015. Pursuant the said application, your Directors are pleased to inform you that, RBI vide its Press Release dated August 19 2013 has granted in-principle approval to the Company to set up the Payments Bank under the Guidelines for Licensing of Payments Banks issued on November 27, 2014 (Guidelines).
The Payments Bank licence will enable the Company to build on this further and offer a more comprehensive portfolio of banking and financial products and services, accelerating India's journey into a cashless economy.
The Company remains committed to actualize the government's vision of financial inclusion by leveraging the reach of mobile technology to service the unbanked and underserviced sections of the society.
OUTLOOK FOR FY16
During the coming year the Company is focussing on building M-pesa as the preferred instrument for small value payments and to build a best in class Online Merchant network for the M-pesa customers. The Company also aims at building the Bill Payments category for M-pesa and position the M-pesa app as a differentiator for the business and also to build Money Transfer Corridors across circles and intensify distribution in the identified receiver markets. It also aims at focussing on the Government sector and get into disbursement of bulk salary / cash to create annuity business flow.
M-pesa has teamed up with TCS in order to provide a hassle free platform to the customers.
INDEX OF CHARGES: NO
CHARGES EXIST FOR COMPANY
FIXED ASSETS
Tangible assets
- Plant and equipment
- Office equipment
- Computer Equipments
Intangible assets
- Computer software
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 : |
KMN |
|
|
|
|
Analysis Done by
: |
AMRT |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.