|
|
|
MIRA INFORM REPORT
|
Report No. : |
502264 |
|
Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
SMALL BUSINESS FINCREDIT INDIA PRIVATE LIMITED (w.e.f. 31.08.2017) |
|
|
|
|
Formerly Known
As : |
MAPE FINSERVE PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Unit No. 762, Building No. 7, 6th Floor, Solitaire Corporate Park, Andheri
(East), Mumbai – 400093, Maharashtra |
|
Tel. No.: |
91-22-67875300 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
25.01.2008 |
|
|
|
|
Com. Reg. No.: |
11-178270 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
INR 20.500 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67190MH2008PTC178270 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAFCM3855R |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
The company is non-banking financial company. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Small Business Fincredit India Private Limited (SBFC) is a non-banking finance company, which has acquired the retail assets of Karvy Financial Services Limited (KFSL). As a part of the transaction, the entire infrastructure, branches and employee team of KFSL has been transferred to SBFC. Further, SBFC plans to focus the low ticket size business loans (secured by property) and loans against gold. As per available financials of March 2017, the company has witnessed a growth in its revenue and has reported profit margin at 1.91% (approximately) The company also derives significant strength from the transaction structure (completed in September 2017) whereby SBFC acquired the retail lending book along with the existing infrastructure, branch network and employee team from Karvy Financial Services Limited (KFSL). Trade relations are reported as fair. Business is active. Payment terms are seems to be usually correct and as per commitments.
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating=A |
|
Rating Explanation |
Adequate degree of safety and carry low credit risk. |
|
Date |
19.12.2017 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 10.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED BY
|
Name : |
Mr. Amol Deshmukh |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-9890900390 91-20-49008204 |
|
Date : |
09.04.2018 |
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-22-67875300)
LOCATIONS
|
Registered Office : |
Unit No. 762, Building No. 7, 6th Floor, Solitaire Corporate Park,
Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Tel. No.: |
91-22-67875300/ 61544500 |
|
Mobile No.: |
91-9890900390 (Mr. Amol Deshmukh) |
|
Fax No.: |
91-22-61544540 |
|
E-Mail : |
|
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|
|
|
Corporate Office : |
Office No. 101/102, 1st Floor, Venkatesh Villa, Ghole Road, Above
Janata Sahakari Bank, Opposite Crisil Office, Pune, Maharashtra, India |
|
Tel. No.: |
91-20-49008204 |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Aseem Avanish Dhru |
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Designation : |
Managing Director |
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Address : |
Flat No-301, 3rd Floor, Oyster 19th Road, T.P.S., Near Beams Hospital, K Har (West), Mumbai – 400052, Maharashtra, India |
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Date of Appointment : |
28.09.2017 |
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PAN No.: |
ACLPD2638J |
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DIN No.: |
01761455 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Rajeev Gupta |
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Designation : |
Director |
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Address : |
Krishna Kutir, 28, Union Park, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Appointment : |
30.06.2017 |
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DIN No.: |
00241501 |
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Other Directorship:
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Name : |
Mr. Amol Krishna Jain |
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Designation : |
Director |
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Address : |
Le Papeyon 501, 5th Floor, Mount Mary Road, Bandra (West), Mumbai – 400050, Maharashtra, India |
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Date of Appointment : |
30.06.2017 |
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DIN No.: |
00334710 |
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Other Directorship:
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Name : |
Mr. Neeraj Swaroop |
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Designation : |
Additional Director |
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Address : |
1202, Somerset Central Avenue, Hiranandani Gardens, Powai, Mumbai – 400076, Maharashtra, India |
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Date of Appointment : |
21.11.2017 |
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DIN No.: |
00061170 |
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Other Directorship:
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||||||||||||||||||||||||||||||||||||||||||||
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Name : |
Mr. Sridhar Srinivasan |
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Designation : |
Additional Director |
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Address : |
C-2401/2402, Plot-1/268, C Wing, Raheja Atlantis, Ganpatrao Kadam Marg, Lower Parel, Delis Le Road, Mumbai – 400013, Maharashtra, India |
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Date of Appointment : |
28.09.2017 |
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DIN No.: |
07240718 |
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KEY EXECUTIVES
|
Name : |
Mr. Aseem Avanish Dhru |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat No-301, 3rd Floor, Oyster 19th Road, T.P.S., Near Beams Hospital, K Har (West), Mumbai – 400052, Maharashtra, India |
|
Date of Appointment : |
28.09.2017 |
|
PAN No.: |
ACLPD2638J |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
MAPE Advisory Group Private Limited, India |
|
2049999 |
|
Ramprasad (Nominee of MAPE Advisory Group Private Limited) |
|
1 |
|
Total |
|
2050000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.06.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
0.00004878 |
|
Promoters (Body corporate) |
99.99995122 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is non-banking financial company. (Registered Activity) |
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Products/ Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
|
|
Auditors : |
|
|
Name : |
Rahul J Shah and Associates Chartered Accountants |
|
Address : |
408, Swapna Siddhi, Next to Jain Sweets, Akurli Road, Kandivali
(East), Mumbai – 400101, Maharashtra, India |
|
Tel. No.: |
91-22-28874084 |
|
Mobile No.: |
91-7738677033 |
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E-Mail : |
|
|
Website : |
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|
Income-tax
PAN of auditor or auditor's firm : |
AAQPS0776H |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
MAPE Advisory Group Private Limited (CIN No.: U74140KA2001PTC029904) |
|
|
|
|
Fellow Subsidiaries : |
MAPE Securities Private Limited |
CAPITAL STRUCTURE
After 30.06.2017
Authorised Capital : INR 10000.000 Million
Issued, Subscribed & Paid-up Capital : INR 6760.0000
Million
As on 30.06.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2050000 |
Equity Shares |
INR 10/- each |
INR 20.500 Million |
|
15000000 |
Preference Shares |
INR 10/- each |
INR 150.000 Million |
|
|
Total
|
|
INR 170.500
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2050000 |
Equity Shares |
INR 10/- each |
INR 20.500 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
20.500 |
20.500 |
20.500 |
|
(b) Reserves & Surplus |
4.796 |
4.403 |
4.099 |
|
(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) |
25.296 |
24.903 |
24.599 |
|
|
|
|
|
|
(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 |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
0.081 |
0.057 |
0.044 |
|
Total Non-current
Liabilities (3) |
0.081 |
0.057 |
0.044 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
51.420 |
100.260 |
71.843 |
|
(b) Trade
payables |
0.000 |
0.000 |
0.000 |
|
(c) Other current
liabilities |
19.513 |
12.945 |
5.474 |
|
(d) Short-term
provisions |
0.462 |
1.202 |
0.575 |
|
Total Current
Liabilities (4) |
71.395 |
114.407 |
77.892 |
|
|
|
|
|
|
TOTAL |
96.772 |
139.367 |
102.535 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
0.000 |
0.000 |
0.000 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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) |
0.008 |
0.005 |
0.005 |
|
(d)
Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
0.008 |
0.005 |
0.005 |
|
|
|
|
|
|
(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 |
0.000 |
|
(d) Cash
and cash equivalents |
0.005 |
21.992 |
32.050 |
|
(e)
Short-term loans and advances |
77.771 |
110.683 |
70.234 |
|
(f) Other
current assets |
18.988 |
6.687 |
0.246 |
|
Total
Current Assets |
96.764 |
139.362 |
102.530 |
|
|
|
|
|
|
TOTAL |
96.772 |
139.367 |
102.535 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
20.560 |
16.372 |
15.783 |
|
|
Other Income |
0.080 |
0.036 |
0.075 |
|
|
TOTAL |
20.640 |
16.408 |
15.858 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employees benefits
expense |
9.247 |
4.115 |
4.815 |
|
|
Other expenses |
0.067 |
1.696 |
0.234 |
|
|
TOTAL |
9.314 |
5.811 |
5.049 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
11.326 |
10.597 |
10.809 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
10.770 |
9.472 |
9.775 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
0.556 |
1.125 |
1.034 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
0.556 |
1.125 |
1.034 |
|
|
|
|
|
|
|
Less |
TAX |
0.163 |
0.821 |
0.399 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
0.393 |
0.304 |
0.635 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
3.467 |
3.227 |
2.725 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
3.777 |
3.467 |
3.227 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
0.19 |
0.15 |
0.31 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
29.822 |
(52.621) |
17.531 |
|
Net cash flow from operating activity |
29.366 |
(53.506) |
18.126 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.00 |
0.00 |
0.00 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.74 |
0.82 |
0.76 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
2.03 |
4.03 |
2.92 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
2.82 |
4.59 |
3.17 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
1.05 |
1.12 |
1.11 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
1.91 |
1.86 |
4.02 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
0.41 |
0.22 |
0.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
1.55 |
1.22 |
2.58 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.36 |
1.22 |
1.32 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.36 |
1.22 |
1.32 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.26 |
0.18 |
0.24 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
2.51 |
4.89 |
3.50 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.36 |
1.22 |
1.32 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
20.500 |
20.500 |
20.500 |
|
Reserves & Surplus |
4.099 |
4.403 |
4.796 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
24.599 |
24.903 |
25.296 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
71.843 |
100.260 |
51.420 |
|
Total borrowings |
71.843 |
100.260 |
51.420 |
|
Debt/Equity ratio |
2.921 |
4.026 |
2.033 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
15.783 |
16.372 |
20.560 |
|
|
|
3.732 |
25.580 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Sales |
15.783 |
16.372 |
20.560 |
|
Profit/(Loss) |
0.635 |
0.304 |
0.393 |
|
|
4.02% |
1.86% |
1.91% |
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 |
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 |
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 |
Yes |
|
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 |
GENERAL
INFORMATION
The company is a company registered under the companies act, 1956. The
company is non-banking financial company registered with Reserve Bank of India.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans and advances from related parties Mape Securities Private Limited |
51.420 |
100.260 |
|
|
|
|
|
Total |
51.420 |
100.260 |
INDEX
OF CHARGES
|
Charges Registered |
||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Amount |
Address |
|
1 |
G77541043 |
100156065 |
The Federal Bank Limited |
25/01/2018 |
750000000.0 |
32/34, Churchgate House,Veer Nariman Road,
Fort, Mumbai MH 400023 INDIA |
|
2 |
G59652305 |
100133236 |
IDBI TRUSTEESHIP SERVICES LIMITED |
17/10/2017 |
4000000000.0 |
Asian Building, Ground Floor, 17 R. Kamani
Marg, Ballard Estate, Mumbai MAHARASHTRA 400001 INDIA |
WEBSITE DETAILS
NEWS/ PRESS RELEASES
ARPWOOD PARTNERS BUYS
KARVY'S SMALL BUSINESS LOANS FOR $200 MILLION
03.11.2017
MUMBAI: Arpwood Partners, the private equity fund started by India’s ace investment banker Rajeev Gupta and former TPG fund manager Amol Jain, has bought out the small business loan portfolio of the non-banking financial company of Karvy Group for $200 million.
While Arpwood will bring in around $40 million to the deal, one of its limited partners (LPs), Chandler Corporation, will bring in the remaining, said three people with direct knowledge of the development.
The deal that has been in works for the last 18 months has been closed now with Arpwood carving out the retail lending portfolio consisting of small ticket micro enterprise (ME) loans, medium ticket small and medium enterprise (SME) loans, loan against gold (LAG) and small commercial vehicle (SCV) loans. The deal will leave behind the large corporate loans portfolio of the company, sources said.
The company has a loan book of more than INR 30000.000 Million. It has more than 1 lakh customers and a network of more than 75 branches in 40 locations.
Other buyers who looked at the deal were Indostar, the NBFC arm of the Everstone Group, Blackstone, Apax Partners and Advent International. Arpwood, which made heavy returns from investments in Suzlon overseas unit, raises money from its LPs on a deal-to-deal basis. Investors in a fund are known in industry parlance as LPs.
“While Arpwood will bring in 20% of capital, one of its LPs will bring in the remaining,” said one of the people quoted above. Singapore-based Chandler Corporation has been investing directly and through private equity funds in markets across Asia and the West.
Homegrown investment bank Mape Advisors helped seal the deal.
“The portfolio has been purchased by Small Business Fincredit India Private Limited, the company set up recently to effect this transaction,” said another person with knowledge of the development. The company will be headed by former HDFC Bank senior executive Aseem Dhru as CEO and former Kotak Mahindra Bank senior executive Mahesh Dayani as chief business officer.
“The portfolio has been purchased by Small Business Fincredit India Private Limited, the company set up recently to effect this transaction,” said another person with knowledge of the development. The company will be headed by former HDFC Bank senior executive Aseem Dhru as CEO and former Kotak Mahindra Bank senior executive Mahesh Dayani as chief business officer.
“As a part of the transaction, the entire infrastructure, branches and employee team of KFSL would be transferred to SBFC. At the time of the closing of the deal, the company is expected to have a net worth of ~INR 5900.000 Million (net of goodwill) and loan book of ~INR 9000.000 Million. SBFC plans to focus the low ticket size business loans (secured by property) and loans against gold,” rating agency ICRA said.
According to ICRA, there will be an upfront equity infusion of INR 8450.000
Million committed by Lyra Partners and Arpwood Partners Investment Advisors LLP
into the company. This equity infusion and the proposed INR 4000.000 Million
non-convertible debentures would fund the acquisition of the ~INR 9000.000
Million of loan assets from KFSL.
C Parthasarathy, chairman at Karvy Group, did not respond to emailed queries.
Arpwood spokesperson could not be reached for a comment despite repeated
attempts. Karvy, a stock broking and financial services group, has seen some
liquidity events in some of its businesses. Earlier in the year, global PE fund
General Atlantic bought a controlling 74% stake in the stock broking arm, Karvy
Computershare and part stake from promoter C Parathasarathy.
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 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
|
INR |
|
US Dollar |
1 |
INR 64.92 |
|
|
1 |
INR 91.49 |
|
Euro |
1 |
INR 79.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
AKS |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.