|
|
|
MIRA INFORM REPORT
|
Report No. : |
503532 |
|
Report Date : |
13.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
FINO PAYMENTS BANK LIMITED (w.e.f.
04.04.2017) |
|
|
|
|
Formerly known
as: |
FINO FINTECH LIMITED (w.e.f. 03.02.2017) FINO FINTECH PRIVATE LIMITED (w.e.f. 15.12.2015) FINO FINTECH FOUNDATION |
|
|
|
|
Registered
Office : |
Shree Sawan Knowledge Park, 2nd Floor, D-507, TTC Industrial Area, MIDC Turbhe, Juinagar, Navi Mumbai, Thane - 400705, Maharashtra |
|
Tel. No.: |
91-22-71047000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2016 |
|
|
|
|
Date of
Incorporation : |
23.06.2007 |
|
|
|
|
Com. Reg. No.: |
11-171959 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 0.100 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U65100MH2007PLC171959 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
TIN No.: |
27281435491 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AABCF1125D2Z9 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCF1125D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
The Subject is engaged in providing various types of financial services to the rural, poor and underserved classes to help them being economically self-reliant. (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 : |
B |
|
Credit Rating |
Explanation |
Rating Comments |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ““Fino Paytech Limited”, India. The company was incorporated in the year 2007. As per the financial record 2016, the company has reported decline in its revenue as compared to previous year and has incurred operational losses. The moderate financial risk profile of the company is reflected by negative networth base due to huge accumulated losses. However, rating takes into account of strong financial and managerial support that bank receives from its holding entity backed by its well experienced management team. Business is active. Payments seems to be slow In view of aforesaid, the company can be considered for business dealings with some caution. Note1: As per Registrar of Companies, the date of balance sheet i.e. financial filed is shown as 31st March 2017 but documents related to the financials for the year 2017 are not available from any sources. Note: As per the current press release, Fino Payments Bank received a final licence from the RBI for the lunch in March and it is now live with 410 branches across 14 states and a network of 25,000 banking points. It will offer banking services such as current and savings accounts, remittances, business correspondent (BC) lending, mobile banking through the BPay app, life & general insurance and bill payments. Fino had commenced operations internally towards the end of last month, and has now gone public. Following its launch, Fino has become the fourth Payments Bank in the country, after Airtel, India Post and Paytm/Vijay Shekhar Sharma. |
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
31-03-2016.
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 13.04.2018
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. Ravi |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-71047000 |
|
Date : |
11.04.2018 |
LOCATIONS
|
Registered Office : |
Shree Sawan Knowledge Park, 2nd Floor, D-507, TTC Industrial Area, MIDC Turbhe, Juinagar, Navi Mumbai, Thane - 400705, Maharashtra, India |
|
Tel. No.: |
91-22-71047000 |
|
Fax No.: |
91-22-71047066 |
|
E-Mail : |
|
|
Website: |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Narayana Iyer Venkiteswaran |
|
Designation : |
Director |
|
Address : |
# 0703, Block B-3, L And T South City, Arekere Mico
Layout, Bangalore South, Bannerghat TA Road, Bangalore – 560076, Karnataka,
India |
|
Date of Appointment : |
28.09.2017 |
|
DIN No.: |
00056000 |
|
|
|
|
Name : |
Mr. Ganesh Natarajan |
|
Designation : |
Director |
|
Address : |
Bungalow No. 10, Talera Park Co-Operative Housing Society.
Kalyani Nagar Pune – 411014, Maharashtra, India |
|
Date of Appointment : |
28.09.2017 |
|
DIN No.: |
00176393 |
|
|
|
|
Name : |
Mr. Mahendrakumar Chouhan |
|
Designation : |
Director |
|
Address : |
A/1, Shitala Krupa, 277, L J Road, Mahim West, Mumbai -
400016, Maharashtra, India |
|
Date of Appointment : |
28.09.2017 |
|
DIN No.: |
00187253 |
|
|
|
|
Name : |
Mr. Narendra Kumar Anand Ambwani |
|
Designation : |
Director |
|
Address : |
1201, Sterling Sea Face, Dr. Annie Besant Road, Worli,
Mumbai – 400018, Maharashtra, India |
|
Date of Appointment : |
28.09.2017 |
|
DIN No.: |
00236658 |
|
|
|
|
Name : |
Mr. Rishi Gupta |
|
Designation : |
Managing Director |
|
Address : |
C-603/4, Lake Lucerne, Phase III, Lake Homes, Off. A.S.
Marg, Mumbai – 400076, Maharashtra, India |
|
Date of Birth / Age : |
26.01.1969 |
|
Date of Appointment : |
02.05.2017 |
|
DIN No.: |
01433190 |
|
|
|
|
Name : |
Mr. Punita Kumar Sinha |
|
Designation : |
Director |
|
Address : |
51 Gate House Road, Newton Ma Massachusetts - 024671320 U |
|
Date of Appointment : |
28.09.2017 |
|
DIN No.: |
05229262 |
|
|
|
|
Name : |
Mr. Pramod Sharma |
|
Designation : |
Nominee Director |
|
Address : |
II-B-48, Lajpat Nagar New Delhi – 110024, India |
|
Date of Appointment : |
14.06.2017 |
|
DIN No.: |
06578625 |
|
|
|
|
Name : |
Mr. Amit Jain |
|
Designation : |
Nominee Director |
|
Address : |
A 902, Lodha Bellissemo, Apollo Mill Compound, N M Joshi
Marg, Mahalaxmi East, Mumbai - 400011, Maharashtra, India |
|
Date of Appointment : |
19.05.2017 |
KEY EXECUTIVES
|
Name : |
Mr. Rishi Gupta |
|
Designation : |
Chief Executive Officer |
|
Address : |
C-603/4, Lake Lucerne, Phase III, Lake Homes, Off. A.S.
Marg, Mumbai – 400076, Maharashtra, India |
|
Date of Birth / Age : |
26.01.1969 |
|
Date of Appointment : |
02.05.2017 |
|
PAN No.: |
AAPPG6986J |
|
|
|
|
Name : |
Mr. Barsagade Mukund Shyamrao |
|
Designation : |
Chief Finance Officer |
|
Address : |
Plot No 22, Ambazari Hill Top Ambazari Nagpur – 440010, Maharashtra, India |
|
Date of Appointment : |
18.05.2017 |
|
PAN No.: |
AAPPB8444C |
|
|
|
|
Name : |
Mr. Rajaraman Sunderesan |
|
Designation : |
Company Secretary |
|
Address : |
E-11, Nightingale Apartments, Vikaspuri, New Delhi – 110018, India |
|
Date of Appointment : |
02.05.2017 |
|
PAN No.: |
AXVPS2000E |
|
|
|
|
Name : |
Mr. Ravi |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Rishi Gupta |
|
1 |
|
Rajeev Arora |
|
1 |
|
Vipr Raj Bhardwaj |
|
1 |
|
Vikaas Goel |
|
1 |
|
Ashish Ahuja |
|
1 |
|
Shailesh Pandey |
|
1 |
|
Fino Paytech Limited |
|
29719994 |
|
Total |
|
29720000 |
LIST OF ALLOTTEES
As on 27.06.2017
|
Names of Allottees |
|
No. of Shares |
|
Fino Fintech Limited |
|
14859997 |
|
Total |
|
14859997 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2017
|
Category |
Percentage |
|
Promoter - Bodies
corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The Subject is engaged in providing various types of financial services to the rural, poor and underserved classes to help them being economically self-reliant. (Registered activity) |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Brand Names : |
Not Divulged |
||||
|
|
|
||||
|
Agencies Held : |
Not Divulged |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Associates LLP Chartered Accountants |
|
Address : |
2E - 606 N G Suncity, Phase II, Thakur Village, Kandivali East, Mumbai 400101, Maharashtra, India |
|
PAN N Income-tax PAN of auditor or auditor's firm : |
AADFB6889R |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : (As on 28.09.2017 ) |
U72900MH2006PLC162656 |
|
|
|
|
Holding Company : (As on 31.03.2016) |
U67190MH2009PLC192391 |
|
|
|
|
Other related parties : (As on 31.03.2016) |
U65921MH1994PTC216496 |
CAPITAL STRUCTURE
After 28.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
INR 10/- each |
INR 1000.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
44579997 |
Equity Shares |
INR 10/- each |
INR 445.800
Million |
|
|
|
|
|
As on 31.03.2016
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
INR 10/- each |
INR 0.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Equity Shares |
INR 10/- each |
INR 0.100 Million |
|
|
|
|
|
As on 31.03.2016
|
Names of Shareholders |
|
No. of Shares |
|
Rajeev Arora |
|
1 |
|
Rishi Gupta |
|
1 |
|
Fino Trusteeship Services Limited (Trustees for FINO Fintech Foundation Trust), India |
|
9998 |
|
Total |
|
10000 |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
0.100 |
0.100 |
0.100 |
|
(b) Reserves & Surplus |
(853.888) |
(384.271) |
(258.426) |
|
(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) |
(853.788) |
(384.171) |
(258.326) |
|
|
|
|
|
|
(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 |
2.730 |
5.161 |
2.882 |
|
Total
Non-current Liabilities (3) |
2.730 |
5.161 |
2.882 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
438.755 |
245.157 |
291.898 |
|
(b) Trade payables |
1514.931 |
1307.857 |
998.179 |
|
(c) Other current liabilities |
1368.069 |
1466.866 |
1827.802 |
|
(d) Short-term provisions |
0.477 |
2.855 |
1.789 |
|
Total
Current Liabilities (4) |
3322.232 |
3022.735 |
3119.668 |
|
|
|
|
|
|
TOTAL |
2471.174 |
2643.725 |
2864.224 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7.537 |
11.591 |
5.138 |
|
(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 |
0.035 |
0.035 |
0.035 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
11.137 |
11.875 |
0.000 |
|
(e) Other Non-current assets |
362.909 |
353.841 |
266.019 |
|
Total
Non-Current Assets |
381.618 |
377.342 |
271.192 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
589.688 |
679.770 |
855.480 |
|
(d) Cash and cash equivalents |
1464.799 |
1546.395 |
1604.425 |
|
(e) Short-term loans and
advances |
5.234 |
11.923 |
6.535 |
|
(f) Other current assets |
29.835 |
28.295 |
126.592 |
|
Total
Current Assets |
2089.556 |
2266.383 |
2593.032 |
|
|
|
|
|
|
TOTAL |
2471.174 |
2643.725 |
2864.224 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
|
SALES |
|
|
|
|
|
Income |
1246.438 |
1445.511 |
1479.635 |
|
|
Other Income |
17.427 |
15.586 |
11.018 |
|
|
TOTAL
|
1263.865 |
1461.097 |
1490.653 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.000 |
0.000 |
0.000 |
|
|
Purchases of Stock-in-Trade |
1457.700 |
1332.209 |
1479.296 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Employees benefits expense |
120.276 |
116.192 |
73.359 |
|
|
Other expenses |
136.607 |
110.290 |
127.239 |
|
|
TOTAL |
1714.583 |
1558.691 |
1679.894 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
(450.718) |
(97.594) |
(189.241) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
13.077 |
22.874 |
5.403 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(463.795) |
(120.468) |
(194.644) |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
5.822 |
5.377 |
1.615 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(469.617) |
(125.845) |
(196.259) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(469.617) |
(125.845) |
(196.259) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
(46961.66 |
(12584.51 |
(19625.85 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(309.728) |
69.206 |
528.724 |
|
Net cash flows from (used in) operating activities |
(313.806) |
(21.137) |
421.874 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
172.68 |
171.65 |
211.03 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
2.11 |
2.13 |
1.73 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
379.33 |
358.33 |
246.29 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
(59.80) |
(8.42) |
(36.83) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
1.34 |
1.14 |
1.09 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
(0.51) |
(0.64) |
(1.13) |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
(3.89) |
(7.87) |
(12.08) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
(0.01) |
(0.03) |
(0.02) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
(34.47) |
(4.27) |
(35.03) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
(37.68) |
(8.71) |
(13.26) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
(19.00) |
(4.76) |
(6.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
55.00 |
32.76 |
75.97 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2016 |
31.03.2015 |
31.03.2014 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.63 |
0.75 |
0.83 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.63 |
0.75 |
0.83 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
(0.35) |
(0.15) |
(0.09) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
4387.55 |
2451.57 |
2918.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.63 |
0.75 |
0.83 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR In
Million |
INR
In Million |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
(258.426) |
(384.271) |
(853.888) |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
(258.326) |
(384.171) |
(853.788) |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
291.898 |
245.157 |
438.755 |
|
Total
borrowings |
291.898 |
245.157 |
438.755 |
|
Debt/Equity
ratio |
(1.130) |
(0.638) |
(0.514) |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
1479.635 |
1445.511 |
1246.438 |
|
|
|
(2.306) |
(13.772) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
1479.635 |
1445.511 |
1246.438 |
|
Profit/(Loss) |
(196.259) |
(125.845) |
(469.617) |
|
|
(13.26%) |
(8.71%) |
(37.68%) |
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 |
Yes |
|
9 |
Promoter’s background |
Yes |
|
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 |
BACKGROUND
Subject (‘the Company’) was incorporated on 23 June 2007,for promoting objects of the nature specified in Section 8, sub-section (1), clause (a) of the Companies Act, 2013 and that it intends to apply its profits if any, or other income in promoting its objects and to prohibit the payment of any dividends to its members. The Company is engaged in providing various types of financial services to the rural, poor and underserved classes to help them being economically self-reliant. The Company was converted into a private limited company during the year.
COMPANY PERFORMANCE
During the period, the Net Revenue of the Company was INR 1263.865 Million as against INR 1445.511 Million in the previous year. The Company has incurred loss of INR 469.617 Million in current year as against loss of INR131.222 Million in previous year.
UNSECURED LOAN
|
UNSECURED LOAN |
31.03.2016 (INR
in Million) |
31.03.2015 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Loans repayable on demand from others |
438.755 |
245.157 |
|
(Unsecured term loan from Fino PayTech Limited @13.5% p.a. interest rate. The loan is repayable on demand.) |
|
|
|
Total |
438.755 |
245.157 |
INDEX
OF CHARGES: NO CHARGES EXIST FOR THE COMPANY
FIXED ASSETS
- Furniture and fixtures
- Office equipment
- Computer equipments
- Leasehold improvements
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 65.12 |
|
|
1 |
INR 92.51 |
|
Euro |
1 |
INR 80.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
SUJ |
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.