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|
MIRA INFORM REPORT
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Report No. : |
504431 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
TIMESOFMONEY PRIVATE LIMITED (w.e.f. 18.03.2015) |
|
|
|
|
Formerly Known
As : |
TIMESOFMONEY LIMITED TIMES OONLINE MONEY LIMITED |
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Registered
Office : |
4th Floor, B Wing, Reliable Tech Park, Thane Belapur Road,
Navi Mumbai – 400708, Maharashtra |
|
Tel. No.: |
91-22-39638200 / 30988371 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
08.05.2000 |
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Com. Reg. No.: |
11-126353 |
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Capital
Investment / Paid-up Capital : |
INR 137.758 Million |
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|
|
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CIN No.: [Company Identification
No.] |
U67190MH2000PTC126353 |
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IEC No.: [Import-Export Code No.] |
Not Divulged |
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GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
AABCC3034A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is a digital payment service provider serving retail and institutional customers across the globe. It provides a wide spectrum of offerings including retail online remittances, specialized NRI Services, a managed white-label remittance platform and an online payment gateway. [Registered Activity] |
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No. of Employees
: |
Information denied 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 : |
Good |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 2000 and is a wholly-owned subsidiary of “Network International Investment PTE Limited, Singapore”. It is a digital payment service provider serving retail and institutional customers across the globe. For the financial year 2017, the company has achieved revenue growth
of 1.50% as compared to the previous year but has incurred operational loss. Rating takes into consideration the sound risk profile of the company
is marked by adequate networth base along with comfortable debt coverage
indicators due to very low balance sheet profile. Rating also takes into account the support that company receives from
its holding entity backed by its well experienced management team. Payment seems to be slow but correct. In view of aforesaid, 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
31-03-2018.
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 21.04.2018
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
Management Non-Cooperative (91-22-39638200)
LOCATIONS
|
Registered Office : |
4th Floor, B Wing, Reliable Tech Park, Thane Belapur Road,
Navi Mumbai – 400708, Maharashtra, India |
|
Tel. No.: |
91-22-39638200/ 30988371 |
|
Fax No.: |
91-22-30988347 |
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E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2018
|
Name : |
Mr. Samar Vijay Pupala |
|
Designation : |
Director |
|
Address : |
259/A, Pupala Sadan, 2nd Floor, No 4, Dr.
A. B. Road, Opposite Century Bazar, Prabhadevi, Mumbai – 400025, Maharashtra,
India |
|
Date of Appointment : |
15.09.2017 |
|
DIN No.: |
01841531 |
|
|
|
|
Name : |
Mr. Bishwaroop Ghosh |
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Designation : |
Director |
|
Address : |
4A-031, Kalpataru Estate, Building No.4 CHS
Limited, JVLR, Andheri (East), Mumbai – 400093, Maharashtra, India |
|
Date of Appointment : |
15.09.2017 |
|
DIN No.: |
02610874 |
|
|
|
|
Name : |
Mr. Rohit Malhotra |
|
Designation : |
Director |
|
Address : |
Villa 207, 388 Al Barshaa Dubai 4487, United Arab Emirates |
|
Date of Appointment : |
15.09.2017 |
|
DIN No.: |
07083491 |
KEY EXECUTIVES
|
Name : |
Sweta Vipinchandra Sawant |
|
Designation : |
Company Secretary |
|
Address : |
Shree Ganesh Society, B/503, New MHB
Colony, Gorai, Near Don Bosco School, Borivali (West), Mumbai – 400091,
Maharashtra, India |
|
Date of Birth/Age : |
18.07.1988 |
|
Date of Appointment : |
25.01.2018 |
|
PAN No.: |
BUBPS5747J |
MAJOR SHAREHOLDERS
AS ON 31.03.2017
|
Names of Shareholders |
No. of Shares |
|
Network International Investment Pte. Limited, Singapore |
13775847 |
|
Network International LLC (Nominee of Network International Investment PTE Limited) |
1 |
|
|
|
|
Total |
13775848 |
Equity Share Break up (Percentage of Total Equity)
AS ON 29.09.2017
|
Category |
Percentage |
|
Promoters [Bodies
corporate] |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is a digital payment service provider serving retail and institutional customers across the globe. It provides a wide spectrum of offerings including retail online remittances, specialized NRI Services, a managed white-label remittance platform and an online payment gateway. [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
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Suppliers : |
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Customers : |
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No. of Employees : |
Information denied by the management |
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Bankers : |
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Facilities : |
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Auditors : |
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|
Name : |
Deloitte Haskins
and Sells LLP Chartered
Accountants |
|
Address : |
India Bulls
Finance Centre, Tower 3, 27th-32nd Floor, Senapati
Bapat Marg, Elphinstone Road (West) , Mumbai – 400013, Maharashtra, India |
|
PAN No.: |
AACFD4815A |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : |
· Network International Investment PTE Limited, Singapore |
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Ultimate Holding
Company : |
· Network International LLC, United Arab Emirates |
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Subsidiaries : |
· Times of Money Inc, United States · TimesofMoney Pty Limited, Australia · TimesofMoney UK Limited, United Kingdom · TOM Middle East FZ-LLC, United Arab Emirates |
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|
|
|
Fellow Subsidiary
company : |
·
Tom Technology Services Private Limited |
CAPITAL STRUCTURE
AS ON 29.09.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13775848 |
Equity Shares |
INR 10/- each |
INR 137.758 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
137.758 |
137.758 |
137.758 |
|
(b) Reserves & Surplus |
459.457 |
522.457 |
560.665 |
|
(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) |
597.215 |
660.215 |
698.423 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
3.580 |
8.075 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
182.947 |
230.404 |
33.503 |
|
(d) Long-term
provisions |
10.142 |
16.829 |
13.110 |
|
Total Non-current
Liabilities (3) |
196.669 |
255.308 |
46.613 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
0.000 |
0.000 |
68.722 |
|
(c) Other current
liabilities |
236.952 |
263.379 |
242.034 |
|
(d) Short-term
provisions |
37.077 |
81.845 |
117.328 |
|
Total Current
Liabilities (4) |
274.029 |
345.224 |
428.084 |
|
|
|
|
|
|
TOTAL |
1067.913 |
1260.747 |
1173.120 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
51.329 |
52.746 |
47.595 |
|
(ii)
Intangible Assets |
41.594 |
33.925 |
35.873 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
36.011 |
30.375 |
24.301 |
|
(b) Non-current Investments |
10.353 |
10.353 |
5.080 |
|
(c) Deferred tax assets (net) |
7.202 |
5.004 |
2.851 |
|
(d)
Long-term Loan and Advances |
84.135 |
90.333 |
69.076 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
230.624 |
222.736 |
184.776 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
47.388 |
89.526 |
36.427 |
|
(d) Cash
and cash equivalents |
667.411 |
784.526 |
847.585 |
|
(e)
Short-term loans and advances |
89.957 |
116.751 |
44.370 |
|
(f) Other
current assets |
32.533 |
47.208 |
59.962 |
|
Total
Current Assets |
837.289 |
1038.011 |
988.344 |
|
|
|
|
|
|
TOTAL |
1067.913 |
1260.747 |
1173.120 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
229.982 |
226.588 |
536.713 |
|
|
Other Income |
117.340 |
115.919 |
221.263 |
|
|
TOTAL |
347.322 |
342.507 |
757.976 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
132.458 |
120.514 |
273.185 |
|
|
CSR expenditure |
1.130 |
0.000 |
0.000 |
|
|
Other expenses |
131.767 |
110.950 |
410.807 |
|
|
Exceptional items before tax |
108.076 |
112.833 |
0.000 |
|
|
TOTAL |
373.431 |
344.297 |
683.992 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
(26.109) |
(1.790) |
73.984 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.530 |
0.317 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(26.639) |
(2.107) |
73.984 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
38.560 |
36.566 |
54.349 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(65.199) |
(38.673) |
19.635 |
|
|
|
|
|
|
|
Less |
TAX |
(2.200) |
(0.466) |
12.189 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(62.999) |
(38.207) |
7.446 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
(4.57) |
(2.77) |
0.54 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.748 |
0.681 |
0.000 |
|
Cash generated from operations |
NA |
NA |
NA |
|
Net cash flows from (used in) operations |
(117.037) |
(77.056) |
101.391 |
|
Net cash flows from (used in) operating activities |
(130.396) |
(99.275) |
76.668 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
75.21 |
144.21 |
24.77 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.85 |
2.53 |
14.73 |
|
|
|
|
|
|
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) |
(0.20) |
(0.02) |
0.69 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.26 |
0.28 |
0.36 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.01 |
0.01 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.46 |
0.52 |
0.61 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.22 |
0.18 |
0.15 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
(49.26) |
(5.65) |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
PAT to Sales ((PAT
/ Sales) * 100) |
% |
(27.39) |
(16.86) |
1.39 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(5.90) |
(3.03) |
0.63 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(10.55) |
(5.79) |
1.07 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
3.06 |
3.01 |
2.31 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
3.06 |
3.01 |
2.31 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.56 |
0.52 |
0.60 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.03 |
0.06 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
3.06 |
3.01 |
2.31 |
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 |
137.758 |
137.758 |
137.758 |
|
Reserves & Surplus |
560.665 |
522.457 |
459.457 |
|
Net
worth |
698.423 |
660.215 |
597.215 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
8.075 |
3.580 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
0.000 |
0.681 |
0.748 |
|
Total
borrowings |
0.000 |
8.756 |
4.328 |
|
Debt/Equity
ratio |
0.000 |
0.013 |
0.007 |
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 |
536.713 |
226.588 |
229.982 |
|
|
|
(57.782) |
1.498 |
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 |
536.713 |
226.588 |
229.982 |
|
Profit/ (Loss) |
7.446 |
(38.207) |
(62.999) |
|
|
1.39
% |
(16.86
%) |
(27.39
%) |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
137.758 |
137.758 |
|
(b) Reserves and Surplus |
|
443.254 |
624.307 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
(d) Minority interest |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
581.012 |
762.065 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
3.579 |
8.075 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long-term
liabilities |
|
32.828 |
33.178 |
|
(d) long-term
provisions |
|
10.142 |
16.829 |
|
Total Non-current
Liabilities (3) |
|
46.549 |
58.082 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
|
531.677 |
543.930 |
|
(b) Trade
payables |
|
60.472 |
72.545 |
|
(c) Other
current liabilities |
|
250.522 |
241.135 |
|
(d) Short-term
provisions |
|
43.220 |
91.218 |
|
Total Current
Liabilities (4) |
|
885.891 |
948.828 |
|
|
|
|
|
|
TOTAL |
|
1513.452 |
1768.975 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
51.341 |
52.746 |
|
(ii)
Intangible Assets |
|
41.596 |
33.950 |
|
(iii) Tangible assets
capital work-in-progress |
|
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
|
36.394 |
40.323 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
11.860 |
7.096 |
|
(d)
Long-term loans and advances |
|
84.420 |
295.832 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
225.611 |
429.947 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
0.000 |
0.000 |
|
(c) Trade
receivables |
|
48.847 |
20.718 |
|
(d) Cash and
bank balances |
|
1116.133 |
1223.831 |
|
(e)
Short-term loans and advances |
|
90.328 |
47.271 |
|
(f) Other
current assets |
|
32.533 |
47.208 |
|
Total
Current Assets |
|
1287.841 |
1339.028 |
|
|
|
|
|
|
TOTAL |
|
1513.452 |
1768.975 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
|
294.250 |
334.171 |
|
|
Other Income |
|
121.482 |
118.463 |
|
|
TOTAL |
|
415.732 |
452.634 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
|
165.682 |
144.390 |
|
|
CSR expenditure |
|
1.130 |
0.000 |
|
|
Other expenses |
|
276.517 |
198.534 |
|
|
Exceptional items |
|
119.914 |
74.027 |
|
|
Extraordinary items |
|
(0.001) |
1.686 |
|
|
TOTAL |
|
563.242 |
418.637 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
(147.510) |
33.997 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
0.530 |
0.316 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
(148.040) |
33.681 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
38.695 |
36.599 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
(186.735) |
(2.918) |
|
|
|
|
|
|
|
Less |
TAX |
|
(4.435) |
(1.747) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
|
(182.300) |
(1.171) |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
(13.23) |
(0.09) |
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 |
No |
|
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 digital payment service provider serving retail and institutional customers across the globe. It was established in 2001, it provides a wide spectrum of offerings including retail online remittances, specialized NRI Services, a managed white-label remittance platform and an online payment gateway. It provides these services through its websites viz. Remit2India, Window2India, Klinnk, DirecPay and OutRemit.
OPERATING PERFORMANCE, ONGOING PROJECTS AND
STATE OF AFFAIRS:
The Company has entered into a Scheme of Arrangement (the Scheme) between TOM Technology Services Private Limited and their respective Shareholders, to demerge its Remittance Technology Business to TOM Technology Services Private Limited. Honble National Company Law Tribunal granted approval for the Scheme on 3rd May, 2017, and pursuant to the Scheme, Company has transferred its Remittance Technology Business related assets including customer information, business contracts, intellectual property, software applications, employees, etc., to TOM Technology Services Private Limited and has discontinued its Remittance Technology Business and there being a change in nature of the business of the Company, during the year.
The performance of the remaining business in the company was largely flat on account of a large contract (approximately INR 300.000 million) with Sibton (Central Bank of Ghana) although signed and agreed, could not be executed due to the regime change in Ghana. Hence, income from operations stood at INR 230.000 million for the year compared to INR 226.600 million for the previous year.
Due to the restructuring and resources being spent on establishing the proof of concept with the Central Bank of Ghana, profits for the year after tax from continuing operations (INR 45.100 million) were lesser compared to the previous year (INR 74.600 million).
During the year the company saw its payments platforms being deployed at Visa, Google, Dubai Government. Its platforms at SBI and its own franchise Direcpay saw a significant scale up in transactions processed. All together 1,30,05,065 transactions were processed during the year across all its deployments compared to 77,63,543 transactions in the previous year, thereby registering a growth of 68%. This is a testimony to the robustness of the Companies fintech capabilities.
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
NKT |
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.