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%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image002.jpg){kind=small}
%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image004.jpg)
%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image006.gif)
MIRA
INFORM REPORT
|
Report No. : |
492706 |
|
Report Date : |
20.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
FIRST DATA (INDIA) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
74, Kalpataru Square, Off Andheri Kurla Road, Kondivita Lane, Andheri
(East), Mumbai-400059, Maharashtra |
|
Mob. No.: |
91-9167220914 [Office] |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
08.06.2006 |
|
|
|
|
Com. Reg. No.: |
11-162543 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 1391.706
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U64203MH2006PTC162543 |
|
|
|
|
IEC No.: |
Not Divulged |
|
|
|
|
GST No.: |
27AAACF9898A1ZD |
|
|
|
|
TIN No.: |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACF9898A |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business
: |
Subject carry on in the business Providing data processing and back office processing services in relation to payment card transactions to card issuer companies and to provide services in relation to payment card transactions switching and acquiring and processing debit, credit card related payment transactions and stored value card transactions for acquiring institutions and merchants. [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 : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject was incorporated in the year 2006. It is a subsidiary of
Paysys Europe BV, Netherlands. As per the financial records of 2017, the company has achieved a
decent growth in its revenue as compared to the previous year and has earned
a fair profitability margin. The weak financial profile of the company is reflected by huge
accumulated losses which has eroded the net worth. Business is active. Payment seems to be slow. In view of aforesaid, the company can be considered for business
dealings on safe secured trade terms and condition. |
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
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 20.02.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-9167220914]
[91-22-39846865/ 9989638510 is continuously ringing]
[91-22-67206111 is incorrect number]
[91-22-42294843/ 67254940 does not exist]
LOCATIONS
|
Registered Office : |
74, Kalpataru Square, Off Andheri Kurla Road, Kondivita Lane, Andheri
(East), Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9167220914 [Office] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Rajan Verma |
|
Designation : |
Director |
|
Address : |
Flat No. G-1202, Oberoi Splendor JVLR, Jogeshwari (East),
Mumbai-400060, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1973 |
|
Qualification : |
Graduation |
|
Date of Appointment : |
30.09.2016 |
|
PAN No.: |
AAIPV7743F |
|
DIN No.: |
03031165 |
|
|
|
|
Name : |
Mr. Sumit Chopra |
|
Designation : |
Director |
|
Address : |
B-1104, Oberoi Splendor, JVLR Opp Majas Bus Depot Andheri
East, Jogeshwari (East), Mumbai-400060, Maharashtra, India |
|
Date of Birth/Age : |
22.10.1973 |
|
Qualification : |
Graduation |
|
Date of Appointment : |
25.01.2017 |
|
PAN No.: |
ADUPC5566G |
|
DIN No.: |
07082038 |
KEY EXECUTIVES
|
Name : |
Mr. Rajan Verma |
|
Designation : |
Chief Financial Officer (KMP) |
|
Address : |
Flat No. G-1202, Oberoi Splendor JVLR, Jogeshwari (East),
Mumbai-400060, Maharashtra, India |
|
Date of Birth/Age : |
21.10.1973 |
|
Qualification : |
Graduation |
|
Date of Appointment : |
21.10.2015 |
|
PAN No.: |
AAIPV7743F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
Paysys International Inc., USA |
3862016 |
2.78 |
|
First Data Asia Pte Limited (formerly Papsys Asia Pte Limited),
Singapore |
500 |
0.00 |
|
Papsys Europe BV, Amsterdam |
135308102 |
97.22 |
|
|
|
|
|
Total |
139170618 |
100.00 |
AS ON: 28.09.2017
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Promoters – Body Corporate |
100.00 |
|
|
|
|
Total |
100.00 |
%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image008.gif)
BUSINESS DETAILS
|
Line of Business : |
Subject carry on in the business Providing data processing and back office processing services in relation to payment card transactions to card issuer companies and to provide services in relation to payment card transactions switching and acquiring and processing debit, credit card related payment transactions and stored value card transactions for acquiring institutions and merchants. [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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||||
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Imports : |
Not Divulged |
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||||
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Terms : |
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||||
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Selling : |
Not Divulged |
||||
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|
|
||||
|
Purchasing : |
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 : |
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Facilities : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
SR Batliboi and Company LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 2 9 Senapati Babat Marg, Dadar, Mumbai- 400028, Maharashtra, India |
|
PAN No.: |
AALFS0506L |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company : |
Paysys Europe BV, Netherlands |
|
|
|
|
Ultimate Holding
Company : |
First Data Corporation Inc. |
|
|
|
|
Fellow Subsidiary Companies
: |
· First Data Development India Private Limited · First Data (Singapore) Pte Limited · First Data Asia Pte Limited (Earlier known as Paysys Asia Pte. Limited) · First Data Resources Australia Limited · ICICI Merchant Services Private Limited, India [U74140MH2009PTC194399] · Paysys International Inc. · First Data Asia Processing · First Data Resources Limited (Previously FDR U.K. Limited) · First Data Technologies Inc. · First Data Slovakia Sro. · First Data Deutschland Gmbh · First Data Merchant Solutions Private Limited · First Data Merchant Services · Omnipay Limited · First Data Resources LLC · First Data Hellas Processing Services and Holdings SA · First Data Korea · First Data Cono Sur · Telecheck Service Inc. · First Data Resources Limited UK · First Data Development Private Limited, India [U72900DL2013PTC254710] · Star Processing Inc. · Paysys Europe BV |
CAPITAL STRUCTURE
AFTER: 28.09.2017
Authorised Capital : INR
1700.000 Million
Issued, Subscribed & Paid-up Capital : INR 1560.193 Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
INR 10/- each |
INR 1500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
139170618 |
Equity Shares |
INR 10/- each |
INR 1391.706
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 |
1391.706 |
1391.706 |
1287.737 |
|
(b) Reserves and Surplus |
(1437.715) |
(1678.924) |
(1502.050) |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
93.456 |
93.456 |
93.456 |
|
Total
Shareholders’ Funds (1) + (2) |
47.447 |
(193.762) |
(120.857) |
|
|
|
|
|
|
(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 |
45.598 |
19.350 |
15.110 |
|
Total Non-current
Liabilities (3) |
45.598 |
19.350 |
15.110 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
1310.360 |
890.722 |
861.383 |
|
(c) Other
current liabilities |
29.386 |
35.157 |
22.000 |
|
(d) Short-term
provisions |
0.000 |
158.875 |
121.735 |
|
Total Current
Liabilities (4) |
1339.746 |
1084.754 |
1005.118 |
|
|
|
|
|
|
TOTAL |
1432.791 |
910.342 |
899.371 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
160.103 |
137.698 |
119.399 |
|
(ii)
Intangible Assets |
129.054 |
72.069 |
121.474 |
|
(iii) Tangible assets
capital work-in-progress |
205.241 |
45.745 |
16.997 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d)
Long-term loans and advances |
38.740 |
34.090 |
21.506 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
533.138 |
289.602 |
279.376 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
459.937 |
235.173 |
182.502 |
|
(d) Cash and
bank balances |
125.255 |
43.645 |
105.380 |
|
(e)
Short-term loans and advances |
291.727 |
305.756 |
293.307 |
|
(f) Other
current assets |
22.734 |
36.166 |
38.806 |
|
Total
Current Assets |
899.653 |
620.740 |
619.995 |
|
|
|
|
|
|
TOTAL |
1432.791 |
910.342 |
899.371 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Total
Revenue from operations |
2163.612 |
1252.108 |
929.623 |
|
|
Other Income |
287.130 |
19.712 |
10.751 |
|
|
TOTAL |
2450.742 |
1271.820 |
940.374 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employee benefit expense |
944.796 |
571.664 |
406.564 |
|
|
Other expenses |
1081.176 |
726.476 |
682.707 |
|
|
Prior period items |
(4.644) |
7.836 |
59.757 |
|
|
TOTAL |
2021.328 |
1305.976 |
1149.028 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
429.414 |
(34.156) |
(208.654) |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
429.414 |
(34.156) |
(208.654) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
188.205 |
234.211 |
270.229 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
241.209 |
(268.367) |
(478.883) |
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
241.209 |
(268.367) |
(478.883) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export Earnings |
2.006 |
125.282 |
0.000 |
|
|
TOTAL EARNINGS |
2.006 |
125.282 |
0.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
|
|
|
|
Basic |
1.73 |
(2.06) |
(4.92) |
|
|
Diluted |
1.62 |
(2.06) |
(4.92) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
Net cash flows from (used in) operations |
507.168 |
6.349 |
(201.494) |
|
|
|
|
|
|
Net cash flows from (used in) operating activities |
506.739 |
(27.621) |
(275.969) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
77.59 |
68.55 |
71.66 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
4.70 |
5.32 |
5.09 |
|
|
|
|
|
|
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) |
0.87 |
(0.13) |
(0.81) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.94 |
1.19 |
1.12 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
28.24 |
(5.60) |
(8.32) |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
10.42 |
(1.32) |
(2.13) |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.00 |
0.00 |
0.00 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.15 |
(21.43) |
(51.51) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
16.83 |
(29.48) |
(53.25) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
508.38 |
138.50 |
396.24 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.67 |
0.57 |
0.62 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.67 |
0.57 |
0.62 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.03 |
(0.21) |
(0.13) |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.67 |
0.57 |
0.62 |
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 |
1287.737 |
1391.706 |
1391.706 |
|
Reserves & Surplus |
(1502.050) |
(1678.924) |
(1437.715) |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
93.456 |
93.456 |
93.456 |
|
Net
worth |
(120.857) |
(193.762) |
47.447 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Current maturities of
long-term debts |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image010.gif)
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 |
929.623 |
1252.108 |
2163.612 |
|
|
|
34.690 |
72.798 |
%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image012.gif)
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 |
929.623 |
1252.108 |
2163.612 |
|
Profit/ (Loss) |
(478.883) |
(268.367) |
241.209 |
|
|
(51.51
%) |
(21.43
%) |
11.15
% |
%20PRIVATE%20LIMITED%20-%20492706_MIRA%2020-Feb-2018_files/image014.gif)
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 |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
Yes |
|
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 |
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 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 |
INDEX OF CHARGES: NO
CHARGES EXISTS FOR COMPANY
CORPORATE INFORMATION
First Data (India) Private Limited (the 'Company') is a private limited company incorporated in India on June 8, 2006. The main object of the Company is to carry out the business of providing data processing and back office processing services in relation to payment card transactions to card issuer companies and to provide services in relation to payment card transactions switching and acquiring and processing debit, credit card related payment transactions and stored value card transactions for acquiring institutions and merchants.
The Company has entered into agreements with certain banks for providing data processing and back office processing services in relation to their credit card transactions and managing their Automated Teller Machines (ATMs). The Company receives service fees in relation to the services rendered by the Company, pursuant to such agreement, which has been disclosed under Note 14 as Revenue from operations. The Company uses the software platform belonging to its parent group to render such data processing services. Further, to render services to its customer, the Company avails the services of personnel located at the data service centres of its parent group entities outside India. Accordingly, the service charges incurred by the Company in respect of credit card transactions have been recorded as servicing cost and implementation charges.
During the year, the Company has made profits / (loss) from operations amounting to INR 241.209 Million (March 31, 2016: (INR 268.367 Million)). This has resulted into total accumulated loss of INR 1625.535 Million (March 31, 2016: INR 1866.743 Million). First Data International Luxembourg IV s.a.r.l. - the parent of the Company's immediate parent Company, has confirmed that it will provide continuing financial support to the Company so as to enable it to continue its operations and settle its obligations. The management has reasonable expectation that the Company will continue to be in existence for the foreseeable future and, accordingly, the management has prepared the financial statements on a going concern basis.
REVIEW OF BUSINESS OPERATIONS AND FUTURE
PROSPECTS
The Directors wish to present the details of business operations done during the year:
a. Profitability: They are working on improving the profitability of the Company by expanding the issuing business and by enhancing the client base and are in discussions at various stages for this purpose. Further, the Company is also working on increasing the size of outsourcing portfolio with new offshoring projects from its Group Entities. Last year they started finance and accounting off shoring work from the Group Entities and is scaling up well.
b. Sales: They have developed a strong sales pipeline supported by various factors such as growth in cards usage by population and also certain Government driven initiatives such as digital India, Cashless and broadening the base for cards usage. Since last year we have started to increase our sales coverage on the ground and some senior members are being hired in the sales team and is scaling up well.
c. Marketing and Market environment: Markets for cards issuing business is growing backed by various factors such as growth in cards usage by population and also certain Government led initiatives such as digital India, Cashless and broadening the base for cards usage.
d. Future Prospects including constraints affecting due to Government policies: They are expecting expansion in card issuing business on account of increased efforts by RBI towards the promotion of payment banks and encouragement of cashless environment by Government.
FIXED ASSETS:
Tangible 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, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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 63.91 |
|
UK Pound |
1 |
INR 90.31 |
|
Euro |
1 |
INR 80.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
SAV |
|
|
|
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
IND |
SCORE FACTORS
|
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 |
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.