|
|
| Product | Quantum (Rs. Cr) | Long Term Rating | Short Term Rating |
| Non Convertible Debentures (NCD) | 100.00 | Not Applicable | Withdrawn | - |
| Total Outstanding | 0.00 | - | - |
| Total Withdrawn | 100.00 | - | - |
|
Rating Rationale |
|
The rating on the Rs. 100.00 Cr. Proposed Non Convertible Debentures is withdrawn without assigning any rating as the Instrument is unutilized and not an outstanding obligation of the company. The rating is being withdrawn on account of the request received from the company as per Acuité’s policy on withdrawal of ratings as applicable to the respective facility/instrument.
|
| About the Company |
|
Kolkata based MPokket Financial Services Private Limited (MFSPL) is RBI registered NBFC and whollyowned subsidiary of Maybright Ventures Private Limited (MVPL). The company is engaged in providing small ticket, short tenure, instant unsecured personal loans to college students, recent graduates, and young salaried professionals. The company commenced its operations in March 2021 and has leveraged the digital platform (owned by MVPL) to scale up its presence across India with outstanding number of loans and portfolio of 67.17 lacs and Rs.714.28 Cr. respectively as on March 31, 2023.
|
| About the Group |
|
Kolkata based MVPL is holding company of MFSPL. It commenced its operations in 2016 and owns and operates “Mpokket app”, through which loans are originated by MFSPL. MVPL is promoted by Mr. Gaurav Jalan who is also part of the board of MVPL and MFSPL. ‘Mpokket app’, presently caters to college students, recent graduates and young salaried professionals. The platform has an active customer base of 18.11 lac borrowers as on March 31, 2023 and loans of approximately ~ Rs.3819.3 Cr. have been originated through this platform in FY23.
|
| Unsupported Rating |
| Not Applicable |
| Analytical Approach |
| Extent of Consolidation - Not Applicable |
| Rationale for Consolidation or Parent / Group / Govt. Support |
| Not Applicable
|
| Key Rating Drivers |
| Strength |
| Not Applicable |
| Weakness |
| Not Applicable |
| ESG Factors Relevant for Rating |
|
Not Applicable
|
| Rating Sensitivity |
| Not Applicable |
| Liquidity Position |
| Not Applicable |
| Outlook |
| Not Applicable |
| Other Factors affecting Rating |
| None |
| Key Financials - Standalone / Originator | ||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
| Key Financials (Consolidated) | ||||||||||||||||||||||||||||||||||||||||
|
||||||||||||||||||||||||||||||||||||||||
| Status of non-cooperation with previous CRA (if applicable) |
| Not Applicable |
| Any Other Information |
| None |
| Applicable Criteria |
|
Application Of Financial Ratios And Adjustments: https://www.acuite.in/viewratingcriteria53.htm
Consolidation Of Companies: https://www.acuite.in/view-rating-criteria-60.htm Default Recognition: https://www.acuite.in/view-rating-criteria-52.htm Non-Banking Financing Entities: https://www.acuite.in/view-rating-criteria-44.htm |
| Note on Complexity Levels of the Rated Instrument |
|
Acuite has categorized such instruments in three levels: Simple, Complex and Highly Complex. Acuite’ s categorisation of the instruments across the three categories is based on factors like variability of the returns to the investors, uncertainty in cash flow patterns, number of counterparties and general understanding of the instrument by the market. It has to be understood that complexity is different from credit risk and even an instrument categorized as 'Simple' can carry high levels of risk. For more details, please refer Rating Criteria “Complexity Level Of Financial Instruments” on www.acuite.in.
|
|
| |
|
|
||||||||||||||||||
|
| |
|
Contacts |
|
|
|
About Acuité Ratings & Research |
