| Experienced management team
The extensive experience of the promoters and senior management team, with the addition of independent directors, should continue to support the business. Mr. Manoj V Mathew joined Wizzmoni Financial Services Limited (Erstwhile Unimoni Financial Services Limited) (WFSL) in 2005 and currently serves the Company as its Chief Financial Officer. He is responsible for the overall financial strategy and direction at Unimoni. Within finance, he guides the Financial controls, Treasury, Secretarial functions, Accounting, Taxation, Administration and Audit functions to pursue the company’s aggressive growth strategy. Mr. Manoj is a commerce Graduate from MG University and an alumnus of Institute of Chartered Accountants of India (ICAI). Mr Ranjith Babu is an extensively experienced professional with 23+ years of experience in Anti Money Laundering, Operations Management, Compliance, Risk Management, Accounts, Audit, Statutory & Regulatory Compliance. Ranjith holds an MBA and is a certified AML & KYC Specialist. Mr Titus has been with WFSL since 2008 and has rich experience in retail loans domain - Gold Loan, Vehicle Loan, Personal Loan. Since 2020, he has been heading the Gold Loan Department of the Company. Titus is a Graduate in Commerce from the Mahatma Gandhi University. Mr. Prakash Bhaskar is part of WFSL since 2005 and has risen up the ranks from a Branch Manager at the Chinnakada Branch to the National Business Head for Forex Business of the company. He has rich experience in the sales and operations of Foreign Exchange, Treasury, FX Prepaid Instruments, Remittances and Bank note. Mr Prakash is an Economics graduate and has also done his Post-Graduation in Marketing Management with a Diploma in Cooperative Banking. Mr. John George is heading the Tours & Travel Business of the company and is in charge of Travel & Holidays business of WFSL, which includes products such as Air Tickets, Holidays and VISA services. He is entrusted with bring up business through retail branches, B2B agents and B2C digital channels.
Acuite believes that company will continue to benefit from the extensive experience of the promoters and management team.
Healthy growth in Disbursements
The company’s disbursements have gained traction as reflected by FY25 disbursements of Rs. 622.53 Cr. as against Rs. 524.81 Cr. in FY24; Rs. 484.45 Cr. during H1FY26. Loan against gold contributes ~98 percent to the total POS followed as on September 30, 2025. The company’s AUM has increased to Rs. 316.27 Cr. as on March 31, 2025 as compared to Rs. 304.65 Cr. as on March 31, 2024; Rs. 377.90 Cr. as on September 30, 2025.
Acuité believes that going forward the ability of the company to maintain comfortable asset quality and growth momentum in AUM will be key rating sensitivity.
Improvement in asset quality metrics
The company reported Nil GNPA and NNPA as on September 30, 2025 and March 31, 2025 as compared to 3.49 percent and 1.93 percent, respectively, as on March 31, 2024. This is attributed to the minimal exposure of Secured Business loan book at Rs. 8.09 Cr. as on September 30, 2025 (~ 2 percent of the loan portfolio as on September 30, 2025). The on-time portfolio has improved from 67.78 percent as on March 31, 2024 to 71.74 percent as on March 31, 2025; 77.42 percent as on September 30, 2025.
Going forward, the company’s ability to maintain asset quality metrics while profitably scaling up operations would be a key monitorable.
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| Earlier Promoter Background albeit RBI approval received for change in ownership
UAE exchange was founded by B.R Shetty in 1980 and grew to become one of the leading global remittance and foreign exchange companies. Finablr the parent company was created to consolidated Shetty’s financial services businesses including UAE Exchange, Travelex and others. In 2020 Finablr a parent company of UAE Exchange disclosed hidden debts leading to severe financial distress. UAE exchange had to suspend operations due to the financial turmoil and subsequent regulatory investigations. BR Shetty faced numerous lawsuits from creditors and investors seeking to recover their funds. Regulatory authorities in UAE and UK launched investigation into financial irregularities and potential fraud within Finablr. Though no borrowings of WFSL had defaulted, the company had voluntarily repaid the external borrowings of approximately Rs 680 cr + on time by running down the loan book. By Dec 2020, the company became debt-free as a part of revival of the troubled Finablr group, the ownership of Finablr was transferred completely to Prism Group led by Mr. Amir Nagammy who is an investor in Technology and Financial Services. Consequentially, WFSL sought approval of RBI for Change of Control in December 2021 and got final approval in Apr 2023. Major equity of WFSL was moved to new division, Wizz Financials which is formed to consolidate Financial Services Business under Prism Group. WFSL is a subsidiary of WizzPay India Holdings Ltd (75% as on September 30, 2025), an entity under the Wizz Financial Group and headquartered in the Abu Dhabi Global Market. RBI approval for acquisition of 99.999 percent of Wizzmoni Financial Services Limited (Erstwhile Unimoni Financial Services Limited) (WFSL) by Wizzpay India Holdings Ltd was received on June 02, 2025.
Deterioration in earning profile
The company reported a PAT of Rs. 9.32 Cr. during FY25 as compared to Rs. 30.98 Cr. during FY2024. This can be majorly attributed to a reduction in the fee and commission income from the forex business division due to the impact of dip in movement of students and migrating population due to geopolitical issues on outward remittances, a decline in volumes compared to the previous financial year, and the new RBI regulatory guidelines governing the proportion of foreign currency bulk purchases to retail sales. The revenue from this business decreased from Rs. 122.01 Cr. during FY2024 to Rs. 108.74 Cr. during FY2025. The PAT for H1FY2026 stood at Rs. 10.05 Cr.
Acuité believes that WFSL’s ability to improve its financial performance while scaling-up its operations would remain key monitorable.
Geographical concentration risks
WFSL's major concentration is in the state of Telangana and Tamil Nadu with exposure of ~54 percent as on September 30, 2025. The company’s AUM has increased to Rs. 316.27 Cr. as on March 31, 2025 as compared to Rs. 304.65 Cr. as on March 31, 2024; Rs. 377.90 Cr. as on September 30, 2025. Thus, the company's performance is expected to be sensitive to highly competitive business of lending against gold and the occurrence of events such as natural calamities, which may adversely impact the credit profile of the borrowers. The company has plans to expand its scale of operations in the existing geographies.
Acuite believes that geographical concentration coupled with improved earning profile will continue to weigh on the company’s credit profile.
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