F Mec International Financial Services Limited (BSE: **539552**) is a **New Delhi-based** Non-Banking Financial Company (**NBFC-ND**) registered with the **Reserve Bank of India (RBI)** since **September 11, 1998** (Registration No. **B-14.01129**). The company is currently undergoing a transformative phase, rebranding as **Dhvija Finance Limited** to reflect its evolution into a technology-driven "Digital Finco." The company specializes in providing credit solutions to retail, SME, and corporate segments, with a strategic pivot toward **Electric Vehicle (EV) financing** and **MSME lending**. --- ### **Strategic Pivot and Future Growth Drivers** The company is transitioning from a traditional loan company to a tech-enabled financial services provider through strategic partnerships and niche market targeting: * **EV Financing (Finayo Partnership):** Collaborating with **Finayo**, an **AI-powered SaaS** platform, the company aims to disburse **₹25 Crores** by **June 2026** for E-rickshaws and E-two-wheelers, supporting sustainable transportation. * **Salary Advances (Twinsalary Partnership):** Partnering with **Twinsalary** to provide personal loan advances to employees, with a disbursement target of **₹35 Crores** by **June 2026**. * **Digital Underwriting:** Implementation of a **proprietary rule engine** and technology-driven underwriting to ensure rapid disbursement and efficient credit assessment. * **Geographic Expansion:** Established a new operational base in **Malad (West), Mumbai** (June 2025) to support scaling operations beyond its Delhi headquarters. --- ### **Diversified Lending Portfolio** The company mitigates risk through a multi-asset class lending model: | Segment | Target Audience | Key Features | | :--- | :--- | :--- | | **Retail & Consumer** | Individuals | Tailored loans based on creditworthiness and repayment capacity. | | **EV Loans** | Personal & Corporate | Financing for green mobility with flexible repayment terms. | | **SME & MSME Lending** | Small Businesses | Term loans and working capital for entities facing traditional banking hurdles. | | **Corporate Credit** | Industrial Concerns | Capital for strategic initiatives, expansion, and liquidity management. | | **Specialized Lending** | Salaried/Investors | **Advance Against Salary** for emergencies and **Loans Against Securities**. | | **Mortgages** | Property Owners | Secured lending against real estate assets. | --- ### **Financial Performance and Scale** The company has demonstrated exponential growth in revenue and asset size over the last three fiscal years. | Metric (₹ in Crore) | FY 2024-25 | FY 2023-24 | FY 2022-23 | | :--- | :---: | :---: | :---: | | **Total Net Revenue** | **6.64** | **3.75** | **1.05** | | **Profit After Tax (PAT)** | **1.62** | **0.776** | **0.246** | | **Total Net Advances** | **23.77** | **13.41** | **4.70** | | **Total Liabilities** | **27.40** | **14.95** | **5.48** | **Key Financial Observations:** * **Profitability:** PAT grew by **108.7%** in FY 2024-25. * **Asset Growth:** Total advances surged by approximately **77%** in the most recent fiscal year. * **Reserve Management:** In compliance with **Section 45-IC of the RBI Act**, the company transferred **₹32.37 Lakhs** to its **Special Reserve** (representing **20%** of net profits). * **Dividend Policy:** The Board currently **ploughs back 100% of profits** into core operations to fund aggressive expansion. --- ### **Capital Structure and Regulatory Compliance** The company is actively strengthening its balance sheet to meet the **RBI** mandate for NBFCs to achieve a **Net Owned Fund (NOF)** of **₹10.00 Crores** by **March 31, 2027**. * **Net Worth:** Reported at **₹12.27 Crores** as of September 30, 2024. * **Authorized Capital:** Increased from **₹10 Crore** to **₹15 Crore** in January 2026. * **Preferential Allotment:** Allotted **57,91,068** shares at **₹13.50** per share (including a **₹3.50** premium) in 2023 to boost paid-up capital. * **Borrowing Limits:** Shareholders approved an increase in borrowing limits to **₹80.00 Crores** to support working capital and NCD issuances. * **Stock Split & Bonus:** Proposed a **1:5 stock split** (Face Value from **₹10** to **₹2**) followed by a **1:10 bonus issue** to enhance equity liquidity and broaden the retail investor base. --- ### **Governance and Management** The company is governed by a professional board with a focus on regulatory adherence and strategic oversight. * **Leadership:** **Mr. Apoorve Bansal** (Managing Director) and **Mr. Kabeer Choudhary** (Executive Director). * **Board Composition:** Five Directors, including **three Independent Directors**. * **Committees:** Includes Audit, Stakeholder Relationship (Chaired by **Mr. Somesh Kumar**), and Risk Management Committees. * **Auditors:** **M/s. KSJ & Co.** appointed for a **5-year term** starting September 2025. * **Exemptions:** Due to its current size (Paid-up capital < **₹10 Cr**; Net Worth < **₹25 Cr**), the company is exempt from certain **SEBI (LODR)** disclosures, such as Related Party Transaction filings. --- ### **Risk Profile and Mitigation** The company maintains a robust framework to navigate the competitive and regulated NBFC landscape. * **Legal Contingency:** In **March 2025**, a **Provisional Attachment Order** was confirmed against shares held by a Promoter, **Mr. Manoj Kumar Jain**, under the **PMLA**. Management has clarified this involves **personal assets** and does not impact company operations or financials. * **Credit & Market Risk:** Managed through diversified asset classes and a **zero-exposure** policy toward foreign exchange or equity price fluctuations (no hedging/forex transactions). * **Regulatory Headwinds:** The company is adapting to **RBI’s** increased risk weights for unsecured lending and new **IT Governance** directions (2024) to mitigate cyber risks. * **Operational Risks:** Addressed through an **Internal Financial Control System** and a dedicated **POSH Committee** (presided over by **Ms. Renuka Chouhan**) to ensure workplace ethics. * **Macroeconomic Factors:** Management monitors the **cost of funding** and **inflationary pressures** that may impact borrower demand.