MIRA INFORM REPORT

 

 

Report Date :

06.04.2011

 

IDENTIFICATION DETAILS

 

Name :

AU FINANCIERS (INDIA) PRIVATE LIMITED (w.e.f. 24.05.2005)

 

 

Formerly Known As :

L.N. FINCO GEMS PRIVATE LIMITED

 

 

Registered Office :

19-A Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan

 

 

Country :

India

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.01.1996

 

 

Com. Reg. No.:

17-011381

 

 

CIN No.:

[Company Identification No.]

U36911RJ1996PTC011381

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

JPRL01384F

 

 

PAN No.:

[Permanent Account No.]

AAACL2777N

 

 

Legal Form :

Private Limited Liability Company.

 

 

Line of Business :

Company is primarily engaged in originating and underwriting secured loans for commercial vehicles and SME loans in semi urban and rural areas in Rajasthan, Maharashtra and Gujarat.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. Trade relations are reported as fair. No valuation report has been provided by the company. The networth of the company is acceptable.

 

It would be advisable to take adequate securities while dealing with the subject.

 

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 – April 1, 2010

 

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

A1

A1

 

 

 

 

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

INFORMATION PARTED BY

 

Name :

Mr. Yogesh Jain

Designation :

Manager- Finance

Contact No.:

91-9001111523

Date :

28.03.2011

 

 

LOCATIONS

 

Registered Office :

19-A Dhuleshwar Garden, Ajmer Road, Jaipur – 302001, Rajasthan, India

Tel. No.:

91-141-3910000/ 3910026

Mobile No.:

91-9001111523 (Mr. Yogesh Jain)

Fax No.:

91-141-2368815

E-Mail :

manmohan.parnami@aufin.in

yogesh.jain@aufin.in

account@thefinanciers.com

Website :

http://www.aufin.in

Location :

Owned

 

 

Branches :

Located at:

 

·         Abu Road

·         Ajmer

·         Alwar

·         Banswara

·         Barmer

·         Bhilwara

·         Bikaner

·         Bundi

·         Chaksu

·         Chittorgarh

·         Chomu

·         Churu

·         Dantaramgarh

·         Dausa

·         Deoli

·         Dudu

·         Dungarpur

·         Fatehpur

·         Jaipur

·         Jhalawar

·         Jhunjihunu

·         Jobner

·         Jodhpur

·         Kekri

·         Kota

·         Ketputil

·         Kuchaman City

·         Merta

·         Nagpur

·         Neem Kathana

·         Pali

·         Pratapgarh

·         Rajsamand

·         Renwal

·         Shahpura

·         Shriu Ganganagar

·         Sikar

·         Sirohi

·         Sujangarh

·         Tonk

·         Udaipur

·         Maharashtra

·         Ahmednagar

·         Aurangabad

·         Jalgaon

·         Jaina

·         Kolhapur

·         Nasik

·         Pimpri

·         Pune

·         Satara

·         Thane

·         Ahmedabad

·         Baroda

·         Gandhinagar

·         Himmat Nagar

·         Mehasana

·         Palanpur

·         Patan

·         Rajkot

·         Surat

 

 

DIRECTORS

 

(AS ON 02.08.2010)

 

Name :

Mr. Sanjay Chiranji lal Agarwal

Designation :

Managing Director

Address :

D-111, Yashoda Path Shyam Nagar, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

08.09.1970

Qualification :

CA

Experience :

15 Years

Date of Appointment :

14.02.2008

DIN No.:

00009526

 

 

Name :

Mr. Uttam Tibrewal

Designation :

Executive Director

Address :

C-99, Om Path Shyam Nagar, Jaipur – 302019, Rajasthan, India

Date of Birth/Age :

11.12.1970

Qualification :

B.com

Experience :

15 Years

Date of Appointment :

14.02.2008

DIN No.:

01024940

 

 

Name :

Mr. Krishan Kant Radha Mohan Rathi

Designation :

Director

Address :

B/72, Dakshina Park, Plot NMo. 15, N.S. Road, 10th JVPD Scheme, Mumbai-400049, Maharashtra, India

Date of Birth/Age :

30.12.1961

Qualification :

CA and CS

Experience :

20 Years

Date of Appointment :

23.09.2008

DIN No.:

00040094

 

 

Name :

Mr. Vishal Kumar Gyanendra Kumar Gupta

Designation :

Director

Address :

Flat No. 101/102, Athena Wing, Raheja Acropolis, Behind Telecom Factory, Deonar, Mumbai-400088, Maharashtra, India

Date of Birth/Age :

02.05.1973

Qualification :

B.E and MBA

Experience :

10 Years

Date of Appointment :

29.09.2009

DIN No.:

02368313

 

 

Name :

Mr. Nipin Laxmi Narayan Goyal

Designation :

Director

Address :

SB-158, Bapu Nagar, Jaipur, Rajasthan, India

Date of Birth/Age :

14.11.1965

Date of Appointment :

10.01.1996

Date of Ceasing:

27.04.2010

DIN No.:

00009566

Email :

Injewlry@hotmail.com

 

 

KEY EXECUTIVES

 

Name :

Mr. Manmohan Parnami

Designation :

Company Secretary

Address :

Q. No. 301, Gurunanak Pura, Adarsh Nagar, Jaipur-302004, Rajasthan, India

Date of Birth/Age :

13.11.1979

Date of Appointment :

02.08.2008

PAN No.:

AHFPP5775R

 

 

Name :

Mr. Yogesh Jain

Designation :

Manager- Finance

 

 

Name :

Mr. Manoj Tibrewal

Designation :

Business Head, Maharashtra

 

 

Name :

Mr. Deepak jain

Designation :

Chief Financial Officer

 

 

Name :

Mr. Indrajeet Kumar

Designation :

Assistant Vice President

 

 

Name :

Mr. Sushil Kumar Agarwal

Designation :

Business Head SME and Mortgaged

 

 

Name :

Mr. Ashok Goyal

Designation :

Insurance Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

(AS ON 02.08.2010)

 

Names of Shareholders

 

 

No. of

Equity Shares

 

 

 

Sanjay Agarwal

 

6595646

Chiranjilal Agarwal

 

2290449

Shakuntala Agarwal

 

2274326

Jyoti Agarwal

 

2772163

India Business Excellence Fund, Mumbai, Maharashtra, India

 

100

India Business Excellence Fund-1, Mauritius

 

100

International Finance Corporation, United States of America

 

100

 

 

 

Total

 

13932884

 

 

Names of Shareholders

 

 

No. of

Preference Shares

 

 

 

India Business Excellence Fund-1, Mauritius

 

2700000

India Business Excellence Fund, Mumbai, Maharashtra, India

 

1300000

International Finance Corporation, United States of America

 

3499990

Sanjay Agarwal

 

500000

 

 

 

Total

 

7999990

 

 

(AS ON 30.09.2010)

 

Category

Percentage

 

 

Bodies corporate

0.01

Directors or relatives of Directors

99.99

 

 

Total

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Company is primarily engaged in originating and underwriting secured loans for commercial vehicles and SME loans in semi urban and rural areas in Rajasthan, Maharashtra and Gujarat.

 

 

GENERAL INFORMATION

 

No. of Employees :

Approximately 1000

 

 

Bankers :

·         ICICI Bank Limited,

Landmark Race Cource Circle, Alkapuri, Baroda-390015, Gujarat, India

 

·         IDBI Bank Limited,

IDBI Tower, WTC Complex, Cuffe Parade, Mumbai-400005, Maharashtra, India

 

·         State Bank of Mysore,

Corporate Accounts Branch No. 3, 4 and 5, DDA Buildings, Nehru Place, New Delhi-110019, India

 

·         HDFC Bank Limited

·         Bank of India Limited

·         State Bank of Patiala

·         Central Bank of India

·         Syndicate Bank

·         Axis Bank

·         Dhanalakshmi Bank

·         State Bank of India

·         Andhra Bank

·         Indian Bank

·         Punjab National Bank

·         State Bank of Hyderabad

·         Induslnd Bank

 

 

Facilities :

Secured Loans

31.03.2010

 

31.03.2009

 

 

(Rs. in Millions)

 

 

Term loans

 

 

- HDFC  Bank Limited

25.574

182.353

- IDBI Bank Limited

174.750

233.750

- Bank of India Limited

150.800

0.000

HDFC Bank Limited (Micro Term Loan)

0.000

6.979

State Bank of Patiala (Including interest Rs.0.097 Million, Previous year Rs.0.893 Million)

283.430

50.924

 

 

 

Cash Credit Facilities

 

 

- IDBI Bank Limited

281.343

126.703

HDFC Bank Limited

38.429

0.000

Central Bank of India

126.295

0.000

 

 

 

Total

1080.621

600.709

 

Note:

 

a.       Term Loan and Cash Credit limit from HDFC Bank Limited for onward priority sector lending as per RBI Guidelines is secured by way of hypothecation of related present and future loans assets and book debts. The facilities are collaterally secured against first pari passu charge over the office premises owned by the company and further secured by way of personal guarantee of the managing director of the company.

 

b.       Term loan from IDBI Bank Limited for Micro Enterprises and Priority sector leading is secured by way of hypothecation of related present and future loan assets and receivables. The facilities are collaterally secured against first pari passu charge over the office premises owned by the company and further secured by way of personal guarantee of the managing directors of the company.

 

c.       Term Loan from State Bank of Patiala for onward priority sector leading is secured against hypothecation of related loan asset and receivables and is further collaterally secured against pledge of promoter’s equity Shares ( 2000000 Equity Shares) in the name of  Mr. Sanjay Agarwal (Managing Director). The term loan is further jointly guaranteed by the Managing Director and by a shareholder of the company.

 

d.       Working capital limits from Central Ban of India are secured against hypothecation of receivables on exclusive basis qualifying for priority sector leading. The limit is further guaranteed by the Managing director.

 

e.       Cash Credit limit from IDBI Bank Limited for company’s priority sector leading activity is secured against related loan assets and receivables. The limits is further guaranteed by the Managing Director of the company.

 

f.         Term loan from Bank of India limited is secured against company’s loan assets and related receivables. The limit is further jointly and severally guaranteed by the Managing Director of the company and by a shareholder of the company.

 

Unsecured Loans

31.03.2010

 

31.03.2009

 

 

(Rs. in Millions)

 

 

From Banks

0.000

0.413

 

 

 

Total

0.000

0.413

 

 

 

Banking Relations :

 

 

 

Auditors :

 

Name :

G M Kapadia and Company

Chartered Accountant

Address 1:

1001, Raheja Chambers, 213, Nariman Point, Mumbai – 400021, Maharashtra, India

 

 

Address 2:

S.B-One, Bapu Nagar, J.L.N., Jaipur-302004, Rajasthan, India

Tel. No.:

91-141-2719077/ 2703949/ 4003949

E-Mail :

jaipur@gmkco.com

 

 

Associates/ Subsidiaries :

§            AU Insurance Broking Services Private Limited

Address: F-4, E-164, Neelkanth Apartment, Ramesh Marg, C-Scheme, Jaipur, Rajasthan, India

Activity: Insurance Broking

 

§            Index Money Limited (w.e.f. 30.05.2008)

CIN No.: U67190MH2008PLC180893

Address: 102, Barkha Bahar, Co-operative Housing Society Limited, M.G. Road, Near Hari Niwas Circle, Thane-400602, Maharashtra, India

Activity: Trading

 

 

CAPITAL STRUCTURE

 

(AS ON 31.03.2010)

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

17000000

Equity Shares

Rs.10/- each

Rs.170.000 Millions

8000000

Cumulative Convertible Preference Shares

Rs.100/- each

Rs.800.000 Millions

 

 

 

 

 

Total

 

Rs.970.000 Millions

 

Issued, Subscribed Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13932884

Equity Shares

Rs.10/- each

Rs.139.329 Millions

7999990

Compulsory Convertible Preference Shares

Rs.100/- each

Rs.799.999 Millions

 

 

 

 

 

Total

 

Rs.939.328 Millions

 

Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

13932884

Equity Shares

Rs.10/- each

Rs.139.329 Millions

7499990

Compulsory Convertible Preference Shares

Rs.100/- each

Rs.749.999 Millions

 

Partly Paid up

 

 

500000

Compulsory Preference Shares Rs.100/- each paid up @ 10/- leach

 

Rs.5.000 Millions

 

 

 

 

 

Total

 

Rs.894.328 Millions

 

 

 

 

 

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.12.2010

31.03.2010

31.03.2009

31.03.2008

SHAREHOLDERS FUNDS

 

 

 

 

1] Share Capital

919.328

894.328

300.002

200.002

2] Share Application Money

0.000

0.000

14.600

5.000

3] Reserves & Surplus

542.803

261.223

89.150

37.395

4] (Accumulated Losses)

0.000

0.000

0.000

0.000

NETWORTH

1462.131

1155.551

403.752

242.397

LOAN FUNDS

 

 

 

 

1] Secured Loans

2887.423

1080.621

600.709

19.113

2] Unsecured Loans

450.000

0.000

0.413

0.939

TOTAL BORROWING

3337.423

1080.621

601.122

20.052

DEFERRED TAX LIABILITIES

0.000

0.000

0.000

0.136

 

 

 

 

 

TOTAL

4799.554

2236.172

1004.874

262.585

 

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

77.959

65.242

10.188

9.246

Capital work-in-progress

0.000

0.000

0.000

0.000

 

 

 

 

 

INVESTMENT

38.895

34.237

31.769

70.597

DEFERREX TAX ASSETS

19.240

8.429

3.786

0.000

 

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

 

Inventories
0.000
0.000

0.000

0.000

 

Sundry Debtors
13.274
13.780

24.647

27.273

 

Cash & Bank Balances
912.229
704.645

559.574

106.880

 

Other Current Assets
0.000
0.000

0.000

0.000

 

Loans & Advances
4372.343
1626.404

457.322

75.475

Total Current Assets
5297.846

2344.829

1041.543

209.628

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

 

Sundry Creditors
562.155
21.156

11.437

7.716

 

Other Current Liabilities
0.000
161.442

55.859

16.089

 

Provisions
72.231
33.967

15.116

4.356

Total Current Liabilities
634.386
216.565

82.412

28.161

Net Current Assets
4663.460
2128.264

959.131

181.467

 

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

1.275

 

 

 

 

 

TOTAL

4799.554

2236.172

1004.874

262.585

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

 

31.12.2010

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

 

Operating and Other Income

1091.196

542.700

225.336

128.780

 

 

TOTAL                          (A)

1091.196

542.700

225.336

128.780

 

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

 

Employees Remuneration and Benefits

NA

0.000

45.138

23.919

 

 

Administrative and Other Expenses

NA

254.278

65.007

50.802

 

 

Provisions and Written off

NA

0.000

11.423

7.298

 

 

Prior Period Adjustments

NA

0.000

(0.215)

0.002

 

 

TOTAL                          (B)

NA

254.278

121.353

82.021

 

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)                       (C)

NA

288.422

103.983

46.759

 

 

 

 

 

 

Less

FINANCIAL EXPENSES      (D)

NA

102.180

23.310

2.833

 

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                       (E)

NA

186.242

80.673

43.926

 

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION (F)

NA

4.581

3.053

1.953

 

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)            (G)

424.517

181.661

77.620

41.973

 

 

 

 

 

 

Less

TAX                                               (H)

142.937

63.122

25.866

16.193

 

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)              (I)

281.580

118.539

51.754

25.780

 

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

NA

71.056

29.652

9.028

 

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

 

Statutory Reserve

NA

23.708

10.350

5.156

 

BALANCE CARRIED TO THE B/S

NA

165.887

71.056

29.652

 

 

 

 

 

 

 

Earnings Per Share (Rs.)

 

 

 

 

 

 - Basic

--

11.73

5.18

4.72

 

 - Diluted

--

6.72

3.18

4.59

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.12.2010

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
25.80

21.84

22.97

20.02

 

 
 

 

 

 

Net Profit Margin

(PBT/Sales)

(%)
38.90

33.47

34.45

32.59

 

 
 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
7.90

7.54

7.38

19.18

 

 
 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.29

0.16

0.19

0.17

 

 
 

 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.72

1.12

1.69

0.20

 

 
 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 
8.35

10.83

12.64

7.44

 

 

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

 

OPERATING STATEMENT

 

(RS. IN MILLIONS)

 

Particulars

2011

Estimated

2012

Projected

 

 

 

Gross Sales

1514.173

2202.464

 

 

 

Total

1514.173

2202.464

 

 

 

Less: Excise Duty

--

--

 

 

 

Net Sales

1514.173

2202.464

 

 

 

%age rise/ fall in net sales as compared to previous year

23.499

4.546

 

 

 

Cost of Sales

 

 

Salary

179.718

242.619

Commission

73.535

99.272

Depreciation

9.852

9.852

Sub – Total

263.105

351.743

 

 

 

Add: Opening WIP and FG

--

--

 

 

 

Total

2163.105

351.743

 

 

 

Less: Closing WIP and FG

--

--

 

 

 

Sub- Total

263.105

351.743

 

 

 

Administrative and selling Expenses

156.855

196.069

 

 

 

Sub- Total

419.960

547.812

 

 

 

Operating Profit before interest

1094.213

1654.652

 

 

 

Interest Expenses

419.570

589.523

 

 

 

Profit after interest

674.644

1065.129

 

 

 

Add: Other Incomes

--

--

Less: Provision for Bad Debts

44.547

78.986

Less: Loss on repossessed Goods

--

--

Less: Preliminary Expenses

10.585

11.644

Less: Other non-operating Expenses

--

--

Net

[55.132]

[90.630]

 

 

 

Profit before tax

619.511

974.498

 

 

 

Provision for taxes

207.714

323.728

 

 

 

Net Profit/ loss

411.797

650.770

 

 

 

Dividends (Including Tax)

--

--

 

 

 

Retained Profit

411.797

650.770

 

 

 

Retained Profit/ Net Profit -%

100.00

100.00

 

------------------------------------------------------------------------------------------------------------------------------

 

ANALYSIS OF BALANCE SHEET

 

(RS. IN MILLIONS)

 

Particulars

2011

Estimated

2012

Projected

LIABILITIES

 

 

 

 

 

CURRENT LIABILITIES

 

 

 

 

 

Short term bank borrowings

3300.000

4000.000

(Of which BP and BD)

 

 

 

 

 

Sub Total (A)

 

3300.000

4000.000

 

 

 

Short Term borrowing- others

--

--

 

 

 

Creditors

--

--

 

 

 

Current Liabilities

50.000

65.000

 

 

 

Security Deposits and Payable to Dealers

190.000

205.000

 

 

 

Provision for Doubtful Debt

64.637

143.623

 

 

 

Other Current Liabilities

200.000

240.000

 

 

 

SUB TOTAL (B)

 

504.637

653.623

 

 

 

TOTAL CURRENT LIABILITIES

 

3804.637

4653.623

 

 

 

TERM LIABILITIES

 

 

 

 

 

Debentures

--

--

 

 

 

Creditors for Capital Goods

--

--

 

 

 

Term Loan

1218.699

1136.243

 

 

 

Term Loan

--

--

Term Loan New

--

--

 

 

 

Other Loans

350.000

250.000

 

 

 

TOTAL TERM LIABILITIES

 

1568.699

1386.243

 

 

 

TOTAL OUTSIDE LIABILITIES

 

5373.336

6039.866

 

 

 

NET WORTH

 

 

 

 

 

Share Capital and Premium

992.863

992.863

 

 

 

Share Application Money

--

--

 

 

 

Deferred Tax Liability

--

--

 

 

 

Reserve and Surplus

619.486

1270.256

 

 

 

Net Worth

1612.349

2263.119

 

 

 

TOTAL LIABILITIES

 

6985.684

8302.985

 

 

 

ASSETS

 

 

 

CURRENT ASSETS

 

 

 

 

 

Cash and bank balances

79.229

66.289

 

 

 

Receivables

 

 

- Domestic Receivables

12.500

12.500

 

 

 

Loans

6060.323

7250.416

 

 

 

Bank Deposit

600.000

750.000

 

 

 

Other Current Assets (Loans and Advances)

100.000

100.000

 

 

 

Total Current Assets

 

6852.052

8179.205

 

 

 

FIXED ASSETS

 

 

 

 

 

Gross Block

96.547

96.547

 

 

 

Capital Work in Progress

--

--

 

 

 

Depreciation to date

21.050

30.902

 

 

 

Net Block

75.497

65.645

 

 

 

OTHER NON CURRENT ASSETS

 

 

 

 

 

Long term investments (In Subsidiaries)

35.950

35.950

 

 

 

Other non Current assets

2.945

2.945

 

 

 

Total other non Current Assets

 

38.895

38.895

 

 

 

Miscellaneous Assets

19.240

19.240

 

 

 

TOTAL ASSETS

 

6985.684

8302.985

 

 

 

Tangible Net worth

1593.109

2343.879

 

 

 

Net Working Capital

3047.416

3525.582

 

 

 

Current Ratio

1.80

1.76

 

 

 

Total Outside Liabilities/ Tangible Net worth 

3.39

2.69

 

------------------------------------------------------------------------------------------------------------------------------

 

COMPARATIVE STATEMENT OF CURRENT ASSETS AND CURRENT LIABILITIES

 

(RS. IN MILLIONS)

 

Particulars

2011

Estimated

2012

Projected

A. Current Assets

 

 

 

 

 

Debtors

12.500

12.500

 

 

 

Loans

6060.323

7250.416

 

 

 

Bank deposits

600.000

750.000

 

 

 

Other current Assets

 

 

 - Cash and Bank

79.229

66.289

 - Other Current Assets

100.000

100.000

 

 

 

Total Current Assets

6852.052

8179.205

 

 

 

 

B. Current Liabilities

 

 

 

 

 

Creditors

--

--

 

 

 

Current Liabilities

50.000

50.000

 

 

 

Security deposits and Payables to Dealers

190.000

205.000

 

 

 

Provision for Doubtful Debt

64.637

143.623

 

 

 

Other Current Liabilities

200.000

240.000

 

 

 

Total Current Liabilities

 

504.637

653.623

 

------------------------------------------------------------------------------------------------------------------------------

 

COMPUTATION OF MAXIMUM PERMISSIBLE BANK FINANCE FOR WORKING CAPITAL

 

(RS. IN MILLIONS)

 

Particulars

2011

Estimated

2012

Projected

 

 

 

Total Current Assets

6852.052

8179.205

 

 

 

Other current Liabilities

(Other than bank Borrowings) 

504.637

653.623

 

 

 

Working Capital Gap

6347.416

7525.582

 

 

 

Minimum Situated NWC

(25% of Total Current Assets)

1713.013

2044.801

 

 

 

Actual / Projected net working capital

3047.416

3525.582

 

 

 

Item 3 Minus Item 4

4634.403

5480.781

 

 

 

Item 3 Minus Item 5

3300.000

4000.000

 

 

 

Maximum Permissible Bank Finance

3300.000

4000.000

 

 

 

Excess borrowing representing Shortfall in NWC

--

--

 

------------------------------------------------------------------------------------------------------------------------------

 

FUND FLOW STATEMENT

 

(RS. IN MILLIONS)

 

Particulars

2011

Estimated

2012

Projected

SOURCES

 

 

 

Net Profit

411.797

650.770

Depreciation

9.852

9.852

Increase in Deferred Tax Liabilities

(10.811)

--

Increase in Share Capital and Premium

45.000

--

Increase in Term Liabilities (Including Public Deposits)

584.955

(82.456)

Decrease in Investments

--

--

Preliminary Expenses Written Off

--

--

 

 

 

TOTAL

1040.793

578.166

 

 

 

USES

 

 

 

Decrease in Term Loan

--

--

Increase in Fixed assets

20.101

--

Increase in Misc. Assets

--

--

Increase in Investment

4.658

--

Decrease in Unsecured Loan

(350.000)

100.000

Depreciation written off

0.006

--

 

 

 

TOTAL

 

(325.235)

100.000

 

 

 

Long Term Surplus(+)/ Deficit (-) (1-2)

 

1366.028

478.166

 

 

 

Increase/ Decrease in current assets (as per details given below)

4507.232

1327.152

 

 

 

Increase/ Decrease in Current Liabilities other than bank borrowings

288.071

148.986

 

 

 

Increase/ Decrease in working Capital Gap

4219.161

1178.166

 

 

 

Net Surplus/ Deficit (-) (3-6)

(2853.133)

(700.000)

 

 

 

Increase/ Decrease in bank borrowings

2853.133

700.000

 

 

------------------------------------------------------------------------------------------------------------------------------

 

COMPUTATION OF TOTAL INCOME

 

(RS. IN MILLIONS)

 

Particulars

2010-2011

 

 

 

Income from Business or Profession

 

 

195.928

 

 

 

 

AU Financiers India Private Limited

 

 

 

Profit As per Profit and Loss A/c

 

181.661

 

 

 

 

 

Add:

 

 

 

Donation

 

0.241

 

Depreciation Debited in P and L A/c

 

4.581

 

Donation

 

0.872

 

Provision for Bad debts 

 

12.694

 

Provision for Gratuity

 

0.738

 

Prior Period Expenses

 

0.040

 

Expenses related to exempt Income

 

0.215

 

Loss on Sale of shares

 

0.014

 

Loss on sale of Fixed assets

 

0.188

 

Leaver Encashment u/s 43 B

 

2.173

 

 

 

 

 

Total

 

203.417

 

 

 

 

 

Less:

 

 

 

Donation

0.872

 

 

Dividend

0.810

 

 

Profit on  Mutual Funds

0.191

 

 

Depreciation as per Chart u/s 32

5.616

 

 

 

 

7.489

 

 

 

 

 

Total

 

195.928

 

 

 

 

 

GROSS TOTAL INCOME

 

 

195.928

 

 

 

 

Less: Deductions

 

 

 

u/s 80 G Donation

 

 

 

Restricted According to Income (50%)

0.225

 

 

Eligible Deduction

 

0.113

0.113

 

 

 

 

TOTAL INCOME

 

 

195.815

 

 

 

 

Rounded Off u/s 288 A

 

 

195.815

 

 

------------------------------------------------------------------------------------------------------------------------------

 

NOTE:

 

The Registered office of the company has been shifted from 19-B Dhuleshwar Garden, Jaipur-302001, Rajasthan, India to present address w.e.f. 10.05.2006.

 

------------------------------------------------------------------------------------------------------------------------------

 

OPERATIONS:

 

The year 2009-10 has been year of transformation for the company considering its shift to Own Books model from Channel Business. The disbursements increased by 168.95 per cent form Rs.1541.100 Millions in 2008-09 to Rs.4144.900 Millions in 2009-10. The company’s total assets under management increased by 95 per cent form Rs.2500.000 Millions on 31st March 2009 to Rs.4880.000 Millions on 31st March 2010.

 

Company net profit after tax increased from Rs.51.700 Millions in FY 08-09 to Rs.118.500 Millions in FY 09-10 thereby witnessing sharp rise in profitability of the Company. This was mainly on account of enormous growth shown by Automobile industry 26% on YoY basis.

 

The company continued to one of largest retail financiers in Rajasthan for commercial vehicles segment, SRTO (Small Road and Transport Operators) in addition to financing of cars and perused vehicles during the year. Company also focuses to enhance it’s reach in rural and semi urban area by diversifying it’s financing portfolio through financing to SME segment and secured loans for small businesses.

 

The company provide services to it’s customers through wide network of branches and local recruited employees for managing and developing customer relationship.

 

The company has been growing over the past years of the foundations of dedicated customer services, fair business practices and efficient, safe and trusted financial policies. It continues to maintain the highest standards of integrity through excellence in service. During 2009-10, AU Financiers entered into 15272 new contracts. On a cumulative basis, number of customer contracts increased by 57.15 per cent from 26733 in 2008-09 to 41995 in 2009-2010.

 

AU Financiers is having it’s presence in every nook and corner or Rajasthan state through network of 52 Branches and Spoke locations. Company plans to replicate it’s business model of Rajasthan rural and semi-urban markets across Maharashtra and Gujarat in coming year to broaden and deepen its reach to the customers. Accordingly, new branches were added during 2009-10 its network, taking the total as on 31-05.2010 to 84

 

 

CAPITAL ADEQUACY

 

Consequent upon the infusion of share capital by IFC (International Finance Corporation) and allotment of equity shares on a preferential basis, the paid-up Equity shares capital of the company has increased to Rs.894.300 Millions as on date from Rs.300.000 Millions as on 31st March, 2009. The premium account stood at Rs.53.500 Millions as compared to Nil last year.

 

------------------------------------------------------------------------------------------------------------------------------

 

Contingent Liabilities not provided for:

 

i)                     Corporate Guarantee/ undertaking on assignment of Loans assets : Rs.911.759 Millions (Previous year Rs.227.269 Millions)

 

ii)                   Corporate Guarantee/ undertaking in case of Channel business activity: Rs.1284.890 Millions (Previous year Rs.1463.990 Millions.)

 

iii)                  Other Corporate Guarantee : Rs.50.000 Millions (Previous year Rs. Nil)

 

------------------------------------------------------------------------------------------------------------------------------

 

Bankers Charges Report as per Registry

 

Corporate identity number of the company

U36911RJ1996PTC011381

Name of the company

AU FINANCIERS (INDIA) PRIVATE LIMITED

Address of the registered office or of the principal place of  business in India of the company

19-A Dhuleshwar Garden, Jaipur-302001, Rajasthan, India

Manmohan.parnami@aufin.in

This form is for

Creation of Charge

Type of charge

Book Debts

Particular of charge holder

State Bank of Mysore,

Corporate Accounts Branch No. 3, 4 and 5, DDA Buildings, Nehru Place, New Delhi-110019, India

nehruplace@sbm.co.in

Nature of instrument creating charge

Agreement for Cash Credit Dated 22.12.2010

Date of instrument Creating the charge

22.12.2010

Amount secured by the charge

Rs.250.000 Millions

Brief of the principal terms an conditions and extent and operation of the charge

Rate of Interest

12% p.a.

 

Terms of Repayment

Repayable on Demand

 

Margin

25%

 

Extent and Operation of the charge

Hypothecation of specific present and future book debts to the extent of 133% of Bank’s outstanding liability

Short particulars of the property charged

Hypothecation of Specific Present and Future Book Debts to the Extent of 133% of Bank’s Outstanding Liability.

 

------------------------------------------------------------------------------------------------------------------------------

 

FIXED ASSETS:

 

·         Land

·         Building

·         Plant and Machinery

·         Motor Cars

·         Computer and Softwares

·         Furniture and Fixtures

·         Office Equipments

 

------------------------------------------------------------------------------------------------------------------------------

 

WEBSITE DETAILS:

 

COMPANY PROFILE:

 

Subject one of the fastest growing Rajasthan based Non Banking Finance Company, is an outcome of the professional entrepreneurship of its Founder Sanjay Agarwal and his highly experienced and competent management team. Their focus and passion is to establish a high quality, customer centric and Service Driven finance company catering and valuing the smallest needs of people of India. The association of the company with the finest pedigree investors reflects company’s sustainable growth and synergies.

 

Company is a Systematically Important Non Deposit Accepting NBFC as classified by RBI, in Rajasthan.


The company is very well known by the name of “The Financiers”


The Concepts of Corporate Social Responsibility are embedded in the blood of the organization and integrated in the activities. The Company has a apparition to be preferred financier.

 

 

HISTORY:

 

Formerly In 1996, the Company was incorporated in the name an style of L.N. Finco Gems Private Limited and started providing financial services like Public Issue Management, Merchant Banking Services, and Vehicle Loans. In the year 2005, it changed its the name to Au Financiers (India) Private Limited. They are the top most NBFCs and the only “Systematically Important Asset Finance Company” registered with the Reserve Bank of India in Rajasthan.

 

The first years, saw a tremendous growth as we disbursed Rs.1500.000 Millions worth of loans. This was soon followed by strategic relationships with HDFC, IDBI, Central Bank of India and many others. With regular inputs and investments from the investors, They gradually expanded the reach to the State of Maharashtra and Gujarat.

 

 

MILESTONE:

 

1997-2003: In just the first few years from inception, they disbursed Rs.1500.000 Millions in vehicle loans, SME loans, etc

 

2003-2005: Exhibiting fabulous unlimited potential and quick growth prospects, they entered into the channel business with a strategic relationship with HDFC bank

 

2007-2008: This was an immensely crucial year for the company as Motilal Oswal Private Equity Advisors Private Limited infused Rs.200.000 Millions worth of equity and strategic acumen on board.

 

 

BOARD OF DIRECTORS:

 

Mr. Sanjay Agarwal, Managing Director

 

He is a Chartered Accountant by qualification and the Promoter of the Company. With over 15 years of experience, he’s the major driving force behind the success of the company. Mr. Agarwal’s role in company includes Strategizing Finance, Corporate Planning, and Risk Management.

 

His areas of expertise are finance, law, credit and risk analysis and customer service. Over the years, he has built long-term relationships based on Trust, Integrity, and Conviction.

 

He believes that: Only with self-confidence, integrity, and undying passion can one be successful. It is only through effective delegation that one can value a person and reward his/ her competency.

 

 

Mr. Uttam Tibrewal, Executive Director

 

Mr. Tibrewal spearheads the business development functions of the Company He is also actively involved in the human resource management and strategic relationship activities of company. With 15 years of experience in the retail industry, he has been leveraging his expertise in the finance sector for over a decade.

 

He specializes in retail marketing, Manufacturers, Dealers and Customer relationship management, and operations.

 

 

Mr. Krishan Kant Rathi, Director

 

Mr. Rathi is the Chairman of Audit and Corporate Governance and Nominations Committee of the company. Presently, the CEO of Future Group, he has held senior positions at RPG Group and Rajan Raheja Group, too.

 

He is a Chartered Accountancy and a Company Secretary by qualification, and uses his two decades of experience to offer invaluable guidance and mentorship to company.

 

 

Mr. Vishal Kumar Gupta, Director

 

Mr. Gupta is presently the Vice-President in MOPEAPL and represents IBEF on the board of the company. For over a decade, he has been an expert in business planning, joint ventures, mergers and acquisitions, fund raising through private equity, corporate governance, treasury management, etc.

 

With an MBA degree from Chicago, he has worked with the UBS Investment Bank, Moody’s Investors Services and HDFC Limited.

 

 

INVESTOR RELATION:

 

International Finance Corporation (IFC)

 

An Introduction

 

International Finance Corporation, a member of World Bank Group, is a dynamic organization, relentlessly focusing on creating opportunities for the public to break free from poverty, towards improved lives.

 

Established in 1956, IFC is promoting sustainable private sector investment in developing countries as a way to reduce poverty and improve people's lives. Being a member of the World Bank Group and being headquartered in Washington DC., IFC shares the primary objective of all World Bank Group institutions, i.e. to improve the quality of the lives of people in its developing member countries.

 

The Partnership

 

IFC’s investment in Au financiers will help expand lending to the low-income, unbaked, and underserved customers. This alliance has enabled us to strengthen our business model and expand our services significantly.

Accolades for IFC.

 

IFC is the largest multilateral source of loan and equity financing for private sector projects in the developing world. It promotes sustainable private sector development primarily by:

§            Financing private sector projects and companies located in the developing world.

§            Helping private companies in the developing world mobilize finance form the international markets.

§            Providing advice and technical assistance to businesses and governments.

 

IFC’s Activities

 

Private sector financing is IFC's main activity, and in this respect is a profit-oriented financial institution (and has never had an annual loss in its 50-year history). Like a bank, IFC lends or invests its own and borrowed funds to its customers and makes a sufficient risk-adjusted return on its global portfolio of projects.

 

IFC provides both investment and advisory services. IFC also carries out technical cooperation projects in many countries to improve the investment climate. These activities may be linked to a specific investment project, or, increasingly, to broader goals such as improving the legislative environment for a specific industry. IFC's technical cooperation projects are generally funded by donor countries or through IFC's own budget.

 

IFC's Advisory Services focus on five core areas:

§            Access to Finance

§            Business Enabling Environment

§            Environmental and Social Sustainability

§            Infrastructure Advisory

§            Corporate Advice

Advisory services to expand access to finance (A2F) often accompanies IFC's financial investments, and includes assistance to banks and specialized financial institutions for improving their ability to provide financial services to micro, small, and medium enterprises.

 

IFC's operations are carried out by its departments, most of which are organized by world region or global industry/ sector. IFC has over 3,400 staff, of which 51% work in field offices and 49% at headquarters in Washington, D.C.

 

IFC - A member of the World Bank Group

 

The World Bank, established in 1944, is headquartered in Washington, is made up of two unique development institutions owned by 186 member countries: the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA). Each institution plays a different but collaborative role in advancing the vision of inclusive and sustainable globalization.

 

The World Bank is a vital source of financial and technical assistance to developing countries around the world. Their mission is to overcome poverty with passion and professionalism for lasting results and to help people help themselves and their environment by providing resources, sharing knowledge, building capacity and forging partnerships in the public and private sectors.

 

Their work is complemented by that of the International Finance Corporation (IFC), Multilateral Investment Guarantee Agency (MIGA) and the International Centre for the Settlement of Investment Disputes (ICSID).

IFC is the only international financial institution focused exclusively on the private sector, the engine of sustainable development in emerging markets. Along with IBRD, it is currently seeking a capital increase to strengthen its ability to serve its purpose.

 

 

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

Indian Rupees

US Dollar

1

Rs.44.45

UK Pound

1

Rs.71.59

Euro

1

Rs.63.01

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

-

NB

                                       New Business

 

-

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.