|
|
|
MIRA INFORM REPORT
|
Report No. : |
505490 |
|
Report Date : |
23.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
AVANSE FINANCIAL SERVICES LIMITED (w.e.f. 04.02.2014) |
|
|
|
|
Formerly Known
As : |
AVANSE FINANCIAL SERVICES PRIVATE LIMITED (w.e.f. 12.12.2012) ABHIVRUDDHI HOLDINGS PRIVATE LIMITED |
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|
|
|
Registered Office : |
DHFL House, 1st Floor, 19, Sahar Road, Off. Western Express
Highway, Vile Parle (East), Mumbai – 400099, Maharashtra |
|
Tel. No.: |
91-22-71112233 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
07.08.1992 |
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|
|
|
Com. Reg. No.: |
11-068060 |
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|
|
|
Capital
Investment / Paid-up Capital : |
INR 331.675 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
U67120MH1992PLC068060 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Divulged |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
27AAACA4267A1Z5 |
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|
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TIN No: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
AAACA4267A |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The main object of the Company
is to originate, provide and service loans to Indian student pursuing
education and provide ancillary services in relation to the said business
activity and provide Infrastructure of working capital loan to educational
institute (Education Infrastructure loans). (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject was formed in August 1992 and was known as Abhivruddhi Holdings Private Limited (AHPL). DHFL and the other promoter group entities bought 100% stake in AHPL in July 2012. The company’s name was changed to present one and a new certificate of registration was obtained from the RBI. AFSL is engaged in the business of providing education loan for the purpose of higher studies both in India and abroad and for professional/ executive courses to working professional and also to Education Institutions for their Working Capital and Growth Capital requirements. For the financial year 2017, the company has healthy increased in its revenue from operations as compared to previous year and maintained decent profitability margin of 5.27%. Rating takes into consideration sound financial profile of the company marked by healthy networth base and liquidity position. Further, rating also derives strength from credit enhancement in the form of a ‘Letter of Comfort’ issued by Dewan Housing Finance Corporation Ltd (DHFL), in favour of Avanse Financial Services Ltd’s (AFSL) lenders/investors, key experienced along with resources full promoters and improvement in the revenue as well profitability profile during the year. Trade relations are reported as fair. Business is active. Payments are seems to be regular. In view of aforesaid, the company can be considered for business dealings at usual trade terms and conditions. |
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating : AA+ (SO) |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
05.04.2018 |
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
31-03-2018.
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 23.04.2018.
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 DENIED BY
|
Name : |
Mr. Sanjay |
|
Designation : |
Not Divulged |
|
Contact No.: |
91-22-71112234 |
|
Date : |
21.04.2018 |
Not Working (Tel No.: 91-22-71112233)
LOCATIONS
|
Registered Office : |
DHFL House, 1st Floor, 19, Sahar Road, Off. Western Express
Highway, Vile Parle (East), Mumbai – 400099, Maharashtra, India |
|
Tel. No.: |
91-22-71112233 |
|
Fax No.: |
91-22-71112234 |
|
E-Mail : |
|
|
Website : |
|
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|
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Corporate Office : |
Ground Floor, Madhava, Bandra-Kurla Complex, Bandra (East),
Mumbai-400051, Maharashtra, India |
|
|
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|
Branch Offices : |
Located at :
|
|
|
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|
Sales
Representative Office |
Located at :
|
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Kapilkumar Rajeshkumar Wadhawan |
|
Designation : |
Director |
|
Address : |
Wadhanwan House, Plot No.32/A, Union Park Road, No.05, Bandra (West)
Mumbai-400050, Maharashtra, India |
|
Date of Birth/Age : |
18.10.1973 |
|
Date of Appointment : |
08.07.2013 |
|
DIN No.: |
00028528 |
|
|
|
|
Name : |
Mr. Mahendrakumar Chouhan |
|
Designation : |
Director |
|
Address : |
A/1, Shitala Krupa, 277, L J Road, Mahim (West), Mumbai-400016,
Maharashtra, India |
|
Date of Birth/Age : |
05.12.1955 |
|
Date of Appointment : |
08.07.2013 |
|
DIN No.: |
00187253 |
|
|
|
|
Name : |
Mr. Anoop Kumar Pabby |
|
Designation : |
Director |
|
Address : |
House No. 207, Sector 17 Gurugram-122001, Haryana, India |
|
Date of Birth/Age : |
06.10.1964 |
|
Date of Appointment : |
08.07.2013 |
|
DIN No.: |
01175230 |
|
|
|
|
Name : |
Mr. Suresh Mahalingam |
|
Designation : |
Director |
|
Address : |
8th A, Godrej Waldore, Opposite Millat Nagar, Near Samrath Ashish,
Andheri (West), Mumbai-400053, Maharashtra, India |
|
Date of Appointment : |
16.09.2016 |
|
DIN No.: |
01781730 |
|
|
|
|
Name : |
Mr. Suresh Kumar Jain |
|
Designation : |
Additional Director |
|
Address : |
Flat No. 201-202, Tower D, Ashoka Tower, Dr. S S Rao Road, Parel, Mumbai-400012, Maharashtra, India |
|
Date of Appointment : |
12.10.2017 |
|
DIN No.: |
05103064 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Murarilal Dhanuka |
|
Designation : |
Company Secretary |
|
Address : |
B/11, Lokmanya Shopping Centre Near M.B.M.C., Bhayandar (West), Thane- 401101, Maharashtra, India |
|
Date of Appointment : |
15.07.2016 |
|
PAN No.: |
AKVPD8139L |
|
|
|
|
Name : |
Mr. Amit Gainda |
|
Designation : |
Chief Executive Officer |
|
Address : |
Flat No. 003, Lower First, A Wing, Oberoi Exqusite Dindoshi Village, Goregaon (East), Mumbai-400063, Maharashtra, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No.: |
AAVPG4836F |
|
|
|
|
Name : |
Mr. Rahul Dhanasing Bhapkar |
|
Designation : |
Chief Finance Officer |
|
Address : |
D-8, Royal Arcade, Near Shankar Math Pune - Satara Road, Dhankawadi, Pune-411043, Maharashtra, India |
|
Date of Appointment : |
01.04.2017 |
|
PAN No.: |
AKSPB2907R |
|
|
|
|
Name : |
Sachin Manseta and Associates |
|
Designation : |
Company Secretary |
|
Address : |
145, Naman Plaza, S.V. Road, Kandivai (West), Mumbai – 400062, Maharashtra, India |
|
Mob. No: |
91-9930012128 |
|
Fax. No: |
91-22-28615229 |
MAJOR SHAREHOLDERS
As on 31.03.2017
|
Names of Shareholders |
|
No. of Shares |
|
Dewan Housing Finance Corporation Limited |
|
12197522 |
|
Wadhawan Global Capital Private Limited |
|
14128631 |
|
International Finance Corporation |
|
6633502 |
|
Wadhawan Holdings Private Limited |
|
76754 |
|
Wadhawan Consolidated Holdings Private Limited |
|
42293 |
|
Infill Retail Venture Private Limited |
|
42293 |
|
Kapilkumar Rajeshkumar Wadhawan |
|
22736 |
|
Dheerajkumar Rajeshkumar Wadhawan |
|
22736 |
|
Sonpal Jain |
|
305 |
|
Mohit Chturvedi |
|
305 |
|
Ajay Vazirani |
|
305 |
|
Hemant Bhatia |
|
131 |
|
Total |
|
33167513 |
Equity Share Break up (Percentage of Total Equity)
As on 24.08.2017
|
Category |
Percentage |
|
Promoters (Individual/Hindu Undivided Family-Indian) |
0.14 |
|
Promoters (Bodies corporate) |
79.86 |
|
Public/Other than promoters (Others - International Finance Corporation) |
20.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business
: |
The main object of the Company
is to originate, provide and service loans to Indian student pursuing
education and provide ancillary services in relation to the said business
activity and provide Infrastructure of working capital loan to educational
institute (Education Infrastructure loans). (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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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
· Bank of Maharashtra, 45/47, Mumbai Samachar Marg, Fort, Mumbai-400023, Maharashtra, India · The South Indian Bank Limited, Sib House- 1st Floor266, Linking Road, Bandra (West), Mumbai-400050, Maharashtra, India ·
Syndicate Bank, 2nd Floor, “E” Wing, Maker
Tower, Cuffe Parade, Mumbai- 400005, Maharashtra, India |
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Facilities : |
|
|
Auditors : |
|
|
Name : |
T. R. Chadha and Company LLP Chartered Accountants |
|
Address : |
502, Marathon Icon, Off Ganpatrao Kadam Marg, Opposite Peninsula Corporate Park , Lower Parel, Mumbai-400013, Maharashtra, India |
|
Tel. No: |
91-22-49669000 |
|
Fax. No: |
91- 22-49669023 |
|
Email: |
|
|
Income-tax
PAN of auditor or auditor's firm : |
AAAFT1655Q |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Investing Parties: |
·
Dewan Housing Finance Corporation
Limited ·
Wadhawan Global Capital Private Limited |
|
|
|
|
Enterprise over which person describe in person having influence over
investing parties has significant influence : |
·
Dewan Housing Finance Corporation
Limited ·
DHFL Pramerica Life Insurance Company
Limited ·
DHFL Pramerica Asset Managers Private
Limited |
CAPITAL STRUCTURE
After As on:
24.08.2017
Authorised Capital : INR 1000.000 million
Issued, Subscribed & Paid-up Capital : INR 592.427
million
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
60000000 |
Equity Shares |
INR 10/- each |
INR 600.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
33167513 |
Equity Shares |
INR 10/- each |
INR 331.675
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 |
331.675 |
331.675 |
252.073 |
|
(b) Reserves & Surplus |
1070.830 |
1014.836 |
669.628 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1402.505 |
1346.511 |
921.701 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7426.250 |
4656.250 |
1493.750 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
62.971 |
23.229 |
9.126 |
|
(d) long-term
provisions |
49.570 |
22.569 |
11.470 |
|
Total Non-current
Liabilities (3) |
7538.791 |
4702.048 |
1514.346 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
843.745 |
0.000 |
245.997 |
|
(b) Trade
payables |
14.541 |
7.788 |
1.015 |
|
(c) Other
current liabilities |
810.301 |
271.403 |
116.631 |
|
(d) Short-term
provisions |
1.247 |
0.361 |
0.601 |
|
Total Current
Liabilities (4) |
1669.834 |
279.552 |
364.244 |
|
|
|
|
|
|
TOTAL |
10611.130 |
6328.111 |
2800.291 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
11.106 |
7.598 |
5.053 |
|
(ii)
Intangible Assets |
3.780 |
0.990 |
1.483 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(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) |
13.933 |
7.506 |
0.000 |
|
(d) Long-term Loan and Advances |
9406.184 |
5088.501 |
2307.565 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9435.003 |
5104.595 |
2314.101 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
0.000 |
0.000 |
0.000 |
|
(c) Trade
receivables |
0.000 |
0.000 |
0.000 |
|
(d) Cash
and cash equivalents |
647.569 |
956.600 |
374.007 |
|
(e)
Short-term loans and advances |
518.847 |
262.326 |
110.252 |
|
(f) Other
current assets |
9.711 |
4.590 |
1.931 |
|
Total
Current Assets |
1176.127 |
1223.516 |
486.190 |
|
|
|
|
|
|
TOTAL |
10611.130 |
6328.111 |
2800.291 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
1063.068 |
542.727 |
182.402 |
|
|
Other Income |
57.796 |
40.034 |
15.405 |
|
|
TOTAL
|
1120.864 |
582.761 |
197.807 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Employees benefits expense |
168.053 |
93.461 |
74.946 |
|
|
Contingent provision against
standard assets |
18.484 |
9.939 |
4.742 |
|
|
Provisions for non-performing
assets |
3.656 |
0.285 |
0.000 |
|
|
Other operating expenses |
218.612 |
125.810 |
90.954 |
|
|
TOTAL
|
408.805 |
229.495 |
170.642 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
712.059 |
353.266 |
27.165 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
649.566 |
323.717 |
73.857 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
62.493 |
29.549 |
(46.692) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
5.316 |
3.733 |
2.863 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
57.177 |
25.816 |
(49.555) |
|
|
|
|
|
|
|
Less |
TAX |
1.183 |
(0.984) |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
55.994 |
26.800 |
(49.555) |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
1.69 |
1.06 |
(3.02) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current
Maturities of Long term debt |
|
|
|
|
Term loans from Banks |
680.000 |
197.500 |
81.250 |
|
Total
|
680.000 |
197.500 |
81.250 |
|
Cash generated from operations |
(342.485) |
164.589 |
(106.074) |
|
Net cash flows from operating activities |
(332.726) |
165.946 |
(106.074) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
47.83 |
41.13 |
4.16 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.92 |
0.81 |
0.69 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
6.38 |
3.60 |
1.98 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.19 |
0.21 |
0.40 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.01 |
0.01 |
0.01 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
1.10 |
1.09 |
0.37 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
5.27 |
4.94 |
(27.17) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
0.53 |
0.42 |
(1.77) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
3.99 |
1.99 |
(5.38) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.70 |
4.38 |
1.33 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.70 |
4.38 |
1.33 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.13 |
0.21 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
26.98 |
14.63 |
7.22 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.70 |
4.38 |
1.33 |
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 |
252.073 |
331.675 |
331.675 |
|
Reserves & Surplus |
669.628 |
1014.836 |
1070.830 |
|
Net
worth |
921.701 |
1346.511 |
1402.505 |
|
|
|
|
|
|
long-term borrowings |
1493.750 |
4656.250 |
7426.250 |
|
Short term borrowings |
245.997 |
0.000 |
843.745 |
|
Current maturities of
long-term debts |
81.250 |
197.500 |
680.000 |
|
Total
borrowings |
1820.997 |
4853.750 |
8949.995 |
|
Debt/Equity
ratio |
1.976 |
3.605 |
6.381 |
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 |
182.402 |
542.727 |
1063.068 |
|
|
|
197.544 |
95.875 |
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 |
182.402 |
542.727 |
1063.068 |
|
Profit /(Loss) |
(49.555) |
26.800 |
55.994 |
|
|
(27.17%) |
4.94% |
5.27% |
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 |
Yes |
|
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 |
No |
|
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 |
Yes |
|
21 |
Banking facility details |
Yes |
|
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 two/ 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 |
Yes |
|
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 |
CORPORATE INFORMATION
The Company is a RBI registered Non-Deposit Accepting NBFC. The main object of the Company is to originate, provide and service loans to Indian students pursuing education and provide ancillary services in relation to the said business activity and provide institution or working capital loan to educational institute (Education institution Loans). The Company was initially known as Abhivruddhi Holdings Private Limited. With effect from 12th Dec 2012, the company's name was changed to "Avanse Financial Services Private Limited" and later the name was changed to "Avanse Financial Services Limited" after obtaining necessary approval from the Registrar of Companies. The Debentures of the Company are listed on Bombay Stock Exchange (BSE) during the year, thus the Company has become Debt listed Company. The Company is Systematically Important Non-deposit taking Non-Banking Financial Company ("NBFC").
REVIEW OF BUSINESS
OPERATIONS
During the year, the Company registered a remarkable growth in terms of loan disbursement and total income. Company’s Loan book as on March 31, 2017 was INR 9820.000 Million compared to INR 5300.000 Million in the last financial year registering a growth of 85.28 %. The total income of the Company in the financial year under review was INR 1120.900 Million compared to INR 582.800 Million in the previous year up by 92.33 %. During the financial year ended March 31, 2017, the Company earned a net profit of INR 56.000 Million compared to net profit of INR 26.800 Million in the last financial year. While achieving robust growth, the Company also maintained the quality of its portfolio with Gross Non Performing Loans at 0.29 %.
BUSINESS SCENARIO
The Company is into business of extending Education Loans to Indian students for higher education in India and abroad and Education Institution Loans to educational institutes in India. The Company was conceived with the aim to fulfil the growing need for education finance at reasonable terms, thus enabling every student to pursue their right to an education of their choice and achieve their career goals. The company’s vision is to empower Indian youth in their quest for a better future by propelling their aspirations to a platform which provides the best access to quality education finance.
In India there are more than 50,000 institutions imparting higher education as per All India Survey on Higher Education – 2015-16. Around 34 million students estimated to have enrolled for higher education and the number is increasing at a rapid pace. In the recent years, there have been sudden rise in the number of Indian students going abroad for under graduate and post graduate studies in the top universities. Universities / Institutions around the world are offering various new courses giving opportunities to students to explore their career in other lucrative sectors. Simultaneously, the cost of education is increasing immensely making it difficult for the families to bear the cost from their own funds. Here, the Company play an important role by providing, hassle free, customise, 100% education cost with flexible repayment terms and at best interest rate of interest, Education Loan to Indian students for higher education in India & abroad and help them to fulfil their dreams of studying in the universities they wish to for achieving their career goals. Education loan portfolio of the Company stood at INR 8160.000 Million as on March 31, 2017 compared to INR 4520.000 Million in the previous year registering a growth of 80.53%
A good education requires a good Institute, infrastructure, technologies etc. which need huge funds. Considering the need of the universities, education institutions and to further contribute to achieve the dreams of the students of getting education from best universities, education institutions, the Company extend Education Institution Loans as well. Company’s Education Institution Loan book stood at INR 1660.000 Million as on March 31, 2017 compared to INR 780.000 Million in the previous year registering a growth of 112.82 %.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
In India, the importance of education has increased remarkably in the recent years. Unlike couple of decades ago, students nowadays prefer for going higher education in India or abroad resulting in increase in number of universities / institutions. There are around 800 Universities and around 40000 Institutes that impart higher education. Government of India has undertaken various initiatives for the development of education in the country. One of the factors for the overall economic development of any country is education. More the development in education sector more the country develops. Large population of the country comprise of youth showing keen interest in education in various fields. Accordingly, to meet the demand number of Universities and Institutions are getting opened every year. As a result, the students have more options to evaluate the Universities / Institutions before seeking admission. The course fees are too high making it difficult for parents to source the funds of their own and compel them to go for education loan to finance the education cost. Almost, all the banks in India provide education loan due to its growing demand. They are one of the only Company whose core business is to provide education loan.
OUTLOOK
The number of youth enrolment for higher education is going
upward year on year basis. The enthuse of Indian students to fulfil their
dreams of doing higher education abroad is also increasing rapidly as evident
from the number of students going abroad every year. Though MBA from top Indian
/ foreign universities is still leading the dream education but today’s
generation is willing to explore in different streams instead of doing MBA and
accordingly various courses having huge fees are coming out. The India story
stands at a very interesting juncture today. There are heightened hopes around
the growth prospects of the economy; education is one of the important factors
for overall economic development. Over the span of four years, the Company has
acquired decent expertise in education loan and education institution loan. The
Company has consistently invested in building capabilities to meet the
requirements of the students seeking loan and the market. The Company’s
enviable strength and the opportunities that the market may offer, place the
Company in a unique position to deliver sustainable long term performance over
the years to come.
UNSECURED LOAN
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Long-term
Borrowings |
|
|
|
Non-convertible Subordinated Debentures |
250.000 |
250.000 |
|
Short-term
borrowings |
|
|
|
Commercial papers |
343.745 |
0.000 |
|
Total |
593.745 |
250.000 |
INDEX
OF CHARGES
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Date of Satisfaction |
Amount |
Address |
|
1 |
G76160951 |
100153519 |
CATALYST TRUSTEESHIP LIMITED |
23/01/2018 |
- |
- |
250000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
2 |
G34472431 |
100076251 |
CATALYST TRUSTEESHIP LIMITED |
05/01/2017 |
- |
- |
500000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
3 |
G84152966 |
100039025 |
CATALYST TRUSTEESHIP LIMITED |
23/06/2016 |
18/04/2018 |
- |
15310000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
4 |
G02176337 |
10621043 |
GDA TRUSTEESHIP LIMITED |
20/01/2016 |
30/03/2016 |
- |
200000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
5 |
C69340362 |
10601908 |
GDA TRUSTEESHIP LIMITED |
28/10/2015 |
- |
- |
500000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
|
6 |
G28796522 |
10613502 |
Syndicate Bank |
18/12/2015 |
- |
28/11/2016 |
500000000.0 |
2nd Floor,E WingMaker Tower, Cuffe ParadeMumbaiMH400005IN |
|
7 |
G17302696 |
10613501 |
THE SOUTH INDIAN BANK LIMITED |
18/12/2015 |
- |
10/10/2016 |
250000000.0 |
SIB House- 1st Floor266, Linking Road, Bandra (West)MumbaiMH400050IN |
|
8 |
G15964943 |
10617599 |
Bank of Maharashtra |
08/01/2016 |
- |
04/10/2016 |
500000000.0 |
45/47, MUMBAI SAMACHAR MARGFORTMumbaiMH400023IN |
|
9 |
G11266467 |
100035228 |
CATALYST TRUSTEESHIP LIMITED |
16/06/2016 |
- |
01/09/2016 |
500000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMa411038IN |
|
10 |
G11227758 |
10546786 |
GDA TRUSTEESHIP LIMITED |
03/02/2015 |
- |
01/09/2016 |
500000000.0 |
GDA House, First Floor, Plot No. 85S. No. 94 & 95, Bhusari Colony (Right), KothrudPuneMH411038IN |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Estimated amount of contracts remaining unexecuted on capital account and not provided for (Net of Capital Advances) |
0.330 |
0.163 |
FIXED ASSETS
- Freehold Land
- Leasehold Improvement
- Computers and Computer Hardware
- Office Equipment
- Furniture and Fixture
INTANGIBLE ASSETS
- Software
CMT REPORT (Corruption, Money Laundering
& Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No 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 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 66.02 |
|
|
1 |
INR 92.73 |
|
Euro |
1 |
INR 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
SLK |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--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.