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Athena Financial Services Ltd.

BSE: 511718 Sector: Financials
NSE: N.A. ISIN Code: INE139C01014
BSE 05:30 | 01 Jan Athena Financial Services Ltd
NSE 05:30 | 01 Jan Athena Financial Services Ltd

Athena Financial Services Ltd. (ATHENAFINSERV) - Company History

The company was initially promoted by Kinetic Engineering Ltd (KEL) and 20th Century Finance Corporation Ltd (TCFC), in the prospectus issued at the time of public issue which opened on 18th January 1995, In February 1998 KEL bought over shareholding of TCFC, resulting in change of management of the company. As a result the name of the company has been changed to Kinetic Fincap Ltd (KFL) and in May 2004,again the name of the company has been changed from Kinetic Fincap Ltd to Kinetic Finance Ltd.In June 2004,the name of the company has been changed again from Kinetic Finance Ltd to Athena Financial Services Ltd. KFL was incorporated in Aug.'90 as a public company. It has its registered head office at Pune and 10 branch offices all over the country. The main objective of the joint venture was to provide finance for the various brands of two-wheelers manufactured by the Kinetic group -- by drawing upon the experience and financial skills of 20th Century Finance Corporation, and the tremendous goodwill and market presence of Kinetic Engineering, which provides a vast captive market. For the last four years, it has been providing hire-purchase finance for two-wheelers, trucks, cars and consumer durables. The company made a rights issue in Nov.'94. It has also came out with an issue in Jan.'95 to expand its existing activities and also increase its borrowing capacities. These issues have significantly reduced the company's dependence on short-term loans. The company has now fully shifted its focus to financing two wheelers, the implementation of the aforesaid decision has been started since February, 1998. During the year 2000, as per the scheme of amalgamation of Kinetic Capital Finance Ltd and Kinetic Lease and Finance Ltd with the company, it is proposed to change the name of the company to Kinetic Finance Ltd inorder to reflect the operations carried out by the company. The company's Non-Convertible Debentures and Fixed Deposit has been rated as AA- by Credit Analysis & Research Ltd.The number of vehicles the company had financed till March 2001 was 70904 vehicles. The Company has tie up arrangements with renowned private sector banks viz ICICI Bank Ltd and UTI Bank Ltd. In November 2002 the Company executed Joint Venture agreement with Kinetic Engineering Ltd, Kinetic Motor Company Ltd and Associates India Financial Services Ltd (part of Citigroup) for providing convinient financing agreement for the customers of Kinetic two wheelers. The Company is also planning to distribute other finance products like car loans, credit cards, personal loans, consumer durables etc. The Company has also entered into an Administration and Service agreement with Bajaj Allianz General Insurance Company Ltd to funtion as service providers.