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News & Announcements

05-Sep-2023

Mahindra Rural Housing Finance goes live on Nucleus Software's FinnOne Neo™

18-Aug-2023

Mahindra Rural Housing Finance reports standalone net loss of Rs 22.51 crore in the June 2023 quarter

20-Apr-2023

Mahindra Rural Housing Finance reports standalone net loss of Rs 25.93 crore in the March 2023 quarter

14-Feb-2023

Mahindra Rural Housing Finance standalone net profit declines 78.82% in the December 2022 quarter

No Data Found For News.

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Share Holding

Category No. of shares Percentage
Total Foreign
Total Institutions
Total Govt Holding
Total Non Promoter Corporate Holding
Total Promoters
Total Public & others 0 0
Total
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About

Chairman Speech

Company History

Directors Reports

DIRECTORS

TO THE SHAREHOLDERS

Your Directors have pleasure in presenting their Seventh Report together with the audited accounts of your Company for the year ended 31st March, 2014.

FINANCIAL RESULTS Amount in Lacs

Particulars March 2014 March 2013
Income 21,252.10 14,040.02
Less: Finance Costs 8,898.96 5,555.86
Expenditure 8,529.71 5,635.36
Depreciation and Amortisation Expenses 143.22 108.26
Total Expenses 17,571.89 11,299.48
Profit Before Tax 3,680.21 2,740.54
Less: Provision for Tax
Current Tax 1,309.67 870.34
Deferred Tax (337.31) (161.58)
Profit/(Loss) for the year 2,707.85 2,031.78
Profit/(Loss) brought forward from previous year 1,837.09 899.57
Amount available for Appropriation 4,544.94 2,931.35
Appropriations:
Special Reserve 820.00 555.00
Additional Special Reserve (u/s 29C of NHB Act, 1987) 5.00 5.00
General Reserve 68.00 -
Proposed dividend on Equity Shares 612.98 457.14
Income-tax on proposed dividend 104.18 77.12
Surplus carried to Balance Sheet 2,934.78 1,837.09

OPERATIONS

During the year under review the total income was Rs. 212.52 crores as against Rs. 140.40 crores for the financial year 2012-13, registering a growth of 51% over the previous year. Profit before tax was 34% higher at Rs. 36.80 crores as compared to Rs. 27.41 crores for the previous year. Profit after tax was 33% higher at Rs. 27.08 crores as compared to Rs. 20.32 crores for the previous year.

Your Company has disbursed loans aggregating Rs. 630.56 crores (previous year Rs. 432.85 crores) achieving a growth of 45% over the previous year. The outstanding loan portfolio as at 31st March, 2014 stood at Rs. 1,354.97 crores.

Your Company continued its focus on serving customers in rural India. Majority of the loans disbursed were to customers in villages with an average annual household income of less than Rs. 1.5 lakhs. During the year under review, around 57,000 households were given home loans (in addition to around 1,25,000 existing households as on 31st March, 2013).

Your Company has been expanding its geographical presence, to provide affordable services for rural households. During the year under review, operations were strengthened in the states of Maharashtra, Gujarat, Rajasthan, Tamilnadu, Andhra Pradesh, Kerala, Karnataka, Madhya Pradesh and Bihar.

DIVIDEND

Your Directors recommend a dividend of Re. 1.10 per Equity Share on 6,57,37,137 Equity Shares of Rs.10 each, aggregating Rs. 6.13 crores (including proportionate dividend on 2,00,22,857 Equity Shares allotted during the year). The above dividend, if approved, will be paid to those Members whose names appear in the Register of Members as on the Record Date fixed for this purpose. The dividend including dividend distribution tax, surcharge and education cess will absorb a sum of Rs. 7.17 crores (as against Rs. 5.35 crores (including tax) on account of dividend of Re. 1 per Equity Share, paid for the previous year).

GOLDEN JUBILEE RURAL HOUSING FINANCE SCHEME

During the year under review, your Company has disbursed Rs. 410.83 crores in respect of 55,680 dwelling units under the Golden Jubilee Rural Housing Finance Scheme ("the Scheme") of Government of India. The cumulative disbursements by the Company at the end of the year under the Scheme stood at Rs. 1,405.10 crores in respect of 1,78,038 dwelling units.

FINANCE

During the year under review, your Company has been sanctioned Refinance Assistance of Rs. 125 crores from National Housing Bank (NHB). As on 31st March, 2014 the outstanding borrowings from NHB cumulatively amounted to Rs. 297.64 crores.

During the year under review, your Company has been sanctioned Term loans of Rs. 200 crores from banks for tenures of three to five years. As on 31st March, 2014 the outstanding borrowings from Banks amounted to Rs. 737.52 crores.

SHARE CAPITAL

During the year under review, your Company has issued 2,00,22,857 Equity Shares of Rs. 10 each at a premium of Rs. 15 per share on rights basis envisaging capital infusion of Rs. 50.06 crores. An amount of Rs. 12.5 per share (including premium of Rs. 7.5 per share) on 2,00,22,857 equity shares aggregating to Rs. 25.03 crores has been called and paid-up during the year out of the said rights issue.

CREDIT RATING

During the year under review, CRISIL has upgraded its rating on the long-term bank facilities of the Company to 'CRISIL AA-/Stable' from 'CRISIL A+/Stable' and reaffirmed the rating on short term debt programme (including commercial paper) of the Company at 'CRISIL A1+'.

OUTLOOK FOR THE FINANCIAL YEAR 2014-15

The business potential for the Housing Finance Industry in India is large. According to a World Bank report of 2008, Housing Loans outstanding, as a percentage of the country's GDP were just 9% for India as compared to 88% in the U.K., 81% in the U.S.A. and 20% in China. According to the 2011 census, close to 69% of the Indian population lives in rural areas. Your Company's strategic decision to focus on Rural Housing Finance stems from the low overall penetration of the housing finance industry and the even lower penetration in rural India.

The Government of India has been taking steps directly and through the NHB to bridge the housing shortage and increase access to housing finance in rural areas. These steps will help the Company to boost its growth.

ACHIEVEMENTS

During the year under review, your Company was awarded for various prestigious recognitions at National & International level. A few of those were:

• Awarded Bronze for "Product Excellence" in the "Global CSR Summit & Awards 2013" in April 2013, held in Davao, Philippines.

• Won the Skoch 'Order of Merit' for qualifying amongst 'India's best - 2013' for corporate contribution to India's growth post liberalization in November 2013.

• Awarded the "Gold" award in the Housing category at the Skoch Awards for Corporate Leadership 2013.

• Awarded the 'Most Admired Service Provider in Financial Sector' by the Banking, Financial Services & Insurance Awards presented by ABP News on 14th February, 2014.

CAPITAL ADEQUACY

Consequent upon the allotment of Equity Shares issued on a Rights basis, the paid-up share capital of the Company has increased to Rs. 55.73 crores as on 31st March, 2014 from Rs. 45.71 crores as on 31st March, 2013. The securities premium account has also been credited with Rs. 14.97 crores. As a result of the increased net worth, your Company was able to enhance the Capital to Risk Assets Ratio (CRAR) to 16.05 per cent as on 31st March, 2014 well above 12 per cent CRAR prescribed by the NHB.

NON-PERFORMING ASSETS AND PROVISIONS FOR CONTINGENCY

Your Company scrupulously adheres to the prudential guidelines for Non-Performing Assets (NPAs), issued by NHB under its Housing Finance Companies (NHB) Directions, 2010, as amended from time to time. Your Company has made adequate provision for the assets on which installments are overdue for more than 90 days and on other assets, as required.

NATIONAL HOUSING BANK GUIDELINES

Your Company has complied with all the applicable regulations of NHB. Your Company has scrupulously adhered to various Circulars, Guidelines and Notifications issued by NHB from time to time. The Circulars and the Notifications issued by NHB are also placed before the Board at regular intervals. NHB carries out inspections of various Housing Finance Companies at regular intervals. The Inspection Reports received by the Company from NHB are also placed before the Board.

INSURANCE PROTECTION TO BORROWERS

Your Company has tied up with Kotak Mahindra Old Mutual Life Insurance Limited and Cholamandalam MS General Insurance Company Limited for insurance of its housing loan products alongwith life insurance called Sampoorna Suraksha Plan which covers the borrowers of the Company.

HUMAN RESOURCES AND TRAINING

Your Company took a number of initiatives to strengthen human resources during the year.

In pursuance of the Company's commitment to develop and retain the best available talent, the Company has been sponsoring the employees for training programmes organized by reputed professional institutions and training programmes conducted by NHB for building capabilities thereby upgrading the skill and knowledge of the employees in different operational areas. Constant endeavors are being made to offer professional growth opportunities and recognitions, apart from imparting training to employees.

The Company has also conducted various engagement surveys to understand the engagement levels across employees for devising various policies which has helped in boosting employees morale and engagement levels.

Your Company strongly believes in maintaining the dignity of all its employees, irrespective of their gender or seniority. Discrimination and harrassment of any type are strictly prohibited. The Company has taken the necessary steps to enhance awareness amongst its employees in respect of the provisions of the Sexual Harrassment of Women at Workplace (Prevension, Prohibition and Redressal) Act, 2013 and the Rules framed thereunder. During the year, the Company has received two complaints of sexual harassment which were duly resolved.

DIRECTORS

Mr. V. Ravi retires by rotation at the forthcoming Annual General Meeting and, being eligible, offers himself for re-appointment.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to section 217(2AA) of the Companies Act, 1956, your Directors, based on the representation received from the Operating Management, and after due enquiry, confirm that:

i) i n the preparation of the annual accounts, the applicable accounting standards have been followed;

ii) they have, in the selection of the accounting policies, consulted the Statutory Auditors and these have been applied consistently and reasonable and prudent judgments and estimates have been made so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2014 and of the profit of the Company for the year ended on that date;

iii) proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 1956 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv) the annual accounts have been prepared on a going concern basis.

AUDIT COMMITTEE

The Audit Committee of the Board presently comprises of Mr. Ramesh Iyer (Chairman of the Committee), Mr. Uday Y. Phadke and Mr. V. Ravi. The Audit Committee met twice during the year under review.

NOMINATION AND REMUNERATION COMMITTEE

The Board at its Meeting held on 15th April, 2014 has extended the scope of terms of reference of Remuneration/Compensation Committee in accordance with the section 178 of the Companies Act, 2013 and renamed it as the 'Nomination and Remuneration Committee'. The Nomination and Remuneration Committee of the Board presently comprises of Mr. Ramesh Iyer, Mr. K. Chandrasekar and Mr. V. Ravi. The Committee met once during the year under review.

ASSET LIABILITY COMMITTEE

The Asset Liability Committee (ALCO) of the Board presently comprises of Mr. Ramesh Iyer(Chairman of the Committee), Mr. K. Chandrasekar and Mr. V. Ravi. The ALCO Committee met twice during the year under review. The Company submits periodic reports to NHB on the management of the Company's risks and assets and liabilities.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

The Company has constituted a Corporate Social Responsibility (CSR) Committee on 5th March, 2014 comprising Mr. Ramesh Iyer, Mr. K. Chandrasekar, Mr. V. Ravi and Mr. Anuj Mehra. The Committee met once during the year under review and framed the CSR Policy of the Company in accordance with the Companies Act, 2013 ('the Act') read with the Companies (Corporate Social Responsibility Policy) Rules, 2014. The CSR Committee shall, inter alia, allocate the amount of expenditure to be incurred by the Company on CSR activities as enumerated in Schedule VII to the Act and monitor the CSR Policy of the Company periodically. The CSR Policy of the Company is displayed on the website of the Company.

During the year under review, your Company has spent Rs. 22 lacs towards CSR activities for promotion of education and improvement of health of the underprivileged section of the society.

AUDITORS

Messrs. B. K. Khare & Co., Chartered Accountants, retire as Auditors of the Company at the forthcoming Annual General Meeting, and have given their consent for re-appointment. The shareholders would be required to elect Auditors from the conclusion of this Annual General Meeting upto the conclusion of the next Annual General Meeting and fix their remuneration.

As required under the provisions of section 224(1B) of the Companies Act, 1956 and Sections 139(1) read with 141 of the Companies Act, 2013, the Company has obtained a written certificate from Messrs. B.K. Khare & Co., Chartered Accountants, proposed to be re-appointed to the effect that their re-appointment, if made, would be in conformity with the criteria specified in the said sections.

PUBLIC DEPOSITS AND LOANS/ADVANCES

The Company has not accepted deposits from the public or its employees during the year under review.

The Company has not made any loans/advances in the nature of loans which are otherwise required to be disclosed in the annual accounts of the Company pursuant to Clause 32 of the Listing Agreement of the parent company - Mahindra & Mahindra Financial Services Limited and the ultimate parent company -Mahindra & Mahindra Limited, with the Stock Exchanges.

CODES OF CONDUCT FOR CORPORATE GOVERNANCE

The Company has adopted Codes of Conduct for Corporate Governance ("the Codes") for its Directors and Senior Management and Employees. These Codes enunciate the underlying principles governing the conduct of the Company's business and seek to reiterate the fundamental precept that good governance must and would always be an integral part of the Company's ethos.

The Company has for the year under review, received declarations under the Codes from the Board Members and the Senior Management and Employees of the Company affirming compliance with the respective Codes.

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE EARNINGS AND OUTGO

The particulars relating to the energy conservation, technology absorption and foreign exchange earnings and outgo, as required under section 217(1)(e) of the Companies Act, 1956 read with the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988 are given in Annexure I to this Report.

PARTICULARS OF EMPLOYEES AS REQUIRED UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956 AND RULES MADE THEREUNDER

As required under section 217(2A) of the Companies Act, 1956 and Rules thereunder, a statement containing particulars of the Company's employee who was in receipt of remuneration of not less than Rs.60,00,000 during the year ended 31st March, 2014 or not less than Rs.5,00,000 per month during any part of the said year is given in Annexure II to this Report. The Company had no employee who was employed for a part of the Financial Year and was in receipt of remuneration of not less than Rs.5,00,000 per month during any part of the year.

ACKNOWLEDGEMENT

Your Directors take this opportunity to place on record their sincere appreciation to National Housing Bank, the Company's customers, bankers, shareholders and employees for the support received from them during the year under review.

For and on behalf of the Board

Ramesh Iyer

Chairman

Mumbai, 15th April, 2014

Registered Office:

Mahindara Towers,

P K. Kurne Chowk, Worli,

Mumbai - 400018.

CIN: U65922MH2007PLC169791

Tel.: 91 22 6652 3500 Fax: 91 22 2497 2741

E-mail: customercare.mrhfl@mahfin.com

Website: www.mahindrahomefinance.com

ANNEXURE I TO THE DIRECTORS' REPORT FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2014

PARTICULARS AS PER THE COMPANIES (DISCLOSURE OF PARTICULARS IN THE REPORT OF BOARD OF DIRECTORS) RULES, 1988 AND FORMING PART OF THE DIRECTORS' REPORT FOR THE YEAR ENDED 31st MARCH, 2014.

A. Conservation of Energy

a) Energy Conservation measures taken: The operations of your Company are not energy-intensive. However, adequate measures have been initiated to reduce energy consumption.

b) Additional investments and proposals, if any, being implemented for reduction of consumption of energy: Nil

c) Impact of the measures taken/to be taken at (a) & (b) above for reduction of energy consumption and consequent impact on the cost of production of goods: These measures are expected to reduce the energy consumption.

d) Total energy consumption and energy consumption per unit of production as per Form-A of the Annexure to the Rules in respect of Industries specified in the Schedule: Not Applicable

B. Technology Absorption

Research & Development (R & D)
1. Areas in which R & D is carried out : None
2. Benefits derived as a result of the above efforts : Not applicable
3. Future plan of action : None
4. Expenditure on R & D : Nil
5. Technology absorption, adaptation and innovation : None
6. Imported Technology for the last 5 years : None

C. Foreign Exchange Earnings And Outgo

The Information on Foreign Exchange Outgo is furnished in Notes to Accounts. There were no foreign exchange earnings during the year under review.

For and on behalf of the Board
Ramesh Iyer
Chairman
Mumbai, 15th April, 2014

ANNEXURE II TO THE DIRECTORS' REPORT FOR THE FINANCIAL YEAR ENDED 31st MARCH, 2014

ADDITIONAL INFORMATION AS REQUIRED UNDER SECTION 217(2A) OF THE COMPANIES ACT, 1956, READ WITH THE COMPANIES (PARTICULARS OF EMPLOYEES) RULES, 1975 AND FORMING PART OF DIRECTORS' REPORT FOR THE YEAR ENDED 31st MARCH, 2014.

Name of Employee Designation/ Nature of Duties Gross Remuneration (subject to income-tax) (Rs. Lacs) Qualifications Experience (Years) Age (Years) Date of Commencement of Employment Last Employment held, Designation and Organisation
Mr. Anuj Mehra Managing Director 120.64 Bachelor in Economics PG.D.M., I.I.M. (Ahmedabad) 30 53 1st March, 2009 Vice President -Marketing Mahindra Lifespace Developers Limited

Notes:

1. Nature of employment is contractual, subject to termination on one month's notice on either side.

2. The above employee is not a relative of any Director of the Company.

3. The above employee does not hold by himself or along with his spouse and dependent children 2% or more of the equity shares of the Company.

4. Terms and conditions of employment are as per Company's Rules/contract.

5. Gross remuneration received as shown in the statement includes Salary, Bonus, House Rent Allowance or value of perquisites for accommodation, car perquisites value/allowances applicable, employer's contribution to Provident Fund, Superannuation scheme and Gratuity Fund including group insurance premium, leave travel facility, reimbursement of medical expenses and all allowances/perquisites and terminal benefits as applicable.

For and on behalf of the Board
Ramesh Iyer
Chairman
Mumbai, 15th April, 2014
   

Company Background

ANUJ MEHRA
Incorporation Year2007
Registered OfficeMahindra Towers,P K Kurne Chowk Worli
Mumbai,Maharashtra-400018
Telephone91-22-66523500,Managing Director
Fax91-22-24972741
Company SecretaryNAVIN PRAMOD JOSHI
AuditorBSR & Co LLP
Face Value10
Market Lot0
ListingNot Listed,
RegistrarKarvy Computershare Pvt Ltd
Karvy Selenium Tow-B,Pl-31&32 Gachibowli ,Nanakramguda ,Hyderabad-500032
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Company Management

Director NameDirector DesignationYear
JYOTIN KANTILAL MEHTA Director 2021
DURGASHANKAR SUBRAMANIAM Director 2021
RAMESH GANESH IYER Director 2021
RAVI VENKATRAMAN Director 2021
NARENDRA MAIRPADY Director 2021
ANJALI ISHAN RAINA Director 2021
ANUJ MEHRA Managing Director 2021
NAVIN PRAMOD JOSHI Company Secretary 2021

Listing Information

Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Interest Rs.0001352.9669
Service Charges Rs.00029.4706
Dividend Income Rs.0001.2334
Profit on sale of investment Rs.0000.1177
Interest on ICDS Rs.0000
Income From Loan Rs.0000

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