data excellence - madura microfinance
TRANSCRIPT
Targeted delivery of productive capital to enable greater
impact at lower cost and lower risk.
Value Lending
SCITYL
AN
A
UCT D INO NR OP VATION
ROG WTH
DATA
EXCELLENCE
SCITYL
AN
A
UCT D INO NR OP VATION
ROG WTH
DATA
EXCELLENCE
Powering our mission through
Mission
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Snapshot of Results
Company
Letter from Chairman
Process Excellence
Product Innovation
Geographic Expansion
02
03
04
06
08
12
Data Excellence 10
Madura Microeducation 14
Auditor’s Report
Annexure (I,II,III,IV)
Balance Sheet
Cash Flow
25
41
42
43
Notes 44
Balance Sheet 65
Notes
66
67
MADURA MICRO FINANCE (STANDALONE)
MADURA MICRO EDUCATION
Director’s Report
22
16
MADURA MICRO FINANCE (CONSOLIDATED)
Auditor’s Report 74
Balance Sheet
Cash Flow
79
80
81
Notes 82
Contents
06
15
Process Excellence
Madura Microeducation
Data Excellence
10
09
Product Innovation
01Madura Microfinance
Gross Loan Portfolio (Rs. in Millions) 2,300 3,538 +54%
Revenue (Rs. in Millions) 505 774 +53%
109 146 +34%
Net NPA% (PAR > 90days) 0.15% 0.16%
7.00% 6.80%
Active Borrowers 206,000 329,600
Branches 148 168
Geography
Tamilnadu,
Karnataka,
Maharastra.
Tamilnadu,
Karnataka,
Maharastra.
GROWTH
500
1000
1500
2000
GROSS LOAN PORTFOLIO* REVENUE
*includes securitised portfolio
FY 2014 FY 2015
100
400
500
800
3500
900
02
3000
2500
200
300
600
700
Madura Microfinance
Profit After Tax (Rs. in Millions)
FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 FY15
Efficiency (Opex/GLP)
Snapshot of Results
Dr. Tara Thiagarajan
Mr. Ashok Mirza
Mr. R. Ramaraj
Mr. N.C. Sarabeswaran
Mr. Rahul Varma
Mr. Sandeep Farias
Mr. Mohan Eddy
(Chairman and Managing Director)
(Wholetime Director)
Mr. M. Narayanan
Company Secretary
Mr. Sanin Panicker
Madura Microfinance Ltd.,nd36, 2 Main Road,
Kasturba Nagar, Adyar,
Chennai - 600 020.
S.N.S. AssociatesthNo.2, 11 Cross street,
Indira Nagar, Chennai - 600020.
Auditors
Bankers/Financial Institutions
DIRECTORS
Chief Executive Officer
Company
03Madura Microfinance
Axis Bank | City Union Bank | Development Credit Bank | Dhanalakshmi Bank |
Industrial Development Bank of India | South Indian Bank | Canara Bank |
Small Industrial Development Bank of India | Lakshmi Vilas Bank | ING Vysys Bank |
Mas Financial services limited | Reliance Capital Limited | Dena Bank | Indian Bank |
Indusind Bank | ADFT | Maanaveeya Development and Finance (P) Ltd |
Andhra Bank | Bank of Baroda | Bank of Maharashtra | IFMR Capital Finance Private
Limited | Ratnakar Bank Limited | Reliance Home Finance | Tata Capital Financial
Services Limited | Vijaya Bank | Habitat Micro Build India Housing Finance Co. Pvt. Ltd.
Process Excellence
Madura Microfinance 06
Faster turnaround to the
customer (Days)
More proposals processed per month
by each credit officer
40
60
80
100
120
Target Market ~13 Mn
retailers with an
estimated credit need
of INR 300 Bn
Sourcing of new
customers through
distributor’s
retail network
Credit delivery and
collection through
distributors
Unique model that utilizes existing supply chains
Madura Microfinance 08
This year our Retail Microcapital product has gone from pilot to roll out
as an independent business unit
With strong results in the pilot regions and teams in place in 15 regions
in Tamil Nadu and Karnataka, it is now poised for rapid growth
Retail Micro Capital
Product Innovation
QFY14 Q1FY15 Q2FY15 Q3FY15 Q4FY15
Rapid growth in initial districtsRetail Loan Portfolio (Mn)
0.7
11
16.1
36.4
51.3
Disbursements till date: st nd
188 1 cycle and 78 2 cycle loans
Distributes:
Pepsi & Vodafone
Mr. Senthil
Mr. Subburaj
Mr. Nagarajan
Prior to VVL: Borrowed from local money
lenders at exorbitant interest rates; has bank
account but loan request turned down
Business Plan: Buy stocks in large quantities
to earn a higher margin
Mr. Balamurugan
Prior to VVL: Mortgaged jewels for capital
requirement or sought help from father; has
bank account but loan request turned down
Business Plan: Outlet renovation and
increase inventory; online ticket bookings
and bill payments
Prior to VVL: Managed with available funds
and jewels; has bank account but never
applied for loan
Business Plan: Increase inventory
This distributor caters to over 1000
retailers in Tirumangalam Taluk in
Madurai District of Tamil Nadu
09Madura Microfinance
Geographic Expansion
Tamil Nadu
Karnataka
Badami | Bailhongal | Chikodi | Dharwad | Gangavathi | H.B.Halli | Harugeri | Ilakal |
Khanapur | Koppal | Lakshmeswar | Shikaripura
Maharashtra
Barshi | Ichalkaranji | Kolhapur | Lonand | Shirala | Shirkapur | Solapur| Tasgaon
Achampathu | Alanganallur | Alangudi (Kumbakonam) | Alangudi (Pudukkottai) | Amaravathipudur |
Ambasamudhiram | Ambattur | Andipatti |Arantangi | Aruppukkottai | Ariyalur | Attur | Avaniyapuram |
Avinashi | Avudaiyarkoil |Batlagundu | Bhavani |Bhuvanagiri | Bodi | Chatrapatti | Chekkanoorani |
CheranMahadevi | Chinnamanur | Coimbatore | Cumbam | Devikapuram | Dharapuram | Dindigul |
Elampillai | Gangavalli | Harur | Idappadi | Kadayam | Kalakkadu | Kaliyakavilai | Kallakurichi | Kamuthi |
Kandanur | Kangeyam | Karaikkal | Karaikudi | Kariapatti | Karungal | Keelavalavu | Keeramangalam |
Keeranur | Kinathukadavu | Kodumudi | Komaratchi | Konganapuram | Koothanallur | Kottur |
Krishnagiri | Kulipirai | Kumbakonam | Kuthalam | Lalgudi | M.K.Kadu | Madathukulam | Magudanchavadi|
Mallikapuram | Manachanallur | Manapparai | Mangalam | Mannargudi | Mayiladuthurai | Melamadai |
Melasivapuri | Melur | Mettur | Mudhukulathur | Musiri | Muthupet | Nachandupatti | Nagapattinam |
Nagercoil | Namagiripet | Namakkal | Nannilam | Narayanapuram | Oddanchatram | Orathanadu |
P.Alagapuri | Paganeri | Palani | Palladam | Paramakudi | Pattukkottai | Pavoorchatram | Pennadam |
Peraiyur | Peralam | Perambalur | Peravurani | Periyakulam | Pollachi | Poraiyar | R.S.Mangalam |
Rameswaram | Ramnad | Rasipuram | Rayavaram | S.Pudur | Samayanallur | Sangagiri | Sankarankoil |
Sathyamangalam | Sattur | Sholavandan | Singampunari | Sirkali | Sivagangai | Sivakasi | Srivilliputhur |
Surandai | T.Vadipatti | Tambaram | Tanjore | Tenkasi | Thandrampet | Thataiyankarpet | Thatchanallur |
Theni | Thiruchengode | Thiruchuzhi | Thirupparankundram | Thiruppathur | Thiruppuvanam |
Thiruthuraipoondi | Thiruvaiyyaru | Thiruvalam | Thiruvannamalai | Thiruvarur | Thiruverumbur |
Thottiyam | Thuraiyur | Tindivanam | Trichy | Udumalpet | Usilampatti | Vadalur | Valliyur |Vedaranyam |
Vellakoil | Vellalore | Villupuram | Virudhachalam | Virudhunagar |
Madura Microfinance 12
This year Madura continued its geographic expansion with the opening of 13 new branches in
Karnataka and Maharashtra. Loans were distributed to 11062 members in these new
locations. New Geographies are identified and Madura has robust expansion in plan for the
upcoming years.
20%
thNumerical Literacy for 216 3-5 Grade Rural Children
5%
30%
0%
40% 60% 80% 100%-40% -20%
Improvement after Watching Content
Half the students improved in the post test by 20% or more, while one group stayed
within +/- 10% of their pre-assessment score.
10%
15%
25%
% o
f S
tud
en
ts
20%
A NEW COURSE INCONSUMER LITERACY
FOR ADULTS AND SUCCESSFUL PILOTS INNUMERICAL LITERACY
K-7 AGE GROUPS
15Madura Microfinance
Director’s Report
Dear Members,
Your Directors present their Tenth Annual Report together with the audited financials of your
C o mpany for the financial year ended March 31, 2015.
FINANCIAL HIGHLIGHTS
(i) Revenue from operations
(ii) Other Income
(iii) Profit Before Interest, Tax, Depreciation and
Amortization
(v) Depreciation and amortization
(vi) Interest expense (Net)
(viii) Profit before Tax
(ix) Provision for Tax
(x) Amount transferred to Statutory Reserve
(xi) Surplus transferred to Balance Sheet
DETAILSYear ended Year ended
31.03.2015 31.03.2014
Business Overview
This year, your company disbursed 19250 SHG Loans, providing financial assistance amounting to
Rs. 365.87 crores benefiting 217318 SHG members. The Company has made a cumulative loan
disbursal to SHGs amounting to Rs. 1574.55 crores since inception.
stIn relation to the previous year ended 31 March 2015:
The outstanding portfolio as on 31-03-2015 was at Rs. 368.59 crores representing an increase of
60% over the previous year.
The profit before tax during the year was at Rs. 22.39 crores against Rs. 16.76 during the previous
year and the profit after tax increased by Rs. 3.68 crores over previous year.
Cumulative repayment rate improved from 99.23% to 99.65%. Nonperforming assets for the year
were Rs. 28.22 lakhs towards which we have made a provision of 50%. The balance outstanding in
accounts that were more than 180 days past due was written off as bad debts.
New Markets
Madura has begun its expansion into new geographies with the opening of 5 branches in
Karnataka and 8 branches in Maharashtra
New Products
A new business division ‘Retail Microcapital’ was established during the year for the delivery of
credit to small retailers, facilitated through FMCG distributors. An initial portfolio of 5.1 Crores was
created in the first phase of operations in Tamil Nadu.
Madura Microfinance 16
7657.09
86.25
5494.31
110.38
3144.78
2239.16
775.94
293.00
1170.22
4983.01
66.47
3427.52
113.59
1638.09
1675.83
581.31
218.90
875.62
Subsidiary:
The company’s subsidiary Madura Micro Education Private Ltd provided skill development training
course to 9073 students during the year. The revenue from operations increased to 45.36 lakhs in
the current year as compared to 23.24 lakhs in the previous year.
During the year under review, the Company reported loss of Rs. 68.21 lakhs as compared to the
loss of Rs. 43.29 lakhs in the previous year.
The detail of the subsidiary in Form AOC 1 is attached as Annexure 3.
Events Subsequent to the date of Financial Statements:
No material changes and commitments have occurred affecting the financial position of the
Company after March 31, 2015 till the date of this report.
Dividend:
In order to conserve resources for operations and future growth, your Directors do not
recommend any dividend for the year under review.
Transfer to Reserves:
As required under Section 45-IC of the Reserve Bank of India Act, 1934, an amount equivalent to
20 % of the profit after tax of Rs. 2.93 Crores has been transferred to the Statutory Reserve
Account.
Directors:
Presently, the Board of Directors comprise of seven Directors. There has been no change in the
constitution of the Board during the year.
Declaration by Independent Directors:
All the Independent Directors have submitted their declaration of independence as required
under Section 149(7) of the Companies Act, 2013.
Deposits:
Your Company has not accepted any deposits within the meaning of Section 73 of the Companies
Act, 2013 read with the Companies (Acceptance of Deposits) Rules, 2014.
Order of Court:
There are no significant material orders passed by the Regulators or Courts or Tribunals impacting
the going concern status and company's operations in future.
Directors’ responsibility statement:
Your Directors state:
I) That in the preparation of the annual accounts, the applicable accounting standards had been
followed along with proper explanation relating to material departures;
Director’s Report
17Madura Microfinance
(ii) That they had selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view of
the state of affairs of the Company at the end of the financial year and of the profit or loss of
the Company for that period;
(iii) That they had taken proper and sufficient care was taken for the maintenance of adequate
accounting records in accordance with the provisions of the Companies Act, 2013, for
safeguarding the assets of the Company and for preventing and detecting fraud and other
irregularities;
(iv) That they had prepared the annual accounts on a going concern basis.
(v) That they had devised proper systems to ensure compliance with the provisions of all
applicable laws and that such systems were adequate and operating effectively.
Corporate Governance
Development and Implementation of Risk Management Policy
Adequacy of Internal Financial Controls with reference to the Financial Statements
Board Meetings
Your Company has been complying with the principles of good Corporate Governance over the
years and is committed to the highest standards of compliance.
Company has developed and implemented a risk management policy, upon which the company
is ensuring that the activities are undertaken in a risk free environment.
The Company has implemented and evaluated the Internal Financial Controls which provide a
reasonable assurance in respect of providing financial and operational information, complying
with applicable statutes and policies, safeguarding of assets, prevention and detection of frauds,
accuracy and completeness of accounting records. The Directors and Management confirm that
the Internal Financial Controls (IFC) are adequate with respect to the operations of the Company.
Further, the Board annually reviews the effectiveness of the Company's internal control system.
Directors
Retirement by rotation
During the year, the Board of Directors of your Company met 6 times. The meetings were held on
08.04.2014, 23.06.2014, 30.09.2014, 12.12.2014, 19.02.2015 and 03.03.2015.
Mr. Ashok Mirza, Director, retires by rotation at the ensuing Annual General Meeting and being
eligible, offers himself for reappointment. Your Directors recommend his re-appointment.
Director’s Report
Madura Microfinance 18
Committee
NAME OF THE COMMITTEE MEMBERS
(I) Audit Committee
Mr. N C Sarabeswaran
Mr. Ashok Mirza
Mr. R Ramaraj
(II) Nomination & Remuneration Committee
Ms. Tara Thiagarajan
Mr. Ashok Mirza
Mr. Sandeep Farias
Mr. R Ramaraj
(III) Risk Management Committee
Mr. Sandeep Farias
Mr. N C Sarabeswaran
Mr. R Ramaraj
(IV) Asset Liability Management Committee
Mr. M Narayanan
Mr. Prakash J Paul
Mr. Ashok Kumar
(VI) IT Committee
Mr. Ashok Mirza
Mr. Mohan Eddy
Mr. R Ramaraj
(VII) Sexual Harassment CommitteeMr. N C Sarabeswaran
Mr. Ashok Mirza
Auditors
M/s S N S Associates, Chartered Accountants, Chennai, retire at the ensuing Annual General
Meeting and are eligible for reappointment. In terms of Section 139 and 141 of the Companies
Act, 2013 read with Companies (Audit and Auditors) Rules, 2014, the Board has recommended to
reappoint them to hold office from the conclusion of this Annual General Meeting until the
conclusion of the Twelfth AGM at remuneration to be fixed by the Board of Directors on the
recommendation of the Audit Committee.
Conservation of Energy, Technology Absorption and Foreign Exchange Outgo
The particulars prescribed under clause (m) of sub section (3) of Section 134 of the Companies Act,
2013 read with Rule 8 (3) of the Companies (Accounts) Rules, 2014 of the following:
Director’s Report
19Madura Microfinance
(V) Corporate Social Responsibility Committee
Ms. Tara Thiagarajan
Mr. Ashok Mirza
Mr. R Ramaraj
Mr.Rahul Varma
Particulars of Loans, Guarantees and Investments
The Company has not given any loans/guarantees and has not made any investments in securities
as covered under section 186 of the Companies Act, 2013 during the year.
Corporate Social Responsibility (CSR) Policy
Pursuant to the provisions of section 135 and Schedule VII of the Companies Act, 2013, CSR
Committee has been constituted and the said committee has recommended and the Board has
approved a policy on Corporate Social Responsibility (CSR).
For the financial year 2014-15, your Company is required to spend an amount of Rs. 19.50 lakhs.
Your Company is in the process of identifying the appropriate projects for spending the said
amount in the areas of enhancing the nutritional and education status of underprivileged rural
people.
Annual Report on CSR is attached as Annexure 1.
Related Party TransactionsstAll related party transactions that were entered into during the financial year ended 31 March,
2015 were on an arm's length basis and were in the ordinary course of business.
The particulars of contracts or arrangements with related parties referred to in sub section (1) of
section 188 entered by the Company during the financial year ended 31st March, 2015 is annexed
hereto as Annexure 4 in prescribed Form AOC-2 and forms part of this report.
Extract of Annual Return
As required pursuant to section 92(3) of the Companies Act, 2013 and Rule 12(1) of the Companies
(Management and Administration) Rules, 2014, an extract of Annual Return in Form MGT 9 as a
part of this Annual Report is attached as Annexure 2.
Director’s Report
Madura Microfinance 20
Conservation of Energy & Technology Absorption
In view of the nature of activities that are being carried out by the Company, the particulars
prescribed under clause (m) of sub section (3) of Section 134 of the Companies Act, 2013, read
with the Companies (Accounts) Rules 2014 on conservation of energy and technology absorption
are not applicable to the Company.
Foreign Exchange Earnings and Outgo
During the year, the Company did not have any foreign exchange earnings and had an outgo of
Rs. 9,47,577 lakhs.
Acknowledgement
Your Directors take this opportunity to thank the Reserve Bank of India, Government Departments,
Financial Institutions and Banks for their support and guidance to the Organization.
Your Directors wish to thank the Directors, Investors, Customers and Advisors for their continued
support. Your Directors also wish to place on record their appreciation of the valuable contribution
made by the employees at all levels.
Chennai For and on behalf of the Board th07 August 2015
Tara Thiagarajan
Chairman and Managing Director
Director’s Report
21Madura Microfinance
Employees' Particulars in terms of Section 134 read with Rules of the Companies Act, 2013
There were no Employees in the Company whose particulars are required to be given under
Section 197 of the Companies Act, 2013 read with Rule 5 (2) of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules, 2014.
Disclosure under the Sexual Harassment of Women at Workplace (Prevention, Prohibition
and Redressal) Act, 2013
The Company has in place a Policy in line with requirements of the Sexual Harassment of Women
at Workplace (Prevention, Prohibition & Redressal) Act, 2013 that covers all employees. A Sexual
Harassment Committee has been set up to redress complaints received regarding sexual
harassment. No complaints regarding sexual harassment have been received during the financial
year.
sd/-
INDEPENDENT AUDITOR’S REPORT
TO THE MEMBERS OF MADURA MICRO FINANCE LIMITED
on the Standalone Financial Statements
Management’s Responsibility for the Standalone Financial Statements
Auditor’s Responsibility
Auditor’s Report
Madura Microfinance 22
st
Opinion
Report on Other Legal and Regulatory Requirements
)
Auditor’s Report
23Madura Microfinance
st
st
Auditor’s Report
Madura Microfinance 24
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
st
th
st
ANNEXURE TO THE INDEPENDENT AUDITORS’ REPORT
As required by the Companies (Auditors’ Report) Order, 2015
(“the Order”), we report that:
Annexure
25Madura Microfinance
Annexure
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Madura Microfinance 26
Corporate Social Responsibility Report
Company's CSR Policy:
i) Madura Micro Finance Limited (MMFL) believes that in alignment with its vision, it will continue
to enhance value through its CSR initiatives and promote social sustainability, sustainable
development of the environment and social welfare of the people and society at large, more
specifically for the deprived and underprivileged persons.
ii) This policy encompasses the Company's philosophy for giving back to society as a corporate
citizen and lays down the guidelines and mechanism for undertaking socially useful programs
for the welfare & sustainable development of the community at large, is titled as the “MMFL CSR
Policy”.
iii) In keeping with the Company's belief in the positive benefits of education and nutrition for
growth of underprivileged communities, CSR initiatives will be focused in these areas.
Composition of the CSR Committee:
Ms. Tara Thiagarajan
Mr. Ashok Mirza
Mr. R Ramaraj
Mr. Rahul Varma
Chairperson
Member
Member
Member
Average Net Profit of the Company for last three financial years:
2013-14
2012-13
2011-12
Total
16.76
8.46
3.97
29.19
Financial Year Net Profit before exceptional
items in Rs.Crores
Name Designation
Average Net Profit = Rs.9.73 Crores
A sum of Rs.19.46 lakhs is to be spent, being 2% of the average Net Profit of Rs.9.73 crores.
Amount spent as on March 31, 2015
Amount spent after March 31, 2015
Balance amount to be spent for the Financial Year 2014 -15
(Rs. in lakhs)
Annexure 1
NIL
NIL
NIL
27Madura Microfinance
1. Reason for not spending the amount in its Board report.
The Company is in the process of identifying the appropriate projects and upon identification of
the right projects, the allocated amount will be spent.
2. Responsibility statement of the CSR Committee:
The implementation and monitoring of CSR Policy, is in compliance with CSR Objectives and
Policy of the Company.
Chairman & Managing Director
Annexure 1
Madura Microfinance 28
Whole-Time Director
sd/- sd/-
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29Madura Microfinance
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FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
As on financial year ended on 31.03.2015
Pursuant to Section 92 (3) of the Companies Act, 2013 and
rule 12(1) of the Company (Management & Administration) Rules, 2014.
I. REGISTRATION & OTHER DETAILS
(I) CIN
(II) Registration Date
(III) Name of the Company
(IV) Category/Sub-category of the Company
(V) Address of the Registered office & contact details
(VII) Name, Address & contact details of the
Registrar & Transfer Agent, if any.
U65929TN2005PLC057390
September 2, 2005
Madura Micro Finance Limited
INDIA NON-GOVERNMENT COMPANY
36, II Main Road, Kasturiba Nagar, Adyar, Chennai 600020
(VI) Whether listed company No
NA
II. PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY
(All the business activities contributing 10 % or more of the total turnover of the company shall be stated)
S. No Name and Description of
main products / services
NIC Code of the Product/service % to total turnover of the company
1. Micro Finance 649
III. PARTICULARS OF HOLDING, SUBSIDIARY AND ASSOCIATE COMPANIES
(I) Name and address of the Company
(II) CIN / GLN
(III) Holding / Subsidiary/ Associate
(IV) % of shares held
(V) Applicable Section
Madura Micro Education Private Limited
U80301TN2013PTC091745
Subsidiary
100
2(87)
100
Annexure 2
Madura Microfinance 30
Nil
64
0,9
00
6
40
,90
0
11
.53
%N
il
64
0,9
00
6
40
,90
0
11
.53
%
CA
TE
GO
RY
OF
SH
AR
EH
OL
DE
RS
NO
. O
F
SH
AR
ES
H
EL
D A
T
TH
E
BE
GIN
NIN
G
OF
TH
E Y
EA
R [
AS
ON
31
-MA
RC
H-2
01
4]
NO
. O
F S
HA
RE
S H
EL
D A
T T
HE
EN
D O
F T
HE
YE
AR
[A
S O
N 3
1-M
AR
CH
-20
15
]
De
ma
tP
hy
sica
lTo
tal
% o
f To
tal
Sh
are
sD
em
at
Ph
ysi
ca
l
A.
PR
OM
OT
ER
S
(1)
Ind
ian
a)
Ind
ivid
ua
l/ H
UF
b)
Ce
ntr
al G
ovt
c) S
tate
Go
vt(
s)
d)
Bo
die
s C
orp
.
e)
Ba
nk
s /
FI
f) A
ny o
the
r
SU
B T
OT
AL
(A
) (1
)
(2)
Fo
reig
n
a)
NR
I In
div
idu
als
b)
Oth
er
Ind
ivid
ua
ls
c) B
od
ies
Co
rp.
d)
An
y o
the
r
SU
B T
OT
AL
(A
) (2
)
N i
l
2,6
70
,20
0
2
,67
0,2
00
4 8
.05
%
Nil
6
40
,90
0
6
40
,90
0
1
1.5
3%
Nil
2
,67
0,2
00
2,6
70
,20
0
48
.05
%
TO
TA
L (
A)
Nil
3
,31
1,1
00
3,3
11
,10
0
5
9.5
8%
Nil
3,3
11
,10
0
3
,31
1,1
00
59
.58
%
B.
PU
BL
IC S
HA
RE
HO
LD
ING
(1)
Inst
itu
tio
ns
a)
Mu
tua
l Fu
nd
s
b)
Ba
nk
s /
FI
c) C
en
tra
l G
ovt
d)
Sta
te G
ovt(
s)
(I)
CA
TE
GO
RY
-WIS
E S
HA
RE
HO
LD
ING
IV.
S
HA
RE
HO
LD
ING
PA
TT
ER
N (
EQ
UIT
Y S
HA
RE
CA
PIT
AL B
RE
AK
UP
AS
PE
RC
EN
TA
GE
OF T
OT
AL E
QU
ITY
)
31Madura Microfinance
Nil
64
0,9
00
6
40
,90
0
11
.53
%
N i
l
2,6
70
,20
0
2
,67
0,2
00
4 8
.05
%
N
il
2
,67
0,2
00
2,6
70
,20
0
48
.05
%
To
tal
% o
f To
tal
Sh
are
s
% C
HA
NG
E
DU
RIN
G T
HE
YE
AR
0.0
0%
0.0
0%
0.0
0%
0.0
0%
0.0
0%
CA
TE
GO
RY
OF
SH
AR
EH
OL
DE
RS
NO
. O
F
SH
AR
ES
H
EL
D
AT
T
HE
B
EG
INN
ING
OF
TH
E Y
EA
R [
AS
ON
31
-MA
RC
H-2
01
4]
NO
. O
F S
HA
RE
S H
EL
D A
T T
HE
EN
D O
F T
HE
YE
AR
[A
S O
N 3
1-M
AR
CH
-20
15
]
% C
HA
NG
E
DU
RIN
G T
HE
YE
AR
De
ma
tP
hy
sica
lTo
tal
% o
f To
tal
Sh
are
sD
em
at
Ph
ysi
ca
lTo
tal
% o
f To
tal
Sh
are
s
g)
FII
s
h)
Fo
reig
n V
en
ture
Ca
pit
al Fu
nd
s
I) O
the
rs -
Tru
st
SU
B T
OT
AL
(B
) (1
)
(2)
NO
N-I
NS
TIT
UT
ION
S
a)
Bo
die
s C
orp
.
I
) In
dia
n
ii)
Ove
rse
as
b)
Ind
ivid
ua
ls
Nil
1
,71
1,9
17
1
,71
1,9
17
30
.80
%
Nil
23
4,5
00
2
34
,50
0
4.2
2%
0.0
0%
0.0
0%
0.0
0%
Nil
23
4,5
00
23
4,5
00
4
.22
%
Fo
reig
n B
od
ies
- D
R
SU
B T
OT
AL
(B
) (2
)
C.
SH
AR
ES
HE
LD
BY
CU
ST
OD
IAN
FO
R
GD
RS
& A
DR
S
e)
Ve
ntu
re C
ap
ita
l Fu
nd
s
f) I
nsu
ran
ce C
om
pa
nie
s
i)
Ind
ivid
ua
l sh
are
ho
lde
rs h
old
ing
no
min
al sh
are
ca
pit
al u
pto
R
s. 1
la
kh
ii)
Ind
ivid
ua
l sh
are
ho
lde
rs h
old
ing
n
om
ina
l sh
are
ca
pit
al in
exce
ss o
f
R
s 1
la
kh
c) O
the
rs (
spe
cify
)
No
n R
esi
de
nt
Ind
ian
s
Ove
rse
as
Co
rpo
rate
Bo
die
s
Fo
reig
n N
ati
on
als
Cle
ari
ng
Me
mb
ers
Tru
sts
TO
TA
L (
B)
GR
AN
D T
OT
AL
(A
+B
+C
)
Nil
50
4,0
00
5
04
,00
0
9
.07
%0
.00
%
N
il
50
4,0
00
50
4,0
00
9.0
7%
Nil
1
,71
1,9
17
1,7
11
,91
7
30
.80
%
N
il
30
0,0
00
3
00
,00
0
5.4
0%
0.0
0%
Nil
30
0,0
00
30
0,0
00
5
.40
%
N
il
5
34
,50
0
5
34
,50
0
9
.62
%0
.00
%
N
il
5
34
,50
0
5
34
,50
0
9.6
2%
N
il
5
,55
7,5
17
5,5
57
,51
7
1
00
.00
%0
.00
%
N
il
5,5
57
,51
7
5
,55
7,5
17
10
0%
N
il
2
,24
6,4
17
2,2
46
,41
7
40
.42
%0
.00
%
N
il
2
,24
6,4
17
2
,24
6,4
17
4
0.4
2%
Nil
1,2
07
,91
71
,20
7,9
17
2
1.7
3%
Nil
1,2
07
,91
71
,20
7,9
17
2
1.7
3%
Madura Microfinance 32
Sh
are
ho
lde
rs N
am
e
SH
AR
EH
OL
DIN
G A
T T
HE
BE
GIN
NIN
G O
F T
HE
YE
AR
[A
S O
N 3
1-M
AR
CH
-20
14
]
SH
AR
E
HO
LD
ING
A
T
TH
E
EN
D
OF
T
HE
YE
AR
[A
S O
N 3
1-M
AR
CH
-20
15
]
No
. o
f
Sh
are
s
% o
f to
tal
Sh
are
s o
f
the
co
mp
an
y
% o
f S
ha
res
Ple
dg
ed
/en
cu
mb
ere
d
to t
ota
l sh
are
s
Mr.
Ash
ok
Mir
za
Mr.
R R
am
ara
j
At
the
be
gin
nin
g o
f th
e y
ea
r
Ch
an
ge
s d
uri
ng
th
e y
ea
r
NO
CH
AN
GE
No
. o
f
Sh
are
s
% o
f to
tal
Sh
are
s o
f
the
co
mp
an
y
% o
f S
ha
res
Ple
dg
ed
/
en
cu
mb
ere
d t
o t
ota
l
sha
res
Ms.
Ta
ra T
hia
ga
raja
n
Mr.
M N
ara
ya
na
n
TO
TAL
2,6
70
,20
0
10
0,1
00
20
0,0
00
34
0,0
00
48
.05
%
1.8
%
3.6
%
6.1
2%
NIL
NIL
NIL
NIL
3,3
10
,30
05
9.5
7%
NIL
2,6
70
,20
0
10
0,1
00
20
0,0
00
34
0,0
00
48
.05
%
1.8
%
3.6
%
6.1
2%
NIL
NIL
NIL
NIL
3,3
10
,30
05
9.5
7%
NIL
(ii)
Sh
are
ho
ldin
g o
f P
rom
ote
r
(iii
) C
ha
ng
e i
n P
rom
ote
rs S
ha
reh
old
ing
(p
lea
se s
pe
cif
y,
if t
he
re i
s n
o c
ha
ng
e)
PA
RT
ICU
LA
RS
DA
TE
RE
AS
ON
SH
AR
EH
OL
DIN
G A
T T
HE
BE
GIN
NIN
G O
F T
HE
YE
AR
CU
MU
LA
TIV
E
SH
AR
EH
OL
DIN
G D
UR
ING
TH
EY
EA
R
NO
. O
F S
HA
RE
S%
OF
TO
TA
L S
HA
RE
SN
O.
OF
SH
AR
ES
% O
F T
OT
AL
SH
AR
ES
At
the
en
d o
f th
e y
ea
r
SR
.NO
% C
HA
NG
E I
N
SH
AR
E
HO
LD
ING
DU
RIN
G T
HE
YE
AR
SR
.
No
1.
2.
3.
4.
0.0
0
0.0
0
0.0
0
0.0
0
0.0
0
1.
2.
3.
33Madura Microfinance
(iv
) S
ha
reh
old
ing
Pa
tte
rn o
f to
p t
en
Sh
are
ho
lde
rs (O
the
r th
an
Dir
ect
ors
, P
rom
ote
rs a
nd
Ho
lde
rs o
f G
DR
s a
nd
AD
Rs)
FO
R E
AC
H O
F T
HE
TO
P 1
0
SH
AR
EH
OL
DE
RS
SR
.
NO
DA
TE
WIS
E
INC
RE
AS
E/
DE
CR
EA
SE
IN
SH
AR
EH
OL
DIN
G
RE
AS
ON
SH
AR
EH
OL
DIN
G A
T T
HE
BE
GIN
NIN
G O
F T
HE
YE
AR
CU
MU
LA
TIV
E
SH
AR
EH
OL
DIN
G D
UR
ING
TH
E Y
EA
R
NO
. O
F S
HA
RE
S%
OF
TO
TA
L S
HA
RE
SN
O.
OF
SH
AR
ES
% O
F T
OT
AL
SH
AR
ES
(I)
Ele
va
r U
nit
us
Co
rpo
rati
on
a)
At
the
be
gin
nin
g o
f th
e y
ea
r
b)
Ch
an
ge
s d
uri
ng
th
e y
ea
r
c)
At
the
en
d o
f th
e y
ea
r
1,2
07
,91
7
Nil
1,2
07
,91
7
21
.73
%
0.0
0%
21
.73
%
1,2
07
,91
7
Nil
1,2
07
,91
7
21
.73
%
0.0
0%
21
.73
%
(II)
M
art
i G
Su
bra
hm
an
ya
m
a)
At
the
be
gin
nin
g o
f th
e y
ea
r
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c) A
t th
e e
nd
of
the
ye
ar
30
0,0
00
Nil
30
0,0
00
5.4
0%
0.0
0%
5.4
0%
30
0,0
00
Nil
30
0,0
00
5.4
0%
0.0
0%
5.4
0%
(III
) M
ad
ura
Mic
rocre
dit
Em
plo
ye
es
We
lfa
re T
rust
a)
At
the
be
gin
nin
g o
f th
e y
ea
r
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c)
At
the
en
d o
f th
e y
ea
r
50
4,0
00
Nil
50
4,0
00
9.0
7%
0.0
0%
9.0
7%
50
4,0
00
Nil
50
4,0
00
9.0
7%
0.0
0%
9.0
7%
(IV
) M
V S
ub
bia
h
a)
At
the
be
gin
nin
g o
f th
e y
ea
r
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c)
At
the
en
d o
f th
e y
ea
r
10
0,0
00
Nil
10
0,0
00
1.8
0%
0.0
0%
1.8
0%
10
0,0
00
Nil
10
0,0
00
1.8
0%
0.0
0%
1.8
0%
Madura Microfinance 34
35Madura Microfinance
(v)
Sh
are
ho
ldin
g o
f D
ire
cto
rs a
nd
Ke
y M
an
ag
eri
al
Pe
rso
nn
el:
(I)
M
s. T
ara
Th
iag
ara
jan
a)
A
t th
e b
eg
inn
ing
of
the
ye
ar
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c)
At
the
en
d o
f th
e y
ea
r
2,6
70
,20
0
Nil
2,6
70
,20
0
48
.05
%
0.0
0%
48
.05
%
2,6
70
,20
0
Nil
2,6
70
,20
0
48
.05
%
0.0
0%
48
.05
%
(II)
Mr.
R R
am
ara
j
a)
A
t th
e b
eg
inn
ing
of
the
ye
ar
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c)
At
the
en
d o
f th
e y
ea
r
10
0,1
00
Nil
10
0,1
00
1.8
0%
0.0
0%
1.8
0%
10
0,1
00
Nil
10
0,1
00
1.8
0%
0.0
0%
1.8
0%
(III
) M
r. A
sho
k M
irza
a)
A
t th
e b
eg
inn
ing
of
the
ye
ar
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c)
At
the
en
d o
f th
e y
ea
r
20
0,0
00
Nil
20
0,0
00
3.6
0%
0.0
0%
3.6
0%
20
0,0
00
Nil
20
0,0
00
3.6
0%
0.0
0%
3.6
0%
(IV
) M
r. M
oh
an
Ed
dy
a)
A
t th
e b
eg
inn
ing
of
the
ye
ar
b)
C
ha
ng
es
du
rin
g t
he
ye
ar
c)
At
the
en
d o
f th
e y
ea
r
20
,00
0
Nil
20
,00
0
0.3
6%
0.0
0%
0.3
6%
20
,00
0
Nil
20
,00
0
0.3
6%
0.0
0%
0.3
6%
(V)
Mr.
M N
ara
ya
na
n
a)
A
t th
e b
eg
inn
ing
of
the
ye
ar
b)
Ch
an
ge
s d
uri
ng
th
e y
ea
r
c)
At
the
en
d o
f th
e y
ea
r
34
0,0
00
Nil
34
0,0
00
6.1
2%
0.0
0%
6.1
2%
34
0,0
00
Nil
34
0,0
00
6.1
2%
0.0
0%
6.1
2%
SH
AR
EH
OL
DIN
G O
F
DIR
EC
TO
RS
AN
D E
AC
H
KE
Y M
AN
AG
ER
IAL
PE
RS
ON
NE
L
SR
.
NO
DA
TE
WIS
E
INC
RE
AS
E/
DE
CR
EA
SE
IN
SH
AR
EH
OL
DIN
G
RE
AS
ON
SH
AR
EH
OL
DIN
G A
T T
HE
BE
GIN
NIN
G O
F T
HE
YE
AR
CU
MU
LA
TIV
E
SH
AR
EH
OL
DIN
G D
UR
ING
TH
E Y
EA
R
NO
. O
F S
HA
RE
S%
OF
TO
TA
L S
HA
RE
SN
O.
OF
SH
AR
ES
% O
F T
OT
AL
SH
AR
ES
V.
IND
EB
TE
DN
ES
S
SE
CU
RE
D L
OA
NS
EX
CL
UD
ING
DE
PO
SIT
S
UN
SE
CU
RE
D L
OA
NS
DE
PO
SIT
S
(I)
In
de
bte
dn
ess
of
the
Co
mp
an
y in
clu
din
g in
tere
st o
uts
tan
din
g/a
ccru
ed
bu
t n
ot
du
e f
or
pa
ym
en
t.
TO
TA
L I
ND
EB
TE
DN
ES
S
(I)
P
rin
cip
al A
mo
un
t
(ii)
I
nte
rest
du
e b
ut
no
t p
aid
(a
) In
de
bte
dn
ess
at
the
be
gin
nin
g o
f th
e f
ina
ncia
l y
ea
r
1,7
52
,93
7,8
66
.00
NIL
NIL
1,7
52
,93
7,8
66
.00
(iii)
In
tere
st a
ccru
ed
bu
t n
ot
du
e
1,7
52
,93
7,8
66
.00
NIL
NIL
1,7
52
,93
7,8
66
.00
*A
dd
itio
n
*R
ed
uct
ion
(b)
Ch
an
ge
in
In
de
bte
dn
ess
du
rin
g t
he
fin
an
cia
l y
ea
r
2,4
95
,00
0,0
00
.00
NIL
14
3,3
63
,91
9.0
0N
IL
2,4
95
,00
0,0
00
.00
14
3,3
63
,91
9.0
0
3,0
98
,65
9,5
97
.00
NIL
NIL
3,1
04
,57
3,9
47
.00
NIL
NIL
(I)
P
rin
cip
al A
mo
un
t
(ii)
I
nte
rest
du
e b
ut
no
t p
aid
(iii)
In
tere
st a
ccru
ed
bu
t n
ot
du
e5
,91
4,3
50
.00
NIL
3,0
98
,65
9,5
97
.00
5,9
14
,35
0.0
0
2,6
38
,36
3,9
19
.00
NIL
NIL
2,6
38
,36
3,9
19
.00
3,1
04
,57
3,9
47
.00
Madura Microfinance 36
(c)
Ind
eb
ted
ne
ss a
t th
e e
nd
of
the
fin
an
cia
l y
ea
r
(Am
ou
nt
Rs/
La
kh
s)
PA
RT
ICU
LA
RS
TO
TA
L(i
)+(i
i)+
(iii
)
TO
TA
L(i
)+(i
i)+
(iii
)
NE
T C
HA
NG
E
VI.
RE
MU
NE
RA
TIO
N O
F D
IRE
CT
OR
S A
ND
KE
Y M
AN
AG
ER
IAL
PE
RS
ON
NE
L
TO
TA
L(B
)=(1
+2
)-
13
0,0
00
.00
Pa
rtic
ula
rs o
f R
em
un
era
tio
nS
R.
NO
A.
Re
mu
ne
rati
on
to
Ma
na
gin
g D
ire
cto
r, W
ho
le-t
ime
Dir
ect
ors
an
d/o
r M
an
ag
er:
Na
me
of
MD
/WT
D/
Ma
na
ge
rTo
tal
Am
ou
nt
Na
me
Ms.
Ta
ra T
hia
ga
raja
nM
r. M
oh
an
Ed
dy
(Rs/
La
kh
s)D
esi
gn
ati
on
Ma
na
gin
g D
ire
cto
rW
ho
le-t
ime
Dir
ect
or
1.
Gro
ss s
ala
ry
(a)
Sa
lary
as
pe
r p
rovis
ion
s co
nta
ine
d in
sect
ion
17
(1)
of
the
In
com
e-t
ax
Act
, 1
96
1.
(b)
Va
lue
of
pe
rqu
isit
es
u/s
17
(2)
Inco
me
-
tax
Act
, 1
96
1.
Pro
fits
in
lie
u o
f sa
lary
un
de
r se
ctio
n
17
(3)
Inco
me
- ta
x A
ct, 1
96
1.
2.
Sto
ck O
pti
on
3.
Sw
ea
t E
qu
ity
Co
mm
issi
on
- a
s %
of
pro
fit
- o
the
rs, sp
eci
fy
4.
Oth
ers
, p
lea
se s
pe
cify
5.
B
. R
em
un
era
tio
n t
o o
the
r D
ire
cto
rs
Pa
rtic
ula
rs o
f R
em
un
era
tio
nS
R.
NO
Na
me
of
Dir
ecto
rsTo
tal
Am
ou
nt
(R
s/La
kh
s)
1.
Ind
ep
en
de
nt
Dir
ect
ors
Fe
e f
or
att
en
din
g b
oa
rd c
om
mit
tee
me
eti
ng
s
Co
mm
issi
on
Oth
ers
, p
lea
se s
pe
cify
To
tal
(1)
2.
Oth
er
No
n-E
xe
cuti
ve
Dir
ect
ors
Fe
e f
or
att
en
din
g b
oa
rd c
om
mit
tee
me
eti
ng
s
Co
mm
issi
on
Oth
ers
, p
lea
se s
pe
cify
To
tal
(2)
1,8
00
,00
0.0
01
,80
0,0
00
.00
3,6
00
,00
0.0
0
2,9
84
,00
4.0
02
,19
9,9
96
.00
5,1
84
,00
0.0
0
To
tal
(A)
4,7
84
,00
4.0
03
,99
9,9
96
.00
8,7
84
,00
0.0
0
80
,00
0
- - 80
,00
0
50
,00
0
- - 50
,00
0
- -N C
Sa
rab
esw
ara
n
R R
am
ara
j
37Madura Microfinance
Pa
rtic
ula
rs o
f R
em
un
era
tio
nS
R.
NO
Na
me
of
MD
/WT
D/
Ma
na
ge
rTo
tal
Am
ou
nt
Na
me
Mr.
M N
ara
ya
na
n(R
s/La
kh
s)
De
sig
na
tio
nC
EO
1.
Gro
ss s
ala
ry
(a)
Sa
lary
as
pe
r p
rovis
ion
s co
nta
ine
d in
sect
ion
17
(1)
of
the
In
com
e-t
ax
Act
, 1
96
1.
(b)
Va
lue
of
pe
rqu
isit
es
u/s
17
(2)
Inco
me
-
tax
Act
, 1
96
1.
Pro
fits
in
lie
u o
f sa
lary
un
de
r se
ctio
n
17
(3)
Inco
me
- ta
x A
ct, 1
96
1.
2.
Sto
ck O
pti
on
3.
Sw
ea
t E
qu
ity
Co
mm
issi
on
- a
s %
of
pro
fit
- o
the
rs, sp
eci
fy
4.
Oth
ers
, p
lea
se s
pe
cify
5.
1,8
00
,00
0.0
02
,15
5,1
40
.00
1,9
34
,00
4.0
0
3,7
34
,00
4.0
06
60
,57
6.0
0
C.
Re
mu
ne
rati
on
to
Ke
y M
an
ag
eri
al P
ers
on
ne
l o
the
r th
an
MD
/Ma
na
ge
r/W
TD
CFO
CS
35
5,1
40
.00
30
5,4
36
.00
TO
TA
L
2,2
39
,44
0.0
0
4,3
94
,58
0.0
0
VII
. P
EN
AL
TIE
S /
PU
NIS
HM
EN
T/
CO
MP
OU
ND
ING
OF
OF
FE
NC
ES
:
Ty
pe
Se
cti
on
of
the
Co
mp
an
ies
Act
Bri
ef
De
scri
pti
on
De
tail
s o
f P
en
alt
y /
Pu
nis
hm
en
t/
Co
mp
ou
nd
ing
fe
es
imp
ose
d
Au
tho
rity
[R
D /
NC
LT
/ C
OU
RT
]A
pp
ea
l m
ad
e,
if a
ny
(giv
e D
eta
ils)
A.
CO
MP
AN
Y
Pe
na
lty
Pu
nis
hm
en
t
Co
mp
ou
nd
ing
B.
DIR
EC
TO
RS
Pe
na
lty
Pu
nis
hm
en
t
Co
mp
ou
nd
ing
C.
OT
HE
R O
FF
ICE
RS
IN
DE
FA
UL
T
Pe
na
lty
Pu
nis
hm
en
t
Co
mp
ou
nd
ing
Madura Microfinance 38
Mr.
Ha
rih
ara
Su
bra
ma
nia
m
Form AOC-1
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of
Companies (Accounts) Rules, 2014)
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF
SUBSIDIARIES/ASSOCIATE COMPANIES/JOINT VENTURES
PART “A”: SUBSIDIARIES
(Information in respect of each subsidiary to be presented with amounts in Rs.)
SL.NO Particulars Details
Name of the subsidiary Madura Micro Education Private Limited
Reporting period for the
subsidiary concerned, if different
from the holding company's
reporting period.
NA
Reporting currency and Exchange
rate as on the last date of the
relevant Financial year in the case
of foreign subsidiaries.
Share Capital
NA
1.
2.
3.
4.
Reserves & Surplus5.
Total Assets6.
Total Liabilities7.
Investments8.
Turnover9.
Profit before taxation/(Loss)10.
Provision for taxation11.
Provision after taxation.12.
Proposed Dividend13.
% of shareholding14.
1,49,00,000
(1,11,49,791)
32032521
32032521
NIL
5682152
(68,21,132)
NIL
(68,21,132)
NIL
100%
Part “B”: Associates and Joint Ventures: Not Applicable
Annexure 3
39Madura Microfinance
Form AOC-2
(Pursuant to clause (h) of sub-section (3) of section 134 of the Act and Rule 8(2) of the
Companies (Accounts) Rules, 2014).
Form for Disclosure of particulars of contracts/arrangements entered into by the company
with related parties referred to in sub section (1) of section 188 of the Companies Act, 2013
including certain arm's length transaction under third proviso thereto.
SL.NO Particulars Details
Name(s) of the related party and nature of the
relationship
NIL1.
Nature of contracts/agreements/transaction NIL2.
Salient features of the contracts or arrangements
or transactions including the value, if any
NIL3.
Justification for entering in to such contracts or
arrangements or transactions
4. NIL
Date of approval by the Board5. NIL
Amount paid as advances, if any6. NIL
Date on which a special resolution was passed in General
Meeting as required under first proviso to section 188
7. NIL
2. D etails of contracts or arrangements or transactions at Arm's length basis.
SL.NO Particulars Details
Name(s) of the related party and nature of the
relationship
Scimergent Analytics and
Education Private Limited
1.
Nature of contracts/agreements/transaction Agreement for IT services2.
Duration of contracts/arrangements/transaction Until Termination3.
Salient terms of the contracts or arrangements
or transaction including the value, if any
4. To provide assistance to the
Company for enhancing the
Information Technology
platform and architecture.
Value: 157.50 Lacs
Date of approval by the Board5. 23.06.2014
Amount paid as advances, if any6. NIL
Annexure 4
Madura Microfinance 40
1. Details of contracts or arrangements or transactions not at Arm's length basis.
EQUITY AND LIABILITIES
Note no
Non Current Liabilities
(a) Long Term Borrowings
(b) Other Long Term Liabilities
(c) Long Term Provisions
Current Liabilities
(a) Short Term Borrowings
(b) Other Current Liabilities
(c) Short Term Provisions
Shareholders' Funds
(a) Share Capital
(b) Reserves and Surplus
2
3
1,275,747,000
585,736
5,673,719
4
5
6
867,510,866
1,282,006,455
55,575,170
665,613,266
822,649,715
585,736
3,703,336
721,188,436
826,938,787
-
1,959,330,274
10,102,390
7
8
9
1,969,432,664
4,518,285
1,069,711,232
4,908,385
1,079,137,902
4,118,949,985 2,627,265,125
9,754,264
6,007,639-
-
16,899,000
16,528,554
817,552,890
10,917,381
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital work in Progress
(iv) Intangible Assets under development
(b) Non Current Investments
(c) Deferred Tax Assets (net)
(d) Long Term Loans and Advances
(e) Other non current assets
ASSETS
Current Assets
(a) Current Investments
(b) Cash and cash equivalents
(d) Short Term Loans and Advances
(e) Other non current assets
10
11
877,659,728 598,500,270
6,930,147
12,105,242
-
- 16,899,000
10,048,384
549,037,170
3,480,327
120,539,435
411,713,583
2,682,333,578
26,703,661
102,903,038
182,454,050
1,725,345,065
18,062,702
3,241,290,257 2,028,764,855
4,118,949,985 2,627,265,125
12
15
16
17
18
19
14
13
55,575,170
811,935,696
Balance Sheet
Significant Accounting Policies 1 - -
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Managing Director
Mohan Eddy
Wholetime Director
Sanin Panicker
Company Secretary
thChennai / Date: 04 July 2015
41Madura Microfinance
As at
31.03.2015
As at
31.03.2014
(In Rupees) (In Rupees)
20
IV. Expenses:
Employee Benefits Expenses
Finance Cost
Depreciation
Other Expenses
Total Expenses
V. Profit before Exceptional and
Extraordinary Items and tax
VI. Exceptional Items
I. Revenue from Operations
II. Other Income
III. Total Revenue
21
22
109,472,923
314,477,776 11,038,084
115,430,545
23
2410 & 11
25
774,335,352
550,419,328
498,331,239
6,646,593
71,179,052
163,808,943
11,359,228
91,047,260
504,977,832
337,394,483
223,916,024
-
223,916,024
167,583,349
-
167,583,349
Current tax
Deferred tax
Income Tax relating to earlier Years (net)
765,709,935
8,625,417
VII. Profit before Extraordinary Items and tax
VIII. Extraordinary Items
IX. Profit Before Tax
X. Tax Expense
XI. Profit or loss for the peroid from
continuing operations
XII. Profit or loss from discontinuing
operations
XIII. Tax expense of discontinuing operations
XIV. Profit/loss from discontinuing operations
XV. Profit for the period
XVI. Earnings Per Share
(1) Basic
(2) Diluted
223,916,024
-
167,583,349
-
80,600,000
-6,480,170
3,473,464
62,500,000
-4,368,624
-
146,322,430
109,451,973
-
-
-
146,322,430
-
-
-
109,451,973
19.69
19.69
26.33
26.33
Profit and Loss
year ended
31.03.2015
year ended
31.03.2014
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Managing Director
Mohan Eddy
Wholetime Director
Sanin Panicker
Company Secretary
thChennai / Date: 04 July 2015
Madura Microfinance 42
Note no
(In Rupees) (In Rupees)
Cash Flow
Profit before tax
Add: Depreciation
Provision made for Advances and NPAs
Provision made for assets derecognized
11,473,067
1,478,223
167,583,349
11,359,228
10,919,903
223,916,024
11,038,084
247,905,408 189,862,480
Less: Dividend from mutual funds 7,202,828
4,162,438
Operating profit before changes in operating assets
and liabilities 240,702,580 185,700,042
Changes in operating assets and liabilities
(Increase)/Decrease in advance to self help groups
Increase/(Decrease) in borrowings
(Increase)/Decrease in other current assets and loans
and advances
Increase/(Decrease) in current liabilities and provisions
Tax Paid net of provisions
-1,236,977,300
1,345,721,731
-9,844,559
-1,837,534
-90,307,218
-784,841,711
580,315,986
-5,213,564
115,552,376
-50,871,243
Total cash flow from operating activities 247,457,700 40,641,886
Cash from investing activities
Purchase of fixed assets
Intangible assets under development
Investments made
Proceeds from transfer of intangible Assets
Investments made in subsidiary company
Proceeds from sale of investments
Dividend from mutual funds
Total cash flow from investing activities
-7,764,598
-
-4,292,411,532
-
-
4,274,775,135
7,202,828
-18,198,167 -64,325,817
-4,195,778
-1,493,169
-2,317,751,544
14,800,000
-14,899,000
2,255,051,236
4,162,438
Total Cash generated during the year 229,259,533 -23,683,931
Cash and Cash Equivalents at the beginning of the Year 182,454,050 206,137,981
411,713,583 182,454,050
Year ended Year ended
31.03.2015 31.03.2014
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Managing Director
Mohan Eddy
Wholetime Director
Sanin Panicker
Company Secretary
thChennai / Date: 04 July 2015
43Madura Microfinance
- -
Cash and Cash Equivalents at the end of the Year
(In Rupees) (In Rupees)
Provision on Microfinance and other loans treated as non- performing assets is being made in
accordance with the Prudential Norms issued by Reserve Bank of India. The Company is also
creating a provision of 1% on all the Standard Advances.
In respect of assets derecognized, provision is made at the rate of 1% of the outstanding amounts of
assets derecognized from the books of the Company as at the balance sheet date.
1. Significant Accounting Policies
a) Fixed Assets
The Fixed Assets are stated at cost. Grants received for purchase of the fixed assets are credited to the
value of the Fixed Asset after retaining a nominal value in the Fixed Asset. Depreciation on the balance
is provided on straight line method. The Fixed Assets are depreciated on SLM basis at the following
rates:
Computer
Office Equipment
Plant and Machinery
Motor Vehicles
Software
Furniture and Fittings
Electrical Fittings
33.33%
20.00%
15.00%
20.00%
33.33%
15.00%
20.00%
Fixed assets costing less than Rs.5000/- are fully depreciated in the year of capitalization.
Since the useful life adopted for arriving at the above rates is shorter than the useful life specified
in schedule II of the Companies Act, 2013, no further changes are required.
Investments which are long term in nature, are stated at cost with provision wherever necessary
for dimunition, other then temporary in the value of the investments. Current Investments are
valued at lower of cost or market value.
b) Investments
I) Interest receivable on loans to Self Help Groups are accounted for on accrual basis at the agreed
rate of interest.
ii) In respect of accounts identified as Non Performing Assets,i nterest income is accounted as per the
direction of Reserve Bank of India.
iii)I n accordance with Reserve Bank of India Guidelines on Securitization transactions, gains arising
f rom assignment/securitisation are amortized over t he life of the underlying portfolio loans. In case
o f loss, the same is recognized i n the Statement of Profit and Loss immediately.
iv) Other income and all expenditure is accounted for on accrual basis.
v ) Provision for gratuity and leave encasement has been made on t he basis of actuarial valuation on
Projected Unit Credit (PUC) m ethod.
c) Revenue Recognition
d) Provision for Microfinance and other Loans:
Notes
Madura Microfinance 44
e) Defered Tax:
Deferred Tax Assets arising from temporary timing differences are recognised to the extent there is a
virtual certainty that the assets can be realised in future.
Authorised:
2. Share Capital
1,00,00,000 Equity shares of Rs.10/- each 100,000,000 100,000,000
Issued, Subscribed and Paid up:
Name of the shareholder
Ms.Tara Thiagarajan Mr.M.Narayanan Mr.Marti Subramaniam Employees' Welfare Trust Elevar Unitus Corporation
No. of shares
2,670,200
340,000 300,000
504,000
1,207,917
No. of shares
2,670,200
320,000
300,000
504,000
1,207,917
Number of shares outstanding at the beginning of the year
Number of shares outstanding at the end of the year
5,557,517
5,557,517
The Company has issued only one class of Shares, viz., Equity Shares. Each Equity Share has a face value
of Rs.10/- each and is entitled to one vote. On liquidation each share is entitled to participate in the assets
proportionate to the paid up value of the share.
3. Reserves and SurplusShare Premium Account As per Last Balance Sheet
Statutory Reserve As per Last Balance Sheet
Add: Transfer from Profit and Loss Account
Surplus, Balance in Profit and Loss Account
As per Last Balance Sheet
Add: Profit after tax for the year
Less: Transfer to Statutory Reserve
Total of Reserves and Surplus
207,918,753
93,015,000 29,300,000
122,315,000
364,679,513
146,322,430 511,001,943
29,300,000 481,701,943
811,935,696
207,918,753
71,125,000 21,890,000
93,015,000
277,117,540 109,451,973
386,569,513
21,890,000
364,679,513
665,613,266
Notes
45Madura Microfinance
5,557,517
5,557,517
31-3-2015 31-3-2014
55,57,517 Equity shares of Rs.10/- each fully Paid up 55,575,170 55,575,170
4. Long Term Borrowings
A) SECURED
Term Loans from Banks and Financial Institutions
Axis Bank
City Union Bank
Development Credit Bank
Dhanalakshmi Bank
Industrial Development Bank of India
South Indian Bank
Canara Bank
Small Industrial Development Bank of India
Lakshmi Vilas Bank
ING Vysys Bank
Mas Financial services limited
Reliance Capital Limited
Dena Bank
Indian Bank
Indusind Bank
ADFT
Maanaveeya Development and Finance (P) Ltd
Andhra Bank
Bank of Baroda
Bank of Maharashtra
IFMR Capital Finance Private Limited
Ratnakar Bank Limited
Reliance Home Finance
Tata Capital Financial Services Limited
Vijaya Bank
Habitat Microbuild India Housing Finance
207,142,858
17,204,218
130,625,011
187,539,697
531,944,448
-
140,404,041
122,225,000
120,797,795
86,111,544
384,166,669
71,692,722
110,000,000
83,189,849
22,500,000
37,103,295
66,666,652
50,000,000
100,000,000
74,669,273
89,858,403
150,000,000
179,817,922
37,500,200
82,500,000
15,000,000
133,333,340
28,932,226
63,333,340
114,682,547
558,333,334
33,328,000
80,743,508
34,344,998
37,498,771
163,889,517
100,000,000
200,000,000
100,000,000
50,000,000
50,000,000
-
-
-
-
-
-
-
-
-
-
-
-
Less: Payable within 12 months disclosed under
other Current Liabilities
All the above loans are secured by a charge on the advances granted to Self Help
Groups from the proceeds of the Loans.
3,098,659,597 1,748,419,581
1,822,912,597 925,769,866
1,275,747,000 822,649,715
Notes
Madura Microfinance 46
31-3-2015 31-3-2014
ADFT Andhra Bank SIDBI
City Union Bank
Axis Bank
Axis Bank
Axis Bank
Development Credit Bank
Development Credit Bank
Development Credit Bank
Development Credit Bank
Dhanalakshmi Bank
Dhanalakshmi Bank
Dhanalakshmi Bank
Dhanalakshmi Bank
IDBI Bank
IDBI Bank
IDBI Bank
IDBI Bank
IDBI Bank
ING Vysya Bank
ING Vysya Bank
ING Vysya Bank
33,33,333
1,666,666
5,555,000
833,333
14,285,714
4,166,667
2,083,333
1,666,666
1,666,662
3,125,000
2,083,333
2,800,000
1,945,000
1,667,000
2,223,000
16,000,000
9,000,000
25,000,000
8,333,333
10,416,667
2,777,777
2,777,777
925,944
8,333,333
3,333,334
83,333,333
10,000,000
37,103,295
50,000,000
122,225,000
17,204,218
57,142,858
100,000,000
50,000,000
3,333,348
19,999,996
59,375,000
47,916,667
22,539,691
35,000,008
49,999,998
80,000,000
71,111,110
40,000,000
100,000,000
91,666,671
229,166,666
30,555,574
36,111,130
19,444,840
4,159,559
16,638,238
100,000,000
60,000,000
14.00%
13.75%
13.50%
14.50%
13.25%
13.25%
13.25%
12.70%
13.50%
13.00%
12.50%
13.75%
13.75%
13.75%
13.75%
12.25%
13.00%
12.25%
13.75%
13.75%
13.20%
13.20%
13.50%
36M 33M
30M
36M
24M
24M
24M
33M
26M
26M
26M
36M
36M
36M
36M
60M
60M
36M
27M
27M 39M
39M
39M
Quaterly
Monthly
Monthly
Monthly
Quaterly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Quaterly
Quaterly
Quaterly
Monthly
Monthly
Monthly
Monthly
Monthly
LVB
LVB
LVB
13.75%
14.25%
13.75%
Dena Bank 12.30% 33M
39M
39M
39M
Quaterly
Quaterly
Quaterly
Quaterly
Notes
The Terms of repayment of the Term Loans are as under :
Name of the
Bank
47Madura Microfinance
Rate of
interest
Tenor of
Loan
Mode of
Repayment
Bal. o/s as on
31.03.15
Instalment
Indian Bank
Indian Bank
Canara Bank
Canara Bank
Indusind Bank
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Bank of Baroda
Bank of Maharashtra
Habitat Micro Build
14.00%
13.50%
12.95%
12.70%
13.75%
14.10%
14.10%
14.25%
14.25%
14.25%
14.25%
14.25%
14.25%
14.25%
13.50%
13.00%
15.50%
IFMR Capital Finance (P) Ltd
39M
39M
33M
36M
21M
24M
24M
24M
24M
24M
24M
24M
24M
24M
35M
36M
51M
14.50% 18M
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Quaterly
Quaterly
Quaterly
Quaterly
5,000,000
4,166,667
4,166,667
10,000,000
10,000,000
2,500,000
4,166,667
2,083,333
2,083,333
1,250,000
2,500,000
1,666,666
2,083,333
4,166,666
2,083,333
3,333,333
2,780,000
312,500
5,108,388
50,000,000
33,189,849
50,000,000
40,404,041
100,000,000
22,500,000
50,000,026
27,083,307
33,333,336
20,000,000
37,500,000
26,666,665
39,583,335
100,000,000
50,000,000
100,000,000
74,669,273
15,000,000
89,858,403
Dena Bank 12.05% 36M
Quaterly
Maanaveeya Development
and Finance (P) Ltd
Ratnakar Bank Limited
Tata Capital Financial
Services Limited
Vijaya Bank
Reliance Home Finance
Reliance Capital Limited
Ratnakar Bank Limited
15.00%
13.50%
13.00%
13.75%
13.50%
14.25%
15.00%
39M
24M
24M
24M
36M
18M
18M
Quaterly
Monthly
Monthly
Monthly
Monthly
6,666,666
66,666,652
Quaterly
Quaterly
12,500,000
9,375,000
2,083,333
2,500,000
12,406,477
12,476,957
75,000,000
75,000,000
37,500,200
82,500,000
179,817,922
71,692,722
Notes
The Terms of repayment of the Term Loans are as under :
Madura Microfinance 48
Rate of
interest
Tenor of
Loan
Mode of
Repayment
Bal. o/s as on
31.03.15
Instalment
Name of the
Bank
Flexi Grant
5. Other long Term liabilities
585,736 585,736
6. Other long Term Provisions
1,822,912,597
136,417,677
2,551,306
1,152,030
5,673,719 3,703,336
7. Short term borrowing - Cash credit from Banks Secured
City Union Bank OD
The above limit is secured by a charge on
the loans granted to Self Help Groups out
of the proceeds of the Loan. The Cash
Credit/OD facility is renewable every year
and carries interest at 14.50% per annum.
-
-
4,518,285
4,518,285
8. Other Current Liabilities
Current maturities of Long Term Debt
Sundry Creditors
420,619
881,756
1,472,615
1,220,957
4,628,210
1,478,233
-
- 992,764
977,612
2,938,009
-
1,959,330,274 1,069,711,232
9. Short term Provisions
Provision for Gratuity
Provision for Leave Encashment
Provident Fund and ESI contribution
Provision for Bonus
Provision for staff related expenditure
Provision for Assets Derecognized
10,102,390 4,908,385
925,769,866
143,941,366
3,965,999
1,707,720
Provision for employees
Provision for gratuity
Provision for leave encashment
Notes
49Madura Microfinance
31-3-2015 31-3-2014
585,736 585,736
10.Non Current Assets (a) Fixed Assets - (i)Tangible Assets
Cost as at 1.4.2014
Additions As at 31.3.2015
Sales
Cost block
Computers
Office Equipments
Plant and Machinery
Motor Vehicles
Furniture and Fittings
Electrical Fittings
12,089,583
10,588,597
711,511
3,563,524
1,195,367
95,825
4,162,762
292,480
-
973,823
1,041,095
1,194,438
-
-
-
-
-
-
16,252,345
10,881,077
711,511
4,537,347
2,236,462
1,290,263
28,244,407 7,664,598 35,909,005 -
Upto 1.4.2014
For the year As at 31.3.2015
Withdrawn
Depreciation Block
Computers
Office Equipments
Plant and Machinery
Motor Vehicles
Furniture and Fittings
Electrical Fittings
9,350,024
8,193,124
403,272
2,549,566
780,322
37,953
1,913,681
1,757,139
102,152
473,763
573,666
20,080
-
-
-
-
-
-
11,263,705
9,950,263
505,424
3,023,329
1,353,988
58,033
21,314,260 4,840,481 26,154,741 -
As at 31.3.2014
Net Block
Computers
Office Equipments
Plant and Machinery
Motor Vehicles
Furniture and Fittings
Electrical Fittings
2,739,559
2,395,473
308,239
1,013,958
415,046
57,872
6,930,147 9,754,264
4,988,640
930,814
206,087
1,514,018
882,475
1,232,230
As at 31.3.2015
11. (a) Fixed - Assets - Intangibles
Cost as at 1.4.2014
Additions As at 31.3.2015
Sales
Cost block
Software
19,877,253 100,000 19,977,253 -
Micro Education Digital Products
10,258,294
9,618,959
100,000 10,358,294
9,618,959
Notes
Madura Microfinance 50
Upto 1.4.2014
As at 31.3.2015
Withdrawn
Depreciation Block
Software
7,772,011 6,197,603 13,969,614 -
Micro Education Digital Products
4,566,012
3,205,999
2,991,604
3,205,999
7,557,616
6,411,998
As at 31.3.2014
As at 31.3.2015
Net Block
Software
6,007,639 12,105,242
Micro Education Digital Products
2,800,678
3,206,961
5,692,282
6,412,960
12.Intangible Assets under Development
The Company has taken up new product development activities in two areas, viz., Development of Digital
Business Education Course and Development of Microenterprise Risk assessment tools. The project has been
Completed. One set of the project has been sold to Madura Micro Education Private Limited for which shares
have been allotted by them. The other phase of the project has been capitalised under IntangibleAssets, the
details of which are given :
Opening Balance Expenses incurred during the year 22,925,790
Salaries
Rent and Electricity charges
1,447,244
45,925
- 24,418,959
14,800,000
9,618,959
Less: Transferred to Madura Micro Education P Limited
Capitalized under Intangible Assets
- -
2,000,000
14,899,000
2,000,000
14,899,000
16,899,000 16,899,000
13.Non Current Investments Trade investments
a)Investment in Equity Shares - Unquoted
I) In Subsidiary Company 14,89,900 Equity Shares of
Madura Micro Education P Ltd
II)In other Companies 200000 Equity Shares of Rs.10/-
each in Alpha Micro Finance Consultants P Ltd
Notes
For the year
51Madura Microfinance
31-3-2015 31-3-2014
(i) Deferred Tax Asset
On account of provision made allowable on basis of payment
(ii) Deferred Tax Liability
On Account of depreciation -663,424
15,865,130
344,519
10,392,903
16,528,554 10,048,384
14.Deferred Tax Assets (Net)
15.Long Term Loans and Advances
Microfinance and Other Loans
Unsecured Considered Good
Less: Provision for standard assets
825,811,000
8,258,110
554,583,000
5,545,830
817,552,890 549,037,170
16.Other Non Current Assets
Rent advance
Tax payments pending adjustment (net of provision) 5,770,110
10,917,381
5,147,271
-463,344
3,480,327
3,943,671
18.Cash and Cash Equivalents
Cash on hand
Bank balances in current account 64,094,008
347,562,090
57,485
38,604,133
143,731,487
118,430
Bank Balance in earmarked Deposit account
under lien to banks for various credit facilities granted
411,713,583 182,454,050
Bank Deposits includes deposit with a maturity of more
than 12 months on the date of the Balance Sheet
19.Short Term Loans and Advances
Microfinance and other loans repayable within
12 months - Unsecured - Considered good
Less: Provision for standard assets 27,141,377
2,682,333,578
2,709,474,955
17,437,688
1,725,345,065
1,742,782,753
Considered Doubtful
Less: Provision
2,822,062
-2,822,062
3,764,964
-3,764,964
2,682,333,578 1,725,345,065
Notes
Madura Microfinance 52
31-3-2015 31-3-2014
17.Current Investments
120,539,435 102,903,038
Investment in Units of Mutual Fund - Unquoted
1,18,240.172 Units (Previous Year 1,00,940.175 units)
of UTI Liquid Fund Cash Plan
120,539,435 102,903,038
21.Revenue from operations
Interest on loans
Processing and other charges
Bad debts recovered
Interest from Banks
702,373,773
36,552,381 7,910,910
18,872,871
456,746,746
22,520,353 9,912,037
9,152,103
765,709,935 498,331,239
22.Other Income
Dividend received
Others
7,202,828
1,422,589
4,162,438
2,484,155
8,625,417 6,646,593
23.Employee Benefit Expenses
Salaries and wages
Honororium paid
Contribution to Provident Fund
Contribution to ESI
Contribution to Welfare fund
Provision for leave encashment
Provision for Gratuity
Staff welfare Expenses
81,559,710
13,777,174
7,175,021
1,750,740
7,274
1,514,852
1,923,928
1,764,224
53,661,141
9,358,533
4,740,460
1,264,688
5,656
144,098
48,838
1,955,638
109,472,923 71,179,052
24. Finance Cost
Interest on cash credit
Processing Charges
Interest on Term Loans
Other Interest
Bank charges
15,470
5,437,360
293,155,148
80,022
15,789,776
207,486
1,300,000
156,821,501
21,386
5,458,570
163,808,943 314,477,776
25.Other Expenses
Office Rent
Rates and Taxes
Electricity charges
Filing Fees
Insurance
Auditors' Remuneration for Audit
10,515,088
1,095
1,399,454
52,930
76,402
600,000
7,966,609
3,190
998,366
74,742
251,331
400,000
20.Other Current Assets
Advances recoverable in cash or in kind or for
value to be received-Unsecured Considered Good
Service tax input credit
Others
1,841,817
24,861,844
8,114,767
9,947,935
26,703,661 18,062,702
Notes31-3-2015 31-3-2014
53Madura Microfinance
91,047,260 115,430,545
For Certification and other services
Vehicle Maintenance
Office Maintenance
Bad Debts written off
Provision on Standard assets
Professional Fees
Provision for Non Performing Assets
SHG Formation Expenses
Provision on assets derecognized
Directors Sitting Fees
Traveling expenses
Other Expenses
427,950
365,300
3,551,823
24,561,717
12,415,969
17,038,341
-942,902
1,718,367
1,478,233
130,000
21,825,741
20,215,037
216,000
662,067
2,830,147
22,792,659
7,882,100
8,314,015
3,037,803
1,389,120
-
105,000
11,576,902
22,547,209
26. The Company is registered with Reserve Bank of India as a Non Banking Finance Company under
the category of NBFC - MFI.
27.Contingent Liabilities
a) Income tax demand disputed in appeal not provided for
Nil
7,101,923
28.The Penalty levied by the Assessing Officer for the Assessment Year 2007-08 amounting to Rs.71,01,923/- has been deleted by the Commissioner of Income tax (Appeals). The Income tax
Department has filed an appeal to the Income tax Appellate Tribunal. Based on professional advice, the Company is of the view that the appeal filed by the Department would be dismissed.
Apart from the above, there are no other pending litigations by/against the Company which might have a material impact of the financial statements.
29.Till last year, the gains arising on bilateral sale of loan was being accounted for in the year of sale
of the loan portfolio. From this year onwards the accounting policy has been changed in line with
the guidelines issued by Reserve Bank of India for Securitisation transactions as mentioned in Note
No.1(c)(iii) above. Since the Securitisation transaction has been undertaken on Par Structure, there is
no impact of the change of the Profit for the Year as per the Statement of Profit and Loss.
30.Related Party Transactions
Name of the Related Parties
i) Microcredit Foundation of India
ii) Ms.Tara Thiagarajan -Key Managerial Personnel
iii) Mr.Mohan Eddy -Whole Time Director
iv) Madura Micro Education Private Limited- Subsidiary Company
v) Scimergent Analytics and Education Private Limited -Associate Company
Notes
Madura Microfinance 54
31-3-2015 31-3-2014
Details of Transactions with related parties
Remuneration to Key Managerial Personnel
I) Ms.Tara Thiagarajan
ii) Mr.Mohan Eddy - Whole Time Director
iii) Directors Sitting Fees
iv) Professional fees paid Scimergent
analytics and Education P Ltd
v) Value of Intangible Assets Transferred to Subsidiary
Company, Madura Micro Education Private Limited
vi) Amount due from Subsidiary Company, Madura Micro
Education Private Limited
4,784,004
3,999,996
130,000
6,817,500
-
7,397,262
3,592,002 1,666,665
105,000
-
14,800,000
6,068,964
31.Segment Information
The Company operates only in one segment - viz., financing of self help groups.
32.Post Employment Benefits
The Company has an unfunded defined benefit gratuity plan Details of Defined Benefit - Gratuity Plan
Fair Value of Plan Assets
Present value of unfunded obligation
Less: Unrecognised past service cost
Plan asset/(liability)
-
4,386,618
-
-4,386,618
-
2,551,306
-
-2,551,306
Change in the present value of Defined Benefit Gratuity Plan
Opening defined benefit obligation
Interest cost
Current Service cost
Actuarial (gains)/losses on obligation
Closing defined benefit obligation
2,551,306
-
1,923,928
-88,616
4,386,618
2,600,084
-
48,838
-97,616
2,551,306
Principal Assumptions used in determining of Defined Benefit Gratuity Plan
Discount Rate
Expected rate of return on plan assets
Salary increment rate
Attrition rate
Details of Other Defined Benefit Plan
Leave Encashment
Fair Value of plan assets
Present value of unfunded obligation
Less: Unrecognised past service cost Plan asset(liability)
-
2,589,476
-
-2,589,476
- 1,152,030
-
-1,152,030
7.80%
Not applicable
5%
15%
8.90%
Not applicable
10%
10%
Notes
55Madura Microfinance
31-3-2015 31-3-2014
Change in present value of Other Defined Benefit Plan
Opening denied benefit obligation
Interest cost
Current Service cost
Actuarial (gains)/losses on obligation
Closing defined benefit obligation
1,152,030
-
1,514,852
-77,406
2,589,476
1,144,604
-
144,098
-136,672
1,152,030
Principal Assumptions used in determining - Defined Benefit Gratuity Plan
Discount Rate
Expected rate of return on plan assets
Salary increament rate
Attrition rate
Proportion of leave availment
7.8%
Not applicable
10%
15%
10%
8.9%
Not applicable
10%
15%
10%
33 .Provisions and contingencies
P rovision is recognised in the Balance Sheet when, the Company has a present obligation as a result
a p ast event and it is probable that an outflow of economic benefits will be required to settle the of obligation and a reliable estimate of the amount of the obligation can be made.
i) Provision for Standard Assets
Carrying amount at the beginning of the period
Additional provision made during the period
Amounts used (i.e., incurred and charged against the provision)
Amount of provision at the end of the period
22,983,518
12,415,969
-
35,399,487
15,101,418
7,882,100
-
22,983,518
ii) Provision for Non-Performing Assets
Carrying amount at the beginning of the period
Additional provision made during the period
Amounts used (i.e., incurred and charged against the provision)
Unutilised amounts reversed during the period
Amount of provision at the end of the period
3,764,964
-942,902
-
-
2,822,062
727,161
3,037,803
-
-
3,764,964
35.Expenditure in Foreign Currency
Professional Fees (previous year included
under Intangible Assets under Development)
Travelling Expenses
Nil 1,617,620
947,577
571,304
36.As required under section 135 of the Companies Act, 2013, the Company has set up a Corporate
Social Responsibility Committee. The Committee has evolved policies for CSR Spending. The Company
is required to spend Rs.19.50 lakhs on CSR during the year. Pending finalisation of the suitable projects
, in line with the policies laid down the Company has not been able to spend any money on CSR activities.
Notes
Madura Microfinance 56
31-3-2015 31-3-2014
37. Earnigs per Share - Basic and Diluted
Profit as per Tax
Number of Equity Shares of face value of Rs.10/- each
Earnings per share - Basic and Diluted
146,322,430
5,557,517
26.33
109,451,973
5,557,517
19.69
38.Details required under Reserve Bank of India,NBFC Directions
Sl.
No. Particulars
Amount
Overdue
(Rs. in lakhs)
Amount
Outstanding
(Rs. in lakhs)
Amount
Overdue
(Rs. in lakhs)
Liabilities Side
Loans and Advances availed
by NBFCs inclusive of interest
accrued there on but not paid
(a) Debentures - Secured
(b) Debentures - Unsecured
(c) Deferred Credits
(d) Term Loans
(e) Intercorporate Loan
and borrowing
(f) Commercial Paper
(g) Public deposits
(h) Other Loans - Overdraft
Amount
Outstanding
(Rs. in lakhs)
Nil
Nil
Nil
30,986.60
Nil
Nil
Nil
-
1.
Nil
Nil
Nil
17,484.20
Nil
Nil
Nil 45.18
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil Nil
Break up of 1(g) above (Outstanding public deposits inclusive of interest accrued thereon but not paid) 2.
(a) In the form of unsecured
debentures
(b) In the form of partly secured
debentures, i.e. debentures
where there is a shortfall in
the value of security
(c) Other public deposits
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Break up of Loans and Advances including bills receivable(other than those included in 4 below) (Net
of NPA Provision)
Assets Side
3.
(a) Secured
(b) Unsecured
Nil
35,352.86
Nil
Nil
Nil
22,973.66
Nil
Nil
Notes
57Madura Microfinance
Nil
Nil
Nil
31-3-2015 31-3-2014
4. Break up of Leased Assets and stock on hire and hypothecation loans counting towards EL/HP activities
I( )Leased assets including lease
rentals under sundry debtors
a) Financial Lease
b) Operating Lease
(ii) Stock on hire including hire
charges under sundry debtors
a) Asset on hire
b) Repossessed assets
(iii) Hypothecation Loans counting
towards EL/HP activities
a) Loans where assets have
been repossessed
b) Loans other than (a) above
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
5. Break up of Investments - Current Investments
1. Quoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Long Term Investments - (Break up of Investments Continued)
Nil
Nil
Nil
1,205.39
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
1,029.03
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2. Unquoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
1. Quoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
168.99
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2. Unquoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
Nil
Nil
Nil
Nil
Nil
Nil
Notes
Madura Microfinance 58
168.99
Nil
Nil
Nil
Nil
Nil
31-3-2015 31-3-2014
7. Investor group-wise classification of all investments current and long term in shares and securities
(both quoted and unquoted)
31-3-2015 31-3-2014
6. Borrower group-wise classification of all leased assets, stock-on-hire and loans and advances
Category
1. Related Parties a) Subsidiaries
b) companies in the same group c) Other related parties
2. Other than related parties
TOTAL
Amount net of NPA provisions
Secured Unsecured Total
Nil
Nil
Nil
Nil
Nil
Nil
-
- -
35,352.86 35,352.86
35,352.86 35,352.86
Amount net of NPA provisions
Secured Unsecured Total
Nil
Nil
Nil
Nil
Nil
Nil
-
-
-
22,973.66 22,973.66
22,973.66
Market
Value/NAV
or face value
Book Value
Net of
provisions
Market
Value/NAV
or face value
Book Value
Net of
provisions
Nil
Nil
Nil
148.99
Nil
Nil
Nil
Nil
Nil
148.99
Nil
Nil
Nil
Nil 1,225.39 Nil 1,049.03
1,374.38 Nil 1,049.03
Category
1. Related Parties a) Subsidiaries
b) companies in the same group c) Other related parties
2. Other than related parties
TOTAL
8. Other Information
1.Gross Non-Performing Assets
(a) Related Parties
(b) Other than related parties
2.Net Non-Performing Assets
(a) Related Parties
(b) Other than related parties
3. Assets acquired in
satisfaction of debts
Amount net of NPA provisions
Secured Unsecured Total
Amount net of NPA provisions
Secured Unsecured Total
Nil
Nil
Nil
62.37
Nil
Nil
Nil
71.69
Nil
62.37
Nil
71.69
Nil
Nil
Nil
34.15
Nil
Nil
Nil
34.04
Nil
34.15
Nil
34.04
Nil Nil Nil Nil Nil Nil
9. Customer Complaints
a) Number of Complaints pending as the beginning of the year
b) Number of Complaints received during the year
c) Number of Complaints redressed during the year
d) Number of Complaints pending as at the end of the year
31-3-2015 31-3-2014
Nil
52
52
Nil
Nil
23
23
Nil
10.Details of Registration with Financial Regulators
a) Ministry of Corporate Affairs
b) Reserve Bank of India
c) Microfinance Institutional Network
CIN No.U65929TN2005PLC057390
N.07.00754
20
Notes
59Madura Microfinance
22,973.66 -
11.Ratings assigned by Credit Rating Agencies
Commercial Paper
Working Capital Facility (Cash credit/WCDL)
Long Term Bank Facilities
Long Term Non-Convertible
debentures (allotted in May 2015)
MFI Grading
Subordinated Debt
Perpetual Debt
Not applicable
Not applicable
(ICRA) BBB-Positive
(ICRA) BBB-Positive
M 2
Not applicable
Not applicable
Not applicable
Not applicable
(ICRA) BBB-stable
Not applicable
MFR 3
Not applicable
Not applicable
12.C oncentration of Advances, Exposures and NPAs
The Company operates primarily in the business of microfinance providing collateral free loans for
fixed amounts ranging from Rs. 14,000/- to Rs. 42,000/- predominantly to rural and semi urban women.stA s on 31 March 2015, th e Company provided loans to more than 2.39 lakhs women and hence the
disclosure relating to concentration of Advances, Exposures and NPAs are not applicable to the Company.
13.S ector wise NPAs as at the end of the year Percentage of NPAs to total
advances in that sector
a) Agriculture and Allied Activities
b) MSME
18.09%
81.91%
9.40%
90.60%
14.Movement of NPAs
a) Net NPAs to total Advances (%)
b) Movement of NPAs (Gross)
i) Opening Balance
ii) Additions during the year
iii) Reduction during the year
iv) Closing balance
c) Movement of Net NPAs
i) Opening Balance
ii) Additions during the year
iii) Reduction during the year
iv) Closing balance
d) Movement of provision for NPAs excluding standard assets
i) Opening Balance
ii) Provision made during the year
iii) Write off/write back of excess provisions
iv) Closing balance
0.10%
7,169,182
5,200,301
6,132,298
6,237,185
3,404,218
2,689,304
2,678,399
3,415,123
3,764,964
2,510,997
3,453,899
2,822,062
0.15%
7,271,584
6,341,785
6,444,187
7,169,182
1,566,028
3,037,804
1,199,614
3,404,218
5,705,556
3,303,981
5,244,573
3,764,964
15.Disclosure relating to Securitisation
During the year, the Company has sold assets through
securitisation. The information on securitisation activity of
the Company as an originator is furnished below: a) Total number of loans securitised or assigned
b) Total book value of loans securitised or assigned
c) Total book value of loans securitised or assigned including
loans placed as collateral
19,935
1,583.99
1,649.71
Nil
Nil
Nil
Notes
Madura Microfinance 60
31-3-2015 31-3-2014
d) Sale consideration received for loans
securitised / assigned
e) Excess interest spread recognised in the
Statement of Profit and Loss
f) Credit enhancements provided
and outstanding (gross)
i) Interest subordination
- for PTC Series A1
- for PTC Series A2
ii) Principal subordination
- for PTC Series A1
- for PTC Series A2
iii) Cash collateral
Number of SPVs sponsored by the Company for
securitisation during the year. Total amount of securitised assets as per the books
of the SPVs sponsored by the Company as on the date
of balance sheet. Total amount of exposure retained by the Company to
comply with minimum retention requirement as at
the date of the balance sheet. a) Off balance sheeet exposures
i) First Loss ii) Others
b) On balance sheet exposures i) First Loss
ii) Others
Amount of Exposures to other than MRR a) Off Balance sheet exposures
i) Exposure to own securitisations
ii) Exposure to third party securitisations
b) On balance sheet exposures
i) Exposure to own securitisation
ii) Exposure to third party securitisation
The Company has not sold financial assets to securitisation / reconstruction companies for asset reconstruction in the current and previous year.
The Company has not undertaken assignment transaction in the current and previous year.
The Company has not purchased/sold non performing financial assets during the current and previous year.
1,583.99
0.04
9.58%
9.16%
5.98%
3.98%
6.10%
1
1649.71
Nil
Nil
100.63
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
16.Details of penalties imposed by RBI and other Regulators
No penalties have been imposed by RBI and other Regulators during the current and previous year.
17.Information on instances of fraud Year ended 31-3-2014
No frauds reported during the year
Notes
61Madura Microfinance
31-3-2015 31-3-2014
Year ended 31-3-2015
No frauds reported during the year
18.Information on net interest margin
Average interest
Average effective cost of borrowing
Net interest margin
25.09%
15.11%
9.98%
25.29%
13.78%
11.51%
2) Exposure to Real Estate Sector
Category
A. Direct exposure
(i) Residential Mortgages -
Lending fully secured by mortgages on residential property
that is or will be occupied by the borrower or that is rented;
(Individual housing loans upto Rs.15 lakh may be shown
separately)
(ii) Commercial Real Estate -
Lending secured by mortgages on commercial real estate s
(office buildings, retail space, multipurpose commerci al
premises, multi-family residential buildings, multi-tenante d
commercial premises, industrial or warehouse space, hote ls
land acquisition, development and construction, etc. ).
Exposure would also include non-fund based (NFB) limits;
(iii) Investments in Mortgage Backed Securities (MBS) and other
securitised exposures-
a. Residential.
b. Commercial Real Estate.
B. Indirect Exposure
Fund based and non-fund based exposures on National
Housing Bank (NHB) and Housing Finance Companies (HFCs)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
19.Information required by Reserve Bank of India - Prudential Norms
1) Capital Adequacy Ratio Items
i) Captial to Risk Assets Ratio
a) CRAR (%)
b) CRAR - Tier I Capital (%)
c) CRAR - Tier II Capital (%)
23.57%
22.63%
0.94%
28.43%
27.54%
0.89%
Notes
Madura Microfinance 62
31-3-2015 31-3-2014
Pa
rtic
ula
rsU
pto
1
mo
nth
Ov
er
1 m
on
th
up
to 2
mo
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up
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3 m
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ths
up
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To
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m B
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Inve
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De
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(Rs.
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63Madura Microfinance
12
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9,5
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Madura Microfinance 64
Non Current Liabilities
(a) Long Term Borrowings
(b) Other Long Term Liabilities
Current Liabilities
(a) Short Term Borrowings
(b) Other Current Liabilities
(c) Short Term Provisions
Shareholders' Funds
(a) Share Capital
(b) Reserves and Surplus
20,208,924
7,397,262
4
5
3,750,209
27,606,186
14,900,000
-4,328,659
-
6,068,964
10,571,341.0
6,068,964
93,740
470,219
112,167
6
7
8
676,126
-
567,191
-
567,191
32,032,521 17,207,496
352,916
10,923,282
722,220
475,062
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital work in Progress
(b) Other non current assets
ASSETS
Current Assets
(a) Cash and cash equivalents
(b) Other non current assets
9
10
12,473,480 15,090,659
19,419,007
140,034
221,518
1,895,319
19,559,041 2,116,837
32,032,521 17,207,496
-
12
13
11
14,900,000
-11,149,791
-
14,732,659
-
358,000
EQUITY AND LIABILITIES
Note no
2
3
Balance Sheet
Significant Accounting Policies 1 - -
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Director
Mohan Eddy
Director
thChennai / Date: 04 July 2015
As at
31.03.2015 31.03.2014
As at
65Madura Microeducation
(In Rupees) (In Rupees)
IV. Expenses:
Employee Benefits Expenses
Finance Cost
Depreciation
Other Expenses
Total Expenses
V. Profit before Exceptional and
Extraordinary Items and tax
VI. Exceptional Items
I. Revenue from Operations
II. Other Income
III. Total Revenue
14
15
3,581,656
813,098
5,524,168
2,584,362
16
179 & 10
18
5,682,152
12,503,284
2,324,500
6,500
1,942,116
14,227
84,341
4,618,975
2,331,000
6,659,659
-6,821,132
-
-6,821,132
-4,328,659
-
-4,328,659
Current tax
Deffered tax
4,536,500
1,145,652
VII. Profit before Extraordinary Items and tax
VIII. Extraordinary Items
IX. Profit Before Tax
X. Tax expense
XI. Profit or loss for the period from
continuing operations
XII. Profit or loss from discontinuing
operations
XIII. Tax expense of discontinuing operations
XIV. Profit/loss from discontinuing operations
XV. Profit for the period
XVI. Earnings Per Share
(1) Basic
(2) Diluted
-6,821,132
-
-4,328,659
-
-
-
-
-
-
-
-
-6,821,132
-
-
-
-4,328,659
-2.91
-2.91
-4.58
-4.58
-6,821,132 -4,328,659
Profit and Loss
Year ended at
31.03.2015 31.03.2014
Significant Accounting Policies 1 - -
Year ended at
See accompanying Notes to Financial Statement Vide out report of even date attached
thChennai / Date: 04 July 2015
Madura Microeducation 66
Note no
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Director
Mohan Eddy
Director
(In Rupees) (In Rupees)
1. Significant Accounting Policies
The Fixed Assets are stated at cost.
The Fixed Assets are depreciated on Staright Line Basis at the following
rates:
Educational content on digital media and
other software
Computer accessories
Office Equipment
Since the useful life adopted for arriving at the above rates is shorter than the
useful life specified in Schedule II of the Companies Act, 2013, no further
charges are required.
The fees receivable in respect of courses conducted is reckoned on accrual basis
on the basis of the courses conducted during the year. Other income is accounted
for on accrual basis.
c) Revenue Recognition
Notes to Financial Statements
b) Fixed Assets
a) The accompanying financial statements are prepared on historical cost
convention and materially comply with the mandatory accounting standards
issued under the Companies Act, 2013
d) Expenses are accounted for on accrual basis.
e) The provisions of Payment of Gratuity Act are not applicable to the Company.
The Company contributes to Provident Fund and Employees State Insurance which
are charged off to revenue as incurred.
Authorised:
2. Share Capital
50,00,000 Equity shares of Rs.10/- each 50,000,000
Issued,Subscribed and Paid up:
14,90,000 Equity Shares of Rs.10/- each
fully paid up 14,900,000 14,900,000
Notes:
1. Reconciliation of the number of shares outstanding at the beginning and end of the year
Number shares at the beginning of the period
Shares issued during the year
Shares outstanding at the end of the period
33.33%
33.33%
20.00%
33.33%
-
-
1,490,000
-
1,490,000
-
1,490,000
1,490,000
Notes
50,000,000
67Madura Microeducation
31-3-2015 31-3-2014
2. Details shares held by a shareholder holding more than 5% of the issued shares
Name of the Shareholder N o. of shares No. of shares Madura Micro Finance Limited 1,489,900
1,489,900
3. Details of shares held by holding a company
Name of the holding company No. of shares No. of shares
Madura Micro Finance Limited
4. Details of shares allotted for a consideration other than cash 1,480,000 1,480,000
1,489,900
1,489,900
3. Reserves and Surplus
Debit balance in profit and loss statement
Loss for the year
-4,328,659
-6,821,132
-
-4,328,659
-11,149,791
-4,328,659
4. Long Term Borrowings
Borrowings from National Skill Development Corporation
Secured by a charge on the assets acquired out of the loan, project cash flows and intellectual
property of the Company. The Company is also secured by a corporate guarantee issued by the
Holding Company, Madura Micro Finance Limited. The Loan is repayable over a period of
eight years with an initial moratorium of 4 years. The loan carries interest at 6% per annum.
20,208,924
-
20,208,924
-
Madura Micro Finance Limited
The amount due to the holding company Madura Micro Finance Limited is repayable after
31.03.2017 and hence the entire amount outstanding is classified under the other Long term
liability.
5. Other Long Term Liabilities
7,397,262 6,068,964
7,397,262 6,068,964
ICICI Bank Adyar
Represents cheques issued in excess of the balance available with the Bank.
6. Short Term Borrowings
93,740 -
93,740 -
Sundry Creditors
Represents cheques issued in excess of the balance available with the Bank.
7. Other Current Liabilities:
470,219 567,191
470,219 567,191
33,923
78,244
- -
8. Short Term Provisions
Provision for employees
Provident Fund and ESI Contribution
Other Provisions 112,167 -
Notes
Madura Microeducation 68
31-3-2015 31-3-2014
(a) Fixed - Assets - Tangibles9.
Cost as at 1.4.2014
Additions As at 31.3.2015
Cost block
Computer Accessories
Office Equipment
-
-
226,050
157,560
- 383,610
226,050
157,560
383,610
Upto 31.3.2014
For the Year As at 31.3.2015
Depreciation Block
Computer Accessories
Office Equipment
-
-
29,744
950
- 30,694
29,744
950
30,694
As at 31.3.2014
As at 31.3.2015
Net Block
-
-
-
196,306
156,610
352,916
90,000
27,062
358,000
11.Other Non-Current Assets
Rent Advance
Tax Deducted at Source
Preliminary Expenses (to the extent not
written off or adjusted)
475,062 358,000
-
-
358,000
10.(b) Fixed -Assets - Intangibles
Cost as at 1.4.2014
Additions As at 31.3.2015
Cost block
14,800,000
17,000
1,625,906
58,191
14,817,000 1,684,097
16,425,906
75,191
16,501,097
Upto 31.3.2014
For the Year As at 31.3.2015
Depreciation Block
81,096
3,245
5,483,663
9,811
84,341 5,493,474
5,564,759
13,056
5,577,815
As at 31.3.2014
As at 31.3.2015
Net Block
Educational content on digital Media
Other Software
14,718,904
13,755
14,732,659
10,861,147
62,135
10,923,282
Computer Accessories
Office Equipment
Educational content on digital Media
Other Software
Educational content on digital Media
Other Software
Notes
69Madura Microeducation
31-3-2015 31-3-2014
12.Cash and Cash equivalents
Balances with banks in current account
Deposits with banks
-
19,419,007
221,518
-
19,419,007 221,518
13.Other Current Assets
Service tax input credit
Prepaid expenses
Others
-
45,000
95,034
1,829,280
-
66,039
140,034 1,895,319
14.Revenue from Operations
Course Fees received 4,536,500 2,324,500
4,536,500 2,324,500
15.Other Income
Interest on deposits with Bank
Profit on sale of Investment in Mutual Fund
Other Income
270,615
875,037
-
-
-
6,500
1,145,652 6,500
16.Employee Benefit Expenses
Salary & Wages
Contribution to Provident Fund
Contribution to Employee state insurance
Contribution to Welfare fund
Contribution to Leave Encashment
3,428,792
129,168
20,574
168
2,954
1,942,116
-
-
-
-
3,581,656 1,942,116
17.Finance Cost
Interest paid National Skill Development Corporation
Other Interest
Bank Charges
811,430
-
1,668
-
1,220
13,007
813,098 14,227
18.Other Expenses
Office Rent
Rates and Taxes
Interns Fees
Electricity charges
Filing Fees
Office Maintenance
Professional Fees
Traveling expenses
Service tax payment
Other Expenses
Auditors' Remuneration - For Audit
For others
225,000
2,190
-
-
12,435
2,158
989,221
972,648
143,314
176,688
57,000
3,708
107,500
-
98,162
14,746
1,000
16,070
3,226,069
745,301
164,141
215,986
30,000
-
2,584,362 4,618,975
Notes
Madura Microeducation 70
31-3-2015 31-3-2014
19 .The Company has taken up the development of Programmes for Teach 70 Consumer Literacy which is under Progress. The expenses incurred for this project has been capitalised and shown under Capital Work in Progress.
20.In view of the loss, provision for taxation is not considered necessary
21.Though the Company has unabsorbed losses, it has been considered prudent not to recognise any Deferred Tax Asset.
22.Earnings in foreign Exchange Nil Nil
23.Expenditure in foreign currency Professional Fees 51,297 486,790
24.Earnings per share (not annualised) Loss for the period
Number of Shares outstanding at the end of the period Earnings per share
-6,821,132
1,490,000
-4.58
-4,328,659
1,490,000
-2.91
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Director
Mohan Eddy
DirectorthChennai / Date: 04 July 2015
Notes
71Madura Microeducation
31-3-2015 31-3-2014
-
2
26
,05
0
- 2
26
,05
0
- 2
9,7
44
2
9,7
44
19
6,3
06
-
- 1
57
,56
0
-1
57
,56
0
- 9
50
9
50
15
6,6
10
-
Co
mp
ute
r A
cce
sso
rie
s
PA
RT
ICU
LA
RS
-
3
83
,61
0
-
3
83
,61
0
30
,69
4
3
0,6
94
3
52
,91
6
As
at
1-4
-20
14
Ad
dit
ion
sTo
tal
Up
toF
or
the
Ye
ar
To
tal
31
-3-2
01
53
1-0
3-2
01
43
1.0
3.2
01
4
MA
DU
RA
MIC
RO
ED
UC
AT
ION
PR
IVA
TE
LIM
ITE
D
DE
PR
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ION
FO
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HE
AS
SE
SS
ME
NT
YE
AR
20
15
-16
Sa
les
Off
ice
E
qu
ipm
en
ts
-
1
4,8
00
,00
0
1,6
25
,90
6.0
0
- 1
6,4
25
,90
6
8
1,0
96
5
,48
3,6
63
5
,56
4,7
59
1
0,8
61
,14
7
1
4,7
18
,90
4
17
,00
0
58
,19
1
- 7
5,1
91
3
,24
5
9
,81
1
13
,05
6
62
,13
5
1
3,7
55
So
ftw
are
Dig
ita
l
Me
dia
1
4,8
17
,00
0
1
,68
4,0
97
-
1
6,5
01
,09
7
5
,49
3,4
73
5
,57
7,8
14
1
0,9
23
,28
3
C
OS
T B
LO
CK
D
EP
RE
CIA
TIO
N B
LO
CK
W
DV
As
at
1-4
-20
14
Ad
dit
ion
sTo
tal
Up
toF
or
the
Ye
ar
To
tal
31
-3-2
01
53
1-0
3-2
01
43
1.0
3.2
01
4
Sa
les
So
ftw
are
8
4,3
41
1
4,7
32
,65
9
PA
RT
ICU
LA
RS
C
OS
T B
LO
CK
D
EP
RE
CIA
TIO
N B
LO
CK
W
DV
Madura Microeducation 72
16,501,097 3,291,068 13,210,029
Computer
accessories
Softline Technologies
Softline Technologies
Softline Technologies
60,500 33.33% 2 22 12,265 48,235 2 2.08.2014
Office Equipment
157,560 20.00% 11 950 156,610 21.03.2015
26,950 33.33% 1 60 3,938 23,012 23.10.2014
138,600 33.33% 107 1 3 ,542 125,058 15.12.2014
226,050 29,744 196,306
Fstop Camera
Purchase
Amount
Rate of
Dep.
No.of.
days
Dep
WDV
Software
ParticularsOpenning Balence
Software
Software Digital Media
17,000
14,800,000
33.33%
33.33%
365
365
5,666
4,932,840
11,334
9,867,160
Additions 31.03.2015
Software Digital Media
Softline Technologies
1,625,906
58,191
33.33%
33.33%
365
78
541,914
4,145
1,083,992
54,046
13.01.2015
For Last Year 2014
16,501,097 5,484,565 11,016,532
1,625,906 33.33% 6 8,908 1,616,998
Software
ParticularsOpenning Balence
Software
Software Digital Media
17,000
14,800,000
20.00%
20.00%
365
365
3,400
2,960,000
13,600
11,840,000
Additions 31.03.2015
Software Digital Media
Softline Technologies
1,625,906
58,191
20.00%
20.00%
365
78
325,181
2,487
1,300,725
55,704
13.01.2015
For Last Year 2014 1,625,906 20.00% 6 5,345 1,620,561
(a) Fixed - Assets - Intangibles Additions
during
the period
Depreciation
for the
period
WDV
as at
31-3-2014
14,817,000 50,604 14,766,396 Software
Notes
73Madura Microeducation
INDEPENDENT AUDITOR’S REPORT
TO THE BOARD OF DIRECTORS OF MADURA MICRO FINANCE LIMITED
Report on the Consolidated Financial Statements
We have audited the accompanying Consolidated Financial Statements of MADURA MICRO
FINANCE LIMITED (hereinafter referred to as the Holding Company), its Subsidiary Madura Micro
Education Private Limited (the Holding Company and its subsidiary together referred to as “the stGroup”) comprising of the Consolidated Balance Sheet as at 31 March 2015, the Consolidated
Statement of Profit and Loss for the year then ended, the Consolidated Cash Flow Statement for
the year then ended and a summary of the significant accounting policies and other explanatory
information. (hereinafter referred to as the Consolidated Financial Statements)
Management's Responsibility for the Consolidated Financial Statements
The Holding Company's Board of Directors is responsible for the preparation of these
Consolidated Financial Statements in terms of the requirements of the Companies Act 2013 that
give a true and fair view of the consolidated financial position, consolidated financial performance
and the consolidated cash Flows of the Group including its subsidiary and associates in
accordance with the accounting principles generally accepted in India, including the Accounting
Standards specified under 133 of the Act read with rule 7 of the Companies (Accounts) Rules,
2014. The respective Board of Directors of the Companies whose accounts are included in these
Consolidated Financial Statements are responsible for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding of the assets of the Group
and for preventing and detecting frauds and other irregularities; selection and application of
appropriate accounting policies; making judgments and estimates that are reasonable and
prudent; and design, implementation and maintenance of adequate internal financial controls,
that were operating effectively for ensuring the accuracy and completeness of the accounting
records, relevant to the preparation and presentation of the financial statements that give a true
and fair view and are free from material misstatement, whether due to fraud or error, which have
been used for the purpose of preparation of the Consolidated Financial Statements by the
Directors of the Holding Company, as aforesaid.
Auditors' Responsibility
Our responsibility is to express an opinion on these Consolidated Financial Statements based on
our audit. While conducting the audit, we have taken into account the provisions of the Act, the
accounting and auditing standards and matters which are required to be included in the audit
report under the provisions of the Act and the Rules made there under.
We conducted our audit in accordance with the Standards on Auditing specified under Section
143(10) of the Act. Those Standards require that we comply with ethical requirements and plan
Auditor’s Report
Madura Microfinance 74
and perform the audit to obtain reasonable assurance about whether the financial statements are
free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and the
disclosures in the financial statements. The procedures selected depend on the auditor's
judgment, including the assessment of the risks of material misstatement of the financial
statements, whether due to fraud or error. In making those risk assessments, the auditor
considers internal financial control relevant to the Company's preparation of the financial
statements that give a true and fair view in order to design audit procedures that are appropriate
in the circumstances. An audit also includes evaluating the appropriateness of the accounting
policies used and the reasonableness of the accounting estimates made by the Company's
Directors, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our audit opinion on the standalone financial statements.
Opinion
In our opinion and to the best of our information and according to the explanations given to us,
the aforesaid Consolidated Financial Statements give the information required by the Act in the
manner so required and give a true and fair view in conformity with the accounting principles
generally accepted in India:
st (I) In the case of the Consolidated Balance Sheet of the state of affairs of the Group as at 31
March, 2015:
(ii) In the case of the Consolidated Statement of Profit and Loss of the Profit of the Group for
the year ended on that date; and
(iii) In the case of the Consolidated Cash Flow Statement of the cash flows of the Group for
the year ended on that date.
Report on Other Legal and Regulatory Requirements
1. As required by the Companies (Auditors' Report) Order, 2015,(“the Order”), issued by the
Central Government of India in terms of sub-section (11) of section 143 of the Act, based on
the comments in the Auditors' Report of the Holding Company and Subsidiary Company
incorporated in India, whose accounts are included in these Consolidated Financial
Statements, we give in the Annexure a statement on the matters specified in the paragraph 3
and 4 of the Order, to the extent applicable.
2. As required by Section 143(3) of the Act, we report that:
a) We have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purposes of our audit.
Auditor’s Report
75Madura Microfinance
b) In our opinion, proper books of account as required by law relating to preparation of
the aforesaid Consolidated Financial Statements have been kept so far as it appears
from our examination of those books.
c) The Consolidated Balance Sheet and, the Consolidated Statement of Profit and Loss and
the Consolidated Cash Flow Statement dealt with by this Report are in agreement with
the relevant books of account maintained for the preparation of the Consolidated
Financial Statements.
d) In our opinion, the aforesaid Consolidated financial Statements comply with the
Accounting Standards specified under Section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014.
e) On the basis of the written representations received from the directors of the Holding stCompany as on 31 March, 2015 taken on record by the Board of Directors of the
Holding Company and the reports of the Statutory Auditors of the Subsidiary Company
incorporated in India, none of the directors of the Group Companies is disqualified as st on 31 March, 2015 from being appointed as a director in terms of Section 164 (2) of the
Act.
f) With respect to the other matters to be included in the Auditor's Report in accordance
with Rule 11 of the Companies (Audit and Auditors) Rules, 2014, in our opinion and to
the best of our information and according to the explanations given to us and based on
the report of the Statutory Auditors of the Subsidiary Company and the Associate
Company:
(I) The Consolidated Financial Statements disclose the impact of pending litigations on
the consolidated financial position of the Group. Please refer Note No.27 of the
Notes forming part of the Consolidated Financial Statements.
(ii) The Group and its Associate Company did not have any long term contracts including
derivative contracts for which there were any material foreseeable losses.
(iii)T here has been no delay in transferring amounts, required to be transferred, to the
Investor Education and Protection Fund by the Holding Company, its Subsidiary and
its Associate Company incorporated in India.
Chennai
Dated: July 4, 2015.
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Auditor’s Report
Madura Microfinance 76
Annexure to the Independent Auditors' Report
As required by the Companies (Auditors' Report) Order, 2015 (“the Order”), we report that:
(i) (a) The Group has maintained proper records showing full particulars, including quantitative
details and situation of fixed assets.
(b) The Fixed Assets of the Group have been physically verified by the respective Management
during the year and no material discrepancies were noticed on such verification.
(ii) The Group does not have any inventories.
(iii) The Group has not granted any loans secured or unsecured to companies, firms or other
parties covered in the register maintained under section 189 of the Companies Act, 2013.
(iv) In our opinion, there is an adequate internal control system commensurate with the size of
the Group and the nature of its business, for the purchase of inventory and fixed assets and
for the sale of goods and services and according to the information and explanations given to
us, we have neither come across nor have been informed of any continuing failure to correct
major weaknesses in the aforesaid system of internal control.
(v) The Group has not accepted any deposits from the public.
(vi) The Central Government has not prescribed the maintenance of cost records under sub-
section (1) of section 148 of the Companies Act.
(vii) ( a)The Group and the Associate Company been generally regular in depositing undisputed
statutory dues including provident fund, employees' state insurance, income-tax, sales tax,
wealth tax, service tax, duty of customs, duty of excise, value added tax, cess and other
statutory duties with the appropriate authorities.
(b )There are no amounts which are required to be transferred to the Investor Education and
Protection Fund in accordance with the relevant provisions of the Companies Act, 1956
(1 of 1956) and the rules there under.
(viii) The Group does not have accumulated losses at the end of the financial year exceeding fifty
percent of its net worth. However, the Holding Company has not incurred cash losses either
in the current financial year or in the immediately preceding financial year, while the
subsidiary has incurred cash losses during the current financial year as well as in the
immediately preceding financial year.
(ix) The Group and its Associate Company have not defaulted in the repayment of dues to any
financial institution, bank or debenture holders
Auditor’s Report
77Madura Microfinance
(x) The Group has not given any guarantee for loans taken by others from any bank or financial
institution.
(xi) The term loans availed by the Group have been applied for the purposes for which they were
availed.
(xii) During the course of our examination of the books of account carried out in accordance with
generally accepted auditing principles in India, we have not come across any instance of fraud
on or by the company, nor have we been informed by the Management of any such instance
being noticed or reported during the year.
Chennai
Dated: July 4, 2015.
Auditor’s Report
Madura Microfinance 78
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Balance Sheet
EQUITY AND LIABILITIES Note noAs at As at
31.03.2015 31.03.2014
Non Current Liabilities
(a) Long Term Borrowings
(b) Other Long Term Liabilities
(c) Long Term Provisions
Current Liabilities
(a) Short Term Borrowings
(b) Other Current Liabilities
(c) Short Term Provisions
Shareholders' Funds
(a) Share Capital
(b) Reserves and Surplus
2
3
1,295,955,924
585,736
5,673,719
4
5
6
856,364,438
1,302,215,379
55,575,170
661,287,512
822,649,715
585,736
3,703,336
716,862,682
826,938,787
93,740
1,959,800,493
10,214,557
7
8
9
1,970,108,790
4,518,285
1,070,278,423
4,908,385
1,079,705,093
4,128,688,607 2,623,506,562
10,107,180
16,930,921 722,220
-
2,000,000
16,528,554
817,552,890
11,392,443
Non Current Assets
(a) Fixed Assets
(i) Tangible Assets
(ii) Intangible Assets
(iii) Capital work in Progress
(iv) Intangible Assets under development
(b) Non Current Investments
(c) Deferred Tax Assets (net)
(d) Long Term Loans and Advances
(e) Other non current assets
ASSETS
Current Assets
(a) Current Investments
(b) Cash and cash equivalents
(d) Short Term Loans and Advances
(e) Other non current assets
10
11
995,773,643 701,594,967
6,930,147
26,837,901
-
- 2,000,000
10,048,384
549,037,170
3,838,327
120,539,435
431,132,590
2,682,333,578
19,446,433
102,903,038
182,675,568
1,725,345,065
13,889,057
3,253,452,036 2,024,812,728
4,128,688,607 2,623,506,562
12
15
16
17
18
19
14
13
55,575,170
800,789,268
Minority Interest 2,363 1,905
Significant Accounting Policies 1 - -
79Madura Microfinance
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Managing Director
Mohan Eddy
Wholetime Director
Sanin Panicker
Company Secretary
thChennai / Date: 04 July 2015
(In Rupees) (In Rupees)
20
IV. Expenses:
Employee Benefits Expenses
Finance Cost
Depreciation
Other Expenses
Total Expenses
V. Profit before Exceptional and
Extraordinary Items and tax
VI. Exceptional Items
I. Revenue from Operations
II. Other Income
III. Total Revenue
21
22
113,054,579
315,290,874
16,562,252
118,014,907
23
2410 & 11
25
780,017,504
562,922,612
500,655,739
6,653,093
73,121,168
163,823,170
11,443,569
95,666,235
507,308,832
344,054,142
217,094,892
-
217,094,892
163,254,690
-
163,254,690
Current tax
MAT credit entitlement
Deffered tax
770,246,435
9,771,069
VII. Profit before Extraordinary Items and tax
VIII. Extraordinary Items
IX. Profit Before Tax
X. Tax expense
XI. Profit or loss for the period from
continuing operations
XII. Profit or loss from discontinuing
operations
XIII. Tax expense of discontinuing operations
XIV. Profit/loss from discontinuing operations
XV. Profit for the period
XVI. Earnings Per Share
(1) Basic
(2) Diluted
217,094,892
-
163,254,690
-
80,600,000
-6,480,170
3,473,764
62,500,000
-4,368,624
-
139,501,298
105,123,314
-
-
-
139,501,756
-
-
-
105,126,219
18.92
18.92
25.10
25.10
Minority Interest -458 -2,905
Profit and Loss
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Managing Director
Mohan Eddy
Wholetime Director
Sanin Panicker
Company Secretary
thChennai / Date: 04 July 2015
Madura Microfinance 80
Year ended at Year ended at
31.03.2015 31.03.2014Note no
(In Rupees) (In Rupees)
182,675,568
206,137,981
-23,462,413
-10,554,525
-
-4,292,411,532
4,274,775,135
7,202,828
Cash Flow
Profit before tax
Add: Depreciation
Provision made for Advances and NPAs
Provision made for assets derecognized
11,473,067
1,478,223
163,254,690
11,443,569
10,919,903
217,094,892
16,562,252
246,608,444 185,618,162
Less: Dividend from mutual funds 7,202,828
4,162,438
Operating profit before changes in operating assets
and liabilities 239,405,616 181,455,724
Changes in operating assets and liabilities
(Increase)/Decrease in advance to self help groups
Increase/(Decrease) in borrowings
(Increase)/Decrease in other current assets and loans
and advances
Increase/(Decrease) in current liabilities and provisions
Tax Paid net of provisions
-1,236,977,300
1,366,024,395
-6,878,038
-1,822,339
-90,307,218
-784,841,711
580,315,986
-1,039,919
116,119,567
-50,871,243
Total cash flow from operating activities 269,445,116 41,138,404
Proceeds from issue of shares
Purchase of fixed assets
Intangible assets under development
Investments made
Proceeds from sale of investments
Dividend from mutual funds
Preliminary Expenses
Total cash flow from investing activites -20,988,094
Total Cash generated during the year 248,457,022
Cash and Cash Equivalents at the beginning of the Year
Total Cash generated during the end of the year
182,675,568
431,132,590
CASH FLOW FROM OPERATING ACTIVITIES
1,000
Cash from Investing Activities
-4,212,778
-1,493,169
-2,317,751,544
2,255,051,236
4,162,438
-358,000
-64,600,817
As at As at
31.03.2015 31.03.2014
81Madura Microfinance
See accompanying Notes to Financial Statement Vide out report of even date attached
For S.N.S AssociatesCHARTERED ACCOUNTANTS
(FIRM REGISTRATION No:006297 S)S.NAGARAJAN (Partner)MEMBERSHIP No:20899
Tara Thiagarajan
Managing Director
Mohan Eddy
Wholetime Director
Sanin Panicker
Company Secretary
th Chennai / Date: 04 July 2015
(In Rupees) (In Rupees)
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
1. a) Basis of Accounting
The financial statements are prepared under the historical Cost convention and comply with the
accounting standards prescribed under the Companies Act, 2013.
The Consolidated Financial Statements relate to Madura Micro Finance Limited and its subsidiary Madura
Micro Education Private Limited. The consolidated Financial Statements have been prepared on the
following basis:
i. The financial statements of the Company and its subsidiary have been prepared on a line by line
consolidation by adding together the book values of like items of assets and liabilities, income and
expenses asper the respective financial statements duly certified by the Statutory Auditors of the
respective companies. Intra group balances and intra group transactions have been eliminated.
ii. The Consolidated Financial Statements have been prepared using uniform accounting policies for the
like transactions and other events in similar circumstances and are presented to the extent possible in
the same manner as the Company's individual financial statements.
iii. The Subsidiary company consolidated in the Company's financial statements are as follows:
b) Principles of consolidation
c) Significant Accounting Policies
Name of the Subsidiary Country of Incorporation Percentage of
voting powerheld
as on 31-3-2015
Percentage of
voting powerheld
as on 31-3-2014
Madura Micro Finance
Private Limited
India 99.90% 99.90%
SR.
NO.
1.
a) Fixed Assets
The Fixed Assets are stated at cost. Grants received for purchase of the fixed assets are credited to the
value of the Fixed Asset after retaining a nominal value in the Fixed Asset. Depreciation on the balance is
provided on straight line method. The Fixed Assets are depreciated on SLM basis at the following rates:
Computer
Office Equipment
Plant and Machinery
Motor Vehicles
Software
Furniture and Fittings
Electrical Fittings
33.33%
20.00%
15.00%
20.00%
33.33%
15.00%
20.00%
Fixed assets costing less than Rs.5000/- are fully depreciated in the year of capitalisation.
Since the useful life adopted for arriving at the above rates is shorter than the useful life specified
in schedule II of the Companies Act, 2013, no further changes are required.
Notes
Madura Microfinance 82
SHARES HELD BY A SHAREHOLDER HOLDING MORE THAN 5%
Name of the shareholder
Ms.Tara Thiagarajan Mr.M.Narayanan Mr.Marti Subramaniam Employees' Welfare Trust Elevar Unitus Corporation
No. of shares
2,670,200
340,000 300,000
504,000
1,207,917
No. of shares
2,670,200
320,000
300,000
504,000
1,207,917
Investments which are long term in nature, are stated at cost with provision wherever necessary for
dimunition, other then temporary in the value of the investments. Current Investments are
valued at lower of cost or market value.
b) Investments
I) Interest receivable on loans to Self Help Groups are accounted for on accrual basis at the agreed rate
of interest.
ii) In respect of accounts identified as Non Performing Assets,i nterest income is accounted as per the of
direction Reserve Bank of India.
iii)I n accordance with Reserve Bank of India Guidelines on Securitisation transactions, gains arising from
assignment/securitisation are amortized over t he life of the undelying portfolio loans. In case
o f loss, the same is recognised i n the Statement of Profit and Loss immediately.
iv) Other income and all expenditure is accounted for on accrual basis.
v ) Provision gratuity and leave encashment has been made on t he basis of actuarial valuation on
Projected Unit Credit (PUC) m ethod.
c) Revenue Recognition
Provision on Microfinance and other loans treated as non- performing assets is being made in
accordance with the Prudential Norms issued by Reserve Bank of India. The Company is also
creating a provision of 1% on all the Standard Advances.
In respect of assets derecignised, provision is made at the rate of 1% of the outstanding amounts of assets
derecognised from the books of the Company as at the balance sheet date.
d) Provision for Microfinance and other Loans
e) Defered Tax
Deferred Tax Assets arising from temporary timing differences are recognised to the extent there is a
virtual certainty that the assets can be realised in future.
Authorised
2. Share Capital
1,00,00,000 Equity shares of Rs.10/- each 100,000,000 100,000,000
Issued,Subscribed and Paid up
55,57,517 Equity shares of Rs.10/- each
fully Paid up 55,575,170 55,575,170
Notes
83Madura Microfinance
31-3-2015 31-3-2014
RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING
AT THE BEGINNING AND END OF THE YEAR
Number of shares outstanding at the beginning of the
year
Number of shares outstanding at the end of the year
5,557,517
5,557,517
5,557,517
5,557,517
The Company has issued only one class of Shares, viz., Equity Shares. Each Equity Share has a face value of
Rs.10/- each and is entitled to one vote. On liquidation each share is enttitled to participate in the assets
proportionate to the paid up value of the share.
3. Reserves and Surplus
Share Premium Account As per Last Balance Sheet
Statutory Reserve As per Last Balance Sheet
Add: Transfer from Profit and Loss Account
Surplus, Balance in Profit and Loss Account
As per Last Balance Sheet
Add: Profit after tax for the year
Less: Transfer to Statutory Reserve
Total of Reserves and Surplus
207,918,753
93,015,000 27,900,000
120,915,000
360,353,759
139,501,756 499,855,515
27,900,000 471,955,515
800,789,268
207,918,753
71,125,000 21,890,000
93,015,000
277,117,540 105,126,219
382,243,759
21,890,000
360,353,759
661,287,512
Notes
Madura Microfinance 84
31-3-2015 31-3-2014
4. Long Term Borrowings
A) SECURED
Term Loans from Banks and Financial Institutions
Axix Bank
City Union Bank
Development Credit Bank
Dhanalakshmi Bank
Industrial Development Bank of India
South Indian Bank
Canara Bank
Small Industrial Development Bank of India
Lakshmi Vilas Bank
ING Vysys Bank
Mas Financial services limited
Reliance Capital Limited
Dena Bank
Indian Bank
Indusind Bank
ADFT
Maanaveeya Development and Finance (P) Ltd
Andhra Bank
Bank of Baroda
Bank of Maharashtra
IFMR Capital Finance Private Limited
Ratnakar Bank Limited
Reliance Home Finance
Tata Capital Financial Services Limited
Vijaya Bank
Habitat Micro Build
National Skill Development Corporation
207,142,858
17,204,218
130,625,011
187,539,697
531,944,448
-
140,404,041
122,225,000
120,797,795
86,111,544
384,166,669
71,692,722
110,000,000
83,189,849
22,500,000
37,103,295
66,666,652
50,000,000
100,000,000
74,669,273
89,858,403
150,000,000
179,817,922
37,500,200
82,500,000
15,000,000
20,208,924
133,333,340
28,932,226
63,333,340
114,682,547
558,333,334
33,328,000
80,743,508
34,344,998
37,498,771
163,889,517
100,000,000
200,000,000
100,000,000
50,000,000
50,000,000
-
-
-
-
-
-
-
-
-
-
-
-
Less: Payable within 12 months disclosed under
other Current Liabilities
All the above loans are secured by a charge on the advancesgranted to Self Help Grups from the proceeds of the Loans.
3,118,868,521 1,748,419,581
1,822,912,597 925,769,866
1,295,955,924 822,649,715
Notes
85Madura Microfinance
31-3-2015 31-3-2014
The Terms of repayment of the Term Loans are as under
ADFT
Andhra Bank
SIDBI
City Union Bank
Axis Bank
Axis Bank
Axis Bank
Development Credit Bank
Development Credit Bank
Development Credit Bank
Development Credit Bank
Dhanalakshmi Bank
Dhanalakshmi Bank
Dhanalakshmi Bank
Dhanalakshmi Bank
IDBI Bank
IDBI Bank
IDBI Bank
IDBI Bank
IDBI Bank
ING Vysya Bank
ING Vysya Bank
ING Vysya Bank
LVB
LVB
LVB
Dena Bank
Dena Bank
Indian Bank
Indian Bank
Canara Bank
14.00%
13.75%
13.50%
14.50%
13.25%
13.25%
13.25%
12.70%
13.50%
13.00%
12.50%
13.75%
13.75%
13.75%
13.75%
12.25%
13.00%
12.25%
13.75%
13.75%
13.20%
13.20%
13.50%
13.75%
14.25%
13.75%
12.30%
12.05%
14.00%
13.50%
12.95%
36 M
33 M
30 M
36 M
24 M
24 M
24 M
33 M
26 M
26 M
26 M
36 M
36 M
36 M
36 M
60 M
60 M
36 M
27 M
27 M
39 M
39 M
39 M
39 M
39 M
39 M
33 M
36 M
39 M
39 M
33 M
Quarterly
Monthly
Monthly
Monthly
Quarterly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Quarterly
Quarterly
Quarterly
Monthly
Monthly
Monthly
Monthly
Monthly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
Quarterly
33,33,333
1,666,666
5,555,000
833,333
14,285,714
4,166,667
2,083,333
1,666,666
1,666,662
3,125,000
2,083,333
2,800,000
1,945,000
1,667,000
2,223,000
16,000,000
9,000,000
25,000,000
8,333,333
1,041,667
2,777,777
2,777,777
925,944
8,333,333
3,333,334
83,333,333
10,000,000
5,000,000
4,166,667
4,166,667
10,000,000
37,103,295
50,000,000
122,225,000
17,204,218
57,142,858
100,000,000
50,000,000
3,333,348
19,999,996
59,375,000
47,916,667
22,539,691
35,000,008
49,999,998
80,000,000
71,111,110
40,000,000
100,000,000
91,666,671
229,166,666
30,555,574
36,111,130
19,444,840
4,159,559
16,638,238
100,000,000
60,000,000
50,000,000
33,189,849
50,000,000
40,404,041
Notes
Madura Microfinance 86
Rate of
interest
Tenor of
Loan
Mode of
Repayment
Bal. o/s as on
31.03.15
Instalment
Name of the
Bank
Canara Bank
Indusind Bank
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Mas Financial Services Limited
Bank of Baroda
Bank of Maharashtra
Habitat Micro Build
IFMR Capital Finance (P) Ltd
Maanaveeya Development
and Finance (P) Ltd
Ratnakar Bank Limited
Ratnakar Bank Limited
Tata Capital Financial Services
Limited
Vijaya Bank
Reliance Home Finance
Reliance Capital Limited
National Skill Development
Corporation
12.70%
13.75%
14.25%
14.25%
14.25%
14.25%
14.25%
14.25%
14.25%
14.10%
14.10%
13.00%
13.50%
15.50%
14.50%
15.00%
13.50%
13.00%
13.75%
13.50%
14.25%
15.00%
6.00%
36 M
21 M
24 M
24 M
24 M
24 M
24 M
24 M
24 M
24 M
24 M
35 M
36 M
51 M
18 M
39 M
24 M
24 M
24 M
36 M
18 M
18 M
48M
Quarterly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Monthly
Quarterly
Quarterly
Quarterly
Monthly
Monthly
Monthly
Monthly
Quarterly
10,000,000
2,500,000
4,166,667
2,083,333
2,083,333
1,250,000
2,500,000
1,666,666
2,083,333
4,166,666
2,083,333
3,333,333
2,780,000
312,500
5,108,388
6,666,666
12,500,000
9,375,000
2,083,333
2,500,000
12,406,477
12,476,957
20,208,924
100,000,000
22,500,000
50,000,026
27,083,307
33,333,336
20,000,000
37,500,000
26,666,665
39,583,335
100,000,000
50,000,000
100,000,000
74,669,273
15,000,000
89,858,403
66,666,652
75,000,000
75,000,000
37,500,200
82,500,000
179,817,922
71,692,722
-
Flexi Grant
5. Other long Term liabilities
585,736 585,736
585,736 585,736
6. Other long Term Provisions
Provision for employees
Provision for gratuity
Provision for leave encashment
2,551,306
1,152,030
5,673,719 3,703,336
3,965,999
1,707,720
Notes
87Madura Microfinance
The Terms of repayment of the Term Loans are as under
Rate of
interest
Tenor of
Loan
Mode of
Repayment
Bal. o/s as on
31.03.15
Instalment
Name of the
Bank
1,822,912,597
136,887,896
7. Short term borrowing - Cash credit from Banks Secured
City Union Bank OD. - 4,518,285
4,518,285
8. Other Current Liabilities
Current maturities of Long Term Debt
Sundry Creditors
420,619
881,756
1,506,538
1,220,957
4,706,454
1,478,233
- - 992,764
977,612
2,938,009
-
1,959,800,493 1,070,278,423
9. Short term Provisions
Provision for Gratuity
Provision for Leave Encashment
Provident Fund and ESI contribution
Provision for Bonus
Provision for staff related expenditure
Provision for Assest Derecognised
10,214,557 4,908,385
10.Non Current Assets (a) Fixed Assets - (i)Tangible Assets
Cost as at 1.4.2014
Additions As at 31.3.2015
Sales
Cost block
Computers
Office Equipments
Plant and Machinery
Motor Vehicles
Furniture and Fittings
Electrical Fittings
12,089,583
10,588,597
711,511
3,563,524
1,195,367
95,825
4,388,812
450,040
-
973,823
1,041,095
1,194,438
-
-
-
-
-
-
16,478,395
11,038,637
711,511
4,537,347
2,236,462
1,290,263
28,244,407 8,048,208 36,292,615 -
93,740
93,740
925,769,866
144,508,557
Upto 1.4.2014
For the year As at 31.3.2015
Withdrawn
Depreciation Block
Computers
Office Equipments
Plant and Machinery
Motor Vehicles
Furniture and Fittings
Electrical Fittings
9,350,024
8,193,124
403,272
2,549,566
780,322
37,953
1,943,425
1,758,089
102,152
473,763
573,666
20,080
-
-
-
-
-
-
11,293,449
9,951,213
505,424
3,023,329
1,353,988
58,033
21,314,260 4,871,175 26,185,435 -
Notes
Madura Microfinance 88
The above limit is secured by a charge on
the loansgranted to Self Help Groups out
of the proceeds of the Loan. The Cash
Credit/OD facility is renewable every year
and carries interest at 14.50% per annum.
ICICI Bank
(Represents cheques issued in excess of
balance available with bank)
31-3-2015 31-3-2014
As at 31.3.2014
Net Block
Computers
Office Equipments
Plant and Machinery
Motor Vehicles
Furniture and Fittings
Electrical Fittings
2,739,559
2,395,473
308,239
1,013,958
415,046
57,872
6,930,147 10,107,180
5,184,946
1,087,424
206,087
1,514,018
882,475
1,232,230
As at 31.3.2015
11. (a) Fixed - Assets - Intangibles
Cost as at 1.4.2014
Additions As at 31.3.2015
Sales
Cost block
Software
34,694,253 1,784,097 36,478,350 -
Upto 1.4.2014
For the year As at 31.3.2015
Withdrawn
Depreciation Block
Micro Education Digital Products
Educational content on digial media
10,275,294
9,618,959
14,800,000
158,191
1,625,906
10,433,485
9,618,959
16,425,906
Software
34,694,253 11,691,077 19,547,429 -
Micro Education Digital Products
Educational content on digial media
4,569,257
3,205,999
81,096
3,001,415
3,205,999
7,570,672
6,411,998
5,564,759 5,483,663
As at 31.3.2014
As at 31.3.2015
Net Block
Software
16,930,921 26,837,901
Micro Education Digital Products
Educational content on digial media
2,862,813
10,861,147
3,206,961
5,706,037
14,718,904
6,412,960
12.Intangible Assets under Development
The Company has taken up new product development activities in two areas, viz., Development of Digital
Business Education Course and Development of Microenterprise Risk assessment tools. The project has been
Completed. One set of the project has been sold to Madura Micro Education Private Limited for which shares
have been allotted by them. The other phase of the project has been capitalised under Intangible Assets, the
details of which are given :
Notes
89Madura Microfinance
Opening Balance
Expenses incurred during the year
22,925,790
Salaries
Rent and Electricity charges
1,447,244
45,925
- 24,418,959
14,800,000
9,618,959
Less: Transferred to Madura Micro Educatoin P Limited
Capitalised under Intangible Assets
- -
13.Non current Investments
Trade Investments
a) In Equity Shares of other Companies 200000 Equity Shares
of Rs.10/- each in Alpha Micro Finance Consultants P Ltd
2,000,000 2,000,000
(i) Deferred Tax Asset
On account of provision made allowable on basis of payment
(ii) Deferred Tax Liability
On Account of depreciation
-663,424
15,865,130
344,519
10,392,903
16,528,554 10,048,384
14.Deferred Tax Assets (Net)
15.Long Term Loans and Advances
Microfinance and Other Loans
Unsecured Considered Good
Less: Provision for standard assets
825,811,000
8,258,110
554,583,000
5,545,830
817,552,890 549,037,170
16.Other Non Current Assets
Rent advance
Tax payments pending adjustment (net of provision)
Preliminary Expenses
5,797,172
358,000
11,392,443
5,237,271
-463,344
358,000
3,838,327
3,943,671
Notes
Madura Microfinance 90
31-3-2015 31-3-2014
2,000,000 2,000,000
57,485 118,430
17.Current Investments
120,539,435 102,903,038
Investment in Units of Mutual Fund - Unquoted
1,18,240.172 Units (Previous Year 1,00,940.175 units)
of UTI Liquid Fund Cash Plan
120,539,435 102,903,038
4,162,438
2,490,655
7,202,828
1,422,589
270,615
875,037
18.Cash and Cash Equivalents
Cash on hand
Bank balances in current account
Bank balances in deposit account
64,094,008
19,419,007
347,562,090
57,485
38,825,651
143,731,487
118,430
Bank Balance in earmarked Deposit account under lien to banks for various credit facilities granted
431,132,590 182,675,568
Bank Deposits includes deposit with a maturity of more
than 12 months on the date of the Balance Sheet
19.Short Term Loans and Advances
Microfinance and other loans repayable within
12 months - Unsecured - Considered good
Less: Provision for standard assets 27,141,377
2,682,333,578
2,709,474,955
17,437,688
1,725,345,065
1,742,782,753
Considered Doubtful
Less: Provision
2,822,062
-2,822,062
3,764,964
-3,764,964
2,682,333,578 1,725,345,065
20.Other Current Assets
Advances recoverable in cash or in kind or for
value to be received-Unsecured Considered Good
Service tax input credit
Others
1,841,817
17,604,616
9,944,047
3,945,010
19,446,433 13,889,057
21.Revenue from operations
Interest on loans
Processing and other charges
Bad debts recovered
Interest from Banks
Course Fees
702,373,773
36,552,381 7,910,910
18,872,871 4,536,500
456,746,746
22,520,353 9,912,037
9,152,103 2,324,500
770,246,435 500,655,739
22.Other Income
Dividend received
Others
Interest on deposit with banks
Profit on sale of investments in mutual fund
9,771,069 6,653,093
Notes
91Madura Microfinance
31-3-2015 31-3-2014
23.Employee Benefit Expenses
Salaries and wages
Honororium paid
Contribution to Provident Fund
Contribution to ESI
Contribution to Welfare fund
Provision for leave encashment
Provision for Gratuity
Staff welfare Expenses
84,988,502
13,777,174
7,304,189
1,771,314
7,442
1,517,806
1,923,928
1,764,224
55,603,257
9,358,533
4,740,460
1,264,688
5,656
144,098
48,838
1,955,638
113,054,579 73,121,168
24. Finance Cost
Interest on cash credit
Processing Charges
Interest on Term Loans
Other Interest
Bank charges
15,470
5,437,360
293,966,578
80,022
15,791,444
207,486
1,300,000
156,821,501
22,606
5,471,577
25.Other Expenses
Office Rent
Rates and Taxes
Electricity charges
Filing Fees
Insurance
Auditors' Remuneration for Audit
For Certification and other services
Vehicle Maintenance
Office Maintenance
Bad Debts written off
Provision on Standard assets
Professional Fees
Provision for Non Performing Assets
SHG Formation Expenses
Provision on assets derecognised
Directors Sitting Fees
Traveling expenses
Other Expenses
315,290,874 163,823,170
10,740,088
3,285
1,399,454
65,365
76,402
657,000
431,658
365,300
3,553,981
24,561,717
12,415,969
18,027,562
-942,902
1,718,367
1,478,233
130,000
22,798,389
20,535,039
8,172,271
3,190
1,013,112
75,742
251,331
430,000
216,000
662,067
2,846,217
22,792,659
7,882,100
11,540,084
3,037,803
1,389,120
-
105,000
12,322,203
22,927,336
118,014,907 95,666,235
26. The Company is registered with Reserve Bank of India as a Non Banking Finance Company under
the category of NBFC - MFI.
27.Contingent Liabilities
a) Income tax demand disputed in appeal not provided for
Nil
7,101,923
Notes
Madura Microfinance 92
31-3-2015 31-3-2014
28.The Penalty levied by the Assessing Officer for the Assessment Year 2007-08 amounting to Rs.71,01,923/- has been deleted by the Commissioner of Income tax (Appeals). The Income tax
Department has filed an appeal to the Income tax Appellate Tribunal. Based on professional advice, the Company is of the view that the appeal filed by the Department would be dismissed.
Apart from the above, there are no other pending litigations by/against the Company which might have a material impact of the financial statements.
29.Till last year, the gains arising on bilateral sale of loan was being accounted for in the year of sale
of the loan portfolio. From this year onwards the accounting policy has been changed in line with
the guidelines issued by Reserve Bank of India for Securitisation transactions as mentioned in Note
No.1(c)(iii) above.
Since the Securitisation transaction has been undertaken on Par Structure, there is no impact of the
change of the Profit for the Year as per the Statement of Profit and Loss.
30.Related Party Transactions
Name of the Related Parties
i) Microcredit Foundation of India
ii) Ms.Tara Thiagarajan -Key Managerial Personnel
iii) Mr.Mohan Eddy -Whole Time Director
iv) Scimergent Analytics and
Education Private Limited -Associate Company
Details of Transactions with related parties
Remuneration to Key Managerial Personnel
I) Ms.Tara Thiagarajan
ii) Mr.Mohan Eddy - Whole Time Director
iii) Directors Sitting Fees
iv) Professional fees paid Scimergent
analytics and Education P Ltd
4,784,004
3,999,996
130,000
6,817,500
3,592,002 1,666,665
105,000
-
31.Segment Information
The Group operates in two primary segments, viz., Microfinancing - Lending to self help groups and
Micro Education. These are the reportable segments and the information is furnished below:
MICRO FINANCING MICRO EDUCATION TOTAL
31-3-2015 31-3-2014 31-3-2015 31-3-2014 31-3-2015 31-3-2014
Segment Revenue
External Sales/Income 765,709,935 498,331,239 4,536,500 2,324,500 770,246,435 500,655,739
Notes
93Madura Microfinance
MICRO FINANCING MICRO EDUCATION TOTAL
31-3-2015 31-3-2014 31-3-2015 31-3-2014 31-3-2015 31-3-2014
Segment Result 215,290,607 160,936,756 -7,966,784 -4,335,159 207,323,823 156,601,597
Other Income
Profit before tax
Income tax
Profit after tax
9,771,069
217,094,892
77,593,594
139,501,298
6,653,093
163,254,690
58,131,376
105,123,314
Other Information
Segment Assets
Segment Liabilities
Capital Expenditure during the year
Depreciation
Other Non-Cash Expenses
4,096,653,723
3,251,439,119
7,764,598
11,038,084
-
2,606,297,161
1,906,076,689
13,814,737
11,359,228
-
32,032,521
20,885,050
2,067,707
5,524,168
-
17,207,496
567,191
14,817,000
84,341
-
4,128,686,244
3,272,324,169
9,832,305
16,562,252
-
2,623,504,657
1,906,643,880
28,631,737
11,443,569
-
32.Post Employment Benefits
The Company has an unfunded defined benefit gratuity plan Details of Defined Benefit - Gratuity Plan
Fair Value of Plan Assets
Present value of unfunded obligation
Less: Unrecognised past service cost
Plan asset/(liability)
-
4,386,618
-
-4,386,618
-
2,551,306
-
-2,551,306
Change in the present value of Defined Benefit Gratuity Plan
Opening defined benefit obligation
Interest cost
Current Service cost
Actuarial (gains)/losses on obligation
Closing defined benefit obligation
2,551,306
-
1,923,928
-88,616
4,386,618
2,600,084
-
48,838
-97,616
2,551,306
Principal Assumptions used in determining of Defined Benefit Gratuity Plan
Discount Rate
Expected rate of return on plan assets
Salary increment rate
Attrition rate
Details of Other Defined Benefit Plan
Leave Encashment
Fair Value of plan assets
Present value of unfunded obligation
Less: Unrecognised past service cost Plan asset(liability)
-
2,589,476
-
-2,589,476
- 1,152,030
-
-1,152,030
7.80%
Not applicable
5%
15%
8.90%
Not applicable
10%
10%
Notes
Madura Microfinance 94
31-3-2015 31-3-2014
Change in present value of Other - Defined Benefit Plan
Opening dinied benefit obligation
Interest cost
Current Service cost
Actuarial (gains)/losses on obligation
Closing defined benefit obligation
1,152,030
-
1,517,806
-77,406
2,592,430
1,144,604
-
144,098
-136,672
1,152,030
Principal Assumptions used in determining - Defined Benefit Gratuity Plan
Discount Rate
Expected rate of return on plan assets
Salary increment rate
Attrition rate
Proportion of leave availment
7.8%
Not applicable
10%
15%
10%
8.9%
Not applicable
10%
15%
10%
33 .P rovisions and contingencies
P rovision is recognized in the Balance Sheet when, the Company has a present obligation as a result
a p ast event and it is probable that an outflow of economic benefits will be required to settle the of obligation and a reliable estimate of the amount of the obligation can be made.
i) Provision for Standard Assets
Carrying amount at the beginning of the period
Additional provision made during the period
Amounts used(i.e., incurred and charged against the provision)
Amount of provision at the end of the period
22,983,518
12,415,969
-
35,399,487
15,101,418
7,882,100
-
22,983,518
i) Provision for Non-Performing Assets
Carrying amount at the beginning of the period
Additional provision made during the period
Amounts used(i.e., incurred and charged against the provision)
Unutilised amounts reversed during the period
Amount of provision at the end of the period
3,764,964
-942,902
-
-
2,822,062
727,161
3,037,803
-
-
3,764,964
34.Earnings in Foreign Exchange Nil Nil
35.Expenditure in Foreign Currency
Professional Fees (previous year included under
Intangible Assets under Development)
Traveling Expenses
Nil 1,617,620
947,577
571,304
36.As required under section 135 of the Companies Act, 2013, the Company has set up a Corporate
Social Responsibility Committee. The Committee has evolved policies for CSR Spending. The Company
is required to spend Rs.19.50 lakhs on CSR during the year. Pending finalization of the suitable projects
, in line with the policies laid down the Company has not been able to spend any money on CSR activities.
Notes
95Madura Microfinance
31-3-2015 31-3-2014
37. Earnings per Share - Basic and Diluted
Profit as per Tax
Number of Equity Shares of face value of Rs.10/- each
Earnings per share - Basic and Diluted
139,501,298
5,557,517
25.10
105,123,314
5,557,517
18.92
38.Details required under Reserve Bank of India,
NBFC Directions
Sl.
No.
Particulars Amount
Overdue
(Rs. in lakhs)
Amount
Outstanding
(Rs. in lakhs)
Amount
Overdue
(Rs. in lakhs)
Liabilities Side
Loans and Advances availed
by NBFCs inclusive of interest
accrued there on but not paid
(a) Debentures - Secured
(b) Debentures - Unsecured
(c) Deferred Credits
(d) Term Loans
(e) Intercorporate Loan
and borrowing
(f) Commercial Paper
(g) Public deposits
(h) Other Loans - Overdraft
Amount
Outstanding
(Rs. in lakhs)
Nil
Nil
Nil
31,188.69
Nil
Nil
Nil
0.94
1.
Nil
Nil
Nil
17,484.20
Nil
Nil
Nil 45.18
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil Nil
2.
(a) In the form of unsecured
debentures
(b) In the form of partly secured
debentures, i.e. debentures
where there is a shortfall in
the value of security
(c) Other public deposits
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Break up of Loans and Advance including bills receivable(other than those included in 4 below) (Net of
NPA Provision)
Assets Side
3.
(a) Secured
(b) Unsecured
Nil
35,352.86
Nil
Ni
Nil
22,973.66
Nil
Nil
Notes
Break up of 1(g) above (Outstanding public deposits inclusive of interest a ccrued there on but not paid)
Madura Microfinance 96
31-3-2015 31-3-2014
4. Break up of Leased Assets and stock on hire and hypothecation loans counting towards
EL/HP activities
I( )Leased assets including lease
rentals under sundry debtors
a) Financial Lease
b) Operating Lease
(ii) Stock on hire including hire
charges under sundry debtors
a) Asset on hire
b) Repossessed assets
(iii) Hypothecation Loans counting
towards EL/HP activities
a) Loans where assets have
been repossessed
b) Loans other than (a) above
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
5. Break up of Investments - Current Investments
1. Quoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Long Term Investments - (Break up of Investments Continued)
Nil
Nil
Nil
1,205.39
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
1,029.03
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2. Unquoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
1. Quoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
2. Unquoted
i) Shares: (a) Equity
(b) Preference
ii) Debentures and Bonds
iii) Units of mutual funds
iv) Government securities
v) Others
Notes
97Madura Microfinance
20.00
Nil
Nil
Nil
Nil
Nil
20.00
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
31-3-2015 31-3-2014
7. Investor group-wise classification of all investments current and long term in shares and
securities (both quoted and unquoted) 31-3-2015 31-3-2014
6. Borrower group-wise classification of all leased assets, stock-on-hireand loans and advances
Category
1. Related Parties a) Subsidiaries
b) companies in the same group c) Other related parties
2. Other than related parties
TOTAL
Amount net of NPA provisions
Secured Unsecured Total
Nil
Nil
Nil
Nil
Nil
Nil
-
- -
35,352.86 35,352.86
35,352.86 35,352.86
Amount net of NPA provisions
Secured Unsecured Total
Nil
Nil
Nil
Nil
Nil
Nil
-
-
-
22,973.66 22,973.66
22,973.66 22,973.66
Market
Value/NAV
or face value
Book Value
Net of
provisions
Market
Value/NAV
or face value
Book Value
Net of
provisions
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil 1,225.39 Nil 1,049.03
1,225.39 Nil 1,049.03
Category
1. Related Parties a) Subsidiaries
b) companies in the same group c) Other related parties
2. Other than related parties
TOTAL
8. Other Information
1. Gross Non-Performing Assets
(a) Related Parties
(b) Other than related parties
2. Net Non-Performing Assets
(a) Related Parties
(b) Other than related parties
3. Assets acquired in satisfaction
of debts
Amount net of NPA provisions
Secured Unsecured Total
Amount net of NPA provisions
Secured Unsecured Total
Nil
Nil
Nil
62.37
Nil
Nil
Nil
71.69
Nil
62.37
Nil
71.69
Nil
Nil
Nil
34.15
Nil
Nil
Nil
34.04
Nil
34.15
Nil
34.04
Nil Nil Nil Nil Nil Nil
9. Customer Complaints
a) Number of Complaints pending as the beginning of the year
b) Number of Complaints received during the year
c) Number of Complaints redressed during the year
d) Number of Complaints pending as at the end of the year
31-3-2015 31-3-2014
Nil
52
52
Nil
Nil
23
23
Nil
10.Details of Registration with Financial Regulators
a) Ministry of Corporate Affairs
b) Reserve Bank of India
c) Microfinance Institutional Network
CIN No.U65929TN2005PLC057390
N.07.00754
20
Notes
Madura Microfinance 98
11.Ratings assigned by Credit Rating Agencies
12.C oncentration of Advances, Exposures and NPAs
The Company operates primarily in the business of microfinance providing collateral free loans for
fixed amounts ranging from Rs. 14,000/- to Rs. 42,000/- predominantly to rural and semi urban women.stA s on 31 March 2015, th e Company provided loans to more than 2.39 lakhs women and hence the
disclosure relating to concentration of Advances, Exposures and NPAs are not applicable to the Company.
13.S ector wise NPAs as at the end of the year Percentage of NPAs to total
advances in that sector
a) Agriculture and Allied Activities
b) MSME
18.09%
81.91%
9.40%
90.60%
14.Movement of NPAs
a) Net NPAs to total Advances (%)
b) Movement of NPAs (Gross)
i) Opening Balance
ii) Additions during the year
iii) Reduction during the year
iv) Closing balance
c) Movement of Net NPAs
i) Opening Balance
ii) Additions during the year
iii) Reduction during the year
iv) Closing balance
d) Movement of provision for NPAs excluding standard assets
i) Opening Balance
ii) Provision made during the year
iii) Write off/write back of excess provisions
iv) Closing balance
0.10%
7,169,182
5,200,301
6,132,298
6,237,185
3,404,218
2,689,304
2,678,399
3,415,123
3,764,964
2,510,997
3,453,899
2,822,062
0.15%
7,271,584
6,341,785
6,444,187
7,169,182
1,566,028
3,037,804
1,199,614
3,404,218
5,705,556
3,303,981
5,244,573
3,764,964
15.Disclosure relating to Securitisation
During the year, the Company has sold assets through
securitisation. The information on securitisation activity of
the Company as an originator is furnished below: a) Total number of loans securitised or assigned
b) Total book value of loans securitised or assigned
c) Total book value of loans securitised or assigned including
loans placed as collateral
19,935
1,583.99
1,649.71
Nil
Nil
Nil
Commercial Paper
Working Capital Facility (Cash credit/WCDL)
Long Term Bank Facilities
Long Term Non-Convertible debentures
(allotted in May 2015)
MFI Grading
Subordinated Debt
Perpetual Debt
Not applicable
Not applicable
(ICRA) BBB-Positive
(ICRA) BBB-Positive
M 2
Not applicable
Not applicable
Not applicable
Not applicable
(ICRA) BBB-stable
Not applicable
MFR 3
Not applicable
Not applicable
Notes
99Madura Microfinance
31-3-2015 31-3-2014
d) Sale consideration received for loans
securitised / assigned
e) Excess interest spread recognised in the
Statement of Profit and Loss
f) Credit enhancements provided
and outstanding (gross)
i) Interest subordination
- for PTC Series A1
- for PTC Series A2
ii) Principal subordination
- for PTC Series A1
- for PTC Series A2
iii) Cash collateral
Number of SPVs sponsored by the Company for
securitisation during the year. Total amount of securitised assets as per the books
of the SPVs sponsored by the Company as on the date
of balance sheet. Total amount of exposure retained by the Company to
comply with minimum retention requirement as at
the date of the balance sheet. a) Off balance sheet exposures i) First Loss
ii) Others b) On balance sheet exposures
i) First Loss ii) Others
Amount of Exposures to other than MRR a) Off Balance sheet exposures
i) Exposure to own securitisations
ii) Exposure to third party securitisations
b) On balance sheet exposures
i) Exposure to own securitisation
ii) Exposure to third party securitisation
The Company has not sold financial assets to securitisation / reconstruction companies for asset reconstruction in the current and previous year.
The Company has not undertaken assignment transaction in the current and previous year.
The Company has not purchased/sold non performing financial assets during the current and previous year.
1,583.99
0.04
9.58%
9.16%
5.98%
3.98%
6.10%
1
1649.71
Nil
Nil
100.63
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
16.Details of penalties imposed by RBI and other Regulators
No penalties have been imposed by RBI and other Regulators during the current and previous year.
Notes
Madura Microfinance 100
31-3-2015 31-3-2014
17.Information on instances of fraud
Year ended 31-3-2014
N o frauds reported during the year Year ended 31-3-2015
No frauds reported during the year
18.Information on net interest margin
Average interest
Average effective cost of borrowing
Net interest margin
25.09%
15.11%
9.98%
25.29%
13.78%
11.51%
19.Information required by Reserve Bank of India - Prudential Norms
1) Capital Adequacy Ratio Items
i) Captial to Risk Assets Ratio
a) CRAR (%)
b) CRAR - Tier I Capital (%)
c) CRAR - Tier II Capital (%)
2) Exposure to Real Estate Sector
Category
A. Direct exposure
(i) Residential Mortgages -
Lending fully secured by mortgages on residential property
that is or will be occupied by the borrower or that is rented;
(Individual housing loans upto Rs.15 lakh may be shown
separately)
(ii) Commercial Real Estate -
Lending secured by mortgages on commercial real estate s
(office buildings, retail space, multipurpose commerci al
premises, multi-family residential buildings, multi-tenante d
commercial premises, industrial or warehouse space, hote ls
land acquisition, development and construction, etc. ).
Exposure would also include non-fund based (NFB) limits;
(iii) Investments in Mortgage Backed Securities (MBS) and other
securitised exposures-
a. Residential
b. Commercial Real Estate.
B. Indirect Exposure
Fund based and non-fund based exposures on National
Housing Bank (NHB) and Housing Finance Companies (HFCs)
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
Nil
23.57%
22.63%
0.94
28.29%
27.54%
0.89%
Notes
101Madura Microfinance
31-3-2015 31-3-2014
Pa
rtic
ula
rsU
pto
1
mo
nth
Ov
er
1 m
on
th
up
to 2
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Ov
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nth
s
Ov
er
3 m
on
ths
up
to 6
mo
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s
Ov
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6 m
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up
to 1
Ye
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Ov
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1 Y
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up
to 3
Ye
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3 Y
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up
to 5
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To
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win
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fro
m B
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Inve
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De
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1,3
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Fig
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bra
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Ma
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Madura Microfinance 102