Manappuram General Finance & Leasing Limited (MAGFIL), a non banking finance company promoted by the Manappuram Group was established in 1992, it has its headquarters at Valapad, Thrissur District, Kerala. The company went public in August 1995 and has grown substantially since then. The shares of MAGFIL are listed on the Bombay, Chennai and Cochin Stock Exchanges and the company has paid dividends to shareholders every year since the first full year of its operations.
MAGFIL, the flag-ship company of Manappuram Group, was established in the wake of economic reforms launched by the Government of India mainly to take advantage of the importance assigned to Leasing as a vehicle to promote decentralized pattern of Economic Growth through small and medium enterprises. In a short span of time, MAGFIL had several Firsts.
The company has been consistently making profit and paying dividends from the first full year of its operations. To facilitate the fund-based activities, the company accepts deposits, bonds and non-convertible debentures with attractive interest rates. The company was awarded MA+ by ICRA which signifies adequate safety for customers` deposits. It also achieved the credit rating of 'LA' from ICRA for its working capital limit of Rs.1 billion under BASEL II norms.
The Manappuram Group was founded in 1949 by late V.C. Padmanabhan. There are 7 companies under its fold, having more than 700 branches spread over 14 states and a total business over Rs 20 billion, a workforce of over 5,000 and a customer base of over 1 million.
MAGFIL is managed by a broad-based board consisting of eminent professionals who have excelled in their respective fields of activity - banking, business, legal, computer, finance and capital markets among others. The chairman of the company is V P Nandakumar.
One of the biggest assets of the company is its highly qualified and professional workforce comprising of company secretaries, chartered accountants, cost accountants, MBAs and computer engineers. Operations of the company are fully computerized.
In 2011 Company adopts a new name, Manappuram Finance Ltd., in place of the earlier name Manappuram General Finance and Leasing Ltd.Services offered by the company are:
Fund-based and fee-based services are offered by the company including security loans, gold loans, personal loans, instant money transfers, foreign exchange, bonds, non-convertible debentures, life insurance, general insurance, hire purchase and leasing schemes.
The company, through its subsidiary, Manappurm Insurance Brokers Pvt, Ltd, also provides life insurance products; and general insurance products, such as motor, health, travel, and property and liability insurance. Further, it acts as agent for housing loan and car loans of banks.
Achievements of the company
The company has a number of achievements to its credit, some of which are listed below.