Manappuram Finance Ltd or MAFIL is a non-banking financial company situated in Valapad, Thrissur, Kerala state. Manappuram has over 4190+ branches across 25 states, a staff strength of over 190,00+ people
History
The company was founded in 1949 by late V.C.Padmanabhan in Thrissur District. The company commenced its operations at Valapad, mainly with money lending activity on a very modest scale. The group's flagship company, MAGFIL, was established in 1992 in the wake of economic reforms launched by the Government of India. Manappuram's origins go back to 1949 when it was founded in Valapad by the late V.C. Padmanabhan, father of Nandakumar. Its activity was mainly pawn broking and money lending carried out on a modest scale.
The expansion
Shri Nandakumar took over the reins of this one Branch business in the year 1986 when his father died. Manappuram Finance Ltd. was incorporated in 1992 with its registered office at Valapad, in the Thrissur District of Kerala. Soon after it commenced its operations, Manappuram Finance Limited gathered several "firsts" to its credit. The company was the First NBFC in Kerala to receive a Certificate of Registration issued by the RBI. It was the first Kerala based NBFC to get a Credit Rating in 1995 of "MA" from ICRA, recognising the company's ability to make timely repayments of the principal and interest under its then existing public deposits programme. Manappuram Finance was one of the very first NBFCs from Kerala to go for a Public Issue of its shares in 1995. In fact, the company has been consistently making profits and consistently paying dividends from the very first full year of operations. The company was also the first NBFC from Kerala to issue bonus shares in the ratio of 1:1 in 2007 and then, repeat the feat twice, in 2010 and in 2011. Moreover, in 2007, Manappuram Finance Ltd became the first Kerala based NBFC to receive foreign Investment from FIIs, and also get the highest short term credit rating of A1+ from ICRA. In 2010, it became the very first Kerala-based company to offer ESOPs to its middle and senior management functionaries. In April 2011, it became only the second listed company from Kerala to have its shares traded in the "A-Group" at the Bombay stock exchange.
Other activities
As part of its diversification, Manappuram Finance Limited has also ventured into the Foreign Exchange business with the Reserve Bank of India having granted an Authorised Dealer - II licence to the Company which permits it to effect outward remittances for a variety of purposes such as overseas medical treatment, higher education abroad, business travel, conferences etc. The Company has also commenced Instant Money Transfer in collaboration with UAE Xchange, Wallstreet and MoneyGram.
Mr. V.P. Nandakumar is a post graduate in science with additional qualifications in Banking & Foreign Trade. Immediately after completion of his education, he joined the erstwhile Nedungadi Bank Limited. In 1986, after 10 years of service as an officer of the Nedungadi Bank, he resigned from the Bank to take over the family business, upon the demise of his father, and the founder of Manappuram Mr. V.C. Padmanabhan. His encouraging Leadership and Motivational Qualities were helpful for the company's growth TIME TO TIME AJAY WADHAI
Mr. B.N. Raveendrababu, Executive Director
Mr. B.N. Raveendra Babu, is a Post Graduate in Commerce with additional qualification in Management Accounting from the U.K. Prior to joining Manappuram Group, Mr. Raveendra Babu occupied senior positions in Finance and Accounts in various organizations in the Middle East.
Mr. A.R. Sankaranarayanan IRS (Retd)
Mr. A.R. Sankaranarayanan is an IRS. He has adorned several important positions in and outside the Govt such as MD, SAIL International Ltd, Director of Prime Minister`s Secretariate and former Director of Federal Bank Ltd. At present he is the General Manager of Kottakkal Arya Vaidya Sala.
Mr. P. Manomohanan
Mr. Manomohanan is a Central Banker with a professional qualification in Banking. He has got over 38 years of experience in Banking
Controversies
On 7 February 2012, the Reserve Bank of India has issued a warning to the general public against placing deposits with Manappuram Finance or a group company. The central bank has said that acceptance of deposits either by Manappuram Finance or by Manappuram Agro Farms is punishable with imprisonment. Shares of the company plunged 20% following this news. On 14 February 2012, The company announced an immediate compliance to any of RBI's concerns. To enhance governance and better manage growth to the next level, the Board also decided to constitute an independent committee under the chairmanship of Mr Jagdish Capoor. This committee will review relevant aspects of operations, systems, controls and organizational structure, including Board composition and effectiveness.
