Welcome to Mahaveer Finance India Limited.
- Mahaveer Finance India Limited (MFIL) was incorporated on 05/01/1981.
- The Company is an RBI registered ‘A’ Category Non-Banking Finance Company (NBFC) ( No.07-00413) and classified as an Asset Finance Company.
- The Company primarily engages in hypothecation of used Commercial / Passenger Vehicles in and around Chennai within a radius of 200kms.
- The Company sources funds from State Bank of India, Leader of the consortium enjoying a cash credit limit
- The Company has financial arrangement with the following NBFCs either in the form of securitization or Trade Advance or other modes: Shriram Transport Finance Company Ltd., Sundaram Finance Ltd., L & T Finance Ltd., Orix Auto Infrastructure Services Ltd. and TVS Credit Services Ltd. All the above accounts have been promptly and meticulously serviced all along and there has not been a single instance of delay or default in repayment of installment.
- Though the company is category ‘A’ NBFC permitted to accept public deposits, we have not been accepting any deposits from public and we have repaid the entire deposits accepted or renewed in full and as on date there are no outstanding deposits.
- The company has complied with all the prudential norms prescribed by the RBI and its capital adequacy ratio as on 31/03/2014 is 22.64%.
- The Company’s shares are listed in the Madras Stock Exchange Limited and if the capital is increased to a sufficient level, we may go in for listing with National Stock Exchange (NSE).
- The Company’s Board consists persons of high repute, experienced and having expertise in the financial sectors. 50% of the Board consist of independent Dirctors. The Company’s Board was earlier chaired by the illustrious Late Mr.E.R.Krishnamurthy, Former Executive Director, Madras Stock Exchange Ltd. and The Controller of Capital issues and then by Late Dr.N.C.Krishnan, Chairman of Chettinad Cement Ltd., Director of Canara Bank, Trustee LIC Mutual Fund Ltd., and Former President of The Institute of Chartered Accountants of India. The present Chairman of the Board is Mr.G.Chidambar, former Managing Director of Life Insurance Coporation of India (LIC).
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