ICL Fincorp Limited Unlisted Shares Annual Reports

ICL Fincorp Limited Unlisted Shares

Building Scale, POWERING GROWTH! **Corporate Overview (Pages 1-16):** ICL Fincorp Limited, incorporated in 1991, is presented as a debt-listed company following its first public issue of Non-Convertible Debentures (NCDs) in December 2023. The company, with a legacy of over 33 years, is on a growth path by augmenting financial resources, enhancing operations, and expanding its branch network. It is committed to transparency in information disclosure and investor communication. The report integrates financial, operational, and organizational aspects, providing a holistic view of ICL Fincorp's performance. Feedback on the report can be provided to the Company Secretary & Compliance Officer at cs@iclfincorp.com. ICL Fincorp's mission is to build a customer-centric business using advanced technology and high standards of corporate governance. Its vision involves reaching economically weaker sections, empowering their dreams by providing accessible loans in rural and semi-urban areas. ICL adheres to RBI standards and aims to exceed customer expectations while uplifting stakeholders. The company's operations span Kerala, Tamil Nadu, Andhra Pradesh, Karnataka, Telangana, Odisha, Gujarat, and Maharashtra. It provides quick, affordable, and hassle-free gold loans to individuals and small businesses. The company employs dedicated professionals for gold appraisal, ensuring precise and transparent valuation and adheres to strict KYC procedures. 54 new branches were opened in FY2024. **Message from the Chairman and Managing Director (Pages 6-9):** Chairman and Managing Director K.G. Anilkumar emphasizes the company's commitment to financial inclusion, aligning with the Viksit Bharat 2047 mission. He acknowledges challenges in reaching the last mile but highlights NBFCs' role through hyper-localized presence and customer delivery strategies. The Indian households hold an astounding 25,000 tonnes of gold. The organized gold loan market has a potential growth. Inspired by customers and sector growth, FY2024 was focused on scaling the business, adding 54 new branches for a total of 292. Ventures into Mumbai and Ahmedabad will give a foothold in the western and northern regions. Technology adoption is a key focus to improve customer service and align with operational expansion. A new website was developed and the loan disbursement system was digitalized. ICL plans further expansion in northern and eastern India, aiming for 60 new branches and a diversified loan portfolio with a goal of Rs. 5,000 crore AUM. In December 2023, ICL Fincorp successfully completed its maiden public issue of NCDs, rated "ACUITE BBB-" by Acuite Ratings, and thus became a debt listed company. The issue was oversubscribed by 1.37x. ICL prioritizes economic stability and drives all-round value creation through institutional credit access, employment creation, and economic value-addition to support India's growth. **5-Year Financial Performance (Pages 10-11):** Key financial metrics over the past five years are presented: * Total Assets increased from ₹332.09 crore in 2019-20 to ₹616.65 crore in 2023-24. * Total AUM increased from ₹250.08 crore in 2019-20 to ₹472.18 crore in 2023-24. * Net Worth increased from ₹69.57 crore in 2019-20 to ₹85.11 crore in 2023-24. * Total Revenues increased from ₹57.02 crore in 2019-20 to ₹143.57 crore in 2023-24. * Profit After Tax increased from ₹0.57 crore in 2019-20 to ₹1.9 crore in 2023-24. * Capital Adequacy Ratio (CAR) was 14.99% in 2023-24. * Loan Accounts were 0.57 lakhs in 2023-24. * Branches increased from 162 in 2019-20 to 292 in 2023-24. * Total Employees increased from 822 in 2019-20 to 1,297 in 2023-24. **Industry Scenario (Pages 12-13):** Gold is deeply rooted in India's culture. The gold loan industry is divided into organized and unorganized segments. The organized sector includes banks, cooperatives, and NBFCs. NBFCs benefit from features such as strong brand recognition, extensive network, quick disbursal, and high LTV. Easy access to gold loans, high economic correlation, flexible lending terms, and low default rates are industry growth drivers. Indian households hold 25,000 tonnes of gold, only a small portion of which is monetized through organized gold loans. **ESG Practices (Pages 14-15):** ICL Fincorp is committed to responsible environmental practices and good corporate governance. * Environmental initiatives include paperless board meetings and promoting resource conservation. * Social initiatives prioritize employee welfare and satisfaction through training programs, regional celebrations, and recognizing top performers. * Governance emphasizes transparency, regulatory compliance, and a dynamic customer care department. **Our Board (Page 16) and Corporate Information (Page 17):** Lists the names of the Board of Directors and key company personnel, statutory auditors, company secretaries, registrars, and debenture trustees. **Notice of 33rd Annual General Meeting (Pages 18-21):** Notice is given for the 33rd Annual General Meeting, to be held on Saturday, September 28, 2024. Agenda items include approval of financial statements, declaration of preference dividend, and the appointment and re-appointment of directors and auditors. Special resolutions involve the re-appointment of certain directors and revisions in their remuneration. Members can attend the AGM through video conferencing. **Other Notes & Instructions in AGM Notice (Pages 22-28):** The document provides instructions for remote e-voting and participation in the AGM through VC, including login methods, required contact information for technical support, and details regarding the determination of quorum. It notes the unavailability of proxy appointments for this AGM. **Annexure to Notice: Details of Directors and Auditors (Pages 29-31):** Disclosures related to the appointment/re-appointment of Mr. K.G. Anilkumar, Dr. Rajashree Ajith and Mr. M.N. Gunavardhan include details on their qualifications, experience, remuneration, and other directorships. A brief profile of M/s. Mohandas & Associates is given. **Annexure to Notice: Details in Relation to Special Resolutions (Pages 33-34):** Statement of material facts pursuant to Section 102 of the Companies Act, 2013 for Dr. Rajashree Ajith, and Mr. M.N. Gunavardhan includes all information and justifications for the change. **Directors' Report** * Financial Summary and Highlights: Operations, Revenue, Financial Details of Subsidiaries. * Material Changes and Commitments. * Related Party Transactions. * Auditors. **Standalone Financial Statements** Includes: Independent Auditor's Report. Balance Sheet Statement of Profit and Loss. Statement of Changes in Equity. Cash Flow Statement. **Consolidated Financial Statements** Includes: Independent Auditor's Report. Balance Sheet Statement of Profit and Loss. Statement of Changes in Equity. Cash Flow Statement.

ICL Fincorp Limited Unlisted Shares

ICL Fincorp 32nd Annual Report 2022-23 Summary: Corporate Overview: ICL Fincorp is a Systemically Important NBFC (Non-Deposit Taking) with a total asset base exceeding ₹500 cr in 2022-23. It specializes in gold loans and has served around 3.5 million customers. Originating in 1991, it has grown to a network of 241 branches across six states in South and East India (Kerala, Tamil Nadu, Karnataka, Telangana, Andhra Pradesh, and Odisha), and is now expanding to North India. Diversification into other financial services like health insurance, MSME loans, and vehicle loans is underway. Infomerics assigned a "BB+/Stable" rating based on asset quality, solvency, profitability, and long-term outlook. The company aims to transition from a pure gold loan lender to a one-stop financial services provider. Vision and Mission: The vision is to grow globally and be recognized as the most acceptable and trusted financial institution, excelling in customer service through empowered employees. The mission is to provide the best financial solutions and build long-term relationships, considering customer needs and market dynamics. Core values are customer satisfaction, teamwork, accountability, fairness, and excellence. Key Performance Metrics (FY2023): Total Asset Size: ₹526.10 cr (FY2022: ₹458.10 cr) Gold Loan AUM: ₹392.94 Cr (FY2022: ₹335.63 cr) Interest Income: ₹110.45 cr (FY2022: ₹86.67 cr) Net Profit: ₹3.13 cr (FY2022: ₹2.00 cr) Earnings Per Share: ₹0.66 (FY2022: ₹0.45) Net Worth: ₹81.21 cr (FY2022: ₹71.62 cr) Borrowing cost: 13.02% Chairman and Managing Director's (CMD) Communique: The CMD, K.G. Anilkumar, reported a 14.84% asset growth, elevating the company to a Non-Deposit Taking Systemically Important NBFC. Total assets reached Rs. 526.10 cr in 2022-23. Despite macroeconomic volatility, the company is deepening its purpose of adding a humane touch to financial services, creating superior customer propositions, and serving the community. Key highlights include a 25% increase in total turnover to Rs. 110.89 cr, and a 17% increase in the gold loan portfolio to Rs. 392.94 cr. SBI increased its loan exposure, recognizing ICL Fincorp's performance. A new corporate building was established in Irinjalakuda. 42 new branches were opened, with a focus on states outside Kerala, increasing the total network to 241. Strategic Priorities: Branch & Market Penetration: Expanding branches and penetrating new markets to achieve greater market penetration. Portfolio Diversification: Diversifying product portfolio beyond gold loans into areas such as microfinance, personal loans, and insurance. Technology Adoption & Digital Transformation: Implementing advanced loan management systems, mobile apps, and data analytics. Talent Management & Leadership Development: Prioritizing talent management and leadership development through training and a culture of learning. Customer Relationship Management (CRM): Establishing robust customer relationships through CRM systems and personalized channels. Strengthening Partnerships & Alliances: Forming strategic alliances with technology providers, Fintech companies, and other financial institutions. Statutory Information: The 32nd Annual General Meeting (AGM) is scheduled for July 15, 2023, via video conferencing. Key items on the agenda include the approval of audited financial statements, the declaration of preference dividends, the re-appointment of Mr. Sreejith Surendran Pillai as a Director, and the appointment of M/s. Manikandan & Associates as Statutory Auditors. Approval is sought for the managerial remuneration payable to Ms. Umadevi Anilkumar and the issuance of redeemable non-convertible preference shares on a private placement basis up to Rs.47,00,00,000/-. Remote e-voting and VC/OAVM facilities are available for members. Management Discussion and Analysis: Revival in consumer demand, increased private capital expenditure, and elevation of government spending are key growth triggers in the future. Efficient collection mechanisms, strong capital ratios, and provisioning coverage offer competitive levers. Factors cited as crucial for performance include customer satisfaction, portfolio expansion, technological capabilities, and committed leadership, with a focus on strategic expansion. Financial Statements and Auditors: Independent auditor's report details the firm and its approach to auditing the financial records. Key financial data for the company are enumerated in the document. Detailed Notes: Other information and details are presented, such as lists of directors, and a record of various resolutions. The document includes the necessary declarations and details of auditors.

ICL Fincorp Limited Unlisted Shares

Okay, here is a comprehensive summary of the ICL Fincorp Limited 31st Annual Report 2021-2022. **Overview:** ICL Fincorp Limited, a non-deposit accepting NBFC, presents its 31st Annual Report for FY 2022, highlighting its vision for global expansion and commitment to being a trusted financial institution. The company emphasizes customer satisfaction, ethical practices, and employee empowerment as core principles. It also emphasizes the importance of fairness, equality, corporate reputation, and listening to customers to build lasting relationships. **Company at a Glance:** ICL Fincorp was established in 1991. Significant milestones include becoming a NBFC in 1999, opening its first branch in Annamanada, Thrissur in 2013, acquiring Salem Erode Investments Ltd (a BSE-listed company) in 2020, opening its first North India branch in Odisha in 2021, and becoming an international brand by launching in Dubai in 2022. **Key Parameters:** The company has seen growth in Asset Under Management (AUM) and number of branches over the last four years. AUM has grown steadily, with a distribution across Gold Loan, Business Loan, Property Loan and others. Branch network has increased from 142 in 2018-19 to 221 as of the report date. **Product Portfolio:** ICL Fincorp offers Gold Loans, Used Vehicle Loans, Money Transfer services, Insurance, Vehicle Loans & HP Loans, Business Loans and Property Loans and Debenture. **Branch Network:** The company has a presence across multiple states in India, with a large number of branches in Kerala (114). It also has upcoming branch expansions planned, including 200 new branches for the administrative office. **Chairman's Message:** The Chairman highlights a significant leap in business despite obstacles, driven by strategic decisions. The company has achieved a benchmark of 221 branches across India. They are focused on financial inclusion, inspired by employees and clients, and expanding into new states like Odisha. The company plans to open a new Corporate Office in Irinjalakuda in October 2022 and is expanding ATM services. The subsidiary, Salem Erode Investments Limited, reached a record share price of Rs. 122.45 on March 24, 2022. The company is also exploring used vehicle loans and home loans. The Chairman mentions that India's GDP for FY 2021-22 was 8.7%. The company achieved an after-tax profit of Rs. 2,00,20,952. **Notice of 31st Annual General Meeting:** The 31st Annual General Meeting will be held on September 24, 2022, via video conferencing. The agenda includes: * Approval of audited financial statements (standalone and consolidated) for the year ended March 31, 2022. * Declaration of preference dividend for the financial year ended March 31, 2022. * Re-appointment of Mr. K.K. Wilson as a Director. * Approval for issuance of Non-Convertible Securities up to Rs. 1000 crore and Redeemable Non-Convertible Preference Shares up to Rs. 47 crore on private placement basis. * Approval of Inter Corporate Loans from Salem Erode Investments Limited, Subsidiary Company, upto an aggregate amount not exceeding Rs.50 crore. * Alteration of Memorandum of Association of the Company with respect to the Object Clause with new business activities relating to issue of development of different types of credit cards, co-branded credit cards, add on cards etc. either independently or in collaboration/association with other eligible organizations. * Purchase of CCTV cameras, security equipments and such other allied products & services from Caits Info Solutions Private Limited **Board's Report & Financial Highlights:** The company's operations have been progressive, with increased income (Rs. 88,52,59,949 compared to Rs. 75,99,11,373 in the previous year) and expenditure. The company has 221 branches. Net profit for the year was Rs. 2,00,20,952. Basic and diluted earnings per share are Rs. 0.45. For consolidated results, Total Income is Rs.89,43,41,640 and Net Profit after Tax Rs.2,71,43,834. They have declared a dividend of Rs. 15 per share on Redeemable Cumulative Preference Shares. The board has not recommended any dividend on Equity Shares. The company is implementing ATM services, and its subsidiary, Salem Erode Investments Limited, achieved a share price of Rs 122.45 on the BSE. The company notes challenges posed by the pandemic and actions taken to address them, and as a result is more determined to enable financial inclusion across the Country. **Corporate Governance and Committees:** The report provides detailed information about the Board of Directors, including names, designations, and attendance at meetings. It also outlines the various committees established by the company, including: * Audit Committee * Nomination and Remuneration Committee * Stakeholders Relationship Committee * Debenture & Bond Committee * Risk Management Committee * Asset-Liability Management Committee * Share Allotment Committee * Branch Authorization Committee * Internal Complaints Committee * IT Strategy Committee * IT Steering Committee For each committee, the report details its description, terms of reference, composition, and meeting attendance. The key functions of these committees are described, including oversight of financial reporting, risk management, corporate governance, and investor relations. **Risk Management:** ICL Fincorp has a Risk Management Policy and faces both external (strategic) and internal (operating) risks, such as political and regulatory changes, competition, reputational damage, force majeure events, legal risks, credit rate risk, liquidity risk, currency risk, interest rate risk, employee risk, IT risks and fraud. The report outlines the company's mitigation strategies for each of these risks. **Additional Points:** * Internal financial controls are deemed adequate and operating effectively. * There were reported fraud cases due to misappropriation of cash and gold by branch officials, with legal proceedings initiated. * Details of related party transactions are provided, including loans and remuneration. * Detailed information is provided on Capital Adequacy, Maturity Analysis of Assets and Liabilities, * Cash Flow Statement, contingent liabilities, and other regulatory requirements. * Details of unclaimed dividends are available on the company website. I hope this comprehensive summary is helpful!

ICL Fincorp Limited Unlisted Shares

ICL Fincorp 30th Annual Report Summary: Overview: ICL Fincorp, celebrating 30 years (1991-2021), presents its 30th Annual Report for 2020-2021. The company is a Non-Banking Financial Company (NBFC) with over 200 branches across 6 states in India. The theme for the year’s annual report captures the very essence of the Company's business: “Every great dream begins with a dreamer, let's walk together to fulfil them with ease... Your dreams are our motivation, inspiration and commitment to excel further more...”. ICL Fincorp aims to become a market leader in the business of gold loan, debentures, insurance, etc. in a very affordable and accessible manner to the masses at large. The company has set a target to touch 1000 branches across the rural part of India. Advisory Board: ICL Fincorp has an Advisory Board comprised of independent and eminent people. The board includes Hon'ble Justice T N Valli Nayagam, Justice Ramachandran, Ramadevan V Krishnaswamy, MJF Ln. Dr. G. Manilal, and CA Natarajan R. Corporate Information: Key personnel include KG Anilkumar (Managing Director), Umadevi Anilkumar (Whole Time Director), and Natarajan R (Chief Financial Officer). The registered office is located in Chennai, and the administrative office is in Irinjalakuda. Auditors are M/s. Mohandas & Associates. Vision & Mission: The company's vision is to brand themselves globally and become the most preferred and trusted financial institution. The mission is to provide the best and trusted financial solutions to clients and strive to build long-term relationships. Financial Performance: The company reported a profit after tax of Rs. 1,42,34,349/-. Despite challenges due to the COVID-19 pandemic, the company witnessed steady progress, attributing it to the execution of its strategic objectives, strong fundamentals, and steadfast leadership. However, the net profits of the company for the financial year 2020-2021 is inadequate for the payment of proposed managerial remuneration. The total income for the Financial Year 2020-2021 was Rs. 75,99,11,373/- as against Rs. 57,02,16,165/- during the preceding Financial Year 2019-2020. Growth & Expansion: ICL Fincorp has invested heavily to show its presence in the digital world. ICL Fincorp opened 188 branches including 4 of M/s Salem Erode Investments Limited as compared to 163 branches in the last financial year. ICL Fincorp aims to stretch the reach into the states of Northern, Western and Eastern regions of India. Social Initiatives: The company is actively involved in social initiatives across Kerala and Tamil Nadu. During the COVID-19 pandemic, it contributed ambulances, ventilators, and aid to hospitals and the needy. The Company also worked with social activity groups to deliver basic food supplies to BPL families. Product Portfolio: The product portfolio includes gold loans, debentures, foreign exchange services, money transfer, insurance, property loans, vehicle loans, and business loans. Future Outlook & Resolutions: ICL Fincorp set a target to reach 1000 branches across rural India in the immediate future. The company is venturing into new business by engaging in insurance business. The Company is also desirous to engage into various other segments of financial services which includes commercial banking business along with facilities of RTGS, debit and credit cards, digital lending etc. The Board proposed several resolutions for the 30th Annual General Meeting, including: * Approval of Audited Standalone and Consolidated Financial Statements for the Financial Year ended March 31, 2021. * Re-appointment of Ms. Umadevi Anilkumar as a Director. * Appointment of Mr. Sreejith Surendran Pillai as a Non-Executive Director. * Re-appointment of Mr. K.G. Anilkumar as the Managing Director, with a monthly remuneration of Rs. 10,00,000/- and potential commission. * Issuance of Equity Shares on a Preferential Issue basis to Mr. K.G. Anilkumar for a total consideration of Rs. 20,00,00,000/-. * Issuance of Non-Convertible Securities up to Rs. 1000,00,00,000/-. Notices and Instructions: The Annual General Meeting will be held through Video Conferencing. Remote e-voting will be available for members, with the voting period commencing on September 22, 2021, and ending on September 24, 2021. Statement of Material Facts: The statement includes material facts relating to the appointment of Mr. Sreejith Surendran Pillai and the re-appointment of Mr. K.G. Anilkumar as Managing Director. These include details of their qualifications, experience, remuneration, and other interests. Corporate Governance: The company has several committees: Audit Committee, Nomination & Remuneration Committee, Stakeholders Relationship Committee, Debenture & Bond Committee, and Risk Management Committee. Financial Statements: The report includes detailed standalone and consolidated financial statements, including the balance sheet, statement of profit and loss, cash flow statement, and statement of changes in equity. As per the provided PDF document, the Statutory Auditors, M/s. Mohandas & Associates, have expressed unmodified opinion on the Internal Financial Controls over Financial Reporting. The company is compliant with NBFC regulations.