Annual Report: 2021
Maxvalue Credits and Investments Limited – PDF Summary
Corporate Information
Maxvalue Credits and Investments Limited is a public limited company (CIN: U65921KL1995PLC009581) with its registered office located at 1st Floor, Ceekay Plaza, Koorkkenchery, Thrissur 680007. The company operates as a Non-Banking Finance Company (NBFC) with a network of 96 branches across Kerala and Karnataka as of March 31, 2021. It is classified as a Systemically Important Non-Deposit taking NBFC.
The Board of Directors includes Sri. Paulson CV (Chairman), Sri. Manoj VR, Sri. Roy Johnson V and Sri. Christo George as Non-Executive Directors; Sri. Parameswaran PN and Sri. Saraladevi M as Independent Directors; and Sri. Prathapan KR and Sri. Gireesh KK as Whole-time Directors. Key managerial personnel include Sri. CG Nair (Chief Executive Officer), Sri. Tojo Jose (Chief Financial Officer), and Sri. Akhil B Vijay (Company Secretary). The statutory auditors are M/s. Unnikrishnan & Co, and the Registrar & Share Transfer Agents are M/s.SKDC Consultants Limited.
Chairman's Desk Summary (CV Paulson)
The Chairman's address highlighted the challenges posed by the Covid-19 pandemic in 2020-21. Lockdowns and movement restrictions adversely affected lending and loan collections, leading to higher NPAs. Despite these challenges, the company improved its profits, closing FY 2020-21 with a net profit of Rs. 242 lakhs compared to Rs. 173 lakhs in the previous year. High-cost, loss-making branches in Kerala were eliminated, reducing the branch size from 156 to 71. Karnataka branch operations started yielding a net surplus, and the company plans to expand into Andhra Pradesh and Tamil Nadu in 2021-22 while focusing on business consolidation and cost control.
Notice to Shareholders (26th Annual General Meeting - September 09, 2021)
The 26th Annual General Meeting (AGM) will be held virtually on September 9, 2021, to transact ordinary and special business. Ordinary business includes adopting the audited financial statements for the year ended March 31, 2021, and appointing directors retiring by rotation (Mr. Chirayath Varkey Paulson and Mr. Prathapan Karumanthra Raman). Special business includes:
Annexure to Notice
Explains the rationale for the special resolutions. The issue of NCDs requires shareholder approval under Section 42 of the Companies Act, 2013. Mortgaging the company's assets requires approval under Section 180(1)(a) of the same act, to secure loans. The change in designation of Mr. Christo George and Mr. Manoj Vellamparambil Raman is proposed due to the resignation of Mr. Prathapan Karumanthra Raman and Mr. Gireesh Kumarapanicker respectively, from the Whole-Time Director post. The ratification of related party transactions pertains to the sale of fixed assets to M/s Maxvalue Consultancy Services Private Limited, exceeding 10% of the company's net worth in FY 2019-20.
Report of the Board of Directors
Annexures to Report:
Independent Auditor's Report
Annexure B
Reports on the Internal Financial Controls under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013
Financial Statements
The document presents the Balance Sheet as at 31st March 2021, the Profit and Loss Statement for the year ended 31st March 2021, the Cash Flow Statement for the year ended 31st March 2021, and notes forming part of the financial statements. Notes detail Share Capital, Reserves & Surplus, Long Term Borrowings, Other Long Term Borrowings, Fixed Assets, Loans and Advances, Current Assets, Current Liabilities, and various revenue and expense items.
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