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×

smile microfinance Limited

56.00
+ 1.82 %
Scrip Name
Smile MicroFin
ISIN No.
INE786V01012
PAN No.
AAFCS5614J
Face Value
10
No. of Outstanding Shares
17,339,639
Market Capitalization
97.10 Crore

S.M.I.L.E. MICROFINANCE LIMITED UNLISTED SHARE

About Smile Microfinance Limited


Smile Microfinance Limited is a Non-Banking Financial Company (NBFC) registered under the Reserve Bank of India. Smile Microfinance is mainly engaged in providing financing services to women from poor segments of Tamil Nadu. The company’s vision is not just to act as a financing company, but to help the needy.


Smile Microfinance Limited provides micro/small loans to poor women of Tamil Nadu for the purpose of small businesses or other revenue-generating activities. The company also provides loans for personal consumption. The company is mainly targeting the segment which is ignored by the traditional banks or financial institutions.


The best part of the company is its business model. They have adopted a joint liability group model for providing unsecured loans. This model ensures credit discipline through weekly/monthly/fortnightly meetings, mutual support, and peer pressure. In this model, if an individual fails to make payments on time, then the group might make the payment on the behalf of defaulting member of the group will use peer pressure to ensure the loan payment.


Smile Microfinance was the first urban Micro Finance Institution to be established in Chennai in 2005. For expansion, the company brings funds by debt and equity. They also have a specialized microfinance fund based in the USA for their funding. Developing World markets has infused Rs. 50 Crores in the company through the fund.


As of 31st March 2020, the company is operating in 7 States across India with a network of 137 branches.


CARE Ratings has assigned BBB- rating to Smile Microfinance Limited for its long-term bank facilities of Rs. 250 Crore.


INCORPORATION DETAILS


CIN

U67190TN1995PLC030604

Registration Date

21 March 1995

Category / Sub-Category of the Company

Company limited by shares

Address of the Registered office and contact details

14/25, Chakrapani Street, West Mambalam,

Chennai - 600033

Name, Address and Contact details of Registrar and Transfer Agent, if any

Cameo Corporate Services Listing

Subramanian Building,

No. 1, Club House Road,

Near Spencers Signal on Anna Salai

Chennai, Tamil Nadu – 600 002

 

PRINCIPAL BUSINESS ACTIVITIES OF THE COMPANY

Name and Description of main products/services

% to total turnover of the Company

Financial Services - Lending

100%



BOARD OF DIRECTORS

Mr. Murali Srinivas P (MD & CEO)

Mrs. IndraniBhagwan Singh (Non-Executive Director)

Mr. J. Bradley Swanson (Non-Executive Director)

Mr. Aleem Remtula (Non-Executive Director)

Mr. Suresh K Krishna (Independent Director)

Mr. Rajan Samuel (Independent Director)

Mr. V S Padmanaban (Non-Executive Director)


PARTICULARS OF SUBSIDIARY AND ASSOCIATE COMPANIES

S.M.I.L.E. MICROFINANCE LIMITED does not have any subsidiary or associate company.


S.M.I.L.E. MICROFINANCE LIMITED UNLISTED SHARE DETAILS


Total Available Shares:

1,73,39,639

Face Value:

Rs. 10 Per Equity Share

ISIN:

INE786V01012

PAN No. 

AAFCS5614J

Lot Size:

100 Shares

Last Traded Price

Rs. 89

Market Cap: 

Rs.  154.32 Crore

 

SHAREHOLDING PATTERN

(As on 31-03-2020)

S. No.

Shareholders’ Name

No. of Shares

% of total Shares of the company

2

Promoters Shareholding

32,19,997

18.57%

3

Public Shareholding

1,41,19,642

81.43%


Total

1,73,39,639

100

 

INDUSTRY OUTLOOK

The last two decades have seen the microfinance industry grow by leaps and bounds around the world and India is no exception. The number of non-banking finance companies providing microcredit products has gone up significantly. Microfinance is now recognized as being the vehicle to achieve India’s financial inclusion goals.


With technology penetrating the industry, the microfinance industries are expanding their services in innovative ways. The microfinance Industry has a huge potential in India. At the pan India level, micro-credit reached not more than 20% of total deserving households through a variety of channels including Banks, small finance banks, and microfinance institutes.


The threat of industry includes a high level of competition. As Small finance banks mainly focusing on this segment, and nowadays commercial banks are also showing active interest in the microcredit industry, the competition has become very intense.


The Outbreak of the COVID 19 pandemic across the globe and in India has contributed to a significant decline and volatility in the global and Indian Financial markets and a slowdown in economic activities. Since the duration and magnitude of COVID 19 is still uncertain, it will affect the plans of this industry for FY 2021.


However, according to ICRA, a rating agency, the microfinance industry is likely to face asset quality pressure in the short term. However, the majority of the microfinance industry will withstand any stress as their collection capacity is improving. Moreover, their balance sheets mention that they are maintaining sufficient liquidity for tackling emergencies.


KEY FINANCIALS OF S.M.I.L.E. MICROFINANCE LIMITED(In Rs. Lakhs)

 

Particulars

2020

2019

2018

2017

Interest Income

12,235.63

11,341.61

9,962.04

7,024.19

Other Income

676.19

551

199.57

106.57

Total Income

12,911.82

11,892.61

10,161.61

7,130.76

Expenses

10,934.04

9,078.45

7,708.6

5,723.05

Profit before Tax

1,977.78

2,814.16

2,453.01

1,407.71

Tax

723.41

667.69

769.5

573.36

Profit After Tax

1,254.37

2,146.47

1,683.51

834.35

PAT margin

9.71%

18.05%

16.57%

11.70%

EPS

7.17

12.38

9.71

4.81



BALANCE SHEET OF S.M.I.L.E. MICROFINANCE LIMITED(In Rs. Lakhs)

Particulars

2020

2019

ASSETS



FINANCIAL ASSETS



Cash and Cash equivalents

8,190.53

10,994.99

Loans

59,039.91

50,605.37

Other financial assets

488.86

510.52

TOTAL FINANCIAL ASSETS

67,719.30

62,110.88

NON FINANCIAL ASSETS



Tax assets

463.36

424.9

Tangible assets

155.23

72.56

Intangible assets

92.61

14.22

Other non financialassets

103.59

32.92

TOTAL NON FINANCIAL ASSETS

814.79

544.6

TOTAL ASSETS

68,534.09

62,655.48

EQUITY AND LIABILITIES



EQUITY



Equity share capital

1,733.96

1,733.96

Other equity

12,694.21

11,513.99

TOTAL EQUITY

14,428.17

13,247.95

LIABILITIES



FINANCIAL LIABILITIES



Payables

141.99

115.71

Debt securities

12,701.62

13,182.25

Borrowings

39,464.39

35,646.87

Other financial liabilities

1,130.68

138.66

TOTAL FINANCIAL LIABILITIES

53,438.68

49,083.49

NON FINANCIAL LIABILITIES



Tax liabilities

0

0

Provisions

325.45

219.2

Other non financial liabilities

341.79

104.84

TOTAL NON FINANCIAL LIABILITIES

667.24

324.04

TOTAL LIABILITIES

54,105.92

49,407.53

TOTAL EQUITY AND LIABILITIES

68,534.09

62,655.48

 

DIVIDEND AND RETAINED EARNINGS

Particulars

2020

2019

2018

Dividend (In Rs.) (final + interim)

Nil

Nil

Nil

Retained Earnings (Consolidated) (In Rs. Lakhs)

7,163.50

6,168.22

4,541.22


PERFORMANCE OF THE COMPANY

Interest Income of the company increased by 7.88% from Rs. 11,341.61 Lakhs in FY 2019 to Rs. 12,235.63 Lakhs in FY 2020.


Despite an increase of 8.57% in total income in FY 2020, Profit After Tax of the company declined by 41.56% from Rs. 2,146.47 Lakhs in FY 2019 to Rs. 1,254.37 Lakhs in FY 2020.


The capital adequacy ratio of the company was 20.85% as of 31st March 2020. The minimum requirement of capital adequacy ratio is 15% intimated by RBI.


The total loan asset under management of the company increased to Rs. 60,647 Lakhs in FY 2020, an increase of 18% from Rs. 51,500 Lakhs in FY 2019.


The company’s total borrowings increased by 10% to Rs. 39,464.39 Lakhs in FY 2020, from Rs. 35,646.87 Lakhs. Total Loan given increased by 16% from Rs. 50,605.37 Lakhs in FY 2019 to Rs. 59,039.91 lakhs in FY 2020.


Gross NPA stood at 0.22% and Net NPA stood at Nil as of March 31, 2020, as against Gross NPA of 0.26% and Net NPA of Nil as on March 31, 2019.


The company has not given any dividends for the past 3 years.


In FY 2020, the company has opened new branches in Chhattisgarh, Jharkhand, Karnataka, and Madhya Pradesh.








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