Mansi Finance (Chennai) Limited is a **Reserve Bank of India (RBI)** registered **Non-Banking Financial Company (NBFC)**. Classified under the **Base Layer (NBFC-BL)** of the RBI’s Scale-Based Regulation framework, the company operates as a **Non-Deposit taking, Non-Systemically Important** entity. It is a key constituent of the **Mansi Group**, a South Indian conglomerate with a legacy spanning over **50 years**. The company is publicly traded on the **Bombay Stock Exchange (BSE)** and serves as a specialized provider of last-mile funding, offering tailor-made commercial loan products to underserved segments. --- ### **Capital Structure and Market Listing** The company maintains a stable capital base with a significant portion of its equity held in dematerialized form. | Metric | Details | | :--- | :--- | | **BSE Scrip Code** | **511758** | | **ISIN** | **INE094E01017** | | **Authorised Share Capital** | **₹5,50,00,000** (55,00,000 Equity Shares of ₹10 each) | | **Paid-up Share Capital** | **₹3,53,49,000** (35,34,900 Equity Shares of ₹10 each) | | **Shareholding Form** | **79.73% Dematerialized**; **20.27% Physical** (as of Sep 2023) | | **Credit Rating** | **None** (No ratings applied for or held during FY 2024-25) | --- ### **Core Business Model and Operational Focus** Mansi Finance operates exclusively within the financial services sector, focusing on **commercial loan financing**. * **Single Segment Operations:** The company functions as a pure-play NBFC; it does not operate industrial plants or factories and does not report multi-segment results. * **Niche Positioning:** The business model is designed to bridge the credit gap for clients who lack access to traditional banking, utilizing **simplified procedures** and **customized financing solutions**. * **Asset Management:** The company manages a gross loan book of approximately **₹54.11 crore**, focusing on capital preservation and interest income. --- ### **Strategic Growth Pillars and Digital Transformation** The company is currently executing a strategic pivot to capitalize on India’s macroeconomic tailwinds, including a projected **6.5% real GDP growth** and a low **credit-to-GDP ratio of ~75%**. * **"Phygital" Expansion:** A hybrid strategy combining physical reach with digital tools to penetrate **semi-urban and rural markets**, specifically targeting **New-to-Credit (NTC)** customers. * **MSME Integration:** Intensifying focus on the **MSME sector** to address traditional credit gaps through specialized lending products. * **Co-lending and Partnerships:** Collaborating with larger banks to optimize **capital allocation**, share risks, and broaden the borrower base without over-leveraging the balance sheet. * **Advanced Technology Stack:** * **AI & Machine Learning:** Implementation of automated tools for customer evaluation and collections. * **GenAI & LLMs:** Deploying Large Language Models for **hyper-personalized** customer engagement. * **Account Aggregator (AA) Ecosystem:** Utilizing democratized data for consistent and logical credit decisioning. --- ### **Financial Performance Summary** Financials are prepared in accordance with **Indian Accounting Standards (Ind AS)**. The company has demonstrated a steady increase in net worth despite a slight contraction in the loan portfolio. | Metric (Standalone) | FY 2023-24 | FY 2022-23 | | :--- | :--- | :--- | | **Net Worth** | **₹34.59 crore** | **₹32.52 crore** | | **Gross Loans Provided** | **₹54.11 crore** | **₹55.74 crore** | | **Paid-up Share Capital** | **₹3.53 crore** | **₹3.53 crore** | * **Profitability:** The **₹2.07 crore** year-on-year increase in Net Worth was driven primarily by **retained profits**. * **Loan Book Trend:** The gross loan portfolio saw a marginal contraction of **2.9%** over the last fiscal year, reflecting a cautious approach to asset quality. * **Corporate Actions:** There have been no **Buy-backs**, **Bonus Shares**, **Sweat Equity**, or **ESOPs** issued in recent reporting periods. --- ### **Leadership and Governance Structure** Following the demise of the former CMD in January 2024, the company is undergoing a leadership transition. * **Executive Leadership:** **Smt. Sajjan Kanwar Bafna** serves as the **Executive Chairperson and Whole-time Director** (3-year term effective Oct 1, 2024). **Shri Adit S. Bafna** serves as the **Honorary Managing Director**. * **Board Composition:** A 4-member board consisting of **2 Non-Executive Independent Directors** and **2 Non-Independent Directors**. * **Audit Oversight:** * **Statutory Auditors:** **M/s. SIROHIA & CO** (tenure until **2027**). * **Secretarial Auditors:** **M/s. Mundhara & Co** (tenure until **2030**). * **Internal Auditor:** **Mr. T.S. Srinivasan**. --- ### **Risk Profile and Regulatory Compliance** The company manages risk through a dedicated **Risk Management Committee**, though it lacks a formal standalone risk policy, relying instead on an enterprise-wide assessment framework. #### **1. Regulatory and Compliance Challenges** * **Insider Trading:** Auditors noted non-compliance with **SEBI (PIT) Regulations** regarding the **Structured Digital Database (SDD)**. Despite installing 'Insiderr' software, there were delays in reporting **Unpublished Price Sensitive Information (UPSI)** as of late 2025. * **Governance Lapses:** The company incurred a **₹13,000** penalty for misidentifying an Independent Director in 2024. Furthermore, an Independent Director’s term expired in **March 2025** without immediate ratification. * **Historical Penalties:** In FY 2024-25, the company settled **₹3,11,155** in legacy penalties with the **BSE** dating back to 2014. #### **2. Financial and Market Risks** * **Interest Rate Volatility:** Profitability is sensitive to monetary policy; the **250 bps repo rate hike** in 2023 impacted funding costs. * **Asset Quality:** Rising stress in the **unsecured loan segment** and potential borrower overleveraging are monitored via **digital scorecards**. * **Settlements:** Notably, the company has **not entered into any one-time settlements** with banks or financial institutions. #### **3. Pending Tax Litigations** As of **March 31, 2025**, the following disputed income tax dues remain outstanding: | Period (FY) | Amount (₹) | Forum of Dispute | | :--- | :--- | :--- | | **2003 - 2004** | **42,087** | Commissioner of Income Tax (Appeals), Chennai | | **2004 - 2005** | **1,19,420** | Commissioner of Income Tax (Appeals), Chennai | | **2011 - 2012** | **4,52,270** | Assessing Officer | | **2012 - 2013** | **4,57,920** | Assessing Officer | --- ### **Sectoral Outlook** Mansi Finance operates in an environment of increasing **regulatory convergence** between NBFCs and Banks. While the **RBI’s Digital Lending guidelines** and increased **risk weights** on unsecured loans present compliance hurdles, the company’s focus on **MSME lending** and **digital-first credit decisioning** positions it to capture growth in India's path toward becoming the world's **3rd largest economy by 2027**.