Manappuram Benefit Fund (MABEN) commenced its operations in the year 1994 with its headquarters at Valapad, (Thrissur district) in Kerala. It is one of the premier "Nidhi" companies in Kerala and was the first of its kind to have branches outside the home district. The Company has a consistent record of profits and has paid dividends to shareholders every year since inception.
MABEN is managed by broad-based Board consisting of eminent professionals who have excelled in their respective fields of activity, viz. banking, business, law, finance and capital markets, technology etc. Mr. V.P. Nandakumar is the Chairman of the Company while Mrs. Sushama Nandakumar is the Managing Director of the Company.
The top management is supported by a good team of highly qualified and professional workforce with a host of Chartered Accountants, MBAs and Computer Engineers in its ranks. The operations of the company are fully computerized.
MABEN is the ONLY company from the Thrissur District of Kerala, to be declared as a "Nidhi" company by the Central Government under the provisions of Section 620A of the Companies Act, 1956.
During the late 1990s the NBFC sector in general was faced with adverse conditions and Manappuram felt compelled to diversify aggressively and to branch out into fee- based activities.
In 2001, the opening up of the insurance sector in India for private participation gave a further fillip to the fee based activities of the Group. In view of the wide range of activities involved, it was considered desirable to float a subsidiary company to look after the entire fee based activities of the group. Consequently, MAIBRO was formed as a subsidiary of Manappuram Finance Ltd. in the year 2003.
Later, in order to give focused attention to the Insurance business, it was spun off into a separate Company in 2004 under the name, “Manappuram Insurance Brokers (Private) Ltd.” This company was subsequently granted an Insurance Broking License by IRDA in 2006 and today it provides a wide range of insurance products of various Insurance companies to its customers.
Manappuram Chits (India) Ltd. (MACIL) was incorporated on 21st July, 2000. The company got its certificate of commencement of business on August 7, 2000 and started business under the Chit Fund Act, 1982. The Company conducted the first auction on September 11, 2000. Here are some of the highlights of the company:
- The paid up Capital of the Company is Rs.10 lakhs.
- The Company is managed by a professional Board of Directors drawn from various fields such as Finance, Information Technology, Management, Accountancy and Law.
- All the Chits are started only after getting registration under the Tamil Nadu Chits Rules 1984 under Chits Funds Act 1982. An amount equal to the chit amount is to be remitted at a scheduled commercial bank in favour of the Registrar of Chits. The same is held as security by the Registrar of Chits till the termination of chits as security against any probable default by the Company.
- The Company levies only 5% of the chit amount as Foreman's Commission. The entire auction discount is distributed against bid and non-bid subscribers equally.
- The Company commences at least 2 chits having a minimum chit amount of Rs. 100,000 every month. The Company generally commences its chits with an instalment amount of Rs. 1000, Rs. 2000, Rs. 2500, Rs. 5000, etc. The Company has so far started 116 groups of chits and disbursed Rs. 123,197,000/- amongst the subscribers.
MACIL aims to become the best Chit Fund in the country functioning under the Chits Fund Act 1982. A humble beginning was made in this direction when the company reported a net profit of Rs. 3.10 lakhs on a paid up capital of Rs.10 lakhs in its very first full year of operation.
In a world, where everything can be accessed with a mouse click, the Manappuram Group has within its fold a full-fledged software division, Manappuram Comptech and Consultants (P) Ltd. As a matter of fact, Manappuram Finance was a pioneer in the adoption of information technology for improving the services provided to its customers and one of the earliest in the field to adopt the “core-banking” platform.
The business transactions of Manappuram Group were computerized in 1990. A major milestone in computerization was the inauguration of Manappuram’s software division in the year 1996. The entire system was upgraded to `Online Environment` in 1991 and this helped in the effective utilization of time, thereby improving performance. For instance, we are now able to serve a Gold Loan customer or issue a Fixed Deposit Receipt in a matter of minutes.
The Group`s Branches are fully automated which has contributed immensely to the success of the Group. Now the Group is handling around 100 servers including SUN and IBM Raid Servers at different locations with more than 500 terminals. The Group proposes to launch a `Wide Area Network` (WAN) soon, so that effective communication between its branches is ensured.
All the Branch networks have system generated database with integrity constraints having high reliability. The entire system is so designed that at any given time, the management is able to extract whatever vital information it requires. This has helped the Group in taking timely decisions and its faster execution.
MACTECH has a fully equipped software as well as a hardware division, directed by an efficient management and manned by competent software and hardware professionals.
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It was established in 2008 as a private limited company and later became a public limited company in 2011.
The first showroom in the name of “Manappuram Jewellery” was opened in March 2010 at Manappuram’s headquarter building in Valapad, Thrissur District (Kerala). Since then, MAJEWEL has grown rapidly in Kerala, Karnataka, Tamil Nadu and Andhra Pradesh. In fact, in Bangalore it has grown into a chain of nine prestigious jewellery showrooms to become the largest jewellery chain in the city. It has also entered Tamil Nadu with prestigious showrooms at Karur, Tirupur and Erode while in Andhra Pradesh, it is present at Anantapur. Over the next five years, MAJEWEL has plans to launch a hundred showrooms all over India.
The company’s objective is to reach out to the mass market for gold and diamond jewellery with a network of stores offering quality on par with the reputed names in the business, at a price affordable to the middle class.
A little over one year after it began operations, it was decided to change the brand name of the jewellery venture. Having reached a critical size and scale, a need was felt for an identity distinct from the parent brand of Manappuram which continues to be strongly associated with the group's financial services business.
And so, Manappuram Jewellery showrooms took on the new name of "Riti Jewelry". This rebranding exercise will gradually be accompanied by an overhaul of the ambience at the showrooms to further enhance the customer’s shopping experience.
Core Values
- No compromise on quality : All Riti Jewelry showrooms deal exclusively in BIS 916 hallmarked gold and IGI and SGL certified diamonds to ensure that customers have a fool-proof assurance about the quality of their purchases. Moreover, all showrooms provide free testing of gold purity to customers with imported Karat analysers.
- Affordability : At Riti Jewelry, making charges and prices are among the lowest in the market because it is committed to making quality jewellery affordable to the widest class of people. The business model thrives on volumes, not premium pricing.
- Transparency and integrity : All transactions at Riti Jewelry are billed for the full value. In this way, customers have proof of purchase and can hold the company to account for what they buy, even as the government gets its full measure of taxes.
Manappuram Health Care Ltd. (MAcare) is an ambitious initiative of the Manappuram Group in the affordable healthcare space. A casual glance at the present healthcare system would reveal a large divide between the availability of quality healthcare services and its affordability. Quality healthcare comes at a price that puts it out of the reach of the common people.
This is where MAcare is poised to make a difference. MAcare aims at making diagnosis and treatment affordable to a larger cross-section of society with the use of state of the art medical tools. That is why the company has chalked out an ambitious plan to launch a chain of 200 and more Dental and Diagnostic clinics across India within the next five years.
Already, MAcare’s Medical and Dental Clinics have set new standards in patient care with experienced doctors and sophisticated equipments taking care of patients in the most hygienic environment. A sophisticated Diagnostics Centre has also been set up at Valapad in Thrissur District. Further, a world-class Diagnostics Centre with the most advanced 3 Tesla MRI scanner in Kerala will come up shortly at Kaloor, Ernakulam.
The corporate mission of MAcare is to pool skills, resources and dynamism and put together world-class infrastructure and manpower in order to realise its vision of making quality healthcare services available to the widest cross-section of society.
As things stand, by the year 2016, Manappuram Healthcare Ltd. will be listed in the leading stock exchanges of India, after having become the premier healthcare provider in South India.
Core Values
- Quality: Our key focus area is the quality of our treatment with a commitment to ensure its affordability. We believe that even the ordinary citizens of the country are entitled to quality healthcare and our endeavour is to make it happen.
- Competence: Our team of doctors and technicians are drawn from the best available talent and they share our commitment to these core values.
- Technology: We have faith in the use of sophisticated technology to supplement the competence of our doctors. We believe that technology is the best means to extend quality care at affordable prices.
- Hygiene: In all our clinics, we maintain hygiene and cleanliness levels benchmarked to international standards.
- Care and comfort: In everything we do, the care and comfort of the patient is central to our mission and we do not lose sight of this simple truth.
