TCI FINANCE LTD
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BSE Code:
501242
NSE Code:
TCIFINANCE
Business Profile
Business Profile
TCI Finance (TCIFINAN) was incorporated in 1973. The company is promoted and managed by TCI-Bhoruka group. It is a non banking finance company.
It is engaged in the business of financing and leasing which is the only segment in the company.
The company`s registered office is located at Hyderabad in Andhra Pradesh. Its branches are located at Ahmedabad, Bangalore, Coimbatore, Chennai, Ernakulam, Guwahati, Indore, Kolkata, Jaipur, Mumbai, New Delhi and Pune.
Financials
TCI Finance posted a net profit of Rs 13.2 million for the year ended Mar. 31, 2007 on an operating income of Rs 14.6 million. Total income for the year stood at Rs 37.4 million. During the year, the company posted an EPS of Rs 1.02.
Recent Developments
20-DEC-06
For the quarter ended September 30, 2006, the auditors of the company have made the following observations:1. Non provision in respect of loans and advances aggregating to Rs 22.41 million due from certain bodies corporate, which have been advised by Reserve Bank of India to be treated as loss assets, whose accumulated losses exceeded the shareholder funds. With regard to the underlying assets these bodies corporates have, the management is of the opinion that the dues are good and fully recoverable and no provision is necessary at this stage. The auditors are unable to express their opinion on this matter.2. The residual fixed deposits of Rs 1,58,000 of the Company, matured and remaining unclaimed, being in excess of the limit stipulated in the Non-Banking Financial Companies Prudential norms (Reserve Bank) directions 1998. The Company has deposited the unclaimed amount in an Escrow Account with a nationalised bank.