Cheraman Financial reports Rs35 lakh net profit

Kochi: Cheraman Financial Services Ltd (CFSL), a non-deposit taking NBFC headquartered in Kochi, has reported a net profit of Rs35.26 lakh for the year ended on March 31, 2017.

The company where Kerala State Industrial Development Corporation (KSIDC), Yussuffali and other prominent businesspersons – mainly NRIs, hold sizeable stake has recorded a total income of Rs1.33 crore as against Rs64.81 lakh during the previous year.

The total expenses incurred during the year under review were to the tune of Rs98.23 lakh. According to CFSL, the group carries out financial leasing and equity funding activities through this vertical on a pan-India basis.

“The company initially focuses on healthcare and construction equipment, IT equipment, commercial vehicles and industrial machineries for leasing,” its website said. (BBN) was not able to talk to its officials on the company’s activities or future plans as they were not prepared to meet or talk to BBN staff.

The company with an authorized capital as large as Rs1000 crore  had a paid up share capital of Rs31.8 crore and a total assets of Rs26.7 crore as of March 31, 2017– the company posted a loss during the previous year (ending March 31, 2016) thus eating into its share capital.

During the year under review, Cheraman Infrastructure Pvt Ltd, the wholly owned subsidiary company, recorded a loss of Rs38.07 lakh as against Rs11.37 lakh during the previous year.

Cheraman Funds Management Ltd, the wholly owned subsidiary company recorded a net loss of Rs3.95 lakh during the year as against the loss of Rs519,901 in the previous year. Suits India Pvt Ltd, the investee company recorded a net loss of Rs63.18 lakh against a loss of Rs65.73 lakh in the previous year.

While the largest shareholder, Siddeek Ahmed Haji, holds 18.87 per cent stake in CFSL, CK Menon and Yussuffali MA hold 9.43 per cent each in the company. KSIDC, the Government agency for industrial and investment promotion in Kerala, holds 9.75 per cent stake in the holding company.











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