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About M.C.I.(Bangalore) Chits Limited
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M.C.I.(Bangalore) Chits Limited is a public limited company based in Bangalore, Karnataka, India. It operates in the microfinance institutions segment of the financial services sector. It was incorporated on 04 March 1998 and has been in existence for over 28 years.
The company is registered with the Registrar of Companies (ROC), Bangalore, under CIN U65992KA1998PLC023454. Its GSTIN is 29AACCM6646D1ZE (Karnataka).
The company has an authorised share capital of ₹4.5 Cr and a paid-up capital of ₹3.5 Cr. It is led by directors including Suma Girish Bandrehally and Bandrehally Shivalingappa.
Its last annual general meeting (AGM) was held on 30 September 2023, and its latest financial statements are for the year ended 31 March 2023. The registered office is at B – 104 Brigade Majestic 1st Main Road Gandhinagar Bangalore, Karnataka, India – 560009.
As per the financials filed for FY 2023, the company reported a revenue of ₹6.38 Cr, a growth of 36% compared to the previous year. For the same year it recorded a net profit of ₹14.89 Lakh (net margin 2.3%) and EBITDA of ₹45.45 Lakh (EBITDA margin 7.1%). Revenue has grown at a compounded annual rate (CAGR) of 13% over three years and 9% over five years.
As per MCA filings, the company has open charges of ₹6.48 Cr and satisfied charges of ₹6.62 Cr on record. Court records list 303 cases involving the company, including 292 filed by the company and 11 filed against it; 14 cases are pending.
The current compliance status is marked as active non-compliant by the Registrar of Companies. For more details, the company can be reached via its website mcichitfund.com.
Company details
CIN history
M.C.I.(Bangalore) Chits has one previous CIN (Corporate Identification Number): U65992KA1998PTC023454. The current CIN is U65992KA1998PLC023454, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U65992KA1998PLC023454 | Current |
| U65992KA1998PTC023454 | Previous |
Contact details
M.C.I.(Bangalore) Chits Limited's registered office is in Bangalore, Karnataka. Its website is mcichitfund.com. Its e-mail address and telephone number are in the company report.
- Email
- Telephone
- Website
- Registered AddressB – 104 Brigade Majestic 1st Main Road Gandhinagar Bangalore, Karnataka, India – 560009
- IndustryFinancial Services, Microfinance Institutions
To see the full contact details of M.C.I.(Bangalore) Chits Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Business activity
The main business activity of M.C.I.(Bangalore) Chits is financial and insurance service. In detail, this covers other financial activities.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K8 | Other financial activities |
To see the full business activity and turnover split of M.C.I.(Bangalore) Chits Limited, buy the company report.
Financials of M.C.I.(Bangalore) Chits Limited
FY 2023 filings availableM.C.I.(Bangalore) Chits Limited reported revenue of ₹6.38 Cr (up 36% YoY) for FY 2023.
Compounded Annual Growth Rate (CAGR)
Revenue has grown at a compounded annual rate (CAGR) of 9% over five years, including 36% growth in the latest year. EBITDA fell 70% in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profit and Loss Statement | |||||
| Revenue from Operations | |||||
| Other Income | |||||
| Total Revenue | ₹6.38 Cr | ||||
| Cost of Materials Consumed | |||||
| Employee Benefit Expense | |||||
| Finance Costs | |||||
| Depreciation and Amortisation | |||||
| Other Expenses | |||||
| Total Expenses | |||||
| EBITDA | ₹45.45 Lakh | ||||
| Profit Before Tax | |||||
| Tax Expense | |||||
| Net Profit (PAT) | ₹14.89 Lakh | ||||
| Balance Sheet | |||||
| Share Capital | |||||
| Reserves and Surplus | |||||
| Net Worth (Total Equity) | |||||
| Long-term Borrowings | |||||
| Short-term Borrowings | |||||
| Trade Payables | |||||
| Total Liabilities | |||||
| Fixed Assets | |||||
| Investments | |||||
| Inventories | |||||
| Trade Receivables | |||||
| Cash and Bank Balance | |||||
| Total Assets | |||||
Financial Ratios
| Metrics | FY 2022-23 | FY 2021-22 | FY 2020-21 | FY 2019-20 | FY 2018-19 |
|---|---|---|---|---|---|
| Profitability | |||||
| EBITDA Margin | 7.1% | ||||
| Net Profit Margin | 2.3% | ||||
| Return on Equity (ROE) | |||||
| Return on Capital Employed (ROCE) | |||||
| Return on Assets (ROA) | |||||
| Liquidity and Debt | |||||
| Current Ratio | |||||
| Quick Ratio | |||||
| Debt-to-Equity Ratio | |||||
| Interest Coverage Ratio | |||||
| Efficiency and Growth | |||||
| Asset Turnover | |||||
| Receivable Days | |||||
| Payable Days | |||||
| Inventory Days | |||||
| Revenue Growth | |||||
| Net Profit Growth | |||||
To see the full financial statements and ratios of M.C.I.(Bangalore) Chits Limited, buy the company report.
Board of directors of M.C.I.(Bangalore) Chits Limited
M.C.I.(Bangalore) Chits has 6 current directors and 10 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Suma Girish Bandrehally | Director | 17 Oct 2014 | 12 Years 0 Months | Current |
| Bandrehally Shivalingappa | Director | 13 Jul 2001 | 25 Years 3 Months | Current |
| Muthe Gowda Thimme Gowda Also directs: SPR Developers Private Limited, Montez G Spirits Private Limited, SPR Sugars Private Limited and 5 more | Director | 13 Jul 2001 | 25 Years 3 Months | Current |
| Sidde Gowda Shivalinge Gowda | Director | 01 Jul 2006 | 20 Years 3 Months | Current |
| Kavitha Chikkappaiah | Director | 17 Oct 2014 | 12 Years 0 Months | Current |
| Mahesh Bandrehalli | Director | 29 Jun 2008 | 18 Years 3 Months | Current |
Peer comparison
M.C.I.(Bangalore) Chits Limited is compared with the 6 companies closest to it by revenue in the BFSI industry (Micro Finance), with the same principal business activity (other financial activities), from the latest filed financials of each company.
| Company | Revenue | Net profit | Margin | Growth (1 yr) | Employees | Location |
|---|---|---|---|---|---|---|
| Muthoot Syndicate Nidhi Limited | ₹6.81 Cr (FY 2024) | -1.0% | Thiruvananthapuram, Kerala, India | |||
| M.C.I.(Bangalore) Chits Limitedthis company | ₹6.38 Cr (FY 2023) | ₹14.89 Lakh | 2.3% | 36.0% | Bangalore, Karnataka, India | |
| Nedumparambil Nidhi Limited | ₹6.19 Cr (FY 2022) | 10.0% | Tiruvalla, Kerala, India | |||
| GR Chits Private Limited | ₹6.11 Cr (FY 2025) | 1.0% | Tiruchirappalli, Tamil Nadu, India | |||
| Aasritha Chit Fund Private Limited | ₹6.07 Cr (FY 2021) | -1.0% | Hyderabad, Telangana, India | |||
| Kalpana Sahu Mutual Benefit Nidhi Limited | ₹6.06 Cr (FY 2024) | 39.0% | Lucknow, Uttar Pradesh, India | |||
| Bilva Chits Private Limited | ₹6.02 Cr (FY 2025) | 697.0% | Secunderabad, Telangana, India |
To see the full peer comparison of M.C.I.(Bangalore) Chits Limited, buy the company report.
Auditor
M.C.I.(Bangalore) Chits Limited is audited by G.S.Rao & Co for the financial year 2023.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| G.S.Rao & Co | FY 2023 | 003127S |
Shareholding
The shareholding of M.C.I.(Bangalore) Chits Limited is on record for 5 financial years, the latest being FY 2023, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 |
|---|---|---|---|---|---|
| Promoters | |||||
| Domestic institutional investors (DII) | |||||
| Foreign institutional investors (FII) | |||||
| Public | |||||
| Others |
To see the full shareholding pattern of M.C.I.(Bangalore) Chits Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 30 Dec 2023 | 100850001 | Others | ₹1.73 Cr | Open | |
| 24 Apr 2023 | 100717000 | Others | ₹4.75 Cr | Open | |
| 28 Jul 2018 | 100195342 | Others | ₹4.57 Cr | Satisfied | |
| 30 Dec 2015 | 100049254 | Others | ₹1.87 Cr | Satisfied | |
| 26 Mar 2007 | 10059577 | Lakshmi Vilas Bank Limited | ₹18 Lakh | Satisfied |
To see the full charge records of M.C.I.(Bangalore) Chits Limited, buy the company report.
Total charge records: 5 View all charges
Legal cases
M.C.I.(Bangalore) Chits Limited has 303 court cases on record: 292 filed by M.C.I.(Bangalore) Chits, 11 filed against it. 14 cases are pending and 289 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| District courts | 299 | 7 | 14 |
| High courts | 4 | 4 | 0 |
Cases on record (5 of 303)
| Court | Type of case | Party | Status |
|---|---|---|---|
| High Court of Karnataka | Court case (CRL.P) | Filed against the company by M/S Charan Homes Private Ltd | Disposed |
| High Court of Karnataka | Interim or miscellaneous application | Filed against the company by M/S Charan Homes Private Ltd | Disposed |
| District court, KODAGU, Karnataka | Criminal complaint | Filed against the company by Vinu and Co | Pending |
| District court, BENGALURU, Karnataka | Criminal complaint | Filed by the company against an individual | Pending |
| District court, BENGALURU, Karnataka | Criminal complaint | Filed by the company against an individual | Pending |
To see the full case history of M.C.I.(Bangalore) Chits Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for M.C.I.(Bangalore) Chits Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
GST
M.C.I.(Bangalore) Chits has 1 GST registration: 1 active.
| GSTIN | State | Status | Registered on |
|---|---|---|---|
| 29AACCM6646D1ZE | Karnataka | Active | 01 Jul 2017 |
To see the full GST registrations and return filing status of M.C.I.(Bangalore) Chits Limited, buy the company report.
Recent activity
M.C.I.(Bangalore) Chits Limited has 16 board changes on record since 2001: 6 appointments and 10 cessations. The latest: Kalastavadi Marigowda Rajashekar ceased to be Director on 30 Jan 2016.
16 earlier events are in the company report.
Frequently asked questions
M.C.I.(Bangalore) Chits is an active public limited company based in Bangalore, Karnataka, India. The company works in microfinance institutions, within the financial services industry. It was incorporated on 04 March 1998 (28+ years old) and is registered under CIN U65992KA1998PLC023454.
M.C.I.(Bangalore) Chits has 6 current directors:
- Suma Girish Bandrehally - Director
- Bandrehally Shivalingappa - Director
- Muthe Gowda Thimme Gowda - Director
- Sidde Gowda Shivalinge Gowda - Director
- Kavitha Chikkappaiah - Director
- Mahesh Bandrehalli - Director
The latest financial statements of M.C.I.(Bangalore) Chits on record with the MCA are for the year ended 31 March 2023. Its last annual general meeting was held on 30 September 2023. Year-wise statements from 2015 are in the company report.
The GSTIN of M.C.I.(Bangalore) Chits is 29AACCM6646D1ZE, registered in Karnataka.
The CIN (Corporate Identification Number) of M.C.I.(Bangalore) Chits is U65992KA1998PLC023454. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
M.C.I.(Bangalore) Chits has 303 court cases on record: 292 filed by the company and 11 filed against it. 14 are pending. Most are in the district courts.
M.C.I.(Bangalore) Chits was incorporated on 04 March 1998, making it 28+ years old. It is registered with the Registrar of Companies, Bangalore.
The peers of M.C.I.(Bangalore) Chits by revenue are Muthoot Syndicate Nidhi Limited, Nedumparambil Nidhi Limited, GR Chits Private Limited, Aasritha Chit Fund Private Limited, Kalpana Sahu Mutual Benefit Nidhi Limited and 1 more, all in the BFSI industry (Micro Finance), with the same principal business activity (other financial activities).
Kalastavadi Marigowda Rajashekar ceased to be Director on 30 Jan 2016. Prabhakar Shetty ceased to be Director on 30 Jan 2016. Kavitha Chikkappaiah ceased to be Additional Director on 30 Sep 2015. M.C.I.(Bangalore) Chits has 16 board changes on record in total.
M.C.I.(Bangalore) Chits can be reached through the website mcichitfund.com. Its registered office is in Bangalore, Karnataka, India.
The registered office of M.C.I.(Bangalore) Chits is at B – 104 Brigade Majestic 1st Main Road Gandhinagar Bangalore, Karnataka, India – 560009.