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Virutcham has been incorporated as a Non-Banking Finance Company (NBFC) on 8th July, 2008 and converted into Non-Banking Finance Company - Microfinance Industry (NBFC-MFI) on 6th June 2014. Virutcham started its Microfinance operations in November 2008. The highlights of Virutcham’s performance over the ten years of its operations are as under:
    1. Disbursement of loans worth Rs. 1094.94 Million cumulative
    2. Over 50,000 poor clients (all women) with a 99.9% on time repayment rate
    3. Total own portfolio outstanding of Rs. 404.18 million, as at 30th September 2018 (Rs. 275.35 million, as at 31st March 2018).
    4. Funding with promoter’s capital and others Rs. 37.14 million, and borrowings outstanding of Rs. 391.47 million from
        Banks and other lending institutions.
    5. Break-even within the first two years of operations, and profitable track record over the last three years of operations.
 
   Our Vision
   Our Mission
   
 
Act as a catalyst to provide the best financial services to improve the social and economic status of the people.

மக்களின் சமூக பொருளாதார தற்சார்பு நிலையை மேம்படுத்தும் சிறந்த நிதி சேவை வழங்கும் கருவியாக செயல்படுதல்.
   
 
To provide appropriate financial products and other support services to improve the social and economic status of the people in economic backwardness across India and Abroad..

பொருளாதரத்தில் பின்தங்கியுள்ள மக்களின் சமூக மற்றும் பொருளாதார நிலையை மேம்படுத்துவதற்கு பொருத்தமான நிதி மற்றும் பிற ஆதரவு சேவைகளை இந்தியாவிலும் வெளிநாடுகளிலும் வழங்குதல்
 
   Our Objective
The main object of the company is to carry on the service of providing financial support to the poor women enabling them to venture into micro enterprise activities to improve their standard of living.
 
   Our Branches
 
S.No Our Branches Operation Districts Covered Operation State Covered
1 Mugalivakkam Thiruvallur Tamil Nadu
2 Jayamkondam Ariyalur Tamil Nadu
3 Sathankulam Tuticorin,Tirunelveli Tamil Nadu
4 Madurai Madurai Tamil Nadu
5 Pudukottai Thoothukudi Tamil Nadu
6 Tirunelveli Tirunelveli Tamil Nadu
7 Urapakkam Kanchipuram Tamil Nadu
8 Parasala Thiruvananthapuram & Kanyakumari Tamil Nadu & Kerala
9 Radhapuram Tirunelveli & Kanyakumari Tamil Nadu
10 Tiruvallur Tiruvallur Tamil Nadu
11 Thiruvananthapuram Thiruvananthapuram Kerala
12 Ochira Kollam Kerala
13 Mahe Mahe Sub-division Puducherry & Kerala
14 Chidambaram Cuddalore Tamil Nadu
15 Pennadam Cuddalore , Chidambaram & Virudhachalam Tamil Nadu
16 Arakkonam Vellore & Ranipet Tamil Nadu
17 Thuckalay Kanyakumari Tamil Nadu
 
    
 
   Register with RBI
     As per RBI stipulations Virutcham Micro Finance reached paid up capital of Rs.500 lakhs by the end of March 2014. RBI has issued ReRegistration Certificate on 6.6.2014 and designated and classified our company as NBFC - MFI.

Virutcham follows the norms applicable to NBFC-MFI’s as prescribed by the Reserve Bank of India. The advances by Banks to Virutcham can be classified as NBFC advance and is eligible for Priority sector classification.
 
   Fund Raising
    Our main sources of funds are from,

Banks:

State Bank of India

Tamilnad Mercantile Bank Limited

Bank of Maharashtra

Financial Institutions:

Reliance Commercial Finance Limited

Capital First Limited

MAS Financial Services Limited

Electronica Finance Limited

Incred Financial Service Limited

AVANSE Financial Service Limited

Manaveeya Financial Service Limited (OIKO)

NABARD Financial Service Limited

Jain Sons Finlease Limited (Intellegrow)

Eclear Leasing & Finance Private Limited

At present, we have approached some other Financial Institutions and nationalized bankers to step up our loan portfolio, which in turn will improve the profitability. Virutcham has planned to do the Business Correspondent Model with State Bank of India for extending Microfinance services in Tamilnadu and Other states. Virutcham has been in discussion with various banks to act as business correspondent model.
 
   Insurance Tie-Up
     Virutcham has associated with Max Life Insurance Company Ltd for extending life insurance cover & Accidents for all its Borrowers/ Guarantors. Under this arrangement, in case of any eventuality of death of the Member/ Guarantor, the loan amount is settled by the insurance company and an additional amount is also paid to the nominee of the Member. This helps the company to mitigate against the repayment risk in the case of such contingencies and also assists the nominee to repay the loan and benefit to the extent of the residual claim amount.
 
   Working Result
 
Financial Year Paidup capital Reserves & surplus Loan Portfolio Profit before tax Profit after tax
2012-13 292.12 14.80 362.35 12.80 8.79
2013-14 500.00 23.36 637.11 14.79 8.56
2014-15 500.00 34.35 800.45 19.82 11.00
2015-16 500.00 48.27 719.30 21.89 13.91
2016-17 500.00 69.44 920.27 30.07 21.17
2017-18 500.00 100.70 2753.54 40.70 31.26
    Our Company was incorporated in July 2008 and the Certificate of Registration was issued by RBI in August, 2009.
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