Discrimination faced by Mumbaikars...

If the housing societies in Mumbai (Bombay) are only meant for families (married couples), then the government of Maharashtra should make marriage compulsory in the state/city.
Or else the government should tell its citizens where will Unmarried, Divorcees, Bachelors, Spinsters live in the city of skyscrapers or is Bombay only for those who have families.
This is one of the greatest mental blocks of Mumbaikars, who otherwise want to bask in the FALSE HALO of Cosmopolitanism.
This disease (of not giving apartments to Bachelors, Muslims, etc on rent) is specially prevalent in housing societies where the Gujaratis, Marathis and North Indians (to some extent) abound; while the rest of the population is more or less okay with the concept.
The government of Maharashtra should take this matter seriously and devise laws to eradicate this malice ASAP, so that BOMBAY (and its suburbs) becomes free of discrimination based on Marital Status, Religion, etc. Or else the Honourable Supreme Court of India should step in, and give directions to the state or central governments -- so that the fundamental rights of its citizens enshrined in the constitution of India is not violated.

Wednesday, May 08, 2013

SKS Microfinance Ltd: Update
[Editor: The scrip was strongly recommended as a buy in this blog, based on the hint my sources gave regarding Q4FY13 results. The company came out with Q4FY13 results today, CLICK HERE and the scrip closed at Rs.127.65, up 1.03%. What do you think of its future prospects? According to earlier media reports: Mr Narayana Murthy's venture capital company acquired a substantial stake in SKS Microfinance just before the IPO at Rs.300 a share. This investment certainly enhanced the premium that the company could command and also increased retail interest in the issue significantly]
  • Incremental draw-downs of Rs.1,704 Cr in Q4-FY13 (Rs.566
    Cr for Q3FY13). Full year incremental drawdowns in FY13 were Rs.2,875 Cr compared to Rs.1,484 crs in FY12. (growth of 94% YoY).
  • Loan Disbursements rose by 65% (QoQ), and Non-AP Portfolio grows by 35% (QoQ) to Rs.2,016 Cr.
  • Collection efficiency in Non-AP states continues to be robust at 99.9% ( 99.8% in Q3FY13).
  • Cash & Bank balance stood at Rs.895 Cr.
  • Reports profit of Rs.2.7 Cr for Q4FY13 compared to loss of Rs.330 Cr for Q4FY12 and profit of Rs.1.2Cr for Q3FY13.
  • Networth of Rs.390 Cr and capital adequacy at 32.2%* as of 31st March, 2013.
  • The un-availed deferred tax benefit stands at Rs.555 Cr and will be available to offset tax on future taxable income. Deferred Tax assets will be recognised on the books upon virtual certainty of future taxable profits supported by convincing evidence as per AS-22. For Q4FY13, the company has posted net profit of Rs.2.7 crs and given the carried forward tax loss, no current tax provision is required.
  • Received interim relief from Supreme Court to resume operations in AP, subject to Sec 9 and 16 of the AP MFI Act, which prescribes the ceiling on amount recoverable on loans in respect of interest and provides the penalty for any coercive actions.
  • Ms. Ranjana Kumar has been appointed as an Independent Director on the Board of SKS Microfinance Limited w.e.f. March 08, 2013. Ms. Ranjana Kumar served as the CMD of Indian Bank and NABARD. She also held the constitutional post of Vigilance Commissioner in Central Vigilance Commission. CLICK HERE.