INDIA HOME LOAND LIMITED
ANNUAL REPORT 2009-2010
It gives me great pleasure to share the developments in your Company on the
journey after the management take over so far.
When we took over, the NPAs was over Rs.250 Lacs with a negative in P&L
account. Hence we first focused on the recovery of NPAs and embarked on a
collection drive. The efforts are continuing to recover to the maximum
possible and send a c1par message that we will not stand disobedience to
We have added people at Senior Management and infused additional Capital
through the warrants issued to the promoters. We will,be further augmenting
resources by strengthening the Capital base in the near future. This would
help in giving a good start for fresh loan disbursements. This would also
help the company to leverage and raise additional funds through refinancing
for future requirerments.
You will be glad to know that we have opened a new Branch Off ice in
Ahmadabad. We are planning to open more branch offices and Franchise to
regional outfits having good experience in the housing finance in the past
so as to have a better reach across the country.
Our focus is to serve those in the Semi urban markets besides Tier 11 and
Tier III cities. The turnaround in the Economy is fuelling the growth
across and the effect is felt more in these parts. While the growth in
these areas are significant, the reach of housing finance is poor. Our aim
is to address these segments and service those who are in need of
affordable housing loans and to this effect we are expanding our reach to
take care of their needs.
In view of these initiatives taken, I am confident of delivering
significant improvement in performance in the years to come. However, due
to the efforts in clearing up the NPAs, setting up the management team and
putting the house in order, not much in disbursement of fresh loans could
be undertaken. The early part of 2009 was also quite a difficult period
experienced by the industry and we did all that is necessary to set up a
strong base to take care of the future growth.
Therefore, not much in terms of new business could be done. However, the
process has already started now and with the infusion of funds, our
business is bound to grow in leaps going forward.
I wish to convey my sincere thanks and appreciation for your support and
faith in us.
Mahesh N Pujara