BAID FINSERV Share price

Baid Leasing & Finance Company Limited incorporated as aPublic Limited Company on 20th December in 1991 under theCompanies Act 1956. The Company received certificate ofcommencement of business on 1st December 1992 fromRegistrars of Companies at Jaipur.The Company commenced It''s business with Vehicle Financingactivities viz Leasing & Hire Purchase from Financial year1993. In order to grow Auto Finance business of BaidLeasing and Finance Company Limited the Company took overa proprietorship concern owned by one of the Promoter ShriRakesh Kumar Baid M/s Baid Auto and Finance Company bypassing an unanimous resolution in the meeting held on 26thApril 1994. The take over was done on "As Is Where IsBasis" along with all assets and liabilities of the concernfor a consideration of Rs. 2032187.39 only. For thisamount Baid Leasing and Finance Company Limited will issue200000 equity shares of Rs.10 each to Shri Rakesh KumarBaid and pay the balance in cash The consideration for theconcern was determined on the book value of assets &liabilities and there was no payment for Goodwill of theconcern.PRESENTACTIVITIES OF THE COMPANYThe Company is engaged in the business of Leasing and HirePurchase of vehicles. Bald Leasing & Finance CompanyLimited took over a proprietorship concern MIs Bald Auto& Finance Company in April 1994. The Company has takenpermission from it''s Board of Directors by passing anunanimous resolution in the meeting held on 26th April1994 for take over on ''AS IS WHERE is ''basis. The valuationof the proprietorship concern is made on Book Value basismethod for arriving at the consideration for taking overBAID AUTO AND FINANCE COMPANY. Leasing and Hire-Purchaseportfolio of the Company has increased substantially aftertake over of the concern.HIRE PURCHASEThe Company is mainly engaged in Hire Purchase of vehicles.The outstanding Stock on Hire as on 31-07-1994 is Rs.169.61Lacs. The Company has earned an income of Rs. 13.72 Lacs bythe way of Hire Charges from 1-4-1994 to 31-07-1994.LEASINGThe Company is also engaged in Leasing of cars. As on31-07-1994 the Company has invested Rs. 16.39 Lacs in theLeased assets. The Company has earned Rs.1.21 Lacs as Leaserentals from 1-4-1994 to 31-07-1994.