AGARWAL FORTUNE INDIA LIM Share price

The Company was incorporated an 15th February 1993 as DevkiLeasing and Finance Private Limited with the Registrar ofCompanies. Madhya Pradesh at Gwalior. Subsequently it wasconverted into a Public Limited Company by passing a SpecialResolution in its EGM held an 23.08.94 and obtained certificatetram ROC an 12th September 1994. The registered office of theCompany is situated at Tagore Centre Rear Black "B" 13-14R.N.T Marg. Indore.The Company since incorporation is engaged in leasing and hirepurchase activities. The Company with limited resources hasdone good business within the short span of its existence in theares of leasing and finance at automobiles and office equipments.The company being a Nan Banking Finance company. it will berequired to register itself with RBl after the issue with increasein its net owned funds to mare than Rs.50 lacs. The companyhas been classified under the category at a Loan Company asper Reserve Bank of India letter No. DFC(BOM) No. 3254/BM(MP)LC(D)-136/94-95 dt.25.01.95.The Company now proposes to expand the financial activities bothfund based and nan-fund based activities comprising Leasing HirePurchase Bills Discounting Inter Corporate Funds PlacementLoan Syndication Factoring Tie-up of NRI Investments PortfolioManagement Stock Market Operations and Project Counselling& Fund Syndications Services. For this purpose the Company hasmoved a petition u/s. 17 of the Companies Act 1956 to CompanyLaw Board Western Region Bench Bombay for amending theobject clause in its Memorandum of Association. The Companyhas filed a copy of the petition u/s. 17of the Companies Act 1956to the Registrar of Companies Madhya Pradesh Gwalior on09.03.95 which is in the process of examination and submittingreport to Bench Officer Company Law Board Western RegionBench Bombay.The present clients of the Company include Seema SyntheticFabrics Pvt. Ltd. Bombay RrsI Tobacco Company Pvt. Ltd.Bombay Premier Air Products Bombay B.C. Exports Pvt. Ltd.Indore Corporation (Area) Basket Ball Trust Indore AsiaticTraders Indore etc.The Promoters have been involved in the business of hirepurchase and finance since last 18 months and have donebusiness with companies mentioned above in Indore and Bombay.The debt recovery of the company has been 100% and there havenot been any single bad debt so far. The Company has strongand successful legal documentation mechanism for the recoveryof leased assets and debts.Since the recovery rate is 100% and there are no advances whichare considered doubtful no provision has been made for bad anddoubtful debts. No loans and advances are made to the Companiesin which the Directors are interested. There are no debts fromthe Companies in which the directors are interested.Regarding Investments the decision to invest is arrived at on thebasis of technical and fundamental analysis of the scrip inparticular and the industry in general. Investment in single scripbeyond Rs. 2.00 lacs is with prior approval of the Board.Background of IndustryThe financial services and finance related industry is anemerging tndustry where challenges and opportunitiesgalore. The liberalisa on of the industry anddisintermediation of the financial secto as resulted inmushroom growth of companies in this field.MAIN OBJECTS OF THE COMPANYThe main abject of the company as set out in its memorandum are as follows:-1. To carry on and undertake the business of finance leasingand to finance lease operations of all kinds of purchasingselling hiring or letting an lease all kinds at goads articlesplant and machinery and equipment that the Company maythink fit and to assist in financing of all and every kind anddescription of deterred payment or similar transactions andto subsidise finance or assist in subsidising or financing thesale and maintenance of any goods articles and commoditiesof all and every kind and description upon any terms andto purchase and otherwise deal in all forms of immovableor movable properties such as land and buildings.2. To finance by way at lending and advancing money and forpurchase of any property whether movable or immovable.3. To carry on the financing operations and perform financingservice and factoring making of loans both short and longterms.4. To provide a leasing advisory / counseling service tothe other entities and or from the leasing financing ofother entities.The activities of the company are not in violation to itsObjects.SUBSIDIARY COMPANIESThe company does not have any subsidiary.