EXPLICIT FINANCE Share price

The Company was incorporated as Private Limited Company on24th February 1994 with the Registrar of CompaniesMaharashtra at Bombay and was converted into Public LimitedCompany by passing a special Resolution in the ExtraOrdinary General Meeting held on 14/11/94 and obtained afresh Certificate for change of name on conversion fromthe Registrar of Companies Maharashtra on 25th November1994.At present the company is mainly engaged in non-fund basedactivities like- Preparation of Project reports feasibility studies.- Project advisory services including syndication of termloans from financial institutions/Banks and syndication ofworking capital with Banks.- Syndication/placements of non-convertibledebentures/partly convertible debentures with financialinstitutions and banks.- Syndication of lease finance hire purchasebill-discounting and intercorporate deposits.- Placement of shares with investment Institutions/Mutualfunds.The Company is currently having two mandates for projectadvisory services and two mandates for placement of shares.Besides the Company has also been investing its short-termsurplus funds in shares and securities.The company has as on 31.12.94 earned an income of Rs.5.25 lakhs from investments and Rs. 2.25 lakhs from ProjectReport preparation and loan syndication activity.The company has an investment committee comprising of Mr.Gopal Dave Mr. Satish Pai and Mr. Sunil Jaithwar. Theinvestment parameters including industry-wise and scripwiseexposure timing of investment and disinvestment etc. aredecided by the committee and are executed by Mr. Gopal Davewith the assistance of Mr. Ashwin Rawal.Investment policy is guided by general economic conditionsand market reports. The objective is to identify growthoriented industries and thereafter identify two threecompanies in such industries and invest in them based ontite prevailing market prices. While all possible care istaken to minimise risk these investments are ultimatelysubject to risks associated with equities. The Company hasalso identified primary market as major thrust area forinvestments in view of view of the proportionate allotmentin vogue. The decision taken by the committee are then putup for ratification by the Board of Directors.MAIN OBJECTS OF THE COMPANYThe main objects of the Company as set out in theMemorandum of Association of the Company are :1. To carry on the business of financiers and to advanceand lend the money to person firm association or companywith or without security or wholly or partly secured onsuch terms in any manner.2. To carry on and undertake the business of hire-purchaseleasing and to finance lease operations of all kindspurchasing selling hiring or letting on hire all kinds ofplant and machinery vehicles trucks trailorsautomobiles and equipments that the company may think fitand to assist in financing of all and every kind anddescription of hire purchase of deferred payment or similartransaction and to subsidise finance assist in subsidisingor financing the sale and maintenance of any goodsarticles or commoditiet of all and every kind anddescription upon any terms whatsoever and to purchase orotherwise lease of immovable and movable property includingland and building plant and machinery Vehicles TrucksTrailors equipments ships air craft automobiles computersand all consumers commercial and industrial items and tolease them including resale thereof regardless of whetherthe property purchased and leased be new and/or used and toprovide a leasing advisory/counselling services to otherentities and/or form the leasing arm of other entities.A Special Resolution passed at the Extra Ordinary GeneralMeeting of the company held on 30.12.94 has approvedinteralia the commencement of the following activitieswhich appear under ''Other Objects'' in the Company''sMemorandum of Association :To provide portfolio management services in India andoutside India; and to provide any other financial servicesrelated to the business of the companyTo trade or deal in shares stocks debenturesdebenture-stock bonds obligations and securities issued orguaranteed by any company constituted or carrying onbusiness in India or elsewhere and debenturedebenture-stock bonds obligations and securities issued orguaranteed by any government state dominions public bodyor authority supreme municipal local or otherwise by anyfirm or powers conferred by or incidental to the ownershipthereof and to act as management consultant by makingavailable consultancy services in various fields ofmanagement finance portfolio marketing and otherbusiness areas.To set up incorporate and manage provide and/orparticipate in providing venture capital technology fundsunderwriting fund or any other funds for seed capital riskcapital foundation including giving guarantees or suchother financial assistance as may be conducive fordevelopments of new enterprises innovative methods ofproduction and development of existing and new technologyto identify projects project ideas to prepare projectprofiles project reports market research feasibilitystudies and reports pre-investment studies andinvestigation of industries on micro and macro level toundertake appropriate service to identify scope orpotential for economic and industrial development in anyparticular geographical area or location whether in Indiaor abroad to act as lead managers in respect of projectassignments by undertaking follow up supervision andco-ordination work at the instance behest or on behalf ofbanks financial institution companies bodies corporate andto monitor the same to the participants to act as anadvisor in the management of undertakings businessenterprises offices trade occupations and professionalsystems and by introducing modern methods and techniquesand systems and render all assistance as may be necessaryincluding by acting as agents for recruitment of personneltechnical skilled unskilled supervisory managerial orotherwise and to act as an advisor in the selection oftechnical process economic size sources of plant andmachinery and other utilities for business entrepreneurs.COMPANY''S STATUS UNDER RBI DIRECTIONSThe Company is a Non-Banking Financial Company (NBFC)governed by the Non-Banking Financial Companies (ReserveBank) Directions 1977 issued by the Reserve Bank ofIndia.The Company undertakes to comply with the guidelines onprudential norms for NBFC''s issued by Reserve Bank ofIndia.As per the guidelines the Company does not account incomeon non performing assets. As on the date Company does nothave any non performing assets.The Company shall make necessary provisions for bad anddoubtful debts as per the guidelines as and when required.As per the guidelines the long term investments are statedat cost and inventories comprising shares and securitiesare valued at lower of cost or market value. The Companyis following the same guidelines.SUBSIDIARIES OF THE COMPANYThe Company has no subsidiaries.C