INDIA CEMENTS CAPITAL Share price

Aruna Sugars Finance Limited was incorporated on 8th November 1985 as a Public Limited Company under thename Anura Finance Ltd and obtained Certificate ofCommencement of Business on 14.03.1986. Its name waschanged to Aroma Sugars Finance Ltd with effect from 25th June 1990.The Company has been promoted by Aruna Sugars &Enterprises Limited as a subsidiary. The Company ceased tobe the subsidiary by virtue of the amendment to theArticles of Association by deleting Article 25 A by aspecial resolution at the Annual General Meeting on 6.9.93.The Company came out with a public issue of 1875000equity shares of Rs. 10/- each for cash at a premium ofRs.5/- per share aggregating to Rs.28125000/-. Theissue was oversubscribed by 2.25 times. The shares arepresently listed on Madras Bombay and Ahmedabad StockExchanges.PRESENT ACTIVITIES OF THE COMPANYThe Company is engaged in the business of leasinghirepurchase and financial services. Financing ofindustrial equipments and machinery and financing of trucksin the transport sector had been the main focus of theCompany. The Company has steadily increased its level ofdisbursements in hire purchase and leasing. The disbursalswhich were at Rs. 112.38 lakhs in 1989-90 has gone uptoRs.2188.07 lakhs in the year 1993-94. The Company is alsomanagers to the Fixed Deposit programme of Aruna Sugars &Enterprises Ltd the Promoter Company and the Company isentitled for a fee based on the volume of records handledand earns Rs.1.00 lakh per annum (approx). The Company hasexpanded its Bills Discounting activities and hasdiscounted Rs.2900 lakhs during the year 1993-94. TheCompany has tied-up with Meckla & Mecklai Bombay FOREXBrokers to manage their broking activities at Madras forwhich it is entitled for a management fee of 50% of the netprofits of the Branch; losses if any to the account ofMecklai & Mecklai. The Company provides theinfrastructural facilities such as premises andcommu nication facilities to Meckla & Meeklai and the saidOperations are conducted under the guidance of theGeneral Manager of the Company. The Company has recentlycommenced Forex Consultancy Services.The Company basically accepts deposits on cumulative basisand non cumulative basis as per the rules of RBI for NonBanking Financial Companies from time to time. Within theabove guidelines the Company has launched two schemescalled ''Snehadhara'' and ''Suvidhara'' for the benefit of thedepositors.The Company has computerised its fixed deposit operationsand has a marketing team headed by a Deputy GeneralManager. It markets the deposits directly and also throughbrokers and agents. The Company has been showing steadyincrease in fixed deposits. In the year 1993-94 thedeposits increased by more than 100%. During the currentyear deposits which were at Rs.6.00 crores in April ''94 hadalready crossed Rs.11.00 crores in September ''94.