INDIA HOME LOAN Share price

The Company was incorporated on 19th December 1990 underthe Companies Act 1956 in the State of Maharashtra atBombay and the Certificate of Commencement of Business wasobtained on 11th January 1991.The Company''s registered office is situated in the state ofMaharashtra at Bombay and situated at 706 Maker Chamber V.Nariman Point Bombay - 400 021.The Company has been promoted with a view to provide longterm resources for housing finance to individualscooperative-societies companies and others.The Company has been registered and approved as a HousingFinance Company for the purpose of Section 36 (1) (viii) ofthe Income Tax Act 1961 which will benefit the company bysaving of Income Tax by 40% of the tax payable subject tofulfilment of conditions as laid down in the section.The Company is a non banking financial company categorisedas Housing Finance Company and is functioning as per theguidelines of the National Housing Bank which entitlesrefinancing up to 60% of the total disbursement once itsshares are listed.MAIN OBJECTS OF THE COMPANYThe main objects of the Company as set out in itsmemorandum of association are as follows :-1. To finance or assist in financing the sails of housesflats apartments shops and buildings either furnished orotherwise by way of hire-purchase or deffered payment orsimilar transactions and to institute enter into carryon subsidise finance or assist in subsidising orfinancing the sale and maintainence of any such housesflats houses appartments shops and buildings furnishedor otherwise as aforesaid.2. To carry on business and to act as financiers traderscommission agents or in any other capacity in India end tosell barter exchange pledge make advance upon orotherwise deal in properties houses buildings flats andappartments furnished or otherwise as aforesaid.PRESENT ACTIVITIES OF THE COMPANYAs the objects of the Company stated above clearlyindicate the Company is engaged in providing long termfunds as housing finance and it is a "Housing FinanceCompany".The Company was incorporated in the year 1990 and obtainedthe certificate of commencement of business on 11.1.1991and since then has been involved in the housingloan/finance to individuals co-operative societies andcorporate clients and also to the builders. The assistanceto the builders is known as Project Financing in commonparlance.The Company started its operations with a small capitaloutlay of Rs. 6.47 lacs and is presently having a capitalbase of Rs. 60 lacs. Over the years it has madeconsiderable efforts to meet the growing demand for housingfinance.In the first year of operations i.e. for 2.5 month theCompany disbursed a loan amount of Rs. 4.58 lacs and as of30th November 1994 the Company has sanctioned anddisbursed loans over Rs. 126 and 115.5 lacs respectivelyand the outstanding balance of Loan is Rs.92 lacs appx.registering an increase of more than 2000% in just 4 yearsof operations.The Company is presently operating from its registeredoffice and has opened two branch offices at Ulhasnagar andNasik.SUBSIDIARIES OF THE COMPANYThe Company does not have any subsidiary companies withinthe meaning of Section 4 of the Companies Act 1956.