|The company was Incorporated on 3rd March, 1994 as Sumeru Leasing and Finance Limited with the Registrar of Companies, Gujarat at Ahmedabad and obtained Certificate for Commencement of Business on 7th March 1994.
The company was incorporated on 3rd March, 1994 to carry on the business in the bright and expanding field of finance. The company is presently engaged in the financial services activities viz., Leasing, investment and securities trading, inter-corporate advances & Bills Discounting,
brief details of the present activities of the company are furnished hereunder:-
The company commenced leasing activities in the year current. Indicators of the lease business of the company are furnished as above. As on 26th December, 1994, the company has total leased advance of Rs.30.00 Lacs for booking 100 Maruti Exteem Cars which when allotted will have an asset base of above Rs.500.00 Lacs against leasing business.
STOCK MARKET OPERATIONS:-
The major activity of the company upto the year 1993-94 has been investment and trading in stock market operations. Funds were used for investment in shares and securities of blue chip listed companies.
INTER CORPORATE ADVANCES:-
Sumeru Leasing & Finance Limited also provides the short term inter corporate advances to the corporate bodies. The advances proposals are evaluated by professionals of the company and are considered on merit.
Sumeru Leasing and Finance Limited proposes to go for discounting of bills only in respect of certain reputed companies with whom it has very good relations. The company has already started business of the bills discounting for a reputed cement manufacturing company M/s. Shri Digvijay Cement Company Limited, Sikka, Jamnagar in Gujarat who has
appointed this company to discount their bills to the extent of almost 50% of proposed funds of Rs.10.00 Lacs.
For the period
03.03.94 to 26.12.94
Particulars (Rs. in Lacs)
Security trading income 12.54
Financial Charges 2.04
Shares Dividend 0.11
Travelling Expns. 0.16
Salaries Exps. 0.40
Administrative Exps. 1.26
Total Rs.-----------------> 2.38
III Net Profit/(Loss) Rs. 12.31
Share Capital 101.41
Reserve & Surplus 12.31
Secured Loans 26.85
Fixed Assets 35.17
Current Assets, Loans &
Less: Current Liabilities 0.35
Preliminary & Pre-op. Exps. 1.35
1. The authorised Share capital of the Company is Rs.300 lacs divided into 30 lacs equity shares of Rs.10/- each.
2. Investment in Shares are taken on Cost Basis.
3. Miscellaneous Expenditure (to the extent not written off or adjusted) comprise of Preliminary Exp. and Registration Fee etc.
4. The company has not made any provision for Income Tax liabilities on Income.
5. The company has not provided for depreciation.
6. In the opinion of the Board of the Current assets, Loans & Advances, receivable have the value on realisation in the ordinary course of business atleast equal to the amount at which they are stated in the Balance Sheet.
1. CREDIT APPRAISAL AND MONITORING
The credit appraisal of prospective clients takes into consideration the following two factors:-
a. Sound Fundamentals:-
The company must have strong financials and the prospects of the industry must be good.
b. Market Reputation.
The repayment record of the client is ascertained through enquiries with institutions/banks/Non-banking Financial Companies and other financial Intermediaries which have granted short term limits to the prospective clients.
As a measure of abundant caution, the company may also take the personal guarantees of the Chief Executive Officer of the prospective clients.
2. CREDIT MONITORING AND REVIEW
The company monitors and reviews its clients on periodical basis depending on the amount of exposure, security of the transaction, payment record of the client, market reputation of client and other relevant factors.
Further the company is deploying its own funds from time to time to achieve the targeted projections and plans to deploy entire funds by the second week of April, 1995.
2001 - The company and the Sumeru group have joined as core promoters of prestigious
modern green field cement project of 1.2 MTPA capacity of Gujarat Anjan Cement Ltd.
-Company has splits its Face value of Shares from Rs 10 to Re 1
-Company name has been changed from Sumeru Leasing & Finance Ltd to Sumeru Industries Ltd.