|Vikas Leasing Ltd was incorporated as a Public Limited company under the Companies Act, 1956 on 30th November, 1984 and obtained the Certificate for Commencement of Business from the Registrar of Companies, Delhi & Haryana on 22nd May, 1985. Since then it has primarily been providing
lease and hire purchase finances to various Corporate and Non-corporate clients. In vehicle finance, it has mainly been for commercial vehicles and uptill now the following number of vehicles have been financed by the company:
The company has also been financing Plant and Machinery to the corporate clients. The clients have generally been with strong fundamental strength like Prakash Industries Ltd, etc. The company has also been syndicating Lease finance from other companies too for the last four years.
The company has also been active in investment in securities in primary as well as secondary market since incorporation and their income has also grown accordingly from this activity too.
Disbursements made by the company during the preceding last three years is as under:
(Rs. in lacs)
1992 1993 1994
---- ---- ----
Lease 36.29 68.00 42.60
Hire Purchase 21.41 11.10 21.25
The company has also been involved in construction activity. They have been constructing the flats and selling these at a profit for the last 4 years in Vikas Apartments.
Considering the clientele of the company, there is a great demand for more and more finance for vehicles and plant and machinery. The new customers are being recommended by the present clients whose credentials are very well known to the company.
Accordingly, the company has decided to enlarge its operations in leasing of vehicles etc. Moreover, the company has a plan to open branches in metropolitan cities for booking more lease business and mobilisation of public deposits.
The company has required infrastructure for expanding the business.
MAIN OBJECTS OF THE COMPANY
1. To carry on the business of leasing, hire purchase, housing, motor and general finance.
2. To lend or advance money either with or without security and to arrange to negotiate loan and to carry on the business of financiers, finance brokers, money lenders and bill brokers but the company shall not carry on any banking business as defined in the Banking Regulation Act, 1949 and the activities prohibited by the Prize Chits and Money
Circulation Scheme (Banning) Act, 1978.
3. To give on lease or hire purchase or finance of plant and machinery, property, motors and auto vehicles, air conditioners, office equipments, computers, photocopying machines, cold storage, ice plants, ice creams,
manufacturing machinery, construction machinery, furniture & fixtures, refrigerators, televisions, electronic equipments, lifts, household equipments or any other assets that the company may think fit.
4. To invest the capital of the company in and deal with shares, stocks, bonds, debentures, obligations or other securities of any company, association, trust, issue on commission, sell, mortgage or dispose off any of the securities, hereinbefore mentioned or to act as agent for
any of the above purposes.
5. To carry on business as auctioneers, house agents, land and estate agents, appraisers, valuers, brokers, commission agents, surveyors and general agents, and to purchase or otherwise acquire and to sell, let or otherwise dispose of and deal, in real property of every description.l
SUBSIDIARY OF THE COMPANY
There is no subsidiary company.
-Company name has been changed from Vikas Profin Ltd to Vikas GlobalOne Ltd