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Interface Financial Services Ltd. Company History and Annual Growth Details

1992 - The Company was incorporated on 1st January, as a Private Limited
Company under the Companies Act, 1956 as Interface financial
Services Pvt. Ltd. The Company was converted into Public Limited
Company vide Resolution dated 26th September, 1994 and a fresh
Certificate of change of name was obtained on 26th October, 1994
from Registrar of Companies, Gujarat, Ahmedabad.

- The Company has been jointly promoted by Interface Capital Market
Pvt. Ltd. Mr. Gaurang H. Dalal, Mr. Himal K. Parikh, and Choksi
Financial and Leasing Pvt. Ltd., belonging to Choksi family, the
promoters of Choksi Tuba Co Ltd.

1993 - The Company has an agreement with Interface Capital Markets Pvt.
Ltd.(ICML), the flagship company of INTERFACE GROUP of Companies,
who is one of the top four procurers in primary market during
the year.

- The Company has laid down distinct credit norms for leasing by
ensuring creditworthiness of the entities to whom money is being

1994 - The Company has recently floated its Subsidiary viz. INTERFACE
BROKERAGE & RESEARCH PVT. LTD. (IBRL) within the meaning of the
Companies Act, 1956.

1995 - On 18th April, the Company made its maiden public issue of
15,39,000 No. of equity shares of Rs.10/- each at a premium
aggregating to Rs 12.81 crores, which was oversubscribed by 2.20
times, despite extremely adverse market conditions.

- The Company has been granted Registration as Category -- 1
Merchant Banker by SEBI, effective from 1st April.

- Interface Brokerage and Research Limited, is a subsidiary of the

1996 - The Company has also participated in other issues as an
Underwriter. During the period under review, the Company has
provided underwriting support for 87 issues for Rs. 554.19 lacs.

- The Company has also successfully participated in Private
Placement Issues as Arrangers to the Issue. The Company has
acted as Arranger for 19 Issues.

- The Company also propose to increase it's leasing & hire purchase
activities and expect to do sizeable business by the end of next
financial year.

- The Company plan to tie up with some prominent Finance
Companies/Banks not having base at Ahmedabad to act as Marketing
Agents for procuring Lease and HP business from Gujarat.

- The Company propose to syndicate Lease/H P/Bills discounting
limits for Corporate through Institutions/Banks/NBFCs.

1998 - During this period, some of the largest NBFCs have faced critical
financial position. Moreover, RBI also became more circumspect
and watchful and issued various stringent norms.

- The Company has also been passing through severe financial
problems owing to unexpected delays/defaults by many of its
clients including some corporate clients in repayment of
ICDs/Loans and Lease rentals.

- The Company has stopped accepting/renewing Public Deposits with
effect from 5th January. The Company has repaid all public
deposits on time.

- The Company is not a manufacturing Company and hence there is no
activity relating to Conservation of Energy and Technology

1999 - The Company has stopped accepting/renewing Public Deposits.

2000 - The Company has approved the proposal for the forfeiture of
3,03,100 No. of equity shares of Rs 10 each for non-payment of
allotment money.

- The board of directors has approved the proposal for the
forfeiture of 3,03,100 equity shares of Rs. 10 each for
non-payment of allotment money.

2002-Himal Parikh appointed as Managing Director of Interface Financial Services.