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Arco Leasing Limited was incorporated under the Companies Act, 1956 on February 1, 1984 in the State of Maharashtra with a view to carry on the business of leasing and hire purchase and to finance leasing and hire purchase and to finance lease operations. One of its business is to provide leasing advisory or counselling services to other entities and form the leasing arm of such entities.
The total revenue for the financial year under review was र 13.20 Lakhs as against र 1.34 Lakhs in the previous financial year, registering an increase of र 11.86 Lakhs. It is mainly due to income from other sources namely interest earned on deposits with Banks.
As compared to previous years losses, it was observed that these was profit before tax of र3.82 Lakhs.
The Profit After Tax for f.y. 2018-19 was र 0.24 Lakhs as against the losses of र20.58 Lakhs in the previous year.
During the year under review, the Company has decided to acquire the shares of a Kolkata based Non- Banking Financial Company namely Ansu Trade & Fiscals Private Limited ("ATFPL"). The Company has received an approval from Reserve Bank of India for purchase of shares of ATFPL and thereby change in management of ATFPL, on February 8, 2019.
Post RBI approval, the Company has acquired 18,59,630 equity shares of र 10/- each of Ansu Trade & Fiscals Private Limited from the shareholders of ATFPL. The said purchase transaction was completed in the month of July 2019.
With this purchase of shares, Ansu Trade & Fiscals Private Limited has become the wholly owned subsidiary of Arco Leasing Limited w.e.f. July 31, 2019.
Currently, the Indian economy seems to be under pressure on various fronts ranging from lack of customer demand, lack of liquidity in the banking and NBFC sectors and growing international trade wars and uncertainty. With the re-election of new government in India with a sound majority, we expect stability and policy continuity along with the focus on reforms.
Risks and Concerns
The Company has appropriate mitigation plans in place to deal with risks like volatility in input costs and foreign exchange risks.
The outlook for 2019 has been examined closely by the Company through the broad dimensions of demand drivers and distribution channels.