Manipal Finance Corporation Ltd Company Summary

Incorporated in March, 1984, Manipal Finance Corporation Limited was promoted by the Pais of Manipal. The Company had commenced its business as a Non Banking Financial Company registered with Reserve Bank of India as Hire Purchase and Leasing Company. However, the Reserve Bank of India has since cancelled the registration of the Company and the Company has stopped activities of accepting deposits from public/debentures/subordinated debts, extending loans, hire purchase and leasing activities since July 01, 2002.

The present activity of the Company is mainly restricted to recovery of dues and repayment of the debts. Efforts are being made to contact the individual investors to refund the unclaimed investments.The companys rights issue in 1994 at a premium of Rs 5 received an overwhelming response. During 1994-95, the company opened two new branches, at Nellyadi, Karnataka, and at Malad, Bombay.

The total number of branches of the company had increased to 50.In view of the non-availability of sufficient limit for acceptance of deposits during 1994-95, the company could not attain the desired improvement in disbursements under its hire-purchase scheme.With the enhancement in the net worth position of the company consequent to allotment of shares and creation of additional reserves as in Mar.95, the company could improve its borrowing strength.The company suffered a loss of Rs.1591.16 lakhs for the year 1999-2000, as compared to Rs.177.54 lakhs in the previous year.