Ramchandra Leasing and Finance Ltd Company Summary

Ramchandra Leasing and Finance Ltd Summary

Ramchandra Leasing and Finance Ltd (RLFL), was incorporated on 2nd February, 1993 as Ramchandra Leasing and Finance Private Limited at Gujarat. On 3rd January 1996, the Company was converted into Public Limited Company and obtained a fresh Certificate of Incorporation from the Registrar of the Companies. The Company was promoted by Shri Rameshchandra M Patel and Shri Yogeshkumar N Joshi, the main activity of the Company is Hire Purchase, Bill Discounting, Investments and Inter corporate Deposits.The Company has complied with the prudential norms relating to the Income Recognition, Accounting Standards, asset classification and provisioning for bad and doubtful debts as applicable to it in terms of Non-Banking Financial (Non Deposit taking non-systematicAccepting or Holding) Companies Prudential Norms (Reserve Bank) Directions -2007. The Hire-purchase is a Hire-purchase as a type of installment credit under which the hire-purchaser(hirer) agrees to take the goods on hire at a stated rental with an option to purchase. The Company provides financial assistance in the form of Loans (secured and unsecured) to bodies corporate.The total funds required for the above activity are amounting to Rs. 511 lacs. To over come the above expenses, the Company came out with a Public Issue in August, 2006 of 24,20,000 Equity Shares of Rs. 10/- each for cash at par, aggregating to Rs. 242 Lacs, and the remaining 269 Lacs was contributed by the Promoters.