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History of AKS Credits Ltd.

AKS Credits Limited was incorporated as on 19th March 1991 under the Companies Act, 1956 with the Registrar of Companies, Delhi and Haryana, New Delhi as a Private Limited Company. The Comp. was converted into a Public Limited Comp. & accordingly a fresh certificate of incorporation [consequent upon change of name on conversion to public limited Companys] was issued by Registrar of Companies, Delhi and Haryana on 3rd May, 1993. The Comp. was incorporated with an Authorised Capital of Rs. 5.00 lacs which has been subsequently raised to Rs.350.00 lakhs in various stages.

The Comp. initiated the hire-purchase activities in June 1991 when the first hire-purchase agreement was made. Thereafter the Comp. entered into about 40 more HP agreements by Financial year ending 31/3/92. While continuing with the Hire-Purchase division in 1992-93, about 35 HP agreements during the year were signed. The Comp. started the leasing business in March 93. The leasing & Hire Purchase business gained momentum in 1993-94 & thereby gaining considerable experience in these lines of business activities. The Comp. diversified into investment into shares & other securities in December, 1993 & has invested in good primary market issues. Fund requirements of Comp. has been estimated based on such experience, firm inquiries for leasing/hire-purchase finance in hand from its existing & prospective clients, existing infrastructure & keeping in view further growth & prospects of lease & hire-purchase financing on Acc. of opening of Indian economy & financial reforms being introduced by Government of India.

Present Activities

Presently the Comp. is engaged in the business of Hire-Purchase, Lease finance & Investment in securities. The major income of Comp. during first two years of operations is from hire purchase & in the third year from the leasing business. Now the company main thrust is on leasing business & the value of gross leased assets as on 31.3.94 stood at Rs.148.90 lacs. Investment in shares has been started recently. The Comp. is also providing lease syndication services by referring clients to other companies thereby earning professional charges for same. Now the Comp. proposes to expand the leasing, hire purchase & investment business.

PROVISIONING POLICY

The Comp. being in leasing finance business, lease rentals instalments, interest etc. are booked to the clients Acc. on accrual basis & becomes due for payment. If remains unpaid, the amount due is treated as overdue & steps are taken to recover the same. If the instalments alongwith the interest remain unpaid for a year, the matter is reviewed & in the unlikely event of amount so overdue not forthcoming, it is rephased or provided to be written off based on the view taken by management/legal opinion/board of directors. However, even if provisions are made efforts for recovery are continued till such time the amount is recovered. There are no bad & doubtful debts till date.