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History of Al-Amanat Finance and Capital Services Ltd.

Al-Amanat Finance [Indores] limited was incorporated on 5th August, 1993 with the main object of providing lease & hire purchase services & obtained certificate of commencement of business on 21st October, 1993. The name of Comp. was subsequently changed to Al-Amanat Finance and Capital Services limited w.e.f. 15th May 1995.

PRESENT ACTIVITIES

The Comp. is presently engaged mainly in leasing and hire purchase business. The Comp. has already financed assets worth Rs.121.85 lacs on lease & Rs.50.61 lacs on hire purchase upto 29/02/96. The Comp. offers a wide range of services including providing Industrial Equipment and Vehicle Leasing on both long & short term basis. The Comp. also provides short term lease finance for domestic appliances to individuals.

The Comp. has divided its business into following divisions so as to provide specialised services to the customers :-

1. Amanat Finance

Amanat Finance is the Lease Division engaged in the business of Leasing of equipments, domestic appliances & vehicles. Entire lease and hire purchase business of Comp. comes under this division & it has already financed assets worth Rs.121.85 lacs on lease & Rs.50.61 lacs on hire purchase upto 29/02/96. The Comp. has booked a total income from leasing operations of Rs.9.88 lacs for period ending 29/02/96, Rs.10.12 lacs for year ending 31/03/95 & Rs.5.78 lacs for period ending 31/03/94. Similarly, income from Hire purchase was Rs.4.80 lacs for period ending 29/02/96 & Rs.2.35 lacs for the year ending 31/03/95.

The division doesn't have any bad/doubtful debts as on date & recovery has been 100%.

2. AFL Housing

'Lease an Apartment' scheme will be run under this division. The division has not yet started commercial operations.

3. AFL Investment

AFL Investment looks after the Investment function of Company. However, no investments have yet been made & at present the division is providing free of cost consultancy to its clients.

Investment policies :- The Comp. follows a cautious & prudent policy in its investment decisions. It proposes to have a full fledged research cell to identify investment opportunities. Each investment will be considered & deliberated by a committee of senior executives & the decisions will be taken after considering exposure to a single company, industry & other relevant factors. The Company investment portfolio will be constantly reviewed & restructured & right decisions will be made at the right time on the basis of support provided by research division. However, the buy/sell decisions will be taken by Board of Directors or a committee of directors.