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History of Aravali Securities and Finance Ltd.

YEAR EVENTS 1980 - The Comp. was incorporated on June 11, 1980 in the name of Aravali Traders a Investment Comp. Ltd., Subsequently, the name of Comp. was changed to Aravali Leasing limited in Oct. 1985. It was promoted by Rayan Kumar Poddar.

1992 - The Comp. issued 8,32,650-12.5% debentures of Rs 200 each on Rights basis in proportion 1 deb: 5 shares held only 7,55,936 debentures taken up. 77,714 debentures remained unsubscribed.

- 1000 debentures were issued to the employees on Pref. basis. Also another 7,57,896-12.5% debentures of Rs 125 each were issued through prospectus to the public.

- Rs 200 of face value of each debentures was converted into 10 equity shares of Rs 10 each at a premium of Rs 10 per share. Accordingly 75,59,360 shares were allotted. Rs 125 of face value of each debentures was converted into 5 equity shares of Rs 10 each at a premium of Rs 15 per share. Accordingly 34,31,040 shares were allotted.

- The Comp. was adversely affected due to the credit squeeze announced by Reserve Bank of India between May, 1991 and October, 1991 & increase in the interest charged by Banks.

1993 - The Comp. proposed to set up an Asset Management Comp. with a view to set up a Mutual Fund during the year.

- The Comp. has started an export division under the name and style of Aravali International for merchandise export.

- The Comp. has decided to launch a fixed deposit scheme in a big way for public at large on the terms & conditions as stipulated by Reserve Bank of India.

1994 - The performance of Comp. was severely affected due to sluggish market conditions & recessionary trends prevailed in the whole South East Asia.

- The Comp. proposed to expand its existing business activities in the areas of leasing, bills discounting & investment.

- The Comp. issued 1921150-14% secured redeemable non-convertible debentures of Rs 100 each on private placement basis. They are redeemable at a premium of Rs 5 per debentures in three equal instalments at the 7th, 8th and 9th year from the date of allotment i.e. 17.10.1989.

- 32,02,500 No. of equity shares of Rs 10 each allotted to promoters. Another 9,60,750 bonus shares issued in prop. 3:10. 109,90,400 No. of equity shares allotted on conversion fully converted debs.

- The Comp. has opened a full-fledged branch at Karnal which has done business of Rs.31.54 lakhs.

- The Comp. has also started a division for investment in shares & securities. The Comp. has entered into a strategic alliance with M/s. Narendra Kumar Pasari, Member Delhi Stock Exchange, for this activity.

- The Comp. has started mobilising Fixed Deposits from the public at large on the terms & conditions as stipulated by RBI.

- New Delhi issued a fresh Certificate of Incorporation consequent upon the change in the Company name on 4.5.94 from which date the name of Comp. stood changed to to 'ARAVALI SECURITIES AND FINANCE LIMITED'.

1995 - Another 200 shares allotted of FCD.

- The Comp. is diversifying its activities & has floated independent companies for establishing hotels at Ajabgarh and Udaipur in Rajasthan.

- The Comp. has decided to close its export division which has not faired well in the last financial year, ended 31.3.1995.

1996 - During the year the Comp. has suffered loss on Acc. of its share trading activity because of sluggish market trend.

1998 - The availability of finances to the non-banking financial companies has been affected substantially.

- The Comp. along with other NBFCs is facing a financial crunch which in turn is affecting its business.

- The Comp. being engaged in the financial services & trading doesn't have any energy utilization or technology absorption.

1999 - The Comp. being engaged in the financial services & trading doesn't have any energy utilization or technology absorption.

- Of the Equity Shares 14,94,500 Shares were allotted as fully paid-up Bonus Shares by capitalisation of Reserves & Surplus in Profit & Loss Account in earlier Years.

- 2272[2272s] 12.5% fully convertible debentures of Rs. 125 each allotted on 25th January, 1993 have not been converted into fully paid equity shares since allotment money has not been received.

2000 - Crisil has suspended the ratings assigned to the fixed deposit programmes of Allianz Capital & Management Services Ltd, BCL Financial Services limited & Aravali Securities & Finance Ltd.