India Lease Dev LTD
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BSE Code:
500202
NSE Code:
INDLEASE
Business Profile
Business Profile
India Lease Development, engaged in Hire Purchase and Lease Finance activity, is promoted by The Motor and General Finance Limited (MGF). The Company was incorporated during 1984, and was issued the certificate for commencement of business as on 1985. However, it commenced operations only in November, 1987. The promoter company, Motor and General Finance Limited. (MGF), is a pioneer in the field of lease/hire purchase business with a wide experience of over 64 years. The Company was originally incorporated by Shri. Ved Prakash Gupta, Sri. Satya Narain Gupta, Shri. Ravindra Nath Gupta, Shri. Lalit Gupta, Shri Rajiv Gupta, Shri. Amar Nath Chandra as subscribers to the Memorandum of Assocation of the Company. Later on International Finance Corportion, (IFC) Washington and Punjab National Bank, participated in the Equity of the Company. It first went public in 1988 with the maiden issue of Rs. 6.4 mn. Post Issue Equity capital of the company stood at Rs. 30.0 mn. Rights Issue of 14% Secured Partly Convertible Debentures aggregating to Rs. 50.0 mn in February, 1990, further enhanced its capital base to current levels.
Recent Developments
The company for the quarter ended December 99, reported marginal increase in its turnover as well as net profit. While sale for the quarter ended period were higher by 9% to Rs 41.8 mn, net profit rose by 26% to Rs 4.3 mn. Lower offtake of automobiles and commercial vehicles, the highest revenue generator for the company, reflected upon subdued financial performance. It had also to contend with decline in collection due to the prevailing market condition. As the norms for NPA hardened by the RBI, the company had to book losses for the year ended March 99. As per the terms of Debenture issue the company has, during the year, redeemed Rs 40/- out of the face value of Rs 60/- of 14% Secured Redeemable Non-Convertible Debentures aggregating Rs 20 mn.