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First Leasing Company of India Ltd share price today (on 30 September 2023).
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BSE: 500145 | NSE: FIRSTLEASE | ISIN: INE492B01019 Market Cap: [Rs.Cr.] 115 | Face Value: [Rs.] 10 Industry: Finance & Investments
First Leasing Company of India was incorporated as the first leasing company of the country on September 10, 1973. Farouk Irani promoted the company. It introduced leasing in India during September 1973, 34 years back and additionally commenced hire-purchase-transaction in 1986 and diversified into consumer finance during 1988.
First Leasing Company of India (FLCL) was incorporated in Sep.'73 and it is the first public limited leasing company to commence operations in India. It commenced business in Nov.'73 in Madras. The company was jointly promoted by A C Muthiah and Farouk Irani. A C Muthiah is the chairman and Farouk Irani is the managing director of the company. It came out with its first public issue in 1983. The company is engaged in the business of leasing, hire-purchase and consumer-finance transactions. These activities provide an alternative source of finance for the industry, consumers and traders. With the growing expansion of industrial activity, the demand for capital goods is increasing sharply. Investment support from banks and financial institutions is inadequate to meet this demand. The leasing and hire-purchase industry helps bridge the gap between the need and availability of capital.
In Jan.'92, FLCL came out with a rights issue of 3.50 lac 17% PCDs of Rs 200, aggregating Rs 7 cr. The proceeds of the issue were utilised to expand its leasing activities. The Commonwealth Development Corporation (CDC), a British Government Department, has taken a 10% stake in FLCL by investing Rs 11.50 cr. The company is preparing a database of all the leased assets in the country, which will also give details of locations and the names of the suppliers and the brokers involved in the deal. The company set a precedent for the leasing industry by completing a Rs.75 crore lease agreement with Indian Railways through Indian Railway Finance Corporation.
According to the Individual - Audited financial statement for the Year of 2012, total net operating revenues decreased with -8.57%, from INR 233.35 tens of millions to INR 213.35 tens of millions. Operating result increased from INR 156.7 tens of millions to INR 197.38 tens of millions which means 25.96% change. The results of the period decreased -52.81% reaching INR 33.39 tens of millions at the end of the period against INR 70.75 tens of millions last year. Return on equity (Net income/Total equity) went from 23.02% to 9.99%, the Return On Asset (Net income / Total Asset) went from 4.48% to 2.04% and the Net Profit Margin (Net Income/Net Sales) went from 30.32% to 15.65% when compared to the same period of last year. The Debt to Equity Ratio (Total Liabilities/Equity) was 389.66% compared to 413.56% of last year. Finally, the Current Ratio (Current Assets/Current Liabilities) went from 25.97 to 13.03 when compared to the previous year.
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