Arman Financial Services Ltd

Arman Financial Services Limited (Arman) is an Indiabased, nonbanking finance company. The Company provides two wheeler, three wheeler financing, intercorporate deposit (ICD), micro financing and personal financing. The Company operates through two segments: JLG Microfinance and Assetbacked Microfinance (twowheeler/threewheeler financing). Armans Micro Finance operations have 14 branches operational all over Gujarat in urban, semiurban and rural areas. Arman Financial Services Limited was originally incorporated on November 26, 1992 as an earstwhile Arman Lease Finance Ltd. The company is a public limited listed company. It issued 28,00,000 Equity shares of Rs. 10 each on August 21, 1995 aggregating to Rs 280 lacs after receiving an overwhelming response from the public for its public issue which was oversubscribed by 7 times in the category of small investor and more than 22 times in case of applicants with application of more than 1000 shares.The main objects of the company consist of providing a wide spectrum of financial services both Fund based and Non Fund Based activities which includes term loans, collateral free credit, other forms of credits, thrift and savings and insurance. Arman also plans to render financial services to people by acting as intermediary for banks and financial institutions in the cities, towns, villages of India. During the fiscal year ended March 31, 2010, the Assetbacked Microfinance segment had 5,315 active borrowers, and the portfolio outstanding stood at approximately 2.9 billion. Arman operates all over the Ahmedabad. Its loans sizes are small and are within the repayment capacity of the borrower. They qualify for little higher loan if they repay the first loan. The Company does not have brokers in Micro finance. It only lends to group of ladies where in if one borrower defaults, the whole group is made responsible.The Company incorporated a wholly owned subsidiary M/s Namra Finance Limited on 27 March, 2012. M/s Namra Finance Limited a wholly owned subsidiary became the first company in India to receive NBFCMFI license, which accordingly commenced business effective from February 15, 2013.Armans Microfinance operations got demerged into its wholly owned subsidiary, Namra Finance which completed in FY 201314. The Company started its operation of micro finance in the state of Uttar Pradesh and Maharashtra during FY 201617.