The company incorporated in the year 1971. With the availablity of resources company disbursed towards Hire purchase, Lease and other financial services and the company throuh its subsidiaries, diversified into areas of property development, security printing and portfolio investment. BRANCH NETWORK Company opened the branches at different places, during the year 1990-91,opened branches at Delhi and Margao.During the year 1991-92 opened branches at Mysore and Salem. And during the year 1992-93 the Company opened branches at Shimoga and Thodupuzha. During the year 1994-95 branches were opened at Ponda and Vasco, Anantapur and Guntur in Andhra Pradesh and Shirva in Karnataka. During the year 1995-96 company opened Gurgaon in Haryana and at puttur, Belthangady, Honavar, Sullia and Byndoor. It is proposed to open during the year in Karnataka, Kerala and Goa. During the year 1996-97, company opened branches in Belthangady, Brahmavar, Byndoor and Nellore. company opened 48th branch at Davangere. DIVERSIFICATION During the year 1991-92, company received membership of the Over the Counter Exchange of India Ltd. (OTCEI). Company's 3 Star Hotel "The Central Park" at Bangalore commenced its operation with a soft opening in March 1993. The Company has entered into a referral arrangement with ITC- Welcome Group for Operation and Marketing of the Hotel. It is a 3 Star Hotel with 129 rooms and provides two speciality restaurants, with facility of Conference and Banquet Halls. The Hotel is being managed by Company's wholly owned subsidiary `Manipal Hotels Limited'. The Company received Merchant Banking License during the year 1992-93. During the year 1994-95 company activated its Merchant Banking operations. It has set up a joint venture company "ICDS Securities Ltd." with its associate companies, for specialising in Merchant Banking activities and for taking up the membership of National Stock Exchange and Bangalore Stock Exchange. During the year 1996-97, under the report, company's management brought in KMPG, world renowed management experts to help define the Company's focus areas. KMPG which went into the working of the Company found a strong sense of loyalty and quality among the company's personnel and also brought out its core competency in the services sector. Following these hew findings the company now in a position to create niche areas within the hire purchase and lease activity. REVIEW OF OPERATIONS The Company fared well during the year 1994-95, The total disbursement on hire purchase, lease and bills was Rs.151 crores, The Company complied with the norms laid down by the Reserve Bank of India for provisioning for debts and income recognition. During the year 1995-96, the total disbursements on hire purchase, lease and bills was 169 crores and Authorised capital was rised by Rs. 15 crores by creation of 1.5 crores Fixed Dividend bearing Cumulative Redeemable Preference Shares of 10 each. SUBSIDIARY COMPANIES Formalities regarding disinvestment of shares of Blue Cross Builders & Investors Limited were completed during the year 1994-95 and consequently it ceased to be a subsidiary of the Company. New programmes New plans inludes setting up a Mutual Fund and an Asset Management Comapny. The company has plans to enter domestic insurance market as and when the industry is opened up.