Indo Asian Finance was incorporated as a private company on April 17, 1990 in the name and style of Anand Rishub Finance. Indo Asian Finance is a non-banking financial company and its registered office is located in Chennai. The company is engaged in hire purchase finance within the state of Tamil Nadu.
Business areas of the company:
The company was primarily engaged in the business of Hire Purchase which had been the traditional mode of business of the Challani family for decades. Gradually, the company started to diversify into profitable finance schemes like leasing etc. and soon established its presence in these areas.
The company's main business is Hire Purchase and Leasing of Motor Vehicles, Machineries, equipments etc.
Milestones:
1990- Indo Asian Finance was initially incorporated as a Private Limited Company on 17th April, in the name and style of Anand Rishub Finance Private Limited. Then it was converted into Public Limited Company with effect from August 29, 1991 and the name changed to Challani Credits.
The company was primarily engaged in the business of Hire Purchase which had been the traditional mode of business of the Challani family for decades. Gradually, the company started to diversify into profitable finance schemes like leasing etc. and soon established its presence in these areas.
The company's main business is Hire Purchase and Leasing of Motor Vehicles, Machineries, equipments etc.
1991- The company has been in the Hire purchase and Lease business since September. The company now intends to cater to corporate clients and finance assets on lease to large and medium sized companies also. Hire Purchase disbursements are mainly in the retail auto segments, covering commercial vehicles.
1992- The name was changed to Indo Asian Finance on 14th July, and further more Directors traditionally engaged in the same business along with substantial contribution joined to strengthen the board.
The company is now proposing to finance under corporate sector in a big way. With its established contacts backed by its marketing team, the company will be concentrating more on corporate sector both under Hire Purchase as well as Leasing.
1995-J.Padam Challani, the Managing Director was redesignated as wholetime director of the company with effect from 14th July. Madanlal Gundecha, Joint Managing Director of the company was redesignated as Wholetime Director of the company with effect from 1st July.
1996 -Lalchand Galada resigned for personal reasons as a Director of the company with effect from 30th April.
1999 -The company is graded as a BBB+ rated company by CARE for its deposit programme.
2000-Indo Asian Finance will be entering the business of micro banking within the next couple of months by setting up local area banks.
Awards and achievements:
• The company has been given a BBB+ rating from CARE for fixed deposits.