Arihant Avenues and Credit Limited was incorproated as a public
 limited company on 6th March, 1995 with the Registrar of Companies,
 Gujarat at Ahmedabad and obtained certificate for commencement of
 business on 9th March 1995.
 
 The company intends to take up development and construction of
 housing projects and also engage in financial services both fund
 based and non-fund based.
 
 PRESENT BUSINESS
 
 The company is presently engaged in the business of short term
 lending and has already deployed an amount of Rs.120 lakhs towards
 this objective.
 
 INVESTMENT POLICIES
 
 The company follows a cautious and prudent policy in its investment
 decisions.  Each investment is considered and deliberated and the
 decisions are taken keeping in mind and the exposure in a single
 company, industry and other relevantfactors.  For the purpose of
 managing and monitoring the investment portfolio of the company, a
 committee comprising of both the whole-time directors Shri Arvind
 Hundia and Shri Dinesh Mehta, has been formed by the Board of
 Directors.  The committee does not indulge in any form of speculative
 activity.
 
 SUBSIDIARY OF THE COMPANY
 
 The Company does not have any subsidiary.