The company was Incorporated on 3rd March, 1994 as Sumeru Leasing and
 Finance Limited with the Registrar of Companies, Gujarat at Ahmedabad
 and obtained Certificate for Commencement of Business on 7th March
 1994.
 
 The company was incorporated on 3rd March, 1994 to carry on the
 business in the bright and expanding field of finance. The company is
 presently engaged in the financial services activities viz., Leasing,
 investment and securities trading, inter-corporate advances & Bills
 Discounting,
 brief details of the present activities of the company are furnished
 hereunder:-
 
 LEASING:-
 
 The company commenced leasing activities in the year current.
 Indicators of the lease business of the company are furnished as
 above. As on 26th December, 1994, the company has total leased
 advance of Rs.30.00 Lacs for booking 100 Maruti Exteem Cars which
 when allotted will have an asset base of above Rs.500.00 Lacs against
 leasing business. 
 
 STOCK MARKET OPERATIONS:-
 
 The major activity of the company upto the year 1993-94 has been
 investment and trading in stock market operations. Funds were used
 for investment in shares and securities of blue chip listed
 companies.
 
 INTER CORPORATE ADVANCES:-
 
 Sumeru Leasing & Finance Limited also provides the short term inter
 corporate advances to the corporate bodies. The advances proposals
 are evaluated by professionals of the company and are considered on
 merit.
 
 BILL DISCOUNTING:-
 
 Sumeru Leasing and Finance Limited proposes to go for discounting of
 bills only in respect of certain reputed companies with whom it has
 very good relations. The company has already started business of the
 bills discounting for a reputed cement manufacturing company M/s.
 Shri Digvijay Cement Company Limited, Sikka, Jamnagar in Gujarat who
 has
 appointed this company to discount their bills to the extent of
 almost 50% of proposed funds of Rs.10.00 Lacs.
 
                                           For the period
                                        03.03.94 to 26.12.94
 Particulars                               (Rs. in Lacs) 
 
 I     INCOME
 
       Security trading income                 12.54
       Financial Charges                        2.04 
       Shares Dividend                          0.11
                                               -----
                                               14.69
                                               -----    
 
 II    EXPENDITURE
 
       Travelling Expns.                        0.16
       Salaries Exps.                           0.40 
       Interest                                 0.56 
       Administrative Exps.                     1.26
                                               -----
       Total Rs.----------------->              2.38  
                                               -----
 III   Net Profit/(Loss) Rs.                   12.31
                                               -----  
       LIABILITIES
 
       Share Capital                          101.41
       Reserve & Surplus                       12.31
       Secured Loans                           26.85
                                              ------
                                              140.57
                                              ------
       ASSETS
 
       Fixed Assets                            35.17
       Investments                              6.62 
       Current Assets, Loans &                   
        Advances:                              97.78
 
       Less: Current Liabilities                0.35    
                                              ------
                                               97.43
       Preliminary & Pre-op. Exps.              1.35 
                                              ------
                                              140.57
                                              ------
 NOTES:-
 
 1. The authorised Share capital of the Company is Rs.300 lacs divided
 into 30 lacs equity shares of Rs.10/- each.
 
 2. Investment in Shares are taken on Cost Basis.
 
 3. Miscellaneous Expenditure (to the extent not written off or
 adjusted) comprise of Preliminary Exp. and Registration Fee etc.
 
 4. The company has not made any provision for Income Tax liabilities
 on Income.
 
 5. The company has not provided for depreciation.
 
 6. In the opinion of the Board of the Current assets, Loans &
 Advances, receivable have the value on realisation in the ordinary
 course of business atleast equal to the amount at which they are
 stated in the Balance Sheet.
 
 1. CREDIT APPRAISAL AND MONITORING
 
 The credit appraisal of prospective clients takes into consideration
 the following two factors:-
 
 a. Sound Fundamentals:-
 
 The company must have strong financials and the prospects of the
 industry must be good.
 
 b. Market Reputation.
 
 The repayment record of the client is ascertained through enquiries
 with institutions/banks/Non-banking Financial Companies and other
 financial Intermediaries which have granted short term limits to the
 prospective clients.
 
 As a measure of abundant caution, the company may also take the
 personal guarantees of the Chief Executive Officer of the prospective
 clients.
 
 2. CREDIT MONITORING AND REVIEW
 
 The company monitors and reviews its clients on periodical basis
 depending on the amount of exposure, security of the transaction,
 payment record of the client, market reputation of client and other
 relevant factors.
 
 Further the company is deploying its own funds from time to time to
 achieve the targeted projections and plans to deploy entire funds by
 the second week of April, 1995.
 
 2001 - The company and the Sumeru group have joined as core promoters
 of prestigious
              modern green field cement project of 1.2 MTPA capacity
 of Gujarat Anjan Cement Ltd.
 
 2005
 -Company has splits its Face value of Shares from Rs 10 to Re 1
 
 2007
 
 -Company name has been changed from Sumeru Leasing & Finance Ltd to
 Sumeru Industries Ltd