Company was incorporated on 10th September 1973 and the Certificate of Commencement of Business was obtained on 3rd November. It was jointly promoted by Shri A. C. Muthiah and Shri Farouk Irani. First Leasing Company of India Limited has been the chairperson of the Association of Leasing & Financial Services Companies over the last 7 years. The Company's object is Leasing of movable and immovable properties and financing.

The Company floated an affiliate leasing company, viz., Responsive Leasing Singapore Pvt. Ltd. in Singapore. In 1980 company privately placed with ICICI 5,00,000 - 13.5% convertible debentures of Rs. 100 each with an option to convert 20% of their holdings into equity shares of the company at par in 2 equal installments. In 1981 all shares held by promoters, their friends, relatives and associates. In the year 1977, 2,50,000 "Rights" equity shares issued in the proportion of 1:1. Responsive Hire Purchase and Credit, Ltd. is a subsidiary of the Company. The Company offered equity shares to the public to augment long- term resources. Products & Services:

Main Business of First Leasing Company Of India is Leasing and hire purchase. First Leasing Company of India Limited introduced leasing in India during September 1973, more than 31 years back. First Leasing's operations are primarily focused on corporate financing. The major clients being CitiBank, Johnson & Johnson, Volvo, Seimens Public Communications, ABB, ANZ-Grindlays, IDBI Bank, TELCO, Knoll Pharmaceuticals, Bayer among many other names. First Leasing additionally commenced Hire Purchase transaction in 1986 and diversified into Consumer Finance during 1988.

Company have various products in its account like Lease, short term leases, Long term leases, operating leases, sale and leaseback, Hire Purchase, Consumer Credit, Inter Corporate Deposits, Fixed Deposit. Company has obtained "Ind AAA (SO)" for its Structured Obligations, "Ind D1+" for its Short-term debts program indicating highest safety and "Ind AA+ (FD)" for its fixed deposits indicating high safety from M/s. FITCH Ratings India Private Ltd. First Leasing continued to observe a strict credit policy of restricting credit to only those corporate with the most financial substance.

Company is making the straight and aggressive path for its future growth at a time when the economy is growing rapidly with infrastructure changes. The foregoing indicates that First Leasing has met the needs of these highly service conscious, cost conscious and demanding multinationals and have retained business relations with them over long periods of time. First Leasing is one of the few companies in India, which maintains an uninterrupted dividend record for the last 30 years.

Valuation:

At CMP, stock price is trading at only 2.6 P/E ratios for financial year 2010 estimated earning par share. We recommend investors to buy "First Leasing" for medium to long -term investment prospective.