Incorporated as H.L. Financial Consultants & Management Service Private Limited (FICOM), under the Companies Act, 1956 in the State of Maharashtra, Ficom Industries is a pioneer in merchant banking in the private sector in India, under the leadership of the (late) Shri Pradip H. Dalal.

The Company, since January 1994, is engaged in trading of various chemicals required by Petrochemicals, Agrochemicals and other Chemical Industries.

In 1999-2000, trading activities of the company were suspended and the company employed the funds by way of investment in shares, securities, of other bodies corporate and mutual funds which has been its main source of income. The Company has appliced to RBI for registration of the company as a NBFC and hence during the year 2003, the name of the company was changed to P. H. Capital Ltd.