Incorporated as a public limited company in May '93 in Delhi, Sugal & Damani Finlease was promoted by G N Damani, Sugalchand Jain and Pravin B Chheda. Subsequently, the registered office of the company was shifted to Tamilnadu. The company has a full-fledged branch at Delhi and franchises at Bombay, Banaras and Ludhiana. As a non-banking financial company, Sugal & Damani offers fund-based financial services including hire-purchase and leasing. The company mainly finances purchase of Maruti cars under the hire-purchase scheme. The company's FD has been assinged BBB(Triple B) by CARE in 1995-96. The company plans to start financing public issue applications and also plans to increase its financing activities on shares purchased from secondary market through another group Company -- Sugal & Damani Share & Stock Brokers. In 1996-97, the company was granted a full-fledged money changer's licence which it will be utilising by commencing money changing business in the current year.