IFCI Factors Limited (Formerly known as Foremost Factors)
9th Floor, IFCI Tower, 61 Nehru Place, New Delhi 110 019
Tel : 91 - 11 - 41732000/46521437, Fax : 91 - 11 - 46521435
Email: mktg@ifcifactors.com, Website: www.ifcifactors.com
IFCI Factors Ltd. (the Company) was incorporated on December 14, 1995 in New Delhi under the Companies Act as a public limited company under the name “Foremost Factors Limited‟ with the ROC. The Company received its certificate for commencement of business on January 5, 1996. The Company became subsidiary of IFCI limited on May 15, 2008 after acquisition of 9330,050 equity shares of face value of Rs. 10/- each of the company by IFCI Limited from Mohan Exports Pvt. Ltd. Pursuant to a resolution passed by our shareholders in their meeting dated December 16, 2008, its name was changed to “IFCI Factors Limited‟, on account of IFCI Ltd. (IFCI) acquiring control of the Company, and a fresh certificate of incorporation was issued on January 7, 2009.
The Company started its operations in February, 1997 with domestic factoring activities. The Authorised Dealer’s licence was obtained for export factoring activities in November 1996. Export Factoring operations were initiated from the month of June, 1997. In April, 1999, IFCI subscribed to the share capital of the Company besides acquiring the shareholding of 20th Century Group, thus becoming the largest shareholder. Subsequently, IFCI also acquired the shareholding of Mohan Group and in 2009 Foremost Factors was renamed as IFCI Factors Limited. It is today a subsidiary of IFCI.
IFCI Factors Limited holds a Certificate of Registration as NBFC–Factor issued by Reserve Bank of India and is a Non-Deposit taking Systemically Important NBFC Factor (NBFC–ND- SI-Factor). The company is a Non-Banking Financial Company (NBFC) as defined in section 45-1 (a) of the RBI Act and is registered with the Reserve Bank of India (RBI) as an NBFC — Factor with the RBI.