NCL Research And Financial Services Limited is a non-deposit-taking Non-Banking Financial Company (NBFC) registered with the Reserve Bank of India (RBI) under Section 45IA of the Reserve Bank of India Act, 1934 (Registration No. 12.00041 dated February 26, 1998). Originally incorporated as Navneet Commercial Company Limited on February 4, 1985, the company received its Certificate of Commencement of Business on April 15, 1985, before changing its name to NCL Research And Financial Services Limited on September 9, 1992. Headquartered in Nariman Point, Mumbai, the company is a professionally managed entity with no identifiable promoter, following a formal reclassification of its promoter category to public shareholding approved by BSE in December 2022.
The company's underlying business model operates across two primary activities within the single reportable segment of "Finance & Investments": commercial lending and treasury investments. Its core lending business generates interest income through the disbursement of both secured and unsecured loans structured around internal credit policies and risk assessment frameworks. Complementing its credit business, the company deploys surplus funds into strategic treasury operations, investing in equity and debt instruments of both listed and unlisted enterprises across diverse sectors and growth stages, alongside utilizing quantitative market strategies to generate long-term capital appreciation and treasury yields.
In terms of client segments and target demographics, the company primarily caters to Micro, Small, and Medium Enterprises (MSMEs), small and medium enterprises (SMEs), and both corporate and non-corporate entities. In its credit expansion strategy, the company also targets High-Net-Worth Individuals (HNWIs) and corporate borrowers exhibiting verified financial profiles and strong credit histories. As of December 31, 2025, the company's outstanding loan portfolio stood at ₹9,625.75 lakhs.
Regarding manufacturing units, factory infrastructure, and capacity utilization, the Letter of Offer explicitly confirms that the company is a financial services enterprise and NBFC. It does not engage in any industrial production or manufacturing activities, and does not own or operate any manufacturing plants, workshops, or factories. Consequently, details regarding manufacturing locations, factory infrastructure, installed plant capacities, and capacity utilization percentages are not applicable to its business model.
Operationally, the company manages its lending evaluation and investment activities from its leased registered corporate office situated at Tulsiani Chambers, Nariman Point, Mumbai. To scale its operations, the company is undertaking this Rights Issue to augment its capital base, which will enhance its lending limits, expand earning assets, strengthen balance sheet leverage, and support growing credit demand across the MSME and corporate segments while maintaining a Capital to Risk-Weighted Assets Ratio (CRAR) well in excess of statutory regulatory thresholds.
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