Sterling Holiday Financial Services (SHFS) was incorporated as Sterling Holiday Resorts Finance in 1991. The name was subsequently changed to SHFS in Jun.'93. Though the company was incorporated the year 1991, it commenced business operations only in mid-1993. The adverse market conditions, the high interest rates, and the credit squeeze imposed by RBI, made the management defer the conduct of business. It is engaged in a wide range of fund-based financial services such as leasing, purchases and bill discounting. In Apr.'94, the company went public with its maiden issue to part-finance the company's long-term resources in the form of equity capital and consolidate fund-based activities. SHFS is a SEBI-registered category-I merchant banker, an RBI-approved full-fledged money changer, and has been authorized by the State Bank to provide portfolio services. It is a member of the Bangalore Stock Exchange and has provisional membership of the NSE and the OTCEI. Besides this, it has applied for membership of the Madras Stock Exchange. The company went public in Feb.'96, with a rights-cum-public issue to increase its leasing and hire purchase operations, and to invest in its subsidiary, and group companies undertaking broking. The expansion programme of the company was postponed due to reduced level of the business and sluggish economic condition. During the year 1999-2000, the company's USA partners M/s Canal Money Transfer Corporation Inc have closed their Money Transfer Operations and the company is scouting for a respectable corporate overseas partner for the same.