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History and Background of the Company
Zuari Finance Limited (ZFL) was incorporated in the State of Goa on
10th of June, 1988 with the primary objective of rendering various
financial services to the Industry and Trade. Zuari Finance Ltd. had
an authorised capital of Rs. 6.00 Crores and the present Issued Subscribed
and Paid-up capital is Rs. 3.05 Crores. The Company is listed on the
Mumbai, Hyderabad and Ahmedabad Stock Exchanges.
Zuari Forex Limited (ZFOL) was incorporated in 1996 as a 100% subsidiary
of Zuari Finance Ltd. with an objective of developing the foreign
exchange business of the Company due to certain restrictions imposed
by Reserve Bank of India. The first location was started at Colaba,
Mumbai and has since grown into a multi-branch Company.
Merger
It was decided by the Board of Zuari Finance Ltd. to merge Zuari Forex
Ltd., with itself as it wanted to focus on the growth and development
of its foreign exchange business that had been growing at a rapid
pace. It was also felt that that the foreign exchange division would
greatly benefit from the larger capital base that would be made available
consequent to the merger of Zuari Forex Ltd. and Zuari Finance Ltd.
Change of Name of the Company
The merged entity has been named Zuari Forex Ltd. consequent to completion
of the merger, as the principal activity is foreign exchange, which
would be carried on along with the other activities of the Company.
Promoters
Zuari Forex Ltd. is a member of the Hede Business Group (HBG). HBG
is one of the leading business houses from Goa with business interest
in Mining, Shipping, Properties & Resorts, Travel & Related Services,
Financial & Forex Services.
Present Activities
The Company basically offers its services to incoming
foreign tourists who require changing of exchange in foreign currency
notes and Travellers Cheques into Indian currency. The Company
also sells foreign currency in form of currency notes, Travelers
Cheques and Prepaid Cards to outgoing Indian nationals visiting other countries for leisure or business as per RBI guidelines.
The Company believes in providing quality service to its customers
and has therefore built up a highly experienced and reliable team
so necessary for maintaining a high standard of service.
The Company has been appointed as an Associate Agent for Western
Union Money Transfer and Services. All its branches are well connected
to the online system provided by Western Union and all remittances
received from abroad are paid out instantly. The Company is a Merchant Establishment Member with IDBI Bank for providing Cash Advances to NRI's and foreign nationals against their International Credit Cards.
Branch Network
The Company has embarked on a plan to increase its presence by setting up a network of Branches all over India. At Present we have five branches in Mumbai viz Colaba, Andheri, Bandra, Malad and Mahape and Three in Goa at Candolim,Panjim and Tonca. All the branches are well equipped with latest infrastructural facilities. The Company has an ambitious plan to increase its Branch Network by opening new branche in Deccan, Pune and Bangalore to cater to the needs of Corporates especially Software Companies and MNC's along with High Networth Individuals in such locations.
Our Strength
- Well experienced promoters with proven track record in diversified sectors.
- Well integrated branch network fully equipped with advanced infrastructural facilities.
- Dedicated and highly qualified professionals having experience and expertise in forex and financial services sector
- Motto - "Service with a Smile to Customer Satisfaction"
Board of Directors
DR. P. R. HEDE, Chairman, LMC, is an eminent
industrialist with vast experience in various fields. He was a Member
of the Industrial Development Bank of India (UTI) WRC that happens
to be India's Apex Financial Institution and is ranked as the 7th
largest development bank in the world. He was a Director of The
Indian Overseas Bank which has the distinction of having branches
at most Cities in the Asia Pacific region. He was also one of the
core promoters of Sterling Holiday Resorts (India) Ltd. He also
has had the distinction of being one of the founder directors of
the Gujarat Maritime Board (Government of Gujarat). He is presently
Chairman of the Hede Business Group (HBG). Chairman of Hede Consultancy
Co. Ltd. (HCCL), and other Group Companies.
MR. GURUPRASAD KOHLI, Director, M. A.(Hons),
D.LL. He is the President of Global Institute subsidiary of - Global
Institute - USA and also on the Board of Global Institute - USA.
He engaged himself in Research, Consultancy and Training. He retired
as the Managing Director from Life Insurance Corporation of India
in June, 2000. He presently holds directorship in Larsen & Toubro
Ltd., Ballarpur Industries Ltd., LIC of India. He is Chairman of
LIC Jeevan BIMA- Asset Management Co. Ltd. and Vice Chairman of
LIC (International) E.C.
MR. YUVRAJ KARAN, Director, is a Graduate
in Economics. An eminent Banker having over 40 years of Banking
experience. He retired as Executive Director of Union Bank of India.
His expertise and experience has been a value addition to the Company's
growth and progress. He presently holds directorship in Live Well
Home Finance Ltd., Melwani Finance Ltd., Rolta Holding & Finance
Corp. Pvt. Ltd., Penwalt India Ltd., Rityuraj Holiday Resorts Ltd.
and Lexicon Finance Ltd.
MR. SAMIT HEDE, Director, a Commerce Graduate.
He is Group Director of HBG. He has been actively associated with
the operations of the Company and has substantially contributed
to the growth by his active participation and personal involvement.
MRS. SHIBANI HARLALKA, Director, a Commerce
Graduate. A young Industrialist with the knowledge of finance. She
through her network and contacts has been instrumental in generating
a sizeable volume of business to the Company. Her active participation
has paid rich dividends to the Company.
MR. KUMAR SEKHAR, Executive Director, is a
graduate in Economics and Law with Associate Membership of Institute of
Bankers. He brings with him over Three decades of experience and expertise
in the Banking and Foreign Exchange Business. He leads a dynamic and
dedicated team of professionals whose commitment and devotion is leading
to a steady and progressive growth of the Company.
Financial Highlights
The merged Company Zuari Forex Ltd. has an authorized capital
of Rs. 6.00 crores and issued, subscribed and paid-up capital of Rs. 3.05 crores and is
listed at Mumbai, Hyderabad and Ahmedabad Stock Exchanges.
The Company has achieved a substantial improvement in the areas of
operations and has managed to grow at an encouraging pace. The turnover of the Company crossed Rs 13377 Lacs and the total Income from Operations resulted at Rs 244.11 Lacs for the Financial Year ended 30th June 2004.
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