New banking licence aspirants

Suryamani Financing Co

Suryamani Financing Co Ltd (SFCL) is part of the Kolkata-based Pawan Kumar Ruia Group, promoter of the beleaguered tyre-maker Dunlop India.

The company was floated in 1990 by chartered accountant-turned-businessman Pawan Kumar Ruia and subsequently received a certificate of registration from the Reserve Bank of India as a non-banking financial company (NBFC). SFCL falls into the category of non-deposit taking NBFCs. According to officials, the company is in the business of "lending money to different corporate entities". It has a capital net worth of Rs 300 crore. It operates out of its lone corporate office in Kolkata.

Annual reports of its group companies suggest SFCL has transaction with the group's listed entities such as Dunlop India and Falcon Tyres. Incidentally, Dunlop was wound up earlier in the year by a Calcutta High court order. However, last month, the Supreme Court stayed the high court order.

The promoter holding is 100 per cent, and its capital net worth is Rs 300 crore.

Currently, it operates out of the lone office in Kolkata.

(PRABAL BASAK)

INMACS group

INMACS group was incorporated in April 1984 and is promoted by finance professionals and spearheaded by chartered accountant Vinod Jain. It began by offering a range of services like management consultancy, corporate finance, audit, tax and legal advisory. INMACS now provides integrated services to business houses in India and abroad.

INMACS Management Services Ltd, which has applied for banking licence, is an unlisted company. It was incorporated on May 7, 1993, according to the ministry of corporate affairs. Besides Vinod Jain, it has two directors--Seema Jain and Vijay Goya. INMACS has attained prominence as India's leading management consultant rendering highly specialised client-specific solutions for the widest spectrum of activities, including setting up, supporting and expanding businesses. Further, it also offers financial and capital market services. Vinod Jain is the chairman of INMACS.

At present, its income is predominantly from fees it earns for advisory services. The broking and merchant banking business is a very small part of the group. Being an advisory outfit, INMACS group does not have a specific rural presence. It claims to have business plans on board to offer services to fill up the gaps in the financial sector for small and micro enterprises and the farming sector.

UAE Exchange

UAE Exchange is one of the leading global remittance and foreign exchange brands, with direct operations spanning 31 countries. UAE Exchange has completed 32 years of business operations.

UAE Exchange manages six per cent of the total global remittance volume and 10 per cent of the total remittance inflows into India. UAE Exchange India has a country-wide network of 328 direct branches and 44,000 agent locations in 20 states.

B R Shetty is the chairman of UAE Exchange India. In terms of retail services, it offers remittance, bill payment, forex, wealth management and loyalty programmes. For corporates, it offers forex, remittance, bill payment, payroll solutions, corporate cash collection and travel and tours.

The company's products include Money2anywhere (online remittance), Xpress Money (money transfer), Smart Pay (payroll processing and salary disbursement platform) and XPay (mobile phone purchase).