About Varun Corporation Limited
Data last updated:
Varun Corporation Limited is a public limited company based in Mumbai, Maharashtra, India. The company is currently under liquidation, meaning its assets are being sold to settle outstanding debts. It may not have the legal capacity to fulfil new contracts. It operates in the investment banking and advisory segment of the financial services sector. It was incorporated on 04 February 1952.
The company is registered with the Registrar of Companies (ROC), Mumbai, under CIN U51100MH1952PLC008745. The company has 1 GST registration on record, which is no longer active.
The company has an authorised share capital of ₹35 Cr and a paid-up capital of ₹32.46 Cr. It was formerly known as Khatau International Limited and Tex-Ray Traders Limited. It is led by directors including Neerja Yudhishthir Khatau (Director Appointed In Casual Vacancy) and Yudhisthir Dilip Khatau (Director Appointed In Casual Vacancy).
Its last annual general meeting (AGM) was held on 29 September 2017, and its latest financial statements are for the year ended 31 March 2017. The registered office is at 6 Shoorji Vallabhadas Margballard Estate, Mumbai, Maharashtra, India – 400038.
As per the financials filed for FY 2017, the company reported a revenue of ₹5.91 Lakh, a decline of 37% compared to the previous year. For the same year it recorded a net loss of ₹103.94 Cr and EBITDA of -₹103.92 Cr. Revenue has declined at a compounded annual rate (CAGR) of 61% over three years.
Its group structure includes 2 subsidiaries.
As per MCA filings, the company has open charges of ₹2,757.29 Cr on record. Court records list 10 cases involving the company, including 2 filed by the company and 8 filed against it; 1 case is pending.
The last known website on record is varunship.com.
Company details
Name history
Varun Corporation has undergone 4 name changes throughout its history. The current legal name is Varun Corporation Limited.
| Company Name | Status |
|---|---|
| Varun Corporation Limited | Current |
| Khatau International Limited | Previous |
| Tex-Ray Traders Limited | Previous |
| Khatau International Private Limited | Previous |
| Tex-Ray Traders Private Limited | Previous |
CIN history
Varun Corporation has one previous CIN (Corporate Identification Number): U51100MH1952PTC008745. The current CIN is U51100MH1952PLC008745, which is the unique identifier assigned by the Registrar of Companies.
| CIN | Status |
|---|---|
| U51100MH1952PLC008745 | Current |
| U51100MH1952PTC008745 | Previous |
Contact details
Varun Corporation Limited's registered office is in Mumbai, Maharashtra. Its website is varunship.com. Its e-mail address is in the company report.
- Email
- Website
- Registered Address6 Shoorji Vallabhadas Margballard Estate, Mumbai, Maharashtra, India – 400038
- IndustryFinancial Services, Investment Banking & Advisory
To see the full contact details of Varun Corporation Limited, buy the company report.
- Company details, directors and signatories
- Historical financials and ratios
- Shareholding pattern and group structure
- Charges with holder and property details
- Legal cases, compliance and MCA filings
Business activity
The main business activity of Varun Corporation is financial and insurance service. In detail, this covers financial advisory, brokerage and consultancy services.
| Main activity group code | Main activity | Business activity code | Business activity | Share of turnover |
|---|---|---|---|---|
| K | Financial and insurance Service | K7 | Financial Advisory, brokerage and Consultancy Services |
To see the full business activity and turnover split of Varun Corporation Limited, buy the company report.
Financials of Varun Corporation Limited
FY 2017 filings availableVarun Corporation Limited reported revenue of ₹5.91 Lakh (down 37% YoY) for FY 2017.
Compounded Annual Growth Rate (CAGR)
Revenue has declined at a compounded annual rate (CAGR) of 61% over three years, including a 37% fall in the latest year. Three- and five-year figures are compounded annual growth rates (CAGR): the steady yearly rate that links the first and the last year. All are worked out from the filed statements.
Financial Statement Summary
| Metrics | FY 2016-17 | FY 2015-16 | FY 2014-15 |
|---|---|---|---|
| Profit and Loss Statement | |||
| Revenue from Operations | |||
| Other Income | |||
| Total Revenue | ₹5.91 Lakh | ||
| Cost of Materials Consumed | |||
| Employee Benefit Expense | |||
| Finance Costs | |||
| Depreciation and Amortisation | |||
| Other Expenses | |||
| Total Expenses | |||
| EBITDA | -₹103.92 Cr | ||
| Profit Before Tax | |||
| Tax Expense | |||
| Net Profit (PAT) | -₹103.94 Cr | ||
| Balance Sheet | |||
| Share Capital | |||
| Reserves and Surplus | |||
| Net Worth (Total Equity) | |||
| Long-term Borrowings | |||
| Short-term Borrowings | |||
| Trade Payables | |||
| Total Liabilities | |||
| Fixed Assets | |||
| Investments | |||
| Inventories | |||
| Trade Receivables | |||
| Cash and Bank Balance | |||
| Total Assets | |||
Financial Ratios
| Metrics | FY 2016-17 | FY 2015-16 | FY 2014-15 |
|---|---|---|---|
| Profitability | |||
| EBITDA Margin | |||
| Net Profit Margin | |||
| Return on Equity (ROE) | |||
| Return on Capital Employed (ROCE) | |||
| Return on Assets (ROA) | |||
| Liquidity and Debt | |||
| Current Ratio | |||
| Quick Ratio | |||
| Debt-to-Equity Ratio | |||
| Interest Coverage Ratio | |||
| Efficiency and Growth | |||
| Asset Turnover | |||
| Receivable Days | |||
| Payable Days | |||
| Inventory Days | |||
| Revenue Growth | |||
| Net Profit Growth | |||
To see the full financial statements and ratios of Varun Corporation Limited, buy the company report.
Board of directors of Varun Corporation Limited
Varun Corporation has 3 current directors and 8 former directors. Current directors are listed first, with their designation and appointment date.
| Name | Designation | Appointment Date | Tenure | Status |
|---|---|---|---|---|
| Glen Damaciano Simoens Also directs: Varun LPG Carriers Private Limited, Varun Maritime Limited, Varun Global Limited and 3 more | Additional Director | 10 Jun 2014 | 12 Years 4 Months | As last reported |
| Neerja Yudhishthir Khatau Also directs: Varun Maritime Limited, Yuka Plantations P Ltd | Director Appointed In Casual Vacancy | 02 Jan 2009 | 17 Years 10 Months | As last reported |
| Yudhisthir Dilip Khatau Also directs: Varun LPG Carriers Private Limited, Varun Maritime Limited, Varun Global Limited and 4 more | Director Appointed In Casual Vacancy | 06 Feb 2008 | 18 Years 8 Months | As last reported |
Auditor
Varun Corporation Limited is audited by F N Siamwalla & Co for the financial year 2017.
| Auditor firm | Financial year | Firm registration number |
|---|---|---|
| F N Siamwalla & Co | FY 2017 | 110251W |
Shareholding
The shareholding of Varun Corporation Limited is on record for 3 financial years, the latest being FY 2017, split between promoters, domestic institutions, foreign institutions, public shareholders and others.
| Shareholder category | FY 2017 | FY 2016 | FY 2015 |
|---|---|---|---|
| Promoters | |||
| Domestic institutional investors (DII) | |||
| Foreign institutional investors (FII) | |||
| Public | |||
| Others |
To see the full shareholding pattern of Varun Corporation Limited, buy the company report.
Charges & borrowings
| Date | Charge ID | Lender | Amount | Status | Modified or satisfied on |
|---|---|---|---|---|---|
| 28 Jun 2017 | 100118475 | Others | ₹116.81 Cr | Open | |
| 26 Oct 2016 | 100059950 | Others | ₹391.88 Cr | Open | |
| 02 Aug 2016 | 100086757 | Sbicap Trustee Company Limited | ₹2,236.6 Cr | Open | |
| 21 Oct 2005 | 90241616 | Chelamadalam Investment Finance Co Ltd | ₹10 Cr | Open | |
| 08 Oct 2004 | 90241198 | Infra. Leasing and Financial Services Ltd | ₹2 Cr | Open |
Total charge records: 5 View all charges
Legal cases
Varun Corporation Limited has 10 court cases on record: 2 filed by Varun Corporation, 8 filed against it. 1 case is pending and 9 are disposed.
Cases by court
| Court | Cases | Against the company | Pending |
|---|---|---|---|
| High courts | 4 | 4 | 0 |
| District courts | 3 | 2 | 0 |
| NCLT | 2 | 1 | 0 |
| Supreme Court | 1 | 1 | 1 |
Cases on record (5 of 10)
| Court | Type of case | Party | Status |
|---|---|---|---|
| NCLT, Mumbai | Insolvency matter | Filed by the company against Varun Gas Logistics Private Limited and 2 others | Disposed |
| Supreme Court | Court case (0816-Letter Petition & Pil Matters : SLPs filed against judgments / orders passed by the High Courts in Writ Petitions filed as PIL) | Filed against the company by an individual | Pending |
| NCLT, Mumbai | Insolvency matter | Filed against the company by an individual | Disposed |
| District court, Mumbai CMM Courts, Maharashtra | Court case (Ss cases SW) | Filed against the company by M/S. Mauritius Commercial Bank Th.Mr. Anshul Sehgal | Disposed |
| Bombay High Court | Tax appeal | Filed against the company by Pr.Commissioner of Income Tax-2 | Disposed |
To see the full case history of Varun Corporation Limited, buy the company report.
Case records are compiled from court listings and may lag the court's own records. A case filed against a company is not a finding against it.
MSME payment delays
No delayed payments to MSME suppliers are on our record for Varun Corporation Limited; the supplier-wise MSME Form 1 check is in the company report Buy the company report.
Group structure & subsidiaries
Varun Corporation has 2 subsidiary companies and 1 associated company. This group structure data is as of FY 2017. The table lists each entity with its relationship and holding.
| Company Name | CIN | Shares held |
|---|---|---|
| Varun Resources Limited | U61200MH2010PLC208659 | |
| Varun Global Limited | U61200MH2010PLC209141 |
To see the full group structure of Varun Corporation Limited, buy the company report.
GST
Varun Corporation has 1 GST registration on record, and it has been cancelled or is inactive. Only active GST numbers are listed on this page.
To see the full GST registrations and return filing status of Varun Corporation Limited, buy the company report.
Recent activity
Varun Corporation Limited has 11 board changes on record since 2008: 3 appointments and 8 cessations. The latest: Glen Damaciano Simoens was appointed as Additional Director on 10 Jun 2014.
7 earlier events are in the company report.
Frequently asked questions
Varun Corporation is currently "Under Liquidation" as per MCA records. The company's assets are being sold to settle outstanding debts owed to creditors. A company under liquidation may not have the legal capacity to fulfil new contracts, and creditors are prioritised in the distribution of proceeds. This is a high-risk status - caution is strongly advised.
Varun Corporation is a company under liquidation, formerly operating as a public limited company based in Mumbai, Maharashtra, India. The company works in investment banking and advisory, within the financial services industry. It was incorporated on 04 February 1952 and is registered under CIN U51100MH1952PLC008745. Caution is advised - the company may not have the legal capacity to fulfil new agreements.
Varun Corporation has 3 current directors:
- Glen Damaciano Simoens - Additional Director
- Neerja Yudhishthir Khatau - Director Appointed In Casual Vacancy
- Yudhisthir Dilip Khatau - Director Appointed In Casual Vacancy
The latest financial statements of Varun Corporation on record with the MCA are for the year ended 31 March 2017. Its last annual general meeting was held on 29 September 2017. Year-wise statements from 2015 are in the company report.
The CIN (Corporate Identification Number) of Varun Corporation is U51100MH1952PLC008745. It is issued by the Ministry of Corporate Affairs under the Companies Act, 2013, and uniquely identifies the company in India.
Varun Corporation has open charges of ₹2,757.29 Cr and no satisfied charges on record as per latest MCA filings.
Varun Corporation has 10 court cases on record: 2 filed by the company and 8 filed against it. 1 is pending. Most are in the high courts.
Varun Corporation was incorporated on 04 February 1952. It is registered with the Registrar of Companies, Mumbai.
Glen Damaciano Simoens was appointed as Additional Director on 10 Jun 2014. Gyaneshwar Dayal Sarin ceased to be Additional Director on 10 Jun 2014. Sumegh Prafull Modi ceased to be Director on 11 Dec 2013. Varun Corporation has 11 board changes on record in total.
Varun Corporation can be reached through the website varunship.com. Its registered office is in Mumbai, Maharashtra, India.
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