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We are in the business of manufacture and wholesale of jewellery and head quartered at Mumbai, Maharashtra.The jewelleries are manufactured on job work basis at Kolkata and Mumbai. We primarily sell gold jewellery and our product profile includes bangles, chain, and mangalsutra. Our focus is on developing new designs that meet customerís requirements as well as cater to their tastes and specifications. We get our products designed by third party designers.
We endeavor to maintain the quality of our products, follow strict procedures to ensure control quality, timely delivery and competitive prices. We offer regular designs and guarantee our esteemed customers for the time bound delivery of the products.Our customers get the jewellery hallmarked from BIS recognized Assaying and Hallmarking Centre. We only assist in dispatching the products to the Assaying and Hallmarking Centre for certification.The BIS hallmark, a mark of conformity widely accepted by the consumer bestows the additional confidence to the consumer on the purity of our gold jewellery.
Our Promoters are Jawanmal M. Shah and Amrit J. Shah has around 30 years and 20 years of experience respectively in jewellery industry. Some of our major customers include Nakshatra Jewellery, P.N. Gadgil& Sons, RankaJewellers, P.N. GadgilJewellers Private Limited, etc.
We procure the required gold from various banks and local markets. We are located in jewellery hub of Mumbai which give us an added advantage in terms of procurement. We have return policy which is limited to taking back products which are damaged in transit, apart from that we do not entertain any returns.
Our total income for the Fiscal ended March 31, 2015, 2016, 2017 and October 31, 2017 was Rs. 11,080.96 Lakhs, Rs. 14,295.88 Lakhs, Rs. 23,972.06 Lakhs and Rs. 8,085.27 Lakhs respectively. Our restated profit after tax for the Fiscal ended March 31, 2015, 2016, 2017 and October 31, 2017 was Rs. 16.81 Lakhs, Rs. 15.20 Lakhs, Rs. 287.46 Lakhs and Rs. 188.98 Lakhs respectively.
Our Competitive Strengths
Cordial relationship with our customers:
We believe our major customers have contributed significantly in the growth of our business. Our key customers include Nakshatra Jewellery,ChandukakaSaraf& Sons, P.N. GadgilJewellers Pvt. Ltd., NeelkanthJewellers, RankaJewellers etc. We provide the products to our customers at their doorsteps.We have cordial relationship with our customers which have enabled us to understand and cater to diverse design requirements of such customers and to develop new design for these customers.
Experience of our Promoters:
We believe that our experienced promoters have significantly contributed to the growth of our business operations. Our promotersJawanmal M. Shah and Amrit J. Shah have been in the business of jewellery for around 30 years and 20 years respectively. We believe our management team has established good reputation for our Company with our customers and has been instrumental in our growth by being able to rapidly respond to market opportunities, customer demands and competitive environment and bring innovations to our business, marketing and strategy.
We believe in making mutually beneficial relationship with our customers by providing them optimum quality jewellery pieces at highly affordable market prices. In a zest to attain maximum customer satisfaction, we assure accurate and timely delivery of these jewelleries, at the customerís end.
Quality of our products:
Our strength lies in understanding the requirement of the customer and our execution capabilities. This has enabled us to get repeat orders from our existing customers and attract new customers. We believe that the intricacies of our designs and quality of our products finish enable us to get better margins on our products.
Our Business Strategies
Innovation in Designing
Our Company intends to strengthen its product development effort by creating customer/ product-range/ market-specific teams, helping them focus and create innovative and acceptable designs that will help to increase the sales.
Continue to focus on our existing customers
We believe that we have established ourselves in the domestic market and have developed a marketing network with major retail chains during the past few years. We intend to continue to cater to our existing customers comprising of retail chains and to capitalize on our credentials to add new customers in the domestic market.
Enhancing Operating Effectiveness and Efficiency
Our Company aims to continue to improve our operational effectiveness and efficiencies to achieve cost reductions including overheads. We believe that this can be done through continuous business process review and timely corrective measures in case of diversion and technology upgradation.
Our Business Operations
Our products are manufactured on job work basis from third parties located at Kolkata and Mumbai based on the basis of management estimation, order received from our customers, past consumption and future estimation.We get the jewelleries designed from third parties designers. The sample of such designed jewelleries are shown to the customers and on approval of the designs, we get the approved designed products manufactured in desired quantities from the third parties. Our production is done on a purity of 22 karat and 18 karat of jewellery.
The raw material used for manufacturing of our products is gold, which we procure from bank and domestic market and the requisite raw materials are provided by us to the job workers who meet the quality standards set by our Company. Our product includes bangles, Chain and mangalsutra.There is nowritten agreement in connection with these manufacturing arrangements.
We follow a procurement policy aimed at de-risking the business from gold price fluctuations by sourcing gold for our business operations under the gold loan schemes from our suppliers. Under such arrangements, the price of gold purchased is not fixed on procurement, but rather within the applicable credit period, on the basis of prevailing gold rates on sale to customers, thereby minimizing any risk to us relating to gold price fluctuations between the time of our procuring the raw material and selling the finished product to our customers.
The process flow is as under:
Collaborations/tie ups/ joint ventures
Our Company does not have Collaboration/Tie Ups/ Joint Ventures as on the date of this Prospectus.
Capacity and Capacity Utilization
Our jewellery manufacturing operations are carried on job work basis from third parties. Thus, installed capacity or capacity utilization cannot be determined.
Our primary factors considered in marketing is creating our customerís confidence by providing them quality products as per their needs and requirement, offering reasonable pricing for our products, timely and reliable delivery of our products together with the level and quality of customer service. We maintain an ongoing relationship with our existing customers. We believe that our success lies in the strength of our relationship with our existing customers.
Jewellery industry is highly competitive industry. Competition in this industry is based mainly on the quality, design, availability and pricing. We continuously take measure to reduce our procurement, production and distribution costs and improve our operational efficiencies. We face competition from both the organized and unorganized sector in the business of gold jewellery. However, we believe our true competition is with the unorganized sector.
We operate in a highly competitive market and there are large numbers of players in organized sector as well as in unorganized sector. We believe the quality of the product and the design are the important factor to face the competition.
Our raw material comprises of gold bar. The raw materials are procured from various banks and domestic market. Generally we procure raw materials based on the basis of management estimation based on order received, past consumption and future estimation. Our suppliers for the raw materials are Kotak Mahindra Bank Ltd., Arihant Traders etc.