Shoora Designs Ltd - Stock Valuation and Financial Performance

Shoora Designs was originally incorporated on March 05, 2021, as a private limited Company under the name and style of Shoora Designs Private Limited under the provisions of Companies Act, 2013 with the Registrar of Companies, Ahmedabad. Pursuant to shareholders’ resolution passed at Extra Ordinary General Meeting held on January 02, 2023, the company was converted into a Public Limited Company and the name of the company was changed to ‘Shoora Designs Limited’ and a fresh Certificate of Incorporation dated January 04, 2023 was issued by Registrar of Companies, Ahmedabad. The company was incorporated in the year 2021 and was engaged in the business of ‘Textiles & Apparel’ Industry and ‘Apparel & Accessories’. However, thereafter in the following year, the object of the company was amended to manufacturing and trading of diamonds and jewelleries.

Since, the year of 2022, the company is engaged in the business of procuring rough diamonds through suppliers, internally planning and mapping rough diamonds, and is out souring the process of cleaving, laser cutting and polishing from local job-workers in the domestic market of Surat and is selling of the said polished cut-diamonds to the wholesalers or retailers with business concentration pre-dominantly in Surat, Gujarat, and the newly-explored market of Mumbai, Maharashtra. A substantial majority of its cut and polished diamonds are sold to diamond wholesalers and the jewellery manufacturers in the domestic market of Surat and Mumbai. The revenue from sale of the diamonds is generated through offline market, and through its online platform accessible. The online market facilitates and provides the customers with an option to browse variety of diamonds through its catalogue. This catalogue also provides the customers with the price data for each of the products, which thus enables the targeted investor to make a well-informed decisions.  

Business area of the company 

The company engaged in manufacturing and trading of diamonds.

History and milestones 

• 2021: Incorporation of the company as a Private Limited Company.
• 2021: Recognition as a Startup by Department of Promotion of Industry and Internal Trade (Ministry of Commerce & Industry, Government of India).
• 2022: Change in the business of the company from textiles to manufacturing and trading of natural/ lab grown diamonds and jewellery.
• 2022: Acquisition of proprietary business of Rajeshbhai Labhubhai Mer (Director of the company).
• 2022: Allotment of Equity Shares on Preferential basis in lieu of consideration against the Takeover of M/s Rajeshbhai Labhubhai Mer, Proprietorship Firm.
• 2022: Conversion of unsecured loan of Rs 95,04,000 (Rupees Ninety – Five Lakh Four Thousand) owed to its Promoter and Promoter Group to 1,98,000 fully paid-up Equity shares of Rs 48 each as per Valuation done by the Independent Registered Valuer.
• 2023 Conversion of the company from a Private Limited to a Public Limited Company.