Neogem India Ltd Company Summary

Neogem India Limited was incorporated on September 21, 1991. On April 1, 1993, the Company came out with a Public Issue of Rs. 5.3 Crore at par and got listed on Bombay Stock Exchange.

This issue financed the unit of jewellery manufacture at SEEPZ, Mumbai.At present, Company is engaged in the business of manufacturing and trading of Gems & Jewellery. Currently, it manufacture diamond-studded jewellery and export the same to various countries. The Company stopped the production of jewellery, in January, 2018.

Having aggressively pursued direct export, the Company forged a strong network of customers all over the world especially in the USA and Europe in 2019. It got actively engaged in trading exports. Besides, it imported cut and polished diamonds and exported them to countries like UAE, Hong Kong and Europe directly.Neogem presently has a sprawling manufacturing unit in SEEPZ-SEZ, Mumbai.

The manufacturing unit is favorably placed, well connected by road and rail. Its proximity to Mumbai International Airport and Sea Port facilitates export of finished products and imports of raw material, likewise. Neogem [I] Ltd was recently rewarded the status of a Two Star Export House.Further due to financial crunch, the Company could not repay the working capital loan (secured) to Punjab National Bank and Bank of India, accordingly, the accounts of the Company has been classified as non-performing assets by the respective banks with effect from 31-03-2016.

Due to fierce competition and adverse market conditions, the business could not survive. However, the management is putting in every effort to revive the business.