- Asian Star Company was registered as a partnership firm in by the
Shah family and Kothari family. The Promoters of the Company are the
partners of the erstwhile firm, Asian Star Company and hail from North
- The company has processing facilities at Thala, Mandvi and Goregaon
which have been taken on a leave and license basis from associate
- The Company's main activities are importing rough diamonds, cutting
and polishing them and exporting of cut and polished diamonds. The
Company is carrying out its processing activities from its facilities
at Goregaon, Mumbai; Mandvi and Gopipura in Surat & Thala (Chikhli) in
Gujarat. It also gets work done on a job work basis from contractors
in Mumbai and Surat.
- In view of the growing business, both families mutually agreed to
amicably separate the business and continue their business in diamonds.
The Kothari family continued business under the name of P. D. Kothari
& Co. and Asian Star Company has since established itself as a diamond
processor engaged in the import of rough diamonds and the export of cut
and polished diamonds.
- The Company has obtained NOC/Clearance Orders from the Pollution
Control Board of Gujarat for the Surat facility vide registration No.
3500, dated 4th October, from the Mandvi Gram Panchayat for the
facility at Mandvi.
- The Company is Two Times Award winder for highest exports from Gem
and Jewellery Export Promotion Council under the Non-DTC category for
the year 1991-92 and 1992-93.
- The Company is a recipient of National Export Award and Certificates
of Merit from Ministry of Commerce for highest growth in exports in the
year 1991-92 and 1993-94 respectively.
- However in January, on the basis of the Company's performance, DTC
reconfirmed the Company as a 'Sightholder'.
- In four year it has secured 31st position of among the top 100
exporters (10th position in the diamond industry) in India for the year
according to the report by Federation of Indian Export Organisation,
New Delhi, dated September 18, 1995.
- The Company is formed by registration of the Partnership firm
previously known as Asian Star Company into a Limited Company under
Part IX of the Act on March 2, and was granted Certificate of
Commencement on 7th March.
- The Company has entered into contract with M/s. Rahil Agencies to
process rough diamonds at its factories situated at Goregaon, Chikhli
(Valsad) and Mandvi (Surat) as per agreements dated 1st February, for a
period of five years.
- The Company was registered as a public limited company under part IX
of the Companies Act on 2nd March.
- The Company entered the Capital Market with a Maiden Public Issue of
26,70,000 equity shares of Rs. 10/- each at a premium of Rs. 65/- per
share, which was opened for Public subscription on 13th May.
- Indian Diamond Industry had witnessed a bad patch during last year as
a result of uncertain market conditions created by breaking up of
single channel supply, excessive supply in open market, high rate of
interest on Post Shipment finance by Banks.
- The Branch office of the Company at Hong Kong and New York was closed
during the year. With due approval of RBI and Government of India a
wholly owned Subsidiary Company under the name of ASIAN STAR COMPANY
LIMITED with a paid-up capital of US$ 500000/- (Rs. 17875000/- approx.)
was incorporated at New York, U.S.A.
- 1,06,71,200 No. of Equity Shares of Rs. 10/- each of the Company
listed on Ahmedabad Stock Exchange be delisted on and from 1st April
- The Company needs additional funds to meet the working capital it is
therefore proposed to increase the limits as stipulated in the
- During the year under review Indian Diamond Industry has witnessed a
modest rise of 6% over the previous year despite the recession in most
consuming centers as well as financial crisis in the Far East
- The company has been awarded ISO : 9002 certification by RWTUV,
ESSEN, West Germany.