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Ceenik Exports (India) Ltd. Company History and Annual Growth Details

Ceenik Exports, having its Registered Office in Bombay, was set up as a proprietorship firm in the year 1982 by Mr.Nanikdas Hingorani alongwith his son Mr. Lachman N. Hingorani. The firm with an initial capital base of Rs.1.50 lacs was started with the object of undertaking export of readymade garments to United States of America. Since inception, export was identified as the thrust area with special emphasis on women 5 garments as this segment of the business had huge growth potential. In the export of readymade garments, quality and adherence to delivery
schedules are of prime essence. With this as its business mission, the promoters identified a core group to work exclusively for the firm on contract basis. This aided the company to ensure international quality standards and adhere to strict delivery schedules. This went a long way
in assisting the company to build up its reputation with its overseas customers and consolidate its position in the international market.

By 1986, export of ready made garments from India gained momentum with the entry of new players. This led to competition where survival was entirely dependent on timely execution and adherence to standards. With a view to exercise control over these factors, the Company acquired
premises admeasuring 2850 sq. feet. Activities like cutting, pressing, finishing and packing were transferred under its fold. This was financed out of the internal accruals of the Company. This shift in activity not only helped it to improve quality but also increased its profit margins. Thus in a decade of its existence the firm was
able to firmly establish its position in the overseas market by having its own list of committed overseas customers in United States of America and United Arab Emirates. For the accounting year 1993-94, the Company
achieved an export turnover of around Rs.600 lakhs.

Subsequently, the proprietorship firm was converted into a partnership firm in July 1994 by inducting three new partners namely, Mr. Lachman N Hingorani (S/o. Nanikdas Hingorani), Mrs. Renu Hingorani (W/o. Lachman N Hingorani) and Mrs. Chandra Hingorani (W/o. Nanikdas Hingorani). The
existing capital of sole proprietorship firm was distributed among the new partners in the ratio of 20:20:60 respectively. In September 1994 four new partners joined the firm by inducting a sum of Rs. 0.20 lacs as their contribution towards the capital of the firm.

The new partners were Mrs. Kavita Hingorani (W/o. Narain Hingorani), Mr H. R. Teckchandani, Mrs. Vidya R. Teckchandani and Mr. Anil Mishra and the profit sharing ratio reworked in proportion to the revised capital
contribution. Subsequently, the partnership firm was converted into a Limited Company under the name and style 'Ceenik Exports (India) Limited' vide Part IX of the Companies Act 1956 on January 27, 1995. Thus, the existing assets and liabilities of the partnership firm on book value were transferred to the Company.

In the last five years of operation, the turnover of the firm has increased from Rs.325.77 lacs in 1989-90 to Rs.1129.84 lacs in the year 1994-95 (upto 26.01.95) thus registering a growth of 246%. Similarly, the net profits of the firm have registered a growth rate of 1244% increasing from Rs.11.39 lacs in 1989-90 to Rs.153.12 lacs in the year 1994-95 (upto 26.01.95)

Since the firm's conversion into a Company on January 27, 1995, Ceenik Exports (India) Limited has posted a turnover of Rs.15.63 lacs and a net Profit of Rs.2.24 lac for the period commencing from 27.01.95 to 31.03.95.

2002

-Ceenik Exports India Ltd has informed BSE that in its Board Meeting held on July 31, 2002 the Company has appointed Mr Haresh R. Teckchandani as a Director with immediate effect. The Company has further informed that Mrs Chandra N Hingorani has resigned from the Board of Directors with immediate effect.
 
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