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Flawless Diamond to establish its subsidiary in Dubai
13
Aug '08
Flawless Diamond India Ltd has informed that the Board of Directors of the Company at its meeting held on August 11, 2008, inter alia, has discussed in detail all the businesses and decided to take the following major steps:

1. For Retailing - Board has reviewed and discussed the Company's retail business. Growth of the Company's retail business is very good. Now, Company has planned to open additional 75 more Out-lets within next 24 Months.

To support it's retail planning, it will set-up more manufacturing facilities at strategic places. For more exclusive designs to cater every class of customers, for this it will set-up more designer studios at various places and will focus on craft Jewellery work and create more traditional designer Jewellery and also contemporary designer Jewellery, and will hire more people to boost it's retail business.

Further, Company has decided to take more effective steps for bringing down it's cost and make retail business more profitable.

It was decided to create and add more franchises all over Country. Company will create more effective E-Trade business and come out with some innovative new business models.

Company is very soon to expand it's product profile by adding Life-styles products and product in Platinum, Gold, Silver along with watches and men's accessories.

2. The Board has reviewed in detail Company's Export business, wholesale business, private label business and other businesses as well. Company has decided to make these businesses more profitable, Company will take major steps to cut the cost at various level.

Company will establish it's subsidiary very soon at Dubai to tap and explore the opportunities in Gulf, Europe & U.S.A.

3. Board has discuss in detail about investment required for all this businesses. Company's requirement of 75 Crore to 85 Crore for over all development of the businesses will be initially met by the internal accruals.

For the Company's long-term requirement of the investment, Board has appointed Mr. B U Jain & Mr. Rajiv Kamdar to negotiate with potential investors (like FIS, FIIS, HNIS, Venture Capitalist).

4. Mr. Gopal Krishna Pillai was appointed as an Additional Director of the Company w.e.f. August 11, 2008. Mr. Pillai retired from Indian Revenue Service (I.R.S.) as Chief Commissioner of Custom & Excise having vast experience of more than 40 years in the field of custom and excise. Mr. Pillai will be an Independent Director.

5. Mr. Rajiv Kamdar who was an Independent Director will be now a Non - Executive Director. He will be Director (Finance) w.e.f. August 11, 2008.

6. Mr. Rajendra L Jain resigned as a Director of the Company w.e.f August 11, 2008. He was an Independent Director.

7. The board also decided to meet on August 18, 2008 to approve and adopt Audited Balance Sheet as at & Profit & Loss Account for the year ended March 31, 2008 & report of Auditors & Directors thereon.

Flawless Diamond India Ltd


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