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India's Shrenuj Downsizing After Somber Results
Jun 23, 2016 3:52 AM
By Rapaport News
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RAPAPORT... Shrenuj & Company is “rationalizing” its workforce after
the Indian diamond and jewelry manufacturer swung to an annual loss as sales
plunged.
Revenue on a standalone basis slumped 34 percent to
$265.7 million (INR 17.89 billion) in the fiscal year that ended March 31, the Mumbai-based
company said. The diamond cutter and polisher reported a $6 million loss versus
a $3.1 million profit a year ago. Revenue from the diamond segment dived 37
percent.
“The company has undertaken an exercise to rationalize its
manpower across all levels,” Shrenuj said in a statement to the Bombay Stock
Exchange.
“As a result, some of employees have started tendering their
resignations. The company is putting its every effort to retain the best talent
in the organization. Alternative strategies are being considered to overcome
the current challenges.”
Shrenuj has faced “severe liquidity pressure” with various
payments being delayed or becoming overdue, accountants Rajendra & Co wrote
in an independent auditors’ report May 28. The management is of the opinion the
realizable value of the firm’s inventory and other assets are sufficient to
repay all outstanding liabilities, the report said.
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Tags:
India, mumbai, Rapaport News, Shrenuj, Shrenuj & Company
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