Rathod Jewellery Manufacturing Limited

Draft Red Herring Prospectus dated September 30, 2026

Summary

Rathod Jewellery Manufacturing Limited is making an initial public offer. The document does not yet state the price.

About 56% of the amounts stated for the objects go to funding incremental working capital requirements of the company, and about 44% to repayment and/or pre-payment, in full or in part, of borrowing availed by the company. The amount for general corporate purposes is not yet stated.

The review found 3 points to read closely and 22 worth checking.

Read closely

1. Criminal proceedings against the company, its directors or individual promoters
2. Qualified or adverse audit opinion
3. Customer concentration

How the capital was built

• The last priced issue of shares was on 2 Jan 2014: 15,000 shares to promoters and others at ₹500 each (₹0.26 in today's shares) (5 allottees), 93.8% of the pre-issue capital, at 5.0 times the price of the previous issue 21 months earlier; it came about 13 years before this prospectus.
• From the first priced issue (10 Apr 2012, ₹0.052 in today's shares) to the last, the price per share rose 5 times over 2 years.

Conclusion

Of the 3 points to read closely, 1 concerns the promoters, management and their dealings (criminal proceedings against the company, its directors or individual promoters), 1 concerns the financial statements and 1 concerns the business, the valuation or the quality of disclosure. These could not be scored automatically and need reading: land or assets bought from related parties; loans to related parties; group entities in the same business. These wait for the price and the final share count: shares issued shortly before the IPO at a deep discount to the issue price; low promoter holding after the issue. The pages to read are 38, 46 and 290.