Ceenik Exports (India) Ltd is a company that has walked away from its past. For decades it made fashion garments in Navi Mumbai, but relentless price competition from unorganised local players and cheaper labour in Bangladesh and Vietnam made the business unviable - so it shut the machines, sold the plant as scrap, and exited manufacturing entirely. What remains is a lean, four-employee operation that now makes its living from property and construction, with the same family at the helm and a habit of pivoting into whatever generates cash. # Business segments Two engines at different stages - a property-and-construction business that now carries the company, and a small hostel operation with room to grow - both built on the real estate the company already owned. ## 1. Real estate and construction: the new mainstay **The company earns rent from buildings it owns and fees from construction work it does for others - a low-overhead property business that replaced garment manufacturing as the company's reason for being.** - **Landlord with rising assets** - the company owns investment properties (buildings held to earn rent) whose net carrying value more than doubled in a year, from roughly Rs. 14.4 crore in March 2024 to Rs. 35.9 crore in March 2025, and it charges tenants on a fixed-term basis. - **Construction services added a new income stream** - during FY25, the company earned Rs. 8.5 crore from rendering construction-related services, a line of business that did not exist before and signals a deliberate push beyond passive rent collection. - **No depreciation, no factory overhead** - the company does not charge depreciation on its investment properties, and with only four permanent employees, the cost of running this business is minimal compared to the labour-heavy garment operation it replaced. - **A portfolio of shares sits alongside** - the company holds quoted equity investments in firms like Alok Industries and IDBI Ltd, plus unquoted stakes in two associate companies, Viking Advanced Technologies and Niktin Properties & Estates, giving it a cushion of financial assets beyond the property itself. ## 2. Hostel business: lodging income from owned space **A small but growing stream of boarding and lodging charges that turns part of the company's property into a services business.** - **Paying guests, not just tenants** - the company collects lodging and boarding charges from a hostel operation, which is a more hands-on use of its space than a simple lease and brings in a different kind of customer. - **Expected to expand** - management noted as early as FY21 that the hostel business was expected to show healthy growth, and rising property prices in Mumbai were making rentals more expensive, which should push more people toward hostel-style accommodation. # Group structure and partners **A family-run company with no subsidiaries, no joint ventures, and a tight circle of related-party relationships - effectively a proprietorship in public-company form.** - **No corporate group** - as of March 2025, the company has no holding company, no subsidiaries, no associates and no joint ventures; it stands entirely alone. - **Run by the Hingorani family** - the Chairman and Managing Director is Mr. Narain Hingorani, his wife Mrs. Kavita Hingorani is a director, and the company has borrowed money from their respective proprietorships, Ceenik Fashion and September Fashion, while also paying rent to Mrs. Hingorani. - **A recent bonus issue widened the share base** - in January 2025, the company issued one bonus share for every five held, increasing its paid-up equity capital from Rs. 3.35 crore to Rs. 4.02 crore. - **Small legacy tax disputes remain** - contingent liabilities include an income tax demand of Rs. 4.95 lakh for FY2013-14 under appeal, and a service tax demand of Rs. 3.43 lakh for an earlier period, both manageable in size.