Minutes of the Approval Committee meeting of SEEPZ-SEZ held on 30.06.2023

MINUTES OF THE MEETING OF THE APPROVAL COMMITTEE FOR SEEPZ SEZ HELD UNDER THE CHAIRMANSHIP OF DEVELOPMENT COMMISSIONER ON 30th JUNE, 2023 THROUGH VIDEO CONFERENCING.

|1.|Name ofthe SEZ|Name ofthe SEZ||||:<br>SEEPZ-SEZ|:<br>SEEPZ-SEZ||
|---|---|---|---|---|---|---|---|---|
|2.|Meeting No.|||||:<br>176th|||
|3.|Date|||||:<br>30.06.2023|||
|Members|Members Present:||||||||
||Shri. C. P.|S.|Chauhan|||pede)ee<br>Commissioner,||SEEPZ-SEZ.|
|2|Shr te<br>os<br>eee||Hal|||JointCommissioner |Nominee <br>Income Tax<br>Kautilya||ofIncome Tax office,<br> Bhawan, Bandra,|
||||||||Mumbai.||
||Shri. Himanshu Dhar|||||Deputy Director|Nominee|ofthe DGFT,|
|3|Pandey|||||DGFT|Mumbai.||
|4|Smit Krk|Deshenulch||||DeputyDirecto<br>Inspector|Mee<br>ofDirectorate of<br>Industries, Mumbai.||
|5|Shri. V.K. <br>a<br>——|Vijayan<br>=<br>"<br>-||_|_|sa Sie<br>areSaleln<br>:<br>5<br>Customs<br>ae|Nominee ofCommissioner of<br>> |Customs, General, Air Cargo,<br>=<br>Sahar.<br>———<br>mat<br>=~<br>=||

Members Present:

Special Invitee:-

1. Shri. Anil Chaudhary i Specified Officer, SEEPZ-SEZ

Smt. Bridget Joe, EA to DC/ADC i/c (SEEPZ-SEZ), Shri. Haresh K. Dahilkar, ADC (New-SEZ), Shri. Hanish Rathi, ADC (New-SEZ), Shri. Manish Kumar, ADC (New-SEZ), Shri. Ravindra Kumar, Assistant, Smt. Rekha Nair, Assistant and Shri. GS Bhandari, Assistant also attended for assistance and smooth functioning of the meeting.

Agenda Item No. 01: Confirmation of the Minutes of the 175t* Meeting held on 29.05.2023.

The Minutes of the meeting held on 29.05.2023 were confirmed with consensus.

Agenda Item No. 02: Application for Additional List of Services required for their Authorized Operations of M/s. Lumina Datamatics Limited

The unit requested for Additional List of Services which are not covered under default list of services as per details given below:

||Additional|Justification|
|---|---|---|
||Services||
|1|Other Professional, |Services involved licenses used for DNS||
||Technical and|Security, endpoint detection and response.|
||BusinessServices||

Decision:—

After deliberation, the Committee deferred the proposal for additional list of services as the Unit Representative could not clarify/justify regarding the services required for the authorized operations.

Agenda Item No. 03 : Application for setting up of new unit by- M/s. QG Technologies (India) Pvt. Ltd (Trading) for setting up ofa unit in SEEPZ-SEZ

M/s. QG Technologies (India) Pvt. Ltd (Trading) had submitted the application for setting up of Trading unit for Silver Chains, Silver Findings, 10Kt, 14Kt, 18Kt, Gold Chains, Platinum chains and Findings, 10Kt, 14Kt, 18Kt, Gold Findings, Palladium Chains and Findings. at unit no.501, St Floor, Tower-II, SEEPZ++, SEEPZSEZ, admeasuring area 8.36 sq.mtr (90 Sq. ft) with an annual capacity of 3000.00 no.

Decision : Aftcr deliberation, the Committee approved the proposal of M/s. QG Technologies (India) Pvt. Ltd (Trading)., for setting up of Trading unit for Silver Chains, Silver Findings, 10Kt, 14Kt, 18Kt, Gold Chains, Platinum chains and Findings, 10Kt, 14Kt, 18Kt, Gold Findings, Palladium Chains and Findings. at unit no.501, 5t Floor, Tower-II, SEEPZ++, SEEPZ-SEZ, admeasuring area 8.36 sq.mtr (90 Sq. ft) with an annual capacity of 3000.00 no. subject to following condition :

1. Maintaining of Separate books of account for the manufacturing unit and trading unit.

2. Separate exit & entry for manufacturing & trading activity.

3. Trading activity is allow to only inter unit transfer within the Zone.

4. Unit should indicate CPC code for trading activity in Form-F

fae

Agenda Item No. 04 : Application for Change of the Company name from M/s. Indus Infotech Pvt. Ltd to M/s. Indus Valley Partners (India) Pvt. Ltd

M/s. Indus Infotech Pvt. Ltd has submitted their application for change of name of the company from M/s. Indus Infotech Pvt. Ltd to M/s. Indus Valley Partners (India) Pvt. Ltd and submitted all relevant documents with following details :-

LIST OF DIRECTORS

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----- Start of picture text -----<br>

|||||||||
|---|---|---|---|---|---|---|---|
|M/S.|INDUS|INFOTECH|PVT|LTD/|M/S.|INDUS|VALLEY|PARTNERS|
|M/S.|INDUS VALLEY PARTNERS|(INDIA)|PVT|LTD|
|INDIA)|PVT|LTD|
|Mr.|Harbhajan|Singh|Mr.|Harbhajan|Singh|
|Mr.|Gursarn|Singh|Kapur|Mr.|Gursarn|Singh|Kapur|
|Mr.|Harbhajan|Kaur|Mr.|Gurvinder|singh|

----- End of picture text -----<br>

“It is seen from the above that there is change in the Directors before and after Change of name of the company.

PRE MERGER EQUITY SHAREHOLDING OF TRANSFER COMPANY

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||||||||||
|---|---|---|---|---|---|---|---|---|
|Name|of|Instrument|No.|of|Face|%|of|Residential|
|Shareholder|Shares|value|Holdings|Status|
|1|Mr.|Harbhajan|[Equity|2118626|1|2.06%|Resident|
|Singh|
|2|Mrs.|Harbhajan|/Equity|2118627|il|2.06%||Resident|
|Kaur|
|3|Indus|Valley||Equity|975033 14|]|94.85|%|Foreign|
|Holdings|Ltd|Co.|
|4|Suvarnaben|{Equity|1059314|1|1.03|%|Non-|
|Amin|Resident|
|fs)|Mr.|Gurusaran||Equity|1|1|0.00|%|Resident|
|Singh|Kapur|
|Loans| Reel Ote|ities|=|Ntogyeseea|||ees|=||

----- End of picture text -----<br>

POST MERGER EQUITY SHAREHOLDING OF TRANSFER COMPANY

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----- Start of picture text -----<br> Sr. Name of_ [Instrument |No. of. Face %of {Residential |<br>No. Shareholder Shares value Holdings Status |<br>|eel1 | Mr.Harbhajan INC-RPS | 1966626| 1 |33.33%|Resident |<br>2 | Mrs.ae2Harbhajan SE |NC-eeRPS ee1966627 a1 eS ee 33.33a% ResidentSee eek|<br>3 Indus Valley |NC- RPS 983314 1 16.67 % _ | Foreign Co. |<br>___|4 HoldingsSuvarnabenLtd _ |NC - RPS Steal983314eine ine ons1 OL tlhe| ing16.67% Dinas silt| Re Non-REN|<br>ie dee ee ee ee le earn |<br>----- End of picture text -----<br>

[ 5 ] Mr. Singh Kapur | | Gurusaran NC-RPS © | 1 | 1 | 000% | Resident | [Tota | —s«(| ssossaa2 {| 00%| |

**It is seen from the above that there is Change in the Profit Sharing Ratio & Share holding patterns of the company.

Decision:- After deliberation, the Committee approved the proposal for change of name of the company from M/s. Indus Infotech Pvt. Ltd to M/s. Indus Valley Partners (India) Pvt. Ltd in terms of MOC&I Instruction no 109 dated 18.10.2021. Further, the Committee also directed the unit to comply with the following safeguards in terms of Instruction no. 109, dated 18.10.2021:-

• 1.Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered entity.

2. Fulfillment of all eligibility criteria applicable, including security clearances etc, by the altered entity and its constituents.

3. Applicability of and compliance with all Revenue/Company Affairs/SEBI etc. Acts/Rules which regulate issues like capital gains, equity change, transfer, taxability etc.

4. Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownerships etc. shall be furnished immediately to Member (IT&R), CBDT, Department of Revenue and to the jurisdictional Authority.

5. The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger demerger, amalgamation, transfer and ownership etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961.

.

6. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable.

7. The applicant shall furnish details of PAN and jurisdictional assessing officer of the unit to CBDT.

8. The applicant shall be recognized by the new name or such arrangement in all the records.

Agenda Item No. 05 :- Application received from M/s. Pure Dia Jewels, Unit No. 29, & 29PAN, SDF-I, SEEPZ-SEZ, for re-location i.e. (SDF1 to NEST-01) with Capacity Enhancement and Revised Projection for the period of 3 years i.e. 2023-24 to 202526.

The unit had submitted the application for Additional Location i.e. (from SDF- I to NEST -01) admeasuring an area of 613.38 Sq.mtr with Capacity Enhancement and revised Projection for remaining period of 3 years i.e. 2023-24 to 2025-26 in terms of Rule 19 (2) of SEZ Rules 2006 and the details are as indicated below :

Sela =e © DETAILS OF ITEMS OF MANUFACTURES/ Service Activity

:-

Items of Manufacture Existing Proposed Total Approved | Capacity capacity Capacity for on Additional | Additional Location Location Benei =eDiamond, StuddedPrecious Goldeae& &Semi PlatinumPrecious ee95000 12000 107000

Projections:

(Figures Rs. In lakhs)

Particulars Existing Existing Proposed for 3 years Projection of | Projection | on Additional Location 5 years of3 year (1US$ = Rs.82/-) (Approved) (Approved) 2021-22 to 2023-24 2025-26 (1 to 2025| US$=Rs.70/-) 26 | Rs. In Lakhs Rs. In Rs. In US'000 Lakhs Lakhs |1. [FOB value ofexports | 27303.17 _| 24261.00 | 24503.61| 29882.45 Material and components 7S 3 | Import of re-making = and remanufacturing | unused/used, new, | broken jewellery goods Sa-=hr eere consumables papee, “Dre ee Repatriation of - | to foreign collaborates ea! fT [eke]a SSNe e l ap nln aaneRamee, ae eeeCainecanal technicians alee eS bed <= ales REes ae pele e Indian tech. abroad a Sele export / discount mkting exps etc. — eee: | __ 442.00 _| 14. |Amount of interest to - - : | ___|be paid on External} ules . fetes |

Na»

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----- Start of picture text -----<br> 7 |<br>commercial<br>__| borrowings. Pf |<br>15. |Amount of interest to - . - ~ |<br>be paid on deferred<br>|16. |paymentc Any othe r editpayment | - fo- - |<br>Foreign Bank charges, |<br>exhibition, export |<br>:PromotionTotal 2 to 16) exps ctc cae _26783.34_a3099.10 [|] |<br>Decision: After deliberation, the Committee approved the proposal of the unit for<br>Capacity Enhancement and Revision of Projection for the period of 3 years i.e. 2023-<br>24 to 2025-26 due to re-location with additional location i.e. from SDF-I to NEST-0O1<br>with total area 613.38 Sq. mtrs (Old area 488+ re-locate area 125.38) in terms of Rule<br>19 (2) of SEZ Rules 2006.<br>----- End of picture text -----<br>

Agenda Item No. 06: Monitoring of Performance of M/s. Luxury Jewelry (India) Private Limited (formerly known as M/s. Ideal Jewels (India) Pvt. Ltd for the period of 1 year i.e. 2019-20

APR of the unit for FY 2019-20 was monitored and noted by the Approval Committee vide Minutes of Meeting dated 01.10.2021. The unit vide letter dated 27.03.2023 requested from this office to rectify figures under Sr. No. 4[A] (g) of the APR for FY 2019-20 which reads as “closing balance of imported raw materials, consumables, components, packing materials etc.” and revised figures of the same is to be taken as opening balance of imported raw materials in the APR for FY 2020-21 which is due for monitoring.

Decision: After deliberation, the Committee noted the performance of the unit for the period 2019-20. The NFE earnings for the FY 2019-20 will also be changed from Rs.5603.90 lakh to Rs.1758.77 lakh and this change has occurred due to change in closing balance figures as the value of imported raw materials and consumables etc. changed from Rs. 6185.12 lakh to Rs.10030.24 lakh. The rectifed figures in Closing balance of imported raw material, consumables, components, under Sr. No. 4[A] (g) of the APR for F.Y. 2019-20 has been noted. The NFE earnings of the Unit for FY 201920 is positive and it surpasses its projected NFE earnings which were amounting to Rs.1605 lakh. Rest of the details as noted by the Approval Committee vide Minutes of Meeting dated 01.10.2021 will remain same.

The meeting ended with the vote of thanks to the Chair.

Chairperson-cumDevelopment Commissioner