MK Jewels leases key operating sites from related parties

MK Jewels leases its Bandra registered-office showroom, experience centre, Zaveri Bazaar showroom and proposed Ulhasnagar showroom from related parties. Across the property schedule, expressly identified related-party lessors account for at least Rs 22.985 lakh of Rs 32.52 lakh in stated rent, or 70.6%, including disclosed co-owner allocations.

Which MK Jewels sites are leased from related parties?

MK Jewels uses related-party-owned premises for customer-facing and operating locations in Mumbai, Ahmedabad and Ulhasnagar. Its 800-square-foot Bandra West premises at A. N. Chambers serve as both the registered office and a showroom. Ramchand Murlidhar Raimalani is named as the related-party lessor, with stated rent of Rs 7.70 lakh, a Rs 25 lakh security deposit and a 36-month term from April 1, 2025 to March 31, 2028.

The same A. N. Chambers building houses a 400-square-foot experience centre leased from Ramchand Murlidhar Raimalani. The lease has stated rent of Rs 1.30 lakh, no listed security deposit and a 36-month term ending October 31, 2028. MK Jewels also leases a 135-square-foot Zaveri Bazaar showroom from Ramchand Raimlani, identified as a related party, for Rs 55,000 under a term ending March 31, 2028.

The property schedule also identifies related-party co-owners in Ahmedabad. At the 927-square-foot Sindhu Bhavan Road showroom, Ramchand Murlidhar Raimlani is a related-party co-owner and the schedule records Rs 1.375 lakh of the total Rs 2.75 lakh stated rent against that owner. At the C.G. Road showroom, two premises of 1,072 square feet and 1,860 square feet are leased from Ramchand Murlidhar Raimlani, with stated rents of Rs 1.76 lakh and Rs 3.30 lakh.

What is MK Jewels’ related-party lease exposure?

MK Jewels has at least Rs 22.985 lakh of stated rent tied to expressly identified related-party lessors, equal to 70.6% of the Rs 32.52 lakh total stated rent in the listed property schedule. The calculation includes the identified related-party portions of co-owned Ahmedabad sites, but does not assign rent where the schedule does not provide a separate amount.

The area comparison shows a minimum related-party footprint of 5,883 square feet, or 48.1% of the 12,222 square feet listed in the schedule. This minimum counts the fully identified Bandra, Zaveri Bazaar, C.G. Road and Ulhasnagar spaces, but excludes 927 square feet at Sindhu Bhavan and 2,684 square feet of Ahmedabad expansion and lounge space held with non-related co-owners.

The structure differs by city. Both the Bandra registered-office showroom and experience centre, totalling 1,200 square feet, have related-party lessors, whereas the 300-square-foot Andheri showroom is leased from Meenaz Salim Nathani and marked non-related. In Ahmedabad, MK Jewels says four premises leased from three parties are used together as one C.G. Road showroom, making continuity at that location dependent on several agreements.

How does the Ahmedabad expansion affect related-party leasing?

MK Jewels’ expansion of Showroom 5 at Surbhi Complex adds a 2,084-square-foot retail area and a 600-square-foot lounge under leases from April 1, 2026 to March 31, 2028. Neelam Raimalani is listed as a related-party co-owner and Kajal Motwani as a non-related co-owner. The schedule states Rs 4 lakh of rent for the retail expansion and says total rent is distributed equally between both owners.

On that disclosed equal allocation, Rs 2 lakh of the Rs 4 lakh expansion rent is attributable to the related-party co-owner. No separate rent is stated for the 600-square-foot lounge, so the disclosure does not support a rent allocation for that area. The expansion agreements are marked stamped and registered, unlike the four existing C.G. Road premises, which are marked as not stamped and registered.

Before the expansion and lounge, the existing Showroom 5 comprised 3,951 square feet across four premises. Of that area, 2,932 square feet are in premises leased from Ramchand Murlidhar Raimlani, a related party. The additional 2,684 square feet increases the combined disclosed area of the Showroom 5 configuration and retains a co-owner structure for its added space.

Why does the proposed Ulhasnagar showroom matter?

MK Jewels’ proposed Ulhasnagar showroom is leased from Kush Raimlani, identified as a related party, under a 36-month agreement from April 15, 2026 to April 14, 2029. The retail premises measure 1,216 square feet and the lounge measures 400 square feet, taking the disclosed site area to 1,616 square feet. Stated rent is Rs 5 lakh and the security deposit is Rs 10 lakh.

The Ulhasnagar lease is marked as not stamped and registered in the property schedule. That differs from the related-party Bandra leases and the Ahmedabad expansion, which are marked stamped and registered. The disclosure does not give an opening date, expected sales contribution or capital-expenditure estimate for the proposed Ulhasnagar showroom.

The proposed site adds a related-party lease with an end date later than the March 31, 2028 expiry for the Bandra registered-office showroom, Zaveri Bazaar store and Ahmedabad expansion. Continued use after each contractual end date would require renewal or replacement arrangements, neither of which is set out in the property schedule.

What lease documentation and cash commitments should readers track?

MK Jewels’ disclosed sites are leased rather than owned, with terms ranging from 24 months to 55 months. The 55-month Andheri showroom lease, from November 1, 2025 to May 31, 2030, is the longest stated term; it has rent of Rs 1 lakh and a Rs 12 lakh security deposit. The related-party Bandra showroom, experience centre and Zaveri Bazaar leases each have 36-month terms.

The schedule lists security deposits of Rs 25 lakh for the Bandra registered-office showroom, Rs 10 lakh for the proposed Ulhasnagar site and Rs 8 lakh for the Ahmedabad expansion. It records no security deposit for the Bandra experience centre or Zaveri Bazaar showroom. These deposits are separate from stated rent and identify cash committed to particular premises.

MK Jewels also has a 1,409-square-foot corporate office at A. N. Chambers across three units. The disclosed lessors are Minar LLP, Minar Private Limited and Sonal Chandani, with combined stated rent of Rs 3.40 lakh and deposits of Rs 8.50 lakh and Rs 9 lakh for two units. The property schedule does not identify those corporate-office lessors as related parties.

Conclusion

MK Jewels’ property disclosures show that related-party landlords form a material part of its listed operating footprint and stated rent. The arrangement covers the Bandra registered-office showroom and experience centre, the Zaveri Bazaar store, identified portions of Ahmedabad sites and the proposed Ulhasnagar showroom, while non-related lessors also supply premises in Mumbai and Ahmedabad.

The next disclosures to track are lease renewals or replacement arrangements for agreements ending in 2028, particularly the Bandra, Zaveri Bazaar and Ahmedabad expansion sites. MK Jewels has also not disclosed an opening date for the proposed Ulhasnagar showroom, while that lease is marked not stamped and registered and is scheduled to end on April 14, 2029.