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Annual Report, We Have Disclosed Forward Looking Information to Enable Investors to Comprehend Our Prospects and Take Investment Decisions

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Annual Report, We Have Disclosed Forward Looking Information to Enable Investors to Comprehend Our Prospects and Take Investment Decisions annual Gitanjali Gems Limited 2010/11 report Forward-looking statement In this Annual Report, we have disclosed forward looking information to enable investors to comprehend our prospects and take investment decisions. This report and other statements - written and oral - that we periodically make contain forward looking statements that set out anticipated results based on the management’s plans and assumptions. We have tried, wherever possible, to identify such statements by using words such as ‘anticipate’, ‘estimate’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’, and words of similar substance in connection with any discussion of future performance. We cannot guarantee that these forward looking statements will be realised, although we believe we have been prudent in our assumptions. The achievements of results is subject to risks, uncertainties and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated or projected. Readers should keep this in mind. We undertake no obligation to publicly update any forward looking statement, whether as a result of new information, future events or otherwise. Go online at www.gitanjaligroup.com 1 A consumer brand exudes multiple hues of life. It can be related with the thoughts, feelings, perceptions, experiences, beliefs and attitudes of a wide consumer spectrum. Every customer is different, but there are certain mega trends that are emerging: a contemporary customer is more discerning and well-informed, seeks higher value in terms of lightweight jewellery and design precision, and is more receptive to global brands. At Gitanjali, we are catering to the evolving needs of customers by virtue of our decades-rich experience and expertise in branded jewellery. Each of our brands has its distinct personality, which creates its enduring appeal. Ever since pioneering the retail revolution, Gitanjali has aggressively expanded its retail network, showcasing an ensemble of multiple brands, nationally and internationally. Corporate Information ................................................................................................................ 03 Financial Highlights ........................................................................................................................ 04 Chairman’s Message ...................................................................................................................... 06 Notice ......................................................................................................................................................... 08 Directors’ Report .............................................................................................................................. 12 Management Discussion and Analysis ......................................................................... 20 Report on Corporate Governance ................................................................................... 30 Standalone Financial Statements ...................................................................................... 47 Contents Consolidated Financial Statements ................................................................................. 81 3 Corporate Information Board of Directors Auditors Mr. Mehul Choksi, Chairman & Managing Director M/s Ford, Rhodes, Parks & Co. Mr. Nehal Modi, Non -Executive Director Sai Commercial Building, 312/313, 3rd Floor Mr. Dhanesh Sheth, Non -Executive Director BKS Devshi Marg, Govandi (East), Mumbai – 400 088 Mr. Nitin Potdar, Independent Director Mr. Sujal Shah, Independent Director Bankers Mr. S. Krishnan, Independent Director Allahabad Bank Andhra Bank Company Secretary & Compliance Officer Bank of Baroda Ms. Pankhuri Warange Bank of India Bank of Maharashtra Audit Committee Canara Bank Mr. Sujal Shah, Chairman Central Bank of India Mr. Nitin Potdar Corporation Bank Mr. S. Krishnan Dena Bank Mr. Dhanesh Sheth Export Import Bank of India ICICI Bank Limited Shareholders/Investor’s Grievance Committee IDBI Bank Limited Mr. Dhanesh Sheth, Chairman Indian Overseas Bank Mr. Mehul Choksi IndusInd Bank Limited Mr. Nitin Potdar Karnataka Bank Limited Punjab National Bank Remuneration Committee Punjab & Sind Bank Mr. Sujal Shah, Chairman State Bank of Bikaner & Jaipur Mr. S. Krishnan State Bank of India State Bank of Hyderabad Allotment Committee Standard Chartered Bank Mr. Mehul Choksi, Chairman Syndicate Bank Mr. Dhanesh Sheth The Karur Vysya Bank Limited Mr. Sunil Varma Union Bank of India United Bank of India Borrowing Committee Mr. Mehul Choksi, Chairman Registered Office Mr. Dhanesh Sheth 801/802, Prasad Chambers, Opera House, Mumbai – 400004 Mr. Sunil Varma Tel. : +91 - 022 - 4036 2222 Investment Committee Fax : +91 - 022 - 2363 0363 Mr. Mehul Choksi, Chairman E-mail : [email protected] Mr. Dhanesh Sheth Mr. Sunil Varma Corporate Office B- 6, 1st Floor, Laxmi Tower, Bandra Kurla Complex, Administrative Committee Bandra (E), Mumbai- 400 051. Mr. Mehul Choksi, Chairman Tel. : +91 - 022 - 4010 2000 / 01 Fax : +91 - 022 - 4010 2003 Mr. Dhanesh Sheth Mr. Sunil Varma E-mail : [email protected] Securities Committee Registrar & Transfer Agent Mr. Mehul Choksi, Chairman Karvy Computershare Private Limited Gitanjali Gems Limited Unit, Plot No. 17 to 24, Mr. Dhanesh Sheth Vittal Rao Nagar, Madhapur, Hyderabad - 500081. Executive Management Committee Tel. : +91 - 040 - 4465 5000 Fax : +91 - 040 - 2342 0814 Mr. Mehul Choksi, Chairman E-mail : [email protected] Mr. Nehal Modi Website : www.karvy.com Mr. Dhanesh Sheth Mr. Nishit Mehta 4 Gitanjali Gems Limited | Annual Report 2010-11 STRATEGIC REVIEW Three Year Financial Highlights Net Turnover (Rs. in Million) EPS (Rs.) 94,564.02 41.81 CAGR 36.3% CAGR 53.7% 65,276.34 23.73 50,888.76 17.7 2008-09 2009-10 2010-11 2008-09 2009-10 2010-11 Financial Highlights Chairman’s Message 5 EBITDA (Rs. in Million) Profit After Tax (Rs. in Million) 6,483.69 3,548.11 CAGR 49.6% 4,417.11 CAGR 53.5% 2,001.71 2,898.93 1,505.83 2008-09 2009-10 2010-11 2008-09 2009-10 2010-11 6 Gitanjali Gems Limited | Annual Report 2010-11 STRATEGIC REVIEW Chairman's Message Mehul C Choksi Chairman and Managing Director The Group underwent an identity makeover during the year. This was primarily required to establish our multiple brands and to position our Group as one of the largest global conglomerates in our industry, offering a tantalising array of brands in the lifestyle and luxury segment. Financial Highlights Chairman’s Message 7 Dear Shareholders, The global economy is now fraught with uncertainties, with the US and Euro zone economies facing unprecedented crisis. Weak economic recovery in the US and the spread of debt burden in the US and Euro zone can decelerate the pace of global economic growth. Despite the looming clouds and the hidden fears of slower than expected global recovery, India will continue to grow much faster than developed economies. The country’s enormous domestic demand, driven by rising affluence in semi-urban and rural areas, is expected to catalyse the next phase of economic growth. India’s gems and jewellery industry will be largely benefited by rising aspirations and increasing disposable income of people residing in Tier-2 and Tier-3 cities and towns. Recently, the preference for branded jewellery has also increased substantially among the rural and semi- During the year, we increased our own stores from 185 to 210, and added 40 new franchises to take the store count to 255. The shop-in-shop modern retail format reached 520 at the end of FY 2011. urban populace. At Gitanjali, we are aggressively focusing at formats. During the year, we increased our own stores from 185 to expansion in Tier 2 and Tier 3 towns and cities. 210, and added 40 new franchises to take the store count to 255. The shop-in-shop modern retail format reached 520 at the end of Our strategy has been to market multiple brands with a multi- FY 2011. Since many of these stores were started in the last three channel approach across varied geographies. Celebrity years, we are now achieving robust sales from most of them. We endorsements have also been one of our highly successful are expecting an overall growth of 40-45% in our retail segment. strategies to grab maximum ‘eye share’. Let me enumerate the As of 31st March, 2011, Gitanjali’s retail space stood at over 1.3 specific rules we have adopted to drive a multi-brand and multi- millions square feet. Gitanjali currently occupies about 60% of the format strategy. Indian organised mall space belonging to the jewellery category. Rule 1: Each brand must be meant for a specific target segment The Group underwent an identity makeover during the year. This Studies show that consumers purchase a product, when they was primarily required to establish our multiple brands and to specifically know what the product is, what it stands for and what position our Group as one of the largest global conglomerates in status symbol it carries. Hence, it is important to distinguish our industry, offering a tantalising array of brands in the lifestyle amongst the various product brands and clearly define what each and luxury segment. The new corporate identity is an endeavour brand would offer and for whom the brand is meant for. to reinforce consumer trust in our ‘brand strength’ or brand capital, as well as to communicate the values each brand espouses. Rule 2: Each brand must carry its
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