Press Release April 9, 2012

CARE ASSIGNS ‘CARE IPO GRADE 3’ TO THE PROPOSED INITIAL PUBLIC OFFERING OF PC JEWELLER LIMITED

Grading aa Number of equity shares/ Particulars Grading 111 Remarks Amount to be raised IPO Grade 4,51,33,500 CARE IPO Grade 3 Assigned

Grading Rationale The grading reflects the experienced promoters and management team, long track record of operations and established brand image of the company. The grading also takes into account the healthy financial risk profile as reflected by consistent growth in operating income and high profitability, diversified product profile and significant manufacturing capabilities. The grading, however, is constrained by working capital-intensive nature of operations, regional concentration of revenue and competition from the players in the organized and the unorganized sector.

Company PrProfileofile PCJL, incorporated in year 2005 by Mr. Padam Chand Gupta and Mr. Balram Garg, is engaged in the business of manufacturing and selling of gold and diamond studded jewellery to wholesale /retail customers in domestic and export markets. PCJL sells its jewellery under the brand “PC Jeweller”. As on March 20, 2012, PCJL has 24 showrooms located at 18 cities in North and Central India. In FY11, gold jewellery contributed 80% to the total income of PCJL followed by diamond jewellery (18%) and remaining by other type of jewellery. In FY11 and FY10, export sales contributed around 34% to the total sales (Rs.679cr export sales and Rs.1298 cr domestic sales in FY11 and Rs.330cr export sales and Rs.655cr domestic sales in FY10) PCJL has two manufacturing units located at Selaqui, Dehradun, Uttarakhand that cater to the company’s sales in India. In addition it has two jewellery manufacturing facilities at the Noida SEZ, Uttar Pradesh, that cater to export sales. In Nov 2011, company has commissioned 34000 sq ft diamond jewellery manufacturing facility at Noida. PCJL reported total income of Rs. 1997 crore and PAT of Rs. 145 crore in FY11. In 9MFY12, PCJL had reported total income of Rs. 2142 crore and PBT of Rs.195 crore.

Analyst Contact Name: Jyotsna Gadgil Tel: 011-45333220 Mobile: 9811552926 Email: [email protected]

CARE has classified instruments rated by it on the basis of complexity. This classificationclassi fication is available at www.careratings.com. Investors/market intermediaries/regulators or others are welcome to write to [email protected] for any clarifications.

1 Complete definitions of the ratings assigned are available at www.careratings.com and in other CARE publications

Credit Analysis & Research Ltd., 4th Floor, Godrej Coliseum, Somaiya Hospital Road Sion East, Mumbai – 400 022. INDIA Tel # 022 6754 3456 Fax # 6754 3457

Press Release

Disclaimer CARE’s IPO grading is a onetime assessment and the analysis draws heavily from the information provided by the issuer as well as information obtained from sources believed by CARE to be accurate and reliable. However, CARE, does not guarantee the accuracy, adequacy or completeness of any information and is not responsible for any errors or omissions or for the results obtained from the use of such information. CARE’s IPO grading does not take cognizance of the price of the security and it is not a recommendation to buy, sell or hold shares/securities. It is also not a comment on the offer price or the listed price of the scrip. It does not imply that CARE performs an audit function or forensic exercise to detect fraud. It is also not a forecast of the future market performance and the earnings prospects of the issuer; also it does not indicate compliance/violation of various statutory requirements. CARE shall not be liable for any losses incurred by users from any use of the IPO grading. “Credit Analysis and Research Limited proposes, subject to receipt of requisite approvals, market conditions and other considerations, to make an initial public offer of its equity shares and has filed a draft red herring prospectus (“DRHP”) with the Securities and Exchange Board of India (the “SEBI”). The DRHP is available on the website of SEBI at www.sebi.gov.in as well as on the websites of the Book Running Lead Managers at www.investmentbank.kotak.com , www.dspml.com , www.edelcap.com , www.icicisecurities.com , www.idbicapital.com , and www.sbicaps.com . Investors should note that investment in equity shares involves a high degree of risk and for details relating to the same, see the section titled “Risk Factors” of the DRHP.” [“This press release is not for publication or distribution to persons in the United States, and is not an offer for sale within the United States of any equity shares or any other security of Credit Analysis and Research Limited. Securities of Credit Analysis and Research Limited, including its equity shares, may not be offered or sold in the United States absent registration under U.S. securities laws or unless exempt from registration under such laws.”]

Credit Analysis & Research Ltd., 4th Floor, Godrej Coliseum, Somaiya Hospital Road Sion East, Mumbai – 400 022. INDIA Tel # 022 6754 3456 Fax # 6754 3457

Press Release CARE is headquartered in Mumbai, with Offices all over India. The office addresses and contact numbers are given below: HEAD OFFICE: MUMBAI Mr. D.R. Dogra Mr. Rajesh Mokashi Managing Director Dy. Managing Director Mobile : +91-98204 16002 Mobile +91-98204 16001 E-mail : [email protected] E-mail: [email protected] MMMr. Suryanarayan Iyer Rangaswamy Mr. Saikat Roy Senior Vice President – Marketing Senior Vice President - Marketing Mobile: +91 9867365827 Mobile- +91 9820998779 mail: R [email protected] Email [email protected]

Mr.Ankur Sachdeva Vice President – Marketing (SME) Mobile: +91-9819698985 E-mail: [email protected]

4th Floor, Godrej Coliseum, Somaiya Hospital Road, Off Eastern Express Highway, Sion (East), Mumbai 400 022 Tel.: (022) 67543456 Fax: (022) 67543457 Website: www.careratings.com OFFICES

Mr.Mehul Pandya Mr. Dinesh Sharma Regional Manager Regional Manager 32 TITANIUM Unit No. 8, I floor, Prahaladnagar Corporate Road, Commander's PlaceNo. 6, Raja Ram Mohan Roy Satellite, Road, Ahmedabad --- 380 015. Richmond Circle, Tel – 079 4026 5656 Bangalore --- 560 025. Mobile - +91 98242 56265 Tel – 080 2211 7140 E-mail: [email protected] Mobile – +91 9900041975 E-mail: [email protected] Mr. Pradeep Kumar Mr. Ashwini Jani Regional Manager Regional Manager Unit No. O-509/C, Spencer Plaza, 401, Ashoka Scintilla 5th Floor, No. 769, 3-6-520, Himayat Nagar Anna Salai, Hyderabad --- 500 029 Chennai 600 002 Tel – 040 40102030 Tel: 044 2849 7812/2849 0811 Mobile – +91 91600 74789 Mobile – +91 98407 54521 E-mail: [email protected] E-mail :[email protected]

Ms. Priti Agarwal Ms.Swati Agrawal Acting – In charge Regional Manager 3rd Floor, Prasad Chambers 3rd floor, B-47, Inner Circle (Shagun Mall Building) Near Plaza CinemaConnaught Place 10A, Shakespeare Sarani New Delhi --- 110 001001.... Kolkata --- 700 0071.71. Tel – 011 2331 8701/2371 6199 Tel – 033 4018 1600/1601/1602 Mobile – +91 98117 45677 Mobile – +91 9831967110 E-mail :[email protected] E- mail: [email protected]

Credit Analysis & Research Ltd., 4th Floor, Godrej Coliseum, Somaiya Hospital Road Sion East, Mumbai – 400 022. INDIA Tel # 022 6754 3456 Fax # 6754 3457