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Chairman's Letter to Shareholders the Gitanjali Brand Showcase Directors' Profiles Directors' Report Management's Discussion &Am

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Chairman's Letter to Shareholders the Gitanjali Brand Showcase Directors' Profiles Directors' Report Management's Discussion &Am Chairman'sLetter to Shareholders TheGitanjali Brand Showcase Directors'Profiles Directors'Report Management'sDiscussion &Analysis Reporton Corporate Governance AuditorsReport o l-5 z F f TS v) H It F E € t\g I F \5 \I BalanceSheet Profit& LossAccount CashFlow Slatement SchedulesForming pad of Accounts BalanceSheet Abstract and General Business Profile Statementunder Sectbn 212(8)of the Compan'es Act" 1956 Auditors'Report on Consolidated Accounts ConsolidatedBalance Sheet ConsolidatedProfit & LossAccount ConsolidatedCash Flow Statement Schedulesforming part of Consolidated Accounts Corporatelnformation CHAIRMAN'S ].O SHAREHOI-DERS GREETTNGSFROM G|TANJALI! lT lSA YEARSINCE I HAD THE -l PLEASUREOF WRITING TO YOU. THE YEARHAS PASSEDBY SO z QUICKLY,ALMOST LIKE THE TURN OF THE KALEIDOSCOPE. Fleetingimages of eventsthat occurredthis yearappear on my = mindscreen.Looking back is a neglectedart when your company o t: is rushingtowards a radiantfuture. But I recountthese eyents to sharethe of success.and to inviteyou to experienceour quite = loys = senseof optimismfor the future.So, let the reminiscencebegin... ; Circa2005, the kaleidoscopeturned... l \ tt Your companyexpanded its retailfootprint in the world's most lucradvejewellery I market - USA F t! I\t Our acquisitionof SamuelsJewellers brought us a reeil chainof iewellerystores numbe-ing 100 spread across l8 statesof USA! The eighth largest jewellerT reoil chain in the USA is now part of Gitanialigfoup. This brings us unprecedentedaccess to the Americaniewellery buyers. F Our retailnerwork now comorisesof We alsolaunched a ma,or new brand- MaTa- a collectionof 22k gold iewelleryfrom t the consolidatedplarform of Speakgoldby the World Gold Council. We havealso acquired a maioriry interest in Tri-Star Worldwide owners of the F Canadia@brand of diamondsfrom CanadaThis adds a recognizedbrand and a new sourceof raw diamondsto our enterDrise We have continued our inyestrnentto set up global quality infl'astructure for the i i diamondand jewellery indusuT. Our constructionwork for the buildingup of Gems& JewellerySEZ's continues through Gitaniali and its subsidiarycompanies r We set up a subsidiary- Gitan,aliLifest/les Ltd to buildand prornote luxury mallsacross rhe country. OURBUSINESS ISFAST REACHING THETIPP]NG POINT, A JUNCTUREWHERE ALL THE SYNERGIES WE HAVEBUILT OVER THE YEARSCOMBINE TO CREATE WEALTH THAT ISMUCH BEYOND THESUM OF OURINPUTS. We haveconsolidated our businessby increasing our snkes in GlLl IndiaLrd and D'Damas Jewellery(lndia) Pvt Ltd, efTectivelymaking them subsidiaries. Apan from these new inidacives,your compeny hascontinually focused on strengtheningour flagshipbrands and extendingtheir franchise. The emergingsructure of our enterprisewill be structuredalong four distinctivelines of business- rl Diarnondsand Processing, rnanufrcture/ Jewellery z exports/retail, Luxury Ufestyle brands and Infrastructuredevelooment. o rr] z The resultsof our endeavoulsare evidentin the lt) financialresults - our toplinehas improved 36 per F5 cenqwhere as our profitsimproved by I l8 per = cent as comparedto the figuresin the lastyear = oposeda dividendof Rs. l-50 per F tv qs whercall the \ d is that futurethat we hurtle towards BrighqBrilliant and prosperous I leaveyou with this vision. Warm regards, lrlehul C, Choksl Chairman THEGITANJALI SHOWCASE GFANAU GEI.SUMmD HASA W|DEARRAY OF BRANDS. WHICH CATER TO Att SEGI'TENTSOFTHE JEWEUIRY M nKETtN |NDIAnS BMNDSARE AMONGST THE I.IOSTVISIBI.I AND RESPECTED IN THE INDUSTRY. Ddanas DtDamas Leunchsd In 2O03 by Gemplus and Damas,the leadingjewellery retailer from the l4iddle East.J The br.and D'Damar speaks about tuxury and hlgh asplratlont, bestowingon the wearer an aura of exclusiviq and I fne lr|nO tartct3 the weddlng setment andcaters to midmarker segmenc tl. Contemporary coltecflon of brandedgold diamondieweltery,J Comblnes internationalquality widr Indianvalues -! D'damas'vast rcpertolre of sub brands and jewdlery collections offer everTcustomer a choice that refleco her personalityand uste. while blendinginto occasion..J rhere are vrrrous sub-brands and collections under the umbrellabrand of D'damas 6.., .&&.- s.{S hII{ SrrrcrC lr.rllrrr Asmi Asml celebrates the Inner rtrength and fire of a woman - the inner shakti -/ The Asml Gollectlon features sparkllng dlamonds harmo- niously set in contemporar/ designsas an external reflecdon of the fire within. r'$'The brand alms to fulflll every women'3 Innate need for setf- expresslon while celebratingher inner fire. i. lt is sloned as a premlum, work wear collectlon I asmt catcrr to the ryoman of tub3tancc and sadsfiesher need for reward and recognitioni$Eech Asml dlamond ls posltloned as a unlque dlamond whh highindividual appeil | A DTC promoted brand by rhe GitanialiGroup I Crafted wlth ttallan flnesse and excellence "oOo' s1.l"g.l,l I Sanginl Sanglnl wai promoted In assoclatlon wlth Sanghayl Export3 - one of is flagshipbrands in the year2006. .€kitu lea{lng brand in the gold jewellerysegment;r$ The brand focuses on couples, especlally men. rSThe brand celebrates the Intcnslty of the man woman relatlonshlp. tl tt off"rt men an Inlmltabte and preclous way ro expressthe depth of love and the intensity of the bond they share as a couple. .{ tne Sanglnl dlamond fewellery collectlon encompasses different productr from rings,pendants to bridal jewellery. Nakshatra The brand stands for power, rFlsrerf, beauty,and rhe symbolismofthe srars , * The range Incllnes towards tradltlonal deslgns with diamondsplaced anistically to resemblefloral patterns. I The iewetlerydeslgns focusattention rowardsthe central dlamond..f'The range Includes almost all varletles of lewellery from solitairesto bridallewellery. I lt was nccordedthe Superbrand Status In 2004..!-lt ls a DTC brand promoted by the Gitaniali Group in associadonwirh two other Sightholders,Dimexion and MahendraBrothers (it' Giti One of the flrst ,ewellery brands launchedin India Ji Directedtowards the domestlc market and partlyfor expons J Brandvalue is'Genulne diamond and gold lewellery at affordable prlces' -d The brand promores*Easy Elegance' d lt was accordedSuperbrand status ln 2004. I _: .tr.- .l z, Giantti E Giantti is a high-end jewellery brandmarkered through an exclusivesalon ct) c in Mumbai.d The collecdonoffers a unique internatlonal allure coupled 1 jeweller = by personalattention of a private and offers tailored professional = guidancefrom qualifiedexperts ; :a t\j I I t\ trfl"{.ti-".q s\ {,:rr o *{f"r*-t"1*x * ii 4*},lr" Collection G Jewellerydesigned ro grrce rhe contemporary lndlan woman, j, The collecrionis outward looklng, ambitious,and expressive.l lt is a styllzed celebratlon of the intlmate relatlonshlp betweenrhe modern lndian woman and her iewellery. MEHULC. CHOKSI (+e/ A commerce graduate,has been associatedwith $e genls and iewellery indusry for over three decades He haswide o<periencein the diamond industry havingan exposure to the entire range of acfivities.from buying roughs to jewellerTsales. He has been instrumental in brandingjewellery in lndiaand haslaunched several successful brands like GlLl, D'Damas and Giantti. He playsa crucirl role in decidingthe positionint for brandssuch as Nakshatra and Asmi. Mr. Choksi hasalso been a pioneer in corporatising the iewellery industry in India. He has been on the commitlees of the Gems and JewelleryExpon Promodon Council of India besidesholding severalother key industry posidons.He steers the group vision and strategy with his deep knowledgeand foresight G,K.NAIR(/d/ A commerce gnduate and r Chartered Accoununt, has been whh Gianiali for over 9 years and hasbeen on the Board since 1999, He oversees .l fesource mobilisadon,corporate planning,restruchJring of variousgroup z compeniesand headingthe corporate financeteam- He is responsiblefor the financeand accountingfuncdons, MlS, personnel and administration. He is also responsiblefor shapingthe corporate srategl and identi{ying global opporcunitiesfor the companl in assisdnt the macro level strategr C" formulationin the companyand he hasa wide experiencein various t: operational and functionalareas having worked in the non-bankingfinance for over l2 yearswith LKP MerchantFinancing Ltd. industry = ADRIANUSB. VOORN (6;'/ A H.T.S (MechanicalEngineer) from Netherlandsand a Dutch national, Mr Voorn is the third generationinheritor of skillsin the Diamond S manufacturingindustry. He has previouslyworked witfi large corporations 9 in Europeand fuia andhas been instrumental in independentlyestablishing s many plants He overseesthe manufacturingoperations at Gitaniali.He \ specialisesin Fine Cut and BelgiamCut diamonds. Mr. Voorn hasbeen a Director on the Boardsince 1999. DHANESHV. SHETH(:"J A Commerce Graduate,has been associatedwiti Gitaniali for the past wo decades,having been a Director for almost l7 years. He advisesthe company on its marketingoperations, the buying and selling of rough diamondsand other aspecs of BusinessDevelopmenl T3 suJALA.SHNL(,7e) A commercegraduate and a ChaneredAccounenL fu a practising Charteredaccounutnt, he hasover l6 yearsexperlence in thefield of Auditing,Taxation and Managemenr Consultancy. He is currently HonoraryJoint Secretary of rheChamber of Tax Consultane.He is a partnerin the firm M/sDalal & Shah,Chartered Accounbnts, where he is primarilyresponsible for the manatementconsultancy services of the firm. PRAKASHD. SHAH(.'2) A graduatein commerce and law. he is a leadingpraccicing Advocate at the BombayHigh Courq wirh oyer 23 yearsof experience.He is the proprietor of PDS Legal,a solicitors and
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