Dear Shareholders,
I am happy to present you the Annual Report of your Company for the financial year
2021-22.
FY 2021-22 again remained a difficult one for all of us. The business which had started
recovering after the first wave of Covid-19 pandemic once again got disrupted by the
second wave and which proved to be as destructive as the first. The Company's showrooms
remained shut for long periods in the first quarter and thereafter their normal
functioning remained disrupted due to local restrictions which continued almost till
August end. These disruptions affected the operations and the liquidity of the Company.
However, the Company remains confident of growth of the jewellery sector and a faster
shift of consumer preference from unorganized to organized branded players. Your Company
is well placed to take an increasing share of demand with its vast network of showrooms as
well as a good brand image and the customers continue to have trust in the quality and
purity of the jewellery purchased from its showrooms.
In this context, some of the areas being worked upon by the Company include:
(1) Revamping and beautifying its showrooms by new signage and branding.
(2) Changing the inventory composition of its showrooms so that range and variety
available can cater to all age groups, all price points and all occasions.
(3) Launching new collections on a regular basis.
(4) Revamping its advertisement content to make it more contemporary with higher
emphasis on diamond jewellery. (5) Increasing brand recall with regular advertising in
print, media (FM) as well as digital channels.
(6) Leveraging on its existing customer base by increasing its interaction and
connection with them by organizing several activities and get together at its showrooms.
(7) Participating in various wedding jewellery and wedding exhibitions at various
locations to further increase its visibility. The Company is also working to increase its
ground level presence by opening new showrooms. However, this expansion will be asset
light with the store expansion being done on a franchisee basis. The overall plan is to
open at least 50 new showrooms by August 2024.
I continue to remain thankful to all our employees for their strong resolve and
commitment towards the Company through the testing times. I would also like to thank my
Board colleagues for their continuous inspiration and guidance as well as all our
customers, business partners including our Bankers.
| Yours sincerely, |
| Sd/- |
| (BALRAM GARG) |
| Managing Director |