| Dear Members,
The Directors have pleasure in presenting the 33rd Annual Report of
your Company and the Audited Statement of Accounts for the year ended
31st March, 2015.
FINANCIAL RESULTS:
The performance of the Company for the financial year ended 31st March,
2015 is summarized below:
( Rsin Milion)
Particulars Standalone
2014-15 2013-14
Net Sales/Income from Operations 27,118.83 25,265.82
Other income 3.00 10.82
Profit before Finance cost 1,348.14 1,447.14
Less: Finance cost 1,033.63 954.03
Profit before tax 314.51 493.11
Less: Tax 109.03 141.72
Net Profit before minority interest 205.48 351.39
Add/(Less): Share of minority/associates - -
Add: Balance b/f from previous year 1,538.73 1,291.05
APPROPRIATIONS
Transferred to General Reserve 20.00 36.00
Adjustment Relating to Fixed Assets 42.52 -
Proposed Dividend 38.58 57.87
Tax on Proposed Dividend 7.85 9.84
Surplus in Profit & Loss Account 1,635.26 1,538.73
Total 1,744.21 1,642.44
( Rsin Milion)
Particulars Consolidated
2014-15 2013-14
Net Sales/Income from Operations 54,851.10 46,431.80
Other income 197.11 225.64
Profit before Finance cost 2,463.85 2,614.59
Less: Finance cost 1,629.49 1,557.28
Profit before tax 834.37 1,057.31
Less: Tax 119.00 161.05
Net Profit before minority interest 715.37 896.26
Add/(Less): Share of minority/associates 17.46 0.86
Add: Balance b/f from previous year 3,436.36 2,648.44
APPROPRIATIONS
Transferred to General Reserve 22.27 41.48
Adjustment Relating to Fixed Assets 42.57 -
Proposed Dividend 38.58 57.87
Tax on Proposed Dividend 7.85 9.84
Surplus in Profit & Loss Account 4,057.92 3,436.37
Total 4,169.19 3,545.56
OPERATIONS:
With the recessionary trends setting in the global markets from the
first half of the year under review, the management has adopted a
cautious approach for marketing its products. Sales have been slightly
higher than last year. The Company is vertically integrated and its
customer base is well spread across different geographical zones, thus
minimizing risk.
In spite of economic stagnation in gems and jewellery industry, job
losses and reduction in disposable incomes which has resulted in lower
spend on diamonds and jewellery, the Company's sales revenue
increased by 7% to Rs. 27,118.83 Millions (Rs. 25,265.82 Millions) and
consolidated sales revenue was higher by 18% to Rs. 54,851.10 Millions (Rs.
46,431.80 Millions).
The consolidated results for this year are not comparable with last
year as a large number of overseas subsidiaries of the Company have
opted to report audited financial results for the nine months ending
31st December, 2014 by changing their accounting period to calendar
year.
The rise in input prices and consolidation in retail space in US had
led to margin pressures in jewellery segment. This impact was somewhat
negated by improving the operational efficiencies and offering
differential product mix. The fall in gold prices and marginal
improvement in the prices of the polished diamonds helped in reducing
the pressure on margins.
The Company experienced decline in standalone results. Demand for
diamond and jewellery has remained subdued for the year under review,
however there was some improvement in consumer sentiment in US and
Europe. The prices of rough diamonds were stable but somewhat higher
than the last year. On the consumer side, new price points have been
accepted with some resistance.
The entire concept of charging depreciation to fixed assets has been
evolved as per new Companies Act, 2013. Under Scheduled II of the said
Act systematic allocation of the depreciable amount of an asset over
its useful life is required and accordingly the Company has reassessed
the remaining useful life of fixed assets and additional depreciation
of Rs. 132.46 millions was charged for the FY 2014-15.
DIVIDEND AND AMOUNT TRANSFER TO ANY RESERVES:
Keeping in view the downturn in the financial results, the Board of
Directors has recommended payment of a dividend of 10% i.e. 20 paise
per share on 19,29,07,258 Equity Shares ofRs.1 2/- each, for the
financial year ended 31st March, 2015, for approval of the Members. The
dividend on the equity shares, if declared as above, will involve an
outflow ofRs. 38.58 millions. An amount ofRs. 20 million is proposed to be
transferred to general reserve.
The dividend will be paid to members whose names appear in the Register
of Members as on 5th August, 2015 and in respect of shares held in
dematerialized form, it will be paid to members whose names are
furnished by National Securities Depository Limited and Central
Depository Service (India) Limited as beneficial owners as on that
date.
The dividend payout for the year under review has been formulated in
accordance with the Company's policy to pay sustainable dividend
linked to long term growth objectives of the Company to be met by
internal cash accruals.
SHARE CAPITAL:
In terms of resolution passed by the shareholders by way of postal
ballot on 7th July, 2014, the Company has allotted 9,64,53,629 bonus
equity shares on 18th July, 2014 in the ratio of 1 equity share ofRs. 2/-
each fully paid up for every equity share ofRs. 21- each held.
Consequently, paid up share capital of the Company has increased to Rs.
385.81 millions from Rs. 192.91 millions and earning per share ofRs. 2/-
each has been restated in the financial statements. The EPS has been
adjusted for the impact of bonus shares issued during the year.
ECONOMIC SCENARIO & OUTLOOK:
The overall demand for diamond and jewellery has remained subdued
during the year under review. Signs of improvement in consumer
sentiment in US and Europe became visible. The prices for rough
diamonds were significantly higher than last year. On the consumer
side, new price points have been accepted with some resistance.
The global economic uncertainty has directly and indirectly impacted
consumer preference for luxury and lifestyle products. This has
resulted in negative growth in some of the key markets. Your Company is
therefore exercising caution in marketing by limiting its exposure to
specific customers and regions. The new focused strategy in the short
term is to approach customers directly through trade fairs and mailers
rather than through advertising. The Company also uses the services of
in-house designers and free lancers in developing product designs as
per emerging market trends.
The demand for the private labels and Forevermark diamonds remained
strong. These product categories command premium and have shown
sustained double digit growth despite the somber market scenario. The
outlook for the current year is promising, especially with steady rise
in demand from China, CIS and India and stable demand from US and Euro
Zone.
The Company has been allotted a new sightholder status in South Africa
by De Beers, in addition to its existing sight with De Beers
International and De Beers Botswana. This arrangement will add further
stability to the Company's sourcing activities.
SUBSIDIARY COMPANIES AND CONSOLIDATED FINANCIAL STATEMENTS:
The Company has 8 subsidiary companies, 2 located in India and 6
outside India. It has 15 step-down overseas subsidiaries across the
globe. SWA Trading Ltd and Trapz LLC, Overseas Joint Venture Companies
being inactive initiated the process of winding up and accordingly
under section 203 of the Limited Liability Company Law were dissolved
as per the applicable provisions of the law. There are 10 associate
companies within the meaning of Section 2(6) of the Companies Act,
2013. There has been no material change in the nature of the business
of subsidiaries.
Pursuant to the provisions of Section 129(3) of the Act, a statement
containing salient features of the financial statements of the
Company's subsidiaries in Form AOC -1 is attached to the financial
statements of the Company.
Pursuant to the provisions of Section 136 of the Act, the financial
statements of the Company, consolidated financial statements of the
Company along with relevant documents and separate audited accounts in
respect of the subsidiaries are available on the website of the
Company.
DIRECTORS AND KEY MANAGERIAL PERSONNEL:
Pursuant to the provisions of sub-sections (6) and (7) of Section 152
of the Companies Act, 2013 Mr. Nihar N. Parikh (holding DIN: 00001461),
Director of the Company retires by rotation at the ensuing Annual
General Meeting and being eligible have offered himself for
reappointment.
Mr. Keki Minoo Mistry, Non Executive Director of the Company vide his
letter dated 27th March, 2015 has resigned from the Board of the
Company with immediate effect due to constraints posed under Section
165(1) of the Companies Act, 2013 on maximum number of directorships.
Mrs. Geeta Shreyas Doshi was appointed as an Additional Director of the
Company with effect from 12th September, 2014. In terms of Section 161
of the Companies Act, 2013 she holds office upto the date of ensuing
Annual General Meeting. The Board recommends her appointment as a
Director of the Company.
Brief profiles of the Directors proposed to be appointed/re-appointed
as required under Clause 49 of the Listing Agreement are annexed to the
Notice convening the Annual General Meeting.
The Company has received declaration from all the Independent Directors
of the Company confirming that they meet the criteria of Independence
as prescribed under the Companies Act, 2013 ("the Act") and Clause
49 of the Listing Agreement with Stock Exchanges.
The Company has devised a Policy for performance evaluation of
Independent Directors, Board, Committees and other individual Directors
which includes criteria for performance evaluation of the Non-Executive
and Executive Directors.
The details of programmes for familiarisation of Independent Directors
with the Company, their roles, rights, responsibilities in the Company,
nature of the industry in which the Company operates, business model of
the Company and related matters are put on the website of the Company
at www.shrenuj.com
BOARD EVALUATION:
The Board of Directors has carried out an annual evaluation of its own
performance, Board Committees and Individual Directors pursuant to the
provisions of the Act and the corporate governance requirement as
prescribed by Securities and Exchange Board of India (SEBI) under
Clause 49 of the listing agreement.
The performance of the Board and Committees was evaluated by the Board
after seeking inputs from all the Directors/Committee members on the
basis of the criteria such as the Board/Committee composition and
structure, effectiveness of Board processes/Committee meetings,
attendance, information and functioning.
The Board reviewed the performance of the individual Directors on the
basis of the criteria such as the contribution of the individual
Director to the Board and Committee Meetings like preparedness on the
issues to be discussed, meaningful and constructive contribution and
inputs in meetings and attendance. The Chairman & Managing Director was
also evaluated on the key aspects of his role.
In a separate meeting of Independent Directors, performance of
non-independent Directors, performance of the Board as a whole and
performance of the Chairman were evaluated, taking into account the
views of the Executive Directors and Non-Executive Directors.
POLICY ON DIRECTORS' APPOINTMENT AND REMUNERATION AND OTHER DETAILS:
The Company's policy on Directors' appointment and remuneration and
other matters provided in Section 178(3) of the Act has been disclosed
in the Corporate Governance Report, which forms part of the
Directors' report.
HUMAN RESOURCE MANAGEMENT:
Human Resource at Shrenuj is reckoned as a strategic enabler and change
catalyst. It seeks to play a key role in making Shrenuj a globally
respected professional organization. Your company continuously invests
in human resource development, identifying and grooming management
talent, and has a culture of harnessing people power to the maximum.
While building a competent workforce ready to take on challenges thrown
up by external environment, it also ensures that the Company develops
a work culture that maintains a fine balance between the employees'
perspective of being an organization which is caring and rewarding and
the employer's perspective of being performing and progressive.
Besides the Company policy is to nurture young talent, the average age
of executives being around 40 years.
Due to global financial slowdown, it has become necessary to cut down
costs, wherever possible. It was decided to reduce the extra workforce
at Sona Udyog Unit in Andheri and Tardeo Factory without affecting the
overall manufacturing capacity of the Company. In the dynamic and
competitive business environment that exists today, Shrenuj believes
that the employees are the key differentiators. As a strategic business
partner, the Human Resources team is committed to protecting the
interest of the stakeholders and supporting the leadership team in
building a world class organization.
VIGIL MECHANISM:
The Board has adopted Whistle Blower Policy w.e.f. 1st January, 2014.
Copy of the said policy is available on the Company's website
www.shrenuj.com. This policy is formulated to provide a secure
environment and to encourage the individuals to report unethical,
unlawful or improper practices, acts or activities that may be taking
place in the Company and to prohibit senior managerial personnel from
taking any adverse action against those individuals who report such
practices in good faith. This policy is framed in accordance with the
provisions of Section 177 of the Companies Act, 2013 and Clause 49 of
the Listing Agreement entered by the Company with the Stock Exchanges.
The Audit Committee of the Company reviews the functioning of the
Whistle Blower Mechanism on regular basis.
POLICY ON PREVENTION OF SEXUAL HARASSMENT OF WOMEN AT WORKPLACE:
The Company has in place a policy on Prevention of Sexual Harassment of
Women at Workplace in line with the Sexual Harassment of Women at
Workplace (Prevention, Prohibition and Redressal) Act, 2013
("Act")notified by Ministry of Women and Child Development. This
policy prohibits, prevents or deters the commission of acts of sexual
harassment of women at workplaces and has evolved procedure for the
redressal of complaints pertaining to sexual harassment.
The Company has constituted Internal Complaint Redressal Committee
consisting of 10 members including Presiding Officer, which consists of
majority of women members and one outside member who is familiar with
the issues relating to Sexual Harassment as required under Section 4(2)
of Chapter II of the said Act.
During the year under review no complaints have been received from any
of the women employees from any location or unit of the Company under
Sexual Harassment of Women at Workplace (Prevention, Prohibition and
Redressal) Act, 2013.
CORPORATE SOCIAL RESPONSIBILITY:
As required under Section 135 of the Companies Act, 2013 a Corporate
Social Responsibility Committee was formed to formulate and recommend
to the Board a Corporate Social Responsibility Policy to formulate
activities to be undertaken by the Company, recommend the amount of
expenditure to be incurred on these activities and to monitor the
Corporate Social Responsibility Policy of the Company from time to
time. The details of the initiatives undertaken on CSR activities
during the year are set out in Annexure VI of this report in the format
prescribed in the Companies (Corporate Social Responsibility Policy)
Rules, 2014.
The Corporate Social Responsibility Policy has been placed on the
Company's website www.shrenuj.com for shareholders' information.
INSURANCE:
Properties and assets of the Company are adequately insured. Business
risk, credit and other potential risks have also been adequately
insured.
DIRECTOR'S RESPONSIBILITY STATEMENT:
As required under Section 134(5) of the Companies Act, 2013, your
Directors state that;
(a) in the preparation of Annual Accounts for the year ended 31st
March, 2015, the applicable Accounting Standards, read with the
requirements set out under Schedule III to the Act, have been followed
and there are no material departures from the same;
(b) the Directors have selected such Accounting Policies and applied
them consistently and made judgments and estimates that are reasonable
and prudent so as to give a true and fair view of the state of affairs
of the Company as at March 31, 2015 and of the profit of the Company
for the year ended on that date;
(c) the Directors have taken proper and sufficient care for the
maintenance of adequate accounting records in accordance with the
provisions of the Companies Act, 2013, for safeguarding the assets of
the Company and for preventing and detecting fraud and other
irregularities;
(d) the Directors have prepared annual accounts on a going concern
basis;
(e) the Directors have laid down internal financial controls to be
followed by the Company and that such internal financial controls are
adequate and are operating effectively; and
(f) the Directors have devised proper systems to ensure compliance with
the provisions of all applicable laws and that such systems are
adequate and operating effectively.
CORPORATE GOVERNANCE:
The Company is committed to maintain the highest standards of Corporate
Governance and adhere to the requirements set out by the Securities and
Exchange Board of India. As required by Clause 49 X of the Listing
Agreement, a detailed report on Corporate Governance forms part of the
Directors' Report as Annexure IX. The Auditors' certificate on
compliance with Corporate Governance requirements is attached to the
Corporate Governance Report.
The Chairman & Managing Director's declaration regarding compliance
with the Business Conduct Guidelines (Code of Conduct) is also attached
to the Corporate Governance Report as Annexure-1.
As per the amended Clause 49 of the Listing Agreement a Code of Conduct
laid down for Directors, Key Managerial and Senior Management Personnel
has been revised and adopted by the Board.
Further as required vide Notification dated 15th January, 2015 issued
by SEBI under Securities and Exchange Board of India (Prohibition of
Insider Trading) Regulation, 2015 (PIT Reg. 2015) the Company has
replaced its existing code of conduct for prohibition of Insider
Trading prepared in accordance with Securities and Exchange Board of
India (Prohibition of Insider Trading) Regulation, 1992 (PIT Reg, 1992)
to bring the code of conduct in line with the new PIT Reg. 2015.
GENERAL SHAREHOLDER INFORMATION:
General Shareholder Information is given in Annexure X to this report.
EXTRACT OF ANNUAL RETURN:
As provided under Section 92(3) and 134(3)(a) of the Companies Act,
2013 an extract of Annual Return of the Company is given in Annexure-
VII to this Report in prescribed form MGT-9.
MANAGEMENT DISCUSSION AND ANALYSIS:
Management Discussion and Analysis Report for the year under review as
stipulated under Clause 49 of the Listing Agreement with the stock
exchanges in India is presented in a separate section forming part of
the Annual Report as Annexure - VIII.
INTERNAL CONTROL SYSTEMS AND RISK MANAGEMENT PLAN:
Section 177(4) of the Companies Act, 2013 mandates Audit Committee to
evaluate Internal Financial Controls and Risk Management Systems of the
Company. The Board has laid down the procedure to inform the Board
Members about the Risk Assessment and minimization on periodical basis
since the year 2005. The revised Risk Management policy was adopted and
approved on 20th March, 2015.
The Internal Control Systems of the Company are commensurate with the
size, scale and complexity of its operations. These are constantly
revised and strengthened. Internal Auditors carry out audit at regular
intervals and submit their report to the Audit Committee. Internal
Audit plays a key role in providing an assurance to the Board and value
adding advisory services to business operations. Pursuant to Section
138 of the Companies Act, 2013 M/s. Prakash S. Doshi & Co., Chartered
Accountants, have been re-appointed as Internal Auditors of the Company
for the financial year 2015-16.
EMPLOYEES STOCK OPTION SCHEME:
The Nomination and Remuneration Committee of the Board inter alia
administers and monitors the Employees' Stock Option Scheme in
accordance with the applicable SEBI Guidelines.
The Shareholders at their meeting held on 11th August, 2014 had
approved Employees Stock Option Scheme- 2014 for the Employees of the
Company and its subsidiaries and associate company/ies to subscribe for
96,45,362 equity shares of Rs. 2/- each. The Committee has not yet
granted any options to the employees of the Company under the said
Scheme.
CONTRACTS AND ARRANGEMENTS WITH RELATED PARTIES:
All contracts/ arrangements/ transactions entered by the Company during
the financial year with related parties were in the ordinary course of
business and on an arm's length basis. During the year, the Company
had entered into contract/arrangement/transactions with few of its
subsidiaries which were considered material in accordance with Clause
49 of the Listing Agreement and under provisions of Section 188 of the
Companies Act, 2013 and for which the Company has obtained prior
approval of the Audit Committee, Board and Shareholders as required
under the Act and rules made thereunder. Justification for entering
into such contracts or arrangements is provided in the Corporate
Governance Report. Information on transactions with related parties
pursuant to Section 134(3) (h) of the Act read with rule 8(2) of the
Companies (Accounts) Rules, 2014 are given in Annexure IV in Form AOC-2
and the same forms part of this report.
SUCCESSION PLANNING:
The age of superannuation in the Company is 60 years. The Company has
laid down the requisite procedure for succession planning.
The search process begins six months or earlier to the employee
attaining superannuation age. Preference is given to promotion from
within, failing which outside candidates are evaluated. For the next 2
years, the appointed successor is trained and monitored under the key
manager.
AUDITORS AND AUDITORS' REPORT:
The Statutory Auditors of the Company, M/s. Rajendra & Co., Chartered
Accountants, Mumbai, (Firm Registration No.l08355W) hold office as such
till the conclusion of the ensuing Annual General Meeting of the
Company and have confirmed their willingness and eligibility for
re-appointment. They have also confirmed that their re-appointment, if
made, will be within the limits prescribed under Section 141 of the
Companies Act, 2013.
The Board has duly reviewed the Statutory Auditors' Report on the
Accounts. The observations and comments appearing in the Auditors'
Report are self-explanatory and do not call for any further
explanation/comments/ clarification by the Board.
COST AUDIT:
Pursuant to Section 233B of the Companies Act, 1956 and with the
approval of the Central Government M/s. ABK & Associates were appointed
as the cost auditors of the Company to conduct audit of Diamonds and
Jewellery articles manufactured by the Company at Seepz, Andheri,
Tardeo, Charni Road, Bharat Diamond Bourse - Bandra, Surat and Patna
for the financial year ended 31st March, 2015. Form No.23C for
appointment of cost auditors for the FY 2014-15 was uploaded on MCA
portal on 12th June, 2014. Ministry of Corporate Affairs, Government of
India, vide Notification dated 31st December, 2014 amended the
Companies (Cost Records and Audit) Rules, 2014. Under the amended
rules, cost audit is not applicable to the Company.
M/s. ABK Associates, Cost Accountants, who were also appointed to
submit cost audit report and other documents with Central Government
for the FY 2013-14 have e-filed report in Form I- XBRL in compliance
with Section 233B(4), 600(3)(b) of the Companies Act and Companies
(Cost Audit Report) Rules, 2011 on 18th September, 2014 on MCA portal.
TRANSFER TO INVESTOR EDUCATION AND PROTECTION FUND (IEPF):
The Company sends reminder letters to all shareholders whose dividends
are unclaimed so as to ensure that they receive their rightful dues.
During the year, the Company has transferred a sum ofRs. 3,51,915/- to
Investor Education & Protection Fund, the amount which was due and
payable and remained unclaimed and unpaid for a period of seven years,
for the FY 2006-07 as provided under the Companies Act, 2013. So far a
total sum of Rs. 34,66,448/- has been transferred to the Fund.
SECRETARIAL AUDIT REPORT:
As required under Section 204(1) of the Companies Act, 2013 and Rule
No. 9 of the Companies (Appointment and Remuneration of Managerial
Personnel) Rules, 2014 M/s. Hemanshu Kapadia & Associates had submitted
its Secretarial Audit Report in Form MR-3 pertaining to the financial
year ended 31st March, 2015 to the Board and copy of the same is
attached as Annexure - V to the Directors' Report.
The Board has duly reviewed the Secretarial Audit Report. The
Secretarial Auditors' Report does not contain any qualifications,
reservations or adverse remarks.
The Board has appointed M/s. Hemanshu Kapadia & Associates, Company
Secretary in Practice, to submit Secretarial Audit Report for the FY
2015-16. The said report will be placed in next Financial Year.
OTHER DISCLOSURES:
Number of meetings of the Board:
Five Board Meetings were held during the financial year 2014-15.
Details of which are provided in the Corporate Governance Report which
forms part of this Annual Report.
Audit Committee:
The details pertaining to composition of Audit Committee are included
in the Corporate Governance Report, which forms part of this report.
Particulars of Loans given, investments made, Guarantees given and
Securities Provided:
Particulars of loans given, investments made, guarantees given and
securities provided have been disclosed in the standalone financial
statements.
Conservation of Energy, Technology Absorption and Foreign Exchange
Earnings and Outgo:
The particulars relating to conservation of energy, technology
absorption, foreign exchange earnings and outgo, as required to be
disclosed under the Act, are provided in Annexure -1 to this report.
Particulars of Employees and related disclosures:
Disclosure pertaining to remuneration and other details as required
under Section 197(12) of the Act read with rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are
provided in the Annual Report as Annexure II.
In terms of the provisions of Section 197(12) of the Act, read with
Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 a statement showing names and other
particulars of the employees drawing remuneration in excess of the
limits set out in the said rules are provided in this Annual Report as
Annexure-III.
Having regard to the provisions of the first proviso to Section 136(1)
of the Act, the Annual Report is being sent to the Members of the
Company. The information as required above is available for inspection
at the Registered Office of the Company during the working hours and
any member interested in obtaining such information may write to the
Company Secretary and the same will be furnished on request. The full
Annual Report including aforesaid information is being sent
electronically to all those members who have registered their email
addresses and is also available on the Company's website.
GENERAL:
Your Directors state that no disclosure or reporting is required in
respect of the following items as there were no transactions on these
items during the year under review:
- Details relating to deposits covered under Chapter V of the Act:
The Company has repaid fixed deposits accepted on or before 1st April,
2014.
- Issue of equity shares with differential rights as to dividend,
voting or otherwise.
- Issue of Shares (Including Sweat Equity Shares) to employees of the
Company under any Scheme save and except ESOS referred to in this
report.
- Neither the Managing Director nor the Whole-time Directors of the
Company receive any remuneration or commission from any of its
subsidiaries.
- No significant or material orders were passed by the Regulators or
Courts or Tribunals which would impact the going concern status and
Company's operations in future.
- There is no change in the nature of business.
MATERIAL CHANGES AND COMMITMENT IF ANY AFFECTING THE FINANCIAL POSITION
OF THE COMPANY OCCURRED BETWEEN THE END OF THE FINANCIAL YEAR TO WHICH
THIS FINANCIAL STATEMENTS RELATE AND THE DATE OF THE REPORT:
No material changes and commitments affecting the financial position of
the Company occurred between the end of the financial year to which
these financial statement relate on the date of this report.
ACKNOWLEDGEMENTS:
Your Directors thank the members, financial institutions, banks,
foreign patrons, De Beers, regulatory authorities, Stock Exchanges and
all stakeholders for their continued co-operation and support. The
Directors also record their sincere appreciation to all executives,
officers and employees at all levels and locations of the Company for
their commitment and continued contribution to the growth of the
Company's business.
For and on behalf of the Board
Place: Mumbai SHREYAS K. DOSHI
Date: 27th May, 2015. CHAIRMAN & MANAGING DIRECTOR
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