16th AGM Transcript

Moderator

Sir, quorum is present. You can begin with the meeting. Thank you, sir.

Mr. Vijay Panwar

Thank you. Respected Directors and dear members. A very Good Afternoon to all of you and welcome to the 16th Annual General Meeting of the company. With me present here are Shri

Balram Garg, Managing Director, to his right is Shri Ramesh Kumar Sharma, Executive Director and Chief

Operating Officer and next to him is Shri Sanjeev Bhatia, Chief Financial Officer and myself, Vijay Panwar,

Company Secretary. We all are attending this meeting from the office of the company at Delhi. Now, I would like to introduce the other directors who have joined this meeting through video conferencing from their respective locations. First, Dr. Manohar Lal Singla, Independent Director, Chairman of Audit

Committee.

Dr. Manohar Lal Singla

I'm Professor Manohar Lal Singla. I'm attending this meeting from my residence at Delhi University. Thank you.

Mr. Vijay Panwar

Next is Shri Krishan Kumar Khurana, Independent Director, Chairman of Nomination and Remuneration Committee, as well as Stakeholders Relationship Committee. Sir, please unmute your audio.

Mr. Krishan Kumar Khurana

Mr. Suresh Kumar Jain

Khurana Sahab, आप unmute कर दीिजए.

Mr. Vijay Panwar

Next is Shri Suresh Kumar Jain, Independent Director.

Mr. Suresh Kumar Jain

Good afternoon, everybody. I'm Suresh Kumar Jain, Independent Director of PC

Jeweller Limited. I am attending this AGM from my residence in Delhi. Thank you.

Mr. Vijay Panwar

Next is Shri Miyar Ramanath Nayak, Independent Director.

Mr. Miyar Ramanath Nayak

Good afternoon. I'm attending this AGM from Dubai, from my daughter's residence.

Mr. Vijay Panwar

Next is Mrs. Sannovanda Swathi, Independent Director.

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Mrs. Sannovanda Swathi

Good afternoon. I am Mrs. Swathi, Woman Independent Director from PCJ.

I'm participating in this AGM from my residence from Mysore.

Mr. Vijay Panwar

Thank you. In accordance with Article 66 of Articles of Association of the company, with the consent of the directors present, Shri Balram Garg will chair the meeting. In view of the continuing COVID-19 pandemic, Ministry of Corporate Affairs has vide its General Circular No. 02/2021 dated January 13, 2021 read with General Circular Nos. 20/2020 dated May 5, 2020, 17/2020 dated April

13, 2020 and 14/2020 dated April 8, 2020, permitted holding of the Annual General Meeting through video conferencing / other audio-visual means, without the physical presence of members at a common venue. Accordingly, in compliance with the provisions of the Companies Act, 2013, SEBI (Listing

Obligations and Disclosure Requirements) Regulations, 2015 and aforesaid MCA Circulars, the 16th AGM of the company is being held through video conferencing/other audio-visual means. In accordance with aforesaid MCA Circulars, facility of joining the AGM through video conferencing/other audio-visual means is made available for 1000 members on first-come-first-serve basis. However, the participation of members holding 2% or more shares, Promoters, Institutional Investors, Directors, Key Managerial

Personnel, Chairpersons of Audit Committee, Stakeholders’ Relationship Committee, Nomination and

Remuneration Committee and Auditors are not restricted on first-come-first-serve basis. Since, this AGM is being held through video conferencing/other audio-visual means, hence requirement of appointing proxies is not applicable. All members who have joined this meeting have been kept by default on mute mode to avoid any disturbances caused by the external noises, to ensure smooth conduct of the meeting.

Once the question-answer session starts, the moderator will announce one by one the names of members, who have registered themselves as speaker. Speaker member will then be unmuted by the moderator. It may kindly be noted that the company reserves the right to restrict the number of speakers and time for each speaker, depending upon the availability of time and to ensure the smooth conduct of the AGM. For any technical assistance, members can contact KFin Technologies Private Limited /

National Securities Depository Limited / Central Depository Services (India) Limited at the numbers mentioned in the Notice of the 16th Annual General meeting. Now, I will hand over the proceedings to

Shri Balram Garg, Chairman of the meeting.

Mr. Balram Garg

Good afternoon all the Board members and dear shareholders. I welcome you all to the 16th Annual General Meeting of the company. As the requisite quorum is present, I call the meeting to order. Statutory Auditor and Secretarial Auditor have also joined the meeting. Statutory Auditor's certificate regarding ESOP and requisite statutory registers are open for inspection during the meeting.

I would like to thank you all for joining this meeting. I hope that all of you are safe and in good health.

You are all aware that after a dismal first half, your company had come back strongly in Q3 and Q4 of the FY2020-21. The company accounts had earlier got overdrawn during the lockdown from April till

May/June 2020. But it had managed to adjust almost the entire irregularities during Q3 (October to

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December 2020-21. The company had high hopes from the first quarter of the current financial year, but unfortunately the second COVID wave started affecting business from the second week of March 2021, and it lost the crucial sales days of Navratras, Akshay Tritiya, and the summer wedding season. I want to use this occasion to reassure all our stakeholders that we are all working very hard to bring back the company to its past glory and are very confident about our ability to come out this current situation soon. The company has a good infrastructure to cater to consumer demand, like large number of showrooms, manufacturing facility, brand image, customer policies, systems and processes, etc.

Company has utilised this difficult period to rationalise its expenditure and working to squeeze out inefficiencies. The company is very lucky to have a dedicated employee base which is extending its full cooperation and support in these difficult times. The Company is also very lucky to have lenders who understand its genuine operational issues and are helping it to come out of the present situation.

Company has approached its lenders for the necessary resolution under the RBI rules, and as on date this process is underway. We are confident of a satisfactory resolution in this matter.

Now, coming to industry and business. We have been observing that three major trends emerging in the past few years. (I) I'm sure that you all would have also noticed that sales of jewellery outside of wedding, like birthdays, anniversaries, etc., are turning into a regular demand and not dependent on the wedding season. Though these are not high-value purchases like wedding jewellery, but they contribute to customer footfall and a regular flow of liquidity. The company has therefore been working on launch of new lightweight collections, accessories, silver masks, silver rakhies, brooches, etc., occasion-based jewellery like Mother's Day, Ganesh Chaturthi, etc. This has enabled the company to reach a vast category of younger generation consumers. (II) Though it is difficult to give forward guidance, the industry is witnessing a significant shift from unorganised to organised shops and the forthcoming festive and marriage season is expected to be very good in terms of customer footfall and sales. Recently, there has been a very significant decision of the government to enforce mandatory hallmarking and HUID

(Hallmark Unique Identification) on every piece of jewellery, which is likely to make the business situation more difficult for small unorganized jewellers. We expect that this will force them to come under the umbrella of a big brand by converting their existing shops into a franchisee. This trend is expected to be a win-win situation for both the franchisor as well as franchisee, and going forward, the company believes that this will be its major growth driver. (III) Company is also strengthening its online business and getting good results in the same. The share of studded jeweller tends to be much higher online and can be used much more easily for gifting and engagement event purchases. Online business has therefore helped in increasing the reach of the company beyond its physical store and traditional customer base. In the end, I wish to thank our shareholders for their continued support. Now, I will request Shri Vijay Panwar to kindly continue with the proceedings of the meeting. Thank you.

Mr. Vijay Panwar

In compliance with requirements of the Companies Act, 2013 rules made thereunder, and the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the company had

- 3 - provided to its members the facility to exercise their right to vote by electronic means, in respect of the business to be transacted at this AGM. The company has engaged the services of KFin Technologies

Private Limited as the agency for participation of members in the 16th AGM through video conferencing/other audio-visual means, facility for remote e-voting and e-voting at the AGM. Remote e- voting commenced at 9 a.m. on September 27, 2021 and ended at 5 p.m. on September 29, 2021. The company has also provided e-voting facility at this AGM, and members who have not already casted their votes by remote e-voting and joined this meeting may cast their vote through e-voting by clicking on the

Instapoll icon and following the instructions to vote on the resolutions. The voting rights of members are in proportion to their share in the paid-up equity share capital of the company as on the cut-off date, that is, September 23, 2021. Shri Randhir Singh Sharma, Practising Company Secretary, has been appointed as the Scrutinizer to scrutinise remote e-voting and e-voting at this AGM in a fair and transparent manner. Dispatch of Annual Report 2020-21 comprising of 16th AGM Notice, Directors

Report, Statutory Auditor's Reports and Financial Statements, etc. to members of the company was completed through email on September 8, 2021. Since the Notice of the 16th AGM is already circulated to members, hence the Notice convening the meeting is taken as read. Statutory Auditors as well as

Secretarial Auditor's Reports are also taken as read, except for the qualifications, reservations, observations, or adverse remarks in their reports and the Board's explanations or comments on them.

Now I am reading out the qualification, reservation, or adverse remarks in Statutory Auditor’s reports, as well as the Board's explanations on them. (I) Para 3 of Independent Auditor's Report on page number

52 of Annual Report 2020-21 regarding providing discounts of Rs. 513.65 crores to export customers during the financial year ended March 31, 2019, which has been adjusted against the revenues for the said year. The Board’s explanation or comment on the same as provided in the Director’s Report is that the company had filed the requisite applications with AD Category 1 banks for seeking approval of the aforesaid discount as per Master Circular on Exports of Goods and Services (Master Circular No 14/2014-

15) issued by Reserve Bank of India. Subsequently, the company has obtained the approvals from the authorised dealer banks for reduction in receivables corresponding to discounts amounting to Rs. 315.21 crore and approval for the balance amount is under process. That discount extended was in accordance with the aforesaid Master Circular and the management does not expect any material penalty to be levied, and therefore no provision for the same has been recognized in the financials. (II) Para 20 of

Independent Auditor’s Report and para (XI) of Annexure A to Independent Auditor’s Report on page number 55 and 58 respectively of Annual Report 2020-21 regarding approvals from bankers and shareholders in relation to managerial remuneration. The board's explanation or comment on the same as provided in the Director’s Report is that the banks have approved payment of remuneration to Shri

Ramesh Kumar Sharma, Executive Director, for part of the financial year ended March 31, 2021, and the remaining tenure of his existing term. However, the company is in the process of approaching banks once again for their approval for payment of remuneration to Shri Ramesh Kumar Sharma, Executive

Director, for remaining part of the financial year ended March 31, 2021. Further, in compliance with the

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Companies Act, 2013, read with Schedule V of the Act, the matter is proposed for ratification/approval of members in the 16th AGM. If the company does not get approval of the banks for payment of remuneration for remaining part of the financial year ended March 31, 2021, then Shri Ramesh Kumar

Sharma will refund the remuneration for that period to the company. (III) Para (vii)(a) of Annexure A to

Independent Auditor’s Report on page number 57 of Annual Report 2020-21 regarding arrears of undisputed statutory dues outstanding for more than six months. The Board's explanation or comment on the same as provided in the Director's Report is that the company will do the needful to make the payment in due course.

Now I am reading out the qualification, observation, or other remarks in Secretarial Auditor’s report as well as the Board's explanations or comments on them. (I) Regarding the composition of the Board did not have sufficient number of Directors liable to retire by rotation as mentioned in Secretarial Auditor’s

Report on page number 17 of Annual Report 2020-21. The Board’s explanation or comment on the same as provided in the Director’s Report is that the company will do the needful to ensure necessary compliance in due course. (II) Regarding approvals from the banks and shareholders in relation to managerial remuneration as mentioned in Secretarial Audit Report on page number 17 of Annual Report

2020-21. The Board’s explanation or comment on the same as provided in the Director’s Report is that the banks have approved payment of remuneration to Shri Ramesh Kumar Sharma, Executive Director, for part of the financial year ended March 31, 2021, and the remaining tenure of his existing term.

However, the company is in the process of approaching banks once again for their approval for payment of remuneration to Shri Ramesh Kumar Sharma, Executive Director, for remaining part of the financial year ended March 31, 2021. Further, in compliance with the Companies Act, 2013, read with Schedule

V of the Act, the matter is proposed for ratification/approval of members in the 16th AGM. If the company does not get approval of the banks for payment of remuneration for remaining part of the financial year ended March 31, 2021, then Shri Ramesh Kumar Sharma will refund the remuneration for that period to the company. (III) Delay in compliance with the requirements of SEBI Circular number

SEBI/HO/CFD/CMD1/CIR/P/2019/140 dated November 21, 2019 and Regulation 24A(2) of SEBI (Listing

Obligations and Disclosure Requirement) Regulations 2015 as mentioned in Secretarial Audit Report on page number 17 of Annual Report 2020-21. The board's explanation or comment on the same as provided in the Director’s Report is that the delay was due to an oversight and the company has already complied with both the requirements.

Now we come to the Notice items. Item number 1: To receive, consider and adopt the audited standalone financial statements of the company for the financial year ended March 31, 2021, the reports of the Board of Directors and Statutory Auditors thereon, and the audited consolidated financial statements of the company for the financial year ended March 31, 2021, and the report of Statutory

Auditors thereon. Item number 2: To appoint a director in place of Shri Ramesh Kumar Sharma (DIN:

01980542), who retires by rotation and, being eligible, offers himself for re-appointment. Item number

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3: Re-appointment of Shri Balram Garg, (DIN: 00032083) as Managing Director. Item number 4:

Ratification/approval of payment of remuneration to Shri Ramesh Kumar Sharma (DIN: 01980542),

Whole-time Director. Item number 5: Re-appointment of Shri Ramesh Kumar Sharma (DIN: 01980542) as Whole-time Director. Now, I hand it back to the Chairman for further proceedings.

Mr. Balram Garg

Members who have not already casted their votes by remote e-voting and joined the meeting may now please cast their vote through e-voting. Members, who have registered as speakers are now invited for expressing their views and raise queries, if any, on the Notice items. We would like to request speaker members to kindly limit their speech or queries to two minutes, so that opportunity can be provided to maximum number of speakers. Moderator, please remind the speaker, if he or she exceeds the permitted time limit. To avoid repetition, response to all the questions will be provided at the end. Now, I request the moderator to announce the name of the speaker members one by one.

Moderator

Thank you, sir. This is your moderator and I request all the speaker-shareholders to kindly be patient and wait for their turn. I will call upon all the speaker-shareholders one by one. Please have a patience. Thank you. Our first speaker is Mr. Ajay Kumar Jain from New Delhi. Mr. Ajay Kumar Jain, kindly unmute yourself and speak. Thank you. Mr. Ajay Kumar Jain? Sorry, sir. We are not getting any input from Mr. Ajay Kumar Jain. Our next speaker is Madam Reena Jain. May I request Reena Jain ji to kindly unmute yourself and speak. Thank you. Reena ji? Sorry, sir, we are not getting any input from Reena ji.

Our next speaker is Mr. Lokesh Gupta. Mr. Lokesh Gupta ji, kindly unmute yourself and then speak. Thank you.

Mr. Lokesh Gupta

Hello,

Moderator

जी बोिलए, sir

Mr. Lokesh Gupta

Sir, म(cid:339) Lokesh Gupta. Sir, आप मुझे सुन पा रहे ह(cid:339)?

Moderator

सुन पा रहे ह(cid:339), sir.

Mr. Lokesh Gupta

Sir, म(cid:339) Lokesh Gupta, Chairman sir आपको और सभी board members का (cid:738)ागत करता

(cid:353)ँ. Sir, म(cid:339) िद(cid:671)ी से बोल रहा (cid:353)ं और काफी समय से company का shareholder (cid:353)ं. Physical meetings म(cid:339)ने regular attend की है. Last year digital mode पर भी म(cid:339) साथ म(cid:336) था, इस meeting म(cid:336) (cid:353)ं, sir. Sir, COVID ka बुरा दौर हम सब

ने देखा है. चाहे first wave, उसके बाद कु छ unlock तरफ बढ़ रहे थे, लेिकन second wave आई और उसके बाद

(cid:475)ादा pain देकर गई. लेिकन अब हम normal हो रहे ह(cid:339) और unlock की तरफ जा रहे ह(cid:339), sir. आशा है third wave

नही ंआएगी और हम pre-COVID level तक प(cid:352)ंच जाएंगे, sir. Sir, आप पर भरोसा है, िव(cid:695)ास है, जो share ने हमारी

और हमारी company ने नई ऊं चाइयां छू ने थी last वो िफर छू लेगी sir, और िफर हम(cid:336) एक share price म(cid:336) देखने को

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िमलेगा और healthy divided भी िमलेगा, sir. Sir, मुझे कु छ नही ंजानना, मुझे िसफ(cid:330) इतना जानना है िक जो current financial year है और आने वाला एक और साल है, उसके बारे म(cid:336) हमारी (cid:400)ा guidance रहेगी, sir थोड़ा इस बारे म(cid:336)

बताइए. और हम (cid:400)ा अपने नए store भी खोलने जा रहे ह(cid:339) इस current financial year म(cid:336), हाँलाकी बड़ा tough time

है, sir? लेिकन कोई expansion या कोई इस तरह का programme हो तो वह भी हम(cid:336) बताइए, sir. Sir, AGM िकसी

भी mode पर होगी, चाहे वह physical होगी, चाहे इस mode पर होगी, हम कं पनी के साथ जुड़े ह(cid:339), पहले भी जुड़े रहे

थे, अब भी जुड़े रह(cid:336)गे, और आगे भी जुड़े रह(cid:336)गे, sir. एक secretarial department, sir. उनके बारे म(cid:336) नही ंबोल(cid:336)गे तो

एक अधूरी बात रह जाएगी, sir. वह इस COVID के बुरे दौर म(cid:336) भी, last year भी, sir, अब भी, हमारे साथ थे. जब भी

हम उनके पास अपनी कोई problem, कोई सम(cid:735)ा लेकर जाते थे, तुरंत समाधान होता था. चाहे वो Annual Reports

के बारे म(cid:336) हो या िकसी भी बारे म(cid:336) हो, sir. Sir, मुझे Company Secretary और आपका पूरा भरोसा है, sir, िक आपकी leadership म(cid:336) company ऊं चाइयां छू एगी, sir, और आपने मुझे इस portal पर जुड़ने का अवसर िदया, इसके िलए

ब(cid:352)त-ब(cid:352)त ध(cid:586)वाद, sir. Thank you, sir.

Mr. Balram Garg

Thank you.

Moderator

Thank you, sir. Our next speaker is Mr. Santosh Bhutani ji. Santosh Bhutani ji, kindly unmute yourself and speak. Thank you, sir. Santosh ji? Santosh ji, you're trying from Gurgaon.

Ms. Santosh Bhutani

Hello? Namaskar, Chairman, sir. एक second, यह join कर रहे ह(cid:339).

Moderator

Sir, आपकी आवाज़ आ रही है, आप continue रिहए, sir.

Ms. Santosh Bhutani

Namaskar sir.

Mr. Balram Garg

Namaskar.

Ms. Santosh Bhutani

Sir, I am Mrs. Santosh. Hello?

Mr. Balram Garg

हाँजी आपकी आवाज़ आ रही है बोिलए Santosh ji बोिलए.

Ms. Santosh Bhutani

Okay. My name is Santosh Bhutani. Sir, thanks for giving me opportunity as shareholder and I am happy with the performance of the company. Sir, COVID के time वैसे तो काफ़ी companies को problems (cid:352)ई थी लेिकन इस म(cid:336) यह था. Sir, मेरी आवाज़ सुनाई दे रही है?

Mr. Balram Garg

जी, जी, आ रही है, आप बोलते जाइए.

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Ms. Santosh Bhutani

लेिकन COVID के time gold वग़ैरा थोड़ा स(cid:721)ा (cid:352)आ था, तो लोगो ंने purchasing भी की थी

उस time. हमने भी की थी. और Sir एक बात म(cid:339) कहना चाहती (cid:353)ँ. आपकी South Ex shop थी, वहाँ पर आपकी जो

चीज़(cid:336) ह(cid:339) ना, काफ़ी अ(cid:453)ी ह(cid:339) वहाँ पर, यह bangles वगैरा. लेिकन जो हम यहाँ करोल बाग लेने गये, दे(cid:304)खए करोल बाग

म(cid:336) इतनी अ(cid:453)ी चीज़(cid:336) नही ंह(cid:339) िजतनी हम(cid:336) South Ex मे िमली. इसीिलए हमने South Ex से ही purchasing (cid:759)ादा better

समझी. तो अगर South म(cid:336) ऐसी चीज़(cid:336) हो सकती ंह(cid:339), तो West म(cid:336) भी हो सकती ह(cid:339). तो West म(cid:336) थोड़ी अ(cid:453)ी अ(cid:453)ी चीज़(cid:336)

रखवाइए जैसे हम(cid:336) West म(cid:336) भी अपने घर के नज़दीक ही वहाँ से चीज़(cid:336) खरीदने का मौका िमले. और एक चीज़ और sir, as a shareholder, आप हम(cid:336) making charges पे कु छ कम कर सकते हो, कर द(cid:336)गे तो discount कर(cid:336)गे marking charges पे, तो और अ(cid:453)ा होगा. और आपकी हर month की जैसे बाकी companies भी करती ह(cid:339), दो साल वो हर month या हर 3 महीने बाद पैसे जमा करवाते ह(cid:339). और दो साल बाद जब पैसे इक(cid:487)े हो जाते ह(cid:339) तो अपनी मज़(cid:334) से gold

ले ल(cid:336) या पैसे जो भी है, उसके against आप भी gold डाल के आप हम(cid:336) बेच द(cid:336) और making charges भी कम कर द(cid:336).

तो ऐसे आपके scheme कोई है तो आप please बताइए.

Mr. Balram Garg

ब(cid:352)त ब(cid:352)त शुि(cid:354)या.

Ms. Santosh Bhutani

Thank you sir, thank you, thank you so much.

Moderator

Thank you, madam. Our next speaker is Mr. Pramod Kumar Jain. Mr. Pramod Kumar Jain, kindly unmute yourself and speak. Pramod ji? Pramod ji? Sorry, we are not getting any input from

Pramod ji, so we are moving to our next speaker, Mr. Murlidhar Talreja ji. Murlidhar ji, kindly unmute yourself.

Mr. M. P. Bhutani

Hello? Can I speak sir, Bhutani?

Moderator

Bhutani ji आप का नाम िलया जा चुका है. Sir, Mahendra ji, आपका number आएगा sir. Talreja ji

के बाद आपका ही number है. Talreja ji?

Mr. M. P. Bhutani

Ji, sir. M. P. Bhutani, sir. Waiting for my turn, sir.

Moderator

Yes sir, you are the next. Murlidhar से हम(cid:336) कोई input नही िमल रहा.

Mr. M. P. Bhutani

Can I speak, sir, now?

Moderator

Yes, sir. Yes, sir. Yes, sir. You can speak, sir.

Mr. M. P. Bhutani

Yeah. My name is M.P. Bhutani and my client ID is 02044054. First of all, I would like to thank the Company Secretary and his team for sending the Annual Report well in time and in a very informative way and all sections are covered in a very transparent manner and lucid manner, sir. Sir, I

- 8 - also feel proud that our management has taken all possible steps for employee safety during the pandemic, pandemic time. And sir, profit is important, but employee safety is also important. These things you have kept in your steps, and we are happy as a shareholder. Sir, my question is, sir, what steps we are taking to enhance our business and the profitability during the coming time, sir? Is there any plan of the company to capex, do you have any capex plans, sir? Now the situation has been improved and I think this is the right time, you are very name, good name in jewellery, and the company is very, very earning goodwill in India and their name, and people trust because PC Jeweller is one of the biggest jewellers in India, sir. Sir, I want to know what steps company is taking towards creating a new-age business model? Are you having any plan for new collaboration for technology updation purpose? And sir, after going through the recent journey, we people are satisfied, and but not contented at all, because we feel that the management has much more potential than what it has delivered. Due to the reason, we know the reason was situation was not good, and but we feel that the management is far younger in its thinking, transparent in its working and stronger in its commitment and more responsible. Sir, I would appreciate if you could briefly reply and I wish the company all the best and hope to see a healthy growth in business and size of the company under your leadership, Chairman sir, or now sir एक चीज़ कहना चा(cid:353)ँगा

की Corona ने हम सब को अके लेपन का एहसास कराया है. अके लेपन म(cid:336) हम लोग रहे, काफ़ी समय तक, घरो ंम(cid:336) रहे,

मगर एक चीज़ जो है मन म(cid:336) आती है, “गैरो ं से कह दो की अके ले नही ंह(cid:339) हम, दुआओ ं का कािफला चलता है हमारे

साथ”. आपके साथ ई(cid:695)र की श(cid:304)(cid:389), कु (cid:363)त की ताक़त, आप नेक िदल से काम business को बढ़ा रह(cid:336) ह(cid:339), हमारी शुभ

कामनाएं आपके साथ ह(cid:339) और आप इसी तरह से company म(cid:336) एक नई उड़ान आप लेके आइए, company को आगे

बढ़ाइए, sir, हम(cid:336) आप से ब(cid:352)त ब(cid:352)त उ(cid:643)ीदे ह(cid:339). हमारा share भले ही ना चल हो मगर (cid:400)ूंकी share का भाव आप management के हाथ म(cid:336) नही है, एक best performance आपके हाथ म(cid:336) है, जो देने म(cid:336) आप और हमारा Board पूण(cid:330)

(cid:349)प से सम(cid:407) ह(cid:339), sir. पूण(cid:330) (cid:349)प से सम(cid:407) ह(cid:339) हमारा Board company को आगे एक नयी गित, नये platform और नयी spirit देने म(cid:336). ऐसी हमारी उ(cid:643)ीद है. म(cid:339) पुनः secretarial team का िज(cid:590)ोने हम(cid:336) इस platform म(cid:336) जुड़ने का पूरा पूरा

मौका िदया, और Annual Report, ब(cid:352)त ही अ(cid:453)ी Annual report और ब(cid:352)त ही हर चीज़ उस म(cid:336) cover की जो की

हम(cid:336) अ(cid:586) companies म(cid:336) नही ंदेखने को िमलती है, म(cid:339) उनका भी ब(cid:352)त ब(cid:352)त तहेिदल से शुि(cid:354)या अदा करता (cid:353)ँ और

“तजुरबो ंने शेरो को भी सीखा िदया है…

Moderator

Sir, may I request to kindly wrap up your questions?

Mr. M. P. Bhutani

बस sir, “तजुरबो ंने शेरो को भी सीखा िदया है खामोश रहना (cid:400)ूंकी उनको एहसास है की दहाड़

कर िशकार नही ंहोता”. आपकी दूरदिश(cid:330)ता से ही company बढ़ेगी, कड़ी मेहनत से ही आगे बढ़ेगी, यही शुभ कामनाओ ं

के साथ ब(cid:352)त ब(cid:352)त ध(cid:586)वाद, sir.

Moderator

Thank you sir. Our next speaker is Mr. Manjit Singh ji. Manjit Singh ji, kindly unmute yourself and speak. All other speaker-shareholders are requested to kindly remain on mute. We will call upon their names, then only switch on, unmute yourself, and then you speak. Till that time, kindly be on mute.

- 9 -

Haanji Manjit Singh ji. बोिलए sir.

Mr. Manjit Singh

Hello, Chairman sir. First of all, good afternoon to you and all the Board of Directors and all the staff of our PC Jeweller Limited, and my co-fellow shareholders. Chairman sir, ये share price

का तो sir, आपके खैर हाथ म(cid:336) sir कु छ है ही नही,ं िफर भी sir, इतना आप को sir हम ये इतना ज़(cid:349)र कहना चाह(cid:336)गे की, sir, िपछले साल से जो share price है वो sir अभी तक तो sir, खैर double हो चुका है वहाँ से. ये, sir, आप लोगो ंकी

मेहनत ही है जो की, sir, foreign investor की भी investment, sir, June म(cid:336) बढ़ी है, और sir, आप लोगो ंकी promoter holding भी, sir, तकरीबन 55% है. तो sir, यह promoters का िव(cid:695)ास तो sir हम(cid:336) िदखाता यह है की आने वाले time

म(cid:336) यह share हम(cid:336) अ(cid:453)ी returns देगा जो की आप के सम(cid:407) म(cid:336) चल रहा है, sir. आपका पूरा का पूरा secretarial department भी इसके अंदर इतनी मदद कर रहा है, पूरा का पूरा staff इतनी मदद कर रहा है, तो sir, आप लोगो ंकी

मेहनत एक िदन ज़(cid:349)र sir सफल होगी, sir. हो सकता है की अगले साल तक sir हम(cid:336) और भी अ(cid:453)ा return िमले.

बाकी, Chairman sir, आपके secretarial department का हम ध(cid:586)वाद करना चाह(cid:336)गे िज(cid:590)ोने इस मा(cid:559)म से, sir,

मुझे जुड़ने का आप से मौका िदया, और sir, इन तारो ंके ज़(cid:303)रए भी आप से जुड़ पाया. अगर sir, आज ही, sir, जैसे

Apollo के Doctor Sahab ने कहा है की third layer India म(cid:336) नही ंआएगी. Sir, अगर भगवान की दुआ से नही ंआए

और sir हम सब के सब सुरि(cid:407)त रह(cid:336), तो sir, आने वाले time म(cid:336), sir, हम आप से पहले की तरह physically िमलके , sir,

अगली meeting म(cid:336) आना चाह(cid:336)गे. Thank you, sir.

Mr. Balram Garg

Thank you.

Moderator

Our next speaker is Mr. Jasmeet Singh ji. Jasmeet Singh ji, kindly unmute yourself and speak.

Thank you.

Mr. Jasmeet Singh

Hello, I'm enabling my camera. Can you also help me in this regard?

Moderator

Ah, Sir, this has to be done from your end, sir.

Mr. Jasmeet Singh

Yeah, okay. Yeah, I have.

Moderator

Yeah, yeah, you can see it, we can see you sir. Thank you.

Mr. Jasmeet Singh

Great. Chairman, Board of Directors, and everyone attending this virtual AGM, greetings to you all from Jasmeet Singh. Chairman, sir, the working shared by you about our company has provided us fair amount of information about our company and how it has done in the year under review. While our jewellery sector was also hit by the pandemic, I believe that our business team would have worked hard, and they will continue to work hard, and as I foresee that with the economic recovery in sight, we will achieve much higher numbers in the coming quarters and years. Especially with the serious efforts given by the company management for a turnaround for our company, I'm sure that when

- 1 0 - we will meet next time around in reviewing this current financial year, our performance will be extremely satisfactory. I have a small concern with regard to the, pertaining to the safety measures in the backdrop of COVID which the company has taken with regard to the vaccination of the employees or the safety of the women employees in these unusual times, when the mask culture has become a new normal. I would not hesitate to express my sincere regard for the corporate governance by our finance team and

Vijay Panwar leading the secretarial team. I confirm that I have voted all resolutions in your favour. All the best. Thank you.

Mr. Balram Garg

Thank you.

Moderator

Thank you, sir. You can switch off your camera, sir. Thank you. Our next speaker is Mr. Ashok

Kumar Jain. Ashok Kumar ji, kindly unmute yourself and then speak.

Mr. Ashok Kumar Jain

Yes, I am audible sir?

Moderator

Yes, sir. You are audible, thank you. Continue.

Mr. Ashok Kumar Jain

A very good afternoon, Chairman sir, Board of Directors, and my co-fellow shareholders. I, Ashok Kumar Jain, join the AGM from Delhi. I am a very old shareholder of the company and I very well aware of the gradually steady and strong growth of the company. At the time of pandemic period, I appreciate to the board, management, and employees who have worked hard to achieve a good growth at this stage. Sir, म(cid:339) Board का ब(cid:352)त ब(cid:352)त ध(cid:586)वाद करता (cid:353)ँ जो उ(cid:590)ोने pandemic period time म(cid:336) भी

अ(cid:453)ी मेहनत से अ(cid:453)े result की ओर चल रहे ह(cid:339), sir. और मेरा थोडा सा एक query है की sir, आगे हमारा (cid:400)ा road map रहेगा आगे अपनी sale को और बढ़ाने के िलए, sir? और हमारे competitors ह(cid:339) जो अभी पीछे IPO Kalyan

Jewellers का, उनके stand by हमारा िकतना उनसे participant चल रहा है sir?

Mr. Balram Garg

Ji.

Mr. Ashok Kumar Jain

और sir, I thank the secretarial department to help me join in the virtual platform.

Thank you, sir, thank you.

Moderator

Thank you, sir. Our next speaker is Mr. Gagan Kumar. Mr. Gagan Kumar, kindly unmute yourself and speak. Thank you, sir.

Mr. Gagan Kumar

Am I audible?

Moderator

Yes sir, you are audible. Continue.

- 1 1 -

Mr. Gagan Kumar

Good afternoon, Mr. Chairman, Board of Directors, and fellow shareholders. Myself

Gagan Kumar, my DPID I'm joining this meeting from Delhi. Chairman Sahab, हम आप से जब से IPO आप

लाए ह(cid:339), तब से हम आपके shareholder ह(cid:339), और जैसे physical meeting आप पहले करते थे, हम तब भी आए. आज

इस virtual mode पर meeting हो रही है, हम आज भी आप के साथ join हो रहे ह(cid:339). और वैसे तो आपने remarks म(cid:336)

अपने काफ़ी कु छ बता िदया company के बारे म(cid:336) और speakers ने जो कु छ questions put up िकए ह(cid:339) उनम(cid:336) मेरी queries जो ह(cid:339) वो already आपके सम(cid:407) आ चुकी ह(cid:339). बस म(cid:339) एक request करना चा(cid:353)ँगा आप से, के कु छ discount

का provision ज़(cid:349)र लाय(cid:336), sir, अपने shareholder के िलए कु छ discount provision. यह हर साल आप से request

आती है, लेिकन अभी तक इस पर कोई गौर नही ंफरमाया गया. कृ पया करके shareholder के िलए कु छ discount

का ज़(cid:349)र provision कर(cid:336), sir. बाकी हमारे CS साहब ने जो हम(cid:336) इस link पर जोड़ा उसके िलए उनका ब(cid:352)त-ब(cid:352)त

ध(cid:586)वाद. Thank you.

Mr. Balram Garg

Thank you.

Moderator

Thank you, sir. Our next speaker is Sarabjit Singh, sir. Mr. Sarabjit Singh sir, kindly unmute yourself and speak. Thank you.

Mr. Sarabjit Singh

Hello Chairman sir, can you hear my voice?

Moderator

Yes sir, we can hear you.

Mr. Sarabjit Singh

Chairman sir, first of all, good afternoon to you and all the Board of Directors of PC

Jeweller Limited, and my co-fellow shareholders. Chairman sir, म(cid:339) आप से, sir, कोई question तो sir, कर ही

नही ंसकता, (cid:400)ूंकी sir, आपके secretarial department ने sir मेहनत करके , sir मेरे IEPF म(cid:336) share जाने से बचाए ह(cid:339).

ये sir, एक कािबल-ए-तारीफ आपका secretarial department है िजनका sir, खुद phone आया, sir, (cid:400)ूंकी मेरे को

तो कोई सचेतता भी नही ंथी की मेरे share IEPF म(cid:336) जा रहे ह(cid:339). उ(cid:590)ोने sir, IEPF म(cid:336) जाने से, sir, मेरे share बचाए जो की, sir, मेरी allotment आपके IPO के time की आई (cid:352)ई है, और sir, जब से हम आप से जुड़े (cid:352)ए ह(cid:339). इस चीज़ के िलए, sir, म(cid:339) ब(cid:352)त-ब(cid:352)त ध(cid:586)वाद देना चा(cid:353)ँगा आपके secretarial department को. और sir, आज इस mode पर भी, sir,

उ(cid:590)ोने हम(cid:336) frequently जोड़ा और, sir, हम आप के सामने, sir, बोल पाए. Chairman sir, बस आप से यही पूछना

चा(cid:353)ँगा, sir, ये Corona Virus की जैसे first layer आई और second layer आई, sir इसके अंदर हमारे िकसी employee को िद(cid:383)त तो नही (cid:352)ई? Sir, अगर (cid:352)ई है, तो sir, आपने उनके loved ones के बारे म(cid:336) (cid:400)ा सोचा है, sir?

थोडा सा इस बारे म(cid:336) बता दीिजए. बाकी Chairman sir, यही कहना चा(cid:353)ँगा, sir, आज जब यह meeting ख़(cid:527) हो, तो sir, अपने secretarial department की sir, एक बारी पीठ ज़(cid:349)र थपथापीए जो की sir, आपने इतना लाजवाब company secretarial department रखा (cid:352)आ है. Thank you, Chairman sir, thank you.

Moderator

Thank you, sir. Our next speaker is Mr. Vinod Motilal ji Agarwal. Vinod Motilal ji, kindly unmute yourself and then speak. Thank you.

- 1 2 -

Mr. Vinod Motilal Agarwal

Can you hear me, sir?

Moderator

Yeah, we can hear you. Thank you, continue.

Mr. Vinod Motilal Agarwal

I am switching on my video. My video is starting. Yeah. Start sharing. My video has gone. Yeah. Just one second.

Moderator

Sir there may be some issues. Kindly continue with your voice.

Mr. Vinod Motilal Agarwal

I am on. Respected MD ji, Bagram Garg ji, our Executive Director Ramesh

Kumar Sharmai Ji, our CS Vijay Panwar ji, our CFO Sanjeev Bhatia ji, good afternoon to everyone, sir. Sir,

I have gone through your Annual Report the way I could, sir. The last year the revenue was about 2700 crores and the finance costs were 393 crores, sir. So that is more than about 18% of your revenues go towards finance costs. You will have to take into consideration that you will have to lower your finance costs. Your long-term borrowings are very negligible. It is only the working capital that you've got, which is you making your finance costs to be higher. And last year, I also noted that yours promoters have infused capital at the rate of 30 rupees per share, 7 crore shares, so that would have been about 22-24 crore rupees a year infused into the company. Sir, but my concern is that we, I invested, I was not an IPO investor, sir. I have bought shares at 400-plus, sir. And now, seeing the share price at 26 rupees gives me a lot of pain, sir. The other panellists who are coming are mostly praising you, sir. I don’t know why.

And even the company secretary was praised, sir. Normally, a company secretary calls up people who have registered for shareholders as speakers to find out what their queries would be like in advance, so that the people will know what is there. Here, company secretary department, neither of these main nor the juniors ever called me up to join the meeting and to know what my views would be for today's meeting, sir. This is not happening, sir. A lot of companies do this thing. I'd also like to know that during the pandemic, I know it was a pandemic year last year, the revenues are down, and everything is down, sir, but look at our competitor. In a way Titan is our competitor, sir. It is doing so well, sir. Look at their share price and look at our share price, sir. And even I would like to know, during the pandemic, we had a lot of franchises, how many franchises have left us and how many franchises have joined us during this period, sir? This is a one query for you to answer, sir. I am signing off from Mumbai, Vinod Agarwal. Sir, thanking you, sir, signing off, and I wish the company all the best, sir. I hope we regain our past glory.

अपना ये 400-500 (cid:348)पय का share वािपस आ जाए, sir, हमारा losses recoup हो जाए, sir. Sir, you have to reduce your finance costs; 17-18% of finance costs on your turnover is very, very high, sir. This is not happening, sir. Signing off, thanking you.

- 1 3 -

Moderator

Thank you, sir. Our next speaker is Mr. Rakesh Kumar ji. Mr. Rakesh Kumar ji, kindly unmute yourself and speak. Rakesh Kumar ji. Sorry, sir, we are not getting any input from Rakesh Kumar ji, so we are moving to our next speaker, Mr. Pradeep Sood.

Mr. Pradeep Sood

Thank you Chairman sir, thank you very much. Chairman sir, म(cid:339) Pradeep Sood िद(cid:671)ी

से अपने साथी Ajay Khurana ji के साथ आप का तहेिदल से (cid:738)ागत करता (cid:353)ँ और शु(cid:354)गुज़ार (cid:353)ँ आपका की आप ने

मुझे बोलने के िलए समय िदया. Chairman sir, बीते सालो ंसे आपने िजस मेहनत, लगन और ईमानदारी से company

के िलए devotion और dedication से काम करते चले आए और हमारी company के shares को एक नयी उड़ान दी,

अ(cid:453)े return िदखाए, और अ(cid:453)े dividend की हमने उ(cid:643)ीद रखी. लेिकन COVID जैसी महामारी का ज़ोर ऐसा चला,

हर company पे चला, हर company की financial position थोड़ी ख़(cid:527) (cid:352)ई. लेिकन Chairman sir, हम पूरे िद(cid:671)ी

भारतवष(cid:330) के shareholders को आप पर पूरा भरोसा है की आने आगे वाला time PCJ का है. (cid:400)ूंकी िजस तरह से आप

ने इस company को उठाने म(cid:336) इतनी मेहनत, लगन, ईमानदारी, dedication और devotion िदया है, और PCJ, PCJ,

पूरे brand बना के रखा है, हम िद(cid:671)ी म(cid:336) कही ंभी जाएँ, भारतवष(cid:330) म(cid:336) कही ंभी जाएँ, हर जगह palace-type showroom.

इतनी मेहनत, लगन ऐसे नही ंआती है, ब(cid:352)त मेहनत करनी पड़ती है इसके िलए. Devotion, dedication देना पड़ता

है. वो िदन िफर आएंगे, आप िफर से उसी तरह, आप तो continue लगे (cid:352)ए ह(cid:339) मेहनत करने म(cid:336), लेिकन हालात सबके

एक जैसे नही ंहोते ह(cid:339). हम(cid:336) पूरी उ(cid:643)ीद है की आगे आने वाला time PCJ का है, हमारा है. हम(cid:336) फ(cid:354) है की हम आज भी

इस company के shareholder ह(cid:339) िजस company के chairman Balram Garg ji िदन दुगनी रात चौगनी मेहनत करने

म(cid:336) लगे (cid:352)ए ह(cid:339). और हम(cid:336) पूरी उ(cid:643)ीद है, आशा जताते है, की हमारा share िफर उसी ऊँ चाई पर आकर खड़ा होगा िजस

ऊँ चाई पर हमने उसको देखा है. उस से भी बड़ी उड़ान मरेगा. उस से भी बिढ़या return आएँगे, उस से भी बिढ़या dividend िमलेगा. हम पूरी उ(cid:643)ीद जताते ह(cid:339), पूरा Board of Directors के साथ आप िदन दुगनी रात चौगनी, तर(cid:383)ी

पे तर(cid:383)ी, मेहनत पे मेहनत करी जा रहे ह(cid:339), अ(cid:453)े result िमल(cid:336)गे, sir, म(cid:339) पूरा भरोसा जताता (cid:353)ँ. और हम सारे भारतवष(cid:330)

के लोग आपके साथ ह(cid:339), पूरे shareholder आपके साथ ह(cid:339). बाकी हमारे Company Secretary Sahab की िजतनी तारीफ

की जाए, कम है. ब(cid:352)त ही बिढ़या तरीके से हर shareholder की हर grievances को छोटी से छोटी, बड़ी से बड़ी, हम

उनको mail करते ह(cid:339), उनका जवाब mail पे हमारे आ जाता है. म(cid:339) आपके company secretary की तहेिदल से (cid:738)ागत

करता (cid:353)ँ, शु(cid:354)गुज़ार (cid:353)ँ. Chairman sir, आप ने हम(cid:336) उस तरह से हर सब कु छ आपके साथ ह(cid:339). आप जहाँ कह(cid:336), जब कह(cid:336),

हम िब(cid:651)ु ल तैयार ह(cid:339) आपकी सेवा के िलए अपनी company को आगे बढ़ाने के िलए, और आप को भरपूर संप(cid:580) देखने

के िलए, अपनी company को देखने के िलए. बाकी म(cid:339) िफर से अपने साथी भाई Ajay Khurana जी के साथ आपका,

पूरे Board of Directors का, और Company Secretary Sahab का शु(cid:354)गुज़ार करता (cid:353)ँ की इतनी बिढ़या company brand name PCJ, म(cid:339) िद(cid:671)ी म(cid:336) जब भी िनकलता (cid:353)ँ इतने बड़े-बड़े showroom देखता (cid:353)ँ PCJ, बड़ी खुशी होती है की म(cid:339)

Balram Garg ji के साथ जुड़ा (cid:352)आ (cid:353)ँ. और हम(cid:336) Chairman sir, आगे आने वाला time हमारा है. आप rest assured, we are with you. Thank you.

Mr. Balram Garg

Thank you.

- 1 4 -

Moderator

Thank you sir. Our next speaker is Mr. Daljit Singh Ji. Daljit ji, kindly unmute yourself and speak. Daljit ji? Sorry sir, we are not getting any input from Daljit ji. So we are moving to our next speaker,

Mr. Chetan Chadha ji. Chetan ji? Kindly unmute yourself and speak. Sorry sir, we are not getting an input from Chetan ji. Our next speaker is Krishna Lal Chadha ji. Krishna Lal ji, kindly unmute yourself and speak.

Sorry, sir, we are not getting any input. We are moving to our next speaker, Narendra Singh ji Chauhan.

Narendra Singh ji Chauhan, kindly unmute yourself and speak. Sorry sir, we are not getting any input from Narendra Singh ji also. With this we would like to inform you that we have completed calling out all the speaker names, speaker shareholders. Handing over back to you sir, thank you sir.

Mr. Balram Garg

I think we have received all the questions. Now I think one by one I would like to answer each and every question. सबसे पहले Lokesh Gupta ji का question था की आगे company (cid:400)ा कर

रही है, िकस तरह की growth रहेगी, िकस तरह से company इसके store खोलेगी? तो company, जैसे मैने अपनी speech म(cid:336) बताया था की अभी the market is future मुझे ब(cid:352)त अ(cid:453)ा िदखाई देता है और िजस तरह से last year 2 quarters ब(cid:352)त अ(cid:453)े गये थे company के (cid:400)ूंकी pre-COVID level achieve िकया था company ने. तो हम(cid:336) लगता है

की अगर कोई third wave नही ंआती है, जो लगता है की नही ंआएगी, तो company िफर से अ(cid:453)ा sales, मुझे उ(cid:643)ीद

है की growth आएगी. और जहाँ तक िकस तरह से company sales को बढ़ाने के िलए कर रही है, िकस तरह से company, तो हम लोगो ंने एक plan तैयार िकया है की अभी िजस तरह से market unorganized से organized होती

जा रही है, िजस तरह से hallmarking को जैसे government की तरफ से भी काफ़ी norms आ रहे ह(cid:339), तो I think हम(cid:336)

लगता है की हम(cid:336) franchise model का जैसे मैने िज़(cid:354) िकया था अपनी speech म(cid:336) भी. Franchisee model का सबसे

बड़ा फ़ाएदा है (cid:400)ूंकी हमारा एक strong brand name हम लोगो ंने बनाया है, और company का जो infrastructure

है, designing है, वो department backend company का बड़ा strong है, उसको company cash करना चाहती है

और company आगे franchise model मे grow करे. तो ज(cid:663)ी आप देख(cid:336)गे की company जो है, म(cid:339) इस time numbers

तो नही ंबता सकता, but company ने plan िकया है की आगे का जो company का growth plan रहेगा, वो franchise model म(cid:336) रहेगा. Franchise model का सबसे बड़ा फ़ाएदा होगा के आपकी investment नही ंलगती है और company grow कर सकती है without investment. और company जो उसकी backend की जो strength है, जो marketing

है, जो marketing की strength है, brand की जो strength है, उसको cash कर सकती है. और दूसरा online. Online

म(cid:336) सबसे पहले company ने online model अपना develop िकया था काफ़ी time से, 6-7 साल हो गये ह(cid:339), तो अगर

िजस तरह से small ticket size हम देख रहे ह(cid:339) online म(cid:336) growth अ(cid:453)ी है और हमारे store भी ह(cid:339), तो उस से lead भी generate होती है online से, साथ म(cid:336) online की sale भी थोड़ा pick up करेगी. तो हम(cid:336) लगता है की आने वाले time मे

जो 2 driver रह(cid:336)गे company के , online से growth आएगी plus franchise model से growth आएगी. और एक third segment जो company काफ़ी time से काम कर रही है वो है non-wedding segment. िजसकी sale पूरा साल रहती

है. तीसरा segment जो है, उसका आप देख(cid:336)गे की company की website पे जाएँगे, या company के 2-3 सालो ंम(cid:336) company ने काफ़ी चीज़(cid:336) उसके अंदर launch की है. जो item का जो ticket size है वो 5000 से लेकर 50,000 की range म(cid:336) company ने ब(cid:352)त सारी different-different collections launch िकए ह(cid:339). Youngsters को target िकया है.

- 1 5 -

(cid:400)ूकी यह youngsters होते ह(cid:339) जो आने वाले time म(cid:336) wedding jewellery खरीद(cid:336)गे. तो ये 2-3 segments ह(cid:339) िजस म(cid:336)

की company को लगता है की इसमे company को future म(cid:336) अ(cid:453)ी growth देखने को िमल सकती है.

और एक question आया था, discount का question आया था. इस बार हम लोग seriously working करते ह(cid:339) की म(cid:339)

Secretary Sahab इसम(cid:336) working कर(cid:336)गे की (cid:400)ा हम कोई rules तो आड़े नही आता है discount देने म(cid:336) shareholders

को. तो उस म(cid:336) हम working कर(cid:336)गे, marketing team को बोल(cid:336)गे. और अपनी legal team को बोल(cid:336)गे की इस पर working कर(cid:336)गे, और अगर यह possible है तो इसको ज़(cid:349)र हम implement करने की कोिशश कर(cid:336)गे.

एक question आया था, एक finance cost का last म(cid:336) question, इसको लेता (cid:353)ँ. (cid:400)ूकी अगर देख(cid:336)गे company का

जो total debt, last 4-5 साल से company का debt company ने increase नही ंिकया, और company का turnover

का growth अ(cid:453)ा आ रहा था. अगर उस से पहले सालो ंम(cid:336) देख(cid:336)गे तो company की जो finance cost ह(cid:339) वो 3% के आस

पास आती है. और वो vary करती है आधा percent उपर नीचे, depends on the sales. But last year, जब सबको

मालूम है के 3-4 महीने complete lockdown रहा और पूरा first half जो था वो complete stores बंद थे तो उसकी

वजह से वो finance cost temporarily बढ़ गयी है. जैसे ही company की sales pick up कर(cid:336)गी, sales increase

कर(cid:336)गी, तो वो finance cost अपने आप नीचे आ जाएगी और हम definitely कोिशश कर(cid:336)गे की next one year म(cid:336) company की जो finance cost जो already पहले होती थी, उसी finance cost पे company रहे. (cid:400)ूंकी company के

पास कोई long-term borrowing नही ंहै, only working capital है. और जैसे ही इसकी stores सारे open हो चुके ह(cid:339),

सब चल रहे ह(cid:339), तो उस िहसाब से धीरे-धीरे finance cost definitely sales बढ़ जाएगी तो finance cost कम आएँगे.

और share price के उपर questions आ रहे थे तो म(cid:339) एक ही बात बोलूँगा की आज की date म(cid:336) दे(cid:304)खए promoters का

सब कु छ यह company है. ठीक है? और हमने अपना 10% stake िपछले साल म(cid:336) company म(cid:336) बढ़ाया है. इसका

मतलब सबसे (cid:759)ादा confidence हम(cid:336) company के उपर है. दूसरा, िजस management ने पहले जो चीज़(cid:336) achieve

की थी, वोही management है management म(cid:336) कोई change नही ंहै. उसी management ने पहले 9000 crores की sales achieve की थी. उसी management ने िकया था, लेिकन कु छ चीज़(cid:336) ऐसी होती ह(cid:339) की last year कु छ ऐसी problems आईं िजसको company ने handle िकया और सारे staff ने handle िकया, उसके बाद कु छ ऐसी problems

आईं जोिक आपके control म(cid:336) नही ंहै. Pandemic जो है और वो 2 waves suddenly आ गयी. ला(cid:720) 1.5 साल से pandemic की problem चल रही है. हम(cid:336) लगता है की यह ज(cid:663)ी से दूर हो जाएगी. और हम लोग काम करने वाले ह(cid:339)

सारे लोग, वोही management है, वोही सबकु छ है. जब share price बढ़ता है तो definitely सबका फ़ायदा होता है promoters के पास 55%, senior management के पास esops ह(cid:339) तो उनका भी फ़ायदा होता है, उनका भी value

बढ़ती है. और promoters की जो wealth है वो भी बढ़ती है. तो definitely हम, (cid:400)ूंकी सब company के performance पर depend करती है. और company ने last year भी दे(cid:304)खए pandemic के बाद भी company की

अगर performance देख(cid:336)गे, last year तो company की performance काफ़ी better रही थी. दो quarter म(cid:336) ब(cid:352)त

अ(cid:453)ी रही थी, और अगर वो third wave नही ंआती तो I think और position ब(cid:352)त better हो जाती. लेिकन हम लोग

िफर से सब लोग काफ़ी मेहनत कर रहे ह(cid:339). िकस तरह से हम लोग पुरानी growth को achieve कर(cid:336) और जैसे की मैने

अपने plans बताए ह(cid:339) की franchisee model हो गया, lightweight jewellery हो गयी, साथ म(cid:336) online model हो गया,

- 1 6 -

इन सब चीज़ो ंसे हम company की सारा management लगा (cid:352)आ है की हम लोग पुरानी sales को achieve कर(cid:336). तो

ये business मे उतार-चढ़ाव आते रहते ह(cid:339) लेिकन हम लोग उसको face कर रहे ह(cid:339) और कु छ चीज़(cid:336) जो unfortunately

नही होनी चािहए थी pandemic वो हो गया, तो उसकी वजह से थोडा सा उसको track पे लाने म(cid:336) थोडा time लग रहा

है. But definitely हम, (cid:400)ूंकी company का brand name अ(cid:453)ा है, सबकु छ अ(cid:453)ा है, और company के पास backend की बड़ी अ(cid:453)ी strength है, और pandemic के time पर हम लोग ने काफ़ी review िकया. Stores को review िकया, हम लोग ने खच(cid:344) को review िकया तो उसको काफ़ी costs भी हम लोगो ंने कम िकए. तो यह सब चीज़ो ं

पे company काम कर रही है. और इसके इलावा question कोई miss तो नही कर रहे ह(cid:339)?

Balram Garg

Capex plan दे(cid:304)खए, capex plan पे question आया था. Technology तो, technology पे तो company definitely हम लोग ने अपना software भी upgrade करते रहते ह(cid:339), काफ़ी technology पे company काम करती

रहती है, और online पे भी जैसे मैने बताया है. उसके इलावा capex का जहाँ तक बात है, अभी company के जो plans

ह(cid:339) वो growth है without investing. मतलब कोई company इनवे(cid:720)म(cid:336)ट नही ंकरना चाहती तो company brand को cash करना चाहती है. तो capex plan नही ंहै company का but showroom opening का company का plan ह(cid:339), franchise model म(cid:336).

Mr. Sanjeev Bhatia

एक यह था की employees की (cid:400)ा help है?

Mr. Balram Garg

हाँ दे(cid:304)खए, employees की vaccination चल रही है. साथ म(cid:336) एक सबसे अ(cid:453)ी बात है के अभी

तक मेरे पास कोई report नही ंहै की COVID time की िकसी employee की COVID की वजह से death (cid:352)ई. के उसको

COVID (cid:352)आ हो और उसकी वजह से िकसी भी employee की death (cid:352)ई, ऐसा पूरी company म(cid:336) हमारे पास अभी

तक कोई case नही ंआया है. और definitely हम लोग जहाँ तक safety की बात है, अभी भी हमने backend पे काफ़ी

लोगो ंको work from home रखा (cid:352)आ है. Option रखा (cid:352)आ है की अगर आप चाह(cid:336) तो घर से काम कर सकते ह(cid:339) चाहे

यहाँ से. But, definitely, sales म(cid:336) जहाँ लोग ह(cid:339) तो वो तो उनको आके ही काम करना पड़ेगा but backend staff को

हम लोगो ंने रखा (cid:352)आ है. और हर showroom पे हमने safety measures रखे (cid:352)ए ह(cid:339). Mask compulsory, सब चीज़(cid:336)

हम लोग ने time to time audit भी होता है, और वो सब चीज़(cid:336) हम लोग ने already care की (cid:352)ई ह(cid:339). वही वजह है की

हमको ऐसी कोई चीज़ report नही ं(cid:352)ई है अभी तक की employee को problem आई. और कोई question रह गया?

Mr. Sanjeev Bhatia

No sir, बस यही था.

Mr. Ramesh Kumar Sharma

Aur sir, franchise िकतने add िकए और…

Mr. Balram Garg

हाँ, एक question आया था की हमने कोई showroom... definitely अभी हमने िपछले एक साल

म(cid:336) बात क(cid:349)ँ तो हमने ना तो कोई franchisee add िकया, ना कोई छोड़ के गया है. But अब यह time आ गया है की

हम franchisee add कर(cid:336). वो मैने already बता िदया है की definitely future म(cid:336) हम ज़(cid:349)र इस पे working चल रही

है की हम लोग franchisee add कर रहे ह(cid:339). और हमने दे(cid:304)खए हम लोग ब(cid:352)त innovative, पहले भी हम लोग ब(cid:352)त

- 1 7 - innovative jewellery िनकालते थे, अभी भी हमारी team ब(cid:352)त innovative jewellery िनकालती है. आज की date

म(cid:336) artificial jewellery का थोड़ा सा craze लोगो ंम(cid:336) बढ़ रहा है तो उसको counter करने के िलए हमने silver diamond jewellery िनकाल दी है, िजसका की वॅ(cid:670)ू देख(cid:336)गे तो वो ब(cid:352)त कम है और लेिकन उस म(cid:336) margins अ(cid:453)ा होता है, साथ

म(cid:336) लोगो ंको value for money नज़र आती है. अगर artificial कोई item 10000 की है और 10000 म(cid:336) आपको silver diamond jewellery िमल रही है तो definitely लोग silver diamond jewellery लेना prefer कर(cid:336)गे (cid:400)ूंकी उसकी

एक resale value है. तो company जो है काफ़ी चीज़ो ंपे innovative काम कर रही है. और lightweight पे काफ़ी focus है, िजस से (cid:400)ा है की िजस time पर कोई कु छ नही ंखरीद रहा हो तो चलो एक lightweight jewellery buy

कर लो. तो हम(cid:336) पूरी उ(cid:643)ीद है की अगले 6 months म(cid:336) और एक question आपने पूछा नही ंbut export पे questions

आते ह(cid:339), तो company जो है deliberately export कम कर रही है, और अगर last 3 साल की म(cid:339) figure बताता (cid:353)ँ तो

18-19 म(cid:336) company ने 1439 crore export िकया था और 1500 crores की payment आई थी. 19-20 म(cid:336) company ne 657 crore का export िकया था और 739 crore की payment आई. और last year company ने 113 crore का export िकया था और 498 crore की payment आई. तो ऐसा नही है, company का जो total focus है की कम export

करके थोड़ी (cid:759)ादा payment आए िजस से की धीरे धीरे हमारा debtor level भी कम हो जाए, और तो company हर front पे focus कर रही है. और definitely इसके ज़(cid:349)र results आएँगे और share price, definitely अगर share price, हमारी company का अगर share price बढ़ेगा तो promoters की holding 55% है तो उनकी wealth ब(cid:352)त

बढ़ती है. तो definitely आप िब(cid:651)ु ल िनि(cid:686)ंत रिहए की company कोिशश करेगी की company की performance

ऐसी हो के market उसको definitely reward करे और सब को जैसे पहले हम िजस उँचाइयो ंपर प(cid:352)ँचे थे उसी उँचाईए

पर िफर से प(cid:352)ँच(cid:336)गे. म(cid:339) आपको वही employees ह(cid:339), वही management ह(cid:339), वही सबकु छ है. आप लोगो ंका साथ, इतना

साथ िदया आप लोगो ंने, थोड़ा सा साथ और चािहए तो मुझे लगता है की company िफर से वही glory achieve करेगी.

Thank you very much.

Mr. Pradeep Sood

हम आपके साथ थे और रह(cid:336)गे, sir. साथ रह(cid:336)गे.

Mr Balram Garg

Thank you.

Moderator

Thank you, sir. Thank you.

Mr. Vijay Panwar

Members may note that the voting on Kfin Technologies Pvt Ltd platform will continue to be available for 15 minutes after conclusion of this meeting. Results of voting will be announced within

48 hours from the conclusion of this Annual General Meeting and will be placed on the company's website as well as KFin Technologies Pvt Limited’s website and shall also be submitted with BSE Ltd and

National Stock Exchange of India Limited, where the company’s shares are listed. Now I once again hand over the proceedings to the Chairman for his concluding remarks.

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Mr. Balram Garg

Thank you all for attending the meeting. And I hereby declare the proceedings as closed. Thank you very much and see you next year. Till then, stay healthy and stay safe. Thank you very much.

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