Manoj Jewellers Ltd Management Discussions

1. INTRODUCTION:

Our Company was originally incorporated under the name "Manoj Jewellers Private Limited" under the provisions of the Companies Act, 1956 and Certificate of Incorporation was issued by the Registrar of Companies, Tamilnadu & Andeman, on December 21, 2007. Subsequently, the name of our Company was changed to "Manoj Jewellers Limited" via Shareholders Resolution dated June 13^th, 2022 pursuant to which fresh Certificate of Incorporation dated July 14, 2022 was issued by Registrar of Companies, Tamilnadu & Andeman. Consequently, the status of the Company was changed to public limited and the name of our Company was changed to "Manoj Jewellers Limited" vide Special Resolution passed by the Shareholders at the Extra Ordinary General Meeting of our Company held on June 13, 2022. The fresh certificate of incorporation consequent to conversion was issued on July 14, 2022 by the Registrar of Companies, Chennai. The Corporate Identification Number of our Company is L80903MH2007PLC175500. Further the Company has issued share pursuant to Initial Public Offer (IPO) and listed on SME platform of BSE on 12^th May, 2025.

2. INDUSTRY STRUCTURE:

Our Companies dedication is to maintain high-quality products through strict quality control procedures, timely delivery, and competitive pricing. Our company also emphasizes on offering a variety of regular designs and ensuring on-time delivery to our valued customers. Additionally, we go to extra mile by getting our jewellery hallmarked by a BIS recognized Assaying and Hallmarking Centre. BIS hallmark serves as a mark of conformity widely accepted by consumers, providing them with added confidence in the purity of the companys gold jewellery. Overall, these practices demonstrate the companys commitment to quality, customer satisfaction, and transparency in their operations. Our Company is promoted by Mr. Manoj Kumar, Mrs. Raj Kumari, Mr. Sunil Shantilal and Ms. Shalu. Our Promoters together with a professional team of managers manages and control the major affairs of our business operations with his considerable experience in our Industry. We believe our success is the result of sustained efforts over the years in key aspects of our business, such as timely delivery, cost management, good quality, ability to forge partnerships, strategy and business planning and opening new markets.

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3. INVESTMENTS/ DEVELOPMENTS:

The Gold Jewellery sector in India has witnessed some major investments and developments in the recent past.

4. OPPORTUNITIES AND THREATS:

Strength:

Growth in the Indian economy and demand creates unprecedented opportunities for company to invest significantly in each of its core businesses. Outlook for the overall industries is positive. In keeping with the philosophy of continuous consumer centric approach which is the hall mark of any organization, several developmental activities have been planned for the next fiscal year.

Opportunities:

• Vast Industrial Presence in both Public and Private Sectors

• Huge demand for Domestic services

• Avail of Low-cost, Skilled Human Resources.

• Proactive government continued thrust on reforms- Further liberalization under process.

Threats:

We operate in a competitive atmosphere. Some of our competitors may have greater resources than those available to us. While product quality, brand value, distribution network, etc are key factors in client decisions among competitors, however, price is the deciding factor in most cases. We face fair competition from both organized and unorganized players in the market. We believe that our experience in this business and quality assurance will be key to overcome competition posed by such organized and unorganized players. Although, a competitive market, there are not enough number of competitors offering services like us. We believe that we can compete effectively in the market with our quality of services and our reputation. We believe that the principal factors affecting competition in our business include client relationships, reputation, and the relative quality and price of the services.

5. SEGMENT–WISE OR PRODUCT-WISE PERFORMANCE:

Our wide range of product offerings caters to diverse customer segments, from the value market to high-end customized jewellery. Our product profile includes traditional, contemporary and combination designs across jewellery lines, usages and price points. We believe that the gold and diamond jewellery inventory in our showroom reflects regional customer preferences and designs. We believe that our focus on design and innovation, our ability to recognize consumer preferences and market trends, the intricacy of our designs and the quality and finish of our products are our key strengths. In addition, our access to a wide range of independent manufacturers from various parts of India allows us to offer a diverse product range.

6. INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:

The Company has an effective and reliable internal control system commensurate with the size of its operations. At the same time, it adheres to local statutory requirements for orderly and efficient conduct of business, safeguarding of assets, the detection and prevention of frauds and errors, adequacy and completeness of accounting records and timely preparation of reliable financial information. The efficacy of the internal checks and control systems is validated by self-audits and internal as well as statutory auditors.

7. DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE:

Reserves and Surplus: The Reserve and Surplus of Company is Rs. 854.57 Lakhs as on period ended on 31st March, 2025.

Total Income: The Company has earned total income Rs. 5963.87 Lakhs as on period ended on 31st March, 2025.

8. MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS FRONT, INCLUDING NUMBER OF PEOPLE EMPLOYED:

Your Company follows a policy of building strong teams of talented professionals. People remain the most valuable asset of your Company. The Company recognizes people as its most valuable asset and the Company has kept a sharp focus on Employee Engagement. The Companys Human Resources is commensurate with the size, nature and operations of the Company.

9. DETAILS OF KEY FINANCIAL RATIOS, ALONG WITH DETAILED EXPLANATIONS THEREFORE:

Description	As at 31st March, 2025	As at 31st March, 2024	Variance	Remark
Debtors Turnover Ratio (In Times)	22.21	86.09	-74.20%	Decline in the ratio is mainly on account of increase in trade receivables.
Inventory Turnover Ratio (In Times)	2.38	2.71	-12.11%	NA
Interest Coverage Ratio	4.46	5.49	-18.83%	NA
Current Ratio (In Times)	4.20	8.65	-51.51%	Decline in the ratio is mainly on account of increase in current liabilities.
Debt-Equity Ratio (In Times)	1.29	1.58	-18.22%	NA
Operating Profit Margin (%)	0.14	0.13	7.96%	NA
Net Profit Margin (%)	7.99%	7.36%	8.54%	NA
Debt Service Coverage Ratio (In Times)	3.29	2.72	21.01%	NA
Return on Equity	39.22%	39.07%	0.39%	NA
Trade Receivables turnover ratio (In Times)	22.21	86.09	-74.20%	Decline in the ratio is mainly on account of increase in trade receivables.
Trade payables turnover ratio (In Times)	1028.18	209.18	391.52%	Increase in the ratio is mainly on account of reduction in trade payables.
Net capital turnover ratio	2.46%	2.58%	-4.45%	NA
Net profit ratio	7.99%	7.36%	8.54%	NA
Return on Capital employed	28.06%	29.54%	-5.00%	NA
Return on investment	0.25	0.22	12.36%	NA

10.DETAILS OF ANY CHANGE IN RETURN ON NET WORTH AS COMPARED TO THE

IMMEDIATELY PREVIOUS FINANCIAL YEAR ALONG WITH A DETAILED EXPLANATION THEREOF.

The Return on Net Worth for F.Y. 2024-25 was 32.79% and for F.Y. 2023-24 was 32.68%. The Company is in the growth phase and therefore the Company has incurred substantial expenses towards the business growth and for the purpose of fund raising by getting listed on the SME Platform of Bombay stockexchange (BSE).

11.FORWARD-LOOKING STATEMENT:

Certain statements made in the Management Discussion and Analysis Report relating to the Companys objectives, projections, outlook, expectations, estimates, and others may constitute forward-looking statements within the meaning of applicable laws and regulations. Actual results may differ from such expectations, whether expressed or implied. Several factors could make a significant difference to our operations. These include climatic and economic conditions affecting demand and supply, government regulations and taxation, any epidemic or pandemic, and natural calamities over which we do not have any direct/indirect control.

For and on Behalf of the Board

Manoj Jewellers Limited

Sd/-

Manoj Kumar

Managing Director

DIN: 01730747

Place: Chennai

Date: 12th August, 2025