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Annexure D

Business Overview

Our Company was originally incorporated as S. M. Gold Private Limited on July 26, 2017 under the Companies Act, 2013 vide certificate of incorporation issued by the Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Thereafter, our Company was converted into a public limited company pursuant to a special resolution passed by our shareholders at the EGM held on August 12, 2017 and consequently name was changed to "S. M. Gold Limited" (SMGL) vide fresh certificate of incorporation dated August 24, 2017 issued by Registrar of Companies, Gujarat, Dadra and Nagar Havelli. Subsequently, our Company has acquired the business of Proprietorship Concern of one of our Promoter - Mr. Priyank S. Shah viz. M/s. S. M. Gold through the Business Succession Agreement dated August 03, 2018. The CIN of the Company is L74999GJ2017PLC098438. Consequently, the business of the proprietorship firm was merged into S. M. Gold Limited.

We are principally into the business of manufacturing and wholesale trading of mangalsutra jewellery. Besides mangalsutra jewellery, a minor part of business also includes other jewellery like Rings, Chain, Earrings, Ear Chain, Nose-rings/Nose pins, waist belts, Anklet, Zuda, Toe Ring, Pendant Set/Pendant, Bracelet and Bangles, wedding Jewellery, festive Jewellery.

Our jewellery is mostly traditional in style and is handmade by our workers. We have in-house designing team which designs the mangalsutra and other jewellery in traditional, modern and indo-western style. We also directly purchase designs from other jewellery designers. Apart from manufacturing jewellery ourselves, we also get our mangalsutra and other jewellery manufactured through job workers. These job workers are located in Ahmedabad, Rajkot, Kolkata and Mumbai. The raw material and design is provided by us to these job workers. The job workers take approximately

10-12 number of days to complete the finished jewellery. However, no formal agreement has been executed with either of these job workers. Besides, manufacturing and job work, we also purchase readymade mangalsutra and other jewellery from other independent jewellery wholesalers located in Mumbai.

The jewellery sold by us is sold under the brand name of "S. M. Gold - the House of Mangalsutra". Our strength is in manufacturing mangalsutra and antique jewellery. However, in order to cater to our customers taste, preference, choice and the ever changing trends in the jewellery, we offer our customers a wide variety of traditional, indo-western and modern jewellery also. We also customize the jewellery according to the individual needs, to keep pace with the latest trends in the market. As well as to satisfy our consumer requirements, we strive to continuously develop new jewellery designs and themes.

The major raw material used for making our mangalsutra and other jewellery is gold, black pearls, stones, kundan etc. We source our gold bar from bullion market and local markets in Ahmedabad. Black pearls and other raw material is sourced from local market of Ahmedabad and from Jaipur. During the year Company has also take Participated in exhibition of Gems & Jewellery on both National and International Market, and Company has planning to Expand Business for that Prospective Company increase its Authorized Share Capital.

Our promoters, Mr. Priyank S. Shah and Mr. Pulkitkumar S. Shah have 13 years and 11 years of experience in gems and jewellery industry, respectively.

Our Competitive Strengths

• Established brand name

• Quality Products

• Well established relationship with our Supplier Our Business Strategies

• Innovation in Designing

• Enhancing Operating Effectiveness and Efficiency

• Continue to maintain strong relation with existing Customers

• Marketing

Human Resources and Industrial Relations

The Company recognizes that its employees are integral part of its success. Sound human resource practices have been followed which is aligned with Companys philosophy. It believes that they are the vital asset responsible for continued success of the Company. Our Company wishes to put on record its deep appreciation for the co-operation and efforts of its employees for the betterment of the organization. The total number of employees as on 31^st March 2023 is 25.

Internal Control

The Company has adequate internal control system, commensurate with the size of its operations. Adequate records and documents are maintained as required by laws. The Companys audit Committee reviewed the internal control s ystem. All efforts are being made to make the internal control systems more effective. The strong internal control systems have been designed in such a way that, not only it prevent fraud and misuse of the Companys resources but also protect shareholders interest.