1. IPO Note | Gems and Jewellery
March 20, 2010
Shree Ganesh Jewellery House NEUTRAL
Issue Open: March 19, 2010
Lack Lustre Issue Close: March 23, 2010
Rationale for 'Neutral' View Issue Details
Shree Ganesh Jewellery House Ltd. (SGJHL) is one of the largest manufacturers Face Value: Rs10
and exporters of handcrafted gold jewellery in India. SGJHL's products are primarily
Present Equity Capital: Rs48.5cr
exported to countries like U.A.E, Singapore and Hong Kong. On the lower and
upper end of the price band, the stock would quote at 9.4x and 9.7x its Post Issue Equity Capital: Rs60.7cr
post-diluted FY2010E estimates, respectively. Considering the peer valuations on Issue size (amount): Rs371-385cr
FY2010E estimates, we believe that the stock is fairly priced. Hence, we recommend
Issue Price: Price Band of Rs260-270
IPO.
a Neutral view on the IPO.
Promoters holding pre-issue: 88.3%
Key Highlights
Promoters holding post-issue:70.7%
machine-made
Expanding product portfolios and foraying into manufacture of machine-made
jewellery: The company has traditionally been into the manufacturing of plain
jewellery products. Going ahead, the company plans to diversify its product offerings
by venturing into the manufacturing of bangles and machine-made Italian jewellery. Book Building
We believe that these measures would enable the company to reduce its dependence QIBs At least 60%
on a single product and also tap new markets, thereby resulting in higher revenues Non-Institutional At least 10%
and profitability. Retail At least 30%
Widening geographical presence: SGJHL exports a significant portion of its products
to the U.A.E, Singapore and Hong Kong, deriving 95% of its total revenues from
these markets. The company intends to diversify its customer base in the European, Post Issue Shareholding Pattern
Australian, African and untapped Middle-Eastern markets, apart from increasing Promoters Group 70.7%
its present customer base. This strategy is likely to bode well for the company,
MF/Banks/Indian
de-risking its model from over dependence on a few countries. FIs/FIIs/Public & Others 29.3%
Strengthening presence in retail branded jewellery: SGJHL has 13 retail outlets
and intends to open 46 retail outlets across India. Pursuant to its retailing plans,
the company also proposes to sell its products to retail chains or distributors, on a
franchisee model, who, in turn, will sell it to the end customers. The company also
plans to venture into the overseas retail markets through overseas subsidiaries.
Setting-up of gold refining facility for old/used gold: SGJHL plans to set up a gold
Setting-up
refinery plant with an annual installed capacity of 1,000 kg of gold at its proposed
unit at Domjur. Refining pre-used gold in-house would improve the company's
margins, going ahead.
Objects of the Issue
Particulars Amount (Rs cr)
Expansion at exixting facility and setting up new capacities 144.9
Setting up of retail outlets and marketing costs 68.0
Working Capital Requirements 50.0
Viraj Nadkarni
General corporate purposes and Issue expenses * +91 22 4040 3800 Ext: 309
Total * Email: virajm.nadkarni@angeltrade.com
Source: Company RHP Angel Research
,
Please refer to important disclosures at the end of this report

2. Shree Ganesh Jewellery House | IPO Note
Company Background
SGJHL is one of the largest manufacturers and exporters of handcrafted gold jewellery
in India, and has been awarded the "Outstanding Export Performance and Contribution
in the Trade for Plain Precious Metal Jewellery Exports by Unit from EoU/EPZ" for
FY2008 and FY2009 by the Gems and Jewellery Export Promotion Council (GJEPC).
The company's products include handcrafted and hallmarked gold jewellery, gold
enameled jewellery and gold jewellery, studded with precious stones such as diamonds,
rubies, emeralds, sapphires and pearls, and semi-precious stones such as garnet and
cubic zirconium. Its portfolio includes rings, earrings, pendants, bracelets, necklaces,
bangles and medallions. The company's products have presence across different price
points to cater to all customers across the high-end, mid-market and value-market
segments
SGJHL's products are primarily exported to countries such as the U.A.E, Singapore
and Hong Kong, and exports constituted around 99% of its gross sales in FY2009.
SGJHL's export income has risen at a CAGR of 72.7% from FY2007 to FY2009 and its
share in India's gold jewellery exports has increased from 1.8% to 6.1% during the
same period. During FY2007, FY2008, FY2009 and the six months ended September
30, 2009, the company has exported 86.7%, 94.1%, 99.2% and 94.8% of its products,
respectively.
SGJHL received the "Four Star Export House" certificate from the Joint Director of
Foreign Trade, Government of India in June 2009, and has been bestowed the status
of a "Nominated Agency" under the Foreign Trade Policy, which allows it to import
precious metals directly.
The company has four manufacturing units, located in the Manikanchan SEZ at West
Bengal, which is presently the only jewellery SEZ in West Bengal, spread across an
area of approximately 12,339 sq. ft. During FY2009 and for the six months ended
September 30, 2009, the company achieved a production of 12,843.6 kg and 5,679
kg of gold jewellery, respectively. West Bengal is known for the availability of craftsmen
("karigars") skilled in the manufacture of handcrafted jewellery.
The company intends to set up an additional jewellery manufacturing unit at the
Manikanchan SEZ to supplement its existing facilities. It also plans to expand its portfolio
by commissioning a new vertical in machine-made Italian and lightweight jewellery at
Mondalpara and at Domjur, in West Bengal.
As on January 31, 2010, SGJHL had 13 retail outlets and it intends to open 46 retail
outlets across India, including outlets under the shop-in-shop and franchisee models.
IPO Details
SGJHL proposes to make its IPO in the price band of Rs260-270 per share, at a face
value of Rs10 each, and to issue 1.43cr shares, of which 21.3 lakh shares are offered
for sale by Credit Suisse PE Asia Investments (Mauritius) Limited. Therefore, the fresh
issue by the company will be to the extent of 1.2cr shares. The company plans to use
the proceeds for the Expansion of existing facility at the Manikanchan SEZ, to create
additional facilities at Mondalpara and Domjur, to set up retail outlets and for marketing
costs, to meet working capital requirements and for general corporate purposes.
March 20, 2010 2

3. Shree Ganesh Jewellery House | IPO Note
Key Highlights
Expanding product portfolios and foraying into manufacture of
machine-made jewellery
SGJHL exports a significant portion of its products to various international markets
including the U.A.E, Singapore and Hong Kong. Exports have been an important part
of the company's growth and it intends to continue its strong emphasis on international
markets. The company further intends to diversify its customer base in the European,
Australian, African and untapped Middle-Eastern markets, apart from increasing its
present customer base in the UAE and South-East Asia. The company already has a
subsidiary in Singapore, and intends to incorporate another subsidiary at Dubai for
the easy procurement of gold and for catering to the Middle-East and African markets.
To achieve its expansion plans, SGJHL intends to enhance its production capacities by
expanding its existing manufacturing facilities. The company plans to increase the
production of diamond studded jewellery by the setting of the proposed unit at Domjur
and at the new unit at the Manikanchan SEZ. It also has plans to manufacture machine-
made gold jewellery at the proposed units at Manikanchan, Domjur and Mondalpara.
Exhibit 1: Capacity Expansion Plans
Location Current Capacity Planned Capacity Total
(in gms) (in gms) (in gms)
Manikanchan
a) Plain Gold 24,000,000 - 24,000,000
b) Electroforming 1,100,000 1,100,000
c) Bangles 600,000 600,000
d) Italian 3,000,000 3,000,000
e) Diamond Studded 1,000,000 1,000,000
Total 24,000,000 5,700,000 29,700,000
Domjur
a) Diamond Studded 2,000,000 2,000,000
b) Electroforming 2,250,000 2,250,000
Total 4,250,000 4,250,000
Mondalpara
a) Bangles 600,000 600,000
b) Italian 1,500,000 1,500,000
c) Plain Gold 450,000 450,000
Total 2,550,000 2,550,000
Source: RHP
Strengthening presence in retail branded jewellery: SGJHL has 13 retail outlets and
intends to open 46 retail outlets across India. Pursuant to its retailing plans, the company
also proposes to sell its products to retail chains or distributors, on a franchisee model,
who, in turn, will sell it to the end customers. The company also plans to venture into
the overseas retail markets through overseas subsidiaries. SGJHL carries out the retail
marketing of its manufactured products through its branded stores, "Gaja". The
company has a tie-up with Mr. Sabyasachi Mukherjee for jewellery designing, and
has recently launched the collection designed by him. Going ahead, the company
plans to continue to tie-up with other leading designers for jewellery designing.
March 20, 2010 3

4. Shree Ganesh Jewellery House | IPO Note
Exhibit 2: Expansion in Retail Outlets
Particulars Leased
Owned and Leased Shop-in-shop
Shop-in-
-in-shop Franchisee Total
Current Outlets 4 3 6 13
Planned Additions 17 18 11 46
Total 21 21 17 59
Source: RHP
Setting-up of gold refining facility for old/used gold
SGJHL plans to set up a gold refinery plant with an annual installed capacity of 1,000
kg of gold at its proposed unit at Domjur. The facility would refine pre-used gold,
which would subsequently be utilised as a raw material for jewellery manufacture.
Currently, the company procures refined gold from suppliers such as Al-Marhaba
Trading FZC, Ibrahim Al-Sayegh Jewellery FZE, the Bank of Nova Scotia, the Standard
Chartered Bank and the State Trading Corporation of India. Refining pre-used gold
in-house would eliminate cost factors such as commissions, import costs and duties
and other incidental expenses, and reduce the basic raw material input costs. The
company intends to source old/used gold from government agencies, the domestic
and international markets, as well as through its proposed retail network. The said
reduction in raw material costs would improve the company's margins, going ahead
Pursue strategic alliances
In order to expand its operations, the company intends to enter into strategic alliances.
SGJHL has already entered into an agreement with Vishal Retail for a "Shop-in-Shop"
arrangement through their existing outlets nationwide. The company also plans to
venture into the overseas retail market, especially in the Middle-Eastern countries, the
African countries and Europe, through its overseas subsidiaries.
Status of 'nominated agent' enables SGJHL to import gold directly, thereby
eliminating intermediary costs
SGJHL has been granted the status of a "Four Star Export House" by the Joint Director
General of Foreign Trade, Government of India, and has been bestowed the status of
a "nominated agency" under the Foreign Trade Policy, which allows it to import precious
metals directly. As a nominated agent, the company shall be able to import gold
directly for manufacturing purposes and thereby eliminate the costs incurred on
intermediaries, allowing it to price its products competitively.
March 20, 2010 4

5. Shree Ganesh Jewellery House | IPO Note
Key Concerns
Limited operating and financial history in the manufacture of machine-
made jewellery, and undertaking retail operations
The company has limited experience in setting-up and operating a manufacturing
facility similar to its proposed projects, and in undertaking retail operations at a larger
scale. This may hinder its ability to operate the proposed plants and retail outlets in a
commercially successful manner. The company shall also be required to employ a
large work force, and its limited experience in handling labour related issues may also
prove to be a concern. These factors may adversely affect its operations and,
consequently, its financials.
Revenues are highly dependent on a few major clients
The company's revenues are highly dependent on a few major clients. The breakdown
of business relations with any of these clients could have a materially adverse effect on
revenues and profitability, the exact quantum of which is not possible to ascertain as
on date. For the six months ended September 2010, the company's share of sales
from its top client, top three clients and top five clients was 22%, 46.3% & 63.6%,
respectively.
High dependence on few raw material suppliers
SGJHL derived 40.5% of its raw material (gold) from Al-Marhaba Trading FZC in
FY2009. Any breakdowns in supply agreements will compel the company to look at
other sources of supply, which will be time consuming, cost escalating and will derail
production activities.
No long-term contracts with any of its customers; orders are not backed
by a Letter Of Credit facility
SGJHL does not have any long-term contracts with its customers and any change in
the buying pattern of the customers could adversely affect the business of the company.
Moreover, none of the orders placed for the products are backed by a Letter Of Credit,
but are through a bill discounting facility with banks on with recourse basis, and, in
such circumstances, any delay or non-receipt of payment from the customers may
result in an increase in working capital cycle/ bad debts, affecting the company's
liquidity position and profitability.
March 20, 2010 5

6. Shree Ganesh Jewellery House | IPO Note
Outlook and Valuation
Over FY2007-09, SGJHL on a standalone basis reported robust revenue CAGR of
61.5%. The dual effect of capacity addition (resulting in higher production), coupled
with rising prices of gold, enabled the company to clock such growth. On the EBITDA
and PAT fronts as well, the company reported a robust CAGR of 49.7% and 61.4%,
respectively, over FY2007-09, on a standalone basis. On a consolidated basis, SGJHL's
Revenues, EBIDTA and PAT surged by 95.9%, 24% and 51%, respectively, in FY2009.
Exhibit 3: Revenue Growth (Standalone) FY2007-09
2,500.0
2,000.0 49.7% CAGR
1,500.0
1,000.0
500.0
0.0
FY2007 FY 2008 FY 2009
Net Sales (Rs cr) (LHS)
Source: Company RHP Angel Research
,
The proceeds of the issue will be utilised by the company for purposes like adding
capacities, diversifying its product offerings, spreading its geographical presence,
scaling up its retail chain segment and setting up of a gold refining facility. All the
initiatives are likely to bode well for the company on the top-line as well as on the
operating margins front in the long-run.
Exhibit 4: Peer Comparison FY2010E
Particulars. Gitamjali Gems SGJHL
CMP (Rs) 116 270
TTM Sales (Rs Cr) 6,753 2,978
M.cap (Rs Cr) 979 1,639
EPS 22.3 27.7
P / E (x) 5.2 9.7
P/Bv (x) 0.4 2.9
EV / Sales (x) 0.4 0.4
EV / EBIDTA (x) 4.7 6.3
M.cap / Sales (x) 0.1 0.6
OPM (%) 9.4 6.7
NPM (%) 4.4 5.6
ROE (%) 8.6 30.2
Source: Company RHP Angel Research; Note: SGJHL valuation at upper-end of price band
,
March 20, 2010 6

7. Shree Ganesh Jewellery House | IPO Note
Exhibit 5: Key Financials
Y/E March (Rs cr) FY2008 FY2009 FY2010E
Net Sales 1,460 2,860 2,978
% Chg - 95.9 4.1
Profit
Net Profit 88.5 133.6 168.2
% chg - 50.9 25.9
OPM (%) 7.2 4.5 6.7
EPS (Rs) 41.3 62.3 27.7
P/E (x) 6.5 4.3 9.7
P/Bv (x) 2.6 1.7 2.9
ROE (%) 29.6 31.1 30.2
ROCE (%) 23.7 15.9 20.8
EV/Sales 0.3 0.1 0.4
EV/EBITDA (x) 3.9 2.7 6.3
Source: Company RHP Angel Research; Note: Projected valuations are at the upper-end of the price band
,
On the lower and upper end of the price band, the stock would quote at 9.4x and
9.7x its post-diluted FY2012E estimates, respectively. Considering the company's future
plans like adding capacities, diversifying its product offerings, spreading its geographical
presence, scaling-up its retail chain segment and setting-up of the gold refining facility,
we believe that the company will benefit both in terms of top-line growth and operating
margin improvement in the long-run. However, considering the peer valuations on
FY2010E estimates, we believe that the stock is fairly priced. Hence, we recommend a
IPO.
Neutral view on the IPO.
March 20, 2010 7

8. Shree Ganesh Jewellery House | IPO Note
Profit and Loss Account (Consolidated) (Rs cr)
Y/E March FY2008 FY2009 1HFY2010
Income
Sales
- Of products manufactured by the Company 1,433.8 2,291.0 1,336.0
- Of products traded by the Company 25.4 567.9 83.8
Total 1,459.2 2,858.9 1,419.8
Service income 0.5 1.2 0.6
Other income 13.4 82.5 26.7
Total Income 1,473.0 2,942.5 1,447.1
Expenditure
Raw materials consumed 1,335.9 2,133.6 1,228.3
Purchases of traded goods 30.7 578.2 84.7
(Increase) / Decrease in inventories (36.3) (10.3) (9.5)
Staff costs 8.7 11.4 5.4
Other manufacturing expenses 3.4 1.4 1.0
Administration expenses 9.3 12.4 12.4
Selling and distribution expenses 3.5 4.0 1.2
Total Expenditure 1,355.2 2,730.7 1,323.5
PBIDT 117.8 211.9 123.6
Interest and finance charges 26.0 74.6 40.2
Depreciation / Amortisation 1.6 2.0 1.1
PBT 90.2 135.3 82.3
Provision for tax
- Current tax 2.7 1.7 2.0
- Deferred tax charge/(release) (1.2) (0.1) (0.3)
- Wealth Tax 0.0 0.0 0.0
- Fringe Benefit Tax 0.1 0.1 0.0
Profit after tax and before adjustments 88.5 133.6 80.6
Adjustments 3.5 0.0 0.1
Deferred tax impact of adjustments 1.3 - -
Total of adjustments after tax impact 2.3 0.0 0.1
Profit
Adjusted Net Profit 90.8 133.6 80.7
Source: RHP
March 20, 2010 8

9. Shree Ganesh Jewellery House | IPO Note
Balance Sheet (Consolidated) (Rs cr)
Y/E March FY2008 FY2009 1HFY2010
Fixed Assets
(i) Gross Block 11.3 15.6 16.9
Less : Accumulated depreciation 1.9 3.3 4.1
Net Block 9.3 12.3 12.8
(ii) Capital Work In Progress / advances 2.7 1.9 5.6
Net block 12.1 14.2 18.4
Intangible assets (net of amortisation) 2.2 1.6 1.3
Investments 0.4 0.3 0.2
Deferred Tax Assets (net) 1.6 1.7 2.7
Current assets, loans and advances
(i) Inventories 78.1 78.6 128.8
(ii) Sundry Debtors 168.2 208.2 331.3
(iii) Cash & Bank Balances 307.2 598.4 684.1
(iv) Loans and advances 21.6 98.5 65.6
(v) Other current asset 0.2 1.4 6.6
Total Current Assets 575.3 985.2 1,216.4
Total Assets 591.5 1,002.9 1,239.0
Liabilities & Provisions
Provisions
(i) Secured Loans 108.3 345.1 376.5
(ii) Unsecured Loans 26.6 27.2 21.5
(iii) Current Liabilities & Provisions 154.3 197.6 324.1
Minority Interest 3.0 3.2 3.3
Worth
Net Worth 299.3 429.9 513.6
Represented by :
Share Capital
- Equity Share Capital 21.4 21.4 48.5
- Preference Share Capital 80.0 80.0 0.0
Reserves and Surplus
- Securities premium account 16.8 16.8 72.1
- Capital reserve 30.2 30.2 30.2
- Amalgamation reserve 3.3 3.3 3.3
- Translation reserve 0.0 0.0 0.0
- General reserve 0.5 0.5 1.2
- Profit and loss account 147.0 277.6 358.3
Source: RHP
March 20, 2010 9

10. Shree Ganesh Jewellery House
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Ratings (Returns) : Buy (> 15%) Accumulate (5% to 15%) Neutral (-5 to 5%)
Reduce (-5% to -15%) Sell (< -15%)

11. Shree Ganesh Jewellery House
Address: Acme Plaza, ‘A’ Wing, 3rd Floor, M.V. Road, Opp. Sangam Cinema, Andheri (E), Mumbai - 400 059.
Tel : (022) 3952 4568 / 4040 3800
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