PNGS Gargi Fashion Jewellery Ltd - Stock Valuation and Financial Performance

The company was originally incorporated as a Private Limited under the name “Resonant Consulting Private Limited” under the provisions of the Companies Act, 1956 and Certificate of Incorporation was issued by the Registrar of Companies Pune on March 25, 2009. Subsequently, the name of the Company was changed to “P. N. Gadgil & Sons Gargi Costume Jewellery Private Limited” vide Shareholders Resolution dated August 31, 2021 with Certificate of Incorporation pursuant to change of name issued by Registrar of Companies, Maharashtra, Pune dated September 22, 2021. Subsequently, the name of the Company was changed to “PNGS Gargi Fashion Jewellery Private Limited” vide Shareholders Resolution dated September 07, 2022 with Certificate of Incorporation pursuant to change of name issued by Registrar of Companies, Maharashtra, Pune dated September 21, 2022, Eventually, the status of the Company was changed to Public Limited and the name of the Company was changed to “PNGS Gargi Fashion Jewellery Limited” vide Special Resolution passed by the Shareholders at the Extra-Ordinary General Meeting of the Company held on September 26, 2022. The fresh Certificate of Incorporation consequent to conversion was issued on November 02, 2022 by the Registrar of Companies, Maharashtra, Pune.

PNGS Gargi Fashion Jewellery is engaged in the retail business of costume and fashion jewellery under the brand name ‘Gargi by P. N. Gadgil & Sons’ launched in 2021 under the artificial jewellery segment. It deals in certified sterling silver jewellery and brass jewellery, idols and other silverware and related gift items. It offers a wide range of products from artificial jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders and across various price points.

The company primarily sources finished jewellery from third party manufacturing vendors located across India. This includes all types of jewellery primarily made of silver and brass. Additionally, to cater to the increasing demand in the market, it also outsources the work of making costume jewellery to various artisans with whom it has developed strong relationships. It offers a large variety of costume jewellery, which are designed and manufactured by its in-house designers in close collaboration along with skilled local craftsman located across the country. To ensure optimum prices and mitigate the risk of suppliers' concentration, it procures its products from various suppliers across the country. This procurement process enables it to offer a wide range of products. These products are mainly marketed using both online as well as offline marketing tools. The company operates through shop in shop model and it has entered into an agreement with P.N. Gadgil & Sons and P. N. Gadgil Art & Culture Foundation to have point of sales (POS) counters at its existing 30 showrooms across the states of Maharashtra, Gujarat and Karnataka.

Business area of the company

The company offers a wide range of products from costume and fashion jewellery segment for special occasions such as weddings and festivals to daily-wear jewellery for all ages, genders and across various price points. Its product line includes earrings, necklaces, pendants, chains, finger rings, bracelets, anklets, nose pins, mangal sutra, pendant set, bangles in brass or silver for females of age groups as well as male accessories such as rings, cufflinks, button set, that cater to its customers taste, preference, choice and the ever-changing trends in the chain and jewellery designs. Its portfolio offers its customers a wide variety of traditional, Indo-western, & modern design and jewellery.

Key Events/Milestones/Achievements

• 2009: Incorporation of the Company as private limited company.
  
• 2021: Change in control and ownership of the company to current promoters.
  
• 2021: Name of the company changed to P. N. Gadgil & Sons Gargi Costume Jewellery Private Limited.
  
• 2021: Setting up of brand “Gargi by P.N. Gadgil and Sons” under fashion jewellery segment.
  
• 2021: Commenced the operations under fashion jewellery segment.
  
• 2022: Entered into Agreement with P. N. Gadgil & Sons Limited and P. N. Gadgil Art & Culture.
  
• 2022: Foundation to utilise the infrastructure facilities such as space, display for the products, manpower, furniture, security personnel, billing mechanism and logistics in its current showrooms located in Maharashtra, Gujarat and Karnataka.
  
• 2022: Name of the company changed to PNGS Gargi Fashion Jewellery Private Limited.
  
• 2022: Conversion of the Company from Private Limited to Public Limited Company.