The basic philosophy of corporate governance in the Company is to achieve business excellence and enhance shareholder value, keeping in view the needs and interests of its shareholders. Your company believes that strong corporate governance is indispensable for healthy business growth and to be resilient in a vibrant capital market and is an important instrument of investor protection. Your company is following a system of corporate governance which ensures transparency, fairness, independence, accountability, integrity and social responsibility and it has adopted all mandatory provisions as mentioned in the Listing Agreement signed with the Stock Exchanges.
FUTURE OUT LOOK
The recent Union Budget for the year 2008-2009 had introduced rationalization of Excise duty rates among other measures in order to boost the domestic industry. The reduction of Excise duty from 16% to 14%, organising sports events for employees and Guest houses are excluded from the scope of Fringe Benefit Tax (FBT) and 1% reduction in Central Sales Tax (CST) are positive features which are welcome measures. However excise duty abatement reduced from 40% to 36.5% will result increased cash outflow of your Company.
The Dry Cell Battery industry is witnessing intense competition among the players and your company is undertaking various measures like productivity improvements, introduction of new products in the market, cost reduction activities, intensifying promotional activities, and improving sales in the Rural Markets etc., with these measures, your Company is hopeful of achieving good performance and thereby increasing the market share in the current year.
ACKNOWLEDGEMENT
On behalf of the Board of Directors and on my behalf, I convey my sincere thanks to the Authorised Wholesalers, Stockists, Retailers, Our Foreign Partners, M/s. Matsushita Electrical Industrial Co. Ltd., Japan, the Bankers, Shareholders and the Employees of the Company. I also thank you, all for being with us today and for your continued support and encouragement.
Batteries
