ON YOUR MARKS
 
 In an ever-changing and ruthlessly competitive global business
 scenario, it is crucial to spend adequate time to set ones sense of
 direction on the right track.
 
 Simple but profound questions like:
 
 . What Business do we want to be in....
 
 . What value do we bring to the table...
 
 . How do we ring-fence our USPs...
 
 . How do we sustain our Business Model over the long-term...
 
 The year that went by, saw us deeply ponder with these basic questions
 about our business focus, value proposition, creating competitive
 advantages and the long-term sustenance of our Business Model with
 growth in mind. In short, we got to On your marks.
 
 Today, after a lot of deliberations on the global scenario, financial
 sensitivities and carrying out pilot runs, we have chiselled out a
 clear growth direction for the Company.
 
 Before everything else, getting ready is the secret of success -
 Henry Ford
 
 Today, we thus stand strategically poised to move forward in definitive
 directions:
 
 . From Bulk fertilisers to Specialities and Customised fertilisers
 
 . From Inputs alone to total Agri-solutions and produce management
 
 . From a domestic to global TAN player
 
 . From a critical Mining Chemical player to Contract Mining
 
 . From a bulk commodity Chemical player to a high value Petrochemicals
 player
 
 GET SET...
 
 While technology and funds are easier to source, ensuring an
 appropriate Management bandwidth is indeed challenging. Further, for
 all human beings, change is far from an overnight exercise. It needs
 sustenance and sustainability over the long haul.
 
 Over the year that has gone by, your Company moved from a traditional
 functional structure to a sector-focused SBU structure designed to
 propel the organisation forward in sync with the strategic growth path.
 
 The Sector heads with considerable domain expertise, will now bring in
 a holistic and strong thrust to both, the existing business and to
 implementing the growth strategy in the sector.
 
 Organisation-wide, a globally renowned and proven Job Evaluation
 Methodology is in place which will bring a sustaining logic and depth
 to the organisation structure and ensure its effectiveness.
 
 A concerted performance review exercise across levels beginning with
 stretched and sharply defined Key Result Areas, review systems,
 hierarchy interactivity and reward system is already underway.
 
 A methodical, work-behaviour-analysis based assessment of each
 individual in the senior management team, along with a SWOT analysis
 based personal growth path has been brought in to be able to
 objectively review management skill and depth.
 
 Clearly, with these steps weve got beyond the On your marks phase
 and are now at Get Set.
 
 The pages that unfold bring forth some of the results of our efforts
 ... Having established our strengths,
 climbing higher and faster is the motto for the year ahead.
 
 Our focus is on action to capture value. Whether integrating backward
 into our raw-materials or intergrating forward to bring sectoral depth
 on our strategies, both, are set to excitingly unfold over the next few
 years. We are committed to propelling your Company into a new and
 exciting orbit.
 
 Warm Regards,
 
 S. C. Mehta