It is a pleasure for me to be a part of Modi Naturals and it is my
endeavour to take the company to new heights over the years to come.
Whilst addressing you for the first time, I will take you through some
of the highlights of the past year and share with you some plans that
we have, going forward.
It has been an eventful year in many ways. We have fundamentally
reorganised our business to better address market opportunities. The
high growth of the Indian economy has opened up new opportunities,
rendered investment accessible and created a business climate
favourable for expansion and growth.
As you may be aware, until now our focus was only on bulk supply of
Rice Bran and Sunflower oils. I will be pleased to inform you that our
focus is now on becoming a 360 degree FMCG company over the next 5
years, with innovative brands and products serving consumers in
different demographic segments.
We have structured our operations into three divisions Branded
Business, Bulk Commodities and Value Added Products. The new structure
will refocus our efforts, unlock embedded value and result in
accelerated growth on all fronts.
In the branded business, Mr Narendra Ambwani, Ex MD Johnson & Johnson
India joined us as a strategic advisor. He brings to Modi Naturals
his vast experience in the FMCG sector and will help us achieve success
from the word go.
We launched our first brand of edible oil - Tarai, in the mass prestige
category in March with two variants Tarai Shudh and Tarai Tasty+.
Whilst our sales volumes are growing exponentially, our primary focus
is on developing a strong distribution network across North India for
this brand. By the end of the current fiscal, we will be present in 9
States including UP, Punjab, J&K, Himachal Pradesh, Bihar, Jharkhand,
Delhi, Uttarakhand and West Bengal. The idea is to make Tarai a mass,
household brand name and leverage our distribution strength to supply
more and more products, including non-oil products in the future. This
fiscal we are all set to launch another variant of Tarai - Tarai
Sun-lite Advance sunflower oil underthe same brand umbrella.
In the current fiscal, you will also see the launch of a new brand,
which will mark the companies foray into the health and wellness
category of the FMCG segment serving the higher SECs.
We continue to leverage our strength in bulk commodities by increasing
our portfolio of products. By the end of this year we will have started
dealing in some imported oils as well.
Value Added Products
This year, we intend to add significant value to one of our
by-products. This will help us further strengthen the manufacturing
base and help bring down the average inputs costs.
I would like to sincerely thank members of our Board for diligently
representing the interests of our shareholders. I also take this
opportunity to express my appreciation to all our shareholders for
their trust in us.
We work with the attitude to maximise returns on the investments you
have made in Modi Naturals Limited. In a world that is hungry for
optimism and good news, I am proud to state that we are indeed making a
The various growth engines that we have put into motion will gather
momentum and deliver returns at a pace we have not witnessed in the
past. This will enable us to create wealth and enhance shareholder
Place: New Delhi Akshay Modi
Dated : 04.09.2010 Chief Executive Officer