I have great pleasure in sharing with you the improved performance in
the year 2007-08. We achieved new record for turnover and earned net
The economy, Indian as well as global, got adversely effected due to
eruption of sub-prime crises in the US and Western Europe. Global
Factors - the food and fuel inflation are also responsible for both the
economic slow down and the raging inflation. All countries including
India have practically shown their readiness to sacrifice growth for
containing inflation. Inspite of recent fall in the prices of petroleum
and other commodities, inflationary trend is running high in India.
Indian economy grew at 8% during the year 2007-08 and expected to grow
at 7.5% - 8% during the current financial year.
With the investment rate expected to remain steady, the physical and
social infrastructure sector is poised to grow consistently.
Exploration, development and distribution during the current financial
year, of natural gas resources found by public and private sector
companies in India, helps achieve cost effective production by our
Boom in the housing sector supported by favorable government policies
and fairly reasonable growth estimates of the Indian economy have
significantly influenced the consolidation and growth of the Indian
Ceramic Tile Industry, creating additional demand for higher end
Project for expansion of production facilities to 10,000 sq.mtrs/day is
delayed by nine months due to few technical reasons and expected to be
completed by October 2008.
I am confident that, on achieving both organic and in-organic growth
options being pursued, our Company will firmly establish itself as one
of the Indias successful and admired vitrified tile company in the
years to come.
I am sure that, our company will continue to display renewed vigor,
sense of spirit to face challenges and excel in the years ahead.
I would like to express my gratitude to our Board of Directors for
their unstinting support and guidance. I am also grateful to all our
stakeholders - our customers, suppliers, bankers, employees and
shareholders, who have reposed their trust in us and given us their
With Seasons Greetings,
NALINKANT AMRATLAL RATHOD
CHAIRMAN & MANAGING DIRECTOR