Dear Shareholder,
First of all, I wish to thank each one of you for your wholehearted
response to our Initial Public Offer, which was over subscribed by 2.70
times during the time, when the capital market in India was bearish and
turbulent and continue to be so.
As the Chairman of the Company, this is my maiden direct interaction
with all of you and I am happy to address you with an excellent
performance by your Company during the financial year 2007-08. The
total revenue from operations, during the year under review, increased
to Rs.27811 lakhs, recording a growth of 25.12% over the financial year
2006-07. Profit after tax for the financial year 2007-08 was Rs.3742.31
lakhs. On the way, during the year, we faced inflationary trends in the
market, a slight slow down in the GDP growth, hike in the price of raw
materials and increased level of competition.
Amidst all these developments, the financial year 2007-08 has been a
very eventful year for your Company and indeed an action-packed one.
Your Company was first converted into a public one and it successfully
completed its IPO. To make V-Guard a household name pan India and
also to tap the potential in north Indian markets, branches were opened
in various parts of North India. Your Company was able to acquire
suitable land for construction of manufacturing units, R&D units and
distribution and service centers, as part of our planned expansion
programme,as indicated in the Offer Document for the IPO
Having been a popular brand in the industry for the last 3 decades, it
has been possible for us to understand the changing needs and demands
of our customers. With constant improvement in the quality and
performance of our products, we enjoy considerable brand equity and
reliability in the market. Our success has in no less way been
contributed by the level of after sales service provided to the
customers. I am sanguine that the 900+ employees of the Company will
continue to uphold these values and serve the customers and society The
Company is equally committed to uphold and put in practice all the
tenets of Corporate Governance in letter and spirit and to improve
share holder value
The outlook for the future is to become a national player and penetrate
the North Indian and other new markets in all possible ways and the
first step is to successfully complete the projects mentioned in the
offer document, on schedule. Out Commitments to the shareholders is
also shared by our highly motivated and innovative team of employees at
all levels and with them I am confident of taking your Company to
greater heights in the years to come.
P G R Prasad
Chairman
4th June, 2008
Kochi
