It is a privilege to welcome you to the 13th Annual General Meeting of thecompany and also thank all of you for being shareholders in our Company and for supportingthe Company's vision over the years.
Many of you may be aware that the past two years have been challenging for theindustry. Some of the key one that your Company had to face included - unprecedented risein cotton prices, fluctuating currencies, high domestic inflation resulting in spiralingwage costs as well as operating expenses and increase in interest rates.
Your Company has weathered the impact of the global economic slowdown cause by the Eurocrisis, which has put the overall business under acute pressure.
The company has risen to face the challenges & with unity of purpose, is bringingthe business back on track and demonstrated its resilience. Strict fiscal discipline andcost control efforts have brought noteworthy and sustainable results. This has seen usthrough the economic crisis and helped maintain our price, quality and service to ourcustomers.
I thank the Board for their guidance on governance and strategic direction withoutwhich we would not have been able to navigate through such turbulent times. I also wish tothank all employees, customers, vendors and other business associates who provide the ecosystem in which we operate.
And last, but not the least, I wish to thank all the shareholders for their continuedand unstinted confidence and trust on the firm.
Annual General Meeting 2012
I am pleased to enclose the Notice of Meeting for the Thirteenth Annual General Meeting(the "AGM") of Indus Fila Limited together with the 2012 Annual Report andSummary.
The AGM will be held at 9 am on Thursday, 20th September 2012 at theRegistered office of the Company at No.284, 285, T.Begur Village, Kasaba Hobli,Nelamangala, Bangalore Rural District - 562123 If you will not be attending, you mayappoint a proxy by completing and returning the enclosed form of proxy. In each case,notice of appointment of a proxy should reach the company's registered office not laterthan 48 hours prior to the commencement of the meeting.
As per the provisions of the Companies Act, 1956 and our Articles of Association, someof our current Directors retire by rotation. I therefore request you to support there-appointment of Mr. Shashikant G Mandhana and Mr. V Balaji Bhat who retire by rotation,and being eligible, offer themselves for re-appointment.
Your Board believes that the resolutions contained in the Notice of Meeting are in thebest interests of the company and shareholders as a whole and recommends you to vote infavour of them.
Vice Chairman & Managing Director