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MVL INDUSTRIES LIMITED
ANNUAL REPORT 2010-2011
CHAIRMAN'S REPORT
Dear Friends,
It gives me great pleasure to address all of your through the Company's
24th Annual Report of 2010-11.
I am happy to share with you that the Company has emerged stronger, more
professional and future ready.
Industry Scenario
The Indian consumer electronics industry has been growing at a double-digit
growth rate since past few years. Higher disposable income, increased
product awareness, affordable pricing, and shift in lifestyles have
together been instrumental in changing the amount and pattern of consumer
spending; thereby, resulting in strong growth in the consumer electronics
industry. But still, the consumer electronics goods, like refrigerators,
televisions and air conditioners, have low penetration in the country,
leaving vast room for future growth.
According to a research report, 'Booming Consumer Electronics Market in
India', the Indian consumer electronics industry will growataCAGR of around
18% during 2011-2014.
Further, the market will witness a dramatic change in the competitive
landscape over the next few years. A large number of companies will foray
into the lucrative Indian consumer electronics market with their
diversified product portfolio. This will lead the incumbent players to
invest heavily in establishing their stores across differentstates of the
country.
Future aims and objectives
The Company aims to deliver products that combine aspirational features,
credible quality, dependable after-sales service and great value for money
in order to achieve highest level of customer delight while staying
committed to accelerate growth as in the past and to achieve the best
standards of Corporate Governance with emphasis on authority and freedom of
management coupled with transparency, accountability and professionalism in
their working with the aim of enhancing long term economic value of all the
stakeholders and the society at large.
The Company believes that a team of inspired employees is the key for
achieving greater heights in excellence by any organization and for that
reason the Company gives utmost importance to its Human Resource
Development. For the purpose, the Company continues to take various HR
initiatives for employee motivation, nurturing talent, enhancing skills and
building new leaders. I am sure you will agree that this is equally
important as is putting up of new facilities.
Acknowledgment
Finally, I take this opportunity to express my sincere thanks and profound
gratitude to all the shareholders for their continued trust in the Board of
Directors and the Management of the Company. Further on behalf of the
Company, I would also like to thank all our Customers, Dealers, Suppliers,
Bankers, Business Associates, employees and other stake holders for their
invaluable support and co-operation in the year gone by and in the years to
come.
Yours Sincerely
Prem Adip Rishi
Chairman.
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