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.