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La Opala RG Limited 25 Years of N Leadership

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La Opala RG Limited 25 Years of N Leadership r La Opala RG Limited 25 Years of N leadership Date: n»July, 2019 To The Secretary The Secretary Listing Department, Listing Department Bombay Stock Exchange Limited, National Stock Exchange of India Limited New Trading Ring, Rotunda Building, Exchange Plaza, 5th Floor, Plot No. Cl1, G Block P. J. Tower, Dalal Street, Fort, 27th Floor Bandra Kurla Complex, Bandra (E) Mumbai - 400 001 Mumbai - 400 051 STOCK CODE: 526947 STOCK CODE: LAOPALA Dear SirIMadam, Sub.: Annual Report for the Financial Year ended 31st March, 2019 Pursuant to Regulation 34 (1) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith the Annual Report of the Company along with Notice of Annual General Meeting (AGM) for the financial year ended 2018-19. The Annual Report for the financial year 2018-19, are also available on the Company's website at www.laopala.in. This is for your information and record purpose. Encl. As above I Chitrakoot 10th Floor 230A AlC Bose Road Kolkata 700 020 India I SOLITAIRE : P +917604088814/15/16/17 CRY TI\L~ : F +91 3322870284 I E [email protected] www.laopala.in I CIN-l261 01WB1987PlC042512 Moments of Pride LA OPALA RG LIMITED ANNUAL REPORT 2018-19 The La Opala story goes back almost three decades. The Jhunjhunwala family Location State Products was involved with the glass manufacturing manufactured industry but had not forayed into manufacturing premium tableware yet. Sitarganj Uttarakhand Opalware It was 1987 when the founder of the Madhupur Jharkhand Crystal ware Company Mr. Sushil Jhunjhunwala Opal ware came across ‘opal glass’ tableware on a business trip to South Korea. It was his It has been more than a decade since foresight that gave birth to the brand ‘La Opala’ in 1988 and brought opalware to we commissioned our modern tableware Indian tables that were till then mostly VISION accustomed to metal utensils. By 1996, La The desire for beautiful things is manufacturing facility in Sitargunj, an Opala had pioneered the manufacture of universal. The dedication to enrich life handcrafted 24% Lead crystal glass. with brilliance of beauty is rare. Our inflection point in our 31-year journey. vision is to be the chosen tableware of The management of La Opala RG Limited every home across the world. comprises Mr. Sushil Jhunjhunwala as The big question that we have been the Executive Vice Chairman, Mr. Ajit Jhunjhunwala as Managing Director and asked is how we have transformed India’s Ms. Nidhi Jhunjhunwala as Executive Director. The Company’s employees MISSION tableware space thereafter. comprise technologists, professionals and Our roadmap starts with our mission, shop-floor professionals. which is enduring. It declares our purpose as a company and serves as Our answer: We have the standard against which we weigh our actions and decisions. Our mission grown the sector. We is to continuously optimise satisfaction have introduced a of our consumers through our world Moments of class products and services. This, we wider product range. believe, is the best way to ensure consistent success for our company, We have influenced Pride shareholders and employees. consumers to upgrade their lifestyle. Forward-looking statement Contents But more than anything, we have brought In this annual report we have disclosed forward-looking information to enable investors to comprehend our Moments of Pride 02 specialness to the timeless act of eating a prospects and take informed investment decisions. This report and other statements – written and oral 10 things you need to know about 08 –that we periodically make contain forward-looking La Opala Rg Limited meal. statements that set out anticipated results based on the management’s plans and assumptions. We have Chairman’s overview 10 tried wherever possible to identify such statements by Management overview 12 using words such as ‘anticipates’, ‘estimates’, ‘expects’, Reflected in something priceless. ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of The strength of our business model 14 similar substance in connection with any discussion of future performance. We cannot guarantee that these Management discussion and analysis 16 Moments of Pride. forward-looking statements will be realised, although we believe we have been prudent in our assumptions. The Corporate information 19 achievement of results is subject to risks, uncertainties Notice 20 and even inaccurate assumptions. Should known or unknown risks or uncertainties materialise, or should Directors’ report 31 underlying assumptions prove inaccurate, actual results could vary materially from those anticipated, estimated Financial section 79 or projected. We undertake no obligation to publicly update any forward-looking statements, whether because of new information, future events or otherwise. THE VARIOUS MOMENTS RESPECT CONVICTION OF PRIDE THAT LA OPALA … when long-standing … when the buyer’s HELPED INSPIRE ACROSS shareholders examine face transforms to the wealth that La ‘I knew it!’ after she THE LAST DECADE Opala has created for asks to be shown the them best tableware brand and the store manager produces La Opala PRIDE GRATITUDE CONTENTMENT RELIEF …when the daughter …when the newly- …when the …when our trade invests in a dinner set married couple unpack homemaker sits for partners find La Opala with the proceeds of gifts to find a dinner lunch that she has merchandise moving her first salary set they would have prepared and is served faster than the others, had to buy on a plate that makes enhancing working her feel that all is well capital efficiency with the world SURPRISE SELF-ESTEEM RECOGNITION …when the lady at the … when our …when our company kitty party turns the La shopfloor manager wins an award at a Opala plate over (when reports 100% prestigious forum no one is looking) to quality acceptance for product quality, check if it is imported batch after batch process consistency and organisational achievement 02 | La Opala RG Limited ANNUAL REPORT 2018-19 | 03 MOMENTS OF PRIDE MOMENTS OF PRIDE hen La Opala went into hen La Opala embarked business in the late Eighties, on investing in a new the first question we manufacturing facility more encountered was ‘Why?’ than a decade ago, the biggest challenge was one W‘Why do you need to enter the business of W of scale. tableware?’ The Company warranted an investment of H40 ‘Why do you think people will shift from crore at a time when the Company’s revenues stainless steel plates?’ were no more than H60 crore. Thirty years later, the questions have changed. A number of well-meaning industry observers People ask: ‘When are you introducing new advised caution. One small error or delay in designs?’ stabilising operations could stress cash flows, ‘When will you extend into other tableware pushing the Company into a vice-like cycle. areas?’ However, the Company demonstrated a big This transition – largely the result of La Opala’s leap of faith in selecting to invest in state- first-moving presence – has helped transform of-the-art automated technology. Following our position from market leader to thought teething challenges, production stabilised, leader. quality improved and manufacturing costs declined. Increasing our moments of pride. Transforming the Company into a modern showpiece. Enhancing our moment of pride. 04 | La Opala RG Limited ANNUAL REPORT 2018-19 | 05 MOMENTS OF PRIDE MOMENTS OF PRIDE hen La Opala set out to e were told, ‘Your product market a larger quantity of will be appreciated and tableware about a decade kept in the drawing room ago, we had two options showcase for everyone to W available to us. W see but seldom used.’ One, we could have focused singularly on At La Opala, we responded to this challenge. increasing our market share. We created a superior product. Our products Two, we could have focused on growing the are tempered, 100% microwave-safe, zero market and concurrently accounting for a animal bone ash, scratch-proof and completely disproportionate market share. food grade (no heavy metal) We selected the second option. We create market-expanding price slots: we This priority warranted the manufacture of a launched an irresistible dinner set, ideal for a product that could be benchmarked with the family of six at a price far less than what anyone best in the developed world and provided at would have expected– the best branded half the price. tableware for a price that attracted first-time consumers and widened the market. Besides, the Company resolved to stabilise the price line, enhancing relative affordability. We provide improved brand options across incremental price points. Only a modest price The result is that La Opala expanded capacity increase makes it possible for the consumer to and amortised fixed costs more effectively as upgrade to a product of the next level. opposed to passing on cost increases. The result is that La Opala has long ceased The result is that La Opala has entered to be an adornment in the showcases of its thousands of homes across the country in customers. It has quietly been taken out, dusted, the last decade, where its products have been washed and used – and then used again. accepted as a part of everyday lives. The biggest transformation that La Opala has Enhancing our moments of pride. inspired is the everyday use of a product long considered aspirational. Enriching daily lives with moments of pride. 06 | La Opala RG Limited ANNUAL REPORT 2018-19 | 07 THINGS TO KNOW ABOUT LA OPALA 10 RG LIMITED La Opala provides the widest portfolio within the country’s tableware
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