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Brighter Horizons Brighter Horizons Godrej Consumer Products Limited Annual Report 2010-11 $QQXDO5HSRUWDQG$FFRXQWV Contents Performance Highlights 4 Board of Directors 6 Chairman’s Address 8 Managing Director’s Address 10 Management Discussion and Analysis 12 Corporate Governance 29 Economic Value Added 51 Director’s Report and Annexures 53 Financials 65 Consolidated Financials 111 Subsidiary Information u/s 212 145 Notice of AGM 147 1 *RGUHM&RQVXPHU3URGXFWV/LPLWHG Vision “We are dedicated to Deliver Superior Stakeholder Value by providing solutions to existing and emerging consumer needs in the Household & Personal Care Business. We will achieve this through Enduring Trust and Relentless Innovation delivered with Passion and Entrepreneurial Spirit.” 7KHZRUOGLVPRYLQJDWDQH[WUHPHO\IDVWSDFH%RUGHUV ,WLVDOVREHFRPLQJLQFUHDVLQJO\FOHDUWKDWLQ,QGLDJURZWK DUH EHLQJ WUDQVFHQGHG RSSRUWXQLWLHV DUH DULVLQJ LQ ZLOOEHGULYHQE\WKHUHODWLYHO\XQWDSSHGUXUDODQGLQWHULRU ORFDWLRQVDQGEXVLQHVVHVZKLFKPDQ\QHYHUFDUHGWRORRN DUHDV :H KDYH DV D UHVXOW FRQVLGHUDEO\ H[SDQGHG RXU DWDIHZ\HDUVDJR)OH[LELOLW\VZLIWQHVVDQGWKHDELOLW\WR SUHVHQFH LQ WKHVH UHJLRQV HQKDQFLQJ RXU VDOHV DQG LGHQWLI\ DQG TXLFNO\ FDSLWDOL]H RQ WKHVH RSSRUWXQLWLHV LV GLVWULEXWLRQLQIUDVWUXFWXUH EHFRPLQJLQFUHDVLQJO\FULWLFDOIRUFRPSDQLHVWRHQKDQFH WKHLUFRPSHWLWLYHSRVLWLRQDQGJURZ )XUWKHU DV \RX DUH DZDUH \RXU &RPSDQ\ KDV EHHQ FRQVLVWHQWO\H[SORULQJYLDEOHDQGDFFUHWLYHRSSRUWXQLWLHV $W *RGUHM &RQVXPHU 3URGXFWV /LPLWHG *&3/ ZH KDYH JOREDOO\ +HUH WRR WKH RSSRUWXQLWLHV OLH LQ WKH HPHUJLQJ GXULQJ WKH \HDU XQGHU UHYLHZ HQGHDYRXUHG WR SXW LQ DQG GHYHORSLQJ PDUNHWV :H KDYH LGHQWLILHG WKUHH NH\ 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XSRQLWFRQWLQXDOO\,QGRLQJWKLVZHHQVXUH WKDWZHDOZD\VPDLQWDLQWKHKLJKHVWOHYHOV RIFRUSRUDWHJRYHUQDQFHDQGGHOLYHUVDIH UHOLDEOH DQG YDOXH IRU PRQH\ SURGXFW RIIHULQJV Deliver Superior Entrepreneurial Stakeholder Value Spirit $OORXUHQGHDYRXUVDUHIRFXVHGWRZDUGV 2XUHQWUHSUHQHXULDOVSLULWKDVKHOSHG GHOLYHULQJ VXSHULRU VWDNHKROGHU YDOXH XV DGDSW DQG FDSLWDOL]H RQ WKH 7KLVKDVHQDEOHGXVWRVXVWDLQRXUVWURQJ FKDQJLQJSDUDGLJPV7KLVVSLULWKDV SURILW JURZWK WKH IUXLWV RI ZKLFK DUH DOORZHG XV WR HVWDEOLVK RXUVHOYHV VKDUHG WKURXJK VXSHULRU UHWXUQV WR RXU DV D ¦%XVLQHVV 6XSHUEUDQG§ 7KH VKDUHKROGHUVFRQVXPHUVHPSOR\HHVDQG DFTXLVLWLRQRI.H\OLQH%UDQGV/WG DVVRFLDWHV 5DSLGRO 3W\ /WG *RGUHM *OREDO 0LG(DVW)=(.LQN\*URXS 3W\ /WG 7XUD 1LJHULD 0HJDVDUL ,QGRQHVLD $UJHQFRV ,VVXH $UJHQWLQD DVWHS WRZDUGVRXUSUHVHQFHRYHUVHDVLVDQ H[DPSOHRIRXUHQWUHSUHQHXULDOVSLULW Passion 2XUUREXVWEXVLQHVVSHUIRUPDQFHLV SUHGRPLQDQWO\GXHWRRXUSDVVLRQ IRU H[FHOOHQFH $ PRWLYDWLQJ ZRUN HQYLURQPHQW DQG ZHOOVWUXFWXUHG Relentless GHYHORSPHQW SURJUDPV KDYH 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Bharat Doshi Tanya Dubash Tanya A. Mahendran Nisaba Godrej D. Shivakumar Jamshyd Godrej Bala Balachandran Narendra Ambwani Narendra Dr. Omkar Goswami Dr. Company Secretary P Ganesh Auditors Kalyaniwalla & Mistry Registrars Computech Sharecap Ltd. Bankers Central Bank of India, State Bank of India, Citibank N. A., HDFC Bank Limited, The Hongkong & Shanghai Banking Corporation Limited. 6 $QQXDO5HSRUWDQG$FFRXQWV Management Speak 7 *RGUHM&RQVXPHU3URGXFWV/LPLWHG Chairman’s address Dear Shareholders, LQQRYDWLRQV IRU DGGLWLRQV LQ RXU EUDQG FDWHJRULHV KDV ,DPGHOLJKWHGWRDGGUHVV\RXRQZKDWKDVEHHQDQRWKHU LPSURYHGHIILFLHQF\SURGXFWLYLW\DQGSURILWDELOLW\WKURXJK VXFFHVVIXODQGHYHQWIXO\HDUIRU\RXU&RPSDQ\)LVFDO\HDU WKH \HDU 7KH PDFURHFRQRPLF HQYLURQPHQW KDV IDFHG KDVEHHQDWUDQVIRUPDWLYH\HDUIRU*&3/RQPDQ\ VRPH URDGEORFNV LQ WKH ODVW \HDU EXW ZH DUH FRQILGHQW IURQWV,Q0D\ZHDFTXLUHGWKHUHPDLQLQJVKDUH WKDW ,QGLD©V RYHUDOO JURZWK VWRU\ ZLOO FRQWLQXH DQG WKDW LQ*RGUHM6DUD/HH/LPLWHGDQGZLWKWKHPHUJHURIWKHWZR \RXU&RPSDQ\LVZHOOSRVLWLRQHGWREXLOGJURZWKGULYHUV
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