The Directors take pleasure in presenting the 22nd Annual Report of the Company together with its audited accounts for the year ended 31st March 2017.
Financial results for the year under review are summarized below:
(Rs,in Millions, except earnings per share)
Revenue from operations (net)
Profit before Interest, Depreciation & Tax
Less: Finance Cost
Profit before Depreciation and Tax
Profit before Tax
Profit for the year
Other comprehensive income, net of tax
Total Comprehensive income, net of tax
Retained earnings- Opening Balance
Profit for the year
Final dividend Dividend tax for previous year
Interim dividends Dividend tax for the year
Re-measurement ( /-) on defined benefit plans
Transfer to General Reserve
Retained earnings- Closing Balance
Earnings per share (Basic / Diluted) (?)
FINANCIAL HIGHLIGHTS & PERFORMANCE
Your Directors wish to inform that during the financial year ended 31st March, 2017 the revenue from operations of the Company increased from Rs, 17,962 million to Rs, 21,321 million registering a growth of 18.70%. The profit before tax for the year under review has increased to Rs, 3,948 million from Rs, 3,431 million of last year, which is an increase of 15.07%. The net profit stood at Rs, 2,663 million as against Rs, 2,315 million of the previous year representing a growth of 15.03%.
During the year 2016-17, your Directors have declared three interim dividends on 24 th May, 2016 (Rs, 22 per share), 10th November, 2016 (Rs, 25 per share) and 9th February, 2017 (Rs, 25 per share) on an equity share value of Rs, 10 each and are also pleased to recommend a final dividend of Rs, 25 per share aggregating to a total dividend of Rs, 97 per share of an equity share value of Rs, 10 each amounting to Rs,1,082 Million for the year ended 31st March, 2017.
BRAND BUILDING JOCKEY
Jockey brand is distributed in 1400 cities and towns. The products are sold through Exclusive Brand Outlets (EBO), Large Format Stores (LFS), Multi Brand Outlets (MBO), Traditional hosiery stores and Multi-purpose stores. The Jockey brand is available in over 50,000 outlets spread across India.
During the year 2016-17, the Company through its authorized franchisees opened 101 EBOs including 5 ‘Jockey Woman’ EBOs catering exclusively to our women customers, taking the total number of EBOs to 360. These outlets are spread throughout India even covering Tier II and Tier III cities. This is an indicator of the growth potential of the Jockey brand in such cities.
Apart from the domestic EBO’s, the company has seven EBO’s outside India, 5 in UAE and 2 in Sri Lanka. While these markets are still in a nascent stage, your company is confident of promising opportunities in these new regions for the brand.
The Company has also experienced healthy growth in its own B2C e-commerce channel and with various leading online retailers.
The Speedo brand has achieved a turnover of '''' 345 million as against previous year sales of '''' 295 million, which is an increase of 17%. Speedo brand is available in 1100 stores including 140 large format stores across 106 cities and 9 EBOs.
Studies on the swimming market in India by AC Nielsen, commissioned by the Company, show a promising and fast evolving market for both swimwear and swim equipment. Your Directors are confident that the Speedo business would experience healthy growth in the years to come as Speedo becomes a dominant brand in the premium swimwear market.
EXPANSION AND NEW INVESTMENTS
To meet growing market demand, the company has geared up to augment its production capacity. During the period under review, we have expanded our installed capacity across our various units spread over 2.40 million square feet in 17 locations in the state of Karnataka.
During the year under review, the company has taken few backward integration initiatives which will bring speed and economy to the business. In this regard the company has set up state of the art tape dyeing unit at Hassan which will help in catering to the needs of the women’s range of business which is a fast fashion business. The Company has started its trial operations and expects to attain its maximum capacity during the current financial year. Similarly, the company also has laid the ground work for in-house production of various women’s range trims which are currently being imported. This is expected to commence operations during the current financial year.
A further expansion has been planned in KIADB Industrial Area, Hassan, where five acres of land was allotted by KIADB on 99 years lease. Civil construction works are in the verge completion. Commercial production is expected to be commenced during the current financial year.
ENVIRONMENT, HEALTH AND SAFETY
The Company strictly adheres to the internal polices and best practices related to EHS in all the units and has a dedicated compliance team to ensure the same. Your Company’s commitment to ensuring implementation of Safety, Health and Environment standards, has resulted in adoption of a customized software tool ‘Compliance Mantra’. This tool helps us capture and monitor compliance status across all our facilities on an ongoing basis, in a systematic and transparent manner.
To strengthen our focus, bring clarity and better communication on EHS, the Company has formulated an EHS Policy that outlines its philosophy, commitment, guidelines and intended purposes.
Environment: Your Company is an environment friendly organization as it has non-polluting and non-effluent generating manufacturing units.
Health: Though the manufacturing units of the Company are non-hazardous in nature, Directors are committed to ensure health of employees. Each unit is established with a medical centre equipped with required medical facilities along with competent Doctors, Nurses and supporting staff to achieve “Zero Harm” to employees, staff and visitors. We have established best in class creche facilities at all our units. In addition to nutritious snacks, we provide the children with learning tools and exercises to support their cognitive development. We provide monthly health check-ups, vitamin supplements and de-worming medicines periodically, in addition to, celebration of children’s birthday, Mother’s monthly meeting, etc.
The World Health Day is a global health awareness day observed every year on 7th April, under the guidance of the “World Health Organization” (WHO). On this day, “Breast Cancer Awareness” program was conducted across all Units of the Company, to educate female employees about Breast Cancer Awareness, detection at early stage and prevention.
Considering employee wellness, an awareness program on Anaemia and Blood Pressure prevention was conducted across the units.
Few of our other best practices include, (i) special attention to pregnant workers (ii) Periodical medical check-up for caterers and house-keepers, (iii) Half-yearly TT immunization to employees at Maintenance Department and (iv) Conducting periodical health awareness programmes.
Safety: Safety at workplace for all employees, contractors and visitors is one of the prime objectives of the organization. Your Company conducts periodical Internal and External Safety & Electrical Audit to assess the Workplace Condition at every unit. Each unit is equipped with firefighting / preventing equipment. Identified personnel at the respective units are well trained by competent outside agencies to handle fire-fighting and first-aid activities at regular intervals.
As a part of the periodic assessment and audit, potential risk factors are identified and action plans are drawn up, to ensure ‘emergency readiness’. Mock drills and safety awareness programmes are conducted at regular intervals. Safety team has been strengthened, keeping in mind the increasing complexity and spread of our operations and ensuring that employee well-being remains a top priority.
The Company celebrated “Road Safety Week” during 9th -15 January 2017. During the week, to make Indian roads safer and to initiate responsible driving among employees, the following awareness programs were conducted:
1. Class room training;
2. Quiz competition;
3. Wear helmet awareness; and
4. Poster competitions.
National Safety week was celebrated during 4th -11th March 2017 with the theme “Leadership in safety and health enhances business sustainability”.
The internal compliance and health and safety teams have been strengthened during the year under review and the compliance and safety aspects are reviewed periodically.
The Company has constituted an internal complaints committee in compliance with the Sexual Harassment of Women at Work Place (Prevention, Prohibition and Redressal) Act 2013. The Company has not received any complaint relating to sexual harassment of women at work place during the year under review.
Your company is highly encouraged by the enduring strong brand equity, image and leadership of the Jockey brand and the rising strength of the Speedo brand in the respective markets. Your company will continue its unrelenting Endeavour to satisfy consumers with the finest products in terms of style, design, comfort, fit and quality in all verticals; Jockey Men’s and Women’s Innerwear, Leisurewear and Active wear, as well as Speedo Swimwear and Swimwear related equipment.
The Jockey brand continues to live up to the results of an independent ‘brand health’ study carried out by Nielsen Research Agency in a previous year that has rated the Jockey Brand Health in India among the most powerful brands in their research experience across all categories. The research involved fourteen cities in all four zones across the nation. The Jockey brand scored a Brand Equity Index of 4.6 on a scale of ten in the Men’s Innerwear category and 2.9 in the Women’s innerwear category. To put things in perspective, worldwide only 23% of brands across all product categories score a Brand Equity Index 3.0 or over on a scale of ten and only 8% of brands score 5.0 and above. Jockey India Brand Equity Index scores were way above all other brands in both the Men’s and Women’s Innerwear categories.
With the continued support from Jockey International, USA, and access to ideas, trends and innovations from forty other Jockey international licensees throughout the world, your company’s long term commitment to newness and innovation will never waver, be it product, technology up-gradation, back end processes or marketing. With the Company’s strong in-house product development and back end capabilities, manufacturing expertise and state of the art technology that is continuously evolving, combined with a very strong distribution network, your Directors remain optimistic about the prospects of the Company and expect continued healthy sales growth and profitability in the coming years, further consolidating its position in the premium market for Innerwear, Leisurewear and Active wear.
HUMAN RESOURCES/INDUSTRIAL RELATIONS
A detailed section on Human Resources/Industrial Relations is provided in the Management Discussion and Analysis Report, which is part of this Annual Report.
BOARD OF DIRECTORS AND KEY MANAGEMENT PERSONNEL
During the year under review, four Board Meetings and four Audit Committee Meetings were convened and held; the details of which are given in the Corporate Governance Report.
The composition, category, date of the meetings, attendance and other details are provided in Corporate Governance Section to this Report.
The Board of Directors consists of a balanced profile of members specializing in different fields that enables it to address the various business needs of the company, while placing very strong emphasis on corporate governance.
Directors Re-appointment of Managing Director
At 21st AGM, Mr. Sunder Genomal has been reappointed as Managing Director of the Company for a term of 5 years starts from 1st August 2016 to 31st July 2021.
Demise of Mr. Pius Thomas, Executive Director
- Finance and CFO
Your Directors express their profound grief and sorrow on the sad demise of Mr. Pius Thomas, Executive Director- Finance & Chief Financial Officer of the Company on 07th April 2017.
He had played crucial leadership roles throughout his long career with the Company. His longstanding association with the Company started in the year 1995 as Senior Manager - Finance. In 2012, he was elevated and appointed on the Board of the Company as Executive Director and the Company immensely benefitted from his vision and leadership during his tenure. The Directors would like to place on record their sincere appreciation for his commitment and contribution towards the Company.
Your Directors pay their respectful homage and tribute to this pioneer, a leader and above all, a noble human being.
Re-appointment of B C Prabh.ak.ar as Independent Director
Mr. B C Prabhakar’s (DIN : 00040052) initial term of Independent Director is expiring on 12 th September 2017. Considering his valuable contribution, the Nomination and Remuneration Committee and Board of Directors at their meetings held on 9th February 2017 recommended to re-appoint Mr. B C Prabhakar as Independent Director for another term of 5 years starts from 13th September 2017, subject to the approval of members at the AGM by way of special resolution.
Retirement by Rotation
As per the provisions of the Companies Act 2013 and the Articles of Association of the Company, Mr. Nari Genomal (DIN : 00568562) and Mr. Ramesh Genomal (DIN : 00931277), Directors of the Company will be retiring by rotation at the ensuing AGM and being eligible have offered themselves for re-appointment.
The details pursuant to Regulation 36(3) of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 relating to appointment and reappointment of directors at the AGM are provided in the Notice to the members.
Key Managerial Personnel
In Compliance with Section 203 of the Companies Act 2013, the Board of Directors of Company has the following Key Managerial Personnel:
1. Mr. Sunder Genomal - Managing Director,
2. Mr. Vedji Ticku - Chief Executive Officer,
3. Mr. Pius Thomas* - Chief Financial Officer
4. Mr. C Murugesh - Company Secretary.
* up to 7th April 2017.
Appointment of Executive Directors
The Nomination and Remuneration Committee at their meeting held on 25th May 2017 recommend to appoint Mr. Vedji Ticku as Executive Director and Chief Executive Officer and Mr. V S Ganesh as Executive Director - Manufacturing and Operations.
The Board of Directors at their meeting held on
25 th May 2017 considered the recommendation of the Nomination and Remuneration Committee and appointed Mr. Vedji Ticku and Mr. V S Ganesh as additional directors, designated as Executive Director & Chief Executive Officer and Executive Director - Manufacturing & Operations respectively, for a term of 5 years each commencing from 25th May 2017, subject to Shareholders’ approval at the ensuing AGM. Pursuant to Section 161 of the Companies Act 2013, they will be holding the office as Additional Director up to the date of ensuing AGM of the Company. The Company has received notice from a member pursuant to section 160 of the Companies Act 2013 signifying his intention to propose the appointment of Mr. Vedji Ticku and Mr. V S Ganesh as Directors. The said Directors shall be liable to retire by rotation.
Committees of the Board of Directors
The Company has constituted the following committees in compliance with the Companies Act 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015:
1. Audit Committee;
2. Nomination and Remuneration Committee;
3. Stakeholders Relationship Committee; and
4. Corporate Social Responsibility (CSR) Committee.
The brief description, composition and other required details of the above committees are provided in the Corporate Governance section to this Annual Report.
Nomination and Remuneration Policy
The Board has, on the recommendation of the Nomination and Remuneration Committee framed a policy for selection, appointment of Directors and Senior Management and to fix their remuneration. The Nomination and Remuneration Policy is available in the Company’s website at https://www.jockeyindia.com/page/policies-documents. The extract of the policy covering Director’s appointment and remuneration including criteria for determining qualification, positive attributes, etc are provided in the Corporate Governance report.
Corporate Social Responsibility
Annual Report on Corporate Social Responsibility (CSR) containing composition of CSR Committee and its terms of policy is provided in Annexure-I.
As said in the last year report, the Company has partnered with Grassroots Research and Advocacy Movement (GRAAM) to identify and spend the CSR wisely and effectively towards good cause in a sustainable fashion. The following CSR activities have been identified for implementation in phased manner:
I. An Integrated Education and Child Development Program and
II. An Initiative for Youth Development
During the year under review, CSR contribution has been increased considerably compared to previous year(s). The Company has spent on the identified CSR Projects and would enhance its spending in the subsequent years by exploring further avenues which will be in line with CSR Policy of the Company.
During the year under review, the Company has spent an amount of '''' 20.25 million against a prescribed amount of '''' 57.98 million. The gap will be bridged on finding right avenues.
Evaluation of Board of Directors, Committees and Directors
Pursuant to the provisions of the Companies Act, 2013 and the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board has carried out an annual performance evaluation of its own performance, directors individually and working of the Board Committees. The manner of evaluation is explained in the Corporate Governance Report. Independent Directors met separately to evaluate the Non-Independent Directors and Chairman of the Board.
Vigil Mechanism / Whistle Blower Policy
The Company has constituted a Vigil mechanism / Whistle Blower mechanism to report genuine concerns about unethical behavior, actual or suspected fraud. The details are explained in the Corporate Governance Report. The Policy is available on the Website of the Company.
Related party transactions
All related party transactions that were entered during the financial year were at arm’s length basis and were in the ordinary course of business. There were no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large.
All Related Party Transactions were placed before the Audit Committee and the Board for approval. Prior omnibus approval of the Audit Committee has been obtained for the transactions which are of a foreseen and repetitive nature. The transactions entered into, pursuant to the omnibus approval so granted, are placed before the Audit Committee and the Board of Directors for their approval on a quarterly basis.
The Company has framed a Related Party Transactions policy for the purpose of identification and monitoring of such transactions. The policy on Related Party Transactions as approved by the Board is available in the Company’s website at https: // www.jockeyindia.com/page/policies-documents. The related party transaction in AOC-2 is marked as Annexure-II.
Risk Management is an ongoing process within the Organization. The Company has a robust risk management framework to identify, monitor and minimize risks. The Board has a policy to oversee the risk mitigation performed by the executive management, which includes identification, assessment, monitoring and reporting of risks. The major risk and mitigation plans have been explained in the Management Discussion and Analysis Report.
Ratio of remuneration
Details / Disclosures of Ratio of Remuneration to each Director to the median employee’s remuneration and particular of employees pursuant to Section 197(12) of the Companies Act 2013, read with rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, are provided in Annexure-III.
Business Responsibility Reporting
Business Responsibility Reporting is provided in the Annexure -IV
The Company has not accepted any fixed deposits during the year under review.
Particulars of Loans, Guarantees or Investments
Disclosure on particulars of loans and investments are provided in Schedule 8 to the financial statements.
Signi icant and. Material Orders Passed by the Regulators or Courts:
There have been no significant and material orders passed by the regulators or courts or tribunals impacting the going concern status and Company’s future operations.
Extract of the annual return
The Extract of Annual Return is provided in the Annexure - V.
Shares of the Company are listed in the Bombay Stock Exchange Limited, Mumbai (BSE) and National Stock Exchange of India Limited, Mumbai (NSE) and the listing fees have been duly paid.
Unclaimed Shares Suspense Account
There are no shares remaining unclaimed and are lying in the escrow account.
Statutory Auditors:- -M/s.Haribhakti& Co., Chartered Accountants, had been the auditor the Company till Conclusion of 21st AGM. At the 21st AGM, the members of the Company, appointed M/s. S.R. Batliboi & Associates LLP, Chartered Accountants, Bangalore (Firm Registration No. 101049W / E300004) as Statutory Auditor of the Company for a term of 5 years commencing from the conclusion of 21st AGM till the conclusion 26 th AGM (both inclusive) subject to ratification of the appointment at every AGM held.
The Auditors have confirmed their eligibility under Section 141 of the Companies Act, 2013 and the Rules framed there under for continuing as Auditors of the Company. Further, as required under SEBI (LODR) Regulations, the auditors have also confirmed that they hold a valid certificate issued by the Peer Review Board of the Institute of Chartered Accountants of India.
The Auditors Report to the shareholders for the year under review does not contain any qualification.
The Auditors have not reported any fraud under section 143 (12) of the Companies Act, 2013.
Secretarial Auditor:- Pursuant to the provisions of Section 204 of the Companies Act, 2013 and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board of Directors has appointed Mr. R Vijayakumar, Company Secretary in Practice [FCS-6418; COP-8667] to undertake the Secretarial Audit of the Company.
The Report of the Secretarial Audit Report forms part of this Annual report, marked as Annexure- VI. The Auditors report to the shareholders for the year under review does not contain any qualification, reservation, adverse remark or disclaimer.
Cost Audit Report:- For the year under review the cost auditing is not applicable pursuant to Notification G.S.R.01(E dated 31st December 2014.
The Company is committed to maintaining the highest standards of corporate governance. The report on corporate governance as stipulated in the SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015 forms part of the annual report. A certificate from the Practicing Company Secretary regarding compliance of conditions of Corporate Governance is also annexed to the report on Corporate Governance.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Management Discussion and Analysis Report is enclosed as part of this Annual Report.
Internal Control System and Adequacy
The details are stated in the Management Discussion Analysis.
ENERGY, TECHNOLOGYAND FOREIGNEXCHANGE
Information on conservation of energy, technology absorption, foreign exchange earnings and outgo, pursuant to Section 134(3)(m) of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014:
a. Conservation of Energy
The Company continually takes steps to absorb and adopt the latest technologies and innovations in the Garment Industry. These initiatives should enable the facilities to become more efficient and productive as the company expands, thus helping conserve energy.
All machinery and equipment are continuously serviced, updated and overhauled to maintain them in good condition. This resulted in consumption of lesser energy consumption.
Conservation of Energy continues to receive increased emphasis at all the units of the Company. Energy audits and Inter-unit studies are carried out on a regular basis for taking steps for reduction of the energy consumption.
b. Technology Absorption, Adaptation and Innovation Research and Development
In addition to product and raw material development which continues to be strengthened, Research and Development activities on fashion designing are carried out on an on-going basis. Absorbing technologies with state-of-art machineries like automated cutting machine, automated fabric inspection machines, etc., the quality of the products and efficiency of the systems have been substantially improved. By applying those technologies, the cost of production was under control.
The company now has invested in setting up Business Excellence and Operations Excellence teams so as to have a structured and focused approach to improve and bring in efficiencies to the overall business in general and operations in particular. These initiatives are already yielding results by way of: -
- Better Demand forecast and planning
- Better utilization of RM by improving the fabric consumptions
- Freight modeling and Logistics Improvement Initiatives which has resulted both in cost reduction and speed to market.
- Kaizen initiatives wherein more than 36 kaizen ideas are put to work bringing in both cost and efficiency improvements.
- 5S initiatives
During the last financial year, the Company has imported the following technology: -
- Covering and Dyeing machines for the narrow elastic project
- Hook and Eye Making machines
- Latest Auto cutting technology for the lingerie division.
The nature of activities of the Company does not warrant any exclusive R&D department.
c. Foreign Exchange Earnings and Outgo
Foreign exchange earnings during the year were Rs,158 million from exports to Sri Lanka, Nepal and UAE. Outflow on account of royalty, import of raw materials, machinery, spares etc amounted to Rs, 1900 million.
DIRECTORS’ RESPONSIBILITY STATEMENT
In compliance of Section 134(5) of the Companies Act, 2013, the Directors of your Company confirm that:
- In the preparation of the annual accounts, the applicable accounting standards had been followed along with proper explanation relating to material departures;
- They had selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the company at the end of the financial year and of the profit of the company for that period;
- They had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the company and for preventing and detecting fraud and other irregularities;
- They had prepared the annual accounts on a going concern basis;
- They had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively;
- They had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.
DECLARATION OF INDEPENDENT DIRECTOR
The Company has received declaration from Independent Directors of the Company that they meet with the criteria of their Independence laid down in Section 149 of the Companies Act, 2013 and SEBI(LODR) Regulations 2015.
Industrial relations are cordial at all levels and your Directors sincerely acknowledge the exemplary dedication of all its employees.
AWARDS AND ACCOLADES
1. Mr. Sunder Genomal, Managing Director, features in INDIA’S BEST CEOs’ list released by Business Today in January 2017. This renowned study was jointly conducted by Business Today and PwC.
2. The Company has been awarded the International licensee of the year award by Jockey International Inc (USA) for the years 2005, 2009, 2013 and 2016.
3. Mr. Pius Thomas, Executive Director - Finance had been chosen by an eminent Jury- as the winner in the “Sustained Wealth Creation”-Medium Category at the YES Bank Business World Best CFO Award 2016. Honorable Minister of Railways Suresh Prabhu and
Chairman of TERI, Shri Ashok Chawla presented the award.
4. The Company has received ‘Excellence in Advertising award 2016’ from Delhi Advertising club in the category Digital Media and Search marketing campaign.
5. The Company has received ‘Creative ABBY Award 2016 for Digital Search category for brand Jockey from Advertising Agencies Association of India.
6. The Company has received ‘Best Global Marketing Campaign award 2016’ from Speedo International.
7. The Company has received ‘Outstanding Growth & Expansion of Jockey Retail Stores’ award from Jockey International in 2016.
8. Mr. Sunder Genomal, Managing Director, received the award for INDIA’S BEST CEO (Textiles) 2015 during the fourth edition of the Business Today Best CEO Awards held in December 2015 at New Delhi.
9. Mr. Pius Thomas, Executive Director - Finance has been chosen by an eminent Jury -Chaired by former RBI Deputy Governor Mr. Subir Gokarn -as the winner in the Sustained Wealth Creation Medium Category at the fifth Business Today-YES Bank Best CFO Awards in 2015.
10. Jockey International has felicitated Page Industries Limited for ‘twenty years of service and dedication to the Jockey brand’ in 2015.
11. The Company has been awarded by Jockey International for ‘the Outstanding Marketing of the Jockey brand’ in 2015.
12. The Company has received the award for the ‘Outstanding Advancement of the Jockey Global Retail Image’ by Jockey International in 2015.
13. The Company has received the award for the ‘Best % Wholesale Growth in 2013’ by Speedo International in 2015.
14. Brand Jockey has won the award for the Buzziest Brand in Apparel | Fashion | Accessories for 2015. This award has been given by the Advertising and Marketing fraternity through a voting panel of eminent personalities as well as advertising professionals and brand marketers.
15. It is matter of great pride that in recognition of the Company’s effort Business Standard has selected your Company as the best performer in the SME Sector for 2012.The award was handed over to Mr. Sunder Genomal, Managing Director by the Honorable President of India.
16. The Company has received the award for the ‘Outstanding Advancement of the Jockey Global Image’ by Jockey International in 2012.
17. The “Licensee of the Decade” award was granted to the Company by Jockey International Inc (USA) in 2010 in recognition of the Company’s record growth year after year, offering world class products and maintaining global quality standards across all operations.
18. As a recognition of our corporate best practices, we are certified by the USA based WRAP (Worldwide Responsible Apparel Production).
The Directors acknowledge the support given by the Licensors, M/s Jockey International Inc., USA, and M/s Speedo International Limited as well as all our business associates. The Board also wishes to place on record their sincere thanks and appreciation to the Government of Karnataka, our bankers, suppliers, distributors, all other stakeholders and the wholehearted dedication and cooperation extended by the employees at all levels.
By Order of the Board
For and on behalf of the Board of Directors
Pradeep Jaipuria Sunder Genomal
Chairman Managing Director
(DIN: 00121685) (DIN: 00109720)