GS Mark

TTK PRESTIGE LIMITED PRESS CONFERENCE - 5TH JUNE 2001

SPEECH OF MR. T.T.JAGANNATHAN - CHAIRMAN

Only three things are constant in the world - Death, Income tax and Change.

Dinosaurs were a great species. They were tough, made to withstand the toughest of environs million years back. While the species remained tough they did not adapt to changes in environment, and became extinct.

The same is true of business organisations, which do not adapt to constantly changing market and economic environments. More important is to foresee changes so that adaptation becomes a way of life to ensure successful and perpetual existence.

I would like to stress that the efforts we have initiated are not one-time efforts. I believe that a one-time effort will only extend the life and cannot guarantee perpetual existence. If the genetic code of Dinosaurs were changed they would have survived even today. The process we have initiated in our company is a Total Transformation process meaning that the organisation is fully geared to change its genetic code on its own so that it naturally adapts to continual changes.

A year back, 25 senior executives of the Company were engaged in a brain-storming session. The conclusion was that, the Company's core strengths of Brand, Manufacturing, Distribution, Development Capabilities and Human resource are all under-utilised. Each element is very valuable and it should be the endeavour of the Company to ensure that the organisation value equals or surpasses the aggregate of the values of the individual strengths. Thus was born the Total Transformation process guided by Mr. R.Srinivasan, management consultant, who has also joined the board.

As a fall-out of this process, the company has adopted a new vision statement.

OUR VISION IS TO MAKE TTK PRESTIGE THE # 1 SMALL APPLIANCE
COMPANY IN INDIA THROUGH CUSTOMER CENTRIC INNOVATION
WE WILL ACHIEVE THIS BY
MAKING PRESTIGE # 1 DOMESTIC BRAND IN INDIA
IN THE SMALL APPLIANCE CATEGORY
GLOBALLY DOMINATING THE PRESSURE COOKER MARKET
BUILDING PEOPLE COMPETENCE
ACHIEVING OPERATIONAL EXCELLENCE
THUS ENHANCING SHARE HOLDER VALUE

In order to realise this vision statement, we have initiated several steps:

Broad Basing the board
Switching from management mode to governance mode at the top level
Customer centric development
Broad Basing the business of the Company in terms of products as well as Geography
Logical extension of the Prestige brand
Totally new brand communication drive
Blend of manufacturing and sourcing
Organisation of the business into distinct strategic business groups
Decentralised and Empowered organisation
Contemporary human resource development practices
IT initiatives

To sum up, we are in the process of creating a new look for TTK Prestige Limited, so as to transform the entire organisation as a brand to deliver long term shareholder value through customer satisfaction.