In line with the requirement for providing a "Report on Corporate Governance" as per clause 49 of the Revised Listing Agreement of the Stock Exchanges as applicable, Indo Rama observes all principles.

The company's philosophy on this essential facet of business ethics is as under:

Philosophy
Corporate Governance is an integral element of Indo Rama's value system, management ethos and business practices. The four key tenets of the Company's Corporate Governance policy are:

• Commitment to excellence and customer satisfaction
• Commitment to maximize long term value for stakeholders
• Commitment to Corporate conduct and citizenship, and
• Concern for environment and sustainable development

The Company firmly believes that good Corporate Governance practices underscore its drive towards competitive strength and sustained performance. Thus, basic Corporate Governance norms have been institutionalized as an enabling and facilitating business process at the Board, Management and Operational levels.