Company Analysis Report

Indian Economy Growth

The economy of India is the 12th largest in the world in terms of the rates of market
exchange while in terms of the purchasing power parity (PPP), it is the 4th largest in the
world. Since its independence in the year 1947, the economy of India has gradually grown
and today it is one of the most developing economies in the global scenario.

The early years of Indian economy

After independence, for a period of around one and a half decades, India followed the social
democratic economic policies. From the year 1991, to keep pace with the changing trends in
the market, a new liberalization policy was formulated. The chief architect of this policy was
Dr Manmohan Singh, the then Finance Minister of India. Due to the economic liberalization
policies in the 1990s and the 2000s, the country steadily climbed up the economic ladder
and by the year 2008, it became the second fastest growing economy in the globe.

The socio economic development

According to economists and researchers, there has been a direct link between the
economic growth of India and social development. In fact the favorable socio economic
scenario of the country has contributed a lot towards its development. Due to the
improvement of the civic amenities such as education, health care and lots more, the
standard of living has also risen which has put a significant positive impact on the Indian
economy.

The growth of various sectors

The share of the service industry accounts to around 54% of the annual Gross Domestic
Product (GDP) of the country. Next are the industrial and agricultural sectors which
contribute around 29% and 17% respectively. Some of the major agricultural export items
consist of wheat, rice, tea, cotton, jute, sugarcane and so on. Some of the other allied
exports consist of steel, chemical, textiles, cement, machinery, IT services and so on. Due to
the development of science and technology, the number and quality of exports have also
grown to a great extent which has led to favorable Indian economic growth.
Since the year 2007, the economy of India has developed by more than 9%. The growth rate
of the decade has been around 7%. This growth rate has improved the per capita income
and the standard of living and poverty has reduced by around 10%.
To complement this growing trend, the Indian service sector has also performed well. Since
the year 2007, the growth rate in this sector has been around 11.18% on an average with
around 53% contribution to the GDP. During the same time, the industrial sector grew by
around 10.63 % and contributed around 29% to the GDP. The manufacturing sector
experienced a growth of around 12% which was a significant leap from the 8.98% in the year
2005. In the communication and storage sector, the growth rate was around 16.64%. The 10
leading Indian companies listed by Forbes Global 2000 in the year 2009 are:

Reliance Industries Limited (RIL)

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State Bank of India (SBI)

Oil and Natural Gas Corporation (ONGC)

Steel Authority of India (SAIL)

Reliance Communications

Larsen & Toubro Limited (L&T)

Bharat Petroleum Corporation Limited (BPCL)

Bharat Heavy Electrical Limited (BHEL)

Housing Development Finance Corporation Ltd. (HDFC)

Tata Consultancy Services (TCS)

Effect of the Economic Downturn

Like all other economies of the world, the Indian economic growth has also been affected by
the global meltdown. However, compared to other countries, the effect of the recession was
not huge here. This was partly due to the fact that the economy in India is still a balance
between open market and social economic policies.
To cope with the economic meltdown and also to make the economy grow, the government
has decided to take certain steps. Around $559 billion has been ear-marked to develop
investment in infrastructure. Similarly, the rural and the service sectors will also be
developed significantly.

Current State of Indian Economy

Growth Rate
Indian economy grew by 4.4% in the first quarter of the current financial year. In the last
quarter of the financial year 2012-13, the economy grew by 4.8%. The country's GDP grew
by 5% in 2012-13 - the lowest rate of growth in a decade. In 2011-12, the country's growth
rate was 6.2%.

Tax Collection
Indirect Taxes:
In the first quarter of the current financial year, collection of indirect taxes amounted to Rs
1.11 lakh crore, as against Rs 1.05 lakh crores in the corresponding period of the last
financial year. Excise duty accounted for Rs 37,600 crore, Customs duty for Rs 40,800 crore
and Service Tax for Rs 32,000 crore in the first quarter of the current financial year. The
collection target for indirect taxes in the current financial year is Rs 5.65 lakh crore, which is
19% more than the collection of Rs 4.73 lakh crore in 2012-13. Excise duty collection
dropped by 4.9% in the first quarter of the current financial year as compared to the
corresponding period in the last financial year, showing the signs of decrease in industrial
production.
Direct Taxes:

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During the period from April to July in the current financial year, gross collection of direct
taxes amounted to Rs 1,57,169 crore, as against Rs 1,38,751 crore in the corresponding
period of the last financial year, registering an increase of 13.27%. Gross collection of
Corporate taxes amounted to Rs 92,115 crore, personal income tax to Rs 63,583 crore, STT
to Rs 1267 crore and wealth tax to Rs 201 crore.
In this period, net collection of income tax amounted to Rs 1,16,645 crore, as against Rs
1,05,684 crore in the corresponding period last year, registering an increase of 10.37%.
Fiscal Deficit
In the first quarter of the current financial year, the country's fiscal deficit reached Rs 2.63
lakh crore - 48.4% of the 2013-14 Budget estimate. In this period, net tax receipts amounted
to Rs 1.19 lakh crore, while the total expenditure amounted to Rs 3.82 lakh crore. Fiscal
deficit was 37.1% of the budget estimate in the first quarter of 2012-13. The government
assured to restrict fiscal deficit to 4.8% of GDP in the current financial year. The fiscal deficit
amounted to 4.9% of GDP in 2012-13.

Depreciation of rupee
The rupee on August 28, 2013 plunged to a lifetime low of 68.85 against the US dollar and
closed at 68.80. It was the biggest single-day fall of 256 paise or 3.86%. In the month of
August, the rupee lost 840 paise or about 14% against the dollar upto August 28, 2013. In
the current year, the rupee lost 1381 paise or over 25% against the dollar. The finance
ministry assured that there was no need to panic.
The rupee revived on August 29, 2013 and further strengthed on August 2013 owing to sale
of dollars by public sector banks on behalf of RBI. The PM blamed high CAD and international
factors for fall of the rupee.
Trade Deficit
During the period from April to July 2013, exports amounted to US $ 98,290.13 million (Rs
5,59,531.29 crore), as against US $ 96,632.20 million (Rs 5,26,301.34 crore) in the
corresponding period last year, showing an increase of 1.72% in dollar terms and 6.31% in
rupee terms.
During the period from April to July 2013, imports amounted to US $ 1,60,738.29 (Rs
9,11,927.33 crore) as against US $ 1,56,327.95 (Rs 8,51,289.60 crore) in the corresponding
period last year, showing an increase of 2.82% in dollar terms and 7.12% in rupee terms. Oil
imports amounted to US $54,584.3 million and non-oil imports to US $ 1,06,154.0 million in
the period from April to July 2013.
The trade deficit for April-July 2013 was estimated to US $62,448.16 million, as against US
$59,695.75 million in the corresponding period of 2012.
Foreign Exchange Reserve
The country's foreign exchange plunged to US $ 278.02 billion as on August 9, 2013. The fall
in foreign exchange reserve was due to sale of dollars by the RBI and lower inflow of foreign
currency.
Growth of the industry
In a challenging economic environment and intensely competitive market, Profit from
Operations increased 69.6%, from Rs. 314.45 crores to Rs. 533.24 crores. Several of your
Company's power brands grew double digit resulting in overall revenue growth of 12%. Your
Company focused on profitability, capital productivity and working capital management to
generate cash flow from operating activities of Rs. 614.51 crores compared to Rs. 272.01
crores in the previous year. Earnings per share (of Rs.2/- each) increased to Rs. 30.87 from
Rs. 19.57 in the previous year.
Based on the assessment of business of Daily Bread Gourmet Foods (India) Private Limited
(wholly owned subsidiary) and in accordance with Accounting Standard 13 - "Accounting for

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Investments", prescribed by the Companies (Accounting Standard) Rules, 2006 of the
Companies Act, 1956, your Company has made a provision of Rs. 20 crores for diminution in
value of investment made in equity shares of Daily Bread Gourmet Foods (India) Private
Limited.
Trend lines of key performance parameters are shown in the table below:

SIGNIFICANT RATIOS
2013-142012-13
Measures of Investment

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Return on equity

Net profit
Shareholders funds

43.3

36.7

Book value per share

Shareholders' funds
Number of equity shares

Rs.

71.2

53.2

Dividend cover

Earnings per share ( Basic )

Dividend (plus tax) per share

times

2.2

2.0

8.9

5.9

Measures of Performance

Profit margin

Profit before tax

Revenue from operations + Other income

Debtors turnover

Sale of products
Trade receivables

Stock turnover

Sale of products
times
Inventories (Finished goods + Stock-in-trade)

Measures of Financial Status

times 118.2

41.8

73.3

40.7

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Debt equity ratio

Long-term borrowings + Short-term

borrowings + Current maturities of
%
long-term debt and finance lease obligations
Shareholders funds

Current ratio

Current assets
Current liabilities - Current
maturities of long-term debt
and finance lease obligations

times

Tax ratio

Provision for tax

Profit before tax

0.1

33.9

0.9

0.7

31.8

29.6

Overview of the company

The story of one of India's favourite brands reads almost like a fairy tale. Once upon a time,
in 1892 to be precise, a biscuit company was started in a nondescript house in Calcutta (now
Kolkata) with an initial investment of Rs. 295. The company we all know as Britannia today.
The beginnings might have been humble-the dreams were anything but. By 1910, with the
advent of electricity, Britannia mechanized its operations, and in 1921, it became the first
company east of the Suez Canal to use imported gas ovens. Britannia's business was
flourishing. But, more importantly, Britannia was acquiring a reputation for quality and
value. As a result, during the tragic World War II, the Government reposed its trust in
Britannia by contracting it to supply large quantities of "service biscuits" to the armed
forces.

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As time moved on, the biscuit market continued to grow and Britannia grew along with it.
In 1975, the Britannia Biscuit Company took over the distribution of biscuits from Parry's who
till now distributed Britannia biscuits in India. In the subsequent public issue of 1978, Indian
shareholding crossed 60%, firmly establishing the Indianness of the firm. The following year,
Britannia Biscuit Company was re-christened Britannia Industries Limited (BIL). Four years
later in 1983, it crossed the Rs. 100 crores revenue mark.
On the operations front, the company was making equally dynamic strides. In 1992, it
celebrated its Platinum Jubilee. In 1997, the company unveiled its new corporate identity "Eat Healthy, Think Better" - and made its first foray into the dairy products market. In 1999,
the "Britannia Khao, World Cup Jao" promotion further fortified the affinity consumers had
with 'Brand Britannia'.
Britannia strode into the 21st Century as one of India's biggest brands and the pre-eminent
food brand of the country. It was equally recognised for its innovative approach to products
and marketing: the Lagaan Match was voted India's most successful promotional activity of
the year 2001 while the delicious Britannia 50-50 Maska-Chaska became India's most
successful product launch. In 2002, Britannia's New Business Division formed a joint venture
with Fonterra, the world's second largest Dairy Company, and Britannia New Zealand Foods
Pvt. Ltd. was born. In recognition of its vision and accelerating graph, Forbes Global rated
Britannia 'One amongst the Top 200 Small Companies of the World', and The Economic
Times pegged Britannia India's 2nd Most Trusted Brand.
Today, more than a century after those tentative first steps, Britannia's fairy tale is not only
going strong but blazing new standards, and that miniscule initial investment has grown by
leaps and bounds to crores of rupees in wealth for Britannia's shareholders. The company's
offerings are spread across the spectrum with products ranging from the healthy and
economical Tiger biscuits to the more lifestyle-oriented Milkman Cheese. Having succeeded
in garnering the trust of almost one-third of India's one billion population and a strong
management at the helm means Britannia will continue to dream big on its path of
innovation and quality. And millions of consumers will savour the results, happily ever after.

History of biscuits
Sweet or salty. Soft or crunchy. Simple or exotic. Everybody loves munching on biscuits, but
do they know how biscuits began?
The history of biscuits can be traced back to a recipe created by the Roman chef Apicius, in
which "a thick paste of fine wheat flour was boiled and spread out on a plate. When it had
dried and hardened it was cut up and then fried until crisp, then served with honey and
pepper."
The word 'Biscuit' is derived from the Latin words 'Bis' (meaning 'twice') and 'Coctus'
(meaning cooked or baked). The word 'Biscotti' is also the generic term for cookies in Italian.
Back then, biscuits were unleavened, hard and thin wafers which, because of their low water
content, were ideal food to store.

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As people started to explore the globe, biscuits became the ideal travelling food since they
stayed fresh for long periods. The seafaring age, thus, witnessed the boom of biscuits when
these were sealed in airtight containers to last for months at a time. Hard track biscuits
(earliest version of the biscotti and present-day crackers) were part of the staple diet of
English and American sailors for many centuries. In fact, the countries which led this
seafaring charge, such as those in Western Europe, are the ones where biscuits are most
popular even today. Biscotti is said to have been a favorite of Christopher Columbus who
discovered America!
Making good biscuits is quite an art, and history bears testimony to that. During the 17th
and 18th Centuries in Europe, baking was a carefully controlled profession, managed
through a series of 'guilds' or professional associations. To become a baker, one had to
complete years of apprenticeship - working through the ranks of apprentice, journeyman,
and finally master baker. Not only this, the amount and quality of biscuits baked were also
carefully monitored.
The English, Scottish and Dutch immigrants originally brought the first cookies to the United
States and they were called teacakes. They were often flavored with nothing more than the
finest butter, sometimes with the addition of a few drops of rose water. Cookies in America
were also called by such names as "jumbles", "plunkets" and "cry babies".
As technology improved during the Industrial Revolution in the 19th century, the price of
sugar and flour dropped. Chemical leavening agents, such as baking soda, became available
and a profusion of cookie recipes occurred. This led to the development of manufactured
cookies.
Interestingly, as time has passed and despite more varieties becoming available, the
essential ingredients of biscuits haven't changed - like 'soft' wheat flour (which contains less
protein than the flour used to bake bread) sugar, and fats, such as butter and oil. Today,
though they are known by different names the world over, people agree on one thing nothing beats the biscuit!
Some interesting facts on the origin of other forms of biscuits:
The recipe for oval shaped cookies (that are also known as boudoir biscuits, sponge biscuits,
sponge fingers, Naples biscuits and Savoy biscuits) has changed little in 900 years and dates
back to the house of Savoy in the 11th century France. Peter the Great of Russia seems to
have enjoyed an oval-shaped cookie called "lady fingers" when visiting Louis XV of France.
The macaroon - a small round cookie with crisp crust and a soft interior - seems to have
originated in an Italian monastery in 1792 during the French Revolution.
SPRING-uhr-lee, have been traditional Christmas cookies in Austria and Bavaria for centuries.
They are made from a simple egg, flour and sugar dough and are usually rectangular in
shape. These cookies are made with a leavening agent called ammonium carbonate and
baking ammonia.

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The inspiration for fortune cookies dates back to the 12th and 13th Centuries, when Chinese
soldiers slipped rice paper messages into moon cakes to help co-ordinate their defence
against Mongolian invaders.

Entrepreneur profiles
Yogesh Joshi
Entrepreneur
SUPPLY CHAIN HEAD, Britannia Industries Limited
Mumbai , India
Organisations:

SUPPLY CHAIN HEAD at Britannia Industries Limited for 20 years

1991- 1995 , IGNOU Mumbai

Academic:

Work Status: Entrepreneur

Code of conduct:
The reputation that Britannia has built over the years for high ethical standards is one of our
greatest business assets. To share the responsibility to preserve and enhance this asset, the
company has documented the Code of Business Conduct (COBC) for its employees. This
handbook covers the Code in detail.
The COBC outlines the principles, policies and laws that govern the activities of the
company, and to which employees of Britannia and others who work with, or represent
Britannia directly or indirectly, must adhere. The Code is distributed to all employees and
directors and others associated with the business of the Company, and offers guidance for
professional conduct under six main headings, which include the following key points:
1. Responsibilities of Employees of Britannia

Maintaining ethical standards, including appropriate accounting controls;

Identify, surface and resolve ethical issues with great speed;

Corporate assets (physical and intellectual) must not be used for personal benefit;

Exercise good judgment and standards of good taste when creating company
records, including e-mail;

Maintain company records accurately and retain them in accordance with law.
2. Workplace Responsibilities

Being committed to fair employment practices;

Being committed to a workplace free from drugs and any kind of harassment or
intimidation of employees;

Being committed to the safety of our employees;

Being committed to discipline at workplace;

Compliance with appropriate laws and internal regulations.

3. Representing Britannia to Customers and Other External Constituencies

Treating customers, suppliers and competitors fairly;

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Maintaining high standards of quality;

Speeches, media interviews, and other public appearances in connection with

Britannia must first be approved internally;

Preparing accounts accurately and maintaining records;

Ensuring not to use unfair and misleading statements when marketing Britannia
products and services;

Accepting and giving gifts is not permitted, except as governed by the policy laid
down herein.
4. Privacy / Confidentiality

Protect proprietary and confidential information at all times in accordance with

applicable law;

Keep customer information secure at all times, as a sacred trust given to the
company by our customers;

Keep employees' information confidential.

5. Investments and Outside Activities

Trading in the securities of Britannia or any other company while in possession of

"inside" information is illegal;

Avoiding real or perceived conflicts of interest in areas including investments or

outside business activities, among others.
6. Corporate Social Responsibility

Catering to the national interest

Committed to be a good corporate citizen

The company prohibits any payment of bribes.

Note:
Unless otherwise stated, the Principal Manager, in the case of a Branch and units under the
control of the branch, is the General Manager of the Branch. In the case of employees based
at Executive Office, the Principal Manager is the Functional Head to whom the employee
would report into.
Compliance Officer, wherever mentioned on this code, refers to the Company Secretary and
Head-Legal, or any other authority appointed specifically for this purpose, by the Board of
Directors.
ADMINISTRATION OF THE CODE
DISTRIBUTION
All the directors of the company and employees will receive a copy of this Code at the time
they join the company and will receive periodic updates. Also, any agent, consultant,
government official or government employee who is retained by the company should receive
this Code and understand the obligations under it.
APPROVALS
The appropriate Principal Managers must review and approve in writing any circumstance
requiring special permission, as described in the Code. Copies of these approvals should be
maintained by the company and made available to auditors or investigating authorities.
Waivers of any provision of this Code must be approved by the Board of Directors or its
designated committee.
MONITORING COMPLIANCE
Employees must take all responsible steps to prevent a Code violation.
Employees should report suspected Code violations to their manager or higher level of

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management, or to the corporate Legal and Internal Audit Departments. In the case of
potential criminal violations, employees should inform the Compliance Officer.
INVESTIGATIONS
The responsibility for administering the Code, investigating violations of the Code and
determining corrective and disciplinary action rests jointly with the Chief Executive Officer,
Chief Financial Officer and Compliance Officer, alongwith the Audit Committee of the Board
of Directors.
The Compliance Officer may, with the assistance of the company's Internal Audit and Legal
Departments, conduct or manage investigations as deemed appropriate. They will work
together with the employee's managers to recommend corrective and disciplinary actions
for presentation to the Chief Executive Officer and the Chief Financial Officer. For more
information on the procedures that generally will be followed in the case of potential Code
violations, please refer to the Procedural Guidelines for the Code of Business Conduct.
If allegations involve criminal conduct, employees should seek guidance from the
Compliance Officer before engaging in any inquiries.
The Chief Financial Officer will report Code violations and the corrective actions taken to the
Audit Committee of the Board of Directors.
DISCIPLINARY ACTIONS
The company strives to impose disciplinary action for each Code violation that fits the nature
and particular facts of the violation. The company uses a system of progressive discipline.
The company generally will issue warnings or letters of reprimand for less significant, firsttime offenses. Violations of a more serious nature may result in suspension without pay,
demotion, loss or reduction of bonus or option awards, or any combination thereof.
Termination of employment generally is reserved for conduct such as theft or other
violations amounting to a breach of trust, or for cases where a person has engaged in
multiple violations.
Violations of this Code are not the only basis for disciplinary action. The company has
additional policies and procedures governing conduct.
SIGNATURE AND ACKNOWLEDGEMENT
All new associates must sign an acknowledgement form confirming that they have read the
Code and understand its provisions. Failure to read the Code or to sign an acknowledgement
form, however, does not excuse an associate from the terms of this Code.
IT'S UPTO YOU
Administration of the Code is everyone's responsibility. There are colleagues to help you do
the right thing. If you act with integrity and seek guidance when you are uncertain, you'll be
doing the right thing.
HANDBOOK FOR EMPLOYEES OF BRITANNIA AND ALL BUSINESS ASSOCIATES
1 RESPONSIBILITIES OF EMPLOYEES OF BRITANNIA
1.1 Standards of ethical behaviour
Maintaining ethical standards, including appropriate internal controls and adherence to local
laws and regulations, is the responsibility of every member of the Britannia family. Early
identification and resolution of ethical issues that may arise are critical to maintaining our

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commitment to world-class business practices.
All employees are expected to treat compliance with ethical standards as a critical element
of their responsibilities. You should use your judgment and common sense; if something
seems unethical or improper, it probably is. If you have any questions regarding the best
course of action in a particular situation, or if you suspect a possible violation of a law,
regulation or Britannia ethical standard, you should seek advice from the appropriate
authority, which could be:

Your immediate superior

Regional Personnel Manager / Human Resource Manager

Head of your function

Compliance Officer

Chief Financial Officer

Chief Executive Officer

Audit Committee

Board of Directors
1.2 Protecting Corporate Assets
Britannia's assets are to be used only for the legitimate business purposes of the Company
and its subsidiaries, by authorized employees or their designees only. Assets include cash,
securities, business plans, consumer information, customer information, product recipes,
packaging standards, proprietary processes, quality standards, machinery designs, supplier
information, distributor information, intellectual property (computer programs, models and
other items), trademarks and copyrights, physical property and services.
Company assets must not be used for personal benefit except where permitted by Britannia
in line with Company policy. Misappropriation of corporate assets is a breach of your duty to
Britannia and may constitute an act of fraud against the company. Similarly, carelessness or
waste in regard to company assets is also a breach of your duty to Britannia.
The company's telephone, internet, e-mail and voice-mail systems are primarily for business
purposes and should not be used in a manner that might cause harm or embarrassment to
the company. Britannia reserves the right to monitor and inspect, without notice, all
electronic communications data and information transmitted on the network and electronic
files located on company servers, personal computers owned by the company or computers
on the premises used for company business.
You must have permission from your Principal Manager, before you use or authorise the use
of any company asset, including information, work product or trademark-outside of your
company responsibilities.
1.3 Accuracy of Company Records and Reporting
Records, data and information owned, used and managed by Britannia must be accurate and
complete and must be maintained in sufficient detail to reflect the company's transactions
accurately. Financial statements must always be prepared in accordance with generally
accepted accounting principles and fairly present, in all material respects, the financial
condition and results of the company.
You are personally responsible for the integrity of the information, reports and records under
your control. You must use common sense and observe standards of good taste regarding
content and language when creating business records and other documents (such as e-mail)
that may be retained by Britannia or a third party. You should keep in mind that at a future
date, Britannia or a third party may be in a position to rely on or interpret the document with

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the benefit of hindsight and/or the disadvantage of imperfect recollections.
You are required to cooperate fully with appropriately authorized internal or external
investigations. Making false statements to or otherwise misleading internal or external
auditors, Britannia counsel, Britannia representatives or regulators can be a criminal act that
can result in severe penalties. You must never withhold or fail to communicate information
that raises ethical questions and thus should be brought to the attention of higher levels of
management.
Records should be retained strictly in accordance with the Company policies. You are
prohibited from destroying any records that are potentially relevant to a violation of law or
any litigation or any pending, threatened or foreseeable government investigation or
proceeding.
Britannia is also committed to accuracy in tax-related records, and to tax reporting in
compliance with the overall intent and letter of applicable laws. Tax returns of the company
must be filed on a timely basis and taxes due paid on time.
2 WORKPLACE RESPONSIBILITIES
2.1 Fair Employment Practices and Diversity
Britannia believes that diversity in our staff is critical to our success as an organization, as
we seek to recruit, develop and retain the most talented people from a diverse candidate
pool. Advancement at Britannia is based on competencies and performance. We are
committed to providing equal opportunities to all our employees and all qualified applicants
for employment without regard to their race, caste, religion, colour, ancestry, martial status,
sex, age and nationality.
All employees and their immediate superiors, regardless of level, shall endeavor to meet the
following objectives:

Respect each employee, customers and their representative of suppliers and

contractors as an individual, showing courtesy and consideration and fostering personal
dignity. Encourage employees to voice their opinions freely about the policies and practices
of the company by communicating and practicing Britannia policy;

Keep colleagues and co-workers generally informed of the policies, plans and
progress of the company through regular communications;

Afford colleagues and co-workers a reasonable opportunity, consistent with the needs
of the company, for training to become better skilled in their roles;

Encourage promotion from within, consistent with the needs of the company,
whenever qualified employees are available.

Assure uniformly fair compensation and benefit practices that will attract, reward and
retain quality employees.
Our dealings with each other should be based on mutual trust and respect to one another
and to the Company. Our focus is on a set of mutual objectives, which are the driving
momentum behind our business.
2.2 Harassment and Intimidation
Britannia's policy is to provide a workplace free from tensions involving matters that do not
relate to the company's business. Harassment of employees, applicants, customers,
contractors or suppliers by other employees will be a violation of company policy. Britannia
prohibits any other kind of harassment or intimidation, whether committed by or against a
supervisor, co-worker, customer, vendor or visitor.

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Harassment, whether based on a person's race, gender, color, creed, religion, national
origin, citizenship, age, disability, marital status, sexual orientation, ancestry, veteran status
or socioeconomic status, is repugnant and completely inconsistent with our tradition of
providing a respectful, professional and dignified workplace. Harassment may be unlawful
and is prohibited whether it occurs in the workplace, at customer or vendor sites, and
includes:

Verbal harassment

Physical harassment

Visual harassment (posters, cartoons, drawings)

Coercing the subordinate to perform any activity which might harm the interest of the
company.

Discrimination against particular individual based on caste, community or gender.

Threaten or blackmail.
Any employee who feels threatened and harassed, must be in a position to communicate his
/ her feelings without fear to the immediate superior or the next higher level or the Regional
Personnel Manager / Human Resource Manager. If you believe that you are being subjected
to harassing behavior, or if you observe or receive a complaint regarding such behavior, you
should report it to your supervisor or to your Regional Personnel Manager / Human Resource
Manager.
2.3 Drug-Free Workplace
To meet our responsibilities to employees, customers and investors, Britannia must maintain
a healthy and productive work environment. Misusing controlled substances or selling,
distributing, possessing, using or being under the influence of illegal drugs on the job is
absolutely prohibited.
2.4 Safety in the Workplace
Britannia shall strive to provide a safe and healthy working environment and comply, in the
conduct of its business affairs, with all regulations regarding the preservation of the
environment of the territory it operates in. Britannia shall be committed to prevent the
wasteful use of natural resources and minimize any hazardous impact of the development,
production, use and disposal of any of its products and services on the ecological
environment. Hence, each of us must comply with all applicable health and safety policies.
We maintain compliance with all local laws, and internal guidelines have been developed to
help maintain secure and healthy work surroundings. Questions, if any, about these laws and
guidelines should be directed to your supervisor / Regional Personnel Manager / Human
Resource Manager.
2.5 Maintaining Discipline at workplace
Britannia endeavors to maintain the best of employment practices and envisages a mutual
commitment between the company and employees towards effectively maintaining the
same. Discipline, therefore, would include:

Punctuality and respect for time

Good house keeping, cleanliness

Limited personal telephones / e-mails during office hours

Britannia also expects compliance to the following by all employees and directors while
executing individual responsibilities:

High level of service orientation

Honoring commitments

Meeting reporting timelines

Respecting and understanding the requirement of jobs of other colleagues

Doing the job without follow ups

Company Analysis Report

Transparency and openness

Working collaboratively across geographies and functions

Looking after employees' development needs

Focusing on results

Taking personal responsibility and ownership

Intellectual integrity.
3 REPRESENTING BRITANNIA TO CUSTOMERS AND OTHER EXTERNAL CONSTITUENCIES
3.1 Fair Treatment
Britannia is committed to dealing fairly with its consumers, customers, suppliers,
competitors and employees. No person may take unfair advantage of anyone through
manipulation, concealment, abuse of confidential information, misrepresentation of material
facts or other unfair dealing practice.
3.2 Quality of Products & Services
Britannia is committed to producing and marketing goods of the highest quality standards to
ensure total consumer and customer satisfaction. The quality standards of the company's
products should meet the highest standards, nationally and internationally, at all times.
To consistently live up to the expectation of consumers, Britannia expects all its suppliers
and other associates who are directly or indirectly related to business, to consistently deliver
on quality. The Company would at no instance compromise on quality standards. Quality
standards also apply to the services we provide to our distributors, customers, consumers
and suppliers externally. There should be no compromise on our quality commitment for
both internal and external customers.
3.3 Media, Publishing and Public Appearances
Any inquiry from the media relating to Britannia should be referred to the Compliance
Officer, either through your local General Manager or directly to the Compliance Officer. Only
officially designated spokespersons may provide comments for the media.
No employee shall, in any radio / TV broadcast or in any document published in his / her own
name or anonymously, pseudonymously or in the name of any other person or in any
communication to the press or in any public utterance, make any statement of fact or
opinion that will:

inflict an adverse criticism of any current or recent policy or action of the

Management.

embarrass the relationship between the Management and employees.

3.4 Financial Reporting & Records
Britannia shall prepare and maintain its accounts fairly and accurately in accordance with
the accounting and financial reporting standards which represent the generally accepted
guidelines, principles, standards, laws and regulations of the country in which the Company
conducts its business affairs.
Internal accounting and audit procedures shall fairly and accurately reflect all of the
Company's business transactions and disposition of assets. All required information shall be
accessible to company auditors and other authorized parties and government agencies.
There shall be no willful omission of any company transactions from the books and records,
no advance income recognition and no hidden bank account and funds.
Any willful material misrepresentation of and/or misinformation on the financial accounts
and reports shall be regarded as a violation of the Code apart from inviting appropriate civil
or criminal action under the relevant laws.

Company Analysis Report

3.5 Dealing with Third Parties
In order to make the best use of company assets and deliver value to our shareholders,
Britannia's policy is to purchase all goods and services on the basis of most competitive
price, quality, availability, terms and service. Britannia prefers to deal with other Britannia
businesses where possible: when required by regulatory authorities, such transactions and
pricing must be consistent with arm's-length market terms. Suppliers and service providers
must adhere to Britannia policies whenever appropriate and agree to keep any relationship
with Britannia confidential unless otherwise approved by Britannia. All suppliers must
comply with applicable nondiscrimination laws.
You should ensure the following while dealing with suppliers / vendors / contract packers:

Company gets value for money without sacrificing quality / business ethics.

Contracts are awarded solely on merit basis.

Limited information dissemination across all third party layers.

No personal favors/ advantages/ financial obligation are accepted.

No sharing of company's proprietary / confidential information.

Refuse any offer of premises to be arranged by the third party for personal benefit,
during official visits or otherwise.
It has to be noted that any third party, having business dealings with the Britannia group viz.
consultants, agents, sales representatives, distributors, contractors, suppliers, etc. shall not
be authorized to associate or do business with Britannia if their business conduct and ethics
are known to be inconsistent with this Code. No third party service provider to Britannia will
use the company's name for vested interest.
3.6 Gifts, Favours and Entertainment
Receiving Gifts
Britannia and its employees shall not receive, directly or indirectly, any payments,
remuneration, gifts, donations or comparable benefits which are intended to or perceived to
obtain business or uncompetitive favors for the conduct of its business. You should never
accept a gift in circumstances in which it could even appear to others that your business
judgment has been compromised. Similarly, you may not accept or allow a close family
member to accept gifts, services, loans or preferential treatment from anyone - customers,
suppliers or others - in exchange for a past, current or future business relationship with
Britannia.
However, in instances where organizations offer gifts/ special discounts for their business
associates of their products/ services, it becomes obligatory to obtain a positive affirmation
that the benefit enjoyed by you is consistent with the policy of the business associate and is
not being extended only to an individual. This is however, subject to the following important
limitations:

The gift or favor must be of nominal value not exceeding Rs.1000 (Rupees One
Thousand) and must involve no more than normal sales promotion or publicity of the giver.

Social amenities must be appropriate and limited, and must never give the
appearance of impropriety.

Any discounts on goods or services offered to you by any of the above mentioned
business associates must be made generally available and cannot be for your benefit only.

You may not borrow money, except from qualified financial institutions on generally
available terms.
Giving Gifts
You will not offer a gift or favor to those who do - or seek to do - business with Britannia
unless it involves a Britannia-approved sales promotion, advertising, or publicity OR unless it

Company Analysis Report

meets this two-pronged test:

it is properly authorised by the Chief Executive Officer and endorsed by the Chief
Financial Officer; and

it does not risk appearing to compromise your business relationship.

Reporting Gifts Employees must receive approval from the Compliance Officer or the next
higher level before they accept any gift having a value of over Rs. 1000 (Rupees One
Thousand) which comes to them through their normal sales promotion or publicity of the
giver and the gift offered is not for the employee or director as an individual, but is
consistent with the policy of the business associate. This applies equally to giving gifts to
suppliers or vendors or non-government customers.
Other Benefits Award of benefits such as increase in salary or other remuneration, posting,
promotion or recruitment of a relative of an employee of Britannia where the individual is in
a position to influence the decision with regard to such benefits is also strictly prohibited.
Entertainment Business entertainment of non-government employees occurring in
connection with business discussions or the development of business relationships is
generally deemed appropriate in the conduct of official business. This may include businessrelated meals and trips, refreshments before or after a business meeting, and occasional
sports, theatrical or cultural events. Entertainment in any form that would likely result in a
feeling or expectation of personal obligation should not be extended or accepted. This
applies equally to both giving and receiving entertainment.
Appropriate entertainment may be offered to customers by persons authorized to do so,
subject to the business expense reimbursement requirements applicable.
4 PRIVACY / CONFIDENTIALITY
4.1 Proprietary and Confidential Information
While working for Britannia you must protect the confidentiality of nonpublic information you
obtain or create in connection with your activities for Britannia. You must not disclose
proprietary or confidential information about - Britannia, its customers, suppliers,
distributors, agencies or employees - to anyone (including other Britannia personnel) who is
not authorized to receive it nor has no need to know the information. The only exceptions
are when such disclosure is authorized by the customer, supplier or distributor, or by
applicable law or appropriate Britannia authorities.
Examples of proprietary and confidential information include: Any system, information or
process that gives Britannia an opportunity to obtain an advantage over our competitors;

Non-public information about Britannia's operations,

Results, strategies and projections including those on acquisition and divestiture of

businesses or business units,

Non-public information about Britannia's business plans, business processes and

client relation-ships;

Non-public employee information;

Non-public information received in the course of your employment about customers,

suppliers and distributors;

Information about Britannia's technology, systems and proprietary products.

Financial information such as profits, earnings and dividends.

Announcement of new product introductions or developments.

Asset revaluations.

Investment decisions/plans.

Restructuring plans.

Company Analysis Report

Major supply and delivery agreements.

Raising finances

Any creation of the employee during his tenure with Britannia would be deemed to be
proprietary to the company and will not be used by the individual employee at any point of
time.
You must take precautionary measures to prevent unauthorized disclosure of proprietary and
confidential information. Accordingly, you should also take steps to ensure that businessrelated paperwork and documents are produced, copied, faxed, filed, stored and discarded
by means designed to minimize the risk that unauthorized persons might obtain access to
proprietary or confidential information. You should also ensure that access to work areas and
computers is properly controlled.
4.2 Privacy of Customer Information and Data Protection
An employee of Britannia and his / her immediate family shall not derive any benefit or
assist others to derive any benefit from the access to and possession of information about
the Company or the Group, which is not in the public domain and thus constitutes insider
information. Keeping customer information secure and using it appropriately is therefore a
top priority for all of us at Britannia. You must safeguard any confidential information our
customers share with us and must ensure that we use customer information only for the
reasons for which the information was gathered, unless further use is allowed by law.
In addition, many countries have data protection and privacy laws that affect the collection,
use and transfer of personal customer information. This is a rapidly changing area of law,
and you should consult the Compliance Officer with any questions regarding appropriate
uses of customer information.
4.3 Privacy of Employee Information
Britannia recognizes and protects the privacy and confidentiality of employee medical and
personnel records. Such records must not be shared or discussed outside Britannia, except
as authorized by the employee or as required by law, rule, regulation or court summons or
order issued by a court of competent jurisdiction or requested by a judicial or administrative
or legislative body. Requests for such records from anyone outside the company under any
other circumstances must be approved by the Compliance Officer.
5 INVESTMENTS AND OUTSIDE ACTIVITIES
5.1 Financial Interests
Reporting and Acquiring Financial Interests
You must inform Britannia of any financial interest held by you, or by members of your
family, in Britannia or any organization that is not publicly limited and with which Britannia
does business, and of any financial interest you hold in either of the following:

An organization that is not a corporation with which Britannia does business.

A privately owned corporation (i.e., one that is not publicly traded) with which
Britannia does business.
You must also disclose to Britannia any of the following interests that a family member
holds, if the organization does business with Britannia:

A financial interest in a privately owned corporation or in any other private entity.

An ownership interest - or the right to acquire ownership - in excess of 1% of a

publicly owned organization.

In addition, you must report any other monetary interest that you or any of your
family members have in any business transaction with Britannia.

Financial interests in an organization that does not do or seek to do business with

Britannia do not have to be disclosed under this policy.

Company Analysis Report

Once a financial interest has been reported, you may retain it unless Britannia
determines that such financial interests might influence your conduct as an employee. If this
happens, Britannia will notify you and discuss the best way to resolve the matter.
Such declaration must be given at the beginning of every calendar year.
Without first getting a special waiver, you and / or your family members must not acquire or
hold any of the following financial interests in an organization with which Britannia does
business:

Any interest as a proprietor or partner.

Any interest exceeding 1% of the total stocks or bonds of a company.

Any interest in the form of a loan, advance, or other financial arrangement in an

amount greater than 1% of the combined capital and debt of a company (Whether or not
publicly owned).
If you hold, or intend to acquire an interest listed above, or directorship in any organization,
you must get the written approval of the Compliance Officer. You are responsible for knowing
and abiding by any Britannia corporate policies that may be applicable to you.
Business contracts with Britannia
You must not be personally involved in any business transaction that Britannia may
undertake with the organization in which you have a financial interest.
Insider Trading
Britannia policy and the laws of India prohibit trading in the securities (including equity
securities, convertible securities, options, bonds and any stock index containing the security)
of any company while being an employee of that Company and being in possession of
material, nonpublic information (also known as "inside information") regarding the company.
This prohibition applies to Britannia securities. It applies to transactions for any Britannia
account, client account or personal account. A personal account is any account in which you
have a financial or beneficial interest or the power to affect or ability to influence trading or
investment decisions, either directly or indirectly. Personal accounts typically include
accounts of spouses, children and other members of your household, and accounts over
which you have investment discretion.
If you believe you have come into possession of inside information, you may not execute any
trade in the securities of the Company without first consulting with the Compliance Officer,
who will then determine whether such trade would violate Britannia policy or applicable
laws. The definition of "material, nonpublic information" is broad. Information is "material"
(and hence, potentially subject to the prohibition on insider trading) if there is a substantial
likelihood that a reasonable investor would consider the information important in
determining whether to trade in a security, or if the information, if made public, likely would
affect the market price of a company's securities. Information may be material even if it
relates to future, speculative or contingent events, and even if it is significant only when
considered in combination with publicly available information. Information is considered to
be "nonpublic" unless it has been publicly disclosed, and adequate time has passed for the
securities markets to digest the information. Examples of adequate disclosure include public
filings with securities regulatory authorities and the issuance of press releases, and may also
include meetings with members of the press and public. It is also illegal in India to "tip" or
pass on inside information to any other person if you know or reasonably suspect that the
person receiving such information from you will misuse such information by trading in
securities or passing such information on further, even if you do not receive any monetary
benefit from the person passing the tip.
Directors of Britannia and officers of the rank of General Manager and above are subject to

Company Analysis Report

reporting and other legal restrictions regarding their personal trading of securities.
5.2 Conflicts of Interest
Investments
You must not make any personal investment in an enterprise if the investment might affect
or appear to affect your ability to make unbiased business decisions for Britannia. If you
made such an investment before joining Britannia, or your position at Britannia changes in
such a way as to create a conflict of interest or the appearance of such a conflict, you must
report the facts to the Compliance Officer. Investments subject to this provision include your
or your relatives subscribed share capital of any company or a share in any firm which is an
actual or potential competitor, supplier, customer, distributor, joint venture or other alliance
partner of Britannia (The ownership of upto 1% of the subscribed share capital of a publicly
held company shall not ordinarily constitute a financial interest for this purpose).
Use of Britannia Name, Facilities or Relationships
You should not use Britannia's name, facilities, or relationships for personal benefit or for
outside work. Use of Britannia's name, facilities or relationships for charitable or pro bono
purposes can be made only with prior approval from the Compliance Officer and only after
any other notification and approvals in accordance with the policies of your business unit.
Corporate Opportunities
You owe a duty to Britannia to advance its legitimate interests when the opportunity to do so
arises. You may not take for yourself a corporate opportunity that is discovered in the course
of your employment or through the use of corporate property, information or position, nor
may you compete against the company.
Related Party Business Dealings
You must notify your local General Manager and the Compliance Officer of any business
relationship or proposed business transaction Britannia may have with any company in
which you or a related party has a direct or indirect interest or from which you or a related
party may derive a benefit, or where a related party member is employed, if such a
relationship or transaction might give rise to the appearance of a conflict of interest (for
example, if you or a family member own or control property of significant value that
Britannia is either purchasing or leasing).
Personal Business Dealings
You should not involve yourself in conducting business on behalf of Britannia or influence a
decision with regard to the Company's business with a supplier or customer of which your
relative is a principal, officer or representative, resulting in his / her benefit. Any
nonstandard business arrangements between Britannia personnel and Britannia must be pre
approved by the appropriate authority.
Notwithstanding that such or other instances of conflict of interest exist due to any historical
reasons, adequate and full disclosure by the interested employees should be made to the
Compliance Officer. It is also incumbent upon every employee to make a full disclosure of
any interest which the employee or the employee's immediate family, which would include
parents, spouse and children, may have in a company or firm which is a supplier, customer,
distributor of or has other business dealings with his / her Company.
Every employee who is required to make a disclosure as mentioned above shall do so, in
writing, to his / her immediate superior who shall forward the information along with his / her
comments to be placed before the Compliance Officer and Chief Executive Officer / Chief
Financial Officer and if the individual concerned is of the rank of a General Manager and / or

Company Analysis Report

above then to the Audit Committee. Upon a decision being taken in the matter, the
employee concerned will be required to take necessary action as advised to resolve / avoid
the conflict. Failure of the employee to make such disclosures would be constituted as a
conflict of interest, wherein, the management would take a serious view of the matter and
consider suitable disciplinary action against the employee.
6 CORPORATE SOCIAL RESPONSIBILITY
6.1 National Interests
Britannia shall not undertake any project or activity to the detriment of the nation's
interests, or those that will have any adverse impact on the social and cultural life patterns
of its citizens. Britannia shall conduct its business affairs in accordance with the economic,
development and foreign policies, objectives and priorities of the nation's government, and
shall strive to make a positive contribution to the achievement of such goals at the
international, national and regional level, as appropriate.
6.2 Corporate Citizenship
Britannia shall be committed to be a good corporate citizen not only in compliance with all
relevant laws and regulations but also by actively assisting in the improvement of the quality
of life of the people in the communities in which it operates with the objective of making
them self reliant. Such social responsibility would comprise, to initiate and support
community initiatives in the field of community health and family welfare, water
management, vocational training, education and literacy and encourage application of
modern scientific and managerial techniques and expertise. This will be reviewed
periodically in consonance with national and regional priorities. The company would also not
treat these activities as optional ones but would strive to incorporate them as integral part
of its business plan. The company would also encourage volunteering amongst its
employees and help them to work in the communities. Britannia is engaged to develop
social accounting systems and to carry out social audit of their operations.
6.3 Working with Governments
Conducting business with governments is not the same as conducting business with private
parties. These transactions often are covered by special legal rules. You should consult with
the Compliance Officer to be certain that you are aware of any such rules and you must
have approval of Principal Manager before providing anything of value to a government
official.
The company prohibits the payment of bribes to government officials. "Government officials"
are employees of any government anywhere in the world, even low-ranking employees or
employees of government-controlled entities. The term "government officials" also includes
political parties and candidates for political office. It is your obligation to understand whether
someone you deal with is a government official. When in doubt, consult the Compliance
Officer.

The company may hire government officials or employees to perform services that
have a legitimate business purpose, with the prior approval of the Principal Manager. For
example, an off-duty police officer might provide security. Government officials should never
be hired to perform services that conflict with their official duties.

Political contributions by the company must be in accordance with local law. They
must be approved by the Board of Directors and properly recorded.
Britannia Industries

Company Analysis Report

Standalone Balance Sheet

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

------------------- in Rs. Cr. ------------------Mar

'14

Mar '13

Mar '12

Mar '11

Mar '10

12
mths

12 mths

12 mths

12 mths

12 mths

23.91
23.91
2.29
0.00

23.89
23.89
0.00
0.00

23.89
23.89
0.00
0.00

23.89
23.89
0.00
0.00

612.50

496.15

427.41

372.36

0.00

0.00

0.00

0.00

638.70

520.04

451.30

396.25

5.23
189.24
194.47

0.58
27.57
28.15

407.76
23.68
431.44

408.10
21.51
429.61

833.17

548.19

882.74

825.86

Mar '13

Mar '12

Mar '11

Mar '10

12 mths

12 mths

12 mths

12 mths

777.53

673.06

593.56

547.83

325.85

293.97

289.86

266.33

451.68

379.09

303.70

281.50

128.44

79.73

11.69

11.64

279.60

428.94

545.00

490.64

331.49

382.28

311.20

268.34

77.12
64.48

52.14
30.94

57.27
27.25

39.49
18.11

473.09

465.36

395.72

325.94

23.99
23.99
0.00
0.00
829.4
7
0.00
853.4
6
4.62
0.00
4.62
858.0
8
Mar
'14
12
mths

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets

929.1
0
383.4
4
545.6
6
97.22
372.9
9
366.8
6
53.69
65.78
486.3
3

Company Analysis Report

Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deferred Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets

Contingent Liabilities
Book Value (Rs)

342.2
4
0.00
828.5
7
0.00
660.9
8
325.3
8
986.3
6
157.7
9
0.00
858.0
8
250.3
6
71.17

350.22

319.22

251.11

221.00

0.00

0.00

1.50

5.25

823.31

784.58

648.33

552.19

0.00

0.00

0.00

0.00

576.90

882.53

406.63

345.08

272.96

241.62

219.33

165.02

849.86

1,124.15

625.96

510.10

-26.55

-339.57

22.37

42.09

0.00

0.00

0.00

0.00

833.17

548.19

882.76

825.87

351.20

327.87

359.63

318.67

53.24

43.54

37.78

165.86

Careers
Not many companies can boast a 100-year distinguished history, and fewer still can be
linked with stakeholders and markets across continents. This superlative trajectory
notwithstanding, at Britannia it's always been recognized that none of it would have been
possible without the people. Over the years, Britannia has been associated with many
brilliant careers, and evidence of the success of its strategic-yet-friendly people policies is to
be seen in the current crop of management and staff and indeed the performance of the
company itself.

Part of the allure of working at Britannia emanates from our strong belief in nurturing people
so they can get in their full stride. The other aspects that make Britannia a coveted
destination include proffered opportunities for growth, and that 'idea leadership' and
'accountability' are encouraged every step of the way.

Today, with the extraordinarily dynamic and adaptive people we attract, Britannia is fully
geared for the new-age business paradigm. If you feel you are in sync with the Britannia
vision, do call us to explore opportunities in your sphere of work.

Company Analysis Report

What makes a Britannian
If you think Britannians are extraordinary individuals who are passionate about everything
they docreate inspiration through everything they doand succeed in everything they
doyoure probably right. Britannians are hand-picked for a singular purposeto
perpetually ensure Market Leadership and generate exemplary performance in every
function.
Britannians exhibit the following leadership behaviors (we fondly call BULBs Britannia
Universal Leadership Behaviors) :

Integrity

Team Orientation

People Development

Learning Orientation

Customer Orientation

Quality Orientation

Drive for Results

Entrepreneurial Spirit

System and Process Orientation

Communication

If you feel you stack up well in terms of all these behaviorsdont waste timeJoin us!!!
The Gateway

Entry Level Recruitment

- Management Training / Officer Trainee

Lateral Recruitment

Eligibility: For people with 2 or more years of experience

Functions one can join (based on actual vacancies):

- Sales
- Marketing
- Research and Development
- Quality Assurance

Company Analysis Report

- Exports
- Legal, Administration and Supply Chain
- Finance and IT
- Human Resources

Recruitment process:
- Application (online / through consultant / Direct / Employee Referrals)
- Shortlisting
- Interview (multiple rounds)
- Final Offer
- Pre Employment Medical Examination
- Appointment
BOARD of DIRECTORS

Company Analysis Report