The Directors present their Report together with the audited financial statements for the year ended 31 March 2017.
I. FINANCIAL PERFORMANCE
a. Standalone Financial Results
Rs. in Crores
Year ended 31 March 2017
Year ended 31 March 2016
Sale of goods
Profit before tax
Profit after tax
Profit available for appropriation
Proposed dividend (including tax thereon)
b. Overview Of Company Performance
Your Company achieved a revenue growth of 8.9% and strengthened its market leadership in an environment which was impacted by sluggish category growths. While, we witnessed robust topline growth in the first half of the year, there was significant slowdown in the second half of the year post demonetization. Besides, growth in International Business also continued to be under pressure due to deteriorating geopolitical situation and currency fluctuations in geographies like Middle East, Africa and a general economic slowdown in certain key export markets. To minimize effects of this trend, your Company focused on:
(i) Strengthening distribution by enhancing direct reach which now stands in excess of 1.5 million outlets;
(ii) Driving the rural and weak state agenda and gaining market share while achieving double digit growth;
(iii) Building new capabilities and driving innovation which resulted in many new launches and re-launches in the form of Good Day Nuts Cookies, NutriChoice Oat Cookies, 50-50 Mathri Masti, Good Day Chocochips and so on which were well received by Consumers;
(iv) Finalising plans for expansion in export markets.
Your Company also encountered a very volatile commodity environment during the year and witnessed significant price rise in key commodities. While, your Company actioned requisite price increases, the primary focus was on accelerating its Cost Efficiency Program through scale in operations, technology interventions, wastage reduction in the value chain, optimized advertising spends and fixed costs leverage. This helped your Company achieve a profit growth of 10.5% and sustain its profitability while ensuring competitiveness in the market place.
Your Company has been actively working on realising untapped opportunities in the bakery business as well as in the adjacent macro snacking space. To this end, your Company entered into a Joint Venture Agreement with Chipita S. A, a Greek Company, for manufacture and sale of ready-to-eat filled croissants which is a very large category in certain countries demographically similar to India. Your Company shall continue to scout for many such profitable growth opportunities to ensure that it stays ahead of the market while transforming itself into a total Foods Company.
c. Consolidated Financial Performance
Consolidated Financial Statements prepared in accordance with Section 133 of the Companies Act, 2013 read with rules made thereunder and applicable Accounting Standards along with the Auditor’s Report form part of this Annual Report.
Consolidated Sale of your Company for the financial year ended 31 March 2017 is Rs.9,232.30 Crores vis-a-vis Rs.8,554.36 Crores in the previous year, registering a growth of 7.9%. Consolidated Net Profit for the financial year ended 31 March 2017 is Rs.884.61 Crores vis-a-vis Rs.824.58 Crores in the previous year, registering a growth of 7.3%.
d. Subsidiaries, Associates and Joint Ventures Financial Performance
A report on the financial performance of each of the Subsidiaries and Associates included in the Consolidated Financial Statements is provided in Form AOC-1 and forms part of this Annual Report. The audited financial statements of all the subsidiaries are available on the website of the Company: www. britannia.co.in.
Significant Developments during the year
Demerger: The Manufacturing and Retail Sales Business of Daily Bread Gourmet Foods (India) Private Limited has been demerged into Britannia Industries Limited after obtaining necessary approvals from High Court of Karnataka and High Court at Calcutta.
Acquisition: Your Company acquired 26% stake in Sunandaram Foods Private Limited, a cake manufacturing unit in Assam.
Joint Venture: Your Company entered into a Joint Venture Agreement with Chipita S. A, a Greek Company, for the purpose of manufacture and sale of ready-to-eat filled croissants through a Joint Venture Company in India namely ‘Britchip Foods Limited’. Your Company will hold 60% and Chipita will hold 40% of share capital of Britchip Foods Limited.
Your Board is pleased to recommend a dividend of 1100% which amounts to Rs.22/-per share (face value Rs.2 per share) for consideration and approval by the Members at the ensuing Annual General Meeting. The total dividend payout amounts to Rs.317.75 Crores including dividend distribution tax of Rs.53.75 Crores.
Your Company has transferred an amount of Rs.84.37 Crores to the General Reserve for the financial year ended 31 March 2017.
g. Share Capital
During the year under review, your Company has allotted 25,000 equity shares of Rs.2 each upon exercise of 25,000 options under Employee Stock Option Scheme. Consequently, the paid up equity share capital of your Company has increased by Rs.50,000 in the current year.
II. OPERATIONAL PERFORMANCE
a. The Britannia Promise to Spread Delight
Your Company’s oath to deliver a unique and ecstatic experience to its consumers, by maximizing on aspiration-worthiness, cost-effectiveness and quality has continued to be the guiding principle of operations. Guided by the Britannia Promise, the Management of your Company constantly assesses the current state of its products versus the desired state. The rigour and commitment behind product innovations which delivered new-to-market experiences is a testimony to the promise forming the core of your Company This reflects your Company’s performance in the market place as well. Several opportunities are in the pipeline and will be rolled out in the coming year, each delighting consumers and strengthening our brand credentials.
Your Company recognizes that it is only as good as the last product it has delivered to consumers. Keeping this in mind, all employees of your Company continuously challenge themselves to ensure that the products that reach consumers are not only superior to competitors in their design but they also reach them with consistently high quality. Consequently, each employee of your Company maintains market-place-vigilance on a regular basis and is effectively an independent market information source reporting back into a mechanism designed to identify and correct market place deficiencies quickly and comprehensively.
b. Supply Chain
Your Company has been focusing on developing a competitive edge in manufacturing by deploying Cost Efficiency and Operational Excellence Programs across the value chain.
Your Company expanded its capacity during the year across five locations, interalia including, a state-of-the-art imported Cream biscuit line, an imported Speciality Cookie line and the first in-house Rusk Plant. Your Company has increased its operating control on capacity with the commissioning of these new production lines. Further, one Greenfield Plant is under way in Assam and two more are planned for Project startup in FY 2017-18. To improve your Company’s competitiveness in the International market, a Greenfield Project at Mundra Special Economic Zone, is being put up and is expected to commission in the coming year.
These initiatives have helped in creating the right capacity and capability using cost-efficient yet superior technology to meet the growing demand and rising consumer expectations. With the ever increasing challenges in supply chain planning, especially during the period of demonetization, your Company could manage the volatility in demand by effectively deploying various IT tools to cater to the service levels at an optimum cost.
c. Environment, Health and Safety
Environment, Health and Safety are treated as core values at your Company. Promoting a Zero Accident culture, your Company has strengthened its workplace systems and practices through several accident prevention programs. Further, your Company has also introduced site level performance indicators (Lead, Lag and System related) to promote a positive and proactive culture at work place. During FY 2016-17, all the manufacturing units of your Company have successfully undertaken OHSAS 18001:2007 certification. Your Company also extended safety programs at its depots covering fire, electrical and operational safety
d. Quality Programs
Your Company is committed to provide safe, compliant and consistently better quality products to delight consumers. Your Company started its journey to excel in Food Safety and Quality Standards by building American Institute of Baking (AIB) roadmap through capability enhancement in core teams followed by rigorous internal programs. In this initial phase of AIB roadmap, two of Britannia’s Biscuit units have successfully cleared external AIB inspection. The journey will continue in coming years to build global standards in Food Safety and Quality for your Company
You would be happy to know that all biscuits, cake and rusk manufacturing units are ISO 22000 certified and new units are under certification process. Your Company continued risk assessment based supplier quality assurance programs and carried out rigorous vendor audits for key raw and packaging materials to ensure input material quality Rigorous in-market delivered quality assessment programs helped deliver quality products to consumers.
You would be happy to know that your Company’s consumer care cell is now compliant to the ‘Global Standards on Customer Satisfaction & Guidelines on Complaint Handling’ and it has been awarded with ISO 10002 certification.
e. Research and Development (R&D)
You will be glad to know that your Company’s new R&D centre near Bangalore received approval from Department of Scientific and Industrial Research. This centre is now fully operational with enhanced capabilities for the core as well as future adjacent product categories which will help in innovating faster with superior product experience delivery
During FY 2016-17, R&D team developed for market launch, a new differentiated product ‘Cake Biscotti’. Your Company also expanded its presence in the Veg Cake portfolio with the launch of ‘Veg Choco Cake’. Your R&D team developed delightful and organoleptic superior ‘Good Day Choco Chips’ and ‘Good Day Nuts Cookie’, which received very favourable response from the consumers.
Your Company has further strengthened Health and Wellness portfolio with the launch of ‘Nutrichoice Digestive Zero’ made with whole wheat flour and no added sugar and ‘Nutrichoice Oats’ in two delightful variants, Orange and Almond & Milk. Launch of ‘50-50 Mathri Masti’ embarked into a new territory of cracker-snacks with the taste profile of Indian ethnic snack Mathri.
Your Company’s R&D team continued to work on building cost competitiveness based on value engineering for product and packaging and has also built a robust pipeline for the next year.
Re-engineering of packaging laminate and paper based packaging continued and rolled out during the year leading to use of less plastic and paper. Your R&D team built strategic partnership with global leaders in core areas of interest like Chocolate, Taste Tool boxes and Health & Wellness.
f. Conservation of Energy, Research and Development, Technology Absorption, Foreign Exchange Earnings and Outgo
Details of energy conservation, technology absorption, foreign exchange earnings and outgo in accordance with the provisions of Section 134 (3) (m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 are given as Annexure ‘A’ to this Report.
Brands provide your Company a competitive edge and hence keeping them vibrant, relevant and the preferred choice of consumers is paramount. FY 2016-17 saw a slew of new initiatives - big renovations, innovations, promotions, activations and advertisements which kept your Company’s brands salient in the consumers minds.
FY 2016- 17 witnessed subdued consumer demand, especially in the later part of the year. In view of this, your Company invested in strengthening consumer demand through some focused brand campaigns and activations. Your Company also consolidated product portfolios to bring in efficiencies of scale and accelerated the launch of innovative products and variants across the product portfolio.
The key campaigns executed by your Company were on Good Day, Marie Gold, Milk Bikis, 50-50 and NutriChoice Oats cookies. These campaigns delivered rich returns for the brands.
Your Company brought on board two popular Bollywood Celebrities to endorse its brands - Farhan Akhtar for NutriChoice and Deepika Padukone for Good Day. Both celebrity endorsements have helped the brands to strike a chord with their target audience, as measured by increase in saliency of these brands.
Your Company invested in movie marketing tie ups to promote its brands. The key among them were Milk Bikis and Cheese tie up with the popular animated movie Ice Age, Milk Bikis’s tie up with Tamil movie Passanga starring popular Tamil actor, Suriya and Muffil’s tie up with the animated movie Kungfu Panda which was immensely popular with kids. Your Company also tied up with two IPL teams to create consumer excitement and engagement with its brands, Good Day and 50-50.
Your Company carried out a large scale consolidation of its Top and Time Pass brands with the 50-50 brand portfolio. The key reason was that 50-50 enjoys a high preference amongst its consumers in comparison to its competition. Hence, migrating the smaller brand portfolios of Top and Time Pass into 50-50 would have a positive rub off on them and strengthen our play in the (savory) snacking category.
Your Company launched a host of new-to-market taste experiences across its product portfolio- some of the key ones being Good Day 3 Nuts cookie, Good Day Choco chip cookie, NutriChoice Digestive Zero, Oats cookies and 50-50 Mathri Masti. These innovations are performing well in the market and your Company is continuing to invest behind growing them.
During the year under review, your Company ensured to protect consumer value and has enhanced its competitive edge in the market. This has helped your Company to retain market leadership through FY 2016-17.
Your Company won accolades and recognition at prestigious Marketing Forums in the country. It won the Pitch CMO Summit Award for ‘Best Use of Media’. The flagship brand Good Day won three medals at the prestigious Advertising & Marketing, Abby’s Awards.
Your Company will renew its vigor on renovation, innovation, communication, activation and as a result, increase consumer engagement which will continue to hold your Company’s growth in good stead in the years to come.
In accordance with the provisions of Section 152 of the Companies Act, 2013 and the Articles of Association of the Company, Mr. A.K Hirjee, Non-Executive Director, retiring by rotation at the ensuing Annual General Meeting is eligible for reappointment.
During the year under review, the Board of Directors at their meeting held on 13 February 2017 appointed Dr. Ajay Shah and Dr. Y.S.P Thorat as Additional and Independent Directors of the Company w.e.f 13 February 2017 subject to approval of the Members.
Mr. Nasser Munjee, Director of the Company resigned at the Nomination and Remuneration Committee Meeting prior to the Board meeting of your Company on 25 May 2017 to be given effect immediately on the conclusion of the Board meeting. In his letter to the Chairman of the Board, Mr. Munjee stated that “my continuance on the Britannia Board is no longer compatible with my activities in the Tata Group. Unfortunately, this has arisen from the events that we all witnessed over the last few months”. “Your questioning my independence on the Boards of Tata Companies and specifically writing to SEBI has also complicated matters”. “There have been consequences of this and matters are truly out of my hands”.
The Chairman while responding to Mr. Munjee informed him that he did not understand the relevance of the statement “my continuance on the Britannia Board is no longer compatible with my activities in the Tata Group. Unfortunately, this has arisen from the events that we all witnessed over the last few months”. He stated that he and the Wadia Group as Promoters of Britannia Industries Limited repeatedly asked and wished him to continue on the Board and that his continued contribution as an Independent Director would in no way be affected by his Directorships at Tatas. He also informed him that the pressures that he was under were solely from the Tatas and not from Wadia Group.
The Directors of your Company are of the opinion that the reasons stated by Mr. Munjee for his resignation from the Board are neither germane nor relevant to Britannia.
The Board while accepting the resignation of Mr. Munjee, appreciated and placed on record the valuable contribution made by him during his tenure as an Independent Director as well as Chairman of the Audit Committee and Risk Management Committee.
b. Directors’ Responsibility
Pursuant to Section 134 (5) of the Companies Act, 2013, the Board of Directors, to the best of their knowledge and ability, confirm that:
(i) In the preparation of the annual accounts, the applicable accounting standards have been followed;
(ii) They have 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 as on 31 March 2017 and of the profit of the Company for the year;
(iii) They have 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;
(iv) The Annual Accounts are prepared on a going concern basis;
(v) They have laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and are operating effectively;
(vi) They have devised proper systems to ensure compliance with the provisions of all applicable laws and these systems are adequate and operating effectively.
Based on the framework of internal financial controls and compliance systems established and maintained by the Company, work performed by the internal, statutory and secretarial auditors and external consultant(s) and the reviews made by the Management and the relevant Board Committees including the Audit Committee and Risk Management Committee, the Board is of the opinion that the Company’s internal financial controls were adequate and operationally effective during FY 2016-17.
IV. CORPORATE SOCIAL RESPONSIBILITY (CSR)
Pursuant to the provisions of Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, your Company as part of its CSR initiatives has undertaken projects/programs in accordance with the CSR Policy. The details of the CSR activities are given as Annexure ‘B’ forming part of this Report.
a. Key Managerial Personnel (KMP)
During the year under review, Mr. Amlan Datta Majumdar resigned from the position of Chief Financial Officer and Key Managerial Personnel w.e.f closing business hours of 30 November 2016 and Mr. N Venkataraman has been appointed as Chief Financial Officer and Key Managerial Personnel of the Company w.e.f 1 December 2016.
Mr. Rajesh Arora resigned from the position of Company Secretary and Key Managerial Personnel of the Company w.e.f closing business hours of 30 June 2017.
b. Particulars of Remuneration of Directors, KMPs and Employees
A statement containing the details of the Remuneration of Directors, KMPs and Employees as required under Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is given as Annexure ‘C’ to this Report.
c. Particulars of Employees
The disclosure as per Section 197(12) of the Companies Act, 2013 read with Rule 5 (2) and Rule 5 (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, as amended, forms part of this Report. However, as per the provisions of Section 136 of the Companies Act, 2013, the report and financial statements are being sent to the Members and others entitled thereto, excluding the disclosure on particulars of employees. This is available for inspection by the Members at the Registered Office of your Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. If any Member is interested in obtaining a copy thereof, such Member may write an email to email@example.com
d. Employee Stock Option Scheme (ESOS)
The disclosure pursuant to the provisions of Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 and Section 62(1) (b) of the Companies Act, 2013 read with Rule 12(9) of the Companies (Share Capital and Debentures) Rules, 2014 is given as Annexure ‘D’ to this Report.
e. Disclosure on Sexual Harassment of Women at Workplace
The Company has an Internal Complaints Committee for providing a redressal mechanism pertaining to sexual harassment of women employees at workplace. There was no case of sexual harassment reported during the year under review.
f. Britannia’s Transformative HR Practices
(i) “Britannia for Britannians”
People are the pillar of any organization and your Company is no exception to this. The talented and committed people of your Company have been the architects of its success and reputation which in turn has attracted new talent. This virtuous cycle has ensured that the skill and capability to successfully steer a Company as large as yours is ever present and improving. Your Company termed this virtuous cycle as ‘Britannia for Britannians’ a term that is self-explanatory. Today, about 80% of your Company’s senior management team comprises of people promoted from within which is an industry benchmark according to experts.
(ii) Britannia “Young Manager Council”
In order to build an inclusive work culture and young future leaders, your Company has created a “Young Manager Council” consisting of employees who are less than 30 years of age. The young Managers council is a way for the management to understand youth of the country. The idea behind this initiative is to encourage young managers /management trainees/ new joinees to provide input to the organization on food & snacking habits and preferences of the youth so that Company can develop products accordingly. The young managers provide feedback on current market trends through their distinctive lens. This helps us stay in tune with the changing preferences in palates and their dynamic lifestyles while it keeps them intricately involved in new product launches right from the R&D stage till the launch.
a. Corporate Governance
A Report on Corporate Governance for the financial year ended 31 March 2017 along with the Statutory Auditor’s Certificate on compliance with the provisions of corporate governance under SEBI (Listing Obligation and Disclosure Requirements (“LODR”)) Regulations, 2015 is forming part of the Annual Report.
b. Business Responsibility Report
Pursuant to Regulation 34(2)(f) of SEBI (LODR) Regulations, 2015 read with SEBI Circular No. CIR/CFD/CMD/10/2015 dated 4 November 2015, the “Business Responsibility Report” (BRR) of the Company for FY 2016-17 is forming part of the Annual Report.
c. Extract of Annual Return
Pursuant to the provisions of Section 134 (3) (a) of the Companies Act, 2013 read with the rules made thereunder, an extract of the Annual Return in Form MGT-9 is given as Annexure ‘E’ to this Report.
d. Whistle Blower Policy
The details of Whistle Blower Policy are given in the Clause No. 8(c) of the Corporate Governance Report.
e. Board Evaluation
The details of evaluation of Directors, Committees and Board as whole are given in the Clause No. 3(b) of the Corporate Governance Report.
f. Remuneration Policy
The details of the Remuneration Policy are given in the Clause No. 3(b) of the Corporate Governance Report.
g. Risk Management
Your Company has a well defined risk management framework in place and a robust organizational structure for managing and reporting risks. Your Company has constituted a Committee of the Board to monitor and review risk management plan. Risk management process has been established across your Company and is designed to identify, assess and frame a response to threats that affect the achievement of its objectives.
h. Independent Directors
Your Company has received declarations from all the Independent Directors confirming that they meet the criteria of independence as prescribed under the Companies Act, 2013 and SEBI (LODR) Regulations, 2015.
i. Board and Committees
The details of Board and its Committees are given in Clause No. 2 and 3 of the Corporate Governance Report.
j. Related Party Transactions
The framework for dealing with related party transactions is given in Clause no. 8(a) of the Corporate Governance Report.
During the year, your Company had not entered into any contract / arrangement / transactions with Related Parties referred in Section 188(1) of the Companies Act, 2013 read with the rules made thereunder. In accordance with Ind AS - 24, the Related Party Transactions are disclosed under Note No. 44 of the Standalone Financial Statements.
k. Public Deposits
Your Company has neither accepted nor renewed any deposits from public within the meaning of Section 73 of the Companies Act, 2013 read with Companies (Acceptance of Deposits) Rules, 2014 during the year.
l. Particulars of Investments, Loans and Guarantees
The particulars of Investments, Loans and Guarantees covered under the provisions of Section 186 of the Companies Act, 2013 read with the rules made thereunder are given in the Note No. 37, 38 and 39 of the Standalone Financial Statements.
m. Significant and Material Orders passed by the Regulators
There were no significant and material orders passed by the Regulators or Courts or Tribunals during the year impacting the going concern status and the operations of the Company in future.
a. Statutory Auditors
M/s. B S R & Co. LLP, Chartered Accountants were appointed as Statutory Auditors of the Company by the members at the 95 Annual General Meeting held on 12 August 2014 for a term of 5 consecutive years subject to ratification by the Members at every Annual General Meeting.
In this regard, M/s. B S R & Co., LLP, Chartered Accountants have submitted their written consent that they are eligible and qualified to be re-appointed as Statutory Auditors of the Company in terms of Section 139 of the Companies Act, 2013 and also satisfy the criteria provided in Section 141 of the Companies Act, 2013.
Accordingly, the Board recommends ratification of the appointment of M/s. B S R & Co. LLP, Chartered Accountants as the Statutory Auditors of the Company at the ensuing Annual General Meeting.
b. Secretarial Audit
Pursuant to the provisions of Section 204 of the Companies Act, 2013 read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, your Company appointed M/s. Parikh & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company for FY 2016-17. The Secretarial Audit Report submitted by them is given as Annexure ‘F’ to this Report.
VIII. INTERNAL FINANCIAL CONTROLS
The details of adequacy of Internal Financial Controls are given in Clause (H) of the Management Discussion and Analysis Report.
In the suit filed by Britannia Industries Limited Pensioners Welfare Association (PWA), the Company received a judgement on 21 September 2015 from Hon’ble City Civil Court, Bangalore, in the matter of pension payable to its eligible beneficiaries. The Board of Directors of the Company reviewed the judgement and after obtaining legal opinion from eminent lawyers resolved to file an appeal in the higher court against the said judgement. Accordingly, the Company has appealed against the Hon’ble City Civil Court’s judgement in the Hon’ble High Court of Karnataka. In response to the appeal filed, the Hon’ble High Court of Karnataka in its order dated 18 December 2015 referred the matter to Bangalore Mediation Centre for exploring the possibilities of settlement. The PWA through their legal counsel had submitted that they will not precipitate execution before the trial court during mediation.
As a result of the mediation process, a Memorandum of Settlement (‘MoS’) dated 29 August 2016 was entered into between the PWA, the Company and Trust Funds. As per terms of the MoS and the Decree passed by the Hon’ble High Court of Karnataka dated 18 October 2016, the Covenanted Staff Pension Fund Trust inter alia, filed an application with the Hon’ble High Court at Calcutta for obtaining approval to use the fixed deposit held in the name of the Trust and interest thereon. In response to the petition filed by the Company, the Hon’ble High Court at Calcutta passed an order directing CIT, Kolkata to consider the representations made by PWA and the Company.
On 9 January 2017, the CIT passed an order withdrawing the approval accorded to Britannia Industries Covenanted Staff Pension Fund (Trust Fund) w.e.f. A.Y. 2003-04. The Trust Fund filed a Writ petition with the Hon’ble High Court at Calcutta against the said order of CIT, Kolkata. On 3 February 2017, while admitting the writ, the Hon’ble High Court at Calcutta did not pass any interim order/grant stay against the impugned order of the CIT. Aggrieved by the same, the Trust Fund filed an appeal in the Division Bench of Calcutta High Court which was heard on 10 March 2017. The Hon’ble High Court granted the stay, however, restrained the Company from encashing the fixed deposit of Rs.12.12 Crores till the final disposal of the writ petition and further directed the single bench of the High Court at Calcutta to dispose of the writ petition as expeditiously as possible. The matter is currently pending before the single bench of High Court at Calcutta.
Related matters have been dealt within Note No. 41 of the Standalone Financial Statements and Note No. 43 of the Consolidated Financial Statements, which are self-explanatory.
Your Directors would like to thank all stakeholders, namely customers, shareholders, dealers, suppliers, bankers, employees and all other business associates for the continuous support given by them to the Company and its Management.
On behalf of the Board
Place: Mumbai Nusli N Wadia
Date: 30 June 2017 Chairman
(DIN No: 00015731)