EMAMI Directors Report

Dear Shareholder’s

It’s with immense pleasure that the Directors present their report on the business and operations of the Company and audited accounts for the financial year ended March 31, 2017.

1. Performance highlights

The country is passing through interesting phase of economy. While the governance & transparency are improving, ways of working are being changed which is temporarily adding stress for unlocking future growth potential. During the year, domestic market was significantly impacted by demonetization, lower industrial growth & lower disposal income, resulting in lower off-takes. The global environment was also very challenging. Currency volatility, political instability & depressed market conditions added further woes. The year 2016-17 was therefore marked with many disruptions. Your company however continued to perform consistently well in these challenging times and deliver better results than most of its peers. With sales at RS.2533 Crores, Emami has registered an overall growth of 5.6% in the turnover. EBIDTA at RS.759 Crores has also grown by 10.5% over previous year.

While all the power brands have performed well, new Launches viz. Fair & Handsome facewash, 7 oils in 1, HE Deodorant etc. have also performed satisfactorily. In order to strengthen its market, the company continued to spend aggressively on advertisements and brand building. Steps have also been taken to improve the distribution and increase rural reach. Besides, efficiency improvement and cost optimisation have been followed vigorously across all the functions of the organisation. Further, manufacturing capacity has been augmented by setting up a state of the art mega project at Pacharia in Guwahati, Assam at the planned outlay of RS.300 Crores. The unit has already commenced operations on 23rd February, 2017.

With implementation of GST and regularization of formal economy coupled with initiatives taken by the government to improve infrastructure, agriculture and industry across all segments, significant consumer growth is expected in the times to come. Emami is poised to take full benefit of this emerging opportunity.

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2. Changes in the nature of business, if any

There has been no change in the nature of business of the company during the financial year 2016-17.

3. Dividend

The Company has paid an interim dividend of 175%, being RS.1.75 per share of Re. 1 each for the financial year 2016-17 to the shareholders as on its record date i.e. March 15, 2017. Your Directors are pleased to recommend the final dividend of RS.5.25 per share (525% on the Company’s share capital) apart from interim dividend of RS.1.75 for FY 2016-17. The final dividend is subject to approval of shareholders at the ensuing Annual General Meeting. The final dividend, if approved, will be paid to members whose names appear in the Register of Members as on 27th July 2017. With respect to the shares held in dematerialised form, it would be paid to the members whose names are furnished by NSDL and CDSL as owners on the said date. The total dividend outgo for the financial year ended March 31, 2017 amounted RS.191.23 crore including the dividend distribution tax. The dividend payout ratio works out to 55.21%. The dividend is in accordance with the dividend distribution Policy of the Company.

4. Transfer to reserve

Your Directors do not propose to transfer any amount to the general reserve.

5. Material changes and commitments

No material changes and commitments have occurred from the date of close of the financial year till the date of this Report, which might affect the financial position of the Company.

6. Share capital

During the year under review the Company has not altered its share capital.

7. Internal control systems and their adequacy

Your Company has in place, an adequate system of internal controls commensurate with its size, requirements and the nature of operations. These systems are designed keeping in view the nature of activities carried out at each location and various business operations.

Your Company’s in-house internal audit department carries out internal audits at all manufacturing locations, offices and sales depots across all locations of the country. Their objective is to assess the existence, adequacy and operation of financial and operating controls set up by the Company and to ensure compliance with the Companies Act, 2013, SEBI (Listing Obligations & Disclosures Requirements) Regulations, 2015 and corporate policies.

Shri Manoj Agarwal, Chief Risk Officer and Senior Vice President -Audit & Controls, acts as the Internal Auditor of the Company under Section 138 of the Companies Act, 2013.

A summary of all significant findings by the audit department along with the follow-up actions undertaken thereafter is placed before the Audit Committee for review. The Audit Committee reviews the comprehensiveness and effectiveness of the report and provides valuable suggestions and keeps the Board of Directors informed about its major observations, from time to time. Your Company’s internal audit department and risk management system have been accredited with ISO 9001:2015 and ISO 31000: 2009 certifications, respectively.

8. Internal financial controls

The Company has in place adequate financial controls commensurate with its size, scale and complexity of its operations. The Company has in place policies and procedures required to properly and efficiently conduct its business, safeguard its assets, detect frauds and errors, maintain accuracy and completeness of accounting records and prepare financial records in a timely and reliable manner.

9. Subsidiary companies, joint ventures and associate companies

A. Subsidiary Companies

Pursuant to Section 134 of the Companies Act, 2013 and Rule 8(1) of the Companies (Accounts) Rules 2014, the report on performance and financial position of subsidiaries included in the Consolidated Financial Statements of the Company. As at March 31, 2017, your Company has the following subsidiary companies:

i. Emami Bangladesh Ltd., wholly-owned subsidiary of Emami Limited

ii. Emami International FZE, wholly-owned subsidiary of Emami Limited

iii. Emami Overseas FZE, UAE, wholly-owned subsidiary of Emami International FZE

iv. Pharma Derm S A E Co, Egypt, 90.60% subsidiary of Emami Overseas FZE

v. Fravin Pty. Ltd., Australia, 85% subsidiary of Emami International FZE

vi. Greenlab Organics Ltd., Australia, a subsidiary of Fravin Pty. Ltd.

vii. Diamond Bio-tech Laboratories Pty. Ltd., Australia, a subsidiary of Fravin Pty. Ltd.

viii. Abache Pty Ltd, Australia, a subsidiary of Diamond Biotech Laboratories Pty. Ltd.

In compliance with IND-AS-110, your Company has prepared its consolidated financial statements, which forms part of this annual report. Pursuant to the provisions of Section 129(3) of Companies Act, 2013, a separate statement containing the salient features of the subsidiary companies in the prescribed form AOC#1 is a part of the consolidated financial statements. The accounts of the subsidiary companies will be available to any member seeking such information at any point of time. The financial statements of the Company along with the accounts of the subsidiaries will be available at the website of the Company, www.emamiltd.in, and kept open for inspection at the registered office of the Company.

Brief financials and operation of subsidiary companies are given hereunder:

Emami Bangladesh Ltd.

Emami Bangladesh Ltd., a wholly-owned subsidiary of Emami Limited, was incorporated on November 25, 2004 under the Companies Act of Bangladesh. It is engaged in the manufacture, import and sale of cosmetics and ayurvedic medicines from its manufacturing unit in Dhaka. During the financial year ended March 31, 2017, the Company clocked revenues worth RS.10710 lacs (previous year RS.9762 lacs) and profit after tax of RS.1548 lacs (previous year RS.875 lacs). During the year the Company has paid a sum of RS.676 lacs as dividend to its Holding Company for the FY 2015-16.

Emami International FZE

Emami International FZE, a wholly-owned subsidiary of Emami Limited, was incorporated on November 12, 2005 in the Hamriyah Free Zone, Sharjah, the UAE and is governed by the rules and regulations laid down by the Hamriyah Free Zone Authority. It is engaged in the business of purchasing and selling cosmetics and ayurvedic medicines.

During the financial year ended March 31, 2017, the Company clocked revenues worth RS.14971 lacs (previous year RS.20540 lacs) and profit after tax of H(198) lacs (previous year RS.2,358 lacs). During the year the Company has paid a sum of RS.1004 lacs as dividend to its Holding Company for the FY 2015-16.

Emami Overseas FZE

Emami Overseas FZE, a wholly-owned subsidiary of Emami International FZE, was incorporated on November 25, 2010. It is the holding company of Pharma Derm

S. A. E. Co. in Egypt.

During the financial year ended March 31, 2017, the Company recorded revenues worth nil (previous year: nil) and a loss of RS.10 lacs (previous year loss of RS.3 lacs).

Pharma Derm S. A. E. Co.

Pharma Derm S. A. E. Co. is a 90.60% subsidiary of Emami Overseas FZE and was registered on September 6, 1998 under the relevant Companies Act of Egypt.

The Company was set up so as to manufacture pharmaceuticals, chemicals, disinfectants, cosmetics, a mong others. The ma nagement of the Company was taken over by Emami Overseas FZE in FY2010-11 and the Company has not yet commenced manufacturing operations due to volatile market conditions.

During the financial year ended March 31, 2017, the Company has business activities and recorded revenues worth RS.164 lacs (previous year Nil) and loss of RS.33 lacs due to operational expenses.

Fravin Pty. Ltd.

Fravin Pty. Ltd. (Australia based subsidiary) is a 85% (previous year 66.67%) of Emami International FZE, was promoted by leading trichologist and internationally-renowned coiffeur, Peter Francis. With major strengths in research, development and manufacture of natural and organic personal care products, Fravin is a recipient of various prestigious awards in recognition of its qualitative excellence. Fravin, together with its group companies, manufactures a full range of hair care and skin care products certified by various certification bodies in Australia and United states such as the Australian Certified Organic and the United States Department of Agriculture, to name a few.

During the financial year ended March 31, 2017, the Company clocked revenues worth RS.140 lacs (previous year: RS.223 lacs) and a loss of RS.228 lacs (previous year loss of RS.63 lacs).

Diamond BioTech Laboratories Pty. Ltd.

Diamond Bio Tech Laboratories Pty. Ltd., an Australia-based subsidiary of Fravin, is involved in the export of organic products.

During the financial year ended March 31, 2017, the Company recorded Nil revenues (previous year: nil) and a loss of RS.22 lacs (previous year loss of RS.32 lacs) due to operation expenses.

Greenlab Organics Limited

Greenlab Organics Ltd. UK, a UK-based subsidiary of Fravin Pty. Ltd., is involved in registration of brands and related activities. However, it is yet to commence operations.

Abache Pty. Ltd.

Abache Pty. Ltd., a subsidiary of Diamond Bio-Tech Laboratories Pty. Ltd. has several personal care products in its portfolio. Abache was awarded the first place in the ‘Green Formulations’ category at the Sustainable Beauty Awards 2014 held in Paris.

During the financial year ended March 31, 2017, the Company earned revenues worth RS.39 lacs (previous year RS.199 lacs) and incurred loss of RS.24 lacs (previous year loss of RS.36 lacs).

B. Joint ventures and associate companies

Your Company does not have any joint ventures or associate companies as per the norms laid down under the Companies Act, 2013.

10. Deposits

Your Company has not accepted any deposits covered under Chapter V of the Companies Act, 2013.

11. Non-convertible debentures

The Company issued, listed redeemable non-convertible debentures worth RS.300 crore and the redemption of the same is due during the financial year 201718. The Company had created a Debenture Redemption Reserve of RS.75 crore in terms of the provisions laid down under the Companies Act, 2013 and has also deposited/ invested a sum of RS.45 crore, i.e 15% of the debentures maturing during the financial year 2017-18 as per prescribed rules.

12. Consolidated financial statements

The consolidated financial statements, prepared in accordance with IND AS 110-consolidated financial statements, form part of this Report. The net worth of the consolidated entity as on March 31, 2017, stood at RS.175469 lacs as against RS.161161 lacs at the end of the previous year.

13. Auditors and Auditors’ Reports

Statutory audit

Your Company’s statutory auditors, M/s S. K. Agrawal & Co., Chartered Accountants, were appointed as statutory auditors at the 31st Annual General Meeting of the Company for a period of three years i.e. till the conclusion of the ensuring Annual General Meeting. The term of appointment of M/s. S. K. Agrawal & Co., Chartered Accountants will complete at the conclusion of the forthcoming AGM. The Board took on record its appreciation of service rendered by them during their tenure as Statutory Auditors of the Company.

M/s S. R. Batliboi & Co LLP, Chartered Accountants have been proposed to be appointed as statutory auditors of the Company at the ensuing Annual General Meeting for a period of five years from the conclusion of the ensuing 34th AGM till the conclusion of 39th AGM of the Company. The said firm has given its consent and declared that they are not disqualified to be appointed as statutory auditors.

Report of M/s S. K. Agrawal & Co., Chartered Accountants, and statutory auditor’s Report does not contain any qualifications, reservations or adverse remarks.

Secretarial audit

Pursuant to the provisions of Section 204 of the Companies Act, 2013, and the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Board has appointed M/s MKB & Associates, practicing company secretaries, as its secretarial auditor to undertake the secretarial audit for FY 2016-17. The secretarial audit report in the specified form MR-3 is annexed herewith and forms part of this report (Annexure I). The secretarial audit report does not contain any qualifications, reservations or adverse remarks.

Cost audit

Your Company’s cost accountants,

M/s. V.K. Jain & Co., were appointed by the Board of Directors at its meeting held on May 13, 2016 to audit the cost accounting records, as may be applicable to the Company for the FY 2016-17 and their remuneration has been approved at the previous Annual General Meeting.

M./S V. K. Jain & Co, have been reappointed as cost auditors for the financial year 2017-18. The remuneration payable to the cost auditors is required to be placed before the members in a general meeting for their ratification. Accordingly, a resolution seeking members’ ratification for the remuneration payable to them is included in the notice convening the AGM. The Board recommends the same for approval by members at the ensuing AGM.

14. Conservation of energy, technology and foreign exchange outgo

The particulars of conservation of energy, technology absorption and foreign exchange earnings and outgo in accordance with the provisions of Section 134(3) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, is annexed herewith and forms part of this Report. (Annexure II)

15. Extract of Annual Returns

In terms of provisions of Section 92, 134(3)(a) of the Companies Act, 2013, read with Rule 12 of the Companies (Management and Administration) Rules, 2014, the extracts of the annual return in form MGT 9 is annexed herewith and forms part of this Report. (Annexure III)

16. Corporate social responsibility

Corporate social responsibility forms an integral part of your Company’s business activities. Your Company is a responsible corporate citizen, supporting activities which benefit the society as a whole. The Company carries out its corporate social responsibility initiatives not just in letter but also in spirit and thus has touched thousands of lives across India.

In compliance with Section 135 of the Companies Act, 2013 read with Companies (Corporate social Responsibility Policy) Rules, 2014, the Company has adopted a CSR policy which is available at: http://www.emamiltd.in/holisticliving/pdf / Corporate Social Responsibility Policy of Emami Ltd. pdf

The Annual Report on CSR expenditures for the FY 2016-17 is annexed herewith and forms part of this report. (Annexure IV). A sum of RS.191.65 lacs remained underspend mainly due to extraneous factors and also due to better planning and negotiations which resulted in savings despite carrying the activities as envisaged. Besides, some projects are of multiyear projects and so expenditure can be done in stages / year wise which may result in lower / higher expenditure in a particular year.

17. Directors and key managerial personnel

Upon recommendation of the Nomination and Remuneration Committee and subject to the approval of shareholders by way of special resolutions, the Board of Directors at its meeting held on January 30, 2017 re-appointed Shri R.S. Agarwal as an Executive Chairman of the Company for a period of five years w.e.f. April 1, 2017 and Shri R.S. Goenka, as Whole-time Director of the Company upon completion of his existing term from November 8, 2017 till March 31, 2022.

Shri R. S. Goenka, Shri Mohan Goenka and Shri S. K. Goenka, Directors would retire by rotation at the ensuing Annual General Meeting, and being eligible, offer themselves for re-appointment.

The term of appointment of Shri K. N. Memani, Shri Y. P. Trivedi, Shri M. D. Mallya, Shri S. B. Ganguly, Shri P.K. Khaitan and Shri Amit Kiran Deb as Independent Directors of the Company is completing at the conclusion of the ensuing AGM of the Company. In the ensuing Annual General Meeting, the Board on recommendation of the Nomination and Remuneration Committee, has proposed their reappointment for another term of 5 (five) years with effect from conclusion of 34th Annual General Meeting through special resolutions. The term of appointment of Shri Sajjan Bhajjanka as Independent Director of the Company is also ending on the conclusion of ensuing AGM of the Company and he has expressed his unwillingness to be further considered for reappointment due to his preoccupation in other business. The Board places on record its appreciation for the guidance received by it from Shri Sajjan Bhajanka during his tenure as Independent Director.

In the ensuing Annual General Meeting, the Board on recommendation of the Nomination and Remuneration Committee, has proposed appointment of Shri C. K. Dhanuka as an Independent Director for a period of 5 (five) years from date of the 34th Annual General Meeting of the Company.

The Company has received declarations from all the Independent Directors that they meet the criteria of independence as prescribed in the Companies Act, 2013 and SEBI Listing Regulations, 2015.

None of the Directors of the Company are disqualified for being appointed as Directors, as specified in Section 164(2) of the Companies Act, 2013 and Rule 14(1) of the Companies (Appointment and Qualification of Directors) Rules, 2014.

A brief resume of the Directors proposed to be appointed/ reappointed, is provided in the Notice of the 34th Annual General Meeting of the Company.

18. Business responsibility report

As required under Regulation 34 of SEBI Listing Regulations 2015, the Business Responsibility Report of the Company for the financial year ended March 31, 2017 is attached as part of the Annual Report.

19. Board induction, training and familiarisation programme for Independent Directors

Prior to the appointment of an Independent Director, the Company sends a formal invitation along with a detailed note on the profile of the Company, the Board structure and other relevant information. At the time of appointment of the Director, a formal letter of appointment which inter alia explains the role, functions, and responsibilities expected of him/her as a Director of the Company is given. The Director is also explained in detail about the various compliances required from him/her as a Director under the provisions of the Companies Act 2013, SEBI Listing Regulations, 2015, SEBI (Prohibition of Insider Trading) Regulations, 2015, the Code of Conduct of the Company and other relevant regulations.

A Director, upon appointment, is formally inducted to the Board. In order to familiarise the Independent Directors about the various business drivers, they are updated through presentations at Board Meetings about the Financials of the Company and new product launches. They are also provided presentations/booklets about the business and operations of the Company.

The Directors are also updated on the changes in relevant corporate laws relating to their roles and responsibilities as Directors. The details of the Board familiarisation programme for the Independent Directors can be accessed at: http:// www.emamiltd.in/investorinfo/pdf/amiLtdFamiliarizationProgramme ForIndependentDirectors.pdf.

20. Annual evaluation

Pursuant to the provisions of Section 178 of the Companies Act, 2013 and the SEBI Listing Regulations, 2015 the Company has framed a policy for evaluating the annual performance of its Directors, Chairman, the Board as a whole, and the various Board Committees. The Nomination and Remuneration Committee of the Company has laid down parameters for performance evaluation in the policy, they include:

- Attendance

- Preparedness for the meeting Staying updated on developments

- Active participation in meetings

- Constructive contributions/ positive attributes

- Engaging with and challenging management team without being confrontational or obstructive

- Protection of stakeholder interests

- Contribution to strategic planning

- Carrying out responsibilities as per the code of conduct

The Board also evaluated the performance of each of the Directors, the Chairman, the Board as whole and all committees of the Board. The process of evaluation is carried out in accordance with the Board Evaluation Policy of the Company and as per criteria suggested by SEBI vide circular dated 5th January 2017.

21. Number of meetings of the Board

The Board of Directors held five meetings during the year on May 5, 2016, August 3, 2016, October 27, 2016, January 30, 2017 and on March 6, 2017. The maximum time gap between any two meetings was less than 120 days as stipulated under SEBI’s Listing Requirements, 2015. The details of Board Meetings held and attendance of Directors are provided in the Report on Corporate Governance forming part of this report.

22. Separate meeting of Independent Directors

A separate meeting of the Independent Directors was held on January 30, 2017. Shri Y. P Trivedi, the Lead Independent Director presided the meeting. The Independent Directors at said meeting reviewed the performance of the Non- Independent Directors, the Board as a whole and the Executive Chairman of the Company.

Details of the separate meeting of the Independent Directors held and attendance of Independent Directors therein are provided in the Report on Corporate Governance forming part of this report.

23. Committees of the Board

The Company has constituted/ reconstituted various Board level committees in accordance with the requirements of Companies Act 2013. The Board has the following committees:

I. Audit Committee

II. Nomination and Remuneration Committee

III. Share Transfer Committee

IV. Stakeholders Relationship Committee

V. Finance Committee

VI. Corporate Governance Committee

VII. Corporate Social Responsibility Committee

VIII. Risk Management committee Details of all the above Committees along with composition and meetings held during the year under review are provided in the Report on Corporate Governance forming part of this report.

24. Whistleblower policy

The Company has established an effective whistleblower policy (vigil mechanism) and procedures for its Directors and employees; details of which are provided in the Report on Corporate Governance which forms part of this report. The policy on vigil mechanism may be accessed on the Company’s website at: http:// www.emamiltd.in/investor-info/ pdf/Whistle Blower Policy Emami. pdf.

25. Remuneration policy

The remuneration policy of the Company aims to attract, retain and motivate qualified people at the executive and at the board levels. The remuneration policy seeks to employ people who not only fulfil the eligibility criteria but also have the attributes needed to fit into the corporate culture of the Company. The remuneration policy also seeks to provide well-balanced and performance-related compensation packages, taking into account shareholder interests, industry standards and relevant regulations.

The remuneration policy ensures that the remuneration to the directors, key managerial personnel and the senior management involves a balance between fixed and incentive pay reflecting short and long- term performance objectives appropriate to the working of the company and its goals. The remuneration policy is consistent with the ‘pay-for-performance’ principle.

26. Related party transactions

All related party transactions entered into by the Company during the financial year were at arm’s length. During the year the Audit Committee had granted an omnibus approval for transactions which were repetitive in nature for one financial year and all such omnibus approvals were reviewed by the Audit Committee on a quarterly basis. No material contracts or arrangements with related parties were entered into during the year under review. All related party transactions were placed in the meetings of Audit Committee and the Board of Directors for the necessary review and approval. Your Company’s policy on related party transactions, as approved by the Board, can be accessed at: http://www.emamiltd. in/investorinfo/pdf/

The Company has developed and adopted relevant SOPs for the purpose of monitoring and controlling such transactions.

27. Particulars of loans, guarantees and investments

Particulars of loans, guarantees and investments made by the Company pursuant to section 186 of the Companies Act, 2013 are given in the notes to financial statements.

28. Particulars of employees and managerial remuneration

The information of employees and managerial remuneration, as required under Section 197(2) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014, and other details are annexed herewith and forms part of this report. (Annexure V)

29. Management discussion and analysis and Corporate Governance Report

Regulation 34(3) read with schedule V of the SEBI Listing Regulations 2015, Management Discussion Analysis, Corporate Governance Practices followed by your Company, together with a certificate from the Company’s auditors confirming compliance of conditions of Corporate Governance are an integral part of this report.

30. Risk management system

The Company has developed and implemented a risk management policy which is periodically reviewed by the management. Such system also complies with the requirements of ISO 31000: 2015 norms.

In accordance with Regulation 21 of SEBI Listing Regulations, 2015, the enterprise risk management policy of the Company, which has been duly approved by the Board, is reviewed by the Risk Management Committee, Audit Committee and the Board on a quarterly basis. The risk management process encompasses practices relating to identification, assessment, monitoring and mitigation of various risks to key business objectives. Besides exploiting the business opportunities, the risk management process seeks to minimise adverse impacts of risk to key business objectives.

31. Prevention of sexual harassment at workplace

Your Company is committed to provide a work environment which ensures that every woman employee is treated with dignity, respect and equality. There is zero-tolerance towards sexual harassment and any act of sexual harassment invites serious disciplinary action.

The Company has established a policy against sexual harassment for its employees. The policy allows every employee to freely report any such act and prompt action will be taken thereon. The policy lays down severe punishment for any such act. Further, your Directors state that during the year under review, there were no cases of sexual harassment reported to the Company pursuant to the sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013.

32. Details of significant and material orders passed by regulators/courts/ tribunals

There was no instance of any material order passed by any regulators/courts/tribunals impacting the going concern status of the Company.

33. Directors’ Responsibility Statement

Pursuant to the requirement under Section 134(5) of the Companies Act, 2013 with respect to Directors’ Responsibility Statement, the Directors confirm that:

I. In the preparation of the annual accounts for the year ended March 31, 2017, the applicable accounting standards have been followed and no material departures have been made therefrom.

II. The Directors 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 at March 31, 2017 and of the profit of the Company for the year ended on that date.

III. The Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

IV. The annual accounts were prepared on a going concern basis.

V. The Directors have laid down effective internal financial controls to consistently monitor the affairs of the company that such internal financial controls were adequate and operating effectively.

VI. The Directors have devised a proper system to ensure compliance with the provisions of all applicable laws and the same are adequate and operating effectively.

34. Awards and accolades

During the year under review, the Company saw many successes, some of which are listed as under:

- Ranked among the ‘Super 50’ by Forbes India for the second consecutive year and the 87th ’Most Valuable Companies’ in the BT 500 list of 2016.

- Adjudged as the Winner of Golden Peacock Innovation Management Award for the year 2016.

- Ranked 342nd (previous year: 423rd) in BW Real 500, a ranking of India’s largest companies conducted by Businessworld. The ranking has been done on basis of their combined total assets and total income. In the market cap subsector, Emami ranked 65th among the 70 companies featured.

- Award for CSR Leadership in the ‘Support & Improvement in Quality of Education’ category.

- Ranked 349th in the FE 1000 2016 rankings and 90th in terms of market cap.

- Ranked 291st in BS Super 1000 (previous year: 326th) and secured the 14th position in the ‘Consumer Staples’ segment among 38 companies.

Marketing awards

- Navratna won the ‘Silver’ award at the WOW Awards 2016 in the ‘Rural Activation of the Year for Sales Volume’ category.

- HE Deo won a prestigious IndIAA award for ‘Best Campaign in Personal Care’ category. The brand won the same award for the ‘HE Respect’ campaign, which featured Vir Das and Hrithik Roshan, which was aired digitally in May 2016.

- BoroPlus jumped 30 ranks to occupy the 54th position in the ‘Top 100 Most Trusted Brands’ of the ET Brand Equity Survey 2016 from the 84th rank of the last year. The survey also featured another power brand, Zandu, at the 100th position in the overall rankings and sixth in the OTC brands sub-category.

Individual recognitions

- Shri R.S. Agarwal and Shri R.S. Goenka were ranked 30th in the BS Billionaire Club; they were conferred with Super Icon Awards 2017 by Society for being business visionaries and with a D.Litt. degree (honoris causa) by KIIT University, Bhubaneswar for their multifaceted contribution to business and society.

- FORBES INDIA - Collector’s Edition (issue dated 21st December, 2016) featured Shri R. S. Agarwal and Shri R. S. Goenka on THE 100 RICHEST INDIANS, ranking them at the 84th position.

- In a special issue of Business Today, Shri R. S. Agarwal was featured fifth in an annual list of ‘India’s Top 100 Best CEOs’.

- Emami features at #30 as ‘Radheshyam Agarwal & Family’ - comprising the market cap of Emami Ltd., Emami Infra, Emami Paper and Zandu Realty India’s Super Rich 2016 by Businessworld.

- Shri H. V. Agarwal selected as one of the winners of the prestigious ‘Forty under 40’ list of 2016 in India’s top-40 under 40 list, put together by Spencer Stuart in collaboration with The Economic Times.

- Shri N. H. Bhansali, CEO - Finance, Strategy & Business Development and CFO, was selected as CFO India’s 7th Annual CFO100 Roll of Honour; won the award as the CFO in the category of ‘Mergers & Acquisitions’; Best CFO Award for ‘Consistent Liquidity Management in Mid-Cap segment’ and special jury award of being the ‘Overall Champion CFO’ by the YES Bank-Businessworld CFO Awards 2016.

35. Acknowledgements

Your Directors would like to acknowledge and place on record their sincere appreciation of all stakeholders, Regulators, shareholders, bankers, dealers, vendors and other business partners for the excellent support received from them during the year under review. Your Directors recognise and appreciate the efforts and hard work of all the employees of the Company and their continued contribution to its progress.

For and on behalf of the Board

Place: Kolkata R.S. Agarwal

Date: May 4, 2017 Chairman

CIN: U67190WB2003PTC096617. Trading in Commodities is done through our Group Company Dynamic Commodities Pvt. Ltd. The company is also engaged in Proprietory Trading apart from Client Business.

Disclaimer: There is no guarantee of profits or no exceptions from losses. The investment advice provided are solely the personal views of the research team. You are advised to rely on your own judgment while making investment / Trading decisions. Past performance is not an indicator of future returns. Investment is subject to market risks. You should read and understand the Risk Disclosure Documents before trading/Investing.

Disclosure: We, Dynamic Equities Private Limited are also engaged in Proprietory Trading apart from Client Business. In case of any complaints/grievances, clients may write to us at compliance@dynamiclevels.com

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