One Company, Many Brands

TITAN COMPANY LIMITED A TATA AND TIDCO ENTERPRISE ONE COMPANY, MANY BRANDS BUSINESS RESPONSIBILITY REPORT 2013 - 14 WWW.TITAN.CO.IN BUSINESS RESPONSIBILITY REPORT 2013-14 Table of contents MD’s message 03 One Company Many brands 04 One Journey, Many Routes 06 About the Report: 09 One Foundation Many Pillars 10 One Company, Many Responsibilities 12 Advocacy and Outreach 13 Economic Sustainability – Engaging Growth 14 5 Year Strategy- Imagine. 14 Key Risks 15 Growth through Governance 15 Advancing Human Rights and Ethics 16 Grievance Redressa 18 Shareholder Grievance Committee 19 Customer Satisfaction 20 Primary Customers – Franchisees 20 Customer First 21 Responsible Advertising and Consumer Education 23 Path to Employee Wellness 24 Growing with Titan: Learning and Development 25 Compensation and Benefits 26 Unity in Diversity and Inclusivity 27 Occupational Health and Safety 28 CSR Spends during 2013-14 30 Employee Volunteering: 36 Value Chain and Sustainability Practices 37 Environmental Sustainability 38 Renewable Energy 38 Water efficiency 40 GHG Emissions 40 Waste Management 41 Biodiversity 41 Beyond Business 42 WWW.TITAN.CO.IN 2 BUSINESS RESPONSIBILITY REPORT 2013-14 MD’s message I believe that Titan Company should evolve into a virtuous organisation that embodies all its stakeholders (employees, customers, associates, investors, and the community) in building a sustainable institution. As a company, we are driven to be an institution that strives to bring substance, not just material gain to its stakeholders. Such an institution will need less supervision and regulation and will chart out a journey of its own to achieve unimaginable goals. We strive to maximize the efficiency and value of each of our business segments as we act swiftly to seize the moment and secure our future. For Titan, stakeholder inclusivity is fundamental given that we only foray into markets which are largely unorganized and therefore there are no level playing fields. Hence, we consider it a part of our business responsibility to introduce ethics and fair play business. They say that the golden rule of business is “Put yourself in your customer’s place.” We have always believed in this ideology and we have dedicated our team to create innovative customer centric features and offer services that strive to nurture a lifelong relationship with every customer. We also believe that all customers and associates would prefer to deal with or buy from good corporate citizens. And we started that journey long ago by interacting with the local communities wherever our operations commenced. That is how our Meadows, Township and Karigar Park initiatives were conceived, out of the basic tenet of social inclusivity. This journey has resulted into the inception of the CSR committee at board level including independent directors who are committed to such a cause. This committee acts a guiding light in setting a strategic direction for sustainability for our company in a holistic way including environmental initiatives. Having brought forth some of India’s illustrious brands, Titan Company has unveiled a whole new look and a new logo. This has been developed along with the new name that reflects the diversified portfolio of our company. We are truly proud of what we have achieved together and believe that we are poised for continued long term success. With this report, we showcase our efforts towards an all-embracing sustainable growth across different stakeholder groups. Bhaskar Bhat WWW.TITAN.CO.IN 3 BUSINESS RESPONSIBILITY REPORT 2013-14 One Company, Many Brands The Titan story began in the year 1984 with a joint venture between the Tata Group and the Tamil Nadu Industrial Development Corporation. Thus was created one of India’s most recognizable brands which in turn gave birth to an array of spectacular sub brands. Titan Company brought about a paradigm shift in the Indian watch market in 1984, offering quartz technology with international styling, manufactured in a state-of-the-art factory at Hosur, Tamil Nadu. In 1995, Titan Company diversified into jewellery under the brand Tanishq to capitalize on a fragmented market in Urban India operating with no brands. In 2005, the company launched its second jewellery brand, Gold Plus, to capitalize on opportunities in small towns and rural India. The company has ventured into B2B business, i.e., Precision Engineering Division, which makes precision parts and automation solutions. The company has also made its foray into eyewear, launching Fastrack eyewear and sunglasses, as well as prescription eyewear and more recently into accessories, fragrances and helmets. Innovation — in thought, process, approach and strategy, has become an important factor for Titan Company, as it conducts business in a world without boundaries. The objective is to develop new and relevant products and services and Titan Company sees innovation as the means to achieve this. Titan Company was rated among the top seven companies in the Asian consumer space on innovation by the BNP Paribas Asian consumer team. Titan Company’s success lies in its strategy of integrating business excellence with sustainable development. Titan Company believes trust to be the sacred bond on which long-lasting relationships are built with customers, employees, shareholders, network of business associates, and with the community in which they operate. It is with this belief that Business Responsibility Report 2014 is dedicated to its work towards sustainability and responsible business initiatives during the reporting period 2013-14. Titan company vision is reflected in each and every brand that has stemmed out of it. This vision is what distinguishes Titan from any other brand. WWW.TITAN.CO.IN 4 BUSINESS RESPONSIBILITY REPORT 2013-14 The Titan Vision: “We create elevating experiences for the people we touch and significantly impact the world we work in.” The Titan Mission: We do this through a pioneering spirit and a caring, value-driven culture that fosters innovation, drives performance and ensures the highest global standards in everything we do. Titan Values and Standards: Total customer orientation • Customers take precedence over all else, always Employee appreciation • Employees are highly valued and respected assets and there is a constant endeavour to fulfil their needs and aspirations Performance culture and teamwork • High performance is a way of life and is nurtured by teamwork Creativity and Innovation • Titan differentiates itself using innovation and creativity Passion for excellence • Titan company ceaselessly strives for excellence Corporate Citizenship • The Company ensures that a part of its resources are invested in the environment and community betterment WWW.TITAN.CO.IN 5 BUSINESS RESPONSIBILITY REPORT 2013-14 One Journey, Many Routes Titan Company has had a long journey from its inception in 1984 to the creation of some of the most admired brands in the country under the Titan roof. The different stories along this journey helped the Company stand tall today as it looks back into this journey Titan Watches was founded with the signing of a joint venture of Tata Industries with the Tamil Nadu Industrial Development Corporation (TIDCO) in June of 1984 The Company has commenced production of watches in 1987 at the Hosur manufacturing units under the brand ‘Titan” The Company has entered the largely fragmented Indian jewellery market 1994 with brand “Tanishq” Launched “Fastrack” in 2004 and Fastrack accessories and Fastrack stores in 2009 Ventured into Eyewear and Precision engineering in 2007 Titan Company now has four divisions – Watches and Accessories, Jewellery, Eyewear and Precision Engineering and is the country’s largest speciality retailer. At Titan Company, the objective is to foray into unorganized product categories and transform the category. Titan Company envisions raising the standards of the sector, while providing a wide base of customers with unmatched value and choice. A brief description of these iconic brands and divisions is given below. JEWELLERY WATCHES EYEWEAR PRECISION ENGINEERING Plain and studded Watches and accessories Stores with frames and Precision Engineering gold jewellery like bags, sunglasses et contact lenses Component and Brands: Tanishq, Brands: Titan, Sonata, Brands: Eye+ Sub-assemblies (PECSA) Gold Plus, Zoya, Mia Fastrack and sub brands and Machine Building and like Raga, Xylys, etc Automation (MBA) B2B Clients: Hamilton Sundstrand, Pratt & Whitney Canada WWW.TITAN.CO.IN 6 BUSINESS RESPONSIBILITY REPORT 2013-14 Creation of Titan to evolution of Titan Company When the company ventured into making quartz watches in India 27 years ago, it was with a realization that it would be an enormous challenge. The market was dominated by a limited range of mechanical watches, and the prevailing import duties and curbs in foreign exchange made it expensive to set up manufacturing unit in India. Moreover, companies were not allowed to import freely if they did not have a phased manufacturing programme. Undeterred by these obstacles, Titan Industries set out to manufacture watches in 1986 and in April 1987, it launched its first branded watches as brand Titan. Titan was created as a single-product, single-brand Company but today there are multiple businesses and brands within the house of Titan. With an understanding that Titan is still held primarily as a Watch company, a need for the creation of new corporate identity came to light. Thus differentiating between Titan, the company and Titan, the watch brand - to reflect the lifestyle segment that the company operates in, Titan Industries Ltd. has changed its name to the Titan Company Ltd. The change in the name also followed with a rebranding exercise for Titan Company. A new logo was unveiled along with the new name that reflects the lifestyle product portfolio of the company. This new logo portrays the Titan vision- ‘One Company, Many Brands’ WWW.TITAN.CO.IN 7 BUSINESS RESPONSIBILITY REPORT 2013-14 The New “Star Logo” The new logo is a testament of the smiles that Titan brings to people’s faces and the brightness that Titan products bring forth in their eyes.

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