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Emami Limited Annual Report FY17-18

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Emami Limited Annual Report FY17-18 NAYA EMAMI LIMITED | ANNUAL REPORT 2017-18 IN A RAPIDLY-CHANGING WORLD, THE Cover Story ONLY INSURANCE IS THE NEED FOR COMPANIES TO MOVE FASTER. AT EMAMI, WE ARE EVOLVING AS A NEW PERSONALITY. PAGE 18 Young. Contemporary. Innovative. PAGE PAGE INNOVATING60 FOR THE RURAL INDIA24 THE NEXT BIG THING FUTURE WITH THE GOVERNMENT EXPECTED TO BOLSTER WHY IS CHEMICAL-FREE RURAL LIVELIHOODS AND OPPORTUNITIES, RURAL THE NEW NORMAL? CONSUMPTION IS POISED TO GROW WELL. For a digital copy of the Annual Report and other related information, scan this QR Code. Corporate Information Chairman Directors Board committees R.S. Agarwal R.S. Goenka Audit Committee K.N. Memani Managing Director S.B. Ganguly, Chairman R.S. Goenka Sushil K. Goenka Y.P. Trivedi M.D. Mallya C.K. Dhanuka CEO-Finance, Strategy Rama Bijapurkar Amit Kiran Deb & Business Development P.K. Khaitan Nomination and Remuneration and CFO Committee C.K. Dhanuka N.H. Bhansali Amit Kiran Deb, Chairman S.B. Ganguly C.K. Dhanuka Company Secretary & Amit Kiran Deb S.B. Ganguly VP-Legal Mohan Goenka Share Transfer Committee A.K. Joshi Aditya V. Agarwal Mohan Goenka, Chairman Harsha V. Agarwal Aditya V. Agarwal Auditors Priti A Sureka Harsha V. Agarwal S.R. Batliboi & Co. LLP Priti A Sureka Chartered Accountants Prashant Goenka Stakeholders’ Relationship Committee C.K. Dhanuka, Chairman S.B. Ganguly Mohan Goenka Our Presence Harsha V. Agarwal 60 Countries | 8 Factories | 1 Overseas Unit | 4 Regional Prashant Goenka Offices 27 Depots | 9 Overseas Subsidiaries. Finance Committee R.S. Goenka, Chairman Sushil K. Goenka Bankers Mohan Goenka Aditya V. Agarwal ICICI Bank Ltd. | HDFC Bank Ltd. Harsha V. Agarwal | HSBC Ltd. | Citi Bank N.A. Priti A Sureka | DBS Bank Ltd. | Yes Bank Ltd. Risk Management Committee R.S. Goenka, Chairman S.B. Ganguly Registrar & Transfer Agent Sushil K. Goenka Maheswari Datamatics Private Limited, Mohan Goenka 23, R.N. Mukherjee Road, Kolkata 700 001, Harsha V. Agarwal West Bengal, India, Priti A Sureka Tel: 91-33-2248 2248, Fax: 91-33-2248 4787, Corporate Governance Committee Email: [email protected] S.B. Ganguly, Chairman R.S. Goenka Y.P. Trivedi Registered Office: Amit Kiran Deb Emami Tower, 687, Anandapur, Corporate Social Responsibility EM Bypass, Kolkata 700 107, West Bengal, India. Committee Tel : 91-33-6613 6264, Fax: 91-33-6613 6600, Sushil K. Goenka, Chairman Email: [email protected] Amit Kiran Deb Mohan Goenka Website: www.emamiltd.in Harsha V. Agarwal Priti A Sureka CIN: L63993WB1983PLC036030 Prashant Goenka CONTENTS NAYA EMAMI LIMITED | ANNUAL REPORT 2017-18 IN A RAPIDLY-CHANGING WORLD, THE Cover Story ONLY INSURANCE IS THE NEED FOR Cover Story COMPANIES TO MOVE FASTER. AT EMAMI, WE ARE EVOLVING AS A NEW PERSONALITY. PAGE 18 Naya Emami Young. Contemporary. Innovative. PAGE PAGE INNOVATING60 FOR THE RURAL INDIA24 THE NEXT BIG THING FUTURE WITH THE GOVERNMENT EXPECTED TO BOLSTER WHY IS CHEMICAL-FREE RURAL LIVELIHOODS AND OPPORTUNITIES, RURAL THE NEW NORMAL? CONSUMPTION IS POISED TO GROW WELL. PAGE For a digital copy of the Annual Report and other related 18 information, scan this QR Code. Emami & Celebrities Founders’ statement The new rules of the game 04 Q & A Optimism 30 Living naturally 56 A conversation with ‘More optimistic about the Managing Director 12 India than any other Turning into a truly 58 country’ (interview global herbal and Emami’s A&P canvas 48 excerpts of Ray Dalio) natural company Perspective 35 “I believe that Innovating for the 60 when brands price future attractively, new markets will be created.” Growing together 62 - Mohandas Pai Looking good 36 Feature | Kesh King 40 Highlights, FY18 8 ‘Hairnessing’ potential Q&A 42 10-year highlights 10 Nilesh Shah, Managing Young leadership 15 Director, Kotak RURAL Emami’s Board of 16 Mahindra Asset INDIA Statutory Reports Management Company the Directors Directors’ Report 92 Ltd. next big Corporate Governance 130 Analyst Speak 42 thing 24 Emami – banking on 28 Report the rural Innovating for the 60 Business Responsibility 162 future Report Growing together 62 Standalone Financial 176 Statements Growing the e-way 66 Consolidated Financial 232 Rolling with the 68 Statements changes New Launches in 70 Brand review – BoroPlus FY18 Guardian Angel 32 Emami making 90 NAVRATNA Perspective headlines Tried. “Every bit of 30 Healing the pain of 50 household income India Tested. and every consumer, whether rich or poor, Interview 54 Trusted. is a real opportunity.” “More companies – Rama Bijapurkar, should aggressively Eminent Marketing start promoting PAGE Consultant ayurveda.” - Dr. Management discussion M.S. Baghel, and analysis 72 44 Emami Limited | 1 Editor’s note EDITORIAL BOARD N H Bhansali Rajesh Sharma Mahasweta Sen Arpit Shah Pritha Roy Chakrabarti Editors’ note Welcome to the 2017-18 edition of Emami Limited’s Annual Report. You have known this Company for decades. Our strength lies in creating sustainable competitive advantage – from products to practices and processes. As India’s business environment becomes increasingly disruptive Forward-looking statement with phases marked by increased digitalisation, we welcome the In this Annual report, we change with future-readiness. have disclosed the Company’s objectives, expectations and In doing so, we are offering new products for new times through forecasts to enable investors new marketing channels delivered to new territories entailing to comprehend our prospects investments in new and young ventures. and take informed investment decisions. This report and In view of this intent, we believe Emami is attractively placed to other statements – written enhance value for its shareholders. and oral – that we periodically make may be forward-looking Welcome to Naya Emami! within the meaning of applicable securities laws and regulations. We have tried wherever possible to identify such statements by using words such as ‘anticipates’, ‘estimates’, ‘expects’, ‘projects’, ‘intends’, ‘plans’, ‘believes’ and words of similar substance in connection with any discussion of future performance. Additional Although we believe that we details, investor have been prudent in our information and assumption, actual results may the latest financials can be accessed at differ materially from those www.emamiltd.in expressed in the statement. The across devices achievement of results is subject to risks, uncertainties and even inaccurate assumptions. 2 | Annual Report 2017-18 Readers’ speak he Annual Report of Emami Limited, since the past few years, have become informative and usiness, The Emami Way” – The Annual Tknowledge-enhancing. The report gives me a Report of 2016-17 was a collector’s feeling of reading a quality business magazine. From the item. Emami has its own unique cover story, one can make out how intricately the subjects B way of functioning. Pioneering categories, are handpicked to showcase the Company in a topical introducing niches, differentiating from and relevant way. The vibrant layout provides a relief that the clutter – all these represent the makes it easy to read hardcore business information. Emami Way of doing business. An annual Every year, the benchmark is getting raised. report of a Company is one platform and Biswanath Bhansali, shareholder one voice where a company can share not only its financials but also showcase values, traditions, business excellence and foresight. Last year’s Annual Report of he annual report by Emami Limited is a class in Emami Limited was bang on with that – a its own. From the annual report, we not only get document that instantly instilled confidence Tthe details of the Company’s future but also get in an investor that the Company’s roadmap a glimpse into the Company’s values, ethos and other stands on the firm ground of tradition achievements. The magazine styled look makes it a good woven around innovation. read and we keep it on our living room table. Vijay Kothari, Shareholder Sunil Kumar Maheshwari, shareholder mami’s annual report is not just a Balance Sheet but provides a readable insight into the operations of Ethe Company. Its unique format generates interest not only for shareholders but for consumers as well. The reports like Management Discussion & Analysis and Brand overviews help assess business prospects of not just of the Company but also for the category and industry. My best wishes are with the Company. Poonam Gandhi, Shareholder 2016-17 ANNUAL REPORTS OVER THE YEARS 2011-12 2012 -13 2013 -14 2014 -15 2015-16 Emami Limited | 3 Founders’ Statement FOUNDERS’ STATEMENT The new rules of the game India is passing through an exciting transformation. One of the most decisive developments has been the wave of digitalisation sweeping across the nation. With a few clicks you can: • Buy without touching physical cash • Get your daily grocery delivered to your doorstep • Book a cab • Transfer money without writing a cheque • Book a doctor’s appointment and order medicines • Plan an entire holiday • Book train seats, hotel rooms and film tickets • Access world news in real-time The big message is that the digital revolution transpiring in the country is touching countless lives. It would be naive to believe that this all-encompassing change would only be limited to IT companies. The reality is that every single industry in India is being influenced and affected. This is warranting businesses to work faster, map consumer trends deeper and distribute products wider. This reality is prompting companies to transform their business models and reinvent their personalities. 4 | Annual Report 2017-18 Emami Limited | 5 Founders’ Statement Naya Emami Making the most of the digital And…Emami is transforming Emami is attractively placed to revolution Emami is leveraging the capitalise this opportunity. The In retail, more than almost strengths of the past and Company has invested aggressively any other sector, the move to a addressing the challenges of the and proactively to ride the digital digital economy is bringing about day.
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