PROJECT REPORT ON

BRITANNIA INDUSTRIES LIMITED

Submitted in partial fulfillment of the requirements for the award of the degree of Bachelor of Business Administration To Guru Gobind Singh Indraprastha University, Delhi

Guide: Ms.Smita Tejwani

Submitted By: Arpit Jain BBA GEN (B) Roll-1321471707

MAHARAJA AGRASEN INSTITUTE OF MANAGEMENT STUDIES

PSP CHOWK SECTOR-22 ROHINI
New Delhi-110085 Batch (2007-2010)

ACKNOWLEDGEMENT

SUCCESS IS AN EFFORT BOUND ACTIVELY, INVOLVING THE COOPERATION OF ALL. PROJECT WORK IS NEVER THE WORK OF AN INDIVIDUAL IT IS MORE A COMBINATION OF IDEAS, SUGGESTIONS, CONTRIBUTION AND WORK INVOLVING MANY FOLKS. ONE OF THE MOST IMPORTANT PARTS OF WRITING A REPORT IS TO THANK THOSE WHO HAVE CONTIBUTED TO IT. MY FIRST THANK MUST GO TO MS. Smita Tejwani, (Dept. of Business

Administration) WHO WAS MY GUIDE FOR THE PROJECT FOR THE EXCELLENT ADVICE, GUIDANCE AND ENCOURAGEMENT GIVEN TO ME DURING THE ENTIRE COURSE. LAST BUT NOT THE LEAST, I AM THANKFULL TO MAHARAJA AGRASEN INSTITUTE AND ALSO TO OUR DIRECTOR DR. N. K. KAKKAR FOR PROVIDING ME KNOWLEDGE AND SUPPORT.

ARPIT JAIN ROLL-1321471707

DECLARATION

I ARPIT JAIN HEREBY DECLARE THAT ALL THE DATA AND ANALYSES HERE LISTED IN MY PROJECT ARE TOTALLY GENUINE AND ARE WITHOUT ANY ALTERATION TO THE BEST OF MY KNOWLEDGE .I ALSO HEREBY DECLARE THAT THESE ARE AUTHENTIC PIECE OF INFORMATION WHICH I HAVE GATHERED UNDER GUIDANCE AND SUPERVISION OF MS. Smita Tejwani AND ARE NOT SUBMITTED EARLIER IN ANY OTHER UNIVERSITY OR ORGANISATION AND NEITHER WIL BE IN FUTURE.

ARPIT JAIN ROLL-1321471707

CERTIFICATION

This is to certify that the project report titled BRITANNIA INDUSTRIES LIMTED, a bona fide work of ARPIT JAIN student of B.B.A. at Maharaja Agrasen College; Rohini, is original and has been done in partial fulfillment of the requirements for the award of BBA. His work has been successfully carried out under my guidance and is original piece of information, which caters to the need of the project.

MS. SMITA TEJWANI

(PROJECT GUIDE)

EXECUTIVE SUMMARY

I am presenting this report on Britannia Industries beginning with the history of biscuits and also covering its main objectives and covers a wide variety of topics such as of topics, such as Company Profile, Milestones, Visions and Missions, Global partners and also its new products which have all been explained with its features. All this is then followed by a Code of conduct which explains the responsibilities of the employees and the workplace, its responsibility towards consumers and its investments, then is the Research Methodology which tells about the data collection method and the Analysis which discusses about the strengths, weaknesses and the Recommendations, which has proved to be one reason for companys development. At last I have concluded the report with my interpretation of the whole thing elaborating the fact that Britannia has been so popular and it has been developing and growing their business in the other countries as well.

TABLE OF CONTENTS
Acknowledgement Declaration Certificate Executive summary CHAPTER 1: INTRODUCTION OF TOPIC Objectives History CHAPTER 2: COMPANY PROFILE Company Overview Board of Directors Management Team Milestones Visions & Missions Global Partners CHAPTER 3: PRODUCT SUMMARY Dairy Delights New Products CHAPTER 4: CODE OF CONDUCT Responsibilities of Employees of Britannia Workplace Responsibilities Representing Britannia to Customers Privacy/Confidentiality Investments and Outside Activities Corporate Social Responsibility CHAPTER 5: RESEARCH & METHODOLOGY CHAPTER 6: ANALYSIS Strengths & Weaknesses Recommendations CHAPTER 7: CONCLUSION

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11 13 13 18 21 22

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37 39 41 44 46 49 52

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BIBLIOGRAPHY

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CHAPTER 1 INTRODUCTION OF TOPIC

OBJECTIVES
To study the various products of Britannia. To study the various uses of all the products. To study the overall position of Britannia. To give recommendations thereof.

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. 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 favourite 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, Scotch and Dutch immigrants originally brought the first cookies to the United States and they were called teacakes. They were often flavoured 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 9

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. 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.

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CHAPTER 2 COMPANY PROFILE

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COMPANY OVERVIEW

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 mechanised 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. 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 Indian ness 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 preeminent 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 12

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.

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BOARD OF DIRECTORS

Mr. Nusli Neville Wadia Ms. Vinita Bali Mr. Keki Dadiseth Mr. Avijit Deb Mr. Stephan Gerlich Mr. A.K.Hirjee Mr. Philippe-Loic Jacob Mr. Nimesh N Kampani Mr. S.S.Kelkar Mr. Pratap Khanna Mr. Jeh N Wadia

Chairman Managing Director Director Director Director Director Director Director Director Director Director

MANAGEMENT TEAM

GAUTAM BANERJEE General Manager - Materials ASHOK KUMAR GUPTA General Manager - Accounts & Planning HEMANT M. OGALE General Manager - Operations R K AGRAWAL General Manager Manufacturing R S SUBRAMANIAM General Manager Technology, Strategy, Projects & Engineering ANURADHA NARASIMHAN Category Director - Health & Wellness SHALINI DEGAN Category Director - Delight & Lifestyle BALAJI REDDIPALLI Head Replenishment VINOD MENON Head of BNZF HEMANT OGALE General Manager - Operations SHRIDHAR PANSHIKAR National Sales Manager PURNENDU ROY Head of R&D V. MADAN Company Secretary & Head of Legal Dr. K.N. SHASHIKANTH Corporate Quality Assurance Manager VALIVETI V PADMANABHAM Corporate Manager - Information Systems

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VINITA BALI
Vinita Bali was appointed Managing Director on 31st May 2006. Vinita joined as Chief Executive Officer of the Company in January 2005. She received her Bachelor's Degree in Economics from LSR at the University of Delhi and her MBA at the Jamnalal Bajaj Institute of Management Studies at Bombay University. She pursued postgraduate studies in Business and Economics at Michigan State University on a scholarship from The Rotary Foundation, and was selected to work as a Graduate Intern at the United Nations headquarters in New York. She started her career with Voltas Ltd.-a Tata Group company focusing on consumer products, where she launched Rasna soft-drink concentrate. In 1980, Vinita joined Cadbury India, where she had a successful career in roles of increasing responsibility, not just in India, but also in the UK, Nigeria and South Africa. Vinita also served on the Boards of Cadbury Nigeria and Cadbury South Africa. The Coca-Cola Company chose her as its worldwide Marketing Director in 1994 where she was responsible for the worldwide strategy for Coke, and was one of the key players in doubling its historical growth rate. In 1997 she took over as Vice President of Marketing for Latin America, and in 1999 relocated to Chile as President of the Andean Division with sales in excess of USD 1 Billion. In 2001, she was made a corporate officer of The Coca-Cola Company and appointed Vice President of Corporate Strategy reporting to the Chairman. After an eventful nine-year association with Coke, Vinita joined her mentor at Coke, Sergio Zyman at the Zyman Group in July 2003 as a Managing Principal and Head of the Business Strategy practice in the company's Atlanta office. As a member of the company's Board of Managers, Vinita shared responsibility for developing and managing Zyman Group's consulting business.

RAJESH K. LAL
Rajesh Kumar Lal has been designated as Vice President and Chief Technology Officer with effect from 1st October 2008. In his new role, Rajesh Lal will lead company's technology strategy and plans for all businesses Bakery, dairy and any other new business initiatives, both domestically and internationally. Rajesh Lal joined Britannia as Vice President and Head of Operations in January 2005

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and was responsible for enhancing supply chain efficiencies by focusing on purchase, procurement, manufacturing and logistics. Rajesh graduated as a chemical engineer from IIT Delhi and also holds a degree of Master of Applied Science (Chemical Engineering) from University of Ottawa. Rajesh spent most of his career at Hindustan Lever in the technical function of setting up and running manufacturing units, managing the supply chain, and working with contract packers in India and Asia.

P. SHYAM SUNDER
Shyam has been with the Company for over 14 years during which time he has successfully handled a variety of assignments. He joined the company in 1991 to establish the Group Internal Audit function and moved to head the Mumbai branch between 1996 and 1999 during which period the branch recorded impressive growth. In 1999, he returned to the Executive Office to take charge of the Information Systems and subsequently the Logistics functions. Shyam has successfully revamped Britannia's IT landscape and has led several cross-functional project teams including SAP implementation and Project Dhruv which have delivered significant benefits in terms of organisational efficiencies and cost savings. As Vice President and Head of Quality he is responsible for the quality assurance of the entire range of products via appropriate quality management and audit processes across the supply chain. He works closely with Procurement, Operations, Sales & Marketing, Product Development and Human Resources. In addition, Shyam is also responsible for continually reviewing and improving operating processes across functions to make systems more efficient, responsive and robust.

NEERAJ CHANDRA
Neeraj Chandra, has been designated as Vice President and Chief Operating Officer, with effect from 1st October 2008. He will have the Planning & Replenishment function reporting to him, in addition to Sales & Marketing. Neeraj Chandra joined Britannia in July 2005 as Vice President - Marketing, Sales and Innovation, responsible for orchestrating the revenue side of the business. He graduated as an Electrical Engineer from IIT Kanpur followed by an MBA from IIM Ahmedabad, he first joined Hindustan Lever and handled diverse assignments in Sales 16

and Marketing, in a career spanning two decades and progressing rapidly from Management Trainee to Vice President.

Neeraj has rich and varied experience in Sales and Marketing from India and around the world. In Hindustan Lever he worked on building several power brands like Pond's, Fair and Lovely, Lux, Lifebuoy and Clinic. His regional assignments have provided valuable exposure to the Middle East and the competitive markets of China and the Far East.

DURGESH MEHTA
Durgesh Mehta joined Britannia Industries Limited as the Chief Financial Officer in November 2006. He is a graduate of Shriram College of Commerce, University of Delhi and a member of the Institute of Chartered Accountants of India He started his career as a Management Trainee in Hindustan Lever Ltd. (HLL) and worked in various accounting, commercial, finance and corporate roles in India and the middle-east. His last role in HLL was Finance Director of Unilever Arabia after which he joined Satyam Infoway (SIFY) as Chief Finance Officer and member of the top management team that enabled the turnaround of the business.

ATUL SINHA
Atul Sinha joined Britannia on 2nd July 2007 as Vice President - New Business Development. In this role he will lead Britannia initiatives in identifying and developing new product-market segments outside the current lines of business, as Britannia progresses towards becoming the fastest growing and best food brand in the country. His last assignment was that of Vice President - Marketing and Sales with Agro Tech Foods Limited where he was associated with the successful launch of Sundrop Heart. He also put in place a sales strategy to exploit the growing Modern Trade. Prior to that, as Associate Director for Oral Care marketing with Colgate Palmolive Ltd, he revived the growth of Colgate with the relaunch of Colgate Dental Cream and other new products. He was also Head of Sales with Reckitt Benckiser.

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A graduate of Shri Ram College of Commerce with an MBA from XLRI, Atul started his career as a Management Trainee in Voltas.

ALAGU BALARAMAN
Alagu Balaraman was designated as Vice President - Human Resources and Process Architect with effect from February 2008. Alagu joined Britannia in July 2007 as Vice President and Process Architect. One of the critical requirements of capability enhancement is a stronger and more robust focus on process design and improvement. Alagu will work with people across the Company - all functions and geographies, to help us deliver better results in areas that matter, through continuous process improvements. Alagu's expertise in this area was developed in a career spanning 20 years in various roles, with a diverse range of companies and industries - engineering, services and FMCG. As the founder and head of the IT Strategy practice in PwC India, he has had the opportunity to help leading companies redefine the way they work to deliver better performance. In doing this, Alagu has covered many functions - from sales & distribution, to marketing, to supply chain management, HR processes and financial management. This broad cross-functional perspective will be extremely useful to us as we build world class processes and systems to deliver improved performance. Alagu is an alumunus of IIT-Madras and IIM-Calcutta and started his career in L&T where he learnt the nuts and bolts of project managament. His last assignment was as Executive Vice President of IT & Corporate Development with Godfrey Philips India Ltd.

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MILESTONES

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1892 o 1910 1921 1939 44 1975 1978 1979 1983 1989 1992 1993 1994 1997 . c

The Genesis - Britannia established with an investment of Rs. 295 in Kolkata Advent of electricity sees operations mechanised Imported machinery introduced; Britannia becomes the first company East of the Suez to use gas ovens Sales rise exponentially to Rs.16,27,202 in 1939 During 1944 sales ramp up by more than eight times to reach Rs. 1.36 crore

Britannia Biscuit Company takes over biscuit company from Parry's Public issue - Indian shareholding crosses 60%

Re-christened Britannia Industries Ltd. (BIL) Sales cross Rs.100 crore The Executive Office relocated to Bangalore BIL celebrates its Platinum Jubilee Wadia Group acquires stake in ABIL, UK and becomes an equal partner with Groupe Danone in BIL Volumes cross 1,00,000 tons of biscuits Re-birth - new corporate identity 'Eat Healthy, Think Better' leads to new mission: 'Make every third Indian a Britannia consumer' BIL enters the dairy products market "Britannia Khao World Cup Jao" - a major success! Profit up by 37% Forbes Global Ranking - Britannia among Top 300 small companies BIL ranked one of India's biggest brands No.1 food brand of the country Britannia Lagaan Match: India's most successful promotional activity of the year Maska Chaska: India's most successful FMCG launch BIL launches joint venture with Fonterra, the world's second largest dairy company Britannia New Zealand Foods Pvt. Ltd. is born Rated as 'One amongst the Top 200 Small Companies of the World' by Forbes Global Economic Times ranks BIL India's 2nd Most Trusted Brand 20 Pure Magic -Winner of the Worldstar, Asiastar and Indiastar award for packaging 'Treat Duet'- most successful launch of the year

1999 2000 2001

2002

The Origin of 'Eat Healthy Think Better'

Britannia -the 'biscuit' leader with a history-has withstood the tests of time. Part of the reason for its success has been its ability to resonate with the changes in consumer needsneeds that have varied significantly across its 100+ year epoch. With consumer democracy reaching new levels, the one common thread to emerge in recent times has been the shift in lifestyles and a corresponding awareness of health. People are increasingly becoming conscious of dietary care and its correlation to wellness and matching the new pace to their lives with improved nutritional and dietary habits. This new awareness has seen consumers seeking foods that complement their lifestyles while offering convenience, variety and economy, over and above health and nutrition. Britannia saw the writing on the wall. Its "Swasth Khao Tan Man Jagao" (Eat Healthy, Think Better) re-position directly addressed this new trend by promising the new generation a healthy and nutritious alternative - that was also delightful and tasty. Thus, the new logo was born, encapsulating the core essence of Britannia - healthy, nutritious, optimistic - and combining it with a delightful product range to offer variety and choice to consumers

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VISIONS AND MISSIONS

VISION To become the most admired and successful company in FMCG (Fast Moving Consumer Goods) sector. MISSION To become one of the top company in FMCG sector. To be the brand of first choice. To become a national player. To maintain its prestige and goodwill in the market.

VALUES
Customer Focus Our Company's strategies are driven by the needs of the customer. Our success can be measured by the satisfaction achieved by our customer. Excellence We accord a high premium to maintaining superlative standards throughout our Company. We encourage our employees to come up with smarter ideas within the fastest possible time. Creativity Key to our value system is innovation and originality. We recognise and have a high regard for individual expression and creative freedom in our quest to provide customer satisfaction. Integrity We observe strict ethical standards through editorial independence and creative expression, in order to earn the trust of our customers.

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GLOBAL PARTNERS

The Wadia Group of India along with Groupe Danone of France, are equal shareholders in ABIL, UK which is a major shareholder in Britannia Industries Limited. GROUPE DANONE is an International FMCG Major specializing in Fresh Dairy Products, Bottled Water and Biscuits/Cereals. One of the World leaders in the food industry, these are some of the laurels it possesses: No # 1 worldwide in Fresh Dairy Products No # 1 worldwide equally placed in Bottled Water (by volume) No # 2 worldwide in Biscuits and Cereal Products Through its three core businesses (Fresh Dairy Products, Beverages and Biscuits and Cereal Products), GROUPE DANONE is committed to improving the lives of people around the world by providing them with better food products, a wider variety of flavors and healthier pleasures. Its dominant position worldwide is based on major international brands and on its solid presence in local markets (about 70% of global sales come from brands that are local market leaders). GROUPE DANONE is recognized for the dynamism and strength of its brands: Danone: the leading brand worldwide for Fresh Dairy Products; DANONE represents almost 20% of the international market. DANONE is present in 40 countries worldwide. Evian: the best selling mineral water brand, with 1.5 billion bottles sold every year. Present in the 5 continents, in 125 countries. LU: the second brand worldwide, the first biscuits brand of GROUPE DANONE, which represents almost the half of the sales for the Biscuits and Cereal Products division. LU is mainly present in Western Europe. Wahaha: the leading brand for refreshing still water (water, ready made tea, fruit juices). The brand is one of the most popular in China, with more than 1.5 billion liters of water sold each year. Its name means "the child who laughs".

BRITANNIA OVERSEAS
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Britannia in the Middle-East

In March 2007, Britannia Industries Limited formed a Joint Venture with the Khimji Ramdas Group, one of the largest and the most respected business conglomerates in the Middle East. Britannia and its Associates have acquired a significant stake in Dubai based Strategic Food International Co. LLC and Oman based Al Sallan Food Industries Co SAOG. The two companies are key regional players in the biscuit and cookies segment in the GCC markets and export their products across the world. SFIC and Al Sallan produce leading brands such as Nutro, Family Choice and Bakers Pride.

Britannia in Sri Lanka 29th August 2008 goes down in the history of our company as the day, when Britannia started manufacturing and marketing its products in Sri Lanka. Apart from tapping new markets and going international, our company will afford many more families and individuals a chance to enjoy healthy, nutritious and delightful products. Even as we navigate foreign territories, we affirm our purpose, values, vision and goals in Sri Lankato help people enjoy life, through healthy snacking, and make this accessible to all people anywhere, everyday Products manufactured in Sri Lanka include the most popular Milk Bikis, Milk Cream Smileys, vita marie gold, Creams and cookies

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CHAPTER 3 PRODUCT SUMMARY

DAIRY DELIGHTS

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CHEESE Britannia offers the largest range of cheese in India. Made at hi-tech facilities under highquality conditions, and from cow's milk, Britannia Milkman Cheese range is a very tasty and healthy food for the family. The entire range of Britannia Milkman Cheese is available in various forms, pack sizes and flavors, which provide a variety of easy, quick, tasty, healthy recipes for family, guests and kids' tiffins. Britannia Milkman Cheese is available in:Blocks Cubes Spreads Slices Pizza Cheese Low-fat cheese Britannia Milkman Cheese block Processed and packed as you see it, Britannia Cheddar cheese block is available in two pack sizes - 200g and 400g. Grate it, cut it, melt it... do whatever and watch your cooking skills bloom Use it as an ingredient in cooking Melt it with vegetables to create the cheese sauce effect. Use it as a snack element to give the taste of chunk of cheese Cut it in cubes and use in cheese-cherry-pineapple /noodles/salads. Use it as a topping Grate it on top of your dishes/curries etc. Britannia Milkman Cheese Cubes Britannia Cheese Cubes are your best cheese snack for any occasion. Each cube comes in a fresh wrap with an easy-to-tear tape. These cubes are your bundle of health, convenience, taste and variety. So, whether it is a quick bite at home, occasions to celebrate, or sudden guests at last-minute get-togethers, Britannia Cheese Cubes come in handy. Britannia cheese cubes are available in two pack sizes - 180g and 540 g Use in cooking Pre-cut to give convenience

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as a snack with or without topping of small-cut vegetables /pineapple etc.

Britannia Milkman Cheese Slices Each slice of Britannia Cheese is equivalent to a glass of cow's milk, known to be rich in calcium, protein and vitamins. Processed from the best milk in the best hygiene, each slice is wrapped individually to preserve its taste, nutrition and convenience. Ideal for healthy snacks, it adds to fun in your sandwiches, burgers, noodles, salads and more, brings delight to your family ! Classic variant is available in packsize of 100g, 200g and 480g, and Asli Pepper in packsize of 100g. Use

as a slice in burgers, sandwiches, bread rolls etc. as cut slice elements in noodles, salads and dressings.

Britannia Milkman Cheezza Cheezza ! Cheese for Pizza ! .. cut it for cheesy chunks .. or melt it for the stretch .. or grate it for that topping ! .. and your perfect pizza taste is here ! Britannia Milkman Cheezza is available in packsize of 200g and 400g. Use

as a pizza element cut into cubes/wafer shapes an use it alongwith elements of onions/tomatoes/capsicum/babycorn etc. on the pizza. in pizza sauce melt it onto a pizza base for the cheese sauce taste and effect. as a pizza topping grate it on top of a pizza for great taste and looks.

Britannia Milkman Slimz Slimz .. a proprietary food from Britannia, giving you 33% less fat than normally processed cheese. So go ahead - same taste, same application, but less fat ..what more could anyone ask for .

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Britannia Milkman Slimz low-fat slices are available in packsize of 100g and 150g Use

as a spread on breads / sandwiches / hotdogs / burger etc. like a filling in vada / bread pakora / bonda etc. like a chutney on open sandwiches. with fried items. as a slice in burgers, sandwiches, bread rolls etc. as cut slice elements in noodles, salads and dressings.

Use

Britannia Milkman Cheese Spreadz Minty Coriander? or Peppy Cilantro? Asli Pepper? or Mexican Mirchi? Masala Herbs? Sour Cream n' Onion? . or just plain! Whatever you want... is right here. Soft & spreadable, Britannia Cheese Spreadz present a flavor to suit each one of your moods ! Masala Mania, Mirchi Poppers, Sour Cream n' Onion are available in pack sizes of 40g and the others in pack sizes of 180g Use

as a spread - on breads / sandwiches / hotdogs / burger like a filling - in vada / bread pakora / bonda like a chutney - on open sandwiches. with fried items.

Britannia Milkman Natural Cheddar Cheese Classic cheese, moon-shaped and with an international taste, is available in packsize of 200g.

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Use

With breads/sandwiches etc.

Britannia Milkman Processed Cheese Tin Plain processed cheese in a tin for better freshness and storage; Classic variant is available in packsize of 400g. Use

In cooking.

BUTTER
Britannia Milkman Butter is known for its rich yellow butter color, great taste, and excellent spread-ability, even after refrigeration! Made by churning fresh cow's milk, Britannia butter can be used as a spread on your breads, or as a dollop on your paranthas, or in baking, sauce making and frying. Containing milk proteins, fat and water, Britannia Butter remains solid (yet spreadable!!) when refrigerated, softens at room temperature and melts to a thin liquid consistency at 32-35degC. Available in two pack sizes of 100g and 500g, Britannia Butter does not contain any added color and so, is the perfect ingredient for your meals and snacks. Just place it in your fridge or the table, and watch it melt to your family's taste!

GHEE

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Britannia Milkman Ghee is trusted for its purity and taste all over India. Britannia is the only national brand in ghee, and it offers 4 different variants in ghee, depending on the taste, texture and color preferences of our consumers. Ghee made from cow's milk gives you the goodness of Vitamin A, E and cancer fighting anti-oxidants like CLA (Conjugated Linoleic Acid). Available in a variety of usage-friendly packs, you can choose from pet jars to pouch refills to cartons and tins. Known for its contribution in improving health, curing mild injuries and sharpening the mind, Britannia Ghee can be stored for up to a year without refrigeration. Britannia Milkman Ghee... for taste and purity in our lives!

DAIRY WHITENER
Britannia Milkman Dairy Whitener is known for the taste, thickness and creaminess it lends to our foods and drinks. Be it tea, coffee, kheer (porridge), or custard, Britannia Dairy Whitener gives it a rich and tasty look and feel. Available in carton packs and pouch refills, Britannia offers you Dairy Whitener for all kinds of servings... the single serve pack, the double cup pack and so on... going up to an entire month's supply of dairy whitener. Go ahead... savor the taste and creaminess!

DAHI
Britannia Daily Fresh Dahi brings to you the goodness of dahi to nourish your family. Made from fresh milk in a hygienic environment, untouched by human hands, Britannia Daily Fresh Dahi is 100% pure and healthy. No preservatives, no colors, no flavors... just good, well-set, thick and tasty dahi. Available in cups of 200g and 400g, Britannia Dahi also offers you a low-fat variant, 98% fat free, to take care of those who are aiming at less fat intake. Britannia Daily Fresh Dahi... daily freshness... daily energy... daily calm... daily joy!

NEW PRODUCTS

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NutriChoice 5 Grain
Most consumers believe that to in order to stay healthy one needs to make certain compromises on some good things in life. Whether it is missing that extra hour of sleep over early morning exercise, or eating unappetizing foods over that extra oil-dripping samosa. At the same time most of us agree that good nutrition cannot come from one kind of food alone, but from a healthy combination / assortment of several healthy ingredients put together. Britannia NutriChoice 5 Grain Biscuits are a perfect answer to those looking for healthy eating options without as much making a compromise on taste, or convenience, or health. Because Britannia NutriChoice 5 Grain biscuits are made from 5 carefully chosen healthy cereals (Oats that help reduce bad cholesterol, Corn which promotes heart health, Ragi a good source of both Calcium as well as Fibre, Rice low in fat, and Wheat that provides wholesome energy). These biscuits are delicately sweetened with natural honey, and come in a unique large oval shape. It is this large size and the healthy combination of the ingredients, that make it an ideal hunger buster for those in-between meals time hunger. Britannia NutriChoice 5 Grain biscuit pack contains several small single serve pocket meals packs, so that one is never far away from pacifying hunger on the move. So whenever you miss your breakfast, or succumb to those unhealthy evening snacks, you can relish the goodness of health with Britannia NutriChoice 5 Grain biscuits.

Tiger Banana
Britannia is committed to help secure every child's right to Growth & Development through good food everyday. Purposefully taking forward the credo of ' Eat Healthy, Think Better ', we have launched a new variant under our power brand TIGER - TIGER BANANA - power packed with IRON ZOR & and with the delightful taste of banana. IRON ZOR helps make mind sharper and body stronger. A Rs.4 pack has as much IRON ZOR as that in 1 kg of Banana. R&D in Britannia has spent considerable time to develop this nutritious and delightful snack for children. Britannia Tiger Banana packed with IRON ZOR and goodness of Banana is accessible to all, being available in convenient packs priced at Rs.2, Rs.4 and Rs.10.

NutriChoice

SugarOut

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Sounds like yesterday when people commented that healthy foods meant "compromising on the taste." NutriChoice SugarOut is the most novel product range to have been introduced in the market. The product is not just sweet but tastes great, and yet contains no added sugar. This is because NutriChoice SugarOut is sweetened with "Sucralose," derived from sugar, which provides the same sweetness as any other biscuit, without the added calories of sugar. This range is available in 3 delicious variants namely Litetime, Chocolate cream, and Orange cream, targeted towards all health sensitive people. It is also relevant for consumers with sugar related ailments. We are sure that you will be pleasantly delighted with its great taste and equally surprised to know that it has no added sugar. Don't be taken for a ride when you read "Sugar Free" label on many biscuit packs marketed in India or abroad. Even with 100% no-added sugar, wheat-cereals in biscuits have their own natural sugar content. Britannia has chosen to represent these biscuits with "No Added Sugar" claim, as there is no added sugar in the processing of NutriChoice SugarOut.

NutriChoice Digestive Biscuit

Nothing can be more difficult than making small efforts in our daily life towards healthy and active living. 24/7 we are engrossed in our busy schedules; skipping meals, missing walks, along with inadequate sleep and frequently eating-out, all take a heavy toll on our health. At least with the new and improved NutriChoice Digestive Biscuit, we have one less thing to worry about. Made with 50% whole-wheat and packed with added fibre (10% of our daily dietary needs), these delightfully tasty biscuits are amongst your healthiest bites of the day. In your next visit to a shop just look out for its Golden-green international carton pack. Try one and you'll know that you've made one smart choice - NutriChoice.

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Treat Fruit Rollz

All kids who have relished the yummy creamy treasures of Britannia Treat in exciting flavors, have yet another reason to celebrate! Britannia Treat launches the amazingly yummy Treat Fruit Rollz!! These tasty soft rolls are filled with real fruits and provide a healthy yet mouth-watering treat to the kids. Fruit Rollz comes in four masti fruit flavours - Juicy Apple, Strawberry Surprise, Tangy Orange and Delicious Dates! Want to know a little secret? They make the best tiffin treats! So during snack time what better than to munch on the delicious and healthy Fruit Rollz and discover the yummy fruit flavor from within the shells. Keeping up with Britannia's platform of 'taste bhi, health bhi', Fruit Rollz is indeed a yummy snacking option for kids, while keeping the Moms assured about the goodness provided by the fruit filling. So go on and treat yourself to the lip-smacking snack!

New Britannia Milk Bikis

Milk Bikis, the favourite growth partner of Kids, now brings greater value and delight to all with its new product and pack design. Recently re-launched in its existing Southern & Eastern markets, and extended across India, the new Milk Bikis is all set to add excitement and appeal to nutritious food. Whoever said that good food needs to look dull and boring, will just have to take a look at Milk Bikis. With a unique and attractive honeycomb design and an enhanced product experience, the new biscuit prompts the Kids will love it reaction amongst mothers. The milk goodness in the recipe is now enhanced with SMART NUTRIENTS 4 vital vitamins, iron and iodine, proven to aid mental and physical development in growing kids. The premium packaging, besides appealing to kids, also ensures that the biscuits remain fresh and crisp. So, whether its breakfast time or snack time at school, rest assured that kids will look forward to munching these crunchy, milky biscuits which even helps in their development. And yes, adults wont be far behind in reaching out for a pack!

Britannia 50-50 Pepper Chakkar

The launch of the latest 50-50 variant left everybody guessing "What it eez?" From TV ads, radio, outdoor and in-store display materials to events, a website and SMS and email blasts, traditional and new media were blended synergistically to create excitement and curiosity about the unique taste of the biscuit. The tangy and distinctive pepper flavoured biscuit, that's thin and crispy and more like a snack, caught the imagination of a younger audience craving something to nibble on. The 50-50 Pepper Chakkar launch is truly a

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case

of

leveraging

the

marketing

mix

to

best

advantage.

CHAPTER 4 CODE OF CONDUCT

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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. Representing Britannia to Customers and Other External Constituencies Treating customers, suppliers and competitors fairly; 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.

3.

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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. 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. Corporate Social Responsibility Catering to the national interest Committed to be a good corporate citizen The company prohibits any payment of bribes.

5.

6.

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.

36

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 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, first-time 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 37

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 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 38

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 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.

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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. Harassment, whether based on a person's race, gender, color, creed, religion, national origin, citizenship, age, disability, marital status, sexual orientation, ancestry, veteran

40

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

41

 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 Doing the job without follow ups Transparency and openness Working collaboratively across geographies and functions Looking after employees' development needs Focusing on results Taking personal responsibility and ownership Intellectual integrity.

colleagues

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. 42

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. 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.

43

 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

44

unless it involves a Britannia-approved sales promotion, advertising, or publicity OR unless it 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 business-related 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,

45

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. 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 business-related 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,

46

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. 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

47

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 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 48

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.

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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 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

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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.

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CHAPTER 5 RESEARCH & METHODOLOGY

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METHODOLOGY

A) 1)

DATA COLLECTION Secondary Source a) Website b) Magazines and newspapers

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CHAPTER 6 ANALYSIS

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STRENGTHS

Britannia has got a Strong Brand Equity. It captures large share of market. It has a variety of products such as butter, cheese, ghee etc. It has an efficient distribution network-readily available. It has healthy products which provides vitamin A & vitamin B.

WEAKNESSES
It is only engaged in eatables.

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RECOMMENDATIONS

To launch other variants of a particular product in order to attract the customers. It should launch new products related to cosmetics, health care etc All the products of Britannia should be promoted in a manner which should not only target a particular age group but all the age groups. It should use its brand equity well in order to achieve greater heights.

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CHAPTER 7 CONCLUSION

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CONCLUSION
By studying all the products of Britannia limited carefully , it can be said that it can compete with other companies like parle, itc etc and can maintain its market position in the economy. It has an excellent distribution system in which the products are available very easily and quickly. Therefore Britannia is a very successful company which has various products such as biscuits, butter, ghee, cheese, dairy whitener, dahi etc.

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BIBLIOGRAPHY

www.britannia.co.in www.yahoo.co.in www.google.co.in www.wikipedia.com www.bookrags.com www.fratfiles.com

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