Management Discussion And Analysis

for the year ended 31 March 2017

INDIAN RETAIL.

The Indian Retail Industry has emerged as one of the most dynamic and fast paced industries. Retail sector revnues are estimated to be ~ 25% of Indias Gross Domestic Product. Indian Retail market is expected to double to USD 1 trillion by 2020 from USD 600 billion in 2015 driven by Income growth, urbanization and attitudinal shifts. Indian Retail as a Global player occupies a strong position on account of low economic risk and high market potential.

E-TAILING.

The Indian Online retail industry is set to grow at a robust pace and by 2020 the online shoppers will jump to 600 million shoppers. By 2020 around One third shoppers will be "High Value Customers" and this segment will account for two thirds of the total spend. E tailing will be 30% of organized sales by 2020.The E tailing industry will become USD 45-50 billion by 2020 as suggested by various studies.

MODERN RETAIL

Modern Retail in India is expected to double in size in next three years to around USD 160 billion largely driven by Omni-Channel retailing. Penetration of modern retail is expected to see a substantial rise from the current 11% to 14% in next three years. Initiatives like Foreign Direct Investment (FDI) retail policy and state level retail policies where government is taking up the role of a facilitator to create an environment conducive to the retail business has helped further the cause.

MODERN RETAIL – CHALLENGES AHEAD.

Retailers need to be updated and informed about the tastes of Indian Consumers and their Consumption pattern. Retail needs to provide merchandise that the Consumer likes. It is critical for retailers to define a viable transformation agenda to stay relevant and win in the market place. Efficient supply chain, efficient merchandise positioning according to the catchments, delivering an in-store experience consistent with brand,ensuring optimum merchandise value in relation to its price, effective allocation of space, running localized and digital campaigns effectively, investment in capabilities required to win with e-commerce and providing a strong value proposition and maintaining a flexible cost and viability model which would help modern retail to grow consistently and combat digital disruption.

S.W.O.T. ANALYSIS

Strengths:

• First Citizens: Our Loyalty Programme "First Citizens Club" has continued to be one of the main strengths of our business. We crossed the 4.7 million mark in memberships, making it one of the largest loyalty programmes in the country across sectors. The Company continues to believe that its loyalty programme is not only a source of substantial competitive advantage, but also a very strong strategic tool. Your company believes that its First Citizens will continue to drive its growth by increased average expenditure in our stores, aided by data-driven and analytics-backed targeted activities/promotions. Our fan base on social media has also been increasing, with more than 9.7 million fans on our Facebook page. We see significant opportunities on both these platforms for engaging our customers.

• Management Strength & Corporate Governance: The Company has a professional and well-established management team. Furthermore, the Companys unwavering focus on good corporate governance has been a beacon for the industry. Our internal and external auditors are amongst the Big 4 audit firms of the globe. The Board has 6 independent Directors with rich & diverse experience across Industries & Geographies.

• Strong Brand : Shoppers Stop has been a forerunner in establishing a Pan India Retail Brand. Our strong brand image, helps us in being, the first choice for shopping by elite customers, anchor tenant for mall operators & place to launch new brands for all brands & suppliers.

• Strong focus on Systems, Processes and People: Besidescontinuingtoinvestinretailfrontendaswellas back end processes with IT enablement, the company is investing into technology transformational projects. The Company believes that continuous investment in people, process and technology will drive sustainable and profitablegrowth for the Company. We have in the past year, undertaken a number of new initiatives in the technology transformation and continue to improve our current information technology capabilities and processes.

• Strong Distribution and Logistics Network and Supply Chain: We have created a robust distribution and logistics network, with four regional distribution centres covering more than 480,000 square feet handling over 400,000 SKUs per year and working 24x7. The organisation strongly believes that the "hub-and-spoke" model followed by it for its Omnichannel distribution network, will stand it in good stead for the Strategy envisaged in the forthcoming years.

• Enhancing our Human capital: We continue to develop our Customer Care Associates (CCAs) across all levels through Development

& Assessment centres for promotion decisions, career planning and succession planning. Individual and organisational development is the primary objective of the assessment centre. We also conduct Associate Satisfaction survey every year and derive ASI scores, which helps us in identifying the index scores of respect, credibility, fairness and pride with the organisation. We continue to benchmark our compensation and benefits through consultants, with the best in the industry to pay our associates accordingly.

We benefit from our Promoters association with the real estate business and their relationships with developers, which have helped us acquire preferred properties at competitive rates. Our investment in new stores in last four to five years has resulted in to a robust network of 80 department stores at prominent catchments spread across the country. We are also parallelly embarking on our omni-channel journey to tap into the exponential ecommerce growth in India.

Risks and Concerns:

• Execution: We believe the key risk to our growth is execution risk.The Company has a strong execution team and we believe it has the capability to execute varied retail formats.

• Employee retention: The Company believes that employee satisfaction and retention is of prime importance. The demand for experienced personnel in modern retail will only increase in the near term and long term. Your Company believes that this problem will persist until the industry reaches a steady growth phase.

• Pressure on retail lease rentals: Rent is one of the largest components in a retail business fixed costs, and the case is no different for the Company. The permission of 100% FDI in single brand retail is also one of the reasons for increased demand for prominent catchments in key malls consequently resulting in to higher rentals. Power cost and service tax is also a matter of concern as they put substantial pressure on profits.

• Internet usage:Indias Internet user base is currently third largest in the world. Indias internet population will grow to 750M users in 2020 from 400M users in 2015. This, coupled with the improvement in telecom infrastructure, improved network connectivity across the country, ubiquitous availability of smartphones and rising consumer confidence in online retail is driving the growth of e-commerce in the country. With a significant number of Indian consumers turning Internet users, and eventually, online shoppers, selling through the online channel is set to redefine retail.

The Company in order to counter the impact of loss in business due to online e-commerce sales, has designed a two pronged strategy which includes, Omni-channel approach to driving sales with the emphasis on seamless and engaging customer experience and plans to sell products and brands online via tie up with leading online e-commerce portals.

• Development of New Technologies: E-commerce Platforms being adopted by Brands themselves or by B2C & B2B Applications; as well as the obsolescence of older technologies could have a significant impact on Company. The Company will be making focused and substantial investments to embrace new technologies and infrastructure for the Omni channel, which is a combination of physical store and online site.

• Vendor Production Capacity: The Companys expansion plans combined with renewed vigour on the e-commerce retail segment & possible new entrants in the brick & mortar segment of retail, these factors may trigger a constraint in terms of vendors reaching their production/supply capacity. The Company is looking at establishing new sources within and outside India, to mitigate the problem.

• Investee Companies: The Company has invested in other entities and lower than expected returns from these entities will have an impact on the cash flows and consolidated results of the company.

• Economic Slowdown: Economic slowdowns have a direct impact on consumption. Retail being the end service provider of consumption in the supply / Value chain, is bound to face difficulties in an environment of economic slowdown. The Company continuously looks at stepping up the marketing activities and strong cost control to protect the companys profitability.

Opportunities:

• Geographical reach: Your Company continues to increase its Pan-India footprint. The Companys strategy to increase the number of departmental stores, and therefore improve city wise penetration in new cities, increase market share in existing cities through additional new stores in those cities, and new stores in tier II cities, remains unchanged. Over the last Six years the Companys retail space has increased from 2.3 million square feet for the year ended 31st March, 2011 to 4.2 million square feet for the year ended 31st March, 2017 which is an impressive increase of 83%.

Format diversification and expansion: Your

Company, in its constant endeavor to capture wallet share, has diversified into viz, HomeStop which retails hard and soft furnishing, M.A.C, Bobbi Brown, Estee Lauder & Clinique which retail high end makeup & skin care products, Mother Care which retails infant and kids merchandise and airport retailing, by tying up with The Nuance Group AG of Switzerland. the performance The Companyofhasthealso made a successful foray into internet retailing through its e-retailing portal. The Company continues to expand these formats successfully and will maintain a focus on them.

• Private & Exclusive Brands: The Private Brand Business is at a new phase of growth – the journey has started from being just fashion Labels to becoming National Brands with high customer traction and Brand recall. The first step has been to move to a Brand lead vertical and give each brand its own DNA and Brand identity. The financial growth has been mapped season-over-season so as to increase the share of Private Brand contribution to the Chain. The Product, Trend mapping, Visual merchandising, in-store Presentation, Brand building, discounting and phasing strategy is being worked upon at a category level so as to bring a diverse and unique assortment and experience for the consumer. Through Brand building and engagement of loyalty customers we are pushing for analytics driven sales and are also working closely with Marketing to increase footfall and get more new customers to the store.

Omni channel:Shoppers Stop embarked on a 3 Year omni-channel journey in 2015, to tap into the exponential e-commerce growth in India. The Company has plans for focused investments in technology & operations set-up over the next few years to provide seamless shopping experiences through online and by digitally transforming our stores continuing to drive profitable revenue growth. As part of the Year 1 phase in 2015, we re-launched our website and introduced brand new mobile apps in both Android PlayStore & iOS AppStore based on the SAP Hybris platform. Over the last year your Company has accomplished the rollout of a CRM (Microsoft Dynamics) and a WMS

(JDA) to build a unified customer service and a supply chain & operations with global inventory view. This year we have initiated the final leg of the technology rollout involving Riversand Master Data Management (MDM), IBM Sterling Order Management System and an integration layer involving Tibcos Enterprise Service Bus (ESB) to enable customer journeys such as Click N Collect, Endless Aisle & Ship From Store. Your Company believes more consumers across the country will embrace Shoppers Stop through its digital shopping channels due to the convenience of shopping our full assortment at best prices across channels viz. stores, mobile, website with the added advantage of being able to return, exchange anytime, anywhere.

Threats:

• Economic slowdown: Economic slowdowns have a direct impact on consumption. Retail, being the end service provider of consumption in the supply/ value chain, is bound to face difficulties in an environment of economic slowdown.

• Threat of new entrants: With India continuing to be an attractive retail market, the Company expects many new entrants into the sector, thus increasing competition. However, the nationwide footprint, excellent customer service levels, look & feel of the stores, competitive product offerings & capability of its management team to execute the business operations & expansion are the few factors amongst many which would certainly help the Company to retain its market share.

• Competitive rivalry in the industry: There is intense rivalry among leading national retailers for new locations and quality real estate. The company believes that it has a robust pipeline of stores for future expansion.

• Growing competition from online players price war among e-tailers for ramping up sales by offering steep discounts, attractive deals and lucky draws on a range of products, has brought disruption to the traditional retail sector.

• Availability of quality real estate space at commercially viable cost and at desired locations is a greatest challenge and will impact the growth of the Company.

Customer Entry:

Retailers measure entry as footfalls, which is the number of people entering the stores. This is computed through manual count in all stores during trading hours.

Customer Entry (Departmental Store)

CONVERSION RATIO

Conversion is the ratio of the number of transactions (Cash Memo) versus the total customer entry into the stores. Tracking conversion helps the retailer understand the productivity of his front-end store employees and the attractiveness of the merchandise and services.

SALES

Gross Sales both at chain level and for Like-To-Like stores has grown against last year. The growth was 8.1% in gross retail turnover of Shoppers Stop departmental store business. The sales per sq. has been computed on built-up area.

APPAREL

The Apparel contribution to total sales of the Shoppers stop Departmental store business was 63.6% in 2016-17 as compared to 64.2% in 2015-16.

NON- APPAREL

This category includes Cosmetics, Personal Accessories, Jewellery, Leather goods, Home Wares, Electronics, Books and Music. These lifestyle products have high aspiration value, and as the consuming class increases, there will be a big surge in the demand for this category. The Non- Apparel contribution to total sales of the Company was 36.4% in 2016-17.

PRIVATE & EXCLUSIVE BRANDS

Your Company aims to provide a differentiated and unique offering to the customer through its own Private Brands as well as through exclusive private brands. The contribution of Private Brand is at 12.0% of sales as compared to 13.5% last year. Your company is working on several new initiatives to drive the share of existing Private Brands like Stop, Life, Haute Curry, Vittorio Fratini, & Kashish. Exclusive brand contribution of Sales is at 4.2% as compared to 3.5% last year. The growth of exclusive brand sales is 30.9%. Exclusive brands include, brands/labels such as Wrogn by Virat Kohli and Desigual, the Spanish fast fashion brand.

TRANSACTION SIZE ( Rs. )

Transaction size represents the amount spent by each customer on his buying. This is computed by the total sales divided by the number of cash memos.

Transaction Size Departmental Stores

MERCHANDISE PURCHASE

Your companys ability to present on the shelves correct merchandise assortments in the right mix, style, color & fashion is one of its most critical success factors. A team of Buyers & Merchandisers continuously ensure that the pricing strategy and value proposition are completely in tune with the customers expectations. We regularly monitor sales trends to optimize inventory levels.

Our well established systems and processes in Buying

& Merchandising & Logistics enables us to efficiently manage the flow of inventory to stores, provide prompt replenishments and manage pricing.

Your company believes in a broad distribution of risk with no high dependency on any single supplier and has a diversified supplier base. Suppliers after evaluation based on fairly stringent parameters which ensure the quality & reliability of supply. Alternate distribution channels for inventory have also been put in place as a contingency, should the need arise.

SUPPLIER RISKS

Our broadly varied offering necessitates alliances with a large number of suppliers from various business sectors. In order to mitigate the risk involved, we enter into arrangements with vendors in various business formats such as outright buy/ sale or return, consignment & concessionaire/ conducting arrangement.

SHRINKAGE:

Shrinkage in the retail business is defined as the loss in inventory through a combination of shop lifting, pilferage, and errors in documentation and transaction processing that go unnoticed. We have focus on inventory control. We monitor shrinkage on regular basis and look at various factors that could lead to Shrinkage at stores and distribution centers. Store Operations along with the Supply Chain team have worked together and monitored the Shrinkage level on a month on month basis which has resulted in the Shrinkage percentage being controlled at 0.37% of the Turnover and our endeavor will always be to lower this ratio through proper monitoring and continuously reviewing Inventory management processes and systems.

NET INTEREST

Interest cost has increased to Rs. 3820 lacs as against Rs. 3786 lacs.

PROFIT AFTER TAX

The Company has achieved post tax profit of Rs. 2786 lacs before adjustment for diminution in the value of investment, as against a post-tax profit of Rs. 4669 lacs last year. The post-tax loss of Rs. 1994 lacs is on account of impairment provision carried in books on account of investment in Subsidiary & Joint venture company.

DIVIDEND

The Board of Directors have recommended a dividend of 15% for the financial year 2016-17 from its reserves.

INVENTORY

The inventory as at the end of current year is Rs. 35,276.50 lacs as against Rs. 38,587.11 lacs as at the end of the last year. Inventory holding period is 129 days during the current fiscal against 147 days last year. The inventory has been valued at lower of cost or net realizable value.

LIQUIDITY

The cash generated from operations was Rs. 15,695 lacs.

PRODUCTIVITY / OPERATING EFFICIENCY PARAMETERS

We look at our Gross Margin with reference to our Space,

Inventory and Labour to monitor our efficiency with the help of 3 indicators i.e. Gross Margin on Inventory (GMROI), Gross Margin Return on Floor Space (GMROF) and Gross Margin Return on Labour (GMROL).

GMROI helps to optimize inventory levels, GMROF helps to maximize the cash margins and GMROL helps to increase labour productivity.

PARTNER SATISFACTION INDEX (PSI)

The performance of any company depends on the association and relationship it builds with various vendors/ partners over a period of time. Toevaluate this satisfaction and expectation, your company has appointed CSMM (Customer Satisfaction Measurement and Management), a part of IMRB (Indian Marketing and Research Bureau) to do an impartial evaluation of our relationship with various stakeholders. This helps your organization understand the expectations of various business partners, current strengths and concern areas thereby help set a clear roadmap for improvement and better performance.

Our PSI scores for the five years are as below

Year 2012 2013 2014 2015 2016
Scores 4.07 4.31 4.18 4.13 4.17

PARTNERSHIP FOR PROGRESS

Partnership for Progress (PFP) is a partner meet which your company conducts annually. During this event, your company gets and gives an opportunity to the top retail partners / brands to discuss and strengthen the association, apart from exploring various business possibilities with each other. The summit also becomes a platform for your company as well as its partners to share their experiences with each other. Your Company also invites well known international and national speakers to share best practices in Retail, Brand, Customer, Logistics, etc.

Your company also recognizes the performance of top partners who are awarded the "SHOPPERS STOP PINNACLE AWARDS" during this summit.

This summit is attended by over 100 partners.

HUMAN RESOURCES:

Vision & Values:

After the successful launch of our redefined

Vision and Values across 7 key stores last year, we completed the roll out across all other stores too. This re-affirmed the belief of associates in the

Values and Vision of the organization.

SIP:

To inculcate "Thought Leadership" and to continue marching ahead despite all the limitations, its very important that employees continue seeking motivation & inspiration. With this intent, L&D initiated Leadership Talk series under the brand name of "SIP (Systematic Investment in People) ". Sessions were conducted with eminent speakers like Dr. Devdutt Pattnaik & Paralympic Medal Winner Ms. Deepa Malik. More than 366 employees attended these sessions. Apart from this, session on Financial Wellness was conducted by Certified

Financial Planner, Lokesh Nathany and Lifestyle Wellness session was conducted by Award winner celebrity fitness expert, Leena mogre. These sessions focused on the overall development of employees.

Campus Guru

We continue to provide platforms to identify fresh talent & new ideas. Marking a wonderful bridge betweentheyoungtalentinIndiasTopManagement Campuses and the organization, Campus Guru 2.0 was conducted with overwhelming response. More than 750 Teams from Top MBA institutes with an average team size of 3 participants, took part in this initiative. 10 Management Institutes were identified to present their ideas of which the top three Institutes were rewarded. The projects & solutions would be initiated in June 17.

IGDS

We continue to inculcate and give our employees, exposure to Best International Retail Practices. Through organizations of Global repute, like IGDS and WGSN, we continue to invest our employees. This year 25 associates consisting of Functional Heads & Unit Heads participated in the Strategic Retail Management (SRM) program conducted in Mumbai.

Also we very proudly hosted a week long IGDS Young High Potential (YHP) program where retail organizations across 13 countries participated and exchanged best practices of their countries. They were also given exposure to the India Retail practices through classroom training and Market visits. 3 employees also participated in this week long Residential program.

More than 120 employees from B & M function have undergone training on Global best Practices in Fashion through WGSN.

Personal Safety & Defense

With an intent of holistic development and engagement, a Personal Safety & Urban Defense program was conducted across regions A total of more than 200 participants attended this initiative.

Baby Kangaroo :

The award Winning Baby Kangaroo Program continues to provide development and growth opportunity to the front end associates and helps them evolve as thorough Department Managers. This year 23 Customer Care Associates went through the 32 days of the exhaustive and effective M.A.S.T. (Managerial and Supervisory Training) program and embarked on their journey of the Department Manager. Learnings were also imparted by a pool of internal and external speakers and trainers.

Training hours:

Training hours 15-16 Training hours 16-17
23050 25386

The Associate Satisfaction Index (ASI) is conducted through an online survey yearly to understand the level of satisfaction associates have towards their work, job satisfaction, loyalty index, help us understand the strength and weakness of the organisation to take immediate corrective measures.

Year 2012 2013 2014 2015 2016
Overall Loyalty index 4.12 4.13 4.21 4.24 4.40

MARKETING

This year, Shoppers Stop embarked on a digital-first strategy to promote its private brands through an array of exclusive video content featuring the must-have styles and trends of the season. We also partnered with a host of Indias leading fashion bloggers to generate brand content to increase visibility and recommendations for our private brands.

Shoppers Stop continued to craft category-specific promotions such as Fashion Fresh for casual wear, Glam Fest for ladies, and Suits & Jackets Fest, to name a few. Regional promotions such as Poila Baisakh and Pujor Bazaar with localized content and celebrity endorsements helped build brand connect in various markets.

Renowned for being on the forefront of the digital wave, Shoppers Stop upped the ante on customer engagement through innovative Social and Digital Media initiatives. Some of these include Facebook live-streaming of various in-store events, boomerang videos/insta stories on Instagram to engage with consumers, etc. We debuted on Snapchat to garner the attention of the youth and millennials. Shoppers Stop continues to retain its position as the top big box retailer on social media.

LOYALTY PROGRAMMES

Your Company runs the famed ‘First Citizen Loyalty Programme. The First Citizens programme now has a base of over 4.7 million customers. During the current year, the First Citizens contributed 75% of the Companys annual sales. The First Citizen programme has 3 tiers - Classic Moments (entry level), Silver Edge and Golden Glow. Members fall into the various tiers on the basis of their spends with us.

First Citizens also earn differential rewards basis their current tier of membership. First Citizens receive:

• Reward points on their spends. These reward points can be redeemed for a wide variety of merchandise at your Companys stores and online store www. shoppersstop.com and mobile app.

• Members can earn and redeem points via their mobile phones

Exclusive schemes, benefits and promotions.

• Extended and exclusive shopping hours - especially during the festive season. Special previews before the sale periods.

• Invitations to exclusive events - both in-store as well as those organised outside the stores.

• Home delivery of altered merchandise for select tiers.

• Exclusive First Citizen lounge at select stores.

This year, Your Company unified its loyalty programs across its business formats i.e. Shoppers Stop, HyperCITY and Crossword to offer a Group Loyalty Service. The initiative gives an opportunity to loyalty program members of each format to earn and redeem points at every format with a single card, irrespective of whether the member is a registered member of that particular program or not.

This move is aimed at providing a more holistic and convenient shopping experience for our customers across formats.

Co-branded Credit/Debit card Programme with Citibank

Your Company in association with Citibank continues to offer its First Citizens an option to add on a credit card to their existing loyalty cards. This enables First Citizens to add on a credit line to their purchases. They also have the added advantage of being able to choose from amongst various attractive financing options, cash back schemes, EMI schemes, etc., for buying at your Companys stores.

RISK MANAGEMENT AND INTERNAL CONTROL

Effectivegovernanceconsistsofcompetentmanagement; implementation of standard policies and processes; maintenance of an appropriate audit program with internal control environment; effective risk monitoring and management information systems (MIS).

The Company has an integrated approach for management of risk and has formulated the framework for regulatory and risk management, standardizing the definition of internal controls.

It also provides a framework for risk management and regulatory compliance, which requires risk assessments and related policies, a control-based environment and activities, information and communication procedures, and a monitoring mechanism for the control environment.

The Company has laid down a sound system of Internal

Controls for financial reporting of various transactions, efficiency of operations and compliance with relevant laws and regulations commensurate with its size and nature of business. The Company has a well-defined system of management reporting and periodic review of businesses to ensure timely decision-making.

These internal control procedures ensure the following:

Efficient use and protection of resources.

• Compliance with policies, procedures and statutes.

Accuracy and promptness of financial reports.

The MIS forms an integral part of the Companys control mechanism. All operating parameters are monitored and controlled, with material deviations from the annual planning and budgeting and business outlook including capital expenditure reported to the Board on quarterly basis.

In line with the needs of Companies Act 2013 the Company has documented & tested all the key internal controls related to both Financial Reporting and Operational Controls;

Reports of internal auditors are reviewed by the Audit Committee, and corrective measures are carried out towards further improvement in systems and procedures and compliance with Internal Control System. The board also recognizes the work of the auditors as an independent check on the information received from the management on the operations and performance of the company

TECHNOLOGY INITIATIVES:

In the year 2016-17, your Company has continued to invest in retail front end as well as back end enablement and has taken significant initiatives in the technology adoption in line with the identified technology roadmap towardsbecomingtrulyomni-channelretailorganization.

These endeavors are helping to improve the efficiencies of existing applications and infrastructure and at the same time building newer capabilities. Some of the key initiatives that your Company took during the year are:

In-store Customer Engagement Initiatives and Improved Experience

In order to further improve the in-store checkout experience for the customers and reduce the wait time for checkout, your Company has commenced introducing mobile based check out system. In an effort to provide improved engagement for customer, your Company has introduced electronic feedback system at stores, thus bringing an alternative to paper based feedbacks. To improve engagement and experience in-store Wi-Fi based internet access for customers has been implemented.

Efficient Supply Chain & Smarter Fulfilment

Model

Continuing the endeavor to further improve the Supply

Chain efficiency and create cross channel fulfilment capability, your Company has invested to implement a new age Enterprise Warehouse Management Solution. The newer solutions besides managing the growing scale and complexity, shall enable smarter fulfilment options for customer across channels.

New Mobile Shopping App for improved 24x7 shopping experience

This year we have extended the online experience onto a full featured Mobile Shopping App in order to enhance the 24x7 shopping experience. This initiative has helped in improving experience of shoppersstop. com by providing customers the options to access via desktop, tablet, smartphones and apps. We continue to endeavor for introducing other features of cross channel integration and fulfilment options to create a personalized and pleasurable shopping experience for customers.

HRMS Solution for Associate Enablement

Human resource being a critical element in maintaining a customer centric organization culture, the Company has completed implementing a new HRMS solution with improved features for employee self-service and mobile enabled functionalities towards maintaining an efficient workforce.

Information Security & Compliance Initiative

Besides advancements in business systems your Company has focused on establishing information security best practices and compliance to latest standards of information security, such as PCI/DSS.

CORPORATE GOVERNANCE

Your Company has taken steps to ensure that the Corporate Governance guidelines are adopted and fully complied with. The detailed Corporate Governance Report is attached with this report.