TOPIC : BRITANNIA COMPANY

Submitted To :- Submitted By :-

Simple Behal Ravi kant

Roll No. RTb805b14

Reg.No. 10808662

MCA-IInd

LOVELY INSTITUTE OF MANAGEMENT

COMPANY OVERVIEW :-
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
Indianness 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 pre-eminent 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 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.

MILESTONES :-
 1892 The Genesis - Britannia established with an
investment of Rs. 295 in Kolkata
 
 1910 Advent of electricity sees operations mechanised
 
  1921 Imported machinery introduced; Britannia becomes
the first company East of the Suez to use gas ovens
 
 1939 -Sales rise exponentially to Rs.16,27,202 in 1939
44
During 1944 sales ramp up by more than eight times
to reach Rs.1.36 crore
 
 1975 Britannia Biscuit Company takes over biscuit
distribution from Parry's
 1978 Public issue - Indian shareholding crosses 60%
 
 1979 Re-christened Britannia Industries Ltd. (BIL)
 
 1983 Sales cross Rs.100 crore
 
 1989 The Executive Office relocated to Bangalore
 
 1992 BIL celebrates its Platinum Jubilee
 
 1993 Wadia Group acquires stake in ABIL, UK and
becomes an equal partner with Groupe Danone in
BIL
 
 1994 Volumes cross 1,00,000 tons of biscuits
 
 1997 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
 1999 "Britannia Khao World Cup Jao" - a major success!
Profit up by 37%
 
 2000 Forbes Global Ranking - Britannia among Top 300
small companies
 
 2001 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
 2002 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
Pure Magic -Winner of the Worldstar, Asiastar and
Indiastar award for packaging
 2003 'Treat Duet'- most successful launch of the year
Britannia Khao World Cup Jao rocks the consumer
lives yet again
 2004 Britannia accorded the status of being a 'Superbrand'
Volumes cross 3,00,000 tons of biscuits
Good Day adds a new variant - Choconut - in its
range

 2005 Re-birth of Tiger - 'Swasth Khao, Tiger Ban Jao'

becomes the popular chant!
Britannia launched 'Greetings' range of premium
assorted gift packs
The new plant in Uttaranchal, commissioned ahead
of schedule.
The launch of yet another exciting snacking option -
Britannia 50-50 Pepper Chakkar
  2007 Britannia industries formed a joint venture with the
Khimji Ramdas Group and acquired a 70 percent
beneficial state in the Dubai-based Strategic Foods
International Co. LLC and 65.4% in the Oman-based
Al Sallan Food Industries Co. SAOG.
 2008 Britannia launched Iron fortified 'Tiger Banana'
biscuits, 'Good Day Classic Cookies', Low Fat Dahi
and renovated 'MarieGold'.

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 needs-needs
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.

BONUS & DIVIDEND HISTORY :-

Britannia has an excellent track record of rewarding its
shareholders. The company has an uninterrupted record of
distributing dividends for several decades. The dividends
declared over the last 10 years are as under:
Year Dividend Percentage

1996 40.00
1997 40.00
1998 50.00
1999 55.00
 2000 45.00
2001 55.00
2002 75.00
2003 100.00
2004 110.00
2005 140.00
2006 150.00
2007 150.00
2008 180.00

Bonus History

Year Bonus Particulars

1961 1 equity share for every 2 shares held

1966 4 equity shares for every 10 shares held
1968 2 equity shares for every 3 shares held
1971 2 equity shares for every 3 shares held
1976 7 equity shares for every 10 shares held
1984 2 equity shares for every 5 shares held
1987 2 equity shares for every 5 shares held
 1990 1 equity share for every 2 shares held
2000 1 equity share for every 2 shares held

SHAREHOLDING PATTERN ;-
31st March 2009
31st December 2008
30th September 2008
30th June 2008
31st March 2008
31st December 2007
30th September 2007
30th June 2007
31st March 2007
31st December 2006
30th September 2006
30th June 2006
31st March 2006
31st December
2005
FINANCIAL PERFORMANCE:-

For the year ended 31st March 2008, the Company achieved a
sales growth of 17.5% on an expanded base arising from 27.5%
growth in the previous year. Net Profit of the Company
increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076 Mn in
2006-07. Operating Margin increased by 307 basis points to
7.5%.

The Company witnessed all round growth in key categories with

Biscuits recording sales of Rs. 23,299 Mn. Bread, Cake and Rusk
business crossed the Rs. 2,700 Mn mark during 2007-08. This
business has doubled in two years.
In an intensely competitive biscuit environment, all ³Power
Brands² of the Company recorded double digit growth, with
Tiger and Good Day growing in excess of 20%. The Company¹s
innovation forays have successfully addressed new benefit
clusters and NutriChoice Digestive has claimed its position in
the health and vitality space. The Company continues to
maintain its leadership edge in 6 out of 7 key product
segments, the only exception being Glucose.

The business continued to face inflationary pressure in key raw

materials such as wheat flour, refined palm oil, skimmed milk
powder and other dairy products, as well as energy costs. These
were more than offset on the cost side through operational and
procurement efficiencies, productivity improvements, cost
reduction programs and on the revenue side through improved
product mix and higher realisation, aided by strong consumer
off take.
Exceptional items for the year include Rs 130.5 Mn towards
amortisation of VRS costs. Earnings per Share are Rs. 80
compared with Rs.45.1 last year.

SIGNIFICANT RATIOS
2007- 2006-
   
08 07
  Measures of
Investment
  Return on equity Profit after tax % 26.1 18.3
Shareholders’ funds
 
 
  Book value per
Shareholders' funds Rs. 306.6 246.6
share
Number of equity
shares
 
 
  Dividend cover Earnings per share times3.8 2.6
Dividend (plus tax) per
share
 
 
  Measures of
Performance
 
 
Profit before tax &
  Profit margin % 9.2 5.7
exceptional item
Net Sales + Other
Income
 
 
  Debtors turnover Gross Sales times56.5 81.0
Debtors + Bills
receivable
 
 
  Stock turnover Gross Sales times8.7 10.8
Stock
 
 
  Measures of
Financial Status
 
 
  Debt ratio Borrowed capital % 14.5 0.8
Shareholders’ funds
 
 
  Current ratio Current assets times1.6 1.2
 Current liabilities
 
 
  Tax ratio Tax provision % 17.8 9.1
Profit before tax
 
       
 

TEN YEAR FINANCIAL STATISTICS : 1999 - 2008

Rs.
                   
million

 As at / Year
ended 31st 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008
March
 Assets
employed
 Fixed assets 1,353 1,306 1,588 1,632 1,481 1,283 1,338 1,516 2,144 2,507

less
Depreciation
&
Amortisation
 Investments 1,293 1,470 2,156 3,104 2,969 2,913 3,301 3,599 3,200 3,808

 Net current
18 65 257 592 747 43 (485) 309 596 2,072
assets
 Miscellaneous
- 122 163 217 260 463 342 161 256 232
expenditure
2,664 2,963 4,164 5,545 5,457 4,702 4,496 5,585 6,196 8,619

 Financed by
 Equity shares 186 279 279 269 259 251 239 239 239 239

 Reserves &
1,308 1,586 2,123 3,430 3,653 4,059 4,196 5,252 5,909 7,319
Surplus
 Loan funds 1,170 1,098 1,762 1,846 1,545 392 61 94 48 1,061

2,664 2,963 4,164 5,545 5,457 4,702 4,496 5,585 6,196 8,619

 Profits and
appropriations
 Sales 10,30111,69813,32514,51013,49114,70516,15418,17923,17126,177

 Profit before
Depreciation,
735 962 1,369 1,630 1,722 2,251 2,645 2,218 1514 2,723
Amortisation
 and Tax
 Depreciation 159 172 189 240 261 224 190 217 253 291
and
Amortisation
 Profit before
tax and
576 790 1,180 1,390 1,461 2,027 2,455 2,001 1,261 2,432
Exceptional
items
 Exceptional
- (19) (41) 1,201 12 (183) (252) 6 (77) (109)
items
 Profit before
576 771 1,139 2,591 1,473 1,844 2,203 2,007 1,184 2,323
tax *
 Taxation 180 261 434 559 482 656 715 543 108 413

 Profit after
396 510 705 2,032 991 1,188 1,488 1,464 1,076 1,910
tax
 Dividends 102 125 153 201 251 272 334 358 358 430

 Tax on
11 14 16 - 32 35 47 50 61 73
dividend
 Debenture
Redemption - - 47 14 18 - - - - -
Reserve
 Retained
283 371 489 1,564 692 910 1,117 1,056 657 1,407
earnings

   * Includes impact on account of transfer of dairy business of Rs.

1257 Mn in 2002.

Financial highlights
2008 2007

In $ In $

Turnover 3,692,683 2,466,679

Operating profit 1,085,194 451,094
Profit before taxation 746,792 308,979
Earnings per share 2.8p 1.6p
Shareholders’ funds £1.84m £0.86m
Portfolio £11.1m £5.3m

 Turnover increased by 49.7%

 Portfolio increased by 109.4%
 Profit before taxation increased by 141.7%

Five year financial summary

Portfolio, 2008 2007 2006 2005 2004
turnover,
profits and
dividends
Portfolio 11,100,000 5,300,000 2,200,000 709,000 182,000
Turnover 3,692,683 2,466,679 1,664,531 1,248,304 687,920
Profit 746,792 308,979 179,063 107,502 67,631
before
taxation

Taxation
(230,325) (85,639) (39,495) (21,492) (13,077)
Profit after 516,467 223,340 139,568 86,010 54,554
taxation

Dividends
– – (49,924) (25,500) (20,500)
Retained in 516,467 223,340 89,644 60,510 34,054
the
business
Earnings 2.8p 1.6p N/a N/a N/a
per share

Assets
employed

Tangible
fixed 124,356 115,533 59,198 49,364 31,894
assets

Stocks and
8,843,687 4,372,669 1,486,713 662,728 196,430
debtors

Creditors
and (441,625) (199,437) (175,132) (178,500) (116,091)
provisions
Total 8,526,41 4,288,765 1,370,779 533,592 112,233
8
Funds
employed

Share
1,841,767 857,903 210,610 120,966 60,456
capital and
reserves 6,684,651 3,430,862 1,160,169 412,626 51,777

Net debt

Total 8,526,418 4,288,765 1,370,779 533,592 112,233

Profit and Loss Account

TURNOVER

Continuing operations 3,548,196 2,331,040

Discontinued 144,487 135,639
operations
Cost of sales 3,692,683 2,466,679
GROSS PROFIT 2,682,187 1,671,314

Administrative (1,631,874) (1,220,220)

expenses
Other operating 34,881 –
income
OPERATING PROFIT 1,085,194 451,094
Continuing operations 931,832 479,655
 153,362
Discontinued (28,561)
operations
Interest receivable and 103 359
similar income

Interest payable and

similar charges
(338,505) (142,474)
PROFIT ON ORDINARY 746,792 308,979
ACTIVITIES BEFORE
TAXATION

Taxation on profit on
ordinary activities (230,325) (85,639)

RETAINED PROFIT FOR 516,467 223,340

THE FINANCIAL YEAR
Basic Earnings per 2.8p 1.6p
Share
2.2p 1.5p
Diluted Earnings per
Share

Group Balance Sheet

Description 2008 2007

In $ In $
FIXED ASSETS

Tangible assets 124,356 115,533

CURRENT ASSETS

Stocks – 4,187

Debtors: amounts falling

due within one year
2,932,879 1,677,598
Debtors: amounts falling
due after more than one
year 5,910,808 2,690,884

Cash at bank and in 303,827 22,373

hand
Total 9,147,514 4,395,042
CREDITORS – amounts
falling due within one
year
(6,101,022) (1,781,012)
Short term borrowings
(427,625) (195,851)
Trade and other
creditors
Total (6,528,647) (1,976,863)
NET CURRENT ASSETS 2,618,867 2,418,179
TOTAL ASSETS LESS
CURRENT LIABILITIES
2,743,223 2,533,712
CREDITORS – amounts
falling due after more
than one year

Loan capital and

(583,706) (1,672,223)
borrowings

Convertible unsecured
loan notes 2011 (303,750) –

PROVISIONS FOR
LIABILITIES AND
CHARGES
(14,000) (3,586)
Deferred tax
NET ASSETS 1,841,767 857,903
CAPITAL AND RESERVES

Called up share capital 191,890 167,000

Share premium 816,460 373,953

Merger reserve (116,900) (116,900)

Profit and loss account 950,317 433,850

SHAREHOLDERS’ FUNDS 1,841,767 857,903

Parent Company Balance Sheet

Description 2008 2007

 In $
In $
FIXED ASSETS

Investments 1,224,290 528,180

CURRENT ASSETS

Debtors: amounts falling

due within one year
12,421 –
Debtors: amounts falling
due after more than one
year 10,312 –

22,733 –
CREDITORS

Amounts falling due

within one year
(3,950) (100)
NET CURRENT ASSETS
(LIABILITIES)
18,783 (100)
TOTAL ASSETS LESS
CURRENT LIABILITIES
1,243,073 528,080
CREDITORS – amounts
falling due after more
than one year

Convertible unsecured
loan notes 2011
 (303,750) –
TOTAL ASSETS LESS
CURRENT LIABILITIES
939,323 528,080
CAPITAL AND RESERVES

Called up share capital 191,890 167,000

Share premium 816,460 373,953

Profit and loss account (69,027) (12,873)

SHAREHOLDERS’ FUNDS 939,323 528,080

Group Cash Flow Statement

Description 2008 2007

In $ In $
Net cash outflow from
operating activities
(3,247,020) (2,427,408)
Returns on investments
and servicing of finance
(338,402) (142,115)
Taxation
(91,367) (36,762)
Capital expenditure
(44,397) (10,262)
Financing 2
 – Share issue 467,397 423,953

– Debt increase – loan 303,750 –

stock

– Debt financing –
(1,319,373) 1,935,970
(decrease) increase
Increase/(Decrease) in
cash in the year
(4,269,412) (256,624)
Reconciliation of net cash
flow to movement in net
debt

(4,269,412) (256,624)
Increase/(Decrease) in
cash in the year

Cash inflow from increase

in debt and lease 1,015,623 (1,935,970)
financing
Changes in net debt
resulting from cash flows
(3,253,789) (2,192,594)
New hire purchase
– (78,099)
agreements
Movement in net debt in
the year
(3,253,789) (2,270,693)
Net debt at 1 April (3,430,862) (1,160,169)
Net debt at 31 march (6,684,651) (3,430,862)

Notes to the Cash Flow Statement

Description 2008 2007

In $ In $
1 RECONCILIATION OF OPERATING
PROFIT TO NET CASH OUTFLOW

FROM OPERATING ACTIVITIES

Operating profit

1,085,194 451,094
Depreciation charges

34,974 27,550
Loss on disposal of fixed assets

600 4,476
Decrease/(increase) in stocks
 4,187 (4,187)

Increase in debtors

(4,475,205) (2,881,769)

Increase/(decrease) in creditors

103,230 (24,572)
Net cash outflow from operating
activities
(3,247,020) (2,427,408)
2 ANALYSIS OF CASH FLOWS FOR
HEADINGS NETTED

IN THE CASH FLOW STATEMENT

Returns on investments and servicing of

103 359
finance

Interest received
(335,466) (139,726)

Interest paid
(3,039) (2,748)

Interest element of hire purchase

payments
Net cash outflow for returns on
investments and servicing of finance
(338,402) (142,115)
Capital expenditure and financial
investment (47,397) (14,262)

Purchase of tangible fixed assets

3,000 4,000

Sale of tangible fixed assets

Net cash outflow for capital (44,397) (10,262)
expenditure
Financing

New loans in year – 2,895,509

Loan repayments in year (1,300,427) (931,126)

Capital repayments in year (18,946) (28,413)

Convertible unsecured loan notes 2011 303,750 –

Increase in net debt financing (1,015,623) 1,935,970

Share issue 24,890 50,000

Share premium 442,507 373,953

Net cash (outflow)/inflow from (548,226) 2,359,923
financing

Notes to the Cash Flow Statement (continued):-

3 ANALYSIS OF CHANGES IN NET DEBT3
ANALYSIS OF CHANGES IN NET DEBT
Net cash:

Cash at bank and in hand

Bank overdrafts 22,373 281,454 –

(325,792) (4,550,866) –
(303,419) (4,269,412) –
Debt:

Hire purchase (61,678) 18,946 –

Convertible unsecured loan notes 2011 – (303,750) –

Debts falling due within one year (1,436,276) 229,594 –

Debts falling due after one year (1,629,489) 1,070,833 –

(3,127,443) 1,015,623 –
Total (3,430,862) (3,253,789) –

Notes to the Accounts

Description 2008 2007

 In $
In $
1 OPERATING PROFIT

The operating profit is stated

after charging (crediting):

Depreciation
17,277 11,241
– owned assets
17,697 16,309
– assets on hire purchase
600 4,476
contracts
52,694 41,362
Loss on disposal of fixed
assets 177,520 185,175

Operating leases – property

and vehicles 8,850 7,763
Directors emoluments 7,285 –
Auditors remuneration – (91,400)
Audit

Other services

Exceptional item –
commission clawback
2 DIRECTORS AND
EMPLOYEES

Staff costs
Wages and salaries 735,851 615,566

Social security costs 83,083 62,180

Other pension costs 8,493 8,637

827,427 686,383
The average number of Number Number
employees during the year
32 34
was:

Sales and administration

Staff costs include the
following remuneration in
respect of directors:
173,920 181,575
Aggregate emoluments
3,600 3,600
Pension contributions
177,520 185,175
The number of directors to
whom retirement benefits
Number Number
were accruing was as
follows: 1 1

Money purchase schemes

3 COST OF SALES AND Continuing Continuing
EXPENSES Discontinued Discontinued
Cost of sales 994,580 694,282
15,916 101,083
Administrative expenses 1,621,784 1,157,103
10,090 63,117
Other operating income
– – –
(34,881)
4 INTEREST PAYABLE AND
SIMILAR CHARGES

Bank interest
22,082 3,183
Bank loan interest
313,384 136,543
Hire purchase loans
3,039 2,748
338,505 142,474
5 TAXATION

The tax charge comprises:

Current tax:

U K corporation tax at 30% 213,330 84,786

Adjustments in respect of 6,581 (523)

prior years
Total current tax 219,911 84,263

Deferred tax:

Origination and reversal of

timing differences
10,414 1,376
230,325 85,639
The difference between the total current tax charge and the amount
calculated at the standard rate of corporation tax in

the UK of 30% is explained below:

Profit on ordinary activities before tax 746,792

308,979

Current tax on profit on ordinary

activities of standard rate of
224,038 92,694
corporation tax
(7,353) 3,343
Accelerated capital allowances
(12,396) (11,776)
Marginal relief
9,041 7,033
Expenses not allowable for tax
purposes – (6,508)

Other adjustments 6,581 (523)

Adjustment in respect of prior

years
Current tax charge for the year 219,911 84,263

Fixtures Motor Computer Total

and vehicles equipment
fittings
8 TANGIBLE FIXED
ASSETS
Group
COST:
At 1 May 2007
13,150 111,676 42,301 167,127
Additions
4,456 – 42,941 47,397
Disposals
– (6,400) – (6,400)
At 30 April 2007 17,606 105,276 85,242 208,124
DEPRECIATION:
At 1 May 2007
3,203 31,471 16,920 51,594
Charge for the year
2,160 19,153 13,661 34,974
Disposals
– (2,800) – (2,800)
At 30 April 2007 5,363 47,824 30,581 83,768
NET BOOK VALUE:
At 30 April 2007
12,243 57,452 54,661 124,356
At 1 May 2007 9,947 80,205 25,381 115,533

Fixed assets disclosed above

include assets held under
hire purchase contracts as follows:
Net book value

53,085 70,783
Depreciation charged in the year 17,697 16,309

9 Shares in Loans to Totals

INVESTMENTS Group Group
Company Undertakings Undertakings
At 30 April 2007 117,100 1,107,190 1,224,290

10 DEBTORS
Amounts falling due
within one year:
Trade debtors

Group undertakings 112,541 372,839

Loans advanced – –
Taxation recoverable 2,481,124 1,096,594
Other debtors – –
Prepayments and – 50
accrued income
339,214 208,115
Total 2,932,879 1,677,598
Amounts falling due
after more than one
year:
Insurance 405,019 152,240

Loans advanced 5,184,125 2,538,644

Prepayments and
accrued income
321,664 –
Total 5,910,808 2,690,884
11 LOAN CAPITAL
AND OTHER
BORROWINGS
Secured borrowings:
Bank loans
1,765,338 3,065,765
Bank overdrafts
4,876,658 325,792
Hire purchase contracts
42,732 61,678
Total 6,684,728 3,453,235
Hire purchase contracts
comprise:
Gross obligations

Finance charges 49,470 71,442

(6,738) (9,764)
Total 42,732 61,678
Finance charges fall
due:
Within one year 2,822 3,039

After more than one 3,916 6,725

year

GLOBLE 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".

Financial results:

Net sales in 2004: 13,024 million Euros (+6.1% at comparable scope)

Operational Income: 1,706 million Euros

Operating Margin: 13.1% (+40 base points in relation to 2008).

OVERVIEW :-
For the year ended 31st March 2008, the Company achieved a sales growth of
17.5% on an expanded base arising from 27.5% growth in the previous year. Net
Profit of the Company increased 77.5 % to Rs 1,910 Mn compared with Rs 1,076
Mn in 2006-07. Operating Margin increased by 307 basis points to 7.5%.

The Company witnessed all round growth in key categories with Biscuits recording
sales of Rs. 23,299 Mn. Bread, Cake and Rusk business crossed the Rs. 2,700 Mn
mark during 2007-08. This business has doubled in two years.

In an intensely competitive biscuit environment, all ³Power Brands² of the

Company recorded double digit growth, with Tiger and Good Day growing in
excess of 20%. The Company¹s innovation forays have successfully addressed new
benefit clusters and NutriChoice Digestive has claimed its position in the health
and vitality space. The Company continues to maintain its leadership edge in 6 out
of 7 key product segments, the only exception being Glucose.

The Company introduced several new and renovated offerings in Tiger, Good Day,
Treat and MarieGold. The health and nutrition platform was buttressed by Tiger
Banana with ³iron-zor², fortified Milk Bikis, renovated MarieGold and Nutrichoice
Digestive. To tap the more indulgent consumers, your Company launched Good
Day Classic Cookies, while continuing to roll out individual consumption packs at
the highly affordable Rs. 5 price point.

The Bread, Cake and Rusk portfolio was strengthened with the successful
relaunch of Breads, fortified with vitamins and minerals, positioning them firmly
as the healthy start to your day. This innovation combined with relevant
consumer activation in key markets has seen a 30%+ growth in the Bread, Cake
and Rusk business.

As a Corporate, Britannia worked for the benefit of all stakeholders -

shareholders, consumers, dealers , suppliers, bankers and employees. It has
established an excellent track record in terms of its financial performance and
dividends distributed to its shareholders. This has been adequately demonstrated
with the Company's topline growing from Rs 10,301 Mn in 1999 to Rs 26,176 Mn
in 2008, a growth of 154% over the last 10 years. The net profit grew even more
significantly at 382% from Rs 396 Mn in 1998-99 to Rs 1,910 Mn in 2007-08, giving
a CAGR of 19.1%. As at 31st March 2008, the issued and paid up capital of
Britannia amounts to 23, 890,163 equity shares having a nominal value of Rs 10
each. The shareholder base is about 25,300 in number.

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 biscuits, wafers and cookies segment in the GCC markets and export
their products across the world.

Strategic Food International Co. LLC (SFIC) is one of the largest biscuit and wafer
manufacturing companies in the Middle East. An ISO and HACCP certified
company, SFIC is also a proud winner of the Dubai Quality Appreciation
Certificate. It offers a wide spectrum of products under the brand Nutro, which is
a leading biscuit brand in the Middle East.

Al Sallan Food Industries Co is one of the foremost companies for the production
of cookies, rolls and chocolates. The products are well known under the brand
name of Baker's Pride.

Investor Service Centres:-

Investors can get in touch with the any of the following investor service centres
for assistance.

Investors can also write to the Company on the exclusive e-mail id

INVESTORRELATIONS@BRITINDIA.COM

for easy and quick redressal of their grievances.

Britannia Industries Limited

Registered Office:
5/1A, Hungerford Street
Kolkata - 700 017
West Bengal.
Tel No. (033) 2287 2439/ 2287 2057
Fax No. (033) 2287 2501
Contact Person: Mr. B K Guha/ Ms. Pousali Sinha
Email: bguha@britindia.com, pousali@britindia.com

Britannia Industries Limited

Executive Office:
Britannia Gardens
Airport Road, Vimanapura
Bangalore - 560 017.
Tel No. (080)66928000/8232
Fax No. (080)25263265/25266063
Contact Person: Mr. V Madan/ Mr. Shivayogi Parameshwar
Email: madanv@britindia.com, sparameshwar@britindia.com

Registrar and Transfer Agents:

M/s. Sharepro Services (India) Pvt. Ltd.
Unit:
Britannia Industries Limited
Above Bank of Baroda
Satam Estate, 3rd Floor
Cardinal Gracious Road, Chakala
Andheri (E), Mumbai - 400 099.
Tel No. (022)-2821 5168/ 2832 9828/ 67720300/ 67720351
Fax No. (022)-2837 5646
Contact Person: Ms. Indira P. Karkera
Email: indira@shareproservices.com, sharepro@vsnl.com,
sharepro@shareproservices.com

Board of Directors  :-
 Designation
Name
Mr. Nusli Neville Wadia Chairman
Ms. Vinita Bali Managing Director
Mr. Keki Dadiseth Director
Mr. Avijit Deb Director
Mr. A.K.Hirjee Director
Mr. Nimesh N Kampani Director
Mr. S.S.Kelkar Director
Mr. Pratap Khanna Director
Mr. Jeh N Wadia Director
Management Team:-

GAUTAM BANERJEE - General Manager - Materials

ASHOK KUMAR GUPTA - General Manager - Accounts & Planning
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
R. ANAND - Business Operations Director
JEHANGIR TANKARIWALA - General Manager - Human Resources
VINOD MENON - Head of BNZF
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

References:-
1. Official website of Britannia Co.
“http://www.britannia.co.in

2. Google search engine –

www.google .com