Research Project

MUKESH PATEL SCHOOL OF TECHNOLOGY
MANAGEMENT AND ENGINEERING

SVKM’S NMIMS
A STUDY ON STAKEHOLDER PERCEPTION ON

CORPORATE DISCLOSURE AND ORGANIZATIONAL
EFFICIENCY IN FMCG SECTOR
A Research Project submitted in partial fulfillment of the

requirements for the degree of MBA (Tech)
By
Neerja Gandhi (L008)
Krishnadevi Shetty (L025)
Shantanu Sohoni (L027)
Under Supervision of
Prof. Dasika Chaitanya
2017
Organizational Efficiency and Corporate Disclosure Page 1

Declaration
We hereby declare that the research project titled, “A STUDY ON STAKEHOLDER

PERCEPTION ON CORPORATE DISCLOSURE AND ORGANIZATIONAL EFFICIENCY
IN FMCG SECTOR“, submitted by us is based on original work carried out by us. We certify
that it has not been submitted anywhere else. We further declare that Mukesh Patel School of
Technology Management and Engineering-NMIMS (deemed-to-be-university) will have the
copyright on the project report submitted by us to the college (MPSTME).
Thanking You
Neerja Gandhi
Krishnadevi Shetty
Shantanu Sohoni

ACKNOWLEDGEMENTS
“It is not possible to prepare a project report without the assistance & encouragement of other
people. This one is certainly no exception.”
On the very outset of this report, we would like to extend our sincere & heartfelt obligation
towards all the personages who have helped us in this endeavor. Without their active guidance,
help, cooperation & encouragement, we would not have made headway in the project.
We are grateful to our institute, Mukesh Patel School of Technology Management and
Engineering and the SVKM’s NMIMS University for making the Research Project an integral
part of the MBA Tech. course. The program acts as an interface between the students and
research, as a separate discipline in itself.
It was only because of constant assistance and guidance of Prof. Dasika Chaitanya Ma’am that
we were able to complete our research project.
We would thank our faculty mentor, Dasika Ma’am for constantly guiding us through our project
and always being available, sparing time from her busy schedule as well as evaluating our
project and helping me understand the finer nuances.
Any omission in this brief acknowledgement does not mean lack of gratitude.
Thanking You
Neerja Gandhi
Krishnadevi Shetty
Shantanu Sohoni

Table of Contents :
Sr Particulars Pg.
no. no
1 Abstract 5
2 Introduction 6
3 Review of Related Literature 7
4 Research Methodology 10
5 Analysis and Results 14
6 Summary and Conclusion 36
8 Reference 37
9 Appendix 39

ABSTRACT
During the course of this research, we analyzed that, for the various Stakeholders (Shareholders,
Employees, and Customers etc.) of an FMCG Company, the Corporate Disclosure requirements
are different depending on the stake they hold in the business. For Shareholders, it might be
profit margins; Employees will be interested in measures taken to ensure their benefits; while
Customers would want a company to disclose their level of compliance to product quality
standards. Hence even perception of efficiency, of a company (in terms of performance) changes
with Stakeholders. Furthermore, they all seem to regard the importance of quality disclosures,
rather than quantity.
Through this paper, we have tried to relate performance of 30 FMCG companies of India, with
respect to their levels of disclosures.
Keywords: Corporate Disclosure, FMCG, Stakeholder, Organisation Efficiency, Performance

Introduction :
A. Background of Study
Efficiency should include a series of dimensions of overall importance, whose structure should
be demanding in the sense that, it should have competence-related content. Companies which are
called “efficient” will only then be able to determine if they actually are presently and will
continue to be efficient in the future, and that such efficiency is measured with respect to
relevant competitors. Also, given the predominant role of private enterprise in modern society,
the concept of Social Welfare, which is the backbone of any society, is going to be strongly
attributed to Business Efficiency.
On these assumptions, the relevant question is: when can a company be said to be efficient?
Disclosure, either voluntary or mandatory, has the virtue to reduce information asymmetries and
of allowing effective control of managers, and (re-)establishing good governance within the
organisation. These information asymmetries cause conflicts between those who are commonly
called insiders (managers and majority shareholders) and, those who are termed as the outsiders
(minority shareholders, creditors, and other stakeholders).
B. Statement of problem/Research Problem :

A study on stakeholder perception on corporate disclosure and organizational efficiency in
FMCG sector.
C. Purpose/Objective :
1. Understand parameters of Corporate Disclosure
2. Understand parameters of Organizational efficiency
3. Stakeholder perception on Organizational efficiency
4. Indentifying the variables
5. Construct disclosure scorecard
6. Check and understand the impact of Disclosure Index on Organizational Efficiency

Review of Related Literature :
Researchers examining organizational performance have investigated numerous issues in an
attempt to measure firm performance. However, research has failed to examine the
multidimensional nature of the performance construct (Cool and Schendel, 1987; Ford and
Schellenberg, 1982).
Because of the inherent difficulty in classifying a firm’s performance level, researchers have
suggested measuring performance using a number of different criteria in order to capture a firm’s
true performance level (Katz and Kahn, 1978). Katz and Kahn (1978) suggest that the best-
performing organizations tend to be concerned with both efficiency and effectiveness. Ostroff
and Schmitt (1993) findings imply that organizations can excel in one of those dimensions, both
or neither. Because organizations measure their performance level using multiple criteria,
researchers also should attempt to capture a firm’s performance level from as many perspectives
as feasible to capture the multidimensional nature of this construct
In order to be efficient an organization must be:
 Conservational (attain a desirable Input/output ratio).
 Efficient (obtains what it plans to obtain).
 Successful (its results are accepted by its stakeholders).
 Incremental (its results are an improvement over the preceding period, i.e., the positive
factors grows and the negative factors decline).
 Lucrative (earns suitable financial profits).
 Tailored (it is at least as ecological in its basic ratio between “Outputs” and “Inputs” as
its relevant competitors, on average).
Organizational Efficiency :
The theoretical distinction between efficiency and effectiveness as aspects of performance has
operational implications (Kotabe, 1998). Efficiency refers to the internal functioning of an
organization and generally, has been considered to be best represented through some ratio of
inputs to outputs (Chamberlain, 1968). In most business firms, this ratio is approximated by the
profit margin (Lenz, 1978). In the systems framework of Katz and Kahn (1978), effectiveness is
represented by the firm’s ability to relate to its environment, particularly in regard to the
acquisition of scarce resources.

Organisational Efficiency from HRM Perspective :
Research on workforce diversity has identified a number of relative organizational factors that
influence the integration and subsequently influence the level of workforce diversity in an
organization.
 An organization’s total operating budget and funding affect its ability to achieve goals
and objectives
 Organizational size is another factor that is associated with workforce diversity.
 Organizational mission is important for diversity (Pitts,2006)
Taking into consideration organizational characteristics and efficiency, a correlation model can
be constructed consisting of testable propositions relating organizational size, complexity,
stratification, formalization, centralization, and two measures of efficiency.
Our attention is focused upon the relationships between size, structure and organizational
performance, specifically economic measures of efficiency.
Weber posed a sociological question dealing with the consequences of bureaucratic structure:
"Whether or not (the) structural principles in turn release specific economic effects, and if so,
what effects."
Some propositions of the basic model based on the size of the firm
1. Large size promotes structural differentiation.
2. The higher the centralization, the higher the formalization. The higher the formalization,
the higher the efficiency.
3. The higher the complexity, lower the centralization. The higher the centralization, the
higher the efficiency
4. The higher the complexity, the lower the formalization. The higher the complexity ,the
lower the efficiency
The remaining propositions of the basic model concern the relationship of stratification to other
variables within the organization.
5. The higher the stratification, the lower the complexity.
6. The higher the centralization, the higher the stratification. The higher the stratification, the
higher the formalization.
7. The higher the stratification, the higher the efficiency

Corporate Disclosure :
Bauwhede and Willekens (2008) investigated the impact of governance related variables on the
CG disclosure of different European firms. This study used a new variable of accruals along with
other governance variables. The result showed that the disclosure level increases with the
accruals while the same is decreases with the director’s ownership and CEO duality Ho and
Wong (2001) analyzed the impact of different governance related variables on the disclosure
level of Hong Kong firms. The variables relating to the firm characteristics are also included in
the study. Their results revealed that the board dominance and family ownership negatively
affect the CG disclosure while it is positively affected by audit committee and board
independence.
Collett and Hrasky (2005) attempted to analyze the CG disclosure determinants in the context of
Australian firms. The study primarily focused on the impact of firm characteristics (size,
leverage, ROA etc.) on the disclosure level.
Eng and Mark (2003) study revealed that block holders and government ownership cause to
increase the disclosure level. This result was not supported by previous studies. Furthermore the
firm size, market to book value ratio and ROA were found to be positively related with CG
disclosure.
Mallin and Ow-Yong (2012) focused on analyzing the CG disclosure determinants of the listed
firms of UK. The study reported a positive impact of board size and board independence on GC
disclosure while a negative impact of gearing and director’s ownership was reported.
Benefits of disclosure for shareholders
 Shareholder value creation
 Improvement in information held by third parties
 Investors’ behavior and increased share liquidity
 Change in managerial behavior: better governance and a fall in agency costs
Having more information being disclosed does not necessarily mean that the disclosure is of high
quality. Therefore, some studies investigated corporate social and environmental disclosure by
measuring the quality of disclosure (Cormier and Magnan, 1999; 2003; Cormier and Gordon,
2001; Liu and Anbumozhi, 2009).

The quality of disclosure is usually assessed by a content analysis disclosure index. Such a
disclosure index assigns ratings to the disclosure relating to each of the pre-defined items in a
checklist based on the presence or absence and the degree of elaboration of each individual item.
Wiseman (1982) proposed a one- to- three quality rating scale for different disclosure types (i.e.
general narrative; specific narrative in non-quantitative terms; and description in
monetary/quantitative terms) to evaluate disclosure quality and her index was subsequently
popularized by many researchers (Walden and Schwartz, 1997; Choi, 1999; Cormier and
Gordon, 2001).

Research Methodology :
The research methodology used in this study is described and the research propositions relating
to the objectives of the study are stated. Methods available for collecting data and the
characteristics of the sample group are also mentioned. In addition, the variables, questionnaire
design and techniques used to analyze data are stated.
A. Description of Research Design and Procedures Used
Research Design is the overall plan for conducting the research in order to find out the answers
for the research questions / hypotheses set in the beginning. It should be comprehensive and to
include all the relevant aspects for conducting the research at a reasonable cost and time. This
includes the sampling technique, the collection of data through various instruments, proper
statistical tools to do the data analysis and interpreting the same. This study is descriptive
research, wherein the primary data is sought through a questionnaire to answer the questions
based on the relevant hypothesis.
B. Sources of Data
The survey method was deployed in this study to gain insight and knowledge as how the
stakeholders’ perception at various levels namely expectation and satisfaction in various
software companies taken for study, the intricacies in terms of differences among companies
the way it was perceived by the stakeholders. The primary data of the study shall be collected
through a structured questionnaire. The relevant secondary data shall be collected through
journals, magazines, newspapers, research articles, published information and details from
websites.

C. Sampling Procedure
 A structured questionnaire shall be administered to collect the primary data.
 The Likert’s 5 point scale method was found suitable for the study, as it has a good
viability and most importantly it is easy for the respondents of varying educational level
to understand and respond. This is also the most widely used method among the
researchers and easy to construct.
 However, the researchers are aware of the limitations of the tool as it may not have
equal appearing intervals and requires validation of the data before analysis.
D. Methods and Instruments of Data Gathering
It is the theoretical basis and the practical means by which data are collected so that the
characteristics of a population can be inferred with known estimates of error. The following
subdivisions explain the sampling design:
o Selection of Sampling Area
o Sampling Technique
o Sample Size
Variables Studied
 The study contains the perception of the stakeholders on expectation towards corporate
disclosure practices. Some of the variables studied are, disclosure of income &
expenditure, actual profitability, actual risk, dividend declaration, investor relations,
grievance resolution, bonus shares declaration, cash dividend, property and paper
dividend, growth information, winding up status, financial transactions, corporate
communication of allotment, issue and transfer of shares, transparency of share
allotment, borrowing loan.
 The study also contains the perception of the stakeholders on satisfaction towards
corporate disclosure practices. Some of the satisfaction variables studied are, disclosure
of income & expenditure, actual profitability, actual risk, dividend declaration, investor
relations, grievance resolution, bonus shares declaration, cash dividend etc.

E. Methods of data Analysis
It is a class of research method which amalgamates the qualitative and quantitative traditions. It
is valuable in organizational research because it allows helps to recover and examine the
nuances of stakeholder perceptions, and societal trends and organizational behaviors. It is also
bridges the gap between purely quantitative and purely qualitative research methods. This type
of analysis helps researchers analyze perceptual and socio-cognitive constructs that are difficult
to study via traditional methods. At the same time, it allows us to gather large samples that may
be difficult to employ in purely qualitative studies.
We have analyzed 30 FMCG Companies of India and have reviewed their annual reports for the
year 2014-2015. Based on a scorecard consisting of Mandatory and Voluntary disclosures, we
have rated each company based on their levels of consolidated disclosures. Then we have
compared this score with their Return on Equity, to inference whether it affects performance of
the company.

Analysis and Results :
Qualitative Analysis:
The problems with disclosures are well known. As the volume of disclosures has grown,
regulators and financial statement users have repeatedly said that disclosure documents contain
too much boilerplate and are so repetitive that it is difficult for investors to find the most
important information. Meanwhile, some investors and other users have called for new
disclosures or improvements in existing ones.
Disclosures
(A) Basis of related party transactions
A statement in summary form of transactions with related people (parties) in the ordinary
course of business should be placed periodically before the audit committee.
(B) Disclosure of Accounting Treatment

If the company has adopted any Accounting Standard different from that of the normal /common
practice, the management, should justify the reasons for using the same and how it is more
representative of the ground reality in the Corporate Governance Report.
(C) Board Disclosures – Risk management

The company should lay down strict policies for risk assessment and minimization procedures.
A periodic review of the same is expected by Risk Committee to standardize the risk policies.
(D) Proceeds from public issues, rights issues, preferential issues etc.
When money is raised through an issue (public issues, rights issues, preferential issues etc.), it
should disclose to the Audit Committee, the uses / applications of funds by major category
(capital expenditure, sales and marketing, working capital, etc), on a quarterly basis as a part of
their quarterly declaration of financial results.
Further, on an annual basis, the company should prepare a statement of funds utilized for purposes

other than those stated in the offer document/prospectus/notice and place it before the audit
committee. Such disclosure should be made only till such time that the full money raised through
the issue has been fully spent.
This statement should be certified by the statutory auditors of the company
(E) Remuneration of Directors
i. All financial relationship or transactions of the non-executive directors, vis-à-vis the
company should be disclosed in the Annual Report.
ii. Further the following disclosures on the remuneration of directors should be made in
the section on the corporate governance of the Annual Report:
a. All elements of remuneration package of individual directors summarized under
major groups, such as salary, benefits, bonuses, stock options, pension etc.
b. Details of fixed component and performance linked incentives, along with the
performance criteria.
c. Service contracts, notice period, severance fees.
d. Stock option details, if any – and whether issued at a discount as well as the
period over which accrued and over which exercisable.
iii. The company should publish its criteria of making payments to non-executive directors
in its annual report. Alternatively, this may be put up on the company’s website and
reference drawn thereto in the annual report.
iv. The company should disclose the number of shares and convertible instruments held
by non-executive directors in the annual report.
v. Non-executive directors should be required to disclose their shareholding (both own
or held by / for other persons on a beneficial basis) in the listed company in which they
are proposed to be appointed as directors, prior to their appointment. These details
should be disclosed in the notice to the general meeting called for appointment of such
director
(F) Management
i. As part of the directors’ report or as an addition thereto, a Management Discussion and
Analysis report should form part of the Annual Report to the shareholders. This
Management Discussion & Analysis should include discussion on the following
matters within the limits set by the company’s competitive position:

1. Industry structure and developments.
2. Opportunities and Threats.
3. Segment–wise or product-wise performance.
4. Outlook
5. Risks and concerns.
6. Internal control systems and their adequacy.
7. Discussion on financial performance with respect to operational performance.
8. Material developments in Human Resources / Industrial Relations front,
including number of people employed.
ii. Senior management should make disclosures to the board relating to all material
financial and commercial transactions, where they have personal interest, that may
have a potential conflict with the interest of the company at large (for e.g. dealing in
company shares, commercial dealings with bodies, which have shareholding of
management and their relatives etc.)
(G) Shareholders
i. In case of the appointment of a new director or re-appointment of a director the
shareholders must be provided with the following information:
a. A brief resume of the director;
b. Nature of his expertise in specific functional areas;
c. Names of companies in which the person also holds the directorship and the
membership of Committees of the Board; and
d. Shareholding of non-executive directors as stated in Clause 49 (IV) (E) (v) above
i. Disclosure of relationships between directors inter-se should be made in the Annual
Report, notice of appointment of a director, prospectus and letter of offer for issuances
and any related filings made to the stock exchanges where the company is listed.
ii. Quarterly results and presentations made by the company to analysts should be put on
company’s web-site, or should be sent in such a form so as to enable the stock
exchange on which the company is listed to put it on its own web-site.
iii. A board committee under the chairmanship of a non-executive director should be
formed to specifically look into the redressal of shareholder and investors complaints
like transfer of shares, non-receipt of balance sheet, non-receipt of declared dividends

etc. This Committee should be designated as ‘Shareholders/Investors Grievance
Committee’.
Compliance
1. The company should obtain a certificate from either the auditors or practicing company
secretaries regarding compliance of conditions of corporate governance as stipulated in this
clause and annex the certificate with the directors’ report, which is sent annually to all the
shareholders of the company. The same certificate should also be sent to the Stock
Exchanges along with the annual report filed by the company.
2. The non-mandatory requirements given in may be implemented as per the discretion of the
company. However, the disclosures of the compliance with mandatory requirements and
adoption (and compliance) / non-adoption of the non- mandatory requirements should be
made in the section on corporate governance of the Annual Report.
List of Items to Be Included in the Report on Corporate Governance in the

Annual Report of Companies under the Disclosure header
1. A brief statement on company’s philosophy on code of governance.
2. Board of Directors:
a. Composition and category of directors, for example, promoter, executive, nonexecutive,
independent non-executive, nominee director, which institution represented as lender
or as equity investor.
b. Attendance of each director at the Board meetings and the last AGM.
c. Number of other Boards or Board Committees in which he/she is a member or
Chairperson.
d. Number of Board meetings held, dates on which held.
3. Audit Committee:
i. Brief description of terms of reference
ii. Composition, name of members and Chairperson
iii. Meetings and attendance during the year
4. Remuneration Committee:

i. Brief description of terms of reference
ii. Composition, name of members and Chairperson
iii. Attendance during the year
iv. Remuneration policy
v. Details of remuneration to all the directors, as per format in main report.
5. Shareholders Committee:
i. Name of non-executive director heading the committee
ii. Name and designation of compliance officer
iii. Number of shareholders’ complaints received so far
iv. Number not solved to the satisfaction of shareholders
v. Number of pending complaints
6. General Body meetings:
i. Location and time, where last three AGMs held.
ii. Whether any special resolutions passed in the previous 3 AGMs
iii. Whether any special resolution passed last year through postal ballot – details of
voting pattern
iv. Person who conducted the postal ballot exercise
v. Whether any special resolution is proposed to be conducted through postal ballot
vi. Procedure for postal ballot
7. Disclosures:
i. Disclosures on materially significant related party transactions that may have potential
conflict with the interests of company at large.
ii. Details of non-compliance by the company, penalties, and strictures imposed on the
company by Stock Exchange or SEBI or any statutory authority, on any matter related
to capital markets, during the last three years.
iii. Whistle Blower policy and affirmation that no personnel has been denied access to the
audit committee.
iv. Details of compliance with mandatory requirements and adoption of the non-mandatory
requirements of this clause

8. Means of communication.
i. Quarterly results
ii. Newspapers wherein results normally published
iii. Any website, where displayed
iv. The presentations made to institutional investors or to the analysts.
9. General Shareholder information:

i. AGM : Date, time and venue
ii. Financial year
iii. Date of Book closure
iv. Dividend Payment Date
v. Listing on Stock Exchanges
vi. Stock Code
vii. Market Price Data : High., Low during each month in last financial year
viii. Performance in comparison to broad-based indices such as BSE Sensex, CRISIL index
etc.
ix. Registrar and Transfer Agents
x. Share Transfer System
xi. Distribution of shareholding
xii. Dematerialization of shares and liquidity
xiii. Outstanding GDRs/ADRs/Warrants or any Convertible instruments, conversion date
and likely impact on equity
xiv. Plant Locations
xv. Address for correspondence

Non-Mandatory Requirements
1. The Board
2. Remuneration Committee
The board may set up a remuneration committee to determine on their behalf and on behalf
of the shareholders with agreed terms of reference, the company’s policy on specific
remuneration packages for executive directors including pension rights and any
compensation payment.
3. Shareholder Rights
A half-yearly declaration of financial performance including summary of the significant
events in last six-months, may be sent to each household of shareholders.
4. Audit qualifications
Company may move towards a regime of unqualified financial statements.
5. Training of Board Members
A company may train its Board members in the business model of the company as well
as the risk profile of the business parameters of the company, their responsibilities as
directors, and the best ways to discharge them.
6. Mechanism for evaluating on-executive Board Members
The performance evaluation of non-executive directors could be done by a peer group
comprising the entire Board of Directors, excluding the director being evaluated; and Peer
Group evaluation could be the mechanism to determine whether to extend / continue the
terms of appointment of non- executive directors.
7. Whistle Blower Policy
The company may establish a mechanism for employees to report to the management
concerns about unethical behavior, actual or suspected fraud or violation of the company’s
code of conduct or ethics policy.

Britannia:
It complies with mandatory and non-mandatory requirement as per Clause 49 of the Listing
Agreement and nothing more than the stated requirements.
- Familiarization of independent directors disclosure: Independent directors of the
company were given necessary documents, reports and internal policies to familiarize
them to the company
- Disclosures for contingent liabilities wherever there is a possible obligation
- Disclosures in respect of loans and advances, the amount in nature of loans outstanding
PnG:
- Mine Safety disclosures (Safety disclosure)
- Quantitative and qualitative disclosures about market risk
- Disclosure of delinquent filers pursuant to item 405 regulation
- Engaging the disclosure committee: evaluating disclosure implications
- Evaluation of the disclosure control and procedures
- Disclosure regarding change in internal control over financing reporting
Emami:
- Promoting timely and effective disclosures
- Code of fair practice disclosures

Colgate- Palmolive:
Agreement and nothing more than the stated requirements. Additional Disclosure done by the
organization are:
- Risk management committee disclosure
- Listing Agreement with the stock exchange
- Disclosure according to the accounting standards
- Disclosure of financial information to ensure that financial statement is accurate
- Disclosure for contingent liabilities
- Disclosures for employee benefits
- As required by Accounting Standard-15“EmployeeBenefits” (AS-15), the disclosures are
as under: Defined Contribution Plans Charge to Statement of Profit and loss for Defined
HUL:
organization are:
- Disclosure of pending cases/ instances of non-compliance
- Disclosure of contingent liabilities
Godrej:
organization are:
1. The details of announcements and statements made by directors deemed necessary to
be known by the shareholders and where they could find the details of the same
2. General Sharholder information
a. Outstanding GDRs/ADRs/warrants/convertible instrument and impact on equity
b. Plant location
c. Address for correspondence
d. NECS for payment of dividend
e. Consolidation of shares under one folio

3. Financials (Independent and Consolidated)
a. Balance Sheet
b. Profit and loss statement
c. Cash Flow Statement
Marico Industries:
organization are:
 General Shareholder Information
o Profile of Managing Director Mr. Harsh Mariwala
o Directorships in other Companies
Orient Beverages:
organization are:
- Provisions of Section 135 of the Companies Act, 2013 are not applicable to the
company; hence, no corporate social responsibility disclosures are not made
- Financial disclosures are made under the Companies Act, 2013
- Issue of capital and disclosure requirements are also made
- Disclosure under Rule 5(2) not applicable to the company
Pidilite:
organization are:
- Disclosures about particulars of loans, guarantees or investments

- Disclosures about employees stock option scheme
- Extract of the annual return
- Disclosures regarding industry structure and development
- Current year outlook disclosures

- Disclosure of knowledge of current events and actions
- Disclosures as per clause 32 of the listing agreements with the Stock Exchange
Vadilal:
organization are:
- Company does not provide any loans or financial arrangement to its employees or
directors or Managerial Personnel, so no disclosure under section 67 (3) (c) is not
required
Coca-Cola:
organization are:
- Mine Safety disclosure
- Quantitative and qualitative disclosures about market risk
- Disclosures of Disposals of Components of an Entity
- Disclosures about discontinued operations will provide with more information of
assets
- Disclosures about the nature, timings and uncertainty of revenue cash flow arising
from customer contracts are part of ASU 2014-09; Company is evaluating its
adoption impacts.
- Fair value disclosures related to pension assets are included
- Fair value disclosures related to post retirement benefit plan assets are included
- Changes in and disagreements with accountants on accounting and financial
disclosures

Ravalgaon Sugar Farm:
The Company has complied with the mandatory requirements and has not adopted any n
on-mandatory requirement of Clause 49 of the Listing Agreements.
Henkel:
organization are:
- Contains all disclosures required according to Section 289 (4)
- Disclosures providing the number of treasury shares and their use
- Disclosures of major shareholders
- Disclosures regarding benefits granted for fiscal 2015, including the maximum and
minimum achievable compensation for variable remuneration component and
allocation for fiscal 2015
- Disclosures relevant to International Financial Reporting Standards
Zicom Electronic Security Systems Ltd:

organization are:
- Disclosures required in accordance with securities and Exchange Board of India
- Disclosure of Information regarding financial situation
- Compensation and disclosures of Non-executive directors
- Audit committee keeps check on adequacy of the internal control systems, financial
disclosures and statutory compliances.

Nestle:
organization are:
1. Disclosure Regarding Employees
2. Disclosures pertaining to auditor.
3. Disclosures regarding Inventory and Revenue Recognition.
4. Disclosure of financial information to ensure that the financial statement is correct,
sufficient and credible.
5. Disclosure regarding Standard of Behavior and Code of Conduct
6. Disclosure of Particulars in the Report of Board of Directors including
● Preservation of energy
i. Energy Conservation Measures Taken
ii. Additional savings
iii. Impact of the measures for decreasing energy consumption and resultant consequences
observed on the cost of production of goods.
iv. Projects planned or initiated for further improvement in Energy & Water consumption
● Technology Development
i. Research and Development (R&D)
● Foreign exchange and outgo
PepsiCo:
organization are:
1. Mine safety Disclosures.
2. Qualitative and Qualitative Disclosures about Market Risk.
3. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
4. Disclosure of or access to confidential information
5. Disclosure of contingent assets and liabilities.
6. Disclosure about gross and net information about derivative instruments accounted for.
7. Disclosure Controls and Procedures

Himalaya:
organization are:
1. Disclosure regarding appointment as an Independent Director under the provisions
Companies Act, 2013.
2. Suitable disclosures as required by Accounting Standard (AS-18).
3. Measurement and disclosure of the employee share-based payment plans
4. Disclosures as required under Accounting Standard 15 (revised)
5. Disclosure of the Company's interest In jointly controlled assets
6. Disclosure as per listing agreements with the Stock exchanges
Zydus:
organization are:
1. Disclosure of Prohibition of Insider Trading
2. Disclosure pursuant to Accounting Standard-15 [Revised] "Employee Benefits"
3. Disclosure in respect of Micro, Small and Medium Enterprises
4. Disclosures included in respect of subsidiaries, jointly controlled entities and associates
Future:
organization are:
1. Disclosure in respect of Conservation of Energy, Technology Absorption
2. Disclosures as required under SEBI (Employee Stock Option Scheme and Employee
Stock Purchase Scheme)
3. Statutory Compliance, Penalties and Strictures disclosure
4. Disclosure about Proceeds from the Initial Public Offer of the Company
5. Disclosures relating to amalgamation of TFIPL with the Company as required under AS
14

6. Disclosure of Loans and Advances / Investments as per Clause 32 of the Listing
Agreement
7. Disclosure relating to Geographical Segment
Tasty Bite:
organization are:
1. Corporate Governance and stakeholder's responsibility disclosures
2. Code of Fair Disclosure of Unpublished Price Sensitive Information
3. Disclosure about Contingent Liabilities
4. Information about Primary Segments
5. Information about Secondary Segments
Lotus Chocolate Co.:

organization are:
1. Disclosure under clause 43 A(2) of the Listing Agreement
ITC:
organization are:
1. Details of non-compliances, penalties, strictures by Stock Exchanges / SEBI / Statutory
Authorities on any matter related to capital markets during the last three years
2. Inter-se relationships between Directors of the Company
3. Material financial and commercial transactions of senior management, where they may
have had personal interest, and which had potential conflict with the interests of the
Company at large
4. Portfolio of businesses, CSR and Sustainability initiatives, EHS performance of
Company

5. Insider trading Policy
6. Environmental Disclosures
Dabur:
organization are:
1. Disclosures by Senior Management & Key Managerial Personnel
2. Details of non-compliance by the Company
3. Code for Prevention of Insider-Trading Practices
4. Legal Compliance Reporting
5. Non-Executive Directors’ compensation & disclosures
6. Disclosure regarding Employees Stock Option Plan of the Company for the year
Foods and Inn:

organization are:
1. Company’s relative performance
2. Internal Financial control and Risk Management.
3. CEO & MD/ CFO Certification
4. Sales disclosure at gross
5. Disclosure by way of Additional information as required for the preparation of
Consolidated Financial Statements under Schedule III to the Companies Act, 2013
Venky’s:
organization are:
1. Shareholder Rights
2. Audit Qualifications
3. Separate posts of Chairman and Managing Director / CEO

4. Reporting of Internal Auditor
Godfrey Philips India limited:

United Breweries (Holdings) Limited:

Pursuant to Clause 49 of the Listing Agreement
Jayant Agro Organics ltd.:

Pursuant of mandatory and non-mandatory disclosures under listings agreement under clause 49
and additional information regarding:
1. Familiarization of Independent Director
Kohinoor Foods ltd:

1. Payment of Listing Fees
2. Payment of Depository Fees
3. Trading Symbol / Stock Code
4. Dematerialization of Shares
5. Green Initiatives
Kwality Foods:

Quantitative Analysis:
We have compared the disclosure scorecard and performance of 30 companies which formed the
data for conducting regression which helped us to obtain the objective of our study i.e. impact
and perception of degree of disclosure on the efficiency of the organization.
A separation of Mandatory Disclosure and Voluntary Disclosure scores helps indicate how
preferred disclosure philosophies are followed by the leading Indian companies. Technically, all
companies should fully adhere to Mandatory Disclosure standards and have varying levels of
adherence to Voluntary Disclosure. All parameters are weighted as below, to reflect desirability
for more Voluntary Disclosure and transparency. These parameters and the weights assigned to
them will be reviewed every year.
Mandatory Disclosure Parameters:

• Quarterly Financial Information: Updated financial information from the last quarter, i.e.
Q3 FY 2015-16.
• Annual Report: Provision of the last Annual Report, i.e. for FY 2014-15.
• Shareholding Information: Details on updated share ownership structure from the
previous quarter.
• Management and Board Team Information: Updated information about board and senior
management team.
• Investor Contact Information: Specific contact details of company
secretary/CFO/compliance head that investors can write to.
• Analyst Transcripts/Updates: Call transcripts of analyst conference calls from last two
quarters.

Voluntary Disclosure Parameters:
• Profitability and margin improvement information: Specific and detailed information
pertaining to the profitability of the company on impact on profit margins in the previous
three quarters.
• Operating Metrics: Specific non-financial information pertaining to the operations of the
company in the previous quarter.
• Business Strategy Information: Specific and detailed information on business strategy
and how the management intends to deliver growth over the next 12 months at least once
in the previous three quarters.
• Debt-related Information: Updates about debt re-ratings or credit ratings in last three
quarters.
• Key Corporate Developments: Significant or material developments pertaining to the
company that may have occurred in the last three quarters.

Results:
Company Composite Score Disclosure ROE

Index
Ravalgaon sugar 3 -374.86
PNG 3.5 11.27
Venky 3.5 12.45
Jayant agro oragnics 4 4.77
Godfrey and Philips 4.5 14.91
Kwality 5 30.46
UBHL 5 13.92
Foods&Inn 5.5 30.02
Himalaya 5.5 -23.14
Colgate 6 190.39
Godrej 6 19.34
ITC 6 30.5
Kohinoor 6 -25.55
Lotus 6 -15.07
Marico 6 23.26
Orient 6 1.11
Tasty Bite 6 25.72
Dabur 7 32.64
Henkel 7 15
Emami 7.5 38.9
Nestle 7.5 53.62
Vadilal 7.5 0.14
Zicom 7.5 15.12
Zydus 7.5 26.83
Britannia 9 50.37
CocaCola 9 28.77
Future 9 -13.35
HUL 9 115.87
Pepsico 9 45.73
Pidilite 9 21.36

Scatter Plot of Diclosure Index v/s ROE
Best Fit Regression Model

Spearman Rho: Y, X
Spearman rho for Y and X = 0.414

P-Value = 0.025
R square value = 15%
Analysis of Variance
Source DF SS MS F P
Regression 1 2207.8 2207.75 4.97 0.034
Error 27 11984.9 443.89
Total 28 14192.7
As seen in the regression analysis, we have got a P value of 0.025 and an R-squared value
of 15%.
The R-squared value being 15% is considerably low. But this could happen due to less predictors
in the regression model. However, in some cases, it is quite possible that the data inherently has a
higher amount of unexplainable variability. e.g., many a times, studies have R-squared values
less that 50% because people are fairly unpredictable.
Yet, since we have P value of 0.025, which is low, it indicates a real relationship between
the response variable and the significant predictors.
An insight into the topic would reveal that what is undisclosed may become much more important
at times than what is being disclosed in to the stakeholders of a company through annual reports,
advertisements, chairman’s letters or otherwise. A number of such issues can be analyzed to get a
feel of what type of improvements should be considered to give correct view of the material facts
which are applicable to the company and to the industry to which the company belongs.
Relevance to an investor is that like any other Industry, FMCG companies are also in a phase of
consolidation and growth in India. We have already seen the signs.

Summary and Conclusion:
Companies that have successfully streamlined their disclosures by focusing on relevant and
material information cite many benefits, including:
• Increased investor confidence due to communication of more meaningful information
• Greater efficiency in preparing investor communications and auditing disclosures
• Improved coordination throughout the organization, including the board of directors, and with
regulators and external advisers
• Strengthened market reputation and leadership
Developing appropriate processes to enhance disclosures often requires planning and support
from executive management and the Audit Committee; outreach to investors; and coordination
with lawyers, auditors and other advisers. It may be more productive for a company to target
specific disclosure areas that are particularly complex or lengthy rather than start with a blank
sheet to rewrite the financial statements and SEC reports. We believe that both preparers and
users are best served when there is sustained focus on improving the quality of information
provided to investors.
However, it is found that all the companies fulfill the bare minimum criteria for disclosure in the
Corporate Governance report in the Annual Report. Furthermore, as discussed earlier, they
believe in high quantity of disclosures, rather than concentrating on the quality of the disclosures.
Corporate management is undergoing drastic changes over the years. However, often we see
companies defensive when it comes to parting with vital information, which might have an
impact on its future. While product knowledge lies rightly in the domain of exclusivity, it may
not be so when the stake and risks are to be publicized. This is the reason why Regulators have,
from time to time world over, come up with Standards for corporate disclosure to comply with.
Misrepresentation, laziness or incompetence on the internal management's part would be reflected

in the capital market’s valuation of the company’s shares, just as would competence, commitment,
trustworthiness and creativity. Companies who have innovative potential in atomistic market
structures are able to show their profit opportunities to potential investors, who then consider the
investments based on disclosure and finance.

References:
S. (n.d.). Disclosure Standards in Corporate India. Retrieved March 13, 2016,
from http://www.icsi.edu/docs/webmodules/Programmes/31NC/DISCLOSURESTANDA
RDSINCORPORATEINDIA-SRAMANATHAN.doc
INDIA DISCLOSURE INDEX How India’s Leading Listed Companies Fare on

Mandatory & Voluntary Disclosure. (n.d.). Retrieved March 13, 2016,
from http://www.fticonsulting.com/insights/reports/india-disclosure-index-2015
Employee Opinion Survey Demo 1. (n.d.). Retrieved March 8, 2016, from http://www.hr-
survey.com/sdeoaq.htm
Corporate disclosure: A review of its (direct and indirect) benefits and costs. (n.d.).
Retrieved March 17, 2016, from http://www.cairn.info/revue-economie-internationale-
2011-4-page-5.htm
Abdelkarim, N. (2009). INVESTOR PERCEPTION OF INFORMATION DISCLOSED IN

FINANCIAL REPORTS OF PALESTINE SECURITIES EXCHANGE LISTED
COMPANIES. Retrieved March 10, 2016, from file:///home/chronos/u-
4a484cfe5df73b6837639a32ae23178a3359d283/Downloads/SSRN-id1555012.pdf
Naveed, F. (n.d.). Factors Affecting the Corporate Governance Disclosure: An Analysis

of Manufacturing Firms of Pakistan. Retrieved March 13, 2016, from
file:///home/chronos/u-
4a484cfe5df73b6837639a32ae23178a3359d283/Downloads/25028-27636-1-PB (2).pdf
Shankar, A. (2011, December). CORPORATE SOCIAL REPORTING IN INDIA: AN

EXPLORATIVE STUDY OF CEO MESSAGES TO THE STAKEHOLDERS. Retrieved
March 13, 2016,
from http://www.zenithresearch.org.in/images/stories/pdf/2011/Dec/ZIBEMR/3_ZIBEMR
_VOL1_ISSUE3.pdf
Mangena, M. (2015, December 14). Disentangling the Effects of Corporate Disclosure

on the Cost of Equity Capital A Study of the Role of Intellectual Capital Disclosure.
Retrieved March 13, 2016,
from http://jaf.sagepub.com/content/early/2014/07/11/0148558X14541443.abstract
Lu, Y. (2014). Stakeholders' power, corporate characteristics, and social and

environmental disclosure: Evidence from China. Retrieved March 13, 2016,
from http://ro.uow.edu.au/buspapers/292/
Farvaque, E. (n.d.). Corporate disclosure: A review of its (direct and indirect) benefits
and costs. Retrieved March 13, 2016,
fromhttp://www.sciencedirect.com/science/article/pii/S2110701713600013

Granito, A. (2007, June 15). ‘The role of the corporation in society needs to change’,
says Arun Maira. Retrieved March 17, 2016,
from http://www.livemint.com/Companies/NHnpocODoqTOEWVO0OPPjJ/The-role-of-
the-corporation-in-society-needs-to-change-sa.html
Assessing Organizational Efficiency and Workforce Diversity: An Application of Data

Envelopment Analysis to New York City Agencies. (2015, June). Retrieved March 17, 2016,
from
https://www.researchgate.net/publication/273899340_Assessing_Organizational_Efficiency_and
_Workforce_Diversity_An_Application_of_Data_Envelopment_Analysis_to_New_York_City_Ag
encies
Armandi, B. (2006, July 03). Organizational Size, Structure, and Efficiency: A Test of a
Blau-Hage Model. Retrieved March 17, 2016,
fromhttp://onlinelibrary.wiley.com/doi/10.1111/j.1536-7150.1982.tb01667.x/abstract
Frost, J. (n.d.). How to Interpret a Regression Model with Low R-squared and Low P
values. Retrieved March 17, 2016, fromhttp://blog.minitab.com/blog/adventures-in-
statistics/how-to-interpret-a-regression-model-with-low-r-squared-and-low-p-values

Appendix I
QUESTIONNAIRE: Investor Corporate Disclosure
Dear Respondents: Thank you for your willingness to join this survey. Please respond to all
the questions in this questionnaire. We understand that the interpretation of the
questionnaire and the responding to the questionnaire require a high level of professional
judgment. Please check (√) the appropriate parentheses or express the extent to which you
agree or disagree on the given statement by choosing (circling) one of the following: (Y+)
strongly agree, (Y) agree (O) neither agrees nor disagrees (or no opinion), (N) disagree; (N+)
strongly disagree.
No. Question Mark
Q1 Kind of Information Users You Are
1 Individual investor (√)
2 Institutional investor
3 Creditors; (Bank loan officers)
4 Stock brokers
5 Financial analysts
6 Academics
Q2 Information Users by Qualification
1 PhD
2 Masters Degree
3 First degree
4 Professional qualification
5 Other
Q3 Information Users By Experience (Number of years)
1 Less than 1 year
2 1-5 Years
3 6-10 Years
4 Above 10 Years
Q4 Investors By Amount of Money Invested (USD)
1 Nothing
2 Less than 10,000
3 Between 10,000 – 24,999
4 Between 25,000 – 49,999
5 Between 50,000 – 99,999
6 More than 100,000
Q5 Investors Goals
1 Safety of capital
2 Steady income
3 Speculative gains
4 Investment opportunity
Q6 Kind of Analysis usefulness to predict future stock value
1 Political analysis
2 Macroeconomic analysis
3 Technical analysis Y+ Y O N N+
4 Fundamental (Financial) analysis
5 Statistical analysis
6 No Analysis, Imitation other investors
Q7 Users View towards various sources of information
1 PSE Market statistics
2 Corporate financial reports
3 Advice of investment services (Specialists)
4 Advice of stockbrokers
5 Direct information from the company
6 Investors own analysis

7 Market rumors, and adages
Q8 Users Readership of the corporate reports
1 Balance sheet
2 Profit and loss statement
3 Cash flow statement
4 Footnotes to the financial statements
5 Statement of shareholders equity
6 Management commentary
7 Auditors report
Q9 User's evaluating of the of corporate disclosure quality
1 Timeliness
2 Availability of specific information
3 Understandability
4 Credibility
5 Easy access to sources of information
6 independent verification
Q Level of disclosure by companies
1 In Management Commentary Section
10
2 In Income Statement section
3 In Balance Sheet Section
4 In Cash Flow Statement Section
5 In Segmental Information Section
6 In Accounting Policies and Notes
Q Users view about usefulness of information
1 Provide primary information to investors to help them in making
11
2 investment decisionsto help investors to monitor their investment
Provide information
3 To predict expected income and earnings per share
4 To help investors in assessing liquidity of the company
5 To predict future dividend of the company
6 To evaluate company's performance over time
7 To make comparison between companies performance
Q Importance of Non Traditional Information
1 Information Related to Risk
12
2 Business opportunity
3 Social Responsibility Information
4 Market regulation
Q Importance of Non Financial Information
1 Execution of Corporate Strategy
13
2 Corporate product or service Creation
3 Kind of management, especially directors
4 Customer Satisfaction
5 Indication of employee morale and Satisfaction
6 Quality of Processes
7 Environmental & Social Policies
8 Industrial sector Sustainability
9 Organizational and functional structure
10 Corporate governance
11 Company profile
12 Competitor Position
13 Quality of Published Materials
14 Voluntary disclosure
15 Disclosure by the website
Q Usefulness of Financial Reports, Items
1 Net cash flow
14
2 Gross and disaggregated value of current liabilities
3 Gross and disaggregated amount of shareholders equity
4 Capital structure
5 Share price growth
6 Strategies of Profit
7 Current research and development expenditure
8 Sales revenue amount
9 Dividend per share for the period
10 Sales growth expected
11 Gross and disaggregated value of current assets
12 Discussion of results with reasons for changes

13 Number and amount of authorized and issued shares
14 Overall financing costs
15 Net assets book value
16 Money resources and uses
17 Description of the company main product or services
18 Inventories value and method used to determine the cost of (e.g.
19 Working capital Expenditure last five year
20 LIFO, FIFO)
Discussion of Increase or decrease of Expenditure
21 Discussion of Increase or decrease of revenues
22 Expenditure on advertising and publicity for the past years
23 Discussion of financial strength of the company
24 Breakdown of borrowings (e.g. lending institution, date of maturity,
25 Information relating to investments (e.g. names, percentage,
26 security)
Summary of net sales for at least the most recent five years Y+ Y O N N+
27 ownership)
Current market value of quoted investments
28 Revenue recognition method
29 Future economic outlook of the company
30 Breakdown of sales revenue by major product line, class of customer
31 and geographical
Expenditure location
on human resources (e.g. training, welfare facilities)
32 Basis of accounting methods used, and any change
33 Discussion of the major factors likely influence following year's
34 Analysis of sales revenue and earnings attributable to foreign
35 results
Information relating to subsidiaries (e.g. names, addresses, percentage
36 operations
Forecast of following year's profits
37 ownership)
Number and type of ordinary shareholders (e.g. institutions,
38 Information relating to past five balance sheet events
39 individuals)
Net income
40 Total public and management expenditure
Q15. Any other specific information that you deem necessary as an investor for you to invest in a
company
Q16. Do you feel more inclined to invest/reinvest in a company which discloses all the
information deemed necessary by you?

Appendix II
Questionnaire: Employee Perception
Dear Respondents: Thank you for your willingness to join this survey. Please respond
to all the questions in this questionnaire. We understand that the interpretation of
the questionnaire and the responding to the questionnaire require a high level of
professional judgment. Please check (√) the appropriate parentheses or express the
extent to which you agree or disagree on the given statement by choosing (circling) one
of the following: (Y+) strongly agree, (Y) agree (O) neither agrees nor disagrees (or no
opinion), (N) disagree; (N+) strongly disagree.
Strongly Disagree No Agree Strongly

Disagree Opinion Agree
Communication
1 I generally feel informed
about changes that affect me
within
2 I usually know in plenty of

time when important things
happen
3 I can see the link between my

work and company objectives
4 Managers communicate clear

objectives for the company to
achieve
Satisfaction
5 Considering everything, I am
satisfied at company
6 I find my work challenging.
7 I like the kind of work I do.

8 My working conditions are
good.
Career
9 Job promotions within the
company are fair and
reasonable.
10 I have the opportunity to

progress within company
Company
11 Company is innovative in
developing new ways to serve
our Stakeholders.
12 Company performs its

business operations to a high
standard.
13 The work policies are well

developed and organized.
Appraisals
14 My manager provides me with
adequate feedback.
15 I have clear measures for

each of my objectives
Recognition
16 I receive enough recognition
for work that I do
17 If I do a good job I have a

better chance of getting ahead
Management
18 My manager helps me to get
ahead at my job

19 The relationship between
management and employees is
good.
20 Management of my company
makes wise decisions.
21 The Company Executives

care about my ideas
Respect
22 My opinions counts at
company
23 Employees in the company are

treated with respect regardless
of their job.
Security
24 I feel I have job security
Q25. On a scale of Excellent to Poor, how would you rate your overall employment with company and why?
-Excellent
-Good
-Average
-Poor

Q26. Would you refer others who are seeking employment to your company? Yes No
Please provide explanation:
Q27. If you had an opportunity to make any change you wanted to make your company a better place to work, what
one improvement would you make?
Q28. I feel good about my continued employment with your company. Yes No
If no, please provide explanation:

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MUKESH PATEL SCHOOL OF TECHNOLOGY

MANAGEMENT AND ENGINEERING

A STUDY ON STAKEHOLDER PERCEPTION ON

A Research Project submitted in partial fulfillment of the

Organizational Efficiency and Corporate Disclosure Page 1

We hereby declare that the research project titled, “A STUDY ON STAKEHOLDER

Organizational Efficiency and Corporate Disclosure Page 2

Organizational Efficiency and Corporate Disclosure Page 3

3 Review of Related Literature 7

5 Analysis and Results 14

6 Summary and Conclusion 36

Organizational Efficiency and Corporate Disclosure Page 4

Keywords: Corporate Disclosure, FMCG, Stakeholder, Organisation Efficiency, Performance

Organizational Efficiency and Corporate Disclosure Page 5

B. Statement of problem/Research Problem :

Organizational Efficiency and Corporate Disclosure Page 6

Organizational Efficiency and Corporate Disclosure Page 7

Organizational Efficiency and Corporate Disclosure Page 8

Organizational Efficiency and Corporate Disclosure Page 9

Organizational Efficiency and Corporate Disclosure Page 10

Organizational Efficiency and Corporate Disclosure Page 11

D. Methods and Instruments of Data Gathering

Organizational Efficiency and Corporate Disclosure Page 12

Organizational Efficiency and Corporate Disclosure Page 13

(B) Disclosure of Accounting Treatment

(C) Board Disclosures – Risk management

Organizational Efficiency and Corporate Disclosure Page 14

Organizational Efficiency and Corporate Disclosure Page 15

Organizational Efficiency and Corporate Disclosure Page 16

List of Items to Be Included in the Report on Corporate Governance in the

Organizational Efficiency and Corporate Disclosure Page 17

Organizational Efficiency and Corporate Disclosure Page 18

9. General Shareholder information:

Organizational Efficiency and Corporate Disclosure Page 19

Organizational Efficiency and Corporate Disclosure Page 20

Organizational Efficiency and Corporate Disclosure Page 21

Organizational Efficiency and Corporate Disclosure Page 22

- Disclosures about particulars of loans, guarantees or investments

Organizational Efficiency and Corporate Disclosure Page 23

Organizational Efficiency and Corporate Disclosure Page 24

Zicom Electronic Security Systems Ltd:

Organizational Efficiency and Corporate Disclosure Page 25

Organizational Efficiency and Corporate Disclosure Page 26

Organizational Efficiency and Corporate Disclosure Page 27

Lotus Chocolate Co.:

Organizational Efficiency and Corporate Disclosure Page 28

Foods and Inn:

Organizational Efficiency and Corporate Disclosure Page 29

Godfrey Philips India limited:

United Breweries (Holdings) Limited:

Jayant Agro Organics ltd.:

1. Familiarization of Independent Director

Kohinoor Foods ltd:

Organizational Efficiency and Corporate Disclosure Page 30

Mandatory Disclosure Parameters:

Organizational Efficiency and Corporate Disclosure Page 31

Organizational Efficiency and Corporate Disclosure Page 32

Company Composite Score Disclosure ROE

Organizational Efficiency and Corporate Disclosure Page 33