Project Report FAM HUL

7/29/2019 Project Report FAM HUL

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Project Report

Of

Financial Accounting for Managers

On

FINANCIAL ANALYSIS OF HINDUSTAN UNILEVER LIMITED

(HUL)

Year 2010-11

Prepared By Course Coordinator

Rupa Deepanju (2012261) Dr. Pawan Jain

Sagar Panchal (2012262)

Section E

Batch 2012 -14


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1.Overview of the firmHUL works to create a better future every day and helps people feel good, look goodand get more out of life with brands and services that are good for them and good forothers.

The FMCG markets in India grew in low double digits during the last quarter of2010-11. As the price increases take effect, mix of growth is being shifted fromvolume driven growth to balanced growth, driven by both price and volume. Thecompetitive environment remains intense in the FMCG market. Input cost inflationcontinues to be high and volatile, despite recent corrections in crude and palm oil.With over 35 brands spanning 20 distinct categories such as soaps, detergents,shampoos, skin care, toothpastes, deodorants, cosmetics, tea, coffee, packaged foods,ice cream, and water purifiers, the Company is a part of the everyday life of millionsof consumers across India. Its portfolio includes leading household brands such asLux, Lifebuoy, Surf Excel, Rin, Wheel, Fair & Lovely, Ponds, Vaseline, Lakm,

Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe, Brooke Bond, Bru, Knorr,

Kissan, Kwality Walls and Pureit.The Company has over 16,000 employees and has an annual turnover of aroundRs. 21,736 crores (financial year 2011 - 2012). HUL is a subsidiary of Unilever, oneof the worlds leading suppliers of fast moving consumer goods with strong local

roots in more than 100 countries across the globe with annual sales of about 46.5

billion in 2011. Unilever has about 52% shareholding in HUL.

2.PerformanceTake a look at what the performance of HUL has been over the past decade, when the

Indian market has conferred huge profits to Indian companies and multinationals. Itsnet sales in 1999 were Rs10,142 crore. By 2005, it was still around Rs10,982.35 croreand last year it reported net sales of Rs20,623 crore. In effect, HUL took a wholedecade to double its turnovera compounded annual growth rate (CAGR) of 7% in acountry where inflation is at least 7% on an average and is sometimes in double digits.

Inflation-adjusted HUL has not grown at all. Of course, HUL has demerged divisionsand that is why net sales have been down, but it has also acquired businesses duringthis period. In 2011-12, HUL reported domestic growth of 19% with home and

personal care growing at 20.6% and foods business growing at 10.6%. He alsoattributed the performance to the companys rural focus. It is expected by 2025, the

Indian rural market is expected to grow more than ten-fold to a $100 billionopportunity for retail spending.

HULs profit after tax but before exceptional items grew 48% to 855 crore. Net profit,at Rs1,331 crore, grew 112% before accounting for an exceptional income of 607crore arising from the sale of properties (Gulita in Mumbai and a property inWhitefield, Bangalore).


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3.Ratio AnalysisYears 2010-2011 2009-2010 2008-2009 2007-2008

Sr no. Ratios

A Return on investment ratio

1 Return on Assets (%) 12.19% 11.84% 9.45% 6.61%

2 Return on Invested Capital 87.55% 80.67% 101.23% 127.20%

3 Return on Net worth (%) 87.57% 85.25% 121.34% 122.97%

B Activity/Turnover Ratio

4 Total Asset Turnover Ratio 8.31 7.66 9.22 10.53

5Invested Capital Turnover

Ratio 7.91 8.99 9.26 9.20

6 Net worth turnover ratio 7.37 6.66 9.82 9.53

7Average Collection Period

(Days) 17.74 14.21 9.68 11.80

8 Inventory Turnover Ratio 7.91 8.99 9.26 7.2

9Working Capital Turnover

Ratio -14.87 -13.91 -110.69 -7.48

10 Day's Inventory (Days) 46.14 40.60 39.42 50.69

11 Average Credit Period (Days) 166.72 179.56 107.14 140.93

C Liquidity Ratio

12 Current Ratio 0.86 0.84 0.92 0.68

13 Acid Test Ratio 0.43 0.46 0.51 0.25

D Solvency Ratio

14 Debt Equity Ratio - 0.004 0.200 0.060

15 Debt to total Invested Capital - 0.004 0.170 0.058


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16 Interest Coverage Ratio 11243.63 395.13 116.28 83.09

E Capital Market Ratio

17 Earning per share (Rs.) 10.58 10.1 11.46 8.73

18Book value to market value

(%) 12.19% 11.84% 9.45% 6.61%

19 Dividend Payout 71.20% 75.20% 76.47% 131.80%

20 Price Earning Ratio 26.9 23.63 20.72 24.5

F Profitability Ratio

21 Gross Profit Ratio (%) 12.41 14.7 13.5 15.86

22 Net Profit Ratio (%) 11.56 12.29 12.09 12.58

23 Operating Profit Ratio (%) 13.53 15.74 14.46 14.95

24 Expenses to Sales ratio (%) 88.94 87.62 85.46 87.44

a. Return on Investment Ratio

HULs return on assets increased sharply from 6.61% to 12.19% over the four years

from 2007 to 2011 owing to the increase in the profit after tax (PAT) from Rs 1769.06

Cr to Rs 2305.97 Cr. During these years, the Supply Chain team of the company

worked on a strong Cost Effectiveness Programme to deliver savings throughout the

supply chain, by various means including identification of further opportunities for

waste elimination. This has facilitated the business to achieve a significant cost

0.00%

20.00%

40.00%

60.00%

80.00%

100.00%

120.00%

140.00%

2010-2011 2009-2010 2008-2009 2007-2008

Return on asset

Return on

invested capitalReturn on Net

worth


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reduction (around 6% of supply chain costs), the highest ever in the past and also

neutralised the impact of cost inflation on inputs such as Palm oil, laundry chemicals,

packaging and freight cost.

Return on invested capital plummeted from 127.20% (2007-08) to 80.67% (2009-10)

mainly because the company achieved the zero loan-funds status by then. The ratio

increased in 2010-11 to 87.55% due the aggressive cost effective programme which

came into full effect during this financial year making the company more profitable.

Return on net worth or return on equity of more than 100% in year 2007-08 and 2008-

09 shows the stability of the FMCG firm in spite of the economic downturn.

Companys efficiency in utilising investor money brought them institutional and retail

investors. In 2009-10 companys ROE declined sharply to 85.25% possibly because it

could not find opportunities that would yield higher returns as the managers would

have already invested in such projects. In 2010-11, ROE stood at 87.57% ; the rise

can be attributed to the cost effective programme mentioned above.

b. Activity/Turnover Ratio:

Total Asset Turnover Ratio showed modest decline from 10.53 in 2007-08 to 7.66 in

2009-10 owing to a significant rise in current assets, current liabilities and investmentby the company but only 1.4% growth in net sales (comparing with the un-audited

0.00

2.00

4.00

6.00

8.00

10.00

12.00

Total Asset

Turnover Ratio

Invested Capital

Turnover Ratio

Net Worth

Turnover Ratio

Inventory

Turnover Ratio

-120.00

-100.00

-80.00

-60.00

-40.00

-20.00

0.00

WorkingCapital

Turnover

Ratio 0.00

50.00

100.00

150.00

200.00

Days

Year

Avg.

Collection

Period

Day's

Inventory

Avg. Credit

Days


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2008-09 figures instead of the 15-months audited figures). Food price inflation was a

major cause of worry in these years (9.9% WPI). Food inflation, along with firming

up of the global commodity prices, spilled over into prices of domestic commodities

and services as well with the overall consumer inflation rate hovering at over 15% for

several months. In 2010-11, the ratio improved to 8.31.

Invested capital turnover ratio of HUL has shown very slight changes over the years

with the ratio being 9.20 in 2007-08 declining to 7.91 in 2010-11; prevalent inflation

and economic downturn could be a probable reason which affected the sales of the

company to some extent. Net Worth turnover ratio also fell from 9.53 in 2007-08 to

6.66 in 2009-10. Inventory turnover ratio indicates the efficiency of a firms inventory

management and also shows the rate at which stocks are converted into sales and then

into cash. High inventory ratio is preferable for consumer goods. Here, the constantly

declining ratio shows that HUL is experiencing poor sales and also excess inventory

due to inflationary pressures.

Working capital turnover ratio was -7.481 in 2007-08 to a sharp fall to -110.689 next

year. Negative working capital ratio indicates that the activities are not generating

enough revenue to cover their expenses. Ratio improved in 2009-10 and thereafter.

Average collection period rose from 11.5 days (2007-08) to 17.5 days in 2010-11.

Average credit period for HUL has been historically high; it stood at 166 days in

2010-11. The company tries to extract greater amount of credit from its suppliers.

Financing HUL operations using suppliers funds results in lower costs for the

company but the cost for the overall chain is higher because more expensive funds areused in managing the supply chain. The FMCG giant could reduce their inventory-

holding period measured by Days inventory ratio from 50.69 days to 46.14 days.

c. Liquidity Ratio:

0

0.1

0.2

0.3

0.4

0.5

0.6

0.7

0.8

0.9

1

2010-2011 2009-2010 2008-2009 2007-2008

Current Ratio

Acid test Ratio


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Current ratio for HUL has been less than 1 since 2007 which means company has

shortage of funds to meet the short-term obligations. The ratio rose from 0.68 in 2007-

08 to 0.86 in 2010-11. Acid test ratio has also been less than 1 which is not a

satisfactory result from a FMCG giant like HUL. The ratio was 0.43 in 2010-11.

d. Solvency Ratio:

Debt equity ratio declined from 0.2 in 2008-09 to zero in 2010-11 due to decrease in

long term liability. The lower the debt equity ratio, the higher the degree of protection

enjoyed by the creditors. The ratio indicates the extent the use of financial leverage; a

low ratio indicates that the company is making little use of leverage and is too

conservative. On similar lines, debt to total invested capital kept declining. Interestcoverage ratio of the company made huge strides and reached 11243.63 in 2010-11

from 83.09 in 2007-08. This was mainly because the companys interest charges

dropped down sharply.

e. Capital Market Ratio:

0.00

0.05

0.10

0.15

0.20

0.25

Debt Equity

Ratio

Debt to

Total

InvestedCapital

02000400060008000

1000012000

Intrest Coverage Ratio

Intrest

Coverage

Ratio

0

5

10

15

Earning per Share

Earning per

Share 0

10

20

30

Price Earning Ratio

Price

Earning

Ratio


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Earning per share fell down after 2008-09 from Rs 11.46 to Rs 10.58 in 2010-11

which is not a good sign as the ratio indicates the earning power of the company.

Book value to market value increased from 6.61% (2007-08) to 12.19% (2010-11).

Ratio exceeding 1 shows that the company has contributed to the creation of wealth to

the society.

Dividend payout ratio decreased sharply over the four years from 131.80% in 2007-08

to 71.20% in 2010-11. The lower the ratio, higher would be the retained earnings

which means higher will be the amount of earnings ploughed back to the business and

thus, stronger financial position of the company. Price earning ratio for HUL

increased from 24.5 (2007-08) to 26.9 in 2010-11 which indicates the increasing faith

of market in HULs future.

f. Profitability Ratio

Gross profit margin has shown a fluctuating trend in last five years. Margin was

15.86% in 2007-08 and fell to 12.41% in the financial year 2010-11. Net profit and

operating profit also showed a slight declining trend. All these trends can be attributed

to HULs raw material expenses, purchase of goods and other expenditures are veryhigh.

0.00%20.00%

40.00%60.00%80.00%

100.00%120.00%140.00%

Book Value to

Market Value

DividendPayout

0

10

20

30

40

50

60

70

80

90

100

%

Year

Gross Profit Ratio

Net Profit Ratio

Operating Profit Ratio

Expenses to Sales

Ratio


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4.Revenue Generating Activities (Main Business) of thecompany

Acceleration in innovation, with almost 35% of turnover coming through

innovations. As a result, growth was broad-basedacross core categories as well

as new categories. This growth was delivered in the face of significantly enhanced

competitive intensity, with marketing and trade investments also being

maintained at competitive levels throughout the year.

Company rolled out one of the most ambitious cross-category rural

marketing efforts through Khushiyon Ki Doli programme which touchedalmost 25

million consumers.

A robust value analysis and cost savings programme enabled improve margins,

thereby driving profit growth ahead of turnover growth. The businessmaintained high levels of customer service and product quality, and rationalised

working capital levels, thereby improving cash generation.

Company launched a new model, Pureit Marvella. This is being marketed as Indias

first fully automatic purifier, as consumers do not need to start, stop, fill or wait

to pour water out of it. These initiatives have led to sustained turnover growth with

improved margins, in line with business plans.

In line with this strategy, the business has started inducting right profile business

partners (who are capable of buying and selling premium products) into the

business and launched new innovations which serve to differentiate the

business in the premium Beauty & Wellness space, such as Aviance Perfect

Radiance Beauty Capsules and Serums. This re-engineering should help in driving

the top-line in a profitable manner, going forward.

The on-shelfavailability was supported with an extensive merchandising and visibility

programme. The programme has tripled the scale of operations, and is

significantly more reliable, well-managed and measurable, thus improving the

in-store presence ofCompanysproducts.

Project Shakti, 45,000 Shakti entrepreneurs operating in 135,000 villages, servingnearly 100 million consumers. The revenues generated are now very considerable andmargins are healthy.

Company had also embarked on an enormous coverage expansionproject, in

rural and urban businesses. With the help of geo-spatial analysis, potential

markets were identified. The c o v e r a g e expansion was well-supported b y the

required infrastructure and the project exceeded its ambition. The urban coverage

was increased by 20%, while the rural coverage was tripled. Today, Companyhas more than 1.5 million outlets under direct coverage, doubling the coverage in


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the last two years.

By the end of 2010, there were more than 23,000 Shaktimaan, andthe Shakti programme had spread to an astounding 5,00,000 outlets,adding another dimension to Companys distribution and contributing to

tripling the rural footprint.

On the back of strong R&D initiatives, a number of new products were launched

successfully in the market in 2010-11. In Skin Care, Vaseline Men range with

moisturising and skin lightening benefits was launched with distinctive

packaging and formats. Ponds Gold Radiance range and Lakm Perfect Radiance

range of skin care products were introduced during the year. Dove and Sunsilk hair

conditioners were launched to meet the needs of different segments of the market

for hair care. Lifebuoy soap and Close-Up toothpaste were re-launched with new,

distinctive benefits.

5.Growth Drivers for the products of the CompanyHome & Personal Care Business (HPC)

During the year, the HPC business saw double digit volume growth and a value

growth of9.8%. Rural ma rk et s present a tremendous growth opportunity

considering relatively lower pene tr at io n in these markets. There w a s

acceleration in innovation, with almost 35% of turnover coming through

innovations. The impact of cost inflation was felt in inputs such as Palm oil,

laundry chemicals, packaging and freight cost. The business was managed

dynamically with increased frequency of cost and pricing review, andaggressive

cost saving programmes, which helpedto minimise price impact.

Soaps andDetergents

While there was strong volume growth in the Soaps and Detergents category,

value grew by 6.1% due to price corrections taken in laundry business in the

early part of2010. During the year, the Company rolled out Comfort, the

fabric conditioner, following its successful test market in the South. Marginswere under pressure due to rising input cost prices, and price increases were

initiated in the latter part of the financial year. The Companys cost-effective

programmes delivered well to neutralise part of the impact.

Personal Wash category recorded good growth during the year. This was driven

through innovations across the portfolio (Re-launch of Lifebuoy and Hamam,

launch of Lux variants) backed by strong micro marketing and market

development. Through strong use of market mix modeling and focus on cost-

effectiveness, the Company was able to grow the category, despite stiff

competition and volatile commodity costs.


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Personal products

The Personal Products category g r e w by 15.7% during the year. Hair Care

continues to be an attractive category with high volume growth, driven through

increased consumption and value growth throughpremiumisation.Company had a

strong year, strengthening its position by gaining share across shampoos andconditioners.

The Skin Care category holds very strong potential as the country becomes

more affluent. In this context, the category delivered strong double digit growth,

led by a very powerful innovation programme and strong market development

efforts.

Deodorants business continued to witness growth. During the year, Company

strengthened its position in anti-perspirants category with the launch of Sure

brand both in roll-on and aerosol spray format. Company continued to drive new

innovations across Dove and Axe led byGo Fresh range of Dove and launch

of Axe Musicstar Campaign.

Foods

The Foods business has delivered strong double-digit growth across the portfolio

during the year. Consumer and Customer needs have been translated into many

relevant and successful innovations in beverages, ice creams and packaged

foods segments. Company has continued its focus on micro-marketing

initiatives in core categories to increase consumption and penetration.

Export Business

The exports business continued to focus on growth of profitable turnover

during the year.Despite a sluggish recovery in most overseas markets, turnover

grew by 9.3%. A robust value analysis and cost savings programme enabled

improve margins, thereby driving profit growth ahead of turnover growth.

The business maintained high levels of customer service and product quality,

and rationalised working capital levels, thereby improving cash generation.

Water

Pureit is a unique in-home drinking water purification system that offers protectionto children and families from waterborne diseases. Pureit has a special Germ KillKit that removes Also during the year, Company launched a new model, PureitMarvella. This is being marketed as Indias first fully automatic purifier, asconsumers do not need to start, stop, fill or wait to pour water out of it. Theseinitiatives have led to sustained turnover growth with improved margins, in linewith business plans.


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Beauty and wellness

Lakme Lever Private Limited (LLPL), a wholly owned subsidiary ofHUL, expandedthe network of Lakm Beauty Salons during the year with the opening of 11Company owned and managed salons, along with 18 franchisee salons.

6.Areas covered in HULs Accounting Policies:Accounting policies covered are revenue recognition, expenditure, fixed assets,goodwill and other intangible assets, impairment of assets, sundry debtors & loans &advances, provisions, taxes on income, foreign currency translation, operating leases,segment reporting.

7.Financial Health of HULa. Shareholders(Present & Potential)

Of late, an increase in roic has been noticed due to increase in companysprofit margin owing to the cost effective programmes implemented. RONW

for HUL though has declined sharply over the years, it still stands strongly in

the FMCG market. Net worth turnover ratio, debt equity ratio and debt to total

invested capital have declined but they are still comparable to the industry

average. What present shareholders would be interested to look into would be

ROE (or RONW), EPS, book value to market value ratio, dividend payout

ratio and P/E ratio. All these ratios suggest a financially sound position HUL

in the industry. Also, the companys financial performance is very keenly

observed by the potential shareholders given competitive RONW, debt equity

ratio and debt to invested capital company has invested in brand innovation

and augmented their distribution and supply chains over the past three-four

years, and these will have a positive bearing on its performance in the next

two-three years.

b.Managers (Efficiency)As a manager, there are certain ratios, which do not specifically look at profits.These ratios will measure performance and health of the organization.

Trend of the ROA is from 2007-08 to 2010-11 is increasing continuously. So,

company is earning more money on less investment. RONW, from 2007-08 to2010-11 had declined from 127% to 87%. That is negative side for thecompany to generate capital and get money to invest in new venture.

Total Asset Turnover Ratio (TATR), had declined from 10.53 to 8.31. so,

companys utilization of asset to manufacture products is low, ultimately its

efficiency is low. Avg. Collection period for the company had increased from

12 to 18 days, which shows uncertainty of company to turn its receivables into

cash. Inventory Turnover Ratio, from 2008-09 to 2010-11, has decreased.

From figures poor sales and excess inventory levels. Working Capital

Turnover Ratio (WCTR), Negative working capital ratio indicates that theactivities are not generating enough revenue to cover their expenses. Days


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Inventory, From 2008-09 to 2010-11, it has increased or improved. So,

company is converting its inventory into cash at fast pace. Avg. Credit period,

has increased from time. This situation enhances the credit worthiness of the

company.

Companys Current Ratio, is not very trust worthy. As liabilities are more then

assets, company is not very safe in its day-to-day obligations.

Overall company is not very efficiently operated and needs to be worked upon

inventory and liabilities part.

c. Lenders (Short Term & long Term)Lenders considering loans to a business are primarily interested in the liquidity

ratios of the company which indicate companys ability to repay short-term

debt. The liquidity ratios i.e current ration and acid test ratio for HUL are less

than 1 which is satisfactory from the lenders point of view as this shows that

company does not have enough current assets to meet the payment schedule of

current liabilities with a margin of safety. Acid test is considered to be a better

indicator of liquidity of a company because inventory, which is the least liquid

of all the components of current asset, is deducted from it. Further, low debt

equity and debt to invested capital ratios of HUL is seen financially good as

higher these ratios, debt portion would have been higher and a large part of the

profit may go to pay debt. Overall, for short term and long term lenders,

HULs performance can be seen as satisfactory.

8.Major Expense heads for the company

As shown in the graph, two major expense heads for the company are advertising &sales promotion and carriage & freight. So, company is spending good amount of

2764.23

2423.04

2130.91

1422.89

1045.15874.01

1136.68

731.41

2010-2011 2009-2010 2008-2009 2007-2008

Major Expense Heads

Advrtising and sales promotion (Rs. Cr) Carriage and freight (Rs. Cr)


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money on selling and distribution expenses of product.

Expense on Advertising and sales promotions, as can be seen in graph, constantly

increases from 2007-08, it was 10.37% of net sales and in 2010-11 it reached to

14.25% of net sales. So, this expense has been one of the margin eaters for HUL.

Expense on Carriage and Freight, in 2007-08 to 2008-09 increased substantially then

came down to 874.01 Cr. In 2009-10 and again increased to 1045.15 Cr. In 2010-11.

So, carriage and freight expenses are more of a fluctuating kind of and concern for the

company.

9.Cash Flow AnalysisHULs growth did not come without a price, as growing the business took precedence

over everything else. Not only did margins get affected, as seen from its interim

results, but its cash flow from operations also declined in 2010-11 after seeing a surgein last four years. HULs operating profit before working capital changes fell by 2%,

but working capital requirements rose during the year. Receivables and inventories

increased while payables fell.The net result was a 39% fall in its cash from operations.

This is partly a base effect, as the previous years cash flow saw a substantial jump.

The focus on volume growth in 2010-11 could explain higher stocks with the

company, and better terms to trade channels. A fall in payables could be due to

stocking up on materials to protect from an expected rise in prices. Since margins are

under threat, a company may prefer lower costs to better credit. At around Rs1,900

crore, HULs net cash from operations is still relatively healthy and adequate for its

needs.

Net cash generated from investing activity also showed a huge decline in 2010-11 dueto significant purchases and sales of investment. The company invested huge amountin the supply chain cost effectiveness programme and R&D activities. However, thissaw great rise in the preceding four years. 2008-09 saw a huge decline in net cashgenerated from the financing activities owing mainly to the repayment of the

borrowings. Further, there was not so significant trends in the financing area, itincreased. Hence, overall net cash and cash equivalent recovered to some extent in2010-11 after a tremendous fall in 2009-10 due to large negative cash outflow ininvesting and financing area.

10. Issues covered in MDAIndian current economic scenario and FMCG market condition.

Performance of businesses of HUL like Home & Personal care Business, Soaps &Detergents, Personal products, Foods, Export Business, Water purifier, HindustanUnilever Network, Beauty & wellness.

Different customer management initiatives like PROJECT SHAKTI.

Supply chain progress by implementing SAP and enhanced TPM.


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Companys R&D and Innovation planning in Health and Hygiene, Laundry, SkinCare, Water Purification, Tea, Ice Cream and Naturals segments. Details ofexpenditure on R&D and Innovation.

Companys stance on Environment, safety, Health and Energy Conservation. Its focus

on the vision of being an InjuryFree and Zero Environment Incident organisation.Company has adopted a progressive and pro-active stance on environmental issueslike education of Green House Gases (GHG), Water conservation and Wastereduction across the value chain. steps taken to reduce the CO2 emission from itsoperations significantly.

Human Resource agenda of HUL, is widely acclaimed for its people developmentpractices and has further reinforced its position in this area in 2010-11.

Information Technology area, The enterprise-wide SAP platform forms the backboneof IT and encompasses all core business processes in the Company and for

collaboration with our suppliers and customers.

Finance and accounting, Companys continued focus on cash generation resulted in astrong operating cash flow during the year; driven by good business performance,efficiencies and cost savings across the supply chain and greater focus on workingcapital management.

Employee Stock Option Plan (ESOP)

Corporate Governance in that Rick and internal adequacy, Outlook and CautionaryStatement.Subsidiary Company

Corporate Social Responsibility, Companys vision is to increase the positive impactin the social agenda by improving health and well being, reduce the environmentalimpact from greenhouse gases, water and waste and work towards prosperity of Indiaand business by enhancing livelihoods amongst farmers through sustainable sourcingand expanding our small distributor model. The Unilever Sustainable Living Plan(USLP) has three significant outcomes by 2020: Help more than a billion people takeaction to improve their health and well-being, Halve the environmental impact of themaking and use of Unilever product and Enhance the livelihoods of thousands of

people in Unilevers supply chain

Board of directors and Management Committee

Auditors

Appreciations and acknowledgement


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11. ReferencesHindustan Unilever Limited -http://www.unilever.com

HUL Information -http://economictimes.indiatimes.com/hindustan-unilever-ltd/stocks/companyid-13616.cms

HUL Information -http://www.moneycontrol.com/india/stockpricequote/personalcare/hindustanunilever/HU

About HUL Net -http://www.business-standard.com/india/news/hul-net-jumps-112-to-rs-1331-cr-in-apr-jun/179777/on
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