Annual Report For The F.Y. 2016-17 - Hindustan Unilever

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AnnuAl report2016-17MAKINGSUSTAINABLELIVINGCOMMONPLACE

our purpoSeHINDUSTAN UNILEVER LIMITED HAS A CLEAR PURPOSE – TO MAKE SUSTAINABLE LIVING COMMONPLACE.WE BELIEVE THIS IS THE BEST WAY TO CREATE LONG-TERM VALUE FOR ALL OUR STAKEHOLDERS, ESPECIALLY IN AVOLATILE AND UNCERTAIN WORLD.Our Purpose inspires our Vision – to accelerate growth in our business, while reducing our environmental footprint and increasing our positive socialimpact. We want our business to grow, but we recognise that growth, at the expense of people or the environment, is both unacceptable and commerciallyunsustainable. Sustainable growth is the only acceptable model for our business.Our Purpose and Vision combine a commercial imperative to succeed against competition, with the changing attitudes and expectations of consumers.This Annual Report and Accounts explains how, in 2016-17, we have continued to pursue our Purpose and work towards making our Vision a reality.During the year, we continued to deliver growth that is consistent, competitive, profitable and responsible. This track record of long-term success isunderpinned by the Unilever Sustainable Living Plan (USLP), which helps us manage risk, inspires brand purpose and innovation, drives down costs toimprove returns and builds trust among consumers across our categories and operations.Our success depends on the expertise and talent of our people. They are constantly challenged by an environment that remains volatile, uncertain,complex and ambiguous. Digitisation is impacting all aspects of life. At the same time, it is getting easier to enter our industry. The market is fragmentingas a result of changes in consumer habits, sales channels and the media. This is why the Company is also changing through the business transformationprogramme, Connected 4 Growth, which we started to implement during 2016. It is creating a business which is more consumer and customer-centric,faster, more efficient and empowered so that our people can meet these challenges with the necessary resources.As part of this change, we are adopting new ways of working to be more entrepreneurial to complement our existing category strategies. In turn, theseclearly-defined strategies across our four categories ensure that the Company has a well-balanced and resilient portfolio relevant to meeting ourPurpose and Vision.ContentSoverview– About us . 1– Our Performance. 2– Unilever Sustainable Living Plan . 3– Financial Performance. 4– Performance Trends. 5– Chairman’s Statement . 6– Board of Directors and Management Committee. 7– Our Business Model . 8– Our Brands . 9– Our Operations . 10– Our People . 11– Corporate Information. 12reportsFinancial StatementsStandalone Financial Statements– Economic Value Added . 67– Independent Auditors’ Report . 69– Balance Sheet. 74– Statement of Profit and Loss . 76– Statement of Changes in Equity. 78– Statement of Cash Flows . 79– Notes. 81Consolidated Financial Statements– Independent Auditors’ Report . 135– Consolidated Balance Sheet . 138– Statement of Consolidated Profit and Loss. 140– Consolidated Statement of Changes in Equity. 142– Consolidated Statement of Cash Flows . 144– Notice. 13– Notes. 146– Profile of Directors (seeking appointment / re-appointment) . 18– Form AOC-1 . 210– Directors’ Report and Management Discussion and Analysis. 20others– Corporate Governance Report . 49– Awards and Recognition. 212– Secretarial Audit Report. 65– Proxy FormonlIneYou can find more information about Hindustan Unilever Limited online at www.hul.co.in. For further information on the Unilever Sustainable Living Plan (USLP)visit www.hul.co.in/sustainable-living

Overview Reports Financial Statements1About uSour StrAteGIC FoCuSNINE OUT OF TEN INDIAN HOUSEHOLDS USE OURPRODUCTS EVERYDAY TO FEEL GOOD, LOOK GOOD ANDGET MORE OUT OF LIFE.OUR CATEGORIES HAVE CLEARLY DEFINED STRATEGIESWITH THE COMMONGOALOF GROWTH THATIS CONSISTENT,COMPETITIVE, PROFITABLE AND RESPONSIBLE.our CAteGorIeS AnD brAnDSFurther binding the category strategies together are our Compass pillarswhich define how Unilever wins with consumers. They are:Each of our categories - Home Care, Personal Care, Foods andRefreshments, includes a portfolio of brands that aim to deliver consistent,competitive, profitable and responsible growth. Our endeavour issupported by consistent investment in product innovation and marketingactivities. With over 35 brands spanning 20 distinct categories includingsoaps, detergents, shampoos, skin care, toothpastes, deodorants,cosmetics, tea, coffee, packaged foods, ice cream, frozen desserts andwater purifiers, the Company is a part of the everyday life of millions ofconsumers across India. Our portfolio includes leading household brandssuch as Lux, Lifebuoy, Surf excel, Rin, Wheel, Fair & Lovely, Pond’s,Vaseline, Lakmé, Dove, Clinic Plus, Sunsilk, Pepsodent, Closeup, Axe,Brooke Bond, BRU, Knorr, Kissan, Kwality Wall’s and Pureit.WHere We operAteHindustan Unilever Limited operates across the length and breadth ofIndia. We have over 18,000 employees working across our factories andoffices. Conducting our operations with integrity and respect for the manypeople, organisations and the environment that our business touches,has always been at the heart of our corporate responsibility. 1,000 Crore brAnDS1. Lux2. Dove3. Clinic Plus4. Pond’s5. Vim 2,000 Crore brAnDS1. Surf excel Winning with Brands and Innovation Winning in the Marketplace Winning through Continuous Improvement Winning with PeopleUnderpinning the Compass is the USLP which is the foundation of ourbusiness. By delivering social and environmental benefits throughout ourbusiness, we drive our growth, which in turn drives our ability to improvethe lives and opportunities of people, everywhere.The USLP contributes directly to consistent growth by helping managerisk, for example, through the supply of sustainably-grown agriculturalraw materials, such as vegetables in our Foods brands. This is especiallyimportant as climate change affects rainfall. It drives growth that iscompetitive, by stimulating innovation to create brands that meet thegrowing consumer demand for sustainable products. Profitable growthis achieved by reducing costs through sustainable production methods inour factories, which reduce waste, use fewer raw materials and consumeless energy. Responsible growth is an outcome of the trust that we earnby acting ethically and responsibly.Each of our four category strategies includes specific priorities aimed atgrowing sales and delivering improved financial metrics, such as marginand cash flow.Our categories face numerous and increasingly complex challenges asthe industry experiences rapid fragmentation and disruption. However,our Compass pillars provide strategic responses to help drive growthahead of the market.Our success as an organisation depends on our ability to identify andmitigate the risks generated by our business. In doing so, we take anembedded approach to risk management, which puts risk and opportunityassessment at the core of the leadership team agenda, which is where,we believe, it should be.2. Brooke Bond3. Wheel4. Rin5. Lifebuoy6. Fair & LovelyAnnual Report 2016-17 Hindustan Unilever Limited

2our perFormAnCeTHE BENEFITS THAT OUR VISION AND STRATEGY DELIVERS, TRANSLATE INTO GROWTH ORIENTED PERFORMANCE FORSHAREHOLDERS AND SOCIETY AT LARGESeGment perFormAnCeSeGmentAl reVenue (%)SeGmentAl proFItS (%)Home Care33Home Care21Personal Care483Personal hers21130FInAnCIAlnet reVenue2016-17ebItDA2016-17crorescroresepS (bASIC)2016-17CASH From operAtIonS2016-17 34,487 6,047 20.75 6,500 The Domestic Consumerbusiness grew by 4% with 1%underlying volume growth in achallenging environmentLast year basic EPS: 19.12per shareCash from operations was up 1079 crores over the previousyearEarning Before Interest TaxDepreciation and Amortisation(EBITDA) improved by 38 n in CO2 emissions (kg/tonneof production) in our manufacturingoperations compared to 2008baselinebetter lIVelIHooDS201672,000Shakti Entrepreneurs empowered20162016Reduction in water consumption (m3/tonne of production) in our manufacturingoperations compared to 2008 baselineReduction in total waste (kg/tonne ofproduction) generated from factoriescompared to 2008 baseline53%SuStAInAble SourCInG2016100%Tomatoes used in Kissan ketchup sourcedsustainablyHindustan Unilever Limited Annual Report 2016-1745%HeAltH AnD Well-beInG2016 130 millionPeople reached through our health andhygiene programmes

Overview Reports Financial StatementsunIleVer SuStAInAble lIVInG plAnImproVInG HeAltH AnD Well-beInGenHAnCInG lIVelIHooDSBy 2020, Unilever will help more than a billion people takeaction to improve their health and well-being.By 2020, Unilever will enhance the livelihoods of millions of people as it grows itsbusiness.HeAltH AnDHYGIeneTARGETBy 2020, Unileverwill help more than abillion people globallyto improve their healthand hygiene. Thiswill help reduce theincidence of lifethreatening diseaseslike diarrhoea.PERFORMANCEIn India, over 130million people werereached by December2016 throughprogrammes onhandwashing, safedrinking water andsanitation.nutrItIonTARGETBy 2020, Unilever willdouble the proportionof its portfolio acrossthe globe, that meetsthe highest nutritionalstandards, based onglobally recogniseddietary guidelines. Thiswill help hundreds ofmillions of people toachieve a healthierdiet.PERFORMANCE46% of HUL’s Foodsand Refreshmentsportfolio met thehighest nutritionalstandards in 2016,based on globallyrecognised dietaryguidelines.FAIrneSS In tHeWorKplACeTARGETopportunItIeSFor WomenTARGETInCluSIVebuSIneSSTARGETBy 2020, Unileverwill advance humanrights across globaloperations andextended supply chain.By 2020, Unilever willempower five millionwomen across theglobe.By 2020, Unilever willhave a positive impacton the lives of 5.5million people acrossthe world.PERFORMANCEHUL continued toembed human rightswith a focus on eightsalient human rightsissues identified byUnilever which aredocumented in the2015 Human RightsReport.PERFORMANCEHUL’s Shaktiprogrammeempowered 72,000Shakti Entrepreneursby December 2016.The Total RecordableFrequency Rate (TRFR)reduced to 75% in2016 compared to 2008baseline for accidentsin HUL’s factories andoffices.PERFORMANCEHUL is running 113livelihood and outreach centres offeringover 20 courses aspart of the Prabhatinitiative aroundits manufacturinglocations. As ofDecember 2016, over17,000 people havebeen successfullycertified and over12,000 people havealready been linkedto employmentopportunities.reDuCInG enVIronmentAl ImpACtBy 2030, Unilever’s goal is to halve the environmental footprint of the making and use of its products as it grows its business.GreenHouSe GASeSTARGETWAterTARGETWASteTARGETHalve the greenhouse gasimpact of Unilever’s productsacross the lifecycle by 2030.Halve the water associatedwith the consumer use ofUnilever’s products by 2020.Halve the waste associatedwith the disposal of Unilever’sproducts by 2020.PERFORMANCEPERFORMANCEPERFORMANCECO2 emissions (kg/tonne ofproduction) in HUL’smanufacturing operationsreduced by 49% compared to2008 baseline.Water consumption (in m3/tonne of production) in HUL’smanufacturing operationsreduced by 53% compared to2008 baseline.Total waste generated (kg/tonne of production) fromHUL’s factories reduced by45% over 2008 baseline.SuStAInAbleSourCInGTARGETBy 2020, Unilever will source100% of its agriculturalraw materials for globaloperations, sustainably.PERFORMANCEIn India, a total of 46% of teasourced for Unilever’s brandsis from sustainable sources.Nearly 99% of paper and boardused for packing HUL’s productsis from sustainable sources.Our USLP commitments and targets are subject to internal verification. For details of the definitions and reporting periods used in the preparationof these commitments and targets, see our Sustainable Living Section at www.hul.co.in/sustainable-livingAnnual Report 2016-17 Hindustan Unilever Limited3

4FInAnCIAl perFormAnCe10 YeAr reCorDStAnDAloneStatement of profit & lossAccountGross Sales*Other IncomeInterestProfit Before Taxation @Profit After Taxation @Earnings Per Share of 1Dividend Per Share of 1( (15 -11 IGAAp2011-12 2012-13 2013-14 2014-15 nD AS2016-172015-16 24720.7517.00*Sales before Excise Duty Charge @ Before Exceptional/Extraordinary items Based on Revised Schedule VI/Schedule III #Includes special dividend##Figures are restated as per IND ASbalance SheetFixed AssetsInvestmentsNet Deferred TaxNet Assets(Current and Non-current)Share CapitalReserves & SurplusLoan Funds2009-102010-11 IGAAp2011-12 2012-13 2013-14 2014-15 1,7081,441213(1,834)2008-09(15 02007 Based on Revised Schedule VI/ Schedule IIIKey ratios and eVA2007EBITDA (% of Gross Sales)Fixed asset Turnover (No. ofTurnover)PAT / Gross Sales (%)ROCE (%)RONW (%)Economic Value Added(EVA)( crores)InD AS2016-172015-16 2015-16##Figures are restated as per IND AS##IGAApInD AS2016-172010-11 2011-12 2012-13 2013-14 2014-15 2015-16 2015-16##2009-1014.18.62008-09(15 .616.210.916.910.317.510 6.63,498* Shown on annualised basis ##Figures are restated as per IND ASReturn metrics (ROCE and RONW) are lower in IND AS compared to IGAAP since under IND AS final dividend including taxes are accounted after approval in AGM only; whereasin IGAAP such dividends were recognised in the same year to which they relate to. The final final dividend for the financial year 2015-16 was 2,474 crores.othersHUL Share Price on BSE( Per Share of 1)*Market Capitalisation( crores)Contribution to Exchequer ( -152015-162016-172142008-09(15 7043,9534,8396,3656,6808,309*Based on year-end closing prices quoted in the BSE LimitedHindustan Unilever Limited Annual Report 2016-171,88,154 1,96,9028,8569,249

Overview Reports Financial Statements5perFormAnCe trenDSGross Sales( crores) profit After tax( crores) ebIt4,500(% of 100007500500025000Contribution to exchequer ( crores) Fixed Assets turnover (No. of 04,0004.03,0002,000 Includes Special 16#Earnings Per ShareDividend Per ShareFigures are restated as per IND 2400market Capitalisation and Hul Shareprice250,0002009-102800*Figures are for 15 months 10.08.006.004.002.0003200*2008-09360000.0earnings and Dividend per Share( ) 2007economic Value Added (eVA)( 072.01,00010009008007006005004003002001000Market CapitalisaIon ( crores)HUL Share Price on BSE ( )**Based on year-end closing prices quoted in the BSE LimitedAnnual Report 2016-17 Hindustan Unilever Limited

6CHAIrmAn’S StAtementDear Shareholders,It gives me great pleasure to share with you an update on the overallperformance of your Company in 2016-17. It was yet another difficultyear for the global economy, characterised by low growth and geopoliticaluncertainties. In India, rural demand continued to be sluggish in the earlypart of the year on the back of two consecutive poor monsoons.The overallmarket showed signs of recovery in the latter half of the year but faced atemporary slowdown in November due to demonetisation.In this challenging business environment, Hindustan Unilever Limited(HUL) delivered a resilient performance in 2016-17. This was enabledby our 4G model of growth - consistent, competitive, profitable andresponsible growth. We believe that this model, particularly in times ofuncertainty, is in the best long-term interest of all our stakeholders and agood indication of a robust strategy.In the year under review, our Domestic Consumer business grew 4% with1% underlying volume growth. EBITDA margin expanded by 38 bps andsaw an improvement for the sixth consecutive year. Profit after tax beforeexceptional items, PAT (bei), grew by 3% to 4247 Crores and Net Profitat 4490 Crores was up 9%. The strong track record of cash generationwas sustained. The Board of Directors have proposed a final dividend of 10 per share, subject to the approval of the shareholders at the AnnualGeneral Meeting. Together with an interim dividend of 7 per share, thetotal dividend for the financial year ended 31st March, 2017 amounts to 17 per share.Each of our businesses had an important role to play in delivering thesestrong results. In Home Care, growth was driven by premium Fabric Washas Surf excel sustained its volume-led growth momentum and remainsthe biggest brand in the Company portfolio. Vim liquid continued to drivemarket development of the emerging premium household cleaningsegment. The Water portfolio was expanded with the launch of theReverse Osmosis (RO) range and was well-received by consumers.The Personal Care business continued to lead trends across all categorieswith a particularly strong performance in Hair Care and Lakmé colourcosmetics. In addition to driving our core business, we strengthenedour presence in fast-growing segments of the market. We led thepremiumisation of the Skin Care market with new launches on all ourskin brands –Lakmé, Fair & Lovely and Pond’s. In the growing ‘naturals’segment, we launched a new and expanded range of authentic AyurvedicPersonal Care products under the LEVER Ayush brand name. Similarly,we entered the Baby segment with the launch of Baby Dove.Our Foods business continued its focus on strong market buildinginitiatives. To extend our appeal to young adults, Kissan launched anew range of ‘khatta meetha’ jams in Berry, Strawberry and Orangeflavours. Knorr expanded its international range with the launch of ItalianMushroom soup, Hong Kong Manchow Noodles soup and Shanghai Hot& Sour Chicken soup.In the Refreshments category, Tea sustained broad-based growth bydifferentially leveraging its portfolio across the country. Coffee continuedon its premiumisation agenda with BRU, while Ice Creams and FrozenDesserts exited the year with robust innovation led growth.transformation within our organisation and leverage our IT capabilitiesto drive competitive advantage. We grew strongly in the fast emerginge-commerce channel even as we adopted sophisticated IT solutions toimprove our reach and service to millions of small retailers across thelength and breadth of India. Technology is also enabling us to betterunderstand our consumers. For instance, our Consumer and MarketInsights group has created a People Data Centre that analyses trendsfrom social media, consumer care-lines and digital marketing to turnmillions of ‘conversations’ into business decisions that optimise salesand revenue.Our Sales and Marketing initiatives were ably supported by our world-classSupply Chain. In 2016, we set up a new state-of-the-art manufacturingfacility in Doom Dooma, Assam. This project, christened ‘Project Rhino’,went from concept to commissioning in just ten months and is an excellentexample of operational excellence and a relentless bias for action.Even as we expand our operations, we remain equally committed to theUnilever Sustainable Living Plan (USLP) and driving our environmentaland social agenda through our brands and corporate actions. Lifebuoy,Domex and Pureit continued to lead our initiatives in the areas of hygiene,sanitation and safe drinking water. Through our ‘Swachh Aadat, SwachhBharat’ programme, we supported the Indian government’s SwachhBharat Abhiyan (Clean India Mission) and promoted good health andhygiene practices in communities across the country. Our efforts in thearea of health and well-being reached over 130 million people by the endof 2016.In line with our USLP goals, we took significant steps to further reducewaste, water consumption and energy usage in our factories and offices.The share of renewable energy used by us increased to 28% throughseveral innovative initiatives such as converting our agricultural processwaste into consumable fuel. In our Sumerpur unit, we are using solarenergy that meets 80% of power requirement for most of the daylighthours. This increase in use of renewable energy and reduction inenergy consumption has helped in reducing the carbon foot-print of ourmanufacturing locations by 13% over the previous year. Equally, initiativessuch as reuse of treated effluent water and rain water utilisation havehelped in lowering water consumption across our factories by 9% overthe previous year. In the last five years, per tonne of production, ourenergy consumption has reduced by over 30% and water consumptionhas reduced by 40%.None of these achievements would have been possible without thepassion and commitment of our employees - our biggest asset. During2016, we launched a major initiative – ‘Connected 4 Growth’, which strivesto further empower our people and creates an organisation that is evenmore consumer and customer-centric, faster and more efficient.I am pleased to report that our focus on Human Resources development,yet again, ensured that we are chosen as the ‘No. 1 Employer of Choice’by students across premier B-schools in the Nielsen survey. We havebeen ranked in the Top 10 by ‘The Best Companies for Women in India’(BCWI) Study 2016. These are all recognitions of our ability to attract andretain the best talent and our commitment to a diverse and inclusive workculture.One of the major strengths of your Company is the relentless focus onexecution and productivity and this helped us to sustain brand investmentsat competitive levels, while significantly improving margins. Our‘Winning in Many Indias’ (WIMI) organisational initiative has made useven more agile and responsive to a rapidly evolving marketplace withintensified competition, channel fragmentation and an increasinglysegmented consumer base.I would like to take this opportunity to thank each and every employee aswell as those who work with us across the value chain for their unstintingsupport and hard work in the service of our Company. I would also liketo thank you, our shareholders, for your continued trust in the business.Technology and mobile connectivity are rapidly changing consumerbehaviour and business processes. We continued to lead the digitalHarish manwaniChairmanHindustan Unilever Limited Annual Report 2016-17Best Regards,

Overview Reports Financial StatementsboArD oF DIreCtorSmAnAGement CommItteemr. Harish manwanimr. Sanjiv mehtamr. Sanjiv mehtamr. p. b. balajimr. p. b. balajimr. pradeep banerjeemr. pradeep banerjeemr. Dev bajpaimr. Dev bajpaims. Geetu Vermamr. Aditya narayanmr. b. p. biddappamr. S. ramadoraims. priya nairmr. o. p. bhattmr. Sandeep KohliDr. Sanjiv misramr. Sudhir Sitapatims. Kalpana morpariamr. Srinandan SundaramChairmanManaging Director and Chief Executive OfficerExecutive Director, Finance & IT and Chief Financial OfficerExecutive Director, Supply ChainExecutive Director, Legal & Corporate Affairs and Company SecretaryIndependent DirectorIndependent DirectorIndependent DirectorIndependent DirectorIndependent DirectorManaging Director and Chief Executive OfficerExecutive Director, Finance & IT and Chief Financial OfficerExecutive Director, Supply ChainExecutive Director, Legal & Corporate Affairs and Company SecretaryExecutive Director, FoodsExecutive Director, Human ResourcesExecutive Director, Home CareExecutive Director, Personal CareExecutive Director, RefreshmentsExecutive Director, Sales and Customer DevelopmentAnnual Report 2016-17 Hindustan Unilever Limited7

8our buSIneSS moDelWE BELIEVE THAT SUSTAINABLE AND EQUITABLE GROWTH IS THE ONLY LONG-TERM BUSINESS MODEL. THAT IS WHYWE HAVE PLACED THE UNILEVER SUSTAINABLE LIVING PLAN AT THE HEART OF OUR BUSINESS MODEL.Our sustainable business model drives growth that is consistent byreducing risks, is more competitive through inspiring innovations thathelp us grow, is more profitable by reducing costs and is more responsible– leading to enhanced trust in our business.The three big goals* of the USLP – to help more than one billion peopleimprove their health and well-being by 2020; to halve the environmentalimpact of our products across the value chain by 2030; and to enhance thelivelihoods of millions as we grow our business by 2020 – are integratedinto our business model. From sustainable sourcing of our agriculturalraw materials to sustainable manufacturing, to marketing brands withpurpose – the USLP is our blueprint for achieving our Vision.We invest in innovation and brands, which create profitable volumegrowth. Our scale spreads fixed overheads, improving profitability further,and this profitable growth allows us to reinvest, generating more freecash flow which can be further invested in brands and innovation which inturn drives more profitable volume growth.ConSumer InSIGHtOur business model begins with consumer insight which informs brandinnovation. Accurate insight is critical to understanding how marketsare changing. We forge relationships with consumers through insightsfrom focus groups, quantitative studies and regular market visits. Digitalresearch adds one-on-one sophistication while new lines of communicationare opening through direct-to-consumer channels, allowing closerrelationships. Our Consumer and Market Insight (CMI) group helps usprioritise growth opportunities. Through CMI, we monitor data aboutconsumption patterns and social media dialogue to inform action, includingsustainability insights, which drive product innovations and behaviourchange programmes.CollAborAtIonCollaboration is critical to our success. We are open to external ideasand adept at capturing and integrating their benefits. The USLP involvesworking with government and NGOs. Our Supply Chain operates thePartner to Win programme to encourage innovations from suppliers. Thisfurthers innovation-led growth and helps us in our USLP commitmentto halve the environmental impact of our products across their lifecycle.InnoVAtIonOur innovations use insights and technologies to deliver brand-ledbenefits whic

CIN : L15140MH1933PLC002030 Designed & Printed by Burda Druck India Private Limited HUL Annual Report 2016-17 Cover.indd 1-2 29/05/17 6:32 PM PANTONE 293 C AnnuAl report . 2016-17 . MAKING SUSTAINABLE LIVING COMMONPLACE . HUL Annual Report 2016-17 Cover.indd 3-4 29/05/17 6:32 PM

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