PART I- ORGANISATIONAL PROFILE

NAME OF COMPANY: Gujarat Fluorochemicals Limited

ADDRESS: Ranjit Nagar, Ghoghamba, Panchmahal, Gujarat.

REGISTERED OFFICE: GFL Survey No.16/3, 26-27, Ranjit Nagar,

Taluka- Ghoghamba, District- Panchmahal-389380, gujarat

TELEPHONE NO: +91 267248153

E-MAIL:inoflon@gfl.co.in, contact@gfl.co.in

COMPANY ESTABLISHMENT:Started in 1989, Ranjit Nagar site is

an ISO9001:2015, ISO 14001: 2015 and ISO 45001:2018 certified
facility manufacturing Fluoro specialities and Refrigerants.

MANAGING DIRECTOR: Vikas Kumar Jain

 CH-1: INTRODUCTION

GFL is An ISO 9001:2015, ISO 1400:2015, ISO 45001:2018 and SA 8000:2014

certified organisation.

Gujarat fluorochemical Limited (GFL) is an India based company and is a part of

Inox group of companies.

GFL is a leading producer of fluoropolymers, fluorospecialities, and refrigerant and

chemicals for application in varied industries.

GFL derives its strength from expertise in Fluorine Chemistry, vertical integration
from natural minerals to Fluoropolymers and strong R&D, enabling it to provide one
of the best quality products meeting all regulatory compliances, to our clients
globally.

Gujarat Fluorochemicals Ltd a public limited company was incorporated in the year
1987 primarily to manufacture refrigerants in India. The company was jointly
promoted by Industrial Oxygen Company along with its subsidiary and the Gujarat
Industrial Investment Corporation. The company commenced their commercial
operations in the year 1989 with India’s largest Refrigerant manufacturing unit at
Ranjitnagar, Gujarat, India. The site was further expanded to produce Fluorospeciality
products catering to the growing demands in global agriculture and pharmaceutical
industry. The headquarters of GFL is in inox towers, noida, uttar Pradesh, India[1]

Foraying into new avenues in 2007, with one of the world’s most integrated facilities
at Dahej, Gujarat, India, and GFL now has a diverse portfolio of Fluroropolymers
comprising PTFE, PFA, FEP, FKM, PVDF and Fluoropolymer Additives.

With three manufacturing facilities in India, a captive Fluorspar mine in Morocco,

offices and warehouses in Europe and USA, and a marketing network spread across
the world, GFL is one of the established players in Fluoropolymers and
Fluorospecialities markets.

Their Sustainability goals are interwoven with the way we do business all along their
value chain. The company is signatory to the United Nations Global Compact
(UNGC), and is a member of the Indian Chemical Council (ICC). Their focus on
Health, Safety and Environment is reflected in the wellbeing and safety of people.
All-inclusive efforts towards sustainability at various faces make us long-term
partners for their customers across geographies.

Dvendrakumar Jain is the founder and initial chairman, managing director of the
organization. And now vivek jain the son of devendrakumar jain is the managing
director of the GFL.

GFL owns and operates an entertainment business through INOX Leisure Limited. In
the year 1998-99 the company diversified in Entertainment business by setting up a
national chain of multiplexes with the help of Mckinsey & Co Inc a leading
international management consultancy organization specializing in corporate strategy.
GFL has presence in the wide energy business through its subsidiary INOX Wind.
Inox Wind is a fully integrated player in the wind energy market The Company
entered into a technical collaboration with Stauffer Chemicals Pennwalt Corporation
and Stearns Catalytic Corporation USA and commissioned a plant near Vadodara In
the year 2000.
 CH-2: THE ORGANISATION

EVOLUTION AND HISTORY

 1987: Gujarat fluorochemicals Limited (GFL), a public limited company,

were incorporated on 04 February, 1987 as a Refrigerant manufacturer in
India. The company was promoted jointly by industrial oxygen co.ltd, along
with its subsidiary, a part of siddho Mal group and Gujarat industrial
investment corporation, Ltd. (GIIC)

 1988: In 1988, GFL launched a public issue and established a manufacturing

plant to produce chlorofluorocarbon Refrigerant gases and hydrofluoric Acid
in Panchmahal, Gujarat.
 1989: GFL commenced its commercial operation in the year 1889 and entered
into a technical collaboration with STAUFFER CHEMICALS PENNWALT
CORPORATION, USA and commissioned a plant near Vadodara.
 1991: 1370000 No. Of shares allotted at par to industrial Oxygen co, Ltd in
conversion of loan.
 1992: 1620000 shares allotted to conversion of loans.
 1997: The Company has set up a project identification cell, which is scanning
economic environment to spot good business opportunities, either on its own
or with the help of outside consultants.
 1999: In the year 1999, GFL diversified into entertainment business through
INOX LEISURE LTD- a chain of multiplexes across India.
 2000: INOX LEASING AND FINANCE LTD has proposed to acquire
877900 equity shares of the company from GUJARAT INDUSTRIL
INVESTMENT CO.LTD (7.58 %) at Rs. 134 per share.
 2001: The promoters of the 500 crore INOX GROUP, suppliers of industrial
gases, has diversified into destination leisure and entertainment business.
Company has splits its face value of shares from 10 to Rs 2.
 2006: In 2006, GFL implemented clean development mechanism project
entailing reduction of greenhouse gas emissions by the thermal oxidation of
HFC-23, a by-product generated at the Refrigerant gas plant at Ranjitnagar,
 Gujarat. In lieu of that, the company received carbon credits issued by the
UNFCCC to be traded in international markets.
 2007: In the year 2007-08, GFL established a chemical complex at Dahej,
Gujarat. The chemical complex comprised of a captive power plant, caustic
soda and chlorine plant, chloromethane plant and a polytetrafluoroethaylene
(PTFE) plant. During the year, GFL also entered into a JV in china, for
manufacturing of anhydrous hydrogen fluoride and allied activities.
 2008: Company has splits its face value of share from Rs 2 to Rs 1.
 2010: GFL has appointed Shri. Chandra Prakash Jain as an additional director
on the board of the company. He is an independent director on the board of the
company.
 2011: GFL has appointed Shri. Mahesh Prasad as an additional director on the
board of the company. He is an independent director on the board of the
company.
 2012: GFL has transferred the wind energy business of the company including
all the undertaking comprised therein to INOX Renewable Ltd, a subsidiary of
the company by the way of slump sale.
 2019: In 2009, GFL incorporated a wholly owned subsidiary, Gujarat
fluorochemicals Americans LLC, to conduct business operation across the
American subcontinent. Year 2009 also marked GFL’S diversification into
wind energy business through INOX WIND LTD, a leading wind energy
solution provider in India.
 2011: In 2011, GFL entered into a JV undertake fluorospar beneficiation
project for supply of acid grade fluorospar and Metallurgical grade fluorospar
to GFL.
 2013: In 2013, GFL incorporated a wholly owned subsidiary, GUJARAT
FLUOROCHEMICALS GMBH in Hamburg, Germany to conduct trading,
processing, marketing and storage of fluoropolymers in EMEA region.
With the introduction of PFOA free PTFE resins and dispersion in the year
2013, GFL emerged amongst world’s major players offering PFOA free
fluoropolymers.
 2014: GFL has recommended a dividend @ Rs. 3.50 (350%) per equity share.
 INOX WIND LTD, a subsidiary of GFL one of the India’s leading wind
power solution provider has been awarded a 170MW order from continnum
wind energy a Singapore based company.
 2013-2019: With vertically integrated fluoropolymer manufacturing and
expertise in fluorine chemistry, GFL expanded its monomers and polymers
capacity to cater to the growing demand of fluoropolymers and
fluorochemicals across geographies.
GFL launched FKM (Fluoroelastomers) brand fluonox in 2015.
In 2016, subsequent to the success of their PTFE brand INOFLON in global
markets, GFL added two more fluoropolymers products- FEP and PFA under
the brand name INOFLON, In 2018, GFL started its additives brand
INOCLUB for marketing PTFE, micropowder and polymer processing aids
(PPA). In the 2019, GFL introduced PVDF under the brand name INOFLAR.
 2019: Pursuant to the order passed by national company law board tribunal,
ahmedabad bench on 04 july, 2019, the chemical business undertaking of
erstwhile Gujarat fluorochemicals limited now known as GFL LIMITED was
demerged to form a new resultant company INOXFLUOROCHEMICALS
LIMITED now known as GFL with all assets and liabilities pertaining to the
chemical business undertaking transferred to the resultant company on a going
concern basis with effect from the appointed date 01 April, 2019.

1) GUJARAT FLUORO CHEMICALS LTD

 Largest producer of chloromethanes, refrigerants and

Polytetrafluoroethylene in India.

2) INOX LEISURE LTD

  One of the largest multiplex chain in India.
 In the business of setting up, operating and managing a national chain
of multiplexes under the brand name ‘INOX’.
 Present in 64 cities with 127 multiplexes and 509 screens.

3) INOX WIND LTD

 Fully integrated player in the wind energy market.

 State-of-the-art manufacturing plants near Ahmedabad (Gujarat),
Una (Himachal Pradesh) and in Madhya Pradesh, which is one of the
largest in Asia.
 Ability to provide end-to end turnkey solutions for wind farms.

4) INOX AIR PRODUCTS PRIVATE LTD

 50:50 joint ventures with Air Products Inc., USA.

 Largest producer of industrial gases in India.
 40 plants spread across India.

5) INOX INDIA PRIVATE LTD

 Largest producer of cryogenic liquid storage and transport tanks in

India.
 Offers comprehensive solutions in cryogenic storage, vaporization and
distribution engineering.
 Has an operation in India, USA, Netherlands and Brazil.

6) GFCL EV PRODUCTS LTD

  GFCL EV PRODCUCTS LTD is chemical company incorporated on
08 December 2021. Its authorized share capital is Rs.200 crore and
paid share capital is 100 crore. It is situated in village Ranjitnagar, Ta-
Ghohamba, Panchmahal.
 Directors of GFCL EV PRODUCTS LTD are Vivek kumar Jain,
Vijaykumar Soni, ans Devansh Jain.
7) GFCL SOLAR AND GREEN HYDROGEN LTD

 GFCL SOLAR & GREEN HYDROGEN LTD is a public incorporated

on 08 December 2021, it is classified as non government company. Its
authorized share capital is Rs. 100000 and it’s paid up share capital is
Rs.100000. It is involved in manufacturer of man-made fibers.

8) INOX GREEN ENERGY SERVICE LTD

 INOX GREEN ENERGY SRVICE LTD is subsidiary of INOX

WIND. It is engaged in the business of providing long term and
operation and maintenance services for wind farm projects.
MISSION AND VISION

To become the preferred suppliers of Fluoropolymer,

Fluoroelastomers and new generations of Refrigerants
globally and achieve this status through Technological,
Operational and Service excellence. We shall
Endeavour to be a global player in our business.
We shall constantly Endeavour to delight customers,
workforce and all the stakeholders. We shall do our
business exercising with utmost care of environment
and society at large.

We shall Endeavour to always be the market leaders, by

providing our customer the latest, the most innovative and the
best available technologies, products and services. Through this
we shall provide to our customers the best "value for Money" by
producing best in class quality products at most competitive
prices.
We shall conduct our operations keeping safety and environment
in place along with up gradation of technology.

We are governed by our fundamental values:

Quality: Commitment to excellence in quality.

Excellence: Excellence in services & manufacturing

practices to our all stakeholders.

Integrity: Building trust in dealings with all stakeholders.

Innovation: Enthuse our clients through our innovative

approach.
 Customer value: Delight the customer & deliver the value.

GOVERNANCE AND MANAGEMENT STRUCTURE

a) SHRI DEVENDRA KUMAR JAIN (CHAIRMAN)

Shri Devendra Kumar Jain is a graduate in History (Hons.) from St. Stephens
College, Delhi, and possesses over 60 years of rich experience in business
management and international trade. In recognition of his successful efforts to
increase bilateral trade with Commonwealth countries, he was granted a Dignity
of an Honorary Member of the Civil Division in the Order of the British Empire
by Her Majesty, the Queen of England. Shri Devendra Kumar Jain has been a
member of the Indian National Committee of the International Chamber of
Commerce and has been an Associate Member of the World Economic Forum,
 Geneva, Switzerland and a member of the Indian delegation to the Davos
symposium on several occasions in past.
b) SHRI VIVEK KUMAR JAIN (MANAGING DIRECTOR)
Shri Vivek Kumar Jain is a graduate of Commerce from St Stephens College
Delhi and has a post graduate degree in Business Administration from the Indian
Institute of Management Ahmedabad. He has over 42 years of rich business
experience in setting up and managing several businesses. Shri Vivek Jain is
Managing Director of GFCL since its inception
c) SHRI PAVAN KUMAR JAIN (NON EXECUTIVE DIRECTOR)
Shri Pavan Kumar Jain is a Chemical Engineer from Indian Institute of
Technology, New Delhi, with over 47 years of experience of handling several
diverse businesses, of which the last 22 have been as Managing Director of Inox
Air Products Limited. Under his stewardship, Inox Air Products Limited has
grown from a single plant business, to one of the largest players in the Industrial
Gas business in the country.
d) SHRI DEEPAK ASHER (DIRECTOR & GROUP HEAD (CORPORATE
FINANCE)
Shri Deepak Asher is a Graduate in Commerce and Law, and thereafter took up
Chartered Accountancy and Cost and Management Accountancy as professional
qualifications. He is presently a Fellow Chartered Accountant and an Associate
Cost and Management Accountant. He has been associated, in different capacities,
with the INOX Group of Companies, a USD 3 Bn. business group
e) SHRI SHAILENDRA SWARUP (INDEPENDENT DIRECTOR)
Shri Shailendra Swarup is a law graduate and a Senior Advocate. He is practicing
in the High Court and Supreme Court of India, at New Delhi. He has around 44
years of experience in handling various legal matters. He is also on the Board of
several professionally managed companies. Shri Swarup was a member of the
Task Force on Corporate Governance constituted by the CII under the
Chairmanship of Shri Rahul Bajaj. He was a member of consultative Group
constituted by the Reserve Bank of India under the Chairmanship of Dr. AS
Ganguly.
f) MS VANITA BHARGAVA (INDEPENDENT DIRECTOR)
Ms Vanita Bhargava is a Commerce and Law graduate of Delhi University and
partner in the Dispute Resolution Group of Khaitan & Co, New Delhi. Ms Vanita
 Bhargava has 17 years of experience as practicing advocate at Supreme Court,
High Court, Company Law Board, National Green Tribunal, Mining Tribunal,
Consumer Forums and its Appellate Authorities. Her Representative areas include
Dispute Resolution, Domestic Tax, Environment, Indirect Tax, Infrastructure,
Energy and Natural Resources, International Tax, Technology, Media and
Telecom, Shareholder Dispute, Domestic and International.
g) SHRI OM PRAKASH LOHIA (INDEPENDENT DIRECTOR)
Shri Om Prakash Lohia is Chairman and Managing Director of Indo Rama
Synthetics (India) Limited. He is a commerce graduate from Kolkata University
and after graduation, joined the family textile business, which gave him
management exposure in all disciplines of business management. Shri Lohia has
been awarded Udyog Ratna award by the Madhya Pradesh Government in 2005.
h) SHRI SHANTI PRASAD (JAIN INDEPENDENT DIRECTOR)
Shri Shanti Prasad Jain is a leading Chartered Accountant and practicing since
1963. He has specialized in taxation matters of various reputed companies and
banks.
i) SHRI CHANDRA PRAKASH JAIN (INDEPENDENT DIRECTOR)
Shri Chandra Prakash Jain is Chartered Accountant and is former Chairman and
Managing Director of NTPC Limited. He was also the Chairman of the Standing
Conference of Public Enterprises (SCOPE) for the period 2003-05. He has been a
past member of Standing Technical Advisory Committee of the Reserve Bank of
India, Audit Advisory Board of the Comptroller & Auditor General of India. He
has in the past headed the CII’sNational Committee on Energy. He is also a
Member of Advisory Board of Axis Infrastructure Fund.
j) SHRI SANJAY BORWANKAR (WHOLE-TIME DIRECTOR)
Shri Sanjay Sudhakar Borwankar is Chemical Engineer and MBA and has over 25
years of experience in the field of Operations Management, Business Process
Optimization and Technology Transfer and Assimilations.
k) SHRI SANATH KUMAR MUPIRALLA (WHOLE-TIME DIRECTOR)
Shri Sanathkumar Muppirala is Chemical Engineer and has over 33 Years in
Petrochemical Plants – in Manufacturing, Projects, Strategic planning &
commissioning).
FOUNDER: DEVENDRAKUMAR JAIN

KEY MANAGERIAL PERSONAL:

 MANAGING DIRECTOR: SHRI VIVEK JAIN

 CHIEF FINANCIAL MANAGER: SHRI MANOJ AGRAWAL
 COMPANY SECRETARY: SHRI BHAVIN DESAI

WHO OWNS GFL

 Promoters holding remain unchanged at 68.72% in Jun 2022 qtr

 Foreign industrial investment is 4.09% in Jun 2022 qtr, bank and
financial institute holding 2.04% shares. So total intuitional investment
is 6.14% shares.
 Other investor involves government and others holding 7% of shares.
 General public and individuals share holding is 18.13%
Governance Mechanism to Address Ethics Concerns, Protection for
Whistleblowers, and "Right to Refuse"

In the event of a violation of any of the fair business practices, their workers have
access to a number of channels to raise the alarm, including a rule or process.
Upholding and turning these regulations into a way of life: everyone at GFCL is
accountable for one another. Acting on our company's behalf, they not just support
our staff but also encourage them to adhere to these policies, voice their concerns, ask
questions, and consistently make the correct decisions. The website "Ethics Line" is
one of several accessible to staff members for boosting or to file a complaint about
breaches. Reports of these concerns only must be upheld by the ethics officer with
extreme discretion. The responsibilities of requesting the ethics officer to look into the
whistleblower again, additionally workers and any of us

PRODUCTS

GFL holds domain expertise in four major product verticals: Fluoropolymers,

Fluorospecialities, Refrigerants and Chemicals. Their steadfast focus and attained
expertise in Fluorine Chemistry enable them to develop, manufacture and
commercialize Fluorine based products in record time complying with most
regulatory requirements.

1) Refrigerants

GFL’s Chlorofluorocarbon range of Refrigerants is marketed under the “REFRON”

brand. They are largest manufactures of HCFC 22 in India. HCFC is hydro-
chlorofluoro carbon refrigerant. For more than 30 years, REFRON refrigerants have
earned a reputation for delivering the highest quality and sturdiest performance.  We
work closely with distributors spread across the globe to market our refrigerants for
various air-conditioning applications, currently offering following range

 R-22 (HCFC 22)

 R-32 (HCFC 32)
 R-125 (HCFC 125)
 R-410A (Blend of R125 and R32)

2) Fluorospeciality chemicals

Flurospeciality chemicals are compound comprising fluorine with niche

application in pharmaceuticals, agrochemicals, pesticides and fungicides
intermediates.
 2,6-DICHLORO-4-TRIFLUOROMETHYL ANILINE: Used in the synthesis
of GABA receptor antagonists and insecticides.

 ETHYL DIFLUOROACETATE: Used in pharmaceutical intermediates,

pesticide intermediates, widely used in acrylization oxidation and
halogenations reaction of catalyst.
 2,4-DIFLUOROBENZYLAMINE: Used in the synthesis of (N-
fluoroarylmethyl)], nonpolar nucleobase dipeptide via Ugi four-component
condensation reaction
 ETHYL 1,1,2,2-TETRAFLUOROETHYL ETHER: Used in pharmaceutical
intermediates, pesticide intermediates, widely used in acrylization
oxidation and halogenating reaction of catalyst.
 1,3 DIFLUOROBENZENE(1,3-DFB)
 BENZOTRIFLUORIDE: various application in agro and pharmaceutical
industries
 POTASSIUM FLUOROID: Potassium fluoride is used as a fluorinating
agent—a substance that provides fluorine atoms to other compounds—in
the preparation of organic chemicals. It also finds some use in the field of
metallurgy, where it is used as a flux, to finish metals, to make coatings for
metals, In organic chemistry, KF can be used for the conversion of
 chlorocarbons into fluorocarbons, via the Finkelstein (alkyl halides)and
Halex reactions (aryl chlorides).
 3,4 DIFLUORONITROBANZENE: 3,4-Difluoronitrobenzene Used as
Pharmaceutical Intermediate.

3) Chemicals

 Chlorine
 Caustic soda
 Carbon tetrachloride
 Methylene-dichloride
 Hydrochloric acid
 Sodium hydrogen sulphate
 Hydrogen gas
 Fluorospar
 Anhydrous hydrogen chloride


Geographical spread of facilities

 GFL has four global manufacturing locations. In India, GFL has two
manufacturing location,first one is in Dahej, Gujarat and another one is in
Ranjitnagar, Gujarat.
 In dahej, Gujarat there is two manufacturing sites are available
1) Dahej A complex- commissioned in 2007, vertically integrated
fluoropolymers and chemicals manufacturing unit, the facility is strategically
located at PCPIR (Petroleum, chemicals and petrochemicals investment
region).
2) Dahej B complex- estabilished in 2019, Dahej B complex is a new facility for
further expansion of fluoropolymers and fluoroelastomers.
 In Ranjitnagar, Gujarat site started in1989, they manufactinng of
flurospecialities, refrigerants, and chemicals. The site has four MPPs (multi-
purpose plants) and is well equipped to handle diverse chemistry for
fluorospeciality products in pharmaceutical and agrochemical industry
globally. The site is self sufficient with R & D, process scale up and
technology transfer capabilities.
 GFL has one manufacturing facility in taourirt, morocco, GFL GM fluorospar
SA is a strategic JV promoted by INOX group of fluorspar mining and
beneficiation. The site is offer great geographical advantage with Nador
seapost being just 95 kms away in the Mediterranean and is close to potential
Europe markets.
 GFL Sales and distributes their products globally in Americas (Michigan,
Philadelphia, Atlanta, New jersey, Mexico, Brazil, Argentina), EU countries
(UK, Belgium, Italy, Germany), and ROW countries (South Africa, china,
Japan, Thailand, Korea, Taiwan, India).
 GFL has two subsidiaries on international level are in Hamburg, Germany and
in Texas, USA.
 Corporate office of GFL is in Noida , India
 GFL has six warehouses spreads globally are in 1) Texas (USA), 2) New
jersey (USA), 3) Arizona (USA), 4) Indiana (USA), 5) Hamburg (Germany),
6) Gujarat (India).
 CH-3: FUNCTIONAL AREAS

3.1 MARKETS AND MARKETING

3.1.1 PRODUCTS AND MARKETS, DEMAND PATTERNS AND MARKET

BEHAVIOUR

Around 75% of our HCFC22, PTFE, PFA, FEP, FKM sales are in the export markets. The
major markets that we export HCFC22 to are the Middle East, South Asia and Japan. PTFE
exports are largely to Europe and USA.

REFRIGEREANT BUSINESS:

Refrigerants are generally used in refrigerators, transportation, pharmaceutical

industries, and in chemical industries for chilling and cooling purpose.
GFL is India’s largest and most competitive producer of Refrigerant HCFC22.
Around 95% of GFL’s refrigerant production is exported to more than 75 countries
across the globe. Domestically, GFL is the preferred supplier of refrigerants to all the
major OEMs in the air-conditioning and refrigeration sector. Internationally, GFL has
a strong distribution network in more than 50 countries across the globe. GFL
produces its own AHF (a feedstock for HCFC22 manufacture) and has recently
established a Joint Venture in China for AHF production as well.
Demand pattern of refrigerants is varied in various sectors, in room air conditioner
and refrigerators sector demand pattern is seasonal. But in refrigeration system used in
transportation sector, in pharmaceutical and chemical industries sector it is steady.
GFL choose the segment of pharmaceutical and chemical manufacturing industries
because of their steady demand of refrigerants and they also target refrigerator system
manufacturer because of their wide market high demand of specific refrigerant gas
like R22 and R410A Gas generally used in AC.
Market behavior:Awareness towards energy efficiency and climate change has
increased in the recent years. Consumers have been seen opting for higher efficiency
products consciously. This is a healthy sign that would play a central role in the
nation’s future policies. On the other hand, the demand side shifting towards newer
technologies and refrigerants would give the service and technical sectors a boost.

FLUOROSPECIALITY AND CHEMICAL BUSINESS:

GFL is a leading producer of industrial chemicals used in varied applications. The

chemicals business segment of GFL focuses on capacity utilization and cost-
efficiencies of the raw materials, namely, salt, methanol and power and produces
commodity chemicals such as Caustic Soda Lye, Methylene Chloride, Hydrogen Gas,
AHCL, HCL and H2SO4.
Demand pattern of chemical product is varied with varies chemicals based on their
application in various sector. Hydrochloric acid is an important chemical reagent and
industrial chemical, used in the production of polyvinyl chloride for plastic. In
households, diluted hydrochloric acid is often used as a descaling agent. In the food
industry, hydrochloric acid is used as a food additive and in the production of gelatin.
Hydrochloric acid is also used in leather processing. So there is not any fix demand
pattern of hydrochloric acid because there are not any parameters identified and its
used in various sectors like food industries, chemical industries and lather processing
businesses.
GFL manufacturing Sodium bisulfate is used primarily to lower pH. It also used in
metal finishing, cleaning products, and to lower the pH of water for effective
chlorination in swimming pools and hot tubs.
Hydrogen is used in various in industrial applications; these include metalworking,
flat glass production, the electronics industry and applications in electricity
generation, for example for generator cooling or for corrosion prevention in power
plant pipelines.
Chloroform is majorly used as a solvent in lacquers, floor polishes, resins, adhesives,
alkaloids, fats, oils, and rubber as well as used in paper & board industries, pesticide
& film production and Fluorocarbon 22 (refrigerant) manufacturing.
Demand pattern and market behavior is steady for chemical business and can’t be
identified because of their variety of application in various sectors.

FLUOROPOLYMERS BUSINESS:

Fluoropolymers play a vital role in numerous services and products that are frequently
used by human beings in their day-to-day activities. They are extensively used in
numerous applications for various industries including automobiles, electrical and
electronics and chemicals processing industries owing to its high heat resistance and
excellent tensile strength. Rising demand for the polymer for manufacturing semi-
conductors which are used in electrical appliances including computers and smart
phones is expected to drive growth. The growing electronics industry, particularly in
China, South Korea and Japan are the focused segments of fluoropolymers business.
Market demand for PTFE is growing considerably due to the emerging industry
applications. Asia Pacific is anticipated to be the fastest-growing market for
fluoropolymers. Asia Pacific held the dominant 44.3% of the global PTFE market in
2015, followed by Europe and North America. The demand in this region is projected
to grow on account of persistent growth in the chemical industry in this region.
Demand for fluoropolymer materials in the region is estimated to be chiefly driven by
a swift rise in consumption of fluoropolymers in India and China. There is also a
growing demand for PTFE in Asia-Pacific due to the continuous industrial expansion
there. An increase in the purchasing power of PTFE in the developing countries and
the need for high-performance products is adding to the high demand in the future.
Over the next few years, US and Europe will contribute majorly to the rising demand,
fueling the PTFE market in North America. Untapped opportunities across developing
regions and innovative strategies adopted by leading players are seen resulting in
faster growth over the years.

3.1.2 MARKET SEGMENTS CONSCIOUSLY CHOSEN BY THE COMPANY,

WITH REASONS.

REFRIGERANT BUSNIESSS:

Refrigerants gases used in the room air conditioner, central plant, pharmaceutical and
chemical industries, and in precision refrigeration. Highest use of refrigerants are in
central plant is 50%. GFL supplies refrigerants in all segments customer like
industries, refrigerator manufacturer, precision and fridge manufacture companies and
customers who involved in central plant.

GFL produces all type of refrigerant shows in chart. R22 and R410A refrigerants are
most used gases so GFL have high capacity plants to produce them. Their refrigerants
plant capacity is depended on requirement and demand.

[Percentage share of refrigerant in air conditioning sector]

The demand of refrigerants gases increases in every year with technological

developments and growth of population. In the year 2000, the demand was near 18000
MT and it becomes 20000 MT in the year 2019. Based on this average growth of
demand it will be near 50000 MT in the year of 2030. GFL id leading manufacturer of
refrigerants at domestic level and global level so they focuses on improve their plant
capacity and expansion to meet increasing demand to fulfil their customer
requirements.
 [Estimated demand of refrigerants (MT) in room air conditioner]

3.1.3 MARKET SHARE FOR THE VARIOUS PRODUCTS/PRODUCT GROUPS

OF THE COMPANY AND MARKET DEVELOPMENT AND GROWTH OF
MARKET SHARE OVER TIME

3.1.4 PRODUCT WISE SALES VOLUME AND SALES REVENUE OVER THE
LAST FEW YEARS

Products Volume sold Volume sold Volume Revenue Revenue Revenue

during FY during FY Growth FY 2019 FY 2020 growth
2019 (MT) 2020 (MT) (%) (Billion) (Billion) (%)
PTFE 10257 12478 22 5.09 7.50 47%
CAUSTIC 124187 124587 0 3.41 4.60 35%
SODA
CHLOROM 64760 64259 -1 2.35 2.65 13%
ETHANE
HCFC22 14076 15915 13 2.30 3.13 36%
(R22)
Sr Particular / Chemicals Group Apr-22 May-22 Jun-22
. (kgs) (kgs) (kgs)
N
o.
Refrigerants
1 R-22 R-22 628,343 461,525 439,887
2 R-410 A R-410 A 106,937 83,280 111,095
3 R-410 A R-410 A
4 R-407 C R-407 C 18,645 5,650
5 R-407 C R-407 C
6 R - 32 R - 32
7 R142B R142B 119,530 120,080
8 R-134a R-134a 53,244 25,772 15,708
SPECIALITY
CHEMICALS
9 EDFA EDFA 50,010 97,600 90,000
10 BROMOTRIFLUOROME
20,000 40,000
THANE (BTFM) BTFM 20,000
11 BENZOTRIFLUORIDE
(BTF) BTF 89,170 200,150 50530
12 3,4-Difluoronitrobenzene
(3,4-DFNB) 3,4-DFNB 9,502 12,750 16,002

 Caustic Soda revenue grew by 35%, from 3.41 billion to 4.60 billion.
 Chloromethane revenue grew 13%, from 2.35 billion to 2.65 billion.
 Refrigerants revenue grew 36%, from 2.30 billion to 3.13 billion.
 PTFE revenue increased by 47%, from 5.09 billion to 7.50 billion.
 Other products went up by 137% from 1.13 billion to 2.68 billion.
 As a result, overall sales from the Chemical business (inclusive of excise duty),
which was 15.32 billion in FY2019, went up by 36% to 20.84 billion in FY2019.
 Revenue growth from the Chemical business (other than subsidiaries) went up by
36% from 15.32 billion to 20.84 billion.

3.1.5 PROMOTIONAL MEASURES

 We aim to become a leading fluoropolymer player globally. The outlook for our
business is steadfast with a robust business model, competition from China
lessening and with fluoropolymers growing at a healthy pace of 6% to 7% CAGR
globally.
 Our vision for 2020 is to consolidate the capacities we have created in each
business segment, especially in fluoropolymers and operate these in a world-class
and safe manner to serve our global customers as a reliable, long-term and
highquality supply chain partner.
 Our backward integration plan also provides us with a competitive base to stand
upon. Further, PTFE, FKM, FEP, PFA and PVDF are versatile fluoropolymers
going into about 20 top industries, which take care of >75% of India’s GDP.
 As the GDP grows, we hope to leverage on this, being the only producer of
fluoropolymers. Over the next few years, the Company will be ramping up
capacity utilisation, improving realisations by churning product mix in favor of
higher value added grades, and implementing cost reduction schemes.
 It will also be value adding by diversifying into fluoro-speciality chemicals as
well as other fluoro-polymers, based on low-cost captive availability of a host of
fluoro-feedstocks. The Company has already incurred a capex of around Rs 2,000
crore to build-up the current capacities and the integrated value chain. Since most
of the capex on creating capacities has already been incurred, theproposed value
addition will need a marginal capex. Barring unforeseen circumstances and
considering build-up for these initiatives, the Company plans to incur additional
capex and estimates to reap the benefits of these initiatives by April 2020.
 The key operational highlights of the year 2020 were:
o Capacity enhancement in PTFE.
o Setting up of new polymers (PFA, FEP, PVDF) and VDF, and additives
plants.

3.1.6 STRATEGY OF THE COMPANY FOR NEW PRODUCT DEVELOPMENT,

LAUNCH AND MARKET DEVELOPMENT

 KEY STRATEGIES FOR FUTURE GROWTH:

 Complete focus on enhancing safety of our operations by deploying global
best facilitators in the game.
 Attaining full capacity utilisation of debottlenecked and expanded capacities in
fluoropoymers.
 Adding high value-added fluoropolymers such as PCTFE, TSAN and FFKM
as well as additional fluoro-inteermediates to continue the offerings of a full
fluorine bouquet to our global customers.
 Continuing to provide top-class technical and logistics services to the
customers.
 We have developed an R&D team of 75-80 people, who are currently working
on developing four new molecules. We are also expanding into the first-of-its-
kind specialty fluoropolymer business across the country. A strong production
capacity in TFE, coupled with our inherent knowledge bank in the process of
making PTFE, will enable us to execute the process swiftly.
 We are expecting no additional capital investment for the next 3 years. This is
since most our capital expenditure required for the current capacity of 16,200
tonnes of PTFE and corresponding increases in capacity across the entire value
chain has already been incurred. No additional expenditure on the PTFE
capacity as well as the back-end is expected to be incurred.
 SEGMENT WISE STRATEGIES:
 Commodity chemicals:Running plants at 100% capacity utilization.
 Refrigerant gases:
o Entering into new-age higher value refrigerants for static air-
conditioning, which included making R125 and R410/R407. ƒ
o Debottlenecking capacity of existing refrigerant gas R22 for increasing
feedstock application.ƒ
o Setting up plant for intermediates for new-age refrigerant for mobile
airconditioning.
 Fluoropolymers:
o Increasing capacities as well as productivity enhancements from PTFE assets.
o Debottlenecking TFE monomer capacity as well as expanding capacity.
o Establishing FKM Fluoropolymer introduced in the previous year as well as
expanding capacity.
o Establishing business for value-added fluoropolymers PFA, FEP, Micro
powders, PVDF, Specialty fluoro-intermediate.
3.2 PRODUCTION/OPERATION FUNCTION

3.2.1 MAJOR PRODUCTS AND PRODUCT GROUPS (VISUALISE AND

PRESENT IN THE TYPICAL INPUT-OPERATIONS-OUTPUT FRAMEWORK)

This diagram shows the input/output relation of raw materials and products. It shows
just main raw material required in production of specific chemical product, there so
many raw material used in the manufacturing process.

Natural gas and coal used as a fuel in captive power plant to fulfil the power
requirement of plant. Caustic and chlorine raw material used to produce chlorine
based products, methanol wart material used to produce products like hydrochloric
acid and Methylene Di-chloride. Fluorspar is also used as main raw material to
produce fluoro specialities, and chloroform and fluorospr both used in the production
of various types of refrigerants.
3.2.2 PRODUCTION/MANUFACTURING CAPACITY FOR EACH
PRODUCT/PRODUCT GROUP

As per figure, Capacity of caustic soda/chlorine is 134750 MT in chloralkali plant, the

business off PTFE, GFL is in leading position in the world, GFL produce more than
10% of global PTFE capacity, GFL is India’s largest and words 4 th largest PTFE
plant.

Chloromethane plant has the capacity of producing 108500 MT of chloromethane;

GFL is big supplier of chloromethane in domestic level.

In the refrigerant business, GFL has leading position globally, GFL’s refrigerant gas
plant has capacity of 65000 MT R-22 Refrigerant gas. R-22 is most commonly used
refrigerant in refrigerators business and GFL focused on the segment of refrigerator
and central air conditioning business to being leading supplier.
3.2.3 TYPES OF MATEERIAL HANDLING EQUIPMENT USED

GFL is one of the chemical industry who produces various chemical products,
fluoropolymerrs, and refrigerants. They use many industrial types of equipment in
manufacturing process. Some equipments are listed below:

1. Chemical reactors
2. Process storage tanks and vessels
3. Distillation columns and many types of mass transfer columns
4. Boilers and Thermal Oil systems
5. Pumps - there are many kinds of pumps
6. Compressors —- also many kinds
7. Heat exchangers — an infinite variety of designs
8. Refrigeration systems
9. Scrubbers
10. Filtration systems
11. Vacuum systems
12. Crystallizers
13. Settlers
14. Flares
15. Steam Traps
16. Strainers
17. Screens - vibrating and stationary
18. Control valves
19. Flow meters
20. Process instrumentation of all kinds such as Pressure, Temperature, Level, pH
meters, flow, etc
21. Adsorption and Dehydration Column

22. Cooling Tower

3.2.4 RAW MATERIALS USED

Sr. No. Name of Product Name of the required raw materials

Flourspar
Monochloro Difluoro Methane (R- Sulphuric Acid
22) Chloroform
1 Oleum
ETFEE
Ethanol
Ethyl Difluoroacetate (EDFA) Silica
Sulphuric acid
2 Dilute Hydrofluoric Acid
Bromine
Bromotrifluoro Methane (BTFM)
3 TRIFLUOROMETHANE
Cyclohexane
Chloroform
Tri-ethyl Orthoformate (TEOF)
Ethanol
4 NaOH
5 Sodium Bromide (NaBr) 20% NaBr Solution

3.2.5 QUALITY MANAGEMENT MEASURES

GFL’s extensive Quality Control during manufacturing, final product compliances,

packaging, handling and storage, transportation and delivery ensures highest levels of
safety and quality across all processes and customer touch points. This is achieved
through Integrated Management System (IMS) involving checkpoints and procedures
covering Quality, Environment, Health and Safety (QEHS) frameworks.

GFL adheres to the Quality Standards in all products and services delivered to both
domestic and international customers to meet the customers' expectations of Quality
in the stipulated time-frame and to their satisfaction through continual improvement
of the Quality Management System. Every employee is responsible for achievement
of Quality in his/her area of operation.

GFL QUALITY OBJECTIVES:

 To understand the requirements of domestic and international customers and to

offer technically and commercially competitive products with flexibility to meet
the expectations of the customers.
 To work towards achieving customer satisfaction through consistent product
quality, timely delivery and effective communication.
 To respond to customer feedback in the shortest possible time.
 To achieve continual improvement by involving personnel at all levels and
adopting suitable practices for maintaining safe and healthy environment and to
meet Statutory and Regulatory requirements.
 To achieve continual improvement, develop employees by identifying their
training needs and providing appropriate training by progressive improvement in
quality of operations with benchmarking of the targets.

3.3 HRM FUNCTION

GFL recognizes that a productive and motivated work force is a prerequisite to

leadership in the market it serves.

The organizational human resources policy emphasize on providing job satisfaction,

growth opportunities, and due recognition of superior performance.

A good working environment reflects and promotes a high level of loyalty and
commitment from the employees. Realizing this, GFL has placed the utmost
importance on continuous development of its human resources, identify the strength
and weakness of the employee to assess the individual training needs, they are sent for
training for self-development. To orient, enhance the knowledge of the employees
GFL organizes both in-house and external training.

Resource division of GFL is taking care of total function for all employees. The main
functions of Human Resources division are,

 Recruitment and Selection

 Pay-roll System
 Employee Attendance
 Training and Development
 Performance Evaluation
3.3.1 ORGANIZATION STRUCTURE FOR THE COMPANY, COVERING ALL
FUNCTIONS AND ACTIVITIES

3.3.2 GUIDING PRINCIPLES FOR HUMAN RESOURCES MANAGEMENT

At GFL, they recognize that our employees are the key to Company’s success. For
them, the continuous development and engagement of our human resources is a
business imperative. To achieve the Company’s Mission, Vision and Goals, the
Human Resource function of the Company shall adopt the “10 PRINCIPLES of
Human Resources Management of GFL” and operate all its processes based on the
same

1) Build safe, healthy and secure workplace with the involvement of all
employees.
2) Implement robust, fair, transparent and non-discriminatory process to attract,
develop and retain talent needed for business delivery and growth.
3) Uphold and respect Human Dignity, Equality, and Human Rights at the
workplace.
4) Provide continuous learning opportunities for the growth and development of
all employees.
5) Ensure continuous two way communication and participation of all employees
and respect their views and opinion and involve them in decision making.
 6) Establish meritocracy without any bias or discrimination in connection to
performance evaluation, career progression, rewards and recognition
7) Pay for performance based on internal and external parity.
8) Encourage creativity and innovation to fuel growth.
9) Create an engaged work environment of teamwork and camaraderie with a
bias for responsible execution and excellence.
10) Drive social accountability and responsibility and ensure ethical governance.
11)
3.3.3 HUMAN RESOURCE RECRUITMENT AND SELECTION POLICIES

[FIGURE: EMPLOYESS RQUISITION PROCESS]

  GFL is an equal opportunity employer. Qualified applicants are considered
based on their skill and knowledge, relevant experience and cultural fit,
without any consideration of ethnicity, religion, geography or nationality,
gender, disability or sexual orientation.
 GFL however give preference to the sons of the soil. GFL emphasize the
importance of local hiring to optimize costs and efficiency, and to enhance
employment generation in the areas where we operate.
 GFL’S hiring is strictly based on merit, capability and exposure an individual
carry specific to the job opportunity.
 GFL’S selection process includes technical tests as well as psychometric
profiling based on the position being hired. We also do a thorough
antecedence check.
 There shall be no recruitment of child labor. This means that any young
person under 18 shall not be employed as per the ILO standard.
 The Company shall not allow any Contractor to engage labor below the age of
18 years.
 The Company’s Pay structure shall be based on “Equal Pay for Equal Work”
and there shall be no discrimination based on gender, race, ethnicity, religion,
etc.

3.3.4 PERFORMANCE APPRAISAL SYSTEM FOR DIFFERENT LEVELS.

Performance appraisal system of GFL is very efficient in terms of evaluation.

The main intention of the system is to evaluate the employee’s performance of
the job.
Performance appraisal is conducted for an employee after completion of one
year service in the channel.
Based on the evaluation GFL offers the employees Increment, if the
performance is satisfactory. If the performance is not satisfactory, the
employee may be warned for that and asked to perform better. The main pre-
requisite of performance appraisal is that, the employee must complete one
year service length in channel. Based on the performance, GFL also offers
Promotion for employee.
3.3.5 TRAINING AND DEVELOPMENT ACTIVITIES

GFL recognize the need to keep their people updated with varying market
requirements and believe that as the organization grows, employees grow with it and
thus the training and development need to change along with continuous updating of
skills.

A company growth cannot be delinked from employee growth. Since they understand
that sustainability can be achieved through high employee engagement, professional
and leadership development, and effective succession planning, GFL have taken small
but steady steps towards continuous learning and people development by imparting
training via various modes

As a part of the Talent Management Process, the individual training needs are
identified, and an annual training plan is prepared for each individual site.

The plan consists of functional, behavioral and safety topics. In addition to this, we
focus on leveraging the skills of the workforce and to develop their expertise on
critical subjects.

The following training related data includes our plants and offices in India along with
international operations in USA, and Germany

TYPES OF TRAINING PROGRAMMES:

o On the Job
o Classroom training
o Self-study
o Webinars and
o E-learning platform

CLASSIFICATION OF VARIUOS TYPES TRAINING

o Behavioural
o Technical
o Safety training
o Management system topics
o Social accountability and social responsibility
 o Prevention of sexual harassment
o Fair business practices
o Cyber security

AVERAGE TRAINING MAN-DAYS / EMPLOYEE LEVEL WISE

3.3.6 PROMOTION AND RETENTION POLICY.

 PROMOTION POLICY
 All promotions in the Organization are subject to availability of vacancies and
suitability of candidates in terms of the grade specifications.
 Since promotions in Executive category are made depending upon availability
of vacancies existing in different units/ offices, individuals on promotion to
the level of FM/ Executive & equivalents (E-0) will be liable to be transferred
to other Units/ Offices of the Company where the vacancy exists.
 In order to have professionally qualified persons to man the positions in
Officers categories, 80% of the vacancies in Group 'A' will be filled upon
through induction of Management Trainee to be absorbed at the level of
Engr./ Officer &equivalent (E-1) and the remaining 20% to be filled up
through promotion by departmental candidates at the level of FM/Executive
& equivalents (E-0).
 Office Supervisors and equivalents on promotion to the level of
FM/Equivalents (E-O) will be put 'On the job training' for a period of six
months and on successful completion of the training, they will be given the
independent charge of the panel/section in the respective
 Plants/Departments, during training period, they will enjoy the same facilities
as are available to regular employees of their status.
 The minimum eligibility period for promotion in workers categories will be
three years.
 The non- qualified Sr. Tech./ Sr. Optrs./ Office Supervisors & equivalent will
not be eligible to be considered for promotion to officers categories at the
level of FM/Executive. However, they will be eligible to be considered for
placement in the next higher scale of Rs. 6500-11300/8500-14500 under the
modified five years promotion policy, applicable to workmen categories in
which case on placement in the next higher scale under the said scheme, they
will continue to remain workmen. The existing FM/Executives who are non-
qualified and process Metric + NAC/equivalent qualification will be given
option to switch over to the workmen categories.
 All the new and resultant vacancies in the Company, in the first instance, are
filled up from among eligible department candidates in the concerned
discipline in terms of approved grade-to-grade specifications. However the
Management has inherent right to fill up any vacancy through diversification,
on lateral basis, on operational/ administrative considerations under the
Diversification Scheme of the Company

 GFL RETENTION POLICY

 GFL believe that their people are an essential asset for the Company’s
overall performance. GFL has always been a sustainability leader and aims
to provide new solutions for sustainable development while continuing to
shape the business responsibly and increase our economic success.
 The Human Resource function has been playing an important role in this
endeavor. This function has ensured that the foundation of GFL’s ‘Talent
Acquisition and Retention Strategy’ is sustainable in the long-term and leads
to profitable business growth. GFL continue to maintain this by creating a
progressive work environment, bringing together the right people who are
energetic, ethical, and believe in giving their best even in the most
challenging situations, and by keeping them engaged, motivated by a steady
and meritocratic HR framework.
3.3.7 PRINCIPLE OF WAGES AND SALARY ADMINISTRATION

 The Company respects the right of personnel to a living wage and ensures that
wages paid for a normal working week/ month is adequate to meet the basic
needs of personnel and to provide a living wage to allow employees to earn
enough income for a satisfactory standard of living.
 There shall be no discrimination regarding wage and salary due to religion,
caste, sex, nationality, and region.
 The compny shall not use labor-only contracting arrangements, consecutive
short-term contracts, and/or false apprenticeship schemes to avoid fulfilling its
obligations to personnel under applicable laws pertaining to labour and social
security legislation and regulations.
 While determining wage and salary the company shall follow the principle of
‘Capacity to Pay” and “Region cum Industry”.
 The company shall ensure that deductions from wages are made as per the
provisions of law, and that the employees wage and benefits composition are
detailed clearly at the time of Appointment and regularly at the time of
subsequent revision.
 The company shall ensure that wages and benefits are rendered in full
compliance with all applicable laws and that remuneration is rendered by
cheque/bank transfer in a manner convenient to employees.
 All wage and salaries shall be determined to maintain internal equity and shall
be classified by position based on experience, responsibility, and physical and
mental demands.
 The Company’s Pay structure shall be based on “Equal Pay for Equal Work”.

The following factors shall be considered while fixation of wage and salary
structure:
 o Cost of living Region
o Industry and market wage levels
o Skills and experience
o Capacity to pay and company financial condition

3.3.8 INDUSTRIAL RELATIONS ENVIRONMENT.

GFL emphasis on wonderful employee relations with long term perspective, so that
the employees retains for many years. GFL is careful on ethics, justice and fair
treatment for every employee in order to ensure employee relations. In Independent
Television there are good practices of ethics. There are several policies to ensure
ethics, for example,

 Equal Employment Opportunity Policy and

 Sexual Harassment Policy

These two policies indicate that GFL is highly motivated to ensure ethics in
workplace. Ethically GFL is very committed that all employees will get fair treatment
in every aspect of work life. Justice is also a very important concern of GFL in every
cases, GFL ensures justice for all employees. In case of any occurrence, justice GFL
investigates with high level of importance and endures Fair treatment is also for every
employee ensured by GFL. Here, HR department ensures that all employee gets equal
treatment in every sector of work life.

3.4 FINANCE FUNCTION


INVESTMENT IN VARIOUS ASSETS.

LONG-TERM AND SHORT-TERM FINANCIAL MANAGEMENT.
 CAPITAL STRUCTURE AND ITS VARIATION OVER TIME
 MANAGEMENT/PROMOTERS’ STAKES
 SOURCES OF FINANCE
 SHARE VALUE (BOOK, MARKET, P/E)
 WEIGHTED AVERAGE COST OF CAPITAL
 WORKING CAPITAL MANAGEMENT.
 OPERATING CYCLE
 SOURCES OF WORKING CAPITAL
 CASH MANAGEMENT – CASH BUDGETING, CONTROL
AND MONITORING OF CASH FLOWS, INVESTMENT
MANAGEMENT OF EXCESS CASH
 CREDIT MANAGEMENT – CREDIT POLICY, ANALYSIS OF
CREDIT, CONTROL OF RECEIVABLES
 ACCOUNTING METHOD / SYSTEM.
 BUDGETARY CONTROL SYSTEM / PROCESS.
 BUDGET MANUAL
 BUDGET PERIOD
 PRINCIPAL BUDGET FACTOR
 BUDGET CENTRES
 ORGANISATIONAL STRUCTURE FROM THE POINT OF VIEW
OF PROFIT / COST
 DELEGATION OF POWERS
 TAX COMPLIANCE MECHANISMS.
 MIS.