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SUMMER INTERNSHIP PROJECT REPORT

ON

“MARKETING STRATEGIES OF DS DRINKS &

BEVERAGES PVT. LTD."

FOR THE PARTIAL FULFILLMENT OF THE

REQUIREMENT

FOR THE AWARD OF

MBA IN RETAIL MANAGEMENT

UNDER THE GUIDANCE OF

UNDER THE SUPERVISION OF:

Mr. RAJESH SARAO

SUBMITTED BY:

ROHIT SINGH

ROLL NO.- 17028

(Batch: July 2014-16)

UIAMS

(UNIVERSITY INSTITUTE OF APPLIED MANAGEMENT AND

SCIENCES)

INTERNSHIP REPORT ON MARKETING

STARATEGIES

OF DS DRINKS & BEVERAGES PVT. LTD.

Catch

PROJECT GUIDE:
SUBMITTED BY:

Mr. RAJESH SARAO

(COMPANY GUIDE
ROHIT SINGH MBA Sem-II

COMPANY CERTIFICATE TO

WHOM IT MAY CONCERN

This is to certify that Mr. Rohit Singh, a student of
UNIVERSITY INSTITUTE OF APPLIED MANAGEMENT
SCIENCES, PUNJAB UNIVERSITY CHANDIGARH
undertook a project on “Marketing Strategies of DS
Group” at Dharampal Satyapal Ltd from 1ST June to July
15th, 2015.

Mr. Rohit Singh has successfully completed the project

under the guidance of Mr. Rajesh Sarao. He is a sincere and
hard-working student with pleasant manner.

We wish all success in his future endeavours.

Signature with date

Name

Designation
Company name

CERTIFICATE TO ORIGIN

This is to certify that Mr. Rohit Singh, a student of MBA in

Retail Management (2014-16), UNIVERSITY INSTITUTE
OF APPLIED MANAGEMENT SCIENCES, PUNJAB
UNIVERSITY, CHANDIGARH has worked in Dharampal
Satyapal Group under the able guidance and supervision
of Mr. Rajesh Sarao (AGM), Catch Beverages Raison.
The period for which he was on training was 7 weeks
starting from 1st June to 15th July' 15. This summer
internship report has the requisite standard for the partial
fulfilment of the Post Graduate Degree. To the best of our,
knowledge no part of this report has been reproduced
from any other report and the contents are based on the
original research.
1

Signature (Faculty Guide)

Signature (Student)
ACKNOWLEDGEMENT

I express my sincere gratitude to my industry guide Mr.

Rajesh Rao (AGM), Catch Beverages Raison, for his able
guidance continuous support and cooperation throughout
my project, without which the present work would not have
been possible.

I would also like to thank the entire team of the Dharampal

Satyapal Ltd. For their constant support and help for the
successful completion of the project.

Signature (Student)

TABLE OF CONTENTS
Chapter No.
Topic

Dharmapal and Satyapal group Company Profile

Stirring Saga of An Enterprise

Mission Vision Statements

About The Plant

Company Hierarchy

Introduction To Mineral Water Industry

Bottled Water Industry In India

Govt. Failure To Address Basic Services

Water Resources Over Exploited

Bottled water? How Safe?

Growing Prospective Of Packaged drinking Water

Industry

Processing methods, Manufacturing process and

Product preparation

Processing methods
Manufacturing Process

Product Preparation

Research

Research Methodology

Research Process

Need and Importance Of Study

Data Presentation, Analysis & Interpretation

Major Competitors And Market Share

Target market And Major Segments

Marketing Strategies

Product Range

Pricing Strategy
Promotion Strategies
Distribution Channel

Reasons For Company's Lack Of Interest In

Mineral water Industry

SWOT Analysis

BCG Matrix

PEST Analysis

Conclusion

Appendix

Bibliography
EXECUTIVE SUMMARY

Need for the study

•
•
To identify the difference between mineral and packeted
drinking water.
To study the market of catch on big scale in FMCG. To compare
various parameters of marketing strategies, manufacturing
process, technology adopted production policy,
advertising, collaboration, export scenario, future prospect
and government policies. To study the level of customer
satisfaction. To study customer buying behavior and
factors which influence the purchase decision process. To
study consumer preferences. To study the consumer trend
in the beverage sector.
•

•
Objective of the study

Every organization has to achieve its organization goals.

For this it is very essential for an organization to know about
the view of consumers and their competitive products. This survey
research may be also aimed as to estimate potential buyer for the
product. The objective of the study is as under:

•
To identify the difference between market performance of
catch beverages To compare various parameters of marketing
strategies, manufacturing process, technology adopted
production policy, advertising, export scenario, future
prospect and government policies. To study customer
buying behavior and factors which influence the purchase
decision process. To know how the company has been
successful in encountering the aggressive marketing
strategies of competitors.

SCHEDULE

The complete project was of 6 weeks. The project has

been divided into 2 stages with approximate time period
allotted to each stage. Both the stages along with their
approximate timelines are as follows:

STAGE 1 (APPROX 3 WEEKS)

The study of company's working profile, previous history and its

current position. Under this phase the store and inventory were visited and
how raw materialand finished goods moves in and out of
the plant was studied.

STAGE 2 (APPROX 3 WEEKS)

The study of the overall working of the management of the

company. Under this stage both the production units were
visited daily for better understanding of production processes
and operating plans prepared to study the analysis of the
products. This phase ako constituted of various surveys
that was done to study the marketing strategies of the
plant.
SCOPE OF THE STUDY

To study the market attractiveness toward beverage

industry and to study the marketing stratergies of catch.

LIMITATIONS
In spite of my continued efforts to make the project as
accurate and wide in scope as possible, certain limitations
are becoming evident while implementing the project. These
limitations cannot be removed and have to be accepted as
permanent constraints in implementing the project.

Some limitations, which have been identified, by me are:

1. Generalizations and calculated assumptions had to be

made in some areas while analyzing the market, due to
non-availability of complete information.

2. The segment wise and product wise study of the

various product segments and units of the company have
been excluded from the scope of the project due to data and time
constraints.

10

1. THE DHARAMPAL SATYAPAL GROUP

1.1 COMPANY PROFILE

Dharampal Satyapal Group (DS Group) is more than Rs.

5000 crores diversified conglomerate, which is committed
towards high quality products & credited with several
innovations over last seven decades. The sagacity to
weave its business around consumer needs has conferred
DS Group with a distinct value. Efficient capital structure,
cutting edge technology, operational discipline and a
widespread distribution network, have together attributed to
enhance 'Brand DS', and enabled the organization to deliver
continued growth in all areas of operation. The Group has
consolidated its position into diversified sectors like FMCG,
Packaging, Hospitality, Rubber thread, Cement and other
businesses.

Beginning its journey with Tobacco, DS Group successfully

ventured into the arena of Foods & Beverages, alluring the
consumers with a wide range of beverages, spices, and ready-
to-eat snacks under the brand 'Catch'. While 'Catch' Natural
Spring Water and its variants continue getting great response
from consumers, "Catch' Salt & Pepper tabletop
dispensers hold their supremacy as India's first tottery
table top dispensers. Catch Spices excessively continues to
be connoisseurs' favorites.

In the Mouth Freshener Category, non-tobacco,

Rajnigandha rules the market as the world's largest selling
premium pan masala. 'Pass Pass' has created a new product
category all-together as India's first ever branded 'all natural non
supari assorted mouth freshener. Taking forward the
Indian tradition of eating and serving mouth freshener softer
meals, Rajnigandha, the premium mouth freshener brand, has
introduced a mild new flavour, "Meetha Mazaa the Indian
Mouth freshener". Reinforcing the emphasis on the quality
at all levels, Meetha Mazaa is revitalizing.

Recognizing the immense potential in the Hospitality

Segment, DS Group forayed into this segment with "The
Manu Maharani' at Nainital, in 2001. The Group acquired
the Airport Hotel at Kolkata. The hotel is currently being revamped
and renovated and will soon emerge as an International standard
destination with Five Star Hotel, a budget hotel & large
Convention Centre, in addition to a sprawling Commercial area.
The five star hotel building projects have also commenced in
Guwahati and Jaipur. In addition to the above ventures,
land has been acquired in cities like Udaipur, Shimla,
Mussorie, Corbett Park, Manali and Goa with plans to set up
hotels & resorts. With a boom in tourism sector, the group is
all set to emerge as one of the leading players in the
hospitality segment.

Further pursuing its quest for diversification, DS Group

has launched colossal projects in the Packaging sector. DS
Canpac Ltd., an ecofriendly revolutionary packaging
technology, was launched in India in association with Canpac – a
leading Switzerland based packaging major. A state-of-
the-art plant at Noida
11

offers packaging solutions to the FMCG marketers as well

as exporters of food products. The group has also
commissioned an ultra modem Flexble Packaging Unt in
Bonda.

A heat resistant latex Rubber thread plant has been set up

at Agartala to produce international quality rubber threads.
Latex rubber threads are made from natural rubber applying
the most sophisticated European technology. Following
close behind is a first-of-its kind Steel sheets plant coming
up soon in the North East to produce cold rolled sheets, CRCA
and galvanized steel sheets.

In line with its vision of diversification, DS Group has

entered the fast growing Cement Industry. The Project is
located at the Khliehriatsub division of District Jaintia Hills in
Meghalaya. The capacity of the upcoming plant will be
approximately 1 million tons Per Annum and will have a captive
power plant based on coal. This will be one of the largest
investments on new projects, by the Group.

As a significant step in Infrastructure Sector, DS Group

has signed a MOA with state Govt. of Meghalaya to set up a
240 MW Thermal Power Plant, based on coal.

The group has manufacturing units in Noida, Dehi,

Baroitwala in HP, Kullu, Assam and Tripura. DS Group boasts
of World Class Facilities spread across the length and breadth
of the country, to execute its manufacturing processes with
full adherence to international standards of quality. Every stage
of manufacturing is monitored with utmost care and attention.

The company also has a widespread distribution network

supported by dealers and retailers. The group constantly
upgrades its strength through dealer network expansion, up-
gradation of production facilities and bringing greater consumer
orientation, while maintaining its commitments to high quality,
innovation and consumer value carried forward in all
its diversification endeavours.

DS Group constantly nurtures its responsibility as a

committed corporate citizen, by regarding Corporate Social
Responsibility as an integral part of its Business Objectives. The
Company has been working in Assam and Tripura, on a wide
range of CSR programmes ranging from education to
health and making tribal and ethnic communities self reliant.
Under the CSR initiatives the group is renovating local schools,
setting up a State level College anddeveloping heritage properties
and construction of an eco bodge to beowned and run by the
tribal community. While DS Group pursues leadership in its
business spheres; it simultaneously endeavors to promote
common welfare through multidimensional activities to work
towards an all round development of the society.
12

International Alliances DS Group collaborated with the

Switzerland based packaging technology major, CANPAC
International AG, to bring a never-before packaging revolution
in Asia. CANPAC is a convenient, eco friendly,
corrosion free packaging for ready to serve packs. DS Group
joined hands with Wallner, Germany to introduce
electronically beaten silver foil in India. The collaboration
brought in the process of electronically beating silver between a
special paper, in hygienically controlled dust free
atmosphere and thus making DS Group the only producer
of 100 % pure & vegetarian Silver foil in the country.

1.2 The Stirring Saga of an Enterprise

In the early 20th century, when trade and commerce had not
witnessed the advent of brands and marketing warfare in
India, Shri Dharampalji – the founder of DS Group, set up a
small perfumery shopin Chandni Chowk, Delhi in the year 1929.
The urge to create abusiness around consumer tastes and
preferences led Dharampalji to innovate quality products. His
sagacity revolutionized the market ofchewing tobacco and the
shop in Chandni Chowk became renowned not only in Delhi
but even amongst the connoisseurs of tobacco inother parts of
India and the world. Blending modernity, technology and tradition,
Dharampalji's son Satyapalji brought the dawn of a new era an
era that saw a revolution. Satyapalji inherited qualities of high
virtues, innovation and aspiration for being the best in the
business. His in-depth knowledge of perfumes honoured
him the title of “Sugandhi (perfumer). He is credited with
blending tobacco with various exquisite fragrances. He is also
known for bringing the element of quality and research hitherto
unknown in this category. Under the able stewardship of
Satyapalji, the nation's first ever-branded chewing tobacco BABA
was launched in 1964 which became an instant success and
widely popular in its category. And what followed later was
anarray of premium brands like Tulsi and a host of others
which have established their leadership in their own category and
created newmarkets in its wake. Continuing the fervour of
innovation and quality, the Group set new benchmarks in Foods
& Beverages. Innovative tabletop sprinklers changed the way
Indian households had been enjoying salt and spices. Be it
Catch spices or Catch Beverages, today Catch stands for
international quality and convenience. Mouthfresheners like
Rajnigandha and Pass Pass created new offerings and
established new categories. The Group has also ventured into
a rapidly growing hospitality sector with extensive five star
properties in the larger cities and boutique & heritage
properties at tourist destinations. The Group has also
successfully ventured into Packaging, Rubber Thread,
Steel in the last few years. Since the launch of BABA, the Group
has never looked back, reaching for milestones year after year.
Thus, evolving from a single product to multiple brands,
DS has successfully woven over eight decades legend of
innovation andenterprise. And the quest for innovation continues

13

Establishing Benchmarks with Innovations First -

1. First to offer saffron flavoured chewing tobacco in the

world.

2. First to launch branded chewing tobacco in India in

metal
packaging

3. First and only chewing tobacco company in India to get

ISO
9001:2000 certification

4. First to introduce various kinds of spices in one-time

use
Packaging

5. First to launch free flowing salt in revolutionary table top

rotary
Dispensers in India

6. First to introduce 100 per cent biodegradable,

composite cans packs
which are pilfer proof, rust proof and leak proof using brine and
through vaccum evaporation process for food products

7. First to introduce electronically beaten finest malleable

silver
Foils in India.

8. First in India to bottle natural spring water which has been

Awarded NSF certification from FDA, US: a hallmark of
quality And purity

9. First to introduce soda processed with natural spring

water

10. First to introduce zero calorie tonic water

I
.

11. First to launch 100% herbal mouth freshener - Pass Pass

1.3 MISSION & VISION STATEMENTS

MISSION

To achieve excellence in all our endeavour's to create

sustainable value for our stakeholders & the community at
large.

VISION
To be a leading quality and innovation driven global
congbmerate.

We all are leaders in our area of responsibility, with a deep

commitment to deliver results. We are determined to be the best
at doing what matters most.

14

People are our most important asset. We add value

through result driven training, and we encourage & reward
excellence. We have superior understanding of consumer
needs and develop products to fulfil them better. We work
together on the principle of mutual trust & transparency in
a boundary less organization. We are intellectually honest in
advocating proposals, includes recognizing risks.

Continuous innovations in products & processes are the

basic of our success. We are committed to the
achievements of business success with integrity. We are
honest with consumers, with business partners and with each
other.

1.4 ABOUT PLANT

This plant is situated in the beautiful valley of kullu

manali,being surrounded by a beautiful environment
brings extra charm to the plant. The plant is situated in
Raison near the bank of river beas, it is 20 km from Kullu
airport and is 30 km from Manali. This plant has begun its
working in 1999 since then its providing significant role in the
market share of the DS group.

This plant has two units which constitute around 100 sq m

of area. Mr Salfraaz Husaain is the unit head of this plant.
Unit- 1 is related to the water segment and Unit-2 is related
to the beverage segment. Catch beverages and water
comes in 250ml, 500ml, 1000ml and in 1500ml packings.
LULUI

The plant has been divided into two units

Unit -1 comprise of water segment whose main product is

catch natural mineral water and rohtang mineral water,
catch is the main product of this unit which is being sold in
north india, as catch is being targeted for high class hence Delhi
NCR constitute its main market. Where as rohtang is being
restricted inside Himachal Pradesh.

Unit- 2 comprises of Catch Club soda (sparkling water and

premium black soda), catch cola, catch lemon, Catch
orange, classic tonic water and Ginger Ale. This unit also
produces Catch Diet flavoured Water (lemon n lime, Peach,
Black Currant and Green Apple) this is a growing segment of
catch. This segment can be threat for the established ones
in future due to its taste and flavour and various health issue
which this plant provides as the management says.

15

1.5 The hierarchy of catch Company is as follows.

Unit head

Assistance general manager

deputy manager
Executives

Supervisor

Workers

This plant has around 250 empbyees. As being in the hilly

area it is providing employment to the people which is
certainly helping them to improve their living and providing
them an alternate career option too

16

2. INTRODUCTION TO THE BOTTLED WATER

INDUSTRY OF INDIA

2.1 Bottled Water Industry in India

The Indian packaged water business is estimated at around

Rs 2,500 crore with a growth rate of close to 35 per cent.
While India ranks in the top 10 largest bottled water
consumers in the world, its per capita per annum
consumption of bottled water is estimated to be five litres
which is comparatively lower than the global average of
24 litres. Today it is one of India's fastest growing
industrial sectors. Between 1999 and 2004, the Indian
bottled water market grew at a compound annual growth
rate (CAGR) of 25 per cent - the highest in the world.
With over a thousand bottled water producers, the Indian
bottled water industry is big by even international
standards. There are more than 200 brands, nearly 80
per cent of which are local. Most of the small-scale
producers sel non-branded products and serve small
markets. In fact, making bottled water is today a cottage
industry in the country. Leave alone the metros, where a
bottled water manufacturer can be found even in a one-
room shop, in every medium and small city and even
some prosperous rural areas
there are bottled water manufacturers. In Mumbai analysis
show that the consumer, product, channel trends, key
growth areas, target groups and the overall market
influences of aqua vita (which some social activists and
even film-makers contend will trigger off the next war between
the haves and the have-nots). Bottled water or the packaged
water category, estimated to be over Rs 1,500 crore (not
including the other smaller regional brands, which
according to the Bureau of Indian Standards are more than
1,800 in number), is "witnessing an unprecedented amount
of action." In other words, domestic companies Parley,
United Breweries, Tata's, DS Foods and multinationals
PepsiCo and Coca-Cola, the world's largest aerated
drinks maker, are all "battling for leadership" in the
rapidly growing packaged water market in India. As
things stand, food and beverages (not to speak of
tobacco) account for the largest consumption categories
(40%) in India, which has emerged as one of the fastest
growing economies in the world with about 8%

17

annual GDP growth. Bisleri (the current market leader) was the
first-of-its-kind packaged water brand in the country when it
was launched in 1967. It has now made a foray into
packaged natural spring water, a category which has been
witnessing exponential growth, in double digit figures,
over the past couple of years. It must also be noted that
India was the first market outside the US to have
PepsiCo's Aquafina launched in 1999 when the market
was just beginning to grow.

Coca-Cola's $4.1 bn global acquisition of the US-based

vitamin water brand Glaceau (formally known as Energy
Brands Inc) to expand its non-carbonated beverage line
made headlines, even as the Tata group which agreed to sell
its 30% stake to Coke by the year end, had cash registers
ringing with its acquisition of mineral water brand,
Himalayan. few years back, Tata Tea acquired the Mount
Everest Mineral Water Company that manufactures the
Himalayan brand of spring water ( a 44% stake for Rs
210 crore), making it the largest acquisition of a
packaged water firm in the domestic market. In India,
the per capita bottled water consumption is still quite low -
less than five litres a year as compared to the global
average of 24 litres. However, the total annual bottled
water consumption has risen rapidly in recent times -
tripling between 1999 and 2004 - from about 1.5 billion
litres to five billion litres. It must also be noted that the
rise of the Indian bottled water industry commenced with
the economic liberalisation process in 1991. "The market was
virtually stagnant until 1991, when the demand for bottled
water was less than two million cases a year. Since 1991-
1992, it has not looked back, and the demand in 2004-05
was a staggering 82 million cases." Bottled water is sold in a
variety of packages: pouches and glasses, 330 ml bottles,
500 ml bottles, 1 & 5- litre bottles and even 20-50-litre bulk
water packs.

18

The bottled water business is divided broadly into three

segments in terms of
cost:

1.Premium natural mineral water,

2.Natural mineral water and

3.Packaged drinking water.

Premium natural mineral water includes such imported
brands as Evian, San Pelegrino and Perrier, which are
priced between Rs 90 and Rs 150 a litre.

Natural mineral water brands like Himalayan and the

indigenous Catch brand owned by DS Foods Ltd are
priced around Rs 20 a litre.

Packaged drinking water is the biggest segment and

includes brands such as Parle Bisleri, Coca-Cola's
Kinley and PepsiCo's Aquafina which are priced in the
range of Rs15-20 a litre.

Bottled water is sold in a variety of packages: pouches and

glasses, 330 ml bottles, 500 ml bottles, 1 & 5-litre bottles
and even 20-50-litre bulk water packs.

2.2 Government failure to address basic services

Millions of people, both in rural and urban India, suffer from

inadequate or no tap water supply. Even some parts of
Mumbai, the country's financial capital, get a mere two hours
of daily water supply. The city's Virar suburb gets 45 minutes.
So bottled water is much in demand by residents - even
though the businesses profiting from the sales are thriving
from access to public water sources.
Bottled water fills a void created by government failure to
address basic services, Peter Gleick of the Pacific Institute
writes in its World Water report. "In many parts of the world, tap
water is not available or safe to drink," writes . "In these
regions, the failure of governments to provide basic water
services has opened the door to private companies and vendors
filling a critical need, albeit at a very high cost to consumers." The
institute reasons that governments should tap into spending
on commercial water by consumers

19

to secure funds to provide safe water at fraction of the cost.

Gigi Kellett, US national director of the Think Outside the
Bottle campaign, argues that demand for bottled water is due to
industry creating "a market by casting doubt on the quality of
tap water, when in fact bottled water is subject to far less
scrutiny and often comes from the same source".

2.3 Water resources over-exploited

The majority of the bottling plants are dependent on

groundwater. They create huge water stress in the areas
where they operate because groundwater is also the main
source - in most places the only source - of drinking water
in India. This has created huge conflict between the
community and the bottling plants. Private companies in
India can siphon out, exhaust and export ground water
free because the groundwater law in the country is archaic
and not in tune with the realities of modern capitalist societies.
The existing law says that "the person who owns the land owns
the groundwater beneath". This means that, theoretically, a
person can buy one square metre of land and take all the
groundwater of the surrounding areas and the law of land
cannot object to it. This law is the core of the conflict between
the community and the companies and the major reason for
making the business of bottled water in the country highly
lucrative.
Take for instance the case of Coca-Cola's bottling plant in
drought-prone Kala Dera near Jaipur. Coca-Cola gets its
water free except for a tiny cess (for discharging the
wastewater) it pays to the State Pollution Control Board - a
little over Rs.50,000 a year during 2010-12 and Rs.2,42,460
in 2013. It extracts half a million litres of water every day - at a
cost of 14 paise per 1,000 litres. So, a Rs.20 per litre Kinley
water has a raw material cost of just 0.02 0.03 paisa. (It
takes about two to three litres of groundwater to make one litre of
bottled water.)
On April 7, more than 1,500 villagers defied a police cordon
and marched to Coca-Cola's bottling plant in Mehdiganj village,
Varanasi, in Uttar Pradesh state, demanding that the company
immediately shut down its bottling plant. In January, the New
Delhi-based Energy and Resources Institute (TERI) advised
Coca-Cola to shut a bottling plant in the drought-stricken state of
Rajasthan. India's Ministry of Water Resources has ranked 80%
of ground water resources in Rajasthan as "over- exploited" and
nearly 34% resources as "dark/ critical", the gravest ranking
across the country.

20

20

2.4 Bottled Water: How Safe?

The bottled water industry has spent billions over the past
decade to sell you on the idea that bottled water is better
than tap water. Well the short answer is they are both
unhealthy. One of the most ironic parts of the bottled water
tragedy is that the water bottling industry gets the water
free, filters it, bottles it and sells it back to us at 1,900%
profit. The ironic part is that tap water is legislated to be 7.0
pH neutral. They first dump a TON of chlorine in the water to
kill off all the bad bacteria, this makes it highly acidic.
In India around 100 companies sel an estimated 424
million litres of bottled water valued at around Rs 200 crore in
the country annually. Most bottlers claim that their water is 100
per cent bacteria-free and contains minerals that make it tastier
and healthier. But is the water in these bottles really safe
to drink? Do they conform to international or national standards?
To find out, the Ahmadabad-based Consumer Education and
Research Society (CERS), an independent non-profit
institution with a sophisticated product testing laboratory,
recently carried out a detailed study on 13 major brands of
bottled water available in the country. The national brands --
Bisleri (separate samples were taken from their units in
Bangalore, Ghaziabad, Calcutta and Baroda) and Bailley
(Mumbai and Surat) -- were selected on the basis of their
dominant position in the overall market. Bisil (Mehsana), Golden
Eagle (Chennai), Aquaspa (Mumbai), Saigan ga
(Ahmednagar), Nirantar (Thane), Trupthi (Chennai) and Yes
(Nadiad) were included because of their regional popularity.
To conform to international standards for such testing, 21
bottles of each brand were tested in the CERS laboratory
against "analytical" and "sensory" parameters as well as
for "microbiological" contamination. To ensure fairness, the
results were sent to the individual companies for their comments.
So how safe is bottled water? Not that safe, says the CERS
survey. As many as 10 of the 13 brands had foreign floating
objects in clear violation of noms. None of the brands tested
was free from bacteria although the consolation is that
they were not of the harmful kind. Two of the big brands
contained toxic heavy metals much higher than permitted
levels. The term "mineral water" is misleading because our laws
do not stipulate the minimum mineral content level required for
water to be labelled as such. All this from a sector that is
flourishing because of the public fear that water supplied by civic
bodies is impure.

21

2.5 Growing Prospects for Packaged Drinking Water

Industry

Water everywhere, not a CLEAN drop to drink! Who would

have thought that there will be a day when sanitation of
available water would be more of a
concern than availability of water itself? Hygiene is of
great concern to everyone today, and this is evident with
the surging rise in the consumption of
packaged/bottled water. India has 16 percent of the world's
population, 2.5 percent of the land mass and 4 percent of the
world's water resources. These limited water resources are
depleting rapidly while the demands on them are
increasing. Drinking water supplies in many parts of India are
intermittent. Transmission and distribution networks for water are
generally old and badly maintained, and as a result, are
deteriorating. India is one of the biggest and most
attractive water markets in the world. The boom time for
Indian bottled water industry is to continue- more so because
the economics are sound, the bottom line is fat and the Indian
government hardly cares for what happens to
the nation's water resources. Corporate control over water
and water distribution in India is growing rapidly: the packaged
water business is worth
$250 million, and it's growing at a huge 40-50% annually.
Around 1,200 bottling plants and 100 brands of packaged
water across the country are
battling over the market, overdrawing groundwater, and
robbing local communities of their water resources and live
lihoods. Most multi-national (MNC) companies view India as the
next big market with a lot of potential and growth possibility.
Several MNCs are waiting in the wings to expand a $ 287 billion
global water market into India. There is a huge market
being exploited by the packaged water industry, and it's growing
at 40% per annum. With over a thousand bottled water producers,
the Indian bottled water industry is big by even international
standards. There are more than 200 brands, nearly 80 per cent of
which are local. Most of the small-scale producers sell non-
branded products and serve small markets. In fact, making
bottled water is today a
cottage industry in the country. There is investment worthy
mid-cap companies in this segment. From being confined
 to the uppermost echelons of
society, packaged water has now become a commonplace
commodity and almost a necessity in metros. After
witnessing historic growth in recent years, it has become a
Rs 3,000-crore industry, one that is slated to only post
healthy growth rates to become a Rs 10,000-crore business in
just three years, The
buk water industry, or water in 12-, 20- and 25-litre packages, has
also witnessed a parallel growth of Rs 700-1,000 crore. Basically,
the market can
be divided into two segments — the retail consumer
market where the pack sizes are 500 ml, one litre, 1.2/1.5/2-
litre and five-litre, and the household and
institutional market, where the pack size is usually are 20-
or 25-litre. The Bureau of Indian Standards (BIS) is the
governing authority on all quality and production regulations
related to natural mineral water as well as packaged
drinking water. The all-India market for packaged water is
between $145 million (Rs. 8 billion) and $21 million (Rs. 10
billion) and is growing at the
rate of nearly 40 per cent per annum. Even though it accounts for
only 5 percent of the total beverage market in India, branded
bottled water is the fastest growing industry in the beverage
sector. While the single largest share in the mineral water
market might still belong to an Indian brand -- Parle's $52

22
million (Rs. 2.5 billion) Bisleri brand has a 40 percent share --
multi-national
corporations are not far behind. Nestle and Danone are vying
to purchase Bisleri, and Pepsi's Aquafina and Coke's Kinley
brands have been extremely successful in edging out many of the
small and medium players to buy-outs and exclusive licensing
deak. In less than two years since its launch, Aquafina
has cornered 11 percent of the market and Kinley has almost a
third of the market. News reports indicate that other MNCs like
Unilever are also eying the market. DEMAND OF WATER
WOULD NEVER GO DOWN... &
WATER WOULD NEVER BE OUT OF BUSINESS.
23

3. PROCESSING METHODS , MANUFACTURING

PROCESS AND PRODUCT PREPARATION

3.1 PROCESSING METHODS

Water Treatment Plant

Introduction:

The plant receives water from the catchment. It is a

natural spring source. The water is rich in natural mineral. So
it is used without any chemical treatment. This water is first
treated and then used for beverage preparation.

Need to treat water: Water is treated to remove

• Colloidal and suspended particles
• Undesirable odour, taste and cobr
• Reduction in alkalinity to desired level

• Micro organisms

Common Impurities in Water:

• Suspended solids- Includes all matter suspended in
water that is large
enough to be retained on a filter with a given porosity.
Alkalinity- Indicates the quantifiable quantities of
carbonates, bi
carbonates and hydroxides in water.

Total hardness- Indicates the quantifiable quantities of

calcium and
magnesium
• Total dissolved solids- Indicates total content of dissolved solids
in

water. Effect of Contaminated Water on Product:

• Contaminants present a danger to taste, aroma and
appearance of
beverage. Physical discrepancies in water as turbidity,
colour, odour, taste can have an almost immediate effect on
beverage flavour or appearance.

24

Even when present in small amounts, there remains a

danger to product
shelf life. Turbidity
or small levels of coloidal matter can
cause foaming problem either at the filler or while the
beverage is being filled or later
when the bottle \can is opened by the consumer.
• Microorganisms like yeast affect taste & odour and
can cause
sediment or floc to develop. Organic matter affects
beverage sensory characters and shortens the shelf
life. Chemicals and minerals affect adversely the taste
of beverage. High alkalinity can quickly neutralize and
delicate acidity of the beverage.
11

Water Treatment Plant Testing It includes various tests

under physical and chemical parameters. These tests are
• Physical Parameters
> Odour > Taste

> Turbidity
Appearance
• Chemical Parameters
► Calcium hardness
► Suphate
Total Hardness → Total and Partial Alkanity > Chloride

Use of Product Water

• Syrup making
• Beverage preparation
• Filler for cleaning and flushing
• Water coolers
• Bottle washer

25

Fig. : Flowchart showing Process of Water Treatment

Receiving Raw Water

Sand Filter

Carbon filter

Micron filter 1 (5 micron)

Micron filter 2
(3 micron)

Micron filter 3
(1micron)

Micron filter 4 (0.5micron)

Micron filter 5
(0.2micron)
Used in production area

- 26

3.2 MANUFACTURING PROCESS

Most soft drinks are made at local bottling and canning

companies. Brand name franchise companies grant
licenses to bottlers to mix the soft drinks in strict
accordance to their secret formulas and their required
manufacturing procedures.

• Clarifying the Water

The quality of water is crucial to the success of a soft
drink. Impurities, such as suspended particles, organic
matter and bacteria, may degrade taste and colours.
They are generally removed through the traditional
process of a series of coagulation, fitration and
chlorination. Coagulation involves mixing a gelatinous
precipitate, or floc (ferric sulphate or aluminium
sulphate) into the water. The floc absorbs suspended
particles, making them larger and more easily trapped
by filters. During the clarification process, alkalinity
must be adjusted with an addition of lime to reach the
desired pH level.
• Filtering The clarified water is poured through a
sand filter to remove fine particles of floc. The water
passes through a layer of sand and courser beds of gravel
to capture the particles.. Next, an activated carbon filter
dechlorinates the water and removes residual organic
matter, much like the sand filter.

• Mixing the ingredients

The dissolved sugar and flavor concentrates are

pumped into the dosing station in a predetermined
sequence according to their compatibility. The
ingredients are conveyed into batch tanks where they
are carefully mixed,
too much agitation can cause unwanted aeration.

The water and syrup are carefully combined by

sophisticated machines, called proportioners, which
regulate the flow rates and ratios of the liquids. The
vessels are pressurized with carbon dioxide to prevent
aeration of the mixture.

• Carbonation of beverage
Carbonation is generally added to the finished product,
though it may be mixed into the water at an earlier
stage. The temperature of the liquid must be carefully
controlled since carbon dioxide solubility increases as the
liquid

27

temperature decreases. Many carbonators are equipped

with their own cooling systems. The amount of carbon
dioxide pressure used depends on the type of soft
drink. For instance, fruit drinks require far less
carbonation than mixer drinks, such as tonics, which are
meant to be diluted with other liquids. The beverage is
slightly over-pressured with carbon dioxide to facilitate
the movement into storage tanks and ultimately to the filler
machine

• Filling and Packaging

The finished product is transferred into PET bottles or
cans at extremely high flow rates. The containers are
immediately sealed with pressure-resistant closures,
either tinplate or plastic closures with corrugated
edges, twist offs. Because soft drinks are generally
cooled during the manufacturing process, they must
be brought to room temperature before labeling to
prevent condensation from ruining the labels. Labels
are then affixed to bottles to provide information about the
brand, ingredients, shelf life and safe use of the product.
Most labels are made of a plastic film. Finally bottles are
packed into cases.
• Quality control
Soft drink manufacturers adhere to strict water quality
standards for allowable dissolved solids, alkalinity,
chlorides, sulfates, iron and aluminum. Microbiological
and other testing occur regularly. The National Soft
Drink Association and other agencies set standards for
regulating the quality of sugar and other ingredients. If
soft drinks are produced with low quality sugar, particles
in the beverage will spoil it, creating floc. To prevent
such spoilage, sugar must be carefully handled in dry,
sanitized environments It is crucial for soft drink
manufacturers to inspect raw materials before they are
mixed with other ingredients because preservatives may
not kill all bacteria. All tanks, pumps and containers are
thoroughly sterilized and continuo usly monitored. Soft
drink manufacturers also recommend specific storage
conditions to retailers to insure that the beverages do not
spoil The
shelf life of soft drinks is generally at least 6 months.
28

3.3 PRODUCT PREPARATION

It includes three types of product preparation

• Sugar based product preparation process
• Diet product (sugar free) preparation process
• Soda making preparation process

Fig. : Flowchart showing Sugar based Prepared

Products

Recieving of raw
material
Filter & transfer into syrup tank
Mixing

Storage in cold
Mix the ingredients in seperate container
 Desired volume make up & final
mixing
room

Invert sugar transfer into syrup

tank
Ingredients
weighing according to
recipe
Syrup ready

R.O SYSTEM

CO,

Water
Syrup

Beverage
29

Fig. : Flowchart showing preparation of Sugar Free

Products

Receving of raw
material
Mixing
Desired volume make up & final
mixing

Storage in cold
room
Filter & transfer into syrup tank
Syrup ready

Ingredients
weighing according to
recipe
Mix the ingredients in seperate container
 R.O SYSTEM
INT

CO2

Water
Syrup

Sugar free Beverage

30

Fig. : Flowchart showing Soda Making Process

R.O
SYSTEM

Water
CO2

Soda
31

4.1 RESEARCH METHODOLOGY

Primary research objective

To determine the factors influencing the consumer

decision while buying mineral water.

Secondary research objective

►
To determine the product attributes influencing purchase
decision of mineral water brands.

To determine the reasons for consuming various mineral

water brands.

> To determine the most preferred SKU (quantity) in

mineral water
category.

►
To determine the most preferred channel in the mineral
water category.
Data which research plans to generate

► Factors influencing the choice of mineral water over

other beverages.

► Factors influencing choice of a particular mineral

water brand.

Value of Information to Management

This report aims to generate information on various factors

influencing consumer decision while purchasing a mineral water.
Companies can utilise this information for identifying the
awareness levels of their respective brands in the mineral
water category. Also companies can evaluate their positioning
and promotion strategies based on the factors influencing the
choice of a particular mineral water brand. Companies can also
utilise the factors influencing the choice of SKU for managing
their portfolio of different SKUS in the mineral water category. The
information on factors influencing the choice of a channel can
be used to focus on the growing channels and also in
managing existing channels. This report also contains broad
based trends on consumer profile, awareness levels, usage
patterns and mineral water category as a whole which can be utilised
to make inferences about the future.
32

Research Methodology Used

Information sources

Information has been sourced from namely newspapers,

trade journals, industry portals and through access to many
databases on net.

Sampling:

It denotes the number of elements to be included in the

study. The sample size chosen is 82. The Questionnaire has
been personally filled by the customers in hand to get
feedback on the criticalities.

Measurement and Scaling Procedures

We have used Itemized rating scales like Likert scale in

order to rate the choices for purchase considerations. Also,
we have used rank order method wherein, consumer is asked
to rank the products.

Data Collection

The data used in the research is of two types Primary Data and
Secondary Data mentioned as follows:
a. Primary Data:

Primary data has been collected through interviews and

survey method. The data is collected from the customer
point of view, and has been checked for the privacy of the
respondents or confidentiality has been maintained wherever
required.

b. Secondary data:

Secondary data will be collected from documentary and multiple

sources such as:

Internet articles and web references Internal data of the company

Various trade journals

33

4.2 Research Process:

Identifying the Problem

Devloping Approach

Research Design

Data Collection

Data Analaysis

Report

Data Analysis Procedure

The analysis methods include the following:

Historical Trend Analysis, Judgmental Forecasting and Cause

and Effect Analysis. Usage of SPSS software has been made
for the purpose of drawing tables, analyze the data, graphs etc
to depict the picture of the study under consideration.
4.3 Need and importance of the study

Catch is a very well known brand and has a reputation for

its quality products. Yet, the catch beverages are not able
to generate the revenue as they should. This may be due
to reasons such as less promotion, high cost, hard competition, or
any other

34

factor. The investment on promotional schemes has been

increasing tremendously because it has become the most
important factor in driving up the sales volume and trial of
new products. These huge investments in trade
promotions need to be effective. Relatively small
improvements in promotion effectiveness can significantly
impact performance, and by truly understanding the
drivers and market impact of promotions, consumer
products manufacturers can achieve major competitive
advantages.
35

4.4 DATA PRESENTATION, ANALYSIS AND

INTERPRETATION

(1) Are you aware of any of these following Mineral water

Brands?
A) Bisleri B) Kinley C) Catch D) Aquafina E) All
J

Response of the respondents:

A7
B4
C6
D3
—
E 62

Popularity of Brand
8.64%

4.94%

7.41%
Bislery

Kinley
3.70%
Catch

HAquafina
75.31%
All brands

Inte rpretation:

The graphical representation shows that out of 82

respondents

76% were aware of all the brands

► 9% were aware of bisleri
► 5% aware of only kinley
► 7% aware of only Catch

► 4% aware of Aquafina

36
Q 2) Are you a consumer of a Mineral water?
A) Yes
B) No

Response :

Graphical Representation:

non consumers
4%

consumers & non cosumers

Consumers of mineral water

96%

Interpretation:

The graphical representation of the table shows that out of

82 respondents
96% were consumer of mineral water 4% were not
consumer of mineral water

Q 3) From where did you come to know about these

mineral water brands?

A) TV ads B) Print media C) Shop keeper

Response of the respondents

C
A 67
B
I
8

37

Information medium
8.53%
9.76%

TV 81.71%

Print Media 8.53%

81.71%
Shopkeeper 9.76%

Interpretation:

The graphical representation of the table shows that out of

82 respondents

→ > >
82% come to know about these brands through TV ads 8.5%
through Print Media 9.5% through Shopkeeper

(4) Have you seen the TV advertisement of mineral water?

A) Yes B) No

Response :
Graphical Representation:

ad
Yes 94%

No 6%

94%

38

Interpretation:

The graphical representation shows that out of 82

respondents

94% seen the TV ad of mineral water 6% haven't seen the

ad.
►
Q5) What do you see in the ad which influence you to
buy the product?
A) Price B) Quantity C) Quality D) Brand E) Other factor

Response:
A 30
B4
C 17
D 16
E 15

Graphical Representation:

40.00%
35.00%

30.00%
25.00% 20.00% 15.00% 10.00% 5.00% 0.00%
Price
Quqantity
Quality
Brand
other factors

Interpretation
The graphical representation shows that out of 82 respondents

►
►
►
36.58% were influenced to buy the product on the Price
factor 4.87% were on Quantity factor 20.73% were on Quality
19.53% were on brand 18.29% on other factors.

39

Q6) Rank the following according to the importance you

give to them while purchasing Mineral water.
Brand
Price Quality
Packaging
I-LIT--I

--
Quantity

Brand
Price
Quality
Packaging
Quantity
Response as ranked first:
17
21
14
15
15

Graphical Representation:

30.00%
Percentage response

25.00%

20.00%

15.00%

25.60%

10.00%
20.73%
18.29%
18.29%
17.01%
5.00%

0.00%
+
Brand
price
Quality
Packaging
Quantity

Interpretation: The graphical representation shows that out

of 82 respondents

►
21% give importance to the brand of Mineral water while
purchaising. 26% for price & 17% go for quality 18% each
go for packaging & quantity
►

Q7) when do you consume the Mineral water?

A) When you are out of station
B) During the journey

C) Rarely
D) Daily
E) Ne ver
40

Never
Response:
When out During of station journey 35 21
Rarely 15
Daily 8
3

Graphical Representation:

45.00%

40.00%

35.00%

30.00%

25.00%
42.68%
20.00%

15.00%
25.60%
10.00%
18.29%
5.00%
9.76%
3.66%
0.00%

out of station
Journey
daily
never
rarely Responce

Interpretations: The graphical representation shows that out of 82

respondents

43% use when they are out of station

► 26% on journey
► 18% rarely consume
► 10% consume daily
► Rest never consumed

Q8) Do you know the difference between mineral water

and packaged drinking water?
T-
Yes
No
41

Response:
Yes

2953

35.379

No 64.63% Yes 35.37%

64.63%

Interpretation
More than 60% of people do not know the difference between
packaged &mineral water.
Q9) Does price of a particular Mineral water brand makes
you to shift to others?

Yes !
No
can't

Response:
Yes 39
No 31
Can't say 12

42

Graphical Representation:

50.00%
47.56%

45.00%

40.00%
37.80%
35.00%

30.00%

25.00%

20.00% 15.00%
14.63%

10.00%

5.00%

0.00%
Yes
No
can't say

Interpretation

The graphical representation shows that out of 82 respondents

>
47% change their demand for a brand if they find price to be
more than what they want to pay 38% do not find price as a
factor to change to other brand 15% can't say.

ne brand Y/N
T_I

Brand keeps on changing ---

If change, why?
A) Price constraints
pesn't matter!
I-I

C) Non availability of a particular brand

D) Ne
roduct launched
ment
E) Others
I_!

Response :
A 21
B 12
C 19
D 5
E 8

Graphical Representation:

Chart Title
Axis Title
Percentage responce
Brand loyal
Brand shifts
Brand loyal
Price
Brand shifts
25.60% 14.63%

23.17%
Brand non availability Experiment Others
14.63%

20.73%
9.75%

Series 1

Interpretation

The graphical representation shows that out of 82

respondents

► >
21% are loyal towards their brand Rest all change their
brands from time to time. Out of which 26% change due to
price and 23% due to non-availability of the brand which
they want.
44

RESPONSE FOR SOFT DRINKS QUESTIONAIRE

Q1) Do you drink soft drinks? YN Response: YES

ΝΟ
YES 78
NO

Graphical Representation:

YES

NO
Interpretation: As per the response obtained by conducting the
questionnaire survey 95.12% of respondents consume soft
drinks

Q2) If YES, Which soft drink?

A) Carbonated B) Fruit C) Flavoured Water
D) Energy Drink

Response:
A 45
B 22
C 11
D4

45

Graphical Representation:

soft drinks
14.63%

13.41%
Carbonated Fruit Flavoured Water Energy drink
54.87%

26.82%

Interpretation The graphical representation shows that out of

82 respondents

► 54.87% of the total respondents prefer drinking carbonated

drinks
► 26.82% of the total respondents prefer drinking Fruit
Drink
► 13.41% of the respondents drink Flavoured Water
14.63% of the respondents drink Energy Drinks

Q3) Which soft drink do you like the most?

A) Coca cola B) Pepsi C) Catch
D) Blue

Response:

28
13

46

Graphical Representation:

Soft drinks

Coca cola
Pepsi
Catch
Blue
5%

16%
45%

34%

Interpretation: Out of 82 respondents

→ 45% prefer drinking Coca cola
► 34% prefer drinking Pepsi
► 16% prefer drinking Catch beverages
And only 5% prefer drinking Blue

Q4) Do you know Catch is available in many Flavours?

Y/N

If Yes What are they?

Response:
YES
NO 25
57
Graphical Representation:

YES NO
names of products
8%

All
30%
27%
Some

70%
65%
None

Interpretation: Out of 82 respondents

> 70% were aware that catch is available in many flavours

while
► 30% were not > Whereas only 8% of the respondents were
able to name them clearly
and 65% of them didn't even knew names of Catch beverages

(6) Is CATCH a healthy drink? Y/N

Response:
onse:
YES 62
YES
NO
10
20

Graphical Representation:
Is catch a healthy drink?

24%

YES

NO

76%

Interpretation: according to the survey 76% of the

respondents assume catch as a healthy product whereas
24% of them do not.

Q7) Is catch readily available in market? Y/N

Response: T
YESL
NO

NO
-
48

Graphical Representation:

5%

YES

NO
95%

Interpretation :

>
95% of the respondents said that Catch was available readily
in market

Q8) Do you think advertising influence you to drink

catch drinks?
Y/N

Response:
Yes 82
No T0

Graphical Representation:

yes

09) Would you visit another store if you do not find

CATCH Drinks at your store? Y/N

Yes
No

Response:
Response:
Yes
No
49

Graphical Representation:

33%

yes

no

67%

Interpretation:

►
Only 33% of the respondents would like to visit another
store if they did not find Catch products whereas 67% of them
would not.

Q10) What is your opinion of the brand?

A) Excellent B) Good C) Fair
D) Poor
Fair
Poor
Response:
Excellent | 18
+
Good
42
2
0
|
2

Graphical representation:

3%

22%
24%

Excellent

Good

Fair

Poor

51%
50

The
graphical representation shows that out of 82
Interpretation: respondents

► 22% of the respondents consider catch beverages to be

Excellent → 51% of the respondents consider Catch
beverages to be Good > 24% of the respondents consider
Catch beverages to be Fair
And only 3% of the respondents consider Catch beverages to be
Poor

Other Evaluations: Total respondents =82

Response

Very important
| Important
Not
important at
ortant

| 21
5
Value for 63 money Creative
60 Advertisement Healthiness 77 Good Quality | 74 Packaging 70
Taste
69 Refreshing Attribute
8 10 13
67
11

not important at all

100% 90%

80% 70%
Least inportant
60% -

50%
Important
40% 30%
20%
Very important
10%

Taste
Helthiness
Packaging
Good Quality
value for money
Creative advertising
Refreshing Attribute
51

51

QUESTIONAIRE

This questionnaire is a part of market survey, the aim of

the study is to analyse the strategies adopted by DS
Drinks Pvt. Ltd. Any information provided would be
used only for academic purpose and kept confidential.

Name : Age :
Occupation : Place :

Tick mark the appropriate option for the questions

given below:

Q 1) Are you aware of any of these following

Mineral water Brands?
A) Bisleri B) Kinley D C) Catch I D) Aquafina E) AI
TI
Bigleri
Ama

11
media

Q2) Are you a consumer of a Mineral water?

A) Yes II
B) No D Q 3) From where did you come to know about these
mineral water brands?
A) TV ads
I I B) Print media I I C ) Internet D) Others Q4) Have
you seen the TV advertisement of Mineral water?
A) Yes ---
B) No - -
1_1
rnet
I_!
II li

Q5) What do you see in the ad which influence you

to buy the product?
A) Price B) Quantity I I C) Quality
D) Brand I E) Other factor I Q6) Rank the following
(1 to 5) according to the importance you give to
them while purchasing Mineral water. A) Brand B )
Price I C) Quality ID) Packaging - E) Quantity Q 7)
When do you consume Mineral water?
52
I-I

A) When you are out of station C) Rarely

I D ) Daily -
II ILI

B) During the journey

E) Never L1

Q8) Do you know the difference between mineral

water and packaged drinking water?
Yes
I
1
No

Yes
--
I_I

ne brand? Y/N
Q9) Does price of a particular Mineral water brand
makes you to shift to others?
No II
can't say I Q 10) Do you prefer only one brand? YN
D I f NO, why? A) Price constraints
D B ) Brand doesn't matter C) Non availability of a
particular brand --- D) New product
launched/experiment - E) Others
onstraints
nd doesn't matter

launched
hers
I_1

QUESTIONAIRE FOR SOFT DRINKS:

I drink soft Drinks - Y/N

2) If YES, which soft drink?

Carbonated
voured water I

D) Energy Drink
1

3) Which Soft Drink do you like the most? A) Coca coh

( B) Pepsi
D)Blue --
C) Catch
) C:
I_1

4) Do you know Catch is available in many flavours?

YN

5) If yes what are they:

6) Is Catch a healthy Drink?

YNL
I

7) Is Catch readily available in market? YN

---

i think adve
ice y
to drink Catch drinks?
Y/N
I_

53

9) Would you visit another store if you do not find Catch

drinks at your store? Y/N

10) What is your opinion of the Brand?

B) Good
od

A) Excellent I D) Poor I
C)F:
I-I ILI
TITI

Tick mark and evaluate the following

Not
Very important
Important
Least Important
Important at all

Value for money

Creative Advertising

Healthiness

Good Quality

Packaging

Taste

Refreshing Attribute
54

5. Major Competitors

The categories of bottled water in India are Packaged Natural

Mineral Water and Packaged Drinking Water Bottled water
industry, colloquially called, the mineral water industry, is a
symbol of new life style emerging in India. The packaged
drinking water in India, which is estimated at Rs.850 crores with
over 200 brands floating in the market, most of which have
restricted territorial distribution. This is a growing market in
India as quality consciousness among the consumers is on the
rise. The bottled water market is growing at a rapid rate of
around 20%.At this growth rate, the Rs 7000million per year
market is estimated to overtake the soft drinks market
soon. Multinationals, Coca-Cola, Pepsi, Nestle and others are trying to
grab asignificant share of the market. There are more than
180 brands in the unorganized sector. The small players
account for nearly 19% of the total market. The per capita
consumption of bottled water in India is less than half a litre
per year, compared to 111 litres in France and 45 litres in the
US.

Major Players with their brands include Parle Export which

introduced Bisleri in India 25 years ago, Parle Agro with
Bailley, Godrej Foods with its Golden Valley, Coca-Cola with
Kinley, PepsiCo with Aquafina, Nestle India with Perrier, Mohan
Meakins and SKN Breweries entered the market with Golden
Eagle and Penguin mineral water, respectively. Nonetheless,
Bisleri and Bailley, both of Parle Origin, enjoy about 50% market
share and has become almost generic with the product. The
premium bottled water market in India has brands like Evian, San
Pelligrino, Perrier.

Bisleri, which pioneered the packaged drinking water

business in India, catering to consumers need to have
hygienic drinking water while on the move or even at home,
is literally changing its colours and going for a makeover. The
brand that was till now marketed as packaged drinking water will
now be available in a natural avatar. The natural water
segment, which accounts for about 5% of the total bottled
water segment, is expected to grow by leaps and founds as
health awareness and disposable incomes rise. The bottled water
industry is worth Rs. 1,000 crore in India and is growing at 40%
per annum. It is projected to reach Rs. 5,000 crore by 2010. Thus
any entrepreneur may go into this field, will be successful
which is attracting various people into this industry thus
adding to the competition.
55

Market share

Bisleri (40%)

Kinley (20 25%)

Aquafina (10%)

others (20 25%)

CATCH(7%)

Bisleri Of Parley Leads the Market with 40% of the Market

shares Bisleri's turnover has multiplied more than 20 times
over a period of 10 years and the average growth rate has
been around 40% over this period. Presently the Company
Has 8 plants & 11 franchisees all over India.
Overwhelming popularity of 'Bisleri' & the fact that they
pioneered bottled water in India, has made them
synonymous to Mineral water & a household name.

Kinley Of Coca Cola International Acquires 20-25% of

Market Share Followed by Aquafina of Pepsico Ltd. All the
other Brands enjoy 20-25% of Market Share In which
catch's Market Share Are estimated to be about 7%
only.

56

Target market and major Segments

TARGET MARKET

When the marketing strategy is developed, one has to

determine with which customer group this would be most
effective. For example, a "better value for the money" may be
more appealing to the "family" consumer group while a "wider
distribution" would be more attractive to consumers who
travel. Remember that different market strategies may
appeal to different target markets. Therefore, the
collected data ahs to be applied to choose the
combinations that will work best.

The market is defined by different segments. Some examples

are:

•
Geographic: Specialize products to customers who live
in certain neighbour hoods or regions, or under particular
climates. Demographic: Direct advertising to families, retired
people, or to the occupation of consumers. Psychographic:
Target promotion to the opinions or attitudes of the
customers (political or religious, for example). Product
benefits: marketing should be aimed to emphasize the benefits
of the product or service that would appeal to consumers
who buy for this reason in particular (low cost or easy access).
Previous customers: those groups of people should be
identified and promoted who have purchased the product
before.
•
The company has very different brand messages for each
of their brands. This helps the customers in clearly
identifying each brand from the other. When company talk
of Catch, it's clearly indicating food and beverages, and not
about tobacco or paan masala or for that matter paan masala
containing tobacco. When it comes to Pass Pass, one's
dealing with an Indian natural herbal mouth freshener that has
no supari, it's a grandmother's recipe. A mouth freshener is
completely different from a Rajnigand ha. It cannot be the same.
Rajnigandha has supari while Pass Pass has no supari.
So consumers should know exactly what they are consuming. It is a
very clear distinction on the basis of content of the product, price
points and value that one can derive. This is what we mean by
brand building - holistic communication. Still one may say that
water is available everywhere in India. Why should anybody buy
water then? Because in India, we all are becoming health
conscious and when you are bothered about your well-being,
you should not bok at Rs 12, you should bok at Rs 25. So it is
up to you whether you want to invest for that good health.
Moreover, company is targeting a different audience
altogether with Catch water. The company is targeting
embassies; five-star hotels, resorts and clubs where it matters
to be health conscious and people are ready to pay the price
to be healthy. So it is a niche that the company is looking
at. Catch Clear is in great demand and so is Club Soda.
These brands are doing well in the niche segment we had
targeted. So target market for these brands is the young and
health-conscious people who are moving up with a global
perspective.

57

Catch's target market has basically been the upper

segment. Basically the “high class society the elite group
of people. It has created its own segment of consumers
which are concerned with quality of the product rather than its
price unlike the buying behavior of the Indian consumers.
The company has never compromised with quality of its
products and plans to provide the best quality. Catch brand
has always been known for its quality products and BAIS has
also approved it making "Catch” as the only mineral water
industry to be able to match the American standards of
quality whereas many major players like Major Players like
Parle Agro with Bailley, Godrej Foods with its Golden Valley,
Nestle India with Perrier, Mohan Meakins and SKN with
Golden Eagle and Penguin mineral water, respectively etc have
not been able to do so. During my work at the Mineral water unit
of this Company I was surprised by the efforts that the company
put into maintenance of its quality standards. Each bottled
passed through various quality checks to be precise with
the quality of their products. Thus when one is buying a product
of catch he can be rest assured that he is buying Quality product
as the company never compromises with the Quality.

Major segments are basically those people those who

consume the products offered by the company regularly
and those areas where demand is higher than the other area
.Use of mineral water gradually increase in India due so
shortage of pure hygienic water and also increase the
knowledge of water because pathogenic microorganisms,
which are main reason of stomach problem. On this reason a
part of the society stored so use safe drinking water i.e.
mineral water. There is increase full life, major of the
working group has to take travel from one place to another
place, by this time they are now habituate to use mineral
water. Major of the tourists are only habituated to take
safe drinking waters. Packed bottled mineral water is the
only main resources in our country to safe drinking water. On
that base, it can be concluded that scope of mineral water will be
much more increased in the future. As suggested by our
market research also 42.68 %of people that consume mineral
water are people living out of station thus being the major
segment of consumers followed by people who travel
regularly.
58

7. Marketing Strategy AND Market positioning

7.1 Product range

Total range of products offered by the company includes

•
•
Catch Natural mineral water and Rohtang mineral water
Catch soda (Sparkling Water and Premium black soda) Catch
diet flavoured water in lemon n lime, peach , black
current and green apple flavor Catch spring soft drink in
Cola, orange, lemon flavour, Classic tonic water and
Ginger Ale
•

And company offers their products in different bottle sizes

which include:

• 100ml (72 packed plastic glass per pack)

• 200 ml (24 bottles per pack)
500 ml (12 bottles per pack)
• 1000 ml (12 bottles per pack)
• 1500 ml (9 bottles per pack)
• 25 Litre Jar

7.2 Pricing Strategy

In any food business, in order to be competitive, one have to
be reasonably priced. No consumer will pay you for the
extra fillers. Al the world-class packaging and quality that
the company is providing is value addition to the money
the consumer pays. But the consumer will not compensate
for these extra efforts that you take. When company sells
water, they are just not selling bottles for storing in the
fridge. The company is starting a new concept in India to
crush and throw used bottles and cans.

Low cost product

Catch has introduced a new mineral water product in the
market named "Rohtang”. This product has been placed at
low price (15 Rs) to compete with other players like Bisleri,
Kinley and Aquafina etc in this segment the price of catch
mineral water has also been brought down to Rs20 to be
able to increase the sale of the product. As discussed earlier
also is this report that catch brand is focused on providing
quality product and has main focus on the elite group of the
society hence it never competes on price.
59

7.3 Promotion strategies

The company isn't spending a lot on promotion of the

mineral water industry. Company is not that much interested to
sell catch mineral water as compared to the Tobacco products
which has been promoted heavily, the company has been
mostly promoting "pass pass" whose commercials was
seen all through the ongoing Asia cup and also during the half
time breaks and pre & post match shows during the soccer world
cup whereas TV commercials of catch mineral waters are
rarely on air and one may say are seen once in a blue
moon.

Trade promotion

Catch gives incentives to retailers by offering them free

samples and good margin by this way retailers push
their products in the market and for this reason its seen
most often in the market and this aids to the good sale in
market because as the experts say “Jo dikhta hai who
bikta hai” means product which is seen more in the market is
sold more.

Other than TV commercials and trade promotion various

promotion strategies of the company includes –

• Sponsorships with different colleges and school cafes and

sponsors
their sports events and other extra curriculum activities to
increase the
brand awareness.
• Free samples are being given in various trade fairs in
Himachal, Delhi
and NCR region and banners etc are put up during various
festivals etc. Free gifts are also being given under various
schemes of this group
which are very popular among household women and children's.
• Buy two get one free offers
Coupons
• Special sale prices
Rebates

• Give-aways
60

7.4 Distribution Channel

Catch company makes two type of selling

Direct selling- In direct selling the company transports

their products directly to the shopkeepers by means of
their own transport company owns 18 trucks for this
purpose. In this type of selling the profit margins are more as no
margin is to be given to the distributors.

The company mainly uses direct selling to sell its product

to various hotel chains, restaurants and embassies.

Indirect selling-They have their whole sellers and

agencies to cover all areas, the profit margins lessen due
to this but practically it is very difficult for the company to
cover the entire region on their own so the company
through its whole sellers and distributors ensures that their
product is widely available to the customers.

Facilitating the product by infrastructure For

providing their product in good manner the company
has provided infrastructure these includes
•
Vizi coolers Freezers Display racks
•

Advertisement

•
•
•
•
Print media Pos material TV commercials Bilboards and
holdings

The company has not been so much involved in selling it

through TV commercials as the company is not that much
interested in selling its product yet hence mostly advertising it via.
Putting up big Billboards and holdings mostly during fairs and
festivals.

Pos material means point of sales material this includes posters

and stickers display in stores and different areas.

61

8. Reasons for lack of interest in mineral water

industry
The packaged drinking water industry is growing and
there are huge investment opportunities in this segment. But still
company is not investing that heavily in this segment and one
realises somewhat layback nature of the company in this
segment. The reasons behind these are companies
policies and ability to foresee the future it's sort of
scenario planning. Unlike any other company the DS
group has never issued IPO's hence no external funds
are available to the company one may understand the reasons
for this attitude by applying the basic management concepts
of product life cycle and BCG matrix

SATURATION

MATURITY
wwwwwwwwwww

DECLINE
wwwwww
W

GROWTH
wwwwww

"IAL PHASE

62

Product life cycle

The reason why the company is yet not that much

interested in investing in its mineral water industry quite yet
can be explained by the product life cycle concept. The company
is flourishing and doing well in its tobacco industry and also in its
rubber industry. Both the companies are in their maturity phase
and would soon reach its saturation stage where
companies profits would become stable here the
companies market shares might remain stable but there
would be no growth stage which would lead to reduction in profits
and the company will reach its decline stage. Like death is
inevitable for every living being likewise Product life cycle
is also a inevitable part of every companies life. Hence as
we have seen earlier in the BCG matrix the company may
then sell off its tobacco or rubber business and invest in the
other sectors like mineral water industry. This is all a part
of companies policy and planning for the future if the
company was to run for a long period.

It allows company to focus and invest properly in one sector as

it's really difficult and risky also for a company to invest
heavily into all of its business. The market for mineral
water industry is also developing in India as Indian
consumers are becoming more rational in their approach
towards are product and is also becoming more smart and
educated. People are now becoming more conscious about their
health hence the market for catch mineral water will only grow in
the future.

8.1 Swot Analysis of the company

II

Strengths
•
Brand famous for its Quality products.
Recognised by American First in India to bottle natural
spring water which has been awarded NSF certification from
FDA, US : a hallmark of quality and purity.

First to introduce soda processed with natural spring water

•
Company provides zero calorie tonic water

•
The only company to sell flavoured mineral water

Mineral water has a natural sweetener and has zero calories

63

Weakness

•
•

•
•
•
Losses due to transport expenses. Less market for
mineral water industry at the operating area i.e. Himachal
Pradesh Company not that much interested in selling the
product yet. Un-experienced management and unskilled labour
Unavailability of other raw materials other than "water"
Company brand not known to people yet in mineral
water industry (unlike catch masala and Pass- pass) Not
much efforts put into advertisement There is no classification
called natural spring water; so, everybody calls it mineral
water.

Opportunities -

•
Huge opportunities in Mineral water industry. Lesser
competition or say lesser or nil Cut throat competition Company
is still new therefore huge growth opportunities Very less
company sell mineral water hence huge growth
opportunities for company in this segment. Railway, as
according to a estimate railways ordered 15,000 cases (of
12 bottles each) a day in 2012

Threats

•
Tata is an emerging threat in packaged mineral water
industry with its purchase of “Hima laya" mineral water
plant. Bisleri enjoys the highest market share and is
planning to increase it by introducing flavoured mineral water.
Aggressive selling by Coke and Pepsi Many companies
have realised the market potential and are entering into
this business Local companies are posing a huge threat as
they are selling their product at prices lesser than the
market price Govt policies and change in taxation and other
policies

64

8.2 BCG Matrix for the company

Stars
Question marks

•
•
•
•
•
Rajnigand ha
Tulsi Pass pass Catch soda
Catch mineral water Catch cola Catch orange Catch lemon
•
•

Cash Cows
Dogs

•
Catch spring ginger Ale
•
Catch masala Classic tonic water Catch diet flavoured
water (lemon n lime, Peach, Black Currant, Green Apple)
65

8. PEST ANALYSIS OF CATCH BEVERAGES

There are four variables, which we will discuss in our

report, they are:

POLITICAL VARIABLES

| Political variables
Some what
Strongly Effected (++)
No Effect
Some what
Strongly Unaffected (--)
Effected (+)
Une ffected

(+ -)

Yes
Effects government regulations deregulations

Yes
Effect environmental protection laws any
if

export
NE
Import and regulations
Effect of changing
NE

political conditions

Conclusion of Political Analysis:

As far as the above table is concerned it could be seen that there

are very little chances of 'political variables" to effect the
catch's production and selling behavior.

In 'political variables” most of the things are related to

Governmental activities. So, they don't leave any good or
bad impact in the Industry of catch.

And there are some exceptional things like:

"environmental protection laws" they some what effect the
industry of Catch. From last four-five years Government has
become conscious about the environment. But after making
the adjustments in plants and applying the proper waste
management system the chances of being affected by the
protection laws" are going to be diminished.

So "political conditions" over all leave neutral effects on

catch's industry.
66

ECONOMICAL VARIABLES

| Economical Variables
Some what
No Effect
Some what
Strongly Effected
Strongly Effected
Effected
+
Effected
++

YES
Do soaring interest rates make business task any harder

Any effect inflation

due
to
NE

Conclusion of Economical Analysis : As observed

"economical variables" highly affects the Catch's
resolution. Economic factors are those factors which effect
the production of any industry. Inflation rate is also not a strong
variable for affecting any country's production point of view.
Inflation may increase cost of production but in case of
FMCG products it does not effect that much as it's a essential
product if one is thirsty he has to consume water and has no
alternate choice.

SOCIAL VARIABLES

Social variables
Some what
Strongly Effected
Some what No
Effect Effected
Strongly Effected
Effected
++

Effects of advertisement YES of Catch on Public popularity

Does Catch's contribution | YES affect

charity organizations

YES
Has rising consciousness of natural resources in people effected your
"save
environment activities.
67

ITTE

CONCLUSION OF SOCIAL ANALYSIS

DS Group constantly nurtures its responsibility as a

committed corporate citizen, by regarding Corporate Social
Responsibility as an integral part of its Business
Objectives.

The Company has been working in Assam and Tripura, on

a wide range of CSR programmers ranging from education to
health and making tribal and ethnic communities self reliant.
Under the CSR initiatives the group is reno vating local
schools, setting up a State level College and developing
heritage properties and construction of an eco lodge to be
owned and run by the tribal community.

While DS Group pursues leadership in its business

spheres; it simultaneously endeavors to promote common
welfare through multidimensional activities to work towards
an all round development of the society

In its constant effort towards building trust among its

audience, the Group works strongly on the principles of
integrity, dedication, resourcefuhess and commitment. A
wide array of skills and substantial depth of experience has not
only led the Group to maintain its leadership in its traditional
businesses but has also resulted in gradually gaining market in
its relatively nascent forays.

TECHNOLOGICAL VARIABLES

Some what
Technological variables
Strongly | Some what | No Effected
Effect Effected
Strongly Effected
Effected
++

business YES effectively

Have innovations promoted business
your

YES
Has the government's regulations ever hindered in
importing technical equipment

Does catch promoting environment

help in | YES paperless

68
Conclusion of Technological Analysis

Of course business innovation leaves highly good impacts in the

business of Catch. As catch use more advance technology
in its production process. It will resulted in increment of
their production through out the country.

As far as the "governmental hindrances" are concerned

the impacts highly bad on catch's production. Ever year when
budget in announced government taxes rates always shoot
up. This approach of government decreases the profit
margin of Catch.

As the catch heping in promoting "paperless environment"

it impacts good, because computers are the basic need of any
person now a days. And though it's a big industry so it is
promoting the trend of paperless environment. And it is giving
way to other industries to come to new technologies and into
a new world of business. Through computers catch can
increase the efficiency of its business and can have up-to-date
data about their productions.
69

9. Conclusion

Catch company has never wanted to target masses. Catch

spring water is the only natural spring water available in the
market (other than himalya) and . The production takes place in
Manali, which raises the logistics cost. We are looking for more
resources. Catch is not bothered about the market share
as Catch doesn't perceive other mineral water players in
the market as its competitors. Most people do not understand
the difference between spring water and mineral water. The
issue Catch is facing in the segment is that even the
government does not acknowledge spring water as a
separate category. This is why Catch is not permitted to write
the words 'spring water' on the bottles. But Company is happy
with the response it has got so far. The demand for Catch spring
water comes from people who value the product and these
constitute mainly institutional sales from hotels and high
commissions.

The company has world-class packaging units and has

adopted world class technology from Canpac International AG,
Switzerland, this increases the shelf life. Thus world-class
technology is the key to enter the food and beverages. In
coming years the demand of packaged drinking water will be
increased very rapidly, so there is a huge scope for
company to prosper in coming years.

70

70

10. Appendices
Economics and the law

The majority of the bottling plants - whether they produce

bottled water or soft drinks - are dependent on groundwater.
They create huge water stress in the areas where they operate
because groundwater is also the main source - in most places
the only source - of drinking water in India. This has
created huge conflict between the community and the
bottling plants.

Private companies in India can siphon out, exhaust and

export groundwater free because the groundwater law in the
country is archaic and not in tune with the realities of modern
capitalist societies.

The existing law says that "the person who owns the land owns
the groundwater beneath". This means that, theoretically, a
person can buy one square metre of land and take all the
groundwater of the surrounding areas and the law of land cannot
object to it. This law is the core of the conflict between the
community and the companies and the major reason for making
the business of bottled water in the country highly lucrative.

Take for instance the case of Coca-Cola's bottling plant in

drought-prone Kala Dera near Jaipur. Coca-Cola gets its water
free except for a tiny cess (for discharging the wastewater) i
pays to the State Pollution Control Board - a little over
Rs.5,000 a year during 2000-02 and Rs.24,246 in 2003. It
extracts half a million litres of water every day - at a cost of
14 paise per 1,000 litres. So, a Rs.10 per litre Kinley water
has a raw material cost of just 0.02-0.03 paise. (It takes about
two to three litres of groundwater to make one litre of bottled
water.)

However, water is not that cheap in the United States, home to

Coca-Cola and PepsiCo. The average cost of industrial water in
the U.S. was Rs.21 per 1,000 litres in the late 1990s. It was
Rs.90/1,000 litres in the United Kingdom and Rs.76/1,000 litres in
Canada.
1

TLTD

Treatment and purification accounts for the next major

cost. Even with the state-of-the-art treatment system with
reverse osmosis and membranes, the cost of treatment is a
maximum of 25 paise a litre (Rs.0.25/litre). Therefore, the
cost of producing 1 litre of packaged drinking water in India,
without including the labour cost, is just Rs.0.25. In a nutshell, in
manufacturing bottled water, the major costs are not in the
production of treated and purified water but in the packaging
and marketing of it.

The cost of a bottle, along with the cap and the carton, is
the single biggest cost - between Rs.2.50 and Rs.3.75 for a
one-litre bottle. For water sold in big plastic jars (20-50 litres),
which are also reused, or in pouches, this cost is much lower. It
is precisely owing to this that companies sell water at even
71

Re.1 a litre in a 20-50 litre jar and still make profits. Labour and
establishment and marketing costs are highly variable and
depend on the location and size of companies. Informal
discussions with industry members reveal that the gross profit of
this industry can be as much as between 25 and 50 per
cent.

Huge real costs

The reason that companies do not have to bear the cost of the
main raw material - water - has made this industry highly
profitable. But the real cost of the industry is huge.

The cost of fast-depleting groundwater is incalculable and so

is the cost of disposal of plastic bottles and pouches. These are
hidden costs that society and the environment pay and will pay in
the future. The sale of bottled water is therefore not
environmentally sound by any stretch of the imagination.

There are much cleaner ways to access clean and healthy

water and for this we will have to rethink our water paradigm.

Groundwater is the cleanest and cheapest source for all, but we

have over extracted and polluted it with natural contaminants,
agro-chemicals and industrial waste. We will have to recharge and
revive our groundwater bodies and for this the existing archaic
law must change.

Our surface water bodies are in a deplorable condition.

We dump our sewage and industrial waste in rivers and
ponds, try to clean them in massive centralised treatment plants
and then supply the water to urban households - to be
discharged again as wastewater into the same water body.
This vicious cycle must be cut and stopped. The cost of dirty
water is just too great for society to bear. Bottled water and
domestic treatment systems are a cheap as well as fill-and-
forget solution for 30 per cent of the population, but in doing
so we have not left any solution for the 70 per cent of the
poor and the marginalised.

Kala Dera Aater Contoversy

Kala Dera, in Rajasthan, was declared a drought area by the

Indian Government in September, following this year's failed
monsoons. But the situation has been worsened by Coca-
Coh's operations in the region. Their controversial bottling plant
draws on the same groundwater sources as those used by the
local community and farmers, with recent data revealing that
groundwater levels plummeted by 5.83 meters in just one
year between May 2007 and May 2008 – a huge drop never
before witnessed in Kala Dera. Coca Cola's use of the
groundwater reaches its peak in the summer months,
exactly when water shortages in the community are at their
worst.
72

'The Coca-Cola Company is denying our fundamental

human right to water by continuing to extract groundwater
from a rapidly falling aquifer. Every drop of water that Coca-
Cola extracts is water taken away from the children, women
and men who are unable to meet their basic water needs, leave
alone the farmers who are seeing their crops fail,' explains
Mahesh Yogi of the Kala Dera Sangharsh Samiti, a local
community group that has been opposing the plant since
2002. "Coca-Cola has contributed significantly to the
falling water tables and they must shut down and leave Kala
Dera.'

Last year a Coca-Cola-funded study confirmed the concerns being

raised by the community, showing that the company was a
significant contributor to the water crisis. But Coke has refused to
follow the study's recommendations: to relocate the plant or bring
in water from outside the area to meet its needs.

Cost Of Producing One Bottle Of Mineral water

Cost of producing 1 litre branded bottled drinking water

Cap post
Rs. 0.25

Bctile sost
Rs. 1.50 – 2.50 Rs. 0.10 -0.25
Treatment oder

Rs. 0.15 -0.25

Label cost Carton cost Transportelan cost
Rs. 0.00

Rs 0.10 -
2

Tatal cost Tezcluding labaur.

Rs. 2.85 -4.25 Rs. 10_- 12.0
Selling cost

NeteThe EAES are indiethve and even

They WU vann alara ta placard with the size or

73
11. BIBLIOGRAPHY

www.DSgroup.com www.ask.com
www.google.com
• The Financial Express
• www.Yahoo Finance.com

Companies Old records And Files

74