Hul

(HUL)
HINDUSTAN UNILEVER LIMITED
By- Ritesh Kumar Dwivedi
Introduction:-
Hindustan Unilever Limited (HUL) is India's largest fast moving consumer goods
company, with leadership in Home & Personal Care Products and Foods &
Beverages. HUL's brands, spread across 20 distinct consumer categories, touch the
lives of two out of three Indians. They endow the company with a scale of combined
volumes of about 4 million tonnes and sales of Rs.13,718 crores.

The mission that inspires HUL's over 15,000 employees is to "add vitality to life".
With 35 Power Brands, HUL meets everyday needs for nutrition, hygiene, and
personal care with brands that help people feel good, look good and get more out of
life.

It is a mission HUL shares with its parent company, Unilever, which holds 52.10%
of the equity. A Fortune 500 transnational, Unilever sells Foods and Home and
Personal Care brands in about 100 countries worldwide.

Mission:-
Unilever's mission is to add Vitality to life. We meet everyday needs for nutrition,
hygiene, and personal care with brands that help people feel good, look good and get
more out of life

Corporate purpose:-

Unilever's mission is to add Vitality to life hygiene, and personal care with
brands that help people feel good, look good and get more out of life.. We
meet everyday needs for nutrition,

Unilever's mission is to add Vitality to life. We meet everyday needs for
nutrition, hygiene and personal care with brands that help people feel good,
look good and get more out of life.

Our deep roots in local cultures and markets around the world give us our
strong relationship with consumers and are the foundation for our future
growth. We will bring our wealth of knowledge and international expertise
to the service of local consumers - a truly multi-local multinational.

Our long-term success requires a total commitment to exceptional
standards of performance and productivity, to working together effectively,
and to a willingness to embrace new ideas and learn continuously.

To succeed also requires, we believe, the highest standards of corporate
behaviour towards everyone we work with, the communities we touch, and
the environment on which we have an impact.

This is our road to sustainable, profitable growth, creating long-term value
for our shareholders, our people, and our business partners

HERITAGE:-

a- Past Milestone:- ( Over 100 years’ link with India)

In the summer of 1888, visitors to the Kolkata harbour noticed crates full of
Sunlight soap bars, embossed with the words "Made in England by Lever
Brothers". With it, began an era of marketing branded Fast Moving
Consumer Goods (FMCG).

Soon after followed Lifebuoy in 1895 and other famous brands like Pears,
Lux and Vim. Vanaspati was launched in 1918 and the famous Dalda brand
came to the market in 1937.

In 1931, Unilever set up its first Indian subsidiary, Hindustan Vanaspati
Manufacturing Company, followed by Lever Brothers India Limited (1933)
and United Traders Limited (1935). These three companies merged to form
HUL in November 1956; HUL offered 10% of its equity to the Indian public,
being the first among the foreign subsidiaries to do so. Unilever now holds
52.10% equity in the company. The rest of the shareholding is distributed
among about 360,675 individual shareholders and financial institutions.

The erstwhile Brooke Bond's presence in India dates back to 1900. By 1903,
the company had launched Red Label tea in the country. In 1912, Brooke
Bond & Co. India Limited was formed. Brooke Bond joined the Unilever fold
in 1984 through an international acquisition. The erstwhile Lipton's links
with India were forged in 1898. Unilever acquired Lipton in 1972, and in
1977 Lipton Tea (India) Limited was incorporated.

Pond's (India) Limited had been present in India since 1947. It joined the
Unilever fold through an international acquisition of Chesebrough Pond's
USA in 1986.

Since the very early years, HUL has vigorously responded to the stimulus of
economic growth. The growth process has been accompanied by judicious
diversification, always in line with Indian opinions and aspirations.

The liberalisation of the Indian economy, started in 1991, clearly marked an
inflexion in HUL's and the Group's growth curve. Removal of the regulatory
framework allowed the company to explore every single product and

opportunity segment, without any constraints on production capacity.

Simultaneously, deregulation permitted alliances, acquisitions and mergers.
In one of the most visible and talked about events of India's corporate
history, the erstwhile Tata Oil Mills Company (TOMCO) merged with HUL,
effective from April 1, 1993. In 1995, HUL and yet another Tata company,
Lakme Limited, formed a 50:50 joint venture, Lakme Unilever Limited, to
market Lakme's market-leading cosmetics and other appropriate products
of both the companies. Subsequently in 1998, Lakme Limited sold its brands
to HUL and divested its 50% stake in the joint venture to the company.

HUL formed a 50:50 joint venture with the US-based Kimberly Clark
Corporation in 1994, Kimberly-Clark Lever Ltd, which markets Huggies
Diapers and Kotex Sanitary Pads. HUL has also set up a subsidiary in Nepal,
Unilever Nepal Limited (UNL), and its factory represents the largest
manufacturing investment in the Himalayan kingdom. The UNL factory
manufactures HUL's products like Soaps, Detergents and Personal Products
both for the domestic market and exports to India.

The 1990s also witnessed a string of crucial mergers, acquisitions and
alliances on the Foods and Beverages front. In 1992, the erstwhile Brooke
Bond acquired Kothari General Foods, with significant interests in Instant
Coffee. In 1993, it acquired the Kissan business from the UB Group and the
Dollops Icecream business from Cadbury India.

As a measure of backward integration, Tea Estates and Doom Dooma, two
plantation companies of Unilever, were merged with Brooke Bond. Then in
July 1993, Brooke Bond India and Lipton India merged to form Brooke Bond
Lipton India Limited (BBLIL), enabling greater focus and ensuring synergy
in the traditional Beverages business. 1994 witnessed BBLIL launching the
Wall's range of Frozen Desserts. By the end of the year, the company
entered into a strategic alliance with the Kwality Icecream Group families
and in 1995 the Milkfood 100% Icecream marketing and distribution rights
too were acquired.

Finally, BBLIL merged with HUL, with effect from January 1, 1996. The
internal restructuring culminated in the merger of Pond's (India) Limited
(PIL) with HUL in 1998. The two companies had significant overlaps in
Personal Products, Speciality Chemicals and Exports businesses, besides a
common distribution system since 1993 for Personal Products. The two also
had a common management pool and a technology base. The amalgamation
was done to ensure for the Group, benefits from scale economies both in
domestic and export markets and enable it to fund investments required for
aggressively building new categories.

In January 2000, in a historic step, the government decided to award 74 per
cent equity in Modern Foods to HUL, thereby beginning the divestment of
government equity in public sector undertakings (PSU) to private sector
partners. HUL's entry into Bread is a strategic extension of the company's
wheat business. In 2002, HUL acquired the government's remaining stake in
Modern Foods.

In 2003, HUL acquired the Cooked Shrimp and Pasteurised Crabmeat
business of the Amalgam Group of Companies, a leader in value added
Marine Products exports.

b- Present Future:-
Hindustan Unilever Limited (HUL) is India's largest Fast Moving Consumer
Goods company, touching the lives of two out of three Indians with over 20 distinct
categories in Home & Personal Care Products and Foods & Beverages. They endow
the company with a scale of combined volumes of about 4 million tonnes and sales of
nearly Rs.13718 crores.

HUL is also one of the country's largest exporters; it has been recognised as a
Golden Super Star Trading House by the Government of India.

The mission that inspires HUL's over 15,000 employees, including over 1,300
managers, is to "add vitality to life." HUL meets everyday needs for nutrition,
hygiene, and personal care with brands that help people feel good, look good and get
more out of life. It is a mission HUL shares with its parent company, Unilever, which
holds 52.10% of the equity. The rest of the shareholding is distributed among
360,675 individual shareholders and financial institutions.

HUL's brands - like Lifebuoy, Lux, Surf Excel, Rin, Wheel, Fair & Lovely, Pond's,
Sunsilk, Clinic, Pepsodent, Close-up, Lakme, Brooke Bond, Kissan, Knorr-Annapurna,
Kwality Wall's – are household names across the country and span many categories -
soaps, detergents, personal products, tea, coffee, branded staples, ice
cream and culinary products. They are manufactured over 40 factories
across India. The operations involve over 2,000 suppliers and associates.

HUL's distribution network, comprising about 4,000 redistribution stockists,
covering 6.3 million retail outlets reaching the entire urban population, and
about 250 million rural consumers.

HUL has traditionally been a company, which incorporates latest technology
in all its operations. The Hindustan Unilever Research Centre (HURC) was
set up in 1958, and now has facilities in Mumbai and Bangalore. HURC and
the Global Technology Centres in India have over 200 highly qualified
scientists and technologists, many with post-doctoral experience acquired
in the US and Europe.

HUL believes that an organisation's worth is also in the service it renders to
the community. HUL is focusing on health & hygiene education, women
empowerment, and water management. It is also involved in education and
rehabilitation of special or underprivileged children, care for the destitute
and HIV-positive, and rural development. HUL has also responded in case of
national calamities / adversities and contributes through various welfare
measures, most recent being the village built by HUL in earthquake affected
Gujarat, and relief & rehabilitation after the Tsunami caused devastation in
South India.

In 2001, the company embarked on an ambitious programme, Shakti.
Through Shakti, HUL is creating micro-enterprise opportunities for rural
women, thereby improving their livelihood and the standard of living in
rural communities. Shakti also includes health and hygiene education
through the Shakti Vani Programme, and creating access to relevant
information through the iShakti community portal. The program now covers
15 states in India and has over 45,000 women entrepreneurs in its fold,
reaching out to 100,000 plus villages and directly reaching to 150 million
rural consumers. By the end of 2010, Shakti aims to have 100,000 Shakti
entrepreneurs covering 500,000 villages, touching the lives of over 600
million people.

HUL is also running a rural health programme – Lifebuoy Swasthya Chetana.
The programme endeavours to induce adoption of hygienic practices among
rural Indians and aims to bring down the incidence of diarrhoea. It has
already touched 84.6 million people in approximately 43890 villages of 8
states. The vision is to make a billion Indians feel safe and secure.

If Hindustan Unilever straddles the Indian corporate world, it is because of
being single-minded in identifying itself with Indian aspirations and needs
in every walk of life.

ORGANIZATION STRUCTURE
• Board of Directors:-
The Board of Directors of the Company represents an optimum mix of
professionalism, knowledge and experience. The total strength of the Board
of Directors of the Company is 10 Directors comprising a Non-Executive
Chairman, four Executive Directors and five Non-Executive Independent
Directors.

Chair person
Mr. Harish Manwani

CEO & Managing Director
Mr. Nitin Paranjpe

---------- Vice Chairman & CFO
Mr. D. Sundara

-------------------- Mr. Sanjeev Kakkar (ex. dr. sales &cutomer develp.)

-------------------- Mr.Dhaval Buch (executive director supply chain)

---------------------Mr. D. S. Parekh ( board of director)

---------------------Mr. C. K. Prahalad (board of director)

---------------------Mr. A. Narayan (board of director)

---------------------Mr. S. Ramadorai (board of director)

---------------------Mr. R. A. Mashelkar (board of director)

---------------------Mr. Shreejit Mishra (executive director foods)

---------------------Mr. Gopal Vittal (executive director home & personal)

---------------------Mr. Ashok Gupta (executive director legal)

---------------------Ms. Leena Nair (executive director HR)

CODE OF BUSINESS PRINCIPLE:-
Introduction:-
Unilever has earned a reputation for conducting its business with integrity
and with respect for the interests of those our activities can affect. This
reputation is an asset, just as real as our people and brands.

Our first priority is to be a successful business and that means investing for
growth and balancing short term and long term interests. It also means
caring about our consumers, employees and shareholders, our business
partners and the world in which we live.

To succeed requires the highest standards of behaviour from all of us. The
general principles contained in this Code set out those standards. More
detailed guidance tailored to the needs of different countries and companies
will build on these principles as appropriate, but will not include any
standards less rigorous than those contained in this Code.

We want this Code to be more than a collection of high sounding
statements. It must have practical value in our day to day business and
each one of us must follow these principles in the spirit as well as the letter.

Standard of Conduct:-
We conduct our operations with honesty, integrity and openness, and with
respect for the human rights and interests of our employees.

We shall similarly respect the legitimate interests of those with whom we
have relationships.

Obeying the Law:-
Unilever companies and our employees are required to comply with the laws
and regulations of the countries in which we operate.

Employees:-
Unilever is committed to diversity in a working environment where there is
mutual trust and respect and where everyone feels responsible for the
performance and reputation of our company.

We will recruit, employ and promote employees on the sole basis of the
qualifications and abilities needed for the work to be performed.

We are committed to safe and healthy working conditions for all employees.
We will not use any form of forced, compulsory or child labour.

We are committed to working with employees to develop and enhance each
individual's skills and capabilities.

We respect the dignity of the individual and the right of employees to

freedom of association.

We will maintain good communications with employees through company
based information and consultation procedures.

Consumers:-
Unilever is committed to providing branded products and services which
consistently offer value in terms of price and quality, and which are safe for
their intended use. Products and services will be accurately and properly
labelled, advertised and communicated.

Shareholders:-
Unilever will conduct its operations in accordance with internationally
accepted principles of good corporate governance. We will provide timely,
regular and reliable information on our activities, structure, financial
situation and performance to all shareholders.

Business Partners:-
Unilever is committed to establishing mutually beneficial relations with our
suppliers, customers and business partners.

In our business dealings we expect our business partners to adhere to
business principles consistent with our own.

Community Involvement:-
Unilever strives to be a trusted corporate citizen and, as an integral part of
society, to fulfill our responsibilities to the societies and communities in
which we operate.

Public Activities:-
Unilever companies are encouraged to promote and defend their legitimate
business interests.

Unilever will co-operate with governments and other organisations, both
directly and through bodies such as trade associations, in the development
of proposed legislation and other regulations which may affect legitimate
business interests.

Unilever neither supports political parties nor contributes to the funds of
groups whose activities are calculated to promote party interests.

The Environment:-
Unilever is committed to making continuous improvements in the
management of our environmental impact and to the longer-term goal of
developing a sustainable business.

Unilever will work in partnership with others to promote environmental
care, increase understanding of environmental issues and disseminate good
practice.

Innovation:-
In our scientific innovation to meet consumer needs we will respect the
concerns of our consumers and of society. We will work on the basis of
sound science applying rigorous standards of product safety.

Competition:-
Unilever believes in vigorous yet fair competition and supports the
development of appropriate competition laws. Unilever companies and
employees will conduct their operations in accordance with the principles of
fair competition and all applicable regulations.

Business Integrity:-
Unilever does not give or receive whether directly or indirectly bribes or
other improper advantages for business or financial gain. No employee may
offer give or receive any gift or payment which is, or may be construed as
being, a bribe. Any demand for, or offer of, a bribe must be rejected
immediately and reported to management.

Unilever accounting records and supporting documents must accurately
describe and reflect the nature of the underlying transactions. No
undisclosed or unrecorded account, fund or asset will be established or
maintained.

Conflicts of Interests:-
All Unilever employees are expected to avoid personal activities and
financial interests which could conflict with their responsibilities to the
company.

Unilever employees must not seek gain for themselves or others through
misuse of their positions.

Compliance – Monitoring – Reporting:-
Compliance with these principles is an essential element in our business
success. The Unilever Board is responsible for ensuring these principles are
applied throughout Unilever.

The Group Chief Executive is responsible for implementing these principles
and is supported in this by the Corporate Code Committee comprising the
General Counsel, the Joint Secretaries, the Chief Auditor, the SVP HR, the
SVP Communications and the Corporate Code Officer, who presents
quarterly reports to the Unilever Executive.

Day to day responsibility is delegated to all senior management of the
regions, categories, functions and operating companies. They are
responsible for implementing these principles, if necessary through more
detailed guidance tailored to local needs, and are supported in this by
Regional Code Committees comprising the Regional General Counsel
together with representatives from all relevant functions and categories.

Assurance of compliance is given and monitored each year. Compliance with
the Code is subject to review by the Board supported by the Corporate
Responsibility and Reputation Committee and for financial and accounting
issues the Audit Committee.

Any breaches of the Code must be reported in accordance with the
procedures specified by the General Counsel. The Board of Unilever will not
criticise management for any loss of business resulting from adherence to
these principles and other mandatory policies and instructions.

The Board of Unilever expects employees to bring to their attention, or to
that of senior management, any breach or suspected breach of these
principles.

Provision has been made for employees to be able to report in confidence
and no employee will suffer as a consequence of doing so.

PRINCIPLES OF QUALITY POLICY:-
• Putting the safety of our products and our consumers first

• Putting consumers and customers at the heart of our business

• Quality is a shared responsibility

• Building and maintaining excellent systems to ensure the quality and
safety of our products

BRANDS:-

Introduction:-
Hindustan Unilever Limited (HUL) is India's largest fast moving consumer goods
company with leadership in Home & Personal Care Products and Foods &
Beverages. HUL's brands, spread across 20 distinct consumer categories, touch the
lives of two out of three Indians.

If Hindustan Unilever straddles the Indian corporate world, it is because of being
single-minded in identifying itself with Indian aspirations and needs in every walk
of life.
HUL is india’s largest marketer of soaps,detergents,and home care products.It has
the country’s largest personal products business,leading the market in
shampoo,skin care products,colour cosmetics and deodorants.HUL is also the
market leader in tea,processed coffee,braned wheat flour,tomato products,ice

cream,soupsjams,and squashes.HUL is also one of the country’s biggest exporters
and has been recognized as a GOLDEN SUPER STAR TRADING HOUSE by the
gov. of India.

HOME AND PERSONAL CARE:-
Personal wash:-
LUX LIFEBUOY LIRIL HAMAM
BREEZE DOVE PEARS REXONA

Laundry:-
SURF EXCEL RIN WHEEL

Skin care:-
FAIR & LOVELY POND’s VASELINE AVIANCE

Hair Care:-
SANSILK NATURALS CLINIC

Oral Care:-
PEPSODENT CLOSE-UP

Deodorants:-
AXE REXONA

Colour Cosmetics:-
LAKME
Aurvedic & Health Care:-
AYUSH

FOODS:-
Tea:-
BROOKE BOND LIPTON

Coffee:-
BROOKE BOND BRU

Foods:-
KISSAN ANNAPURNA KNORR

Ice Cream:-
KWALITY WALL’S

WATER:-
PUREIT

MAJOR COMPETITORS:-
The volume of the detergent market in India comprises laundry soaps,synthetic
detergent powders,and bars,which is estimated to be 2.8 million tones per annum.
The total market is estimated at a valu of Rs.3,600 crore.The major players in the
organized detergent market are:---------

• HUL
• NIRMA
• P&G

Currently, Nirma and HUL are close competitors with each controlling a 30% share
of the volume in the detergent market. Nirma is the market leader in the economy

segment.An appreciable part of the detergents and laundry soaps market is
occupied by the unorganized sector.The reason for this is that the market is
dominated by a
segment, which is not technology intensive and these players are exempt from taxes
and also enjoy low distribution cost. Some of the other players in the industry are
Henkel Spic, Tata Chemicals, Soap Acme Works, Swastik Surfactants, Hipolin Ltd,
and detergents India Ltd.
In the premium detergent powder, HUL has over 60% market share and the rest of
the market is largly controlled by P&G. Nirma’s presence in the premium detergent
powder is relatively lower.
Major brands in the premium segment are International Surf Execel, Surf Active
Oxidants, Arial Microshine, Revel Plus, Henko Mega Star, Henkomatic, and Henko
Stain Champion. In the mid priced segment the major brands are Arial Super
Soaker, Surf Easy Wash, Rin Power White, JVG Super Wash, Tata Chemicals
Shudh, Henkel Spic, Mr. White. The popular detergent segment is dominated by the
leading brand Nirma, followed by HUL’s Wheel & OK. Bars are priced lower with
a strategy to increase penetration in rural areas. HUL’s Super 555, Sunlight, and
OK, and Nirma’s Nirma detergent cake are the leading brands in the laundry soap
category

Wheel is a detergent brand that caters to the laundry needs of the mass
market. It was first launched in the year 1987. Wheel Green is the single
largest detergent brand in India in terms of market share and value
.
Wheel Powder:- Wheel is packed with powerful lather that cleans even
tough dirt stains on collars and cuffs with ease. It, there fore, cleans
effectively with lesser effort, making a laborious chore like washing light
and easy.Moreover, Wheel does not harm hands or clothes like some other
detergents, which contain ahigh percentage of soda.

Active Wheel:- It is the premium variant of wheel. It gives consumer
the value of three benefits in one. It not only cleans effectively with less
effort but also keeps the colored clothes looking bright and has a fresh
fragrance. Active Wheel gives consumers “Quality Clean and Care” at an
affordable price.

Segmentation, positioning, and targeting:- The brand is
intended in the popular range segment, which consists of powders sold in for
Rs 18-22 per kg. The popular segment was founded as a result of the launch
and subsequent success of Nirma. Other brands in this segment now are
Wheel, OK, and Nima. Wheel is positioned as a tough fighter of dirt and
offers value for money. The advertisements always show a sari-clad lady in
the middle-to lower-middle-class setting. Wheel is targeted as the mass
market and at people moving up the economy ladder from the lower-middle
to middle class segments.The same positioning with better benefits and a
variant called Wheel Active continues.

Relative pricing analysis:-
Prices(Rs)

HUL’s Products
Surf excel 1 kg 135
Surf excel 500 gm 76
Surf excel liquid 500 ml 85
Surf powder 1 kg 78
Surf powder 2 kg 145
Surf powder 500 gm 40
Competitor’s products
Ariel 1 kg 145
Ariel 500 gm 82
Ariel Powder 200 gm 36
Tide powder 1 kg 120
Tide powder 500 gm 68
Ezee liquid soap 1 kg 99
Ezee liquid soap 500 gm 53
Henko matic 1 kg 90
Henko powder 1 kg 80
Henko powder 500 gm 40
HUL’s competing products
Rin supreme powder 1 kg 75
Rin supreme powder 500 gm 36

HUL’s mission is to understand what delights its consumers, and then meet those
expectations by developing relevant technology. At the heart of this mission is the
Hindustan Lever Research Centre at Mumbai and Bangalore.
HUL has modified its business model to target poor customers in rural areas. In
rural areas, per capita consumption may be low but the total consumption is high.
Contrary to popular notions, people in rural areas do have disposable income,
typically because they do not have to buy food but grow it themselves on village

farms. HUL has understood the importance of adapting its technology and
marketing to target this segment, which has been traditionally ignored.

Distribution Network:-
HUL’s distribution network is recognized as one of its key stengths, which helps it to
reach out with products across the length and breath of India. The need for a strong
distribution network is imperative, since HUL’s corporate purpose is ‘to meet the
every needs of people every where’. HUL’s products, manufactured across the
country, are distributed through a network of about 7,000 redistribution stockists
covering about one million retail outlets. The distribution network directly covers
the entire urban population. In addition to the on going commitment to the
traditional grocery trade, HUL is building a special relationship with the small but
fast emerging market trade. HUL’s scale enables it to provide superior customer
service including daily servicing, improves their range availability, and reduces
inventories.
HUL is using the opportunity of interfacing more directly with consumers in this
retail environment through specially designed communication and promotions. This
is building traffic in to the stores while yielding high growth for the business.An IT
powered system has been implemented to supply stocks to redistribution stockists
on a continuous replenishment basis. The objective is to catalyse HUL’s growth by
ensuring that the right product is available at the right place in right quantities in
the most cost effective manner. For this, stockists have been connected with the
company through an internet based network, called RSNet, for on line interaction
on orders, dipatches, and information sharing and monitoring.
Today, the sales system gets to know what HUL stockists have sold to almost a
million outlets across the country on the daily basis.

Indirect Coverage:-
Under the indirect coverage method, company vans were replaced by vans
belonging to redistribution stockists,which serviced a select group of neighbouring
markets.

Operation Harvest:-
The reach of conventional media and, therefore, the awareness of different products
in rural markets is weak.It was also not always feasible for the redistribution
stockists to cover all these markets due to high cost involved.Yet, these markets are
important since growth opportunities are high. Operation Harvest endeavoured to
supplement the role of conventional media in rural India and, in the process, forge
relationships and loyalty with rural consumers. Operation Harvest also involved
conducting product awareness programmes on vans.
Cinema Van Operations:-
Cinema van operations are funded by the redistribution stockists where films and
audio cassettes with song and dance sequences from popular films are shown to
consumers along with advertisements of HUL product

.Single Distribution Channel:-
For rural India, HUL has established a single distribution channel by consolidating
categories. In a significant move, with long-term benefits, HUL has mounted an
initiative to further increase its rural reach with the help of rural sub stockists.It has
already appointed 6000 sub stockists.As a result, the distribution network directly
covers about 50,000 villages, reaching about 250 million consumers.
Supplier Performance:-
Unilever has extensive systems in place to monitor supplier performance on a range
of issues. Typically, an operating company such as Unilever Indonesia will conduct a
full audit of all its suppliers on a rolling programme. The audit covers quality,
health, safety, environment, and labour law issues.The audit did not include labour
conditions as local laws set high standards for all companies that are effectively
enforced.

Hul

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