International Business Capstone Project and presentation on the business dynamics for Gold Jewellery in India and Dubai compared. An analysis of the company under study and her prospects to explore business and expand in Dubai

1. INTERNATIONAL BUSINESS- MDI NMP30
Class of 2018- term Project-
Participants:-
Anand Gopal
Gaurav Pathania
Radha Goel
Ravi Ranjan Prasad
Rohini Harish

2. ABOUT GOLD JEWELLERY
• Pure gold is too soft for everyday wear, so it is alloyed with a mixture of metals like silver, copper, nickel, and zinc to give
it strength and durability. These can also be used to change the colour of gold. Karatage, denoted by a number followed
by "k" indicates purity, or how much of the metal in a piece of jewellery is gold.
• Gold has been treasured for its natural beauty and radiance
• Many cultures have imagined gold to represent the sun
• Yellow gold jewellery is still the most popular colour
• The weight of gold is measured in troy ounces (1 troy ounce = 31.1034768 grams) and purity in ‘carats’.
• 24 carat is pure gold with no other metals. Lower caratages contain less gold.
• Fineness is one way of expressing the precious metal
content of gold jewellery, and represents the purity in
parts per thousand.
International Standards
• 18 carat gold contains 75 per cent gold and 25 per cent other metals, often copper or silver.
• The minimum caratage for an item to be called gold varies by country.
• In the US, 10 carat is the legal minimum accepted standard of gold caratage, 14 carat being the most popular.
• In France, the UK, Austria, Portugal and Ireland, 9 carat is the lowest caratage permitted to be called gold.
• In Denmark and Greece, 8 carat is the legal minimum standard

3. GOLD INDUSTRY – EVOLUTION & ESSENCE
Gold is the symbol of the Hindu
Goddess Lakshmi and
considered highly auspicious.
Gold is brought or presented
on festivals like Dhanteras and
Akshaya Tritiya.
According to Ayurveda, gold
possesses the properties that
boost our immunity. Being a
soft metal, it is easily absorbed
by the skin, keeping it flawless
and young.
Investment – Gold has been
considered the safest investment, a
sentiment which Indians live by. It is
this property of gold as a protector
against bad times which have
pushed Indians to buy it as
investments.
Status Symbol – There is no bigger
status symbol than gold in India, and
Indians are not shy to flaunt it. In a
social setting with billions of people,
gold is one element which can help
people stand out, literally shine in
the crowd.
Gold has always been central to our
country, culture, and tradition. The
precious metal symbolises purity and
prosperity in an Indian home.

4. HS CODE : GOLD AND GOLD JEWELLERY
HS CODE DESCRIPTION
7113 ARTICLES OF JEWELLERY AND PARTS THEREOF, OF PRECIOUS METAL OR OF METAL CLAD WITH PRECIOUS METAL
711319 OF PRECIOUS METAL, WHETHER OR NOT COATED
71131910 OF GOLD, UNSTUDDED
71131920 OF GOLD, SET WITH PEARLS
71131930 OF GOLD, SET WITH DIAMONDS
71131940 OF GOLD, WITH OTHER PRECIOUS AND SEMI-PRECIOUS STONES
The Harmonised Commodity Description and Coding System, also known as
Harmonised System (HS) of tariff nomenclature is an internationally standardized
system of names and numbers to classify traded products.

5. COMPANY PROFILE
• Started with first store in 1993. 79 retail outlets as of Aug 2016.
• 21 stores in Middle east under Kalyan Jewellers LLC (UAE), Kalyan Jewellers WLL
(Qatar), and Kalyan Jewellers for Golden Jewelleries WLL (Kuwait)
• 700 Cr Private investment in 2014 from Highdell Investment Limited (Warburg
Pincus group).
• Leading market position in Indian Jewellery market with growing pan India presence
and focused product diversification.
FY2016 results:
• As per unaudited results, standalone basis net profit of Rs. 3.7 Cr on operating
income of Rs. 8,085.0 Cr
• As per unaudited results, consolidated basis net profit of Rs. 15.2 Cr on operating
income of Rs. 10,569.0 Cr

6. INDIA VS DUBAI
BUSINESS CULTURE
• Indian Greeting : “Namaste” , or a formal “Hello”
• Person’s title “Doctor” or courtesy titles, “Mr.” ,“Miss”
• Greeting the eldest or most senior person 1st
• Business cards : normally distributed
• Handshakes are considered standard
• Popular welcome topics : politics, cricket, films
• Work attire : men -suit & tie, women -western formals ,
long skirts covering knees. Friday :Casual
• Wear neutral shades
• Saturday and Sundays are considered as Holidays
• Being diverse, holidays on Christian festivals
BUSINESS CULTURE
• Arabic greetings to establish a friendly connection
• Use correct titles “Sheikh or Sayed” | “Sheikha or Sayeda”
• Age is directly linked to seniority
• Business cards are essential: at beginning of meeting
• Handshakes : men and women in gulf will not do
• Begin with leisurely chit-chat : Dubai’s latest projects
• Work attire: quite formal, dress modestly, covering
shoulders, upper arms and knees. Thursday –casual
• men wear a dish-dasha and gutra . Women wear an abaya
• No appointments on Fridays the day of prayer and rest
• No holiday on Christian festivals like Christmas and Easter
Dubai :“The City of Gold”
Monarchy: No elections: ruled Al Maktoum family
Cosmopolitan + Traditional Arab / Islamic culture
India : “Unity in Diversity”
Democracy : 29 states & 7 Union territories
Diverse Culture : Secularism

7. HOFSTEDE'S CULTURAL ANALYSIS OF INDIA VS DUBAI
Highest Lowest
India & Dubai
Dubai India
Dubai
India
India
Dubai
Differences in the Cultures
Hofstede's Dimensions
POWER DISTANCE
UNCERTAINITY AVOIDANCE
INDIVIDUALISM
MASCULINITY
CULTURE FOR GOLD IN INDIA
•Religious Connotations
•Family heirloom : passing from generations
•Gold Gifts are auspicious , Akshaya Tritiya, Diwali,
•Status Symbol
•Safe Investment : protector against bad times
Peak trade season : Sept – Nov
CULTURE FOR GOLD IN DUBAI
•People have cultural attachment to Gold
•it is not taxed (take home what you earn)
• prices are cheaper than any place in the world
•Gold Souk - 10 Tons of Gld , 400 shops
Peak trade season : Oct - April
POWER ORIENTATION: POWER RESPECT VS POWER TOLERANCE
extent to which the less powerful members of institutions & organisations within a
country expect and accept that power is distributed unequally
UNCERTAINITY ORIENTATION: UNCERTAINITY ACCEPTANCE VS UNCERTAINITY
AVOIDANCE
extent to which the members of a culture feel threatened by ambiguous or unknown
situations and have created beliefs and institutions that try to avoid these.
SOCIAL ORIENTATION : INDIVIDUALISM VS COLLECTIVISM
the degree of interdependence a society maintains among its members.
GOAL OREINTATION: AGGRESSIVE BEHAVIOUR VS PASSIVE BEHAVIOUR
extent to which the less powerful members of institutions and organisations within a
country expect and accept that power is distributed unequally
CULTURE FOR GOLD IN DUBAI
•People have cultural attachment to Gold
•Dubai sells the purest Gold. 22 carat = 22 carat
•it is not taxed (take home what you earn)
• prices are cheaper than any place in the world
•Gold Souk - 10 Tons of Gold , 400 shops
Peak trade season : Oct - April

8. TRADE FOR GOLD IN INDIA / DUBAI
2nd largest consumer for Gold
• Two distinct markets: Rural – Gold Jewellery & Urban - Bars & Coins
• Young population - strong affinity for Gold : 1/3rd of 18-33 yrs – Rs.50000
• Income : 1% increase in income Gold Demand will rise by 2.6%
• Peak season – Sept- Nov
•Large number of Indians live in Dubai
•Indian business houses have a huge presence in the Emirates
•Dubai is know for is pomp and show
•”It was like driving through an Indian city”.
•considering most of south Indian men are in the UAE

9. TRADE FOR GOLD
•India : 2nd largest jewellery market in the world.
•In 2000, 90% of India’s gold retailers were “unorganised.”
• By 2020 : organised share of the market will rise to
35%–40%
Indian gold jewellery imports < exports
•Indian gold jewellery shipments came to US$8.6bn,
with around half delivered to India’s largest jewellery
export destination, the UAE.
•Dubai : The Gold and Diamond Park – 2nd 90 leading
jewellery brands

10. Dubai - TRADE BARRIERS/PROMOTIONS, DUTIES, TAXATION
• Favourable environment for imports
& exports
• World class infra structure
• Tax advantages
• One of the major exporters and re-
exporters of Gold and Jewellery in
the World
• PROMOTIONS - Buyer protection
program
• Lucrative incentives for doing
business

11. PROMOTION SCHEMES BY INDIAN GOVT
• Gem & Jewellery Export Promotion Council (GJEPC) set up in
1966 . One of the most active export promotion councils in
India
• Trade shows like India International Jewellery Show (IIJS),
Signature IIJS, India Gem & Jewellery Machinery Expo (IGJME).
• Global Gem & Jewellery Fair (GGJF) was organised in Dubai in
association with DMCC

12. COMPETITIVE POSITIONING
• Approx. .2 million gold jewellers
• highly competitive market
• Kalyan Jewellery Market share 3.7% (largest
player in India in 2016)
• Focus and investment in high growth premium
category of jewellery
• Sales through its own retail store, Mini stores
and online platform(own and third party)
• Wide product portfolio - Mudhra, Tejasvi, Glo,
Sankalp, Rang, Eterna
• Innovative and targets both Indian traditional
design and light weight everyday jewellery
• Differentiated through design
• Heavy promotion – 1-2% of revenue for brand
promotion activities
• My Kalyan is a customer relationship
management initiative from the Group
Company Shares of Jewellery: % Value 2012-2016 India
Retail Value 2012 2013 2014 2015 2016
Kalyan
Jewellers Indi
a Pvt Ltd
2.6 3 3.4 3.5 3.7
Titan Co Ltd 4.5 4.1 4.1 3.6 3.2
Gitanjali
Gems Ltd
2.8 2.3 2.1 2.1 2.2
PC Jeweller
Ltd
1.8 2 1.9 1.9 1.8
Rajesh
Exports Ltd
0.8 0.8 0.9 1.2 1.8
Joyalukkas
Holdings
1.2 1.2 1.3 1.3 1.5
Malabar
Group
1 1.2 1.3 1.4 1.4
Tribhovandas
Bhimji Zaveri
Delhi Pvt Ltd
1 0.9 0.8 0.6 0.5
Sia Lifestyles
Pvt Ltd
0.2 0.2 0.2 0.3 0.3
Reliance
Retail Ltd
0.3 0.3 0.2 0.2 0.2
Others 83.9 84 83.7 83.8 83.6
Total 100 100 100 100 100

13. COMPETITIVE POSITIONING CONTD.
Company Shares of Jewellery: % Value 2012-2016 UAE
Retail Value 2012 2013 2014 2015 2016
Damas LLC 22.7 21.2 20.9 20.8 20.4
Joyalukkas
Holdings
7.4 8.5 8.5 8.5 8.3
Malabar Group - - 5.7 5.8 5.8
Richemont
(Dubai) FZE
3.8 4.1 4.5 4.6 4.6
Kalyan Jewellers
India Pvt Ltd
2.4 3 3.5 4.1 4.3
Pure Gold Group 1.9 2.2 2.4 2.4 2.3
Tiffany & Co - 2 2.2 2.3 2.3
Apparel Group 1.7 1.9 1.9 2 2.1
Jawad Business
Group
0.6 0.7 0.7 0.7 0.7
M H Alshaya Co 0.6 0.6 0.6 0.6 0.6
Chanel Ltd FZE 0.4 0.4 0.4 0.4 0.4
LVMH Moët
Hennessy Louis
Vuitton SA
0.4 0.4 0.4 0.4 0.4
Others 58 55.3 48.6 47.6 47.9
Total 100 100 100 100 100
• Kalyan Jewellery Market
share 4.3% in 2016
• HHI = approx. 580 (highly
competitive market)

14. UAE Entry Strategy for Kalyan Jewellers
Kalyan Jewellers, India's single largest directly owned retail jewellery chain, made a spectacular entry into the UAE
market, with 6 retail outlets on 26th December, 2013 - all in a single day
• Guerrilla Marketing : First time into Dubai market; large format showrooms; 6 showrooms in one day;
inauguration by 6 leading film personalities; Creation of 500 jobs. Such announcement got them FREE media
coverage. Next day of the launch also attracted FREE publicity when every local newspaper carried front page
news of Kalyan Jewellers mayhem.
• Economy Of Scale: Launch is for 6 showrooms – 4 in Dubai and 1 each in Abu Dhabi and Sharjah – hence
they SPREAD THE MARKETING COST over six showrooms.
• Market Differentiation : Large format showroom (EXPERIENCE)
• Star Power: a) Star power carried ENDORSEMENT from the top echelons of film industry instantly
registering into PEOPLES MIND.
b) Since Star’s represented across the cultural divide (North and South); this attracted wider
audience and connected people across the region.
• Trust Campaign : Advertisements based on trust people have on Kalyan Jewellers.

15. 4 Ps of Marketing
• Defines the Marketing options –Right (Product
+ Place + Time + Price)
• To take the product to the market - Positioning
• Test of marketing Strategy- What if and Why
• Inter - Related
• Regular Review and Adaptation
PRODUCT
Sales of Jewellery by category – value 2012-17
AED million 2012 2013 2014 2015 2016 2017
Costume Jewellery
474 513 565 617 669 703
Fine Jewellery 7668 8388 9372 9946 10488 10867
Jewellery 8142 8901 9937 10563 11157 11570
Volume growth 2016/17 2012-17 CAGR 2012/17 Total
Sales of Jewellery by Category: % Volume Growth 2012-2017
Costume Jewellery 7.5 8.1 47.4
Fine Jewellery 2.6 2.8 15
Jewellery 5.3 5.5 31
Value growth 2016/17 2012-17 CAGR 2012/17 Total
Sales of Jewellery by Category: % Value Growth 2012-2017
Costume Jewellery 5 8.2 48.1
Fine Jewellery 3.6 7.2 41.7
Jewellery 3.7 7.3 42.1
Retail Value 2012 2013 2014 2015 2016 2017
Gold 75.7 75.9 76.5 76.8 76.8 76
Metal
Combination
8.2 8.3 8.5 8.5 8.8 9
Other 3.8 3.2 2 1.5 1.1 1
Platinum 10.8 10.9 11 11 11.1 11
Silver 1.5 1.6 2.1 2.2 2.2 3
Total 100 100 100 100 100 100
Sales of Fine Jewellery by Metal: % Value 2012-2017
Deducible
• Consumer preference
• Product features
• Consumer Satisficing

16. % Retail Value 2012 2013 2014 2015 2016 2017
Store-Based Retailing 99.5 99.4 99.4 99.3 99.3 99.2
- Grocery Retailers 2.6 2.5 2.5 2.4 2.4 2.4
-- Modern Grocery Retailers 2.6 2.5 2.5 2.4 2.4 2.4
--- Convenience Stores - - - - - -
--- Discounters - - - - - -
--- Forecourt retailing - - - - - -
--- Supermarkets - - - - - -
--- Hypermarkets 2.6 2.5 2.5 2.4 2.4 2.4
--- Traditional Grocery
Retailers
- - - - - -
- Non-Grocery Specialists 92.8 92.9 92.9 92.8 92.7 92.8
-- Apparel and Footwear
Specialist Retailers
3.4 3.3 3.3 3.3 3.3 3.3
-- Health and Beauty
Specialist Retailers
- - - - - -
--- Chemists/Pharmacies - - - - - -
--- Optical Shops - - - - - -
---
Drugstores/parapharmacies
- - - - - -
--- Other Health and Beauty
Specialist retailers
- - - - - -
-- Leisure and Personal
Goods Specialist Retailers
89.1 89.1 89.3 89.2 89.2 89.2
--- Bags and Luggage
Specialist Retailers
- - - - - -
--- Jewellery and Watch
Specialist Retailers
89.1 89.1 89.3 89.2 89.2 89.2
--- Stationers/Office Supply
Stores
- - - - - -
--- Other Leisure and Personal
Goods Specialist Retailers
- - - - - -
- Mixed Retailers 4.1 4.1 4 4.1 4.1 4.1
-- Department Stores 3.7 3.7 3.7 3.8 3.8 3.8
-- Mass Merchandisers - - - - - -
-- Variety Stores 0.4 0.4 0.3 0.3 0.3 0.3
-- Warehouse Clubs - - - - - -
-- Other Non-Grocery
Specialists
0.3 0.4 0.3 0.3 0.3 0.3
Non-Store Retailing 0.5 0.6 0.6 0.7 0.7 0.8
- Direct Selling 0.1 0.1 0.1 0.1 0.1 0
- Homeshopping - - - - - -
- Internet Retailing 0.5 0.5 0.6 0.6 0.7 0.7
- Vending - - - - - -
Total 100 100 100 100 100 100
PLACE
• Buyers Purchase destination
• Sales force
• Trade fairs
• Distribution channels are –
specialised and mini stores.
Retail Value 2012 2013 2014 2015 2016 2017
Earrings 17.8 17.7 17.5 17 17.1 17
Neckwear 23.1 23.2 23.3 23.4 23.5 24
Other 11.7 11.7 11.9 12.1 11.5 10
Rings 26.8 27 27.1 27.4 27.7 28
Wristwear 20.5 20.4 20.2 20 20.2 21
Total 100 100 100 100 100 100
Sales of Costume Jewellery by Type: % Value 2012-2017
Retail Value 2012 2013 2014 2015 2016 2017
Earrings 14.2 14.2 14.1 14 14.1 15
Neckwear 21 21.2 21.5 21.7 21.7 22
Other 6.5 6.3 5.6 5.1 4.9 4
Rings 43.9 44 44.4 44.7 44.7 44
Wristwear 14.3 14.3 14.4 14.6 14.6 15
Total 100 100 100 100 100 100
Sales of Fine Jewellery by Type: % Value 2012-2017
Retail Value 2012 2013 2014 2015 2016 2017
Diamond 43.2 46.5 47.8 48 48.1 48.5
Non-
Diamond
56.8 53.6 52.2 52 51.9 51.5
Total 100 100 100 100 100 100
Sales of Fine Jewellery by Collection: % Value 2012-2017
Retail Value 2012 2013 2014 2015 2016 2017
Gold 75.7 75.9 76.5 76.8 76.8 76
Metal
Combination 8.2 8.3 8.5 8.5 8.8 9
Other 3.8 3.2 2 1.5 1.1 1
Platinum 10.8 10.9 11 11 11.1 11
Silver 1.5 1.6 2.1 2.2 2.2 3
Total 100 100 100 100 100 100
Sales of Fine Jewellery by Metal: % Value 2012-2017
PRICE
• Price sensitivity of consumer
• Specific price points and designs
aimed at different consumer groups.
• Brands - Mudhra, Tejasvi, Glo,
Sankalp, Rang, Eterna, amongst
others
PRROMOTION
• Aims for Store based expansion
• Received investment by Global
Private Equity Fund, Warbug Pincus
• Selling products via third-party online
retailers and its own online retail
store
• Acquisition of Candere, a website
that sells Jewellery online in India,
the US and the UK
• Traditional and contemporary
Jewellery - Glo targets everyday
jewellery for young working women
• Partnered with popular and well
thought out ambassadors, like
Amitabh Bachchan and Jaya Bachchan
for its traditional brands like, Mudhra,
and Sonam Kapoor for its lightweight
brand Glo

17. Porter Diamond Model Analysis
Factors Endowment:
• Strategically Located between the surging economies of the East and the traditional supply and consumer base
of the West.
• special economic zones set up with the objective of offering tax free, and free customs duty benefits to
expatriate investors
• In the 2017 World Bank ‘Ease of Doing Business’ rankings, the Emirates scaled significantly to 26th place (versus
34 in 2016), an endorsement that is reinforced by the fact that 56% of global multinationals choose to have a
presence in Dubai.
• Collective effort by jewellers across the United Arab Emirates (UAE), and by various government bodies and
statutory agencies, have ensured that this business concentrates in the UAE, particularly in Dubai. The Dubai
Gold & Jewellery Group (DGJG) has played a vital role in this enterprise
Related and supporting industries
• Partners - Shukran – loyalty Program
• Domestic – Design and manufacturing units
• International – healthy trade ties between India and the UAE have supported growth in both countries. India-
made jewellery and Indian designs are well accepted in UAE markets.

18. Porter Diamond Model Analysis
Demand Conditions
• High Demand due to high trade growth. Currently the demand has slowed down due world wide economy
slowdown, however Dubai continues to top the chart in demand for gold Jewellery
• Expats - Multi-ethnicity is the very hallmark of Dubai. Dubai’s retail gold jewellers cater to customers from over
180 nationalities, expatriates as well as tourists
• Export and re-export – Export – 54% , Re-export – 37.5%
Firm Strategy, Structure. and Rivalry
• Store based expansion – Fully owned Stores across locations
• Strong Leadership – customer centric, quality conscious, ethical practices
• Highly competitive market – Damas, Joyalukas, Malabar, Pure Gold and many more.

19. Country Specific Advantage
• Availability of huge skilled manpower – Expats from India and other countries at Executive, supervisory and
employee level. These people have extensive inter/national experience
• High demand of product – Due to large number of expats and tourists from over 180 countries
• Developed factor conditions
• Growth rate - Current value sales grow by 4% in 2017 to reach AED11.6 billion. A 1% retail value CAGR at
constant 2017 prices is expected over the forecast period to reach AED12.4 billion in 2022
• Market Share:
Kalyan Jewellers India
Pvt Ltd 2.4% 3.0% 3.5% 4.1% 4.3%

20. Firm Specific Advantage
Transferable FSA
• Location Advantage : Online Selling through Candere
• Creating an Innovation Capability – providing its customers with a combination of traditional and
contemporary jewellery. A number of brands at different price points, making it accessible to all
• Ambassadors - partnered with popular and well thought out ambassadors, like Amitabh Bachchan and Jaya
Bachchan for its traditional brands like, Mudhra, and Sonam Kapoor for its lightweight brand Glo
• Global image building capability – Trust, Quality conscious, Knowing the clientele
Non-transferable FSA
• Stand alone resources : Stores at privileged locations in Dubai (Bur Dubai, Meena Bazzar, Al Karama, Karama
Center, Qusais, Qusais Lulu)

21. References
▪ Euromonitor International
• www.capitaline.com
• www.advantage .marketline.com
▪ http://kalyanjewellers.net/
▪ https://www.visitdubai.com/en/business-in-dubai
▪ http://www.forbesindia.com/article/indias-family-businesses/how-kalyan-jewellers-rose-to-international-
prominence/46401/1
▪ http://www.indembassyuae.org/docs/UAE%20Imports%20and%20Exports%20Guide.pdf
▪ https://www.shukranrewards.com/en/partners/kalyan-jewellers
▪ http://www.retailjewellerindia.com/Dubai_Jewellery_Market__Challenges_and_Opportunities/2416/2986/2984
/119
▪ https://www.linkedin.com/pulse/20140413055652-13489409-what-can-you-learn-from-kalyan-jewellery-launch-
in-dubai/
▪ https://www.gjepc.org/mission_and_vision.php
▪ https://www.gjepc.org/india_center.php
▪ http://worldtradescanner.com/Non%20Tariff%20Barriers%20and%2010%20Gold%20Duty%20Spurs%20Gold%20
Smuggling.htm
▪ http://www.livemint.com/Politics/BhIJ1TdA8uzx6hVmDJ3UzO/IndiaUAE-to- further-intensify- ties-to-increase-
trade- by-60.html
▪ http://eximin.net/NewsDetails.aspx?name=34842

22. References
▪ Text : Managing Cultural Diversity in Globalisation : S.K. Bhatia and Poonam Chaudhary
▪ www.dgciskol.nic.in/itchs2012/pdfs/CHP_71
▪ https://en.wikipedia.org/wiki/India
▪ https://www.importantindia.com/22810/11-indian-culture/
▪ https://www.bankbazaar.com/gold-rate/significance-of-gold-in-indian-culture.html
▪ https://www.todaytranslations.com/doing-business-in-india
▪ http://ravoof.com/kalyan-jewellers-grand-opening-dubai-flop/
▪ https://www.youtube.com/watch?v=mn2MLvxTsns
▪ https://www.hofstede-insights.com/country-comparison/the-united-arab-emirates/
▪ http://www.esquireme.com/video/17846-dubai-city-of-gold
▪ https://economictimes.indiatimes.com/slideshows/investments-markets/top-6-jewellers-who-control-indias-
gold/tribhovandas-bhimji-zaveri/slideshow/19827166.cms
▪ https://sutrahr.com/life-dubai-indians-22-moving-dubai
▪ https://en.wikipedia.org/wiki/Dubai_Gold_Souk
▪ ICRA ratings 2016

23. Disclaimer; The analysis done in this project is strictly and only for the purpose of academic course of management studies program and does not intend to be used for any business, political, geopolitical or any other
purpose except for the internal assessment of the participants analytical skills, and is restricted for use in the educational purposes.