AFB Ltd., the flagship company of AFB conglomerates, is listed on recognised stock exchange in India. It is still managed by a Board, which mainly has promoter directors. As a part of its rebranding exercise the manageme

AFB Ltd., the flagship company of AFB conglomerates, is listed on recognised stock exchange in India. It is still managed by a Board, which mainly has promoter directors. As a part of its rebranding exercise the management appointed KLI Consultants to help them revamp their brand, including their operations and other business aspects. The Group launched a re-branding exercise in 2015, the most visible part being a new logo, uniform across all group companies. It had well diversified businesses – cyclical (property: owning 300 acres in Mumbai's Vikhroli, Ahmedabad, Pune and Kalyan), stable (fast moving consumer goods), rural (Kirana stores) and urban (organised retail stores – Walk-in departmental stores, domestic appliances and modern furniture). 'The group sells fatty acids to tyre manufacturers; animal feed to 1,00,000 farmers; and premium wine in Mumbai and Delhi. Its customers range from five-year olds (nutrient), ageing man (hair-dye), to housewives (soaps & locks), IT companies (renting sprawling spaces), to Government of India (like components for manufacturing rockets for space mission), and to 5,000 barbers (hair dye). But it is yet to explore new-age industries like health care and information technology. AFB Ltd. has adopted a '3 by 3' strategy, sticking to emerging markets in three regions- Asia, Africa and Latin America, as their culture, tastes and even skin colours are quite similar to India and in three categories-personal care, hair-care and insecticide. Since 2015, AFB Ltd. has made seven acquisitions, including its biggest acquisition of Singapore's Mun Lee Group for ₹1,800 crore in 2018. "Acquisitions overseas add status and value to the brand-owners in the domestic market" says an expert. Anili Chug says, "by having a presence in multiple markets our risk assessment is neutralized". Recently, AFB Ltd. top honchos toured the hinterlands, an indicator of the renewed focus on consumer. To reach out to new customers, especially those in rural India, it has gone in for destructive innovation. The group has been manufacturing refrigerators for more than 25 years, but its penetration has been only 8%. It found out that people do not need a 180 litre fridge due to space and cost constraints. It came out with 'Small Fit'-a square 45 litre mini fridge priced at just ₹3,250. Another example of destructive innovation is the launch of 'U & Us'–a 'by appointment', design studio where customers co-design their furniture with the help of artificial intelligence, as customers sees furniture as an extension of their personality. Thus, AFB Ltd. is transiting from manufacturing oriented to consumer oriented. Meanwhile, the consultants also suggested that the group should evaluate integrated reporting, as it would be helpful in gaining international recognition. In the background of above facts, answer the following: Elucidate the framework of integrated reporting and its advantages to the Company.