Dabur India Report

Dabur India Ltd

S. V. Institute of Management

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Dabur India Ltd

Chapter 11.1 - INTRODUCTION OF THE COMPANYThe name Dabur itself remind us its most popular brand chyavanprash for which it is so much popular. But this company is also engaged in many other business also like hair oil, soap, shampoo, toothpowder, toothpaste, health supplements & other consumer care products which are marketed under the brands Dabur, Vatika, Hajmola, Anmol and are positioned on the ayurvedic wellness platform. Dabur India was incorporated as a private limited company in 1936 by the Dabur Group to produce cosmetics & toilet preparations. It became a public limited company in 1986 after the reverse merger with Vidogum Limited. Basically the company was started as a small pharmacy in Kolkata by Dr.S.K.Burman in the year 1884. Currently, the company has nine production facilities organized around three main factories at Baddi (Himachal Pradesh), Uttaranchal and Nepal and six support factories at Sahibabad (Uttar Pradesh), Jammu, Alwar, Katni, Narendrapur and Jaipur. The company established its largest plant in Rudrapur (Uttaranchal) in the year 2004 -05. In 2002-03, the company de-merged its pharmaceutical business in to a separate company, Dabur Pharma Ltd. And in June 2005, Dabur exited from the diary joint venture with Dabon International formed in 1996.


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Dabur India Ltd From the 1st April 2006, three of Dabur's subsidiaries Balsara Hygiene Products, Balsara Home Products and Besta Cosmetics which were acquired in April 2005 were merged with it. Apart from oral care brands such as Promise, Babool and Meswak, the acquisition has also brought a range of household care products such as Odomas, Odonil, Sani Fresh and Odopic under Dabur's product portfolio.

The company has a network with over 20 lakh retail outlets across the country through more than 5,000 distributors. The company has incorporated a wholly owned subsidiary 'H & B Stores Limited' in May 2007 to foray into retail business.


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Dabur India Ltd

1.2 - HISTORY OF THE COMPANYDabur India ltd. is the limited company. It is itself so much famous in its field of working. The company history sections lists out major chronological events that happened to the company. Milestones to success Dabur India Ltd. made its beginnings with a small pharmacy, but has continued to learn and grow to a commanding status in the industry. The Company has gone a long way in popularising and making easily available a whole range of products based on the traditional science of Ayurveda. And it has set very high standards in developing products and processes that meet stringent quality norms. As it grows even further, Dabur will continue to mark up on major milestones along the way, setting the road for others to follow.

1884 - Established by Dr. S K Burman at Kolkata 1896 - First production unit established at Garhia 1919 - First R&D unit established Early 1900s - Production of Ayurvedic medicines. Dabur identifies nature-based Ayurvedic medicines as its area of specialisation. It is the first Company to provide health care through scientifically tested and automated production of formulations based on our traditional science. 1930 - Automation and upgradation of Ayurvedic products manufacturing initiated 1936 - Dabur (Dr. S K Burman) Pvt. Ltd. Incorporated 1940 - Personal care through Ayurveda. Dabur introduces Indian consumers to personal care through Ayurveda, with the launch of Dabur Amla Hair Oil. So popular is the product that it becomes the largest selling hair oil brand in India. 1949 - Launched Dabur Chyawanprash in tin pack Widening the popularity and usage of traditional Ayurvedic products continues. The ancient restorative Chyawanprash is launched in packaged form, and becomes the first branded Chyawanprash in India.


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Dabur India Ltd 1957 - Computerisation of operations initiated 1970 - Entered Oral Care & Digestives segment Addressing rural markets where homemade oral care is more popular than multinational brands, Dabur introduces Lal Dant Manjan. With this a conveniently packaged herbal toothpowder is made available at affordable costs to the masses. 1972 - Shifts base to Delhi from Calcutta 1978 - Launches Hajmola tablet Dabur continues to make innovative products based on traditional formulations that can provide holistic care in our daily life. An Ayurvedic medicine used as a digestive aid is branded and launched as the popular Hajmola tablet. 1979 - Dabur Research Foundation set up 1979 - Commercial production starts at Sahibabad, the most modern herbal medicines plant at that time 1984 - Dabur completes 100 years 1988 - Launches pharmaceutical medicines 1989 - Care with fun. The Ayurvedic digestive formulation is converted into a children's fun product with the launch of Hajmola Candy. In an innovative move, a curative product is converted to a confectionary item for wider usage. 1994 - Comes out with first public issue 1994 - Enters oncology segment 1994 - Leadership in health care Dabur establishes its leadership in health care as one of only two companies worldwide to launch the anti-cancer drug Intaxel (Paclitaxel). Dabur Research Foundation develops an eco-friendly process to extract the drug from its plant source 1996 - Enters foods business with the launch of Real Fruit Juice


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Dabur India Ltd

1996 - Real blitzkrieg Dabur captures the imagination of young Indian consumers with the launch of Real Fruit Juices - a new concept in the Indian foods market. The first local brand of 100% pure natural fruit juices made to international standards, Real becomes the fastest growing and largest selling brand in the country. 1998 - Burman family hands over management of the company to professionals 2000 - The 1,000 crore mark Dabur establishes its market leadership status by staging a turnover of Rs.1,000 crores. Across a span of over a 100 years, Dabur has grown from a small beginning based on traditional health care. To a commanding position amongst an august league of large corporate businesses. 2001 - Super specialty drugs With the setting up of Dabur Oncology's sterile cytotoxic facility, the Company gains entry into the highly specialised area of cancer therapy. The state-of-the-art plant and laboratory in the UK have approval from the MCA of UK. They follow FDA guidelines for production of drugs specifically for European and American markets. 2002 - Dabur record sales of Rs 1163.19 crore on a net profit of Rs 64.4 crore 2003 - Dabur demerges Pharmaceuticals business Dabur India approved the demerger of its pharmaceuticals business from the FMCG business into a separate company as part of plans to provider greater focus to both the businesses. With this, Dabur India now largely comprises of the FMCG business that include personal care products, healthcare products and Ayurvedic Specialities, while the Pharmaceuticals business would include Allopathic, Oncology formulations and Bulk Drugs. Dabur Oncology Plc, a subsidiary of Dabur India, would also be part of the Pharmaceutical business


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Dabur India Ltd Maintaining global stand As a reflection of its constant efforts at achieving superior quality standards, Dabur became the first Ayurvedic products company to get ISO 9002 certification. Science for nature Reinforcing its commitment to nature and its conservation, Dabur Nepal, a subsidiary of Dabur India, has set up fully automated greenhouses in Nepal. This scientific landmark helps to produce saplings of rare medicinal plants that are under threat of extinction due to ecological degradation. 2005 - Dabur aquires Balsara As part of its inorganic growth strategy, Dabur India acquires Balsara's Hygiene and Home products businesses, a leading provider of Oral Care and Household Care products in the Indian market, in a Rs 143-crore allcash deal 2005 - Dabur announces bonus after 12 years Dabur India announced issue of 1:1 Bonus share to the shareholders of the company, i.e. one share for every one share held. The Board also proposed an increase in the authorized share capital of the company from existing Rs 50 crore to Rs 125 crore. 2006 - Dabur crosses $2 bin market cap, adopts US GAAP. Dabur India crosses the $2-billion mark in market capitalisation. The company also adopted US GAAP in line with its commitment to follow global best practices and adopt highest standards of transparency and governance.


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Dabur India Ltd 2006 - Approves FCCB/GDR/ADR up to $200 million Moving forward on the inorganic growth path, Dabur India decides to raise up to $200 million from the international market through Bonds, FCCBs, GDR, ADR, QIPs or any other securities.The capital raised will be used to fund Dabur's aggressive growth ambitions and acquisition plans in India and abroad. 2007 - Celebrating 10 years of Real Dabur Foods unveiled the new packaging and design for Real at the completion of 10 years of the brand. The new refined modern look depicts the natural goodness of the juice from freshly plucked fruits. 2007 - Foray into organised retail Dabur India announced its foray into the organised retail business through a wholly-owned subsidiary, H&B Stores Ltd. Dabur will invest Rs 140 crores by 2010 to establish its presence in the retail market in India with a chain of stores on the Health & Beauty format. 2007 - Dabur Foods Merged With Dabur India Dabur India decides to merge its wholly-owned subsidiary Dabur Foods Limited with itself to extract synergies and unlock operational efficiencies. The integration will also help Dabur sharpen focus on the high growth business of foods and beverages, and enter newer product categories in this space.


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Dabur India Ltd

1.3 - COMPANY HISTORY BY YEAR1884 1986 Early 1900s 1919 1920 1936 1972 1979 1986 1992 1993 1994 1995 1996 1997 1998 2000 2003 2005 2005 2006 Birth of Dabur Setting up a manufacturing plant Ayurvedic medicines Establishment of research laboratories Expands further Dabur India (Dr. S.K. Burman) Pvt. Ltd Shift to Delhi Sahibabad factory / Dabur Research Foundation Public Limited Company Joint venture with Agrolimen of Spain Cancer treatment Public issues Joint Ventures 3 separate divisions Foods Division / Project STARS Professionals to manage the Company Turnover of Rs.1,000 crores Dabur demerges Pharma Business Dabur aquires Balsara Dabur announces Bonus after 12 years Dabur crosses $2 Bin market Cap, adopts US GAAP 2006 2007 2007 2007 Approves FCCB/GDR/ADR up to $200 million Celebrating 10 years of Real Foray into organised retail Dabur Foods Merged With Dabur India


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Dabur India Ltd

1.4 - FOUNDER & LEADERS Founding Thoughts"What is that life worth which cannot bring comfort to others" The doorstep Daktar The story of Dabur began with a small, but visionary endeavor by Dr. S. K. Burman, a physician tucked away in Bengal. His mission was to provide effective and affordable cure for ordinary people in far-flung villages. With missionary zeal and fervour, Dr. Burman undertook the task of preparing natural cures for the killer diseases of those days, like cholera, malaria and plague. Soon the news of his medicines traveled, and he came to be known as the trusted 'Daktar' or Doctor who came up with effective cures. And that is how his venture Dabur got its name - derived from the Devanagri rendition of Daktar Burman. Dr. Burman set up Dabur in 1884 to produce and dispense Ayurvedic medicines. Reaching out to a wide mass of people who had no access to proper treatment. Dr. S. K. Burman's commitment and ceaseless efforts resulted in the company growing from a fledgling medicine manufacturer in a small Calcutta house, to a household name that at once evokes trust and reliability. The Mission More than a century after Dr. S. K. Burman set up his company with the vision of good health for all, Dabur has grown manifold. It is now a leading nature-based health and family care products company. In this mission, the Burman family has forged ahead with the founding thoughts of Dr. S.K. Burman, while also evolving and progressing in tune with the changing demands of a growing business. Over the years, the family has understood the demands of incorporating a professional management team that would be able to launch Dabur onto a high growth path.


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Dabur India Ltd


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Dabur India Ltd

1.5 - BOARD OF DIRECTORSDabur has an illustrious Board of Directors who are committed to take the company onto newer levels of human endeavour in the service of mankind. The Board comprises of:

Chairman Dr. Anand Burman

Vice-Chairman Mr. Amit Burman

Whole Time Directors

Mr. P.D. Narang

Mr. Sunil Duggal

Mr. Pradip Burman

Non Whole Time Promoters, Directors

Mr. Mohit Burman


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Dabur India Ltd Independent Directors

His Highness Gaj Singh

Mr. P N Vijay

Mr. R C Bhargava

Dr. S. NarayanMaharaja

Registered Office:8/3, Asaf Ali Road, New Delhi, Delhi 110002 Tel: 23253488, Fax: 23276739, Email: [email protected] Website: www.dabur.com

Registrar & Share Transfer AgentKarvy Computershare Private Ltd "Karvy House", 46, Avenue 4, Street No. 1, Hyderabad - 500034,AndhraPradesh Tel: 23312454, 23320251/751/752

Key OfficialsAnand Burman -- Chairman / Chair Person Ashok Jain-- GM (Finance) & Co. Secretary


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Dabur India Ltd

Other DetailsBusiness Group Listings ISIN No. Incorporation Public Issue Date Dabur Group BSE , NSE INE016A01026 19/11/1930 02/11/1993

TermsIndustry BSE Code NSE Code Business Group LTP (Rs.) ISIN No Face Value/M Lot P/E Ratio Market Cap Personal Care 500096 DABUR Dabur Group 88.00 (-2.28%) [NSE] INE016A01026 1.00/1 24.03 7,611.67 Cr


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Dabur India Ltd

1.6 - STRATEGIC INTENTWe intend to significantly accelerate profitable growth. To do this, we will: Focus on growing our core brands across categories, reaching out to new geographies, within and outside India, and improve operational efficiencies by leveraging technology Be the preferred company to meet the health and personal grooming needs of our target consumers with safe, efficacious, natural solutions by synthesizing our deep knowledge of ayurveda and herbs with modern science Provide our consumers with innovative products within easy reach Build a platform to enable Dabur to become a global ayurvedic leader Be a professionally managed employer of choice, attracting, developing and retaining quality personnel Be responsible citizens with a commitment to environmental protection Provide superior returns, relative to our peer group, to our shareholders


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Dabur India Ltd

1.7 - ACHIEVEMENTS Accolades 2007-08

Dabur Among Most

Ranked Dabur Moves Up 20 Places In Dabur Indias Indias 100 Most

India

Chief

Valuable Executive Officer Mr

Trusted Brands List Prepared By 4Ps. Sunil Duggal Ranked Brand, Ahead Of Non-Owner Corporate

Brands Of 2007 By Dabur Listed As 45th Most Amongst The 50 Best Economic Times- Valuable Brand Equity Global & Domestic Biggies Like Leaders In India Inc, Sony, Ford, Yahoo!, TCS, by 4Ps

Sunsilk, Lakme & Ponds


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Dabur India Ltd

Accolades 2006 - 07

Dabur

Amongst

Top Dabur Real Bags Gold Dabur Figures In Top Reader's Digest Great Place To Work 2006 List

Three Most Respected In FMCG Companies

Trusted Brand Awards

Dabur Amongst India's Dabur Most Companies Valuable Amongst

India 100

CEO Dabur Placed Fourth In Most FMCG Category In

Influential People Of Annual ET - 500 Listing 2007

Annual Listing Of India Dabur Figures Amongst Inc's CEOs Most Powerful Top 3 Newsmakers In FMCG Sector


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Dabur India Ltd

1.8 - PRODUCT PROFILEHealth Care Product Dabur's Health Care range brings for you a wide selection of herbal products, to provide complete care for varying individual needs. company derive their products from the time-tested heritage of Ayurveda, backed by the most modern scientific test and trials. That ensure unfailing quality and safety in anything you pick.

Dabur Chyawanprash Dabur Chyawanprakash

Hajmola

Bhringraj Ayurvedic Dabur Janma Ghunti Tail

Hajmola Candy

Super Thanda Tail

Dabur Chyawanshakti

Pudin Hara (Liquid and Pearls)

Badam Tail

Dabur Chyawan Junior

Pudin Hara G

Active Blood Purifier

Nature Care Sat Isabgol Shilajit Shankha Pushpi Sarbyna Strong Dabur Lal tail


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Dabur India Ltd Home Care Product Your home needs constant care. Dabur provides superior products that helps you take care of your home. Odonil keeps your home fresh and smelling great while Sanifresh keeps your toilet sparkling clean and free from germs. Odomos protects your family from disease causing mosquitoes while Odopic leaves your dishes clean and smelling fresh . Use our products to keep your home cleaner, healthier and smelling great and live life the way you want .


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Dabur India Ltd Personal Care Product

Dabur presents its range of herbal personal care products, created to make and Ayurvedas wisdom. Backed by the unfailing quality of Dabur Products.

you

look and feel good deep down. Bringing together the gentle touch of nature

Amla Hair Oil

Vatika Henna Conditioning Shampoo

Gulabari Rose Water Gulabari Face Freshener Gulabari Hydrating Rose Crme

Dabur Red Toothpaste Babool Toothpaste

Amla Lite Hair Oil

Vatika Anti-Dandruff Shampoo

Vatika Hair Oil

Vatika Root Strengthening Shampoo

Meswak Toothpaste

Anmol Sarson Amla

Gulabari Hydrating Rose Lotion

Promise Toothpaste

Vatika Fairness Face Pack Vatika Saffron Glow Soap with Sandal

Dabur Lal Dant Manjan Dabur Binaca Toothbrush


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Dabur India Ltd Ayurvedic care For over 120 years, Dabur has mastered the art of producing Ayurvedic preparations, blending traditional knowledge of drug manufacturing with scientific update. Today, Dabur's Consumer Health Division -- which looks after marketing of Ayurvedic medicines and Ayurvedic Over-The-Counter products -- has already redefined the Ayurvedic market and healthcare promotion activities involving leading Ayurvedic practitioners across the globe. At Dabur, we have more than 350 Shastriya (Classical) Ayurvedic prepar-ations which form an important part of Ayurvedic practitioner's daily practice Dabur gum manufacturing facility Strategically located in Rajasthans Alwar district, our unit is supplied by a robust local market network. It produces more than 7,500 metric tons per annum of Guar gum products in different varieties and grades. We also have 1,500 metric tons warehousing capacity for our food and industrial grade products.

To minimise pilferage and quality loss, Daburs Guar Gum unit has its own inhouse stuffing unit for directly loading into containers. We have the facility for packing in 600 kg. to 1,000 kg. jumbo bags. Packing can also be customised and branded according to customer requirements.

Daburs Alwar factory is well-connected to commercial centres and major cities including Delhi, which is at a distance of just 160 kms. or three hours by road. Goods produced from the Dabur factory have a easy flow for the export market due to Alwars proximity to the ports of Mundra in Gujarat and Nhava Sheva in Mumbai.


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Dabur India Ltd International Range

Dabur India Limited is a leader in manufacturing and marketing herbal, naturebased products, marked with quality and trust gained through more than 100 years of experience. Today Daburs products are available for people in more than 50 countries across the world, helping them move towards a healthy, natural and holistic lifestyle. Our products are available in the markets of the Middle East, South-East Asia, Africa, the European Union and America.


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Dabur India Ltd

1.9 - Dabur Manufacturing Facilities in India


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Dabur India Ltd

1.10 - WORLD WIDE NETWORK

Dabur's mission of popularising a natural lifestyle transcends national boundaries. Today there is global awareness of alternative medicine, nature-based and holistic lifestyles and an interest in herbal products. Dabur has been in the forefront of popularising this alternative way of life, marketing its products in more than 50 countries all over the world. Our products World Wide We have spread ourselves wide and deep to be in close touch with our overseas consumers.

Offices and representatives in Europe, America and Africa ; A special herbal health care and personal care range successfully selling in markets of the Middle East, Far East and several European countries. Inroads into European and American markets that have good potential due to resurgence of the back-to-nature movement. Export of Active Pharmaceutical Ingredients (APIs), manufactured under strict international quality benchmarks, to Europe, Latin America, Africa, and other Asian countries. Export of food and textile grade natural gums, extracted from traditional plant sources.


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Dabur India Ltd Partnerships and Production Strategic partnerships with leading multinational food and health care companies to introduce innovations in products and services. Manufacturing facilities spread across 3 overseas locations to optimise production by utilising local resources and the most modern technology available.

Dabur at a glanceDabur India Limited has marked its presence with some very significant achievements and today commands a market leadership status. Our story of success is based on dedication to nature, corporate and process hygiene, dynamic leadership and commitment to our partners and stakeholders. The results of our policies and initiatives speak for themselves Leading consumer goods company in India with a turnover of Rs.2233.72 Crore (FY07) 2 major strategic business units (SBU) - Consumer Care Division (CCD) and Consumer Health Division (CHD) 3 Subsidiary Group companies - Dabur Foods, Dabur Nepal and Dabur International and 3 step down subsidiaries of Dabur International - Asian Consumer Care in Bangladesh, African Consumer Care in Nigeria and Dabur Egypt. 13 ultra-modern manufacturing units spread around the globe Products marketed in over 50 countries Wide and deep market penetration with 47 C&F agents, more than 5000 distributors and over 1.5 million retail outlets all over India


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Dabur India Ltd CCD, dealing with FMCG Products relating to Personal Care and Health Care Leading brands Dabur - The Health Care Brand Vatika-Personal Care Brand Anmol- Value for Money Brand Hajmola- Tasty Digestive Brand and Dabur Amla, Chyawanprash and Lal Dant Manjan with Rs.100 crore turnover each Vatika Hair Oil & Shampoo the high growth brand Strategic positioning of Honey as food product, leading to market leadership (over 40%) in branded honey market Dabur Chyawanprash the largest selling Ayurvedic medicine with over 65% market share. Leader in herbal digestives with 90% market share Hajmola tablets in command with 75% market share of digestive tablets category Dabur Lal Tail tops baby massage oil market with 35% of total share CHD (Consumer Health Division), dealing with classical Ayurvedic medicines Has more than 250 products sold through prescriptions as well as over the counter Major categories in traditional formulations include:

-Asav Arishtas. Proprietary Ayurvedic medicines developed by Dabur include:

- Nature Care Isabgol - Madhuvaani - Trifgol Division also works for promotion of Ayurveda through organised community of traditional practitioners and developing fresh batches of students.


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Dabur India Ltd


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Dabur India Ltd

Chapter 22.1 - INTRODUCUTON OF FINANCE The position of finance in business can be match with the position of blood in the human body. Finance is the life blood of the business. Finance, today is not only limited up to function that circulate business but also extended its boundaries. Today success or failure of any business concerned heavily depends upon how effective finance management a firm has. It is the portfolio that gives maximum return at minimum cost. Further, different parties both inside and outside of the firm are interested in financial position of firm and fixed interval they often evaluate financial position by assessing financial statement of firm.

FINANCIAL STUDY This chapter deals with the following issues related to research study 1. Project objective 2. Project methodology

PROJECT OBJECTIVE The aim of the project is to study working procedure and financial analysis of Dabur India ltd. The study will highlight the following objective. 1. Study the ratio analysis of Dabur India ltd. 2. Study the cash flow analysis of Dabur India ltd. 3. Study the Balance sheet and Profit & Loss A/C and analyzed it.

PROJECT METHODOLOGY Financial analysis & technique. As stated earlier success or failure of any firm heavily depends on its financial management. The function of financial management is to manage the inflow and outflow of firm in such a way so that firm can carry out its objective easily. For earning out the objective management also have to be familiar with the financial position of firm time by time. So for knowing of financial position management has to go for financial analysis. Management can analyze firms financial position by evaluating and analyzing financial statement of the firm.


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Dabur India Ltd Here we define some techniques of analyzing financial statements are as follows. 1. Comparative statement. 2. Commonsize statement 3. Trend analysis 4. Ratio analysis 5. Cash flow statement

By using this techniques management or any person who knows these techniques can analyze the financial position with adequate data and interpret it and also deriving conclusion from it.


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Dabur India Ltd

Chapter-33.1 - Comparative Balance sheet and analysis of Balance sheet(Rs in lacs.) Mar ' 08 Mar ' 07 Mar ' 06 Mar ' 05 Mar ' 04

Sources of Funds :Shareholders Funds: (A) Share Capital (B) Reserves and Surplus Minority Interest 8,640.23 8,628.84 5,733.03 53,117.30 39,327.88 43,972.79 61,757.53 47,956.72 49,705.82 475.25 447.19 546.08 9,756.15 160.05 2,727.96 12,038.27 8,080.01 3,951.40 2,352.75 2,589.62 1,715.06 2,864.20 33,528.98 36,393.18 1,522.04 9,705.16 5,383.23 1,277.51 54,281.12 2,862.49 25,746.45 28608.94 1,435.79 8,370.69 4,080.75 796.95 43,293.12

Loan Funds:(A) Secured Loans (B) Unsecured Loans Deferred Tax Liability

TotalApplication of FundsFixed Assets : (A) Gross Block (B) Less : Depreciation (C) Net Block Investments Deferred Tax Assets Current Assets, Loans and Advances: (A) Inventories (B) Sundry Debtors (C) Cash & Bank Balances (D) Loans & Advances

74,876.94 66,983.20 62,399.72

72,966.40 61,723.16 72,148.62 26,440.77 23,807.14 20,903.32 46,525.63 37,916.02 51,245.30 20,371.63 8,069.77 4,213.15 2,400.73 144.50 131.72

48,148.63 18,698.43 29,450.20 23,329.02 137.77

41,212.67 16,206.32 25,006.35 12,975.24 57.01

30,248.42 17,231.97 7,656.81 22,253.15

25,710.84 14,197.07 6,066.81 18,071.75

21,277.84 7,435.01 5,117.22 13,301.93

20,312.92 7,589.28 1,473.29 11,377.22 40,752.71

15,284.45 7,115.37 2,020.95 9,563.36 33,984.13

77,390.35 64,046.47 47,132.00 Less: Current Liabilities and Provisions (A) Liabilities 45,796.70 36,151.96 30,280.64 (B) Provisions 27,409.97 9,023.52 13,329.29 73,206.67 45,175.48 43,609.93

30,443.32 9,526.30 39,969.62 783.09 581.04

21,367.03 8,022.48 29,389.51 4,594.62 659.90

Net Current AssetsMiscellaneous Expenditure (To the extent not written off or adjusted)

4,183.68 1,395.27

18,870.99 3,522.07 1,981.92 3,287.48

Total

74,876.94 66,983.20 62,399.72

54,281.12

43,293.12


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Dabur India Ltd INTERPRETATION: Total of the share holder funds and liabilities increase continuously in 2004 to 2008 because of growth of the company. The liability of the company is increasing every year from 2004 to 2008. it was 294 Cr in 2004, which was goes to 732 Cr in 2008 means 250% increase in the liability of the company. The fix assets also increase every year which shows that company purchases investments and assets every year. Its shows companys good profitability and financial soundness. The reserve of the company is also increasing from 2004 to 2007 but in 2007 it decrease because this year it invests higher in inventories and debtors will be approximately double as compare to last year. It may reason for that. The Net Block of a company was continuously increased for three years and than after some what decrease in the year 2007 because of decrease in Fixed Assets of the company.


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Dabur India Ltd

3.2 - Trend Analysis (Index Analysis)Trend Analysis of Balance Sheet

Mar 04

' Mar ' Mar 05 06

' Mar 07

' Mar 08

'

Sources of Funds :Shareholders Funds: (A) Share Capital (B) Reserves and Surplus Minority Interest 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.05 130.22 127.20 106.00 115.94 131.91 160.29 125.38 200.28 170.79 173.74 38.03 96.52 57.65 215.20 144.13 301.44 152.75 167.62 31.14 143.81 96.83 324.94 154.72 301.84 206.30 215.86 33.10 116.55 3.92 342.30 172.95


TotalApplication of FundsFixed Assets : (A) Gross Block (B) Less : Depreciation (C) Net Block Investments Deferred Tax Assets Current Assets, Loans and Advances: (A) Inventories (B) Sundry Debtors (C) Cash & Bank Balances (D) Loans & Advances Less: Current and Provisions (A) Liabilities (B) Provisions Liabilities

100.00 100.00 100.00 100.00 100.00

116.82 115.37 117.77 179.79 241.65

175.06 128.98 204.92 32.47 231.04

149.76 146.90 151.62 62.19 253.46

177.04 163.15 186.05 157.00 4211.06

100.00 100.00 100.00 100.00 100.00

132.89 106.66 72.90 118.96 119.91

139.21 104.49 253.20 139.09 138.68

168.21 199.52 300.19 188.96 188.45

197.90 242.17 378.87 232.69 227.72


100.00 100.00 100.00 100.00 100.00

142.47 118.74 135.99 17.043 88.04

141.71 166.14 148.38 76.65 498.17

169.19 112.47 153.71 410.71 300.33

214.33 341.66 249.09 91.05 211.43

Total

100.00

125.38 144.13

154.72

172.95


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Dabur India Ltd

Trend Analysis of Balance Sheet500 400 300 200 100 0 2004 2005 2006 2007 2008 Shareholder s Funds Loan Funds Net Block Investments Net Current Assets Total

In the above graph you can see the trend analysis of Shareholders fund, Loan funds, Net Block, Investment, Net current Assets and Total of balance sheet. The shareholders fund of a company was continuously increased for three years and than after some what decrease in the year 2007 because of decrease in Reserves and Surplus of the company. The loan funds of company shows fluctuated flow, it shows increasedecrease every year. It was highly decrease in 2008 because of very less amount of unsecured loans. The Net Block of a company was continuously increased for three years and than after some what decrease in the year 2007 because of decrease in Fixed Assets of the company. In 2005, the Investment was increase 80% but after that in 2006 it was decrease 82% than previous year. Than after it was increase for two years. The current assets of the company decrease 83% in 2005 than after it increase 450% than previous year. In 2007 it was also increase 535% than previous year. And in 2008 it decrease 78%. Total of the share holder funds and liabilities increase continuously in 2004 to 2008 because of growth of the company.


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Dabur India Ltd

3.3 - Common Size StatementsCommon Size Statement of Balance Sheet

Mar 08

' Mar 07

' Mar 06

' Mar 05

' Mar 04

'

Sources of Funds :Shareholders Funds: (A) Share Capital (B) Reserves and Surplus Minority Interest 11.54 70.94 82.48 0.63 13.03 0.21 3.64 100.00 12.88 58.71 71.60 0.67 17.97 5.90 3.87 100.00 9.19 70.47 79.66 0.88 12.95 3.77 2.75 100.00 5.28 61.77 67.05 2.80 17.88 9.92 2.35 100.00 6.61 59.47 66.08 3.32 19.33 9.43 1.84 100.00


TotalApplication of FundsFixed Assets : (A) Gross Block (B) Less : Depreciation (C) Net Block Investments Deferred Tax Assets Current Assets, Loans and Advances: (A) Inventories (B) Sundry Debtors (C) Cash & Bank Balances (D) Loans & Advances Less: Current and Provisions (A) Liabilities (B) Provisions Liabilities

97.45 35.31 62.14 27.21 3.21

92.15 35.54 56.61 12.05 0.22

115.62 33.50 82.12 6.75 0.21

88.70 34.45 54.25 42.98 0.25

95.19 37.43 57.76 29.97 0.13

40.40 23.01 10.23 29.72 103.36

38.38 21.19 9.06 26.98 95.62

34.10 11.92 8.20 21.32 75.53

37.42 13.98 2.71 20.96 75.08

35.30 16.44 4.67 22.09 78.50

61.16 36.61 97.77 5.59 1.86

53.97 13.47 67.44 28.17 2.96

48.53 21.36 69.89 5.64 5.27

56.08 17.55 73.63 1.44 1.07

49.35 18.53 67.88 10.61 1.52


Total

100.00

100.00

100.00

100.00

100.00


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Dabur India Ltd

Analysis of Common Size Statement of Balance Sheet Sources of Funds :200419.33 9.43 1.84 6.61

(A) Share Capital (B) Reserves and Surplus Minority Interest (A) Secured Loans (B) Unsecured Loans Deferred Tax Liability

200517.88 9.92 2.35 5.28


3.32

59.47

2.8 61.77

200612.95 2.75 3.77 0.88 9.19

70.47


200717.97 5.9 3.87 12.88

0.67 58.71


13.03 0.21 0.63

20083.64 11.54


70.94


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Dabur India Ltd

Analysis of Sources of Funds :In 2005, the contribution of share capital in total share holder funds was 5.28% which was increase in 2006 and goes to 9.19% because of issue of new shares. After that in 2007 and in 2008 it was again increase. The reserve and surplus have a highest contribution in all the year, so we can say company highly depend on reserve and surplus. It increase for first three year than it was decrease in 2007, and goes to 58.71%. And after than it was again come to same contribution which was in 2006. The contribution of minority interests was very less in each year. The contribution of secured loan was 19.33% in 2004 which was decrease in 2005 and become 17.88%. After that it decreases near about 5% in 2006. Than it increase and goes to 17.97% in 2007, which was again decrease in 2008. The contribution of unsecured loan in 2004 was 9.43%, which was nearly same in the year 2005. After that its contribution decrease in 2006, and become 3.77%, which was goes to 5.9% in 2007. In 2008, the contribution was only 0.21%. Deferred tax liability was also considered in share holders fund. And its contribution was between 1% to 4% in all given five years.


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Dabur India Ltd

Application of Funds

200410.61 0.13 1.52

Fixed Assets : Investments Deferred Tax Assets Net Current Assets0.25

20051.44 1.07

Fixed Assets : Investments Deferred Tax Assets Net Current Assets

29.97

57.76

Miscellaneous Expenditure

42.98 54.25


20065.64 0.21 6.75 5.27

Fixed Assets : Investments

20072.96

Fixed Assets : Investments Deferred Tax Assets Net Current Assets

Deferred Tax Assets Net Current Assets82.12

28.17


0.22 12.05

56.61


20085.59 3.21 27.21 1.86Fixed Assets : Investments Deferred Tax Assets Net Current Assets Miscellaneous Expenditure

62.14


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Dabur India Ltd

Analysis of Application of FundsIn 2004, the contribution of investment in total assets was 29.97% which was increase in 2005 and goes to 42.98% which shows nearly 13% increase in it. After that in 2006 and in 2007 it was decrease. And in 2008, it was increase near about 15%. The fixed assets have a highest contribution in all the year. It was 57.76% in 2004 which was decrease 4.50% in 2005. Than after it was highly increase nearly 28% in 2006, and become 82.12%. After that it decreases nearly 26% in 2007 and than increase some what in 2008. The contribution of net current assets was 10.61% in 2004 which was highly decrease in 2005 and become only 1.44%. After that it goes to near about 5.64% in 2006. Than it increase 22% and goes to 28.17% in 2007, which was again decrease 22.5% in 2008. The contribution of miscellaneous expenses in 2004 was 9.43%, which was nearly same in the year 2005. After that its contribution decrease in 2006, and become 3.77%, which was goes to 5.9% in 2007. In 2008, the contribution was only 0.21%. Deferred tax Assets was also considered in Total assets. And its contribution was between 0% to 1% for first four years than it goes to 3.21% in 2008.


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Dabur India Ltd

Chapter 44.1 - RATIO ANALYSISRatio analysis is a widely used tool for financial analysis. It is defined as the systematic use of ratio to interpret the financial statement, so that the strength and weakness of a firm as well as its historical performance and current financial condition can be determined. The term ration refers to the numerical and quantitative relationship between two items/variables. The relationship can be expressed as :1. Percentage 2. Fraction 3. Proportion of numbers The rational of ratio analysis lies in the fact that it makes related information comparable. A single figure by itself has no meaning but when expressed in terms of a related figure, it yields significant inferences. Ratio analysis thus, a quantitative tool, enables analysis to draw quantitative answers such as :Is the net profit adequate? Are the assets being used efficiently? Is the firm solvent? Can the firm meet its current obligations and so on?


39

Dabur India Ltd

Financial ratios are useful indicators of a firm's performance and financial situation. Most ratios can be calculated from information provided by the financial statements. Financial ratios can be used to analyze trends and to compare the firm's financials to those of other firms. In some cases, ratio analysis can predict future bankruptcy.

The ratio can be classified as under:

Accounting ratio

Traditional classification

Functional Classification

P & L Ratio

Profitability Ratio

B/S ratio

Turnover Ratio

Composite Ratio

Financial Ratio


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Dabur India Ltd

4.2 - Balance Sheet Ratio1 - Current Ratio The main question this ratio addresses is: "Does your business have enough current assets to meet the payment schedule of its current debts with a margin of safety for possible losses in current assets, such as inventory shrinkage or collectable accounts?" A generally acceptable current ratio is 2 to 1. It is figured as shown below:

Current Ratio :-

=2008 2007

Current Assets Current Liabilities

2006 43,609.93 1.080 : 1

2005 39,969.62 1.019 : 1

2004 29,389.51 1.156 : 1

Current AssetsCurrent Liabilities Ratio

77,390.35 64,046.47 47,132.00 40,752.71 33,984.1373,206.67 1.057 : 1 45,175.48 1.417 : 1

Current Ratio1.5 1 0.5 0 2008 2007 2006 Year 2005 20041.417 1.057 1.080 1.019 1.156

INTERPRETATION:The current assets and current liabilities have become more than double in 2008 than 2004. You can see fluctuation in current ratio in each year. The current ratio was highest in the year 2007 because of low current liabilities. In 2004, the ratio was 1.156 and it was decrease in 2005 because of increase in liabilities. It is nearly same in 2006, and than after in 2007 the ratio was 1.417, than after it is decrease in 2008.


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Dabur India Ltd

2 - Quick Ratios (Acid-test Ratio)The Quick Ratio is sometimes called the "acid-test" ratio and is one of the best measures of liquidity. The Quick Ratio is a much more exacting measure than the Current Ratio. By excluding inventories, it concentrates on the really liquid assets, with value that is fairly certain. It helps answer the question: "If all sales revenues should disappear, could my business meet its current obligations with the readily convertible `quick' funds on hand?" It is figured as shown below: Quick Assets Quick Ratio = Current Liability2008 47,141.93 73,206.67 0.64 2007 38,335.63 45,175.48 0.85 2006 25,854.16 43,609.93 0.59 2005 20,439.79 39,969.62 0.51 2004 18,699.68 29,389.51 0.64

Quick Assets Current Liabilities Ratio

Quick Ratio0.64 0.64 2008 2007 2006 0.51 0.59 0.85 2005 2004

INTERPRETATION:Quick ratio is found out for show a liquidity of a company. How many liquid assets in the company. Here we can see that the quick liabilities in the year 2006 and 2007 remaining same with the minor change. But in the year 2008 it jumps with 1.62 times more. It was highest in 2007 because of low current liability of a company it was 85% in 2007, than after it is decrease from 64% in 2008.


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Dabur India Ltd

3 - Net working Capital RatioThe result of this calculation must be a positive number. It is calculated as shown below: Bankers look at Net Working Capital over time to determine a company's ability to weather financial crises. Loans are often tied to minimum working capital requirements. A general observation about these three Liquidity Ratios is that the higher they are the better, especially if you are relying to any significant extent on creditor money to finance assets. Net Working Capital -------------------------Total Assets

Net Working Capital Ratio =

Working Capital = Total Current Assets - Total Current Liabilities

Working Capital Total Assets Ratio

2008 4,183.68 146,688.34 3%

2007 18,870.99 110,176.76 17%

2006 3,522.07 102,722.17 3%

2005 783.09 93,669.70 1%

2004 4,594.62 72,022.73 6%

Net Working Capital Ratio20% 15% 10% 5% 0% 17% 6% 1%Ratio

3%

3%

2008 2007 2006 2005 2004 Year

INTERPRETATION:Net working capital ratio shows the portion of net working capital in total assets. The ratio was highest in the year 2007 because in that year the current asset is higher and current liability is lower. And it was also some what higher in the year 2004. In the year 2008 and in 2006 the ratio was same. And in year 2005 it was 1% only.


43

Dabur India Ltd 4 - Proprietary Ratio The higher the ratio the stronger the financial position of the company as it signifies that proprietors have provided larger funds to purchase the assets. A very high ratio is not desirable. Because it means that insufficient use is being made of outside funds. There can not be a standard ratio for all type of business, but it can be said that the proprietors fund should be enough to cover the fixed assets. Proprietors Funds Proprietary Ratio = Total Assets2007 47,956.72 110,176.76 0.44 2006 49,705.82 102,722.17 0.48 2005 36,393.18 93,669.70 0.39 2004 28608.94 72,022.73 0.40

Proprietor's Funds Total Assets Ratio

2008 61,757.53 146,688.34 0.42

Propritory Ratio0.50 0.40 0.30 0.20 0.10 0.00 0.42 0.44 0.48 0.39 0.40

Ratio

2008

2007

2006 Year

2005

2004

INTERPRETATION:This ratio shows the proportion of proprietors funds to total assets employed in the business. The proprietors fund or shareholders equity fund consists of share capital, and reserves and surpluses. The proprietary ratio was nearly same in all the years. In 2004, the ratio was 40%. Than it was 39% in 2005, than it is increase 9% in 2006. And it was decrease in 2007 and 2008 and become 44% and 42% respectively.


44

Dabur India Ltd 5 - Dept-Equity Ratio The relation between borrowed funds and owners capital is a popular measure of long-term financial solvency of a firm. This relationship is shown by debt-equity ratio. This ratio reflects the relative claims of creditors & shareholders against the assets of the firm. The D/E Ratio is, thus the ratio of total outside liabilities to owners total funds. Long Term Liabilities Shareholder fund

Dept-Equity Ratio =

Long Term Liability Shareholders Fund Ratio

2008 12,644.16 61,757.53 0.20

2007 18,579.29 47,956.72 0.39

2006 12,147.82 49,705.82 0.24

2005 16,365.90 36,393.18 0.45

2004 13,248.39 28608.94 0.46

Dept-Equity Ratio2008

0.46

0.20 0.39

2007 2006 2005

0.45

0.24

2004

INTERPRETATION:The debt-equity ratio is an important tool of financial analysis to appraise the financial structure of a firm. It has important implication from the view point of the creditors, owners and the firm itself. In 2005, the ratio was 45% and it was decrease in 21% in 2006 because of decrease in unsecured loans and increase in reserve and surplus of a company. And again it was increase in the year 2007, and become 39%, than after it was 19% decrease in 2008. so it shows more fluctuation in every year.


45

Dabur India Ltd 6 - Long Term Funds to Fixed Assets Ratio Normally, the fixed assets of business must be purchased out of fixed capital only, which includes share capital, reserves and long term liabilities. This ratio, there fore shows the relationship between fixed capital and fixed assets. The ratio must be 1:1 or more i.e. the fixed capital must be more than fixed assets or must at least equal to fixed assets. Long Term Funds Long Term Funds to Fixed Assets Ratio = Fixed Assets 2006 49,705.82 51,245.30 0.97 2005 36,393.18 29,450.20 1.24 2004 28608.94 25,006.35 1.14

Long Term Funds Fixed Assets Ratio

2008 61,757.53 46,525.63 1.33

2007 47,956.72 37,916.02 1.26

Long Term Funds to Fixed Assets Ratio1.50 1.00 Ratio 0.50 0.00 2008 2007 2006 Year 2005 2004 1.33 1.26 0.97 1.24 1.14

INTERPRETATION:Long Term Funds to Fixed Assets Ratio shows contribution of long term funds in to fixed assets. Long Term Funds to Fixed Assets Ratio was more than 1 in all the year except in the year 2006. In 2006, the ratio was less than 1 because of decrease in share capital and increase in fixed assets of the company. In 2008, the ratio was highest because of higher reserve and surplus.


46

Dabur India Ltd

5.1 - Comparative Profit & Loss A/CMAR ' 08 MAR ' 07 204314 2591 206905 97108 0 7426 16667 48139 1538 649 3429 174956 31949 3494 -137 375 28217 0 28217 -87 28304 21586 23 -155 49758 12213 0 1713 0 335 20 3000 32478 MAR ' 06 189957 1337 191294 80772 3372 5711 14496 56523 1639 426 2692 165632 25662 2186 353 463 22660 -1274 21386 -32 21418 14093 149 -52 35665 4303 5733 603 804 19 5 2611 21586

(Rs in laces.) MAR ' 05 153695 921 154616 65942 4280 4050 10848 47691 1244 150 2800 137006 17610 1510 400 0 15701 0 15701 120 15581 8979 183 -26 24799 2863 4296 374 603 0 2 2565 14093 MAR ' 04 132956 907 133863 58147 6540 3470 9155 39726 1528 392 2489 121448 12415 1135 349 0 10932 0 10932 279 10652 7019 250 -32 17910 1717 4007 220 513 156 4 2313 8979

INCOME :

Net SalesOther Income Total Income

236106 3401 239508 110097 0 8577 19931 56568 1680 567 3643 201063 38444 4277 75 713 33379 0 33379 -13 33392 32270 69 -167 65564 6480 6480 1101 1101 40 4 7000 43358

EXPENDITURE :Cost of Materials Excise Duty Manufacturing Expenses Payments & Prov. for Employees Selling & Administrative Expenses Financial Expenses Misc. Expenditure Written off Depreciation Total Expenditure Net Operating Profit before Tax Provision for Taxation Current Provision for Taxation Deferred Prov. for Taxation Fringe Benefit Net Profit after Taxation and before Extraordinary Item Add Extraordinary Item on Long Term Trade Investments Net Profit after Tax and Extraordinary Item Minority Interest Net Profit after Minority Interest Balance Brought Forward Provision for Taxation for Earlier Year Written Back Prov. for Taxation for Earlier Year Profit for Appropriation

Appropriation/AllocationInterim Dividend Proposed Dividend - Final Corporate Tax on Interim Dividend t Corp Tax on Proposed Dividend Transferred to Capital Reserve Transferred to Legal Reserve Transferred to General Reserve Balance Carried over to Balance Sheet


47

Dabur India Ltd

INTERPRETATION: The Total income of the company shows continuous increase in year by year and it was Rs 1339 Cr in the year 2004 while in year 2008 it increase 179% and goes to Rs 2395 Cr. Net sales of the company increasing every year. It was Rs 1330 Cr in 2004 and goes to Rs 2361 Cr in 2008. The Total expenditure also increases in 2004 to 2008 but it was not increase as the rate of Total income increase. So its a good for the company because it helps in increase in the profit of the company. Net profit also increasing thats shows good position of the company. The net profit after tax is increase nearly 300% in overall five year period. The misc. expenditure will lowest in year 2005.it increase for next two years and the year 2008 it decrease it may because of cost cutting or effect of recession of the economy. In the year 2005 the financial expenses also the lowest in last five years. It increases in the year 2008 than last year. It may because of increase in the rate of return.


48

Dabur India Ltd

5.2 - Trend Analysis of Profit and Loss A/CMAR ' MAR ' 04 05 INCOME : Net Sales Other Income Total Income EXPENDITURE : Cost of Materials Excise Duty Manufacturing Expenses Payments & Prov. for Employees Selling & Administrative Expenses Financial Expenses Misc. Expenditure Written off Depreciation Total Expenditure Net Operating Profit before Tax Provision for Taxation Current Provision for Taxation Deferred Prov. for Taxation Fringe Benefit Net Profit after Taxation and before Extraordinary Item Add Extraordinary Item on Long Term Trade Investments Net Profit after Tax and Extraordinary Item Minority Interest Net Profit after Minority Interest Balance Brought Forward Provision for Taxation for Earlier Year Written Back Prov. for Taxation for Earlier Year Profit for Appropriation Appropriation/Allocation Interim Dividend Proposed Dividend - Final Corporate Tax on Interim Dividend Corpt Tax on Proposed Dividend Transferred to Capital Reserve Transferred to Legal Reserve Transferred to General Reserve Balance Carried over to Balance Sheet 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 100 115.59 101.48 115.50 113.40 65.44 116.73 118.49 120.05 81.37 38.15 112.48 112.81 141.84 133.00 114.67 143.62 MAR ' 06 142.87 147.35 142.90 138.91 51.55 164.59 158.32 142.28 107.23 108.76 108.16 136.38 206.69 192.55 101.25 207.28 MAR ' 07 153.66 285.64 154.56 167.00 0.00 214.00 182.04 121.17 100.61 165.70 137.75 144.05 257.33 307.79 -39.25 258.12 MAR ' 08 177.58 374.94 178.91 189.34 0.00 247.18 217.69 142.39 109.92 144.63 146.36 165.55 309.64 376.78 21.60 305.34

100 100 100 100 100 100 100 100 100 100 100 100 100 100 100

143.62 42.92 146.26 127.92 73 82.91 138.46 166.69 107.20 170.02 117.35 0.00 44.19 110.92 156.94

195.63 -11.62 201.06 200.77 59.41 163.65 199.13 250.54 143.05 274.01 156.59 12.39 134.09 112.90 240.39

258.12 -31.18 265.71 307.52 9.12 490.59 277.82 711.06 0.00 778.37 0.00 215.31 495.45 129.72 361.69

305.34 -4.67 313.47 459.74 27.42 526.01 366.07 377.29 161.70 500.46 214.48 25.72 89.39 302.70 482.86


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Dabur India Ltd

Trend Analysis of Profit and Loss A/C400 350 300 250 200 150 100 50 0 2004 2005 2006 2007 2008

Total Income Total Expenditure Net Operating Profit before Tax Profit for Appropriation

In the above graph you can see the trend analysis of Total Income, Total Expenditure, Net operating Profit after Tax and Profit for Appropriation. The Total income of the company shows continuous increase in year by year and it was goes to 100 to 179% in 2004 to 2008. The Total expenditure also increases in 2004 to 2008 but it was not increase as the rate of Total income increase. The Net operating Profit before Tax increases at a high rate because Total expenses were increasing at a lower rate than the Total income. The net profit after tax and interest was also increase as near to same rate as Net operating Profit before Tax increase. The profit for appropriation increase at a higher rate, it was increase at 100% to 366% in 2004 to 2008. End at last the Balance Carried over to Balance Sheet was increase at higher rate than any other items increase.


50

Dabur India Ltd

5.3 - Common Size Statement of Profit And Loss A/CMAR ' MAR ' MAR ' MAR ' MAR 08 07 06 05 04 INCOME : Net Sales Other Income Total Income EXPENDITURE : Cost of Materials Excise Duty Manufacturing Expenses Payments & Prov. for Employees Selling & Administrative Expenses Financial Expenses Misc. Expenditure Written off Depreciation Total Expenditure Net Operating Profit before Tax Provision for Taxation Current Provision for Taxation Deferred Prov. for Taxation Fringe Benefit Net Profit after Taxation and before Extraordinary Item Add Extraordinary Item on Long Term Trade Investments Net Profit after Tax and Extraordinary Item Minority Interest Net Profit after Minority Interest Balance Brought Forward Provision for Taxation for Earlier Year Written Back Prov. for Taxation for Earlier Year Profit for Appropriation Appropriation/Allocation Interim Dividend Proposed Dividend - Final Corporate Tax on Interim Dividend Corpt Tax on Proposed Dividend Transferred to Capital Reserve Transferred to Legal Reserve Transferred to General Reserve Balance Carried over to Balance Sheet 98.57 1.42 100 45.96 0 3.58 8.32 23.61 0.70 0.23 1.52 83.94 16.05 1.78 0.03 0.29 13.93 0 13.93 -0.005 13.94 13.47 0.03 -0.07 27.37 2.70 2.70 0.46 0.46 0.02 0.001 2.92 18.10 98.75 1.25 100 46.93 0 3.59 8.05 23.27 0.74 0.31 1.66 84.56 15.44 1.69 -0.07 0.18 13.64 0 13.64 -0.04 13.68 10.43 0.01 -0.07 24.05 5.90 0 0.83 0 0.16 0.01 1.45 15.70 99.30 0.70 100 42.22 1.76 2.98 7.58 29.55 0.86 0.22 1.41 86.58 13.41 1.14 0.18 0.24 11.84 -0.67 11.18 -0.02 11.20 7.37 0.08 -0.03 18.64 2.25 3.00 0.31 0.42 0.01 0.003 1.36 11.28 99.40 0.59 100 42.65 2.77 2.62 7.02 30.84 0.80 0.10 1.81 88.61 11.39 0.98 0.26 0 10.15 0 10.15 0.08 10.08 5.81 0.12 -0.02 16.04 1.85 2.78 0.24 0.39 0 0.001 1.66 9.11 99.32 0.68 100 43.44 4.88 2.59 6.84 29.68 1.14 0.29 1.86 90.72 9.27 0.85 0.26 0 8.17 0 8.17 0.21 7.96 5.24 0.19 -0.02 13.38 1.28 2.99 0.16 0.38 0.12 0.003 1.73 6.71 '


51

Dabur India Ltd

Analysis of Common Size Statement

The contribution of net sales in total income was nearly same in all the year it was near about 98 to 100%. The contribution of total expenditure was continuous decrease year by year, because of decrease in excise duty which is good for the company. The net profit before inters was increase because of decrease in the expenditure of the company. It shows reverse order than the total expenditure. The contribution of profit for appropriation was 13.38% in 2004, which was goes to 27.37% in 2008. And it was continuous increase in every year. The contribution of balance carried over to balance sheet was 3 times higher in 2008 than 2004. It was also increase year by year. Its contribution was 6.71% in 2004 which was goes to 18.10% in 2008. So that from the above common size statement we can easily find out that company is growing well year by year.


52

Dabur India Ltd

5.4 - Ratio Analysis1 - Gross Profit Ratio It shows the margin left after meeting manufacturing costs. It measures the efficiency of production as well as pricing. Gross Profit Gross Profit Ratio = Sales

100

Gross Profit Net Sales Ratio

2008 118,674.09 236,106.41 0.50

2007 104,533.82 204,313.53 0.51

2006 89,855.68 189,957.00 0.47

2005 74,273.02 153,695.33 0.48

2004 68,156.93 132,956.05 0.51

Gross Profit Ratio0.52 Ratio 0.50 0.48 0.46 0.44 2008 2007 2006 Year 2005 2004 0.50 0.51 0.47 0.48 0.51

INTERPRETATION:Gross profit is the result of relation between prices, sales volume and cost. A change in gross profit ratio can be brought by change in any of these factors. The gross profit of a company was near about 50% in every year. So that we can say the cost of material is less in Dabur India ltd, which is very good for the company. In 2004, gross profit was 51%, than in 2005 and 2006 it was 48% and 47% respectively. In 2007, it was increase 4%, and in 2008 decrease 1% and become 50%.


53

Dabur India Ltd

2 - Administrative Expenses ratioFor the purpose of ascertaining relationship between administrative expenses and net sales Administrative Expenses ratio are computed. These ratio over a number of years will reveal the extent to which the expenses either increase or decrease in relation to sales. A high expense ratio is not desirable for meeting financial liabilities like interest, taxes dividends etc. Administrative Expenses Administrative Expenses ratio = Sales 2008 Administrative 56,568.46 Expenses Net Sales 236,106.41 0.24 Ratio 2007 48,138.98 2006 56,522.85 2005 47,691.25 2004 39,726.00

204,313.53 189,957.00 153,695.33 132,956.05 0.24 0.30 0.31 0.30

Administrative Expenses RatioRatio 0.40 0.30 0.20 0.10 0.00 0.30 0.24 0.24 0.31 0.30

2008

2007

2006 Year

2005

2004

INTERPRETATION:The Administrative Expenses ratio shows the proportion of administrative expenses in the net sale. The administrative expense was 24% to 31% in given year. In 2004, the contribution of administrative expense was 30% and it was 0.01% increase in 2005. In 2007 and 2008 the ratio was same it was 24%


54

Dabur India Ltd

3 - Financial Expenses RatioFor the purpose of ascertaining relationship between Financial expenses and net sales, Financial Expenses ratio are computed. These ratio over a number of years will reveal the extent to which the expenses either increase or decrease in relation to sales. A high expense ratio is not desirable for meeting financial liabilities like interest, taxes dividends etc. Financial Expenses Financial Expenses Ratio = Sales

Financial Expenses Net Sales Ratio

2008 1,679.89

2007 1,537.50

2006 1,638.73

2005 1,243.59

2004 1,528.17

236,106.41 204,313.53 189,957.00 153,695.33 132,956.05 0.007 0.008 0.009 0.008 0.011

Financial Expenses Ratio0.015 0.010 Ratio 0.005 0.000 2008 2007 2006 Year 2005 2004 0.007 0.008 0.009 0.008 0.011

INTERPRETATION:The Financial Expenses Ratio shows contribution of financial expense in the net sales. The Financial Expenses Ratio was near to 1% in all given year which is very good for the company. So we can see that the company has a less burden of financial expenses. In only 2004 the ratio was more than 1%.


55

Dabur India Ltd 4 - Net Profit Ratio It is most significant of all revenue ratios as it indicates the ultimate profitability of the firm. This ratio is useful to the shareholders for knowing the EPS and to investors in judging the prospects of return on their investments higher ratio indicated higher profitability. Net Profit (After Tax) Net Profit Ratio = Net Sales 2007 28,217.36 2006 22,659.82 2005 15,700.50 2004 10,931.65

2008 Net Profit after 33,379.15 Taxation Net Sales 236,106.41 14% Ratio

204,313.53 189,957.00 153,695.33 132,956.05 14% 12% 10% 8%

Net Profit Ratio8% 10%2008

14%

2007 2006 2005

12%

14%

2004

INTERPRETATION:Net profit ratio indicates the management ability to operate the business efficiency. It also expressed the cost price effectiveness of the operation. In 2007 and 2008 the net profit ratio was same; it was 14% because of higher gross profit ratio in these year and decrease in selling and administrative expenses of company. In 2004, the net profit was 8%, than after 2% increase in each successive year for three year.


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Dabur India Ltd

5 - Interest Coverage RatioThe ratio indicates as to how many times the profit covers the payment of interest on debenture and other long term loans. Hence, it is also known as timesinterest earned ratio. It measures the debt service capacity of the firm in respect of fixed interest on long term debts. This ratio is obtained by dividing profit of the firm before interest and taxes (EBIT) by fixed interest charges. Income Before Interest and Income Tax Expenses ------------------------------------------------------Interest Expense

Interest Coverage Ratio =

Income Before Interest and Income Tax Expenses = Income Before Income Taxes + Interest Expense 2008 38,444.37 -13.05 0 2007 31,949.22 -87.1 0 2006 25,661.97 -32.47 0 2005 17,610.21 119.89 146.89 2004 12,415.48 279.3 44.45

Net Profit (BIT)) Interest Ratio

Interest Coverage Ratio146.89

150 100 Ratio 50 0 2008 2007 2006 Year 2005 20040.00 0.00 0.00 44.45

INTERPRETATION:The interest expense of a firm was very low. And it was negative in the year 2006 to 2008. In 2004, the ratio was 44.45 and it was increasing more than 200% in 2005 and goes to 146.89. So we can say that the company uses very low amount of debt. So creditor of company feels secure that the company has high interest coverage ratio.


57

Dabur India Ltd Earnings Per Share (EPS) EPS measures the profit available to the equity shareholder on a per share basis, that is, the amount they can get on every share held. It is calculated by dividing the profits available to the equity share holders by the numbers of the outstanding shares. As a profitability ratio, the EPS can be used to draw inferences on the basis of (1) its trends over a period of time, (2) comparison with the EPS of other firms, and (3) comparison with the industry average. Net Income --------------------------------------------Number of Common Shares Outstanding

Earnings Per Share (EPS) =

Total Income No of shares EPS

2008 239,507.68 868,807,461 2.76

2007 206,904.76 869,534,762 2.38

2006 191,293.68 577,524,999 3.31

2005 154,615.95 575,809,845 2.69

2004 133,863.19 286,984,379 4.66

EPS6.00 4.00 Rs 2.00 0.00 2008 2007 2006 Year 2005 2004

2.76

3.31 2.38

4.66 2.69

INTERPRETATION:The E.P.S. when compared to the current market price of the share, gives measure of the rate of yield .This yield can be used by a Share holder while making decisions about the investment on comparison to other alternative investments. In 2004, the E.P.S. was4.66 Rs and it was highest because of minimum number of share holder. In 2005, the E.P.S. was 2.69 Rs, and increase 0.62 Rs in 2006. than after it was decrease 0.93 Rs in 2007, and it was 2.76 Rs in 2008.


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Dabur India Ltd

5.5 - Composite Ratios1 - Return on Investment (ROI) Ratio. The ROI is perhaps the most important ratio of all. It is the percentage of return on funds invested in the business by its owners. In short, this ratio tells the owner whether or not all the effort put into the business has been worthwhile. If the ROI is less than the rate of return on an alternative, risk-free investment such as a bank savings account, the owner may be wiser to sell the company, put the money in such a savings instrument, and avoid the daily struggles of small business management. The ROI is calculated as follows: Net Profit before Tax Return on Investment = Net Worth 2008 38,444.37 61,757.53 0.62 2007 31,949.22 47,956.72 0.67 2006 25,661.97 49,705.82 0.52 2005 17,610.21 36,393.18 0.48 2004 12,415.48 28608.94 0.43

Net Profit before Tax Net Worth Ratio

Return on Investment0.80 0.60 0.40 0.20 0.0062.3% 66.6% 51.6%

48.4% 43.4%

Ratio

2008 2007 2006 2005 2004 Year

INTERPRETATION:Return on investment ratio shows percentage of return earn by the owner in a particular year. We can see that ratio of company was higher in every year so it is an opportunity for investor to invest in equity funds. In 2004, the ratio is 43% than in 2005, it is 48%. The ratio is highest in the year 2007; it was 67% than after it was 5% decrease in 2008.


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Dabur India Ltd 2 - Return on capital employed Here the profits are related to the capital employed. The term capital employed refers to the total long term funds supplied by the lenders and owners of the firm. Thus the capital employed basis provides a test of profitability related to sources of long term funds. Comparison of this ratio with similar firms, with the industry average and over time would provide sufficient insight into how efficient the long-term funds of owners and lenders are being used. The higher the ratio, the more efficient is the use of capital employed. Net Profit (Before Interest & Tax) Return on capital employed = Capital employed 2007 2006 2005 2004

2008 Net Profit before Tax Capital Employed Ratio

38,444.37 31,949.22 25,661.97 17,610.21 12,415.48 62,232.78 48,403.91 50,251.90 37,915.22 30,044.73 0.62 0.66 0.51 0.46 0.41

Return on capital employed 0.41 0.46 0.662008 2007 2006 2005 2004

0.62

0.51

INTERPRETATION:If the return on capital employed ratio is higher than it shows the more efficient is the use of capital employed. We can see that ratio of return on capital employed was higher in every year so it is a good implication for investor to invest their money in equity funds. In 2004, the ratio was 41%, than it was increase 5% in 2005 and in 2006. And than after their was a 15% increase in 2007, and it was 62% in 2008.


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Dabur India Ltd 3 - Return on Shareholder Funds The profitability of a firm from the owners point of view should therefore, in the fitness of things be assessed in terms of the return to the ordinary shareholders. The ratio under reference serves this purpose. It is calculated by dividing the profits after taxes and preference dividend by the average equity of the equity shareholders. Net Profit (PAT) Return on Shareholder Funds = Shareholder Funds

Net Profit Taxation Shareholders Fund Ratio

2008 2007 2006 2005 2004 after 33,379.15 28,217.36 22,659.82 15,700.50 10,931.65 61,757.53 47,956.72 49,705.82 36,393.18 28608.94 54% 59% 46% 43% 38%

Return on Shareholder Funds60% Ratio 40% 20% 0% 2008 2007 2006 Year 2005 2004

54%

59% 46% 43% 38%

INTERPRETATION:The return on share holder funds ratio helps to find out how much return earned by equity shareholder. In this company, company does not issue any preference share capital or debenture so that return on equity share holder was higher. In 2004, the return was 38%, after that it was increase 5% in 2005. In 2006, the ratio was 46%, and in 2007 the return was 59% by increasing 13% than previous year because of decrease in share holders fund and increase in profit.


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Dabur India Ltd

4 - Assets Turnover Ratio The amount invested in business are invested in all assets jointly and sales are effected through them to earn profits so in order to find out relationship between total assets to sales total assets turnover is calculated. Sales ---------------------------Average Total Assets

Assets Turnover Ratio =

Average Total Assets = (Beginning Total Assets + Ending Total Assets) / 2

Net Sales Average Total Assets Ratio(Times)

2008 236,106.41 128432.55 1.84

2007 204,313.53 106449.465 1.92

2006 189,957.00 98195.935 1.93

2005 153,695.33 82846.215 1.86

Assets Turnover Ratio1.95 1.90 1.85 1.80 1.75 1.92 1.84 1.93 1.86

Ratio

2008

2007

2006

2005

Year

INTERPRETATION:The investment in assets from 2004 to 2008 had increased from Rs 72022.73 lacks to Rs 146688.34 lacks. We can see in the ratio that there was not efficient change in fluctuation of asset turnover. In 2004, the ratio was 1.86 which was increase in 2005 and goes to 1.93. Than after 0.01 increase in 2006. After that ratio decrease and goes to 1.84.


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Dabur India Ltd

5 - Inventory Turnover Ratio This ratio is very important in judging the ability of management with which it can move the stock. The higher the stock turnover ratio the more profitable the business would be. A firm in such a case will be able to trade on a smaller margin of gross profit. A lower turnover indicates accumulation of slow moving Obsolete and low-quality goods, which is a signal to the management. The formula to calculate this ratio is as under. Inventory Turnover Ratio = Cost of Goods Sold --------------------------Average Inventories

Average Inventories = (Beginning Inventories + Ending Inventories) / 2 2008 Cost of Materials Average Inventory Ratio(Times) 110,097.35 27979.63 3.93 2007 97,108.28 23494.34 4.13 2006 80,772.30 20795.38 3.88 2005 65,942.25 17798.685 3.70

Inventory Turnover Ratio4.20 4.00 Ratio 3.80 3.60 3.40 4.13 3.93 3.88 3.70

2008

2007

2006

2005

Year

INTERPRETATION: The Inventory Turnover Ratio suggests that the average inventory was turned over 3.70 to 4.13 times during the year. In 2005 the inventory turnover ratio was 3.70 times which was good for the company. The cost of material was continuously increased in all four year So that ratio was higher. In 2007, the ratio was 4.13 times which was highest in all four year. S. V. Institute of Management 63

Dabur India Ltd 6 - Net Fixed Assets Turnover Ratio: The Fixed Assets Turnover shows the efficiency & profitability of business by comparing the fixed assets with sales. The higher ratio shows that the fixed assets are using efficient manner to increase the sales. Sales Fixed Assets Turnover Ratio = Net Fixed Assets

Net Sales Fixed Assets Ratio

2008 236,106.41 46,525.63 5.07

2007 204,313.53 37,916.02 5.39

2006 189,957.00 51,245.30 3.71

2005 153,695.33 29,450.20 5.22

2004 132,956.05 25,006.35 5.32

Fixed Assets Turnover Ratio6.00 Ratio 4.00 2.00 0.00 2008 2007 2006 Year 2005 2004 5.07 5.39 3.71 5.22 5.32

INTERPRETATION:The Fixed Assets Turnover Ratio shows utilization of fixed assets for generating sales. Very high ratio and very low ratio are not favorable for the company. We can say in Dabur India ltd the ratio was between 3.71 times to 5.39 times which consider as a good. In 2006, the ratio decrease and goes to 3.71 times because of purchase of new assets.


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Chapter 66.1 - Cash flow statementMAR ' 08 MAR ' 07 MAR ' 06 A. Cash Flow from Operating Activities Net Profit before Tax and extraordinary Items Add: Depreciation Fixed Assets Impairment Loss Loss on Sale of Fixed Assets Miscellaneous Exp. Written off Miscellaneous Exp. Written off (Included in Director Remun) Interest Less: Dividend Received Interest Received Profit on Sale of Investment Profit on Sale of Assets Operating Profit before Working Capital changes Working Capital changes Increase/(Decrease) in Inventories Increase/(Decrease) in Debtors MAR ' 05 MAR ' 04

38,444.37 3,643.40 0.00 198.87 602.91 328.39 1,679.89 44,897.84 0.00 7.05 984.68 47.59 43,858.52 4,537.58 3,307.10

31,949.22 3,429.05 10.30 0.47 649.36 404.76 1,537.50 37,980.66 0.30 40.62 533.90 400.67 37,005.17 4,433.00 7,925.28

22,659.82 2,692.46 65.85 426.24 777.16 1,615.15 28,236.69 0.48 10.28 96.39 211.91 27,917.63 964.92 (102.11)

17,610.21 2,800.01 108.87 149.53 195.91 1,243.59 22,108.12 0.50 0.00 407.38 0.00 21,700.24 5,028.47 304.20 (8,983.98)

12,415.48 2,489.27 391.88 83.55 1,528.17 16,908.35 83.62 50.89 104.12 16,669.72 (2,020.50) (4,039.20) (4,503.66)

Decrease/(Increase) in Trade (10,234.58) (4,485.18) (273.66) Payables Increase/(Decrease) in Working (2,389.90) 7,873.10 589.14 Capital Cash Generated from Operating 46,248.42 29,132.07 27,328.48 activities Interest Paid 1,694.51 1,546.94 1,604.87 Tax Paid 5,244.13 4,092.02 2,649.11 Corporate Tax on Dividend 1,101.28 2,516.87 1,205.54 Cash used(-)/(+)Generated for 38,208.49 20,976.24 21,868.96 Operating Activities (A) B. Cash Flow from Investing Activities Purchase of Fixed Assets (12,481.63) (5,129.32) (7,287.80) Sale of Fixed Assets 77.35 580.78 1,171.02

(3,651.31) (10,563.36) 25,351.55 1,222.18 1,668.57 887.60 21,573.20 27,233.09 1,528.17 881.04 547.95 24,275.92

(7,852.75) 500.02

(6,443.66) 6,547.78


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Dabur India Ltd Purchases of Investment including Investment in Subsidiaries Sale of Investments Dividend Received Cash used(-)/(+)Generated for Investing Activities (B) C. Cash Flow from Financing Activities Proceeds from Share Capital & Premium Repayment(-)/Proceeds (+) of Long Term Secured Liabilities Repayment(-)/Proceeds(+) from Short Term Loans Repayment (-)/Proceeds(+) From Deposits Repayment(-)/Proceeds(+) from other Unsecured Loans Payment of Loan Payment of Dividend Cash Used(-)/+(Generated) in Financing Activities (C) Net Inc(+)/Dec (-) in Cash And Cash equivalents (A+B+C) Cash and Cash equivalents Opening Balance Cash and Cash equivalents Closing Balance

(295,339.) (144,079.2) (4,826.98) (153,206.8) (80,339.17) 284,022.32 140,756.48 0.0 0.30 6,067.63 143,260.48 0.48 0.50 69,938.84 83.62

(23,721.7) (7,870.97) (4,875.65) (17,298.63) (10,212.59)

11.39

24.72

2.31 672.46

1.71 (457.43) 1,878.15 (266.86) 1,589.68 (750.08) (6,817.40) (4,822.23) (547.66) 2,020.95 1,473.29

4.99 660.98 (344.19) (2,135.03) (4,632.15) 2,285.65 (4,666.94) (8,826.69) 5,236.64 2,566.30 2,020.95

(959.21) (2,303.37) (1,322.90) 0.00 (3,795.73 ) (183.10)

4,786.63 (2,297.61) 0.00 3,020.65 0.00 (1.76) 3,024.01) (88.24)

(6,647.47) (17,684.31) (8,612.56) (12,897.02) (12,155.68) (13,349.39) 1,590.00 6,066.81 7,656.81 949.59 5,117.22 6,066.81 3,643.93 1,473.29 5,117.22


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INTERPRETATION: It shows the cash inflow and out flow of the company. The highest cash equivalents in the year 2008 in last five years. There is a minor difference between the financing activities of the year 2007 & 2008 because of company issue shares little more than last year. The investing activity is highest in year 2008 in last five years. It may be because of the sales of the fixed assets or collection of loans. Cash generated from operating activities is also highest in the 2008 as compare to the last five years. it may be because of high collection of debtors or sales of goods and services. It shows that company has good liquidity because of increase in every year of the cash flows.


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Dabur India Ltd

Chapter 7Findings & SuggestionsFINDINGSThere was constantly increase in sales of the company and the expenditure was also increase but increase in sales was more than the proportion of increase in expenditure. So it is good for the company. The net profit before interest and tax and Net profit after interest and tax were also increase in year by year. Both were increase nearly 200% in over all period. So we can say company earned lot in this period. The share holder funds and application of the fund was increase in near about 73% in given five year. Company is highly depending on their own equity because company does not issue any debenture or preference capital. The balance carried over to balance sheet from profit and loss account was increase 383% in five years. The companys gross profit ratio was nearly 50% in all the year means company have a low expense on cost of goods sold. While net profit was between 8% to 12% because of high sales and administrative expenses.

SUGGESTIONSCompany should have to issues preference capital or debenture because vary low debt is also not good for the company. If debt will increase than company can utilize money properly. Company should have to try to decrease in sales and administrative expenses because there was a big gap between gross profit and Net profit.


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Dabur India Ltd

Chapter 88.1 - Contemporary Issues in the CompanyDabur India Acquires 72.15% of Fem Care PharmaNovember 23, 2008 Dabur India Ltd today announced the acquisition of 72.15% of Fem Care Pharma Ltd (FCPL), a leading player in the womens skin care products market, for Rs 203.7 Crores in an all-cash deal. The board of directors of Dabur India Ltd approved the acquisition at a board meeting held in Mumbai today. The transaction ascribes a price per share of Rs 800, which translates into an equity valuation of Rs 282.4 Crores and an enterprise valuation of approximately Rs 300 Crores of Fem Care Pharma Ltd. Dabur will make an open offer for an additional 20% shares in the Company as required under the takeover regulations. Acquisition of Fem Care Pharma is in line with our strategy to aggressively expand Daburs scale of operations and strengthen its presence in the fast moving consumer goods (FMCG) space. This transaction would give Dabur an entry into the high-growth skin care market with an established brand name FEM. Further, Dabur also has the potential to extend the brand into newer and related skin care categories, said Dr. Anand Burman, Chairman, Dabur India Ltd. Fem Care Pharma Ltd, which has a leadership position in the fairness bleach category and a strong market position in hair removal and liquid soap category, is best known for its brand FEM. The other brands in its portfolio include Oxybleach cream, Botanica anti-ageing cream, Stratum colour protecting hair conditioners, SAKA mens bleach and Bambi fabric softeners. FCPL, which reported a consolidated net profit of Rs 9.75 crores in the first half of the 2008-09 fiscal on a turnover of Rs 54.45 crores, also has a sizeable international market presence in markets such as Yemen, Maldives, Mauritius, Malaysia, UAE, Oman etc. The acquisition brings to Dabur a portfolio of well-known household brands that enjoy a pole position in their respective categories, offering us a strong platform to enter newer product categories and markets. Fems brands fit in well with Daburs future growth plans, both for India and international markets. As with


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Dabur India Ltd our previous acquisition and subsequent integration of Balsaras Hygiene and Home products businesses, the Fem Care Pharma Ltd transaction too would offer substantial synergies for expanding the reach of Fems brands in all our geographies as well as better management of overall system costs, said Mr. Sunil Duggal, CEO, Dabur India Ltd. The strengths of Dabur will help expand the distribution of Fems brands across India and fuel faster growth for the company, both in India and abroad, thereby enhancing shareholder value, said Ms Sunita Ramnathkar, Joint Managing Director, Fem Care Pharma Ltd. As Dabur gains access to Fems research capabilities, we believe it will be able to broaden the companys product portfolio and further capitalize on the emerging opportunities in domestic and international markets, said Mr. Sunil H. Pophale, Chairman & Managing Director, Fem Care Pharma Ltd. KPMG Corporate Finance was the financial advisor to the promoters of Fem Care Pharma Ltd and Ambit Corporate Finance was the financial advisor to Dabur India Ltd.


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Chapter 9BIBLIOGRAPHY

BOOKSM.Y.Khan and P.K.Jain, Financial Management, Tata McGraw-Hill Publishing Limited, New Delhi, Third Edition. Narayanaswamy, Financial Accounting a Managerial Perspective , PHI Learning Private Limited, Third Edition.

Search Engine:www.googal.co.in

Websites:www.daburindia.co.in www.bseindia.com www.business-standard.com www.kotaksecurities.com


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