Half Year FR 2012

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Half Yearly

Financial Report

DABUR INDIA LIMITED

2012-2013

Half Yearly

Financial Report

DABUR INDIA LIMITED

2012-2013

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Dabur India Limited //Half Yearly Report 2012-13

2

ContentBoard of Directors 4

Management Discussion and Analysis 5

Auditors Report 8

Financial Statements 9

Consolidated Financial Statements 20

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3

a trusted name in natural healthcare for over 100 years, is known for providing a

range of efficacious and time-tested healthcare products based on the principles of

Ayurveda.

a premium brand and a leader in its category, is one of the flagship brands and a

popular name in the natural personal care space.

a tasty fun-filled digestive available in various forms - from tablets, traditional Churnas

to modern formats like centre-filled candy - appealing to all age groups.

countrys leading brand of packaged fruit juices, provides the largest range of refreshing

and healthy fruit juices that are 100 percent natural and free of preservatives.

a new member in the family of Daburs key brands, provides a range of herbal and

natural products across various FMCG categories with a focus on providing quality and

affordability.

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4

BOARD OF DIRECTORS

Dr. Anand Burman ChairmanMr. Amit Burman Vice Chairman

Mr. Saket Burman Director

Mr. Mohit Burman Director

Mr. P D Narang Director

Mr. Sunil Duggal Director

Mr. R C Bhargava Director

Mr. P N Vijay Director

Dr. S Narayan Director

Mr. Albert Wiseman Paterson Director

Dr. Ajay Dua Director

Mr. Sanjay K Bhattacharyya Director

SR GM (FINANCE) & COMPANY SECRETARY

Mr A. K. Jain

AUDITORS

M/s G. Basu & Co.

Chartered Accountants

INTERNAL AUDITORSPricewaterhouseCoopers Pvt. Ltd.

BANKERS

Punjab National Bank

Standard Chartered Bank

The Hongkong & Shanghai Banking Corporation Ltd.

The Royal Bank of Scotland

Citibank N.A.

HDFC Bank Ltd.

IDBI Bank Ltd.

CORPORATE OFFICEDabur India Limited,

Dabur Tower,

Kaushambi, Sahibabad,

Ghaziabad - 201 010, (U.P.), IndiaTel: 0120 - 3982000, 39412525

Fax: 0120 - 4374935

Website: www.dabur.com

Email: [email protected]

REGISTERED OFFICE

8/3, Asaf Ali Road,

New Delhi-110002, India

Tel: 011-23253488

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5

Management Discussion and Analysis

The current macroeconomic environment continues to remain

challenging in the backdrop of weak global economic environment.

Indias GDP forecasts have been lowered, with the Reserve Bank of

India now forecasting a GDP growth rate of 6.5% for fiscal 2012-13.

The government has taken up the reform agenda and has initiated

steps to increase FDI (Foreign Direct Investment) in sectors such

as multi-brand retail, aviation, insurance etc. These initiatives may

bode well for the Indian economy going ahead.

Inflationary pressures still persist with the WPI hovering in the

7.5-8% range. Rate cuts from RBI are likely to come about in the

case of inflation sliding below RBIs tolerance level.

During the monsoon season there were fears of drought like

conditions due to deficient rains, which eased towards the end

of the season with overall deficiency reducing to 8% of long term

average.

The FMCG sector continued to report good volume led growth in

revenues during the first half of fiscal 2012-13. Rural India, which

contributes to a third of the overall FMCG sector continued to growwell driven by factors such higher MSPs (Minimum Support Prices)

for agricultural produce, employment guarantee schemes and

growth in services. Furthermore, aspiration levels continue to trend

upwards with rural consumers demanding branded products.

Recent reports indicate incremental consumption expenditure in

Rural India has been significantly ahead of Urban India during the

past few years.

Real GDP Growth Rate - YoY (%)

FY08 FY09 FY10 FY11 FY12

9.3%

6.7%8.4% 8.4%

6.5%

Source: CSO and RBI estimates

Source: Office of Economic Adviser

WPI based Inflation (%)

7.5% 7.5%7.6%

7.5%7.6%

7.8%

Apr-12 May-12 Jun-12 Jul-12 Aug-12 Sep-12

Source: Indian Meteorological Department (IMD)

Seasonal Rainfall (Jun-Sept 2012) (in mm)

816.3883.0

Actual Normal

Incremental consumption expenditure in

2011-12 over 2009-10

Urban Rural

2994

3750

Source: NSSO (National Sample Survey Organisattion)

and CRISIL Estimates

in Rs. billion

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6

Dabur Performance Overview

Dabur continued to perform well, with sales growing by 21.0%

to Rs. 2,984.6 crores in the first half of fiscal 2012-13. Input costs

pressures eased somewhat as compared to last year, with material

costs as % of sales declining to 49.7% in the first half of fiscal

2012-13 v/s 51.4% in the first half of fiscal 2011-12. We continue

to invest strongly behind our brands as reflected in a 46.8% surge

in our advertisement expenses during the first half of fiscal 2012-

13. EBITDA margins were at 17.8% in the first half of fiscal 2012-13

as compared to 18.5% in the first half of fiscal 2011-12. The Profit

after Tax grew by 16.6% to Rs. 351.8 crores in the f irst half of fiscal

2012-13.

Foods

Foods continued on the strong growth trajectory and grew by

26.9% to Rs. 337 crores during the f irst half of fiscal 2012-13, driven

by strong volume growth and new variants. New variants such as

Real Pomegranate and Apricot performed exceedingly well. The

company is in the process of introducing more variants and flavours

under both Real and Activ brands.

International Business

Daburs International Business grew by 24.4% in the first half

of fiscal 2012-13 and now contributes to almost a third of our

consolidated sales. The key growth markets have been the GCC

Consumer Care Business

The Consumer Care business grew by 13.9% to Rs. 1,585.6 crores

in the first half of fiscal 2012-13, with strong growths in Health

Supplements, OTC & Ethicals, Home Care and Skin Care portfolio.

Premium toothpaste portfolio registered strong growth while there

was some pressure on the economy toothpaste segment and

toothpowders, resulting in moderate overall growth in oral care.

Shampoo category bounced back during the half year period with

growth exceeding 30%.

Consumer Care Category Growth Rates (%)

Health

Supplemen

ts

Digestives

OTC

&

Ethicals Hom

e

CareHai

r

Care Oral

CareSkin

Care

16.7%

10.9%

17.9%

11.8%

19.0%

7.5%

17.7%

H1 FY13

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7

(Gulf Co-operative Council), Egypt, Nigeria, Bangladesh and

Nepal. In terms of product categories, hair creams, hair oils and

toothpastes performed well. The international business continued

to focus on innovation and launched new products such as Vatika

Hair Serum, Vatika Black Seed Enriched Hair Oil, professional range

of Shampoos and Conditioners, etc.

Sales & Distribution

After successful completion of our urban distribution enhancement

initiative viz. Project Speed, the rural distribution initiative, Project

Double is on track and should be complete in the second half of

fiscal 2012-13. As part of this the company is increasing its direct

presence in select rural geographies in order to enhance the reach

as well as quality of distribution and the product mix for rural

consumers. The initiative has enhanced our product width and

depth in the hinterland and we are witnessing good momentum

in sales.

Manufacturing

The progress of construction of our Sri Lanka plant is on track and

is likely to be complete by the end of fiscal 2012-13. In addition,

we are now in the process of setting up a manufacturing facility in

Bangladesh to cater to the fast growing local market.

We continue to undertake initiatives to improve sustainability,

encompassing energy and water conservation aspects. Some of

these have been commissioning of Bio Briqutte boilers and reuse

of ETP treated water in cooling towers at our plants.

Overall the company was able to manage and tide over the

challenges of inflation and adverse currency movements during

the half year period and reported double digit revenue and

profit growth. Continued investments behind brand building

and innovation coupled with the distribution enhancement

initiatives will enable the company to drive good revenue

growth going forward.

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8

AUDITORS REPORT

To the Board of Directors,

Dabur India Limited,

We have audited the attached condensed Balance Sheet of Dabur India Limited as at 30th September, 2012 and its Statement of Profit &

Loss and the Statement of Cash Flow for the half year ended on that date attached thereto. These financial statements are the responsibility

of the Companys management. Our responsibility is to express an opinion on these financial statements based on our audit.

We conducted our audit in accordance with auditing standards generally accepted in India. These standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit

includes, examining on a test basis, evidence supporting the amounts and disclosures in the financial statement. An audit also includes

assessing the accounting principles used and significant estimates made by management, as well as, evaluating the overall financial

statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We hereby report that :

i. We have obtained all the information and explanations, which to the best of our knowledge and belief were necessary for the

purpose of audit.

ii. In our opinion, proper books of accounts, as required by law have been kept by the Company so far as appears from our examination

of books of accounts.

iii. The Condensed Balance Sheet and Condensed Statement of Profit & Loss dealt with by this report are in agreement with the books

of accounts.

iv. Condensed Balance Sheet, Condensed Statement of Profit & Loss and Statement of Cash Flow have been prepared in due compliances

of accounting standards referred to in sub section (3c) of Section 211 of Companies Act 1956.

v. In our opinion and according to the information and explanations given to us, the said accounts read with selected explanatory

notes appearing in Schedule A give the information required by the Companies Act, 1956, in the manner so required and give a

true and fair view in conformity with the accounting principles generally accepted in India:

a) In the case of Condensed Balance Sheet, of the State of Affairs of the Company as at 30th September, 2012;

b) In the case of Condensed Statement of Profit & Loss, of the Profit for the half year ended on that date; and

c) In the case of Statement of Cash Flow, of the cash flows for the half year ended on that date.

For G BASU & CO


Firm Registration No. 301174E

ANIL KUMAR

Place: New Delhi Partner

Date: 26th October, 2012 Membership No. 9390

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CONDENSED BALANCE SHEETas at 30th September 2012

PARTICULARS As at As at

Sep 302012 Mar 312012

For Dabur India Limited As per our report of even date attached

Dr. Anand C. Burman, Chairman for G.BASU & CO.

P.D. Narang,Whole-time Director Chartered Accountants

Sunil Duggal,Whole-time Director Firm Regn No: 301174E

A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary

ANIL KUMAR


Date: 26th October, 2012 Membership No: 9390

(Rs. in Lacs)

I EqUITY AND LIABILITIES

1. Share holders Funds

a) Share Capital 17,429 17,421

b) Reserves And Surplus 1,27,554 1,12,906

2. Non-Current Liabilities

a) Long Term Borrowings 73 114

b) Deferred Tax Liabilities (Net) 3,064 2,711

c) Long-Term Provisions 44,595 37,665

3. Current Liabilities

a) Short-Term Borrowings 18,555 27,214

b) Trade Payables 23,205 32,779

c) Other Current Liabilities 42,003 31,689

d) Short-Term Provisions 19,098 21,574

Total 2,95,576 2,84,073

II ASSETS

1. Non-Current Assets

a) Fixed Assets

i) Tangible Assets 58,570 57,819

ii) Intangible Assets 766 714

iii) Capital Work-In-Progress 1,595 1,158

b) Non-Current Investments 16,159 15,948

c) Long-Term Loans And Advances 40,345 33,990

d) Other Non-Current Assets 7,354 8,384

2. Current Assets

a) Current Investments 36,822 39,324

b) Inventories 48,460 52,857

c) Trade Receivables 21,779 22,417

d) Cash And Cash Equivalents 38,282 26,129

e) Short-Term Loans And Advances 22,456 22,111

f) Other Current Assets 2,988 3,222

Total 2,95,576 2,84,073

Accounting Policies and Notes to Accounts (A)

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CONDENSED STATEMENT OF PROFIT AND LOSSfor the Quarter and Half Year ended 30th September, 2012

I Revenue from operations 1,04,278 87,900 2,06,025 1,72,570

II Other Income 2,162 1,265 4,324 2,715

III Total Revenue (I +II) 1,06,440 89,165 2,10,349 1,75,285

IV Expenses

Cost of materials consumed 38,204 37,200 77,394 71,731

Purchase of stock in trade 15,288 15,723 31,886 29,614

Changes in inventories of FG , WIP & Stock in trade

Finished Goods 189 (6,832) (137) (7,216)

Work in Progress 1,271 656 535 (235)

Stock in trade 167 6 537 -

Employee benefits expenses 7,104 6,164 13,559 12,102

Finance costs 895 138 1,064 794

Depreciation and Amortisation expenses 1,663 1,593 3,455 3,382

Other Expenses 22,109 16,896 47,374 35,942

Total Expense 86,890 71,544 1,75,667 1,46,114

(V) Profit before exceptional and extraordinary items and tax (III - IV) 19,550 17,621 34,682 29,171

(VI) Exceptional Items - - - -

(VII) Profit before extraordinary items and tax (V - VI) 19,550 17,621 34,682 29,171

(VIII) Extraordinary Items - - - -(IX) Profit before tax (VII - VIII) 19,550 17,621 34,682 29,171

(X) Tax expense

(1) Current tax 3,912 3,525 6,939 5,837

(2) Deferred Tax 141 230 354 360

(XI) Profit/(Loss) for the year from continuing operations (IX - X) 15,497 13,866 27,389 22,974

(XII) Earnings per euity share ( before Extraordinary items)

(1) Basic 0.89 0.80 1.57 1.32

(2) Diluted 0.89 0.79 1.56 1.31

(XIII) Earnings per euity share (after Extraordinary items)

(1) Basic 0.89 0.80 1.57 1.32

(2) Diluted 0.89 0.79 1.56 1.31


DESCRIPTION For the For the For the six For the Six

qtr. ended qtr. ended months ended months ended

Sep 30 2012 Sep 30 2011 Sep 30 2012 Sep 30 2011

(Rs. in Lacs)






ANIL KUMAR



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STATEMENT OF CASH FLOW(Pursuant to AS-3) indirect method for the period ended 30th September2012

A. Cash Flow from Operating Activities

Net Profit Before Tax and Extraordinary Items 34,682 29,171

Add: Depreciation 2,309 1,834

Loss on Sale of Fixed Assets 23 19

Fixed Assets Discarded/Written Down - -

Miscellaneous Exp. Written off 1,262 1,686

Provision for Contingent Liability - -

Interest 1,064 794

Unrealised Loss on Financial Instruments Amortisation Cost (136) -

Unrealised Loss / (Gain) in Foreign Exchange (266) 4,256 (114) 4,219

38,938 33,390

Less: Interest Received 3,698 2,343

Profit on Sale of Investment 483 293

Profit on Sale of Assets 6 4,187 42 2,678

Operating Profit before Working Capital Changes 34,751 30,712

Working Capital Changes

Increase/(Decrease) in Inventories (4,397) 5,605

Increase/(Decrease) in Trade Receivables (638) 378

Increase/(Decrease) in Other Current Assets (980) -

Decrease/(Increase) in Trade Payables and other Payables 420 8,718

Increase/(Decrease) in Working Capital (5,595) 14,701

Cash Generated from Operating Activities 40,346 16,011

Tax Paid 6,355 6,355 6,362 6,362

Cash Used(-)/(+)Generated for Operating Activities (A) 33,991 9,649

B. Cash Flow from Investing Activities

Acquisition of Fixed Assets (2,988) (6,000)

Sale of Fixed Assets 57 90

Purchases of Investment (2,12,345) (1,53,501)

Interest Received 3,156 1,507

Proceed of Sale of Investments 2,15,468 1,75,321

Repayment (-)/Proceeds(+) from Loan to Subsidiaries (550) (850)

Cash Used(-)/(+)Generated for Investing Activities (B) 2,798 16,567

(Rs. in Lacs)

PARTICULARS For the period ended For the period ended

Sep 302012 Sep 302011

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STATEMENT OF CASH FLOW (Contd..)(Pursuant to AS-3) indirect method for the period ended 30th September2012

C. Cash Flow from Financing Activities

Proceeds from Share Capital & Premium 4 6

Repayment(-)/Proceeds (+) of Long term secured Liabilities - (236)

Repayment(-)/Proceeds(+) from Short Term Loans (8,392) 3,377

Repayment(-)/Proceeds(+) from Other Unsecured Loans (41) (9,128)

Payment of Dividend (13,028) (11,293)

Corporate Tax on Dividend (2,120) (1,836)

Interest Paid (1,058) (786)

Cash Used(-)/+(Generated) in Financing Activities (C) (24,635) (19,896)

Net Increase(+)/Decrease (-) in Cash And Cash Euivalents (A+B+C) 12,154 6,320

Cash and Cash Euivalents Opening Balance 26,128 19,241

Cash and Cash Euivalents Closing Balance 38,282 25,561

Cash and Cash Euivalents (year end) 38,282 25,561

Balances with Banks without Restatement 37,970 25,293

Unrealised Gain/(Loss) on Foreign Exchange Fluctuation 283 236

Cheues / Drafts in Hand 1 -

Cash-in-Hand 28 32

(Rs. in Lacs)

PARTICULARS For the period ended For the period ended

Sep 302012 Sep 302011






ANIL KUMAR



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SCHEDULE A

Selected Explanatory Notes

1. ACCOUNTING POLICIES

1.1 Basis of Preparation of Financial Statements

The accounts have been prepared in accordance with the historical cost convention under accrual basis of accounting as per Indian

GAAP. Accounts and disclosures thereon comply with the Accounting Standards specified in Companies (Accounting Standard)

Rules, other pronouncements of ICAI, provisions of the Companies Act, 1956 and guidelines issued by SEBI as applicable.

Indian GAAP enjoins management to make estimates and assumptions that affect reported amount of assets, liabilities, revenue,

expenses and contingent liability pertaining to year/period, the financial statements relate to. Actual result could differ from

such estimates. Any revision in accounting estimate is recognized prospectively from current year/period and material revision,

including its impact on financial statement, is reported in notes to accounts in the year/period of incorporation of revision.

1.2 Significant Accounting Policies

The Company has applied the same accounting policies in this half yearly financial statements as have been applied in its

annual financial statements for the year ended 31st March, 2012 except for recognition of deferred tax on estimated basis as

against actual basis.

Preparation of Balance Sheet, Profit & Loss Account, Cash Flow Statement including disclosures made there on in notes to

accounts and condensed Balance Sheet and Profit and Loss Account have been made in terms of AS 25 mandated by ASB.

2. NOTES TO ACCOUNTS

2.1 Contingent Liabilities (Not provided for) :

A. Claims against the company not acknowledged as debts:

i. In respect of Civil Suits filed against the company Rs. 970 (previous year Rs. 770 ).

ii. In respect of Claims by Employees Rs. 51 (previous year Rs. 44 ).

iii. In respect of Sales Tax under appeal Rs. 1517 (previous year Rs. 1070).

iv. In respect of Excise Duty disputes pending with various authorities Rs. 7703 (previous year Rs. 7611)

v. In respect of Income tax under appeal Rs. 21 (previous year Rs. 319).

B. Guarantees given:In respect of Guarantees furnished by the Company Rs. 152325 (previous year Rs. 122303)

C. Information pursuant to AS 29 on contingent liabilities provided for:

i) Brief particulars of provision under AS 29 towards liabilities disputed being carried over from previous year without adding to or

withdrawal therein /therefrom:

(Rupees in lacs, except Share Data)

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Nature of

Liability

Particular of dispute Opening

Liability

Provision

made during

the period

Provision

adjusted during

the period

Closing

Provision

Forum where the dispute

is pending

Sales Tax Classification of Laldant

Manjan

36 0 0 36 Filed review application with

High Court

Entry Tax Entry tax on car 1 0 0 1

Sales Tax Classification of hajmola

Candy

28 0 0 28 Appeal pending before S T

Appellete

Sales Tax Tax Paid purchase 29 0 0 29 Pending before High Court

Excise Hajmola Candy

classification matter

109 0 0 109 Tribunal

Excise Capital Goods removal 30 0 0 30 DC Appeal

Total 233 0 0 233

ii) Resulting outflows against above disputed liabilities, if mature, are expected to be in succeeding year.

iii) Provisions are made herein for medium risk oriented issues as a measure of abundant precaution.

D. Commitments:

Estimated amount of contract remaining to be executed on capital account Rs. 2132 (previous year Rs. 1665).

2.2 Related Party Disclosures in terms of AS 18

2.2.1 Enterprises where control exists:

1. Dabur Nepal Private Ltd. 2. Dabur (UK) Ltd.

3. Dabur Egypt Ltd. 4. Dabur International Limited

5. Asian Consumercare Private Limited 6. African Consumercare Limited

7. Asian Consumercare Pakistan (Pvt.) Limited 8. Naturelle LLC.

9. H & B Stores Limited. 10. Dermoviva Skin Essentials Inc.

11. Dabur Egypt Trading Ltd. 12. Hobi Kozmetik

13. Ra Pazarlama 14. Namaste Laboratories LLc, US

15. Hair Rejuvenation & Revitalization Nigeria Ltd 16. Healing Hair Lab International LLc, US

17. Urban Lab International LLC, USA 18. Dabur Lanka (Pvt.) Limited

19. Namaste Cosmetics LTDA, Brazil 20. Weikfield International(UAE) LLC upto 26.06.2012

2.2.2 Other related parties in transaction with the company

2.2.2.1 Associate/Joint Ventures:

Dabon International Pvt. Ltd. (Associate)

Forum 1 Aviation Limited

2.2.2.2 Key Management Personnel and relatives of such personnel:

Director : P D Narang

Sunil Duggal


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2.2.3. Related Party Transactions :

Related Party Transactions as on 30.09.2012

Subsidiary JV/

Partner-

ship

Key Manage-

ment personnel

Entity Under

Significant

Influence

Total Outstanding

as on

period end

1. Purchase of Goods 16163 0 0 0 16163 23

(16211) (-) (-) (169) (16380) (35)

2. Sale of Goods 2902 0 0 - 2902 702

(2353) (-) (-) (-) (2353) (1766)

3. Royalty Expense 6 - - - 6 27

(5) (-) (-) (-) (5) (19)

4. General Expenses 0 307 - - 307 33

(-) (223) (-) (-) (223) (49)

5. Interest Received on Loan 0 - - - 0 0

(9) (-) (-) (-) (9) 0

6. Remuneration (Exg./Pension) - - 521 - 521 0

(-) (-) (1259) (-) (1259) 0

7. Employee Stock Option Scheme 163 - 554 - 717 0

(136) (-) (728) (-) (865) 0

8. Interest Received on Sec. Deposit - 1 - - 1 0

(-) (-) (-) (-) 0 0

9. loan Given 550 - - - 550 3200

(1600) - - - (1600) (2650)

10. Investment - - - - - 7125

(4489) (-) (-) (-) (4489) (7125)

11. Equity Contribution 0 - - - 0 7125

(1483) (-) (-) (-) (1483) (7125)

12. Security Deposit - - - - - 38

(-) (-) (-) (-) (-) (38)

13. Guarantees & Collaterals 29564 0 - - 29564 151255

(29189) (-) (-) (-) (29189) (121690)

Notes:

A. Item referred to in 1 above includes Purchases from Dabur Nepal Pvt. Ltd. Rs. 16001 (Rs. 16031)

B. Item referred to in 2 above includes Sales to Dabur International Ltd., Weikfield International (UAE) LLC and Naturelle LLC Rs. 437,

Rs. 0 and Rs. 967 (Rs. 380, Rs. 226 and Rs. 508) respectively.


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C. Item referred to in 9 above includes Loan given to Dabur International Ltd. and H & B Stores Ltd. Rs. Nil and Rs. 550 (Previous Year

Rs. 0 and Rs. 2650).

D. Item referred to in 13 above includes Guarantees & Collaterals to Dabur Egypt Ltd., Naturelle LLC, Asian Consumercare Pakistan

(Pvt.) Ltd., Asian Consumercare Pvt. Ltd., Dermoviva Skin Essentials Inc., Dabur International Ltd., Dabur Lanka (Pvt.) Ltd. and

Forum 1 Aviation Ltd Rs. 2168, Rs. 2114, Rs. Nil, Rs. Nil, Rs. 60513, Rs. 66693, Rs. 15987 and Rs. 714 (Rs. 3372, Rs. Nil, Rs. Nil, Rs.

Nil, Rs. 54940, Rs. 59103, Rs. 3561 and Rs. 714) respectively.

E. Figures in bracket relate to corresponding previous period for revenue items and preceding year end for balance sheet items.

2.3 AS 30 , 31 & 32:

a. Financial assets/liabilities available for sale are of the nature of loans, receivables and payables, (not being receivable/payable in

short term context), call for measurements at amortized value unless amortized value does not materially differ from unamortized

value or assets /liabilities are held at floating rate of interest.

Effective rate of interest applicable for arriving at discounted value of relevant liabilities & assets as on date, hereby described as

amortized value , has been considered on the basis of appropriate Government Bond rate ruling as on 30-09-2012 which is 8.15

% as against 8.4% ruling as on 31-03-2012. Such benchmarking of effective rate is attributed to expected cognizance taken by

government of the market risk , commodity price index, foreign exchange reserve, inflationary & deflationary impact on internal

rates & cyclic / non cyclic fluctuations in fiscal & monetary system for the purpose of arriving at the rate of bond.

b. Particulars on financial assets/liabilities where fair value/amortized cost differ from book balance.

Particulars Holding Price

(Rs. lac)

Fair Value

(Rs. lacs)

Profit /

(Loss) (Rs.lac)

Head of Account Profit /

(loss) being Accountedfor

A. FINANCIAL ASSETS

a. Held for Trading

Mutual Funds

b. Available of Sale

Government Bond

as on 30.09.2012

as on 31.03.2012

as on 30.09.2012

as on 31.03.2012

20315

12165

8792

8714

20456

12231

9003

8792

141

65

211

78

other Income

Opening General Reserve

Investment Revaluation

Reserve

Investment Revaluation

Reserve

B. FINANCIAL INSTRUMENT

a. Instrument hedging adverse

currency fluctuation against Off

Balance Exposure in Foreign

Currency

b. Instrument hedging adverse

currency fluctuation against

borrowing in foreign currency

as on 30.09.2012

as on 31.03.2012

as on 30.09.2012

as on 31.03.2012

0

0

-37

10

-610

-63

-37

10

-610

-63

Finance Cost

Finance Cost

Finance Cost

Finance Cost

Particulars Original

Amount

Discounted

Value

Re-Instated

Discounted

Value (Rs. lacs)

Profit /

(Loss)

Head of Account Profit /

(Loss) being Accounted

for

C. FINANCIAL LIABILITIES

Long term Borrowing as on 30.09.2012

as on 31.03.2012

162

212

114

164

119

0

-5

48

Finance Cost



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2.4 Outcome of test of impairment undertaken for cash generating units concluded against creation of provision against impairment

loss under AS-28.

2.5 During the period, the company has paid final dividend @ 75% (previous year 65%) amounting to Rs. 15190 (previous year Rs.

11315) in respect of financial year 2011-12 after approval to the effect in the AGM dated 17.07.2012.

2.6 The Board of Directors of the company has approved payment of interim dividend @ 65% (previous period 55%) amounting to Rs.

13167 (previous period Rs. 11136) including tax applicable thereon.

2.7 During the period the company has allotted 820357 (previous period 1323524) equity shares of Re 1/- each to the employees

upon their exercise of option under Employee Stock Option Scheme which includes allotment of 379175 equity shares worth Rs.

4 lacs against capitalization of share premium without consideration money received in cash. Besides, options against 611121

number of equity shares have been cancelled during the period following lapse of option under relevant scheme.

2.8 17576091 (previous period 189607840) equity shares of Re.1/- each are outstanding under Employees Stock Option Scheme as

on 30th September, 2012.

2.9 During the period company has invested Rs. 212269 (previous period Rs. 151987) in current investment.

2.10 During the period company has sold current investments amounting to Rs. 203570 (previous period Rs. 152858).

2.11 Investment in jointly controlled entities (JCE) Information pursuant to AS-27 mandated by ASB :

1. Forum 1 Aviation Limited:-

(a) Share of the company in assets, outside liability, net worth and income and expenses not being accounted for herein work out

to Rs. 987 (previous year Rs. 1011), Rs. 376 (previous year Rs. 441), Rs.611 (previous year Rs. 114), Rs. 264 (previous period Rs. 177)

& Rs. 238 (previous period Rs. 150) retrospectively as per un-audited accounts of JCE.

(b) Stake of the company in terms of percentage of total subscribed and paid up capital of JCE is 14.28%. Said amount (Rs. 456)

appears under non-current trade investment in balance sheet of the company.

(c) Companys commitment towards revenue expenditure of the JCE amounting to Rs. 307 (previous period Rs. 223) has been

charged to profit and loss account under the head general charges.

(d) No income from said investment, unless realized in cash, is recognized in this standalone account.

2. Dabon International Pvt Ltd :

Total investment of the company is Rs. 27 lacs which is 1 % of total stake. Since almost entire amount has already been provided

for with no further obligation accruing to the company in respect of the joint venture arrangement, proportional consolidation

of corresponding joint venture accounts has been done away with.


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18

CONSUMERCARE

BUSINESS

FOODS

OTHERS

U

NALLOCATED

TOTAL

Curre

nt

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previo

us

Perio

d

R

EVENUE

E

xternalSales

Inter-segmentsales

1,5

8,555

1,3

9,2

51

33,6

98

26,5

60

12,8

68

6,0

37

2,0

5,1

21

1,7

1,8

48

T

otalRevenue

1,5

8,555

1,3

9,2

51

33,6

98

26,5

60

12,8

68

6,0

37

2,0

5,1

21

1,7

1,8

48

R

ESULT

S

egmentresult

U

nallocatedcorporateex-

p

enses

41,933

34,5

12

4,8

41

4,944

1,2

34

269

12,2

62

9,7

60

48,0

08

12,2

62

39,7

25

9,76

0

O

peratingprofit

41,933

34,5

12

4,8

41

4,944

1,2

34

269

(12,2

62)

(9,7

60)

35,7

46

29,9

65

Interestexpense

Interestincome

IncomeTax(Current+De-

ferred)

1,0

64

7,29

3

794

6,1

97

1,0

64

7,2

93

794 6,19

7

P

rofitfromo

rdinary

a

ctivities

41,933

34,5

12

4,8

41

4,944

1,2

34

269

(20,6

19)

(16,7

51)

27,3

89

22,974

E

xtraordinaryitem

M

inorityInterest

N

etprofit

41,933

34,5

12

4,8

41

4,944

1,2

34

269

(20,6

19)

(16,7

51)

27,3

89

22,974

O

THERINFORMATION

Aso

n

30/09

/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Aso

n

30/09

/12

Ason

31/03/12

S

egmentassets

U

nallocatedcorporateassets

90,5

29

89,2

87

18,7

07

15,9

24

21,9

33

13,0

31

1,5

7,761

1,6

0,4

42

1,3

1,1

69

1,5

7,7

61

1,1

8,242

1,6

0,442

T

otalassets

90,5

29

89,2

87

18,7

07

15,9

24

21,9

33

13,0

31

1,57,7

61

1,6

0,4

42

2,8

8,9

30

2,7

8,684

S

egmentliabilities

U

nallocatedcorporateliabili-

ties

15,6

92

13,0

30

4,3

72

1,137

17,9

42

10,0

07

1,10,

295

1,2

9,5

66

38,0

07

1,1

0,2

94

24,174

1,2

9,566

T

otalliabilities

15,6

92

13,0

30

4,3

72

1,1

37

17,9

42

10,0

07

1,1

0,

295

1,2

9,5

66

1,4

8,3

01

1,5

3,740

C

apiltalExpenditure

1,7

33

10,0

17

187

44

5

32

270

1,0

35

3,5

07

2,9

88

14,239

D

epreciation

N

on-cashexpensesotherthan

d

epreciation

1,2

39

2,0

78

240

40

3

152

255

67

8

1,14

6

1,1

37

2,7

15

2,3

09

1,1

46

3,87

3

2,71

5

(Rupeesinlacs,exceptShareD

ata)

Note:2.1

2INFORMATIONPURSUANTTO

AS-17

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19

2.13 Information (to the extent applicable) pursuant to AS 19 issued by ICAI: -

The future minimum lease payment under non-cancelable operating lease :-

Particulars Not Later than 1 Years Later than 1 year Not

later than 5 Years

Later than 5 Years

Building & Machine 12

(46)

6

(12)

0

(0)

Car 72

(47)

88

(71)

0

(0)

Lease rent recognized during the period Rs. 42 (previous period Rs. 32)

2.14 During the period, company has repaid Rs. Nil, Rs. 13659 and Rs. 50 on account of Term Loan from bank, Short Term Loan from

banks and Deferred Sales Tax respectively. Besides, it has also raised Rs. 30000 against issue of Commercial Paper during the

period, out of which Rs. 25000 has been repaid during the period itself.

2.15 Exchange Loss works out to Rs. 1526 (previous period Rs. 1567) and Exchange Gain of Rs. 1390 (previous period Rs. 1675) which

has been accounted for in Profit & Loss account as finance cost.

2.16 Employees related dues including post-separation benefits of directors have been accounted for on the basis of actuarial

computation under project unit credit method, demographic assumptions thereon remain same as that of preceding year except

for mortality rate within the age-group of 31 years to 44 years and expected return on planned assets considered at 14% and

9.25% as against respective assumptions at 13% and 9% in preceding financial year.

2.17 Calculation of EPS as per AS-20:

Particulars Apr. 2012 to Sep. 2012 Apr. 2011 to Sep. 2011

Profit after Tax (before and after adjustment of extraordinary items) 27,389 22,974

Weighted average no. of shares outstanding

Basic 1742602984 1741278349Diluted 1753779883 1753405804

Earnings per share (of face value of Re 1/-)

Basic 1.57 1.32

Diluted 1.56 1.31

(Note: Profit figures are in Rs. Lacs)

2.18 All figures have been rounded off to nearest Rs. Lacs unless stated otherwise.

2.19 Quarter-I figures appearing in condensed Profit & Loss Account in schedule A are not based on audited figures.

2.20 Figures of earlier period/year have been rearranged in terms of current period grouping as and when necessary.






ANIL KUMAR

Place: New Delhi PartnerDate: 26th October, 2012 Membership No: 9390


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20

AUDITORS REPORT

To the Board of Directors,

Dabur India Limited,

We have audited the attached condensed consolidated balance sheet of Dabur India Limited group, as at 30th September 2012 and also

the condensed consolidated statement of profit and loss and the consolidated statement of cash flow for the half year ended on that

date annexed thereto.

These financial statements are the responsibility of the Dabur India Ltd.s management and have been prepared by the management

on the basis of separate financial statements and other financial information regarding components. Our responsibility is to express an

opinion on these financial statements based on our audit.

We conducted our audit in accordance with the auditing standards generally accepted in India. These standards require that we plan and

perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit

includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes

assessing the accounting principles used and significant estimates made by the management, as well as, evaluating the overall financial

statement presentation. We believe that our audit provides a reasonable basis for our opinion.

We did not audit the financial statement of one Joint Venture Entity, whose financial statements reflect total assets of Rs.986 lacs as at

30th September, 2012, the total profit of Rs.25 lacs and cash outflows amounting to Rs.7 lacs for the half year then ended. Financial

statements and other financial information of the subsidiary have been audited by other auditors, whose reports have been furnished to

us, and our opinion is based solely on the report of other auditors. Accounts of the joint venture have been consolidated on the basis of

un-audited accounts certified by the management.

We report that the condensed consolidated financial statements have been prepared by the Dabur India Ltd.s management in accordance

with the requirements of AS-21 on consolidated financial statement and AS 27 on Financial reporting of interest in Joint Ventures and AS-25on Interim Financial reporting issued by the Institute of Chartered Accountants of India.

Based on our audit and on consideration of reports of other auditors on separate financial statements and on the other financial

information of the components, and to the best of our information and according to the explanations given to us, we are of the opinion

that the attached condensed consolidated financial statements give a true and fair view in conformity with the accounting principles

generally accepted in India:

a) In the case of the condensed consolidated balance sheet, of the state of affairs of Dabur India Ltd. group as at 30th September,

2012.

b) In the case of the condensed consolidated statement of profit and loss, of the profit of Dabur India Ltd. group for the half year

ended on that date; and

c) In the case of the consolidated statement of cash flow, of the cash flows of Dabur India Ltd. group for the half year ended on that

date.

For G BASU & CO


Firm Registration No. 301174E

ANIL KUMAR


Date: 26th October, 2012 Membership No. 9390

CONSOLIDATED FINANCIAL STATEMENTS

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21

CONDENSED CONSOLIDATED BALANCE SHEETas at 30th September 2012

I EqUITY AND LIABILITIES

1. Share holders Funds

a) Share Capital 17,429 17,421

b) Reserves and Surplus 1,72,600 1,54,297

2. Minority Interest 365 303

3. Non-current liabilities

a) Long Term borrowings 53,176 68,302

b) Deferred Tax Liabilities (Net) 3,208 2,740

c) Other long term liabilities 298 -d) Long-term provisions 62,527 57,993

4. Current Liabilities

a) Short-term borrowings 40,039 34,091

b) Trade payables 31,651 25,808

c) Other current liabilities 69,835 77,127

d) Short-term provisions 27,738 24,149

Total 4,78,866 4,62,231

II ASSETS

1. Non-current assets

a) Fixed Assets

i) Tangible assets 87,351 84,225

ii) Intangible assets 79,713 79,898

iii) Capital work-in-progress 4,422 2,676

b) Non-current investments 9,139 8,928

c) Long-term loans and advances 40,983 37,269

d) Other non-current assets 9,070 10,192

2. Current assets

a) Current investment 36,844 39,324

b) Inventories 74,432 82,392

c) Trade receivables 42,579 46,168

d) Cash and cash equivalents 59,686 41,842

e) Short-term loans and advances 28,378 26,096

f) Other current assets 6,269 3,221Total 4,78,866 4,62,231


(Rs. in Lacs)PARTICULARS As at As at

Sep 302012 Mar 312012






ANIL KUMAR



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22

CONDENSED CONSOLIDATED STATEMENT OF PROFIT & LOSS ACCOUNTfor the six months ended 30th September 2012

I Revenue from operations 2,99,922 2,47,700

II Other Income 4,675 2,861

III Total Revenue (I +II) 3,04,597 2,50,561

IV Expenses

Cost of materials consumed 1,17,675 1,10,473

Purchase of stock in trade 26,931 23,126

Changes in inventories of FG , WIP & Stock in Trade

Finished Goods 861 (7,192)

Work in Progress 66 304

Stock in trade 2,877 0

Employee benefits expenses 22,738 18,925

Finance cost 3,614 2,983

Depreciation & Amortisation Expenses 5,372 5,006

Other Expenses 80,256 59,266

Total Expense 2,60,390 2,12,891

(V) Profit before exceptional and extraordinary items and tax (III - IV) 44,207 37,670

(VI) Exceptional Items (466) 0

(VII) Profit before extraordinary items and tax (V - VI) 43,741 37,670

(VIII) Extraordinary Items 8 0

(IX) Profit before tax (VII - VIII) 43,749 37,670(X) Tax expense

(1) Current tax 7,933 6,961

(2) Deferred Tax 486 535

(XI) Profit/(Loss) for the year from continuing operations (IX - X) 35,330 30,174

(XII) Minority Interest 153 17

(XIII) Profit after Minority Interest 35,177 30,157

(XIV) Earnings per euity share ( before Extraordinary items)

(1) Basic 2.03 1.73

(2) Diluted 2.01 1.72

(XV) Earnings per euity share ( After Extraordinary items)

(1) Basic 2.03 1.73

(2) Diluted 2.01 1.72


(Rs. in Lacs)DESCRIPTION For the period ended For the period ended

Sep 302012 Sep 302011






ANIL KUMAR

Place: New Delhi PartnerDate: 26th October, 2012 Membership No: 9390

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23

STATEMENT OF CASH FLOW

(Pursuant to AS-3)Indirect Method

A. Cash Flow From Operating Activities

Net Profit Before Tax, Exceptional and Extraordinary Items 44,207 37,670

Add: Depreciation 4,060 3,289

Loss on Sale of Fixed Assets 109 65

Fixed Assets Discarded/Written Down 7 -

Transaltion Reserve (4,643) -

Miscellaneous Exp. Written off 1,309 1,686

Interest 3,614 2,983

Unrealised Loss on Financial Instruments Amortisation Cost (136) -

Unrealised Loss / (Gain) In Foreign Exchange (266) 4,054 (5,556) 2,46748,261 40,137

Less: Interest Received 4,045 2,476

Profit on Sale of Investment 483 293

Profit on Sale of Assets 6 4,534 55 2,824

Operating Profit Before Working Capital Changes 43,727 37,313

Working Capital Changes

Increase/(Decrease)in Inventories (7,960) 6,100

Increase/(Decrease) in Trade Receivables (3,591) 8,024

Increase/(Decrease) in Other Current Assets 5,330 -

Decrease/(Increase) in Trade Payables And Other Payables 4,307 10,114

Increase/(Decrease) in Working Capital (1,914) 24,238

Cash Generated From Operating Activities 45,641 13,075

Tax Paid 13,323 13,323 7,059 7,059

Cash Used(-)/(+)Generated For Operating Activities (A) 32,318 6,016

B. Cash Flow From Investing Activities

Acquisition of Fixed Assets (9,312) (11,308)

Sale of Fixed Assets 454 662

Purchases of Investment (2,12,345) (1,53,501)

Interest Received 4,045 2,476

Proceed of Sale of Investments 2,15,234 1,75,791

Repayment (-)/Proceeds(+) from Loan to Subsidiaries - -

Cash Used(-)/(+) Generated for Investing Activities (B) (1,924) 14,120

(Rs. in Lacs)PARTICULARS For the period ended For the period ended

Sep 302012 Sep 302011

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STATEMENT OF CASH FLOW (Contd..)

(Pursuant to AS-3)Indirect Method

C. Cash Flow From Financing Activities

Proceeds From Share Capital & Premium 4 6

Repayment(-)/Proceeds (+) of Long Term Secured Liabilities 298 3,036

Repayment(-)/Proceeds(+) from Short Term Loans 5,948 (259)

Repayment(-)/Proceeds(+) from other Unsecured Loans - (611)

Payment of Dividend (13,066) (11,293)

Corporate Tax on Dividend (2,120) (1,837)

Interest Paid (3,614) (2,999)

Cash Used(-)/+(Generated) In Financing Activities (C) (12,550) (13,957) Net Increase(+)/Decrease (-) In Cash And Cash Euivalents (A+B+C) 17,844 6,179

Cash And Cash Euivalents Opening Balance 41,842 27,242

Cash And Cash Euivalents Closing Balance 59,686 33,421

Cash And Cash Euivalents

Balances With Banks 57,224 32,976

Cheues / Drafts In Hand 210 -

Cash-In-Hand 1,944 217

Unrealized Gain/(Loss) On Foreign Exchange 308 228

(Rs. in Lacs)PARTICULARS For the period ended For the period ended

Sep 302012 Sep 302011





A.K. JAIN , Senior G.M.(Finance) Cum Company SecretaryANIL KUMAR



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25

SCHEDULE A

Selected Explanatory Notes

1. ACCOUNTING POLICIES

1.1 Accounting convention:

The accounts have been prepared in accordance with the historical cost convention under accrual basis of accounting as per Indian

GAAP. Accounts and disclosure thereon comply with the Accounting Standards specified in Companies (Accounting Standard)

Rules, other pronouncements of ICAI, provisions of the Companies Act, 1956 and guidelines issued by SEBI as applicable.

Indian GAAP enjoins management to make estimates and assumptions that affect reported amount of assets, liabilities, revenue,

expenses and contingent liability pertaining to year/period, the financial statements relate to. Actual result could differ from

such estimates. Any revision in accounting estimate is recognized prospectively from current year/period and material revision,

including its impact on financial statement, is reported in notes to accounts in the year/period of incorporation of revision.

1.2 Body Corporate under Consolidation

The Consolidated Financial Statement relates to:-

Dabur India Limited (the parent company)

H&B Stores Limited (a wholly owned subsidiary company incorporated in India)

Dabur International Ltd., (a wholly owned subsidiary body corporate incorporated in Isle of MAN)

Dabur (UK) Ltd. (a wholly owned subsidiary body corporate incorporated in British Virgin Island, 100% stake wherein is held by

Dabur International Ltd.)

Dabur Nepal Pvt. Ltd. (a subsidiary body corporate incorporated in Nepal, 97.5% stake wherein is held by Dabur International

Ltd.)

Dabur Egypt Ltd. (a wholly owned subsidiary body corporate incorporated in Egypt, 76% & 24% of stake wherein are held by Dabur

(U.K.)Ltd. and Dabur International Ltd. respectively)

Asian Consumercare Pvt. Ltd. (a subsidiary body corporate incorporated in Bangladesh, 76% stake wherein is held by Dabur

International Ltd.)

African Consumercare Ltd (a wholly owned subsidiary body corporate incorporated in Nigeria, 90% stake wherein is held by

Dabur International Ltd & 10% stake held by Dabur (UK) Ltd )

Asian Consumercare Pakistan (Pvt.) Ltd (a wholly owned subsidiary body corporate incorporated in Pakistan, 99.99% stake where

in is held by Dabur International Ltd)

Naturelle LLC (a subsidiary body corporate incorporated in Emirate of RAS AI Khaimah, 100% stake wherein is held by Dabur

International Ltd)

Dabur Egypt Trading Ltd. (a wholly owned subsidiary body corporate, incorporated in Egypt, 99% & 1% of stake wherein are held

by Dabur International Ltd. and Dabur Egypt Ltd. respectively)

Dermoviva Skin Essentials INC (a wholly owned subsidiary body corporate incorporated in USA, 97.79% and 2.21% stakes wherein

are held by Dabur International Ltd & Dabur India Ltd respectively

Namaste Laboratories LLC (a wholly owned subsidiary body corporate, incorporated in USA, 100% right wherein is exercised by

Dermoviva Skin Essentials INC)

Urban laboratories International LLC (a wholly owned subsidiary body corporate incorporated in USA, 100% right wherein is

(Rs. in lacs, except Share Data)

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26

exercised by Namaste Laboratories LLC)

Healing Hair Laboratories International LLC (a wholly owned body corporate incorporated in USA, 100% rights wherein is exercised

by Namaste Laboratories LLC)

Namaste cosmetics Ltd. (a wholly owned body corporate incorporated in Brazil, 100% rights wherein is exercised by Namaste

Laboratories LLC)

Two wholly owned overseas subsidiary body corporates incorporated in Turkey named Hobi Kozmetik and RA Pazarlama, 100%

stake in each is held by Dabur International Ltd

Dabur Lanka (Pvt) Ltd (a wholly owned subsidiary body corporate incorporated in Sri Lanka 100% stake wherein is held by Dabur

International Ltd.)

In addition to the above, proportionately consolidated herein is the accounts of Forum 1 Aviation Ltd.( a domestic corporate entity

jointly controlled by parent company with others, stake of parent company being 14.28% therein) on the basis of un-audited

results.

1.3. Significant Accounting Policies

a) Accounting policies and principles of consolidation followed herein remain in terms of same applied in consolidated financial

statements for the year ended 31st March 2012 except for treatment of deferred tax which has been calculated on estimated

basis.

b) Preparation of CFS including disclosures made therefore and condensation of Balance Sheet and Profit and Loss Account have

been made in terms of requirement of AS 25 mandated by ASB.

2. NOTES TO ACCOUNTS

2.1. All amounts in the financial statements are rounded off to nearest Rupees Lacs, except for those specifically stated otherwise.

2.2. Contingent Liabilities :

a) Claims against the company not acknowledged as debts:

i) In respect of civil suits filed by third parties Rs. 992 (previous year Rs. 791)

ii) In respect of claims by employees Rs. 51 (previous year Rs. 44)

iii) In respect of excise duty disputes pending with various judicial authorities Rs. 7703(previous year Rs. 7611)

iv) In respect of Sales Tax under appeal Rs. 1681 (previous year Rs. 1234)

v) In respect of Income tax under appeal Rs. 306 (previous year Rs. 386)

b) Guarantees Given :

In respect of Guarantees furnished by the company Rs. 3047 (previous year Rs. 2867)

c) Information pursuant to AS 29:

Brief particulars of provisions on disputed liabilities provided for :


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27

Nature of Liability Particular of

dispute

Opening

Liability

Provision

made during

the period

Provision adjusted

during the period

Closing

Provision

Forum where the dispute

is pending

Sales Tax Classification of

Laldant Manjan

36 0 0 36 Filed review application

with High Court

Entry Tax Entry tax on car 1 0 0 1 Appeal pending before

D.C.

Sales Tax Classification of

hajmola Candy

28 0 0 28 Appeal pending before S T

Appellete

Sales Tax Tax Paidpurchase

29 0 0 29 Pending before High Court

Excise Capital Goods

removal

30 0 0 30 DC appeal

Excise Hajmola Candy

Classification

109 0 0 109 Tribunal

General Expense Product claim

lodged by third

party

33 0 0 33 Management

Income Tax Ex promoter USA

Liability

20 0 0 20 Management

Total 286 0 0 286

i) Resulting outflows against above liabilities pending before Sales Tax DC/Tribunal/High court/management, if mature, are

expected to be in succeeding financial year.

ii) Provisions are made herein for medium risk oriented issues as a measure of abundant precaution.

d) Consideration money, towards acquisition of USA based entities ,contingently payable and provided for include Rs 18217

representing expected amount payable by the group over a period of 3 years to their erstwhile promoters (entrusted with the

charge of management of Namaste Laboratories LLC till date) subject to their achievement of year wise target as per earn-out

agreement. Rs.2250 approximately has been paid/adjusted against year opening due during the period pursuant to fulfillment of

first years target by the management with corresponding withdrawal of requisite provision. Considering confidence of the group

on the ability of erstwhile promoters to achieve targets laid down in reasonable terms, aforesaid provision has been retained in

accounts within the meaning of AS 29.

e) Commitments: Estimated Amount of contract remaining to be executed on Capital Account Rs. 13503 (previous year Rs. 6467).

2.3 Related party disclosures ( Pursuant to AS -18 )

2.3.1 Enterprise where control exists: None.

2.3.2 Other related parties in transaction with the group :

2.3.2.1 Associate - ACI Ltd., Bangladesh

2.3.2.2 Joint Venture - Forum 1 Aviation Limited


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28

2.3.2.3 Key Management Personnel and relatives of such personnel:

Director Relatives

P D Narang

Sunil Duggal

Anup Sharma

Rukma Rana

Sikandar T Tiwana

Mete Buyurgan

Gary Gardner Kyle Gardner

Clyde Burks

2.3.3 Related Party Transactions:

Related Parties Transaction Consolidated as on 30.09.2012

Particulars JV/

Partnership

Key

Management

Personal

Relatives of

Key Management

personnel

Entity Under

Significant

Influence

Total Outstanding

as on

period end

1. Purchase of Goods 0 0 0 0 0 0

0 0 0 (169) (169) 0

2. General Expenses 238 - 0 - 238 0

(223) - 0 - (223) (49)

3. Interest Received on Security 1 0 - 0 1 0

0 0 0 0 0 0

4. Remuneration/Exg./Pension 0 852 0 0 852 0

0 (1382) 0 0 (1382) 0

5. Employee Stock Option Scheme 0 554 - 0 554 554

0 (728) 0 0 (728) (1290)

6. Staff Welfare 0 0 71 0 71 0

0 0 (1) 0 (1) 0

7. Security Deposit - - - - - 38

- - - - - (38)

8. Guarantees & Collaterals 0 0 0 0 0 714

0 0 0 0 0 (714)

2.4 AS 30 , 31 & 32:

a. Financial assets/liabilities available for sale are of the nature of loans, receivables and payables, (not being receivable/payable in

short term context), call for measurements at amortized value unless amortized value does not materially differ from unamortized

value or assets /liabilities are held at floating rate of interest.

Effective rate of interest applicable for arriving at discounted value of relevant liabilities & assets as on date, hereby described as

amortized value , has been considered on the basis of appropriate Government Bond rate ruling as on 30-09-2012 which is 8.15

% as against 8.4% ruling as on 31-03-2012. Such benchmarking of effective rate is attributed to expected cognizance taken by

government of the market risk , commodity price index, foreign exchange reserve, inflationary & deflationary impact on internal

rates & cyclic / non cyclic fluctuations in fiscal & monetary system for the purpose of arriving at the rate of bond.


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29

b. Particulars on financial assets/liabilities where fair value/amortized cost differ from book balance.

Particulars Holding

Price

(Rs. lac)

Fair Value

(Rs. lacs)

Profit /

(Loss)

(Rs. lac)

Head of Account Profit / (lose)

being Accounted for

A. FINANCIAL ASSETS

a. Held for Trading

Mutual Funds

b. Available of Sale

Government Bond

as on 30.09.2012

as on 31.03.2012

as on 30.09.2012

as on 31.03.2012

20315

12165

8792

8714

20456

12231

9003

8792

141

65

211

78

other Income


Investment Revaluation Reserve

Investment Revaluation Reserve

B. FINANCIAL INSTRUMENT

a. Instrument hedging adversecurrency fluctuation against

Off Balance Exposure in

Foreign Currency

b. Instrument hedging adverse

currency fluctuation against

borrowing in foreign currency

as on 30.09.2012as on 31.03.2012

as on 30.09.2012

as on 31.03.2012

0

0

-3710

-610

-63

-3710

-610

-63

Finance CostFinance Cost

Finance Cost

Finance Cost

Particulars Original

Amount

Discount-

ed

Value

Re-Instated

Discounted

Value

(Rs. lacs)

Profit / (Loss) Head of Account Profit /

(lose) being Accounted

for

C. FINANCIAL LIABILITIES

Long term Borrowing as on 30.09.2012as on 31.03.2012

162212

114164

1190

-548

Finance CostOpening General Reserve

2.5 The Board of directors of parent company has approved payment of interim dividend @ 65% (previous period 55%) amounting to

Rs. 13167 (previous period Rs. 11136) including tax applicable thereon.

2.6 During the period, the parent company has paid final dividend @ 75% (previous year 65%) amounting to Rs. 15190 (previous

period Rs. 11315) in respect of financial year 2011-12 after approval to the effect in the AGM dated 17.07.2012.

2.7 During the period the parent company has allotted 820357 (previous period 1323524) equity shares of Re 1/- each to the

employees upon their exercise of option under Employee Stock Option Scheme which includes allotment of 379175 equity shares

worth Rs. 4 lacs against capitalization of share premium without consideration money received in cash. Besides, options against

611121 number of equity shares have been cancelled during the period following lapse of option under relevant scheme.

2.8 17576091 (previous period 18960784) equity shares of Re.1/- each are outstanding under Employees Stock Option Scheme as on

30th September, 2012

2.9 During the period company has invested Rs. 212269 (previous period Rs. 151987) in current investment.

2.10 During the period company has sold current investments amounting to Rs. 203570 (previous period Rs. 176763).


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CON

SUMERCARE

BUSINESS

FOODS

RETAIL

OTHERS

UNALLOCATED

TOTALCONSOLI-

DAT

ED

Curre

nt

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previous

Period

Current

Period

Previous

Period

RE

VENUE

ExternalSales

Inter-segmentsales

2,4

3,857

2,0

8,2

82

38,7

29

30,4

08

2,7

38

1,7

87

13,1

33

6,214

2,9

8,4

57

2,4

6,6

91

To

talRevenue

2,4

3,857

2,0

8,2

82

38,7

29

30,4

08

2,7

38

1,7

87

13,1

33

6,214

2,9

8,4

57

2,4

6,6

91

RE

SULT

Se

gmentresult

Un

allocatedcorporateexpenses

52,940

45,0

72

6,6

76

5,8

07

-540

-537

1,2

78

31

9

12,5

33

10,0

08

60,3

53

12,5

33

50,6

61

10,0

08

Op

eratingprofit

52,940

45,0

72

6,6

76

5,8

07

(540)

(537)

1,2

78

31

9

(12,5

33)

(10,0

08)

47,8

20

40,6

53

Interestexpense

Interestincome

IncomeTax(Current+Deferred)

3,6

14

8,4

19

2,9

83

7,4

96

3,6

14

8,4

19

2,9

83

7,4

96

Profitfromo

rdinaryactivities

52,940

45,0

72

6,6

76

5,8

07

(540)

(537)

1,2

78

31

9

(24,5

66)

(20,4

87)

35,7

87

30,1

74

Exceptionalitem/ExtraordinaryItems

MinorityInterest

458

153

17

458

153

17

Ne

tprofit

52,940

45,0

72

6,6

76

5,8

07

(540)

(537)

1,2

78

31

9

(25,1

77)

(20,5

04)

3,5

176

30,1

57

OT

HERINFORMATION

Aso

n

30/09

/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Ason

30/09/12

Ason

31/03/12

Se

gmentassets

Un

allocatedcorporateassets

1,8

0,706

1,8

7,8

50

42,7

85

38,0

35

2,8

88

1,5

45

22,9

20

13,831

2,2

3,4

96

2,0

7,4

29

2,4

9,2

99

2,2

3,4

96

2,4

1,2

61

2,0

7,4

29

To

talassets

1,8

0,706

1,8

7,8

50

42,7

85

38,0

35

2,8

88

1,5

45

22,9

20

13,831

2,2

3,4

96

2,0

7,4

29

4,7

2,7

95

4,4

8,6

90

Se

gmentliabilities

Un

allocatedcorporateliabilities

59,5

60

71,1

38

20,5

21

16,2

80

2,5

27

1,1

10

18,3

18

10,237

1,8

7,9

09

1,8

5,4

20

1,0

0,9

26

1,8

7,9

09

98,7

65

1,8

5,4

20

To

talliabilities

59,5

60

71,1

38

20,5

21

16,2

80

2,5

27

1,1

10

18,3

18

10,237

1,8

7,9

09

1,8

5,4

20

2,8

8,8

36

2,8

4,1

85

Ca

piltalExpenditure

5,9

22

10,4

42

515

4,3

08

39

317

57

57

0

931

6,7

83

7,4

64

22,4

20

De

preciation

No

n-cashexpensesotherthan

de

preciation

2,0

85

3,7

42

726

1,3

03

91

163

217

39

0

941

1,3

12

1,6

89

3,0

37

4,0

60

1,3

12

7,2

87

3,0

37

(Rupeesinlacs,exceptShareData)

2.11

INFORMATIONPURSUANTTO

AS-17ISSUEDBYICAI.

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2.12 Information (to the extent applicable) pursuant to AS 19 issued by ICAI:

The future minimum lease payment under non-cancelable operating lease :

Particulars Not Later than 1 year Later than 1 year not later

than 5 years

Later than 5 years

Building & Machine 1073 2352 373

(792) (1845) (343)

Car 72 88 0

(47) (71) (0)

Lease rent recognized during the period Rs. 124 (previous period Rs. 254)

2.13 Repayment of debt during the period:

Short Term loan from bank 7590

Besides, parent company has raised Rs. 30000 against issue of Commercial Paper during the period, out of which Rs. 25000 has

been repaid during the period itself.

2.14 Investment in joint venture :

Forum 1 Aviation Ltd :

(i) Incorporated in CFS on proportionate basis are the following assets and liabilities as on 30.09.12 and income and expenses for

the half year ended on that date of Forum 1 Aviation Ltd (a JCE, the stake of parent company therein being 14.28%) based on

its un-audited financial statements.

Particulars As on 30.09.2012 As on 31.03.2012

Assets Liabilities Assets Liabilities

Secured Loan 302 357

Creditors 36 46

Deposits 38 38

Fixed Assets 654 679

Investment 21 1

Advance to employees 1 1

Cash & Bank 20 27

Debtors 24 47

Other advances 267 256


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ITEMS For Half Year Ended

30.09.2012 31.09.2011

INCOME

Revenue from Flying 263 177

Other Income

Total 263 177

EXPENSES

Operational Expenses 126 37

Payment to and provisions for employees 27 23

Administrative expenses 67 67

Financial expenses 18 23

Total 238 150

Profit (Forms part of profit in consolidated Profit & Loss Account) 25 27

(ii) Group commitment towards revenue expenditure of the JCE amounting to Rs. 307 ( previous period Rs. 223) has been charged to

profit and loss account under the head general charges.

2.15 (a) Pursuant to Weikfield International(UAE) LLC leaving business combination following disposal of its stake by the group ,following

assets & liabilities made their exit from the group accounts:A. Assets

Goodwill(consolidation) 225

Tangible Fixed Assets 144

Trade Receivable 24

Inventories 1

Cash & Cash Equivalent 3 397

B. Liabilities(Minority Interest) 101

C. Net assets(A-B) 296

D. Consideration money received 55

E. Deficit 241

F. Goodwill charged-off 225

G. Loss on sale of subsidiary(accounted for as exceptional item) 466


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(b) Exit of the subsidiary necessitated following adjustments in reserves:

A. Loss on sale of subsidiary charged against surplus as exceptional item 466

B. Accumulated Reserve forming part of General Reserve towards the subsidiary transferred to surplus 26

C. Adjusted against Capital Reserve 440

(c) During the quarter Namaste Cosmetics LLC, a new body corporate has been formed in Brazil as a wholly owned subsidiary, 100%

rights therein are held by Namaste Laboratories LLC incorporated in USA.

(d) Aforesaid exit and entry from/in business combinations did not have any material impact on CFS.

2.16 Extra-ordinary items relate to prior period adjustments in net perspective.

2.17 Employees related dues including post-separation benefits of directors pertaining to employment in India & directorship of

parent company have been accounted for on the basis of actuarial computation under project unit credit method, demographic

assumptions thereon remain same as that of preceding year except for mortality rate within the age-group of 31 years to 44

years and expected return on planned assets considered at 14% and 9.25% as against respective assumptions at 13% and 9% in

preceding financial year.

2.18 Figures of earlier period/year have been rearranged in terms of current period grouping as and when necessary.







ANIL KUMAR



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DABUR INDIA LIMITED

Kaushambi, Sahibabad - 201010

Ghaziabad (U.P.), India.

Half Year FR 2012

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