DABUR INDIA LIMITED
Half Yearly
Financial Report
2012-2013
Dabur India Limited //Half Yearly Report 2012-13
Content
Board of Directors
4
Management Discussion and Analysis
5
Auditor’s Report
8
Financial Statements
9
Consolidated Financial Statements
20
2
Dabur India Limited //Half Yearly Report 2012-13
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.
country’s 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 Dabur’s key brands, provides a range of herbal and
natural products across various FMCG categories with a focus on providing quality and
affordability.
3
Dabur India Limited //Half Yearly Report 2012-13
BOARD OF DIRECTORS
Dr. Anand Burman
Chairman
Mr. Amit Burman
Vice Chairman
Mr. Saket Burman
Director
Mr. Mohit Burman
Director
Mr. P D NarangDirector
Mr. Sunil Duggal
Director
Mr. R C Bhargava
Director
Mr. P N VijayDirector
Dr. S NarayanDirector
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
CORPORATE OFFICE
Dabur India Limited,
Dabur Tower,
Kaushambi, Sahibabad,
Ghaziabad - 201 010, (U.P.), India
Tel: 0120 - 3982000, 39412525
Fax: 0120 - 4374935
Website: www.dabur.com
Email: investors@dabur.com
INTERNAL AUDITORS
PricewaterhouseCoopers 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.
REGISTERED OFFICE
8/3, Asaf Ali Road,
New Delhi-110002, India
Tel: 011-23253488
4
Dabur India Limited //Half Yearly Report 2012-13
Management Discussion and Analysis
The current macroeconomic environment continues to remain
During the monsoon season there were fears of drought like
challenging in the backdrop of weak global economic environment.
conditions due to deficient rains, which eased towards the end
India’s GDP forecasts have been lowered, with the Reserve Bank of
of the season with overall deficiency reducing to 8% of long term
India now forecasting a GDP growth rate of 6.5% for fiscal 2012-13.
average.
The government has taken up the reform agenda and has initiated
Seasonal Rainfall (Jun-Sept 2012) (in mm)
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.
816.3
883.0
Real GDP Growth Rate - YoY (%)
9.3%
6.7%
8.4%
8.4%
6.5%
Actual
FY08
FY09
FY10
FY11
Normal
Source: Indian Meteorological Department (IMD)
FY12
The FMCG sector continued to report good volume led growth in
Source: CSO and RBI estimates
revenues during the first half of fiscal 2012-13. Rural India, which
contributes to a third of the overall FMCG sector continued to grow
well driven by factors such higher MSPs (Minimum Support Prices)
Inflationary pressures still persist with the WPI hovering in the
for agricultural produce, employment guarantee schemes and
7.5-8% range. Rate cuts from RBI are likely to come about in the
growth in services. Furthermore, aspiration levels continue to trend
case of inflation sliding below RBI’s tolerance level.
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.
WPI based Inflation (%)
7.5%
7.5%
7.6%
7.5%
7.6%
Incremental consumption expenditure in
2011-12 over 2009-10
7.8%
in Rs. billion
3750
2994
Apr-12 May-12
Jun-12
Jul-12 Aug-12 Sep-12
Urban
Rural
Source: NSSO (National Sample Survey Organisattion)
and CRISIL Estimates
Source: Office of Economic Adviser
5
Dabur India Limited //Half Yearly Report 2012-13
Dabur Performance Overview
Consumer Care Category Growth Rates (%)
H1 FY13
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
2012-13 v/s 51.4% in the first half of fiscal 2011-12. We continue
19.0%
17.9%
16.7%
costs as % of sales declining to 49.7% in the first half of fiscal
17.7%
11.8%
10.9%
7.5%
to invest strongly behind our brands as reflected in a 46.8% surge
in our advertisement expenses during the first half of fiscal 201213. EBITDA margins were at 17.8% in the first half of fiscal 2012-13
lth ts
es
Healemen igestiv
p
D
Sup
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 first half of fiscal
2012-13.
&
OTCicals
h
Et
r
Hai re
Ca
e
Homare
C
l
Ora re
a
C
Skinre
Ca
Foods
Foods continued on the strong growth trajectory and grew by
26.9% to Rs. 337 crores during the first half of fiscal 2012-13, driven
by strong volume growth and new variants. New variants such as
Consumer Care Business
Real Pomegranate and Apricot performed exceedingly well. The
company is in the process of introducing more variants and flavours
The Consumer Care business grew by 13.9% to Rs. 1,585.6 crores
under both Real and Activ brands.
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
International Business
was some pressure on the economy toothpaste segment and
Dabur’s International Business grew by 24.4% in the first half
toothpowders, resulting in moderate overall growth in oral care.
of fiscal 2012-13 and now contributes to almost a third of our
Shampoo category bounced back during the half year period with
consolidated sales. The key growth markets have been the GCC
growth exceeding 30%.
6
Dabur India Limited //Half Yearly Report 2012-13
Manufacturing
(Gulf Co-operative Council), Egypt, Nigeria, Bangladesh and
Nepal. In terms of product categories, hair creams, hair oils and
The progress of construction of our Sri Lanka plant is on track and
toothpastes performed well. The international business continued
is likely to be complete by the end of fiscal 2012-13. In addition,
to focus on innovation and launched new products such as Vatika
we are now in the process of setting up a manufacturing facility in
Hair Serum, Vatika Black Seed Enriched Hair Oil, professional range
Bangladesh to cater to the fast growing local market.
of Shampoos and Conditioners, etc.
We continue to undertake initiatives to improve sustainability,
encompassing energy and water conservation aspects. Some of
Sales & Distribution
these have been commissioning of Bio Briqutte boilers and reuse
After successful completion of our urban distribution enhancement
of ETP treated water in cooling towers at our plants.
initiative viz. Project Speed, the rural distribution initiative, Project
Overall the company was able to manage and tide over the
Double is on track and should be complete in the second half of
challenges of inflation and adverse currency movements during
fiscal 2012-13. As part of this the company is increasing its direct
the half year period and reported double digit revenue and
presence in select rural geographies in order to enhance the reach
profit growth. Continued investments behind brand building
as well as quality of distribution and the product mix for rural
and innovation coupled with the distribution enhancement
consumers. The initiative has enhanced our product width and
initiatives will enable the company to drive good revenue
depth in the hinterland and we are witnessing good momentum
growth going forward.
in sales.
7
Dabur India Limited //Half Yearly Report 2012-13
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 Company’s 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
Chartered Accountants
Firm Registration No. 301174E
ANIL KUMAR
Partner
Membership No. 9390
Place: New Delhi
Date: 26th October, 2012
8
Dabur India Limited //Half Yearly Report 2012-13
CONDENSED BALANCE SHEET
as at 30th September 2012
(Rs. in Lacs)
Particulars
I Equity And Liabilities
1. Share holders’ Funds
a) Share Capital
b) Reserves And Surplus
2. Non-Current Liabilities
a) Long Term Borrowings
b) Deferred Tax Liabilities (Net)
c) Long-Term Provisions
Sep 30’2012
Mar 31’2012
17,429
1,27,554
17,421
1,12,906
73
3,064
44,595
114
2,711
37,665
18,555
23,205
42,003
19,098
2,95,576
27,214
32,779
31,689
21,574
2,84,073
58,570
766
1,595
57,819
714
1,158
16,159
40,345
7,354
15,948
33,990
8,384
36,822
48,460
21,779
38,282
22,456
2,988
2,95,576
39,324
52,857
22,417
26,129
22,111
3,222
2,84,073
1. Non-Current Assets
a) Fixed Assets
i) Tangible Assets
ii) Intangible Assets
iii) Capital Work-In-Progress
b) Non-Current Investments
c) Long-Term Loans And Advances
d) Other Non-Current Assets
As at
3. Current Liabilities
a) Short-Term Borrowings
b) Trade Payables
c) Other Current Liabilities
d) Short-Term Provisions
Total
II Assets
As at
2. Current Assets
a) Current Investments
b) Inventories
c) Trade Receivables
d) Cash And Cash Equivalents
e) Short-Term Loans And Advances
f) Other Current Assets
Total
Accounting Policies and Notes to Accounts
(A)
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
ANIL KUMAR
Partner
Membership No: 9390
9
Dabur India Limited //Half Yearly Report 2012-13
CONDENSED STATEMENT OF PROFIT AND LOSS
for the Quarter and Half Year ended 30th September, 2012
(Rs. in Lacs)
DESCRIPTION
For the
For the For the six
For the Six
Qtr. endedQtr. ended months ended months ended
Sep 30’ 2012 Sep 30’ 2011 Sep 30’ 2012 Sep 30’ 2011
I
Revenue from operations
1,04,278 87,900 2,06,025 II Other Income
2,162 1,265 4,324 III Total Revenue (I +II)
1,06,440 89,165 2,10,349 IV Expenses
Cost of materials consumed
38,204 37,200 77,394 Purchase of stock in trade
15,288 15,723 31,886 Changes in inventories of FG , WIP & Stock in trade
Finished Goods
189 (6,832)
(137)
Work in Progress
1,271 656 535 Stock in trade
167 6
537 Employee benefits expenses
7,104 6,164 13,559 Finance costs
895 138 1,064 Depreciation and Amortisation expenses
1,663 1,593 3,455 Other Expenses
22,109 16,896 47,374 Total Expense
86,890 71,544 1,75,667 (V) Profit before exceptional and extraordinary items and tax (III - IV)
19,550 17,621 34,682 (VI) Exceptional Items
-
-
-
(VII) Profit before extraordinary items and tax (V - VI)
19,550 17,621 34,682 (VIII) Extraordinary Items
-
-
-
(IX) Profit before tax (VII - VIII)
19,550 17,621 34,682 (X) Tax expense
(1) Current tax
3,912 3,525 6,939 (2) Deferred Tax
141 230 354 (XI) Profit/(Loss) for the year from continuing operations (IX - X)
15,497 13,866 27,389 (XII) Earnings per equity share ( before Extraordinary items)
(1) Basic
0.89 0.80 1.57 (2) Diluted 0.89 0.79 1.56 (XIII)Earnings per equity share (after Extraordinary items)
(1) Basic 0.89 0.80 1.57 (2) Diluted 0.89 0.79 1.56 Accounting Policies and Notes to Accounts
1,72,570
2,715
1,75,285
71,731
29,614
(7,216)
(235)
12,102
794
3,382
35,942
1,46,114
29,171
29,171
29,171
5,837
360
22,974
1.32
1.31
1.32
1.31
(A)
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
10
ANIL KUMAR
Partner
Membership No: 9390
Dabur India Limited //Half Yearly Report 2012-13
STATEMENT OF CASH FLOW
(Pursuant to AS-3) indirect method for the period ended 30th September’2012
Particulars
(Rs. in Lacs)
For the period ended
For the period ended
Sep 30’2012
Sep 30’2011
A.Cash Flow from Operating Activities
Net Profit Before Tax and Extraordinary Items
34,682 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)
38,938 Less: Interest Received
3,698 2,343 Profit on Sale of Investment
483 293 Profit on Sale of Assets
6
4,187 42 Operating Profit before Working Capital Changes
34,751 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)
Cash Generated from Operating Activities
40,346 Tax Paid
6,355
6,355
6,362 29,171
14,701
16,011
6,362
Cash Used(-)/(+)Generated for Operating Activities (A)
33,991 9,649
Acquisition of Fixed Assets
(2,988)
Sale of Fixed Assets
57 Purchases of Investment (2,12,345)
Interest Received
3,156 Proceed of Sale of Investments
2,15,468 Repayment (-)/Proceeds(+) from Loan to Subsidiaries
(550)
(6,000)
90
(1,53,501)
1,507
1,75,321
(850)
4,219
33,390
2,678
30,712
B.Cash Flow from Investing Activities
Cash Used(-)/(+)Generated for Investing Activities (B) 11
2,798 16,567
Dabur India Limited //Half Yearly Report 2012-13
STATEMENT OF CASH FLOW (Contd..)
(Pursuant to AS-3) indirect method for the period ended 30th September’2012
Particulars
(Rs. in Lacs)
For the period ended
For the period ended
Sep 30’2012
Sep 30’2011
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 Other Unsecured Loans
Payment of Dividend Corporate Tax on Dividend
Interest Paid
4 - (8,392)
(41)
(13,028)
(2,120)
(1,058)
6
(236)
3,377
(9,128)
(11,293)
(1,836)
(786)
Cash Used(-)/+(Generated) in Financing Activities (C) (24,635)
(19,896)
Net Increase(+)/Decrease (-) in Cash And Cash Equivalents (A+B+C)
Cash and Cash Equivalents Opening Balance Cash and Cash Equivalents Closing Balance
Cash and Cash Equivalents (year end)
Balances with Banks without Restatement
Unrealised Gain/(Loss) on Foreign Exchange Fluctuation
Cheques / Drafts in Hand
Cash-in-Hand
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
12,154
26,128
38,282
38,282
37,970
283
1
28
6,320
19,241
25,561
25,561
25,293
236
32
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
ANIL KUMAR
Partner
Membership No: 9390
12
Dabur India Limited //Half Yearly Report 2012-13
SCHEDULE A
(Rupees in lacs, except Share Data)
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:
13
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
Nature of
Particular of dispute
Liability
Sales Tax
Opening
Provision
Provision
Closing
Forum where the dispute
Liability
made during
adjusted during
Provision
is pending
the period
the period
0
0
36
Filed review application with
Classification of Laldant
36
Manjan
High Court
Entry Tax
Entry tax on car
1
0
0
1
Sales Tax
Classification of hajmola
28
0
0
28
Appeal pending before S T
Candy
Sales Tax
Appellete
Tax Paid purchase
29
0
0
29
Pending before High Court
Hajmola Candy
109
0
0
109
Tribunal
Capital Goods removal
30
0
0
30
DC Appeal
Total
233
0
0
233
Excise
classification matter
Excise
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
2.2.1Enterprises 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
14
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
2.2.3. Related Party Transactions :
Related Party Transactions as on 30.09.2012
Subsidiary
1.
2.
3.
4.
5.
Purchase of Goods
Sale of Goods
Royalty Expense
General Expenses
Interest Received on Loan
6.
Remuneration (Exg./Pension)
7.
Employee Stock Option Scheme
8.
9.
Interest Received on Sec. Deposit
loan Given
10.
Investment
11.
Equity Contribution
12.
13.
Security Deposit
Guarantees & Collaterals
JV/
Partnership
Key Management personnel
Entity Under
Significant
Influence
Total
Outstanding
as on
period end
16163
0
0
0
16163
23
(16211)
(-)
(-)
(169)
(16380)
(35)
2902
0
0
-
2902
702
(2353)
(-)
(-)
(-)
(2353)
(1766)
6
-
-
-
6
27
(5)
(-)
(-)
(-)
(5)
(19)
0
307
-
-
307
33
(-)
(223)
(-)
(-)
(223)
(49)
0
-
-
-
0
0
(9)
(-)
(-)
(-)
(9)
0
-
-
521
-
521
0
(-)
(-)
(1259)
(-)
(1259)
0
163
-
554
-
717
0
(136)
(-)
(728)
(-)
(865)
0
-
1
-
-
1
0
(-)
(-)
(-)
(-)
0
0
550
-
-
-
550
3200
(1600)
-
-
-
(1600)
(2650)
-
-
-
-
-
7125
(4489)
(-)
(-)
(-)
(4489)
(7125)
0
-
-
-
0
7125
(1483)
(-)
(-)
(-)
(1483)
(7125)
-
-
-
-
-
38
(-)
(-)
(-)
(-)
(-)
(38)
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.
15
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
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
A. FINANCIAL ASSETS
a. Held for Trading
Mutual Funds
b. Available of Sale
Government Bond
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
Holding Price
(Rs. lac)
Fair Value
(Rs. lacs)
Profit /
(Loss) (Rs.
lac)
Head of Account Profit /
(loss) being Accounted
for
as on 30.09.2012
as on 31.03.2012
20315
12165
20456
12231
141
65
other Income
Opening General Reserve
as on 30.09.2012
8792
9003
211
as on 31.03.2012
8714
8792
78
Investment Revaluation
Reserve
Investment Revaluation
Reserve
as on 30.09.2012
as on 31.03.2012
0
-37
10
-37
10
Finance Cost
Finance Cost
as on 30.09.2012
as on 31.03.2012
0
-610
-63
-610
-63
Finance Cost
Finance Cost
Particulars
C. FINANCIAL LIABILITIES
Long term Borrowing
as on 30.09.2012
as on 31.03.2012
Original
Amount
Discounted
Value
Re-Instated
Discounted
Value (Rs. lacs)
Profit /
(Loss)
Head of Account Profit /
(Loss) being Accounted
for
162
212
114
164
119
0
-5
48
Finance Cost
Opening General Reserve
16
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
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) Company’s 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.
17
Operating profit
18
1,733
1,239
Capiltal Expenditure
Depreciation
Non-cash expenses other than
depreciation
2,078
10,017
13,030
240
187
4,372
403
445
1,137
152
32
17,942
17,942
255
270
10,007
10,007
678
1,146
1,035
1,10,295
15,692
1,137
13,031
Total liabilities
4,372
21,933
1,10,295
13,030
15,924
15,692
As on
30/09/12
(20,619)
1,137
2,715
3,507
1,29,566
1,29,566
1,60,442
1,60,442
As on
31/03/12
(16,751)
(16,751)
6,197
7,293
(20,619)
794
Segment liabilities
Unallocated corporate liabilities
18,707
13,031
As on
31/03/12
269
269
(9,760)
1,064
9,760
Previous
Period
(12,262)
1,57,761
89,287
21,933
As on
30/09/12
1,234
1,234
269
12,262
Current
Period
90,529
15,924
As on
31/03/12
4,944
4,944
1,234
269
6,037
6,037
Previous
Period
Total assets
18,707
As on
30/09/12
4,841
4,841
4,944
1,234
12,868
12,868
Current
Period
UNALLOCATED
1,57,761
89,287
As on
31/03/12
34,512
34,512
4,841
4,944
26,560
26,560
Previous
Period
OTHERS
90,529
As on
30/09/12
41,933
41,933
34,512
41,933
4,841
33,698
33,698
Current
Period
FOODS
Segment assets
Unallocated corporate assets
OTHER INFORMATION
Net profit
Extraordinary item
Minority Interest
Profit from ordinary
activities
Interest expense
Interest income
Income Tax(Current + Deferred)
34,512
1,39,251
1,39,251
Previous
Period
41,933
1,58,555
Total Revenue
RESULT
Segment result
Unallocated corporate expenses
1,58,555
REVENUE
External Sales
Inter-segment sales
Current
Period
Consumer Care
Business
Note: 2.12 INFORMATION PURSUANT TO AS - 17
2,309
1,146
2,988
1,48,301
38,007
1,10,294
2,88,930
1,31,169
1,57,761
27,389
27,389
7,293
1,064
35,746
48,008
12,262
2,05,121
2,05,121
Current
Period
3,873
2,715
14,239
1,53,740
24,174
1,29,566
2,78,684
1,18,242
1,60,442
22,974
22,974
6,197
794
29,965
39,725
9,760
1,71,848
1,71,848
Previous
Period
Total
(Rupees in lacs, except Share Data)
Dabur India Limited //Half Yearly Report 2012-13
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
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
Car
12
6
0
(46)
(12)
(0)
72
88
0
(47)
(71)
(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
Basic
1742602984
1741278349
Diluted
1753779883
1753405804
Basic
1.57
1.32
Diluted
1.56
1.31
Weighted average no. of shares outstanding
Earnings per share (of face value of Re 1/-)
(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.
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
ANIL KUMAR
Partner
Membership No: 9390
19
Dabur India Limited //Half Yearly Report 2012-13
Consolidated Financial Statements
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-25
on 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)
b)
c)
In the case of the condensed consolidated balance sheet, of the state of affairs of Dabur India Ltd. group as at 30th September,
2012.
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
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
Chartered Accountants
Firm Registration No. 301174E
ANIL KUMAR
Partner
Membership No. 9390
Place: New Delhi
Date: 26th October, 2012
20
Dabur India Limited //Half Yearly Report 2012-13
CONDENSED CONSOLIDATED BALANCE SHEET
as at 30th September 2012
(Rs. in Lacs)
Particulars
I
EQUITY AND LIABILITIES
1. Share holder’s Funds
a) Share Capital
b) Reserves and Surplus
2. Minority Interest
3. Non-current liabilities
a) Long Term borrowings
b) Deferred Tax Liabilities (Net)
c) Other long term liabilities
d) Long-term provisions
4. Current Liabilities
a) Short-term borrowings
b) Trade payables c) Other current liabilities
d) Short-term provisions
Total
II ASSETS
1. Non-current assets
a) Fixed Assets
i) Tangible assets
ii) Intangible assets
iii) Capital work-in-progress
b) Non-current investments
c) Long-term loans and advances
d) Other non-current assets
2. Current assets
a) Current investment
b) Inventories
c) Trade receivables
d) Cash and cash equivalents
e) Short-term loans and advances
f) Other current assets
Total
Accounting Policies and Notes to Accounts
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
As at
As at
Sep 30’2012
Mar 31’2012
17,429 1,72,600 365 17,421
1,54,297
303
53,176 3,208 298 62,527 68,302
2,740
57,993
40,039 31,651 69,835 27,738 4,78,866 34,091
25,808
77,127
24,149
4,62,231
87,351 79,713 4,422 9,139 40,983 9,070 84,225
79,898
2,676
8,928
37,269
10,192
36,844 74,432 42,579 59,686 28,378 6,269 4,78,866 39,324
82,392
46,168
41,842
26,096
3,221
4,62,231
(A)
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
21
ANIL KUMAR
Partner
Membership No: 9390
Dabur India Limited //Half Yearly Report 2012-13
Condensed Consolidated Statement of Profit & Loss Account
for the six months ended 30th September 2012
DESCRIPTION
For the period ended
Sep 30’2012
I Revenue from operations
II Other Income
III Total Revenue (I +II)
IV Expenses
Cost of materials consumed
Purchase of stock in trade
Changes in inventories of FG , WIP & Stock in Trade
Finished Goods
Work in Progress
Stock in trade
Employee benefits expenses
Finance cost
Depreciation & Amortisation Expenses
Other Expenses
Total Expense
(V) Profit before exceptional and extraordinary items and tax (III - IV)
(VI) Exceptional Items
(VII) Profit before extraordinary items and tax (V - VI)
(VIII) Extraordinary Items
(IX) Profit before tax (VII - VIII)
(X) Tax expense
(1) Current tax
(2) Deferred Tax
(XI) Profit/(Loss) for the year from continuing operations (IX - X)
(XII) Minority Interest
(XIII) Profit after Minority Interest
(XIV) Earnings per equity share ( before Extraordinary items)
(1) Basic
(2) Diluted
(XV) Earnings per equity share ( After Extraordinary items)
(1) Basic
(2) Diluted
Accounting Policies and Notes to Accounts
(A)
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
(Rs. in Lacs)
For the period ended
Sep 30’2011
2,99,922
4,675
3,04,597
2,47,700
2,861
2,50,561
1,17,675 26,931 1,10,473
23,126
861 66 2,877 22,738 3,614 5,372 80,256 2,60,390 44,207 (466)
43,741 8 43,749 (7,192)
304
0
18,925
2,983
5,006
59,266
2,12,891
37,670
0
37,670
0
37,670
7,933 486 35,330 153 35,177 6,961
535
30,174
17
30,157
2.03 2.01 1.73
1.72
2.03 2.01 1.73
1.72
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
ANIL KUMAR
Partner
Membership No: 9390
22
Dabur India Limited //Half Yearly Report 2012-13
STATEMENT OF CASH FLOW
(Pursuant to AS-3) Indirect Method
(Rs. in Lacs)
Particulars
For the period ended
Sep 30’2012
For the period ended
Sep 30’2011
A.Cash Flow From Operating Activities
Net Profit Before Tax, Exceptional and Extraordinary Items
44,207 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)
48,261 Less: Interest Received
4,045 2,476 Profit on Sale of Investment
483 293 Profit on Sale of Assets
6
4,534 55 Operating Profit Before Working Capital Changes
43,727 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)
Cash Generated From Operating Activities
45,641 Tax Paid
13,323 13,323
7,059
37,670
Cash Used(-)/(+)Generated For Operating Activities (A) 32,318 6,016
Acquisition of Fixed Assets
(9,312)
Sale of Fixed Assets
454 Purchases of Investment (2,12,345)
Interest Received
4,045 Proceed of Sale of Investments 2,15,234 Repayment (-)/Proceeds(+) from Loan to Subsidiaries
- (11,308)
662
(1,53,501)
2,476
1,75,791
-
2,467
40,137
2,824
37,313
24,238
13,075
7,059
B.Cash Flow From Investing Activities
Cash Used(-)/(+) Generated for Investing Activities (B) 23
(1,924)
14,120
Dabur India Limited //Half Yearly Report 2012-13
STATEMENT OF CASH FLOW (Contd..)
(Pursuant to AS-3) Indirect Method
(Rs. in Lacs)
Particulars
For the period ended
Sep 30’2012
For the period ended
Sep 30’2011
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 other Unsecured Loans
Payment of Dividend Corporate Tax on Dividend
Interest Paid
4 298 5,948 - (13,066)
(2,120)
(3,614)
6
3,036
(259)
(611)
(11,293)
(1,837)
(2,999)
Cash Used(-)/+(Generated) In Financing Activities (C)
(12,550)
(13,957)
Net Increase(+)/Decrease (-) In Cash And Cash Equivalents (A+B+C)
Cash And Cash Equivalents Opening Balance Cash And Cash Equivalents Closing Balance 17,844 41,842 59,686 6,179
27,242
33,421
Cash And Cash Equivalents Balances With Banks
57,224 Cheques / Drafts In Hand
210 Cash-In-Hand
1,944 Unrealized Gain/(Loss) On Foreign Exchange
308 32,976
217
228
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
ANIL KUMAR
Partner
Membership No: 9390
24
Dabur India Limited //Half Yearly Report 2012-13
SCHEDULE A
(Rs. in lacs, except Share Data)
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
25
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
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 :
26
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
Nature of Liability
Particular of
Opening
Provision
Provision adjusted
Closing
Forum where the dispute
dispute
Liability
made during
during the period
Provision
is pending
0
36
Filed review application
the period
Sales Tax
Classification of
36
0
Laldant Manjan
Entry Tax
Entry tax on car
with High Court
1
0
0
1
Appeal pending before
D.C.
Sales Tax
Classification of
28
0
0
28
hajmola Candy
Sales Tax
Tax Paid
Appeal pending before S T
Appellete
29
0
0
29
Pending before High Court
30
0
0
30
DC appeal
109
0
0
109
Tribunal
33
0
0
33
Management
20
0
0
20
Management
286
0
0
286
purchase
Excise
Capital Goods
Excise
Hajmola Candy
removal
Classification
General Expense
Product claim
lodged by third
party
Income Tax
Ex promoter USA
Liability
Total
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 year’s 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
27
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
2.3.2.3 Key Management Personnel and relatives of such personnel:
Director
P D Narang
Sunil Duggal
Anup Sharma
Rukma Rana
Sikandar T Tiwana
Mete Buyurgan
Gary Gardner
Clyde Burks
Relatives
Kyle Gardner
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
0
0
0
0
1.
Purchase of Goods
0
0
0
0
0
(169)
(169)
0
2.
General Expenses
238
-
0
-
238
0
(223)
-
0
-
(223)
(49)
1
0
-
0
1
0
0
0
0
0
0
0
0
852
0
0
852
0
0
(1382)
0
0
(1382)
0
3.
4.
5.
6.
7.
8.
Interest Received on Security
Remuneration/Exg./Pension
Employee Stock Option Scheme
Staff Welfare
Security Deposit
Guarantees & Collaterals
0
554
-
0
554
554
0
(728)
0
0
(728)
(1290)
0
0
71
0
71
0
0
0
(1)
0
(1)
0
-
-
-
-
-
38
-
-
-
-
-
(38)
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.
28
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
b.
Particulars on financial assets/liabilities where fair value/amortized cost differ from book balance.
Particulars
A. FINANCIAL ASSETS
a. Held for Trading
Mutual Funds
b. Available of Sale
Government Bond
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
Holding
Price
(Rs. lac)
Fair Value
(Rs. lacs)
Profit /
(Loss)
(Rs. lac)
Head of Account Profit / (lose)
being Accounted for
as on 30.09.2012
as on 31.03.2012
20315
12165
20456
12231
141
65
other Income
Opening General Reserve
as on 30.09.2012
as on 31.03.2012
8792
8714
9003
8792
211
78
Investment Revaluation Reserve
Investment Revaluation Reserve
as on 30.09.2012
as on 31.03.2012
0
-37
10
-37
10
Finance Cost
Finance Cost
as on 30.09.2012
as on 31.03.2012
0
-610
-63
-610
-63
Finance Cost
Finance Cost
Particulars
C. FINANCIAL LIABILITIES
Long term Borrowing
2.5 as on 30.09.2012
as on 31.03.2012
Original
Amount
Discounted
Value
Re-Instated
Discounted
Value
(Rs. lacs)
Profit / (Loss)
Head of Account Profit /
(lose) being Accounted
for
162
212
114
164
119
0
-5
48
Finance Cost
Opening General Reserve
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).
29
30
1,87,909
1,87,909
59,560
5,922
2,085
Total liabilities
Capiltal Expenditure
Depreciation
Non-cash expenses other than
depreciation
3,742
10,442
71,138
71,138
726
515
20,521
20,521
42,785
1,303
4,308
16,280
16,280
38,035
91
39
2,527
2,527
2,888
163
317
1,110
1,110
1,545
217
57
18,318
18,318
22,920
22,920
390
570
10,237
10,237
13,831
13,831
941
1,312
931
2,23,496
2,23,496
As on
As on
31/03/12 30/09/12
1,87,850
1,545
As on
30/09/12
59,560
2,888
As on
31/03/12
1,80,706
38,035
As on
30/09/12
Total assets
42,785
As on
As on
As on
31/03/12 30/09/12 31/03/12
(25,177)
Segment liabilities
Unallocated corporate liabilities
319
458
153
1,87,850
1,278
319
1,80,706
(537)
1,278
Segment assets
Unallocated corporate assets
(540)
(537)
As on
30/09/12
5,807
(540)
OTHER INFORMATION
6,676
5,807
52,940
45,072
6,676
Net profit
Exceptional item/Extraordinary Items
Minority Interest
45,072
1,689
3,037
6,783
1,85,420
1,85,420
2,07,429
2,07,429
As on
31/03/12
(20,504)
17
(20,487)
(24,566)
52,940
(10,008)
Profit from ordinary activities
319
7,496
1,278
8,419
(537)
10,008
2,983
(540)
319
3,614
5,807
1,278
Previous
Period
Interest expense
Interest income
Income Tax(Current + Deferred)
6,676
-537
6,214
(12,533)
45,072
-540
13,133
52,940
5,807
1,787
6,214
Current
Period
Operating profit
6,676
2,738
13,133
Previous
Period
12,533
45,072
30,408
1,787
Current
Period
52,940
38,729
2,738
Previous
Period
RESULT
Segment result
Unallocated corporate expenses
2,08,282
30,408
Current
Period
UNALLOCATED
2,43,857
38,729
Previous
Period
OTHERS
Total Revenue
2,08,282
Current
Period
Retail
2,43,857
Previous
Period
FOODS
4,060
1,312
7,464
2,88,836
1,00,926
1,87,909
4,72,795
2,49,299
2,23,496
As on
30/09/12
3,5176
458
153
35,787
8,419
3,614
47,820
60,353
12,533
2,98,457
2,98,457
Current
Period
7,287
3,037
22,420
2,84,185
98,765
1,85,420
4,48,690
2,41,261
2,07,429
As on
31/03/12
30,157
17
30,174
7,496
2,983
40,653
50,661
10,008
2,46,691
2,46,691
Previous
Period
Total Consolidated
(Rupees in lacs, except Share Data)
REVENUE
External Sales
Inter-segment sales
Current
Period
Consumer Care
Business
2.11 INFORMATION PURSUANT TO AS - 17 ISSUED BY ICAI.
Dabur India Limited //Half Yearly Report 2012-13
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
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
Later than 5 years
than 5 years
Building & Machine
Car
2.13
1073
2352
373
(792)
(1845)
(343)
72
88
0
(47)
(71)
(0)
Lease rent recognized during the period Rs. 124 (previous period Rs. 254)
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
Assets
As on 31.03.2012
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
31
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
ITEMS
For Half Year Ended
30.09.2012
31.09.2011
263
177
263
177
INCOME
Revenue from Flying
Other Income
Total
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
32
Dabur India Limited //Half Yearly Report 2012-13
(Rupees in lacs, except Share Data)
(b) Exit of the subsidiary necessitated following adjustments in reserves:
A. Loss on sale of subsidiary charged against surplus as exceptional item
B. Accumulated Reserve forming part of General Reserve towards the subsidiary transferred to surplus
C. Adjusted against Capital Reserve
(c) During the quarter Namaste Cosmetics LLC, a new body corporate has been formed in Brazil as a wholly owned subsidiary, 100%
466
26
440
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.
For Dabur India Limited
Dr. Anand C. Burman, Chairman
P.D. Narang, Whole-time Director
Sunil Duggal, Whole-time Director
A.K. JAIN , Senior G.M.(Finance) Cum Company Secretary
Place: New Delhi
Date: 26th October, 2012
As per our report of even date attached
for G.BASU & CO.
Chartered Accountants
Firm Regn No: 301174E
ANIL KUMAR
Partner
Membership No: 9390
33
DABUR INDIA LIMITED
Kaushambi, Sahibabad - 201010
Ghaziabad (U.P.), India.
Tel: 0120-3982000, 3962100
www.dabur.com
E-mail: investors@dabur.com