Balance sheet of Dabur India Ltd

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

Sources of fundsOwner's fundEquity share capital 174.07 86.76 86.51 86.40 86.29Share application money - 0.14 - - -Preference share capital - - - - -Reserves & surplus 927.09 662.48 651.69 441.92 316.90

Loan fundsSecured loans 17.57 24.27 8.26 16.45 19.28Unsecured loans 235.78 81.80 130.72 0.24 0.26Total 1,354.51 855.45 877.17 545.01 422.73

Uses of fundsFixed assetsGross block 766.88 687.23 518.77 467.93 404.30Less : revaluation reserve - - - - -Less : accumulated depreciation 269.32 236.28 210.45 189.77 168.97Net block 497.56 450.95 308.32 278.17 235.33Capital work-in-progress 11.92 23.31 51.71 16.26 3.71Investments 519.23 348.51 232.05 270.37 145.35

Net current assetsCurrent assets, loans & advances 1,317.26 941.77 973.42 576.82 397.78Less : current liabilities & provisions 1,074.41 911.83 696.97 610.57 379.27Total net current assets 242.85 29.94 276.45 -33.75 18.52Miscellaneous expenses not written 82.95 2.74 8.64 13.95 19.82Total 1,354.51 855.45 877.17 545.01 422.73

Notes: Book value of unquoted investments 101.60 98.60 319.12 67.99 65.99Market value of quoted investments 421.02 250.52 118.48 205.19 80.82Contingent liabilities 1,075.89 173.48 174.15 171.24 153.25Number of equity shares outstanding (Lacs) 17407.24 8675.86 8650.76 8640.23 8628.84

Profit loss account

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

IncomeOperating income 3,274.43 2,867.42 2,408.33 2,093.63 1,745.14

ExpensesMaterial consumed 1,662.37 1,384.29 1,232.85 1,023.94 778.27Manufacturing expenses  67.60 58.17 54.22 54.02 39.24Personnel expenses 230.84 212.34 167.32 149.69 118.66Selling expenses 487.61 474.79 358.75 337.69 403.42Adminstrative expenses 201.65 187.90 153.67 138.69 100.90Expenses capitalised - - - - -Cost of sales 2,650.07 2,317.49 1,966.81 1,704.03 1,440.48Operating profit 624.36 549.93 441.52 389.60 304.66Other recurring income 28.17 14.85 10.72 9.76 3.14Adjusted PBDIT 652.53 564.78 452.24 399.36 307.80Financial expenses 12.93 13.28 14.47 10.92 4.43Depreciation  37.73 31.91 27.42 25.75 21.98Other write offs 16.60 5.66 3.94 5.67 6.49Adjusted PBT 585.27 513.93 406.41 357.01 274.90Tax charges  124.85 93.70 51.44 48.40 32.15Adjusted PAT 460.42 420.23 354.97 308.61 242.76Non recurring items 10.99 13.10 18.58 8.16 9.32Other non cash adjustments 0.25 -0.19 -0.72 -0.86 -0.13Reported net profit 471.66 433.14 372.84 315.92 251.94Earnigs before appropriation 998.57 862.08 696.07 545.07 426.95Equity dividend 200.19 173.60 151.39 129.60 122.13Preference dividend - - - - -Dividend tax 32.82 29.50 25.73 22.03 17.13Retained earnings 765.56 658.98 518.95 393.44 287.70

Capital structure

From Year

To Year

Class Of Share

Authorized Capital

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value

Paid Up Capital

2010 2011Equity Share

200.00 174.07 1740723798 1 174.07

2009 2010Equity Share

145.00 86.76 867585830 1 86.76

2008 2009Equity Share

145.00 86.51 865076249 1 86.51

2007 2008Equity Share

145.00 86.40 864022973 1 86.40

2006 2007Equity Share

125.00 86.29 862883808 1 86.29

2005 2006Equity Share

125.00 57.33 573302784 1 57.33

2004 2005Equity Share

50.00 28.64 286419713 1 28.64

2003 2004Equity Share

50.00 28.62 286249052 1 28.62

2002 2003Equity Share

50.00 28.57 285749934 1 28.57

2001 2002Equity Share

50.00 28.56 285593520 1 28.56

2000 2001Equity Share

50.00 28.52 285214830 1 28.52

1999 2000Equity Share

50.00 28.52 28521483 10 28.52

1998 1999Equity Share

50.00 28.51 28508950 10 28.51

1997 1998Equity Share

50.00 28.51 28508950 10 28.51

1996 1997Equity Share

50.00 28.51 28508950 10 28.51

1995 1996Equity Share

50.00 28.51 28508950 10 28.51

1994 1995Equity Share

50.00 28.51 28508950 10 28.51

1993 1994Equity Share

30.00 28.51 28508950 10 28.51

1992 1993Equity Share

5.25 4.55 4550520 10 4.55

1991 1992 Equity 5.25 4.55 4550520 10 4.55

From Year

To Year

Class Of Share

Authorized Capital

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value

Paid Up Capital

Share

Share holding

Share holding pattern as on : 31/03/2012 31/12/2011 30/09/2011Face value 1.00 1.00 1.00

No. Of Shares

% Holding

No. Of Shares

% Holding

No. Of Shares

% Holding

Promoter's holdingIndian Promoters 1196438850 68.68 1195778850 68.64 1195778850 68.64Foreign Promoters 300000 0.02 960000 0.06 960000 0.06Sub total 1196738850 68.70 1196738850 68.70 1196738850 68.70

Non promoter's holdingInstitutional investors

Banks Fin. Inst. and Insurance

93512566 5.37 94351423 5.42 86425866 4.96

FII's 320883652 18.42 333590587 19.15 332038343 19.06Sub total 433158738 24.86 432969394 24.85 427862699 24.56

Other investorsPrivate Corporate Bodies

11619923 0.67 7420767 0.43 10673574 0.61

NRI's/OCB's/Foreign Others

6161909 0.35 6307180 0.36 8252996 0.47

Others 845638 0.05 740679 0.04 1073420 0.06Sub total 18627470 1.07 14468626 0.83 19999990 1.15General public 93575796 5.37 97923984 5.62 97445783 5.59Grand total 1742100854 100.00 1742100854 100.00 1742047322 100.00

Bonus announcement

Year Month Ratio Ex Bonus Date2010 Jul 1:1 08/09/20102006 Oct 1:2 25/01/20072005 Oct 1:1 19/01/20061993 Sep 4:1 16/11/1993

Dividend

Year Month Dividend (%)2012 Apr 752011 Oct 552011 Apr 652010 Oct 502010 Jun 1252009 Oct 752009 Apr 1002009 Jan 752008 Apr 752007 Oct 752007 Mar 752006 Oct -2006 Apr 1002005 Sep 1502005 Apr 1502004 Oct 1002004 May 1402003 Oct 602003 May 902002 Oct 502002 Jun -2001 Nov 502001 Jul 502001 Apr 1002000 Apr 502000 Jan 501999 Jul 30

Year Month Dividend (%)1998 Nov 201998 May 351997 May 30

Ratios

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

Per share ratiosAdjusted EPS (Rs) 2.64 4.84 4.10 3.57 2.81Adjusted cash EPS (Rs) 2.96 5.28 4.47 3.94 3.14Reported EPS (Rs) 2.71 4.99 4.32 3.67 2.92Reported cash EPS (Rs) 3.02 5.43 4.68 4.03 3.25Dividend per share 1.15 2.00 1.75 1.50 1.75Operating profit per share (Rs) 3.59 6.34 5.10 4.51 3.53Book value (excl rev res) per share (Rs) 5.85 8.60 8.43 5.95 4.44Book value (incl rev res) per share (Rs.) 5.85 8.60 8.43 5.95 4.44Net operating income per share (Rs) 18.81 33.05 27.84 24.23 20.22Free reserves per share (Rs) 4.02 7.14 6.84 4.33 2.80

Profitability ratiosOperating margin (%) 19.06 19.17 18.33 18.60 17.45Gross profit margin (%) 17.91 18.06 17.19 17.37 16.19Net profit margin (%) 14.27 15.03 15.44 15.06 14.41Adjusted cash margin (%) 15.58 15.88 15.97 16.16 15.51Adjusted return on net worth (%) 45.21 56.29 48.65 59.99 63.32Reported return on net worth (%) 46.29 58.04 51.20 61.58 65.75Return on long term funds (%) 53.79 68.96 55.29 68.93 68.63

Leverage ratiosLong term debt / Equity 0.01 0.02 0.03 0.01 0.01Total debt/equity 0.23 0.14 0.18 0.03 0.04Owners fund as % of total source 81.29 87.59 84.15 96.93 95.37Fixed assets turnover ratio 4.39 4.31 4.84 4.67 4.50

Liquidity ratiosCurrent ratio 1.23 1.03 1.40 0.94 1.05Current ratio (inc. st loans) 0.99 0.92 1.19 0.91 0.96Quick ratio 0.77 0.67 0.98 0.57 0.63Inventory turnover ratio 8.65 11.31 10.94 12.52 13.44

Payout ratios

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07Dividend payout ratio (net profit) 49.42 46.86 47.41 47.86 55.24Dividend payout ratio (cash profit) 44.32 43.13 43.74 43.54 49.63Earning retention ratio 49.40 51.67 50.11 50.87 42.64Cash earnings retention ratio 54.74 55.64 54.16 55.41 48.66

Coverage ratiosAdjusted cash flow time total debt 0.49 0.23 0.35 0.04 0.07Financial charges coverage ratio 50.47 42.53 31.26 36.56 69.48Fin. charges cov.ratio (post tax) 41.66 36.46 28.99 32.87 64.33

Component ratiosMaterial cost component (% earnings) 53.15 48.61 52.80 49.05 45.86Selling cost Component 14.89 16.55 14.89 16.12 23.11Exports as percent of total sales 4.09 4.31 4.56 4.49 3.96Import comp. in raw mat. consumed 0.93 1.22 1.06 0.97 1.22Long term assets / total Assets 0.43 0.45 0.36 0.48 0.48Bonus component in equity capital (%) 93.41 87.10 87.35 87.46 87.58

Balance sheet of Zee Entertainment Enterprises Ltd

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

Sources of fundsOwner's fundEquity share capital 97.81 43.40 43.40 43.36 43.36Share application money - 5.50 - - -Preference share capital - - - - -Reserves & surplus 2,805.82 2,776.43 2,299.60 2,084.89 1,891.81

Loan fundsSecured loans 1.08 58.50 121.40 70.87 180.66Unsecured loans - 60.40 49.55 133.39 73.39Total 2,904.70 2,944.23 2,513.94 2,332.51 2,189.22

Uses of fundsFixed assetsGross block 221.96 216.67 189.82 162.20 124.33Less : revaluation reserve - - - - -Less : accumulated depreciation 67.17 58.29 49.89 40.08 31.12Net block 154.79 158.37 139.93 122.13 93.21Capital work-in-progress 39.95 111.10 18.33 6.35 12.16Investments 885.42 1,431.93 1,349.62 1,349.47 1,345.89

Net current assetsCurrent assets, loans & advances 2,497.52 1,881.55 1,445.22 1,411.27 1,163.96Less : current liabilities & provisions 672.98 638.72 439.15 556.72 426.02Total net current assets 1,824.54 1,242.83 1,006.07 854.55 737.94Miscellaneous expenses not written - - 0.01 0.01 0.01Total 2,904.70 2,944.23 2,513.94 2,332.51 2,189.22

Notes: Book value of unquoted investments 677.44 1,527.12 1,317.61 1,317.46 1,316.93Market value of quoted investments 160.55 12.83 35.00 164.36 61.55Contingent liabilities 961.95 1,057.97 649.16 703.48 499.87Number of equity sharesoutstanding (Lacs) 9780.76 4340.07 4340.07 4335.67 4335.67

Profit loss account

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

IncomeOperating income 2,169.94 1,278.74 1,210.24 1,041.99 867.68

ExpensesMaterial consumed -647.85 -127.98 -77.11 -44.88 -17.68Manufacturing expenses  1,532.41 555.00 581.91 406.40 496.35Personnel expenses 156.75 81.46 92.42 62.10 41.12Selling expenses 235.74 163.35 194.28 114.98 108.52Adminstrative expenses 101.49 68.07 57.46 94.17 22.70Expenses capitalised - - - - -Cost of sales 1,378.54 739.89 848.96 632.76 651.01Operating profit 791.39 538.86 361.28 409.23 216.67Other recurring income 63.68 106.18 105.09 101.93 57.68Adjusted PBDIT 855.07 645.04 466.37 511.16 274.34Financial expenses 3.37 12.74 27.51 20.05 18.92Depreciation  16.67 11.43 11.92 10.60 8.52Other write offs - - - - 0.61Adjusted PBT 835.03 620.86 426.94 480.50 246.30Tax charges  267.81 80.80 132.44 159.22 79.91Adjusted PAT 567.22 540.06 294.50 321.28 166.39Non recurring items 8.56 -12.52 -48.17 -26.16 -0.18Other non cash adjustments 0.63 31.30 63.41 - -Reported net profit 576.42 558.84 309.74 295.12 166.21Earnigs before appropriation 1,687.59 1,448.19 1,030.69 852.29 663.11Equity dividend 195.63 194.68 86.80 86.80 65.04Preference dividend - - - - -Dividend tax 31.74 32.33 14.54 14.54 10.90Retained earnings 1,460.23 1,221.18 929.35 750.95 587.17

Cash flow

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07Profit before tax 844.22 608.34 376.19 456.92 246.11Net cashflow-operating activity 465.84 164.24 181.47 169.72 4.36Net cash used in investing activity -251.60 344.03 109.45 -5.47 -174.02Netcash used in fin. activity -297.97 -286.66 -202.70 -145.92 -149.80Net inc/dec in cash and equivlnt -83.73 221.61 88.22 18.33 -19.87Cash and equivalnt begin of year 237.66 110.43 22.21 3.88 23.75Cash and equivalnt end of year 153.93 332.05 110.43 22.21 3.88

Dividend

Year Month Dividend (%)2012 May 1502011 Jun 2002010 Sep 2002010 Apr 2002009 Jun 2002008 Jun 2002007 Jun 1502006 Nov 1002005 Aug 1002004 Jul 1002003 Jul 552002 Sep 552001 Jun 552000 Aug 551999 Aug 551998 Apr 551997 May 45

Share holding

Share holding pattern as on : 31/03/2012 31/12/2011 30/09/2011Face value 1.00 1.00 1.00

No. Of Shares

% Holding

No. Of Shares

% Holding

No. Of Shares

% Holding

Promoter's holdingIndian Promoters 246205636 25.68 246205636 25.60 246205636 25.48Foreign Promoters 172266804 17.97 172266804 17.91 172266804 17.83Sub total 418472440 43.65 418472440 43.51 418472440 43.31

Non promoter's holdingInstitutional investors

Banks Fin. Inst. and Insurance

41444655 4.32 56445022 5.87 57828372 5.99

FII's 354760250 37.00 342718442 35.64 338175341 35.00Sub total 475046636 49.55 465840041 48.44 465737349 48.20

Other investorsPrivate Corporate Bodies 41266811 4.30 50999227 5.30 51368171 5.32NRI's/OCB's/Foreign Others

2747039 0.29 2841436 0.30 2918428 0.30

Others 68334 0.01 69177 0.01 148820 0.02Sub total 44077776 4.60 53905432 5.61 54431011 5.63General public 21168817 2.21 23467599 2.44 27545943 2.85Grand total 958765669 100.00 961685512 100.00 966186743 100.00

Capital structure

From Year

To Year

Class Of Share

Authorized Capital

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value

Paid Up Capital

2010 2011Equity Share

139.92 97.81 978076130 1 97.81

2009 2010Equity Share

139.92 43.40 434007111 1 43.40

2008 2009Equity Share

50.00 43.40 434007111 1 43.40

2007 2008Equity Share

50.00 43.36 433566765 1 43.36

2006 2007Equity Share

50.00 43.36 433566765 1 43.36

2005 2006Equity Share

50.00 41.26 412616249 1 41.26

2004 2005Equity Share

50.00 41.25 412505012 1 41.25

2003 2004 Equity 50.00 41.25 412505012 1 41.25

From Year

To Year

Class Of Share

Authorized Capital

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value

Paid Up Capital

Share

2002 2003Equity Share

50.00 41.25 412505012 1 41.25

2001 2002Equity Share

50.00 41.25 412505012 1 41.25

2000 2001Equity Share

50.00 41.25 412400000 1 41.24

1999 2000Equity Share

50.00 40.86 408605012 1 40.86

1998 1999Equity Share

50.00 18.67 18672000 10 18.67

1997 1998Equity Share

25.00 18.67 18672000 10 18.67

1996 1997Equity Share

25.00 18.67 18672000 10 18.67

1995 1996Equity Share

25.00 18.67 18672000 10 18.67

1994 1995Equity Share

25.00 18.67 18672000 10 18.67

1993 1994Equity Share

25.00 18.67 18672000 10 18.67

1992 1993Equity Share

25.00 0.74 744000 10 0.74

Ratios

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07

Per share ratiosAdjusted EPS (Rs) 5.80 12.44 6.79 7.41 3.84Adjusted cash EPS (Rs) 5.97 12.71 7.06 7.65 4.05Reported EPS (Rs) 5.89 12.88 7.14 6.81 3.83Reported cash EPS (Rs) 6.06 13.14 7.41 7.05 4.04Dividend per share 2.00 4.00 2.00 2.00 1.50Operating profit per share (Rs) 8.09 12.42 8.32 9.44 5.00Book value (excl rev res) per share (Rs) 29.69 64.97 53.99 49.09 44.63Book value (incl rev res) per share (Rs.) 29.69 64.97 53.99 49.09 44.63Net operating income per share (Rs) 22.19 29.46 27.89 24.03 20.01Free reserves per share (Rs) 28.69 63.81 52.82 47.93 43.47

Profitability ratiosOperating margin (%) 36.47 42.13 29.85 39.27 24.97Gross profit margin (%) 35.70 41.24 28.86 38.25 23.98Net profit margin (%) 25.80 40.35 23.54 25.79 17.96Adjusted cash margin (%) 26.14 39.82 23.29 29.01 18.96Adjusted return on net worth (%) 19.53 19.15 12.56 15.09 8.59Reported return on net worth (%) 19.85 19.81 13.22 13.86 8.58Return on long term funds (%) 28.86 21.57 18.44 22.56 13.00

Leverage ratiosLong term debt / Equity - 0.04 0.05 0.04 0.05Total debt/equity - 0.04 0.07 0.09 0.13Owners fund as % of total source 99.96 95.95 93.20 91.24 88.39Fixed assets turnover ratio 10.58 6.05 6.47 6.52 6.98

Liquidity ratiosCurrent ratio 3.71 2.95 3.29 2.53 2.73Current ratio (inc. st loans) 3.71 2.93 2.84 2.09 1.73Quick ratio 2.03 2.20 2.52 2.08 2.27Inventory turnover ratio 1.97 2.82 3.79 4.41 4.62

Payout ratiosDividend payout ratio (net profit) 39.44 40.62 32.71 34.34 45.68Dividend payout ratio (cash profit) 38.33 39.80 31.50 33.14 43.31Earning retention ratio 59.92 57.97 65.59 68.46 54.37Cash earnings retention ratio 61.07 58.84 66.93 69.47 56.74

Coverage ratiosAdjusted cash flow time total debt - 0.21 0.55 0.61 1.45Financial charges coverage ratio 254.06 50.61 16.96 25.49 14.50

  Mar ' 11 Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07Fin. charges cov.ratio (post tax) 177.22 45.75 12.69 16.25 10.27

Component ratiosMaterial cost component (% earnings) 0.22 0.21 0.40 0.33 0.36Selling cost Component 10.86 12.77 16.05 11.03 12.50Exports as percent of total sales 6.18 7.62 7.84 9.43 13.25Import comp. in raw mat. consumed 0.64 1.59 9.80 2.16 0.70Long term assets / total Assets 0.29 0.47 0.51 0.51 0.55Bonus component in equity capital (%) 50.00 - - - -