PROFILES

“What is that life worth which can not

bring comfort to others”.

Dr. S.K. Burman (1856-1907)

(The founder of Dabur)

A VISION TURNS A REALITY:

More than a century ago a young Indian doctor started with a

vision to provide innovative and affordable healthcare products for

Indian masses. Thus was born an organisation, today known as

“Dabur India Limited”.

From the small dispensary in Calcutta in 1884, the organisation has

today grown into a corporation having significant presence in health and

personal care markets in India and abroad with more than 100 years of

understanding of consumer needs and ability it provides safe solutions

from a deep understanding of Ayurveda, Dabur has sets its vision to

strive for providing good health and well being to every household

through its ten productions bases spread across India manufacturing a

range of herbal, health and personal care products, foods Ayurvedic

medicines and pharmaceuticals. Dabur products are also manufactured in

Nepal, Egypt and Dubai. An ontological parental facility has just been

established in the U.K.

The company is served by a strong distribution network of

C&F agents and distributors that ensures the presence of Dabur

products in over 1.5 million retail outlets. At Dabur, key to our

growth is knowledge of nature, which provides the basis, and use

of modern research tools for superior understanding of this

knowledge for providing continuos innovation. Innovation in

products, processes and method will drive Dabur to global

leadership in health and personal care products.

Dabur India Limited, established in 1884, is one of the

oldest health and personal care companies of India. This young

man, Dr. S.K. Burman, laid the foundation of what is today known

as "Dabur India limited". From a humble beginning in 1884, as a

manufacturer of traditional medicine in Calcutta, Dabur has come

along way to become a multi-facet, multi- locational and multi-

product modern Indian corporation with a global presence. It now

enjoys the distinction of being the largest Indian F.M.C.G.

company and is poised to become a true Indian multinational. The

phenomenal progress has been many milestones, some of which

are mentioned below:–

.

1884- Dr. S.K. Burman lays the foundation of what is today

known as Dabur India Limited. Starting from a small shop in

Calcutta, he began a direct mailing system to send his

medicines to even the smallest of villages in Bengal. The brand

name Dabur is derived from the words ‘Da’ for Daktar or doctor

and ‘bur’ from Burman.

1896- As the demand for Dabur products grows, Dr. Burman

feels the need for mass production of some of his medicines.

He sets up a small manufacturing plant at Garhia near Calcutta.

Early 1900s- The next generation of Burmans take a conscious

decision to enter the Ayurvedic medicines market, as they believe

that it is only through Ayurveda that the healthcare needs of poor

Indians can be met.

1919- The search for processes to suit mass production of

Ayurvedic medicines without compromising on basic Ayurvedic

principles leads to the setting up of the first Researh &

Development laboratory at Dabur. This initiates a painstaking

study of Ayurvedic medicines as mentioned in age-old scriptures,

their manufacturing processes and how to utilize modern

equipment to manufacture these medicines without reducing the

efficacy of these drugs.

1920s- A manufacturing facility for Ayurvedic Medicines is set up

at Narendrapur and Daburgram. Dabur expands its distribution

network to Bihar and the north-east.

1936- Dabur India (Dr. S.K. Burman) Pvt. Ltd. is incorporated.

1940– Dabur diversifies into personal care products with the

launch of its Dabur Amla Hair Oil. This perfumed heavy hair oil

catches the imagination of the common man and film stars alike

and becomes the largest hair oil brand in India.

1956- Dabur buys its first computer. Accounts and stock keeping

are one of first operations to be computerized.

1970- Dabur expands its personal care portfilio by adding oral

care products. Dabur Lal Dant Manjan is launched and captures

the Indian rural market.

1972- Dabur shifts base to Delhi from Calcutta. Starts production

from a hired manufacturing facility at Faridabad.

1978- Dabur launches the Hajmola tablet. This is the first time a

classical ayurvedic medicine is branded –from Shudhabardhak

Bati to Hajmola Tablet.

1979- Commercial production starts at Sahibabad. This is one of

the largest and most modern production facilities for Ayurvedic

medicines in India at this time.

1984- The Dabur brand turns 100 but is young enough to

experiment with new offerings in the market.

1986- Dabur becomes a public limited company through reverse

merger with vidogum limited, and is re-christened Dabur India

Limited.

1989- Hajmola Candy is launched and captures the imagination of

children and establishes a large market share.

1992- Dabur enters into a joint venture with Agrolimen of Spain

for manufacturing and marketing confectionery items such as

bubble gums in India.

1993- Dabur sets up the oncology formulation plant at Baddi,

Himachal Pradesh.

1994- Dabur India Limited comes out with its first public issue.

The Rs. 10 share is issued at a premium or Rs. 85 per share. The

issue is oversubscribed 21 times.

1994- Dabur reorganizes its business with sales and marketing

operations being divided into 3 seperate divisions.

1994- Dabur enters the oncology (anti-cancer) market with the

launch of Intaxel (Paclitaxel). Dabur becomes only the second

company in the world to launch this product. The Dabur Research

Foundation develops the unique eco-friendly process of extracting

the drug from the leaves of the Asian yew tree.

1995- Dabur enters into a joint venture with Osem of Israel for

food and Bongrain of France for cheese and other dairy products.

1996- Dabur launches Real Fruit Juice which heralds the

company’s entry into the processed foods market.

1997- The Foods division is created, comprising of Real Fruit

Juice and Hommade cooking pastes to form the core of this

division’s product portfolio.

1997- Project STARS (Strive to Achieve Record Successes) is

initiated by the company to achieve accelerated growth in the

coming years. The scope of this project is strategic, structural and

operational changes to enable efficiencies and improve growth

rates.

1998- The Burman family hands over reins of the company to

professionals. Mr. Nunu Khanna Joins Dabur as the Chief

Executive Officer.

1999-2000- Dabur achieves the Rs. 1000 crore turnover mark.

DABUR INDIA LIMITED

HELP TAKEN FROM HDFC Securities Ltd

Income Statement

As on (months) 31-Mar-04(12) 31-Mar-03(12) 31-Mar-02(12)

Profit / Loss A/C Rs mn Rs mn Rs mn

Net Sales 9977.60 10801.70 10272.40

Operating Income 10027.36 10838.97 10349.79

OPBDIT 1321.21 1317.06 1187.23

OPBDT 1252.24 1146.25 947.74

OPBT 1073.70 909.64 693.80

Non-Operating Income 60.70 45.68 61.31

Extraordinary/Prior Period -35.44 -31.93 -49.65

Tax 87.50 74.30 55.10

Profit after tax(PAT) 1011.46 849.08 650.36

Cash Profit 1189.99 1115.67 959.87

Dividend-Equity 572.50 400.05 142.75

Balance Sheet

As on 31-Mar-04 31-Mar-03 31-Mar-02

Assets Rs mn Rs mn Rs mn

Gross Block 2648.64 3186.84 3731.96

Net Block 1472.23 1779.97 2260.40

Capital WIP 63.38 248.05 160.58

Investments 561.43 1167.86 1166.70

Inventory 1114.98 1786.52 1585.33

Receivables 420.72 1166.58 1199.66

Other Current Assets 1814.06 1180.94 1358.17

Balance Sheet Total 5446.79 7329.93 7730.85

Liabilities Rs mn Rs mn Rs mn

Equity Share Capital 286.25 285.75 285.59

Reserves 2320.53 3782.61 3660.06

Total Debt 398.13 1100.08 2135.02

Creditors and Acceptances 1621.42 1547.03 1210.73

Other current liab/prov. 820.47 614.45 439.45

Parent Company :  Dabur India Limited

HSL Code :  DABIND BSE Code :  96 NSE Code :  DABUR

Income Statement Balance Sheet Latest Results Ratio Analysis Earnings

Balance Sheet Total 5446.79 7329.93 7730.85

LATEST QUARTERLY/HALF YEARLY

As On (months) 30-Sep-04(3) 30-Sep-03(3)

Profit / Loss A/C Rs mn Rs mn

Sales of Products/Services 2895.50 3367.40

Other Income 27.20 21.80

Total Income 2922.70 3389.20

Total Expenses 2393.80 2900.60

Stock Adjustments 0.00 0.00

OPBDIT 528.90 488.6

Interest 9.10 20.00

Depreciation 41.00 46.80

Extraordinary Items 0.00 0.00

Prior Period Adjustments 0.00 0.00

Provision for Tax 47.50 43.60

After Tax Profit 431.30 378.20

Equity Capital 286.30 0.00

Reserves 0.00 0.00

NET PROFIT AFTER INTEREST , DEPRECIATION & TAX FOR QUARTER ENDED SEPTEMBER 30,FOR YEAR 2003 &2004 (in Rs million)

NP INCREASED BY 14.04 % IN A QUARTER

RATIO ANALYSIS

As on 31-Mar-04 31-Mar-03 31-Mar-02

OPBIT/Prod.cap.empl.(%) 92.96 29.34 19.91

PBIT/Cap. Employed (%) 39.71 22.24 15.96

PAT/Networth (%) 38.80 20.87 16.48

Tax/PBT (%) 7.96 8.05 7.81

Total Debt/Networth (x) 0.15 0.27 0.54

Long Term Debt/Networth (x)

0.05 0.05 0.07

PBDIT/Finance Charges (x) 19.52 7.79 5.01

Current Ratio (x) 1.37 1.91 2.51

RM Inventory (days consumption)

38.98 55.15 39.97

FG inventory (days cost of sales)

19.07 31.33 36.12

Receivables (days gross sales)

14.44 36.91 40.25

Creditors (days cost of sales)

67.98 59.30 48.23

Op. curr. assets (days OI) 80.00 137.00 137.00

CURRENT RATIO(CURRENT ASSETS / CURRENT LIABLITY)

IDEAL RATIO= 2:1But in DABUR it is decreasing at a alarming rate & for the year end 31mar,04 it is just 1.37:1.So in my view it should be find out that where the company is lacking and how can this problem be rectified.

DABUR ENJOYING ITS SUCCESSIt can be very well seen in the given below diagrams that DABUR is utilizing its success completely by leaving the good impression of its growth on the debtors as well as creditors.AVERAGE COLLECTION PERIOD of Creditors & Debtors are showing the inverse trends.Year by year ACP is increasing in case of creditors where as

decreasing incase of debtors.This shows that people are ready to work with ‘DABUR’ at any cost.

CREDITORS(DAYS COST OF SALES) DEBTORS(DAYS GROSS SALES)

EARNINGSAs on 31-Mar-04 31-Mar-03 31-Mar-02

EPS (Rs.) 3.53 2.97 2.28

CFPS (Rs.) 4.16 3.90 3.36

Book Value (Rs.) 9.11 14.24 13.82

DPS (Rs.) 2.00 1.40 0.50

EARNING PER SHARE IN DABUR (I) FOR 3 YEARS

DIVISION WISE BREAK DOWN OF CONSOLIDATED REVENUES FINANCIAL YEAR 2003- 04

CHYAWANPRASH – Largest Ayurvedic medicine with market

size of about Rs. 2 billion. Dabur is market leader with 65%

share.

INTERIM DIVIDEND OF 100% DECLARED BY THE BOARD

ADVERTISING

OGILIVY AND MATHER (O&M) ,THE

ABBY AWARD WINNER FOR THE LAST 3 YEARS IN A ROW IS DOING

ASSIGNMENT FOR

DABUR AND ALSO HAVE CREDITS OF THE SUCCESS OF DABUR ‘S

BRANDS.

BRAND AMBESSEDORS : AMITABH BACCHAN

KARISHMA KAPOOR

MANDIRA BEDI

SUNIL SHETTY

MAHENDER SINGH DHONI

SAURABH GANGULY

SCOPE OF THE STUDYOWNERSHIP

This is our company. We accept personal responsibility and

accountability to meet business needs.

PASSION FOR WINNING

We all are leaders in our area of responsibility, with a deep

commitment to deliver results. We are determined to be the best at

doing what matters most.

PEOPLE DEVELOPMENT

People are our most important assest. We add value through

result driven training and we encourage and reward excellence.

CONSUMER FOCUS

We have superior understanding of consumer needs and develop

products to fulfill then better.

TEAM WORK

We work together on the principle of mutual trust and transparency

in a boundryless organisation.

INNOVATION

Continuos innovation in products and processes is the basis of our

success.

Dabur India ltd. (DIL) is the largest player in the ayurvedic

pharmaceuticals sector. The company has interests in sectors like

Healthcare, Personal care, Ayurvedic pharmaceuticals and Food

Products. The company enjoys strong brand equity in most of the

segments where it has a presence with brands like, Chawanprash,

Hajmola, Pudin Hara, Vatika, to name a few. The company is

focusing on ayurvedic and herbal care products. Currently, the

company’s product stable includes around 450 products. Dabur

enjoys an excellent distribution network of over 5500 distributors

reaching out to nearly 15,00,000 outlets. Interestingly, all the drugs

under its stable are outside the purview of The Drug Price Control

Authority (DPCO).

Healthcare Segment

Healthcare segment is one of the major revenue contributors for

DIL. Brands such as Chavanprash, Hajmola, Pudin Hara, Hingoli,

Janam Gutti, Lal Tail, and Madhuvanni fall under this stable. For

the 250 Crore-chavanprash markets, the company is facing tough

competition from Zandu, Hamdard and Baidyanath. However, as

per ORG data the market for chavanprash is expected to double in

a couple of years. In the pediatric segment the company has

products like Janam Gutti, Lal Tail gripe waters, and Madhuvanni

cough syrup.

Hair Care Segment

DIL is a major player in the hair oil segment with extended brand

equity in Vatika. The range of products includes Dabur Amla,

Dabur Special, Vatika, Vatika Shampoo, the newly introduced

Vatika anti- dandruff shampoo and Vatika Heena Cream

Conditioning Shampoo. Dabur Amla enjoys a 28% market share in

the perfumed oil market. The company has undertaken the

repositioning of Dabur Amla hair oil and Dabur Vatika Oil. The hair

oil segment contributes 21% to the company’s turnover as on 31st

March 2000. In the hair Care segment the company is poised to

have a strong growth of 10% predominantly on account of strong

brand image.

Oral Care Segment

Seeing the future market move, DIL has purchased the BINACA

brand for Rs.3 cr. The move was on account of the company-

identifying shift in market preferences. The total sales for the

segment were 116 cr. with a marginal growth of 3%. The company

views the growth through the Binaca brand. DIL is also

repositioning the lal dant manjan in shrink sleeves wrap. We

expect the segmental growth to be around 5% henceforth.Just now

DABUR has introduced ‘Dabur Red Toothpaste’ & ‘Dabur Red Gel

Toothpaste’

Pharmaceuticals segment

Dabur has around 300 ayurvedic medicines sold through ayurvedic

practitioners. The company has 80% market share in this segment. All the

products are outside the purview of the DPCO. The company is majorly

into Oncology and branded formulations. The company launched Topotel

(Topotecan), the first camptothecin derivative for ovarian and lung cancer

in India and Amiphos (Amiphostin) for various anti-cancer regiments in

India. DIL is only the second in the world to manufacture anti-cancer

drugs Paclitaxel and Docetaxel acquired from Pfizer in 1996. The

company has established a subsidiary in UK namely Axol Labs., for

manufacture of generic oncology products. However, global acceptance is

a major sensitivity factor.

Other Segments

Other segments include Food products division, which has been

restructured into a 100% subsidiary company. The division has

brands like Honey, Lemoneez lemon Juice, Real fruit juices,

Hommade pastes and sauces. The subsidiary netted a loss of

11.55 cr on sales of 29.67 cr. This was on account of stiff

competition faced by the company and wafer thin margins on

trading goods. The company however has a strong nationwide

distribution network. The skin care division with brands like

Gulabari and Samara also grew by 19% during the year.

The company has entered into a 50:50 JV with Bongrain of France

for manufacture and marketing of Cheese and speciality dairy

products. The brands launched by the company include Delicieux

and Le Bon.

With an effect to stress upon core competence the company has

decided to put off plans for foray into the newly opened Insurance

sector for which it had entered into a JV with Allstate of

Finland.The promoters hold 70% of the paid up capital of the

company. Hence, to increase the liquidity of the stock in the

market the company has introduced a stock split of 1/10th at Re.1/-

per share paid up.

The company enjoys a P/E valuation similar to those, as the

majors from the FMCG sector. Hence, it would be essential to

compare the company’s valuation on a comparative basis along

with these companies.

Britannia HLL Nestle SKBC Cadbury Dabur

EPS (RS.10/-) 18.3 48.6 10.2 21.5 16.2 27.1

P/E 35.7 35.6 42.9 17.8 43.3 30.9

RONW (%) 42.1 50.9 34.1 42.7 19.1 24.2

ROCE (%) 32.9 46.9 24.6 42.7 18.1 12.7

Evidently, Dabur’s P/E falls in line with other industry majors but

RONW and ROCE earned by the company fall way short of others.

We feel that the restructuring exercise undertaken by the company

should cumulate into re-rating of the stock from current levels. The

stock is expected to remain as market performer in the medium

term as the effect of the restructuring exercise would be visible

only in the subsequent quarters.

DABUR RESEARCH FOUNDATION

AND DECLARATION

Dabur research foundation (DRF), incorporated in 1979, is a

premier research organisation recognized by department of

science and industrial research, government of India. Situated at

Sahibabad, DRF is today a known name for its pathbreaking

research in the field of health care and personal care. The

foundation is at the forefront of oncology research, and is in the

process of developing many new molecules to fight this dreaded

disease. In fact, DRF was the first organisation in the world to

develop a process for extraction of paclitaxel, a drug for cancer,

without harming the source tree. The process in now followed

worldwide. It is possibly the only one of its kind in the country

carrying out research in divergent fields like Ayurvedic and herbal

products, plant derived machines, allopathic, bulk drugs, foods,

cosmetics, oils and fats as well as basic research in the field of

pharmaceuticals. Today, more than 125 scientists are constantly

engaged in research to move towards the vision of Dabur research

foundation.

The objectives is to become the leading research

organization of the country, developing safe, effective consumer

friendly health care products.

DABUR-GOING STRONG

Dabur has been growing at a rapid pace for the last few years.

Its turnover has shown a steep increase from 189 crores in

1990-1991 to 1166 crores in 2000-2001.

Dabur’s compounded average growth rate in the past 5 years

has been 16%.

A multi-product company, Dabur has a range of over 500

products. However 23 products account for about 90% of the

company sales. In keeping with the new corporate philosophy of

“Doing few things but doing them better”. The company plans to

concentrate on 12-15major brands and add a few new products

under these brands each year.

Ranked as the largest Indian FMFG company Dabur also finds

itself a place among the top 10 consumer product companies.

Corporate Office

Kaushambi, Ghaziabad

Registered OfficeAsaf Ali Road, New Delhi

Corporate AffairsRouse Avenue, New Delhi

Zonal HeadquartersNorth Zone : New DelhiSouth Zone : HyderabadEast : CalcuttaWest: Mumbai

Branch OfficesAhmedabadBangaloreChandigarhChennaiCuttackGuwahatiIndoreJaipurKanpurKochiPatna

Kathmandu

Russia

United Kingdom

FACTORIES

West BengalNarendra pur ( Garia )Kalyani

BiharDaburgram

RajasthanAlwar

Uttar PradeshSahibabad, GhaziabadNoida, Ghaziabad

Himachal PradeshBaddi – I, II, III

Madhya PradeshKatni

NEPALKathmandu

EGYPT

United Kingdom

QUALITY POLICY

At Dabur, Quality is a relentless commitment to continuous

improvements in product, process and systems to provides

consistent quality products to meet our customer’s requirement

worldwide. The management is fully committed to quality and

ensures all resources to accomplish this task.

QUALITY OBJECTIVES

To focus on its customers and successfully meet their needs and

requirements.

To manufacturers effective health care products at competitive

prices and to improve the quality of life of the common masses.

To implement systems to ensure prevention of errors either

than detection of errors.

To ensure global competitiveness by striving to achieve current

good manufacturer practices (GMP).

To ensure safety in all operations by working according to the

system in all areas of operation.

To provide appropriate training to the people to improve their

skills and expertise, thus building their commitment to the

quality process.

To increase productivity and reduce wastage with in the

organization.

PREFACESet up in 1884 by Dr S K Burman as a proprietary firm for the

manufacture of ayurvedic drugs, the Company was incorporated

later by his descendants in the name of Dabur (Dr S K Burman)

Pvt. Ltd. In the late ’70s, Dabur Pvt. Ltd promoted a company to

manufacture high-grade guargum and a plant was set up at Alwar.

But poor performance resulted in losses and with a view to

rehabilitating the company, Dabur Pvt. Ltd was reverse merged

with it and the new company was named Dabur India Ltd. At

Alwar, production of guargum was curtailed and Dabur’s products

were introduced. Dabur manufactures over 450 products, mainly

ayurvedic, covering a wide range of health and personal care and

has manufacturing plants located at 6 different places in the

country. Dabur went public in Nov ’93, raising Rs541.5m (at

Rs95/share) and the issue was oversubscribed 21 times. Dabur

Research Foundation, a group company, handles research,

product development/ improvement for increasing consumer

satisfaction.

Plant locations:

It has 10 manufacturing plants across the country with 2 in UP at

Sahibabad and Noida , 3 in West Bengal at Kharia, Narendrapura

& Kalyani, 1 in Bihar at Dabur gram, 1 in Haryana at Faridabad, 1

in Rajasthan at Alwar, 1 in Himachal Pradesh at Baddi and 1 in

Madhya Pradesh at Katni and 2 abroad , 1 in Egypt and other in

Nepal.

Subsidiaries:

The company has 7subsidiaries in its fold.

Dabon International Limited :

It has a 50:50 joint venture with Bongrain of France for

manufacturing dairy products. The company has 20% market

share in processed cheese market. The company sells its

cheese under Dabon brand name.

General De Confiteria Limited:

The company's joint venture with Agrolimen of Spain for

manufacture of confectionery products. The company divested

its stake in the venture as a part of its restructuring programme.

The company sold off its stake for a consideration of Rs352mn

during the year.

Excelsia foods Limited:

The company's joint venture with Nestle SA for manufacturing

and selling biscuits. The company divested its entire holding in

the venture for a token sum of Rs10 as the venture was a loss

making with negative net worth.

Dabur Foods Limited:

The company hived off the foods division into a separate 100%

subsidiary during the year. The company has Real Fruit Juice,

Hommade range of condiments, Lemoneez and other brands in

its portfolio. The company launched its Coconut Milk to its

portfolio during the year.

Dabur Nepal Private Limited :

The company 80% subsidiary of Dabur India Limited. In FY00 it

set up manufacturing facility for manufacturing PET bottles for

hair oils. The company has also set up new tetra pack unit for

packaging Real Fruit Juices. It is also into manufacturing

Beehives and Bee Frames.

Dabur Egypt Limited:

The company is a 76% subsidiary of Dabur Overseas Limited.

The company is into business of manufacturing hair

oils,vinegar, rose water, and glucose. The company is planning

to source goods for other African countries from this unit.

Dabur Oncology Inc.:

The company was set up as a 100% subsidiary of Dabur India

Limited in Bordon near London. The company is into business

of manufacturing range of anti-cancer formulations for

marketing in developed markets of Europe and USA. The

company is setting up a unit for manufacturing anti-cancer

injectibles, which is expected to become operational by 2001.

Dabur Finance Limited:

The company is a 100% subsidiary of Dabur India Limited and

is into business of making financial investments. It raises

deposits from public and invests in various investment

schemes. The company is expected to be shut down by 2002-

2003 under the restructuring programme it is currently

implementing.

Dabur overseas Limited:

This company is a 100% subsidiary of Dabur India Limited and

is into trading activities. It acts as an investment holding

company. This company is based in Hong Kong. The company

didn't perform any business during the year.

Dabur International Limited:

This company is a 100% subsidiary of Dabur India Limited. The

company is into business of carrying out trading activities. This

company is based in Hong Kong. During FY00 the company

didn't perform any business

Subsidiary

Dabur Nepal Pvt Ltd-(79.96%)Dabur Overseas Ltd-(100%)Dabur Egypt LtdDabur Finance Ltd-(100%)Dabur Foods Ltd-(100%)Dabur Oncology plc-(100%)

Transfer Agents

MCS LtdUnit Dabur India LtdSri Venkatesh Bhawan212-A ShahpurjatNew Delhi 110 049Ph: 011 - 6494830 6495832Fax: 011 – 6494152

Exchanges

The Stock Exchange-Ahmedabad

Bangalore Stock Exchange Ltd

The Calcutta Stock Exchange Association Ltd

Jaipur Stock Exchange Ltd

Ludhiana Stock Exchange Association Ltd

Kanpur Stock Exchange

The Delhi Stock Exchang Association Ltd

Patna Stock Exchange Ltd

The National Stock Exchange of India Ltd

PRODUCT PUNCH LINE

IMPORTANCE OF THE STUDY

In its generic form, honey is a wonder product. If in western

homes it is a term of endearment, in India, honey is traditionally

seen as a health syrup.

No company in the organized sector had seen business

opportunity in honey, till the Dabur India Limited decided to

source honey in large volumes from apiculturalists (bee -hive

farmers) and market it, the company introduced branded honey

in glass jars to the Indian market about a decade ago.

The only big ogranisation selling honey at that time was khadi

gram udyog that too unbranded produce from villages to the

urban markets.

Dabur found that the demand is low. Honey's usage was

restricted to the world of therapy; used as a cough palliative, a

skin conditioner or alternately as a base ingredient for other

ayurvedic formulations.

Dabur made a start of mass marketing its honey. By flowing

honey through its distribution stream, all that the company had

achieved was placing the product within the urban consumer's

reach.

By the late 1980's, small regional brands had started getting

stronger, although they were confined to small pockets by their

lack of a wide distribution mechanism. This posed a danger.

Other brands- Natural way (Golden Meadows), Allied's and

Mehson's among them had started gaining recognition in the

branded honey market. And some more were on their way in,

some with fancy packaging to target the upmarket buyer. The

small marketers were selling on price, which meant trouble for

Dabur.

In the year 1991, Dabur Honey took to national level advertising

for the first time, placing the brand on the purity platform.

Growth came, at about 20 per cent, that was not satisfactory.

In the year 1994, Dabur gave the brand's ad account to

enterprise. At that time Dabur's ad spend for honey was a

piffling Rs. 10-15 lakhs a year. It changed the traditional

perception of Indian consumer about honey as a medicine to

tasty, nutricious food on the breakfast table.

Today in the year 2000-2001, it is a 40 crore brand.

CONSTITUENTS OF HONEY

Percentage

Total Dissolved Solids

Sugars

Fructose (Levulose)

Glucose (Dextrose)

Sucrose

Other higher sugars

Water

Minerals: ( Potassium, Calcium,

Magnesium, Iron, Copper,

Manganese, Phosphorus,

Sulphur, Chlorine and Traces of

Chromium, Nickel, Tin, Silver,

Gold etc.

Acids: (Acetic, Buteric, Citric

form ie, gluconic, maleic, lactic,

succine etc.)

Proteins and Amino Acids:

(Proline, Phenylanin , Leucine,

Valine etc.)

Enzymes: (Invertase, Amylase or

Diastare, Gluclose - oxidase etc.)

Vitamins: Vitamin B-I or Thiamin,

Vitamin B-2 or Riboflavin, Niacin,

Vitamin B-6 or Pyridoxal, Vitamin

C

70-80

38

37

2

0.5

20

0.5

0.2

0.25

Traces

Traces

FINDINGS

A product’s differentiating and positioning strategy must

change as the product, market and competitors over time. There

are four stages in a product life cycle and the product life cycle

curves are portrayed as bell-shaped as shown in the figure.

The four stages are:

1. INTRODUCTION- This is a stage in which the product is

introduced in the market and is a period of slow sales growth.

Profit are nonexistent in this stage because of heavy expenses

incurred with product introduction.

2. GROWTH- In this stage, the product goes through a period of

rapid market acceptance and substantial profit improvement.

3. MATURITY- This is a period of slowdown in sales growth as

the product has achieved acceptance by most potential buyers.

As the competition increase, the profit stabilizes or decreases.

4. DECLINE- This is period when sales decline and profit

decrease.

The above stages can be summarized as shown in the

table below:

PLC elements Introductio

n

Growth Maturity Decline

CHARACTERISTICS

1. Sales Low Fast Growth Slow

Growth

Declining

2. Profits Negligible Peak Level Declining Low

3. Cash Inflow Negative Moderate High Low

4. Competitors Few Growing Many Declining

5. Customers Innovative Mass Market Mass Market Laggards

In the above stages, the MARKETING STRATEGIES, which

should be adopted, are:

1. INTRODUCTION- In this stage, the main objective should be

to create awareness and trial by adopting the following

strategies:

Offering a basic product.

Use cost-plus for pricing the product.

Build selective distribution.

Build product awareness among early adopters and

dealers by advertising.

Use heavy sales promotion to attract the people to try the

product.

2. GROWTH- In this stage, the main objective is to maximize the

market share by:

Offering product extensions, service, warranty etc.

Price should be such that it penetrates the market.

Build intensive distribution.

Build awareness and interest in the mass market through

advertising.

Reduce sales promotion to take advantage of heavy consumer

demand.

3. MATURITY- In this stage, the main goal is to maximum the

profit while defending the market share by:

Diversify brands and items.

Price should match or beat the competitor.

Build more intensive distribution.

Increase sales promotion to encourage brand switching.

4. DECLINE- In this stage, the marketing strategy should focus

on reducing the expenditure and milking the brand by:

The product, which is weak, should be phased out.

Cut price.

Go selective, eliminate unprofitable outlets.

Reduce advertising to the level required to retain hard-core

loyal.

Reduce sales promotion to a minimal level.

INTRODUCTION GROWTH MATURITY

DECLINE

Time

PRODUCT LIFE CYCLE

SALES

&

PROFITS($)

Profit

Sales

Taking into consideration the Dabur Honey which has

market share of 66% (in value) and 44% (in volume). Its

annual sales are approximate 40 crores per annum. The total

market of honey is 100 crores. The dabur honey was

relaunched in 1994 as food items. There has been 12% in

increase in sales from the last year, which is a positive sign.

The company is now a days offering it as a food. It is being

widely distributed and lot of money being spent on advertising

and sales promotion. Reminder Advertising is important to

remind the target market about the existence of the product.

RESEARCH OBJECTIVES

1. To find the ways to increase the market share of Dabur honey.

2. To analyze the market of honey in Delhi, Noida and Ghaziabad.

3. To know retailers and consumers perception about

Dabur honey.

PROCEDURE OF MARKETING RESEARCH

Define the problem &

research objectives.

Define the problem &

research objectives.

Develop the

research Plan

Develop the

research Plan

Collect the

information

Collect the

information

Analyze the

information

Analyze the

information

Present theFindings

MARKETING RESEARCH

Marketing research is defined as "The systematic and

exhaustive search for the study of the facts relevant to any

problem in the field of marketing. Marketing research is the

function which links the consumer, customer and public to the

marketer through information- information used to identify and

define marketing opportunities and problems, generate, refine and

evaluate marketing actions, monitor marketing performance; and

improve understanding of marketing as a process.

Marketing research specifies the information required to

address these issues; designs the method for collecting

information process; manages and implements the data collection

process; analyzes the results; and communicates the findings and

their implications.

OBJECTIVES OF

MARKETING

RESEARCH 1. To understand the economic factors affecting the sales volume and

their opportunities.

2. To understand the competitive position of rival products .

3. To evaluate the reaction of consumers and customers.

4. To study the price trends.

5. To evaluate the system of distribution.

6. To understand the advantages and limitation of the products.

7. To find new packaging.

8. To analyze the market size.

9. To know the instantiations of demand.

10. To study the customer's acceptance of products.

11. To assess the volume of future sales.

12. To find solution of problem relating to marketing of goods and

services.

13. To evaluate policies and plan in the right course of action.

14. To know the complexities of marketing.

15. To measure the effectiveness of advertising.

LIMITATIONS

OF MARKETING

RESEARCH 1. It is highly expensive and time consuming.

2. Marketing research is carried out on customers, dealers wholesaler

retailers etc. who are human beings. Human beings have a tendency

to behave artificially when they know that they are being observed.

3. Subjectivity is the main limitation of MR. It is very difficult to verify the

research results.

4. The MR projects generally take longer time. The time by which the

research results are presented market situation also undergoes a

change.

5. The lack of appropriate training to researcher leads to

misinterpretation of questions to be asked for data collection.

RESEARCH DESIGN

A research design is simply a plan or framework for a study

that is used in collecting and analyzing the data. This framework is

to ensure that relevant information is collected and that too

depending upon the objectives of the study. The research design

can be classified into three categories-Exploratory, Descriptive and

Casual. Exploratory research seeks to discover new relationships,

emphasis on discovery of ideas. This research is used when very

little is known about the problem being examined. The purpose of

this type of research is to extract new insight into problem. The

research design used for the project at hand is of exploratory in

nature.

Descriptive research attempts to determine the frequency

with which something occurs or the relationship between two

phenomenons. A casual research design is often adopted in order

to discover and determine the cause and effect relationship.

SOURCES OF INFORMATION

It is necessary to prepare a list of the information, which is needed

to attain the objectives.

1. PRIMARY DATA

It consists of the original information or new data gathered

specifically for the purpose. Questioning and observing are the two

basic methods of collecting primary information.

2. SECONDRY DATA

It consists of information that already exists somewhere having

been collected for another purpose.

DATA COLLECTION METHOD

Questioning and observing are the two basic methods

of collecting primary data. To collect good primary data, it

is necessary to develop standardize forms to guide the

procedure. When information is to be collected by asking

questions from people who may have the desired data, a

standardize form called Questionnaire is prepared.

Questionnaire consists of list of questions to be asked

from the respondents and space to record the

answers/responses.

RESEARCH AREASDELHI

Greater Kailash – I, II Vasant Vihar Yusuf Sarai Lodhi Colony Lajpat Nagar New Friends Colony Cannaught Place Vasant Kunj Nehru Place R. K. Puram Gautam Nagar Aruna Asif Ali Road Defence Colony South Extention – I, II Patel Nagar Rajinder Nager Karol Bagh Punjabi Bagh Ashok Vihar Rani Bagh Rohini Vikas Puri Janak Puri Paschim Vihar Rajouri Garden

NOIDA Sector – 18 Sector – 27 Sector – 29 Sector – 37

GHAZIABAD Nai Basti Ghanta Ghar Ghandhi Nagar Kavi Nagar – IV, V Raj Nagar – IV, VII

QUESTIONNAIRE DESIGN

While proceeding to design questionnaire, two key assumptions

to be followed are:

1. The researcher assumes that the respondent is able and willing

to communicate the desired data either verbally to an

interviewer or in writing on a questionnaire form.

2. The researcher must assume that the information he/she

obtains from the interview and the questionnaire is essentially

about the respondent's verbal or written behavior.

While constructing a questionnaire, the researcher should keep

in mind two things:

(I) The objectives of the research project.

(II) The respondent's point of view.

Questionnaire designing consists of five steps as follows:

1. Specifying Data requirements.

2. Determining the type of questions to be used.

3. Deciding the number and sequence of questions.

4. Preparing the preliminary draft of questionnaire.

5. Revising and pretesting the questionnaire.

TYPE OF QUESTIONING TECNIQUES

There are four general methods of collecting data using the

questionnaire techniques. There are as follows:-

1. Non Disguised, Unstructured Techniques.

2. Disguised, Unstructured Techniques.

3. Non Disguised, Structured Techniques.

4. Disguised, Structured Techniques.

NON DISGUISED, STRUCTURED TECHNIQUES

In this type of questionnaire, questions are presented with exactly

the same wording and in exactly the same order to all

respondents. The responses as well as questions are

standardized. Data obtained is easier to tabulate and interpret.

UNSTRUCTURED, NON DISGUISED TECHNIQUES

In this type of questionnaire, the purpose of the study is clear, but

the response to the question is open ended. Focus groups and

Depth interviews tends to obtain more information from the

respondents.

UNSTRUCTURED, DISGUISED TECHNIQUES

The unstructured-disguised questionnaire is developed when a

respondent is not willing or cannot find words to express meaning

to answer direct questions and his hidden motives remain

unexpressed. Projective techniques are the examples of this type.

STRUCTURED, DISGUISED TECHNIQUES

The structured -disguised questionnaire emerged as an attempt to

secure the advantages of disguise in revealing subconscious,

hidden motives and attitude along with the advantage in coding

and tabulation common to structured approaches.

The questions seeking the information were used. The main aim

was to analyze the market of honey which was done by making

questionnaires for the retailers, kids and ladies (mothers) who

could give the maximum information. The type of questions used

were closed-ended, open ended , multiple choice and dichotomous

questions. A pilot survey was made to test the feasibility of the

questionnaires.

Research

METHOLOGY

Areas : Delhi, Noida and Ghaziabad

Research Design : Exploratory

Sources of Information : Primary Data

Secondary Data

Data collection Method : Structured Non Disguised

Questionnaire

Types of questions Used : Open Ended

Multiple Choice

Close ended

Dichotomous

Target Group : Retailers

Kids (6-10 Years)

Ladies (Mothers)

Sampling Method : Random Sampling

Sample Size : Retailers -300

Kids-350

Ladies- 100

ANALYSIS AND

INTERPRETATION -

I(RETAILERS )

INTERPRETATION

It was observed that 8% of the retailers don’t keep honey at all

while 92% of the retailers do keep honey.

INTERPRETATION

It was observed that the 80% of the retailers told that there is no

effect of the present gifts while 10% of them have said that they

are attractive and remaining 10% were either uniformed about the

gifts or they told nothing.

INTERPRETATION

It was observed that 52% of the retailers keep only Dabur Honey

while 4% of them don't keep Dabur Honey and remaining 44% of

the retailers keep other brands also.

INTERPRETATION

It was observed that 52% of the retailers have told that sale of

Dabur Honey is due to its brand name, 17% said due to quality,

10% due to purity, 5% because of advertisement, 2% because of

promotion schemes and 5% due to easy availability.

INTERPRETATION

It was observed that 27% of the retailers complaint about the

crystallized honey while remaining have no such kind of

complaint.

INTERPRETATION

It was observed that 61% of the retailers were unsatisfied while

remaining were satisfied with the margin.

ANALYSIS AND

INTERPRETATION-

II(KIDS)

INTERPRETATION

It was observed that 28% of the kids don’t eat honey at all while

remaining 72% do eat honey.

INTERPRETATION

It was observed that 39% of the kids consume plain honey, 48%

consume it with bread, milk or paranthas and 13% of them

consume it as both.

INTERPRETATION

It was observed that 66% of the kids consume honey once a day

while 34% of them consume honey twice or thrice a day.

INTERPRETATION

It was observed that 33% of the kids consume honey as food items

(At a specific time ie. in morning or evening), 34% of them

consume it as snacks (ie. at any time of the day), 26% of them

consume it as both snacks and food items. Remaining 7%

consume it as medicine.

INTERPRETATIONIt was observed that 53% of the kids prefer chess as free gift

while 24% of them prefer sketch pens and remaining prefer snake

& ladders as free gift.

INTERPRETATION:

It was observed that 90% of the kids have seen and remember the

Dabur advertisement, while 9% have not seen the advertisement

and 1% have seen the other brand’s advertisement.

ANALYSIS AND INTERPRETATION- III

(MOTHERS)

INTERPRETATIONIt was observed that 14% of the respondents don’t consume honey at all.

INTERPRETATION

It was observed that 65% of the respondents said that kids

consume honey the most, while 35% told that adults consume

honey.

INTERPRETATION

It was observed that 17% of the respondents are satisfied with

Dabur Honey, Level of satisfaction for 39% of the respondents was

good and for 44% of the respondents was very good.

INTERPRETATION

It was observed that 34% of the respondents purchase Dabur

Honey because of quality 27% because of purity , 26% due to

easy availability, 23% due to brand name.

INTERPRETATION

It was observed that 90% of the respondents consume Dabur

Honey, while they remaining consume other brands.

INTERPRETATIONIt was observed that 40% of the respondents generally consume

500gms., 38% consume 200gms., 5% consume 1 Kg. And 17%

consume 50 gms. and 100 gms.

SWOT OF BRAND STRENGTH /

WEAKNESS ANALYSIS

Elements of Marketing Mix

Strengths Weaknesses

Product Brand Locality66% Market Share (In value)45% Market Share(In Volume)Most Selling Brand40-Crore Brand

Price Affordable Packaging Attractive Packsizes Available in 5 packsizes

(50 gms, 100gms, 200gms, 500 gms and 1 Kg.)

No sachet / Plastic Packaging

Positioning Targeted to kids (i.e. 6-10 Yrs.) as a food item.

Advertising Effective ReachSales Promotion No window

hiring/ displays. Some retailers

are unaware about the sale promotion schemes.

Present gifts are less attractive.

Less schemes for retailers to push the product.

Distribution System Widespread two level

channel.

THREATS

More and more branded honey is available in the market with

five or six flavours.

Competitive brands are giving more margin because of which

retailers are least interested in selling the product.

Complaints like granulation of honey (i.e. small sugar crystals)

is affecting the sales.

Foreign branded honey is now available in the market and is

liked by the consumers.

In areas like South Delhi, customers don’t consider price to

purchase the honey and the foreign honey is capturing the

market.

OPPORTUNITIES

New flavours of honey can be introduced.

New packaging like sachet and plastic packaging can be

launched.

In Ghaziabad, markets for expensive / Foreign honey has been

developed as yet, so there are only few brands including local

brands among which only Dabur is doing well.

DABUR HONEY COMPETITORS

INDIAN BRANDS MehsonsBaidyanathNatural WayHimaniZanduCharakhHimalayanHimfloraKashmiree Honey

FOREIGN BRANDSCapilano (Australian)Lagneese (German)Fragata

LOCAL BRANDS ParagAnkur ( Khadi Gram Udyog)Dadi’s ( Hoshiarpur)KabliwalaTriptaHadras (U.P.)Mohun’sUttarakhandBajaj

HoneylimeBabaBalajiLehesonLekhsonsAllied’sIndica

SUGGESTIONS/

RECOMMENDATION

After the survey and the analysis, a lot of information was

gathered which is being presented in the form of suggestions:-

As the honey is targeted to the kids, they are consuming honey

in the same ways as suggested in the advertisement. so, if the

consumption of honey has to be increased the new uses can be

suggested. (eg, it can be used for preparation of cakes, jelly,

squash etc.)

To increase its consumption, it can be written on the bottle of

the honey that for best results, use thrice a day for kids and

twice a day for adults (as the case may be)

For Sales promotion gifts like pencil box, it can be in the shape

of the bottle of Dabur Honey.

It is natural for honey to crystallize but consumers can be made

aware about this fact because it is affecting the sales.

More schemes like ‘Seasonal Schemes’ can be given to the

retailers.

More and more displays like window hiring can be given for the

retail outlets as it has been said that “ Jitna Dikhega Utna

Bikega”

Sales promotion schemes like” Price off or extra Amount”

can be given.

Margin can be increased because other competitors are giving

more margin due to which the retailers are least interested in

pushing the brand (Mehsons is giving 36% margin).

More detailed information about honey can be given on the

company’s Internet site.

New packaging like ‘Sachet or plastic packaging’ can be

introduced. Plastic packaging for 1 kg. Honey was demanded

by the consumers.

Sales promotion gifts like ball, Badminton Racket, Pocket

chess, small toys, cars etc can be given for kids.

The main competitors are Mehsons, Natural way, Himani which

are not the corporate brands as Dabur. The Brand like Mehsons

can be purchased to kick it out from the market.

Foreign brands like Capilano, Lagneese, Fragata are now

available in the market and doing well in posh markets like

South Delhi and sector 18, Noida where people don’t consider

the price to purchase the honey. Dabur can merge with the

foreign brand and can do marketing for it.

An awareness programme can be done in the schools like

Mother’s pride where gifts and posters can be given to the kids.

Sales cam also be promoted by distributing small sachets and

gifts to the children on the places like ‘Appu Ghar’ through the

Joker.

Financial Express 5th July, 2008DABUR HONEY NOW IN A TRENDY SQUEEZE PACK.

In a more concerted effort to position one of its top ten brands-

Dabur Honey-on the fun plank and draw the user group-kids-

directly, Dabur India has launched the product in a trendy squeezy

pack priced at Rs. 78 for a 400 gm pack. This squeezy pack-

launched in the top four metros only- will be promoted through

advertising which will begin in the next few weeks and PoS

material that communicates the fun plank with the headline: Play

With Your Food With Honey Squeeze Pack. In order to make

the product appeal to the segment, the company also plans to

change the old staid looking labels on the packs with company

labels.

The Rs. 40 crore brand has been repositioned twice in the last five

years. In the first stage in 1994, Dabur Honey was repositioned on

the food platform after the company found that the brand was

perceived as a medicinal sweetener. That confined the bottle to

shelves, only to be brought out occasionally. So in order to move it

out of the kitchen cabinet on to the dining table, Dabur

repositioned Dabur Honey as a taste enhancer and aimed its

communication at housewives - it talked about using honey in lot of

dishes right from salads to deserts to lemonades to chicken.

"While that effort yielded results-the brand grew at five year CAGR

of 30 per cent-it needed to find a way to increase the width and

depth of usage to continue the pace of growth," says Sunil Duggal,

Vice President, Sales & Marketing, Dabur. Till 1993-94, the

category was growing at the rate of 20 per cent, annually.

So, late last year, it decided to narrow down its target audience

from housewives to kids while continuing its strategy to position

honey as a food product. The aim: to grow the market by

promoting large scale/frequent consumption. The result from the

second stage of repositioning, says Duggal, are currently being

evaluated. "The real results will emerge now but the immediate

challenge is to maintain the current growth rate," says Duggal.

Besides the TV advertising campaign-honey khaake dekho ji-

Dabur has supported the new positioning plank with various below

the line activities targeting kids. These include giving away fun

freebies such as comics and animal faced masks with 200 gm,

500gm and 1kg Dabur Honey. Besides, the company has

undertaken a plantation awareness programme in more than 200

schools in Delhi. As part of the project, Dabur contacted more than

55,000 children of class II and III and provided booklets and poster

to them.

Dabur Honey claims to be the leader in the branded Honey market

with a more than 50 per cent market share. The estimated size of

the market is around Rs. 100 crore with a large unorganized

sector. The brand expects to achieve a turnover of Rs. 45 crore in

the current financial year. The brand spends about Rs. 4 crore on

advertising.

Financial Express - August 1, 2005

Dabur net profit jumps 35 per cent to Rs. 7.16 crore in first

-quarter

Dabur India Limited, today, recorded an increase of 35 per cent in

its net profit to Rs. 7.16 crore for the first quarter ended June 2000

up from Rs. 5.27 crore during the same quarter in 1999.

The net profit excludes a non-recurring income of Rs. 21.17 crore

received by the company from sale of its 49 per cent stake in

General de Confeteria Ltd. during the same period last year. The

sales turnover grew by 6.2 per cent to Rs. 247.90 crore as against

Rs. 233.53 crore during the period under the review.

However, according to the company release, the sales turnover

went up by 10 per cent on like to like basis after excluding its foods

business that has been carved into a separate subsidiary. The

company expects to record higher growth rates during the rest of

the year as some new products are slated for launch during the

second and third quarter.

Recently, Dabur added a new variant to its Pudin Hara range. The

board also approved a stock split of each equity share of Rs. 10

into 10 equity shares of Rs.1 which would lead to an increase in

the number of shares of the company resulting in better liquidity.

As a step towards professionalisation of Dabur's board, Dabur

inducted SM Dutta and Sunil Duggal on the board of directors.

While Dutta has formerly been the chairman of Hindustan Lever

Ltd. (HLL), Duggal is the vice President-family products division,

Dabur.

The company has maintained its advertising and promotional

expenditure at 11.5 per cent of sales and recorded healthy growth

in the sales performance of some of its major health and personal

care brands. While Vatika Shampoo grew by more than 100 per

cent, Dabur Amla Hair Oil, Special Hair Oil and Dabur Honey by

12 per cent, Hajmola by 13 per cent and Ulgel, an antacid in

ethnic flavour increased by 20 per cent.

It's key pharmaceutical brand new Livfit recorded a growth of

more than 100 per cent, the release added.

During the quarter, the company made an additional

investment of $ 3 million in Dabur Oncology Plc, the subsidiary set

up in the UK to manufacture and market oncology formulations for

European and US market.

Business Standard- September 14, 2004

Dabur eyes Rs. 3000 Crores turnover by 2007-08

The Rs. 1,042 crore Dabur India Ltd. is targeting a turnover

of Rs. 3,000 crore by end of 2004-05, chairman V C Burman said

at the company's 25th annual general meeting held here yesterday.

"The company grew 14 per cent last fiscal against the

industry growth of 7 per cent," Burman said. The various divisions

of Dabur recorded a double digit growth during the year- the family

product division grew 16 per cent, healthcare 12 per cent,

Ayurvedic specialty 27 per cent and pharmaceutical 27 per cent.

The resolution recommending a split of the company’s one

share of Rs. 10 into 10 share of Rs. 1 each was passed

unanimously at the meeting. The shareholders also approved an

employee stock option scheme for senior managers. Burman also

welcomed S M Dutta and Sunil Duggal on the board. He

expressed confidence that with the professionalisation of the

board, the company would achieve a new milestone in corporate

governance. The company has already set up an audit committee,

shareholder and investors grievance committee, a remuneration

committee and a compensation committee as laid down by the

Securities and Exchange Board of India. Burman said the

company is all set to use the information highway for business-to-

business and business-to-consumer transaction. On the research

and development front, Dabur has taken major strides in the field

of development of new chemical entities and new drug delivery

systems, he said.

“DABUR” Balance Sheet as on 31st March, 2008

Schedule As At 31st March, 2003 (Rs. IN LACS)

As At 31st March,2002

(Rs. IN LACS)

SOURCES OF FUNDS

Shareholders' Funds

(A) Share Capital A 2852.06 2,850.67

(B) Reserves and Surplus B 29,151.56 23,299.61

32,003.62 26,150.28

LOAN FUNDS

(A) Secured Loans C 6,300.86 5,889.32

(B) Unsecured Loans D 22,601.14 23,604.26

28,902.00 29,493.58

TOTAL 60,905.62 55,643.86

APPLICATION OF FUNDS

FIXED ASSETS

(A) Gross Block F 36,788.52 33,695.43

(B) Less: Depreciation 11,705.07 9,844.76

( C) Net Block 25,083.45 23,850.67

INVESTMENTS G 4,717.40 4,783.22

Current Assets, Loans & Advances

H

A) Inventories 14,429.29 12,744.78

B) Sundry Debtors 11,818.21 8,939.93

C)Cash & Bank Balances 6,910.55 5,672.69

D) Loans & Advances 8,065.31 6,995.22

41,223.36 34,352.62

Less: Current Liabilities & Provisions

E

A) Liabilities 8,662.80 7,079.11

B) Provisions 2,159.87 1,247.35

10,822.67 8,326.46

NET CURRENT ASSETS 30,400.69 26.026.16

Miscellaneous Expenditure

(To the extent not written off or adjusted)

IA 704.08 983.81

NOTES TO ACCOUNTS P

TOTAL 60,905.62 55,643.86

APPENDICS (CHILDREN)

1. [i] Name…………………………………………………………

[ii] Age ………………………………………………………….

2. Among the following which items do you consume?

[i] Jam ž [ii] Chips ž

[iii] Chocolates ž [iv] Jelly ž

[v] Honey ž [vi] Cheese ž

[vii] Butter ž [viii] Cold Drinks ž

3. Do you ask yourself for honey?

[i] Yes ž [ii] No ž

4. If No (in question Three) why do you consume honey?

[i] Health ž [ii] Taste ž

[iii] Both (i) &(ii) ž [iv] Any other ž

5. How do you consume honey ?

[i] Honey plain ž [ii] With toast/Bread ž

[iii] With Milk ž [iv] With Ice-cream ž

[v] With Biscuits ž [vi] With Nibu Pani ž

[vii] With Parathas/Roti ž

[viii] Any Other (Specify) ………………………

6. When do you consume honey?

[i] At breakfast ž

[ii] With snacks ž

[iii] In tiffins ž

[iv] With friends ž

[v] When you want to have something for fun ž

[vi] Whenever you feel like having something sweet ž

[vii] Along with lunch/ dinner ž

[viii] Any other (Specify) ………………………………….

7. How many times do you take honey in a day?

[i] Once ž [ii] Twice ž

[iii] Thrice ž [iv] Any other (Specify)

………………….

8. Have you seen any advertisement of honey on television?

[i] Yes ž [ii] No ž

9. If yes (in question six), which advertisements?

………………………………..………………………………..

……………………………………………………………………………

……………….

10. Which T.V. Channels?

[i] Sony ž [ii] Star Plus ž

[iii] Zee Network ž [iv] Cartoon Network ž

[v] Doordarshan ž [vi] Any other (Specify)…………...

11. Have you decided to purchase Dabur honey after watching

the advertisement?

[i] Yes ž [ii] No ž

12. Who encourage you to take Dabur honey?

[i] T.V. ž [ii] Friends ž

[iii] Family ž [iv] Any other (Specify)…………...

ANNEXURE1. PERSONAL DETAILS

Name: _____________________________________________

M/F _______________________________________________

Address/Tel. ________________________________________

Age _______________________________________________

Occupation _________________________________________

Income:-

(i) Below - Rs. 5,000 ž

(ii ) Rs. 5,000 - Rs. 10,000 ž

(iii ) Rs. 10,000 - Rs. 15,000 ž

(vi ) Rs. 15.000 & above ž

2. From the following which items do you consume?

(i) Jam ž (ii) Ketchups ž

(iii) Honey ž (iv) Cheese ž

(v ) Butter ž (vi) Chips ž

(vii ) Cold drinks ž (viii) Any other (specify)

…………

3. Who consumes honey the most ?

(i) Children ž (ii) Yourself ž

(iii ) Husband ž (iv) Family ž

(v) Any other (specify) …………………………………………

4. Do children …………………………………………..?

(i) Ask for it ž

(ii) You give it yours self ž

5. How do kids consume honey?

(i) Honey plain ž (ii) With toast/Bread ž

(iii) With Milk ž (iv) With Ice-cream ž

(v) With Biscuits ž (vi) With Nibu Pani ž

(vii) With Parathas/Roti ž (viii) Any Other

(Specify)…………

6. How do adults consume honey?

(i) Honey plain ž (ii) With toast/Bread ž

(iii ) With Milk ž (iv) With Ice-cream ž

(v) With Biscuits ž (vi) With Nibu Pani ž

(vii) With Parathas/Roti ž (viii) Any Other (Specify)

………..

7. When do you take honey?

(i) At breakfast ž

(ii) Any times of the day as a snacks ž

(iii) As when need arise ž

(iv) Any other (specify) ž

8. Why do kids consume honey?

(i) Taste ž (ii) Health ž

(iii) Both (i) & (ii) ž (iv) Any other (specify)

……………

9. Why do adults consume honey?

(i) Taste ž (ii) Health ž

(iii) Both (i) & (ii) ž (iv) Any other (specify)

……………

10. When do you usually decide your purchase of honey?

(i) As on when need arises ž

(ii) With monthly grocery list ž

(iii) Any other ( specify)……………………………………………

11. In which season do you purchase honey mostly?

(i) Winter ž (ii) Summer ž

(iii) Rainy season ž (iv) Whole year ž

13. Do you buy …………………………………………………… ?

(i) Branded ž (ii) Unbranded ž

(iii) Local Brand ž (iv) Any other (Specify)

…………...

14. Which brand comes to your Mind first when you heard of the

word "Honey"?

(i) Dabur ž (ii) Zandu ž

(iii) Himani ž (iv) Any other (Specify)

…………...

15. Which brand do you consume?

(i) Dabur ž (ii) Zandu ž

(iii) Himani ž (iv) Any other (Specify)

…………

16. If answer is (a) in Q. fifteen what do you like the most?

(i) Purity ž (ii) Quality ž

(iii) Price ž (iv) Easy availability ž

(v) Packsize ž (vi) Packaging ž

(vii ) Brand name ž (viii) Free gifts ž

(ix) Any other (Specify)

…………………………………………………...

17. Which packsize do you normally purchase?

(i) 50 gms. ž (ii) 100 gms. ž

(iii) 200 gms. ž (iv) 500 gms. ž

(v ) Any other (specify)

……………………………………………………

18. From where do you buy Dabur honey generally?

(i) Medical store ž (ii) General store ž

(iii) Departmental store ž (iv) Any other (Specify)

…………

19. Who influence the buying decision?

(i) Children ž (ii) Friends ž

(iii) Family ž (iv) Any other (specify)

……………

20. What is your monthly consumption of Dabur honey ?

……………………………..……………………………..

………………

21. Your level of satisfaction:-

(i) Very good ž (ii) Good ž

(iii ) Satisfy ž (iv) Any other (Specify)

…………

22. Your Suggestions:

…………………………………….……………………………………….

……………………………………….

……………………………………….

…………………………………………………………………………

…………………………………….……………………………………….

……………………………………….

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APPENDICS (RETAILERS)

1. Do you keep honey?[i] Yes ž [ii] No ž

2. Which brands do you have ?[i] Dabur ž [ii] Himani ž

[iii] Zandu ž [iv] Any other (specify)

…………

3. Which brand do you sale mostly?[i] Dabur ž [ii] Himani ž

[iii] Zandu ž [iv] Any other [specify]

………….

4. Do customers ask for simply honey or branded honey?[i] Yes ž [ii] No ž

5. Which brands?

[i] Dabur ž [ii] Himani ž

[iii] Zandu ž [iv] Any other [specify]

……………

6. (If answer is one in question five) which pack sizes of Dabur honey do you have?

[i] 50 gms. ž [ii] 100 gms. ž

[iii] 200 gms. ž [iv] 500 gms. ž

[v] Any other (specify) …………………………………………….

7. Which packsizes do you sale mostly?[i] 50 gms. ž [ii] 100 gms. ž

[iii] 200 gms. ž [iv] 500 gms. ž

[v] Any other (specify)

………………………………………………...

8. Do you think that do children demand Dabur honey mostly ?……………………………………………………………………………

9. Why customers go for Dabur ?[i] Purity ž [ii] Quality ž

[iii] Price ž [iv] Easy availability ž

[v] Packsize ž [vi] Packaging ž

[vii] Brand name ž [viii] Free gifts

ž

[ix] Any other (Specify)

…………………………………………………...

10. Do customers purchase honey after seeing various brands ?

[i] Yes ž [ii] No ž

11. What do you think that more consumption of Dabur Honey depends upon season also? If Yes ?

[i] Winter ž [ii] Summer ž

[iii] Rainy Season ž [iv] Any other (specify)

…………

12. What is your monthly sale ?

[i] In gms. ž [ii] In kgs. ž

[iii] Any other (specify) …………………………………………..…

13. Are you satisfied with your margin ?[i] Yes ž [ii] No ž

14. How is your relation with distributors?[i] Very Good ž [ii] Good

ž

[iii] Satisfy ž [iv] Any other (specify)

…………..

15. Yours Suggestions:-……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………

……………………………………………………………………………