MIRA INFORM REPORT

Report Date :

20.06.2014

IDENTIFICATION DETAILS

Name :	DABUR INDIA LIMITED
Formerly Known As :	DABUR (DR. S K BURMAN) PRIVATE LIMITED
Registered Office :	8/3 Asaf Ali Road, New Delhi – 110 002
Country :	India
Financials (as on) :	31.03.2013
Date of Incorporation :	16.09.1975
Com. Reg. No.:	55-007908
Capital Investment / Paid-up Capital :	Rs.1742.900 Millions
CIN No.: [Company Identification No.]	L24230DL1975PLC007908
TAN No.: [Tax Deduction & Collection Account No.]	DELD01285E
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturing of herbal healthcare and personal care, food, pharmaceuticals, ayurvedic medicines, veterinary products and cosmetics.
No. of Employees :	6154 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

Aa (72)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 64000000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is a one of India’s largest FMCG companies, specializing in natural healthcare, personal care and food products. It is also one of the largest producers of ayurvedic drugs in India. It is a well-established and reputed company having fine track record. The rating reflects Dabur’s strong market position in India’s fast moving consumer goods (FMCG) industry, particularly in the natural and herbal products segment supported by strong market position with good brand appeal. Further rating also reflects strong financial risk profile marked by strong operating efficiency and decent liquidity position of the company. Directors are reported to be experience and resourceful business man. Trade relations are reported as trustworthy. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – March 31, 2014

Country Name	Previous Rating (31.12.2013)	Current Rating (31.03.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INDIAN ECONOMIC OVERVIEW

N E W S

The economy grew 4.7 %in 2013/14, marking a second straight year of sub-5 % growth – the worst slowdown in more than a quarter of a century. The data was below an official estimate of 4.9 % annual growth and compared with 4.5 % in the last fiscal year. However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A sharp fall in gold imports due to restrictions on overseas purchases and muted import of capital goods helped shrink the current account deficit.

Online retailer Flipkart has acquired fashion portal Myntra as it prepares to battle with the rapidly expanding India arm of the global e-commerce giant Amazon. The company raised $ 210 million from Russian Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba Group.

General Motors will start exporting vehicles from its Talegaon plant near Pune in the second half of 2014. GM was one of the few global carmakers that was using its India plant only for the domestic market.

Google has overtaken Apple as the world’s top brand in terms of value, according to global market research agency Millward Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were dominated by US companies.

Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being the other two.While Vemuri went on to lead IGate, Balakrishnan joined politics.

Naresh Goyal – promoted Jet Airways posted biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31, mainly because it has been offering discounts to passengers to fill planes.

William S Pinckney – Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection with a complaint against the direct selling firm. This is the second time that he has been taken into custody. A year, ago the Kerala Police had arrested Pinckney and two company directors on charges of financial irregularities.

China has told its state-owned enterprises to sever links with American consulting firms after the United States charged five Chinese military officers wih hacking US companies. China’s action which targets consultancies like McKinsey & Co. and the Boston Consulting Group, sterns from fears that the first are providing trade secrets to the US governments.

India has emerged as a country with some of the highest unregistered businesses in the world. Indonesia has the maximum number of shadow businesses, says a study of 68 countries by Imperial College Business School in London.

Pfizer has abandoned its attempt to buy AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55 pounds a share.

EXTERNAL AGENCY RATING

Rating Agency Name	CRISIL
Rating	Long Term Rating = AAA
Rating Explanation	Highest degree of safety and lowest credit risk
Date	17.11.2013

Rating Agency Name	CRISIL
Rating	Short Term Rating = A1+
Rating Explanation	Very strong degree of safety and lowest credit risk
Date	17.11.2013

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2012.

INFORMATION DENIED BY

Name :	Ms. Sudha
Designation :	Not Divulged
Contact No.:	91-11-23253488
Date :	17.06.2014

LOCATIONS

Registered Office :	8/3 Asaf Ali Road, New Delhi – 110 002, India
Tel. No.:	91-11-23253488
Fax No.:	Not Available
Website :	http://www.dabur.com
Corporate Office :	Dabur Tower, Kaushambi, Sahibabad, Ghaziabad - 201 010, Uttar Pradesh, India
Tel. No.:	91-120 – 3982000 (30 Lines)
Fax No.:	91-120 – 4374935 / 3001000 (30 Lines)
E-Mail :	investors@dabur.com
Factory 1 :	Unit I & II, Plot No. 22, Site IV, Sahibabad-201010, Ghaziabad, India
Tel. No.:	91-120-3008700
Fax No.:	91-120-2779914 / 4376924
Factory 2 :	Hajmola Unit, 109, HPSIDC Industrial Area, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 3 :	Chyawanprash Unit, 220-221, HPSIDC Industrial Area, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 4 :	Amla/Honey Unit, Village Billanwali Lavana, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 5 :	Glucose Unit, Plot No. 12, Industrial Area, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 6 :	Shampoo Unit, Village Billanwali Lavana, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 7 :	Toothpaste Unit, Village Billanwali Lavana, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 8 :	Honitus/Nature Care Unit, 109, HPSIDC Industrial Area, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 9 :	Food Supplement Unit, 221, HPSIDC Industrial Area, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 10 :	Oral Care Unit, 601, Malku Majra, Nalagarh Road, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 11 :	Green Field Unit, Village Manakpur, Tehsil Baddi, District Solan-173205, Himachal Pradesh, India
Factory 12 :	Air Freshener Unit, Village Billanwali Lavana, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 13 :	Toothpowder Unit, Village Billanwali Lavana, Baddi, District Solan-173205, Himachal Pradesh, India
Factory 14 :	Skin Care Unit, Village Manakpur, Tehsil Baddi, District Solan-173205, Himachal Pradesh, India
Factory 15 :	Honey Unit, Village Manakpur, Tehsil Baddi, District Solan-173205, Himachal Pradesh, India
Factory 16 :	Unit I and Unit II, Plot No.4, Sector-2, Integrated Industrial Estate, Pantnagar, District Udham Singh Nagar-263146, Uttarakhand, India
Tel. No.:	91-5944-298500
Fax No.:	91-5944-250064
Factory 17 :	Unit I, II & III, Lane No.3, Phase II, SIDCO Industrial Complex, Bari Brahmna, Jammu and Kashmir, India
Tel. No.:	91-1923-220123 / 221970 / 222341
Fax No.:	91-1923-221970
Factory 18 :	10.4 Mile Stone, NH -7, Village Padua, Katni-483442, Madhya Pradesh, India
Tel. No.:	91-7622-262317 / 262297 / 297507
Factory 19 :	SP-C 162, Matsya Industrial Area, Alwar - 301 030, Rajasthan, India
Tel. No.:	91-144-2881542
Fax No.:	91-144-2881302
Factory 20 :	86-A, Kheda Industrial Area, Sector-3, Pithampur - 454774, District Dhar, Madhya Pradesh, India
Tel. No.:	91-7292-400046 to 51
Fax No.:	91-7292-400112
Factory 21 :	9, Netaji Subhash Chandra Bose Road, P.O. - Narendrapur, Kolkata - 700103, West Bengal, India
Tel. No.:	91-33-24772324 / 26 / 24772620 / 24772738 / 24772740
Fax No.:	91-33-24772621
Factory 22 :	Unit – I & II, Survey No. 225/4/1, Village Saily, Silvassa – 396230, Dadra and Nagar Haveli ( UT of India)
Tel. No.:	91-1438-223342 / 223783 / 223892
Fax No.:	91-1438-223010
Factory 23 :	G 50-59, IID Centre, NH-12, Road No.1, Newai - 304020, District Tonk-304020 Rajasthan, India
Tel. No.:	91-1438-223342 / 223783 / 223892
Fax No.:	91-1438-223010
Factory 24 :	Kartowa, P.O. Mahanvita, P.S. Rajganj, District Jalpaiguri-735135, West Bengal, India
Factory 25 :	D-55, MIDC, Ambad, Nashik – 422 010, Maharashtra, India
Tel. No.:	91-253-662322
Fax No.:	91-253-2383146 / 2383577

DIRECTORS

As on 31.03.2014

Name :	Dr. Anand Burman
Designation :	Chairman
Name :	Mr. Amit Burman
Designation :	Vice Chairman
Name :	Mr. Saket Burman
Designation :	Director
Name :	Mr. Mohit Burman
Designation :	Director
Name :	Mr. P. D. Narang
Designation :	Director
Name :	Mr. Sunil Duggal
Designation :	Director
Name :	Mr. R. C. Bhargava
Designation :	Director
Name :	Mr. P. N. Vijay
Designation :	Director
Name :	Dr. S. Narayan
Designation :	Director
Name :	Mr. Albert Wiseman Paterson
Designation :	Director
Name :	Mr. Analjit Singh
Designation :	Director
Name :	Dr. Ajay Dua
Designation :	Director

KEY EXECUTIVES

Name :	Mr. A. K. Jain
Designation :	General Manager (Finance) and Company Secretary

SHAREHOLDING PATTERN

As on 31.03.2014

Category of Shareholder	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	2163000	0.12
Bodies Corporate	1194541150	68.50
Sub Total	1196704150	68.63
(2) Foreign
Individuals (Non-Residents Individuals / Foreign Individuals)	315000	0.02
Sub Total	315000	0.02
Total shareholding of Promoter and Promoter Group (A)	1197019150	68.64
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	1570530	0.09
Financial Institutions / Banks	19287509	1.11
Insurance Companies	77543867	4.45
Foreign Institutional Investors	335444254	19.24
Sub Total	433846160	24.88
(2) Non-Institutions
Bodies Corporate	19614921	1.12
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 million	69685086	4.00
Individual shareholders holding nominal share capital in excess of Rs.0.100 million	16614408	0.95
Any Others (Specify)	7033348	0.40
Overseas Corporate Bodies	84000	0.00
Non Resident Indians	5263865	0.30
Clearing Members	936083	0.05
Trusts	749400	0.04
Sub Total	112947763	6.48
Total Public shareholding (B)	546793923	31.36
Total (A)+(B)	1743813073	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1) Promoter and Promoter Group	0	0.00
(2) Public	0	0.00
Sub Total	0	0.00
Total (A)+(B)+(C)	1743813073	0.00

BUSINESS DETAILS

Line of Business :

Manufacturing of herbal healthcare and personal care, food, pharmaceuticals, ayurvedic medicines, veterinary products and cosmetics.

PRODUCTION STATUS (As on : 31.03.2011)

Particulars	Unit	Installed Capacity	Actual Production
Hair Oils	Kilo-ltrs	108419	31075
Chyawanprash	Tonnes	59927	17804
Honey	Tonnes	9341	6479
Tooth Powder and Paste	Tonnes	52882	28276
Hajmola	Tonnes	12239	5496
Asava – Arishta	Kilo-ltrs	11403	8100
Fruits,Nector and Drinks	Kilo-ltrs	35700	22470
Vegetable Pastes	Mt	4800	1258

GENERAL INFORMATION

No. of Employees :

6154 (Approximately)

Bankers :

• Punjab National Bank
• Standard Chartered Bank
• The Hongkong and Shanghai Banking Corporation Limited
• The Royal Bank of Scotland
• Citibank N.A.
• HDFC Bank Limited
• IDBI Bank Limited

Facilities :

SECURED LOANS	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Short Term Borrowings
Cash credits from Bank	224.700	191.200
Commercial Papers	500.000	0.000
Total	724.700	191.200

Note:

1. There is no default in repayment of principal loan or interest thereon.

2. No Guarantee Bond has been furnished against any loan.

3. Cash Credits are secured by hypothecation of inventories and book debts among bankers in consortium eg. Punjab National Bank, Standard Chartered Bank Limited, Hongkong and Shanghai Banking Corporation Limited, Royal Bank of Scotland, IDBI Bank Limited, Citi Bank NA and HDFC Bank Limited.

Banking Relations :	--
Auditors :
Name :	G. Basu and Company Chartered Accountants
Internal Auditors :	Price Waterhouse Coopers Private Limited
Domestic Wholly Owned Subsidiary :	H and B Stores Limited
Foreign wholly Owned Subsidiary :	Dermoviva Skin Essentials Inc Dabur Egypt Limited, Egypt Dabur (UK) Limited, UK Dabur International Limited, UAE African Consumer care Limited, Nigeria Naturelle LLC, UAE
Foreign Subsidiary :	Asian Consumer care Private Limited, Dhaka Dabur Nepal Private Limited, Nepal Weikfield International (UAE) LLC Asian Consumer care Pakistan Private Limited, Pakistan Dabur Egypt Trading Limited, Egypt Hobi Kozmetik Ra Pazarlama Namaste Laboratories LLC, US - Hair Rejuvenation and Revitalization Nigeria Limited - Healing Hair Lab International LLC, USA Urban Lab International LLC, USA Dabur Lanka Private Limited Sri Lanka Namaste Cosmeticos Ltda, Brazil
Joint venture /Partnership :	Forum 1 Aviation Limited

CAPITAL STRUCTURE

As on 31.03.2013

Authorised Capital :

No. of Shares	Type	Value	Amount
2070000000	Equity Shares	Re.1/- each	Rs.2070.000 Millions

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
1742935011	Equity Shares	Re.1/- each	Rs.1742.900 Millions

Reconciliation of the number of shares

Equity Shares	Number of Shares	Rs. In Millions
Balance as at the beginning of the year	1742100854	1742.100
Add: Shares issued under ESOP scheme during the year	834157	0.800
Balance as at the end of the year	1742935011	1742.900

Rights, preference and restrictions attached to Equity Shares

i) The Company has one class of equity shares having a par value of `1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.

ii) Shares of the company are ordinarily transferable provided:

• Instrument of transfer is in form prescribed under the Act & duly stamped and executed by/on behalf of transferor and transferee.

• Transferee consenting or replying affirmatively within specified period of his/her receipt of notice under section 110(2) of Companies Act, 1956 issued by the company in respect of application of transfer of registration of shares made by the transferor.

• Transferee is not of unsound mind.

• Company does not have any lien on shares under application of transfer.

Details of equity shares held by shareholders holding more than 5% shares of the aggregate shares in the company

Name of Shareholder	No of Shares
Chowdry Associates	217934000
VIC Enterprises Private Limited	217734000
Gyan Enterprises Private Limited	202237980
Puran Associates Private Limited	189212000
Ratna Commercial Enterprises Private Limited	154960930
Milky Investment and Trading Company	106140970

Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the period of five years immediately preceding the reporting date

Particulars	No of Shares
Number of equity shares issued under merger/amalgmation	1384620
Number of equity shares issued under ESOP scheme*	1113100

* Part of consideration money not paid in cash

Shares allotted as fully paid up bonus shares during the period of five years immediately preceding the reporting date

Particulars	No of Shares
Number of equity shares issued in last 5 years as fully paid up bonus shares	870361899

Shares reserved for issue under options

Particulars	No of Shares
Number of equity shares reserved for issue under options contracts / commitment for sale for shares Term therein: Options granted to an employee is subject to cancellation under circumstances of his cessation of employment with the company on or before vesting date.	17473798

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2013	31.03.2012	31.03.2011
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,742.900	1,742.100	1,740.700
(b) Reserves & Surplus	14,204.900	11,290.600	9,270.900
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	15,947.800	13,032.700	11,011.600
(3) Non-Current Liabilities
(a) long-term borrowings	8.400	11.400	55.100
(b) Deferred tax liabilities (Net)	341.800	271.100	174.000
(c) Other long term liabilities	0.000	0.000	0.000
(d) long-term provisions	396.500	404.900	3,600.000
Total Non-current Liabilities (3)	746.700	687.400	3,829.100
(4) Current Liabilities
(a) Short term borrowings	2,407.400	2,721.300	2,465.000
(b) Trade payables	6,041.400	5,222.800	4,948.600
(c) Other current liabilities	1,336.400	1,224.000	377.700
(d) Short-term provisions	1,799.200	1,627.100	1,447.100
Total Current Liabilities (4)	11,584.400	10,795.200	9,238.400
TOTAL	28,278.900	24,515.300	24,079.100
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6,037.100	5,781.900	4,925.300
(ii) Intangible Assets	128.700	71.400	50.300
(iii) Capital work-in-progress	170.700	115.800	43.700
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	2,349.700	1,594.800	1,021.100
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	87.000	185.700	3,236.100
(e) Other Non-current assets	2,131.800	838.400	829.400
Total Non-Current Assets	10,905.000	8,588.000	10,105.900
(2) Current assets
(a) Current investments	4,944.400	3,932.400	4,173.800
(b) Inventories	4,997.400	5,285.700	4,605.900
(c) Trade receivables	2,553.200	2,241.700	2,024.600
(d) Cash and cash equivalents	3,194.000	2,612.900	1,924.100
(e) Short-term loans and advances	1,165.300	1,532.500	913.400
(f) Other current assets	519.600	322.100	331.400
Total Current Assets	17,373.900	15,927.300	13,973.200
TOTAL	28,278.900	24,515.300	24,079.100

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2013	31.03.2012	31.03.2011
	SALES
		Income	43,493.900	37,575.400	32806.100
		Other Income	868.900	551.400	263.500
		TOTAL (A)	44,362.800	38,126.800	33069.600
Less	EXPENSES
		Cost of materials consumed	16,580.500	14,837.000	12740.500
		Purchase of stock in trade	6,302.900	6,029.400	4549.100
		Changes in inventories of FG, WIP & Stock in trade :
		Finished Goods	128.100	(187.8000	(577.8000
		Work in Progress	22.600	(319.100)	(127.800)
		Stock in trade	107.600	(86.400)	(77.500)
		Employee benefits expenses	2,812.400	2,433.700	2172.800
		Other Expenses	9,995.600	8,301.000	7628.700
		Extraordinary Items	0.000	448.900	0.000
		TOTAL (B)	35,949.700	31,456.700	26308.000
Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		8,413.100	6,670.100	6761.600
Less	FINANCIAL EXPENSES (D)		184.000	141.000	120.000
	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		8,229.100	6,529.100	6641.600
Less/ Add	DEPRECIATION/ AMORTISATION (F)		732.400	658.800	679.000
	PROFIT BEFORE TAX (E-F) (G)		7,496.700	5,870.300	5962.600
Less	TAX (H)		1,586.900	1,237.900	1248.500
	PROFIT AFTER TAX (G-H) (I)		5,909.800	4,632.400	4714.100
Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		8641.100	7142.200	5269.100
Less	APPROPRIATIONS
		Transfer to Capital Reserve	0.000	1.400	13.400
		Transfer to General Reserve	600.000	500.000	500.000
		Interim Dividend	1132.900	958.100	870.400
		Proposed Final Dividend	1481.500	1306.600	1133.000
		Corporate Tax on Final Dividend	251.800	212.000	0.000
		Corporate Tax on interim dividend	183.800	155.400	324.200
		Dividend adjustments of earlier years	0.500	0.000	0.000
		Dividend tax adjustment of earlier years	0.100	0.000	0.000
	BALANCE CARRIED TO THE B/S		10900.300	8641.100	7142.200
	EARNINGS IN FOREIGN CURRENCY
		Export sales at FOB	2381.700	1671.900	1316.900
		Interest Income	0.000	0.000	24.700
	TOTAL EARNINGS		2381.700	1671.900	1341.600
	IMPORTS
		Raw Materials	224.300	177.300	134.000
		Stores & Spares	18.500	8.000	2.800
		Finished Goods	5.500	0.000	0.000
		Capital Goods	66.100	121.700	63.100
	TOTAL IMPORTS		314.400	307.000	199.900
	Earnings Per Share (Rs.)
	Basic		3.39	2.66	2.71
	Diluted		3.37	2.64	2.69

KEY RATIOS

PARTICULARS		31.03.2013	31.03.2012	31.03.2011
PAT / Total Income	(%)	13.32	12.15	14.26
Net Profit Margin (PBT/Sales)	(%)	17.24	15.62	18.18
Return on Total Assets (PBT/Total Assets}	(%)	29.10	25.74	25.91
Return on Investment (ROI) (PBT/Networth)		0.47	0.45	0.54
Debt Equity Ratio (Total Debt /Networth)		0.15	0.21	0.23
Current Ratio (Current Asset/Current Liability)		1.50	1.48	1.51

FINANCIAL ANALYSIS

[all figures are in Rupees Millions]

DEBT EQUITY RATIO

Particular	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Share Capital	1740.700	1742.100	1742.900
Reserves & Surplus	9270.900	11290.600	14204.900
Net worth	11011.600	13032.700	15947.800
long-term borrowings	55.100	11.400	8.400
Short term borrowings	2465.000	2721.300	2407.400
Total borrowings	2520.100	2732.700	2415.800
Debt/Equity ratio	0.229	0.210	0.151

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	32,806.100	37,575.400	43,493.900
		14.538	15.751

NET PROFIT MARGIN

Net Profit Margin	31.03.2011	31.03.2012	31.03.2013
	Rs. In Millions	Rs. In Millions	Rs. In Millions
Sales	32,806.100	37,575.400	43,493.900
Profit	4,714.100	4,632.400	5,909.800
	14.37%	12.33%	13.59%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	No
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	----------
22]	Litigations that the firm / promoter involved in	----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	Yes

UNSECURED LOAN:

Particulars	31.03.2013 Rs. In Millions	31.03.2012 Rs. In Millions
Long Term Borrowings
Deferred Sales Tax Liabilities	8.400	11.400
Short Term Borrowings
Other short term loan from Banks	0.000	1500.000
Packing credit loan from Banks	1682.700	1030.100
Total	1691.100	2541.500

Notes:

1. There is no default in repayment of principal loan or interest thereon.
2. No Guarantee Bond has been furnished against any loan.
3. Payback of Deferred Sales Tax liabilities :-

Principal Undiscounted Value of this interest free loan amounting to Rs.162 is repayable in next 9 years, aggregate of payments in next consecutive nine years being ` 46, 37, 26, 14, 13, 11, 8, 5 & 2.

COMPANY INFORMATION

The ‘Company is a domestic public limited company and is listed on the Bombay Stock Exchange Limited (BSE) and the National Stock Exchange of India Limited (NSE). The company is one of the leading FMCG players dealing in consumer care and food products. The Company has manufacturing facilities across the length & breadth of the country and Research and Development center in U.P. (Sahibabad), selling arrangements being primarily in India through independent distributors except for institutional sales which are handled directly by the company.

DABUR PERFORMANCE OVERVIEW

Dabur achieved strong growth in sales and profits during fiscal 2012-13 with its sales crossing the Rs.60000.000 Millions mark. Good growth momentum was witnessed across categories and geographies with the Domestic FMCG business comprising Consumer Care and Foods and the organic International Business reporting strong volume driven growth. As a company, Dabur is highly connected to its consumers and develops products that meet their needs and requirements. Dabur has also been at the forefront of innovation with a high degree of consumer insight going into development of each product. Listening to their customers and translating their expectations into business value is an important process at Dabur. It is this deep understanding of the consumer and their specific needs that have helped us to specially tailor products for them. Basis this deep-rooted understanding of the ever-changing needs and aspirations of their consumers, fiscal 2012-13 witnessed Dabur introduce a number of new products and variants, across categories and geographies. Some of the launches in India during the year include Babool Salt toothpaste, air-freshening gels under the brand Odonil, Gulabari Saffron & Turmeric Cold Cream and Lotion, Turmeric and Saffron-based bleaches under Fem, new variants of packaged juices under the brands Réal and Activ and Anardana variant in Hajmola. Fiscal 2012-13 also saw Dabur revamp its oldest personal care brand Dabur Amla hair oil in a contemporary and youthful avatar, besides re-launching the acquired health rejuvenator and energiser brand, Thirty Plus, with an enhanced formulation. Dabur’s International Business kept up the strong pace of innovation with several new launches such as Vatika Henna based Hair Colors, Vatika Black Seed Oil, Dabur Medicated Toothpaste, Vatika Hair Serums, Curls Unleashed range and others. To overcome the hurdles posed by a challenging external environment, Dabur has been taking proactive measures in portfolio, product and channel optimisation. With the reorganisation of their domestic FMCG business in the year 2011-12, the focus this year was on ensuring deeper penetration and more effective distribution of their products. The rural markets are a particular case in point as the aspirations of rural consumers are aligning with their urban counterparts, leading to a steady shift in consumer preference towards branded consumer products. The rural consumer is no longer seeking brands that have been specially created for her, but wants the same urban market products that are regularly seen on national mass media. Thanks to the spurt in MSPs (Minimum Support Prices), employment generation schemes and overall growth in rural economy, the rural consumer today has more disposable income. In addition, the great rural-urban divide is no longer as dramatic as it used to be a decade ago. With members of several rural households migrating to urban markets, the increasing prosperity of these markets has found its reflection on rural economy as well. Besides increasing prosperity, media reaching deeper into rural markets has positively impacted consumption patterns. Recognising this huge opportunity, Dabur had embarked on Project Double in the latter half of fiscal 2011-12 to enhance presence in rural India. The project was completed in fiscal 2012-13 and they have more than doubled their direct reach to 30,091 villages from 14,865 villages in March 2011. Post completion of this project, they have witnessed an increase in their product width in rural markets which has translated into higher and more profitable sales. Word of mouth plays an important role in communicating the benefits of their products to their rural consumers. A good word from a trusted source is the best endorsement any product can get, more so in the rural context where just leveraging mass media is not enough. Here, the product attributes and benefits are best communicated through initiatives that help the consumer touch, feel and experience them. Their efforts in reaching out to the rural consumer and designing campaigns that interact and engage her helped us build strong consumer connect, resulting in rural markets outpacing urban markets. For instance, consumer engagement initiatives through haats and fairs like Kumbh mela, Nauchandi mela, Sonpur mela provided rural consumers with an opportunity to experience Dabur products. They embraced technology in a big way to service their customers better and establish more efficient channels of communication not only within the company but also with their distributors and channel partners. On one hand, they deployed efficient IT systems that helped release valuable time and enabled the sales team to focus on their core activity of selling with greater efficiency. On the other hand, Dabur is connecting with its consumers and key stakeholders from nearly every geography and demographic profile in the digital world. By creating interfaces on the digital social platform, Dabur as an entity and its various brands are reaching out to consumers, interacting with them and, in the process, enabling them to become their brand ambassadors.

OPERATIONS

At Dabur, they believe that Operations hold the key to gaining a competitive advantage. Dabur believes in continually striving for higher and better levels of quality not just in its products, but also in its operations, without losing sight of its commitments towards the environment and communities where it operates. Details of their various environment and community-led initiatives have been provided in the Business Responsibility Report section. A host of initiatives were also taken towards new product and pack introductions, improve safety awareness and quality improvement. Safety is non-negotiable at Dabur. The year also saw Dabur undertake a major Supply Chain realignment initiative to plug loss of sale due to non- delivery of customer orders. By working across the entire value chain - from sourcing, manufacturing and logistics through to innovation, advertising and promotions and pricing, they can use their scale to gain efficiencies, reach new markets and meet their sustainability targets. During fiscal 2012-13, three Dabur products - Vatika Shampoo, Dabur Almond Hair Oil and Réal Diwali Gift Pack (Car Design) - bagged the INDIASTAR award for excellence in packaging in India.

OUTLOOK

Going ahead, macro-economic headwinds and heightened competitive intensity notwithstanding, they would strive to continue to drive profitable growth on the back of enhanced distribution, innovative marketing mix and new initiatives across categories and businesses

STATEMENT OF STANDALONE AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED 31ST MARCH 2014

(Rs. In Millions)

Particulars	Quarter Ended	Quarter Ended	Year Ended
	(Audited)	(Unaudited)	(Audited)
	31.03.2014	31.12.2013	31.03.2014
1. Income from operations
a) Net sales/ Income from operation (net of excise duty)	12472.000	13390.700	48568.000
b) Other operating income	30.300	20.700	132.800
Total income from Operations(net)	12502.300	13411.400	48700.800
2.Expenditure
a) Cost of material consumed	4678.800	4769.800	18179.800
b) Purchases of stock in trade	1884.400	1788.200	7569.700
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	79.800	522.400	(123.200)
d) Advertising & Publicity	1267.500	1813.200	5811.100
e) Employees benefit expenses	835.500	898.700	3439.300
f) Depreciation and amortisation expense	148.500	134.700	538.900
g) Other expenditure	1442.300	1420.000	5566.900
Total expenses	10336.800	11347.000	40982.500
3. Profit from operations before other income and financial costs	2165.500	2074.400	7718.300
4. Other income	306.700	301.600	1095.700
5. Profit from ordinary activities before finance costs	2472.200	2376.000	8814.000
6. Finance costs	67.200	41.400	193.500
7. Net profit/(loss) from ordinary activities after finance costs but before exceptional items	2405.500	2334.600	8620.500
8. Exceptional item	0.000	0.000	0.000
9. Profit from ordinary activities before tax Expense:	2405.500	2334.600	8620.500
10.Tax expenses	525.500	203.100	1892.300
11.Net Profit / (Loss) from ordinary activities after tax (9-10)	1879.500	1831.500	6728.200
12.Extraordinary Items (net of tax expense)	(0.500)	(5.800)	(7.200)
13.Net Profit / (Loss) for the period (11 -12)	1879.000	1825.700	6721.000
14.Paid-up equity share capital (Nominal value Rs.10/- per share)	1743.800	1743.800	1743.800
15. Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year	-	-	17279.600
16.i) Earnings per share (before extraordinary items) of Re 1 /- each) (not annualised):
(a) Basic	1.08	1.05	3.86
(b) Diluted	1.07	1.04	3.83
ii)Earnings per share (after extraordinary items) (of Re 1 - each) (not annualised):
(a) Basic	1.08	1.05	3.86
(b) Diluted	1.07	1.04	3.83

Particulars	Quarter Ended	Quarter Ended	Year Ended
	(Audited)	(Unaudited)	(Audited)
	31.03.2014	31.12.2013	31.03.2014
A. Particulars of shareholding
1. Public Shareholding
- Number of shares	546793923	546793923	546793923
- Percentage of shareholding	31.36	31.36	31.36
2. Promoters and Promoters group Shareholding-
a) Pledged /Encumbered
Number of shares	300000	300000	300000
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	0.03	0.03	0.03
Percentage of shares (as a % of total share capital of the company)	0.02	0.02	0.02
b) Non Encumbered
Number of shares	1196719150	1196719150	1196719150
Percentage of shares (as a % of total shareholding of the promoter and promoter group)	99.97	99.97	99.97
Percentage of shares (as a % of total share capital of the company)	68.63	68.63	68.63
B. Investor Complaints
Pending at the beginning of the quarter	0
Receiving during the quarter	4
Disposed of during the quarter	4
Remaining unreserved at the end of the quarter	0

UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED

Particulars	Quarter Ended ( Unaudited)		Year Ended ( Unaudited)
	31.03.2014	31.12.2013	31.03.2014
1. Segment Revenue
A. Consumer Care Business	10065.100	11270.500	39267.500
B. Foods Business	2086.100	1862.800	7996.500
C. Other Segments	320.800	257.400	1304.000
Net Sales/Income from Operations	12472.000	13390.700	48568.000
2. Segment Result (Profit before Interest and Tax)
A. Consumer Care Business	2805.700	2884.500	10505.600
B. Foods Business	227.100	230.000	982.100
C. Other Segments	21.400	3.700	78.600
Sub Total	3054.200	3118.200	11566.300
Less: Interest & Financial Expenses	67.200	41.400	193.500
Less: Unallocable expenditure net off unallocable income	582.000	842.200	2752.300
Profit / (Loss) Before Tax	2405.000	2334.600	8620.500
Exceptional Item	-	-	-
Profit/(Loss) from Ordinary Activities before Tax	2405.000	2334.600	8620.500
Less:- Tax Expenses	525.500	503.100	1892.300
Profit / (Loss) After Tax	1879.500	1831.500	6728.200
Extraordinary items	(0.500)	(5.800)	(7.200)
Net Profit/(Loss) for the period	1879.000	1825.700	6721.000
3. Net Profit/(Loss) for the period
A. Consumer Care Business	8704.100	8043.600	8704.100
B. Foods Business	1623.300	1273.000	1623.300
C. Other Segments	239.100	221.600	239.100
Unallocated capital employed	8456.900	9582.000	8456.900
Total	19023.400	19120.200	19023.400

Notes:

1. The company has proposed final Dividend @ 100 % (Re 1 per share having par value of Re.1) for the financial year 2013-14 aggregating to Rs.2040.200 Millions including dividend tax.

2. Pursuant to the withdrawal of mandatory status of AS-30, 31 & 32, the applicabilty of the same was discontinued from the second quarter of current financial year. As a result, investment held for sale in non-current category have been accounted for at cost and current investments at lower of cost and market value. This contributed to reduction in profit (shown under extra-ordinary item) and value of current investment by Rs.0.500 Millions each for the current period ended 31st March'14 and decrease in non-current investment by Rs.6.600 Millions and net worth by Rs.7.100 Millions.

3. During the quarter Rs.1955.600 Millions have been invested on account of long term investment which includes Rs.52.000 Millions in a wholly owned domestic subsidiary.

4. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures upto the third quarter of the current financial year

5. Previous period figures have been regrouped / rearranged wherever necessary to conform to classification of this period.

6. The above results, duly reviewed by the Audit Committee, have been approved by the Board of Directors in its meeting held on 29th April, 2014.

7. Statutory Auditors have completed the audit for the financial year ended 31st March,2014

STANDALONE STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2014

Rs. In Millions

SOURCES OF FUNDS	31.03.2014
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1,743.800
(b) Reserves & Surplus	17,279.600
(c) Money received against share warrants	0.000
(2) Share Application money pending allotment	0.000
Total Shareholders’ Funds (1) + (2)	19,023.400
(3) Non-Current Liabilities
(a) long-term borrowings	0.000
(b) Deferred tax liabilities (Net)	426.400
(c) Other long term liabilities	0.000
(d) long-term provisions	401.400
Total Non-current Liabilities (3)	827.800
(4) Current Liabilities
(a) Short term borrowings	442.900
(b) Trade payables	7,046.700
(c) Other current liabilities	1,473.000
(d) Short-term provisions	2,404.200
Total Current Liabilities (4)	11,366.800
TOTAL	31,218.000
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	6,703.800
(ii) Intangible Assets	0.000
(iii) Capital work-in-progress	0.000
(iv) Intangible assets under development	0.000
(b) Non-current Investments	4,667.200
(c) Deferred tax assets (net)	0.000
(d) Long-term Loan and Advances	148.500
(e) Other Non-current assets	0.000
Total Non-Current Assets	11,519.500
(2) Current assets
(a) Current investments	6,517.000
(b) Inventories	5,582.000
(c) Trade receivables	3,231.200
(d) Cash and cash equivalents	2,974.700
(e) Short-term loans and advances	846.200
(f) Other current assets	547.400
Total Current Assets	19,698.500
TOTAL	31,218.000

INDEX OF CHARGE:

Sr. No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	10036700	05/02/2014 *	1,575,000,000.00	PUNJAB NATIONAL BANK	Nsic Bhawan, Okhla Industrial Estate, New Delhi - 110020, India	B96075569
2	90222864	09/03/1998	500,000.00	UNION BANK OF INDIA	Peddar Road Branch; Rajia Hosue No. 2, Kemps Corner, Bombay, Maharashtra - 400026, India	-
3	90222069	03/03/2000 *	1,000,000.00	UNION BANK OF INDIA	Peddar Road Branch; Rajia Hosue No. 2, Kemps Corner, Bombay, Maharashtra - 400026, India	-

FIXED ASSETS:

· Leasehold Land

· Buildings, Roads and Culverts

· Plant and Machinery

· Computer

· Vehicles

· Furniture and Fixture

· Freehold Land

· Computer Software

· Trade Marks and Patent

MEDIA

DABUR Q4 CONSOLIDATED NET PROFIT UP 17.3% AT RS 2352.900 MILLIONS

Tuesday, April 29, 2014

· Consolidated Q4 Revenue up 15.5% To Rs17690.200 Millions

· Consolidated 2013-14 full-year Revenue Up 15.1%; Net Profit Surges 19.7%

New Delhi, April 29th, 2014: The Board of Directors of Dabur India Limited (DIL) met here today to consider the audited financial results of the company for the quarter and full year ended March 31, 2014.

Strong volume-led growth across key categories like Health Supplements, Digestives, Shampoos, Toothpastes, Foods & Home Care helped Dabur India Limited mitigate the impact of a challenging business environment and macro headwinds to end the fourth quarter of 2013-14 financial year with a 15.5% surge in consolidated Net Sales to Rs.17690.200 Millions. Consolidated Net Sales stood at Rs15310.900 Millions in the same quarter last year. Dabur India Limited's Net Profit for the fourth quarter of 2013-14 marked a 17.3% growth to Rs.2352.900 Millions, as against Rs.2005.500 Millions a year earlier.

"The business has performed well on all operating parameters. Our strong performance reflects the robustness of our business model and our ability to efficiently manage the emerging challenges. Dabur has been reporting strong and consistent performance despite intensifying competitive pressures and the challenging market environment being witnessed for some quarters now. Going forward too, our focus will be on pursuing an aggressive and profitable growth strategy," Dabur India Limited Chief Executive Officer Mr. Sunil Duggal said.

Full-Year Results

Dabur India Limited ended the 2013-14 fiscal with a 15.1% growth in Net Sales to end the year at Rs.70732.100 Millions, up from Rs.61463.800 Millions a year earlier. Net Profit for the 2013-14 fiscal marked a 19.7% surge to Rs.9139.200 Millions, up from Rs.7634.200 Millions a year earlier.

Category Growths

The Digestives category posted a 23.3% growth during the fourth quarter of 2013-14, while the Foods business riding on strong demand for its packaged juices ended the period with a 20.6% growth. The Toothpaste business for Dabur led by Dabur Red Paste ported a 20.7% growth, while the Shampoo business grew by 19%. The Health Supplements business saw a 17.6% growth during the quarter, while the Home Care category grew by 13%.

Dabur's

International Business continues to be a key growth driver, recording a robust 20% growth during the fourth quarter of 2013-14, led by strong performance in GCC, Egypt and Levant (comprising Yemen, Jordan, Lebanon & Syria) markets. During the full year 2013-14, the Levant business reported a strong 32% growth, while sales in Egypt grew by 20% and GCC markets by 17%, Dabur India Limited Group Director Mr. P D Narang said

Dividend

The Board of Directors today recommended a final Dividend of 100%, which brings the total Dividend for the year to 175%. "Continuing with our payout policy, the Board has proposed a final dividend of Re.1 per share, aggregating to Rs.2040.200 Millions, including Dividend Tax" Dabur India Limited chairman Dr. Anand C Burman said

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.00
UK Pound	1	Rs.102.05
Euro	1	Rs.81.71

INFORMATION DETAILS

Information Gathered by :	GYT
Analysis Done by :	KAR
Report Prepared by :	VNT

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	9
PAID-UP CAPITAL	1~10	8
OPERATING SCALE	1~10	8
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	8
--PROFITABILIRY	1~10	7
--LIQUIDITY	1~10	8
--LEVERAGE	1~10	8
--RESERVES	1~10	8
--CREDIT LINES	1~10	8
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	YES
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		72

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
NB		NEW BUSINESS

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.