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 multiproduct 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 . 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. below:

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 Limited. vidogum limited, and is re-christened Dabur India

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

companys 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 divisions 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

Parent Company : Dabur India Limited HSL Code : DABIND BSE Code : 96 NSE Code : DABUR

HELP TAKEN FROM HDFC Securities Ltd

Income Statement As on (months) Profit / Loss A/C Net Sales Operating Income OPBDIT OPBDT OPBT Non-Operating Income Extraordinary/Prior Period Tax Profit after tax(PAT) Cash Profit Dividend-Equity Balance Sheet As on Assets Gross Block Net Block Capital WIP Investments Inventory Receivables Other Current Assets Balance Sheet Total Liabilities Equity Share Capital Reserves Total Debt Creditors and Acceptances Other current liab/prov. Balance Sheet Total 31-Mar-04 Rs mn 2648.64 1472.23 63.38 561.43 1114.98 420.72 1814.06 5446.79 Rs mn 286.25 2320.53 398.13 1621.42 820.47 5446.79 31-Mar-03 Rs mn 3186.84 1779.97 248.05 1167.86 1786.52 1166.58 1180.94 7329.93 Rs mn 285.75 3782.61 1100.08 1547.03 614.45 7329.93 31-Mar-02 Rs mn 3731.96 2260.40 160.58 1166.70 1585.33 1199.66 1358.17 7730.85 Rs mn 285.59 3660.06 2135.02 1210.73 439.45 7730.85 31-Mar-04(12) Rs mn 9977.60 10027.36 1321.21 1252.24 1073.70 60.70 -35.44 87.50 1011.46 1189.99 572.50 31-Mar-03(12) Rs mn 10801.70 10838.97 1317.06 1146.25 909.64 45.68 -31.93 74.30 849.08 1115.67 400.05 31-Mar-02(12) Rs mn 10272.40 10349.79 1187.23 947.74 693.80 61.31 -49.65 55.10 650.36 959.87 142.75

LATEST QUARTERLY/HALF YEARLY

As On (months) Profit / Loss A/C Sales of Products/Services Other Income Total Income Total Expenses Stock Adjustments OPBDIT Interest Depreciation Extraordinary Items Prior Period Adjustments Provision for Tax After Tax Profit Equity Capital Reserves 30-Sep-04(3) Rs mn 2895.50 27.20 2922.70 2393.80 0.00 528.90 9.10 41.00 0.00 0.00 47.50 431.30 286.30 0.00 30-Sep-03(3) Rs mn 3367.40 21.80 3389.20 2900.60 0.00 488.6 20.00 46.80 0.00 0.00 43.60 378.20 0.00 0.00

NET PROFIT AFTER INTEREST , DEPRECIATION & TAX FOR QUARTER ENDED SEPTEMBER 30,FOR YEAR 2003 &2004 (in Rs million)
440 430 420 410 400 390 380 370 360 350 378.2 431.3

30sep03(3) 30sep04(3)

NP INCREASED BY 14.04 % IN A QUARTER

RATIO ANALYSIS
As on OPBIT/Prod.cap.empl.(%) PBIT/Cap. Employed (%) PAT/Networth (%) Tax/PBT (%) Total Debt/Networth (x) Long Term Debt/Networth (x) PBDIT/Finance Charges (x) Current Ratio (x) RM Inventory (days consumption) FG inventory (days cost of sales) Receivables (days gross sales) Creditors (days cost of sales) Op. curr. assets (days OI) 31-Mar-04 92.96 39.71 38.80 7.96 0.15 0.05 19.52 1.37 38.98 19.07 14.44 67.98 80.00 31-Mar-03 29.34 22.24 20.87 8.05 0.27 0.05 7.79 1.91 55.15 31.33 36.91 59.30 137.00 31-Mar-02 19.91 15.96 16.48 7.81 0.54 0.07 5.01 2.51 39.97 36.12 40.25 48.23 137.00

CURRENT RATIO(CURRENT ASSETS / CURRENT LIABLITY) IDEAL RATIO= 2:1 But 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.
3 2.5 2 1.5 1 0.5 0 2.51 1.91 1.37 31-Mar-02 31-Mar-03 31-Mar-04

DABUR ENJOYING ITS SUCCESS It 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.
70 60 50 40 30 20 10 0 48.23 59.3 67.98 31-Mar-02 31-Mar-03 31-Mar-04 50 40 30 20 10 0 40.25 39.61 14.44 31-Mar-02 31-Mar-03 31-Mar-04

CREDITORS(DAYS COST OF SALES) GROSS SALES)

DEBTORS(DAYS

EARNINGS
As on EPS (Rs.) CFPS (Rs.) Book Value (Rs.) DPS (Rs.) 31-Mar-04 3.53 4.16 9.11 2.00 31-Mar-03 2.97 3.90 14.24 1.40 31-Mar-02 2.28 3.36 13.82 0.50

EARNING PER SHARE IN DABUR (I) FOR 3 YEARS

4 3.5 3 2.5 2 1.5 1 0.5 0 2.28 2.97 3.53

2002 2003 2004

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 STUDY

OWNERSHIP 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 companys 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 companys 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 companyidentifying 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 companys valuation on a comparative basis along with these companies.

EPS (RS.10/-) P/E RONW (%) ROCE (%)

Britannia 18.3 35.7 42.1 32.9

HLL Nestle SKBC Cadbury Dabur 48.6 10.2 21.5 16.2 27.1 35.6 42.9 17.8 43.3 30.9 50.9 34.1 42.7 19.1 24.2 46.9 24.6 42.7 18.1 12.7

Evidently, Daburs 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. Daburs 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 Office Asaf Ali Road, New Delhi Corporate Affairs Rouse Avenue, New Delhi Zonal Headquarters North Zone : New Delhi South Zone : Hyderabad East : Calcutta West: Mumbai Branch Offices Ahmedabad Bangalore Chandigarh Chennai Cuttack Guwahati Indore Jaipur Kanpur Kochi Patna Kathmandu Russia United Kingdom

FACTORIES
West Bengal Narendra pur ( Garia ) Kalyani Bihar Daburgram Rajasthan Alwar Uttar Pradesh Sahibabad, Ghaziabad Noida, Ghaziabad Himachal Pradesh Baddi I, II, III Madhya Pradesh Katni NEPAL Kathmandu 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 customers requirement worldwide. The management is fully committed to quality 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. and

PREFACE
Set 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 Daburs 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 20022003 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 Ltd Dabur Finance Ltd-(100%) Dabur Foods Ltd-(100%) Dabur Oncology plc-(100%)

Transfer Agents
MCS Ltd Unit Dabur India Ltd Sri Venkatesh Bhawan 212-A Shahpurjat New Delhi 110 049 Ph: 011 - 6494830 6495832 Fax: 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 70-80 38 37 2 0.5 20

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

0.5

0.2

0.25

Traces Traces

FINDINGS
A products 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
CHARACTERISTICS 1. Sales 2. Profits 3. Cash Inflow 4. Competitors 5. Customers

Introductio n
Low Negligible Negative Few Innovative

Growth

Maturity

Decline

Fast Growth Peak Level Moderate Growing Mass Market

Slow Growth Declining High Many Mass Market

Declining Low Low Declining 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.

S A L E S & P R O F I T S ($)

Sales

Profit

INTRODUCTION GROWTH DECLINE

MATURITY

Time

PRODUCT LIFE CYCLE

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.

Develop the research Plan

Collect the information

Analyze the information

Present the Findings

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 AREAS
DELHI
NOIDA 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 Sector 18 Sector 27 Sector 29 Sector 37 Nai Basti Ghanta Ghar Ghandhi Nagar Kavi Nagar IV, V Raj Nagar IV, VII

GHAZIABAD

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) (II) The objectives of the research project. 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 Research Design Sources of Information Data collection Method Questionnaire Types of questions Used : Open Ended Multiple Choice Close ended Dichotomous Target Group : Retailers Kids (6-10 Years) Ladies (Mothers) Sampling Method Sample Size : : Random Sampling Retailers -300 Kids-350 Ladies- 100 : : : : Delhi, Noida and Ghaziabad Exploratory Primary Data Secondary Data Structured Non Disguised

ANALYSIS AND INTERPRETATION -I(RETAILERS)

8%

92%

Who Keep Honey

Who Don't Keep Honey

INTERPRETATION
It was observed that 8% of the retailers dont keep honey at all while 92% of the retailers do keep honey.

10%

10% 80%

Unattrative Scheme

Attractive Scheme

Can't Say

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.

4%

44%

52%

Keep Only Dabur Honey

Other Brands Including Dabur

Don't Keep Dabur Honey

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.

5% 2% 5% 10% 52% 9%

17%

Brand Name Advertisement Can't Say

Quality Promotion Scheme

Purity Easy Availability

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.

30%

70%

Complaints

No Such Complaints

INTERPRETATION
It was observed that 27% of the retailers complaint about the crystallized honey complaint. while remaining have no such kind of

39%

61%

Unsatisfied with margin Satisfied with margin

INTERPRETATION
It was observed that 61% of the retailers were unsatisfied while remaining were satisfied with the margin.

ANALYSIS AND INTERPRETATIONII(KIDS)

28%

72%

Don't Eat Honey

Eat Honey

INTERPRETATION
It was observed that 28% of the kids dont eat honey at all while remaining 72% do eat honey.

13% 39%

48%

Plain

With Bread/ Milk/ Paronthas

Both

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.

34%

66%

Consume once a day

More than once

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.

26%

33%

7%

34%

As food items As Snacks As Medicine As Both ( Food Items & Snacks)

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.

23%

53% 24%

Chess

Sketch Pen

Snake & Ladders

INTERPRETATION
It 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.

1% 9%

90%

Seen and remember the Dabur advertisement Other advertisement

Not Seen the advertisement

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 brands advertisement.

ANALYSIS AND INTERPRETATION- III (MOTHERS)

14%

86%

Don't Consume Honey

Consume Honey

INTERPRETATION
It was observed that 14% of the respondents dont consume honey at all.

35%

65%

Kids

Adults

INTERPRETATION
It was observed that 65% of the respondents said that kids consume honey the most, while 35% told that adults consume honey.

17%

44%

39%

Very Good

Good

Satisfied

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.

21% 30%

24% 25%

Quality

Purity

Easy Availability

Brand Name

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.

10%

90%

Consume Dabur Honey

Don't Consume Dabur Honey

INTERPRETATION
It was observed that 90% of the respondents consume Dabur Honey, while they remaining consume other brands.

17%

5% 40%

38%

500gms.

200gms.

1 Kg.

50gms. and 100 gms.

INTERPRETATION
It 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 OFBRAND STRENGTH / WEAKNESS ANALYSIS

Elements of Marketing Mix Product Strengths Weaknesses

Price Packaging Packsizes

Positioning Advertising Sales Promotion

Distribution System

Brand Locality 66% Market Share (In value) 45% Market Share (In Volume) Most Selling Brand 40-Crore Brand Affordable Attractive Available in 5 packsizes No sachet / Plastic (50 gms, 100gms, Packaging 200gms, 500 gms and 1 Kg.) Targeted to kids (i.e. 610 Yrs.) as a food item. Effective Reach 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. 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 dont consider price to purchase market. the honey and the foreign honey is capturing the

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 Mehsons Baidyanath Natural Way Himani Zandu Charakh Himalayan Himflora Kashmiree Honey FOREIGN BRANDS Capilano (Australian) Lagneese (German) Fragata LOCAL BRANDS Parag Ankur ( Khadi Gram Udyog) Dadis ( Hoshiarpur) Kabliwala Tripta Hadras (U.P.) Mohuns Uttarakhand Bajaj Honeylime Baba Balaji Leheson Lekhsons Allieds Indica

SUGGESTIONS/RECOMME NDATION
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 companys 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 dont 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 Mothers 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, 2008

DABUR HONEY NOW IN A TRENDY SQUEEZE PACK.

In a more concerted effort to position one of its top ten brandsDabur Honey-on the fun plank and draw the user group-kidsdirectly, Dabur India has launched the product in a trendy squeezy pack priced at Rs. 78 for a 400 gm pack. This squeezy packlaunched 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 jiDabur 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 companys 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-tobusiness 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 (B) Reserves and Surplus LOAN FUNDS (A) Secured Loans (B) Unsecured Loans TOTAL FIXED ASSETS (A) Gross Block (B) Less: Depreciation ( C) Net Block INVESTMENTS Current Assets, Loans & Advances A) Inventories B) Sundry Debtors C)Cash & Bank Balances D) Loans & Advances Less: Current Liabilities & Provisions A) Liabilities B) Provisions NET CURRENT ASSETS Miscellaneous Expenditure (To the extent not written off or adjusted) NOTES TO ACCOUNTS TOTAL IA P 60,905.62 55,643.86 704.08 983.81 E 8,662.80 2,159.87 10,822.67 30,400.69 7,079.11 1,247.35 8,326.46 26.026.16 G H 14,429.29 11,818.21 6,910.55 8,065.31 41,223.36 12,744.78 8,939.93 5,672.69 6,995.22 34,352.62 F 36,788.52 11,705.07 25,083.45 4,717.40 33,695.43 9,844.76 23,850.67 4,783.22 C D 6,300.86 22,601.14 28,902.00 60,905.62 5,889.32 23,604.26 29,493.58 55,643.86 APPLICATION OF FUNDS A B 2852.06 29,151.56 32,003.62 2,850.67 23,299.61 26,150.28

APPENDICS (CHILDREN)

1. [i] Name [ii] Age . 2. Among the following which items do you consume? [i] [iii] [v] [vii] [i] [i] [iii] [i] [iii] [v] [vii] Jam Chocolates Honey Butter Yes Health Both (i) &(ii) Honey plain With Milk With Biscuits [ii] [iv] [vi] Chips Jelly Cheese

[viii] Cold Drinks [ii] [ii] [iv] [ii] [iv] [vi] No Taste Any other

3. Do you ask yourself for honey? 4. If No (in question Three) why do you consume honey?

5. How do you consume honey ? With toast/Bread With Ice-cream With Nibu Pani

With Parathas/Roti

[viii] Any Other (Specify) [i] [ii] [iii] [iv] [v] [vi] [vii] At breakfast With snacks In tiffins With friends

6. When do you consume honey?

When you want to have something for fun Whenever you feel like having something sweet Along with lunch/ dinner

[viii] Any other (Specify) . 7. How many times do you take honey in a day? [i] [iii] Once Thrice [iv] [ii] Twice Any other (Specify)

. 8. Have you seen any advertisement of honey on television? [i] Yes [ii] No 9. If yes (in question six), which advertisements? .... . 10. [i] [iii] [v] 11. [i] 12. [i] [iii] Which T.V. Channels? Sony Zee Network Doordarshan the advertisement? Yes T.V. Family [ii] [ii] [iv] No Friends Who encourage you to take Dabur honey? Any other (Specify)... [ii] [iv] [vi] Star Plus Cartoon Network Any other (Specify)...

Have you decided to purchase Dabur honey after watching

ANNEXURE
1. PERSONAL DETAILS Name: _____________________________________________ M/F _______________________________________________ Address/Tel. ________________________________________ Age _______________________________________________ Occupation _________________________________________ Income:(i) (ii ) Below Rs. 5,000 - Rs. 5,000 Rs. 10,000 Rs. 15,000 (ii) (iv) (vi) Ketchups Cheese Chips (viii) Any other (specify)

(iii ) Rs. 10,000

(vi ) Rs. 15.000 & above 2. From the following which items do you consume? (i) (iii) (v ) Jam Honey Butter

(vii ) Cold drinks

3. Who consumes honey the most ? (i) (iii ) (v) Children Husband (ii) (iv) Yourself Family

Any other (specify)

4. Do children ..? (i) (ii) Ask for it You give it yours self

5. How do kids consume honey? (i) (iii) (v) Honey plain With Milk With Biscuits (ii) (iv) (vi) With toast/Bread With Ice-cream With Nibu Pani (viii) Any Other

(vii) With Parathas/Roti (Specify) 6. How do adults consume honey? (i) (v) Honey plain With Biscuits

(ii) (iv) (vi)

With toast/Bread With Ice-cream With Nibu Pani

(iii ) With Milk (vii) With Parathas/Roti .. 7. When do you take honey? (i) (ii) (iii) (iv) (i) (iii) At breakfast

(viii) Any Other (Specify)

(ii) (iv) Health

Any times of the day as a snacks As when need arise Any other (specify) Taste Both (i) & (ii)

8. Why do kids consume honey? Any other (specify)

9. Why do adults consume honey? (i) (iii) Taste Both (i) & (ii) (ii) (iv) Health Any other (specify)

10. When do you usually decide your purchase of honey? (i) (ii) (iii) As on when need arises With monthly grocery list Any other ( specify)

11. In which season do you purchase honey mostly? (i) (iii) 13. (i) (iii) 14. (i) (iii) 15. (i) (iii) Winter Rainy season Branded Local Brand (ii) (iv) (ii) (iv) Summer Whole year Unbranded Any other (Specify)

Do you buy ?

... Which brand comes to your Mind first when you heard of the Dabur Himani (ii) (iv) Zandu Any other (Specify) word "Honey"?

... Which brand do you consume? Dabur Himani (ii) (iv) Zandu Any other (Specify)

16. (i) (iii) (v) (ix) 17. (i) (iii)

If answer is (a) in Q. fifteen what do you like the most? Purity Price Packsize Any other (Specify) Which packsize do you normally purchase? 50 gms. 200 gms. (ii) (iv) 100 gms. 500 gms. (ii) (iv) (vi) (viii) Quality Packaging Free gifts Easy availability

(vii ) Brand name

...

(v ) 18. (i) (iii)

Any other (specify) From where do you buy Dabur honey generally? Medical store (ii) (iv) General store Departmental store Any other (Specify)

19. Who influence the buying decision? (i) (iii) 20. Children Family (ii) (iv) Friends Any other (specify)

What is your monthly consumption of Dabur honey ? .... 21. (i) (iii ) Your level of satisfaction:Very good Satisfy (ii) (iv) Good Any other (Specify)

22. Your Suggestions: .. . . .. . .

APPENDICS (RETAILERS) 1. Do you keep honey? [i] Yes [ii] No Himani Any other (specify)

2. Which brands do you have ? [i] Dabur [ii] [iii] Zandu [iv]

3. Which brand do you sale mostly? [i] Dabur [ii] Himani [iii] Zandu [iv] Any other [specify] . 4. Do customers ask for simply honey or branded honey? [i] Yes [ii] No 5. Which brands? [i] [iii] Dabur Zandu [ii] [iv] Himani Any other [specify]

6. (If answer is one in question five) which pack sizes of Dabur honey do you have? [i] 50 gms. [ii] 100 gms. [iii] 200 gms. [iv] 500 gms. [v] Any other (specify) . 7. Which packsizes do you sale mostly? [i] 50 gms. [ii] 100 gms. [iii] [v] 200 gms. [iv] 500 gms. Any other (specify)

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

9. Why customers go for Dabur ? [i] Purity [ii] [iii] [v] [vii] [ix] Price Packsize Brand name Any other (Specify) [iv] [vi]

Quality Easy availability Packaging [viii] Free gifts

... 10. Do customers purchase honey after seeing various brands ? [i] Yes [ii] No 11. What do you think that more consumption of Dabur Honey depends upon season also? If Yes ? [i] Winter [ii] Summer [iii] Rainy Season 12. [i] [iii] [iv] Any other (specify) What is your monthly sale ? [ii] In kgs. In gms.

Any other (specify) ..

13. Are you satisfied with your margin ? [i] Yes [ii] No 14. How is your relation with distributors? [i] Very Good [ii] Good [iii] Satisfy [iv] Any other (specify) ..

15. Yours Suggestions: