24554528 Dabur Financial Marketing Analysis
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Transcript of 24554528 Dabur Financial Marketing Analysis
PREFACE
For any Management Course Summer training is an essential part of
curriculum of PGDM degree. It is an exposure to corporate
environment and helps PGDM aspirants to get acquainted with
organizational norms, procedures, practices, ethics and culture. It
also gives an insight of actual functioning of the organization. It
helps the students to understand and correlated theoretical aspects
with practical reality.
It was a great experience to work with DABUR INDIA Ltd. during
my summer project which has help me to improve my
communication and interpersonal skills and also give me the better
understanding of the subject.
ACKNOWLEDGEMENT
I take this opportunity to express my acknowledgement and deep sense of gratitude to
the following personalities for rendering valuable assistance and guidance to me for
the successful completion of summer training at DABUR INDIA LTD.
I am grateful to Mr. R.S.Dani, GM (Internal Audit) and Mr. R.K. Garg for giving me
a chance to undergo summer training in reputed and prestigious textile mill of India.
I am also thankful to Dr. Simmi Agrawal (Faculty of Finance, IMS Ghaziabad) for
her support and continuous help at all times during my summer training.
I owe my wholehearted thanks and appreciation to the entire staff of the company for
their cooperation and assistance during the course of my project.
TABLE OF CONTENTS
S. No. Title Page no.
1. Executive summary 8-9
2. Objective 10
3. Introduction of Dabur 12-18
4. Research methodology 20-21
5. Concept 22-23
6. Ratio Analysis of Dabur India Ltd. 25-34
7. Comparative Financial Analysis w.r.t.
Competitors
36-48
8. Brief Introduction of Dabur’s
Competitors
50-52
9. Consumer Survey Findings 53-59
10. Conclusion, Recommendations & Limitations 60-62
11. Annexure (1,2,3,4,5,6,7) 63-70
12. Bibliography 71
LIST OF GRAPHS & TABLES PAGE
Objective-1:Graph No. 1 showing Current & quick ratio 26Graph No. 2 showing debt-equity ratio 28Graph No. 3 showing interest coverage ratio 29Table No. 1 showing liquidity ratio 26Table No. 2 showing solvency ratio 28Table No. 3 showing profitability ratio 31Table No. 4 showing rate of returns 32Table No. 5 showing turnover ratio 34
Objective-2:Graph No. 1 showing current ratio 37Graph No. 2 showing quick ratio 37 Graph No. 3 showing debt-equity ratio 39 Graph No. 4 showing operating profit margin 40Graph No. 5 showing net profit margin 41Graph No. 6 showing ROE 43Graph No. 7 showing ROCE 43Graph No. 8 showing EPS 44Graph No. 9 showing P/E 44Graph No. 10 showing assets turnover 47Graph No. 11 showing inv turnover 47Graph No. 12 showing debtors turnover 47Table No. 1.1,1.2&1.3 showing liquidity ratio 36Table No. 2.1,2.2&2.3 showing solvency ratio 38 Table No. 3.1,3.2&3.3 showing profitability ratio 40Table No. 4.1,4.2&4.3 showing rate of returns 42 Table No. 5.1,5.2&5.3 showing turnover ratio 46
Objective-3:Graph No. 1 showing sales 53Graph No. 2 showing usage 54Graph No. 3 showing response frequency 55Graph No. 4 showing euclidean distance model 59
EXECUTIVE SUMMARY
The project assigned to me is to study the financial statements of DABUR INDIA
LTD. as well as its competitors viz., ZANDU PHARMACEUTICALS WORKS and
EMAMI. The main purpose of the project is to evaluate the financial strengths and
market capabilities of Dabur vis-à-vis its competitors, Chyawanprash in particular.
Industry and Company analysis is done thoroughly to understand the external factors
influencing the company. It has been recorded that the FMCG industry aims for
negative working capital and how it proved to be beneficial for the industry. The
FMCG Companies have been able to keep their creditors almost equal to debtor and
inventory, which have resulted in a lot of cash generation for these companies, which
is again invested in the business. These companies also make investment in short-term
paper and call money, which allow them to earn good returns. This has been also
noted by the comparative analysis of financial statements of Dabur with Zandu and
Emami that Dabur India Ltd. is following a very aggressive working capital policy
which means that it is saving on the cost of Current Assets but it may also fall in
danger in case it fails to meet its short term liabilities unlike its Competitors.
We came to know how the strong distribution and dominant position in the FMCG
has made the company to bargain with the debtors and creditors to expand the
payment cycle in favour of the company. In fact, the company seemed to have taken
the matter to the other extreme of negative working capital, with the current ratio
declining to 0.8 and the quick ratio to just 0.4 in 2004-05.
The technique used to analyze financial statements of DABUR INDIA LTD. and
comparative analysis of it with ZANDU PHARMACEUTICALS WORKS and
EMAMI is RATIO ANALYSIS. All various ratios are calculated and analyzed in
length to appreciate their impact on company’s performance w.r.t. its competitor,
Chyawanprash in particular. After making all the calculations each ratio has been
interpreted. Analysis reveals arising inventory turnover ratio and debtors turnover
ratio, at the same time the company has a high current asset and quick ratio, which
represents high liquidity.
The three financial statements of last three years are identified, studied and interpreted
in light of company’s performance as well as against its competitors.
Lastly, business and marketing practices of Dabur India Limited, Dabur
Chyawanprash in particular has been studied. A marketing survey (sample size 200)
has been carried out in NCR region to understand the decision making process of
customers while buying Dabur Chyawanprash. Also the study has been made to find
out what are the outside factors, which influence their decision making, what are the
sources of product information for the customer and how important are different
product attributes in decision-making. And on the basis of the survey, conclusions and
recommendations have been given.
OBJECTIVES OF THE PROJECT
Primary Objective:
• To do the ratio analysis of Dabur India Ltd. for 3 years i.e. Time Series
analysis.
• To determine the comparative analysis of financial statements of Dabur India
Ltd. vis-à-vis its competitors Zandu and Emami for 3 years, Dabur
Chyawanprash in particular i.e. Inter-firm analysis
Secondary Objective:
• To understand the decision making process of customers while buying Dabur
Chyawanprash along with other factors, which influence their decision
making, what are the sources of product information for the customer and
importance of different product attributes in decision-making.
Chapter – 1
INTRODUCTION
INTRODUCTION TO DABUR INDIA LIMITED
Dabur India Limited is the fourth largest FMCG Company in India with interests in
Health care, Personal care and Food products. Building on a legacy of quality and
experience for over 100 years, today Dabur has a turnover of Rs.1536.95 Cr. with
powerful brands like Dabur Chyawanprash, Dabur Amla, Vatika, Hajmola and Real.
ORIGIN & GROWTH
The brief history and growth of Dabur India Ltd. in chronological order:
1884 - The birth of Dabur in a small Calcutta pharmacy, where Dr. S. K. Burman
launches his mission of making health care products.
1896 - Setting up a manufacturing plant: With the growing popularity of Dabur
products, Dr. Burman expands his operations by setting up a manufacturing plant
for mass productions of formulations.
Early 1900s - Dabur enters the specialized area of Nature based Ayurvedic
Medicines, for which standardized drugs are not available in the market. 1919-The
need to develop scientific processes and quality checks for mass production of
traditional Ayurvedic medicines leads to establishment of research laboratories.
1920- Dabur expands further with new manufacturing units at Daburgram and
Narendrapur. The distribution of Dabur products spreads to other states like Bihar and
the North-East.
1936- Dabur becomes a full-fledged company- Dabur India (Dr. S. K. Burman)
Pvt. Ltd.
1972- Dabur’s operations shift to Delhi. A new manufacturing is set up in temporary
premises in Faridabad, on the outskirts of Delhi.
1979- Commercial production starts in the Sahibabad factory of Dabur, one of the
largest and best equipped production facilities for Ayurvedic medicines. Launch of
full fledged research operations the pioneering areas of healthcare with establishment
of the Dabur Research Foundation.
1986- Dabur becomes a Public Limited Company. Dabur India comes into being
after reverse merger with Vidogum Limited.
1992- Beginning a new chapter of strategic partnerships with international businesses,
Dabur enters into a joint venture with Agrolimen of Spain. This new venture is to
manufacture and market confectionary items in India.
1993- Dabur enters a specialized health care area of cancer treatment with its
oncology formulation plant at Baddi in Himachal Pradesh.
1994- Dabur India Ltd. raises its first public issue. Due to market confidence in the
Company, shares issued at a high premium are over subscribed 21 times.
1995- Extending its global partnerships, Dabur enters into joint ventures with Osem
of Israel for food and Bongrain of France for cheese and other dairy products.
1996- For better operation and management, 3 separate divisions created according
to their product mix- Health Care Products Division, Family Products Division and
Dabur Ayurvedic Specialties Limited.
1997- Dabur enters full scale in the nascent processed foods market with the creation
of the Foods Division. Project STARS (Strive to Achieve Record Successes) is
initiated to give a jump start to the company and accelerate its growth.
1998- With changing demands of business and to inculcate a spirit of corporate
governance, the Burman family induct professionals to manage the company. For
the first tome in the history of Dabur, a non-family professional CEO sits at the helm
of the Company.
2000- Dabur establishes its market leadership status with a turnover of 1,000 Crores.
From a small beginning and upholding the values of its founder, Dabur now enters the
august league of large corporate businesses.
2005- Dabur acquires Balsara’s hygiene and home product businesses in an Rs 143
crore all-cash deal.
DABUR AT PRESENT
• Leading consumer goods company in India with 4th largest
turnover of Rs.1536 Crores (FY04).
• 2 major strategic business units (SBU) - Consumer Care Division
(CCD) and Consumer Health Division (CHD).
• 3 Subsidiary Group companies - Dabur Foods, Dabur Nepal and
Dabur International and 3 step down subsidiaries of Dabur International
- Asian Consumer Care in Bangladesh, African Consumer Care in
Nigeria and Dabur Egypt.
• 13 ultra-modern manufacturing units spread around the globe.
• Products marketed in over 50 countries.
• Wide and deep market penetration with 47 C&F agents, more than
5000 distributors and over 1.5 million retail outlets all over India
Consumer Care Division: dealing with FMCG Products relating to Personal Care
and Health Care.
Leading brands -
• Dabur - The Health Care Brand
• Vatika-Personal Care Brand
• Anmol- Value for Money Brand
• Hajmola- Tasty Digestive Brand
• and Dabur Amla, Chyawanprash and Lal Dant Manjan with Rs.100
Crore turnover each
• Vatika Hair Oil & Shampoo the high growth brand
• Strategic positioning of Honey as food product, leading to market
leadership
(over 40%) in branded honey market
• Dabur Chyawanprash the largest selling Ayurvedic medicine with over
65% market share.
• Leader in herbal digestives with 90% market share
• Hajmola tablets in command with 75% market share of digestive tablets
category
• Dabur Lal Tail tops baby massage oil market with 35% of total share
• Real juices enjoy a market share of over 55% in fruit juice category.
Consumer Health Division: dealing with classical Ayurvedic medicines.
Dabur Segments / Brands:
Hair oils
Dabur Amla Vatika Health supplements
Chyawanprash Honey Glucose Foods
Real Activ Twist Toothpastes
Red Babool Meswak Promise
Toothpowders
Lal Dant Manjan
Digestives
Hajmola Pudin Hara
Baby & skin care
Lal Tail Gulabari
Board of Directors :
Dr. Anand BurmanChairman
Mr. Amit Burman Vice-Chairman
Mr. P D. Narang Director
Mr. Sunil Duggal Director
Mr. Pradip Burman Director
Mr. Mohit BurmanDirector
Mr. Bert PetersonDirector
Dr. S. NarayanDirector
Mr. Analjit SinghDirector
Mr. R C Bhargava Director
Mr. P N Vijay Director
Mr A K Jain Addl. GM (Finance) & Company Secretary Auditors M/s G. Basu & Co. Chartered Accountants
Internal Auditors Price Waterhouse Coopers Pvt. Ltd.
Chapter – 2
Research Methodology
RESEARCH METHODOLOGY
SOURCES OF DATA:
1. Primary Data: Primary data for constructing the research instrument was
collected through a customer survey.
2. Secondary data: Resources like Business magazines, Internet and Prowess
database were utilized for gathering secondary information. The study was based on
data collected from secondary sources. These data comprises of the financial reports
of Dabur India Ltd., Zandu Pharma Works and Emami Ltd. of last three years.
These data were obtained from annual reports as well as from the
website.Secondary sources consist of: -
• Company’s balance sheets of the last three years.
• Company’s income statements of last three years.
The methodologies adopted for calculating different ratios are as per the standard
suggested by different cost as well as financial management book.
3. Research methodology
The objective of my research is to analyze of financial statements focusing on ratios
in Dabur India Ltd. as well as to analyze comparison of financial ratios w.r.t. its
competitors for three years. The nature of my research is EXPLORATORY. Its goal
is to shed light on the real nature of process.
It involves a number of steps: -
Define the process and research objective.
Develop the research plan: - The second stage of research calls for developing the
most efficient plan for gathering the needed information. Designing the research plan
calls for decision on data sources and research approach
Data source:
Collection of data from the annual reports of and by the portals and magazines.
Research approach:
Data can be collected in many ways and I have used the following steps to analyze
the data .
Collection of information:
After the above steps, I have collected all informations from different sources i.e.
Annual reports and from the other sources provided by Dabur India Ltd., Zandu
Pharma Works and Emami Ltd. Some of the information was collected from internet
of the Dabur India Ltd., Zandu Pharma Works and Emami Ltd.
4. Analysis of Information:
This step involves the extractions of findings from the collected data. I drew some
facts after analyzing the information.
5. Conclusion and suggestion:
As the last step I have mentioned the conclusion and suggestions that are relevant to
make the financial statements of Dabur India Ltd.
SAMPLING
Sample Size: 200
I have tried to get a representative sample of NCR population, so the survey was done
at following places: Ghaziabad, Mayur Vihar –III, Trilokpuri and Shipra mall. Each
of these places consist somewhat different socio-economic class of consumers.
During the survey we took care to include each of the following five categories of
consumers:
1. Housewives
2. Salaried persons
3. Businessmen
4. Students
5. Others
Data Analysis: - I have used tool i.e. MDS test of SPSS to analyze the data and draw
relevant inferences.
CONCEPTS
FINANCIAL ANALYSIS is a fascinating topic to study because it can teach us so
much about accounts and businesses. The ratio analysis is based on the premise that a
single accounting figure by itself may not communicate any meaningful information
but then expressed as a relative to other figure, it may definitely give some significant
information. The relationship between two or more accounting figures/groups is
called financial ratio.
When we use ratio analysis we can work out how profitable a business is, we can tell
if it has enough money to pay its bills and we can even tell whether its shareholders
should be happy. Ratio analysis can also help us to check whether a business is doing
better this year; and it can tell us if our business is doing better or worse than other
business doing and selling the same things.
Ratio analysis has a very broad scope. One aspects looks at the general (qualitative)
factors of a company. The other side considers tangible and measurable factors
(quantities). This means crunching and analyzing numbers from the financial
statements. If used in conjunction with other methods, quantities analysis can produce
excellent results.
Infact, ratio analysis is not just comparing different numbers from the balance sheet,
income statement ,and cash flow statement , its comparing the number against
previous years, other companies , the industry or even the economy in general. Ratios
look at the relationships between individual values and relate them to how a company
has performed in the past, and might perform in the future.
TYPES OF COMPARSIONS
The ratio can be compared in following different ways:
Time series analysis:
When financial ratios over a period of time are compared. It is known as the time
series analysis. It gives an indication of the direction of change and reflects whether
the firm’s financial performance has improved, deteriorated or remained constant over
time. The analyst should not simply determine the change, but more importantly,
he/she should understand why ratios have changed.
Cross –sectional analysis:
Another way of comparison is to compare ratios of one firm with some selected firms
in the same industry at the same point in time. This kind of comparison is known as
the cross -sectional analysis or inter firm analysis. This kind of a comparison indicates
the relative financial position and performance of the firm.
Industry analysis:
To determine the financial condition and performance of a firm, its ratios may be
compared with average ratios of the industry of which the firm is a member. This sort
of analysis known as the “industry analysis” helps to ascertain the financial standing
and capacity of the firm vis –a –vis other firms in the industry. Industry ratios will
prove to be very useful in evaluating the relative financial condition and performance
of a firm.
Pro forma analysis:
Sometimes future ratios are used as the standard of comparison. Future ratios can be
developed from the projected or Pro forma financial statements. The comparison of
current or past ratios with future ratios shows weaknesses in the past and the future. If
the future ratios indicate weak financial position, corrective actions should be
initiated.
Chapter –3
OBJECTIVE - 1
Ratio Analysis of Dabur India Ltd.
OBJECTIVE:
To study and evaluate the financial health, Liquidity, Profitability and operational
efficiency of Dabur India Ltd in relation to its own performance in the past three years
and in relation to its competitors in the Chyawanprash Segment which are Zandu and
Emami (Himani Sona-Chandi).
METHODOLOGY:
To find the various data and figures required for this purpose, I have taken the Annual
Reports of Dabur India Limited of the past years and also the balance sheets of Zandu
and Emami for comparative financial analysis. The information was studied and
analyzed to compute the relevant ratios. Then these ratios were compared with those
of the main competitors. I have computed:
1.Liquidity ratios - Ability of the business to meet its short-term obligations.
2.Solvency ratios - Ability of the firm to meet its long-term obligations and assess
their capital structure.
3.Profitability Ratios - To access the profitability of the firm with regard to its Sales,
Profitability and Efficiency.
4.Activity or Turnover Ratios - To access the operational efficiency of the
company.
1. LIQUIDITY RATIOS
Liquidity ratios test the ability of the firm to meet its short-term obligation. The level
of liquidity is determined by the amount of liquid assets that are readily convertible
into cash. It’s the responsibility of the treasury manager to maintain the right balance
between investments and liabilities to get the optimum liquidity. It involves constant
monitoring of cash flow position. We will analyze the two popular measures of the
liquidity of the company.
• Current Ratio: This is the ratio of current assets to current liability, represents the
ability of the business to meet all its short-term money requirements through its
current assets.
Current ratio = current assets ÷current liabilities
• Quick Ratio/ Acid Test Ratio: This is the ratio of the assets that can be readily
converted to cash at a very short notice (cash, bank deposits, short term investments,
other cash equivalents). It shows the relationship between cash convertibles and
current liabilities.
Quick ratio = (current assets-inventories)÷current liabilities
Dabur India Ltd
Year Current Ratio Quick Ratio
2007-08 0.91 0.58
2006-07 0.97 0.63
2005-06 0.82 0.52
Table No. 1
Graph No. 1
Analysis
Current Ratio:
Dabur has a low current ratio of 0.91 in the current year, which suggests that company
does not have sufficient current assets to pay of its short-term liabilities while in 2007
its current ratio was 0.97. In order to stay solvent, the firm must have a current ratio
of at least 1, which means it can exactly met its current debt obligations. It has
decreased over the years i.e. 0.82 in 2006. This suggests that the company is
following an aggressive Working capital policy and also tells that the working capital
of the company is negative. This means that the company is saving on costs required
to finance the current assets but it may become risky if the company fails to meet its
short-term obligations.
Quick Ratio:
The same pattern is also shown in the quick ratios. This means that the firm cannot
meet its current (short-term) debt obligations without selling inventory because the
quick ratio is 0.58 in 2007-08, which is less than 1. In order to stay solvent and pay its
short-term debt without selling inventory, the quick ratio must be at least 1, which it is
not. In this case, however, the firm will have to sell inventory to pay its short-term
debt. If we observe the quick ratio for 2006-07, we will see that it was 0.63. So, the
firm was in a better condition in this year than 2008. So its liquidity condition is not
improved by 2008, which, in this case, is not good since it is not operating with
relatively low liquidity. So, a quick ratio great than 1 is better than a quick ratio of
less than 1 with regard to maintaining liquidity and not being forced into the position
of having to sell inventory.
2. SOLVENCY RATIOS:
They indicate the company’s ability to meet its long-term liability. Also called the
capital structure ratios, they influence most of the major financing decisions of the
company. A proper mix of equity and debt is said to be always beneficial for the
company rather than pure equity. Existence of debts disciplines management to some
extent.
• Debt to Equity Ratio: This ratio represents the relationship between total debt and
equity and the debt is shown as a percentage of the Equity capital of the company.
DE Ratio= Total Debt/Net Worth
• Interest Coverage Ratio: This ratio measures the debt servicing capacity of a firm
insofar as fixed interest on long-term loan is considered
IC Ratio=EBIT/Interest
Dabur India Ltd
Year Debt-Equity
Ratio
Interest Coverage
Ratio
2007-08 0.03 44.38
2006-07 0.05 66.63
2005-06 0.05 39.25
Table No.2
Graph No. 2
Graph No. 3
Analysis :
• The Debt to Equity ratio and total debt ratio of the company are almost negligible
implies that most of the liabilities of the company are short term (as should be in a
case of FMCG) and company is in fairly good position to meet its long-term
liabilities. This means that the creditors of the company face very low risk of losing
their money.
• The Company was also very comfortable in terms of its interest coverage through
its profits till 2006-07. It was constantly rising every year. But due to Global
recession Dabur is facing problem in current year, which is easily visible by current
interest coverage ratio i.e. 44.38 while it was 39.25 in 2005-06. The lower the ratio,
the more the company is burdened by debt expense. This shows that in current year
the rate of interest is higher as compared to immediate previous year. For bond
holders, the interest coverage ratio is supposed to act as a safety gauge. It gives you a
sense of how far a company’s earnings can fall before it will start defaulting on its
bond payments. For stockholders, the interest coverage ratio is important because it
gives a clear picture of the short-term financial health of a business. So this ratio has
been reduced from last year.
3. PROFITABILITY RATIOS
Profitability Ratios show how successful a company is in terms of generating returns
or profits on the Investment that it has made in the business i.e. the Profitability ratios
speak about the profitability of the company. There are two types of profitability
ratios:
• Profit Margin ratios
1. Operating Profit Margin ratio (Operating profit/net sales)
2. Net Profit Margin ratio (Net profit/net sales)
• Rate of Return ratios
1. Return on Equity (operating profit/ Total assets)
2. Return on Capital Employed (operating profit/capital employed)
3. Earnings per Share (EPS)
4. Price Earnings Ratio (PE Ratio)
3.1) PROFIT MARGIN RATIOS measure how much a company earns relative to
its sales. The Profit Margin of a company determines its ability to withstand
competition and adverse conditions like rising costs, falling prices or declining sales
in the future. The ratio measures the percentage of profits earned per rupee of sales
and is thus a measure of efficiency of the company.
• Operating Profit Margin ratio: This ratio gives a relationship between the
operating profit and sales.
Operating profit Margin Ratio=EBIT/Net Sales
• Net Profit Margin Ratio: It measures the earnings after interest and tax; it reflects
the interest payment made by the company and its effect on profit margin.
Net Profit Margin = Profit after tax/Net SalesDabur India Ltd.
Year Operating Profit Margin (%) Net Profit Margin (%)2007-08 18.59 15.072006-07 17.45 14.412005-06 17.90 14.04Table No. 3
Analysis :
The operating profit margin and net profit margin are constantly rising over the period
of 3 years, which means that the company is becoming more and more efficient in
terms of its operations: -
For every Re 1 of sales of Dabur India Ltd, the company earns an operating profit of
18.59 paisa and net profit of 15.07 paisa in 2007-08, and the difference in the amount
goes towards the tax and the interest payments. Similarly, in 2007 and 2006 for every
sales of Re.1 the company earns an operating profit of 17.45 and 17.90 paisa and net
profit of 14.41 and 14.4 paisa respectively. This trend shows that company is earning
more profit
3.2) RATE OF RETURN RATIOS
• Return On Equity: This ratio reveals how profitably the firm has utilized the
owner’s funds.
ROE= Profit after tax (PAT)/ Net Worth
• Return on Capital Employed: Capital employed means the long-term funds
employed in the business and include the shareholder’s fund, debentures and long-
term loans. This ratio explains the overall utilization of funds by a business enterprise.
Profit before Interest and Tax is considered for computation of this ratio to make
numerator and denominator consistent.
ROCE= Profit before Interest and Tax (PBIT) / Capital Employed
• Earnings per Share: It measures the profit available to the equity shareholders on a
per share basis. But all the profit per share may not be distributed to the shareholders.
The company generally retains a part of the earnings to enable its growth.
EPS= profit after tax/ number of common shares outstanding
• Price Earnings Ratio: This ratio gives the ratio of market price per share to the
earnings per share.
P/E=Market Price Per share/ EPS
Dabur India Ltd.
Year Return on
Equity (%)
Return on
Capital
Employed (%)
EPS PE Ratio
2007-08 59.95 69.61 3.67 20.11
2006-07 62.52 69.81 2.92 33.62
2005-06 42.21 48.01 3.30 38.82
Table No. 4
Analysis:
• Return on capital employed has increased significantly form about 48% in 2005-06
to more than 69% in 2007-08. It is the post –tax version of earning of earning power.
It considers the effect of taxation, but not the capital structure. It is internally
consistent. In Table No. 4 we can see that the ratio of Dabur was low in the earlier
years of study but then it starts increasing. It has considerably increased due to higher
profit margins.
• The impact of higher returns on Capital Employed is reflected in the Return on
Equity that has increased from about 42% in 2005-06 to about 63% in 2006-07 but
there is a light decrement in ROE i.e. around 60% in 2007-08. It revels that the
company has not utilized its own resources very well in the current year as it has done
in the earlier year.
• The EPS of the firm has also risen in the last two years. It has risen from Rs. 2.92
per share in 2006-07 to Rs. 3.67 in 2007-08.Here we see that the EPS of
Dabur was good enough in 2006 but it declines after that and then
again shows uptrend in 2008 due to high profits gained by the
company. The performance of the company was very good in the
year 2005 and now in 2008 having the highest position during the
last three years.
• But the PE ratio is showing the reverse trend. All the fluctuation found in P/E
ratio of Bajaj during last three years are mainly due to both change
in EPS and price per share of the company. The highest P/E of the
company was in the year 2006.
4. ACTIVITY OR TURNOVER RATIOS
This ratio is concerned with measuring the efficiency in asset management with
respect to the sales. The efficiency with which the assets are used would be reflected
in the speed and the rapidity with which they are used. The greater the rate of return
the better it is. Depending on the various types of assets, there are the following types
of activities ratios:
• Total Assets Turnover ratio : This is the ratio of Net Sales to the Total Assets in a
given year. It reflects the level of utilization of Assets.
Total Assets turnover=Net Sales /Total assets
• Inventory turnover ratio: This is the ratio of Cost of Goods Sold to Average
Inventory.
• Inventory held Period: (No. of days in a year (365)/ Inventory turnover ratio). This
period indicates, how fast the inventory is sold out, the lesser the number of days , the
better for a firm, it is represented in number of days.
Inv Held Period=365/Inventory Ratio
• Debtor’s turnover ratio: This Ratio indicates the ratio of Sales and the average
debtors. This ratio shows the no. of times a debtor completes a full cycle which
involves sales and realization of sale proceeds.
Net Sales /Debtors
Dabur India Ltd.
Year Total Asset
Turnover
Ratio
Inventory
Turnover
Ratio
Inventory
Held Period
Debtors
Turnover
Ratio
Avg
Collection
Period
2007-08 3.98 12.52 28.43 20.84 17.51
2006-07 4.30 11.11 32.04 28.62 12.75
2005-06 2.94 11.65 30.55 49.83 7.30
Table No. 5
Analysis:
• The company has a fairly consistent Total Asset turnover ratio over the period and
sales is 3.98 times of the total assets
• Inventory turnover ratio is 12.52 times and it is held for a period of 28 days for
current year i.e. 2007-08.
• Debtors are presently making their payments in a slow mode as compared to
previous years i.e. 2006-07 and 2005-06.
Inventory turnover = Net Sales /closing Inventory
Chapter – 4
OBJECTIVE - 2
COMPARTIVE FINANCIAL ANALYSIS WITH RESPECT TO COMPETITORS
1. LIQUIDITY RATIOS
Year 2007-08
Company Current Ratio Quick Ratio
Dabur 0.91 0.58
Zandu 1.77 1.18
Emami 2.25 1.84
Table No. 1.1
Year 2006-07
Company Current Ratio Quick Ratio
Dabur 0.97 0.63
Zandu 2.15 1.31
Emami 1.71 1.72
Table No. 1.2
Year 2005-06
Company Current Ratio Quick Ratio
Dabur 0.82 0.52
Zandu 2.26 1.37
Emami 1.87 1.89
Table No. 1.3
Current Ratio Graph No. 1
Quick Ratio Graph No. 2
Analysis:
It measures the firm’s ability to meet its current liabilities-current assets get converted
into cash during the operating cycle of the firm and provide the funds needed to pay
current liabilities. Apparently, the higher the ratio the greater the short term solvency.
In order to stay solvent, the firm must have a current ratio of at least 1, which means it
can exactly met its current debt obligations.
No two companies are nearer to Dabur. In the year 2008 there was increase in the
assets but the liabilities also increases because the company has raised its long-term
source of finance by which the interest burden increases and it leads to decrease in
cash balance. Although the ratio is o.91 in the year 2008 but in this year the
proportion of inventory is more as compared to previous years 2007 and 2006, also
the burden of interest and expenses of finance lead to decrease in cash balance.
We see that the liquidity ratios of Dabur are very significantly lower than those of its
competitors. This means that Dabur is following a very aggressive working capital
policy that means that it is saving on the cost of Current Assets but it may also fall in
danger in case it fails to meet its short-term liabilities.
We also see that Zandu and Emami follow the traditional approach of maintaining
working capital and current assets.
3. SOLVENCY RATIOS:
Year 2007-08
Company Debt Equity Ratio Interest Coverage
RatioDabur 0.03 44.38Zandu Not Available 60.65Emami 0.12 20.32Table No. 2.1
Year 2006-07
Company Debt Equity Ratio Interest Coverage
RatioDabur 0.05 69.81Zandu Not Available 66.63Emami 0.10 69.96
Table No. 2.2
Year 2005-06
Company Debt Equity Ratio Interest Coverage
RatioDabur 0.05 48.01Zandu 0.01 39.25Emami 0.08 36.61Table No. 2.3
Debt Equity Ratio Graph No. 3
Analysis:
The Debt Equity ratio shows the relative contribution of creditors and owners. The
debt consists of all debts, short term as well as long term and equity means net worth.
The lower the ratio, the higher the degree of protection enjoyed by the creditors.
In Annex Table 2.10 we can see the all the companies except Zandu study are highly
levered, Dabur is also having a high Debt equity ratio, which shows that the company
is highly dependent on borrowings from outside instead of using its own funds.
We see that Dabur is far better than Zandu and Emami in case interest coverage ratio
in all the three financial years i.e. 2007-08, 2006-07 and 2005-06.
3. PROFITABILITY RATIOS:
3.1 Profit Margin Ratios
Year 2007-08
Company Operating Profit Margin Net Profit Margin
Dabur 18.59 15.07
Zandu 17.27 11.80
Emami 16.44 15.35
Table No. 3.1
Year 2006-07
Company Operating Profit Margin Net Profit Margin
Dabur 17.45 14.41
Zandu 15.29 11.03
Emami 12.85 12.43
Table No. 3.2
Year 2005-06
Company Operating Profit Margin Net Profit Margin
Dabur 17.90 14.04
Zandu 15.40 10.32
Emami 17.51 16.14
Table No. 3.3
Operating Profit Margin Graph No. 4
Net Profit Margin Graph No. 5
Analysis:
• The Profit margin is very useful when comparing companies in similar industries. A
higher profit margin indicates a more profitable company that has better control
over its costs compared to its competitors. Profit margin is displayed as a percentage.
Also known as Net Profit Margin.
Merely observing the earnings of a company often doesn't tell the entire story.
Increased earnings are good, but an increase does not mean that the profit margin of a
company is improving. For instance, if a company has costs that have increased at a
greater rate than sales, it leads to a lower profit margin. This indicates that costs need
to be under better control.
The higher the Operating Profit Margin, the better. This is because a higher Operating
Profit Margin shows the company can keep its costs under control. A higher
Operating Profit Margin can also mean sales are increasing faster than costs, and the
firm is in a relatively liquid position. The Operating Profit Margin accounts for both
Cost of Goods sold and Administration/Selling expenses.
• We see that Dabur has the upper hand with respect to both the Profit Margin Ratios
when compared with its competitors. It has a significantly higher Operating ratio than
Zandu and Emami respectively in 2007-08. Similarly, Dabur is also very efficient
with respect to the other ratios. In the same way Dabur is showing this trend in 2006-
07 and 2005-06.
3. RATE OF RETURN RATIOS:
Year 2007-08
Company Return on
Equity
Return on Capital
Employed (%)
EPS PE Ratio
Dabur 59.95 69.61 3.67 20.11
Zandu 21.13 31.18 203.47 33.82
Emami 32.10 34.05 14.92 16.25
Table No. 4.1
Year 2006-07
Company Return on
Equity (%)
Return on Capital
Employed (%)
EPS PE Ratio
Dabur 62.52 69.81 2.92 33.62
Zandu 21.32 29.86 181.01 33.48
Emami 28.82 29.98 10.78 25.18
Table No. 4.2
Year 2005-06
Company Return on
Equity (%)
Return on Capital
Employed (%)
EPS PE Ratio
Dabur 42.21 48.01 3.30 33.82
Zandu 19.50 28.13 200.50 17.85
Emami 14.74 14.07 8.07 31.74
Table No. 4.3
ROE Graph No. 6
ROCE Graph No.7
EPS Graph No.8
P/E Ratio Graph No. 9
Analysis:
ROE measures the profitability of equity funds invested in the firm.
It reflects the productivity of the ownership fund in the firm. It is
influenced by several factors like earning power, debt equity ratio
etc. The impact of higher returns on Capital Employed is reflected in the Return on
Equity
We see that Dabur and Emami have high return on Capital Employed and Equity and
that the same ratios are lower for Zandu. ROCE it is the post –tax version of earning
of earning power. It considers the effect of taxation, but not the capital structure. It is
internally consistent. If we see Dabur has recorded very good return as compared to
Zandu and Emami. The ratio of Dabur has performed far better than its
competitors.
Still we see that the EPS of Zandu is very high when compared with the others and
the reason behind this is that they have a very small equity base when compared with
the others.
The relationship between market price of common stock and earning per share is so
widely recognized that it is expressed as a separate ratio, called price-earning ratio.
The P/E Ratio is determined by dividing the market price per share by the annual
earning per share. All the fluctuation found in P/E ratio of all three companies during
last three years are mainly due to both change in EPS and price per share of the
company. Also Dabur has higher PE ratio than its competitors.
4. ACTIVITY RATIOS:
Year 2007-08
Company
Total Assets
Turnover
Ratio
Inventory
Turnover
Ratio
Inventory
Held Period
Debtors
Turnover
Ratio
Avg
Collection
Period
Dabur 3.98 12.52 28.43 20.84 17.51
Zandu 1.79 11.07 32.97 40.54 9.01
Emami 1.81 14.81 24.64 15.91 22.9
Table No. 5.1
Year 2006-07
Company
Total Assets
Turnover
Ratio
Inventory
Turnover
Ratio
Inventory
Held Period
Debtors
Turnover
Ratio
Avg
Collection
Period
Dabur 4.30 11.11 32.04 28.62 12.75
Zandu 1.93 7.19 50.76 40.55 9.01
Emami 2.06 12.86 28.38 11.26 32.91
Table No. 5.2
Year 2005-06
Company
Total Assets
Turnover
Ratio
Inventory
Turnover
Ratio
Inventory
Held Period
Debtors
Turnover
Ratio
Avg
Collection
Period
Dabur 2.94 11.65 30.55 49.83 7.30
Zandu 1.88 6.26 58.30 20.18 18.08
Emami 0.80 8.35 43.71 8.86 41.19
Table No. 5.3
Total Assets Turnover Ratio Graph No.10
Inventory Turnover Ratio Graph No. 11
Debtors Turnover Ratio Graph No. 12
Analysis:
Inventory turnover is an activity ratio that measures the company’s effectiveness by
dividing cost of goods sold (an income statement item) by the average inventory
balance (a balance sheet item.) Since cost of goods sold represents the inventory that
leaves the firm, the ratio allows the investor to see how frequently the company needs
to replenish its existing inventory.
For Dabur Inventory held period is 30.55 for current year. In this case, a lower ratio
would represent more effective inventory management, all else being equal. While for
Zandu this period is less i.e.24.64 as compared to other two companies.
Debtors turnover ratio measures the liquidity of debtors of a firm and average
collection period indicates the average time lag (in days) between sales and collection
thereof. The debtor’s velocity also indicates receivables management efficiency rate.
Higher turnover and lower collection period of receivables reflect the firm's ability in
transacting a larger business without corresponding increase in receivables. The
reverse is the case with lower turnover and higher collection period.
Average Collection Period (days) = (365 / Debtors Turnover Ratio)
We see that Dabur has the upper hand with respect to all the Activity or Turnover
Ratios when compared with its competitors. It has a significantly higher Total Assets
T.O. ratio of 3.98, which is higher than 1.79 and 1.81 of Zandu and Emami
respectively in 2007-08. Similarly, Dabur is also very efficient with respect to the
other ratios. In the same way Dabur is showing this trend in 2006-07 and 2005-06.
Chapter – 5
OBJECTIVE - 3
BRIEF INTRODUCTION OF MAIN COMPETITORS OF DABUR
• EMAMI Limited:
Emami Limited is in the business of manufacturing personal, beauty and health care
products. The company manufactures herbal and Ayurvedic products. The company's
product basket comprises over 20 products, the major being Boroplus Antiseptic
Cream, Navratna Oil, Mentho Plus Pain Balm, Fast Relief, Bororplus Prickly Heat
Powder, Sona Chandi Chyawanprash and Amritprash, Golden Beauty Talc, Madhuri
Range of Products and others. The products are sold across all states in India and in
countries like Nepal, Sri Lanka, the Gulf countries, Europe, Africa and the Middle
East, among others.
Emami's products are manufactured in Kolkata, Pondicherry, Guwahati and Mumbai.
They have a robust distribution network of over 2100 direct distributors and 3.9 lakh
retail outlets.
Emami is headquartered in Kolkata. The company's branch offices are located across
27 cities in India.
2. ZANDU PHARMACEUTICAL WORKS LTD
Zandu, a household name, is one of the leading players in the over-the-counter
Ayurvedic healthcare segment with products including the popular Zandu balm,
general fitness medicine Zandu Kesari Jivan, Zandu Chyawanprash and digestive
tonic Zandu Pancharishta. In the personal care segment, the major product is hair
tonic Alma Lio. Jivan is the market leader of ayurvedic healthcare industry. Zandu
also has a wide range of ethical ayurvedic formulations for skin problems, arthritis,
liver problems, malaria, diabetes & diabetes.
3. BAIDYANATH
Shree Baidyanath Ayurved Bhawan (p) Ltd., popularly known as Baidyanath, is the
acknowledged leader of Ayurvedic know-how. Established in 1917, the Company
has played a pioneering role in re-establishing ancient knowledge with modern
research and manufacturing techniques. Shree Baidyanath Ayurved Bhawan (p)
Ltd. was founded in 1917 by Late Pt. R. D. Joshi. Its registered office is in Kolkata.
Baidyanath is manufacturing over 700 Ayurvedic Products the largest range of
Ayurvedic Products in the world at its10 manufacturing Centers spread all over India.
It has over 10,000 distributors and over 3,500 exclusive showrooms manned by
qualified medical practitioners.
Price comparison of different brands of Chyawanprash:
Dabur (Rs.) Zandu Himani Sona-Chandi250 gm 62 55 60500 gm 110 114 (450 gm) 1231000 gm 195 180 210
CURRENT TRENDS IN CHYAWANPRASH INDUSTRY IN INDIA
Presently the old guard of Dabur, Zandu and Baidyanath (which account for over 80
per cent of this market) are now facing a spirited fight from new kids-on- the-block
such as Himani, Himalaya and Sivananda. The major strategies adopted by different
companies in chyawanprash market are as follows:
1.PRODUCT DIFFERENTIATION:
Emami group is pushing its Himani Sona Chandi chyawanprash as `all season' health
supplement. The idea is to avoid sales dips in summer months.
Mayar India Group in Orissa has introduced three variants of its Sivananda
chyawanprash - Amrit Chyawanprabha for adults, Special Chyawanprash for the
entire family and Bal Chyawanprabha for kids. Bal Chyawanprabha is flavoured with
vanilla beans to make it more palatable for kids.
In contrast to these companies, Dabur had been projecting its chyawanprash as a
family product.
• CELEBRITY ENDORSEMENT:
Emami started the trend of celebrity endorsement of chyawanprash. The signing of
Saurav Ganguly as the brand ambassador of its Sona-Chandi Chyawanprash has
helped Emami improve its market share. Dabur has also roped in Amitabh Bacchan as
the brand ambassador for Dabur Chyawanprash. And now its recent Brand
ambassador is M.S. Dhoni while Shahrukh Khan for Himani Sona-Chandi.
• FOCUS ON ATTRACTIVE PACKAGING:
Dabur had been using a constant unattractive plastic container to package its
chyawanprash till 2003. It changed its packaging then calling it as ‘Swarna Jayanti’
pack. However it had to change its packaging again as it also generated complaints.
The shape of the jar provided very little space for display. Moreover, rats could easily
climb and damage its contents.
C ONSUMER SURVEY FINDINGS
1. Packaging Most Bought for Dabur
Of the various packaging sizes made available in the market by Dabur, the 500 grams
packaging seems to be doing very well with the Customers. However, the company
can
look at working out schemes whereby the customer is encouraged to move onto
biggers quantity packages.
Quantity Purchased Numbers
250 gms 30
500 gms 91
1000 gms 79
Graph No.1
2. Dabur chyawanprash usage
From the survey findings we can easily interprete that Dabur Chyawanprash is very
popular as a family product rather than as kids or adults product. Hence Dabur can
look at working out promotions for making chyawanprash popular as Kids product
also.
Graph No.2
3. Brand Loyalty towards Dabur
The questionnaire tried to query the customers of Dabur chyawanprash about their
response if they were to not get Dabur chyawanprash at their Shop of purchase. The
options were helpful in giving us a better insight to the brand loyalty among the
customers.
The first option of buying another brand was to see if the customer was indifferent
between the various brands available in the market. The second option of Going to
another shop to purchase the Dabur product showed a high level of brand loyalty but
low level of shop loyalty. If the customer chose to postpone his/her purchase of the
product to a later date, it showed a higher level of brand as well as shop loyalty.
Dabur has a high brand loyalty among its consumers. Only 6% of its customers
responded with the option which showed low brand loyalty.
Action Taken if product not found
Response
Frequency
Buy Another Brand 170
Go to another Shop 18
Postpone Purchase 12
Graph No. 3
4. Factors Influencing Choice of Product (MDS test):
The Customer survey included a question, which inquired about the Factors, that
influenced the consumer to make a decision on which brand of Chyawanprash they
wished to buy. This reflects the pre-purchase decision making of the consumer before
the actual point of purchase. The trends reflected are summarized in the following
chart:
Kruskal stress
It is measure of extent of misfit of MDS solution. Value of k-stress varies from 0-1.
Value closed to 1 shows highest stressed solution, values close to 0 shows good
solution. For an acceptable solution k-stress should be less than 0.15.
Procedure: -
Analyze
Scale
MDS
CTRLA
Model
Select interval
Dimension
Min. =1,max=(2n<= no. Of brands)
Continue
Options
Display group plots model&summaryoption continue ok
SPSS Output
Alscal Procedure Options
Data Options-
Number of Rows (Observations/Matrix). 8Number of Columns (Variables). . . 8Number of Matrices . . . . . . 1Measurement Level . . . . . . . IntervalData Matrix Shape . . . . . . . SymmetricType . . . . . . . . . . . DissimilarityApproach to Ties . . . . . . . Leave TiedConditionality . . . . . . . . MatrixData Cutoff at . . . . . . . . .000000
Model Options-
Model . . . . . . . . . . . EuclidMaximum Dimensionality . . . . . 2Minimum Dimensionality . . . . . 1Negative Weights . . . . . . . Not Permitted
Iteration history for the 2 dimensional solution (in squared distances)
Young's S-stress formula 1 is used.
Iteration S-stress Improvement
1 .00307
Iterations stopped because
S-stress is less than .005000
Stress and squared correlation (RSQ) in distances
RSQ values are the proportion of variance of the scaled data (disparities) in the partition (row, matrix, or entire data) which is accounted for by their corresponding distances. Stress values are Kruskal's stress formula 1.
For matrix Stress = .00890 RSQ = .99983
Configuration derived in 2 dimensions
Stimulus Coordinates
Dimension
Stimulus Stimulus 1 2 Number Name
1 zandu 2.6014 -.2824 2 himani .1023 .0690 3 dabur 1.9586 .2750 4 baidyana -.7376 -.1302 5 himalya -1.0431 .0201 6 surya -.7113 .0088 7 vedic -.5038 .1602 8 locals -1.6664 -.1206Abbreviated ExtendedName Name
baidyana baidyanath
Dimension 13210-1-2
Dim
ensi
on
2
0.3
0.2
0.1
0.0
-0.1
-0.2
-0.3
locals
vedic
suryahimalya
baidyanath
dabur
himani
zandu
Derived Stimulus Configuration
Euclidean distance model
Dimension 1: Price. Main ingredient, Packaging, Product Quality
Dimension2: Taste, Easy Availability, Advertisement, Celebrity Endorsement
Graph No. 4
The above 8 brands has been rated on 1-5 scale against 8 parameters viz., price,
packaging, product quality, taste, easy availability, advertisements, celebrity
endorsement and schemes. Now the Multi Dimensional Scaling test has given the
above Euclidean Distance graph which shows that Dabur is itself a bigger player in
chyawanprash industry that has no significant competitor in the market. But Emami
can become its great competitor in future according to above graph.
CONCLUSION
• After analyzing the financial statements of the Dabur by the help of various
ratios, I observed that the trend of growth is positive.
• Dabur has strong performance with robust top line growth and high quality
earnings in all business segments. The performance is more satisfying when
viewed in the light of the challenging business environment of the Ayurvedic
industry, Pharma, FMCG, Food in the export and domestic markets.
• Current ratio has continuously increased but the company needs to raise more
of its current assets and quick assets so that it can fulfill all its obligations and
can raise the amount of working capital for short- term investment. Earnings
per share have increased which would surely help the organization in
expanding its market share.
• Gross income also show the positive trend of growth, net turnover has also
increased and return on net worth has also grown. All these ratios show that
the trends of profit are growing at a rapid rate and thus it helps the company to
meet the latent demands of customer too.
• Moreover, after analyzing and comparing the financial statements of Dabur
w.r.t. its competitors I observed that Dabur is itself a big player in
Chyawanprash industry as most of its ratios are far better than Zandu and
Emami.
• At last I can say from the above study that Emami (Himani Sona-Chandi
Chyawanprash) is also showing positive growth rate and can emerge as a great
competitor for Dabur.
RECOMMENDATIONS
• The Company already had a 65.8% market share in India. It would be difficult to
increase the market share substantially. Hence the company should focus on
increasing the market size.
• The company should promote Chyawanprash as an all season product and try to
remove the misconception that it is only to be consumed during the winters to
strengthen the immune system against Winter Infections and Allergies.
• It should occupy the shelf space next to the Health drinks in retail stores so that they
can remind the consumer of its claim of a comprehensive health supplement.
• Now that the company is successfully shedding its image of being associated with
middle and old age people it could also target younger generation to expand its
market.
• Since Dabur Chyawanprash is perceived to be a Health supplement that aids in the
enhancement of the Immunity against winter related health problems , hence it
should be promoted strongly in areas where winters have traditionally been harsh and
long.
• Chyawanprash is traditionally consumed by the middle class segment, whereas the
higher segment prefers health drinks like Bournvita & Horlicks to health supplements
like Dabur Chyawanprash.However this segment can be penetrated with a
promotional focus on Ayurvedic benefits and traditional Indian measures, which this
segment values at a premium.
• The company needs to shift focus from a traditional value system that it projects and
add to its portfolio a contemporary touch that would include Children and youth in the
Chyawanprash segments also. Children are a primary next focus for the company and
it needs to channelize adequate promotion focus through such media as Cartoon
Channel and other children related programmes.
LIMITATIONS
1. The time duration was less for the project as this project includes both
financial and marketing (survey) portions.
2. Some databases were not available due to the policy of company. So some part
of analysis would have been better if this limitation was not there.
3. Some sorts of problems were involved during marketing survey.
Annexure
QUESTIONNAIRE
Q1. Name ______________________________
Q2. Gender____________
Q3. I have purchased Dabur Chyawanprash in last 3 years (if your answer is option
(a), then only proceed the questionnaire).
(a) Yes (b) No (c) Can’t Say
Q4. Marital Status
(a) Married (b) Single
Q5. Occupation
(a) Housewife (b) Service (c) Business
(d) Student (e) Others
Q6. I like to prefer Dabur Chyawanprash of
(a) 250 gms (b) 500 gms (c) 1000 gms
Q7. Members of my family taking Dabur Chyawanprash
(a) Kids (b) Adults (c) Elders
(d) Both a and c (e) Whole family
Q8. If I do not get Dabur Chyawanprash then
(a) Buy another brand
(b) Go to another Shop to buy Dabur Chyawanprash
(c) Postpone my purchase
Q9. Rank the following brands in 1-5 scale (1-Very Good, 2-Good, 3-Neither Good Nor Bad, 4-Bad, 5-Very Bad).
Brands
Parameters
Dabur Zandu Himani Baidyanath
Himalya Surya Vedic Local Brands
Price
Main ingredients
Packaging
Product Quality
Taste
Easy Availability
Advertisement
CelbrityEndorsment
Special Offers
REFRENCES & BIBLIOGRAPHY
• Annual report of DIL.
• Organizations magazines
• Financial Management: I.M.Pandey, M.Y.Khan &P.K.Jain
http://www.moneycontrol.com/
http://www.dabur.com/
http://www.zandu.com/
http://www.emami.com/
http://www.baidyanath.com/
http://www.equitymaster.com/detail.asp?date=5/19/2000&story=6
http://www.oppapers.com/essays/Marketing-Report-Dabur-Chyawanprash/167474
http://www.antya.com/detail/Dabur-Chyawanprash/17246
http://dabur.com/en/products/Health_Care/Health_Supplements/Chyawanprash/
http://www.business-standard.com/india/news/
http://marketingpractice.blogspot.com/2008/01/dabur-chyawanprash-zaroorat-
hai.html
http://businesstoday.intoday.in/index.php?option=com_content&task=view&id=9077