The Directors have pleasure in presenting the 36th Annual Report on
 the business and operations of the Company, together with the Audited
 Accounts for the financial year ended March 31, 2011.
 
 FINANCIAL RESULTS
 
 Financial results are presented in Table 1.
 
 Table1: Financial Results
 
                                                         (Rs. in crore)
 
                                                 2010-11       2009-10
 
 Turnover (including other income)               3313.83       2897.60
 
 Profits before Tax                               596.26        527.03
 
 Add: Provisions of earlier years written back      0.19          0.02
 
                                                  596.45        527.05
 
 Less - Provision for Taxation - Current          119.40         89.66
 
 - Provision for Taxation - Deferred                5.45          4.04
 
 - Provision for taxation for earlier year          0.19          0.21 
 
 Profit after Tax                                 471.41        433.14 
 
 Add: - Balance in Profit & Loss Account brought 
 forward from the previous year                   526.91        428.94 
 
 Profit available for appropriation               998.32        862.08 
 
 Appropriation to:
 
 General Reserve                                   50.00        130.00
 
 Capital Reserve                                    1.34          2.07
 
 Interim Dividend - Paid                           87.04         64.98
 
 Final Dividend - Proposed                        113.15        108.62
 
 Final Dividend (for earlier year)                  0.15          0.00
 
 Corporate tax on Dividend                         32.82         29.50
 
 Excess Corporate Dividend tax provided in 
 earlier year written back                         (0.40)         0.00
 
 Balance carried over to Balance Sheet            714.22        526.91
 
 Total                                            998.32        862.08
 
 
 DIVIDEND
 
 The Company has paid an interim dividend of 50% (Re.0.50 per share of
 Rupee one each) on November 10, 2010. We are pleased to recommend a
 final dividend of 65% (Rs.0.65 per share of Rupee one each) for the
 financial year 2010-11. The final dividend, if approved by the members,
 will be paid to members within the period stipulated by the Companies
 Act, 1956. The aggregate dividend for the year will amount to 115%
 (Rs.1.15 per share of Rupee one each) as against 200% (Rs.2.00 per
 share of Rupee one each) on pre bonus capital, declared last year. The
 dividend payout ratio for the current year, inclusive of corporate tax
 on dividend distribution, is at 49.43%.
 
 Pursuant to the provisions of Section 205A (5) of the Companies Act,
 1956, final dividend for the year 2002-03 and interim dividend for the
 year 2003-04 which remained unpaid or unclaimed for a
 
 period of 7 years, amounting to Rs.924423/- and Rs.647640/-
 respectively has been transferred by the Company to the Investors
 Education and Protection Fund. The due dates for transfer of unpaid
 dividend for subsequent years is given in Table 12 under Corporate
 Governance Report.
 
 OPERATIONS AND BUSINESS PERFORMANCE
 
 Kindly refer to Management Discussion & Analysis and Corporate
 Governance, which form part of this Report.
 
 AMALGAMATION OF FEM CARE PHARMA LTD WITH THE COMPANY
 
 During the year, amalgamation of Fem Care Pharma Limited (FEM) with the
 Company was completed on 18th June, 2010 (being effective date) upon
 filing of the Order of Hon’ble Delhi and Mumbai High Courts with the
 respective offices of Registrar of Companies. The appointed date of
 merger was 1st April, 2009.
 
 OVERSEAS ACQUISITION -HOBI GROUP (TURKEY) & NAMASTE GROUP (US)
 
 During the year the Company has acquired Turkey‘s leading personal care
 products maker Hobi Kosmetik Group through Dabur International Limited,
 a wholly owned subsidiary of the Company. Hobi Kosmetic Group comprises
 of three companies namely- Hobi Kozmetik Imalat Sanayi Ve Ticaret
 Anonim Sirketi, Ra Pazarlama Limited Sirketi and Zeki Plastik Imalat
 Sanayi Ve Ticaret Limited Sirketi.
 
 The second overseas acquisition of the year was of Namaste Group of US,
 a leading ethnic hair care group based in Chicago with operations in
 US, Europe and Africa, through Dermoviva Skin Essentials Inc, a wholly
 owned subsidiary of the Company. Namaste Group of US comprises of
 Namaste Laboratories LLc, US and its three subsidiaries namely - Hair
 Rejuvenation & Revitalization Nigeria Ltd, Healing Hair Lab
 International LLc, US and Urban Lab International LLc.
 
 CORPORATE GOVERNANCE
 
 Dabur is committed to focus on good corporate governance in line with
 emerging local and global standards. Dabur understands and respects its
 fiduciary role in the corporate world and besides adhering to the
 prescribed corporate practices, it voluntarily governs itself as per
 the highest national and international standards of corporate
 governance. Strong governance practices at Dabur has earned for it
 recognition and has strengthened its bond of trust not only with the
 stakeholders but with the society at large.
 
 The compliance Report on Corporate Governance and a certificate from
 Auditors of the Company regarding compliance of the conditions of
 Corporate Governance, as stipulated under Clause 49 of the Listing
 Agreement with the Stock Exchanges, is attached as ‘Annexure 1‘ and
 forms part of this report.
 
 Certificate of the CEO/CFO, inter alia, confirming the correctness of
 the financial statements, compliance with Company‘s Code of Conduct,
 adequacy of the Internal Control measures and reporting of matters to
 the Audit Committee in terms of Clause 49 of the Listing Agreement with
 the Stock Exchanges, is attached in the corporate governance Report and
 forms part of this report.
 
 CREDIT RATING
 
 During the year under review the Company has sustained its long term
 credit rating of AAA. The highest credit rating of AAA awarded by
 CRISIL reflects the Company’s financial discipline and prudence.  The
 Company’s short term credit was rated P1+ by CRISIL. This indicates a
 very strong degree of safety with regard to timely payment of interest
 & principal.
 
 DIRECTORS
 
 In terms of Article 103 and 104 of the Articles of Association of the
 Company, Mr Mohit Burman, Mr Sunil Duggal, Mr P N Vijay and Mr R C
 Bhargava will retire by rotation at the ensuing Annual General Meeting,
 and being eligible, offer themselves for
 
 re-appointment in terms of the provisions of Article 106 of the
 Articles of Association of the Company.
 
 The brief resumes of the Directors who are to be appointed/re-
 appointed, the nature of their expertise in specific functional areas,
 names of companies in which they have held directorships, committee
 memberships/ chairmanships, their shareholding etc., are furnished in
 the explanatory statement to the notice of the ensuing Annual General
 Meeting.
 
 Your Directors recommend their appointment/ re-appointment at the
 ensuing Annual General Meeting.
 
 DIRECTORS’ RESPONSIBILITY STATEMENT
 
 Pursuant to the requirement under Section 217(2AA) of the Companies
 Act, 1956, with respect to Directors’ Responsibility Statement, the
 Directors confirm:
 
 i) That in the preparation of the annual accounts, the applicable
 accounting standards have been followed and no material departures have
 been made from the same;
 
 ii) That they had selected such accounting policies and applied them
 consistently, and made judgements and estimates that are reasonable and
 prudent, so as to give true and fair view of the state of affairs of
 the Company at the end of the financial year, and of the profit of the
 Company for that period;
 
 iii) That they had taken proper and sufficient care for the maintenance
 of adequate accounting records in accordance with the provisions of the
 Companies Act, 1956, for safeguarding the assets of the Company and for
 preventing and detecting fraud and other irregularities;
 
 iv) That they had prepared the annual accounts on a going concern
 basis.
 
 CHANGE IN CAPITAL STRUCTURE AND LISTING OF SHARES
 
 The Company’s shares are listed on the National Stock Exchange of India
 Limited (NSE) and Bombay Stock Exchange Limited (BSE) and are actively
 traded.
 
 In the year under review, the following shares were allotted and
 admitted for trading in NSE and BSE:-
 
 - Equity shares allotted against the options exercised by employees
 pursuant to Employees Stock Option Scheme of the Company;
 
 - 955240 equity shares allotted on April 22, 2010.
 
 - 204144 equity shares allotted on May 20, 2010.
 
 - 232065 equity shares allotted on August 23, 2010.
 
 - Equity shares allotted pursuant to merger of Fem Care Pharma Limited
 with the company
 
 - 1384620 equity shares allotted on July 22, 2010.
 
 - Equity shares allotted pursuant to Bonus issue in the ratio of 1:1.
 
 - 870361899 equity shares allotted on September 14, 2010.
 
 AUDITORS AND THEIR REPORT
 
 M/s G. Basu & Company, Chartered Accountants, Statutory Auditors of the
 Company, will retire at the conclusion of the ensuing Annual General
 Meeting and, being eligible, offer themselves for re-appointment as
 statutory auditors for the financial year 2011-12. The Company has
 received a letter dated April 11, 2011 from them to the effect that
 their re-appointment, if made, would be within the limit prescribed
 under section 224(1B) of the Companies Act, 1956, and that they are not
 disqualified for such re-appointment within the meaning of Section 226
 of the Companies Act, 1956.
 
 The Auditors have vide their letter dated 21.04.2011 also confirmed
 that they have subjected themselves to the peer review process of
 Institute of Chartered Accountants of India (ICAI) and holds a valid
 certificate issued by the peer Review Board of the ICAI.
 
 The observations of the Auditors, together with the notes to Accounts
 referred to in the Auditors‘ Report, are self-explanatory and do not
 call for any further explanation from the Directors.
 
 COST AUDITORS
 
 M/s Ramanath Iyer & Company, Cost Accountants, were re-appointed as
 Cost Auditors to conduct cost audit of the accounts maintained by the
 Company, in respect of the Formulations and Cosmetics & Toiletries
 products for the financial year 2011-12.
 
 CONSOLIDATED FINANCIAL STATEMENTS
 
 In compliance with the Accounting Standard 21 on Consolidated Financial
 Statements, this Annual Report also includes Consolidated Financial
 Statements for the financial year 2010-11. Consolidated Turnover grew
 by 20.47% to Rs.4142.60 crore as compared to Rs.  3438.69 crore in the
 previous year. Similarly, net profit after tax and after minority
 interest for the year at Rs.568.57 crore is higher by Rs.67.30 crore as
 compared to Rs. 501.27 crore in the previous year.
 
 INTERNAL CONTROL SYSTEM
 
 The Company has a well placed, proper and adequate internal control
 system, which ensures that all assets are safeguarded and protected and
 that the transactions are authorised, recorded and reported correctly.
 The Company’s internal control system comprises audit and compliance by
 in-house Internal Audit Division, supplemented by internal audit checks
 from Price Waterhouse Coopers Private Limited, the Internal Auditors
 and various transaction auditors. The Internal Auditors independently
 evaluate the adequacy of internal controls and concurrently audit the
 majority of the transactions in value terms. Independence of the audit
 and compliance is ensured by direct reporting of Internal Audit
 Division and Internal Auditors to the Audit Committee of the Board.
 
 To further strengthen the internal control process, the Company has
 developed a very comprehensive legal compliance manual called
 ‘e-nforce‘, which drills down from the CEO to the executive level
 person who is responsible for compliance. This process is fully
 automated and generate alerts for proper and timely compliance.
 
 FIXED DEPOSITS
 
 During the year under review, the Company has not accepted any fixed
 deposits from the public, and as on March 31, 2011 the Company had no
 unclaimed deposits or interest thereon due to any depositor.
 
 NATURE OF BUSINESS
 
 There has been no change in the nature of business of the Company and
 any of its subsidiary companies during the year.
 
 SUBSIDIARIES
 
 During the year Fem Care Pharma Ltd. has ceased to be subsidiary of the
 Company due to its amalgamation with the Company.
 
 Further Hobi Kozmetik Imalat Sanayi Ve Ticaret Anonim Sirketi, Ra
 Pazarlama Limited Sirketi, Zeki Plastik Imalat Sanayi Ve Ticaret
 Limited Sirketi, Namaste Laboratories LLc, US, Hair Rejuvenation &
 Revitalization Nigeria Ltd, Healing Hair Lab International LLc, US,
 Urban Lab International LLc, US and Dabur Egypt Trading Limited have
 become step down subsidiaries of the Companies.
 
 In terms of general approval granted by the Central Government under
 Section 212(8) of the Companies Act, 1956, copies of Balance Sheet,
 Profit and Loss Account, Report of the Board of Directors and the
 Report of the Auditors of the subsidiary companies have not been
 attached with the Balance Sheet of the Company. The Company will make
 available these documents and related detailed information upon request
 by any shareholder of the Company or subsidiary interested in obtaining
 the same.
 
 However, pursuant to Accounting Standard AS-21 issued by the Institute
 of Chartered Accountants of India, Consolidated Financial Statements
 presented by the Company include the financial statements of its
 Subsidiaries. The Financial Statements of the subsidiary companies are
 also available for inspection by the shareholders at the Registered
 Office of the Company and also that of its respective subsidiaries. The
 Financial Statements of each subsidiary shall also be available on
 Company’s website www.dabur.com.
 
 The following information in aggregate for each subsidiary has been
 disclosed in the consolidated balance sheet (a) capital (b) reserves
 (c) total assets (d) total liabilities (e) details of investment
 (except in case of investment in subsidiaries) (f) turnover (g) profit
 before taxation (h) provision for taxation (i) profit after taxation
 (j) proposed dividend.
 
 A statement of the holding company’s interest in the subsidiary
 companies is attached as ‘Annexure 2’ and form part of this report.
 
 EMPLOYEES STOCK OPTION PLAN
 
 During the year, 19300617 options in 4 tranches were granted to
 eligible employees of the Company in terms of Employees Stock Option
 Plan (Dabur ESOP 2000). During the year, 1391449 options were exercised
 by the employees after vesting. Accordingly, the Company made the
 allotment of 955240 equity shares on April 22, 2010, 204144 equity
 
 shares on May 20, 2010 and 232065 equity shares on August 23, 2010,
 against the options exercised by the employees.
 
 The particulars of options issued under the said Plan as required by
 SEBI (Employee Stock Option Scheme and Employee Stock Purchase Scheme)
 Guidelines, 1999 are appended as ‘Annexure 3’ and forms part of this
 report.
 
 PARTICULARS OF EMPLOYEES
 
 In terms of the provisions of section 217(2A) of the Companies Act,
 1956 read with Companies (Particulars of Employees) Rules, 1975, the
 names and other particulars of employees are set out in the Annexure to
 the Directors Report. However having regard to the provisions of
 Section 219(1)(b)(iv) of the companies Act, 1956 the Annual Report
 excluding the aforesaid information is being sent to all the members of
 the company and others entitled thereto. Any member interested in
 obtaining a copy of such particulars may write to the Company Secretary
 at the Registered office of the Company.
 
 CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, FOREIGN EXCHANGE
 EARNINGS AND OUTGO
 
 A.  Conservation of energy:
 
 a) Energy conservation measures taken:-
 
 Various energy conservation techniques were initiated at large scale
 and successfully implemented. Energy was used more efficiently (2.96
 GigaJoules to 2.33 GigaJoules compared to LY). This was despite
 increase in tariff rates of Power & Fuel and absorbing cost of owned
 generated power for 5 new manufacturing facilities at Baddi, Pantnagar
 and Jammu commissioned in 2010 - 11.
 
 Some of the key initiatives were as follows-
 
 In the existing manufacturing units various initiatives were undertaken
 to conserve/ reduce environmental impact, by adapting to green
 manufacturing and concept of “Reduce, Reuse and Recycle”, viz.
 
 - Installation of Herbal Extractors across units by replacing boiling
 pans resulted in low consumption of steam and man days, better quality
 of extract in terms of TSS, fast process, etc.
 
 - Installation & Commissioning of Briquette/Herbal waste fired boiler.
 
 - Use of thermic fluid heating system in place of boiler in Fluid Bed
 Evaporator (FBE) of Hajmola manufacturing.
 
 - Replacement of Old Air Compressors with new Screw Type efficient
 Compressors.
 
 - Efficient Maintenance of Capacitor Bank for improvement of Power
 Factor.
 
 - Replacing energy inefficient equipments with new technologies which
 are energy efficient.
 
 Some new initiatives taken, where the projects are under
 implementation;
 
 - Herbal waste used as a fuel in boiler in major units eg: Conversion of
 herbal waste into dry bio briquettes,
 
 Crushing herbal waste and using the same in the USAB reactor in ETP
 (Effluent Treatment Plant) to generate more methane ( Bio gas) which in
 turn is used as boiler fuel and using directly herbal waste as a fuel
 in the boiler
 
 b) Additional investments and proposals, if any, being implemented for
 reduction of consumption of energy:-
 
 - Herbal Extractor have been ordered in place of Boiling pans in major
 units at Baddi, for saving energy and manpower.
 
 - Replacement of power capacitor in units at Sahibabad, to improve
 power factor.
 
 c) Impact of measures at (a) and (b) above for reduction of energy
 consumption and consequent impact on the cost of production of goods:-
 
 - The energy conservation measures taken during the year have resulted
 into yearly saving of approximately Rs 180 Lacs and thereby lowered the
 cost of production by the equivalent amount. These measures have also
 lead to better pollution control, reduced maintenance time and cost,
 improved hygienic condition and consistency in quality and improved
 productivity.
 
 d) Total energy consumption and energy consumption per unit of
 production as per Form A
 
 - Attached herewith as Annexure 4
 
 B.  Technology Absorption:
 
 Efforts made in technology absorption as per Form B is attached
 herewith as Annexure 5.
 
 C.  Foreign Exchange earnings and outgo:
 
 i) Activities and initiatives relating to exports:
 
 The Company’s key markets for international business are the Middle
 East, Africa, UK and South Asian geographies, with manufacturing plants
 located across regions. The Company also has a private label business
 in USA and UK, along with Guar gum exports, which takes place from its
 Indian plants.
 
 International business:
 
 The Company’s International Business Division (including recently
 acquired Hobi and Namaste group companies) recorded an impressive sales
 growth of 43.3% from Rs.  631.4 crores in 2009-10 fiscal to Rs. 904.8
 crores in 2010- 11 fiscal, contributing to 22% of consolidated sales.
 Excluding the acquisitions, the International Business Division
 recorded sales of Rs. 731.6 crores in 2010-11, growing by 15.9%. The
 operating margins of the business improved significantly during the
 year reflecting the strength of the brands even though the external
 conditions were tough and the environment was plagued by political
 turmoil and instability in key countries of Middle East and North
 Africa region leading to demand contraction coupled with
 
 inflationary pressures due to commodity cost inflation.
 
 Robust sales growth in international markets was possible due to:
 
 - Strong Brand portfolio positioned on herbal and natural platform
 
 - Aggressive new product launches and brand extensions
 
 - Geographical expansion into new markets
 
 - Strong Sales and Distribution network
 
 - Strong manufacturing backbone and expansion of own manufacturing in
   key geographies
 
 - Localised and efficient supply chain.
 
 The company has built strong and robust brand architecture with brands
 like Dabur Amla and Vatika across geographies.  As per Nielsen Retail
 Audit in Saudi Arabia, Dabur Amla is the largest brand in the hair oil
 segment there. Dabur Amla franchise has been extended into Hair Creams
 and variants have been launched in hair oils and hair serums.  Vatika
 has also maintained its growth trajectory with Vatika Hair Creams
 emerging as the biggest brand based on Nielsen Retail Audits in Saudi
 Arabia and Egypt. This was inspite of stiff competition from
 established brands through aggressive consumer promotions and price
 cuts.
 
 Vatika Dermoviva - the new brand launched for the Personal Wash and
 Skin Care segment has grown in strong double digits in Soaps and has
 managed to create consumer equity in a category dominated by strong MNC
 players. Vatika Dermoviva was extended into Hand Wash category during
 the year.
 
 Dabur Herbal Toothpaste posted a strong performance in Nigeria where it
 has become the no. 2 player in terms of market share basis Nielsen
 Retail Audit. The brand has been re-launched in MENA during the year
 and it has seen fast growth.
 
 The key contributing markets to the International Business growth have
 been GCC, Egypt, Nigeria, Algeria, Morocco, Jordan, Syria and Kenya.
 
 GCC, the largest region in the International Business Division and
 despite being a mature market, has grown by 21% over last year fuelled
 by innovations and new product launches in the Hair Care, Personal Wash
 and Oral Care segments.
 
 Dabur Egypt Limited has witnessed another spectacular performance with
 34% growth in sales in spite of disturbances in the region and
 temporary shut down during the fourth quarter of fiscal 2010-11. The
 plants in Egypt have however become operational as the political
 situation has improved.
 
 African Consumer Care, Nigeria has grown by 34%, aided by strong growth
 of Dabur Herbal Toothpaste and Dabur Herbal Gel in the Oral Care
 category.
 
 Asian Consumer Care, Pakistan has grown by 17%, with Hajmola and Dabur
 Amla emerging as the two strong brands for the region.
 
 Markets of North Africa, Levant and Yemen have seen an impressive
 performance with 39% growth over previous year.
 
 Asian Consumer Care, Bangladesh, has performed well with a growth of
 47% during the fiscal 2010-11. The growth has been led by focus on five
 key brands - Amla Hair Oil, Vatika Hair Oil and shampoos, Dabur Honey
 and Meswak.
 
 Dabur Nepal Pvt Limited which manufactures fruit juices and also caters
 to local consumer market in Nepal recorded growth of 4% in 2010-11 in
 its sales to the domestic market of Nepal.
 
 Efficient operations of the manufacturing plant in Ras Al Khaimah
 ensured 22 new SKU launches in 2010-11 fiscal and augmentation in
 capacity with new warehouse and new manufacturing lines for Hamam Zaith
 and other hair care products. In Egypt, Hair Cream manufacturing
 capacity was doubled and new Toothpaste mixer was commissioned while
 new Lines for Hair Oil & Hair Cream packing are under installation. In
 Nigeria, ISO certificates were received for Green Gel and Promise Red
 Toothpaste.
 
 Exports from India
 
 The company also exports guar gum and private label oral care products
 from India. During 2010-11 the company recorded Guar gum exports to the
 tune of Rs.52.7 crores as compared to Rs.43.3 crore in 2009-10 fiscal.
 Sales have grown aided by recovery in global environment.
 
 Sales in USA (Dabur Branded and Private label) grew impressively from
 Rs. 38 crores to Rs 45 crores. In Private label, key new markets were
 opened, such as Denmark, Switzerland, Canada and France. For the first
 time we could enter European Retail chains. New product categories of
 Mouthwash and Denture Adhesives were started. Dabur Branded Ethnic grew
 with the launch of new products such as Sesame Oil, Juices and a host
 of products from both the IBD platform as well as the India Domestic
 platform. Mainstream Retail penetration of Dabur Ethnic products took
 place in both USA (Stop n Shop) and in Canada (Loblaws network).
 
 ii) Development of new markets for Products & Services:
 
 New avenues for growth were opened up with expansion into the new
 markets of Congo, Armenia, Kazakhstan and Burkina Faso. The Sales &
 Distribution infrastructure has been augmented by appointing new
 distributors in Malaysia, Uganda, Mozambique and Ethiopia. Local
 resources have been deployed in key markets of Middle East & North
 Africa, Nigeria, Egypt and South East Asia to strengthen the S&D
 structure.
 
 iii) Export Plans:
 
 The focus, going forward, is to continue expanding the Company’s
 presence across geographies and to exploit the opportunities that exist
 in existing and potential segments.  The Company will continue to
 invest in brand building, manufacturing and human capital in order to
 maintain and improve the existing robust growth path.
 
 Total Foreign Exchange used during 2010-11: Rs. 2460 lac.
 
 Total Foreign Exchange earned during 2010-11: Rs. 13416 lac.
 
 GROUP FOR INTER SE TRANSFER OF SHARES
 
 Pursuant to an intimation received from the Promoters, under Clause 3
 (1) (e) of Securities and Exchange Board of India (Substantial
 Acquisition of Shares and Takeovers) Regulations, 1997 persons
 constituting Group (within the meaning as defined in the Monopolies and
 Restrictive Trade Practices Act, 1969) for the purpose of availing
 exemption from applicability of the provisions of Regulation 10 to 12
 of aforesaid SEBI Regulations, are given in the Annexure 6 attached
 herewith and forms part of this report.
 
 OPERATIONS REVIEW
 
 For detailed operational review kindly refer to Management Discussion
 and Analysis and the Report on Corporate Governance, which forms part
 of this Annual Report.
 
 HEALTH SAFETY AND ENVIRONMENTAL REVIEW
 
 Dabur India Ltd. has reaffirmed its commitment towards Health, Safety
 and Environment through its Policy. Health, Safety and Environment is
 integrated with the business processes, which focuses on People,
 Technology and Facilities, supported by Management Commitment as the
 prime driver. The Health, Safety and Environment Management Systems in
 all manufacturing units conform to the requirements of the
 International Standards based on OHSAS and ISO. With its health, Safety
 and Environment management system Dabur aims to effectively control
 risks and prevent people from being injured or harmed during the course
 of their work.
 
 Dabur has the aim to certify all its operational locations with the
 Integrated Management system OHSAS (Occupational Health & Safety
 Advisory Services) 18001 and ISO 14001 — Occupational Health, Safety
 and Environment. With this aim, Dabur has got certified its three (3)
 manufacturing location by TUV NORD. This standard is the foundation of
 the overall health, safety and environment framework of Dabur.
 
 The environmental agenda was marked by a shift towards reducing
 environmental impact of Company’s operations. This was achieved by
 environment management program through a combination of energy & water
 conservation, rainwater harvesting and solid waste recycling. Some
 sites modified their boilers to use bio-fuels, resulting in significant
 environmental benefits by reducing the Sox emission in environment.
 
 Dabur India Ltd. has always been aware of its responsibilities as a
 good citizen action, in health, safety and environment management,
 
 is in the process of further strengthening its current resources.
 
 Key Initiatives taken during the year.
 
 - Got certified its 3 manufacturing location with OHSAS 18001 and ISO
 14001 integrated management system.
 
 - In a process of preparing 5 more manufacturing location for the
 certification of OHSAS 18001 and ISO 14001 integrated management
 system.
 
 - Risk assessment of all manufacturing location done with a system of
 planned inspection product wise, resulted in the reduction of all
 injury rate (AIR) and Total Recordable Frequency rate (TRFR)
 
 - Legally Complied at unit level w.r.t to Safety and Environment Act
 and Rules.
 
 - Environmental Monitoring was carried out at unit level to check the
 impact on the environment.
 
 - Different Guidelines and Standard were rolled out for implementation
 at unit level and Focus on the training - on job and off job to
 minimize the TRFR.
 
 - Installation of Fire Hydrant and Detector System as per the latest
 technologies available.
 
 - Emergency Preparedness plan is in place and executed the plan through
 mock drill.
 
 - Different test has been carried out at unit level to check the
 efficiency of PPE’s used at work place.
 
 - Health Check up for all employees carried out at unit level.
 
 AWARDS & RECOGNITIONS:
 
 Dabur has received many Awards and Accolades in recognition of its
 achievements at various levels. During the year Dabur bagged various
 Awards and Recognitions in different categories and for different
 Brands. These include:
 
 For The Company-
 
 - Ranked as the organisation that offers best return to investors by
 the 6th Social & Corporate Governance Awards, presented by the Bombay
 Stock Exchange.
 
 - Listed among the enterprises that are ‘Doing India Proud’ in Limca
 Book of Records, 2010.
 
 - Ranked as 7th Most Respected Company in the Fast Moving Consumer
 Goods space in India.
 
 - Ranked 63 in the list of Top 100 Beauty Companies in the world.
 
 - Ranked 182 in the ET-500 list of India Inc’s Heroes.
 
 - Ranked 62 in Business Today’s BT 500 list of India’s Most Valuable
 Companies.
 
 - Dabur stock ranked 14th in Value 100 list, a ranking of
 attractively-priced stocks of firms with ‘real’ earnings.
 
 - Ranked 200 in the Fortune India 500 list that ranks India’s 500
 largest corporations.
 
 - Awarded the Best Run award in Supply Chain by SAP.
 
 - Listed as a Top Green Company in Greenpeace Safe Food Guide
 
 version 2.0 for its responsibility towards the GM food issue.
 
 - Moved up to take the 78th spot in the Super-100 list, released by
 Business India.
 
 - Ranked among Top 10 Best Companies To Work For in the Consumer Goods
 and Durables Sector.
 
 - Ranked as India’s Most Customer Responsive FMCG Company.
 
 - The Burman family, promoters of Dabur, ranked 20th in Forbes ‘The 100
 Richest Indians’ list.
 
 - Dr. Anand Burman, chairman ranked amongst India’s Most Powerful
 CEO’S. Have been placed at No. 41 in the list.
 
 Its Brands
 
 - Real fruit juices & Vatika Hair Oil bagged Reader’s Digest Trusted
 Brand Gold Award 2010.
 
 - Dabur Amla, Hajmola have been listed in 100 Most trusted Brands 2010
 list. Babool and Real are also amongst the trusted brands.
 
 - Dabur Chyawanprash Immune India Campaign and Dabur Glucose-D Ace of
 Pace bagged international Promotion Marketing Award of Asia 2010.
 
 - Dabur Amla Hair Oil & Real voted as Most Loved FMCG Brands with
 highest top-of-the-mind recall.
 
 - Meswak, Vatika Almond Hair Oil, Dabur Amla Flower Magic Hair Oil and
 Dabur Uveda bagged National Awards for Excellence in Packaging.
 
 - Dabur ranked 27 in India’s Most Valuable Brands 2010 list by Brand
 Finance.
 
 - Chyawanprash, Hajmola, Real chosen by Indian consumers as ‘Power
 Brands 2010-11’.
 
 - Dabur Amla Hair Oil bagged India’s Top 50 Marketers Award for
 successfully tapping the bottom of the pyramid.
 
 - Dabur Amla Hair Oil entered Limca Book of Records for hosting
 longest-ever non-stop hair massage marathon.
 
 - Dabur awarded bronze in respective categories of Glucose-D Ace of
 Pace and Vatika Kesh Sundari contest.
 
 - Ranked 45 among Most Trusted Brands in India, according to Brand
 Trust Report, India Study, 2011.
 
 Its Chief Executive Officer
 
 - Mr. Sunil Duggal ranked amongst India’s most valuable CEOs.
 
 INDUSTRIAL RELATIONS
 
 The Company maintained healthy, cordial and harmonious industrial
 relations at all levels. The enthusiasm and unstinting efforts of
 employees have enabled the Company to remain at the leadership position
 in the industry. It has taken various steps to improve productivity
 across organization.
 
 ACKNOWLEDGEMENTS
 
 Your Directors place on record their gratitude to the Central
 Government, State Governments and Company’s Bankers for the assistance,
 co-operation and encouragement they extended to the Company. Your
 Directors also wish to place on record their sincere thanks and
 appreciation for the continuing support and unstinting efforts of
 Investors, Vendors, Dealers, Business Associates and Employees in
 ensuring an excellent all around operational performance.
 
 
 
                                    For and on behalf of the Board
 
                                                 (DR ANAND BURMAN) 
                                                         CHAIRMAN
 
 New Delhi 
 27th April, 2011