France use entry mode

1. Exporting

Exporting is the process of selling of goods and services produced in one country to

other countries.

There are two types of exporting:

A) Direct exports represent the most basic mode of exporting made by a

(holding) company, capitalizing on economies of scale in production

concentrated in the home country and affording better control over

distribution. Direct export works the best if the volumesare small. Large

volumes of export may trigger protectionism. The main characteristic of direct

exports entry model is that there are no intermediaries.

Types

Sales representatives

Sales representatives silas represent foreign suppliers/manufacturers in their local

markets for an established commission on sales. Provide support services to a

manufacturer regarding local advertising, local sales presentations, customs

clearance formalities, legal requirements. Manufacturers of highly technical services

or products such as production machinery, benefit the most from sales

representation.

Importing distributors

Importing distributors purchase product in their own right and resell it in their local

markets to wholesalers, retailers, or both. Importing distributors are a good market

entry strategy for products that are carried in inventory, such as toys, appliances,

prepared food.

B) indirect exporting.

Indirect exports is the process of exporting through domestically based export

intermediaries. The exporter has no control over its products in the foreign

market.

1.Export trading companies (ETCs)

These provide support services of the entire export process for one or more

suppliers. Attractive to suppliers that are not familiar with exporting as ETCs usually

perform all the necessary work: locate overseas trading partners, present the

product, quote on specific enquiries, etc.

2 Export management companies (EMCs)

These are similar to ETCs in the way that they usually export for producers. Unlike

ETCs, they rarely take on export credit risks and carry one type of product, not

representing competing ones. Usually, EMCs trade on behalf of their suppliers as

their export departments.

3 Export merchants

Export merchants are wholesale companies that buy unpackaged products from

suppliers/manufacturers for resale overseas under their own brand names. The

advantage of export merchants is promotion. One of the disadvantages for using

export merchants result in presence of identical products under different brand

names and pricing on the market, meaning that export merchant’s activities may

hinder manufacturer’s exporting efforts.

4 Confirming houses

These are intermediate sellers that work for foreign buyers. They receive the product

requirements from their clients, negotiate purchases, make delivery, and pay the

suppliers/manufacturers. An opportunity here arises in the fact that if the client likes

the product it may become a trade representative. A potential disadvantage includes

supplier’s unawareness and lack of control over what a confirming house does with

their product.

5 Nonconforming purchasing agents

These are similar to confirming houses with the exception that they do not pay the

suppliers directly – payments take place between a supplier/manufacturer and a

foreign buyer.

2) Licensing

An international licensing agreement allows foreign firms, either exclusively or non-

exclusively to manufacture a proprietor’s product for a fixed term in a specific market.

Summarizing, in this foreign market entry mode, a licensor in the home country

makes limited rights or resources available to the licensee in the host country. The

rights or resources may include patents, trademarks, managerial skills, technology,

and others that can make it possible for the licensee to manufacture and sell in the

host country a similar product to the one the licensor has already been producing

and selling in the home country without requiring the licensor to open a new

operation overseas. The licensor earnings usually take forms of one time payments,

technical fees and royalty payments usually calculated as a percentage of sales.

3) Franchising

The by the franchisor. In addition to that, while a licensing agreement involves things

such as intellectual property, trade secrets and others while in franchising it is limited

to trademarks and operating know-how of the business.

Required document

Check if health care industry need a permit or certificate

Requirements for a permit or certificate will depend on:

the type of product

your product’s commodity code

where your product originated from

whether you’re exporting or importing

your product’s final destination

Using classification to find licences

When they import, identify the commodity code for their goods to find out if you

need a licence.

They can also use the Tariff to check if need a permit.

check your product’s code in the Tariff, and look up the rules associated with

it

check the rules regarding the origin of healthcare products - see the guide on

the rules of origin

check the rules that vary according to whether they are importing or exporting

the product, and its final destination.

Declarations and licences

Using a Single Administrative Document (SAD), most exports to outside the EU must

be declared to HMRC through the Customs Handling of Import and Export Freight

(CHIEF) system. They can do this electronically using the National Export System

(NES). See the guide on the UK’s import and export processing system CHIEF.

However, the SAD is an export declaration, not a licence to export goods. If your

goods need a licence you must obtain one separately before the goods are due to

leave the UK or EU.

Major import licences, permits and certificate

They need a licence if you are importing or exporting certain Common Agricultural

Policy

(CAP) commodities from or to a country not in the EU. Licences help to monitor and

control these markets. These are issued by the Rural Payments Agency (RPA) - you

can read guidance on CAP licences.

Licences for importing and exporting particular healthcare products

Apart from the licences supplied by the main government departments, they may

need many other licences to trade internationally in a wide range of products.

If healthcare business includes trade in certain services they must make sure

specific information is available about how you work to your customers before you

complete contracts or make agreements.

From 2013 onwards, special rules will also apply to firms supplying communications

services. Find guidance on the Provision of Services Regulations 2009.

Importing and exporting of medicines and medical devices is regulated by the

Medicines and Healthcare Products Regulatory Agency (MHRA). Find out about

licensing medicines and medical devices on the MHRA websiteor see Healthcare

and medical: international trade regulations.

Under Registration, Evaluation, and Authorisation of Chemicals (REACH) legislation,

importers or manufacturers of more than one tonne of chemicals a year must register

with the European Chemicals Agency and declare any dangerous chemicals placed

on the market.

Strict rules apply to trading in biotechnology products. Biotechnologists, for example,

must comply with export control regulations co- ordinated by BIS, particularly for

materials which can be used in the manufacture of chemical warfare. For more

information, see the guide on biotechnology and pharmaceuticals.

Worldwide trade in rough diamonds is controlled by the Kimberley Process.

Traders must register with Defra or the Forestry Commission prior to importation of

any plant, forestry or timber product, including wooden packing materials. For

controlled forestry or timber imports an advanced notification to the Forestry

Commission is required.

.

EXPORT DOCUMENTS

Commercial Invoice

A commercial invoice is a bill for the goods from the seller to the buyer. These

invoices are often used by governments to determine the true value of goods when

assessing customs duties. Governments that use the commercial invoice to control

imports will often specify its form, content, number of copies, language to be used,

and other characteristics.

Export Packing List

Considerably more detailed and informative than a standard domestic packing list,

an export packing list lists seller, buyer, shipper, invoice number, date of shipment,

mode of transport, carrier, and itemizes quantity, description, the type of package,

such as a box, crate, drum, or carton, the quantity of packages, total net and gross

weight (in kilograms), package marks, and dimensions, if appropriate. Both

commercial stationers and freight forwarders carry packing list forms. A packing list

may serve as conforming document. It is not a substitute for a commercial invoice. In

addition, U.S. and foreign customs officials may use the export packing list to check

the cargo.

Pro Forma Invoice

A pro forma invoice is an invoice prepared by the exporter before shipping the

goods, informing the buyer of the goods to be sent, their value, and other key

specifications. It also can be used as an offering of sale or price quotation.

TRANSPORTATION DOCUMENTS

Airway Bill

Air freight shipments require airway bills. Airway bills are shipper-specific (i.e.,

USPS, Fed-Ex, UPS, DHL, etc.).

Bill of Lading

A bill of lading is a contract between the owner of the goods and the carrier (as with

domestic shipments). For vessels, there are two types: a straight bill of lading, which

is non-negotiable, and a negotiable or shipper's order bill of lading. The latter can be

bought, sold, or traded while the goods are in transit. The customer usually needs an

original as proof of ownership to take possession of the goods.

EXPORT COMPLIANCE DOCUMENTS

Export Licenses

An export license is a government document that authorizes the export of specific

goods in specific quantities to a particular destination. This document may be

required for most or all exports to some countries or for other countries only under

special circumstances. Examples of export license certificates include those issued

by the Department of Commerce’s Bureau of Industry and Security (dual use

articles), the State Department’s Directorate of Defense Trade Controls (defense

articles), the Nuclear Regulatory Commission (nuclear materials), and the U.S. Drug

Enforcement Administration (controlled substances and precursor chemicals).

Destination Control Statement

A Destination Control Statement (DCS) is required for exports from the United States

for items on the Commerce Control List that are outside of EAR99 (products for

which no license is required) or controlled under the International Traffic in Arms

Regulations (ITAR). A DCS appears on the commercial invoice, ocean bill of lading,

or airway bill to notify the carrier and all foreign parties that the item can be exported

only to certain destinations.

CERTIFICATES OF ORGIN

Generic Certificate of Origin

The Certificate of Origin (CO) is required by some countries for all or only certain

products. In many cases, a statement of origin printed on company letterhead will

suffice. The exporter should verify whether a CO is required with the buyer and/or an

experienced shipper/freight forwarder or the Trade Information Center.

OTHER CERTIFICATES FOR SHIPMENTS OF SPECIFIC GOODS

Certificate of Analysis:

A certificate of analysis can be required for seeds, grain, health foods, dietary

supplements, fruits and vegetables, and pharmaceutical products.

Certificate of Free Sale

Certificate of free sale may be issued for biologics, food, drugs, medical devices and

veterinary medicine. More information is available from the Food and Drug

Administration. Health authorities in some states as well as some trade associations

also issue Certificates of Free Sale.

Dangerous Goods Certificate

Exports submitted for handling by air carriers and air freight forwarders classified as

dangerous goods need to be accompanied by the Shipper’s Declaration for

Dangerous Goods required by the International Air Transport Association (IATA). The

exporter is responsible for accuracy of the form and ensuring that requirements

related to packaging, marking, and other required information by IATA have been

met.

For shipment of dangerous goods it is critical to identify goods by proper name,

comply with packaging and labeling requirements, which vary depending upon the

type of product shipper and the country shipped toFor ocean exports, hazardous

material regulations are contained in the International Maritime Dangerous Goods

regulations.

Fisheries Certificate

The National Marine Fisheries Service conducts inspections and analyses of fishery

commodities for export.

Inspection Certificate

Weight and Quality certificates should be provided in accordance with governing

USDA/GIPSA regulations for loading at port and loading at source/mill site as

appropriate. A certificate of origin certified by the local chamber of commerce at the

load port and a phytosanitary certificate issued by APHIS/USDA and fumigation

certificate are to be provided to the buyer. Costs of all inspection, as well as

certificates/documents at the load port, are usually the responsibility of the seller.

Independent inspection certificates may required in some instances.

Pre-Shipment Inspections

The governments of a number of countries have contracted with international

inspection companies to verify the quantity, quality, and price of shipments imported

into their countries. The purpose of such inspections is to ensure that the price

charged by the exporter reflects the true value of the goods, to prevent substandard

goods from entering the country, and to deflect attempts to avoid payment of

customs duties..

Insurance Certificate

Insurance certificates are used to assure the consignee that insurance will cover the

loss of or damage to the cargo during transit. These can be obtained from your

freight forwarder or publishing house.

Balance sheet

Balance Sheet of Cadila Healthcare ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 102.40 102.40 102.40 102.40Equity Share Capital 102.40 102.40 102.40 102.40Share Application Money 0.00 0.00 0.00 0.00Preference Share Capital 0.00 0.00 0.00 0.00Reserves 3,527.50 2,809.10 2,454.70 1,987.50Networth 3,629.90 2,911.50 2,557.10 2,089.90Secured Loans 888.40 1,052.50 749.20 531.70Unsecured Loans 522.80 593.00 346.60 32.30Total Debt 1,411.20 1,645.50 1,095.80 564.00Total Liabilities 5,041.10 4,557.00 3,652.90 2,653.90

Mar '14 Mar '13 Mar '12 Mar '11

12 mths 12 mths 12 mths 12 mths

Application Of FundsGross Block 2,288.90 2,125.50 2,016.20 1,732.50Less: Revaluation Reserves 0.00 0.00 0.00 0.00Less: Accum. Depreciation 724.80 628.40 798.50 695.90

Net Block 1,564.10 1,497.10 1,217.70 1,036.60Capital Work in Progress 530.60 463.80 334.70 233.70Investments 1,557.70 1,279.90 1,212.20 698.80Inventories 663.50 587.20 501.20 464.50Sundry Debtors 722.00 683.00 581.20 475.10Cash and Bank Balance 89.40 91.60 118.30 14.10Total Current Assets 1,474.90 1,361.80 1,200.70 953.70Loans and Advances 1,115.80 947.40 799.60 537.20Fixed Deposits 0.00 0.00 0.00 28.30Total CA, Loans & Advances 2,590.70 2,309.20 2,000.30 1,519.20Deferred Credit 0.00 0.00 0.00 0.00Current Liabilities 904.50 781.00 884.90 654.00Provisions 297.50 212.00 227.10 180.40Total CL & Provisions 1,202.00 993.00 1,112.00 834.40Net Current Assets 1,388.70 1,316.20 888.30 684.80Miscellaneous Expenses 0.00 0.00 0.00 0.00Total Assets 5,041.10 4,557.00 3,652.90 2,653.90

Contingent Liabilities 1,242.20 1,238.10 361.70 122.40Book Value (Rs) 177.29 142.20 124.89 102.07

Profit & Loss account of Cadila Healthcare

------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

IncomeSales Turnover 4,042.10 3,675.70 3,194.00 2,213.70 1,908.00Excise Duty 0.00 0.00 41.80 34.60Net Sales 4,042.10 3,675.70 3,152.20 2,179.10 1,885.60Other Income 308.60 52.90 169.20 806.90 538.60Stock Adjustments 35.70 9.00 57.10 34.60

Total Income 4,386.40 3,737.60 3,378.50 3,020.60 2,435.40ExpenditureRaw Materials 1,539.50 1,347.70 1,157.80 934.80 806.20Power & Fuel Cost 113.30 116.50 94.00 71.90Employee Cost 525.10 522.50 455.00 371.10 266.90Other Manufacturing Expenses 0.00 0.00 49.10 48.70Selling and Admin Expenses 0.00 0.00 762.20 746.10 554.00Miscellaneous Expenses 1,092.90 991.70 12.70 74.40Preoperative Exp Capitalised 0.00 0.00 0.00 0.00Total Expenses 3,270.80 2,978.40 2,530.80 2,247.00 1,782.00

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 807.00 706.30 678.50 -33.30 114.80PBDIT 1,115.60 759.20 847.70 773.60 653.40Interest 42.50 111.00 69.10 39.50PBDT 1,073.10 648.20 778.60 734.10 610.30Depreciation 127.40 116.80 108.20 96.90Other Written Off 0.00 0.00 0.00 0.00Profit Before Tax 945.70 531.40 670.40 637.20 520.30Extra-ordinary items 0.00 0.00 0.00 10.60PBT (Post Extra-ord Items) 945.70 531.40 670.40 647.80 520.30Tax 42.10 32.80 12.90 37.40Reported Net Profit 903.60 498.60 657.50 610.40 503.30Total Value Addition 1,731.30 1,630.70 1,373.00 1,312.20 975.80Preference Dividend 0.00 0.00 0.00 0.00Equity Dividend 184.30 153.60 153.60 128.00 102.40Corporate Dividend Tax 27.30 19.80 17.00 14.60Per share data (annualised)Shares in issue (lakhs) 2,047.49 2,047.49 2,047.49 2,047.49 1,364.99Earning Per Share (Rs) 44.13 24.35 32.11 29.81Equity Dividend (%) 180.00 150.00 150.00 125.00 100.00Book Value (Rs) 177.29 142.20 124.89 102.07 118.84

Balance Sheet of Cipla ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 160.58 160.58 160.58 160.58 160.58Equity Share Capital 160.58 160.58 160.58 160.58 160.58Share Application Money 0.00 0.00 0.00 0.00Preference Share Capital 0.00 0.00 0.00 0.00Reserves 9,931.06 8,708.94 7,389.70 6,452.37 5,744.54Networth 10,091.64 8,869.52 7,550.28 6,612.95 5,905.12Secured Loans 0.00 9.49 10.00 2.95Unsecured Loans 877.34 956.32 2.20 437.53Total Debt 877.34 965.81 12.20 440.48Total Liabilities 10,968.98 9,835.33 7,562.48 7,053.43 5,910.19

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of FundsGross Block 5,394.36 4,983.81 4,298.18 3,928.47 2,895.44Less: Revaluation Reserves 0.00 0.00 0.00 0.00Less: Accum. Depreciation 1,870.17 1,565.52 1,295.52 1,060.82 884.27Net Block 3,524.19 3,418.29 3,002.66 2,867.65 2,002.20Capital Work in Progress 376.69 350.34 343.45 253.07 684.24Investments 3,587.13 2,601.82 1,035.15 570.65 265.10Inventories 2,511.16 2,343.37 1,824.50 1,883.16 1,512.58Sundry Debtors 1,728.10 1,645.22 1,519.31 1,497.04 1,552.71Cash and Bank Balance 46.04 105.07 55.06 83.98Total Current Assets 4,285.30 4,093.66 3,398.87 3,464.18 3,125.61Loans and Advances 1,150.69 1,029.10 1,213.66 1,292.28 2,357.29Fixed Deposits 0.00 0.00 0.00 0.00Total CA, Loans & Advances 5,435.99 5,122.76 4,612.53 4,756.46 5,483.42Deferred Credit 0.00 0.00 0.00 0.00Current Liabilities 1,636.96 1,380.91 1,190.78 1,174.52 1,177.11Provisions 318.06 276.97 240.53 219.88 1,347.66Total CL & Provisions 1,955.02 1,657.88 1,431.31 1,394.40 2,524.77Net Current Assets 3,480.97 3,464.88 3,181.22 3,362.06 2,958.65Miscellaneous Expenses 0.00 0.00 0.00 0.00Total Assets 10,968.98 9,835.33 7,562.48 7,053.43 5,910.19

Contingent Liabilities 1,201.36 3,993.66 1,320.07 1,110.96 423.87Book Value (Rs) 125.69 110.47 94.04 82.36

Profit & Loss account of Cipla ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

IncomeSales Turnover 9,380.29 8,202.42 6,977.50 6,331.09 5,657.85Excise Duty 0.00 0.00 0.00 0.00Net Sales 9,380.29 8,202.42 6,977.50 6,331.09 5,605.69Other Income 280.28 229.13 148.30 91.64 125.71Stock Adjustments 158.12 290.75 -11.24 138.71 184.09Total Income 9,818.69 8,722.30 7,114.56 6,561.44 5,915.49ExpenditureRaw Materials 4,002.79 3,440.15 2,947.97 3,136.29 2,687.54Power & Fuel Cost 191.84 211.17 211.32 183.65Employee Cost 1,284.75 969.28 728.21 540.33 318.87Other Manufacturing Expenses 0.00 0.00 0.00 0.00 259.67Selling and Admin Expenses 0.00 0.00 0.00 0.00 867.98Miscellaneous Expenses 2,069.50 1,753.43 1,496.90 1,288.83 182.64Preoperative Exp Capitalised 0.00 0.00 0.00 0.00Total Expenses 7,548.88 6,374.03 5,384.40 5,149.10 4,408.85

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 1,989.53 2,119.14 1,581.86 1,320.70 1,380.93PBDIT 2,269.81 2,348.27 1,730.16 1,412.34 1,506.64Interest 127.86 33.38 26.63 12.92PBDT 2,141.95 2,314.89 1,703.53 1,399.42 1,478.34Depreciation 323.61 303.03 282.07 248.03 165.25Other Written Off 0.00 0.00 0.00 0.00Profit Before Tax 1,818.34 2,011.86 1,421.46 1,151.39 1,313.09Extra-ordinary items 0.00 0.00 0.00 0.00PBT (Post Extra-ord Items) 1,818.34 2,011.86 1,421.46 1,151.39 1,324.99Tax 430.00 504.75 297.50 191.00 243.50Reported Net Profit 1,388.34 1,507.11 1,123.96 960.39 1,081.49Total Value Addition 3,546.09 2,933.88 2,436.43 2,012.81 1,721.31Preference Dividend 0.00 0.00 0.00 0.00Equity Dividend 160.58 160.58 160.58 224.81 160.58Corporate Dividend Tax 27.29 27.29 26.05 36.72Per share data (annualised)

Shares in issue (lakhs) 8,029.21 8,029.21 8,029.21 8,029.21 8,029.21Earning Per Share (Rs) 17.29 18.77 14.00 11.96Equity Dividend (%) 100.00 100.00 100.00 140.00 100.00Book Value (Rs) 125.69 110.47 94.04 82.36

Balance Sheet of Zydus Wellness ------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of FundsTotal Share Capital 39.07 39.07 39.07 39.07Equity Share Capital 39.07 39.07 39.07 39.07Share Application Money 0.00 0.00 0.00 0.00Preference Share Capital 0.00 0.00 0.00 0.00Reserves 286.49 217.47 147.79 102.82Networth 325.56 256.54 186.86 141.89 100.58Secured Loans 0.00 0.00 0.00 0.00Unsecured Loans 0.00 0.00 0.00 0.00Total Debt 0.00 0.00 0.00 0.00Total Liabilities 325.56 256.54 186.86 141.89 100.58

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of FundsGross Block 67.67 63.58 62.74 61.14Less: Revaluation Reserves 0.00 0.00 0.00 0.00Less: Accum. Depreciation 14.54 12.20 9.97 7.94Net Block 53.13 51.38 52.77 53.20Capital Work in Progress 0.00 0.00 0.08 0.31Investments 145.65 95.73 47.71 39.70Inventories 4.63 6.74 6.04 17.49Sundry Debtors 0.23 0.46 0.36 1.17Cash and Bank Balance 163.93 146.15 127.17 7.80Total Current Assets 168.79 153.35 133.57 26.46Loans and Advances 5.73 5.08 84.53 9.65Fixed Deposits 0.00 0.00 0.00 78.65 100.37Total CA, Loans & Advances 174.52 158.43 218.10 114.76 135.01

Deferred Credit 0.00 0.00 0.00 0.00Current Liabilities 20.12 21.26 31.33 46.46Provisions 27.62 27.74 100.47 19.62Total CL & Provisions 47.74 49.00 131.80 66.08Net Current Assets 126.78 109.43 86.30 48.68Miscellaneous Expenses 0.00 0.00 0.00 0.00Total Assets 325.56 256.54 186.86 141.89 100.58

Contingent Liabilities 3.26 1.58 2.71 2.83Book Value (Rs) 83.32 65.66 47.82 36.31

Profit & Loss account of Zydus Wellness

------------------- in Rs. Cr. -------------------

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

IncomeSales Turnover 203.25 213.01 254.77 335.50 267.52Excise Duty 0.00 0.00 1.18 0.09Net Sales 203.25 213.01 253.59 335.41 267.52Other Income 11.69 13.89 8.64 7.15Stock Adjustments -2.45 0.07 -11.65 4.58Total Income 212.49 226.97 250.58 347.14 276.62ExpenditureRaw Materials 56.77 64.91 81.43 124.90Power & Fuel Cost 1.30 1.26 1.16 1.06Employee Cost 12.95 11.96 11.29 15.64Other Manufacturing Expenses 0.00 0.00 0.07 0.24Selling and Admin Expenses 0.00 0.00 67.90 105.97 100.82Miscellaneous Expenses 48.44 47.14 7.71 7.72Preoperative Exp Capitalised 0.00 0.00 0.00 0.00Total Expenses 119.46 125.27 169.56 255.53 205.93

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit 81.34 87.81 72.38 84.46PBDIT 93.03 101.70 81.02 91.61Interest 0.00 0.00 0.11 0.16PBDT 93.03 101.70 80.91 91.45Depreciation 2.43 2.37 2.30 1.49Other Written Off 0.00 0.00 0.00 0.00Profit Before Tax 90.60 99.33 78.61 89.96Extra-ordinary items 0.00 0.00 0.00 -0.24PBT (Post Extra-ord Items) 90.60 99.33 78.61 89.72Tax -5.85 2.22 10.93 30.24Reported Net Profit 96.45 97.11 67.68 59.48Total Value Addition 62.69 60.36 88.13 130.63 114.48Preference Dividend 0.00 0.00 0.00 0.00Equity Dividend 23.44 23.44 19.54 15.63Corporate Dividend Tax 3.99 3.99 3.17 2.54Per share data (annualised)Shares in issue (lakhs) 390.72 390.72 390.72 390.72 390.72Earning Per Share (Rs) 24.69 24.85 17.32 15.22Equity Dividend (%) 60.00 60.00 50.00 40.00Book Value (Rs) 83.32 65.66 47.82 36.31