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