Dow Jones Company Report

Nirma Limited

© 2010 Factiva, Inc. All rights reserved.

 Table of Contents
Company Report 3

General Information 3
Industry Classification 3

Performance/Segment Information 4

Officers and Executives 4

Board of Directors 4
Management Team and Key Personnel 4
Executive Biographies 4
Paresh B. Seth , Company Secretary, Compliance Officer 4
Hiren K. Patel , Managing Director, Director 4
Kalpesh A. Patel , Executive Director 4

Peer Comparison 5

Overview and History 5

Overview 5
History 5

Products and Services 6

Sales by Business Segment 6

Key Financial Ratios 7

Balance Sheet - Annual 8

Cash Flow - Annual 10

Income Statement - Annual 11

Balance Sheet - Interim/Quarterly 12

Cash Flow - Interim/Quarterly 12

Income Statement - Interim/Quarterly 12

 Dow Jones Company Report for Nirma Limited
Company Report

Company Report
General Information
Industry Classification

Nirma Limited Nirma Limited is an India-based consumer and chemical company. The
Company has a diversified portfolio of soaps and surfactants, pharma, and
Selected Legal Status Categories: Public Limited processed minerals. The Company’s consumer products portfolio includes
Company detergents, soaps, scouring products and edible salt. Its industrial products
portfolio includes linear alkyl benzene (LAB), glycerine, alfa olefin sulfonate
Nirma HouseAshram Road (AOS), sulfuric acid, soda ash, pure salt, vacuum evaporated iodized salt, single
Ahmedabad, India 380 009 super phosphate (SSP) and sodium silicate. The Company markets its products
India through its fully owned subsidiary, Nirma Consumer Care Ltd. Its manufacturing
facilities are located at Mandali, Mehsana; Moraiya, Ahmedabad; Alindra,
Phone: 91-79-27546565 Vadodara; Kalatalav, Bhavnagar; Sachana, Ahmedabad, and Searles Valley,
Fax: 91-79-27546603 United States.
Web: http://www.nirma.co.in/

Ownership Type: Listed

Primary Exchange: Bombay Stock Exchange
DUNS Number: 650184963

Location Type: Headquarters

Global Ultimate: Nirma Limited
Domestic Ultimate: Nirma Limited
Immediate Parent: Nirma Limited
This company has 28 family members

Most Recent Stock Split:

2.0 (14-Mar-2007)
Fiscal Year-End Date: 31-Mar-2010

Primary Industry Classification

Dow Jones Industry Soap/Cleaning Products
SIC 2841 Soaps and Other Detergents, Except Speciality Cleaners
NAICS 325611 Soap and Other Detergent Manufacturing
Secondary Industry Classification
SIC 2844 Perfumes, Cosmetics, and Other Toilet Preparations
NAICS 325620 Toilet Preparation Manufacturing

Source: Reuters

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 Dow Jones Company Report for Nirma Limited
Performance/Segment Information

Performance/Segment Information

Financial Performance Business Segment Geographic Segment

(INR m) (INR m) Top 5 Segments (INR m) Top 5 Segments

Source: Reuters
Officers and Executives
Board
Management
Executive
of

Biographies
Team
Directors
and Key
Paresh
Hiren
Kalpesh
Personnel

K.
B.

A.
Patel
Seth

Patel
,
,

,
Managing
Company

Executive
Secretary,
Director,
Director
Director
Compliance Officer

Officers and Executives

Board of Directors
Name Job Title
Karsanbhai K. Patel Non-Executive Chairman of the Board

Rakesh K. Patel Non-Executive Vice Chairman of the Board

Hiren K. Patel Managing Director, Director

Kalpesh A. Patel Executive Director

Shrenikbhai K. Lalbhai Non-Executive Independent Director

Rajendra D. Shah Non-Executive Independent Director

Atulya P. Sarwan Non-Executive Independent Director

Chinubhai Ramanlal Shah Non-Executive Independent Director

Kaushikbhai N. Patel Non-Executive Independent Director

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 Dow Jones Company Report for Nirma Limited

Pankaj Ramanbhai Patel Non-Executive Independent Director

Management Team and Key Personnel

Name Job Title
Paresh B. Seth Company Secretary, Compliance Officer

Hiren K. Patel Managing Director, Director

Kalpesh A. Patel Executive Director

Source: Reuters Publication Date: 02-Aug-2010

Peer Comparison

Peer Comparison

Dow Jones Industry: Soap/Cleaning Products

Total Number of Companies: 34
Rank Company Name Sales USD m Employees Market Cap Net Income Net Profit
USD m USD m Margin
3 PZ Cussons plc 1,149.25 8,596 2,295.73 72.91 7.73%
4 Nirma Limited 998.85 685.81 53.03 5.31%
5 Campbell Brothers Limited 699.81 6,277 1,751.96 63.83 9.07%
6 Bombril SA 470.46 255.95 220.82 46.76%
7 Procter & Gamble Hygiene & Health Care 179.22 282 1,482.99 39.50 22.04%
8 CBON COSMETICS Co Ltd 172.35 1,015 73.55 9.62 5.58%
9 CHEMTRONICS Co., Ltd. 165.11 209 55.79 4.96 3.01%
10 Symex Holdings Limited 134.08 62.37 8.44 6.30%
11 Jyothy Laboratories, Ltd. 131.72 4,000 441.53 15.90 12.03%
12 ZIBO QIXIANG TENGDA CHEMICAL CO., LTD. 107.32 50 0.00 0.00 0.00%

Source: Reuters, Factiva

Overview and History

Overview
History

Overview and History

Overview

Nirma is engaged in manufacturing of soaps and surfactants including detergents, toilet soap and its ingredients. It also manufactures
single super phosphate, vacuum salt, iodized salt, tooth paste, and incense sticks. The company primarily operates in India, where it is
headquartered in Ahmedabad.
The company recorded revenues of INR45,748.2 million (approximately $998.2 million) during the financial year (FY) ended March 2009,
an increase of 70.4% over FY2008. The operating profit of the company was INR1,872.4 million (approximately $40.9 million) during
FY2009, an increase of 36.8% over FY2008. The net profit was INR1,330 million (approximately $29 million) in FY2009, a decrease of
40.2% over FY2008.
Nirma is engaged in producing both consumer products and industrial products. The company's key
products include the following:

Consumer Products:

Soaps:

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 Dow Jones Company Report for Nirma Limited

Nirma bath soaps

Nirma beauty soaps
Nirma lime fresh soaps
Nima rose
Nima sandal

Detergents:

Nirma washing powder

Nirma detergent cake
Super nirma washing powder
Nirma popular detergent powder
Nirma popular detergent cake

Edible salt:

Iodized salt

Scouring products:

Nirma clean dish wash bar

Nima bartan bar

Industrial Products:

LAB (Linear Alkyl Benzene)

AOS (Alfa Olefin Sulfonate)
Sulfuric acid
Glycerin
Soda ash
Pure salt
Vacuum evaporated iodized salt
SSP (Single super phosphate )
Sodium silicate

Brands:

Nirma
Nima

History

Nirma started manufacturing of toilet soap under the brand name Camay for its subsidiary Nirma Consumer Care in 2002.
In 2004, Nirma acquired Core Health Care situated at Ahmedabad, India.
Nirma appointed Hiren K Patel as the Managing Director of the company in 2006.
In 2007, the company acquired a wholly owned subsidiary Karnavati Holdings. In the same year, the company also acquired Searles
Valley Minerals Inc. & Searles Valley Minerals Operations Inc., the US based producer of processed minerals, through its wholly owned
subsidiary Karnavati Holdings.
Searles Valley Minerals, an indirect wholly owned subsidiary of Nirma, incorporated a company by name Searles Valley Minerals Europe
in France in 2008.

Source: DataMonitor

Products and Services

Sales by Business Segment

Products and Services

Sales by Business Segment

Nirma is engaged in producing both consumer products and industrial products. The company's key products include the following:
Consumer Products:
Soaps:

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 Dow Jones Company Report for Nirma Limited

Nirma bath soaps

Nirma beauty soaps
Nirma lime fresh soaps
Nima rose
Nima sandal
Detergents:
Nirma washing powder
Nirma detergent cake
Super nirma washing powder
Nirma popular detergent powder
Nirma popular detergent cake
Edible salt:
Iodized salt
Scouring products:
Nirma clean dish wash bar
Nima bartan bar
Industrial Products:
LAB (Linear Alkyl Benzene)
AOS (Alfa Olefin Sulfonate)
Sulfuric acid
Glycerin
Soda ash
Pure salt
Vacuum evaporated iodized salt
SSP (Single super phosphate )
Sodium silicate
Brands:
Nirma
Nima

Source: DataMonitor

Key Financial Ratios

Key Financial Ratios

Last Financial
Period
Reporting Currency INR
Relative Valuations
P/E excluding Extraordinary Items 12.80
Price to Sales TTM 1.32
Price to Cash Flow 5.44
Price to Free Cash Flow --
Price to Book 1.13
Price to Tangible Book Value 1.13
Tangible Book Value per Share 177.54
Current Enterprise Value 43,473.09
Current EV / Total Revenue 0.93
Current EV/EBITDA 5.96
Financial Strength
Current Ratio 3.54
Quick Ratio 2.26

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 Dow Jones Company Report for Nirma Limited

Long Term Debt to Equity 0.47

Debt to Equity 0.47
Interest Coverage 6.85
Profitability
Pre-Tax Margin TTM 13.28%
Pre-Tax Margin, 5-Yr Average 7.94%
Net Profit Margin TTM 8.99%
Net Profit Margin, 5-Yr Average 5.88%
Operating Margin TTM 12.29%
Operating Margin, 5-Yr Average 7.94%
EBIT 3,916,400,000
EBIT TTM --
EBIT Margin, 5-Yr Average --
Gross Margin TTM 36.09%
Gross Margin, 5-Yr Average 52.27%
Tax Rate 25.46%
Tax Rate, 5-Yr Average 25.98%
Effectiveness
Return on Average Equity 9.26%
Return on Average Equity, 5-Yr Average 8.96%
Return on Average Assets 4.90%
Return on Average Assets, 5-Yr Average 4.67%
Return on Investment 5.59%
Return on Investment, 5-Yr Average 5.20%
Efficiency
Revenue per Employee --
Net Income per Employee --
Asset Turnover 0.92
Receivables Turnover 8.59
Inventory Turnover 2.45

Source: Reuters Publication Date: 31-Jul-2010

Balance Sheet - Annual

Balance Sheet - Annual

Period End Date 31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006

Update Type/Date Normal Restated Normal Reclassified Normal
01-Jun-2010 01-Jun-2010 09-Sep-2008 09-Sep-2008 18-Sep-2006
Auditor/Accountant Hemanshu Hemanshu Hemanshu
Shah & Co. Shah & Co. Shah & Co.
Accounting Standard Indian Indian Indian Indian Indian
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Annual Balance Sheet: (INR, In millions)
Cash 1,711.40 2,706.20 549.10 165.30 2,788.90
Short Term Investments -- -- 462.90 482.60 --
Cash and Short Term Investments 1,711.40 2,706.20 1,012.00 647.90 2,788.90
Trade Accounts Receivable, Gross -- -- 212.20 2,344.20 --
Provision for Doubtful Accounts -- -- (10.40) (10.30) --
Trade Accounts Receivable, Net 5,146.30 5,617.30 201.80 2,333.90 2,533.30
Other Receivables 7,400.60 6,210.80 9,685.10 5,521.70 3,249.80
Total Receivables, Net 12,546.90 11,828.10 9,886.90 7,855.60 5,783.10

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 Dow Jones Company Report for Nirma Limited

Inventories - Finished Goods -- -- 2,334.50 1,145.00 857.90

Inventories - Work in Progress -- -- 423.00 354.40 286.40
Inventories - Raw Materials -- -- 5,198.80 3,375.50 2,272.00
Total Inventory 8,096.10 8,882.10 7,956.30 4,874.90 3,416.30
Restricted Cash - Current -- -- 3.20 -- --
Other Current Assets, Total -- -- 3.20 -- --
Total Current Assets 22,354.40 23,416.40 18,858.40 13,378.40 11,988.30
Buildings -- -- 4,667.50 4,331.80 2,419.10
Land/Improvements -- -- 385.80 336.00 199.20
Machinery/Equipment -- -- 29,170.00 27,535.30 20,421.50
Construction in Progress -- -- 2,891.80 1,132.30 407.80
Property/Plant/Equipment, Gross -- -- 37,115.10 33,335.40 23,447.60
Accumulated Depreciation -- -- (16,100.40) (14,259.00) (8,472.60)
Property/Plant/Equipment, Net 28,253.50 27,640.50 21,014.70 19,076.40 14,975.00
Goodwill, Gross -- -- 4,810.10 15.70 15.70
Accumulated Goodwill Amortization -- -- (92.60) (11.00) (9.40)
Goodwill, Net -- -- 4,717.50 4.70 6.30
Intangibles, Gross -- -- 4,291.70 4,295.80 4,295.80
Accumulated Intangible Amortization -- -- (2,217.40) (1,792.30) (1,361.60)
Intangibles, Net -- -- 2,074.30 2,503.50 2,934.20
Other Long Term Investments 24.00 63.60 55.60 62.40 70.30
Total Long Term Investments 24.00 63.60 55.60 62.40 70.30
Deferred Income Tax - Long Term Asset -- -- 4,842.50 495.00 --
Other Long Term Assets, Total -- -- 4,842.50 495.00 --
Total Assets 50,631.90 51,120.50 51,563.00 35,520.40 29,974.10
Accounts Payable 3,895.20 3,690.60 3,075.50 1,393.20 946.30
Accrued Expenses -- -- 6.50 2.10 10.60
Notes Payable/Short Term Debt -- -- 0.00 0.00 0.00
Dividends Payable -- -- 749.90 29.30 2.20
Customer Advances -- -- 290.40 347.50 157.80
Security Deposits -- -- 0.10 0.10 0.10
Other Current Liabilities 2,413.70 2,506.80 1,405.40 1,650.10 845.10
Other Current Liabilities, Total 2,413.70 2,506.80 2,445.80 2,027.00 1,005.20
Total Current Liabilities 6,308.90 6,197.40 5,527.80 3,422.30 1,962.10
Long-Term Debt 13,268.50 16,670.20 13,047.30 3,248.50 4,028.60
Total Long Term Debt 13,268.50 16,670.20 13,047.30 3,248.50 4,028.60
Total Debt 13,268.50 16,670.20 13,047.30 3,248.50 4,028.60
Deferred Income Tax - Long Term Liability 2,800.90 2,638.20 7,068.30 4,524.30 3,542.30
Total Deferred Income Tax 2,800.90 2,638.20 7,068.30 4,524.30 3,542.30
Total Liabilities 22,378.30 25,505.80 25,643.40 11,195.10 9,533.00
Preferred Stock - Non Redeemable -- -- 27.90 29.70 27.90
Total Preferred Stock - Non Redeemable, Net -- -- 27.90 29.70 27.90
Common Stock 795.70 795.70 795.70 793.90 793.90
Total Common Stock 795.70 795.70 795.70 793.90 793.90
Additional Paid-In Capital -- -- 5,833.60 5,693.80 2,232.50
Retained Earnings 27,457.90 24,819.00 19,262.40 17,807.90 17,386.80
Total Stockholders' Equity 28,253.60 25,614.70 25,919.60 24,325.30 20,441.10
Total Liabilities and Shareholders Equity 50,631.90 51,120.50 51,563.00 35,520.40 29,974.10
Shares Outstanding - Common Stock, Primary 159,142,280 159,142,280 159,142,280 158,769,370 158,802,750
Issue
Total Common Shares Outstanding 159,142,280 159,142,280 159,142,280 158,769,370 158,802,750
Shares Outstanding - Preferred Stock, Primary -- -- 279,290 279,290 --
Issue

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 Dow Jones Company Report for Nirma Limited

Total Preferred Shares Outstanding -- -- 279,290 279,290 --

Source: Reuters Publication Date: 10-Jun-2010

Cash Flow - Annual

Cash Flow - Annual

Period End Date 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006

Update Type/Date Normal Normal Normal Normal
15-Sep-2009 09-Sep-2008 21-Sep-2007 18-Sep-2006
Auditor/Accountant Hemanshu Shah & Hemanshu Shah & Hemanshu Shah & Hemanshu Shah &
Co. Co. Co. Co.
Accounting Standard Indian Accounting Indian Accounting Indian Accounting Indian Accounting
Standards Standards Standards Standards
Annual Cash Flow Statement: (INR, In
millions)
Net Income 2,157.60 2,359.20 1,850.20 3,450.70
Depreciation 2,880.70 2,363.40 2,077.40 1,565.30
Accumulated Depreciation and Depletion 2,880.70 2,363.40 2,077.40 1,565.30
Unusual Items 596.60 (13.20) (97.00) (110.60)
Equity in Net Earnings Loss (4.30) 3.70 0.00 --
Other Non-Cash Items 69.10 (553.30) (32.70) 688.50
Cash Taxes Paid 400.00 591.20 873.60 765.70
Cash Interest Paid 1,000.10 335.70 212.90 66.20
Accounts Receivable (1,245.00) 231.00 (868.20) (1,162.10)
Inventories (925.80) (1,488.10) (1,457.40) 29.30
Accounts Payable 687.10 (500.70) 1,652.10 102.90
Other Operating Cash Flow (1,400.10) (926.90) (1,086.50) (831.90)
Changes in Working Capital (2,883.80) (2,684.70) (1,760.00) (1,861.80)
Cash from Operating Activities 2,815.90 1,475.10 2,037.90 3,732.10
Purchase of Fixed Assets (3,314.10) (3,146.90) (521.70) (294.20)
Capital Expenditures (3,314.10) (3,146.90) (521.70) (294.20)
Acquisition of Business 0.00 (7,986.50) 0.00 --
Sale of Fixed Assets 2.80 6.70 14.60 3.20
Sale/Maturity of Investment 0.00 28.50 19.20 36.00
Purchase of Investments 0.00 (13.00) (4.40) (24.20)
Other Investing Cash Flow 253.60 158.90 245.20 207.30
Other Investing Cash Flow Items, Total 256.40 (7,805.40) 274.60 222.30
Cash from Investing Activities (3,057.70) (10,952.30) (247.10) (71.90)
Cash Dividends Paid - Common Stock (747.20) (26.10) (1,383.00) (454.50)
Cash Dividends Paid (747.20) (26.10) (1,383.00) (454.50)
Repurchase/Retirement, Preferred (27.90) 0.00 -- --
Preferred Stock, Net (27.90) 0.00 -- --
Issuance (Retirement) of Stock, Net (27.90) 0.00 -- --
Long Term Debt Issued 12,633.00 12,858.10 155.50 0.00
Long Term Debt Reduction (9,905.90) (3,059.30) (3,289.40) (2,318.90)
Long Term Debt, Net 2,707.90 9,870.60 (2,555.90) (2,432.20)
Issuance (Retirement) of Debt, Net 2,707.90 9,870.60 (2,555.90) (2,432.20)
Cash from Financing Activities 1,932.80 9,844.50 (3,938.90) (2,886.70)
Net Change in Cash 1,691.00 367.30 (2,148.10) 773.50
Net Cash - Beginning Balance 1,015.20 647.90 2,788.90 2,015.40
Net Cash - Ending Balance 2,706.20 1,015.20 640.80 2,788.90
Cash Interest Paid, Supplemental 1,000.10 335.70 212.90 66.20
Cash Taxes Paid, Supplemental 400.00 591.20 873.60 765.70

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 Dow Jones Company Report for Nirma Limited

Source: Reuters Publication Date: 10-Jun-2010

Income Statement - Annual

Income Statement - Annual

Period End Date 31-Mar-2010 31-Mar-2009 31-Mar-2008 31-Mar-2007 31-Mar-2006

Update Type/Date Normal Reclassified Normal Reclassified Normal
01-Jun-2010 01-Jun-2010 09-Sep-2008 09-Sep-2008 18-Sep-2006
Auditor/Accountant Hemanshu Hemanshu Hemanshu
Shah & Co. Shah & Co. Shah & Co.
Accounting Standard Indian Indian Indian Indian Indian
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Annual Income Statement: (INR, In millions)
Net Sales 46,203.80 45,748.20 -- -- --
Gross Revenue -- -- 30,030.30 25,858.00 25,193.30
Excise Taxes Receipts -- -- (3,185.70) (2,950.10) (3,253.10)
Interest Income -- -- 2.90 -- --
Other Revenue 757.20 699.30 164.50 291.80 244.30
Total Revenue 46,961.00 46,447.50 27,012.00 23,199.70 22,184.50
Cost of Revenue 20,824.80 21,253.50 14,983.50 10,561.80 9,036.50
Excise Taxes Payments -- -- 1,444.60 -- --
Gross Profit 25,379.00 24,494.70 10,416.50 12,346.10 12,903.70
Selling, General and Administrative Expense -- -- 4,363.50 8,051.70 7,634.20
Labor and Related Expense 4,387.40 4,030.20 1,547.30 688.70 476.50
Advertising Expense -- -- 421.10 -- --
Depreciation 3,374.80 2,880.10 2,363.40 2,077.40 1,565.30
Interest Expense, Operating -- -- 355.00 212.90 223.40
Operating Interest Expense, Net -- -- 355.00 212.90 223.40
Interest Income, Operating -- -- (156.70) (243.00) (202.10)
Investment Income, Operating 51.70 890.60 40.00 0.00 --
Interest Investment Income, Operating 51.70 890.60 (116.70) (243.00) (202.10)
Interest Expense, Net Operating 519.90 748.50 -- -- --
Impairment-Assets Held for Use -- -- 0.00 -- --
Other Operating Expense 14,457.60 14,487.00 -- -- --
Other Operating Expense, Net -- -- (708.90) 0.00 --
Total Operating Expense 43,616.20 44,289.90 24,652.80 21,349.50 18,733.80
Operating Income 3,344.80 2,157.60 2,359.20 1,850.20 3,450.70
Income Before Tax 3,344.80 2,157.60 2,359.20 1,850.20 3,450.70
Total Income Tax 851.50 827.60 15.90 693.40 1,030.80
Income After Tax 2,493.30 1,330.00 2,343.30 1,156.80 2,419.90
Net Income Before Extraordinary Items 2,493.30 1,330.00 2,343.30 1,156.80 2,419.90
Net Income 2,493.30 1,330.00 2,343.30 1,156.80 2,419.90
Preferred Dividends -- -- (2.00) (1.90) (1.70)
Miscellaneous Earnings Adjustment -- -- (118.20) 1,107.40 --
Total Adjustments to Net Income -- -- (120.20) 1,105.50 (1.70)
Income Available to Common Excl. 2,493.30 1,330.00 2,223.10 2,262.30 2,418.20
Extraordinary Items
Income Available to Common Incl. 2,493.30 1,330.00 2,223.10 2,262.30 2,418.20
Extraordinary Items
Basic Weighted Average Shares 159.11 159.28 159.14 158.77 158.77
Basic EPS excluding Extraordinary Items 15.67 8.35 13.97 14.25 15.23
Basic EPS including Extraordinary Items 15.67 8.35 13.97 14.25 15.23

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 Dow Jones Company Report for Nirma Limited

Dilution Adjustment -- -- 0.00 0.00 0.00

Diluted Net Income 2,493.30 1,330.00 2,223.10 2,262.30 2,418.20
Diluted Weighted Average Shares 159.11 159.28 159.14 159.14 158.77
Diluted EPS excluding Extrordinary Items 15.67 8.35 13.97 14.22 15.23
Diluted EPS including Extraordinary Items 15.67 8.35 13.97 14.22 15.23
Dividends per Share - Common Stock, 4.50 4.00 4.00 4.00 3.75
PrimaryIssue
Gross Dividends - Common Stock -- 636.60 636.60 635.00 595.40
Interest Expense, Supplemental -- -- 248.80 183.60 216.90
Depreciation, Supplemental 3,374.80 2,880.10 2,363.40 2,077.40 1,565.30
Total Special Items -- -- (0.80) -- --
Normalized Income Before Tax 3,344.80 2,157.60 2,358.40 1,850.20 3,450.70
Effect of Special Items on Income Taxes -- -- (0.01) -- --
Income Taxes Excl. Impact of Special Items 851.50 827.60 15.89 693.40 1,030.80
Normalized Income After Taxes 2,493.30 1,330.00 2,342.51 1,156.80 2,419.90
Normalized Income Available To Common 2,493.30 1,330.00 2,222.31 2,262.30 2,418.20
Basic Normalized EPS 15.67 8.35 13.96 14.25 15.23
Diluted Normalized EPS 15.67 8.35 13.96 14.22 15.23
Rental Expenses -- -- 156.00 53.40 15.40

Source: Reuters Publication Date: 10-Jun-2010

Balance Sheet - Interim/Quarterly

Cash Flow - Interim/Quarterly

Income Statement - Interim/Quarterly

Income Statement - Interim/Quarterly

Period End Date 31-Mar-2003 31-Dec-2002 30-Sep-2002 31-Mar-2002 31-Dec-2001

Update Type/Date Normal Normal Special Update Normal Normal
Accounting Standard Indian Indian Indian Indian Indian
Accounting Accounting Accounting Accounting Accounting
Standards Standards Standards Standards Standards
Interim Income Statement: (INR, In millions)
Net Sales 5,938.50 6,265.00 11,960.00 5,399.00 5,793.00
Total Revenue 5,938.50 6,265.00 11,960.00 5,399.00 5,793.00
Cost of Revenue 2,732.30 3,116.00 5,936.00 2,269.00 2,778.00
Excise Taxes Payments 896.00 902.00 1,860.00 883.00 885.00
Gross Profit 2,310.20 2,247.00 4,164.00 2,247.00 2,130.00
Labor and Related Expense 103.30 110.00 197.00 90.00 96.00
Depreciation 322.30 318.00 610.00 312.00 300.00
Interest Expense, Operating 108.10 131.00 320.00 194.00 253.00
Operating Interest Expense, Net 108.10 131.00 320.00 194.00 253.00
Other Unusual Expense 139.80 -- -- -- --
Other Operating Expense 957.60 844.00 1,590.00 805.00 735.00
Total Operating Expense 5,259.40 5,421.00 10,513.00 4,553.00 5,047.00
Operating Income 679.10 844.00 1,447.00 846.00 746.00
Other Non-Operating Income 130.60 28.00 81.00 35.00 41.00
Other Non-Operating Income, Net 130.60 28.00 81.00 35.00 41.00
Income Before Tax 809.70 872.00 1,528.00 881.00 787.00

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 Dow Jones Company Report for Nirma Limited

Total Income Tax 250.60 228.00 560.00 343.00 257.00

Income After Tax 559.10 644.00 968.00 538.00 530.00
Net Income Before Extraordinary Items 559.10 644.00 968.00 538.00 530.00
Net Income 559.10 644.00 968.00 538.00 530.00
Income Available to Common Excl. 559.10 644.00 968.00 538.00 530.00
Extraordinary Items
Income Available to Common Incl. 559.10 644.00 968.00 538.00 530.00
Extraordinary Items
Basic Weighted Average Shares 158.76 158.76 158.76 158.76 158.76
Basic EPS excluding Extraordinary Items 3.52 4.06 6.10 3.39 3.34
Basic EPS including Extraordinary Items 3.52 4.06 6.10 3.39 3.34
Dilution Adjustment 0.00 0.00 0.00 0.00 0.00
Diluted Net Income 559.10 644.00 968.00 538.00 530.00
Diluted Weighted Average Shares 158.76 158.76 158.76 158.76 158.76
Diluted EPS excluding Extrordinary Items 3.52 4.06 6.10 3.39 3.34
Diluted EPS including Extraordinary Items 3.52 4.06 6.10 3.39 3.34
Dividends per Share - Common Stock, 2.00 0.00 0.00 0.00 0.00
PrimaryIssue
Gross Dividends - Common Stock 317.50 0.00 0.00 0.00 0.00
Interest Expense, Supplemental 108.10 131.00 320.00 194.00 253.00
Depreciation, Supplemental 322.30 318.00 610.00 312.00 300.00
Total Special Items 139.80 -- -- -- --
Normalized Income Before Tax 949.50 872.00 1,528.00 881.00 787.00
Effect of Special Items on Income Taxes 43.27 -- -- -- --
Income Taxes Excl. Impact of Special Items 293.87 228.00 560.00 343.00 257.00
Normalized Income After Taxes 655.63 644.00 968.00 538.00 530.00
Normalized Income Available To Common 655.63 644.00 968.00 538.00 530.00
Basic Normalized EPS 4.13 4.06 6.10 3.39 3.34
Diluted Normalized EPS 4.13 4.06 6.10 3.39 3.34

Source: Reuters Publication Date: 10-Jun-2010

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