NAME SNIGDHANGSHU BANERJEE

ENROLLMENT NO. 16BSPHH01C1023

SEAT NO.
SECTION C
NAME OF THE COMPANY ULTRATECH CEMENT LTD.
 Category of Ratios Name of Ratio
Liquidity Ratio Current Ratio
Quick Ratio

Turnover Ratio Debtors Turnover Ratio

Creditors Turnover Ratio
Stocks Turnover Ratio
Assets Turnover Ratio
Defensive Internal Ratio (days)

Profitability Ratio Gross Profit Margin (%)

Net Profit Margin (%)
Return of Equity (%)
Operating Ratio (%)
Earninig Power (%)

Earning Ratio Earnings per Share (EPS)

Dividend per Share (DPS)
Dividend Pay-out Ratio (%)
Price Earnings Ratio
Cash Earnings per Share
Book Value per Share
Price to Book Value Ratio
Earnings yield (%)
Dividend yield (%)

Capital Structure Ratio Debt-Equity Ratio

Debt-Assets Ratio

Coverage Ratio Interest Coverage

Fixed Charge Coverage
Debt Service Coverage
Dividend Coverage
 Formula of the Ratio
Current Assets / Current Liabilities
Quick Assets / Current Liabilities

Net credit sales / Average debtors

Net credit purchases / Average creditors
Cost of goods sold / Average inventory
Net sales / Average total assets
Liquid assets / Projected daily cash requirement

[ Gross profit / Net sales ] x 100

[ EBIT / Net sales ] x 100
[ PAT / Total shareholder's equity ] x 100
[ Operating expenses / Net sales ] x 100
EBIT / Total Assets x 100

Net profit avaliable to equity shareholder / No. of ordinary shares outstanding

Dividend paid to ordinary shareholders / No of ordinary shares outstanding
[ DPS / EPS ] x 100
Market price of share / EPS
Net profit avaliable to equity Owners + Depreciation + Amortisation + Non-cash Expenses / No. of ordinary shares outs
Net Worth / No. of equity shares outstanding
Market price of equity share / Book value per share
[ EPS / Market value per Share ] x 100
[ DPS / Market value per Share ] x 100

Total debt / Shareholder's equity

Total debt / Total assets

EBIT / Interest
[EBIT + lease payment] / [Interest + Lease payment + {(preference dividend + Installment of principal) / (1-t)}]
[ EAT + Interest + Depreciation + Other non-cash expenses ] / Installment
EAT / Preference dividend
Variables to be Considered
 Name of the Variable 2010-11 - 0 2011-12 - 1 2012-13 - 2
EQUITY AND LIABILITIES
Shareholder's Funds
Share Capital 274.04 274.07 274.18
Reserve and Surplus 10,372.56 12,550.35 14,955.41
10,646.60 12,824.42 15,229.59
Minority Interest 65.64 62.26 78.12
Non Current Liabilities
Long-term Borrowings 3,295.36 4,843.31 5,169.06
Deferred Tax Liabilities (Net) 1,733.54 1,741.09 1,909.55
Other Long-term Liabilities 2.20 3.53 1.81
Long-term Provisions 112.71 120.96 134.59
5,143.81 6,708.89 7,215.01
Current Liabilities
Short-term Borrowings 727.02 702.71 1,227.35
Trade Payables 1,829.58 2,204.34 2,337.85
Other Current Liabilities 2,743.88 1,689.99 2,552.54
Short-term Provisions 473.27 709.14 949.36
5,773.75 5,306.18 7,067.10
Total 21,629.80 24,901.75 29,589.82
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 12,264.56 12,729.24 14,254.07
Intangible Assets 38.73 40.31 62.01
Capital Work-in-Progress 760.16 1,939.66 3,601.11
Intangible Assets under development 0.14 0.64 0.06
13,063.59 14,709.85 17,917.25
Goodwill 471.32 544.37 733.66
Non-Current Investments 45.05 906.51 1,581.59
Deferred Tax Assets (Net) 3.54 7.50 8.38
Long-Term Loans and Advances 583.25 1,488.11 1,066.16
14,166.75 17,656.34 21,307.04
Current Assets
Current Investments 3,468.81 2,640.94 3,126.95
Inventories 2,093.51 2,197.96 2,540.67
Trade Receivables 824.84 1,088.75 1,376.29
Cash and Bank Balances 190.29 212.90 184.79
Short-term Loans Advances 873.25 1,097.01 1,048.07
Assets held for Disposal 1.22 0.15 -
Other Current Assets 11.13 7.70 6.01
7,463.05 7,245.41 8,282.78
Total 21,629.80 24,901.75 29,589.82
 PROFIT & LOSS STATEMENT
REVENUE
Sales of products & Services (Gross) 15,336.09 21,352.27 23,843.16
Less: Excise Duty (1,648.69) (2,266.71) (2,682.02)
Sales of products & Services (Net) 13,687.40 19,085.56 21,161.14
Other Operating Revenues 110.70 150.14 162.97
Revenue from operations (Net) 13,798.10 19,235.70 21,324.11
Other Income 154.11 370.83 303.59
Total Revenue 13,952.21 19,606.53 21,627.70
EXPENSES
Cost of raw Materials Consumed 2038.39 2,710.48 3,141.72
Purchases of Stock-in-Trade 122.05 177.34 241.86
Changes Invetories of Finished Goods, Work- (87.61) 28.40 (115.20)
in-Progress and Stock-in-Trade
Employee Benefits Expense 697.67 889.35 1,042.69
Power and Fuel 3,279.78 4,639.36 4,645.71
Freight and Forwarding Expense 2,881.07 3,736.63 4,243.27
Other Expenses 2,181.38 2,899.35 3,329.72
Less: Captive Consumption Cement (10.51) (39.11) (44.99)
11,102.22 15,041.80 16,484.78
EBITDA 2,849.99 4,564.73 5,142.92
Depreciation and amortisation Expense 812.98 962.91 1,023.37
EBIT 2,037.01 3,601.82 4,119.55
Finance Cost 292.28 256.42 252.34
Profit before Tax (PBT) 1,744.73 3,345.40 3,867.21
Income Tax Expense:
Current Tax 517.58 954.49 1,014.76
MAT Credit - - -
Expense tex provision related to prior years (125.52) (10.01) (3.83)
Deferred Tax Charge (8.40) 3.66 168.21
383.66 948.14 1,179.14
Profit after Tax 1,361.07 2,397.26 2,688.07
Minority Interest (6.28) (6.00) 10.34
Profit for the year 1,367.35 2,403.26 2,677.73
2013-14 - 3 2014-15 - 4 2015-16 - 5 Rs in Crores

274.24 274.40 274.43

16,907.66 18,766.78 20,783.94
17,181.90 19,041.18 21,058.37
16.64 18.19 15.45

6,020.76 4,992.66 4,719.53

2,299.65 2,795.51 3,231.74
2.30 17.04 16.29
138.98 178.19 198.07
8,461.69 7,983.40 8,165.63

984.56 2,563.93 2,476.10

2,587.01 2,912.40 1,749.23
2,105.73 4,398.72 6,346.54
855.26 1,145.23 955.60
6,532.56 11,020.28 11,527.47
32,192.79 38,063.05 40,766.92

17,028.88 22,209.99 23,934.00

104.29 79.75 109.29
2,174.70 2,245.17 1,471.74
3.19 4.84 1.08
19,311.06 24,539.75 25,516.11
966.53 1,053.11 1,106.24
1,132.51 1,977.04 2,370.00
9.29 9.64 10.20
1,271.24 1,686.05 1,789.80
22,690.63 29,265.59 30,792.35

3,729.34 2,522.98 2,027.61

2,580.35 2,949.12 2,615.41
1,632.06 1,658.82 1,926.58
348.49 392.58 2,272.06
1,192.72 1,256.03 1,102.93
- - -
19.20 17.93 29.98
9,502.16 8,797.46 9,974.57
32,192.79 38,063.05 40,766.92
NT

24,168.52 27,118.46 28,513.51

(2,725.25) (3,062.69) (3,232.85)
21,443.27 24,055.77 25,280.66
208.23 284.21 271.15
21,651.50 24,339.98 25,551.81
322.38 350.08 218.31
21,973.88 24,690.06 25,770.12

3,347.68 3,742.30 3,985.74

334.54 408.75 453.21
98.76 (100.88) (13.11)
1,102.78 1,308.29 1,443.34
4,523.12 5,115.68 4,579.25
4,595.88 5,418.44 5,973.92
3,646.01 4,063.68 4,275.18
(32.42) (41.76) (36.35)
17,616.35 19,914.50 20,661.18
4,357.53 4,775.56 5,108.94
1,139.00 1,203.42 1,368.35
3,218.53 3,572.14 3,740.59
360.95 586.51 559.93
2,857.58 2,985.63 3,180.66

572.65 510.78 632.59

(222.13) (489.29) (176.86)
(95.56) - 0.40
389.86 862.03 436.35
644.82 883.52 892.48
2,212.76 2,102.11 2,288.18
6.75 3.77 1.60
2,206.01 2,098.34 2,286.58
 Name of the Variable 2010-11 - 0 2011-12 - 1 2012-13 - 2 2013-14 - 3
EQUITY AND LIABILITIES
Shareholder's Funds
Share Capital 274.04 274.07 274.18 274.24
Reserve and Surplus 10372.56 12,550.35 14,955.41 16,907.66
10646.6 12,824.42 15,229.59 17,181.90
Minority Interest 65.64 62.26 78.12 16.64
Non Current Liabilities
Long-term Borrowings 3295.36 4,843.31 5,169.06 6,020.76
Deferred Tax Liabilities (Net) 1733.54 1,741.09 1,909.55 2,299.65
Other Long-term Liabilities 2.2 3.53 1.81 2.30
Long-term Provisions 112.71 120.96 134.59 138.98
5143.81 6,708.89 7,215.01 8,461.69
Current Liabilities
Short-term Borrowings 727.02 702.71 1,227.35 984.56
Trade Payables 1829.58 2,204.34 2,337.85 2,587.01
Other Current Liabilities 2743.88 1,689.99 2,552.54 2,105.73
Short-term Provisions 473.27 709.14 949.36 855.26
5773.75 5,306.18 7,067.10 6,532.56
Total 21629.8 24,901.75 29,589.82 32,192.79
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets 12264.56 12,729.24 14,254.07 17,028.88
Intangible Assets 38.73 40.31 62.01 104.29
Capital Work-in-Progress 760.16 1,939.66 3,601.11 2,174.70
Intangible Assets under development 0.14 0.64 0.06 3.19
13063.59 14,709.85 17,917.25 19,311.06
Goodwill 471.32 544.37 733.66 966.53
Non-Current Investments 45.05 906.51 1,581.59 1,132.51
Deferred Tax Assets (Net) 3.54 7.50 8.38 9.29
Long-Term Loans and Advances 583.25 1,488.11 1,066.16 1,271.24
14166.75 17,656.34 21,307.04 22,690.63
Current Assets
Current Investments 3468.81 2,640.94 3,126.95 3,729.34
Inventories 2093.51 2,197.96 2,540.67 2,580.35
Trade Receivables 824.84 1,088.75 1,376.29 1,632.06
Cash and Bank Balances 190.29 212.90 184.79 348.49
Short-term Loans Advances 873.25 1,097.01 1,048.07 1,192.72
Assets held for Disposal 1.22 0.15 - -
Other Current Assets 11.13 7.70 6.01 19.20
7463.05 7,245.41 8,282.78 9,502.16
Total 21629.8 24,901.75 29,589.82 32,192.79
2014-15 - 4 2015-16 - 5 TREND ANALYSIS Rs in Crores
Year 1 Year 2 Year 3 Year 4 Year 5

274.40 274.43 100.00 100.04 100.06 100.12 100.13

18,766.78 20,783.94 100.00 119.16 134.72 149.53 165.60
19,041.18 21,058.37 100.00 118.75 133.98 148.48 164.21
18.19 15.45 100.00 125.47 26.73 29.22 24.82

4,992.66 4,719.53 100.00 106.73 124.31 103.08 97.44

2,795.51 3,231.74 100.00 109.68 132.08 160.56 185.62
17.04 16.29 100.00 51.27 65.16 482.72 461.47
178.19 198.07 100.00 111.27 114.90 147.31 163.75
7,983.40 8,165.63 100.00 107.54 126.13 119.00 121.71

2,563.93 2,476.10 100.00 174.66 140.11 364.86 352.36

2,912.40 1,749.23 100.00 106.06 117.36 132.12 79.35
4,398.72 6,346.54 100.00 151.04 124.60 260.28 375.54
1,145.23 955.60 100.00 133.87 120.61 161.50 134.75
11,020.28 11,527.47 100.00 133.19 123.11 207.69 217.25
38,063.05 40,766.92 100.00 118.83 129.28 152.85 163.71

22,209.99 23,934.00 100.00 111.98 133.78 174.48 188.02

79.75 109.29 100.00 153.83 258.72 197.84 271.12
2,245.17 1,471.74 100.00 185.66 112.12 115.75 75.88
4.84 1.08 100.00 9.38 498.44 756.25 168.75
24,539.75 25,516.11 100.00 121.80 131.28 166.83 173.46
1,053.11 1,106.24 100.00 134.77 177.55 193.45 203.21
1,977.04 2,370.00 100.00 174.47 124.93 218.09 261.44
9.64 10.20 100.00 111.73 123.87 128.53 136.00
1,686.05 1,789.80 100.00 71.65 85.43 113.30 120.27
29,265.59 30,792.35 100.00 120.68 128.51 165.75 174.40

2,522.98 2,027.61 100.00 118.40 141.21 95.53 76.78

2,949.12 2,615.41 100.00 115.59 117.40 134.18 118.99
1,658.82 1,926.58 100.00 126.41 149.90 152.36 176.95
392.58 2,272.06 100.00 86.80 163.69 184.40 1067.20
1,256.03 1,102.93 100.00 95.54 108.72 114.50 100.54
- - 100.00 - - - -
17.93 29.98 100.00 78.05 319.47 93.39 167.21
8,797.46 9,974.57 100.00 114.32 114.72 92.58 113.38
38,063.05 40,766.92 100.00 118.83 108.80 118.23 107.10
Rs in Crores
 Name of the Variable 2011-12 - 1 2012-13 - 2 2013-14 - 3 2014-15 - 4
REVENUE
Sales of products & Services (Gross) 21,352.27 23,843.16 24,168.52 27,118.46
Less: Excise Duty (2,266.71) (2,682.02) (2,725.25) (3,062.69)
Sales of products & Services (Net) 19,085.56 21,161.14 21,443.27 24,055.77
Other Operating Revenues 150.14 162.97 208.23 284.21
Revenue from operations (Net) 19,235.70 21,324.11 21,651.50 24,339.98
Other Income 370.83 303.59 322.38 350.08
Total Revenue 19,606.53 21,627.70 21,973.88 24,690.06
EXPENSES
Cost of raw Materials Consumed 2,710.48 3,141.72 3,347.68 3,742.30
Purchases of Stock-in-Trade 177.34 241.86 334.54 408.75
Changes Invetories of Finished Goods, Work- 28.40 (115.20) 98.76 (100.88)
in-Progress and Stock-in-Trade
Employee Benefits Expense 889.35 1,042.69 1,102.78 1,308.29
Power and Fuel 4,639.36 4,645.71 4,523.12 5,115.68
Freight and Forwarding Expense 3,736.63 4,243.27 4,595.88 5,418.44
Other Expenses 2,899.35 3,329.72 3,646.01 4,063.68
Less: Captive Consumption Cement (39.11) (44.99) (32.42) (41.76)
15,041.80 16,484.78 17,616.35 19,914.50
EBITDA 4,564.73 5,142.92 4,357.53 4,775.56
Depreciation and amortisation Expense 962.91 1,023.37 1,139.00 1,203.42
EBIT 3,601.82 4,119.55 3,218.53 3,572.14
Finance Cost 256.42 252.34 360.95 586.51
Profit before Tax (PBT) 3,345.40 3,867.21 2,857.58 2,985.63
Income Tax Expense: - - - -
Current Tax 954.49 1,014.76 572.65 510.78
MAT Credit - - (222.13) (489.29)
Expense tex provision related to prior years (10.01) (3.83) (95.56) -
Deferred Tax Charge 3.66 168.21 389.86 862.03
948.14 1,179.14 644.82 883.52
Profit after Tax 2,397.26 2,688.07 2,212.76 2,102.11
Minority Interest (6.00) 10.34 6.75 3.77
Profit for the year 2,403.26 2,677.73 2,206.01 2,098.34
Note
No of Equity shares outstanding 274,052,042 274,109,232 274,204,862 274,353,251

COMMON SIZE ANALYSIS

Name of the Variable Year 1 Year 2 Year 3 Year 4
Total Revenue 100 100 100 100
Depreciation and amortisation Expense 4.91 4.73 5.18 4.87
EBIT 18.37 19.05 14.65 14.47
Finance Cost 1.31 1.17 1.64 2.38
Less: Captive Consumption Cement -0.20 -0.21 -0.15 -0.17
Profit before Tax (PBT) 17.06 17.88 13.00 12.09
Income Tax Expense: 4.84 5.45 2.93 3.58
Profit after Tax 12.23 12.43 10.07 8.51
Minority Interest -0.03 0.05 0.03 0.02
Profit for the year 12.26 12.38 10.04 8.50
2015-16 - 5 Rs in Crores

28,513.51
(3,232.85)
25,280.66
271.15
25,551.81
218.31
25,770.12

3,985.74
453.21

(13.11)

1,443.34
4,579.25
5,973.92
4,275.18
(36.35)
20,661.18
5,108.94
1,368.35
3,740.59
559.93
3,180.66
-
632.59
(176.86)
0.40
436.35
892.48
2,288.18
1.60
2,286.58

274,412,456

Year 5
100
5.31
14.52
2.17
-0.14
12.34
3.46
8.88
0.01
8.87
 LIQUIDITY RATIOS
Name of Ratio Formula of the Ratio Year 1
Current Ratio Current Assets / Current Liabilities 1.37
Quick Ratio Quick Assets / Current Liabilities 0.95

Interpretation
Current Ratio All 5 years value I sgretaer than 1 which shows better liquidity
It can observed that in first 3 years value is cloe to 1 which is
Quick Ratio reasonable but in lst 2 years value are critical
Year 2 Year 3 Year 4 Year 5
1.17 1.45 0.80 0.87
0.81 1.06 0.53 0.64
 TURNOVER RATIOS
Name of Ratio
Debtors Turnover Ratio
Creditors Turnover Ratio
Stocks Turnover Ratio
Assets Turnover Ratio
Defensive Internal Ratio (days)

Debtors Turnover Ratio

Creditors Turnover Ratio
Stocks Turnover Ratio
Assets Turnover Ratio
Defensive Internal Ratio (days)
 TURNOVER RATIOS
Formula of the Ratio Year 1
Net credit sales / Average debtors 19.95
Net credit purchases / Average creditors 0.09
Cost of goods sold / Average inventory 5.26
Net sales / Average total assets 1.53
Liquid assets / Projected daily cash requirement 122.48

Low value show that creditors arent willing to wait for payment
for all 5 years constantly asset is sold at reasonable rate
Values interprets that receivables are reeieved at quite high rate
High values interpret that caompany can operate for long period on present liquid
assets
Year 2 Year 3 Year 4 Year 5
17.17 14.26 14.62 14.10
0.11 0.14 0.15 0.19
5.13 5.04 5.28 5.38
1.43 1.33 1.26 1.24
127.14 143.42 107.19 130.01
 PROFITABILITY RATIOS
Name of Ratio
Gross Profit Margin (%)
Net Profit Margin (%)
Return of Equity (%)
Operating Ratio (%)
Earninig Power (%)

Gross Profit Margin (%)

Net Profit Margin (%)
Return of Equity (%)
Operating Ratio (%)
Earninig Power (%)
 PROFITABILITY RATIOS
Formula of the Ratio Year 1 Year 2
[ Gross profit / Net sales ] x 100 40.83 42.55
[ EBIT / Net sales ] x 100 18.87 19.47
[ PAT / Total shareholder's equity ] x 100 18.74 17.58
[ Operating expenses / Net sales ] x 100 83.86 82.74
EBIT / Total Assets x 100 14.46 13.92
Year 3 Year 4 Year 5
39.84 39.37 40.75
15.01 14.85 14.80
12.84 11.02 10.86
87.46 87.79 87.14
10.00 9.38 9.18
 EARNING RATIOS
Name of Ratio
Earnings per Share (EPS)
Dividend per Share (DPS)
Dividend Pay-out Ratio (%)
Price Earnings Ratio
Cash Earnings per Share
Book Value per Share
Price to Book Value Ratio
Earnings yield (%)
Dividend yield (%)
 EARNING RATIOS
Formula of the Ratio Year 1
Net profit avaliable to equity shareholder / No. of ordinary shares outstanding 87.66
Dividend paid to ordinary shareholders / No of ordinary shares outstanding 6.06
[ DPS / EPS ] x 100 6.91
Market price of share / EPS 22.61
Net profit avaliable to equity Owners + Depreciation + Amortisation + Non-cash 116.77
Expenses / No. of ordinary shares outstanding
Net Worth / No. of equity shares outstanding 467.93
Market price of equity share / Book value per share 4.24
[ EPS / Market value per Share ] x 100 4.42
[ DPS / Market value per Share ] x 100 0.31

Note:
Market Price of share 1982.15
No. of ordinary shares Outstanding 274,052,042
Dividend paid to ordinary shareholders 166.02
No.of equity shares outstanding 274,065,301
No. of Preference shares (Rs 100 per share @4.5%) 2,000,000
Preference Dividend 0.90
 Year 2 Year 3 Year 4 Year 5
97.66 80.42 76.45 83.29
8.01 8.97 8.97 9.14
8.20 11.15 11.73 10.98
18.06 33.22 36.43 38.97
127.01 113.02 111.38 124.05
555.46 626.52 693.91 872.23
3.17 4.26 4.01 3.72
5.54 3.01 2.75 2.57
0.45 0.34 0.32 0.28

1763.35 2671.25 2784.95 3245.75

274,109,232 274,204,862 274,353,251 274,412,456
219.54 245.85 246.00 250.90
274,179,917 274,241,387 274,404,627 241,431,377
2,000,000 2,000,000 2,000,000 2,000,000
0.90 0.90 0.90 0.90
 CAPITAL STRUCTURE RATIOS
Name of Ratio Formula of the Ratio
Debt-Equity Ratio Total debt / Shareholder's equity
Debt-Assets Ratio Total debt / Total assets
URE RATIOS
Year 1 Year 2 Year 3 Year 4 Year 5
0.38 0.34 0.35 0.26 0.22
0.19 0.17 0.19 0.13 0.12
 COVERAGE RAT
Name of Ratio
Interest Coverage
Fixed Charge Coverage

Debt Service Coverage

Dividend Coverage
 COVERAGE RATIOS
Formula of the Ratio
EBIT / Interest
[EBIT + lease payment] / [Interest + Lease payment + {(preference
dividend + Installment of principal) / (1-t)}]
[ EAT + Interest + Depreciation + Other non-cash expenses ] /
Installment
EAT / Preference dividend

Note
Lease Payment
Preference dividend from Result 4 is taken into account
Year 1 Year 2 Year 3 Year 4 Year 5
14.05 16.33 8.92 6.09 6.68
10.81 12.09 7.01 5.29 5.62

2670.29 2975.26 2451.12 2331.49 2540.64

83.59 95.51 113.86 108.77 128.06

0.90 0.90 0.90 0.90 0.90
 FORECAST
GROWTH RATIOS Formula of the Ratio Year 1
Internal Growth Rate [ROA x b ] / [1-(ROAxb)] 0.10
Sustainable Growth Rate [ROE x b ] / [1-(ROExb)] 0.21

Note
ROA EAT / Total Assets 0.10
b Retention ratio 0.93
Year 2 Year 3 Year 4 Year 5
0.09 0.06 0.05 0.05
0.19 0.13 0.11 0.11

0.09 0.07 0.06 0.06

0.92 0.89 0.88 0.89