Ambuja-Finance FM Proj

Guj.
Ambuja
(ALL FIG IN CRORES)
Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
2011-10 2010-09 2009-08 2008-07
2007-06
305.97
304.74
304.52
304.48
303.37
305.97
304.74
304.52
304.48
303.37
1.34
0.24
0.34
1.14
7,022.79
6,165.92
5,368.01
4,356.77
3,187.21
7,330.10
6,470.90
5,672.87
4,661.25
3,491.72
100
100
100
317.77
65.03
65.7
188.67
230.42
547.61
65.03
165.7
288.67
330.42
865.38
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
Gross Block
8,778.82
6,224.13
5,706.94
5,231.05
4,542.50
Less: Accum. Depreciation
3,151.07
2,784.09
2,514.19
2,271.19
2,053.32
Net Block
5,627.75
3,440.04
3,192.75
2,959.86
2,489.18
930.7
2,714.43
1,947.22
696.79
634.93
Investments
625.95
727.01
332.39
1,288.94
1,133.12
Inventories
901.86
683.24
939.75
581.6
408.82
Sundry Debtors
128.18
152.2
224.6
145.68
89.95
Capital Work in Progress
Cash and Bank Balance
198.4
116.64
123.73
114.94
172.36
Total Current Assets
1,228.44
952.08
1,288.08
842.22
671.13
Loans and Advances
422.61
292.65
351.82
237.04
313.03
Fixed Deposits
1,549.77
764.04
728.11
535.85
205.74
Total CA, Loans & Advances
3,200.82
2,008.77
2,368.01
1,615.11
1,189.90
Current Liabilities
1,893.98
1,582.32
1,412.55
1,081.70
929.06
Provisions
1,096.57
674.04
470.56
493.55
168.68
Total CL & Provisions
2,990.55
2,256.36
1,883.11
1,575.25
1,097.74
210.27
-247.59
484.9
39.86
92.16
0.46
2.71
4.28
6.22
7.71
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
754.38
647.12
1,224.42
1,193.08
506.71
47.9
42.47
37.26
30.62
23.01
Deffered Credit
Net Current Assets

Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)
RATIOS
2011-10 2010-09 2009-08 2008-07
2007-06
LIQUIDITY RATIO
Current Ratio
Current Assets
Current Liabilities
1.07031 0.89027 1.2575 1.025304 1.083954

3200.82 2008.77 2368.01 1615.11
1189.9
2990.55 2256.36 1883.11 1575.25 1097.74
Quick Ratio
Current Assets
0.76874 0.58746 0.75846 0.656093 0.711535

3200.82 2008.77 2368.01 1615.11
1189.9
Inventories
Current Liabilities
Prepaid Expenses
901.86 683.24 939.75

2990.55 2256.36 1883.11
0
0
0
581.6
1575.25
0
408.82
1097.74
0
CASH RATIO
CASH
MARKETABLE SECURITIES
CURRENT LIABILITIES
0.02103 0.02285 0.04027 0.025992 0.040762

18
24.71
28.05
13.06
12.48
0
0
0
0
0
855.82 1081.44 696.53
502.47
306.17
NET WORKING CAPITAL RATIO

NET WORKING CAPITAL
NET ASSETS
0.07227 -0.1151 0.41307 0.040368 0.110072

210.27 -247.59
484.9
39.86
92.16
2909.44 2151.3 1173.9
987.41
837.27
SOLVENCY RATIOS
Debt Equity Ratio
Long Term Debt
Share Holders Fund
0.00887 0.02561 0.05089 0.070887 0.247919

65.03
165.7 288.67
330.42
865.38
7328.76 6470.66 5672.53 4661.25 3490.58
DEBT-Asset RATIO
TOTAL ASSET
Total DEBT
0.02235 0.07702 0.24591 0.334633 1.033573

2909.44 2151.3 1173.9
987.41
837.27
65.03
165.7 288.67
330.42
865.38
PROPRIETARY RATIO
SHARE HOLDER'S FUND
TOTAL ASSET
2.51896 3.00779 4.83221 4.720683 4.169002

7328.76 6470.66 5672.53 4661.25 3490.58
2909.44 2151.3 1173.9
987.41
837.27
PROFITABILITY RATIO
Net Profit Margin
PAT
Sales
0.1525 0.15693 0.19778 0.273445 0.214059

1263.61 1218.37 1402.27
1769.1 1503.25
8286.2 7763.93 7089.89 6469.68 7022.59
Gross Profit Margin

Sales- COGS
Sales
0.54811 0.5491 0.57837 0.645812 0.620011

4541.72 4263.14 4100.57
4178.2 4354.08
8286.2 7763.93 7089.89 6469.68 7022.59
OPERATING PROFIT RATIO

OPERATING PROFIT
NET SALES
0.14896 0.13522 0.05118 0.055729 0.032157

1098.08 957.77 316.43
316.06
200.22
7,371.52 7,083.21 6,182.09 5,671.39 6,226.28
NOPAT
EBIT
NET SALES
0.44744 0.53034 1.37153 1.632675 1.763649

1686.9 1805.82 1990.84 2781.36 1945.04
3770.09 3405.02 1451.55 1703.56 1102.85
ROI
EBIT
NET SALES
0.22884 0.25494 0.32203 0.490419 0.312392

1,686.90 1805.82 1990.84 2781.36 1945.04
7,371.52 7,083.21 6,182.09 5,671.39 6,226.28
ROE
PAT
NET WORTH
0.17239 0.18828 0.24719 0.379533 0.430518

1,263.61 1,218.37 1,402.27 1,769.10 1,503.25
7,330.10 6,470.90 5,672.87 4,661.25 3,491.72
ACTIVITY RATIO
INVENTORY TURNOVER RATIO
COGS
AVERAGE INVENTORY
5.29806 4.95181 4.73963 7.499586 9.733721

4,198.98 4,018.37 3,605.32 3,713.87 3,979.34
792.55 811.495 760.675
495.21
408.82
ASSET TURNOVER RATIO

TOTAL ASSETS
NET SALES
0.50981 0.51307 0.24349 0.341281 0.253116

7395.13 6636.6 5961.54 4991.67
4357.1
3770.09 3405.02 1451.55 1703.56 1102.85
Int coverage ratio
42.5911 105.597 78.8075 45.44496
LEVERAGE
DOL
% CHANGE IN EBIT
% CHANGE IN NET SALES
-1.6179 -0.6376 -3.1563 -4.82465

-0.0659 -0.0929 -0.2842 0.429976
0.0407 0.14576 0.09005 -0.08912
DFL
% CHANGE IN EPS
% CHANGE IN EBIT
0 -0.0079 -0.0005 0.401309

FALSE 0.00073 0.00015 0.172553
-0.0659 -0.0929 -0.2842 0.429976
DCL
DOL
DFL
0 0.00501 0.00163 -1.93617

-1.6179 -0.6376 -3.1563 -4.82465
0 -0.0079 -0.0005 0.401309
19.1693 (It shows no. of times the interest ch
Income Statement
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
2011-10
2010-09
2009-08
2008-07
2007-06
8,286.20
7,763.93
7,089.89
6,469.68
7,022.59
914.68
680.72
907.8
798.29
796.31
7,371.52
7,083.21
6,182.09
5,671.39
6,226.28
214.58
180.41
468.18
965.04
111.07
54.28
-49.44
62.62
58.79
-10.92
7,640.38
7,214.18
6,712.89
6,695.22
6,326.43
1,475.20
1,642.09
1,251.08
953.32
1,007.07
1,697.34
1,422.75
1,325.69
1,004.20
1,239.87
344.91
274.29
266.94
209.46
235.98
227.03
161.66
145.61
124.5
185.59
1,591.44
1,426.15
1,276.80
1,254.41
1,273.55
241.12
202.19
215.64
140.63
122.96
Preoperative Exp Capitalised
-11.36
-19.33
-21.19
-9.47
-10.82
Total Expenses
5,565.68
5,109.80
4,460.57
3,677.05
4,054.20
Operating Profit
1,860.12
1,923.97
1,784.14
2,053.13
2,161.16
PBDIT
2,074.70
2,104.38
2,252.32
3,018.17
2,272.23
48.69
22.43
32.06
75.85
113.23
2,026.01
2,081.95
2,220.26
2,942.32
2,159.00
Interest
PBDT
Depreciation
387.19
296.99
259.76
236.34
326.12
Other Written Off
0.61
1.57
1.72
0.47
1.07
Profit Before Tax
1,638.21
1,783.39
1,958.78
2,705.51
1,831.81
Extra-ordinary items
64.22
26.52
11.28
-194.92
10.17
1,702.43
1,809.91
1,970.06
2,510.59
1,841.98
435.55
585.14
567.79
741.49
338.73
Reported Net Profit
1,263.61
1,218.37
1,402.27
1,769.10
1,503.25
Total Value Addition
4,090.48
3,467.71
3,209.49
2,723.73
3,047.13
PBT (Post Extra-ord Items)

Tax
Preference Dividend
397.22
365.59
334.97
532.65
461.24
65.27
62.13
56.92
90.52
64.69
Shares in issue (lakhs)
15,298.59
15,237.11
15,225.99
15,223.75
15,168.29
Earning Per Share (Rs)
8.26
9.21
11.62
9.91
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Equity Dividend (%)

Book Value (Rs)
DPS
130
120
110
175
165
47.9
42.47
37.26
30.62
23.01
2.596448
2.39934 2.199988 3.498809 3.040817
equity dividend/no of shares
EPS
PAT/no of shares
13.56138 13.81089
14.7926
19.8254 14.98013
HERE LONG TERM DEBT IS TAKEN AS UNSECURED LOANS

BECAUSE SECURED LOANS CAN ALSO BE TREATED AS SHORT TERM DEBT
OR NOTES PAYABLE
(It shows no. of times the interest charges are covered by funds that are ordinarly availablefor repaying, but here we can see conservativ
but here we can see conservative approch of using debt.)
Guj.Ambuja
TREND ANALYSIS
YEAR
CURRENT RATIO
2011-10 2010-09 2009-08 2008-07 2007-06

1.070311 0.89027
1.2575 1.025304 1.083954
1.4
1.2
1
0.8
0.6
0.4
0.2
0
YEAR
Quick Ratio
2011-10
2010-09
2011-10
2010-09
2011-10 2010-09 2009-08 2008-07 2007-06

0.768742 0.587464 0.758458 0.656093 0.711535
0.9
0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
YEAR
Net Profit Margin
2011-10 2010-09 2009-08 2008-07 2007-06

0.152496 0.156927 0.197784 0.273445 0.214059
0.3
0.25
0.2
0.15
0.1
0.05
0
YEAR
Gross Profit Margin
2011-10
2010-09
2011-10
2010-09
2011-10 2010-09 2009-08 2008-07 2007-06

0.548106 0.549096 0.578369 0.645812 0.620011
0.66
0.64
0.62
0.6
0.58
0.56
0.54
0.52
0.5
0.48
YEAR
Debt Equity Ratio
2011-10 2010-09 2009-08 2008-07 2007-06

0.008873 0.025608 0.050889 0.070887 0.247919
0.3
0.25
0.2
0.15
0.1
0.05
0
2011-10
YEAR
ROE
2011-10 2010-09 2009-08 2008-07 2007-06

0.172386 0.188284 0.247189 0.379533 0.430518
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
2010-09
0.05
0
2011-10
YEAR
ROI
2011-10 2010-09 2009-08 2008-07 2007-06

0.22884 0.254944 0.322033 0.490419 0.312392
0.6
0.5
0.4
0.3
0.2
0.1
0
2011-10
CURRENT RATIO
CURRENT RATIO
1.4
1.2
1
0.8
CURRENT RATIO
0.6
0.4
0.2
0
2010-09
2009-08
2008-07
2007-06
Quick Ratio
QUICK RATIO
0.9
0.8
0.7
0.6
0.5
Quick Ratio
0.4
0.3
0.2
0.1
0
2010-09
2009-08
2008-07
2007-06
2011-10 2010-09 2009-08 2008-07 2007-06
Net Profit Margin
NPM
0.3
0.25
0.2
Net Profit Margin
0.15
0.1
0.05
0
0
2010-09
2009-08
2008-07
2007-06
2011-10 2010-09 2009-08 2008-07
Gross Profit Margin
GPM
0.66
0.64
0.62
0.6
0.58
Gross Profit Margin
0.56
0.54
0.52
0.5
0.48
2010-09
2009-08
2008-07
2007-06
2011-10 2010-09 2009-08 2008-07
Debt Equity Ratio
D/E RATIO
0.3
0.25
0.2
Debt Equity Ratio
0.15
0.1
0.05
0
2010-09
2009-08
2008-07
2007-06
2011-10 2010-09 2009-08 2008-07
ROE
ROE
ROE
0.5
0.45
0.4
0.35
0.3
0.25
0.2
0.15
0.1
0.05
0
0.05
0
2010-09
2009-08
2008-07
2007-06
2011-10 2010-09 2009-08 2008-07
ROI
ROI
0.6
0.5
0.4
ROI
0.3
0.2
0.1
0
2010-09
2009-08
2008-07
2007-06
2011-10 2010-09 2009-08 2008-07
RENT RATIO
CURRENT RATIO
UICK RATIO
QUICK RATIO
2008-07 2007-06
NPM
NPM
2008-07 2007-06
GPM
GPM
2008-07 2007-06
D/E RATIO
D/E RATIO
2008-07 2007-06
ROE
ROE
2008-07 2007-06
ROI
ROI
2008-07 2007-06
Guj. Ambuja
COMMON SIZE ANALYSIS
Balance Sheet
Sources Of Funds
Total Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
Balance Sheet
Sources Of Funds
Total Share Capital
2011-10
2010-09
2009-08
2008-07
2007-06
305.97
305.97
1.34
0
7022.79
0
7330.1
0
65.03
65.03
7395.13
304.74
304.74
0.24
0
6165.92
0
6470.9
100
65.7
165.7
6636.6
304.52
304.52
0.34
0
5368.01
0
5672.87
100
188.67
288.67
5961.54
304.48
304.48
0
0
4356.77
0
4661.25
100
230.42
330.42
4991.67
303.37
303.37
1.14
0
3187.21
0
3491.72
317.77
547.61
865.38
4357.1
8778.82
3151.07
5627.75
930.7
625.95
901.86
128.18
198.4
1228.44
422.61
1549.77
3200.82
0
1893.98
1096.57
2990.55
210.27
0.46
7395.13
754.38
47.9
6224.13
2784.09
3440.04
2714.43
727.01
683.24
152.2
116.64
952.08
292.65
764.04
2008.77
0
1582.32
674.04
2256.36
-247.59
2.71
6636.6
647.12
42.47
5706.94
2514.19
3192.75
1947.22
332.39
939.75
224.6
123.73
1288.08
351.82
728.11
2368.01
0
1412.55
470.56
1883.11
484.9
4.28
5961.54
1224.42
37.26
5231.05
2271.19
2959.86
696.79
1288.94
581.6
145.68
114.94
842.22
237.04
535.85
1615.11
0
1081.7
493.55
1575.25
39.86
6.22
4991.67
1193.08
30.62
4542.5
2053.32
2489.18
634.93
1133.12
408.82
89.95
172.36
671.13
313.03
205.74
1189.9
0
929.06
168.68
1097.74
92.16
7.71
4357.1
506.71
23.01
2011-10
2010-09
2009-08
2008-07
2007-06
4.137453 4.591809 5.108076 6.099762 6.962659

Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
4.137453
0.01812
0
94.96506
0
99.12064
0
0.879362
0.879362
100
4.591809
0.003616
0
92.90781
0
97.50324
1.506796
0.989965
2.49676
100
5.108076
0.005703
0
90.04402
0
95.15779
1.677419
3.164786
4.842205
100
6.099762
0
0
87.28081
0
93.38057
2.003338
4.61609
6.619428
100
6.962659
0.026164
0
73.1498
0
80.13862
7.293154
12.56822
19.86138
100
118.7108
42.61007
76.10076
12.58531
8.464354
12.19532
1.733303
2.682847
16.61147
5.714707
20.95663
43.28281
0
25.61118
14.82827
40.43945
2.843358
0.00622
100
93.78492
41.95055
51.83437
40.90091
10.95456
10.29503
2.293343
1.757526
14.3459
4.409637
11.51252
30.26806
0
23.84233
10.15641
33.99873
-3.73068
0.040834
100
95.72929
42.1735
53.55579
32.66304
5.575573
15.76354
3.767483
2.07547
21.6065
5.901495
12.21345
39.72145
0
23.69438
7.893262
31.58764
8.133804
0.071794
100
104.7956
45.4996
59.29599
13.95906
25.82182
11.65141
2.918462
2.302636
16.87251
4.748711
10.73488
32.35611
0
21.6701
9.887473
31.55757
0.79853
0.124608
100
104.2551
47.12584
57.12928
14.57231
26.00629
9.382846
2.064447
3.955842
15.40314
7.184366
4.721948
27.30945
0
21.3229
3.871382
25.19428
2.115168
0.176953
100
Income Statement
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Income Statement
Income
Sales Turnover
2011-10
2010-09
2009-08
2008-07
2007-06
8286.2
914.68
7371.52
214.58
54.28
7640.38
7763.93
680.72
7083.21
180.41
-49.44
7214.18
7089.89
907.8
6182.09
468.18
62.62
6712.89
6469.68
798.29
5671.39
965.04
58.79
6695.22
7022.59
796.31
6226.28
111.07
-10.92
6326.43
1475.2
1697.34
344.91
227.03
1591.44
241.12
-11.36
5565.68
1860.12
2074.7
48.69
2026.01
387.19
0.61
1638.21
64.22
1702.43
435.55
1263.61
4090.48
0
397.22
65.27
1642.09
1422.75
274.29
161.66
1426.15
202.19
-19.33
5109.8
1923.97
2104.38
22.43
2081.95
296.99
1.57
1783.39
26.52
1809.91
585.14
1218.37
3467.71
0
365.59
62.13
1251.08
1325.69
266.94
145.61
1276.8
215.64
-21.19
4460.57
1784.14
2252.32
32.06
2220.26
259.76
1.72
1958.78
11.28
1970.06
567.79
1402.27
3209.49
0
334.97
56.92
953.32
1004.2
209.46
124.5
1254.41
140.63
-9.47
3677.05
2053.13
3018.17
75.85
2942.32
236.34
0.47
2705.51
-194.92
2510.59
741.49
1769.1
2723.73
0
532.65
90.52
1007.07
1239.87
235.98
185.59
1273.55
122.96
-10.82
4054.2
2161.16
2272.23
113.23
2159
326.12
1.07
1831.81
10.17
1841.98
338.73
1503.25
3047.13
0
461.24
64.69
2011-10
2010-09
2009-08
2008-07
2007-06
112.4083 109.6103 114.6844 114.0757 112.7895
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
12.4083
100
2.910933
0.736347
103.6473
0
20.01215
23.02564
4.678954
3.079826
21.58903
3.270967
-0.15411
75.50247
25.23387
28.14481
0.660515
27.48429
5.252512
0.008275
22.2235
0.871191
23.09469
5.908551
17.14178
55.49032
0
5.388577
0.885435
9.610332
100
2.547009
-0.69799
101.849
0
23.18285
20.08623
3.872397
2.282299
20.13423
2.854497
-0.2729
72.13961
27.1624
29.70941
0.316664
29.39275
4.192873
0.022165
25.17771
0.374407
25.55212
8.260944
17.20082
48.95676
0
5.16136
0.877145
14.68435
100
7.573167
1.012926
108.5861
0
20.23717
21.44404
4.317957
2.355352
20.65321
3.488141
-0.34276
72.15311
28.85982
36.43299
0.518595
35.91439
4.201815
0.027822
31.68475
0.182463
31.86722
9.184434
22.68278
51.91594
0
5.418394
0.920724
14.07574
100
17.01593
1.036607
118.0525
0
16.80928
17.70642
3.693274
2.195229
22.11821
2.479639
-0.16698
64.83508
36.20153
53.21747
1.337415
51.88005
4.167232
0.008287
47.70453
-3.4369
44.26763
13.07422
31.19341
48.02579
0
9.391877
1.596081
12.7895
100
1.78389
-0.17539
101.6085
0
16.17451
19.9135
3.790064
2.980753
20.45443
1.974855
-0.17378
65.11432
34.71029
36.49418
1.818582
34.6756
5.237798
0.017185
29.42062
0.16334
29.58396
5.440327
24.14363
48.93982
0
7.407955
1.038983
Guj Ambuja
INDEX ANALYSIS(2007-06 BASE YEAR)
Balance Sheet
Sources Of Funds
Total Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
YEAR
Current Liabilities
Provisions
Tot. Current Liabilities
Share Capital
2007-06
2008-07
2009-08
2010-09
2011-10
305.97
304.74
304.52
304.48
303.37
305.97
304.74
304.52
304.48
303.37
1.34
0.24
0.34
1.14
7,022.79
6,165.92
5,368.01
4,356.77
3,187.21
7,330.10
6,470.90
5,672.87
4,661.25
3,491.72
100
100
100
317.77
65.03
65.7
188.67
230.42
547.61
65.03
165.7
288.67
330.42
865.38
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
8,778.82
6,224.13
5,706.94
5,231.05
4,542.50
3,151.07
2,784.09
2,514.19
2,271.19
2,053.32
5,627.75
3,440.04
3,192.75
2,959.86
2,489.18
930.7
2,714.43
1,947.22
696.79
634.93
625.95
727.01
332.39
1,288.94
1,133.12
901.86
683.24
939.75
581.6
408.82
128.18
152.2
224.6
145.68
89.95
198.4
116.64
123.73
114.94
172.36
1,228.44
952.08
1,288.08
842.22
671.13
422.61
292.65
351.82
237.04
313.03
1,549.77
764.04
728.11
535.85
205.74
3,200.82
2,008.77
2,368.01
1,615.11
1,189.90
1,893.98
1,582.32
1,412.55
1,081.70
929.06
1,096.57
674.04
470.56
493.55
168.68
2,990.55
2,256.36
1,883.11
1,575.25
1,097.74
210.27
-247.59
484.9
39.86
92.16
0.46
2.71
4.28
6.22
7.71
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
754.38
647.12
1,224.42
1,193.08
506.71
47.9
42.47
37.26
30.62
23.01
2007-06 2008-09
100 83.5447
100 61.46803
100 75.44967
2009-08
74.58104
42.91199
62.96868
2010-09
57.11254
45.00853
52.67426
2011-10
49.05332
15.38251
36.70696
100
99.598
99.5261 99.51302 99.15024
Reserves Total
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
100
100
100
100
100
100
87.79872
76.437 62.03759 45.38381
88.27847 77.39144 63.59054 47.63537
100
100
317.77
0
0
0
0
0
254.8055 443.9028 508.104 1330.74
89.74284 80.6144 67.49942 58.9185
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
100
100
100
100
100
0
118.7393
58.79032
69.24824
77.50317
0
175.2223
62.36391
83.24933
104.8549
0
0
113.6527 70.17475
57.93347
86.875
56.08954 74.07066
68.56013 54.6327
Guj. Ambuja
FORECASTING
PROFORMA
Balance Sheet
Sources Of Funds
Total Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
2011-10
2010-09
2009-08
2008-07
2007-06
305.97
304.74
304.52
304.48
305.97
304.74
304.52
304.48
1.34
0.24
0.34
7,022.79
6,165.92
5,368.01
4,356.77
AS PROP OF SALES
NO CHANGE
NO CHANGE
1.14
NO CHANGE
0
NO CHANGE
3,187.21 Frm Inc Statement
0
303.37
303.37
7,330.10
6,470.90
5,672.87
4,661.25
3,491.72
100
100
100
317.77
65.03
65.7
188.67
230.42
547.61
65.03
165.7
288.67
330.42
865.38
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
Gross Block
8,778.82
6,224.13
5,706.94
5,231.05
4,542.50
3,151.07
2,784.09
2,514.19
2,271.19
2,053.32
Net Block
5,627.75
3,440.04
3,192.75
2,959.86
2,489.18
930.7
2,714.43
1,947.22
696.79
634.93
Investments
625.95
727.01
332.39
1,288.94
1,133.12
Inventories
901.86
683.24
939.75
581.6
408.82
Sundry Debtors
128.18
152.2
224.6
145.68
89.95
198.4
116.64
123.73
114.94
172.36
1,228.44
952.08
1,288.08
842.22
671.13

Loans and Advances
422.61
292.65
351.82
237.04
313.03
Fixed Deposits
1,549.77
764.04
728.11
535.85
205.74
3,200.82
2,008.77
2,368.01
1,615.11
1,189.90
Current Liabilities
1,893.98
1,582.32
1,412.55
1,081.70
929.06
Provisions
1,096.57
674.04
470.56
493.55
168.68
2,990.55
2,256.36
1,883.11
1,575.25
1,097.74
210.27
-247.59
484.9
39.86
92.16
Deffered Credit
Net Current Assets

Total Assets
Book Value (Rs)
EFR
A/S
L/S
S1
NET PROFIT MARGIN
DPR
EFR
0.46
2.71
4.28
6.22
7.71
7,395.13
6,636.60
5,961.54
4,991.67
4,357.10
754.38
647.12
1,224.42
1,193.08
506.71
47.9
42.47
37.26
30.62
23.01
0.01979
0.03544
0.05523
0.89688
0.00000
0.92894
0.39149
0.10780
0.21488
0.02227
0.15314
0.11268
0.31535
0.00000
0.20975
0.08683
0.29658
0.01877
0.00069
0.89688
((A/S)*(S1)-(L/S)*(S1)-MS1*(1-D)
0.79197
0.256932 (Since EFR is negative, firm doesn't required to raise the firm from external source
-521.08
0.15
0.31
-224.25
YEAR
NET SALES
GROWTH RATE IN NET SALES
AVERAGE GROWTH RATE
2011-10
2010-09
2009-08
2008-07
2007-06
7,371.52
7,083.21
6,182.09
5,671.39
6,226.28
-12.72%
87.88
-8.26%
91.76
9.78%
90.22
-8.36898
-3.91%
96.9
-0.08369
-0.06303 -0.0868
PROFORMA
2012-11(PROJECTED)
305.97
305.97
0
0
3870.411291
0
4482.351291
127.3627056
228.0465828
355.4092884
5771.328059
0
5977.600873
2519.196333
3458.40454
10815.36145
0
693.711022
149.0639682
544.6470539
985.4493427
1689.76
725.0915259
2029.230453
0
1349.724659
558.7407121
1908.465371
120.7650817
4.468827531
5771.328059
9111.949537
firm from external source.)
Income Statement
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Equity Dividend (%)
2011-10
2010-09
2009-08
8,286.20
7,763.93
7,089.89
914.68
680.72
907.8
7,371.52
7,083.21
6,182.09
214.58
180.41
468.18
54.28
-49.44
62.62
7,640.38
7,214.18
6,712.89
1,475.20
1,642.09
1,251.08
1,697.34
1,422.75
1,325.69
344.91
274.29
266.94
227.03
161.66
145.61
1,591.44
1,426.15
1,276.80
241.12
202.19
215.64
-11.36
-19.33
-21.19
902.63
1387.5 1135.12
1,860.12
1,923.97
1,784.14
2,074.70
2,104.38
2,252.32
48.69
22.43
32.06
2,026.01
2,081.95
2,220.26
387.19
296.99
259.76
0.61
1.57
1.72
1,638.21
1,783.39
1,958.78
64.22
26.52
11.28
1,702.43
1,809.91
1,970.06
435.55
585.14
567.79
1,263.61
1,218.37
1,402.27
4,090.48
3,467.71
3,209.49
397.22
365.59
334.97
65.27
62.13
56.92
1640.86
8.02
30
2087.38 2089.37
10.58
12.66
33
20
-0.0875 0.08546
2008-07 2007-06 AS % OF SALES
6,469.68
7,022.59
798.29
796.31
5,671.39
6,226.28
965.04
111.07
58.79
-10.92
6,695.22
6,326.43
953.32
1,007.07
1,004.20
1,239.87
209.46
235.98
124.5
185.59
1,254.41
1,273.55
140.63
122.96
-9.47
-10.82
2012-11(PROJECTED)
100.00%
0.12714
100.00%
0.00383
0.171349879
0.181368929
0.036116561
0.022885874
0.186215349
0.024960467
-0.001970786
2447.25 2672.01
0.269805795
0.325835289
113.23 last year rate=0.001356
2,053.13
2,161.16
3,018.17
2,272.23
75.85
2,942.32
2,159.00
236.34
326.12
0.47
1.07
2,705.51
1,831.81
-194.92
10.17
2,510.59
1,841.98
741.49
338.73
1,769.10
1,503.25
2,723.73
3,047.13
532.65
461.24
90.52
64.69
2095.85 2099.39
39.93
47.48
35
40
0.040917363
0.000148689
-0.003184603
0.074171713
0.449576394
0
0.058056323
0.009422159
no change
6434.87
818.11
5705.20
111.45
21.82
5816.65
1102.61
1167.09
232.41
147.27
1198.27
160.62
-12.68
3995.58
1736.17
1858.96
0.00
1858.96
263.30
0.96
1594.70
-20.49
1594.70
477.29
1117.42
2892.97
0.00
373.58
60.63
2099.39
53.23
share price
116.13
105.4
111.2
113.37
122.75
137.25
137.98
137.15
139.5
124.06
117.66
144.85
share price
76.17
86.43
83.6
103.36
94.76
95.19
85.2
87.97
100.35
103.65
102.98
115.65
com ROR
-0.0924
0.055028
0.019514
0.082738
0.118126
0.005319
-0.00602
0.017135
-0.11068
-0.05159
0.23109
com ROR
0.134699
-0.03274
0.236364
-0.0832
0.004538
-0.10495
0.032512
0.14073
0.032885
-0.00646
0.123034
mkt
17823.4
19445.22
19135.96
18503.28
18845.87
18197.2
16676.75
16453.76
17705.01
16123.46
15454.92
17193.55
mkt
16429.55
17527.77
17558.71
16944.63
17700.9
17868.29
17971.12
20069.12
20032.34
19521.25
20509.09
18327.76
mkt ROR
0.090994
-0.0159
-0.03306
0.018515
-0.03442
-0.08355
-0.01337
0.076046
-0.08933
-0.04146
0.112497
mkt ROR
0.066844
0.001765
-0.03497
0.044632
0.009457
0.005755
0.116743
-0.00183
-0.02551
0.050603
-0.10636
variance(mkt)
covariance(com,mkt)
mkt ret avg
beta
Rm
Rf
Ke
0.004644
0.002438
-0.00119
0.525036
-0.01414
0.076
0.028671
Interest
Total debt
Kd
EBIT
58.452
343.04
0.170394
1,472.93
Value of firm
equity
debt
Value of firm
WACC(Ko)
49335.33
343.04
49678.37
0.029649
change in val of firm
0.172236
variance(mkt)
covariance(com,mkt)
mkt ret avg
beta
Rm
Rf
Ke
0.00345
-0.0018
0.011556
-0.52249
0.14784
0.076
0.038464
Interest
Total debt
Kd
EBIT
58.452
343.04
0.170394
1,626.98
Value of firm
equity
debt
Value of firm
WACC(Ko)
40778.94
343.04
41121.98
0.039565
share price
89.221
80.23
69.47
73.58
74.62
72.49
57.01
47.32
64.56
65.44
59.58
66.86
com ROR
-0.10077
-0.13411
0.059162
0.014134
-0.02854
-0.21355
-0.16997
0.364328
0.013631
-0.08955
0.122189
mkt
8891.61
9708.5
11403.25
14625.25
14493.84
15670.31
15666.64
17126.84
15896.28
16926.22
17464.81
16357.96
mkt ROR
0.091872
0.174564
0.282551
-0.00899
0.08117
-0.00023
0.093204
-0.07185
0.064791
0.03182
-0.06338
variance(mkt)
covariance(com,mkt)
mkt ret avg
beta
Rm
Rf
Ke
0.010701
-0.00546
0.061412
-0.51026
1.044588
0.076
-0.41824
Interest
Total debt
Kd
EBIT
58.452
65.03
0.170394
1,524.38
Value of firm
equity
debt
Value of firm
WACC(Ko)
-3505.03
343.04
-3161.99
-0.4821
Int
avg
total debt
avg
Int
avg
total debt
avg
48.69
22.43
32.06
75.85
113.23
165.7
288.67
330.42
865.38
22.43
32.06
75.85
113.23
165.7
288.67
330.42
865.38
58.452
65.03
343.04
48.69
58.452
65.03
343.04
Int
avg
total debt
avg
48.69
22.43
32.06
75.85
113.23
165.7
288.67
330.42
865.38
58.452
65.03
343.04
It is not possible, since value of the firm can't be negative. That shows limitation of model.
Walter's Model
2010-2011
P= D/ke + (r(E-D)/ke )ke
Gordon's Model
P=E*(1-b)/(Ke-b*r)
MM model
P0=(1/(1+ke))*(D1+p1)
Value of firm
nP0=(1/(1+ke)(nD1+nP1)
No of shares
in crores
Reported Net
Profit
Earning Per
Share (Rs)
Equity
Dividend
152.99
152.37
152.26
152.24
151.68
1,263.61
1,218.37
1,402.27
1,769.10
1,503.25
8.26
9.21
11.62
9.91
397.22
365.59
334.97
532.65
461.24
DPS
2.596448
r (ROI)
ke
0.22884 0.254944 0.322033 0.490419 0.312392

0.028671 0.038464 -0.41824
Share price P
1667.246 1027.476 7.645416
Earning Per
Share (Rs)
8.26
2.39934 2.199988 3.498809 3.040817
9.21
11.62
9.91
DPS
2.596448
Ke
r (ROI)
0.028671 0.038464 -0.41824

0.22884 0.254944 0.322033 0.490419 0.312392
2.39934 2.199988 3.498809 3.040817
b (retention ratio)0.68566 0.700083

Share Price P
-20.2474
Note:
-17.136
0.76113 0.698898 0.693157

-3.31651
Analysis: To apply the Gordon's model Ke must be greater than growth (b
DPS
Ke
P0
1/(1+ke)
P1
No of shares
in crores
P0
Ke
2.596448 2.39934 2.199988 3.498809 3.040817

0.028671 0.038464 -0.41824
115.65
66.86
94.9
0.972128 0.962961 1.718909
116.3693 67.03237 53.00944
nP1
ND1
17802.86
397.22
152.99
152.37
152.26
115.65
66.86
0.028671 0.038464
94.9
-0.41824
10213.8 8071.212 P1
365.59
334.97
152.24
151.68
118.9658 69.43171 55.20943
nP0
17692.82 10187.53 14449.46 17692.82 10187.53 14449.46
mkt value of firm
mkt value of firm
when dividend paid
had dividends not been paid
Analysis
There is no preference dividend, hence DPS is calclulated by reported net profit/equity dividend
must be greater than growth (br). That is the company is experiencing super natural growth
The MM model satisfied, as mkt values are same in boyh cases.
Gross operating cycle
RMCP+WIPCP+FGCP+DCP
Raw material conversion period
=
=
(avg Raw material/total RM consumption)*360

77.36388
WIP conversion period
(avg WIP/total cost of production) *360
avg WIP
237.765
total cost of prod
3,677.55
WIPCP
23.27509
FGCP
(avg finished goods inventory/COGS)*360
avg FG
COGS
FGCP
237.765
3,611.97
23.69772
Debtors conversion period
DCP
=
=
(avg debtors/credit sales)*360

6.846403
Credit Purchase period
CPP
(avg creditors/credit purchases)*360
avg creditors 1042.89

CPP
254.5014
Gross operating cycle
Net operating cycle
131.1831
GOC-CPP
-123.318
Analysis
The NOC is coming out to be negative. This means that the firm is sitting on idle cash. The firm has ample
time to repay its obligations. So in order to gain more profits, it can invest more.
2010-11
Balance Sheet
------------------- in Rs. Cr. ------------------Mar '11
Mar '10
Mar '09
Mar '08
12 mths
12 mths
12 mths
12 mths
Sources Of Funds
Total Share Capital
305.97
304.74
304.52
304.48
305.97
304.74
304.52
304.48
1.34
0.24
0.34
mption)*360

Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
7,022.79
6,165.92
5,368.01
4,356.77
7,330.10
6,470.90
5,672.87
4,661.25
100
100
100
65.03
65.7
188.67
230.42
65.03
165.7
288.67
330.42
Total Liabilities
7,395.13
6,636.60
5,961.54
4,991.67
Gross Block
8,778.82
6,224.13
5,706.94
5,231.05
3,151.07
2,784.09
2,514.19
2,271.19
Net Block
5,627.75
3,440.04
3,192.75
2,959.86
930.7
2,714.43
1,947.22
696.79
Investments
625.95
727.01
332.39
1,288.94
Inventories
901.86
683.24
939.75
581.6
Sundry Debtors
128.18
152.2
224.6
145.68

Loans and Advances
198.4
116.64
123.73
114.94
1,228.44
952.08
1,288.08
842.22
422.61
292.65
351.82
237.04
Fixed Deposits
1,549.77
764.04
728.11
535.85
3,200.82
2,008.77
2,368.01
1,615.11
Deffered Credit
Current Liabilities
1,893.98
1,582.32
1,412.55
1,081.70
Provisions
1,096.57
674.04
470.56
493.55
2,990.55
2,256.36
1,883.11
1,575.25
210.27
-247.59
484.9
39.86
0.46
2.71
4.28
6.22
7,395.13
6,636.60
5,961.54
4,991.67
754.38
647.12
1,224.42
1,193.08
47.9
42.47
37.26
30.62
Net Current Assets

Total Assets
Book Value (Rs)
Profit & Loss account
------------------
------------------- in Rs. Cr. -------------------
Mar '07
Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
12 mths
12 mths
12 mths
12 mths
12 mths
12 mths
8,286.20
7,763.93
7,131.41
6,556.92
7,147.43
303.37
Income
Sales Turnover
303.37
Excise Duty
914.68
680.72
907.8
788.82
785.49
7,371.52
7,083.21
6,223.61
5,768.10
6,361.94
260.65
180.38
448.92
971.82
95.11
54.28
-49.47
65.24
53.85
-8.67
Total Income
7,686.45
7,214.12
6,737.77
6,793.77
6,448.38
547.61
Expenditure
Raw Materials
1,475.20
1,642.09
1,263.66
985.96
1,016.76
865.38
Power & Fuel Cost
1.14
0
3,187.21
0
Net Sales
Other Income
Stock Adjustments
3,491.72
317.77
4,357.10
1,697.34
1,422.75
1,325.77
1,004.66
1,241.21
Employee Cost
343.57
274.29
267.69
211.64
237.5
227.03
161.66
145.79
125.04
183.8
1,639.15
1,431.99
1,293.88
1,301.91
1,374.98
244.71
203.93
221.17
146.24
136.11

4,542.50
2,053.32
-11.36
-19.33
-21.19
2,489.18
Total Expenses
5,615.64
5,117.38
4,496.77
3,775.45
4,190.36
Operating Profit
1,810.16
1,916.36
1,792.08
2,046.50
2,162.91
PBDIT
2,070.81
2,096.74
2,241.00
3,018.32
2,258.02
48.69
22.43
32.6
77.09
116.37
2,022.12
2,074.31
2,208.40
2,941.23
2,141.65
634.93
1,133.12
408.82
89.95
Interest
PBDT
172.36
Depreciation
387.21
297.28
260.1
237.18
327.95
671.13
Other Written Off
0.61
1.57
1.72
0.47
1.07
313.03
Profit Before Tax
1,634.30
1,775.46
1,946.58
2,703.58
1,812.63
205.74
27.11
26.52
11.28
7.08
10.15
1,661.41
1,801.98
1,957.86
2,710.66
1,822.78
1,189.90
0
398.44
585.14
568.15
943.49
339.81
929.06
Reported Net Profit
1,262.97
1,216.84
1,389.71
1,767.17
1,483.34
168.68
4,090.48
3,467.71
3,209.49
2,723.73
3,047.13
1,097.74
Preference Dividend
92.16
7.71
4,357.10
506.71
23.01
Tax
397.22
365.59
334.97
532.65
461.24
65.27
62.13
56.92
90.52
64.69
15,298.59
15,237.11
15,225.99
15,223.75
15,168.29
8.26
9.21
11.62
9.91
Equity Dividend (%)
130
120
110
175
165
47.9
42.47
37.26
30.62
23.01
Equity Dividend
Book Value (Rs)
Company Net Sales(cr) mkt share

Ambuja
7371.52 0.164468
Ultrarech
13205.64 0.2946347
Binani
1728.5 0.038565
ACC
8258.77 0.1842637
Madras
2620.7 0.0584712
JK
2,361.35 0.0526847
India
3,534.92 0.0788686
shree
1689.52 0.0376954
Deccan
2264.23 0.0505179
Andhra
1785.23 0.0398308
total sales
44820.38
0.050517867
0.039830764
0.037695352
0.078868586
0.052684739
Ambuja
Ultrarech
Binani
ACC
Madras
JK
India
shree
Deccan
Andhra
0.164468039
0.294634718
0.038565046
0.184263721
0.058471169
0.052684739
0.078868586
0.037695352
0.050517867
0.039830764
0.058471169
0.184263721
0.038565046
(Top 10 leading industries are taken to check mark
Mkt Share
0.039830764
0.164468039
Ambuja
Ultrarech
Binani
ACC
0.294634718
Madras
JK
India
shree
0.038565046
ries are taken to check market power.)
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Guj.

2011-10 2010-09 2009-08 2008-07

Less: Accum. Depreciation

Capital Work in Progress

Cash and Bank Balance

Total Current Assets

Loans and Advances

Total CA, Loans & Advances

Total CL & Provisions

Net Current Assets

2011-10 2010-09 2009-08 2008-07

1.07031 0.89027 1.2575 1.025304 1.083954

0.76874 0.58746 0.75846 0.656093 0.711535

901.86 683.24 939.75

0.02103 0.02285 0.04027 0.025992 0.040762

NET WORKING CAPITAL RATIO

0.07227 -0.1151 0.41307 0.040368 0.110072

0.00887 0.02561 0.05089 0.070887 0.247919

0.02235 0.07702 0.24591 0.334633 1.033573

2.51896 3.00779 4.83221 4.720683 4.169002

0.1525 0.15693 0.19778 0.273445 0.214059

Gross Profit Margin

0.54811 0.5491 0.57837 0.645812 0.620011

OPERATING PROFIT RATIO

0.14896 0.13522 0.05118 0.055729 0.032157

0.44744 0.53034 1.37153 1.632675 1.763649

0.22884 0.25494 0.32203 0.490419 0.312392

0.17239 0.18828 0.24719 0.379533 0.430518

5.29806 4.95181 4.73963 7.499586 9.733721

ASSET TURNOVER RATIO

0.50981 0.51307 0.24349 0.341281 0.253116

Int coverage ratio

42.5911 105.597 78.8075 45.44496

-1.6179 -0.6376 -3.1563 -4.82465

0 -0.0079 -0.0005 0.401309

0 0.00501 0.00163 -1.93617

19.1693 (It shows no. of times the interest ch

Preoperative Exp Capitalised

Other Written Off

Profit Before Tax

Reported Net Profit

Total Value Addition

PBT (Post Extra-ord Items)

Shares in issue (lakhs)

Earning Per Share (Rs)

Equity Dividend (%)

2.39934 2.199988 3.498809 3.040817

equity dividend/no of shares

HERE LONG TERM DEBT IS TAKEN AS UNSECURED LOANS

but here we can see conservative approch of using debt.)

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

2011-10 2010-09 2009-08 2008-07 2007-06

Net Profit Margin

2011-10 2010-09 2009-08 2008-07

Gross Profit Margin

2011-10 2010-09 2009-08 2008-07

Debt Equity Ratio