Corporate Banking Project

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Instructions for using this work book
This work book is structured in four worksheets

1.1. Instructions
1.2. Financial Analysis
1.3. MyCRA rating sheet
1.4. Rating Definition
Please do not alter the formulae in any of the worsheet cells. This not a fully developed
rating model. This is created only to illustrate the credit rating process for the students.
2.1 In financial analysis worksheet all cells with O as value have formulae and should not
be overwritten.
2.2 In the MyCRA worksheet coloured cells have formulae and should not be overwritten.
Complete financial analysis using the "Financial Analysis" sheet
Refer to MyCRA Manual for detailed instructions on rating scores
Refer to Rating Definition sheet to assign the letter grade
In the comments cell mention its meaning from rating definition
Remember this rating does not factor in discussions with management, which can lead to
reassessment of scores and change in rating
Credit ratings suffer from many limitations but are still found to be very useful in taking
credit decisions if the limitations are kept in your mind while taking the credit decisions.
Real test of any rating is seen only over years on the basis of rating stability and
sensitivity to changes in fortunes. But a well thought out system gives fair indication of
probability of default of a borrower.
Financial Analysis
FINANCIAL YEARS 2006 2007 2008 2009 2010
CURRENT ASSETS 3 4 5 6 7
Stocks
- Raw Material 59.47 52.45 52.12 63.03 68.28
- Work-in Progress 19.52 16.11 13.38 17.19 18.14
- Finished Goods 91.72 105.42 102.37 123.29 136.65
-Spares etc. 1.33 1.94 1.95 2.04 2.17
Total - Stocks 172.04 175.92 169.82 205.55 225.24
Debtors
- Trade Debtors 143.92 194.69 212.93 241.3 270.53
- Bills Receivable
Total - Debtors 143.92 194.69 212.93 241.3 270.53
Cash & Bank Balances 15.79 21.49 33.38 31.8 35.56
Investments - Marketable 163.93 154.82 232.14 225.84 243.75
Other Current Assets 63.82 57.22 51.73 62.34 65.47
Total - Current Assets 559.5 604.14 700 766.82 840.55
CURRENT LIABILITIES
Creditors 146.84 142.16 161.57 166.83 174.81
Bills Payable 4.05 6.16 6.81 7.95 9.09
Bank Borrowings
Due to Bank (O/D, T/R) 0.19 0.05 0.55 0.5 0.61

S.T.Debt
Total - Bank Borrowings 0.19 0.05 0.55 0.5 0.61
Taxation - Current 57.77 49.35 53.28 62.2 67.31
Dividends 51.02 30.99 32.34 40.99 43.79
Current S.T. borrowings 10.01 6.93 1.04 5.44 5.73

(Non-Bank)
Other Current Liability 0 0 0 -0.1 -0.15
Total - Current Liabilities 269.88 235.64 255.59 283.81 301.2
Page 3
Financial Analysis
SUMMARY OF CURRENT ASSETS AND CURRENT LIABILITIES
Net Working Assets 165.07 222.29 214.37 272.06 311.87
Total Cash Assets 179.72 176.31 265.52 257.64 279.31
Net Cash Assets 179.53 176.26 264.97 257.14 278.7
Net Current Assets 289.62 368.5 444.41 483.02 539.36
Page 4
Financial Analysis
FIXED ASSETS (WDV)
Land & Buildings 68.85 78.31 96.16 107.19 119.69
Plant & Machinery 64.12 83.61 85.23 107.52 122.85
Motor Vehicles 0.24 0.22 0.15 -0.12 -0.3
Furniture & Fixtures 9.35 9.83 8.53 10.26 11
Investments - Subsidiary
& Group Companies 20.24 20.24 20.24 29.65 35.21
Other Fixed Assets 17.33 17.85 17.14 19.7 21.1
Total - Fixed Assets 180.13 210.06 227.45 274.2 309.55
LONG TERM LIABILITIES
Term Loans
- Rupee Loans
1 to 3 years 0 0 0 0 0
3 to 5 years 0 0 0 0 0
Over 5 years 0 0 0 0 0
- Foreign Currency Loans 0 0 0 0 0
Total - Term Loans 0 0 0 0 0
Debentures 0 0 0 0 0
Deferred Tax 71.22 79.98 78.77 95.51 105.66
Financial Leases 0 0 0 0 0
Other Long Term Debt 0 0 0 0 0
Total - Long Term Liabilities 71.22 79.98 78.77 95.51 105.66
Page 5
Financial Analysis
SHAREHOLDERS FUNDS
Equity Share Capital 25.51 25.51 26.95 30.75 33.08
Preference Share Capital 0 0 0 0 0
Reserves
- General Reserve 265.39 294.42 306.4 354.58 389.21
- Capital Reserve 0 0.3 0.3 0.39 0.48
- Share Premium 39.5 39.5 39.5 35.42 33.37
- Profit & Loss Account 75.66 150.56 220.54 251.86 301.3
- Revaluation 0 0 0 0 0
- Others 0 0 0 0 0
Total - Reserves 380.55 484.78 566.74 642.25 724.36
Intangibles
- Goodwill 0 0 0 0
- Preliminary Expenses 0 0 0 0 0
Not Written Off 0 0 0 0 0
- Others 0 0 0 0 0
Total - Intangibles 0 0 0 0 0
Total - Shareholders Funds 406.06 510.29 593.69 673 757.44
SUMMARY OF NET LONG TERM ASSETS AND LIABILITIES
Net Worth
- Shareholders Funds Route 406.06 510.29 593.69 673 757.44
- Assets less Liabilities Route 398.53 498.58 593.09 661.71 743.24
- Accuracy Check 7.53 11.71 0.6 11.29 14.19
Page 6
Financial Analysis
PROFIT AND LOSS STATEMENT
Sales (Net of Excise Duty) 1061.34 1287.48 1404.14 1562.55 1717.44

14.62 21.31 9.06 14.73% 14.73%
Cost of Sales 735.87 881.22 939.89 1066.1 1175.16
(Manufacturing Costs) 21.69 19.75 6.66 15.25% 15.25%
Gross Profit 325.47 406.26 464.25 496.45 542.28
Selling and Admn. Expenses 195.85 224.91 255.42 275.08 299.8

16.36 14.84 13.57 12.38% 12.38%
Depreciation 31.78 33.56 39.6 20.7 22.04
Operating Profit 97.84 147.79 169.23 200.67 220.44
Interest Cost 0.78 0.96 1.41 1.16 1.2
Other Income 75.01 24.05 24.85 39.87 42.3
Non-Operating Expenses
Profit / (loss) from Sale of F.Asset 1.67 0.83 0.05 0.13 -0.18
Income from Investments 0 0 0 0 0
- Profit / (Loss) on Sale of Invts 53.28 5.14 13.96 23.41 25.84

- Interest / Dividend Income 0 0 0 0 0
Total - Income from Invts. 53.28 5.14 13.96 23.41 25.84
Non-Cash Exp. Written - Off
Provision for Income Tax 48.54 16.6 53.07 42.32 43.17
PBDIT 259.58 211.37 247.69 284.78 310.45
PBIT 227.8 177.81 208.09 264.08 288.41
PBT 227.02 176.85 206.68 262.92 287.22
PAT 178.48 160.25 153.61 220.6 244.05

16.82% 12.45% 10.94% 14.12% 14.21%
Page 7
Financial Analysis
APPROPRIATIONS
- Dividends 51.02 30.99 32.34 40.99 43.79

- Transfer to Gen. Reserve 50 10.77 11.98 8.97 2.44
- Balance in P&L Account 77.46 118.49 109.29 170.65 197.81
( transfer to Balance Sheet)
Total - Appropriations 178.48 160.25 153.61 220.6 244.05
Page 8
Financial Analysis
FINANCIAL RATIOS
1. Profitability Ratios (in %age)
Gross Profit / Sales 30.67 31.55 33.06 31.77 31.57
Operating Profit / Sales 9.22 11.48 12.05 12.84 12.84
PBT/ Sales 21.39 13.74 14.72 16.83 16.72
PAT/ Sales 0.17 0.12 0.11 0.14 0.14
Retained Profit / PAT 71.41 80.66 78.95 81.42 82.06
Return on Capital Employed 54.37 35.81 36.80 37.03 35.94
Return on Equity 43.95 31.40 25.87 32.78 32.22
2. Capital Structure
Debt / Equity 0.18 0.16 0.13 0.14 0.14
Total Liability / Net Worth 0.84 0.62 0.56 0.56 0.54
PBIT / Interest Expense(Intr. cover) 292.05 185.22 147.58 227.85 241.15
3. Activity Ratios
Stock Days 85.33 72.87 65.95 70.37 69.96
Debtor Days 49.49 55.19 55.35 56.37 57.49
Creditor Days 74.84 61.43 65.39 59.84 57.12
Page 9
Financial Analysis
4. Stability Ratios
Current Ratio 2.07 2.56 2.74 2.70 2.79
Acid Test Ratio 1.44 1.82 2.07 1.98 2.04
5. Break-Even Analysis
Sales 1061.34 1287.48 1404.14 1562.55 1717.44
Variable Costs 735.87 881.22 939.89 1066.10 1175.16
Contribution Margin (In %age) 30.67 31.55 33.06 31.77 31.57
Fixed Costs 228.41 259.43 296.43 296.94 323.03
Break-Even Point 7.45 8.22 8.97 9.35 10.23
Operating Leverage 3.33 2.75 2.74 2.47 2.46
Financial Leverage 1.01 1.01 1.01 1.01 1.01
6. Efficiency Ratios
Fixed Assets Efficiency 0.17 0.16 0.16 0.18 0.18
Working Capital to Sales Ratio 0.27 0.29 0.32 0.31 0.31
Page 10
Financial Analysis
DETAILS OF FIXED ASSETS
Land and Building

Gross Block 102.81 119.64 143.96 159.84 178.08
Accumulated Depreciation 33.96 41.33 47.8 52.64 58.39
Net Block 68.85 78.31 96.16 107.19 119.69
Plant and Machinery

Gross Block 149.1 186.55 207.37 240.84 271
Net Block 64.12 83.61 85.23 107.52 122.85
Furniture and Fixtures

Gross Block 28.05 32 32.12 35.79 38.54
Net Block 9.35 9.83 8.53 10.26 11
Vehicles
Gross Block 0.65 0.84 0.76 0.33 0.07
Net Block 0.24 0.22 0.15 -0.12 -0.3
Other Fixed Assets

Gross Block 74.01 85.38 95.94 107.51 118.91
Net Block 17.33 17.85 17.14 19.7 21.1
Summary of Fixed Assets

Total Gross Block 354.62 424.41 480.15 544.31 606.6
Total Accumulated Depreciation 194.73 234.59 272.94 299.76 332.26
Total Net Block 159.89 189.82 207.21 244.55 274.34
Page 11
Financial Analysis
FUNDS FLOW STATEMENT
Sources of Funds
Profit after Tax 178.48 160.25 153.61 220.6 244.05
add: Depreciation 32.02 39.86 38.35 26.82 32.5
add: Non-Cash Expenses Wr. Off 0 0 0 0 0
Increase in Share Capital

- Equity Capital 0 0 1.44 3.8 2.33
- Preference Capital 0 0 0 0 0
Increase in Long Term Liabilities

- Term Loans 0 0 0 0 0
- Debentures 0 0 0 0 0
- Other Long Term Debt 0 0 0 0 0
Decrease in Working Capital 0 0 0 0 0
Sale of Fixed Assets
Decrease in Invt. in Group Subs Co. 0 0 0 0 0
Total - Sources of Funds 210.5 200.11 193.4 251.22 278.88
Application of Funds
Purchase of Fixed Assets 60.28 69.79 55.74 64.16 62.28
Decrease in Long Term Liabilities

- Term Loans 0 0 0 0 0
- Debentures 0 0 0 0 0
- Other Long Term Debt 0 0 0 0 0
Redemption of Preference Capital 0 0 0 0 0
Increase in Working Capital 48.61 78.88 75.91 38.61 56.34
Dividend Paid to Shareholders 51.02 30.99 32.34 40.99 43.79
Increase in Invt. in Group Subs. Co. 0 0 0 0 0
Total - Application of Funds 159.91 179.66 163.99 143.75 162.42

Diff of Source - Appl. 50.59 20.45 29.41 107.47 116.46
Page 12
Financial Analysis
CASH FLOW STATEMENT
PBIT 227.8 177.81 208.09 264.08 288.41
add: Depreciation 31.78 33.56 39.6 20.7 22.04
add: Non-Cash Exp. written-off 0 0 0 0 0
(Profit)/Loss on Sale of F.Assets 1.67 0.83 0.05 0.13 -0.18
Gross Cash Flow from Operation 257.91 210.54 247.64 284.65 310.63
Page 13
MyCRA
Name of the assessee Company Incorporated in Year
Kansai Nerolac 1920
Group to which it belongs Group strength
Kansai
Audited financials used for rating assessment
0 to 6 (6 being the
Scoring Scale Best)
Risk Type Weight Score level Weighted Score

1 Management Risk 25 4.50
1.1 Track Record 10 5.05
1.1.1 Experience in the industry 5 5.50
1.1.2 Board Composition 2 4.00
1.1.3 Business and financial policy 3 5.00

1.2 Credibility 5 3.00
1.2.1 Ability to meet sales projections 2 3.00
1.2.2 Ability to meet profit projections 3 3.00

1.3 Payment Record 5 5.00
1.3.1 Market reputation on meeting all obligation without fail 5 5.00

1.4 Other Factors 5 4.40
1.4.1 Management Proactiveness 2 5.00

1.4.2 Strategic Initiatives 1 5.00
1.4.3 Group Support 2 3.50
Page 14
MyCRA
2 Financial Risk 40 5.53
2.1 EFP (Expected Financial Performance) 20 5.94
2.1.1 ROCE - EFP 4 4.50
2.1.2 Operating Margin EFP 4 5.00
2.1.3 Interest Coverage 2 6.00
2.1.4 Total Outside Liabilities/Total Net Worth - EFP 2 5.50
2.1.5 Operating Income/Short Term Borrowings 2 6.00
2.1.6 Current Ratio 2 5.50
2.1.7 DSCR - EFP 2 6.00
2.1.8 Accounting Quality - EFP 2 5.70
21..9 Free cashflow from operations/Total debt 2 5.70

2.2 CFA Current Financial Assessment 30 5.35
2.2.1 ROCE - CFA 5 4.50
2.2.2 Operating Margin CFA 5 4.50

2.2.3 DSCR CFA 4 6.00
2.2.4 Total Outside Liabilities/Total Net Worth - CFA 4 6.00
2.2.5 Accounting Quality - CFA 4 5.50
2.2.6 Interest Coverage 4 5.70
2.2.7 Free cashflow from operations/Total debt 4 5.70

2.3 Financial Flexibility 5 5.00
Page 15
MyCRA
2.3.1 Ability to raise Capital 5 5.00

3 Business Risk 20 4.10
3.1 Operating Efficiency 10 3.55
3.1.1 Integration of operations 3 4.50

3.1.2 Capacity utilisation 2
3.1.3 Access to cost effective technology 3 5.00
3.1.4 Bargaining power with suppliers 2 3.50

3.2 Market Position 10 4.65
3.2.1 Consistency of quality 3 4.50
3.2.2 Customisation of Product 2 5.00
3.2.3 Diversification of markets 3 5.00
3.2.4 Long term contracts or assured off-take 2 4.00

4 Industry Risk 15 4.60 4.60
4.1 Choose appropriate score from list below 15 4.60
5 Overall Score 4.85
6 Letter Grade assigned to the company AA
Refer to Rating Definition sheet to assign the
* letter grade
** In the comments cell mention its meaning
Refer to MyCRA Manual for detailed
*** instructions on rating
Page 16
MyCRA
Complete financial analysis using the
**** "Financial Analysis" sheet
Pick up appropriate industry rating score from

the list below Score
1 Auto 4
2 Auto Ancillary 4
3 Capital goods & gen engg 4.5
4 Cement & non-metallic products 3.7
5 Chemicals 4.6
6 Construction & Real estate 3.2
7 Consumer durables 5
8 FMCG 5.5
9 Food Processing 5
10 Hotels 4.8
11 Metals & minerals 4
12 NBFC 2.5
13 Others 3
14 Paper & stationery 4.6
15 Petroleum 5
16 Pharma 5.4
17 Power 5
18 Services 5.8
19 Textiles 4
20 Trading 4
21 Transport services 4.5
Page 17
MyCRA
Belongs to Industry
PAINTS
Reasoning for the score assigned/ Comments
Rich experience in paints since 1920. Mr. Kothari the Managing

director has been with the company from last 29 years, during his
tenure he brough in foreign patterns in terms of technology and
research
The board have a pretty varied composition, with some eminent
personalities, like Mr. S.M. Datta
The business policies have been very mature. The investments have
been at the right places, specially in establishing EOUs and acquiring
latest technologies. The diversifications have been very few, and
have come late. Won the ICSI national award for excellence in
Corporate Governance
They had been on target since 2002, but failed to diliver in 2006, due
to sudden rise in import costs
They had been on target since 2002, but failed to diliver in 2006, due
to sudden rise in import costs
The company has shown incredible record in terms of payment

obligations, hence making it worthy of really high credit ratings for
various financial instruments
The management has shown quite a bit of proactiveness for its

decorative industry. It had foreseen the requirement for high end
paintsand multiple shades, and hence invested in establishing
technlogy for the same.
Company initiated a JV to enter malaysian market
MD's have been changing more frequetly over the last 5 years.
Page 18
MyCRA
The ROCE of 35 to 36% defenitely shows a good health of the

company. But, it is a bit on lower side as industry leaders like Asian
Paints and Berger Paints are expecting ROCE to be in the region of
45 to 60%.
The company is expecting operating margin to be around 12.84%. It
is good enough considering the industry standards & company
seems to be in position to achieve it.
As the debt portion of the company is very small, there is absolutly
no problem on this front.
Total Networh of the company is more than 7 times that of Total
outside liability and hence provides a better cushion.
Operating Income is expected to be almost 50 times that of short
term borrowings
Current Ratio is expected to be 2.67 which is much above the
comfort level of the bank. The only thing bank needs to assure is the
quality of current assets goning into calculation.
Debt Service Coverage Ratio of the company is one of the best
amongst industries as the debt portion is very minimal
The accounting quality of the company seems fair enough and is
being acknowledged in corporate governence checkings
The Cash-flow of the company is expected to be fair enough to take
care of all the debt service.
The ROCE in current financial year is good enough, but it is a bit on

lower side as compared to that of industry leaders.
The Operating margin of the company is as per industry standards.

The Debt Service Coverage ratio is amongst best in the industry
The Networth of the company is providing more than sufficient
cushion to outside liabilities.
The company is following sound accounting practices and a check is
kept on it by various bodies
As the debt portion of the company is very less as of now, the
interest coverage ratio is more than sufficient.
The company has managed to keep cash flow level way above that
of debt service requirement.
Page 19
MyCRA
The Debt-Equity ratio, Interest Coverage Ratio and other profitability
ratios point out that the company could raise capital easily if
required. The only thing which may harm it is uncertain capital
market conditions.
As company has its operations spread across the country it uses

strong operating platform of SAP R-3 as well as Business Inteligence
Warehousing which enables it to get real time data.
Historically, the company has had the access to most cost effective
technologies and have been the pioneers in getting new
technologies to develop more shades
As the supply includes mainly of petro products which are driven by
the globle factors, the company does not enjoy much bargaing power
and can only use its financial strength to some extent to get better
credit terms
The company have good reputation in the market and have won
award this year for manufacturing exellence.
The company is in the forefront of serving most of the segments of
the market. It has launched Programmes like 'Colour Tool' and
'Nerolac Colour Guide' which helps customers in choosing colour of
their own choice and requirement.
The company is expanding its reach as far as market segments and
geographical reach is concerned.
The demand for company is products is robust, but there is no long
term contract with the dealers or customers.
This is generally centrally set by risk
Page 20
MyCRA
Page 21
Rating Definition
Grade Degree of safety

with regard to
servicing
Debt obligations
Grade I Very High
Grade II High
Grade III Adequate
Grade IV Average
Grade V Below Average
Grade VI Inadequate
Grade VII Low
Grade VIII High Risk
Grade IX Substantial Risk
Grade X Default
Page 22
Rating Definition
Comments
Range of score
From To
The fundamentally strong debt servicing capacity of such
companies is most unlikely to be adversely affected by changes
in circumstances. 5.5 <=6
Adverse business conditions are unlikely to affect debt servicing
capacity. Such companies differ in safety from those in Grade I
only marginally. 4.7 <5.5
Changes in circumstances are more likely to affect debt servicing
capacity than for higher grades. 4.2 <4.7
Debt servicing capacity could weaken in view of changing
circumstances 3.7 <4.2
While such companies are less susceptible to default than those
in lower grades, uncertainties faced by them could adversely
affect debt servicing capacity. 2.7 <3.2
Uncertainties faced by issuer could lead to inadequate capacity
to make timely debt repayments 2.2 <2.7
Debt servicing capacity is highly vulnerable to adverse changes
in circumstances. 1.7 <2.2
Adverse business or economic conditions are likely to lead to
lack of ability or willingness to service debt obligations. 1.5 <1.7
Timely payment of debt would continue only if favourable
circumstances continue 1 <1.5
Debt servicing capacity is in default and returns from this may be
realised only on reorganisation or liquidation 0 <1
Page 23
Rating Definition
Letter Grade Rating Type
AAA Investment Grade
AA Investment Grade
A+ Investment Grade
A Investment Grade
BBB Investment Grade
BB+ Speculative Grade
BB Speculative Grade
BB- Speculative Grade
C Speculative Grade
D Default Grade
Page 24
Nerolac
Rating Date Security Type Amount Rating

30-05-2008 Commercial Paper 52 P1+
30-05-2008 Short Term Debt 35 P1+
30-05-2008 Term Loan Programme 431 P1+
29-08-2007 Non-Convertible Debentures 10 AAA



20-09-2004 Commercial Paper 30 AAA

ICI Dulux

30-08-2007 Commercial Paper/Short Term Debt 50 P1+
30-05-2003 Non-Convertible Debentures 60 WD
05-05-2003 Non-Convertible Debentures 60 AA+
08-07-2002 Non-Convertible Debentures 23.3 AA+

23-11-2001 Debentures 50 Ind AAA

28-08-1999 Debentures 0 AA+

Berger Paints

22-08-2005 Fixed Deposits 0 FAAA
20-08-2002 Fixed Deposits 0 FAA+
21-11-2001 Fixed Deposits 0 FAA+

30-09-2001 Fixed Deposits 0 MAA+
31-08-2001 Non-Convertible Debentures 20 MAA+

30-06-2001 Short Term Debt 0 A1+
07-03-2001 Non-Convertible Debentures 20 MAA+

31-10-2000 Fixed Deposits 0 MAA




09-09-1999 Non-Convertible Debentures 0 AA-

09-09-1999 Fixed Deposits 0 FAA
28-08-1999 Debentures 0 AA-




30-11-1997 Commercial Paper 15 A1+
Asian Paints

Rating Type
Very Strong With Relatively Higher Standing
The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal.
Though the circumstances providing this degree of safety are likely to change, such changes as can be
envisaged are most unlikely to affect adversely the fundamentally strong position of such issues.
Rating Type
Rating Withdrawn
The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They
differ in safety from AAA issues only marginally.
Highest credit quality. Risk factors are negligble.
differ in safety from AAA issues only marginally
Rating Type
Degree of safety regarding timely payment of interest and principal is very strong.
Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of
safety is not as high as for fixed deposits with 'FAAA' rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
The prospect of timely payment of debt/obligation is the best.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
"MAAA" rating.
Rating Type
Year Mar 04(12) Mar 05(12) Mar 06(12) Mar 07(12) Mar 08(12)
INCOME :
Sales Turnover + 924.97 1,062.77 1,225.98 1,483.86 1,613.33
Excise Duty 114.52 136.82 164.64 196.38 209.19
Net Sales 810.45 925.95 1,061.34 1,287.48 1,404.14
Other Income + 10.48 28.45 75.01 24.05 24.85
Stock Adjustments + 3.94 -2.16 41.22 5.82 -5.78
Total Income 824.87 952.24 1,177.57 1,317.35 1,423.21
EXPENDITURE :
Raw Materials + 406.4 466.21 575.84 697.33 738.54
Power & Fuel Cost+ 9.24 10.63 15.49 20.24 20.75
Employee Cost + 51.45 47.67 54.14 58.13 67.25
Other Manufacturing Expenses + 65.73 80.22 90.4 105.52 113.35
Selling and Administration Expenses + 160.13 168.31 195.85 224.91 255.42
Miscellaneous Expenses + 19.8 20.47 13.7 15.74 16.5
Less: Pre-operative Expenses Capitalised+ 0 0 0 0 0
Total Expenditure 712.75 793.51 945.42 1,121.87 1,211.81
Operating Profit 112.12 158.73 232.15 195.48 211.4
Interest + 1.32 0.77 0.78 0.96 1.41
Gross Profit 110.8 157.96 231.37 194.52 209.99
Depreciation+ 22.04 20.7 31.78 33.56 39.6
Profit Before Tax 88.76 137.26 199.59 160.96 170.39
Tax+ 30.93 42.86 57.77 49.35 53.28
Deferred Tax+ -0.13 2.44 1.43 2.58 -3.88
Reported Net Profit 57.96 91.96 138.59 107.66 119.79
Extraordinary Items + 1.23 5.97 38.66 4.04 9.63
Adjusted Net Profit 56.73 85.99 99.93 103.62 110.16
Adjst. below Net Profit + 0 0 0.51 13.39 0
P & L Balance brought forward 19.89 26.27 44.73 75.66 150.56
Statutory Appropriations + 0 0 0 0 0
Appropriations + 51.58 73.5 108.17 46.15 49.81
P & L Balance carried down 26.27 44.73 75.66 150.56 220.54
Dividend 19.13 29.33 51.02 30.99 32.34
Preference Dividend 0 0 0 0 0
Equity Dividend % 125 115 200 115 120
Earnings Per Share-Unit Curr 36.28 34.41 51.52 40.48 42.41
Book Value-Unit Curr 173.16 126.77 159.18 200.04 220.29
Year Mar 08(12) Mar 07(12) Mar 06(12) Mar 05(12) Mar 04(12)
Opening Stock of Raw Materials 52.45 59.47 40.45 31.86 29.52
Purchases of Raw Material 692.93 640.64 564.86 451.58 386.88
Purchase of Trading Goods 45.28 45.29 27.43 23.22 21.86
Direct Expense on Purchase/Adjustment 0 0 0 0 0
Closing Stock of Raw Materials 52.12 52.45 59.47 40.45 31.86
Adjustment on amalgamation / trial runs 0 4.38 2.57 0 0
Mar 03(12) Mar 02(12) Mar 01(12) Mar 00(12) Mar 99(12)
790.71 707.75 683.59 629.23 545.79

95.17 84.75 86.87 78.68 75.15
695.54 623.00 596.72 550.55 470.64
8.86 10.75 11.54 8.66 7.81
8.63 -9.63 17.83 2.29 13.37
713.03 624.12 626.09 561.50 491.82
352.13 311.71 319.39 286.66 244.48

8.87 6.51 5.49 5.17 3.46
56.54 43.88 39.32 33.84 34.04
57.23 59.28 61.52 56.26 54.57
138.7 128.55 125.2 98.86 84.96
17.66 8.42 15.64 18.2 16.9
0 0 0 0 0
631.13 558.35 566.56 498.99 438.41
81.9 65.77 59.53 62.51 53.41
1.67 3.74 6.37 8.09 9.96
80.23 62.03 53.16 54.42 43.45
24.14 24.67 20.08 12.14 9.42
56.09 37.36 33.08 42.28 34.03
18.39 12.76 11.07 12.3 8.5
-2.14 -2.76 -0.57 0 0
39.84 27.36 22.58 29.98 25.53
2.16 0.2 0.53 0.95 0.02
37.68 27.16 22.05 29.03 25.51
0.83 0 0 0 0
14.76 13.88 12.26 11.32 6.83
0 0 0 0 0
35.54 26.48 20.96 29.04 21.04
19.89 14.76 13.88 12.26 11.32
13.77 11.48 9.95 9.95 9.95
0 0 0 0 0
90 75 65 65 65
24.88 17.88 14.1 18.88 15.97
149.38 132.39 125.31 117.73 105.34
Nerolac_BSheet
Year Mar 08 Mar 07 Mar 06 Mar 05 Mar 04

SOURCES OF FUNDS :
Share Capital 26.95 26.95 25.51 25.51 15.3
Equity Authorised 30 30 30 30 30
Preference Capital Authorised 0 0 0 0 0
Unclassified Authorised 0 0 0 0 0
Equity Issued 26.95 25.51 25.51 25.51 15.3

Equity Subscribed 26.95 25.51 25.51 25.51 15.3
Equity Called Up 26.95 25.51 25.51 25.51 15.3
Less : Equity Calls in Arrears 0 0 0 0 0
Equity Forfeited 0 0 0 0 0
Equity Paid Up 26.95 25.51 25.51 25.51 15.3
Adjustments to equity 0 1.44 0 0 0
Preference Capital Paid Up 0 0 0 0 0

Convertible Preference Share Paid Up 0 0 0 0 0
Non-convertible Preference Share Paid UP 0 0 0 0 0
Unclassified Shares Paid Up 0 0 0 0 0
Reserves Total 566.74 484.78 380.55 297.89 249.63
TOTAL RESERVES EXCLUDING
REVALUATION RESERVE 566.74 484.78 380.55 297.89 249.63
Capital Reserves 0.3 0.3 0 0 0
General Reserves 306.4 294.42 265.39 213.65 173.65
Share Premium 39.5 39.5 39.5 39.51 49.71
Investment Allowance Reserve 0 0 0 0 0
Debenture Redemption Reserve 0 0 0 0 0
Capital Redemption Reserve 0 0 0 0 0
Debt Redemption Reserve 0 0 0 0 0
Amalgamation Reserve 0 0 0 0 0
Taxation Reserve 0 0 0 0 0
Exchange Fluctuation Reserve 0 0 0 0 0
Foreign Exchange Earnings Reserve 0 0 0 0 0
Exchange Profit / Allowance Reserve 0 0 0 0 0
Deferred Credit Reserve 0 0 0 0 0
Contingency Reserve 0 0 0 0 0
Development Rebate Reserve 0 0 0 0 0
Special Reserve 0 0 0 0 0
Special Appropriation to Projects 0 0 0 0 0
Statutory Reserves 0 0 0 0 0
Reserve for Bad and Doubtful Debt 0 0 0 0 0
Investment Fluctuation Reserve 0 0 0 0 0
Profit & Loss Account Balance 220.54 150.56 75.66 44.73 26.27
Other Reserves 0 0 0 0 0
TOTAL REVALUATION RESERVE 0 0 0 0 0
Fixed Asset Revaluation Reserve 0 0 0 0 0
Investment Revaluation Reserve 0 0 0 0 0
Other Revaluation Reserve 0 0 0 0 0
Total Shareholders Funds 593.69 511.73 406.06 323.4 264.93
Secured Loans 19.18 30.02 38.55 32.59 29.7
Convertible Debentures 0 0 0 0 0
Non Convertible Debentures 0 0 0 0 0
Page 33
Nerolac_BSheet
Partly Convertible Debentures 0 0 0 0 0

Less : Debentures Calls in arrears 0 0 0 0 0
Term Loans Institutions 0 0 0 0 0
Term Loans Banks 0 0 0 0 0
Term Loans Others 0 0 0 0 0
Borrowings from Government of India 0 0 0 0 0
Deferred Credit / Hire Purchase 18.14 23.09 28.54 29.1 28.42
Bridge Loans/Packing Credit / Bills
Cash Credit 0 0 0 0 0
Discounted 1.04 6.93 10.01 3.49 1.28
Working Capital Advances 0 0 0 0 0
Interest Accured & Due 0 0 0 0 0
Secured Loans Others 0 0 0 0 0
Unsecured Loans 78.77 79.98 71.22 54.55 40.72
Debentures / Bonds 0 0 0 0 0
Accrued Interest 0 0 0 0 0
Loans from Group Cos 0 0 0 0 0
Loans from Banks 0 0 0 0 0
Loans from Institutions 0 0 0 0 0
Advances 0 0 0 0 0
Loans from GOI / PSUs 0 0 0 0 0
Deferred Liabilities 0 0 0 0 0
Deferred Tax 78.77 79.98 71.22 54.55 40.72
Commercial Paper 0 0 0 0 0
Unsecured Loans Others 0 0 0 0 0
TOTAL DEPOSITS 0 0 0 0 0
Fixed Deposits 0 0 0 0 0
Intercorporate Deposits 0 0 0 0 0
Security Deposits 0 0 0 0 0
Directors Deposits 0 0 0 0 0
Share Deposits 0 0 0 0 0
Other Deposits 0 0 0 0 0
Total Debt 97.95 110 109.77 87.14 70.42
Total Liabilities 691.64 621.73 515.83 410.54 335.35
APPLICATION OF FUNDS :
Gross Block 480.15 424.41 354.62 294.34 233.76
Goodwill 0 0 0 0 0
Technical Know-how 0 0 0 0 0
Leasehold Land 20.26 0.82 0.77 0.77 0.77
Freehold Land 9.09 9.09 9.09 6.64 0.11
Railway Sidings 0 0 0 0 0
Buildings 114.61 109.73 92.95 85.62 65.15
Ponds & Reservoirs 0 0 0 0 0
Water supply / tubewells 0 0 0 0 0
Plant and Machinery 177.85 159.12 128.04 102.25 78.8
Ships / Vessels 0 0 0 0 0
Electrical Installations / Fittings 22.96 21.32 17.11 12.15 9.55
Factory Equipments 0 0 0 0 0
Furniture and Fixtures 32.12 32 28.05 22.36 23.19
Office Equipments 0 0 0 0 0
Computers 0 0 0 0 0
Lab and R & D Equipment 6.56 6.11 3.95 3.43 2.58
Medical Equipment and Surgical Instrument 0 0 0 0 0
Page 34
Nerolac_BSheet
Vehicles 0.76 0.84 0.65 1.77 1.62

Transmission and Distribution Equipment 0 0 0 0 0
Wind Turbines 0 0 0 0 0
Aircraft and Helicopters 0 0 0 0 0
Less : Accumulated Depreciation 272.94 234.59 194.73 162.71 146.4
Goodwill 0 0 0 0 0
Leasehold Land 0 0 0 0 0
Freehold Land 0 0 0 0 0
Buildings 47.8 41.33 33.96 28.42 25.53
Furniture and Fixtures 23.59 22.17 18.7 16.82 16.2
Computers 0 0 0 0 0
Vehicles 0.61 0.62 0.41 1.04 0.81
Net Block 207.21 189.82 159.89 131.63 87.36
Goodwill 0 0 0 0 0
Leasehold Land 20.26 0.82 0.77 0.77 0.77
Freehold Land 9.09 9.09 9.09 6.64 0.11
Buildings 66.81 68.4 58.99 57.2 39.62
Furniture and Fixtures 8.53 9.83 9.35 5.54 6.99
Computers 0 0 0 0 0
Vehicles 0.15 0.22 0.24 0.73 0.81
Lease Adjustment 0 0 0 0 0
Page 35
Nerolac_BSheet
Capital Work in Progress 26.63 17.63 17.96 29.26 21.15

Capital Advances 6.63 4.97 2.37 11.66 5.34
Pre-operative Expenditure 0 0 0 0 0
Development Expenses 0 0 0 0 0
Assets in Transit 0 0 0 0 0
Other Capital Work in Progress 20 12.66 15.59 17.6 15.81
Investments 232.14 154.82 163.93 179.12 130.4
Quoted Government Securities 0 0 0 0 0
Unquoted Government Securities 0 0 0 0 0
Quoted Equity 0.25 0.25 0.25 0.25 0.28
Unquoted Equity 20.24 20.24 20.24 3.11 1
Quoted Debentures/Bonds 7.11 7.11 5.77 5.77 1.39
Unquoted Debentures/Bonds 5 5 7 7 7.9
Quoted Units 0 0 0 0 0
Unquoted Units 199.54 122.22 130.67 163.81 111.81
Preference Shares 0 0 0 0 0
Joint Venture / Partnerships 0 0 0 0 0
Application Money 0 0 0 0 0
Other Investments 0 0 0 0 9.02
Less : Prov.for dimunition in value of
investment 0 0 0 0.82 1
Current Assets, Loans & Advances
Inventories 173.41 180.42 178.24 114.56 107.21
Raw Materials 52.12 52.45 59.47 40.45 31.86
Work-in Progress 13.38 16.11 19.52 12.06 10.67
Contract WIP / Site under development 0 0 0 0 0
Finished Goods 102.37 105.42 91.72 56.48 60.03
Stores and Spares 1.95 1.94 1.33 1.48 1.52
Investment as Stock_in_Trade 0 0 0 0 0
Stock on hire 0 0 0 0 0
Packing Materials 3.59 4.5 6.2 4.09 3.13
Goods-in transit 0 0 0 0 0
Other Inventory 0 0 0 0 0
Sundry Debtors 212.93 194.69 143.92 104.84 111.72
Debtors more than Six months 3.74 4.38 0.73 0.41 1.18
Debtors Others 209.19 190.31 143.19 104.43 110.54
Less : Provisions for Doubtful Debts 0 0 0 0 0
Cash and Bank 33.38 21.49 15.79 13.24 18.71
Balance with Bank 33.31 21.32 15.59 12.94 18.42
Term Deposit with Banks 0.02 0.02 0.08 0.21 0.14
Cash in hand / others 0.05 0.15 0.12 0.09 0.15
Loans and Advances 48.14 52.72 57.62 50.47 34.27
Bills Receivable 0 0 0 0 0
Loans to Subsidiary 0.98 0.25 0 3.4 0
Loans to Group / Associate Companies 0 0 0 0 0
Loans to Others 0 0 0 0 0
Deposits with Government 14.98 15.91 20.38 12.14 4.84
Intercorporate Deposits 0 0 0 0 0
Deposits Others 0 0 0 0 0
Advance Tax 19.27 18.47 14.01 7.11 8.21
Pre-paid expenses 0 0 0 0 0
Advances to suppliers 0 0 0 0 0
Page 36
Nerolac_BSheet
Advances for capital goods 0 0 0 0 0

Advances recoverable in cash or kind 12.6 17.78 22.88 27.47 21.22
Less : Provision for Doubtful Advances 0 0 0 0 0
Interest Accrued on Investments 0.31 0.31 0.35 0.35 0
Application money pending allotment 0 0 0 0 0
Other Current Assets 0 0 0 0 0
Total Current Assets 467.86 449.32 395.57 283.11 271.91
Less : Current Liabilities and Provisions
Current Liabilities 168.89 149.39 152.04 145.77 124.68
Sundry Creditors 161.02 142.11 146.84 142.38 121.58
Creditors for Goods 161.57 142.16 146.84 142.38 121.58
Creditors for Capital Goods 0 0 0 0 0
Creditors for Finance 0 0 0 0 0
Creditors for Others -0.55 -0.05 0 0 0
Acceptances 6.81 6.16 4.05 3.04 2.7
Application Money 0 0 0 0 0
Warrants Application Money 0 0 0 0 0
Bank Overdraft / Short term credit 0.55 0.05 0.19 0.04 0
Advances from Customers / Credit balances 0 0 0 0 0
Due to Subsidiary / Group Companies 0 0 0 0 0
Trade and Other deposits 0.02 0.03 0.04 0 0
Unclaimed Dividend 0.48 1.03 0.92 0.23 0.17
Interest Accrued But Not Due 0.01 0.01 0 0 0
Other Liabilities 0 0 0 0.08 0.23
Provisions 83.7 46.98 77.7 76.53 62.95
Provision for Tax 15.23 14.95 15.1 13.62 12.02
Provision for Corporate Dividend Tax 5.5 0 4.11 4.11 2.45
Provision for Gratuity 0 0 0 0 0
Provision for Dividend 32.34 1.65 16.6 29.33 48.54 29.33 47.06 19.13 33.6
Proposed Equity Dividend 32.34 1.65 29.33 29.33 19.13
Provision for Contingencies 0 0 0 0 0
Provision for depreciation in investment 0 0 0 0 0
Other Provisions 30.46 30.21 29.16 29.47 29.35
Total Current Liabilities 252.59 196.37 229.74 222.3 187.63
Net Current Assets 215.27 252.95 165.83 60.81 84.28
Miscellaneous Expenses not written off 0 0 0 0 0
Discount on issue of shares 0 0 0 0 0
Discount on issue of Debentures 0 0 0 0 0
Preliminary Expenses 0 0 0 0 0
Deferred revenue expenses 0 0 0 0 0
Pre-operative/Trial run Expenses 0 0 0 0 0
Promoter's Expenses 0 0 0 0 0
Debenture/Share Issue expenses 0 0 0 0 0
Royalty/Liscense fees/ Technical Knowhow 0 0 0 0 0
Financial charges / Expenses not written off 0 0 0 0 0
Other Miscellaneous expenditure not written
off 0 0 0 0 0
Less: Misc.Expenditure written off during the
year 0 0 0 0 0
Deferred Tax Assets 10.98 11.59 11.63 12.62 12.81
Deferred Tax Liability 0.59 5.08 3.41 2.9 0.65
Net Deferred Tax 10.39 6.51 8.22 9.72 12.16
Total Assets 691.64 621.73 515.83 410.54 335.35
Page 37
Nerolac_BSheet
Contingent Liabilities 17.8 18.82 6.1 8.3 3.8

Claims not acknowledged as debt 0 0 0 0 0
Guarantees undertaken 17.8 18.82 6.1 8.3 3.8
Letter of Credit 0 0 0 0 0
Bills Discounted 0 0 0 0 0
Disputed Sales Tax 0 0 0 0 0
Disputed Income Tax 0 0 0 0 0
Disputed Excise Duty 0 0 0 0 0
Other Disputed Claims 0 0 0 0 0
Uncalled Liability on Shares 0 0 0 0 0
Others 0 0 0 0 0
Estimated Capital Contracts Remaining 4.81 1.78 0.8 6.06 20.09
Page 38
Nerolac_BSheet
Mar 03 Mar 02 Mar 01
15.3 15.3 15.3

30 30 30
0 0 0
0 0 0
15.3 15.3 15.3

15.3 15.3 15.3
15.3 15.3 15.3
0 0 0
0 0 0
15.3 15.3 15.3
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
213.25 193 182.28
213.25 187.26 176.43

0 0 0
143.65 122.73 112.78
49.71 49.71 49.71
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0.06 0.06
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
19.89 14.76 13.88
0 0 0
0 5.74 5.85
0 5.74 5.85
0 0 0
0 0 0
228.55 208.3 197.58
35.85 38.11 57.12
0 0 0
0 0 0
Page 39
Nerolac_BSheet
0 0 0
0 0 0
0 0 0
0 0 5
0 0 0
0 0 0
28.88 29.6 28.63
0 0 0
6.97 8.51 23.49
0 0 0
0 0 0
0 0 0
34.91 27.69 25.02
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
30.46 21.21 14.39
0 0 0
0 0 0
4.45 6.48 10.63
4.45 6.48 10.63
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
70.76 65.8 82.14
299.31 274.1 279.72
213.39 184.04 164.75

0 0 0
0 0 0
0 0 0
0.88 5.45 5.45
0 0 0
58.78 52.85 48.84
0 0 0
0 0 0
74.58 59.49 56.02
0 0 0
8.94 7.43 7.13
0 0 0
22.31 19.65 17.18
0 0 0
0 0 0
2.51 2.12 1.78
0 0 0
Page 40
Nerolac_BSheet
1.29 1.02 0.68

0 0 0
0 0 0
0 0 0
44.1 36.03 27.67
124.82 94.34 69.92
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
22.35 19.28 16.56
0 0 0
0 0 0
51.59 39.23 33.62
0 0 0
4.74 3.41 2.77
0 0 0
13.55 10.54 7.1
0 0 0
0 0 0
1.7 1.15 0.76
0 0 0
0.56 0.35 0.21
0 0 0
0 0 0
0 0 0
28.88 19.37 7.75
88.57 89.7 94.83
0 0 0
0 0 0
0 0 0
0.88 5.45 5.45
0 0 0
36.43 33.57 32.28
0 0 0
0 0 0
22.99 20.26 22.4
0 0 0
4.2 4.02 4.36
0 0 0
8.76 9.11 10.08
0 0 0
0 0 0
0.81 0.97 1.02
0 0 0
0.73 0.67 0.47
0 0 0
0 0 0
0 0 0
15.22 16.66 19.92
0 0 0
Page 41
Nerolac_BSheet
2.68 0.39 2.35

0 0 0
0 0 0
0 0 0
0 0 0
2.68 0.39 2.35
97.75 61.16 31.07
0 0 0
0.01 0.01 0.01
0.28 0.28 5.28
1.2 1.66 1.79
0 0 0
13.25 13.85 12.93
2.08 2.08 2.08
82.83 45.18 8.98
0 2 4
0 0 0
0 0 0
0 0 0
1.9 3.9 4
100.82 86.04 105.83

29.52 23.45 32.18
11.58 10.12 10.57
0 0 0
55.18 48.01 57.19
1.53 1.34 1.46
0 0 0
0 0 0
3.01 3.12 4.43
0 0 0
0 0 0
122.15 104.95 96.21
3.24 3.06 0.39
118.91 101.89 95.82
0 0 0
4.79 10.24 14.4
4.66 9.72 14.04
0 0.35 0.22
0.13 0.17 0.14
32.18 43.59 48.58
0 0 0
0 7.22 6.88
0 0 0
0 0 0
4.83 5.5 6.2
0 0.12 0
0 0 0
6.16 1.11 13.57
0 0 0
0 0 0
Page 42
Nerolac_BSheet
0 0 0
21.19 29.32 21.93
0 0 0
0 0.32 0
0 0 0
0 0 0
259.94 244.82 265.02
134.25 115.42 95.5

131.31 112.06 93.14
131.31 112.06 93.14
0 0 0
0 0 0
0 0 0
2.56 2.5 1.62
0 0 0
0 0 0
0 0.56 0.35
0 0 0
0 0 0
0 0 0
0.15 0.12 0.09
0.18 0.18 0.3
0.05 0 0
27.41 17.37 18.05
9.33 3.63 4.83
1.76 0 1.01
0 0 0
13.77 24.86 11.48 9.95
13.77 11.48 9.95
0 0 0
0 0 0
2.55 2.26 2.26
161.66 132.79 113.55
98.28 112.03 151.47
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
12.76 11.41 0
0.73 0.59 0
12.03 10.82 0
299.31 274.1 279.72
Page 43
Nerolac_BSheet
9.3 9.3 11.05

0 0 0
9.3 9.3 11.05
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
2.29 0.3 1.77
Page 44
Company >> Share Price >> Share Price
Kansai Nerolac Paints Ltd
Industry :Paints / Varnishes
22500 863.5
No of 90
815
Volume 20286.99
Trades
20000 765.55 732,289.00 3668 80
969,440.00 8344
17500 70
1,433,016.00 8383
1,301,953.00 10413 605
15000 60
13786.91 13802.2
Close BSE_SEN
Date -Unit Curr SEX
12500 1,759,710.00 20066 50
2003 265.83 5838.96
410.15 2,403,782.00 22764
10000 410.15 6602.69
2004 9397.93 40
2005 765.55 9397.93
7500
2006 265.83 6602.69
815 13786.91 30
5838.96
2007 863.5 20286.99
5000 20
2008 605 13802.22
2500 10
0 0
2003 2004 2005 2006 2007 2008
Profitability Ratios (in %age) 2006 2007 2008 2009

Total - Reserves 249.63 297.89 380.55 484.78 566.74 642.25
Total - Shareholders Funds 264.93 323.40 406.06 510.29 593.69 673.00
Reserves/ Shareholders Fund 0.94 0.92 0.94 0.95 0.95 0.95
PAT/ Sales 0.09 0.13 0.17 0.12 0.11 0.14
Retained Profit / PAT 73.76 75.91 71.41 80.66 78.95 81.42
Return on Capital Employed 42.49 50.34 54.37 35.81 36.80 37.03
Return on Equity 27.52 37.64 43.95 31.40 25.87 32.78
Capital Structure
Debt / Equity 0.15 0.17 0.18 0.16 0.13 0.14
Activity Ratios
Stock Days 71.30 66.68 85.33 72.87 65.95 70.37
Debtor Days 50.32 41.33 49.49 55.19 55.35 56.37
Creditor Days 85.14 87.77 74.84 61.43 65.39 59.84
Stability Ratios
Current Ratio 2.29 2.09 2.07 2.56 2.74 2.70
Acid Test Ratio 1.70 1.59 1.44 1.82 2.07 1.98
Avg.
Turnover
863.5 Net Turnover900
Market Avg. -In
20286.99-In Thousand Cap Avg. Price Volume Thousand
8001,630.48
527,918.09 698.4 6,051.98 4,362.96
723,224.39 2,327.13 732.43 3,909.03 2,916.23
700
1,214,048.88 2,079.07 829.89 5,755.08 4,875.70
605 1,952.92
739,422.47 594.11 5,228.73 2,969.57
600
13802.22
656,107.04
5001,045.88 302.25 6,927.99 2,583.10
572,913.79 677.87 Column C 9,501.11
153.7 2,264.48
400 Column B
300
200
100
0
2007 2008
2010
724.36
757.44
0.96
0.14
82.06
35.94
32.22
0.14
69.96
57.49
57.12
2.79
2.04

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1

This work book is structured in four worksheets

Total - Stocks 172.04 175.92 169.82 205.55 225.24

Total - Debtors 143.92 194.69 212.93 241.3 270.53

Cash & Bank Balances 15.79 21.49 33.38 31.8 35.56

Investments - Marketable 163.93 154.82 232.14 225.84 243.75

Other Current Assets 63.82 57.22 51.73 62.34 65.47

Total - Current Assets 559.5 604.14 700 766.82 840.55

Creditors 146.84 142.16 161.57 166.83 174.81

Bills Payable 4.05 6.16 6.81 7.95 9.09

Due to Bank (O/D, T/R) 0.19 0.05 0.55 0.5 0.61

Total - Bank Borrowings 0.19 0.05 0.55 0.5 0.61

Taxation - Current 57.77 49.35 53.28 62.2 67.31

Dividends 51.02 30.99 32.34 40.99 43.79

Current S.T. borrowings 10.01 6.93 1.04 5.44 5.73

Other Current Liability 0 0 0 -0.1 -0.15

Total - Current Liabilities 269.88 235.64 255.59 283.81 301.2

SUMMARY OF CURRENT ASSETS AND CURRENT LIABILITIES

Net Working Assets 165.07 222.29 214.37 272.06 311.87

Total Cash Assets 179.72 176.31 265.52 257.64 279.31

Net Cash Assets 179.53 176.26 264.97 257.14 278.7

Net Current Assets 289.62 368.5 444.41 483.02 539.36

FIXED ASSETS (WDV)

Land & Buildings 68.85 78.31 96.16 107.19 119.69

Plant & Machinery 64.12 83.61 85.23 107.52 122.85

Motor Vehicles 0.24 0.22 0.15 -0.12 -0.3

Furniture & Fixtures 9.35 9.83 8.53 10.26 11

Other Fixed Assets 17.33 17.85 17.14 19.7 21.1

Total - Fixed Assets 180.13 210.06 227.45 274.2 309.55

LONG TERM LIABILITIES

- Foreign Currency Loans 0 0 0 0 0

Total - Term Loans 0 0 0 0 0

Deferred Tax 71.22 79.98 78.77 95.51 105.66

Other Long Term Debt 0 0 0 0 0

Total - Long Term Liabilities 71.22 79.98 78.77 95.51 105.66

Equity Share Capital 25.51 25.51 26.95 30.75 33.08

Preference Share Capital 0 0 0 0 0

Total - Reserves 380.55 484.78 566.74 642.25 724.36

Total - Shareholders Funds 406.06 510.29 593.69 673 757.44

SUMMARY OF NET LONG TERM ASSETS AND LIABILITIES

PROFIT AND LOSS STATEMENT

Sales (Net of Excise Duty) 1061.34 1287.48 1404.14 1562.55 1717.44

Gross Profit 325.47 406.26 464.25 496.45 542.28

Selling and Admn. Expenses 195.85 224.91 255.42 275.08 299.8

Operating Profit 97.84 147.79 169.23 200.67 220.44

Interest Cost 0.78 0.96 1.41 1.16 1.2

Other Income 75.01 24.05 24.85 39.87 42.3

Income from Investments 0 0 0 0 0

- Profit / (Loss) on Sale of Invts 53.28 5.14 13.96 23.41 25.84

Total - Income from Invts. 53.28 5.14 13.96 23.41 25.84

Non-Cash Exp. Written - Off

Provision for Income Tax 48.54 16.6 53.07 42.32 43.17

PBDIT 259.58 211.37 247.69 284.78 310.45

PBIT 227.8 177.81 208.09 264.08 288.41

PBT 227.02 176.85 206.68 262.92 287.22

PAT 178.48 160.25 153.61 220.6 244.05

- Dividends 51.02 30.99 32.34 40.99 43.79

Total - Appropriations 178.48 160.25 153.61 220.6 244.05

1. Profitability Ratios (in %age)

Gross Profit / Sales 30.67 31.55 33.06 31.77 31.57

Operating Profit / Sales 9.22 11.48 12.05 12.84 12.84

PBT/ Sales 21.39 13.74 14.72 16.83 16.72

PAT/ Sales 0.17 0.12 0.11 0.14 0.14

Retained Profit / PAT 71.41 80.66 78.95 81.42 82.06