BALANCE SHEET FOR TATA STEEL LIMITED

PARTICULARS 2010 2011 2012 2013 2014 2015 2016 2017

VALUES IN CRORES
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 887.41 959.41 971.41 971.41 971.41 971.41 971.41 971.41
TOTAL SHARE CAPITAL 887.41 959.41 971.41 971.41 971.41 971.41 971.41 971.41
Reserves and Surplus 36281.34 45807.02 51649.95 54238.27 60176.58 65692.48 69505.31 48687.59
36281.34 45807.02 51649.95 54238.27 60176.58 65692.48 69505.31 48687.59
TOTAL RESERVES AND SURPLUS
TOTAL SHAREHOLDERS FUNDS 37168.75 46944.63 52621.36 55209.68 61147.99 66663.89 70476.72 49659
NON-CURRENT LIABILITIES

Long Term Borrowings 25239.2 24499.05 21353.2 23565.57 23808.09 23900.37 23457.77 24694.37
Deferred Tax Liabilities [Net] 2046.25 936.8 970.51 1843.74 2038.98 2250.41 2179.83 6111.27
Other Long Term Liabilities 0 373.88 216.05 380.87 983.52 1087.74 842.66 3644.69
Long Term Provisions 0 2201.47 1851.3 2113.42 1905.05 2875.92 2888.18 2024.74
TOTAL NON-CURRENT LIABILITIES 27285.45 28011.2 24391.06 27903.6 28735.64 30114.44 29368.44 36475.07
CURRENT LIABILITIES

Short Term Borrowings 0 149.13 65.62 70.94 43.69 34.88 5261.02 3239.67
Trade Payables 3341.87 4464.81 5973.23 6369.91 8263.61 5801.98 7706.13 10717.44
Other Current Liabilities 3311.22 6262.1 8798.55 8503.54 8671.67 9111.52 6115.81 8398.62
Short Term Provisions 3303.68 2219.85 2066.24 1544.26 1902.81 1675.41 2005.03 700.6
TOTAL CURRENT LIABILITIES 9956.77 13095.89 16903.64 16488.65 18881.78 16623.79 21087.99 23056.33
TOTAL LIABILITIES 37242.22 41107.09 41294.7 44392.25 47617.42 46738.23 50456.43 59531.4
TOTAL CAPITAL AND LIABILITIES 74410.97 89551.72 96191.06 101876.93 111040.41 115677.12 123208.15 111465.41
ASSETS
NON-CURRENT ASSETS
Property Plant and Equipment 12083.39 11532.58 11142.36 24650.54 24064.43 25071.38 24901.24 71778.97
Intangible Assets 79.05 272.52 223.9 224.51 201.32 177.14 527.35 788.18
Capital Work-In-Progress 3843.59 5612.28 16058.49 8722.29 18509.4 23036.67 26982.37 6125.35
Other Assets 0 0 0 0 0 0 0 0
FIXED ASSETS 16006.03 17417.38 27424.75 33597.34 42775.15 48285.19 52410.96 78731.11
Non-Current Investments 44979.67 43565.15 49078.35 49984.8 52318.56 52164.24 52360.42 8355.9
Deferred Tax Assets [Net] 1178.58 0 0 0 0 0 0 0
Long Term Loans And Advances 0 10453.41 6415.8 6574.15 4080.07 3166.77 3787.88 211.97
Other Non-Current Assets 0 2.76 2.76 190.04 302.03 211.75 227.4 4056.03
TOTAL NON-CURRENT ASSETS 62164.28 71438.7 82921.66 90346.33 99475.81 103827.95 108786.66 91355.01
CURRENT ASSETS
Current Investments 0 2999.79 1204.17 434 2343.24 1000.08 4320.17 5309.81
Inventories 3077.75 3953.76 4858.99 5257.94 6007.81 8042 7083.81 10236.85
Trade Receivables 434.83 424.02 904.08 796.92 770.81 491.46 632.8 2006.52
Cash And Cash Equivalents 3234.14 4138.78 3946.99 2218.11 961.16 478.59 1014.67 970.31
Short Term Loans And Advances 3628.57 6458.94 1828.09 2207.83 1299.2 1781.77 1243.48 27.14
OtherCurrentAssets 1871.4 137.73 122.18 615.8 182.38 55.27 126.56 1559.77
TOTAL CURRENT ASSETS 12246.69 18113.02 12864.5 11530.6 11564.6 11849.17 14421.49 20110.4
TOTAL ASSETS 74410.97 89551.72 96191.06 101876.93 111040.41 115677.12 123208.15 111465.41

INCOME STATEMENT TATA STEEL

PARTICULARS 2010 2011 2012 2013 2014 2015 2016 2017
VALUES IN CRORES
INCOME
REVENUE FROM OPERATIONS [GROSS] 26757.6 31579.29 36687.13 41843.27 45869.55 46226.08 42290.64 52564.93
Less: Excise/Sevice Tax/Other Levies 1816.95 2505.79 3072.25 4117.81 4598.31 4792.26 4475.95 5267.94
REVENUE FROM OPERATIONS [NET] 24940.65 29073.5 33614.88 37725.46 41271.24 41433.82 37814.69 47296.99
TOTAL OPERATING REVENUES 0 322.85 318.58 473.97 439.79 351.18 395.65 696.03
Other Income 1241.08 528.36 886.43 902.04 787.64 582.78 3890.7 414.46
TOTAL REVENUE 26181.73 29924.71 34819.89 39101.47 42498.67 42367.78 42101.04 48407.48
EXPENSES
Cost Of Materials Consumed 9570.81 6244.01 8014.37 9877.4 9677.71 11707.83 9700.01 12496.78
Purchase Of Stock-In Trade 169.08 180.2 209.52 453.34 352.63 688.32 991.54 881.18
Operating And Direct Expenses 2419.89 0 0 0 0 0 0 0
Changes In Inventories Of FG,WIP And Stock- 134.97 -173.65 -220.72 -404.6 -155.18 -745.17 142.97 -1329.65
Employee Benefit Expenses 2361.48 2837.46 3047.26 3608.52 3673.08 4601.92 4324.9 4605.13
Finance Costs 1848.19 1735.7 1925.42 1876.77 1820.58 1975.95 1460.27 2688.55
Depreciation And Amortisation Expenses 1083.18 1146.19 1151.44 1640.38 1928.7 1997.59 1933.11 3541.55
Other Expenses 1378.83 9024.82 11824.49 14414.66 16375.81 16109.99 16438.06 19681.15
Less: Amounts Transfer To Capital Accounts 0 198.78 478.23 876.13 1029.92 586.69 598.89 217.52
Total Expenses 18966.43 20795.95 25473.55 30590.34 32643.41 35749.74 34391.97 42347.17
Profit/Loss Before Exceptional, ExtraOrdina 7215.3 9128.76 9346.34 8511.13 9855.26 6618.04 7709.07 6060.31
Exceptional Items 0 648.09 511.01 -674.53 -141.76 1890.85 -1582.55 -703.38
Profit/Loss Before Tax 7215.3 9776.85 9857.35 7836.6 9713.5 8508.89 6126.52 5356.93
Current Tax 1998 2857 3115.11 1770.54 3098.02 1908.6 1433.06 1400.54
Less: MAT Credit Entitlement 0 0 0 399.84 0 117.21 152.17 0
Deferred Tax 170.5 54.16 45.82 1402.93 203.29 278.38 -55.32 511.84
Total Tax Expenses 2168.5 2911.16 3160.93 2773.63 3301.31 2069.77 1225.57 1912.38
Profit/Loss After Tax And Before ExtraOrdin 5046.8 6865.69 6696.42 5062.97 6412.19 6439.12 4900.95 3444.55
Profit/Loss From Continuing Operations 5046.8 6865.69 6696.42 5062.97 6412.19 6439.12 4900.95 3444.55
Profit/Loss For The Period 5046.8 6865.69 6696.42 5062.97 6412.19 6439.12 4900.95 3444.55

CASH FLOW STATEMENT FOR NMDC LIMITED

PARTICULARS 2010 2011 2012 2013 2014 2015 2016 2017
VALUES IN CRORES
NET PROFIT/LOSS BEFORE
EXTRAORDINARY ITEMS AND TAX 7214.3 9776.85 9857.35 7836.6 9713.5 8508.89 6126.52 5356.93
Net CashFlow From Operating Activities 8369.22 8339 10256.47 11068.67 12432.8 4851.89 7567.68 11166.64
Net Cash Used In Investing Activities -5254.84 -13084.86 -2859.11 -8522.4 -9837.42 -2382.1 -5405.22 -3956.4
Net -1473.13 5650.99 -7599.35 -4281.59 -3825.98 -2957.21 -1631.04 -7279.71
NET Cash UsedINFrom
INC/DEC CASHFinancing
AND CASH Activities
EQUIVALENTS 1641.25 905.13 -201.99 -1735.32 -1230.6 -487.4 531.3 -69.47
Cash And Cash Equivalents Begin of Year 1592.89 3191.29 4102.52 3900.53 2139.93 909.33 421.93 974.68
Cash And Cash Equivalents End Of Year 3234.14 4096.42 3900.53 2165.21 909.33 421.93 953.23 905.21
 1. Capital Structure Analysis
2018 2019
Year 2010 2011 2012 2013 2014
Debt 25239.2 24648.18 21418.82 23636.51 23851.78
D/ E ratio
Equity 37168.75 46944.63 52621.36 55209.68 61147.99
1146.12 1146.12 Debt to Equity Ratio 0.68 0.53 0.41 0.43 0.39
1146.12 1146.12
60368.7 69308.59 Year 2010 2011 2012 2013 2014
60368.7 69308.59 Total Assets 74410.97 89551.72 96191.06 101876.9 111040.4
61514.82 70454.71 NW/TA ratio Total liability 37242.22 41107.09 41294.7 44392.25 47617.42
NetWorth 37168.75 48444.63 54896.36 57484.68 63422.99
24568.95 26651.19 NW/TA Ratio 0.50 0.54 0.57 0.56 0.57
6259.09 7807
2927.91 2798.63 Year 2010 2011 2012 2013 2014
1961.21 1918.18 Long- Term Debt 25239.2 24499.05 21353.2 23565.57 23808.09
35717.16 39175 LTD/ TA ratio Total Assets 74410.97 89551.72 96191.06 101876.9 111040.4
Long- Term Debt to Asset
Ratio 0.34 0.27 0.22 0.23 0.21
669.88 8.09
11242.75 10969.56 Year 2010 2011 2012 2013 2014
Debt Service
12959.43 13837.77
Coverage Ratio Net OI 24940.65 29073.5 33614.88 37725.46 41271.24
735.28 778.23 =(Net OI/Debt) Debt 25239.2 24648.18 21418.82 23636.51 23851.78
Debt Service Coverage
25607.34 25593.65 0.99 1.18 1.57 1.60 1.73
Ratio
61324.5 64768.65
125114.34 137498.36 2. Dividend Analysis

Year 2010 2011 2012 2013 2014

70942.9 70416.82 Net Income(in crores) 5046.8 6865.69 6696.42 5062.97 6412.19
Earnings Per
786.18 805.2 Face Value 10 10 10 10 10
Share
 Earnings Per
Share ShareOutstanding in
5641.5 5686.02 crores 88.74 95.94 97.14 97.14 97.14
0 0 EPS 56.87 71.56 68.94 52.12 66.01
77402.35 77018.31
9636.56 38929.25 Year 2010 2011 2012 2013 2014
0 0 Price-Earnings Market Price 604.73 586.67 431.86 292.05 357.64
213.5 231.16 Ratio (PE Ratio) EPS 56.87 71.56 68.94 52.12 66.01
3218.02 4284.06 PE Ratio 10.63 8.20 6.26 5.60 5.42
90470.43 120462.78
Year 2010 2011 2012 2013 2014
14640.37 477.47 Dividend Paid 80 120 120 80 100
DPS
11023.41 11255.34 Face Value 10 10 10 10 10
1875.63 1363.04 DPS 8 12 12 8 10
4696.74 718.11
74.13 55.92 Year 2010 2011 2012 2013 2014
2333.63 3165.7 Dividend Pay out DPS 8 12 12 8 10
34643.91 17035.58 ratio EPS 56.87 71.56 68.94 52.12 66.01
125114.34 137498.36 Dividend Payout Ratio 0.14 0.17 0.17 0.15 0.15

Year 2010 2011 2012 2013 2014

2018 2019 Dividend 80 120 120 80 100
Dividend Yield Market Price 604.73 586.67 431.86 292.05 357.64
Dividend Yield 13% 20% 28% 27% 28%
59453.23 68923.36
902.55 0.21
58550.68 68923.15 3. Working Capital Management
1066.14 1687.56
763.66 2405.08 Year 2010 2011 2012 2013 2014
60380.48 73015.79 Current Ratio = Current Assets 12246.69 18113.02 12864.5 11530.6 11564.6
Current Asset/
Current liabities Current Liability 9956.77 13095.89 16903.64 16488.65 18881.78
16877.63 19840.29 Current Ratios 1.23 1.38 0.76 0.70 0.61
647.21 1807.85
0 0 Year 2010 2011 2012 2013 2014
Collection
Ratio=Accounts
Receivable/Daily
Sales
 545.36 -554.33 Collection Accounts Receivable 434.83 424.02 904.08 796.92 770.81
Ratio=Accounts
4828.85 5131.06 Sales 24940.65 29073.5 33614.88 37725.46 41271.24
Receivable/Daily
2810.62 2823.58
Sales Daily Sales 68.33 79.65 92.10 103.36 113.07
3727.46 3802.96 Collection Ratio 6.36 5.32 9.82 7.71 6.82
21275.47 24622.6
336.66 799.7 Year 2010 2011 2012 2013 2014
50375.94 56674.31 Inventory Cost of Goods Sold 9435.84 6417.66 8235.09 10282 9832.89
10004.54 16341.48 Turnover= Cost of Inventory 3077.75 3953.76 4858.99 5257.94 6007.81
Goods
-3366.29 -114.23
Sold/Average Average Inventory 3515.755 4406.375 5058.465 5632.875
6638.25 16227.25 Inventory Inventory Turnover 1.83 1.87 2.03 1.75
1586.78 6297.11 Days' sales in inventory 199.96 195.30 179.57 209.09
0 0
881.92 -603.05 Year 2010 2011 2012 2013 2014
2468.7 5694.06 Inventory 3077.75 3953.76 4858.99 5257.94 6007.81
Days Inventory
4169.55 10533.19 Average Inventory 3515.755 4406.375 5058.465 5632.875
Outstanding (DIO)
4169.55 10533.19 COGS 9435.84 6417.66 8235.09 10282 9832.89
4169.55 10533.19 DIO 199.96 195.30 179.57 209.09

Year 2010 2011 2012 2013 2014

2018 2019 Days Sales Account Receivables 434.83 424.02 904.08 796.92 770.81
Average Account
Outstanding 429.425 664.05 850.5 783.865
Receivables
6638.25 16227.25 (DSO) Sales 24940.65 29073.5 33614.88 37725.46 41271.24
11791.45 15193.11 DSO 5.391 7.210 8.229 6.932
-12273.35 -16349.98
4165.58 -2887.17 Year 2010 2011 2012 2013 2014
3683.68 -4044.04 Account Payable 3341.87 4464.81 5973.23 6369.91 8263.61
Days Payable
905.21 4588.89 Average Payable 3903.34 5219.02 6171.57 7316.76
Outstanding(DPO)
4588.89 544.85 COGS 9435.84 6417.66 8235.09 10282 9832.89
DPO 221.9998 231.3 219.1 271.6

Operating Cycle Year 2010 2011 2012 2013 2014

and Cash Operating Cycle 205.3473 202.5121 187.7988 216.0266
Conversion Cycle
 Operating Cycle
and Cash
Conversion Cycle Cash Conversion Cycle -16.65 -28.81 -31.29 -55.57

4. FreeCas Flow

Free CF Year 2010 2011 2012 2013 2014

=(Operatig CF- Operating CF
Capital Capital Expenditures
Expenditures) Free CF
s

2015 2016 2017 2018 2019

23935.25 28718.79 27934.04 25238.83 26659.28
66663.89 70476.72 49659 61514.82 70454.71
0.36 0.41 0.56 0.41 0.38

2015 2016 2017 2018 2019

115677.1 123208.2 111465.4 125114.3 137498.4

46738.23 50456.43 59531.4 61324.5 64768.65
68938.89 72751.72 51934.01 63789.84 72729.71
0.60 0.59 0.47 0.51 0.53

2015 2016 2017 2018 2019

23900.37 23457.77 24694.37 24568.95 26651.19
115677.1 123208.2 111465.4 125114.3 137498.4

0.21 0.19 0.22 0.20 0.19

2015 2016 2017 2018 2019

41433.82 37814.69 47296.99 58550.68 68923.15
23935.25 28718.79 27934.04 25238.83 26659.28
1.73 1.32 1.69 2.32 2.59

2015 2016 2017 2018 2019

6439.12 4900.95 3444.55 4169.55 10533.19
10 10 10 10 10
 97.14 97.14 97.14 114.61 114.61
66.29 50.45 35.46 36.38 91.90

2015 2016 2017 2018 2019

307.87 289.48 460 518.9 269
66.29 50.45 35.46 36.38 91.90
4.64 5.74 12.97 14.26 2.93

2015 2016 2017 2018 2019

80 80 100 100 130
10 10 10 10 10
8 8 10 10 13

2015 2016 2017 2018 2019

8 8 10 10 13
66.29 50.45 35.46 36.38 91.90
0.12 0.16 0.28 0.27 0.14

2015 2016 2017 2018 2019

80 80 100 100 130
307.87 289.48 460.00 518.90 269.00
26% 28% 22% 19% 48%

ent

2015 2016 2017 2018 2019

11849.17 14421.49 20110.4 34643.91 17035.58
16623.79 21087.99 23056.33 25607.34 25593.65
0.71 0.68 0.87 1.35 0.67

2015 2016 2017 2018 2019

 491.46 632.8 2006.52 1875.63 1363.04
41433.82 37814.69 47296.99 58550.68 68923.15
113.52 103.60 129.58 160.41 188.83
4.33 6.11 15.48 11.69 7.22

2015 2016 2017 2018 2019

12453 9557.04 13826.43 16332.27 20394.62
8042 7083.81 10236.85 11023.41 11255.34
7024.905 7562.905 8660.33 10630.13 11139.38
1.77 1.26 1.60 1.54 1.83
205.90 288.84 228.62 237.57 199.36

2015 2016 2017 2018 2019

8042 7083.81 10236.85 11023.41 11255.34
7024.905 7562.905 8660.33 10630.13 11139.38
12453 9557.04 13826.43 16332.27 20394.62
205.90 288.84 228.62 237.57 199.36

2015 2016 2017 2018 2019

491.46 632.8 2006.52 1875.63 1363.04
631.135 562.13 1319.66 1941.075 1619.335
41433.82 37814.69 47296.99 58550.68 68923.15
5.560 5.426 10.184 12.100 8.576

2015 2016 2017 2018 2019

5801.98 7706.13 10717.44 11242.75 10969.56
7032.795 6754.055 9211.785 10980.1 11106.16
12453 9557.04 13826.43 16332.27 20394.62
206.1 257.9 243.2 245.4 198.8

2015 2016 2017 2018 2019

211.4612 294.2664 238.8057 249.6668 207.9356
5.33 36.32 -4.37 4.28 9.17

2015 2016 2017 2018 2019

 BALANCE SHEET FOR NMDC LIMITED
PARTICULARS 2010 2011 2012 2013 2014 2015 2016 2017 2018
VALUES IN CRORES
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS

396.47 396.47 396.47 396.47 396.47 396.47 396.47 316.39 316.39

Equity Share Capital
Total Share Capital 396.47 396.47 396.47 396.47 396.47 396.47 396.47 316.39 316.39
Reserves and Surplus 13,875.96 18,818.05 24,009.89 27,114.49 29,591.83 31,935.27 29,714.57 22,202.55 24,037.44

13,875.96 18818.05 24009.89 27114.49 29591.83 31935.27 29714.57 22202.55 24037.44

Total Reserves and Surplus

14,272.43 19214.52 24406.36 27510.96 29988.3 32331.74 30111.04 22518.94 24353.83

Total Shareholders Funds
NON-CURRENT LIABILITIES

91.36 102.88 100.09 104.49 107.25 98.40 122.22 0.00 0.00

Deferred Tax Liabilities [Net]
Other Long Term Liabilities 0.00 22.08 23.41 30.78 29.11 40.10 50.48 0.00 0.00
Long Term Provisions 0 14.92 13.45 12.38 11.44 10.60 20.96 611.2 714.12

91.36 139.88 136.95 147.65 147.80 149.10 193.66 611.20 714.12

Total Non-Current Liabilities
CURRENT LIABILITIES

0.00 0.00 0.00 0.00 0.00 0.00 1,496.95 0.00 500.09

Short Term Borrowings

Trade Payables 520.46 187.56 165.82 160.76 185.67 226.28 324.42 198.78 159.54
Other Current Liabilities 232.04 562.23 781.15 1,214.53 1,153.20 1,140.84 1,217.40 2,067.11 2,854.14
Short Term Provisions 6287.81 993.92 1158.16 1860.39 1.95 621.88 2.1 306.03 27.4
Total Current Liabilities 7,040.31 1,743.71 2,105.13 3,235.68 1,340.82 1,989.00 3,040.87 2,571.92 3,541.17
Total Capital And Liabilities 21,404.10 21,098.11 26,648.44 30,894.29 31,476.92 34,469.84 33,345.57 25,702.06 28,609.12
ASSETS
NON-CURRENT ASSETS
Property Plant and Equipment 783.77 1,007.47 1,111.00 1,182.60 1,291.50 1,243.14 1,638.48 1,730.76 2,507.53
Intangible Assets 3.38 91.79 77.8 82.06 70.78 90.55 268.49 222.05 164.17
Capital Work-In-Progress 556.09 567.69 1,494.16 3,236.09 5,276.89 7,710.03 9,722.88 11,831.36 12,519.90
Fixed Assets 1,343.24 1,666.95 2,682.96 4,500.75 6,639.17 9,043.72 11,629.85 13,784.17 15,191.60
Non-Current Investments 76.14 135.68 247.77 249.67 250.37 561.93 695.41 726.98 786.45
Deferred Tax Assets [Net] 6.48 0.00 0.00 0.00 0.00 0.00 0.00 453.36 385.71
Long Term Loans And Advances 0.00 198.89 512.43 545.45 720.82 969.06 1739.17 731.12 779.68
Other Non-Current Assets 21.98 10.98 6.61 5.37 5.37 5.37 5.06 2,060.12 2,626.23
Total Non-Current Assets 1,447.84 2,012.50 3,449.77 5,301.24 7,615.73 10,580.08 14,069.49 17,755.75 19,769.67
CURRENT ASSETS
Inventories 298.75 415.43 458.92 637.46 681.19 691.88 636.96 540.04 571.69
Trade Receivables 427.00 485.40 737.02 1,082.21 1,448.42 1,752.33 1,896.08 1,043.52 1,472.74
Cash And Cash Equivalents 12,854.94 17228.06 20,264.58 21025.75 18,657.23 18,443.14 14,763.57 5,289.28 5438.22
Short Term Loans And Advances 6,375.57 557.19 1047.64 2058.1 2348.47 1,994.66 1,239.08 0.00 0.00
OtherCurrentAssets 0.00 399.53 690.51 789.53 725.88 1007.75 740.39 1,073.47 1,356.80
Total Current Assets 19,956.26 19,085.61 23,198.67 25,593.05 23,861.19 23,889.76 19,276.08 7,946.31 8,839.45
Total Assets 21,404.10 21,098.11 26,648.44 30,894.29 31,476.92 34,469.84 33,345.57 25,702.06 28,609.12

PROFIT LOSS STATEMENT FOR NMDC LIMITED

PARTICULARS 2010 2011 2012 2013 2014 2015 2016 2017 2018
VALUES IN CRORES
INCOME
REVENUE FROM OPERATIONS [GROSS] 6,239.09 11,375.40 11,267.37 10,707.75 12,059.21 12,353.73 6455.49 8708.9 11490.93
Less: Excise/Sevice Tax/Other Levies 0.00 6.46 6.84 9.17 6.94 6.06 1.47 1.50 0.01
REVENUE FROM OPERATIONS [NET] 6,239.09 11,368.94 11,260.53 10,698.58 12,052.27 12,347.67 6454.02 8707.4 11490.92
TOTAL OPERATING REVENUES 6,239.09 11,369.31 11,261.89 10,704.27 12,058.20 12,356.41 6455.8 8828.14 11614.9
Other Income 861.68 1,203.14 2,016.49 2,238.87 2,094.52 2,265.40 1,774.39 908.81 519.73
TOTAL REVENUE 7,100.77 12,572.45 13,278.38 12,943.14 14,152.72 14,621.81 8230.19 9736.95 12134.63
EXPENSES
Cost Of Materials Consumed 253.56 280.85 306.70 346.53 433.78 412.06 359.77 357.05 386.83
Operating And Direct Expenses 426.76 984.82 1,089.64 952.43 960.43 1390.11 882.31 1524.74 2119.54
Changes In Inventories Of FG,WIP And Stock 1.90 -113.17 -22.72 -184.33 -14.27 -16.99 63.12 98.87 -38.48
Employee Benefit Expenses 419.51 491.05 529.10 579.92 706.20 700.09 671.31 885.58 1,046.42
Finance Costs 0.00 1.51 1.48 13.20 1.85 0.00 65.44 20.76 37.10
Depreciation And Amortisation Expenses 73.16 120.35 130.17 138.52 150.41 162.23 207.75 196.18 256.04
Other Expenses 707.21 1,080.76 433.01 1,634.52 2,198.84 2,092.79 1,289.70 2,360.09 2,291.82
TOTAL EXPENSES 1,886.17 2,846.17 2,467.38 3,480.79 4,437.24 4,740.29 3539.4 5443.27 6099.27
PROFIT/LOSS BEFORE EXCEPTIONAL,
EXTRAORDINARY ITEMS AND TAX 5,214.60 9,726.28 10,811.00 9,462.35 9,715.48 9,881.52 4690.79 4293.68 6035.36
Exceptional Items 0.00 0.00 -51.30 0.00 45.48 -113.01 -184.78 0.00 144.30
PROFIT/LOSS BEFORE TAX 5,214.60 9,726.28 10,759.70 9,462.35 9,760.96 9,768.51 4506.01 4293.68 6179.66
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 1,741.92 3,218.20 3,486.94 3,087.52 3,320.11 3,384.21 1566.31 1,620.18 2,141.62
Less: MAT Credit Entitlement 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Deferred Tax 26.84 12.85 -2.79 4.40 2.76 -4.24 23.82 -190.19 67.66
Tax For Earlier Years 0.00 -4.41 10.00 29.93 16.85 -33.76 -112.94 274.05 164.04
TOTAL TAX EXPENSES 1,768.76 3,226.64 3,494.15 3,121.85 3,339.72 3,346.21 1477.19 1704.04 2373.34
PROFIT/LOSS AFTER TAX AND BEFORE
EXTRAORDINARY ITEMS 3,445.84 6,499.64 7,265.55 6,340.50 6,421.24 6,422.30 3028.82 2589.64 2373.32
PROFIT/LOSS FROM CONTINUING OPERAT 3,447.26 6,499.64 7,265.55 6,340.50 6,421.24 6,422.30 3028.82 2589.64 3806.32
PROFIT/LOSS FOR THE PERIOD 3,447.26 6,499.22 7,265.39 6,342.37 6,420.08 6,421.86 3028.33 2589.14 3805.88

CASH FLOW STATEMENT FOR NMDC LIMITED

PARTICULARS 2010 2011 2012 2013 2014 2015 2016 2017 2018
VALUES IN CRORES
NET PROFIT/LOSS BEFORE
EXTRAORDINARY ITEMS AND TAX 5,207.32 9,726.28 10,759.70 9,462.35 9,760.96 9,768.51 4,506.01 4,293.68 6,179.66

Net CashFlow From Operating Activities 3,604.01 4,861.59 4,594.58 3,087.07 3,720.80 4,007.22 3,374.63 2,133.30 3,381.19
Net Cash Used In Investing Activities 406.55 -4,417.31 -738.71 668.63 3,454.68 1,686.82 2,525.72 5,151.81 -1,868.63
Net Cash Used From Financing Activities -895.27 -994.35 -1,910.96 -2,547.72 -5,800.70 -3,449.30 -6,054.57 -7,249.20 -1,556.97
Foreign Exchange GainsAND
/ Losses 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NET INC/DEC IN CASH CASH
EQUIVALENTS 3,115.29 -494.86 1,944.91 1,207.98 1,374.78 2,244.74 -154.22 35.91 -44.41
Cash And Cash Equivalents Begin of Year 9,739.65 1,648.14 1,153.28 3,098.19 4,306.17 5,680.95 188.69 34.47 70.38
Cash And Cash Equivalents End Of Year 12,854.94 1,153.28 3,098.19 4,306.17 5,680.95 7,925.69 34.47 70.38 25.97
 1. Capital Structure Analysis
2019
Year 2010 2011 2012 2013 2014
Debt 0.00 0.00 0.00 0.00 0.00
Equity 14,272.43 19,214.52 24,406.36 27,510.96 29,988.30
D/ E ratio
306.19
Debt to Equity Ratio 0.00 0.00 0.00 0.00 0.00
306.19
25,645.34 Year 2010 2011 2012 2013 2014
25645.34 Total Assets
21,404.10 21,098.11 26,648.44 30,894.29 31,476.92
25951.53 NW/TA ratio Total liability
7,131.67 1,883.59 2,242.08 3,383.33 1,488.62
NetWorth 14,272.43 19,214.52 24,406.36 27,510.96 29,988.30
0.00 NW/TA Ratio
0.67 0.91 0.92 0.89 0.95
0.00
768.39 Year 2010 2011 2012 2013 2014

768.39 Long- Term Debt 0.00 0.00 0.00 0.00 0.00

Total Assets
LTD/ TA ratio 21,404.10 21,098.11 26,648.44 30,894.29 31,476.92

364.14
Long- Term Debt to
Asset Ratio 0.00 0.00 0.00 0.00 0.00
202.74
2,453.91 Year 2010 2011 2012 2013 2014
Debt Service
Coverage Ratio
=(Net OI/Debt)
 41.26 Debt Service Net OI 6,239.09 11,368.94 11,260.53 10,698.58 12,052.27
Coverage Ratio
3,062.06
=(Net OI/Debt) Debt 0.00 0.00 0.00 0.00 0.00
Debt Service Coverage
29,781.98 Nil Nil Nil Nil Nil
Ratio

2. Dividend Analysis
2,554.49
166.2 Year 2010 2011 2012 2013 2014
13,792.45 Earnings Per Share Net Income(in crores) 3,447.26 6,499.22 7,265.39 6,342.37 6,420.08
16,513.14 = Net Income / Face Value 1.00 1.00 1.00 1.00 1.00
Shares Outstanding ShareOutstanding in
939.32 396.47 396.47 396.47 396.47 396.47
crores
582.73 EPS 8.69 16.39 18.33 16.00 16.19
796.49
2,986.32 Year 2010 2011 2012 2013 2014
21,818.00 Price-Earnings Market Price 294.40 276.75 162.90 130.85 135.45
Ratio (PE Ratio) EPS 8.69 16.39 18.33 16.00 16.19
666.17 PE Ratio 33.86 16.88 8.89 8.18 8.36
1,424.51
4,607.72 Year 2010 2011 2012 2013 2014
0.00 Dividend (In Rs.) 1.75 3.30 4.50 7.00 8.50
DPS
1,265.58 Face Value 1.00 1.00 1.00 1.00 1.00
7,963.98 DPS 175% 330% 450% 700% 850%
29,781.98
Year 2010 2011 2012 2013 2014
Dividend Pay out DPS 175% 330% 450% 700% 850%
2019 ratio = DPS / EPS EPS 8.69 16.39 18.33 16.00 16.19
Dividend Payout Ratio 20.13% 20.13% 24.56% 43.76% 52.49%

12152.15 Year 2010 2011 2012 2013 2014

0.00 Dividend Yield = Dividend (In Rs.) 1.75 3.30 4.50 7.00 8.50
Dividend (In Rs.) /
12152.15
Market Price Market Price 294.40 276.75 162.90 130.85 135.45
12152.67 Dividend Yield 0.59% 1.19% 2.76% 5.35% 6.28%
588.30
12740.97 3. Working Capital Management

426.36 Year 2010 2011 2012 2013 2014

2,003.59 Current Ratio = Current Assets 19956.26 19085.61 23198.67 25593.05 23861.19
Current Asset/
-79.22
Current liabities Current Liability 7040.31 1743.71 2105.13 3235.68 1340.82
1,036.75 Current Ratios 2.83 10.95 11.02 7.91 17.80
40.32
278.89 Year 2010 2011 2012 2013 2014
1,835.22 Collection Accounts Receivable 427.00 485.40 737.02 1082.21 1448.42
Ratio=Accounts
5541.91 Sales 6239.09 11375.40 11267.37 10707.75 12059.21
Receivable/Daily
7199.06
Sales Daily Sales 17.09 31.17 30.87 29.34 33.04
0.00 Collection Ratio 24.98 15.57 23.88 36.89 43.84
7199.06
Year 2010 2011 2012 2013 2014
2,752.70 Inventory Cost of Goods Sold 251.66 394.02 329.42 530.86 448.05
0.00 Turnover= Cost of Inventory 298.75 415.43 458.92 637.46 681.19
-197.02 Goods Sold/Average Average Inventory 357.09 437.18 548.19 659.33
0.85 Inventory Inventory Turnover 1.10 0.75 0.97 0.68
2556.53 Days' sales in inventory 330.79 484.39 376.92 537.11
4642.43
4642.43 Year 2010 2011 2012 2013 2014
4642.11 Inventory 298.75 415.43 458.92 637.46 681.19
Days Inventory
Average Inventory 357.09 437.18 548.19 659.33
Outstanding (DIO)
COGS 251.66 394.02 329.42 530.86 448.05
2019 DIO 330.79 484.39 376.92 537.11

7,199.06 Year 2010 2011 2012 2013 2014

4,046.89 Days Sales Account Receivables 427.00 485.40 737.02 1,082.21 1,448.42
Outstanding (DSO) Average Account
-738.68 456.20 611.21 909.62 1,265.32
Receivables
-3,295.85 Sales 6239.09 11375.40 11267.37 10707.75 12059.21
 Days Sales
Outstanding (DSO)

0.00 DSO 14.64 19.80 31.01 38.30

12.36
25.97 Year 2010 2011 2012 2013 2014
38.33 Account Payable 520.46 187.56 165.82 160.76 185.67
Days Payable
Average Payable 354.01 176.69 163.29 173.22
Outstanding(DPO)
COGS 251.66 394.02 329.42 530.86 448.05
DPO 327.94 195.77 112.27 141.11

Operating Cycle and Year 2010 2011 2012 2013 2014

Cash Conversion Operating Cycle 345.43 504.19 407.92 575.41
Cycle Cash Conversion Cycle 17.49 308.42 295.65 434.30

4. FreeCas Flow

Free CF Year 2010 2011 2012 2013 2014

=(Operatig CF- Operating CF
Capital Capital Expenditures
Expenditures) Free CF
ysis

2015 2016 2017 2018 2019

0.00 1,496.95 0.00 500.09 364.14
32,331.74 30,111.04 22,518.94 24,353.83 25,951.53

0.00 0.05 0.00 0.02 0.01

2015 2016 2017 2018 2019

34,469.84 33,345.57 25,702.06 28,609.12 29,781.98

2,138.10 3,234.53 3,183.12 4,255.29 3,830.45

32,331.74 30,111.04 22,518.94 24,353.83 25,951.53

0.94 0.90 0.88 0.85 0.87

2015 2016 2017 2018 2019

0.00 0.00 0.00 0.00 0.00

34,469.84 33,345.57 25,702.06 28,609.12 29,781.98

0.00 0.00 0.00 0.00 0.00

2015 2016 2017 2018 2019

12,347.67 6,454.02 8,707.40 11,490.92 12,152.15
0.00 1,496.95 0.00 500.09 364.14
Nil 4.31 Nil 22.98 33.37

2015 2016 2017 2018 2019

6,421.86 3,028.33 2,589.14 3,805.88 4,642.11
1.00 1.00 1.00 1.00 1.00
396.47 396.47 316.39 316.39 306.19
16.20 7.64 8.18 12.03 15.16

2015 2016 2017 2018 2019

129.40 98.00 132.10 118.55 104.45
16.20 7.64 8.18 12.03 15.16
7.99 12.83 16.14 9.86 6.89

2015 2016 2017 2018 2019

8.55 11.00 5.15 4.30 5.52
1.00 1.00 1.00 1.00 1.00
855% 1100% 515% 430% 552%

2015 2016 2017 2018 2019

855% 1100% 515% 430% 552%
16.20 7.64 8.18 12.03 15.16
52.79% 144.01% 62.93% 35.75% 36.41%

2015 2016 2017 2018 2019

8.55 11.00 5.15 4.30 5.52
129.40 98.00 132.10 118.55 104.45
6.61% 11.22% 3.90% 3.63% 5.28%
ment

2015 2016 2017 2018 2019

23889.76 19276.08 7946.31 8839.45 7963.98
1989.00 3040.87 2571.92 3541.17 3062.06
12.01 6.34 3.09 2.50 2.60

2015 2016 2017 2018 2019

1752.33 1896.08 1043.52 1472.74 1424.51
12353.73 6455.49 8708.90 11490.93 12152.15
33.85 17.69 23.86 31.48 33.29
51.77 107.21 43.74 46.78 42.79

2015 2016 2017 2018 2019

429.05 296.65 258.18 425.31 505.58
691.88 636.96 540.04 571.69 666.17
686.54 664.42 588.50 555.87 618.93
0.62 0.45 0.44 0.77 0.82
584.05 817.51 831.99 477.04 446.83

2015 2016 2017 2018 2019

691.88 636.96 540.04 571.69 666.17
686.54 664.42 588.50 555.87 618.93
429.05 296.65 258.18 425.31 505.58
584.05 817.51 831.99 477.04 446.83

2015 2016 2017 2018 2019

1,752.33 1,896.08 1,043.52 1,472.74 1,424.51
1,600.38 1,824.21 1,469.80 1,258.13 1,448.63
12353.73 6455.49 8708.90 11490.93 12152.15
47.28 103.14 61.60 39.96 43.51

2015 2016 2017 2018 2019

226.28 324.42 198.78 159.54 202.74
205.98 275.35 261.60 179.16 181.14
429.05 296.65 258.18 425.31 505.58
175.23 338.79 369.83 153.75 130.77

2015 2016 2017 2018 2019

631.33 920.65 893.59 517.01 490.34
456.10 581.86 523.75 363.25 359.57

2015 2016 2017 2018 2019

 BALANCE SHEET FOR JWS STEEL
PARTICULARS 2010 2011 2012 2013 2014 2015
VALUES IN CRORES
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 187.05 223.12 223.12 223.12 241.72 241.72
Preference Share Capital 279.03 279.03 279.03 279.03 764.44 764.44
TOTAL SHARE CAPITAL 527.11 563.18 563.18 563.18 1067.19 1067.19
Reserves and Surplus 9,179.23 16,132.71 17,934.31 19,374.19 23,216.99 24,657.41
TOTAL RESERVES AND SURPLUS 9,179.23 16,132.71 17,934.31 19,374.19 23,216.99 24,657.41
Money Received Against Share Warrants 0.00 529.38 0.00 0.00 0.00 0.00
TOTAL SHAREHOLDERS FUNDS 9706.34 17225.27 18497.49 19937.37 24284.18 25724.6
NON-CURRENT LIABILITIES
Long Term Borrowings 11,526.82 8,867.90 11,528.09 15,434.26 21,054.32 25,496.89
Deferred Tax Liabilities [Net] 2,057.61 2,317.04 3,012.09 3,450.23 1,908.51 2,966.59
Other Long Term Liabilities 0.00 449.90 82.72 194.06 466.40 236.1

0.00 21.82 32.90 39.51 40.67 56.78

Long Term Provisions
TOTAL NON-CURRENT LIABILITIES
CURRENT LIABILITIES
Short Term Borrowings
Trade Payables
13,584.43 11,656.66 14,655.80 19,118.06 23,469.90 28,756.36
58.28 1,879.43 774.13 1,109.53 3,920.66 264.34
6,703.33 6,009.82 9,184.45 9,274.36 9,991.25 12,515.39

264.22 358.78 226.92 302.05 343.72 353.6

Short Term Provisions
TOTAL CURRENT LIABILITIES 7,680.17 12,676.45 17,368.02 15,559.92 20,671.60 20,411.44
TOTAL CAPITAL AND LIABILITIES 30,970.94 41,558.38 50,521.31 54,615.35 68,425.68 74,892.40
ASSETS
NON-CURRENT ASSETS
Property Plant and Equipment 16,834.89 21,089.11 27,071.69 27,604.47 37,225.12 38,497.56

31.25 13.04 18.89 34.32 69.96 71.83

Intangible Assets

6,684.27 5,689.94 2,476.77 5,033.97 6,789.66 7,593.85

Capital Work-In-Progress
Other Assets 0.00 18.12 27.04 40.57 67.81 0
FIXED ASSETS 23,550.41 26,810.21 29,594.39 32,713.33 44,152.55 46,359.25
Non-Current Investments 1,768.35 3,831.81 4,212.20 4,495.61 4,312.85 4,197.28
Deferred Tax Assets [Net] 92.66 0.00 0.00 0.00 0.00 0
Long Term Loans And Advances 0.00 1,982.01 2,651.44 3,083.99 4,961.47 5,311.91
Other Non-Current Assets 0.00 0.08 1.58 0.08 0.00 0
TOTAL NON-CURRENT ASSETS 25,411.42 32,624.11 36,459.61 40,293.01 53,426.87 55,868.44
CURRENT ASSETS
Current Investments 0.00 267.00 201.22 140.45 67.70 0
Inventories 2,585.77 4,138.41 5,179.08 4,799.10 6,196.57 8,584.74
Trade Receivables 563.25 838.65 1,284.62 1,862.20 2,218.74 2,026.83
Cash And Cash Equivalents 287.11 1,886.80 2,956.02 1,401.79 465.72 1,795.06
Short Term Loans And Advances 2,123.39 1,803.41 4,440.76 6,118.80 6,050.08 6,617.33
OtherCurrentAssets 0.00 0.00 0.00 0.00 0.00 0
TOTAL CURRENT ASSETS 5,559.52 8,934.27 14,061.70 14,322.34 14,998.81 19,023.96
TOTAL ASSETS 30,970.94 41,558.38 50,521.31 54,615.35 68,425.68 74,892.40

PROFIT LOSS STATEMENT FOR JSW STEEL

PARTICULARS 2010 2011 2012 2013 2014 2015
VALUES IN CRORES
INCOME

REVENUE FROM OPERATIONS [GROSS] 19,456.64 25,092.09 34,658.48 38,763.41 48,527.18 49,657.51
Less: Excise/Sevice Tax/Other Levies 1,289.18 1,967.52 2,598.01 3,375.78 3,997.71 4,305.99
REVENUE FROM OPERATIONS [NET] 18,167.46 23,124.57 32,060.47 35,387.63 44,529.47 45,351.52
Other Operating Revenues 0.00 242.54 62.19 104.18 768.25 0.00
TOTAL OPERATING REVENUES 18,167.46 23,367.11 32,122.66 35,491.81 45,297.72 46,087.32
Other Income 474.25 234.51 179.30 260.88 331.05 466.77
TOTAL REVENUE 18,641.71 23,601.62 32,301.96 35,752.69 45,628.77 46,554.09
EXPENSES
Cost Of Materials Consumed 12401.1 14803.09 20960.11 22590.37 26705.82 27,345.60
Purchase Of Stock-In Trade 29.58 182.23 77.5 10 494.81 385.64
Operating And Direct Expenses 299.18 0 0 0 0 0.00
Changes In Inventories Of FG,WIP And Stock-In -64.74 -682.98 -297.81 -172.46 -244.10 -1,666.93
Trade
Employee Benefit Expenses 365.20 534.47 625.87 670.97 799.58 946.83
Finance Costs 843.13 854.17 1,186.41 1,724.48 2,740.13 2,908.69
Depreciation And Amortisation Expenses 1,123.41 1,378.71 1,708.17 1,973.89 2,725.88 2,784.50
Other Expenses 920.71 3,753.40 5,126.19 6,084.11 8,759.02 10,204.54
TOTAL EXPENSES 15917.57 20823.09 29386.44 32881.36 41981.14 42,908.87
PROFIT/LOSS BEFORE EXCEPTIONAL, 2724.14 2778.53 2915.52 2871.33 3647.63 3,645.22
EXTRAORDINARY ITEMS AND TAX
Exceptional Items 0.00 0.00 -820.96 -367.21 -1,692.30 -396.30
PROFIT/LOSS BEFORE TAX 2724.14 2778.53 2094.56 2504.12 1955.33 3,248.92
TAX EXPENSES-CONTINUED OPERATIONS
Current Tax 227.72 578.34 402.39 501.4 409.8 718.88
Less: MAT Credit Entitlement 0 198.15 687.49 294.1 409.8 718.88
Deferred Tax 569.21 387.67 753.80 495.60 620.82 1,082.44
Other Direct Taxes 0.50 0.00 0.00 0.00 0.00 0.00
TOTAL TAX EXPENSES 797.43 767.86 468.7 702.9 620.82 1,082.44
PROFIT/LOSS AFTER TAX AND BEFORE 1926.71 2010.67 1625.86 1801.22 1334.51 2,166.48
EXTRAORDINARY ITEMS
Prior Period Items 96.03 0.00 0.00 0.00 0.00
PROFIT/LOSS FROM CONTINUING 2022.74 2010.67 1625.86 1801.22 1334.51 2,166.48
OPERATIONS

2022.74 2010.67 1625.86 1801.22 1334.51 2,166.48

PROFIT/LOSS FOR THE PERIOD

CASH FLOW STATEMENT FOR JSW STEEL

PARTICULARS 2010 2011 2012 2013 2014 2015
VALUES IN CRORES
NET PROFIT/LOSS BEFORE EXTRAORDINARY 2,819.65 2,778.53 2,094.56 2,504.12 1,955.33 3,248.92
ITEMS AND TAX
Net CashFlow From Operating Activities 3,297.76 2,042.98 2,139.32 3,924.66 5,274.18 6,360.48
Net Cash Used In Investing Activities -3147.78 -7160.31 -3928.13 -4451.23 -4737.54 -4168.95
Net Cash Used From Financing Activities -261.78 5,279.39 1,967.60 123.98 -366.37 -1,805.37
Adjustments on Amalgamation / Merger / 0.00 0.00 0.00 0.00 50.16 0.00
Demerger / Others
NET INC/DEC IN CASH AND CASH -111.80 162.06 178.79 -402.59 220.43 386.16
EQUIVALENTS
Cash And Cash Equivalents Begin of Year 376.61 264.81 426.87 605.66 203.07 423.50
Cash And Cash Equivalents End Of Year 264.81 426.87 605.66 203.07 423.5 809.66
 2016 2017 2018 2019
Year
Debt
D/ E ratio
Equity
241.72 240.3 240.62 241.72 Debt to Equity Ratio
638.78 0 0 231
939.68 301 302 532 Year
20,109.35 23,797.00 27,605.00 34,861.00 Total Assets
20,109.35 23,797.00 27,605.00 34,861.00 NW/TA ratio Total liability
0.00 0.00 0.00 0.00 NetWorth
21049.03 24098 27907 35393 NW/TA Ratio

29,506.03 28,358.00 29,551.00 26,517.00 Year

0 1,329.00 2,071.00 3,270.00 Long- Term Debt
136.51 972 702 5,098.00 LTD/ TA ratio Total Assets
1,017.42 74 115 226 Long- Term Debt to Asset
Ratio
30,659.96 30,733.00 32,439.00 35,111.00
Year
2,069.90 4,875.00 2,172.00 5,368.00 Debt Service Net OI
11,011.32 11,604.00 13,988.00 13,052.00 Coverage Ratio Debt
=(Net OI/Debt) Debt Service Coverage
105.67 132 111 52
Ratio
21,798.76 26,128.00 25,205.00 34,398.00
73,507.75 80,959.00 85,551.00 104,902.00

Year
46,498.11 50,215.00 49,503.00 49,245.00 Net Income(in crores)
61.82 51 65 172 Earnings Per Share Face Value
= Net Income /
Shares Outstanding
6,203.54 2,745.00 3,071.00 9,577.00
ShareOutstanding in crores
0 0 0 0 EPS
52,999.25 53,293.00 52,960.00 59,338.00
4,764.03 4,750.00 4,878.00 6,277.00 Year
479.54 0 0 0 Price-Earnings Market Price
241.75 2,771.00 5,165.00 7,674.00 Ratio (PE Ratio) EPS
1,559.59 2,347.00 3,295.00 3,604.00 PE Ratio
60,044.16 63,161.00 66,298.00 76,893.00
Year
0 300 0 0 Dividend (In Rs.)
DPS
6,741.74 9,270.00 10,082.00 10,599.00 Face Value
 DPS
2,510.71 3,948.00 4,692.00 6,746.00 DPS
598.54 1,027.00 601 5,680.00
1,325.31 121 158 136 Year
2,287.29 3,132.00 3,720.00 4,848.00 Dividend Pay out DPS
13,463.59 17,798.00 19,253.00 28,009.00 ratio = DPS / EPS EPS
73,507.75 80,959.00 85,551.00 104,902.00 Dividend Payout Ratio

Year
2016 2017 2018 2019 Dividend Yield = Dividend (In Rs.)
Dividend (In Rs.) /
Market Price Market Price
Dividend Yield
40,354.48 56,244.00 65,046.00 74,769.00
4,152.04 4,623.00 1,259.00 0.00
36,202.44 51,621.00 63,787.00 74,769.00
0.00 0.00 0.00 0.00 Year
36,706.92 52,290.00 64,975.00 76,727.00 Current Ratio = Current Assets
Current Asset/
318.30 255.00 213.00 519.00
Current liabities Current Liability
37,025.22 52,545.00 65,188.00 77,246.00 Current Ratio

18,763.32 28,400.00 35,995.00 39,589.00 Year

152.72 945 1063 498 Collection Accounts Receivable
0 0.00 0 0 Ratio=Accounts Sales
Receivable/Daily
1,083.56 -1,390.00 412.00 -188.00
Sales Daily Sales
953.29 1,168.00 1,260.00 1,400.00 Collection Ratio
3,218.73 3,643.00 3,591.00 3,708.00
2,847.24 3,025.00 3,054.00 3,397.00 Year
9,385.18 11,623.00 12,504.00 17,025.00
Inventory Cost of Goods Sold
36,404.04 47,414.00 57,879.00 65,429.00 Turnover= Cost of Inventory
Goods
621.18 5,131.00 7,309.00 11,817.00
Sold/Average Average Inventory
-5,860.45 0.00 -234.00 0.00 Inventory Inventory Turnover
-5,239.27 5,131.00 7,075.00 11,817.00 Days' sales in inventory

6.71 -53.00 1,578.00 2,348.00 Year

0.00 0.00 0.00 0.00 Inventory
Days Inventory
-1,716.31 1,607.00 872.00 1,210.00 Average Inventory
Outstanding (DIO)
0.00 0.00 0.00 0.00 COGS
-1,709.60 1,554.00 2,450.00 3,558.00 DIO
-3,529.67 3,577.00 4,625.00 8,259.00

Year

Days Sales
Outstanding (DSO)
-3,529.67 3,577.00 4,625.00 8,259.00 Account Receivables
Days Sales
Average Account
-3,529.67 3,577.00 4,625.00 8,259.00 Outstanding (DSO)
Receivables
Sales
DSO
2016 2017 2018 2019
Year
-5,239.27 5,131.00 7,075.00 11,817.00 Account Payable
Days Payable
5,669.49 8,561.00 12,174.00 16,104.00 Outstanding(DPO) Average Payable
-5032.77 -6284 -6134 -11330 COGS
-981.53 -2,030.00 -6,301.00 33.00 DPO
0.00 0.00 0.00 0.00

-344.81 247.00 -261.00 4,807.00 Operating Cycle Year

and Cash
809.90 465.00 712.00 451.00 Operating Cycle
Conversion Cycle
465.09 712 451 5258 Cash Conversion Cycle

Free CF Year
=(Operatig CF- Operating CF
Capital Capital Expenditures
Expenditures) Free CF
 1. Capital Structure Analysis

2010 2011 2012 2013 2014 2015 2016 2017 2018

11,585.10 10,747.33 12,302.22 16,543.79 24,974.98 25,761.23 31,575.93 33,233.00 31,723.00
9,706.34 17,225.27 18,497.49 19,937.37 24,284.18 25,724.60 21,049.03 24,098.00 27,907.00
1.19 0.62 0.67 0.83 1.03 1.00 1.50 1.38 1.14

2010 2011 2012 2013 2014 2015 2016 2017 2018

30,970.94 41,558.38 50,521.31 54,615.35 68,425.68 74,892.40 73,507.75 80,959.00 85,551.00
21,264.60 24,333.11 32,023.82 34,677.98 44,141.50 49,167.80 52,458.72 56,861.00 57,644.00
9,706.34 17,225.27 18,497.49 19,937.37 24,284.18 25,724.60 21,049.03 24,098.00 27,907.00
0.31 0.41 0.37 0.37 0.35 0.34 0.29 0.30 0.33

2010 2011 2012 2013 2014 2015 2016 2017 2018

11,526.82 8,867.90 11,528.09 15,434.26 21,054.32 25,496.89 29,506.03 28,358.00 29,551.00
30,970.94 41,558.38 50,521.31 54,615.35 68,425.68 74,892.40 73,507.75 80,959.00 85,551.00
0.37 0.21 0.23 0.28 0.31 0.34 0.40 0.35 0.35

2010 2011 2012 2013 2014 2015 2016 2017 2018

18,167.46 23,124.57 32,060.47 35,387.63 44,529.47 45,351.52 36,202.44 51,621.00 63,787.00
11,585.10 10,747.33 12,302.22 16,543.79 24,974.98 25,761.23 31,575.93 33,233.00 31,723.00
1.57 2.15 2.61 2.14 1.78 1.76 1.15 1.55 2.01

2. Dividend Analysis

2010 2011 2012 2013 2014 2015 2016 2017 2018

2,022.74 2,010.67 1,625.86 1,801.22 1,334.51 2,166.48 -3,529.67 3,577.00 4,625.00

10.00 10.00 10.00 10.00 10.00 10.00 10.00 1.00 1.00

18.71 22.31 22.31 22.31 24.17 24.17 24.17 240.30 240.62

108.14 90.12 72.87 80.73 55.21 89.63 -146.02 14.89 19.22

2010 2011 2012 2013 2014 2015 2016 2017 2018

123.48 91.63 72.14 67.24 103.61 90.65 128.32 188.20 288.15
108.14 90.12 72.87 80.73 55.21 89.63 -146.02 14.89 19.22
1.14 1.02 0.99 0.83 1.88 1.01 -0.88 12.64 14.99

2010 2011 2012 2013 2014 2015 2016 2017 2018

4.10 4.10 4.10 4.10 4.10 11.00 7.50 2.25 3.20
10.00 10.00 10.00 10.00 10.00 10.00 10.00 1.00 1.00
 41% 41% 41% 41% 41% 110% 75% 225% 320%

2010 2011 2012 2013 2014 2015 2016 2017 2018

41% 41% 41% 41% 41% 110% 75% 225% 320%
108.14 90.12 72.87 80.73 55.21 89.63 -146.02 14.89 19.22
0.38% 0.45% 0.56% 0.51% 0.74% 1.23% -0.51% 15.12% 16.65%

2010 2011 2012 2013 2014 2015 2016 2017 2018

4.10 4.10 4.10 4.10 4.10 11.00 7.50 2.25 3.20
123.48 91.63 72.14 67.24 103.61 90.65 128.32 188.20 288.15
3.32% 4.47% 5.68% 6.10% 3.96% 12.13% 5.84% 1.20% 1.11%

3. Working Capital Management

2010 2011 2012 2013 2014 2015 2016 2017 2018

5559.52 8934.27 14061.70 14322.34 14998.81 19023.96 13463.59 17798.00 19253.00
7680.17 12676.45 17368.02 15559.92 20671.60 20411.44 21798.76 26128.00 25205.00
0.72 0.70 0.81 0.92 0.73 0.93 0.62 0.68 0.76

2010 2011 2012 2013 2014 2015 2016 2017 2018

563.25 838.65 1284.62 1862.20 2218.74 2026.83 2510.71 3948.00 4692.00
18167.46 23367.11 32122.66 35491.81 45297.72 46087.32 36706.92 52290.00 64975.00
49.77 64.02 88.01 97.24 124.10 126.27 100.57 143.26 178.01
11.32 13.10 14.60 19.15 17.88 16.05 24.97 27.56 26.36

2010 2011 2012 2013 2014 2015 2016 2017 2018

12436.26 15303.84 21180.42 22752.83 26455.11 28626.89 17527.04 28845.00 34520.00
2585.77 4138.41 5179.08 4799.10 6196.57 8584.74 6741.74 9270.00 10082.00
3362.09 4658.75 4989.09 5497.84 7390.66 7663.24 8005.87 9676.00
4.55 4.55 4.56 4.81 3.87 2.29 3.60 3.57
80.19 80.28 80.03 75.85 94.23 159.59 101.30 102.31

2010 2011 2012 2013 2014 2015 2016 2017 2018

2,585.77 4,138.41 5,179.08 4,799.10 6,196.57 8,584.74 6,741.74 9,270.00 10,082.00
3,362.09 4,658.75 4,989.09 5,497.84 7,390.66 7,663.24 8,005.87 9,676.00
12436.26 15303.84 21180.42 22752.83 26455.11 28626.89 17527.04 28845.00 34520.00
80.19 80.28 80.03 75.85 94.23 159.59 101.30 102.31

2010 2011 2012 2013 2014 2015 2016 2017 2018

 563.25 838.65 1,284.62 1,862.20 2,218.74 2,026.83 2,510.71 3,948.00 4,692.00

700.95 1,061.64 1,573.41 2,040.47 2,122.79 2,268.77 3,229.36 4,320.00

18167.46 23367.11 32122.66 35491.81 45297.72 46087.32 36706.92 52290.00 64975.00
10.95 12.06 16.18 16.44 16.81 22.56 22.54 24.27

2010 2011 2012 2013 2014 2015 2016 2017 2018

6,703.33 6,009.82 9,184.45 9,274.36 9,991.25 12,515.39 11,011.32 11,604.00 13,988.00

6,356.58 7,597.14 9,229.41 9,632.81 11,253.32 11,763.36 11,307.66 12,796.00
12436.26 15303.84 21180.42 22752.83 26455.11 28626.89 17527.04 28845.00 34520.00
151.61 130.92 148.06 132.90 143.48 244.97 143.09 135.30

2010 2011 2012 2013 2014 2015 2016 2017 2018

91.14 92.35 96.22 92.30 111.04 182.15 123.85 126.58
-60.47 -38.57 -51.84 -40.61 -32.44 -62.82 -19.24 -8.72

4. FreeCas Flow

2010 2011 2012 2013 2014 2015 2016 2017 2018

 2019
31,885.00
35,393.00
0.90

2019
104,902.00
69,509.00
35,393.00
0.34

2019
26,517.00
104,902.00
0.25

2019
74,769.00
31,885.00
2.34

2019
8,259.00

1.00

241.72
34.17

2019
288.25
34.17
8.44

2019 https://www.moneycontrol.com/financials/jswsteel/capital-structure/JSW01
4.10
1.00
 410%
https://in.finance.yahoo.com/quote/JSWSTEEL.NS/history?period1=1269475200&period2=15544224
2019
410%
34.17
12.00%

2019
4.10
288.25
1.42%

2019
28009.00
34398.00
0.81

2019
6746.00
76727.00
210.21
32.09

2019
39279.00
10599.00
10340.50
3.80
96.09

2019
10,599.00
10,340.50
39279.00
96.09

2019
6,746.00

5,719.00
76727.00
27.21

2019

13,052.00
13,520.00
39279.00
125.63

2019
123.30
-2.34

2019
200&period2=1554422400&interval=1d&filter=history&frequency=1d