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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

Miscellaneous Expenses

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
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
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

Equity Share Capital


Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
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
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax

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
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax

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
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
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
Total Current Assets

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
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

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

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

Capital Work in Progress

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

Cash and Bank Balance


Total Current Assets
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

Deffered Credit

Net Current Assets


Miscellaneous Expenses
Total Assets
Contingent Liabilities
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
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
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

Equity Share Capital

305.97

304.74

304.52

304.48

1.34

0.24

0.34

mption)*360

Share Application Money


Preference Share Capital
Reserves
Revaluation 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

Application Of Funds
Gross Block

8,778.82

6,224.13

5,706.94

5,231.05

Less: Accum. Depreciation

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

Capital Work in Progress

Cash and Bank Balance


Total Current Assets
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

Total CA, Loans & Advances

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

Total CL & Provisions

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


Miscellaneous Expenses
Total Assets
Contingent Liabilities
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

Other Manufacturing Expenses

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

Selling and Admin Expenses


4,542.50

Miscellaneous Expenses

2,053.32

Preoperative Exp Capitalised

-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

Extra-ordinary items

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

PBT (Post Extra-ord Items)

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

Total Value Addition

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

Earning Per Share (Rs)

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
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)

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.)

Deccan