Tata Metaliks

Balance Sheet

Particulars

Actual
------------------- in Rs. Cr. ------------------Mar '12
Mar '11

Mar '10

Mar '09

12 mths

12 mths

12 mths

12 mths

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

125.29
25.29
0
100
-3.7
0
121.59
59.47
362.58
422.05
543.64

25.29
25.29
0
0
86.9
0
112.19
213
128.91
341.91
454.1

25.29
25.29
0
0
63.96
0
89.25
209
0
209
298.25

25.29
25.29
0
0
18.4
0
43.69
219.59
172.83
392.42
436.11

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

310.02
122.36
187.66
26.39
101.82
136.85
38.03
72.05
246.93
101.67
0
348.6
0
111.68
9.15
120.83
227.77
0
543.64

310.37
106.12
204.25
5.41
73.97
235.46
93.47
2.04
330.97
68.99
0
399.96
0
207.52
21.96
229.48
170.48
0
454.11

309.86
89.74
220.12
4.19
46.92
242.94
58.45
8.49
309.88
55.43
1
366.31
0
324.53
14.76
339.29
27.02
0
298.25

305.93
73.41
232.52
5.99
38.25
145.84
63.02
9.3
218.16
23.86
0
242.02
0
69.69
12.99
82.68
159.34
0
436.1

Contingent Liabilities
Book Value (Rs)

230.65
8.54

148.87
44.37

131.38
35.29

39.6
17.28

YoY
Mar '08

Mar '12

Mar '11

CAGR

Mar '10

Mar '09

Mar '08

12 mths

25.29
25.29
0
0
167.14
0
192.43
81
0
81
273.43

395.41%
0.00%
0
100%
-104.26%
0
8.38%
-72.08%
181.27%
23.44%
19.72%

300.1
57.38
242.72
13.34
7.65
195.52
76.3
8.12
279.94
46.24
2.1
328.28
0
281.67
36.9
318.57
9.71
0
273.42

-0.11%
0.16%
15.30%
18.25%
-8.12%
-7.21%
387.80%
29.12%
37.65%
57.65%
-41.88%
-3.08%
-59.31%
59.91%
3431.86% -75.97%
-25.39%
6.81%
47.37%
24.46%
0.00% -100.00%
-12.84%
9.19%

5.12
76.1

0.00%
0.00%
0.00%
0.00%
0
0
0
0
35.87% 247.61%
0
0
25.70% 104.28%
1.91%
-4.82%
0.00% -100.00%
63.59% -46.74%
52.25% -31.61%

0.00%
0.00%
0
0
-88.99%
0
-77.30%
171.10%
0.00%
384.47%
59.50%

49.19%
0.00%

-10.84%
-7.43%
51.08%
18.75%

1.28%
1.94%
22.24%
27.94%
-5.33%
-4.20%
-30.05% -55.10%
22.67% 400.00%
66.58% -25.41%
-7.25% -17.40%
-8.71%
14.53%
42.04% -22.07%
132.31% -48.40%
0.00% -100.00%
51.36% -26.28%

0.82%
20.84%
-6.23%
18.60%
91.00%
-8.53%
-15.98%
72.59%
-3.09%
21.77%
-100.00%
1.51%

365.68% -75.26%
13.63% -64.80%
310.37% -74.05%
-83.04% 1540.99%

-20.65%
-29.43%
-21.52%
120.07%

-46.18%
-58.33%
-47.35%
33.61%

-36.06%
48.78%
-32.36%
530.94%

19.72%

52.26%

-31.61%

59.50%

18.75%

54.93%
-80.75%

13.31%
25.73%

231.77%
104.22%

673.44%
-77.29%

159.07%
-42.12%

Avg Share Holder Equity

121.59
112.19
906.22

583.01

89.25

43.69

192.43

298.25

608.94

273.43

Tata Metaliks
Profit & Loss account

Particulars
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 (%)
Book Value (Rs)

Actual
------------------- in Rs. Cr. ------------------Mar '12
Mar '11

Mar '10

12 mths

12 mths

12 mths

1,240.15
107.22
1,132.93
28.79
-53.55
1,108.17

1,412.73
123.13
1,289.60
28.03
28.85
1,346.48

1,125.82
84.74
1,041.08
22.37
20.91
1,084.36

1,055.30
4.41
29.64
6.48
0
95.7
0
1,191.53

1,161.55
9.01
26.77
4.42
45.95
22.06
0
1,269.76

877.12
6.7
23.81
5.51
47.52
12.09
0
972.75

-112.15
-83.36
25.62
-108.98
16.47
0
-125.45
34.86
-90.59
0
-90.6
136.24
0
0
0

48.69
76.72
31.34
45.38
16.65
0
28.73
0
28.73
5.78
22.95
108.22
0
0
0

89.24
111.61
46.38
65.23
16.42
0
48.81
1.88
50.69
5.14
45.55
95.63
0
0
0

2.5288
-35.83
0
8.54

252.88
9.08
0
44.37

252.88
18.01
0
35.29

YOY
Mar '09

Mar '08

12 mths

12 mths

Mar '12

Mar '11

Mar '10

Mar '09

1,110.10
101.24
1,008.86
9.76
-6.55
1,012.07

1,185.49
153.83
1,031.66
21.59
9.14
1,062.39

-12.22%
-12.92%
-12.15%
2.71%
-285.62%
-17.70%

25.48%
1.42%
-6.36%
45.30% -16.30% -34.19%
23.87%
3.19%
-2.21%
25.30% 129.20% -54.79%
37.97% -419.24% -171.66%
24.17%
7.14%
-4.74%

1,043.43
6.8
19.97
3.6
32.05
18.78
0
1,124.63

811.32
11.44
23.6
7.38
47.17
20.33
0
921.24

-9.15%
-51.05%
10.72%
46.61%
-100.00%
333.82%

32.43%
34.48%
12.43%
-19.78%
-3.30%
82.46%

-15.94%
-1.47%
19.23%
53.06%
48.27%
-35.62%

28.61%
-40.56%
-15.38%
-51.22%
-32.05%
-7.62%

-6.16%

30.53%

-13.50%

22.08%

-122.32
-112.56
38.35
-150.91
16.09
0
-167
1.58
-165.42
-16.67
-148.74
81.2
0
0
0

119.56
141.15
19.25
121.9
15.55
0
106.35
0
106.35
36.73
69.63
109.92
0
17.7
3.01

-330.33%
-208.65%
-18.25%
-340.15%
-1.08%

252.88
-58.82
0
17.28

252.88
27.53
70
76.1

-99.00%
-494.60%

-45.44% -172.96% -202.31%

-31.26% -199.16% -179.74%
-32.43%
20.94%
99.22%
-30.43% -143.22% -223.80%
1.40%
2.05%
3.47%

-536.65% -41.14% -129.23% -257.03%

#DIV/0! -100.00%
18.99%
-415.32% -43.32% -130.64% -255.54%
-100.00%
12.45% -130.83% -145.39%
-494.77% -49.62% -130.62% -313.61%
25.89%
13.17%
17.77% -26.13%
-100.00%
-100.00%

-80.75%

0.00%
0.00%
0.00%
-49.58% -130.62% -313.66%
25.73%

104.22%

-77.29%

Mar '08

CAGR

1.13%
-8.63%
2.37% Gross Profit
7.46%
37.10
55.58%
1.06%
6.79%
-21.20%
5.86%
-3.20%
-100.00%
47.30%
6.64%
-1.59%
-12.34%
7.41%
-2.76%
1.45%

-3.93%
-100.00%
6.80%
5.51%

-68.38%
6.81%
-100.00%
-42.12%

87.85

127.94

-64.94

177.92

Tata Metaliks
Cash Flow
Particulars
Net Profit Before Tax
Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

Actual
------------------- in Rs. Cr. ------------------Mar '12
Mar '11
-125.46
28.68
-24.68
-60.37
-72.37
-50.37
167.06
70.01
2.04
72.05

103.32
-7.43
9.47
2.04

YOY
Mar '10
50.65
226.05
-6.19

Mar '09
-165.46
-198.95
-32.96

Mar '08
106.3
90.96
-15.9

Mar '12
Mar '11
Mar '10
-537.45%
-43.38% -130.61%
-59.12% -126.71% -213.62%
43.68%
713.73% -81.22%

-219.67
0.19
9.3
9.49

230.98
-0.92
10.22
9.3

-70.45
4.61
5.61
10.22

61.69% -147.03% -195.10%

-1042.26% -4010.53% -120.65%
-78.46%
1.83%
-9.00%
3431.86%
-78.50%
2.04%

YOY

CAGR
Mar '09
Mar '08
-255.65%
-318.72%
107.30%
-427.86%
-119.96%
82.17%
-9.00%

4.23%
-27.83%
46.06%
24.09%
97.41%
-22.35%
62.95%

TATA Meta
Ratios
Liquidity
Ratios

Formula

Current Asset
Current Liabilities

Current Ratio

Quick Ratio

Current Assets-Short Term Inv

Current Liabilities

348.6-101.82
120.83

Cash Ratio

Cash+Cash Eqvi+Investment
Current Liabilities

72.05+101.82
120.83

Profitability
Ratio

348.6
120.83

Gross Profit
Net Sales

37.1
1,132.93

Operating Profit
Net Sales

-112.15
1,132.93

Net Profit
Net Sales

-90.6
1,132.93

Gross Profit Ratio

Operating Profit
Ratio

Net Profit Margin

ROA

Net Income
Avg Total Assets

-90.6
543.64

ROE

Net Income
Avg Shareholders Equity

-90.6
121.59

ROCE

Net Income
Capital Employed

-90.6
906.22

Debt Ratios

Debt Ratio

Total Liabilities
Total Assets

422.05
543.64

Total Liabilities
Shareholders Equity

422.05
121.59

=
D/E Ratio

Operating
Performance
Ratios

Capitalization
Ratio

Long Term Debt

Total Capital

59.47
543.64

Interest Coverage
Ratio

EBIT
Interest Expense

-83.36
25.62

Cash Flow to Debt

Ratio

Operating Cash Flow

Total Debt

-24.68
422.05

Fixed-Asset
Turnover Ratio

Sales /Employee

Total Asset
Turnover Ration

Net Sales
property+Plant &equipment

Net Sales
Total Number of Employees

Sales
Total Assets

1,132.93
187.66

1,132.93
642

1,132.93
543.64

A Metaliks
Mar '12

Mar '11

Mar '10

Mar '09

Mar '08

2.885045

1.742897

1.079637

2.927189

1.03048

2.042374

1.42056

0.941348

2.464562

1.006466

1.438964

0.331227

0.163312

0.575109

0.049502

3.27%

6.81%

12.29%

-6.44%

17.25%

-0.09899

0.037756

0.085719

-0.121246

0.115891

-0.07997

0.017796

0.043753

-0.147434

0.067493

-16.67%

5.05%

15.27%

-34.11%

25.47%

-74.51%

20.46%

51.04%

-340.44%

36.18%

-10.00%

3.94%

15.27%

-24.43%

25.47%

77.63%

75.29%

70.08%

89.98%

29.62%

3.471091

3.047598

2.341737

8.981918

0.420932

10.94%

46.91%

70.08%

50.35%

29.62%

-3.25371

2.44799

2.406425

-2.935072

7.332468

-5.85%

-17.66%

108.16%

-50.70%

112.30%

6.037142

6.313831

4.729602

4.33881

4.250412

1.764688

2.008723

1.62162

1.571433

1.606947

2.083971

2.839841

3.490629

2.313368

3.773169

Kirloskar Ferrous Industries - Balanc

Particulars

Mar '12

------------------- in Rs. Cr. ------------------Mar '11

Mar '10
Mar '09

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

68.65
68.65
0
0
311.52
0
380.17
54.97
0
54.97
435.14

68.65
68.65
0
0
290.4
0
359.05
0
0
0
359.05

68.65
68.65
0.03
0
257.9
0
326.58
6.29
0
6.29
332.87

68.65
68.65
0
0
228.66
0
297.31
18.86
0
18.86
316.17

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

603.85
240.05
363.8
32.25
0
130.41
159.77
13.62
303.8
56.63
0.04
360.47
0
293.7
27.66
321.36
39.11
0
435.16

501.76
212.94
288.82
70.27
0
162.82
134.68
12.9
310.4
35.13
5.53
351.06
0
323.89
27.22
351.11
-0.05
0
359.04

472.32
191.64
280.68
58.39
0
142.7
88.95
16.63
248.28
39.05
0.03
287.36
0
262.58
31
293.58
-6.22
0
332.85

431.57
166.12
265.45
66.18
0
57.66
69.2
11.64
138.5
40.22
1.04
179.76
0
178.39
16.83
195.22
-15.46
0
316.17

Contingent Liabilities
Book Value (Rs)

163.48
27.69

43.1
26.15

19.13
23.78

40.44
21.65

ustries - Balance Sheet

--Mar '08

68.5
68.5
0.01
0
231.64
0
300.15
3.94
0
3.94
304.09

Mar '12

YoY
Mar '11
Mar '10

0.00%
0.00%
0.00%
0.00%
0.00% -100.00%

CAGR
Mar '09

0.00%
0.22%
0.00%
0.22%
0.00% -100.00%

0.05%
0.05%
-100.00%

7.27%

12.60%

12.79%

-1.29%

7.69%

5.88%

9.94%
-100.00%

9.84%
-66.65%

-0.95%
378.68%

6.09%
93.27%

21.19%

-100.00%
7.86%

-66.65%
5.28%

378.68%
3.97%

93.27%
9.37%

330.65
151.86
178.79
67.62
0
93.23
95.1
17.76
206.09
75.59
25.66
307.34
0
245.33
4.35
249.68
57.66
0
304.07

20.35%
12.73%
25.96%
-54.11%

6.23%
11.11%
2.90%
20.35%

9.44%
15.36%
5.74%
-11.77%

30.52%
9.39%
48.47%
-2.13%

16.25%
12.13%
19.43%
-16.90%

-19.91%
18.63%
5.58%
-2.13%
61.20%
-99.28%
2.68%

14.10%
51.41%
-22.43%
25.02%
-10.04%

147.49%
28.54%
42.87%
79.26%
-2.91%
-97.12%
59.86%

-38.15%
-27.23%
-34.46%
-32.80%
-46.79%
-95.95%
-41.51%

8.75%
13.85%
-6.42%
10.19%
-6.97%
-80.13%
4.07%

-9.32%
1.62%
-8.47%

23.35%
-12.19%
19.60%
-99.20%

47.19% -27.29%
84.19% 286.90%
50.38% -21.81%
-59.77% -126.81%

4.60%
58.80%
6.51%
-9.25%

21.20%

7.87%

5.28%

3.98%

9.38%

100.79
21.91

279.30%
5.89%

125.30%
9.97%

-52.70%
9.84%

-59.88%
-1.19%

12.85%
6.03%

22.17%

Kirloskar Ferrous Industries - Profit & Loss

Particulars
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 (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '12

Mar '11

Mar '10

1,205.32
114.95
1,090.37
-17.06
-4.85
1,068.46

1,202.96
115.01
1,087.95
2
12.72
1,102.67

874.71
68.15
806.56
7.4
2.86
816.82

805.45
74.59
42.98
28.14
19.28
3.52
0
973.96

867.53
56.15
34.27
21.22
17.87
4.46
0
1,001.50

581.95
44.56
33.78
21.98
31.06
2.72
0
716.05

111.56
94.5
10.84
83.66
29.2
0
54.46
8.79
63.25
18.68
37.08
168.51
0
20.18
3.27

99.17
101.17
4.27
96.9
27.04
0
69.86
9.28
79.14
23.2
48.33
133.97
0
20.18
3.27

93.37
100.77
6.89
93.88
25.96
0
67.92
6.12
74.04
21.2
49.07
134.1
0
20.18
3.43

13.73
2.7
20
27.69

1,373.08
3.52
20
26.15

1,372.97
3.57
20
23.78

stries - Profit & Loss account

Mar '09

Mar '08

Mar '12

YoY
Mar '11
Mar '10

Mar '09

789.66
90.29
699.37
-8.56
-5.59
685.22

843.77
117.19
726.58
14.01
10.12
750.71

0.20%
-0.05%
0.22%
-953.00%
-138.13%
-3.10%

37.53%
10.77%
-6.41%
68.76% -24.52% -22.95%
34.89%
15.33%
-3.74%
-72.97% -186.45% -161.10%
344.76% -151.16% -155.24%
35.00%
19.21%
-8.72%

520.11
32.11
31.06
18.45
22.43
7.6
0
631.76

540.44
28.81
30.31
15.83
34.6
9.54
0
659.53

-7.16%
32.84%
25.42%
32.61%
7.89%
-21.08%

49.07%
26.01%
1.45%
-3.46%
-42.47%
63.97%

11.89%
38.77%
8.76%
19.13%
38.48%
-64.21%

-3.76%
11.45%
2.47%
16.55%
-35.17%
-20.34%

-2.75%

39.86%

13.34%

-4.21%

62.02
53.46
12.88
40.58
23.04
0
17.54
1.45
18.99
11.04
7.95
111.64
0
10.09
1.71

77.17
91.18
9.37
81.81
18.54
0
63.27
2.54
65.81
16.78
49.03
119.09
0
10.28
1.75

12.49%
-6.59%
153.86%
-13.66%
7.99%

6.21%
0.40%
-38.03%
3.22%
4.16%

50.55%
88.50%
-46.51%
131.35%
12.67%

-19.63%
-41.37%
37.46%
-50.40%
24.27%

-22.04%
-5.28%
-20.08%
-19.48%
-23.28%
25.78%

2.86%
51.63%
6.89%
9.43%
-1.51%
-0.10%

287.23%
322.07%
289.89%
92.03%
517.23%
20.12%

-72.28%
-42.91%
-71.14%
-34.21%
-83.79%
-6.26%

0.00%
0.00%

0.00%
-4.66%

100.00%
100.58%

-1.85%
-2.29%

1,372.94
0.58
10
21.65

1,370.05
3.58
15
21.91

-99.00%
-23.30%
0.00%
5.89%

0.01%
-1.40%
0.00%
9.97%

0.00%
515.52%
100.00%
9.84%

0.21%
-83.80%
-33.33%
-1.19%

CAGR

9.33%
-0.48%
10.68%
5.05%
-16.80%
9.22%
10.49%
26.85%
9.12%
15.47%
-13.60%
-22.06%
10.24%
9.65%
0.90%
3.71%
0.56%
12.03%
-3.68%
36.39%
-0.99%
2.72%
-6.75%
9.07%
18.37%
16.92%
-68.36%
-6.81%
7.46%
6.03%

Kirloskar Ferrous Industr

Particulars
Net Profit Before Tax
Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

------------------- in Rs. Cr. ------------------Mar '12

Mar '11
55.66
27.8
-61.56

71.89
74.88
-46.98

28.97
-4.79
18.4
13.62

-26.12
1.78
16.66
18.44

ar Ferrous Industries - Cash Flow

Mar '10

Mar '09

Mar '08

Mar '12

70.26
53.85
-23.12

20.27
45.41
-80.5

65.81
75.15
-105.7

-22.58%
-62.87%
31.03%

-26.74
3.98
12.68
16.66

4.34
-30.75
43.43
12.68

-36.57
-67.12
110.55
43.43

-210.91%
-369.10%
10.44%
-26.14%

YoY
Mar '11
Mar '10
2.32%
39.05%
103.20%

246.62%
18.59%
-71.28%

Mar '09
-69.20%
-39.57%
-23.84%

-2.32% -716.13% -111.87%

-55.28% -112.94% -54.19%
31.39% -70.80% -60.71%
10.68%
31.39% -70.80%

CAGR
-4.10%
-22.01%
-12.64%
-5.66%
-48.31%
-36.13%
-25.17%

Kirlos
Ratios

Liquidity Ratios

Formula

Quick Ratio

Current Assets-Short Term Inv

Current Liabilities

Cash Ratio

Cash+Cash Eqvi+Investment
Current Liabilities

Profitability
Ratio

=
Gross Profit Ratio

Gross Profit
Net Sales

Operating Profit
Net Sales

Net Profit
Net Sales

ROA

Net Income
Avg Total Assets

ROE

Net Income
Avg Shareholders Equity

ROCE

Net Income
Capital Employed

Debt Ratio

Total Liabilities
Total Assets

Operating Profit Ratio

Net Profit Margin

Debt Ratios

Current Asset
Current Liabilities

Current Ratio

D/E Ratio

Operating
Performance
Ratios

Total Liabilities
Shareholders Equity

Capitalization Ratio

Long Term Debt

Total Capital

Interest Coverage Ratio

EBIT
Interest Expense

Cash Flow to Debt Ratio

Operating Cash Flow

Total Debt

Fixed-Asset Turnover Ratio

Sales /Employee

Total Asset Turnover Ration

Net Sales
property+Plant &equipment

Net Sales
Total Number of Employees

Sales
Total Assets

Kirloskar
Mar '12

360.47
321.36

360.47
321.36

1.121702

1.121702

13.62
0.042382
321.36

139.21
1,090.37

12.77%

Mar '11

351.06
351.11

351.06
351.11

0.999858

0.999858

12.9
0.036741
351.11

108.78
1,087.95

10.00%

Mar '10

287.36
293.58

287.36
293.58

0.978813

0.978813

Mar '09

179.76
195.22

179.76
195.22

0.920807

0.920807

307.34
249.68

307.34
249.68

16.63
0.056646
293.58

11.64
0.059625
195.22

17.76
249.68

124.29
806.56

97.64
699.37

111.19
726.58

15.41%

13.96%

111.56
1,090.37

10.23%

99.17
1,087.95

9.12%

93.37
806.56

11.58%

62.02
699.37

8.87%

77.17
726.58

37.08
1,090.37

3.40%

48.33
1,087.95

4.44%

49.07
806.56

6.08%

7.95
699.37

1.14%

49.03
726.58

37.08
435.16

8.52%

48.33
359.04

13.46%

49.07
332.85

14.74%

7.95
316.17

2.51%

49.03
304.07

37.08
380.17

9.75%

48.33
359.05

13.46%

49.07
326.55

15.03%

7.95
297.31

2.67%

49.03
300.14

37.08
435.14

8.52%

48.33
359.05

13.46%

49.07
332.84

14.74%

7.95
316.17

2.51%

49.03
304.08

54.97
435.16

12.63%

0
359.04

0.00%

6.29
332.85

1.89%

18.86
316.17

5.97%

3.94
304.07

54.97
0.144593
380.17

0
359.05

54.97
435.14

0
359.05

0.00%

12.63%

111.56
10.29151
10.84

27.8
54.97

1,090.37
363.8

50.57%

2.997169

6.29
0.019262
326.55

18.86
0.063435
297.31

3.94
300.14

6.29
332.84

18.86
316.17

3.94
304.08

1.89%

5.97%

99.17
23.22482
4.27

93.37
13.55152
6.89

62.02
4.815217
12.88

77.17
9.37

74.88
0

53.85
856.12%
6.29

45.41
240.77%
18.86

75.15
3.94

1,087.95
288.82

3.766879

806.56
280.68

2.873593

699.37
265.45

2.634658

726.58
178.79

1,090.37

1,090.37
2.505676
435.16

1,087.95
3.030164
359.04

806.56
2.423194
332.85

699.37
2.212006
316.17

726.58
304.07

Mar '08

1.230936

1.230936

0.071131

15.30%

10.62%

6.75%

16.12%

16.34%

16.12%

1.30%

0.013127

1.30%

8.235859

1907.36%

4.063874

2.389516

Valuation
Beta
Avg Mkt return
Risk free Rate
Ke
P/E
Industry P/E
EPS

P0 =

1.5
14
8.11%
20.95947
9.75
11.7
2.7

Earnings Approach
P/E X EPS
26.325

Fair Value
Method
Earnings Approach
NAV Approach
Fair Value

Weight

Value
1
26.325
1
25.34
2 51.66511
25.83256

Date
SENSEX
% Return
5-Nov-01
3037
4-Nov-02
2988
-1.61%
4-Nov-03
5098
70.62%
4-Nov-04
5833
14.42%
2-Nov-05
8073
38.40%
3-Nov-06
13131
62.65%
2-Nov-07
19976
52.13%
4-Nov-08
10631
-46.78%
4-Nov-09
15912
49.68%
4-Nov-10
20894
31.31%
4-Nov-11
17563
-15.94%
2-Nov-12
18755
6.79%
23.79%

The fair value of the stock of the company is Rs. 25.83256 as per the
earnings approach and the NAV approach. Thus the stock is over valued
at Rs. 30.81 as on 9th November, 2012. the stock price of the company
does not reflect the intrinsic value of the company.

Particulars

NAV Approach
Historic Cost

Fixed Assets
Investments
Net Current Assets
Current Assets
Less: Current Liabilities
Total Assets
Less: Debt Liability
Deferred Tax Liability
Net Assets
Number of Paid up Equity Shares
NAV per Share (In Rs.)

the company is Rs. 25.83256 as per the

AV approach. Thus the stock is over valued
mber, 2012. the stock price of the company
value of the company.

Realisable Value

363.80

360.47
321.36

39.11
402.91

54.97
54.97

363.80

360.47
321.36

54.97
-

39.11
402.91

54.97

347.94

347.94

13.730800000

13.73
25.34

Valuation
Beta
Avg Mkt return
Risk free Rate
Ke
P/E
Industry P/E
EPS

P0 =

1.61
23.79%
8.11%
NA
11.7
NA

Earnings Approach
P/E X EPS
NA

Fair Value
Method
Earnings Approach
NAV Approach
Fair Value

Weight

Value
1 NA
1
(2.62)
2 -2.61784
-2.61784

Date
SENSEX
% Return
5-Nov-01
3037
4-Nov-02
2988
-1.61%
4-Nov-03
5098
70.62%
4-Nov-04
5833
14.42%
2-Nov-05
8073
38.40%
3-Nov-06
13131
62.65%
2-Nov-07
19976
52.13%
4-Nov-08
10631 -46.78%
4-Nov-09
15912
49.68%
4-Nov-10
20894
31.31%
4-Nov-11
17563 -15.94%
2-Nov-12
18755
6.79%
23.79%

The fair value of the stock of the company cannot be detemined

because of the company being non dividend paying along with
negative EPS because of loss making. The NAV of the company is also
negative.

Particulars

NAV Approach
Historic Cost
Rs
Rs

Fixed Assets
Investments
Net Current Assets
Current Assets
Less: Current Liabilities
Total Assets
Less: Debt Liability
Deferred Tax Liability
Net Assets
Number of Paid up Equity Shares
NAV per Share (In Rs.)

company cannot be detemined

on dividend paying along with
king. The NAV of the company is also

348.6
120.83

422.05
-

Realisable Value
Rs
Rs
187.66
187.66

227.77
415.43

422.05
(6.62)
2.528800000

348.60
120.83

422.05
-

227.77
415.43

422.05
(6.62)
2.53
(2.62)