Sanghvi 4

Year
Sales
2006
2007
2008
2009
2010
2011
Year
Operating Exp.
149.65
180.17
256.96
361.52
342.73
373.52
Inv.
2006
2007
2008
2009
2010
2011
COGS
50.44
48.42
68.19
83.54
78.87
105.45
Avg. Inv.
2.89
6.35
A/c Rec.
Dep. & Amort.
13.72
24.63
30.72
53.01
47.47
49.20
Avg. A/c Rec.*

32.74
50.32
69.44
130.59
136.45
162.89
1.444017
4.619407
Int. Expense
35.64
34.83
47.46
67.97
78.73
92.88
Cash & CE
16.3720715
41.5336816
59.88153975
100.0128328
133.5159543
149.6668421
3.78
5.26
7.98
7.49
5.87
18.71
* Adjusted for Securatized A/R

** Adjusted for Rents
Year
A/c Pay.
2006
2007
2008
2009
2010
2011
4.84
3.37
6.77
6.48
6.08
11.95
Avg. A/c
Payable
4.10
5.07
6.63
6.28
9.01
Other C.
Liab.
Securatization
Debt
16.24
22.55
29.61
38.67
37.69
32.50
0.00
0.00
4.85
9.94
5.72
28.01
Off Bal.
Sheet
Obligation
113.56
37.64
25.41
40.73
5.69
45.58
EBITDA
EBIT
99.21
131.75
188.77
277.98
263.86
268.08
Other CA
EBT
63.57
96.92
141.31
210.01
185.13
175.19
Fixed Assets**
28.24
22.99
35.07
51.20
32.80
63.58
LTD
193.81
187.98
267.86
355.61
338.45
485.08
49.85
72.29
110.59
157.00
137.66
125.99
Average
Fixed Assets
292.88
472.47
569.55
822.18
893.15
1,086.01
Other Debt
19.59
31.52
39.04
53.00
65.72
84.33
E
32.18
47.18
72.75
101.05
90.42
86.31
Other FA
146.44
382.68
521.01
695.87
857.67
989.58
STD
12.41
0.57
82.49
4.61
1.61
8.74
Total Debt
47.51
79.99
112.78
158.01
149.48
163.57
395.55
363.05
486.31
662.45
608.83
851.02
Tax Rate
35.44%
34.73%
34.22%
35.64%
34.31%
31.50%
Off-Bal.
Sheets Items
113.561
37.6358
25.4062
40.7314
5.6945
45.58194662
Average
Total Debt
379.3020218
424.6816364
574.3841747
635.6445759
729.9262286
Adj.
Sales
Adj. EBITDA
149.05
178.63
254.32
357.50
331.53
361.25
Total Assets
Adj. Depr. &

2/3rd rent
99.37
131.04
187.18
275.49
254.10
257.49
Average
Total Assets
483.62
589.25
789.94
1,056.80
1,078.46
1,391.86
36.15
35.38
48.16
68.99
79.69
94.01
Capital
Employed
241.8117238
536.4386334
689.5949347
923.3692875
1067.631548
1235.160552
SE
Adj. EBIT
462.54
563.34
753.56
1,011.65
1,034.69
1,347.42
Avg. SE
88.07
226.20
303.62
394.35
469.63
540.84
157.1366116
264.9132984
348.9851128
431.9869721
505.2343229
63.22
95.66
139.02
206.50
174.41
163.48
Working
Capital
123.68
177.74
248.11
379.48
359.09
435.65
Avg. LTD & SE
536.4386334
689.5949347
923.3692875
1067.631548
1235.160552
Adj. Int.
Int + 1/3 Rents
13.97
24.90
31.07
53.52
47.95
49.76
Average
Working
Capital
150.7122294
212.9236222
313.7937894
369.2874916
397.3689427
Adj.
EBT
49.25
70.75
107.95
152.98
126.45
113.72
Adj.
E
32.50575
46.69614
71.24984
100.9674
83.45942
75.05343
Adjustments to Financials
Income Statement Adjustments
Year
Other Income
2006
2007
2008
2009
2010
2011
Rental Expense
0.6012298
1.5356419
2.6379614
4.0194973
11.2014768
12.2768955
0.76
0.83
1.05
1.53
1.44
1.69
Addition to
Depreciation Charge
0.5074634
0.5529336
0.6983296
1.021716467
0.961897667
1.129041533
Addition to
Interest Charge
0.2537317
0.2764668
0.3491648
0.510858233
0.480948833
0.564520767
Balance Sheet Adjustments

Year
2006
2007
2008
2009
2010
2011
10X Rent
Fixed Asset
STD
47.00
79.44
112.08
156.99
148.52
162.44
7.611951
8.294004
10.474944
15.325747
14.428465
16.935623
Depreciation
0.5074634
0.5529336
0.6983296
1.021716467
0.961897667
1.129041533
Cash Flow Statement Adjustment
Year
2006
2007
2008
2009
2010
2011
Add Depr. Exp.

to CFO
0.5074634
0.5529336
0.6983296
1.021716467
0.961897667
1.129041533
Add Capitalized
Rent to CFI
7.611951
8.294004
10.474944
15.325747
14.428465
16.935623
Add LTD to
CFF
7.1044876
7.7410704
9.7766144
14.30403053
13.46656733
15.80658147
Add to
STD
0.5074634
0.5529336
0.6983296
1.021716467
0.961897667
1.129041533
Deduction From
Operating Expenses
0.76
0.83
1.05
1.53
1.44
1.69
Add to
LTD
7.1044876
7.7410704
9.7766144
14.30403053
13.46656733
15.80658147
Sec. A/R Rec.
4.8529
9.944
5.7223
28.0133
Other Off
BS items
113.561
37.6358
25.4062
40.7314
5.6945
45.58195
http://www.x-rates.com/
March
USD
2012
50.404
2011 44.9699
2010 45.4982
2009 51.2062
2008 40.1452
2007 43.7936
w.x-rates.com/
Euro
66.5399
62.9527
61.7352
66.8027
62.3046
58.0052
Yen
LC USD
Euro
Yen
INR-USD
INR-EURO
INR-YEN Total
0.611182
0.550375 2441750 4304996 9008569 109805253.3 271011121.7 4958091 38.57745
0.501899
0.523429
0.398572
0.373494
Sanghvi Movers
Statement Of Cashflow
3/31/2012
Net Income
Depreciation & Amortization
Deferred Taxes
Other
Operating Cash:
2007
47.18
35.38
6.33
1.36
2008
72.75
48.16
7.51
(3.11)
2009
2010
2011
In Cr.
101.05
68.99
13.96
(2.18)
90.42
79.69
12.72
(18.69)
86.31
94.01
12.21
(13.54)
164.14
178.99
90.25
125.31
181.83
(12.42)
(26.41)
(72.42)
8.20
2.89
(35.61)
(3.46)
(7.25)
5.59
13.38
(3.56)
2.97
Cash gen. (used) by W/C:
(19.67)
(20.82)
(59.04)
7.53
(36.11)
Cash Flow From Operations
70.59
104.49
122.79
171.67
142.89
Capital Expenditures
Other
(176.23)
(8.29)
(225.02)
(10.47)
(233.09)
(15.33)
(163.43)
(14.43)
(313.55)
(16.94)
(113.94)
(131.00)
(125.62)
(6.19)
(187.60)
23.91
0.65
24.56
34.22
0.76
34.99
Accounts Rec.
Inventories
Other CA
Accounts Payable
Other Accrued Liabilities
Cash Flow After Capex

Sale of Assets
Interest Income
Cash Flow From Investing
0.09
0.26
0.35
2.37
0.35
2.72
1.27
0.23
1.50
(113.59)
(128.28)
(124.13)
18.37
(152.61)
46.83
109.03
138.80
(9.89)
180.56
77.03
(8.15)
35.76
(11.76)
(15.16)
(10.10)
(15.11)
115.71
133.04
123.64
(19.99)
165.45
Total Cash Generated
2.12
4.76
(0.49)
(1.62)
12.84
Beginning Cash
Ending Cash
Change in Cash:
1.11
3.22
2.12
3.22
7.98
4.76
7.98
7.49
(0.49)
7.49
5.87
(1.62)
5.87
18.71
12.84
40.05%
46.44%
52.68%
105.04%
45.57%
Short Term Debt

Long Term Debt
Equity:
Preferred Stock
Common Stock
Dividends
Other
Cash Flow From Financing
** CFO/CPTL EXPEND (%)
Sanghvi Movers
Year Ended 3/31
Total Sales
Other Income
Sales from Operations
2007
2008
2009
2010
180.17
1.54
178.63
256.96
2.64
254.32
361.52
4.02
357.50
342.73
11.20
331.53
22.22
11.44
6.30
8.46
48.42
30.86
13.03
11.67
12.63
68.19
41.21
15.54
13.10
13.69
83.54
39.60
11.36
12.24
15.68
78.87
130.21
186.13
273.96
252.66
34.83
47.46
67.97
78.73
Operating Income EBIT
95.38
138.68
205.99
173.93
Interest Expense
EBT
Provision For Taxes
24.63
70.75
25.11
30.72
107.95
37.85
53.01
152.98
55.95
47.47
126.45
47.23
Income from continuing Operations

Other (non-continuous op.)
Net Income
45.65
1.54
47.18
70.11
2.64
72.75
97.03
4.02
101.05
79.22
11.20
90.42
Operating expenses
Repairs & Maint.
Employee Costs
Admin. & other
Total Operating Expense
EBITDA
Total Sales
100.00%
As % of sales from Ops.

100.00% 100.00% 100.00%
Operating expenses
Repairs & Maint.
Employee Costs
Admin. & other
12.44%
6.41%
3.52%
4.74%
27.11%
12.14%
5.12%
4.59%
4.96%
26.81%
11.53%
4.35%
3.66%
3.83%
23.37%
11.94%
3.43%
3.69%
4.73%
23.79%
EBITDA
72.89%
73.19%
76.63%
76.21%
19.50%
18.66%
19.01%
23.75%
53.39%
54.53%
57.62%
52.46%
Interest Expense
EBT
Provision For Taxes
13.79%
39.61%
14.05%
12.08%
42.45%
14.88%
14.83%
42.79%
15.65%
14.32%
38.14%
14.25%

Net Income
25.55%
0.86%
26.41%
27.57%
1.04%
28.60%
27.14%
1.12%
28.27%
23.90%
3.38%
27.27%
Total Sales
100.00%
As % of 2007 sales from Ops.

142.37% 200.14% 185.60%
Operating expenses
Repairs & Maint.
Employee Costs
Admin. & other
100.00%
100.00%
100.00%
100.00%
100.00%
138.89%
113.88%
185.29%
149.26%
140.82%
185.45%
135.79%
208.08%
161.85%
172.53%
178.18%
99.31%
194.38%
185.30%
162.89%
EBITDA
100.00%
142.95%
210.40%
194.04%
100.00%
136.25%
195.15%
226.04%
100.00%
145.39%
215.97%
182.35%
Interest Expense
EBT
Provision For Taxes
100.00%
100.00%
100.00%
124.74%
152.58%
150.75%
215.25%
216.22%
222.85%
192.76%
178.73%
188.14%

Net Income
100.00%
100.00%
100.00%
153.59%
171.78%
154.18%
212.58%
261.75%
214.18%
173.55%
729.43%
191.64%
Sanghvi Movers
Expenses Analysis
Year Ended 3/31

Operating Expense
cranes & trailer charges
crane operating charges
contract labor charges
diesel expenses charges
Freight and Carriage
Trailer operating expenses
Windmill operating expenses
Total Operating Exp.
Repairs & Maint.
Cranes and Trailers
Buildings
2007
2008
2009
2010
3.48%
9.36%
8.62%
9.84%
10.21%
4.30%
0.09%
45.89%
2.23%
7.93%
8.55%
7.21%
14.89%
4.32%
0.13%
45.26%
1.82%
7.30%
10.27%
5.36%
20.72%
3.72%
0.13%
49.33%
1.88%
5.29%
15.85%
5.20%
17.80%
3.97%
0.21%
50.20%
23.08%
0.09%
18.45%
0.12%
18.01%
0.16%
13.66%
0.17%
Vehicles
Other Assets
Windmills
Total Repairs & Maint.
0.22%
0.12%
0.12%
23.63%
0.23%
0.07%
0.25%
19.11%
0.12%
0.09%
0.22%
18.60%
0.19%
0.09%
0.30%
14.41%
Employee Costs
Salaries & allowances
Contribution to Providend & other statutory funds
Commission to MD
Staff Welfare Exp.
Total Employee Costs
10.51%
0.70%
1.52%
0.26%
13.00%
14.24%
0.90%
1.64%
0.33%
17.11%
12.53%
1.00%
1.88%
0.27%
15.68%
12.49%
0.94%
1.69%
0.40%
15.52%
1.71%
4.78%
2.37%
0.35%
2.29%
0.44%
0.90%
0.00%
0.05%
0.11%
0.01%
0.71%
2.99%
0.77%
0.00%
17.47%
1.54%
4.90%
2.45%
0.27%
2.34%
0.53%
0.74%
0.16%
0.03%
0.13%
0.00%
1.16%
4.04%
0.19%
0.06%
18.52%
1.83%
3.55%
2.47%
0.25%
2.37%
0.65%
0.62%
0.13%
0.02%
0.11%
0.04%
0.95%
3.05%
0.32%
0.02%
16.39%
1.83%
4.28%
2.68%
0.24%
2.73%
0.84%
0.64%
0.14%
0.09%
0.13%
0.00%
2.54%
3.71%
0.00%
0.03%
19.87%
45.89%
23.63%
13.00%
17.47%
45.26%
19.11%
17.11%
18.52%
49.33%
18.60%
15.68%
16.39%
50.20%
14.41%
15.52%
19.87%
100.00%
100.00%
100.00%
100.00%
Admin & Other

Rent
Rates and Taxes
Insurance
Bank Commission & Charges
Travelling
Conveyance
Telephones
Keyman Insurance
Directors Sitting Fees
Payment to Auditors
Donations
Bad Debts written off
Other Admin. Exp.
Provision for doubtful Debts
Windmill Expenses
Total Admin & Other

Total Admin & Other
Total Expenses
Sanghvi Movers
2011
Year Ended 3/31
373.52
12.28
361.25
Total Sales
Other Income
55.18
12.70
14.02
23.54
105.45
Operating Expense
255.80
49.20
113.72
39.68
74.03
12.28
86.31
100.00%
15.28%
3.52%
3.88%
6.52%
29.19%
70.81%
25.71%
45.10%
13.62%
31.48%
10.99%
180.17
1.54
178.63
1.6835
4.5329
4.1738
4.7654
4.9414
2.0818
0.0430
22.2218
11.1750
0.0454
0.1068
0.0601
0.0562
11.4435
Employee Costs
Commission to MD
Staff Welfare Exp.
5.0911
0.3402
0.7367
0.1281
6.2962
Admin & Other

Rent
Rates and Taxes
Insurance
Travelling
Conveyance
Telephones
Keyman Insurance
Payment to Auditors
Donations
0.8294
2.3143
1.1457
0.1709
1.1065
0.2131
0.4377
0.0000
0.0249
0.0540
0.0030
0.3417
92.88
162.91
2007
Repairs & Maint.

Cranes and Trailers
Buildings
Vehicles
Other Assets
Windmills
20.49%
3.40%
23.89%
Other Admin. Exp.

Windmill Expenses
1.4467
0.3716
Total Admin & Other
Total Expenses
8.4595
48.4210
202.23%
248.32%
111.00%
222.75%
278.25%
217.77%
Sanghvi Movers
196.45%
Operating Expense
266.68%
170.81%
199.76%
160.73%
158.07%
162.19%
799.46%
182.93%
Year Ended 3/31
2007
100.00%
0.94%
2.54%
2.34%
2.67%
2.77%
1.17%
0.02%
12.44%
6.26%
0.03%
0.06%
0.03%
0.03%
6.41%
Employee Costs
Commission to MD
Staff Welfare Exp.
2.85%
0.19%
0.41%
0.07%
3.52%
Admin & Other

Rent
Rates and Taxes
Insurance
Travelling
Conveyance
0.46%
1.30%
0.64%
0.10%
0.62%
0.12%
Repairs & Maint.

Cranes and Trailers
Buildings
Vehicles
Other Assets
Windmills
2011
4.44%
5.17%
14.78%
5.56%
19.16%
3.05%
0.15%
52.33%
11.20%
0.16%
0.15%
0.10%
0.44%
12.05%
10.70%
1.09%
1.13%
0.38%
13.30%
Telephones
Keyman Insurance
Payment to Auditors
Donations
Other Admin. Exp.
Windmill Expenses
Total Admin & Other
Total Expenses
1.61%
4.34%
2.89%
0.20%
2.49%
0.61%
0.52%
0.10%
0.08%
0.11%
0.00%
5.36%
3.06%
0.93%
0.02%
22.32%
52.33%
12.05%
13.30%
22.32%
100.00%
0.25%
0.00%
0.01%
0.03%
0.00%
0.19%
0.81%
0.21%
0.00%
4.74%
27.11%
Sanghvi Movers
Year Ended 3/31
2007
100.00%
Operating Expense
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Employee Costs
Commission to MD
Staff Welfare Exp.
100.00%
100.00%
100.00%
100.00%
100.00%
Repairs & Maint.

Cranes and Trailers
Buildings
Vehicles
Other Assets
Windmills
Admin & Other

Rent
Rates and Taxes
Insurance
Travelling
Conveyance
Telephones
Keyman Insurance
Payment to Auditors
Donations
Other Admin. Exp.
Windmill Expenses
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
100.00%
Total Admin & Other
Total Expenses
100.00%
100.00%
2008
2009
2010
2011
256.96
2.64
254.32
361.52
4.02
357.50
342.73
11.20
331.53
373.52
12.28
361.25
1.5213
5.4095
5.8303
4.9160
10.1526
2.9453
0.0882
30.8631
1.5239
6.0983
8.5808
4.4781
17.3118
3.1084
0.1082
41.2095
1.4847
4.1735
12.5036
4.0977
14.0397
3.1329
0.1632
39.5953
4.6847
5.4555
15.5873
5.8662
20.2079
3.2207
0.1595
55.1818
12.5773
0.0822
0.1563
0.0469
0.1688
13.0315
15.0449
0.1334
0.1041
0.0727
0.1837
15.5388
10.7753
0.1359
0.1489
0.0710
0.2332
11.3642
11.8085
0.1659
0.1567
0.1103
0.4608
12.7023
9.7078
0.6168
1.1175
0.2243
11.6663
10.4665
0.8383
1.5700
0.2260
13.1008
9.8535
0.7401
1.3300
0.3150
12.2385
11.2846
1.1483
1.1940
0.3978
14.0247
1.0475
3.3406
1.6683
0.1871
1.5927
0.3619
0.5060
0.1086
0.0193
0.0855
0.0006
0.7895
1.5326
2.9650
2.0643
0.2107
1.9826
0.5458
0.5167
0.1086
0.0204
0.0935
0.0300
0.7931
1.4428
3.3751
2.1164
0.1900
2.1543
0.6625
0.5020
0.1086
0.0677
0.1037
0.0005
2.0000
1.6936
4.5734
3.0467
0.2151
2.6301
0.6401
0.5500
0.1086
0.0795
0.1183
0.0018
5.6478
2.7544
0.1262
0.0385
12.6267
2.5439
0.2689
0.0158
13.6917
2.9297
0.0000
0.0222
15.6754
3.2319
0.9814
0.0203
23.5387
68.1877
83.5408
78.8735
105.4475

2008
2009
2010
2011
100.00%
100.00%
100.00%
100.00%
0.60%
2.13%
2.29%
1.93%
3.99%
1.16%
0.03%
12.14%
0.43%
1.71%
2.40%
1.25%
4.84%
0.87%
0.03%
11.53%
0.45%
1.26%
3.77%
1.24%
4.23%
0.94%
0.05%
11.94%
1.30%
1.51%
4.31%
1.62%
5.59%
0.89%
0.04%
15.28%
4.95%
0.03%
0.06%
0.02%
0.07%
5.12%
4.21%
0.04%
0.03%
0.02%
0.05%
4.35%
3.25%
0.04%
0.04%
0.02%
0.07%
3.43%
3.27%
0.05%
0.04%
0.03%
0.13%
3.52%
3.82%
0.24%
0.44%
0.09%
4.59%
2.93%
0.23%
0.44%
0.06%
3.66%
2.97%
0.22%
0.40%
0.10%
3.69%
3.12%
0.32%
0.33%
0.11%
3.88%
0.41%
1.31%
0.66%
0.07%
0.63%
0.14%
0.43%
0.83%
0.58%
0.06%
0.55%
0.15%
0.44%
1.02%
0.64%
0.06%
0.65%
0.20%
0.47%
1.27%
0.84%
0.06%
0.73%
0.18%
0.20%
0.04%
0.01%
0.03%
0.00%
0.31%
1.08%
0.05%
0.02%
4.96%
0.14%
0.03%
0.01%
0.03%
0.01%
0.22%
0.71%
0.08%
0.00%
3.83%
0.15%
0.03%
0.02%
0.03%
0.00%
0.60%
0.88%
0.00%
0.01%
4.73%
0.15%
0.03%
0.02%
0.03%
0.00%
1.56%
0.89%
0.27%
0.01%
6.52%
26.81%
23.37%
23.79%
29.19%

2008
2009
2010
2011
142.37%
200.14%
185.60%
202.23%
90.37%
119.34%
139.69%
103.16%
205.46%
141.48%
205.22%
138.89%
90.52%
134.53%
205.58%
93.97%
350.35%
149.31%
251.87%
185.45%
88.19%
92.07%
299.57%
85.99%
284.13%
150.49%
379.90%
178.18%
278.27%
120.35%
373.45%
123.10%
408.95%
154.71%
371.36%
248.32%
112.55%
181.03%
146.41%
78.10%
300.09%
113.88%
134.63%
293.86%
97.52%
121.05%
326.56%
135.79%
96.42%
299.31%
139.50%
118.19%
414.64%
99.31%
105.67%
365.52%
146.79%
183.71%
819.46%
111.00%
190.68%
181.27%
151.69%
175.08%
185.29%
205.58%
246.37%
213.11%
176.40%
208.08%
193.54%
217.51%
180.53%
245.84%
194.38%
221.65%
337.50%
162.07%
310.45%
222.75%
126.30%
144.34%
145.61%
109.48%
143.95%
169.87%
115.61%
100.00%
77.51%
158.45%
19.26%
231.03%
190.39%
33.95%
100.00%
149.26%
184.78%
128.11%
180.17%
123.28%
179.18%
256.18%
118.05%
100.00%
81.93%
173.20%
992.10%
232.08%
175.84%
72.35%
41.15%
161.85%
173.96%
145.83%
184.72%
111.23%
194.70%
310.92%
114.68%
100.00%
271.89%
192.01%
16.56%
585.29%
202.51%
0.00%
57.77%
185.30%
204.19%
197.61%
265.92%
125.90%
237.70%
300.41%
125.67%
100.00%
319.28%
219.19%
59.20%
1652.79%
223.40%
264.08%
52.79%
278.25%
140.82%
172.53%
162.89%
217.77%
3/31
In Cr.
SANGHVI MOVERS
Adjusted Income Statement
NSE:SANGHVIMOV
Year
Sales
Operating
Expenses
EBITDA
Depr. &
2/3rd Rent
EBIT
2007
2008
2009
2010
2011
178.63
254.32
357.50
331.53
361.25
47.59
67.14
82.01
77.43
103.75
131.04
187.18
275.49
254.10
257.49
35.38
48.16
68.99
79.69
94.01
95.66
139.02
206.50
174.41
163.48
C.A.G.R.
19.25%
21.51%
18.40%
27.67%
14.34%
Interest*
& 1/3rd Rent
EBT
E*
24.90
31.07
53.52
47.95
49.76
70.75
107.95
152.98
126.45
113.72
46.69614
71.24984
100.9674
83.45942
75.05343
18.89%
12.60%
12.60%
Days
Fixed Asset
Turnover
0.47
0.49
0.51
0.39
0.37
Total
Asset
Turnover
0.33
0.37
0.39
0.31
0.29
* Interest, Deprciation & Amortization and Earnings have been adjusted for rental income,
capitalized buildings depreciation and an average tax rate of 34%
Activity Ratio:
Year
2007
2008
2009
2010
2011
Rec.
Turnover
4.30
4.25
3.57
2.48
2.41
Days of sales
in Acc. Rec.
84.87
85.94
102.11
147.00
151.22
Working Cap.
Turnover
1.19
1.19
1.14
0.90
0.91
Liquidity Ratios:
Year
2007
2008
2009
2010
2011
Solverncy & Leverage:
Current
Ratio
0.74
0.75
0.93
0.92
1.21
Quick Ratio
0.52
0.52
0.68
0.74
0.87
Cash Ratio
0.05
0.05
0.04
0.03
0.09
Gross
Margin
100.00%
100.00%
100.00%
100.00%
100.00%
EBITDA
Margin
73.36%
73.60%
77.06%
76.64%
71.28%
EBIT
Margin
53.55%
54.67%
57.76%
52.61%
45.25%
CFO to CL
0.67
0.70
0.60
0.89
0.69
Times int.
Earned
3.841
4.475
3.858
3.637
3.285
Times int.
Earned
2.834
3.363
2.294
3.580
2.871
Debt to
TC
0.752
0.758
0.776
0.703
0.729
Cash (CFO)
Debt to
Equity
1.959
1.973
2.081
1.615
1.876
Cash (CFO)
CFO to
Total Debt
0.19
0.21
0.19
0.28
0.17
EBT
Margin
39.61%
42.45%
42.79%
38.14%
31.48%
Profit
Margin
26.14%
28.02%
28.24%
25.17%
20.78%
EBIT
ROA
17.83%
20.16%
22.36%
16.34%
13.24%
EBIT*(1-T)
ROCE*
11.21%
12.18%
13.47%
11.12%
8.01%
Pretax
ROE
n/a
52.48%
59.17%
40.37%
32.36%
Adj. NI
ROE
n/a
26.90%
28.93%
19.32%
14.86%
Profitability
Year
2007
2008
2009
2010
2011
* Capital Employed is Defined as : Adj. Total Assets - Current Liabilities
CFO to
CAPEX
0.40
0.46
0.53
1.05
0.46
Common Size Analysis

2007
Cash and Cash Equivalents
Cash on Hand
With Scheduled Banks
on Current a/c
On Fixed Deposit
Short-Term Investment loans
Accounts Receivable
Unsecured Outstadning Over 6mos
Other Debt
Inventories
Stores & Spares
Loans and Advances
Advances for CAPEX
Advances Recoverable in cash or kind
Deposits - Trade & Security
Other Current Assets
Advance Income Tax & TDS
Current Assets
Long-term Investments
Property, land and equipment
Freehold Land
Leasehold Land
Buildings
Plant & Machinery & Equipment
Wind Mills
Other Office Equipment
Furniture and Fixtures
Vehicles
Capital work in progress
Other assets
Total L-T Assets
Total assets
Short-term debt*
Accounts & notes Payable
Dues to SME's
Dues to Others
Dues for CAPEX
Unearned Revenue
Income Taxes Payable
Proposed Dividend
Tax on Div.
Other current liabilities
Current Liabilities
Long-term debt
Secured
Unsecured
Other Non-Current Liabilities
Deferred Income Taxes
Total L-T Liabilities
Total liabilities
Minority interests
Common stock - Issued capital
Retained earnings
Securities Premium Account
General Reserve Account
Balance in P&L Account
Capital Reserve
Accumulated other comprehensive income
Treasury stock
Other
Total Equity
Total Liabilities and Equities
2008
2009
2010
As Reported
In Cr.
2011
0.97%
0.00%
0.00%
0.75%
0.22%
1.06%
0.01%
0.00%
0.94%
0.12%
0.76%
0.00%
0.00%
0.40%
0.35%
0.56%
0.01%
0.00%
0.37%
0.18%
1.44%
0.00%
0.00%
0.44%
0.99%
9.25%
0.95%
8.31%
0.00%
0.00%
4.23%
2.93%
0.77%
0.20%
0.32%
0.00%
14.45%
0.00%
85.45%
1.22%
0.05%
1.06%
79.57%
3.04%
0.09%
0.12%
0.30%
0.11%
0.00%
85.55%
100.00%
14.61%
0.62%
0.00%
0.56%
0.06%
0.55%
0.80%
1.85%
0.31%
0.81%
19.55%
35.98%
35.98%
0.00%
0.00%
5.80%
41.78%
61.33%
0.00%
1.50%
0.00%
16.54%
14.62%
4.85%
0.00%
0.00%
0.00%
1.15%
38.67%
0.00%
100.00%
8.61%
0.15%
8.46%
0.00%
0.00%
4.68%
3.41%
0.72%
0.31%
0.23%
0.00%
14.35%
0.00%
74.65%
1.04%
0.03%
1.05%
70.18%
1.98%
0.07%
0.10%
0.19%
11.00%
0.00%
85.65%
100.00%
14.95%
0.90%
0.00%
0.85%
0.05%
0.38%
0.64%
1.73%
0.29%
0.90%
19.80%
34.51%
34.51%
0.00%
0.00%
5.21%
39.71%
59.51%
0.00%
1.17%
0.00%
17.52%
17.27%
4.53%
0.00%
0.00%
0.00%
0.00%
40.49%
0.00%
100.00%
12.16%
0.76%
11.40%
0.00%
0.00%
5.16%
1.99%
2.68%
0.42%
0.07%
0.00%
18.08%
0.00%
81.45%
0.87%
0.03%
0.91%
77.95%
1.34%
0.06%
0.08%
0.22%
0.46%
0.00%
81.92%
100.00%
15.83%
0.65%
0.01%
0.62%
0.03%
0.43%
0.52%
0.87%
0.15%
1.93%
20.38%
34.51%
34.51%
0.00%
0.00%
5.34%
39.86%
60.24%
0.00%
0.87%
0.00%
13.25%
14.06%
11.57%
0.01%
0.00%
0.00%
0.00%
39.76%
0.00%
100.00%
12.41%
1.41%
10.99%
0.27%
0.27%
3.11%
1.09%
1.62%
0.40%
0.00%
0.00%
16.35%
0.00%
83.50%
1.19%
0.03%
0.84%
79.97%
1.11%
0.05%
0.08%
0.23%
0.15%
0.00%
83.65%
100.00%
14.10%
0.58%
0.01%
0.54%
0.02%
0.23%
0.23%
1.23%
0.20%
1.68%
18.25%
30.94%
30.94%
0.00%
0.00%
6.24%
37.17%
55.43%
0.00%
0.82%
0.00%
12.47%
17.98%
13.29%
0.01%
0.00%
0.00%
0.00%
44.57%
0.00%
100.00%
10.36%
1.59%
8.77%
0.49%
0.49%
4.88%
1.94%
2.46%
0.31%
0.00%
0.17%
17.16%
0.00%
82.17%
1.31%
0.02%
1.16%
78.48%
0.77%
0.08%
0.13%
0.21%
0.67%
0.00%
82.84%
100.00%
12.47%
0.92%
0.01%
0.89%
0.01%
0.11%
0.00%
1.00%
0.16%
1.23%
15.88%
36.61%
36.12%
0.49%
0.00%
5.98%
42.59%
58.48%
0.00%
0.66%
0.00%
10.09%
18.38%
12.38%
0.01%
0.00%
0.00%
0.00%
41.52%
0.00%
100.00%
NSE:SANGHVIMOV
In Cr.
3/31
SANGHVI MOVERS
Actual Bk. Val.
Rs.
163.57
124.9406
Common @ Mrkt
7/17/2012
98.5
Short-Term Debt
Long-Term Debt
Secured Debt
Other Debt
Operating Leases*
Guarantees & Other*
Total Long Term Obligations
Preferred Stock
Common Equity
468.15
84.33
16.93562
73.60
643.01
540.84
12.1%
0.0%
34.7%
6.3%
1.3%
5.5%
47.7%
0.0%
40.1%
TOTAL CAPITALIZATION
1,347.42
100.0%
* AS OF 12-31-12
OPERATING LEASES ARE CAPITALIZED @ 8%, 30 years - rent X 10
Overfunded Pension
Retiree Benefits Liability
12.64
88.36
ASSETS
CURRENT ASSETS:
Cash and Cash Equivalents
Accounts recievables
Inventories
Other
CURRENT LIABILITIES
18.71
162.89
6.35
63.58
TOTAL CURRENT ASSETS
251.5277
PPT PLANT & EQUIP.

ALLOWANCE FOR DEP.
1,468.64
(382.64)
NET PLANT & EQUIP.
1086.006
GOODWILL
PREPAID PENSION COSTS
OTHER ASSETS
TOTAL ASSETS
54.33
1391.861
Short-term debt
Accounts Pay.
Other Current Liab.
163.57
11.95
32.50
Total Curr. Liab.
208.01
Sanghvi Movers
Property, land and equipment
03/31
In Cr.
Depreciation Analysis:
2007
Freehold Land
Depreciation
Net
Leasehold Land
Depreciation
Net
Buildings
Depreciation
Net
Depreciation
Net
Wind Mills
Depreciation
Net
Depreciation
Net
Depreciation
Net
Vehicles
Depreciation
Net
2008
2009
8.59
0.00
8.59
0.31
0.02
0.29
10.12
1.10
9.01
1001.83
228.67
773.15
21.99
8.69
13.30
1.03
0.46
0.57
1.04
0.25
0.79
3.36
1.18
2.17
2010
12.52
0.00
12.52
0.31
0.03
0.28
10.34
1.45
8.89
1134.89
292.36
842.52
21.99
10.32
11.67
1.12
0.59
0.53
1.14
0.32
0.82
3.77
1.33
2.44
2011
6.63
0.00
6.63
0.28
0.02
0.26
6.33
0.55
5.78
554.24
121.48
432.75
21.98
5.43
16.55
0.76
0.26
0.50
0.78
0.14
0.64
2.39
0.76
1.62
7.77
0.00
7.77
0.28
0.02
0.26
8.64
0.78
7.86
690.80
164.48
526.31
21.94
7.06
14.88
0.88
0.36
0.52
0.91
0.19
0.71
2.38
0.93
1.46
17.06
0.00
17.06
0.31
0.03
0.28
16.99
1.83
15.16
1388.35
366.21
1022.14
21.99
11.96
10.04
1.71
0.69
1.01
2.16
0.42
1.74
4.27
1.50
2.77
0.00%
5.47%
8.68%
21.92%
24.71%
34.71%
17.79%
31.94%
0.00%
6.67%
9.05%
23.81%
32.18%
40.72%
21.36%
38.92%
0.00%
7.09%
10.88%
22.83%
39.53%
44.96%
24.30%
35.28%
0.00%
8.27%
14.01%
25.76%
46.95%
52.42%
28.22%
35.25%
0.00%
9.45%
10.76%
26.38%
54.37%
40.69%
19.32%
35.21%
32.69763
45.24206
65.67649
76.26341
90.26453
Relative age
Freehold Land
Leasehold Land
Buildings
Wind Mills
Vehicles
Plant & Machinery & Equipment*

Depreciation Expense
Average Age**
Average Depricable Life**
3.72
16.95
3.64
15.27
3.48
15.25
3.83
14.88
* Machinery is about 95% of total fixed assets, Analysis is only limited to the same
**Influenced by change in asset mix & acquisitions.
**The above is an approximation and is more useful when compred with companies of similar nature
4.06
15.38
Source: The analysis and use of financial statements, 3rd edition, White, Fried & Sondhi, Ch.4 Foundation Of Ratio And Financ
Activity Analysis - Evaluates Revenue and Output generated by firm's assets
Activity Ratio:
Short-Term (Operating) Activity Ratios:
1
2
3
4
5
6
7
Inventory Turnover = Cost of Goods Sold/Average Inventory

Avg. no. Days Inventory In Stock = 365/inventory Turnover
Receivable Turnover = Sales/Average Trade Receivable
Avg. no. Rec. Outstanding = 365/Rec. Turnover
Payable Turnover = Purchases/Average Accounts Payable
Avg. no. Pay. Outstanding = 365/Payable Turnover
Working Capital Turnover = Sales/Average Working Capital
Purchases = Cost of Goods Sold +
Long-Term(Investment) Activity Ratios:

1 Fixed Asset Turnover = Sales/ Avg. Fixed Assets
2 Total Asset Turnover = Sales/ Avg. Total Assets
Liquidity Analysis - Measures the adequacy of a firm's cash resources to meet its near term cash obligations
Liquidity Analysis
Cash Cycle :
1 Length of Cash Cycle = Days of sales in A/c Rec. + Days of Supply in Inventory - Days in A/c Payable
Working Capital Ratios:
1
2
3
4
Current Ratio = Current Assets/Current Liabilities

Quick Ratio = (Cash+ Marketable Sec.+Accounts Rec.)/Current Liabilities
Cash Ratio = (Cash+Marketable Sec.)/Current Liabilities
CFO Ratio = CFO (adj.)/Current Liabilities
Defensive Interval:
1 Defensive Interval = 365* ((Cash+MES+Ac.Rec.)/Projected Expenditures
Projected Expenditutes:
Cash Burn Ratio:
***A form of defensive interval used for start-up and rapidly growing companies - Please lo
LT debt & Solvency Analysis - Examines firms capital structure, including the mix of its financing sources and the ability of t
Long-Term Debt and Solvency Analysis
Debt Ratios:
1 Debt to Total capital = Total Debt(Current + LT)/Total Capital (Debt +Equity)
2 Debt to Equity= Total Debt/Total Equity
Interest Coverrage Ratios:
1
2
3
4
Times Interest Earned = EBIT/Interest Expense

Fixed Charge Coverage = Earnings Before Fixed Charges and Taxes/Fixed Charges
Times Interest Earned (Cash Basis) = Adj. CFO/Interest Expense
Fixed Charge Coverage (Cash Basis) = Adj. CFO/ Fixed Charges
CFO Ratios:
1 CFO to Debt = CFO/Total Debt
2 Capital Expenditure Ratio = CFO/Capital Expenditures
Profitability Analysis - measures the income of the firm relative to its revenues and invested capital
Profitability Analysis
Return on Sales
1
2
3
4
5
6
Gross Margin = Gross Profit/Sales

Operating Margin = Operating Income/Sales
Margin Before Interest and taxes = EBIT/Sales
Pretax margin = EBT/Sales
Profit Margin = NI/Sales
Contribution Margin = Constirbution/Sales
Contribution = Sales - Variable Co
Return on Investment
1
2
3
4
5
6
7
Leverage
ROA = (NI + After tax Int. Cost)/ Average Total Assets

ROA = EBIT/ Average Total Assets
ROE = Pretax Inc./Avg. SE
ROE = NI/ Avg. SE
or NI-Pref./Avg. SE
ROTC = EBIT/Avg. (Total Debt + SE)
ROTC = (NI+After-tax Int. Exp.)/Avg. (Total debt + Stockholders Equity)
ROCE = EBIT*(1-T)/ Avg. Fixed Assets
Operating Leverage
1 Contribution Margin Ratio = Contribution/Sales = ( Sales - Variable Costs)/Sales

2 Operating Leverage Effect = Contribution Margin Ratio/Return on Sales = Contribution/ Operating Inco
3 % Change in Income = OLE * % Change in Sales
Financial Leverage
1 Financial Leverage Effect = Operating Income/Net Income
Total Leverage Effect = OLE + FLE
Dupont Analysis
ROE Decomposition
Depreciation Analysis
Relative Age=
Accumulated Depreciation/Ending Gross investment
Average Depricable Life=

Average Age=
Ending Gross Investment/Depreciation Expense
Accumulated Depreciation/Depreciation Expense
4 Foundation Of Ratio And Financial Analysis
*** Need to assign columns to calculate avg. Inv., Rec., Pay.,
Purchases = Cost of Goods Sold + Change in Inventory
*** Need to assign columns to calculate avg. Fixed & Avg. TA
m cash obligations
nventory - Days in A/c Payable
*** Use Only Adj. Numbers to produce output
*** Need to assign columns to calculate Projected Expenditures
idly growing companies - Please look for example pg. 129 exhibit 4-7
ancing sources and the ability of the firm to satisfy its LT debt and investment obligations
*** Need to assign columns to calculate current (ST) and Long-Term debt
*** Also consider off-balance sheet items and leases, rents etc.
xed Charges
*** What are Fixed Charges?

*** Firms capitalize interest expense, using reported interest expense may overstate coverage ratio; see Ch.7
*** Capex - replacement cost should ideally be used
Contribution = Sales - Variable Costs
*** TA should be addition of Total Debt + Total Equity; Where Total Debt includes, leases and off-balance sheet items
les = Contribution/ Operating Income
state coverage ratio; see Ch.7
nd off-balance sheet items

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Year

Dep. & Amort.

Avg. A/c Rec.*

* Adjusted for Securatized A/R

Adj. Depr. &

Avg. LTD & SE

Balance Sheet Adjustments

Cash Flow Statement Adjustment

Add Depr. Exp.

Sec. A/R Rec.

Cash gen. (used) by W/C:

Cash Flow From Operations

Cash Flow After Capex

Cash Flow From Investing

Total Cash Generated

Short Term Debt

** CFO/CPTL EXPEND (%)

Depreciation & Amortization

Operating Income EBIT

Income from continuing Operations

As % of sales from Ops.

Depreciation & Amortization

Operating Income EBIT

Income from continuing Operations

As % of 2007 sales from Ops.

Depreciation & Amortization

Operating Income EBIT

Income from continuing Operations

Year Ended 3/31

Admin & Other

Total Operating Exp.

Year Ended 3/31

Total Operating Exp.

Total Repairs & Maint.

Admin & Other

Repairs & Maint.

Other Admin. Exp.

Year Ended 3/31

Sales from Operations

Total Operating Exp.

Total Repairs & Maint.

Admin & Other

Repairs & Maint.

Sales from Operations

Total Repairs & Maint.

Repairs & Maint.

Admin & Other

As % of 2007 sales from Ops.

As % of 2007 sales from Ops.

Solverncy & Leverage:

* Capital Employed is Defined as : Adj. Total Assets - Current Liabilities

Common Size Analysis

TOTAL CURRENT ASSETS

PPT PLANT & EQUIP.

NET PLANT & EQUIP.

Total Curr. Liab.

Plant & Machinery & Equipment*

Inventory Turnover = Cost of Goods Sold/Average Inventory

Purchases = Cost of Goods Sold +

Long-Term(Investment) Activity Ratios:

Current Ratio = Current Assets/Current Liabilities

Cash Burn Ratio:

Times Interest Earned = EBIT/Interest Expense