Equity Research On Oil and Gas and Paint Sector

EQUITY RESEARCH ON OIL ANG GAS & PAINTS SECTOR
CHAPTER 1
INTRODUCTION
To study the oil and gas sector and paints sector stocks in the market and the factors that
affect the share prices of the stocks of both the sectors. The growth of the Indian economy
has slowed down in recent times on account of the rising inflation, high interest rates, high
prices of commodities and fuels.
Indian oil and gas sector offers a considerable opportunity for investors and shows healthy
development in conformity with the escalation of the Indian economy. The New
Exploration Licensing Policy (NELP), which was envisaged to deal with the increasing
demand-supply gap of energy in India, has confirmed to be successful in attracting the
interest of both domestic and some overseas players.
The spurt in the economic growth over the past few years has caused a tremendous
increase in the size of the industry. This phenomenon has intensified the influx of many
worldwide established firms to increase their presence here, 7 out of the top 10 global
companies have their operations set up in the country. Even though Indias share in the
world paint market is estimated at 0.6% only, the promising scope of growth has not made
them apprehensive about increasing their scales and building capacities. Looking at the per
capita consumption of paint in India, this currently stands at 1.5kgs. Indias strong
economic growth has propelled the paint industry to double digit growth over the past few
years and has made it Asia Pacific fastest growing paint market.
OBJECTIVE OF STUDY
To understand and identify overpriced and underpriced shares of the companies of
oil and gas sector.
To try and predict the volatility of the equities of the companies.
To minimize the risk of the inventors by identifying the reversal patterns.
To identify the price levels where chances of profitable trade are less and recognize
price patterns in and at such levels and when they occur to avoid such trades.
SCOPE OF THE STUDY

The scope of the study can be extended to study any index and any stock market and
companies in sector
Information is the plank on which financial market operates. Traders with better
information and forecasting ability will have an edge in the market. Place thus, the need
for equity research and sophisticated financial modeling in todays buoyant financial
markets. This article attempts to give a framework for the analyst on fundamental
factors for analyzing companies.
LIMITATION OF THE STUDY
The project report is limited to the in the companies of oil and gas & paints sector
only
Because of less experience only one chart is used in technical analysis
Due to time constraint of only 45 days, suggestions and conclusions are depend on
limited data
The study is limited to the companies having equities.
RESEARCH METHODOLOGY
Chosen to be invested in depending upon the fundamentals of the company stocks. These
stocks were individually analyzed and then measured whether it would give maximum
returns if invested in.
The research on the sectors and companies in those sectors is explained in the later part of
the report. Though, Primary data collection for preparing this project was not possible due
to time and money constraints. Thus, secondary data collection was been used. While
preparing this project, daily stock market prices were been tracked and also the annual
reports of the company analyzed were taken into consideration for evaluation of company
performance.
Government data was collected in order to summarize the sector performance in the
country and its contribution in countrys GDP. Company websites were a major source for
collecting the annual reports of the company. Internet was a major source of information
while preparing the project as most of the data collected was gathered from various
websites.
5
CHAPTER 2
COMPANY PROFILE
An investment strategy is a crucial element of wealth management. It is a combination of
expertise and perception, complex market dynamics and innate planning. With the variety
6
and complexity of the investment options available in today's marketplace, it is important

to have disciplined, experienced professionals to provide advice at every stage in your life.
And this is where they come in.
Aditya Birla Money, Wealth Management offers unique services: so personalized, that the
customers get the best of both the worlds. Its focus and dedication is towards the success of
its clients and clients aspirations regarding his finances.
That is why; more than a plan, a customer need a partner with the financial expertise and
cutting-edge tools and processes to maximize their hard-earned wealth. Wealth
Management works with its customers to help ensure their goals are not just met - but
exceed their expectations at every step.
Aditya Birla Money Wealth Management is a trusted advisor and partner in helping
customers achieve the pinnacle of financial success.
PRODUCT AND SERVICES

Sr. no
Product
Mutual Funds
About the Product
Mutual Funds give access to Indian equity and debt

securities. It offers advice on the entire universe of
mutual funds:
Equity funds growth or capital appreciation
Debt funds capital preservation
Portfolio Management
Portfolio Management System is a unique way to build a
System
customized portfolio of Indian equities. It acts as

authorized distributors for various PMS providers to
meet the growing needs of investors and expand a
portfolio beyond equities and bonds
Direct equity
It offers convenient, simple and efficient trading in
structured products
Indian equities. They provide with a seamless platform

7
to invest in the Indian secondary markets. The Wealth

Management advisor will provide valuable advice based
on their in-house research
4
Structured products
It brings customized investment solutions, giving access

to various asset classes. Unlike most other structures,
returns can be linked to a variety of asset types such as
equity indices, basket of stocks, and commodities.
Alternate asset product
Through its distribution tie-ups, they offer a wide range

of Private Equity Fund (which invest in unlisted
securities) to give the opportunity of investing in the
growing Indian economy. With these products and
investment strategy, one can preserve their capital,
ensure risk protection, leverage and diversify.
Real estate
They bring in a combination of in-depth market

knowledge and real estate industry expertise to offer a
range of specialized real estate investment services.
They provide expert advice and innovate real estate
solutions tailor made to ones needs and objectives
Loan against Securities
Tie-up with Aditya Birla Finance lets its customers use
and mutual funds
their share investments as security against borrowing.

This way, one is able to investment more, and increases
the size of its overall portfolio.
Gold
A healthy portfolio is about diversification and risk

management. To this end, it offers multiple avenues of
investing in gold. Holding gold in a portfolio can
provide distinct benefits, as it is not correlated with most
other assets.
Life Insurance
While offering solutions for building and preserving

capital, Relationship Manager will also offer
comprehensive advice on how best to provide for
financial
8
protection to loved ones and cover risks and

uncertainties. Affiliation with Birla Sun Life Insurance
provides the opportunity to obtain even more favorable
offers, which can result in lower costs and greater
benefits
Services offered
Sr.
Service
About the services
Research
Birlas quality research provides clients with the
No
1
information they need to make informed investment

decisions. The research team is dedicated to keeping
the customer updated with access to the latest
publications and a wide range of industry happenings
including: market depth, breaking commentary, longterm forecasts, detailed daily updates and the latest
financial news.
2
Highly proactive
Service includes Daily Market Update, Weekly update
services
on mutual Funds and Event Based SMS to keep the

customer completely informed on the markets
Online Portfolio
The online portfolio ensures every detail of ones
Access
investments at fingertips. One can constantly monitor

the composition of its portfolio, so you always know
if their long term objectives are being met.
Financial Planning
They offer a comprehensive financial planning session

to help devise the investment strategy. This is
followed by complimentary personalized report
outlining specific recommendations on the step-bystep actions need to take to achieve the financial goals
Regular Portfolio
Customer portfolio undergoes regular reviews to
Reviews
ensure your money is constantly working in your best

interest, keeping their personal financial goals in
sight.
SWOT ANALYSYS
Strength:1. Backed by Aditya Birla Brand and Sun Life financial services
2. Emphasis on Customer Satisfaction through Transparent Functioning
3. Strong Capital Base
Weakness:1. Low Presence in Rural Market

2. Lesser advertising as compared to competitors
Opportunity:1. Growing potential in the Rural Market

2. Alignment with Government Schemes
3. Better awareness amongst people for getting insurance
Threats:1. Economic crisis and economic instability

2. Entry of new NBFCs in the sector
COMPANIES PERFORMANCE
10
Company achieved gross revenue of Rs. 53.84 Crore during the year under review as
against the gross revenue of 64.51 Crore during the previous year, a decrease of 19%. Total
expenditure reduced marginally to 69.12 Crore as compared to 69.52 Crore during the
previous year. As a result, the total loss before depreciation and tax was 15.28 Crore as
against a loss of 5.01 Crore in the previous year. This increase in loss was primarily due to
continuous downside witnessed in domestic equities participation which resulted in the
growth of AUM of Mutual Funds, thus impacting overall revenue. The Company however
continues to expand its distribution channel across various asset classes of financial
products and range of product offering for its clients. During the year, Company mobilized
aggregate funds under different asset classes to the tune of 1,97,538 Crore. The Mutual
Fund Assets Under Advice (AUA) as at March 31, 2012 was 12,545 Crore as against
13,861 Crore last year, a decrease of 9.5%. The market share of the Companys closing
AUA stood at 2.14%, which makes it 3rd largest Corporate Distributors in terms of closing
AUA as on 31st March 2012 (as per CAMS report).
GROWTH
These regulatory changes remain dynamic and may change the overall structure for
investment management as well as the distribution industry. The state of equity market will
be the key for growth. Though the MF industry continues to be under pressure and the
revenue is at the decline, the Company has plans to strengthen its wealth management
segment, streamline its retail distribution network, focus on client acquisition and
engagement through its product offering across all segments, improved processes to
increase the revenue stream and at the same time work on cost optimizations measures.
AN OVERVIEW OF BIRLA SUN LIFE WEALTH

MANAGEMENT
MISSION
To consistently pursue investor's wealth optimization by:
Achieving superior and consistent investment results.

11
Creating a conducive environment to hone and retain talent.
Providing customer delight.
Institutionalizing system-approach in all aspects of functioning
Upholding highest standards of ethical values at all times.
VISION
To be leader and role model in a broad based and integrated financial services
business.
12
CHAPTER 3
DATA ANALYSIS AND INTERPRETATION
ABOUT OIL AND GAS
Indian oil and gas sector offers a considerable opportunity for investors and shows
healthy development in conformity with the escalation of the Indian economy. The
New Exploration Licensing Policy (NELP), which was envisaged to deal with the
increasing demand-supply gap of energy in India, has confirmed to be successful in
attracting the interest of both domestic and some overseas players. The prosperity
of Cairn India and Reliance Industries Limited in their Indian operations has
emphasized this. Other sectors such as Refining, LNG, and City Gas Distribution
etc. are also getting sufficient attention. India has now an excess refining capacity
and aspires to prove itself as a major refining centre.
This report outlines the oil and gas sector in India and how companies can go about
achieving their business goals in the sector. It aims to provide a basic
understanding of the players, size, major developments, and dynamics of India's oil
and gas sector across the industries. Further, the report includes sections that
provide summary of India's economy, its energy sector, the Indian upstream sector,
coal bed methane, refining, gas transportation and distribution, LNG, petroleum
product pipelines, fuel retailing, and India's taxation regime. A brief note on the
Western Australian oil and gas industry has also been presented. Opportunities for
Western Australia in the Indian oil and gas sectors have also been described.
13
ABOUT PAINTS SECTOR

The paint industry volume in India has been growing at 15% per annum for quite
some years now. As far as the future growth prospects are concerned, the industry
is expected to grow at 12-13% annually over the next five years. FY11 was a
challenging year for the industry as a whole due to subdued demand across key
sectors and rising inflation.
The unorganized sector controls around 35% of the paint market, with the
organized sector accounting for the balance. In the unorganized segment, there are
about 2,000 units having small and medium sized paints manufacturing plants. Top
organized players include Asian Paints, Kansai Nerolac, Berger Paints and ICI.
Demand for paints comes from two broad categories:
Decoratives: Major segments in decoratives include exterior wall paints, interior
wall paints, wood finishes and enamel and ancillary products such as primers,
putties etc. Decorative paints account for over 72% of the overall paint market in
India. Asian Paints is the market leader in this segment. Demand for decorative
paints arises from household painting, architectural and other display purposes.
Demand in the festive season (September-December) is significant, as compared to
other periods. This segment is price sensitive and is a higher margin business as
compared to industrial segment.
Industrial: Three main segments of the industrial sector include automotive
coatings, powder coatings and protective coatings. Kansai Nerolac is the market
leader in this segment. User industries for industrial paints include automobiles
engineering and consumer durables. The industrial paints segment is far more
technology intensive than the decorative segment.
The paints sector is raw material intensive, with over 300 raw materials (30%
petro-based derivatives) involved in the manufacturing process. Since most of the
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raw materials are petroleum based, the industry benefits from softening crude
prices.
Key Points
Supply: Supply exceeds demand in both the decorative as well as the industrial
paints segments. Industry is fragmented.
Demand: Demand for decorative paints depends on the housing sector and good
monsoons. Industrial paint demand is linked to user industries like auto,
engineering and consumer durables.
Barriers to entry: Brand, distribution network, working capital efficiency and
technology play a crucial role.
Bargaining power of suppliers: Price increase constrained with the presence of the
unorganised sector for the decorative segment. Sophisticated buyers of industrial
paints also limit the bargaining power of suppliers. It is therefore that margins are
better in the decorative segment.
Bargaining power of customers: High due to availability of wide choice.
Competition: In both categories, companies in the organised sector focus on brand
building. Higher pricing through product differentiation is also followed as a
competitive strategy.
Financial Year '11
FY11 was a mixed bag for the paint companies. While all the 3 players viz. Asian
Paints, Kansai Nerolac and Berger Paints reported strong growth in sales, operating
margins came under severe pressure due to raw material price inflation. Top-line
growth was boosted by strong demand from the decorative paints segment.
Nonetheless, the demand environment in the industrial segment continues to
remain challenging due to rising interest rates.
Performance on the margins front was a big disappointment. Rising prices of crude
oil and titanium dioxide increased the overall expenditure thereby impacting
profitability growth. However, companies are undertaking a gradual and calibrated
15
price increase to shield margins. Nonetheless, as a complete pass on of raw

material price increase is not possible in the industrial segment, the blended
margins continue to suffer.
All the key players are in an expansion phase. Asian Paints' plant in Khandala,
Maharashtra is under construction and is expected to be commissioned by
4QFY13. Kansai Nerolac's capacity expansion plans at Jainpur and Hosur
culminated during the year. Berger Paints has also undertaken capacity expansion
for its plants located in Andhra Pradesh and Goa. Further, it is also contemplating
to set up a manufacturing facility in Pune, Maharashtra.
Prospects
The market for paints in India is expected to grow at 1.5 times to 2 times GDP in
the next five years. With GDP growth expected to be over 7% levels, the top three
players are likely to clock above industry growth rates, especially given the fact
that protection that was available to unorganised players has come down
significantly.
Decorative paints segment is expected to witness higher growth going forward.
The fiscal incentives given by the government to the housing sector have benefited
the housing sector immensely. This will benefit key players in the long term.
Although the demand for industrial paints is lukewarm it is expected to increase
going forward. This is on account of increasing investments in infrastructure.
Domestic and global auto majors have long term plans for the Indian market,
which augur well for automotive paint manufacturers like Kansai Nerolac and
Asian-PPG. Increased industrial paint demand, especially powder coatings and
high performance coatings will also propel topline growth of paint majors in the
medium term.
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RESEARCH TECHNIQUE
The project is on equity research analysis of the sectors. Hence study has to be
done on the basis of information and news available about the sectors i.e.
secondary data by various modes. This research had to be completed by doing
Fundamental analysis and Technical analysis of the companies.
Secondary data was collected from the internet, company websites, magazines
and various articles. However the main source of information is Annual Report
issued by the companies and also quarterly reports of the current year showing
their performances in current market scenario.
17
Firstly data was analyzed on the basis of the industry. Both the industry i.e.
oil and gas & paints were focused on and its performance and relation with
the Indian economy was monitored and then specific stocks were chosen to
be invested in depending upon the fundamentals of the company stocks.
These stocks were individually analyzed and then measured whether it would
give maximum returns if invested in.
FUNDAMENTAL ANALYSIS
Fundamental analysis of a business involves analyzing its financial statements and
health, its management and competitive advantages, and its competitors and
markets. When analyzing a stock, futures contract, or currency using fundamental
analysis there are two basic approaches one can use; bottom up analysis and top
18
down analysis. The term is used to distinguish such analysis from other types of
investment analysis, such as quantitative analysis and technical analysis.
Fundamental analysis is performed on historical and present data, but with the goal
of making financial forecasts. There are several possible objectives:
To conduct a company stock valuation and predict its probable price
evolution,
To make a projection on its business performance,
To evaluate its management and make projected decisions,
Fundamental analysis includes:

1. Economic analysis
2. Industry analysis
3. Company analysis
On the basis of these three analyses the intrinsic value of the shares are determined.
This is considered as the true value of the share. If the intrinsic value is higher than
the market price it is recommended to buy the share. If it is equal to market price
then hold the share and if it is less than the market price then sell the shares.
TECHNICAL ANALYSIS
19
Technical analysis is a financial term used to denote a security analysis discipline

for forecasting the direction of prices through the study of past market data,
primarily price and volume. Behavioral economics and quantitative analysis
incorporate technical analysis, which being an aspect of active management stands
in contradiction to much of modern portfolio theory.
Technical analysis employs models and trading rules based on price and
volume transformations, such as the relative strength index, moving averages,
regressions, inter-market and intra-market price correlations, business cycles,
stock market cycles or, classically, through recognition of chart patterns.
Technical analysis stands in contrast to the fundamental analysis approach to
security and stock analysis. Technical analysis analyzes price, volume and other
market information, whereas fundamental analysis looks at the actual facts of the
company, market, currency or commodity. Most large brokerage, trading group, or
financial institutions will typically have both a technical analysis and fundamental
analysis team.
CONCEPTS
Resistance a price level that may prompt a net increase of selling
activity
Support a price level that may prompt a net increase of buying activity
Breakout the concept whereby prices forcefully penetrate an area of
prior support or resistance, usually, but not always, accompanied by an
increase in volume.
Trending the phenomenon by which price movement tends to persist in
one direction for an extended period of time
Average true range averaged daily trading range, adjusted for price gaps
Chart patterns distinctive pattern created by the movement of security
prices on a chart
CHART TYPES
20
There are three main types of charts that are used by investors and traders
depending on the information that they are seeking and their individual skill levels.
The chart types are: the line chart, the bar chart, the candlestick chart.
LINE CHART
The most basic of the three charts is the line charts because it represents only the
closing prices over a set period of time. The line is formed by connecting the
closing prices over the time frame. Line charts do not provide visual information of
the trading range for the individual points such as the high, low and opening prices.
However, the closing price is often considered to be the most important price in
stock data compared to the high and low for the day and this is why it is the only
value used in line charts.
BAR CHARTS
The bar chart expands on the line chart by adding several more key pieces of
information toeach data point. The chart is made up of a series of vertical lines that
represent each datapoint. This vertical line represents the high and low for the
trading period, along with theclosing price. The close and open are represented on
the vertical line by a horizontal dash. The opening price on a bar chart is illustrated
21
by the dash that is located on the left side of thevertical bar. Conversely, the close
is represented by the dash on the right. Generally, if theleft dash (open) is lower
than the right dash (close) then the bar will be shaded black,representing an up
period for the stock, which means it has gained value. A bar that is coloredred
signals that the stock has gone down in value over that period. When this is the
case, thedash on the right (close) is lower than the dash on the left (open).
CANDLESTICK CHARTS
The candlestick chart is similar to a bar chart, but it differs in the way that it is
visually constructed. Similar to the bar chart, the candlestick also has a thin vertical
line showing the periods trading range. The difference comes in the formation of a
wide bar on the vertical line, which illustrates the difference between the open and
close. And, like bar charts, candlesticks also rely heavily on the use of colors to
explain what has happened during the trading period. There are two color
constructs for days up and one for days that the price falls. When the price of the
stock is up and closes above the opening trade, the candlestick will usually be
white or clear. If the stock has traded down for the period, then the candlestick will
usually be red or black, depending on the site. If the stock's price has closed above
22
the previous days close but below the day's open, the candlestick will be black or
filled with the color that is used to indicate an up day.
OIL AND GAS SECTOR ANALYSIS

RELIANCE COMPANY
Reliance Industries Limited together with its subsidiaries, engages in exploration,
development, and production of crude oil and natural gas in India and
internationally. The Company operates through three segments: petrochemicals,
refining, and oil and gas.
Petrochemicals segment produces and markets petrochemical products, such as
polyethylene, polypropylene, poly butadiene rubber, polyester yarn, polyester fiber,
ethylene glycol, butadiene, caustic soda, and polyethylene terephthalate.
Refining segment engages in the production and marketing of petroleum products.
Oil and Gas segment is involved in the exploration, development, and production
of crude oil and natural gas.
The Company also offers textile products, including suitings, shirtings, and
readymade garments; and ready-to-stitch and take away fabrics. In addition, RIL
operates retail outlets comprising Reliance retail, food and grocery specialty stores,
hypermarkets, and wholesale stores.
PROFIT AND LOSS ACCOUNT OF RELIANCE

Profit & Loss account of Reliance
------------------- in Rs. Cr. ------------------Mar '14

12 mths
Mar '13
12 mths
23
Mar '12
12 mths
Mar '11
12 mths
Mar '10
12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
390,117.00 360,297.00 339,792.00 258,651.15 200,399.79

0.00
0.00
9,860.00
10,515.09
8,307.92
390,117.00 360,297.00 329,932.00 248,136.06 192,091.87

8,936.00
7,998.00
5,981.00
3,358.61
3,088.05
-412.00
3,317.00
872.00
3,243.05
3,947.89
398,641.00 371,612.00 336,785.00 254,737.72 199,127.81
Expenditure
Raw Materials
Power & Fuel Cost
334,283.00 310,428.00 279,737.00 198,076.21 153,689.01

10,153.00
7,166.00
4,094.00
2,255.07
2,706.71
Employee Cost
3,370.00
3,354.00
2,857.00
2,621.59
2,330.82
Other Manufacturing Expenses
1,985.00
0.00
2,557.00
2,915.44
2,153.67
0.00
0.00
7,510.00
7,207.83
5,756.44
9,037.00
11,879.00
255.00
500.52
651.96
0.00
0.00
-37.00
-30.26 -1,217.92
Selling and Admin Expenses

Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses
358,828.00 332,827.00 296,973.00 213,546.40 166,070.69

Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths
12 mths
Operating Profit
30,877.00
30,787.00 33,831.00
37,832.71 29,969.07
PBDIT
39,813.00
38,785.00 39,812.00
41,191.32 33,057.12
Interest
3,206.00
3,036.00
24
2,668.00
2,328.30
1,999.95
PBDT
36,607.00
35,749.00 37,144.00
38,863.02 31,057.17
8,789.00
9,465.00 11,394.00
13,607.58 10,496.53
Depreciation
Other Written Off
0.00
Profit Before Tax
27,818.00
Extra-ordinary items
PBT (Post Extra-ord Items)
0.00
26,284.00 25,750.00
0.00
27,818.00
Tax
0.00
0.00
5,281.00
5,710.00
0.00
25,255.44 20,560.64
0.00
26,284.00 25,750.00
5,834.00
0.00
0.00
0.00
25,255.44 20,560.64
4,969.14
4,324.97
Reported Net Profit
21,984.00
21,003.00 20,040.00
20,286.30 16,235.67
Total Value Addition
24,545.00
22,399.00 17,236.00
15,470.19 12,381.68
Preference Dividend
0.00
0.00
0.00
0.00
0.00
2,793.00
2,628.00
2,531.00
2,384.99
2,084.67
475.00
447.00
410.00
386.90
346.24
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
32,319.02
Earning Per Share (Rs)
68.02
65.05
61.26
61.97
49.64
Equity Dividend (%)
95.00
90.00
85.00
80.00
70.00
609.78
557.49
498.21
446.25
392.51
Book Value (Rs)
32,286.63 32,710.59
32,733.74 32,703.74
BALANCE SHEET OF RELIANCE

Balance Sheet of Reliance Industries
------------------- in Rs. Cr. ------------------Mar '14

25
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
Total Share Capital
3,232.00
Equity Share Capital
12 mths
12 mths
12 mths
3,229.00
3,271.00 3,273.37
3,270.37
3,232.00
3,229.00
3,271.00 3,273.37
3,270.37
17.00
25.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
Sources Of Funds
Share
Application
Money
Preference Share Capital
Reserves
Revaluation Reserves
193,842.0
142,799.9
176,766.00 159,698.00
125,095.97
0
5
0.00
0.00
3,127.00 5,467.00
8,804.27
Networth
197,091.0
151,540.3
180,020.00 166,096.00
137,170.61
0
2
Secured Loans
10,744.00
Unsecured Loans
74,737.00 52,101.00 51,658.00 56,825.47 50,824.19
Total Debt
85,481.00 54,523.00 58,627.00 67,396.68 62,494.69
Total Liabilities
282,572.0
218,937.0
234,543.00 224,723.00
199,665.30
0
0
2,422.00
6,969.00 10,571.21 11,670.50
Mar '14
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths
12 mths
Application Of Funds
Gross Block
194,793.0
221,251.9
187,607.00 209,552.00
215,864.71
0
7
Less: Accum. Depreciation
85,387.00 77,859.00 91,770.00 78,545.50 62,604.82
Net Block
109,406.0
142,706.4
109,748.00 117,782.00
153,259.89
0
7
Capital Work in Progress
41,716.00 19,116.00
Investments
86,062.00 52,509.00 54,008.00 37,651.54 23,228.62
Inventories
42,932.00 42,729.00 35,955.00 29,825.38 26,981.62
Sundry Debtors
10,664.00 11,880.00 18,424.00 17,441.94 11,660.21
Cash and Bank Balance
36,624.00 49,547.00
26
4,885.00 12,819.56 12,138.82
889.00
604.57
362.36
Total Current Assets
90,220.00 104,156.00 55,268.00 47,871.89 39,004.19
Loans and Advances
40,179.00 32,982.00 24,573.00 17,320.60 10,517.57
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
0.00
0.00 38,709.00 26,530.29 13,100.29
130,399.0
137,138.00 118,550.00 91,722.78 62,622.05
0
0.00
0.00
0.00
0.00
0.00
80,844.00 79,620.00 66,244.00 61,399.87 48,018.65

4,167.00
4,348.00
4,258.00 4,563.48
3,565.43
Total CL & Provisions
85,011.00 83,968.00 70,502.00 65,963.35 51,584.08
Net Current Assets
45,388.00 53,170.00 48,048.00 25,759.43 11,037.97
0.00
0.00
0.00
0.00
0.00
Total Assets
282,572.0
218,937.0
234,543.00 224,723.00
199,665.30
0
0
Contingent Liabilities
77,162.00 54,600.00 45,831.00 41,825.13 25,531.21
Book Value (Rs)
609.78
557.49
Technical Analysis
27
498.21
446.25
392.51
In the above chart of reliance industries in 2009 rice in share price, but in 2012,
there is no rice in share price. After there is up trend in 2014 share price which is
followed by the sideways movement so at the current market situation it
recommended to buy the stock.
ESSAR COMPANY
Essar Oil Ltd is an integrated oil & gas company with a strong presence across the
hydrocarbon value chain. The Company is engaged in the exploration and
production of oil and gas, refining of crude oil, and marketing of petroleum
products. Essar Oil has a global portfolio of onshore and offshore oil and gas
blocks, with about 35,000 sq km available for exploration and 750,000 bpsd
(barrels per stream day) of global crude-refining capacity.
In the mid-stream segment, Company has a world-class highly complex refinery of
20 MMtpa (million metric tonnes per annum) at Vadinar, Gujarat, which has
a crude refining capacity of 405,000 barrels per stream-day (bpsd).
In the upstream segment, it has a portfolio of eight oil and gas blocks in India with
about 1.7 billion barrels of oil equivalent in reserves and resources. In the
28
downstream segment Essar Oil is a leading CBM (coal bed methane) players in
India with more than 10 tcf (trillion cubic feet) of reserves and resources under 5
blocks. The Company operates a network of over 1,400 retail outlets across India,
with another 200 under various stages of commissioning.
PROFIT AND LOSS ACCOUNT OF ESSAR OIL

Profit & Loss account of Essar Oil
------------------- in Rs. Cr. ------------------Mar '13

12 mths
Mar '12
Mar '11
Mar '10
12 mths
Mar '09
12 mths
12 mths
12 mths
88,578.12 58,336.63
53,119.10
42,401.68 41,855.97
0.00
5,226.72
5,086.27 3,749.62
88,578.12 58,336.63
47,892.38
37,315.41 38,106.35
871.93 -1,117.35
Income
Sales Turnover
Excise Duty
Net Sales
0.00
Other Income
497.30
-812.70
339.17
Stock Adjustments
236.88
988.10
1,157.64
89,312.30 58,512.03
49,389.19
38,498.15 35,997.25
82,260.13 54,851.97
44,158.03
34,633.58 33,265.56
Total Income
310.81
-991.75
Expenditure
Raw Materials
Power & Fuel Cost
1,113.50
0.00
504.50
202.37
159.31
Employee Cost
185.66
134.56
119.67
97.50
96.88
575.51
0.00
174.90
174.11
182.79
0.00
0.00
1,502.74
2,934.36
2,662.20
135.03
107.43
0.00
0.00
0.00
0.00
0.00
0.00
87,069.16 57,648.73
46,594.87

Total Expenses
Operating Profit
1,345.34 1,090.10
36,560.33 34,794.64
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
1,745.84
1,676.00
2,455.15
29
1,065.89 2,319.96
PBDIT
2,243.14
863.30
2,794.32
1,937.82 1,202.61
Interest
3,423.58
1,386.84
1,220.24
1,180.93 1,091.48
PBDT
-1,180.44
-523.54
1,574.08
756.89
111.13
Depreciation
0.00
761.94
730.86
728.31
654.85
Other Written Off
0.00
0.00
0.00
0.00
0.00
Profit Before Tax
-1,180.44
-1,285.48
843.22
28.58
-543.72
0.00
0.00
0.00
0.88
0.00
-1,180.44
-1,285.48
843.22
29.46
-543.72
0.00
0.00
174.51
0.00
-30.21
Reported Net Profit
-1,180.44
-1,285.48
653.88
29.46
-513.51
4,809.03
2,796.76
2,436.84
Preference Dividend
0.00
0.00
0.00
0.00
0.00
Equity Dividend
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
13,656.67 13,656.67
13,656.67
Tax
1,926.75 1,529.08

12,015.30 12,015.30
-8.64
-9.41
4.79
0.25
-4.27
Equity Dividend (%)
0.00
0.00
0.00
0.00
0.00
Book Value (Rs)
8.10
15.97
47.87
29.30
29.05
BALANCE SHEET OF ESSAR OIL

Balance Sheet of Essar Oil
------------------- in Rs. Cr. ------------------Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths 12 mths
Total Share Capital
1,382.27
1,382.27
1,382.27
1,218.13 1,218.13
1,382.27
1,382.27
1,382.27
1,218.13 1,218.13
Sources Of Funds
30
Share
Application
Money
0.00
0.00
0.00
1,153.21
91.03
0.00
0.00
0.00
0.00
0.00
-275.44
798.47
5,155.63
0.00
0.00
0.00
1,106.83
2,180.74
6,537.90
4,673.65 3,582.01
23,652.75
17,361.17
12,274.42
9,470.59 9,419.15
66.19
0.00
2,272.51
Total Debt
23,718.94
17,361.17
14,546.93
10,353.73 10,031.71
Total Liabilities
24,825.77
19,541.91
21,084.83
15,027.38 13,613.72
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
25,558.02
21,319.92
13,974.59
13,802.50 13,364.74
4,283.87
0.00
2,230.50
21,274.15
21,319.92
11,744.09
12,309.35 12,605.84
2,610.38
1,760.47
8,423.04
4,318.75 1,913.90
103.00
103.00
103.00
10,588.37
7,681.67
5,749.14
3,969.44 2,250.93
Sundry Debtors
4,716.49
3,996.93
2,423.64
2,095.39 1,165.35
2,430.66
2,060.94
94.89
17,735.52
13,739.54
8,267.67
6,181.92 3,571.72
Loans and Advances
5,842.80
3,166.70
2,162.43
1,725.60 2,865.17
0.00
0.00
2,863.77
1,233.66 1,019.19
23,578.32
16,906.24
13,293.87
9,141.18 7,456.08
Reserves
Networth
Secured Loans
Unsecured Loans
2,302.31 2,272.85
0.00
883.14
0.00
612.56
Mar '09
Gross Block
Net Block
Investments
Inventories
Fixed Deposits
31
1,493.15
203.00
117.09
758.90
103.05
155.44
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
0.00
0.00
0.00
0.00
22,694.88
20,516.09
12,282.19
45.20
31.63
196.98
22,740.08
20,547.72
12,479.17
10,944.90 8,465.15
838.24
-3,641.48
814.70
-1,803.72 -1,009.07
0.00
0.00
0.00
24,825.77
19,541.91
21,084.83
15,027.38 13,613.72
2,684.25
2,541.53
2,887.88
22,091.84 6,430.35
8.10
15.97
47.87
10,922.09 8,439.81
22.81
0.00
29.30
Technical Analysis
In the above chart essar oil share price in 2009 is high, but in 2012, there is no rice
in share price but there is down trend in curve. After there is up trend in 2014 share
price which is followed by the sideways movement so at the current market
32
0.00
25.34
0.00
29.05
situation it recommended to buy the stock in less price. In 2014 curve show the
positive response. It is a better time to buy share.
CAIRN COMPANY
Cairn India Limited was incorporated on 21 August 2006 as a subsidiary of UKbased Cairn Energy PLC and got listed on the BSE and NSE on 9 January 2007.
Cairn India is one of the largest independent oil and gas exploration and production
companies in India and is engaged in various related businesses including
exploring, refining, trading, transporting and marketing of oil and gas. The
Company also deals in minerals and oil and gas related by-products.
Cairn Indias producing assets are in Rajasthan, Cambay and Ravva. The Company
has a total of 10 blocks/fields in its portfolio. The Company is participant in
various oil and gas blocks/fields (which are in the nature of jointly controlled
assets), granted by the Government of India through production sharing contracts.
For FY 2014, the Companys total income from operations grew by 7.06 % to Rs.
18,761.70 Cr. as against Rs. 17,524.15 Cr. in FY 2013. For the same period, net
profit went up by 3.11 % to Rs. 12,431.79 Cr. as against Rs. 12,056.39 Cr. in FY
2013.
PROFIT & LOSS ACCOUNT OF CAIRN

Profit & Loss account of Cairn India
------------------- in Rs. Cr. ------------------Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
15 mths
9,200.98
8.80
2.39
3.20
3.73
Income
Sales Turnover
33
Excise Duty
0.00
0.00
0.00
0.00
0.00
9,200.98
8.80
2.39
3.20
3.73
899.67
224.65
92.71
156.09
276.25
14.06
0.00
0.00
0.00
0.00
10,114.71
233.45
95.10
159.29
279.98
Raw Materials
0.00
0.00
0.00
0.00
0.00
Power & Fuel Cost
0.00
0.00
0.00
0.00
0.00
96.04
13.21
14.56
13.65
9.01
1,901.34
23.10
70.93
3.82
85.43
0.00
33.27
23.77
25.00
33.27
344.02
4.88
11.80
127.92
18.97
0.00
0.00
0.00
0.00
0.00
2,341.40
74.46
121.06
170.39
146.68
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
15 mths
Operating Profit
6,873.64
-65.66
-118.67
-167.19
-142.95
PBDIT
7,773.31
158.99
-25.96
-11.10
133.30
Interest
66.41
111.45
186.69
66.28
0.34
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Employee Cost
Total Expenses
34
PBDT
7,706.90
47.54
-212.65
-77.38
132.96
961.80
0.04
0.03
0.05
0.00
Other Written Off
0.00
0.00
0.00
0.00
20.88
Profit Before Tax
6,745.10
47.50
-212.68
-77.43
112.08
8,266.12
0.00
0.00
12.88
0.00
15,011.22
47.50
-212.68
-64.55
112.08
264.45
3.54
0.00
4.40
57.83
Reported Net Profit
14,746.77
43.96
-212.67
-68.95
54.24
2,341.40
74.46
121.05
170.39
146.68
Preference Dividend
0.00
0.00
0.00
0.00
0.00
2,196.53
0.00
0.00
0.00
0.00
356.34
0.00
0.00
0.00
0.00
Depreciation

Tax
Equity Dividend
19,102.00 19,073.96 19,019.17 18,969.74 18,966.68
77.20
0.23
-1.12
-0.36
0.29
Equity Dividend (%)
115.00
0.00
0.00
0.00
0.00
Book Value (Rs)
178.08
167.35
167.28
168.11
168.46
BALANCE SHEET OF CAIRN

Balance Sheet of Cairn India
------------------- in Rs. Cr. ------------------35
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
Mar '09
12 mths
12 mths
12 mths
15 mths
Total Share Capital
1,910.24
1,907.40
1,901.92
1,896.97 1,896.67
1,910.24
1,907.40
1,901.92
1,896.97 1,896.67
0.00
0.00
0.00
46.40
38.90
0.00
0.00
0.00
0.00
0.00
32,107.12
30,012.22
29,912.64
0.00
0.00
0.00
34,017.36
31,919.62
31,814.56
Secured Loans
0.00
0.00
0.00
1,345.00
0.00
Unsecured Loans
0.00
0.00
1,350.00
0.00
0.00
Total Debt
0.00
0.00
1,350.00
1,345.00
0.00
34,017.36
31,919.62
33,164.56
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
15 mths
Gross Block
4,160.15
2.72
2.59
0.11
0.06
1,118.34
0.16
0.12
0.09
0.00
Net Block
3,041.81
2.56
2.47
0.02
0.06
Sources Of Funds
Share
Application
Money
Reserves
Networth
Total Liabilities
29,993.37 30,055.23
0.00
0.00
31,936.74 31,990.80
33,281.74 31,990.80
36
3,671.41
54.07
21.88
26,410.27
32,674.80
32,568.25
107.04
3.54
2.87
0.98
0.00
1,169.54
0.47
0.17
1.57
1.79
151.05
0.55
0.51
0.43
1.40
1,427.63
4.56
3.55
2.98
3.19
Loans and Advances
3,690.47
70.21
81.41
84.15
85.45
0.00
459.45
652.42
192.36 2,761.88
5,118.10
534.22
737.38
279.49 2,850.52
0.00
0.00
0.00
0.00
0.00
Current Liabilities
1,212.91
1,344.20
167.26
148.07
107.67
Provisions
3,011.32
1.84
0.90
3.01
31.54
4,224.23
1,346.04
168.16
151.08
139.21
893.87
-811.82
569.22
128.41 2,711.31
0.00
0.00
2.75
34,017.36
31,919.61
33,164.57
1,545.77
10.59
601.28
129.60
351.74
178.08
167.35
167.28
168.11
168.46
Investments
Inventories
Sundry Debtors
Fixed Deposits
Deffered Credit
Net Current Assets

Total Assets
Book Value (Rs)
Technical Analysis
37
24.21
54.03
33,129.09 29,225.40
0.00
0.00
33,281.73 31,990.80
In the above chart of cairn ltd in 2009 decrese in share price, but in 2011, there is
no rice in share price. After there is up trend in 2014 share price which is followed
by the sideways movement so at the current market situation it recommended to
buy the stock.
ONGC COMPANY
Oil & Natural Gas Corporation Limited is the second largest oil and gas
exploration and production Company in the world and ranks 23rd among leading
global energy majors. Headquartered in Dehradun, the Companys primary
business includes exploration and production of crude oil, natural gas, LPG and
other value-added petroleum products. ONGC has also set up a subsidiary, Oil
Videsh Limited (OVL), for overseas oil exploration and production. OVL is
operating in 15 countries with 30 projects with cumulative investment worth over
USD 15 billion, to source equity oil & gas for energy security of the country.
The Company operates with 27 crews, manages 240 onshore production
installations, 202 offshore installations, 77 drilling and 58 work-over, owns and
operates more than 26,598 kms of pipeline in India, including 4,500 kms of sub-sea
pipelines.
38
1, 74,466.56 Cr. as against Rs. 1, 62,386.33 Cr. in FY 2013. For the same period,
net profit went up by 11.10 % to Rs. 26,653.02 Cr. as against Rs. 23,990.26 Cr. in
FY 2013.
PROFIT & LOSS ACCOUNT OF OIL AND NATURAL GAS

CORPORATION
Profit & Loss account of Oil and
Natural Gas Corporation
------------------- in Rs. Cr. ------------------Mar '13

12 mths
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Mar '12
12 mths
Mar '11
12 mths
83,005.33 76,515.09 68,338.92

0.00
0.00
0.00
83,005.33 76,515.09 68,338.92
5,436.74 7,593.53 3,406.85
0.00
91.34
12.91
88,442.07 84,199.96 71,758.68
Mar '10
12 mths
Mar '09
12 mths
60,470.18 64,342.28
218.41 338.29
60,251.77 64,003.99
3,615.96 4,085.59
118.04
81.10
63,985.77 68,170.68
4,199.15
656.14
635.30
2,431.88 10,905.51
334.96
157.86
142.57
260.38 270.79
10,330.17 1,309.48 1,303.13
5,618.16 4,536.80
10,043.10 19,692.63 17,453.44 26,652.82 19,578.49
0.00
0.00
0.00 -13,243.69 -4,470.78
24,559.03 8,867.56 8,623.49
947.65 1,011.04
0.00
0.00
0.00
0.00
0.00
49,466.41 30,683.67 28,157.93 22,667.20 31,831.85
Mar '13
Mar '12
Mar '11
Mar '10 Mar '09
12 mths
12 mths
12 mths
33,538.92
38,975.66
27.64
38,948.02
8,373.57
0.00
30,574.45
45,922.76
53,516.29
34.83
53,481.46
7,495.92
9,333.44
36,652.10
40,193.90
43,600.75
25.11
43,575.64
7,676.69
8,248.97
27,649.98
39
12 mths
12 mths
37,702.61 32,253.24
41,318.57 36,338.83
11,276.89 8,485.40
30,041.68 27,853.43
5,242.66 4,355.62
0.00
0.00
24,799.02 23,497.81
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Equity Dividend (%)
Book Value (Rs)
-53.15
-9.55
-33.63
30,521.30 36,642.55 27,616.35
9,618.64 11,519.65 8,692.37
20,925.70 25,122.92 18,924.00
45,267.25 30,027.53 27,522.63
0.00
0.00
0.00
8,127.72 8,341.61 7,486.05
1,301.16 1,328.62 1,215.65
183.99 790.68
24,983.01 24,288.49
8,258.73 8,437.78
16,767.56 16,126.32
20,235.33 20,926.34
0.00
0.00
7,058.28 6,844.39
1,161.56 1,163.20
85,554.90 85,554.90 85,554.90

24.46
29.36
22.12
190.00
195.00
175.00
145.47
132.03
113.97
21,388.73 21,388.73
78.39
75.40
330.00 320.00
408.08 368.12
BALANCE SHEET OF OIL AND NATURAL GAS

CORPORATION
Balance Sheet of Oil and Natural Gas
Corporation
------------------- in Rs. Cr. ------------------Mar '13
Sources Of Funds
Total Share Capital
Share
Application
Money
Reserves
Networth
Mar '12
Mar '11
Mar '10 Mar '09
12 mths
12 mths
12 mths
12 mths 12 mths
4,277.76
4,277.76
4,277.76
4,277.76
4,277.76
4,277.76
2,138.89 2,138.89
2,138.89 2,138.89
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
0.00
120,175.46 108,678.97 93,226.67
85,143.72
0.00
76,596.5
3
0.00
78,735.4
2
0.00
16,035.7
0
16,035.7
0
94,771.1
2
0.00
0.00
0.00
0.00
124,453.22 112,956.73 97,504.43
87,282.61
Secured Loans
0.00
4,500.00
0.00
0.00
Unsecured Loans
0.00
0.00
0.00
16,405.64
Total Debt
0.00
4,500.00
0.00
16,405.64
Total Liabilities
124,453.22 117,456.73 97,504.43 103,688.25

40
Mar '13
Mar '12
Mar '11
Mar '10 Mar '09
12 mths
12 mths
12 mths
12 mths 12 mths
Gross Block
96,463.86
90,019.55 80,501.56
71,553.78
68,980.39
68,341.41 61,862.02
55,905.28
Net Block
27,483.47
21,678.14 18,639.54
15,648.50
14,415.37
73,258.12 65,299.77
56,073.25
Investments
Inventories
Sundry Debtors
9,173.05
5,704.39
6,863.72
13,218.59
25,786.70
5,216.24 5,182.80
5,165.44 4,118.98
6,194.82 3,994.68
20,124.57 14,481.09
31,484.83 22,594.75
5,772.03
4,678.57
3,058.64
282.85
8,020.06
101,268.07
40,090.29 36,300.55
63,721.90
Loans and Advances

Fixed Deposits
Deffered Credit
0.00
127,054.77
0.00
0.00
0.00
17,948.18
71,575.12 58,895.30
89,690.14
0.00
0.00
0.00
Current Liabilities
30,575.81
30,715.22 28,763.69
27,244.53
Provisions
23,097.63
23,555.65 21,749.29
37,092.46
53,673.44
54,270.87 50,512.98
64,336.99
Net Current Assets
73,381.33
17,304.25
8,382.32
25,353.15
0.00
0.00
0.00
841.32
Total Assets
Book Value (Rs)
124,453.22 117,456.75 97,504.43 103,688.25

35,810.89
145.47
27,810.71 20,465.03
132.03
Technical Analysis
41
113.97
39,178.54
408.08
61,355.6
1
50,941.2
3
10,414.3
8
52,923.1
9
5,090.32
4,060.67
4,083.80
161.48
8,305.95
55,964.0
2
18,934.7
4
83,204.7
1
0.00
26,854.1
1
30,657.9
8
57,512.0
9
25,692.6
2
650.61
94,771.1
2
36,024.5
7
368.12
In the above chart ONGC share price in 2009 is high, but in 2011 to 12, there is no
rice in share price but there is down trend in curve. After there is up trend in 2014
share price which is followed by the sideways movement so at the current market
positive response. It is a good time to buy share.
OIL INDIA
Indian Oil Corporation Limited is India's flagship national oil company with
business interests ranging from refining, pipeline transportation and marketing of
petroleum products to exploration & production of crude oil & gas. The Company
is the market leader with an overall share of (53.1%) among the PSUs.
IOC and its subsidiary, Chennai Petroleum Corporation Limited, account for over
49 % petroleum products market share, 31 % national refining capacity and 71 %
downstream sector pipelines capacity in India. The Company has a portfolio of
energy brands that includes Indane LPGas, SERVO lubricants, XtraPremium
petrol, XtraMile diesel, PROPEL & petrochemicals. During FY 2013, IOC
maintained its leadership position in the industry on the basis of unparalleled
performance on all operational parameters. The overall sale of petroleum products
grew by 1.66 % over the previous year. Capacity utilization of 100.8 % was
42
achieved. The year also witnessed the successful commissioning of 1,910 retail
outlets , including 1,050 Kisan Sewa Kendras (KSKs) and 564 LPG distributors
including 422 RGGLV distributors.
4, 88,344.93 Cr. as against Rs. 4,61,779.67 Cr. in FY 2013. For the same period,
net profit went up by 92.06 % to Rs. 6,966.58 Cr. as against Rs. 3,627.30 Cr. in
FY 2013.
PROFIT & LOSS ACCOUNT OF OIL INDIA

Profit & Loss account of Oil India
------------------- in Rs. Cr. ------------------Mar '13
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
9,947.57
0.00
9,947.57
1,508.75
27.37
11,483.69
9,863.23
0.00
9,863.23
1,445.37
8.82
11,317.42
11,623.38
0.00
11,623.38
803.98
7.64
12,435.00
9,486.75
0.00
9,486.75
923.11
-10.57
10,399.29
112.72
27.98
1,305.86
0.00
0.00
3,913.67
0.00
5,360.23
Mar '13
110.05
28.10
1,517.54
0.00
0.00
3,541.68
0.00
5,197.37
Mar '12
280.89
48.43
1,238.68
2,181.11
4,290.20
526.81
-1,106.84
7,459.28
Mar '11
351.70
227.18
51.52
46.77
1,207.37 1,057.86
2,025.70 2,341.64
2,909.73 1,344.18
643.61
500.52
-1,027.55 -1,009.64
6,162.08 4,508.51
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
4,614.71
6,123.46
2.60
6,120.86
837.63
0.00
4,674.68
6,120.05
9.37
6,110.68
1,008.82
0.00
4,171.74
4,975.72
13.92
4,961.80
176.68
0.00
3,314.10
4,237.21
3.65
4,233.56
218.27
0.00
2,770.68
3,661.74
8.74
3,653.00
168.08
0.00
43
12 mths 12 mths
7,292.19
0.00
7,292.19
891.06
-13.00
8,170.25
Profit Before Tax

Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Equity Dividend (%)
Book Value (Rs)
5,283.23
0.00
5,283.23
1,693.89
3,589.34
5,247.51
0.00
1,803.41
295.80
5,101.86
0.00
5,101.86
1,654.94
3,446.92
5,087.32
0.00
1,142.15
185.30
4,785.12
-79.96
4,705.16
1,445.05
2,887.73
7,178.39
0.00
901.70
147.95
4,015.29
-105.11
3,910.18
1,297.06
2,610.52
5,810.37
0.00
817.54
137.46
3,484.92
-66.77
3,418.15
1,240.11
2,161.68
4,281.33
0.00
652.71
110.93
6,011.36
59.71
300.00
319.59
2,404.54
143.35
475.00
736.99
2,404.54
120.09
375.00
655.69
2,404.54
108.57
340.00
572.49
2,140.04
101.01
305.00
436.09
BALANCE SHEET OF OIL INDIA
Balance Sheet of Oil India
Sources Of Funds
Total Share Capital
Share
Application
Money
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
------------------- in Rs. Cr. ------------------Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
601.14
601.14
240.45
240.45
240.45
240.45
240.45
240.45
214.00
214.00
0.00
0.00
0.00
0.00
0.00
0.00
18,610.34
0.00
19,211.48
1,021.86
35.95
1,057.81
20,269.29
Mar '13
0.00
17,480.89
0.00
17,721.34
10.13
0.00
10.13
17,731.47
Mar '12
0.00
15,525.90
0.00
15,766.35
1,005.54
21.25
1,026.79
16,793.14
Mar '11
0.00
13,525.22
0.00
13,765.67
0.00
37.50
37.50
13,803.17
Mar '10
0.00
9,118.47
0.00
9,332.47
2.70
53.75
56.45
9,388.92
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
11,153.66
10,098.43
9,387.66
8,662.10
7,738.04
44
Mar '09

Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
6,158.79
4,994.87
1,769.01
1,857.07
644.33
902.67
12,132.93
13,679.93
2,879.97
0.00
16,559.90
0.00
2,928.23
1,983.33
4,911.56
11,648.34
0.00
20,269.29
5,604.90
4,493.53
1,131.50
2,614.19
533.32
1,051.81
10,935.48
12,520.61
1,921.44
0.00
14,442.05
0.00
3,395.53
1,554.27
4,949.80
9,492.25
0.00
17,731.47
5,139.37
4,248.29
448.36
890.41
500.36
249.47
244.92
994.75
3,283.42
11,524.36
15,802.53
0.00
3,374.43
1,222.02
4,596.45
11,206.08
0.00
16,793.14
4,643.19
4,018.91
328.66
859.44
453.38
659.67
127.83
1,240.88
3,332.00
8,415.08
12,987.96
0.00
2,945.40
1,464.76
4,410.16
8,577.80
18.38
13,803.19
4,082.81
3,655.23
318.59
488.66
501.00
404.73
86.74
992.47
2,058.27
5,983.27
9,034.01
0.00
2,479.85
1,627.70
4,107.55
4,926.46
0.00
9,388.94
4,895.58
319.59
1,110.82
736.99
1,788.10
655.69
966.23
572.49
863.84
436.09
Technical Analysis
45
In the above chart oil india share price in 2009 is high, but in 2012, there is no rice
in share price but there is down trend in curve. After there is up trend in 2014 share
price which is followed by the sideways movement so at the current market
positive response. It is a good time to buy share.
Stock InfPAINTS
SECTOR
ASIAN PAINT LTD
Asian Paints Limited was established way back on February 1,1942 and today
stands as Indias largest paint company and Asias third largest paint company with
an annual turnover of Rs 5,463 crore.
Presently the company is having its presence in 22 countries with 28
manufacturing locations, over 2500 SKUs, Integrated SAP - ERP & i2 - SCM
solution. Besides Asian Paints, the group operates around the world through its
subsidiaries Berger International, Apco Coatings, SCIB Paints and Taubmans.
The company manufactures paints in the category of Decorative, Automative and
Industrial segment. Apart from these the company also manufactures various
Acessories like, Wall Primar, Wood Primer, Putty and Stainers etc.
Asian Paints along with its subsidiaries has operations in 20 countries across the
world and 28 paint manufacturing facilities, servicing consumers in 65 countries
through Berger International, SCIB Paints-Egypt, Asian Paints, Apco Coatings and
Taubmans. Asian Paints operates in 5 regions across the world viz. South Asia,
South East Asia, South Pacific, Middle East and Caribbean region through the five
corporate brands viz. Asian Paints, Berger International, SCIB Paints, Apco
Coatings and Taubmans. In 10 markets, it operates through its subsidiary, Berger
International Limited; in Egypt through SCIB Paints; in 5 markets in the South
Pacific it operates through Apco Coatings and in Fiji and Samoa it also operates
through Taubmans.
The company is having its strategically located Indian plants at Bhandup
(Maharashtra), Kasna (Uttar Pradesh) and Sriperumbudur (Tamil Nadu),
46
Ankleshwar (Gujarat), Patancheru (Andhra Pradesh) and the newly built plant at
Rohtak (Haryana).
The company is having state-of-the-art supply chain system using cutting edge
technology to integrate all its plants, regional distribution centres, outside
processing centres and branches in India. All the companys paints plants in India,
two chemical plants, 18 processing centres, 350 raw material and intermediate
goods suppliers, 140 packing material vendors, 6 regional distribution centres, 72
depots are integrated.
The company is having a big and experienced R&D team which has successfully
managed to develop High-end exterior finished and wood finishes in-house, which
was earlier imported into the country. These products are currently marketed under
Asian Paints Elastomeric Hi-Stretch Exterior paint and Asian Paints PU wood
finish respectively.
The company is having three subsidiaries viz, Apco Coatings - it is a subsidiary of
Asian Paints in the South Pacific islands. The company operates in Australia, Fiji,
Tonga, Solomon Islands and Vanuatu under the brand name of Apco Coatings.
The other subsidiary of the company is Asian Paints Industrial Coatings Limited
which has been set up to cater to the powder coatings market which is one of the
fastest growing segments in the industrial coatings market.
Berger International Limited in November 2002, became a part of the Asian Paints
Group. Today, the name of Berger is synonymous with quality and innovation. BIL
has presence across three regions viz. Middle East, Caribbean and South East
Asia.Asian Paints participates in the Industrial Coatings segment directly, through
a 50:50 JV with PPG Inc. of US as well as through a 100% subsidiary
On the recommendations of Booz, Allen and Hamilton, Asian Paints restructured
itself into Growth, Decorative and International business units and has adopted
SCM and ERP technology. Asian Paints aims to become the 5th largest decorative
paint company in the world.
PROFIT & LOSS ACCOUNT OF ASIAN PAINTS

Profit & Loss account of Asian Paints
------------------- in Rs. Cr. ------------------47
Mar '14
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Equity Dividend (%)
Book Value (Rs)
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
10,418.78
0.00
10,418.78
163.70
75.34
10,657.82
8,971.70
0.00
8,971.70
126.15
175.91
9,273.76
9,139.39
812.31
8,327.08
90.43
143.78
8,561.29
7,244.59 5,794.09
638.57 426.37
6,606.02 5,367.72
72.38 150.61
157.54 130.83
6,835.94 5,649.16
6,044.66
114.65
482.43
0.00
0.00
2,075.11
0.00
8,716.85
Mar '14
5,361.00
101.65
404.59
0.00
0.00
1,733.10
0.00
7,600.34
Mar '13
4,866.63
74.29
343.51
77.05
1,672.74
36.77
0.00
7,070.99
Mar '12
3,812.47 2,966.23
65.98
47.03
302.34 262.73
61.46
52.30
1,331.85 1,119.89
28.19
17.41
0.00
0.00
5,602.29 4,465.59
Mar '11 Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
1,777.27
1,940.97
26.08
1,914.89
212.32
0.00
1,702.57
0.00
1,702.57
533.51
1,169.06
2,672.19
0.00
508.37
82.02
1,547.27
1,673.42
30.56
1,642.86
126.98
0.00
1,515.88
0.00
1,515.88
465.88
1,050.00
2,239.34
0.00
441.23
74.29
1,399.87
1,490.30
27.88
1,462.42
99.49
0.00
1,362.93
2.38
1,365.31
406.92
958.39
2,204.36
0.00
383.69
62.24
1,161.27
1,233.65
16.34
1,217.31
94.48
0.00
1,122.83
4.22
1,127.05
351.90
775.15
1,789.82
0.00
306.94
50.11
1,032.96
1,183.57
19.10
1,164.47
60.74
0.00
1,103.73
7.23
1,110.96
336.46
774.50
1,499.36
0.00
258.98
43.33
9,591.98
12.19
530.00
37.54
959.20
109.47
460.00
315.08
959.20
99.92
400.00
259.36
959.20
80.81
320.00
205.93
959.20
80.74
270.00
162.35
48
BALANCE SHEET OF ASIAN PAINTS

Balance Sheet of Asian Paints
------------------- in Rs. Cr. ------------------Mar '14
Sources Of Funds
Total Share Capital
Share
Application
Money
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Mar '13
Mar '12
Mar '11 Mar '10
12 mths
12 mths
12 mths
95.92
95.92
95.92
95.92
95.92
95.92
95.92
95.92
95.92
95.92
0.00
0.00
0.00
0.00
0.00
0.00
3,505.01
0.00
3,600.93
6.65
32.86
39.51
3,640.44
Mar '14
0.00
2,926.34
0.00
3,022.26
9.28
37.48
46.76
3,069.02
Mar '13
0.00
2,391.86
0.00
2,487.78
17.01
151.21
168.22
2,656.00
Mar '12
0.00
1,879.40
0.00
1,975.32
23.43
40.70
64.13
2,039.45
Mar '11
0.00
1,461.30
0.00
1,557.22
25.59
40.70
66.29
1,623.51
Mar '10
12 mths
12 mths
12 mths
2,908.10
895.90
2,012.20
37.95
1,030.19
1,665.05
712.36
745.36
3,122.77
478.60
0.00
3,601.37
0.00
2,423.55
2,803.73
701.84
2,101.89
52.55
449.70
1,480.79
633.88
566.86
2,681.53
362.61
0.00
3,044.14
0.00
2,078.94
1,659.51
650.47
1,009.04
827.30
542.22
1,264.42
500.24
450.94
2,215.60
361.22
50.03
2,626.85
0.00
1,929.18
49
12 mths 12 mths
12 mths 12 mths
1,611.22
554.03
1,057.19
67.32
1,034.76
1,071.76
366.68
20.28
1,458.72
270.88
0.19
1,729.79
0.00
1,511.37
1,194.39
486.93
707.46
380.72
703.69
763.14
331.43
28.58
1,123.15
241.68
0.02
1,364.85
0.00
1,229.04
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
617.72
3,041.27
560.10
0.00
3,640.44
500.32
2,579.26
464.88
0.00
3,069.02
420.23
2,349.41
277.44
0.00
2,656.00
447.75
37.54
464.28
315.08
414.71
259.36
338.24 304.17
1,849.61 1,533.21
-119.82 -168.36
0.00
0.00
2,039.45 1,623.51
505.87
205.93
Technical Analysis
In the above chart asian paint ltd oil share price in 2009, there is no rice in share
price but there is down trend in curve. After there is up trend in 2013 there is rice
in share price. After that there is down trend in the share price which is followed by
the sideways movement so at the current market situation it recommended to do
not buy the stock.
50
223.80
162.35
BERGER PAINT INDIA LTD

Berger Paints was incorporated in 1923. It is the third largest paint manufacturer
and second largest manufacturer in decorative paints. Its headquarter is located in
Kolkata, it has distribution network of 75 stock points and 12,000 paint retailers.
The company has come a long way to become at one point of time; a part of the
worldwide BERGER group in 1983 and thereby acquiring its present name Berger
Paints India Limited to having subsequently gone through further ups & downs as
well as ownership changes to gain its present status wherein the majority stake is
with Delhi based Dhingra brothers and business revenue close to Rs.2000 crore.
The gentleman who took over, as its first managing director was Mr. Alexender
Vernon Niblet, an Englishman who was later on followed by Mr. Alfred Godwin in
1962.Further in the year 1965, the share capital of British Paints (Holdings)
Limited was acquired by Celanese Corporation, USA and the controlling interest of
British Paints (India) Ltd was acquired by CELEURO NV, Holland, a Celanese
subsidiary.
Subsequently in 1969, the Celanese Corporation sold its Indian interests to Berger,
Jenson & Nicholson, U.K. Then onwards the company British Paints (India) Ltd
became a member of the worldwide BERGER group having its operations across
oceans in numerous geographies and this marked the beginning of Lewis Berger's
legacy in India which the company would later take forward to enviable heights.
From 1973 the company entered into one of its dynamic phases of business with
introduction of new generation products in the industrial, marine and decorative
segments under the able leadership of its first Indian Managing Director Mr.
Dongargaokar Madhukar.
Year 1976 was another turning point in the history of the company when the
foreign holding in the company was diluted to below 40% by sale of a portion of
the shares to the UB Group controlled by Mr. Vittal Mallya. The reins of the
company were taken over by Mr. Biji K Kurien as its Chief Executive & Managing
51
Director in the year 1980. Finally in the year 1983, the British Paints (India)
Limited, changed its name to Berger Paints India Limited.
The entire 80s & 90s saw the lunch of many new products from company's stable
such as premium emulsions and high quality acrylic distempers. The COLOUR
BANK tinting system was launched through which the consumer could select from
a range of over 5000 shades.
Again the fortunes of the company changed hands in 1991 with UB Group's stake
in the company bought over by the Delhi based Dhingra brothers, Mr. K.S.Dhingra
& Mr. G.S.Dhingra and their associates of the UK Paints Group. Presently
Dhingras' control a majority stake of almost 73% in Berger Paints India Limited,
which is a professionally managed organization, headquartered in Kolkata, with the
stewardship resting since 1994 with the current Managing Director Mr. Subir Bose.
The companys manufacturing facilities are located in West Bengal, Uttar Pradesh,
Pondicherry, Goa, and Jammu and Kashmir.
It has subsidiaries are Beepee Coatings, Berger Jenson & Nicholson (Nepal),
Berger Paints (Cyprus) and Berger Paints Overseas. It also acquired 100% stake of
Motor and Industrial paints business of ICI India.
It has technical license agreement with DuPont Performance in the area of
automotive coating; Nippon paints for new generation automotive coating, Orica
Australia Pty for protective coating and TIGERWERK Lacku. Farbenfabrik
GmbH, Australia for specialised powder coating.
The company has a joint venture with Nippon Bee Chemical for manufacturing of
coatings for plastic substrates used in automobiles and mobile phones.
It has wide range of colour bank with over 5000 shades. Lewis Berger ColorBank
offers computerised paint technology through its outlets which mixes different
shades to create desired paint. It has a network of 2500 such counters.
PROFIT & LOSS ACCOUNT OF BERGER PAINTS
Profit & Loss account of Berger

Paints India
------------------- in Rs. Cr. ------------------Mar '13

52
Mar '12
Mar '11
Mar '10
Mar '09
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Equity Dividend (%)
Book Value (Rs)
12 mths
12 mths
12 mths
3,024.21
0.00
3,024.21
30.76
41.49
3,096.46
2,901.20
251.30
2,649.90
22.60
85.40
2,757.90
2,288.35
203.12
2,085.23
40.28
68.49
2,194.00
1,822.42 1,688.66
135.76
177.70
1,686.66 1,510.96
24.22
25.64
10.45
14.16
1,721.33 1,550.76
1,919.93
28.04
139.96
0.00
0.00
641.45
0.00
2,729.38
Mar '13
1,787.30
25.10
121.10
29.80
433.70
57.00
0.00
2,454.00
Mar '12
1,400.83
22.61
107.97
27.82
341.03
40.49
0.00
1,940.75
Mar '11
1,093.30 1,027.64
17.86
17.18
90.12
77.21
23.42
20.50
263.06
224.84
33.02
30.33
0.00
0.00
1,520.78 1,397.70
Mar '10 Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
336.32
367.08
27.67
339.41
46.28
0.00
293.13
0.00
293.13
83.33
209.80
809.45
0.00
62.33
10.60
281.30
303.90
18.10
285.80
37.60
0.00
248.20
0.00
248.20
70.80
177.40
666.70
0.00
48.50
7.80
212.97
253.25
12.18
241.07
29.98
0.00
211.09
0.00
211.09
62.81
148.31
539.92
0.00
44.99
7.37
176.33
200.55
4.75
195.80
26.41
0.00
169.39
0.00
169.39
49.26
120.14
427.47
0.00
38.07
6.32
127.42
153.06
15.33
137.73
20.40
0.00
117.33
5.42
122.75
34.00
88.76
370.06
0.00
19.13
3.25
3,462.90
6.06
90.00
28.43
3,461.53
5.12
70.00
24.40
3,460.72
4.29
65.00
20.84
53
12 mths
12 mths
3,460.72 3,188.72
3.47
2.78
55.00
30.00
18.07
12.99
BALANCE SHEET OF BERGER PAINTS

Balance Sheet of Berger Paints India
Sources Of Funds
Total Share Capital
Share
Application
Money
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Provisions
Net Current Assets
------------------- in Rs. Cr. ------------------Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
69.26
69.26
69.20
69.20
69.21
69.21
69.21
69.21
63.77
63.77
0.00
0.00
0.88
0.00
9.90
0.00
915.17
0.00
984.43
147.68
155.34
303.02
1,287.45
Mar '13
0.00
775.40
0.90
845.50
71.80
98.00
169.80
1,015.30
Mar '12
0.00
651.99
0.93
723.01
78.53
0.03
78.56
801.57
Mar '11
0.00
556.04
0.98
626.23
24.41
0.05
24.46
650.69
Mar '10
0.00
350.37
1.09
425.13
78.00
0.06
78.06
503.19
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
601.98
280.30
321.68
171.23
90.58
576.91
324.55
222.54
1,124.00
131.34
0.00
1,255.34
0.00
469.91
81.47
551.38
703.96
0.00
518.80
246.80
272.00
98.60
79.60
513.90
305.00
19.00
837.90
67.10
157.40
1,062.40
0.00
433.30
64.00
497.30
565.10
0.00
419.49
215.33
204.16
76.79
117.59
403.92
240.29
28.95
673.16
55.62
93.98
822.76
0.00
375.71
44.01
419.72
403.04
0.00
371.74
186.15
185.59
31.60
170.20
299.33
204.73
25.99
530.05
50.58
11.57
592.20
0.00
276.31
52.59
328.90
263.30
0.00
322.68
160.37
162.31
18.82
29.52
266.33
180.38
23.96
470.67
61.60
7.91
540.18
0.00
219.89
27.74
247.63
292.55
0.00
54
Total Assets
Book Value (Rs)
1,287.45
1,015.30
801.58
650.69
503.20
462.29
28.43
424.10
24.40
84.11
20.84
49.30
18.07
34.44
12.99
Technical Analysis
In the above chart Berger Paints India share price in 2009 is high, but in 2012,
there is no rice in share price but there is down trend in curve. After there is up
trend in 2014 share price which is followed by the sideways movement so at the
current market situation it recommended to buy the stock in less price. In 2014
curve show the positive response. It is a good time to buy share.
KANSAI NEROLAC PAINT LTD
55
Kansai Nerolac Paints was incorporated in 1920 as Gahagan Paints and Varnish
Company. Later in 1930, three British companies were merged and Lead Industries
Group was established. Today Kansai Nerolac Paints is amongst the leading paint
companies in India
Headquartered in Mumbai, companys manufacturing facilities are located at Uttar
Pradesh, Maharashtra, Tamil Nadu and Haryana.
In India the company has presence in Assam, Goa, Gujarat, Haryana, Himachal
Pradesh, Madhya Pradesh, Orissa, West Bengal, Rajasthan, Maharashtra, Punjab,
Uttaranchal, Bihar, New Delhi, Tamil Nadu, Uttar Pradesh and many more.
Companys manufacturing units have received ISO 9001-2000, ISO-14001 and
OHSAS-18001 for its quality management. Company has also implemented
Japanese 5-S and TPM (total productive maintenance) concepts in organization.
Nerolac has a wide distribution network of over 11,000 dealers which one of the
key strength of company. Company also operates through 66 depots.Companys
R&D facility focuses on improving its manufacturing processes and innovate its
products. This facility has officially recognized by the Department of Science and
Technology (DTI), Government of India.
Company has technically collaborated with two companies Kansai Paint Co. and
Oshima Kogyo Co. of Japan.ProductsThe company is engaged in manufacturing of
automotive coating, general industrial coating, high performance coating and
powder coating.The company markets its products under the brand name such as
'Impressions', 'Beauty', 'Excel' and 'Suraksha'.
PROFIT & LOSS ACCOUNT OF KANSAI NEROLAC PAINTS

Profit & Loss account of Kansai
Nerolac Paints
------------------- in Rs. Cr. ------------------Mar '14
Income
Sales Turnover
Excise Duty
Mar '13
Mar '12
Mar '11
Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
3,154.35
0.00
2,856.62
0.00
3,018.64
288.06
2,493.19 1,971.71
234.48 156.99
56
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Total Expenses
Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Tax
Reported Net Profit
Preference Dividend
Equity Dividend
Equity Dividend (%)
Book Value (Rs)
3,154.35
10.33
80.70
3,245.38
2,856.62
131.25
58.24
3,046.11
2,730.58
25.39
60.65
2,816.62
2,258.71 1,814.72
48.50
20.07
70.22
47.32
2,377.43 1,882.11
2,231.61
66.68
135.88
0.00
0.00
438.79
0.00
2,872.96
Mar '14
2,017.88
45.48
118.14
0.00
0.00
397.26
0.00
2,578.76
Mar '13
1,803.88
34.79
106.94
5.63
445.33
58.60
0.00
2,455.17
Mar '12
1,478.71 1,122.01
33.45
26.16
92.64
76.05
22.39
18.35
395.31 341.62
15.35
13.66
0.00
0.00
2,037.85 1,597.85
Mar '11 Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
362.09
372.42
0.45
371.97
64.98
0.00
306.99
0.00
306.99
100.42
206.57
641.35
0.00
59.28
10.08
336.10
467.35
0.02
467.33
47.11
0.00
420.22
0.00
420.22
128.04
292.18
560.88
0.00
59.28
10.08
336.06
361.45
0.09
361.36
56.35
0.00
305.01
0.13
305.14
89.24
215.89
651.29
0.00
59.28
9.62
291.08
339.58
1.23
338.35
49.35
0.00
289.00
0.16
289.16
83.15
205.98
559.14
0.00
53.89
8.74
264.19
284.26
1.64
282.62
44.26
0.00
238.36
1.13
239.49
73.96
165.50
475.85
0.00
40.42
6.71
538.92
38.33
110.00
264.08
538.92
54.22
110.00
238.62
538.92
40.06
110.00
197.28
538.92
38.22
100.00
170.00
269.46
61.42
150.00
286.80
57
BALANCE SHEET OF KANSAI NEROLAC PAINTS

Balance Sheet of Kansai Nerolac
Paints
------------------- in Rs. Cr. ------------------Mar '14

12 mths
Sources Of Funds
Total Share Capital
Share
Application
Money
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
Gross Block
Net Block
Investments
Inventories
Sundry Debtors
Loans and Advances
Fixed Deposits
Deffered Credit
Current Liabilities
Mar '13
12 mths
Mar '12
12 mths
53.89
53.89
53.89
53.89
53.89
53.89
53.89
53.89
26.95
26.95
0.00
0.00
0.00
0.00
0.00
0.00
1,369.30
0.00
1,423.19
0.90
50.81
51.71
1,474.90
Mar '14
12 mths
0.00
1,232.09
0.00
1,285.98
0.90
59.59
60.49
1,346.47
Mar '13
12 mths
0.00
1,009.26
0.00
1,063.15
2.96
66.01
68.97
1,132.12
Mar '12
12 mths
0.00
862.28
0.00
916.17
8.11
74.37
82.48
998.65
Mar '11
12 mths
0.00
745.87
0.00
772.82
33.53
76.45
109.98
882.80
Mar '10
12 mths
1,328.34
418.76
909.58
48.16
56.47
645.66
454.84
54.87
1,155.37
85.55
0.00
1,240.92
0.00
672.92
1,141.83
367.36
774.47
123.49
60.60
534.07
419.99
60.07
1,014.13
89.53
0.00
1,103.66
0.00
597.23
845.24
448.91
396.33
179.45
183.51
453.71
358.83
59.18
871.72
67.13
0.00
938.85
0.00
449.61
675.28
397.07
278.21
103.57
371.82
354.10
260.26
39.69
654.05
63.64
0.00
717.69
0.00
363.54
637.67
348.35
289.32
16.43
401.54
247.44
232.37
41.08
520.89
53.74
0.00
574.63
0.00
305.45
58
Mar '11 Mar '10

12 mths 12 mths
Provisions
Net Current Assets
Total Assets
Book Value (Rs)
107.30
780.22
460.70
0.00
1,474.91
118.53
715.76
387.90
0.00
1,346.46
116.38
565.99
372.86
0.00
1,132.15
109.11
472.65
245.04
0.00
998.64
93.67
399.12
175.51
0.00
882.80
6.32
264.08
89.07
238.62
24.48
197.28
85.43
170.00
25.19
286.80
Technical Analysis
59
In the above chart Berger Paints India share price in 2009, there is no rice in share
price but there is down trend in curve. After there is up trend in 2014 share price
which is followed by the sideways movement so at the current market situation it
recommended to buy the stock in less price. In 2014 curve show the positive
response. It is a good time to buy share.
AKZO NOBEL INDIA LTD

Akzo Nobel India is all of the above and far more. It manufactures and markets a
wide range of coatings and specialty chemicals. Around 1,780 people work in the
six production facilities, two state-of-the-art research laboratories and 75
warehouses across India; its retailers are an impressive 8500 and growing. It
attracts some of the best talent in the country, with the ANI workforce comprising
people who are dedicated, highly motivated and determined to succeed.
A key enabler of our growth strategy is the merger of three Indian subsidiaries of
Akzo Nobel N.V. with Akzo Nobel India. The assets and operations of Akzo Nobel
Coatings India, Akzo Nobel Car Refinishes India and Akzo Nobel Chemicals
(India) are now part of our Company. Hence Akzo Nobel India has the platform
and the portfolio to leverage the power of One AkzoNobel and realise its vision
for the future, says Amit Jain, Managing Director, Akzo Nobel India
60
So where does the Company see itself, in the future? The targets has been defined
projected revenues of 1 billion Euros. And in this passage to accelerated growth,
the Company sees itself upholding all relevant standards of corporate governance,
ethics, sustainability and other pressing issues that dominate world space today.
The steps have been takena state-of-the-art green plant that will be operational in
2013; plans for expanded capacity and more products across business units
combine to highlight the fact that ANI is committed to innovate, create, compete.
Products
Paints- The Company owns two paint brands such as Dulux and Duco. The
company manufactures wide range of decorative paints. For exterior emulsion it
has created brands like Weathershield and Supercote. It has created retail brands
like Dulux Velvet Touch, Acrylic Emulsion and Gloss.
National Starch- Under this produces adhesives, specialty synthetic polymers,
electronic materials and specialty food and industrial starches.
Outlook
ICI India plans to double its production capacity of decorative paints to 100 million
litres a year by 2010.
PROFIT & LOSS ACCOUNT OF AKZO NOBEL INDIA

Profit & Loss account of Akzo Nobel
------------------- in Rs. Cr. ------------------India
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
Sales Turnover
2,232.00
2,162.30
1,321.50
1,114.00
1,016.28
Excise Duty
0.00
184.20
110.40
73.20
109.94
Net Sales
2,232.00
1,978.10
1,211.10
1,040.80
906.34
Other Income
138.10
104.30
109.30
92.50
294.36
Income
61
Stock Adjustments
-12.00
70.10
31.60
-1.40
-4.49
Total Income
2,358.10
2,152.50
1,352.00
1,131.90
1,196.21
Raw Materials
1,287.80
1,204.80
604.60
482.20
514.97
Power & Fuel Cost
14.60
13.40
5.80
5.00
4.49
Employee Cost
175.30
147.00
65.30
52.10
46.48
0.00
42.60
13.00
17.00
10.19
0.00
385.60
377.30
315.40
183.46
553.80
73.50
43.40
39.30
34.49
0.00
0.00
0.00
0.00
0.00
Total Expenses
2,031.50
1,866.90
1,109.40
911.00
794.08
Mar '13
Mar '12
Mar '11
Mar '10
Mar '09
12 mths
12 mths
12 mths
12 mths
12 mths
Operating Profit
188.50
181.30
133.30
128.40
107.77
PBDIT
326.60
285.60
242.60
220.90
402.13
Interest
8.90
3.90
1.50
1.10
2.93
PBDT
317.70
281.70
241.10
219.80
399.20
Depreciation
38.60
36.60
21.70
21.20
21.33
Other Written Off
0.00
0.00
0.00
0.00
0.00
Profit Before Tax
279.10
245.10
219.40
198.60
377.87
0.00
1.70
6.30
1.50
0.96
279.10
246.80
225.70
200.10
378.83
Tax
60.30
44.60
49.10
40.70
84.12
Reported Net Profit
218.80
201.80
176.60
159.30
294.59
743.70
662.10
504.80
428.80
279.11
Preference Dividend
0.00
0.00
0.00
0.00
0.00
Equity Dividend
373.30
95.90
66.30
58.90
60.89
63.40
15.60
10.80
9.80
10.35
466.60
368.34
368.34
368.34
380.70
Expenditure

62
46.89
54.79
47.94
43.25
77.38
Equity Dividend (%)
800.00
200.00
180.00
160.00
160.00
Book Value (Rs)
236.88
387.79
295.95
268.93
254.69
BALANCE SHEET OF KANSAI NEROLAC PAINTS

Balance Sheet of Kansai Nerolac
Paints
------------------- in Rs. Cr. -------------------
Mar '14
Mar '13
Mar '12
Mar '11 Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
Total Share Capital
53.89
53.89
53.89
53.89
26.95
53.89
53.89
53.89
53.89
26.95
0.00
0.00
0.00
0.00
0.00
Sources Of Funds
Share
Application
Money
63
0.00
0.00
0.00
1,369.30
1,232.09
1,009.26
0.00
0.00
0.00
1,423.19
1,285.98
1,063.15
0.90
0.90
2.96
8.11
33.53
Unsecured Loans
50.81
59.59
66.01
74.37
76.45
Total Debt
51.71
60.49
68.97
82.48 109.98
1,474.90
1,346.47
1,132.12
998.65 882.80
Mar '14
Mar '13
Mar '12
Mar '11 Mar '10
12 mths
12 mths
12 mths
12 mths 12 mths
Reserves
Networth
Secured Loans
Total Liabilities
64
0.00
0.00
862.28 745.87
0.00
0.00
916.17 772.82
Gross Block
1,328.34
1,141.83
845.24
675.28 637.67
418.76
367.36
448.91
397.07 348.35
Net Block
909.58
774.47
396.33
278.21 289.32
48.16
123.49
179.45
103.57
Investments
56.47
60.60
183.51
371.82 401.54
Inventories
645.66
534.07
453.71
354.10 247.44
Sundry Debtors
454.84
419.99
358.83
260.26 232.37
54.87
60.07
59.18
1,155.37
1,014.13
871.72
65
39.69
16.43
41.08
654.05 520.89
Loans and Advances
85.55
89.53
67.13
63.64
53.74
0.00
0.00
0.00
0.00
0.00
1,240.92
1,103.66
938.85
0.00
0.00
0.00
Current Liabilities
672.92
597.23
449.61
363.54 305.45
Provisions
107.30
118.53
116.38
109.11
780.22
715.76
565.99
472.65 399.12
Net Current Assets
460.70
387.90
372.86
245.04 175.51
0.00
0.00
0.00
1,474.91
1,346.46
1,132.15
Fixed Deposits
Deffered Credit
Total Assets
66
717.69 574.63
0.00
0.00
0.00
93.67
0.00
998.64 882.80
Book Value (Rs)
6.32
89.07
24.48
264.08
238.62
197.28
85.43
25.19
170.00 286.80
OIL AND GAS SECTOR

Company
Name
Price
PE
EPS
LTPT
PEG
Reliance
ONGC
Oil India
Cairn
Essar
1077.90
409
561.08
351.45
96.90
16.07
16.14
11.55
9.08
10.41
67.07
25.34
48.57
38.70
9.30
848.43
320.55
614.41
489.55
117.64
5.05
4.49
-
12.65
PE Sector
As we consider all the large cap companies of the oil and gas sector, we get 12.65
as the sector of P/E. Accordingly we have bifurcated the shares of the company as
overvalued and undervalued and All the large cap companies P/E Should be less
than P/E Sector and LTPT should be more than actual share price. With the help of
sector P/E, we get to know whether it is reasonable to buy the share of the
particular company or not.
Hence, while analyzing the oil and gas sector we got Oil India, Cairn, Essar
companies long term price target is more than the actual share price. Thats way we
invest in these companies is considered to be value picks, as it is estimated that
their prices would hike up in the future
67
PAINTS SECTOR
Company
Name
Price
PE
EPS
LTP
Asian Paint Ltd
529
39.85
13.27
478.5
Berger Paint
India Ltd
Kansai Nerolac
Paint Ltd
AKZO Nobel
India Ltd
270.50
35.47
7.61
274.4
35.52
38.85
1400.
270.50
33.26
1199.
1380
1112
36.06
As we consider all the large cap and mid cap companies of the paints sector, we get
36.06 as the sector of P/E. Accordingly we have bifurcated the shares of the
company as overvalued and undervalued and All the large cap companies P/E
Should be less than P/E Sector and LTPT should be more than actual share price.
With the help of sector P/E, we get to know whether it is reasonable to buy the
share of the particular company or not.
Hence, while analyzing the oil and gas sector we got Berger Paint India Ltd,
Kansai Nerolac Paint Ltd, AKZO Nobel India Ltd companies long term price target
is more than the actual share price. Thats way we invest in these companies is
considered to be value picks, as it is estimated that their prices would hike up in the
future.
STOCK PURCHASED
68
Oil and gas

Company Name
Invested Price
Quantity
Total Amount
Oil India
586.00
85,325
5,00,00,000
Cairn
359.45
55,640
2,00,00,000
Essar
107.25
1,86,480
2,00,00,000
9,00,00,000
Paints
Company Name
Invested Price
Quantity
Total Amount
Berger Paint India Ltd
265.10
9430
25,00,000
Kansai Nerolac Paint
1305.00
5747
75,00,000
1041.00
9607
1,00,00,000
Ltd
AKZO Nobel India Ltd
3,00,00,000
The above shares of a few companies in the oil and gas & paints sector, we bought
shares on 30th June 2014 as their prices are expected to rise in the future and prove
to be a profitable investment.
69
CHAPTER 4
FINDINGS AND CONCLUSION
RECOMMENDATIONS AND SUGGESTIONS
In this project due to time constraint only five large cap companies in oil and gas
sector and four mid and large cap companies in paints companies have analyzed
and based on the fundamental and technical analysis it is better to hold the shares
of the following companies reliance and ONGC.
Share price of cairn, essar and oil india is in long term price target is more than
actual share price. These all companies will give good profit in future and is advise
to buy these companies share.
70
CONCLUSION
This project has given me broad aspect to gain knowledge of the financial
activities. This project was a good exposure for us to get acquainted with the sector
analysis.
From the project it can be concluded on both the sectors that,
Oil and gas sector offers a considerable opportunity for investors and shows
healthy development in conformity with the escalation of the Indian economy. The
New Exploration Licensing Policy (NELP), which was envisaged to deal with the
increasing demand-supply gap of energy in India, has confirmed to be successful
in attracting the interest of both domestic and some overseas players.
The paint industry volume in India has been growing at 15% per annum for quite
some years now. As far as the future growth prospects are concerned, the industry
is expected to grow at 12-13% annually over the next five years.
Equity research on oil and gas & paints sector, both the sector companies have
analyzed and based on the fundamental analysis and technical analysis. We get
opportunity to invest in shares of the both sector companies on the basis of sector
PE and LTPT. These price targets are expectations and not exact value as on future
date. The prices may or may not rise to the expected level. There are even chances
of price fall.
71
BIBLIOGRAPHY
News paper: Economic Times
Times of India
Web sites: www.birlasunlife.com
www.info.shine.com
www.moneycontrol.com
www.equimaster.com
www.indiainfoline.com
www.moneyworks4me.com
72

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EQUITY RESEARCH ON OIL ANG GAS & PAINTS SECTOR

SCOPE OF THE STUDY

LIMITATION OF THE STUDY

Because of less experience only one chart is used in technical analysis

The study is limited to the companies having equities.

and complexity of the investment options available in today's marketplace, it is important

PRODUCT AND SERVICES

About the Product

Mutual Funds give access to Indian equity and debt

Portfolio Management System is a unique way to build a

customized portfolio of Indian equities. It acts as

It offers convenient, simple and efficient trading in

Indian equities. They provide with a seamless platform

to invest in the Indian secondary markets. The Wealth

It brings customized investment solutions, giving access

Alternate asset product

Through its distribution tie-ups, they offer a wide range

They bring in a combination of in-depth market

Loan against Securities

Tie-up with Aditya Birla Finance lets its customers use

and mutual funds

their share investments as security against borrowing.

A healthy portfolio is about diversification and risk

While offering solutions for building and preserving

protection to loved ones and cover risks and

About the services

Birlas quality research provides clients with the

information they need to make informed investment

Service includes Daily Market Update, Weekly update

on mutual Funds and Event Based SMS to keep the

The online portfolio ensures every detail of ones

investments at fingertips. One can constantly monitor

They offer a comprehensive financial planning session

Customer portfolio undergoes regular reviews to

ensure your money is constantly working in your best

Weakness:1. Low Presence in Rural Market

Opportunity:1. Growing potential in the Rural Market

Threats:1. Economic crisis and economic instability

AN OVERVIEW OF BIRLA SUN LIFE WEALTH

Achieving superior and consistent investment results.

Creating a conducive environment to hone and retain talent.

Providing customer delight.

Institutionalizing system-approach in all aspects of functioning

Upholding highest standards of ethical values at all times.

ABOUT PAINTS SECTOR

price increase to shield margins. Nonetheless, as a complete pass on of raw

To make a projection on its business performance,

To evaluate its management and make projected decisions,

Fundamental analysis includes:

Technical analysis is a financial term used to denote a security analysis discipline

OIL AND GAS SECTOR ANALYSIS

PROFIT AND LOSS ACCOUNT OF RELIANCE

------------------- in Rs. Cr. ------------------Mar '14

390,117.00 360,297.00 339,792.00 258,651.15 200,399.79

390,117.00 360,297.00 329,932.00 248,136.06 192,091.87

398,641.00 371,612.00 336,785.00 254,737.72 199,127.81

334,283.00 310,428.00 279,737.00 198,076.21 153,689.01

Other Manufacturing Expenses

Selling and Admin Expenses

358,828.00 332,827.00 296,973.00 213,546.40 166,070.69

Profit Before Tax

Reported Net Profit