PRIMA PLASTICS LTD SCREENER.

IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Trailing Best Case Worst Case
Sales 41.67 48.65 56.84 57.63 68.88 76.44 83.70 89.53 83.88 93.71 97.37 104.69 97.45
Expenses 41.48 43.87 52.92 53.38 67.53 70.42 79.58 79.27 75.08 84.21 88.19 93.50 90.05
Operating Profit 0.19 4.78 3.92 4.25 1.35 6.02 4.12 10.26 8.80 9.50 9.18 11.19 7.39
Other Income 1.02 0.98 1.67 0.96 4.61 0.83 2.41 3.81 6.49 3.90 4.37 - -
Depreciation 1.57 1.55 1.59 1.51 1.61 1.64 1.14 1.76 0.96 1.47 1.63 1.63 1.63
Interest 0.92 0.55 0.69 0.94 0.97 1.14 1.06 0.26 0.61 1.46 1.89 1.89 1.89
Profit before tax -1.28 3.66 3.31 2.76 3.39 4.07 4.32 12.04 13.73 10.46 10.03 7.67 3.87
Tax 0.03 0.63 0.68 0.57 0.76 0.88 0.88 2.42 3.90 2.92 2.15 21% 21%
Net profit -1.31 3.03 2.63 2.19 2.63 3.19 3.44 9.63 9.83 7.54 7.88 6.03 3.04
EPS -1.19 2.75 2.39 1.99 2.39 2.90 3.13 8.75 8.94 6.85 7.16 5.48 2.77
Price to earning -4.47 4.87 6.29 6.61 5.08 4.60 19.64 17.24 30.58 26.98 17.78 23.14 13.97
Price 5.32 13.43 15.03 13.16 12.14 13.34 61.42 150.91 273.25 184.91 127.40 126.85 38.65

EBIT -0.36 4.21 4.00 3.70 4.36 5.21 5.38 12.30 14.34 11.92 11.92
EBITDA 1.21 5.76 5.59 5.21 5.97 6.85 6.52 14.06 15.30 13.39 13.55
Operating Profit (excl Other Income) 0.19 4.78 3.92 4.25 1.36 6.02 4.11 10.25 8.81 9.49 9.18

RATIOS:
DPS - 1.00 1.00 1.00 1.00 1.00 1.50 2.00 2.00 2.00
Dividend Payout 0.00% 36.30% 41.83% 50.23% 41.83% 34.48% 47.97% 22.85% 22.38% 29.18%
OPM 0.46% 9.83% 6.90% 7.37% 1.96% 7.88% 4.92% 11.46% 10.49% 10.14% 9.43%

TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 9.42% 7.40% 6.35% 3.84% 11.72% 11.72% 3.84%
OPM 7.59% 8.00% 9.06% 10.69% 9.43% 10.69% 7.59%
Price to Earning 13.97 16.06 19.47 23.14 17.78 23.14 13.97

Year on Year Sales Growth 16.75% 16.83% 1.39% 19.52% 10.98% 9.50% 6.97% -6.31% 11.72% 3.91%
PRIMA PLASTICS LTD SCREENER.IN

Narration Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
Sales 27.40 20.19 19.72 20.68 23.59 20.98 22.80 22.80 28.00 23.77
Expenses 23.95 18.40 17.74 18.79 20.59 18.76 19.74 20.80 25.85 21.80
Operating Profit 3.45 1.79 1.98 1.89 3.00 2.22 3.06 2.00 2.15 1.97
Other Income 2.59 0.48 0.58 3.66 1.87 0.21 0.26 0.24 3.20 0.67
Depreciation 1.08 0.21 0.21 0.25 0.29 0.34 0.35 0.37 0.42 0.49
Interest 0.06 0.16 0.16 0.14 0.15 0.13 0.34 0.47 0.52 0.56
Profit before tax 4.90 1.91 2.18 5.16 4.43 1.96 2.63 1.40 4.41 1.59
Tax 0.85 0.41 0.72 1.36 1.40 0.77 0.78 0.28 1.08 0.01
Net profit 4.05 1.50 1.47 3.79 3.03 1.20 1.85 1.12 3.33 1.58

OPM 13% 9% 10% 9% 13% 11% 13% 9% 8% 8%

EBIT 4.96 2.07 2.34 5.30 4.58 2.09 2.97 1.87 4.93 2.15
EBITDA 6.04 2.28 2.55 5.55 4.87 2.43 3.32 2.24 5.35 2.64
PRIMA PLASTICS LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 1HFY17 Input data from 2QFY BS
Equity Share Capital 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00 11.00
Reserves 24.25 25.99 27.34 28.25 29.60 31.50 31.42 38.40 48.02 52.84
Borrowings 3.92 2.74 4.59 10.12 4.52 9.89 3.61 0.93 4.83 28.43 0.00
Other Liabilities 4.99 9.99 7.55 6.38 12.23 9.06 8.06 6.70 6.61 7.33 def tax liab+oth long term liab+other current liab
Total 44.16 49.72 50.48 55.75 57.35 61.45 54.09 57.03 70.46 99.60

Net Block 13.34 12.89 13.26 12.77 12.98 12.09 11.21 10.28 19.58 25.01
Capital Work in Progress 0.23 0.32 0.17 0.14 0.15 0.25 0.20 0.19 - 0.06
Investments 2.32 2.32 2.25 2.26 1.69 1.62 1.54 1.52 4.22 4.22
Other Assets 28.27 34.19 34.80 40.58 42.53 47.49 41.14 45.04 46.66 70.31 total current assets+long term loans and advances+other non current assets
Total 44.16 49.72 50.48 55.75 57.35 61.45 54.09 57.03 70.46 99.60 0.00 0.00 check TA matching

Working Capital 23.28 24.20 27.25 34.20 30.30 38.43 33.08 38.34 40.05 62.98 0.00
Debtors 12.34 12.46 12.17 14.89 13.85 16.64 13.74 14.95 13.92 21.03
Inventory 8.50 15.32 13.65 14.20 17.33 19.44 18.22 15.54 16.11 22.14
Payables (Creditors) input Creditors (Payables) data from Annual Reports

Inventory Turnover 4.90 3.18 4.16 4.06 3.97 3.93 4.59 5.76 5.21 4.23 -
Inventory Days 74.45 114.94 87.65 89.94 91.83 92.83 79.45 63.35 70.10 86.24 0.00
Debtor Days 108.09 93.48 78.15 94.31 73.39 79.46 59.92 60.95 60.57 81.91 0.00
Creditor Days - - - - - - - - - - -
Cash Conversion Cycle - - - - - - - - - - -
Working Capital/Sales 55.87% 49.74% 47.94% 59.34% 43.99% 50.27% 39.52% 42.82% 47.75% 67.21%

Return on Equity -4% 8% 7% 6% 6% 8% 8% 19% 17% 12%

Return on Capital Emp -4% 7% 4% 5% -2% 7% 5% 13% 7% 6%

Book Value 35.25 36.99 38.34 39.25 40.60 42.50 42.42 49.40 59.02 63.84 -
BVPS 32.04 33.63 34.85 35.68 36.91 38.63 38.56 44.91 53.65 58.03 -

Cash & Bank Balances 1.57 1.50 2.10 2.09 2.01 2.53 2.54 6.91 2.75 2.38
Cash/Sales 3.77% 3.08% 3.69% 3.63% 2.92% 3.31% 3.03% 7.72% 3.28% 2.54%
Working Capital/Sales
Common Size Balance Shee Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Check back how Assets are being put to use
Net Block/Total Assets 30.21% 25.93% 26.27% 22.91% 22.63% 19.67% 20.72% 18.03% 27.79% 25.11% high historical Fixed Assets/Total Assets - strong correlation high Op Leverage
Working Capital/Total Assets 52.72% 48.67% 53.98% 61.35% 52.83% 62.54% 61.16% 67.23% 56.84% 63.23%
Debtors/Total Assets 27.94% 25.06% 24.11% 26.71% 24.15% 27.08% 25.40% 26.21% 19.76% 21.11%
Inventory/Total Assets 19.25% 30.81% 27.04% 25.47% 30.22% 31.64% 33.68% 27.25% 22.86% 22.23%
Cash/Total Assets 3.56% 3.02% 4.16% 3.75% 3.50% 4.12% 4.70% 12.12% 3.90% 2.39% check for excluding excess cash (over and above historical normalised levels)

Borrowings/Total Assets 8.88% 5.51% 9.09% 18.15% 7.88% 16.09% 6.67% 1.63% 6.85% 28.54%

Net Block/IC 0.36 0.34 0.33 0.27 0.30 0.24 0.25 0.21 0.33 0.28
Working Capital/IC 0.63 0.65 0.67 0.73 0.70 0.76 0.74 0.79 0.67 0.72
Debtors/IC 0.33 0.33 0.30 0.32 0.32 0.33 0.31 0.31 0.23 0.24
Inventory/IC 0.23 0.41 0.34 0.30 0.40 0.38 0.41 0.32 0.27 0.25
Cash/IC 0.04 0.04 0.05 0.04 0.05 0.05 0.06 0.14 0.05 0.03

Net Block/Sales 0.32 0.26 0.23 0.22 0.19 0.16 0.13 0.11 0.23 0.27
Working Capital/Sales 0.56 0.50 0.48 0.59 0.44 0.50 0.40 0.43 0.48 0.67
Debtors/Sales 0.30 0.26 0.21 0.26 0.20 0.22 0.16 0.17 0.17 0.22
Inventory/Sales 0.20 0.31 0.24 0.25 0.25 0.25 0.22 0.17 0.19 0.24
PRIMA PLASTICS LTD SCREENER.IN

Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity 0.51 2.99 0.57 -0.79 1.42 -2.77 7.21 6.51 -0.87 -16.63
Cash from Investing Activity 0.69 -0.25 -0.06 -0.03 3.36 0.05 1.80 3.33 -6.85 -3.16
Cash from Financing Activity -0.98 -2.82 0.09 0.81 -4.86 3.24 -9.01 -5.47 3.65 19.38
Net Cash Flow 0.22 -0.08 0.60 -0.01 -0.08 0.52 0.01 4.37 -4.06 -0.41
 PRIMA PLASTICS LTD Mar-09 Mar-10 Mar-11 Mar-12

DELTA
NETWORTH DELTA MKTCAP IMPACT*
10 YR 29 198 6.91
7 YR 25 189 7.68
5 YR 21 189 8.84
3 YR 14 37 2.59
1 YR 5 -97 -20.16
* IMPACT – Every Rupee retained added xx.yy in incremental market value

PRIMA PLASTICS LTD SALES GROSS PROFIT EBIT PAT

10 YR CAGR 9.42% 11.93% -247.53% -221.47%
5 YR CAGR 5.22% 11.36% 22.99% 23.99%
3 YR CAGR 2.31% -5.05% -1.56% -11.51%
1 YR GROWTH 11.72% 3.63% -16.88% -23.30%
**modify (if, then) for negative values
PRIMA PLASTICS LTD Mar-09 Mar-10 Mar-11 Mar-12
Total Assets/Networth= Financial
Leverage 1.25 1.34 1.32 1.42
Long term debt/Earning -2.99 0.90 1.75 4.62
Current liablility/Earning -3.81 3.30 2.87 2.91
Total liability/Earning -6.80 4.20 4.62 7.53
Debt/Equity 0.11 0.07 0.12 0.26
Interest Coverage -0.39 7.65 5.80 3.94
Working Capital/Sales 55.87% 49.74% 47.94% 59.34%
Inventory Turns 4.90 3.18 4.16 4.06
Inventory Days 74 115 88 90
Debtor Days 108 93 78 94
Creditor Days - - - -
Cash Conversion Cycle - - - -
Cash In/Cash Out Ratio 2.79 1.40 1.89 2.66
Current Ratio 5.67 3.42 4.61 6.36
CFO/PAT -0.39 0.99 0.22 -0.36

Gross Margin =Gross Profit/Sales 28.80% 27.89% 31.58% 28.80%

EBIT/Sales -0.86% 8.65% 7.04% 6.42%
EBITDA/Sales 2.90% 11.84% 9.83% 9.04%
Op Profit (Ex Other Income)/Sales 0.46% 9.83% 6.90% 7.37%
Net Margin =PAT/Sales -3.14% 6.23% 4.63% 3.80%
Op Cash Flow/Sales 1.22% 6.15% 1.00% -1.37%
Free Cash Flow/Sales 0.00% 3.70% -2.18% -3.09%
EPA/Sales -11.50% -2.06% -3.00% -4.72%
EPA/Sales Increase - last 5 Years
EPA/Sales Increase - last 3 Years 8.50% -2.65%
MktCap Cagr - last 5 years
MktCap Cagr - last 3 years 68.10% -1.02%
 Sales/Invested Capital =Capital Turns 1.13 1.30 1.40 1.22
Sales/Fixed Assets= Fixed Asset Turns 3.12 3.71 4.35 4.43
Sales/Total Assets= Asset Turns 0.94 0.98 1.13 1.03
Net Margin*Asset Turns= RoA -2.97% 6.09% 5.21% 3.93%
Net Margin*Asset Turn*Fin Leverage=
RoE -3.72% 8.19% 6.86% 5.58%
RoCE -0.92% 10.60% 9.32% 7.49%
EBIT Margin*Cap Turns*(1-Tax rate)=
RoIC -1.00% 9.32% 7.81% 6.23%
Return on Incremental Invested Cap=
RoIIC -54.84% -7.41%
3Yr Rolling RoIIC
5Yr Rolling RoIIC

Altman Z-Score 1.59 2.07 2.27 2.17

Dividend Payout 0.00% 36.30% 41.83% 50.23%
Cash/Assets 3.56% 3.02% 4.16% 3.75%
EBIT/Invested Capital -0.98% 11.25% 9.83% 7.85%
EPA -4.79 -1.00 -1.70 -2.72
MktCap 6 15 17 14
MktCap Change 9 2 -2
MktCap Change - EPA 9.92 3.47 0.66

Capex/Net Profits 10 yr 58%

Capex/Net Profits 7 yr 57%
Capex/Net Profits 5 yr 56%
Capex/Net Profits 3 yr 66%
Capex/Depreciation 10 yr 167%

Efficiency Ratio
Total Asset Turn 0.94 0.98 1.13 1.03
Capital Turns 1.06 1.22 1.32 1.17
Invested Capital Turns 1.13 1.30 1.40 1.22
Fixed Asset Turns 3.12 3.71 4.35 4.43
Working Capital1/Sales 0.56 0.50 0.48 0.59
Working Capital2/Sales 0.52 0.47 0.44 0.56
Debtors turnover 3.38 3.90 4.67 3.87
Inventory turnover 4.90 3.18 4.16 4.06
Working Capital Turnover 0.56 0.50 0.48 0.59
Sales/(Debtors + Inventory) 2.00 1.75 2.20 1.98
Debtors/Sales 0.30 0.26 0.21 0.26
Inventory/Sales 0.20 0.31 0.24 0.25
(Debtors + Inventory)/Sales 0.50 0.57 0.45 0.50
PAT -1.31 3.03 2.63 2.19
Operating CashFlow 0.51 2.99 0.57 -0.79
Sum of PAT - 3 Years 4.35 7.85
Sum of Operating cashFlow - 3 Years 4.07 2.77
Sum of PAT - 5 Years
Sum of Operating cashFlow - 5 Years
 Financial Health
Long term debt/Earning -2.99 0.90 1.75 4.62
Current liablility/Earning -3.81 3.30 2.87 2.91
Total liability/Earning -6.80 4.20 4.62 7.53
Debt/Equity 0.11 0.07 0.12 0.26
Interest Coverage -0.39 7.65 5.80 3.94
CFO/Interest 0.55 5.44 0.83 -0.84
Debt/Cash from operations 7.69 0.92 8.05 -12.81
Debt/EBIT -10.89 0.65 1.15 2.74
Debt/EBITDA(Less than 3) 3.24 0.48 0.82 1.94
Cash From Operations/EBIT -1.42 0.71 0.14 -0.21
Cash From Operations/EBITDA(Greater
than 33%) 42% 52% 10% -15%
EBIT/Operating Asset -0.01 0.09 0.09 0.07
EBITDA/Operating Asset(Greater than
30%) 3% 13% 12% 10%
Float
Assets 44.16 49.72 50.48 55.75
Investments 2.32 2.32 2.25 2.26
Cash & Bank 1.57 1.50 2.10 2.09
Operational Assets(Assets - Investment
- Cash) 40.27 45.90 46.13 51.40
Invested Capital 36.85 37.41 40.68 47.11
Debt 3.92 2.74 4.59 10.12
Equity 35.25 36.99 38.34 39.25
Operational Assets - Debt - Equity 1.10 6.17 3.20 2.03
Float 3% 13% 7% 4%

Debt/Operational Asset 10% 6% 10% 20%

Equity/Operational Asset 88% 81% 83% 76%
Debt/Invested Capital 11% 7% 11% 21%
Equity/Invested Capital 96% 99% 94% 83%
Incremental OA 5.63 0.23 5.27
Incremental IC3 0.56 3.27 6.43
Incremental Equity 1.74 1.35 0.91
Incremental Debt -1.18 1.85 5.53
Incremental Equity/Incremental OA 31% 587% 17%
Incremental Debt/Incremental OA -21% 804% 105%
Incremental Equity/Incremental IC3 311% 41% 14%
Incremental Debt/Incremental IC3 -211% 57% 86%

Owners Earning & Defensive Earning

Fixed Asset/Sales 0.32 0.27 0.23 0.23
Fixed Asset/Sales 10 yrs
Fixed Asset/Sales 5 yrs
Fixed Asset/Sales 3 yrs 0.27 0.24
YoY Increase in Sales 6.98 8.19 0.79
Change in WC 0.92 3.05 6.95
Capex 1.19 1.81 0.99
 3 Year Avg Capex 1.33
Growth Capex-5Yr
Maintenance Capex-5yr

Growth Capex-3Yr 2.24 0.19

Maintenance Capex-3yr 5.95 0.60

OE 5Yr Maintenace Capex

OE with 3 Yr Maintenace Capex -8.74 -2.97
OE with 3 Year Avg Capex -3.70

OE 5Yr Maintenace Capex/Sales

OE with 3 Yr Maintenace Capex/sales -15% -5%
OE with 3 Year Avg Capex/Sales -6%
Net Profit -1.31 3.03 2.63 2.19
3 Year Avg Net profit 1.45 2.62
3 Year Avg Depriciation 1.57 1.55
OE with 3 Year Avg (PAT DEPRI
CAPEX )/Sales 2.84
OE5Yr/Sales
OE3Yr/Sales 11.76 7.14
OE/Sales 5%
NPM -3% 6% 5% 4%

Capex/Depriciation 0.77 1.14 0.66

Defensive Earnings 2.47 -0.64 -4.24
Defensive earnings1/Sales 5% -1% -7%
FCF/Sales 4% -2% -3%

Depriciation/Net Block 11.77% 11.82% 12.16% 11.60%

Fixed Asset Turn (NFAT) 3.12 3.71 4.35 4.43
NPM -3% 6% 5% 4%
DPR 0% 36% 42% 50%
Dep 3 Year 0.12 0.12
NFAT 3 Year 3.73 4.16
NPM 3 Year 0.03 0.05
DPR 3 Year 0.26 0.43
Dep 5 Year
NFAT 5 Year
NPM 3 Year
DPR 3 Year

SSGR -0.46% -3.23%

SSGR 3 Year -4.83% -0.23%
SSGR 5 Year

Inventory/RM Cost 28.65% 43.67% 35.10% 34.61%

FCF Growth Rate -169% 44%
ROIC3 -1% 9% 8% 6%
Distributable FCF (Growth/Roic) -2161.69% 698.79%
 FCF/IC3 0.05 -0.03 -0.04
EPA3/IC3 -13.00% -2.68% -4.19% -5.77%
OE with 3 y Maintnance/IC3 -0.06
OE with 3 Y Avg Capex / IC3 -0.08
Defensive Earning /IC3 0.07 -0.02 -0.09
Retained Earning / IC3 -0.04 0.05 0.04 0.02

Sales 41.67 48.65 56.84 57.63

YoY Sales Growth 17% 17% 1%
Net profit -1.31 3.03 2.63 2.19
YoY NP Growth -331% -13% -17%
EPS -1.19 2.75 2.39 1.99
YoY EPS Growth -331% -13% -17%
Cash from Operating Activity 0.51 2.99 0.57 -0.79
YoY CFO Growth 486% -81% -239%
Networth/Total No of Shares =
Book Value 32.04 33.63 34.85 35.68

YoY BV Growth 5% 4% 2%
Debt/OCF 7.69 0.92 8.05 -12.81
GPM 29% 28% 32% 29%
OPM 0% 10% 7% 7%
EBIT Margin -1% 9% 7% 6%
EBITDA Margin 3% 12% 10% 9%
NPM -3.14% 6.23% 4.63% 3.80%
FCF/Sales 4% -2% -3%
OCF/Sales 1% 6% 1% -1%
Debt/Equity 0.11 0.07 0.12 0.26
ROCE -4% 7% 4% 5%
ROE -4% 8% 7% 6%
interest/Debt 23.47% 20.07% 15.03% 9.29%
Borrowings 3.92 2.74 4.59 10.12
Interest Coverage -0.39 7.65 5.80 3.94
CFO/Interet 0.55 5.44 0.83 -0.84
Debtors/Sales 30% 26% 21% 26%
Inventory/Sales 20% 31% 24% 25%
Debtors 12.34 12.46 12.17 14.89
Inventory 8.5 15.32 13.65 14.2
CFO/PAT -0.39 0.99 0.22 -0.36
CFO/OP 2.68 0.63 0.15 -0.19
CFO/EBITDA 0.42 0.52 0.10 -0.15
Depriciation/(NetBlock +Capital
WIP+Depriciation) 10.37% 10.50% 10.59% 10.47%
depriciation/Sales 3.77% 3.19% 2.80% 2.62%
Tax Rate -2.34% 17.21% 20.54% 20.65%
Dividend/PAT 0.00% 36.30% 41.83% 50.23%
Dividend/CFO 0.00% 36.79% 192.98% -139.24%
Change in Reserve/Pat-Dividend 0.90 0.88 0.83
Other Expenses/Sales 1% -1% -2% -3%
Other Expenses/PAT -36% -17% -42% -78%
Other Income/Sales 2% 2% 3% 2%
 Other Income/PAT -78% 32% 63% 44%
CWIP/Gross Block 0.02 0.02 0.01 0.01
(CFO+CFI)/PAT -0.92 0.90 0.19 -0.37
(CFO+CFI)/PAT ---3 Year 1.02 0.31
(CFO+CFI)/PAT ---6 Year
3 Year Sum CFO 4 3
3 year Sum CFI 0 -0
3 Year CFO + CFI 4 2
(cash+investment)/Mcap 66.49% 25.86% 26.31% 30.06%
(cash+investment)/Debt 99.23% 139.42% 94.77% 42.98%
Selling & Admin /Sales 12% 10% 11% 12%
Employee Cost /Sales 5% 5% 5% 6%

Float 2.73% 13.44% 6.94% 3.95%

Net Block/Invested Capital 36% 34% 33% 27%

WC/Invested Capital 63% 65% 67% 73%
Net Blocl/Operational Asset 33% 28% 29% 25%
WC/Oprational Asset 58% 53% 59% 67%
Debt/Invested Capital 11% 7% 11% 21%
Equity/Invested Capital 96% 99% 94% 83%
Debt/Operational Asset 10% 6% 10% 20%
Equity/Operational Asset 88% 81% 83% 76%
Decomposition of ROE
Sales/Total
Total Assets= Asset
Assets/Networth= Turns
Financial 0.94 0.98 1.13 1.03
Leverage 1.25 1.34 1.32 1.42
Net Profit -3.14% 6.23% 4.63% 3.80%
ROE -3.72% 8.19% 6.86% 5.58%

Decomposition of ROA
Net Profit/Sales = Net Margin -3.14% 6.23% 4.63% 3.80%
Total Asset Turn 0.94 0.98 1.13 1.03
ROA = Net Margin*Asset Turns -2.97% 6.09% 5.21% 3.93%

Decomposition of ROIC

EBIT*(1-Tax)/Sales (Bargaining Power) -0.88% 7.16% 5.59% 5.09%

Sales/Invested Capital (Cost
Advantage) 1.13 1.30 1.40 1.22
ROIC 3 = NOPLAT/IC3 -1.00% 9.32% 7.81% 6.23%

Decomposition of ROCE
EBIT -0.36 4.21 4.00 3.70
Capital Employed 39.17 39.73 42.93 49.37
Networth 35.25 36.99 38.34 39.25
 Borrowing 3.92 2.74 4.59 10.12
ROCE -0.92% 10.60% 9.32% 7.49%
Decomposition of ROCE(Screener)
Operating Profit-Depri-Tax -1.41 2.60 1.65 2.17
Net Block 13.34 12.89 13.26 12.77
WC 23.28 24.20 27.25 34.20
Other Assets 28.27 34.19 34.80 40.58
Other Liabilities 4.99 9.99 7.55 6.38
ROCE -3.85% 7.01% 4.07% 4.62%
Decomposition of EPS
Net Profit/Sales = Net Margin -3% 6% 5% 4%
Sales/Total Assets= AssetFinancial
Total Assets/Networth= Turns 0.94 0.98 1.13 1.03
Leverage 1.25 1.34 1.32 1.42
Networth/Total No of Shares =
Book Value 32.04 33.63 34.85 35.68
YoY Growth 5% 4% 2%
3 Yr Growth Rate 9% 6%
5 Yr Growth Rate
EPS -1.19 2.75 2.39 1.99
YoY Growth -331% -13% -17%
3 Yr Growth Rate -301% -28%
5 Yr Growth Rate
ROCE -3.85% 7.01% 4.07% 4.62%
3 Yr Avg Roce 2.41% 5.23%
5 Yr Avg Roce
Sales 41.67 48.65 56.84 57.63
YoY Growth 17% 17% 1%
3 Yr Growth Rate 36% 18%
5 Yr Growth Rate
Net profit -1.31 3.03 2.63 2.19
YoY Growth -331% -13% -17%
3 Yr Growth Rate -301% -28%
5 Yr Growth Rate
OE with 3 Year Avg Capex - - - -3.70
YoY Growth
3 Yr Growth Rate
5 Yr Growth Rate
Defensive Earnings - 2.47 -0.64 -4.24
YoY Growth -126% 563%
3 Yr Growth Rate -272%
5 Yr Growth Rate
Free Cash Flow 0 1.8 -1.24 -1.78
YoY Growth -169% 44%
3 Yr Growth Rate -199%
5 Yr Growth Rate
NOPLAT -0.37 3.49 3.18 2.94
YoY Growth -1046% -9% -8%
3 Yr Growth Rate -963% -16%
5 Yr Growth Rate
Invested Capital 36.85 37.41 40.68 47.11
 YoY Growth 2% 9% 16%
3 Yr Growth Rate 10% 26%
5 Yr Growth Rate
Net Block 13.34 12.89 13.26 12.77
YoY Growth -3% 3% -4%
3 Yr Growth Rate -1% -1%
5 Yr Growth Rate
WC 23.28 24.20 27.25 34.20
YoY Growth 4% 13% 26%
3 Yr Growth Rate 17% 41%
5 Yr Growth Rate
Borrowings 3.92 2.74 4.59 10.12
YoY Growth -30% 68% 120%
3 Yr Growth Rate 17% 269%
5 Yr Growth Rate
Equity 35.25 36.99 38.34 39.25
YoY Growth 5% 4% 2%
3 Yr Growth Rate 9% 6%
5 Yr Growth Rate

Sales/IC 1.13 1.30 1.40 1.22

Sales/(Debtors + Inventory) 2.00 1.75 2.20 1.98
Debtors/Sales 30% 26% 21% 26%
Inventory/Sales 20% 31% 24% 25%
Debtors/WC 53% 51% 45% 44%
Inventory/WC 37% 63% 50% 42%
CA 28.27 34.19 34.80 40.58
CL 4.99 9.99 7.55 6.38
Sales/WC 1.79 2.01 2.09 1.69
IC/Sales 88% 77% 72% 82%
(Debtors+Inventory)/sales 50% 57% 45% 50%
Sales/Debtors 3.38 3.90 4.67 3.87
Sales/Inventory 0.56 0.50 0.48 0.59
WC/Sales 56% 50% 48% 59%

Sources of capital
CFO 0.51 2.99 0.57 -0.79
Proceeds from shares Sale 0 0 0
Debt Raised -1.18 1.85 5.53
Interest/Dividend Received 1.02 0.98 1.67 0.96

Application of capital
Capex 0 1.19 1.81 0.99
Investment 2.32 2.32 2.25 2.26
Cash 1.57 1.5 2.1 2.09
Debt Repaymnt 0 1.18 -1.85 -5.53
Dividend Paid 0 1.1 1.1 1.1
 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TTM

HISTORICAL VALUATIONS
P/E P/B EV/EBITDA P/SALES YIELD
MIN -4.47 0.17 2.66 0.14 8.24%
MAX 30.58 5.09 19.78 3.58 0.00%
TRAILING 17.78 2.20 17.14 1.50 1.57%

DIVIDEND EPA** MKTCAP CFO** FCF** NETWORTHTOTAL RETURNS

#DIV/0! -9.38% 48.33% -247.28% #VALUE! 6.82% 48.51%
18.92% -0.44% 92.94% 56.53% 59.77% 10.71% 90.00%
0.00% #VALUE! 10.70% #VALUE! #VALUE! 13.68% 10.56%
0.00% -163.44% -32.33% 1811.49% 115.63% 8.17% -32.09%

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TTM

1.41 1.45 1.28 1.15 1.19 1.56 #DIV/0!

1.72 3.10 1.05 0.10 0.49 3.77
4.65 2.84 2.34 0.70 0.67 0.97
6.37 5.94 3.39 0.79 1.16 4.74
0.11 0.23 0.09 0.02 0.08 0.45
4.49 4.57 5.08 47.31 23.51 8.16
43.99% 50.27% 39.52% 42.82% 47.75% 67.21%
3.97 3.93 4.59 5.76 5.21 4.23
92 93 79 63 70 86
73 79 60 61 61 82
- - - - - -
- - - - - -
1.30 2.12 2.02 3.26 2.52 3.19
3.48 5.24 5.10 6.72 7.06 9.59
0.54 -0.87 2.10 0.68 -0.09 -2.21

25.15% 28.15% 30.10% 40.99% 38.07% 35.31%

6.33% 6.82% 6.43% 13.74% 17.10% 12.72% 12.24%
8.67% 8.96% 7.79% 15.70% 18.24% 14.29%
1.97% 7.88% 4.91% 11.45% 10.50% 10.13%
3.82% 4.17% 4.11% 10.76% 11.72% 8.05% 8.09%
2.06% -3.62% 8.61% 7.27% -1.04% -17.75%
-0.60% -4.74% 8.36% 6.36% -13.04% -25.17%
-2.66% -2.63% -1.26% 4.43% 3.71% -2.11%
8.84% -0.56% 1.74% 9.15% 6.36% 0.52%
0.34% 2.09% 1.40% 7.06% 4.97% -6.54%
22.92% -0.15% 42.18% 84.04% 117.80% 92.94%
-10.11% 0.71% 124.90% 236.29% 110.93% 10.70%
 1.59 1.51 1.88 1.83 1.41 1.06
5.35 6.10 7.18 8.33 5.62 4.20
1.20 1.24 1.55 1.57 1.19 0.94 #DIV/0!
4.59% 5.19% 6.36% 16.89% 13.95% 7.57% #DIV/0!

6.48% 7.51% 8.11% 19.49% 16.66% 11.81% #DIV/0!

9.66% 9.94% 11.69% 24.44% 22.46% 12.92%

7.79% 8.04% 9.63% 20.13% 17.22% 9.76% #DIV/0!

6.95% -19.05% 2.73% -88.27% 10.16% -15.47%

15.04% 13.36% -246.00% 114.93% 48.63%
0.00% 5.74% 93.92% 90.17% 41.61%

2.26 2.47 3.41 5.02 5.26 3.40

41.83% 34.48% 47.97% 22.85% 22.38% 29.18%
3.50% 4.12% 4.70% 12.12% 3.90% 2.39%
10.04% 10.26% 12.09% 25.20% 24.05% 13.54%
-1.83 -2.01 -1.05 3.97 3.11 -1.97
13 15 68 166 301 203
-1 1 53 98 135 -97
0.72 3.33 53.94 94.47 131.48 -95.21

ency Ratio
1.20 1.24 1.55 1.57 1.19 0.94
1.53 1.46 1.82 1.78 1.31 1.02
1.59 1.51 1.88 1.83 1.41 1.06
5.35 6.10 7.18 8.33 5.62 4.20
0.44 0.50 0.40 0.43 0.48 0.67
0.41 0.47 0.36 0.35 0.44 0.65
4.97 4.59 6.09 5.99 6.03 4.46
3.97 3.93 4.59 5.76 5.21 4.23
0.44 0.50 0.40 0.43 0.48 0.67
2.21 2.12 2.62 2.94 2.79 2.17
0.20 0.22 0.16 0.17 0.17 0.22
0.25 0.25 0.22 0.17 0.19 0.24
0.45 0.47 0.38 0.34 0.36 0.46
2.63 3.19 3.44 9.63 9.83 7.54
1.42 -2.77 7.21 6.51 -0.87 -16.63
7.45 8.01 9.26 16.26 22.9 27
1.20 -2.14 5.86 10.95 12.85 -10.99
9.17 13.67 14.08 21.08 28.72 33.63
4.70 1.42 5.64 11.58 11.50 -6.55
cial Health
1.72 3.10 1.05 0.10 0.49 3.77
4.65 2.84 2.34 0.70 0.67 0.97
6.37 5.94 3.39 0.79 1.16 4.74
0.11 0.23 0.09 0.02 0.08 0.45
4.49 4.57 5.08 47.31 23.51 8.16
1.46 -2.43 6.80 25.04 -1.43 -11.39
3.18 -3.57 0.50 0.14 -5.55 -1.71
1.04 1.90 0.67 0.08 0.34 2.39
0.76 1.44 0.55 0.07 0.32 2.12
0.33 -0.53 1.34 0.53 -0.06 -1.40

24% -40% 111% 46% -6% -124%

0.08 0.09 0.11 0.25 0.23 0.13 Operating Assets = Total assets- Cash - In

11% 12% 13% 29% 24% 14%

Float
57.35 61.45 54.09 57.03 70.46 99.60
1.69 1.62 1.54 1.52 4.22 4.22
2.01 2.53 2.54 6.91 2.75 2.38

53.65 57.30 50.01 48.60 63.49 93.00

43.43 50.77 44.49 48.81 59.63 88.05
4.52 9.89 3.61 0.93 4.83 28.43
40.60 42.50 42.42 49.40 59.02 63.84
8.53 4.91 3.98 -1.73 -0.36 0.73 other peaople money = money generate
16% 9% 8% -4% -1% 1% Float = other peoples money / operation

8% 17% 7% 2% 8% 31%
76% 74% 85% 102% 93% 69%
10% 19% 8% 2% 8% 32%
93% 84% 95% 101% 99% 73%
2.25 3.65 -7.29 -1.41 14.89 29.51
-3.68 7.34 -6.28 4.32 10.82 28.42
1.35 1.90 -0.08 6.98 9.62 4.82
-5.60 5.37 -6.28 -2.68 3.90 23.60
60% 52% 1% -495% 65% 16%
-249% 147% 86% 190% 26% 80%
-37% 26% 1% 162% 89% 17%
152% 73% 100% -62% 36% 83%

& Defensive Earning

0.19 0.16 0.14 0.12 0.18 0.24
0.21
0.25 0.22 0.19 0.17 0.16 0.17
0.21 0.19 0.16 0.14 0.15 0.18
11.25 7.56 7.26 5.83 -5.65 9.83
-3.90 8.13 -5.35 5.26 1.71 22.93
1.83 0.85 0.21 0.82 10.07 6.96
 1.54 1.22 0.96 0.63 3.70 5.95
2.77 1.63 1.37 0.97 -0.89 1.65
-0.94 -0.78 -1.16 -0.15 10.96 5.31

2.41 1.45 1.19 0.82 -0.82 1.76

8.84 6.11 6.07 5.01 -4.83 8.07

-4.68 -9.66 3.50 -6.57 7.36 -26.17

-0.72 -10.54 3.52 -5.44 7.70 -19.61
6.58 -5.65 8.63 -1.06 -0.83 -17.49

-7% -13% 4% -7% 9% -28%

-1% -14% 4% -6% 9% -21%
10% -7% 10% -1% -1% -19%
2.63 3.19 3.44 9.63 9.83 7.54
2.48 2.67 3.09 5.42 7.63 9.00
1.57 1.59 1.46 1.51 1.29 1.40

2.51 3.03 3.59 6.31 5.22 4.45

8.73 13.91 1.05 13.50 1.56 36.57
4.77 14.79 1.03 12.37 1.22 30.01
4% 4% 4% 7% 6% 5%
4% 4% 4% 11% 12% 8%

1.14 0.52 0.18 0.47 10.49 4.73

6.31 -4.15 9.72 5.31 -0.99 -20.88
9% -5% 12% 6% -1% -22%
-1% -5% 8% 6% -13% -25%

12.50% 13.08% 9.79% 16.38% 6.43% 6.59%

5.35 6.10 7.18 8.33 5.62 4.20
4% 4% 4% 11% 12% 8%
42% 34% 48% 23% 22% 29%
0.12 0.12 0.12 0.13 0.11 0.10
4.71 5.29 6.21 7.20 7.05 6.05
0.04 0.04 0.04 0.06 0.09 0.10
0.45 0.42 0.41 0.35 0.31 0.25
0.12 0.12 0.12 0.13 0.12 0.10
4.19 4.79 5.48 6.28 6.52 6.29
0.03 0.05 0.04 0.05 0.07 0.08
0.34 0.41 0.43 0.39 0.34 0.31

-0.62% 3.59% 5.58% 52.77% 44.68% 17.36%

-1.45% -0.37% 2.88% 16.59% 32.17% 36.49%
-3.49% 0.57% 0.94% 7.59% 18.15% 23.03%

33.61% 35.40% 31.14% 29.42% 31.01% 36.52%

-77% 783% -293% -19% -292% 116%
8% 8% 10% 20% 17% 10%
-988.21% 9734.07% -3046.64% -92.95% -1697.51% 1184.91%
 -0.01 -0.07 0.16 0.12 -0.18 -0.27
-4.21% -3.96% -2.37% 8.13% 5.22% -2.24%
-0.02 -0.21 0.08 -0.11 0.13 -0.22
0.15 -0.11 0.19 -0.02 -0.01 -0.20
0.15 -0.08 0.22 0.11 -0.02 -0.24
0.04 0.04 0.04 0.15 0.13 0.06

68.88 76.44 83.70 89.53 83.88 93.71 97.37

20% 11% 9% 7% -6% 12% 4%
2.63 3.19 3.44 9.63 9.83 7.54 7.88
20% 21% 8% 180% 2% -23% 5%
2.39 2.90 3.13 8.75 8.94 6.85 7.16
20% 21% 8% 180% 2% -23% 5%
1.42 -2.77 7.21 6.51 -0.87 -16.63
-280% -295% -360% -10% -113% 1811%

36.91 38.63 38.56 44.91 53.65 58.03

3% 5% 0% 16% 19% 8%
3.18 -3.57 0.50 0.14 -5.55 -1.71
25% 28% 30% 41% 38% 35%
2% 8% 5% 11% 10% 10% 9%
6% 7% 6% 14% 17% 13%
9% 9% 8% 16% 18% 14%
3.82% 4.17% 4.11% 10.76% 11.72% 8.05% 8.09%
-1% -5% 8% 6% -13% -25%
2% -4% 9% 7% -1% -18%
0.11 0.23 0.09 0.02 0.08 0.45
-2% 7% 5% 13% 7% 6%
6% 8% 8% 19% 17% 12%
21.46% 11.53% 29.36% 27.96% 12.63% 5.14%
4.52 9.89 3.61 0.93 4.83 28.43
4.49 4.57 5.08 47.31 23.51 8.16
1.46 -2.43 6.80 25.04 -1.43 -11.39
20% 22% 16% 17% 17% 22%
25% 25% 22% 17% 19% 24%
13.85 16.64 13.74 14.95 13.92 21.03
17.33 19.44 18.22 15.54 16.11 22.14
0.54 -0.87 2.10 0.68 -0.09 -2.21
1.05 -0.46 1.75 0.63 -0.10 -1.75
0.24 -0.40 1.11 0.46 -0.06 -1.24 Revenue Recognition Policy

10.92% 11.73% 9.08% 14.39% 4.67% 5.54%

2.34% 2.15% 1.36% 1.97% 1.14% 1.57%
22.42% 21.62% 20.37% 20.10% 28.40% 27.92%
41.83% 34.48% 47.97% 22.85% 22.38% 29.18%
77.46% -39.71% 22.88% 33.79% -252.87% -13.23%
0.88 0.91 -0.04 0.94 1.26 0.90 Less than 1 denotes direct knock off equ
0% 0% -1% -3% 2% 2%
13% -9% -17% -30% 14% 20%
7% 1% 3% 4% 8% 4%
 175% 26% 70% 40% 66% 52%
0.01 0.02 0.02 0.02 0.00 0.00 High ration denotes unsustainable or de
1.82 -0.85 2.62 1.02 -0.79 -2.62
0.60 0.15 1.20 0.99 0.49 -0.65
0.46 0.79 0.87 0.40 -0.18
1 -2 6 11 13 -11
3 3 5 5 -2 -7
4 1 11 16 11 -18
27.70% 28.27% 6.04% 5.08% 2.32% 3.24%
81.86% 41.96% 113.02% 906.45% 144.31% 23.21%
12% 12% 13% 15% 10% 9%
5% 6% 6% 6% 9% 10%

Float =
other
peoples
15.90% 8.57% 7.96% -3.56% -0.57% 0.78% money /
operational
assets

30% 24% 25% 21% 33% 28%

70% 76% 74% 79% 67% 72%
24% 21% 22% 21% 31% 27%
56% 67% 66% 79% 63% 68%
10% 19% 8% 2% 8% 32%
93% 84% 95% 101% 99% 73%
8% 17% 7% 2% 8% 31%
76% 74% 85% 102% 93% 69%
osition of ROE
1.20 1.24 1.55 1.57 1.19 0.94
1.41 1.45 1.28 1.15 1.19 1.56
3.82% 4.17% 4.11% 10.76% 11.72% 8.05%
6.48% 7.51% 8.11% 19.49% 16.66% 11.81%

osition of ROA
3.82% 4.17% 4.11% 10.76% 11.72% 8.05%
1.20 1.24 1.55 1.57 1.19 0.94
4.59% 5.19% 6.36% 16.89% 13.95% 7.57%

osition of ROIC

4.91% 5.34% 5.12% 10.98% 12.24% 9.17%

1.59 1.51 1.88 1.83 1.41 1.06

7.79% 8.04% 9.63% 20.13% 17.22% 9.76%

sition of ROCE
4.36 5.21 5.38 12.30 14.34 11.92 11.92
45.12 52.39 46.03 50.33 63.85 92.27
40.60 42.50 42.42 49.40 59.02 63.84
 4.52 9.89 3.61 0.93 4.83 28.43
9.66% 9.94% 11.69% 24.44% 22.46% 12.92%
n of ROCE(Screener)
-1.02 3.50 2.10 6.08 3.94 5.11 5.40
12.98 12.09 11.21 10.28 19.58 25.01
30.30 38.43 33.08 38.34 40.05 62.98
42.53 47.49 41.14 45.04 46.66 70.31
12.23 9.06 8.06 6.70 6.61 7.33
-2.36% 6.93% 4.74% 12.51% 6.61% 5.81%
osition of EPS
4% 4% 4% 11% 12% 8% -
1.20 1.24 1.55 1.57 1.19 0.94
1.41 1.45 1.28 1.15 1.19 1.56

36.91 38.63 38.56 44.91 53.65 58.03

3% 5% 0% 16% 19% 8%
6% 8% 4% 16% 39% 29%
15% 15% 11% 26% 45% 50%
2.39 2.90 3.13 8.75 8.94 6.85 7.16
20% 21% 8% 180% 2% -23% 5%
0% 46% 31% 202% 186% -22% -20%
-301% 5% 31% 340% 274% 136% 129%
-2.36% 6.93% 4.74% 12.51% 6.61% 5.81%
2.11% 3.06% 3.10% 8.06% 7.95% 8.31%
1.90% 4.05% 3.60% 5.29% 5.69% 7.32%
68.88 76.44 83.7 89.53 83.88 93.71 97.37
20% 11% 9% 7% -6% 12% 4%
21% 33% 22% 17% 0% 5% 16%
65% 57% 47% 55% 22% 23% 16%
2.63 3.19 3.44 9.63 9.83 7.54 7.88
20% 21% 8% 180% 2% -23% 5%
0% 46% 31% 202% 186% -22% -20%
-301% 5% 31% 340% 274% 136% 129%
6.58 -5.65 8.63 -1.06 -0.83 -17.49
-278% -186% -253% -112% -21% 2007%
53% 31% -81% -110% 1555%
-71% -113% 209%
6.31 -4.15 9.72 5.31 -0.99 -20.88
-249% -166% -334% -45% -119% 2009%
-1086% -2% 54% -228% -110% -493%
-268% -1619% -225% -116% 403%
-0.41 -3.62 7 5.69 -10.94 -23.59
-77% 783% -293% -19% -292% 116%
-67% 103% -1807% -257% -256% -515%
-301% -665% -420% 2568% 552%
3.38 4.08 4.28 9.83 10.27 8.59
15% 21% 5% 129% 4% -16%
6% 39% 27% 141% 140% -13%
-1018% 17% 35% 235% 204% 110%
43.43 50.77 44.49 48.81 59.63 88.05
 -8% 17% -12% 10% 22% 48%
7% 8% 2% -4% 34% 80%
18% 36% 9% 4% 37% 73%
12.98 12.09 11.21 10.28 19.58 25.01
2% -7% -7% -8% 90% 28%
-2% -5% -14% -15% 75% 143%
-3% -6% -15% -19% 51% 107%
30.30 38.43 33.08 38.34 40.05 62.98
-11% 27% -14% 16% 4% 57%
11% 12% 9% 0% 21% 64%
30% 59% 21% 12% 32% 64%
4.52 9.89 3.61 0.93 4.83 28.43
-55% 119% -63% -74% 419% 489%
-2% -2% -20% -91% 34% 2957%
15% 261% -21% -91% 7% 187%
40.6 42.5 42.42 49.4 59.02 63.84
3% 5% 0% 16% 19% 8%
6% 8% 4% 16% 39% 29%
15% 15% 11% 26% 45% 50%

1.59 1.51 1.88 1.83 1.41 1.06

2.21 2.12 2.62 2.94 2.79 2.17
20% 22% 16% 17% 17% 22%
25% 25% 22% 17% 19% 24%
46% 43% 42% 39% 35% 33%
57% 51% 55% 41% 40% 35%
42.53 47.49 41.14 45.04 46.66 70.31
12.23 9.06 8.06 6.70 6.61 7.33
2.27 1.99 2.53 2.34 2.09 1.49
63% 66% 53% 55% 71% 94%
45% 47% 38% 34% 36% 46%
4.97 4.59 6.09 5.99 6.03 4.46
0.44 0.50 0.40 0.43 0.48 0.67
44% 50% 40% 43% 48% 67%

1.42 -2.77 7.21 6.51 -0.87 -16.63

0 0 0 0 0 0
-5.6 5.37 -6.28 -2.68 3.9 23.6
4.61 0.83 2.41 3.81 6.49 3.9 Check P&L

1.83 0.85 0.21 0.82 10.07 6.96

1.69 1.62 1.54 1.52 4.22 4.22
2.01 2.53 2.54 6.91 2.75 2.38
5.6 -5.37 6.28 2.68 -3.9 -23.6
1.1 1.1 1.65 2.2 2.2 2.2
 PRE-TAX BOND
LongTerm Bond 9%
LTB Quote 2.52
Equity Quoting @ 6.55%

TAL RETURNS

input TTM BS data in Balance Sheet from Half yearly results

Check for improving or deteriorating picture

Check back to see if Creditor policy change is impacting Working Cap cycle
Check back what is really driving RoA (Net Margins or Asset Turns, or both)

Check back what is really driving RoE (Net Margins, Asset Turns, or Financial Leverage)

Check back what is really driving RoIC (Op Margins or Capital Turns, or both)

better to check when NOPLAT and/or Investments are Lumpy

better to check when NOPLAT and/or Investments are Lumpy

Check back the significant role of EBIT/Invested Capital

Check back what is really driving EPA (Invested Capital or RoIC, or both)
Operating Assets = Total assets- Cash - Investments

ther peaople money = money generated from other sources except debt and equity
loat = other peoples money / operational assets
evenue Recognition Policy

ess than 1 denotes direct knock off equity

igh ration denotes unsustainable or delay in capex
Other Income
COMPANY NAME PRIMA PLASTICS LTD
LATEST VERSION 2.10 PLEASE
CURRENT VERSION 2.10

META
Number of shares 1.10
Face Value 10
Current Price 127.4
Market Capitalization 140.14

PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 41.67 48.65 56.84 57.63
Raw Material Cost 29.67 35.08 38.89 41.03
Change in Inventory -1.06 4.04 -1.56 1.13
Power and Fuel 1.39 1.78 1.72 1.99
Other Mfr. Exp 2.00 4.32 2.65 3.13
Employee Cost 2.08 2.53 3.00 3.29
Selling and admin 4.81 4.73 6.20 6.77
Other Expenses 0.47 -0.53 -1.10 -1.70
Other Income 1.02 0.98 1.67 0.96
Depreciation 1.57 1.55 1.59 1.51
Interest 0.92 0.55 0.69 0.94
Profit before tax -1.28 3.66 3.31 2.76
Tax 0.03 0.63 0.68 0.57
Net profit -1.31 3.03 2.63 2.19
Dividend Amount 1.10 1.10 1.10

Quarters
Report Date Mar-16 Jun-16 Sep-16 Dec-16
Sales 27.40 20.19 19.72 20.68
Expenses 23.95 18.40 17.74 18.79
Other Income 2.59 0.48 0.58 3.66
Depreciation 1.08 0.21 0.21 0.25
Interest 0.06 0.16 0.16 0.14
Profit before tax 4.90 1.91 2.18 5.16
Tax 0.85 0.41 0.72 1.36
Net profit 4.05 1.50 1.47 3.79
Operating Profit 3.45 1.79 1.98 1.89
BALANCE SHEET
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Equity Share Capital 11 11 11 11
Reserves 24.25 25.99 27.34 28.25
Borrowings 3.92 2.74 4.59 10.12
Other Liabilities 4.99 9.99 7.55 6.38
Total 44.16 49.72 50.48 55.75
Net Block 13.34 12.89 13.26 12.77
Capital Work in Progress 0.23 0.32 0.17 0.14
Investments 2.32 2.32 2.25 2.26
Other Assets 28.27 34.19 34.8 40.58
Total 44.16 49.72 50.48 55.75
Receivables 12.34 12.46 12.17 14.89
Inventory 8.5 15.32 13.65 14.2
Cash & Bank 1.57 1.5 2.1 2.09
No. of Equity Shares 11000470 11000470 11000470 11000470
New Bonus Shares
Face value 10 10 10 10

CASH FLOW:
Report Date Mar-09 Mar-10 Mar-11 Mar-12
Cash from Operating Activity 0.51 2.99 0.57 -0.79
Cash from Investing Activity 0.69 -0.25 -0.06 -0.03
Cash from Financing Activity -0.98 -2.82 0.09 0.81
Net Cash Flow 0.22 -0.08 0.60 -0.01

PRICE: 5.32 13.43 15.03 13.16

DERIVED:
Adjusted Equity Shares in Cr 1.10 1.10 1.10 1.10
 PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

68.88 76.44 83.70 89.53 83.88 93.71
51.56 54.92 58.51 52.83 51.95 60.62
2.40 3.09 -0.03 -3.73 1.00 3.05
2.34 2.45 2.55 2.37 2.12 2.48
4.03 3.35 3.56 4.04 4.87 4.71
3.69 4.23 5.00 5.32 7.18 9.57
7.97 8.84 10.52 13.85 8.55 8.37
0.34 -0.28 -0.59 -2.87 1.41 1.51
4.61 0.83 2.41 3.81 6.49 3.90
1.61 1.64 1.14 1.76 0.96 1.47
0.97 1.14 1.06 0.26 0.61 1.46
3.39 4.07 4.32 12.04 13.73 10.46
0.76 0.88 0.88 2.42 3.90 2.92
2.63 3.19 3.44 9.63 9.83 7.54
1.10 1.10 1.65 2.20 2.20 2.20

Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

23.59 20.98 22.80 22.80 28.00 23.77
20.59 18.76 19.74 20.80 25.85 21.80
1.87 0.21 0.26 0.24 3.20 0.67
0.29 0.34 0.35 0.37 0.42 0.49
0.15 0.13 0.34 0.47 0.52 0.56
4.43 1.96 2.63 1.40 4.41 1.59
1.40 0.77 0.78 0.28 1.08 0.01
3.03 1.20 1.85 1.12 3.33 1.58
3 2.22 3.06 2 2.15 1.97
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
11 11 11 11 11 11
29.6 31.5 31.42 38.4 48.02 52.84
4.52 9.89 3.61 0.93 4.83 28.43
12.23 9.06 8.06 6.7 6.61 7.33
57.35 61.45 54.09 57.03 70.46 99.60
12.98 12.09 11.21 10.28 19.58 25.01
0.15 0.25 0.2 0.19 0.06
1.69 1.62 1.54 1.52 4.22 4.22
42.53 47.49 41.14 45.04 46.66 70.31
57.35 61.45 54.09 57.03 70.46 99.60
13.85 16.64 13.74 14.95 13.92 21.03
17.33 19.44 18.22 15.54 16.11 22.14
2.01 2.53 2.54 6.91 2.75 2.38
11000470 11000470 11000470 11000470 11000470 11000470

10 10 10 10 10 10

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

1.42 -2.77 7.21 6.51 -0.87 -16.63
3.36 0.05 1.80 3.33 -6.85 -3.16
-4.86 3.24 -9.01 -5.47 3.65 19.38
-0.08 0.52 0.01 4.37 -4.06 -0.41

12.14 13.34 61.42 150.91 273.25 184.91

1.10 1.10 1.10 1.10 1.10 1.10

PRIMA PLASTICS LTD
PRIMA PLASTICS LTD Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Gross Profit 12 13.57 17.95 16.6 17.32 21.52
EBIT -0.36 4.21 4 3.7 4.36 5.21
EBITDA 1.21 5.76 5.59 5.21 5.97 6.85
Operating Profit (excl Other Income) 0.19 4.78 3.92 4.25 1.36 6.02
PAT -1.31 3.03 2.63 2.19 2.63 3.19
Dividend 0 1.1 1.1 1.1 1.1 1.1
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Networth 35.25 36.99 38.34 39.25 40.6 42.5
Working Capital 23.28 24.2 27.25 34.2 30.3 38.43
Exclude one-off excess Cash (if any)
Invested Capital 36.85 37.41 40.68 47.11 43.43 50.77
Capital Employed 39.17 39.73 42.93 49.37 45.12 52.39
Total Assets 44.16 49.72 50.48 55.75 57.35 61.45
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Operating Cash Flow 0.51 2.99 0.57 -0.79 1.42 -2.77
Capex 1.19 1.81 0.99 1.83 0.85
Free Cash Flow 1.80 -1.24 -1.78 -0.41 -3.62
RoE -4% 8% 7% 6% 6% 8%
Dividend Payout 0% 36% 42% 50% 42% 34%
Tax Rate -2% 17% 21% 21% 22% 22%
NOPLAT -0.37 3.49 3.18 2.94 3.38 4.08
RoIC -1% 9% 8% 6% 8% 8%
WACC 12% 12% 12% 12% 12% 12%
EPA (Economic Profit Added) -4.79 -1.00 -1.70 -2.72 -1.83 -2.01
RoIIC -55% -7% 7% -19%
3Yr Rolling RoIIC 15%
5Yr Rolling RoIIC
Operating Leverage -75.78 -0.30 -5.40 0.91 1.78
Sustainable Growth Rate -4% 5% 4% 3% 4% 5%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
MktCap 5.85 14.77 16.53 14.47 13.36 14.68
MktCap+Dividend 5.85 15.87 17.63 15.57 14.46 15.78
Retained Profit -1.31 1.93 1.53 1.09 1.53 2.09
EV 8.20 16.01 19.02 22.50 15.87 22.04
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Price/Earnings -4.47 4.87 6.29 6.61 5.08 4.60
Price/Book 0.17 0.40 0.43 0.37 0.33 0.35
Price/CashFlow 11.47 4.94 29.00 -18.32 9.41 -5.30
Price/Sales 0.14 0.30 0.29 0.25 0.19 0.19
EV/EBITDA 6.78 2.78 3.40 4.32 2.66 3.22
Dividend Yield 0.00% 7.45% 6.65% 7.60% 8.24% 7.49%
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Working Capital/Total Assets 0.53 0.49 0.54 0.61 0.53 0.63
Retained Profits/Total Assets -0.03 0.04 0.03 0.02 0.03 0.03
EBIT/Total Assets -0.01 0.08 0.08 0.07 0.08 0.08
Market Cap/Total Liabilities 0.13 0.30 0.33 0.26 0.23 0.24
Sales/Total Assets 0.94 0.98 1.13 1.03 1.20 1.24
Altman Z-Score 1.59 2.07 2.27 2.17 2.26 2.47
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones
Mar-15 Mar-16 Mar-17 Mar-18 TTM
25.19 36.7 31.93 33.09
5.38 12.3 14.34 11.92 11.92
6.52 14.06 15.3 13.39 13.55
4.11 10.25 8.81 9.49 9.18
3.44 9.63 9.83 7.54 7.88
1.65 2.2 2.2 2.2
Mar-15 Mar-16 Mar-17 Mar-18 1HFY17
42.42 49.4 59.02 63.84 0.00
33.08 38.34 40.05 62.98 0.00
check historical normalised levels of cash/total assets for excluding one-off
44.49 48.81 59.63 88.05 0.00
46.03 50.33 63.85 92.27
54.09 57.03 70.46 99.6 0.00
Mar-15 Mar-16 Mar-17 Mar-18
7.21 6.51 -0.87 -16.63
0.21 0.82 10.07 6.96 CHECK? derived from BS
7.00 5.69 -10.94 -23.59
8% 19% 17% 12%
48% 23% 22% 29%
20% 20% 28% 28%
4.28 9.83 10.27 8.59
10% 20% 17% 10%
12% 12% 12% 12%
-1.05 3.97 3.11 -1.97
3% -88% 10% -15%
13% -246% 115% 49%
6% 94% 90% 42%
0.34 18.47 -2.63 -1.44
4% 15% 13% 8% coy can grow at this rate safely with internal accruals
Mar-15 Mar-16 Mar-17 Mar-18 CURRENT
67.56 166.00 300.59 203.41 140.14
69.21 168.20 302.79 205.61
1.79 7.43 7.63 5.34
68.63 160.02 302.67 229.46
Mar-15 Mar-16 Mar-17 Mar-18
19.64 17.24 30.58 26.98
1.59 3.36 5.09 3.19
9.37 25.50 -345.51 -12.23
0.81 1.85 3.58 2.17
10.53 11.38 19.78 17.14
2.44% 1.33% 0.73% 1.08%
Mar-15 Mar-16 Mar-17 Mar-18 Z-Weights
0.61 0.67 0.57 0.63 1.2
0.03 0.13 0.11 0.05 1.4
0.10 0.22 0.20 0.12 3.3
1.25 2.91 4.27 2.04 0.6
1.55 1.57 1.19 0.94 1
3.41 5.02 5.26 3.40
al assets for excluding one-off excess cash for RoIC calculations
PRIMA PLASTICS LTD Mar-09 Mar-10 Mar-11 Mar-12
Sales 41.67 48.65 56.84 57.63
Other Income 1.02 0.98 1.67 0.96
Sales Increase 16.75% 16.83% 1.39%
EBIT -0.36 4.21 4 3.7
EBIT Increase -1269.44% -4.99% -7.50%
Operating Expenses Mar-09 Mar-10 Mar-11 Mar-12
Raw Material Cost 29.67 35.08 38.89 41.03
Change in Inventory -1.06 4.04 -1.56 1.13
Power and Fuel 1.39 1.78 1.72 1.99
Other Mfr. Exp 2 4.32 2.65 3.13
Employee Cost 2.08 2.53 3 3.29
Selling and admin 4.81 4.73 6.2 6.77
Other Expenses 0.47 -0.53 -1.1 -1.7
Interest Expense 0.92 0.55 0.69 0.94
Coomon Size Expenses Mar-09 Mar-10 Mar-11 Mar-12
Raw Material Cost 71.20% 72.11% 68.42% 71.20%
Change in Inventory -2.54% 8.30% -2.74% 1.96%
Power and Fuel 3.34% 3.66% 3.03% 3.45%
Other Mfr. Exp 4.80% 8.88% 4.66% 5.43%
Employee Cost 4.99% 5.20% 5.28% 5.71%
Selling and admin 11.54% 9.72% 10.91% 11.75%
Other Expenses 1.13% -1.09% -1.94% -2.95%
Interest Expense 2.21% 1.13% 1.21% 1.63%
Interest Expense Capitalised
Year on Year Escalation Mar-09 Mar-10 Mar-11 Mar-12
Raw Material Increase/Sales Increase 1.09 0.65 3.96
Change in Inventory Increase/Sales Increase -28.72 -8.23 -124.07
Power & Fuel Increase/Sales Increase 1.68 -0.20 11.29
Other Mfg Increase/Sales Increase 6.93 -2.30 13.03
Employee Cost Increase/Sales Increase 1.29 1.10 6.96
Selling & Admin Cost Increase/Sales Increase -0.10 1.85 6.61
Other Expenses Increase/Sales Increase -12.70 6.39 39.25
Year on Year Escalation Mar-09 Mar-10 Mar-11 Mar-12
Working Capital Increase/Sales Increase 0.24 0.75 18.35
Debtors Increase/Sales Increase 0.06 -0.14 16.08
Inventory Increase/Sales Increase 4.79 -0.65 2.90
Creditors Increase/Sales Increase - - -
Invested Capital Increase/Sales Increase 0.09 0.52 11.37
Dilution Mar-09 Mar-10 Mar-11 Mar-12
Equity Capital Increase/Decrease 0.00% 0.00% 0.00%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
68.88 76.44 83.7 89.53 83.88 93.71
4.61 0.83 2.41 3.81 6.49 3.9
19.52% 10.98% 9.50% 6.97% -6.31% 11.72%
4.36 5.21 5.38 12.3 14.34 11.92
17.84% 19.50% 3.26% 128.62% 16.59% -16.88%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
51.56 54.92 58.51 52.83 51.95 60.62
2.4 3.09 -0.03 -3.73 1 3.05
2.34 2.45 2.55 2.37 2.12 2.48
4.03 3.35 3.56 4.04 4.87 4.71
3.69 4.23 5 5.32 7.18 9.57
7.97 8.84 10.52 13.85 8.55 8.37
0.34 -0.28 -0.59 -2.87 1.41 1.51
0.97 1.14 1.06 0.26 0.61 1.46
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
74.85% 71.85% 69.90% 59.01% 61.93% 64.69% check lower RM/Sales - high correlatio
3.48% 4.04% -0.04% -4.17% 1.19% 3.25%
3.40% 3.21% 3.05% 2.65% 2.53% 2.65%
5.85% 4.38% 4.25% 4.51% 5.81% 5.03%
5.36% 5.53% 5.97% 5.94% 8.56% 10.21% check high Emp Cost/Sales - high corr
11.57% 11.56% 12.57% 15.47% 10.19% 8.93%
0.49% -0.37% -0.70% -3.21% 1.68% 1.61%
1.41% 1.49% 1.27% 0.29% 0.73% 1.56%
Add back from AR - any interest costs
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
1.31 0.59 0.69 -1.39 0.26 1.42
5.76 2.62 -10.63 1770.67 20.09 17.49
0.90 0.43 0.43 -1.01 1.67 1.45
1.47 -1.54 0.66 1.94 -3.26 -0.28
0.62 1.33 1.92 0.92 -5.54 2.84
0.91 0.99 2.00 4.54 6.06 -0.18
-6.15 -16.61 11.66 55.48 23.63 0.61
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
-0.58 2.44 -1.47 2.28 -0.71 4.89
-0.36 1.84 -1.83 1.26 1.09 4.36
1.13 1.11 -0.66 -2.11 -0.58 3.19
- - - - - -
-0.40 1.54 -1.30 1.39 -3.51 4.07
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
heck lower RM/Sales - high correlation with Op Leverage

heck high Emp Cost/Sales - high correlation with Op Leverage

dd back from AR - any interest costs capitalised

PRIMA PLASTICS LTD
(CONSOLIDATED) Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
Sales 41.67 48.65 56.84 57.63 68.88 76.44
Capex 1.19 1.81 0.99 1.83 0.85
Depreciation 1.55 1.59 1.51 1.61 1.64
Incremental Fixed Capital Investment -0.36 0.22 -0.52 0.22 -0.79
Incremental Sales 6.98 8.19 0.79 11.25 7.56
Incremental Fixed Capital Investment Rate -5.16% 2.69% -65.82% 1.96% -10.45%
5 Yr Avg 1.27%
9 Yr Avg

Working Capital 23.28 24.2 27.25 34.2 30.3 38.43

Incremental Working Capital 0.92 3.05 6.95 -3.9 8.13
Incremental Working Capital Investment Rate 13.18% 37.24% 879.75% -34.67% 107.54%
5 Yr Avg 54.79%
9 Yr Avg
Years in Future 0 1 2 3 4
Year Mar-16 Mar-17 Mar-18 Mar-19 Mar-20 Mar-21
Sales 93.71 97.37 121.713 152.141 190.176 237.72
EBIT 11.92 11.92 15.8226 19.7783 24.7229 30.9036
NOPAT 8.59 7.99 10.60 13.25 16.56 20.71
Incremental Fixed Capital Investment 0.37 2.43 3.04 3.80 4.75
Incremental Working Capital Investment 0.55 3.65 4.56 5.71 7.13
Free Cash Flow 7.07 4.52 5.64 7.06 8.82
Present Value of Free Cash Flow 7.07 4.03 4.50 5.02 5.60
Cumulative Present Value of Free Cash Flow 7.07 11.10 15.60 20.62 26.23
Present Value of Residual Value 119.796 141.98 158.46 176.852 197.38

Corporate Value 126.87 153.08 174.06 197.48 223.61

Add: Non-Operative Assets 6.6 6.6 6.6 6.6 6.6
Less: Debt 28.43 28.43 28.43 28.43 28.43
Shareholder Value 105.04 131.25 152.23 175.65 201.78

Shareholder Value/Share 95.49 119.32 138.39 159.68 183.44

Market-Implied-Forecast-Period 1
Mar-15 Mar-16 Mar-17 Mar-18 Consensus Forecasts 5 Yr Avg Inputs TTM
83.7 89.53 83.88 93.71 Sales Growth Rate 5.22% 25% 3.91%
0.21 0.82 10.07 6.96 EBIT Margin 11.36% 13% 12.24%
1.14 1.76 0.96 1.47 Tax Rate 24% 33%
-0.93 -0.94 9.11 5.49 Inc Fixed Capital Rate 16.07% 10%
7.26 5.83 -5.65 9.83 Inc Working Capital Rate 68.17% 15%
-12.81% -16.12% ### 55.85% Cost of Capital 12%
1.26% 0.67% 29.25% 47.90% Inflation Rate 5%
26.07% Cash & Bank Balance 2.38
Investments 4.22
33.08 38.34 40.05 62.98 Non-Operative Assets 6.6
-5.35 5.26 1.71 22.93 Debt 28.43
-73.69% 90.22% -30.27% 233.27% # Shares Outstanding 1.10
51.73% 62.22% 47.34% 124.77% CMP 127.4
84.85%
5 6 7 8 9 10 11 12 13 14 15
Mar-22 Mar-23 Mar-24 Mar-25 Mar-26 Mar-27 Mar-28 Mar-29 Mar-30 Mar-31
297.15 371.437 464.296 580.37 725.463 906.8288 1133.536 1416.92 1771.15 2213.94
38.6295 48.2868 60.3585 75.4482 94.31019 117.8877 147.3597 184.2 230.2495 287.812
25.88 32.35 40.4402 50.5503 63.18783 78.98479 98.73098 123.414 154.2672 192.834
5.94 7.43 9.29 11.61 14.51 18.14 22.67 28.34 35.42 44.28
8.91 11.14 13.93 17.41 21.76 27.20 34.01 42.51 53.13 66.42
11.02 13.78 17.23 21.53 26.91 33.64 42.05 52.57 65.71 82.14
6.26 6.98 7.79 8.70 9.71 10.83 12.09 13.49 15.06 16.81
32.49 39.47 47.26 55.95 65.66 76.49 88.58 102.08 117.13 133.94
220.29 245.859 274.396 306.246 341.7925 381.4648 425.742 475.158 530.3108 591.865

252.78 285.33 321.66 362.20 407.45 457.96 514.32 577.23 647.44 725.81
6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6 6.6
28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43 28.43
230.95 263.50 299.83 340.37 385.62 436.13 492.49 555.40 625.61 703.98

209.95 239.54 272.57 309.43 350.57 396.48 447.72 504.91 568.74 639.98
Business Robustness Snapshot (Annual) Annual Historica
PRIMA PLASTICS LTD Mar-09 Mar-10 Mar-11 Mar-12
Sales 41.67 48.65 56.84 57.63
EBIT -0.36 4.21 4 3.7
Operating Profit (ex Other Income) 0.19 4.78 3.92 4.25
Operating Profit Margin (ex Other Income) 0.46% 9.83% 6.90% 7.37%
1Yr Sales Increase 16.75% 16.83% 1.39%
1Yr EBIT Increase ### -4.99% -7.50%
3Yr Sales Increase 38.30%
3Yr EBIT Increase ###
Abnormal margin exclusion (RM cycle)
1 Yr Operating Leverage (75.78) (0.30) (5.40)
3Yr Operating Leverage (29.45)
EBIT Margin -0.86% 8.65% 7.04% 6.42%
Invested Capital 36.85 37.41 40.68 47.11
Capital Turns 1.13 1.30 1.40 1.22
RoIC -1% 9% 8% 6%
5Yr Rolling RoIIC - - - -
EPA -4.79 -1.00 -1.70 -2.72
EPA/Sales -11.50% -2.06% -3.00% -4.72%
Sustainable Growth Rate (without addl financing? -4% 5% 4% 3%
Business Robustness Snapshot (Quarterly) Latest 10 Quarters Pe
PRIMA PLASTICS LTD Mar-16 Jun-16 Sep-16 Dec-16
Sales 27.4 20.19 19.72 20.68
EBIT 4.96 2.07 2.34 5.30
Operating Profit (ex Other Income) 3.45 1.79 1.98 1.89
Net profit 4.05 1.5 1.47 3.79
EBIT Margin 18.10% 10.25% 11.87% 25.63%
Operating Profit Margin (ex Other Income) 12.59% 8.87% 10.04% 9.14%
NPM 14.78% 7.43% 7.45% 18.33%
Other Income/Sales 9.45% 2.38% 2.94% 17.70%
Depriciation/Sales 3.94% 1.04% 1.06% 1.21%
Interest/Sales 0.22% 0.79% 0.81% 0.68%
Tax/Sales 3.10% 2.03% 3.65% 6.58%
Threshold Margin Snapshot Mar-09 Mar-10 Mar-11 Mar-12
Incremental Fixed Capital Investment Rate -5% 3% -66%
Incremental Working Capital Investment Rate 13% 37% 880%
Incremental Threshold Margin 1% 5% 110%
Threshold Margin (Value Neutral Operating Margin) -0.59% 8.18% 8.45%
Threshold Exceed Rate 9.24% -1.15% -2.03%

YoY Quarterly Analysis

Sales 27.4 20.19 19.72 20.68
Expenses 23.95 18.4 17.74 18.79
Operating Profit 3.45 1.79 1.98 1.89
Other Income 2.59 0.48 0.58 3.66
Depreciation 1.08 0.21 0.21 0.25
Interest 0.06 0.16 0.16 0.14
Profit before tax 4.9 1.91 2.18 5.16
Tax 0.85 0.41 0.72 1.36
Net profit 4.05 1.5 1.47 3.79

EBIT 4.96 2.07 2.34 5.3

EBITDA 6.04 2.28 2.55 5.55

YoY Quarterly Sales Growth

YoY Quarterly Expenses Growth
YoY Quarterly Operating Profit Growth
YoY Quarterly Other Income growth
YoY Quarterly Depreciation growth
YoY Quarterly Interest growth
YoY Quarterly Profit before tax growth
YoY Quarterly Tax growth
YoY Quarterly Net profit growth
 Annual Historical Performance
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TTM
68.88 76.44 83.7 89.53 83.88 93.71 97.37
4.36 5.21 5.38 12.3 14.34 11.92 11.92
1.36 6.02 4.11 10.25 8.81 9.49 9.18
1.97% 7.88% 4.91% 11.45% 10.50% 10.13% 9.43%
19.52% 10.98% 9.50% 6.97% -6.31% 11.72% 3.91%
17.84% 19.50% 3.26% 128.62% 16.59% -16.88% 0.00%
41.58% 34.48% 45.24% 29.98% 9.73% 11.96% 8.76%
3.56% 30.25% 45.41% 182.11% 175.24% 121.56% -3.09%

0.91 1.78 0.34 18.47 - (1.44) 0.00

0.09 0.88 1.00 6.07 18.00 10.16 -0.35
6.33% 6.82% 6.43% 13.74% 17.10% 12.72% 12.24%
43.43 50.77 44.49 48.81 59.63 88.05 0.00
1.59 1.51 1.88 1.83 1.41 1.06 #DIV/0!
8% 8% 10% 20% 17% 10% #DIV/0!
- - 6% 94% 90% 42%
-1.83 -2.01 -1.05 3.97 3.11 -1.97 #DIV/0!
-2.66% -2.63% -1.26% 4.43% 3.71% -2.11% #DIV/0!
4% 5% 4% 15% 13% 8%
Latest 10 Quarters Performance
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
23.59 20.98 22.8 22.8 28 23.77
4.58 2.09 2.97 1.87 4.93 2.15
3.00 2.22 3.06 2.00 2.15 1.97
3.03 1.2 1.85 1.12 3.33 1.58
19.42% 9.96% 13.03% 8.20% 17.61% 9.05%
12.72% 10.58% 13.42% 8.77% 7.68% 8.29%
12.84% 5.72% 8.11% 4.91% 11.89% 6.65%
7.93% 1.00% 1.14% 1.05% 11.43% 2.82%
1.23% 1.62% 1.54% 1.62% 1.50% 2.06%
0.64% 0.62% 1.49% 2.06% 1.86% 2.36%
5.93% 3.67% 3.42% 1.23% 3.86% 0.04%
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 TTM
2% -10% -13% -16% -161% 56%
-35% 108% -74% 90% -30% 233%
-5% 13% -12% 10% -29% 43%
4.63% 7.02% 5.22% 6.66% 16.59% 19.81% higher capital intensity business d
1.70% -0.20% 1.21% 7.08% 0.50% -7.09%

23.59 20.98 22.8 22.8 28 23.77

20.59 18.76 19.74 20.8 25.85 21.8
3 2.22 3.06 2 2.15 1.97
1.87 0.21 0.26 0.24 3.2 0.67
0.29 0.34 0.35 0.37 0.42 0.49
0.15 0.13 0.34 0.47 0.52 0.56
 4.43 1.96 2.63 1.4 4.41 1.59
1.4 0.77 0.78 0.28 1.08 0.01
3.03 1.2 1.85 1.12 3.33 1.58

4.58 2.09 2.97 1.87 4.93 2.15

4.87 2.43 3.32 2.24 5.35 2.64
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
-13.91% 3.91% 15.62% 10.25% 18.69% 13.30%
-14.03% 1.96% 11.27% 10.70% 25.55% 16.20%
-13.04% 24.02% 54.55% 5.82% -28.33% -11.26%
-27.80% -56.25% -55.17% -93.44% 71.12% 219.05%
-73.15% 61.90% 66.67% 48.00% 44.83% 44.12%
150.00% -18.75% 112.50% 235.71% 246.67% 330.77%
-9.59% 2.62% 20.64% -72.87% -0.45% -18.88%
64.71% 87.80% 8.33% -79.41% -22.86% -98.70%
-25.19% -20.00% 25.85% -70.45% 9.90% 31.67%
higher capital intensity business demands higher threshold margin (to break even) than lower cap intensive
PRIMA PLASTICS LTD (adapted from the methodology described in the book "Buffetology" by Mary
Current Data 10 yr Projected Company data using historical earnings grow
Price 127.4 Year EPS DPS
EPS: 7.16 Current 7.16 2.00 7.16
DPS: 2.00 Year 1 7.16 0.00 0.00
BVPS: 58.03 Year 2 7.16 0.00
P/E: 17.78 Year 3 7.16 0.00 0.00
Earnings Yield: 5.62% Year 4 7.16 0.00 0.00
Dividend Yield: 1.57% Year 5 7.16 0.00
P/BV: 2.20 Year 6 7.16 0.00 -100.00%
Year 7 7.16 0.00
Input Visibility data below Year 8 7.16 0.00
Sales Year 9 7.16 0.00
Med Term Visibility Year 10 7.16 0.00
Sales 10 Yr CAGR 9.42%
Sales 5yr CAGR 5.22% 10 yr Projected Company data using sustainable growth rate
Sales 3yr CAGR 2.31% Year BVPS EPS DPS
Sales Y-o-Y growth 11.72% Current 58.03 7.16 2.00 0.00
Sales TTM Growth 3.91% Year 1 63.20 0.00 0.00 0.00
EPS Year 2 63.20 0.00 0.00
Med Term Visibility Year 3 63.20 0.00 0.00 0.00
EPS 10 Yr CAGR -221.47% Year 4 63.20 0.00 0.00 0.00
EPS 5yr CAGR 23.99% Year 5 63.20 0.00 0.00
EPS 3yr CAGR -11.51% Year 6 63.20 0.00 0.00 -100.00%
EPS Y-o-Y growth -23.30% Year 7 63.20 0.00 0.00
EPS TTM Growth 4.51% Year 8 63.20 0.00 0.00
5Yr Averages Year 9 63.20 0.00 0.00
Return on Equity: 12.72% Year 10 63.20 0.00 0.00
Payout Ratio: 31.37% *Assuming current capital structure is maintained - business's inherent ability
P/E Ratio-High: 30.6
P/E Ratio-Low: 4.6
Avg. P/E Ratio: 11.3
Avg Sustainable P/E
RoE/Payout Visibility
RoE Visibility
Payout Visbility
Sustainable Growth 0.00%
 in the book "Buffetology" by Mary Buffet - using current Visibility aided by Hi
data using historical earnings growth rate/current visibility 10yr Sales Projection
Year Sales
Earnings after 10 years Current 93.71
Dividends paid over 10 years Year 1 93.71
Year 2 93.71
Projected price [Avg Sustainable P/E*EPS] Year 3 93.71
Total Gain [Projected Price+Dividends] Year 4 93.71
Year 5 93.71
Projected annual return using current EPS growth visibility Year 6 93.71
[(Total Gain/Current Price)^1/9)-1] Year 7 93.71
Year 8 93.71
Year 9 93.71
Year 10 93.71

data using sustainable growth rate based on current visibility

Earnings after 10 years

Dividends paid over 10 years

Projected price [Avg Sustainable P/E*EPS]

Total Gain [Projected Price+Dividends]

Projected annual return using sustainable growth visbility*

[(Total Gain/Current Price)^1/9)-1]

ntained - business's inherent ability to grow with internal accruals from here