Balance Sheet of Trent RS Cr.

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Sources Of Funds

Total Share Capital 14.43 15.76 19.53 19.53 27.04

Equity Share Capital 14.43 15.76 19.53 19.53 20.04

Share Application Money 0 5.01 0 0 0

Preference Share Capital 0 0 0 0 7

Reserves 255.17 371.73 586.3 587.23 613.47

Revaluation Reserves 0 0 0 0 0

Networth 269.6 392.5 605.83 606.76 640.51

Secured Loans 65.5 65.5 65.5 165.5 115.5

Unsecured Loans 0.22 0.17 0.1 0.05 135.02

Total Debt 65.72 65.67 65.6 165.55 250.52

Total Liabilities 335.32 458.17 671.43 772.31 891.03

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths 12 mths

Application Of Funds

Gross Block 91.54 104.7 143.53 137.31 260.14

Less: Accum. Depreciation 25.01 32.19 40.95 42.45 53.59

Net Block 66.53 72.51 102.58 94.86 206.55

Capital Work in Progress 5.92 14.59 26.53 17.81 16.9

Investments 232.97 308.22 469.34 395.85 395.18

Inventories 53.36 72.53 78.62 85.98 96.48

Sundry Debtors 3.13 3.31 4.17 4.9 4.23

Cash and Bank Balance 10.5 3.68 11.52 9.56 6.62

Total Current Assets 66.99 79.52 94.31 100.44 107.33

Loans and Advances 72.87 78.36 120.48 310.84 347.7

Fixed Deposits 2.93 14.82 1.83 3.33 2.5

Total CA, Loans & Advances 142.79 172.7 216.62 414.61 457.53

Deffered Credit 0 0 0 0 0
Current Liabilities 85.15 78.63 109.21 97.99 125.14

Provisions 27.74 31.22 34.42 52.81 59.99

Total CL & Provisions 112.89 109.85 143.63 150.8 185.13

Net Current Assets 29.9 62.85 72.99 263.81 272.4

Miscellaneous Expenses 0 0 0 0 0

Total Assets 335.32 458.17 671.44 772.33 891.03

Contingent Liabilities 117.51 124.85 118.57 16.53 53.16

Book Value (Rs) 186.86 245.86 310.16 310.64 316.2

 Profit & Loss account of Trent

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 346.44 452 514.16 511.73 563.33
Excise Duty 0 0 0 0 0
Net Sales 346.44 452 514.16 511.73 563.33
Other Income 10.37 19.8 32.17 32.58 55.27
Stock Adjustments 15.6 19.51 5.76 28.62 17.39
Total Income 372.41 491.31 552.09 572.93 635.99
Expenditure
Raw Materials 193.4 259.92 278.26 285.21 289.67
Power & Fuel Cost 9.69 12.83 17.42 20.09 21.9
Employee Cost 20.6 28.8 36.96 39.47 41.23
Other Manufacturing
Expenses 2.68 3.1 3.68 3.35 3.84

Selling and Admin Expenses 69.92 94.92 115.21 132.66 149.22

Miscellaneous Expenses 30.53 38.87 50.09 50.81 59.43

Preoperative Exp Capitalised 0 0 0 0 0

Total Expenses 326.82 438.44 501.62 531.59 565.29
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
Operating Profit 35.22 33.07 18.3 8.76 15.43
PBDIT 45.59 52.87 50.47 41.34 70.7
Interest 2.94 3.98 4.29 4.33 9.51
PBDT 42.65 48.89 46.18 37.01 61.19
Depreciation 8 7.91 8.85 9.23 11.85
Other Written Off 0.35 0 0 0 0

Profit Before Tax 34.3 40.98 37.33 27.78 49.34

Extra-ordinary items 0 0.83 0.29 2.05 1.45
PBT (Post Extra-ord Items) 34.3 41.81 37.62 29.83 50.79
Tax 9.91 9.41 4.74 3.07 10.57
Reported Net Profit 24.38 31.58 32.58 25.21 40.22
Total Value Addition 133.42 178.52 223.36 246.38 275.63
Preference Dividend 0 0 0 0 0
Equity Dividend 9.38 11.03 13.67 10.74 13.02
Corporate Dividend Tax 1.32 1.88 1.58 1.82 2.16

Per share data (annualised)

Shares in issue (lakhs) 144.28 157.61 195.33 195.33 200.35
Earning Per Share (Rs) 16.9 20.04 16.68 12.9 20.07
Equity Dividend (%) 65 70 70 55 65
Book Value (Rs) 186.86 245.86 310.16 310.64 316.2
Ratio 2006 2007 2008
Liquidity

Current Assets 66.99 79.52 94.31

Current Liabilities 85.15 78.63 109.21
Current ratio 0.79 1.01 0.86

Asset Management
Sales 346.44 452.00 514.16
Inventories 53.66 72.53 78.62
ITR 6.46 6.23 6.54
Receivable 3.13 3.31 4.17
Annual Sales/365 0.95 1.24 1.41
Days Sales Outstanding 3.30 2.67 2.96
Sales 346.44 452.00 514.16
Total Assets 335.32 458.17 671.44
Total Asset Turnover 1.03 0.99 0.77

Debt Management
Total Debt 65.72 65.67 65.60
Total Assets 335.32 458.17 671.44
Total debt to Total assets 0.20 0.14 0.10
EBIT 35.22 33.07 18.30
Interest Charges 2.94 3.98 4.29
Times Interest earned 11.98 8.31 4.27

Ptofitability
Net Income available to
common stock holders 24.38 31.58 32.58
Sales 346.44 452.00 514.16
Profit Margin on sales 0.07 0.07 0.06
EBIT 27.22 25.16 9.45
Total Assets 335.32 458.17 671.44
Basic earning Power 0.08 0.05 0.01
Net Income available to
common stock holders 24.38 31.58 32.58
Total Assets 335.32 458.17 671.44
Return on Total Assets 0.07 0.07 0.05
Net Income available to
common stock holders 24.38 31.58 32.58
Common equity 269.60 392.50 605.83
Return on Common Equity 0.09 0.08 0.05

Market Value
Price Per Share 906.56 756.62 600.00
Earnings Per Share 16.90 20.04 16.68
P/E ratio 53.64 37.76 35.97
Market Price/Share 906.56 756.62 600.00
Book Value Per Share 186.86 245.86 310.16
M/B 4.85 3.08 1.93

Mva Calculation 2006 2007 2008

Price Per Share 906.56 756.62 600.00
No. of Shares x14428000.00 15761000.00 19533000.00
Market Value of equity =### ### 11719800000.00
Book Value of Equity -2696016080.00 3874999460.00 6058355280.00
MVA (Lakhs) =103838.32 80500.88 56614.45

Eva Calculation 2006 2007 2008

EBIT 27.22 25.16 9.45
(1-Tax rate) 0.70 0.70 0.70
NOPAT 19.05 17.61 6.62
Total investor supplied
Operating Capital 80.15 81.43 85.13
After Tax Cost of Capital 0.22 0.22 0.22
Rs. Cost of Capital 17.63 17.91 18.73
EVA 1.42 -0.30 -12.11
2009 2010

100.44 107.33
97.99 125.14
1.03 0.86

511.73 563.33
85.98 96.48
5.95 5.84
4.90 4.23
1.40 1.54
3.50 2.74
511.73 563.33
772.33 891.03
0.66 0.63

165.55 250.52
772.33 891.03
0.21 0.28
8.76 15.43
4.33 9.51
2.02 1.62

25.21 40.22
511.73 563.33
0.05 0.07
-0.47 3.58
772.33 891.03
0.00 0.00

25.21 40.22
772.33 891.03
0.03 0.05

25.21 40.22
606.76 640.51
0.04 0.06

312.95 830.30
12.90 20.07
24.26 41.37
312.95 830.30
310.64 316.20
1.01 2.63

2009 2010
312.95 830.30
19533000.00 20035000.00
### ###
### 6335067000.00
451.21 102999.94

2009 2010
-0.47 3.58
0.70 0.70
-0.33 2.51

185.08 277.56
0.22 0.22
40.72 61.06
-41.05 -58.56
 Coefficientsa

Standardiz
ed
Unstandardized Coefficient
Coefficients s
Model B Std. Error Beta t Sig.
1 (Constant) 2262.403 .000 . .

EVA -1.057 .000 -.065 . .

PAT 104.493 .000 1.565 . .
Sales -9.659 .000 -1.875 . .
EBIT -15.568 .000 -.457 . .

Excluded Variablesb

Collinearity
Statistics
Partial
Model Beta In t Sig. Correlation Tolerance
1 ROE .a . . . .000
EPS .
a
. . . .000