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Balance Sheet of

Whirlpool of India.

------------------- in Rs. Cr. ------------------Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

Total Share Capital

279.21

279.21

279.21

279.21

279.21

Equity Share Capital

126.87

126.87

126.87

126.87

126.87

Share Application Money

0.00

0.00

0.00

0.00

0.00

Preference Share Capital

152.34

152.34

152.34

152.34

152.34

Reserves

-85.19

-90.50

-58.19

9.82

72.84

16.24

15.84

15.45

15.05

14.65

210.26

204.55

236.47

304.08

366.70

99.09

151.49

19.00

0.00

0.00

Unsecured Loans

145.46

76.34

189.55

110.24

0.15

Total Debt

244.55

227.83

208.55

110.24

0.15

Total Liabilities

454.81

432.38

445.02

414.32

366.85

Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

Gross Block

614.75

630.25

667.30

700.08

722.55

Less: Accum. Depreciation

300.79

335.48

355.52

393.64

432.71

Net Block

313.96

294.77

311.78

306.44

289.84

Capital Work in Progress

3.69

13.27

13.15

2.02

13.27

Investments

0.00

0.00

0.00

0.00

0.00

Inventories

197.78

251.57

345.00

299.87

462.49

Sundry Debtors

109.11

75.64

100.04

82.07

139.79

14.02

43.38

31.76

47.87

40.36

Total Current Assets

320.91

370.59

476.80

429.81

642.64

Loans and Advances

191.72

200.83

221.89

193.89

206.13

1.14

1.04

1.00

24.91

21.82

513.77

572.46

699.69

648.61

870.59

0.00

0.00

0.00

0.00

0.00

366.48

426.18

543.38

492.99

694.40

62.31

56.00

55.05

59.16

112.43

428.79

482.18

598.43

552.15

806.83

Net Current Assets

84.98

90.28

101.26

96.46

63.76

Miscellaneous Expenses

52.20

34.05

18.83

9.40

0.00

454.83

432.37

445.02

414.32

366.87

94.77

53.29

41.90

46.94

58.43

3.29

2.87

5.41

10.77

15.74

Sources Of Funds

Revaluation Reserves
Networth
Secured Loans

Application Of Funds

Cash and Bank Balance

Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions

Total Assets
Contingent Liabilities
Book Value (Rs)

Profit & Loss account


of Whirlpool of India.

------------------- in Rs. Cr. ------------------Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

1,379.16

1,626.26

1,974.05

2,097.21

2,683.62

123.55

146.11

173.41

153.88

142.58

1,255.61

1,480.15

1,800.64

1,943.33

2,541.04

4.46

4.64

0.84

4.35

14.64

11.80

16.23

93.81

-16.82

113.53

1,271.87

1,501.02

1,895.29

1,930.86

2,669.21

783.77

907.46

1,142.97

1,088.79

1,476.51

9.52

11.13

12.97

13.56

16.94

92.30

100.07

121.96

133.41

159.64

6.80

8.99

21.18

29.11

41.83

286.13

344.13

426.57

443.15

619.77

90.32

73.30

71.84

74.38

94.69

0.00

0.00

0.00

0.00

0.00

1,268.84

1,445.08

1,797.49

1,782.40

2,409.38

Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

12 mths

12 mths

12 mths

12 mths

12 mths

-1.43

51.30

96.96

144.11

245.19

PBDIT

3.03

55.94

97.80

148.46

259.83

Interest

17.10

15.74

17.24

17.32

8.27

-14.07

40.20

80.56

131.14

251.56

Depreciation

36.55

34.42

37.35

39.01

39.68

Other Written Off

13.66

18.32

15.21

9.43

9.40

Profit Before Tax

-64.28

-12.54

28.00

82.70

202.48

10.95

6.90

0.81

3.50

4.33

PBT (Post Extra-ord Items)

-53.33

-5.64

28.81

86.20

206.81

Tax

-15.23

-0.32

-3.51

15.68

61.78

Reported Net Profit

-38.10

-5.32

32.32

70.52

145.02

Total Value Addition

485.07

537.61

654.52

693.61

932.87

Preference Dividend

0.00

0.00

0.00

0.00

72.24

Equity Dividend

0.00

0.00

0.00

0.00

0.00

Corporate Dividend Tax

0.00

0.00

0.00

0.00

12.28

1,268.72

1,268.72

1,268.72

1,268.72

1,268.72

-3.00

-0.42

2.55

5.56

5.74

0.00

0.00

0.00

0.00

0.00

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit

PBDT

Extra-ordinary items

Per share data (annualised)


Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)

Book Value (Rs)

3.29

Key Financial Ratios


of Whirlpool of India.

2.87

5.41

10.77

15.74

------------------- in Rs. Cr. -------------------

Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

10.00

10.00

10.00

10.00

10.00

--

--

--

--

--

Operating Profit Per Share (Rs)

-0.11

4.04

7.64

11.36

19.33

Net Operating Profit Per Share (Rs)

98.97

116.67

141.93

153.17

200.28

-11.38

-9.85

-6.11

0.00

5.70

8.51

8.51

8.51

8.51

8.51

Operating Profit Margin(%)

-0.11

3.46

5.38

7.41

9.64

Profit Before Interest And Tax Margin(%)

-3.01

1.13

3.30

5.40

8.03

Gross Profit Margin(%)

-0.77

2.77

3.31

5.40

8.08

Cash Profit Margin(%)

-0.12

1.95

4.89

5.85

7.44

0.19

2.77

4.89

5.85

7.44

Net Profit Margin(%)

-3.02

-0.35

1.78

3.62

5.67

Adjusted Net Profit Margin(%)

-3.78

-0.77

1.78

3.62

5.67

Return On Capital Employed(%)

-10.45

0.92

11.53

24.65

60.00

Return On Net Worth(%)

-19.64

-2.82

64.82

55.39

36.44

--

-499.61

71.86

51.41

34.58

Return on Assets Excluding Revaluations

-4.31

0.18

3.93

10.03

15.74

Return on Assets Including Revaluations

-4.39

1.43

5.15

11.22

16.90

-11.92

1.38

12.71

25.95

60.00

Current Ratio

0.97

0.78

1.10

1.13

1.08

Quick Ratio

0.44

0.40

0.38

0.42

0.45

Debt Equity Ratio

9.52

10.45

5.25

1.92

0.76

Long Term Debt Equity Ratio

8.23

6.61

4.67

1.77

0.76

-3.25

0.25

3.48

7.46

153.65

Total Debt to Owners Fund

9.52

10.45

5.25

1.92

0.76

Financial Charges Coverage Ratio

0.25

3.59

5.92

8.48

31.50

Financial Charges Coverage Ratio Post Tax

1.71

4.01

5.92

7.87

24.48

6.38

5.90

6.63

8.01

6.48

10.42

16.02

20.50

21.34

22.91

Investments Turnover Ratio

8.33

7.70

6.63

8.01

6.48

Fixed Assets Turnover Ratio

4.05

5.02

2.70

2.78

3.52

Total Assets Turnover Ratio

2.87

3.58

4.20

4.87

7.22

Asset Turnover Ratio

2.05

2.36

2.70

2.78

3.52

Investment Valuation Ratios


Face Value
Dividend Per Share

Free Reserves Per Share (Rs)


Bonus in Equity Capital
Profitability Ratios

Adjusted Cash Margin(%)

Adjusted Return on Net Worth(%)

Return on Long Term Funds(%)


Liquidity And Solvency Ratios

Debt Coverage Ratios


Interest Cover

Management Efficiency Ratios


Inventory Turnover Ratio
Debtors Turnover Ratio

Average Raw Material Holding

18.30

20.13

27.94

20.63

33.89

Average Finished Goods Held

42.44

47.00

55.33

49.02

60.18

Number of Days In Working Capital

24.36

21.96

20.25

17.87

9.03

Material Cost Composition


Imported Composition of Raw Materials
Consumed
Selling Distribution Cost Composition

62.42

61.30

63.47

56.02

58.10

23.74

22.06

21.43

26.67

23.67

18.77

19.18

19.77

18.60

20.41

Expenses as Composition of Total Sales

14.53

16.05

12.09

11.55

9.61

Dividend Payout Ratio Net Profit

--

--

--

--

16.86

Dividend Payout Ratio Cash Profit

--

--

--

--

10.07

Earning Retention Ratio

--

--

100.00

100.00

82.23

100.00

100.00

100.00

100.00

89.62

98.68

5.54

2.36

0.97

0.00

Mar '06

Mar '07

Mar '08

Mar '09

Mar '10

-3.00

-0.42

2.55

5.56

5.74

3.29

2.87

5.41

10.77

15.74

Profit & Loss Account Ratios

Cash Flow Indicator Ratios

Cash Earning Retention Ratio


AdjustedCash Flow Times

Earnings Per Share


Book Value

Calculation of Ratios

1)

Liquidity Ratios :-

a)

Current Ratio :-

Current Ratio= Current assets


Current liabilities and provision
=

870.59
(694.40 + 112.43)

= 1.08

Interpretation: It implies that the firm has Re. 1.08 of current assets to meet its
Re. 1 of current liabilities.

a)

Quick Ratio :-

Quick Ratio= Quick assets


Current liabilities
Quick Ratio= Currents assets- inventories
Current liabilities
=

870.59 462.49
694.40

408.1
694.40

= 0.567

Interpretation: It implies that the firm has Re. 0.567 of quick assets to
meet its Re. 1 of current liabilities.

2) Activity ( Turnover) Ratios


a) Total Assets Turnover Ratio: It measures the ability of a company to use
its assets to generate sales. The total asset turnover ratio considers all assets
including fixed assets like plant and equipment, as well as inventory and accounts
receivable.
Total Assets Turnover Ratio =

Sales
Total assets

2683.62 / 366.87

7.31

Interpretation: - it implies that a firm with an asset base of 1 unit could produce
7 units of sale.

a)

Inventory Turnover Ratio :-

Inventory Turnover Ratio=

Sales
Inventory

= 2683.62
462.49
= 5.60

Interpretation: It implies that an average Re. 1 invested in inventory will turn into
5.60 times in sales

1.

Leverage Ratio :-

a)

Debt Ratio :Debt Ratio= Total debt


Total assets
= 29.76
47.26
= 0.629

Interpretation: A debt ratio of 0.629 implies that 62.9% of the total assets are
financed from debt sources

2.

Profitability Ratios :-

a)

Net Profit Margin Ratio :-

Net Profit Margin Ratio= Net profit x 100


Net sales

145.02
2541.04

5.7 %

100

Interpretation :- It implies that the firm is earning a profit of 5.7 % from its total
sales

b)

Retention Ratio :-

Retention Ratio= Net profit- Dividends x 100


Net profit
=

145.02- 72.24

x 100

145.02
=

56.18 %

Interpretation: For every Re. 1 the company earns 56 paise is retained and the
rest is given as dividends

COMMENT

The current ratio is 1.08 and has risen over the years, but still it is below 1, so the
company may not be able to pay its short term debts on time. This is not a good
position to be in. Quick ratio is rising over time from 0.42 in 2008 to 0.567 in 2010.
This is a not a good indicator, indicating that either the short term debt or investment
on inventory is increasing. Net profit ratio is declining over time which is not a good

indicator. If it continues to decline the company may not be able to achieve a


satisfactory return on its investments or may have a low capacity to face adverse
economic conditions such as price competition. Inventory turnover ratio is high
indicating an efficient management of inventory. Declining of debt ratio is a good
sign. The total asset turnover ratio is 7.31, indicating that the company shall be able
to generate a large volume of sales on a small asset base. The retention ratio of
56.18% is high, indicating that the firms income on dividends is likely to grow in
near future.
The reserves and surplus are increasing every year, indicating that the value of equity
share is increasing, so the share price will increase. As the loans are higher than the
equity capital, the company is debt financed.