As on

OPBIT/Prod.cap.empl.(%)
PBIT/Cap. Employed (%)
PAT/Networth (%)
Tax/PBT (%)
Total Debt/Networth (x)
Long Term Debt/Networth (x)
PBDIT/Finance Charges (x)
Current Ratio (x)
RM Inventory (days
consumption)
FG inventory (days cost of
sales)
Receivables (days gross
sales)
Creditors (days cost of sales)
Op. curr. assets (days OI)

31-Mar-07
0.93
7.34
1.43
25.83
3.11
0.38
2.76
1.38

31-Mar-06
15.27
20.58
22.77
24.21
2.47
0.1
4.7
2.29

31-Mar-05
26.31
15.06
22.84
10.51
1.73
1.73
4.42
2.79

31.23
41.04
172

27.77
19.39
259

21.18
27.51
171

1,076.88
2469.71
0.436035

Ratio Analysis
Particulars
Current Assets Loans &
Advances
Current Liabilities &
Provisions
Current Ratio

In Rs. Cr
2007

2006

3,402.32

4,091.31

2,469.71

1,865.21

1.38

2.19

The ideal current ratio is 2:1. One may argue that the company is fully utilising its resourses, but the reality is
the company is not in a position to hold standard liquidity, which is a big concern for it. The company was
able to maintain a good standard ratio in 2006 when the fuel prices were relatively stable.
Turnover
Power & Fuel
Power & Fuel Turnover
Ratio

7057.78
2427.64

5693.73
1678.93

0.34

0.29

The ratio of Fuel expenses to turnover has also increased which leads to a conclusion that the company is
not able to increase the sales in propotion to Power & Fuel expense. Moreover the expense is out of the
control of the company.
Operating Profit
Operating Profit
Turnover Ratio

1,037.12 1,431.64
0.15

0.25

Notwithstanding the growth in sales the company is not even able to sustain its Operation Profit Turnover
Ratio. This is a very big concern as the trend may continue and the company may end up with high levels of
Investments together with a negative Operating profit turnover ratio i.e loss.
Equity
Debt
Debt Equity Ratio

2143.86
6,056.30
2.82

2104.81
4,895.60
2.33

The increasing debt equity ratio may have its explanation in current ratio. The company in order to maintain
its current ratio is compelled to increase its Debt equity ratio. In other words the company may have found it
difficult to pay its current liabilities in respect of creditors for fuel expenses and thus to meet its current
liabilities have raised long term secured or unsecured loans.

Balance
Sheet

Sources Of Funds
Total Share Capital
Equity Share
Capital
Share Application
Money
Preference Share
Capital
Reserves
Revaluation
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

------------------- in Rs. Cr. ------------------Mar '03 Mar '04 Mar '05 Mar '06 Mar '07
12 mths

12 mths

12 mths

12 mths

12 mths

141.92

141.92

86.33

86.33

86.33

72.09

72.09

86.33

86.33

86.33

0.00

0.00

0.00

0.00

0.00

69.83
-74.66

69.83
0.00
0.00
0.00
-112.08 1,664.56 2,057.53 2,018.48

540.87 387.57 259.27 162.02

608.13 417.41 2,010.16 2,305.88
200.54
60.34
60.00 206.02
3,581.89 3,149.65 2,904.84 4,689.58
3,782.43 3,209.99 2,964.84 4,895.60
4,390.56 3,627.40 4,975.00 7,201.48
Mar '03 Mar '04 Mar '05 Mar '06
12 mths

12 mths

12 mths

12 mths

2104.81 2143.86

132.44 6,056.30
4,895.60
2,237.25 2.877361852 2.28354
742.46
5,313.84
6,056.30
8,293.55
Mar '07
12 mths

Application Of Funds
5,016.93 5,130.88 5,162.79 4,312.07 5,713.83
Gross Block
Less: Accum.
1,532.56 2,050.21 2,593.46 2,249.58 2,416.34
Depreciation
3,484.37 3,080.67 2,569.33 2,062.49 3,297.49
Net Block
Capital Work in
300.79
46.12
71.32 2,725.66 3,994.52
Progress
59.70 233.42 1,595.73 187.23
68.93
Investments
341.00 347.44 332.52 405.25 438.99
Inventories
223.06 234.44 252.31 433.15 603.90
Sundry Debtors
Cash and Bank
471.95
12.53
49.07 1,524.84
33.99
Balance
Total Current
1036.01 594.41
633.9 2363.24 1076.88
Assets
Loans and
171.15 446.90 347.20 1,148.66 1,262.79
Advances
0.00 357.41 1,175.17 579.41 1,062.65
Fixed Deposits

Total CA, Loans

1,207.16 1,398.72 2,156.27
& Advances
0.00
0.00
0.00
Deffered Credit
661.47 853.00 1,079.89
Current Liabilities
0.00 278.53 337.76
Provisions
Total CL &
661.47 1,131.53 1,417.65
Provisions
545.69 267.19 738.62
Net Current Assets
Miscellaneous
0.00
0.00
0.00
Expenses
4,390.55 3,627.40 4,975.00
Total Assets
Contingent
Liabilities
Book Value (Rs)

0.00
-0.36

4,091.31 3,402.32
0.00
0.00
1,400.06 2,221.55
465.15 248.16
1,865.21 2,469.71 1.377619235
2,226.10 932.61
0.00
0.00
7,201.48 8,293.55

121.10 3,097.06 9,736.40 6,624.43

-5.55 202.80 248.32 235.61

Particulars

Income
Sales
Turnover
Other Income

Mar '03

Mar '04

Mar '05

Mar '06

Mar '07

2,942.10 3,447.42 4,338.01 5,693.73 7,057.78

0

94.74

41.56

366.74

315.61

0.343967
0.294873

Total Income 2,942.10 3,542.16 4,379.57 6,060.47 7,373.39

Expenditure
Raw
Materials
Power & Fuel
Cost
Employee
Cost
Other
Manufacturin
g Expenses
Selling and
Administratio
n Expenses
Miscellaneou
s Expenses
Pre-operative
Expenses
Capitalized
Total
Expenses
Operating
Profit
PBDIT
Interest
PBDT
Depreciation
Other Written
Off
Profit Before
Tax
Extra-ordinary
items

0
650.4

50.07

71.96

63.12

741.78 1,051.73 1,678.93 2,427.64

263.45

282.24

374.74

567.81

938.55

851.42

553.39

570.57

777.67 1,239.56

278.03

611.8

415.03

61.71

58.57

90.34

140.6

749.05 1,084.22 1,274.31

2,458.33 2,300.99 2,876.62 4,262.09 6,020.66

483.77 1,146.43 1,461.39 1,431.64 1,037.12 0.146947 0.251441
483.77 1,241.17 1,502.95 1,798.38 1,352.73
256.13
525.47
461.31
691.24
909.7
227.64
715.7 1,041.64 1,107.14
443.03
473.27
515.15
457
406.41
414.1
0

-245.63

200.55

584.64

700.73

28.93

125.07

0.54

18.82

41.01

24.49

PBT (Post
Extra-ordinary
Items)
-120.56
201.09
603.46
741.74
53.42
Tax
-1.19
15.03
190.14
270.22
23.42
Reported Net
Profit
-244.45
163.11
391.99
452.04
27.94 0.003959
Total Value
Addition
2,458.33 2,250.92 2,804.66 4,198.97 6,020.66
Equity
Dividend
0
0
25.9
51.8
51.8
Corporate
Dividend Tax
0
0
3.63
7.27
8.8
Per share
data
(annualized)
Shares in
issue (lakes)
Earning Per
Share (Rs)
Equity
Dividend (%)
Book Value
(Rs)

720.89

720.89

863.34

863.34

893.34

-33.91

22.63

45.4

52.36

3.13

30

60

60

-0.36

-5.55

202.8

248.32

235.61