Ambuja-finance Fm Proj

8/2/2019 Ambuja-finance Fm Proj

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Guj. Ambuja(ALL FIG IN CRORES)

Balance Sheet 2011-10 2010-09 2009-08 2008-07 2007-06

Sources Of Funds

Total Share Capital 305.97 304.74 304.52 304.48 303.37

Equity Share Capital 305.97 304.74 304.52 304.48 303.37

Share Application Money 1.34 0.24 0.34 0 1.14

Preference Share Capital 0 0 0 0 0

Reserves 7,022.79 6,165.92 5,368.01 4,356.77 3,187.21

Revaluation Reserves 0 0 0 0 0

Networth 7,330.10 6,470.90 5,672.87 4,661.25 3,491.72

Secured Loans 0 100 100 100 317.77

Unsecured Loans 65.03 65.7 188.67 230.42 547.61

Total Debt 65.03 165.7 288.67 330.42 865.38

Total Liabilities 7,395.13 6,636.60 5,961.54 4,991.67 4,357.10

Application Of Funds

Gross Block 8,778.82 6,224.13 5,706.94 5,231.05 4,542.50

Less: Accum. Depreciation 3,151.07 2,784.09 2,514.19 2,271.19 2,053.32

Net Block 5,627.75 3,440.04 3,192.75 2,959.86 2,489.18

Capital Work in Progress 930.7 2,714.43 1,947.22 696.79 634.93

Investments 625.95 727.01 332.39 1,288.94 1,133.12

Inventories 901.86 683.24 939.75 581.6 408.82

Sundry Debtors 128.18 152.2 224.6 145.68 89.95

Cash and Bank Balance 198.4 116.64 123.73 114.94 172.36

Total Current Assets 1,228.44 952.08 1,288.08 842.22 671.13

Loans and Advances 422.61 292.65 351.82 237.04 313.03

Fixed Deposits 1,549.77 764.04 728.11 535.85 205.74

Total CA, Loans & Advances 3,200.82 2,008.77 2,368.01 1,615.11 1,189.90

Deffered Credit 0 0 0 0 0

Current Liabilities 1,893.98 1,582.32 1,412.55 1,081.70 929.06

Provisions 1,096.57 674.04 470.56 493.55 168.68

Total CL & Provisions 2,990.55 2,256.36 1,883.11 1,575.25 1,097.74

Net Current Assets 210.27 -247.59 484.9 39.86 92.16

Miscellaneous Expenses 0.46 2.71 4.28 6.22 7.71

Total Assets 7,395.13 6,636.60 5,961.54 4,991.67 4,357.10

Contingent Liabilities 754.38 647.12 1,224.42 1,193.08 506.71

Book Value (Rs) 47.9 42.47 37.26 30.62 23.01

RATIOS 2011-10 2010-09 2009-08 2008-07 2007-06

LIQUIDITY RATIO

Current Ratio 1.07031 0.89027 1.2575 1.025304 1.083954

Current Assets 3200.82 2008.77 2368.01 1615.11 1189.9

Current Liabilities 2990.55 2256.36 1883.11 1575.25 1097.74

Quick Ratio 0.76874 0.58746 0.75846 0.656093 0.711535

Current Assets 3200.82 2008.77 2368.01 1615.11 1189.9


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Inventories 901.86 683.24 939.75 581.6 408.82


Prepaid Expenses 0 0 0 0 0

CASH RATIO 0.02103 0.02285 0.04027 0.025992 0.040762

CASH 18 24.71 28.05 13.06 12.48

MARKETABLE SECURITIES 0 0 0 0 0CURRENT LIABILITIES 855.82 1081.44 696.53 502.47 306.17

NET WORKING CAPITAL RATIO 0.07227 -0.1151 0.41307 0.040368 0.110072

NET WORKING CAPITAL 210.27 -247.59 484.9 39.86 92.16

NET ASSETS 2909.44 2151.3 1173.9 987.41 837.27

SOLVENCY RATIOS

Debt Equity Ratio 0.00887 0.02561 0.05089 0.070887 0.247919

Long Term Debt 65.03 165.7 288.67 330.42 865.38

Share Holders Fund 7328.76 6470.66 5672.53 4661.25 3490.58

DEBT-Asset RATIO 0.02235 0.07702 0.24591 0.334633 1.033573

TOTAL ASSET 2909.44 2151.3 1173.9 987.41 837.27

Total DEBT 65.03 165.7 288.67 330.42 865.38

PROPRIETARY RATIO 2.51896 3.00779 4.83221 4.720683 4.169002

SHARE HOLDER'S FUND 7328.76 6470.66 5672.53 4661.25 3490.58

TOTAL ASSET 2909.44 2151.3 1173.9 987.41 837.27

PROFITABILITY RATIO

Net Profit Margin 0.1525 0.15693 0.19778 0.273445 0.214059PAT 1263.61 1218.37 1402.27 1769.1 1503.25

Sales 8286.2 7763.93 7089.89 6469.68 7022.59

Gross Profit Margin 0.54811 0.5491 0.57837 0.645812 0.620011

Sales- COGS 4541.72 4263.14 4100.57 4178.2 4354.08

Sales 8286.2 7763.93 7089.89 6469.68 7022.59

OPERATING PROFIT RATIO 0.14896 0.13522 0.05118 0.055729 0.032157

OPERATING PROFIT 1098.08 957.77 316.43 316.06 200.22

NET SALES 7,371.52 7,083.21 6,182.09 5,671.39 6,226.28

NOPAT 0.44744 0.53034 1.37153 1.632675 1.763649

EBIT 1686.9 1805.82 1990.84 2781.36 1945.04

NET SALES 3770.09 3405.02 1451.55 1703.56 1102.85

ROI 0.22884 0.25494 0.32203 0.490419 0.312392

EBIT 1,686.90 1805.82 1990.84 2781.36 1945.04

NET SALES 7,371.52 7,083.21 6,182.09 5,671.39 6,226.28


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ROE 0.17239 0.18828 0.24719 0.379533 0.430518

PAT 1,263.61 1,218.37 1,402.27 1,769.10 1,503.25

NET WORTH 7,330.10 6,470.90 5,672.87 4,661.25 3,491.72

ACTIVITY RATIO

INVENTORY TURNOVER RATIO 5.29806 4.95181 4.73963 7.499586 9.733721COGS 4,198.98 4,018.37 3,605.32 3,713.87 3,979.34

AVERAGE INVENTORY 792.55 811.495 760.675 495.21 408.82

ASSET TURNOVER RATIO 0.50981 0.51307 0.24349 0.341281 0.253116

TOTAL ASSETS 7395.13 6636.6 5961.54 4991.67 4357.1

NET SALES 3770.09 3405.02 1451.55 1703.56 1102.85

Int coverage ratio 42.5911 105.597 78.8075 45.44496 19.1693 (It shows n

LEVERAGEDOL -1.6179 -0.6376 -3.1563 -4.82465

% CHANGE IN EBIT -0.0659 -0.0929 -0.2842 0.429976

% CHANGE IN NET SALES 0.0407 0.14576 0.09005 -0.08912

DFL 0 -0.0079 -0.0005 0.401309

% CHANGE IN EPS FALSE 0.00073 0.00015 0.172553

% CHANGE IN EBIT -0.0659 -0.0929 -0.2842 0.429976

DCL 0 0.00501 0.00163 -1.93617

DOL -1.6179 -0.6376 -3.1563 -4.82465DFL 0 -0.0079 -0.0005 0.401309


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Income Statement 2011-10 2010-09 2009-08 2008-07 2007-06

Income

Sales Turnover 8,286.20 7,763.93 7,089.89 6,469.68 7,022.59

Excise Duty 914.68 680.72 907.8 798.29 796.31

Net Sales 7,371.52 7,083.21 6,182.09 5,671.39 6,226.28

Other Income 214.58 180.41 468.18 965.04 111.07

Stock Adjustments 54.28 -49.44 62.62 58.79 -10.92

Total Income 7,640.38 7,214.18 6,712.89 6,695.22 6,326.43

Expenditure

Raw Materials 1,475.20 1,642.09 1,251.08 953.32 1,007.07

Power & Fuel Cost 1,697.34 1,422.75 1,325.69 1,004.20 1,239.87

Employee Cost 344.91 274.29 266.94 209.46 235.98

Other Manufacturing Expenses 227.03 161.66 145.61 124.5 185.59

Selling and Admin Expenses 1,591.44 1,426.15 1,276.80 1,254.41 1,273.55


Preoperative Exp Capitalised -11.36 -19.33 -21.19 -9.47 -10.82

Total Expenses 5,565.68 5,109.80 4,460.57 3,677.05 4,054.20

Operating Profit 1,860.12 1,923.97 1,784.14 2,053.13 2,161.16

PBDIT 2,074.70 2,104.38 2,252.32 3,018.17 2,272.23

Interest 48.69 22.43 32.06 75.85 113.23

PBDT 2,026.01 2,081.95 2,220.26 2,942.32 2,159.00

Depreciation 387.19 296.99 259.76 236.34 326.12

Other Written Off 0.61 1.57 1.72 0.47 1.07

Profit Before Tax 1,638.21 1,783.39 1,958.78 2,705.51 1,831.81

Extra-ordinary items 64.22 26.52 11.28 -194.92 10.17

PBT (Post Extra-ord Items) 1,702.43 1,809.91 1,970.06 2,510.59 1,841.98

Tax 435.55 585.14 567.79 741.49 338.73

Reported Net Profit 1,263.61 1,218.37 1,402.27 1,769.10 1,503.25

Total Value Addition 4,090.48 3,467.71 3,209.49 2,723.73 3,047.13

Preference Dividend 0 0 0 0 0

Equity Dividend 397.22 365.59 334.97 532.65 461.24

Corporate Dividend Tax 65.27 62.13 56.92 90.52 64.69

Per share data (annualised)

Shares in issue (lakhs) 15,298.59 15,237.11 15,225.99 15,223.75 15,168.29

Earning Per Share (Rs) 8.26 8 9.21 11.62 9.91

Equity Dividend (%) 130 120 110 175 165

Book Value (Rs) 47.9 42.47 37.26 30.62 23.01

DPS 2.596448 2.39934 2.199988 3.498809 3.040817

equity dividend/no of shares

EPS 13.56138 13.81089 14.7926 19.8254 14.98013

PAT/no of shares


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HERE LONG TERM DEBT IS TAKEN AS UNSECURED LOANS

BECAUSE SECURED LOANS CAN ALSO BE TREATED AS SHORT TERM DEBT

OR NOTES PAYABLE


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. of times the interest charges are covered by funds that are ordinarly availablefor repaying, but here we


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can see conservative approch of using debt.)


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Guj.Ambuja

TREND ANALYSIS

YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

CURRENT RATIO 1.070311 0.89027 1.2575 1.025304 1.083954

YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

Quick Ratio 0.768742 0.587464 0.758458 0.656093 0.711535

YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

Net Profit Margin 0.152496 0.156927 0.197784 0.273445 0.214059

0

0.2

0.4

0.6

0.8

1

1.2

1.4

2011-10 2

0

0.1

0.2

0.30.4

0.5

0.6

0.7

0.8

0.9

2011-10 2

0.05

0.1

0.15

0.2

0.25

0.3


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YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

Gross Profit Margin 0.548106 0.549096 0.578369 0.645812 0.620011

YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

Debt Equity Ratio 0.008873 0.025608 0.050889 0.070887 0.247919

YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

ROE 0.172386 0.188284 0.247189 0.379533 0.430518

0

2011-10 20

0.48

0.5

0.52

0.54

0.56

0.58

0.6

0.62

0.64

0.66

2011-10 20

0

0.05

0.1

0.15

0.2

0.25

0.3

2011-10

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5


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YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

ROI 0.22884 0.254944 0.322033 0.490419 0.312392

0

2011-10

0

0.1

0.2

0.3

0.4

0.5

0.6

2011-10


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010-09 2009-08 2008-07 2007-06

CURRENT RATIO

CURRENT RATIO

10-09 2009-08 2008-07 2007-06

Quick Ratio

Quick Ratio

0

0.2

0.4

0.6

0.8

1

1.2

1.4

CURRENT R

Net Profit Margin

Net Profit Margin

0

0.1

0.2

0.30.4

0.5

0.6

0.7

0.8

0.9

2011-102010-09 2009-082008-07

QUICK RA

0.05

0.1

0.15

0.2

0.25

0.3

NPM


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10-09 2009-08 2008-07 2007-06

10-09 2009-08 2008-07 2007-06

Gross Profit Margin

Gross Profit Margin

0.48

0.5

0.52

0.54

0.56

0.58

0.6

0.62

0.64

0.66

2011-10 2010-09 2009-08 2

GPM

0

2011-10 2010-09 2009-08 20

010-09 2009-08 2008-07 2007-06

Debt Equity Ratio

Debt Equity Ratio

0

0.05

0.1

0.15

0.2

0.25

0.3

2011-10 2010-09 2009-08 2008-

D/E RAT

ROE

ROE

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

0.45

0.5

ROE


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2010-09 2009-08 2008-07 2007-06

0

2011-10 2010-09 2009-08 2

2010-09 2009-08 2008-07 2007-06

ROI

ROI

0

0.1

0.2

0.3

0.4

0.5

0.6

2011-10 2010-09 2009-08 2

ROI


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ATIO

CURRENT RATIO

2007-06

IO

QUICK RATIO

NPM


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08-07 2007-06

GPM

08-07 2007-06

07 2007-06

IO

D/E RATIO

ROE


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008-07 2007-06

008-07 2007-06

ROI


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Guj. Ambuja

COMMON SIZE ANALYSIS

Balance Sheet 2011-10 2010-09 2009-08 2008-07 2007-06Sources Of Funds





Reserves 7022.79 6165.92 5368.01 4356.77 3187.21


Networth 7330.1 6470.9 5672.87 4661.25 3491.72

Secured Loans 0 100 100 100 317.77

Unsecured Loans 65.03 65.7 188.67 230.42 547.61

Total Debt 65.03 165.7 288.67 330.42 865.38

Total Liabilities 7395.13 6636.6 5961.54 4991.67 4357.1

Application Of FundsGross Block 8778.82 6224.13 5706.94 5231.05 4542.5

Less: Accum. Depreciation 3151.07 2784.09 2514.19 2271.19 2053.32

Net Block 5627.75 3440.04 3192.75 2959.86 2489.18

Capital Work in Progress 930.7 2714.43 1947.22 696.79 634.93

Investments 625.95 727.01 332.39 1288.94 1133.12

Inventories 901.86 683.24 939.75 581.6 408.82

Sundry Debtors 128.18 152.2 224.6 145.68 89.95


Total Current Assets 1228.44 952.08 1288.08 842.22 671.13


Fixed Deposits 1549.77 764.04 728.11 535.85 205.74

Total CA, Loans & Advances 3200.82 2008.77 2368.01 1615.11 1189.9



Provisions 1096.57 674.04 470.56 493.55 168.68

Total CL & Provisions 2990.55 2256.36 1883.11 1575.25 1097.74



Total Assets 7395.13 6636.6 5961.54 4991.67 4357.1

Contingent Liabilities 754.38 647.12 1224.42 1193.08 506.71

Book Value (Rs) 47.9 42.47 37.26 30.62 23.01

Balance Sheet 2011-10 2010-09 2009-08 2008-07 2007-06Sources Of Funds



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Reserves 94.96506 92.90781 90.04402 87.28081 73.1498


Networth 99.12064 97.50324 95.15779 93.38057 80.13862

Secured Loans 0 1.506796 1.677419 2.003338 7.293154Unsecured Loans 0.879362 0.989965 3.164786 4.61609 12.56822

Total Debt 0.879362 2.49676 4.842205 6.619428 19.86138

Total Liabilities 100 100 100 100 100


Gross Block 118.7108 93.78492 95.72929 104.7956 104.2551

Less: Accum. Depreciation 42.61007 41.95055 42.1735 45.4996 47.12584

Net Block 76.10076 51.83437 53.55579 59.29599 57.12928

Capital Work in Progress 12.58531 40.90091 32.66304 13.95906 14.57231

Investments 8.464354 10.95456 5.575573 25.82182 26.00629

Inventories 12.19532 10.29503 15.76354 11.65141 9.382846

Sundry Debtors 1.733303 2.293343 3.767483 2.918462 2.064447


Total Current Assets 16.61147 14.3459 21.6065 16.87251 15.40314


Fixed Deposits 20.95663 11.51252 12.21345 10.73488 4.721948

Total CA, Loans & Advances 43.28281 30.26806 39.72145 32.35611 27.30945



Provisions 14.82827 10.15641 7.893262 9.887473 3.871382

Total CL & Provisions 40.43945 33.99873 31.58764 31.55757 25.19428

Net Current Assets 2.843358 -3.73068 8.133804 0.79853 2.115168Miscellaneous Expenses 0.00622 0.040834 0.071794 0.124608 0.176953

Total Assets 100 100 100 100 100


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Income Statement 2011-10 2010-09 2009-08 2008-07 2007-06Income

Sales Turnover 8286.2 7763.93 7089.89 6469.68 7022.59

Excise Duty 914.68 680.72 907.8 798.29 796.31

Net Sales 7371.52 7083.21 6182.09 5671.39 6226.28

Other Income 214.58 180.41 468.18 965.04 111.07


Total Income 7640.38 7214.18 6712.89 6695.22 6326.43

Expenditure

Raw Materials 1475.2 1642.09 1251.08 953.32 1007.07

Power & Fuel Cost 1697.34 1422.75 1325.69 1004.2 1239.87

Employee Cost 344.91 274.29 266.94 209.46 235.98


Selling and Admin Expenses 1591.44 1426.15 1276.8 1254.41 1273.55Miscellaneous Expenses 241.12 202.19 215.64 140.63 122.96


Total Expenses 5565.68 5109.8 4460.57 3677.05 4054.2

Operating Profit 1860.12 1923.97 1784.14 2053.13 2161.16

PBDIT 2074.7 2104.38 2252.32 3018.17 2272.23

Interest 48.69 22.43 32.06 75.85 113.23

PBDT 2026.01 2081.95 2220.26 2942.32 2159

Depreciation 387.19 296.99 259.76 236.34 326.12


Profit Before Tax 1638.21 1783.39 1958.78 2705.51 1831.81


PBT (Post Extra-ord Items) 1702.43 1809.91 1970.06 2510.59 1841.98

Tax 435.55 585.14 567.79 741.49 338.73

Reported Net Profit 1263.61 1218.37 1402.27 1769.1 1503.25

Total Value Addition 4090.48 3467.71 3209.49 2723.73 3047.13


Equity Dividend 397.22 365.59 334.97 532.65 461.24

Corporate Dividend Tax 65.27 62.13 56.92 90.52 64.69

Income Statement 2011-10 2010-09 2009-08 2008-07 2007-06Income

Sales Turnover 112.4083 109.6103 114.6844 114.0757 112.7895


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Excise Duty 12.4083 9.610332 14.68435 14.07574 12.7895

Net Sales 100 100 100 100 100

Other Income 2.910933 2.547009 7.573167 17.01593 1.78389


Total Income 103.6473 101.849 108.5861 118.0525 101.6085

Expenditure 0 0 0 0 0

Raw Materials 20.01215 23.18285 20.23717 16.80928 16.17451Power & Fuel Cost 23.02564 20.08623 21.44404 17.70642 19.9135

Employee Cost 4.678954 3.872397 4.317957 3.693274 3.790064


Selling and Admin Expenses 21.58903 20.13423 20.65321 22.11821 20.45443



Total Expenses 75.50247 72.13961 72.15311 64.83508 65.11432

Operating Profit 25.23387 27.1624 28.85982 36.20153 34.71029

PBDIT 28.14481 29.70941 36.43299 53.21747 36.49418

Interest 0.660515 0.316664 0.518595 1.337415 1.818582

PBDT 27.48429 29.39275 35.91439 51.88005 34.6756

Depreciation 5.252512 4.192873 4.201815 4.167232 5.237798


Profit Before Tax 22.2235 25.17771 31.68475 47.70453 29.42062


PBT (Post Extra-ord Items) 23.09469 25.55212 31.86722 44.26763 29.58396

Tax 5.908551 8.260944 9.184434 13.07422 5.440327

Reported Net Profit 17.14178 17.20082 22.68278 31.19341 24.14363

Total Value Addition 55.49032 48.95676 51.91594 48.02579 48.93982


Equity Dividend 5.388577 5.16136 5.418394 9.391877 7.407955Corporate Dividend Tax 0.885435 0.877145 0.920724 1.596081 1.038983


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Guj AmbujaINDEX ANALYSIS(2007-06 BASE YEAR)

Balance Sheet 2007-06 2008-07 2009-08 2010-09 2011-10

Sources Of Funds





Reserves 7,022.79 6,165.92 5,368.01 4,356.77 3,187.21


Networth 7,330.10 6,470.90 5,672.87 4,661.25 3,491.72

Secured Loans 0 100 100 100 317.77

Unsecured Loans 65.03 65.7 188.67 230.42 547.61

Total Debt 65.03 165.7 288.67 330.42 865.38

Total Liabilities 7,395.13 6,636.60 5,961.54 4,991.67 4,357.10

Application Of FundsGross Block 8,778.82 6,224.13 5,706.94 5,231.05 4,542.50

Less: Accum. Depreciation 3,151.07 2,784.09 2,514.19 2,271.19 2,053.32

Net Block 5,627.75 3,440.04 3,192.75 2,959.86 2,489.18


Investments 625.95 727.01 332.39 1,288.94 1,133.12

Inventories 901.86 683.24 939.75 581.6 408.82

Sundry Debtors 128.18 152.2 224.6 145.68 89.95


Total Current Assets 1,228.44 952.08 1,288.08 842.22 671.13


Fixed Deposits 1,549.77 764.04 728.11 535.85 205.74

Total CA, Loans & Advances 3,200.82 2,008.77 2,368.01 1,615.11 1,189.90


Current Liabilities 1,893.98 1,582.32 1,412.55 1,081.70 929.06

Provisions 1,096.57 674.04 470.56 493.55 168.68

Total CL & Provisions 2,990.55 2,256.36 1,883.11 1,575.25 1,097.74



Total Assets 7,395.13 6,636.60 5,961.54 4,991.67 4,357.10


Book Value (Rs)47.9 42.47 37.26 30.62 23.01

YEAR 2007-06 2008-09 2009-08 2010-09 2011-10

Current Liabilities 100 83.5447 74.58104 57.11254 49.05332

Provisions 100 61.46803 42.91199 45.00853 15.38251

Tot. Current Liabilities 100 75.44967 62.96868 52.67426 36.70696

Share Capital 100 99.598 99.5261 99.51302 99.15024


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Reserves Total 100 87.79872 76.437 62.03759 45.38381

Total Shareholders Funds 100 88.27847 77.39144 63.59054 47.63537

Secured Loans 100 100 100 317.77 0

Unsecured Loans 100 0 0 0 0

Total Debt 100 254.8055 443.9028 508.104 1330.74

Total Liabilities 100 89.74284 80.6144 67.49942 58.9185

Inventories 100 0 0 0 0

Sundry Debtors 100 118.7393 175.2223 113.6527 70.17475

Cash and Bank 100 58.79032 62.36391 57.93347 86.875

Loans and Advances 100 69.24824 83.24933 56.08954 74.07066

Total Current Assets 100 77.50317 104.8549 68.56013 54.6327


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Guj. Ambuja

FORECASTINGPROFORMA

Balance Sheet 2011-10 2010-09 2009-08 2008-07 2007-06 AS PROP OF SALES

Sources Of Funds

Total Share Capital 305.97 304.74 304.52 304.48 303.37 NO CHANGE

Equity Share Capital 305.97 304.74 304.52 304.48 303.37 NO CHANGE

Share Application Money 1.34 0.24 0.34 0 1.14 NO CHANGE

Preference Share Capital 0 0 0 0 0 NO CHANGE

Reserves 7,022.79 6,165.92 5,368.01 4,356.77 3,187.21 Frm Inc Statement


Networth 7,330.10 6,470.90 5,672.87 4,661.25 3,491.72

Secured Loans 0 100 100 100 317.77 0.01979

Unsecured Loans 65.03 65.7 188.67 230.42 547.61 0.03544

Total Debt 65.03 165.7 288.67 330.42 865.38 0.05523

Total Liabilities 7,395.13 6,636.60 5,961.54 4,991.67 4,357.10 0.89688

Application Of Funds 0.00000Gross Block 8,778.82 6,224.13 5,706.94 5,231.05 4,542.50 0.92894

Less: Accum. Depreciation 3,151.07 2,784.09 2,514.19 2,271.19 2,053.32 0.39149

Net Block 5,627.75 3,440.04 3,192.75 2,959.86 2,489.18


Investments 625.95 727.01 332.39 1,288.94 1,133.12

Inventories 901.86 683.24 939.75 581.6 408.82 0.10780

Sundry Debtors 128.18 152.2 224.6 145.68 89.95 0.21488

Cash and Bank Balance 198.4 116.64 123.73 114.94 172.36 0.02227

Total Current Assets 1,228.44 952.08 1,288.08 842.22 671.13 0.15314


Fixed Deposits 1,549.77 764.04 728.11 535.85 205.74 0.11268

Total CA, Loans & Advances 3,200.82 2,008.77 2,368.01 1,615.11 1,189.90 0.31535

Deffered Credit 0 0 0 0 0 0.00000

Current Liabilities 1,893.98 1,582.32 1,412.55 1,081.70 929.06 0.20975

Provisions 1,096.57 674.04 470.56 493.55 168.68 0.08683

Total CL & Provisions 2,990.55 2,256.36 1,883.11 1,575.25 1,097.74 0.29658

Net Current Assets 210.27 -247.59 484.9 39.86 92.16 0.01877

Miscellaneous Expenses 0.46 2.71 4.28 6.22 7.71 0.00069

Total Assets 7,395.13 6,636.60 5,961.54 4,991.67 4,357.10 0.89688


Book Value (Rs) 47.9 42.47 37.26 30.62 23.01EFR ((A/S)*(S1)-(L/S)*(S1)-MS1*(1-D)

A/S 0.79197

L/S 0.256932 (Since EFR is negative, firm doesn't required to raise the firm from e

S1 -521.08

NET PROFIT MARGIN 0.15

DPR 0.31

EFR -224.25


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YEAR 2011-10 2010-09 2009-08 2008-07 2007-06

NET SALES 7,371.52 7,083.21 6,182.09 5,671.39 6,226.28

GROWTH RATE IN NET SALES -3.91% -12.72% -8.26% 9.78%

96.9 87.88 91.76 90.22

AVERAGE GROWTH RATE -8.36898 -0.08369


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-0.06303 -0.0868

PROFORMA

2012-11(PROJECTED) Income Statement 2011-10 2010-09 2009-08

Income

305.97 Sales Turnover 8,286.20 7,763.93 7,089.89

305.97 Excise Duty 914.68 680.72 907.8

0 Net Sales 7,371.52 7,083.21 6,182.09

0 Other Income 214.58 180.41 468.18

3870.411291 Stock Adjustments 54.28 -49.44 62.62

0 Total Income 7,640.38 7,214.18 6,712.89

4482.351291 Expenditure

127.3627056 Raw Materials 1,475.20 1,642.09 1,251.08

228.0465828 Power & Fuel Cost 1,697.34 1,422.75 1,325.69

355.4092884 Employee Cost 344.91 274.29 266.94

5771.328059 Other Manufacturing Expenses 227.03 161.66 145.61

0 Selling and Admin Expenses 1,591.44 1,426.15 1,276.805977.600873 Miscellaneous Expenses 241.12 202.19 215.64

2519.196333 Preoperative Exp Capitalised -11.36 -19.33 -21.19

3458.40454 Total Expenses 902.63 1387.5 1135.12

10815.36145 Operating Profit 1,860.12 1,923.97 1,784.14

0 PBDIT 2,074.70 2,104.38 2,252.32

693.711022 Interest 48.69 22.43 32.06

149.0639682 PBDT 2,026.01 2,081.95 2,220.26

544.6470539 Depreciation 387.19 296.99 259.76

985.4493427 Other Written Off 0.61 1.57 1.72

1689.76 Profit Before Tax 1,638.21 1,783.39 1,958.78

725.0915259 Extra-ordinary items 64.22 26.52 11.28

2029.230453 PBT (Post Extra-ord Items) 1,702.43 1,809.91 1,970.06

0 Tax 435.55 585.14 567.79

1349.724659 Reported Net Profit 1,263.61 1,218.37 1,402.27

558.7407121 Total Value Addition 4,090.48 3,467.71 3,209.49

1908.465371 Preference Dividend 0 0 0

120.7650817 Equity Dividend 397.22 365.59 334.97

4.468827531 Corporate Dividend Tax 65.27 62.13 56.92

5771.328059 Per share data (annualised)

9111.949537 Shares in issue (lakhs) 1640.86 2087.38 2089.37

Earning Per Share (Rs) 8.02 10.58 12.66Equity Dividend (%) 30 33 20

xternal source.)


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-0.0875 0.08546

2008-07 2007-06 AS % OF SALES 2012-11(PROJECTED)

6,469.68 7,022.59 100.00% 6434.87

798.29 796.31 0.12714 818.11

5,671.39 6,226.28 100.00% 5705.20

965.04 111.07 111.45

58.79 -10.92 0.00383 21.82

6,695.22 6,326.43 5816.65

953.32 1,007.07 0.171349879 1102.61

1,004.20 1,239.87 0.181368929 1167.09

209.46 235.98 0.036116561 232.41

124.5 185.59 0.022885874 147.27

1,254.41 1,273.55 0.186215349 1198.27140.63 122.96 0.024960467 160.62

-9.47 -10.82 -0.001970786 -12.68

2447.25 2672.01 3995.58

2,053.13 2,161.16 0.269805795 1736.17

3,018.17 2,272.23 0.325835289 1858.96

75.85 113.23 last year rate=0.001356 0.00

2,942.32 2,159.00 1858.96

236.34 326.12 0.040917363 263.30

0.47 1.07 0.000148689 0.96

2,705.51 1,831.81 1594.70

-194.92 10.17 -0.003184603 -20.49

2,510.59 1,841.98 1594.70

741.49 338.73 0.074171713 477.29

1,769.10 1,503.25 1117.42

2,723.73 3,047.13 0.449576394 2892.97

0 0 0 0.00

532.65 461.24 0.058056323 373.58

90.52 64.69 0.009422159 60.63

2095.85 2099.39 no change 2099.39

39.93 47.48 53.2335 40


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share price com ROR mkt mkt ROR

116.13 - 17823.4 -

105.4 -0.0924 19445.22 0.090994

111.2 0.055028 19135.96 -0.0159

113.37 0.019514 18503.28 -0.03306 variance(mkt) 0.004644

122.75 0.082738 18845.87 0.018515 covariance(com,mkt) 0.002438

137.25 0.118126 18197.2 -0.03442 mkt ret avg -0.00119137.98 0.005319 16676.75 -0.08355 beta 0.525036

137.15 -0.00602 16453.76 -0.01337 Rm -0.01414

139.5 0.017135 17705.01 0.076046 Rf 0.076

124.06 -0.11068 16123.46 -0.08933 Ke 0.028671

117.66 -0.05159 15454.92 -0.04146

144.85 0.23109 17193.55 0.112497 Interest 58.452

Total debt 343.04

Kd 0.170394

EBIT 1,472.93

Value of firm

equity 49335.33

debt 343.04

Value of firm 49678.37

WACC(Ko) 0.029649


76.17 - 16429.55 -

86.43 0.134699 17527.77 0.066844 change in val of firm 0.172236

83.6 -0.03274 17558.71 0.001765103.36 0.236364 16944.63 -0.03497 variance(mkt) 0.00345

94.76 -0.0832 17700.9 0.044632 covariance(com,mkt) -0.0018

95.19 0.004538 17868.29 0.009457 mkt ret avg 0.011556

85.2 -0.10495 17971.12 0.005755 beta -0.52249

87.97 0.032512 20069.12 0.116743 Rm 0.14784

100.35 0.14073 20032.34 -0.00183 Rf 0.076

103.65 0.032885 19521.25 -0.02551 Ke 0.038464

102.98 -0.00646 20509.09 0.050603

115.65 0.123034 18327.76 -0.10636 Interest 58.452

Total debt 343.04

Kd 0.170394

EBIT 1,626.98

Value of firm

equity 40778.94

debt 343.04

Value of firm 41121.98

WACC(Ko) 0.039565


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89.221 - 8891.61 -

80.23 -0.10077 9708.5 0.091872

69.47 -0.13411 11403.25 0.174564

73.58 0.059162 14625.25 0.282551 variance(mkt) 0.010701

74.62 0.014134 14493.84 -0.00899 covariance(com,mkt) -0.0054672.49 -0.02854 15670.31 0.08117 mkt ret avg 0.061412

57.01 -0.21355 15666.64 -0.00023 beta -0.51026

47.32 -0.16997 17126.84 0.093204 Rm 1.044588

64.56 0.364328 15896.28 -0.07185 Rf 0.076

65.44 0.013631 16926.22 0.064791 Ke -0.41824

59.58 -0.08955 17464.81 0.03182

66.86 0.122189 16357.96 -0.06338 Interest 58.452

Total debt 65.03

Kd 0.170394

EBIT 1,524.38

Value of firm

equity -3505.03

debt 343.04

Value of firm -3161.99

WACC(Ko) -0.4821


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Int 48.69 22.43 32.06 75.85 113.23

avg 58.452

total debt 65.03 165.7 288.67 330.42 865.38

avg 343.04

Int 48.69 22.43 32.06 75.85 113.23

avg 58.452

total debt 65.03 165.7 288.67 330.42 865.38

avg 343.04


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Int 48.69 22.43 32.06 75.85 113.23

avg 58.452

total debt 65.03 165.7 288.67 330.42 865.38

avg 343.04

It is not possible, since value of the firm can't be negative. That shows limitation of model.


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Walter's Model 2010-2011

P= D/ke + (r(E-D)/ke )ke

Gordon's Model

P=E*(1-b)/(Ke-b*r)

MM model

P0=(1/(1+ke))*(D1+p1)

Value of fir nP0=(1/(1+ke)(nD1+nP1)


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No of shares

in crores 152.99 152.37 152.26 152.24 151.68

Reported Net

Profit 1,263.61 1,218.37 1,402.27 1,769.10 1,503.25

Earning Per

Share (Rs) 8.26 8 9.21 11.62 9.91

Equity

Dividend 397.22 365.59 334.97 532.65 461.24 Note:

DPS 2.596448 2.39934 2.199988 3.498809 3.040817

r (ROI) 0.22884 0.254944 0.322033 0.490419 0.312392

ke 0.028671 0.038464 -0.41824

Share price P 1667.246 1027.476 7.645416

Earning Per

Share (Rs) 8.26 8 9.21 11.62 9.91

DPS 2.596448 2.39934 2.199988 3.498809 3.040817

Ke 0.028671 0.038464 -0.41824

r (ROI) 0.22884 0.254944 0.322033 0.490419 0.312392

b (retention ra 0.68566 0.700083 0.76113 0.698898 0.693157

Share Price P -20.2474 -17.136 -3.31651

Analysis: To apply the Gordon's model Ke must be grea

DPS 2.596448 2.39934 2.199988 3.498809 3.040817

Ke 0.028671 0.038464 -0.41824

P0 115.65 66.86 94.9

1/(1+ke) 0.972128 0.962961 1.718909P1 116.3693 67.03237 53.00944

No of shares

in crores 152.99 152.37 152.26 152.24 151.68

P0 115.65 66.86 94.9

Ke 0.028671 0.038464 -0.41824

nP1 17802.86 10213.8 8071.212 P1 118.9658 69.43171 55.20943

ND1 397.22 365.59 334.97


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nP0 17692.82 10187.53 14449.46 17692.82 10187.53 14449.46 Analysis

mkt value of firm mkt value of firm

when dividend paid had dividends not been paid


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There is no preference dividend, hence DPS is calclulated by reported net profit/equity dividend

ter than growth (br). That is the company is experiencing super natural growth


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The MM model satisfied, as mkt values are same in boyh cases.


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Gross operating cycle = RMCP+WIPCP+FGCP+DCP

Raw material conversion period = (avg Raw material/total RM consumption)*36

= 77.36388

WIP conversion period = (avg WIP/total cost of production) *360

avg WIP 237.765

total cost o 3,677.55

WIPCP 23.27509

FGCP = (avg finished goods inventory/COGS)*360

avg FG 237.765

COGS 3,611.97

FGCP 23.69772

Debtors conversion period DCP = (avg debtors/credit sales)*360

= 6.846403

Credit Purchase period CPP = (avg creditors/credit purchases)*360

avg credito 1042.89

CPP 254.5014

Gross operating cycle 131.1831

Net operating cycle GOC-CPP -123.318

AnalysisThe NOC is coming out to be negative. This means that the firm is sitting on idle cash. The firm has ample

time to repay its obligations. So in order to gain more profits, it can invest more.


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2010-11

Balance Sheet

Mar '11 Mar '10 Mar '09 Mar '08

12 mths 12 mths 12 mths 12 mths

0

Sources Of FundsTotal Share Capital 305.97 304.74 304.52 304.48

Equity Share Capital 305.97 304.74 304.52 304.48

Share Application Money 1.34 0.24 0.34 0

Preference Share Capital 0 0 0 0

Reserves 7,022.79 6,165.92 5,368.01 4,356.77

Revaluation Reserves 0 0 0 0

Networth 7,330.10 6,470.90 5,672.87 4,661.25

Secured Loans 0 100 100 100

Unsecured Loans 65.03 65.7 188.67 230.42

Total Debt 65.03 165.7 288.67 330.42

Total Liabilities 7,395.13 6,636.60 5,961.54 4,991.67

Gross Block 8,778.82 6,224.13 5,706.94 5,231.05

Less: Accum. Depreciation 3,151.07 2,784.09 2,514.19 2,271.19

Net Block 5,627.75 3,440.04 3,192.75 2,959.86

Capital Work in Progress 930.7 2,714.43 1,947.22 696.79

Investments 625.95 727.01 332.39 1,288.94

Inventories 901.86 683.24 939.75 581.6

Sundry Debtors 128.18 152.2 224.6 145.68

Cash and Bank Balance 198.4 116.64 123.73 114.94

Total Current Assets 1,228.44 952.08 1,288.08 842.22

Loans and Advances 422.61 292.65 351.82 237.04

Fixed Deposits 1,549.77 764.04 728.11 535.85

Total CA, Loans & Advances 3,200.82 2,008.77 2,368.01 1,615.11

Deffered Credit 0 0 0 0

Current Liabilities 1,893.98 1,582.32 1,412.55 1,081.70

Provisions 1,096.57 674.04 470.56 493.55

Total CL & Provisions 2,990.55 2,256.36 1,883.11 1,575.25

Net Current Assets 210.27 -247.59 484.9 39.86

Miscellaneous Expenses 0.46 2.71 4.28 6.22

Total Assets 7,395.13 6,636.60 5,961.54 4,991.67

Contingent Liabilities 754.38 647.12 1,224.42 1,193.08

Book Value (Rs) 47.9 42.47 37.26 30.62


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


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Profit & Loss account

Mar '07 Mar '11 Mar '10 Mar '09 Mar '08 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Income303.37 Sales Turnover 8,286.20 7,763.93 7,131.41 6,556.92 7,147.43

303.37 Excise Duty 914.68 680.72 907.8 788.82 785.49

1.14 Net Sales 7,371.52 7,083.21 6,223.61 5,768.10 6,361.94

0 Other Income 260.65 180.38 448.92 971.82 95.11

3,187.21 Stock Adjustments 54.28 -49.47 65.24 53.85 -8.67

0 Total Income 7,686.45 7,214.12 6,737.77 6,793.77 6,448.38

3,491.72

317.77 Expenditure

547.61 Raw Materials 1,475.20 1,642.09 1,263.66 985.96 1,016.76

865.38 Power & Fuel Cost 1,697.34 1,422.75 1,325.77 1,004.66 1,241.21

4,357.10 Employee Cost 343.57 274.29 267.69 211.64 237.5


Selling and Admin Expenses 1,639.15 1,431.99 1,293.88 1,301.91 1,374.98

4,542.50 Miscellaneous Expenses 244.71 203.93 221.17 146.24 136.11

2,053.32 Preoperative Exp Capitalised -11.36 -19.33 -21.19 0 0

2,489.18 Total Expenses 5,615.64 5,117.38 4,496.77 3,775.45 4,190.36

634.93 Operating Profit 1,810.16 1,916.36 1,792.08 2,046.50 2,162.91

1,133.12 PBDIT 2,070.81 2,096.74 2,241.00 3,018.32 2,258.02

408.82 Interest 48.69 22.43 32.6 77.09 116.37

89.95 PBDT 2,022.12 2,074.31 2,208.40 2,941.23 2,141.65

172.36 Depreciation 387.21 297.28 260.1 237.18 327.95

671.13 Other Written Off 0.61 1.57 1.72 0.47 1.07

313.03 Profit Before Tax 1,634.30 1,775.46 1,946.58 2,703.58 1,812.63

205.74 Extra-ordinary items 27.11 26.52 11.28 7.08 10.15

1,189.90 PBT (Post Extra-ord Items) 1,661.41 1,801.98 1,957.86 2,710.66 1,822.78

0 Tax 398.44 585.14 568.15 943.49 339.81

929.06 Reported Net Profit 1,262.97 1,216.84 1,389.71 1,767.17 1,483.34

168.68 Total Value Addition 4,090.48 3,467.71 3,209.49 2,723.73 3,047.13

1,097.74 Preference Dividend 0 0 0 0 0

92.16 Equity Dividend 397.22 365.59 334.97 532.65 461.24

7.71 Corporate Dividend Tax 65.27 62.13 56.92 90.52 64.69

4,357.10 Per share data (annualised)

Shares in issue (lakhs) 15,298.59 15,237.11 15,225.99 15,223.75 15,168.29

506.71 Earning Per Share (Rs) 8.26 8 9.21 11.62 9.91

23.01 Equity Dividend (%) 130 120 110 175 165

Book Value (Rs) 47.9 42.47 37.26 30.62 23.01

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


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Company Net Sales(cr) mkt share

Ambuja 7371.52 0.164468

Ultrarech 13205.64 0.2946347

Binani 1728.5 0.038565

ACC 8258.77 0.1842637

Madras 2620.7 0.0584712

JK 2,361.35 0.0526847India 3,534.92 0.0788686

shree 1689.52 0.0376954

Deccan 2264.23 0.0505179

Andhra 1785.23 0.0398308

total sales 44820.38

Ambuja 0.164468039

Ultrarech 0.294634718

Binani 0.038565046

ACC 0.184263721

Madras 0.058471169

JK 0.052684739

India 0.078868586

shree 0.037695352

Deccan 0.050517867 (Top 10 leading industries are take

Andhra 0.039830764

0.184263721

0.058471169

0.052684739

0.078868586

0.037695352

0.050517867 0.


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n to check market power.)

0.164468039

0.294634718

0.038565046

39830764

Mkt Share

Ambuja

Ultrarech

Binani

ACC

Madras

JK

India

shree

Deccan

Ambuja-finance Fm Proj

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Transcript of Ambuja-finance Fm Proj