Annexure – Ratio

formulae
Financial Performance Formula

TOI (Sales - Excise Duty) + Other recurring income

incidental to main business
EBIDTA (1) Minus (Operating Expenses excl. Interest,
Depreciation & Amortisation)
EBIDTA/TOI (%) (2)/(1)
Interest Interest on borrowings
Depreciation Depreciation for the year
Operating Profit (OP) (2) Minus (4) Minus (5)

In case of any special item like lease rentals,

amortisation etc., between EBIDTA & OP, it need
to be calculated appropriately
Non-operating Income Income not from normal course of business net of
non-operating expenses
PBT (6) Plus (7)
PAT (8) Minus Tax (incl. Deferred Tax)
PAT/TOI (%) (9)/(1)
Net Cash Accruals PAT + Depreciation - Dividend + Non-cash
charges+ Deferred Tax Provision
Net fixed assets Net Fixed Assets
Tangible Networth (TNW) Paid up share Capital + Reserves - Revaluation
Reserves - Intangible assets (patents, goodwill,
prelim. Expenses, bad / doubtful expenses not
provided for etc.)
Exposure in subsidiaries Investments + Loans and Advances
/Group Cos.
Investments Investments in subsidiaries / group companies
Loans and advances Loans & Advances subsidiaries / group companies
Adjusted TNW (ATNW) (13) Minus (14)
Long term debt (LTD) Debt greater than one year (term loans,
debentures, preference shares, DPGs, other term
liabilities) excluding installments due within
one year
Short term debt (STD) Debt due within one year (includes demand loans,
unsecured loans etc.) but excluding Working
Capital Finance as given in (18) below
Working Capital Bank Secured and unsecured working capital availed
Finance from the Banks (include, Bills discounted /
purchased, Cash Credit / WCDL, Demand loans,
Export finance etc.)
Total Debt (16) Plus (17) Plus (18)
Total Debt /TNW (19)/(13)
LTD/ TNW (16)/(13)
TOL/TNW (Total Current Liabilities + Total Term liabilities
+Deferred Tax Liability) / (13)
TOL/ ATNW (Total Current Liabilities + Total Term liabilities
 +Deferred Tax Liability) / (15)
Total Current Assets All assets with maturity less than one year
Total Current Liabilities Total liabilities with maturity less than one year,
including installments of term liabilities /
DPGs due within one year
Net working capital (24) Minus (25)
Current ratio (24)/(25)
ROCE (%) {(6) + (4) + Lease rentals} / {Net fixed Assets +
Investments + Total current assets - Provisions -
Sundry creditors + Outstanding lease rentals}
Interest cover {(9)+ (5) + amortisation + (4) + lease rentals +
deferred tax provision} / {(4) + lease rentals}
Total debt/ NCA (19)/(11)
DSCR {(9)+deferred tax provision+ depreciation +
amortisation + lease rentals + long-term
interest}/{lease rentals + long-term interest +
long term repayments}