Académique Documents
Professionnel Documents
Culture Documents
Designation
Chairman & Managing Director
Joint Managing Director
Whole Time Director
Director
Director
Director
Director
Director
Director
Vice Chairman
Managing & Wholetime Director
Wholetime Director & CFO
Director
Director
Director
Director
Director
Director
Company Secretary
Sanjay Kumar Gupta
Auditors
R. Nagpal Associates Chartered Accountants B-8/14, Vasant Vihar New Delhi-110 057
Industry Analys
The construction industry plays an important role in the development of a countrys infrastructu
Its significance to the Indian economy can be gauged by its growing contribution to gross dom
to 7.9 percent in 201011. Additionally, the construction industry creates an annual asset base
more than 40 million people.
By 2020, India is expected to emerge as the worlds third-largest construction market. Large in
urbanization will fuel this growth.
While the long-term outlook for the construction industry appears very positive, concerns have
Rising interest costs, stagnating orders, a slowdown in new government projects and an increa
challenges the industry is facing.
Risks
The Companys ability to foresee and manage business risks is crucial in achieving favorable
Given the huge gap between infrastructure demand and supply in a rapidly growing economy
Cautionary Statement
Certain statements in the Management Discussion & Analysis Report detailing the Companys
These statements being based on certain assumptions and expectation of future event, actua
Threats
The Companys business is significantly dependent on the general economic condition, activity
It is apparent from the historical facts that all the infrastructure road projects have inherent thre
worked out various probable solutions to the same for timely control.
Industry Analysis
ears very positive, concerns have been raised about its immediate future.
government projects and an increasing number of stalled projects are just some of the
Risks
s is crucial in achieving favorable results. While management is positive about Companys long term outlook, th
ply in a rapidly growing economy like India, all businesses relating to urban infrastructure, power, roads & wate
s Report detailing the Companys objectives, projections, estimates, expectations or predictions may be forwa
expectation of future event, actual results could differ materially from those expressed or implied. Important fac
eneral economic condition, activity in this region and government policy relating to infrastructure development
e road projects have inherent threats from the farmers and inhabitants of the areas/villages through which the
t Companys long term outlook, the initial traffic on the expressway and the annual traffic growth shall need to
nfrastructure, power, roads & water, education, health, recreation etc. would witness significant growth over a s
tions or predictions may be forward looking statements within the meaning of applicable securities laws and re
xpressed or implied. Important factors that could make a difference to the Companys operations include econ
ng to infrastructure development projects. The real estate development industry is highly fragmented. Moreove
areas/villages through which the road/expressway passes. The upcoming movement and progress of the road
nnual traffic growth shall need to be monitored closely with due focus on project management and delivery of
witness significant growth over a sustained period.
stry is highly fragmented. Moreover, the Company is operating in a highly competitive environment where dema
ovement and progress of the roads is affected by the farmers protest in regard to the land acquisition, compen
ect management and delivery of its projects being undertaken on Land for Development.
supply conditions, finished goods prices, changes in Government Regulations and Tax regime etc. The Comp
mpetitive environment where demand and supply in the urbanized sector may influence the external business e
d to the land acquisition, compensation for land acquired and the toll charges etc. Moreover, with the growth o
ns and Tax regime etc. The Company assumes no responsibility to publically amend, modify or revise any forw
amend, modify or revise any forward looking statements on the basis of subsequent developments, informatio
ms creep up and become threat to the operation of said project. The Company is always seized of such threats
Balance Sheet
Total
2011
2012
2013
1388.93
3374.00
0.00
1388.93
4388.71
0.00
1388.93
4791.23
0.00
4,763
5,778
6,180
6209.85
58.27
6535.23
109.93
7234.42
248.04
0.00
0.54
26.73
0.00
2.81
97.61
0.00
3.53
117.64
6,295
6,746
7,604
0.00
194.93
2375.03
597.16
0.00
696.38
2642.98
911.93
0.00
776.44
3775.06
1039.44
3,167
4,251
5,591
14,225
16,775
19,375
16.39
0.00
6830.57
0.00
27.28
0.00
9202.62
0.00
28.52
9618.64
0.00
330.77
6,847
9,230
9,978
0.00
0.00
1071.18
2.58
0.00
0.00
1207.65
12.42
205.43
0.00
1039.03
6.04
1,074
1,220
1,250
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b)
(c)
(d)
(e)
Non-current investments
Deferred tax assets (net)
Long term loans and advances
Other non-current assets
Current assets
Total
0.00
3337.74
537.89
1850.85
543.93
34.31
0.00
4528.35
409.55
541.60
827.21
17.83
0.00
5707.85
363.42
254.44
897.17
923.41
6,305
6,325
8,146
14,225
16,775
19,375
Income Statement
2011
REVENUE
Revenue from Operations
2778.70
Other Income
19.93
Total Revenue
2,799
EXPENSES
Cost of Sales
921.47
Employee Benefits Expenses
8.60
Other Expenses
35.19
EBIDTA
1,833.37
Depreciation and Amortization Expenses Other Expenses 8.63
EBIT
1,824.74
Finance Costs
10.10
Profit Before Tax
1814.64
Tax Expense:
Current tax
368.34
For earlier year
11.23
Excess Provision for Income Tax Written Back
0.00
Tax expenses of continuing operations
380
Profit for the period
1,435
Earning Per Equity Share (Face value of ` 10/- each)
(1) Basic
10.48
(2) Diluted
10.48
Tax rate
21%
me Statement
2012
2013
3155.90
13.03
3,169
3274.34
17.86
3,292
1459.79
12.67
34.26
1658.24
29.33
110.06
1,662.21
1,494.58
1.59
1,660.62
63.22
1597.40
14.92
1,479.66
611.50
868.16
319.61
0.00
-11.94
308
1,290
173.70
0.00
0.00
174
694
9.29
9.29
5
5
19%
20%
Cashflow Statement
Particulars
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit before Tax as per Profit & Loss Account
Add Back:
(a) Depreciation
(b) Interest & Finance Charges
(c) Deficit on Loss of Asset
Deduct:
(a) Interest Income
(b) Profit on sale of Assets
Operating Profit before Working Capital Changes
Deduct:
(a) Increase in Inventories
(b) Increase in Trade Receivables
(c) Increase in Other Current Assets
Add
(a)
(b)
(c)
(d)
(e)
Decrease in Inventories
Increase in Current Liabilites
Decrease in Short Term Loan & Advances
Decrease in Other Current Assets
Decrease in Trade Receivables
Cashflow Statement
2010-11
2011-12
2012-13
1814.64
1597.40
868.16
8.63
10.10
0.01
1.59
63.22
0.02
14.92
611.50
0.00
19
65
626
14.50
0.00
10.17
0.00
16.21
0.53
15
1,819
10
1,652
17
1,478
1206.10
435.26
30.94
931.32
0.00
0.00
907.85
0.00
905.58
1,672
931
1,813
0.00
686.44
614.21
0.00
0.00
0.00
733.50
43.98
16.48
128.34
0.00
1112.22
108.04
0.00
46.13
1,301
922
1,266
1447.24
1643.05
930.80
471.29
121.47
327.26
161.43
178.01
80.71
593
854
489
1,154
259
672
14.50
0.85
0.04
0.00
0.00
10.17
0.01
0.00
0.00
0.00
16.21
0.05
0.00
0.53
168.62
0.00
0.00
6.39
15
10
192
1225.01
1071.18
2.58
57.75
1810.84
136.47
9.84
0.00
764.22
-1.21
0.00
0.00
2,357
-2,341
1,957
-1,947
763
-571
1650.00
1688.85
58.27
0.54
0.00
365.53
51.66
2.55
0.00
4896.41
138.11
0.68
3,398
420
5,035
1200.00
643.14
0.00
40.15
896.23
0.00
4197.22
1020.58
205.43
1,843
1,555
936
-517
5,423
-388
68
-1,309
-287
1782.97
1850.85
1850.85
541.60
541.60
254.44
Name
Formula
2011
Core Ratios :
Return on Sales
Asset Turnover
Asset Leverage
Return on Equity
PAT / Sales
Sales / Total Assets
Total Assets / Equity
PAT / Equity
51%
0.20
2.99
30%
Profitability :
67%
65%
65%
17%
13%
13%
Operating Efficiency :
Inventory Days
Inventory / COGS
Trade Receivables (Debtor) Days
(Debtors / Sales) * 365
Creditors Days
Creditors / COGS
Funding Gap
Working Capital Turnover
1322.09
70.15
77.21
1315.03
0.89
Financial Structure :
Current Ratio
Quick Ratio (Acid Test)
Working Capital in Crores
1.99
0.94
Gross Gearing
1.32
0.93
0.33
1388933497
58.15
8076.6
10.3
5.63
0.00
14345
0.00000078
Growth Formulas :
Net Profit - Dividends - Minority
R = Retained Earnings / Sales Interest / Sales
G = Sales Growth
T = Current Asset / Sales
Growth Funded by RE
(R / G) * T
51%
2.25
0.51
0.51
0.20
72.98
3.77
2012
2013
41%
0.19
2.90
22%
21%
0.17
3.13
11%
54%
52%
50%
49%
45%
26%
13%
11%
11%
10%
9%
8%
1132.25
47.17
174.12
1256.37
40.29
170.90
1005.30
1.53
1125.76
1.29
1.49
1.46
0.42
0.44
1.15
1.21
1.06
1.17
0.34
0.32
1388933497
50.35
1388933497
39.55
6993.3
9.3
5.42
0.00
5493.2
5.0
7.91
0.00
13638
0.00000082
12976
0.00000087
41%
13.2%
2.00
6.14
21%
3.9%
2.47
13.42
0.41
0.21
0.41
0.19
24.09
0.75
0.21
0.17
24.95
0.19
Particulars
2010-11
2011-12
2012-13
1,824.74
8.63
1,833.37
1,660.62
1.59
1,662.21
20
1,682.03
1,479.66
14.92
1,494.58
1,822
3,316.34
-0.84
379.57
2,060.76
0.04
307.67
3,624.06
2013-14
2014-15
2015-16
1,433.31
15.26
1,448.57
-903.45
545.12
1,576.66
16.76
1,593.43
724.28
2,317.71
1,734.01
18.76
1,752.77
796.71
2,549.48
0.14
214.23
759.49
0.2
235.66
2,553.57
0.26
259.16
2,808.90
Actual
2010-11
Initial sales
Sales growth
Costs of goods sold/Sales
Depreciation rate
SG&A/Sales
Interest Received on Cash
Marginal tax rate
Fixed assets increase
Capital WIP Increase
Intangibles increase
Current assets/Sales
Current liabilities/Sales
Long Term Borrowings / Sales(sec)
Long Term Borrowings / Sales(unsec)
Short Term Borrowings / Sales
Deferred tax Liabilities / Sales
Deferred tax Assets / Sales
Long Term Loans & Advances / Sales
New Equity
Cash / Total Assets
Debtors / Sales
Creditors / COGS
Inventory / COGS
2,798.6
33%
53%
2%
1%
21%
225%
113%
222%
2%
0%
0%
0%
38.28%
13%
19%
21%
3.62
2011-12
3,168.9
13%
46%
6%
3%
2%
19%
10.89
2372.04
0.00
200%
134%
206%
3%
0%
0%
0%
38.11%
1,015
3%
13%
48%
3.10
2012-13
3,292.2
4%
50%
52%
23%
6%
20%
1.25
-9202.62
9618.64
247%
170%
220%
8%
0%
0%
0%
31.56%
403
1%
11%
47%
3.44
Forecast
2013-14
3621.42
10.00%
40%
50%
10%
3%
20%
2
250
1000
200%
130%
220%
5%
0%
0%
0%
35.00%
500
1%
10%
35%
3.5
2014-15
3983.56
10.00%
40%
50%
10%
3%
20%
3
0
1000
200%
130%
220%
5%
0%
0%
0%
35.00%
500
1%
10%
35%
3.5
2015-16
4381.92
10.00%
40%
50%
10%
3%
20%
4
0
1000
200%
130%
220%
5%
0%
0%
0%
35.00%
500
1%
10%
35%
3.5
Balance Sheet
Actual
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital
Reserves and Surplus
Money received against share warrants
Total
2011
2012
2013
1388.93
3374.00
0.00
1388.93
4388.71
0.00
1388.93
4791.23
0.00
4,763
5,778
6,180
6209.85
58.27
6535.23
109.93
7234.42
248.04
0.00
0.54
0.00
2.81
0.00
3.53
26.73
97.61
117.64
6,295
6,746
7,604
0.00
194.93
2375.03
597.16
0.00
696.38
2642.98
911.93
0.00
776.44
3775.06
1039.44
3,167
4,251
5,591
14,225
16,775
19,375
16.39
0.00
6830.57
0.00
27.28
0.00
9202.62
0.00
28.52
9618.64
0.00
330.77
6,847
9,230
9,978
0.00
0.00
1071.18
2.58
0.00
0.00
1207.65
12.42
205.43
0.00
1039.03
6.04
1,074
1,220
1,250
ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development
(b)
(c)
(d)
(e)
Non-current investments
Deferred tax assets (net)
Long term loans and advances
Other non-current assets
Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets
Total
0.00
3337.74
537.89
1850.85
543.93
34.31
0.00
4528.35
409.55
541.60
827.21
17.83
0.00
5707.85
363.42
254.44
897.17
923.41
6,305
6,325
8,146
14,225
16,775
19,375
Actual + Forecasts
Forecast
2014-15
2013-14
2015-16
1388.93
5,291.23
0.00
6,680
1388.93
5,791.23
0.00
7,180
1388.93
6,291.23
0.00
7,680
7967.13
181.07
8763.84
199.18
9640.22
219.10
0.00
4.00
0.00
5.00
0.00
5.50
125.00
140.00
155.00
8,277
9,108
10,020
0.00
507.00
3100.85
1100.00
4707.85
0.00
557.70
3370.93
1250.00
5178.63
0.00
613.47
3758.03
1325.00
5696.50
19,665
21,467
23,396
30.52
10618.64
250.00
250.00
33.52
11618.64
250.00
197.00
37.52
12618.64
250.00
186
11,149
12,099
13,092
0
0.00
1267.50
5.00
0
0.00
1394.25
6.00
0
0.00
1533.67
6.00
1,272
1,400
1,540
5069.99
507.00
196.65
900.00
569.21
7242.84
5576.99
557.70
214.67
925.00
692.77
7967.13
6134.69
613.47
233.96
950.00
831.73
8763.84
19,665
21,467
23,396
Income Statement
Actual
2011
REVENUE
Revenue from Operations
2778.70
Other Income
19.93
Total Revenue
2,799
EXPENSES
Cost of Sales
921.47
Employee Benefits Expenses
8.60
Other Expenses
35.19
EBIDTA
1,833.37
Depreciation and Amortization Expenses Other Expenses 8.63
EBIT
1,824.74
Finance Costs
10.10
Profit Before Tax
1814.64
Tax Expense:
Current tax
368.34
For earlier year
11.23
Excess Provision for Income Tax Written Back
0.00
Tax expenses of continuing operations
380
Profit for the period
1,435
Earning Per Equity Share (Face value of ` 10/- each)
(1) Basic
10.48
(2) Diluted
10.48
Tax rate
21%
2012
3155.90
13.03
3,169
1459.79
12.67
34.26
1,662.21
1.59
1,660.62
63.22
1597.40
319.61
0.00
-11.94
308
1,290
9.29
9.29
19%
Actual
2013
Forecast
2014-15
2013-14
2015-16
3274.34
17.86
3,292
3585.21
36.21
3621.42
3943.73
39.84
3983.56
4338.10
43.82
4381.92
1658.24
29.33
110.06
1448.57
362.14
362.14
1,448.57
15.26
1593.43
398.36
398.36
1,593.43
16.76
1752.77
438.19
438.19
1,752.77
18.76
1,433.31
1,576.66
1,734.01
362.14
398.36
438.19
1071.16
1178.31
1295.81
214.23
235.66
259.16
857
943
1,037
20%
20%
20%
1,494.58
14.92
1,479.66
611.50
868.16
173.70
0.00
0.00
174
694
5
5
20%
Actual
Name
Formula
2011
Core Ratios :
Return on Sales
Asset Turnover
Asset Leverage
Return on Equity
PAT / Sales
Sales / Total Assets
Total Assets / Equity
PAT / Equity
51%
0.20
2.99
30%
Profitability :
67%
65%
65%
17%
13%
13%
Operating Efficiency :
Inventory Days
Inventory / COGS
Trade Receivables (Debtor) Days
(Debtors / Sales) * 365
Creditors Days
Creditors / COGS
Funding Gap
Working Capital Turnover
1322.09
70.15
77.21
1315.03
0.89
Financial Structure :
Current Ratio
Quick Ratio (Acid Test)
Working Capital in Crores
1.99
0.94
3,138
Gross Gearing
1.32
0.93
0.33
1388933497
58.15
8076.65
10.3
5.63
0.00
14345
0.000000782
Growth Formulas :
Net Profit - Dividends - Minority
R = Retained Earnings / Sales Interest / Sales
G = Sales Growth
T = Current Asset / Sales
Growth Funded by RE
(R / G) * T
51%
2.25
0.51
0.51
0.20
72.98
377%
80%
70%
GROWTH
60%
50%
40%
30%
20%
10%
0%
2012
Actual
2012
Forecast
2014-15
2013
41%
0.19
2.90
22%
21%
0.17
3.13
11%
24%
0.18
2.94
13%
24%
0.19
2.99
13%
24%
0.19
3.05
13%
54%
52%
50%
49%
45%
26%
50%
40%
30%
50%
40%
30%
50%
40%
30%
13%
11%
9.67%
9.77%
9.89%
11%
10%
9%
8%
7.73%
7.29%
7.81%
7.34%
7.91%
7.41%
1132.25
47.17
174.12
1256.37
40.29
170.90
1277.5
51.10
127.75
1277.5
51.10
127.75
1277.5
51.10
127.75
1005.30
1.53
1125.76
1.29
1200.85
1.43
1200.85
1.43
1200.85
1.43
1.49
1.46
1.54
1.54
1.54
0.42
2,073
0.44
2,555
1.43
2535.00
1.43
2788.49
1.43
3067.34
2013-14
2015-16
1.15
1.21
1.22
1.25
1.28
1.06
1.17
1.19
1.22
1.25
0.34
0.32
0.34
0.33
0.33
1388933497
50.35
1388933497
39.55
1388933497
41.5275
1388933497
43.603875
1388933497
45.78406875
6993.28
9.3
5.42
0.00
5493.23
5.0
7.91
0.00
5767.89
6.17
6.73
0.00
6056.29
6.79
6.42
0.00
6359.10
7.46
6.13
0.00
13638
0.000000820
12976
0.000000868
13916.09
0.000000961
15019.31
0.000000943
16218.42
0.000000925
41%
13.2%
2.00
6.14
21%
3.9%
2.47
13.42
24%
10%
2.00
4.73
24%
10%
2.00
4.73
24%
10%
2.00
4.73
0.41
0.21
0.24
0.24
0.24
0.41
0.19
24.09
75%
0.21
0.17
24.95
19%
0.24
0.18
38.79
40%
0.24
0.19
38.49
40%
0.24
0.19
38.14
40%
GROWTH MODEL
GROWTH MODEL
2013
2013-14
2014-15
2015-16
Return on Sales
2011
2012
2013
51%
41%
21%
60%
50%
40%
30%
20%
10%
0%
2011
Asset Leverage
2012
2013
2013-14
2011
2012
2013
2.99
2.90
3.13
3.20
3.15
3.10
3.05
3.00
2.95
2.90
2.85
2.80
2.75
2011
2012
2013
2013-14
2011
2012
2013
17%
13%
11%
18%
16%
14%
12%
10%
8%
6%
4%
2%
0%
2011
2012
2013
2013-14
2011
2012
2013
67%
54%
49%
80%
70%
60%
50%
40%
30%
20%
10%
0%
2011
2012
2013
2013-14
2011
2012
2013
13%
11%
9%
14%
12%
10%
8%
6%
4%
2%
0%
2011
2012
2013
2013-14
2013-14
2014-15
24%
2015-16
24%
24%
Asset Turnover
Series1
2013-14
2014-15
2015-16
2013-14
2014-15
2.94
2015-16
2.99
Series1
2013-14
2014-15
2015-16
3.05
Return on Equity
2013-14
2014-15
10%
2015-16
10%
10%
Return on Assets
Series1
2013-14
2014-15
2015-16
2013-14
2014-15
50%
2015-16
50%
50%
Series1
2013-14
2014-15
2015-16
2013-14
8%
2014-15
8%
2015-16
8%
P/E Ratio
Series1
2013-14
2014-15
2015-16
2011
2012
2013
0.20
0.19
0.17
2013-14
2014-15
0.18
2015-16
0.19
0.19
0.20
0.20
0.19
0.19
0.18
Series1
0.18
0.17
0.17
0.16
0.16
2011
2012
2013
2013-14
2011
2012
2013
30%
22%
11%
2014-15
2013-14
2015-16
2014-15
13%
2015-16
13%
35%
30%
25%
20%
Series1
15%
10%
5%
0%
2011
2012
2013
2013-14
2014-15
2015-16
13%
2011
2012
2013
13%
10%
8%
2013-14
2014-15
7%
2015-16
7%
7%
14%
12%
10%
8%
Series1
6%
4%
2%
0%
2011
2012
2013
2013-14
2014-15
2013-14
2011
2012
2013
65%
52%
45%
2015-16
2014-15
40%
2015-16
40%
40%
70%
60%
50%
40%
Series1
30%
20%
10%
0%
2011
2012
2013
2013-14
2011
2012
2013
5.63
5.42
7.91
2014-15
2015-16
2013-14
6.73
2014-15
6.42
2015-16
6.13
9.00
8.00
7.00
6.00
5.00
Series1
4.00
3.00
2.00
1.00
0.00
2011
2012
2013
2013-14
2014-15
2015-16
Beaver's Model
Bathory Model
Z Score Model
Springate Analysis
Logit Analysis
H - Factor Model
Beaver's Model
Particulars
2011
0.229
0.441
Bathory Model
Particulars
2011
1435.06
8.63
1443.69
0.230
0.101
0.439
0.098
0.221
0.218
Altman's Z-Score
Particulars
2011
0.221
0.237
1.990
Springate Model
Particulars
2011
0.221
0.128
0.573
0.393
Springate Score
1.1565
Logit Model
Particulars
2011
H - Factor Model
Particulars
2011
0.237
0.393
1.314
0.441
0.223
1.215
0.501
0.323
Beaver's Model
Bathory Model
Z Score Model
Springate Analysis
Logit Analysis
H - Factor Model
Beaver's Model
2012
2013
2060.762
0.194
0.396
3624.056
0.093
0.386
2013-14
759.490
0.105
0.414
2014-15
2553.571
0.105
0.418
2015-16
2808.904
0.105
0.421
Bathory Model
2013-14
2014-15
2015-16
2012
2013
1289.72
1.59
1291.32
694.46
14.92
709.38
856.93
15.26
872.19
942.65
16.76
959.41
1036.65
18.76
1055.41
0.194
0.077
0.327
0.083
0.124
0.095
0.036
0.248
-0.425
0.132
0.107
0.044
0.295
-0.469
0.129
0.107
0.044
0.268
-0.477
0.130
0.107
0.044
0.244
-0.480
0.131
0.161
0.017
0.021
0.015
0.009
Altman's Z-Score
2012
2013
0.124
0.262
0.132
0.247
2013-14
0.129
0.269
2014-15
0.130
0.270
2015-16
0.131
0.269
0.099
1.052
0.189
0.076
0.734
0.170
0.073
0.708
0.184
0.073
0.676
0.186
0.074
0.645
0.187
1.661
1.367
1.381
1.367
1.352
Springate Model
2013-14
2014-15
2015-16
2012
2013
0.124
0.099
0.376
0.378
0.132
0.076
0.155
0.340
0.129
0.073
0.228
0.368
0.130
0.073
0.228
0.371
0.131
0.074
0.227
0.375
0.8303
0.6087
0.6540
0.6579
0.6625
Logit Model
2013-14
2014-15
2015-16
2012
2013
1.405
0.120
0.032
0.423
1.615
0.076
0.013
0.436
1.637
0.081
0.010
0.462
1.470
0.100
0.010
0.462
1.470
0.100
0.010
0.462
0.133
0.107
0.096
0.097
0.098
0.531
1.509
0.543
1.274
0.545
1.412
0.550
1.412
0.557
1.411
-1.46955483
-1.26388437
-1.16163369
-1.19751696
-1.22639837
81.30%
77.97%
76.16%
76.81%
77.32%
H - Factor Model
2012
2013
0.262
0.247
2013-14
0.269
2014-15
0.270
2015-16
0.269
0.378
1.196
0.329
0.396
0.253
1.436
0.312
0.051
0.340
1.065
0.545
0.386
0.289
1.455
0.342
0.005
0.368
1.032
0.102
0.414
0.239
1.485
0.311
0.009
0.371
1.135
0.313
0.418
0.241
1.525
0.311
0.008
0.375
1.248
0.313
0.421
0.243
1.574
0.311
0.007
-2.29
-2.03
-2.60
-2.29
-2.25
Median Scores
Particulars
AAA
23.8
25.3
167.8
104.1
35.1
24.6
13.3
6.2
AA
13.6
17.1
77.5
41.1
26.9
23.4
28.2
34.8
2011
2012
180.590
181.444
0.00%
29.09%
65.51%
56.82%
56.82%
26.265
26.290
31.01%
24.06%
14.08%
52.45%
53.49%
53.49%
2011
2012
15499.98
3709.20
0
Median Scores
BBB
6.9
9.4
43.2
25.4
16.8
18.2
33.9
39.8
BB
4.2
5.9
34.6
16.9
13.4
14.7
42.5
45.6
B
2.3
3.1
20
7.9
10.3
15.8
57.2
57.2
CCC
0.9
1.6
10.1
2.6
6.7
13.9
69.7
74.2
0.4
0.9
2.9
-0.9
2.3
11.4
68.8
101.2
mpany
2013
2.420
2.444
48.43%
11.80%
11.25%
45.40%
54.77%
54.77%
2013
18074.61
4921.11
0
2013-14
3.958
4.000
9.32%
13.33%
9.97%
40.00%
54.95%
54.95%
2013-14
19519.97
5149.39
0
2014-15
3.958
4.000
28.49%
13.33%
10.09%
40.00%
55.52%
55.52%
2014-15
20566.02
4943.24
0
2015-16
3.957
4.000
28.49%
13.33%
10.20%
40.00%
56.21%
56.21%
2015-16
22431.65
5437.56
0
BBB
BBB
BBB
BBB
BBB
AAA
BBB
BBB