Vous êtes sur la page 1sur 9


Company background: Mention the sectors that the company operates in, main products/brand names, market share, geographies of operations, new developments, main competitors etc. Which business segment and/or geographical segment generates most revenues, is the most profitable, employs the most capital ! tangible assets

"ns. #itan $ndustries operates in %ashion &ector. $ts main products are watches, &unglasses and 'ewelry under the brand name of #itan, %astrack and #anish(. $n the segment of watches, the company holds a domestic market share of )*+ of the organi,ed market. #he company has pan $ndia -perations. #he company.s head(uarter is at /engaluru and registered office at 0osur, #amil 1adu. #he company has recently repositioned itself by changing its company name from #itan $ndustries to #itan Company 2imited. $t has also introduced a new logo along with a new tag line. $n domestic level the company has five competitors mainly #ime3, Citi,en, 4spirit, Casio and 5uart,. "t international level it competes with 6ado, #issot, 7819 and &watch.

#he revenue of the company mainly comes from :ewelry and Watches. 'ewelry segment and watch segments comprises of appro3imately ;<.==+ and 1).=>+ of revenue, respectively. #he profits in 'ewelry and Watch &egments are 11+ and 1>+ respectively. #he capital employed by company in watches and 'ewelry is 6s.);*.?) Cr and 6s. <);.?* Crores respectively.

>. Company Management: /oard &i,e ! Composition @is the board diverse enough with reference to Aender, "ge, 4ducational /ackground, 43perience, independence etc.

0as the company e3panded board si,eB Compensation to directors @ as + of revenues ! increase over last year. 0ow many /oard meetings were held during the yearB 7o these directors also hold directorships in other companiesB

#he company.s board consists of 1> members with an average of ?C years with male: female ratio of D:1. #he average e3perience of /oard Members is appro3imately D* years. #he company has reduced its board si,e from 1; to 1>. #here were four board meetings held during %91> 1D. 9es, most of the directors hold directorship in other companies.

D. &hareholders: $ssued &hare Capital : 1o of shares ! par value. 0as the company issued any shares during the yearB 0ow ! to whom were they issuedB 0as the company bought back any sharesB What is the shareholding patternB 0as it changed as compared to the immediate previous yearB 0ave the directors pledged their shareholding as securityB 0ow much and WhyB #he shares are listed on which e3changesB What is the highest ! lowest price at which the shares traded during the financial yearB What is /ook Ealue of the sharesB 0ow does book value compare with the par value ! the current market priceB

7o you observe any relation between the &ense3/1ifty ! the company.s stock pricesB When was the "AM heldB What was the agenda for the meetingB 0ave the directors proposed/declared dividendsB What portion of current earnings is distributed as dividendsB

The company has issued, subscribed and fully paid up equity share of Rs.1/- with total number of shares =8,877.8 lacs. The authori!ed share capital of 1"### shares with equity share of Rs.1/-. There were no shares issued in this fiscal year. The company has not bou$ht bac% in shares.

There has been a decrease in shareholdin$ by &alimati 'n(estment )ompany by *.+7,. -RR has also decreased his shareholdin$ by #.7*,. Tata .ons has increased its sta%e by *.+7,.

/ne of the share holders Tata 'nternational has pled$ed its all the shares with .tandard )hartered 0an% for a(ailin$ .01) 2.tandby letter of )redit3. The shares are listed on 0.4 and 5.4. The company6s share recorded its hi$hest and lowest price of Rs.+1+.+7 and Rs."#*.17 respecti(ely in 891"-1+. The share has a face (alue of Rs.1/-. The share6s mar%et (alue is Rs.""7.7#/share. The boo% (alue of share is Rs."".1+/share. There is no inter-relationship between these (alues as all are different concepts totally. The mar%et price on both the e:chan$e is the same. The last ;<= was held on 1 st ;u$ust "#1+ that was for declarin$ di(idends and >uarterly results for >1-"#1*. The director announced a Dividend of Rs 2.10/- Per Share.

=. "uditors: Who are the auditorsB 0ave they changed from the last yearB

"re there any negative comments in the audit reportB 7oes the audit report contain any recommendation to present/potential investorsB What is the total compensation to the auditorsB 7id the auditors provide any non audit services alsoB

?. %i3ed "ssets: What is the total investment in fi3ed assets as + of total assetsB What is composition of tangible ! intangible assetsB 0as the firm made additional investments in fi3ed assetsB 0ow does this compare with current revenues, profits, operating cash flowsB 0as it scrapped or sold any fi3ed assets @ what was the profit/loss in that caseB What is the policy for depreciationB $s it the same for all types of assetsB What is the depreciation as + of total revenuesB 0as the company revalued any of its fi3ed assets during the yearB 0ow much revenue is generated per rupee of investment in fi3ed assetsB What the return on total assets, return on fi3ed assetsB What + of last year.s revenues, profits, operating cash flows is invested in additional fi3ed assetsB

). $nventories: What type of inventories does the company holdB What is the total investment in inventoriesB 0ow does it compare with the previous yearB

#he company holds following type of inventories:

a3 <old

b3 )onsumable stores, loose tools, raw materials and components c3 ?or%-in-pro$ress and manufactured $oods d3 Traded $oods The total in(estments in in(entories stand at Rs. + 8,#+".@ lacs as compared to pre(ious year of Rs. "88,"#1.@7 which is an increase of "7. @,.

;. 2ong #erm /orrowings: What are the sources of long term debtB 0as the composition changedB "re the borrowings in different currenciesB Which assets are offered as security against the borrowingsB What + of total assets in funded by long term debtB 7id the company raise additional/repay e3isting long term debt during the yearB What were the specific reasons for additional borrowings during the yearB What is the average cost of these borrowingsB What is the interest coverage ratioB "re operating cash flows sufficient to meet interest ! principal obligationsB

C. -ther: What kind of investments has the company madeB 0ow much is trading purposesB 0ow much income did the company get during the year from its investmentsB What kind of contingent liabilities does the firm haveB 0ow much are these as + of current revenues/operating cash flowsB What is the nature of the e3traordinary gains/lossesB What is the effective ta3 rateB

What are the ma:or reasons for the current profits increasing/decreasing as compared to the previous yearB $s the company generating sufficient cash from its operating activitiesB What are the ma:or reasons for the differences between operating profits and cash flowsB

"ns #he company has invested across different companies in the following companies:

%or trading purposes the company has invested 6s. <.D< lacs. #he company received dividends of 6s. C*,***/ . #he company.s contingent liabilities:
)ontin$ent liabilities not pro(ided for A Rs. "1,*#@.+# la%hs

.ales Ta: A Rs. 1,7#".7* la%hs A This is related to the applicability of rate of ta: and computation of ta: liability )ustoms Buty A Rs. +1 .@* la%hs A This is related to compliance with the terms of notifi cation, e:port obli$ations

4:cise ButyC Rs.1*,@*".+@ la%hs A This is related to denial of e:emption by amendin$ the earlier notifi cation, computation of the assessable (alue, denial of input credit on ser(ice ta: and e:cise duty on Dewellery 'ncome Ta: - E *,#*1.7@ la%hsC relatin$ to disallowance of deductions claimed /thers - E *#7. * la%hsC related to =iscellaneous )laims

The contin$ent liabilities are ".1, of re(enue from operations.

There are no e:tra ordinary $ains/losses.


F "8,17

.* /1##, @*.1



#he profit after ta3 has increased from )*1D? lacs to ;>?D; lacs which is an increase of >*.)>+ yoy.

<. 6atio "nalysis: "naly,e the performance of the firm for the current and compare performance with previous years.. "lso compare with peers in the industry. Gse appropriate ratios.