Britania Industries Limited

Balance Sheet
Year
SOURCES OF FUNDS :
Share Capital
Reserves Total
Equity Share Warrants
Equity Application Money
Total Shareholders Funds
Minority Interest
Secured Loans
Unsecured Loans
Total Debt
Policy Holders Fund
Other Liabilities
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Less: Accumulated Depreciation
Less: Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Producing Properties
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Other Assets
Total Assets

Mar 13

Mar 12

Mar 11

Mar 10

Mar 09

23.91
531.67
0
2.29
557.87
2.26
27.34
352.66
380
0
162.57
1,102.70

23.89
385.28
0
0
409.17
2.18
27.26
576.95
604.21
0
140.85
1,156.41

23.89
302.14
0
0
326.03
2.08
431.24
186.69
617.93
0
142.01
1,088.05

23.89
258.91
0
0
282.8
2.16
520.51
136.45
656.96
0
0
941.92

23.89
697.48
0
0
721.37
3.7
166.04
108.78
274.82
0
0
999.89

1,388.54
651.74
0
736.8
0
147.3
0
108.2

1,215.54
591.15
0
624.39
0
111.26
0
248.51

1,047.18
542.29
0
504.89
0
12.82
0
388.51

1,010.54
511.2
0
499.34
0
10.16
0
366.44

921.65
451.14
0
470.51
0
6.3
0
377.34

374.67
122.81
102.93
188.77
789.18

431.76
113.01
61.33
161.24
767.34

346.95
80.96
76.88
72.75
577.54

304.21
73.27
42.75
211.05
631.28

288.69
74
68.84
179.19
610.72

632.28
135.73
768.01
21.17
0
27.07
39.83
-12.76
101.99
1,102.70

551.33
126.7
678.03
89.31
0
25.32
32.93
-7.61
90.55
1,156.41

425.29
99.71
525
52.54
0
24.88
30.63
-5.75
135.04
1,088.05

384
187.4
571.4
59.88
0
31.9
25.8
6.1
0
941.92

330.11
151.92
482.03
128.69
27
15.44
25.39
-9.95
0
999.89

Contingent Liabilities

50.78

43.87

116.61

278.5

169.72

147.3

111.26

12.82

10.16

6.3

Profit and Loss Statement

Year
INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Minority Interest (before tax)
Profit Before Tax
Tax
Fringe Benefit Tax
Deferred Tax
Net Profit
Minority Interest (after tax)
Profit/Loss of Associate Company
Net Profit after Minority Interest & P/L Asso.Co.
Extraordinary Items
Adjusted Net Profit
Adjst. below Net Profit
P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend (%)

Mar 13(12) Mar 12(12) Mar 11(12)

6,271.32
85.91
6,185.41
52.24
7.67
6,245.32

5,544.58
59.21
5,485.37
59.14
14.03
5,558.54

4,642.90
33.52
4,609.38
59.01
15.68
4,684.07

3,869.02
91.01
226.75
467.67
920.63
197.36
0
5,772.44
472.88
41.3
431.58
73.15
0
358.43
93.4
0
5.15
259.88
0.08
-0.3
259.5
15.95
243.55
0
149.59
0
142.33
266.76
101.66
0
425

3,546.80
72.87
211.15
393.22
786.52
177.97
0
5,188.53
370.01
41.6
328.41
61.83
0
266.58
64.99
0
1.86
199.73
0.1
-0.08
199.55
18.92
180.63
0
86.72
0
136.68
149.59
101.53
0
425

3,043.29
56.54
177.49
319.89
663.96
127.21
0
4,388.38
295.69
43.63
252.06
64.91
0
187.15
40.94
0
12
134.21
-0.07
0.07
134.35
14.41
119.94
0
57.13
0
104.76
86.72
77.64
0
325

EPS before Minority Interest (Unit Curr.)

EPS before Minority Interest (Adj) (Unit Curr.)
EPS after Minority Interest (Unit Curr.)
EPS after Minority Interest (Adj) (Unit Curr.)
Book Value (Unit Curr.)

Capital Work in Progress

20.29
10.63
20.26
10.63
46.47

15.34

10.18

15.33

10.19

34.25

27.29

6.3
61%

10.16
26%

Mar 10(12) Mar 09(12)

3,796.32
23.41
3,772.91
58.24
27.25
3,858.40

3,452.26
31.03
3,421.23
82.72
19.62
3,523.57

2,438.74
45.47
164.51
282.13
602.91
134.4
0
3,668.16
190.24
23.45
166.79
58.23
0
108.56
21.5
0
-16.04
103.1
0.14
0.22
103.18
-19.3
122.48
0
35.3
0
81.35
57.13
59.73
0
250

2,138.69
51.48
158.71
257.5
499.79
122.77
0
3,228.94
294.63
32.6
262.03
65.91
0
196.12
34.65
5.46
12.77
143.24
-8.03
0.21
151.48
19.22
132.26
0
14.62
0
130.8
35.3
95.56
0
400

Finanacial Ratio
Finanacial Ratio
Liquidity Analysis
Net Current Assets
Working Capital (excluding cash)
Current Ratio
Debtors Collection Period
Inventory Days
Operating Cycle
Suppliers Payment Period
Cash to Cash Cycle
Profitability Analysis
Return on Assets
Return on Equity
Return on Capital Employed
Profit Margin
EBITDA Margin
EBIT Margin
Gross Profit Margin

Solvency Ratios
Asset Turnover Ratio
Inventory Turnover Ratio
Debt to Equity Ratio
Dupont Analysis
So first,
Net Profit margin =
Asset Turnover =
Leverage =

39

53.16

39.04

56.61

118.38

301.95

12.82
768%

111.26
32%

147.3

Mar 12(12)

Mar 11(12) Mar 10(12)

Current Assets/Current Liabilities

Debtors/(Sales/365)
Inventory/(DCOGS/365)
DCP + Inventory Days
Creditors/(DCOGS/365)
Operating Cycle-SPP

21.17
-81.76
1.027564745
7.24699737
23.69094352
30.93794089
49.90102972
-18.9630888

89.31
27.98
1.13172
7.519757
30.37323
37.89298
53.98043
-16.0874

52.54
-24.34
1.10007619
6.41092728
28.857289
35.2682163
48.036428
-12.768212

59.88
17.13
1.104795
7.088308
30.27039
37.3587
62.81547
-25.4568

128.69
59.85
1.266975
7.894821
32.63357
40.52839
69.03591
-28.5075

Net Income/Total Assets

Net Income/Stockholder's Equity
EBIT/Capital Employed
Net Income/Sales
EBITDA/SALES
EBIT/SALES
(Revenue-COGS)/Revenue

24%
47%
43%
4%
8%
13%
8%

17%
49%
30%
4%
7%
12%
6%

12%
41%
24%
3%
6%
10%
5%

11%
36%
14%
3%
5%
8%
3%

14%
20%
23%
4%
9%
14%
6%

Current Assets - Current Liabilities

Sales/Total Assets
COGS/Inventory
Total Liabilities/Equity

5.609331641 4.743447 4.23636781 4.005552 3.421606

15.40673126 12.01716 12.6484508 12.05799 11.1848
1.976625379 2.826234 3.33726958 3.330693 1.386099

4%
4%
3%
3%
4%
5.609331641 4.743447 4.23636781 4.005552 3.421606
1.976625379 2.826234 3.33726958 3.330693 1.386099

Average EBITDA Margin

7%

222%

Nestle India Limited

Balance Sheet
Year

Dec 12

Dec 11

Dec 10

Dec 09

Dec 08

SOURCES OF FUNDS :

Share Capital
Reserves Total
Equity Share Warrants
Equity Application Money

96.42
1,701.99
0
0

96.42
1,177.54
0
0

96.42
759
0
0

96.42
484.85
0
0

96.42
376.93
0
0

Total Shareholders Funds

1,798.41

1,273.96

855.42

581.27

473.35

Secured Loans
Unsecured Loans

0.24
1,049.95

0.84
970.03

0
0

0
0

0
0

Total Debt

1,050.19

970.87

Other Liabilities

1,025.05

885.13

Total Liabilities
APPLICATION OF FUNDS :

3,873.65

3,129.96

855.42

581.27

473.35

Gross Block
Less : Accumulated Depreciation
Less:Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Other Assets

4,427.56
1,216.44
6.85
3,204.27
0
344.08
364.86

2,552.21
966.07
10.39
1,575.75
0
1,371.78
134.37

1,854.70
841.96
0
1,012.74
0
348.91
150.68

1,640.79
734.27
10.32
896.2
0
79.63
203.26

1,404.84
651.54
0.31
752.99
0
109.17
34.9

745.58
87.57
236.96
55.15
1,125.26

734.04
115.42
227.21
79.3
1,155.97

575.95
63.29
255.29
151.44
1,045.97

498.74
64.19
155.58
138.05
856.56

434.91
45.59
193.69
123.76
797.95

1,097.43
30.76
1,128.19
-2.93
0
72.32
234.4
-162.08
125.45

1,009.53
212.07
1,221.60
-65.63
0
60.52
110.74
-50.22
163.91

761.67
907.94
1,669.61
-623.64
0
48.74
82.01
-33.27
0

587.59
834.79
1,422.38
-565.82
0
46.8
78.8
-32
0

507.46
677.32
1,184.78
-386.83
0
38.91
75.79
-36.88
0

3,873.65

3,129.96

855.42

581.27

473.35

11.7

Total Assets

Contingent Liabilities

Profit and loss

Year
INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Adjst. below Net Profit
P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Earnings Per Share(Adj)-Unit Curr
Book Value-Unit Curr

Dec 12(12)

Dec 11(12)

Dec 10(12)

Dec 09(12)

8,614.15
279.62
8,334.53
31.03
92.02
8,457.58

7,697.31
182.76
7,514.55
27.16
48.28
7,589.99

6,376.58
121.84
6,254.74
42.65
82.94
6,380.33

5,222.42
93.04
5,129.38
37.8
8.65
5,175.83

3,238.44
370.89
663.38
815.2
1,375.75
137.55
0
6,601.21
1,856.37
26.6
1,829.77
277.15
1,552.62
372.83
0
111.86
1,067.93
-10.7
1,078.63
0
656.89
0
650.27
1,074.55
467.62
0
485
102.89

3,052.64
295.81
546.46
753.26
1,236.55
158.91
0
6,043.63
1,546.36
5.11
1,541.25
153.33
1,387.92
416.14
0
10.23
961.55
-4.01
965.56
0
334.5
0
639.16
656.89
467.62
0
485
91.91

2,655.79
219.2
422.82
647.17
1,083.83
77.58
0
5,106.39
1,273.94
1.08
1,272.86
127.75
1,145.11
325.17
0
1.27
818.67
-5.67
824.34
0
142.52
0
626.69
334.5
467.62
0
485
76.9

2,073.25
158.87
424.36
495.36
907.17
87.17
0
4,146.18
1,029.65
1.4
1,028.25
111.27
916.98
265.34
1.52
-4.88
655
-2.17
657.17
0
100.11
0
612.59
142.52
467.62
0
485
59.69

186.52

132.13

88.72

60.29

Dec 08(12)
4,471.06
143.39
4,327.67
33.89
31.12
4,392.68
1,785.51
159.76
306.92
476.36
723.32
73.99
0
3,525.86
866.82
1.64
865.18
92.36
772.82
222.31
8.25
8.18
534.08
-1.91
535.99
0
12.52
0
446.49
100.11
409.77
0
425
48.17
49.09

Finanacial Ratio
Year
Liquidity Analysis
Net Current Assets
Working Capital (excluding cash)
Current Ratio
Debtors Collection Period
Inventory Days
Operating Cycle
Suppliers Payment Period
Cash to Cash Cycle
Profitability Analysis
Return on Assets
Return on Equity
Return on Capital Employed
Profit Margin
EBITDA Margin
EBIT Margin
Gross Profit Margin

Solvency Ratios
Asset Turnover Ratio
Inventory Turnover Ratio
Debt to Equity Ratio
Dupont Analysis
Dupont
So first,
Net Profit margin
Asset Turnover
Leverage

Current Assets - Current Liabilities

Current Assets/Current Liabilities
Debtors/(Sales/365)
Inventory/(DCOGS/365)
DCP + Inventory Days
Creditors/(DCOGS/365)
Operating Cycle-SPP
Net Income/Total Assets
Net Income/Stockholder's Equity
EBIT/Capital Employed
Net Income/Sales
EBITDA/SALES
EBIT/SALES
(Revenue-COGS)/Revenue

Sales/Total Assets
COGS/Inventory
Total Liabilities/Equity

Dec 12(12) Dec 11(12) Dec 10(12)

22.33
-214.63
1.00
3.8350153
41.225275
45.060291
62.380889
-17.320599
27.57%
59.38%
55.44%
12.81%
22%
19%
23%

Dec 09(12) Dec 08(12)

26.27
30.44
30.44
30.44
-200.94
-224.85
-125.14
-163.25
0.95
0.63
0.60
0.67
5.606231 3.693334975 4.567677 3.845106
44.33173 41.16836944 43.9055 45.02225
49.93796 44.86170441 48.47318 48.86736
73.77751 119.3421674 125.2162 122.6494
-23.8395 -74.48046295
-76.743 -73.7821
30.72%
75.48%
62.06%
12.80%
21%
19%
21%

95.70%
95.70%
133.99%
13.09%
20%
18%
20%

112.68%
112.68%
158.00%
12.77%
20%
18%
21%

112.83%
112.83%
163.61%
12.34%
20%
18%
21%

2.151596 2.400845
8.8537917 8.23338
2.1539304 2.456875

7.311893573 8.824436 9.142643

8.866030037 8.31331 8.107103
1
1
1

12.81%
12.80%
2.151596 2.400845
2.1539304 2.456875

13.09%
12.77%
12.34%
7.311893573 8.824436 9.142643
1
1
1

Heritage Foods limited

Balance Sheet

Year
SOURCES OF FUNDS :
Share Capital
Reserves Total
Equity Share Warrants
Equity Application Money
Total Shareholders Funds
Minority Interest
Secured Loans
Unsecured Loans
Total Debt
Policy Holders Fund
Other Liabilities
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Less: Accumulated Depreciation
Less: Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Producing Properties
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Other Assets

Mar 13 Mar 12 Mar 11 Mar 10 Mar 09

11.6 11.53 11.53 11.53 11.53
130.06 81.24 74.79 75.15 69.13
0
0
0
0
3.19
0
0
0
0
0
141.66 92.77 86.32 86.68 83.85
0.02
0.06
0.07
0.04
0
98.18 139.37 154.24 175.53 172.01
0
1
0
8.92
7.59
98.18 140.37 154.24 184.45 179.6
0
0
0
0
0
8.32
7.4
6.24
0
0
248.18 240.6 246.87 271.17 263.45
363.48 345.9 317.5 294.24 264.48
126.68 115.64 95.78
79
60.8
0
0
0
0
0
236.8 230.26 221.72 215.24 203.68
0
0
0
0
0
8.27
9.24
9.52
8.71 13.98
0
0
0
0
0
0.81
0.16
0.23
0.22
0.22
82.09 93.45 66.07 76.31 49.39
15.07
11.2 14.44 12.08 11.46
33.07 30.12 29.33 24.63 31.05
16.58 14.98 17.19
36.5 34.34
146.81 149.75 127.03 149.52 126.24
134.47 141.52 109.04
8.42
9.28
5.31
142.89 150.8 114.35
3.92
-1.05 12.68
0
0
0
1.75
1.44
1.24
21.28 19.59 18.04
-19.53 -18.15
-16.8
17.91

20.14

19.52

79.32
7.6
86.92
62.6
0
0
15.6
-15.6

65.21
2.89
68.1
58.14
0
0.89
13.46
-12.57

Total Assets
Contingent Liabilities

248.18
8.2

240.6
7.21

246.87
7.25

271.17
0

263.45
0

Profit and loss

Year
INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Adjst. below Net Profit
P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Earnings Per Share(Adj)-Unit Curr
Book Value-Unit Curr

Mar 13(12) Mar 12(12) Mar 11(12) Mar 10(12)

1,602.59
0.78
1,601.81
4.2
-34.42
1,571.59

1,393.79
0.38
1,393.41
3.21
47.62
1,444.24

1,096.18
0.1
1,096.08
4.81
-3.72
1,097.17

900.43
0.05
900.38
3.08
8.87
912.33

1,159.59
43.24
87.18
62.99
104.62
8.89
0
1,466.51
105.08
19.41
85.67
22.02
63.65
12.31
0
1.38
49.96
-0.95
50.91
0
5.19
0
29.05
26.1
3.46
0
30
42.56

1,129.56
36.77
69.17
53.62
92.37
5.96
0
1,387.45
56.79
22.03
34.76
21.19
13.57
2.89
0
1.35
9.33
-0.83
10.16
0
2.04
0
6.18
5.19
2.31
0
20
7.77

834.81
29.06
59.56
47.29
80.46
3.65
0
1,054.83
42.34
19.45
22.89
19.94
2.95
0.63
0
1.2
1.12
-0.19
1.31
0
2.68
0
1.76
2.04
1.38
0
12
0.77

670.71
24.89
48.51
38.32
74.34
2.44
0
859.21
53.12
22.62
30.5
19.64
10.86
2.23
0
3.03
5.6
-0.21
5.81
0
0
0
2.92
2.68
2.08
0
18
4.56

122.32

80.77

75.06

75.34

Financial Ratios

Mar 09(12)
796.03
0
796.03
3.23
-3.76
795.5
600.46
26
48.8
36.43
72.24
2.73
0
786.66
8.84
20.48
-11.64
17.22
-28.86
0.17
0.45
6.13
-35.61
-0.39
-35.22
0
12.11
0
-23.5
0
0
0
0
0
70.05

Year
Liquidity Analysis
Net Current Assets
Working Capital (excluding cash)
Current Ratio
Debtors Collection Period
Inventory Days
Operating Cycle
Suppliers Payment Period
Cash to Cash Cycle
Profitability Analysis
Return on Assets
Return on Equity
Return on Capital Employed
Profit Margin
EBITDA Margin
EBIT Margin
Gross Profit Margin

Solvency Ratios
Asset Turnover Ratio
Inventory Turnover Ratio
Debt to Equity Ratio
Dupont Analysis
Dupont
So first,
Net Profit margin
Asset Turnover
Leverage

Current Assets - Current Liabilities

Current Assets/Current Liabilities
Debtors/(Sales/365)
Inventory/(DCOGS/365)
DCP + Inventory Days
Creditors/(DCOGS/365)
Operating Cycle-SPP
Net Income/Total Assets
Net Income/Stockholder's Equity
EBIT/Capital Employed
Net Income/Sales
EBITDA/SALES
EBIT/SALES
(Revenue-COGS)/Revenue

Sales/Total Assets
COGS/Inventory
Total Liabilities/Equity

Mar 13(12) Mar 12(12) Mar 11(12) Mar 10(12) Mar 09(12)
3.92
-29.15
1.09
0.184572
20.4314
20.61597
35.56392
-14.948

-1.05
-31.17
1.06
0.041912
24.58413
24.62604
39.67134
-15.0453

12.68
-16.65
1.16
0.076591
22.86203
22.93862
39.56822
-16.6296

20.13%
35.27%
58.63%
3.12%
7%
5%
8%

3.88%
10.06%
37.97%
0.67%
4%
3%
0%

0.45%
1.30%
25.95%
0.10%
4%
2%
4%

62.6
58.14
37.97
27.09
1.89
1.94
0.089185 0.100875595
32.41716 22.91631709
32.50635 23.01719268
36.92438 31.59751354
-4.41804 -8.580320856
2.07%
6.46%
35.02%
0.62%
6%
4%
5%

-13.52%
-42.47%
-9.16%
-4.47%
1%
-1%
1%

75.27303 71.12864 60.75831 57.71667

17.86466 14.84698 15.96534 11.25947
21.39483 20.8673 21.4111 23.51865

59.14041605
15.92751569
22.84908933

3.12%
0.67%
0.10%
0.62%
75.27303 71.12864 60.75831 57.71667
0.150219 0.211167 0.20899 0.179972

-4.47%
59.14041605
0.160524747

Kwality Foods Limited

Balance Sheet

Year
SOURCES OF FUNDS :
Share Capital
Reserves Total
Equity Share Warrants
Equity Application Money
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Other Liabilities
Total Liabilities
APPLICATION OF FUNDS :
Gross Block
Less : Accumulated Depreciation
Less:Impairment of Assets
Net Block
Lease Adjustment
Capital Work in Progress
Investments
Current Assets, Loans & Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances
Total Current Assets
Less : Current Liabilities and Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses not written off
Deferred Tax Assets
Deferred Tax Liability
Net Deferred Tax
Other Assets
Total Assets
Contingent Liabilities

Mar 12

Mar 11

Mar 10

Mar 09

Mar 08

20.32
159.35
0
0
179.67
565.25
101.33
666.58
0.31
846.56

20.32
70.73
0
0
91.05
342.57
81.94
424.51
0.34
515.9

18.2
29.28
0
0
47.48
168.26
50.64
218.9
0
266.38

18.2
13.86
0
0
32.06
60.24
30.56
90.8
0
122.86

18.2
6.61
0
0
24.81
18.24
16.05
34.29
0
59.1

89.14
25.13
0
64.01
0
0.09
1.43

59.74
17.83
0
41.91
0
0
0

32.2
14.35
0
17.85
0
0.39
0

21.37
12.52
0
8.85
0
0.22
0

19.7
11.33
0
8.37
0
0
0

98.74
656.24
8.89
38.6
802.47

63.42
414.61
1.5
36.98
516.51

48.57
261.8
2.18
11.17
323.72

33.52
153.97
2
21.6
211.09

26.48
64.49
1.85
24.79
117.61

25.51
15.15
40.66
761.81
0
0
0.47
-0.47
19.69
846.56
6.09

25.86
16.28
42.14
474.37
0
0.05
0.9
-0.85
0.47
515.9
21.18

61.53
13.49
75.02
248.7
0
0.01
0.57
-0.56
0
266.38
39.31

89.95
6.89
96.84
114.25
0
0.03
0.49
-0.46
0
122.86
45.61

64.08
2.31
66.39
51.22
0
0.01
0.5
-0.49
0
59.1
44.79

Profit and loss

Year
INCOME :
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
EXPENDITURE :
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised
Total Expenditure
Operating Profit
Interest
Gross Profit
Depreciation
Profit Before Tax
Tax
Fringe Benefit tax
Deferred Tax
Reported Net Profit
Extraordinary Items
Adjusted Net Profit
Adjst. below Net Profit
P & L Balance brought forward
Statutory Appropriations
Appropriations
P & L Balance carried down
Dividend
Preference Dividend
Equity Dividend %
Earnings Per Share-Unit Curr
Earnings Per Share(Adj)-Unit Curr
Book Value-Unit Curr

Mar 12(12) Mar 11(12) Mar 10(12)

2,394.63
0
2,394.63
0.09
35.21
2,429.93

1,608.04
0
1,608.04
0.21
14.49
1,622.74

1,054.09
0
1,054.09
0.13
14.67
1,068.89

2,202.38
7.78
8.56
28.38
15.96
1.51
0
2,264.57
165.36
65.19
100.17
7.5
92.67
2.06
0
-0.38
90.99
0
90.99
0
70.73
0
2.37
159.35
2.02
0
10
4.46

1,473.91
6.12
3.91
20.58
15.6
1.4
0
1,521.52
101.22
37.12
64.1
3.53
60.57
14.34
0
0.29
45.94
0
45.94
-2.11
29.28
0
2.38
70.73
2.03
0
10
2.24

993.46
4.8
2.11
6.35
9.39
0.52
0
1,016.63
52.26
20.68
31.58
1.83
29.75
11.71
0
0.09
17.95
0
17.95
0
13.71
0
2.38
29.28
2.03
0
10
0.97

8.84

4.48

2.61

Mar 09(12) Mar 08(12)

582.8
0
582.8
0.1
6.94
589.84

332.92
0
332.92
0.24
8.39
341.55

540.42
4.54
1.52
8.01
8.04
0.11
0
562.64
27.2
11.94
15.26
1.24
14.02
4.63
0.04
-0.03
9.38
-0.01
9.39
0
6.46
0
2.13
13.71
1.82
0
10
4.98

311.47
4.61
1.04
6.38
4.57
0.18
0
328.25
13.3
5.21
8.09
1.05
7.04
2.48
0.02
-0.08
4.62
0
4.62
0
1.84
0
0
6.46
0
0
0
2.54

17.62

13.63

Finanacial Ratio
Year
Liquidity Analysis
Net Current Assets
Working Capital (excluding cash)
Current Ratio
Debtors Collection Period
Inventory Days
Operating Cycle
Suppliers Payment Period
Cash to Cash Cycle
Profitability Analysis
Return on Assets
Return on Equity
Return on Capital Employed
Profit Margin
EBITDA Margin
EBIT Margin
Gross Profit Margin

Solvency Ratios
Asset Turnover Ratio
Inventory Turnover Ratio
Debt to Equity Ratio
Dupont Analysis
Dupont
So first,
Net Profit margin
Asset Turnover
Leverage

Mar 12(12) Mar 11(12) Mar 10(12)

Current Assets - Current Liabilities
Current Assets/Current Liabilities
Debtors/(Sales/365)
Inventory/(DCOGS/365)
DCP + Inventory Days
Creditors/(DCOGS/365)
Operating Cycle-SPP
Net Income/Total Assets
Net Income/Stockholder's Equity
EBIT/Capital Employed
Net Income/Sales
EBITDA/SALES
EBIT/SALES
(Revenue-COGS)/Revenue

Sales/Total Assets
COGS/Inventory
Total Liabilities/Equity

761.81
474.37
752.92
472.87
19.74
12.26
100.027
94.11
15.91477 15.21393
115.9417 109.3239
6.553518 10.10904
109.3882 99.2149
10.75%
50.64%
18.65%
3.80%
7%
7%
5%

8.90%
50.46%
18.95%
2.86%
6%
6%
5%

Mar 09(12) Mar 08(12)

248.7
246.52
4.32
90.65354951
17.43805514
108.0916047
26.93438124
81.15722341

114.25
112.25
2.18
96.42939
21.74534
118.1747
62.82276
55.35197

51.22
49.37
1.77
70.70422324
29.44463062
100.1488539
73.82284844
26.32600542

6.74%
37.81%
18.93%
1.70%
5%
5%
4%

7.63%
29.26%
21.13%
1.61%
5%
4%
3%

7.82%
18.62%
20.73%
1.39%
4%
4%
1%

2.82866 3.116961
22.93468 23.99117
4.711749 5.666118

3.957091373 4.743611 5.633164129

20.93123327 16.7852 12.39614804
5.610362258 3.83219 2.38210399

3.80%
2.86%
2.82866 3.116961
4.711749 5.666118

1.70%
1.61%
1.39%
3.957091373 4.743611 5.633164129
5.610362258 3.83219 2.38210399

Particulars
Revenue
YOY Growth
Total inflow

2009
3,523.57
8%
3,523.57

2010
3,796.32
22%
3,796.32

2011
4,642.90
19%
4,642.90

EBITDA
EBITDA Margin

294.63
9%
294.63
3,818.20

190.24
5%
190.24
3,986.56

295.69
6%
295.69
4,938.59

59.85
470.51
34.65

17.13
499.34
21.5
537.97

-24.34
504.89
40.94
521.49

3,448.59

4,417.10

Total inflow

Outflow of funds
Incremental working capital
Capital expenditure
Income tax on PBIT
Outflow of funds

Net Cash Flow

Wacc
Terminal alue
Discounted Cash flows
Present value of cash flows
Present Value of Perpetuity
less contigent liabilities
Enterprise Value

13%

21621.71206
7091.154786
50.78
14479.77728

Cost of capital(Equity)
Beta
Rf
Rm (using arithmetic mean)
Rm (using geometric mean)
Cost of debt
wacc
Equity
debt
WACC

13.71%
0.42
8.70%
11.92%
7.12%
13%
59%
41.0%

13.71%
13%

2012
5,544.58
13%
5,544.58

2013
6,271.32
8%
6,271.32

2014
6,756.77
8%
6,756.77

370.01
7%
370.01
5,914.59

472.88
8%
472.88
6,744.20

505.9816 541.40031 579.29833 619.84922

7%
7%
7%
7%
505.9816 541.40031 579.29833 619.84922
7,262.75 7,821.19 8,422.60 9,070.28

27.98
624.39
64.99
717.36

5,197.23

2015
7,279.79
8%
7,279.79

2016
7,843.30
8%
7,843.30

2017
8,450.43
0%
8,450.43

2018

-81.76 94.549018 -109.3385 126.4414 -146.2195

736.8 826.89324 928.00276 1041.4756 1168.8234
93.4 129.575358 179.76203 249.38682 345.97845
748.44 1051.01762 998.42627 1417.3038 1368.5823

5,995.76
94%

6,211.73
53%

6,822.76
55%

7,005.29
60%

7,701.69
62%

7,701.69
11480.691

5629.964 3283.82121 3736.7629 4214.1426 4757.0218

8.08677600%
5.3300%
13.41677600%

cagr
gdp grpwth rate

16%
4.50%

Average

-38%
39%

90%

59%

44%

470.51
6%

499.34
1%

504.89
24%

624.39
18%

12%

59%
937.8

736.8

Companies
Britannia
Nestle
Heritage foods

Market Cap Debt

11062.32
54041.01
440.78

Industry unlevered Beta

Britannia's levered beta

Cost of capital
Beta
Rf
Rm (using arithmetic mean)
Rm (using geometric mean)

341.35
1050.19
98.18

0.26
0.42

13.71%
0.42
8.70%
11.92%
7.12%

Minority Interest Preference Shares

2.26
0
0
0
0.02
0

EV(in Crores) Equity/Levered Beta

D/E Ratio
Unlevered Beta
11405.93
0.33
0.03
0.32
55091.2
0.26
0.02
0.25
538.98
0.15
0.22
0.12

EV*Beta
3662.74
13931.9
64.8589