Company >> Finance >> Balance Sheet

Parle Biscuits Pvt Ltd

Industry :Food And Dairy Products Indian - Large

(Rs in Crs)
Year
Mar 11
Mar 10
Mar 09
SOURCES OF FUNDS :
Share Capital
0.5
0.5
0.5
Reserves Total
1,117.08
998.45
884.42
Equity Share Warrants
0
0
0
Equity Application Money
0
0
0
Total Shareholders Funds
1,117.58
998.95
884.92
Secured Loans
0
23.71
0
Unsecured Loans
5.01
0
0
Total Debt
5.01
23.71
0
Other Liabilities
0
0
0
Total Liabilities
1,122.59 1,022.66
884.92
APPLICATION OF FUNDS :
Gross Block
681.77
623.69
531.39
Less : Accumulated Depreciation
306.7
241.34
177.18
Less:Impairment of Assets
0
0
0
Net Block
375.07
382.35
354.21
Lease Adjustment
0
0
0
Capital Work in Progress
39.59
30.08
64.94
Investments
486.21
383.06
196.87
Current Assets, Loans & Advances
Inventories
373.02
281.83
173.5
Sundry Debtors
67.79
43.57
30.92
Cash and Bank
21.98
51.63
71.23
Loans and Advances
110.61
94.03
108.05
Total Current Assets
573.4
471.06
383.7
Less : Current Liabilities and Provisions
Current Liabilities
341.6
231.41
105.92
Provisions
5.1
1.79
1.22
Total Current Liabilities
346.7
233.2
107.14
Net Current Assets
226.7
237.86
276.56
Miscellaneous Expenses not written off
0
0
0
Deferred Tax Assets
0
2.81
3.67
Deferred Tax Liability
4.98
13.5
11.33

 Net Deferred Tax

Other Assets
Total Assets
Contingent Liabilities
http://www.capitaline.com

-4.98
-10.69
0
0
1,122.59 1,022.66
65.09
55.83

-7.66
0
884.92
43.47

Mar 08

Mar 07

Mar 06

Mar 05

Mar 04

0.5
791.68
0
0
792.18
7.9
0
7.9
0
800.08

0.5
654.59
0
0
655.09
0
0
0
0
655.09

0.5
571.31
0
0
571.81
0
0
0
0
571.81

0.5
484.47
0
0
484.97
0
0
0
0
484.97

0.5
397.97
0
0
398.47
0
0
0
0
398.47

405.42
123.72
0
281.7
0
85.48
187.19

240.92
92.05
0
148.87
0
68.74
274.91

211.17
68.02
0
143.15
0
8.59
310.75

99.65
52.46
0
47.19
0
47.41
335.4

97.46
45.51
0
51.95
0
3.71
273.91

129.07
24.45
54.45
131.27
339.24

101.15
4.55
53.21
77.46
236.37

60.84
3.25
25.69
73.28
163.06

25.25
8.22
20.92
231.64
286.03

28.69
12.17
40.33
185.68
266.87

87.95
1
88.95
250.29
0
2.74
7.32

73.5
0.86
74.36
162.01
0
1.64
1.08

53.55
1.14
54.69
108.37
0
0.95
0

34.14
198.94
233.08
52.95
0
2.02
0

39.72
161.18
200.9
65.97
0
2.93
0

-4.58
0
800.08
38.46

0.56
0
655.09
14.13

0.95
0
571.81
13.92

2.02
0
484.97
9.4

2.93
0
398.47
7.04

Industry :Food And Dairy Products - Indian

- Large
(Rs in Crs)
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
COGS
Selling and Administration Expenses
Miscellaneous Expenses
Less: Pre-operative Expenses Capitalised
SGA
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
Number 0f share

Mar
Mar 09(12) 10(12)

Mar 11(12)

2,107.50 2,848.58
14.91
0.00
2,092.59 2,848.58
27.18
10.41
15.48
58.88
2,135.25 2,917.87

4,004.59
0.00
4,004.59
0.00
0.00
4,004.59

1,208.74 1,766.13
62.82
85.00
24.81
32.85
424.83
19.80
1,721.20 1,903.78
197.25
0.17
20.70
835.00
1.57
0.00
217.95
835.17
1,937.58 2,739.11
197.67
178.76
1.47
0.23
196.20
178.53
54.48
64.51
141.72
114.02
45.00
0.00
0.90
0.00
3.08
0.00
92.74
114.02
0.62
0.00
93.36
114.02
0.00
0.00
137.09
92.74
0.00
0.00
137.09
92.74
92.74
114.02
0.00
0.00
0.00
0.00
0.00
0.00
18,548.00 22,804.00

2,482.00
120.00
46.18
27.84
2,676.02
0.24
1,210.59
0.00
1,210.83
3,886.85
117.74
0.00
117.74
0.00
117.74
0.89
0.00
0.00
118.63
0.00
118.63
0.00
114.02
0.00
114.02
118.63
0.00
0.00
0.00
23,726.00

176,984.00
###
5,000.00 50,000.00

223,516.00
500,000.00

0.317528

Growth Rate

20.00%

20.00%

20.00%

12.00%

2013
9500.00

2014
11400.00

2015
13680.00

2016
16416.00

2017
18385.92

5719.77

6863.73

8236.47

9883.77

11069.82

3443.77

4132.52

4959.03

5950.83

6664.94

Operating Profit

336.46

403.75

484.50

581.40

651.16

Interest Exp

190.00

228.00

273.60

328.32

367.72

85.50

102.60

123.12

147.74

165.47

231.96

278.35

334.02

400.82

448.92

68.89

82.67

99.20

119.04

133.33

PAT

163.06

195.68

234.81

281.78

315.59

Add Depreciation

285.74

342.89

411.46

493.76

553.01

1852.50
800.00
403.75

2223.00
370.50
484.50

2667.60
444.60
581.40

3201.12
533.52
697.68

3585.25
384.13
781.40

69.57

80.75

96.90

116.28

83.72

133.57

160.28

192.34

230.81

258.51

-287.19

247.60

297.12

356.54

659.25

Sales
Cogs
SG&A

Other Income
EBT
Taxes

Capex
Increase In Capex
Working Capital
Increase In Working Capital
Add Interest*(1-Tax Rate)
FCFF
Terminal Value

NPV

23,767

13163.71

Debt

2000
11163.71

Firm Value

Premium
Firm Value

20.00%
13396.455

Equity Value
Value per Share

19.40
690.54

Sensitivity Analysis
Firm
Value

W
A
C
C

9.40%
9.60%
9.80%
10.00%
10.20%
10.40%
10.60%
10.80%

15%
37670
32516
28509
25304
22683
20500
18653
17071

20%
39395
34017
29835
26491
23756
21478
19551
17900

Premium
25%
41120
35518
31162
27678
24829
22456
20449
18729

30%
42845
37019
32488
28866
25902
23434
21347
19558

W
A
C
C
11.00%
11.20%
11.40%
11.60%
11.80%

W
A
C
C

15700
14502
13445
12506
11666

16470
15219
14116
13137
12261

17239
15937
14788
13767
12855

18009
16654
15459
14398
13449

Share
Price

15%

20%

25%

30%

9.40%
9.60%
9.80%
10.00%
10.20%
10.40%
10.60%
10.80%
11.00%
11.20%
11.40%
11.60%
11.80%

1942
1676
1470
1304
1169
1057
961
880
809
748
693
645
601

2031
1753
1538
1366
1225
1107
1008
923
849
784
728
677
632

2120
1831
1606
1427
1280
1158
1054
965
889
821
762
710
663

2208
1908
1675
1488
1335
1208
1100
1008
928
858
797
742
693

Premium

12.00%
2018
20592.23

2009
Ratio to Sales

12398.20

COGS

60.21%

62%

7464.73

SG&A

12.34%

10%

729.30

interest exp

2.00%

1%

411.84

other income

0.90%

1%

185.33

taxes

29.70%

30%

502.79

add depreciation

3.01%

3%

149.33

capex

19.50%

15%

353.46

working capital

4.25%

5%

619.37
4015.48
430.23
875.17
93.77

WACC

Risk Free Rate

Market Rate

0.8
7.16%
15%

289.53

Risk Premium

7.84%

738.36

Cost of equity

13.432000%

Cost of Debt
Tax Rate
After tax cost of debt
Debt/Equity Ratio

14.50%
30%
0.1015
1.5

s
35%
44570
38519
33815
30053
26976
24412
22245
20387

Growth Rate
2013-2015
2015-2018
2018-onwards

20%
12%
8%

Equity
Debt
WACC

18779
17372
16131
15029
14043

35%
2297
1986
1743
1549
1390
1258
1147
1051
968
895
831
775
724

2010

2011

2012

67%

60%

52%

12%

12%

15%

1%

1%

4%

1%

1%

1%

30%

30%

30%

3%

3%

3%

17%

21%

25%

3%

3%

6%

Weight

Cost
0.4

5.37%

0.6

6.09%
11.46%

Food Processing Industry Multiples

Low
P/E
P/B
P/Sales
DCF premium
PRICE
AS per P/E
As per Book Value
As Per Sales
As per DCF

30x
10x
1.5x
0%

Industry Average
High
35.35X
40x
15X
17x
2x
3X
20%
30%

Low
Industry Average
High
984.00
1126.68 1312.00
717.95
1076.92 1220.51
734.54
979.38 1469.07
575.00
690.00
747.50

Low
984.00
717.95
734.54
575.00

1600.00
1400.00
1200.00
1000.00
800.00
600.00
400.00
200.00
0.00
AS per P/E

FOOTBALL FIE

Industry Multiples
EPS
Book Value per Share
Sales Per Share
DCF Value Per Share
0-50th Percentile 50th-100th percentile
142.68
185.32
358.97
143.59
244.85
489.69
115.00
57.50

AS per P/E

As per Book Value

FOOTBALL FIELD ANALYSIS

As Per Sales

As per DCF

32.80

71.7949
489.691
575