Financial Statement Analysis

Financial Statement Analysis : Motherson Sumi

Section A

Group 11

FT163102
FT164002
FT164005
FT164006
FT164007
FT164008

Vibhor Dudeja
Aanchal Sharma
Abhishek Maheshwari
Abhishek Mishra
Abhishek Thyagarajan
Aditya Gupta

Consolidated Balance Sheet

EQUITY AND LIABILITIES

Shareholders Equity
Share Capital
Reserves and Surplus
Net Worth

------------------- in Rs. Cr. ------------------Mar '15

Mar '14
Mar '13

88.20
3235.60
3323.80

88.20
2871.10
2959.30

58.80
2230.20
2289.00

1014.20

789.60

402.50

4085.90
145.70
309.10
218.00
4758.70

2983.40
168.00
208.30
204.30
3564.00

2715.90
144.10
238.80
167.90
3266.70

824.50
4864.10
2228.70
556.80
8474.10
13232.80

1011.10
4091.70
2476.70
469.90
8049.40
11613.40

1355.30
3180.80
1975.60
357.60
6869.30
10136.00

Total Equity and Liabilities

17570.80

15362.30

12827.50

ASSETS
Non-current assets
Fixed assets
Tangible Assets
Intangible Assets
Capital Work in Progress
Intangible Assets under development
Non-current investments (net)
Deferred tax assets (net)
Long-term loans and advances (net)
Other non current assets
Total Non-current assets

5775.50
353.40
955.40
0.40
64.90
190.90
569.20
242.50
8152.20

5648.50
270.40
646.70
0.40
74.90
118.40
356.60
190.90
7306.80

5056.30
220.70
385.50
0.40
71.60
88.20
150.70
135.40
6108.80

0.00
3750.00
3014.40
1891.90
743.80
18.50

0.00
3282.20
3238.40
906.10
616.20
12.60

0.00
2603.60
2940.00
594.40
570.80
9.90

Minority Interest
Liabilities
Non-current liabilities
Long-term borrowings
Deferred tax liabilities (net)
Other Long-term liabilities
Long-term provisions
Total Non-current liabilities
Current Liabilities
Short Term Borrowings
Trade payables
Other current liabilities
Short-term provisions
Total Current Liabilities
Total Liabilities

Current Assets
Current investments
Inventories
Trade receivables (net)
Cash and bank balances
Short- term loans and advances
Other current assets

Total Current Assets

Total Assets

9418.60

8055.50

6718.70

17570.80

15362.30

12827.50

Consolidated P&L Statement

Revenue
Income from Operations
Other Income
Total Revenue
Expenses
Cost of Materials Consumed
Purchase of Stock in Trade
Change in inventories of finished goods, work
in progress and stock in trade.
Employee benefits expense
Other expenses
EBITDA
Depreciation and Amortisation expense
EBIT
Interest Expense
Profit/ (Loss) before tax from oridnary activties
after finance cost but before exceptional items
Exceptional Items
Profit/ (Loss) before tax (PBT)
Tax expense

Net Profit/ (Loss) (PAT)

Share of Profit from Associate
Minority Interest

Net Profit/ (Loss) with minority interest

and associates (PAT)
Earnings/(loss) per share basic and diluted
(Face value of Rs. 10 each)

Mar '15

in Rs Crores
Mar '14

Mar '13

34585.20
464.30
35049.50

30427.90
310.60
30738.50

25312.40
321.50
25633.90

22185.50
218.90

19555.70
109.30

16686.00
100.80

-772.90

-303.60

-303.00

6365.20
3832.50

5106.40
3563.00

4282.70
3069.20

3220.30

2707.70

1798.20

920.60

817.20

714.50

2299.70

1890.50

1083.70

317.80

294.30

249.50

1981.90

1596.20

834.20

164.80

0.00

0.00

1817.10

1596.20

834.20

525.60

499.40

383.50

1291.50

1096.80

450.70

0.40
429.40

-0.20
331.60

0.80
7.00

862.50

765.00

444.50

9.78

8.67

5.00

Consolidated Cash Flow Statement

Cash Flow from Operating Activities
Net Profit before tax
Adjustments for:
Share of (profit) / Loss in Associate
Depreciation and Amortization
Interest Expenditure
Interest Income
Dividend Income
(Profit) / Loss on sale of Intangible Assets (net)
(Profit) / Loss on sale of Long Term Investments
Change in carrying amount of current Investment
Debts / Advances written off
Provision for Bad & Doubtful Debts / Advances
Liability no longer required written back
Provision for Employee Benefits
Provision for Warranty
Unrealised foreign currency loss / (gain)
Operating Profit before working Capital Changes
Change in working capital:
(Increase) / Decrease in trade and other payables
(Increase) / Decrease in trade receivables
(Increase) / Decrease in inventories
(Increase) / Decrease in other receivables
Cash generated from Operations
-Taxes (Paid) / Received (Net of TDS)
Net Cash generated from Operating Activities
Cash Flow from Investing Activities:
Purchase / additions of tangible / intangible assets
Sale of tangible / intangible assets
Sale / (purchase) of investments
Purchase of minority interest in subsidiary
Loan to related parties (net)
Interest received (revenue)
Dividend received
Consideration paid on acquisition of subsidiaries
Net Cash used in Investing Activities
Cash Flow from Financing Activities:
Proceeds from Minority Shareholders
Dividend Paid
Dividend Distribution Tax
Dividend Paid to Minority Shareholders
Interest Paid
Proceeds from Long Term Borrowings
Proceeds from Short Term Borrowings
Repayment of Long Term Borrowings
Repayement of Short Term Borrowings
Proceeds from Government Subsidy
Net Cash used in Financing Activities
Net Increase / (Decrease) in Cash and Cash Equivalents

Mar '15

in Rs Crores
Mar '14

1817.50

1596.00

-0.40
920.60
316.90
-24.20
-0.50
-2.40
0.00
0.00
3.70
17.30
-15.80
12.30
1.30
-304.90
2741.40

0.20
817.20
292.90
-16.50
-0.30
-3.70
0.00
-0.10
6.60
11.10
-39.60
15.20
33.30
302.10
3014.40

1006.70
450.00
-169.90
-21.80
4006.40
-616.70
3389.70

1407.80
-354.90
-678.60
-134.00
3254.70
-559.70
2695.00

-1944.30
105.30
0.40
-332.80
8.00
21.00
0.50
-711.00
-2852.90

-1412.00
60.30
-0.60
0.00
-36.00
15.70
0.30
0.00
-1372.30

0.00

0.00

-220.30
-37.50
-96.10
-299.30
5023.60
2205.80
-2493.40
-3598.00
9.70
494.50

-119.50
-20.00
-54.00
-288.10
956.50
540.20
-1117.60
-979.20
1.60
-1080.10

1031.30

242.60

Net Cash and Cash Equivalents at the beginning of the year

Cash and Cash Equivalents acquired consequent to acquisition of Wiring
Harness Division of Stoneridge and S & T.
Cash and Cash Equivalents at current year closing
Cash and Cash Equivalents Comprise
Cash on Hand
Cheques / Drafts on Hand
Balance with Banks
Cash and Cash equivalents as per balance sheet (restated)
Effect of exchange differences on balance with banks in foreign
currency

Total

830.50

584.50

8.50

0.00

1870.30

827.10

2.10
0.70
1867.00
1869.80

2.30
2.10
826.10
830.50

0.50

-3.40

1870.30

827.10

n Rs Crores
Mar '13

835.00
-0.80
714.50
249.50
-12.10
-0.20
-9.30
0.00
-0.10
9.00
11.50
-28.60
19.00
-0.90
167.60
1954.10
128.30
56.10
-354.00
67.70
1852.20
-366.20
1486.00

-1138.90
49.40
-1.30
0.00
0.00
11.60
0.20
0.00
-1079.00

26.00
-86.80
-14.40
-112.00
-253.70
446.30
809.80
-508.70
-563.90
1.60
-255.80

151.20

442.90
0.00
594.10
3.00
3.00
578.50
584.50
9.60

594.10

Du Pont Analysis

Tax Burden
Interest Burden
Operating Profit Margin
Asset Turnover
Financial Leverage
Return on Equity (RoE)

Mar '15

Mar '14

Mar '13

0.71
0.86
6.6%
1.97
4.05

0.69
0.84
6.2%
1.98
4.10

0.54
0.77
4.3%
1.97
4.77

###

###

###

Liquidity Ratios

Current Ratio
Quick Ratio
Cash Ratio
Cash Flow from Operations Ratio

Mar '15

Mar '14

Mar '13

1.11
0.58
0.22
0.40

1.00
0.51
0.11
0.33

0.98
0.51
0.09
0.22

Mar '15

Mar '14

Mar '13

0.79
3.70
7.24
0.28

0.78
3.64
6.42
0.25

0.81
4.14
4.34
0.16

Solvency Ratios

Debt to Total Capital

Debt to Equity
Interest Coverage Ratio
CFO to Debt

Profitablity:
Return on Equity (RoE)
EBITDA Margin
Here we see that the operating profit margin has increased from 4.3% to
6.6% . This is a good sign as it shows consistency and efficiency in the
managements operational capabilities and has grown.

m 4.3% to
y in the

Motherson Sumi Systems

Wabco India

Du Pont Analysis

Du Pont Analysis
Mar '15

Mar '14

Mar '13

Tax Burden
Interest Burden
Operating Profit Margin
Asset Turnover
Financial Leverage

0.71
0.86
0.07
1.97
4.05

0.69
0.84
0.06
1.98
4.10

0.54
0.77
0.04
1.97
4.77

Return on Equity (RoE)

32.47%

29.26%

16.75%

Liquidity Ratios

Tax Burden
Interest Bu
Operating P
Asset Turn
Financial
Return on

Mar '14

0.68
1.00
0.13
1.21
1.29

0.73
1.00
0.15
1.16
1.27

13.98%

15.56%

Liquidity Ratios
Mar '15

Current Ratio
Quick Ratio
Cash Ratio
Cash Flow from Operations

1.11
0.58
0.22
0.40

Mar '14
1.00
0.51
0.11
0.33

Mar '13
0.98
0.51
0.09
0.22

Solvency Ratios

Mar '15
Current Rat
Quick Rati
Cash Ratio
Cash Flow

3.46
2.59
1.20
0.57

Mar '14
3.63
2.57
1.20
0.85

Solvency Ratios
Mar '15

Debt to Total Capital

Debt to Equity
Interest Coverage Ratio
CFO to Debt

Mar '15

0.79
3.70
7.24
0.28

Mar '14
0.78
3.64
6.42
0.25

Mar '13
0.81
4.14
4.34
0.16

Mar '15
Debt to Tot
Debt to Equ
Interest Co
CFO to Deb

0.19
0.23
490.41
0.62

Mar '14
0.17
0.21
1114.88
0.92

o India

Amara Raja Batteries

Du Pont Analysis
Mar '13
0.71
1.00
0.19
1.22
1.22
20.16%

Mar '15
Tax Burden
Interest Bu
Operating P
Asset Turn
Financial
Return on

Mar '14

Mar '13

0.67
1.00
0.15
1.76
1.41

0.68
1.00
0.16
1.73
1.46

0.68
1.00
0.15
1.67
1.67

24.46%

27.16%

27.64%

Liquidity Ratios
Mar '13
4.11
2.64
1.03
0.76

Mar '15
Current Rat
Quick Rati
Cash Ratio
Cash Flow

2.39
1.46
0.42
0.73

Mar '14
2.39
1.56
0.62
0.58

Mar '13
2.18
1.37
0.71
0.58

Solvency Ratios
Mar '13
0.14
0.16
10509.43
0.86

Mar '15
Debt to Tot
0.22
Debt to Equ
0.29
Interest Co 2561.75
CFO to Deb
0.80

Mar '14
0.24
0.31
753.86
0.65

Mar '13
0.28
0.38
1603.13
0.83