8020 (Tata Chemicals) - A

Balance Sheet
Tata Chemicals
in crores
Notes
2015, March
EQUITY AND LIABILITIES

Shareholders Funds
Share Capital
Reserves and Surplus
3
4
254.82
5788.45
Non-Current Liabilities
Long-Term Borrowings
Deferred Tax Liabilities (net)
Other Long-Term Liabilities
Long-Term Provisions
5
6
7
8
1739.4
191.23
1.67
78.65
9
10
11
12
976.46
1848.41
372.84
616.71
Fixed Assets
Tangible Assets
Capital Work-in-Progress
Intangible Assets held under Deve
13
13
13
1900.5
62.83
0.89
Non-Current Investments
Long-Term Loans and Advances
Other Non-Current Assets
14
15
16
4363.85
421.32
12.7
Current Assets
Current Investments
Inventories
Trade Receivables
Cash and Bank Balance
Short-Term Loans and Advances
17
18
19
20
21
0
1809.03
2486.32
574.3
199
Current Liabilities
Short-Term Borrowings
Trade Payables
Other Current Liabilities
Short-Term Provisions
TOTAL
ASSETS
Non-Current Assets
Other Current Assets

TOTAL
22
37.9
Standalone report
in crores
in crores
2014, March
6043.27
254.82
5446.41
5701.23
2010.95
1735.51
215.61
3.6
66
2020.72
3814.42
11868.64
1299.18
1198.73
431.18
507.64
3436.73
11158.68
1872.06
158.62
0
6762.09
4257.64
416.2
22.89
6727.41
0.25
810.56
2401.78
976.85
183.79
5106.55
11868.64
58.04
4431.27
11158.68
Income Statement
REVENUE
Revenue from Operations (Gross)
Less: Excise Duty
Net Revenue from Operations
Other Income
Total Revenue
EXPENSES
Cost of Materials Consumed
Purchases of Stock-in-Trade
Changes in Inventories of Work-inProgress, Finished Goods and Stock-inTrade
Employee Benefits Expense
Finance Costs (net)
Depreciation and Amortisation Expense
Other Expenses
Total Expenses
Profit Before Exceptional Items and
Tax
Exceptional Items
Impairment of Assets
Exchange Loss (net) on Foreign Currency
Long-Term Borrowings including
Revaluation thereof
Profit Before Tax
Tax Expense
Current Tax expense for current year
Less: Current Tax expense relating to
prior years
Net Current Tax expense
Deferred Tax
Profit For the Year
EARNINGS PER SHARE
(Face value per share - Rs10)
Basic
Diluted
in crores
in crores
2015, March 2014, March

10,334.58
252.52
10,082.06
194.75
10,276.81
8,915.98
236.59
8,679.39
202.92
8,882.31
3,778.55
2,712.54
3,194.24
1,614.10
-850.84
330.17
186.78
130.19
267.05
185.32
192.72
3,072.81
9,422.72
158.82
2,545.94
8,095.66
854.09
786.65
59.3
0
854.09
158.47
217.77
568.88
229.86
151
229.86
-13.74
216.12
637.97
-80.81
70.19
62.62
132.81
436.07
25.04
25.04
17.12
17.12
Balance Sheet
2015
Shareholders Funds
Share Capital
Current Liabilities
Trade Payables
TOTAL
Horizontal AnalysisVertical Analysis

2014 Change Change%
2015
254.82
5788.45
6043.27
254.82
5446.41
5701.23
0
342.04
342.04
0.00%
6.28%
6.00%
2.15%
48.77%
50.92%
1739.4
191.23
1.67
78.65
2010.95
1735.51
215.61
3.6
66
2020.72
3.89
-24.38
-1.93
12.65
-9.77
0.22%
-11.31%
-53.61%
19.17%
-0.48%
14.66%
1.61%
0.01%
0.66%
16.94%
976.46 1299.18
1848.41 1198.73
372.84
431.18
616.71
507.64
3814.42 3436.73
11868.6 11158.7
-322.72
649.68
-58.34
109.07
377.69
709.96
-24.84%
54.20%
-13.53%
21.49%
10.99%
6.36%
8.23%
15.57%
3.14%
5.20%
32.14%
100.00%
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets held under De
Current Assets
Current Investments
Inventories
Trade Receivables
1900.5
62.83
0.89
1872.06
158.62
0
28.44
-95.79
0.89
1.52%
-60.39%
16.01%
0.53%
0.01%
4363.85
421.32
12.7
6762.09
4257.64
416.2
22.89
6727.41
106.21
5.12
-10.19
34.68
2.49%
1.23%
-44.52%
0.52%
36.77%
3.55%
0.11%
56.97%
0
1809.03
2486.32
574.3
199
37.9
5106.55
0.25
810.56
2401.78
976.85
183.79
58.04
4431.27
-0.25 -100.00%
998.47 123.18%
84.54
3.52%
-402.55 -41.21%
15.21
8.28%
-20.14 -34.70%
675.28
15.24%
0.00%
15.24%
20.95%
4.84%
1.68%
0.32%
43.03%
TOTAL
11868.6 11158.7
709.96
6.36%
100.00%
Income Statement
Horizontal AnalysisVertical Analysis
2015, Ma2014, MaChange Change%
2015
REVENUE
Revenue from Operations (Gross)10,334.58 8,915.98
Less: Excise Duty
252.52
236.59
10,082.06 8,679.39
Other Income
194.75
202.92
Total Revenue
### 8,882.31
EXPENSES
3,778.55 3,194.24
2,712.54 1,614.10
Changes in Inventories of Work-i
-850.84
130.19
330.17
267.05
Finance Costs (net)
186.78
185.32
Depreciation and Amortisation E
192.72
158.82
Other Expenses
3,072.81 2,545.94
Total Expenses
9,422.72 8,095.66
Profit Before Exceptional Ite
854.09
786.65
Exceptional Items
0
59.3
Exchange Loss (net) on Foreign C
0
158.47
217.77
Profit Before Tax
854.09
568.88
Tax Expense
Current Tax expense for current
229.86
151
Less: Current Tax expense relating to prior
-80.81
229.86
70.19
Deferred Tax
-13.74
62.62
216.12
132.81
Profit For the Year
637.97
436.07
EARNINGS PER SHARE
10
10
Basic
25.04
17.12
Diluted
25.04
17.12
1418.6
15.93
1402.67
-8.17
1394.5
15.91%
6.73%
16.16%
-4.03%
15.70%
102.50%
2.50%
100.00%
1.93%
101.93%
584.31
18.29%
1098.44
68.05%
-981.03 -753.54%
63.12
23.64%
1.46
0.79%
33.9
21.34%
526.87
20.69%
1327.06
16.39%
67.44
8.57%
37.48%
26.90%
-8.44%
3.27%
1.85%
1.91%
30.48%
93.46%
8.47%
-59.3 -100.00%
-158.47 -100.00%
-217.77 -100.00%
285.21
50.14%
0.00%
0.00%
78.86
52.23%
80.81 -100.00%
159.67 227.48%
-76.36 -121.94%
83.31
62.73%
201.9
46.30%
2.28%
0.00%
2.28%
-0.14%
2.14%
6.33%
0
7.92
7.92
0.00%
46.26%
46.26%
8.47%
0.10%
0.25%
0.25%
ertical Analysis
2014
2.28%
48.81%
51.09%
15.55%
1.93%
0.03%
0.59%
18.11%
11.64%
10.74%
3.86%
4.55%
30.80%
100.00%
16.78%
1.42%
0.00%
38.16%
3.73%
0.21%
60.29%
0.00%
7.26%
21.52%
8.75%
1.65%
0.52%
39.71%
Summary
Considerable reduce in the trade payables which means company clearing
its credits. Inventory has been drastically which is a negative for the
company as we have asset piling up with ni productivvity. Cash & BB is
greatly reduced which shows that company effficeiently managing the
money.Other current and non current assets are gradually reduced which
shows that company is concentrating on core business.
100.00%
its credits. Inventory has been drastically which is a negative for the
company as we have asset piling up with ni productivvity. Cash & BB is
greatly reduced which shows that company effficeiently managing the
money.Other current and non current assets are gradually reduced which
shows that company is concentrating on core business.
ertical Analysis
2014
102.73%
2.73%
100.00%
2.34%
102.34%
Marks
36.80%
18.60%
1.50%
3.08%
2.14%
1.83%
29.33%
93.27%
9.06%
0.68%
1.83%
2.51%
6.55%
1.74%
-0.93%
0.81%
0.72%
1.53%
5.02%
0.12%
0.20%
0.20%
Summary
Increase in revenue by 15% shows that company is growing which is good
sign and also based on the vertical analysis that COGS hasnt increased so
much. But the purchase stock and change in Inventory are drastically
changed which means that there is a lotoutsourcing of stock happpening
and also company is not able to meet its sales target.
s company clearing
gative for the
ty. Cash & BB is
managing the
lly reduced which
wing which is good

hasnt increased so
are drastically
stock happpening
Balance Sheet

Shareholders Funds
Share Capital
2015
2014
254.82
5788.45
6043.27
254.82
5446.41
5701.23
1739.4
191.23
1.67
78.65
2010.95
1735.51
215.61
3.6
66
2020.72
976.46
1848.41
372.84
616.71
3814.42
11868.64
1299.18
1198.73
431.18
507.64
3436.73
11158.68
1900.5
62.83
0.89
1872.06
158.62
0
4363.85
421.32
12.7
6762.09
4257.64
416.2
22.89
6727.41
0
1809.03
2486.32
574.3
199
37.9
5106.55
0.25
810.56
2401.78
976.85
183.79
58.04
4431.27
Current Liabilities
Trade Payables
TOTAL
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets held under Deve
Current Assets
Current Investments
Inventories
Trade Receivables
TOTAL
11868.64
11158.68
Income Statement
in crores
in crores
2015
2014
10,334.58
252.52
10,082.06
8,915.98
236.59
8,679.39
194.75
202.92
10,276.81
8,882.31
3,778.55
2,712.54
-850.84
330.17
186.78
192.72
3,072.81
3,194.24
1,614.10
130.19
267.05
185.32
158.82
2,545.94
9,422.72
8,095.66
Profit Before Exceptional Items
854.09
786.65
Exceptional Items
Exchange Loss (net) on Foreign Cur
0
0
59.3
158.47
854.09
217.77
568.88
229.86
0
229.86
-13.74
216.12
637.97
151
-80.81
70.19
62.62
132.81
436.07
10
10
REVENUE
Less: Excise Duty
Other Income
Total Revenue
EXPENSES
Changes in Inventories of Work-inEmployee Benefits Expense
Finance Costs (net)
Depreciation and Amortisation Exp
Other Expenses
Total Expenses
Profit Before Tax

Tax Expense
Current Tax expense for current ye
Less: Current Tax expense relating
Deferred Tax
Profit For the Year
EARNINGS PER SHARE
Basic
Diluted
Tax rate
25.04
25.04
0.25304125 0.233458726
COGS = Raw Materials consumed +

Number of Shares held in the Com
Dividend per share
Equity Dividend
17.12
17.12
7341.74
6345.025
25.482
25.482
12.504
318.626928
11.712
298.445184
RATIO ANALYSIS
I. Liquidity Ratios
1. Current Ratio =CA/CL
2. Quick Ratio = (CA-Inventories)/CL
3. Cash Ratio =(Cash & BB + Current investm
2015
2014
1.34
0.86
0.15
1.29
1.05
0.28
II. Leverage Ratios

1. Debt-Equity Ratio =Non-current liab/Shareho
2. Debt-Total assets ratio = Non-current liab/To
3.Assets-Equity Ratio =Total Assets/Sharehold
4.Interest Coverage Ratio = PBIT/Finance cos
0.33
0.49
1.96
5.57
0.35
0.49
1.96
2.07
III. Turnover Ratios

1. Inventory Turnover Ratio = Net Revenue fro
2.Debtors' Turnover Ratio = Net Revenue from
3. Average Collection Period =365/DTR
4. Fixed Assets Turnover Ratio =Ne Revenue f
5. Total Assets Turnover Ratio=Net Revenue fr
5.57
4.06
90.01
1.49
0.85
10.71
3.61
101.00
1.29
0.78
IV. Profitability Ratios

1. Gross Profit Margin = Gross profit/Net reve
2.Operating Profit Margin =PBIT/Net revenue
3. Net Profit Margin =Net Profit available for
4. Earning Power = PBIT/Total Assets =(PBT+
5. Retrun on Capital Employed =PBIT(1-T)/Tot
6. Return on Equity = Net profit available to s
0.27
0.10
0.03
0.09
0.07
0.0528
0.11
0.09
0.05
0.07
0.05
0.0241
0.10
0.09
0.82
0.37
0.85
1.96
5.28%
0.75
0.24
0.78
1.96
2.41%
ROE Analysis
1.PBIT/Net Rev from Ope (impact of profitable
2.PBT/PBIT (Impact of finance cost)
3. Net profit available to shareholders/PBT (Im
4.TATR (Impact of efficiency in using assets)
5.TA/SF (Impact of borrowing)
Return of Equity = Product of the above rat
V. Valuation Ratios
55.25%
292.75
-7.77%
323.7
442
286.85
Capital gain =(Price at the end of FY-Price at
50.98%
-11.38%
Dividend per share
12.504
11.712
1. Total Return = Capital gain + Dividend Yield

Price at the beginning of Financial Year
Price at the end of Financial year
Dividend yield =Dividend per share during FY/P

4.27%
3.62%
Total return
2. Price-Earnings Ratio = Market price per sha
17.65
16.76
3. Price-Book Value Ratio = Market price per
44.2
28.685
237.15838631 223.7355781
Book value per share
P/B Ratio
VI. Aaltman's Z-Score = 1.2(NWC/TA)+1.4 (RE/TA)+3.3 (EBIT/TA)+0.6(MVE/BVD)+1.0(NS/T

Z> 2.675 Healthy ; Z= 1.81 to 2.675 Grey Area (under scan); Z<2.675 On the way to bank
NWC/TA = (Current Assets-Current Liab)/
0.19
0.21
Retained Earnings /TA =(Net profit availa
0.03
0.01
PBIT/TA
0.09
0.07
MVE/BVD =Market value of equity/Book va
11.53
5.63
NS/TA =Net revenue from operations/TA
0.85
0.78
Z Score
8.33
4.64
Summary: Z score shows that it is healthy company growing organically
Market Value of Equity

Book Value of Total Debt
11263.044
976.46
7309.5117
1299.18
Marks
14
Summary
Current and quick ratio are managed well and standard rate for
current ratio iis 1.33 and but industry average is quite high when
compared to the standard rate
Summary
It has less debt as compared to he equity which says it can borrow more and it is
safer position.Assets are also double to equity which means they can be effective
used. Intrest coverage ratio is low when comapred to industry average but still it c
easily pay the intrest ratess which puts it in safe zone
Summary
Inventory turnover ratio is less compared to industrial average
which is a slight diadvantage but its previou year was good.
Average collection period is also less compared to industry averag
which means the company is less efficient in realising the sales. I
terms assets turnover ratio it is inline with the industry
Summary
In terms of earning power and net profit margin the value are qui
low and hence has to work on the profitability
Summary
Return on equity is quite less to attractive levels of 15% which is
will liitle concern for the investors and hence the company has to
work on these ratios
Apr-14
292.75
Apr-13
323.7 ok
442
286.85 ok
Mar-15
Mar-14
12.5
10
237.16
223.74
.6(MVE/BVD)+1.0(NS/TA)
675 On the way to bankruptcy
Summary
Capital yeild for TATA Chemicals has been very good compared to
last year which shows a lot of good will and also reflects in their
price earning ratio. It will definetly have a hgher valuation
compared to last year
nd standard rate for

ge is quite high when
can borrow more and it is in

means they can be effectively
ndustry average but still it can
industrial average
year was good.
red to industry average
n realising the sales. In
he industry
rgin the value are quite

ty
evels of 15% which is

e the company has to
Standard
ery good compared to

also reflects in their
gher valuation

Shareholders Funds
Share Capital
Current Liabilities
Trade Payables
TOTAL
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets held under Development
Current Assets
Current Investments
Inventories
Trade Receivables
TOTAL
Income Statement
REVENUE
Less: Excise Duty
Other Income
Total Revenue
EXPENSES
Changes in Inventories of Work-in-Progress, Finished Goods and Stock-in-Trade
Finance Costs (net)
Other Expenses
Total Expenses
Profit Before Exceptional Items and Tax
Exceptional Items
Exchange Loss (net) on Foreign Currency Long-Term Borrowings including Revaluation there
Profit Before Tax

Tax Expense
Less: Current Tax expense relating to prior years
Deferred Tax
Profit For the Year
EARNINGS PER SHARE
Basic
Diluted
Funds Flow Statement: Total Funds Basis

Sources
Inc in Reserves & Surplus
Inc in L T Provisions
Inc in Trade payables
Inc in LT borrwoings
Inc in ST Provisions
Dec in CWIP
Dec in other Non-CA
Dec in current investments
Dec in other current assets
Dec in cash & BB
342.04
12.65
649.68
3.89
109.07
95.79
10.19
0.25
20.14
402.55
Total Sources
1646.25
Funds Flow Statement: Working Capital Basis
Sources
342.04
12.65
3.89
Dec in CWIP
95.79
Dec in other Non-CA
10.19
0.25
Total Sources of WC
Change in NWC
Changes in WC components
Currest Assets
Change in Inventories
Change in Trade Receivables
Total Change in Current Assets
Change in WC
Funds Flow Statement: Cash Basis
Sources
464.81
-24.88
998.47
84.54
-402.55
15.21
-20.14
675.53
-24.88
342.04
12.65
Inc in Trade payables

Inc in ST Provisions
Dec in CWIP
Dec in other Non-CA
Dec in other current assets
Total Sources
Change in Cash & BB
Classified Cashflow Statements
A. Cash Flows from Operatons
RNP - other income
Add: Interest
Add: Dep(Non Cash Expense)
OCFs before changes in WC components
Less: Inc in inventory
Less: Inc in debtors
Less:Inc in Loans& Adv
Add: Dec in other CA
Less: Dec in other CL
Add: Inc in trade payables
Add: Inc in ST provisions
OCF
C. Cash Flows from Financing
Inc in LT Borrowings
Dec in ST borrowings
Dec in def tax liab
Dividends
Interest
Dec in other LT liab
Inc in LT provisions
Total
D. Other income
(A+B+C+D)
Change in C&BB
Reason for mis-match
Reported net profit -Dividend
Dec in Reserves & Surplus
Overstatement of OCFs
Adj change in Cash & BB
649.68
3.89
109.07
95.79
10.19
0.25
20.14
1243.7
402.55
443.22
186.78
192.72
822.72
-998.47
-84.54
-15.21
20.14
-58.34
649.68
109.07
445.05
3.89
-322.72
-24.38
-318.5473
-186.78
-1.93
12.65
-837.817
194.75
-425.1673
-402.55
319.4227
-22.61725
-425.1673
(Reasons can be buy back of Shares etc)
2015
2014 Change
254.82
5788.45
6043.27
254.82
5446.41
5701.23
0
342.04
342.04
1739.4
191.23
1.67
78.65
2010.95
1735.51
215.61
3.6
66
2020.72
3.89
-24.38
-1.93
12.65
-9.77
976.46 1299.18
1848.41 1198.73
372.84
431.18
616.71
507.64
3814.42 3436.73
11868.6 11158.7
-322.72
649.68
-58.34
109.07
377.69
709.96
1900.5
62.83
0.89
1872.06
158.62
0
28.44
-95.79
0.89
4363.85
421.32
12.7
6762.09
4257.64
416.2
22.89
6727.41
106.21
5.12
-10.19
34.68
0
0.25
1809.03
810.56
2486.32 2401.78
574.3
976.85
199
183.79
37.9
58.04
5106.55 4431.27
11868.6 11158.7
-0.25
998.47
84.54
-402.55
15.21
-20.14
675.28
709.96
shed Goods and Stock-in-Trade
Term Borrowings including Revaluation thereof
in crores
in crores
2015
2014
10,334.58
252.52
10,082.06
8,915.98
236.59
8,679.39
194.75
202.92
### 8,882.31
3,778.55
2,712.54
-850.84
330.17
186.78
192.72
3,072.81
3,194.24
1,614.10
130.19
267.05
185.32
158.82
2,545.94
9,422.72 8,095.66
854.09
786.65
0
0
59.3
158.47
854.09
217.77
568.88
229.86
0
229.86
-13.74
216.12
637.97
151
-80.81
70.19
62.62
132.81
436.07
10
25.04
10
17.12
25.04
Uses
Dec in other current liabilities
Dec in deff tax liab (net)
Dec in other LT liabilities
Dec in ST borowings
Inc in tangible assets
Inc in Intangible assets
Inc in non-current investments
Inc in inventories
Inc in ST loans & adv
Inc in LT loans & advances
Inc in trade receivables
Total Uses
Uses
Dec in deff tax liab
Dec in ST borowings
Total uses of WC
Current Liabilities
Change in Trade payables
Change in other CLs
Change in ST Provisions
Total change in CL & provisions
17.12
58.34
24.38
1.93
322.72
28.44
0.89
106.21
998.47
15.21
5.12
84.54
1646.25
Marks
5.12
24.38
1.93
322.72
28.44
0.89
106.21
489.69
Summary
Working Capital Management is done we
649.68
-58.34
109.07
700.41
Marks
Uses
Dec in other current liabilities
Dec in deff tax liab (net)
58.34
24.38

Dec in ST borowings
Inc in inventories
Inc in ST loans & adv
Inc in trade receivables
Total Uses
B. Cash Flows from Investing

Inc in GB(Gross Block)
Dec in CWIP
Inc in investments
Dec in other non-CA
Inc LT loans and advances
Total
1.93
322.72
28.44
0.89
106.21
998.47
15.21
5.12
84.54
1646.25
Marks
-222.05
95.79
-105.96
10.19
-5.12
-227.15
0.5
Gross Block=
RNP(Reported Net Profi
Mark
5.5
Total marks
17.00
Summary
Change in Reserves has been understated by 22.61
U/S
Type
Absolute Value
of Change
O+ and F+
342.04
342.04
S
U
U
S
U
F+
FFF+
3.89
24.38
1.93
12.65
9.77
U
S
U
S
FO+
OO+
322.72
649.68
58.34
109.07
377.69
709.96
U
S
U
II+
I-
28.44
95.79
0.89
U
U
S
III+
106.21
5.12
10.19
34.68
S
U
U
S
U
S
I+
OOO+
OO+
0.25
998.47
84.54
402.55
15.21
20.14
675.28
709.96
Follow the following code for Type of

O + : +ve Operating flow
O - : -ve Operating flow
I + : +ve Investing flow
I -: -ve investing flow
F +: +ve Financing flow
F -: -ve Financing flow
Marks
Number of Shares held in the Company
2015
2014
25.47563 25.47563
Dividend per share

Equity Dividend
12.504
11.712
318.5473 298.3706
ital Management is done well
Net Block + Depreciation

PAT
erstated by 22.61
ollowing code for Type of flow:

perating flow
erating flow
vesting flow
ancing flow
ncing flow
Balance Sheet

Shareholders Funds
Share Capital
Current Liabilities
Trade Payables
TOTAL
2015
2014
2013
254.82
5788.45
6043.27
254.82
5446.41
5701.23
254.82
5052.5
5307.32
1739.4
191.23
1.67
78.65
2010.95
1735.51
215.61
3.6
66
2020.72
1073
124.75
6.07
74.81
1278.63
976.46 1299.18
1384.14
1848.41 1198.73
1255.83
372.84
431.18
1532.85
616.71
507.64
340.24
3814.42 3436.73
4513.06
11868.6 11158.7 11099.01
TOTAL with Extra Funds

ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets held under De
Current Assets
Current Investments
Inventories
Trade Receivables
1900.5
62.83
0.89
1872.06
158.62
0
1911.67
137.3
0
4363.85
421.32
12.7
6762.09
4257.64
416.2
22.89
6727.41
3962.08
265.02
2.78
6278.85
0.0000
1809.03
2486.32
574.3
0.25
810.56
2401.78
976.85
0.25
927.47
2484.88
11091.98

TOTAL
199
183.79
295.76
37.9
58.04
19.82
5106.55 4431.27
4820.16
11868.6 11158.7 11099.01
Income Sheet
2015
2014
2013
REVENUE
Revenue from Operations (Gross)10,334.58 8,915.98 8,608.52
Less: Excise Duty
252.52
236.59
226.46
10,082.06 8,679.39 8,382.06
Other Income
194.75
202.92
365.6
Total Revenue
### 8,882.31 8,747.66
EXPENSES
3,778.55 3,194.24 2,988.79
2,712.54 1,614.10 1,404.39
Changes in Inventories of Work-i
-850.84
130.19
273.78
330.17
267.05
273.56
Finance Costs (net)
186.78
185.32
203.25
Depreciation and Amortisation E
192.72
158.82
214.29
Other Expenses
3,072.81 2,545.94 2,395.17
Total Expenses
9,422.72 8,095.66 7,753.23
Profit Before Exceptional Ite
854.09
786.65
994.43
Exceptional Items
0
59.3
1.81
Exchange Loss (net) on Foreign C
0
158.47
167.25
217.77
169.06
Profit Before Tax
854.09
568.88
825.37
Tax Expense
Current Tax expense for current
229.86
151
157
Less: Current Tax expense relating to prior
-80.81
0
229.86
70.19
157
Deferred Tax
-13.74
62.62
25.05
216.12
132.81
182.05
Profit For the Year
637.97
436.07
643.32
EARNINGS PER SHARE
10
10
10
Basic
25.04
17.12
17.12
Diluted
25.04
17.12
17.12
Tax Rate
0.253041
Dividend
Retained Earnings
318.6269 298.4452
319.3431 137.6248
Assumed Growth based on

industry and company
previous growth
Average percent
of sales
Assumptions/Reasons
Proforma balance sheet of

2016 assuming revenues
from operation of 18%
growth
2.83% No change due to sales

60.15% Proforma Statement of P&L
62.98%
254.82
6280.88
6535.70

1.96%
0.04%
0.81%
19.49%
1739.4
232.75
5.17
96.48
2073.81

15.71%
8.98%
5.34%
43.76%
126.23%
Extra Funds Required
976.46
1868.88
1068.86
635.48
4549.68
13159.19
129.05
13288.24
21.08%
1.36%
0.00%
2507.30
162.14
0.35

4.05%
0.14%
73.16%
4363.85
481.26
16.77
7531.67

12.78%
27.33%
49.76% Too much increase from pas
0.23
1520.69
3250.94
631.73
2.54%
0.43%
53.07%
126.23%
Extra Funds Available
Average percent
of sales
Assumptions/Reasons
302.17
50.80
5756.57
13288.24
129.05
Proforma Income sheet of

2016 assuming revenues
from operation of 18%
growth
102.64%
2.64%
100.00%
102.88%
12211.39
314.56
11896.8308
194.75
12091.58
36.65%
20.75%
-1.22%
3.21%
2.10%
29.46%
93.08%
9.80%
4359.69
2468.84
-145.65
381.31
186.78
249.75
3505.05
11005.77
1085.81

1.51%
8.29%
0.00
0.00
1.96%
-0.31%
1.65%
0.29%
1.95% Tax rate does not change d
6.34%
1085.81
196.76
78.00
274.76
811.06
10
17.12
17.12
Marks
Same Value as previous ye
318.626928
492.4318777332
18.00%
Balance Sheet
2015
Shareholders Funds
Share Capital
Current Liabilities
Trade Payables
TOTAL
254.82
5788.45
6043.27
1739.4
191.23
1.67
78.65
2010.95
976.46
1848.41
372.84
616.71
3814.42
11868.64
ASSETS
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets held under Development
Current Assets
Current Investments
Inventories
Trade Receivables
1900.5
62.83
0.89
4363.85
421.32
12.7
6762.09
0
1809.03
2486.32
574.3
199
37.9
5106.55
TOTAL
11868.64
Income Statement
2015
REVENUE
10,334.58
Less: Excise Duty
252.52
10,082.06
Other Income
194.75
Total Revenue
10,276.81
EXPENSES
3,778.55
2,712.54
Changes in Inventories of Work-in-Progress, Finished Good
-850.84
330.17
Finance Costs (net)
186.78
192.72
Other Expenses
3,072.81
Total Expenses
9,422.72
Profit Before Exceptional Items and Tax
854.09
Exceptional Items
0
Exchange Loss (net) on Foreign Currency Long-Term Borrow
0
Profit Before Tax
Tax Expense
Less: Current Tax expense relating to prior years
Deferred Tax
854.09
229.86
229.86
-13.74
216.12
637.97
Profit For the Year

EARNINGS PER SHARE
10
Basic
25.04
Diluted
25.04
COGS=RM+Purchase of stock in trade+ Ch in Stock+
7341.74
Number of Shares held in the Company
25.4756278
Dividend per share
12.504
Equity Dividend
318.54725
Working Capital Policy
2015
a) Level of Current Assets

TCA/NS
NCA/NS
TCA/TA
NCA/TA
b) Current Asset Financing
STB/TCA
STB/NCA
Cash Conversion Cycle (CCC)
Inventory Turnover Ratio(ITR) =COGS/Inventory
Days Inventory Outstanding (DIO)=365/ITR
Debtors' Turnover Ratio(DTR) =NS/Debtors
Days Sales Outstanding (DSO) = Debtors/NS per day = 3
Payables'' turnover ratio (PTR) =COGS/Payables
Days Payable Outstanding (DPO) =365/PTR
CCC=DIO+DSO-DPO
Current assets
Inventories
Trade Receivables
TCA
TCL
Gross Profit margin
Net Profit Margin
Sales and admin per rs. Of NS
NWC=TCA-TCL
CNWC
Difference =NWC-CNWC
Diff is accounted for
Dep
NP on Debtors
0.51
0.23
0.43
0.19
0.19
0.43
4.06
89.94
4.06
90.01
3.97
91.90
88.05
2015
1809.03
2486.32
574.30
199.00
37.90
5106.55
2837.96
0.27
0.06
0.15
2268.59
1971.69
296.90
192.72
157.3287176
2014
254.82
5446.41
5701.23
1735.51
215.61
3.6
66
2020.72
1299.18
1198.73
431.18
507.64
3436.73
11158.68
1872.06
158.62
0
4257.64
416.2
22.89
6727.41
0.25
810.56
2401.78
976.85
183.79
58.04
4431.27
11158.68
2014
8,915.98
236.59
8,679.39
202.92
8,882.31
3,194.24
1,614.10
130.19
267.05
185.32
158.82
2,545.94
8,095.66
786.65
59.3
158.47
217.77
568.88
151
-80.81
70.19
62.62
132.81
436.07
10
17.12
17.12
6345.025 Assumption that half of salary in factory workers thus 0.5 and same for other expense
25.4756278
11.712
298.37055279
2014
0.51
0.26
0.40
0.21
0.29
0.57
7.83
46.63
3.61
101.00
5.29
68.96
78.67
Adjusted Values
2015
2014
1809.03
810.56
2189.42453 2108.068428
574.3
976.85
199
183.79
37.9
58.04
4809.65453
4137.31
2014
810.56
2401.78
976.85
183.79
58.04
4431.02
2137.55
0.27
0.05
0.15
2293.47
1999.76 Marks
293.71
158.82
120.67025501
6.00
same for other expenses

8020 (Tata Chemicals) - A

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Balance Sheet

EQUITY AND LIABILITIES

Other Current Assets

2015, March 2014, March

Horizontal AnalysisVertical Analysis

wing which is good

EQUITY AND LIABILITIES

Profit Before Exceptional Items

Profit Before Tax

COGS = Raw Materials consumed +

II. Leverage Ratios

III. Turnover Ratios

IV. Profitability Ratios

Capital gain =(Price at the end of FY-Price at

Dividend per share

1. Total Return = Capital gain + Dividend Yield

Dividend yield =Dividend per share during FY/P

VI. Aaltman's Z-Score = 1.2(NWC/TA)+1.4 (RE/TA)+3.3 (EBIT/TA)+0.6(MVE/BVD)+1.0(NS/T

Summary: Z score shows that it is healthy company growing organically

Market Value of Equity

nd standard rate for

can borrow more and it is in

rgin the value are quite

evels of 15% which is

ery good compared to

EQUITY AND LIABILITIES

Profit Before Tax

Funds Flow Statement: Total Funds Basis

Inc in Trade payables

(Reasons can be buy back of Shares etc)

shed Goods and Stock-in-Trade

Term Borrowings including Revaluation thereof

Total change in CL & provisions

Dec in other LT liabilities

B. Cash Flows from Investing

Follow the following code for Type of

Number of Shares held in the Company

Dividend per share

ital Management is done well

Net Block + Depreciation

ollowing code for Type of flow:

EQUITY AND LIABILITIES

TOTAL with Extra Funds

Short-Term Loans and Advances

Assumed Growth based on

Proforma balance sheet of

2.83% No change due to sales

16.68% No change due to sales

13.72% No change due to sales

46.54% No change due to sales

0.00% No change due to sales

Proforma Income sheet of

0.23% No change due to sales

Same Value as previous ye

Profit For the Year

a) Level of Current Assets

same for other expenses

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