Balance Sheet ------------------- in Rs. Cr.

-------------------
2017 2016 2015 2014
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 13.99 7 7 7
Total Share Capital 13.99 7 7 7
Reserves and Surplus 443.97 300.95 283.2 225.74
Total Reserves and Surplus 443.97 300.95 283.2 225.74
Total Shareholders Funds 457.96 307.95 290.19 232.74
NON-CURRENT LIABILITIES
Deferred Tax Liabilities [Net] 4.5 2.49 1.86 0.53
Long Term Provisions 0 0 0.14 0.21
Total Non-Current Liabilities 4.5 2.49 2 0.74
CURRENT LIABILITIES
Trade Payables 37.51 20.27 33 20.81
Other Current Liabilities 32.44 23.11 10.13 15.94
Short Term Provisions 8.25 10.31 48.91 52.95
Total Current Liabilities 78.21 53.69 92.03 89.7
Total Capital And Liabilities 540.66 364.13 384.22 323.18
ASSETS
NON-CURRENT ASSETS
Tangible Assets 63.35 58 59.15 31.12
Intangible Assets 4.29 0.43 0.28 0.18
Capital Work-In-Progress 0 3.01 0 8.22
Fixed Assets 67.64 61.44 59.42 39.51
Non-Current Investments 121.36 186.34 154.68 161.87
Long Term Loans And Advances 1.72 1.69 1.2 2.69
Other Non-Current Assets 0.08 0 0 0
Total Non-Current Assets 190.8 249.47 215.31 204.07
CURRENT ASSETS
Current Investments 185.56 0 109.67 57.63
Inventories 50.88 23.49 24.55 21.64
Trade Receivables 46.07 32.74 6.6 9.83
Cash And Cash Equivalents 19.19 36.64 6.93 3.52
Short Term Loans And Advances 42.58 15.23 13.28 23.82
OtherCurrentAssets 5.58 6.57 7.88 2.66
Total Current Assets 349.86 114.66 168.92 119.11
Total Assets 540.66 364.13 384.22 323.18
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES, COMMITMENTS
Contingent Liabilities 38.55 4.57 3.37 4.8
CIF VALUE OF IMPORTS
Raw Materials 15.76 6.02 5.48 13.33
Capital Goods 6.47 0.83 3.94 2.3
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 3.43 3.04 2.42 2.96
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS
Dividend Remittance In Foreign - - - -
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods 69.59 45.31 52.97 55.68
Other Earnings 0.99 0.51 0.86 2.07
BONUS DETAILS
Bonus Equity Share Capital 7- - -
NON-CURRENT INVESTMENTS
Non-Current Investments Quoted 88.56 157.07 134.31 35.58
Non-Current Investments Unquot 39.71 29.71 23.13 128.13
CURRENT INVESTMENTS
Current Investments Quoted Mar- - - 48.38
Current Investments Unquoted B 185.56 - 109.67 12.63
no. of equity shares 69950000 35000000 35000000 35000000
----- Projected Balance Sheet ------------------- in Rs. Cr. -------------------
2013 2017 CAGR 2018 2019
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
7 Equity Share Capital 13.99 14.85% 16.06799 18.45464
7 Total Share Capital 13.99 14.85% 16.06799 18.45464
180.07 Reserves and Surplus 443.97 19.78% 531.785 636.9693
180.07 Total Reserves and Surplus 443.97 19.78% 531.785 636.9693
187.07 Total Shareholders Funds 457.96 19.61% 547.7624 655.1744
NON-CURRENT LIABILITIES 0 0
0.44 Deferred Tax Liabilities [Net] 4.5 59.20% 7.164147 11.40556
0.21 Long Term Provisions 0 -100.00% 0 0
0.66 Total Non-Current Liabilities 4.5 46.80% 6.606117 9.69795
CURRENT LIABILITIES 0 0
14.8 Trade Payables 37.51 20.44% 45.1777 54.41282
10.95 Other Current Liabilities 32.44 24.26% 40.31013 50.0896
33.57 Short Term Provisions 8.25 -24.47% 6.230953 4.706033
59.33 Total Current Liabilities 78.21 5.68% 82.65324 87.3489
247.05 Total Capital And Liabilities 540.66 16.96% 632.3421 739.5712
ASSETS 0 0
NON-CURRENT ASSETS 0 0
29.25 Tangible Assets 63.35 16.71% 73.93852 86.29685
0.05 Intangible Assets 4.29 143.61% 10.45093 25.45964
3.6 Capital Work-In-Progress 0 -100.00% 0 0
32.9 Fixed Assets 67.64 15.51% 78.12772 90.24158
31.84 Non-Current Investments 121.36 30.68% 158.5974 207.2605
1.54 Long Term Loans And Advances 1.72 2.24% 1.75845 1.797759
0.1 Other Non-Current Assets 0.08 -4.36% 0.076508 0.073169
66.37 Total Non-Current Assets 190.8 23.52% 235.6675 291.0858
CURRENT ASSETS 0 0
90.1 Current Investments 185.56 15.55% 214.4057 247.7355
18.19 Inventories 50.88 22.84% 62.50143 76.77731
5.16 Trade Receivables 46.07 54.94% 71.37924 110.5925
43.23 Cash And Cash Equivalents 19.19 -14.99% 16.31297 13.86727
20.29 Short Term Loans And Advances 42.58 15.98% 49.38447 57.27632
3.7 OtherCurrentAssets 5.58 8.56% 6.05788 6.576687
180.68 Total Current Assets 349.86 14.13% 399.2925 455.7094
247.05 Total Assets 540.66 16.96% 632.3421 739.5712
OTHER ADDITIONAL INFORMATION 0 0
CONTINGENT LIABILITIES, COMMITMENTS 0 0
49.52 Contingent Liabilities 38.55 -4.89% 36.66681 34.87562
CIF VALUE OF IMPORTS 0 0
6.64 Raw Materials 15.76 18.87% 18.73414 22.26955
0.39 Capital Goods 6.47 75.38% 11.34677 19.89941
EXPENDITURE IN FOREIGN EXCHANGE 0 0
2.83 Expenditure In Foreign Currency 3.43 3.92% 3.564476 3.704224
REMITTANCES IN FOREIGN CURRENCIES FOR DIVIDENDS 0 0
- Dividend Remittance In Foreign - 0
EARNINGS IN FOREIGN EXCHANGE 0 0
34.3 FOB Value Of Goods 69.59 15.20% 80.16732 92.35234
2.27 Other Earnings 0.99 -15.29% 0.838604 0.710361
BONUS DETAILS 0 0
- Bonus Equity Share Capital 7 7 7
NON-CURRENT INVESTMENTS 0 0
9.21 Non-Current Investments Quoted 88.56 57.25% 139.2622 218.9923
23.13 Non-Current Investments Unquot 39.71 11.42% 44.24302 49.29349
CURRENT INVESTMENTS 0 0
100.05 Current Investments Quoted Mar- 0
- Current Investments Unquoted B 185.56 185.56 185.56
35000000 no. of equity shares 69950000 14.85% 80339968 92273201
in Rs. Cr. -------------------
2020 2021 2022

21.19579 24.34408 27.96001 FCFE -5.35 1.15 -28.03 -1.87 -29.25

21.19579 24.34408 27.96001
762.9586 913.8679 1094.626
762.9586 913.8679 1094.626 6.09 5.13 1.48 11.08 5.28
783.649 937.3165 1121.117
0 0 0
18.15802 28.90816 46.02273
0 0 0
14.23684 20.90005 30.68182
0 0 0
65.53575 78.93241 95.06757
62.24162 77.34179 96.10535
3.554312 2.684454 2.02748
92.31134 97.5557 103.098
864.9836 1011.663 1183.215
0 0 0
0 0 0
100.7208 117.5556 137.2042
62.02256 151.094 368.082
0 0 0
104.2337 120.3954 139.0629
270.8551 353.9628 462.5707
1.837947 1.879034 1.921039
0.069975 0.066921 0.064
359.5359 444.0825 548.5105
0 0 0
286.2464 330.744 382.1589
94.31391 115.856 142.3185
171.3481 265.4807 411.3265
11.78824 10.0209 8.518531
66.42932 77.04502 89.35714
7.139926 7.751401 8.415243
520.0976 593.5833 677.452
864.9836 1011.663 1183.215
0 0 0
0 0 0
33.17192 31.55145 30.01015
0 0 0
26.47214 31.46782 37.40627
34.89861 61.20347 107.3356
0 0 0
3.84945 4.000371 4.157208
0 0 0
 0 0 0
0 0 0
106.3894 122.5601 141.1886
0.601729 0.509709 0.431762
0 0 0
7 7 7
0 0 0
344.3693 541.5268 851.5607
54.92049 61.18984 68.17484
0 0 0
0 0 0
185.56 185.56 185.56
1.06E+08 1.22E+08 1.4E+08
 2017 2016 2015 2014 2013
Working Capital 140.89 51.24 51.43 23.03 136.23
Changes in Working Capital 89.65 -0.19 28.40 -113.20
Fixed Assets 67.64 61.44 59.42 39.51 32.9
Investments 185.56 0 109.67 57.63 90.1
Changes in other asstes 0.96 3.65 -9.6 5.8 5.28
Depreciation 3.68 2.19 2.12 1.15 1.31
Capital Spending -1.67 3.34 -25.91 -0.72 -27.94
 2017 2016 2015 2014 2013
EBIT 239.9 169.57 162.31 135.63 92.73
Taxes 64.75 45.89 44.38 36.62 25.22
Non Cash Expenses 3.68 2.19 2.12 1.15 1.31
Capital Spending 3.68 2.19 2.12 1.15 1.31
Increase in NWC 1.49 0.07 0.97 -0.16
Change in Other Assets 0.96 3.65 -9.6 5.8 5.28
Interest 0.01 0.08 0.57 0.05 0.51

FCFF 172.70 119.96 126.56 93.37 62.23

FCFE 173.34 123.5512 151.2866 95.151 74.5822
Profit & Loss account
2017 2016 2015 2014
INCOME
Revenue From Operations [Gross] 665.29 413.67 515.31 451.24
Less: Excise/Sevice Tax/Other Levies 0 0 0 0.02
Revenue From Operations [Net] 665.29 413.67 515.31 451.22
Other Operating Revenues 1.88 1.18 0.41 0.28
Total Operating Revenues 667.17 414.85 515.72 451.5
GROWTH 0.6082198385 -0.1955906306 0.1422369878 0.4637704652
Other Income 36.61 19.49 29.94 14.87
Total Revenue 703.78 434.35 545.66 466.37
EXPENSES
Cost Of Materials Consumed 34.33 20.34 24.6 25.47
CoMC as % sales 5.1456150606 4.9029769796 4.770030249 5.6411960133
Purchase Of Stock-In Trade 298.77 164.1 198.11 170
Changes In Inventories Of FG,WIP And Stock-In Tra -22.82 2.56 -5.52 -1.61
Employee Benefit Expenses 46.95 29.73 30.33 25.55
Employee expense as % sales 7.0371869239 7.1664457033 5.8810982704 5.6589147287
Finance Costs 0.01 0.08 0.57 0.05
Depreciation And Amortisation Expenses 3.68 2.19 2.12 1.15
Other Expenses 102.96 45.86 133.7 110.18
Total Expenses 463.89 264.85 383.91 330.8

Profit/Loss Before Exceptional, ExtraOrdinary Item 239.89 169.49 161.74 135.58

Profit/Loss Before Tax 239.89 169.49 161.74 135.58
Tax Expenses-Continued Operations
Current Tax 64.75 45.89 44.38 36.62
Deferred Tax 2.01 0.63 1.33 0.08
Tax For Earlier Years -0.03 -0.04 -0.39 0
Total Tax Expenses 66.73 46.49 45.32 36.7
Profit/Loss After Tax And Before ExtraOrdinary Ite 173.16 123.01 116.42 98.87
Profit/Loss From Continuing Operations 173.16 123.01 116.42 98.87
Profit/Loss For The Period 173.16 123.01 116.42 98.87
PBT Margin% 25.9544044247 29.6516813306 22.5742651051 21.8981173865
CASH PROFIT 176.84 125.2 118.54 100.02
42795 42430 42156 41791
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE
Basic EPS (Rs.) 24.75 35.17 33.28 28.27
Diluted EPS (Rs.) 24.75 35.17 33.28 28.27
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS
Imported Raw Materials 7.12 6.67 6.49 13.84
Indigenous Raw Materials 27.21 13.67 18.11 11.63
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE
Equity Share Dividend 19.24 87.45 48.97 45.47
Tax On Dividend 3.92 17.8 9.92 7.73
Equity Dividend Rate (%) 225 1250 700 650
DPS 2.7505360972 24.9857142857 13.9914285714 12.9914285714
 Projected Profit & Loss account
2013 CAGR 2017 CAGR
INCOME 17%
308.36 21% Revenue From Operations [Gross] 665.29 -100%
0.04 -100% Less: Excise/Sevice Tax/Other Levies 0 17%
308.33 21% Revenue From Operations [Net] 665.29 71%
0.13 95% Other Operating Revenues 1.88 17%
308.45 21% Total Operating Revenues 667.17
GROWTH 0.6082198385 17%
16.67 22% Other Income 36.61 17%
325.12 21% Total Revenue 703.78
EXPENSES -25%
142.75 -30% Cost Of Materials Consumed 34.33 -36%
46.2797860269 -42% CoMC as % sales 5.1456150606
0 Purchase Of Stock-In Trade 298.77 33%
-5.54 42% Changes In Inventories Of FG,WIP And Stock-In Tra -22.82 20%
18.7 26% Employee Benefit Expenses 46.95 3%
6.0625709191 4% Employee expense as % sales 7.0371869239 -54%
0.51 -63% Finance Costs 0.01 23%
1.31 29% Depreciation And Amortisation Expenses 3.68 6%
75.17 8% Other Expenses 102.96 15%
232.9 19% Total Expenses 463.89
21%
92.22 27% Profit/Loss Before Exceptional, ExtraOrdinary Item 239.89 21%
92.22 27% Profit/Loss Before Tax 239.89
Tax Expenses-Continued Operations 21%
25.22 27% Current Tax 64.75
-0.04 Deferred Tax 2.01
4.36 Tax For Earlier Years -0.03 18%
29.54 23% Total Tax Expenses 66.73 23%
62.68 29% Profit/Loss After Tax And Before ExtraOrdinary Ite 173.16 23%
62.68 29% Profit/Loss From Continuing Operations 173.16 23%
62.68 29% Profit/Loss For The Period 173.16 5%
20.3209596369 6% PBT Margin% 25.954404425 23%
63.99 29% CASH PROFIT 176.84 1%
41426 1% 42795
OTHER ADDITIONAL INFORMATION
EARNINGS PER SHARE 7%
17.92 8% Basic EPS (Rs.) 24.75 7%
17.92 8% Diluted EPS (Rs.) 24.75
VALUE OF IMPORTED AND INDIGENIOUS RAW MATERIALS 1%
6.85 1% Imported Raw Materials 7.12 -28%
135.9 -33% Indigenous Raw Materials 27.21
STORES, SPARES AND LOOSE TOOLS
DIVIDEND AND DIVIDEND PERCENTAGE -3%
22.74 -4% Equity Share Dividend 19.24 0%
3.86 0% Tax On Dividend 3.92 -7%
325 -9% Equity Dividend Rate (%) 225
-16%
6.4971428571
 2018 2019 2020 2021 2022
775.89256 904.88 1055.3166 1230.76 1435.3703
0 0.00 0 0 0
775.90766 904.92 1055.3782 1230.8558 1435.51
3.2077517 5.47 9.3387027 15.93417 27.187692
778.47892 908.36 1059.9065 1236.7385 1443.0728
0.6082198 0.61 0.6082198 0.6082198 0.6082198
42.848197 50.15 58.694608 68.695934 80.401446
821.32599 958.50 1118.595 1305.4237 1523.4568
0 0.00 0 0 0
25.816261 19.41 14.599313 10.978726 8.2560343
3.3162441 2.14 1.3774152 0.887716 0.5721149
298.77 298.77 298.77 298.77 298.77
-30.28843 -40.20 -53.35795 -70.82072 -93.99863
56.44096 67.85 81.566531 98.055236 117.87714
7.2501591 7.47 7.6956346 7.928534 8.1684817
0.004555 0.00 0.0009451 0.0004305 0.0001961
4.5244222 5.56 6.8390178 8.4083162 10.33771
109.64614 116.77 124.34918 132.42431 141.02383
532.43196 611.10 701.39445 805.02882 923.97566
0 0.00 0 0 0
290.4354 351.63 425.7203 515.42059 624.02095
290.4354 351.63 425.7203 515.42059 624.02095
0 0.00 0 0 0
78.187749 94.41 114.00833 137.6688 166.23959
2.01 2.01 2.01 2.01 2.01
-0.03 -0.03 -0.03 -0.03 -0.03
78.542234 92.45 108.80967 128.07066 150.74113
212.18335 260.00 318.59483 390.39338 478.37246
212.18335 260.00 318.59483 390.39338 478.37246
212.18335 260.00 318.59483 390.39338 478.37246
27.256145 28.62 30.058768 31.566363 33.149572
216.70762 265.56 325.43297 398.80007 488.70739
43074.182 43355.18 43638.021 43922.703 44209.241
0 0.00 0 0 0
0 0.00 0 0 0
26.401138 28.16 30.041217 32.045346 34.183175
26.401138 28.16 30.041217 32.045346 34.183175
0 0.00 0 0 0
7.1752639 7.23 7.2870818 7.3436426 7.4006423
19.725606 14.30 10.366544 7.5151181 5.4480066
0 0.00 0 0 0
0 0.00 0 0 0
18.607498 18.00 17.404191 16.83204 16.278698
3.9321115 3.94 3.9564467 3.9686708 3.9809326
209.04623 194.22 180.45213 167.65706 155.76923
0 0.00 0 0 0
2.3160948 1.95 1.6422312 1.3828443 1.164427
Cash Flow ------------------- in Rs. Cr. -------------------
2017 2016 2015
Net Profit/Loss Before Extraordinary Items And Tax 239.89 169.49 161.74
Net CashFlow From Operating Activities 99.34 81.12 116.98
Net Cash Used In Investing Activities -67.92 67.9 -52.78
Net Cash Used From Financing Activities -23.98 -145.34 -61.59
Net Inc/Dec In Cash And Cash Equivalents 7.44 3.69 2.62
Cash And Cash Equivalents Begin of Year 8.36 4.68 2.11
Cash And Cash Equivalents End Of Year 15.81 8.36 4.73
Free Cash Flow 31.42 149.02 64.2
n Rs. Cr. -------------------
2014 2013 CAGR
135.58 92.22
82.05 60.16 0.133584978
-50.6 -25.43 0.278388424
-34.26 -29.87 -0.053428359
-2.81 4.86 0.112331322
6.19 1.33 0.583392776
3.38 6.19 0.264184046
31.45 34.73 -0.024728913
 RATIOS 2017 2016 2015
1. Liquidity and Solvency Ratio

Current Ratio (CR)

4.47 2.14 1.84

Acid-Test (Quick) Ratio (QR) 3.82 1.70 1.57

Cash per day 0.85 0.51 0.60

Debt Equity Ratio 0.01 0.01 0.01

Interest Coverage Ratio (ICR) 23990.00 2119.63 284.75

Cash Coverage Ratio 24358.00 2147.00 288.47

2.Profitability Ratios

Profit Margin Ratio 24.60% 28.32% 21.34%

Earning per share 24.75 35.15 33.26

Return on Fixed Assets 256.00% 210.53% 195.89%

Return on Equity (ROE) 37.81% 39.94% 40.12%

Effective tax rate 38.54% 37.79% 38.93%

3. Turnover Ratios(Expressed in Times)

Asset Turnover Ratio 10.40 7.43 9.18

Invested Capital Turnover 1.54 1.41 1.88

Equity Turnover 1.54 1.41 1.88

Debtors Turnover 15.28 13.27 82.68

Days’ Receivables 23.89 27.51 4.41

Days’ Payable period 398.81 363.74 489.63

Inventory Turnover 0.67 0.87 1.00

Days’ Inventory 533.55 415.75 359.27

Working Capital Turnover 2.59 7.12 7.10

4. Capital Market Ratios (Direct Inputs)

Dividend Payout 11.11% 71.04% 42.04%

Retention Ratio 88.89% 28.96% 57.96%

Book Value of Share 65.47 87.99 82.91

Growth Rate (Retention rate * ROE) 33.61% 11.57% 23.25%

5. Cash Flow Ratios
Operating Cash Flow Margin 14.12% 18.68% 21.44%
FCF/Operating CF 31.63% 183.70% 54.88%
 2014 2013

1.33 3.05

1.09 2.74

0.53 0.38

0.00 0.00

2712.60 181.82

2735.60 184.39

21.20% 19.28%

28.25 17.91

315.88% 213.92%

42.48% 33.51%

37.12% 47.13%
 14.90 11.10

2.00 1.74

2.00 1.74
47.44 63.01

7.69 5.79

298.22 37.84

1.18 7.85
305.87 45.87

15.86 2.68

45.95% 36.26%

54.05% 63.74%

66.50 53.45

22.96% 21.36%
17.59% 18.50%
38.33% 57.73%
 RATIO ANALYSIS

It establishes the relationship between the total current asset and current liability. The ideal ratio is 2:1. it can be seen
decreasing in 2014, gradually it is increasing every year which shows that there is a increase in short term solvency ev
trade receivables and cash is more than inventories which shows that company is highly liquid.
The quick ratio measures the rupee amount of liquid assets available for each rupee of current liabilities. The higher t
the better the company's liquidity position. it can be seen that firstly it is decreasing in 2014, gradually it is increasing
which shows there is increase in all current assets as compared to current liablities.
This ratio shows the cash requirement of company on daily basis for its operating activities and how much should th
maintain cash on daily basis. From 2016 to 2017 the daily requirement of cash has reduced from 0.51 to 0.85 which
company requires more cash as it's operating expenses have increased.
Debt-equity Ratio shows the relative contribution of creditors and owners.Here, we can see that Debt-equity ratio is inccreasin
is a postive sign at the side of company.This shows that the creditors of the company are secured and lending is very little whic
the company is under control.Thus, lower the debt equity ratio higher the degree of protection enjoyed by creditors.

From the year 2013 to 2017, there is a huge increment in the ratio determines how easily a company can pay their inte
on outstanding debt, which is proficient for the company and this huge increment is because of less finance cost .
The cash coverage ratio has increased , portraying a sound management of the company and also that the firm's abilit
current liabilities with only cash and cash equivalents has increased.The Cash Coverage Ratio is useful for determinin
of cash available to pay for a borrower's interest expense. From the year 2013 to 2017 it is increasing every year whic
company can easily use its cash to cover the fixed financial charges.

Measure of overall profitability is useful as it gives an idea of the efficiency as well as profitability of the business. H
better is the profitability. So, this shows that the profitability position of the company . Since the profit margin ratio is
last three years it shows the company is efficient to cover its costs.Also in the year 2017 the ratio decreased to 24.60
28.32% because the increase in cost as compared to sales is higher so as a result the profit has reduced.

Earnings per share of around 50 is considered healthy for a company, which portrays Higher earnings per share mean
is more profitable and the company has more profits to distribute to its shareholders and also leads to the increase in t
The annual growth rate of the company has increased from last three years then there is a decrease in 2017 by 11.

It tells us the earnings were generated from invested capital (assets). The higher the ROA number, the better, because
earning more money on less investment. Since the asset turnover is high this implies that the company is managing i
The increase in assets is due to increase in receivables, short term loans and cash equivalents.
Roe establishes a relationship between the net profit available to the shareholders and the amt. of capital invested by t
to compare the performance of company’s equity to those of other companies. Thus, it helps the investor in choosing
with higher ROE. It shouldn’t be less that 7-8%. The more, the better. This shows that the company is in a better posi
decreased because the company has transferred money to reserves & surplus.
This ratio is a measurement of a company's tax rate, which is calculated by comparing its income tax expense to its pr
income. This effective tax rate gives a good understanding of the tax rate the company faces.
Higher turnover ratios mean the company is using its assets more efficiently. if the company is generating 1 rupee of
rupee invested in assets.like, the company has a asset turnover of 10.40 times in 2017 which means that for a single r
in asset it will generate a sales of 10.40 times.

From 2016 to 2017, the invested capital turnover ratio increased which illustrates the fact that the company is not faci
problem for raising the funds or the company is willing for raising more debts.

Equity Turnover ratio is the proportion of Company’s revenue to its shareholder’s equity.The higher the ratio is, the m
a company is using its capital. From 2016 to 2017 the ratio has increased because of decrease in reserves and surplus
gone up it is a good sign. Higher investment levels by shareholders shows potential shareholders that the company is
in since so many investors are willing to finance the company.

In 2017 the debtor’s turnover ratio reduced steeply and the collection period increased to 23 days which was a huge increas
sluggish and inefficient collection leading to the doubts that receivables might contain significant doubtful debts.The higher the
turnover higher the credit management. It tells us how many times the company collects money from the debtors in
In the year 2016, the amount is payable to the creditors within 363 days.While in the year 2017 the days payable reac
which depict the fact that the company is facing heavy cash-flow problems and is in deep danger, because 398 days is
for the remittance of the cash.

Ideal ratio should be 8 times. The inventory ratio last year was .87 which has now decreased. A low inventory turnove
because of the dull business, over investment in inventory. A high inventory ratio means that the concern is efficient a
goods quickly. The higher the ratio of debtors turnover higher the credit management. It tells us how many times the c
collects money from the debtors in a year and currently the ratio is .67 times which means almost after every 3 month
collected from debtors.
This ratio tells us that after how many days the company orders the inventory, currently it orders after every 533 days.
It indicates the number of times working capital is turned over. Higher ratio measures the efficiency of the usage of w
But even too high ratio is not a good situation and thus, care must be taken. The ratio which was 7.12 in 2016 has gon
in 2017,which shows that company can easily cover its short term debts.

It indicates what percentage of total earnings is paid to shareholders. The percentage of the earnings that is not paid o
pay-out) is retained for the firm’s future needs. High pay-out ratio means that the firm will have less profit to plough
business for future growth.Dividend payout ratio is the proportion of earnings paid out as dividends to shareholders. A
ratio is generally preferable to a higher payout ratio. But as the profits of company has increased, there was a decreas
payout ratio from 71.04% to 11.11% which is shown as a good sign.

Book value per share is just one of the methods for comparison in valuing of a company. The book value per share m
some investors to determine the equity in a company relative to the market value of the company, which is the price o
Book value per share is expressing stockholder's equity on a per share basis.The company's book value per share has
Rs.87 to 65 share over 1 year, which is a very bad sign, as the company has retained most of it's profits. The meaning
to understand how much company will get if it goes into liquidation.
The company's growth rate currently is at a rate of 33.61% which is good sign and which will attract shareholder in lo
 2017 2016
Operating Profit Margin (A) 0.34 0.39
Capital Turnover (B) 1.54 1.41
Financial Cost Ratio (C) 1.00 1.00
Financial Structure Ratio (D) 1.00 1.00
Tax Effect Ratio (E) 0.72 0.73
ROE (A x B x C x D x E) 0.38 0.40
ROE (NPAT/Shareholder fund) 38% 40%
3 Point DuPont 38% 40%
2.50

2.00

1.50

1.00

0.50

0.00
Operating Profit Margin (A) Financial C
 2015 2014 2013
0.30 0.29 0.29
1.88 2.00 1.74
1.00 1.00 0.99
1.00 1.00 1.00
0.72 0.73 0.68
0.40 0.42 0.34
40% 42% 34%
40% 42% 34%
.50

.00

.50

.00

.50

.00
erating Profit Margin (A) Financial Cost Ratio (C) Tax Effect Ratio (E)
 Inventory (in Rs Cr)
2017 2016 2015 2014 2013 CAGR
Raw Material 7.24 2.66 1.1639 3.77 1.9311 39.14%
WIP 0 0.004 0.0804 0.0335 0.0092 -100.00%
Finished Goods 3.50 1.64 1.14 2.30 1.64 20.88%
Traded Goods 40.14 19.19 22.16 15.54 14.6125 28.74%
Working Capital 271.65 60.97 76.89 29.41 121.35 22.32%

Days
2017 2016 2015 2014 2013 0.05%
Raw Material 77 89 28 35 7 80.22%
WIP 0 0 1 1 0 -100.00%
Finished Goods 37 46 21 25 5 64.90%
Traded Goods 427 532 307 270 39 82.42%
Working Capital 140.89 51.24 51.43 23.02 136.24 0.84%

Working Capital Cycle -261 -201 -436 -230 -20 90.82% technical operating cycle and c
technical operating cycle and compare
Years 2017 2016 2015 2014 2013
Total Reven 703.78 434.35 545.66 466.37 325.12 800
Profit/Loss 239.89 169.49 161.74 135.58 92.22
700

600

500

400

300

200

100

0
2017 2016 2015 2014 2013

Years 2017 2016 2015 2014 2013 80

Net Profit 25.95 29.65 22.57 21.89 20.32
Return on 37.81 39.94 40.11 42.48 33.5 70

60

50

40

30

20

10

0
2017 2016 2015 2014
 Row 2
Row 3

16 2015 2014 2013

Row 20
Row 19

2015 2014 2013

Operating leverage
Years 2017 2016 2015 2014 2013
Total Revenue 703.78 434.35 545.66 466.37 325.12
% Change in Sales 62.03% -20.40% 17.00% 43.45%
Change In Sales 269.43 -111.31 79.29 141.25
Profit/Loss Before Tax 239.89 169.49 161.74 135.58 92.22
Finance Costs 0.01 0.08 0.57 0.05 0.51
EBIT 239.9 169.57 162.31 135.63 92.73
% Change in EBIT 41.48% 4.47% 19.67% 46.26%
Change In EBIT 70.33 7.26 26.68 42.9
Operating Leverage in Percentage 66.9% -21.9% 115.7% 106.5%
Operative Leverage In Absolute Terms 0.26 -0.07 0.34 0.30
(Amount In Crores)

(Amount In Crores)

(Amount In Crores)

(Amount In Crores)
1 2017 2016 2015 2014 2013
Debtors t.o 15.28 13.27 82.68 47.44 63.01
YOY sales 0.61 -0.20 0.14 0.46
YOY Rec. 0.41 3.96 -0.33 0.91

2 2017 2016 2015 2014 2013

ITO 0.67 0.87 1.00 1.18 7.85
YOY COGS 0.69 -0.17 -0.03 -0.82
YOY Avg. inventory 1.17 -0.04 0.13 0.19

3 2017 2016 2015 2014 2013

PTO 2.48 2.95 2.45 2.01 2.03
YOY COGS 0.69 -0.17 -0.03 -0.82
YOY AVG PAYABLE 0.85 -0.39 0.59 0.41

4 2017 2016 2015 2014 2013

CASH CYCLE 166 173 130 107 93
RTO DAYS 23.89 27.51 4.41 7.69 5.79
ITO DAYS 533.55 415.75 359.27 305.87 45.87
PAYABLE DAYS 398.81 363.74 489.63 298.22 37.84

5 2017 2016 2015 2014 2013

TATO 10.40 7.43 9.18 14.90 11.10
WCTO 2.59 7.12 7.10 15.86 2.68
CAPITAL TO 1.54 1.41 1.88 2.00 1.74
0.70
6 2017 2016 2015 2014 2013
0.60
QUICK RATIO 3.82 1.70 1.57 1.09 2.74
YOY QUICK ASSET 2.28 -0.37 0.48 -0.40 0.50
YOY CL 78.21 53.69 92.03 89.70 0.40
0.30
7 Years 2017 2016 2015 2014 2013
CASH RATIO 0.85 0.20
YOY CASH -0.47626 4.287157 0.96875 -0.91858 0.10
YOY CL 78.21 53.69 92.03 89.716.00
0.00
2017 2016
8 Years 2017 2016 2015 201414.00
-0.10
2013
ROCE -0.20
12.00
ROIC
-0.30
10.00
9 2017 2016 2015 2014 2013
8.00
EBITDA Margin 0.37 0.41 0.32 0.30 0.30
EBIT Margin 0.36 0.41 0.31 0.30 6.00 0.30
EBT Margin 0.04 0.07 0.04 0.05 0.07
4.00
Net Profit Margin 0.25 0.28 0.21 0.21 0.19
YoY Sales 0.61 -0.20 0.14 0.46 2.00
0.00
2017 2016 2
-2.00
 6.00

4.00

2.00

0.00
10 2017 2016 2
2017 2016 2015 2014-2.00 2013
EBIT Margin (EBIT / Net Revenue) 0.36 0.41 0.31 0.30 0.30
Total Asset Turnover Ratio 10.40 7.43 9.18 14.90 11.10
Leverage Ratio 0.26 -0.07 0.34 0.30
Return on Equity 0.38 0.40 0.40 0.42 0.34

11 Interest Coverage Ratio

 9.00

8.00

7.00

6.00

5.00
4.00

3.00

2.00

1.00

0.00
2017 2016 2015 2014 2013

7 2016 2015 2014 2013

2016 2015 2014 2013

2016 2015 2014 2013
FINANCE COST 0.01
LONG TERM BORROWINGS 0
EFFECTIVE TAX RATE 0.38
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