Balance Sheet of Ambuja

Jun '05 Dec '06 Dec '07 Dec '08 Dec '09

12 Months 12 Months 12 Months 12 Months 12 Months

Sources Of Funds
Total Share Capital 270.38 303.37 304.48 304.52 304.74
Equity Share Capital 270.38 303.37 304.48 304.52 304.74
Share Application Money 0.03 1.14 0 0.34 0.24
Preference Share Capital 0 0.00 0 0 0
Reserves 1,908.01 3,187.21 4,356.77 5,368.01 6,165.92
Revaluation Reserves 0 0 0 0 0
Networth 2,178.42 3,491.72 4,661.25 5,672.87 6,470.90
Secured Loans 549.33 317.77 100.00 100.00 100.00
Unsecured Loans 578.12 547.61 230.42 188.67 65.7
Total Debt 1,127.45 865.38 330.42 288.67 165.70
Total Liabilities 3,305.87 4,357.10 4,991.67 5,961.54 6,636.60

Jun '05 Dec '06 Dec '07 Dec '08 Dec '09

12 Months 12 Months 12 Months 12 Months 12 Months

Application Of Funds
Gross Block 3,709.17 4,542.50 5,231.05 5,706.94 6,224.13
Less: Accum. Depreciation 1,463.93 2,053.32 2,271.19 2,514.19 2,784.09
Net Block 2,245.24 2,489.18 2,959.86 3,192.75 3,440.04
Capital Work in Progress 118.1 634.93 696.79 1,947.22 2,714.43
Investments 1,125.06 1,133.12 1,288.94 332.39 727.01
Inventories 317 408.82 581.6 939.75 683.24
Sundry Debtors 45.84 89.95 145.68 224.60 152.20
Cash and Bank Balance 86.27 172.36 114.94 123.73 116.64
Total Current Assets 449.11 671.13 842.22 1,288.08 952.08
Loans and Advances 145.10 313.03 237.04 351.82 292.65
Fixed Deposits 0.26 205.74 535.85 728.11 764.04
Total CA, Loans & Advances 594.47 1,189.90 1,615.11 2,368.01 2,008.77
Deffered Credit 0 0 0 0 0
Current Liabilities 676.70 929.06 1,081.70 1,412.55 1,582.32
Provisions 106.77 168.68 493.55 470.56 674.04
Total CL & Provisions 783.47 1,097.74 1,575.25 1,883.11 2,256.36
Net Current Assets -189.00 92.16 39.86 484.90 -247.59
Miscellaneous Expenses 6.47 7.71 6.22 4.28 2.71
Total Assets 3,305.87 4,357.10 4,991.67 5,961.54 6,636.60

Contingent Liabilities 332.70 506.71 1,193.08 1,224.42 647.12

Book Value (Rs) 16.11 23.01 30.62 37.26 42.47
 Profit & Loss Account of Ambuja

Jun '05 Dec '06 Dec '07 Dec '08 Dec '09

12 Months 12 Months 12 Months 12 Months 12 Months

Income
Sales Turnover 3,025.84 7,022.59 6,469.68 7,089.89 7,763.93
Excise Duty 428.79 796.31 798.29 907.8 680.72
Net Sales 2,597.05 6,226.28 5,671.39 6,182.09 7,083.21
Other Income 70.51 111.07 965.04 468.18 180.41
Stock Adjustments 6.97 -10.92 58.79 62.62 -49.44
Total Income 2,674.53 6,326.43 6,695.22 6,712.89 7,214.18
Expenditure
Raw Materials 435.52 1,007.07 953.32 1,251.08 1,642.09
Power & Fuel Cost 678.4 1,239.87 1,004.20 1,325.69 1,422.75
Employee Cost 106.44 235.98 209.46 266.94 274.29
Other Manufacturing Expenses 92.97 185.59 124.50 145.61 161.66
Selling and Admin Expenses 502.01 1,273.55 1,254.41 1,276.80 1,432.55
Miscellaneous Expenses 61.77 122.96 140.63 215.64 202.19
Preoperative Exp Capitalised -3.43 -10.82 -9.47 -21.19 -19.33
Total Expenses 1,873.68 4,054.20 3,677.05 4,460.57 5,116.20

Jun '05 Dec '06 Dec '07 Dec '08 Dec '09

12 Months 12 Months 12 Months 12 Months 12 Months

Operating Profit 730.34 2,161.16 2,053.13 1,784.14 1,917.57
PBDIT 800.85 2,272.23 3,018.17 2,252.32 2,097.98
Interest 91.77 113.23 75.85 32.06 22.43
PBDT 709.08 2,159.00 2,942.32 2,220.26 2,075.55
Depreciation 195.41 326.12 236.34 259.76 296.99
Other Written Off 0.94 1.07 0.47 1.72 1.57
Profit Before Tax 512.73 1,831.81 2,705.51 1,958.78 1,776.99
Extra-ordinary items 6.08 10.17 -194.92 11.28 26.52
PBT (Post Extra-ord Items) 518.81 1,841.98 2,510.59 1,970.06 1,803.51
Tax 50.52 338.73 741.49 567.79 585.14
Reported Net Profit 468.29 1,503.25 1,769.10 1,402.27 1,218.37
Total Value Addition 1,438.16 3,047.13 2,723.73 3,209.49 3,474.11
Preference Dividend 0 0 0 0 0
Equity Dividend 189.16 461.24 532.65 334.97 365.59
Corporate Dividend Tax 26.54 64.69 90.52 56.92 62.13

Per share data (annualised)

Shares in issue (lakhs) 13,518.83 15,168.29 15,223.75 15,225.99 15,237.11
Earning Per Share (Rs) 3.46 9.91 11.62 9.21 8
Equity Dividend (%) 90 165 175 110 120
Book Value (Rs) 16.11 23.01 30.62 37.26 42.47
Market Price 100 100 100 100 100
tax Tax Rate considered as 33.99% which is the standard Tax rate for companies
Repayment of loan 0 0 0 0 0

Ratios
Profit & Loss Account Ratios
Gross Margin Ratio 56.97% 60.63% 52.66% 49.88%
Operating Margin Ratio 34.71% 36.20% 28.86% 27.07%
Net Profit/Sales 24.14% 31.19% 22.68% 17.20%
Dividend %age 152.04% 174.94% 110.00% 119.97%
Dividend Payout 34.99% 35.23% 27.95% 35.11%

Balance Sheet Ratios

Liquidity Ratio
Current Ratio 1.08 1.03 1.26 0.89
Quick Ratio 0.71 0.66 0.76 0.59
Cash ratio 0.34 0.41 0.45 0.39

Leverage Ratio
Debt Ratio 0.20 0.07 0.05 0.02
Debt Equity ratio 0.25 0.07 0.05 0.03

Coverage Ratio
Interest Coverage Ratio 17.19 36.68 62.15 80.29
Debt Service Coverage Ratio 20.07 39.79 70.25 93.53

Turnover Ratios
Inventory Turnover 7.35 4.63 3.93 4.31
Debtors Turnover 91.70 48.14 33.39 37.60
Average Collection Period 3.93 7.48 10.78 9.58
Total assets Turnover 1.43 1.01 0.90 0.82

ROI Ratios
Return on Capital Employed 33.50% 39.27% 23.99% 18.85%
Return on Assets 26.94% 30.58% 18.25% 14.20%
Return on Equity 53.02% 43.40% 27.14% 20.07%

Valuation Ratios
Book Value per share 115.10 153.09 186.29 212.34
Earnings per share 49.55 58.10 46.05 39.98
Price-earnings ratio 2.02 1.72 2.17 2.50
Dividedend Yield ratio 15.20% 17.49% 11.00% 12.00%
Market Value to Book Value 0.87 0.65 0.54 0.47

DUPONT Analysis
Net Profit Margin 24.14% 31.19% 22.68% 17.20%
Assets Turnover Ratio 1.43 1.01 0.90 0.82

Financial Leverage (Equity Multiplier) 1.68 1.47 1.39 1.38

ROE 57.94% 46.18% 28.54% 19.36%
(in Rs. Cr.)
d Tax rate for companies

Gross Profit / Net Sales Gross Profit = (Total Income - Raw material - Power & Fuel cost - Emp
Op Profit / Net Sales
Net Profit/Sales
Dividand / Equity Capital
(Dividend + Tax on Dividend) / (Net Profit)

Current Assets / Current Liabilities

Quick Assets / Current Liabilities
(Cash + Marketable secuirities)/Current Liabilities

Total Debt / Capital Employed

Total Debt / Total Equity

PBIT / Interest
EBITDA/Int+(repayment of loan /(1-t))

Cost of Goods Sold / Avg Inventory

Net sales / Avg Debtors
Avg Debtors / Avg Daily Sales
Net Sales / Avg Total Assets

PBIT (1-t) / Avg Capital Employed

PBIT (1-t) / Avg Total Assets
PAT / Avg Equity

Net worth / No. of shares

PAT / No. of shares
Market Price per share / EPS
Dividend / Market Price
Market Value / Book Value
PAT/Net Sales

Avg Total Assets / Avg Equity

Net Profit Margin x Assets Turnover Ratio x Financial Leverage (Equity Multiplier)
rial - Power & Fuel cost - Employee Cost - Other Mfg processes)
 Ambuja

Key Financial Ratios

Jun '05 Dec '06 Dec '07 Dec '08 Dec '09
12 12 12 12 12
Months Months Months Months Months
Investment Valuation Ratios
Face Value 2 2 2 2 2
Dividend Per Share 1.8 3.3 3.5 2.2 2.4
Operating Profit Per Share (Rs) 5.4 14.25 13.49 11.72 12.58

Net Operating Profit Per Share (Rs) 19.21 41.05 37.25 40.6 46.49
Free Reserves Per Share (Rs) 12.08 19.66 27.48 34.13 39.35
Bonus in Equity Capital 71.98 64.15 63.92 63.91 63.86
Profitability Ratios
Operating Profit Margin(%) 28.12 34.71 36.2 28.85 27.07
Profit Before Interest And Tax
Margin(%) 20.39 29.13 31.35 24.04 22.32
Gross Profit Margin(%) 25.44 33.74 36.26 24.65 22.87
Cash Profit Margin(%) 25.29 29.04 34.61 21.17 20.46
Adjusted Cash Margin(%) 23.41 28.29 23.44 21.17 20.46
Net Profit Margin(%) 17.85 23.86 30.53 22.11 16.78
Adjusted Net Profit Margin(%) 15.93 23.09 19.35 22.11 16.78
Return On Capital Employed(%) 16.94 43.76 38.84 28.19 27.04
Return On Net Worth(%) 21.5 43.05 37.95 24.73 18.83

Adjusted Return on Net Worth(%) 19.24 41.77 24.09 19.07 18.35

Return on Assets Excluding
Revaluations 11.45 27.56 30.58 37.23 42.45
Return on Assets Including
Revaluations 11.45 27.56 30.58 37.23 42.45
Return on Long Term Funds(%) 16.94 43.77 38.84 28.19 27.04

Liquidity And Solvency Ratios

Current Ratio 0.76 1.08 1.03 1.26 0.89
Quick Ratio 0.35 0.7 0.64 0.74 0.57
Debt Equity Ratio 0.52 0.25 0.07 0.05 0.03
Long Term Debt Equity Ratio 0.52 0.25 0.07 0.05 0.03

Debt Coverage Ratios

Interest Cover 6.28 17.61 26.02 52.66 80.15
Total Debt to Owners Fund 0.52 0.25 0.07 0.05 0.03

Financial Charges Coverage Ratio 8.24 19.73 28.68 60.58 93.32

Financial Charges Coverage Ratio
Post Tax 8.24 17.17 27.45 52.89 68.63

Management Efficiency Ratios

Inventory Turnover Ratio 8.28 15.41 9.96 7.54 11.36
Debtors Turnover Ratio 58.66 91.7 48.14 33.39 37.6
Investments Turnover Ratio 9.55 17.19 11.13 7.54 11.36
Fixed Assets Turnover Ratio 1.07 2.28 1.68 1.1 1.15
Total Assets Turnover Ratio 0.79 1.43 1.14 1.05 1.08
Asset Turnover Ratio 0.7 1.37 1.09 1.1 1.15

Average Raw Material Holding 30.85 43.45 30.93 36.96 14.69

Average Finished Goods Held 7.58 6.26 7 8.01 4.58

Number of Days In Working Capital -26.2 7.99 2.53 28.24 -12.58

Profit & Loss Account Ratios

Material Cost Composition 16.76 16.17 16.8 20.23 23.18
Imported Composition of Raw
Materials Consumed -- 5.05 11.01 8.41 31.66
Selling Distribution Cost
Composition 17.91 19.08 20.95 19.2 18.58
Expenses as Composition of Total
Sales 10.48 8.36 4.9 3.69 2.6

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 46.06 34.98 35.22 27.94 35.1

Dividend Payout Ratio Cash Profit 32.45 28.73 31.06 23.55 28.19
Earning Retention Ratio 48.4 63.85 44.44 63.75 63.97
Cash Earning Retention Ratio 64.89 70.49 54.13 70.81 71.21
AdjustedCash Flow Times 1.84 0.49 0.24 0.22 0.11

Mar '05 Mar '06 Mar '07 Mar '08 Mar '9

Earnings Per Share 3.46 9.91 11.62 9.21 8

Book Value 16.11 23.01 30.62 37.26 42.47
 Balance Sheet of ACC Ltd
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
9 Months 12 Months 12 Months 12 Months 12 Months
Sources Of Funds
Total Share Capital 184.72 187.48 187.83 187.88 187.94
Equity Share Capital 184.72 187.48 187.83 187.88 187.94
Share Application Money 0.82 0.28 0.1 0 0.08
Preference Share Capital 0 0 0 0 0
Reserves 1,951.21 2,955.16 3,964.78 4,739.85 5,828.20
Revaluation Reserves 0 0 0 0 0
Networth 2,136.75 3,142.92 4,152.71 4,927.73 6,016.22
Secured Loans 950.12 720.96 266.03 450.00 550.00
Unsecured Loans 121.3 50.20 40.38 32.03 16.92
Total Debt 1,071.42 771.16 306.41 482.03 566.92
Total Liabilities 3,208.17 3,914.08 4,459.12 5,409.76 6,583.14

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
9 Months 12 Months 12 Months 12 Months 12 Months

Application Of Funds
Gross Block 4,628.64 4,816.25 5,464.07 5,835.67 6,826.27
Less: Accum. Depreciation 1,722.29 1,893.76 2,149.35 2,365.97 2,667.98
Net Block 2,906.35 2,922.49 3,314.72 3,469.70 4,158.29
Capital Work in Progress 290.95 558.42 649.19 1,602.86 2,156.21
Investments 333.80 543.09 844.81 679.08 1,475.64
Inventories 600.95 624.13 730.86 793.27 778.98
Sundry Debtors 199.17 213.96 289.29 310.17 203.70
Cash and Bank Balance 100.6 152.98 78.87 87.57 95.64
Total Current Assets 900.72 991.07 1,099.02 1,191.01 1,078.32
Loans and Advances 533.54 569.21 544.31 779.76 714.55
Fixed Deposits 2.19 467.19 664.61 896.67 650.74
Total CA, Loans & Advances 1,436.45 2,027.47 2,307.94 2,867.44 2,443.61
Deffered Credit 0 0 0 0 0
Current Liabilities 1,449.02 1,596.50 1,991.27 2,245.39 2,558.73
Provisions 316.77 541.83 666.27 963.93 1,091.88
Total CL & Provisions 1,765.79 2,138.33 2,657.54 3,209.32 3,650.61
Net Current Assets -329.34 -110.86 -349.60 -341.88 -1,207.00
Miscellaneous Expenses 6.41 0.94 0 0 0
Total Assets 3,208.17 3,914.08 4,459.12 5,409.76 6,583.14
Contingent Liabilities 282.42 341.56 890.62 1,734.21 840.52
Book Value (Rs) 115.76 167.81 221.33 262.56 320.45

Profit & Loss Account of Reliance Communications

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
9 Months 12 Months 12 Months 12 Months 12 Months
Income
Sales Turnover 3,723.51 6,467.84 7,865.11 8,300.18 8,803.17
Excise Duty 539.71 736.09 970.32 1,070.21 781.58
Net Sales 3,183.80 5,731.75 6,894.79 7,229.97 8,021.59
Other Income 300.84 247.87 369.35 252.84 137.40
Stock Adjustments 45.26 -29.25 6.93 0.33 28.74
Total Income 3,529.90 5,950.37 7,271.07 7,483.14 8,187.73
Expenditure
Raw Materials 1,078.84 1,513.55 1,843.65 1,180.48 1,233.42
Power & Fuel Cost 299.52 430.98 517.56 1,598.96 1,539.65
Employee Cost 184.84 318.02 352.73 413.04 367.71
Other Manufacturing Expenses 157.65 262.45 344.17 362.90 421.69
Selling and Admin Expenses 838.12 1,298.32 1,547.30 1,620.65 1,658.79
Miscellaneous Expenses 84.88 189.08 354.51 270.99 262.72
Preoperative Exp Capitalised 0 0 0 0 0
Total Expenses 2,643.85 4,012.40 4,959.92 5,447.02 5,483.98
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
9 Months 12 Months 12 Months 12 Months 12 Months
Operating Profit 585.21 1,690.10 1,941.80 1,783.28 2,566.35
PBDIT 886.05 1,937.97 2,311.15 2,036.12 2,703.75
Interest 66.19 75.19 73.87 39.96 84.30
PBDT 819.86 1,862.78 2,237.28 1,996.16 2,619.45
Depreciation 164.64 254.61 305.43 294.18 342.09
Other Written Off 6.46 6.24 1.55 0 0
Profit Before Tax 648.76 1,601.93 1,930.30 1,701.98 2,277.36
Extra-ordinary items 46.93 14.55 -0.16 35.39 21.54
PBT (Post Extra-ord Items) 695.69 1,616.48 1,930.14 1,737.37 2,298.90
Tax 140.17 369.10 491.70 524.60 688.93
Reported Net Profit 544.18 1,231.84 1,438.59 1,212.79 1,606.73
Total Value Addition 1,565.01 2,498.85 3,116.27 4,266.54 4,250.56
Preference Dividend 0 0 0 0 0
Equity Dividend 147.61 280.92 375.02 375.33 431.76
Corporate Dividend Tax 20.7 39.4 63.74 63.79 73.38

Per share data (annualised)

Shares in issue (lakhs) 1,845.08 1,872.78 1,876.24 1,876.82 1,877.40
Earning Per Share (Rs) 29.49 65.78 76.67 64.62 85.58
Equity Dividend (%) 80 150 200 200 230
Book Value (Rs) 115.76 167.81 221.33 262.56 320.45

Market Price 100.00 100.00 100.00 100.00 100.00

tax Tax Rate considered as 33.99% which is the standard Tax rate for companies
Repayment of loan 0.00 0.00 0.00 0.00 0.00

Ratios
Profit & Loss Account Ratios
Gross Margin Ratio 55.44% 55.75% 50.83% 55.95%
Operating Margin Ratio 29.49% 28.16% 24.67% 31.99%
Net Profit/Sales 21.49% 20.86% 16.77% 20.03%
Dividend %age 149.84% 199.66% 199.77% 229.73%
Dividend Payout 26.00% 30.50% 36.21% 31.44%

Balance Sheet Ratios

Liquidity Ratio
Current Ratio 0.95 0.87 0.89 0.67
Quick Ratio 0.66 0.59 0.65 0.46
Cash ratio 0.29 0.28 0.31 0.20

Leverage Ratio
Debt Ratio 0.20 0.07 0.09 0.09
Debt Equity ratio 0.25 0.07 0.10 0.09

Coverage Ratio
Interest Coverage Ratio 22.39 27.15 43.59 28.01
Debt Service Coverage Ratio 25.77 31.29 50.95 32.07

Turnover Ratios
Inventory Turnover 4.12 4.51 4.67 4.53
Debtors Turnover 27.75 27.40 24.12 31.22
Average Collection Period 12.97 13.14 14.92 11.53
Total assets Turnover 1.04 1.05 0.92 0.85

ROI Ratios
Return on Capital Employed 31.08% 31.59% 23.30% 25.99%
Return on Assets 20.09% 20.09% 14.61% 16.54%
Return on Equity 46.66% 39.44% 26.71% 29.36%

Valuation Ratios
Book Value per share 167.64 221.09 262.28 320.11
Earnings per share 65.71 76.59 64.55 85.49
Price-earnings ratio 1.52 1.31 1.55 1.17
Dividedend Yield ratio 0.15 0.20 0.20 0.23
Market Value to Book Value 0.60 0.45 0.38 0.31

DUPONT Analysis
Net Profit Margin 21.49% 20.86% 16.77% 20.03%
Assets Turnover Ratio 1.04 1.05 0.92 0.85
Financial Leverage (Equity
Multiplier) 2.09 1.80 1.73 1.72
ROE 46.66% 39.44% 26.71% 29.36%
 (in Rs. Cr.)

184.72
184.72
0.82
0
2601.613
0
2136.75
950.12
121.3
1071.42
3208.17
rate for companies
 ACC

Key Financial Ratios

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

9 Months 12 Months 12 Months 12 Months 12 Months

Investment Valuation Ratios

Face Value 10 10 10 10 10
Dividend Per Share 8 15 20 20 23
Operating Profit Per Share (Rs) 31.44 89.3 103.47 95.02 136.52
Net Operating Profit Per Share (Rs) 172.56 306.06 367.48 385.22 427.27
Free Reserves Per Share (Rs) 91.75 144.12 206.6 247.26 304.59
Bonus in Equity Capital 49.78 49.05 48.95 48.94 48.92
Profitability Ratios
Operating Profit Margin(%) 18.21 29.17 28.15 24.66 31.95
Profit Before Interest And Tax
Margin(%) 12.86 24.35 23.24 20.01 27.22
Gross Profit Margin(%) 17.32 28.97 23.72 20.59 27.68
Cash Profit Margin(%) 21.95 25.53 21.57 19.22 23.61
Adjusted Cash Margin(%) 12.97 22.63 21.57 19.22 23.61
Net Profit Margin(%) 16.85 21.16 20.44 16.29 19.69
Adjusted Net Profit Margin(%) 7.68 18.15 20.44 16.29 19.69
Return On Capital Employed(%) 14.16 38.35 39.84 31.43 35.8
Return On Net Worth(%) 25.47 39.19 34.64 24.61 26.7
Adjusted Return on Net Worth(%) 11.64 33.64 29.16 23.05 26.32
Return on Assets Excluding
Revaluations 10.94 20.35 221.33 262.56 320.45
Return on Assets Including
Revaluations 10.94 20.35 221.33 262.56 320.45
Return on Long Term Funds(%) 15.36 40.1 39.98 31.43 35.8

Liquidity And Solvency Ratios

Current Ratio 0.58 0.77 0.86 0.89 0.67
Quick Ratio 0.42 0.61 0.55 0.61 0.42
Debt Equity Ratio 0.5 0.25 0.07 0.1 0.09
Long Term Debt Equity Ratio 0.39 0.2 0.07 0.1 0.09

Debt Coverage Ratios

Interest Cover 6.87 19.97 24.05 42.56 27.96
Total Debt to Owners Fund 0.5 0.25 0.07 0.1 0.09
Financial Charges Coverage Ratio 9.45 23.43 28.21 49.92 32.02
Financial Charges Coverage Ratio Post
Tax 11.81 20.85 24.63 38.71 24.12

Management Efficiency Ratios

Inventory Turnover Ratio 5.37 9.33 24.85 27.51 25.22
Debtors Turnover Ratio 16.34 27.75 27.4 24.12 31.22
Investments Turnover Ratio 12.29 22.4 24.85 27.51 25.22
Fixed Assets Turnover Ratio 1.05 1.72 1.26 1.25 1.19
Total Assets Turnover Ratio 0.99 1.46 1.55 1.35 1.23
Asset Turnover Ratio 0.69 1.19 1.26 1.25 1.19

Average Raw Material Holding 19.85 22.19 21.34 33.05 37.17

Average Finished Goods Held 9.14 7.07 7.17 6.45 7.01
Number of Days In Working Capital -27.93 -6.96 -18.25 -17.02 -54.17

Profit & Loss Account Ratios

Material Cost Composition 33.88 26.4 26.73 16.32 15.37
Imported Composition of Raw Materials
Consumed 1.36 3 6.49 9.83 15.72

Selling Distribution Cost Composition 22.8 20.02 18.55 19.05 17.37

Expenses as Composition of Total
Sales 1.93 1.2 1.29 0.99 0.69

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit 30.92 26 30.49 36.2 31.43
Dividend Payout Ratio Cash Profit 23.53 21.45 25.13 29.13 25.92
Earning Retention Ratio 32.15 69.7 63.78 61.35 68.11
Cash Earning Retention Ratio 59.85 75.7 71.1 69.3 73.78
AdjustedCash Flow Times 2.56 0.59 0.2 0.34 0.29

Dec '05 Dec '06 Dec '07 Dec '08 Dec '09

9 Months 12 Months 12 Months 12 Months 12 Months

Earnings Per Share 29.49 65.78 76.67 64.62 85.58
Book Value 115.76 167.81 221.33 262.56 320.45