Rejected Companies

8/8/2019 Rejected Companies

1/140

Hanung Toys and Textiles

Mar '02 Mar '03 Mar '04 Mar '05 Mar '06 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 58.19 66.14 70.51 80.45 149.12 277.09

Excise Duty 0 0 0 0.43 0.46 0.58

Net Sales 58.19 66.14 70.51 80.02 148.66 276.51

Other Income 0.08 0.07 0.25 0.33 -0.8 2.51Stock Adjustments 1.18 -0.87 2.79 4.87 20.57 10.89

Total Income 59.45 65.34 73.55 85.22 168.43 289.91

Expenditure

Raw Materials 41.27 48.16 56.16 63.6 125.15 212.06

0 0 0 0.33 1.78 4.11

1.41 1.4 1.69 5.01 7.4 9.69

7.03 6.09 6.27 2.06 3.35 4.37

Selling and Admin Expen 0 0 0 3.68 3.86 4.51

Miscellaneous Expenses 3.57 4.36 4.53 0.57 0.59 1.42

Preoperative Exp Capital 0 0 0 0 0 0 Total Expenses 53.28 60.01 68.65 75.25 142.13 236.16



Operating Profit 6.09 5.26 4.65 9.64 27.1 51.24

PBDIT 6.17 5.33 4.9 9.97 26.3 53.75

Interest 3.08 2.46 2.37 2.57 5.36 9.5

PBDT 3.09 2.87 2.53 7.4 20.94 44.25

Depreciation 0.24 0.34 0.51 0.72 1.4 2.97Other Written Off 0.02 0.02 0.02 0.01 0.01 0.01

Profit Before Tax 2.83 2.51 2 6.67 19.53 41.27

Extra-ordinary items 0 0 0 -0.02 -0.05 -0.25

PBT (Post Extra-ord Item 2.83 2.51 2 6.65 19.48 41.02

Tax 0.77 0.54 0.56 2.49 6.53 13.23

Reported Net Profit 2.07 1.99 1.44 4.16 12.94 27.8

Total Value Addition 12.01 11.84 12.5 11.65 16.98 24.09

0 0 0 0 0 0

0.55 0 0 0.33 0.65 0

0 0 0 0.05 0.09 0

Per share data (annualised)

Shares in issue (lakhs) 0 0 0 33.49 156.88 251.88

Earning Per Share (Rs) 0 0 0 12.42 8.25 11.04

0 0 0 10 10 0

Book Value (Rs) 0 0 0 64.97 42.68 73.45

Power & Fuel Cost

Employee Cost

Other Manufacturing Expenses

Preference Dividend

Equity Dividend

Corporate Dividend Tax

Equity Dividend (%)


2/140

Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths Mar '05

BV 12.99

501.82 649.18 848.34 Sales 80.02

2.1 0.6 0.72 EPS 2.48

499.72 648.58 847.62 Cash Flow 0

5.69 -3.38 -10.92 ROIC #DIV/0!44.46 86.33 41.85 Shares in issue (la 33.49

549.87 731.53 878.55

5 yr

390.59 555.52 638.15 Equity Growth Rat 19%

5.67 9.57 17.4 Sales Growth 60%

17.16 20.88 27.38 EPS Growth Rate 24%

21.8 9.35 11.14 Cash Flow Growth #DIV/0!

18.89 16.47 17.94

1.46 1.58 1.54 Current EPS 7.18

0 0 0 Estimated EPS gr 24455.57 613.37 713.55 Estimated Future 48

Mar '08 Mar '09 Mar '10 Estimated Future 8

Min Acceptable R 15%

12 mths 12 mths 12 mths

Future EPS 61.74

88.61 121.54 175.92 Future Price per s 493.94

94.3 118.16 165 Sticker Price 122.09

13.59 32.9 49.65 MoS 61.05

80.71 85.26 115.35 CMP 364

5.11 11.31 17.220.01 0 0

75.59 73.95 98.13

-0.04 -0.19 -1.52

75.55 73.76 96.61

14.79 9.3 6.13

60.74 64.45 90.48

64.99 57.86 75.41

0 0 0

3.78 3.78 5.04

0.64 0.64 0.86

251.88 251.88 251.88

24.11 25.59 35.92

15 15 20

97.46 121.29 154.87


3/140

Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

8.54 14.69 19.49 24.26 30.97

148.66 276.51 499.72 648.58 847.62

1.65 2.21 4.82 5.12 7.18

0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!156.88 251.88 251.88 251.88 251.88

3 yr 1 yr

28% 28%

45% 31%

48% 40%

#DIV/0! #DIV/0!

%or current P/ 8(avg from outlook profit)


4/140

Orchids



Income

Sales Turnover 370.96 425.3 540.56 712.34 653.05 853.91

Excise Duty 10.78 14.67 13.92 19.51 11.63 15.31

Net Sales 360.18 410.63 526.64 692.83 641.42 838.6

Other Income 4.27 4.08 5.7 -5.86 35.44 49.77Stock Adjustments 37.54 22.67 50.54 50.5 95.81 17.85

Total Income 401.99 437.38 582.88 737.47 772.67 906.22

Expenditure

Raw Materials 222.54 247.79 340.05 420.44 412.03 403.18

Power & Fuel Cost 15.3 14.04 19.29 28.88 30.63 43.22

Employee Cost 22.98 26.65 36.3 48.42 56.68 70.26

Other Manufacturing Expen 5.91 6.35 7.46 6.7 14.77 27.81

Selling and Admin Expenses 21.04 40.88 56.38 70.55 85.54 87.98


Preoperative Exp Capitalise 0 0 0 0 0 0 Total Expenses 290.85 340.53 469.68 585.93 608.79 645.33




PBDIT 111.14 96.85 113.2 151.54 163.88 260.89

Interest 39.93 42.51 45.66 61.72 73.09 87.3

PBDT 71.21 54.34 67.54 89.82 90.79 173.59

Depreciation 31.16 35.82 40.31 56.84 61.89 82.98Other Written Off 3.59 5.1 0 0 0 0

Profit Before Tax 36.46 13.42 27.23 32.98 28.9 90.61

Extra-ordinary items -0.7 0 0 0 0 0

PBT (Post Extra-ord Items) 35.76 13.42 27.23 32.98 28.9 90.61

Tax 0 7.12 7.71 1.95 -2.1 7.71



0 0 0 0 0 0

11.2 11.2 11.83 12.95 13.65 22.09

1.14 0 1.52 1.66 1.91 3.1

Shares in issue (lakhs) 279.99 279.99 323.82 323.82 341.32 646.18

13.02 2.25 6.03 9.58 9.09 12.83

40 40 40 40 40 30

Book Value (Rs) 142.02 117.64 124.23 129.3 138.07 121.49

Preference Dividend

Equity Dividend

CorporateDividend Tax


Earning Per Share (Rs)

Equity Dividend (%)


5/140

Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths

BV

906.54 1250.18 1203.21 1240.78 Sales

21.26 11.27 11.77 8.71 EPS

885.28 1238.91 1191.44 1232.07 Cash Flow

43.71 45.3 53.99 961.52 ROIC139.74 19.34 64.78 -269.45 Shares in issue (lakhs

1068.73 1303.55 1310.21 1924.14

476.89 488.79 600.57 532.89 Equity Growth Rate

52.02 69.58 73.45 66.44 Sales Growth

83.99 106.98 126.32 162.34 EPS Growth Rate

28.57 40.73 40.42 43.79 Cash Flow Growth Rat

121.31 161.26 177.38 238.08

14.58 18.88 43.77 28.22

0 0 0 0777.36 886.22 1061.91 1071.76

Mar '07 Mar '08 Mar '09 Mar '10


247.66 372.03 194.31 -109.14

291.37 417.33 248.3 852.38

98.31 81.13 155.19 241.23

193.06 336.2 93.11 611.15

82.47 97.67 129.97 151.10 0 0 0

110.59 238.53 -36.86 460.05

2.68 11.3 9.64 2.47

113.27 249.83 -27.22 462.52

13.96 54.01 15.33 128.71

96.63 184.54 -52.17 331.34

300.48 397.43 461.34 538.87

0 0 0 0

29.41 29.37 9.16 88.8

5 4.99 1.56 14.75

658.16 658.51 704.42 704.42

14.68 28.02 -7.41 47.04

30 30 10 100

76.16 104.49 83.28 141.57


6/140

Mar '01 Mar '02 Mar '03 Mar '04 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

142.02 117.64 124.23 129.3 138.07 121.49 76.16 104.49 83.28

360.18 410.63 526.64 692.83 641.42 838.60 885.28 1,238.91 1,191.44

13.02 2.25 6.03 9.58 9.09 12.83 14.68 28.02 -7.41

0 0 0 0 0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!279.99 279.99 323.82 323.82 341.32 646.18 658.16 658.51 704.42

9 yr 5 yr 3 yr 1 yr

0% 1% 23% 70%

15% 14% 12% 3%

15% 39% 47% -735%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!


7/140

Mar '10

141.57

1,232.07

47.04

0

#DIV/0!704.42


8/140

Lakshmi Machine Works



Income

Sales Turnover 534.23 430.97 600.57 754.8 1130.8 1487.5

Excise Duty 0 0 69.83 83.98 132.2 174.99

Net Sales 534.23 430.97 530.74 670.82 998.6 1312.51

Other Income 17.61 6.28 9.3 -0.06 -43.82 23.94Stock Adjustments -3.31 -2.69 -2.31 7.59 3.89 -0.02

Total Income 548.53 434.56 537.73 678.35 958.67 1336.43

Expenditure

Raw Materials 278.42 215.56 292.14 359.19 627.7 804.26

Power & Fuel Cost 22.71 12.29 12.89 16.69 21.91 23.3

59.91 60.21 62.52 74.62 85.08 105.53

Other Manufacturing Expens 35.01 27.05 31.66 7.66 11.84 23.39

54.73 45.09 53.41 84.29 108.43 127.33


Preoperative Exp Capitalised 0 0 0 0 0 0 Total Expenses 456.87 364.49 458.88 555.04 861.73 1089.2




PBDIT 91.66 70.07 78.85 123.31 96.94 247.23

Interest 20.23 16.53 10.56 10.96 8.11 3.45

PBDT 71.43 53.54 68.29 112.35 88.83 243.78

Depreciation 37.52 30.76 26.52 53.15 36.34 55.88Other Written Off 0 0 0 0 0 0


Extra-ordinary items 2.26 -3.36 4.57 -1.96 -0.44 -3.24


Tax 7.5 8.64 13.32 -1.03 37.55 39.85



Preference Dividend 0 0 0 0 0 0

Equity Dividend 4.27 3.66 5.49 12.37 18.55 37.11

Corporate Dividend Tax 0.44 0 0.7 1.58 2.6 5.2



224.73 120.69 270.96 471.03 592.89 1197.06

Equity Dividend (%) 35 30 45 100 150 300

Book Value (Rs) 2190.48 2170.19 2447.36 2771.89 2718.19 3547.03

Employee Cost

Selling and Admin Expenses



9/140

Mar '07 Mar '08 Mar '09 Mar '10


BV

2164.14 2566.17 1521.74 1252.91 Sales

273.65 328.1 163.79 93.55 EPS

1890.49 2238.07 1357.95 1159.36 Cash Flow

49.4 50.81 70.55 55.04 ROIC5.97 9.01 -19.14 0.31 Shares in lacs

1945.86 2297.89 1409.36 1214.71

1210.15 1431.23 830.83 718.56 Equity Growth Rate

29.6 25.27 21.17 21.12 Sales Growth

128.6 146.14 119.79 112.13 EPS Growth Rate


150.82 147.55 117.85 90.9

18.2 27.25 14.94 9.65 Current EPS

0 0 0 0 Estimated EPS growth1564.8 1807.6 1133.56 967.47 Estimated Future P/E

Mar '07 Mar '08 Mar '09 Mar '10 Estimated Future P/E

Min Acceptable Rate


Future EPS

331.66 439.48 205.25 192.2 Future Price per share

381.06 490.29 275.8 247.24 Sticker Price

3.69 3.27 4.02 0.88 MoS

377.37 487.02 271.78 246.36

68.75 115.87 117.62 95.820 0 0 0

308.62 371.15 154.16 150.54

-2.74 -0.2 5.6 -0.89

305.88 370.95 159.76 149.65

99.66 128.66 52.84 44.99

206.2 242.3 106.93 104.68

354.66 376.36 302.73 248.9

0 0 0 0

49.48 55.66 18.55 18.55

6.94 9.46 3.15 3.08

123.69 123.69 123.69 123.69

166.7 195.89 86.45 84.63

400 450 150 150

469.16 612.4 681.31 748.45


10/140


2190.48 2170.19 2447.36 2771.89 2718.19 3547.03 4691.6 6124 6813.1

534.23 430.97 530.74 670.82 998.60 1,312.51 1,890.49 2,238.07 1,357.95

224.73 120.69 270.96 471.03 592.89 1197.06 1667 1958.9 864.5

0 0 0 0 0 0 0 0 0


9 yr 5 yr 3 yr 1 yr

15% 22% 17% 10%

9% 3% -15% -15%

16% 7% -20% -2%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

84.63

17 %34or current P/ 24(from moneycontrol)

24

15%

406.8

9763.25

2413.32

1206.66


11/140

Mar '10

7484.5

1,159.36

846.3

0

#DIV/0!123.69


12/140

Visaka Industries



Income

Sales Turnover 126.11 119.3 137.46 163.62 215.17 305.34

Excise Duty 6.68 6.85 6.27 5.19 5.33 10.78

Net Sales 119.43 112.45 131.19 158.43 209.84 294.56

Other Income 1.52 3.23 1.54 1.58 0.25 -0.34Stock Adjustments 1.39 1.83 0.02 5.76 13.52 11.59

Total Income 122.34 117.51 132.75 165.77 223.61 305.81

Expenditure

Raw Materials 63.57 62.59 69.46 88.36 125.44 171.4

Power & Fuel Cost 10 9.99 9.9 10.73 13.78 17.45

Employee Cost 8.64 7.63 8.19 10.04 12.05 15.74

Other Manufacturing Expens 0.36 0.23 1.16 0.6 0.82 1

Selling and Admin Expenses 14.25 13.08 15.32 21 26.22 38.53






PBDIT 21.68 19.46 24.17 29.41 37.45 51.46

Interest 7.48 6.3 5.56 6.89 7.56 11.77

PBDT 14.2 13.16 18.61 22.52 29.89 39.69

Depreciation 4.12 4.29 4.68 6.32 7.55 10.6Other Written Off 0.1 0.1 0.03 0.03 0.03 0


Extra-ordinary items 0 0 0 0 0 0


Tax 0.76 1.65 4.89 6.04 7.98 9.83


Total Value Addition 37.09 35.45 39.12 48 60.71 82.96

Preference Dividend 0.3 0.3 0.3 0.3 0.3 0.3

Equity Dividend 1.92 1.92 2.35 2.67 3.2 3.2

Corporate Dividend Tax 0.23 0.03 0.34 0.38 0.48 0.49



Earning Per Share (Rs) 8.34 6.39 8.16 9.21 13.16 17.76

Equity Dividend (%) 18 18 22 25 30 30

Book Value (Rs) 39.37 43.93 49.57 55.93 65.64 79.94

Closing Cash & Cash Equivalents

NOPAT(~PAT) 9.2 7.12 9.01 10.14 14.35 19.26

Total Debt 50.12 46.2 53.41 60.37 101.53 145.75


13/140

Total Equity 44.52 49.39 55.41 62.2 72.57 87.83


14/140

Mar '07 Mar '08 Mar '09 Mar '10


BV

403.81 461.97 613.06 641.32 Sales

24.93 29.52 28.38 41.18 EPS

378.88 432.45 584.68 600.14 Cash Flow

3 -0.73 -2.73 3.34 ROIC4.27 20.05 -30.86 25.81

386.15 451.77 551.09 629.29

Equity Growth Rate

226.02 291.65 314.98 359.42 Sales Growth

22.37 24.26 25.9 29.55 EPS Growth Rate

21.12 22.79 26.08 28.85 Cash Flow Growth Rate

1.26 1.73 3.09 3.3

40.78 49.48 71.39 64.27

12.9 15.76 19.26 23.94 Current EPS

0 0 0 0 Estimated EPS growth ra324.45 405.67 460.7 509.33 Estimated Future P/E


Min Acceptable Rate


Future EPS


61.7 46.1 90.39 119.96 Sticker Price

13.47 17.23 18.36 12.4 MoS

48.23 28.87 72.03 107.56

13.48 15.66 16.6 18.390 0.01 0 0

34.75 13.2 55.43 89.17

0 0 0 0

34.75 13.2 55.43 89.17

10.92 5.52 19.49 29.16

23.74 7.67 35.94 57.21

98.43 114.02 145.72 149.91

0.06 0 0 0

4.16 4.76 6.35 7.94

0.72 0.81 1.08 1.34

138.73 158.81 158.81 158.81

17.07 4.83 22.63 36.03

30 30 40 50

104.08 100.3 118.25 148.43

23.74 7.67 35.94 57.21

172.77 188.76 157.4 148.62


15/140

145.62 159.29 187.79 235.73


16/140


39.37 43.93 49.57 55.93 65.64 79.94 104.08 100.3 118.25

119.43 112.45 131.19 158.43 209.84 294.56 378.88 432.45 584.68

8.34 6.39 8.16 9.21 13.16 17.76 17.07 4.83 22.63

0 0 0 0 0 0 0 0 0

9.72% 7.45% 8.28% 8.27% 8.24% 8.25% 7.46% 2.20% 10.41%

9 yr 5 yr 3 yr 1 yr

16% 18% 13% 26%

20% 23% 17% 3%

18% 22% 28% 59%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

36.03

20 %40 or current P/ 4.88 (from moneycontrol)

4.88

15%

223.09

1088.67

269.1

134.55


17/140


18/140

Mar '10

148.43

600.14

36.03

0

14.88%


19/140


20/140

Karur Vysya Mar '01 Mar '02 Mar '03 Mar '04 Mar '05 Mar '06


Income

Interest Earned 461.19 482.3 515.61 647.62 590.77 650.85

Other Income 53.86 104.7 132.46 74.25 113.15 143.11

Total Income 515.05 587 648.07 721.87 703.92 793.96

Expenditure

Interest expended 305.74 317.73 346.55 350.42 334.07 367.96Employee Cost 49.43 53.1 60.1 78.87 76.36 87.36


Depreciation 9.31 11.04 10.9 14.65 19.51 22.8


Preoperative Exp Capitalised 0 0 0 0 0 0

Operating Expenses 98.76 107.52 125.91 173.16 185.52 215.86

Provisions & Contingencies 38.5 53.24 50.64 37.24 78.99 74.79

Total Expenses 443 478.49 523.1 560.82 598.58 658.61



Net Profit for the Year 72.05 108.51 124.97 161.05 105.34 135.35

Extraordionary Items 0 0 0 0 0 0

Profit brought forward 0.05 0.74 1.03 1.33 1.1 0.19

Total 72.1 109.25 126 162.38 106.44 135.54


Equity Dividend 3.6 4.2 12.58 17.98 17.98 21.57




Equity Dividend (%) 60 70 70 100 100 120

Book Value (Rs) 547.97 716.86 465.57 593.36 423.22 484.8

Appropriations

Transfer to Statutory Reserves 20.19 52.03 77 99.5 31.75 41

Transfer to Other Reserves 47.19 52 33.5 41.5 54 69

Proposed Dividend/Transfer to Go 3.97 4.2 14.19 20.28 20.5 24.6

Balance c/f to Balance Sheet 0.74 1.03 1.3 1.1 0.19 0.94

Total 72.09 109.26 125.99 162.38 106.44 135.54

5 yr 1 yr

BV growth -16% 13%

Sales Growth 19% 30%

EPS growth -20% 13%


21/140

Mar '07 Mar '08 Mar '09


867.4 1134.03 1446.09

146.18 182.93 265.21

1013.58 1316.96 1711.3

520.29 765.35 1035.6892.7 101.78 122.86

69.31 50.35 64.16

22.01 19.6 20.53

149.27 171.55 232.23

0 0 0

219.98 218.97 262.88

113.31 124.31 176.9

853.58 1108.63 1475.46

Mar '07 Mar '08 Mar '09


160.01 208.33 235.84

0 0 0

0.94 1.36 1.11

160.95 209.69 236.95

0 0 0

53.94 64.74 64.74

9.17 11 11

29.63 38.62 43.71

100 120 120

196.88 220.61 250.26

-22.75 68.09 110.75

119.25 64.75 49.01

63.11 75.74 75.74

1.34 1.1 1.45

160.95 209.68 236.95


22/140

Profit & Loss account of I ------------------- in Rs. Cr. ------------------- --------------



Income

Sales Turnover 133.88 138.31 153.54 175.3 188.26 216.62

0 0 0 0 0 0

Net Sales 133.88 138.31 153.54 175.3 188.26 216.62

Other Income 3.19 3.22 3.88 4.64 5.3 6.71Stock Adjustments 0 0 0 0 0 0

Total Income 137.07 141.53 157.42 179.94 193.56 223.33

Expenditure

Raw Materials 0 0 0 0 0 0

Power & Fuel Cost 6.14 6.15 6.56 7.1 8.2 10.31

Employee Cost 17.26 19.6 22.09 25.54 31.28 40.06

Other Manufacturing Exp 67.85 70.72 80.61 92.5 98.78 114.52

Selling and Admin Expen 7.2 5.96 7.71 9.28 9.51 12.22

Miscellaneous Expenses 5.4 5 5.53 6.62 7.77 8.88

Preoperative Exp Capitali 0 0 0 0 0 0 Total Expenses 103.85 107.43 122.5 141.04 155.54 185.99




PBDIT 33.22 34.1 34.92 38.9 38.02 37.34

Interest 8.67 7.25 6.22 3.42 2.09 3.01

PBDT 24.55 26.85 28.7 35.48 35.93 34.33



Extra-ordinary items 1 0.1 0.51 0.82 0.45 1.5

PBT (Post Extra-ord Item 16.56 17.39 18.77 24.53 23.51 22.23

Tax 1.42 8.45 7.58 9.04 7.2 5.56


103.85 107.43 122.5 141.04 155.54 185.99

0 0 0 0 0 0

6.88 6.88 7.79 9.17 9.17 11.46

1.51 0 1 1.17 1.29 1.61




7.5 7.5 8.5 10 10 12.5

12.55 11.33 11.59 12.15 11.84 12.23

Excise Duty

Total Value Addition

Preference Dividend

Equity Dividend


Equity Dividend (%)

Book Value (Rs)


23/140

----- in Rs. Cr. -------------------

Mar '07 Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths 12 mths Mar '01

BV 12.55

245.66 329.54 392.82 424.43 Sales 133.88

0 0 0 0 EPS 1.65

245.66 329.54 392.82 424.43 Cash Flow 0

7.43 11.98 12.66 12.05 ROIC #DIV/0!0 0 0 0 Shares in issue (l 916.73

253.09 341.52 405.48 436.48

9 yr

0 0 0 114.87 Equity Growth R 2%

10.21 0 0 0 Sales Growth 14%

45.92 63.67 77.36 82.44 EPS Growth Rate 8%

131.02 196.88 224.89 104.34 Cash Flow Growt #DIV/0!

15.99 20.15 27.58 0

10.66 13.25 14.38 65.13

0 0 0 0213.8 293.95 344.21 366.78

Mar '07 Mar '08 Mar '09 Mar '10


31.86 35.59 48.61 57.65

39.29 47.57 61.27 69.7

5.09 6.28 5.75 3.85

34.2 41.29 55.52 65.85

13.56 16.17 18.67 19.290 0 0 0

20.64 25.12 36.85 46.56

0.6 0.68 0.43 -0.29

21.24 25.8 37.28 46.27

8.22 9.67 13.39 15.21

14.72 16.15 23.89 31.06

213.81 293.94 344.21 251.91

0 0 0 0

11.46 12.83 13.75 14.67

1.95 2.18 2.34 2.49

916.73 916.73 916.73 916.73

1.61 1.76 2.61 3.39

12.5 14 15 16

12.37 12.44 13.29 14.8


24/140


11.33 11.59 12.15 11.84 12.23 12.37 12.44 13.29 14.8

138.31 153.54 175.30 188.26 216.62 245.66 329.54 392.82 424.43

1.06 1.22 1.69 1.78 1.82 1.61 1.76 2.61 3.39

0 0 0 0 0 0 0 0 0


5 yr 3 yr 1 yr

5% 6% 11%

18% 20% 8%

14% 28% 30%

#DIV/0! #DIV/0! #DIV/0!


25/140

Tata Sponge Iron



Income

Sales Turnover 131.33 142.73 164.98 201.89 266.57 221.67

Excise Duty 18.4 19.8 22.9 27.04 26.07 28.64

Net Sales 112.93 122.93 142.08 174.85 240.5 193.03

Other Income 4.79 4.02 5.97 8.06 9.04 10.38Stock Adjustments 0.12 0.35 1.09 -0.07 -0.58 -0.74

Total Income 117.84 127.3 149.14 182.84 248.96 202.67

Expenditure

Raw Materials 65.18 77.17 83.37 89.46 106.74 118.67

Power & Fuel Cost 7.69 7.47 1.75 1.65 0.56 1.77

Employee Cost 6.93 6.34 7.93 8.48 10.52 10.79

4.34 4.02 6.36 5.11 5.63 6.19

Selling and Admin Expense 9.5 6.93 8.55 12.51 17.83 18.37


Preoperative Exp Capitalise 0 0 0 0 -0.32 -4.64 Total Expenses 96.88 105.45 112.26 121.72 146.99 161.72




PBDIT 20.96 21.85 36.88 61.12 101.97 40.95

Interest 5.2 4.31 3.68 1.08 0.12 0.09

PBDT 15.76 17.54 33.2 60.04 101.85 40.86



Extra-ordinary items 0.02 0.14 0.39 0.09 -0.34 0.66


Tax 1.1 3.87 7.22 18.71 33.45 11.82


31.7 28.29 28.88 32.26 40.25 43.06

0 0 0 0 0 0

3.08 3.08 4.62 7.7 10.78 6.16

0.31 0 0.59 0.99 1.51 0.86


Shares in issue (lakhs) 154 154 154 154 154 154


20 20 30 50 70 40

Book Value (Rs) 36.15 28.91 37.47 54.14 85.7 95.51

Closing Cash & Cash Equivalents 2.8 3.37 2.57 2.64 46.06 2.62

NOPAT(~PAT) 8.53 9.41 18.39 34.36 60.89 22.14

Total Debt 39.7 49.03 20.44 0.81 0.69 70.67


Total Value Addition

Preference Dividend

Equity Dividend


Equity Dividend (%)


26/140

Total Equity 55.67 44.52 57.7 83.37 131.97 147.09

Tc

NOPAT


27/140

Mar '07 Mar '08 Mar '09


BV

323.1 515.85 676.06 Sales

37.4 59.2 66.72 EPS

285.7 456.65 609.34 Cash Flow

11.11 18.88 20.06 ROIC2.23 4.11 -0.56

299.04 479.64 628.84

Equity Growth Rate

195.85 254.6 347.9 Sales Growth

1.57 1.6 2.07 EPS Growth Rate

14.42 16.12 19.93 Cash Flow Growth Rat

8.06 11.63 17.83

20.32 17.23 18.32

15.4 14.85 18.76 Current EPS

-8.37 0 0 Estimated EPS growth247.25 316.03 424.81 Estimated Future P/E

Mar '07 Mar '08 Mar '09 Estimated Future P/E

Min Acceptable Rate


Future EPS

40.68 144.73 183.97 Future Price per share

51.79 163.61 204.03 Sticker Price

5.36 12.03 4.64 MoS

46.43 151.58 199.39

13.49 19.65 18.31 sales are not alway0 0 0

32.94 131.93 181.08

0.02 4.26 -0.31

32.96 136.19 180.77

11.71 40.66 60.11

21.23 95.53 120.67

51.41 61.43 76.91

0 0 0

6.16 10.78 12.32

1.05 1.83 2.09

154 154 154

13.79 62.03 78.35

40 70 80

102.84 158.09 227.09

79.98 40.13 114.6

21.23 95.53 120.67

146.84 84.4 0.11


28/140


29/140


36.15 28.91 37.47 54.14 85.7 95.51 102.84 158.09 227.09

112.93 122.93 142.08 174.85 240.50 193.03 285.70 456.65 609.34

5.54 6.11 11.94 22.31 39.54 14.38 13.79 62.03 78.35

36.15 28.91 37.47 54.14 85.7 95.51 102.84 158.09 227.09

8.94% 10.06% 23.53% 40.82% 45.90% 10.17% 6.96% 29.14% 34.49%

8 yr 5 yr 3 yr 1 yr

26% 33% 33% 44%

23% 28% 47% 33%

39% 29% 76% 26%

26% 33% 33% 44%

78.35

25 %50or current P/ 6.2(from moneycontrol)

6.2

15%

729.69

4524.09

1118.28

559.14

s increasing. There are blips in between


30/140


31/140

Profit & Loss account of Natural Caps ------------------- in Rs. Cr. -------- ------------------- in Rs.


12 mths 12 mths 12 mths 12 mths 12 mths

Income

Sales Turnover 4.44 4.37 6.65 7.52 10.41

Excise Duty 0 0 0 0 0

Net Sales 4.44 4.37 6.65 7.52 10.41

Other Income 0.06 0.13 0.01 0.04 0.08Stock Adjustments 0.04 -0.16 -0.13 0.01 -0.19

Total Income 4.54 4.34 6.53 7.57 10.3

Expenditure

Raw Materials 1.58 1.44 3.07 3.11 3.8

Power & Fuel Cost 0.57 0.59 0.69 0.74 1.15

Employee Cost 0.39 0.43 0.47 0.58 0.77

0.06 0.1 0.07 0.09 0.21

Selling and Admin Expenses 0.23 0.32 0.5 0.51 0.58

Miscellaneous Expenses 0.11 0.12 0.17 0.19 0.17

Preoperative Exp Capitalised 0 0 0 0 0 Total Expenses 2.94 3 4.97 5.22 6.68



Operating Profit 1.54 1.21 1.55 2.31 3.54

PBDIT 1.6 1.34 1.56 2.35 3.62

Interest 0.86 0.66 0.57 0.35 0.3

PBDT 0.74 0.68 0.99 2 3.32

Depreciation 0.58 0.59 0.6 0.6 0.68Other Written Off 0.02 0.02 0.04 0.04 0.07

Profit Before Tax 0.14 0.07 0.35 1.36 2.57

Extra-ordinary items -0.01 -0.01 -0.03 -0.04 0.06

PBT (Post Extra-ord Items) 0.13 0.06 0.32 1.32 2.63

Tax 0.01 0 0.08 0.59 0.68

Reported Net Profit 0.11 0.05 0.28 0.73 1.95

Total Value Addition 1.36 1.57 1.89 2.1 2.88

Preference Dividend 0 0 0 0 0

Equity Dividend 0 0 0 0 0

Corporate Dividend Tax 0 0 0 0 0


Shares in issue (lakhs) 34.75 34.75 34.75 34.75 34.75

0.32 0.16 0.82 2.1 5.62

Equity Dividend (%) 0 0 0 0 0

Book Value (Rs) 8.81 8.92 9.71 11.81 17.43

Closing Cash & Cash Equivalents 0.07 0.03 0.12 0.12

NOPAT(~PAT) 0.11 0.05 0.28 0.73 1.95

Total Debt 5.33 4.82 4.38 4.85 3.55




32/140

Total Equity 3.06 3.1 3.37 4.1 6.5


33/140

Cr. -------------------



11.93 15.67 17.72 20.19 26.03

0 0 0 0 0

11.93 15.67 17.72 20.19 26.03

0.05 0.04 0.09 0 0.060.61 -0.2 -0.05 0.1 -0.06

12.59 15.51 17.76 20.29 26.03

5.16 6.37 7.45 8.24 10.18

1.41 1.4 1.57 1.86 2

1.06 1.18 1.37 1.5 2.03

0.27 0.27 0.51 0.8 0.9

0.88 1.37 1.79 2.03 3.02

0.25 0.29 0.24 0.32 0.41

0 0 0 0 09.03 10.88 12.93 14.75 18.54



3.51 4.59 4.74 5.54 7.43

3.56 4.63 4.83 5.54 7.49

0.24 0.2 0.19 0.12 0.1

3.32 4.43 4.64 5.42 7.39

0.78 0.84 1 1.12 1.180 0 0 0 0

2.54 3.59 3.64 4.3 6.21

-0.02 -0.08 -0.05 -0.07 -0.01

2.52 3.51 3.59 4.23 6.2

1.07 1.18 1.14 1.63 2.19

1.46 2.4 2.46 2.59 3.98

3.86 4.51 5.46 6.51 8.37

0 0 0 0 0

0.38 0.43 0.43 0.45 0.54

0.05 0.07 0.07 0.08 0.09

42.83 42.83 42.83 45.03 45.03

3.41 5.6 5.75 5.75 8.83

10 10 10 10 12

22.04 26.37 30.95 35.48 43.22

0.12 0.16 0.16 0.77 0.13

1.46 2.4 2.46 2.59 3.98

3.12 2.92 2.74 1.19 6.29


34/140

9.44 11.29 13.25 16.11 19.46


35/140


BV 8.81 8.92 9.71 11.81 17.43 22.04

Sales 4.44 4.37 6.65 7.52 10.41 11.93

EPS 0.32 0.16 0.82 2.1 5.62 3.41

Cash Flow 0 0.07 0.03 0.12 0.12 0.12

ROIC 1.31% 0.63% 3.61% 8.16% 19.40% 11.62%Shares in issue (lakhs 34.75 34.75 34.75 34.75 34.75 42.83

9 yr 5 yr 3 yr 1 yr

Equity Growth Rate 19% 20% 18% 22%

Sales Growth 22% 20% 18% 29%

EPS Growth Rate 45% 9% 16% 54%

Cash Flow Growth Rat #DIV/0! 2% -7% -83%

Current EPS 8.83

Estimated EPS growth 25 %Estimated Future P/E 50or current P/ 5.5 (from moneycontrol

Estimated Future P/E 5.5

Min Acceptable Rate 15%

Future EPS 82.24

Future Price per share 452.3

Sticker Price 111.8

MoS 55.9

CMP 50


36/140


37/140

Mar '06 Mar '07 Mar '08 Mar '09

26.37 30.95 35.48 43.22

15.67 17.72 20.19 26.03

5.6 5.75 5.75 8.83

0.16 0.16 0.77 0.13

16.89% 15.38% 14.97% 15.46%42.83 42.83 45.03 45.03

)


38/140


39/140

Tourism Finance Ltd



Income

Sales Turnover 137.78 121.33 116.2 91.19 80.89 64.43

Excise Duty 0 0 0 0 0 0

Net Sales 137.78 121.33 116.2 91.19 80.89 64.43

Other Income -2.48 -0.24 0.15 -5.96 -4.33 0.74Stock Adjustments 0 0 0 0 0 0

Total Income 135.3 121.09 116.35 85.23 76.56 65.17

Expenditure


Power & Fuel Cost 0 0 0 0 0 0

Employee Cost 0.71 1.11 1.02 1.1 1.12 1.52

Other Manufacturing Expens 0 0 0 0 0 0



Preoperative Exp Capitalised 0 0 0 0 0 0 Total Expenses 13.89 21.07 18.99 6 18.47 13.37




PBDIT 121.41 100.02 97.36 79.23 58.09 51.8

Interest 105.3 90.53 85.51 64.72 52.69 35.81

PBDT 16.11 9.49 11.85 14.51 5.4 15.99





Tax 2.86 1.09 2.05 1.72 0.27 3.5

Reported Net Profit 12.81 8 9.71 12.71 14.22 11.85

Total Value Addition 13.9 21.07 18.99 6 18.47 13.36


Equity Dividend 6.74 4.72 4.72 4.72 0 0

Corporate Dividend Tax 0.69 0 0.6 0.6 0 0




Equity Dividend (%) 10 7 7 7 0 0

Book Value (Rs) 22.87 23.24 23.71 24.69 25.59 27.35


40/140

Mar '07 Mar '08 Mar '09


BV

63.22 58.22 67.27 Sales

0 0 0 EPS

63.22 58.22 67.27 Cash Flow

0.78 1.14 3.69 ROIC0 0 0

64 59.36 70.96

Equity Growth Rate

0 0 0 Sales Growth

0 0 0 EPS Growth Rate


0 0 0

8.78 -5.29 -2.82

0.66 0.75 1.3

0 0 011.79 -2.72 1.75

Mar '07 Mar '08 Mar '09


51.43 60.94 65.52

52.21 62.08 69.21

34.29 31.75 28.26

17.92 30.33 40.95

0.61 0.59 1.730 0 0

17.31 29.74 39.22

0 0 0

17.31 29.74 39.22

3.03 8.01 10.26

14.28 21.74 28.97

11.8 -2.72 1.74

0 0 0

3.37 8.07 8.07

0.57 1.37 1.37

674.19 807.17 807.17

2.12 2.69 3.59

5 10 10

28.18 32.91 35.25


41/140


15.68 9.09 11.76 14.44 4.83 15.35 17.31 29.74 39.22

137.78 121.33 116.20 91.19 80.89 64.43 63.22 58.22 67.27

15.68 9.09 11.76 14.44 4.83 15.35 17.31 29.74 39.22

0 0 0 0 0 0 0 0 0

### ### ### ### ### ### ### ### ###

9 yr 5 yr 3 yr 1 yr

12% 22% 37% 32%

-9% -6% 1% 16%

12% 22% 37% 32%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!


42/140

0

0

0.00

0

0

#DIV/0!


43/140

First Leasing of India



Income

Sales Turnover 187.25 134.13 111.09 104.25 108.44 123.67


Net Sales 187.25 134.13 111.09 104.25 108.44 123.67

Other Income -5.24 -4.71 5.15 4.8 7.57 5.63Stock Adjustments 0 0 0 0 0 0

Total Income 182.01 129.42 116.24 109.05 116.01 129.3

Expenditure



Employee Cost 1.36 1.26 1.33 1.51 1.91 2.11

Other Manufacturing Expens 0 0 0 0 0 0







PBDIT 162.14 114.67 99.75 98.14 97.43 119.6

Interest 83.71 60.05 51.31 57.03 54.04 65.8

PBDT 78.43 54.62 48.44 41.11 43.39 53.8



Extra-ordinary items 0 0.25 0.15 0.09 0 0


Tax 4.67 2.42 2.04 2.19 2.49 12.89




Equity Dividend 5.65 4.24 4.24 5.13 5.13 5.13

Corporate Dividend Tax 0 0.54 0.54 0.72 0.72 0.87




Equity Dividend (%) 26.67 20 20 22.5 22.5 22.5

Book Value (Rs) 51.93 58.33 67.17 75.22 84.55 69.35


44/140

Mar '08 Mar '09 Mar '10


BV

157.08 181.31 187.45 Sales

0 0 0 EPS

157.08 181.31 187.45 Cash Flow

0.26 1.66 -2.01 ROIC0 0 0

157.34 182.97 185.44

Equity Growth Rate

0 0 0 Sales Growth

0 0 0 EPS Growth Rate


0 0 0

3.16 -2.69 5.33

4.1 4.5 4.22

0 0 09.77 4.49 11.6

Mar '08 Mar '09 Mar '10


147.31 176.82 175.85

147.57 178.48 173.84

80.3 107.2 96.18

67.27 71.28 77.66

20.51 20 24.860 0 0

46.76 51.28 52.8

0.04 -0.23 -0.02

46.8 51.05 52.78

15.8 17.74 17.93

30.96 33.55 27.88

9.78 4.49 11.6

0 0 0

5.13 4.1 4.1

0.87 0.7 0.7

227.91 227.91 227.91

13.58 14.72 12.23

22.5 18 18

80.32 92.83 106.01


45/140


51.93 58.33 67.17 75.22 84.55 69.35 80.32 92.83 106.01

187.25 134.13 111.09 104.25 108.44 123.67 157.08 181.31 187.45

7.84 8.38 9.53 10.58 11.89 11.13 13.58 14.72 12.23

0 0 0 0 0 0 0 0 0

660.42% 803.07% 771.79% 688.97% 662.72% 677.70% 631.68% 696.55% 753.92%

8 yr 5 yr 3 yr 1 yr

9% 7% 15% 14%

0% 12% 15% 3%

6% 3% 3% -17%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!


46/140

Fedders Lloyd

Jun '00 Jun '01 Jun '02 Jun '03 Jun '04 Jun '05


Income

Sales Turnover 160.3 144.01 155.22 177.99 208.77 240.59

Excise Duty 12.5 8.01 5.18 4.75 3.32 1.84

Net Sales 147.8 136 150.04 173.24 205.45 238.75

Other Income 1.5 0.52 0.37 0.39 0.43 0.13Stock Adjustments 2.41 1.38 1.38 1.33 1.91 1.64

Total Income 151.71 137.9 151.79 174.96 207.79 240.52

Expenditure

Raw Materials 131.71 121.96 134.73 159.16 192.12 220.57

Power & Fuel Cost 0.74 0.48 0.49 0.36 0.42 0.32

Employee Cost 4.34 3.07 4.01 3.69 3.1 3.32

Other Manufacturing Expens 0 0.01 0 0 0 0




Jun '00 Jun '01 Jun '02 Jun '03 Jun '04 Jun '05



PBDIT 11.06 8.78 9.02 9.26 9.99 14.63

Interest 4.45 4.4 4.21 4.13 3.8 3.88

PBDT 6.61 4.38 4.81 5.13 6.19 10.75





Tax 0.6 0.25 0.38 0.1 0.52 0.82

Reported Net Profit 4.06 1.76 2.65 2.98 3.41 8



Equity Dividend 0 0 0 0 0 0

Corporate Dividend Tax 0 0 0 0 0 0




Equity Dividend (%) 0 0 0 0 0 0

Book Value (Rs) 22.46 23.3 22.61 25.44 27.08 30.93

Closing Cash & Cash Equivalents

NOPAT(~PAT) 4.06 1.76 2.65 2.98 3.41 8

Total Debt 24.52 27.78 30.57 36.28 35.04 28.25


47/140

Total Equity 61.07 62.34 60.46 65.94 69 79.68

Tc 0.15 0.12 0.14 0.03 0.13 0.09

NOPAT 8.15 7.23 7.41 8.58 8.3 13.15


48/140

Jun '06 Jun '07 Jun '08 Jun '09


BV

279.87 350.03 451.92 468.68 Sales

1.55 1.68 5.91 8.46 EPS

278.32 348.35 446.01 460.22 Cash Flow

0.11 0.11 0.76 0.64 ROIC5.62 17.35 6.78 1.9

284.05 365.81 453.55 462.76

Equity Growth Rate

259.35 326.98 399.64 410.95 Sales Growth

0.43 0.67 0.68 0.76 EPS Growth Rate


0 0 0.01 0

1.92 3.41 11.25 6.63

0.76 0.8 0.81 1.15

0 0 0 0265.34 335.98 421.86 432.28

Jun '06 Jun '07 Jun '08 Jun '09


18.6 29.72 30.93 29.84

18.71 29.83 31.69 30.48

3.8 6.41 6.78 11.9

14.91 23.42 24.91 18.58

1.67 2.41 3.93 4.190.01 0 0.35 0.35

13.23 21.01 20.63 14.04

0 -0.91 0 0

13.23 20.1 20.63 14.04

1.08 2.78 1.37 2.72

12.16 18.25 19.26 11.32

5.98 8.99 22.22 21.33

0 0 0 0

3.12 3.08 0 3.08

0.44 0.52 0 0.52

207.7 307.7 307.7 307.7

5.86 5.93 6.26 3.68

15 10 0 10

35.08 37.89 44.15 46.66

12.16 18.25 19.26 11.32

61.92 69.4 74.89 116.43


49/140

87.99 128.48 147.51 155.01

0.08 0.14 0.07 0.19

17.08 25.61 28.88 24.06


50/140

Jun '00 Jun '01 Jun '02 Jun '03 Jun '04 Jun '05 Jun '06 Jun '07 Jun '08

22.46 23.3 22.61 25.44 27.08 30.93 35.08 37.89 44.15

147.80 136.00 150.04 173.24 205.45 238.75 278.32 348.35 446.01

1.96 0.85 1.27 1.43 1.64 3.85 5.86 5.93 6.26

0 0 0 0 0 0 0 0 0

9.52% 8.03% 8.14% 8.40% 7.98% 12.19% 11.39% 12.94% 12.98%

9 yr 5 yr 3 yr 1 yr

8% 11% 10% 6%

13% 18% 18% 3%

7% 18% -14% -41%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!


51/140


52/140

Jun '09

46.66

460.22

3.68

0

8.86%


53/140


54/140

India Hume Pipe



Income

Sales Turnover 237.43 345.77 392.26 593.09 596.06

Excise Duty 16.67 23.1 28.34 40.75 35.63

Net Sales 220.76 322.67 363.92 552.34 560.43

Other Income 3.4 5.43 1.43 3.32 1.94Stock Adjustments 21.88 22.22 65.84 77.84 86.08

Total Income 246.04 350.32 431.19 633.5 648.45

Expenditure

Raw Materials 74.72 108.81 119.53 205.23 144.74

Power & Fuel Cost 2.23 2.62 2.33 3.05 3.29

Employee Cost 17.45 20.01 23.06 29.41 33.62

Other Manufacturing Expens 107.68 174.39 235.97 319.76 367.86



Preoperative Exp Capitalised 0 0 0 0 0 Total Expenses 223.29 317.66 395.12 574.78 568.88




PBDIT 22.75 32.66 36.07 58.72 79.57

Interest 5.35 8.4 10.33 21.09 23.11

PBDT 17.4 24.26 25.74 37.63 56.46

Depreciation 3.19 3.86 4.06 4.91 6.72Other Written Off 0 0 0 0 0


Extra-ordinary items 0.81 3.39 1.01 4.71 -3.2


Tax 5.3 7.07 7.68 12.09 17.98



Preference Dividend 0 0 0 0 0

Equity Dividend 2.18 2.91 3.39 4.12 4.84

Corporate Dividend Tax 0.31 0.49 0.58 0.7 0.82



Earning Per Share (Rs) 20.07 27.19 30.73 44.01 58.98

Equity Dividend (%) 45 60 70 85 100

Book Value (Rs) 247.82 275.29 298.1 340.4 387.68


55/140

Mar '06 Mar '07

BV 247.82 275.29

Sales 220.76 322.67

EPS 20.07 27.19

Cash Flow 0 0

ROIC #DIV/0! #DIV/0!

4 yr 3 yr

Equity Growth Rate 12% 12%

Sales Growth 26% 20%

EPS Growth Rate 31% 29%

Cash Flow Growth Rat #DIV/0! #DIV/0!


56/140

Mar '08 Mar '09 Mar '10

298.1 340.4 387.68

363.92 552.34 560.43

30.73 44.01 58.98

0 0 0

#DIV/0! #DIV/0! #DIV/0!

1 yr

14%

1%

34%

#DIV/0!


57/140



Income

Sales Turnover 100.53 155.48 213.31 299.06 492.79 629.61

Excise Duty 0 0 0.88 2.6 2.1 4.09

Net Sales 100.53 155.48 212.43 296.46 490.69 625.52

Other Income 0.76 0.76 1.44 1.16 0.47 1.41Stock Adjustments 4.92 4.77 13.47 25.47 4.41 -33.61

Total Income 106.21 161.01 227.34 323.09 495.57 593.32

Expenditure

Raw Materials 91.35 145.32 209.43 300.45 470.47 529.26

Power & Fuel Cost 2.7 1.67 1.41 2.28 2.51 7.12

Employee Cost 1.04 1.12 0.91 1.28 1.68 2.55


Selling and Admin Expenses 0 1.34 1.64 1.6 2.6 3.52






PBDIT 6.72 11.16 13.15 16.75 17.35 48.7

Interest 3.97 6.29 6.47 9.13 8.02 9.78

PBDT 2.75 4.87 6.68 7.62 9.33 38.92

Depreciation 1.08 2.44 2.64 3.08 3.24 3.06Other Written Off 0 0.13 0.05 0.05 0 0.18


Extra-ordinary items 0 -2.63 0.09 0.03 0 0

PBT (Post Extra-ord Items) 1.67 -0.33 4.08 4.52 6.09 35.68

Tax 0.13 1.01 1.47 1.66 2.14 12.24




Equity Dividend 0.39 0.68 0.74 1.05 1.05 1.55





Equity Dividend (%) 7 6.49 7 10 10 10

Book Value (Rs) 26.89 21.68 23.38 24.96 27.58 52.06

Closing Cash & Cash Equivalents 3.43 5.63 8.01 22.3 7.91

NOPAT(~PAT) 1.54 1.23 2.52 2.82 3.94 23.44

Total Debt 30.15 58.79 80.02 82.94 126.38 204.98


58/140

Total Equity 32.51 38.92 39.03 38.6 40.7 91.77

Tc 8% -306% 36% 37% 35% 34%

NOPAT 5.5 42.23 7.49 9.86 10.95 31.07


59/140

Mar '07 Mar '08 Mar '09 Mar '10


BV

786.16 813.8 905.12 961.86 Sales

10.9 13.85 33.98 16.84 EPS

775.26 799.95 871.14 945.02 Cash Flow

1.97 2.57 2.43 88.85 ROIC42.88 -0.02 -50.76 25.47

820.11 802.5 822.81 1059.34

Equity Growth Rate

725.78 696.68 706.29 889.53 Sales Growth

9.86 10.64 4.64 19.03 EPS Growth Rate


0.4 1.89 2.78 1.41

4.41 3.95 3.28 9.98

1.12 1.28 1.28 2.31 low ROIC and -ve EPS

0 0 0 0745.54 719.18 725.09 938.38

Mar '07 Mar '08 Mar '09 Mar '10


72.6 80.75 95.29 32.11

74.57 83.32 97.72 120.96

20.78 26.12 35.28 57.51

53.79 57.2 62.44 63.45

6.85 7.39 12.29 22.040.18 0.18 0.18 0.97

46.76 49.63 49.97 40.44

0 0 0 0

46.76 49.63 49.97 40.44

16 17.2 17.47 5.72

30.75 32.42 32.5 34.71

19.76 22.51 18.8 48.85

0 0 0 0

1.88 2.57 3.02 4.07

0.27 0.44 0.51 0.69

171.5 171.5 201.5 271.5

17.93 18.91 16.13 12.79

12 15 15 15

78.16 96.21 118.59 176.39

26.8 68.59 46.53 26.47

30.75 32.42 32.5 34.71

234.82 518.37 728.77 715.24


60/140

156.38 207.67 269.06 525.49

34% 35% 35% 14%

47.76 52.76 61.98 27.57


61/140


26.89 21.68 23.38 24.96 27.58 52.06 78.16 96.21 118.59

100.53 155.48 212.43 296.46 490.69 625.52 775.26 799.95 871.14

2.8 1.18 2.4 2.68 3.75 15.12 17.93 18.91 16.13

30.15 58.79 80.02 82.94 126.38 204.98 234.82 518.37 728.77

8.77% 43.22% 6.29% 8.12% 6.55% 10.47% 12.21% 7.27% 6.21%

9 yr 5 yr 3 yr 1 yr

23% 45% 31% 49%

28% 14% 7% 8%

18% 28% -11% -21%

42% 41% 45% -2%

growth rates


62/140


63/140

Mar '10

176.39

945.02

12.79

715.24

2.22%


64/140


65/140

Neuland



Income

Sales Turnover 77.66 87.36 101.03 99.3 147.06 158.42

Excise Duty 4.5 6.09 5.51 5.39 6.78 5.41

Net Sales 73.16 81.27 95.52 93.91 140.28 153.01

Other Income 0.3 -0.63 1.61 1.48 -9.27 1.73Stock Adjustments 0.51 1.92 1.63 1.21 1.11 -1.28

Total Income 73.97 82.56 98.76 96.6 132.12 153.46

Expenditure

Raw Materials 41.46 49.07 57.41 57.93 83 93

Power & Fuel Cost 4.4 4.91 5.53 5.83 4.69 4.51

Employee Cost 4.55 4.93 5.47 5.99 7.94 7.76








PBDIT 13.52 12.38 15.79 11.79 14.71 21.77

Interest 7.06 6.43 6.76 6.41 6.96 6.97

PBDT 6.46 5.95 9.03 5.38 7.75 14.8



Extra-ordinary items -7.39 0 0 0 0 0

PBT (Post Extra-ord Items) -4.13 2.17 4.36 0.46 1.13 7.69

Tax 0.25 0.17 0.9 0.12 3.65 2.81

Reported Net Profit 2.9 2.02 3.47 0.33 -2.51 4.89

Total Value Addition 19 21.11 25.56 26.89 34.41 38.68

Preference Dividend 0.53 0.48 0.32 0.33 0 0

Equity Dividend 0.75 0.91 0.99 0.62 0 0.65

Corporate Dividend Tax 0 0 0 0 0 0.09



Earning Per Share (Rs) 4.31 2.79 5.73 0.01 -4.57 8.89

Equity Dividend (%) 15 15 18 10 0 12

Book Value (Rs) 79.85 81.2 79 78.02 73.57 81.56

NOPAT 2.9 2.02 3.47 0.33 -2.51 4.89

Total Debt 42.72 48.05 45.65 47.1 36.19 41.02


66/140

Total Equity 51.97 51.38 49.84 46.96 44.08 47.69


67/140

Mar '06 Mar '07 Mar '08 Mar '09


BV

170.29 213.25 224.89 312.03 Sales

7.22 10.89 7.22 5.29 EPS

163.07 202.36 217.67 306.74 Cash Flow

0.79 3.97 5.34 10.54 ROIC-0.34 5.56 2.8 13.86

163.52 211.89 225.81 331.14

Equity Growth Rate

102.89 138.79 144.56 210.29 Sales Growth

4.05 5.49 7 10.81 EPS Growth Rate


5.09 7.23 4.41 6.64

18.3 22.15 25.26 41.18 Low ROIC

1.94 2.43 2.93 3.64

0 0 0 0141.89 188.74 199.59 294.99

Mar '06 Mar '07 Mar '08 Mar '09


20.84 19.18 20.88 25.61

21.63 23.15 26.22 36.15

6.02 7.54 9.93 14.36

15.61 15.61 16.29 21.79

6.03 5.32 5.49 7.370.88 0.31 0.15 0

8.7 9.98 10.65 14.42

0 0 0 0.14

8.7 9.98 10.65 14.56

2.46 0.95 -0.69 2.76

6.24 9.04 11.35 11.65

39.01 49.96 55.02 84.69

0 0 0 0

1.09 1.37 1.35 1.89

0.15 0.19 0.23 0.32

53.96 53.96 53.96 53.96

11.56 16.75 21.04 21.59

20 25 25 35

93.75 107.61 124.49 136.95

6.24 9.04 11.35 11.65

41.17 77.98 134.09 200.32


68/140

52.31 59.68 68.68 75.29


69/140


79.85 81.2 79 78.02 73.57 81.56 93.75 107.61 124.49

73.16 81.27 95.52 93.91 140.28 153.01 163.07 202.36 217.67

4.31 2.79 5.73 0.01 -4.57 8.89 11.56 16.75 21.04

0 0 0 0 0 0 0 0 0

3.06% 2.03% 3.63% 0.35% -3.13% 5.51% 6.68% 6.57% 5.60%

9 yr 5 yr 3 yr 1 yr

6% 13% 13% 10%

17% 17% 23% 41%

20% #VALUE! 23% 3%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!


70/140


71/140

Mar '09

136.95

306.74

21.59

0

4.23%


72/140


73/140

Sumeet Industries



Income

Sales Turnover 32.74 38.93 37.57 38.45 39.96

Excise Duty 3.64 3.57 3.97 3.4 4.46

Net Sales 29.1 35.36 33.6 35.05 35.5

Other Income 0.89 0.52 0.17 0.56 0.07Stock Adjustments -0.22 1.46 -0.32 -0.75 0.11

Total Income 29.77 37.34 33.45 34.86 35.68

Expenditure

Raw Materials 18.29 25.93 23.28 24.63 25.69

Power & Fuel Cost 3.47 3.6 3.26 3.61 2.38

Employee Cost 0.81 0.84 0.8 0.74 0.75

Other Manufacturing Expenses 0.38 0.26 0.15 0.15 0.31







PBDIT 5.16 5 4.73 4.27 4.45

Interest 1.56 1.55 1.12 0.71 0.66

PBDT 3.6 3.45 3.61 3.56 3.79



Extra-ordinary items -0.02 0 -0.03 -0.01 -0.01


Tax 0.03 0.12 0.34 0.32 0.53



0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

116 116 116 116 116

0.44 0.38 0.62 0.7 0.78

0 0 0 0 0

Book Value (Rs) 16.69 15.97 16.57 17.27 18.04

NOPAT 0.51 0.44 0.72 0.82 0.9

Total Debt 13.18 11.12 9.14 13.9 33.61

Preference Dividend

Equity Dividend



Shares in issue (lakhs)


Equity Dividend (%)


74/140

Total Equity 19.36 18.52 19.22 20.03 25.92

Tc 6% 21% 33% 28% 37%

NOPAT 4.02 3.52 3.07 2.67 2.75


75/140



93.82 121.65 139 166.24 376.04

11.63 9.02 9.47 7.63 0

82.19 112.63 129.53 158.61 376.04

0.63 1.1 -0.35 -1.84 0.743.56 6.54 0.33 8.24 8.79

86.38 120.27 129.51 165.01 385.57

69.22 94.65 101.15 133.92 335.68

4.07 5.71 6.91 6.42 9.92

0.62 0.8 1.06 1.14 2.67

2.08 0.13 0.18 0.23 0.63

2.75 5.78 5.94 7.59 0

0.66 1.03 1.02 1.15 5.66

0 0 0 0 079.4 108.1 116.26 150.45 354.56



6.35 11.07 13.6 16.4 30.27

6.98 12.17 13.25 14.56 31.01

2.18 3.61 4.09 4.88 7.79

4.8 8.56 9.16 9.68 23.22

3.47 3.61 3.87 3.26 6.430 0 0.05 0.07 0

1.33 4.95 5.24 6.35 16.79

0 -0.01 0.03 -0.05 -0.22

1.33 4.94 5.27 6.3 16.57

0.48 1.57 1.56 2.52 5.72

0.85 3.36 3.67 3.8 10.85

10.18 13.46 15.12 16.53 18.89

0 0.35 0 0 0

0 1.98 0 0 4.71

0 0 0 0 0

173.99 173.99 201.23 399.95 399.95

0.49 1.73 1.82 0.95 2.71

0 10 0 0 10

12.51 13.1 14.53 15.48 17.01

0.85 3.36 3.67 3.8 10.85

38.63 43.65 47.22 140.21 246.67


76/140

26.77 28.54 36.81 61.92 80.55

36% 32% 30% 40% 35%

4.06 7.55 9.57 9.84 19.82


77/140


BV 16.69 15.97 16.57 17.27 18.04 12.51

Sales 29.10 35.36 33.60 35.05 35.50 82.19

EPS 0.44 0.38 0.62 0.7 0.78 0.49

Cash Flow 0 0 0 0 0 0

ROIC 12.35% 11.88% 10.82% 7.87% 4.61% 6.21%

9 yr 5 yr 3 yr 1 yr

Equity Growth Rate 0% -1% 9% 10%

Sales Growth 33% 60% 49% 137%

EPS Growth Rate 22% 28% 16% 185%

Cash Flow Growth Rat #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Low ROIC


78/140


79/140

Mar '07 Mar '08 Mar '09 Mar '10

13.1 14.53 15.48 17.01

112.63 129.53 158.61 376.04

1.73 1.82 0.95 2.71

0 0 0 0

10.46% 11.39% 4.87% 6.06%


80/140


81/140

HUL

Dec '00 Dec '01 Dec '02 Dec '03 Dec '04 Dec '05


Income

Sales Turnover 11431.21 11835.45 11035.2 11203.14 10996.72 12108.86

Excise Duty 788.24 1121.34 976.18 973.73 939.61 914.98

Net Sales 10642.97 10714.11 10059.02 10229.41 10057.11 11193.88

Other Income 248.96 390.11 335.27 297.8 171.12 218.01Stock Adjustments -83.84 -4.63 3.84 120.2 -76.69 -48.12

Total Income 10808.09 11099.59 10398.13 10647.41 10151.54 11363.77

Expenditure

Raw Materials 6388.85 6077.96 5233.15 5438 5413.77 6170.98

Power & Fuel Cost 139.95 152.77 166.41 167.84 164.77 168.74

Employee Cost 614.35 591.71 599.11 578.63 574.84 591.32


Selling and Admin Expenses 1454.46 1642.31 1541 1579.87 1713.73 2010.1



Dec '00 Dec '01 Dec '02 Dec '03 Dec '04 Dec '05



PBDIT 1809.18 2176.19 2359.65 2403.96 1712.66 1801.72

Interest 13.15 7.74 9.18 66.76 129.98 19.19

PBDT 1796.03 2168.45 2350.47 2337.2 1582.68 1782.53



Extra-ordinary items 17.23 18.92 33.2 47.69 56.29 44.04


Tax 355 402.42 479.85 488.3 320.74 294




Equity Dividend 770.21 1100.62 1210.68 1599.2 1100.62 1100.62

Corporate Dividend Tax 172.15 57.69 -56.13 374.14 145.53 159.62



Earning Per Share (Rs) 5.95 7 8.04 8.05 5.44 6.4

Equity Dividend (%) 350 500 550 550 500 500

Book Value (Rs) 11.3 13.82 16.62 9.71 9.5 10.47


82/140

Dec '06 Dec '07 Mar '09 Mar '10


BV

13189.7 14937.88 21927.23 18462.34 Sales

945.68 1057.32 1422.95 693.22 EPS

12244.02 13880.56 20504.28 17769.12 Cash Flow

512.6 428.37 276.54 199.73 ROIC129.97 162.06 434.33 19.47

12886.59 14470.99 21215.15 17988.32

Equity Growth Rate

6687.3 7542.78 11380.05 9003.97 Sales Growth

180.79 198.89 301.37 244.34 EPS Growth Rate


187.37 204.1 297.34 254.4

2328.51 2561.12 3857.48 3737.52

541.52 691.49 985.31 814.36

0 0 0 010568.3 11966.19 17973.67 14990.89

Dec '06 Dec '07 Mar '09 Mar '10


1805.69 2076.43 2964.94 2797.7

2318.29 2504.8 3241.48 2997.43

10.73 25.5 25.32 6.98

2307.56 2479.3 3216.16 2990.45

130.16 138.36 195.3 184.030 0 0 0

2177.4 2340.94 3020.86 2806.42

-0.21 1.67 48.53 43.97

2177.19 2342.61 3069.39 2850.39

321.8 417.14 572.94 648.36

1855.37 1769.06 2500.71 2202.03

3881 4423.41 6593.62 5986.92

0 0 0 0

1325.48 1976.12 1634.51 1417.94

185.9 355.5 277.79 238.03

22067.76 21774.63 21798.76 21816.87

8.41 8.12 11.47 10.09

600 900 750 650

12.34 6.61 9.45 11.84


83/140

Dec '00 Dec '01 Dec '02 Dec '03 Dec '04 Dec '05 Dec '06 Dec '07 Mar '09

11.3 13.82 16.62 9.71 9.5 10.47 12.34 6.61 9.45

### ### ### ### ### ### ### ### ###

5.95 7 8.04 8.05 5.44 6.4 8.41 8.12 11.47

0 0 0 0 0 0 0 0 0

#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!

9 yr 5 yr 3 yr 1 yr

1% 5% -1% 25%

6% 12% 12% -15%

6% 13% 6% -12%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!


84/140

Mar '10

11.84

###

10.09

0

#DIV/0!


85/140

SE Investment



Income

Sales Turnover 16.14 22 32.2 48.24 88.17

Excise Duty 0 0 0 0 0

Net Sales 16.14 22 32.2 48.24 88.17

0.07 0 0 0 0Stock Adjustments 0 0 0 0 0

16.21 22 32.2 48.24 88.17

Expenditure

Raw Materials 0 0 0 0 0

Power & Fuel Cost 0 0 0 0 0

0.43 0.68 1.15 2.22 2.83

Other Manufacturing Expens 0 0 0 0 0







PBDIT 11.44 15.61 23.67 37.4 73.48

Interest 3.54 5.51 12.29 17.8 37.04

PBDT 7.9 10.1 11.38 19.6 36.44



Extra-ordinary items -0.01 0 0 -0.01 -0.01


Tax 2.26 2.81 -1.99 3.27 5.99



0 0 0 0 0.29

0.36 0.36 0.37 0.44 0.61

0 0 0 0 0



Earning Per Share (Rs) 12.69 17.1 35.5 43.89 25.68

10 10 10 10 10

Book Value (Rs) 66.39 88.18 108.9 222.59 294.15

Closing Cash & Cash Equivalents 5.94 4.19 5.73 21.34 173.14

NOPAT(~PAT) 3.98 5.37 11.15 13.78 26.34

Total Debt 38.44 84.2 121.44 168.62 285.51

Other Income

Total Income

Employee Cost

Preference Dividend

Equity Dividend


Equity Dividend (%)


86/140

Total Equity 20.85 27.69 34.2 72.4 300.77

Tax 36% 34% -22% 19% 19%

NOPAT(=OP*(1-Tc)) 7.25 10.25 28.81 30.23 59.87


87/140

BV

Sales

EPS

Cash Flow

ROIC

Equity Growth Rate

Sales Growth

EPS Growth Rate

Cash Flow Growth Rat

Current EPS

Estimated EPS growthEstimated Future P/E

Estimated Future P/E

Min Acceptable Rate

Future EPS

Future Price per share

Sticker Price

MoS

MoS2

MoS3CMP


88/140


89/140


66.39 88.18 108.9 222.59 294.15

16.14 22.00 32.20 48.24 88.17

12.69 17.1 35.5 43.89 25.68

20.85 27.69 34.2 72.4 300.77

12.23% 9.16% 18.51% 12.54% 10.21%

4 yr 3 yr 1 yr

45% 49% 32%

53% 59% 83%

19% 15% -41%

95% 121% 315%

25.68


25.82

25%

159

4105.48

440.82 1.71

220.41

44.08

14.6949.3


90/140


91/140

SREI Infra



Income

Sales Turnover 125.71 111.35 118.74 115.16 129.56 226.78


Net Sales 125.71 111.35 118.74 115.16 129.56 226.78

Other Income -0.01 0.7 0.08 0.54 0.36 0.18Stock Adjustments 0 0 0 0 0 0

Total Income 125.7 112.05 118.82 115.7 129.92 226.96

Expenditure



Employee Cost 4.07 4.19 5.37 6.43 9.94 14.71

Other Manufacturing Expens 0 0 0 0 0.15 0.38






Operating Profit 112.34 94.86 100.16 92.8 97 185.28

PBDIT 112.33 95.56 100.24 93.34 97.36 185.46

Interest 63.37 76.99 77.08 62.96 55.83 106.73

PBDT 48.96 18.57 23.16 30.38 41.53 78.73



Extra-ordinary items -0.19 0 0 0 0 -4.15


Tax 1.03 3.93 6.79 8.26 11.5 19.95




Equity Dividend 6.4 6.4 5.33 8 8 17.98





Equity Dividend (%) 12 12 10 15 15 16.5

Book Value (Rs) 26.35 23.39 25.01 27.15 30.76 37.68


92/140

Mar '07 Mar '08 Mar '09 Mar '10


BV

397.99 459.05 322.27 469.97 Sales

0 0 0 0 EPS

397.99 459.05 322.27 469.97 Cash Flow

1.76 4.05 1.95 0.16 ROIC0 0 0 0

399.75 463.1 324.22 470.13

Equity Growth Rate

0 0 0 0 Sales Growth

0 0 0 0 EPS Growth Rate


0.53 0.9 0.15 0.2

34.99 40.88 55.3 0

7.46 7.72 2.4 43.2 Current EPS



Min Acceptable Rate


Future EPS


334.44 387.99 251.99 407.05 Sticker Price

214.66 302.22 193.93 248.78 MoS

119.78 85.77 58.06 158.27

33.24 36.12 7.69 10.140.8 0.61 0 0

85.74 49.04 50.37 148.13

-1.15 64.23 -0.01 -2.24

84.59 113.27 50.36 145.89

5.34 5.31 0 34.4

79.25 107.96 50.36 111.49

65.31 75.11 72.23 63.08

0 0 0 0

10.89 13.94 11.61 13.94

1.85 2.37 1.97 2.31

1089.44 1161.45 1161.45 1161.45

7.27 9.3 4.34 9.6

10 12 10 12

43.79 55.13 58.29 68.03


93/140


26.35 23.39 25.01 27.15 30.76 37.68 43.79 55.13 58.29

125.71 111.35 118.74 115.16 129.56 226.78 397.99 459.05 322.27

2.23 2.4 2.74 3.84 5.31 4.44 7.27 9.3 4.34

0 0 0 0 0 0 0 0 0

### ### ### ### ### ### ### ### ###

9 yr 5 yr 3 yr 1 yr

11% 17% 16% 17%

16% 29% 6% 46%

18% 13% 10% 121%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

9.6

16 %32or current P/ 9 (from moneycontrol)

9

15%

42.35

381.15

94.21

47.11


94/140

Mar '10

68.03

469.97

9.6

0

###


95/140

Lloyd Electrical & Engg



Income

Sales Turnover 99.59 117.66 143.51 167.75 247.4 352.54

Excise Duty 4.75 4.49 8.27 8.37 7.76 6.83

Net Sales 94.84 113.17 135.24 159.38 239.64 345.71

Other Income 0.25 0.22 0.36 0.32 0.48 2.5Stock Adjustments -0.02 0.41 1.22 -1.89 3 -0.65

Total Income 95.07 113.8 136.82 157.81 243.12 347.56

Expenditure

78.55 96.08 119.07 139.01 214.04 296.35

Power & Fuel Cost 0.54 0.52 0.7 0.76 1.13 1.15

1.14 1.29 1.33 1.5 1.94 2.58








PBDIT 12.89 13.91 13.41 13.99 22.7 43.49

Interest 6.31 6.74 5.4 4.64 4.82 5.44

PBDT 6.58 7.17 8.01 9.35 17.88 38.05



Extra-ordinary items 0 0 -2.24 0 0 0


Tax 0.28 0.3 0.86 1.08 1.94 3.7



0 0 0 0 0 0

0 0 0 0 0 5.4

0 0 0 0 0 0.76




0 0 0 0 0 20

Book Value (Rs) 26.94 28.56 28.95 31.01 37.24 80.84

Raw Materials

Employee Cost

Preference Dividend

Equity Dividend


Equity Dividend (%)


96/140

Mar '07 Mar '08 Mar '09 Mar '10


BV

497.35 672.19 590.59 683.27 Sales

6.48 7.15 5.27 6.76 EPS

490.87 665.04 585.32 676.51 Cash Flow

3.46 -4.4 -3.11 3.01 ROIC2.14 -0.24 1.68 0

496.47 660.4 583.89 679.52

Equity Growth Rate

419.96 563.68 519.7 587.36 Sales Growth

1.22 1.36 1.4 1.66 EPS Growth Rate


0.93 0.87 0.96 3.99

3.69 4.52 3.97 0

0.84 1.23 1.44 7.6 Current EPS



Min Acceptable Rate


Future EPS


66.23 82.97 50.08 73.12 Sticker Price

6.77 11.41 14.47 15.84 MoS

59.46 71.56 35.61 57.28

8.49 9.23 10.85 12.010.15 0.15 0 0

50.82 62.18 24.76 45.27

0 -12.6 0 0

50.82 49.58 24.76 45.27

7.86 9.46 4.4 10.9

42.96 52.72 20.37 34.38

10.29 13.75 14.1 19.05

0 0 0 0

6.2 3.1 0 3.1

1.05 0.53 0 0.51

310 310 310 310

13.86 17.01 6.57 11.09

20 10 0 10

96.48 109.49 119.7 129.73


97/140


26.94 28.56 28.95 31.01 37.24 80.84 96.48 109.49 119.7

94.84 113.17 135.24 159.38 239.64 345.71 490.87 665.04 585.32

1.67 1.61 1.65 2.06 6.23 10.41 13.86 17.01 6.57

0 0 0 0 0 0 0 0 0

### ### ### ### ### 888.29% 915.53% ### ###

9 yr 5 yr 3 yr 1 yr

19% 28% 10% 8%

24% 23% 11% 16%

23% 12% -7% 69%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

11.09

20 %40or current P/ 5.4(from moneycontrol)

5.4

15%

68.67

370.8

91.66

45.83


98/140

Mar '10

129.73

676.51

11.09

0

###


99/140

Nippo Batteries



Income

Sales Turnover 249.35 284.03 319.57 288.99 297.57 317.78

Excise Duty 37.92 42.78 48.24 43.37 48.98 52.73

Net Sales 211.43 241.25 271.33 245.62 248.59 265.05

Other Income 2.61 2.74 5.06 5.64 5.33 6.3Stock Adjustments -3.93 -1.26 1.4 -0.38 1.11 3.1

Total Income 210.11 242.73 277.79 250.88 255.03 274.45

Expenditure

Raw Materials 143.01 142.43 157.26 144.23 169.11 193.07

Power & Fuel Cost 3.04 3.02 3.21 2.91 3.13 2.95

Employee Cost 12.58 13.01 15.61 15.32 14.9 16.44








PBDIT 21.87 32.79 37.69 31.47 22.49 22.63

Interest 0.22 0.24 0.14 0.09 0 0

PBDT 21.65 32.55 37.55 31.38 22.49 22.63

Depreciation 7.22 7.24 7.43 6.99 7.45 7.39Other Written Off 0 0 0.8 2.16 0 0


Extra-ordinary items 0.03 0.12 0.08 4.36 -0.01 0.23


Tax 5.5 8.5 10.87 7.77 4.5 5.22




Equity Dividend 3.75 5.25 7.5 7.5 7.5 7.5





Equity Dividend (%) 100 140 200 200 200 200

Book Value (Rs) 217.97 235.45 262.28 289.88 295.11 299.64


100/140

Mar '07 Mar '08 Mar '09 Mar '10


BV

339.19 316.92 307.51 337.52 Sales

55.95 56.26 42.45 26.66 EPS

283.24 260.66 265.06 310.86 Cash Flow

5.67 7.23 8 8.47 ROIC-0.97 -2.41 5.56 4.47

287.94 265.48 278.62 323.8

Equity Growth Rate

222.07 189.14 199.17 238.8 Sales Growth

2.66 2.63 2.6 2.55 EPS Growth Rate


0.21 0.2 0.14 0.17

29.91 25.34 26.28 4.92

1.33 1.41 1.7 26.66 Current EPS



Min Acceptable Rate


Future EPS


15.92 29.87 30.26 30.85 Sticker Price

0 0 0 0 MoS

15.92 29.87 30.26 30.85

6.66 5.21 5.63 5.830 0 0 0

9.26 24.66 24.63 25.02

0.02 -0.07 -0.11 0.02

9.28 24.59 24.52 25.04

3.27 8.58 8.5 8.52

6.02 16.08 16.03 16.52

49.95 46.47 49.18 54.14

0 0 0 0

4.69 7.5 7.5 7.5

0.8 1.27 1.27 1.27

37.5 37.5 37.5 37.5

16.05 42.87 42.76 44.06

125 200 200 200

301.06 320.35 339.71 360.37


101/140


217.97 235.45 262.28 289.88 295.11 299.64 301.06 320.35 339.71

211.43 241.25 271.33 245.62 248.59 265.05 283.24 260.66 265.06

23.9 44.69 49.4 50.16 28.04 27.33 16.05 42.87 42.76

0 0 0 0 0 0 0 0 0

30.27% 20.30% 15.04% 14.99% 16.44% 16.50% 26.59% 15.44% 15.45%

9 yr 5 yr 3 yr 1 yr

6% 4% 6% 6%

4% 5% 3% 17%

7% 9% 40% 3%

#DIV/0! #DIV/0! #DIV/0! #DIV/0!

44.06


10

15%

71.77

717.69

177.4

88.7


102/140

Mar '10

360.37

310.86

44.06

0

15.37%


103/140



Income

Sales Turnover 745.98 755.82 679.97 667.43 631.84 681.55

Excise Duty 431.59 431.27 397.76 387.34 344.87 373.64

Net Sales 314.39 324.55 282.21 280.09 286.97 307.91

Other Income 2.87 -20.35 -0.2 6.23 -0.97 8.85Stock Adjustments 5.68 -16.02 -4.42 1.52 0.05 0.54

Total Income 322.94 288.18 277.59 287.84 286.05 317.3

Expenditure

Raw Materials 188.1 133.99 111.04 112.11 120.45 127.93

Power & Fuel Cost 3.19 3 2.78 2.84 2.38 2.48

Employee Cost 32.73 40.63 36.16 40.81 39.46 39.11





Mar '

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