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The following were the sources of funds raised in the year 2015-2015:
Parameter
Sources
Working Capital from Operations
!uity "hare Capital
#eser$es and "urplus
"ecured %oans
&nsecured loans
Total "ources of 'unds
'or the year 201(-2015
)et Worth
*dditional Capital
The reser$es and "urplus is + ,,,1.,/. it can use retained earnings to
3lease see the worksheet 4W*CC Calculation for the calculation
The growth rate per di$idend growth rate theory is 226.
*ll calculations in worksheet 4W*CC Calculation
Lupin’s average long term debt to equity ratio over the last 5 financial years has been
1. Which source of funding has the company 8een using to raise funds
2.
f the company wants to raise additional 50 6 of the net worth for e
/. s the company growing9 What is the growth rate of the company9
•
#ate of capital is ; than cost of capital signifying tha• #eturn on e!uity is ; cost of capital signifying lupin
• %upin has also 8een maintaining a $ery good de8t to
1. f a lender is willing to pro$ide loan at 12.56 should the company accept it or
1.
s the company paying di$idend regularly in the past ten years9
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% Cr.&=
2(>1.,5
,>.>
,,,1.,/
0
1>.1(
11(,2.2
>02.(
(51/.,
sion e$en if it pays out the nal di$idend of //1 crs as mentioned in the s
indicates that the Company is operating with a very low level of debt and is well placed to
MAR'15
source of funding should it choose9
well
wer the interest rate9
.
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heduled.
meet its obligations. In this scenario with a very good trac record it should negotiate to lower the i
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nterest rates! since it can meet its obligation using other sources of funds as well
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Fund
Parameter
Sources
Working Capital from Operations
!uity "hare Capital
#eser$es and "urplus"ecured %oans
&nsecured loans
Total "ources of 'unds
Q:3
O$erall growth rate of di$idend
*$erage growth rate last 10 years
cost of e!uity using di$idend growth rate using where ?3 @ 15,5.10
3"
#O
#etention #atioArowth #ate
cost of e!uity using internal growth rate
Be8t
!uity
6 of de8t in portfolio
6 of e!uity in portfolio
cost of de8t source of information is lupin annual report and http:DDwww.sanasecurities.comDlu
pected cost of e!uity at risk free rate of ,6 and rate of return 156
*$erage cost of e!uity
#ate of capital employed
Cost of capital
#ate of capital is ; than cost of capital signifying that %upin is doing well
#eturn on e!uity is ; cost of capital signifying lupin is doing well
%upin has also 8een maintaining a $ery good de8t to e!uity ratio
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% Cr.&=
2(>1.,5
,>.>
,,,1.,/0
1>.1(
11(,2.2
12.200,5(
0.2200,5(
0.225,>((1
5/.(
2F.5F6
,5.>622.,/05F,1>/2//006
0.225F>5>(F
1>>.>
>02.(
1100.1
0.1>,11>>(
0.,2012,,00F
0.022(051,
0.1/(
0.1,15,(>/
0.2178791047
0.1,>251F,F/
MAR'15
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)et 3rot
Bepreciation
Working capital from operations
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2,324.22
'().(*
2(>1.,5
Bi$idend 1./ 1./ 1 2 2.51Gg 0 1 0.F>2/1 2 1.25
3rota8ility and Arowth #atios 2015 201(
Aross 3rot ?argin /F.((6 /.2/6
)et 3rot ?argin 2(.5,6
3" 5/.( 51.>/
3" Arowth 2.,6
)et 3rot Arowth /.056Operating 3rot Arowth F./F6
Bi$idend per share .51,F>/
#eturn on e!uity 2F.5F6
#eturn on *sset 21.,6
Bi$idend payout ratio net protE 1(.0F6
#etention ratio ,5.>(6
Arowth #ate 22.,26
Cost of Be8t F.506
ta adHusted cost of Be8t
cost of e!uity risk free rate of return G Ieta J ?arket rate of return - risk free rate of ret
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2010 2011 2012 201/
2. / /.2 (1.0, 1.1111111111 1.0FFFF 1.25
urnE
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201( 2015
F .51.5 1.25
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Balance Sheet - Source Moneyco
Parameter % Cr.&=
EQUITY AND LIABILITIES
+hare Capital 8#.#
+hare ,arrants - utstandings
"otal /eserves 8!88'.8*
+hareholders 1unds #!02).)3
Lon!Term Borro"#n$ 0
+ecured Loans 0
4nsecured Loans '#.'3
eferred "a6 7ssets Liabilities '8#.22
ther Long "erm Liabilities 0.28
Long "erm "rade 9ayables 8.22
Long "erm 9rovisions '0*.'2
Tota% Non!&rrent L#a(#%#t#e$ *'#.#8
&rrent L#a(#%#t#e$
"rade 9ayables '!032.03
ther Current Liabilities '0'.38
+hort "erm :orrowings 20.#5
+hort "erm 9rovisions 3#5.52
Tota% &rrent L#a(#%#t#e$ 1,)5*.**
Tota% L#a(#%#t#e$ ''!00).)'
ASSETS
Non!&rrent A$$et$ 0
;ross :loc *!*'0.35
Less< 7ccumulated epreciation '!2)3.85
Less< Impairment of 7ssets 0
=et :loc 2!0*5.(0
Lease 7d>ustment 7c 0
MAR'15
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Capital ,or in 9rogress 3(5.8(
Intangible assets under development 0
9re?operative @6penses pending 23.'
7ssets in transit 0
Non &rrent In+e$tment$ '!)#0.2(
Long "erm Loans - 7dvances 2*#.35
ther =on Current 7ssets 0.*2
Tota% Non!&rrent A$$et$ 3!555.5#
&rrent A$$et$ Loan$ A-+ane$
Currents Investments '!(5*.#)
Inventories '!)*#.5'
+undry ebtors 2!5'5.2'
Cash and :an 5#.*
ther Current 7ssets 20#.(8
+hort "erm Loans and 7dvances 2)3.35
Tota% &rrent A$$et$ ),452.12
=et Current 7ssets %Including Current Investments& 3!)#2.'*
"otal Current 7ssets @6cluding Current Investments 3!)#8.'5
Aiscellaneous @6penses not written off 0
Tota% A$$et$ ''!00).)'
Contingent Liabilities *(2.3
"otal ebt 35.2'
:oo Balue %in &= '##.5#
7d>usted :oo Balue %in &= '##.5#
,oring Capital (>2.1/
=et ,orth >02.( 7dditional Capital (51/.,
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trol.com Proft and Loss- So
MAR'14 YoY
Parameter % Cr.&= $Change
;ross +ales
8#.(8 0.25$ Less
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238.8* 8).22$ @6traordinary Items
0 0.00$ 7d> to 9rofit 7fter "a6
'8.22 *2.2)$ 9rofit :alance :1
0 0.00$ 7ppropriations
#8#.05 8'.0'$ @quity ividend %$&
*'#.) ?25.'0$ -,0.25 @arnings 9er +hare %in &=
0 '00.00$ :oo Balue %in &=
*!)55.2( 2'.*'$
')3.(' 83).23$
'!*)2.23 2(.)($
2!85#.#2 ?'2.05$
'3(.28 ?5#.3($
238.'* ?'5.50$
232.52 '*.')$
5!03*.)0 2).#2$
*!582.*8 **.))$
3!8(#.0# ?'.3($
0 0.00$
8!)#8.#( 25.'0$
*5'.)8 *.02$
'33.3) ?(8.)'$
'55.0( 28.)2$
'55.0( 28.)2$
/5,2./,
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rce Moneycontrol.com Cashow- Source Mo
MAR'15 MAR'14 &ane 6
Parameter
MAR'15
% Cr.&= % Cr.&= % Cr.&=
#!835.#8 #!0'#.8( *.1)6 =et 9rofit :efore "a6es *!2'2.'#
0 0 7.776 *0).3)
0 0 7.776 '*0.23
#*.5' 80.38 1).1*6 2!85'.52
#!)52.3) 8!#*#.*8 *.176 ?'!')).##
?22'.'2
?'5).08 ?5#.82 !1)2.5*6 0
2!#03.'8 2!)0'.#' 8.4*6 '!352.3'
**(.*# *0#.*( 9.846 255.*'
'!052.55 833.*2 24.))6 0
'!022.38 8)8.(3 1).386 0
522.(# 5##.*# !12.976 0
5#2.3( (2(.53 !5.446 0
'05.55 '2(.)' !1).876 '!)0).)2
0 0 7.776
(!*)#.22 (!02).05 5.946
3,383.25 2,*12.33 15.936
'80.(* 3'5.*8 !5).516
3,553.99 3,328.81 ).976
3.# 20.## !8).))6
*!538.#8 *!*0(.)2 8.336
**(.)# '().(* 177.*16
*!2'2.'# *!'*#.0# 2.336
0 0 7.776
3,212.1* 3,13*.7* 2.336
8'3.83 8'3.8) 7.776
2,3*8.35 2,324.22 3.156
7d>ustments for @6penses -9rovisions
7d>ustments for Liabilities - 7ssets
Cash 1low from operatingactivities
Cash 1low from investingactivities
Cash 1low from financingactivities
@ffect of e6change fluctuationon translation reserve
=et increase%decrease& in cashand cash equivalents
pening Cash - Cash@quivalents
as as qu va en on 7malgamation "ae over Aer er Cash - Cash @quivalent of+ubsidiaries under liquidations
rans a on a us men onreserves op cash balalces frgn
@ffect of 1oreign @6change1luctuations
Closing Cash - Cash@quivalent
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0 0 7.776
0 0 7.776
3!((3.(( 2!85*.#2 )3.456
)!0(2.0' 5!')8.'3 3).396
*)5 *00 25.776
5*.** 5'.8* 2.9*6
'##.5# '55.0( 29.826
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eycontrol.com
MAR'14 &ane 6 D#+#-en- :#$tor; !L#
% Cr.&= - D#+#-en- T;e
*!'*#.0# 2.336 '*0520'5 '30)20'5 1inal
?( 5224.576 )520'3 2'0)20'3 1inal
?#83.)# 113.236 *220'3 '*0220'3 Interim
'!528.'* 9).)76 8520'* 2#0)20'* 1inal
?33(.5' !1)3.926 '0520'2 '*0)20'2 1inal
?833.3) 83.926 '2520'' '80)20'' 1inal
0 7.776 5520'0 '#0)20'0 1inal
2*).'5 512.446 '*05200# 200)200# 1inal
'8.'( 1375.9*6 '3052008 '')2008 1inal
0 7.776 #5200) '0)200) 1inal
0 7.776 ')05200( ))200( 1inal
0 7.776 20052005 '50)2005 1inal
0 7.776
255.*' 5)9.996
Annonement Date
8/17/2019 Lupin Analysis
18/20
8/17/2019 Lupin Analysis
19/20
8/17/2019 Lupin Analysis
20/20