page industries

Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILE Figures in Indian Rupees

A Wright Investors' Service Research Report: Page Industries Limited.

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Quality Rating:DCNN

Page Industries Limited is an India-based company. It is engaged in the business of manufacturing garments. The Company is the licensee of JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY brand innerwear/leisurewear for men and women in India, Sri Lanka, Bangladesh and Nepal. Its range of products include Men's Innerwear, which consists of Zone Stretch, Comfort Stretch, Jockey Gold Edition, Elance, Jockey Zone, Modern Classic and Boys; its Women's Innerwear consists of Active Bras, Essence Bras, Soft Wonder, Comfort Stretch, Jockey Comfies and Simple Comfort. The Company Sport and Leisure product consist of Sport performance, Sport, 24x7 stretch and Socks; Its Thermals product includes both Men's and Women's wear. As of March 31, 2010, the Company authorized franchisees, opened ten Exclusive Brand Outlets (EBO) and 54 outlets across the cities of India.

Stock Price (11/26/2010): 1,392.80

Stock Chart

Recent stock performance1 Week 0.2%4 Weeks 8.1%13 Weeks 13.5%52 Weeks 94.1%

Chief Operating Officer Vedji Ticku

Executive Managing Director Sunder Genomal

Secretary & Chief Compliance Officer

Gargi Das

Officers

Earnings / Dividends (as of 9/30/2010) Earnings Dividends

Most Recent Qtr 14.67 8.00 Last 12 Months 43.91 24.00

Ratio Analysis

Key Data

Ticker: PAGEIND

2010 Sales: 3,393,799,071

Major Industry: Apparel & Textiles

Sub Industry: Apparel Manufacturers

Country: India

Currency: Indian Rupees

Fiscal Year Ends: March

Employees 8,732

Exchanges: BOM

Share Type: Ordinary

Market Capitalization: 15,535,115,707

Total Shares Outstanding: 11,153,874

Closely Held Shares: 7,469,874

Price / Earnings Ratio 31.72 Dividend Yield 1.72% Price / Sales Ratio 4.58 Payout Ratio 54.66% Price / Book Ratio 14.97 % Held by Insiders 66.97%

AddressAbbaiah Reddy Indl Area Hongasandra Bangalore KARNATAKA 560 068 INDIA

Phone +91 80 4047-6868/2952 Home Page http://www.jockeyindia.com

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Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report: Page Industries Limited. Provided By CorporateInformation.com

440 Wheelers Farms Road Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 11/26/2010

Company Description Page Industries Limited is an India-based company. It is engaged in the business of manufacturing garments. The Company is the licensee of JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY brand innerwear/leisurewear for men and women in India, Sri Lanka, Bangladesh and Nepal. Its range of products include Men's Innerwear, which consists of Zone Stretch, Comfort Stretch, Jockey Gold Edition, Elance, Jockey Zone, Modern Classic and Boys; its Women's Innerwear consists of Active Bras, Essence Bras, Soft Wonder, Comfort Stretch, Jockey Comfies and Simple Comfort. The Company Sport and Leisure product consist of Sport performance, Sport, 24x7 stretch and Socks; Its Thermals product includes both Men's and Women's wear. As of March 31, 2010, the Company authorized franchisees, opened ten Exclusive Brand Outlets (EBO) and 54 outlets across the cities of India.

Competitor Analysis

Page Industries Limited. operates in the Men's & boys' underwear & nightwear sector. This analysis compares Page Industries Limited. with three other companies: K-Lifestyle & Industries Limited (2010 sales of 5.56 billion Indian Rupees [US$125.99 million] of which 100% was Textiles), Pearl Global Limited (2009 sales: 3.87 billion Indian Rupees [US$87.60 million] of which 100% was Readymade Garments), and Birla Cotsyn India Limited (2010 sales of 3.44 billion Indian Rupees [US$77.92 million] of which 63% was Trading). Note: not all of these companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

Page Industries Limited. reported sales of 3.39 billion Indian Rupees (US$76.87 million) for the fiscal year ending March of 2010. This represents an increase of 33.3% versus 2009, when the company's sales were 2.55 billion Indian Rupees. Sales at Page Industries Limited. have increased during each of the previous five years (and since 2005, sales have increased a total of 355%).

Recent Sales at Page Industries Limited.

(Figures in Billions of Indian Rupees) Page Industries Limited. currently has 8,732 employees. With sales of 3.39 billion Indian Rupees (US$76.87 million) , this equates to sales of US$8,803 per employee. This company's employees do not appear to be very efficient in generating sales.

Sales Comparisons (Most Recent Fiscal Year)

0.75

1.01

1.36

1.92

2.55

3.39

2005 2006 2007 2008 2009 2010

CompanyYear Ended

Sales (blns)

Sales Growth

Sales/ Emp (US$) Largest Region

Page Industries Limited. Mar 2010 3.394 33.3% 8,803 India (100.0%)

K-Lifestyle & Industries Limited Mar 2010 5.562 11.0% N/A India (100.0%)

Recent Stock Performance

For the 52 weeks ending 11/26/2010, the stock of this company was up 94.1% to 1,392.80 Indian Rupees. During the past 13 weeks, the stock has increased 13.5%. During the 12 months ending 9/30/2010, earnings per share totalled 43.91 Indian Rupees per share. Thus, the Price / Earnings ratio is 31.72. These 12 month earnings are greater than the earnings per share achieved during the last fiscal year of the company, which ended in March of 2010, when the company reported earnings of 35.51 per share. Earnings per share rose 25.2% in 2010 from 2009. Note that the earnings number includes a 0.07 pre-tax charge Mar 2010. This company is currently trading at 4.58 times sales. This is at a higher ratio than all three comparable companies, which are trading between 0.08 and 0.16 times sales. Page Industries Limited. is trading at 14.97 times book value. The company's price to book ratio is significantly higher than that of all three comparable companies, which are trading between 0.16 and 0.79 times book value.

Summary of company valuations

The market capitalization of this company is 15.54 billion Indian Rupees (US$351.87 million) . Closely held shares (i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5% of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to acquire a majority of the shares without the consent of management and other insiders. The capitalization of the floating stock (i.e., that which is not closely held) is 5.13 billion Indian Rupees (US$116.22 million) .

Dividend Analysis

During the 12 months ending 9/30/2010, Page Industries Limited. paid dividends totalling 24.00 Indian Rupees per share. Since the stock is currently trading at 1,392.80 Indian Rupees, this implies a dividend yield of 1.7%. The company has paid a dividend for 5 straight years. Page Industries Limited. has increased its dividend during each of the past 3 fiscal years (in 2007, the dividends were 4.37 Indian Rupees per share). During the same 12 month period ended 9/30/2010, the Company reported earnings of 43.91 Indian Rupees per share. Thus, the company paid 54.7% of its profits as dividends.

Profitability Analysis On the 3.39 billion Indian Rupees in sales reported by the company in 2010, the cost of goods sold totalled 2.74 billion Indian Rupees, or 80.6% of sales (i.e., the gross profit was 19.4% of sales). This gross profit margin is lower than the company achieved in 2009, when cost of goods sold totalled 79.5% of sales. Page Industries Limited.'s 2010 gross profit margin of 19.4% was better than all three comparable companies (which had gross profits in 2010 between 7.0% and 9.3% of sales). The company's earnings before interest, taxes, depreciation and amorization (EBITDA) were 653.20 million Indian Rupees, or 19.2% of sales. This EBITDA to sales ratio is roughly on par with what the company achieved in 2009, when the EBITDA ratio was 20.2% of sales. The three comparable companies had EBITDA margins that were all less (between 5.4% and 9.3%) than that achieved by Page Industries Limited.. In 2010, earnings before extraordinary items at Page Industries Limited. were 396.10 million Indian Rupees, or 11.7% of sales. This profit margin is lower than the level the company achieved in 2009, when the profit margin was 12.4% of sales. Earnings before extraordinary items have grown for each of the past 5 years (and since 2006, earnings before extraordinary items have grown a total of 248%). The company's return on equity in 2010 was 45.6%. This was an improvement over the already high 40.9% return the company achieved in 2009. (Extraordinary items have been excluded).

Profitability Comparison

Pearl Global Limited Mar 2009 3.868 29.5% N/A India (100.0%)

Birla Cotsyn India Limited Mar 2010 3.440 77.5% N/A India (100.0%)

Company Date P/EPrice/

BookPrice/ Sales

52 Wk Pr Chg

Page Industries Limited. 11/26/2010 31.7 14.97 4.58 94.10%

K-Lifestyle & Industries Limited 11/26/2010 N/A 0.16 0.16 -21.82%

Pearl Global Limited 8/13/2009 146.4 0.79 0.10 N/A

Birla Cotsyn India Limited 11/26/2010 9.8 0.62 0.08 -2.86%

Company Year

Gross Profit Margin

EBITDA Margin

Earns bef. extra

Page Industries Limited. 2010 19.4% 19.2% 11.7%

Page Industries Limited. 2009 20.5% 20.2% 12.4%

Inventory Analysis

As of March 2010, the value of the company's inventory totalled 945.50 million Indian Rupees. Since the cost of goods sold was 2.74 billion Indian Rupees for the year, the company had 126 days of inventory on hand (another way to look at this is to say that the company turned over its inventory 2.9 times per year). This is an increase in days in inventory from March 2009, when the company had 679.86 million Indian Rupees, which was only 123 days of sales in inventory. The 126 days in inventory is higher than the three comparable companies, which had inventories between 24 and 83 days sales at the end of 2010.

Financial Position

As of March 2010, the company's long term debt was 109.09 million Indian Rupees and total liabilities (i.e., all monies owed) were 1.73 billion Indian Rupees. The long term debt to equity ratio of the company is 0.11. As of March 2010, the accounts receivable for the company were 263.77 million Indian Rupees, which is equivalent to 28 days of sales. This is an improvement over the end of 2009, when Page Industries Limited. had 35 days of sales in accounts receivable. The 28 days of accounts receivable at Page Industries Limited. are lower than all three comparable companies: K-Lifestyle & Industries Limited had 54 days, Pearl Global Limited had 84 days, while Birla Cotsyn India Limited had 97 days outstanding at the end of the fiscal year 2010.

Financial Positions

K-Lifestyle & Industries Limited 2010 N/A 9.3% -0.1%

Pearl Global Limited 2009 7.0% 5.4% 0.2%

Birla Cotsyn India Limited 2010 9.0% 8.2% 2.2%

Company YearLT Debt/ Equity

Days AR

Days Inv.

Page Industries Limited. 2010 0.11 28 126

K-Lifestyle & Industries Limited 2010 0.25 54 47

Pearl Global Limited 2009 0.63 84 83

Birla Cotsyn India Limited 2010 0.55 97 24

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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Page Industries Limited. Per Share- Indian Rupees

Year Price Value Ratios Equity Capital Earnings Dividends

Fiscal Yr Ends: March

Market Price Last

Price/ Earnings

Ratio

Price/ Book Ratio

Dividend Yield

% Earned Growth

% Profit Rate (ROE)

Book Value Begin

Yr

12 Month Earnings

Per Share

% Change

% Payout Ratio

12 Month Dividends

Per Share

2007 296.10 6.9 n/c 1.5% 75.0% 83.5% n/a AC 42.94 -8.2% 10.2% 4.37

2008 417.80 19.6 6.9 2.4% 18.7% 35.2% 60.72 ABC 21.35 -50.3% 46.8% 10.00

2009 360.10 12.7 5.2 5.0% 14.9% 40.9% 69.37 AC 28.36 32.8% 63.5% 18.00

2010 798.05 22.5 10.3 2.8% 17.4% 45.6% 77.84 AC 35.51 25.2% 62.0% 22.00

11/26/2010 1,392.80 31.7 15.0 1.7% n/a n/a 88.78 43.91 n/c 54.7% 24.00

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0.07 PRETAX CHG MAR 2010, INCLS 0.02 PRETAX CHG IN FIS 2009, INCLS 0.01 PRETAX CHG IN FIS 2008, INCLS 0.03 PRETAX CR & 0.21 PRETAX CHG IN FIS 2007 (0.03 PRETAX CR & 0.20 PRETAX CHG 6 MOS ENDED MAR & 0.04 PRETAX CHG 6 MOS ENDED SEP), INCLS 0.14 PRETAX CHG IN FIS 2006, INCLS 0.01 PRETAX CHG NET IN FIS 2005, INCLS 0.20 PRETAX CR NET IN FIS 2004

(B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED AS-15(R) FOR EMPLOYEE BENEFITS IN FIS 2008, EARNINGS IMPACT NOT SPECIFIED

(C): BASED ON AVERAGE SHARES OUTSTANDING, INFORMATION UPDATED FROM 2007 ANNUAL, AS 2006 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2005 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2004 ANNUAL NOT AVAILABLE


Company Fundamentals\Sales Analysis

SALES ANALYSIS: Page Industries Limited. Figures in thousands of Indian Rupees

Year

SalesCost of

Goods Sold

Earnings before Interest, Taxes,

Depreciation, and Amortization

(EBITDA)

After Tax Income before

Extraordinary Charges and

Credits Employees

Amount in

thousands

Year-to-year Growth

Amount in

thousands% of Sales

Amount in

thousands% of

Sales

Amount in

thousands% of

Sales Number

Sales Per

Employee

After Tax Income

Per Employee

2004 624,600 n/c 531,060 85.0% 89,820 14.4% 52,690 8.4% n/a n/a n/a

2005 746,470 19.5% 669,710 89.7% 80,820 10.8% 42,350 5.7% n/a n/a n/a

2006 1,010,093 35.3% 819,752 81.2% 194,484 19.3% 113,914 11.3% n/a n/a n/a

2007 1,359,395 34.6% 1,086,336 79.9% 293,055 21.6% 170,269 12.5% 3,377 402,545 50,420

2008 1,923,478 41.5% 1,553,165 80.7% 408,483 21.2% 238,170 12.4% 4,215 456,341 56,505

2009 2,546,513 32.4% 2,023,424 79.5% 577,965 22.7% 316,305 12.4% 6,358 400,521 49,749

2010 3,393,799 33.3% 2,735,284 80.6% 700,404 20.6% 396,103 11.7% 8,732 388,662 45,362


Company Fundamentals\Price Analysis

PRICE ANALYSIS: Page Industries Limited. Per Share- Indian Rupees

QuarterHigh Price

Low Price

Closing Price

Quarterly %Change

12 months

%Change

2007 Jan - Mar 341.900 241.250 296.100 n/a n/a

Apr - Jun 488.800 278.250 411.800 39.1% n/a

Jul - Sep 468.900 380.100 440.000 6.8% n/a

Oct - Dec 485.100 341.600 480.100 9.1% n/a

2008 Jan - Mar 549.400 397.100 417.800 -13.0% 41.1%

Apr - Jun 540.000 410.000 435.000 4.1% 5.6%

Jul - Sep 499.900 350.100 407.900 -6.2% -7.3%

Oct - Dec 435.000 300.600 349.000 -14.4% -27.3%

2009 Jan - Mar 398.900 300.000 360.100 3.2% -13.8%

Apr - Jun 565.000 360.000 540.600 50.1% 24.3%

Jul - Sep 700.000 505.100 640.000 18.4% 56.9%

Oct - Dec 879.850 616.000 874.250 36.6% 150.5%

2010 Jan - Mar 890.000 715.100 798.050 -8.7% 121.6%

Apr - Jun 982.900 787.000 931.150 16.7% 72.2%

Jul - Sep 1,339.000 924.000 1,230.000 32.1% 92.2%

11/26/2010 1,392.800 13.5% 94.1%


Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: Page Industries Limited. Per Share- Indian Rupees Fiscal Year Ends in March

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0.07 PRETAX CHG MAR 2010, INCLS 0.02 PRETAX CHG IN FIS 2009, INCLS 0.01 PRETAX CHG IN FIS 2008, INCLS 0.03 PRETAX CR & 0.21 PRETAX CHG IN FIS 2007 (0.03 PRETAX CR & 0.20 PRETAX CHG 6 MOS ENDED MAR & 0.04 PRETAX CHG 6 MOS ENDED SEP), INCLS 0.14 PRETAX CHG IN FIS 2006, INCLS 0.01 PRETAX CHG NET IN FIS 2005, INCLS 0.20 PRETAX CR NET IN FIS 2004

(B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED AS-15(R) FOR EMPLOYEE BENEFITS IN FIS 2008, EARNINGS IMPACT NOT SPECIFIED

(C): BASED ON AVERAGE SHARES OUTSTANDING, INFORMATION UPDATED FROM 2007 ANNUAL, AS 2006 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2005 ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2004 ANNUAL NOT AVAILABLE

Fiscal Years

Earnings Per Share Dividends Per Share

12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends

Earnings%

ChangeQ1

Jun.Q2

Sep.Q3

Dec.Q4

Mar. Dividends%

ChangeQ1

Jun.Q2

Sep.Q3

Dec.Q4

Mar.%

Payout

2004 C

AC 21.63 n/c n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a n/c

2005 C

AC 17.39 -19.6% n/a n/a n/a n/a n/a n/c n/a n/a n/a n/a 65.0%

2006 C

AC 46.77 168.9% n/a n/a n/a n/a 20.00 n/c n/a n/a n/a 20.00 48.7%

2007 AC 42.94 -8.2% n/a 22.47 n/a 20.47 4.37 -78.2% n/a n/a n/a 4.37 32.6%

2008 ABC 21.35 -50.3% n/a n/a n/a n/a 10.00 128.8% n/a 4.00 n/a 6.00 46.8%

2009 AC 28.36 32.8% 7.81 7.51 8.06 4.98 18.00 80.0% 4.00 4.00 7.00 3.00 59.9%

2010 AC 35.51 25.2% 9.09 9.46 8.06 8.90 22.00 22.2% 6.00 6.00 10.00 0.00 67.6%

2011 n/a n/c 12.28 14.67 n/a n/a n/a n/c 8.00 n/a n/a n/a n/c


Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Page Industries Limited. Figures are expressed as Percent of Total Assets. Total Assets are in millions of Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006

Fiscal Year End Date 3/31/2010 3/31/2009 3/31/2008 3/31/2007 3/31/2006

Assets

Total Assets 2,723.2 2,122.7 1,738.4 1,210.5 453.8

Cash & Short Term Investments 1.1% 4.9% 0.1% 24.9% 0.1%

Cash 0.5% 0.3% 0.0% 0.1% 0.1%

Short Term Investments 0.6% 4.6% 0.1% 24.9% 0.0%

Receivables (Net) 9.7% 11.5% 8.2% 7.0% 14.7%

Inventories -Total 34.7% 32.0% 36.3% 33.6% 53.5%

Raw Materials 17.2% 10.3% 11.6% 9.2% 23.5%

Work in Process 6.7% 4.9% 4.2% 4.9% 7.3%

Finished Goods 10.8% 16.8% 17.2% 15.6% 20.3%

Progress Payments & Other 0.0% 0.0% 3.3% 3.9% 2.4%

Prepaid Expenses 19.4% 16.1% 11.7% 0.2% 0.2%

Other Current Assets 3.7% 1.6% 1.4% 2.4% 2.9%

Current Assets - Total 68.6% 66.1% 57.7% 68.2% 71.4%

Long Term Receivables

Investment in Associated Companies

0.0% 0.0% 0.0% 0.0% 0.0%

Other Investments 1.1% 2.5% 17.2% 11.3% 1.5%

Property Plant and Equipment - Gross

39.0% 38.5% 30.5% 25.3% 36.6%

Accumulated Depreciation 8.7% 7.0% 5.4% 4.8% 9.6%

Property Plant and Equipment – Net

30.3% 31.5% 25.1% 20.5% 27.0%

Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred Charges 0.0% 0.0% 0.0% 0.0% 0.0%

Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders' Equity

Total Liabilities & Shareholders' Equity

2,723.2 2,122.7 1,738.4 1,210.5 453.8

Accounts Payable 9.0% 6.8% 9.5% 8.7% 11.4%

Short Term Debt & Current Portion of Long Term Debt

16.1% 12.6% 16.1% 14.8% 25.6%

Accrued Payroll 0.6% 0.3% 0.5% 0.5%

Income Taxes Payable 15.6% 10.5% 1.7% 4.8%

Dividends Payable 0.0% 1.6% 0.0%

Other Current Liabilities 33.8% 14.0% 12.1% 11.5% 22.9%

Current Liabilities - Total 58.9% 51.2% 48.5% 37.2% 65.3%

Long Term Debt 4.0% 7.1% 5.3% 6.2% 3.4%

Long Term Debt Excluding Capitalized Leases

4.0% 7.1% 5.3% 6.0% 2.8%

Capitalized Lease Obligations 0.0% 0.1% 0.1% 0.2% 0.6%

Provision for Risks and Charges 0.0% 0.0% 0.7% 1.1%

Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%

Deferred Taxes 0.7% 0.8% 0.9% 0.7% 2.6%

Deferred Taxes - Credit 1.2% 1.3% 1.5% 0.7% 2.6%

Deferred Taxes - Debit 0.5% 0.5% 0.6%

Deferred Tax Liability in Untaxed Reserves

Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%

Total Liabilities 63.6% 59.1% 55.5% 44.1% 72.4%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock Issued for ESOP

ESOP Guarantees - Preferred Issued

Common Equity 36.4% 40.9% 44.5% 55.9% 27.6%


100.0% 100.0% 100.0% 100.0% 100.0%


Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Page Industries Limited. Figures are the Percent Changes from the Prior Year.

Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets 28.3% 22.1% 43.6% 166.7% 24.2%

Cash & Short Term Investments -71.3% 5,796.4% -99.4% 106,451.7% -23.4%

Cash 143.4% 569.8% -16.5% 255.8% -23.4%

Short Term Investments -83.8% 10,656.4% -99.7%

Receivables (Net) 8.2% 71.3% 68.6% 26.5% 33.0%

Inventories -Total 39.1% 7.9% 54.8% 67.6% 20.7%

Raw Materials 113.6% 8.9% 80.3% 4.9%

Work in Process 76.6% 40.8% 24.3% 79.1%

Finished Goods -17.8% 19.4% 57.8% 105.3%

Progress Payments & Other -100.0% 20.8% 322.5%

Prepaid Expenses 54.1% 68.4% 9,919.1% 133.0% 30.2%

Other Current Assets 208.8% 36.0% -17.9% 122.4% 13.0%

Current Assets - Total 33.2% 39.9% 21.5% 154.6% 22.6%



Other Investments -43.0% -82.6% 118.8% 1,857.1% 133.3%


30.1% 54.1% 72.9% 84.4% 24.5%



23.5% 53.1% 75.6% 102.4% 25.0%

Other Assets

Deferred Charges

Tangible Other Assets

Intangible Other Assets

Total Assets 28.3% 22.1% 43.6% 166.7% 24.2%



28.3% 22.1% 43.6% 166.7% 24.2%

Accounts Payable 69.1% -12.8% 56.7% 104.8% -66.6%


63.5% -3.9% 56.3% 53.6%

Accrued Payroll 105.5% -1.7% 164.5%

Income Taxes Payable 81.7% 802.7% -7.9%

Dividends Payable -99.5% 51,585.1%

Other Current Liabilities 210.6% 41.0% 50.6% 34.1%

Current Liabilities - Total 47.6% 28.8% 87.4% 52.0% 91.4%

Long Term Debt -27.7% 62.4% 24.5% 377.8% -88.1%


-27.6% 62.8% 27.5% 461.3% -90.2%

Capitalized Lease Obligations -44.5% 22.2% -63.9% -11.2%

Provision for Risks and Charges -100.0%

Deferred Income

Deferred Taxes 17.6% 3.0% 95.3% -28.8% -4.2%

Deferred Taxes - Credit 18.6% 4.5% 218.5% -28.8% -4.2%

Deferred Taxes - Debit 20.2% 6.9%


Other Liabilities


Non-Equity Reserves

Minority Interest

Preferred Stock



Common Equity 14.1% 12.2% 14.3% 440.9% 87.7%


28.3% 22.1% 43.6% 166.7% 24.2%


Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Page Industries Limited. Figures in millions of Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006


Assets

Total Assets 1,649.7 1,178.2 809.9

Cash & Short Term Investments 87.3 81.5 61.0

Cash 4.3 1.6 0.6

Short Term Investments 83.0 79.8 60.4

Receivables (Net) 160.3 117.5 78.0

Inventories -Total 581.2 432.3 325.4

Raw Materials 221.6

Work in Process 90.7

Finished Goods 245.9

Progress Payments & Other 22.9

Prepaid Expenses 215.4 110.0 41.6

Other Current Assets 40.3 22.3 17.2

Current Assets - Total 1,084.4 763.6 523.2



0.0 0.0 0.0

Other Investments 105.2 99.8 90.0


576.4 390.6 249.2

Accumulated Depreciation 116.3 75.9 52.4


460.1 314.8 196.8

Other Assets 0.0 0.0 0.0

Deferred Charges 0.0 0.0 0.0

Tangible Other Assets 0.0 0.0 0.0

Intangible Other Assets 0.0 0.0 0.0

Total Assets 1,649.7 1,178.2 809.9



1,649.7 1,178.2 809.9

Accounts Payable 142.6 124.6 118.2


256.2

Accrued Payroll

Income Taxes Payable

Dividends Payable

Other Current Liabilities 334.1 150.0 90.8

Current Liabilities - Total 856.2 566.3 371.6

Long Term Debt 88.7 93.2 84.3


87.1 91.7 83.1

Capitalized Lease Obligations 1.6

Provision for Risks and Charges

Deferred Income 0.0 0.0 0.0

Deferred Taxes 14.6 13.1 11.8

Deferred Taxes - Credit 21.5 17.3 13.8

Deferred Taxes - Debit


Other Liabilities 0.0 0.0 0.0

Total Liabilities 962.8 675.9 471.0

Non-Equity Reserves 0.0 0.0 0.0

Minority Interest 0.0 0.0 0.0

Preferred Stock 0.0 0.0 0.0



Common Equity 686.9 502.2 339.0


1,649.7 1,178.2 809.9


Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Page Industries Limited. Figures are expressed as Percent of Net Sales or Revenues. Net Sales or Revenues are in millions of Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 3,393.8 2,546.5 1,923.5 1,359.4 1,010.1

Cost of Goods Sold 80.6% 79.5% 80.7% 79.9% 81.2%

Depreciation, Depletion & Amortization 2.6% 2.9% 1.9% 1.1% 0.8%

Gross Income 16.8% 17.7% 17.4% 19.0% 18.0%

Selling, General & Administrative Expenses

Other Operating Expenses 0.2% 0.3% 0.4% 0.1% 0.5%

Operating Expenses - Total 83.4% 82.6% 83.0% 81.1% 82.5%

Operating Income 16.6% 17.4% 17.0% 18.9% 17.5%

Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%

Extraordinary Charge - Pretax 0.0% 0.0% 0.0% 0.1% 0.0%

Non-Operating Interest Income 0.3% 1.2% 1.0% 0.3% 0.2%

Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

Other Income/Expense - Net 1.1% 1.3% 1.4% 1.2% 0.7%

Earnings before Interest, Taxes, Depreciation & Amortization (EBITDA)

20.6% 22.7% 21.2% 21.6% 19.3%

Earnings before Interest & Taxes(EBIT) 18.0% 19.8% 19.4% 20.4% 18.4%

Interest Expense on Debt 0.7% 1.5% 1.7% 1.6% 1.5%

Interest Capitalized

Pretax Income 17.2% 18.3% 17.7% 18.9% 16.9%

Income Taxes 5.6% 5.9% 5.3% 6.3% 5.7%


Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

After Tax Other Income/Expense -0.0% -0.0% -0.0% -0.0% -0.0%

Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income before Extraordinary Items/Preferred Dividends

11.7% 12.4% 12.4% 12.5% 11.3%

Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends - available to Common

11.7% 12.4% 12.4% 12.5% 11.3%


Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Page Industries Limited. Figures are the Percent Changes from the Prior Year.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 33.3% 32.4% 41.5% 34.6% 35.3%

Cost of Goods Sold 35.2% 30.3% 43.0% 32.5% 22.4%

Depreciation, Depletion & Amortization 22.5% 102.9% 135.6% 83.5% 15.8%

Gross Income 26.4% 34.6% 29.7% 41.6% 161.7%


Other Operating Expenses -29.9% 2.0% 771.0% -83.8%

Operating Expenses - Total 34.5% 31.8% 44.8% 32.3% 23.1%

Operating Income 27.4% 35.3% 27.2% 45.3% 154.2%

Extraordinary Credit - Pretax

Extraordinary Charge - Pretax 262.2% 33.9% -80.5% 145.9% 1,046.3%

Non-Operating Interest Income -64.6% 53.6% 310.4% 111.9% 22,137.4%

Reserves - Increase/Decrease

Pretax Equity in Earnings

Other Income/Expense - Net 13.7% 24.8% 55.6% 126.2% 84.0%


21.2% 41.5% 39.4% 50.7% 140.6%

Earnings before Interest & Taxes(EBIT) 21.0% 35.5% 34.1% 49.2% 152.9%

Interest Expense on Debt -34.2% 21.3% 50.4% 40.8% 15.6%


Pretax Income 25.5% 36.9% 32.7% 49.9% 182.3%

Income Taxes 26.2% 46.3% 18.6% 50.9% 214.5%

Minority Interest

Equity in Earnings

After Tax Other Income/Expense

Discontinued Operations


25.2% 32.8% 39.9% 49.5% 169.0%

Extraordinary Items & Gain/Loss Sale of Assets

Preferred Dividend Requirements


25.2% 32.8% 39.9% 49.5% 169.0%


Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Page Industries Limited. Figures in millions of Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006

Net Sales or Revenues 2,046.7 1,517.2 1,132.8

Cost of Goods Sold 1,643.6 1,230.5 932.0

Depreciation, Depletion & Amortization 44.6 28.1 14.9

Gross Income 358.5 258.6 185.9


Other Operating Expenses 5.3 4.2 2.7

Operating Expenses - Total 1,693.5 1,262.8 949.6

Operating Income 353.2 254.4 183.2

Extraordinary Credit - Pretax 0.0 0.0 0.1

Extraordinary Charge - Pretax 0.5 0.3 0.3

Non-Operating Interest Income 13.3 11.2

Reserves - Increase/Decrease 0.0 0.0 0.0

Pretax Equity in Earnings 0.0 0.0 0.0

Other Income/Expense - Net 24.3 17.6 10.2


434.9 311.0 213.3

Earnings before Interest & Taxes(EBIT) 390.3 282.9 198.4

Interest Expense on Debt 26.4 23.9 18.4


Pretax Income 363.9 259.0 180.0

Income Taxes 116.9 82.7 56.5

Minority Interest 0.0 0.0 0.0

Equity in Earnings 0.0 0.0 0.0

After Tax Other Income/Expense -0.1 -0.1 -0.1

Discontinued Operations 0.0 0.0 0.0


247.0 176.2 123.5

Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0

Preferred Dividend Requirements 0.0 0.0 0.0


247.0 176.2 123.5


Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Page Industries Limited. Currency figures are in millions of Indian Rupees. Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2010 2009 2008 2007 2006


Total Capital 1,099.4 1,019.2 866.7 751.9 140.8

Percent of Total Capital

Short Term Debt 39.9% 26.3% 32.2% 23.8% 82.6%

Long Term Debt 9.9% 14.8% 10.7% 9.9% 11.1%

Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%



Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%

Retained Earnings

Common Equity 90.1% 85.2% 89.3% 90.1% 88.9%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt 17.0 -1.1 10.0 6.2

Long Term Debt -4.2 5.8 1.8 5.9 -11.6

Other Liabilities 0.0 0.0 0.0 0.0 0.0

Total Liabilities 47.8 29.0 43.1 20.5 3.0

Minority Interest 0.0 0.0 0.0 0.0 0.0

Preferred Stock 0.0 0.0 0.0 0.0 0.0

Retained Earnings

Common Equity 12.2 9.4 9.7 55.2 5.8

Total Capital 8.0 15.2 11.5 61.1 -5.8

Year to Year Percent Changes

Short Term Debt 63.5% -3.9% 56.3% 53.6%

Long Term Debt -27.7% 62.4% 24.5% 377.8% -88.1%

Other Liabilities


Minority Interest

Preferred Stock

Retained Earnings

Common Equity 14.1% 12.2% 14.3% 440.9% 87.7%

Total Capital 7.9% 17.6% 15.3% 433.9% -29.0%

Total Liabilities & Common Equity

Total Liabilities 1,732.9 1,254.5 964.6 533.2 328.6

Net Change in Liabilities as % of Total Liabilities

27.6% 23.1% 44.7% 38.4% 9.1%

Common Equity 990.3 868.2 773.8 677.2 125.2

Net Change in Common Equity as % of Common Equity

12.3% 10.9% 12.5% 81.5% 46.7%

Cash Flow

Operating Activities 283.0 333.5 109.7 78.1 92.0

Financing Activities -135.2 -174.7 -22.9 493.8 -55.2

Investing Activities 221.3 57.6 387.0 270.3 36.9Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Page Industries Limited. Fiscal Year 2010 2009 2008 2007 2006


Receivables Turnover 12.9 10.4 13.5 16.1 15.1

Receivables - Number of Days 27.3 27.7 21.5 20.3 21.1

Inventory Turnover 3.4 3.1 3.0 3.3 3.7

Inventory - Number of Days 108.4 118.2 121.9 109.2 98.9

Gross Property, Plant & Equipment Turnover

3.2 3.1 3.6 4.4 6.1

Net Property, Plant & Equipment Turnover

4.1 3.8 4.4 5.5 8.2

Depreciation, Depletion & Amortization % of Gross Property, Plant & Equipment

8.5% 9.0% 6.8% 5.0% 5.0%

Depreciation, Depletion & Amortization Year to Year Change

1.7 3.7 2.1 0.7 0.1

Depreciation, Depletion & Amortization Year to Year % Change

22.5% 102.9% 135.6% 83.5% 15.8%


Financial Ratio Analyses\Asset Utilization

Asset Utilization: Page Industries Limited. Figures are expressed as the ratio of Net Sales. Net Sales are in millions of Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006


Net Sales 3,393.8 2,546.5 1,923.5 1,359.4 1,010.1

Cash & Cash Equivalents 0.9% 4.0% 0.1% 22.2% 0.0%

Short-Term Investments 0.5% 3.8% 0.0% 22.1% 0.0%

Accounts Receivable 7.8% 9.6% 7.4% 6.2% 6.6%

Inventories 27.9% 26.7% 32.8% 29.9% 24.0%

Other Current Assets 3.0% 1.3% 1.3% 2.2% 1.3%

Total Current Assets 55.1% 55.1% 52.1% 60.7% 32.1%

Total Long Term Receivables & Investments

0.9% 2.1% 15.6% 10.1% 0.7%


Investments in Associated Companies

0.0% 0.0% 0.0% 0.0% 0.0%

Other Investments 0.9% 2.1% 15.6% 10.1% 0.7%

Property, Plant & Equipment - Gross

31.3% 32.1% 27.6% 22.5% 16.5%


Property Plant & Equipment - Net 24.3% 26.2% 22.7% 18.3% 12.2%

Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Total Assets 80.2% 83.4% 90.4% 89.0% 44.9%Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Page Industries Limited. Values per Employee are in Indian Rupees.

Fiscal Year 2010 2009 2008 2007

Fiscal Year End Date 3/31/2010 3/31/2009 3/31/2008 3/31/2007

Employees 8,732 6,358 4,215 3,377

Values per Employee

Sales 388,662 400,521 456,341 402,545

Net Income 45,362 49,749 56,505 50,420

Cash Earnings 55,898 61,362 67,019 56,481

Working Capital 30,283 49,635 37,631 110,983

Total Debt 62,719 65,932 88,257 74,990

Total Capital 125,901 160,298 205,623 222,643

Total Assets 311,861 333,867 412,423 358,443

Year to Year % Change per Employee

Employees 37.3% 50.8% 24.8%

Sales -3.0% -12.2% 13.4%

Net Income -8.8% -12.0% 12.1%

Cash Earnings -8.9% -8.4% 18.7%

Working Capital -39.0% 31.9% -66.1%

Total Debt -4.9% -25.3% 17.7%

Total Capital -21.5% -22.0% -7.6%

Total Assets -6.6% -19.0% 15.1% Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Page Industries Limited. Fiscal Year 2010 2009 2008 2007 2006


EBIT/Total Interest Expense 24.1 13.1 11.7 13.1 12.4

EBIT/Net Interest 41.1 57.1 29.9 16.9 14.6

EBIT/(Total Interest Exp + Pfd Div) 24.1 13.1 11.7 13.1 12.4

EBIT/Dividends on Common Shares 2.3 2.7 3.3 5.0 3.4

EBIT/(Dividends on Common + Pfd) 2.3 2.7 3.3 5.0 3.4

EBITDA/Total Interest Expense 27.6 15.0 12.9 13.9 13.0

EBITDA/Net Interest 47.2 65.5 32.8 17.8 15.2

EBITDA/(Total Interest Exp + Pfd Div)

27.6 15.0 12.9 13.9 13.0

EBITDA/Dividends on Com Shares 2.6 3.0 3.7 5.3 3.5

EBITDA/(Dividends on Com + Pfd) 2.6 3.0 3.7 5.3 3.5Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Page Industries Limited. Fiscal Year 2010 2009 2008 2007 2006


Long Term Debt % of EBIT 17.9% 29.9% 25.0% 26.9% 8.4%

Long Term Debt % of EBITDA 15.6% 26.1% 22.8% 25.5% 8.0%

Long Term Debt % of Total Assets 4.0% 7.1% 5.3% 6.2% 3.4%

Long Term Debt % of Total Capital 9.9% 14.8% 10.7% 9.9% 11.1%

Long Term Debt % of Com Equity 11.0% 17.4% 12.0% 11.0% 12.5%

Total Debt % of EBIT 89.7% 83.1% 99.9% 91.2% 70.9%

Total Debt % of EBITDA 78.2% 72.5% 91.1% 86.4% 67.8%

Total Debt % of Total Assets 20.1% 19.7% 21.4% 20.9% 29.1%

Total Debt % of Total Capital 49.8% 41.1% 42.9% 33.7% 93.7%

Total Debt % of Total Capital & Short Term Debt

35.6% 32.6% 32.5% 27.2% 51.3%

Total Debt % of Common Equity 55.3% 48.3% 48.1% 37.4% 105.4%

Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Total Capital 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Com Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Capital 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 0.0% 0.0%

Common Equity % of Total Assets 36.4% 40.9% 44.5% 55.9% 27.6%

Common Equity % of Total Capital 90.1% 85.2% 89.3% 90.1% 88.9%

Total Capital % of Total Assets 40.4% 48.0% 49.9% 62.1% 31.0%

Capital Expenditure % of Sales 7.3% 12.0% 12.0% 10.3% 3.3%

Fixed Assets % of Common Equity 83.3% 77.0% 56.4% 36.7% 98.0%

Working Capital % of Total Capital 24.1% 31.0% 18.3% 49.8% 19.7%

Dividend Payout 67.6% 59.9% 46.8% 32.6% 48.7%

Funds From Operations % of Total Debt

89.1% 93.1% 75.9% 75.3% 92.3%


Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Page Industries Limited. Fiscal Year 2010 2009 2008 2007 2006


Total Current Assets % Net Sales 55.1% 55.1% 52.1% 60.7% 32.1%

Cash % of Current Assets 0.7% 0.4% 0.1% 0.1% 0.1%

Cash & Equivalents % of Current Assets

1.6% 7.3% 0.2% 36.6% 0.1%

Quick Ratio 0.2 0.3 0.2 0.9 0.2

Receivables % of Current Assets 14.1% 17.4% 14.2% 10.2% 20.6%

Receivable Turnover - number of days

27.3 27.7 21.5 20.3 21.1

Inventories % of Current Assets 50.6% 48.5% 62.9% 49.3% 75.0%

Inventory Turnover - number of days

108.4 118.2 121.9 109.2 98.9

Inventory to Cash & Equivalents - number of days

11.2 54.5 1.0 267.0 0.4

Receivables % of Total Assets 9.7% 11.5% 8.2% 7.0% 14.7%

Current Ratio 1.2 1.3 1.2 1.8 1.1

Total Debt % of Total Capital 35.6% 32.6% 32.5% 27.2% 51.3%

Funds from Operations % of Current Liabilities

30.4% 35.9% 33.5% 42.4% 41.1%

Funds from Operations % of Long Term Debt

447.4% 258.4% 303.9% 255.5% 779.3%

Funds from Operations % of Total Debt

89.1% 93.1% 75.9% 75.3% 92.3%

Funds from Operations % of Total Capital

44.4% 38.3% 32.6% 25.4% 86.5%

Cash Flow (in milllions of Indian Rupees)

Operating Activities 283.0 333.5 109.7 78.1 92.0

Financing Activities -135.2 -174.7 -22.9 493.8 -55.2

Investing Activities 221.3 57.6 387.0 270.3 36.9

Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Page Industries Limited. Figures are expressed as per unit of respective shares. Figures are in Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006


Sales 304.27 228.31 172.45 121.88 414.76

Operating Income 50.51 39.64 29.29 23.03 72.57

Pre-tax Income 52.46 41.79 30.53 23.00 70.26

Net Income (Continuing Operations) 52.46 41.79 30.53 23.00 70.26

Net Income Before Extra Items 35.51 28.36 21.35 15.27 46.77

Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income After Extraordinary Items

35.51 28.36 21.35 15.27 46.77

Net Income Available to Common Shares

35.51 28.36 21.35 42.94 46.77

Fully Diluted Earnings 35.51 28.36 21.35 42.94 46.77

Common Dividends 22.00 18.00 10.00 4.37 20.00

Cash Earnings 43.76 34.98 25.33 48.10 50.00

Book Value 88.78 77.84 69.37 60.72 51.41

Retained Earnings

Assets 244.15 190.31 155.85 108.52 186.34Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Page Industries Limited. Currency figures are in Indian Rupees.

Fiscal Year 2010 2009 2008 2007 2006


Gross Income Margin 16.8% 17.7% 17.4% 19.0% 18.0%

Operating Income Margin 16.6% 17.4% 17.0% 18.9% 17.5%

Pretax Income Margin 17.2% 18.3% 17.7% 18.9% 16.9%

EBIT Margin 18.0% 19.8% 19.4% 20.4% 18.4%

Net Income Margin 11.7% 12.4% 12.4% 12.5% 11.3%

Return on Equity - Total 42.6% 38.5% 32.8% 42.4% 118.7%

Return on Invested Capital 29.3% 28.1% 25.1% 31.0% 54.4%

Return on Assets 17.1% 17.7% 17.7% 22.1% 30.2%

Asset Turnover 1.2 1.2 1.1 1.1 2.2

Financial Leverage 55.3% 48.3% 48.1% 37.4% 105.4%

Interest Expense on Debt 25,366,138 38,532,769 31,777,993 21,134,812 15,011,916

Effective Tax Rate 32.3% 32.1% 30.0% 33.6% 33.4%

Cash Flow % Sales 14.4% 15.3% 14.7% 14.0% 12.1%

Selling, General & Administrative Expenses % of Sales

Research & Development Expense

Operating Income Return On Total Capital

7.9% 17.6% 15.3% 433.9% -29.0%


Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Page Industries Limited. Currency figures are in millions of U.S. Dollars.

Wright Quality Rating DCNN

Investment Acceptance Rating DCNN

Total Market Value of Shares Outstanding - Three Year Average 110

- Current Year 298

Public Market Value (Excludes Closely Held) - Three Year Average 36

- Current Year 98

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange Listings BOM

Number of Institutional Investors 0

Number of Shareholders 4,071

Closely Held Shares as % of Total Shares Outstanding 67.0%Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Financial Strength

Wright Quality Rating - Financial Strength: Page Industries Limited.


Financial Strength Rating DCNN

Total Shareholders' Equity (Millions of U.S. Dollars) 22

Total Shareholders' Equity as % Total Capital 90.0%

Preferred Stock as % of Total Capital 0.0%

Long Term Debt as % of Total Capital 10.0%

Long Term Debt (Millions of Indian Rupees) 109

Lease Obligations (Millions of Indian Rupees) 1

Long Term Debt including Leases (Millions of Indian Rupees) 110

Total Debt as % of Total Capital 35.6%

Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred Dividends

24.1

Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred Dividends

41.2

Quick Ratio (Cash & Receivables / Current Liabilities) 0.2

Current Ratio (Current Assets / Current Liabilities) 1.2Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Page Industries Limited.


Profitability & Stability Rating DCNN

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 54.8%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Time-Weighted Average 47.2%

- Basic Trend -0.5%

Cash Earnings Return on Equity - Stability Index 49.1%

Return On Assets (Time-Weighted Average) 25.4%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 22.8%

Operating Income as % of Total Assets (Time-Weighted Average) 22.7%

Operating Income as % of Total Capital (Adjusted Rate) 74.7%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 22.8%

Operating Income as % of Total Assets (Time-Weighted Average) 22.7%

Operating Income as % of Total Capital (Adjusted Rate) 74.7%Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.

Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Page Industries Limited. Figures are expressed on a Per Share Basis.

Wright Quality Rating DCNN Growth Rating DCNNNormal Earnings Growth 3.6%

Cash Earnings Growth 4.0%

Cash Earnings Stability Index 38.9%

Earned Equity Growth 0.0%

Dividend Growth 0.0%

Operating Income Growth -1.5%

Assets Growth 4.6%

Sales/Revenues Growth -7.2%Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.