sud sudha

(Rs. in Cr.)

------------------------------------------- ---------------------------------- ----------------------------------

31.03.2008 31.03.2009 31.03.2010 31.03.2011

Audited Audited Audited Audited

------------------------------------------- ---------------------------------- ----------------------------------

1 Gross Sales 20174.79 26542.68 34563.74 50439.71

2 Less : Excise duty 598.15 561.20 291.10

Net Domestic Sales 19576.64 25981.48 34563.74 50148.61

Export Sales 106.54 122.02 110.49 162.87

3 Net Sales 19683.18 26103.50 34674.23 50311.48

Cost of sales

4 Raw Material 7384.18 9374.90 11527.21 17970.97

5 Power & Fuel 146.84 235.08 274.20 436.39

6 Purchase of Finished Goods

7 Employee compensation 3028.02 4311.26 5941.87 9131.10

8 Other manufacturing expenses 2795.94 3306.18 4156.04 5111.70

9 Depreciation 385.75 736.08 902.36 990.42

Sub total 13740.73 17963.50 22801.68 33640.58

a) Add : Opening stock-in-process 593.88 737.94

b) Less : Closing stock-in-process 737.94 1039.03

Cost of production 13596.67 17662.41 22801.68 33640.58

c) Add : Opening stock of finished goods 1892.21 2985.92

d) Less : Closing stock of finished goods 2985.92 3564.93

Sub total 12502.96 17083.40 22801.68 33640.58

10 Selling, General & Administrative expenses 3303.43 3794.75 4944.03 5573.97

11 Packing Material 123.24 137.48

Operating profit before interest 3753.55 5087.87 6928.52 11096.93

Interest 343.74 415.32 412.57 683.29

12 Interest on Working Capital 319.74 385.31 266.76 405.51

13 Interest on Term Loan 24.00 30.01 145.81 277.78

Operating profit after interest 3409.81 4672.55 6515.95 10413.64

Other Income / Expenses -25.98 -33.20 15.40 -519.59

14 Add : Income 0.00 0.00 647.83 1209.54

15 Less : Expenses 25.98 33.20 632.43 1729.13

Profit Before Tax 3383.83 4639.35 6531.35 9894.05

16 Taxation 17.60 24.03 771.41 1185.89

17 Dividend 0.00 0.00 0.00 0.00

Net Profit 3366.23 4615.32 5759.94 8708.16

------------------------------------------- ---------------------------------- ----------------------------------

0 31.03.2008 31.03.2009 31.03.2010 31.03.2011

LIABILITIES Audited Audited Audited Audited

------------------------------------------- ---------------------------------- ----------------------------------

CURRENT LIABILITIES

01.Short term borrowings from Banks (including BP/BD

and excess borrowings placed on repayment basis

i) from applicant Bank 0.00 1000.00 1500.00

Sub-total [A] 0.00 0.00 1000.00 1500.00

02.Short term borr. from others

03.Deposits maturing within one year

04.Sundry Creditors/ Trade Payables/ Trade creditors 1746.22 1450.31 2439.46 3068.28

05. Unsecured loans

06. Advances / Progress payments from customers / 818.91 1189.50 1280.40 2007.94

deposits from dealers, selling agents.

07.Interest & other charges accrued but not due for 8.07 0.99

payment.

08.Provision for taxes & others 1943.21 3578.34 0.00 0.00

09.Dividend payable 0.64 1.02 1.72 448.92

10.Other statutory liabilities (P.F./I.T./Court/ Regulatory) 153.09 183.21 238.17 1120.78

11.Instalments of Term Loans / Deferred payment

credits / debentures / redeemable pref.shares

[due within 1 year.

12.Other Current Liabilities and provisions [due within 983.84 1785.72 2428.79 3110.10

one year] (major items to be specified individually)

Sub-total [B] 5645.91 0.00 6396.61 9757.01

13.Total current liabilities [total of items 1 to 12] 5645.91 0.00 7396.61 11257.01

TERM LIABILITIES

14. Debentures (not maturing within one year)

15. Redeemable Preference Shares [ not maturing

within 1 year, but of maturity not exceeding 12 yrs.]

16.Term Loans 3720.05 4191.94

[exclusive of instalment payable within one year] 4476.63 10001.82

17.Deferred payment Credits (EMI to be paid next yrs)

[exclusive of instalment payable within one year]

18. Term Deposits

[payable after one year]

19.Other Term Liabilities

20. Deferred Tax Liability 265.83 277.84 197.55 255.64

21. Unsecured Loans/Q.E.(Loan from Dir./Relative/Frnds)

Total Term Liabilities 3985.88 4469.78 4674.18 10257.46

[total of items 14 to 21]

Total Outside Liabilities 9631.79 4469.78 12070.79 21514.47

[items 13 plus Total Term Liabilities above]

Net Worth

22.Ordinary Share Capital 1115.38 1115.38 1115.38 1115.38

23.Share Application Money/ESOP

24.General Reserve 460.00 785.00 1185.00 1785.00

25.SharePremium 4120.13 4120.13 4120.13 4120.13

26.Revalution Reserves

27.Surplus [+] or Deficit [-] in P & L Account 6622.14 7566.77 3482.27 5357.18

28.Net Worth [ total of items 22 to 27] 0.00 13587.28 9902.78 12377.69

29.Total Liabilities 9631.79 18057.06 21973.57 33892.16

[ total of items TOL and 28]

CURRENT ASSESTS 31.03.2008 31.03.2009 31.03.2010 31.03.2011


30 cash and bank balances 7.05 54.62 134.75 245.68

31.Investments [other than long term investments e.g. 39.01 54.90 81.23

sinking fund, gratuity fund etc.]

i) Government & other Trustee Securities

ii) Fixed deposits with Banks 9.05 973.45 158.08 9.05

iii) Other Liquid Investments 261.11 393.06 1489.56 2386.47

32. Receivable otherthan differed and export 630.93 477.91 0.00 0.00

receivables [including BP/BD by bankers] 156.07 1620.30

33. Instalements of deferred receivables

[due within one year]

34. Inventory :

i)Raw materials [including stores and other items 2014.61 2194.57 4447.33 7112.43

used in process of manufacturing]

ii)Stock in process

iii)Finished goods 2985.92 3564.93 2931.94 7798.68

iv)Other consumable Spares 26.62 43.30

v)others 894.18 1524.38

35.Advances to suppliers of raw materials & stores / 0.00 0.00 594.49 612.64

spares consumables

36. Advance payment of taxes 2049.59 427.07 22.23 131.55

37.Other Current Assets 0.00 0.00 525.92 1297.37

[major items to be specified individually]

38.Total Current Assets 8852.44 9649.00 10541.89 21338.70


FIXED ASSESTS

39.Gross Block [land & building, machinery, 5,065.70 6984.81 10129.83 12589.30

construction in progress etc.]

40.Depreciation to date 937.76 1485.83 2373.93 3283.90

41. a) Net Block [ item 39 minus 40 ] 4127.94 5498.98 7755.90 9305.40

b) Capital WIP 973.08 2221.13 2328.04 1943.53

OTHER NON CURRENT ASSESTS

42.Investments/book debts/advances/deposits which

are not current assets

i)[a] Investments in subsidiaries / affiliates. 314.76 335.20 0.00 0.00

i)[b] Shares

i)[c] Others 0.00 0.00 297.84 297.84

ii)Advances to suppliers of capital goods / spares

and contractors for capital expenditure.

iii)Deferred receivables [ maturing after one year ] 163.02 167.96 494.00 808.59

iv)Others (book debts more than 6 months) 2997.84 522.84 555.89 198.10

43.Non consumable stores and spares

44.Other miscellaneous assets including dues from

Directors.

45.Total other Non Current Assets 3475.62 0.00 1347.73 1304.53

[ total of items 42 to 44 ]

46.Intagible Assets 0.00 0.00 0.00 0.00

[ patents, goodwill, preliminary and formation 0.00

expenses, bad / doubtful debts not provided for ]

47.Total Assets [ total of items 38, 41, 45 and 46 ] 17429.08 0.00 21973.56 33892.16

9631.79 18057.06 21973.57 33892.16

31.03.2008 31.03.2009 31.03.2010 31.03.2011 31.03.2012 31.03.2013

Audited Audited Audited Audited Audited Audited

Marketcap 8550.82 8065.52 7422.72 9076.82 10086.43 13778.42

Marketcap/ N.P+Div.+Depr 2.28 1.51 1.11 0.94 0.70 0.78

nifty pe 20.63 14.29 22.33 22.14 18.71 17.57

Divis pe (from screener data sheet) 24.18 19.00 21.57 20.84 18.47 22.54

comp/mkt (comp val. With ref to mkt) 1.17 1.33 0.97 0.94 0.99 1.28

Cash Profit 3751.98 5351.40 6662.30 9698.58 14402.91 17696.72

cash profit / sales 20.50% 19.21% 19.28% 21.08% 20.50%

corr

48.82%

A/c. Divis Labs

(Rs. in Cr.)

------------------------------------------- ----------------- ---------------------------------------------------

31.03.2008 31.03.2009 31.03.2010 31.03.2011


------------------------------------------- ----------------- ---------------------------------------------------

1 Gross Sales

2 Less : Excise duty

Net Domestic Sales

Export Sales

3 Net Sales 100.00 100.00 100.00 100.00

4 Cost of sales

Raw Material 37.52% 35.91% 33.24% 35.72%

Power & Fuel 0.75% 0.90% 0.79% 0.87%

Purchase of Finished Goods 0.00% 0.00% 0.00% 0.00%

Employee compensation 15.38% 16.52% 17.14% 18.15%

Other manufacturing expenses 14.20% 12.67% 11.99% 10.16%

Depreciation 1.96% 2.82% 2.60% 1.97%

Sub total 69.81% 68.82% 65.76% 66.86%

Add : Opening stock-in-process 3.02% 2.83% 0.00% 0.00%

Less : Closing stock-in-process 3.75% 3.98% 0.00% 0.00%

Cost of production 69.08% 67.66% 65.76% 66.86%

Add : Opening stock of finished goods 9.61% 11.44% 0.00% 0.00%

Less : Closing stock of finished goods 15.17% 13.66% 0.00% 0.00%

Sub total 63.52% 65.44% 65.76% 66.86%

Selling, General & Administrative expenses 16.78% 14.54% 14.26% 11.08%

Packing Material 0.63% 0.53% 0.00% 0.00%

Operating profit before interest 19.07% 19.49% 19.98% 22.06%

6 Interest 1.75% 1.59% 1.19% 1.36%

Interest on Working Capital 1.62% 1.48% 0.77% 0.81%

Interest on Term Loan 0.12% 0.11% 0.42% 0.55%

Operating profit after interest 17.32% 17.90% 18.79% 20.70%

9 Other Income / Expenses -0.13% -0.13% 0.04% -1.03%

Add : Income 0.00% 0.00% 1.87% 2.40%

Less : Expenses 0.13% 0.13% 1.82% 3.44%

10 Profit Before Tax 17.19% 17.77% 18.84% 19.67%

11 Taxation 0.09% 0.09% 2.22% 2.36%

12 Dividend 0.00% 0.00% 0.00% 0.00%

13 Net Profit 17.10% 17.68% 16.61% 17.31%

------------------------------------------- ----------------- ---------------------------------------------------

Net Shareholder cash 19.06% 20.50% 19.21% 19.28%

------------------------------------------- ----------------- ---------------------------------------------------

A/c. Divis Labs 31.03.2008 31.03.2009 31.03.2010 31.03.2011

LIABILITIES Audited Audited Audited Audited

------------------------------------------- ----------------- ---------------------------------------------------

CURRENT LIABILITIES

01.Short term borrowings from Banks (including BP/BD

and excess borrowings placed on repayment basis

i) from applicant Bank 0.00% 0.00% 4.55% 4.43%

ii) from other Banks #REF! #REF! #REF! #REF!

Sub-total [A] #REF! #REF! #REF! #REF!

02.Short term borr. from others 0.00% 0.00% 0.00% 0.00%

03.Deposits maturing within one year 0.00% 0.00% 0.00% 0.00%

04.Sundry Creditors [Trade] 18.13% 8.03% 11.10% 9.05%

05. Unsecured loans 0.00% 0.00% 0.00% 0.00%

06. Advances / Progress payments from customers /8.50% 6.59% 5.83% 5.92%

deposits from dealers, selling agents.

07.Interest & other charges accrued but not due for 0.00% 0.00% 0.04% 0.00%

payment.

08.Provision for taxes & others 20.17% 19.82% 0.00% 0.00%

09.Dividend payable 0.01% 0.01% 0.01% 1.32%

10.Other statutory liabilities 1.59% 1.01% 1.08% 3.31%

11.Instalments of Term Loans / Deferred payment0.00% 0.00% 0.00% 0.00%

credits / debentures / redeemable pref.shares

[due within 1 year.

12.Other Current Liabilities and provisions [due within 10.21% 9.89% 11.05% 9.18%

one year] (major items to be specified individually)

Sub-total [B] 58.62% 45.35% 29.11% 28.79%

13.Total current liabilities [total of items 1 to 12]#REF! #REF! #REF! #REF!

TERM LIABILITIES

14. Debentures (not maturing within one year) 0.00% 0.00% 0.00% 0.00%

15. Redeemable Preference Shares [ not maturing0.00% 0.00% 0.00% 0.00%

within 1 year, but of maturity not exceeding 12 yrs.]

16.Term Loans 38.62% 23.21% 0.00% 0.00%


17.Deferred payment Credits 0.00% 0.00% 0.00% 0.00%


18. Term Deposits 0.00% 0.00% 0.00% 0.00%

[payable after one year]

19.Other Term Liabilities 0.00% 0.00% 0.00% 0.00%

Deffered Tax Liability 2.76% 1.54% 0.90% 0.75%

Unsecured Loans/ Q.E. 0.00% 0.00% 0.00% 0.00%

20. Total Term Liabilities 41.38% 24.75% 0.90% 0.75%


21.Total Outside Liabilities #REF! #REF! #REF! #REF!

[items 13 plus 20]

Net Worth

22.Ordinary Share Capital 11.58% 6.18% 5.08% 3.29%

23.Share Application Money 0.00% 0.00% 0.00% 0.00%

24.General Reserve 4.78% 4.35% 5.39% 5.27%

25.SharePremium 42.78% 22.82% 18.75% 12.16%

26.Revalution Reserves 0.00% 0.00% 0.00% 0.00%

27.Surplus [+] or Deficit [-] in P & L Account 68.75% 41.90% 15.85% 15.81%

28.Net Worth [ total of items 22 to 27] 127.89% 75.25% 45.07% 36.52%

29.Total Liabilities #REF! #REF! #REF! #REF!

[ total of items 21 and 28]

CURRENT ASSESTS 31.03.2008 31.03.2009 31.03.2010 31.03.2011


30.Cash on hand / Bank balances 0.04% #DIV/0! 0.61% 0.72%

31.Investments [other than long term investments e.g.

sinking fund, gratuity fund etc.]

i) Government & other Trustee Securities 0.00% #DIV/0! 0.00% 0.00%

ii) Fixed deposits with Banks 0.05% #DIV/0! 0.72% 0.03%

Other Liquid Investments 1.50% #DIV/0! 6.78% 7.04%

32.i) Receivables other than deferred and export3.62% #DIV/0! 0.00% 0.00%

receivables [including BP/BD by bankers]

33. Instalements of deferred receivables 0.00% #DIV/0! 0.00% 0.00%

[due within one year]

34. Inventory :

i)Raw materials [including stores and other items11.56% #DIV/0! 20.24% 20.99%

used in process of manufacturing]

ii)Stock in process 0.00% #DIV/0! 0.00% 0.00%

iii)Finished goods 17.13% #DIV/0! 13.34% 23.01%

iv)Other consumable Spares 0.00% #DIV/0! 0.12% 0.13%

v)others 5.13% #DIV/0! 0.00% 0.00%

35.Advances to suppliers of raw materials & stores /0.00% #DIV/0! 2.71% 1.81%

spares consumables

36.Advance payment of taxes 11.76% #DIV/0! 0.10% 0.39%

37.Other Current Assets 0.00% #DIV/0! 2.39% 3.83%

[major items to be specified individually]

38.Total Current Assets 50.79% #DIV/0! 47.02% 57.94%


FIXED ASSESTS

39.Gross Block [land & building, machinery, 29.06% #DIV/0! 46.10% 37.15%

construction in progress etc.]

40.Depreciation to date 5.38% #DIV/0! 10.80% 9.69%

41. Net Block [ item 39 minus 40 ] 23.68% #DIV/0! 35.30% 27.46%

Capital WIP 5.58% #DIV/0! 10.59% 5.73%

OTHER NON CURRENT ASSESTS

42.Investments/book debts/advances/deposits which

are not current assets

i)[a] Investments in subsidiaries / affiliates. 1.81% #DIV/0! 0.00% 0.00%

[b] Shares 0.00% #DIV/0! 0.00% 0.00%

[c] Others 0.00% #DIV/0! 1.36% 0.88%

ii)Advances to suppliers of capital goods / spares0.00% #DIV/0! 0.00% 0.00%

and contractors for capital expenditure.

iii)Deferred receivables [ maturing after one year ]0.94% #DIV/0! 2.25% 2.39%

iv)Others (book debts more than 6 months) 17.20% #DIV/0! 2.53% 0.58%

43.Non consumable stores and spares 0.00% #DIV/0! 0.00% 0.00%

44.Other miscellaneous assets including dues from0.00% #DIV/0! 0.00% 0.00%

Directors.

45.Total other Non Current Assets 19.94% #DIV/0! 6.13% 3.85%

[ total of items 42 to 44 ]

46.Intagible Assets 0.00% #DIV/0! 0.00% 0.00%

[ patents, goodwill, preliminary and formation

expenses, bad / doubtful debts not provided for ]

47.Total Assets [ total of items 38, 41, 45 and 46 ]100.00% #DIV/0! 99.04% 94.98%

#REF! #REF! #REF! #REF!

Contingent Liability

----------------------------------

31.03.2012 31.03.2013

Audited Audited

----------------------------------

100.00 100.00

48.02% 54.23%

0.77% 0.76%

1.37% 1.68%

16.68% 16.65%

0.03% 0.02%

1.58% 1.33%

68.45% 74.68%

10.08% 8.44%

10.66% 12.91%

67.87% 70.20%

14.02% 11.55%

14.60% 14.31%

67.29% 67.45%

13.86% 13.94%

0.00% 0.00%

18.84% 18.61%

1.40% 1.29%

0.50% 0.40%

0.91% 0.89%

17.44% 17.32%

2.16% 2.11%

2.62% 2.40%

0.47% 0.28%

19.60% 19.43%

0.10% 0.27%

0.00% 0.00%

19.49% 19.16%

----------------------------------

21.08% 20.50%

----------------------------------

31.03.2012 31.03.2013

Audited Audited

----------------------------------

8.64% 9.40%

#REF! #REF!

#REF! #REF!

0.00% 0.00%

0.00% 0.00%

7.53% 7.04%

0.09% 0.47%

0.06% 0.16%

0.07% 0.08%

5.85% 5.99%

10.73% 11.40%

2.24% 1.30%

0.00% 0.00%

3.97% 3.11%

30.54% 29.53%

#REF! #REF!

0.00% 0.00%

0.00% 0.00%

4.47% 4.64%

0.44% 0.48%

5.69% 5.15%

0.00% 0.00%

2.54% 2.79%

0.00% 0.00%

13.15% 13.05%

#REF! #REF!

2.28% 1.78%

0.00% 0.00%

7.62% 8.00%

8.43% 6.57%

0.00% 0.00%

29.36% 31.66%

47.68% 48.02%

#REF! #REF!

31.03.2012 31.03.2013

Audited Audited

0.02% 0.01%

0.00% 0.00%

0.79% 0.94%

1.44% 0.60%

11.30% 12.18%

0.00% 0.00%

18.56% 22.99%

2.05% 2.40%

22.49% 20.14%

0.00% 0.00%

0.00% 0.00%

1.50% 1.85%

0.25% 0.32%

0.70% 0.36%

59.09% 61.79%

28.26% 27.46%

0.57% 0.60%

27.68% 26.86%

3.55% 5.85%

0.00% 0.00%

0.00% 0.00%

7.19% 3.57%

0.00% 0.00%

0.00% 0.00%

0.51% 0.16%

1.15% 1.16%

0.00% 0.00%

8.85% 4.89%

0.84% 0.62%

100.00% 100.00%

#REF! #REF!

Company name A/c. Divis Labs

WACC

Numbers from your base year below ( in same units)

This year

Revenues 2144.84

Operating income or EBIT 783.01

Book value of equity 2500.6

Book value of debt 30.97

Do you have operating lease commitments? No

Cash and cross holdings 40.89

Number of shares outstanding = 13.27

Current stock price = 1425.95

Effective tax rate = 0.23

Marginal tax rate = 0.35

The value drivers below:

Compounded annual revenue growth rate beginning = 0.2

Compounded annual revenue growth rate ending = 0.1

Target pre-tax operating margin (EBIT as % of sales in year 10) = 0.25

reinvestment/sales ratio (for computing reinvestment) = 11

Target reinvestment/sales Ratio 15

Market numbers

Riskfree rate 0.08

Initial cost of capital = 0.15

Other inputs

Do you have employee options outstanding? No

Number of options outstanding = 173.877

Average strike price = 0.65

Average maturity = 2.04

Standard deviation on stock price = 0.5

Default assumptions.

In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)

Do you want to override this assumption = Yes

If yes, enter the cost of capital after year 10 = 0.1

I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.


If yes, enter the return on capital you expect after year 10 0.12

I will assume that your firm has no chance of failure over the foreseeable future.


If yes, enter the probability of failure = 0.2

What do you want to tie your proceeds in failure to? V

Enter the distress proceeds as percentage of book or fair value 0.5

I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

Do you want to override this assumption = No

I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.

Do you want to override this assumption = No

If yes, enter the NOL that you are carrying over into year 1 250

NOL= Net Operating Losses

Important: Before you run this spreadsheet, go into preferences in Excel and check under Calculation options

There should be a check against the iteration box. If there is not, you will get circular reasoning errors.

Last year

1863.87

684.36

2131.52

55.38

30.93

(No. of sh in Cr.)

Relative to May 2012 valuation

Revenues in 2022 of $39 billion instead of $44 billion

Target margin dropped from 35% to 32%

should be inline wirh ebdita margin /sales growth

In stable growth, I will assume that your firm will have a cost of capital similar to that of typical mature companies (riskfree rate + 4.5%)

Mature companies generally see their risk levels approach the average

Though some sectors, even in stable growth, may have higher risk.

I will assume that your firm will earn a return on capital equal to its cost of capital after year 10. I am assuming that whatever competitive advantages you have today will fade over time.

Mature companies find it difficult to generate returns that exceed the cost of capital

But there are significant exceptions among companies with long-lasting competitive advantages.

I will assume that your firm has no chance of failure over the foreseeable future.

Many young, growth companies fail, especially if they have trouble raising cash. Many distressed companies fail, because they have trouble making debt payments.

Tough to estimate but a key input.

B: Book value of capital, V= Estimated fair value for the company

This can be zero, if the assets will be worth nothing if the firm fails.

I will assume that your effective tax rate will adjust to your marginal tax rate by your terminal year. If you override this assumption, I will leave the tax rate at your effective tax rate.

I will assume that you have no losses carried forward from prior years ( NOL) coming into the valuation. If you have a money losing company, you may want to override tis.

Check the financial statements.

An NOL will shield your income from taxes, even after you start making money.

(Rs. In Cr.)


Computed numbers: Here is what your company's numbers look like, relative to industry.

Revenue growth in the most recent year =

Pre-tax operating margin in the most recent year =

Sales to capital ratio in most recent year =

Return on invested capital in most recent year=

Standard deviation in stock prices =

Cost of capital =


Company Industry (US data)

0.150745492 #REF!

0.365066858 #REF!

0.861146354 #REF!

0.27965032 #REF!

#REF!

#REF!

Base year

1 2 3

Revenue growth rate 13.60% 13.60% 13.60%

Revenues 91674.29 104141.99 118305.30 134394.83

EBIT 17.53% 32.00% 30.00% 28.00%

EBIT (Operating income) 16072.05 33325.44 35491.59 37630.55

Tax rate 1.44% 24.50% 25.00% 28.00%

EBIT(1-t) 15839.99 25160.71 26618.69 27094.00

Asset Growth 27.32% 13.00% 11.00% 11.00%

Asset 47073.09 53192.59 59043.78 65538.59

Gross Block as % of assets 27.46% 45.00% 48.00% 40.00%

Gross Block 12927.25 23936.67 28341.01 26215.44

Depreciation as a % of Gross Block 5.50% 5.50% 5.50%

Depreciation 1149.39 1316.52 1558.76 1441.85

FCInv as a % of change in assets 38.12% 63.00% 50.00% 45.00%

FCInv 3849.70 3855.29 2925.59 2922.67

WCInv as a % of change in assets 19.81% 38.00% 40.00% 41.00%

WCInv 3768.13 2325.41 2340.47 2662.87

OtherInv as a % of assets 0.00 0.00 0.00 0.00

OtherInv 0.00 0.00 0.00 0.00

FCFF 9371.55 20296.53 22911.38 22950.30

Growth 13.60% 15.00% 16.00%

WACC 20.00% 20.00% 15.00%

discount factor 0.83 0.69 0.66

PV(FCFF) 16913.77 15910.68 15090.20

Total Present value 1286456.86

Debt 2.10

PV to equity holders 1286454.76

Total shares in Cr. 13.28

Per share Price 96871.59

Terminal cash flow 280.560763

Terminal cost of capital 0.1

Terminal value 14028.0381

PV(Terminal value) 4137.60285

PV (CF over next 10 years) 2373.06594

Sum of PV 6510.66879

Probability of failure = 0.2

Proceeds if firm fails = 3253.71834

Value of operating assets = 5859.2787

Debt 30.97

Cash 40.89

Value of equity 5869.1987

- Value of options 0

Value of equity in common stock 5869.1987

Number of shares 13.27

Estimated value /share 442.290784

Price 1425.95

Price as % of value 3.22401021

Implied variables

reinv./sales 11 11.4 11.8

Invested capital

Terminal Year

4 5 5

10.00% 10.00% 3.00%

147834.31 162617.74 167496.27

26.00% 24.00% 20.00%

38436.92 39028.26 33499.25 1851.58

30.00% 33.00% 30.00%

26905.84 26148.93 23449.48

9.00% 9.00% 7.00%

71437.07 77866.40 83317.05

39.00% 38.00% 36.00%

27860.46 29589.23 29994.14

5.50% 5.50% 4.50%

1532.33 1627.41 1349.74

40.00% 40.00% 35.00%

2359.39 2571.73 1907.73

43.00% 44.00% 45.00%

2536.34 2828.91 2452.79

0.00 0.00 0.00

0.00 0.00 0.00

23542.44 22375.70 ########

11.00% 8.00% 10.00%

15.00% 13.00% 11.00%

0.57 0.54 0.59

13460.46 12144.63 ########

After year 10

12.2 12.6 15

650

Dec ' 13 Sep ' 13 Jun ' 13 Mar ' 13 Dec ' 12 Sep ' 12

Net Sales/Income from operations 687.41 565.88 515.88 649.61 533.33 472.6

Other Operating Income 1.86 1.07 1.27 1.67 1.03 1.14

Total Income From Operations 689.27 566.95 517.15 651.28 534.36 473.74

EXPENDITURE

Increase/Decrease in Stocks 11.51 -101.33 -106.4 20.91 -39.72 -69.78

Consumption of Raw Materials 244.73 281.49 283.89 233.17 260.8 231.31

Purchase of Traded Goods 0 0 0 0 0.14 0

Power & Fuel 0 0 0 0 0 0

Employees Cost 57.1 56.15 53.03 53.86 45.52 43.37

Depreciation 23.27 22.52 20.88 20.27 20.36 18.79

Excise Duty 0 0 0 0 0 0

Admin. And Selling Expenses 0 0 0 0 0 0

R & D Expenses 0 0 0 0 0 0

Provisions And Contingencies 0 0 0 0 0 0

Exp. Capitalised 0 0 0 0 0 0

Other Expenses 88.14 81.92 89.45 90.96 85.31 103.85

P/L Before Other Inc. , Int., Excpt. Items & Tax 264.52 226.2 176.3 232.11 161.95 146.2

Other Income 7.91 36.54 53.42 7.59 22.32 8.47

P/L Before Int., Excpt. Items & Tax 272.43 262.74 229.72 239.7 184.27 154.67

Interest 0.35 0.39 0.41 0.62 0.44 0.31

P/L Before Exceptional Items & Tax 272.08 262.35 229.31 239.08 183.83 154.36

Exceptional Items 0 0 0 0 0 0

P/L Before Tax 272.08 262.35 229.31 239.08 183.83 154.36

Tax 53.06 57.42 54.6 57.25 36.59 36.39

P/L After Tax from Ordinary Activities 219.02 204.93 174.71 181.83 147.24 117.97

Prior Year Adjustments 0 0 0 0 0 0

Extra Ordinary Items 0 0 0 0 0 0

Net Profit/(Loss) For the Period 219.02 204.93 174.71 181.83 147.24 117.97

Equity Share Capital 26.55 26.55 26.55 26.55 26.55 26.55

Reserves Excluding Revaluation Reserves 0 0 0 0 0 0

Equity Dividend Rate (%) 0 0 0 0 0 0

EPS Before Extra Ordinary

Basic EPS 16.5 15.44 13.16 13.7 10.86 8.89

Diluted EPS 16.5 15.44 13.16 13.7 10.86 8.89

EPS After Extra Ordinary

Basic EPS 16.5 15.44 13.16 13.7 10.86 8.89

Diluted EPS 16.5 15.44 13.16 13.7 10.86 8.89

Public Share Holding

No Of Shares (Lakhs) 635.56 635.12 635.12 635.12 635.12 635.12

Share Holding (%) 47.88 47.85 47.85 47.85 47.85 47.85

Promoters and Promoter Group Shareholding

a) Pledged/Encumbered

#NAME? 0 0 0 0 0 0

- Per. of shares (as a % of the total sh. of prom. and promoter group) 0 0 0 0 0 0

- Per. of shares (as a % of the total Share Cap. of the company) 0 0 0 0 0 0

b) Non-encumbered

#NAME? 691.78 692.22 692.22 692.22 692.22 692.22

- Per. of shares (as a % of the total sh. of prom. and promoter group) 100 100 100 100 100 100

- Per. of shares (as a % of the total Share Cap. of the company) 52.12 52.15 52.15 52.15 52.15 52.15

PBITOE margin (%)/ Operating profit Margin (%) 38.37 39.89 34.09 35.63 30.3 30.86

PBTE Margin (%) 39.47 46.27 44.34 36.7 34.4 32.58

PBT Margin (%) 39.47 46.27 44.34 36.7 34.4 32.58

PAT Margin/ NP Margin (%) 31.77 36.14 33.78 27.91 27.55 24.9

Jun ' 12 Mar ' 12 Dec ' 11 Sep ' 11

468.41 707.96 414.68 354.08

1.1 3.47 2.74 11.98

469.51 711.43 417.42 366.06

-11.74 72.71 -42.42 -4.69

171.38 236.64 204.03 148.93

0 0.1 0 0

0 0 0 0

48.45 43.93 35.9 23.81

17.48 16.63 16.2 15.2

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

0 0 0 0

69.88 71.69 68.81 59.82

174.06 269.73 134.9 122.99

40.66 4.37 25.7 10.76

214.72 274.1 160.6 133.75

0.41 2.73 0.2 0.59

214.31 271.37 160.4 133.16

0 0 0 0

214.31 271.37 160.4 133.16

46.93 56.59 37.85 27.11

167.38 214.78 122.55 106.05

0 0 0 0

0 0 0 0

167.38 214.78 122.55 106.05

26.55 26.55 26.54 26.53

0 0 0 0

0 0 0 0

12.61 16.19 9.24 8

12.61 16.19 9.24 7.99

12.61 16.19 9.24 8

12.61 16.19 9.24 7.99

635.12 635.12 634.81 634.54

47.85 47.85 47.84 47.83

0 0 0 0

0 0 0 0

0 0 0 0

692.22 692.22 692.22 692.22

100 100 100 100

52.15 52.15 52.16 52.17

37.07 37.91 32.31 33.59

45.64 38.14 38.42 36.37

45.64 38.14 38.42 36.37

35.64 30.18 29.35 28.97

Statement of Assets and Liabilities:

(Rs. in lakhs)

STANDALONE

Particulars As At

30.09.2013 31.03.2013

A EQUITY AND LIABILITIES

1 Shareholders' Funds

a) Share Capital 2655 2655

b) Reserves and Surplus 290637 252673

c) Money received against share warrants 0 0

Sub-total — Shareholders' funds 293292 255328

2 Share application money pending allotment 0 0

3 Minority interest 0 0

4 Non-current liabilities

a) Long-term borrowings 210 210

b) Deferred tax liabilities (net) 10079 8655

c) Other long-term liabilities 0 0

d) Long-term provisions 269 239

Sub-total — Non-current liabilities 10558 9104

5 Current Liabilities

a) Short-term borrowings 3257 3051

b) Trade payables 20040 15831

c) Other current liabilities 11855 12935

d) Short-term provisions 73 23342

Sub-total — Current liabilities 35225 55159

TOTAL - EQUITY AND LIABILITIES 339075 319591

B ASSETS

1 Non-current assets

a) Fixed assets 131594 121191 10403

b) Goodwill on consolidation 0 0

c) Non-current investments 282 282

d) Deferred tax assets (net) 0 0

e) Long-term loans and advances 10023 10727

f) Other non-current assets 0 0

Sub-total — Non-current assets 141899 132200

2 Current assets

a) Current investments 31223 40781

b) Inventories 100004 80595

c) Trade receivables 55875 55890

d) Cash and cash equivalents 2818 3468

e) Short-term loans and advances 6603 5989

f) Other current assets 653 668

Sub-total — Current assets 197176 187391

TOTAL - ASSETS 339075 319591

sud sudha

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