10131_nandhakumar b_fm2

8/7/2019 10131_Nandhakumar B_FM2

1/10

Ratio Analysis Mar '01 Mar '02 Mar '03 Mar '04

Net Sales 141.49 165.07 192.83 234.49

Reported Net Profit 8.1 11.11 14.91 17.62

Extra-ordinary items -0.05 -4.92 -0.02 -3.26

sted net profit=Reported net profit-extraordinary it 8.15 16.03 14.93 20.88

Interest 1.56 0.79 0.51 0.72

Share Holders Funds 30.77 34.92 44.52 55.83

Debt Holders Funds 9.25 2.26 5.7 23.02Total Assets 40.01 37.18 50.22 78.85

NPM=ANP/NS 0.06 0.1 0.08 0.09

ROE (ANP/SHF) 0.26 0.46 0.34 0.37

ROI=PAIAT/(SHF+DHF) 0.24 0.32 0.31 0.23

Total Share Capital 10.78 9.99 9.99 9.99

Cost of Equity 0.86 0.8 0.8 0.8

Economic Profit=RNP-Cost of Equity 7.24 10.31 14.11 16.82

Economic Profit=ANP-Cost of Equity 7.29 15.23 14.13 20.08

ROE Analysis Mar '01 Mar '02 Mar '03 Mar '04

NPM=ANP/NS 0.06 0.1 0.08 0.09R-Total Asset Turn Over Ration(Net Sales/Total Ass 3.54 4.44 3.84 2.97

TA/SHF 1.3 1.06 1.13 1.41

ROE (ANP/SHF) 0.26 0.46 0.34 0.37

Efficiency Ratios Mar '01 Mar '02 Mar '03 Mar '04

Net Sales 141.49 165.07 192.83 234.49

Net Block 32.15 32.96 38.82 45.49

Total Current Asset 14.9 13.57 25.22 41.56

Inventories 7.96 5.09 12.79 26.57

Sundry Debtors 1.31 0.81 0.9 1.12

Raw Materials 106.92 119.67 145.31 184.02Power & Fuel Cost 4.93 5.03 6.39 7.75

Employee Cost 4.46 5.64 6.65 8.17

Less: Accum. Depreciation 2.29 2.49 4.5 3.94

1.46 -2.64 5.48 11.9

Total Expenses 126.64 141.53 170.85 215.55

COGS=RMC+P&F+EC+DEP+OME 128.93 144.02 175.35 219.49

Credit Sales/day 0.39 0.45 0.53 0.64

TATR=NS/TA 3.54 4.44 3.84 2.97

FATR=NS/NFA(net block) 4.4 5.01 4.97 5.15

CATR=NS/TCA 9.5 12.16 7.65 5.64

ITR=COGS/Inventory 16.2 28.29 13.71 8.26

ACP=Debtors/cr.sales per day 3.38 1.79 1.7 1.74

*All values are in Cr.

Stock Adjustments


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Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10

266.13 292.07 346.33 588.03 792.56 900.38

10.16 13.17 1.73 0.94 -34.96 5.72

-0.06 -0.47 -1.41 0 -0.66 -0.13

10.22 13.64 3.14 0.94 -34.3 5.85

1.11 0.91 2.66 17.39 20.48 16.67

62.64 72.49 69.3 118.89 83.96 86.88

12.14 18.73 104.98 153.55 179.6 184.4574.77 91.23 174.29 272.44 263.56 271.32

0.04 0.05 0.01 0 -0.04 0.01

0.16 0.19 0.05 0.01 -0.41 0.07 reported net profit+ intere

0.15 0.15 0.03 0.07 -0.05 0.08

9.99 9.99 11.53 11.53 11.53 11.53

0.8 0.8 0.92 0.92 0.92 0.92

9.36 12.37 0.81 0.02 -35.88 4.8

9.42 12.84 2.22 0.02 -35.22 4.93


0.04 0.05 0.01 0 -0.04 0.013.56 3.2 1.99 2.16 3.01 3.32

1.19 1.26 2.52 2.29 3.14 3.12

0.16 0.19 0.05 0.01 -0.41 0.07


266.13 292.07 346.33 588.03 792.56 900.38

50.37 53.33 95.57 162.41 203.67 215.24

40.51 50.85 73.9 104.82 90.53 113.02

23.6 25.73 44.88 45.39 49.39 76.31

1.66 2.33 4.38 9.27 11.46 12.08

204.64 229.35 281.68 486.93 634.25 705.199.12 10.03 11.5 3.55 20.66 19.98

8.15 9.79 15.46 35.46 49.51 48.51

4.01 4.8 6.78 10.55 17.22 19.64

-5.2 1.33 7.83 8.37 -3.76 8.87

240.26 268.88 342.39 607.9 785.96 865.15

244.27 273.68 349.17 618.45 803.18 884.79

0.73 0.8 0.95 1.61 2.17 2.47

3.56 3.2 1.99 2.16 3.01 3.32

5.28 5.48 3.62 3.62 3.89 4.18

6.57 5.74 4.69 5.61 8.75 7.97

10.35 10.64 7.78 13.63 16.26 11.59

2.28 2.91 4.62 5.75 5.28 4.9


3/10

t(PAIAT)


4/10

Leverage Ratios Mar '01 Mar '02 Mar '03 Mar '04 Mar '05

DHF 9.25 2.26 5.7 23.02 12.14

SHF 30.77 34.92 44.52 55.83 62.64

No of Shares ### ### ### ### ###

Price 17.75 40 109.1 74.85 161.45

Mcap ### ### ### ### ###

Profit Before Tax 14.2 20.16 27.75 31.31 20.32

Interest 1.56 0.79 0.51 0.72 1.11PBIT 15.76 20.95 28.26 32.03 21.43

Current Liabilities 8.85 1.36 0.31 7 2.4

Total Share Capital 10.78 9.99 9.99 9.99 9.99

Closing Year Price 17.75 40 109.1 74.85 161.45

MCAP 19.13 39.96 108.99 74.78 161.29

Total Assets 40.01 37.18 50.22 78.85 74.77

COGS=RMC+P&F+EC+DEP+OME 57.76 77.18 159.32 153.7 236.22

Debt Ratio(BV)=DHF/TA 0.23 0.06 0.11 0.29 0.16

Book Value (Rs) 28.49 32.38 44.56 55.88 62.7

Debt Ratio(MV)=DHE/MCAP+MD) 0.33 0.05 0.05 0.24 0.07Interest Coverage Ratio(EBIT/Int) 10.1 26.52 55.41 44.49 19.31

C payable ratio=A/c payable or CL/COG 0.15 0.02 0 0.05 0.01

Liquidity Ratio Mar '01 Mar '02 Mar '03 Mar '04 Mar '05

CA 14.9 13.57 25.22 41.56 40.51

CL 7.72 13.97 17.21 19.61 20.9

Inventories 7.96 5.09 12.79 26.57 23.6

QA=CA-Inventories 6.94 8.48 12.43 14.99 16.91

CR=CA/CL 1.93 0.97 1.47 2.12 1.94

QR=QA/CL 0.9 0.61 0.72 0.76 0.81

Aaltman's Z-ScoreZ>2.675 z=1.81 to 2.675

Total Current Asset(TCA) 14.9 13.57 25.22 41.56 40.51

Total Current Liability(TCL) 8.85 1.36 0.31 7 2.4

Total Asset(TA) 40.01 37.18 50.22 78.85 74.77

Net Working Capital(NWC)=TCA-TCL 6.05 12.21 24.91 34.56 38.11

NWC/TA 0.15 0.33 0.5 0.44 0.51

Reported Net Profit 8.1 11.11 14.91 17.62 10.16

Dividends 1.6 2 2.75 2.75 3

Retained Earnings(RE)=ANP-D 6.5 9.11 12.16 14.87 7.16

EBIT=PBT+Int 15.76 20.95 28.26 32.03 21.43

EBIT/TA 0.39 0.56 0.56 0.41 0.29

Market Value of Equity(MVE) 19.13 39.96 108.99 74.78 161.29

Book Value of Debt(BVD) 9.25 2.26 5.7 23.02 12.14

MVE/BVD 2.07 17.68 19.12 3.25 13.29

Net Sales 141.49 165.07 192.83 234.49 266.13

NS/TA 3.54 4.44 3.84 2.97 3.56

Z Score 6.49 17.65 18.1 7.05 13.22



5/10

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

18.73 104.98 153.55 179.6 184.45

72.49 69.3 118.89 83.96 86.88

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

174.45 339.95 72 205 218.75

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

24.83 10.33 11.23 -11.07 30.36

0.91 2.66 17.39 20.48 16.6725.74 12.99 28.62 9.41 47.03

1.26 62.77 147.56 172.01 175.53

9.99 11.53 11.53 11.53 11.53

174.45 339.95 72 205 218.75

174.28 391.96 83.02 236.37 252.22

91.23 174.29 272.44 263.56 271.32

265.68 514.24 344.44 468.56 490.07

0.21 0.6 0.56 0.68 0.68

72.57 69.37 100.35 70.05 75.35

0.1 0.21 0.65 0.43 0.4228.29 4.88 1.65 0.46 2.82

0 0.12 0.43 0.37 0.36

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

50.85 73.9 104.82 90.53 113.02

25.08 41.5 74.12 80.67 94.84

25.73 44.88 45.39 49.39 76.31

25.12 29.02 59.43 41.14 36.71

2.03 1.78 1.41 1.12 1.19

0.97 0.92 1.63 1.63 1.24

z


6/10

Balance Sheet of Heritage Foods Limited

Mar '09 Mar '10 Change S/U

Sources Of Funds

Total Share Capital 11.53 11.53 0 SEquity Share Capital 11.53 11.53 0 S

3.19 0 -3.19 S

Preference Share Capital 0 0 0 S

Reserves 69.24 75.35 6.11 S

Revaluation Reserves 0 0 0 S

Networth 83.96 86.88 2.92 S

Secured Loans 172.01 175.53 3.52 U

Unsecured Loans 7.59 8.92 1.33 S

Total Debt 179.6 184.45 4.85

Total Liabilities 263.56 271.33

Application Of Funds

Gross Block 264.47 294.24 29.77 U

Less: Accum. Depreciation 60.8 79 18.2 S

Net Block 203.67 215.24 11.57

Capital Work in Progress 13.98 8.71 -5.27 S

Investments 0.27 0.92 0.65 UInventories 49.39 76.31 26.92 U

Sundry Debtors 11.46 12.08 0.62 U

Cash and Bank Balance 29.68 24.63 -5.05 U

Total Current Assets 90.53 113.02 22.49

Loans and Advances 34.41 35.87 1.46 S

Fixed Deposits 1.37 0 -1.37 S

126.31 148.89 22.58

Deffered Credit 0 0 0 U

Current Liabilities 80.67 94.84 14.17 S

Provisions 0 7.6 7.6 S

Total CL & Provisions 80.67 102.44 21.77

Net Current Assets 45.64 46.45 0.81

Miscellaneous Expenses 0 0 0 S

Total Assets 263.56 271.32 7.76


Share Application Money

Total CA, Loans & Advances


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8/10

. Funds Flow Statement:Total Funds Basis

Sources Uses

Inc Share Capital 0.00 Secured Loans -3.52

Equity Share Capital 0.00 Gross Block 29.7

-3.19 Investments 0.65

Preference Share Capital 0.00 Inventories 26.92

Inc Reserves 6.11 Debtors 5.47

Depreciation 18.20 oans and Advance -1.46Revaluation Reserves 0.00 Current Liabilities -14.17

Less: Accum. Depreciation 18.20

Capital Work in Progress -5.27

Fixed Deposits 1.30

Provisions 7.60

Unsecured Loans -1.33

41.62 43.59

unds Flow Statement:Working Capital Basis

rces and Uses of Working Capital Basis

Sources Uses5.72 Dividends -2.08

Depreciation 18.20 Secured Loans 3.52

Gross Block 29.77

are Premium=Inc in Res-(RNP-Dividend -1.36

Unsecured Loans 1.33

Capital Work in Progress 5.27

Fixed Deposits -1.37

27.79 31.21

Net Funds Available for Addl WC -3.42

Net funds available for Addl WC

anges in Contents of Working Capital

Item Impact on WC

Inc Provisions -7.6 Dec

Inc Inventories 26.92 Inc

Inc in Debtors -0.62 Inc

Dec in Cash and Cash Balances -5.05 Dec

Dec in Loan & Adv -1.46 Dec

Dec In Fd -1.73

Inc in current liabilities -14.17 Dec

hange in WC=(Sum of inc - Sum of -3.71

.Funds Flow Statement: Cash Basis

Change in Sources of Cash User of Cash

Total Share Capital 0 Secured Loans -3.52

Equity Share Capital 0 Gross Block 29.77

Share Application Money 3.19 Investments 0.65

Preference Share Capital 0 Inventories 26.92

Reported Net Profit 5.72 Sundry Debtors 0.65

Share Application Money

Reported Net Profit


9/10

Revaluation Reserves 0 Dividends -2.08

Unsecured Loans -1.33

Less: Accum. Depreciation 18.2

Capital Work in Progress -5.27

Loans and Advances 1.46

Fixed Deposits 1.37

Current Liabilities 14.17

are Premium=Inc in Res-(RNP-Dividend -1.36Provisions 7.6

45.99 52.39

-6.4



10/10

Classified Cash Flow Stmt For 2009-10

Cash Flow from operating activities

Profit before tax and extra. Items 47.03

Add: Interest 16.67

Add: Depriciation 19.64

Increase in inventories -26.92

Increase in debtors -4.85

Decrease in loans and advances -1.46Increase in Liabilities 7.77

Increase in Provisions 7.6

Before tax cash flow from operations 44.1

Less: tax(incl diff tax) 4.98

Post tax operating Cash flow 34.57

Cash Flow from investing activities

Increase in gross block -29.77

Increase in investments -0.65

Decrease in CWIP 5.27Decrease in Fixed Deposits -1.37

Total CF from investing activities -26.74

Cash Flow from financing activities

Share Premium -1.36

Dividends -2.08

Interest -16.67

dec Secured Loans 3.52

Sale of Items -0.13

Fixed Deposits 1.70dec Unsecured Loans 1.33

Total CF from financing activities -14.24

Cash Flow from Extraordinary Item -0.13

Net Change in Cash & BB -6.41


10131_nandhakumar b_fm2

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