group no 7_monnet ispat & power

8/12/2019 Group No 7_Monnet Ispat & Power

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2013 2012

Free cash flow

Reported cash from operations 7981529824 4589171607

Net interest paymnet after tax 689843427.7 397722891.3

8671373252 4986894498

Cash invested reported 37959580327 25448988097

Investment in operating cash 3859167.795 18158675.09

Investment in financial assts 1626783526 264642057

36336655969 25731788829

Free cash flow -27665282717 -20744894330.79

Financing flows to claimants

reported cash from financenet interest payment after tax

Debt finanacing

Issue of long-term debt 28990563279 21867271840

Reductions in long term debt 0 0

Investment in financial assets 1626783526 938578233

Net interest payment after tax 689843427.7 397722891.3

Investment in cash equivalents 1214102832 1289357812

-27888039157 -21118769370

Equity financingShare issues 0

Share repurchase 196506440 0

Dividends 26250000 373875039

Total financing flows 222756440 373875039

-27665282717 -20744894331


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2013 2012

interest paid 1306222270 891722910

interest received 320731659 323547351

Net interest paid after tax 689843427.7 397722891.3

2013 2012 2011

cash & cash equivalent 7558876620 8769120284 7461603797

sales 20659110795 19887277236 16255542218

operating cash 103295554 99436386.18 81277711.09

cash equivalent 7455581066 8669683898 7380326086

investment in operating cash 3859167.795 18158675.09

investment in cash equivalent -1214102832 1289357812

0

2013 2012 2011

pat 2234628445 2633442079

surplus 25707293596 23584300714 20762827224Dividend paid 111635563 -188031411


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2009 2010 2011 2012 2013

EPS 44.22 53.64 48.61 44.9 39.07DPS 5 5 5 2.5 1.5

BPS 268.2 316.84 360.45 402.85 440.42

ROCE 20 15.34212852 12.456651 9.6983989

RR 14.57 14.57 14.57 14.57

RE 14.56326 2.446412 -7.617565 -19.62525


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Revenue

Operating Expense

Cost of revenueresearch and development

sales and marketing

general & administrative

Excise duty

Operating income from sales before tax

tax as reported

tax on the operating income

operating income from sales after tax NOI

Finance cost

Interest Income

Dividend income

tax on financing income

Minority interest

NFE

Comprehensive income

Operating Income


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2013 2012

22852185451 21535114508

4598407938 147800295090 0

0 0

1305326370 999451396

2193074656 1647832272

524079609.8 635368266.4

13308370912 2769438841

1318465664 1004277462

320731659 323547351

291705273 143027366

922925964.8 702994223.4

13172909 21135283

1642127606 1261832251

11666243307 1507606590

18253777513 6755084999


8/36

Reformulated Balance Sheet2013

Net operating asset

Operating Asset

Operating Cash 3601741945

Accounts Receivable 4110029787

Inventories 8210567644Fixed Asset

Tangible Asset 15754246705

Intangible Asset 1287961915

17042208620

Deposit Provided for Credit 791866331

Short term loans and advances 5118229395

Work In Progress 71892775043

Operating Liabilities

Deffered tax liability 1649642468

Long Term provision 81286786

Trade Payable 1323310893

Other Current liabilty 8616268445

NOA 99096910173

Net Financial Obligation

Cash Equivalents 4269862145

Non Current Investments 2714819225

Long Term Loans and Advances 9533391225

Other current Asset 120878608Current Investment 994550

Non Current Bank Deposits 319850843

Long Term Borrowing 64440422312

Current Liabilities 5783057471

Short term borrowings 16134207171

Short term Provisions 112575279

NFO 69510465637

Shareholder's Fund 28194782820

Share application money pending allotment 84949364

Minority Interest 1306712352Common Shareholder's Equity 29586444536

0

Average CSE


9/36

2012

3853410591

2989555329

5914639021

15704870097

1288684359

16993554456

185202255

7613481187

36479308319

1498816824

79516109

903772865

2758558655

68788486705

5745367960 Total Cash & Bank Balance -Operating Cash

1078770967

7029723406

7207834110259283

722642393 Other current asset -deposit for credit

40981501086

4994041911 Current maturity of long term debt+Unpaid dividend+

11886972156

186467010

43390139813

24277851198

50401130 2011

107009456425398346892 CSE 21941541292

0

27492395714


10/36

Reformulated Balance Sheet

Net operating asset

Operating Asset

Operating CashAccounts Receivable

Inventories

Fixed Asset

Tangible Asset 15754246705

Intangible Asset 1287961915

Deposit Provided for Credit

Short term loans and advances

Work In Progress


Deffered tax liability

Long Term provision

Trade Payable

Other Current liabilty

NOA


Cash Equivalents

Non Current InvestmentsLong Term Loans and Advances

Other current Asset

Current Investment

Non Current Bank Deposits

Long Term Borrowing

Current Liabilities

Short term borrowings

Short term Provisions

NFO

Shareholder's FundShare application money pending allotment

Minority Interest

Common Shareholder's Equity

RNOA 0.184201278


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Operating Leverage 0.117768643

ROOA 0.83121841

Operating spread 0.1605771

Financial Leverage 2.349402462

Operating Profit Margin 0.184201278

NBC nfe/nfo 0.023624178

ROCE 0.561461513

ROCE 0.561461513

ROCE 0.561461513ROCE 0.561461513


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2013 2012

3601741945 38534105914110029787 2989555329

8210567644 5914639021

15704870097

1288684359

17042208620 16993554456

791866331 185202255

5118229395 7613481187

71892775043 36479308319

1649642468 1498816824

81286786 79516109

1323310893 903772865

8616268445 2758558655

99096910173 68788486705

4269862145 5745367960

2714819225 10787709679533391225 7029723406

120878608 72078341

994550 10259283

319850843 722642393

64440422312 40981501086

5783057471 4994041911

16134207171 11886972156

112575279 186467010

69510465637 43390139813

28194782820 2427785119884949364 50401130

1306712352 1070094564

29586444536 25398346892

0 0

27492395714


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2012

oi-nfe/cse 0.21628387

RNOA x (NOA/CSE) NBC x (NFO/CSE)

rofit Margin+Financial Leverage*Operating Spread= (OI / NOA) x (NOA/CSE) (NFE/NFO) x (NFO/CSE


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Total Cash & Bank Balance -Operating Cash

Other current asset -deposit for credit

Current maturity of long term debt+Unpaid dividen


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2013

Revenue 22852185451

Operating ExpenseCost of revenue 4598407938

research and development 0

sales and marketing 0

general & administrative 1305326370

Excise duty 2193074656

Operating income from sales before tax

tax as reported

tax on the operating income 524079609.8

operating income from sales after tax NOI 13308370912

Finance cost 1318465664

Interest Income 320731659

Dividend income 291705273tax on financing income 922925964.8

Minority interest 13172909

NFE 1642127606

Comprehensive income 11666243307

2013

Operating Income 18253777513

d+


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18/36

2012

21535114508

14780029509

0

0

999451396

1647832272

635368266.4

2769438841

1004277462

323547351

143027366702994223.4

21135283

1261832251

1507606590

2012

6755084999


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Beginning Book Value of common equity

Transasction with shareholdersShare Forfeited 172414

Stock issued 0

Stock repurchased 6061260

Common dividend paid 95597522

Comperhensive Income

Net income reported 2221455536

Currency Translational gain 219220892

Gains on hedging instruments 0

Preffered Dividends 624288

Balance Book Value of common equity


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2013 2012

643378070 643378070

172414

0

0

101486368 160439683 160267269

2612306797

10667939

0

2440052140 0 2622974736

2981943842 3106085537


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2008-2009 2009-2010 2010-2011 2011-2012 2012-201

Net Cash Flow from operating acitivi 41.2 449.67 -25.28 300.69 297.9

Investment in Operating Activities 270.22 799.03 813.91 1299.57 2062.21

Free Cash Flow -229.02 -349.36 -839.19 -998.88 -1764.31

The free cas flow is negative so we cannot use this method.


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2008-2009 2009-2010 2010-2011 2011-2012 2012-2013

Dividend 5.00 5.00 5.00 2.50 1.50

Cost of equity 14.58%

Terminal Value

Discounted Cash Flow 4.36 3.81 3.32 1.45 0.76

Growth rate of Dividends 12.56%.Present value of terminal value 32.82

Price of stock 32.82

Valuation using Divdend Discount Model


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2013-2014 2014-2015 2015-201 2016-2017 2017-2018

1.50 1.50 1.50 1.50 1.50

74.26

0.66 0.58 0.50 0.44 0.38


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Amount % Amount %

Revenue from operations 1694.8 100 1748.8 103.1862

Less excise duty 121.8 100 123.3 101.23151573 100 1625.5 103.3376

other income 29.3 100 27.3 93.17406

total Revenue 1602.3 100 1652.8 103.1517

Expenses:

Cost of material 932.03 100 932.08 100.0054

purchase of stock in trade 1.1 100 1.12 101.8182

change in inventories 43.6 100 39.2 89.90826

Employee benefit expense 74.6 100 83.1 111.3941

finance cost 30.9 100 34.9 112.945Depriciation and ammortization 73.8 100 79.1 107.1816

other expenses 171.8 100 244.7 142.4331

total expenses 1240.8 100 1678.3 135.2595

Profit before expetional items and tax 361.5 100 358.8 99.25311

extra ordinary items 0 100 0 #DIV/0!

Tax expense 98.2 100 81.4 82.89206

profit for year 263.3 100 277.4 105.3551

less: share of profit transferred to minority 2.1 100 2.1 100

PAT 261.2 100 276.5 105.8576

EPSBasic 40.6 100 47.81 117.7586

Diluted 39.32 100 46.14 117.3449

2010-2011 2011-2012


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Amount %

2153.5 127.0651

164.7 135.22171988.7 126.4272

46.6 159.0444

2035.3 127.0237

1213.6 130.2104

0 0

70.4 161.4679

108.4 145.3083

100.4 324.919181.4 110.2981

202.8 118.0442

1294.04 104.2908

357.009 98.75768

0

93.709 95.42668

263.3 100

0.95 45.2381

261.2 100

40.6 100

39.32 100

2012-2013


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Date Index price Stock price

Jan-10 16,357.96 384.55

Feb-10 16,429.55 0.43764626 370 -3.78364

Mar-10 17,527.77 6.68441923 427.25 15.47297

Apr-10 17,558.71 0.17651989 432.2 1.158572

May-10 16,944.63 -3.49729564 376.25 -12.9454Jun-10 17,700.90 4.46318391 402.65 7.016611

Jul-10 17,868.29 0.94565813 444.85 10.48057

Aug-10 17,971.12 0.57548876 491.25 10.43048

Sep-10 20,069.12 11.6742863 517.45 5.333333

Oct-10 20,032.34 -0.18326663 596.3 15.23819

Nov-10 19,521.25 -2.55132451 554.85 -6.9512

Dec-10 20,509.09 5.06033169 562.05 1.297648

Jan-11 18,327.76 -10.635918 590 4.972867

Feb-11 17,823.40 -2.75189112 562 -4.74576

Mar-11 19,445.22 9.0993862 510.85 -9.10142

Apr-11 19,135.96 -1.59041657 522.9 2.358814May-11 18,503.28 -3.30623601 499.75 -4.42723

Jun-11 18,845.87 1.85150957 500.15 0.08004

Jul-11 18,197.20 -3.44197429 492.4 -1.54954

Aug-11 16,676.75 -8.35540633 488.05 -0.88343

Sep-11 16,453.76 -1.33713104 490.3 0.461018

Oct-11 17,705.01 7.60464477 460.1 -6.15949

Nov-11 16,123.46 -8.9327823 361.25 -21.4845

Dec-11 15,454.92 -4.14638049 361.85 0.16609

Jan-12 17,193.55 11.2496862 480 32.65165

Feb-12 17,752.68 3.2519753 481.35 0.28125

Mar-12 17,404.20 -1.96297122 464.9 -3.41747Apr-12 17,318.81 -0.4906287 483.65 4.033125

May-12 16,218.53 -6.35309239 399.65 -17.3679

Jun-12 17,429.98 7.46954255 381.1 -4.64156

Jul-12 17,236.18 -1.11187735 305.45 -19.8504

Aug-12 17,429.56 1.12194233 287.85 -5.76199

Sep-12 18,762.74 7.64895958 305.2 6.027445

Oct-12 18,505.38 -1.37165467 291.8 -4.39056

Nov-12 19,339.90 4.50960748 261.55 -10.3667

Dec-12 19,426.71 0.44886478 280.25 7.149685

Jan-13 19,894.98 2.41044418 254.9 -9.0455

Feb-13 18,861.54 -5.19447619 234.75 -7.90506

Mar-13 18,835.77 -0.13662723 228.05 -2.8541

Apr-13 19,504.18 3.54862052 198 -13.1769

May-13 19,760.30 1.31315441 150.15 -24.1667

Jun-13 19,395.81 -1.84455702 125.05 -16.7166

Jul-13 19,345.70 -0.25835477 104.2 -16.6733

Aug-13 18,619.72 -3.75266855 105.95 1.679463

Sep-13 19,379.77 4.08196256 114.75 8.305805


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Oct-13 21,164.52 9.20934562 130.35 13.59477

Nov-13 20,791.93 -1.76044626 153.45 17.72152 15.78927

Dec-13 21,170.68 1.82162022 151.35 -1.36852

Jan-14 20,513.85 -3.1025456 93.05 -38.52

Feb-14 21,120.12 2.95541792 71.65 -22.9984

Mar-14 21,809.80 3.26551175 62.4 -12.91


30/36

cost of equity 14.5798

y = 0.8284x - 3.3417

R = 0.1093

-50

-40

-30

-20

-10

0

10

20

30

40

-15 -10 -5 0 5 10

Chart Title


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expected returns from market


32/36

15


33/36

Reformulated Balance Sheet2013

Net operating asset

Operating Asset

Operating Cash 3601741945

Accounts Receivable 4110029787

Inventories 8210567644Fixed Asset

Tangible Asset 15754246705 15704870097

Intangible Asset 1287961915 1288684359

17042208620

Deposit Provided for Credit 791866331

Short term loans and advances 5118229395

Work In Progress 71892775043


Deffered tax liability 1649642468

Long Term provision 81286786

Trade Payable 1323310893

Other Current liabilty 8616268445

NOA 99096910173


Cash Equivalents 4269862145

Non Current Investments 2714819225

Long Term Loans and Advances 9533391225

Other current Asset 120878608Current Investment 994550

Non Current Bank Deposits 319850843

Long Term Borrowing 64440422312

Current Liabilities 5783057471

Short term borrowings 16134207171

Short term Provisions 112575279

NFO 69510465637

Shareholder's Fund 28194782820

Share application money pending allotmen 84949364

Minority Interest 1306712352Common Shareholder's Equity 29586444536

0

27492395714


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2012

Revenue

3853410591 Operating Expense

2989555329 Cost of revenue

5914639021 research and developmentsales and marketing

general & administrative

Excise duty

16993554456

185202255 Operating income from sales befor

7613481187 tax as reported

36479308319 tax on the operating income

1498816824

79516109 operating income from s NOI

903772865

2758558655 Finance cost

Interest Income

68788486705 Dividend incometax on financing income

Minority interest

5745367960 Total Cash & Bank Balance -Operating Cash

1078770967 NFE

7029723406

72078341 Comprehensive income10259283

722642393 Other current asset -deposit for credit

40981501086

4994041911 Current maturity of long term debt+Unpaid dividend+

11886972156

186467010

43390139813Operating

24277851198

50401130

107009456425398346892 21941541292

0


35/36

2013 2012

22852185451 21535114508

4598407938 14780029509

0 00 0

1305326370 999451396

2193074656 1647832272

tax

524079609.8 635368266.4

13308370912 2769438841

1318465664 1004277462

320731659 323547351

291705273 143027366922925964.8 702994223.4

13172909 21135283

1642127606 1261832251

11666243307 1507606590

Income 18253777513 6755084999


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2013 2012

Residual earnings 10559655132 2918354228

Residual Earning 4806326803

group no 7_monnet ispat & power

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