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Introduction of industry
Indian electronics companies had majorly benefited from the economic liberalization policies of the 1980's, including the loosening of restrictions on technology and component imports, delicensing, foreign investment, and reduction of excise duties. Output from electronics plants in India grew from Rs1.8 billion in FY 1970 to Rs8.1 billion in FY 1980 and to Rs123 billion in FY 1992. Most of the expansion took place in the production of computers and consumer electronics. Indian Production of Computer rose from 7,500 units in 1985 to 60,000 units in 1988 and to an estimated 200,000 units in 1992. During this period, major advances were made in the domestic computer industry that led to more sales. Consumer electronics in India account for about 30% of total electronics production of the country.
In 1990 the electronic production included 5 million television sets, 6 million radios, 5 million tape recorders, 5 million electronic watches, and 140,000 video cassette recorders. The Indian engineering sector is large and varied and provided around 12 % of India's exports in the mid-1990s. Two subsectors, electronics and motor vehicles, are the most dynamic in all the sectors.
Despite the global economic slowdown, growth of Indian electronics industry in 2009 was on par with the previous year at 9.9%, although this was decreased according to the double-digit growth achieved in 2006 and 2007. In 2010 output grown by 13.6% and in the medium to long-term India will continue to show strong growth driven by a large, fast growing domestic market, significant foreign investment and an improving regulatory environment. The global electrical and electronics industry has various adjunct sectors. Few of them are Electronic Components, Computer & Telecommunications, Office Equipments, Consumer Electronics as well as Industrial Electronics.
History of Industry
Indian Electronics industry dates back to the early 1960's. Electronics was one industry initially restricted to the development and maintenance of fundamental communication systems including radio-broadcasting, telephonic and telegraphic communication, and augmentation of defense capabilities. Until 1984, the electronics Industry was primarily government owned and then in 1980s witnessed a rapid growth of the electronics industry due to sweeping economic changes, resulting in the liberalization and globalization of the economy.
The economic transformation all over the world was motivated by two compelling factors - the determination to boost economic growth, and to accelerate the development of export-oriented industries, like the electronics industry. By 1991 in the country private investments - both foreign and domestic were encouraged. The easing of foreign investment norms, allowance of 100% foreign equity, reduction in custom tariffs, and relicensing of several consumer electronic products had attracted remarkable amount of foreign collaboration and investment.
The domestic Electronic industry also responded favorably to the policies of the government. The initiatives of the electronics field to private sector enabled entrepreneurs to establish the industries to meet demand in the market. Improvements in the Indian Electronics industry have not been limited to a particular segment, but encompass all its sectors. This pace made in the areas of commercial software, telecommunications, electronics, instrumentation, positioning and networking systems, and defense. The result therefore has been a significant trade growth that began in the late 1990's. The Indian Electronics Industry is a text for investors who consider India as a potential investment opportunity.
Contribution of Economy
Indian electronics industry today stands at US $ 25 billion and is ranked 26th in the world in terms of sales and 29th in the world in terms of production. It is growing at over 25% CAGR and is expected to be worth US $ 158 billion by 2015. Electronic industry is one of the fastest growing industries in the country and is driven by growth in key sectors such as IT, Consumer Electronics and Telecom.
The demand for electronics is expected to be fuelled by the growth of
Telecommunications (250 million subscribers by the next few years) PCs and Notebooks (5 million every year) Broad-Band connectivity reaching rural areas
GDP growth seen at 5.4-5.9%
Indian economy is likely to grow in the range of 5.4 to 5.9 per cent in 2014-15 overcoming the sub-5 per cent GDP growth of past two years, even as poor monsoon and disturbed external environment remain a cause for concern, says the Economic Survey.
"The growth slowdown in the last two years was broad based, affecting in particular the industry sector. Inflation too declined during this period, but continued to be above the comfort zone, owing primarily to the elevated level of food inflation", said the Survey for 2013-14 tabled by finance minister Arun Jaitley in Parliament on Wednesday.
The Survey, released a day ahead of the budget for 2014-15, expects that moderation in inflation will ease the monetary policy stance and revive the confidence of investors
Inflation India 2014 (CPI) –
The inflation chart and table below feature an overview of the Indian inflation in 2014: CPI India 2014. The inflation rate is based upon the consumer price index (CPI). The CPI inflation rates in the table are presented both on a monthly basis (compared to the month before) as well as on a yearly basis (compared to the same month the year before).
Using the tabs you can switch between the 2014 CPI inflation overview and the 2014 HICP inflation overview. In case you are interested in the long term development of the inflation in India (CPI), click here. For the current inflation in India (CPI), click here. Following link provides you with an overview of current inflation by country (CPI).
inflation - CPI
Chart - CPI inflation India 2014 (yearly basis)
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Porter’s Five Forces
The Porter's Five Forces tool is a simple but powerful tool for understanding where power lies in a business situation. This is useful, because it helps you understand both the strength of your current competitive position, and the strength of a position you're considering moving into.
With a clear understanding of where power lies, you can take fair advantage of a situation of strength, improve a situation of weakness, and avoid taking wrong steps. This makes it an important part of your planning toolkit.
Conventionally, the tool is used to identify whether new products, services or businesses have the potential to be profitable. However it can be very illuminating when used to understand the balance of power in other situations.
Understanding the Tool
Five Forces Analysis assumes that there are five important forces that determine competitive power in a business situation. These are:
1. Supplier Power: Here you assess how easy it is for suppliers to drive up prices. This is driven by the number of suppliers of each key input, the uniqueness of their product or service, their strength and control over you, the cost of switching from one to another, and so on. The fewer the supplier choices you have, and the more you need suppliers' help, the more powerful your suppliers are.
2. Buyer Power: Here you ask yourself how easy it is for buyers to drive prices down. Again, this is driven by the number of buyers, the importance of each individual buyer to your business, the cost to them of switching from your products and services to those of someone else, and so on. If you deal with few, powerful buyers, then they are often able to dictate terms to you.
3. Competitive Rivalry: What is important here is the number and capability of your competitors. If you have many competitors, and they offer equally attractive products and services, then you'll most likely have little power in the situation, because suppliers and buyers will go elsewhere if they don't get a good deal from you. On the other hand, if no-one else can do what you do, then you can often have tremendous strength.
4. Threat of Substitution: This is affected by the ability of your customers to find a different way of doing what you do – for example, if you supply a unique software product that automates an important process, people may substitute by doing the process manually or by outsourcing it. If substitution is easy and substitution is viable, then this weakens your power.
5. Threat of New Entry: Power is also affected by the ability of people to enter your market. If it costs little in time or money to enter your market and compete effectively, if there are few economies of scale in place, or if you have little protection for your key technologies, then new competitors can quickly enter your market and weaken your position. If you have strong and durable barriers to entry, then you can preserve a favorable position and take fair advantage of it.
From "How Competitive Forces Shape Strategy" by Michael E. Porter. Published by Harvard Business Review, 1979.
These forces can be neatly brought together in a diagram like the one in figure 1 below:
SWOT analysis
Growing annually around 10 percent, the Indian electronics industry is projected to touch $94 billion over the next three years, quoting a report by global consultancy firm Frost & Sullivan.
The Indian electronic system design and manufacturing (ESDM) and semiconductor industry is on a growth trajectory of 9.9 percent CAGR (cumulative average growth rate) to register a turnover of $94 billion (Rs.5,061 billion/Rs.5.1 trillion) in 2015 from $65 billion in 2011. Of the total, product segment will account for $79 billion and services $ $15 billion in 2015 as against $56 billion and $9 billion in 2011.
Driven by growing consumer demand, increasing disposable incomes and higher aspirations, the industry is bracing up to leverage on world class talent and favourable policies for innovative product development and value added manufacturing in a tough global environment.
Like India, the larger Japanese companies appear to have responded positively to the new policy, legislative, and business framework. Unlike India, there has been substantial investment in clean technology and in developing infrastructure for recycling home appliances and office equipment.
The initiatives by the top Japanese Original Equipment Manufacturers (OEMs) like Toshiba, Sony, Matsushita, NEC and others towards greening supply chain by working closely with vendors, are an important lesson for Indian industry. The move by Japanese companies to place greater focus on green product development with highly challenging goals for the next 5–10 years offers useful lessons for Indian companies.
India companies should adopt the Japanese system of broader product-related environmental information systems incorporating data on materials, chemical, energy.
INDUSTRY LIFE CYCLE
This paper reviews life cycle stages and then presents a methodology for forecasting the years to obsolescence for electronic parts. The prediction of obsolescence enables engineers to more effectively
manage the introduction and on-going use of long field-life products based on the projected life cycle of the parts. The obsolescence prediction methodology is a critical element within risk-informed parts selection and management processes
II. LIFE CYCLE STAGES
Most electronic parts pass through several life cycle stages corresponding to changes in part sales. Fig. 1 is a representative life cycle curve of units shipped per time, which depicts the six common life cycle part stages: introduction, growth, maturity (saturation), decline, and phase-out We include an additional category called Obsolescence. Table I and the proceeding discussion summarizes the characteristics of the stages of the part life cycle.
A. Introduction Stage
The introduction stage in the part life cycle is usually characterized by high production costs driven by recently incurred design costs and low yield, frequent modifications, low ounpredictable production lack of specialized production equipment. Marketing costs, at this stage, may also be high. Early adopter customers who buy a part in its introductory stage tend to value performance over price.
B. Growth Stage
The growth stage is characterized by the part's market acceptance. Increased sales during this stage may justify the development and use of specialized equipment for production, which in turn improves economies of scale of production. Mass production, mass distribution, and mass marketing often bring about price reductions. This stage often consists of the largest number of competitors, as opportunity-seeking
firms are attracted by the part's profit potential and, strategic acquisitions and mergers have not yet taken p
IEEE Trans. on Components and Packaging Technologies, Dec. 2000, pp. 707-717
Zone of Obsolescence
Introduction Growth Maturity Decline
Phase-out Obsolescence
Time Fig. 1 Definitions for a standardized life cycle curve for a
device/technology group. and represent curve fitting parameters discussed in Section III.
C. Maturity Stage
The maturity stage of the part life cycle is characterized by high-volume sales. Competitors with lower cost of production may enter the market, or domestic competitors may shift production facilities to less expensive locations to enable them to lower manufacturing costs. The 16M DRAM is an example of a mature part.
D. Decline Stage
The decline stage is characterized by decreasing demand and generally decreasing profit margin. Towards the end of the decline stage, only a few specialized manufacturers remain in the market. TTL logic ICs are examples of parts that have been available very late in this stage due to continued sales in the black and white television market.
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COMPANY INFORMATION
1. Videocon International Electronics Ltd.
HISTORY OF COMPANY :
Videocon Industries Limited (BSE: 511389, NSE: VIDEOIND) is a large diversified Indian company headquartered in Mumbai.[3] The group has 17 manufacturing sites in India and plants in Mainland China, Poland, Italy and Mexico. It claims to be the third largest picture tube manufacturer in the world.[4]
[5] The group is a US$5 billion global conglomerate.
In India, the group sells consumer products like colour televisions, washing machines, air conditioners,
refrigerators, microwave ovens and many other home appliances, through a multi-brand strategy with
the largest sales and service network in India.[6]
Since the entry of Korean Chaebols and their rising popularity in the Indian market, Videocon from a
stand-point of market leader has seen a slow decline to become a no 3 player in India. The company
continues to do well in the washing machine and refrigerator segment but has significantly lost ground in
the consumer electronics space[7]
Location:
Registered Address14 KM Stone,
Aurangabad-Paithan Road,,Village Chittegaon,
Aurangabad District
Maharashtra
431105
Tel: 02431-251501
Fax: 02431-251551
Email: [email protected]
Website: http://www.videoconworld.com
Group: Videocon Group
Board of Directors’:
Name Designation
Venugopal N Dhoot Chairman & Managing Director
S C N Jatar Independent Director
Anil G Joshi Independent Director
S Padmanabhan Independent Director
Radhey Shyam Agarwal Independent Director
B Ravindranath Nominee Director
2. Sony electronic
HISTORY OF COMPANY:
On 7 May 1946, after the end of World War 2, Masaru Ibuka started a radio repair shop in a bomb-damaged Shirokiyadepartment store building in the Nihonbashi district of Tokyo. The next year, he was joined by his colleague, Akio Morita, and they founded a company called Tokyo Tsushin Kogyo[1] (Tokyo Telecommunications Engineering Corporation). The company built Japan's first tape recorder, called the Type-G.[1] In the early 1950s, Ibuka traveled in the United States and heard about Bell Labs' invention of the transistor.[1] He convinced Bell to license the transistor technology to his Japanese company. While most American companies were researching the transistor for its military applications, Ibuka and Morita looked to apply it to communications. Although the American companies Regency Electronics and Texas Instruments built the first transistor radio as joint venture, it was Ibuka's company that made them commercially successful for the first time
Sony Corporation is one of the best-known names in consumer electronics and ranks second worldwide in electronics behind Matsushita Electric Corporation. Since it was established shortly after World War II, Sony has introduced a stream of revolutionary products, including the transistor radio, the Trinitron television, the Betamax VCR, the CD player, the Walkman portable cassette player, and the PlayStation game console. The company's electronics segment--which includes audio and video products, televisions, personal computers, monitors, computer peripherals, telecommunications devices, and electronic components (such as semiconductors)--generates about two-thirds of the overall revenues. Sales of game consoles and software account for about 9 percent of revenues. Another 10 percent of revenues are derived from Sony's music businesses, which include the Columbia and Epic record labels. About 7 percent of revenues come from Sony's motion picture and television business, which includes the Columbia TriStar studio. Sony's other major business segment is insurance, from which about 6 percent of revenues originate.
Location:
Sony India Registered Office
New DelhiA - 31, Mohan Co-operative Industrial Estate, Mathura Road New Delhi - 110044Ph No : 66006600Fax No : 26959141
Mumbai2nd floor, Crimpage Corporation, Plot No. 57, Street No.17, MIDC,Andheri East, Mumbai - 400093Ph No : 022-61288000 Fax No : 28312935
Board of Directors’:
Name (Connections)Board Relationships
Title Type of Board MemberAg
e
Kazuo Hirai 26 Relationships Chief Executive Officer, President, Representative Corporate Executive Officer, Director and Member of Nominating Committee
Chief Executive Officer 54
Kenichiro Yoshida 33 Relationships Chief Financial Officer, Executive Vice President, Corporate Executive Officer, Director, Member of Nominating Committee and Member of Compensation Committee
Chief Financial Officer 55
Other Board Members On Board*
Name (Connections)
Board Relationships
Type of Board Member Primary CompanyAg
e
Osamu Nagayama 38 Relationships Chairman of the Board Chugai Pharmaceutical Co. Ltd. 67
Takaaki Nimura 16 Relationships Member of the Board of Directors
Sony Corporation 65
Eikoh Harada 52 Relationships Member of the Board of Directors
Benesse Holdings, Inc. 66
Louis Gerstner Jr. 124 Relationships Member of Advisory Board The Carlyle Group LP 72
Kanemitsu Anraku 29 Relationships Member of the Board of Directors
Sony Corporation 73
Tim Schaaff 16 Relationships Member of the Board of Directors
Sony Corporation 55
Joichi Ito 148 Relationships Member of the Board of Directors
econtext Asia Limited 48
Kazuo Matsunaga 16 Relationships Member of the Board of Directors
Sony Corporation 62
Koichi Miyata 78 Relationships Member of the Board of Sumitomo Mitsui Financial Group, 61
Name (Connections)
Board Relationships
Type of Board Member Primary CompanyAg
e
Directors Inc.
John Roos 54 Relationships Member of the Board of Directors
salesforce.com, inc. 59
Eriko Sakurai 16 Relationships Member of the Board of Directors
Sony Corporation 54
3. LG Electronics
HISTORY OF COMPANY:
LG Electronics Inc. (Korean: KRX: 066570, LSE: LGLD) is a South Korean multinational electronics company headquartered in Yeouido-dong, Seoul, and a member of the LG Group, employing 82,000 people working in more than 100 locations around the world. With 2013 global sales of USD 53.10 billion (KRW 58.14 trillion), the company operates its business through four divisions namely: Home Entertainment, Mobile Communications, Home Appliances & Aire Solutions, and Vehicle Components [2] CEO of LG Electronics is Bon-joon Koo, who assumed the role of Vice Chairman of LG Electronics on October 1, 2010. In 2011 LG Electronics was the world'ssecond-largest television manufacturer
LG Electronics plays a large role in the global consumer electronics industry. LG launched the LG
Chocolate phone in 2005 and is the second-largest LCD TV manufacturer worldwide as of 2009. By
2005, LG was a Top 100 global brand, and in 2006 LG recorded a brand growth of 14%. [6] Its display
manufacturing affiliate, LG Display, is also currently[when?] the world's largest LCD panel manufacturer.[7] In
2010, LG Electronics entered the smartphone industry. Since, LG Electronics continued to develop
various electronic products, such as the world’s first 84-inch ultra-HD TV and smart appliances.
On December 5, 2012, the antitrust regulators of European Union fined LG Electronics and several
other major companies for fixing prices of TV cathode-ray tubes in two cartels lasting nearly a decade
Location:
Registered Office
Plot No-51, Surajpur Kasna Road, Greater Noida, Udyog Vihar, Noida - 201308 View Map
+(91)-120-2560900, 2560940
18001809999
www.in.lge.com
Board of Directors’:
Name Board Relationships TitleAg
e
Soon H. Kwon No Relationships Managing Director and Director --
Yasho Verdhan Verma No Relationships Chief Operating Officer --
Sanjeev Agarwal No Relationships Head of Sales --
Vijay Babu No Relationships Head of Frostfree Refrigerators Product Group --
Praveen Gosain No Relationships Head of Direct-Cool Refrigerators Product Group --
Name Board Relationships TitleAg
e
View More Key Executives
LG Electronics India Pvt. Ltd. Board Members*
Name Board Relationships Primary CompanyAg
e
Soon H. Kwon No Relationships LG Electronics Inc. --
4. Philips Electronics
HISTORY OF COMPANY:
Koninklijke Philips N.V. (Royal Philips, commonly known as Philips) is aDutch diversified technology
company headquartered in Amsterdam with primary divisions focused in the areas of Healthcare,
Consumer Lifestyle and Lighting. It was founded in Eindhoven in 1891 by Gerard Philips and his father
Frederik. It is one of the largest electronics companies in the world and employs around 122,000 people
across more than 60 countries.[1]
Philips is organized into three main divisions: Philips Consumer Lifestyle(formerly Philips Consumer
Electronics and Philips Domestic Appliances and Personal Care), Philips Healthcare (formerly Philips
Medical Systems) and Philips Lighting. As of 2012 Philips was the largest manufacturer of lighting in the
world measured by applicable revenues.[2] In 2013, the company announced the sale of the bulk of its
remaining consumer electronics operations to Japan's Funai Electric Co[3] but in October 2013, the deal
to Funai Electric Co was broken off and the consumer electronics operations remain under Philips.
Philips said it would seek damages for breach of contract in the $200-million sale.[4]
Philips has a primary listing on the Euronext Amsterdam stock exchange and is a constituent of the AEX
index. It has a secondary listing on the New York Stock Exchange.
The Philips Company was founded in 1891 by Gerard Philips and his father Frederik. Frederik, a banker based in Zaltbommel, financed the purchase and setup of a modest, empty factory building in Eindhoven, where the company started the production of carbon-filament lamps and other electro-technical products in 1892. This first factory has been adapted and is used as a museum.
Location:
Registered Office
9th Floor, Dlf 9-B, Dlf City Phase III Gurgaon, Dlf Cyber City, Sector-25, Gurgaon - 122010 View
Map
+(91)-124-4606000
+(91)-124-4606666
18001022929,18601801111
www.india.philips.com | www.healthcare.philips.com
Board of Directors’:
Name Designation
S M Datta Chairman / Chair Person
Cornells J M Reuvers Executive Director
S Venkataramani Non Executive Director
Murali Sivaraman Vice Chairman & Mng.Director
Alexius Collette Executive Director
5 Panasonic Electronics
HISTORY OF COMPANY:
Panasonic Corporation Panasonikku Kabushiki-gaisha?), formerly known as Matsushita
Electric Industrial Co., Ltd. Matsushita Denki Sangyō Kabushiki-gaisha?), is a
Japanesemultinational electronics corporation headquartered in Kadoma, Osaka,Japan.[1]
The company was founded in 1918, and has grown to become one of the largest Japanese
electronics producers alongside Sony, Hitachi, Toshiba andCanon Inc. In addition to
electronics, it offers non-electronic products and services such as home renovation
services. Panasonic is the world's fourth-largest television manufacturer by 2012 market share.[2]
Panasonic has a primary listing on the Tokyo Stock Exchange and is a constituent of the Nikkei
225 and TOPIX indices. It has a secondary listing on the Nagoya Stock Exchange.
On May 2, 2002, Panasonic Canada marked its 35th anniversary in this country by giving $5-
million to help build a "music city" on Toronto's waterfront.[15]
On January 19, 2006, Panasonic announced that it would stop producing analog televisions
(then 30% of its total TV business) from the next month, in order to concentrate on digital
televisions.[16]
On November 3, 2008, Panasonic and Sanyo announced that they were holding merger talks,
which eventually resulted in the acquisition of Sanyo by Panasonic.[17][18] The merger was
completed in December 2009, and resulted in a corporation with revenues of over ¥11.2 trillion
(around $110 billion)
Location:
Registered Address
N.H. No.5, Sholavaram Village,,Ponneri Taluk Chennai (Madras) Tamil Nadu 600067
Tel: 044-26330133 044-26330397Fax: 044-26330132 Email: [email protected]: http://www.panasonicappliances.inGroup: MNC Associate
Board of Directors’:
Name Designation
Hidenori Aso Managing Director
K Subramanian Director
Harshad Reddy Director
T S Sundarambal Additional Director
A Raghavendra Rao Director
Ajit Gopal Nambiar Director
Shigeru Dono Director
2.FUNDAMATAL ANYLSIS
COMPANY RATIOS
Financial Ratios
Videocon International Electronics Ltd.
Ratio Sep 2009 Sep 2008 Sep 2007 Mar 2007 Mar 2006 Mar 2005Operational & Financial Ratios
NA NA NA NA NA NA
Earnings Per Share (Rs)
-0.07 -12.28 -0.43 -0.07 -0.03 -0.02
CEPS(Rs) -0.07 -12.28 -0.43 -0.07 -0.03 -0.02 Adjusted EPS (Rs.) -0.07 -12.28 -0.43 -0.07 -0.03 -0.02 DPS(Rs) 0.00 0.00 0.00 0.00 0.00 0.00 Adjusted DPS(Rs) 0.00 0.00 0.00 0.00 0.00 0.00 Book NAV/Share(Rs)
9.93 -5.38 6.90 7.33 7.40 7.43
Adjusted Book Value (Rs)
9.93 -5.38 6.90 7.33 7.40 7.43
Tax Rate(%) 0.00 0.00 0.00 0.00 0.00 0.00 Dividend Pay Out 0.00 0.00 0.00 0.00 0.00 0.00
Ratio(%)Margin Ratios NA NA NA NA NA NA Core EBITDA Margin(%)
NA NA NA NA NA NA
EBIT Margin(%) NA NA NA NA NA NA Pre Tax Margin(%) NA NA NA NA NA NA PAT Margin (%) NA NA NA NA NA NA Cash Profit Margin (%)
NA NA NA NA NA NA
Performance Ratios NA NA NA NA NA NA ROA (%) -0.99 -0.02 -4.30 -0.72 -0.26 -0.22 ROE (%) -1.45 -1608.70 -6.04 -0.98 -0.36 -0.30 ROCE (%) -0.01 -0.02 -6.04 -0.98 -0.36 -0.30 Asset Turnover(x) 0.00 0.00 0.00 0.00 0.00 0.00 Inventory Turnover(x)
NA NA NA NA NA NA
Debtors Turnover(x)
NA NA NA NA NA NA
Sales/Fixed Asset(x)
NA NA NA NA NA NA
Working Capital/Sales(x)
0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios NA NA NA NA NA NA Fixed Capital/Sales(x)
NA NA NA NA NA NA
Receivable days NA NA NA NA NA NA Inventory Days NA NA NA NA NA NA Payable days NA NA NA NA NA NA Growth Ratio NA NA NA NA NA NA Net Sales Growth(%)
NA NA NA NA NA NA
Core EBITDA Growth(%)
-199.16
-2755.37 -493.59
-175.02 -19.51 0.00
EBIT Growth(%)-199.16
-2755.37 -493.59
-175.02 -19.51 0.00
PAT Growth(%) 0.00 -2755.37 -493.59
-175.02 -19.51 0.00
EPS Growth(%) 99.41 -2755.37 -493.59
-175.02 -19.51 0.00
Financial Stability Ratios
NA NA NA NA NA NA
Total Debt/Equity(x)
0.15 0.00 0.00 0.00 0.00 0.00
Current Ratio(x) 360.39 0.00 3.23 3.75 3.85 3.89 Quick Ratio(x) 360.39 0.00 3.23 3.75 3.85 3.89
Interest Cover(x) -0.01 NA NA NA NA NA
Common Size Statement
Videocon International Electronics Ltd.
Industry :Electronics - Components
House :Videocon
Particulars Sep 2009Sep 2008
Sep 2007
Mar 2007
Mar 2006
Mar 2005
No of Months 12 12 6 12 12 12 Gross Sales 0.00 0.00 0.00 0.00 0.00 0.00 Less: Excise 0.00 0.00 0.00 0.00 0.00 0.00 Net Sales 0.00 0.00 0.00 0.00 0.00 0.00 EXPENDITURE :
+Increase/Decrease in Stock
0.00 0.00 0.00 0.00 0.00 0.00
+Raw Materials Consumed
0.00 0.00 0.00 0.00 0.00 0.00
+ Power & Fuel Cost 0.00 0.00 0.00 0.00 0.00 0.00 + Employee Cost 0.00 0.00 0.00 0.00 0.00 0.00
+Other Manufacturing Expenses
0.00 0.00 0.00 0.00 0.00 0.00
+General and Administration Expenses
1.84 0.59 0.00 0.00 0.00 0.00
+Selling and Distribution Expenses
0.00 0.00 0.00 0.00 0.00 0.00
+Miscellaneous Expenses
0.00 0.02 0.02 0.00 0.00 0.00
Less: Pre-operative Expenses
0.00 0.00 0.00 0.00 0.00 0.00
CapitalisedTotal Expenditure 1.84 0.61 0.02 0.00 0.00 0.00
Operating Profit (Excl OI)
-1.84 -0.61 -0.02 0.00 0.00 0.00
+ Other Income 0.00 0.00 0.00 0.00 0.00 0.00 Operating Profit -1.84 -0.61 -0.02 0.00 0.00 0.00 + Interest 141.88 0.00 0.00 0.00 0.00 0.00
PBDT -143.72 -0.61 -0.02 0.00 0.00 0.00 Depreciation 0.00 0.00 0.00 0.00 0.00 0.00 Profit Before Taxation & Exceptional Items
-143.72 -0.61 -0.02 0.00 0.00 0.00
+Exceptional Income / Expenses
0.00 0.00 0.00 0.00 0.00 0.00
Profit Before Tax -143.72 -0.61 -0.02 0.00 0.00 0.00 + Provision for Tax 0.00 0.00 0.00 0.00 0.00 0.00 Profits After Tax -143.72 -0.61 -0.02 0.00 0.00 0.00
Extra items 0.00 0.00 0.00 0.00 0.00 0.00 + Appropriations -144.48 -0.77 -0.15 -0.13 -0.13 -0.13
Equity Dividend % 0.00 0.00 0.00 0.00 0.00 0.00 Earnings Per Share -0.07 -12.28 -0.43 -0.07 -0.03 -0.02 Book Value 9.93 -5.38 6.90 7.33 7.40 7.43
Industry & Company
Videocon International
Electronics Ltd.
Indus
try
: Electronics - Components
Hou
se
: Videocon
(Indian Rupee .in Millions)
Compan
yIndustry
% to Ind
Agg
Compan
yIndustry
% to Ind
Agg
Compan
yIndustry
% to Ind
Agg
Year EndSep 2
0092009
Sep 2
0082008
Sep 2
0072007
No of Companies 186 100 77
Financials
Net Sales 0.00 209886.
58 0.00 0.00
133107.
58 0.00 0.00
106056.
03 0.00
Total Income 0.00 217485.
06 0.00 0.00
138070.
12 0.00 0.00
115205.
99 0.00
Total Expenditure 1.84 186680.
95 0.00 0.61
114165.
80 0.00 0.02
90819.2
2 0
PBIDT -1.84 30804.1
1 -0.01 -0.61
23904.3
2 0.00 -0.02
24386.7
7 0
PBIT -1.84 24487.2
1 -0.01 -0.61
18878.8
8 0.00 -0.02
21382.7
9 0.00
PBT -143.72 20757.6
9 -0.69 -0.61
16674.5
1 0.00 -0.02
19535.5
2 0.00
PAT -143.72 14520.2
7 -0.99 -0.61
10958.8
7 -0.01 -0.02
15048.7
6 0.00
Cash Profit -143.72 20174.9 -0.71 -0.61 14948.2 0.00 -0.02 18108.5 0.00
300
Change Company
3 0 3
Total Debt 3000.00 42697.6
4 7.03 0.00
27439.5
6 0.00 0.00
23926.6
2 0.00
Gross Block 0.00 85308.6
6 0.00 0.00
65472.2
3 0.00 0.00
56373.9
6 0.00
Net Current
Assets
17644.4
9
104980.
55 16.81 5187.71
64533.9
6 8.04 0.35
37852.5
9 0.00
Total Assets 22904.6
1
287637.
04 7.96 5999.75
181472.
54 3.31 0.50
133865.
32 0.00
Key Ratios
Margin Ratios
Core EBITDA
Margin(%) 10.81 0.00 13.75 0.00 13.70 0
EBIT Margin(%) 11.40 0.00 13.70 0.00 19.23 0
Pre Tax
Margin(%) 9.67 -0.07 12.10 0.00 17.56 0
PATM(%) 6.76 -0.07 7.95 0.00 13.53 0
Performance
Ratios
ROA(%) -0.99 10.00 -0.02 11.65 -4.30 23.06
ROE(%) -1.45 14.47 -
1608.70 17.69 -6.04 40.73
ROCE(%) -0.01 17.01 -0.02 20.15 -6.04 32.96
Asset Turnover(x) 0.00 1.48 0.00 1.46 0.00 1.70
Sales/Fixed
Asset(x) 2.61 2.15 2.09
Working
Capital/Sales(x) 0.00 2.05 0.00 2.14 0.00 2.94
Efficiency Ratios
Fixed
Capital/Sales(x) 0.38 0.47 0.48
Receivable days 131.68 132.40 98.45
Inventory Days 64.73 69.47 69.15
Payable days 122.25 121.05 79.74
Growth Ratio
Net Sales
Growth(%) 56.89 26.82 28.36
Core EBITDA
Growth(%) -199.16 24.39
-
2755.37 -1.43 -493.59 62.94
EBIT Growth(%) -199.16 23.54 - -11.40 -493.59 76.32
2755.37
PAT Growth(%) 0.00 20.45 -
2755.37 -26.53 -493.59 165.76
Financial Stability
Ratios
Total
Debt/Equity(%) 0.15 0.38 0.00 0.43 0.00 0.72
Current Ratio(x) 360.39 2.52 0.00 2.34 3.23 2.01
Quick Ratio(x) 360.39 2.04 0.00 1.90 3.23 1.56
Interest Cover(x) -0.01 6.57 8.56 11.58
2. Sony Electronics Ltd
Financial RatiosFinancial Ratios
Sony Electronics Ltd. Retailing Private
Ratio Mar 201 Mar 201 Mar 201 Mar 201 Mar 2009
3 2 1 0Operational & Financial Ratios
NA NA NA NA NA
Earnings Per Share (Rs) 8.16 0.00 9.24 -406.82 49.59 CEPS(Rs) 83.61 186.92 194.18 -207.90 76.85 Adjusted EPS (Rs.) 8.16 0.00 9.24 -406.82 49.59 DPS(Rs) 0.00 0.00 0.00 0.00 0.00 Adjusted DPS(Rs) 0.00 0.00 0.00 0.00 0.00 Book NAV/Share(Rs) 1187.65 1160.05 708.32 732.91 1139.73 Adjusted Book Value (Rs) 1187.65 0.00 708.32 732.91 1139.73 Tax Rate(%) 60.69 30.90 30.90 2597.62 33.87 Dividend Pay Out Ratio(%) 0.00 NA 0.00 0.00 0.00 Margin Ratios NA NA NA NA NA Core EBITDA Margin(%) 2.58 7.93 5.45 -0.69 -3.24 EBIT Margin(%) 2.10 6.82 10.20 15.08 14.97 Pre Tax Margin(%) 0.26 0.18 0.13 0.16 0.67 PAT Margin (%) 0.10 0.12 0.09 -4.03 0.45 Cash Profit Margin (%) 1.03 1.55 1.88 -2.06 0.69 Performance Ratios NA NA NA NA NA ROA (%) 0.18 0.15 0.07 -2.98 0.36 ROE (%) 0.87 1.61 1.28 -43.45 4.35 ROCE (%) 5.58 11.06 11.43 17.15 19.46 Asset Turnover(x) 1.81 1.20 0.80 0.74 0.80 Inventory Turnover(x) 8.05 5.12 3.60 3.96 4.84 Debtors Turnover(x) 56.76 55.45 52.55 72.56 88.04 Sales/Fixed Asset(x) 3.36 2.67 2.28 2.23 2.45 Working Capital/Sales(x) -8.11 NA -10.59 2.47 3.19 Efficiency Ratios NA NA NA NA NA Fixed Capital/Sales(x) 0.30 0.37 0.44 0.45 0.41 Receivable days 6.43 6.58 6.95 5.03 4.15 Inventory Days 45.36 71.24 101.27 92.17 75.48 Payable days 58.94 86.51 102.17 85.92 79.48 Growth Ratio NA NA NA NA NA Net Sales Growth(%) 14.37 16.90 2.19 -9.26 0.00 Core EBITDA Growth(%) -57.93 -19.64 -28.09 1.70 0.00 EBIT Growth(%) -64.73 -21.85 -30.84 -8.58 0.00 PAT Growth(%) -7.68 62.68 102.27 -920.40 0.00 EPS Growth(%) NA -100.00 102.27 -920.40 0.00 Financial Stability Ratios NA NA NA NA NA Total Debt/Equity(x) 1.35 0.00 12.03 11.55 6.51 Current Ratio(x) 0.61 1.34 0.77 2.01 1.66 Quick Ratio(x) 0.24 0.43 0.10 2.17 2.61
Common Size Statement
Sony Electronics Ltd.
Industry :RetailingHouse :Private
Particulars Mar 2013 Mar 2012Mar 2011
Mar 2010
Mar 2009
No of Months 12 12 12 12 12 + Gross Sales 730.24 638.50 546.20 534.48 589.02
Less: Excise 0.00 0.00 0.00 0.00 0.00 Net Sales 730.24 638.50 546.20 534.48 589.02 EXPENDITURE :
+ Increase/Decrease in Stock 7.02 60.72 -6.87 0.00 0.00 + Raw Materials Consumed 658.15 487.25 480.05 489.75 538.17 + Power & Fuel Cost 3.81 0.00 0.00 4.56 5.76 + Employee Cost 5.84 7.44 8.40 8.67 11.11
+Other Manufacturing Expenses
1.52 0.00 0.00 0.20 1.75
+General and Administration Expenses
21.55 23.82 28.37 22.26 36.35
+Selling and Distribution Expenses
12.22 8.62 6.40 12.60 14.73
+ Miscellaneous Expenses 1.32 0.00 0.07 0.12 0.24 Less: Pre-operative Expenses Capitalised
0.00 0.00 0.00 0.00 0.00
Total Expenditure 711.43 587.85 516.42 538.17 608.11 Operating Profit (Excl OI) 18.81 50.65 29.79 -3.70 -19.09 + Other Income 3.35 2.01 35.74 94.81 108.69 Operating Profit 22.15 52.66 65.52 91.12 89.59 + Interest 13.50 42.41 55.03 79.73 84.18
PBDT 8.66 10.25 10.49 11.39 5.41 Depreciation 6.79 9.10 9.79 10.53 1.44 Profit Before Taxation & Exceptional Items
1.87 1.15 0.71 0.86 3.97
+Exceptional Income / Expenses
0.00 0.00 0.00 0.00 0.00
Profit Before Tax 1.87 1.15 0.71 0.86 3.97 + Provision for Tax 1.13 0.36 0.22 22.39 1.34 Profits After Tax 0.73 0.80 0.49 -21.53 2.62
Extra items 0.00 0.00 0.00 0.00 0.00 + Appropriations 61.59 37.75 38.75 38.26 53.79
Equity Dividend % 0.00 0.00 0.00 0.00 0.00
Earnings Per Share 8.16 0.00 9.24 -406.82 49.59 Book Value 1,187.65 1,160.05 708.32 732.91 1,139.73
Company V/s Industry
Company V/s Industry
Company
Industry% to Ind Agg
Company Industry% to Ind Agg
Company Industry% to Ind Agg
Year EndMar 2013
2013 Mar 2012
2012 Mar 2011
2011
No of Companies
164 191 190
Financials Net Sales 730.24 539529.76 0.14 638.50 685380.68 0.09 546.20 459260.51 0.12 Total Income 733.59 546101.64 0.13 640.51 693831.51 0.09 581.94 468173.78 0.12 Total Expenditure
711.43 543219.87 0.13 587.85 685164.95 0.09 516.42 451132.29 0.11
PBIDT 22.15 2881.77 0.77 52.66 8666.57 0.61 65.52 17041.49 0.38 PBIT 15.36 -12587.65 -0.12 43.56 -13359.90 -0.33 55.74 8883.38 0.63 PBT 1.87 -26172.15 -0.01 1.15 -35900.27 0.00 0.71 -2472.74 -0.03 PAT 0.73 -27242.60 0.00 0.80 -36549.59 0.00 0.49 -6518.51 -0.01 Cash Profit 7.53 -16841.43 -0.04 9.89 -21322.39 -0.05 10.28 1768.87 0.58 Total Debt 144.14 278117.79 0.05 0.00 331561.38 0.00 451.03 158498.20 0.28 Gross Block 195.44 137921.50 0.14 239.35 178008.12 0.13 239.35 122887.46 0.19 Net Current Assets
-90.02 7991.02 -1.13 0.00 14570.55 0.00 -51.57 28685.57 -0.18
Total Assets 401.50 468274.93 0.09 406.45 605994.43 0.07 660.52 428917.43 0.15 Key Ratios Margin Ratios Core EBITDA Margin(%)
2.58 -0.68 0.00 7.93 0.02 0.01 5.45 1.21 0.01
EBIT Margin(%)
2.10 -2.32 0.00 6.82 -1.88 0.01 10.20 1.25 0.01
Pre Tax Margin(%)
0.26 -4.82 0.00 0.18 -5.12 0.00 0.13 -1.17 0.00
PATM(%) 0.10 -5.02 0.00 0.12 -5.21 0.00 0.09 -1.91 0.00 Performance Ratios
ROA(%) 0.18 -10.61 0.15 -9.92 0.07 -3.00 ROE(%) 0.87 -137.29 1.61 -23.76 1.28 -5.56 ROCE(%) 5.58 -4.91 11.06 -3.58 11.43 1.97
Asset Turnover(x)
1.81 2.11 1.20 1.91 0.80 1.58
Sales/Fixed Asset(x)
3.36 4.00 2.67 4.67 2.28 4.06
Working Capital/Sales(x)
-8.11 -153.45 62.42 -10.59 596.22
Efficiency Ratios
Fixed Capital/Sales(x)
0.30 0.25 0.37 0.21 0.44 0.25
Receivable days
6.43 20.71 6.58 24.10 6.95 22.18
Inventory Days
45.36 48.47 71.24 58.12 101.27 61.16
Payable days 58.94 50.68 86.51 51.72 102.17 57.82 Growth Ratio Net Sales Growth(%)
14.37 33.08 16.90 40.65 2.19 46.35
Core EBITDA Growth(%)
-57.93 -154.40 -19.64 -26.08 -28.09 114.41
EBIT Growth(%)
-64.73 -21.85 -595.17 -30.84 -121606.58
PAT Growth(%)
-7.68 62.68 102.27
Financial Stability Ratios
Total Debt/Equity(%)
1.35 6.59 0.00 1.06 12.03 0.73
Current Ratio(x)
0.61 1.00 1.34 1.09 0.77 1.03
Quick Ratio(x)
0.24 0.46 0.43 0.53 0.10 0.48
Interest Cover(x)
1.14 -0.93 1.03 -0.58 1.01 0.52
3. L.G Electronics India Pvt LtdCOMPANY RATIO
LG Electronics India Pvt Ltd.
Consumer Durables - Electronics
MNC
Ratio Mar 2014Mar 2013
Mar 2012
Mar 2011
Mar 2010
Mar 2009
Mar 2008
Mar 2007
Operational & Financial Ratios
NA NA NA NA NA NA NA NA
Earnings Per Share (Rs)
56.07 42.93 27.68 26.32 30.72 17.65 22.24 13.00
CEPS(Rs) 75.77 60.44 44.39 40.27 42.54 28.92 32.01 22.99 Adjusted EPS (Rs.)
56.07 42.93 27.68 26.32 30.72 17.65 22.24 13.00
DPS(Rs) 75.00 25.00 40.00 0.00 0.00 0.00 0.00 0.00 Adjusted DPS(Rs)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Book NAV/Share(Rs)
138.31 169.99 156.12 174.93 148.65 117.93 100.26 78.02
Adjusted Book Value (Rs)
138.31 169.99 156.12 174.93 148.65 117.93 100.26 78.02
Tax Rate(%) 30.56 28.03 29.16 28.85 26.41 27.39 28.49 32.41 Dividend Pay Out Ratio(%)
133.76 58.23 144.53 0.00 0.00 0.00 0.00 0.00
Margin Ratios NA NA NA NA NA NA NA NA Core EBITDA Margin(%)
9.81 7.62 5.51 4.84 5.46 4.56 3.42 2.44
EBIT Margin(%)
7.89 5.89 3.86 3.51 4.26 3.15 3.88 2.92
Pre Tax Margin(%)
7.89 5.89 3.86 3.51 4.25 3.04 3.72 2.48
PAT Margin (%)
5.48 4.24 2.73 2.50 3.13 2.20 2.66 1.68
Cash Profit Margin (%)
7.40 5.96 4.38 3.82 4.33 3.61 3.83 2.96
Performance Ratios
NA NA NA NA NA NA NA NA
ROA (%) 18.32 14.61 9.22 7.42 8.99 6.61 9.98 6.11 ROE (%) 36.37 26.33 16.72 16.27 23.04 16.17 24.95 16.66 ROCE (%) 50.05 36.09 23.61 22.87 31.14 20.23 25.13 17.59 Asset Turnover(x)
3.34 3.45 3.38 2.97 2.87 3.00 3.75 3.64
Inventory 8.41 9.43 8.39 7.47 8.47 7.84 8.72 9.37
Turnover(x) Debtors Turnover(x)
17.78 22.15 22.04 21.45 20.78 16.93 18.18 16.95
Sales/Fixed Asset(x)
6.50 6.88 7.44 8.59 9.18 8.54 9.91 9.59
Working Capital/Sales(x)
16.49 10.42 12.29 10.41 10.11 10.79 9.72 8.95
Efficiency Ratios
NA NA NA NA NA NA NA NA
Fixed Capital/Sales(x)
0.15 0.15 0.13 0.12 0.11 0.12 0.10 0.10
Receivable days
20.52 16.48 16.56 17.02 17.56 21.56 20.07 21.53
Inventory Days
43.40 38.69 43.52 48.85 43.11 46.54 41.85 38.94
Payable days 2149.63 567.89 693.66 914.57 214.21 171.69 37.67 35.12 Growth Ratio NA NA NA NA NA NA NA NA Net Sales Growth(%)
0.98 0.10 -3.91 8.79 22.58 2.04 8.12 0.00
Core EBITDA Growth(%)
30.06 38.42 9.49 -4.96 46.98 -13.51 29.31 0.00
EBIT Growth(%)
35.20 52.82 5.61 -11.48 65.81 -22.21 43.23 0.00
PAT Growth(%)
30.60 55.13 5.17 -14.31 74.05 -20.67 71.14 0.00
EPS Growth(%)
30.60 55.13 5.17 -14.33 74.05 -20.65 71.14 0.00
Financial Stability Ratios
NA NA NA NA NA NA NA NA
Total Debt/Equity(x)
0.07 0.03 0.00 0.00 0.00 0.02 0.29 0.65
Current Ratio(x)
1.39 1.69 1.71 1.67 1.40 1.40 1.79 1.98
Quick Ratio(x)
0.60 0.85 0.88 0.71 0.84 0.89 0.79 1.04
Common Size Statement
LG Electronics India Pvt Ltd.
Industry :Consumer Durables - Electronics
House :MNC
Particulars Ma 2014 Mar 2013 Mar 2012 Mar 2011 Mar 2010 Mar 2009No of Months 12 12 12 12 12 12
+ Gross Sales115,802.00
114,678.00
114,567.00
119,230.00
111,111.00
90,546.00
Less: Excise 0.00 0.00 0.00 0.00 0.00 0.00
Net Sales115,802.00
114,678.00
114,567.00
119,230.00
109,599.00
89,407.00
EXPENDITURE :
+Increase/Decrease in Stock
-206.00 -2,093.00 3,169.00 1,344.00 -2,700.00 2,070.00
+Raw Materials Consumed
0.00 1,043.00 137.00 3,816.00 23,109.00 23,270.00
+Power & Fuel Cost
0.00 0.00 0.00 1.00 0.00 0.00
+ Employee Cost 0.00 4,258.00 4,265.00 390.00 0.00 0.00
+Other Manufacturing Expenses
0.00 0.00 0.00 0.00 0.00 0.00
+General and Administration Expenses
104,645.00
102,733.00
100,684.00
107,707.00
83,124.00 59,940.00
+Selling and Distribution Expenses
0.00 0.00 0.00 193.00 0.00 0.00
+Miscellaneous Expenses
0.00 0.00 0.00 14.00 0.00 0.00
Less: Pre-operative Expenses Capitalised
0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure
104,439.00
105,941.00
108,255.00
113,465.00
103,533.00
85,280.00
Operating Profit (Excl OI)
11,363.00 8,737.00 6,312.00 5,765.00 6,066.00 4,127.00
+ Other Income 0.00 0.00 0.00 0.00 0.00 0.00
Operating Profit
11,363.00 8,737.00 6,312.00 5,765.00 6,066.00 4,127.00
+ Interest 0.00 7.00 1.00 2.00 8.00 103.00 PBDT 11,363.00 8,730.00 6,311.00 5,763.00 6,058.00 4,024.00 Depreciation 2,229.00 1,981.00 1,891.00 1,579.00 1,337.00 1,275.00 Profit Before Taxation &
9,134.00 6,749.00 4,420.00 4,184.00 4,721.00 2,749.00
Exceptional Items
+Exceptional Income / Expenses
0.00 0.00 0.00 0.00 0.00 0.00
Profit Before Tax
9,134.00 6,749.00 4,420.00 4,184.00 4,721.00 2,749.00
+Provision for Tax
2,791.00 1,892.00 1,289.00 1,207.00 1,247.00 753.00
Profits After Tax
6,343.00 4,857.00 3,131.00 2,977.00 3,474.00 1,996.00
Extra items 0.00 0.00 0.00 0.00 0.00 0.00
+ Appropriations 22,886.00 20,317.00 21,033.00 17,902.00 14,925.00 11,451.00
Equity Dividend %
750.00 250.00 400.00 0.00 0.00 0.00
Earnings Per Share
56.07 42.93 27.68 26.32 30.72 17.65
Book Value 138.31 169.99 156.12 174.93 148.65 117.93
Company V/s Industry
Company V/s Industry
Company Industry% to Ind Agg
Company Industry% to Ind Agg
Company Industry% to Ind Agg
Year End Mar 2014 2014 Mar 2013 2013 Mar 2012 2012 No of Companies
23 30 34
Financials
Net Sales 115802.00
801075.13
14.46 114678.00
840233.79
13.65 114567.00
572301.91
20.02
Total Income
115802.00
803779.92
14.41 114678.00
846781.82
13.54 114567.00
574406.03
19.95
Total Expenditure
104439.00
734996.67
14.21 105941.00
763128.75
13.88 108255.00
542584.11
19.95
PBIDT 11363.00 68783.25 16.52 8737.00 83653.07 10.44 6312.00 31821.92 19.84 PBIT 9134.00 60611.68 15.07 6756.00 66634.60 10.14 4421.00 23495.48 18.82 PBT 9134.00 58391.88 15.64 6749.00 35951.90 18.77 4420.00 19525.93 22.64 PAT 6343.00 38422.59 16.51 4857.00 24879.21 19.52 3131.00 12063.18 25.96 Cash Profit 8572.00 46665.39 18.37 6838.00 40441.44 16.91 5022.00 19808.40 25.35
Total Debt 1079.00 17053.03 6.33 544.00 250276.84
0.22 0.00 31636.10 0.00
Gross Block 18237.00 85980.83 21.21 17375.00 200295.02
8.67 15961.00 83768.76 19.05
Net Current Assets
7022.00 56789.28 12.37 11001.29 122701.00
8.97 9325.29 31948.20 29.19
Total Assets 33716.00 287148.67
11.74 35548.00 631759.96
5.63 30927.00 219915.27
14.06
Key Ratios Margin Ratios Core EBITDA Margin(%)
9.81 8.17 1.42 7.62 9.02 1.04 5.51 5.12 1.10
EBIT Margin(%)
7.89 7.49 1.14 5.89 7.79 0.80 3.86 4.05 0.77
Pre Tax Margin(%)
7.89 7.22 1.14 5.89 4.20 0.80 3.86 3.37 0.77
PATM(%) 5.48 4.75 0.79 4.24 2.91 0.58 2.73 2.08 0.55 Performance Ratios
ROA(%) 18.32 31.28 14.61 6.50 9.22 11.68 ROE(%) 36.37 35.81 26.33 13.37 16.72 16.16 ROCE(%) 50.05 49.37 36.09 17.42 23.61 22.77 Asset 3.34 6.59 3.45 2.23 3.38 5.61
Turnover(x) Sales/Fixed Asset(x)
6.50 9.95 6.88 4.50 7.44 7.26
Working Capital/Sales(x)
16.49 14.31 10.42 6.99 12.29 18.32
Efficiency Ratios
Fixed Capital/Sales(x)
0.15 0.10 0.15 0.22 0.13 0.14
Receivable days
20.52 26.31 16.48 32.87 16.56 28.28
Inventory Days
43.40 33.90 38.69 38.88 43.52 40.11
Payable days 2149.63 216.67 567.89 109.52 693.66 136.58 Growth Ratio Net Sales Growth(%)
0.98 26.21 0.10 21.79 -3.91 14.93
Core EBITDA Growth(%)
30.06 43.07 38.42 51.13 9.49 21.60
EBIT Growth(%)
35.20 53.02 52.82 59.95 5.61 18.86
PAT Growth(%)
30.60 48.62 55.13 38.19 5.17 4.53
Financial Stability Ratios
Total Debt/Equity(%)
0.07 0.13 0.03 1.02 0.00 0.33
Current Ratio(x)
1.39 1.54 1.69 1.58 1.71 1.38
Quick Ratio(x)
0.60 0.98 0.85 1.15 0.88 0.78
Interest Cover(x)
27.30 965.14 2.17 4421.00 5.92
4. Philips India Ltd
Financial Ratios
Finaial Ratios
Philips India Ltd.
Consumer Durables - Electronics
Private
RatioMar 2014
Mar 2013
Mar 2012
Dec 2010
Dec 2009
Dec 2008
Dec 2007
Dec 2006
Dec 2005
Dec 2004
Operational & Financial Ratios
NA NA NA NA NA NA NA NA NA NA
Earnings Per Share (Rs)
36.43 21.36 23.27 15.46 20.43 21.31 27.07 30.30 11.48 17.68
CEPS(Rs) 50.63 34.97 40.30 28.57 32.73 30.22 34.72 38.86 20.14 28.09 Adjusted EPS (Rs.)
36.43 21.36 23.27 15.46 20.43 21.31 27.07 30.30 11.48 17.68
DPS(Rs) 2.00 2.00 2.50 2.00 2.00 2.00 2.00 2.00 1.50 1.80 Adjusted DPS(Rs)
2.00 2.00 2.50 2.00 2.00 2.00 2.00 2.00 1.50 1.80
Book NAV/Share(Rs)
226.68 192.52 173.51 153.15 140.02 139.29 133.88 109.20 81.19 84.33
Adjusted Book Value (Rs)
226.68 192.52 173.51 153.15 140.02 139.29 133.88 109.20 81.19 84.33
Tax Rate(%)
33.79 33.91 27.83 37.96 36.49 35.85 34.24 29.68 17.90 31.03
Dividend Pay Out Ratio(%)
5.49 9.36 10.74 12.94 9.79 9.39 7.39 6.60 13.07 10.18
Margin Ratios
NA NA NA NA NA NA NA NA NA NA
Core EBITDA Margin(%)
6.41 4.60 4.91 5.33 7.03 6.44 9.20 7.13 4.44 8.17
EBIT Margin(%)
5.54 3.63 3.47 3.93 5.79 6.87 10.16 11.56 3.66 6.46
Pre Tax Margin(%)
5.37 3.44 3.30 3.82 5.63 6.69 9.98 11.39 3.44 6.26
PAT Margin (%)
3.56 2.28 2.38 2.37 3.58 4.29 6.57 8.01 2.83 4.32
Cash Profit Margin (%)
4.94 3.73 4.12 4.38 5.73 6.09 8.42 10.27 4.96 6.86
Performance Ratios
NA NA NA NA NA NA NA NA NA NA
ROA (%) 7.57 4.87 6.13 4.86 7.01 8.33 12.64 16.78 7.07 9.13 ROE (%) 17.38 11.67 14.25 10.55 13.92 14.81 22.27 31.83 15.20 20.97 ROCE (%)
24.82 16.29 18.41 17.21 22.11 23.32 33.98 45.17 19.02 29.87
Asset Turnover(x)
2.13 2.14 2.58 2.05 1.96 1.94 1.93 2.10 2.50 2.12
Inventory Turnover(x)
9.87 9.81 11.84 9.69 10.17 12.33 13.95 12.84 11.99 9.46
Debtors Turnover(x)
8.03 7.72 10.03 10.23 10.69 10.32 9.98 8.47 8.82 8.27
Sales/Fixed Asset(x)
5.61 5.55 6.41 4.67 4.66 4.80 4.31 3.88 3.94 3.22
Working Capital/Sales(x)
16.78 26.04 8.21 7.47 7.50 5.80 4.39 5.47 10.67 11.27
Efficiency Ratios
NA NA NA NA NA NA NA NA NA NA
Fixed Capital/Sales(x)
0.18 0.18 0.16 0.21 0.21 0.21 0.23 0.26 0.25 0.31
Receivable days
45.45 47.31 36.38 35.68 34.15 35.37 36.56 43.10 41.40 44.12
Inventory Days
36.97 37.19 30.82 37.68 35.88 29.60 26.17 28.44 30.44 38.57
Payable days
66.80 67.00 57.81 85.79 87.07 77.66 77.15 76.75 73.12 94.61
Growth Ratio
NA NA NA NA NA NA NA NA NA NA
Net Sales Growth(%)
9.35 -4.18 49.96 13.76 5.06 8.99 9.25 -6.82 22.02 0.00
Core EBITDA Growth(%)
52.22 -8.76 34.20 -12.02 -2.98 -17.15 48.22 58.66 -35.56 0.00
EBIT Growth(%)
66.65 0.41 32.47 -22.57 -12.07 -26.59 -4.20 194.44 -32.16 0.00
PAT Growth(%)
70.60 -8.22 50.51 -24.34 -13.03 -29.01 -10.66 163.94 -21.57 0.00
EPS Growth(%)
70.60 -8.22 50.51 -24.34 -4.10 -21.28 -10.66 163.94 -35.07 0.00
Financial Stability Ratios
NA NA NA NA NA NA NA NA NA NA
Total 0.11 0.06 0.23 0.01 0.02 0.02 0.01 0.01 0.02 0.03
Debt/Equity(x) Current Ratio(x)
1.23 1.15 1.54 1.47 1.46 1.72 1.95 1.77 1.45 1.34
Quick Ratio(x)
0.82 0.75 1.12 1.08 1.08 1.34 1.64 1.47 1.10 0.94
Interest Cover(x)
32.96 19.58 20.31 37.74 37.27 38.61 57.75 68.31 17.11 32.74
Common Size Statement
Philips India Ltd.
Industry :Consumer Durables - Electronics
House :Private
ParticularsMar 2014
Mar 2013
Mar 2012
Dec 2010
Dec 2009
Dec 2008
Dec 2007
Dec 2006
Dec 2005
Dec 2004
No of Months
12 12 15 12 12 12 12 12 12 12
+ Gross Sales58,898.00
53,971.00
56,210.00
37,482.00
32,844.00
31,473.00
28,986.00
26,603.00
28,551.00
23,841.00
Less: Excise
763.00 805.00 722.00 480.00 317.00 513.00 581.00 602.00 647.00 972.00
Net Sales58,135.00
53,166.00
55,488.00
37,002.00
32,527.00
30,960.00
28,405.00
26,001.00
27,904.00
22,869.00
EXPENDITURE :
+Increase/Decrease in Stock
-402.00
-442.00
-864.00
-21.00 -331.00
-515.00
-389.00
120.00 35.00 -365.00
+Raw Materials Consumed
33,142.00
31,225.00
32,493.00
21,889.00
19,404.00
18,941.00
17,159.00
14,188.00
16,330.00
13,827.00
+Power & Fuel Cost
698.00 663.00 778.00 520.00 456.00 509.00 441.00 422.00 419.00 367.00
+Employee Cost
8,314.00
7,427.00
7,107.00
4,006.00
3,235.00
2,905.00
2,632.80
3,341.60
3,442.70
2,238.40
+
Other Manufacturing Expenses
467.00 1,730.00
1,263.00
816.00 2,187.00
2,107.00
470.00 413.00 438.00 234.00
+
General and Administration Expenses
3,200.00
5,981.00
8,200.00
4,860.00
2,697.00
2,629.00
3,374.40
3,466.50
3,734.90
2,696.60
+Selling and Distribution Expenses
2,485.00
1,697.00
2,264.00
1,772.00
1,777.00
1,239.00
1,238.00
1,187.00
1,323.00
1,129.00
+Miscellaneous Expenses
6,455.00
2,401.00
1,489.00
1,164.00
793.00 1,117.00
812.80 964.90 913.40 793.00
Less: Pre-operative Expenses Capitalised
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure
54,359.00
50,682.00
52,730.00
35,006.00
30,218.00
28,932.00
25,739.00
24,103.00
26,636.00
20,920.00
Operating Profit (Excl OI)
3,776.00
2,484.00
2,758.00
1,996.00
2,309.00
2,028.00
2,666.00
1,898.00
1,268.00
1,949.00
+Other Income
235.00 151.00 130.00 156.00 137.00 493.00 377.00 155.00 26.00 59.00
Operating Profit
4,011.00
2,635.00
2,888.00
2,152.00
2,446.00
2,521.00
3,043.00
2,053.00
1,294.00
2,008.00
+ Interest 99.00 100.00 96.00 39.00 51.00 56.00 51.00 45.00 61.00 47.00
PBDT3,912.00
2,535.00
2,792.00
2,113.00
2,395.00
2,465.00
2,992.00
2,008.00
1,233.00
1,961.00
Depreciation
816.00 783.00 979.00 754.00 707.00 565.00 538.00 602.00 609.00 606.00
Profit Before Taxation & Exceptional Items
3,096.00
1,752.00
1,813.00
1,359.00
1,688.00
1,900.00
2,454.00
1,406.00
624.00 1,355.00
+Exceptional Income / Expenses
68.00 106.00 41.00 74.00 162.00 206.00 440.00 1,623.00
359.00 137.00
Profit Before Tax
3,164.00
1,858.00
1,854.00
1,433.00
1,850.00
2,106.00
2,894.00
3,029.00
983.00 1,492.00
+Provision for Tax
1,069.00
630.00 516.00 544.00 675.00 755.00 991.00 899.00 176.00 463.00
Profits After Tax
2,095.00
1,228.00
1,338.00
889.00 1,175.00
1,351.00
1,903.00
2,130.00
807.00 1,029.00
Extra items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
+Appropriations
8,456.00
6,615.00
5,688.00
4,573.00
3,937.00
3,046.00
2,053.00
2,280.00
957.00 1,292.00
Equity Dividend %
20.00 20.00 25.00 20.00 20.00 20.00 20.00 20.00 15.00 18.00
Earnings Per Share
36.43 21.36 23.27 15.46 20.43 21.31 27.07 30.30 11.48 17.68
Book Value 226.68 192.52 173.51 153.15 140.02 139.29 133.88 109.20 81.19 84.33
Company V/s Industry
Philips India Ltd.
Industry :Consumer Durables - Electronics
House :Private
ParticularsMar 2014
Mar 2013
Mar 2012
Dec 2010
Dec 2009
Dec 2008
Dec 2007
Dec 2006
Dec 2005
Dec 2004
No of Months
12 12 15 12 12 12 12 12 12 12
+ Gross Sales 58,898. 53,971. 56,210. 37,482. 32,844. 31,473. 28,986. 26,603. 28,551. 23,841.
00 00 00 00 00 00 00 00 00 00 Less: Excise
763.00 805.00 722.00 480.00 317.00 513.00 581.00 602.00 647.00 972.00
Net Sales58,135.00
53,166.00
55,488.00
37,002.00
32,527.00
30,960.00
28,405.00
26,001.00
27,904.00
22,869.00
EXPENDITURE :
+Increase/Decrease in Stock
-402.00
-442.00
-864.00
-21.00 -331.00
-515.00
-389.00
120.00 35.00 -365.00
+Raw Materials Consumed
33,142.00
31,225.00
32,493.00
21,889.00
19,404.00
18,941.00
17,159.00
14,188.00
16,330.00
13,827.00
+Power & Fuel Cost
698.00 663.00 778.00 520.00 456.00 509.00 441.00 422.00 419.00 367.00
+Employee Cost
8,314.00
7,427.00
7,107.00
4,006.00
3,235.00
2,905.00
2,632.80
3,341.60
3,442.70
2,238.40
+
Other Manufacturing Expenses
467.00 1,730.00
1,263.00
816.00 2,187.00
2,107.00
470.00 413.00 438.00 234.00
+
General and Administration Expenses
3,200.00
5,981.00
8,200.00
4,860.00
2,697.00
2,629.00
3,374.40
3,466.50
3,734.90
2,696.60
+Selling and Distribution Expenses
2,485.00
1,697.00
2,264.00
1,772.00
1,777.00
1,239.00
1,238.00
1,187.00
1,323.00
1,129.00
+Miscellaneous Expenses
6,455.00
2,401.00
1,489.00
1,164.00
793.00 1,117.00
812.80 964.90 913.40 793.00
Less: Pre-operative Expenses Capitalised
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure
54,359.00
50,682.00
52,730.00
35,006.00
30,218.00
28,932.00
25,739.00
24,103.00
26,636.00
20,920.00
Operating Profit (Excl OI)
3,776.00
2,484.00
2,758.00
1,996.00
2,309.00
2,028.00
2,666.00
1,898.00
1,268.00
1,949.00
+Other Income
235.00 151.00 130.00 156.00 137.00 493.00 377.00 155.00 26.00 59.00
Operating Profit
4,011.00
2,635.00
2,888.00
2,152.00
2,446.00
2,521.00
3,043.00
2,053.00
1,294.00
2,008.00
+ Interest 99.00 100.00 96.00 39.00 51.00 56.00 51.00 45.00 61.00 47.00
PBDT3,912.00
2,535.00
2,792.00
2,113.00
2,395.00
2,465.00
2,992.00
2,008.00
1,233.00
1,961.00
Depreciation
816.00 783.00 979.00 754.00 707.00 565.00 538.00 602.00 609.00 606.00
Profit Before Taxation & Exceptional Items
3,096.00
1,752.00
1,813.00
1,359.00
1,688.00
1,900.00
2,454.00
1,406.00
624.00 1,355.00
+Exceptional Income / Expenses
68.00 106.00 41.00 74.00 162.00 206.00 440.00 1,623.00
359.00 137.00
Profit Before Tax
3,164.00
1,858.00
1,854.00
1,433.00
1,850.00
2,106.00
2,894.00
3,029.00
983.00 1,492.00
+Provision for Tax
1,069.00
630.00 516.00 544.00 675.00 755.00 991.00 899.00 176.00 463.00
Profits After Tax
2,095.00
1,228.00
1,338.00
889.00 1,175.00
1,351.00
1,903.00
2,130.00
807.00 1,029.00
Extra items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
+Appropriations
8,456.00
6,615.00
5,688.00
4,573.00
3,937.00
3,046.00
2,053.00
2,280.00
957.00 1,292.00
Equity Dividend %
20.00 20.00 25.00 20.00 20.00 20.00 20.00 20.00 15.00 18.00
Earnings Per Share
36.43 21.36 23.27 15.46 20.43 21.31 27.07 30.30 11.48 17.68
Book Value 226.68 192.52 173.51 153.15 140.02 139.29 133.88 109.20 81.19 84.33
5. Panasonic Appliances India Company Ltd.
Financial Ratios
Financial Ratios
Panasonic Appliances India Company Ltd.
Consumer Durables - Domestic
Panasonic - MNC
Appliances
Ratio Mar 2014
Mar 2013
Mar 2012
Mar 2011
Mar 2010
Mar 2009
Mar 2008
Mar 2007
Mar 2006
Mar 2005
Operational & Financial Ratios
NA NA NA NA NA NA NA NA NA NA
Earnings Per Share (Rs)
-3.49 -11.95 -14.90 2.09 2.26 1.65 1.69 1.77 1.31 0.65
CEPS(Rs) -0.05 -8.30 -11.19 5.30 4.90 3.81 3.45 3.15 2.66 2.01 Adjusted EPS (Rs.)
-3.49 -11.95 -14.90 2.09 2.26 1.65 1.69 1.77 1.31 0.65
DPS(Rs) 0.00 0.00 0.00 1.00 1.00 1.20 1.00 1.00 1.00 1.00 Adjusted DPS(Rs)
0.00 0.00 0.00 1.00 1.00 1.20 1.00 1.00 1.00 1.00
Book NAV/Share(Rs)
7.87 7.92 7.93 22.83 21.91 20.81 20.57 20.36 19.76 19.59
Adjusted Book Value (Rs)
7.87 7.92 7.93 22.83 21.91 20.81 20.57 20.36 19.76 19.59
Tax Rate(%)
0.17 0.29 -0.23 31.71 35.42 45.26 42.66 39.44 36.58 21.58
Dividend Pay Out Ratio(%)
0.00 0.00 0.00 47.82 44.31 72.59 59.15 56.45 76.40 153.75
Margin Ratios
NA NA NA NA NA NA NA NA NA NA
Core EBITDA Margin(%)
1.87 -3.00 -3.09 3.61 4.31 3.59 4.27 3.61 4.05 2.90
EBIT Margin(%)
0.33 -4.69 -4.47 2.49 2.84 2.93 3.45 3.44 3.19 1.53
Pre Tax Margin(%)
-1.95 -6.85 -6.41 1.30 2.07 2.36 2.82 3.11 2.89 1.32
PAT Margin (%)
-1.94 -6.83 -6.42 0.89 1.34 1.29 1.62 1.88 1.83 1.04
Cash Profit Margin (%)
-0.03 -4.74 -4.82 2.25 2.90 2.97 3.30 3.35 3.72 3.20
Performance Ratios
NA NA NA NA NA NA NA NA NA NA
ROA (%) -4.74 -13.99 -15.09 2.63 3.93 3.49 4.20 5.59 4.64 2.47 ROE (%) -44.87 -158.92 -96.86 9.35 10.57 7.99 8.26 8.83 6.65 3.54 ROCE (%) 1.41 -18.87 -21.43 15.89 18.30 16.14 15.95 14.97 10.38 4.55
Asset Turnover(x)
2.44 2.05 2.35 2.96 2.94 2.70 2.59 2.97 2.53 2.38
Inventory Turnover(x)
11.75 11.01 11.53 12.19 10.40 9.02 9.43 11.96 11.93 11.10
Debtors Turnover(x)
8.62 6.52 7.80 10.96 12.80 16.12 14.71 18.09 14.75 10.50
Sales/Fixed Asset(x)
2.86 2.80 3.63 4.53 4.26 3.76 3.40 3.41 2.68 2.45
Working Capital/Sales(x)
-8.61 -9.26 -13.33 175.02 19.30 16.75 9.79 7.33 5.40 4.63
Efficiency Ratios
NA NA NA NA NA NA NA NA NA NA
Fixed Capital/Sales(x)
0.35 0.36 0.28 0.22 0.23 0.27 0.29 0.29 0.37 0.41
Receivable days
42.36 55.98 46.82 33.31 28.51 22.65 24.82 20.18 24.75 34.75
Inventory Days
31.06 33.15 31.65 29.94 35.09 40.46 38.69 30.51 30.60 32.90
Payable days
49.21 67.10 57.42 50.73 58.53 55.16 49.01 28.65 23.98 28.87
Growth Ratio
NA NA NA NA NA NA NA NA NA NA
Net Sales Growth(%)
6.63 -17.84 -3.65 37.96 36.74 24.91 8.93 31.09 14.10 4.98
Core EBITDA Growth(%)
190.92 23.76 -173.47
21.88 25.87 10.45 16.14 27.18 56.28 -31.42
EBIT Growth(%)
107.33 11.87 -277.05
22.11 27.70 4.40 11.20 42.29 136.77 -57.21
PAT Growth(%)
69.92 10.68 -812.50
-7.33 36.51 -2.22 -4.55 35.33 101.26 -57.72
EPS Growth(%)
70.80 19.78 -812.50
-7.33 36.50 -2.22 -4.55 35.33 101.26 -57.72
Financial Stability Ratios
NA NA NA NA NA NA NA NA NA NA
Total Debt/Equity(x)
4.63 4.02 5.64 0.94 0.35 0.10 0.15 0.06 0.10 0.13
Current Ratio(x)
0.65 0.68 0.77 1.03 1.25 1.30 1.50 2.02 3.47 3.80
Quick Ratio(x)
0.39 0.42 0.53 0.60 0.77 0.70 0.90 1.28 2.27 2.66
Interest Cover(x)
0.14 -2.18 -2.31 2.09 3.68 5.09 5.52 10.36 10.75 7.30
Common size Statement
Panasonic Appliances India Company Ltd.
Industry :Consumer Durables - Domestic Appliances
House :Panasonic - MNC
Particulars Mar 2014
Mar 2013
Mar 2012
Mar 2011
Mar 2010
Mar 2009
Mar 2008
Mar 2007
Mar 2006
Mar 2005
No of Months 12 12 12 12 12 12 12 12 12 12
+Gross Sales1,764.80
1,670.99
1,987.81
2,017.70
1,446.59
1,098.63
895.03 805.56 611.91 538.32
Less: Excise 191.44 195.44 191.93 153.86 95.62 110.62 104.04 79.40 57.97 52.82
Net Sales1,573.36
1,475.55
1,795.88
1,863.83
1,350.96
988.01 790.98 726.16 553.94 485.50
EXPENDITURE :
+Increase/ -14.20 13.81 31.60 -32.22 13.96 -28.07 -18.69 -2.43 -6.64 2.87
Decrease in Stock
+Raw Materials Consumed
1,006.86
936.47 1,125.78
1,083.89
711.15 576.07 464.36 473.49 366.08 316.00
+Power & Fuel Cost
41.73 51.71 51.71 39.04 27.87 18.11 14.75 10.52 4.98 4.58
+Employee Cost
171.59 170.39 183.66 154.65 118.46 88.14 71.43 51.56 42.02 39.43
+Other Manufacturing Expenses
60.90 61.52 73.43 112.39 48.00 32.60 19.26 12.29 14.58 16.08
+General and Administration Expenses
58.75 55.44 64.27 59.29 49.24 42.05 35.53 28.33 22.31 24.49
+Selling and Distribution Expenses
201.44 218.38 312.69 362.28 308.19 209.01 157.68 116.29 75.55 61.68
+Miscellaneous Expenses
13.34 17.91 14.12 11.68 11.75 10.67 8.41 7.08 10.27 4.78
Less: Pre-operative Expenses Capitalised
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Expenditure
1,540.41
1,525.63
1,857.26
1,791.01
1,288.62
948.58 752.74 697.11 529.15 469.90
Operating Profit (Excl OI)
32.95 -50.08 -61.38 72.82 62.34 39.43 38.24 29.05 24.80 15.61
+Other Income 6.66 6.52 4.25 4.94 1.46 11.26 7.66 10.47 6.28 4.28
Operating Profit
39.61 -43.56 -57.14 77.77 63.80 50.69 45.90 39.52 31.08 19.88
+Interest 40.12 36.02 38.47 23.99 11.19 6.33 5.59 2.68 1.81 1.13 PBDT -0.51 -79.57 -95.61 53.78 52.62 44.36 40.31 36.84 29.26 18.76 Depreciation 33.86 34.82 31.80 27.53 22.67 18.48 15.04 11.77 11.57 11.65 Profit Before Taxation & Exceptional Items
-34.37 -114.39 -127.41
26.24 29.95 25.88 25.27 25.07 17.69 7.11
+Exceptional Income / Expenses
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Profit Before Tax
-34.37 -114.39 -127.41
26.24 29.95 25.88 25.27 25.07 17.69 7.11
+Provision for Tax
-0.06 -0.33 0.29 8.32 10.61 11.72 10.78 9.89 6.47 1.53
Profits After Tax
-34.31 -114.06 -127.70
17.92 19.34 14.17 14.49 15.18 11.22 5.57
Extra items 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 24.86
+Appropriations
-95.88 -61.57 -82.50 55.16 47.23 40.27 36.13 34.36 28.95 27.42
Equity Dividend %
0.00 0.00 0.00 10.00 10.00 12.00 10.00 10.00 10.00 10.00
Earnings Per Share
-3.49 -11.95 -14.90 2.09 2.26 1.65 1.69 1.77 1.31 0.65
Book Value 7.87 7.92 7.93 22.83 21.91 20.81 20.57 20.36 19.76 19.59
Company V/s Industries
Company V/s Industry
Company
Industry% to Ind Agg
Company Industry% to Ind Agg
Company Industry% to Ind Agg
Year EndMar 2014
2014 Mar 2013
2013 Mar 2012
2012
No of Companies
30 54 69
Financials Net Sales 1573.36 218556.64 0.72 1475.55 230299.05 0.64 1795.88 234425.83 0.77 Total Income 1580.02 221373.24 0.71 1482.07 233024.70 0.64 1800.12 236804.61 0.76 Total Expenditure
1540.41 205771.80 0.75 1525.63 216292.14 0.71 1857.26 219548.43 0.85
PBIDT 39.61 15601.44 0.25 -43.56 16732.55 -0.26 -57.14 17256.18 -0.33 PBIT 5.75 13874.33 0.04 -78.38 14568.03 -0.54 -88.94 21100.63 -0.42 PBT -34.37 10024.59 -0.34 -114.39 10205.07 -1.12 -127.41 15953.08 -0.80 PAT -34.31 7224.32 -0.47 -114.06 7279.08 -1.57 -127.70 13226.03 -0.97 Cash Profit -0.45 9866.09 0.00 -79.25 10847.24 -0.73 -95.90 16831.04 -0.57
Total Debt 357.92 28684.13 1.25 303.75 39320.91 0.77 383.48 46601.06 0.82 Gross Block 623.15 56505.54 1.10 609.22 72615.66 0.84 585.53 74084.07 0.79 Net Current Assets
-204.97 22689.40 -0.90 -180.40 21960.83 -0.82 -149.15 12042.03 -1.24
Total Assets 709.10 164018.06 0.43 739.83 174722.45 0.42 890.56 171777.50 0.52 Key Ratios Margin Ratios Core EBITDA Margin(%)
1.87 5.35 0.02 -3.00 5.69 -0.02 -3.09 5.97 -0.02
EBIT Margin(%)
0.33 5.81 0.00 -4.69 5.91 -0.03 -4.47 8.46 -0.04
Pre Tax Margin(%)
-1.95 4.20 -0.02 -6.85 4.14 -0.05 -6.41 6.39 -0.05
PATM(%) -1.94 3.02 -0.02 -6.83 2.96 -0.05 -6.42 5.30 -0.05 Performance Ratios
ROA(%) -4.74 9.21 -13.99 9.10 -15.09 17.26 ROE(%) -44.87 11.68 -158.92 12.11 -96.86 23.98 ROCE(%) 1.41 17.76 -18.87 18.27 -21.43 27.68 Asset Turnover(x)
2.44 3.04 2.05 3.06 2.35 3.26
Sales/Fixed Asset(x)
2.86 4.46 2.80 3.52 3.63 3.55
Working Capital/Sales(x)
-8.61 11.87 -9.26 13.41 -13.33 22.50
Efficiency Ratios
Fixed Capital/Sales(x)
0.35 0.22 0.36 0.28 0.28 0.28
Receivable days
42.36 67.76 55.98 63.09 46.82 59.90
Inventory Days
31.06 52.23 33.15 55.76 31.65 56.38
Payable days 49.21 53.37 67.10 52.19 57.42 56.55 Growth Ratio Net Sales Growth(%)
6.63 8.73 -17.84 6.74 -3.65 6.57
Core EBITDA Growth(%)
190.92 5.51 23.76 2.57 -173.47 -13.99
EBIT 107.33 1.20 11.87 -28.80 -277.05 25.06
Growth(%) PAT Growth(%)
69.92 -6.55 10.68 -46.48 -812.50 36.94
Financial Stability Ratios
Total Debt/Equity(%)
4.63 0.25 4.02 0.32 5.64 0.38
Current Ratio(x)
0.65 1.32 0.68 1.27 0.77 1.18
Quick Ratio(x)
0.39 0.85 0.42 0.76 0.53 0.71
Interest Cover(x)
0.14 3.60 -2.18 3.34 -2.31 4.08
Ch 3.Technical Analysis
ABCD Pattern
What Is an ABCD Pattern?
Reflects the common, rhythmic style in which the market moves A visual, geometric price/time pattern comprised of three consecutive price swings, or trends
—it looks like a lightning bolt on price chart A leading indicator that helps determine approximately where and when to enter and exit a
trade
So How Do I Find an ABCD Pattern?
Each pattern has both a bullish and bearish version. Bullish patterns help identify higher-probability opportunities to buy, or go “long.” Bearish patterns help signal opportunities to “short,” or sell. Each turning point (A, B, C, and D) represents a significant high or significant low on a price chart. These points define three consecutive price swings, or trends, which make up each of the three pattern “legs.” These are referred to as the AB leg, the BC leg, and the CD leg.
Trade line and Support - Resistance Basics
Trendlines.
Many traders will pay close attention to the price of a security as it falls toward the broader support of the trendline because historically, this has been an area that has prevented the price of the asset from moving substantially lower. For example, as you can see from the Newmont Mining Corp (NEM) chart below, a trendline can provide support for an asset for several years. In this case, notice how the trendline propped up the price of Newmont's shares for an extended period of time.
Figure 3
Figure 4
Signals1. Morning star…………..Buy signal2. Evening star……………Sell signal3. Engulfing Bearish……Sell signal4. Engulfing Bullish…….Buy signal
How are Star patterns interpreted by analysts and traders?Morning star…………..Buy signal
Evening star……………Sell signal
Engulfing Bearish
DEFINITION of 'Bearish Engulfing Pattern'
A chart pattern that consists of a small white candlestick with short shadows or tails followed by a large black candlestick that eclipses or "engulfs" the small white one.
Bullish Engulfing Pattern
The Bullish Engulfing Candlestick Pattern is a bullish reversal pattern, usually occurring at the bottom of a downtrend. The pattern consists of two Candlesticks:
Videocon Electronics
Sony Electronics
Philips Electronics.
Support and Resistance Level
LG
5. Panasonic Appliances India Company Ltd.
Price and Volume Chart Trend line
Support Level Patent (signals)
Ch:4 PORTFOLIO MANAGEMENT
What is a Portfolio ?
A portfolio refers to a collection of investment tools such as stocks, shares, mutual funds, bonds, cash and so on depending on the investor’s income, budget and convenient time frame.
Following are the two types of Portfolio:
1. Market Portfolio
2. Zero Investment Portfolio
What is Portfolio Management ?
The art of selecting the right investment policy for the individuals in terms of minimum risk and maximum return is called as portfolio management.
Portfolio management refers to managing an individual’s investments in the form of bonds, shares, cash, mutual funds etc so that he earns the maximum profits within the stipulated time frame.
Portfolio management refers to managing money of an individual under the expert guidance of portfolio managers.
Need for Portfolio Management
Portfolio management presents the best investment plan to the individuals as per their income, budget, age and ability to undertake risks.
Portfolio management minimizes the risks involved in investing and also increases the chance of making profits.
Portfolio managers understand the client’s financial needs and suggest the best and unique investment policy for them with minimum risks involved.
Portfolio management enables the portfolio managers to provide customized investment solutions to clients as per their needs and requirements.
Convariance and Correlation
Covariance and correlation describe how two variables are related.
Variables are positively related if they move in the same direction.
Variables are inversely related if they move in opposite directions.
Both covariance and correlation indicate whether variables are positively or inversely related. Correlation also tells you the degree to which the variables tend to move together.
You are probably already familiar with statements about covariance and correlation that appear in the news almost daily. For example, you might hear that as economic growth increases, stock market returns tend to increase as well. These variables are said to be positively related because they move in the same direction. You may also hear that as world oil production increases, gasoline prices fall. These variables are said to be negatively, or inversely, related because they move in opposite directions.
The relationship between two variables can be illustrated in a graph. In the examples below, the graph on the left illustrates how the positive relationship between economic growth and market returns might appear. The graph indicates that as economic growth increases, stock market returns also increase. The graph on the right is an example of how the inverse relationship between oil production and gasoline prices might appear. It illustrates that as oil production increases, gas prices fall.
To determine the actual relationships of these variables, you would use the formulas for covariance and correlation.
Covariance
Covariance indicates how two variables are related. A positive covariance means the variables are positively related, while a negative covariance means the variables are inversely related. The formula for calculating covariance of sample data is shown below.
Correlation
Correlation is another way to determine how two variables are related. In addition to telling you whether variables are positively or inversely related, correlation also tells you the degree to which the variables tend to move together.
As stated above, covariance measures variables that have different units of measurement. Using covariance, you could determine whether units were increasing or decreasing, but it was impossible to measure the degree to which the variables moved together because covariance does not use one standard unit of measurement. To measure the degree to which variables move together, you must use correlation.
Correlation standardizes the measure of interdependence between two variables and, consequently, tells you how closely the two variables move. The correlation measurement, called a correlation coefficient, will always take on a value between 1 and – 1:
Application of the Markowitz Portfolio Theory
When adding assets to your portfolio, you are diversifying your risk which can be calculated using the Markowitz Portfolio Theory (MPT) equation to determine the standard deviation (a proxy for risk) of your portfolio:
Where:
ω = Market value weight of individual asset 1 through n for a portfolio of n assets
σ = Standard deviation of individual asset 1 through n for a portfolio of n assets
r = Correlation between two assets from within portfolio of n assets
Bibiliography
www.ibef.org
www.acekp.in
www.investopedia.in
www.trading tutor. In