vaaluation template

7/30/2019 Vaaluation Template

1/38

Particulars 2008-2009 2009-2010

Sales 934302894 1522562141

Less: Cost of Goods Sold 586296808 951343675

Gross Profit 348006086 571218466

Less: Administrative Expenses 29410470 32230325

Less: Selling & Distribution Expenses 9646492 13470307Operating Profit before Financial Expenses & WPPF 308949124 525517834

Less: Financial Expenses 215127100 245316458

Operating Profit 93822024 280201376

Add: Non-operating Income 27638526 17558422

Net Profit before WPPF 121460550 297759798

Less: Provision for WPPF 5783836 14179038

Net Profit before Income Tax 115676714 283580760

Less: Provision for Current Tax 3267396 17736879

Net Profit before Tax Holiday Reserve 112409318 265843881

Tax Holiday Reserve @ 40% 37528810 62071879

Profit available for Appropriation 74880508 203772002

Depreciation 57520954 61241496

Number of Share 43700000 52440000


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2010-2011 2011-2012

1744462051 1656544813

1439778772 1378347683

304683279 278197130

64657493 44833045

12142991 18143514227882795 215220571

193098462 286703513

34784333 -71482942

104828563 157780679

139612896 86297737

6648233 4109416

132964663 82188321

41469513 51672411

91495150 30515910

91495150 30515910

73957379 67904838

170430000 195994500


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Particulars 2008-2009 2009-2010 2010-2011

Non-current Assets (Net) 1246421339 1327041753 1487920224

Inventories 593879290 779176551 1286872443

Trade Debtors 599197097 1027773365 972482363

Investment 10671443 14391954 13397465

Advance, Deposit & Prepayments 188386528 365810575 565244143Cash & Bank Balances 9249492 7232759 1632318897

Current Assets 1401383850 2194385204 4470315311

Total Asset 2647805189 3521426957 5958235535

Ordinary Share Capital 469000000 548400000 1704300000

Preference Share Capital 12000000

Reserve & Surplus 634861656 813305536 2290992720

Shareholders' Equity 1103861656 1361705536 4007292720

Non-current Liabilities 391984466 419526764 276014534

Trade & Other Payables 20438886 6690958 6844793

WPPF 12917700 27096738 31101171Short Term Loan 1096859300 1642996703 1534584596

Liabilities for Expenses 21743181 63410258 50517250

Provision for Tax 51880471

Current portion of LTD

Current Liabilities 1151959067 1740194657 1674928281

Total Liabilities 1543943533 2159721421 1950942815

Total Equity & Liabilities 2647805189 3521426957 5958235535

Number of Outstanding Shares


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2011-2012

1594288595

1168836430

1060465727

6900617

6386421961657866442

4532711412

6127000007

1959945000

8000000

2059366783

4027311783

247426392

4788603

276529971691067576

63790922

64961734

1852261832

2099688224

6127000007

205794225


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Particulars 2008-2009 2009-2010 2010-2011

Sales growth rate 0.629623702 0.145741119

Average

COGS in proportion to sales 0.627523271 0.62483077 0.825342558

Average

Administrative expenses in proportion to sales 0.031478518 0.021168479 0.037064431

Average

Selling & distribution expenses in proportion to sales 0.010324802 0.008847131 0.00696088

Average

Growth rate of non-operating income -0.364712069 4.970272442

Average

Total loan 1488843766 2062523467 1810599130

Average 1775683617 1936561299

Interest rate 0.138153247 0.099712032

Average

Growth rate of non-current assets 0.06468151 0.121230904

Average

Inventory in proportion to sales 0.635638928 0.51175353 0.737690133

Average

Trade debtors in proportion to sales 0.641330666 0.675028846 0.55746834

Average

Growth rate of investment 0.348641791 -0.069100346

Average

Advance, deposit & prepayments in proportion to sales 0.201633249 0.240259865 0.324022035

Average

Short-term loan in proportion to sales 1.173986838 1.079099932 0.879689297

Average

Trade & other payables in proportion to sales 0.021876081 0.004394539 0.003923727

Average

Liabilities for expenses in proportion to sales 0.02327209 0.041647074 0.028958641

Average

Growth rate of WPPF 1.097644163 0.147782844

Average

Tax Rate 0.028245927 0.06254613 0.311883715

Average


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Depreciation Rate 0.049705204

Average

Capital Expenditure


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2011-2012 2012-2013 2013-2014 2014-2015 2015-16 2016-2017

-0.050397908

-0.050397908 -0.050397908 -0.050397908 -0.050397908 -0.050397908 -0.050397908

0.832061815

0.727439603 0.727439603 0.727439603 0.727439603 0.727439603 0.727439603

0.027064191

0.029193905 0.029193905 0.029193905 0.029193905 0.029193905 0.029193905

0.010952625

0.009271359 0.009271359 0.009271359 0.009271359 0.009271359 0.009271359

0.50513061

1.703563661 1.703563661 1.703563661 1.703563661 1.703563661 1.703563661

1938493968 1895896662 1798573177 1705398624 1616163905 1530670460

1874546549 1917195315 1847234919 1751985901 1660781265 1573417183

0.152945529

0.130270269 0.130270269 0.130270269 0.130270269 0.130270269 0.130270269

0.071487953

0.085800122 0.085800122 0.085800122 0.085800122 0.085800122 0.085800122

0.705586967

0.64766739 0.64766739 0.64766739 0.64766739 0.64766739 0.64766739

0.640167244

0.628498774 0.628498774 0.628498774 0.628498774 0.628498774 0.628498774

-0.484931142

-0.068463232 -0.068463232 -0.068463232 -0.068463232 -0.068463232 -0.068463232

0.385526664

0.287860453 0.287860453 0.287860453 0.287860453 0.287860453 0.287860453

1.020840223

1.038404073 1.038404073 1.038404073 1.038404073 1.038404073 1.038404073

0.002890717

0.008271266 0.008271266 0.008271266 0.008271266 0.008271266 0.008271266

0.038508419

0.033096556 0.033096556 0.033096556 0.033096556 0.033096556 0.033096556

-0.110869588

0.378185806 0.378185806 0.378185806 0.378185806 0.378185806 0.378185806

0.628707466

0.134225257 0.134225257 0.134225257 0.134225257 0.134225257 0.134225257


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0.042592563

0.046148884 0.046148884 0.046148884 0.046148884 0.046148884 0.046148884

136790156.2 148526768.3 161270383.2 175107401.7 190131638.2


9/38

1. Perpetual growth rate is 2%.

2. Capital expenditures will be financed by long-term loan.

3. Since there was no purchase of PPE, it was assumed that the existing long-term loan will be repaid by three equal

4. Risk-free rate is 8%.

5. For maintaining a no-arbitrage scenario, the return from investment was considered to be equal to the interest rat

6. To normalize the affairs it was assumed that BDL's investment will increase by 15% rate each year.


10/38

l-yearly installments.

.


11/38

Time (Ending) MAKSONSPIN DGEN MAKSONSPIN Re DGEN return

January, 2009 49.10 2649.49

February, 2009 52.10 2570.96 0.06 -0.03

March, 2009 46.00 2446.92 -0.12 -0.05

April, 2009 39.10 2554.36 -0.15 0.04

May, 2009 49.60 2572.18 0.27 0.01June, 2009 48.90 3010.26 -0.01 0.17

July, 2009 46.70 2914.53 -0.04 -0.03

August, 2009 50.50 2941.28 0.08 0.01

September, 2009 63.60 3083.89 0.26 0.05

October, 2009 86.30 3364.26 0.36 0.09

November, 2009 92.30 4380.95 0.07 0.30

December, 2009 99.00 4535.53 0.07 0.04

January, 2010 109.30 5367.11 0.10 0.18

February, 2010 105.10 5560.56 -0.04 0.04

March, 2010 105.60 5582.33 0.00 0.00

April, 2010 92.50 5654.88 -0.12 0.01

May, 2010 102.40 6107.81 0.11 0.08June, 2010 98.90 6153.68 -0.03 0.01

July, 2010 64.80 6342.76 -0.34 0.03

August, 2010 77.80 6657.97 0.20 0.05

September, 2010 88.80 7097.38 0.14 0.07

October, 2010 101.70 7957.12 0.15 0.12

November, 2010 87.50 8602.44 -0.14 0.08

December, 2010 68.40 8290.41 -0.22 -0.04

January, 2011 60.60 7484.23 -0.11 -0.10

February, 2011 40.40 5203.08 -0.33 -0.30

March, 2011 56.30 6352.10 0.39 0.22

April, 2011 49.30 6050.85 -0.12 -0.05

May, 2011 43.80 5758.26 -0.11 -0.05

June, 2011 44.20 6117.23 0.01 0.06

July, 2011 50.00 6459.62 0.13 0.06

August, 2011 44.00 6212.00 -0.12 -0.04

September, 2011 40.30 5910.20 -0.08 -0.05

October, 2011 28.40 5036.50 -0.30 -0.15

November, 2011 34.10 5268.55 0.20 0.05

December, 2011 35.00 5257.61 0.03 0.00

January, 2012 26.50 4153.96 -0.24 -0.21

February, 2012 23.00 4695.41 -0.13 0.13

March, 2012 22.60 4990.32 -0.02 0.06

April, 2012 20.40 5098.90 -0.10 0.02

May, 2012 17.30 4734.33 -0.15 -0.07

June, 2012 16.50 4572.88 -0.05 -0.03July, 2012 15.40 4159.17 -0.07 -0.09

August, 2012 19.30 4446.87 0.25 0.07

September, 2012 24.30 4544.41 0.26 0.02

October, 2012 21.80 4493.92 -0.10 -0.01

November, 2012 18.40 4210.58 -0.16 -0.06

December, 2012 17.80 4219.31 -0.03 0.00

January, 2013 17.50 4230.69 -0.02 0.00

February, 2013 15.00 4047.23 -0.14 -0.04

60

80

100

120


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March, 2013 12.80 3722.41 -0.15 -0.08

April, 2013 13.70 3618.49 0.07 -0.03

May, 2013 15.10 4100.51 0.10 0.13

Covariance 0.009880287

Variance of Market Return 0.009955659

Beta 0.992429165

Market Return 0.013399230

Market Return (yearly) 0.160790758

0

20

40


13/38

.00

.00

.00

.00

MAKSONSPIN


14/38

.00

.00

.00


15/38


16/38


17/38

Particulars 2011-2012 2012-2013

Sales 1656544813.00 1573058419.87

Less: Cost of Goods Sold 1378347683.00 1144304993.13

Gross Profit 278197130.00 428753426.75

Less: Administrative Expenses 44833045.00 45923717.43

Less: Selling & Distribution Expenses 18143514.00 14584390.00

Operating Profit before Financial Expenses & WPPF 215220571.00 368245319.31

Less: Financial Expenses 286703513.00 249753550.03

Operating Profit -71482942.00 118491769.28

Add: Non-operating Income 157780679.00 171318280.53

Net Profit before WPPF 86297737.00 289810049.81

Less: Provision for WPPF 4109416.00 5663538.80

Net Profit before Income Tax 82188321.00 284146511.01

Less: Provision for Current Tax 51672411.00 38139638.48

Net Profit before Tax Holiday Reserve 30515910.00 246006872.53

Tax Holiday Reserve @ 40% 0.00 0.00

Profit available for Appropriation 30515910.00 246006872.53

Transfer to the Reserve 30515910.00 246006872.53


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2013-2014 2014-2015 2015-2016 2016-17

1493779566.31 1418496201.12 1347006960.04 1279120627.16

1086634415.33 1031870314.01 979866208.83 930483001.76

407145150.98 386625887.11 367140751.21 348637625.40

43609258.14 41411442.76 39324392.68 37342525.55

13849367.26 13151388.12 12488585.67 11859187.08

349686525.58 332063056.23 315327772.86 299435912.76

240639790.47 228231675.15 216350422.65 204969480.18

109046735.11 103831381.07 98977350.21 94466432.58

186017409.93 201977726.42 219307440.02 238124045.16

295064145.03 305809107.50 318284790.23 332590477.75

7805408.79 10757303.61 14825563.15 20432380.70

287258736.24 295051803.89 303459227.08 312158097.04

38557377.71 39603404.21 40731892.75 41899500.81

248701358.53 255448399.67 262727334.33 270258596.23

0.00 0.00 0.00 0.00

248701358.53 255448399.67 262727334.33 270258596.23

248701358.53 255448399.67 262727334.33 270258596.23


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Particulars 2011-2012 2012-2013 2013-2014 2014-2015

Non-current Assets (Net) 1594288595.00 1731078751.20 1879605519.50 2040875902.68

Inventories 1168836430.00 1018818640.58 967472312.44 918713731.82

Trade Debtors 1060465727.00 988665287.92 938838625.67 891523122.97

Investment 6900617.00 6428178.46 5988084.58 5578120.96

Advance, Deposit & Prepayments 638642196.00 452821309.79 430000063.07 408328959.44

Cash & Bank Balances 1657866442.00 2285732288.55 2413509934.51 2539313140.13

Current Assets 4532711412.00 4752465705.31 4755809020.28 4763457075.32

Total Asset 6127000007.00 6483544456.51 6635414539.78 6804332977.99

Ordinary Share Capital 1959945000.00 1959945000.00 1959945000.00 1959945000.00

Preference Share Capital 8000000.00 8000000.00 8000000.00 8000000.00

Reserve & Surplus 2059366783.00 2305373655.53 2554075014.07 2809523413.74

Shareholders' Equity 4027311783.00 4273318655.53 4522020014.07 4777468413.74

Non-current Liabilities 247426392.00 247426392.00 232426392.00 217426392.00

Trade & Other Payables 4788603.00 13011184.74 12355448.25 11732759.51

WPPF 27652997.00 38110967.97 52523995.12 72387824.56

Short Term Loan 1691067576.00 1633470269.50 1551146785.10 1472972232.09

Liabilities for Expenses 63790922.00 52062816.03 49438959.01 46947338.90Provision for Tax 64961734.00 211144170.73 200502946.24 190398017.19

Current portion of LTD 15000000.00 15000000.00 15000000.00

Current Liabilities 1852261832.00 1962799408.97 1880968133.72 1809438172.26

Total Liabilities 2099688224.00 2210225800.97 2113394525.72 2026864564.26

Total Equity & Liabilities 6127000007.00 6483544456.51 6635414539.78 6804332977.99


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2015-2016 2016-17

2215983304.42 2406114942.63

872412481.66 828444717.65

846592222.61 803925745.64

5196224.77 4840474.42

387750034.10 368208243.54

2664714357.52 2791688563.19

4776665320.66 4797107744.45

6992648625.08 7203222687.08

1959945000.00 1959945000.00

8000000.00 8000000.00

3072250748.07 3342509344.30

5040195748.07 5310454344.30

202426392.00 187426392.00

11141452.97 10579947.05

99763872.36 137493152.88

1398737513.01 1328244068.48

44581291.24 42334487.42180802355.44 171690294.96

15000000.00 15000000.00

1750026485.02 1705341950.78

1952452877.02 1892768342.78

6992648625.08 7203222687.08


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Risk-free Rate 7.60

Market Return 0.16

Beta 0.99

Cost of Equity 0.22

Cost of Debt 0.13

After Tax Cost of Debt 0.11

Total MV of Equity 3107492797.50

BV of Debt 1938493968.00

Weight of Equity 0.62

Weight of Debt 0.38

WACC 0.1838


22/38

Particulars 2011-2012 2012-2013 2013-2014 2014-2015

Inventories 1168836430.00 1018818640.58 967472312.44 918713731.82

Trade Debtors 1060465727.00 988665287.92 938838625.67 891523122.97

Advance, Deposit & Prepayments 638642196.00 452821309.79 430000063.07 408328959.44

Non-cash Current Assets 2867944353.00 2460305238.30 2336311001.19 2218565814.23


WPPF 27652997.00 38110967.97 52523995.12 72387824.56

Liabilities for Expenses 63790922.00 52062816.03 49438959.01 46947338.90

Non- STD Current Liabilities 96232522.00 103184968.74 114318402.38 131067922.97

Working Capital 2771711831.00 2357120269.56 2221992598.80 2087497891.26

Change in WC -414591561.44 -135127670.76 -134494707.55

Particulars 2008-09 2009-2010 2010-2011 2011-2012

Inventories 593879290.00 779176551.00 1286872443.00 1168836430.00

Trade Debtors 599197097.00 1027773365.00 972482363.00 1060465727.00

Advance, Deposit & Prepayments 188386528.00 365810575.00 565244143.00 638642196.00Non-cash Current Assets 1381462915.00 2172760491.00 2824598949.00 2867944353.00


WPPF 12917700.00 27096738.00 31101171.00 27652997.00

Liabilities for Expenses 21743181.00 63410258.00 50517250.00 63790922.00

Non- STD Current Liabilities 55099767.00 97197954.00 88463214.00 96232522.00

Working Capital 1326363148.00 2075562537.00 2736135735.00 2771711831.00

Change in WC 849716165.00 749199389.00 660573198.00 35576096.00


23/38

2015-2016 2016-17

872412481.66 828444717.65

846592222.61 803925745.64

387750034.10 368208243.54

2106754738.38 2000578706.84

11141452.97 10579947.05

99763872.36 137493152.88

44581291.24 42334487.42

155486616.57 190407587.35

1951268121.80 1810171119.49

-136229769.45 -141097002.31


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Particulars 2012-2013 2013-2014 2014-2015 2015-2016

EBIT 368891834.00 533900061.04 527898526.71 523283479.04

EBIT (1-Tax Rate) 319377232.76 462237188.12 457041211.28 453045619.56

Depreciation 79887352.36 86741696.95 94184145.14 102265156.30

Less: Capital Expenditure 136790156.20 148526768.31 161270383.17 175107401.75

Less: Change in NWC -414591561.44 -135127670.76 -134494707.55 -136229769.45

Free Cash Flow 677065990.36 535579787.52 524449680.80 516433143.57

PV Discount Factor 0.84 0.71 0.60 0.51

PV of Free Cash Flow 571917642.06 382189736.37 316138267.58 262967756.70

Terminal Value

Enterprise Value 3125253101.81

Cash 1657866442.00

Interest-bearing Debt 1938493968.00

Equity Value 2844625575.81

Value per Share 13.82

Particulars 2008-09 2009-2010 2010-2011 2011-2012

EBIT 330803814.00 528897218.00 326063125.00 368891834.00

EBIT (1-Tax Rate) 327536418.00 511160339.00 284593612.00 317219423.00

Depreciation 57520953.70 61241495.82 73957379.00 67904838.00

Less: Capital Expenditure 40401000.29 80620414.00 160878471.00 106368371.00

Less: Change in NWC 849716165.00 749199389.00 660573198.00 35576096.00

Free Cash Flow -505059793.59 -257417968.18 -462900678.00 243179794.00


25/38

2016-17 2017-18

519809649.73

450038065.89

111039519.20

190131638.21

-141097002.31

512042949.19 522283808.18

0.43

220229672.45

1371810026.64


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Particulars 2008-2009 2009-2010 2010-2011 2011-2012

Liquidity

Cash Ratio 0.008029358 0.004156293 0.974560473 0.895049724

Quick Ratio 0.537447944 0.603034881 1.563170647 1.471299974

Current Ratio 1.216522262 1.260999851 2.668959239 2.447122396

Activity/Efficiency

Fixed Asset Turnover 1.183278785 1.239421396 1.074907581

Total Asset Turnover 0.493598589 0.368043072 0.274143571

Accounts Receivables Turnover 1.871653084 1.744239026 1.629697109

Inventory Turnover 1.385731951 1.393750851 1.122566032

Leverage/Solvency

Times Interest Earned 1.537713352 2.155979351 1.688584785 1.286666599

Cash Coverage Ratio 1.805094605 2.405622185 2.071588245 1.523513498

Profitability

Gross Profit Margin 0.372476729 0.37516923 0.174657442 0.167938185

Operating Profit Margin 0.324482874 0.335841003 0.12682108 0.127440654

Net Profit Margin 0.120313571 0.174602976 0.05244892 0.018421421Return on Asset 0.042453772 0.075493226 0.015356081 0.004980563

Return on Equity 0.101832795 0.195228611 0.02283216 0.007577241

Capital Structure

Debt Ratio 0.583103145 0.613308595 0.327436336 0.34269434

Debt-to-Equity Ratio 1.398674847 1.586041449 0.486848092 0.521362223

Market Information Ratio

EPS 2.572295606 5.06948667 0.536848853 0.155697787

Price-to-Earnings 24.72499655 17.51656642 75.06768392 156.071582

0

0.5

1

1.5

2

2.5

3

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

Cash Ratio Quick Ratio Current Ratio

0

0.05

0.1

0.15

0.2

0.25

0.3

0.35

0.4

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

Operating Profit Margin Return on Asset Return on Equity

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

2

2009-2010 2010-2011 2011-2012

Total Asset Turnover Accounts Receivables Turnover

Inventory Turnover

0

0.5

1

1.5

2

2.5

3

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

Times Interest Earned Cash Coverage Ratio

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

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

Debt Ratio Debt-to-Equity Ratio

0

2040

60

80

100

120

140

160

180

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

EPS Price-to-Earnings


27/38

Al-Haaj Apex Rahim Square Average

0.298371746 0.030051822 0.183054103 0.351631849

1.542330507 0.786314816 0.394374854 1.469978647 1.13285976

2.915813327 1.178216533 0.531788694 2.109115273 1.836411245

2.000731171 2.41115335 1.006222903 3.321580684 1.962919138

0.976489785 2.407732001 0.729385146 1.081566636 1.093863428

70.62226216 8.332294049 3.290210593 20.96861598

3.697383509 12.66576539 8.772683143 4.465348168 6.144749248

4.035288561 12.32540969

0.086930381 0.079336788 0.144937171 0.156274121 0.127083329

0.039408767 0.015834962 0.105179875 0.118367276 0.081246307

0.036974353 0.006665756 0.002169872 0.094831304 0.0318125410.036105078 0.016049354 0.001582672 0.102566375 0.032256808

0.08599841 0.040789268 0.006898623 0.156171349 0.059486978

0.580165741 0.138185762 0.770581442 0.34324461 0.434974379

1.381892329 0.160342862 3.358845286 0.522636914 1.189015923

24.9 31.7 274.1 14.1 100.1743164


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Particulars 2008-2009 2009-2010 2010-2011 2011-2012

Operating Cash Flow -141029746 -418442084 -438861063 83701005

Fixed Cost 521646576

DOL N\A N\A N\A 7.232261799

EBIT 330803814 528897218 326063125 368891834

Financial Expenses 215127100 245316458 193098462 286703513

DFL 2.859726928 1.865067355 2.452253987 4.488372916


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Particulars 2008-2009 2009-2010

Operating Profit Margin EBIT / Net Sales 0.35 0.35

Total Asset Turnover Net Sales / Total Assets 0.35 0.43

Interest Burden EBT / EBIT 0.35 0.54

Aftertax Retention Rate NI / EBT 0.97 0.94

Financial Leverage Total Assets / Equity 2.40 2.59

ROE 0.10183 0.19523

"What If" Analysis






ROE 0.10183 0.19899

% Change 0.95408

Standard Deviation 0.98550893

Mean -0.18334

Sensitivity -0.18603






ROE 0.10183 0.15933

% Change 0.56459


Mean -0.30111







ROE 0.10183 0.12732

% Change 0.25033


Mean -0.32949







ROE 0.10183 0.20237

% Change 0.98729


Mean -0.07944



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ROE 0.10183 0.18108

% Change 0.77825


Mean -0.23134



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2010-2011 2011-2012

0.19 0.22

0.29 0.27

0.41 0.22

0.69 0.37

1.49 1.52

0.02283 0.00758

0.35 0.35

0.29 0.27

0.41 0.22

0.69 0.37

1.49 1.52

0.04325 0.01205

-0.78265 -0.72145

0.19 0.22

0.35 0.35

0.41 0.22

0.69 0.37

1.49 1.52

0.02752 0.00989

-0.82729 -0.64062

0.19 0.22

0.29 0.27

0.35 0.35

0.69 0.37

1.49 1.52

0.01958 0.01189

-0.84623 -0.39258

0.19 0.22

0.29 0.27

0.41 0.22

0.97 0.97

1.49 1.52

0.03224 0.01983

-0.84067 -0.38495


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0.19 0.22

0.29 0.27

0.41 0.22

0.69 0.37

2.40 2.40

0.03683 0.01195

-0.79659 -0.67566


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Particulars 2008-2009 2009-2010 2010-2011 2011-2012

ROE 0.10183 0.19523 0.02283 0.00758

Plowback Ratio 1 1 1 1

Sustainable Growth Rate 0.113378439 0.242588907 0.023365649 0.007635093

Return on Asset 0.042453772 0.075493226 0.015356081 0.004980563


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Particulars 2008-2009 2009-2010 2010-2011 2011-2012

EPS 2.57230 5.06949 0.53685 0.15570

WACC 0.183750273 0.183750273 0.183750273 0.183750273

No Growth Value 13.99886688 27.58900217 2.921622075 0.84733364

Ending Price of Share 63.60 88.80 40.30 24.30

Value Addition 49.60 61.21 37.38 23.45

Expected Growth 0.143305373 0.126661459 0.170428961 0.177342956


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Particulars 2008-09 2009-2010 2010-2011 2011-2012

Operating Cash Flow -141029746 -418442084 -438861063 83701005

Free Cash Flow -505059793.6 -257417968.2 -462900678 243179794

2008-09 2009-2

Operating Cash Flow -141029746 -41844

Free Cash Flow -505059793.6 -257417

-600,000,000.00

-500,000,000.00

-400,000,000.00

-300,000,000.00

-200,000,000.00

-100,000,000.00

0.00

100,000,000.00

200,000,000.00

300,000,000.00

Operating Cash Flow


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010 2010-2011 2011-2012

084 -438861063 83701005

968.2 -462900678 243179794

Free Cash Flow


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Particulars 2008-09 2009-2010 2010-2011

Total Asset 2,647,805,189 3,521,426,957 5,958,235,535

Less: Cash 9,249,492 7,232,759 1,632,318,897

Operating Asset (A) 2,638,555,697 3,514,194,198 4,325,916,638

Trade & Other Payables 20438886 6690958 6844793

WPPF 12917700 27096738 31101171

Liabilities for Expenses 21743181 63410258 50517250

Provision for Tax 51880471

Total Liabilities 55099767 97197954 140343685

Less: Short Term Loan 1,096,859,300 1,642,996,703 1,534,584,596

Operating Liabilities (B) -1,041,759,533 -1,545,798,749 -1,394,240,911

Net Operating Asset (A-B) 3,680,315,230 5,059,992,947 5,720,157,549

Change in Net Operating Asset 1,379,677,717 660,164,602

Average Net Operating Asset 4,370,154,089 5,390,075,248

Balance Sheet Based Accural Ratio 31.57% 12.25%


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2011-2012

6,127,000,007

1,657,866,442

4,469,133,565

4788603

27652997

63790922

64961734

161194256

1,691,067,576

-1,529,873,320

5,999,006,885

278,849,336

5,859,582,217

4.76%

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