Balance Sheet

Particulars

(all fig in crores)

9-Mar

8-Mar

7-Mar

6-Mar

5-Mar

4-Mar

10.02

10.02

10.02

10.02

20.02

20.02

56.73

48.4

40.08

27.14

33.5

16.05

66.75

58.42

50.1

37.16

53.52

36.07

2.39

12.58

16.26

17.58

45.28

22.46

0

0

0

0

0

1.26

2.39

12.58

16.26

17.58

45.28

23.72

69.14

71

66.36

54.74

98.8

59.79

84.25

70.97

65.46

58.94

108.34

85.01

37.55

32

27.13

22.98

35.23

26.92

0

0

0

NA

NA

NA

46.7

38.97

38.33

NA

NA

NA

0

0

0

0

0

0

8.53

7.16

5.4

4.42

3.49

0.2

21.36

23.29

7.31

8.33

7.91

1.59

7.55

10.5

9.77

11.27

14.3

5.45

23.32

20.62

31.3

19.89

32.69

28.57

0.72

0.57

0.47

0.49

2.78

0.95

3.93

5.9

9.26

7.83

8.22

3.29

SOURCES OF FUNDS :
Share Capital
Reserves Total
Total Shareholders Funds
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities
APPLICATION OF
FUNDS :
Gross Block
Less : Accumulated
Depreciation
Less:Impairment of
Assets

Net Block

Lease Adjustment

Capital Work in Progress

Investments
Current Assets, Loans &
Advances
Inventories
Sundry Debtors
Cash and Bank
Loans and Advances

Total Current Assets

35.52

37.59

50.8

39.48

57.99

38.26

35.99

29.26

25.43

23.6

26.36

24.74

4.6

3.57

6.59

6.24

9.91

8.4

40.59

32.83

32.02

29.84

36.27

33.14

-5.07

4.76

18.78

9.64

21.72

5.12

0

0

0

0

0

0.09

0.63

0.43

0.31

0.23

0.5

0.62

3.01

3.61

3.77

3.84

7.93

5.92

-2.38

-3.18

-3.46

-3.61

-7.43

-5.3

69.14

71

66.36

54.74

98.8

59.79

2.74

0.99

3.65

5.49

2.51

0.29

Mar '05

Mar '06

Mar '07

Mar '08

Mar '09

12 mths

12 mths

12 mths

12 mths

12 mths

40.21

34.4

27.29

15.35

15.97

28.77

26.43

17.26

32.52

23.24

Less : Current
Liabilities and
Provisions
Current Liabilities
Provisions
Total Current Liabilities
Net Current Assets
Miscellaneous Expenses
not written off

Deferred Tax Assets

Deferred Tax Liability
Net Deferred Tax

Total Assets
Contingent Liabilities

Cash Flow of Munjal Auto
Industries

Net Profit Before Tax
Net Cash From Operating
Activities

------------------- in Rs. Cr.
-------------------

Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from
Financing Activities
Net (decrease)/increase In
Cash and Cash
Equivalents
Opening Cash & Cash
Equivalents
Closing Cash & Cash
Equivalents

###
###

-33.59

-40.87

-5.73

-22.23

-10.57

6.64

13.88

-11.54

-10.19

-12.52

1.83

-0.56

-0.01

0.1

0.15

0.95

2.78

0.48

0.47

0.57

2.78

2.22

0.47

0.57

0.72

###
###

Profit & Loss
Particulars

9-Mar

8-Mar

7-Mar

6-Mar

5-Mar

4-Mar

276.31

260.85

292.27

272.62

286.04

184.47

41.2

43.72

47.89

38.5

39.94

25.33

235.11

217.13

244.38

234.12

246.1

159.14

2.77

1.34

1.43

1.27

0.91

0.54

0.23

0.17

-0.05

0.81

-0.12

-0.06

238.11

218.64

245.76

236.2

246.89

159.62

Raw
Materials

156.53

146.55

161.48

136.48

127.67

73.5

Power &
Fuel Cost

12.59

9.65

10.89

11.8

12.72

8.53

Employee
Cost

9.97

8.52

7.21

8.15

9.84

7.87

23.58

21.31

22.09

27.53

35

21.33

11.44

10.31

10.18

9.09

8.51

7.41

1.39

1.46

1.06

1.49

2.52

1.72

0

0

0

0

0

0

215.5

197.8

212.91

194.54

196.26

120.36

22.61

20.84

32.85

41.66

50.63

39.26

0.62

0.7

1.01

1.52

1.75

1.78

21.99

20.14

31.84

40.14

48.88

37.48

5.88

5.02

4.28

5.76

8.69

6.95

16.11

15.12

27.56

34.38

40.19

30.53

INCOME :
Sales
Turnover
Excise Duty
Net Sales
Other
Income
Stock
Adjustments
Total
Income
EXPENDITU
RE :

Other
Manufacturin
g Expenses

Selling and
Administratio
n Expenses

Miscellaneou
s Expenses
Less: Preoperative
Expenses
Capitalised
Total
Expenditure
Operating
Profit
Interest
Gross Profit
Depreciation
Profit
Before Tax

Tax

5.55

5.12

8.83

9.88

12.09

9.43

0.11

0.14

0.08

NA

NA

NA

-0.8

-0.29

-0.14

1.81

2.12

1.42

11.25

10.15

18.79

22.56

25.98

19.68

0.09

-0.14

0.18

-0.13

-0.24

-0.09

11.16

10.29

18.61

22.69

26.22

19.77

0

0

0

0.16

0.03

0.06

Fringe
Benefit tax
Deferred Tax
Reported
Net Profit
Extraordinary
Items
Adjusted
Net Profit
Adjst. below
Net Profit
P&L
Balance
brought
forward

38.25

30.36

19.3

12.25

-2.04

-13.04

Statutory
Appropriation
s

0

0

0

0

0

0

Appropriation
s

4.05

2.26

7.73

15.67

11.72

8.74

45.45

38.25

30.36

19.3

12.25

-2.04

2.5

1.5

5

5

8

6

0

0

0

0

0

0

25

15

50

50

40

30

10.81

9.88

17.9

21.82

12.42

9.45

10.81

9.88

17.9

21.82

12.42

9.45

66.62

58.3

50

37.09

26.73

18.02

P&L
Balance
carried down
Dividend
Preference
Dividend
Equity
Dividend %
Earnings Per
Share-Unit
Curr
Earnings Per
Share(Adj)Unit Curr
Book ValueUnit Curr

.

sd of mun 4711.55 6.05 -2.01 85.11 77.58 -0.5 -0.4 4528.5 4593.89 -1.58 83.26 0.31 65.9 4965.75 4394.62 64.6 -0.2 62.74 78.31 59.38 1.05 0. In munjal %ch in nif.97 83.69 1.25 4986.06 1.1 4782.4 2.2 4481.09 -2.6 5006.47 85.8 4457.42 0.36 79.1 4958.95 0.61 2.46 66.7 4985.85 5.9 5027.37 0.54 64.85 4387.35 1.35 4892.66 69.42 -0.Symbol Series Date MUNJALAU EQ 3-Aug-09 MUNJALAU EQ 4-Aug-09 MUNJALAU EQ 5-Aug-09 MUNJALAU EQ 6-Aug-09 MUNJALAU EQ 7-Aug-09 MUNJALAU EQ 10-Aug-09 MUNJALAU EQ 11-Aug-09 MUNJALAU EQ 12-Aug-09 MUNJALAU EQ 13-Aug-09 MUNJALAU EQ 14-Aug-09 MUNJALAU EQ 17-Aug-09 MUNJALAU EQ 18-Aug-09 MUNJALAU EQ 19-Aug-09 MUNJALAU EQ 20-Aug-09 MUNJALAU EQ 21-Aug-09 MUNJALAU EQ 24-Aug-09 MUNJALAU EQ 25-Aug-09 MUNJALAU EQ 26-Aug-09 MUNJALAU EQ 27-Aug-09 MUNJALAU EQ 28-Aug-09 MUNJALAU EQ 31-Aug-09 MUNJALAU EQ 1-Sep-09 MUNJALAU EQ 2-Sep-09 MUNJALAU EQ 3-Sep-09 MUNJALAU EQ 4-Sep-09 MUNJALAU EQ 7-Sep-09 MUNJALAU EQ 8-Sep-09 MUNJALAU EQ 9-Sep-09 MUNJALAU EQ 10-Sep-09 MUNJALAU EQ 11-Sep-09 MUNJALAU EQ 14-Sep-09 MUNJALAU EQ 15-Sep-09 MUNJALAU EQ 16-Sep-09 MUNJALAU EQ 17-Sep-09 MUNJALAU EQ 18-Sep-09 MUNJALAU EQ 22-Sep-09 MUNJALAU EQ 23-Sep-09 MUNJALAU EQ 24-Sep-09 MUNJALAU EQ 25-Sep-09 MUNJALAU EQ 29-Sep-09 MUNJALAU EQ 30-Sep-09 MUNJALAU EQ 1-Oct-09 MUNJALAU EQ 5-Oct-09 MUNJALAU EQ 6-Oct-09 MUNJALAU EQ 7-Oct-09 nifty %ch.9 4694.89 81.96 2.21 81.3 4680.4 4662.55 -0.79 72.75 munjal .95 -3.43 78.19 81 4814.61 -0.58 0.4 1.14 81.35 8.9 4453.16 65 4688.75 4732.4 4808.2 5083.91 0.23 1.3 4625.2 1.76 60.35 60.85 -2.15 0.15 5003.5 9.94 0.45 61.2 4580.4 4805.4 4608.71 0.19 85.85 4585.75 4819.8 5.73 0.26 -0.82 1.35 7.4 0 0 2.1 1.83 82.64 0.55 83.25 4458.67 0.05 0.5 -0.8 0.35 -0.94 65.65 0.55 0.55 0 -0.2 -3.5 -4.27 62.35 0.33 83.21 77.95 4829.3 4976.4 -4.98 59.15 0.05 -0.07 -0.29 68.02 -0.52 64 4642.48 80.25 -5.59 -1.4 -2.89 83.88 -2.96 1.14 1.9 2.6 5020.25 4605 -1.69 60.35 3.36 64.15 -5.9 0.32 78.1 -4.9 -3.54 0.75 4680.45 -0.6 4659.7 4437.4 0.25 4958.37 77.6 1.54 87.9 5083.01 0.95 6.48 71.5 4969.8 -1 78.1 4471.25 -4.11 3.4 3.86 68.1 0.2 -2.41 -1.31 64.02 -0.22 -0.1 -1.95 4680.

7 5108.03 3.2 MUNJALAU EQ 15-Oct-09 86.5 4881.48 0.45 MUNJALAU EQ 23-Nov-09 99.5 -0.79 0.71 3.8 0.34 2.MUNJALAU EQ 8-Oct-09 83.18 -0.5 -3.25 MUNJALAU EQ 9-Oct-09 82.4 -3.95 MUNJALAU EQ 9-Dec-09 106.08 -0.7 MUNJALAU EQ 28-Oct-09 90.44 -0.55 5003.75 4563.65 MUNJALAU EQ 11-Dec-09 103.25 4989 MUNJALAU EQ 20-Nov-09 99.9 MUNJALAU EQ 27-Oct-09 89.27 3.15 MUNJALAU EQ 29-Oct-09 89.19 -1.83 1.45 5005.7 MUNJALAU EQ 3-Nov-09 82.05 5090.6 -0.15 -1.05 5142.35 4826.95 5112 MUNJALAU EQ 10-Dec-09 106.14 3.07 3.8 MUNJALAU EQ 5-Nov-09 83.69 -1.57 3.95 5123.2 MUNJALAU EQ 12-Oct-09 82.1 11.45 4997.34 -0.68 18.64 2.49 -0.17 -0.13 -0.25 MUNJALAU EQ 3-Dec-09 107.95 MUNJALAU EQ 16-Nov-09 103.52 -5.57 0.2 5002.8 -7.25 4988.03 0.32 -0.7 MUNJALAU EQ 11-Nov-09 89.38 -1.7 0.25 4765.6 4945.18 0.75 4711.01 -0.7 MUNJALAU EQ 1-Dec-09 97.5 -1.16 -0.85 5108.7 MUNJALAU EQ 15-Dec-09 101.9 MUNJALAU EQ 4-Nov-09 84.72 -1.15 MUNJALAU EQ 17-Oct-09 90.77 0.25 4.6 5114.97 0.18 0.6 MUNJALAU EQ 23-Oct-09 93.57 -0.7 MUNJALAU EQ 19-Nov-09 98.15 -3.05 0.55 MUNJALAU EQ 30-Oct-09 87.8 MUNJALAU EQ 20-Oct-09 95.1 4750.6 -0.3 MUNJALAU EQ 14-Dec-09 103.27 1.65 5032.5 5134.7 MUNJALAU EQ 4-Dec-09 103.3 4952.44 -0.05 MUNJALAU EQ 26-Oct-09 97 4970.3 1.42 -1.72 0.85 5062.4 1.55 5052.7 4998.15 4710.95 MUNJALAU EQ 12-Nov-09 88.8 5066.27 -0.25 MUNJALAU EQ 18-Nov-09 101.58 2.25 5033.7 1.13 -4.84 1.45 MUNJALAU EQ 21-Oct-09 92.16 0.45 4796.75 5122 MUNJALAU EQ 2-Dec-09 108.7 5054.82 -3.52 -2.25 0.55 MUNJALAU EQ 27-Nov-09 94.55 MUNJALAU EQ 24-Nov-09 97.23 -1.14 2.75 MUNJALAU EQ 30-Nov-09 97.55 MUNJALAU EQ 6-Nov-09 86.15 MUNJALAU EQ 9-Nov-09 88.75 5108.1 3.55 MUNJALAU EQ 25-Nov-09 98.6 5058.22 1.99 -1.85 5117.53 -0.25 5063.21 1.01 -1.93 1.4 MUNJALAU EQ 10-Nov-09 88.9 4846.4 5103.1 5105.25 MUNJALAU EQ 14-Oct-09 84 5118.35 -2.65 5147.7 5141.33 0.27 -3.12 1.15 MUNJALAU EQ 26-Nov-09 97.32 0.9 MUNJALAU EQ 7-Dec-09 104.3 5054.65 -0.46 -1.27 1.6 MUNJALAU EQ 22-Oct-09 89.02 0.01 -0.72 5.7 5131.15 4898.4 -0.01 1.85 MUNJALAU EQ 16-Oct-09 90.48 -3.36 1.33 -1.84 1.65 MUNJALAU EQ 13-Nov-09 87.7 -1.91 -1.15 -2.42 -2.05 MUNJALAU EQ 17-Nov-09 98.7 MUNJALAU EQ 8-Dec-09 103.42 .5 4941.5 -1.

11 -1.08 -2.27 0.65 5041.65 MUNJALAU EQ 6-Feb-10 104.95 MUNJALAU EQ 14-Jan-10 119 5259.69 -0.11 -1.14 -4.1 -0.24 0.85 MUNJALAU EQ 19-Jan-10 122.2 -0.74 -6.74 0.6 -0.4 MUNJALAU EQ 29-Dec-09 100.88 0.73 0.82 0.75 5281.2 -0.28 -0.55 4830.42 2.05 MUNJALAU EQ 17-Dec-09 99.1 5178.53 -0.46 -0.1 MUNJALAU EQ 28-Jan-10 102 4867.43 -0.1 MUNJALAU EQ 3-Feb-10 106.65 MUNJALAU EQ 20-Jan-10 121.35 4882.4 MUNJALAU EQ 13-Jan-10 117.9 MUNJALAU EQ 6-Jan-10 115.5 4856.85 MUNJALAU EQ 23-Dec-09 101.5 4987.74 1.01 -5.36 0.15 5277.7 0.29 0.25 MUNJALAU EQ 8-Feb-10 103.44 -1.64 -2.65 -3.6 5263.06 1.05 4760.9 MUNJALAU EQ 22-Feb-10 103.3 0.9 4931.5 5233.35 4858.1 MUNJALAU EQ 8-Jan-10 118.93 -0.18 -0.9 4757.67 3.05 4985.95 MUNJALAU EQ 16-Feb-10 108.55 5210.45 5221.18 -0.76 0.05 -0.24 0.35 5225.14 -0.07 0.19 -0.13 2.83 -0.01 -1.17 -0.49 0.11 2.87 0.09 -0.65 MUNJALAU EQ 10-Feb-10 102.1 -0.55 5042.07 -0.85 5094.2 MUNJALAU EQ 5-Jan-10 109.59 -0.6 MUNJALAU EQ 24-Dec-09 101.95 MUNJALAU EQ 30-Dec-09 100.05 -0.6 MUNJALAU EQ 22-Dec-09 100.9 MUNJALAU EQ 15-Jan-10 117.66 0.09 0.12 -1.45 5252.15 4914 MUNJALAU EQ 18-Feb-10 108.8 MUNJALAU EQ 7-Jan-10 115.51 0.75 MUNJALAU EQ 17-Feb-10 109.4 MUNJALAU EQ 9-Feb-10 102.15 0.45 MUNJALAU EQ 31-Dec-09 104.28 -1.52 -1.9 3.15 4718.35 0.6 0.85 MUNJALAU EQ 15-Feb-10 102.34 3.8 5274.45 0.35 -0.36 -1.25 4845.45 4887.35 4801.3 4757.7 MUNJALAU EQ 21-Dec-09 99 4952.68 -0.75 MUNJALAU EQ 19-Feb-10 105.75 MUNJALAU EQ 11-Jan-10 123.4 MUNJALAU EQ 23-Feb-10 104 4870.66 -2.4 5201.3 5007.4 MUNJALAU EQ 12-Jan-10 117.18 0.61 0.5 -0.3 4899.34 4.95 4853.05 MUNJALAU EQ 4-Jan-10 106.MUNJALAU EQ 16-Dec-09 100.07 -0.2 MUNJALAU EQ 18-Jan-10 123.2 MUNJALAU EQ 11-Feb-10 102.75 -2.34 5.35 -2.05 MUNJALAU EQ 24-Feb-10 100.3 5.85 -1.6 5232.9 4844.04 1.49 1.41 -1.6 5036 MUNJALAU EQ 25-Jan-10 112.24 .25 MUNJALAU EQ 29-Jan-10 102.35 MUNJALAU EQ 5-Feb-10 101.9 0.7 MUNJALAU EQ 21-Jan-10 113.3 5244.25 4855.75 MUNJALAU EQ 18-Dec-09 100.15 MUNJALAU EQ 22-Jan-10 114.15 5144.9 MUNJALAU EQ 27-Jan-10 105.6 5187.12 1.7 MUNJALAU EQ 2-Feb-10 108.42 2.2 5249.85 MUNJALAU EQ 4-Feb-10 105.8 4792.54 -3.95 5169.56 -3.26 0.39 6.48 -3.86 2.05 MUNJALAU EQ 1-Feb-10 106.35 3.7 4826.52 1.61 0.

94 0.4 5282 MUNJALAU EQ 29-Mar-10 100.47 -0.9 5225.8 5245.3 MUNJALAU EQ 2-Mar-10 100.4 5088.93 -0.79 1.6 5080.4 MUNJALAU EQ 6-Apr-10 109.24 -0.1 MUNJALAU EQ 17-Mar-10 102.9 MUNJALAU EQ 19-Mar-10 101.24 -1.16 -1.09 0.5 MUNJALAU EQ 5-May-10 109.55 5290.5 MUNJALAU EQ 10-Mar-10 102.05 5322.34 0.75 MUNJALAU EQ 4-May-10 111.55 2.6 MUNJALAU EQ 19-Apr-10 105.35 5269.68 0.05 5148.45 MUNJALAU EQ 9-Apr-10 108.7 5278 MUNJALAU EQ 3-May-10 112.29 1.91 -1.05 5116.02 1.41 0.44 -0.85 MUNJALAU EQ 30-Mar-10 99.9 MUNJALAU EQ 16-Mar-10 101.76 -0.5 MUNJALAU EQ 5-Apr-10 105.54 -0.45 MUNJALAU EQ 31-Mar-10 100 5249.41 0.75 MUNJALAU EQ 26-Feb-10 98.9 MUNJALAU EQ 6-May-10 108 5090.31 1.5 5124.45 MUNJALAU EQ 27-Apr-10 110.8 MUNJALAU EQ 22-Mar-10 100.12 0.67 0.68 -1.35 5133.66 .75 5262.34 0.8 -0.15 5128.5 5260.25 MUNJALAU EQ 11-Mar-10 101.69 1.35 MUNJALAU EQ 28-Apr-10 108.04 -3.1 -0.42 -0.75 0.44 0.1 MUNJALAU EQ 4-Mar-10 103.65 MUNJALAU EQ 8-Apr-10 106.6 5262.83 -0.99 1.85 1.25 0.6 1.69 1.07 -0.1 MUNJALAU EQ 26-Apr-10 111.3 5308.14 -1.17 -0.MUNJALAU EQ 25-Feb-10 99.75 MUNJALAU EQ 12-Apr-10 110.35 5203.9 MUNJALAU EQ 22-Apr-10 113.08 -0.2 5339.9 5088.97 -0.15 5244.35 5231.35 0.8 5366 MUNJALAU EQ 7-Apr-10 109.6 -0.26 -1.1 MUNJALAU EQ 1-Apr-10 103.27 0.3 -0.24 2.7 MUNJALAU EQ 13-Apr-10 110.1 MUNJALAU EQ 21-Apr-10 110.35 5230.95 4922.4 5017 MUNJALAU EQ 3-Mar-10 102.2 5273.47 0.6 MUNJALAU EQ 16-Apr-10 105.66 0.9 MUNJALAU EQ 18-Mar-10 101.74 -0.95 5361.8 5198.35 5124 MUNJALAU EQ 9-Mar-10 103.15 2.75 5215.55 4859.13 -0.7 MUNJALAU EQ 8-Mar-10 103.54 -0.17 0.04 0.4 -1.74 0.25 3.1 5304.4 MUNJALAU EQ 12-Mar-10 102.51 0.41 -0.31 -0.39 -0.1 5101.45 MUNJALAU EQ 29-Apr-10 109.75 5368.42 -0.85 5205.12 3.15 0.21 -1.25 MUNJALAU EQ 5-Mar-10 102.46 -0.23 -3.32 -1.66 2.1 5302.3 -0.02 -1.2 -0.69 -0.95 MUNJALAU EQ 15-Apr-10 109.2 MUNJALAU EQ 23-Mar-10 99.47 1.65 MUNJALAU EQ 20-Apr-10 108.2 5304.05 -1.4 5137 MUNJALAU EQ 15-Mar-10 102.16 1.02 -0.9 -0.92 1.6 5262.29 0.4 MUNJALAU EQ 26-Mar-10 100.64 2.28 0.35 MUNJALAU EQ 23-Apr-10 111.45 5254.85 -0.37 0.15 0.3 MUNJALAU EQ 25-Mar-10 100.2 5222.39 0.65 0.35 -0.44 -1.45 -1.35 5322.35 0.55 5374.15 MUNJALAU EQ 30-Apr-10 112.04 -0.

75 5289.8 5193.2 MUNJALAU EQ 2-Jun-10 107.47 0.05 MUNJALAU EQ 7-Jul-10 118.07 -1.85 5222.79 -2.34 1.28 1 1.4 5093.58 -2.07 0.24 3.7 5003.26 -2.28 -0.85 5383 -3.55 5110.15 MUNJALAU EQ 24-May-10 106.5 5078.3 MUNJALAU EQ 22-Jun-10 113.55 MUNJALAU EQ 31-May-10 107.89 0.3 MUNJALAU EQ 1-Jun-10 106.45 4947.59 0.27 -0.5 MUNJALAU EQ 29-Jun-10 113.93 0.26 1.97 1.81 -0.3 1.09 3.91 1.4 5066.03 -0.95 5119.45 1.7 MUNJALAU EQ 15-Jun-10 108.05 MUNJALAU EQ 28-Jun-10 117.65 MUNJALAU EQ 20-May-10 107.05 5352.45 5241.78 2.3 5274.14 -0.15 MUNJALAU EQ 12-May-10 107.53 0.6 MUNJALAU EQ 21-May-10 107.77 1.9 MUNJALAU EQ 14-May-10 113.9 MUNJALAU EQ 6-Jul-10 117.97 -1.8 5235.5 -1.21 0.9 0.49 -1.81 0.85 5333.6 5066.5 MUNJALAU EQ 4-Jun-10 107.45 5316.5 0.57 0.62 0.05 -0.5 5296.75 MUNJALAU EQ 26-May-10 104.05 0.47 -3.8 1.45 5136.92 -0.75 2.61 -0.25 4970.98 -0.5 MUNJALAU EQ 7-Jun-10 106.79 -0.22 -3.65 5156.7 5237.6 -1.44 -1.89 3.38 1.66 0.9 MUNJALAU EQ 18-May-10 109.3 MUNJALAU EQ 10-Jun-10 108.35 MUNJALAU EQ 16-Jun-10 109.09 -0.15 MUNJALAU EQ 30-Jun-10 113.7 5233.85 MUNJALAU EQ 3-Jun-10 109.05 5086.97 1.57 -0.16 0.2 MUNJALAU EQ 19-May-10 106.6 MUNJALAU EQ 25-Jun-10 112 5269.18 -2.1 MUNJALAU EQ 5-Jul-10 115.9 4943.22 2.95 5312.02 -0.74 5.33 0.26 2.5 5018.35 4919.4 4931.25 5256.65 -0.68 0.74 1.27 0.05 5019.5 MUNJALAU EQ 1-Jul-10 114.15 MUNJALAU EQ 24-Jun-10 113.45 MUNJALAU EQ 12-Jul-10 122.35 5353.75 0.5 5320.35 MUNJALAU EQ 14-Jun-10 109.4 5197.46 -0.6 MUNJALAU EQ 11-May-10 108.23 1.35 4917.32 5.6 -0.65 MUNJALAU EQ 13-May-10 113.15 -0.05 5262.5 MUNJALAU EQ 17-May-10 112.1 MUNJALAU EQ 8-Jul-10 119.34 -1.02 1.4 0.78 1.22 -1.95 MUNJALAU EQ 25-May-10 103 4806.4 0.72 -0.05 MUNJALAU EQ 10-May-10 107.43 -1.6 MUNJALAU EQ 11-Jun-10 111.5 5059.57 .1 MUNJALAU EQ 28-May-10 106.4 5178.69 0.06 1.53 0.85 MUNJALAU EQ 9-Jul-10 124.12 -0.65 1.12 -2.6 MUNJALAU EQ 21-Jun-10 113.25 5251.6 5000.55 4987.05 -0.31 0.43 3.4 MUNJALAU EQ 27-May-10 104.39 -2.1 MUNJALAU EQ 9-Jun-10 108.MUNJALAU EQ 7-May-10 104.11 0.8 5135.4 MUNJALAU EQ 2-Jul-10 116.55 MUNJALAU EQ 23-Jun-10 113 5323.15 5034 MUNJALAU EQ 8-Jun-10 106.35 MUNJALAU EQ 17-Jun-10 111.85 MUNJALAU EQ 18-Jun-10 111.34 0 -0.62 0.

9 MUNJALAU EQ 30-Jul-10 123.65 5393.35 MUNJALAU EQ 22-Jul-10 126.28 -0.95 MUNJALAU EQ 23-Jul-10 126.13 -0.3 5386.76 .16 -0.15 MUNJALAU EQ 15-Jul-10 123.12 -0.55 MUNJALAU EQ 29-Jul-10 123.6 5441.8 5399.28 0.6 0.45 MUNJALAU EQ 20-Jul-10 125.95 5386.1 MUNJALAU EQ 26-Jul-10 125.75 MUNJALAU EQ 16-Jul-10 125.57 0 0.96 -0.21 -0.14 -0.9 MUNJALAU EQ 19-Jul-10 125.14 0.61 0.7 -0.MUNJALAU EQ 13-Jul-10 123 5400.24 -1.24 0.99 -0.04 0.85 5430.05 5397.15 5418.44 0.33 -0.4 5449.16 -0.6 MUNJALAU EQ 27-Jul-10 124.75 5408.58 0.6 MUNJALAU EQ 28-Jul-10 123.49 1.55 5378.79 0.56 0.65 MUNJALAU EQ 14-Jul-10 122.27 -0.22 -0.34 0.75 5367.6 5368 MUNJALAU EQ 21-Jul-10 126.

46 BETA 1.02 efffective tax rate 0.02 BETA 1.03 TAX RATE 34.34 .12 0.17 correlation 0.98 MUNJAL AUTO MARKET CAP (in crores) 130.65 DEBT /EQUITY 0.sd of nifty 1.45% UNLEVERED 1.

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70% 0% 33.25 0.50% 33.03 3.59 0.51 0.35 1.01 0. Beta 0.16 0.11 1.09 0.67 0.01 1.40% UNLEVERED BETA 0.057.15 0.02 0.24 INDUSTRY BETA 0.92 .86 0.65 33.28 3235.51 0.26 12.87 1.84 3118.05 0.55 WEIGHTS weights X un.CALCULATION OF BUSINESS/INDUSTRY BETA EXIDE MARKET CAP(IN CRORES) DEBT/EQUITY RATIO BETA LEVERED TAX RATE RICO AUTO APOLLO TYRES MRF TYRES 356.33 1.

all fig in crores AMARA RAJA BATTERIES 1613 0.08 0.63 1.06% INDUSTRY 20.380.06 1.1 1 .35 33.3 0.

85 .12 5.25 0.93 0.92 0.23 0.93 EBIT 15.69 16.11 DOL 0.72 EBT % CHANGE IN EBIT 15.16 0.25 0.13 235.YEAR 2007-08 2008-09 SALES 217. BETA 0.69 DFL 1.5 0.63 0. Beta ( 1+(1-t)d/e) FUNDAMENTAL BETA INDUSTRY BETA OPERATIONAL BETA FINANCIAL BETA FUNDAMENTAL BETA WEIGTHSWEIGHTS X RESP.11 ind.82 16.46 0.15 OPERATING BETA 0.63 FINANCIAL BETA 0.

55 1+(1-t)d/e) X RESP.% CHANGE IN SALES % CHANGE IN EBT 8.28 6. BETA .

62 7.65 2.WACC 22.61 (DEPRECIATION) -5.40% -5.45% interest payment Average debt effective tax rate interset rate = Kd= 2009 Total Debt 2.88 EBIT 16.98 0.73 (TAX) -5. of Equity + Kd*Wt.85% Kd = interest rate*(1-t) (in crores) 0.49 34.02 13.43% WACC= Ke*Wt.39 0.65 2.04 .39 0. of Debt Market value MV Equity(m cap) MV debt Wt of Equity Wt of debt WACC (MV) 130.70% ECONOMIC VALUE ADDITION OF FIRM ROCE = NOPLAT/ (DEBT + EQUITY) EBIDTA total ROCE .08 5.39 ROCE in terms of MV = EVA in terms of MV= 8.CALCULATION OF COST OF EQUITY AND COST cost of equity= Rf+beta(Rm-Rf) Rf Rm Beta 7.55 NOPLAT 11.50% 15% 0.18 Market value MV Equity(m cap) MV debt 130.85 ke = 13.29% 133.

97 0.39 0.75 2.75 2.17% EVA in terms of BV = 2.61% total 66.03 13.56% 66.58 Book value BV equity BV debt Wt of Equity Wt of debt WACC(BV) Book value BV equity BV debt ROCE in terms of BV= 16.39 .UITY AND COST OF DEBT 2008 12.

75 no of o/s shares10 millin or 1 crore .02 56.14 share capital Reserves Total 10.69.73 networth 66.

33% 1.75% .70% 0.11% 1.43% 8.7 0.6 19.56% 10.9 50.8 30.85% 13.85 EFFECTIVE TAX RATE 16.04 Equity Debt 1 0.13% 0.00% 8.2 0.43% 8.54% 11.93% 0.6 0.7 23.38 0.07% 3.00% Rf 7.66 0.11 Interest Rate 0 0 5.1 0.00% 6.01 Ke WACC Beta Kd 0 13.28% COST OF DEBT 5.4 0.65 BETA 0.03 0.00% 7.87% 12.20% 6.88% 12.79% 12.94% 12.39 EQUITY 130.36% 12.77 0.97 0.53% 12.3 0.2 14.3 15.21% 11.CALCULATION OF OPTIMAL CAPITAL S DEBT 2.8 0.50% INTEREST RATE 8.16% 5.28% 6.4 16.99 420.06% 2.48% 55.22% 12.58% 1.62% Rm 15.5 17.84 0.98 0.35% 6.12 0.50% 7.77% 15.84% 1.85 0.88% 10.28% 5.78% 10.45% EBIT 16.77% 12.80% 12.5 0.50% 7.07 0.2 0.43% ETR 34.51% 12.69% 10.36% 12.73 TOTAL CAPITAL 133.02 13.

19 3.0350 B 0.63 1.78% AAA 0.78% AA 0.59 4.ON OF OPTIMAL CAPITAL STRUCTURE Default SpreadCredit RatingICR 0 0.0450 CCC 0.0525 CCC 84.08 2.0300 BB 0.37 1.0270 A0.0285 BB+ 0.37 7.43 2 1.16 1 .0400 B0.03 A0.

0450 0.3150 .1050 0.0785 0.1.25 – 1.05 .0135 0.0285 0.25 0.0250 0.2.0350 0.2650 0.2150 0.6.1100 0.5 8.ICR > 8.1000 0.0400 0.0300 0.0525 0.50 .75 1.1500 0.2500 Yield 0.50 3.65 < 0.25 – 5.50 5.1750 0.00 – 4.0900 0.50 – 3.80 0.50 4.0600 0.50 .90 1.90 – 2.0270 0.1175 0.2000 0.0800 0.0935 0.00 1.75 – 1.20 Rating AAA AA A+ A ABBB BB+ BB B+ B BCCC CC C D Default Spread 0.1250 0.1450 0.20 – 0.65 – 0.1100 0.50 0.00 2.0950 0.25 2.50 – 6.50 1.80 – 1.0920 0.

4 .infinity beta infinity 2 2. Rate ke .DIVIDEND DISCOUNT MODEL DIVIDEND N/ No.45 7.5 5 12.64% 13.00% 1 3 2.47 ROE 16. of years Growth rate Ke 2.85% 1 2.85% RETENTION RATIO 75% Inf.75% 15.42 4 2.

37 TV 17.69 VALUE 29.2 .09 32.DIVi/(1+Ke)I + TV/(1+Ke)n 5 2.

13 VALUE OF FIRM USING FCFF FCFF DISCOUNTED VALUE 1st yr 2nd yr 3rd yr Terminal Value 30.73 FREE CASH FLOW TO FIRM (FCFF) 27.02 22.73 VALUE OF EQUITY 347.24 CHANGES IN WORKING CAP.93 CHANGE IN FIXED ASSETS -7.62 CHANGE IN DEBT -10.11 15.19 FREE CASH FLOW TO EQUITY (FCFE) 16.29 16.27 23.46 VALUE OF ASSETS USING CFOT CFOT DISCOUNTED VALUE 1st yr 2nd yr 3rd yr Terminal Value 26.94 219.96 VALUE OF EQUITY 452.52 374.88 23.57 VALUE OF EQUITY USING FCFE FCFE DISCOUNTED VALUE 1st yr 2nd yr 3rd yr Terminal Value 18. FIRM AND EQUIT CASH FLOW FROM OPERATTIONS (CFOT) 23.23 VALUE OF FIRM 270.29 VALUE OF ASSETS 387.49 33.72 34. 9.81 22.18 29.77 26.VALUE OF ASSETS.47 16.62 .6 319.83 CHANGE IN MKT. SECUTITY 1.97 550.65 27.66 VALUE OF FIRM 454.02 26.89 VALUE OF EQUITY 268.6 38.54 20.52 324.21 469.27 INTEREST EXPENSE -0.

FIRM AND EQUITY USING CFOT.70% 14.02 .98 0.39 -2.59 2.75% 1 13.64% 7.85 12.83% 3 Years 40.85% 5. FCFF & FCFE Rf Rm Beta Growth Rate Inflation Rate Beta infinity Ke Kd Ke Infinity WACC WACC Infinity N Current Liab Debt Deffered Tax 7.00% 13.38 all fig in crores We Wd 0.50% 15% 0..43% 15.

65 CRORES MARKET CAP 130.23 IN CRORES 1 (1CRORE= 10MILLION) PRICE PER SHARE 268.65 CRORES SO COMPANY IS UNDERVALUED BECAUSE VALUE OF EQUITY CALCULATED > MARKET CAP .65 RUPEES VALUE OF EQUITY EARLIER130.VALUE OF EQUITY NO. OF SHARES O/S 268.23 RUPEES PRICE PER SHARE EARLIER130.

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