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Company name

Industry : Construction & Infrastructu

Management - Jaypee Infratech


Name
Manoj Gaur
Sameer Gaur
Rekha Dixit
M J Subbaiah
B K Goswami
R C Vaish
S C Gupta
B B Tandon
Anand Bordia
Sunil Kumar Sharma
Rakesh Sharma
Sachin Gaur
R N Bhardwaj
B Samal
S Balasubramanian
Arun Balakrishnan
Har Prasad
K P Nair

MARKET CAP (RS CR) 2,430.63


FACE VALUE (RS) 10.00

Designation
Chairman & Managing Director
Joint Managing Director
Whole Time Director
Director
Director
Director
Director
Director
Director
Vice Chairman
Managing & Wholetime Director
Wholetime Director & CFO
Director
Director
Director
Director
Director
Director

Jaypee Infratech Ltd.

Construction & Infrastructure

Company Secretary
Sanjay Kumar Gupta

Registered & Corporate Office


Sector 128
Distt. Gautam Budh Nagar NOIDA-201 304
Uttar Pradesh
Tel.: +91-120-4609000 Fax: +91-120-4609464

Registrar and Transfer Agent


Karvy Computershare Private Limited Plot No. 17 to 24, Vithalrao Nagar, Madhapur, Hyderabad-500 086. And
Tel.:1-800-345 4001
Fax : +91 40 2342 0814

Auditors
R. Nagpal Associates Chartered Accountants B-8/14, Vasant Vihar New Delhi-110 057

Website & E-mail Address


www.jaypeeinfratech.com, jpinfratech.investor@jalindia.co.in

Industry Analys

The construction industry plays an important role in the development of a countrys infrastructu
Its significance to the Indian economy can be gauged by its growing contribution to gross dom
to 7.9 percent in 201011. Additionally, the construction industry creates an annual asset base
more than 40 million people.

By 2020, India is expected to emerge as the worlds third-largest construction market. Large in
urbanization will fuel this growth.

While the long-term outlook for the construction industry appears very positive, concerns have
Rising interest costs, stagnating orders, a slowdown in new government projects and an increa
challenges the industry is facing.

Risks

The Companys ability to foresee and manage business risks is crucial in achieving favorable
Given the huge gap between infrastructure demand and supply in a rapidly growing economy

Cautionary Statement
Certain statements in the Management Discussion & Analysis Report detailing the Companys
These statements being based on certain assumptions and expectation of future event, actua

Threats

The Companys business is significantly dependent on the general economic condition, activity
It is apparent from the historical facts that all the infrastructure road projects have inherent thre
worked out various probable solutions to the same for timely control.

Industry Analysis

lopment of a countrys infrastructure, which is a key engine of economic growth.


growing contribution to gross domestic product (GDP)from 5.1 percent in 200102
stry creates an annual asset base of US$80 billion and generates employment for

gest construction market. Large infrastructure investments and growing

ears very positive, concerns have been raised about its immediate future.
government projects and an increasing number of stalled projects are just some of the

Risks

s is crucial in achieving favorable results. While management is positive about Companys long term outlook, th
ply in a rapidly growing economy like India, all businesses relating to urban infrastructure, power, roads & wate

s Report detailing the Companys objectives, projections, estimates, expectations or predictions may be forwa
expectation of future event, actual results could differ materially from those expressed or implied. Important fac

eneral economic condition, activity in this region and government policy relating to infrastructure development
e road projects have inherent threats from the farmers and inhabitants of the areas/villages through which the

t Companys long term outlook, the initial traffic on the expressway and the annual traffic growth shall need to
nfrastructure, power, roads & water, education, health, recreation etc. would witness significant growth over a s

tions or predictions may be forward looking statements within the meaning of applicable securities laws and re
xpressed or implied. Important factors that could make a difference to the Companys operations include econ

ng to infrastructure development projects. The real estate development industry is highly fragmented. Moreove
areas/villages through which the road/expressway passes. The upcoming movement and progress of the road

nnual traffic growth shall need to be monitored closely with due focus on project management and delivery of
witness significant growth over a sustained period.

applicable securities laws and regulations.


mpanys operations include economic conditions affecting domestic demand supply conditions, finished goods

stry is highly fragmented. Moreover, the Company is operating in a highly competitive environment where dema
ovement and progress of the roads is affected by the farmers protest in regard to the land acquisition, compen

ect management and delivery of its projects being undertaken on Land for Development.

supply conditions, finished goods prices, changes in Government Regulations and Tax regime etc. The Comp

mpetitive environment where demand and supply in the urbanized sector may influence the external business e
d to the land acquisition, compensation for land acquired and the toll charges etc. Moreover, with the growth o

ns and Tax regime etc. The Company assumes no responsibility to publically amend, modify or revise any forw

influence the external business environment in which the Company operates.


s etc. Moreover, with the growth of population and traffic, certain new problems creep up and become threat to

amend, modify or revise any forward looking statements on the basis of subsequent developments, informatio

ms creep up and become threat to the operation of said project. The Company is always seized of such threats

sequent developments, information or events.

y is always seized of such threats and has

Balance Sheet

EQUITY AND LIABILITIES


Shareholders Funds
Share Capital
Reserves and Surplus
Money received against share warrants

Long-term borrowings - Secured


Long-term borrowings - Unsecured
Deferred tax liabilities (Net)
Other Long term liabilities
Long term provisions
Current Liabilities
Short-term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions

Total

2011

2012

2013

1388.93
3374.00
0.00

1388.93
4388.71
0.00

1388.93
4791.23
0.00

4,763

5,778

6,180

6209.85
58.27

6535.23
109.93

7234.42
248.04

0.00
0.54
26.73

0.00
2.81
97.61

0.00
3.53
117.64

6,295

6,746

7,604

0.00
194.93
2375.03
597.16

0.00
696.38
2642.98
911.93

0.00
776.44
3775.06
1039.44

3,167

4,251

5,591

14,225

16,775

19,375

16.39
0.00
6830.57
0.00

27.28
0.00
9202.62
0.00

28.52
9618.64
0.00
330.77

6,847

9,230

9,978

0.00
0.00
1071.18
2.58

0.00
0.00
1207.65
12.42

205.43
0.00
1039.03
6.04

1,074

1,220

1,250

ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development

(b)
(c)
(d)
(e)

Non-current investments
Deferred tax assets (net)
Long term loans and advances
Other non-current assets

Current assets

(a) Current investments


(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets

Total

0.00
3337.74
537.89
1850.85
543.93
34.31

0.00
4528.35
409.55
541.60
827.21
17.83

0.00
5707.85
363.42
254.44
897.17
923.41

6,305

6,325

8,146

14,225

16,775

19,375

Income Statement

2011
REVENUE
Revenue from Operations
2778.70
Other Income
19.93
Total Revenue
2,799
EXPENSES
Cost of Sales
921.47
Employee Benefits Expenses
8.60
Other Expenses
35.19
EBIDTA
1,833.37
Depreciation and Amortization Expenses Other Expenses 8.63
EBIT
1,824.74
Finance Costs
10.10
Profit Before Tax
1814.64
Tax Expense:
Current tax
368.34
For earlier year
11.23
Excess Provision for Income Tax Written Back
0.00
Tax expenses of continuing operations
380
Profit for the period
1,435
Earning Per Equity Share (Face value of ` 10/- each)
(1) Basic
10.48
(2) Diluted
10.48
Tax rate

21%

me Statement

2012

2013

3155.90
13.03
3,169

3274.34
17.86
3,292

1459.79
12.67
34.26

1658.24
29.33
110.06

1,662.21

1,494.58

1.59
1,660.62
63.22
1597.40

14.92
1,479.66
611.50
868.16

319.61
0.00
-11.94
308
1,290

173.70
0.00
0.00
174
694

9.29
9.29

5
5

19%

20%

Cashflow Statement
Particulars
(A) CASH FLOW FROM OPERATING ACTIVITIES:
Net Profit before Tax as per Profit & Loss Account
Add Back:
(a) Depreciation
(b) Interest & Finance Charges
(c) Deficit on Loss of Asset
Deduct:
(a) Interest Income
(b) Profit on sale of Assets
Operating Profit before Working Capital Changes
Deduct:
(a) Increase in Inventories
(b) Increase in Trade Receivables
(c) Increase in Other Current Assets
Add
(a)
(b)
(c)
(d)
(e)

Decrease in Inventories
Increase in Current Liabilites
Decrease in Short Term Loan & Advances
Decrease in Other Current Assets
Decrease in Trade Receivables

Cash Generated from Operations


Deduct:
(a) Tax Paid (including Wealth Tax)
(b) Dividend Paid (including Dividend Distribution Tax)
CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES
(B) CASH FLOW FROM INVESTING ACTIVITIES:
Inflow:
(a) Interest Income
(b) Sale of Fixed Assets
(c) Insurance Claim Receipts
(c) Foreign Currency Rate Difference
d) Decrease in Long Term Loan & Advances

(e) Decrease in Other Non Current Assets


Outflow:
(a) Increase in Fixed Assets (including Capital work in progress)
(b) Increase in Long Term Loan & Advances
(c) Increase in Other Non Current Assets
(d) Initial Public Offer Expenses
CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES
(C) CASH FLOW FROM FINANCING ACTIVITIES:
Inflow:
(a) Proceeds from issue of Share Capital (including Securities Premium)
(b) Long-Term Borriwings -Secured
(c) Long-Term Borriwings -UnSecured
(d) Other Long-Term Laibilities
Outflow:
(a) Repayment of Borrowings
(b) Interest Paid
(c) Non Current Investment
CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS A+B+C
CASH AND CASH EQUIVALENTS AS AT THE BEGINNING OF THE YEAR
CASH AND CASH EQUIVALENTS AS AT THE END OF THE YEAR

Cashflow Statement
2010-11

2011-12

2012-13

1814.64

1597.40

868.16

8.63
10.10
0.01

1.59
63.22
0.02

14.92
611.50
0.00

19

65

626

14.50
0.00

10.17
0.00

16.21
0.53

15
1,819

10
1,652

17
1,478

1206.10
435.26
30.94

931.32
0.00
0.00

907.85
0.00
905.58

1,672

931

1,813

0.00
686.44
614.21
0.00
0.00

0.00
733.50
43.98
16.48
128.34

0.00
1112.22
108.04
0.00
46.13

1,301

922

1,266

1447.24

1643.05

930.80

471.29
121.47

327.26
161.43

178.01
80.71

593
854

489
1,154

259
672

14.50
0.85
0.04
0.00
0.00

10.17
0.01
0.00
0.00
0.00

16.21
0.05
0.00
0.53
168.62

0.00

0.00

6.39

15

10

192

1225.01
1071.18
2.58
57.75

1810.84
136.47
9.84
0.00

764.22
-1.21
0.00
0.00

2,357
-2,341

1,957
-1,947

763
-571

1650.00
1688.85
58.27
0.54

0.00
365.53
51.66
2.55

0.00
4896.41
138.11
0.68

3,398

420

5,035

1200.00
643.14
0.00

40.15
896.23
0.00

4197.22
1020.58
205.43

1,843
1,555

936
-517

5,423
-388

68

-1,309

-287

1782.97
1850.85

1850.85
541.60

541.60
254.44

Name

Formula

2011

Core Ratios :
Return on Sales
Asset Turnover
Asset Leverage
Return on Equity

PAT / Sales
Sales / Total Assets
Total Assets / Equity
PAT / Equity

51%
0.20
2.99
30%

Profitability :

67%
65%
65%

Gross Profit / Sales


Net Operating Profit / Sales
Profit Before Tax / Sales
EBIT / (Shareholder's Funds +
Return on capital Employed Long Term Borrowings )
EBIT*(1 - Tax) / (Short Term
Borrowings + Long Term
Borrowings + Shareholder's
Return on Invested Capital Funds)
Return on Assets
EBIT / Total Assets

17%

13%
13%

Operating Efficiency :
Inventory Days
Inventory / COGS
Trade Receivables (Debtor) Days
(Debtors / Sales) * 365
Creditors Days
Creditors / COGS

Funding Gap
Working Capital Turnover

Inventory Days (B24) + Debtor


Days (B25) - Creditor Days (B26)
Sales / Net Working Capital

1322.09
70.15
77.21

1315.03
0.89

Financial Structure :
Current Ratio
Quick Ratio (Acid Test)
Working Capital in Crores

Current Aseets / Current Liabilities


( Current Assets - Inventories ) /
Current Liabilities
Current Assets - Current Liabilities

1.99
0.94

Gross Gearing

(Short Term + Long Term


Borrowings) / Shareholder's
Funds

(Short Term + Long Term


Borrowings - Cash - Marketable
Securities) / Shareholder's Funds
Net Gearing
EBIT / Interest Expenses
Solvency (Times Interest Earned)
Total Equity / Total Assets

1.32

0.93
0.33

Market Related Ratios :


No. of Shares Issued & Outstanding
Rs. 2 per share
Current Share Price (BSE)
No. of Shares (B44) * Current
Market Capitalization (BSE) Share Price (B45)
Earnings Per Share
PAT / No. of Shares
P/E Ratio
Price per share / EPS
Market Price / Book Value
Market Capitalization + Short
Term + Long Term Borrowings
Enterprise Value (EV)
EV / EBITDA

1388933497
58.15
8076.6
10.3
5.63
0.00
14345
0.00000078

Growth Formulas :
Net Profit - Dividends - Minority
R = Retained Earnings / Sales Interest / Sales
G = Sales Growth
T = Current Asset / Sales
Growth Funded by RE
(R / G) * T

Profit Margin (P)


Retained Earnings (R)
Asset Turnover (A)
Asset Equity (T)
Sustainable Growth

Net Profit / Sales


Net Profit - Dividends - Minority
Interest / Sales
Total Assets / Creditors
P*R*A*T

51%
2.25

0.51
0.51
0.20
72.98
3.77

2012

2013

41%
0.19
2.90
22%

21%
0.17
3.13
11%

54%
52%
50%

49%
45%
26%

13%

11%

11%
10%

9%
8%

1132.25
47.17
174.12

1256.37
40.29
170.90

1005.30
1.53

1125.76
1.29

1.49

1.46

0.42

0.44

1.15

1.21

1.06

1.17

0.34

0.32

1388933497
50.35

1388933497
39.55

6993.3
9.3
5.42
0.00

5493.2
5.0
7.91
0.00

13638
0.00000082

12976
0.00000087

41%
13.2%
2.00
6.14

21%
3.9%
2.47
13.42

0.41

0.21

0.41
0.19
24.09
0.75

0.21
0.17
24.95
0.19

Particulars

2010-11

2011-12

2012-13

Free Cash Flows

Operating Profit (EBIT)


Depreciation / Ammortization
EBITDA

Changes in Net Working Assets


Net Operating Cashflow

Expenditure on Property, Plant and


Equipment /Proceeds of Sale
Net Cash Outflow for Taxation
Operating Free Cahflow

1,824.74
8.63
1,833.37

1,660.62
1.59
1,662.21
20
1,682.03

1,479.66
14.92
1,494.58
1,822
3,316.34

-0.84
379.57
2,060.76

0.04
307.67
3,624.06

2013-14

2014-15

2015-16

1,433.31
15.26
1,448.57
-903.45
545.12

1,576.66
16.76
1,593.43
724.28
2,317.71

1,734.01
18.76
1,752.77
796.71
2,549.48

0.14
214.23
759.49

0.2
235.66
2,553.57

0.26
259.16
2,808.90

Actual
2010-11
Initial sales
Sales growth
Costs of goods sold/Sales
Depreciation rate
SG&A/Sales
Interest Received on Cash
Marginal tax rate
Fixed assets increase
Capital WIP Increase
Intangibles increase
Current assets/Sales
Current liabilities/Sales
Long Term Borrowings / Sales(sec)
Long Term Borrowings / Sales(unsec)
Short Term Borrowings / Sales
Deferred tax Liabilities / Sales
Deferred tax Assets / Sales
Long Term Loans & Advances / Sales
New Equity
Cash / Total Assets
Debtors / Sales
Creditors / COGS
Inventory / COGS

2,798.6
33%
53%
2%
1%
21%

225%
113%
222%
2%
0%
0%
0%
38.28%
13%
19%
21%
3.62

2011-12

3,168.9
13%
46%
6%
3%
2%
19%
10.89
2372.04
0.00
200%
134%
206%
3%
0%
0%
0%
38.11%
1,015
3%
13%
48%
3.10

2012-13

3,292.2
4%
50%
52%
23%
6%
20%
1.25
-9202.62
9618.64
247%
170%
220%
8%
0%
0%
0%
31.56%
403
1%
11%
47%
3.44

Forecast
2013-14

3621.42
10.00%
40%
50%
10%
3%
20%
2
250
1000
200%
130%
220%
5%
0%
0%
0%
35.00%
500
1%
10%
35%
3.5

2014-15

3983.56
10.00%
40%
50%
10%
3%
20%
3
0
1000
200%
130%
220%
5%
0%
0%
0%
35.00%
500
1%
10%
35%
3.5

2015-16

4381.92
10.00%
40%
50%
10%
3%
20%
4
0
1000
200%
130%
220%
5%
0%
0%
0%
35.00%
500
1%
10%
35%
3.5

Balance Sheet
Actual
EQUITY AND LIABILITIES
Shareholders Funds
Share Capital
Reserves and Surplus
Money received against share warrants

Long-term borrowings - Secured


Long-term borrowings - Unsecured
Deferred tax liabilities (Net)
Other Long term liabilities
Long term provisions
Current Liabilities
Short-term borrowings
(b) Trade payables
(c) Other current liabilities
(d) Short-term provisions

Total

2011

2012

2013

1388.93
3374.00
0.00

1388.93
4388.71
0.00

1388.93
4791.23
0.00

4,763

5,778

6,180

6209.85
58.27

6535.23
109.93

7234.42
248.04

0.00
0.54

0.00
2.81

0.00
3.53

26.73

97.61

117.64

6,295

6,746

7,604

0.00
194.93
2375.03
597.16

0.00
696.38
2642.98
911.93

0.00
776.44
3775.06
1039.44

3,167

4,251

5,591

14,225

16,775

19,375

16.39
0.00
6830.57
0.00

27.28
0.00
9202.62
0.00

28.52
9618.64
0.00
330.77

6,847

9,230

9,978

0.00
0.00
1071.18
2.58

0.00
0.00
1207.65
12.42

205.43
0.00
1039.03
6.04

1,074

1,220

1,250

ASSETS
Non-current assets
(a) Fixed assets
(i) Tangible assets
(ii) Intangible assets
(iii) Capital work-in-progress
(iv) Intangible assets under development

(b)
(c)
(d)
(e)

Non-current investments
Deferred tax assets (net)
Long term loans and advances
Other non-current assets

Current assets
(a) Current investments
(b) Inventories
(c) Trade receivables
(d) Cash and cash equivalents
(e) Short-term loans and advances
(f) Other current assets

Total

0.00
3337.74
537.89
1850.85
543.93
34.31

0.00
4528.35
409.55
541.60
827.21
17.83

0.00
5707.85
363.42
254.44
897.17
923.41

6,305

6,325

8,146

14,225

16,775

19,375

Actual + Forecasts

Forecast
2014-15

2013-14

2015-16

1388.93
5,291.23
0.00
6,680

1388.93
5,791.23
0.00
7,180

1388.93
6,291.23
0.00
7,680

7967.13
181.07

8763.84
199.18

9640.22
219.10

0.00
4.00

0.00
5.00

0.00
5.50

125.00

140.00

155.00

8,277

9,108

10,020

0.00
507.00
3100.85
1100.00
4707.85

0.00
557.70
3370.93
1250.00
5178.63

0.00
613.47
3758.03
1325.00
5696.50

19,665

21,467

23,396

30.52
10618.64
250.00
250.00

33.52
11618.64
250.00
197.00

37.52
12618.64
250.00
186

11,149

12,099

13,092

0
0.00
1267.50
5.00

0
0.00
1394.25
6.00

0
0.00
1533.67
6.00

1,272

1,400

1,540

5069.99
507.00
196.65
900.00
569.21
7242.84

5576.99
557.70
214.67
925.00
692.77
7967.13

6134.69
613.47
233.96
950.00
831.73
8763.84

19,665

21,467

23,396

Income Statement
Actual
2011
REVENUE
Revenue from Operations
2778.70
Other Income
19.93
Total Revenue
2,799
EXPENSES
Cost of Sales
921.47
Employee Benefits Expenses
8.60
Other Expenses
35.19
EBIDTA
1,833.37
Depreciation and Amortization Expenses Other Expenses 8.63
EBIT
1,824.74
Finance Costs
10.10
Profit Before Tax
1814.64
Tax Expense:
Current tax
368.34
For earlier year
11.23
Excess Provision for Income Tax Written Back
0.00
Tax expenses of continuing operations
380
Profit for the period
1,435
Earning Per Equity Share (Face value of ` 10/- each)
(1) Basic
10.48
(2) Diluted
10.48
Tax rate

21%

2012
3155.90
13.03
3,169
1459.79
12.67
34.26

1,662.21
1.59
1,660.62
63.22
1597.40
319.61
0.00
-11.94
308
1,290
9.29
9.29

19%

Actual
2013

Forecast
2014-15

2013-14

2015-16

3274.34
17.86
3,292

3585.21
36.21
3621.42

3943.73
39.84
3983.56

4338.10
43.82
4381.92

1658.24
29.33
110.06

1448.57
362.14
362.14
1,448.57
15.26

1593.43
398.36
398.36
1,593.43
16.76

1752.77
438.19
438.19
1,752.77
18.76

1,433.31

1,576.66

1,734.01

362.14

398.36

438.19

1071.16

1178.31

1295.81

214.23

235.66

259.16

857

943

1,037

20%

20%

20%

1,494.58
14.92
1,479.66
611.50
868.16
173.70
0.00
0.00
174
694
5
5

20%

Actual
Name

Formula

2011

Core Ratios :
Return on Sales
Asset Turnover
Asset Leverage
Return on Equity

PAT / Sales
Sales / Total Assets
Total Assets / Equity
PAT / Equity

51%
0.20
2.99
30%

Profitability :

67%
65%
65%

Gross Profit / Sales


Net Operating Profit / Sales
Profit Before Tax / Sales
EBIT / (Shareholder's Funds +
Return on capital Employed Long Term Borrowings )
EBIT*(1 - Tax) / (Short Term
Borrowings + Long Term
Borrowings + Shareholder's
Return on Invested Capital Funds)
Return on Assets
EBIT / Total Assets

17%

13%
13%

Operating Efficiency :
Inventory Days
Inventory / COGS
Trade Receivables (Debtor) Days
(Debtors / Sales) * 365
Creditors Days
Creditors / COGS

Funding Gap
Working Capital Turnover

Inventory Days (B24) + Debtor


Days (B25) - Creditor Days (B26)
Sales / Net Working Capital

1322.09
70.15
77.21

1315.03
0.89

Financial Structure :
Current Ratio
Quick Ratio (Acid Test)
Working Capital in Crores

Current Aseets / Current Liabilities


( Current Assets - Inventories ) /
Current Liabilities
Current Assets - Current Liabilities

1.99
0.94
3,138

Gross Gearing

(Short Term + Long Term


Borrowings) / Shareholder's
Funds

(Short Term + Long Term


Borrowings - Cash - Marketable
Securities) / Shareholder's Funds
Net Gearing
EBIT / Interest Expenses
Solvency (Times Interest Earned)
Total Equity / Total Assets

1.32

0.93
0.33

Market Related Ratios :


No. of Shares Issued & Outstanding
Rs. 2 per share
Current Share Price (BSE)
No. of Shares (B44) * Current
Market Capitalization (BSE) Share Price (B45)
Earnings Per Share
PAT / No. of Shares
P/E Ratio
Price per share / EPS
Market Price / Book Value
Market Capitalization + Short
Term + Long Term Borrowings
Enterprise Value (EV)
EV / EBITDA

1388933497
58.15
8076.65
10.3
5.63
0.00
14345
0.000000782

Growth Formulas :
Net Profit - Dividends - Minority
R = Retained Earnings / Sales Interest / Sales
G = Sales Growth
T = Current Asset / Sales
Growth Funded by RE
(R / G) * T

Profit Margin (P)


Retained Earnings (R)
Asset Turnover (A)
Asset Equity (T)
Sustainable Growth

Net Profit / Sales


Net Profit - Dividends - Minority
Interest / Sales
Total Assets / Creditors
P*R*A*T

51%
2.25

0.51
0.51
0.20
72.98
377%

80%
70%

GROWTH

60%
50%
40%
30%
20%
10%

0%
2012

Actual
2012

Forecast
2014-15

2013

41%
0.19
2.90
22%

21%
0.17
3.13
11%

24%
0.18
2.94
13%

24%
0.19
2.99
13%

24%
0.19
3.05
13%

54%
52%
50%

49%
45%
26%

50%
40%
30%

50%
40%
30%

50%
40%
30%

13%

11%

9.67%

9.77%

9.89%

11%
10%

9%
8%

7.73%
7.29%

7.81%
7.34%

7.91%
7.41%

1132.25
47.17
174.12

1256.37
40.29
170.90

1277.5
51.10
127.75

1277.5
51.10
127.75

1277.5
51.10
127.75

1005.30
1.53

1125.76
1.29

1200.85
1.43

1200.85
1.43

1200.85
1.43

1.49

1.46

1.54

1.54

1.54

0.42
2,073

0.44
2,555

1.43
2535.00

1.43
2788.49

1.43
3067.34

2013-14

2015-16

1.15

1.21

1.22

1.25

1.28

1.06

1.17

1.19

1.22

1.25

0.34

0.32

0.34

0.33

0.33

1388933497
50.35

1388933497
39.55

1388933497
41.5275

1388933497
43.603875

1388933497
45.78406875

6993.28
9.3
5.42
0.00

5493.23
5.0
7.91
0.00

5767.89
6.17
6.73
0.00

6056.29
6.79
6.42
0.00

6359.10
7.46
6.13
0.00

13638
0.000000820

12976
0.000000868

13916.09
0.000000961

15019.31
0.000000943

16218.42
0.000000925

41%
13.2%
2.00
6.14

21%
3.9%
2.47
13.42

24%
10%
2.00
4.73

24%
10%
2.00
4.73

24%
10%
2.00
4.73

0.41

0.21

0.24

0.24

0.24

0.41
0.19
24.09
75%

0.21
0.17
24.95
19%

0.24
0.18
38.79
40%

0.24
0.19
38.49
40%

0.24
0.19
38.14
40%

GROWTH MODEL

GROWTH MODEL

2013

2013-14

2014-15

2015-16

Return on Sales

2011

2012

2013

51%

41%

21%

60%
50%
40%
30%
20%
10%
0%
2011

Asset Leverage

2012

2013

2013-14

2011

2012

2013

2.99

2.90

3.13

3.20
3.15

3.10
3.05
3.00

2.95
2.90
2.85
2.80
2.75
2011

2012

2013

2013-14

Return on capital Employed

2011

2012

2013

17%

13%

11%

18%
16%

14%
12%
10%

8%
6%
4%

2%
0%
2011

Gross Profit / Sales

2012

2013

2013-14

2011

2012

2013

67%

54%

49%

80%
70%

60%
50%
40%
30%
20%
10%
0%
2011

Return on Invested Capital

2012

2013

2013-14

2011

2012

2013

13%

11%

9%

14%

12%
10%

8%
6%

4%
2%

0%
2011

2012

2013

2013-14

2013-14

2014-15

24%

2015-16

24%

24%

Asset Turnover

Series1

2013-14

2014-15

2015-16

2013-14

2014-15

2.94

2015-16

2.99

Series1

2013-14

2014-15

2015-16

3.05

Return on Equity

2013-14

2014-15

10%

2015-16

10%

10%

Return on Assets

Series1

2013-14

2014-15

2015-16

2013-14

2014-15

50%

2015-16

50%

50%

Net Operating Profit / Sales

Series1

2013-14

2014-15

2015-16

2013-14

8%

2014-15

8%

2015-16

8%

P/E Ratio

Series1

2013-14

2014-15

2015-16

2011

2012

2013

0.20

0.19

0.17

2013-14

2014-15

0.18

2015-16

0.19

0.19

0.20

0.20
0.19
0.19
0.18
Series1

0.18
0.17

0.17
0.16
0.16
2011

2012

2013

2013-14

2011

2012

2013

30%

22%

11%

2014-15

2013-14

2015-16

2014-15

13%

2015-16

13%

35%
30%

25%
20%

Series1

15%
10%

5%
0%
2011

2012

2013

2013-14

2014-15

2015-16

13%

2011

2012

2013

13%

10%

8%

2013-14

2014-15

7%

2015-16

7%

7%

14%
12%

10%
8%
Series1

6%
4%
2%

0%
2011

2012

2013

2013-14

2014-15

2013-14

2011

2012

2013

65%

52%

45%

2015-16

2014-15

40%

2015-16

40%

40%

70%
60%
50%

40%
Series1

30%
20%
10%
0%
2011

2012

2013

2013-14

2011

2012

2013

5.63

5.42

7.91

2014-15

2015-16

2013-14

6.73

2014-15

6.42

2015-16

6.13

9.00
8.00
7.00
6.00
5.00
Series1

4.00

3.00
2.00
1.00
0.00
2011

2012

2013

2013-14

2014-15

2015-16

Name of the Models

Beaver's Model
Bathory Model
Z Score Model
Springate Analysis
Logit Analysis
H - Factor Model

Beaver's Model
Particulars

2011

Operating Free Cashflow / Total Debt


Net Profit After Tax / Total Debt
Total Debt / Total Assets

0.229
0.441

Bathory Model
Particulars

2011

Profit after Tax


Depreciation & Ammortization
Gross Cashflow

1435.06
8.63
1443.69

Gross Cashflow / Current Debt


Profit Before Tax / Capital Employed
Equity / Current Liabilities
Tangible Net Worth / Total Liabilities
Working Capital / Total Assets
Bathory Score

0.230
0.101
0.439
0.098
0.221
0.218

Altman's Z-Score
Particulars

Working Capital / Total Assets


Retained Earnings / Total Assets

2011

0.221
0.237

EBIT / Total Assets


0.128
Market Value of Equity / Book Value of Debt
1.289
Sales / Total Assets
0.197
Altman's Z-Score

1.990

Springate Model
Particulars

2011

Working Capital / Total Assets


EBIT / Total Assets
PBT / Current Liabilities
Sales / Total Assets

0.221
0.128
0.573
0.393

Springate Score

1.1565

Logit Model
Particulars

2011

Average Inventories / Sales


Average Receivables / Average Inventories
Cash & Equivalents / Total Assets
0.130
Quick Assets / Current Liabilities
0.937
Income from continuing
operation(EBIT) / (Total
Assets - Current Liabilities)
0.165
Long Term Debt / (Total
Assets - Current Liabilities)
0.567
Sales / (Net Working Capital + Fixed Assets)
0.887
Y
Probability of Bankruptcy

H - Factor Model
Particulars

Retained Earnings / Total Assets

2011

0.237

Sales / Total Assets


EBIT / Equity
Cash flow / Total Debt
Total Debt / Total Assets
Current Liabilities / Total Assets
Log of Tangible Assets
Working Capital / Total Debt
Log of EBIT / Interest
H-Factor Score

0.393
1.314
0.441
0.223
1.215
0.501
0.323

Name of the Models

Beaver's Model
Bathory Model
Z Score Model
Springate Analysis
Logit Analysis
H - Factor Model

Beaver's Model
2012

2013

2060.762
0.194
0.396

3624.056
0.093
0.386

2013-14

759.490
0.105
0.414

2014-15

2553.571
0.105
0.418

2015-16

2808.904
0.105
0.421

Bathory Model
2013-14

2014-15

2015-16

2012

2013

1289.72
1.59
1291.32

694.46
14.92
709.38

856.93
15.26
872.19

942.65
16.76
959.41

1036.65
18.76
1055.41

0.194
0.077
0.327
0.083
0.124

0.095
0.036
0.248
-0.425
0.132

0.107
0.044
0.295
-0.469
0.129

0.107
0.044
0.268
-0.477
0.130

0.107
0.044
0.244
-0.480
0.131

0.161

0.017

0.021

0.015

0.009

Altman's Z-Score
2012

2013

0.124
0.262

0.132
0.247

2013-14

0.129
0.269

2014-15

0.130
0.270

2015-16

0.131
0.269

0.099
1.052
0.189

0.076
0.734
0.170

0.073
0.708
0.184

0.073
0.676
0.186

0.074
0.645
0.187

1.661

1.367

1.381

1.367

1.352

Springate Model
2013-14

2014-15

2015-16

2012

2013

0.124
0.099
0.376
0.378

0.132
0.076
0.155
0.340

0.129
0.073
0.228
0.368

0.130
0.073
0.228
0.371

0.131
0.074
0.227
0.375

0.8303

0.6087

0.6540

0.6579

0.6625

Logit Model
2013-14

2014-15

2015-16

2012

2013

1.405
0.120
0.032
0.423

1.615
0.076
0.013
0.436

1.637
0.081
0.010
0.462

1.470
0.100
0.010
0.462

1.470
0.100
0.010
0.462

0.133

0.107

0.096

0.097

0.098

0.531
1.509

0.543
1.274

0.545
1.412

0.550
1.412

0.557
1.411

-1.46955483

-1.26388437

-1.16163369

-1.19751696

-1.22639837

81.30%

77.97%

76.16%

76.81%

77.32%

H - Factor Model
2012

2013

0.262

0.247

2013-14

0.269

2014-15

0.270

2015-16

0.269

0.378
1.196
0.329
0.396
0.253
1.436
0.312
0.051

0.340
1.065
0.545
0.386
0.289
1.455
0.342
0.005

0.368
1.032
0.102
0.414
0.239
1.485
0.311
0.009

0.371
1.135
0.313
0.418
0.241
1.525
0.311
0.008

0.375
1.248
0.313
0.421
0.243
1.574
0.311
0.007

-2.29

-2.03

-2.60

-2.29

-2.25

Median Scores

Particulars

AAA

EBIT Interest Coverage


EBITDA Interest Coverage
Free Operating Cashflow / Total Debt
Funds From Operations / Total Debt
Return on Capital
Operating Income / Sales
Long-Term Debt / Capital
Total Debt / Capital including short term debt

23.8
25.3
167.8
104.1
35.1
24.6
13.3
6.2

AA
13.6
17.1
77.5
41.1
26.9
23.4
28.2
34.8

For the Company


Particulars

EBIT Interest Coverage


EBITDA Interest Coverage
Free Operating Cashflow / Total Debt
Funds From Operations / Total Debt
Return on Capital
Operating Income / Sales
Long-Term Debt / Capital
Total Debt / Capital including short term debt
Particulars

AVG Capital Employed


AVG Current Liabilities
AVG Short Term Debt

2011

2012

180.590
181.444
0.00%
29.09%
65.51%
56.82%
56.82%

26.265
26.290
31.01%
24.06%
14.08%
52.45%
53.49%
53.49%

2011

2012

15499.98
3709.20
0

Median Scores

BBB
6.9
9.4
43.2
25.4
16.8
18.2
33.9
39.8

BB
4.2
5.9
34.6
16.9
13.4
14.7
42.5
45.6

B
2.3
3.1
20
7.9
10.3
15.8
57.2
57.2

CCC
0.9
1.6
10.1
2.6
6.7
13.9
69.7
74.2

0.4
0.9
2.9
-0.9
2.3
11.4
68.8
101.2

mpany
2013

2.420
2.444
48.43%
11.80%
11.25%
45.40%
54.77%
54.77%
2013

18074.61
4921.11
0

2013-14

3.958
4.000
9.32%
13.33%
9.97%
40.00%
54.95%
54.95%
2013-14

19519.97
5149.39
0

2014-15

3.958
4.000
28.49%
13.33%
10.09%
40.00%
55.52%
55.52%
2014-15

20566.02
4943.24
0

2015-16

3.957
4.000
28.49%
13.33%
10.20%
40.00%
56.21%
56.21%
2015-16

22431.65
5437.56
0

BBB
BBB
BBB
BBB
BBB
AAA
BBB
BBB