Year Stock Price CF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind.

Sales D/E Ratio

2016 320.1 25.7816 18.9109 -0.17308 12.24 18.57385 634.9235 37454.55 0.3873
2015 164.6 18.3934 11.2213 1.346923 10.7289 98.31692 604.8618 53040.72 0.5482
2014 70.75 34.1477 10.3462 -5.70923 6.8073 306.4115 610.1263 67994.56 0.6744
2013 49.8 29.1353 9.6243 1.558462 5.3529 76.03385 511.796 69120.77 0.8661
2012 54.1 16.3467 11.0063 2.641538 5.3861 142.8085 449.5236 166582.7 0.8648
2011 33.55 4.3696 8.2138 6.256154 4.0846 135.6354 346.7697 165825.9 0.867

Growth Rate

0.57006861 0.426178 0.1815 -1.48796 0.24545 -0.3281 0.12859 -0.25737 -0.14885

Ind. D/E Mkt. Share Inventory Ind. Inv NP Margin Ind NP
4.483846 0.01695184 59.212 3120.385 8.8927 9.588462
2.029231 0.01140373 89.5295 4312.101 5.5258 14.45923
1.988462 0.00897316 90.635 5471.904 5.0228 17.60385
1.047692 0.00740437 56.752 5528.903 5.6052 50.25154
0.614615 0.0026985 107.4045 13029.65 7.3384 11.36231
0.608462 0.00209117 70.5976 12957.53 7.1023 14.06308

0.49102 0.51972714 -0.03456 -0.24779 0.04598854 -0.07374

Year Stock Price CF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 199.1 -41.4699 225.8148 -0.17308 26.6 18.57385 215.6377 37454.55 0.015
2015 242.35 13.1552 8.3828 1.346923 2.0757 98.31692 216.749 53040.72 0.094
2014 129.95 17.8449 5.892 -5.70923 31.9557 306.4115 203.5605 67994.56 0.264
2013 72.7 -5.2197 5.2213 1.558462 22.4484 76.03385 174.4682 69120.77 0.268
2012 85 17.6899 10.4432 2.641538 23.7381 142.8085 151.9721 166582.7 0.3076
2011 84 10.7765 10.1487 6.256154 16.5059 135.6354 132.2447 165825.9 0.327
Gr. Rate
0.188388375 -2.30934 0.859809 -1.48796 0.100141 -0.3281 0.10273 -0.25737 -0.46011
Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
4.483846 0.005757 20.2597 51.87846 50.8289 9.588462
2.029231 0.004086 21.5533 46.74231 4.1653 14.45923
1.988462 0.002994 25.8257 43.15154 2.9439 17.60385
1.047692 0.002524 24.749 78.67692 2.5422 50.25154
0.614615 0.000912 21.53 121.4508 5.3438 11.36231
0.608462 0.000797 17.7998 211.92 7.1407 14.06308

0.49102 0.484906 0.026227 -0.24532 0.480724 -0.07374

Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales
2016 277.45 17.533 9.4428 -0.1730769 15.3202 18.573846154 101.3127 37454.55
2015 98 21.8293 11.1506 1.34692308 14.0442 98.316923077 110.3908 53040.72
2014 78.95 17.723 17.9328 -5.7092308 7.0165 306.41153846 112.6649 67994.56
2013 75.5 33.9253 25.6031 1.55846154 3.2434 76.033846154 115.9313 69120.77
2012 72.15 6.1905 8.1492 2.64153846 3.0203 142.80846154 78.7449 166582.69
2011 42.6 11.78 10.5485 6.25615385 9.6951 135.63538462 79.9982 165825.92

Growth Rate
2011-2016 0.454638 0.082784894 -0.021903 -1.4879624 0.095828 -0.328098256 0.048375 -0.2573735
D/E Ratio Ind. D/E Mkt. Share
0.131 4.483846154 0.00270495
0.116 2.029230769 0.002081246
0.435 1.988461538 0.001656969
0.104 1.047692308 0.001677228
0.134 0.614615385 0.000472708
0.184 0.608461538 0.000482423
Inventory Ind. Inv NP MarginInd NP
2.04 51.878461538 7.6474 9.588462
2.56 46.742307692 8.3045 14.45923
2.79 43.151538462 13.0673 17.60385
2.96 78.676923077 18.125 50.25154
4.41 121.45076923 8.6496 11.36231
4.43 211.92 11.1136 14.06308

-0.06569 0.491020156 0.411712633 -0.143662 -0.245319674 -0.07203 -0.07374

Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 61.5 6.85 3.7 -0.17308 16.64 18.57385 1231 37454.55 0.45
2015 41.95 4.9 3.86 1.346923 10.86 98.31692 1235 53040.72 0.64
2014 35.55 -2.26 -2.93 -5.70923 0 306.4115 1224 67994.56 0.77
2013 37.6 0.48 7.25 1.558462 5.19 76.03385 1337 69120.77 0.91
2012 36.6 19.71 13.15 2.641538 2.78 142.8085 1497 166582.7 0.99
2011 40.35 19.84 9.95 6.256154 4.05 135.6354 1342 165825.9 1.47

Growth Rate 0.087943 -0.19159 -0.17951 -1.48796 0.326599 -0.3281 -0.01712 -0.25737 -0.21081
Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
4.483846 0.032867 42.25 3142.758 1.23 9.588462
2.029231 0.023284 35.86 4345.424 0.61 14.45923
1.988462 0.018001 44.32 5508.517 -0.68 17.60385
1.047692 0.019343 39.7 5587.735 1.72 50.25154
0.614615 0.008987 44.38 13104.26 2.95 11.36231
0.608462 0.008093 51.41 13034.5 2.34 14.06308

0.49102 0.323521 -0.03849 -0.24761 -0.1207 -0.07374

RISA INT
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 320.1 -0.17 0.05 -0.17308 18.5 18.57385 133.17 37454.55 0
2015 164.6 -0.68 0.17 1.346923 990.05 98.31692 176.23 53040.72 0.03
2014 70.75 -2.51 0.23 -5.70923 1015.93 306.4115 148.38 67994.56 0.03
2013 49.8 -0.15 0 1.558462 0 76.03385 3.08 69120.77 0.02
2012 54.1 -0.07 -0.02 2.641538 0 142.8085 0 166582.7 -0.44
2011 33.55 -1.3 -0.02 6.256154 0 135.6354 0.56 165825.9 -1

Growth Rate
2014-16 1.127059 -0.73975 -0.53375 -0.82589 -0.86506 -0.75379 -0.05264 -0.25781 -1
Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
4.483846 0.003556 1.54 51.87846 1.25 9.588462
2.029231 0.003323 0 46.74231 2.34 14.45923
1.988462 0.002182 1.85 43.15154 3.7 17.60385
1.047692 4.46E-05 7.76 78.67692 2.66 50.25154
0.614615 0 0 121.4508 0 11.36231
0.608462 3.38E-06 0 211.92 -7.23 14.06308

0.501643 0.27644 -0.08762 0.096467 -0.41876 -0.26198

STANDARD BATTERIES
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 320.1 0.7 -0.14 -0.17308 0 18.57385 0.17 37454.55 0
2015 164.6 -0.62 0.33 1.346923 20.23 98.31692 0.66 53040.72 0
2014 70.75 -2.97 -3.42 -5.70923 0 306.4115 0.16 67994.56 0
2013 49.8 0.75 0.74 1.558462 17.12 76.03385 0.06 69120.77 0
2012 54.1 0.57 0.56 2.641538 21.16 142.8085 0.23 166582.7 0
2011 33.55 0.82 0.89 6.256154 0 135.6354 0.26 165825.9 0
Gr. Rate
Ind. D/E Mkt. Share Inventory Ind. Inv NP MarginInd NP
4.483846 4.538834E-06 0 51.87846 83.52 9.588462
2.029231 1.244327E-05 0 46.74231 71.24 14.45923
1.988462 2.353129E-06 0 43.15154 163.09 17.60385
1.047692 0.000000868 0 78.67692 675.63 50.25154
0.614615 1.380696E-06 0 121.4508 126.24 11.36231
0.608462 1.567909E-06 0 211.92 177.73 14.06308
STC
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 89.85 -41.79 2.98 -0.17308 30.18 18.57385 10601 37454.55 9.38
2015 146.5 -16.46 4.37 1.346923 33.56 98.31692 14494 53040.72 9.43
2014 181.25 -6.79 -82.03 -5.70923 0 306.4115 15449 67994.56 13.18
2013 135.95 65.77 2.99 1.558462 45.44 76.03385 10042 69120.77 2.55
2012 255.15 -181 2.75 2.641538 92.95 142.8085 30773 166582.7 2.98
2011 245 230.08 9.41 6.256154 26.05 135.6354 20476 165825.9 2.28

Growth Rate -0.18178 -1.71095 -0.20544 -1.48796 0.02987 -0.3281 -0.12336 -0.25737 0.326947
Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
4.483846 0.42 51.87846 0.21 9.588462
2.029231 5.5 46.74231 0.22 14.45923
1.988462 0.97 43.15154 -3.19 17.60385
1.047692 43.5 78.67692 0.08 50.25154
0.614615 543.71 121.4508 0.06 11.36231
0.608462 1313.75 211.92 0.39 14.06308

0.49102 #DIV/0! -0.80004 -0.24532 -0.11645 -0.07374

VERITAS
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales
2016 117.9 -1.48 2.81 -0.17308 41.96 18.57385 451.92 37454.55
2015 57.1 -2.39 3.62 1.346923 15.77 98.31692 505.95 53040.72
2014 26.55 -11.03 2.94 -5.70923 9.03 306.4115 402.73 67994.56
2013 26 -3.72 2.79 1.558462 9.3 76.03385 339.66 69120.77
2012 230 -5.34 2.17 2.641538 105.88 142.8085 307.05 166582.7
2011 268 -0.39 0.88 6.256154 304.3 135.6354 210.13 165825.9

Growth Rate -0.15145 0.305688 0.261376 -1.48796 -0.32717 -0.3281 0.165507 -0.25737
D/E Ratio Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
0.18 4.483846 0.012066 0.1 51.87846 1.94 9.588462
0.18 2.029231 0.009539 23.26 46.74231 2.15 14.45923
0.2 1.988462 0.005923 1.44 43.15154 2.16 17.60385
0.27 1.047692 0.004914 2.9 78.67692 2.46 50.25154
0.18 0.614615 0.001843 4.5 121.4508 2.4 11.36231
0.16 0.608462 0.001267 3.82 211.92 1.79 14.06308

0.023836 0.49102 0.569438 -0.5174 -0.24532 0.016225 -0.07374

VYAPAR
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 26.9 -2.12 -13.03 -0.17308 0 18.57385 20.32 37454.55 0
2015 38.5 6.17 -1.15 1.346923 0 98.31692 5.45 53040.72 0
2014 39 -1.27 0.43 -5.70923 91.46 306.4115 37.15 67994.56 0
2013 25.9 -3.79 1.02 1.558462 25.4 76.03385 57.12 69120.77 0
2012 22 7.97 0.76 2.641538 29.04 142.8085 77.83 166582.7 0
2011 21 1.35 0.11 6.256154 189.36 135.6354 119.2 165825.9 0.07

Growth Rate 0.050767 -2.09446 -3.59843 -1.48796 -1 -0.3281 -0.29801 -0.25737 -1

Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
4.483846 0.000543 0.46 51.87846 6.35 9.588462
2.029231 0.000103 13.98 46.74231 -27.34 14.45923
1.988462 0.000546 5.09 43.15154 1.65 17.60385
1.047692 0.000826 20.02 78.67692 2.94 50.25154
0.614615 0.000467 1.29 121.4508 3.1 11.36231
0.608462 0.000719 8.81 211.92 0.21 14.06308

0.49102 -0.05472 -0.44594 -0.24532 0.977474 -0.07374

WW LEATHER
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 8.4 2.68 -0.01 -0.17308 0 18.57385 3.64 37454.55 0
2015 9.03 -1.26 0.46 1.346923 19.6 98.31692 6.16 53040.72 0
2014 4.3 0.86 -0.62 -5.70923 0 306.4115 7.76 67994.56 0.05
2013 6.61 -1.23 -0.53 1.558462 0 76.03385 10.11 69120.77 0.08
2012 5.66 4.23 0.85 2.641538 6.63 142.8085 15.28 166582.7 0.05
2011 7.72 -7.68 0.7 6.256154 11.06 135.6354 9.61 165825.9 0.21

Growth Rate 0.017027 -1.81013 -1.42754 -1.48796 -1 -0.3281 -0.17648 -0.25737 -1

Ind. D/E Mkt. Share Inventory Ind. Inv NP MarginInd NP
4.483846 9.718445E-05 0 51.87846 0.12 9.588462
2.029231 0.000116137 0 46.74231 3.32 14.45923
1.988462 0.000114127 0 43.15154 -3.22 17.60385
1.047692 0.000146266 0.74 78.67692 -2.32 50.25154
0.614615 9.172622E-05 1.99 121.4508 2.6 11.36231
0.608462 5.795234E-05 1.42 211.92 1.26 14.06308

0.49102 0.108932637 -1 -0.24532 -0.37517 -0.07374

YARN SYNDICATE
Year Stock Price CF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 0 -7.77 -8.03 -0.17308 0 18.57385 0.03 37454.55 2.72
2015 2.04 -3.6 -4.57 1.346923 0 98.31692 0.01 53040.72 1.71
2014 1 1.49 0.96 -5.70923 1.04 306.4115 3.19 67994.56 0.62
2013 2.62 -2.54 -3.83 1.558462 0 76.03385 1.84 69120.77 0.74
2012 2.95 -1.83 -3.86 2.641538 0 142.8085 6.1 166582.7 0.69
2011 4.5 3.41 0.12 6.256154 37.25 135.6354 30.66 165825.9 0.51

Growth Rate -1 -2.17905 -3.31796 -1.48796 -1 -0.3281 -0.7499 -0.25737 0.397654

Ind. D/E Mkt. Share Inventory Ind. Inv NP MarginInd NP
4.483846 0.000000801 0 51.87846 0 9.588462
2.029231 1.885344E-07 0 46.74231 0 14.45923
1.988462 4.691552E-05 0 43.15154 10.46 17.60385
1.047692 2.662007E-05 0 78.67692 -77.93 50.25154
0.614615 3.661845E-05 0.22 121.4508 -23.75 11.36231
0.608462 0.000184893 0.25 211.92 -0.02 14.06308

0.49102 -0.663225355 -1 -0.24532 -1 -0.07374

ZUARI GLOBAL
Year Stock PriceCF/Share EPS Ind. EPS P/E Ind. P/E Sales Ind. Sales D/E Ratio
2016 89.5 5.43 8.01 -0.17308 11.17 18.57385 0 37454.55 0.12
2015 94.1 -18.13 9.1 1.346923 10.34 98.31692 39.52 53040.72 0.12
2014 75.8 -16.6 8.88 -5.70923 8.54 306.4115 169.82 67994.56 0.18
2013 71.2 20.04 9.16 1.558462 7.78 76.03385 99.54 69120.77 0
2012 492.45 -101.66 16.15 2.641538 30.48 142.8085 1246.67 166582.7 0
2011 616.95 -20.5 56.68 6.256154 10.88 135.6354 5524.2 165825.9 0.8

Growth Rate -0.3203 -1.76667 -0.32385 -1.48796 0.005275 -0.3281 -1 -0.25737 -0.31574
Ind. D/E Mkt. ShareInventory Ind. Inv NP MarginInd NP
4.483846 0 215.44 51.87846 0 9.588462
2.029231 0.000745 205.5 46.74231 86.02 14.45923
1.988462 0.002498 194.81 43.15154 32.88 17.60385
1.047692 0.00144 14.23 78.67692 33.45 50.25154
0.614615 0.007484 37.15 121.4508 4.98 11.36231
0.608462 0.033313 717.76 211.92 4.33 14.06308

0.49102 -1 -0.21392 -0.24532 -1 -0.07374

EPS MMTC Nyssa Omax Rajkamal RammaicaRISA Std. Bat STC
2016 0.55 0.3 3.7 -0.12 0.68 0.05 -0.14 2.98
2015 0.48 0.84 3.86 -0.1 0.1 0.17 0.33 4.37
2014 0.19 1.09 -2.93 0.01 0.05 0.23 -3.42 -82.03
2013 -0.71 1.22 7.25 0.06 0.1 0 0.74 2.99
2012 0.71 0.08 13.15 0.03 1.01 -0.02 0.56 2.75
2011 1.22 0.04 9.95 0.08 1.27 -0.02 0.89 9.41

PE
2016 68.18 49.22 16.64 0 5.61 18.5 0 30.18
2015 101.65 52.18 10.86 0 23.88 990.05 20.23 33.56
2014 284.84 42.49 0 2373.42 156.6 1015.93 0 0
2013 0 30.47 5.19 359.78 487.96 0 17.12 45.44
2012 1107.82 147.23 2.78 301.19 11.35 0 21.16 92.95
2011 761.67 408.61 4.05 0 10.03 0 0 26.05

Sales
2016 12504 5.3 1231 0 12504 133.17 0.17 10601
2015 18285 7.74 1235 0 18285 176.23 0.66 14494
2014 25270 12.37 1224 0 25270 148.38 0.16 15449
2013 28599 32.36 1337 0 28599 3.08 0.06 10042
2012 66325 9.53 1497 0 66325 0 0.23 30773
2011 69056 0 1342 1.3 69056 0.56 0.26 20476

D/E
2016 0.2 0.18 0.45 0 45.06 0 0 9.38
2015 0.21 0.31 0.64 0 13.75 0.03 0 9.43
2014 0.31 0.38 0.77 0 10.13 0.03 0 13.18
2013 1.1 0.01 0.91 0.04 7.9 0.02 0 2.55
2012 2.41 0.03 0.99 0.03 1.07 -0.44 0 2.98
2011 4.41 0 1.47 -1 0 -1 0 2.28

Inventory
2016 401.51 1.32 42.25 0 11.38 1.54 0 0.42
2015 319.4 3.38 35.86 0 0.77 0 0 5.5
2014 308.36 3.67 44.32 0 0.46 1.85 0 0.97
2013 888.82 4.89 39.7 0 0.24 7.76 0 43.5
2012 924.4 21.22 44.38 0 0 0 0 543.71
2011 647.97 9.77 51.41 0 0 0 0 1313.75

Pre-tax Margin
2016 0.46 28.13 1.23 0 1.44 1.25 83.52 0.21
2015 0.33 48.12 0.61 0 0.96 2.34 71.24 0.22
2014 0.06 21.45 -0.68 0 0.49 3.7 163.09 -3.19
2013 -0.45 14.29 1.72 0 0.74 2.66 675.63 0.08
2012 0.11 3.46 2.95 0 25.56 0 126.24 0.06
2011 0.27 0 2.34 1.75 0 -7.23 177.73 0.39
Veritas Vyapar WWL Yarn Syn Zuari Average
2.81 -13.03 -0.01 -8.03 8.01 -0.17308
3.62 -1.15 0.46 -4.57 9.1 1.346923
2.94 0.43 -0.62 0.96 8.88 -5.70923
2.79 1.02 -0.53 -3.83 9.16 1.558462
2.17 0.76 0.85 -3.86 16.15 2.641538
0.88 0.11 0.7 0.12 56.68 6.256154

41.96 0 0 0 11.17 18.57385

15.77 0 19.6 0 10.34 98.31692
9.03 91.46 0 1.04 8.54 306.4115
9.3 25.4 0 0 7.78 76.03385
105.88 29.04 6.63 0 30.48 142.8085
304.3 189.36 11.06 37.25 10.88 135.6354

Total
451.92 20.32 3.64 0.03 0 2881.119 37454.55
505.95 5.45 6.16 0.01 39.52 4080.055 53040.72
402.73 37.15 7.76 3.19 169.82 5230.351 67994.56
339.66 57.12 10.11 1.84 99.54 5316.982 69120.77
307.05 77.83 15.28 6.1 1246.67 12814.05 166582.7
210.13 119.2 9.61 30.66 5524.2 12755.84 165825.9

0.18 0 0 2.72 0.12 4.483846

0.18 0 0 1.71 0.12 2.029231
0.2 0 0.05 0.62 0.18 1.988462
0.27 0 0.08 0.74 0 1.047692
0.18 0 0.05 0.69 0 0.614615
0.16 0.07 0.21 0.51 0.8 0.608462

0.1 0.46 0 0 215.44 51.87846

23.26 13.98 0 0 205.5 46.74231
1.44 5.09 0 0 194.81 43.15154
2.9 20.02 0.74 0 14.23 78.67692
4.5 1.29 1.99 0.22 37.15 121.4508
3.82 8.81 1.42 0.25 717.76 211.92

1.94 6.35 0.12 0 0 9.588462

2.15 -27.34 3.32 0 86.02 14.45923
2.16 1.65 -3.22 10.46 32.88 17.60385
2.46 2.94 -2.32 -77.93 33.45 50.25154
2.4 3.1 2.6 -23.75 4.98 11.36231
1.79 0.21 1.26 -0.02 4.33 14.06308
Selection Criteria

gp<gE price growth less than earnings growth

PE<2g P/E ratio less than growth in earnings
gE+d/p >2PE Earnings growth + dividend yield > twice P/E
FCF/P >0.1 FCF per share > 10% of Price
D/E <2
ginv <gsales Growth in inventory < Growth in sales
Pre-tax margin comparable with industry
Consistent Dividend