CONSOLIDATED BALANCE SHEET OF SHRI DINESH MILLS LIMITED AND ITS SUBSIDIARY AS AT 31ST MARCH, 2013

(Rs. In lacs)

Particulars

I. EQUITY AND LIABILITIES

1 Shareholders’ funds Share Capital
Reserves and Surplus
Minority Interest
2 Non-Current Liabilities
Long- term borrowings
Deferred tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
3 Current Liabilities
Short term borrowings

Trade Payables
Other Current Liabilities
Short Term Provisions
TOTAL
II. ASSETS
1 Non-Current Assets Fixed assets
(i) Tangible assets

(ii) Capital work-in-progress

Non-current investments
Long term loans and advances
2 Current assets
Inventories

Trade Receivables
Cash and Bank balances
Short Term Loans and Advances
Other Current Assets
TOTAL
The Notes form an integral part of these financial statements
AT 31ST MARCH, 2013

As As
at at
Note No. 31st 31st
Marc Marc
h, h,

1 527.75 527.75
2 9,018.33 8,739.68
849.17 785.19

3 3,208.39 3,572.35
4 789.81 783.10
5 551.42 517.45
6 344.12 362.75

7 356.94 451.05

8 345.63 462.73
9 1,348.01 1,337.90
10 146.11 214.43
17,485.68 17,754.38

11 8,591.92 9,313.02

205.84 48.62
12 834.26 849.72
13 199.73 106.49

14 4,143.51 4,090.12

15 1,713.22 1,453.72
16 1,453.99 1,390.41
17 276.46 395.66
18 66.75 106.62
17,485.68 17,754.38

1 to 34
CONSOLIDATED BALANCE SHEET OF SHRI DINESH MILLS LIMITED AND ITS SUBSIDIARY AS AT 31ST MARCH, 2014
(Rs. In lacs)
As As
at at
31st 31st
Particulars Note No. Marc Marc
h, h,
2014 2013

I. EQUITY AND LIABILITIES

1 Shareholders’ Funds
Share Capital 1 508.44 527.75

Reserves and Surplus 2 9,256.03 9,018.33

Minority Interest 892.65 849.17

2 Non-Current Liabilities
Long- term borrowings 3 1,979.50 2,397.19

Deferred tax Liabilities (Net) 4 741.23 789.81

Other Long Term Liabilities 5 493.45 551.42
Long Term Provisions 6 255.27 253.13
3 Current Liabilities
Short term borrowings 7 315.47 318.11

Trade Payables 8 363.75 345.22

Other Current Liabilities 9 2,140.26 2,198.44
Short Term Provisions 10 142.26 146.11

TOTAL 17,088.31 17,394.68

II. ASSETS

1 Non-Current Assets
Fixed assets
(i) Tangible assets 11 8,393.91 8,591.92

(ii) Capital work-in-progress – 205.84

Non-current investments 12 713.03 834.26
Long term loans and advances 13 121.83 108.74
2 Current assets
Inventories 14 3,317.96 4,143.51

Trade Receivables 15 1,894.69 1,713.22

Cash and Bank balances 16 2,252.65 1,453.99
Short Term Loans and Advances 17 260.63 283.57
Other Current Assets 18 133.61 59.63

TOTAL 17,088.31 17,394.68

The Notes form an integral part of
RY AS AT 31ST MARCH, 2014
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2015
(Rs.
As at 31st In
lacs)
Particulars Note No. March, March,
As
2015 2014
at
I. EQUITY AND 31st
LIABILITIES
1 Shareholders’
funds 1 508.44 508.44
Share Capital
Reserves and 2 9,265.26 9,256.03
Surplus
Minority Interest 897.40 892.65

2 Non-Current
Liabilities 3 1,366.97 1,948.35
Long- term
borrowings
Deferred tax 4 482.90 741.23
Liabilities
Other Long (Net)
Term 5 482.53 493.45
Liabilities
Long Term 6 286.91 263.58
Provisions
3 Current Liabilities
Short term 7 111.63 346.62
borrowings
Trade Payables 8 496.47 363.80
Other Current 9 2,050.08 2,145.65
Liabilities
Short Term 10 262.00 142.26
Provisions
TO 16,210.59 17,102.06
II. ASSETS TA
L

1 Non-Current
Assets 11 6,973.03 8,393.91
Fixed assets
(i) Tangible assets
(ii) Capital work- 420.76 -
in-progress

Non-current 12 93.44 713.03

investments

Long term loans 13 151.43 135.55

and advances
2 Current assets
Inventories 14 3,155.00 3,317.96

Trade Receivables 15 1,856.55 1,894.69

Cash and Bank 16 3,124.91 2,252.64
balances
Short Term Loans 17 297.42 260.67
and
OtherAdvances
Current 18 138.05 133.61
Assets
TO 16,210.59 17,102.06
TA
The Notes form an integral part of
L
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2016
(Rs.
As at 31st In
lacs)
Particula Note No. March, March, As
2015
rs 2016 at
I. EQUITY 31st
AND
1 LIABILIT
Shareho
IES
lders’ 1 508.44 508.44
funds
Reserves
Share 2 9,477.17 9,265.26
and
Capital
Minority
Surplus 908.04 897.40
Interest
2 Non-
Current 3 1,592.41 1,614.47
Liabilitie
Deferred
s 4 427.69 482.90
tax
Other
Long- 5 511.57 502.70
Liabilities
Long
term
Long 6 259.66 286.91
(Net)
Term
borrowin
Term
3 Current
Liabilities
gs
Provision
Liabilitie 7 152.87 119.64
s
s
Trade
Short 8 513.89 496.47
Payables
term
Other 9 1,884.08 1,782.41
Current
borrowin
Short 10 195.30 262.00
Liabilities
gs
Term
Provision
TOTAL 16,431.13 16,218.60
s
II. ASSETS

1 Non- 11
Current 7,376.78 6,973.02
Assets
Fixed
(ii)
assets - 420.76
Capital
(i)
Non- 12 37.44 93.44
work-in-
Tangible
current
Long 13 145.99 151.43
progress
assets
investme
term
2 Current
nts
loans
assets 14 3,407.66 3,155.00
and
Inventori
advance
Trade
es 15 1,807.25 1,856.56
sReceivab
Cash 16 3,257.63 3,132.92
les
and
Short 17 260.66 297.42
Bank
Term
Other 18 137.72 138.05
balances
Loans
Current
and
Assets
TOTAL 16,431.13 16,218.60
Advance
The
s
Notes 1 to 33
form an
integral
part of
these
financial
statemen
ts
CONSOLIDATED BALANCE SHEET AS AT 31ST MARCH, 2017
(Rs. In
As at 31st Lakhs)
As at 31st
Particulars Note No. March, March,
2017 2016
I. EQUITY AND LIABILITIES

1 Shareholders’ funds
Share Capital 1 508.44 508.44

Reserves and Surplus 2 9,688.01 9,477.17

Minority Interest 881.16 908.04

2 Non-Current Liabilities
Long- term borrowings 3 959.18 1,592.41

Deferred tax Liabilities (Net) 4 335.54 427.69

Other Long Term Liabilities 5 519.81 511.57
Long Term Provisions 6 313.14 259.66
3 Current Liabilities
Short term borrowings 7 53.99 152.87

Trade Payables 8 588.70 513.89

Other Current Liabilities 9 1,986.36 1,884.08
Short Term Provisions 10 150.41 195.30

TOTAL 15,984.74 16,431.13

II. ASSETS

1 Non-Current Assets
Fixed assets
(i) Tangible assets 11 6,569.85 7,376.78

(ii) Capital work-in-progress Non-current investments -37.44 -37.44

12

Long term loans and advances 13 161.00 145.99

2 Current assets
Current Investments 14 3,397.35 -

Inventories 15 3,684.32 3,407.66

Trade Receivables 16 1,396.40 1,807.25
Cash and Bank balances 17 403.56 3,257.63
Short Term Loans and Advances 18 209.08 260.66
Other Current Assets 19 125.74 137.72

TOTAL 15,984.74 16,431.13

The Notes form an integral part of these financial 1 to 35
statements
 2017 2016 2015 2014
Operating Assets
Inventories 3,684.32 3,407.66 3,155.00 3,317.96
Other Current Assets 125.74 137.72 138.05 133.61
Total OA 3,810.06 3,545.38 3,293.05 3,451.57
Operating Liabilites
Other Current Liabilities 53.99 152.87 111.63 346.62
Short Term Provisions 150.41 195.30 262.00 142.26
Total OL 204.40 348.17 373.63 488.88

NOA 3,605.66 3,197.21 2,919.42 2,962.69

Financial Assets
Fixed assets
(i) Tangible assets 6,569.85 7,376.78 6,973.03 8,393.91

(ii) Capital work-in-progress -37.44 -37.44 420.76 -

Non-current investments 93.44 713.03

Long term loans and advances 161.00 145.99 151.43 135.55

Current Investments 3,397.35 - - -
Trade Receivables 1,396.40 1,807.25 1,856.55 1,894.69
Cash and Bank Balance 403.56 3,257.63 3,124.91 2,252.64
Short Term Loans and Advances 209.08 260.66 297.42 260.67
Total FA 12099.80 12810.87 12917.54 13650.49

Financial Obligations
Long- term borrowings 959.18 1,592.41 1,366.97 1,948.35
Deferred tax Liabilities (Net) 335.54 427.69 482.90 741.23
Other Long Term Liabilities 519.81 511.57 482.53 493.45
Long Term Provisions 313.14 259.66 286.91 263.58
Short term borrowings 588.70 513.89 496.47 363.80
Trade Payables 1,986.36 1,884.08 2,050.08 2,145.65
Total FO 4702.73 5189.30 5165.86 5956.06

NFA 7397.07 7621.57 7751.68 7694.43

 2013

4,143.51
66.75

4,210.26

356.94
146.11

503.05

3,707.21

8,591.92

205.84

834.26

199.73

-
1,713.22
1,453.99
276.46
13275.42

3,208.39
789.81
551.42
344.12
345.63
1,348.01

6587.38

6688.04
 SHRIDINE BSESN
Date
Adj Close Returns (Dependent) Adj Close Return (Independent)
12/10/2017 197.25 -3.40% 33455.79 0.62%
12/3/2017 204.2 47.28% 33250.3 1.27%
11/26/2017 138.65 5.04% 32832.94 -2.51%
11/19/2017 132 0.34% 33679.24 1.01%
11/12/2017 131.55 1.11% 33342.8 0.08%
11/5/2017 130.1 -4.34% 33314.56 -1.10%
10/29/2017 136 0.52% 33685.56 1.59%
10/22/2017 135.3 0.22% 33157.22 2.37%
10/15/2017 135 1.93% 32389.96 -0.13%
10/8/2017 132.45 0.08% 32432.69 1.94%
10/1/2017 132.35 4.05% 31814.22 1.70%
9/24/2017 127.2 -3.56% 31283.72 -2.00%
9/17/2017 131.9 1.43% 31922.44 -1.09%
9/10/2017 130.04 -1.28% 32272.61 1.85%
9/3/2017 131.7211 -1.33% 31687.52 -0.64%
8/27/2017 133.5011 3.77% 31892.23 0.94%
8/20/2017 128.6555 -2.29% 31596.06 0.23%
8/13/2017 131.6716 2.03% 31524.68 1.00%
8/6/2017 129.0511 -2.28% 31213.59 -3.44%
7/30/2017 132.0672 -4.37% 32325.41 0.05%
7/23/2017 138.0995 1.20% 32309.88 0.88%
7/16/2017 136.4678 -2.23% 32028.89 0.03%
7/9/2017 139.5828 4.56% 32020.75 2.10%
7/2/2017 133.5011 2.27% 31360.63 1.42%
6/25/2017 130.5344 -5.24% 30921.61 -0.70%
6/18/2017 137.7534 8.62% 31138.21 0.26%
6/11/2017 126.8261 -1.61% 31056.4 -0.66%
6/4/2017 128.9027 0.54% 31262.06 -0.04%
5/28/2017 128.2105 -9.87% 31273.29 0.79%
5/21/2017 142.2529 4.50% 31028.21 1.85%
5/14/2017 136.1217 -1.04% 30464.92 0.92%
5/7/2017 137.5556 -6.24% 30188.15 1.10%
4/30/2017 146.7029 2.99% 29858.8 -0.20%
4/23/2017 142.4506 -2.41% 29918.4 1.88%
4/16/2017 145.9612 -2.89% 29365.3 -0.33%
4/9/2017 150.3124 9.87% 29461.45 -0.83%
4/2/2017 136.8139 4.38% 29706.61 0.29%
3/26/2017 131.0783 0.99% 29620.5 0.68%
3/19/2017 129.7927 -5.68% 29421.4 -0.77%
3/12/2017 137.605 9.96% 29648.99 2.43%
3/5/2017 125.1449 0.32% 28946.23 0.39%
2/26/2017 124.7494 -0.67% 28832.45 -0.21%
 2/19/2017 125.5899 0.79% 28892.97 1.49%
2/12/2017 124.601 -1.91% 28468.75 0.47%
2/5/2017 127.0238 3.92% 28334.25 0.33%
1/29/2017 122.2277 -3.63% 28240.52 1.28%
1/22/2017 126.8261 -2.10% 27882.46 3.14%
1/15/2017 129.5455 4.30% 27034.5 -0.75%
1/8/2017 124.2055 -1.95% 27238.06 1.79%
1/1/2017 126.6777 1.51% 26759.23 0.50%
12/25/2016 124.7988 -0.63% 26626.46 2.25%
12/18/2016 125.5899 -2.31% 26040.7 -1.69%
12/11/2016 128.5566 2.81% 26489.56 -0.96%
12/4/2016 125.046 1.98% 26747.18 1.97%
11/27/2016 122.6232 1.93% 26230.66 -0.33%
11/20/2016 120.2993 -2.68% 26316.34 0.64%
11/13/2016 123.6121 -8.53% 26150.24 -2.49%
11/6/2016 135.1328 1.07% 26818.82 -1.67%
10/30/2016 133.6989 -9.69% 27274.15 -2.39%
10/23/2016 148.0379 11.72% 27941.51 -0.48%
10/16/2016 132.5122 7.33% 28077.18 1.46%
10/9/2016 123.4638 -6.13% 27673.6 -1.38%
10/2/2016 131.5233 9.96% 28061.14 0.70%
9/25/2016 119.6071 7.70% 27865.96 -2.80%
9/18/2016 111.0531 -2.22% 28668.22 0.24%
9/11/2016 113.5748 5.71% 28599.03 -0.69%
9/4/2016 107.4437 -2.12% 28797.25 0.93%
8/28/2016 109.7676 2.67% 28532.11 2.70%
8/21/2016 106.9138 0.78% 27782.25 -1.05%
8/14/2016 106.0843 0.18% 28077 -0.27%
8/7/2016 105.8891 -5.28% 28152.4 0.26%
7/31/2016 111.7935 -3.54% 28078.35 0.09%
7/24/2016 115.8924 2.37% 28051.86 0.89%
7/17/2016 113.2086 -0.77% 27803.24 -0.12%
7/10/2016 114.087 -0.51% 27836.5 2.62%
7/3/2016 114.6725 2.04% 27126.9 -0.07%
6/26/2016 112.3791 4.30% 27144.91 2.83%
6/19/2016 107.7434 -1.21% 26397.71 -0.86%
6/12/2016 109.0609 -2.83% 26625.91 -0.04%
6/5/2016 112.2327 3.60% 26635.75 -0.77%
5/29/2016 108.3289 -2.03% 26843.03 0.71%
5/22/2016 110.5736 -3.25% 26653.6 5.34%
5/15/2016 114.2822 -0.93% 25301.9 -0.74%
5/8/2016 115.3557 1.29% 25489.57 1.03%
5/1/2016 113.8918 -0.26% 25228.5 -1.48%
4/24/2016 114.1846 0.43% 25606.62 -0.90%
4/17/2016 113.6966 1.39% 25838.14 0.82%
4/10/2016 112.1351 -0.09% 25626.75 3.86%
4/3/2016 112.2327 4.17% 24673.84 -2.36%
 3/27/2016 107.7434 2.79% 25269.64 -0.27%
3/20/2016 104.8156 -4.96% 25337.56 1.54%
3/13/2016 110.2808 7.62% 24952.74 0.95%
3/6/2016 102.4733 -1.96% 24717.99 0.29%
2/28/2016 104.5228 3.48% 24646.48 6.44%
2/21/2016 101.0094 -5.91% 23154.3 -2.34%
2/14/2016 107.353 -7.56% 23709.15 3.15%
2/7/2016 116.1364 7.89% 22986.12 -6.62%
1/31/2016 107.6458 -0.18% 24616.97 -1.02%
1/24/2016 107.841 -2.21% 24870.69 1.78%
1/17/2016 110.2808 -0.79% 24435.66 -0.08%
1/10/2016 111.1592 -14.30% 24455.04 -1.92%
1/3/2016 129.702 1.37% 24934.33 -4.53%
12/27/2015 127.9453 -2.89% 26117.54 1.08%
12/20/2015 131.7514 1.47% 25838.71 1.25%
12/13/2015 129.8483 16.71% 25519.22 1.90%
12/6/2015 111.2568 -4.28% 25044.43 -2.32%
11/29/2015 116.234 21.16% 25638.11 -1.88%
11/22/2015 95.93456 1.60% 26128.2 1.00%
11/15/2015 94.42185 -1.02% 25868.49 1.01%
11/8/2015 95.39779 3.82% 25610.53 -2.49%
11/1/2015 91.88442 -4.99% 26265.24 -1.47%
10/25/2015 96.7153 -0.10% 26656.83 -2.96%
10/18/2015 96.81289 -3.22% 27470.81 0.94%
10/11/2015 100.0335 2.04% 27214.6 0.50%
10/4/2015 98.03281 4.64% 27079.51 3.27%
9/27/2015 93.6899 3.23% 26220.95 1.38%
9/20/2015 90.76209 -2.16% 25863.5 -1.36%
9/13/2015 92.76276 5.44% 26218.91 2.38%
9/6/2015 87.98068 -4.04% 25610.21 1.62%
8/30/2015 91.68922 -4.23% 25201.9 -4.51%
8/23/2015 95.73864 -1.96% 26392.38 -3.56%
8/16/2015 97.65342 -0.68% 27366.07 -2.50%
8/9/2015 98.32359 -15.54% 28067.31 -0.60%
8/2/2015 116.4182 10.24% 28236.39 0.43%
7/26/2015 105.5997 -2.39% 28114.56 0.01%
7/19/2015 108.1847 10.19% 28112.31 -1.23%
7/12/2015 98.17998 11.47% 28463.31 2.90%
7/5/2015 88.07955 2.34% 27661.4 -1.54%
6/28/2015 86.06905 5.21% 28092.79 1.01%
6/21/2015 81.80867 0.65% 27811.84 1.81%
6/14/2015 81.28212 1.98% 27316.17 3.37%
6/7/2015 79.70242 -2.63% 26425.3 -1.28%
5/31/2015 81.85654 -0.58% 26768.49 -3.81%
5/24/2015 82.33524 0.29% 27828.44 -0.46%
5/17/2015 82.09589 -5.20% 27957.5 2.32%
5/10/2015 86.5956 1.29% 27324 0.81%
 5/3/2015 85.49461 1.36% 27105.39 0.35%
4/26/2015 84.34574 -0.34% 27011.31 -1.55%
4/19/2015 84.63296 -8.87% 27437.94 -3.53%
4/12/2015 92.86649 -1.57% 28442.1 -1.51%
4/5/2015 94.35044 7.53% 28879.38 2.19%
3/29/2015 87.74446 7.44% 28260.14 2.92%
3/22/2015 81.66506 -5.43% 27458.64 -2.84%
3/15/2015 86.35626 -7.96% 28261.08 -0.85%
3/8/2015 93.82387 -3.73% 28503.3 -3.21%
3/1/2015 97.46195 -2.40% 29448.95 0.78%
2/22/2015 99.85542 -1.51% 29220.12 -0.04%
2/15/2015 101.3872 -2.40% 29231.41 0.47%
2/8/2015 103.8764 -3.13% 29094.93 1.31%
2/1/2015 107.2273 -0.62% 28717.91 -1.59%
1/25/2015 107.8974 1.17% 29182.95 -0.33%
1/18/2015 106.6528 -0.76% 29278.84 4.11%
1/11/2015 107.4666 0.99% 28121.89 2.42%
1/4/2015 106.4135 -3.64% 27458.38 -1.54%
12/28/2014 110.4345 5.92% 27887.9 2.50%
12/21/2014 104.2594 -3.20% 27208.61 -0.60%
12/14/2014 107.706 -4.54% 27371.84 0.08%
12/7/2014 112.828 27350.68
 SUMMARY OUTPUT

Regression Statistics
Multiple R 0.156554954
R Square 0.024509454
Adjusted R Square 0.018215966
Standard Error 0.062381897
Observations 157

ANOVA
df SS MS F Significance F
Regression 1 0.015155 0.015155 3.894415 0.050224922
Residual 155 0.603183 0.003892
Total 156 0.618338

CoefficientsStandard Error t Stat P-value Lower 95% Upper 95%

Intercept 0.004602362 0.004993 0.921733 0.358101 -0.0052610701 0.0144657942
Return (Independent) 0.511746853 0.259319 1.973427 0.050225 -0.0005082202 1.0240019257

Risk Free rate (Rf) = 7.185%

Indian Government 10 yr Bond Generic Bid Yield ( http://www.bloomberg.com/quote/GIND10YR:IND)

Raymond Long Term CreditDefault Spread

A 1.10%
http://www.careratings.com/upload/CompanyFiles/PR/SHRI%20DINESH%20MILLS%20LIMITED-12-26-2014.pdf

Equity Capital
Market Return (Geo. Mean 11.22% Debt Capital

Cost of Debt (Pre-tax) = 8.285% Marginal Tax Rate

Cost of Equity = 9.252%

WACC (Post Tax) = 8.584%

 If interest coverage ratio is
> ≤ to Rating is Spread is
­100000 0.199999 D2/D 14.00%
0.2 0.649999 C2/C 10.50%
0.65 0.799999 Ca2/CC 8.00%
0.8 1.249999 Caa/CCC 6.50%
1.25 1.499999 B3/B- 5.50%
1.5 1.749999 B2/B 4.50%
1.75 1.999999 B1/B+ 3.75%
2 2.2499999 Ba2/BB 3.00%
2.25 2.49999 Ba1/BB+ 2.50%
2.5 2.999999 Baa2/BBB 1.60%
3 4.249999 A3/A- 1.25%
4.25 5.499999 A2/A 1.10%
5.5 6.499999 A1/A+ 1.00%
Lower 95.0%Upper 95.0% 6.5 8.499999 Aa2/AA 0.80%
-0.00526 0.014465794 8.50 100000 Aaa/AAA 0.60%
-0.00051 1.024001926

Annual
Year
Returns
2004 9.43%
2005 10.80%
2006 10.58%
101.96 (in Rs. Cr.) 2007 10.75%
21.28 (in Rs. Cr.) 2008 10.19%
2009 11.72%
35.00% 2010 10.35%
2011 11.22%
2012 12.28%
2013 10.73%
2014 11.48%
2015 9.97%
2016 10.15%
2017 20.49%
 EVA Analysis

Year 2013 2014 2015

PAT 453.11 530.58 489.26

Interest Expense 468.69 434.49 359.59
Tax Rate 35% 35% 35%
NOPAT = PAT + I(1-T) 757.76 813.00 722.99

Capital
NOA 3,707.21 2,962.69 2,919.42
Capital Charge (8.584%) (318.24) (254.33) (250.62)

EVA = NOPAT - COCE 439.51 558.67 472.38

 All figures in lacs
2016 2017

314.71 183.95
328.49 290.93
35% 35%
528.23 373.05

3,197.21 3,605.66
(274.46) (309.53) WACC 8.584%

253.77 63.53
RIV Model
Projected
Residual Earnings Actual
1
Year 2013 2014 2015 2016 2017 2018
EPS 7.37 9.47 9.31 5.98 4.15 17.94
DPS 0.95 0.92 1.1 0.92 0.6225 269.13%
Payout Ratio 12.89% 9.71% 11.82% 15.38% 15% 15%

BVPS 196.97 209.6 209.88 214.26 217.87 233.12

ROE 4.81% 4.44% 2.85% 1.94% 8%

RE (9.252% charge) -8.75 -10.08 -13.44 -15.67 -2.22

PVIF 1.09
PV of RE -2.03
Total PV of RE -5.96

CV
PV of CV -46.88

Target Value per share 165.028

Target P/B 0.757
Target P/E 39.766
Projected All figures in lacs
2 3
2019 2020
19.20 20.54
287.97% 308.13%
15% 15% //Proposed

249.44 266.90
8% 8% //ROE = g/(1-payout ratio) Taking g as 7% for short term growth rate (3

-2.37 -2.54 Cost of Equity Capital 9.25%

1.19 1.30
-1.99 -1.95

-61.14 Long term growth rate 4.90% Taking g as 4.9% for long term growth rate
hort term growth rate (3 years)

long term growth rate

Operating Lease
There has been no mention of any operating lease taken by company in last 5 years.