Values Used Z-Score http://answers.yahoo.

com

Ratios Formula 2005 - 06 2006 - 07 2007 - 08 2008 - 09 2009 - 10

X1 W.C/T.C 0.33 0.29 0.26 0.21 0.22
X2 R.E/T.A 0.11 0.11 0.11 0.09 0.10
X3 EBIT / T.A 0.14 0.16 0.14 0.12 0.14
X4 M.V/T.L 0.40 0.38 0.35 0.31 0.33
X5 SALES / T.A 0.74 0.74 0.63 0.63 0.68

Formula: Z = 1.2*X1 + 1.4*X2 + 3.3*X3 + 0.6*X4 + 1.0*X5

Ratios Formula 2005 - 06 2006 - 07 2007 - 08 2008 - 09 2009 - 10

X1 W.C/T.C 0.40 0.35 0.31 0.25 0.26
X2 R.E/T.A 0.15 0.15 0.15 0.13 0.14
X3 EBIT / T.A 0.46 0.53 0.46 0.40 0.46
X4 M.V/T.L 0.24 0.23 0.21 0.19 0.20
X5 SALES / T.A 0.74 0.74 0.63 0.63 0.68

1.99 2.00 1.77 1.59 1.74

Z-Score for 5 years of BHEL

Year Z-Score
calcuated value
2005 - 06 1.99
2006 - 09 2.00
2007 - 08 1.77
2008 - 09 1.59
2009 - 10 1.74
http://answers.yahoo.com/question/index?qid=20070326000339AAqWL4L

0.14
0.16
0.14
0.12
0.14
 YEAR W.C INC/ DEC INC/DEC % INDEX Total Assets INC/DEC
2005-2006 6,010.76 100.00 18,179.64
2006-2007 6,642.86 632.10 10.52 110.52 23,297.70 5118.06
2007-2008 7,883.88 1241.02 18.68 129.20 30,690.23 7392.53
2008-2009 8,568.17 684.29 8.68 137.88 41,421.08 10730.85
2009-2010 10,493.09 1924.92 22.47 160.34 48,486.83 7065.75

35.00% 33.06%
0.33
30.00% 28.51%
0.29
25.69%
25.00%
20.69% 21.64%
PERCENTAGE

20.00%

15.00%

10.00%

5.00%

0.00%
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
YEARS
 INC/DEC % INDEX RATIO
100.00 33.06% 0.33
28.15 128.15 28.51% 0.29
31.73 159.88 25.69% 0.26
34.97 194.85 20.69% 0.21
17.06 211.91 21.64% 0.22

0.69% 21.64%

08-2009 2009-2010
 YEAR R.E INC/ DEC INC/DEC % INDEX Total Assets INC/DEC
2005-2006 1,923.73 100.00 18,179.64
2006-2007 2,635.21 711.48 36.98 136.98 23,297.70 5118.06
2007-2008 3,303.08 667.87 25.34 162.33 30,690.23 7392.53
2008-2009 3,569.07 265.99 8.05 170.38 41,421.08 10730.85
2009-2010 4,907.48 1338.41 37.50 207.88 48,486.83 7065.75
12.00% 11.31%
10.58% 10.76%
10.12%
10.00%
8.62%
8.00%

PERCENTAGE
6.00%

4.00%

2.00%

0.00%
2005-2006 2006-2007 2007-2008 2008-2009 2009-201
YEARS
 INC/DEC % INDEX RATIO
100.00 10.58% 0.11
28.15 128.15 11.31% 0.11
31.73 159.88 10.76% 0.11
34.97 194.85 8.62% 0.09
17.06 211.91 10.12% 0.10

10.76%
10.12%
8.62%

7 2007-2008 2008-2009 2009-2010

YEARS
 YEAR EBIT INC/ DEC INC/DEC % INDEX TOTAL ASSETS INC/DEC
2005-2006 2,564.35 100.00 18,179.64
2006-2007 3,736.07 1171.72 45.69 145.69 23,297.70 5118.06
2007-2008 4,430.39 694.32 18.58 164.28 30,690.23 7392.53
2008-2009 4,848.85 418.46 9.45 173.72 41,421.08 10730.85
2009-2010 6,590.65 1741.80 35.92 209.64 48,486.83 7065.75

18.00%
16.04%
16.00% 14.44%
14.11% 13.59%
14.00%
11.71%
12.00%
PERCENTAGE

10.00%
8.00%
6.00%
4.00%
2.00%
0.00%
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
YEARS
 INC/DEC % INDEX RATIO
100.00 14.11% 0.14
28.15 128.15 16.04% 0.16
31.73 159.88 14.44% 0.14
34.97 194.85 11.71% 0.12
17.06 211.91 13.59% 0.14

13.59%

2009-2010
 YEAR M.V of Equity INC/ DEC INC/DEC % INDEX Total Liabilities INC/DEC
2005-2006 7,301.38 100.00 18,179.64
2006-2007 8,788.26 1486.88 20.36 120.36 23,297.70 5118.06
2007-2008 10,774.21 1985.95 22.60 142.96 30,690.23 7392.53
2008-2009 12,938.81 2164.60 20.09 163.05 41,421.08 10730.85
2009-2010 15,917.36 2978.55 23.02 186.07 48,486.83 7065.75

45.00%
40.16%
40.00% 37.72%
35.11%
35.00% 32.83%
31.24%
30.00%
PERCENTAGE

25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
YEARS
 INC/DEC % INDEX RATIO
100.00 40.16% 0.40
28.15 128.15 37.72% 0.38
31.73 159.88 35.11% 0.35
34.97 194.85 31.24% 0.31
17.06 211.91 32.83% 0.33

32.83%
%

009 2009-2010
 YEAR SALES INC/ DEC INC/DEC % INDEX Total Assets INC/DEC
2005-2006 13,374.03 100.00 18,179.64
2006-2007 17,237.53 3863.50 28.89 128.89 23,297.70 5118.06
2007-2008 19,304.64 2067.11 11.99 140.88 30,690.23 7392.53
2008-2009 26,212.33 6907.69 35.78 176.66 41,421.08 10730.85
2009-2010 32,861.44 6649.11 25.37 202.03 48,486.83 7065.75

76.00%
73.57% 73.99%
74.00%
72.00%
70.00%
67.77%
PERCENTAGE

68.00%
66.00%
64.00% 62.90% 63.28%
62.00%
60.00%
58.00%
56.00%
2005-2006 2006-2007 2007-2008 2008-2009 2009-2010
YEARS
 INC/DEC % INDEX RATIO
100.00 73.57% 0.74
28.15 128.15 73.99% 0.74
31.73 159.88 62.90% 0.63
34.97 194.85 63.28% 0.63
17.06 211.91 67.77% 0.68

67.77%

63.28%

2008-2009 2009-2010