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NITIN SPINNERS LTD 101.8
933 5 Q-Sales
Sales OtherIncome
767
616 206
190 194
488
428 446
411
302
262
204 1 1
1 1
0 0 0 0
0
Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-16 Jun-16 Sep-16
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma 08 09 10 11 12 13 14 15 16 17
Gross Profit 344 Gross Margin Q-G

45%
304
41%
39% 39% 38% 40%
37% 36% 37% 35 34
233 31 31
31%
182 190
159
132
108
92 96
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma M M M M M M M M M M S D Ma J
Operating Profit Operating Margin Q - Opera

137 133
18% 19% 35 34
18% 31 31
94 99 16% 16% 16%
14%
76 72
11% 11%
45
33 34
(3)
0%
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Se De Ma Ju
EBITDA Margin Q - EBITDA

EBITDA
138 134
19%
19% 18% 35 34
104 16% 16% 17%
31 3
94 14%
76 73 12%
11%
45
33 35
(2) -1%
Sep- Dec- Mar- Ju

3/3 3/3 3/3 3/3 3/3 3/3 3/3 3/3 3/3 3/3 15 15 16 16
Margin % PAT PAT (Adj)
PAT (Adj using OI) PAT Q - Adj PAT
7.1
6.1
6.0
5.7
57
3.1
44 12
0.2
1.6
0.1
3.2
7.1
6.6
5.8
6.1
37 11
35 11
1.6
57 10
(2.3)
44
0.1
0.0
(2.1)
(5.4)
41
14 35
(4) 7
0 0 14
(5.6)
(5) (14) 7
1 0
(15)
Margin % PAT PAT (Adj)
PAT (Adj using OI) PAT Q - Adj PAT
7.1
6.1
6.0
5.7
57
3.1
44 12
0.2
1.6
0.1
3.2
7.1
6.6
5.8
6.1
37 11
35 11
1.6
57 10
(2.3)
44
0.1
0.0
(2.1)
(5.4)
41
14 35
(4) 7
0 0 14
(5.6)
(5) (14) 7
1 0
(15)
M M M M M M M M M M
UnAdj EPS
Q - EPS (manual -
12 Sh 4.6
Out 4.6 4.6 4.6 4.6 4.6 4.6 4.6
10
9
8
3 4.1 4.1
(1) 1
0 0
(3)
Mar Mar Mar Mar Mar Mar Mar Mar Mar Mar Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Se De Ma Ju
Q-Sales Shareholders Funds 256 Cap WIP NFA
285 287 284 287
248 206
206
190 194 167
132
101
88 80 86 87
74
Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma
Q-GrossProfit Total Debt Fixed Asset Turn

42 563
39
37
35 34 34 34
31 31 32
378
352
1.6
299 309
267 284
249
207 1.0
176 0.9 0.8
S D Ma J S D Ma J S D
2000 Inventory Days

Q - Operating Profit
41
38
Liabilities 87
92
37 1800
35 34 34 33
32 73
31 31 Total Oth.L Borw
1600 57
Rsrv Eq
1400
1200
Se De Ma Ju Se De Ma Ju Se De Ma Ma Ma Ma
1000
Q - EBITDA Recv Days
42 800
39 31
37
35 34 34 34
31 31 32 600
21 21
400
11
200
0
Sep- Dec- Mar- Jun- Sep- Dec- Mar- Jun- Sep- Dec- Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma
15 15 16 16 16 16 17 17 17 17 Ma Ma Ma Ma
2000
Q - Adj PAT Manual: Moat =
16 16 Assets RoIC - Cost of
15 Total Oth.A 1800
Cap.
14
12 13 3%
11 Inv CWIP
10 11 1600
8
NetBlk
(0%)
1400
1200 (5%)
(6%)
2000
Q - Adj PAT Manual: Moat =
16 16 Assets RoIC - Cost of
15 Total Oth.A 1800
Cap.
14
12 13 3%
11 Inv CWIP
10 11 1600
8
NetBlk
(0%)
1400
1200 (5%)
(6%)
Ma Ma Ma Ma
1000
Q - EPS (manual - VERIFY)
Int. Cov. Rat
800
600
400
1
1
1
200
0
0
Se De Ma Ju Se De Ma Ju Se De Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma
700 RoE
Cap WIP NFA CFO (adj)
600 69 67 RoCE
62
500
400 43
37
300 24 22
8%
8%
6%
4%
200
1%
0%
0%
3 (10)
100
(17%)
(15)
0
Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar- Mar-
08 09 10 11 12 13 14 15 16 17 31- 31- 31- 31-
Fixed Asset Turn CFI

(0) (8) (4)
(22)
0 (39) (36)
2.6
(63)
2.1 2.0
1.9
1.6
1.5 1.5
1.0 (219)
0.9 0.8
(242)
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma
Inventory Days CFF RoA

198 206
92
87
73
66 67 66
57 56 55
53 32
14 2%
0%
(24) (35) (34) (31)

(42) (1%)
(3%)
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma
Recv Days
CFF Equity Asset Turn
31
5.0
23 24
21 21 1.0
19 19 19
16 0.7
0.6
11 0.5
0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma M M M M M M M M M Ma Ma Ma Ma
8% CFF Debt Net Margin

Manual: Moat = 202 211
7%
RoIC - Cost of 6%
Cap.
3%
3%
2%
2%
32 0%
(2%)
(0%) 9
(2%)
(5%)
(5%) (24) (35) (31) (26)
(6%) (42)
8% CFF Debt Net Margin
Manual: Moat = 202 211
7%
RoIC - Cost of 6%
Cap.
3%
3%
2%
2%
32 0%
(2%)
(0%) 9
(2%)
(5%)
(5%) (24) (35) (31) (26)
(6%) (42)
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma M M M M
4 Manual: MCap
Int. Cov. Rat 4
3
3
(15) (15)
(17)
2 (21) (21)
(23) (22)
1 (24)
1 1 (27)
1
(33)
0 CFF Interest
Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma 4/5/2010 0:00 4/
RoE
RoCE
30%
27%
25%
24%
23%
18%
16%
15%
14%
11%
8%
8%
6%
4%
1%
0%
0%
(17%)
31- 31- 31- 31- 31- 31- 31- 31- 31-
Leverage Extreme.L
RoA
10%
7% 7%
6%
4%
2%
0% 0%
(1%)
(3%)
Asset Turn
1.4
1.2 1.2 1.2
1.0 1.0 1.0
0.7
0.6
0.5
Net Margin
7% 7%
6% 6%
3%
2%
0% 0%
(2%)
(5%)
Net Margin
7% 7%
6% 6%
3%
2%
0% 0%
(2%)
(5%)
M M M M M M M M M M
Manual: MCap 900

800
700
600
500
400
300
200
100
0
4/5/2010 0:00 4/5/2014 0:00
COMPANY NAME NITIN SPINNERS LTD
LATEST VERSION 2.10 PLEA
CURRENT VERSION 2.10
META
Number of shares 5.56
Face Value 10.00
Current Price 101.80
Market Capitalization 565.52
PROFIT & LOSS

Report Date Mar-08 Mar-09 Mar-10 Mar-11
Sales 203.76 262.27 301.95 410.92
Raw Material Cost 113.49 168.56 192.70 260.94
Change in Inventory 2.11 2.02 -1.10 8.79
Power and Fuel 27.21 34.82 31.39 35.14
Other Mfr. Exp 8.98 11.61 16.55 16.08
Employee Cost 8.15 10.47 12.66 14.75
Selling and admin 12.40 12.71 13.20 16.79
Other Expenses 2.40 29.33 0.11 0.21
Other Income 0.17 0.98 0.56 0.24
Depreciation 21.09 -3.07 18.65 45.33
Interest 14.59 23.90 15.15 21.04
Profit before tax -2.27 -23.06 1.00 9.67
Tax 2.02 -8.95 0.32 2.93
Net profit -4.29 -14.11 0.68 6.74
Dividend Amount
Quarters
Report Date Sep-15 Dec-15 Mar-16 Jun-16
Sales 190.13 190.45 190.47 193.53
Expenses 155.29 156.52 159.37 162.65
Other Income 0.01 0.03 0.14
Depreciation 10.00 9.94 9.73 9.85
Interest 8.83 8.71 5.71 5.82
Profit before tax 16.02 15.31 15.65 15.35
Tax 5.67 4.64 4.28 3.06
Net profit 10.34 10.67 11.37 12.30
Operating Profit 34.84 33.93 31.10 30.88
BALANCE SHEET
Equity Share Capital 40.83 40.83 45.83 45.83
Reserves 47.23 33.11 33.78 40.52
Borrowings 267.34 299.41 308.51 284.03
Other Liabilities 16.03 55.52 42.65 38.40
Total 371.43 428.87 430.77 408.78
Net Block 239.51 313.16 295.08 249.28
Capital Work in Progress 47.89 0.08
Investments
Other Assets 84.03 115.63 135.69 159.50
Total 371.43 428.87 430.77 408.78
Receivables 11.79 15.24 9.40 35.34
Inventory 48.75 40.98 76.03 81.84
Cash & Bank 0.40 0.53 0.10 0.14
No. of Equity Shares 40,833,945.00 40,833,945.00 45,833,945.00 45,833,945.00
New Bonus Shares
Face value 10.00 10.00 10.00 10.00
CASH FLOW:
Cash from Operating Activity 17.87 14.27 0.55 45.39
Cash from Investing Activity -62.64 -21.88 -0.07 0.20
Cash from Financing Activity 45.07 7.74 -0.91 -45.60
Net Cash Flow 0.30 0.13 -0.43 -0.01
PRICE: 11.74 4.84 8.70 12.42
DERIVED:
Adjusted Equity Shares in Cr 4.08 4.08 4.58 4.58
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

428.30 446.05 488.34 616.47 766.87 933.38
286.30 264.19 303.78 387.09 461.52 617.14
-10.43 0.19 5.92 3.41 -1.71 28.12
38.57 38.53 34.96 51.30 65.05 92.11
15.59 18.26 20.26 25.12 30.79 34.23
16.49 19.94 24.60 34.28 43.14 52.16
15.72 17.30 16.51 22.02 27.57 32.67
0.15 15.53 0.21 0.88 0.06 0.07
0.13 0.30 0.35 5.13 0.72 0.79
23.98 24.50 24.87 27.94 39.56 41.65
20.90 27.31 17.46 22.62 33.01 22.24
0.30 20.97 51.95 53.75 65.19 70.02
6.84 17.17 12.79 21.04 12.87
0.30 14.14 34.78 40.96 44.16 57.15
3.44 4.58 4.58 5.50
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

206.47 248.17 285.20 287.25 284.45 287.10
174.77 214.48 247.88 245.92 250.96 248.96
0.41 0.07 0.16 0.19 0.79 0.83
9.97 9.97 11.87 14.13 14.24 14.25
5.02 5.06 6.37 8.09 7.40 7.07
17.12 18.73 19.25 19.29 12.64 17.65
3.00 3.50 3.46 6.57 4.33 0.89
14.12 15.23 15.79 12.73 8.31 16.76
31.70 33.69 37.32 41.33 33.49 38.14

45.83 45.83 45.83 45.83 45.83 45.83
40.83 54.96 85.72 121.16 159.81 210.34
248.92 206.64 176.07 378.27 352.07 563.49
11.72 56.38 47.71 66.75 79.39 106.68
347.30 363.81 355.33 612.01 637.10 926.34
228.09 212.99 191.21 416.74 382.07 614.29
3.38 21.18 17.06
115.83 150.82 142.94 195.27 237.97 312.05

347.30 363.81 355.33 612.01 637.10 926.34
18.50 28.04 24.89 40.42 39.25 48.33
77.13 81.90 70.70 94.19 114.76 170.04
0.08 0.28 0.06 0.68 0.57 1.27
45,833,945.00 45,833,945.00 45,833,945.00 45,833,945.00 45,833,945.00 45,833,945.00
10.00 10.00 10.00 10.00 10.00 10.00

64.18 88.90 86.62 44.51 100.40 59.16
-8.29 -4.39 -38.85 -219.45 -35.78 -242.12
-55.95 -84.32 -47.98 175.56 -64.73 183.66
-0.06 0.19 -0.21 0.62 -0.11 0.7
6.18 9.98 16.06 38.79 65.56 130.18
4.58 4.58 4.58 4.58 4.58 4.58

For RoE Graph Mar-08 Mar-09 Mar-10 Mar-11
Shareholders Funds (Equity + Reserves) 88.06 73.94 79.61 86.35
Net Income (Net Profit) -4.29 -14.11 0.68 6.74
RoE = NetInc / (Avg of Sh.F btwn this & prv yr) -17.42% 0.89% 8.12%
For Gross graphs
Gross Profit (Sales - RawMaterial + ChangeInInventory) 92.38 95.73 108.15 158.77

Gross Margin 45% 37% 36% 39%
For CF graphs
Borrowings 267.34 299.41 308.51 284.03
Change in Borrowings From last year to this (Debt) +ve ->
Borrowed -ve -> Repaid 32.07 9.1 -24.48
Dividend (Paid) 0 0 0 0
Divident Payout for AY 16, 17
Dividend (Paid) 0 0 0 0
CFF equity 0 5 0
CFF Debt 32.07 9.1 -24.48
CFF (Issued Debt + Sell Equity - Dividend paid) 32.07 14.1 -24.48
CFO Interest -14.59 -23.9 -15.15 -21.04
CFO (adj) = CFO (Direct) - CFO Interest 3.28 -9.63 -14.6 24.35
Capex = Change NFA + Change CWIP + Depr 0 22.77 0.49 -0.47

FCF (Direct) = CFO (Direct) - Capex 0 -8.5 0.06 45.86
FCF (Adj) = CFO (adj) - Capex 0 -32.4 -15.09 24.82
For Moat graph

Interest Paid (hopefully on borrowings) 14.59 23.9 15.15 21.04
Cost of Capital for Interest Paid = (Int/Total.B) * (1 - TaxRate) 9.73% 4.12% 2.93% 4.55%
Cost of Equity (CAPM) 8% 7% 9% 8%

Ratio of Equity raised while borrowing 33% 25% 26% 30%
Ratio of Debt = 1 - Ratio-of-Equity 67% 75% 74% 70%
WACC 9% 5% 4% 6%
Return on Capital 3% 0% 4% 8%
Moat -6% -5% 0% 3%
Inventory Days 87 57 92 73
For PAT and Adj PAT Graph
Revenue 204 262 302 411
PAT (P) -4 -14 1 7
Other Income (OI) 0.17 0.98 0.56 0.24
Other Expenditure (OE) 2.4 29.33 0.11 0.21
Tax Rate (TR) -89% 39% 32% 30%
PAT Margin % -2.1 -5.4 0.2 1.6
Adj PAT = P - OI(1-TR) -5 -15 0 7
Ad PAT Margin % -2.3 -5.6 0.1 1.6
Extreme Adj PAT = P - OI(1-TR) + Exp(1-TR) 0 3 0 7

For Leverage Graph
Debt = Borr + Oth.L 283.37 354.93 351.16 322.43
Comprehensive Debt = Borr + Oth.L + Recv 295.16 370.17 360.56 357.77
Leverage = Debt / Sh.Funds 3.2 4.8 4.4 3.7

Extreme.Leverage = Comp.Debt / Sh.Funds 3.4 5.0 4.5 4.1
Alternate Moat Calculation
EBIT 12.32 0.84 16.15 30.71
Interest 14.59 23.9 15.15 21.04
Other Income 0.17 0.98 0.56 0.24
OperatingIncome * (1 - TR) 39.571894273 14.864337 26.0712 45.20762151
Invested Capital (Debts - Long & Short +
Shareholders Equity - Cash - Goodwill) 371.03 428.87 430.77 408.78
ROIC 11% 3% 6% 11%
Moat (RoIC - WACC)? -1.43% 1.59% 5.33%
Sales change % 28.72% 15.13% 36.09%

Debt change % 25.25% -1.06% -8.18%
Recv change % 29.26% -38.32% 275.96%
Quarterly Sep-15 Dec-15 Mar-16 Jun-16

Net Profit (PAT) 10.34 10.67 11.37 12.3
Other Income (OI) 0.01 0.03 0 0.14
TaxRate (TR) 35% 30% 27% 20%
Adj PAT = PAT - OI (1 - TR) 10 11 11 12
Q - EPS (copy it from ratestar.in)
Gross Profit 35 34 31 31
FCF : Direct
86.66 100.79 131.55 166.99 205.64 256.17
Adj
0.3 14.14 34.78 40.96 44.16 57.15
46
0.35% 15.09% 29.94% 27.44% 23.70% 24.75%
(15)
0
0
(9)
25
(32)
0
131.57 182.05 190.48 232.79 303.64 344.36
31% 41% 39% 38% 40% 37%
248.92 206.64 176.07 378.27 352.07 563.49
-35.11 -42.28 -30.57 202.2 -26.2 211.42

0 0 3.44 4.58 4.58 5.5
Mar-08 Mar-09 Mar-10 Mar-11 M
0 0 3.44 4.58 4.58 5.5
0 0 0 0 0 0
-35.11 -42.28 -30.57 202.2 -26.2 211.42 Moat = RoIC -
-35.11 -42.28 -34.01 197.62 -30.78 205.92 CostOfCap
-20.9 -27.31 -17.46 -22.62 -33.01 -22.24
43.28 61.59 69.16 21.89 67.39 36.92
6.17 6.02 24.27 232.29 21.95 256.81

58.01 82.88 62.35 -187.78 78.45 -197.65 3%
37.11 55.57 44.89 -210.4 45.44 -219.89
(0%)
20.9 27.31 17.46 22.62 33.01 22.24
(2%)
8.02% 7.00% 5.22% 3.87% 5.18% 2.71%
8% 10% 26% 8% 21% 8% (5%)

35% 49% 75% 44% 58% 45%
65% 51% 25% 56% 42% 55% Mar-09 Mar-10 Mar-11 Mar-1
8% 9% 21% 6% 14% 5%
6% 16% 23% 14% 18% 11% RoIC
-2% 7% 2% 8% 3% 6%
66 67 53 56 55 66
428 446 488 616 767 933

11% 11%
0 14 35 41 44 57
0.13 0.3 0.35 5.13 0.72 0.79
0.15 15.53 0.21 0.88 0.06 0.07 6%
0% 33% 33% 24% 32% 18% 3%
0.1 3.2 7.1 6.6 5.8 6.1

6%
3%
0 14 35 37 44 57
0.0 3.1 7.1 6.0 5.7 6.1 Mar-08 Mar-09 Mar-10 Mar-11 M
0 24 35 38 44 57
Debt De
260.64 263.02 223.78 445.02 431.46 670.17 Sales
279.14 291.06 248.67 485.44 470.71 718.5 Recv.
3.0 2.6 1.7 2.7 2.1 2.6

3.2 2.9 1.9 2.9 2.3 2.8
411
21.2 48.29 69.42 76.38 98.19 92.26
355
351
20.9 27.31 17.46 22.62 33.01 22.24
322
302
283
262
0.13 0.3 0.35 5.13 0.72 0.79
204
41.97 66.48987124 80.8749721 89.70819349 120.0584384 109.7673907 35
12 15 9
347.3 363.81 355.33 612.01 637.1 926.34 Mar-08 Mar-09 Mar-10 Mar-11
12% 18% 23% 15% 19% 12%
4.13% 9.60% 1.97% 9.08% 4.61% 6.65%
276%
4.23% 4.14% 9.48% 26.24% 24.40% 21.71% Debt Dea
-19.16% 0.91% -14.92% 98.86% -3.05% 55.33% Sales
-47.65% 51.57% -11.23% 62.39% -2.89% 23.13% Recv.
Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

14.12 15.23 15.79 12.73 8.31 16.76
0.41 0.07 0.16 0.19 0.79 0.83
29%
18% 19% 18% 34% 34% 5%
(1%)
(8%)
(19%)
36%
29%
25%
14 15 16 13 8 16
15%
(38%)
32 34 37 42 34 39
FCF : Direct
83
Adj
78
62
58
56
46
45
45
37
(15)
(9)
25
(32)
0
(188)
(198)
(210)
(220)
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Moat = RoIC - 8%
CostOfCap
7%
6%
3%
3%
2%
(0%)
(2%)
Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
RoIC 23%
18% 19%
15%
12% 12%
11%
6%
3%

6%
3%
Debt Deadly Trinity
933
Sales
Recv.
767
670
616
488
446
445
431
428
411
355
351
322
302
263
262
261
224
35 28 40 39 48
15 9 19 25
276%
Debt Deadly Trinity
ales
ecv.
99%
62%
52%
29%
55%
23%
(1%)
(3%)
(15%)
(8%)
(19%)
36%
29%
26%
24%
22%
15%
9%
4%
4%
1%

(11%) Mar-15 (3%) Mar-17
Mar-16
(38%)
(48%)
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12
SSGR -6% -16% -10%
Growth Rate (OPM) 16% -1% 11% 18% 11%
SSGR (with 3yr avgs) #DIV/0! -11%
Growth Rate (OPM, with 3yr avgs) 9% 10% 13%
Borrowings (absolute) 299.41 308.51 284.03 248.92

Borrowings (debt; PrevY to CurrY) +ve ->
Borrowed -ve -> Repaid 32.07 9.1 -24.48 -35.11
Borrowings' Growth Rate 12% 3% -8% -12%
Other Liabilities 55.52 42.65 38.4 11.72

Other Liab (PrevY to CurrY) +ve -> Borrowed
-ve -> Repaid 39.49 -12.87 -4.25 -26.68
Other Liab Growth Rate 246% -23% -10% -69%
CFO 17.87 14.27 0.55 45.39 64.18

Interest Paid 14.59 23.9 15.15 21.04 20.9
Capex = Change NFA + Change CWIP + Depr 0 22.77 0.49 -0.47 6.17
Total
Free cash flow (FCF) and SSGR are the main pillars of assessing the margin of safety in the business model of any compan
-5% 2% 12% -1% 7%
16% 19% 16% 18% 14%
-11% -5% 3% 4% 6% Commentary: Company ha
15% 15% 17% 18% 16% whereas the company has
over the years. As a result
attempting to grow at a pa
206.64 176.07 378.27 352.07 563.49 internal business cash gen
the company has resorted
-42.28 -30.57 202.2 -26.2 211.42 growth requirements as th
-17% -15% 115% -7% 60% FY2008 to ₹abc cr in FY201
56.38 47.71 66.75 79.39 106.68
44.66 -8.67 19.04 12.64 27.29

381% -15% 40% 19% 34%
10 Year Sum
88.9 86.62 44.51 100.4 59.16 521.85
post the capital expend
27.31 17.46 22.62 33.01 22.24 218.22 company had a cash defic
Moreover, the compan
6.02 24.27 232.29 21.95 256.81 570.3 years and has a
-266.67
e business model of any company

Commentary: Company has witnessed an SSGR of -xy% to +ab%
whereas the company has been growing at a rate of 10-12%
over the years. As a result, it seems that the company is
attempting to grow at a pace, which is higher than what the
internal business cash generation is able to sustain. As a result,
the company has resorted to raising external funds to meet its
growth requirements as the debt has increased from ₹xyz cr in
FY2008 to ₹abc cr in FY2017.
post the capital expenditure and the interest payment, the

company had a cash deficit of ₹xyz cr (CFO – Int.Paid – Capex).
Moreover, the company has paid out dividends over these
years and has also made investments ……
Growth Ratio Calculation 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13
P&L Items
Revenue Growth Rate YoY Change 29% 15% 36% 4% 4%
Expense Growth Rate YoY Change 56% 1% 25% 14% -3%
Operating profit Growth Rate YoY Change -110% -1167% 121% -41% 61%
PBT Growth Rate YoY Change 916% -104% 867% -97% 6890%
PAT Growth Rate YoY Change 229% -105% 891% -96% 4613%
EPS Growth Rate YoY Change 229% -104% 891% -96% 4613%
Cash Flow Items
Operating Cashflow Growth Rate YoY Change -20% -96% 8153% 41% 39%
Free Cashflow Growth Rate YoY Change -65% -100% -386% -4245% -47%
Balance Sheet Items
Accounts Receivable Growth YoY Change 29% -38% 276% -48% 52%
Inventory Growth YoY Change -16% 86% 8% -6% 6%
Equity Share Capital Growth Rate 0% 12% 0% 0% 0%
Reserves & Surplus Growth Rate -30% 2% 20% 1% 35%
Shareholder's Equity Growth Rate -16% 8% 8% 0% 16%
Total Asset Growth Rate 15% 0% -5% -15% 5%
Net Fixed Asset Growth Rate 31% -6% -16% -9% -7%
Current Asset Growth Rate 38% 17% 18% -27% 30%
Total Liability Growth Rate 25% -1% -8% -19% 1%
Long Term Borrowing Growth Rate 12% 3% -8% -12% -17%
Current Liability Growth Rate 246% -23% -10% -69% 381%
Depreciation/NFA -1% 6% 18% 11% 12%
Margin Ratio 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13

Expense as a % of Revenue COGS/Net Revenue 101% 89% 82% 89% 84%
from Operations
Operating profit/Net
Operating profit Margin Revenue from -1% 11% 18% 11% 16%
Operations
Interest as a % of Revenue Interest/Net Revenue 9% 5% 5% 5% 6%
from Operations
PBT Margin PBT/Net Revenue from -9% 0% 2% 0% 5%
Operations
PAT Margin PAT/Net Revenue from -5% 0% 2% 0% 3%
Operations
Tax Rate 39% 32% 30% 0% 33%
Accounts Receivable as a % of Revenue 6% 3% 9% 4% 6%
Inventory as a % of Revenue 0.16 0.25 0.20 0.18 0.18
WC as a % of Revenue 23% 31% 29% 24% 21%
Derived Numbers 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13
High Price
Low Price
No. of Employees For IT Companies
Share Price Share Price on Recorded 4.84 8.7 12.42 6.18 9.98
Date
No. of Shares Outstanding(Crores) Value 4.0833945 4.5833945 4.5833945 4.5833945 4.5833945
Market Cap Share Price* No. of 20 40 57 28 46
Equity Shares
Total Dividend Paid Value 0.0 0.0 0.0 0.0 0.0
Operating Cash flow Value 14.3 0.6 45.4 64.2 88.9
Change in Net Block +
CAPEX Change in WIP + 22.8 0.5 -0.5 6.2 6.0
Depreciation
Free Cash Flow without dividend Cashflow from -8.5 0.1 45.9 58.0 82.9
Operations - CAPEX
Cashflow from
Free Cash Flow Operations - CAPEX- -8.5 0.1 45.9 58.0 82.9
Dividend Payout
Working Capital1 Current Assets - Current 60.1 93.0 121.1 104.1 94.4
Liabilities
Working Capital2 (Without Cash) Current Assets - Current 59.6 92.9 121.0 104.0 94.2
Liabilities - Cash and
Cash Equivalents
Invested Capital1 (Equity + Long Debt) 373.4 388.1 370.4 335.6 307.4
Invested Capital2 (Equity + Long Debt- Cash) 372.8 388.0 370.2 335.5 307.2
invested Capital3(Net Block + Work in Progress + WC w/o cas 372.8 388.0 370.2 335.5 307.2
invested Capital4(Net Block + WC w/o cash) 372.7 388.0 370.2 332.1 307.2
EBIT 0.8 16.2 30.7 21.2 48.3
(Total Asset - Current

Capital Employed Liabilities) or 373.4 388.1 370.4 335.6 307.4
(Shareholder's Equity +
Debt Liabilities)
Gross Asset
Depreciation -3.1 18.7 45.3 24.0 24.5
Net Fixed Asset 313.2 295.1 249.3 228.1 213.0
Depreciation as a % of NPAT -1% 6% 18% 11% 12%
NFAT #DIV/0! 0.96 1.39 1.72 1.96
SSGR -6% -16% -10% -5%
SSGR (with 3 yr avg) #DIV/0! -11% -11%
Return Ratios 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13

Return on Invested Capital1 0.1% 2.8% 5.8% 6.3% 10.6%
Return on Asset PAT/Total Assets -3.3% 0.2% 1.6% 0.1% 3.9%
Return on Real Assets
Return on Capital Employed 0.2% 4.2% 8.3% 6.3% 15.7%
EBIT/Capital Employed
Return on Invested Capital
Return on Equity PAT/Shareholder's -19.1% 0.9% 7.8% 0.3% 14.0%
Equity
Profit Margin PAT/Sales -5% 0% 2% 0% 3%
Asset turnover Sales/Asset 0.61 0.70 1.01 1.23 1.23
Financial Leverage Asset/Shareholder's 5.8 5.4 4.7 4.0 3.6
Equity
Profit Margin*Asset
ROE by Dupont Analysis Turnover*Financial -19.1% 0.9% 7.8% 0.3% 14.0%
Leverage
Dividend Yield Dividend Paid/Share 0.0% 0.0% 0.0% 0.0% 0.0%
Price
Dividend Paid/Net
Dividend Payout Ratio Revenue from - - - - -
Operations
Operating Ratio 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13

Accounts Recievable as a % of Sales Accounts 6% 3% 9% 4% 6%
Receivable/Sales
Inventory as a % of Sales Inventory/Sales 0.16 0.25 0.20 0.18 0.18
Cash as a % of Long Term Debt Cash/Long Term Debt 0% 0% 0% 0% 0%
Interest as a % of Long Term Debt 8% 5% 7% 8% 13%
Reciebales and Inventory as a % of S (Receivables+Inventory) 21% 28% 29% 22% 25%
/Sales
Working Capital Ratio Current Assets/Current 2.1 3.2 4.2 9.9 2.7
Liabilities
Working Capital as a % of Sales 0.23 0.31 0.29 0.24 0.21
Working Capital/Sales
Capital Employed as a % of Sales 1.42 1.29 0.90 0.78 0.69
Capital Employed/Sales
Working Capital as a % of PAT Working Capital/PAT -4.26 136.82 17.97 347.03 6.68
Capital Employed as a % of PAT -0.04 0.00 0.02 0.00 0.05
PAT/Capital Employed
Working Capital as a % of CFO Working Capital/CFO
Capital Employed as a % of CFO
Capital Employed/CFO
Working Capital Growth Rate YoY Change
Capital Employed Growth Rate YoY Change
Inventory Turnover Sales/Inventory 6.4 4.0 5.0 5.6 5.4
Fixed Asset Turnover (Sales/Net Block)*365 0.8 1.0 1.6 1.9 2.1
Revenue per Employee
Saless/No. of Employees
Days Inventory Outstanding/Invento 57.0 91.9 72.7 65.7 67.0
(Inventory/COGS)*365
(Accounts
Days Sales Outstanding/Debtor DaysReceivable/Total Credit 21.2 11.4 31.4 15.8 22.9
Sales)*365
Days Payable Outstanding (Accounts Payable/Cost

of Sales)*365
Cash Conversion Cycle DIO+DSO-DPO
Operating Cycle DIO+DSO-DPO
PAT 0.68 6.74 0.3 14.14
CFO 0.55 45.39 64.18 88.9
FCF CFO-Capex 0.1 45.9 58.0 82.9
MCAP to CFO 72.50 1.25 0.44 0.51

Leverage Ratio 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13
Debt Equity Ratio 4.05 3.88 3.29 2.87 2.05
Total Debt/Total Equity
Interest Coverage Ratio EBIT/Interest Expense 0.0 1.1 1.5 1.0 1.8
Cashflow to Debt Ratio Operating 0.0 0.0 0.1 0.2 0.3
Cashflow/Total Debt
Current Ratio Current Assets/Current 2.1 3.2 4.2 9.9 2.7
Liabilities
(Current Assets -
Quick Ratio Inventories)/Current 1.3 1.4 2.0 3.3 1.2
Liabilities
Cash Ratio (Cash + Cash Equivalent 0.0 0.0 0.0 0.0 0.0
+ Invested Funds)/
Current Liabilities
Short Term Debt Coverage Operating Cash 0.3 0.0 1.2 5.5 1.6
flow/Short Term Debt
CAPEX Coverage Operating Cash 0.63 1.12 -96.57 10.40 14.77
Flow/CAPEX
Operating Cash flow to Sales Ratio Operating Cashflow/Net 5% 0% 11% 15% 20%
Sales
Free Cash Flow to Sales Ratio 0% 0% 0% 0% 0%
Free Cashflow/Net Sales
Valuation Ratio
Market Value of
Common Stock +
Enterprise Value Market Value of
Preferred Stock +
Market Value of Debt +
Minority Interest - Cash
and Investments
Book Value
P/E Ratio -1.4 58.6 8.4 94.4 3.2
Share Price/Diluted EPS
P/B Ratio Share Price/Book Value
per Share
EV/EBITDA Enterprise
Value/EBITDA
PEG Ratio -0.56 0.01 -0.99 0.00
(P/E)/EPS Growth Rate
Market
Market Cap to Sales Ratio Capitalization/Net 0.08 0.13 0.14 0.07 0.10
Revenue from
Operations
Cash and Bank

Cash per Share Balance/no. of 0.1 0.0 0.0 0.0 0.1
Outstanding Equity
Shares
Cash as a % of Share Price Cash per Share/Share 3% 0% 0% 0% 1%
Price
Banking Ratio
(Interest Return -
NIM Interest
Expense)/Average
Earning Assets
Gross NPA % As per Annual Report
Net NPA % As per Annual Report
Capital Adequacy Ratio As per Annual Report
Corporate Governance Ratio

CEO Salary as a % of PAT CEO Salary/PAT
CEO Salary as a % of OCF CEO Salary/OCF
CEO Salary as a % of FCF CEO Salary/FCF
Promoter's Share As per Annual Report
Pledged Share As per Annual Report
Unnecessary expenses As per Annual Report
Unnecessary Diversification As per Annual Report
Historical Quick Resignations
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 Trailing CAGR Overall CAGR 5 Years CAGR 3 Years
9% 26% 24% 22% 23% 21% 22% 38%

6% 31% 22% 27% 24% 21% 20% 42%
30% 6% 38% -3% 13% 19% 31% 19%
148% 3% 21% 7% -2% #NUM! 291% 16%
146% 18% 8% 29% -6% #NUM! 272% 28%
146% 18% 8% 29% -23% #NUM! 272% 28%
-3% -49% 126% -41% -41%

785% 465% -84% 577% 577%
-11% 62% -3% 23% 23% 19% 13% 9%

-14% 33% 22% 48% 48% 17% 20% 44%
0% 0% 0% 0% 0% 1% 0% 0%
56% 41% 32% 32% 32% 21% 40% 32%
31% 27% 23% 25% 25% 14% 26% 24%
-2% 72% 4% 45% 45% 12% 26% 23%
-10% 118% -8% 61% 61% 12% 30% 21%
-5% 37% 22% 31% 31% 18% 20% 26%
-15% 99% -3% 55% 55% 11% 26% 23%
-15% 115% -7% 60% 60% 10% 29% 22%
-15% 40% 19% 34% 34% 27% 17% 26%
13% 7% 10% 7% 7%
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 Trailing CAGR Min Max

81% 84% 82% 86% 87% -2% 81% 101%
19% 16% 18% 14% 13% #NUM! -1% 19%
4% 4% 4% 2% 3% -15% 2% 9%
11% 9% 9% 8% 6% #NUM! -9% 11%
7% 7% 6% 6% 5% #NUM! -5% 7%
6%
33% 24% 32% 18% 18%
5% 7% 5% 5% 5%
0.14 0.15 0.15 0.18 0.18
20% 21% 21% 22% 22.00% 1%
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 Trailing
16.06 38.79 65.56 130.18 130.18 83%

4.5833945 4.5833945 4.5833945 4.5833945 4.58 1%
74 178 300 597 597 83% Sum 9 Years Sum 5 Years
3.4 4.6 4.6 5.5 5.5 #DIV/0! 23.6 23.6
86.6 44.5 100.4 59.2 59.2 19% 548.9 349.9
24.3 232.3 22.0 256.8 256.8 89 804.3 792.1
62.4 -187.8 78.5 -197.7 -197.7 #NUM! -255.5 -442.3
58.9 -192.4 73.9 -203.2 -203.2 #NUM! -279.1 -465.9
95.2 128.5 158.6 205.4 205.4 17% 1205.8 793.1
95.2 127.8 158.0 204.1 204.1 17% 1201.3 789.2
307.6 545.3 557.7 819.7 819.7 10% 4451.4 3049.9

307.6 544.6 557.1 818.4 818.4 10% 4447.0 3046.1
307.6 544.6 557.1 818.4 818.4 10% 4447.0 3046.1
286.4 544.6 540.1 818.4 818.4 10% 4405.4 3007.8
69.4 76.4 98.2 92.3 92.3 80% 544.8 428.5
307.6 545.3 557.7 819.7 819.7 10% 4451.4 3049.9
24.9 27.9 39.6 41.7 41.7 35 288.1 175.7

191.2 416.7 382.1 614.3 614.3 444 3204.0 2218.6
13% 7% 10% 7% 7% 9%
2.29 3.22 1.84 2.44 2.44 2.4 18.3 12.2
2% 12% -1% 7% 4% 3%
-5% 3% 4% 6%
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 Trailing Min Max

15.1% 10.7% 11.9% 9.2% 9.2% 69% 0% 15%
15.1% 10.7% 11.9% 9.2% 9.2% 69% 0% 15%
15.1% 10.7% 11.9% 9.2% 9.2% 69% 0% 15%
16.2% 10.7% 12.3% 9.2% 9.2% 69% 0% 16%
9.8% 6.7% 6.9% 6.2% 6.2% #NUM! -3% 10%
22.6% 14.0% 17.6% 11.3% 11.3% 63% 0% 23%
26.4% 24.5% 21.5% 22.3% 22.3% #NUM! -19% 26%

7% 7% 6% 6% 5% #NUM! -5% 7%
1.37 1.01 1.20 1.01 1.01 -5% 6% 0.61 1.37
2.7 3.7 3.1 3.6 3.62 -6% 2.70 5.80
26.4% 24.5% 21.5% 22.3% 17.1% #NUM! -19% 26%
4.7% 2.6% 1.5% 0.9% 0.9% 0% 5%

0.10 0.11 10.37% 9.62% 10% 0% 11%
10%
31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 Trailing Min Max

5% 7% 5% 5% 5% 6% 3% 9%
0.14 0.15 0.15 0.18 0.18 18% 14% 25%
0% 0% 0.16% 0.23% 0% 0% 0%
10% 6% 9.38% 3.95% 4% 4% 13%
20% 22% 20% 23% 23.40% 23% 20% 29%
3.0 2.9 3.0 2.9 2.9 2.08 9.88
0.20 0.21 0.21 0.22 0.18 18% 31%
0.63 0.88 0.73 0.88 0.72 63% 142%

2.74 3.14 3.59 3.59 3.83 -426% 34703%
0.11 0.08 0.08 0.07 0.07 -4% 11%
0% 0%
0% 0%
0% 0%
0% 0%
6.9 6.5 6.7 5.5 5.5 3.97 6.91
2.6 1.5 2.0 1.5 1.5 0.84 2.55
52.8 55.8 54.6 66.5 66.5 52.8 91.9
18.6 23.9 18.7 18.9 18.9 11.4 31.4
34.78 40.96 44.16 57.15 57.15 256

86.62 44.51 100.4 59.16 59.16 549
62.4 -187.8 78.5 -197.7 -197.7 -255
0.85 3.99 2.99 10.09 10.09

31-Mar-14 31-Mar-15 31-Mar-16 31-Mar-17 Trailing 3990300% 4282500%
1.34 2.27 1.71 2.20 2.20 -7% 134% 405%
4.0 3.4 3.0 4.1 3.2 76% 4% 415%
0.4 0.1 0.2 0.1 0.1 10% 0.00 0.39
3.0 2.9 3.0 2.9 2.9 4% 2.08 9.88
1.5 1.5 1.6 1.3 1.3 0% 1.22 3.30
0.0 0.0 0.0 0.0 0.0 3% 0.00 0.01
1.8 0.7 1.3 0.6 0.6 10% 0.01 5.48
3.57 0.19 4.57 0.23 0.23 -20% -9657% 1477%
18% 7% 13% 6% 6% 2% 0% 20%
0% 0% 0% 0% 0% 5% 0% 0%
0% 0%
0% 0%
2.1 4.3 6.8 10.4 10.6 2.1 94.4
0.01 0.24 0.87 0.35 -0.47 -1.0 0.9
0.15 0.29 0.39 0.64 0.64 0.1 0.6
0.0 0.1 0.1 0.3 0.3 0.01 0.28
0% 0% 0% 0% 0% 0% 3%
Indicator 1 Indicator 2
Excellent
Good
Excellent
#NUM!
#NUM!
#NUM!
Excellent
Excellent
Avg.
86%
14%
5%
4%
3%
5%
16%
Sum 3 Years
15.6
218.7
535.6
-316.9
-332.4
569.3
566.2
2197.0
2193.9
2193.9
2176.9
282.7
2197.0
122.9
1610.7
6.7
Avg.
8%
8%
8%
8%
4%
11%
12%
3%
1.04
4.03
12%
1%
5%
Avg.
6%
18%
0%
8%
23%
3.67
23%
89%
5211%
4%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
5.75
1.66
65.1
20.2
4136389%
259%
230%
0.17
3.67
1.65
0.01
1.34
-609%
10%
0%
#DIV/0!
#DIV/0!
22.1
-0.1
0.3
0.11
1%
Manual Copy-Paste Outstanding Shares 5.555206
Date Adjust Closing Price Mcap

4/5/2010 15:30 8.8 48.88582
4/6/2010 15:30 8.55 47.49701
4/7/2010 15:30 8.35 46.38597
4/8/2010 15:30 8.15 45.27493
4/9/2010 15:30 8.1 44.99717
### 8.45 46.94149
### 8.2 45.55269
### 8.15 45.27493
### 8.8 48.88582
### 8.6 47.77477
### 9.45 52.4967
### 9.85 54.71878
### 9.95 55.2743
### 9.7 53.8855
### 9.05 50.27462
### 8.9 49.44134
### 8.85 49.16358
### 9 49.99686
### 8.95 49.7191
5/3/2010 15:30 8.5 47.21925
5/4/2010 15:30 8.1 44.99717
5/5/2010 15:30 8.15 45.27493
5/6/2010 15:30 7.9 43.88613
5/7/2010 15:30 7.7 42.77509
### 8 44.44165
### 7.9 43.88613
### 8 44.44165
### 7.75 43.05285
### 7.8 43.33061
### 7.7 42.77509
### 7.6 42.21957
### 7.2 39.99749
### 7.75 43.05285
### 7.45 41.38629
### 7.25 40.27525
### 7.45 41.38629
### 7.95 44.16389
### 7.75 43.05285
### 7.75 43.05285
6/1/2010 15:30 7.7 42.77509
6/2/2010 15:30 7.7 42.77509
6/3/2010 15:30 8.25 45.83045
6/4/2010 15:30 8.3 46.10821
6/7/2010 15:30 8.25 45.83045
6/8/2010 15:30 7.9 43.88613
6/9/2010 15:30 7.7 42.77509
### 7.6 42.21957
### 7.6 42.21957
### 7.7 42.77509
### 7.9 43.88613
### 7.8 43.33061
### 8.25 45.83045
### 8.1 44.99717
### 8.2 45.55269
### 8.3 46.10821
### 8.5 47.21925
### 9.25 51.38566
### 8.9 49.44134
### 8.95 49.7191
### 8.7 48.33029
### 8.95 49.7191
7/1/2010 15:30 8.8 48.88582
7/2/2010 15:30 8.85 49.16358
7/5/2010 15:30 8.85 49.16358
7/6/2010 15:30 8.5 47.21925
7/7/2010 15:30 8.75 48.60806
7/8/2010 15:30 8.55 47.49701
7/9/2010 15:30 8.3 46.10821
### 8.2 45.55269
### 8.45 46.94149
### 8.5 47.21925
### 8.25 45.83045
### 8.45 46.94149
### 8.6 47.77477
### 8.95 49.7191
### 8.95 49.7191
### 8.9 49.44134
### 9.15 50.83014
### 8.95 49.7191
### 9.1 50.55238
### 9.1 50.55238
### 9.25 51.38566
### 9.25 51.38566
8/2/2010 15:30 11.05 61.38503
8/3/2010 15:30 11.85 65.82919
8/4/2010 15:30 11.95 66.38472
8/5/2010 15:30 11.75 65.27367
8/6/2010 15:30 11.15 61.94055
8/9/2010 15:30 10.5 58.32967
### 10.25 56.94086
### 10 55.55206
### 10.55 58.60743
### 10.3 57.21862
### 10.2 56.6631
### 10.15 56.38534
### 10.35 57.49639
### 10.55 58.60743
### 10.45 58.05191
### 11.3 62.77383
### 10.9 60.55175
### 10.9 60.55175
### 10.8 59.99623
### 11 61.10727
### 10.6 58.88519
9/1/2010 15:30 10.8 59.99623
9/2/2010 15:30 11.15 61.94055
9/3/2010 15:30 11.35 63.05159
9/6/2010 15:30 11.6 64.44039
9/7/2010 15:30 11.3 62.77383
9/8/2010 15:30 11.3 62.77383
9/9/2010 15:30 12.5 69.44008
### 13.4 74.43976
### 13.4 74.43976
### 12.55 69.71784
### 12.5 69.44008
### 12.65 70.27336
### 13 72.21768
### 12.3 68.32904
### 12.3 68.32904
### 12 66.66248
### 12.25 68.05128
### 11.9 66.10695
### 12 66.66248
### 11.9 66.10695
### 11.7 64.99591
### 12 66.66248
### 12.15 67.49576
### 12.05 66.94024
### 11.95 66.38472
### 11.8 65.55143
### 11.7 64.99591
### 12.05 66.94024
### 11.95 66.38472
### 12.2 67.77352
### 12.05 66.94024
### 12 66.66248
### 13.1 72.7732
### 12.85 71.3844
### 13.5 74.99528
### 13.1 72.7732
### 13.4 74.43976
### 14.2 78.88393
### 14.5 80.55049
### 14.3 79.43945
### 14.3 79.43945
### 13 72.21768
### 13.6 75.55081
### 13.15 73.05096
### 13.45 74.71752
### 13.25 73.60648
### 13.7 76.10633
### 15.05 83.60585
### 15.5 86.1057
### 16.7 92.77194
### 16.8 93.32747
### 15.85 88.05002
### 15.8 87.77226
### 14.55 80.82825
### 14.5 80.55049
### 13.75 76.38409
### 14.4 79.99497
### 13.9 77.21737
### 14.6 81.10601
### 14.5 80.55049
### 13.5 74.99528
### 13.65 75.82857
### 13.6 75.55081
### 14.3 79.43945
### 14.1 78.32841
### 13.1 72.7732
### 13 72.21768
### 12.95 71.93992
### 12.85 71.3844
### 11.05 61.38503
### 11.55 64.16263
### 11.95 66.38472
### 12.35 68.6068
### 11.9 66.10695
### 11.95 66.38472
### 13.1 72.7732
### 13.05 72.49544
### 13.05 72.49544
### 13.3 73.88424
### 13 72.21768
### 12.6 69.9956
### 12.8 71.10664
### 13.05 72.49544
### 13.2 73.32872
### 13.55 75.27305
1/3/2011 15:30 13.25 73.60648
1/4/2011 15:30 12.95 71.93992
1/5/2011 15:30 12.9 71.66216
1/6/2011 15:30 12.9 71.66216
1/7/2011 15:30 12.25 68.05128
### 11.95 66.38472
### 11.5 63.88487
### 11.95 66.38472
### 11.65 64.71815
### 11.3 62.77383
### 11.15 61.94055
### 11.45 63.60711
### 11.5 63.88487
### 11.3 62.77383
### 11.75 65.27367
### 12.25 68.05128
### 12.15 67.49576
### 12.25 68.05128
### 12 66.66248
### 12.95 71.93992
2/1/2011 15:30 12.4 68.88456
2/2/2011 15:30 12.6 69.9956
2/3/2011 15:30 12.6 69.9956
2/4/2011 15:30 12.4 68.88456
2/7/2011 15:30 12.15 67.49576
2/8/2011 15:30 11.8 65.55143
2/9/2011 15:30 11.65 64.71815
### 11.4 63.32935
### 11.6 64.44039
### 12.15 67.49576
### 12.15 67.49576
### 12.2 67.77352
### 12.45 69.16232
### 11.4 63.32935
### 11.4 63.32935
### 11.6 64.44039
### 11.7 64.99591
### 11.45 63.60711
### 11.5 63.88487
### 11.3 62.77383
3/1/2011 15:30 11.6 64.44039
3/3/2011 15:30 11.75 65.27367
3/4/2011 15:30 11.55 64.16263
3/7/2011 15:30 11.85 65.82919
3/8/2011 15:30 11.6 64.44039
3/9/2011 15:30 11.5 63.88487
### 11.5 63.88487
### 11.3 62.77383
### 11.25 62.49607
### 11.25 62.49607
### 11.4 63.32935
### 11.2 62.21831
### 11.05 61.38503
### 10.8 59.99623
### 11.1 61.66279
### 10.95 60.82951
### 11.15 61.94055
### 11.3 62.77383
### 11.15 61.94055
### 11 61.10727
### 11.3 62.77383
### 11.25 62.49607
4/1/2011 15:30 11.5 63.88487
4/4/2011 15:30 12.25 68.05128
4/5/2011 15:30 12.9 71.66216
4/6/2011 15:30 12.6 69.9956
4/7/2011 15:30 12.85 71.3844
4/8/2011 15:30 12.85 71.3844
### 12.5 69.44008
### 12.8 71.10664
### 12.5 69.44008
### 12.15 67.49576
### 12.3 68.32904
### 12.15 67.49576
### 12.25 68.05128
### 12.35 68.6068
### 12.35 68.6068
### 12.5 69.44008
### 12.4 68.88456
### 12.25 68.05128
5/2/2011 15:30 12.45 69.16232
5/3/2011 15:30 11.75 65.27367
5/4/2011 15:30 12.2 67.77352
5/5/2011 15:30 12.3 68.32904
5/6/2011 15:30 12 66.66248
5/9/2011 15:30 11.9 66.10695
### 11.35 63.05159
### 11.3 62.77383
### 10.95 60.82951
### 11.05 61.38503
### 10.8 59.99623
### 10.7 59.44071
### 10.6 58.88519
### 10.3 57.21862
### 11 61.10727
### 10.3 57.21862
### 10.55 58.60743
### 10.25 56.94086
### 10 55.55206
### 9.9 54.99654
### 10.1 56.10758
### 10.05 55.82982
6/1/2011 15:30 10.25 56.94086
6/2/2011 15:30 10.1 56.10758
6/3/2011 15:30 10 55.55206
6/6/2011 15:30 10.15 56.38534
6/7/2011 15:30 10 55.55206
6/8/2011 15:30 10.2 56.6631
6/9/2011 15:30 10.05 55.82982
### 9.9 54.99654
### 9.8 54.44102
### 9.7 53.8855
### 9.55 53.05222
### 9.6 53.32998
### 9.25 51.38566
### 8.85 49.16358
### 8.7 48.33029
### 8.3 46.10821
### 8.4 46.66373
### 8.55 47.49701
### 8.5 47.21925
### 8.5 47.21925
### 8.85 49.16358
### 8.5 47.21925
7/1/2011 15:30 8.75 48.60806
7/4/2011 15:30 8.7 48.33029
7/5/2011 15:30 9.1 50.55238
7/6/2011 15:30 9.55 53.05222
7/7/2011 15:30 9.75 54.16326
7/8/2011 15:30 9.4 52.21894
### 9.05 50.27462
### 9 49.99686
### 9 49.99686
### 8.95 49.7191
### 9.25 51.38566
### 8.8 48.88582
### 9.15 50.83014
### 9 49.99686
### 9.1 50.55238
### 9 49.99686
### 9 49.99686
### 8.7 48.33029
### 8.95 49.7191
### 8.55 47.49701
### 8.4 46.66373
8/1/2011 15:30 8.4 46.66373
8/2/2011 15:30 8 44.44165
8/3/2011 15:30 7.8 43.33061
8/4/2011 15:30 7.85 43.60837
8/5/2011 15:30 7.65 42.49733
8/8/2011 15:30 7.15 39.71972
8/9/2011 15:30 6.95 38.60868
### 7.1 39.44196
### 7 38.88644
### 6.65 36.94212
### 6.7 37.21988
### 6.55 36.3866
### 6.65 36.94212
### 6.85 38.05316
### 7.35 40.83077
### 7.05 39.1642
### 6.85 38.05316
### 6.9 38.33092
### 6.2 34.44228
### 6.5 36.10884
### 6.65 36.94212
9/2/2011 15:30 6.85 38.05316
9/5/2011 15:30 6.7 37.21988
9/6/2011 15:30 7.05 39.1642
9/7/2011 15:30 7.35 40.83077
9/8/2011 15:30 7.4 41.10853
9/9/2011 15:30 7 38.88644
### 7.25 40.27525
### 7.05 39.1642
### 7.1 39.44196
### 7.15 39.71972
### 7.05 39.1642
### 7.1 39.44196
### 7 38.88644
### 6.95 38.60868
### 6.75 37.49764
### 6.75 37.49764
### 6.6 36.66436
### 6.85 38.05316
### 6.9 38.33092
### 6.5 36.10884
### 6.6 36.66436
### 6.8 37.7754
### 6.3 34.9978
### 5.8 32.2202
### 6.2 34.44228
### 6.1 33.88676
### 6.2 34.44228
### 6.15 34.16452
### 6.4 35.55332
### 6.4 35.55332
### 6.5 36.10884
### 6.25 34.72004
### 6.5 36.10884
### 6.3 34.9978
### 6.15 34.16452
### 6.25 34.72004
### 6.15 34.16452
### 6.35 35.27556
### 6.35 35.27556
### 6.5 36.10884
### 6.5 36.10884
### 6.5 36.10884
### 6.55 36.3866
### 6.6 36.66436
### 6.4 35.55332
### 6.45 35.83108
### 6.2 34.44228
### 6.2 34.44228
### 6.1 33.88676
### 6.05 33.609
### 6 33.33124
### 5.9 32.77572
### 5.7 31.66468
### 5.7 31.66468
### 5.65 31.38692
### 5.95 33.05348
### 5.75 31.94244
### 5.6 31.10916
### 5.85 32.49796
### 6 33.33124
### 6.15 34.16452
### 6.2 34.44228
### 6.05 33.609
### 6.1 33.88676
### 6.1 33.88676
### 6 33.33124
### 6 33.33124
### 6 33.33124
### 6.1 33.88676
### 6.1 33.88676
### 5.9 32.77572
### 5.75 31.94244
### 5.75 31.94244
### 5.85 32.49796
### 5.8 32.2202
### 5.85 32.49796
### 6 33.33124
### 6 33.33124
### 5.95 33.05348
### 6 33.33124
### 6 33.33124
1/2/2012 15:30 6.15 34.16452
1/3/2012 15:30 6.1 33.88676
1/4/2012 15:30 6.1 33.88676
1/5/2012 15:30 6.25 34.72004
1/6/2012 15:30 6.15 34.16452
1/9/2012 15:30 6.25 34.72004
### 6.55 36.3866
### 6.95 38.60868
### 6.75 37.49764
### 6.85 38.05316
### 7 38.88644
### 6.9 38.33092
### 7 38.88644
### 7 38.88644
### 6.75 37.49764
### 7.05 39.1642
### 6.85 38.05316
### 6.8 37.7754
### 6.8 37.7754
### 6.8 37.7754
### 6.95 38.60868
2/1/2012 15:30 7 38.88644
2/2/2012 15:30 6.75 37.49764
2/3/2012 15:30 6.95 38.60868
2/6/2012 15:30 6.85 38.05316
2/7/2012 15:30 6.7 37.21988
2/8/2012 15:30 6.7 37.21988
2/9/2012 15:30 6.95 38.60868
### 6.9 38.33092
### 6.85 38.05316
### 6.95 38.60868
### 6.95 38.60868
### 7 38.88644
### 7.15 39.71972
### 7.5 41.66405
### 7.45 41.38629
### 7.35 40.83077
### 7.4 41.10853
### 7 38.88644
### 7.45 41.38629
### 7.1 39.44196
3/1/2012 15:30 7.1 39.44196
3/2/2012 15:30 7.05 39.1642
3/3/2012 13:15 7.05 39.1642
3/5/2012 15:30 6.9 38.33092
3/6/2012 15:30 6.95 38.60868
3/7/2012 15:30 6.9 38.33092
3/9/2012 15:30 7 38.88644
### 6.85 38.05316
### 6.9 38.33092
### 7 38.88644
### 6.85 38.05316
### 6.85 38.05316
### 6.7 37.21988
### 6.6 36.66436
### 6.75 37.49764
### 6.65 36.94212
### 6.55 36.3866
### 6.5 36.10884
### 6.35 35.27556
### 6.45 35.83108
### 6.55 36.3866
### 6.5 36.10884
4/2/2012 15:30 6.5 36.10884
4/3/2012 15:30 6.4 35.55332
4/4/2012 15:30 6.45 35.83108
4/9/2012 15:30 6.1 33.88676
### 6.25 34.72004
### 6.1 33.88676
### 6.15 34.16452
### 6.1 33.88676
### 6.3 34.9978
### 6.25 34.72004
### 6.15 34.16452
### 6.1 33.88676
### 6.15 34.16452
### 6.2 34.44228
### 6.1 33.88676
### 6.15 34.16452
### 6.05 33.609
### 6 33.33124
### 6.15 34.16452
5/2/2012 15:30 5.95 33.05348
5/3/2012 15:30 6 33.33124
5/4/2012 15:30 6.05 33.609
5/7/2012 15:30 5.9 32.77572
5/8/2012 15:30 6.3 34.9978
5/9/2012 15:30 6.1 33.88676
### 6.15 34.16452
### 6.15 34.16452
### 6.05 33.609
### 6.05 33.609
### 6.1 33.88676
### 6.25 34.72004
### 5.95 33.05348
### 5.9 32.77572
### 6 33.33124
### 5.95 33.05348
### 6.15 34.16452
### 6.4 35.55332
### 6.55 36.3866
### 6.5 36.10884
### 6.45 35.83108
### 6.15 34.16452
6/1/2012 15:30 6.5 36.10884
6/4/2012 15:30 6.35 35.27556
6/5/2012 15:30 6.5 36.10884
6/6/2012 15:30 6.5 36.10884
6/7/2012 15:30 6.3 34.9978
6/8/2012 15:30 6.4 35.55332
### 6.6 36.66436
### 6.4 35.55332
### 6.4 35.55332
### 6.35 35.27556
### 6.45 35.83108
### 6.35 35.27556
### 6.2 34.44228
### 6.35 35.27556
### 6.25 34.72004
### 6.5 36.10884
### 6.5 36.10884
### 6.55 36.3866
### 6.65 36.94212
### 6.35 35.27556
### 6.45 35.83108
7/2/2012 15:30 6.55 36.3866
7/3/2012 15:30 6.5 36.10884
7/4/2012 15:30 6.8 37.7754
7/5/2012 15:30 7.05 39.1642
7/6/2012 15:30 7.2 39.99749
7/9/2012 15:30 7.35 40.83077
### 7.3 40.55301
### 7.1 39.44196
### 7.35 40.83077
### 7.3 40.55301
### 7.05 39.1642
### 7.05 39.1642
### 7.3 40.55301
### 7.1 39.44196
### 7.15 39.71972
### 7.05 39.1642
### 7.05 39.1642
### 7.05 39.1642
### 6.95 38.60868
### 6.8 37.7754
### 6.9 38.33092
### 7.05 39.1642
8/1/2012 15:30 7 38.88644
8/2/2012 15:30 6.95 38.60868
8/3/2012 15:30 7.05 39.1642
8/6/2012 15:30 7.1 39.44196
8/7/2012 15:30 6.95 38.60868
8/8/2012 15:30 6.85 38.05316
8/9/2012 15:30 6.95 38.60868
### 7.1 39.44196
### 7 38.88644
### 7 38.88644
### 7.2 39.99749
### 6.85 38.05316
### 6.8 37.7754
### 6.95 38.60868
### 6.8 37.7754
### 6.95 38.60868
### 7.15 39.71972
### 7.15 39.71972
### 6.95 38.60868
### 6.95 38.60868
### 7 38.88644
9/3/2012 15:30 7.2 39.99749
9/4/2012 15:30 7.3 40.55301
9/5/2012 15:30 7.2 39.99749
9/6/2012 15:30 7.25 40.27525
9/7/2012 15:30 7.35 40.83077
9/8/2012 13:15 7.25 40.27525
### 7.4 41.10853
### 7.25 40.27525
### 7.25 40.27525
### 7.3 40.55301
### 7.3 40.55301
### 7.45 41.38629
### 7.25 40.27525
### 7.2 39.99749
### 7.4 41.10853
### 7.25 40.27525
### 7.2 39.99749
### 7.2 39.99749
### 7.4 41.10853
### 7.3 40.55301
### 7.4 41.10853
### 7.9 43.88613
### 8.2 45.55269
### 8.4 46.66373
### 8.95 49.7191
### 8.65 48.05253
### 8.7 48.33029
### 8.95 49.7191
### 8.25 45.83045
### 8.35 46.38597
### 8.35 46.38597
### 8.25 45.83045
### 8.35 46.38597
### 8.15 45.27493
### 8 44.44165
### 8.75 48.60806
### 8.05 44.71941
### 8.1 44.99717
### 8.4 46.66373
### 8.3 46.10821
### 8.15 45.27493
### 9.25 51.38566
### 9.2 51.1079
### 9.25 51.38566
### 9.15 50.83014
### 9.3 51.66342
### 9.3 51.66342
### 9.15 50.83014
### 9.15 50.83014
### 9.5 52.77446
### 9.2 51.1079
### 9.15 50.83014
### 9.1 50.55238
### 9.15 50.83014
### 9.1 50.55238
### 9 49.99686
### 9.05 50.27462
### 9.15 50.83014
### 9.2 51.1079
### 9.05 50.27462
### 9 49.99686
### 8.95 49.7191
### 9 49.99686
### 8.9 49.44134
### 9.1 50.55238
### 9.7 53.8855
### 9.55 53.05222
### 9.75 54.16326
### 9.6 53.32998
### 9.4 52.21894
### 9.6 53.32998
### 9.25 51.38566
### 9.3 51.66342
### 9.1 50.55238
### 9.55 53.05222
### 9.55 53.05222
### 9.6 53.32998
### 9.65 53.60774
### 10.25 56.94086
### 10.5 58.32967
### 10.6 58.88519
1/2/2013 15:30 10.5 58.32967
1/3/2013 15:30 10.2 56.6631
1/4/2013 15:30 9.95 55.2743
1/7/2013 15:30 10.05 55.82982
1/8/2013 15:30 9.9 54.99654
1/9/2013 15:30 10.6 58.88519
### 10.05 55.82982
### 10 55.55206
### 10.2 56.6631
### 10 55.55206
### 10 55.55206
### 10.15 56.38534
### 10.2 56.6631
### 10.95 60.82951
### 10.8 59.99623
### 10.85 60.27399
### 10.8 59.99623
### 10.85 60.27399
### 10.85 60.27399
### 10.85 60.27399
### 11.1 61.66279
### 11.35 63.05159
2/1/2013 15:30 11.9 66.10695
2/4/2013 15:30 11.8 65.55143
2/5/2013 15:30 11.3 62.77383
2/6/2013 15:30 11.05 61.38503
2/7/2013 15:30 11 61.10727
2/8/2013 15:30 10.95 60.82951
### 11.25 62.49607
### 11 61.10727
### 10.85 60.27399
### 10.7 59.44071
### 10.2 56.6631
### 10.15 56.38534
### 10.5 58.32967
### 10.4 57.77415
### 10.2 56.6631
### 10.4 57.77415
### 10.35 57.49639
### 10.2 56.6631
### 10.25 56.94086
### 9.85 54.71878
3/1/2013 15:30 9.9 54.99654
3/4/2013 15:30 9 49.99686
3/5/2013 15:30 9.8 54.44102
3/6/2013 15:30 10.05 55.82982
3/7/2013 15:30 10.1 56.10758
3/8/2013 15:30 10.05 55.82982
### 10.2 56.6631
### 10 55.55206
### 9.7 53.8855
### 9.85 54.71878
### 9.65 53.60774
### 9.75 54.16326
### 9.65 53.60774
### 9.2 51.1079
### 9.35 51.94118
### 9 49.99686
### 9.1 50.55238
### 9.1 50.55238
### 9.15 50.83014
4/1/2013 15:30 9.2 51.1079
4/2/2013 15:30 9.95 55.2743
4/3/2013 15:30 10.5 58.32967
4/4/2013 15:30 10.2 56.6631
4/5/2013 15:30 10.2 56.6631
4/8/2013 15:30 10 55.55206
4/9/2013 15:30 10.25 56.94086
### 10.05 55.82982
### 9.85 54.71878
### 9.7 53.8855
### 10.15 56.38534
### 10 55.55206
### 10.05 55.82982
### 10 55.55206
### 10 55.55206
### 9.85 54.71878
### 9.95 55.2743
### 10 55.55206
### 9.95 55.2743
### 10 55.55206
5/2/2013 15:30 10.1 56.10758
5/3/2013 15:30 9.95 55.2743
5/6/2013 15:30 10.25 56.94086
5/7/2013 15:30 9.85 54.71878
5/8/2013 15:30 10.1 56.10758
5/9/2013 15:30 10 55.55206
### 9.85 54.71878
### 9.9 54.99654
### 9.55 53.05222
### 9.5 52.77446
### 9.6 53.32998
### 9.6 53.32998
### 9.75 54.16326
### 9.5 52.77446
### 9.5 52.77446
### 9.5 52.77446
### 9.5 52.77446
### 9.35 51.94118
### 9.5 52.77446
### 9.3 51.66342
### 9.5 52.77446
### 9.35 51.94118
6/3/2013 15:30 9.65 53.60774
6/4/2013 15:30 9.55 53.05222
6/5/2013 15:30 9.4 52.21894
6/6/2013 15:30 9.35 51.94118
6/7/2013 15:30 9.35 51.94118
### 9.5 52.77446
### 9.3 51.66342
### 9.35 51.94118
### 9.4 52.21894
### 9.3 51.66342
### 9.5 52.77446
### 9.7 53.8855
### 9.8 54.44102
### 9.65 53.60774
### 9.85 54.71878
### 9.5 52.77446
### 9.7 53.8855
### 9.55 53.05222
### 9.6 53.32998
### 10.05 55.82982
7/1/2013 15:30 10 55.55206
7/2/2013 15:30 10.05 55.82982
7/3/2013 15:30 9.85 54.71878
7/4/2013 15:30 9.85 54.71878
7/5/2013 15:30 10 55.55206
7/8/2013 15:30 10.1 56.10758
7/9/2013 15:30 10.4 57.77415
### 10.25 56.94086
### 10.5 58.32967
### 10.7 59.44071
### 10.6 58.88519
### 10.4 57.77415
### 10.4 57.77415
### 10.4 57.77415
### 10.3 57.21862
### 10.6 58.88519
### 10.65 59.16295
### 10.5 58.32967
### 10.6 58.88519
### 10.5 58.32967
### 10.65 59.16295
### 10.3 57.21862
### 10.25 56.94086
8/1/2013 15:30 10.05 55.82982
8/2/2013 15:30 10.2 56.6631
8/5/2013 15:30 9.8 54.44102
8/6/2013 15:30 9.7 53.8855
8/7/2013 15:30 9.9 54.99654
8/8/2013 15:30 10 55.55206
### 10.1 56.10758
### 10 55.55206
### 10.05 55.82982
### 10.05 55.82982
### 9.85 54.71878
### 9.85 54.71878
### 9.8 54.44102
### 9.95 55.2743
### 9.75 54.16326
### 9.95 55.2743
### 9.75 54.16326
### 9.6 53.32998
### 9.65 53.60774
### 9.7 53.8855
9/2/2013 15:30 9.7 53.8855
9/3/2013 15:30 9.6 53.32998
9/4/2013 15:30 9.55 53.05222
9/5/2013 15:30 9.8 54.44102
9/6/2013 15:30 9.7 53.8855
### 9.65 53.60774
### 9.85 54.71878
### 9.7 53.8855
### 9.65 53.60774
### 9.65 53.60774
### 9.65 53.60774
### 9.75 54.16326
### 9.7 53.8855
### 9.7 53.8855
### 9.65 53.60774
### 9.6 53.32998
### 9.8 54.44102
### 9.75 54.16326
### 9.9 54.99654
### 9.95 55.2743
### 10 55.55206
### 10.05 55.82982
### 10.2 56.6631
### 10 55.55206
### 10.25 56.94086
### 10.35 57.49639
### 10.35 57.49639
### 10.95 60.82951
### 10.65 59.16295
### 10.55 58.60743
### 10.75 59.71847
### 10.85 60.27399
### 10.9 60.55175
### 10.75 59.71847
### 10.65 59.16295
### 10.4 57.77415
### 10.3 57.21862
### 10.5 58.32967
### 10.8 59.99623
### 10.85 60.27399
### 11.45 63.60711
### 11.8 65.55143
### 11.65 64.71815
### 11.35 63.05159
### 11.4 63.32935
### 11.5 63.88487
### 11.55 64.16263
### 11.2 62.21831
### 12.55 69.71784
### 13 72.21768
### 12.5 69.44008
### 12.3 68.32904
### 12.6 69.9956
### 12.7 70.55112
### 12.2 67.77352
### 12.2 67.77352
### 13.35 74.162
### 14.05 78.05065
### 14.8 82.21705
### 14.45 80.27273
### 14 77.77289
### 13.85 76.93961
### 14 77.77289
### 13.35 74.162
### 13.25 73.60648
### 13.25 73.60648
### 12.5 69.44008
### 13.3 73.88424
### 15.45 85.82794
### 17.55 97.49387
### 18.15 100.827
### 16.95 94.16075
### 16.4 91.10538
### 16.65 92.49418
### 16.5 91.6609
### 16.25 90.2721
### 15.65 86.93898
### 15.3 84.99466
### 17 94.43851
1/1/2014 15:30 17.3 96.10507
1/2/2014 15:30 16 88.8833
1/3/2014 15:30 16.15 89.71658
1/6/2014 15:30 16.55 91.93866
1/7/2014 15:30 16.55 91.93866
1/8/2014 15:30 16.35 90.82762
1/9/2014 15:30 15.9 88.32778
### 15.7 87.21674
### 15.75 87.4945
### 15.65 86.93898
### 15.7 87.21674
### 15.6 86.66122
### 15.1 83.88361
### 16.05 89.16106
### 17.1 94.99403
### 18.4 102.2158
### 17.45 96.93835
### 16.85 93.60523
### 16.15 89.71658
### 16.4 91.10538
### 16.6 92.21642
### 15.85 88.05002
### 16.1 89.43882
2/3/2014 15:30 16.05 89.16106
2/4/2014 15:30 16.15 89.71658
2/5/2014 15:30 16 88.8833
2/6/2014 15:30 16.15 89.71658
2/7/2014 15:30 15.8 87.77226
### 15.65 86.93898
### 15.9 88.32778
### 15.4 85.55018
### 15.35 85.27242
### 15.15 84.16138
### 14.8 82.21705
### 14.95 83.05033
### 14.85 82.49481
### 14.9 82.77257
### 14.9 82.77257
### 15.9 88.32778
### 15.25 84.7169
### 15.5 86.1057
### 15.25 84.7169
3/3/2014 15:30 15 83.32809
3/4/2014 15:30 15 83.32809
3/5/2014 15:30 15.25 84.7169
3/6/2014 15:30 15.2 84.43914
3/7/2014 15:30 15 83.32809
### 15.2 84.43914
### 15.05 83.60585
### 15.1 83.88361
### 14.85 82.49481
### 14.9 82.77257
### 14.8 82.21705
### 14.95 83.05033
### 14.95 83.05033
### 14.85 82.49481
### 14.55 80.82825
### 14.4 79.99497
### 14.5 80.55049
### 14.35 79.71721
### 14.4 79.99497
### 14.1 78.32841
4/1/2014 15:30 14.5 80.55049
4/2/2014 15:30 15.1 83.88361
4/3/2014 15:30 14.85 82.49481
4/4/2014 15:30 15.1 83.88361
4/7/2014 15:30 15.2 84.43914
4/9/2014 15:30 15.9 88.32778
### 15.95 88.60554
### 16.1 89.43882
### 16.2 89.99434
### 15.85 88.05002
### 16.3 90.54986
### 16.35 90.82762
### 16.1 89.43882
### 16.25 90.2721
### 16.8 93.32747
### 17.65 98.04939
### 17.45 96.93835
### 17.9 99.43819
5/2/2014 15:30 18.7 103.8824
5/5/2014 15:30 18.75 104.1601
5/6/2014 15:30 17.4 96.66059
5/7/2014 15:30 16.9 93.88299
5/8/2014 15:30 16.95 94.16075
5/9/2014 15:30 16.95 94.16075
### 16.3 90.54986
### 15.85 88.05002
### 15.85 88.05002
### 15.9 88.32778
### 16 88.8833
### 17.85 99.16043
### 17.5 97.21611
### 19.5 108.3265
### 18.75 104.1601
### 19 105.5489
### 17.85 99.16043
### 18.1 100.5492
### 18.95 105.2712
### 19 105.5489
### 18.75 104.1601
6/2/2014 15:30 18.7 103.8824
6/3/2014 15:30 19.15 106.3822
6/4/2014 15:30 23.15 128.603
6/5/2014 15:30 23.75 131.9361
6/6/2014 15:30 24.1 133.8805
6/9/2014 15:30 23.7 131.6584
### 22.9 127.2142
### 22.05 122.4923
### 22 122.2145
### 23.1 128.3253
### 24 133.325
### 24.25 134.7138
### 22.55 125.2699
### 23.3 129.4363
### 22.95 127.492
### 22.9 127.2142
### 23.6 131.1029
### 23.35 129.7141
### 23.25 129.1585
### 23.3 129.4363
### 23.35 129.7141
7/1/2014 15:30 23.65 131.3806
7/2/2014 15:30 24.6 136.6581
7/3/2014 15:30 23.85 132.4917
7/4/2014 15:30 24.9 138.3246
7/7/2014 15:30 24.1 133.8805
7/8/2014 15:30 22.4 124.4366
7/9/2014 15:30 22 122.2145
### 22.75 126.3809
### 21 116.6593
### 20.4 113.3262
### 20.95 116.3816
### 22.05 122.4923
### 22.4 124.4366
### 22 122.2145
### 22.25 123.6033
### 21.85 121.3813
### 21.6 119.9925
### 22.6 125.5477
### 22.05 122.4923
### 22 122.2145
### 23 127.7697
### 23.2 128.8808
8/1/2014 15:30 22.35 124.1589
8/4/2014 15:30 22.5 124.9921
8/5/2014 15:30 22.65 125.8254
8/6/2014 15:30 22.75 126.3809
8/7/2014 15:30 22.5 124.9921
8/8/2014 15:30 21.7 120.548
### 21.75 120.8257
### 21.8 121.1035
### 21.25 118.0481
### 21.6 119.9925
### 24.15 134.1582
### 24.1 133.8805
### 26.7 148.324
### 25.6 142.2133
### 25.2 139.9912
### 25.75 143.0466
### 25.2 139.9912
### 26.25 145.8242
### 25.75 143.0466
9/1/2014 15:30 26.25 145.8242
9/2/2014 15:30 25.45 141.38
9/3/2014 15:30 25.55 141.9355
9/4/2014 15:30 24.95 138.6024
9/5/2014 15:30 27.4 152.2127
9/8/2014 15:30 26.7 148.324
9/9/2014 15:30 26.25 145.8242
### 26.35 146.3797
### 26.65 148.0462
### 26.05 144.7131
### 29 161.101
### 27.05 150.2683
### 26.3 146.1019
### 27.1 150.5461
### 26.25 145.8242
### 27.8 154.4347
### 26.7 148.324
### 27 149.9906
### 26.5 147.213
### 26.75 148.6018
### 27.25 151.3794
### 27 149.9906
### 26.65 148.0462
### 26.5 147.213
### 26.55 147.4907
### 27.65 153.6015
### 27 149.9906
### 26.95 149.7128
### 26.1 144.9909
### 24.65 136.9358
### 24.45 135.8248
### 24.5 136.1026
### 24.5 136.1026
### 24.65 136.9358
### 25.2 139.9912
### 25.3 140.5467
### 25.4 141.1022
### 26.35 146.3797
### 25.8 143.3243
### 26.25 145.8242
### 27.85 154.7125
### 28 155.5458
### 27.2 151.1016
### 26.35 146.3797
### 26.65 148.0462
### 28.85 160.2677
### 28.7 159.4344
### 28.6 158.8789
### 30 166.6562
### 30 166.6562
### 29.6 164.4341
### 29.1 161.6565
### 29.2 162.212
### 29 161.101
### 27.5 152.7682
### 28 155.5458
### 28 155.5458
### 29.4 163.3231
### 31 172.2114
### 31 172.2114
### 31.7 176.1
### 31.3 173.878
### 30.25 168.045
### 29.65 164.7119
### 28.95 160.8232
### 28.9 160.5455
### 29.25 162.4898
### 28.65 159.1567
### 28 155.5458
### 26.9 149.435
### 26.85 149.1573
### 27.1 150.5461
### 27.2 151.1016
### 28.25 156.9346
### 28 155.5458
### 27.5 152.7682
### 27.65 153.6015
### 28 155.5458
### 27.65 153.6015
### 27.9 154.9903
1/1/2015 15:30 27.85 154.7125
1/2/2015 15:30 28.75 159.7122
1/5/2015 15:30 28.3 157.2123
1/6/2015 15:30 27.9 154.9903
1/7/2015 15:30 28.65 159.1567
1/8/2015 15:30 29.3 162.7675
1/9/2015 15:30 29.75 165.2674
### 30.6 169.9893
### 30.05 166.9339
### 29.6 164.4341
### 29.55 164.1563
### 29 161.101
### 28.75 159.7122
### 28.8 159.9899
### 28.95 160.8232
### 28.8 159.9899
### 29.1 161.6565
### 29.35 163.0453
### 28.55 158.6011
### 29 161.101
### 28.95 160.8232
2/2/2015 15:30 28.75 159.7122
2/3/2015 15:30 28.55 158.6011
2/4/2015 15:30 29.75 165.2674
2/5/2015 15:30 30 166.6562
2/6/2015 15:30 29.5 163.8786
2/9/2015 15:30 30.7 170.5448
### 30.05 166.9339
### 29.75 165.2674
### 30.05 166.9339
### 30.5 169.4338
### 31.15 173.0447
### 30.9 171.6559
### 30.7 170.5448
### 30.25 168.045
### 30.2 167.7672
### 29.4 163.3231
### 29.45 163.6008
### 29.4 163.3231
### 30.8 171.1004
3/2/2015 15:30 30.35 168.6005
3/3/2015 15:30 29.9 166.1007
3/4/2015 15:30 29.1 161.6565
3/5/2015 15:30 29.6 164.4341
3/9/2015 15:30 29.15 161.9343
### 29.35 163.0453
### 29.2 162.212
### 30.2 167.7672
### 29.75 165.2674
### 29.3 162.7675
### 29.5 163.8786
### 29.55 164.1563
### 29.1 161.6565
### 28.9 160.5455
### 28.95 160.8232
### 29 161.101
### 28.8 159.9899
### 28.55 158.6011
### 27.8 154.4347
### 29.8 165.5451
### 30.1 167.2117
4/1/2015 15:30 30.1 167.2117
4/6/2015 15:30 31 172.2114
4/7/2015 15:30 32 177.7666
4/8/2015 15:30 34.6 192.2101
4/9/2015 15:30 35.2 195.5433
### 38.35 213.0422
### 38.9 216.0975
### 38.7 214.9865
### 38.3 212.7644
### 39 216.653
### 40 222.2083
### 39.7 220.5417
### 39.4 218.8751
### 41 227.7635
### 40.4 224.4303
### 39.7 220.5417
### 46.45 258.0393
### 49 272.2051
### 46.6 258.8726
5/4/2015 15:30 46.9 260.5392
5/5/2015 15:30 43.75 243.0403
5/6/2015 15:30 44.3 246.0956
5/7/2015 15:30 43.45 241.3737
5/8/2015 15:30 43.2 239.9849
### 45.05 250.262
### 43.65 242.4848
### 43.9 243.8736
### 44.05 244.7068
### 44.6 247.7622
### 46.35 257.4838
### 46.45 258.0393
### 45.8 254.4284
### 45.5 252.7619
### 45.55 253.0396
### 45.8 254.4284
### 45.85 254.7062
### 44.8 248.8732
### 44.1 244.9846
### 46.5 258.3171
6/1/2015 15:30 48.65 270.2608
6/2/2015 15:30 51 283.3155
6/3/2015 15:30 49.3 273.8717
6/4/2015 15:30 50.2 278.8714
6/5/2015 15:30 56 311.0916
6/8/2015 15:30 58.2 323.313
6/9/2015 15:30 59.7 331.6458
### 56.25 312.4804
### 53.8 298.8701
### 55.35 307.4807
### 54.6 303.3143
### 53.1 294.9815
### 54.3 301.6477
### 55 305.5363
### 54.95 305.2586
### 63.2 351.089
### 75.5 419.4181
### 68.5 380.5316
### 71.95 399.6971
### 73.25 406.9189
### 72.25 401.3637
### 78.8 437.7503
7/1/2015 15:30 80.75 448.5829
7/2/2015 15:30 80.6 447.7496
7/3/2015 15:30 78.35 435.2504
7/6/2015 15:30 80.7 448.3051
7/7/2015 15:30 81 449.9717
7/8/2015 15:30 84.15 467.4706
7/9/2015 15:30 82 455.5269
### 82 455.5269
### 82.8 459.9711
### 83.05 461.3599
### 81 449.9717
### 80.25 445.8053
### 77.3 429.4174
### 80.7 448.3051
### 77.25 429.1397
### 78.8 437.7503
### 80 444.4165
### 80.9 449.4162
### 82.6 458.86
### 80 444.4165
### 80 444.4165
### 79.35 440.8056
### 87.05 483.5807
8/3/2015 15:30 95.95 533.022
8/4/2015 15:30 95.7 531.6332
8/5/2015 15:30 100 555.5206
8/6/2015 15:30 105.05 583.5744
8/7/2015 15:30 100.65 559.1315
### 95.65 531.3555
### 90.9 504.9683
### 86.4 479.9698
### 82.1 456.0824
### 78 433.3061
### 74.1 411.6408
### 77.8 432.195
### 81.65 453.5826
### 77.6 431.084
### 75.35 418.5848
### 71.95 399.6971
### 68.4 379.9761
### 65 361.0884
### 68.25 379.1428
### 69 383.3092
### 67.15 373.0321
9/1/2015 15:30 64.4 357.7553
9/2/2015 15:30 61.3 340.5341
9/3/2015 15:30 64.45 358.033
9/4/2015 15:30 61.25 340.2564
9/7/2015 15:30 58.2 323.313
9/8/2015 15:30 55.3 307.2029
9/9/2015 15:30 56.3 312.7581
### 54.3 301.6477
### 54.1 300.5367
### 56.8 315.5357
### 58.55 325.2573
### 57.65 320.2576
### 56.85 315.8135
### 57.2 317.7578
### 58.5 324.9796
### 61.35 340.8119
### 62 344.4228
### 57.8 321.0909
### 56.05 311.3693
### 56.7 314.9802
### 55.7 309.425
### 61.45 341.3674
### 60.1 333.8679
### 64.5 358.3108
### 62.35 346.3671
### 61.8 343.3117
### 59.65 331.3681
### 62.4 346.6449
### 61.65 342.4785
### 62.15 345.2561
### 60.05 333.5901
### 64.15 356.3665
### 67 372.1988
### 68.45 380.2539
### 66.8 371.0878
### 65.05 361.3662
### 63.25 351.3668
### 65.65 364.6993
### 64.6 358.8663
### 62.25 345.8116
### 61.3 340.5341
### 60.8 337.7565
### 61 338.8676
### 57.85 321.3687
### 55.5 308.3139
### 56.2 312.2026
### 58.95 327.4794
### 62 344.4228
### 59.5 330.5348
### 59.15 328.5905
### 59.3 329.4237
### 57.8 321.0909
### 59.6 331.0903
### 61.5 341.6452
### 60.2 334.4234
### 60.65 336.9233
### 62.25 345.8116
### 68.45 380.2539
### 68.4 379.9761
### 67.6 375.5319
### 68.5 380.5316
### 70.2 389.9755
### 68.05 378.0318
### 65.4 363.3105
### 64.3 357.1998
### 61.9 343.8673
### 62.25 345.8116
### 63.95 355.2554
### 64 355.5332
### 68.4 379.9761
### 67.15 373.0321
### 69.25 384.698
### 69.75 387.4756
### 69.8 387.7534
### 71.5 397.1972
### 79.8 443.3055
### 79.5 441.6389
### 78.05 433.5839
### 76.35 424.14
### 75.55 419.6958
### 78.95 438.5835
1/1/2016 15:30 77.1 428.3064
1/4/2016 15:30 75.3 418.307
1/5/2016 15:30 76.6 425.5288
1/6/2016 15:30 75.35 418.5848
1/7/2016 15:30 71.05 394.6974
1/8/2016 15:30 74.45 413.5851
### 83 461.0821
### 81.75 454.1381
### 76 422.1957
### 72.1 400.5304
### 69.6 386.6424
### 64.3 357.1998
### 65.1 361.6439
### 62.35 346.3671
### 63.05 350.2558
### 67 372.1988
### 69.3 384.9758
### 70.95 394.1419
### 71.9 399.4193
### 71.4 396.6417
2/1/2016 15:30 70.75 393.0308
2/2/2016 15:30 69.8 387.7534
2/3/2016 15:30 67.3 373.8654
2/4/2016 15:30 67 372.1988
2/5/2016 15:30 67.55 375.2542
2/8/2016 15:30 67.6 375.5319
2/9/2016 15:30 65.2 362.1994
### 60.15 334.1457
### 54.85 304.7031
### 53.6 297.7591
### 58.2 323.313
### 57.45 319.1466
### 55.6 308.8695
### 56.95 316.369
### 57 316.6468
### 56.65 314.7024
### 54.3 301.6477
### 53.65 298.0368
### 52.2 289.9818
### 51.2 284.4266
### 49.75 276.3715
3/1/2016 15:30 51.5 286.0931
3/2/2016 15:30 56.5 313.8692
3/3/2016 15:30 56.55 314.1469
3/4/2016 15:30 57.35 318.5911
3/8/2016 15:30 56.5 313.8692
3/9/2016 15:30 57.85 321.3687
### 58.4 324.424
### 57.4 318.8688
### 56.95 316.369
### 55.3 307.2029
### 55.45 308.0362
### 56.2 312.2026
### 55.5 308.3139
### 58 322.202
### 57.3 318.3133
### 57.65 320.2576
### 56.65 314.7024
### 57.4 318.8688
### 59.8 332.2013
### 59 327.7572
4/1/2016 15:30 60.5 336.09
4/4/2016 15:30 59.55 330.8125
4/5/2016 15:30 58 322.202
4/6/2016 15:30 60.5 336.09
4/7/2016 15:30 63.5 352.7556
4/8/2016 15:30 63.25 351.3668
### 63 349.978
### 62.7 348.3114
### 63.2 351.089
### 63.25 351.3668
### 65.6 364.4215
### 69.5 386.0868
### 71.65 398.0305
### 73 405.5301
### 72.15 400.8081
### 71.7 398.3083
### 69 383.3092
### 71.3 396.0862
5/2/2016 15:30 69.75 387.4756
5/3/2016 15:30 67.05 372.4766
5/4/2016 15:30 66.65 370.2545
5/5/2016 15:30 66.7 370.5323
5/6/2016 15:30 64.7 359.4218
5/9/2016 15:30 64.65 359.1441
### 63 349.978
### 61.5 341.6452
### 64.2 356.6442
### 62.6 347.7559
### 63.95 355.2554
### 63.8 354.4222
### 63.85 354.6999
### 61.85 343.5895
### 61.3 340.5341
### 61.3 340.5341
### 61.4 341.0897
### 61 338.8676
### 61.45 341.3674
### 62.15 345.2561
### 62.45 346.9226
### 62.45 346.9226
6/1/2016 15:30 63.35 351.9223
6/2/2016 15:30 63 349.978
6/3/2016 15:30 62.5 347.2004
6/6/2016 15:30 63.8 354.4222
6/7/2016 15:30 65.9 366.0881
6/8/2016 15:30 64.8 359.9774
6/9/2016 15:30 65.9 366.0881
### 64.85 360.2551
### 63.8 354.4222
### 64 355.5332
### 72.15 400.8081
### 76.4 424.4178
### 81.6 453.3048
### 79.25 440.2501
### 82.5 458.3045
### 81.5 452.7493
### 78.25 434.6949
### 77.7 431.6395
### 78.35 435.2504
### 77.4 429.973
### 78.1 433.8616
### 80.8 448.8607
7/1/2016 15:30 79 438.8613
7/4/2016 15:30 80.2 445.5275
7/5/2016 15:30 78 433.3061
7/7/2016 15:30 78.2 434.4171
7/8/2016 15:30 77.4 429.973
### 77.7 431.6395
### 77.35 429.6952
### 76.55 425.251
### 76.4 424.4178
### 74.7 414.9739
### 72.8 404.419
### 72.5 402.7525
### 74.5 413.8629
### 74 411.0853
### 73.65 409.1409
### 74.95 416.3627
### 73.75 409.6965
### 73.15 406.3633
### 72.85 404.6968
### 72.75 404.1413
8/1/2016 15:30 74 411.0853
8/2/2016 15:30 77.65 431.3618
8/3/2016 15:30 74.6 414.4184
8/4/2016 15:30 77.5 430.5285
8/5/2016 15:30 75.7 420.5291
8/8/2016 15:30 73 405.5301
8/9/2016 15:30 73 405.5301
### 71.45 396.9195
### 70.75 393.0308
### 71.55 397.475
### 70.3 390.531
### 70.7 392.7531
### 69.4 385.5313
### 71.3 396.0862
### 68.8 382.1982
### 67.5 374.9764
### 70.4 391.0865
### 70.4 391.0865
### 69.55 386.3646
### 67.05 372.4766
### 67.9 377.1985
### 67.8 376.643
9/1/2016 15:30 67.55 375.2542
9/2/2016 15:30 73.35 407.4744
9/6/2016 15:30 72.1 400.5304
9/7/2016 15:30 70.9 393.8641
9/8/2016 15:30 72.75 404.1413
9/9/2016 15:30 71.2 395.5307
### 67.65 375.8097
### 68.9 382.7537
### 70.65 392.4753
### 69.2 384.4203
### 69 383.3092
### 69.4 385.5313
### 73.1 406.0856
### 76.75 426.3621
### 74.4 413.3073
### 71.95 399.6971
### 71.85 399.1416
### 74 411.0853
### 68.4 379.9761
### 69.5 386.0868
### 71.1 394.9752
### 71.1 394.9752
### 71.55 397.475
### 70.5 391.642
### 69.85 388.0312
### 70.15 389.6977
### 69.3 384.9758
### 69.4 385.5313
### 69.4 385.5313
### 69.8 387.7534
### 70.9 393.8641
### 72 399.9749
### 72 399.9749
### 71.1 394.9752
### 71 394.4196
### 71.15 395.2529
### 70.4 391.0865
### 74 411.0853
### 76.35 424.14
### 73.4 407.7521
### 73.1 406.0856
### 71.65 398.0305
### 73.5 408.3077
### 74 411.0853
### 72.2 401.0859
### 74 411.0853
### 70 388.8644
### 67.5 374.9764
### 68.75 381.9204
### 68 377.754
### 67.5 374.9764
### 62.45 346.9226
### 64 355.5332
### 66.6 369.9767
### 67.05 372.4766
### 67.7 376.0875
### 68.5 380.5316
### 69 383.3092
### 72.15 400.8081
### 71.9 399.4193
### 70.45 391.3643
### 70 388.8644
### 69.75 387.4756
### 70.3 390.531
### 71.25 395.8084
### 70.15 389.6977
### 69.15 384.1425
### 69.1 383.8648
### 68.1 378.3095
### 66.9 371.6433
### 68.65 381.3649
### 72.25 401.3637
### 70 388.8644
### 69.4 385.5313
### 68.15 378.5873
### 67.5 374.9764
### 66.9 371.6433
### 67.3 373.8654
### 67.65 375.8097
### 69 383.3092
### 69.1 383.8648
1/2/2017 15:30 71.5 397.1972
1/3/2017 15:30 72.15 400.8081
1/4/2017 15:30 72.35 401.9192
1/5/2017 15:30 72.05 400.2526
1/6/2017 15:30 72.8 404.419
1/9/2017 15:30 73.3 407.1966
### 76.25 423.5845
### 78.55 436.3615
### 80 444.4165
### 78.95 438.5835
### 79 438.8613
### 78 433.3061
### 78.2 434.4171
### 78.25 434.6949
### 79.5 441.6389
### 79.3 440.5279
### 79.05 439.1391
### 79.75 443.0277
### 79.75 443.0277
### 79.9 443.861
### 77.25 429.1397
2/1/2017 15:30 79.3 440.5279
2/2/2017 15:30 80.8 448.8607
2/3/2017 15:30 86 477.7477
2/6/2017 15:30 86.7 481.6364
2/7/2017 15:30 87.05 483.5807
2/8/2017 15:30 88.4 491.0802
2/9/2017 15:30 86.8 482.1919
### 85.05 472.4703
### 83.4 463.3042
### 93.8 521.0783
### 93.3 518.3007
### 97.15 539.6883
### 96 533.2998
### 98.15 545.2435
### 98.4 546.6323
### 98 544.4102
### 100 555.5206
### 98.25 545.799
### 96.8 537.744
3/1/2017 15:30 98 544.4102
3/2/2017 15:30 94.65 525.8003
3/3/2017 15:30 93.9 521.6339
3/6/2017 15:30 94.5 524.967
3/7/2017 15:30 93.5 519.4118
3/8/2017 15:30 92 511.079
3/9/2017 15:30 95 527.7446
### 99.1 550.5209
### 102.55 569.6864
### 100.6 558.8538
### 99.3 551.632
### 99.05 550.2432
### 98 544.4102
### 99.7 553.8541
### 97 538.855
### 101.5 563.8534
### 108.85 604.6842
### 119 661.0695
### 121.7 676.0686
### 116.2 645.515
### 115.85 643.5706
### 121 672.18
4/3/2017 15:30 129.7 720.5103
4/5/2017 15:30 128.05 711.3442
4/6/2017 15:30 127.3 707.1778
4/7/2017 15:30 126.95 705.2334
### 128.5 713.844
### 129 716.6216
### 127.65 709.1221
### 129.55 719.677
### 130.15 723.0101
### 130 722.1768
### 129 716.6216
### 126.35 701.9003
### 134.4 746.6197
### 133.75 743.0088
### 135 749.9528
### 132.9 738.2869
### 133.85 743.5644
### 132.45 735.7871
5/2/2017 15:30 131.3 729.3986
5/3/2017 15:30 132.9 738.2869
5/4/2017 15:30 132.3 734.9538
5/5/2017 15:30 134.45 746.8975
5/8/2017 15:30 138.7 770.5071
5/9/2017 15:30 138 766.6185
### 134.55 747.453
### 130.55 725.2322
### 136.8 759.9522
### 135.5 752.7305
### 133.5 741.62
### 129.9 721.6213
### 125.5 697.1784
### 125.75 698.5672
### 122.6 681.0683
### 118 655.5143
### 117 649.9591
### 120.4 668.8468
### 123.35 685.2347
### 120.9 671.6244
### 122.1 678.2907
### 126.3 701.6226
6/1/2017 15:30 125.5 697.1784
6/2/2017 15:30 122.5 680.5128
6/5/2017 15:30 127.6 708.8443
6/6/2017 15:30 133.65 742.4533
6/7/2017 15:30 132 733.2872
6/8/2017 15:30 130.05 722.4546
6/9/2017 15:30 128.7 714.955
### 127 705.5112
### 125.05 694.6785
### 122.9 682.7349
### 125 694.4008
### 125 694.4008
### 127 705.5112
### 122.8 682.1793
### 124 688.8456
### 121.4 674.402
### 118 655.5143
### 120.6 669.9579
### 123.1 683.8459
### 126.1 700.5115
### 123.05 683.5681
7/3/2017 15:30 124 688.8456
7/4/2017 15:30 128.25 712.4552
7/5/2017 15:30 132.4 735.5093
7/6/2017 15:30 134.55 747.453
7/7/2017 15:30 136 755.5081
### 139.35 774.118
### 136.9 760.5077
### 136.7 759.3967
### 133.75 743.0088
### 130.05 722.4546
### 137.95 766.3407
### 131.85 732.4539
### 135.75 754.1193
### 132.1 733.8428
### 132.1 733.8428
### 130.95 727.4543
### 130.5 724.9544
### 128.6 714.3995
### 125.75 698.5672
### 125.25 695.7896
### 126.2 701.067
8/1/2017 15:30 125.8 698.845
8/2/2017 15:30 133 738.8424
8/3/2017 15:30 128.65 714.6773
8/4/2017 15:30 132.4 735.5093
8/7/2017 15:30 122.05 678.0129
8/8/2017 15:30 118.6 658.8475
8/9/2017 15:30 115.5 641.6263
### 108.6 603.2954
### 111.15 617.4612
### 112.45 624.6829
### 113.1 628.2938
### 118.4 657.7364
### 117.1 650.5147
### 115.8 643.2929
### 115.35 640.793
### 118.8 659.9585
### 119.15 661.9028
### 115.6 642.1818
### 115.3 640.5153
### 115.3 640.5153
### 121 672.18
9/1/2017 15:30 121.8 676.6241
9/4/2017 15:30 118.45 658.0142
9/5/2017 15:30 117.45 652.459
9/6/2017 15:30 120.2 667.7358
9/7/2017 15:30 120 666.6248
9/8/2017 15:30 122 677.7352
### 119.6 664.4027
### 118.7 659.403
### 118 655.5143
### 116.65 648.0148
### 113.95 633.0158
### 113.9 632.738
### 112.1 622.7386
### 112 622.1831
### 113.5 630.5159
### 110.35 613.017
### 105 583.2967
### 104 577.7415
### 105.5 586.0743
### 106.45 591.3517
### 105.95 588.5741
### 105 583.2967
### 105.45 585.7965
### 105.5 586.0743
### 105.75 587.4631
### 104.45 580.2413
### 109 605.5175
### 110.4 613.2948
### 113.35 629.6826
### 112.9 627.1828
### 107.9 599.4068
### 106 588.8519
### 110 611.0727
### 111.8 621.0721
### 112.2 623.2941
### 117.45 652.459
### 116 644.4039
### 113.35 629.6826
### 115.75 643.0151
### 116 644.4039
### 113.55 630.7937
### 125 694.4008
### 124.9 693.8453
### 120.15 667.458
### 119 661.0695
### 116.45 646.9038
### 114.45 635.7934
### 113.75 631.9047
### 113.15 628.5716
### 112.7 626.0717
### 113 627.7383
### 103.4 574.4083
### 105.5 586.0743
### 104.7 581.6301
### 109.95 610.7949
### 110 611.0727
### 110.2 612.1837
### 110.5 613.8503
### 110.4 613.2948
### 110 611.0727
### 108.55 603.0176
### 108.9 604.962
### 107.45 596.9069
### 105.2 584.4077
### 105.3 584.9632
### 105.1 583.8522
### 105 583.2967
### 109.1 606.073
### 109.5 608.2951
### 114.75 637.4599
### 114.2 634.4046
### 110.8 615.5169
### 109.5 608.2951
### 110.35 613.017
### 108.7 603.8509
### 114.25 634.6823
### 111.55 619.6833
### 111.8 621.0721
### 113.5 630.5159
### 116.4 646.626
### 116.6 647.7371
### 116 644.4039
### 116 644.4039
1/1/2018 15:30 116 644.4039
1/2/2018 15:30 111 616.6279
1/3/2018 15:30 111 616.6279
1/4/2018 15:30 112.9 627.1828
1/5/2018 15:30 118 655.5143
1/8/2018 15:30 116.6 647.7371
1/9/2018 15:30 116 644.4039
### 116.5 647.1815
### 116.6 647.7371
### 116 644.4039
### 114.65 636.9044
### 112.25 623.5719
### 112.5 624.9607
### 111 616.6279
### 111 616.6279
### 110.5 613.8503
### 110.2 612.1837
### 110 611.0727
### 114.5 636.0711
### 123.5 686.068
### 121.35 674.1243
### 120.35 668.5691
2/1/2018 15:30 118 655.5143
2/2/2018 15:30 112.45 624.6829
2/5/2018 15:30 112 622.1831
2/6/2018 15:30 106.25 590.2407
2/7/2018 15:30 110.2 612.1837
2/8/2018 15:30 112.6 625.5162
2/9/2018 15:30 110.4 613.2948
### 113.5 630.5159
### 112 622.1831
### 111.4 618.85
### 109.75 609.6839
### 109.5 608.2951
### 108.7 603.8509
### 108.55 603.0176
### 107.85 599.129
### 108.75 604.1287
### 106.25 590.2407
### 105.7 587.1853
### 104.85 582.4634
3/1/2018 15:30 104.1 578.297
3/5/2018 15:30 102.95 571.9085
3/6/2018 15:30 98.95 549.6877
3/7/2018 15:30 97.45 541.3549
3/8/2018 15:30 96.7 537.1884
3/9/2018 15:30 98.2 545.5213
### 99.9 554.9651
### 101.3 562.7424
### 104.3 579.408
### 104.9 582.7411
### 102.8 571.0752
### 101.95 566.3533
### 101.15 561.9091
### 100.55 558.576
### 98.65 548.0211
### 100 555.5206
### 97.45 541.3549
### 98 544.4102
### 98.25 545.799
Average
Risk Free
Rate for a
Serial Month 10 Yr Yield year
124 Jan-08 7.529
123 Feb-08 7.568
122 Mar-08 7.938
121 Apr-08 7.956 Apr-08 7.5625 Rf
120 May-08 8.101 NSE Beta
119 Jun-08 8.713 NSE Rm
118 Jul-08 9.316 BSE Beta
117 Aug-08 8.7 BSE Rm
116 Sep-08 8.617
CAPM Reqd Rate of

Return = Rf +
Beta*(Rm - Rf). If
Oct-08 7.478
beta*risk_premium is
negative, then Rf is
the base rate
115
114 Nov-08 7.08
113 Dec-08 5.26
112 Jan-09 6.187
111 Feb-09 6.328
110 Mar-09 7.014
109 Apr-09 6.242 Apr-09 7.26325
108 May-09 6.71
107 Jun-09 7.013
106 Jul-09 6.998
105 Aug-09 7.434
104 Sep-09 7.215
103 Oct-09 7.306
102 Nov-09 7.257
101 Dec-09 7.679
100 Jan-10 7.591
99 Feb-10 7.864
98 Mar-10 7.85
97 Apr-10 8.061 Apr-10 7.916833
96 May-10 7.564
95 Jun-10 7.561
94 Jul-10 7.803
93 Aug-10 7.936
92 Sep-10 7.852
91 Oct-10 8.121
90 Nov-10 8.066
89 Dec-10 7.913
88 Jan-11 8.148
87 Feb-11 7.992
86 Mar-11 7.985
85 Apr-11 8.135 Apr-11 8.444667
84 May-11 8.411
83 Jun-11 8.326
82 Jul-11 8.454
81 Aug-11 8.319
80 Sep-11 8.442
79 Oct-11 8.879
78 Nov-11 8.738
77 Dec-11 8.572
76 Jan-12 8.269
75 Feb-12 8.203
74 Mar-12 8.588
73 Apr-12 8.675 Apr-12 8.189167
72 May-12 8.377
71 Jun-12 8.39
70 Jul-12 8.247
69 Aug-12 8.241
68 Sep-12 8.152
67 Oct-12 8.217
66 Nov-12 8.177
65 Dec-12 8.049
64 Jan-13 7.912
63 Feb-13 7.873
62 Mar-13 7.96
61 Apr-13 7.731 Apr-13 8.428
60 May-13 7.449
59 Jun-13 7.449
58 Jul-13 8.17
57 Aug-13 8.602
56 Sep-13 8.761
55 Oct-13 8.63
54 Nov-13 9.06
53 Dec-13 8.825
52 Jan-14 8.788
51 Feb-14 8.861
50 Mar-14 8.81
49 Apr-14 8.83 Apr-14 8.283667
48 May-14 8.646
47 Jun-14 8.747
46 Jul-14 8.722
45 Aug-14 8.565
44 Sep-14 8.516
43 Oct-14 8.277
42 Nov-14 8.087
41 Dec-14 7.857
40 Jan-15 7.693
39 Feb-15 7.728
38 Mar-15 7.736
37 Apr-15 7.86 Apr-15 7.727417
36 May-15 7.816
35 Jun-15 7.86
34 Jul-15 7.808
33 Aug-15 7.787
32 Sep-15 7.541
31 Oct-15 7.641
30 Nov-15 7.786
29 Dec-15 7.758
28 Jan-16 7.783
27 Feb-16 7.626
26 Mar-16 7.463
25 Apr-16 7.437 Apr-16 6.934667
24 May-16 7.471
23 Jun-16 7.45
22 Jul-16 7.164
21 Aug-16 7.11
20 Sep-16 6.962
19 Oct-16 6.886
18 Nov-16 6.246
17 Dec-16 6.516
16 Jan-17 6.409
15 Feb-17 6.871
14 Mar-17 6.694
13 Apr-17 6.964 Apr-17 6.966167
12 May-17 6.664
11 Jun-17 6.511
10 Jul-17 6.466
9 Aug-17 6.526
8 Sep-17 6.667
7 Oct-17 6.862
6 Nov-17 7.062
5 Dec-17 7.318
4 Jan-18 7.43
3 Feb-18 7.726
2 Mar-18 7.398
1 Apr-18 7.76
For Beta calc via google finance
https://docs.google.com/spreadsheets/d/1dhpZDtGwki-T6OT_dwgBaiYAjTZxBRyWArqM1SDX64M/edit?usp=sharing
Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Apr-15 Apr-16

7.56% 7.26% 7.92% 8.44% 8.19% 8.43% 8.28% 7.73% 6.93%
0.6172118 -0.383581681 1.225941369 0.779991 0.261559 0.24562 1.017662 1.510073 1.215306
-36.46% 63.47% 8.67% -10.37% 6.86% 16.63% 25.75% -10.64% 18.24%
0.5657766 -0.261009303 1.228078017 0.799802 -0.078819 0.462753 0.982118 1.506592 1.211938
-38.36% 40.96% 7.76% -13.20% 7.21% 14.94% 19.34% -12.48% 14.25%
7.56% 7.26% 8.84% 8.44% 7.84% 10.44% 26.06% 7.73% 20.67%

64M/edit?usp=sharing
Apr-17
6.97%
0.488592
9.48%
0.460575
9.28%
8.19%
NITIN SPINNERS LTD SCREENER.IN
Narration Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Trailing Best Case Worst Case
Sales 203.76 262.27 301.95 410.92 428.30 446.05 488.34 616.47 766.87 933.38 1,144.00 1,158.34 1,126.25
Expenses 170.52 265.48 267.71 335.12 383.25 373.56 394.40 517.28 629.84 800.26 993.72 973.68 978.30
Operating Profit 33.24 -3.21 34.24 75.80 45.05 72.49 93.94 99.19 137.03 133.12 150.28 184.67 147.95
Other Income 0.17 0.98 0.56 0.24 0.13 0.30 0.35 5.13 0.72 0.79 1.97 - -
Depreciation 21.09 -3.07 18.65 45.33 23.98 24.50 24.87 27.94 39.56 41.65 54.49 54.49 54.49
Interest 14.59 23.90 15.15 21.04 20.90 27.31 17.46 22.62 33.01 22.24 28.93 28.93 28.93
Profit before tax -2.27 -23.06 1.00 9.67 0.30 20.97 51.95 53.75 65.19 70.02 68.83 101.25 64.53
Tax 2.02 -8.95 0.32 2.93 - 6.84 17.17 12.79 21.04 12.87 15.25 22% 22%
Net profit -4.29 -14.11 0.68 6.74 0.30 14.14 34.78 40.96 44.16 57.15 53.59 78.81 50.23
EPS -1.05 -3.46 0.15 1.47 0.07 3.09 7.59 8.94 9.63 12.47 9.65 14.19 9.04
Price to earning -11.17 -1.40 58.64 8.45 94.42 3.23 2.12 4.34 6.80 10.44 10.55 10.55 6.25
Price 11.74 4.84 8.70 12.42 6.18 9.98 16.06 38.79 65.56 130.18 101.80 149.72 56.50
RATIOS:
Dividend Payout 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 9.89% 11.18% 10.37% 9.62%
OPM 16.31% 0.00% 11.34% 18.45% 10.52% 16.25% 19.24% 16.09% 17.87% 14.26% 13.14%
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 18.42% 17.49% 16.86% 24.10% 22.57% 24.10% 16.86%
OPM 14.90% 16.05% 16.48% 15.94% 13.14% 15.94% 13.14%
Price to Earning 22.11 17.54 6.25 8.03 10.55 10.55 6.25
Narration Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Equity Share Capital 40.83 40.83 45.83 45.83 45.83 45.83 45.83 45.83 45.83 45.83
Reserves 47.23 33.11 33.78 40.52 40.83 54.96 85.72 121.16 159.81 210.34
Borrowings 267.34 299.41 308.51 284.03 248.92 206.64 176.07 378.27 352.07 563.49
Other Liabilities 16.03 55.52 42.65 38.40 11.72 56.38 47.71 66.75 79.39 106.68
Total 371.43 428.87 430.77 408.78 347.30 363.81 355.33 612.01 637.10 926.34
Net Block 239.51 313.16 295.08 249.28 228.09 212.99 191.21 416.74 382.07 614.29
Capital Work in Progress 47.89 0.08 - - 3.38 - 21.18 - 17.06 -
Investments - - - - - - - - - -
Other Assets 84.03 115.63 135.69 159.50 115.83 150.82 142.94 195.27 237.97 312.05
Total 371.43 428.87 430.77 408.78 347.30 363.81 355.33 612.01 637.10 926.34
Working Capital 68.00 60.11 93.04 121.10 104.11 94.44 95.23 128.52 158.58 205.37
Debtors 11.79 15.24 9.40 35.34 18.50 28.04 24.89 40.42 39.25 48.33
Inventory 48.75 40.98 76.03 81.84 77.13 81.90 70.70 94.19 114.76 170.04
Debtor Days 21.12 21.21 11.36 31.39 15.77 22.94 18.60 23.93 18.68 18.90
Inventory Turnover 4.18 6.40 3.97 5.02 5.55 5.45 6.91 6.54 6.68 5.49
Return on Equity -5% -19% 1% 8% 0% 14% 26% 25% 21% 22%

Return on Capital Emp 3% 2% 4% 7% 6% 13% 18% 11% 14% 10%
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14
PRICE: 11.7 4.8 8.7 12.4 6.2 10.0 16.1
Adjusted Equity Shares in Cr 4.1 4.1 4.6 4.6 4.6 4.6 4.6
Revenue 204 262 302 411 428 446 488
Other Income 0.2 1.0 0.6 0.2 0.1 0.3 0.4
Expense 175 270 266 353 362 374 406
Other Expense 2.4 29.3 0.1 0.2 0.2 15.5 0.2
Receivables 11.8 15.2 9.4 35.3 18.5 28.0 24.9
Inventory 48.8 41.0 76.0 81.8 77.1 81.9 70.7
Invested Capital 355 373 388 370 336 307 308
PAT -4.3 -14.1 0.7 6.7 0.3 14.1 34.8
CFO 17.9 14.3 0.6 45.4 64.2 88.9 86.6
CAPEX 22.8 0.5 -0.5 6.2 6.0 24.3
Dividend 0.0 0.0 0.0 0.0 0.0 0.0 3.4
FCF including Dividend -8.5 0.1 45.9 58.0 82.9 62.4
Enterprise Value 315 319 348 341 277 252 250
Revenue Growth 29% 15% 36% 4% 4% 9%
PAT Growth -229% 105% 891% -96% 4613% 146%
Receivables as a % of Sales 6% 6% 3% 9% 4% 6% 5%
Inventory as a % of Sales 24% 16% 25% 20% 18% 18% 14%
PAT Margin -2.1% -5.4% 0.2% 1.6% 0.1% 3.2% 7.1%
Tax Rate -89% 39% 32% 30% 0% 33% 33%
CFO-PAT 22.2 28.4 -0.1 38.7 63.9 74.8 51.8
Profitability Ratios
COGS/Sales 56% 64% 64% 64% 67% 59% 62%
Change in Inventory as a % of Sales 1% 1% 0% 2% -2% 0% 1%
Power and Fuel as a % of Sales 13% 13% 10% 9% 9% 9% 7%
Other Mfr. Exp as a % of Sales 4% 4% 5% 4% 4% 4% 4%
Employee Cost as a % of Sales 4% 4% 4% 4% 4% 4% 5%
Selling and admin as a % of Sales 6% 5% 4% 4% 4% 4% 3%
Other Expenses as a % of Sales 1% 11% 0% 0% 0% 3% 0%
Other Income as a % of Sales 0% 0% 0% 0% 0% 0% 0%
Depreciation as a % of Sales 10.4% -1.2% 6.2% 11.0% 5.6% 5.5% 5.1%
Gross Margin 44% 36% 36% 36% 33% 41% 38%
EBIT Margin 6% 0% 5% 7% 5% 11% 14%
PAT Margin -2.1% -5.4% 0.2% 1.6% 0.1% 3.2% 7.1%
Tax Rate -89% 39% 32% 30% 0% 33% 33%
Balance Sheet Ratios
Gross Fixed Asset/Shareholder Equity 67% 75% 71% 63% 69% 61% 57%
Net Fixed Asset/Shareholder Equity 64% 73% 69% 61% 66% 59% 54%
Gross Fixed Asset/Revenue 122% 123% 101% 63% 56% 50% 42%
Net Fixed Asset/Revenue 118% 119% 98% 61% 53% 48% 39%
Capex/Share Capital 5% 0% 0% 2% 2% 7%
Capex/Gross Fixed Asset 7% 0% 0% 3% 3% 12%
Capex/Net Fixed Asset 7% 0% 0% 3% 3% 13%
Gross Fixed Asset/Assets 67% 75% 71% 63% 69% 61% 57%
Net Fixed Asset/Asset 64% 73% 69% 61% 66% 59% 54%
Investment/Shareholder Equity 0% 0% 0% 0% 0% 0% 0%
Other Asset/Shareholder Equity 23% 27% 31% 39% 33% 41% 40%
Capital work in progress/Shareholder Equity 13% 0% 0% 0% 1% 0% 6%
Capital Work in progress/Gross Fixed Asset 19% 0% 0% 0% 1% 0% 10%
Capital Work in progress/Net Fixed Asset 20% 0% 0% 0% 1% 0% 11%
Liquidity Ratios
Debt to Equity 3.0 4.0 3.9 3.3 2.9 2.1 1.3
Current Ratio 5.2 2.1 3.2 4.2 9.9 2.7 3.0
Interest Coverage Ratio 0.8 0.0 1.1 1.5 1.0 1.8 4.0
Leverage 4.2 5.8 5.4 4.7 4.0 3.6 2.7
Quick Ratio 2.2 1.3 1.4 2.0 3.3 1.2 1.5
Short term Debt Coverage 1.1 0.3 0.0 1.2 5.5 1.6 1.8
Cash/Shareholders's Equity 0% 0% 0% 0% 0% 0%
Cash to Long Term debt Ratio 0% 0% 0% 0% 0% 0% 0%
Cash to Short Term Debt Ratio 2% 1% 0% 0% 1% 0% 0%
Short Term/Long Term Debt 6% 19% 14% 14% 5% 27% 27%
Depreciation/Gross Asset 8% -1% 6% 15% 10% 10% 12%
Depreciation/Net Asset 9% -1% 6% 18% 11% 12% 13%
cash to Market Cap 0.01 0.03 0.00 0.00 0.00 0.01 0.00
Investments to Market Cap - - - - - - -
Operating Ratios
Working Capital/Sales (including cash) 33% 23% 31% 29% 24% 21% 20%
Debtor Days 21 21 11 31 16 23 19
Debtor Turnover 17.3 17.2 32.1 11.6 23.2 15.9 19.6
Inventory Days 87 57 92 73 66 67 53
Inventory Turnover 4.2 6.4 4.0 5.0 5.6 5.4 6.9
Cash Return on Assets 4.8% 3.3% 0.1% 11.1% 18.5% 24.4% 24.4%
Return on Total Net Asset (EBIT) 3% 0% 4% 8% 6% 13% 20%

Return on Total Average Net Asset (EBIT) 0% 4% 7% 6% 14% 19%
Return on Total Productive Net Asset (EBIT) 4% 0% 5% 12% 9% 23% 33%
Return on Total Average Productive Net Asset (EBIT) 0% 5% 11% 9% 22% 33%
1 Year forward Incremental Total Net Asset to Revenue Ratio

2 Year forward Incremental Total Net Asset to Revenue Ratio
1 Year forward Incremental Total Net Asset to EBIT Ratio
2 Year forward Incremental Total Net Asset to EBIT Ratio
1 Year forward Incremental Total Net Productive Asset to Revenue Ratio

2 Year forward Incremental Total Net Productive Asset to Revenue Ratio
1 Year forward Incremental Total Net Productive Asset to EBIT Ratio
2 Year forward Incremental Total Net Productive Asset to EBIT Ratio
Total Net Asset Turns

Total Avregae Net Asset Turns
Total Net Productive Asset Turns
Total Avregae Net Productive Asset Turns
Return on Assets -1.2% -3.3% 0.2% 1.6% 0.1% 3.9% 9.8%

Asset Turnover 0.5 0.6 0.7 1.0 1.2 1.2 1.4
Fixed Asset Turnover 0.9 0.8 1.0 1.6 1.9 2.1 2.6
CFO/PAT -4.2 -1.0 0.8 6.7 213.9 6.3 2.5
CFO/Sales 9% 5% 0% 11% 15% 20% 18%
CAPEX/PAT 0.0 -1.6 0.7 -0.1 20.6 0.4 0.7
Dividend/PAT 0% 0% 0% 0% 0% 0% 10%
FCF/PAT 0.0 0.6 0.1 6.8 193.4 5.9 1.8
FCF/CFO 0.0 -0.6 0.1 1.0 0.9 0.9 0.7
FCF/Sales 0% -3% 0% 11% 14% 19% 13%
Profit Margin -2% -5% 0% 2% 0% 3% 7%
Asset turnover 0.55 0.61 0.70 1.01 1.23 1.23 1.37
Financial Leverage 4.2 5.8 5.4 4.7 4.0 3.6 2.7
Return on Equity -5% -19% 1% 8% 0% 14% 26%
Return on Capital 3.5% 0.2% 4.2% 8.3% 6.3% 15.7% 22.6%
Sales/Invested Capital 0.6 0.7 0.8 1.1 1.3 1.5 1.6
PAT/invested Capital -1% -4% 0% 2% 0% 5% 11%
CFO/Invested Capital 5% 4% 0% 12% 19% 29% 28%
FCF/Invested Capital 0% -2% 0% 12% 17% 27% 20%
Incremental Sales/Incremental Invested Capital 3.3 3.0 13.8 -11.3 -5.1 -6.0
Incremental PAT/Incremental Invested Capital -55% 15% 74% -23% -38% -82%
Incremental CFO/Incremental Invested Capital -20% -53% 184% -234% -148% -144%
Incremental FCF/Incremental Invested Capital -47% 0% 306% -293% -173% -130%
EPA/Sales
CFO/Enterprise Value 6% 4% 0% 13% 23% 35% 35%
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.7%
Dividend Payout 0% 0% 0% 0% 0% 0% 10%
Mar-15 Mar-16 Mar-17 Apr-17 3 Year Average/Sum 5 Year Average/Sum Overall Average/Sum 3-Year CAGR
38.8 65.6 130.2
4.6 4.6 4.6
616 767 933 2317 3251 4655
5.1 0.7 0.8 7 7 9
524 626 857 2007 2787 4037
0.9 0.1 0.1 1 17 47
40.4 39.3 48.3 128 181 259
94.2 114.8 170.0 379 532 808
545 558 820
41.0 44.2 57.2 142 191 185
44.5 100.4 59.2 204 380 504
232.3 22.0 256.8 511 541 570
4.6 4.6 5.5 15 18 18
-187.8 78.5 -197.7 -307 -162 -66
555 652 1159
26% 24% 22% 38%
18% 8% 29% 28%
7% 5% 5% 6% 6% 6%
15% 15% 18% 16% 16% 18%
6.6% 5.8% 6.1% 6% 5% 3%
24% 32% 18% 33% 41% 42%
3.6 56.2 2.0 61.8 188.4 319.2
63% 60% 66% 63% 63% 63%

1% 0% 3% 1% 0% 0%
8% 8% 10% 9% 8% 9%
4% 4% 4% 4% 4% 4%
6% 6% 6% 6% 5% 4%
4% 4% 4% 4% 4% 4%
0% 0% 0% 0% 1% 2%
1% 0% 0% 0% 0% 0%
4.5% 5.2% 4.5% 5% 5% 6%
37% 40% 34% 37% 37% 37%
12% 13% 10% 12% 11% 9%
6.6% 5.8% 6.1% 6% 5% 3%
24% 32% 18% 25% 29% 29%
70% 62% 68% 67% 64% 66%

68% 60% 66% 65% 61% 64%
70% 52% 67% 63% 56% 75%
68% 50% 66% 61% 54% 72%
38% 3% 28% 23% 16% 9%
54% 6% 41% 33% 23% 14%
56% 6% 42% 34% 24% 14%
70% 62% 68% 67% 64% 66%
68% 60% 66% 65% 61% 64%
0% 0% 0% 0% 0% 0%
32% 37% 34% 34% 37% 34%
0% 3% 0% 1% 2% 2%
0% 4% 0% 1% 3% 4%
0% 4% 0% 1% 3% 4%
2.3 1.7 2.2 2.1 1.9 2.7

2.9 3.0 2.9 2.9 2.9 3.9
3.4 3.0 4.1 3.5 3.2 2.1
3.7 3.1 3.6 3.5 3.3 4.1
1.5 1.6 1.3 1.5 1.4 1.7
0.7 1.3 0.6 0.8 1.2 1.4
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
1% 1% 1% 1% 1% 1%
18% 23% 19% 20% 23% 17%
6% 9% 6% 7% 9% 8%
7% 10% 7% 8% 10% 9%
0.00 0.00 0.00
- - -
21% 21% 22% 21% 21% 25%

24 19 19 20.5 20.6 20.4
15.3 19.5 19.3 18.0 17.9 19.1
56 55 66 59.0 59.3 67.1
6.5 6.7 5.5 6.2 6.2 5.6
7.3% 15.8% 6.4% 10% 16% 12%
12% 15% 10%

16% 16% 12%
18% 25% 15%
24% 24% 18%
6.7% 6.9% 6.2% 7% 7% 3%

1.0 1.2 1.0 1.1 1.2 1.0
1.5 2.0 1.5 1.7 1.9 1.6
1.1 2.3 1.0 1.5 2.6 22.9
7% 13% 6% 9% 13% 10%
5.7 0.5 4.5 3.6 2.4 3.1
11% 10% 10% 10% 8% 4%
-4.6 1.8 -3.5 -2.1 0.3 20.2
-4.2 0.8 -3.3 -2.3 -1.0 -0.4
-30% 10% -21% -14% -2% 1%
7% 6% 6% 6% 6% 2%
1.01 1.20 1.01 1.1 1.2 1.0
3.7 3.1 3.6 3.5 3.3 4.1
25% 21% 22% 23% 22% 9%
14.0% 17.6% 11.3% 14% 16% 10%
1.1 1.4 1.1 1.2 1.3 1.1
8% 8% 7% 7% 8% 4%
8% 18% 7% 11% 18% 13%
-34% 14% -24% -15% 1% 3%
2.2 2.8 1.6 2.2 -0.9 0.5
24% 24% 13% 20% -12% -5%
14% 41% 9% 21% -46% -39%
-99% 39% -43% -34% -81% -49%
8% 15% 5% 10% 20% 15%

2.6% 1.5% 0.9% 2% 2% 1%
11% 10% 10% 10% 8% 4%
5-Year CAGR Overall CAGR
22% 21%
272% #NUM!
Narration Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
Sales 190.13 190.45 190.47 193.53 206.47 248.17 285.20 287.25 284.45 287.10
Expenses 155.29 156.52 159.37 162.65 174.77 214.48 247.88 245.92 250.96 248.96
Operating Profit 34.84 33.93 31.10 30.88 31.70 33.69 37.32 41.33 33.49 38.14
Other Income 0.01 0.03 - 0.14 0.41 0.07 0.16 0.19 0.79 0.83
Depreciation 10.00 9.94 9.73 9.85 9.97 9.97 11.87 14.13 14.24 14.25
Interest 8.83 8.71 5.71 5.82 5.02 5.06 6.37 8.09 7.40 7.07
Profit before tax 16.02 15.31 15.65 15.35 17.12 18.73 19.25 19.29 12.64 17.65
Tax 5.67 4.64 4.28 3.06 3.00 3.50 3.46 6.57 4.33 0.89
Net profit 10.34 10.67 11.37 12.30 14.12 15.23 15.79 12.73 8.31 16.76
OPM 18% 18% 16% 16% 15% 14% 13% 14% 12% 13%
COMPANY NAME NITIN SPINNERS LTD
LATEST VERSION 2.1
CURRENT VERSION 2.1
META
Number of shares 5.555206
Face Value 10
Current Price 101.8
Market Capitalization 565.52
PROFIT & LOSS

Report Date Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
Sales 203.76 262.27 301.95 410.92 428.3 446.05 488.34 616.47
Raw Material Cost 113.49 168.56 192.7 260.94 286.3 264.19 303.78 387.09
Change in Inventory 2.11 2.02 -1.1 8.79 -10.43 0.19 5.92 3.41
Power and Fuel 27.21 34.82 31.39 35.14 38.57 38.53 34.96 51.3
Other Mfr. Exp 8.98 11.61 16.55 16.08 15.59 18.26 20.26 25.12
Employee Cost 8.15 10.47 12.66 14.75 16.49 19.94 24.6 34.28
Selling and admin 12.4 12.71 13.2 16.79 15.72 17.3 16.51 22.02
Other Expenses 2.4 29.33 0.11 0.21 0.15 15.53 0.21 0.88
Other Income 0.17 0.98 0.56 0.24 0.13 0.3 0.35 5.13
Depreciation 21.09 -3.07 18.65 45.33 23.98 24.5 24.87 27.94
Interest 14.59 23.9 15.15 21.04 20.9 27.31 17.46 22.62
Profit before tax -2.27 -23.06 1 9.67 0.3 20.97 51.95 53.75
Tax 2.02 -8.95 0.32 2.93 0 6.84 17.17 12.79
Net profit -4.29 -14.11 0.68 6.74 0.3 14.14 34.78 40.96
Dividend Amount 0 0 0 0 0 0 3.44 4.58
Quarters
Report Date Sep-15 Dec-15 Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17
Sales 190.13 190.45 190.47 193.53 206.47 248.17 285.2 287.25
Expenses 155.29 156.52 159.37 162.65 174.77 214.48 247.88 245.92
Other Income 0.01 0.03 0 0.14 0.41 0.07 0.16 0.19
Depreciation 10 9.94 9.73 9.85 9.97 9.97 11.87 14.13
Interest 8.83 8.71 5.71 5.82 5.02 5.06 6.37 8.09
Profit before tax 16.02 15.31 15.65 15.35 17.12 18.73 19.25 19.29
Tax 5.67 4.64 4.28 3.06 3 3.5 3.46 6.57
Net profit 10.34 10.67 11.37 12.3 14.12 15.23 15.79 12.73
Operating Profit 34.84 33.93 31.1 30.88 31.7 33.69 37.32 41.33
BALANCE SHEET
Equity Share Capital 40.83 40.83 45.83 45.83 45.83 45.83 45.83 45.83
Reserves 47.23 33.11 33.78 40.52 40.83 54.96 85.72 121.16
Borrowings 267.34 299.41 308.51 284.03 248.92 206.64 176.07 378.27
Other Liabilities 16.03 55.52 42.65 38.4 11.72 56.38 47.71 66.75
Total 371.43 428.87 430.77 408.78 347.3 363.81 355.33 612.01
Net Block 239.51 313.16 295.08 249.28 228.09 212.99 191.21 416.74
Capital Work in Progress 47.89 0.08 0 0 3.38 0 21.18 0
Investments 0 0 0 0 0 0 0 0
Other Assets 84.03 115.63 135.69 159.5 115.83 150.82 142.94 195.27
Total 371.43 428.87 430.77 408.78 347.3 363.81 355.33 612.01
Receivables 11.79 15.24 9.4 35.34 18.5 28.04 24.89 40.42
Inventory 48.75 40.98 76.03 81.84 77.13 81.9 70.7 94.19
Cash & Bank 0.4 0.53 0.1 0.14 0.08 0.28 0.06 0.68
No. of Equity Shares 40833945 40833945 45833945 45833945 45833945 45833945 45833945 45833945
New Bonus Shares 0 0 0 0 0 0 0 0
Face value 10 10 10 10 10 10 10 10
CASH FLOW:
Cash from Operating Acti 17.87 14.27 0.55 45.39 64.18 88.9 86.62 44.51
Cash from Investing Activ -62.64 -21.88 -0.07 0.2 -8.29 -4.39 -38.85 -219.45
Cash from Financing Activ 45.07 7.74 -0.91 -45.6 -55.95 -84.32 -47.98 175.56
Net Cash Flow 0.3 0.13 -0.43 -0.01 -0.06 0.19 -0.21 0.62
PRICE: 11.74 4.84 8.7 12.42 6.18 9.98 16.06 38.79

DERIVED:
Adjusted Equity Shares in 4.08 4.08 4.58 4.58 4.58 4.58 4.58 4.58
Mar-16 Mar-17 9M LFY 9M CFY
766.87 933.38 648.17 858.8
461.52 617.14
-1.71 28.12
65.05 92.11
30.79 34.23
43.14 52.16
27.57 32.67
0.06 0.07
0.72 0.79 0.62 1.81
39.56 41.65 29.79 42.62
33.01 22.24 15.9 22.56
65.19 70.02 51.2 49.58
21.04 12.87 9.56 11.79
44.16 57.15 41.65 37.8
4.58 5.5
Sep-17 Dec-17 9M LY 9M CY
284.45 287.1 648.17 858.8
250.96 248.96 551.9 745.84
0.79 0.83 0.62 1.81
14.24 14.25 29.79 42.62
7.4 7.07 15.9 22.56
12.64 17.65 51.2 49.58
4.33 0.89 9.56 11.79
8.31 16.76 41.65 37.8
33.49 38.14 96.27 112.96
Mar-16 Mar-17
45.83 45.83
159.81 210.34
352.07 563.49
79.39 106.68
637.1 926.34
382.07 614.29
17.06 0
0 0
237.97 312.05
637.1 926.34
39.25 48.33
114.76 170.04
0.57 1.27
45833945 45833945
0 0
10 10
Mar-16 Mar-17
100.4 59.16
-35.78 -242.12
-64.73 183.66
-0.11 0.7
65.56 130.18
4.58 4.58
Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
PRICE: 11.7 4.8 8.7 12.4 6.2 10.0 16.1 38.8
Adjusted Equity Shares in Cr 4.08 4.08 4.58 4.58 4.58 4.58 4.58 4.58
Net Margin -2% -5% 0% 2% 0% 3% 7% 7%
Asset Tunrover 0.5 0.6 0.7 1.0 1.2 1.2 1.4 1.0
Return on Asset -1% -3% 0% 2% 0% 4% 10% 7%
Finance Leverage 4.2 5.8 5.4 4.7 4.0 3.6 2.7 3.7
Return on Equity -5% -19% 1% 8% 0% 14% 26% 25%
ROIC 7% 0% 3% 6% 6% 11% 15% 11%
Avg. ROIC 0% 3% 6% 6% 10% 15% 14%
ROCE1 3% 0% 4% 8% 6% 16% 23% 14%
ROCE2 4% 0% 4% 8% 6% 16% 24% 14%
ROCE3 4% 0% 4% 8% 6% 13% 21% 12%
ROACE1 0% 4% 8% 6% 15% 23% 18%
ROACE2 0% 4% 8% 6% 15% 23% 18%
ROACE3 0% 4% 7% 6% 14% 20% 16%
CFO/Average Invested Capital 4% 0% 12% 18% 28% 28% 10%
FCF/Average Invested Capital -2% 0% 12% 16% 26% 20% -44%
CFO/Average Capital Employed1 4% 0% 12% 18% 28% 28% 10%
FCF/Average Capital Employed1 -2% 0% 12% 16% 26% 20% -44%
EV/EBITDA 9.4 -142.9 10.0 4.5 6.1 3.5 2.6 5.3
EV/CFO 17.6 22.3 633.2 7.5 4.3 2.8 2.9 12.5
EV/FCF 17.6 -37.5 5804.8 7.4 4.8 3.0 4.0 -3.0
CFO/Sales 9% 5% 0% 11% 15% 20% 18% 7%
FCF/Sales 9% -3% 0% 11% 14% 19% 13% -30%
CFO/PAT -4.2 -1.0 0.8 6.7 213.9 6.3 2.5 1.1
FCF/PAT -4.2 0.6 0.1 6.8 193.4 5.9 1.8 -4.6
FCF/CFO 1.0 -0.6 0.1 1.0 0.9 0.9 0.7 -4.2
Sales/Invested Capital 0.6 0.7 0.8 1.1 1.3 1.5 1.6 1.1
Sales/Avg. Invested Capital 0.7 0.8 1.1 1.2 1.4 1.6 1.4
PAT/invested Capital -1% -4% 0% 2% 0% 5% 11% 8%
PAT/Avg. invested Capital -4% 0% 2% 0% 4% 11% 10%
CFO/Invested Capital 5% 4% 0% 12% 19% 29% 28% 8%
CFO/Avg. Invested Capital 4% 0% 12% 18% 28% 28% 10%
FCF/Invested Capital 5% -2% 0% 12% 17% 27% 20% -34%
FCF/Avg. Invested Capital -2% 0% 12% 16% 26% 20% -44%
Sales Growth/Invested Capital Growth 3.4 -92.5 -0.6 -0.5 -2.2 0.7
PAT Growth/Invested Capital Growth -23.3 -2284.9 13.8 -517.4 -33.6 0.5
CFO Growth/Invested Capital Growth -21.4 -20902.5 -6.0 -4.3 0.6 -1.3
FCF Growth/Invested Capital Growth -22.4 ### -3.8 -4.8 5.7 -10.4
EPA/Sales
SSGR -6% -16% -10% -5% 2% 12%
Possible Growth Rate
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 4.7% 2.6%
Dividend Payout 0% 0% 0% 0% 0% 0% 10% 11%
Mar-16 Mar-17 3 Year Average/Sum 5 Year Average/Sum Overall Average/Sum
65.6 130.2
4.58 4.58
6% 6% 6% 6% 4%
1.2 1.0 1.1 1.2 1.0
7% 6% 7% 7% 4%
3.1 3.6 3.5 3.3 4.1
21% 22% 23% 22% 11%
12% 9% 11% 11% 8%
12% 11% 12% 12% 9%
18% 11% 14% 16% 11%
18% 11% 14% 17% 11%
16% 10% 13% 14% 10%
18% 13% 16% 17% 12%
18% 14% 17% 18% 12%
16% 12% 15% 16% 10%
18% 9% 12% 19% 14%
14% -29% -20% -2% 2%
18% 9% 12% 19% 14%
18% 9% 13% 19% 14%
16% 8% 11% 17% 13%
14% -29% -20% -2% 2%
14% -29% -20% -3% 1%
13% -26% -18% -2% 1%
4.7 8.7 6.2 5.0 -10.8
6.5 19.6 12.9 8.9 79.1
8.3 -5.9 -0.2 1.3 642.9
13% 6% 0.1 0.1 0.1
10% -21% -0.1 0.0 0.0
2.3 1.0 1.5 2.6 26.0
1.8 -3.5 -2.1 0.3 22.5
0.8 -3.3 -2.3 -1.0 -0.4
1.4 1.1 1.2 1.3 1.2
1.4 1.4 1.4 1.4 1.2
8% 7% 7% 8% 4%
8% 8% 9% 8% 4%
18% 7% 11% 18% 14%
18% 9% 12% 19% 14%
14% -24% -15% 1% 3%
14% -29% -20% -2% 2%
0.8 0.9 0.8 -0.1 -11.3
0.3 1.2 64% -10981% -35543%
4.3 -1.7 46% -47% -261654%
-4.8 -14.1 -979% -569% -2447045%
-1% 7% 6% 3% -2%
1.5% 0.9% 2% 2% 1%
10% 10% 10% 8% 4%
PRICE: 11.7 4.8 8.7 12.4 6.2
Depreciation as a % of Sales 10.4% -1.2% 6.2% 11.0% 5.6%
Gross Fixed Asset/Revenue 122% 123% 101% 63% 56%
Net Fixed Asset/Revenue 118% 119% 98% 61% 53%
Capex/Gross Fixed Asset 7% 0% 0% 3%
Capex/Net Fixed Asset 7% 0% 0% 3%
Gross Fixed Asset/Assets 67% 75% 71% 63% 69%
Net Fixed Asset/Asset 64% 73% 69% 61% 66%
Investment/Shareholder Equity 0% 0% 0% 0% 0%
Other Asset/Shareholder Equity 23% 27% 31% 39% 33%
Capital work in progress/Shareholder Equity 13% 0% 0% 0% 1%
Capital Work in progress/Gross Fixed Asset 19% 0% 0% 0% 1%
Capital Work in progress/Net Fixed Asset 20% 0% 0% 0% 1%
Depreciation/Gross Asset 8% -1% 6% 15% 10%
Depreciation/Net Asset 9% -1% 6% 18% 11%
cash to Market Cap 1% 3% 0% 0% 0%
Investments to Market Cap 0% 0% 0% 0% 0%
Working Capital/Sales (including cash) 33% 23% 31% 29% 24%
Debtor Days 21 21 11 31 16
Debtor Turnover 17.3 17.2 32.1 11.6 23.2
Inventory Days 87 57 92 73 66
Inventory Turnover 4.2 6.4 4.0 5.0 5.6
Cash Return on Total Net Asset (CFO) 5% 3% 0% 11% 18%

Cash Return on Total Average Net Asset (CFO) 4% 0% 11% 17%
Cash Return on Total Productive Net Asset (CFO) 6% 5% 0% 18% 28%
Cash Return on Total Average Productive Net Asset (CFO) 5% 0% 17% 27%
Cash Return on Total Net Asset (FCF) -2% 0% 11% 17%

Cash Return on Total Average Net Asset (FCF) -2% 0% 11% 15%
Cash Return on Total Productive Net Asset (FCF) -3% 0% 18% 25%
Cash Return on Total Average Productive Net Asset (FCF) -3% 0% 17% 24%
Return on Total Net Asset (EBIT) 3% 0% 4% 8% 6%

Return on Total Average Net Asset (EBIT) 0% 4% 7% 6%
Return on Total Productive Net Asset (EBIT) 4% 0% 5% 12% 9%
Return on Total Average Productive Net Asset (EBIT) 0% 5% 11% 9%
2 Year forward Incremental Total Net Asset to Revenue Ratio 2.1 -1.7 -0.7
2 Year forward Incremental Total Net Productive Asset to Revenue Ratio 16.5 -0.5 -0.9
2 Year forward Incremental Total Net Asset to EBIT Ratio 0.1 -0.9 -0.6
2 Year forward Incremental Total Net Productive Asset to EBIT Ratio 0.7 -0.3 -0.8
Total Net Asset Turns 0.5 0.6 0.7 1.0 1.2

Total Avregae Net Asset Turns 0.7 0.7 1.0 1.1
Total Net Productive Asset Turns 0.7 0.8 1.0 1.6 1.9
Total Avregae Net Productive Asset Turns 0.9 1.0 1.5 1.8
CFO Return on Assets 4.8% 3.3% 0.1% 11.1% 18.5%

Return on Assets -1.2% -3.3% 0.2% 1.6% 0.1%
Asset Turnover 0.5 0.6 0.7 1.0 1.2
Fixed Asset Turnover 0.9 0.8 1.0 1.6 1.9
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 3 Year Average/Sum 5 Year Average/Sum Overall Average/Sum
10.0 16.1 38.8 65.6 130.2
5.5% 5.1% 4.5% 5.2% 4.5% 5% 5% 6%
50% 42% 70% 52% 67% 63% 56% 75%
48% 39% 68% 50% 66% 61% 54% 72%
3% 12% 54% 6% 41% 33% 23% 14%
3% 13% 56% 6% 42% 34% 24% 14%
61% 57% 70% 62% 68% 67% 64% 66%
59% 54% 68% 60% 66% 65% 61% 64%
0% 0% 0% 0% 0% 0% 0% 0%
41% 40% 32% 37% 34% 34% 37% 34%
0% 6% 0% 3% 0% 1% 2% 2%
0% 10% 0% 4% 0% 1% 3% 4%
0% 11% 0% 4% 0% 1% 3% 4%
10% 12% 6% 9% 6% 7% 9% 8%
12% 13% 7% 10% 7% 8% 10% 9%
1% 0% 0% 0% 0% 0% 0% 1%
0% 0% 0% 0% 0% 0% 0% 0%
21% 20% 21% 21% 22% 21% 21% 25%
23 19 24 19 19 20.5 20.6 20.4
15.9 19.6 15.3 19.5 19.3 18.0 17.9 19.1
67 53 56 55 66 59.0 59.3 67.1
5.4 6.9 6.5 6.7 5.5 6.2 6.2 5.6
24% 24% 7% 16% 6% 10% 16% 12%

25% 24% 9% 16% 8% 11% 16% 13%
42% 41% 11% 25% 10% 15% 26% 20%
40% 41% 14% 25% 12% 17% 26% 20%
23% 18% -31% 12% -21% -13% 0% 3%

23% 17% -39% 13% -25% -17% -2% 1%
39% 29% -45% 20% -32% -19% 2% 6%
37% 29% -60% 19% -39% -26% -3% 3%
13% 20% 12% 15% 10% 13% 14% 10%

14% 19% 16% 16% 12% 14% 15% 10%
23% 33% 18% 25% 15% 19% 23% 16%
22% 33% 24% 24% 18% 22% 24% 16%
-3.8 34.7 1.3

-4.7 -14.6 1.6
-0.6 3.6 0.1

-0.8 -1.5 0.1
1.2 1.4 1.0 1.2 1.0

1.3 1.4 1.3 1.2 1.2
2.1 2.3 1.5 1.9 1.5
2.0 2.3 2.0 1.9 1.8
24.4% 24.4% 7.3% 15.8% 6.4% 10% 16% 12%

3.9% 9.8% 6.7% 6.9% 6.2% 7% 7% 3%
1.2 1.4 1.0 1.2 1.0 1.1 1.2 1.0
2.1 2.6 1.5 2.0 1.5 1.7 1.9 1.6
3-Year CAGR 5-Year CAGR Overall CAGR
NITIN SPINNERS LTD
COPY PASTE DATA FROM ANY FINANCIAL WEBSITE: ONLY FOR THE FIELDS MARKED G
COMPANY NAME 3/31/2008 3/31/2009
CONSOLIDATED
Inventory Direct 48.75 40.98
Debtors Direct 11.79 15.24
Cash & Bank Balance Direct 0.40 0.53
Current Assets Direct 84.03 115.63
Current Liabilities Direct 16.03 55.52
Working Capital (check) Current Asset - Current Liability 68.00 60.11
COPY PASTE DATA FROM ANNUAL REPORTS: ONLY FOR THE FIELDS MARKED ORAN
Operating Expenses/Capex 3/31/2008 3/31/2009
Raw Materials Direct 113.49 168.56
Change in Inventory Direct 2.11 2.02
Power and Fuel Direct 27.21 34.82
Other Mfr. Exp Direct 8.98 11.61
Employee Cost Direct 8.15 10.47
Advertising and sales promotion Direct 12.40 12.71
Miscellaneous expenses Direct 2.40 29.33
Other Income Direct 0.17 0.98
Depreciation Direct 21.09 -3.07
Interest Direct 14.59 23.90
Employee cost Direct 8.15 10.47
Advertising and sales promotion Direct 12.40 12.71
Freight, transport and distribution
Royalty
R&D Cost
Capex Change in NFA + Change in CWIP + Depreciation 22.77
COMPANY NAME 3/31/2008 3/31/2009
Sales Direct 203.76 262.27
Raw Materials Direct 113.49 168.56
Gross Profit Sales-COGS 90.27 93.71
EBITDA GP-All Expenses + Change in Inventory + Other Income 33.41 -2.23

Depreciation & Amortisation Direct 21.09 -3.07
EBIT EBITDA - D&A 12.32 0.84
Interest Direct 14.59 23.9
PBT EBIT - Interest -2.27 -23.06
Tax Direct 2.02 -8.95
PAT PBT - Tax -4.29 -14.11
Dividends Direct - -
Market Cap Price*No. of Shares Outstanding 47.94 19.76
Current Market Cap 565.52
Equity Direct 40.83 40.83

Reserves & Surplus Direct 47.23 33.11
Networth Equity + Reserves & Surplus 88.06 73.94
Secured Loans
Unsecured Loans
Borrowings 267.34 299.41
Other Liabilities Direct 16.03 55.52
Current Asset Direct 84.03 115.63
Current Liabilities Direct 16.03 55.52
Total Assets Net Block + CWIP + Investment + Other Assets 371.43 428.87
Net Fixed Assets Direct 239.51 313.16
Capital Work in Progress Direct 47.89 0.08
Working Capital Current Asset - Current Liability 68 60.11
Debtors Direct 11.79 15.24
Inventory Direct 48.75 40.98
Cash Direct 0.4 0.53
Net Other Assets
Invested Capital Equity + Reserves & Surplus + Debt 355.4 373.35
Average Invested Capital 364
Capital Employed1 (Gross) Total Asset - Current Asset 355 373
Capital Employed2 (Net) Capital Employed1 - CWIP 308 373
Capital Employed3 NFA + Investments + CA 324 429
Average Capital Employed1 (Gross) (CE1 LY + CE1 CY)/2 364
Average Capital Employed2 (Net) (CE2 LY + CE2 CY)/2 340
Average Capital Employed3 376
Current Liability 283.37 354.93
Total Assets Net Block + CWIP + Investment + Other Assets 371.43 428.87
Average Total Net Asset (Total Asset LY + Total Asset CY)/2 400
Total Productive Net Asset Net Block + CWIP 287 313
(Total Productive Net Asset LY + Total Productive Net Asset
Average Total Productive Net Asset LY)/2 300
Operating Cash Flow Direct 17.87 14.27

Free Cash Flow CFO - CAPEX 17.87 -8.50
Tax Rate Tax/PBT -89% 39%
NOPAT EBIT*(1-Tax Rate) 23.28 0.51
MktCap+Dividend #VALUE! 19.76362938

Retained Profit PAT - Dividend -4.29 -14.11
P/E Price/EPS -11.17 -1.40

PEG PE/Growth in EPS -0.01
Price/Book Market Cap/(Equity + Reserves & Surplus) 0.54 0.27
Price/operating CashFlow Market Cap/ CFO 2.68 1.38
Price/Free Cashflow Market Cap/FCF 2.68 -2.33
Price/Sales Market Cap/Revenue 0.24 0.08
EV/EBITDA Enterprise Value/EBITDA 9.42 -142.89
Dividend Yield Dividend/Market Cap 0.00% 0.00%
Enterprise Value1 Market Cap + Debt - Cash 314.9 318.6
Enterprise Value2 Market Cap + Debt - (Current Asset - Current Liability)
Working Capital/Total Assets Working Capital/Total Assets 0.18 0.14

Retained Profits/Total Assets Retained Profits/Total Assets -0.01 -0.03
EBIT/Total Assets EBIT/Total Assets 0.03 0.00
Market Cap/Total Liabilities Market Cap/Total Liabilities 0.17 0.06
Sales/Total Assets Sales/Total Assets 0.55 0.61
Altman Z-Score 0.70 0.66
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones
LY FOR THE FIELDS MARKED GREEN BELOW
3/31/2010 3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 TTM
76.03 81.84 77.13 81.90 70.70 94.19 114.76 170.04 0.00

9.40 35.34 18.50 28.04 24.89 40.42 39.25 48.33 0.00
0.10 0.14 0.08 0.28 0.06 0.68 0.57 1.27 0.00
135.69 159.50 115.83 150.82 142.94 195.27 237.97 312.05 0.00
42.65 38.40 11.72 56.38 47.71 66.75 79.39 106.68 0.00
93.04 121.10 104.11 94.44 95.23 128.52 158.58 205.37 0.00
OR THE FIELDS MARKED ORANGE BELOW

3/31/2010 3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 TTM
192.70 260.94 286.30 264.19 303.78 387.09 461.52 617.14 0.00
-1.10 8.79 -10.43 0.19 5.92 3.41 -1.71 28.12 0.00
31.39 35.14 38.57 38.53 34.96 51.30 65.05 92.11 0.00
16.55 16.08 15.59 18.26 20.26 25.12 30.79 34.23 0.00
12.66 14.75 16.49 19.94 24.60 34.28 43.14 52.16 0.00
13.20 16.79 15.72 17.30 16.51 22.02 27.57 32.67 0.00
0.11 0.21 0.15 15.53 0.21 0.88 0.06 0.07 0.00
0.56 0.24 0.13 0.30 0.35 5.13 0.72 0.79 0.00
18.65 45.33 23.98 24.50 24.87 27.94 39.56 41.65 0.00
15.15 21.04 20.90 27.31 17.46 22.62 33.01 22.24 0.00
12.66 14.75 16.49 19.94 24.60 34.28 43.14 52.16 0.00
13.20 16.79 15.72 17.30 16.51 22.02 27.57 32.67 0.00
0.49 -0.47 6.17 6.02 24.27 232.29 21.95 256.81 -614.29

3/31/2010 3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 TTM
301.95 410.92 428.3 446.05 488.34 616.47 766.87 933.38 0
192.7 260.94 286.3 264.19 303.78 387.09 461.52 617.14 0
109.25 149.98 142 181.86 184.56 229.38 305.35 316.24 0
34.80 76.04 45.18 72.79 94.29 104.32 137.75 133.91 -

18.65 45.33 23.98 24.5 24.87 27.94 39.56 41.65 0
16.15 30.71 21.2 48.29 69.42 76.38 98.19 92.26 0
15.15 21.04 20.9 27.31 17.46 22.62 33.01 22.24 0
1 9.67 0.3 20.98 51.96 53.76 65.18 70.02 0
0.32 2.93 0 6.84 17.17 12.79 21.04 12.87 0
0.68 6.74 0.3 14.14 34.79 40.97 44.14 57.15 0
- - - - 3.44 4.58 4.58 5.50 -
39.88 56.93 28.33 45.74 73.61 177.79 300.49 596.67 -
45.83 45.83 45.83 45.83 45.83 45.83 45.83 45.83 0

33.78 40.52 40.83 54.96 85.72 121.16 159.81 210.34 0
79.61 86.35 86.66 100.79 131.55 166.99 205.64 256.17 0
308.51 284.03 248.92 206.64 176.07 378.27 352.07 563.49 -

42.65 38.4 11.72 56.38 47.71 66.75 79.39 106.68 0
135.69 159.5 115.83 150.82 142.94 195.27 237.97 312.05 0
42.65 38.4 11.72 56.38 47.71 66.75 79.39 106.68 0
430.77 408.78 347.3 363.81 355.33 612.01 637.1 926.34 0
295.08 249.28 228.09 212.99 191.21 416.74 382.07 614.29 0
- - 3.38 0 21.18 0 17.06 - -
93.04 121.1 104.11 94.44 95.23 128.52 158.58 205.37 0
9.4 35.34 18.5 28.04 24.89 40.42 39.25 48.33 0
76.03 81.84 77.13 81.90 70.70 94.19 114.76 170.04 -
0.1 0.14 0.08 0.28 0.06 0.68 0.57 1.27 0
388.12 370.38 335.58 307.43 307.62 545.26 557.71 819.66 0

381 379 353 322 308 426 551 689
388 370 336 307 308 545 558 820 0
388 370 332 307 286 545 541 820
431 409 344 364 334 612 620 926
381 379 353 322 308 426 551 689
381 379 351 320 297 416 543 680
430 420 376 354 349 473 616 773
351.16 322.43 260.64 263.02 223.78 445.02 431.46 670.17 -
430.77 408.78 347.3 363.81 355.33 612.01 637.1 926.34 0
430 420 378 356 360 484 625 782
295 249 231 213 212 417 399 614
304 272 240 222 213 315 408 507
0.55 45.39 64.18 88.9 86.62 44.51 100.4 59.16 0

0.06 45.86 58.01 82.88 62.35 -187.78 78.45 -197.65 614.29
32% 30% 0% 33% 33% 24% 32% 18% #DIV/0!
10.98 21.40 21.20 32.55 46.48 58.21 66.49 75.30 #DIV/0!
39.87553215 56.92575969 28.32537801 45.74227711 73.60931567 181.2298727 305.0673434 601.246296 5.5

0.68 6.74 0.3 14.14 31.35 36.39 39.56 51.65 0
58.64 8.45 94.42 3.23 2.12 4.34 6.80 10.44 10.55

-0.56 0.01 -0.99 0.00 0.01 0.24 0.87 0.35 -0.47
0.50 0.66 0.33 0.45 0.56 1.06 1.46 2.33 #DIV/0!
72.50 1.25 0.44 0.51 0.85 3.99 2.99 10.09 #DIV/0!
664.59 1.24 0.49 0.55 1.18 -0.95 3.83 -3.02 0.00
0.13 0.14 0.07 0.10 0.15 0.29 0.39 0.64 #DIV/0!
10.01 4.48 6.13 3.46 2.65 5.32 4.73 8.65 #DIV/0!
0.00% 0.00% 0.00% 0.00% 4.67% 2.58% 1.52% 0.92% #DIV/0!
348.3 340.8 277.2 252.1 249.6 555.4 652.0 1,158.9 -
0.22 0.30 0.30 0.26 0.27 0.21 0.25 0.22

0.00 0.02 0.00 0.04 0.09 0.06 0.06 0.06
0.04 0.08 0.06 0.13 0.20 0.12 0.15 0.10
0.11 0.18 0.11 0.17 0.33 0.40 0.70 0.89
0.70 1.01 1.23 1.23 1.37 1.01 1.20 1.01 1
0.80 1.16 1.33 1.38 1.67 1.36 1.82 1.80 1.80
1%
COMPANY_NAME DATE
ID COMPANY_NAME DATE
NITIN SPINNERS LTD3132008 NITIN SPINNERS LTD 31-Mar-08
2 3 4 5 6
Sales Raw Material Cost Change in Inventory Power and Fuel Other Mfr. Exp
SALES RAW_MATERIAL_COS CHANGE_IN_INVENTOPOWER_AND_FUEL OTHER_MFR._EXP
203.76 113.49 2.11 27.21 8.98
262.27 168.56 2.02 34.82 11.61
301.95 192.70 -1.10 31.39 16.55
410.92 260.94 8.79 35.14 16.08
428.30 286.30 -10.43 38.57 15.59
446.05 264.19 0.19 38.53 18.26
488.34 303.78 5.92 34.96 20.26
616.47 387.09 3.41 51.30 25.12
766.87 461.52 -1.71 65.05 30.79
933.38 617.14 28.12 92.11 34.23
7 8 9 10 11
Employee Cost Selling and admin Other Expenses Other Income Depreciation
EMPLOYEE_COST SELLING_AND_ADMINOTHER_EXPENSES OTHER_INCOME DEPRECIATION
8.15 12.40 2.40 0.17 21.09
10.47 12.71 29.33 0.98 -3.07
12.66 13.20 0.11 0.56 18.65
14.75 16.79 0.21 0.24 45.33
16.49 15.72 0.15 0.13 23.98
19.94 17.30 15.53 0.30 24.50
24.60 16.51 0.21 0.35 24.87
34.28 22.02 0.88 5.13 27.94
43.14 27.57 0.06 0.72 39.56
52.16 32.67 0.07 0.79 41.65
12 13 14 15 16
Interest Profit before tax Tax Net profit Dividend Amount
INTEREST PROFIT_BEFORE_TAX TAX NET_PROFIT DIVIDEND_AMOUNT
14.59 -2.27 2.02 -4.29 -
23.90 -23.06 -8.95 -14.11 -
15.15 1.00 0.32 0.68 -
21.04 9.67 2.93 6.74 -
20.90 0.30 - 0.30 -
27.31 20.97 6.84 14.14 -
17.46 51.95 17.17 34.78 3.44
22.62 53.75 12.79 40.96 4.58
33.01 65.19 21.04 44.16 4.58
22.24 70.02 12.87 57.15 5.50
2 3 4
Equity Share Capital Reserves Borrowings
EQUITY_SHARE_CAPITAL RESERVES BORROWINGS
40.83 47.23 267.34
40.83 33.11 299.41
45.83 33.78 308.51
45.83 40.52 284.03
45.83 40.83 248.92
45.83 54.96 206.64
45.83 85.72 176.07
45.83 121.16 378.27
45.83 159.81 352.07
45.83 210.34 563.49
5 6 7
Other Liabilities Total Net Block
OTHER_LIABILITIES TOTAL NET_BLOCK
16.03 371.43 239.51
55.52 428.87 313.16
42.65 430.77 295.08
38.4 408.78 249.28
11.72 347.3 228.09
56.38 363.81 212.99
47.71 355.33 191.21
66.75 612.01 416.74
79.39 637.1 382.07
106.68 926.34 614.29
8 9 10
Capital Work in Progress Investments Other Assets
CAPITAL_WORK_IN_PROGRESSINVESTMENTS OTHER_ASSETS
47.89 0 84.03
0.08 0 115.63
0 0 135.69
0 0 159.5
3.38 0 115.83
0 0 150.82
21.18 0 142.94
0 0 195.27
17.06 0 237.97
0 0 312.05
11 12 13
Total Receivables Inventory
TOTAL RECEIVABLES INVENTORY
371.43 11.79 48.75
428.87 15.24 40.98
430.77 9.4 76.03
408.78 35.34 81.84
347.3 18.5 77.13
363.81 28.04 81.9
355.33 24.89 70.7
612.01 40.42 94.19
637.1 39.25 114.76
926.34 48.33 170.04
14 15 16
Cash & Bank No. of Equity Shares New Bonus Shares
CASH_&_BANK NO._OF_EQUITY_SHARES NEW_BONUS_SHARES
0.4 40833945 0
0.53 40833945 0
0.1 45833945 0
0.14 45833945 0
0.08 45833945 0
0.28 45833945 0
0.06 45833945 0
0.68 45833945 0
0.57 45833945 0
1.27 45833945 0
17 2 3
Face value Cash from Operating Activity Cash from Investing Activity
FACE_VALUE CASH_FROM_OPERATING_ACTICASH_FROM_INVESTING_ACTIV
10 17.87 -62.64
10 14.27 -21.88
10 0.55 -0.07
10 45.39 0.2
10 64.18 -8.29
10 88.9 -4.39
10 86.62 -38.85
10 44.51 -219.45
10 100.4 -35.78
10 59.16 -242.12
4 5 2
Cash from Financing Activity Net Cash Flow PRICE:
CASH_FROM_FINANCING_ACTIV NET_CASH_FLOW PRICE:
45.07 0.3 11.7
7.74 0.13 4.8
-0.91 -0.43 8.7
-45.6 -0.01 12.4
-55.95 -0.06 6.2
-84.32 0.19 10.0
-47.98 -0.21 16.1
175.56 0.62 38.8
-64.73 -0.11 65.6
183.66 0.7 130.2
3 10 11
Adjusted Equity Shares in Cr Invested Capital PAT
ADJUSTED_EQUITY_SHARES_IN_CR INVESTED_CAPITAL PAT
4.1 355.4 -4.3
4.1 373.4 -14.1
4.6 388.1 0.7
4.6 370.4 6.7
4.6 335.6 0.3
4.6 307.4 14.1
4.6 307.6 34.8
4.6 545.3 41.0
4.6 557.7 44.2
4.6 819.7 57.2
12 13 14 15
CFO CAPEX Dividend FCF including Dividend
CFO CAPEX DIVIDEND FCF_INCLUDING_DIVIDEND
17.9 0.0 0.0 0.0
14.3 22.8 0.0 -8.5
0.6 0.5 0.0 0.1
45.4 -0.5 0.0 45.9
64.2 6.2 0.0 58.0
88.9 6.0 0.0 82.9
86.6 24.3 3.4 62.4
44.5 232.3 4.6 -187.8
100.4 22.0 4.6 78.5
59.2 256.8 5.5 -197.7
16 17 18 19
Enterprise Value Revenue Growth PAT Growth Receivables as a % of Sales
ENTERPRISE_VALUE REVENUE_GROWTH PAT_GROWTH RECEIVABLES_AS_A_%_OF_SALES
314.9 0.0% 0.0% 5.8%
318.6 28.7% -228.9% 5.8%
348.3 15.1% 104.8% 3.1%
340.8 36.1% 891.2% 8.6%
277.2 4.2% -95.5% 4.3%
252.1 4.1% 4613.3% 6.3%
249.6 9.5% 146.0% 5.1%
555.4 26.2% 17.8% 6.6%
652.0 24.4% 7.8% 5.1%
1158.9 21.7% 29.4% 5.2%
20 21 22 23 25
Inventory as a % of Sales PAT Margin Tax Rate CFO-PAT COGS/Sales
INVENTORY_AS_A_%_OF_SALES PAT_MARGIN TAX_RATE CFO-PAT COGS/SALES
23.9% -2.1% -89.0% 22.2 55.7%
15.6% -5.4% 38.8% 28.4 64.3%
25.2% 0.2% 32.0% -0.1 63.8%
19.9% 1.6% 30.3% 38.7 63.5%
18.0% 0.1% 0.0% 63.9 66.8%
18.4% 3.2% 32.6% 74.8 59.2%
14.5% 7.1% 33.1% 51.8 62.2%
15.3% 6.6% 23.8% 3.6 62.8%
15.0% 5.8% 32.3% 56.2 60.2%
18.2% 6.1% 18.4% 2.0 66.1%
26 27
Change in Inventory as a % of Sales Power and Fuel as a % of Sales
CHANGE_IN_INVENTORY_AS_A_%_OF_SALES POWER_AND_FUEL_AS_A_%_OF_SALES
1.0% 13.4%
0.8% 13.3%
-0.4% 10.4%
2.1% 8.6%
-2.4% 9.0%
0.0% 8.6%
1.2% 7.2%
0.6% 8.3%
-0.2% 8.5%
3.0% 9.9%
28 29
Other Mfr. Exp as a % of Sales Employee Cost as a % of Sales
OTHER_MFR._EXP_AS_A_%_OF_SALES EMPLOYEE_COST_AS_A_%_OF_SALES
4.4% 4.0%
4.4% 4.0%
5.5% 4.2%
3.9% 3.6%
3.6% 3.9%
4.1% 4.5%
4.1% 5.0%
4.1% 5.6%
4.0% 5.6%
3.7% 5.6%
30 31
Selling and admin as a % of Sales Other Expenses as a % of Sales
SELLING_AND_ADMIN_AS_A_%_OF_SALES OTHER_EXPENSES_AS_A_%_OF_SALES
6.1% 1.2%
4.8% 11.2%
4.4% 0.0%
4.1% 0.1%
3.7% 0.0%
3.9% 3.5%
3.4% 0.0%
3.6% 0.1%
3.6% 0.0%
3.5% 0.0%
32 33 34
Other Income as a % of Sales Depreciation as a % of Sales Gross Margin
OTHER_INCOME_AS_A_%_OF_SALES DEPRECIATION_AS_A_%_OF_SALES GROSS_MARGIN
0.1% 10.4% 44.3%
0.4% -1.2% 35.7%
0.2% 6.2% 36.2%
0.1% 11.0% 36.5%
0.0% 5.6% 33.2%
0.1% 5.5% 40.8%
0.1% 5.1% 37.8%
0.8% 4.5% 37.2%
0.1% 5.2% 39.8%
0.1% 4.5% 33.9%
35 36 37 39
EBIT Margin PAT Margin Tax Rate Gross Fixed Asset/Shareholder Equity
EBIT_MARGIN PAT_MARGIN TAX_RATE GROSS_FIXED_ASSET/SHAREHOLDER_EQUITY
6.0% -2.1% -89.0% 67.2%
0.3% -5.4% 38.8% 75.3%
5.3% 0.2% 32.0% 70.8%
7.5% 1.6% 30.3% 63.4%
4.9% 0.1% 0.0% 68.5%
10.8% 3.2% 32.6% 61.3%
14.2% 7.1% 33.1% 57.2%
12.4% 6.6% 23.8% 70.4%
12.8% 5.8% 32.3% 62.2%
9.9% 6.1% 18.4% 67.9%
40 41
Net Fixed Asset/Shareholder Equity Gross Fixed Asset/Revenue
NET_FIXED_ASSET/SHAREHOLDER_EQUITY GROSS_FIXED_ASSET/REVENUE
64.5% 122.5%
73.0% 123.2%
68.5% 100.9%
61.0% 63.1%
65.7% 55.6%
58.5% 50.0%
53.8% 41.6%
68.1% 69.9%
60.0% 51.7%
66.3% 67.3%
42 43 44
Net Fixed Asset/Revenue Capex/Share Capital Capex/Gross Fixed Asset
NET_FIXED_ASSET/REVENUE CAPEX/SHARE_CAPITAL CAPEX/GROSS_FIXED_ASSET
117.5% 0.0% 0.0%
119.4% 5.3% 7.0%
97.7% 0.1% 0.2%
60.7% -0.1% -0.2%
53.3% 1.8% 2.6%
47.8% 1.7% 2.7%
39.2% 6.8% 12.0%
67.6% 38.0% 53.9%
49.8% 3.4% 5.5%
65.8% 27.7% 40.9%
45 46 47
Capex/Net Fixed Asset Gross Fixed Asset/Assets Net Fixed Asset/Asset
CAPEX/NET_FIXED_ASSET GROSS_FIXED_ASSET/ASSETS NET_FIXED_ASSET/ASSET
0.0% 67.2% 64.5%
7.3% 75.3% 73.0%
0.2% 70.8% 68.5%
-0.2% 63.4% 61.0%
2.7% 68.5% 65.7%
2.8% 61.3% 58.5%
12.7% 57.2% 53.8%
55.7% 70.4% 68.1%
5.7% 62.2% 60.0%
41.8% 67.9% 66.3%
48 49
Investment/Shareholder Equity Other Asset/Shareholder Equity
INVESTMENT/SHAREHOLDER_EQUITY OTHER_ASSET/SHAREHOLDER_EQUITY
0.0% 22.6%
0.0% 27.0%
0.0% 31.5%
0.0% 39.0%
0.0% 33.4%
0.0% 41.5%
0.0% 40.2%
0.0% 31.9%
0.0% 37.4%
0.0% 33.7%
50
Capital work in progress/Shareholder Equity
CAPITAL_WORK_IN_PROGRESS/SHAREHOLDER_EQUITY
12.9%
0.0%
0.0%
0.0%
1.0%
0.0%
6.0%
0.0%
2.7%
0.0%
51
Capital Work in progress/Gross Fixed Asset
CAPITAL_WORK_IN_PROGRESS/GROSS_FIXED_ASSET
19.2%
0.0%
0.0%
0.0%
1.4%
0.0%
10.4%
0.0%
4.3%
0.0%
52 53 54
Capital Work in progress/Net Fixed Asset Liquidity Ratios Debt to Equity
CAPITAL_WORK_IN_PROGRESS/NET_FIXED_ASSET LIQUIDITY_RATIOS DEBT_TO_EQUITY
20.0% 0.0 3.0
0.0% 0.0 4.0
0.0% 0.0 3.9
0.0% 0.0 3.3
1.5% 0.0 2.9
0.0% 0.0 2.1
11.1% 0.0 1.3
0.0% 0.0 2.3
4.5% 0.0 1.7
0.0% 0.0 2.2
55 56 57 58
Current Ratio Interest Coverage Ratio Leverage Quick Ratio
CURRENT_RATIO INTEREST_COVERAGE_RATIO LEVERAGE QUICK_RATIO
5.2 0.8 4.2 2.2
2.1 0.0 5.8 1.3
3.2 1.1 5.4 1.4
4.2 1.5 4.7 2.0
9.9 1.0 4.0 3.3
2.7 1.8 3.6 1.2
3.0 4.0 2.7 1.5
2.9 3.4 3.7 1.5
3.0 3.0 3.1 1.6
2.9 4.1 3.6 1.3
59 60
Short term Debt Coverage Cash/Shareholders's Equity
SHORT_TERM_DEBT_COVERAGE CASH/SHAREHOLDERS'S_EQUITY
1.1 0.0%
0.3 0.1%
0.0 0.1%
1.2 0.0%
5.5 0.0%
1.6 0.0%
1.8 0.1%
0.7 0.0%
1.3 0.1%
0.6 0.1%
61 62
Cash to Long Term debt Ratio Cash to Short Term Debt Ratio
CASH_TO_LONG_TERM_DEBT_RATIO CASH_TO_SHORT_TERM_DEBT_RATIO
0.1% 2.5%
0.2% 1.0%
0.0% 0.2%
0.0% 0.4%
0.0% 0.7%
0.1% 0.5%
0.0% 0.1%
0.2% 1.0%
0.2% 0.7%
0.2% 1.2%
63 64 65
Short Term/Long Term Debt Depreciation/Gross Asset Depreciation/Net Asset
SHORT_TERM/LONG_TERM_DEBT DEPRECIATION/GROSS_ASSET DEPRECIATION/NET_ASSET
6.0% 8.1% 8.8%
18.5% -1.0% -1.0%
13.8% 5.9% 6.3%
13.5% 15.4% 18.2%
4.7% 9.5% 10.5%
27.3% 10.3% 11.5%
27.1% 11.5% 13.0%
17.6% 6.3% 6.7%
22.5% 9.4% 10.4%
18.9% 6.3% 6.8%
66 67
cash to Market Cap Investments to Market Cap
CASH_TO_MARKET_CAP INVESTMENTS_TO_MARKET_CAP
0.8% 0.0%
2.7% 0.0%
0.3% 0.0%
0.2% 0.0%
0.3% 0.0%
0.6% 0.0%
0.1% 0.0%
0.4% 0.0%
0.2% 0.0%
0.2% 0.0%
69 70 71
Working Capital/Sales (including cash) Debtor Days Debtor Turnover
WORKING_CAPITAL/SALES_(INCLUDING_CASH) DEBTOR_DAYS DEBTOR_TURNOVER
33.4% 21.1 17.3
22.9% 21.2 17.2
30.8% 11.4 32.1
29.5% 31.4 11.6
24.3% 15.8 23.2
21.2% 22.9 15.9
19.5% 18.6 19.6
20.8% 23.9 15.3
20.7% 18.7 19.5
22.0% 18.9 19.3
72 73 74 75
Inventory Days Inventory Turnover Cash Return on Assets Return on Assets
INVENTORY_DAYS INVENTORY_TURNOVER CASH_RETURN_ON_ASSETS RETURN_ON_ASSETS
87.3 4.2 4.8% 0.0%
57.0 6.4 3.3% 0.0%
91.9 4.0 0.1% 0.0%
72.7 5.0 11.1% 0.0%
65.7 5.6 18.5% 0.0%
67.0 5.4 24.4% 0.0%
52.8 6.9 24.4% 0.0%
55.8 6.5 7.3% 0.0%
54.6 6.7 15.8% 0.0%
66.5 5.5 6.4% 0.0%
76 77 78 79 80 81
Asset Turnover Fixed Asset Turnover CFO/PAT CFO/Sales CAPEX/PAT Dividend/PAT
ASSET_TURNOVER FIXED_ASSET_TURNOVER CFO/PAT CFO/SALES CAPEX/PAT DIVIDEND/PAT
0.0 0.0 4.3% 0.0% 0.0% 0.0%
0.0 0.0 0.3% 0.3% 0.0% 0.0%
0.0 0.0 5.5% 5.3% 0.0% 0.0%
0.1 0.1 12.3% 11.3% 0.0% 0.0%
0.1 0.1 9.2% 8.8% 0.0% 0.0%
0.1 0.1 22.7% 21.7% 0.0% 0.0%
0.2 0.2 32.7% 32.6% 0.0% 0.0%
0.1 0.2 18.3% 24.3% 0.0% 0.0%
0.2 0.2 24.6% 24.1% 0.0% 0.0%
0.1 0.1 15.0% 18.2% 0.0% 0.0%
82 83 84 85 86 87
FCF/PAT FCF/CFO FCF/Sales Profit Margin Asset turnover Financial Leverage
FCF/PAT FCF/CFO FCF/SALES PROFIT_MARGIN ASSET_TURNOVER FINANCIAL_LEVERAGE
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
0.0% 0.0% 0.0% 0.0% 0.0 0.0
88 89 90 91
Return on Equity Return on Capital Sales/Invested Capital PAT/invested Capital
RETURN_ON_EQUITY RETURN_ON_CAPITAL SALES/INVESTED_CAPITAL PAT/INVESTED_CAPITAL
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
0.0% 0.0% 0.0% 0.0%
92 93
CFO/Invested Capital FCF/Invested Capital
CFO/INVESTED_CAPITAL FCF/INVESTED_CAPITAL
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
94
Incremental Sales/Incremental Invested Capital
INCREMENTAL_SALES/INCREMENTAL_INVESTED_CAPITAL
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
95
Incremental PAT/Incremental Invested Capital
INCREMENTAL_PAT/INCREMENTAL_INVESTED_CAPITAL
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
0.0%
96
Incremental CFO/Incremental Invested Capital
INCREMENTAL_CFO/INCREMENTAL_INVESTED_CAPITAL
-1.2%
-3.3%
0.2%
1.6%
0.1%
3.9%
9.8%
6.7%
6.9%
6.2%
97 98 99
Incremental FCF/Incremental Invested Capital EPA/Sales CFO/Enterprise Value
INCREMENTAL_FCF/INCREMENTAL_INVESTED_CAPITAL EPA/SALES CFO/ENTERPRISE_VALUE
54.9% 85.1% -416.6%
61.2% 83.7% -101.1%
70.1% 102.3% 80.9%
100.5% 164.8% 673.4%
123.3% 187.8% 21393.3%
122.6% 209.4% 628.7%
137.4% 255.4% 249.1%
100.7% 147.9% 108.7%
120.4% 200.7% 227.4%
100.8% 151.9% 103.5%
100 101
Dividend Yield Dividend Payout
DIVIDEND_YIELD DIVIDEND_PAYOUT
8.8% 0.0%
5.4% -161.4%
0.2% 72.1%
11.0% -7.0%
15.0% 2056.7%
19.9% 42.6%
17.7% 69.8%
7.2% 567.1%
13.1% 49.7%
6.3% 449.4%
Parameter Values
Revenue CAGR Overall 21%
Revenue CAGR 5 Years 22%
Revenue CAGR 3 Years 38%
PAT CAGR Overall #NUM!
PAT CAGR 5 Years 272%
PAT CAGR 3 Years 28%
Receivables Overall Avg. 6%
Receivables 5 Year Avg. 6%
Receivables 3 Year Avg. 6%
Inventory Overall Avg. 18%
Inventory 5 Year Avg. 16%
Inventory 3 Year Avg. 16%
Gross Margin Overall Avg. 37%
Gross Margin 5 Year Avg. 37%
Gross Margin 3 Year Avg. 37%
EBIT Margin Overall Avg. 9%
EBIT Margin 5 Year Avg. 11%
EBIT Margin 3 Year Avg. 12%
PAT% Overall Avg. 3%
PAT% 5 Year Avg. 5%
PAT% 3 Year Avg. 6%
Tax Rate Overall Avg. 29%
Tax Rate 5 Year Avg. 29%
Tax Rate 3 Year Avg. 25%
Gross Asset to Revenue Overall Avg. 75%
Gross Asset to Revenue 5 Year Avg. 56%
Gross Asset to Revenue 3 Year Avg. 63%
Net Asset to Revenue Overall Avg. 72%
Net Asset to Revenue 5 Year Avg. 54%
Net Asset to Revenue 3 Year Avg. 61%
CAPEX to Net Asset Overall Avg. 14%
CAPEX to Net Asset 5 Year Avg. 24%
CAPEX to Net Asset 3 Year Avg. 34%
CWIP to Net Asset Overall Avg. 4%
CWIP to Net Asset 5 Year Avg. 3%
CWIP to Net Asset 3 Year Avg. 1%
Debt to Equity Overall Avg. 2.7
Debt to Equity Overall 5 Year Avg. 1.9
Debt to Equity Overall 5 Year Avg. 2.1
Current Ratio Overall Avg. 3.9
Current Ratio Overall 5 Year Avg. 2.9
Current Ratio Overall 3 Year Avg. 2.9
Dep. to Gross Asset Overall Avg. 8%
Dep. to Gross Asset Overall 5 Year Avg. 9%
Debt to Equity Overall 3 Year Avg. 7%
Dep. to Net Asset Overall Avg. 9%
Dep. to Net Asset Overall 5 Year Avg. 10%
Dep. to Net Asset Overall 3 Year Avg. 8%
WC to Sales Overall Avg. 25%
WC to Sales Overall 5 Year Avg. 21%
WC to Sales Overall 3 Year Avg. 21%
Debtor Days Overall Avg. 20
Debtor Days Overall 5 Year Avg. 21
Debtor Days Overall 3 Year Avg. 21
Debtor Turnover Overall Avg. 19.1
Debtor Turnover Overall 5 Year Avg. 17.9
Debtor Turnover Overall 3 Year Avg. 18.0
Inventory Days Overall Avg. 67
Inventory Days Overall 5 Year Avg. 59
Inventory Days Overall 3 Year Avg. 59
Inventory Turnover Overall Avg. 5.6
Inventory Turnover Overall 5 Year Avg. 6.2
Inventory Turnover Overall 3 Year Avg. 6.2
Cash ROA Overall Avg. 12%
Cash ROA Overall 5 Year Avg. 16%
Cash ROA Overall 3 Year Avg. 10%
ROA Overall Avg. 3%
ROA Overall 5 Year Avg. 7%
ROA Overall 3 Year Avg. 7%
Asset turnover Overall Avg. 1.0
Asset turnover Overall 5 Year Avg. 1.2
Asset turnover Overall 3 Year Avg. 1.1
CFO/APT Overall Avg. 22.9
CFO/APT Overall 5 Year Avg. 2.6
CFO/APT Overall 3 Year Avg. 1.5
CFO/Sales Overall Avg. 10%
CFO/Sales Overall 5 Year Avg. 13%
CFO/Sales Overall 3 Year Avg. 9%
FCF/PAT Overall Avg. 20.2
FCF/PAT Overall 5 Year Avg. 0.3
FCF/PAT Overall 3 Year Avg. -2.1
ROE Overall Avg. 9%
ROE Overall 5 Year Avg. 22%
ROE Overall 3 Year Avg. 23%
ROCE Overall Avg. 10%
ROCE Overall 5 Year Avg. 16%
ROCE Overall 3 Year Avg. 14%
CFO/EV Overall Avg. 15%
CFO/EV Overall 5 Year Avg. 20%
CFO/EV Overall 3 Year Avg. 10%
Sales/IC Overall Avg. 1.1
Sales/IC Overall 5 Year Avg. 1.3
Sales/IC Overall 3 Year Avg. 1.2
PAT/IC Overall Avg. 4%
PAT/IC Overall 5 Year Avg. 8%
PAT/IC Overall 3 Year Avg. 7%
CFO/IC Overall Avg. 13%
CFO/IC Overall 5 Year Avg. 18%
CFO/IC Overall 3 Year Avg. 11%
FCF/IC Overall Avg. 3%
FCF/IC Overall 5 Year Avg. 1%
FCF/IC Overall 3 Year Avg. -15%
Inc. Sales/IC Overall 5 Year Avg. 0.5
Inc. Sales/IC Overall 3 Year Avg. -0.9
Inc. PAT/IC Overall Avg. 2.2
Inc. PAT/IC Overall 5 Year Avg. -5%
Inc. PAT/IC Overall 3 Year Avg. -12%
Inc. CFO/IC Overall Avg. 20%
Inc. CFO/IC Overall 5 Year Avg. -39%
Inc. CFO/IC Overall 3 Year Avg. -46%
Inc. FCF/IC Overall Avg. 21%
Inc. FCF/IC Overall 5 Year Avg. -49%
Inc. FCF/IC Overall 3 Year Avg. -81%
Divident Tield Overall Avg. -34%
Divident Tield Overall 5 Year Avg. 2%
Divident Tield Overall 3 Year Avg. 2%
Dividend Payout Overall Avg. 4%
Dividend Payout Overall 5 Year Avg. 8%
Dividend Payout Overall 3 Year Avg. 10%
HISTORICAL VALUATIONS
P/E P/B EV/EBITDA P/SALES DIVIDEND YIELD
MIN 2.12 0.33 2.65 0.07 0.00%
MAX 10.55 2.33 8.65 0.64 4.67%
AVERGE 20.23 1.03 5.16 0.27 1.62%
CURRENT 10.55 2.33 #DIV/0! #DIV/0! #DIV/0!
DISCOUNT TO AVG.
BEST PRACTICE 47.8% -125.6% #DIV/0! #DIV/0!
DISCOUNT -5.5%
MCAP TO CFO DELTA NETWORTH DELTA MKTCAP IMPACT* CFO

10/9 YR 11 168 549 3.26 521.9
5 YR 6 170 551 3.25 379.6
3 YR 8 125 419 3.36 204.1
1 YR 10 51 296 5.86 59.2
* IMPACT – Every Rupee retained added xx.yy in incremental market value
COMPANY NAME SALES GROSS PROFIT EBIT PAT DIVIDEND

10 YR CAGR 18.4% 14.9% 25.1% -233.3% 0.0%
5 YR CAGR 16.9% 17.4% 34.2% 185.7% 0.0%
3 YR CAGR 24.1% 19.7% 9.9% 18.0% 16.9%
1 YR GROWTH 21.7% 3.6% -6.0% 29.5% 20.09%
Gross Margin PAT/NPM Margin Tax Rate Receivable as a % of Inventory as a % Interest Coverage
Sales of Sales
14.3% 6.1% 18.4% 5.2% 18.2% 4.1
Sales Growth vs PAT CAGR/Sales

5 Years Sales Growth 5 Years PAT Growth 5 Years EPS Growth Dividend CAGR Peers CAGR
16.9% 185.7% 271.5% 0.0% 16.1
P/E PEG EY P/B P/SALES DIVIDEND YIELD
10.6 -0.47 9.48% 2.33 #DIV/0! #DIV/0!
Revenue Trend EPS Trend GM% Trend PAT % Trend Receivables Inventory Trend
Trend
+VE -VE +VE -VE +VE -VE
COMPANY NAME 3/31/2008 3/31/2009 3/31/2010 3/31/2011 3/31/2012

Financial Leverage 4.2 5.8 5.4 4.7 4.0
-62.3 -21.2 453.7 42.1 829.7
Long term debt/Earning
-15.9 -4.3 136.8 18.0 347.0
Current liablility/Earning
Total liability/Earning -66.1 -25.2 516.4 47.8 868.8
Debt/Equity 3.0 4.0 3.9 3.3 2.9
Interest Coverage 0.8 0.0 1.1 1.5 1.0
Working Capital/Sales 0.3 0.2 0.3 0.3 0.2
Debtor Days 21 21 11 31 16
Inventory Days 87 57 92 73 66
Inventory turnover 4.2 6.4 4.0 5.0 5.6
0.8 0.3 0.2 0.9 1.6
Cash In/Cash Out Ratio
Current Ratio 5.2 2.1 3.2 4.2 9.9
CAPEX/FCF 0.0 -2.7 8.2 0.0 0.1
FCF/PAT -4.2 0.6 0.1 6.8 193.4
CFO/PAT -4.2 -1.0 0.8 6.7 213.9
Gross Margin 44.30% 35.7% 36.2% 36.5% 33.2%

EBITDA Margin 16.40% -0.9% 11.5% 18.5% 10.5%
Net Margin -2.11% -5.4% 0.2% 1.6% 0.1%
Free Cash Flow/Sales 8.77% -3.2% 0.0% 11.2% 13.5%
Capital Turns 0.57 0.7 0.8 1.1 1.3

Fixed Asset Turns 0.85 0.8 1.0 1.6 1.9
Total Asset Turns 0.55 0.6 0.7 1.0 1.2
RoA -1.2% -3.3% 0.2% 1.6% 0.1%
RoE -4.9% -19.1% 0.9% 7.8% 0.3%
RoCE 3.5% 0.2% 4.2% 8.3% 6.3%
RoIC 6.6% 0.1% 2.8% 5.8% 6.3%
RoIIC(1yr) -126.8% 70.9% -58.8% 0.6%
RoIIC(3yr) -12.5% -54.8%
RoIIC (5yr)
RoIIC(10yr)
3/31/2008 3/31/2009 3/31/2010 3/31/2011 3/31/2012

Altman Z-Score 0.70 0.7 0.8 1.2 1.3
Tax Rate -88.99% 38.81% 32.00% 30.30% 0.00%
Share Capital 0.00% 12.25% 0.00% 0.00%
Increase/Decrease
Inventory Increase/Sales -0.56 5.65 0.21 -1.36

Increase
Debtors Increase/Sales 1.02 -2.53 7.65 -11.27

Increase
Capex/Depreciation -7.42 0.03 -0.01 0.26
Dividend Payout - - - - -
Cash/Assets 0% 0% 0% 0% 0%
3.47% 0.22% 4.16% 8.29% 6.32%
EBIT/Invested Capital
WACC 10.00% 10.00% 10.00% 10.00% 10.00%
EPA -12.26 -36.82 -27.83 -15.63 -12.36
EPA/Sales -6.02% -14.04% -9.22% -3.80% -2.89%
MktCap 47.94 19.76 39.88 56.93 28.33
MktCap Change 20.11 17.05 (28.60)
MktCap Change - EPA 56.93 44.88 -12.97
109.28%
Capex/Cash Flows 10 yr WRONG
111.83%
Capex/Cash Flows 7 yr
142.61%
250.43%
-0.18
Capex/Depreciation 10 yr WRONG
16.41%
3 Yr EBITDA Margin (avg)
16.97%
5 Yr EBITDA Margin (Avg)
3 Yr Capital Turnover 1.21
(Avg)
5 Yr Capital Turnover 1.34
(Avg)
3 Yr ROIC (Avg) 10.60%
5 Yr ROIC (Avg) 11.50%
3 Yr Invested Capital 640.88
(Avg)
5 Yr Invested Capital 478.88
(Avg)
3 yr EPA/Sales (avg) 0.43%
5 yr EPA/Sales (Avg) 0.98%
Enterprise Value SSGR PEG Earnings Yield COGS EBITDA EBIT
250 -10.39% -0.99 9.48% 80.76% 10.55%
1159 12.32% 0.87 47.25% 89.48% 19.31%
0.70% 4.94% 84.30% 15.90%
0 3.56% -0.47 9.48% 86.86% 14.35%
136.1% 47.8% -2.57% -1.55%
146.6% 18.5%
PAT CFO/PAT CAPEX Dividend FCF without Div. FCF FCF/CFO

180.5 2.89 570.3 18.1 -48.5 -66.6 -0.09
191.2 1.99 541.3 18.1 -161.8 -179.9 -0.43
142.3 1.43 511.1 14.7 -307.0 -321.6 -1.50
57.2 1.04 256.8 5.5 -197.7 -203.2 -3.34
ROIC ROIIC EPA EPA/Sales EPA MKTCAP CFO

7.9% 11.2% -6.5% -1.6% -6.5% 32.3% 14.2%
11.5% 11.2% -11.6% 0.8% -11.6% 67.1% -1.6%
10.6% -175.1% 0.3% -175.1% 100.9% -11.9%
9.2% -162.1% -0.7% -162.1% 98.6% -41.1%
Debt/Equity Current Ratio CFO 3 Year CFO/PAT 5 Year FCF/CFO 5 Year Promoter Share
Average Average Average
2.2 2.9 68 2.0 -0.43 18.5%
X years Salary/X Capacity to Sales

Average SSGR% 5 Year ROIC 5 Year ROIIC 5 Year EPA 5 Year EPA/Sales Years PAT Growth
0.7% 11.5% 11.2% -11.6% 0.8%
SSGR ROIC ROIIC EPA EPA/Sales CREDIT RATING 5 Year Sustainable

SSGR
3.56% 9.2% 11.2% -162.1% -0.7% Not Required 0.04
SSGR Trend ROIC Trend WC/Sales EPA Trend EPA/Sales Trend Debt Equity Trend ROA Trend
Trend
+VE -VE -VE +VE -VE -VE -VE
3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2017

3.6 2.7 3.7 3.1 3.6 3.6 -5%
14.6 5.1 9.2 8.0 9.9 9.9
-192%
6.7 2.7 3.1 3.6 3.6 3.6
-198%
18.6 6.4 10.9 9.8 11.7 11.7 -192%
2.1 1.3 2.3 1.7 2.2 2.2 -7%
1.8 4.0 3.4 3.0 4.1 4.1 70%
0.2 0.2 0.2 0.2 0.2 0.2 0%
23 19 24 19 19 19 -1%
67 53 56 55 66 66 2%
5.4 6.9 6.5 6.7 5.5 5.5 -2%
0.5 0.5 0.6 0.5 0.5 0.5
6%
2.7 3.0 2.9 3.0 2.9 2.9 4%
0.1 0.4 -1.2 0.3 -1.3 -1.3 -8%
5.9 1.8 -4.6 1.8 -3.5 -3.5 -221%
6.3 2.5 1.1 2.3 1.0 1.0 -200%
40.8% 37.8% 37.2% 39.8% 33.9% 33.9%

16.3% 19.3% 16.9% 18.0% 14.3% 14.3%
3.2% 7.1% 6.6% 5.8% 6.1% 6.1%
18.6% 12.8% -30.5% 10.2% -21.2% -21.2%
1.5 1.6 1.1 1.4 1.1 1.1

2.1 2.6 1.5 2.0 1.5 1.5
1.2 1.4 1.0 1.2 1.0 1.0
3.9% 9.8% 6.7% 6.9% 6.2% 6.2%
14.0% 26.4% 24.5% 21.5% 22.3% 22.3%
15.7% 22.6% 14.0% 17.6% 11.3% 11.3%
10.6% 15.1% 10.7% 11.9% 9.2% 9.2%
-40.3% 7333.8% 4.9% 66.6% 3.4% 3.4%
-26.7% -40.0% 17.6% 13.6% 5.6% 5.6%
-19.3% -69.9% 30.1% 24.1% 11.2% 11.2%
11.2%
3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2017

1.4 1.7 1.4 1.8 1.8 1.8
32.60% 33.04% 23.79% 32.28% 18.38% 0.18
0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
#DIV/0!
1.49 -1.44 1.27 0.90 2.22 2.22
12.44 -1.18 2.38 -0.12 1.07 1.07
0.25 0.98 8.31 0.55 6.17 6.17

- 0.10 0.11 0.10 0.10 0.10 #DIV/0!
0% 0% 0% 0% 0% 0.00
15.71% 22.57% 14.01% 17.61% 11.26% 11.26%
10.00% 10.00% 10.00% 10.00% 10.00% 10%
1.80 15.72 3.68 10.72 -6.66 -6.66
0.40% 3.22% 0.60% 1.40% -0.71% -0.71%
45.74 73.61 177.79 300.49 596.67 596.67
17.42 27.87 104.18 122.70 296.18 -
29.77 26.06 88.46 119.01 285.46 6.66
INTEREST
PAT TAX COVERAGE DEBT/EQUITY CURRENT RATIO WC/SALES
0.07% 0.00% 1.0 1.3 2.7 20%
7.12% 33.05% 4.1 2.9 9.9 24%
4.81% 23.35% 2.9 2.1 4.1 21%
4.68% 18.38% 3.2 2.2 2.9 22%
-0.13% 4.97% Negative Negative Positive -0.58%
INVENTORY
SALES GROWTH EPS GROWTH AR GROWTH GROWTH
21.0% #NUM! 19% 17%
21.5% 271.5% 13% 20%
38.3% 28.2% 9% 44%
21.7% 29.4% 23% 48%
FCF NETWORTH TOTAL RETURNS SALARY PRE-TAX BOND

-230.6% 12.6% 46.1% LongTerm Bond
-227.8% 24.2% 67.4% LTB Quote
-246.9% 24.9% 49.1% Quoting @
-351.9% 24.6% 97.1%
Sales Volume to Sales 10 Year FCF Growth

Growth Rate
Market Cap to
Retained Earings
Promoter Share Trend Salary Gr./PAT Gr.

Trend
+VE
OPERATING AND FINANCIAL PARAMETERS
INVENTORY ACCOUNTS
INVENTORY DAYS DEBTOR DAYS TURNOVER DEBTOR TURNOVER INVENTORY % RECIVABLE %
52.8 14.48% 4%
67.0 25.18% 7%
60.4 17.78% 5%
66.5 18.22% 5%
-6.08 -0.4% 0.2%
10%
152.77
15.01%
ASSET TURNOVER ROA LEVERAGE ROE ROCE SALARY/PAT
1.0 0% 2.7 0% 6%
1.4 10% 4.0 26% 23%
1.2 6% 3.4 18% 15%
1.0 6% 3.6 22% 11%
-16.8% 0.6% -16.7% 4.1% -3.3%
PROMOTER
SHAREHOLDING FII DII CREDIT RATING
Narration Mar-08 Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Cash from Operating Activity 17.87 14.27 0.55 45.39 64.18 88.90 86.62 44.51 100.40 59.16
Cash from Investing Activity -62.64 -21.88 -0.07 0.20 -8.29 -4.39 -38.85 -219.45 -35.78 -242.12
Cash from Financing Activity 45.07 7.74 -0.91 -45.60 -55.95 -84.32 -47.98 175.56 -64.73 183.66
Net Cash Flow 0.30 0.13 -0.43 -0.01 -0.06 0.19 -0.21 0.62 -0.11 0.70
NITIN SPINNERS LTD : 3-Stage DCF
Figures in Rs Crore | Enter values only in red cells Current PAT Margin 6.1% Current CFO/PAT
Average FCF -102.3 Average PAT Margin 4.4% Average CFO/PAT
Historical FCF Growth Rate #NUM! Current Dividend/PAT 10% Net Fixed Asset
Margin of Safety 20% Average Dividend/PAT 8.21% Maintenance Capex
Historical CAPEX/NFA -2% Current FCF -198 Depreciation
Current Revenue Growth 21.7% Average Revenue Growt
Years 1 2 3 4 5 6
Revenue Growth Rate 0% 0% 0% 0% 0% 0%
Revenue 933 933 933 933 933 933
PAT Margin 7.3% 7.3% 7.3% 7.3% 7.3% 7.3%
PAT 68.1 68.1 68.1 68.1 68.1 68.1
CFO 70.5 70.5 70.5 70.5 70.5 70.5
Net Fixed Asset 0.0 0.0 0.0 0.0 0.0 0.0
Maintenance Capex % -1% -1% -1% -1% -1% -1%
Investment Capex Multiple -0.4 -0.4 -0.6 0.0 0.0 0.5
Investment Capex % 0% 0% 0% 0% 0% 0%
Total CAPEX as a % of NFA 0% 0% 0% -1% -1% -1%
CAPEX 0.0 0.0 0.0 0.0 0.0 0.0
Dividend Growth 0% 0% 0% 10% 0% 0%
Dividend 6.6 6.6 6.6 7.2 6.6 6.6
FCF Normal 70.5 70.5 70.5 70.5 70.5 70.5
FCF Conservative 56.4 56.4 56.4 56.4 56.4 56.4
FCF Growth Rate Normal -136% 0% 0% 0% 0% 0%
FCF Growth Rate Conservative -129% 0% 0% 0% 0% 0%
Discount Rate Normal 10%
Discount Rate Conservative 10%
Terminal Growth Rate Normal 2%
Terminal Growth Rate Conservative 0%
Shares Outstanding (Crore) 5.56
Net Debt Level 563.49
NORMAL MODERATE
Year FCF Growth Present Value Year FCF
1 77 -136% 70.1 1 63
2 77 0% 63.7 2 63
3 77 0% 57.9 3 63
4 78 1% 53.1 4 64
5 77 -1% 47.9 5 63
6 77 0% 43.5 6 63
7 77 0% 39.6 7 63
8 78 1% 36.3 8 64
9 77 -1% 32.7 9 63
10 77 0% 29.7 10 63
0% 0%
1% 1%
2% 2%
3% 3%
4% 4%
6% 5%
8% 6%
10% 7%
12% 8%
14% 9%
16% 10%
18% 11%
20% 12%
22% 13%
24% 14%
26% 15%
28% 16%
30% 17%
32% 18%
34% 19%
36% 20%
38% 21%
40% 22%
42% 23%
44% 24%
46% 25%
48% 26%
50% 27%
52% 28%
54% 29%
56% 30%
58% 31%
60% 32%
62% 33%
64% 34%
66% 35%
68% 36%
70% 37%
72% 38%
74% 39%
76% 40%
78% 41%
80% 42%
82% 43%
84% 44%
86% 45%
88% 46%
90% 47%
92% 48%
94% 49%
96% 50%
98%
100%
Current CFO/PAT 104% NORMAL
Average CFO/PAT 199% Terminal Year 79
Net Fixed Asset - PV of Year 1-10 Cash Flows 474
Maintenance Capex 24% Terminal Value 379
Depreciation 10% Total PV of Cash Flows 853
Average Revenue Growt 16.9% Number of Shares 5.56
DCF Value / Share (Rs) 52
7 8 9 10 PV Contribution 56%
0% 0% 0% 0% TV Contribution 44%
933 933 933 933
7.3% 7.3% 7.3% 7.3% Current Share Price 102
68.1 68.1 68.1 68.1
70.5 70.5 70.5 70.5 Discount Moderate -95%
0.0 0.0 0.0 0.0
-1% -1% -1% -1% Aggressive PE 2 Quarters Forward 8.6
2.1 -0.4 -0.4 -0.6 Moderate PE 2 Quarters Forward 9.4
-2% 0% 0% 0% Conservative PE 2 Quarters Forward 11.1
-2% 0% 0% 0% TTM PE Historical 20.23
0.0 0.0 0.0 0.0
0% 10% 0% 0% PE Aggresion Multiple 1.2
6.6 7.2 6.6 6.6 PE Normal Multiple 1
70.5 70.5 70.5 70.5 PE Conservative Multiple 0.7
56.4 56.4 56.4 56.4
0% 0% 0% 0%
0% 0% 0% 0%
MODERATE
Growth Present Value
-129% 57.3
0% 52.1
0% 47.3
1% 43.5
-1% 39.1
0% 35.6
0% 32.3
1% 29.7
-1% 26.7
0% 24.3
CONSERVATIVE
Terminal Year 63
PV of Year 1-10 Cash Flows 388
Terminal Value 243
Total PV of Cash Flows 631
Number of Shares 5.56
DCF Value / Share (Rs) 12
PV Contribution 61%
TV Contribution 39%
Current Share Price 102
Discount Conservative -743%
PE Attractiveness Aggressive 58%

PE Attractiveness Moderate 53%
PE Attractiveness Conservative 45%
Current P/B 2.21

Histrorical P/B 1.03
Share Capital Annual Growth R 25%
Forward P/B 1.772
P/B Discount TTM -113.8%

P/B Discount NTM -71.6%
Share Price 101.8 Growth Multiple Aggressive 1.2
No. of Shares 4.58 Gorwth Multiple Moderate 1
Last 2 Quarter Profit 25.07 Gorwth Multiple Conservative 0.7
Previous Year Next 2 Quarter Profit 28.52
Last 2 Quarter Growth Rate -14.6%
Total Profit Forecast Moderate 25.1
EPS Forecast Aggressive 11.8 Aggressive PE 2 Quarters Forward 8.59

EPS Forecast Moderate 10.8 Moderate PE 2 Quarters Forward 9.44
EPS Forecast Conservative 9.2 Conservative PE 2 Quarters Forward 11.08
Next 2 Quarter Profit Aggressive 29.2
Next 2 Quarter Profit Moderate 24.4
Next 2 Quarter Profit Conservative 17.1
Total Profit Forecast Aggesive 54.3

Total Profit Forecast Moderate 49.4
Total Profit Forecast Conservative 42.1
Overall 5 Year 3 Year Current
Revenue Growth 21% 22% 38% 22%
PAT Growth #NUM! 272% 28% 29%
Receivables as a % of Sales 6% 6% 6% 5%
Inventory as a % of Sales 18% 16% 16% 18%
Gross Margin #NAME? #NAME? #NAME? #NAME?
PAT Margin 3% 5% 6% 6%
Tax Rate 42% 41% 33% 18%
CFO-PAT 31918% 18840% 6180% 201%
Profitability Ratios
COGS/Sales 63% 63% 63% 66%
Change in Inventory as a % of Sales 0% 0% 1% 3%
Power and Fuel as a % of Sales 9% 8% 9% 10%
Other Mfr. Exp as a % of Sales 4% 4% 4% 4%
Employee Cost as a % of Sales 4% 5% 6% 6%
Selling and admin as a % of Sales 4% 4% 4% 4%
Other Expenses as a % of Sales 2% 1% 0% 0%
Other Income as a % of Sales 0% 0% 0% 0%
Depreciation as a % of Sales 6% 5% 5% 4%
Gross Margin 37% 37% 37% 34%
EBIT Margin 9% 11% 12% 10%
PAT Margin 3% 5% 6% 6%
Tax Rate 29% 29% 25% 18%
Balance Sheet Ratios 0% 0% 0% 0%

Gross Fixed Asset/Revenue 75% 56% 63% 67%
Net Fixed Asset/Revenue 72% 54% 61% 66%
Capex/Gross Fixed Asset 14% 23% 33% 41%
Capex/Net Fixed Asset 14% 24% 34% 42%
Capital Work in progress/Gross Fixed Asset 4% 3% 1% 0%
Capital Work in progress/Net Fixed Asset 4% 3% 1% 0%
Liquidity Ratios
Debt to Equity 2.7 1.9 2.1 2.2
Current Ratio 3.9 2.9 2.9 2.9
Interest Coverage Ratio 2.1 3.2 3.5 4.1
Leverage 4.1 3.3 3.5 3.6
Quick Ratio 1.7 1.4 1.5 1.3
Short term Debt Coverage 1.4 1.2 0.8 0.6
Short Term/Long Term Debt 0.2 0.2 0.2 0.2
Depreciation/Gross Asset 8% 9% 7% 6%
Depreciation/Net Asset 9% 10% 8% 7%
Operating Ratios
Working Capital/Sales (including cash) 25% 21% 21% 22%
Debtor Days 20 21 21 19
Debtor Turnover 19.1 17.9 18.0 19.3
Inventory Days 67 59 59 66
Inventory Turnover 5.6 6.2 6.2 5.5
Cash Return on Assets 12% 16% 10% 6%
Return on Assets 3% 7% 7% 6%
Asset Turnover 1.0 1.2 1.1 1.0
Fixed Asset Turnover 1.6 1.9 1.7 1.5
CFO/PAT 22.9 2.6 1.5 1.0
CFO/Sales 10% 13% 9% 6%
CAPEX/PAT 3.14 2.36 3.55 4.49
Dividend/PAT 4% 8% 10% 10%
FCF/PAT 20.2 0.3 -2.1 -3.5
FCF/CFO -0.4 -1.0 -2.3 -3.3
FCF/Sales 1% -2% -14% -21%
Profit Margin 2% 6% 6% 6%
Asset turnover 1.0 1.2 1.1 1.0
Financial Leverage 4.1 3.3 3.5 3.6
Return on Equity 9% 22% 23% 22%
Return on Capital 10% 16% 14% 11%
Sales/Invested Capital 1.1 1.3 1.2 1.1
PAT/invested Capital 4% 8% 7% 7%
CFO/Invested Capital 13% 18% 11% 7%
FCF/Invested Capital 3% 1% -15% -24%
Incremental Sales/Incremental Invested Capital 0.5 -0.9 2.2 1.6
Incremental PAT/Incremental Invested Capital -5% -12% 20% 13%
Incremental CFO/Incremental Invested Capital -39% -46% 21% 9%
Incremental FCF/Incremental Invested Capital -49% -81% -34% -43%
CFO/Enterprise Value 15% 20% 10% 5%
Dividend Yield 1% 2% 2% 1%
Dividend Payout 4% 8% 10% 10%

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Gross Profit 344 Gross Margin Q-G

Operating Profit Operating Margin Q - Opera

EBITDA Margin Q - EBITDA

Sep- Dec- Mar- Ju

Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Ma Ma Ma Ma Ma Ma Ma Ma Ma Ma

Q-GrossProfit Total Debt Fixed Asset Turn

2000 Inventory Days

Fixed Asset Turn CFI

Inventory Days CFF RoA

(24) (35) (34) (31)

0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0

8% CFF Debt Net Margin

31- 31- 31- 31- 31- 31- 31- 31- 31-

Manual: MCap 900

PROFIT & LOSS

PRICE: 11.74 4.84 8.70 12.42

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

115.83 150.82 142.94 195.27 237.97 312.05

10.00 10.00 10.00 10.00 10.00 10.00

Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

6.18 9.98 16.06 38.79 65.56 130.18

4.58 4.58 4.58 4.58 4.58 4.58

Gross Profit (Sales - RawMaterial + ChangeInInventory) 92.38 95.73 108.15 158.77

Capex = Change NFA + Change CWIP + Depr 0 22.77 0.49 -0.47

For Moat graph

Cost of Equity (CAPM) 8% 7% 9% 8%

Extreme Adj PAT = P - OI(1-TR) + Exp(1-TR) 0 3 0 7

Leverage = Debt / Sh.Funds 3.2 4.8 4.4 3.7

Sales change % 28.72% 15.13% 36.09%

Quarterly Sep-15 Dec-15 Mar-16 Jun-16

248.92 206.64 176.07 378.27 352.07 563.49

-35.11 -42.28 -30.57 202.2 -26.2 211.42

6.17 6.02 24.27 232.29 21.95 256.81

8% 10% 26% 8% 21% 8% (5%)

428 446 488 616 767 933

Mar-08 Mar-09 Mar-10 Mar-11 M

3.0 2.6 1.7 2.7 2.1 2.6

Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17

Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Debt Deadly Trinity

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17

Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14

Borrowings (absolute) 299.41 308.51 284.03 248.92

Other Liabilities 55.52 42.65 38.4 11.72

CFO 17.87 14.27 0.55 45.39 64.18

56.38 47.71 66.75 79.39 106.68

44.66 -8.67 19.04 12.64 27.29

e business model of any company

post the capital expenditure and the interest payment, the

Margin Ratio 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13

(Total Asset - Current

Return Ratios 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13

Operating Ratio 31-Mar-09 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13

Days Payable Outstanding (Accounts Payable/Cost

MCAP to CFO 72.50 1.25 0.44 0.51