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Ratio Analysis

Mar '01 Mar '02 Mar '03 Mar '04
Net Sales
141.49 165.07 192.83 234.49
Reported Net Profit
8.1
11.11
14.91
17.62
Extra-ordinary items
-0.05
-4.92
-0.02
-3.26
Adjusted net profit=Reported net profit-extraordinary items
8.15
16.03
14.93
20.88
Interest
1.56
0.79
0.51
0.72
Share Holders Funds
30.77
34.92
44.52
55.83
Debt Holders Funds
9.25
2.26
5.7
23.02
Total Assets
40.01
37.18
50.22
78.85
NPM=ANP/NS
0.06
0.1
0.08
0.09
ROE (ANP/SHF)
0.26
0.46
0.34
0.37
ROI=PAIAT/(SHF+DHF)
0.24
0.32
0.31
0.23
Total Share Capital
10.78
9.99
9.99
9.99
Cost of Equity
0.86
0.8
0.8
0.8
Economic Profit=RNP-Cost of Equity
7.24
10.31
14.11
16.82
Economic Profit=ANP-Cost of Equity
7.29
15.23
14.13
20.08
ROE Analysis
Mar '01 Mar '02 Mar '03 Mar '04
NPM=ANP/NS
0.06
0.1
0.08
0.09
TATR-Total Asset Turn Over Ration(Net Sales/Total Assets)
3.54
4.44
3.84
2.97
TA/SHF
1.3
1.06
1.13
1.41
ROE (ANP/SHF)
0.26
0.46
0.34
0.37
Efficiency Ratios
Mar '01 Mar '02 Mar '03 Mar '04
Net Sales
141.49 165.07 192.83 234.49
Net Block
32.15
32.96
38.82
45.49
Total Current Asset
14.9
13.57
25.22
41.56
Inventories
7.96
5.09
12.79
26.57
Sundry Debtors
1.31
0.81
0.9
1.12
Raw Materials
106.92 119.67 145.31 184.02
Power & Fuel Cost
4.93
5.03
6.39
7.75
Employee Cost
4.46
5.64
6.65
8.17
Less: Accum. Depreciation
2.29
2.49
4.5
3.94
Stock Adjustments
1.46
-2.64
5.48
11.9
Total Expenses
126.64 141.53 170.85 215.55
COGS=RMC+P&F+EC+DEP+OME
128.93 144.02 175.35 219.49
Credit Sales/day
0.39
0.45
0.53
0.64
TATR=NS/TA
3.54
4.44
3.84
2.97
FATR=NS/NFA(net block)
4.4
5.01
4.97
5.15
CATR=NS/TCA
9.5
12.16
7.65
5.64
ITR=COGS/Inventory
16.2
28.29
13.71
8.26
ACP=Debtors/cr.sales per day
3.38
1.79
1.7
1.74
*All values are in Cr.

37 53.98 8.02 -35.26 2.96 86.8 6.01 3.99 11.48 16.51 4.53 0.47 -1.88 4.17 1.16 3.02 -35.56 900.88 45.72 -0.56 900.26 11.8 9.01 -0.99 2.93 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10 0.64 3.07 -0.01 3.33 588.87 240.57 162.29 3.69 5.05 0.15 0.2 1.19 9.22 0.39 49.16 0.14 0.84 2.28 5.6 184.06 -0.36 12.29 272.64 -5.13 10.05 0.3 5.01 -0.78 10.67 215.64 229.28 4.01 0 -0.9 104.61 2.53 11.18 884.93 634.76 8.08 204.24 40.35 281.22 19.8 0.66 17.66 -0.11 0.61 8.33 95.59 2.73 0.47 3.48 3.91 4.03 792.07 346.22 13.98 153.03 0.15 244.28 2.19 1.79 0.32 1.97 10.53 11.03 792.45 803.46 12.67 62.82 90.64 7.92 0.18 6.9 .95 1.3 118.27 273.64 72.39 20.2 1.53 113.33 4.15 0.75 5.79 15.13 292.01 3.73 104.26 268.94 -34.45 74.91 2.85 1.66 2.92 0.92 9.88 342.46 49.31 1.92 0.83 8.99 2.62 3.04 0.16 3.88 12.62 3.56 3.22 4.85 73.05 0.51 48.96 865.2 1.75 7.01 4.04 0.63 16.16 0.57 5.37 -3.35 10.04 0.62 5.07 reported net profit+ interest(PAIAT) 0.27 11.94 -34.01 0 -0.56 271.46 35.78 13.96 5.51 50.52 2.55 20.32 5.49 69.05 0.07 346.02 23.Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10 266.77 91.53 11.41 203.8 0.41 0.33 588.19 0.38 9.41 0.55 17.68 349.73 0.32 0.12 10.56 3.37 0.5 3.23 174.05 0.99 9.81 0.73 44.25 705.17 2.17 618.89 83.13 292.08 9.66 19.9 785.12 0.68 486.14 3.07 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10 266.39 76.04 0.01 0.39 607.55 179.8 0.15 9.74 4.33 7.44 263.6 25.16 13.41 0 -0.19 0.38 10.42 12.89 4.14 18.38 50.03 11.

t+ interest(PAIAT) .

13 39.99 74.81 40.07 17.26 5.1 74.16 14.22 78.44 3.79 0.92 44.14 62.96 5.1 26.44 Reported Net Profit 8.65 18.13 3.12 3.49 A/C payable ratio=A/c payable or CL/COGS 0.32 1.61 0.38 44.22 0.61 Inventories 7.22 .01 Mar '05 40.43 2.52 55.21 19.77 236.05 Liquidity Ratio Mar '01 Mar '02 Mar '03 Mar '04 CA 14.07 192.39 0.02 MVE/BVD 2.56 55.88 Debt Ratio(MV)=DHE/MCAP+MD) 0.1 11.54 4.97 Z Score 6.99 9.52 55.99 CR=CA/CL 1.56 0.01 37.31 Interest 1.29 266.77 34.57 QA=CA-Inventories 6.95 28.02 SHF 30.7 23.33 0.76 77.94 8.57 25.76 Aaltman's Z-Score Z>2.06 0. Mar '05 12.03 EBIT/TA 0.18 50.32 153.72 13.49 32.93 0.62 Dividends 1.83 234.78 Book Value of Debt(BVD) 9.56 CL 7.75 31.22 78.49 NS/TA 3.96 108.78 Total Assets 40.43 14.99 74.51 10.9 13.41 Market Value of Equity(MVE) 19.1 74.6 16.11 21.675 Total Current Asset(TCA) 14.87 EBIT=PBT+Int 15.15 0.05 0.77 38.11 12.09 12.85 MCAP 19.51 2.95 28.79 26.49 17.22 41.02 0 0.51 20.45 161.25 Net Sales 141.16 21.7 Debt Ratio(BV)=DHF/TA 0.56 0.5 9.49 165.11 0.03 Current Liabilities 8.97 1.83 No of Shares ### ### ### ### Price 17.29 161.47 2.24 Interest Coverage Ratio(EBIT/Int) 10.76 20.99 Closing Year Price 17.23 0.9 13.36 0.675 z=1.13 39.56 0.25 2.14 13.43 0.76 20.51 0.26 5.05 *All values are in Cr.72 PBIT 15.75 40 109.91 1.1 7.45 ### 20.29 12.78 9.75 2.85 1.2 20.18 159.22 41.81 to 2.29 Book Value (Rs) 28.91 17.18 50.25 2.15 0.85 COGS=RMC+P&F+EC+DEP+OME 57.11 14.56 13.12 QR=QA/CL 0.11 0.31 7 Total Asset(TA) 40.31 0.85 Net Working Capital(NWC)=TCA-TCL 6.9 23.99 161.07 19.Leverage Ratios Mar '01 Mar '02 Mar '03 Mar '04 DHF 9.16 3 7.6 2 2.16 27.26 32.57 25.96 108.85 Mcap ### ### ### ### Profit Before Tax 14.94 0.29 74.56 Total Current Liability(TCL) 8.68 19.26 32.16 62.64 ### 161.91 34.99 9.84 2.21 24.97 17.85 1.5 0.7 0.36 0.31 7 Total Share Capital 10.4 74.56 NWC/TA 0.48 12.9 0.75 Retained Earnings(RE)=ANP-D 6.05 0.33 0.4 9.75 40 109.01 37.05 12.72 0.41 44.7 23.

07 346.54 0.99 174.55 9.43 Mar '08 104.02 1.99 28.08 25.07 0.56 11.37 792.56 91.53 218.45 174.29 0 Mar '06 50.95 ### 10.82 1.53 72 83.77 11.99 2.05 0.75 252.35 0.29 272.36 Mar '10 113.35 0.6 83.44 344.56 468.03 175.37 Mar '09 90.24 bankruptcy 90.41 47.17 -1.67 49.44 0.96 83.48 9.54 2.Mar '06 18.24 0.33 2.17 236.23 17.54 292.45 .21 72.88 ### 218.78 0.6 184.1 28.46 0.22 179.06 -0.28 391.73 0.53 339.13 -42.43 0.57 0.02 272.12 1.88 29.31 36.92 Mar '08 153.95 391.19 1.36 4.74 0.26 9.82 0.53 80.02 172.97 Mar '07 104.74 12.03 0.23 174.8 10.33 588.27 -0.22 271.68 70.77 147.63 z<2.41 172.59 11.01 3.86 25.64 Mar '09 179.51 -0.98 153.17 1.45 1.44 49.9 41.92 9.36 16.26 62.99 62.85 73.6 69.62 0.96 3.98 69.42 2.12 Mar '07 73.56 271.01 11.03 3.56 0.37 0.03 0.75 ### 30.5 44.37 252.32 1.66 12.52 4.11 174.23 -34.04 0.73 104.28 91.45 ### 24.32 -81.48 -62.88 0.39 59.53 113.85 25.02 18.73 72.07 20.53 11.2 1.68 0.31 -0.675 on the way to 50.89 ### 72 ### 11.21 4.02 94.3 ### 339.9 104.82 74.12 2.53 263.55 118.39 28.53 205 236.83 0.23 265.73 0.94 3 3 1.28 0.62 147.96 5.96 174.12 45.84 76.38 3.3 3.07 0.29 514.45 86.74 1.16 13.49 ### 174.63 Mar '10 184.32 3.39 41.56 900.65 0.96 ### 205 ### -11.41 1.91 25.14 1.73 25.56 100.16 10.71 1.43 1.67 47.65 1.8 -34.72 0 1.01 175.32 490.68 75.37 263.

35 0 86.58 0 14.45 271.45 0 271.6 102.89 0 94.88 175.6 21.46 -1.65 26.67 13.19 0 69.6 263.53 8.46 29.41 1.77 0.02 35.37 126.87 0 148.2 11.44 46.24 79 215.81 0 7.76 U S S U U U U S S U S S S .24 8.53 34.57 -5.05 22.39 11.37 22.96 172.Balance Sheet of Heritage Foods Limited Mar '09 Mar '10 Change S/U Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities Application Of Funds Gross Block Less: Accum.68 90.24 0 83.52 1.31 0 80.92 76.19 0 6.11 0 2.32 29.85 S S S S S S S U S 264.84 7.98 0.92 3. 11.56 294.33 0 0 -3.92 0.27 49.59 179.53 11.67 0 80.71 0.17 7.49 1.92 184.08 24.27 0.53 3.31 12.64 0 263. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA.63 113.53 11.67 45.01 7.56 11.62 -5.8 203.33 4.77 18.47 60.53 0 0 75. Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets *All values are in Cr.

.

52 29.92 0.52 29.72 Dividends Depreciation 18.A.47 -1.33 41.27 Fixed Deposits 1.33 Capital Work in Progress 5.20 Capital Work in Progress -5.92 5.73 Inc in current liabilities -14.62 B.19 Preference Share Capital 0 Reported Net Profit 5.7 0.37 27.00 Current Liabilities Less: Accum.20 Secured Loans Gross Block Share Premium=Inc in Res-(RNP-Dividends)-1.77 0.Sum of Dec) -3.65 26.59 -2.62 Dec in Cash and Cash Balances -5.Funds Flow Statement:Working Capital Basis Sources and Uses of Working Capital Basis Sources Uses Reported Net Profit 5.08 3.17 Net Change in WC=(Sum of inc .72 -3.00 Secured Loans Equity Share Capital 0.46 Dec In Fd -1.77 31.27 Fixed Deposits -1.36 Unsecured Loans 1.17 43.65 .20 Loans and Advances Revaluation Reserves 0.21 Impact on WC Dec Inc Inc Dec Dec Dec User of Cash Secured Loans Gross Block Investments Inventories Sundry Debtors -3.00 Inventories Inc Reserves 6.05 Dec in Loan & Adv -1. Funds Flow Statement:Total Funds Basis Sources Uses Inc Share Capital 0.46 -14. Depreciation 18.65 26.42 Net funds available for Addl WC Changes in Contents of Working Capital Item Inc Provisions -7.Funds Flow Statement: Cash Basis Change in Sources of Cash Total Share Capital 0 Equity Share Capital 0 Share Application Money 3.79 Net Funds Available for Addl WC -3.00 Gross Block Share Application Money -3.11 Debtors Depreciation 18.30 Provisions 7.52 29.92 Inc in Debtors -0.60 Unsecured Loans -1.6 Inc Inventories 26.19 Investments Preference Share Capital 0.71 C.

39 .4 *All values are in Cr.46 Fixed Deposits 1.Revaluation Reserves 0 Unsecured Loans -1.6 45.37 Current Liabilities 14.99 -6.36 Provisions 7.17 Share Premium=Inc in Res-(RNP-Dividends)-1. Dividends -2.08 52. Depreciation 18.2 Capital Work in Progress -5.27 Loans and Advances 1.33 Less: Accum.

41 . Items Add: Interest Add: Depriciation Increase in inventories Increase in debtors Decrease in loans and advances Increase in Liabilities Increase in Provisions Before tax cash flow from operations Less: tax(incl diff tax) Post tax operating Cash flow 47.98 34. -0.67 19.52 -0.33 -14.1 4.6 44.37 -26.85 -1.13 -6.03 16.64 -26.65 5.57 Cash Flow from investing activities Increase in gross block Increase in investments Decrease in CWIP Decrease in Fixed Deposits Total CF from investing activities -29.24 Cash Flow from Extraordinary Item Net Change in Cash & BB *All values are in Cr.77 -0.13 1.27 -1.67 3.08 -16.36 -2.70 1.92 -4.Classified Cash Flow Stmt For 2009-10 Cash Flow from operating activities Profit before tax and extra.77 7.74 Cash Flow from financing activities Share Premium Dividends Interest dec Secured Loans Sale of Items Fixed Deposits dec Unsecured Loans Total CF from financing activities -1.46 7.