T - 8K Miles Consolidated

How to use it?
You can customize this workbook as you want.

You can add custom formating, add conditional formating, add your own formulas… do ANYTHING.
Please don't edit the "Data Sheet" only.
After customization, you can upload this back on Screener.

Upload on: https://www.screener.in/excel/
Download your customized workbooks now onwards.

Now whenever you will "Export to excel" from Screener, it will export your customized file.
TESTING:
This is a testing feature currently.
You can report any formula errors on the worksheet at: screener.feedback@dalal-street.in
… do ANYTHING.
dalal-street.in
8K MILES SOFTWARE SERVICES LTD 211.95
849 8
Q-Sales
Sales OtherIncome
528 167
142
122
272
125 1
1
16 21 26 44 0 0 0 0 0
0 0
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18 S-16 D-16 M-17

849
Gross Profit Gross Margin Q-G
100% 100% 100% 100% 100% 100% 100% 100%
528
49
42
272 37
26
125
21 26 44
0 0 16
M- J-16 S-16 D-1
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18 16
Operating Profit Operating Margin Q - Oper

293 35% 35%
31% 31% 33%
185 24%
21% 49
20% 42
37
89
26
(0) (0) 38
3 5 5 14
0% 0%
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18 M-16 J-16 S-16 D-1
EBITDA Margin Q - EBITDA

EBITDA
302 35% 36%
33%
31% 31%
24%
186 21%
20% 4
42
37
89 26
39
3 5 6 14
1 0 M-16 J-16 S-16 D-
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18
Margin % PAT PAT (Adj)

PAT (Adj using OI) PAT Q - Adj PAT
19.6
19.4
165
16.4
15.0
14.9
33
14.5
13.7
104 172 29
12.7
24
104
39 16
19 40
(0) (0) 2 3 4 6
12.
16.
15.
13.
15.
14.
19.
20.
19
Margin % PAT PAT (Adj)
PAT (Adj using OI) PAT Q - Adj PAT
19.6
19.4
165
16.4
15.0
14.9
33
14.5
13.7
104 172 29
12.7
24
104
39 16
19
(0) (0) 2 3 4 6 40
12.8
16.6
15.1
13.8
15.2
14.6
19.8
20.2
4 4 6 19
1 0 2
M- J-16 S-16 D-1
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18 16
UnAdj EPS
Q - EPS (manual -
56 Sh Out 2.9 3.1 3.1
2.8 2.8 2.8
2.2 2.2 2.3 2.3
34
13
7
1 1 2 1 2
0 09 10 11 12 13 14 15 16 17 18 M-16 J-16 S-16 D-1
09 10 11 12 13 14 15 16 17 18
Q-Sales Shareholders Funds Cap WIP NFA
240 491
224 227
211
195
167 320
142
122
204
100
62
21 26 28
6 6
S-16 D-16 M-17 J-17 S-17 D-17 M-18 J-18 09 10 11 12 13 14 15 16 17 18 09 10 11 12
Q-GrossProfit Total Debt Fixed Asset Turn

89
83 86
77
71
64
58
49
42
37 41
26
2.7 3.5
M- J-16 S-16 D-16 M- J-17 S-17 D-17 M- J-18 1 1 3 2 4 3
0 0.0 0.0
16 17 18 09 10 11 12 13 14 15 16 17 18 09 10 11 12
1800 Inventory Days
Q - Operating Profit
77
81 84 Liabilities
70 1600
64
58 Total Oth.L Borw
49 1400
42 Rsrv Eq
37
26 1200
1000
0 0 0 0
M-16 J-16 S-16 D-16 M-17 J-17 S-17 D-17 M-18 J-18 09 10 11 12
Q - EBITDA 800 Recv Days

89
83 600 245
77 224
71
64
58 400
49
42
37
200
26
0
09 10 11 12 13 14 15 16 17 18 0 0
M-16 J-16 S-16 D-16 M-17 J-17 S-17 D-17 M-18 J-18 09 10 11 12
1800
Q - Adj PAT
55 55 Assets
47
51 Total Oth.A 1600
44
40 Inv CWIP
33 1400
29 NetBlk
24
16 1200
1800
Q - Adj PAT
55 55 Assets
47
51 Total Oth.A 1600
44
40 Inv CWIP
33 1400
29 NetBlk
24
16 1200
1000
M- J-16 S-16 D-16 M- J-17 S-17 D-17 M- J-18
16 17 18
Q - EPS (manual - VERIFY) 800
Int. Cov. Rat
600
400
128
85
200
0
M-16 J-16 S-16 D-16 M-17 J-17 S-17 D-17 M-18 J-18 09 10 11 12 13 14 15 16 17 18 09 10 11 12
450 RoE
Cap WIP NFA CFO (adj)
400 RoCE
114
350
300
250 70
200
150
26
100 (3) 19
16%
15%
15%
12
15%
15%
11 (8)
50
12%
0 0
0
09 10 11 12 13 14 15 16 17 18
1%
1%
09 10 11 12 13 14 15 16 17 18 10 11 12 13
(4) (2)
Fixed Asset Turn CFI (19) Leverage
(37)
35.9
1.2
(58) (57)
1.2
(86)
0.7
0.4
(238)
0.2
0.0
0.7
0.7
0.6
2.7 3.5 2.8 2.4
0.8 1.6 1.9
0.0 0.0 09 10 11 12
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18
Inventory Days CFF 46 RoA

39
5 4 8%
2 2 3 6%
(1)
(3)
0 0 0 0 0 0 0 0 0 0
09 10 11 12 13 14 15 16 17 18 10 11 12 13 14 15 16 17 18 09 10 11 12
Recv Days
CFF Equity Asset Turn
4.5 4.4
245 4.0
224
193
111 109 0.5 0.5

108
82 89
0.6
0.3
0 0 0.0
10 11 0.0
12 13 0.0
14 15 16 17 0.0
18 0.0
09
0.0
10 11 12
09 10 11 12 13 14 15 16 17 18
CFF Debt 46 Net Margin

38
17%
1
13%
1 2 2 3
(1) (1)
CFF Debt 46 Net Margin
38
17%
1
13%
1 2 2 3
(1) (1)
(4)
10 11 12 13 14 15 16 17 18 09 10 11 12
0 0 (0) (0) (0) (0) (0)
326 (0)
Int. Cov. Rat Manual: MCap
(2)
128
105
85
65
28 26 26 (11)
CFF Interest
09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18
RoE
RoCE
48%
48%
42%
40%
33%
29%
26%
23%
16%
15%
15%
15%
15%
14%
14%
12%
1%
1%
10 11 12 13 14 15 16 17 18
Leverage Extreme.L
1.2
1.2
1.2
1.1
1.0
0.9
0.8
0.8
0.7
0.4
0.2
0.0
0.7
0.7
0.6
0.6
0.5
0.5
0.6
0.7
09 10 11 12 13 14 15 16 17 18
RoA
25% 25%
17%
15%
8% 9%
7%
6%
09 10 11 12 13 14 15 16 17 18
Asset Turn
1.0 1.0
0.9
0.8
0.6
0.5 0.5 0.4
0.0 0.0
09 10 11 12 13 14 15 16 17 18
Net Margin
24% 24%
20%
18%
17% 17%
15%
13%
Net Margin
24% 24%
20%
18%
17% 17%
15%
13%
09 10 11 12 13 14 15 16 17 18
Manual: MCap 12
10
0
COMPANY NAME 8K MILES SOFTWARE SERVICES LTD
LATEST VERSION 2.10 PLEA
CURRENT VERSION 2.10
META
Number of shares 3.05
Face Value 5.00
Current Price 211.95
Market Capitalization 646.82
PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12
Sales 16.32 21.06
Raw Material Cost
Change in Inventory
Power and Fuel 0.01
Other Mfr. Exp
Employee Cost 0.03 0.01 10.56 13.13
Selling and admin 0.02 0.04 2.51 0.55
Other Expenses 0.04 0.02 2.38
Other Income 1.35 0.09 0.02 0.06
Depreciation 0.69 0.80
Interest 0.02 0.05
Profit before tax 1.25 0.04 2.54 4.21
Tax 0.45 0.70
Net profit 1.25 0.04 2.09 3.50
Dividend Amount
Quarters
Report Date Mar-16 Jun-16 Sep-16 Dec-16
Sales 86.23 103.87 122.18 141.73
Expenses 60.02 67.12 79.79 92.97
Other Income 0.13 0.03 0.04 0.04
Depreciation 5.44 5.58 4.54 4.98
Interest 0.11 0.08 0.09 0.31
Profit before tax 20.79 31.12 37.80 43.51
Tax 4.43 6.96 9.13 10.91
Net profit 16.36 24.15 28.67 32.60
Operating Profit 26.21 36.75 42.39 48.76
BALANCE SHEET
Equity Share Capital 1.56 1.56 5.55 5.55
Reserves 4.88 4.92 15.14 19.96
Borrowings 1.31 1.07 2.93
Other Liabilities 0.16 0.15 13.57 15.97
Total 7.91 6.63 35.33 44.41
Net Block 0.11 0.09 6.05 5.98
Capital Work in Progress 12.59 16.43
Investments 0.71
Other Assets 7.09 6.54 16.69 22.00
Total 7.91 6.63 35.33 44.41
Receivables 2.76 2.76 10.96 12.95
Inventory
Cash & Bank 0.01 0.44 2.97
No. of Equity Shares 1560000 1560000 5,554,161.00 5,554,161.00
New Bonus Shares
Face value 10 10 10.00 10.00
CASH FLOW:
Cash from Operating Activity 11.40 -3.35
Cash from Investing Activity -18.80 -3.77
Cash from Financing Activity 7.84 9.65
Net Cash Flow 0.44 2.53
PRICE: 11.09 12.09
DERIVED:
Adjusted Equity Shares in Cr 2.24 2.24 2.28 2.28
PLEASE DO NOT MAKE ANY CHANGES TO THIS SHEET
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

26.21 44.06 124.85 271.93 528.34 849.24
0.05 0.28 0.3

0.01 2.13 1.47
15.67 23.36 56.65 127.33 176.36 235.58
0.24 6.65 29.93 56.09 151.7 295.47
4.86 0.18 13.07 23.05
0.07 0.05 0.29 0.21 0.9 8.45
0.81 4.31 9.12 20.23 13.52 25.19
0.17 0.37 0.45 0.21 1.64 10.66
4.53 9.16 28.99 68.29 170.54 265.97
0.55 1.73 5.9 15.05 41.36 60.55
3.97 6.08 18.98 39.59 104.47 171.62
3.05
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

166.60 195.42 210.62 223.88 227.19 240.22
108.31 131.80 140.57 147.13 146.04 156.52
0.05 0.36 0.50 0.59 1.43 4.86
4.59 5.70 7.07 8.61 4.39 11.76
1.46 1.25 1.77 2.07 4.62 2.08
52.28 57.02 61.71 66.64 73.57 74.72
12.11 12.87 14.00 15.14 17.85 16.22
40.18 44.15 47.71 51.50 55.73 58.50
58.29 63.62 70.05 76.75 81.15 83.70

10.04 10.04 10.34 10.89 15.26 15.26
17.55 51.96 89.44 193.56 304.69 475.84
2.11 3.78 0.07 2.72 40.79 86.48
15.06 33.78 52 106.94 150.77 243.64
44.76 99.56 151.85 314.11 511.51 821.22
0.73 52.25 79.12 146.37 187.4 358.34
17.48 19.58 19.9 18.13 20.72 28.06
26.55 27.73 52.83 149.61 303.39 434.82

44.76 99.56 151.85 314.11 511.51 821.22
13.83 13.42 28.14 80.21 129.48 252.52
1.45 4.83 14.78 28.56 89.79 10.99

10,044,102.00 10044102 10344102 10894102 30517605 30517605
4,017,641.00 7629401
10.00 10 10 10 5 5

-7.42 12.16 26.08 18.89 71.73 125.1
-2.07 -57.5 -36.65 -85.71 -56.67 -238.07
7.96 48.73 20.52 80.59 45.49 34.37
-1.53 3.39 9.95 13.77 60.54 -78.6
19.81 40.534211 275.565 744.725789 581.478947 749.454762
2.77 2.77 2.83 2.94 3.05 3.05

For RoE Graph Mar-09 Mar-10 Mar-11 Mar-12
Shareholders Funds (Equity + Reserves) 6.44 6.48 20.69 25.51
Net Income (Net Profit) 1.25 0.04 2.09 3.5
RoE = NetInc / (Avg of Sh.F btwn this & prv yr) 0.62% 15.38% 15.15%
For Gross graphs
Gross Profit (Sales - RawMaterial + ChangeInInventory) 0 0 16.32 21.06

Gross Margin #DIV/0! #DIV/0! 100% 100%
For CF graphs
Borrowings 1.31 0 1.07 2.93
Change in Borrowings From last year to this (Debt) +ve ->
Borrowed -ve -> Repaid -1.31 1.07 1.86
Dividend (Paid) 0 0 0 0
Divident Payout for AY 16, 17
Dividend (Paid) 0 0 0 0
CFF equity 0 3.99 0
CFF Debt -1.31 1.07 1.86
CFF (Issued Debt + Sell Equity - Dividend paid) -1.31 5.06 1.86
CFO Interest 0 0 -0.02 -0.05
CFO (adj) = CFO (Direct) - CFO Interest 0 0 11.38 -3.4
Capex = Change NFA + Change CWIP + Depr 0 -0.02 19.24 4.57

FCF (Direct) = CFO (Direct) - Capex 0 0.02 -7.84 -7.92
FCF (Adj) = CFO (adj) - Capex 0 0.02 -7.86 -7.97
For Moat graph

Interest Paid (hopefully on borrowings) 0 0 0.02 0.05
Cost of Capital for Interest Paid = (Int/Total.B) * (1 - TaxRate) 0.00% 0.00% 0.11% 0.22%
Cost of Equity (CAPM) 8% 7% 9% 8%

Ratio of Equity raised while borrowing 492% #DIV/0! 1934% 871%
Ratio of Debt = 1 - Ratio-of-Equity -392% #DIV/0! -1834% -771%
WACC 37% #DIV/0! 169% 72%

Return on Capital 16% 1% 12% 15%
Moat -21% #DIV/0! -157% -57%
Inventory Days 0 0 0 0
For PAT and Adj PAT Graph
Revenue 0 0 16 21
PAT (P) 1 0 2 4
Other Income (OI) 1.35 0.09 0.02 0.06
Other Expenditure (OE) 0.04 0 0.02 2.38
Tax Rate (TR) 0% 0% 18% 17%
PAT Margin % #DIV/0! #DIV/0! 12.8 16.6
Adj PAT = P - OI(1-TR) 0 0 2 3
Ad PAT Margin % #DIV/0! #DIV/0! 12.7 16.4
Extreme Adj PAT = P - OI(1-TR) + Exp(1-TR) 0 0 2 5

For Leverage Graph
Debt = Borr + Oth.L 1.47 0.15 14.64 18.9
Comprehensive Debt = Borr + Oth.L + Recv 4.23 2.91 25.6 31.85
Leverage = Debt / Sh.Funds 0.2 0.0 0.7 0.7

Extreme.Leverage = Comp.Debt / Sh.Funds 0.7 0.4 1.2 1.2
Alternate Moat Calculation
EBIT 1.25 0.04 2.56 4.26
Interest 0 0 0.02 0.05
Other Income 1.35 0.09 0.02 0.06
OperatingIncome * (1 - TR) -0.1 -0.05 2.56 4.251662708
Invested Capital (Debts - Long & Short +
Shareholders Equity - Cash - Goodwill) 7.91 6.63 35.33 44.41
ROIC -1% -1% 7% 10%
Moat (RoIC - WACC)? #DIV/0! -161.63% -62.25%
Sales change % #DIV/0! #DIV/0! 29.04%

Debt change % -89.80% 9660.00% 29.10%
Recv change % 0.00% 297.10% 18.16%
Quarterly Mar-16 Jun-16 Sep-16 Dec-16

Net Profit (PAT) 16.36 24.15 28.67 32.6
Other Income (OI) 0.13 0.03 0.04 0.04
TaxRate (TR) 21% 22% 24% 25%
Adj PAT = PAT - OI (1 - TR) 16 24 29 33
Q - EPS (copy it from ratestar.in)
Gross Profit 26 37 42 49
Depreciation Graphs Mar-09 Mar-10 Mar-11 Mar-12

Depreciation (Dep) 0 0 0.69 0.8
Net Block (NFA) 0.11 0.09 6.05 5.98
Gross Block (GFA = NFA + Dep) 0.11 0.09 6.74 6.78
Dep (as a % of GFA) 0% 0% 10% 12%
Dep (as a % of NFA) 0% 0% 11% 13%
Capex 0 -0.02 19.24 4.57
Capex (as a % GFA) 0 -22% 285% 67%
Capex (as a % NFA) 0 -22% 318% 76%
Accumulated Depreciation (AD) 0 0 0.69 1.49
AD (as a % GFA) 0% 0% 10% 22%
AD (as a % NFA) 0% 0% 11% 25%
CROIC
FCF (Yearly, DrVM sheet) 0 0.02 -7.84 -7.92
Invested Capital 7.91 6.63 35.33 44.41
CRoIC 0% 0% -22% -18%
FCF : Direct
27.59 62 99.78 204.45 319.95 491.1
Adj
3.97 6.08 18.98 39.59 104.47 171.62
14.95% 13.57% 23.46% 26.03% 39.84% 42.32%
(8)
(8)
(8)
(8)
0
0
0
0
26.21 44.06 124.85 271.93 528.34 849.24
100% 100% 100% 100% 100% 100%
2.11 3.78 0.07 2.72 40.79 86.48
-0.82 1.67 -3.71 2.65 38.07 45.69

0 0 0 0 3.05 0
09 10 11 12
0 0 0 0 3.05 0
4.49 0 0.3 0.55 4.37 0
-0.82 1.67 -3.71 2.65 38.07 45.69 Moat = RoIC -
3.67 1.67 -3.41 3.2 39.39 45.69 CostOfCap
(157%) (57%) (76%)
-0.17 -0.37 -0.45 -0.21 -1.64 -10.66
-7.59 11.79 25.63 18.68 70.09 114.44
-3.39 57.93 36.31 85.71 57.14 203.47

-4.03 -45.77 -10.23 -66.82 14.59 -78.37
-4.2 -46.14 -10.68 -67.03 12.95 -89.03
0.17 0.37 0.45 0.21 1.64 10.66

0.87% 0.80% 0.69% 0.15% 0.65% 2.49%
8% 10% 26% 8% 21% 8%

1308% 1640% 142543% 7517% 784% 568%
-1208% -1540% -142443% -7417% -684% -468% 10 11 12 13
92% 159% 36164% 570% 158% 35%

16% 14% 29% 33% 48% 48% RoIC
-76% -144% -36135% -537% -110% 13%
0 0 0 0 0 0
26 44 125 272 528 849

4 6 19 40 104 172
0.07 0.05 0.29 0.21 0.9 8.45 10%
7%
4.86 0.18 0 0 13.07 23.05
12% 19% 20% 22% 24% 23%
15.1 13.8 15.2 14.6 19.8 20.2
-1% -1%
09 10 11 12
10%
7%
-1% -1%
4 6 19 39 104 165
14.9 13.7 15.0 14.5 19.6 19.4 09 10 11 12
8 6 19 39 114 183
Debt De
17.17 37.56 52.07 109.66 191.56 330.12 Sales
31 50.98 80.21 189.87 321.04 582.64 Recv.
0.6 0.6 0.5 0.5 0.6 0.7

1.1 0.8 0.8 0.9 1.0 1.2
4.7 9.55 29.44 68.49 172.18 276.63

0.17 0.37 0.45 0.21 1.64 10.66
0.07 0.05 0.29 0.21 0.9 8.45
4.78785872 9.809563319 29.567437 68.49 172.7405324 278.3368775
3 3 11 13
21
19
16
15
1
0
0
0
44.76 99.56 151.85 314.11 511.51 821.22 09 10 11 12
11% 10% 19% 22% 34% 34%

-81.33% -149.12% -36144.55% -547.96% -123.96% -0.97%
24.45% 68.10% 183.36% 117.81% 94.29% 60.74% Debt Dea

-9.15% 118.75% 38.63% 110.60% 74.69% 72.33% Sales
9660%
6.80% -2.96% 109.69% 185.04% 61.43% 95.03% Recv.
Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

40.18 44.15 47.71 51.5 55.73 58.5
0.05 0.36 0.5 0.59 1.43 4.86
23% 23% 23% 23% 24% 22%
40 44 47 51 55 55
(90%)
(9%)
0% 297% 18%
29%
29%
09 10 11 12
58 64 71 77 83 89

0.81 4.31 9.12 20.23 13.52 25.19
0.73 52.25 79.12 146.37 187.4 358.34 D % GFA D % NFA
1.54 56.56 88.24 166.6 200.92 383.53
53% 8% 10% 12% 7% 7%
111% 8% 12% 14% 7% 7%
-3.39 57.93 36.31 85.71 57.14 203.47
-220% 102% 41% 51% 28% 53%
-464% 111% 46% 59% 30% 57%
2.3 6.61 15.73 35.96 49.48 74.67
149% 12% 18% 22% 25% 19%
315% 13% 20% 25% 26% 21%
13%
12%
11%
10%
0%
0%
0%
0%
09 10 11 12
13%
12%
11%
10%
-4.03 -45.77 -10.23 -66.82 14.59 -78.37
0%
0%
0%
0%
44.76 99.56 151.85 314.11 511.51 821.22 09 10 11 12
-9% -46% -7% -21% 3% -10%
RoIC
CROIC
10% 1
7%
0% 0%
-1% -1%
-18%
-22%
09 10 11 12
FCF : Direct
Adj
15
13
(4)
(4)
(10)
(11)
(8)
(8)
(8)
(8)
0
0
(46)
(46)
(67)
(67)
(78)
(89)
10 11 12 13 14 15 16 17 18
Moat = RoIC -
CostOfCap 13%
(157%) (57%) (76%) (144%) (537%) (110%)
(36135%)
11 12 13 14 15 16 17 18
RoIC
34% 34%
22%
19%
10% 11% 10%

7%
-1%
10 11 12 13 14 15 16 17 18
10% 10%
7%
-1%
10 11 12 13 14 15 16 17 18
Debt Deadly Trinity
849
Sales
Recv.
528
253
330
272
129
192
80
125
110
11 13 14 13 28
3
52
44
38
26
21
19
17
16
15
0
0
10 11 12 13 14 15 16 17 18
Debt Deadly Trinity

ales
9660%
Recv.
(9%)
0% 297% 18% 7% 110% 185% 61% 95%

183%
(3%)
119%
111%
118%
94%
75%
72%
68%
61%
39%
29%
29%
24%
10 11 12 13 14 15 16 17 18
D % GFA D % NFA
Depreciation
111%
53%
14%
13%
12%
12%
12%
11%
10%
10%
8%
8%
7%
7%
7%
7%
0%
0%
10 11 12 13 14 15 16 17 18
53%
14%
13%
12%
12%
12%
11%
10%
10%
8%
8%
7%
7%
7%
7%
0%
0%
10 11 12 13 14 15 16 17 18
RoIC 34% 34%

CROIC
19% 22%
10% 11% 10%

7%
3%
0%
-1%
-9% -7%
-10%
-18%
-22% -21%
-46%
10 11 12 13 14 15 16 17 18
Standalone Conso
Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13
Sales 0 0 16 21 26
Operating Profit 0 0 3 5 5
Operating Profit Margin (%) - Growth Rate 0% 0% 20% 24% 21%
Other Income 1 0 0 0 0
Interest 0 0 0 0 0
Depreciation 0 0 1 1 1
Profit Before Tax (PBT) 1 0 3 4 5
Tax % 0% 0% 18% 17% 12%
Net Profit After Tax (PAT) 1 0 2 4 4
Net Profit Margine (NPM %) #DIV/0! #DIV/0! 13% 17% 15%
Cash from Operating Activity (CFO) 0 0 11 -3 -7
Capex (NFA + WIP change + Dep) 0 19 5 -3
Self-Sustainable Growth Rate (SSGR) (3yr Avg) #DIV/0! 37%
Net Fixed Asset Turnover (Higher is better) 0.00 5.32 3.50 7.81
Receivable Days (Lower is better) 0 153 207 186
Inventory Turnover (High is better) #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Net Fixed Assets (NFA) 0 0 6 6 1

Capital Work in Progress (CWIP) 0 0 13 16 17
Share Capital 2 2 6 6 10
Dividend Paid (Div) without DDT 0 0 0 0 0

Divedend Payout (Div / PAT) 0% 0% 0% 0% 0%
Retained Earnings (RE=PAT - Div) 1 0 2 4 4
Cash + Investments (CI + NCI) 1 0 0 3 1
Total Debt (D) 1 - 1 3 2

Total Equity ( E ) 6 6 21 26 28
Debt to Equity Ratio (D/E) 0.2 0.0 0.1 0.1 0.1
Cost of Funds 12%
Interest outgo (Rs. Cr.) 0 0 0 0
Interest Coverage (OP / Int. Out) -1 50 21 18
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13

Cash from Operating Activity (CFO) 0 0 11 -3 -7
Cash from Investing Activity (CFI) 0 0 -19 -4 -2
Cash from Financing Activity (CFF) 0 0 8 10 8
Net Cash Flow (CFO + CFI + CFF) 0 0 0 3 -2
Cash and Eq at the end of year 0 0 0 3 1
Total Retained Earnings (RE) in 10 years (A) 349

Total Increase in Mcap in 10 years (B)
Value created per INR of RE (B/A)
Depreciation as a % of NFA 0% 0% 11% 13% 111%

SSGR (yearly) #DIV/0! 57% 45% 7%
FCF Yearly 0 -8 -8 -4
SSGR 2311% 44% -45%

Growth Rate (OPM) 0% NA 20% 24% 21%
SSGR (with 3yr avgs) #DIV/0! 892%
Growth Rate (OPM, with 3yr avgs) 10% 22% 21%
Borrowings (absolute) 0 1.07 2.93 2.11

Borrowings (debt; PrevY to CurrY) +ve -> Borrowed
-ve -> Repaid -1.31 1.07 1.86 -0.82
Borrowings' Growth Rate -100% NA 174% -28%

Other Liab (PrevY to CurrY) +ve -> Borrowed -ve ->
Repaid -0.01 13.42 2.4 -0.91
Other Liab Growth Rate -6% 8947% 18% -6%
CFO 0 0 11.4 -3.35 -7.42

Interest Paid 0 0 0.02 0.05 0.17
Capex = Change NFA + Change CWIP + Depr 0 -0.02 19.24 4.57 -3.39
Total
GR are the main pillars of assessing the margin of safety in the business model of any company
Consolidated
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Total 10 Years
44 125 272 528 849
14 38 89 185 293
31% 31% 33% 35% 35% Commentary: Company
whereas the company h
0 0 0 1 8 11 over the years. As a resu
0 0 0 2 11 14 attempting to grow at a
4 9 20 14 25 75 internal business cash ge
the company has resorte
9 29 68 171 266 growth requirements as
19% 20% 22% 24% 23% FY2008 to ₹abc cr in FY2
6 19 40 104 172 352
14% 15% 15% 20% 20%
12 26 19 72 125 255
58 36 86 57 203 461
FCF -206
FCFE (Post Int Exp) -220
post the capital expen
company had a cash de
22% 12% 18% 30% 43% Moreover, the compa
years and ha
1.66 1.90 2.41 3.17 3.11
113 61 73 72 82
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
52 79 146 187 358

20 20 18 21 28
10 10 11 15 15
0 0 0 3 0
0% 0% 0% 3% 0%
6 19 40 101 172
5 15 29 90 11
4 0 3 41 86
62 100 204 320 491
0.1 0.0 0.0 0.1 0.2
0 0 0 3 8
39 166 529 71 38
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Total 10 years

12 26 19 72 125 255
-58 -37 -86 -57 -238 -499
49 21 81 45 34 255
3 10 14 61 -79 10
5 15 29 90 11
8% 12% 14% 7% 7%
15% 17% 21% 54% 56%
-46 -10 -67 15 -78

FCF CFODeclining FCF, strong CFO,
(10)
(3)
(4)
(7)
(8)
(8)
12
11
825% 25% 36% 62% 85%
0
0
0
(46)
31% 31% 33% 35% 35%
301% 286% 309% 41% 60%
25% 28% 32% 33% 34%
09 10 11 12 13 14 1
3.78 0.07 2.72 40.79 86.48
1.67 -3.71 2.65 38.07 45.69

79% -98% 3786% 1400% 112%
33.78 52 106.94 150.77 243.64
18.72 18.22 54.94 43.83 92.87

124% 54% 106% 41% 62%
10 Year Sum
12.16 26.08 18.89 71.73 125.1 254.59
0.37 0.45 0.21 1.64 10.66 13.57
57.93 36.31 85.71 57.14 203.47 460.96
-219.94
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 ……
FODeclining FCF, strong CFO, Not ideal
125
72
26
(10)
(3)
(4)
19
(7)
(8)
15
12
11
(46)
(67)
(78)
11 12 13 14 15 16 17 18
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15
PRICE: 0.0 0.0 11.1 12.1 19.8 40.5 275.6
Adjusted Equity Shares in Cr 2.2 2.2 2.3 2.3 2.8 2.8 2.8
Revenue 0 0 16 21 26 44 125
Other Income 1.4 0.1 0.0 0.1 0.1 0.1 0.3
Expense 0 0 13 16 21 30 87
Other Expense 0.0 0.0 0.0 2.4 4.9 0.2 0.0
Receivables 2.8 2.8 11.0 13.0 13.8 13.4 28.1
Inventory 0.0 0.0 0.0 0.0 0.0 0.0 0.0
Invested Capital 8 6 22 28 30 66 100
PAT 1.3 0.0 2.1 3.5 4.0 6.1 19.0
CFO 0.0 0.0 11.4 -3.4 -7.4 12.2 26.1
CAPEX 0.0 19.2 4.6 -3.4 57.9 36.3
Dividend 0.0 0.0 0.0 0.0 0.0 0.0 0.0
FCF including Dividend 0.0 -7.8 -7.9 -4.0 -45.8 -10.2
Enterprise Value 1 0 26 27 56 111 766
Revenue Growth NA NA 29% 24% 68% 183%
PAT Growth -97% 5125% 67% 13% 53% 212%
Receivables as a % of Sales #DIV/0! #DIV/0! 67% 61% 53% 30% 23%
Inventory as a % of Sales #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
PAT Margin #DIV/0! #DIV/0! 12.8% 16.6% 15.1% 13.8% 15.2%
Tax Rate 0% 0% 18% 17% 12% 19% 20%
CFO-PAT -1.3 0.0 9.3 -6.9 -11.4 6.1 7.1
Profitability Ratios
COGS/Sales #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Change in Inventory as a % of Sales #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Power and Fuel as a % of Sales #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Other Mfr. Exp as a % of Sales #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Employee Cost as a % of Sales #DIV/0! #DIV/0! 65% 62% 60% 53% 45%
Selling and admin as a % of Sales #DIV/0! #DIV/0! 15% 3% 1% 15% 24%
Other Expenses as a % of Sales #DIV/0! #DIV/0! 0% 11% 19% 0% 0%
Other Income as a % of Sales #DIV/0! #DIV/0! 0% 0% 0% 0% 0%
Depreciation as a % of Sales #DIV/0! #DIV/0! 4.2% 3.8% 3.1% 9.8% 7.3%
Gross Margin #DIV/0! #DIV/0! 100% 100% 100% 100% 100%
EBIT Margin #DIV/0! #DIV/0! 16% 20% 18% 22% 24%
PAT Margin #DIV/0! #DIV/0! 12.8% 16.6% 15.1% 13.8% 15.2%
Tax Rate 0% 0% 18% 17% 12% 19% 20%
Balance Sheet Ratios
Gross Fixed Asset/Shareholder Equity 1% 1% 19% 15% 3% 57% 58%
Net Fixed Asset/Shareholder Equity 1% 1% 17% 13% 2% 52% 52%
Gross Fixed Asset/Revenue #DIV/0! #DIV/0! 41% 32% 6% 128% 71%
Net Fixed Asset/Revenue #DIV/0! #DIV/0! 37% 28% 3% 119% 63%
Capex/Share Capital 0% 54% 10% -8% 58% 24%
Capex/Gross Fixed Asset -22% 285% 67% -220% 102% 41%
Capex/Net Fixed Asset -22% 318% 76% -464% 111% 46%
Gross Fixed Asset/Assets 1% 1% 19% 15% 3% 57% 58%
Net Fixed Asset/Asset 1% 1% 17% 13% 2% 52% 52%
Investment/Shareholder Equity 9% 0% 0% 0% 0% 0% 0%
Other Asset/Shareholder Equity 90% 99% 47% 50% 59% 28% 35%
Capital work in progress/Shareholder Equity 0% 0% 36% 37% 39% 20% 13%
Capital Work in progress/Gross Fixed Asset 0% 0% 187% 242% 1135% 35% 23%
Capital Work in progress/Net Fixed Asset 0% 0% 208% 275% 2395% 37% 25%
Liquidity Ratios
Debt to Equity 0.2 0.0 0.1 0.1 0.1 0.1 0.0
Current Ratio 44.3 43.6 1.2 1.4 1.8 0.8 1.0
Interest Coverage Ratio #DIV/0! #DIV/0! 128.0 85.2 27.6 25.8 65.4
Leverage 1.2 1.0 1.7 1.7 1.6 1.6 1.5
Quick Ratio 44.3 43.6 1.2 1.4 1.8 0.8 1.0
Short term Debt Coverage 0.0 0.0 0.8 -0.2 -0.5 0.4 0.5
Cash/Shareholders's Equity 0% 0% 1% 7% 3% 5%
Cash to Long Term debt Ratio 0% #DIV/0! 41% 101% 69% 128% 21114%
Cash to Short Term Debt Ratio 0% 7% 3% 19% 10% 14% 28%
Short Term/Long Term Debt 12% #DIV/0! 1268% 545% 714% 894% 74286%
Depreciation/Gross Asset 0% 0% 10% 12% 53% 8% 10%
Depreciation/Net Asset 0% 0% 11% 13% 111% 8% 12%
cash to Market Cap #DIV/0! #DIV/0! 0.02 0.11 0.03 0.04 0.02
Investments to Market Cap #DIV/0! #DIV/0! - - - - -
Operating Ratios
Working Capital/Sales (including cash) #DIV/0! #DIV/0! 19% 29% 44% -14% 1%
Debtor Days NA NA 245 224 193 111 82
Debtor Turnover #VALUE! #VALUE! 1.5 1.6 1.9 3.3 4.4
Inventory Days NA NA 0 0 0 0 0
Inventory Turnover #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
Cash Return on Assets 0.0% 0.0% 32.3% -7.5% -16.6% 12.2% 17.2%
Return on Total Net Asset (EBIT) 16% 1% 7% 10% 11% 10% 19%
Return on Total Average Net Asset (EBIT) 1% 12% 11% 11% 13% 23%
Return on Total Productive Net Asset (EBIT) 1136% 44% 14% 19% 26% 13% 30%
Return on Total Average Productive Net Asset (EBIT) 40% 27% 21% 23% 21% 34%
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 15.8% 0.6% 5.9% 7.9% 8.9% 6.1% 12.5%

Asset Turnover 0.0 0.0 0.5 0.5 0.6 0.4 0.8
Fixed Asset Turnover 0.0 0.0 2.7 3.5 35.9 0.8 1.6
CFO/PAT 0.0 0.0 5.5 -1.0 -1.9 2.0 1.4
CFO/Sales #DIV/0! #DIV/0! 70% -16% -28% 28% 21%
CAPEX/PAT 0.0 -0.5 9.2 1.3 -0.9 9.5 1.9
Dividend/PAT 0% 0% 0% 0% 0% 0% 0%
FCF/PAT 0.0 0.5 -3.8 -2.3 -1.0 -7.5 -0.5
FCF/CFO #DIV/0! #DIV/0! -0.7 2.4 0.5 -3.8 -0.4
FCF/Sales #DIV/0! #DIV/0! -48% -38% -15% -104% -8%
Profit Margin #DIV/0! #DIV/0! 13% 17% 15% 14% 15%
Asset turnover 0.00 0.00 0.46 0.47 0.59 0.44 0.82
Financial Leverage 1.2 1.0 1.7 1.7 1.6 1.6 1.5
Return on Equity #DIV/0! #DIV/0! 10% 14% 14% 10% 19%
Return on Capital 16.1% 0.6% 11.8% 15.0% 15.8% 14.5% 29.5%
Sales/Invested Capital 0.0 0.0 0.8 0.7 0.9 0.7 1.3
PAT/invested Capital 16% 1% 10% 12% 13% 9% 19%
CFO/Invested Capital 0% 0% 52% -12% -25% 18% 26%
FCF/Invested Capital 0% 0% -36% -28% -14% -70% -10%
Incremental Sales/Incremental Invested Capital 0.0 1.2 1.0 1.2 0.8 1.4
Incremental PAT/Incremental Invested Capital 95% 6% 11% 12% 8% 19%
Incremental CFO/Incremental Invested Capital 0% 81% -16% -34% 21% 28%
Incremental FCF/Incremental Invested Capital -2% -56% -38% -18% -79% -11%
EPA/Sales
CFO/Enterprise Value 0% 0% 44% -12% -13% 11% 3%
Dividend Yield #DIV/0! #DIV/0! 0.0% 0.0% 0.0% 0.0% 0.0%
Dividend Payout 0% 0% 0% 0% 0% 0% 0%
Mar-16 Mar-17 Mar-18 Apr-17 3 Year Average/Sum 5 Year Average/Sum Overall Average/Sum 3-Year CAGR
744.7 581.5 749.5
2.9 3.1 3.1
272 528 849 1650 1818 1882
0.2 0.9 8.5 10 10 10
183 344 556 1083 1200 1250
0.0 13.1 23.1 36 36 44
80.2 129.5 252.5 462 504 544
0.0 0.0 0.0 0 0 0
207 361 578
39.6 104.5 171.6 316 341 350
18.9 71.7 125.1 216 254 255
85.7 57.1 203.5 346 441 461
0.0 3.1 0.0 3 3 3
-66.8 14.6 -78.4 -131 -187 -206
2165 1726 2363
118% 94% 61% 161%
109% 164% 64% 201%
29% 25% 30% 28% 29% 33%
0% 0% 0% 0% 0% 0%
14.6% 19.8% 20.2% 19% 15% 15%
22% 24% 23% 37% 34% 32%
-20.7 -32.7 -46.5 -100.0 -86.8 -95.8
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
0% 0% 0% 0% 0% 0%
47% 33% 28% 33% 48% 49%
21% 29% 35% 31% 20% 19%
0% 2% 3% 2% 1% 1%
0% 0% 1% 1% 0% 0%
7.4% 2.6% 3.0% 4% 7% 7%
100% 100% 100% 100% 100% 100%
25% 33% 33% 31% 24% 24%
14.6% 19.8% 20.2% 19% 15% 15%
22% 24% 23% 23% 21% 20%
53% 39% 47% 46% 51% 29%

47% 37% 44% 42% 46% 27%
61% 38% 45% 48% 69% #DIV/0!
54% 35% 42% 44% 63% #DIV/0!
27% 11% 25% 21% 29% 22%
51% 28% 53% 44% 55% 43%
59% 30% 57% 49% 61% 23%
53% 39% 47% 46% 51% 29%
47% 37% 44% 42% 46% 27%
0% 0% 0% 0% 0% 1%
48% 59% 53% 53% 45% 57%
6% 4% 3% 4% 9% 16%
11% 10% 7% 10% 17% 165%
12% 11% 8% 10% 19% 297%
0.0 0.1 0.2 0.1 0.1 0.1

1.4 2.0 1.8 1.7 1.4 9.9
326.2 105.0 26.0 152.4 109.7 #DIV/0!
1.5 1.6 1.7 1.6 1.6 1.5
1.4 2.0 1.8 1.7 1.4 9.9
0.2 0.5 0.5 0.4 0.4 0.2
10% 9% 18% 12% 9% 6%
1050% 220% 13% 428% 4505% #DIV/0!
27% 60% 5% 30% 27% 17%
3932% 370% 282% 1528% 15952% #DIV/0!
12% 7% 7% 8% 9% 12%
14% 7% 7% 9% 10% 18%
0.01 0.05 0.00
- - -
16% 29% 23% 22% 11% #DIV/0!

108 89 109 101.9 99.8 145.2
3.4 4.1 3.4 3.6 3.7 #VALUE!
0 0 0 0.0 0.0 0.0
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #VALUE!
6.0% 14.0% 15.2% 12% 13% 7%
22% 34% 34%

29% 42% 42%
42% 83% 72%
52% 92% 93%
12.6% 20.4% 20.9% 18% 15% 11%

0.9 1.0 1.0 1.0 0.8 0.6
1.9 2.8 2.4 2.3 1.9 5.2
0.5 0.7 0.7 0.6 1.1 0.8
7% 14% 15% 12% 17% #DIV/0!
2.2 0.5 1.2 1.3 3.1 2.4
0% 3% 0% 1% 1% 0%
-1.7 0.1 -0.5 -0.7 -2.0 -1.7
-3.5 0.2 -0.6 -1.3 -1.6 #DIV/0!
-25% 3% -9% -10% -29% #DIV/0!
15% 20% 20% 18% 17% #DIV/0!
0.87 1.03 1.03 1.0 0.8 0.6
1.5 1.6 1.7 1.6 1.6 1.5
19% 33% 35% 29% 23% #DIV/0!
33.1% 47.7% 47.9% 43% 35% 23%
1.3 1.5 1.5 1.4 1.2 0.9
19% 29% 30% 26% 21% 16%
9% 20% 22% 17% 19% 11%
-32% 4% -14% -14% -24% -20%
1.4 1.5 1.5 1.5 1.3 1.1
19% 29% 30% 26% 21% 26%
9% 20% 22% 17% 20% 15%
-34% 4% -14% -14% -27% -27%
1% 4% 5% 3% 5% 4%
0.0% 0.2% 0.0% 0% 0% #DIV/0!
0% 3% 0% 1% 1% 0%
5-Year CAGR Overall CAGR
139% #DIV/0!
156% 85%
Growth Ratio Calculation 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
P&L Items
Revenue Growth Rate YoY Change NA NA 29% 24% 68%
Expense Growth Rate YoY Change -50% 26080% 23% 29% 46%
Operating profit Growth Rate YoY Change -50% -6560% 55% 9% 154%
PBT Growth Rate YoY Change -97% 6250% 66% 8% 102%
PAT Growth Rate YoY Change -97% 5125% 67% 13% 53%
EPS Growth Rate YoY Change -97% 5043% 67% -7% 53%
Cash Flow Items
Operating Cashflow Growth Rate YoY Change NA NA -129% 121% -264%
Free Cashflow Growth Rate YoY Change NA NA -80% -45% 2678%
Balance Sheet Items
Accounts Receivable Growth YoY Change 0% 297% 18% 7% -3%
Inventory Growth YoY Change NA NA NA NA NA
Equity Share Capital Growth Rate 0% 256% 0% 81% 0%
Reserves & Surplus Growth Rate 1% 208% 32% -12% 196%
Shareholder's Equity Growth Rate 1% 219% 23% 8% 125%
Total Asset Growth Rate -16% 433% 26% 1% 122%
Net Fixed Asset Growth Rate -18% 6622% -1% -88% 7058%
Current Asset Growth Rate -8% 155% 32% 21% 4%
Total Liability Growth Rate -90% 9660% 29% -9% 119%
Long Term Borrowing Growth Rate -100% NA 174% -28% 79%
Current Liability Growth Rate -6% 8947% 18% -6% 124%
Depreciation/NFA 0% 11% 13% 111% 8%
Margin Ratio 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14

Expense as a % of Revenue COGS/Net Revenue NA 80% 76% 79% 69%
from Operations
Operating profit/Net
Operating profit Margin Revenue from NA 20% 24% 21% 31%
Operations
Interest as a % of Revenue Interest/Net Revenue NA 0% 0% 1% 1%
from Operations
PBT Margin PBT/Net Revenue from NA 16% 20% 17% 21%
Operations
PAT Margin PAT/Net Revenue from NA 13% 17% 15% 14%
Operations
Tax Rate 0% 18% 17% 12% 19%
Accounts Receivable as a % of Revenue #DIV/0! 67% 61% 53% 30%
Inventory as a % of Revenue #DIV/0! - - - -
WC as a % of Revenue #DIV/0! 19% 29% 44% -14%
Derived Numbers 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
High Price
Low Price
No. of Employees For IT Companies
Share Price Share Price on Recorded 0 11.087143 12.092 19.812 40.534211
Date
No. of Shares Outstanding(Crores) Value 0.156 0.5554161 0.5554161 1.0044102 1.0044102
Market Cap Share Price* No. of 0 6 7 20 41
Equity Shares
Total Dividend Paid Value 0.0 0.0 0.0 0.0 0.0
Operating Cash flow Value 0.0 11.4 -3.4 -7.4 12.2
Change in Net Block +
CAPEX Change in WIP + 0.0 19.2 4.6 -3.4 57.9
Depreciation
Free Cash Flow without dividend Cashflow from 0.0 -7.8 -7.9 -4.0 -45.8
Operations - CAPEX
Cashflow from
Free Cash Flow Operations - CAPEX- 0.0 -7.8 -7.9 -4.0 -45.8
Dividend Payout
Working Capital1 Current Assets - Current 6.4 3.1 6.0 11.5 -6.1
Liabilities
Working Capital2 (Without Cash) Current Assets - Current 6.4 2.7 3.1 10.0 -10.9
Liabilities - Cash and
Cash Equivalents
Invested Capital1 (Equity + Long Debt) 6.5 21.8 28.4 29.7 65.8
Invested Capital2 (Equity + Long Debt- Cash) 6.5 21.3 25.5 28.3 61.0
invested Capital3(Net Block + Work in Progress + WC w/o cas 6.5 21.3 25.5 28.3 61.0
invested Capital4(Net Block + WC w/o cash) 6.5 8.7 9.0 10.8 41.4
EBIT 0.0 2.6 4.3 4.7 9.5
(Total Asset - Current

Capital Employed Liabilities) or 6.5 21.8 28.4 29.7 65.8
(Shareholder's Equity +
Debt Liabilities)
Gross Asset
Depreciation 0.0 0.7 0.8 0.8 4.3
Net Fixed Asset 0.1 6.1 6.0 0.7 52.3
Depreciation as a % of NPAT 0% 11% 13% 111% 8%
NFAT #DIV/0! 181.33 3.48 4.38 60.36
SSGR 2311% 44% -45% 825%
SSGR (with 3 yr avg) #DIV/0! 892% 301%
Return Ratios 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14

Return on Invested Capital1 0.6% 9.7% 12.5% 13.9% 11.8%
Return on Asset PAT/Total Assets 0.6% 5.9% 7.9% 8.9% 6.1%
Return on Real Assets
Return on Capital Employed 0.6% 11.8% 15.0% 15.8% 14.5%
EBIT/Capital Employed
Return on Invested Capital
Return on Equity PAT/Shareholder's 0.6% 10.1% 13.7% 14.4% 9.8%
Equity
Profit Margin PAT/Sales NA 13% 17% 15% 14%
Asset turnover Sales/Asset 0.00 0.46 0.47 0.59 0.44
Financial Leverage Asset/Shareholder's 1.0 1.7 1.7 1.6 1.6
Equity
Profit Margin*Asset
ROE by Dupont Analysis Turnover*Financial #VALUE! 10.1% 13.7% 14.4% 9.8%
Leverage
Dividend Yield Dividend Paid/Share NA 0.0% 0.0% 0.0% 0.0%
Price
Dividend Paid/Net
Dividend Payout Ratio Revenue from - - - - -
Operations
Operating Ratio 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14

Accounts Recievable as a % of Sales Accounts #DIV/0! 67% 61% 53% 30%
Receivable/Sales
Inventory as a % of Sales Inventory/Sales #DIV/0! - - - -
Cash as a % of Long Term Debt Cash/Long Term Debt #DIV/0! 41% 101% 69% 128%
Interest as a % of Long Term Debt #DIV/0! 2% 2% 8% 10%
Reciebales and Inventory as a % of S (Receivables+Inventory) #DIV/0! 67% 61% 53% 30%
/Sales
Working Capital Ratio Current Assets/Current 43.6 1.2 1.4 1.8 0.8
Liabilities
Working Capital as a % of Sales #DIV/0! 0.19 0.29 0.44 -0.14
Working Capital/Sales
Capital Employed as a % of Sales #DIV/0! 1.33 1.35 1.13 1.49
Capital Employed/Sales
Working Capital as a % of PAT Working Capital/PAT 159.75 1.49 1.72 2.89 -1.00
Capital Employed as a % of PAT 0.01 0.10 0.12 0.13 0.09
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 NA NA NA NA NA
Fixed Asset Turnover (Sales/Net Block)*365 0.0 2.7 3.5 35.9 0.8
Revenue per Employee
Saless/No. of Employees
Days Inventory Outstanding/Invento NA 0.0 0.0 0.0 0.0
(Inventory/COGS)*365
(Accounts
Days Sales Outstanding/Debtor DaysReceivable/Total Credit NA 245.1 224.4 192.6 111.2
Sales)*365
Days Payable Outstanding (Accounts Payable/Cost

of Sales)*365
Cash Conversion Cycle DIO+DSO-DPO
Operating Cycle DIO+DSO-DPO
PAT 2.09 3.5 3.97 6.08
CFO 11.4 -3.35 -7.42 12.16
FCF CFO-Capex -7.8 -7.9 -4.0 -45.8
MCAP to CFO 0.54 -2.00 -2.68 3.35

Leverage Ratio 31-Mar-10 31-Mar-11 31-Mar-12 31-Mar-13 31-Mar-14
Debt Equity Ratio 0.00 0.05 0.11 0.08 0.06
Total Debt/Total Equity
Interest Coverage Ratio EBIT/Interest Expense #DIV/0! 128.0 85.2 27.6 25.8
Cashflow to Debt Ratio Operating 0.0 0.8 -0.2 -0.4 0.3
Cashflow/Total Debt
Current Ratio Current Assets/Current 43.6 1.2 1.4 1.8 0.8
Liabilities
(Current Assets -
Quick Ratio Inventories)/Current 43.6 1.2 1.4 1.8 0.8
Liabilities
Cash Ratio (Cash + Cash Equivalent 0.1 0.0 0.2 0.1 0.1
+ Invested Funds)/
Current Liabilities
Short Term Debt Coverage Operating Cash 0.0 0.8 -0.2 -0.5 0.4
flow/Short Term Debt
CAPEX Coverage Operating Cash 0.00 0.59 -0.73 2.19 0.21
Flow/CAPEX
Operating Cash flow to Sales Ratio Operating Cashflow/Net #DIV/0! 70% -16% -28% 28%
Sales
Free Cash Flow to Sales Ratio #DIV/0! 3% 12% -6% 8%
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 0.0 12.1 7.9 13.8 18.5
Share Price/Diluted EPS
P/B Ratio Share Price/Book Value
per Share
EV/EBITDA Enterprise
Value/EBITDA
PEG Ratio 0.00 0.12 -2.01 0.35
(P/E)/EPS Growth Rate
Market
Market Cap to Sales Ratio Capitalization/Net #DIV/0! 0.38 0.32 0.76 0.92
Revenue from
Operations
Cash and Bank

Cash per Share Balance/no. of 0.1 0.8 5.3 1.4 4.8
Outstanding Equity
Shares
Cash as a % of Share Price Cash per Share/Share #DIV/0! 7% 44% 7% 12%
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-15 31-Mar-16 31-Mar-17 31-Mar-18 Trailing CAGR Overall CAGR 5 Years CAGR 3 Years
183% 118% 94% 61% 6% #DIV/0! 139% 161%

186% 112% 87% 62% 6% 194% 127% 153%
177% 131% 109% 59% 6% #NUM! 171% 177%
216% 136% 150% 56% 4% 95% 177% 203%
212% 109% 164% 64% 24% 85% 156% 201%
206% 101% 154% 64% 24% 78% 150% 190%
114% -28% 280% 74% 74%

-36% 134% -34% 320% 320%
110% 185% 61% 95% 95% 76% 3% 77%

NA NA NA NA NA NA NA NA
3% 5% 40% 0% 0% 33% 11% 18%
72% 116% 57% 56% 56% 77% 74% 57%
61% 105% 56% 53% 53% 72% 68% 55%
53% 107% 63% 61% 61% 79% 69% 62%
51% 85% 28% 91% 91% 175% 62% 56%
91% 183% 103% 43% 43% 67% 99% 70%
39% 111% 75% 72% 72% 97% 72% 74%
-98% 3786% 1400% 112% 112% 69% 119% 464%
54% 106% 41% 62% 62% 150% 64% 51%
12% 14% 7% 7% 7%
31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Trailing CAGR Min Max

69% 67% 65% 65% 65% #VALUE! 65% 80%
31% 33% 35% 35% 35% #VALUE! 20% 35%
0% 0% 0% 1% 1% #VALUE! 0% 1%
23% 25% 32% 31% 31% #VALUE! 16% 32%
15% 15% 20% 20% 24% #VALUE! 13% 24%

21%
20% 22% 24% 23% 23%
23% 29% 25% 30% 30%
- - - - 0.00
1% 16% 29% 23% 22.51% -10%
31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Trailing
275.565 744.725789 581.478947 749.454762 749.45 0%

1.0344102 1.0894102 3.0517605 3.0517605 3.05 45%
285 811 1775 2287 2287 68% Sum 9 Years Sum 5 Years
0.0 0.0 3.1 0.0 0.0 #DIV/0! 3.1 3.1
26.1 18.9 71.7 125.1 125.1 #DIV/0! 379.7 366.9
36.3 85.7 57.1 203.5 203.5 74 664.5 586.1
-10.2 -66.8 14.6 -78.4 -78.4 32% -284.8 -219.2
-10.2 -66.8 11.5 -78.4 -78.4 33% -287.8 -222.3
0.8 42.7 152.6 191.2 191.2 53% 593.1 578.5
-14.0 14.1 62.8 180.2 180.2 52% 428.3 423.4
99.9 207.2 360.7 577.6 577.6 75% 1968.6 1822.9

85.1 178.6 271.0 566.6 566.6 75% 1803.8 1667.8
85.1 178.6 271.0 566.6 566.6 75% 1803.8 1667.8
65.2 160.5 250.2 538.5 538.5 74% 1622.9 1552.9
29.4 68.5 172.2 276.6 276.6 202% 844.4 823.4
99.9 207.2 360.7 577.6 577.6 75% 1968.6 1822.9
9.1 20.2 13.5 25.2 25.2 19 99.9 93.3

79.1 146.4 187.4 358.3 358.3 226 1194.6 1129.6
12% 14% 7% 7% 7% 9%
2.39 3.44 3.61 4.53 4.53 3.7 268.1 18.5
25% 36% 62% 85% 100% 69%
286% 309% 41% 60%
31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Trailing Min Max

23.5% 25.8% 36.2% 37.0% 37.0% 67% 1% 37%
27.6% 29.9% 48.1% 37.7% 37.7% 67% 1% 48%
27.6% 29.9% 48.1% 37.7% 37.7% 67% 1% 48%
36.0% 33.3% 52.1% 39.7% 39.7% 68% 1% 52%
12.5% 12.6% 20.4% 20.9% 20.9% 56% 1% 21%
29.5% 33.1% 47.7% 47.9% 47.9% 72% 1% 48%
19.0% 19.4% 32.7% 34.9% 34.9% 66% 1% 35%

15% 15% 20% 20% 24% #VALUE! 13% 24%
0.82 0.87 1.03 1.03 1.03 24% #DIV/0! 0.00 1.03
1.5 1.5 1.6 1.7 1.67 6% 1.02 1.74
19.0% 19.4% 32.7% 34.9% 40.9% #VALUE! #VALUE! #VALUE!
0.0% 0.0% 0.2% 0.0% 0.0% 0% 0%

- - 2.92% 0.00% 0% 0% 3%
1%
31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Trailing Min Max

23% 29% 25% 30% 30% #DIV/0! #DIV/0! #DIV/0!
- - - - 0.00 #DIV/0! #DIV/0! #DIV/0!
21114% 1050% 220.13% 12.71% 13% #DIV/0! #DIV/0!
643% 8% 4.02% 12.33% 12% #DIV/0! #DIV/0!
23% 29% 25% 30% 29.73% #DIV/0! #DIV/0! #DIV/0!
1.0 1.4 2.0 1.8 1.8 0.82 43.60
0.01 0.16 0.29 0.23 0.21 #DIV/0! #DIV/0!
0.80 0.76 0.68 0.68 0.64 #DIV/0! #DIV/0!

0.04 1.08 1.46 1.11 0.90 -100% 15975%
0.19 0.19 0.29 0.30 0.37 1% 37%
0% 0%
0% 0%
0% 0%
0% 0%
NA NA NA NA NA 0.00 0.00
1.6 1.9 2.8 2.4 2.4 0.00 35.90
0.0 0.0 0.0 0.0 0.0 0.0 0.0
82.3 107.7 89.5 108.5 108.5 82.3 245.1
18.98 39.59 104.47 171.62 171.62 522

26.08 18.89 71.73 125.1 125.10 380
-10.2 -66.8 14.6 -78.4 -78.4 -285
10.93 42.95 24.74 18.28 18.28

31-Mar-15 31-Mar-16 31-Mar-17 31-Mar-18 Trailing 4026800% 4319000%
0.00 0.01 0.13 0.18 0.18 #DIV/0! 0% 18%
65.4 326.2 105.0 26.0 26.2 #DIV/0! #DIV/0! #DIV/0!
0.5 0.2 0.4 0.4 0.4 #DIV/0! -0.43 0.78
1.0 1.4 2.0 1.8 1.8 -33% 0.82 43.60
1.0 1.4 2.0 1.8 1.8 -33% 0.82 43.60
0.3 0.3 0.6 0.0 0.0 -5% 0.03 0.60
0.5 0.2 0.5 0.5 0.5 #DIV/0! -0.49 0.84
0.72 0.22 1.26 0.61 0.61 1% -73% 219%
21% 7% 14% 15% 15% #DIV/0! #DIV/0! #DIV/0!
8% 5% 11% -9% -9% #DIV/0! #DIV/0! #DIV/0!

0% 0%
0% 0%
41.1 55.3 17.0 13.3 3.0 3.0 55.3
0.20 0.55 0.11 0.21 0.12 -2.0 0.5
2.28 2.98 3.36 2.69 2.69 #DIV/0! #DIV/0!
14.3 26.2 29.4 3.6 3.6 0.06 29.42
5% 4% 5% 0% 0% #DIV/0! #DIV/0!
Indicator 1 Indicator 2
#DIV/0!
#DIV/0!
#NUM!
Excellent
Excellent
Excellent
#DIV/0!
#DIV/0!
Avg.
71%
29%
1%
24%
17%
27%
0%
Sum 3 Years
3.1
321.9
464.1
-142.2
-145.2
535.0
423.2
1515.9
1404.1
1404.1
1327.3
725.4
1515.9
63.9
904.1
12.7
Avg.
21%
23%
23%
32%
12%
26%
19%
17%
0.68
1.57
#VALUE!
0%
0%
Avg.
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
5.68
#DIV/0!
#DIV/0!
1695%
18%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
5.40
0.0
141.1
4172911%
8%
#DIV/0!
0.23
5.68
5.68
0.18
0.27
57%
#DIV/0!
#DIV/0!
#DIV/0!
#DIV/0!
20.2
0.0
#DIV/0!
8.96
#DIV/0!
8K MILES SOFTWARE SERVICES LTD SCREENER.IN
Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 Trailing Best Case Worst Case
Sales - - 16.32 21.06 26.21 44.06 124.85 271.93 528.34 849.24 901.91 1,609.08 1,397.04
Expenses 0.10 0.05 13.09 16.06 20.77 30.25 86.58 183.42 343.54 555.87 590.26 1,053.07 927.58
Operating Profit -0.10 -0.05 3.23 5.00 5.44 13.81 38.27 88.51 184.80 293.37 311.65 556.01 469.46
Other Income 1.35 0.09 0.02 0.06 0.07 0.05 0.29 0.21 0.90 8.45 7.38 - -
Depreciation - - 0.69 0.80 0.81 4.31 9.12 20.23 13.52 25.19 31.83 31.83 31.83
Interest - - 0.02 0.05 0.17 0.37 0.45 0.21 1.64 10.66 10.54 10.54 10.54
Profit before tax 1.25 0.04 2.54 4.21 4.53 9.16 28.99 68.29 170.54 265.97 276.64 513.64 427.09
Tax - - 0.45 0.70 0.55 1.73 5.90 15.05 41.36 60.55 63.21 23% 23%
Net profit 1.25 0.04 2.09 3.50 3.97 6.08 18.98 39.59 104.47 171.62 213.44 396.28 329.50
EPS 0.56 0.02 0.92 1.54 1.43 2.19 6.70 13.46 34.23 56.24 69.94 129.85 107.97
Price to earning 12.07 7.86 13.83 18.48 41.11 55.34 16.99 13.33 3.03 22.17 3.03
Price - - 11.09 12.09 19.81 40.53 275.57 744.73 581.48 749.45 211.95 2,878.84 327.20
RATIOS:
Dividend Payout 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 2.92% 0.00%
OPM 0.00% 0.00% 19.79% 23.74% 20.76% 31.34% 30.65% 32.55% 34.98% 34.55% 34.55%
TRENDS: 10 YEARS 7 YEARS 5 YEARS 3 YEARS RECENT BEST WORST

Sales Growth 75.87% 100.50% 89.47% 60.74% 89.47% 60.74%
OPM 33.60% 33.72% 34.03% 34.35% 34.55% 34.55% 33.60%
Price to Earning 20.23 21.25 24.71 22.17 3.03 22.17 3.03
Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Equity Share Capital 1.56 1.56 5.55 5.55 10.04 10.04 10.34 10.89 15.26 15.26
Reserves 4.88 4.92 15.14 19.96 17.55 51.96 89.44 193.56 304.69 475.84
Borrowings 1.31 - 1.07 2.93 2.11 3.78 0.07 2.72 40.79 86.48
Other Liabilities 0.16 0.15 13.57 15.97 15.06 33.78 52.00 106.94 150.77 243.64
Total 7.91 6.63 35.33 44.41 44.76 99.56 151.85 314.11 511.51 821.22
Net Block 0.11 0.09 6.05 5.98 0.73 52.25 79.12 146.37 187.40 358.34
Capital Work in Progress - - 12.59 16.43 17.48 19.58 19.90 18.13 20.72 28.06
Investments 0.71 - - - - - - - - -
Other Assets 7.09 6.54 16.69 22.00 26.55 27.73 52.83 149.61 303.39 434.82
Total 7.91 6.63 35.33 44.41 44.76 99.56 151.85 314.11 511.51 821.22
Working Capital 6.93 6.39 3.12 6.03 11.49 -6.05 0.83 42.67 152.62 191.18
Debtors 2.76 2.76 10.96 12.95 13.83 13.42 28.14 80.21 129.48 252.52
Inventory - - - - - - - - - -
Debtor Days - - 245.12 224.44 192.60 111.17 82.27 107.66 89.45 108.53
Inventory Turnover - - - - - - - - - -
Return on Equity 19% 1% 10% 14% 14% 10% 19% 19% 33% 35%
Return on Capital Emp -1% -1% 23% 29% 33% 17% 29% 28% 38% 38%
8K MILES SOFTWARE SERVICES LTD
COPY PASTE DATA FROM ANY FINANCIAL WEBSITE: ONLY FOR THE FIELDS MARKED G
COMPANY NAME 3/31/2009 3/31/2010
CONSOLIDATED
Inventory Direct 0.00 0.00
Debtors Direct 2.76 2.76
Cash & Bank Balance Direct 0.00 0.01
Current Assets Direct 7.09 6.54
Current Liabilities Direct 0.16 0.15
Working Capital (check) Current Asset - Current Liability 6.93 6.39
COPY PASTE DATA FROM ANNUAL REPORTS: ONLY FOR THE FIELDS MARKED ORAN
Operating Expenses/Capex 3/31/2009 3/31/2010
Raw Materials Direct 0.00 0.00
Change in Inventory Direct 0.00 0.00
Power and Fuel Direct 0.01 0.00
Other Mfr. Exp Direct 0.00 0.00
Employee Cost Direct 0.03 0.01
Advertising and sales promotion Direct 0.02 0.04
Miscellaneous expenses Direct 0.04 0.00
Other Income Direct 1.35 0.09
Depreciation Direct 0.00 0.00
Interest Direct 0.00 0.00
Employee cost Direct 0.03 0.01
Advertising and sales promotion Direct 0.02 0.04
Freight, transport and distribution
Royalty
R&D Cost
Capex Change in NFA + Change in CWIP + Depreciation -0.02
COMPANY NAME 3/31/2009 3/31/2010
Sales Direct 0 0
Raw Materials Direct 0 0
Gross Profit Sales-COGS 0 0
EBITDA GP-All Expenses + Change in Inventory + Other Income 1.25 0.04

Depreciation & Amortisation Direct 0 0
EBIT EBITDA - D&A 1.25 0.04
Interest Direct 0 0
PBT EBIT - Interest 1.25 0.04
Tax Direct 0 0
PAT PBT - Tax 1.25 0.04
Dividends Direct - -
Market Cap Price*No. of Shares Outstanding - -
Current Market Cap 646.82
Equity Direct 1.56 1.56

Reserves & Surplus Direct 4.88 4.92
Networth Equity + Reserves & Surplus 6.44 6.48
Secured Loans
Unsecured Loans
Borrowings 1.31 0
Other Liabilities Direct 0.16 0.15
Current Asset Direct 7.09 6.54
Current Liabilities Direct 0.16 0.15
Total Assets Net Block + CWIP + Investment + Other Assets 7.91 6.63
Net Fixed Assets Direct 0.11 0.09
Capital Work in Progress Direct - 0
Working Capital Current Asset - Current Liability 6.93 6.39
Debtors Direct 2.76 2.76
Inventory Direct - -
Cash Direct 0 0.01
Net Other Assets
Invested Capital Equity + Reserves & Surplus + Debt 7.75 6.48
Average Invested Capital 7
Capital Employed1 (Gross) Total Asset - Current Asset 8 6
Capital Employed2 (Net) Capital Employed1 - CWIP 8 6
Capital Employed3 NFA + Investments + CA 8 7
Average Capital Employed1 (Gross) (CE1 LY + CE1 CY)/2 7
Average Capital Employed2 (Net) (CE2 LY + CE2 CY)/2 7
Average Capital Employed3 7
Current Liability 1.47 0.15
Total Assets Net Block + CWIP + Investment + Other Assets 7.91 6.63
Average Total Net Asset (Total Asset LY + Total Asset CY)/2 7
Total Productive Net Asset Net Block + CWIP 0 0
(Total Productive Net Asset LY + Total Productive Net Asset
Average Total Productive Net Asset LY)/2 0
Operating Cash Flow Direct 0 0

Free Cash Flow CFO - CAPEX 0.00 0.02
Tax Rate Tax/PBT 0% 0%
NOPAT EBIT*(1-Tax Rate) 1.25 0.04
MktCap+Dividend #VALUE! 0
Retained Profit PAT - Dividend 1.25 0.04
P/E Price/EPS 0.00 0.00

PEG PE/Growth in EPS 0.00
Price/Book Market Cap/(Equity + Reserves & Surplus) 0.00 0.00
Price/operating CashFlow Market Cap/ CFO #DIV/0! #DIV/0!
Price/Free Cashflow Market Cap/FCF #DIV/0! 0.00
Price/Sales Market Cap/Revenue #DIV/0! #DIV/0!
EV/EBITDA Enterprise Value/EBITDA 1.05 -0.25
Dividend Yield Dividend/Market Cap #DIV/0! #DIV/0!
Enterprise Value1 Market Cap + Debt - Cash 1.3 (0.0)
Enterprise Value2 Market Cap + Debt - (Current Asset - Current Liability)
Working Capital/Total Assets Working Capital/Total Assets 0.88 0.96

Retained Profits/Total Assets Retained Profits/Total Assets 0.16 0.01
EBIT/Total Assets EBIT/Total Assets 0.16 0.01
Market Cap/Total Liabilities Market Cap/Total Liabilities 0.00 0.00
Sales/Total Assets Sales/Total Assets 0.00 0.00
Altman Z-Score 0.00 0.00
Z > 2.99 -“Safe” Zones
1.81 < Z < 2.99 -“Grey” Zones
Z < 1.81 -“Distress” Zones
LY FOR THE FIELDS MARKED GREEN BELOW
3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 TTM
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

10.96 12.95 13.83 13.42 28.14 80.21 129.48 252.52 0.00
0.44 2.97 1.45 4.83 14.78 28.56 89.79 10.99 0.00
16.69 22.00 26.55 27.73 52.83 149.61 303.39 434.82 0.00
13.57 15.97 15.06 33.78 52.00 106.94 150.77 243.64 0.00
3.12 6.03 11.49 -6.05 0.83 42.67 152.62 191.18 0.00
OR THE FIELDS MARKED ORANGE BELOW

3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 TTM
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
0.00 0.00 0.00 0.05 0.00 0.00 0.28 0.30 0.00
0.00 0.00 0.00 0.01 0.00 0.00 2.13 1.47 0.00
10.56 13.13 15.67 23.36 56.65 127.33 176.36 235.58 0.00
2.51 0.55 0.24 6.65 29.93 56.09 151.70 295.47 0.00
0.02 2.38 4.86 0.18 0.00 0.00 13.07 23.05 0.00
0.02 0.06 0.07 0.05 0.29 0.21 0.90 8.45 0.00
0.69 0.80 0.81 4.31 9.12 20.23 13.52 25.19 0.00
0.02 0.05 0.17 0.37 0.45 0.21 1.64 10.66 0.00
10.56 13.13 15.67 23.36 56.65 127.33 176.36 235.58 0.00
2.51 0.55 0.24 6.65 29.93 56.09 151.70 295.47 0.00
19.24 4.57 -3.39 57.93 36.31 85.71 57.14 203.47 -386.40

3/31/2011 3/31/2012 3/31/2013 3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 TTM
16.32 21.06 26.21 44.06 124.85 271.93 528.34 849.24 0
0 0 0 0 0 0 0 0 0
16.32 21.06 26.21 44.06 124.85 271.93 528.34 849.24 0
3.25 5.06 5.51 13.86 38.56 88.72 185.70 301.82 -

0.69 0.8 0.81 4.31 9.12 20.23 13.52 25.19 0
2.56 4.26 4.7 9.55 29.44 68.49 172.18 276.63 0
0.02 0.05 0.17 0.37 0.45 0.21 1.64 10.66 0
2.54 4.21 4.53 9.18 28.99 68.28 170.54 265.97 0
0.45 0.7 0.55 1.73 5.9 15.05 41.36 60.55 0
2.09 3.51 3.98 7.45 23.09 53.23 129.18 205.42 0
- - - - - - 3.05 - -
25.23 27.52 54.91 112.35 780.33 2,190.80 1,774.53 2,287.16 -
5.55 5.55 10.04 10.04 10.34 10.89 15.26 15.26 0

15.14 19.96 17.55 51.96 89.44 193.56 304.69 475.84 0
20.69 25.51 27.59 62 99.78 204.45 319.95 491.1 0
1.07 2.93 2.11 3.78 0.07 2.72 40.79 86.48 -

13.57 15.97 15.06 33.78 52 106.94 150.77 243.64 0
16.69 22 26.55 27.73 52.83 149.61 303.39 434.82 0
13.57 15.97 15.06 33.78 52 106.94 150.77 243.64 0
35.33 44.41 44.76 99.56 151.85 314.11 511.51 821.22 0
6.05 5.98 0.73 52.25 79.12 146.37 187.4 358.34 0
12.59 16.43 17.48 19.58 19.9 18.13 20.72 28.06 -
3.12 6.03 11.49 -6.05 0.83 42.67 152.62 191.18 0
10.96 12.95 13.83 13.42 28.14 80.21 129.48 252.52 0
- - - - - - - - -
0.44 2.97 1.45 4.83 14.78 28.56 89.79 10.99 0
21.76 28.44 29.7 65.78 99.85 207.17 360.74 577.58 0

14 25 29 48 83 154 284 469
22 28 30 66 100 207 361 578 0
9 12 12 46 80 189 340 550
23 28 27 80 132 296 491 793
14 25 29 48 83 154 284 469
8 11 12 29 63 134 265 445
15 25 28 54 106 214 393 642
14.64 18.9 17.17 37.56 52.07 109.66 191.56 330.12 -
35.33 44.41 44.76 99.56 151.85 314.11 511.51 821.22 0
21 40 45 72 126 233 413 666
19 22 18 72 99 165 208 386
9 21 20 45 85 132 186 297
11.4 -3.35 -7.42 12.16 26.08 18.89 71.73 125.1 0

-7.84 -7.92 -4.03 -45.77 -10.23 -66.82 14.59 -78.37 386.40
18% 17% 12% 19% 20% 22% 24% 23% #DIV/0!
2.11 3.55 4.13 7.75 23.45 53.39 130.42 213.65 #DIV/0!
25.22919747 27.51578615 54.91411903 112.3511249 780.3340822 2190.804909 1774.534482 2290.206439 0

2.09 3.51 3.98 7.45 23.09 53.23 126.13 205.42 0
12.07 7.86 13.83 18.48 41.11 55.34 16.99 13.33 3.03

0.00 0.12 -2.01 0.35 0.20 0.55 0.11 0.21 0.12
1.22 1.08 1.99 1.81 7.82 10.72 5.55 4.66 #DIV/0!
2.21 -8.21 -7.40 9.24 29.92 115.98 24.74 18.28 #DIV/0!
-3.22 -3.47 -13.63 -2.45 -76.28 -32.79 121.63 -29.18 0.00
1.55 1.31 2.10 2.55 6.25 8.06 3.36 2.69 #DIV/0!
7.96 5.43 10.09 8.03 19.86 24.40 9.29 7.83 #DIV/0!
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.17% 0.00% #DIV/0!
25.9 27.5 55.6 111.3 765.6 2,165.0 1,725.5 2,362.6 -
0.09 0.14 0.26 -0.06 0.01 0.14 0.30 0.23

0.06 0.08 0.09 0.07 0.15 0.17 0.25 0.25
0.07 0.10 0.11 0.10 0.19 0.22 0.34 0.34
1.72 1.46 3.20 2.99 14.99 19.98 9.26 6.93
0.46 0.47 0.59 0.44 0.82 0.87 1.03 1.03 1
12.40 10.56 22.74 21.17 104.65 139.28 65.21 49.03 49.03
29%
SSGR 2311% 44% -45%
Growth Rate (OPM) 0% NA 20% 24% 21%
SSGR (with 3yr avgs) #DIV/0! 892%
Growth Rate (OPM, with 3yr avgs) 10% 22% 21%
Borrowings (absolute) 0 1.07 2.93 2.11

Borrowings (debt; PrevY to CurrY) +ve ->
Borrowed -ve -> Repaid -1.31 1.07 1.86 -0.82
Borrowings' Growth Rate -100% NA 174% -28%

Other Liab (PrevY to CurrY) +ve -> Borrowed
-ve -> Repaid -0.01 13.42 2.4 -0.91
Other Liab Growth Rate -6% 8947% 18% -6%
CFO 0 0 11.4 -3.35 -7.42

Interest Paid 0 0 0.02 0.05 0.17
Capex = Change NFA + Change CWIP + Depr 0 -0.02 19.24 4.57 -3.39
Total
Free cash flow (FCF) and SSGR are the main pillars of assessing the margin of safety in the business model of any compan
825% 25% 36% 62% 85%
31% 31% 33% 35% 35%
301% 286% 309% 41% 60% Commentary: Company ha
25% 28% 32% 33% 34% whereas the company has
over the years. As a result
attempting to grow at a pa
3.78 0.07 2.72 40.79 86.48 internal business cash gen
the company has resorted
1.67 -3.71 2.65 38.07 45.69 growth requirements as th
79% -98% 3786% 1400% 112% FY2008 to ₹abc cr in FY201
33.78 52 106.94 150.77 243.64
18.72 18.22 54.94 43.83 92.87

124% 54% 106% 41% 62%
10 Year Sum
12.16 26.08 18.89 71.73 125.1 254.59
post the capital expend
0.37 0.45 0.21 1.64 10.66 13.57 company had a cash defic
Moreover, the compan
57.93 36.31 85.71 57.14 203.47 460.96 years and has a
-219.94
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 ……
Manual Copy-Paste Outstanding Shares 3.051757
Date Adjust Closing Price Mcap

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%
Narration Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18
Sales 86.23 103.87 122.18 141.73 166.60 195.42 210.62 223.88 227.19 240.22
Expenses 60.02 67.12 79.79 92.97 108.31 131.80 140.57 147.13 146.04 156.52
Operating Profit 26.21 36.75 42.39 48.76 58.29 63.62 70.05 76.75 81.15 83.70
Other Income 0.13 0.03 0.04 0.04 0.05 0.36 0.50 0.59 1.43 4.86
Depreciation 5.44 5.58 4.54 4.98 4.59 5.70 7.07 8.61 4.39 11.76
Interest 0.11 0.08 0.09 0.31 1.46 1.25 1.77 2.07 4.62 2.08
Profit before tax 20.79 31.12 37.80 43.51 52.28 57.02 61.71 66.64 73.57 74.72
Tax 4.43 6.96 9.13 10.91 12.11 12.87 14.00 15.14 17.85 16.22
Net profit 16.36 24.15 28.67 32.60 40.18 44.15 47.71 51.50 55.73 58.50
OPM 30% 35% 35% 34% 35% 33% 33% 34% 36% 35%
COMPANY NAME 8K MILES SOFTWARE SERVICES LTD
LATEST VERSION 2.1
CURRENT VERSION 2.1
META
Number of shares 3.051757
Face Value 5
Current Price 211.95
Market Capitalization 646.82
PROFIT & LOSS

Report Date Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
Sales 0 0 16.32 21.06 26.21 44.06 124.85 271.93
Raw Material Cost 0 0 0 0 0 0 0 0
Change in Inventory 0 0 0 0 0 0 0 0
Power and Fuel 0.01 0 0 0 0 0.05 0 0
Other Mfr. Exp 0 0 0 0 0 0.01 0 0
Employee Cost 0.03 0.01 10.56 13.13 15.67 23.36 56.65 127.33
Selling and admin 0.02 0.04 2.51 0.55 0.24 6.65 29.93 56.09
Other Expenses 0.04 0 0.02 2.38 4.86 0.18 0 0
Other Income 1.35 0.09 0.02 0.06 0.07 0.05 0.29 0.21
Depreciation 0 0 0.69 0.8 0.81 4.31 9.12 20.23
Interest 0 0 0.02 0.05 0.17 0.37 0.45 0.21
Profit before tax 1.25 0.04 2.54 4.21 4.53 9.16 28.99 68.29
Tax 0 0 0.45 0.7 0.55 1.73 5.9 15.05
Net profit 1.25 0.04 2.09 3.5 3.97 6.08 18.98 39.59
Dividend Amount 0 0 0 0 0 0 0 0
Quarters
Report Date Mar-16 Jun-16 Sep-16 Dec-16 Mar-17 Jun-17 Sep-17 Dec-17
Sales 86.23 103.87 122.18 141.73 166.6 195.42 210.62 223.88
Expenses 60.02 67.12 79.79 92.97 108.31 131.8 140.57 147.13
Other Income 0.13 0.03 0.04 0.04 0.05 0.36 0.5 0.59
Depreciation 5.44 5.58 4.54 4.98 4.59 5.7 7.07 8.61
Interest 0.11 0.08 0.09 0.31 1.46 1.25 1.77 2.07
Profit before tax 20.79 31.12 37.8 43.51 52.28 57.02 61.71 66.64
Tax 4.43 6.96 9.13 10.91 12.11 12.87 14 15.14
Net profit 16.36 24.15 28.67 32.6 40.18 44.15 47.71 51.5
Operating Profit 26.21 36.75 42.39 48.76 58.29 63.62 70.05 76.75
BALANCE SHEET
Equity Share Capital 1.56 1.56 5.55 5.55 10.04 10.04 10.34 10.89
Reserves 4.88 4.92 15.14 19.96 17.55 51.96 89.44 193.56
Borrowings 1.31 0 1.07 2.93 2.11 3.78 0.07 2.72
Other Liabilities 0.16 0.15 13.57 15.97 15.06 33.78 52 106.94
Total 7.91 6.63 35.33 44.41 44.76 99.56 151.85 314.11
Net Block 0.11 0.09 6.05 5.98 0.73 52.25 79.12 146.37
Capital Work in Progress 0 0 12.59 16.43 17.48 19.58 19.9 18.13
Investments 0.71 0 0 0 0 0 0 0
Other Assets 7.09 6.54 16.69 22 26.55 27.73 52.83 149.61
Total 7.91 6.63 35.33 44.41 44.76 99.56 151.85 314.11
Receivables 2.76 2.76 10.96 12.95 13.83 13.42 28.14 80.21
Inventory 0 0 0 0 0 0 0 0
Cash & Bank 0 0.01 0.44 2.97 1.45 4.83 14.78 28.56
No. of Equity Shares 1560000 1560000 5554161 5554161 10044102 10044102 10344102 10894102
New Bonus Shares 0 0 0 0 4017641 0 0 0
Face value 10 10 10 10 10 10 10 10
CASH FLOW:
Cash from Operating Acti 0 0 11.4 -3.35 -7.42 12.16 26.08 18.89
Cash from Investing Activ 0 0 -18.8 -3.77 -2.07 -57.5 -36.65 -85.71
Cash from Financing Activ 0 0 7.84 9.65 7.96 48.73 20.52 80.59
Net Cash Flow 0 0 0.44 2.53 -1.53 3.39 9.95 13.77
PRICE: 0 0 11.08714 12.092 19.812 40.53421 275.565 744.7258

DERIVED:
Adjusted Equity Shares in 2.24 2.24 2.28 2.28 2.77 2.77 2.83 2.94
Mar-17 Mar-18 9M LFY 9M CFY
528.34 849.24 503.75 691.29
0 0
0 0
0.28 0.3
2.13 1.47
176.36 235.58
151.7 295.47
13.07 23.05
0.9 8.45 0.45 6.88
13.52 25.19 15.27 24.76
1.64 10.66 3.02 8.77
170.54 265.97 152.81 214.93
41.36 60.55 35.89 49.21
104.47 171.62 116.93 165.73
3.05 0
Mar-18 Jun-18 9M LY 9M CY
227.19 240.22 503.75 691.29
146.04 156.52 333.08 449.69
1.43 4.86 0.45 6.88
4.39 11.76 15.27 24.76
4.62 2.08 3.02 8.77
73.57 74.72 152.81 214.93
17.85 16.22 35.89 49.21
55.73 58.5 116.93 165.73
81.15 83.7 170.67 241.6
Mar-17 Mar-18
15.26 15.26
304.69 475.84
40.79 86.48
150.77 243.64
511.51 821.22
187.4 358.34
20.72 28.06
0 0
303.39 434.82
511.51 821.22
129.48 252.52
0 0
89.79 10.99
30517605 30517605
7629401 0
5 5
Mar-17 Mar-18
71.73 125.1
-56.67 -238.07
45.49 34.37
60.54 -78.6
581.4789 749.4548
3.05 3.05
Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16
PRICE: 0.0 0.0 11.1 12.1 19.8 40.5 275.6 744.7
Adjusted Equity Shares in Cr 2.24 2.24 2.28 2.28 2.77 2.77 2.83 2.94
Net Margin #DIV/0! #DIV/0! 13% 17% 15% 17% 18% 20%
Asset Tunrover - - 0.5 0.5 0.6 0.4 0.8 0.9
Return on Asset #DIV/0! #DIV/0! 6% 8% 9% 7% 15% 17%
Finance Leverage 1.2 1.0 1.7 1.7 1.6 1.6 1.5 1.5
Return on Equity #DIV/0! #DIV/0! 10% 14% 14% 12% 23% 26%
ROIC 16% 1% 10% 12% 14% 12% 23% 26%
Avg. ROIC 1% 15% 14% 14% 16% 28% 35%
ROCE1 16% 1% 12% 15% 16% 15% 29% 33%
ROCE2 16% 1% 28% 35% 38% 21% 37% 36%
ROCE3 16% 1% 11% 15% 17% 12% 22% 23%
ROACE1 1% 18% 17% 16% 20% 36% 45%
ROACE2 1% 33% 40% 39% 33% 47% 51%
ROACE3 1% 17% 17% 17% 18% 28% 32%
CFO/Average Invested Capital 0% 81% -13% -26% 25% 31% 12%
FCF/Average Invested Capital 0% -56% -32% -14% -96% -12% -44%
CFO/Average Capital Employed1 0% 81% -13% -26% 25% 31% 12%
FCF/Average Capital Employed1 0% -56% -32% -14% -96% -12% -44%
EV/EBITDA 1.0 -0.3 8.0 5.4 10.1 8.0 19.9 24.4
EV/CFO #DIV/0! #DIV/0! 2.3 -8.2 -7.5 9.2 29.4 114.6
EV/FCF #DIV/0! -0.5 -3.3 -3.5 -13.8 -2.4 -74.8 -32.4
CFO/Sales #DIV/0! #DIV/0! 70% -16% -28% 28% 21% 7%
FCF/Sales #DIV/0! #DIV/0! -48% -38% -15% -104% -8% -25%
CFO/PAT 0.0 0.0 5.5 -1.0 -1.9 1.6 1.1 0.4
FCF/PAT 0.0 0.5 -3.8 -2.3 -1.0 -6.1 -0.4 -1.3
FCF/CFO #DIV/0! #DIV/0! -0.7 2.4 0.5 -3.8 -0.4 -3.5
Sales/Invested Capital 0.0 0.0 0.8 0.7 0.9 0.7 1.3 1.3
Sales/Avg. Invested Capital 0.0 1.2 0.8 0.9 0.9 1.5 1.8
PAT/invested Capital 16% 1% 10% 12% 13% 11% 23% 26%
PAT/Avg. invested Capital 1% 15% 14% 14% 16% 28% 35%
CFO/Invested Capital 0% 0% 52% -12% -25% 18% 26% 9%
CFO/Avg. Invested Capital 0% 81% -13% -26% 25% 31% 12%
FCF/Invested Capital 0% 0% -36% -28% -14% -70% -10% -32%
FCF/Avg. Invested Capital 0% -56% -32% -14% -96% -12% -44%
Sales Growth/Invested Capital Growth #DIV/0! 0.4 1.5 1.1 2.5 1.4
PAT Growth/Invested Capital Growth 52.1 0.9 0.8 1.4 2.9 1.5
CFO Growth/Invested Capital Growth #DIV/0! -1.7 7.7 -4.1 1.6 -0.3
FCF Growth/Invested Capital Growth -399.2 0.0 -3.1 16.1 -1.1 6.5
EPA/Sales
SSGR 2311% 44% -45% 825% 25% 36%
Possible Growth Rate
Dividend Yield 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0%
Dividend Payout 0% 0% 0% 0% 0% 0% 0% 0%
Mar-17 Mar-18 3 Year Average/Sum 5 Year Average/Sum Overall Average/Sum
581.5 749.5
3.05 3.05
24% 24% 24% 23% 23%
1.0 1.0 1.0 0.8 0.6
25% 25% 23% 19% 14%
1.6 1.7 1.6 1.6 1.6
40% 42% 36% 29% #DIV/0!
36% 37% 33% 27% 19%
46% 46% 42% 34% 24%
48% 48% 43% 35% 24%
51% 50% 46% 39% 33%
35% 35% 31% 25% 19%
61% 59% 55% 44% 30%
65% 62% 59% 52% 41%
44% 43% 40% 33% 24%
25% 27% 21% 24% 18%
5% -17% -18% -33% -29%
25% 27% 21% 24% 18%
27% 28% 23% 30% 23%
18% 19% 16% 19% 15%
5% -17% -18% -33% -29%
6% -18% -21% -47% -49%
4% -12% -13% -27% -26%
9.3 7.8 13.8 13.9 10.3
24.1 18.9 52.5 39.2 #DIV/0!
118.3 -30.1 18.6 -4.3 -4.7
14% 15% 0.1 0.2 #DIV/0!
3% -9% -0.1 -0.3 #DIV/0!
0.6 0.6 0.5 0.9 0.8
0.1 -0.4 -0.5 -1.6 -1.6
0.2 -0.6 -1.3 -1.6 #DIV/0!
1.5 1.5 1.4 1.2 0.9
1.9 1.8 1.8 1.6 1.2
36% 36% 32% 26% 19%
45% 44% 41% 33% 23%
20% 22% 17% 19% 12%
25% 27% 21% 24% 18%
4% -14% -14% -24% -22%
5% -17% -18% -33% -29%
1.1 0.9 1.1 1.4 #DIV/0!
1.7 0.9 137% 167% 776%
3.3 1.1 137% 31% #DIV/0!
-1.4 -9.8 -157% 207% -4899%
62% 85% 61% 206% 418%
0.2% 0.0% 0% 0% 0%
3% 0% 1% 1% 0%
PRICE: 0.0 0.0 11.1 12.1 19.8
Depreciation as a % of Sales #DIV/0! #DIV/0! 4.2% 3.8% 3.1%
Gross Fixed Asset/Revenue #DIV/0! #DIV/0! 65% 52% 20%
Net Fixed Asset/Revenue #DIV/0! #DIV/0! 37% 28% 3%
Capex/Gross Fixed Asset 0% 182% 42% -64%
Capex/Net Fixed Asset -22% 318% 76% -464%
Gross Fixed Asset/Assets 70% 86% 30% 25% 12%
Net Fixed Asset/Asset 1% 1% 17% 13% 2%
Investment/Shareholder Equity 9% 0% 0% 0% 0%
Other Asset/Shareholder Equity 90% 99% 47% 50% 59%
Capital work in progress/Shareholder Equity 0% 0% 36% 37% 39%
Capital Work in progress/Gross Fixed Asset 0% 0% 119% 150% 329%
Capital Work in progress/Net Fixed Asset 0% 0% 208% 275% 2395%
Depreciation/Gross Asset 0% 0% 10% 12% 53%
Depreciation/Net Asset 0% 0% 11% 13% 111%
cash to Market Cap 0% 0% 2% 11% 3%
Investments to Market Cap 0% 0% 0% 0% 0%
Working Capital/Sales (including cash) #DIV/0! #DIV/0! 19% 29% 44%
Debtor Days NA NA 245 224 193
Debtor Turnover #VALUE! #VALUE! 1.5 1.6 1.9
Inventory Days NA NA 0 0 0
Inventory Turnover 0.0 0.0 0.0 0.0 0.0
Cash Return on Total Net Asset (CFO) 0% 0% 32% -8% -17%

Cash Return on Total Average Net Asset (CFO) 0% 54% -8% -17%
Cash Return on Total Productive Net Asset (CFO) 0% 0% 61% -15% -41%
Cash Return on Total Average Productive Net Asset (CFO) 0% 122% -16% -37%
Cash Return on Total Net Asset (FCF) 0% -22% -18% -9%

Cash Return on Total Average Net Asset (FCF) 0% -37% -20% -9%
Cash Return on Total Productive Net Asset (FCF) 22% -42% -35% -22%
Cash Return on Total Average Productive Net Asset (FCF) 20% -84% -39% -20%
Return on Total Net Asset (EBIT) 16% 1% 7% 10% 11%

Return on Total Average Net Asset (EBIT) 1% 12% 11% 11%
Return on Total Productive Net Asset (EBIT) 1136% 44% 14% 19% 26%
Return on Total Average Productive Net Asset (EBIT) 40% 27% 21% 23%
2 Year forward Incremental Total Net Asset to Revenue Ratio 0.4 0.6 10.5
2 Year forward Incremental Total Net Productive Asset to Revenue Ratio 0.5 1.0 -229.4
2 Year forward Incremental Total Net Asset to EBIT Ratio 0.1 0.1 2.6
2 Year forward Incremental Total Net Productive Asset to EBIT Ratio 0.1 0.2 -57.5
Total Net Asset Turns 0.0 0.0 0.5 0.5 0.6

Total Avregae Net Asset Turns 0.0 0.8 0.5 0.6
Total Net Productive Asset Turns 0.0 0.0 0.9 0.9 1.4
Total Avregae Net Productive Asset Turns 0.0 1.7 1.0 1.3
CFO Return on Assets 0.0% 0.0% 32.3% -7.5% -16.6%

Return on Assets 15.8% 0.6% 5.9% 7.9% 8.9%
Asset Turnover 0.0 0.0 0.5 0.5 0.6
Fixed Asset Turnover 0.0 0.0 2.7 3.5 35.9
Mar-14 Mar-15 Mar-16 Mar-17 Mar-18 3 Year Average/Sum 5 Year Average/Sum Overall Average/Sum
40.5 275.6 744.7 581.5 749.5
9.8% 7.3% 7.4% 2.6% 3.0% 4% 7% 7%
132% 69% 57% 36% 44% 46% 67% #DIV/0!
119% 63% 54% 35% 42% 44% 63% #DIV/0!
100% 42% 55% 30% 55% 47% 56% 49%
111% 46% 59% 30% 57% 49% 61% 23%
58% 57% 49% 37% 45% 44% 49% 47%
52% 52% 47% 37% 44% 42% 46% 27%
0% 0% 0% 0% 0% 0% 0% 1%
28% 35% 48% 59% 53% 53% 45% 57%
20% 13% 6% 4% 3% 4% 9% 16%
34% 23% 12% 11% 8% 10% 17% 68%
37% 25% 12% 11% 8% 10% 19% 297%
8% 10% 12% 7% 7% 8% 9% 12%
8% 12% 14% 7% 7% 9% 10% 18%
4% 2% 1% 5% 0% 2% 3% 3%
0% 0% 0% 0% 0% 0% 0% 0%
-14% 1% 16% 29% 23% 22% 11% #DIV/0!
111 82 108 89 109 101.9 99.8 145.2
3.3 4.4 3.4 4.1 3.4 3.6 3.7 #VALUE!
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
12% 17% 6% 14% 15% 12% 13% 8%

17% 21% 8% 17% 19% 15% 16% 12%
17% 26% 11% 34% 32% 26% 24% 14%
27% 31% 14% 39% 42% 32% 30% 25%
-46% -7% -21% 3% -10% -9% -16% -14%

-63% -8% -29% 4% -12% -12% -22% -19%
-64% -10% -41% 7% -20% -18% -26% -23%
-102% -12% -51% 8% -26% -23% -37% -34%
10% 19% 22% 34% 34% 30% 24% 16%

13% 23% 29% 42% 42% 38% 30% 20%
13% 30% 42% 83% 72% 65% 48% 38%
21% 34% 52% 92% 93% 79% 59% 45%
4.1 3.8 2.7

4.6 5.0 6.2
1.1 1.3 1.0

1.2 1.8 2.2
0.4 0.8 0.9 1.0 1.0

0.6 1.0 1.2 1.3 1.3
0.6 1.3 1.7 2.5 2.2
1.0 1.5 2.1 2.8 2.9
12.2% 17.2% 6.0% 14.0% 15.2% 12% 13% 7%

6.1% 12.5% 12.6% 20.4% 20.9% 18% 15% 11%
0.4 0.8 0.9 1.0 1.0 1.0 0.8 0.6
0.8 1.6 1.9 2.8 2.4 2.3 1.9 5.2
3-Year CAGR 5-Year CAGR Overall CAGR
COMPANY_NAME DATE
ID COMPANY_NAME DATE
8K MILES SOFTWARE SERVICES LTD31 8K MILES SOFTWARE SERVICES L 31-Mar-09
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
- - - 0.01 -
- - - - -
16.32 - - - -
21.06 - - - -
26.21 - - - -
44.06 - - 0.05 0.01
124.85 - - - -
271.93 - - - -
528.34 - - 0.28 2.13
849.24 - - 0.30 1.47
7 8 9 10 11
Employee Cost Selling and admin Other Expenses Other Income Depreciation
EMPLOYEE_COST SELLING_AND_ADMINOTHER_EXPENSES OTHER_INCOME DEPRECIATION
0.03 0.02 0.04 1.35 -
0.01 0.04 - 0.09 -
10.56 2.51 0.02 0.02 0.69
13.13 0.55 2.38 0.06 0.80
15.67 0.24 4.86 0.07 0.81
23.36 6.65 0.18 0.05 4.31
56.65 29.93 - 0.29 9.12
127.33 56.09 - 0.21 20.23
176.36 151.70 13.07 0.90 13.52
235.58 295.47 23.05 8.45 25.19
12 13 14 15 16
Interest Profit before tax Tax Net profit Dividend Amount
INTEREST PROFIT_BEFORE_TAX TAX NET_PROFIT DIVIDEND_AMOUNT
- 1.25 - 1.25 -
- 0.04 - 0.04 -
0.02 2.54 0.45 2.09 -
0.05 4.21 0.70 3.50 -
0.17 4.53 0.55 3.97 -
0.37 9.16 1.73 6.08 -
0.45 28.99 5.90 18.98 -
0.21 68.29 15.05 39.59 -
1.64 170.54 41.36 104.47 3.05
10.66 265.97 60.55 171.62 -
2 3 4
Equity Share Capital Reserves Borrowings
EQUITY_SHARE_CAPITAL RESERVES BORROWINGS
1.56 4.88 1.31
1.56 4.92 0
5.55 15.14 1.07
5.55 19.96 2.93
10.04 17.55 2.11
10.04 51.96 3.78
10.34 89.44 0.07
10.89 193.56 2.72
15.26 304.69 40.79
15.26 475.84 86.48
5 6 7
Other Liabilities Total Net Block
OTHER_LIABILITIES TOTAL NET_BLOCK
0.16 7.91 0.11
0.15 6.63 0.09
13.57 35.33 6.05
15.97 44.41 5.98
15.06 44.76 0.73
33.78 99.56 52.25
52 151.85 79.12
106.94 314.11 146.37
150.77 511.51 187.4
243.64 821.22 358.34
8 9 10
Capital Work in Progress Investments Other Assets
CAPITAL_WORK_IN_PROGRESSINVESTMENTS OTHER_ASSETS
0 0.71 7.09
0 0 6.54
12.59 0 16.69
16.43 0 22
17.48 0 26.55
19.58 0 27.73
19.9 0 52.83
18.13 0 149.61
20.72 0 303.39
28.06 0 434.82
11 12 13
Total Receivables Inventory
TOTAL RECEIVABLES INVENTORY
7.91 2.76 0
6.63 2.76 0
35.33 10.96 0
44.41 12.95 0
44.76 13.83 0
99.56 13.42 0
151.85 28.14 0
314.11 80.21 0
511.51 129.48 0
821.22 252.52 0
14 15 16
Cash & Bank No. of Equity Shares New Bonus Shares
CASH_&_BANK NO._OF_EQUITY_SHARES NEW_BONUS_SHARES
0 1560000 0
0.01 1560000 0
0.44 5554161 0
2.97 5554161 0
1.45 10044102 4017641
4.83 10044102 0
14.78 10344102 0
28.56 10894102 0
89.79 30517605 7629401
10.99 30517605 0
17 2 3
Face value Cash from Operating Activity Cash from Investing Activity
FACE_VALUE CASH_FROM_OPERATING_ACTICASH_FROM_INVESTING_ACTIV
10 0 0
10 0 0
10 11.4 -18.8
10 -3.35 -3.77
10 -7.42 -2.07
10 12.16 -57.5
10 26.08 -36.65
10 18.89 -85.71
5 71.73 -56.67
5 125.1 -238.07
4 5 2
Cash from Financing Activity Net Cash Flow PRICE:
CASH_FROM_FINANCING_ACTIV NET_CASH_FLOW PRICE:
0 0 0.0
0 0 0.0
7.84 0.44 11.1
9.65 2.53 12.1
7.96 -1.53 19.8
48.73 3.39 40.5
20.52 9.95 275.6
80.59 13.77 744.7
45.49 60.54 581.5
34.37 -78.6 749.5
3 10 11
Adjusted Equity Shares in Cr Invested Capital PAT
ADJUSTED_EQUITY_SHARES_IN_CR INVESTED_CAPITAL PAT
2.2 7.8 1.3
2.2 6.5 0.0
2.3 21.8 2.1
2.3 28.4 3.5
2.8 29.7 4.0
2.8 65.8 6.1
2.8 99.9 19.0
2.9 207.2 39.6
3.1 360.7 104.5
3.1 577.6 171.6
12 13 14 15
CFO CAPEX Dividend FCF including Dividend
CFO CAPEX DIVIDEND FCF_INCLUDING_DIVIDEND
0.0 0.0 0.0 0.0
0.0 0.0 0.0 0.0
11.4 19.2 0.0 -7.8
-3.4 4.6 0.0 -7.9
-7.4 -3.4 0.0 -4.0
12.2 57.9 0.0 -45.8
26.1 36.3 0.0 -10.2
18.9 85.7 0.0 -66.8
71.7 57.1 3.1 14.6
125.1 203.5 0.0 -78.4
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
1.3 0.0% 0.0% NA
0.0 NA -96.8% NA
25.9 NA 5125.0% 67.2%
27.5 29.0% 67.5% 61.5%
55.6 24.5% 13.4% 52.8%
111.3 68.1% 53.1% 30.5%
765.6 183.4% 212.2% 22.5%
2165.0 117.8% 108.6% 29.5%
1725.5 94.3% 163.9% 24.5%
2362.6 60.7% 64.3% 29.7%
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
NA NA 0.0% -1.3 NA
NA NA 0.0% 0.0 NA
0.0% 12.8% 17.7% 9.3 0.0%
0.0% 16.6% 16.6% -6.9 0.0%
0.0% 15.1% 12.1% -11.4 0.0%
0.0% 13.8% 18.9% 6.1 0.0%
0.0% 15.2% 20.4% 7.1 0.0%
0.0% 14.6% 22.0% -20.7 0.0%
0.0% 19.8% 24.3% -32.7 0.0%
0.0% 20.2% 22.8% -46.5 0.0%
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
NA NA
NA NA
0.0% 0.0%
0.0% 0.0%
0.0% 0.0%
0.0% 0.1%
0.0% 0.0%
0.0% 0.0%
0.0% 0.1%
0.0% 0.0%
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
NA NA
NA NA
0.0% 64.7%
0.0% 62.3%
0.0% 59.8%
0.0% 53.0%
0.0% 45.4%
0.0% 46.8%
0.4% 33.4%
0.2% 27.7%
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
NA NA
NA NA
15.4% 0.1%
2.6% 11.3%
0.9% 18.5%
15.1% 0.4%
24.0% 0.0%
20.6% 0.0%
28.7% 2.5%
34.8% 2.7%
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
NA NA NA
NA NA NA
0.1% 4.2% 100.0%
0.3% 3.8% 100.0%
0.3% 3.1% 100.0%
0.1% 9.8% 100.0%
0.2% 7.3% 100.0%
0.1% 7.4% 100.0%
0.2% 2.6% 100.0%
1.0% 3.0% 100.0%
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
NA NA 0.0% 1.4%
NA NA 0.0% 1.4%
15.7% 12.8% 17.7% 19.1%
20.2% 16.6% 16.6% 15.3%
17.9% 15.1% 12.1% 3.4%
21.6% 13.8% 18.9% 56.8%
23.6% 15.2% 20.4% 58.1%
25.2% 14.6% 22.0% 53.0%
32.6% 19.8% 24.3% 39.3%
32.6% 20.2% 22.8% 46.7%
40 41
Net Fixed Asset/Shareholder Equity Gross Fixed Asset/Revenue
NET_FIXED_ASSET/SHAREHOLDER_EQUITY GROSS_FIXED_ASSET/REVENUE
1.4% NA
1.4% NA
17.1% 41.3%
13.5% 32.2%
1.6% 5.9%
52.5% 128.4%
52.1% 70.7%
46.6% 61.3%
36.6% 38.0%
43.6% 45.2%
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
NA 0.0% 0.0%
NA -0.3% -22.2%
37.1% 54.5% 285.5%
28.4% 10.3% 67.4%
2.8% -7.6% -220.1%
118.6% 58.2% 102.4%
63.4% 23.9% 41.1%
53.8% 27.3% 51.4%
35.5% 11.2% 28.4%
42.2% 24.8% 53.1%
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% 1.4% 1.4%
-22.2% 1.4% 1.4%
318.0% 19.1% 17.1%
76.4% 15.3% 13.5%
-464.4% 3.4% 1.6%
110.9% 56.8% 52.5%
45.9% 58.1% 52.1%
58.6% 53.0% 46.6%
30.5% 39.3% 36.6%
56.8% 46.7% 43.6%
48 49
Investment/Shareholder Equity Other Asset/Shareholder Equity
INVESTMENT/SHAREHOLDER_EQUITY OTHER_ASSET/SHAREHOLDER_EQUITY
9.0% 89.6%
0.0% 98.6%
0.0% 47.2%
0.0% 49.5%
0.0% 59.3%
0.0% 27.9%
0.0% 34.8%
0.0% 47.6%
0.0% 59.3%
0.0% 52.9%
50
Capital work in progress/Shareholder Equity
CAPITAL_WORK_IN_PROGRESS/SHAREHOLDER_EQUITY
0.0%
0.0%
35.6%
37.0%
39.1%
19.7%
13.1%
5.8%
4.1%
3.4%
51
Capital Work in progress/Gross Fixed Asset
CAPITAL_WORK_IN_PROGRESS/GROSS_FIXED_ASSET
0.0%
0.0%
186.8%
242.3%
1135.1%
34.6%
22.6%
10.9%
10.3%
7.3%
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
0.0% 0.0 0.2
0.0% 0.0 0.0
208.1% 0.0 0.1
274.7% 0.0 0.1
2394.5% 0.0 0.1
37.5% 0.0 0.1
25.2% 0.0 0.0
12.4% 0.0 0.0
11.1% 0.0 0.1
7.8% 0.0 0.2
55 56 57 58
Current Ratio Interest Coverage Ratio Leverage Quick Ratio
CURRENT_RATIO INTEREST_COVERAGE_RATIO LEVERAGE QUICK_RATIO
44.3 NA 1.2 44.3
43.6 NA 1.0 43.6
1.2 128.0 1.7 1.2
1.4 85.2 1.7 1.4
1.8 27.6 1.6 1.8
0.8 25.8 1.6 0.8
1.0 65.4 1.5 1.0
1.4 326.2 1.5 1.4
2.0 105.0 1.6 2.0
1.8 26.0 1.7 1.8
59 60
Short term Debt Coverage Cash/Shareholders's Equity
SHORT_TERM_DEBT_COVERAGE CASH/SHAREHOLDERS'S_EQUITY
0.0 0.0%
0.0 0.0%
0.8 0.2%
-0.2 1.2%
-0.5 6.7%
0.4 3.2%
0.5 4.9%
0.2 9.7%
0.5 9.1%
0.5 17.6%
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
0.0% 0.0%
NA 6.7%
41.1% 3.2%
101.4% 18.6%
68.7% 9.6%
127.8% 14.3%
21114.3% 28.4%
1050.0% 26.7%
220.1% 59.6%
12.7% 4.5%
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
12.2% 0.0% 0.0%
NA 0.0% 0.0%
1268.2% 10.2% 11.4%
545.1% 11.8% 13.4%
713.7% 52.6% 111.0%
893.7% 7.6% 8.2%
74285.7% 10.3% 11.5%
3931.6% 12.1% 13.8%
369.6% 6.7% 7.2%
281.7% 6.6% 7.0%
66 67
cash to Market Cap Investments to Market Cap
CASH_TO_MARKET_CAP INVESTMENTS_TO_MARKET_CAP
NA NA
NA NA
1.7% 0.0%
10.8% 0.0%
2.6% 0.0%
4.3% 0.0%
1.9% 0.0%
1.3% 0.0%
5.1% 0.0%
0.5% 0.0%
69 70 71
Working Capital/Sales (including cash) Debtor Days Debtor Turnover
WORKING_CAPITAL/SALES_(INCLUDING_CASH) DEBTOR_DAYS DEBTOR_TURNOVER
NA NA NA
NA NA NA
19.1% 245.1 1.5
28.6% 224.4 1.6
43.8% 192.6 1.9
-13.7% 111.2 3.3
0.7% 82.3 4.4
15.7% 107.7 3.4
28.9% 89.5 4.1
22.5% 108.5 3.4
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
NA NA 0.0% 0.0%
NA NA 0.0% 0.0%
0.0 NA 32.3% 0.0%
0.0 NA -7.5% 0.0%
0.0 NA -16.6% 0.0%
0.0 NA 12.2% 0.0%
0.0 NA 17.2% 0.0%
0.0 NA 6.0% 0.0%
0.0 NA 14.0% 0.0%
0.0 NA 15.2% 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
0.2 0.0 1136.4% 0.0% 0.0% 0.0%
0.0 0.0 44.4% 40.0% 0.0% 0.0%
0.1 0.1 13.7% 27.3% 0.0% 0.0%
0.1 0.1 19.0% 20.8% 0.0% 0.0%
0.1 0.1 25.8% 23.1% 0.0% 0.0%
0.1 0.1 13.3% 21.2% 0.0% 0.0%
0.2 0.2 29.7% 34.5% 0.0% 0.0%
0.2 0.3 41.6% 52.0% 0.0% 0.0%
0.3 0.4 82.7% 92.4% 0.0% 0.0%
0.3 0.4 71.6% 93.1% 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
15.8%
0.6%
5.9%
7.9%
8.9%
6.1%
12.5%
12.6%
20.4%
20.9%
97 98 99
Incremental FCF/Incremental Invested Capital EPA/Sales CFO/Enterprise Value
INCREMENTAL_FCF/INCREMENTAL_INVESTED_CAPITAL EPA/SALES CFO/ENTERPRISE_VALUE
0.0% 0.0% 0.0%
0.0% 0.0% 0.0%
46.2% 269.8% 545.5%
47.4% 352.2% -95.7%
58.6% 3590.4% -186.9%
44.3% 84.3% 200.0%
82.2% 157.8% 137.4%
86.6% 185.8% 47.7%
103.3% 281.9% 68.7%
103.4% 237.0% 72.9%
100 101
Dividend Yield Dividend Payout
DIVIDEND_YIELD DIVIDEND_PAYOUT
NA 0.0%
NA -50.0%
69.9% 920.6%
-15.9% 130.6%
-28.3% -85.4%
27.6% 952.8%
20.9% 191.3%
6.9% 216.5%
13.6% 54.7%
14.7% 118.6%
Parameter Values
Revenue CAGR Overall #DIV/0!
Revenue CAGR 5 Years 139%
Revenue CAGR 3 Years 161%
PAT CAGR Overall 85%
PAT CAGR 5 Years 156%
PAT CAGR 3 Years 201%
Receivables Overall Avg. 33%
Receivables 5 Year Avg. 29%
Receivables 3 Year Avg. 28%
Inventory Overall Avg. 0%
Inventory 5 Year Avg. 0%
Inventory 3 Year Avg. 0%
Gross Margin Overall Avg. 100%
Gross Margin 5 Year Avg. 100%
Gross Margin 3 Year Avg. 100%
EBIT Margin Overall Avg. 24%
EBIT Margin 5 Year Avg. 24%
EBIT Margin 3 Year Avg. 31%
PAT% Overall Avg. 15%
PAT% 5 Year Avg. 15%
PAT% 3 Year Avg. 19%
Tax Rate Overall Avg. 20%
Tax Rate 5 Year Avg. 21%
Tax Rate 3 Year Avg. 23%
Gross Asset to Revenue Overall Avg. #DIV/0!
Gross Asset to Revenue 5 Year Avg. 69%
Gross Asset to Revenue 3 Year Avg. 48%
Net Asset to Revenue Overall Avg. #DIV/0!
Net Asset to Revenue 5 Year Avg. 63%
Net Asset to Revenue 3 Year Avg. 44%
CAPEX to Net Asset Overall Avg. 23%
CAPEX to Net Asset 5 Year Avg. 61%
CAPEX to Net Asset 3 Year Avg. 49%
CWIP to Net Asset Overall Avg. 297%
CWIP to Net Asset 5 Year Avg. 19%
CWIP to Net Asset 3 Year Avg. 10%
Debt to Equity Overall Avg. 0.1
Debt to Equity Overall 5 Year Avg. 0.1
Debt to Equity Overall 5 Year Avg. 0.1
Current Ratio Overall Avg. 9.9
Current Ratio Overall 5 Year Avg. 1.4
Current Ratio Overall 3 Year Avg. 1.7
Dep. to Gross Asset Overall Avg. 12%
Dep. to Gross Asset Overall 5 Year Avg. 9%
Debt to Equity Overall 3 Year Avg. 8%
Dep. to Net Asset Overall Avg. 18%
Dep. to Net Asset Overall 5 Year Avg. 10%
Dep. to Net Asset Overall 3 Year Avg. 9%
WC to Sales Overall Avg. #DIV/0!
WC to Sales Overall 5 Year Avg. 11%
WC to Sales Overall 3 Year Avg. 22%
Debtor Days Overall Avg. 145
Debtor Days Overall 5 Year Avg. 100
Debtor Days Overall 3 Year Avg. 102
Debtor Turnover Overall Avg. #VALUE!
Debtor Turnover Overall 5 Year Avg. 3.7
Debtor Turnover Overall 3 Year Avg. 3.6
Inventory Days Overall Avg. 0
Inventory Days Overall 5 Year Avg. 0
Inventory Days Overall 3 Year Avg. 0
Inventory Turnover Overall Avg. #VALUE!
Inventory Turnover Overall 5 Year Avg. #DIV/0!
Inventory Turnover Overall 3 Year Avg. #DIV/0!
Cash ROA Overall Avg. 7%
Cash ROA Overall 5 Year Avg. 13%
Cash ROA Overall 3 Year Avg. 12%
ROA Overall Avg. 11%
ROA Overall 5 Year Avg. 15%
ROA Overall 3 Year Avg. 18%
Asset turnover Overall Avg. 0.6
Asset turnover Overall 5 Year Avg. 0.8
Asset turnover Overall 3 Year Avg. 1.0
CFO/APT Overall Avg. 0.8
CFO/APT Overall 5 Year Avg. 1.1
CFO/APT Overall 3 Year Avg. 0.6
CFO/Sales Overall Avg. #DIV/0!
CFO/Sales Overall 5 Year Avg. 17%
CFO/Sales Overall 3 Year Avg. 12%
FCF/PAT Overall Avg. -1.7
FCF/PAT Overall 5 Year Avg. -2.0
FCF/PAT Overall 3 Year Avg. -0.7
ROE Overall Avg. #DIV/0!
ROE Overall 5 Year Avg. 23%
ROE Overall 3 Year Avg. 29%
ROCE Overall Avg. 23%
ROCE Overall 5 Year Avg. 35%
ROCE Overall 3 Year Avg. 43%
CFO/EV Overall Avg. 4%
CFO/EV Overall 5 Year Avg. 5%
CFO/EV Overall 3 Year Avg. 3%
Sales/IC Overall Avg. 0.9
Sales/IC Overall 5 Year Avg. 1.2
Sales/IC Overall 3 Year Avg. 1.4
PAT/IC Overall Avg. 16%
PAT/IC Overall 5 Year Avg. 21%
PAT/IC Overall 3 Year Avg. 26%
CFO/IC Overall Avg. 11%
CFO/IC Overall 5 Year Avg. 19%
CFO/IC Overall 3 Year Avg. 17%
FCF/IC Overall Avg. -20%
FCF/IC Overall 5 Year Avg. -24%
FCF/IC Overall 3 Year Avg. -14%
Inc. Sales/IC Overall 5 Year Avg. 1.1
Inc. Sales/IC Overall 3 Year Avg. 1.3
Inc. PAT/IC Overall Avg. 1.5
Inc. PAT/IC Overall 5 Year Avg. 26%
Inc. PAT/IC Overall 3 Year Avg. 21%
Inc. CFO/IC Overall Avg. 26%
Inc. CFO/IC Overall 5 Year Avg. 15%
Inc. CFO/IC Overall 3 Year Avg. 20%
Inc. FCF/IC Overall Avg. 17%
Inc. FCF/IC Overall 5 Year Avg. -27%
Inc. FCF/IC Overall 3 Year Avg. -27%
Divident Tield Overall Avg. -14%
Divident Tield Overall 5 Year Avg. 0%
Divident Tield Overall 3 Year Avg. 0%
Dividend Payout Overall Avg. 0%
Dividend Payout Overall 5 Year Avg. 1%
Dividend Payout Overall 3 Year Avg. 1%
HISTORICAL VALUATIONS
P/E P/B EV/EBITDA P/SALES DIVIDEND YIELD
MIN 3.03 1.81 7.83 2.10 0.00%
MAX 55.34 10.72 24.40 8.06 0.17%
AVERGE 26.51 5.42 13.25 4.17 0.03%
CURRENT 3.03 4.66 #DIV/0! #DIV/0! #DIV/0!
DISCOUNT TO AVG.
BEST PRACTICE 88.6% 14.1% #DIV/0! #DIV/0!
DISCOUNT 69.7%
MCAP TO CFO DELTA NETWORTH DELTA MKTCAP IMPACT* CFO

10/9 YR 13 485 2287 4.72 254.6
5 YR 23 464 2175 4.69 254.0
3 YR 20 391 96 0.25 215.7
1 YR 18 171 513 3.00 125.1
* IMPACT – Every Rupee retained added xx.yy in incremental market value
COMPANY NAME SALES GROSS PROFIT EBIT PAT DIVIDEND

10 YR CAGR #DIV/0! #DIV/0! 82.2% 76.3% 0.0%
5 YR CAGR 100.5% 100.5% 125.9% 120.1% 0.0%
3 YR CAGR 89.5% 89.5% 111.0% 107.2% 0.0%
1 YR GROWTH 60.7% 60.7% 60.7% 59.0% -100.00%
Gross Margin PAT/NPM Margin Tax Rate Receivable as a % of Inventory as a % Interest Coverage
Sales of Sales
34.5% 20.2% 22.8% 29.7% 0.0% 26.0
Sales Growth vs PAT CAGR/Sales

5 Years Sales Growth 5 Years PAT Growth 5 Years EPS Growth Dividend CAGR Peers CAGR
100.5% 120.1% 150.3% 0.0% 1.5
P/E PEG EY P/B P/SALES DIVIDEND YIELD
3.0 0.12 33.00% 4.66 #DIV/0! #DIV/0!
Revenue Trend EPS Trend GM% Trend PAT % Trend Receivables Inventory Trend
Trend
-VE -VE -VE +VE +VE #DIV/0!
COMPANY NAME 3/31/2009 3/31/2010 3/31/2011 3/31/2012 3/31/2013

Financial Leverage 1.2 1.0 1.7 1.7 1.6
1.0 0.0 0.5 0.8 0.5
Long term debt/Earning
5.5 159.8 1.5 1.7 2.9
Current liablility/Earning
Total liability/Earning 1.2 3.8 7.0 5.4 4.3
Debt/Equity 0.2 0.0 0.1 0.1 0.1
Interest Coverage #DIV/0! #DIV/0! 128.0 85.2 27.6
Working Capital/Sales #DIV/0! #DIV/0! 0.2 0.3 0.4
Debtor Days NA NA 245 224 193
Inventory Days NA NA 0 0 0
Inventory turnover #VALUE! #VALUE! #DIV/0! #DIV/0! #DIV/0!
17.3 18.5 0.8 1.0 1.0
Cash In/Cash Out Ratio
Current Ratio 44.3 43.6 1.2 1.4 1.8
CAPEX/FCF #DIV/0! -1.0 -2.5 -0.6 0.8
FCF/PAT 0.0 0.5 -3.8 -2.3 -1.0
CFO/PAT 0.0 0.0 5.5 -1.0 -1.9
Gross Margin #DIV/0! #DIV/0! 100.0% 100.0% 100.0%

EBITDA Margin #DIV/0! #DIV/0! 19.9% 24.0% 21.0%
Net Margin #DIV/0! #DIV/0! 12.8% 16.7% 15.2%
Free Cash Flow/Sales #DIV/0! #DIV/0! -48.0% -37.6% -15.4%
Capital Turns 0.00 0.0 0.8 0.7 0.9

Fixed Asset Turns 0.00 0.0 2.7 3.5 35.9
Total Asset Turns 0.00 0.0 0.5 0.5 0.6
RoA #DIV/0! #DIV/0! 5.9% 7.9% 8.9%
RoE #DIV/0! #DIV/0! 10.1% 13.8% 14.4%
RoCE 16.1% 0.6% 11.8% 15.0% 15.8%
RoIC 16.1% 0.6% 9.7% 12.5% 13.9%
RoIIC(1yr) 95.3% 13.5% 21.6% 45.8%
RoIIC(3yr) 11.1% 17.6%
RoIIC (5yr)
RoIIC(10yr)
3/31/2009 3/31/2010 3/31/2011 3/31/2012 3/31/2013

Altman Z-Score 0.00 0.0 12.4 10.6 22.7
Tax Rate 0.00% 0.00% 17.72% 16.63% 12.14%
Share Capital 0.00% 255.77% 0.00% 80.90%
Increase/Decrease
Inventory Increase/Sales #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Increase
Debtors Increase/Sales #DIV/0! #DIV/0! 0.63 0.28

Increase
Capex/Depreciation #DIV/0! 27.88 5.71 -4.19
Dividend Payout - - - - -
Cash/Assets 0% 0% 1% 7% 3%
16.13% 0.62% 11.76% 14.98% 15.82%
EBIT/Invested Capital
WACC 10.00% 10.00% 10.00% 10.00% 10.00%
EPA 0.48 -0.61 -0.07 0.71 1.16
EPA/Sales #DIV/0! #DIV/0! -0.43% 3.36% 4.42%
MktCap - - 25.23 27.52 54.91
MktCap Change 25.23 2.29 27.40
MktCap Change - EPA 25.84 2.36 26.69
181.06%
Capex/Cash Flows 10 yr WRONG
181.64%
Capex/Cash Flows 7 yr
173.48%
160.54%
1.00
Capex/Depreciation 10 yr WRONG
34.44%
3 Yr EBITDA Margin (avg)
33.13%
5 Yr EBITDA Margin (Avg)
3 Yr Capital Turnover 1.42
(Avg)
5 Yr Capital Turnover 1.23
(Avg)
3 Yr ROIC (Avg) 32.97%
5 Yr ROIC (Avg) 26.84%
3 Yr Invested Capital 381.83
(Avg)
5 Yr Invested Capital 223.47
(Avg)
3 yr EPA/Sales (avg) 16.08%
5 yr EPA/Sales (Avg) 12.34%
Enterprise Value SSGR PEG Earnings Yield COGS EBITDA EBIT
56 -44.57% -2.01 1.81% 65.02% 21.02%
2363 824.63% 0.55 33.00% 79.24% 35.54%
164.62% 3.77% 69.20% 31.11%
0 100.21% 0.12 33.00% 65.45% 35.54%
84.5% 88.6% 3.75% 4.43%
87.6% 312.5%
PAT CFO/PAT CAPEX Dividend FCF without Div. FCF FCF/CFO

351.6 0.72 461.0 3.1 -206.4 -209.4 -0.81
340.7 0.75 440.6 3.1 -186.6 -189.7 -0.73
315.7 0.68 346.3 3.1 -130.6 -133.7 -0.61
171.6 0.73 203.5 0.0 -78.4 -78.4 -0.63
ROIC ROIIC EPA EPA/Sales EPA MKTCAP CFO

18.7% 37.3% 90.4% 15.9% 90.4% #DIV/0! #DIV/0!
26.8% 38.2% 166.5% 16.4% 166.5% 82.7% -275.9%
33.0% 126.2% 17.2% 126.2% 43.1% 68.6%
37.0% 65.2% 18.4% 65.2% 28.9% 74.4%
Debt/Equity Current Ratio CFO 3 Year CFO/PAT 5 Year FCF/CFO 5 Year Promoter Share
Average Average Average
0.2 1.8 72 0.7 -0.73 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
164.6% 26.8% 38.2% 166.5% 16.4%
SSGR ROIC ROIIC EPA EPA/Sales CREDIT RATING 5 Year Sustainable

SSGR
100.21% 37.0% 37.3% 65.2% 18.4% Not Required 1.64
SSGR Trend ROIC Trend WC/Sales EPA Trend EPA/Sales Trend Debt Equity Trend ROA Trend
Trend
-VE +VE +VE -VE +VE -VE +VE
3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2018

1.6 1.5 1.5 1.6 1.7 1.7 6%
0.5 0.0 0.1 0.3 0.4 0.4
#DIV/0!
-0.8 0.0 0.8 1.2 0.9 0.9
-44%
5.0 2.3 2.1 1.5 1.6 1.6 -9%
0.1 0.0 0.0 0.1 0.2 0.2 #DIV/0!
25.8 65.4 326.1 105.0 26.0 26.0 #DIV/0!
-0.1 0.0 0.2 0.3 0.2 0.2 #DIV/0!
111 82 108 89 109 109 #VALUE!
0 0 0 0 0 0 #VALUE!
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
0.5 0.8 1.0 1.5 1.1 1.1
-27%
0.8 1.0 1.4 2.0 1.8 1.8 -30%
-1.3 -3.5 -1.3 3.9 -2.6 -2.6 11%
-6.1 -0.4 -1.3 0.1 -0.4 -0.4 -197%
1.6 1.1 0.4 0.6 0.6 0.6 #DIV/0!
100.0% 100.0% 100.0% 100.0% 100.0% 100.0%

31.5% 30.9% 32.6% 35.1% 35.5% 35.5%
16.9% 18.5% 19.6% 24.5% 24.2% 24.2%
-103.9% -8.2% -24.6% 2.8% -9.2% -9.2%
0.7 1.3 1.3 1.5 1.5 1.5

0.8 1.6 1.9 2.8 2.4 2.4
0.4 0.8 0.9 1.0 1.0 1.0
7.5% 15.2% 16.9% 25.3% 25.0% 25.0%
12.0% 23.1% 26.0% 40.4% 41.8% 41.8%
14.5% 29.5% 33.1% 47.7% 47.9% 47.9%
11.8% 23.5% 25.8% 36.2% 37.0% 37.0%
10.0% 46.1% 27.9% 50.2% 38.4% 38.4%
12.8% 27.9% 27.8% 41.6% 39.8% 39.8%
11.2% 25.1% 27.7% 38.2% 38.2% 38.2%
37.3%
3/31/2014 3/31/2015 3/31/2016 3/31/2017 3/31/2018 3/31/2018

21.2 104.7 139.3 65.2 49.0 49.0
18.85% 20.35% 22.04% 24.25% 22.77% 0.23
0.00% 2.99% 5.32% 40.13% 0.00% 0.00%
-100%
#DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0!
-0.04 0.60 1.57 0.65 1.56 1.56
13.44 3.98 4.24 4.23 8.08 8.08

- - - 0.02 - - #DIV/0!
5% 10% 9% 18% 1% 0.01
14.52% 29.48% 33.06% 47.73% 47.89% 47.89%
10.00% 10.00% 10.00% 10.00% 10.00% 10%
1.17 13.46 32.68 94.35 155.90 155.90
2.66% 10.78% 12.02% 17.86% 18.36% 18.36%
112.35 780.33 2,190.80 1,774.53 2,287.16 2,287.16
57.44 667.98 1,410.47 (416.27) 512.62 -
56.28 666.81 1397.01 -448.95 418.27 -155.90
INTEREST
PAT TAX COVERAGE DEBT/EQUITY CURRENT RATIO WC/SALES
13.80% 12.14% 25.8 0.0 0.8 -14%
20.21% 24.25% 326.2 0.2 2.0 44%
16.45% 20.07% 96.0 0.1 1.5 16%
23.67% 22.77% 26.2 0.2 1.8 23%
7.22% -2.69% Positive Positive Positive -6.20%
INVENTORY
SALES GROWTH EPS GROWTH AR GROWTH GROWTH
#DIV/0! 78.0% 76% NA
138.6% 150.3% 3% NA
160.8% 189.7% 77% NA
60.7% 64.3% 95% NA
FCF NETWORTH TOTAL RETURNS SALARY PRE-TAX BOND

#DIV/0! 61.9% #DIV/0! LongTerm Bond
81.0% 77.9% 82.8% LTB Quote
97.1% 70.1% 1.5% Quoting @
-637.1% 53.5% 29.1%
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 %
0.0 #DIV/0! 23%
0.0 #DIV/0! 53%
0.0 #DIV/0! 32%
0.0 0.00% 30%
0.00 #DIV/0! 1.8%
10%
871.53
41.12%
ASSET TURNOVER ROA LEVERAGE ROE ROCE SALARY/PAT
0.4 6% 1.5 10% 14%
1.0 21% 1.7 35% 48%
0.8 14% 1.6 22% 31%
1.0 21% 1.7 35% 48%
23.7% 7.3% -7.9% 13.2% 16.5%
PROMOTER
SHAREHOLDING FII DII CREDIT RATING
Narration Mar-09 Mar-10 Mar-11 Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18
Cash from Operating Activity - - 11.40 -3.35 -7.42 12.16 26.08 18.89 71.73 125.10
Cash from Investing Activity - - -18.80 -3.77 -2.07 -57.50 -36.65 -85.71 -56.67 -238.07
Cash from Financing Activity - - 7.84 9.65 7.96 48.73 20.52 80.59 45.49 34.37
Net Cash Flow - - 0.44 2.53 -1.53 3.39 9.95 13.77 60.54 -78.60
8K MILES SOFTWARE SERVICES LTD : 3-Stage DCF
Figures in Rs Crore | Enter values only in red cells Current PAT Margin 20.2% Current CFO/PAT
Average FCF -43.5 Average PAT Margin 16.5% Average CFO/PAT
Historical FCF Growth Rate 32% Current Dividend/PAT 0% Net Fixed Asset
Margin of Safety 20% Average Dividend/PAT 0.58% Maintenance Capex
Historical CAPEX/NFA 9% Current FCF -78 Depreciation
Current Revenue Growth 60.7% Average Revenue Growt
Years 1 2 3 4 5 6
Revenue Growth Rate 0% 0% 0% 0% 0% 0%
Revenue 849 849 849 849 849 849
PAT Margin 7.3% 7.3% 7.3% 7.3% 7.3% 7.3%
PAT 62.0 62.0 62.0 62.0 62.0 62.0
CFO 45.2 45.2 45.2 45.2 45.2 45.2
Net Fixed Asset 0.0 0.0 0.0 0.0 0.0 0.0
Maintenance Capex % 4% 4% 4% 4% 4% 4%
Investment Capex Multiple -0.4 -0.4 -0.6 0.0 0.0 0.5
Investment Capex % -2% -2% -3% 0% 0% 2%
Total CAPEX as a % of NFA 3% 3% 2% 4% 4% 7%
CAPEX 0.0 0.0 0.0 0.0 0.0 0.0
Dividend Growth 0% 0% 0% 10% 0% 0%
Dividend 0.0 0.0 0.0 0.0 0.0 0.0
FCF Normal 45.2 45.2 45.2 45.2 45.2 45.2
FCF Conservative 36.2 36.2 36.2 36.2 36.2 36.2
FCF Growth Rate Normal -158% 0% 0% 0% 0% 0%
FCF Growth Rate Conservative -146% 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) 3.05
Net Debt Level 86.48
NORMAL MODERATE
Year FCF Growth Present Value Year FCF
1 45 -158% 41.1 1 36
2 45 0% 37.3 2 36
3 45 0% 34.0 3 36
4 45 0% 30.9 4 36
5 45 0% 28.1 5 36
6 45 0% 25.5 6 36
7 45 0% 23.2 7 36
8 45 0% 21.1 8 36
9 45 0% 19.2 9 36
10 45 0% 17.4 10 36
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 73% NORMAL
Average CFO/PAT 75% Terminal Year 46
Net Fixed Asset - PV of Year 1-10 Cash Flows 278
Maintenance Capex 24% Terminal Value 222
Depreciation 10% Total PV of Cash Flows 500
Average Revenue Growt 100.5% Number of Shares 3.05
DCF Value / Share (Rs) 135
7 8 9 10 PV Contribution 56%
0% 0% 0% 0% TV Contribution 44%
849 849 849 849
7.3% 7.3% 7.3% 7.3% Current Share Price 212
62.0 62.0 62.0 62.0
45.2 45.2 45.2 45.2 Discount Moderate -56%
0.0 0.0 0.0 0.0
4% 4% 4% 4% Aggressive PE 2 Quarters Forward 2.3
2.1 -0.4 -0.4 -0.6 Moderate PE 2 Quarters Forward 2.6
9% -2% -2% -3% Conservative PE 2 Quarters Forward 3.1
14% 3% 3% 2% TTM PE Historical 26.51
0.0 0.0 0.0 0.0
0% 10% 0% 0% PE Aggresion Multiple 1.2
0.0 0.0 0.0 0.0 PE Normal Multiple 1
45.2 45.2 45.2 45.2 PE Conservative Multiple 0.7
36.2 36.2 36.2 36.2
0% 0% 0% 0%
0% 0% 0% 0%
MODERATE
Growth Present Value
-146% 32.9
0% 29.9
0% 27.2
0% 24.7
0% 22.4
0% 20.4
0% 18.6
0% 16.9
0% 15.3
0% 13.9
CONSERVATIVE
Terminal Year 36
PV of Year 1-10 Cash Flows 222
Terminal Value 139
Total PV of Cash Flows 362
Number of Shares 3.05
DCF Value / Share (Rs) 90
PV Contribution 61%
TV Contribution 39%
Current Share Price 212
Discount Conservative -135%
PE Attractiveness Aggressive 91%

PE Attractiveness Moderate 90%
PE Attractiveness Conservative 88%
Current P/B 1.32

Histrorical P/B 5.42
Share Capital Annual Growth R 53%
Forward P/B 0.858
P/B Discount TTM 75.7%

P/B Discount NTM 84.2%
Share Price 211.95 Growth Multiple Aggressive 1.2
No. of Shares 3.05 Gorwth Multiple Moderate 1
Last 2 Quarter Profit 114.23 Gorwth Multiple Conservative 0.7
Previous Year Next 2 Quarter Profit 99.21
Last 2 Quarter Growth Rate 35.5%
Total Profit Forecast Moderate 114.2
EPS Forecast Aggressive 90.3 Aggressive PE 2 Quarters Forward 2.35

EPS Forecast Moderate 81.5 Moderate PE 2 Quarters Forward 2.60
EPS Forecast Conservative 68.3 Conservative PE 2 Quarters Forward 3.11
Next 2 Quarter Profit Aggressive 161.3
Next 2 Quarter Profit Moderate 134.4
Next 2 Quarter Profit Conservative 94.1
Total Profit Forecast Aggesive 275.5

Total Profit Forecast Moderate 248.6
Total Profit Forecast Conservative 208.3
Overall 5 Year 3 Year Current
Revenue Growth #DIV/0! 139% 161% 61%
PAT Growth 85% 156% 201% 64%
Receivables as a % of Sales 33% 29% 28% 30%
Inventory as a % of Sales 0% 0% 0% 0%
Gross Margin #NAME? #NAME? #NAME? #NAME?
PAT Margin 15% 15% 19% 20%
Tax Rate 32% 34% 37% 23%
CFO-PAT -9575% -8678% -9996% -4652%
Profitability Ratios
COGS/Sales 0% 0% 0% 0%
Change in Inventory as a % of Sales 0% 0% 0% 0%
Power and Fuel as a % of Sales 0% 0% 0% 0%
Other Mfr. Exp as a % of Sales 0% 0% 0% 0%
Employee Cost as a % of Sales 49% 48% 33% 28%
Selling and admin as a % of Sales 19% 20% 31% 35%
Other Expenses as a % of Sales 1% 1% 2% 3%
Other Income as a % of Sales 0% 0% 1% 1%
Depreciation as a % of Sales 7% 7% 4% 3%
Gross Margin 100% 100% 100% 100%
EBIT Margin 24% 24% 31% 33%
PAT Margin 15% 15% 19% 20%
Tax Rate 20% 21% 23% 23%
Balance Sheet Ratios 0% 0% 0% 0%

Gross Fixed Asset/Revenue #DIV/0! 69% 48% 45%
Net Fixed Asset/Revenue #DIV/0! 63% 44% 42%
Capex/Gross Fixed Asset 43% 55% 44% 53%
Capex/Net Fixed Asset 23% 61% 49% 57%
Capital Work in progress/Gross Fixed Asset 165% 17% 10% 7%
Capital Work in progress/Net Fixed Asset 297% 19% 10% 8%
Liquidity Ratios
Debt to Equity 0.1 0.1 0.1 0.2
Current Ratio 9.9 1.4 1.7 1.8
Interest Coverage Ratio #DIV/0! 109.7 152.4 26.0
Leverage 1.5 1.6 1.6 1.7
Quick Ratio 9.9 1.4 1.7 1.8
Short term Debt Coverage 0.2 0.4 0.4 0.5
Short Term/Long Term Debt #DIV/0! 159.5 15.3 2.8
Depreciation/Gross Asset 12% 9% 8% 7%
Depreciation/Net Asset 18% 10% 9% 7%
Operating Ratios
Working Capital/Sales (including cash) #DIV/0! 11% 22% 23%
Debtor Days 145 100 102 109
Debtor Turnover #VALUE! 3.7 3.6 3.4
Inventory Days 0 0 0 0
Inventory Turnover #VALUE! #DIV/0! #DIV/0! #DIV/0!
Cash Return on Assets 7% 13% 12% 15%
Return on Assets 11% 15% 18% 21%
Asset Turnover 0.6 0.8 1.0 1.0
Fixed Asset Turnover 5.2 1.9 2.3 2.4
CFO/PAT 0.8 1.1 0.6 0.7
CFO/Sales #DIV/0! 17% 12% 15%
CAPEX/PAT 2.45 3.07 1.30 1.19
Dividend/PAT 0% 1% 1% 0%
FCF/PAT -1.7 -2.0 -0.7 -0.5
FCF/CFO #DIV/0! -1.6 -1.3 -0.6
FCF/Sales #DIV/0! -29% -10% -9%
Profit Margin #DIV/0! 17% 18% 20%
Asset turnover 0.6 0.8 1.0 1.0
Financial Leverage 1.5 1.6 1.6 1.7
Return on Equity #DIV/0! 23% 29% 35%
Return on Capital 23% 35% 43% 48%
Sales/Invested Capital 0.9 1.2 1.4 1.5
PAT/invested Capital 16% 21% 26% 30%
CFO/Invested Capital 11% 19% 17% 22%
FCF/Invested Capital -20% -24% -14% -14%
Incremental Sales/Incremental Invested Capital 1.1 1.3 1.5 1.5
Incremental PAT/Incremental Invested Capital 26% 21% 26% 30%
Incremental CFO/Incremental Invested Capital 15% 20% 17% 22%
Incremental FCF/Incremental Invested Capital -27% -27% -14% -14%
CFO/Enterprise Value 4% 5% 3% 5%
Dividend Yield #DIV/0! 0% 0% 0%
Dividend Payout 0% 1% 1% 0%

T - 8K Miles Consolidated

Uploaded by

Document Information

Original Description:

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

T - 8K Miles Consolidated

Uploaded by

Copyright:

Available Formats

How to use it?

You can customize this workbook as you want.

After customization, you can upload this back on Screener.

Download your customized workbooks now onwards.

09 10 11 12 13 14 15 16 17 18 09 10 11 12 13 14 15 16 17 18 S-16 D-16 M-17

Operating Profit Operating Margin Q - Oper

EBITDA Margin Q - EBITDA

Margin % PAT PAT (Adj)

2.2 2.2 2.3 2.3

S-16 D-16 M-17 J-17 S-17 D-17 M-18 J-18 09 10 11 12 13 14 15 16 17 18 09 10 11 12

Q-GrossProfit Total Debt Fixed Asset Turn

Q - EBITDA 800 Recv Days

Inventory Days CFF 46 RoA

111 109 0.5 0.5

CFF Debt 46 Net Margin

PROFIT & LOSS

PRICE: 11.09 12.09

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

0.05 0.28 0.3

Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

26.55 27.73 52.83 149.61 303.39 434.82

1.45 4.83 14.78 28.56 89.79 10.99

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

19.81 40.534211 275.565 744.725789 581.478947 749.454762

2.77 2.77 2.83 2.94 3.05 3.05

Gross Profit (Sales - RawMaterial + ChangeInInventory) 0 0 16.32 21.06

Capex = Change NFA + Change CWIP + Depr 0 -0.02 19.24 4.57

For Moat graph

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

WACC 37% #DIV/0! 169% 72%

Extreme Adj PAT = P - OI(1-TR) + Exp(1-TR) 0 0 2 5

Leverage = Debt / Sh.Funds 0.2 0.0 0.7 0.7

Sales change % #DIV/0! #DIV/0! 29.04%

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

Depreciation Graphs Mar-09 Mar-10 Mar-11 Mar-12

2.11 3.78 0.07 2.72 40.79 86.48

-0.82 1.67 -3.71 2.65 38.07 45.69

-3.39 57.93 36.31 85.71 57.14 203.47

0.17 0.37 0.45 0.21 1.64 10.66

8% 10% 26% 8% 21% 8%

92% 159% 36164% 570% 158% 35%

26 44 125 272 528 849

0.6 0.6 0.5 0.5 0.6 0.7

4.7 9.55 29.44 68.49 172.18 276.63

11% 10% 19% 22% 34% 34%

24.45% 68.10% 183.36% 117.81% 94.29% 60.74% Debt Dea

Mar-17 Jun-17 Sep-17 Dec-17 Mar-18 Jun-18

Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-18

10% 11% 10%

Debt Deadly Trinity

Debt Deadly Trinity

0% 297% 18% 7% 110% 185% 61% 95%

RoIC 34% 34%

10% 11% 10%

Self-Sustainable Growth Rate (SSGR) (3yr Avg) #DIV/0! 37%

Net Fixed Assets (NFA) 0 0 6 6 1

Dividend Paid (Div) without DDT 0 0 0 0 0

Total Debt (D) 1 - 1 3 2

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

Total Retained Earnings (RE) in 10 years (A) 349

Depreciation as a % of NFA 0% 0% 11% 13% 111%