You are on page 1of 8

Company >> Finance >> P & L Consolidated

DSP Merrill Lynch Ltd

Industry :Securities/Commodities
Trading Services
Year Dec 05(12) Dec 04(12) Dec 03(12) Dec 02(12) Dec 01(12)
INCOME :
Operating income 580.11 434.21 318.08 295.35 300.61
Other income 3.74 2.3 5.89 3.18 0.87
Total Income 583.85 436.51 323.97 298.53 301.48
EXPENDITURE :
Operating and admin expenses 143.79 122.09 74.66 60.89 54.23
Misc expenses 24.73 21.29 8.14 9 8.95
Interest 22.87 11.59 19.73 21.26 31.35
Less: Pre-operative Expenses Capitalised 0 0 0 0 0
Employee Expense 131.89 82.07 57.77 55.8 55.99
Total Expenditure 323.28 237.04 160.3 146.95 150.52
Gross Profit 260.57 199.47 163.67 151.58 150.96
Depreciation 7.91 7.28 6.85 6.47 7.51
Profit Before Tax 252.66 192.19 156.82 145.11 143.45
Tax 82.58 58.35 52.85 53.68 54.71
Deferred Tax -1.02 2.95 -0.25 -0.34 -5.06
Net Profit before Minority Interest 171.1 130.89 104.22 91.77 93.8
Minority Interest 0 0 0 0 1
Net Profit after Minority Interest 171.1 130.89 104.22 91.77 92.8
Extraordinary items 0.45 0.01 0.45 0.16 -0.25
Adjusted Net Profit 170.65 130.88 103.77 91.61 93.05
Adjustment below net profit 0 0 1.1 1.15 0.28
P & L Balance brought forward 111.78 69.06 38.4 22.28 10.9
Appropriations 77.19 88.17 74.66 76.8 82.7
P & L Balance carried down 205.69 111.78 69.06 38.4 22.28
Dividend 22.5 54 48.38 48.38 54
Preference Dividend 0 0 0 0 0
Equity Dividend (%) 100 240 215 215 240
EPS before Minority Interest (Unit Curr.) 74.64 54.75 43.56 38.03 39.24
EPS after Minority Interest (Unit Curr.) 74.64 54.75 43.56 38.03 38.8
Book Value (Unit Curr.) 247.99 183.34 152.59 130.04 113.64

Income 580.11 434.21 318.08 295.35 300.61


Expenses 308.32 232.73 147.42 132.16 127.68
Gross profit 271.79 201.48 170.66 163.19 172.93
NOPLAT 184.82 137.01 116.05 110.97 117.59
IC 1016.47 705.86 592.38 1021.03 436.56
RoIC 18.18% 19.41% 19.59% 10.87% 26.94%

D/E 0.32 0.73 1.55 1.64 1.16


D/V 0.24 0.42 0.61 0.62 0.54
E/V 0.76 0.58 0.39 0.38 0.46
Rd 7.68 6.18 6.93 7.68 10.18
Rf 6.5 5 5.75 6.5 9
Rm-Rf 10.5 10.5 10.5 10.5 10.5
Beta 0.73 0.65 0.8 0.82 0.65
Re 14.20 11.77 14.18 15.12 15.83
WACC 12.02 8.58 8.43 8.97 11.04

 Intranet Version of Capitaline Corporate 
Databases
432.6 1022.18 586.7 700.77 567.27
Liabilities: finance cos.

D S P Merrill Lynch Ltd. Dec 2000


2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005
Rs. Crore (Non-Annualised) 912mths
mths 12 mths 12 mths 12 mths 12 mths

1. Net worth ### 256.95 292.13 337.19 407.83 552.15


### 256.95 292.13 337.19 407.83 552.15
Authorised capital ### 22.5 22.5 22.5 22.5 22.5
Reserves & surplus ### 234.45 269.63 314.69 385.33 529.65
Profit Accrued 35.18 45.06 70.64 144.32
Free reserves ### 190.11 208.15 233.28 277.45 387.78
Specific reserves ### 44.34 61.48 81.41 107.88 141.87
Revaluation reserves ### 0 0 0 0 0
Accumulated losses ### 0 0 0 0 0
-

2. Borrowings ### 173.86 728.59 249.01 292.73 15.12


### 173.86 728.59 249.01 292.73 15.12
Bank borrowings ### 30.58 343.61 36.43 130.03 15.12
Short term bank borrowings ### 30.58 342.44 35.28 127.36 12
Long term bank borrowings ### 0 1.17 1.15 2.67 3.12
Financial institutional borrowings ### 0 0 0 0 0
Other borrowings ### 143.28 384.98 212.58 162.7 0

Secured borrowings ### 0 151.78 1.15 2.67 3.12


Unsecured borrowings ### 114.68 576.81 247.86 290.06 12
Current portion of long term debt ### 0 0.29 0.41 0.88 1.12
Total foreign currency borrowings ### 0 0 0 0 0
Invested Capital (1 + 2 + 3) 432.6 1022.18 586.7 700.77 567.27
Total Capital = 1+2 ### 430.81 1020.72 586.2 700.56 567.27

3. Deferred tax liabilities ### 1.79 1.46 0.5 0.21 0


-
4. Current liabilities & provisions
### 354.82 368.3 598.24 732.5 1005.1
### 354.82 368.3 598.24 732.5 1005.1
Current liabilities ### 110.3 98.01 364.68 442.05 658.17
Sundry creditors ### 60.96 48.51 316 366 657.18
Unmatured financial charges ### 0 0 0 0 0
Interest accrued / due ### 0.07 0.18 0.11 4.92 0.77
Other current liabilities ### 49.27 49.32 48.57 71.13 0.22
Share application money ### 0 0 0 0 0
Provisions ### 244.52 270.29 233.56 290.45 346.93
Tax provision ### 188.76 220.07 183.27 235.26 318.79
Dividend provision ### 54 48.38 48.38 54 22.5
Dividend tax provision ### 0 0 0 0 3.16
Prov. for diminution in investment
### 0.94 0.95 0.87 0.69 0.67
Other provisions ### 0.82 0.89 1.04 0.5 1.81

Liabilities only 3 + 4 ### 356.61 369.76 598.74 732.71 1005.1


Total liabilities ### 787.42 1390.48 1184.94 1433.27 1572.37
-
Contingent liabilities
Bills discounted ### 0 0 0 0 0
Disputed taxes ### 9.53 4.57 4.74 7.58 13.37
Letters of credit ### 0 0 0 0 0
Total guarantees ### 0 0 0 0 0
Future lease rent payable ### 0.8 0.74 0.4 0.13 0.06
Liabilities on capital account ### 0.07 0.18 2.29 1.24 1.71

###
Assets: finance cos.

D S P Merrill Lynch Ltd. Dec 2001 Dec 2002 Dec 2003 Dec 2004 Dec 2005
Rs. Crore (Non-Annualised) 12 mths 12 mths 12 mths 12 mths 12 mths
-
Gross fixed assets 46.68 47.22 45.81 51.19 53.98
Land & building 10.23 9.94 16.42 16.53 16.21
Plant & machinery 17.78 18.77 16.14 19.35 18.97
Other fixed assets 18.58 18.37 12.48 14.84 16.05
Capital WIP 0.09 0.14 0.77 0.47 2.75
Less: cummulative depreciation 22.74 26.67 28.99 31.93 33.02
Net fixed assets 23.94 20.55 16.82 19.26 20.96
-
Revalued assets 0 0 0 0 0
Leased out assets 0.23 0 0 0.23 0.23
Leased plant & machinery 0.23 0 0 0.23 0.23

Net Fixed + Leased Assets 24.17 20.55 16.82 19.49 21.19


-
Investments 149.29 177.99 153.6 20.47 70.49
In group / associate cos. 77.2 70.26 65.55 20.37 70.37
In other companies 1.32 1.16 1.16 0.79 0.79
In mutual funds 70.12 106.37 86.8 0 0
In government securities 0.29 0 0 0 0
Other investments 0.36 0.2 0.09 -0.69 -0.67
-
Marketable investment 135.68 156.78 132.46 0.12 0.12
In group / associate cos. 64.87 49.93 45.18 0 0
Quoted investment 135.68 156.78 132.46 0.12 0.12
Market value of quoted investment 137.05 161.14 137.01 0.23 0.4
-
Deferred tax assets 6.4 6.25 5.24 1.98 2.76
-
Stock-in-trade 269.81 723.65 352.4 477.99 303.41
Shares / securities 269.81 723.65 352.4 477.99 303.41
Hire purchase assets 0 0 0 0 0
Others 0 0 0 0 0
-
Cash & bank balance 35.51 55.66 196.29 247.44 345.37
Cash in hand 0.22 0.22 0.22 0.2 0.26
Bank balance 35.29 55.44 196.07 247.24 345.11
-
Housing loans 0 0 0 0 0
-
Receivables 299.94 405.56 458.95 666.13 829.38
Sundry debtors 99.84 157.92 154.65 283.28 187.06
Debtors exceeding six months 0.48 0 0 2.25 9.7
Lease receivables 0 0 0 0 0
Advances / loans to corporate bodies 0.03 0.18 0 0 0
Group / associate cos. 0.03 0.18 0 0 0
Other companies 0 0 0 0 0
Deposits with govt. / agencies 0 0 0 0 0
Accrued income 2.56 20.3 6.29 15.11 12.27
Exchange fluctuations receivable 0 0 0 0 0
Advance payment of tax 180.02 206.5 180.37 239.43 339.37
Other receivables 17.49 20.66 117.64 128.31 290.68
-
Future lease rent receivable 0 0 0 0 0
-
Intangible / DRE not written off
Intangible assets (goodwill, etc.) 2.53 0.82 1.64 1.87 1.88
DRE not written off 0 0 0 0 0
VRS expenses not written off 0 0 0 0 0
Issue expenses not written off 0 0 0 0 0
Other misc. expenses not written off 0 0 0 0 0
- 787.42 1390.48 1184.94 1435.14 1574.25
Total assets 787.42 1390.48 1184.94 1433.27 1572.37