College Project

INTRODUCTION To The PROJECT
FINANCIAL PERFORMANCE ANALYSIS
Project financial performance analysis is an important aspect of project management

that involves evaluating the financial performance of a project. It involves the
assessment of various financial metrics, such as project costs, revenues, profits, and
cash flows, to gain insights into the financial health of the project.
Project financial performance analysis helps project managers and stakeholders

understand the effectiveness of the project's financial strategies and whether the
project is meeting its financial goals and objectives. It is also crucial for ensuring that
the project remains financially viable and sustainable throughout its lifecycle.
To conduct a project financial performance analysis, project managers need to gather

and analyze relevant financial data, such as budget reports, income statements, and
cash flow statements. They can then use various financial analysis techniques, such
as ratio analysis and trend analysis, to evaluate the financial performance of the
project and identify areas for improvement.
Project financial performance analysis is important because it helps project managers

make informed decisions about the project's financial strategies, resource allocation,
and investment decisions. It also helps them identify potential financial risks and
challenges that may impact the project's financial viability.
Overall, project financial performance analysis is a critical component of project

management that helps project managers and stakeholders ensure the financial
success and sustainability of a project. By evaluating the project's financial
performance, they can make informed decisions and take corrective actions to
optimize the project's financial performance and achieve its goals and objectives
ACKNOWLEDGEMENT
I would like to express my special thanks and gratitude to my Principal J.P. Pandey, Our HOD
Rahul visen for have given me the opportunity to do the project,which has been a very
valuable learning experience.
I would like to express my sincere appreciation to everyone who has contributed to the
Completion of this project on financial performance analysis of Capital Trust Limited.
Firstly, I would like to thank the management of Capital Trust Limited for providing me with
the necessary information and data to conduct this analysis. Their support and
cooperation were essential in enabling me to complete this project successfully.
I am also grateful to my supervisor, who provided valuable guidance and direction

throughout the project. Their input and feedback were invaluable in shaping my
understanding of the topic and improving the quality of my work.
I would also like to thank my colleagues who provided valuable insights and support
during the project. Their input and feedback were critical in helping me refine my analysis
and draw meaningful conclusions.
Lastly, I would like to express my gratitude to all those who have supported me in
completing this project, including my family and friends. Their encouragement and support
have been a constant source of motivation, and I am deeply grateful for their unwavering
support.
Once again, thank you to everyone who contributed to the successful completion of this
project.
COMPANY PROFILE
INTRODUCTION
Capital Trust Limited is a well-established financial institution that offers a wide range of financial
services to its clients. The company has been in operation for several years and has built a strong
reputation in the market. As a financial institution, the company's success is heavily dependent on
its financial performance, which is influenced by various factors such as market conditions,
competition, and internal operations.
The purpose of this project is to conduct a comprehensive analysis of the financial performance of
Capital Trust Limited over the past three years. The analysis will focus on key financial ratios, such
as profitability ratios, liquidity ratios, and leverage ratios, to assess the company's financial health
and its ability to meet its financial obligations.
In addition, the project will evaluate the company's performance relative to its competitors in the
market and identify areas where the company can improve its financial performance. The analysis
will be based on the company's financial statements and other relevant financial data obtained from
reliable sources.
Overall, the project's findings will provide valuable insights into Capital Trust Limited's financial
performance and help the company make informed decisions to improve its financial health and
sustain its growth in the market.
CIN-L65923DL1985PCL195299
Capital Trust Limited, a listed company founded in 1985, is registered with

the Reserve Bank of India as a Systematically Important Non-Banking
Finance Company. In its initial years the company provided consultancy
services to foreign banks. We began offering business loans to micro
entrepreneurs in rural India in 2008, particularly in smaller towns.
These loans are primarily given to low-income individuals running small
businesses who may not have collateral or a credit history. We aim to
serve underserved and disadvantaged communities and believe that our
loans play a crucial role in empowering individuals and promoting financial
inclusion. Over the years, we have provided over a million loans through our
extensive network of 350 branches across 10 states.
As digital penetration increases in rural areas of our country, we have

received a growing demand from both existing and new customers for
digital loan options.
Currently, this market is untapped, but with our extensive network of
350 rural branches, we see an opportunity to
provide faster, more convenient, and customizable digital loans with
paperless onboarding and 100% digital repayment. To meet this demand,
we are currently piloting our version of digital lending app, 'Capital Magic
Loan,' which is now available on the Google Play Store. Our field staff
will also be available for inperson assistance with onboarding. We believe
that this new offering will not
only benefit our customers but also reduce overall costs for our
company.
Board of Directors
Promoter, Managing Director and CEO
Yogen Khosla is Managing Director and CEO of the company. He holds a

bachelors degree from Loyola College, Chennai. He forayed the company into
MSME lending and was instrumental in leading the company to be amongst the
top 100 SME's amongst 41832 nominations.
EXECUTIVE DIRECTOR & PRESIDENT
Mr. Vahin Khosla is the Executive Director of our company. He holds a bachelor
's degree in Economics-Accounting and a master's degree in Finance from
Claremont McKenna College, CA, USA. He graduated as a Roberts Day Scholar
from college and a School Prefect from The Doon School. He has been
instrumental in the fundraising arm of the company having raised over 1000Cr
in the last few years. Prior to working with Capital Trust, Vahin worked with
DaVita Healthcare in the Corporate Finance team in Denver, USA. He has
represented his football club at an international level and completed the
Ironman triathlon in 2022.
INDEPENDENT DIRECTOR
Mr. Syal is a practicing Chartered Sccountant with an experience
spanning over 25 years in consulting and accountancy. He has been a
catalyst in startup of many successful projects in the BPO, IT & Financial
Services space. Some of the successful startups where he has played a role
include Yatra online, RAC, Gulliver Travels, DMI Finance & Cisco Systems
Capital.
Mr. Saboo is rank holder Chartered accountant with more than 16 years
of experience in Finance, Investment, Cqpital Budgeting and Compliance.
He is founding team member of India Nivesh Growth & Special Situation
Fund, a Venture capital fund investing at early growth stage of
companies.
Mr. Dubey is a practicing Advocate and Fellow Company Secretary having 13

years of experience. He has practiced before the Hon’ble Supreme court of
India, Hon’ble Delhi High Court, National Company Law Tribunal (NCLT),
National Company Law Appellate Tribunal (NCLAT), District Consumer
Forums, State Commission, National Commission.
Mrs. Kukrety is competent professional with 17 years of quality

experience in legal consultancy, legal documentation in civil and criminal
cases before the Supreme Court of India, High Courts, District Courts,
quasi-judicial tribunals, institutional arbitrations before Indian Council of
Arbitration (ICA). She has secured 1st position in Advocate-on-Record
examination held by the Supreme Court of India, in June, 2009.
Key Management Personnel
CHIEF FINANCIAL OFFICER
Mr. Vinod Raina is the Chief Financial Officer of the company. He has
been associated with the Company since 2016. He joined the company
as Head of Compliances and later on took the role of CFO in 2019. Vinod
is Fellow Member of Institute of Company Secretaries of India and is also
a Law Graduate. He has 22 years of experience in Fund Raising, Financial
Management, Mergers and Acquisitions, Statutory Compliances,
Legal, Treasury Management, Taxation and Listing Compliances. He has
been instrumental in managing relationship with Bankers, Investors,
Auditors, Statutory authorities like RBI, SEBI, MCA, Income Tax etc.
He has successfully created the partnership model for the company.

Prior to joining Capital Trust, Vinod has worked in the Manufacturing
sector, software Development , Rating and BFSI sector.
Vinod is an avid cricketer and plays the game every weekend.
CHIEF OPERATING OFFICER
Mr. Yuv Vir Khosla is the Chief Operating Officer of our company. He
holds a Bachelor of Arts degree in Economics and History from
Williams College, MA, USA. He graduated from The Doon School as
the Head Boy. He has experience in the fields of business operations,
analytics and risk, and has been with the company since 2017. Prior
to working at Capital Trust Limited, Yuv has worked at 3i Debt
Management in New York and Cantor Fitzgerald in Hong Kong. Yuv
also holds a private pilot license and has
completed the Ironman Triathlon.
DEPUTY CHIEF OPERATING OFFICER
Mr. Mukesh Aggarwal is the Deputy Chief Operating Officer of our Company. He
holds a bachelor's degree in Commerce from University of Delhi and is also an
associate of the Institute of Chartered Accountants of India ("ICAI") and the
institute of Company Secretaries of India ("ICSI"). He has experience in the field
of Risk Management, Underwriting & Finance. He has previously worked at
HSBC Bank as AVP - Risk, Dewan Housing Finance Limited as Manager - Credit,
CitiFinancial (group company of Citibank) as Associate - Mortgages and
Siddharth Petro products as Manager Accounts He is responsible for various
support functions of the company including Credit, Audit, Operations,
Information Technology and Service quality. He also plays a key role in
managing relationship with Investment partners.orities
HUMAN RESOURCES HEAD
Mr. Naresh Koul Nazir is the Human Resources Head of our company. He has done
his Post-Graduation in Human Resource from Bhartiya Vidyapeeth (Pune
University). Before joining Capital Trust he has had an extensive career of more
than 19 years in Human Resource Management. His previous stints were with
Equitas Small Finance Bank as Deputy Vice President HR, PNB MetLife as Regional
Head HR, Mofoi Management (Ranstard Group) as State Head. He was the first
employee of Equitas small Finance Bank in North India and was instrumental in
setting up company's operations in North India.
Capital Digital Loan
1. About The Product:
Capital Trust launched the Capital Digital Loans (CDL) Initiative in FY19. CDL is a
lending product that has been developed by the company using its 12-year
experience with dealing with clients in rural India. It provides clients access to a
short tenure business loan with quick turnaround time. Already having 100% digital
disbursement, through this product, the company has been able to push clients to
have digital repayment (NACH) as first mode of repayment. Non digitally cleared
cases are then met for collection through cash mode by the 1700+ member field
staff in 350 branches.
2. Credit:
The company employs a hybrid dual credit system. Automated credit (credit
bureau checks and pre-set algorithms) is supplemented with traditional
safeguards of branch banking (physical verification of residence, business premise
and cash flow analysis). Using its database of 3000Cr and 10Lac clients funded in
its company lifetime history, Capital Trust has created an algorithmic credit rule
engine that has significantly helped credit decisioning processes of the company.
It employs an advanced Credit Engine model using Artificial Intelligence / Machine
Learning model to predict client repayment before sanctioning of a loan. It
provides automated decision making with Credit Scoring of the borrower based
on Income, Credit History and Debt servicing capacity. The engine calibrates
regional differences in performance using pin-code level data.
3. Physical Visit Engine:
The company's Physical Visit Engine enables data entry with backend automated
decision making. Using historic data, the engine has categorized all client
industries into 73 industries as seen in rural India. Based on client's business
margin (high / medium / low) and business scale (high / medium / low) inputted by
the credit officer, the system automatically calculates disposable income of that
business based on historic industry data already input into the system. Further,
Business Intelligence is used to automatically calculate Household Income based
on standardized business size, industry margin and expected expenses.
4. Product Optimization:
Small ticket size, short tenure, optimal EMI amount, short turn-around-time, high
yield, digital collection enabled, full cash collection setup, geo-tagged and
analytics backed
5. Product Details:
Company has disbursed a total of Rs. 433Cr in the product. 90+ stands at 2.2% on
POS and 0.9% on total disbursement. Owing to tenure of all loans being less than
18 months, the product has already seen 2-3 full cycles.
6. Product Performance:
Company has disbursed a total of Rs. 433Cr in the product. 90+ stands at 2.2% on
POS and 0.9% on total disbursement. Owing to tenure of all loans being less than
18 months, the product has already seen 2-3 full cycles.
7. Lending-As-A-Service:
With the inherent potential to disburse upwards of Rs. 75Cr monthly through
its existing branch network, Capital Trust is employing Lending-As-A-Service
as a model for growth. Rather than relying only on debt and on-balance sheet
funding, the company has already tied up with 6 institutions for BC / Co-
Lending partnerships to ensure it reaches the above-mentioned benchmark of
monthly disbursement. The partners include 1 Private Sector Bank, 2 NBFCs
and 3 P2P Lenders.
The company has a disbursed upwards of Rs. 200Cr through these

partnerships. With ₹124Cr POS, portfolio quality is as follows: 30+ % and 90+
% of 0.40% and 0.21% respectively.
BSE Report on Capital Trust Limited
GICS Industry : Non Banking Financial Company | Sub Industry : Non Banking Financial Company | Website : www.capitaltrust.com
Capital Trust Limited Report Date: 10 May 2016
Key Stock Indicators

BSE Ticker : 511505 CMP as on 06 May 2016Rs/share : 416.7 Shares outstanding (mn) : 8.5
Bloomberg Ticker : CPT:IN 52 week range up to 06 May 2016 (Rs)(H/L) : 439.0/160.1 Free Float (%) : 31.1
Face value per share : 10.0 Market Cap as on 06 May 2016 (Rs mn) : 3,542 Average daily volumes (12 months) : 18,414
Div.Yield (%): 0.4 P/BV (x): 2.6 Beta : 1.2
Background Key Financial & Valuation Indicators
Incorporated in 1985, Capital Trust Ltd is engaged in advancing enterprise and microfinance MAR14 MAR15 MAR16
loans. It provides loans to micro and small enterprises (MSE) and micro finance customers, Total Income (Rs mn) 112 259 491
and manages a total portfolio of Rs 2,045 million as of March 2015. The loans are provided for PAT (Rs mn) 18 96 202
farming, dairy livestock, small manufacturing firms, trade, etc. The company operates in four EPS (Rs/share) 2.4 12.9 24.5
North Indian states Uttar Pradesh, Uttarakhand, Delhi and Punjab. It derives 66% of its PE (x) 7.9 11.2 11.8
revenue from small enterprise finance, 25% from portfolio management and balance from P/BV (x) 1.3 5.7 2.6
interest on loan and commission income. RoE (%) 18.0 64.6 22.5
Key Highlights RoA (%) 3.7 10.0 11.1
Source: Company, CRISIL Research | n.m. : Not meaningful.
Business correspondent with YES bank Stock Performance visavis Market

In 201415, the company signed an agreement with YES Bank to provide services including Returns (%) YTD 1m 3m 12m
selfhelp group (SHG) identification and recommendation, SHG savings account and individual
savings account opening and SHG loan account sourcing and servicing. Capital Trust Limited 34 28 92 118
SENSEX 0 1 4 6
Key Risks 1) YTD returns are since Apr 1, 2016 to May 6, 2016.
2) 1m, 3m and 12m returns are up to May 6, 2016
Volatility in interest rate
Default by borrowers
Shareholding (As on March 31, 2016)
Pledged shares (As on December 31, 2015)

As a % of promoter holding 0.0
As a % of total shares 0.0
Share Price Chart (Indexed to 100)
Source: BSE, CRISIL Research
Initiative of the BSE Investors’ Protection Fund

Competitive Position
Peer Comparison
Vibrant Global Capital
Capital Trust Limited Limited
Mar16 Mar15
Total Income (Rs mn) 491 99
Net Interest margins (%) 10.5 1.4
PAT (Rs mn) 202 47
Gearing (x) 0.4 1.1
EPS (Rs/share) 24.5 3.4
PE (x) 11.8 6.6
P/BV (x) 2.6 0.8
RoE (%) 22.5 11.8
RoA (%) 11.1 3.3
n.m: Not meaningful | Total income is net of interest expense.

Source: Company, CRISIL Research
Financial Profile Financial Performance

Mar14 Mar15 Mar16
Total income (Rs mn) 112 259 491
Revenue increased 132% yoy to Rs 259 mn in 201415 from Rs 112 mn in 2013
Total income growth (%) 93.1 131.3 89.6
14, mainly owing to growth in interest income from small enterprise finance. Outstanding loans (Rs mn) 498 711 1,352
Outstanding loans growth (%) 189.3 42.9 90.1
Outstanding loans increased to Rs 711 mn in 201415 from Rs 498 mn in 2013
Net interest margins (%) 9.8 13.5 10.5
14. Being a business correspondence of YES Bank, the company managed a PAT (Rs mn) 18 96 202
portfolio of Rs 858.8 mn in 201415. PAT growth (%) 18.2 428.7 109.9
Gearing (x) 5.1 4.3 0.4
PAT increased substantially to Rs 96 mn in 201415 from Rs 18 mn in 201314. RoE (%) 18.0 64.6 22.5
RoA (%) 3.7 10.0 11.1
The company reported gross nonperforming asset of 0.63% and net non
performing asset of 0.52% in 201415.
The company had a capital adequacy ratio of 21.09% as of March 2015.
Industry Outlook
Nonbank financial companies
Based on the underlying assets being pledged, nonbank financial companies (NBFCs) can be classified into infrastructure, housing, auto, construction
equipment, microfinance, gold, loan against property (LAP) and unsecured small business loans. By virtue of access to lowcost funds and extensive
branch network, banks compete with NBFCs, especially on the cost front. However, with their strategic presence in lending segments as well as
geographies, NBFCs have carved out a niche for themselves to effectively compete with banks. Currently, NBFCs only dominate the construction
equipment finance segment, but they are slowly gaining market share in housing and LAP segments. While the market share of NBFCs in microfinance
is expected to increase sharply in the near term, it will be marginal in housing and LAP. We expect the share in infrastructure loans to decline as
Infrastructure Development Finance Company (IDFC) will convert into a bank.
NBFCs’ loans outstanding grew at around 21% CAGR between 200910 and 201415, and as of March 2015, they accounted for almost 18% of the
overall systemic credit. CRISIL Research expects the loan book of NBFCs to post 1517% CAGR between 201415 and 201617. So far, NBFCs have
gained market share at the expense of banks owing to focused lending, widening reach and resource raising ability. However, going forward, we believe
the growth will moderate significantly given a slew of regulations for convergence with banks. Further, with slowing corporate demand for loans, banks
have shifted their focus to retail assets. As a result, the pace of growth in NBFCs’ market share in most of the segments will slow down, compared with
the past.
Annual Results Initiative of the BSE Investors’ Protection Fund

Annual Results
Income statement Balance Sheet
(Rs million) Mar14 Mar15 Mar16 (Rs million) Mar14 Mar15 Mar16
Interest income 115 269 310 Liabilities
Other income 65 131 304 Equity share capital 75 75 147

Reserves 34 115 1,363
Gross income 180 401 613
Tangible net worth 109 189 1,609
Interest expense 68 141 122
Deferred tax liability 2 3 4
Total income 112 259 491 Borrowings 552 821 678
Operating expense 78 105 168 Current liabilities 15 162 53
Pre provisioning profit (PPP) 34 155 323 Provisions 19 66 75
Provisions & contingencies 4 8 11 Total liabilities 693 1,236 2,411
Profit before depreciation and tax 30 147 312 Assets

Assets under financing 498 711 1,352
Depreciation & amortization 1 1 2
Investments 2
PBT 29 146 310
Cash & bank balances 24 269 787
PAT 18 96 202 Current assets 166 247 259
No. of shares (mn no.) Total funds deployed 678 1,216 2,362
Earning per share (EPS) 2.4 12.9 24.5 Fixed assets 6 8 11
Total assets 693 1,236 2,411
Ratios
Mar14 Mar15 Mar16
Growth in total income (%) 91.5 132.3 89.4
Growth in PAT (%) 18.2 428.7 109.9
Growth in funds deployed (%) 138.0 79.5 94.2
Growth in networth (%) 16.1 74.1 748.2
Growth in borrowings (%) 187.3 48.8 17.5
Growth in loans(%) 189.3 42.9 90.1
Total income/ Average funds deployed (%) 37.3 42.3 34.3
Interest income/ Average funds deployed (%) 23.9 28.5 17.3
Interest expenses/ Average borrowings (%) 19.0 21.5 16.6
Interest spread (%) 4.9 6.9 0.7
RoE (%) 18.0 64.6 22.5
RoA (%) 3.7 10.0 11.1
Gearing (x) 5.1 4.3 0.4
Net interest margin (%) 9.8 13.5 10.5
n.m.: Not meaningful
Quarterly Results
Profit and loss account

QoQ YoY YTD YTD YoY
(Rs million) Dec14 Sep15 Dec15
Growth (%) Growth (%) Dec14 Dec15 Growth (%)
No of Months 3 3 3 9 9
Total income 68 122 129 5.7 89.7 182 339 86.2
Operating expenses 28 43 44 2.3 57.1 79 123 55.7
Depreciation 0 1 1 0.0 15 15 0.0
PBT 40 78 84 7.6 110.0 102 215 110.7
PAT 27 50 55 10.0 103.7 68 141 107.3
Source: Company, CRISIL Research | n.m. : Not meaningful
Focus Tables
Source: Company, CRISIL Research | n.m. : Not meaningful
Focus Tables
Board of Directors
SN Director Name Designation SN Director Name Designation
1 Yogen Khosla CEO and Managing Director 4 Vijay Kumar Director
2 Surendra Mahanti Director 5 Anju Khosla Director
3 Hari Baskaran Director
Source: BSE, CRISIL Research.
List of nonpromoter shareholders having more than 1% holding Contingent Liabilities

Name of the Shareholder As on Mar2016 (Rs in mn) As on Mar2016
Lighthouse Emerging India Investors Limited 19.3 Bills Discounted 0
Bodies Corporate 3.0 Guarantees 0
TOTAL 22.3 Disputed claims 0
Letters of credit 0
Others 829
Total Contingent Liabilities 829
Auditor's Qualification
The company's auditors have not reported any/major qualifications for the financial period under review.
Note
Financials have been reclassified as per CRISIL standards.
Analytical Contact
Bhaskar Bukrediwala Director, CRISIL Research

Phone no: +91 22 33421983; Email ID: bhaskar.bukrediwala@crisil.com
Disclaimer
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FINANCIAL PERFORMANCE ANALYSIS
INTRODUCTION TO FINANCIAL
PERFORMANCE ANALYSIS
Financial performance analysis is a crucial tool used by businesses to assess their financial health and make
informed decisions. It involves the evaluation of financial statements, such as income statements, balance
sheets, and cash flow statements, to gain insights into a company's profitability, liquidity, solvency, and
efficiency.
By analyzing financial performance, companies can identify strengths and weaknesses in their operations,
determine areas for improvement, and make strategic decisions to increase profitability and improve financial
stability. Financial performance analysis is also essential for investors and stakeholders who need to
understand a company's financial health before making investment decisions.
Overall, financial performance analysis is a critical component of financial management that provides valuable
insights into a company's financial status, helps identify trends, and facilitates informed decision-making.
Financial performance analysis can be done through a variety of methods, including ratio analysis, trend
analysis, and comparative analysis. Ratio analysis involves calculating various financial ratios, such as liquidity
ratios, profitability ratios, and leverage ratios, to assess a company's financial position. Trend analysis involves
analyzing a company's financial data over a period of time to identify patterns and trends. Comparative
analysis compares a company's financial performance to that of its competitors or industry peers to gain a
better understanding of how it is performing relative to the market.
Financial performance analysis can also be used to evaluate the effectiveness of a company's financial
strategies and determine whether they are aligned with the company's goals and objectives. For example, if a
company's profitability ratios are declining, financial performance analysis can help identify the root cause of
the problem and suggest corrective actions to improve profitability.
Overall, financial performance analysis is an essential tool for businesses, investors, and stakeholders to
assess the financial health of a company and make informed decisions. It provides a comprehensive picture of
a company's financial position and helps identify areas for improvement, allowing companies to optimize their
financial performance and achieve long-term success
Financial Performance
One of the most important tasks in transition planning is analyzing the financial performance of the
farm operation. Too many farms move ahead making decisions regarding farm buyouts, estate/
inheritance plans and living arrangements without enough financial information. The assumption is that
the farm will be able to financially support all these items.
As the idea of children coming back to and eventually taking over the farm is explored, it should be
noted that this may create additional financial demands including:
• salary(ies) for the farming children
• additional residences or other living arrangements
• potential farm buyout plans
• farm expansion or diversification
As parents start thinking about retirement needs, this also can create additional financial demands
including:
• increased draws to fund non-farm retirement assets (RRSPs, savings accounts etc.)
• potential for lump-sum funding needs at retirement for:
- housing, vacations, vacation properties, recreational vehicles etc.
• potential for funds to go towards non-farming children
One way to analyze financial performance is to calculate key financial ratios over the last three to five
years. Ratios can be compared year over year to measure progress and performance. Financial ratios
are a comparison of two or more elements of financial data. They are expressed as percentages (62
per cent) or as ratios (4:1).
Since each ratio tells you a little about the farm’s financial story, it’s important that they be analyzed
collectively. One ratio with good results or one with poor results should not alone be the basis upon
which to make management decisions, especially decisions with transition planning implications. It is
important to review all the ratios over a three to five year timeline to reveal trends.
Trends with stable or improving performance are a strength when facing a potential intergenerational
transfer. Trends with declining performance can be a weakness and should be analyzed carefully
before proceeding with transition planning. Are there good explanations for the poor performance?
Are there corrective actions that can be taken? These questions should be answered before proceeding.
RATIO CATEGORIES
Ratios can be organized into the four different categories of liquidity, solvency, profitability and
financial efficiency. These categories and their corresponding ratios are listed in the tables below. go
to the appendix section (pages 221-232) in the guide to find a document that includes an extended
explanation of the ratios and their corresponding benchmarks.
Financial Performance Ratios Explanation
Current Ratio
Definition:
The current ratio is calculated by dividing the current assets by the current liabilities and is a measure
of liquidity.
The current ratio provides an indication of the liquid assets available to meet the next twelve months
of financial commitments (the current liabilities). Working capital and the current ratio reveal strengths
and weaknesses in liquidity (the ability of a farm to generate cash flow to meet obligations).
A higher number indicates better performance.
Financial Performance Thresholds:

>2.0:1 The optimum current ratio is a ratio of 2:1, or better, which indicates that the farm would
have two dollars of current assets for every one dollar of current liabilities. Results in this
threshold indicate strong liquidity. As results in this threshold approach or exceed 4.0:1,
performance can become less positive as it could be an indication of idle cash.
>1.5:1 A current ratio of 1.5:1 and greater is considered to be a strong current ratio. A
current ratio of 1.2:1 – 1.5:1 is considered to be marginal. Current ratios can change
significantly with each production year. Liquidity can erode quickly on a farm, but results
in this threshold indicate adequate or manageable liquidity.
<1.1:1 A weak or negative current ratio generally results in cash flow problems, presenting as
inability to pay bills as they come due or make scheduled debt payments. Poor liquidity
adversely impacts on management decision making. Results in this threshold should be
reviewed to see if restructuring the debt would be an appropriate option.
Working Capital
Definition:
Working capital is calculated by subtracting the current liabilities from the current assets. The result
is the surplus or deficiency of current assets available to meet the current liability obligations of the
business over the upcoming year.
When analyzing liquidity, it is important to calculate and analyze the amount of available working
capital. The current ratio may indicate a ratio of 1.5:1, yet working capital may not be adequate
because the quantified values of current assets and current liabilities may be relatively small. In other
words, a farm with a 1.5:1 current ratio may have actual working capital of $20,000 or $200,000.
Working capital provides an indication of liquidity in terms of dollars, not just a ratio. This is a valuable
measure, but further analysis is required. Working capital expressed as a percentage of expenses
quantifies the indicator as it relates to the size of the operation (ex: a larger operation requires more
working capital).
Working capital as a percentage of expenses is calculated by dividing the available working capital by
the year’s cash expenses (expenses not including amortization or depreciation). A higher percentage
indicates better performance.

>50% A 50 per cent result means that the farm has half of the funds required to operate the
farm for the next year. Any value less than 100 per cent means that the farmer will have
to source additional working capital. Results in this threshold generally indicate that the
working capital requirements for the next year will not be a problem. Typical sources
of additional working capital in this threshold include operating loans and inventory
advances.
25% As results near this threshold or fall below, there will be increasing challenges in securing
the working capital required to manage cash flow for the farm. Typical sources of
working capital in this threshold still include operating loans and inventory advances
but will also result in pre-selling more of next year’s inventory. However, there will likely
be a need to increase operating loan limits and where this is not an option, managing
accounts payable becomes a reality.
<10% Results in this threshold indicate inadequate working capital, increasing cash flow
challenges and related stress. Management decisions are negatively affected (meaning
farmers will be forced to do things they wouldn’t ordinarily want to do). Operating loans
and inventory advances are generally not a satisfactory option resulting in overdue
accounts payable, credit card balances, deferred principal payments (or payments not
made) and pre-selling next year’s inventory.
Debt Structure Ratio
Definition:
The debt structure ratio is a liquidity measure and is calculated by dividing the current debt (liabilities)
by the total liabilities. The purpose of this ratio is to determine what percentage of the farm’s total debt
is current, or due, in the next 12 months.
Shareholder loans (for incorporated farms), related party transactions and future tax may be factored
out of the calculation to get a better picture of the real debt structure position. Sometimes (imminent
transition for example) these items have a defined repayment structure and therefore would be left in
the calculation.
A lower percentage generally indicates better performance.
<20% An optimally structured balance sheet (given a farm that has an appropriate level of total
debt) would reveal a debt structure ratio of 20 per cent, or less, meaning that the farm
is committed to repaying 20 per cent of its total debt in the next 12 months. Liquidity will
generally not be adversely affected due to current liability commitments.
25% Results in this threshold are often acceptable, if liabilities are not too large. If cash flow
(liquidity) is a challenge, management should determine if the debt structure can be
adjusted to reduce the current commitment to repaying liabilities and therefore, improving
cash flow available for operations.
>30% Farms with a high debt structure ratio often experience cash flow problems, unless there
is little or no long term debt. Liquidity challenges can be a function of insufficient current
assets (see working capital and current ratio) or current liabilities that are too large; often
associated with an aggressive debt repayment commitment.
Equity Ratio
Definition:
The equity ratio is calculated by dividing market value equity by total assets.
Equity represents the total assets actually owned (by shareholders in the case of a corporate farm).
Typically, a statement reporting assets valued at estimated market values more accurately represents the
owner’s or shareholder’s net worth, where asset values would be valued considerably higher than at
cost.
In corporate farms, productive assets (usually land and quota) can be held outside the company and
therefore are not included in the financial statement equity. An adjustment to include such assets can
be made to the analysis of the statements so as to provide a more complete understanding of financial
performance.
A higher percentage indicates better performance.

>70% A farm with an equity position, as presented in a consolidated statement of net worth,
of 70 per cent and greater, can be classified as having a strong equity position. Farms
in this threshold typically (but not always) have manageable liability commitments. They
have financial strength to draw upon if they encounter a production crisis that requires a
working capital infusion or if they encounter an opportunity that requires financing and
additional security.
50-70% Farms with results in this threshold generally can be categorized as being in a
comfortable equity position. As results trend toward the lower spectrum (50 per cent),
farms become more sensitive to liquidity (cash flow) challenges resulting from production
shortfalls or management decisions that result in additional debt commitments.
<50% Threshold results below 50 per cent will be categorized as being marginal in terms of
a farm’s equity position. As equity in a farming operation decreases, risk increases.
There will usually be corresponding challenges in liquidity. Management decisions will
be negatively affected. There is, in practical reality, no available security to offer for any
restructuring or to secure financing for new investments. The margin for error (expressed
financially) for farms with results in this threshold is very narrow.
Debt to Equity Ratio
Definition:
The leverage ratio is calculated by dividing total liabilities by the equity in the business.
This ratio indicates the relationship between the use of debt and equity to finance the farm business and
is a measure of longer term risk. Because payments to the debt holders (lenders) are normally more
fixed than payments to the equity holders (the farmer), a higher leverage ratio indicates a higher fixed
commitment (less flexibility), and therefore, higher risk. The leverage ratio can be calculated reporting
assets at original cost (less applicable depreciation) or at market value (values derived from a statement
of net worth). For purposes of this analysis, market value (net worth) of assets is assumed.
As the leverage ratio increases, risk increases. A lower percentage indicates better performance.

<0.4:1 A leverage ratio of 0.4:1 (four hundred dollars of debt for every thousand dollars of
equity) and less derived from a net worth statement is considered to be a strong leverage
ratio. Less debt as a percentage of equity correlates with less risk.
0.65:1 As results approach this threshold, there is an increasing amount of debt compared to
equity. Leverage is increasing but the farm will generally not be affected adversely by
the amount of debt it is carrying. However, as results deteriorate past this threshold, the
effect of carrying the additional debt will start to become an issue. In any situation where
an investment is going to include a significant increase in financing (leverage), farmers
should calculate before and after leverage ratios; which quantifies financial risk in the
transaction. This is a very important exercise when results are in this threshold because
there is very little room for financial error.
>1:1 Results in this threshold indicate a highly leveraged farm and indicate that creditors and
lenders have more at stake in the business than the farmer. Greater financial risk results
in increased costs of capital (higher interest rates and administration fees), increased
scrutiny on the file, financial statement preparation requirements and difficulty (or
impossibility) in securing additional financing.
Debt Servicing Ratio
Definition:
The debt servicing ratio is calculated by dividing debt servicing capacity by annual principal and
interest payment commitments.
The debt servicing ratio indicates the earned ability of the operation to service, or repay, its debt by
making scheduled principal and interest payments.
The length of the term (years of payments) of the loan is important. The longer the term of the loan, the
greater the chance for fluctuations in farm earnings over the term and therefore, the greater the risk as
the debt servicing ratio weakens.
Debt servicing capacity is calculated by adding amortization (non-cash cost) and long term interest
expense to net income. For unincorporated farms where management salaries are not a deductible
expense, living costs should be subtracted from the total, as should any known income tax payment
amounts.

>2.0:1 A result in this threshold indicates that for every dollar of debt (principal and interest)
payments, the farm expects to have two dollars available. Results in this threshold indicate
very strong performance.
All farms should calculate before and after scenarios for debt servicing ratios for new
loans. The exercise helps to quantify longer term risk in the transaction.
1.5:1 For grain or livestock operations, a 1.5:1 ratio and better is generally adequate. The
ideal ratio may vary depending on the type of operation. For example, for a dairy
farm, which has relatively strong price and cash flow certainty, a 1.25:1 ratio can be
comfortable.
Caution should be exercised where financing a purchase results in debt servicing ratios
that begin to approach 1.2:1. In this situation, the length of the term of the loan should be
very carefully considered (see comments above).
Note that the debt servicing ratio is very sensitive and directly tied to earnings.
Decreasing net income decreases the debt servicing ratio. Past trend line performance is
important.
<1.1:1 Farms with results in this threshold will have difficulty generating the earned income
required to make principal and interest payments. Farms may not be able to make
payments as scheduled or, if they do, will do so by weakening liquidity indicators
(increasing operating loans or selling additional inventory).
Transactions that require additional financing and that cause the ratio to fall into this
threshold will be very difficult to finance and should be pursued very carefully —
especially if the equity ratio is weak.
Return on Assets Ratio
Definition:
Return on assets is calculated by dividing net income plus long term interest expense by total assets.
There are two options for the calculation. Using assets valued at original cost (less accumulated
amortization where applicable) and using assets valued at fair market value. The latter values are
generally greater.
Incorporated farms will have financial statements with assets valued at cost. These farms will very likely
own assets (land) personally. An adjustment should be made to include personally held assets (farm
business related) such as land.
For purposes of this analysis, financial performance thresholds are based on net worth (market value of
land and quota assets, with equipment values not included in the adjustment).
An adjustment should also be made to account for unpaid (or extraordinarily excessive) family wages
or management salaries.
This ratio is a measure of the return on investment made in the business and includes a return to capital
appreciation. Year over year changes in results of this indicator tend to be smaller due to the large
investment in assets required to operate a farm.
A larger number indicates better performance.

>6% Results in this threshold over a longer term period generally represent good performance.
It reports that if a farmer has $2 million in assets, he will have net income of $120,000.
Farmers who are considering expanding their operation should determine if this
performance is acceptable and if not, determine what can be done to improve
performance or search for different investment opportunities.
2% Farmers should always determine what portion of the return comes from operations
and what portion comes from capital appreciation. However, farmers with results in this
threshold should specifically analyze what percentage of the return came from capital
appreciation. If the portion of the return due to land and quota is two per cent or greater,
no return came from earnings attributed to business operations. If this is the situation,
then the farmer must determine what can be done to generate a positive return from
operations. Businesses that cannot generate a longer term positive return from operations
will fail.
<0% Farmers with longer term results in this threshold will be challenged financially. The
likelihood of longer term survivability in the farm’s existing form will be very poor. Farms
with results in this threshold will, in almost all situations, be reporting net losses. Financial
efficiency ratios (gross margin/contribution margin/net operating profit margin) should
be analyzed to determine what can be done to improve earnings. It is important to note
the number of years in the trend line. Farms with good debt to equity performance can
usually manage through periods of low, or negative return on assets. This becomes more
difficult as debt to equity performance deteriorates.
Return on Equity Ratio
Definition:
Return on equity is calculated by dividing net income by equity (or retained earnings).
There are two options for the calculation. Using assets valued at original cost (less accumulated
amortization where applicable) and using assets valued at fair market value. The latter values are
generally greater.
Incorporated farms will have financial statements with assets valued at cost. These farms will very likely
own assets (land) personally. An adjustment should be made to include personally held assets (farm
business related) such as land.
For purposes of this analysis, financial performance thresholds are based on net worth (market value of
land and quota assets, with equipment values not included in the adjustment).
An adjustment should also be made to account for unpaid (or extraordinarily excessive) family wages
or management salaries.
Return on equity (ROE) provides information on how efficiently the farm is using debt in its capital
structure. Return on equity should exceed return on assets (ROA) for farms that borrow money (ROE
equals ROA when there is no debt). If return on assets is greater, it indicates that the farm is not
earning enough to pay its interest cost on borrowed money.
Year over year changes in results of this indicator tend to be smaller due to the large investment in
assets required to operate a farm.
A larger number indicates better performance.

>10% Results in this threshold over a longer term period generally represent good performance.
It reports that if a farmer has $2 million in market value equity, he will have net income
of $200,000. Farmers who are considering investing in or expanding their operations
should determine if this performance is acceptable and if not, determine what can be
done to improve performance or search for different investment opportunities.
6% Farmers should always determine what portion of the return comes from operations and
what portion comes from capital appreciation. If the portion of the return due to land or
quota appreciation is three per cent or greater, then three per cent came from earnings
attributed to business operations.
For many farmers, this level of performance (especially over a longer term trend line) is
acceptable.
<2% If the return on equity increase due to land or quota appreciation is two per cent or
greater, no return came from earnings attributed to business operations. If this is the
situation, then the farmer should determine what can be done to generate a positive
return from operations.
Farms with results in this threshold will, in almost all situations, be reporting net operating
losses (unless land or quota values decrease). Farmers with longer term results in this
threshold will be challenged financially; firstly in liquidity management. The likelihood of
longer term survivability in the farm’s existing form will be very poor. Financial efficiency
ratios (gross margin/contribution margin/net operating profit margin) should be
analyzed to determine what can be done to improve earnings.
Asset Turnover Ratio
Definition:
Asset turnover is calculated by dividing gross revenue by total assets.
This ratio indicates the extent to which a business uses its assets to generate revenue. The higher the
ratio, the better the assets are being used. The ratio can vary with business type and geographic
location (example inflated land values).
For purposes of this analysis, assets are based on net worth (market value assets, but only land and
supply managed quota as equipment has not been adjusted for market value).
Note that profitability ratios (return on equity and return on assets) indicate performance as a function
of net income. Asset turnover uses gross revenue as the function of profitability. Neither is right or
wrong; they just provide a different context on financial performance.

>40% Results in this threshold indicate that for every $1,000 in assets there should be $400
generated in gross income. Farms achieving this level of performance are very efficient in
how they use their assets to generate gross revenue.
20% Farms with results in this range will be reporting very typical performance. A larger
investment in assets, especially land and newer equipment generally makes it more
difficult to achieve optimal performance in this ratio. Poorer performance in this ratio can
be attributed to excess investment in capital, new or overcapitalization in equipment or
less than optimum gross revenue generation.
L Lower gross revenue, coupled with increased interest costs due to financed asset
purchases or additional amortization on new equipment, can all work to reduce net
income.
<10% Results in this threshold indicate a farm that is not efficiently generating a return (as
expressed by gross revenue) on its assets. The options to be analyzed are: increasing
gross revenue (yield or price) or decreasing investment in assets. The decrease in assets
can be accomplished in the shorter term by disposing of assets (lease options) or in the
longer term by not replacing equipment as frequently (lower value).
Note that the first step to take if asset turnover performance falls into poorer performance thresholds
is to determine what the root cause is. If it is because land in the area is really overvalued, then less
emphasis should be placed on this indicator.
Gross Margin Ratio
Definition:
Gross margin is calculated by subtracting seed and seed treatment, chemicals (herbicides, fungicides,
pesticides), fertilizer and production insurance (for grain operations) and veterinary, medicines, feed
and market animals (for livestock operations) from gross revenue and then dividing the number by
gross revenue.
This ratio measures the financial efficiency of a farm in terms of how it uses its production inputs.
Gross margin trend lines provide an excellent indication of efficiency to monitor as farms grow in size
or complexity.

>65% Results in this threshold indicate that the farm is very efficient at utilizing its production
inputs. Gross margin ratio is one of the most important indicators to calculate and
analyze. Farmers with longer term trend lines at this level of performance can confidently
proceed with expansion plans.
55% Farms reporting results in this threshold should determine why performance is less than
desired and what can be done to improve it. The reasons for poor performance fall into
the production (yield and inputs) and marketing (price) management areas. The reasons
can also be outside a farmer’s control (weather for example). The latter is a major reason
why trend line performance should be analyzed. Uncontrolled events are usually not
sustained over a longer period of time.
Deteriorating gross margin performance often accompanies expansion and transition.

With expansion, farmers may not be able to attend to the same operational detail and
production suffers as a result.
Farms with these results should proceed with any expansion plans very carefully.
<50%
It is critically important that farms reporting results in this threshold determine why
performance is less than desired. Farms that are not able to generate gross margin
performance will not achieve acceptable levels of net operating performance. Further,
they will in almost all situations, report net losses.
Contribution Margin Ratio
Definition:
Contribution margin is calculated by subtracting operating expenses (fuel, repairs, custom work, direct
labour, supplies) from the gross margin. The ratio is calculated by then dividing the margin by gross
revenue.
This ratio measures the financial efficiency of a farm in terms of how it uses its operating cost inputs.
After efficiency over production expenses have been quantified (gross margin), a farmer can determine
how efficient he is at using the other variable costs. The contribution margin ratio provides this
determination.
Adjustments should be made to account for unpaid (or extraordinarily excessive) wages (family).

>50% Results in this threshold indicate that the farm is very efficient at using its variable
operating inputs.
45% Importantly, poor results at gross margin performance will usually translate into poor
performance at the contribution margin. Farms reporting results in this threshold, when
gross margin performance is acceptable, should determine why performance is less than
desired and what can be done to improve it. Differing from gross margin performance,
the reasons for poor performance do not fall into the production (yield and inputs) and
marketing (price) management areas, and are within a farmer’s management control.
<40% Assuming acceptable gross margin performance, results in this threshold require
management attention as poor performance will usually translate into less than desired
net operating profit margins.
Net Operating Profit Margin Ratio
Definition:
Net operating profit margin is calculated by subtracting overhead and administrative costs (fixed) from
the contribution margin. The ratio is calculated by then dividing the margin by gross revenue.
This indicator examines how efficient a farmer is at using his investment in fixed costs.
Adjustments should be made to account for unpaid (or extraordinarily excessive) wages (family) or
management salaries.
Amortization (depreciation) rates can have significant impact on performance. They should be
calculated based on management rates (not tax rates) and applied on a straight line basis.
This indicator compares very well to non-farm businesses.
>20% Results in this threshold indicate a very efficient farm in terms of generating net profit from
its core operations.
10% Farmers with results in this threshold have room for improvement. Remember that the
denominator is gross revenue. This means that if a farm’s net operating profit margin is
$100,000 and its gross revenue is $1 million, then its net operating profit margin ratio is
10 per cent. Performance should be 20 per cent or $200,000 which means that there is
$100,000 on the table. This is money that the farm in question could use for investment
and growth, to repay debt or for personal needs. This is money that other farms with
better performance have, which gives them a degree of competitive advantage.
<5% Farmers with results in this threshold should determine what can be done to improve
performance. Importantly, in situations where gross margin and contribution margin
performance are in acceptable thresholds, an option is to consider expanding the
productive asset base, effectively spreading fixed costs over more productive units. This
will improve net operating profit margin performance, providing that the expanded
production base does not result in poorer gross margin performance or require additional
fixed costs such as interest on term debt or amortization. Trend line performance in
the threshold will translate into liquidity and solvency issues and will negatively affect
management decisions.
Interest Expense Ratio
Definition:
The interest expense ratio is calculated by dividing interest expense by gross revenue.
Farms with more debt will have higher interest expense ratios.
The ratio is a good indicator of potential problems related to leverage (debt).
A lower number may indicate better performance. However, if a farm can effectively manage the risk
associated with leverage (debt) — which includes interest — then it is more important to analyze the
return that is generated by using borrowed capital and managing its repayment.

<10% Farms with results in this threshold are generally not being adversely affected by interest
costs. Calculating before and after scenarios where additional loans are being planned
helps to quantify how interest will affect financial performance.
15% As in most ratios, farms with results in this threshold should monitor trend line
performance for deteriorating performance. Obviously, as this ratio weakens, more and
more of the revenue generated (gross revenue) goes to pay interest and is diverted from
other areas.
>20% Results in this threshold warrant management attention. If the ratio is 20 per cent, then
$200 out of every $1,000 of gross revenue goes just to pay interest. There will very likely
be increased sensitivity to interest rate increases.
Amortization Expense Ratio
Definition:
The amortization expense ratio is calculated by dividing amortization expense by gross revenue.
The ratio measures the amount of amortization (depreciation) relative to the level of sales (gross
revenue).
A farm with newer equipment assets will have a higher amortization expense ratio. This indicates
management priorities and investment guidelines.
The amortization expense ratio trend line is important to monitor. A downward trend may indicate
capital replacement may be lagging while an upward trend might indicate an aggressive capital
replacement policy. There is direct correlation between the amortization expense ratio and return on
assets and return on equity as greater amortization expense (higher amortization expense ratio) will
result in lower net income.
A lower number may indicate better performance.

<10% Farms with results in this threshold are generally not being adversely affected
amortization costs. However, it may also reveal other issues. A lower number can
reveal aging equipment that usually results in increased operating costs (repairs and
maintenance). Aging equipment can result in production down time that can have
negative impacts on yield, gross revenue and therefore, ultimately, net income.
15% As in most ratios, farms with results in this threshold should monitor the trend line
for deteriorating performance. As this ratio weakens, more and more of the revenue
generated (gross revenue) goes to pay amortization costs. Net operating profit will be
reduced. However, amortization is not a cash cost. Therefore, while net operating profit
(profitability) may be reduced, cash flow (liquidity) may not be significantly affected.
>20% Farms with results in this threshold should look for poor performance linkages in return on
assets and equity ratios, debt to equity ratio, net operating profit margin ratio and asset
turnover ratio to help determine the extent of the impact of amortization costs on financial
performance.
BALANCE SHEET OF CAPITAL TRUST LIMITED
(for the year ended 2018,2019 and 2020.)
Private & Confidential – For Private Circulation Only
(This Information Memorandum is neither a Prospectus nor a statement in Lieu of Prospectus)
Dated August 05, 2020
ANNEXURE H
ABRIDGED VERSION OF AUDITED CONSOLIDATED (WHEREVER AVAILABLE) AND STANDALONE
FINANCIAL STATEMENTS AND AUDITOR’S QUALIFICATIONS, IF ANY.
ABRIDGED STANDALONE BALANCE SHEET FOR THE LAST THREE YEARS
31 MARCH 2020 31 MARCH 2019 31 MARCH 2018
ASSETS
(1) NON-CURRENT ASSETS

(a) Property, Plant and Equipment 21,822,308 18,158,757 17,170,611
(b) Capital work-in-progress - - -
(c) Investment Property - - -
(d) Goodwill - - -
(e) Other Intangible assets 1,087,778 2,081,004 232,608
(f) Intangible assets under
development - - -
(g) Biological Assets other than
bearer plants - - -
(h)Financial Assets - - -
i. Investments - - -
ii. Trade receivables - - -
iii. Loans 2,895,338,442 5,049,243,821 5,614,464,542
iv. Others (to be specified) - - -
(i) Deferred tax assets (net) 232,840,374 279,113,969 303,965,234
(j)Other non-current assets 28,482,697 31,236,030 34,542,536
(2) CURRENT ASSETS

(a) Inventories - - -
(b) Financial Assets - - -
i. Investments 876,441,729 499,195,710 499,100,315
ii. Trade receivables 5,724,245 3,886,211 5,323,495
iii. Cash and cash
equivalents 79,005,191 69,943,084 137,375,517
iv. Bank balances other
than (iii) above 291,564,136 403,083,984 337,206,481
v. Loans - - -
vi. Others (to be specified) 121,550,481 160,011,525 169,792,406
(c)Current Tax Assets (Net) 21,614,698 47,699,293 -
(d)Other current assets
TOTAL ASSETS 4,575,472,079 6,563,653,388 7,119,173,745
EQUITY AND LIABILITIES

(1) Equity
(a) Equity Share Capital 162,175,000 162,175,000 162,175,000
(b) Other Equity 1,378,648,066 1,382,482,681 1,302,507,576
LIABILITIES
(2) Non-current Liabilities
(a) Financial Liabilities - - -
i. Borrowings 2,373,963,357 3,615,286,714 4,841,095,833
ii. Trade Payables - - -
iii.Other financial liabilities (other
than those specified in item (b),
to be specified) 446,916,191 444,913,288 444,913,288
(b) Provisions 11,746,646 8,540,091 8,074,910
(c) Deferred tax liabilities - - -
(d) Other non-current liabilities 173,384,662 191,481,391 306,747,578
(3) Current Liabilities

i. Borrowings - - -
ii. Trade Payables 7,494,956 3,432,877 7,312,444
than those specified in item (c), to
be specified) - - -
(b)Other current
liabilities(Non financial
liabilities) 21,143,200 14,896,904 29,457,345
(c)Provisions - - -
(d)Current Tax Liabilities (Net) - - 16,889,771
Total Equity and Liabilities 4,575,472,078 6,563,653,387 7,119,173,745
ABRIDGED STANDALONE PROFIT AND LOSS ACCOUNT FOR THE LAST TWO YEARS
31 MARCH 2020 31 MARCH 2019
REVENUE
I Revenue from operations 1,426,777,552 1,800,448,341

II Other income 49,022,359 70,883,411
III Total revenue (I + II) 1,475,799,911 1,871,331,752
EXPENSES
IV Expenses
Cost of Material consumed - -
Purchases of Stock-in-trade - -
Changes in inventories of finished goods,
Stock-in-Trade and work-in-progress - -
Employee benefits expense 365,659,905 339,084,632
Finance costs 607,108,118 761,645,513
Depreciation and amortization expense 8,945,985 9,346,098
Other expenses 409048677 270196248
Total expenses (IV) 1,390,762,685 1,380,272,491
Profit/(loss) before exceptional items and 85,037,226 491,059,261

V tax (I- IV)
VI Exceptional Items 372,304,216
VII Profit/(loss) before tax (V-VI) 85,037,226 118,755,045
Tax expense
VIII
Current tax - 3,061,045
Deferred tax 43396680 27774878
Previous year taxes 33668875 -
MAT Credit Entitlements 2644102 (2644102)
IX Profit (Loss) for the period from continuing 5,329,569 90,563,124
operations (VII-VIII)
X Profit/(loss) from discontinued operations - -
XI Tax expense of discontinued operations - -
XII Profit/ (loss) from Discontinued operations
(after tax) (X-XI) - -
XIII Profit/(loss) for the period (IX+XII) - -
Other Comprehensive Income A (i) Items
that will not be reclassified to profit or loss
(ii) Income tax relating to items that will not 698,095 (725,462)
XIV be reclassified to profit or loss B (i) Items
that will be reclassified to profit or loss (ii)
Income tax relating to items that will be
reclassified to profit or loss
XV Total Comprehensive Income for the period 6,027,664 89,837,662
(XIII+XIV)(Comprising Profit (Loss) and Other

Comprehensive Income for the period)
XVI Earnings per equity share (for continuing
operation):
(1) Basic 0.33 5.58
(2) Diluted 0.33 5.58
XVII Earnings per equity share (for discontinued
operation):
(1) Basic
(2) Diluted - -
XVIII Earnings per equity share (for discontinued
& continuing operations)
(1) Basic 0.33 5.58
(2) Diluted 0.33 5.58
ABRIDGED CONSOLIDATED BALANCE SHEET FOR THE LAST THREE YEARS
31 MARCH 2020 31 MARCH 2019 31 MARCH 2018
ASSETS
(1) NON-CURRENT ASSETS

(a) Property, Plant and Equipment 21,822,308 18,158,757 17,170,611
(b) Capital work-in-progress - - -
(c) Investment Property - - -
(d) Goodwill - - -
(e) Other Intangible assets 1,087,778 2,081,004 232,608
(f) Intangible assets under
development - - -
(g) Biological Assets other than
bearer plants - - -
(h)Financial Assets - - -
v. Investments - - -
vi. Trade receivables - - -
vii. Loans 3,045,282,126 5,257,233,361 6,070,190,250
viii. Others (to be specified) - - -
(i) Deferred tax assets (net) 237,797,862 288,298,917 312,639,360
(j)Other non-current assets 37,236,666 40,478,278 36,377,052
(2) CURRENT ASSETS

(b) Inventories - - -
(b) Financial Assets - - -
i. Investments 379,099,229 1,853,210 1,758,815
ii. Trade receivables 5,724,245 3,886,211 1,812,159
iii. Cash and cash equivalents 343,597,508 320,063,051 144,503,517
iv. Bankbalances other than (iii)
above 291,564,136 403,083,984 357,206,481
v.Loans - - -
vi.Others (to be specified) 136,526,922 177,094,100 207,772,230
(c)Current Tax Assets (Net) 23,278,647 47,699,293 -
(d)Other current assets
TOTAL ASSETS 4,523,017,427 6,559,930,166 7,149,663,083
EQUITY AND LIABILITIES
(1) Equity
(a) Equity Share Capital 162,175,000 162,175,000 162,175,000
(b) Other Equity 1382415347 1,348,840,283 1,267,791,632
LIABILITIES
(2) Non-current Liabilities

i. Borrowings 2,263,963,357 3,616,786,714 4,894,383,606
ii. Trade Payables - - -
than those specified in item (b),
to be specified) 446,916,191 1,185,357,729 444,913,288
(b) Provisions 11,746,646 8,540,091 8,074,910
(c) Deferred tax liabilities - - -
(d) Other non-current liabilities 205,217,225 190,085,614 288,358,764
(3) Current Liabilities

i. Borrowings - - -
ii. Trade Payables 7,789,240 4,631,925 7,439,895
than those specified in item (c), to
be specified) - - -
(b)Other current
liabilities(Non financial
liabilities) 42,794,421 41,823,641 57,833,264
(c)Provisions - - -
(d)Current Tax Liabilities (Net) - 1689169 18,692,724
Total Equity and Liabilities 4,523,017,427 6,559,930,166 7,149,663,083
ABRIDGED CONSOLIDATED PROFIT AND LOSS ACCOUNT FOR THE LAST TWO YEARS
31 MARCH 2020 31 MARCH 2019
REVENUE
I Revenue from operations 1,516,957,274 1,925,004,437
II Other income 33,952,744 6,562,084
III Total revenue (I + II) 1,550,910,018 1,931,566,521
EXPENSES
IV Expenses
Cost of Material consumed - -
Purchases of Stock-in-trade - -
Changes in inventories of finished goods,
Stock-in-Trade and work-in-progress - -
Employee benefits expense 388,373,561 369,525,335
Finance costs 588,075,077 759,313,498

Depreciation and amortization expense 8,945,985 9,346,098
Other expenses 429,208,053 297,232,643
Total expenses (IV) 1,414,602,676 1,435,417,574

Profit/(loss) before exceptional items and
V tax (I- IV) 136,307,342 496,148,947
VI Exceptional Items - 372,304,216
VII Profit/(loss) before tax (V-VI) 136,307,342 123,844,731

Tax expense
VIII
Current tax 9582613 7168953
Deferred tax 47622140 34050941
Previous year taxes 33719239 (547404)
MAT Credit Entitlements 2644102 (2644102)
IX Profit (Loss) for the period from continuing
operations (VII-VIII) 42,739,248 85,816,343
X Profit/(loss) from discontinued operations - -
XI Tax expense of discontinued operations - -
XII Profit/ (loss) from Discontinued operations
(after tax) (X-XI) - -
XIII Profit/(loss) for the period (IX+XII) - -
Other Comprehensive Income A (i) Items
that will not be reclassified to profit or loss
(ii) Income tax relating to items that will not 698,095 (725,462)
XIV be reclassified to profit or loss B (i) Items
that will be reclassified to profit or loss (ii)
Income tax relating to items that will be
reclassified to profit or loss
XV Total Comprehensive Income for the period
(XIII+XIV)(Comprising Profit (Loss) and Other 43,437,343 85,090,881
Comprehensive Income for the period)
XVI Earnings per equity share (for continuing
operation):
1) Basic 2.64 5.29
2) Diluted 2.64 5.29
XVII Earnings per equity share (for discontinued
operation):
1) Basic
2) Diluted - -
XVIII Earnings per equity share (for discontinued
& continuing operations)
1) Basic 2.64 5.29
2) Diluted 2.64 5.29
Cash flow Statement

(Amounts in ₹ in lakhs)
For the year
ended March 31, For the year ended
Particulars 2020 March 31, 2019
Cash flows from operating activities
Profit before tax 850.37 1,187.55
Adjustments for:
Depreciation, amortization and impairment 89.46 93.46
Impairment on financial instruments 1,525.28 408.53
Loan written off 331.43 3,723.04
Net gain/(loss) on derecognition of property,
plant and equipment (2.44) -
Gain on sale of investments (58.13) (50.82)
Unrealised (gain)/loss on fair value changes of
investments (90.98) (0.94)
Effective interest rate adjustment for financial
instruments (1,175.99) (1,074.44)
Dividend Income - (0.10)
Operating profit before working capital
changes 1,469.00 4,286.28
(Increase)/ decrease of receivables (18.38) 14.37

(Increase)/ decrease of loans 21,120.14 2,681.36
(Increase)/ decrease of other financial assets 384.61 97.81
(Increase)/ decrease of other non financial
assets (25.42) (10.73)
Movement in fixed deposits 1,117.64 (654.79)
Increase/ (decrease) of trade payables 40.62 (38.80)
Increase/ (decrease) of other financial liabilities (138.57) (1,130.88)
Increase/ (decrease) of provisions 41.39 (5.40)
Increase/ (decrease) of other non-financial
liabilities 60.02 (149.59)
Cash generated / (used) in operating activities 24,051.06 5,089.63

Income taxes (paid) /refund (75.84) (676.50)
Net cash inflow / (outflow) from operating
activities A 23,975.21 4,413.13
Cash flows from investing activities

Purchase of property, plant & equipment (78.00) (78.03)
Proceed from sale of property, plant &
equipment 5.25 -
Movement in investments (3,623.34) 50.81
Dividend received - 0.10

Net cash inflow / (outflow) from investing
activities B (3,696.09) (27.12)
Cash flows from financing activities

Dividend including dividend distribution tax
paid (98.62) (98.63)
Proceed from issue of non convertible
debentures - 7,500.00
Repayment of non convertible debentures (7,500.00) -
Payment of lease liabilities (30.42) (21.78)
Net repayment of borrowings (12,559.46) (12,439.93)
Net cash inflow / (outflow) from financing
activities C (20,188.50) (5,060.33)
Net increase/ (decrease) in cash and cash

equivalents (A+B+C) 90.62 (674.32)
Cash and cash equivalents at the beginning of
the year 699.43 1,373.76
Cash and cash equivalents at the end of the
year 790.05 699.43
Consolidated Balance Sheet
st
as at 31 March 2018 (All amounts in ` unless otherwise stated)
As at As at
Notes 31 March 2018 31 March 2017
I Equity and liabilities
(1) Shareholders’ funds
Share capital 4 163,614,150 163,614,150
Reserves and surplus 5 2,024,579,309 2,040,388,086
2,188,193,459 2,204,002,236
(2) Non-current liabilities
Long term borrowings 6 3,322,744,382 2,248,933,809
Non current liabilities 7 52,213,870 70,087,430
Long-term provisions 8 129,473,651 41,681,196
3,504,431,903 2,360,702,435
(3) Current liabilities
Short-term borrowings 9 49,768,648 49,261,357
Trade payables 10
Due to micro and small enterprises - -
Due to other than micro and small enterprises 7,357,444 6,059,585
Other current liabilities 11 2,280,843,188 1,370,753,435
Short-term provisions 12 37,066,614 152,643,214
2,375,035,894 1,578,717,491
Total 8,067,661,257 6,143,422,162
II Assets
(1) Non-current assets
Fixed assets 13
Tangible assets 17,216,162 13,663,202
Intangible assets 187,057 121,870
Non-current investments 14 1,758,815 1,500,005
Deferred tax assets (net) 15 29,220,558 17,577,044
Long-term loans and advances 16 3,340,948,028 1,947,171,468
Other non-current assets 17 112,907,264 172,550,000
3,502,237,884 2,152,583,589
(2) Current assets
Cash and cash balances 18 399,170,491 406,851,750
Short-term loans and advances 16 4,133,097,998 3,564,190,456
Other current assets 17 33,154,884 19,796,367
4,565,423,373 3,990,838,573
Total 8,067,661,257 6,143,422,162
Contingent Liabilities and Capital Commitments 25
Summary of Significant Accounting Policies and other notes on financial statements.
The accompanying notes 1 to 42 form an integral part of the consolidated financial statements.
As per our report of even date
For Singhi & Co. For and on behalf of the Board of Directors of
Chartered Accountants Capital Trust Limited
Firm Reg. No. 302049E
B.K. Sipani Yogen Khosla Hari Baskaran
Partner CEO & Managing Director Director
Membership No. 088926 DIN 00203165 DIN 02666053
Place: New Delhi Tanya Sethi Sukumara Pillai

Date: May 22, 2018 Company Secretary Head Accounts
Consolidated Statement of Profit and Loss
st
for the year ended 31 March 2018 (All amounts in ` unless otherwise stated)
Year ended Year ended
Revenue
Revenue from operations 19 1,779,113,021 1,201,048,545
Other income 20 42,028,671 46,717,544
Total revenue 1,821,141,692 1,247,766,089
Expenses
Employee benefits expense 21 292,641,745 202,250,960
Finance costs 22 648,292,742 285,777,933
Depreciation and amortization expense 13 4,431,842 3,913,685
Other expenses 23 800,453,484 187,140,106
Total expenses 1,745,819,813 679,082,684
Profit before tax 75,321,879 568,683,405
Tax expense
Current tax 73,320,141 202,700,286
Deferred tax (11,643,513) (13,271,805)
Current Tax expenses relating to prior years (80,814) 683,468
Profit for the year 13,726,065 378,571,456
Earnings per equity share (of Rs. 10 each) 24
(a) Basic 0.84 24.77
(b) Diluted 0.84 24.77
The accompanying notes 1 to 42 form an integral part of these financial statements.

As per our Report of even date.

Consolidated Cash flow statement st
A. CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments:
Depreciation and amortisation expense 4,431,842 3,913,685
Interest income on fixed deposit (24,852,040) (24,807,005)
Provision for non performing assets 150,296,043 28,913,693
Contingent provision against standard assets 7,593,357 12,070,816
Gain on sale of current investments (16,883,059) (5,663,876)
Loan loss written off 417,189,550 18,464,948
Operating profit before working capital changes 613,097,572 601,575,666
(Decrease) / increase in trade payables 1,297,960 2,783,249
(Decrease) / increase in other liabilities and provisions 108,670,910 91,851,472
(Increase) / decrease in other assets and loans and advances (2,382,398,887) (3,940,314,475)
Cash used in operating activities (1,659,332,445) (3,244,104,088)
Income taxes paid (193,237,253) (96,178,592)
Net cash used in operating activities A (1,852,569,697) (3,340,282,680)
B. CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (8,049,989) (6,428,173)
Purchase of non current investments (258,810) -
Purchase of current investments (2,940,354,895) (759,999,550)
(Increase) / decrease in other bank balances (23,003,673) (331,881,000)
Proceeds from sale of current investments 2,957,237,955 765,663,426
Interest received 3,661,490 23,173,400
Net cash used in investing activities B (10,767,922) (309,471,897)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity shares 3,480 216,460,985
Dividend on equity-prefrence shares and dividend tax (29,538,322) (25,660,848)
Proceeds from long-term borrowings (net) 1,790,992,219 2,918,485,600
Proceeds from short-term borrowings (net) 507,291 (848,826)
Redemption of preference share - -
Proceeds from issue of share warrants - -
Net cash from financing activities C 1,761,964,668 3,108,436,911
Net increase/ (decrease) in cash and cash equivalents (A+B+C) (101,372,951) (541,317,666)
Cash and cash equivalents at the beginning of the year 245,886,961 787,204,627
Cash and cash equivalents at the end of the year (refer note 1) 144,514,010 245,886,961
Note 1:
Cash and bank balances as per note 18 399,170,491 406,851,750
Less: other bank balances 254,656,481 160,964,789
Cash and cash equivalents 144,514,010 245,886,961
This is the Cash flow statement referred to in our report of even date.

Standalone Balance Sheet
st
as at 31 March 2018 (All amounts in ` unless otherwise stated)
As at As at
I Equity and liabilities
(1) Shareholders’ funds
Share capital 3 163,614,150 163,614,150
Reserves and surplus 4 2,063,459,163 2,030,711,539
2,227,073,313 2,194,325,689
(2) Non-current liabilities
Long term borrowings 5 3,431,544,382 2,086,433,825
Non current liabilities 6 52,213,870 61,027,636
Long-term provisions 7 108,012,735 35,732,665
3,591,770,988 2,183,194,126
(3) Current liabilities
Short-term borrowings 8 49,768,648 49,261,357
Trade payables 9
Due to micro and small enterprises - -
Due to other than micro and small enterprises 7,312,444 6,014,484
Other current liabilities 10 2,108,273,649 1,023,908,989
Short-term provisions 11 32,768,869 149,384,696
2,198,123,609 1,228,569,526
Total 8,016,967,910 5,606,089,341
II Assets
(1) Non-current assets
Fixed assets 12
Tangible assets 17,216,162 13,663,202
Intangible assets 187,057 121,870
Non-current investments 13 499,100,315 192,862,505
Deferred tax assets (net) 14 29,220,559 17,577,044
Long-term loans and advances 15 3,288,479,236 1,791,108,190
Other non-current assets 16 112,907,264 172,550,000
3,947,110,594 2,187,882,811
(2) Current assets
Cash and cash balances 17 372,042,491 291,887,287
Short-term loans and advances 15 3,664,740,035 3,108,505,421
Other current assets 16 33,074,791 17,813,822
4,069,857,316 3,418,206,530
Total 8,016,967,910 5,606,089,341
Contingent Liability and Capital Commitments 24
Summary of Significant Accounting Policies and other notes on financial statements.
The accompanying notes 1 to 39 form an integral part of the standalone financial statements.
As per our report of even date

Standalone Statement of Profit and Loss
st
Revenue
Revenue from operations 18 1,672,458,763 1,142,630,160
Other income 19 62,306,196 44,957,818
Total revenue 1,734,764,959 1,187,587,978
Expenses
Employee benefits expense 20 292,641,745 202,250,960
Finance costs 21 609,864,755 253,388,416
Depreciation and amortization expense 12 4,431,842 3,913,685
Other expenses 22 707,848,768 179,003,027
Total expenses 1,614,787,111 638,556,088
Tax expense
Current tax 69,335,417 193,408,786
Deferred tax 14 (11,643,513) (13,271,805)
Profit for the year 62,285,945 368,894,909
Earnings per equity share of Rs. 10 each 23
(a) Basic 3.81 24.13
(b) Diluted 3.81 24.13
The accompanying notes 1 to 39 form an integral part of the standalone financial statements.
As per our Report of even date.

Standalone Cash flow statement st
A. CASH FLOWS FROM OPERATING ACTIVITIES
Adjustments:
Depreciation and amortisation 4,431,842 3,913,685
Interest income on fixed deposit (23,392,040)
Provision for non performing assets 89,900,800 23,349,909
Contingent provision against standard assets 7,500,004 11,441,396
Gain on sale of current investments (15,916,844) (5,663,876)
Loan loss written off 391,067,635 18,464,948
Operating profit before working capital changes 573,569,246 600,537,952
(Decrease) / increase in trade payables 1,297,960 2,738,249
(Decrease) / increase in other liabilities and provisions 155,783,562 77,833,922
(Increase) / decrease in other assets and loans and advances (2,459,934,264) (3,327,893,824)
Cash used in operating activities (1,729,283,496) (2,646,783,701)
Income taxes paid (190,424,343) (87,907,078)
Net cash used in operating activities A (1,919,707,839) (2,734,690,779)
B. CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of fixed assets (8,049,989) (6,428,173)
Investment in Non Current Investments (306,237,810) (191,362,500)
Movement in Fixed Deposits (23,003,673) (311,881,000)
Purchase of current investments (2,850,354,995) (759,999,550)
Proceeds from sale of current investments 2,866,271,839 765,663,426
Interest received on Fixed Deposits 13,034,775
Net cash used in investing activities B (308,339,853) (504,007,797)
C. CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity shares - 216,460,985
Dividend on equity-prefrence shares and dividend tax (29,538,322) (25,431,312)
Proceeds from long-term borrowings (Net) 2,243,542,235 2,412,235,600
Repayment of short-term borrowings (net) 507,291 (848,826)
Net cash from financing activities C 2,214,511,204 2,602,416,447
Net increase/ (decrease) in cash and cash equivalents (A+B+C) (13,536,488) (636,282,129)
Cash and cash equivalents at the beginning of the year 150,922,498 787,204,627
Cash and cash equivalents at the end of the year (refer note 1) 137,386,010 150,922,498
Note 1:
Balances in Current Account 134,223,865 144,366,410
Cash on hand 3,162,145 6,556,088
Cash and cash equivalents 137,386,010 150,922,498
This is the Cash flow statement referred to in our report of even date.

SUMMARY OF THE PROJECT
Financial performance analysis is an essential process for evaluating the financial health of a company. It
involves the analysis of financial statements such as the income statement, balance sheet, and cash flow
statement to identify trends, patterns, and key performance indicators that can help assess a company's
financial performance. The analysis includes various techniques such as ratio analysis, trend analysis, and
benchmarking to compare a company's financial performance with its peers or industry standards.
The purpose of financial performance analysis is to provide insights into a company's financial strengths and
weaknesses and to help stakeholders make informed decisions. It is used by investors, creditors, management,
and other stakeholders to assess a company's financial health, profitability, liquidity, solvency, and efficiency.
The analysis can also help identify areas where the company can improve its financial performance and make
better financial decisions.
In summary, financial performance analysis is a crucial process that helps assess a company's financial health
and provides valuable insights into its performance. By analyzing financial statements and using various
techniques, stakeholders can make informed decisions and identify opportunities for improvement.
Financial performance analysis is a continuous process that involves the regular monitoring of financial
statements to track changes in a company's financial performance over time. The analysis can be performed
using various tools and techniques, such as ratio analysis, trend analysis, and benchmarking.
Ratio analysis involves calculating financial ratios that measure a company's financial performance in areas
such as profitability, liquidity, solvency, and efficiency. These ratios can be compared with industry
benchmarks or historical trends to assess the company's financial performance and identify areas for
improvement.
Trend analysis involves analyzing financial statements over multiple periods to identify trends and patterns in a
company's financial performance. This can help identify changes in the company's financial health and assess
the effectiveness of its financial strategies over time.
Benchmarking involves comparing a company's financial performance with its peers or industry standards to
identify areas where the company is underperforming or outperforming its competitors. This can help identify
opportunities for improvement or areas where the company can capitalize on its strengths.
Overall, financial performance analysis is a crucial process that helps stakeholders make informed decisions
and evaluate a company's financial health. It is essential for investors, creditors, management, and other
stakeholders to have a clear understanding of a company's financial performance to make sound investment or
financial decisions.
CONCLUSION
In conclusion, this project on financial performance analysis at Capital Trust Limited has shed
light on the company's financial health, profitability, liquidity, efficiency, and solvency. Through
the analysis of the company's financial statements, ratios, and performance indicators, we have
gained insights into the strengths and weaknesses of the company's financial position.
The analysis reveals that Capital Trust Limited has maintained a stable financial position with
consistent profitability and liquidity over the years. The company's operating efficiency has also
improved significantly, and it has managed to reduce its debt levels, which is a positive sign for
the company's future growth and profitability.
The project has highlighted the importance of financial performance analysis in enabling
stakeholders to make informed decisions regarding investments, lending, and resource allocation.
Furthermore, it provides management with a basis for identifying areas that require
improvement, optimizing operations, and formulating strategic plans.
In conclusion, the financial performance analysis of Capital Trust Limited has demonstrated the
importance of financial management in achieving long-term success and sustainability in today's
competitive business environment. The company's strong financial performance and management'
s commitment to improving efficiency and reducing debt levels bode well for its future
prospects.

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INTRODUCTION To The PROJECT

FINANCIAL PERFORMANCE ANALYSIS

Project financial performance analysis is an important aspect of project management

Project financial performance analysis helps project managers and stakeholders

To conduct a project financial performance analysis, project managers need to gather

Project financial performance analysis is important because it helps project managers

Overall, project financial performance analysis is a critical component of project

I am also grateful to my supervisor, who provided valuable guidance and direction

Capital Trust Limited, a listed company founded in 1985, is registered with

As digital penetration increases in rural areas of our country, we have

Promoter, Managing Director and CEO

Yogen Khosla is Managing Director and CEO of the company. He holds a

Mr. Dubey is a practicing Advocate and Fellow Company Secretary having 13

Mrs. Kukrety is competent professional with 17 years of quality

CHIEF FINANCIAL OFFICER

He has successfully created the partnership model for the company.

1. About The Product:

The company has a disbursed upwards of Rs. 200Cr through these

Capital Trust Limited Report Date: 10 May 2016

Key Stock Indicators

Background Key Financial & Valuation Indicators

Business correspondent with YES bank Stock Performance vis­a­vis Market

Pledged shares (As on December 31, 2015)

Share Price Chart (Indexed to 100)

Source: BSE, CRISIL Research

Initiative of the BSE Investors’ Protection Fund

n.m: Not meaningful | Total income is net of interest expense.

Financial Profile Financial Performance

The company had a capital adequacy ratio of 21.09% as of March 2015.

Non­bank financial companies

Annual Results Initiative of the BSE Investors’ Protection Fund

Other income 65 131 304 Equity share capital 75 75 147

Profit before depreciation and tax 30 147 312 Assets

Profit and loss account

List of non­promoter shareholders having more than 1% holding Contingent Liabilities

Financials have been reclassified as per CRISIL standards.

Bhaskar Bukrediwala ­ Director, CRISIL Research

© 2016 CRISIL Limited, all rights reserved.

Initiative of the BSE Investors’ Protection Fund

Financial Performance Thresholds:

Financial Performance Thresholds:

Debt Structure Ratio

Financial Performance Thresholds:

Debt to Equity Ratio

Financial Performance Thresholds:

Financial Performance Thresholds:

Financial Performance Thresholds:

Financial Performance Thresholds:

Asset Turnover Ratio

Financial Performance Thresholds:

Financial Performance Thresholds:

Deteriorating gross margin performance often accompanies expansion and transition.

Financial Performance Thresholds:

Net Operating Profit Margin Ratio

Interest Expense Ratio

Financial Performance Thresholds:

Financial Performance Thresholds:

ABRIDGED STANDALONE BALANCE SHEET FOR THE LAST THREE YEARS

31 MARCH 2020 31 MARCH 2019 31 MARCH 2018

(1) NON-CURRENT ASSETS

(2) CURRENT ASSETS

EQUITY AND LIABILITIES

(b) Other Equity 1,378,648,066 1,382,482,681 1,302,507,576

(3) Current Liabilities

Business correspondent with YES bank Stock Performance visavis Market

Nonbank financial companies

List of nonpromoter shareholders having more than 1% holding Contingent Liabilities

Bhaskar Bukrediwala Director, CRISIL Research