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Assignement Financial Mangeme

Analysis of Tata Steel

1

Balance Sheet

2

Financial Ratios

3

Income Statement

4

5

Cost of Equity

6

Cost of Debt

7

8

Levered Beta

9

Unlevered Beta

10

Optimal Capital Structure

 
 

Submitted By

18

Ameeth Devadas

   
nt
nt
Tata Steel
Tata Steel

BSE Id

532978

NSE Id

BAJAJFINSV

ISIN Id

INE918I01018

Balance Sheet of Bajaj FinServ

Balance Sheet of Bajaj FinServ

------------------- in Rs. Cr. -----

 

Mar '11

Mar '10

Mar '09

12

mths

12 mths

12 mths

 

Sources Of Funds

Total Share Capital

 

72.34

72.34

72.34

Equity Share Capital

72.34

72.34

72.34

Share Application Money

0

0

0

Preference Share Capital

0

0

0

Reserves

1,317.82

1,145.73

1,133.21

Revaluation Reserves

 

0

0

0

Networth

1390.2

1218.1

1205.6

Secured Loans

 

0

0

0

Unsecured Loans

0

310.76

310.76

Total Debt

0

310.76

310.76

Total Liabilities

1,390.16

1,528.83

1,516.31

 
 

12

mths

12 mths

12 mths

 

Application Of Funds

Gross Block

 

345.56

350.29

313.13

Less: Accum. Depreciation

273.83

263.95

241.99

Net Block

71.73

86.34

71.14

Capital Work in Progress

0

0.16

19.03

Investments

1,357.40

1,466.59

1,409.88

Inventories

 

0

0

0

Sundry Debtors

1.3

0.83

2.89

Cash and Bank Balance

0.7

2.05

1.24

Total Current Assets

2

2.88

4.13

Loans and Advances

4.85

90.8

108.15

Fixed Deposits

0

0

0

Total CA, Loans & Advances

6.85

93.68

112.28

Deffered Credit

0

0

0

Current Liabilities

15.52

22.13

20.53

Provisions

30.3

95.81

75.49

Total CL & Provisions

45.82

117.94

96.02

Net Current Assets

 

-38.97

-24.26

16.26

Miscellaneous Expenses

 

0

0

0

Total Assets

1,390.16

1,528.83

1,516.31

 

Contingent Liabilities

 

7.8

11.08

23.56

Book Value (Rs)

96.08

84.19

83.32

--------------

Mar '08

Mar '07

12

mths

12 mths

 
 
 

72.34

72.34

72.34

72.34

0

0

0

0

1,108.78

1,117.33

 

0

0

1181.1

1189.7

 

0

0

310.76

310.76

310.76

310.76

1,491.88

1,500.43

 

12

mths

12 mths

 
 
 

312.07

312.12

212.22

204.87

99.85

107.25

0

0

1,346.96

1,340.71

 

0

0

0

0

0.03

0.01

0.03

0.01

120.86

76.92

0

0

120.89

76.93

0

0

28.63

0

47.19

25.02

75.82

25.02

45.07

51.91

0

0.56

1,491.88

1,500.43

 
 

5.04

4.22

81.63

82.23

-------------- Mar '08 Mar '07 12 mths 12 mths 72.34 72.34 72.34 72.34 0 0 0
 

Links

Key Financial Ratios

 

----------------

Mar '11 Mar '10

Mar '11

Mar '10

Investment Valuation Ratios

Investment Valuation Ratios

Face Value

5

5

Dividend Per Share

1.25

1

Operating Profit Per Share (Rs)

6.09

5.43

Net Operating Profit Per Share (Rs)

8.28

8.78

Free Reserves Per Share (Rs)

87.44

78.15

Bonus in Equity Capital

-

-

 

Profitability Ratios

Operating Profit Margin(%)

--

--

--

--

Profit Before Interest And Tax Margin(%) Gross Profit Margin(%)

--

--

--

--

Cash Profit Margin(%) Adjusted Cash Margin(%)

46.69

39.55

Net Profit Margin(%)

150.39

26.18

--

--

Adjusted Net Profit Margin(%) Return On Capital Employed(%)

--

--

--

--

Return On Net Worth(%) Adjusted Return on Net Worth(%)

3.48

2.41

Return on Assets Excluding Revaluations

96.08

84.19

Return on Assets Including Revaluations

96.08

84.19

Return on Long Term Funds(%)

6

3.88

 

Liquidity And Solvency Ratios

Current Ratio

0.15

0.79

Quick Ratio

0.15

0.72

Debt Equity Ratio

--

0.26

Long Term Debt Equity Ratio

--

0.26

 

Debt Coverage Ratios

Interest Cover

--

--

Total Debt to Owners Fund

--

0.26

--

--

Financial Charges Coverage Ratio Financial Charges Coverage Ratio Post Tax

--

--

 

Management Efficiency Ratios

Inventory Turnover Ratio

--

--

Debtors Turnover Ratio

112.5

68.33

Investments Turnover Ratio

--

--

Fixed Assets Turnover Ratio

--

--

Total Assets Turnover Ratio

--

--

Asset Turnover Ratio

0.35

0.36

--

--

Average Raw Material Holding Average Finished Goods Held

--

--

Number of Days In Working Capital

-117.1

-68.71

 

Profit & Loss Account Ratios

Material Cost Composition

--

--

Imported Composition of Raw Materials Consumed

--

--

Selling Distribution Cost Composition

--

--

Expenses as Composition of Total Sales

--

--

 

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit

8.62

49.64

Dividend Payout Ratio Cash Profit

8.19

30.15

Earning Retention Ratio

66.46

42.58

Cash Earning Retention Ratio

72.21

67.15

AdjustedCash Flow Times

--

6.05

Number of Days In Working Capital -117.1 -68.71 Profit & Loss Account Ratios Material Cost Composition
Earnings Per Share

Earnings Per Share

13.02

2.35

Book Value

96.08

84.19

 

--- in Rs. Cr. -------------------

 

Mar '09

Mar '08

Mar '07

 

5

5

5

1

1

--

6.32

6.43

5.15

7.74

7.19

5.64

77.75

76.63

-0.04

-

-

-

 

81.61

--

--

54.23

--

--

55.03

--

--

62.54

--

--

62.54

69.69

70

36.38

41.63

42.97

36.38

--

--

4.17

--

--

3.43

--

2.99

3.42

3.65

2.99

83.32

  • 81.63 82.19

83.32

  • 81.63 82.19

4.17

4.3

3.55

 

1.17

1.59

3.07

0.91

1.21

3.04

0.26

0.26

0.26

0.26

0.26

0.26

 

6,331.00

--

--

0.26

0.26

0.26

9,308.00

--

--

7,114.00

--

--

 

--

--

--

38.76

--

--

--

--

--

--

--

0.76

--

--

--

0.36

0.33

0.26

--

--

--

--

--

--

52.25

156.06

229.1

 

--

--

--

--

--

--

--

--

--

4.7

--

--

 

40.93

38.52

--

23.8

22.77

--

59.04

60.81

100

76.19

77

100

4.37

  • 4.22 5.36

 

2.86

 
  • 3.04 2.46

83.32

81.63

82.23

 

Links

Profit & Loss account of BF Utilities

 

------------------- in Rs. Cr. -----

Mar '11 Mar '10 Mar '09

Mar '11

Mar '10

Mar '09

12 mths 12 mths 12 mths
12 mths 12 mths 12 mths

12 mths

12 mths

12 mths

Income

Sales Turnover

31901.9

26757.6

26843.5

Excise Duty

2594.6

1817.0

2495.2

Net Sales

29307.4

24940.7

24348.3

Other Income

1435.8

1241.1

603.1

Stock Adjustments

173.7

-135.0

289.3

Total Income

30916.8

26046.8

25240.7

Expenditure

Raw Materials

9395.9

8356.5

8568.7

Power & Fuel Cost

Power & Fuel Cost
Power & Fuel Cost

1558.5

1383.4

1222.5

Employee Cost

2618.3

2361.5

2305.8

Other Manufacturing Expenses

2905.2

2419.9

2127.5

Selling and Admin Expenses

502.0

417.9

400.2

Miscellaneous Expenses

1529.7

1287.0

1180.1

Preoperative Exp Capitalised

-198.8

-326.1

-343.7

Total Expenses

Total Expenses

18310.8

15900.1

15461.2

 

Operating Profit

11170.3

8905.6

9176.4

PBDIT

12606.1

10146.7

9779.5

Interest

1686.3

1848.2

1489.5

PBDT

10919.8

8298.5

8290.0

Depreciation

1146.2

1083.2

973.4

Other Written Off

0.0

0.0

0.0

Profit Before Tax

9773.6

7215.3

7316.6

Extra-ordinary items

0.0

0.0

0.0

PBT (Post Extra-ord Items)

9773.6

7215.3

7316.6

Tax

2912.4

2168.5

2114.9

Reported Net Profit

6865.7

5046.8

5201.7

Total Value Addition

Total Value Addition Per share data (annualised)

Per share data (annualised)

8914.8

7543.6

6892.4

Preference Dividend

0.0

45.9

109.5

Equity Dividend

1151.1

709.8

1169.0

 

Corporate Dividend Tax

156.7

122.8

214.1

Shares in issue (lakhs)

9592.1

8872.1

7305.9

Earning Per Share (Rs)

71.6

56.4

69.7

Equity Dividend (%)

120.0

80.0

160.0

Book Value (Rs)

503.2

418.9

331.7

 

--------------

Mar '08

Mar '07

12 mths

12 mths

 

22191.4

19756.8

2537.0

2304.2

19654.4

17452.7

586.4

362.1

38.7

82.5

20279.6

17897.3

 

6063.5

5762.4

1038.8

1027.8

1589.8

1454.8

1655.0

1561.4

247.8

244.9

1029.3

806.0

-175.5

-236.0

11448.6

10621.4

 

8244.5

6913.8

8831.0

7275.9

929.0

251.3

7901.9

7024.6

834.6

819.3

0.0

0.0

7067.3

6205.3

0.0

57.3

7067.3

6262.6

2380.3

2040.5

4687.0

4222.2

5385.1

4859.0

22.2

0.0

1168.9

943.9

202.4

160.4

7305.8

5804.7

63.9

72.7

  • 160.0 155.0

  • 298.8 240.3

 

Stock price

 

TATA STEEL

Date

Low Price

Close Price

Return

Weighted Average Price

No. of Trades

 

2-Jan-07

475.3

478.4

480.9

9565

3-Jan-07

470.3

471.6

-1.4

474.7

11893

4-Jan-07

461.6

465.6

-1.3

467.5

16195

5-Jan-07

457.3

468.7

0.7

463.8

17580

8-Jan-07

462.1

463.8

-1.0

465.5

10342

9-Jan-07

454.6

455.9

-1.7

459.8

10660

10-Jan-07

451.5

452.4

-0.8

455.5

9674

11-Jan-07

452.0

461.6

2.0

458.0

9072

12-Jan-07

464.5

467.4

1.3

467.3

8511

15-Jan-07

468.5

485.7

3.9

480.5

17212

16-Jan-07

481.1

482.3

-0.7

487.7

14300

17-Jan-07

481.5

483.8

0.3

486.8

9438

18-Jan-07

473.3

475.6

-1.7

481.3

10073

19-Jan-07

463.3

467.6

-1.7

467.5

11537

22-Jan-07

466.0

471.2

0.8

471.0

9550

23-Jan-07

463.1

464.6

-1.4

467.3

6008

24-Jan-07

465.0

481.5

3.6

470.5

13139

25-Jan-07

482.0

509.3

5.8

504.2

36260

29-Jan-07

505.0

519.3

2.0

515.8

22106

31-Jan-07

461.1

464.0

-10.7

474.9

73567

1-Feb-07

451.1

457.8

-1.3

457.9

52216

2-Feb-07

459.6

463.0

1.1

466.4

31843

5-Feb-07

455.1

469.9

1.5

464.9

23589

6-Feb-07

463.6

465.2

-1.0

469.1

15947

7-Feb-07

461.2

464.3

-0.2

465.2

12860

8-Feb-07

458.2

461.6

-0.6

462.1

11368

9-Feb-07

451.5

453.3

-1.8

456.0

13922

12-Feb-07

442.6

443.8

-2.1

448.7

20476

13-Feb-07

430.0

432.3

-2.6

438.2

23544

14-Feb-07

427.6

438.9

1.5

437.1

20014

15-Feb-07

440.7

442.1

0.7

443.3

9905

19-Feb-07

437.6

443.9

0.4

443.1

9311

20-Feb-07

443.3

444.2

0.1

447.1

9892

21-Feb-07

441.5

455.2

2.5

451.2

15459

22-Feb-07

451.2

456.1

0.2

459.2

14501

23-Feb-07

453.0

459.2

0.7

460.6

25434

26-Feb-07

460.0

469.7

2.3

470.0

22871

27-Feb-07

467.3

469.4

-0.1

473.0

19822

28-Feb-07

437.2

442.5

-5.7

453.8

31456

1-Mar-07

442.0

451.9

2.1

449.8

18589

2-Mar-07

439.4

443.2

-1.9

456.5

21958

5-Mar-07

415.5

420.3

-5.2

426.2

25552

6-Mar-07

404.6

419.3

-0.2

417.6

25512

7-Mar-07

405.2

413.0

-1.5

414.1

20642

8-Mar-07

399.0

427.4

3.5

413.8

33079

9-Mar-07

422.9

433.8

1.5

432.5

24226

12-Mar-07

431.1

436.2

0.5

436.3

14114

13-Mar-07

437.2

444.5

1.9

443.1

14874

14-Mar-07

425.1

429.7

-3.3

429.7

16677

15-Mar-07

431.6

433.4

0.8

438.4

12065

16-Mar-07

421.8

430.5

-0.7

431.4

14010

19-Mar-07

428.5

429.8

-0.2

431.5

9302

20-Mar-07

422.1

424.1

-1.3

429.6

11809

21-Mar-07

422.5

430.1

1.4

428.5

11071

22-Mar-07

432.5

442.0

2.8

439.4

12339

23-Mar-07

437.5

438.7

-0.7

440.4

11880

26-Mar-07

439.0

441.9

0.7

443.2

10468

28-Mar-07

437.0

441.1

-0.2

444.4

15421

29-Mar-07

434.2

441.3

0.0

440.0

14760

30-Mar-07

438.0

449.6

1.9

445.8

17837

2-Apr-07

421.1

424.1

-5.7

433.6

16933

3-Apr-07

424.6

429.8

1.3

429.1

11574

4-Apr-07

432.5

438.2

2.0

437.5

8718

5-Apr-07

438.1

465.2

6.2

459.1

37581

9-Apr-07

468.5

493.3

6.0

486.1

35455

10-Apr-07

491.2

495.6

0.5

495.8

33921

11-Apr-07

495.0

511.9

3.3

512.9

32639

12-Apr-07

494.2

496.0

-3.1

508.2

27112

13-Apr-07

493.2

511.3

3.1

509.3

24876

16-Apr-07

515.0

533.4

4.3

526.0

30058

17-Apr-07

524.1

528.7

-0.9

533.6

32119

18-Apr-07

496.4

511.4

-3.3

507.9

54603

19-Apr-07

495.0

505.2

-1.2

504.0

23303

20-Apr-07

505.0

534.4

5.8

524.5

34695

23-Apr-07

535.5

557.6

4.4

550.9

36217

24-Apr-07

551.0

579.1

3.9

571.1

51561

25-Apr-07

562.6

570.8

-1.4

572.3

26745

26-Apr-07

556.6

560.5

-1.8

565.6

19856

27-Apr-07

535.6

537.7

-4.1

545.1

22374

30-Apr-07

531.4

549.6

2.2

544.6

21214

3-May-07

540.1

556.8

1.3

550.9

25638

4-May-07

551.4

552.9

-0.7

559.2

20677

7-May-07

550.5

551.9

-0.2

557.3

13290

8-May-07

550.0

553.2

0.2

559.5

14181

9-May-07

551.0

562.2

1.6

557.3

17548

10-May-07

565.3

576.3

2.5

578.7

27142

11-May-07

562.3

569.1

-1.2

569.2

20036

14-May-07

578.2

591.0

3.9

585.6

18333

15-May-07

588.0

591.6

0.1

592.9

16506

16-May-07

584.0

588.5

-0.5

589.5

14205

17-May-07

590.5

597.4

1.5

599.9

31781

18-May-07

580.0

591.1

-1.1

589.9

16312

21-May-07

593.6

622.9

5.4

614.4

31477

22-May-07

621.0

627.5

0.7

630.3

18297

23-May-07

625.1

658.9

5.0

648.9

40485

24-May-07

628.0

631.6

-4.1

636.9

22440

25-May-07

620.3

624.4

-1.1

624.7

16236

28-May-07

624.2

626.0

0.3

633.3

10071

29-May-07

621.3

629.3

0.5

628.8

10489

30-May-07

624.3

627.8

-0.2

634.3

20291

31-May-07

614.1

632.2

0.7

630.7

10773

1-Jun-07

632.1

634.7

0.4

640.1

11873

4-Jun-07

634.0

636.8

0.3

638.6

9919

5-Jun-07

638.1

641.2

0.7

642.9

11062

6-Jun-07

615.5

617.7

-3.7

627.3

11234

7-Jun-07

606.0

614.9

-0.5

615.6

20231

8-Jun-07

583.1

585.6

-4.8

591.4

17519

11-Jun-07

576.1

579.8

-1.0

585.8

12667

12-Jun-07

573.7

603.1

4.0

592.0

22161

13-Jun-07

591.0

595.2

-1.3

604.3

22004

14-Jun-07

600.0

614.2

3.2

611.1

17076

15-Jun-07

595.1

600.1

-2.3

609.8

12817

18-Jun-07

586.1

589.0

-1.9

597.0

14975

19-Jun-07

582.2

608.9

3.4

598.9

13751

20-Jun-07

605.4

608.1

-0.1

610.0

10223

21-Jun-07

605.1

608.4

0.0

611.5

11688

22-Jun-07

595.7

599.0

-1.5

605.2

10525

25-Jun-07

594.0

599.6

0.1

598.4

6642

26-Jun-07

592.0

603.2

0.6

604.9

8569

27-Jun-07

591.1

596.3

-1.1

598.8

6957

28-Jun-07

588.2

593.1

-0.5

593.5

9872

29-Jun-07

595.0

597.2

0.7

598.4

6470

2-Jul-07

591.5

593.4

-0.6

600.8

7008

3-Jul-07

593.0

600.7

1.2

601.0

9378

4-Jul-07

600.1

616.4

2.6

611.2

17659

5-Jul-07

614.3

627.1

1.7

622.6

19533

6-Jul-07

621.1

623.2

-0.6

630.0

11046

9-Jul-07

622.1

625.5

0.4

626.7

7520

10-Jul-07

623.0

634.0

1.4

631.8

11504

11-Jul-07

627.0

655.5

3.4

646.7

20325

12-Jul-07

659.8

672.3

2.6

667.2

12250

13-Jul-07

676.1

694.8

3.3

687.9

18571

16-Jul-07

686.0

694.3

-0.1

700.8

15777

17-Jul-07

615.0

680.5

-2.0

690.9

12029

18-Jul-07

673.0

682.7

0.3

681.1

10764

19-Jul-07

679.2

682.3

-0.1

685.8

6841

20-Jul-07

685.9

715.3

4.8

706.6

22761

23-Jul-07

706.6

721.0

0.8

720.3

14413

24-Jul-07

708.7

721.1

0.0

720.6

15683

25-Jul-07

702.8

709.5

-1.6

712.4

12593

26-Jul-07

697.5

703.5

-0.9

706.3

10625

27-Jul-07

646.3

651.6

-7.4

666.7

20008

30-Jul-07

643.5

647.3

-0.7

658.3

22479

31-Jul-07

642.7

655.4

1.3

651.8

15248

1-Aug-07

620.0

622.4

-5.0

632.4

16454

2-Aug-07

625.0

638.9

2.7

637.0

12365

3-Aug-07

643.5

651.7

2.0

650.5

9095

6-Aug-07

630.0

650.0

-0.3

643.9

11097

7-Aug-07

640.1

642.6

-1.1

651.6

9411

8-Aug-07

645.0

650.6

1.2

650.4

9057

9-Aug-07

646.0

652.5

0.3

663.2

15267

10-Aug-07

620.0

635.9

-2.5

633.6

10164

13-Aug-07

640.0

644.1

1.3

645.3

6250

14-Aug-07

640.0

641.7

-0.4

644.9

5452

16-Aug-07

572.3

575.4

-10.3

590.2

35842

17-Aug-07

533.0

544.3

-5.4

551.7

39175

20-Aug-07

559.1

568.8

4.5

566.2

16734

21-Aug-07

543.1

546.1

-4.0

558.7

13361

22-Aug-07

539.3

569.3

4.2

562.3

18661

23-Aug-07

554.0

560.2

-1.6

568.6

14185

24-Aug-07

560.2

582.4

4.0

576.7

15871

27-Aug-07

585.9

603.0

3.5

598.5

13001

28-Aug-07

595.3

605.4

0.4

606.8

13455

29-Aug-07

591.0

659.9

9.0

639.6

53227

30-Aug-07

653.1

657.4

-0.4

664.9

34450

31-Aug-07

660.0

689.7

4.9

679.7

34746

3-Sep-07

686.1

691.9

0.3

694.8

20668

4-Sep-07

680.3

683.4

-1.2

689.8

21517

5-Sep-07

678.6

683.6

0.0

689.0

21106

6-Sep-07

678.0

692.6

1.3

689.4

12338

7-Sep-07

685.2

688.1

-0.6

696.5

17267

10-Sep-07

677.0

693.0

0.7

689.1

15152

11-Sep-07

695.1

708.7

2.3

704.4

25669

12-Sep-07

710.0

711.3

0.4

714.7

13808

13-Sep-07

703.1

706.6

-0.7

710.9

11300

14-Sep-07

701.0

703.6

-0.4

713.7

14017

17-Sep-07

702.1

704.8

0.2

708.6

9631

18-Sep-07

702.2

710.9

0.9

708.8

8746

19-Sep-07

720.0

744.7

4.8

737.1

21148

20-Sep-07

736.3

739.8

-0.7

744.4

11877

21-Sep-07

735.0

740.8

0.1

743.3

7873

24-Sep-07

737.5

748.9

1.1

748.7

9126

25-Sep-07

733.0

743.7

-0.7

749.4

11574

26-Sep-07

745.2

750.9

1.0

754.7

8416

27-Sep-07

758.5

794.6

5.8

780.4

23880

28-Sep-07

798.0

850.4

7.0

846.7

37841

1-Oct-07

834.7

841.0

-1.1

842.0

12802

3-Oct-07

801.0

840.1

-0.1

840.1

13534

4-Oct-07

830.0

864.8

2.9

857.2

22619

5-Oct-07

820.0

832.9

-3.7

852.7

12874

8-Oct-07

775.0

789.0

-5.3

797.8

20370

9-Oct-07

768.9

834.6

5.8

814.3

18537

10-Oct-07

840.0

845.6

1.3

849.3

12219

11-Oct-07

840.0

849.6

0.5

850.3

11666

12-Oct-07

840.5

848.1

-0.2

869.5

20494

15-Oct-07

858.0

911.4

7.5

894.9

24748

16-Oct-07

889.0

907.1

-0.5

908.1

18490

17-Oct-07

815.0

869.1

-4.2

858.3

20576

18-Oct-07

820.0

836.2

-3.8

883.3

17166

19-Oct-07

785.1

851.7

1.9

831.6

24674

22-Oct-07

817.0

837.3

-1.7

838.3

18266

23-Oct-07

845.0

895.4

6.9

874.2

15203

24-Oct-07

895.0

915.4

2.2

913.5

23895

25-Oct-07

914.0

988.9

8.0

972.4

44429

26-Oct-07

968.3

990.6

0.2

1006.8

44341

29-Oct-07

893.0

900.9

-9.1

908.5

33169

30-Oct-07

894.1

898.6

-0.3

904.0

16725

31-Oct-07

898.0

905.1

0.7

912.4

13897

1-Nov-07

873.0

885.2

-2.2

901.4

15810

2-Nov-07