Corporate Banking Project
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- Words: 9,149
- Pages: 48
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Instructions for using this work book This work book is structured in four worksheets 1.1. Instructions 1.2. Financial Analysis 1.3. MyCRA rating sheet 1.4. Rating Definition Please do not alter the formulae in any of the worsheet cells. This not a fully developed rating model. This is created only to illustrate the credit rating process for the students. 2.1 In financial analysis worksheet all cells with O as value have formulae and should not be overwritten. 2.2 In the MyCRA worksheet coloured cells have formulae and should not be overwritten. Complete financial analysis using the "Financial Analysis" sheet Refer to MyCRA Manual for detailed instructions on rating scores Refer to Rating Definition sheet to assign the letter grade In the comments cell mention its meaning from rating definition Remember this rating does not factor in discussions with management, which can lead to reassessment of scores and change in rating Credit ratings suffer from many limitations but are still found to be very useful in taking credit decisions if the limitations are kept in your mind while taking the credit decisions. Real test of any rating is seen only over years on the basis of rating stability and sensitivity to changes in fortunes. But a well thought out system gives fair indication of probability of default of a borrower.
Financial Analysis FINANCIAL YEARS
2006
CURRENT ASSETS
2007
2008
2009
2010
3
4
5
6
7
59.47 19.52 91.72 1.33
52.45 16.11 105.42 1.94
52.12 13.38 102.37 1.95
63.03 17.19 123.29 2.04
68.28 18.14 136.65 2.17
Total - Stocks
172.04
175.92
169.82
205.55
225.24
Debtors - Trade Debtors - Bills Receivable
143.92
194.69
212.93
241.3
270.53
143.92
194.69
212.93
241.3
270.53
15.79
21.49
33.38
31.8
35.56
163.93
154.82
232.14
225.84
243.75
63.82
57.22
51.73
62.34
65.47
559.5
604.14
700
766.82
840.55
146.84
142.16
161.57
166.83
174.81
4.05
6.16
6.81
7.95
9.09
0.19
0.05
0.55
0.5
0.61
Total - Bank Borrowings
0.19
0.05
0.55
0.5
0.61
Taxation - Current
57.77
49.35
53.28
62.2
67.31
Dividends
51.02
30.99
32.34
40.99
43.79
Current S.T. borrowings (Non-Bank)
10.01
6.93
1.04
5.44
5.73
0
0
0
-0.1
-0.15
269.88
235.64
255.59
283.81
301.2
Stocks - Raw Material - Work-in Progress - Finished Goods -Spares etc.
Total - Debtors Cash & Bank Balances Investments - Marketable Other Current Assets
Total - Current Assets CURRENT LIABILITIES Creditors Bills Payable Bank Borrowings Due to Bank (O/D, T/R) S.T.Debt
Other Current Liability
Total - Current Liabilities
Page 3
Financial Analysis SUMMARY OF CURRENT ASSETS AND CURRENT LIABILITIES
Net Working Assets
165.07
222.29
214.37
272.06
311.87
Total Cash Assets
179.72
176.31
265.52
257.64
279.31
Net Cash Assets
179.53
176.26
264.97
257.14
278.7
Net Current Assets
289.62
368.5
444.41
483.02
539.36
Page 4
Financial Analysis FIXED ASSETS (WDV)
Land & Buildings
68.85
78.31
96.16
107.19
119.69
Plant & Machinery
64.12
83.61
85.23
107.52
122.85
Motor Vehicles
0.24
0.22
0.15
-0.12
-0.3
Furniture & Fixtures
9.35
9.83
8.53
10.26
11
20.24
20.24
20.24
29.65
35.21
Other Fixed Assets
17.33
17.85
17.14
19.7
21.1
Total - Fixed Assets
180.13
210.06
227.45
274.2
309.55
- Rupee Loans 1 to 3 years 3 to 5 years Over 5 years
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
- Foreign Currency Loans
0
0
0
0
0
Total - Term Loans
0
0
0
0
0
Debentures
0
0
0
0
0
71.22
79.98
78.77
95.51
105.66
Financial Leases
0
0
0
0
0
Other Long Term Debt
0
0
0
0
0
71.22
79.98
78.77
95.51
105.66
Investments - Subsidiary & Group Companies
LONG TERM LIABILITIES Term Loans
Deferred Tax
Total - Long Term Liabilities
Page 5
Financial Analysis SHAREHOLDERS FUNDS Equity Share Capital
25.51
25.51
26.95
30.75
33.08
0
0
0
0
0
265.39 0 39.5 75.66 0 0
294.42 0.3 39.5 150.56 0 0
306.4 0.3 39.5 220.54 0 0
354.58 0.39 35.42 251.86 0 0
389.21 0.48 33.37 301.3 0 0
380.55
484.78
566.74
642.25
724.36
Intangibles - Goodwill - Preliminary Expenses Not Written Off - Others
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0
0 0 0 0
Total - Intangibles
0
0
0
0
0
406.06
510.29
593.69
673
757.44
406.06 398.53 7.53
510.29 498.58 11.71
593.69 593.09 0.6
673 661.71 11.29
757.44 743.24 14.19
Preference Share Capital Reserves - General Reserve - Capital Reserve - Share Premium - Profit & Loss Account - Revaluation - Others
Total - Reserves
Total - Shareholders Funds SUMMARY OF NET LONG TERM ASSETS AND LIABILITIES Net Worth
- Shareholders Funds Route - Assets less Liabilities Route - Accuracy Check
Page 6
Financial Analysis
PROFIT AND LOSS STATEMENT Sales (Net of Excise Duty) Cost of Sales (Manufacturing Costs)
1061.34 14.62 735.87 21.69
1287.48 21.31 881.22 19.75
1404.14 9.06 939.89 6.66
1562.55 14.73% 1066.1 15.25%
1717.44 14.73% 1175.16 15.25%
Gross Profit
325.47
406.26
464.25
496.45
542.28
Depreciation
195.85 16.36 31.78
224.91 14.84 33.56
255.42 13.57 39.6
275.08 12.38% 20.7
299.8 12.38% 22.04
Operating Profit
97.84
147.79
169.23
200.67
220.44
Interest Cost
0.78
0.96
1.41
1.16
1.2
Other Income
75.01
24.05
24.85
39.87
42.3
1.67
0.83
0.05
0.13
-0.18
0
0
0
0
0
- Profit / (Loss) on Sale of Invts - Interest / Dividend Income
53.28 0
5.14 0
13.96 0
23.41 0
25.84 0
Total - Income from Invts.
53.28
5.14
13.96
23.41
25.84
48.54
16.6
53.07
42.32
43.17
259.58
211.37
247.69
284.78
310.45
PBIT
227.8
177.81
208.09
264.08
288.41
PBT
227.02
176.85
206.68
262.92
287.22
PAT
178.48
160.25
153.61
220.6
244.05
16.82%
12.45%
10.94%
14.12%
14.21%
Selling and Admn. Expenses
Non-Operating Expenses Profit / (loss) from Sale of F.Asset Income from Investments
Non-Cash Exp. Written - Off Provision for Income Tax
PBDIT
Page 7
Financial Analysis APPROPRIATIONS - Dividends - Transfer to Gen. Reserve
- Balance in P&L Account
51.02 50
30.99 10.77
32.34 11.98
40.99 8.97
43.79 2.44
77.46
118.49
109.29
170.65
197.81
178.48
160.25
153.61
220.6
244.05
( transfer to Balance Sheet)
Total - Appropriations
Page 8
Financial Analysis
FINANCIAL RATIOS 1. Profitability Ratios (in %age) Gross Profit / Sales
30.67
31.55
33.06
31.77
31.57
9.22
11.48
12.05
12.84
12.84
PBT/ Sales
21.39
13.74
14.72
16.83
16.72
PAT/ Sales
0.17
0.12
0.11
0.14
0.14
Retained Profit / PAT
71.41
80.66
78.95
81.42
82.06
Return on Capital Employed
54.37
35.81
36.80
37.03
35.94
Return on Equity
43.95
31.40
25.87
32.78
32.22
Debt / Equity
0.18
0.16
0.13
0.14
0.14
Total Liability / Net Worth
0.84
0.62
0.56
0.56
0.54
292.05
185.22
147.58
227.85
241.15
Stock Days
85.33
72.87
65.95
70.37
69.96
Debtor Days
49.49
55.19
55.35
56.37
57.49
Creditor Days
74.84
61.43
65.39
59.84
57.12
Operating Profit / Sales
2. Capital Structure
PBIT / Interest Expense(Intr. cover) 3. Activity Ratios
Page 9
Financial Analysis
4. Stability Ratios Current Ratio
2.07
2.56
2.74
2.70
2.79
Acid Test Ratio
1.44
1.82
2.07
1.98
2.04
5. Break-Even Analysis Sales Variable Costs
1061.34 1287.48 1404.14 1562.55 1717.44 735.87
881.22
30.67
31.55
33.06
31.77
31.57
228.41
259.43
296.43
296.94
323.03
Break-Even Point
7.45
8.22
8.97
9.35
10.23
Operating Leverage
3.33
2.75
2.74
2.47
2.46
Financial Leverage
1.01
1.01
1.01
1.01
1.01
Fixed Assets Efficiency
0.17
0.16
0.16
0.18
0.18
Working Capital to Sales Ratio
0.27
0.29
0.32
0.31
0.31
Contribution Margin (In %age) Fixed Costs
939.89 1066.10 1175.16
6. Efficiency Ratios
Page 10
Financial Analysis DETAILS OF FIXED ASSETS Land and Building Gross Block Accumulated Depreciation
102.81 33.96
119.64 41.33
143.96 47.8
159.84 52.64
178.08 58.39
Net Block
68.85
78.31
96.16
107.19
119.69
149.1 84.98
186.55 102.94
207.37 122.14
240.84 133.32
271 148.14
64.12
83.61
85.23
107.52
122.85
Furniture and Fixtures Gross Block Accumulated Depreciation
28.05 18.7
32 22.17
32.12 23.59
35.79 25.54
38.54 27.55
Net Block
9.35
9.83
8.53
10.26
11
0.65 0.41
0.84 0.62
0.76 0.61
0.33 0.45
0.07 0.37
Net Block
0.24
0.22
0.15
-0.12
-0.3
Other Fixed Assets Gross Block Accumulated Depreciation
74.01 56.68
85.38 67.53
95.94 78.8
107.51 87.82
118.91 97.81
17.33
17.85
17.14
19.7
21.1
354.62 194.73 159.89
424.41 234.59 189.82
480.15 272.94 207.21
544.31 299.76 244.55
606.6 332.26 274.34
Plant and Machinery Gross Block Accumulated Depreciation
Net Block
Vehicles Gross Block Accumulated Depreciation
Net Block Summary of Fixed Assets
Total Gross Block Total Accumulated Depreciation Total Net Block
Page 11
Financial Analysis FUNDS FLOW STATEMENT Sources of Funds
Profit after Tax
178.48
160.25
153.61
220.6
244.05
32.02
39.86
38.35
26.82
32.5
0
0
0
0
0
0 0
0 0
1.44 0
3.8 0
2.33 0
- Term Loans - Debentures - Other Long Term Debt
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
Decrease in Working Capital
0
0
0
0
0
0
0
0
0
0
210.5
200.11
193.4
251.22
278.88
60.28
69.79
55.74
64.16
62.28
Decrease in Long Term Liabilities - Term Loans - Debentures - Other Long Term Debt
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
Redemption of Preference Capital
0
0
0
0
0
Increase in Working Capital
48.61
78.88
75.91
38.61
56.34
Dividend Paid to Shareholders
51.02
30.99
32.34
40.99
43.79
0
0
0
0
0
159.91 50.59
179.66 20.45
163.99 29.41
143.75 107.47
162.42 116.46
add: Depreciation add: Non-Cash Expenses Wr. Off Increase in Share Capital
- Equity Capital - Preference Capital Increase in Long Term Liabilities
Sale of Fixed Assets
Decrease in Invt. in Group Subs Co. Total - Sources of Funds Application of Funds Purchase of Fixed Assets
Increase in Invt. in Group Subs. Co. Total - Application of Funds Diff of Source - Appl.
Page 12
Financial Analysis
CASH FLOW STATEMENT PBIT
227.8
177.81
208.09
264.08
288.41
add: Depreciation
31.78
33.56
39.6
20.7
22.04
0
0
0
0
0
(Profit)/Loss on Sale of F.Assets
1.67
0.83
0.05
0.13
-0.18
Gross Cash Flow from Operation
257.91
210.54
247.64
284.65
310.63
add: Non-Cash Exp. written-off
Page 13
Name of the assessee Company Kansai Nerolac Group to which it belongs Kansai Audited financials used for rating assessment
MyCRA
0 to 6 (6 being the Best)
Scoring Scale
Risk Type 1 Management Risk 1.1
Track Record
Incorporated in Year 1920 Group strength
Weight
Score level
Weighted Score 4.50
25 10
5.05
1.1.1
Experience in the industry
5
5.50
1.1.2
Board Composition
2
4.00
1.1.3
Business and financial policy
3
5.00
Credibility
5
3.00
1.2.1
Ability to meet sales projections
2
3.00
1.2.2
Ability to meet profit projections
3
3.00
Payment Record
5
5.00
Market reputation on meeting all obligation without fail
5
5.00
Other Factors
5
4.40
Management Proactiveness Strategic Initiatives Group Support
2 1 2
5.00 5.00 3.50
1.2
1.3 1.3.1 1.4
1.4.1 1.4.2 1.4.3
Page 14
2 Financial Risk 2.1 EFP (Expected
MyCRA
40
Financial Performance)
5.53
20
5.94
2.1.1
ROCE - EFP
4
4.50
2.1.2
Operating Margin EFP
4
5.00
2.1.3
Interest Coverage
2
6.00
2.1.4
Total Outside Liabilities/Total Net Worth - EFP
2
5.50
2.1.5
Operating Income/Short Term Borrowings
2
6.00
2.1.6
Current Ratio
2
5.50
2.1.7
DSCR - EFP
2
6.00
2.1.8
Accounting Quality - EFP
2
5.70
21..9
Free cashflow from operations/Total debt 2.2
CFA Current Financial Assessment
2
5.70
30
5.35
2.2.1
ROCE - CFA
5
4.50
2.2.2 2.2.3
Operating Margin CFA DSCR CFA
5 4
4.50 6.00
2.2.4
Total Outside Liabilities/Total Net Worth - CFA
4
6.00
2.2.5
Accounting Quality - CFA
4
5.50
2.2.6
Interest Coverage
4
5.70
2.2.7
Free cashflow from operations/Total debt
4
5.70
Financial Flexibility
5
5.00
2.3
Page 15
MyCRA
2.3.1
Ability to raise Capital 3 Business Risk 3.1 Operating Efficiency
5
5.00
20
4.10
10
3.55
3.1.1 3.1.2
Integration of operations Capacity utilisation
3 2
4.50
3.1.3
Access to cost effective technology
3
5.00
3.1.4
Bargaining power with suppliers
2
3.50
10
4.65
3.2
Market Position
3.2.1
Consistency of quality
3
4.50
3.2.2
Customisation of Product
2
5.00
3.2.3
Diversification of markets
3
5.00
3.2.4
Long term contracts or assured off-take
2
4.00
15
4.60 4.60
4 Industry 4.1 Choose
Risk
appropriate score from list below
15
4.60
5 Overall Score
4.85
6 Letter Grade assigned to the company
AA
Refer to Rating Definition sheet to assign the * letter grade ** In the comments cell mention its meaning Refer to MyCRA Manual for detailed *** instructions on rating
Page 16
Complete financial analysis using the **** "Financial Analysis" sheet Pick up appropriate industry rating score from the list below Score 1 Auto 2 Auto Ancillary 3 Capital goods & gen engg 4 Cement & non-metallic products 5 Chemicals 6 Construction & Real estate 7 Consumer durables 8 FMCG 9 Food Processing 10 Hotels 11 Metals & minerals 12 NBFC 13 Others 14 Paper & stationery 15 Petroleum 16 Pharma 17 Power 18 Services 19 Textiles 20 Trading 21 Transport services
MyCRA
4 4 4.5 3.7 4.6 3.2 5 5.5 5 4.8 4 2.5 3 4.6 5 5.4 5 5.8 4 4 4.5
Page 17
Belongs to Industry PAINTS
MyCRA
Reasoning for the score assigned/ Comments Rich experience in paints since 1920. Mr. Kothari the Managing director has been with the company from last 29 years, during his tenure he brough in foreign patterns in terms of technology and research The board have a pretty varied composition, with some eminent personalities, like Mr. S.M. Datta The business policies have been very mature. The investments have been at the right places, specially in establishing EOUs and acquiring latest technologies. The diversifications have been very few, and have come late. Won the ICSI national award for excellence in Corporate Governance They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs The company has shown incredible record in terms of payment obligations, hence making it worthy of really high credit ratings for various financial instruments The management has shown quite a bit of proactiveness for its decorative industry. It had foreseen the requirement for high end paintsand multiple shades, and hence invested in establishing technlogy for the same. Company initiated a JV to enter malaysian market MD's have been changing more frequetly over the last 5 years.
Page 18
MyCRA
The ROCE of 35 to 36% defenitely shows a good health of the company. But, it is a bit on lower side as industry leaders like Asian Paints and Berger Paints are expecting ROCE to be in the region of 45 to 60%. The company is expecting operating margin to be around 12.84%. It is good enough considering the industry standards & company seems to be in position to achieve it. As the debt portion of the company is very small, there is absolutly no problem on this front. Total Networh of the company is more than 7 times that of Total outside liability and hence provides a better cushion. Operating Income is expected to be almost 50 times that of short term borrowings Current Ratio is expected to be 2.67 which is much above the comfort level of the bank. The only thing bank needs to assure is the quality of current assets goning into calculation. Debt Service Coverage Ratio of the company is one of the best amongst industries as the debt portion is very minimal The accounting quality of the company seems fair enough and is being acknowledged in corporate governence checkings The Cash-flow of the company is expected to be fair enough to take care of all the debt service. The ROCE in current financial year is good enough, but it is a bit on lower side as compared to that of industry leaders. The Operating margin of the company is as per industry standards. The Debt Service Coverage ratio is amongst best in the industry The Networth of the company is providing more than sufficient cushion to outside liabilities. The company is following sound accounting practices and a check is kept on it by various bodies As the debt portion of the company is very less as of now, the interest coverage ratio is more than sufficient. The company has managed to keep cash flow level way above that of debt service requirement.
Page 19
The Debt-Equity ratio, Interest Coverage Ratio and other profitability ratios point out that the company could raise capital easily if required. The only thing which may harm it is uncertain capital market conditions.
MyCRA
As company has its operations spread across the country it uses strong operating platform of SAP R-3 as well as Business Inteligence Warehousing which enables it to get real time data. Historically, the company has had the access to most cost effective technologies and have been the pioneers in getting new technologies to develop more shades As the supply includes mainly of petro products which are driven by the globle factors, the company does not enjoy much bargaing power and can only use its financial strength to some extent to get better credit terms The company have good reputation in the market and have won award this year for manufacturing exellence. The company is in the forefront of serving most of the segments of the market. It has launched Programmes like 'Colour Tool' and 'Nerolac Colour Guide' which helps customers in choosing colour of their own choice and requirement. The company is expanding its reach as far as market segments and geographical reach is concerned. The demand for company is products is robust, but there is no long term contract with the dealers or customers.
This is generally centrally set by risk
Page 20
MyCRA
Page 21
Rating Definition
Grade
Grade I
Degree of safety with regard to servicing Debt obligations Very High
Grade II
High
Grade III
Adequate
Grade IV
Average
Grade V
Below Average
Grade VI
Inadequate
Grade VII
Low
Grade VIII
High Risk
Grade IX
Substantial Risk
Grade X
Default
Page 22
Rating Definition
Comments Range of score From To The fundamentally strong debt servicing capacity of such companies is most unlikely to be adversely affected by changes in circumstances. Adverse business conditions are unlikely to affect debt servicing capacity. Such companies differ in safety from those in Grade I only marginally. Changes in circumstances are more likely to affect debt servicing capacity than for higher grades. Debt servicing capacity could weaken in view of changing circumstances While such companies are less susceptible to default than those in lower grades, uncertainties faced by them could adversely affect debt servicing capacity. Uncertainties faced by issuer could lead to inadequate capacity to make timely debt repayments Debt servicing capacity is highly vulnerable to adverse changes in circumstances. Adverse business or economic conditions are likely to lead to lack of ability or willingness to service debt obligations. Timely payment of debt would continue only if favourable circumstances continue Debt servicing capacity is in default and returns from this may be realised only on reorganisation or liquidation
Page 23
5.5
<=6
4.7
<5.5
4.2
<4.7
3.7
<4.2
2.7
<3.2
2.2
<2.7
1.7
<2.2
1.5
<1.7
1
<1.5
0
<1
Rating Definition
Letter Grade
Rating Type
AAA
Investment Grade
AA
Investment Grade
A+
Investment Grade
A
Investment Grade
BBB
Investment Grade
BB+
Speculative Grade
BB
Speculative Grade
BB-
Speculative Grade
C
Speculative Grade
D
Default Grade
Page 24
Nerolac Rating Date
Security Type
Amount
Rating
30-05-2008 Commercial Paper
52
P1+
30-05-2008 Short Term Debt
35
P1+
431
P1+
29-08-2007 Non-Convertible Debentures
10
AAA
29-08-2007 Commercial Paper
30
P1+
19-12-2006 Commercial Paper
50
P1+
19-12-2006 Non-Convertible Debentures
10
AAA
13-10-2005 Commercial Paper
30
P1+
13-10-2005 Non-Convertible Debentures
10
AAA
24-08-2005 Non-Convertible Debentures
10
AAA
24-08-2005 Commercial Paper
30
P1+
20-09-2004 Non-Convertible Debentures
10
AAA
20-09-2004 Commercial Paper
30
AAA
05-05-2003 Commercial Paper
30
P1+
25-01-2002 Commercial Paper
30
P1+
20-11-2001 Commercial Paper
30
P1+
28-08-1999 Commercial Paper
15
P1+
30-06-1998 Commercial Paper
15
P1+
04-06-1998 Commercial Paper
15
P1+
14-04-1998 Commercial Paper
15
P1+
30-05-2008 Term Loan Programme
ICI Dulux Rating Date
Security Type
Amount
Rating
30-08-2007 Commercial Paper/Short Term Debt
50
P1+
13-03-2007 Commercial Paper/Short Term Debt
50
P1+
27-02-2007 Commercial Paper/Short Term Debt
50
P1+
22-08-2005 Commercial Paper
50
P1+
20-09-2004 Short Term Debt
50
P1+
30-05-2003 Non-Convertible Debentures
60
WD
30-05-2003 Commercial Paper
60
P1+
05-05-2003 Commercial Paper
100
P1+
05-05-2003 Non-Convertible Debentures
60
AA+
08-07-2002 Non-Convertible Debentures
23.3
AA+
08-07-2002 Commercial Paper
100
P1+
50
Ind AAA
100
P1+
20-11-2001 Non-Convertible Debentures
60
AA+
19-07-2001 Non-Convertible Debentures
60
AA+
23-11-2001 Debentures 20-11-2001 Commercial Paper
28-08-1999 Commercial Paper
100
P1+
28-08-1999 Non-Convertible Debentures
0
AA+
28-08-1999 Debentures
0
AA+
23-06-1998 Non-Convertible Debentures
0
AA+
23-06-1998 Commercial Paper
100
P1+
04-06-1998 Commercial Paper
100
P1+
14-04-1998 Commercial Paper
80
P1+
0
AA+
14-04-1998 Non-Convertible Debentures
Berger Paints Rating Date
Security Type
Amount
Rating
26-02-2008 Short Term Debt
170
P1+
29-08-2007 Short Term Debt
170
P1+
31-07-2007 Short Term Debt
170
P1+
13-12-2006 Short Term Debt
130
P1+
22-08-2005 Short Term Debt
90
P1+
0
FAAA
22-08-2005 Fixed Deposits 20-09-2004 Fixed Deposits 20-09-2004 Short Term Debt 31-08-2004 Fixed Deposits 31-08-2004 Commercial Paper
0
FAAA
80
P1+
0
FAAA
80
P1+
0
FAAA
06-10-2003 Commercial Paper
80
P1+
20-08-2002 Commercial Paper
80
P1+
0
FAA+
06-10-2003 Fixed Deposits
20-08-2002 Fixed Deposits 21-11-2001 Fixed Deposits
0
FAA+
80
P1+
0
MAA+
20
MAA+
31-08-2001 Fixed Deposits
0
MAA+
30-06-2001 Fixed Deposits
0
MAA+
30-06-2001 Short Term Debt
0
A1+
20
MAA+
07-03-2001 Fixed Deposits
0
MAA+
28-02-2001 Fixed Deposits
0
MAA+
28-02-2001 Short Term Debt
0
A1+
31-10-2000 Short Term Debt
0
A1+
31-10-2000 Fixed Deposits
0
MAA
30-06-2000 Fixed Deposits
0
MAA
30-06-2000 Short Term Debt
0
A1+
30-04-2000 Short Term Debt
0
A1+
30-04-2000 Fixed Deposits
0
MAA
21-11-2001 Commercial Paper 30-09-2001 Fixed Deposits 31-08-2001 Non-Convertible Debentures
07-03-2001 Non-Convertible Debentures
01-02-2000 Fixed Deposits
0
MAA
31-12-1999 Fixed Deposits
0
MAA
31-12-1999 Short Term Debt
0
A1+
11-10-1999 Fixed Deposits
0
MAA
30-09-1999 Fixed Deposits
0
MAA+
30-09-1999 Short Term Debt
0
A1+
09-09-1999 Non-Convertible Debentures
0
AA-
09-09-1999 Commercial Paper
0
P1+
09-09-1999 Fixed Deposits
0
FAA
28-08-1999 Debentures
0
AA-
0
FAA
35
P1+
23-06-1998 Fixed Deposits 23-06-1998 Commercial Paper 23-06-1998 Non-Convertible Debentures 04-06-1998 Commercial Paper 04-06-1998 Fixed Deposits 14-04-1998 Fixed Deposits 14-04-1998 Commercial Paper
0
AA-
35
P1+
0
FAA
0
FAA
35
P1+
14-04-1998 Non-Convertible Debentures
0
AA-
30-11-1997 Short Term Debt
0
A1+
15
A1+
30-11-1997 Fixed Deposits
0
MAA
09-08-1997 Fixed Deposits
0
MAA
30-11-1997 Commercial Paper
Asian Paints Rating Date
Security Type
Amount
Rating
04-04-2008 Non-Convertible Debentures
10
AAA
04-04-2008 Short Term Debt
50
P1+
Rating Type Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing
Rating Type Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Rating Withdrawn Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Highest credit quality. Risk factors are negligble. Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally
Rating Type Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is very strong. Degree of safety regarding timely payment of interest and principal is very strong. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is very strong. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is very strong. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Very Strong With Relatively Higher Standing The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The prospect of timely payment of debt/obligation is the best. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
Rating Type The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing
Year
Mar 04(12)
Mar 05(12)
Mar 06(12)
Mar 07(12)
Mar 08(12)
Sales Turnover +
924.97
1,062.77
1,225.98
1,483.86
1,613.33
Excise Duty
114.52
136.82
164.64
196.38
209.19
Net Sales
810.45
925.95
1,061.34
1,287.48
1,404.14
10.48
28.45
75.01
24.05
24.85
3.94
-2.16
41.22
5.82
-5.78
824.87
952.24
1,177.57
1,317.35
1,423.21
406.4
466.21
575.84
697.33
738.54
9.24
10.63
15.49
20.24
20.75
51.45
47.67
54.14
58.13
67.25
65.73
80.22
90.4
105.52
113.35
160.13
168.31
195.85
224.91
255.42
19.8
20.47
13.7
15.74
16.5
0
0
0
0
0
Total Expenditure
712.75
793.51
945.42
1,121.87
1,211.81
Operating Profit
INCOME :
Other Income + Stock Adjustments + Total Income EXPENDITURE :
Raw Materials + Power & Fuel Cost+ Employee Cost + Other Manufacturing Expenses + Selling and Administration Expenses + Miscellaneous Expenses + Less: Pre-operative Expenses Capitalised+
112.12
158.73
232.15
195.48
211.4
Interest +
1.32
0.77
0.78
0.96
1.41
Gross Profit
110.8
157.96
231.37
194.52
209.99
Depreciation+
22.04
20.7
31.78
33.56
39.6
Profit Before Tax
88.76
137.26
199.59
160.96
170.39
Tax+ Deferred Tax+
30.93
42.86
57.77
49.35
53.28
-0.13
2.44
1.43
2.58
-3.88
Reported Net Profit
57.96
91.96
138.59
107.66
119.79
1.23
5.97
38.66
4.04
9.63
56.73
85.99
99.93
103.62
110.16
Extraordinary Items + Adjusted Net Profit
Adjst. below Net Profit +
0
0
0.51
13.39
0
P & L Balance brought forward
19.89
26.27
44.73
75.66
150.56
Statutory Appropriations + Appropriations +
0
0
0
0
0
51.58
73.5
108.17
46.15
49.81
P & L Balance carried down
26.27
44.73
75.66
150.56
220.54
Dividend
19.13
29.33
51.02
30.99
32.34
0
0
0
0
0
125
115
200
115
120
Preference Dividend Equity Dividend % Earnings Per Share-Unit Curr
36.28
34.41
51.52
40.48
42.41
173.16
126.77
159.18
200.04
220.29
Mar 08(12)
Mar 07(12)
Mar 06(12)
Mar 05(12)
Mar 04(12)
52.45
59.47
40.45
31.86
29.52
Purchases of Raw Material
692.93
640.64
564.86
451.58
386.88
Purchase of Trading Goods
45.28
45.29
27.43
23.22
21.86
0
0
0
0
0
52.12
52.45
59.47
40.45
31.86
0
4.38
2.57
0
0
Book Value-Unit Curr
Year Opening Stock of Raw Materials
Direct Expense on Purchase/Adjustment Closing Stock of Raw Materials Adjustment on amalgamation / trial runs
Mar 03(12)
Mar 02(12)
Mar 01(12)
Mar 00(12)
Mar 99(12)
790.71
707.75
683.59
629.23
545.79
95.17
84.75
86.87
78.68
75.15
695.54
623.00
596.72
550.55
470.64
8.86
10.75
11.54
8.66
7.81
8.63
-9.63
17.83
2.29
13.37
713.03
624.12
626.09
561.50
491.82
352.13
311.71
319.39
286.66
244.48
8.87
6.51
5.49
5.17
3.46
56.54
43.88
39.32
33.84
34.04
57.23
59.28
61.52
56.26
54.57
138.7
128.55
125.2
98.86
84.96
17.66
8.42
15.64
18.2
16.9
0
0
0
0
0
631.13
558.35
566.56
498.99
438.41
81.9
65.77
59.53
62.51
53.41
1.67
3.74
6.37
8.09
9.96
80.23
62.03
53.16
54.42
43.45
24.14
24.67
20.08
12.14
9.42
56.09
37.36
33.08
42.28
34.03
18.39
12.76
11.07
12.3
8.5
-2.14
-2.76
-0.57
0
0
39.84
27.36
22.58
29.98
25.53
2.16
0.2
0.53
0.95
0.02
37.68
27.16
22.05
29.03
25.51
0.83
0
0
0
0
14.76
13.88
12.26
11.32
6.83
0
0
0
0
0
35.54
26.48
20.96
29.04
21.04
19.89
14.76
13.88
12.26
11.32
13.77
11.48
9.95
9.95
9.95
0
0
0
0
0
90
75
65
65
65
24.88
17.88
14.1
18.88
15.97
149.38
132.39
125.31
117.73
105.34
Nerolac_BSheet
Year
Mar 08
Mar 07
Mar 06
Mar 05
Mar 04
SOURCES OF FUNDS : Share Capital Equity Authorised
26.95
26.95
25.51
25.51
15.3
30
30
30
30
30
Preference Capital Authorised
0
0
0
0
0
Unclassified Authorised
0
0
0
0
0
Equity Issued
26.95
25.51
25.51
25.51
15.3
Equity Subscribed
26.95
25.51
25.51
25.51
15.3
Equity Called Up
26.95
25.51
25.51
25.51
15.3
Less : Equity Calls in Arrears
0
0
0
0
0
Equity Forfeited
0
0
0
0
0
26.95
25.51
25.51
25.51
15.3
Adjustments to equity
0
1.44
0
0
0
Preference Capital Paid Up
0
0
0
0
0
Convertible Preference Share Paid Up
0
0
0
0
0
Non-convertible Preference Share Paid UP
0
0
0
0
0
Unclassified Shares Paid Up
0
Equity Paid Up
Reserves Total TOTAL RESERVES EXCLUDING REVALUATION RESERVE
0 566.74
0 484.78
0 380.55
0 297.89
249.63
566.74
484.78
380.55
297.89
0.3
0.3
0
0
0
306.4
294.42
265.39
213.65
173.65
39.5
39.5
39.5
39.51
49.71
Investment Allowance Reserve
0
0
0
0
0
Debenture Redemption Reserve
0
0
0
0
0
Capital Redemption Reserve
0
0
0
0
0
Debt Redemption Reserve
0
0
0
0
0
Amalgamation Reserve
0
0
0
0
0
Taxation Reserve
0
0
0
0
0
Exchange Fluctuation Reserve
0
0
0
0
0
Foreign Exchange Earnings Reserve
0
0
0
0
0
Exchange Profit / Allowance Reserve
0
0
0
0
0
Deferred Credit Reserve
0
0
0
0
0
Contingency Reserve
0
0
0
0
0
Development Rebate Reserve
0
0
0
0
0
Special Reserve
0
0
0
0
0
Special Appropriation to Projects
0
0
0
0
0
Statutory Reserves
0
0
0
0
0
Reserve for Bad and Doubtful Debt
0
0
0
0
0
Investment Fluctuation Reserve
0
0
0
0
0
220.54
150.56
75.66
44.73
26.27
Other Reserves
0
0
0
0
0
TOTAL REVALUATION RESERVE
0
0
0
0
0
Fixed Asset Revaluation Reserve
0
0
0
0
0
Investment Revaluation Reserve
0
0
0
0
0
Other Revaluation Reserve
0
0
0
0
Capital Reserves General Reserves Share Premium
Profit & Loss Account Balance
Total Shareholders Funds Secured Loans
249.63
0
593.69
511.73
406.06
323.4
19.18
30.02
38.55
32.59
264.93 29.7
Convertible Debentures
0
0
0
0
0
Non Convertible Debentures
0
0
0
0
0
Page 33
Nerolac_BSheet
Partly Convertible Debentures
0
0
0
0
0
Less : Debentures Calls in arrears
0
0
0
0
0
Term Loans Institutions
0
0
0
0
0
Term Loans Banks
0
0
0
0
0
Term Loans Others
0
0
0
0
0
Borrowings from Government of India Deferred Credit / Hire Purchase Bridge Loans/Packing Credit / Bills Cash Credit Discounted
0
0
0
0
0
18.14
23.09
28.54
29.1
28.42
0
0
0
0
0
1.04
6.93
10.01
3.49
1.28
Working Capital Advances
0
0
0
0
0
Interest Accured & Due
0
0
0
0
0
Secured Loans Others
0
0
0
0
Unsecured Loans
78.77
79.98
71.22
0 54.55
40.72
Debentures / Bonds
0
0
0
0
0
Accrued Interest
0
0
0
0
0
Loans from Group Cos
0
0
0
0
0
Loans from Banks
0
0
0
0
0
Loans from Institutions
0
0
0
0
0
Advances
0
0
0
0
0
Loans from GOI / PSUs
0
0
0
0
0
Deferred Liabilities
0
0
0
0
0
78.77
79.98
71.22
54.55
40.72
Commercial Paper
0
0
0
0
0
Unsecured Loans Others
0
0
0
0
0
TOTAL DEPOSITS
0
0
0
0
0
Fixed Deposits
0
0
0
0
0
Intercorporate Deposits
0
0
0
0
0
Security Deposits
0
0
0
0
0
Directors Deposits
0
0
0
0
0
Share Deposits
0
0
0
0
0
Other Deposits
0
0
0
0
Deferred Tax
Total Debt Total Liabilities
0
97.95
110
109.77
87.14
70.42
691.64
621.73
515.83
410.54
335.35
APPLICATION OF FUNDS : Gross Block Goodwill Technical Know-how
480.15 0
424.41 0
354.62 0
294.34 0
233.76 0
0
0
0
0
0
20.26
0.82
0.77
0.77
0.77
9.09
9.09
9.09
6.64
0.11
0
0
0
0
0
114.61
109.73
92.95
85.62
65.15
Ponds & Reservoirs
0
0
0
0
0
Water supply / tubewells
0
0
0
0
0
177.85
159.12
128.04
102.25
78.8
0
0
0
0
0
22.96
21.32
17.11
12.15
9.55
0
0
0
0
0
32.12
32
28.05
22.36
23.19
Office Equipments
0
0
0
0
0
Computers
0
0
0
0
0
6.56
6.11
3.95
3.43
2.58
0
0
0
0
0
Leasehold Land Freehold Land Railway Sidings Buildings
Plant and Machinery Ships / Vessels Electrical Installations / Fittings Factory Equipments Furniture and Fixtures
Lab and R & D Equipment Medical Equipment and Surgical Instrument
Page 34
Nerolac_BSheet
Vehicles
0.76
0.84
0.65
1.77
1.62
Transmission and Distribution Equipment
0
0
0
0
0
Wind Turbines
0
0
0
0
0
Aircraft and Helicopters
0
0
0
0
0
95.94
85.38
74.01
59.35
51.99
Other Fixed Assets Less : Accumulated Depreciation
272.94
234.59
194.73
162.71
146.4
Goodwill
0
0
0
0
0
Technical Know-how
0
0
0
0
0
Leasehold Land
0
0
0
0
0
Freehold Land
0
0
0
0
0
Railway Sidings
0
0
0
0
0
47.8
41.33
33.96
28.42
25.53
Ponds & Reservoirs
0
0
0
0
0
Water supply / tubewells
0
0
0
0
0
106.95
89.99
74.82
61.64
57.79
Buildings
Plant and Machinery Ships / Vessels Electrical Installations / Fittings Factory Equipments Furniture and Fixtures
0
0
0
0
0
11.84
10.1
8.15
5.9
5.38
0
0
0
0
0
23.59
22.17
18.7
16.82
16.2
Office Equipments
0
0
0
0
0
Computers
0
0
0
0
0
3.35
2.85
2.01
1.76
1.66
Lab and R & D Equipment Medical Equipment and Surgical Instrument
0
0
0
0
0
0.61
0.62
0.41
1.04
0.81
Transmission and Distribution Equipment
0
0
0
0
0
Wind Turbines
0
0
0
0
0
Aircraft and Helicopters
0
0
0
0
0
78.8
67.53
56.68
47.13
39.03
Vehicles
Other Fixed Assets Net Block Goodwill Technical Know-how
207.21 0
189.82 0
159.89 0
131.63 0
87.36 0
0
0
0
0
0
20.26
0.82
0.77
0.77
0.77
9.09
9.09
9.09
6.64
0.11
0
0
0
0
0
66.81
68.4
58.99
57.2
39.62
Ponds & Reservoirs
0
0
0
0
0
Water supply / tubewells
0
0
0
0
0
70.9
69.13
53.22
40.61
21.01
Leasehold Land Freehold Land Railway Sidings Buildings
Plant and Machinery Ships / Vessels Electrical Installations / Fittings Factory Equipments
0
0
0
0
0
11.12
11.22
8.96
6.25
4.17
0
0
0
0
0
8.53
9.83
9.35
5.54
6.99
Office Equipments
0
0
0
0
0
Computers
0
0
0
0
0
3.21
3.26
1.94
1.67
0.92
Furniture and Fixtures
Lab and R & D Equipment Medical Equipment and Surgical Instrument
0
0
0
0
0
0.15
0.22
0.24
0.73
0.81
Transmission and Distribution Equipment
0
0
0
0
0
Wind Turbines
0
0
0
0
0
Aircraft and Helicopters
0
0
0
0
0
17.14
17.85
17.33
12.22
12.96
Vehicles
Other Fixed Assets Lease Adjustment
0
0
Page 35
0
0
0
Nerolac_BSheet
Capital Work in Progress Capital Advances
26.63
17.63
17.96
29.26
21.15
6.63
4.97
2.37
11.66
5.34
Pre-operative Expenditure
0
0
0
0
0
Development Expenses
0
0
0
0
0
Assets in Transit
0
0
0
0
0
Other Capital Work in Progress
20
Investments Quoted Government Securities Unquoted Government Securities
12.66 232.14
0
15.59 154.82
0
17.6 163.93
0
15.81 179.12
0
130.4 0
0
0
0
0
0
0.25
0.25
0.25
0.25
0.28
20.24
20.24
20.24
3.11
1
7.11
7.11
5.77
5.77
1.39
Unquoted Debentures/Bonds
5
5
7
7
7.9
Quoted Units
0
0
0
0
0
199.54
122.22
130.67
163.81
111.81
Preference Shares
0
0
0
0
0
Joint Venture / Partnerships
0
0
0
0
0
Application Money
0
0
0
0
0
Other Investments Less : Prov.for dimunition in value of investment
0
0
0
0
9.02
0
0
0
0.82
1
Quoted Equity Unquoted Equity Quoted Debentures/Bonds
Unquoted Units
Current Assets, Loans & Advances Inventories
173.41
180.42
178.24
114.56
107.21
Raw Materials
52.12
52.45
59.47
40.45
31.86
Work-in Progress
13.38
16.11
19.52
12.06
10.67
Contract WIP / Site under development Finished Goods Stores and Spares
0
0
0
0
0
102.37
105.42
91.72
56.48
60.03
1.95
1.94
1.33
1.48
1.52
Investment as Stock_in_Trade
0
0
0
0
0
Stock on hire
0
0
0
0
0
3.59
4.5
6.2
4.09
3.13
Goods-in transit
0
0
0
0
0
Other Inventory
0
0
0
0
Packing Materials
Sundry Debtors Debtors more than Six months Debtors Others Less : Provisions for Doubtful Debts
212.93
143.92
0 104.84
111.72
3.74
4.38
0.73
0.41
1.18
209.19
190.31
143.19
104.43
110.54
0
0
0
0
Cash and Bank Balance with Bank
194.69
33.38
21.49
15.79
0 13.24
18.71
33.31
21.32
15.59
12.94
18.42
Term Deposit with Banks
0.02
0.02
0.08
0.21
0.14
Cash in hand / others
0.05
0.15
0.12
0.09
Loans and Advances Bills Receivable Loans to Subsidiary
48.14
52.72
57.62
0.15 50.47
34.27
0
0
0
0
0
0.98
0.25
0
3.4
0
Loans to Group / Associate Companies
0
0
0
0
0
Loans to Others
0
0
0
0
0
14.98
15.91
20.38
12.14
4.84
Intercorporate Deposits
0
0
0
0
0
Deposits Others
0
0
0
0
0
19.27
18.47
14.01
7.11
8.21
Pre-paid expenses
0
0
0
0
0
Advances to suppliers
0
0
0
0
0
Deposits with Government
Advance Tax
Page 36
Nerolac_BSheet
Advances for capital goods Advances recoverable in cash or kind Less : Provision for Doubtful Advances
0
0
0
0
0
12.6
17.78
22.88
27.47
21.22
0
0
0
0
0
0.31
0.31
0.35
0.35
0
Application money pending allotment
0
0
0
0
0
Other Current Assets
0
Interest Accrued on Investments
Total Current Assets
0 467.86
0 449.32
0 395.57
0 283.11
271.91
Less : Current Liabilities and Provisions Current Liabilities
168.89
149.39
152.04
145.77
124.68
Sundry Creditors
161.02
142.11
146.84
142.38
121.58
Creditors for Goods
161.57
142.16
146.84
142.38
121.58
Creditors for Capital Goods
0
0
0
0
0
Creditors for Finance
0
0
0
0
0
-0.55
-0.05
0
0
0
6.81
6.16
4.05
3.04
2.7
Application Money
0
0
0
0
0
Warrants Application Money
0
0
0
0
0
0.55
0.05
0.19
0.04
0
Advances from Customers / Credit balances
0
0
0
0
0
Due to Subsidiary / Group Companies
0
0
0
0
0
Trade and Other deposits
0.02
0.03
0.04
0
0
Unclaimed Dividend
0.48
1.03
0.92
0.23
0.17
Interest Accrued But Not Due
0.01
0.01
0
0
0
0
0
0
0.08
0.23
Creditors for Others Acceptances
Bank Overdraft / Short term credit
Other Liabilities Provisions Provision for Tax
83.7
46.98
77.7
76.53
62.95
15.23
14.95
15.1
13.62
12.02
5.5
0
4.11
4.11
2.45
0
0
0
0
Provision for Dividend
32.34
1.65
Proposed Equity Dividend
32.34
1.65
29.33
29.33
19.13
Provision for Contingencies
0
0
0
0
0
Provision for depreciation in investment
0
0
0
0
0
Provision for Corporate Dividend Tax Provision for Gratuity
Other Provisions
30.46
16.6
30.21
29.33
48.54
29.16
29.33
0 47.06
29.47
19.13
33.6
29.35
Total Current Liabilities
252.59
196.37
229.74
222.3
187.63
Net Current Assets
215.27
252.95
165.83
60.81
84.28
0
0
0
0
Miscellaneous Expenses not written off
0
Discount on issue of shares
0
0
0
0
0
Discount on issue of Debentures
0
0
0
0
0
Preliminary Expenses
0
0
0
0
0
Deferred revenue expenses
0
0
0
0
0
Pre-operative/Trial run Expenses
0
0
0
0
0
Promoter's Expenses
0
0
0
0
0
Debenture/Share Issue expenses
0
0
0
0
0
Royalty/Liscense fees/ Technical Knowhow
0
0
0
0
0
Financial charges / Expenses not written off Other Miscellaneous expenditure not written off Less: Misc.Expenditure written off during the year
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Deferred Tax Assets
10.98
11.59
11.63
12.62
Deferred Tax Liability
0.59
5.08
3.41
2.9
0.65
10.39
6.51
8.22
9.72
12.16
691.64
621.73
515.83
410.54
335.35
Net Deferred Tax Total Assets
Page 37
12.81
Nerolac_BSheet
Contingent Liabilities Claims not acknowledged as debt Guarantees undertaken
17.8
18.82
6.1
8.3
3.8
0
0
0
0
0
17.8
18.82
6.1
8.3
3.8
Letter of Credit
0
0
0
0
0
Bills Discounted
0
0
0
0
0
Disputed Sales Tax
0
0
0
0
0
Disputed Income Tax
0
0
0
0
0
Disputed Excise Duty
0
0
0
0
0
Other Disputed Claims
0
0
0
0
0
Uncalled Liability on Shares
0
0
0
0
0
Others
0
0
0
0
0
4.81
1.78
0.8
6.06
20.09
Estimated Capital Contracts Remaining
Page 38
Nerolac_BSheet
Mar 03
Mar 02
15.3
Mar 01
15.3
15.3
30
30
30
0
0
0
0
0
0
15.3
15.3
15.3
15.3
15.3
15.3
15.3
15.3
15.3
0
0
0
0
0
0
15.3
15.3
15.3
0
0
0
0
0
0
0
0
0
0
0
0
0
0 213.25
0 193
182.28
213.25
187.26
0
0
176.43 0
143.65
122.73
112.78
49.71
49.71
49.71
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.06
0.06
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19.89
14.76
13.88
0
0
0
0
5.74
5.85
0
5.74
5.85
0
0
0
0
0
0
228.55
208.3
35.85
38.11
197.58 57.12
0
0
0
0
0
0
Page 39
Nerolac_BSheet
0
0
0
0
0
0
0
0
0
0
0
5
0
0
0
0
0
0
28.88
29.6
28.63
0
0
0
6.97
8.51
23.49
0
0
0
0
0
0
0
0 34.91
0 27.69
25.02
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30.46
21.21
14.39
0
0
0
0
0
0
4.45
6.48
10.63
4.45
6.48
10.63
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
70.76
65.8
82.14
299.31
274.1
279.72
213.39
184.04
164.75
0
0
0
0
0
0
0
0
0
0.88
5.45
5.45
0
0
0
58.78
52.85
48.84
0
0
0
0
0
0
74.58
59.49
56.02
0
0
0
8.94
7.43
7.13
0
0
0
22.31
19.65
17.18
0
0
0
0
0
0
2.51
2.12
1.78
0
0
0
Page 40
Nerolac_BSheet
1.29
1.02
0.68
0
0
0
0
0
0
0
0
0
44.1
36.03
27.67
124.82
94.34
69.92
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22.35
19.28
16.56
0
0
0
0
0
0
51.59
39.23
33.62
0
0
0
4.74
3.41
2.77
0
0
0
13.55
10.54
7.1
0
0
0
0
0
0
1.7
1.15
0.76
0
0
0
0.56
0.35
0.21
0
0
0
0
0
0
0
0
0
28.88
19.37
7.75
88.57
89.7
94.83
0
0
0
0
0
0
0
0
0
0.88
5.45
5.45
0
0
0
36.43
33.57
32.28
0
0
0
0
0
0
22.99
20.26
22.4
0
0
0
4.2
4.02
4.36
0
0
0
8.76
9.11
10.08
0
0
0
0
0
0
0.81
0.97
1.02
0
0
0
0.73
0.67
0.47
0
0
0
0
0
0
0
0
0
15.22
16.66
19.92
0
0
0
Page 41
Nerolac_BSheet
2.68
0.39
2.35
0
0
0
0
0
0
0
0
0
0
0
0
2.68
0.39 97.75
2.35 61.16
31.07
0
0
0
0.01
0.01
0.01
0.28
0.28
5.28
1.2
1.66
1.79
0
0
0
13.25
13.85
12.93
2.08
2.08
2.08
82.83
45.18
8.98
0
2
4
0
0
0
0
0
0
0
0
0
1.9
3.9
4
100.82
86.04
105.83
29.52
23.45
32.18
11.58
10.12
10.57
0
0
0
55.18
48.01
57.19
1.53
1.34
1.46
0
0
0
0
0
0
3.01
3.12
4.43
0
0
0
0
0 122.15
0 104.95
96.21
3.24
3.06
0.39
118.91
101.89
95.82
0
0 4.79
0 10.24
14.4
4.66
9.72
14.04
0
0.35
0.22
0.13
0.17 32.18
0.14 43.59
48.58
0
0
0
0
7.22
6.88
0
0
0
0
0
0
4.83
5.5
6.2
0
0.12
0
0
0
0
6.16
1.11
13.57
0
0
0
0
0
0
Page 42
Nerolac_BSheet
0
0
0
21.19
29.32
21.93
0
0
0
0
0.32
0
0
0
0
0
0 259.94
0 244.82
134.25
265.02
115.42
95.5
131.31
112.06
93.14
131.31
112.06
93.14
0
0
0
0
0
0
0
0
0
2.56
2.5
1.62
0
0
0
0
0
0
0
0.56
0.35
0
0
0
0
0
0
0
0
0
0.15
0.12
0.09
0.18
0.18
0.3
0.05
0 27.41
0 17.37
18.05
9.33
3.63
4.83
1.76
0
1.01
0
0
0
11.48
9.95
13.77
11.48
9.95
0
0
0
0
0
0
13.77
24.86
2.55
2.26
2.26
161.66
132.79
113.55
98.28
112.03
151.47
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.76
11.41
0
0.73
0.59
0
12.03
10.82
0
299.31
274.1
279.72
Page 43
Nerolac_BSheet
9.3
9.3
11.05
0
0
0
9.3
9.3
11.05
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2.29
0.3
1.77
Page 44
Company >> Share Price >> Share Price
Kansai Nerolac Paints Ltd Industry :Paints / Varnishes
22500 20000
765.55
17500 15000 Close BSE_SEN Date -Unit Curr SEX 12500 2003 265.83 5838.96 410.15 10000 410.15 6602.69 2004 2005 765.55 9397.93 7500 265.83 6602.69 2006 815 13786.91 5838.96 2007 863.5 20286.99 5000 2008 605 13802.22
863.5 No of 815 20286.99 Volume Trades 732,289.00 3668 969,440.00 8344 1,433,016.00 8383 1,301,953.00 10413 13786.91 1,759,710.00 20066 2,403,782.00 22764
9397.93
80
70
605 60 13802.2
50
40
30
20
2500
10
0 2003
Profitability Ratios (in %age) Total - Reserves Total - Shareholders Funds Reserves/ Shareholders Fund PAT/ Sales Retained Profit / PAT Return on Capital Employed Return on Equity Capital Structure Debt / Equity Activity Ratios Stock Days Debtor Days
90
2004
2005
2006
2007 484.78 510.29 0.95 0.12 80.66 35.81 31.40
2007
249.63 264.93 0.94 0.09 73.76 42.49 27.52
297.89 323.40 0.92 0.13 75.91 50.34 37.64
2006 380.55 406.06 0.94 0.17 71.41 54.37 43.95
2008 2009 566.74 642.25 593.69 673.00 0.95 0.95 0.11 0.14 78.95 81.42 36.80 37.03 25.87 32.78
0.15
0.17
0.18
0.16
0.13
0.14
71.30 50.32
66.68 41.33
85.33 49.49
72.87 55.19
65.95 55.35
70.37 56.37
0 2008
Creditor Days Stability Ratios Current Ratio Acid Test Ratio
85.14
87.77
74.84
61.43
65.39
59.84
2.29 1.70
2.09 1.59
2.07 1.44
2.56 1.82
2.74 2.07
2.70 1.98
Avg. Turnover 863.5 Net Turnover900 Market Avg. -In 20286.99 -In Thousand Cap Avg. Price Volume Thousand 8001,630.48 527,918.09 698.4 6,051.98 4,362.96 723,224.39 2,327.13 732.43 3,909.03 2,916.23 700 1,214,048.88 2,079.07 829.89 5,755.08 4,875.70 605 1,952.92 739,422.47 594.11 5,228.73 2,969.57 600 13802.22 656,107.04 302.25 6,927.99 5001,045.88 C 9,501.11 572,913.79 677.87 Column 153.7 400 Column B 300 200 100 2007
0 2008
2010 724.36 757.44 0.96 0.14 82.06 35.94 32.22 0.14 69.96 57.49
2,583.10 2,264.48
57.12 2.79 2.04
2
3 4 5 6 7 8 9
Instructions for using this work book This work book is structured in four worksheets 1.1. Instructions 1.2. Financial Analysis 1.3. MyCRA rating sheet 1.4. Rating Definition Please do not alter the formulae in any of the worsheet cells. This not a fully developed rating model. This is created only to illustrate the credit rating process for the students. 2.1 In financial analysis worksheet all cells with O as value have formulae and should not be overwritten. 2.2 In the MyCRA worksheet coloured cells have formulae and should not be overwritten. Complete financial analysis using the "Financial Analysis" sheet Refer to MyCRA Manual for detailed instructions on rating scores Refer to Rating Definition sheet to assign the letter grade In the comments cell mention its meaning from rating definition Remember this rating does not factor in discussions with management, which can lead to reassessment of scores and change in rating Credit ratings suffer from many limitations but are still found to be very useful in taking credit decisions if the limitations are kept in your mind while taking the credit decisions. Real test of any rating is seen only over years on the basis of rating stability and sensitivity to changes in fortunes. But a well thought out system gives fair indication of probability of default of a borrower.
Financial Analysis FINANCIAL YEARS
2006
CURRENT ASSETS
2007
2008
2009
2010
3
4
5
6
7
59.47 19.52 91.72 1.33
52.45 16.11 105.42 1.94
52.12 13.38 102.37 1.95
63.03 17.19 123.29 2.04
68.28 18.14 136.65 2.17
Total - Stocks
172.04
175.92
169.82
205.55
225.24
Debtors - Trade Debtors - Bills Receivable
143.92
194.69
212.93
241.3
270.53
143.92
194.69
212.93
241.3
270.53
15.79
21.49
33.38
31.8
35.56
163.93
154.82
232.14
225.84
243.75
63.82
57.22
51.73
62.34
65.47
559.5
604.14
700
766.82
840.55
146.84
142.16
161.57
166.83
174.81
4.05
6.16
6.81
7.95
9.09
0.19
0.05
0.55
0.5
0.61
Total - Bank Borrowings
0.19
0.05
0.55
0.5
0.61
Taxation - Current
57.77
49.35
53.28
62.2
67.31
Dividends
51.02
30.99
32.34
40.99
43.79
Current S.T. borrowings (Non-Bank)
10.01
6.93
1.04
5.44
5.73
0
0
0
-0.1
-0.15
269.88
235.64
255.59
283.81
301.2
Stocks - Raw Material - Work-in Progress - Finished Goods -Spares etc.
Total - Debtors Cash & Bank Balances Investments - Marketable Other Current Assets
Total - Current Assets CURRENT LIABILITIES Creditors Bills Payable Bank Borrowings Due to Bank (O/D, T/R) S.T.Debt
Other Current Liability
Total - Current Liabilities
Page 3
Financial Analysis SUMMARY OF CURRENT ASSETS AND CURRENT LIABILITIES
Net Working Assets
165.07
222.29
214.37
272.06
311.87
Total Cash Assets
179.72
176.31
265.52
257.64
279.31
Net Cash Assets
179.53
176.26
264.97
257.14
278.7
Net Current Assets
289.62
368.5
444.41
483.02
539.36
Page 4
Financial Analysis FIXED ASSETS (WDV)
Land & Buildings
68.85
78.31
96.16
107.19
119.69
Plant & Machinery
64.12
83.61
85.23
107.52
122.85
Motor Vehicles
0.24
0.22
0.15
-0.12
-0.3
Furniture & Fixtures
9.35
9.83
8.53
10.26
11
20.24
20.24
20.24
29.65
35.21
Other Fixed Assets
17.33
17.85
17.14
19.7
21.1
Total - Fixed Assets
180.13
210.06
227.45
274.2
309.55
- Rupee Loans 1 to 3 years 3 to 5 years Over 5 years
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
- Foreign Currency Loans
0
0
0
0
0
Total - Term Loans
0
0
0
0
0
Debentures
0
0
0
0
0
71.22
79.98
78.77
95.51
105.66
Financial Leases
0
0
0
0
0
Other Long Term Debt
0
0
0
0
0
71.22
79.98
78.77
95.51
105.66
Investments - Subsidiary & Group Companies
LONG TERM LIABILITIES Term Loans
Deferred Tax
Total - Long Term Liabilities
Page 5
Financial Analysis SHAREHOLDERS FUNDS Equity Share Capital
25.51
25.51
26.95
30.75
33.08
0
0
0
0
0
265.39 0 39.5 75.66 0 0
294.42 0.3 39.5 150.56 0 0
306.4 0.3 39.5 220.54 0 0
354.58 0.39 35.42 251.86 0 0
389.21 0.48 33.37 301.3 0 0
380.55
484.78
566.74
642.25
724.36
Intangibles - Goodwill - Preliminary Expenses Not Written Off - Others
0 0 0 0
0 0 0 0
0 0 0 0
0 0 0
0 0 0 0
Total - Intangibles
0
0
0
0
0
406.06
510.29
593.69
673
757.44
406.06 398.53 7.53
510.29 498.58 11.71
593.69 593.09 0.6
673 661.71 11.29
757.44 743.24 14.19
Preference Share Capital Reserves - General Reserve - Capital Reserve - Share Premium - Profit & Loss Account - Revaluation - Others
Total - Reserves
Total - Shareholders Funds SUMMARY OF NET LONG TERM ASSETS AND LIABILITIES Net Worth
- Shareholders Funds Route - Assets less Liabilities Route - Accuracy Check
Page 6
Financial Analysis
PROFIT AND LOSS STATEMENT Sales (Net of Excise Duty) Cost of Sales (Manufacturing Costs)
1061.34 14.62 735.87 21.69
1287.48 21.31 881.22 19.75
1404.14 9.06 939.89 6.66
1562.55 14.73% 1066.1 15.25%
1717.44 14.73% 1175.16 15.25%
Gross Profit
325.47
406.26
464.25
496.45
542.28
Depreciation
195.85 16.36 31.78
224.91 14.84 33.56
255.42 13.57 39.6
275.08 12.38% 20.7
299.8 12.38% 22.04
Operating Profit
97.84
147.79
169.23
200.67
220.44
Interest Cost
0.78
0.96
1.41
1.16
1.2
Other Income
75.01
24.05
24.85
39.87
42.3
1.67
0.83
0.05
0.13
-0.18
0
0
0
0
0
- Profit / (Loss) on Sale of Invts - Interest / Dividend Income
53.28 0
5.14 0
13.96 0
23.41 0
25.84 0
Total - Income from Invts.
53.28
5.14
13.96
23.41
25.84
48.54
16.6
53.07
42.32
43.17
259.58
211.37
247.69
284.78
310.45
PBIT
227.8
177.81
208.09
264.08
288.41
PBT
227.02
176.85
206.68
262.92
287.22
PAT
178.48
160.25
153.61
220.6
244.05
16.82%
12.45%
10.94%
14.12%
14.21%
Selling and Admn. Expenses
Non-Operating Expenses Profit / (loss) from Sale of F.Asset Income from Investments
Non-Cash Exp. Written - Off Provision for Income Tax
PBDIT
Page 7
Financial Analysis APPROPRIATIONS - Dividends - Transfer to Gen. Reserve
- Balance in P&L Account
51.02 50
30.99 10.77
32.34 11.98
40.99 8.97
43.79 2.44
77.46
118.49
109.29
170.65
197.81
178.48
160.25
153.61
220.6
244.05
( transfer to Balance Sheet)
Total - Appropriations
Page 8
Financial Analysis
FINANCIAL RATIOS 1. Profitability Ratios (in %age) Gross Profit / Sales
30.67
31.55
33.06
31.77
31.57
9.22
11.48
12.05
12.84
12.84
PBT/ Sales
21.39
13.74
14.72
16.83
16.72
PAT/ Sales
0.17
0.12
0.11
0.14
0.14
Retained Profit / PAT
71.41
80.66
78.95
81.42
82.06
Return on Capital Employed
54.37
35.81
36.80
37.03
35.94
Return on Equity
43.95
31.40
25.87
32.78
32.22
Debt / Equity
0.18
0.16
0.13
0.14
0.14
Total Liability / Net Worth
0.84
0.62
0.56
0.56
0.54
292.05
185.22
147.58
227.85
241.15
Stock Days
85.33
72.87
65.95
70.37
69.96
Debtor Days
49.49
55.19
55.35
56.37
57.49
Creditor Days
74.84
61.43
65.39
59.84
57.12
Operating Profit / Sales
2. Capital Structure
PBIT / Interest Expense(Intr. cover) 3. Activity Ratios
Page 9
Financial Analysis
4. Stability Ratios Current Ratio
2.07
2.56
2.74
2.70
2.79
Acid Test Ratio
1.44
1.82
2.07
1.98
2.04
5. Break-Even Analysis Sales Variable Costs
1061.34 1287.48 1404.14 1562.55 1717.44 735.87
881.22
30.67
31.55
33.06
31.77
31.57
228.41
259.43
296.43
296.94
323.03
Break-Even Point
7.45
8.22
8.97
9.35
10.23
Operating Leverage
3.33
2.75
2.74
2.47
2.46
Financial Leverage
1.01
1.01
1.01
1.01
1.01
Fixed Assets Efficiency
0.17
0.16
0.16
0.18
0.18
Working Capital to Sales Ratio
0.27
0.29
0.32
0.31
0.31
Contribution Margin (In %age) Fixed Costs
939.89 1066.10 1175.16
6. Efficiency Ratios
Page 10
Financial Analysis DETAILS OF FIXED ASSETS Land and Building Gross Block Accumulated Depreciation
102.81 33.96
119.64 41.33
143.96 47.8
159.84 52.64
178.08 58.39
Net Block
68.85
78.31
96.16
107.19
119.69
149.1 84.98
186.55 102.94
207.37 122.14
240.84 133.32
271 148.14
64.12
83.61
85.23
107.52
122.85
Furniture and Fixtures Gross Block Accumulated Depreciation
28.05 18.7
32 22.17
32.12 23.59
35.79 25.54
38.54 27.55
Net Block
9.35
9.83
8.53
10.26
11
0.65 0.41
0.84 0.62
0.76 0.61
0.33 0.45
0.07 0.37
Net Block
0.24
0.22
0.15
-0.12
-0.3
Other Fixed Assets Gross Block Accumulated Depreciation
74.01 56.68
85.38 67.53
95.94 78.8
107.51 87.82
118.91 97.81
17.33
17.85
17.14
19.7
21.1
354.62 194.73 159.89
424.41 234.59 189.82
480.15 272.94 207.21
544.31 299.76 244.55
606.6 332.26 274.34
Plant and Machinery Gross Block Accumulated Depreciation
Net Block
Vehicles Gross Block Accumulated Depreciation
Net Block Summary of Fixed Assets
Total Gross Block Total Accumulated Depreciation Total Net Block
Page 11
Financial Analysis FUNDS FLOW STATEMENT Sources of Funds
Profit after Tax
178.48
160.25
153.61
220.6
244.05
32.02
39.86
38.35
26.82
32.5
0
0
0
0
0
0 0
0 0
1.44 0
3.8 0
2.33 0
- Term Loans - Debentures - Other Long Term Debt
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
Decrease in Working Capital
0
0
0
0
0
0
0
0
0
0
210.5
200.11
193.4
251.22
278.88
60.28
69.79
55.74
64.16
62.28
Decrease in Long Term Liabilities - Term Loans - Debentures - Other Long Term Debt
0 0 0
0 0 0
0 0 0
0 0 0
0 0 0
Redemption of Preference Capital
0
0
0
0
0
Increase in Working Capital
48.61
78.88
75.91
38.61
56.34
Dividend Paid to Shareholders
51.02
30.99
32.34
40.99
43.79
0
0
0
0
0
159.91 50.59
179.66 20.45
163.99 29.41
143.75 107.47
162.42 116.46
add: Depreciation add: Non-Cash Expenses Wr. Off Increase in Share Capital
- Equity Capital - Preference Capital Increase in Long Term Liabilities
Sale of Fixed Assets
Decrease in Invt. in Group Subs Co. Total - Sources of Funds Application of Funds Purchase of Fixed Assets
Increase in Invt. in Group Subs. Co. Total - Application of Funds Diff of Source - Appl.
Page 12
Financial Analysis
CASH FLOW STATEMENT PBIT
227.8
177.81
208.09
264.08
288.41
add: Depreciation
31.78
33.56
39.6
20.7
22.04
0
0
0
0
0
(Profit)/Loss on Sale of F.Assets
1.67
0.83
0.05
0.13
-0.18
Gross Cash Flow from Operation
257.91
210.54
247.64
284.65
310.63
add: Non-Cash Exp. written-off
Page 13
Name of the assessee Company Kansai Nerolac Group to which it belongs Kansai Audited financials used for rating assessment
MyCRA
0 to 6 (6 being the Best)
Scoring Scale
Risk Type 1 Management Risk 1.1
Track Record
Incorporated in Year 1920 Group strength
Weight
Score level
Weighted Score 4.50
25 10
5.05
1.1.1
Experience in the industry
5
5.50
1.1.2
Board Composition
2
4.00
1.1.3
Business and financial policy
3
5.00
Credibility
5
3.00
1.2.1
Ability to meet sales projections
2
3.00
1.2.2
Ability to meet profit projections
3
3.00
Payment Record
5
5.00
Market reputation on meeting all obligation without fail
5
5.00
Other Factors
5
4.40
Management Proactiveness Strategic Initiatives Group Support
2 1 2
5.00 5.00 3.50
1.2
1.3 1.3.1 1.4
1.4.1 1.4.2 1.4.3
Page 14
2 Financial Risk 2.1 EFP (Expected
MyCRA
40
Financial Performance)
5.53
20
5.94
2.1.1
ROCE - EFP
4
4.50
2.1.2
Operating Margin EFP
4
5.00
2.1.3
Interest Coverage
2
6.00
2.1.4
Total Outside Liabilities/Total Net Worth - EFP
2
5.50
2.1.5
Operating Income/Short Term Borrowings
2
6.00
2.1.6
Current Ratio
2
5.50
2.1.7
DSCR - EFP
2
6.00
2.1.8
Accounting Quality - EFP
2
5.70
21..9
Free cashflow from operations/Total debt 2.2
CFA Current Financial Assessment
2
5.70
30
5.35
2.2.1
ROCE - CFA
5
4.50
2.2.2 2.2.3
Operating Margin CFA DSCR CFA
5 4
4.50 6.00
2.2.4
Total Outside Liabilities/Total Net Worth - CFA
4
6.00
2.2.5
Accounting Quality - CFA
4
5.50
2.2.6
Interest Coverage
4
5.70
2.2.7
Free cashflow from operations/Total debt
4
5.70
Financial Flexibility
5
5.00
2.3
Page 15
MyCRA
2.3.1
Ability to raise Capital 3 Business Risk 3.1 Operating Efficiency
5
5.00
20
4.10
10
3.55
3.1.1 3.1.2
Integration of operations Capacity utilisation
3 2
4.50
3.1.3
Access to cost effective technology
3
5.00
3.1.4
Bargaining power with suppliers
2
3.50
10
4.65
3.2
Market Position
3.2.1
Consistency of quality
3
4.50
3.2.2
Customisation of Product
2
5.00
3.2.3
Diversification of markets
3
5.00
3.2.4
Long term contracts or assured off-take
2
4.00
15
4.60 4.60
4 Industry 4.1 Choose
Risk
appropriate score from list below
15
4.60
5 Overall Score
4.85
6 Letter Grade assigned to the company
AA
Refer to Rating Definition sheet to assign the * letter grade ** In the comments cell mention its meaning Refer to MyCRA Manual for detailed *** instructions on rating
Page 16
Complete financial analysis using the **** "Financial Analysis" sheet Pick up appropriate industry rating score from the list below Score 1 Auto 2 Auto Ancillary 3 Capital goods & gen engg 4 Cement & non-metallic products 5 Chemicals 6 Construction & Real estate 7 Consumer durables 8 FMCG 9 Food Processing 10 Hotels 11 Metals & minerals 12 NBFC 13 Others 14 Paper & stationery 15 Petroleum 16 Pharma 17 Power 18 Services 19 Textiles 20 Trading 21 Transport services
MyCRA
4 4 4.5 3.7 4.6 3.2 5 5.5 5 4.8 4 2.5 3 4.6 5 5.4 5 5.8 4 4 4.5
Page 17
Belongs to Industry PAINTS
MyCRA
Reasoning for the score assigned/ Comments Rich experience in paints since 1920. Mr. Kothari the Managing director has been with the company from last 29 years, during his tenure he brough in foreign patterns in terms of technology and research The board have a pretty varied composition, with some eminent personalities, like Mr. S.M. Datta The business policies have been very mature. The investments have been at the right places, specially in establishing EOUs and acquiring latest technologies. The diversifications have been very few, and have come late. Won the ICSI national award for excellence in Corporate Governance They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs The company has shown incredible record in terms of payment obligations, hence making it worthy of really high credit ratings for various financial instruments The management has shown quite a bit of proactiveness for its decorative industry. It had foreseen the requirement for high end paintsand multiple shades, and hence invested in establishing technlogy for the same. Company initiated a JV to enter malaysian market MD's have been changing more frequetly over the last 5 years.
Page 18
MyCRA
The ROCE of 35 to 36% defenitely shows a good health of the company. But, it is a bit on lower side as industry leaders like Asian Paints and Berger Paints are expecting ROCE to be in the region of 45 to 60%. The company is expecting operating margin to be around 12.84%. It is good enough considering the industry standards & company seems to be in position to achieve it. As the debt portion of the company is very small, there is absolutly no problem on this front. Total Networh of the company is more than 7 times that of Total outside liability and hence provides a better cushion. Operating Income is expected to be almost 50 times that of short term borrowings Current Ratio is expected to be 2.67 which is much above the comfort level of the bank. The only thing bank needs to assure is the quality of current assets goning into calculation. Debt Service Coverage Ratio of the company is one of the best amongst industries as the debt portion is very minimal The accounting quality of the company seems fair enough and is being acknowledged in corporate governence checkings The Cash-flow of the company is expected to be fair enough to take care of all the debt service. The ROCE in current financial year is good enough, but it is a bit on lower side as compared to that of industry leaders. The Operating margin of the company is as per industry standards. The Debt Service Coverage ratio is amongst best in the industry The Networth of the company is providing more than sufficient cushion to outside liabilities. The company is following sound accounting practices and a check is kept on it by various bodies As the debt portion of the company is very less as of now, the interest coverage ratio is more than sufficient. The company has managed to keep cash flow level way above that of debt service requirement.
Page 19
The Debt-Equity ratio, Interest Coverage Ratio and other profitability ratios point out that the company could raise capital easily if required. The only thing which may harm it is uncertain capital market conditions.
MyCRA
As company has its operations spread across the country it uses strong operating platform of SAP R-3 as well as Business Inteligence Warehousing which enables it to get real time data. Historically, the company has had the access to most cost effective technologies and have been the pioneers in getting new technologies to develop more shades As the supply includes mainly of petro products which are driven by the globle factors, the company does not enjoy much bargaing power and can only use its financial strength to some extent to get better credit terms The company have good reputation in the market and have won award this year for manufacturing exellence. The company is in the forefront of serving most of the segments of the market. It has launched Programmes like 'Colour Tool' and 'Nerolac Colour Guide' which helps customers in choosing colour of their own choice and requirement. The company is expanding its reach as far as market segments and geographical reach is concerned. The demand for company is products is robust, but there is no long term contract with the dealers or customers.
This is generally centrally set by risk
Page 20
MyCRA
Page 21
Rating Definition
Grade
Grade I
Degree of safety with regard to servicing Debt obligations Very High
Grade II
High
Grade III
Adequate
Grade IV
Average
Grade V
Below Average
Grade VI
Inadequate
Grade VII
Low
Grade VIII
High Risk
Grade IX
Substantial Risk
Grade X
Default
Page 22
Rating Definition
Comments Range of score From To The fundamentally strong debt servicing capacity of such companies is most unlikely to be adversely affected by changes in circumstances. Adverse business conditions are unlikely to affect debt servicing capacity. Such companies differ in safety from those in Grade I only marginally. Changes in circumstances are more likely to affect debt servicing capacity than for higher grades. Debt servicing capacity could weaken in view of changing circumstances While such companies are less susceptible to default than those in lower grades, uncertainties faced by them could adversely affect debt servicing capacity. Uncertainties faced by issuer could lead to inadequate capacity to make timely debt repayments Debt servicing capacity is highly vulnerable to adverse changes in circumstances. Adverse business or economic conditions are likely to lead to lack of ability or willingness to service debt obligations. Timely payment of debt would continue only if favourable circumstances continue Debt servicing capacity is in default and returns from this may be realised only on reorganisation or liquidation
Page 23
5.5
<=6
4.7
<5.5
4.2
<4.7
3.7
<4.2
2.7
<3.2
2.2
<2.7
1.7
<2.2
1.5
<1.7
1
<1.5
0
<1
Rating Definition
Letter Grade
Rating Type
AAA
Investment Grade
AA
Investment Grade
A+
Investment Grade
A
Investment Grade
BBB
Investment Grade
BB+
Speculative Grade
BB
Speculative Grade
BB-
Speculative Grade
C
Speculative Grade
D
Default Grade
Page 24
Nerolac Rating Date
Security Type
Amount
Rating
30-05-2008 Commercial Paper
52
P1+
30-05-2008 Short Term Debt
35
P1+
431
P1+
29-08-2007 Non-Convertible Debentures
10
AAA
29-08-2007 Commercial Paper
30
P1+
19-12-2006 Commercial Paper
50
P1+
19-12-2006 Non-Convertible Debentures
10
AAA
13-10-2005 Commercial Paper
30
P1+
13-10-2005 Non-Convertible Debentures
10
AAA
24-08-2005 Non-Convertible Debentures
10
AAA
24-08-2005 Commercial Paper
30
P1+
20-09-2004 Non-Convertible Debentures
10
AAA
20-09-2004 Commercial Paper
30
AAA
05-05-2003 Commercial Paper
30
P1+
25-01-2002 Commercial Paper
30
P1+
20-11-2001 Commercial Paper
30
P1+
28-08-1999 Commercial Paper
15
P1+
30-06-1998 Commercial Paper
15
P1+
04-06-1998 Commercial Paper
15
P1+
14-04-1998 Commercial Paper
15
P1+
30-05-2008 Term Loan Programme
ICI Dulux Rating Date
Security Type
Amount
Rating
30-08-2007 Commercial Paper/Short Term Debt
50
P1+
13-03-2007 Commercial Paper/Short Term Debt
50
P1+
27-02-2007 Commercial Paper/Short Term Debt
50
P1+
22-08-2005 Commercial Paper
50
P1+
20-09-2004 Short Term Debt
50
P1+
30-05-2003 Non-Convertible Debentures
60
WD
30-05-2003 Commercial Paper
60
P1+
05-05-2003 Commercial Paper
100
P1+
05-05-2003 Non-Convertible Debentures
60
AA+
08-07-2002 Non-Convertible Debentures
23.3
AA+
08-07-2002 Commercial Paper
100
P1+
50
Ind AAA
100
P1+
20-11-2001 Non-Convertible Debentures
60
AA+
19-07-2001 Non-Convertible Debentures
60
AA+
23-11-2001 Debentures 20-11-2001 Commercial Paper
28-08-1999 Commercial Paper
100
P1+
28-08-1999 Non-Convertible Debentures
0
AA+
28-08-1999 Debentures
0
AA+
23-06-1998 Non-Convertible Debentures
0
AA+
23-06-1998 Commercial Paper
100
P1+
04-06-1998 Commercial Paper
100
P1+
14-04-1998 Commercial Paper
80
P1+
0
AA+
14-04-1998 Non-Convertible Debentures
Berger Paints Rating Date
Security Type
Amount
Rating
26-02-2008 Short Term Debt
170
P1+
29-08-2007 Short Term Debt
170
P1+
31-07-2007 Short Term Debt
170
P1+
13-12-2006 Short Term Debt
130
P1+
22-08-2005 Short Term Debt
90
P1+
0
FAAA
22-08-2005 Fixed Deposits 20-09-2004 Fixed Deposits 20-09-2004 Short Term Debt 31-08-2004 Fixed Deposits 31-08-2004 Commercial Paper
0
FAAA
80
P1+
0
FAAA
80
P1+
0
FAAA
06-10-2003 Commercial Paper
80
P1+
20-08-2002 Commercial Paper
80
P1+
0
FAA+
06-10-2003 Fixed Deposits
20-08-2002 Fixed Deposits 21-11-2001 Fixed Deposits
0
FAA+
80
P1+
0
MAA+
20
MAA+
31-08-2001 Fixed Deposits
0
MAA+
30-06-2001 Fixed Deposits
0
MAA+
30-06-2001 Short Term Debt
0
A1+
20
MAA+
07-03-2001 Fixed Deposits
0
MAA+
28-02-2001 Fixed Deposits
0
MAA+
28-02-2001 Short Term Debt
0
A1+
31-10-2000 Short Term Debt
0
A1+
31-10-2000 Fixed Deposits
0
MAA
30-06-2000 Fixed Deposits
0
MAA
30-06-2000 Short Term Debt
0
A1+
30-04-2000 Short Term Debt
0
A1+
30-04-2000 Fixed Deposits
0
MAA
21-11-2001 Commercial Paper 30-09-2001 Fixed Deposits 31-08-2001 Non-Convertible Debentures
07-03-2001 Non-Convertible Debentures
01-02-2000 Fixed Deposits
0
MAA
31-12-1999 Fixed Deposits
0
MAA
31-12-1999 Short Term Debt
0
A1+
11-10-1999 Fixed Deposits
0
MAA
30-09-1999 Fixed Deposits
0
MAA+
30-09-1999 Short Term Debt
0
A1+
09-09-1999 Non-Convertible Debentures
0
AA-
09-09-1999 Commercial Paper
0
P1+
09-09-1999 Fixed Deposits
0
FAA
28-08-1999 Debentures
0
AA-
0
FAA
35
P1+
23-06-1998 Fixed Deposits 23-06-1998 Commercial Paper 23-06-1998 Non-Convertible Debentures 04-06-1998 Commercial Paper 04-06-1998 Fixed Deposits 14-04-1998 Fixed Deposits 14-04-1998 Commercial Paper
0
AA-
35
P1+
0
FAA
0
FAA
35
P1+
14-04-1998 Non-Convertible Debentures
0
AA-
30-11-1997 Short Term Debt
0
A1+
15
A1+
30-11-1997 Fixed Deposits
0
MAA
09-08-1997 Fixed Deposits
0
MAA
30-11-1997 Commercial Paper
Asian Paints Rating Date
Security Type
Amount
Rating
04-04-2008 Non-Convertible Debentures
10
AAA
04-04-2008 Short Term Debt
50
P1+
Rating Type Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing
Rating Type Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Rating Withdrawn Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Highest credit quality. Risk factors are negligble. Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.
Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally
Rating Type Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is very strong. Degree of safety regarding timely payment of interest and principal is very strong. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is very strong. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is very strong. Very Strong With Relatively Higher Standing Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Very Strong With Relatively Higher Standing The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely payment of debt/obligation is the best. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. Very Strong With Relatively Higher Standing Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating. Very Strong With Relatively Higher Standing The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally. The prospect of timely payment of debt/obligation is the best. The prospect of timely payment of debt/obligation is the best. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating. The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.
Rating Type The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are most unlikely to affect adversely the fundamentally strong position of such issues. Very Strong With Relatively Higher Standing
Year
Mar 04(12)
Mar 05(12)
Mar 06(12)
Mar 07(12)
Mar 08(12)
Sales Turnover +
924.97
1,062.77
1,225.98
1,483.86
1,613.33
Excise Duty
114.52
136.82
164.64
196.38
209.19
Net Sales
810.45
925.95
1,061.34
1,287.48
1,404.14
10.48
28.45
75.01
24.05
24.85
3.94
-2.16
41.22
5.82
-5.78
824.87
952.24
1,177.57
1,317.35
1,423.21
406.4
466.21
575.84
697.33
738.54
9.24
10.63
15.49
20.24
20.75
51.45
47.67
54.14
58.13
67.25
65.73
80.22
90.4
105.52
113.35
160.13
168.31
195.85
224.91
255.42
19.8
20.47
13.7
15.74
16.5
0
0
0
0
0
Total Expenditure
712.75
793.51
945.42
1,121.87
1,211.81
Operating Profit
INCOME :
Other Income + Stock Adjustments + Total Income EXPENDITURE :
Raw Materials + Power & Fuel Cost+ Employee Cost + Other Manufacturing Expenses + Selling and Administration Expenses + Miscellaneous Expenses + Less: Pre-operative Expenses Capitalised+
112.12
158.73
232.15
195.48
211.4
Interest +
1.32
0.77
0.78
0.96
1.41
Gross Profit
110.8
157.96
231.37
194.52
209.99
Depreciation+
22.04
20.7
31.78
33.56
39.6
Profit Before Tax
88.76
137.26
199.59
160.96
170.39
Tax+ Deferred Tax+
30.93
42.86
57.77
49.35
53.28
-0.13
2.44
1.43
2.58
-3.88
Reported Net Profit
57.96
91.96
138.59
107.66
119.79
1.23
5.97
38.66
4.04
9.63
56.73
85.99
99.93
103.62
110.16
Extraordinary Items + Adjusted Net Profit
Adjst. below Net Profit +
0
0
0.51
13.39
0
P & L Balance brought forward
19.89
26.27
44.73
75.66
150.56
Statutory Appropriations + Appropriations +
0
0
0
0
0
51.58
73.5
108.17
46.15
49.81
P & L Balance carried down
26.27
44.73
75.66
150.56
220.54
Dividend
19.13
29.33
51.02
30.99
32.34
0
0
0
0
0
125
115
200
115
120
Preference Dividend Equity Dividend % Earnings Per Share-Unit Curr
36.28
34.41
51.52
40.48
42.41
173.16
126.77
159.18
200.04
220.29
Mar 08(12)
Mar 07(12)
Mar 06(12)
Mar 05(12)
Mar 04(12)
52.45
59.47
40.45
31.86
29.52
Purchases of Raw Material
692.93
640.64
564.86
451.58
386.88
Purchase of Trading Goods
45.28
45.29
27.43
23.22
21.86
0
0
0
0
0
52.12
52.45
59.47
40.45
31.86
0
4.38
2.57
0
0
Book Value-Unit Curr
Year Opening Stock of Raw Materials
Direct Expense on Purchase/Adjustment Closing Stock of Raw Materials Adjustment on amalgamation / trial runs
Mar 03(12)
Mar 02(12)
Mar 01(12)
Mar 00(12)
Mar 99(12)
790.71
707.75
683.59
629.23
545.79
95.17
84.75
86.87
78.68
75.15
695.54
623.00
596.72
550.55
470.64
8.86
10.75
11.54
8.66
7.81
8.63
-9.63
17.83
2.29
13.37
713.03
624.12
626.09
561.50
491.82
352.13
311.71
319.39
286.66
244.48
8.87
6.51
5.49
5.17
3.46
56.54
43.88
39.32
33.84
34.04
57.23
59.28
61.52
56.26
54.57
138.7
128.55
125.2
98.86
84.96
17.66
8.42
15.64
18.2
16.9
0
0
0
0
0
631.13
558.35
566.56
498.99
438.41
81.9
65.77
59.53
62.51
53.41
1.67
3.74
6.37
8.09
9.96
80.23
62.03
53.16
54.42
43.45
24.14
24.67
20.08
12.14
9.42
56.09
37.36
33.08
42.28
34.03
18.39
12.76
11.07
12.3
8.5
-2.14
-2.76
-0.57
0
0
39.84
27.36
22.58
29.98
25.53
2.16
0.2
0.53
0.95
0.02
37.68
27.16
22.05
29.03
25.51
0.83
0
0
0
0
14.76
13.88
12.26
11.32
6.83
0
0
0
0
0
35.54
26.48
20.96
29.04
21.04
19.89
14.76
13.88
12.26
11.32
13.77
11.48
9.95
9.95
9.95
0
0
0
0
0
90
75
65
65
65
24.88
17.88
14.1
18.88
15.97
149.38
132.39
125.31
117.73
105.34
Nerolac_BSheet
Year
Mar 08
Mar 07
Mar 06
Mar 05
Mar 04
SOURCES OF FUNDS : Share Capital Equity Authorised
26.95
26.95
25.51
25.51
15.3
30
30
30
30
30
Preference Capital Authorised
0
0
0
0
0
Unclassified Authorised
0
0
0
0
0
Equity Issued
26.95
25.51
25.51
25.51
15.3
Equity Subscribed
26.95
25.51
25.51
25.51
15.3
Equity Called Up
26.95
25.51
25.51
25.51
15.3
Less : Equity Calls in Arrears
0
0
0
0
0
Equity Forfeited
0
0
0
0
0
26.95
25.51
25.51
25.51
15.3
Adjustments to equity
0
1.44
0
0
0
Preference Capital Paid Up
0
0
0
0
0
Convertible Preference Share Paid Up
0
0
0
0
0
Non-convertible Preference Share Paid UP
0
0
0
0
0
Unclassified Shares Paid Up
0
Equity Paid Up
Reserves Total TOTAL RESERVES EXCLUDING REVALUATION RESERVE
0 566.74
0 484.78
0 380.55
0 297.89
249.63
566.74
484.78
380.55
297.89
0.3
0.3
0
0
0
306.4
294.42
265.39
213.65
173.65
39.5
39.5
39.5
39.51
49.71
Investment Allowance Reserve
0
0
0
0
0
Debenture Redemption Reserve
0
0
0
0
0
Capital Redemption Reserve
0
0
0
0
0
Debt Redemption Reserve
0
0
0
0
0
Amalgamation Reserve
0
0
0
0
0
Taxation Reserve
0
0
0
0
0
Exchange Fluctuation Reserve
0
0
0
0
0
Foreign Exchange Earnings Reserve
0
0
0
0
0
Exchange Profit / Allowance Reserve
0
0
0
0
0
Deferred Credit Reserve
0
0
0
0
0
Contingency Reserve
0
0
0
0
0
Development Rebate Reserve
0
0
0
0
0
Special Reserve
0
0
0
0
0
Special Appropriation to Projects
0
0
0
0
0
Statutory Reserves
0
0
0
0
0
Reserve for Bad and Doubtful Debt
0
0
0
0
0
Investment Fluctuation Reserve
0
0
0
0
0
220.54
150.56
75.66
44.73
26.27
Other Reserves
0
0
0
0
0
TOTAL REVALUATION RESERVE
0
0
0
0
0
Fixed Asset Revaluation Reserve
0
0
0
0
0
Investment Revaluation Reserve
0
0
0
0
0
Other Revaluation Reserve
0
0
0
0
Capital Reserves General Reserves Share Premium
Profit & Loss Account Balance
Total Shareholders Funds Secured Loans
249.63
0
593.69
511.73
406.06
323.4
19.18
30.02
38.55
32.59
264.93 29.7
Convertible Debentures
0
0
0
0
0
Non Convertible Debentures
0
0
0
0
0
Page 33
Nerolac_BSheet
Partly Convertible Debentures
0
0
0
0
0
Less : Debentures Calls in arrears
0
0
0
0
0
Term Loans Institutions
0
0
0
0
0
Term Loans Banks
0
0
0
0
0
Term Loans Others
0
0
0
0
0
Borrowings from Government of India Deferred Credit / Hire Purchase Bridge Loans/Packing Credit / Bills Cash Credit Discounted
0
0
0
0
0
18.14
23.09
28.54
29.1
28.42
0
0
0
0
0
1.04
6.93
10.01
3.49
1.28
Working Capital Advances
0
0
0
0
0
Interest Accured & Due
0
0
0
0
0
Secured Loans Others
0
0
0
0
Unsecured Loans
78.77
79.98
71.22
0 54.55
40.72
Debentures / Bonds
0
0
0
0
0
Accrued Interest
0
0
0
0
0
Loans from Group Cos
0
0
0
0
0
Loans from Banks
0
0
0
0
0
Loans from Institutions
0
0
0
0
0
Advances
0
0
0
0
0
Loans from GOI / PSUs
0
0
0
0
0
Deferred Liabilities
0
0
0
0
0
78.77
79.98
71.22
54.55
40.72
Commercial Paper
0
0
0
0
0
Unsecured Loans Others
0
0
0
0
0
TOTAL DEPOSITS
0
0
0
0
0
Fixed Deposits
0
0
0
0
0
Intercorporate Deposits
0
0
0
0
0
Security Deposits
0
0
0
0
0
Directors Deposits
0
0
0
0
0
Share Deposits
0
0
0
0
0
Other Deposits
0
0
0
0
Deferred Tax
Total Debt Total Liabilities
0
97.95
110
109.77
87.14
70.42
691.64
621.73
515.83
410.54
335.35
APPLICATION OF FUNDS : Gross Block Goodwill Technical Know-how
480.15 0
424.41 0
354.62 0
294.34 0
233.76 0
0
0
0
0
0
20.26
0.82
0.77
0.77
0.77
9.09
9.09
9.09
6.64
0.11
0
0
0
0
0
114.61
109.73
92.95
85.62
65.15
Ponds & Reservoirs
0
0
0
0
0
Water supply / tubewells
0
0
0
0
0
177.85
159.12
128.04
102.25
78.8
0
0
0
0
0
22.96
21.32
17.11
12.15
9.55
0
0
0
0
0
32.12
32
28.05
22.36
23.19
Office Equipments
0
0
0
0
0
Computers
0
0
0
0
0
6.56
6.11
3.95
3.43
2.58
0
0
0
0
0
Leasehold Land Freehold Land Railway Sidings Buildings
Plant and Machinery Ships / Vessels Electrical Installations / Fittings Factory Equipments Furniture and Fixtures
Lab and R & D Equipment Medical Equipment and Surgical Instrument
Page 34
Nerolac_BSheet
Vehicles
0.76
0.84
0.65
1.77
1.62
Transmission and Distribution Equipment
0
0
0
0
0
Wind Turbines
0
0
0
0
0
Aircraft and Helicopters
0
0
0
0
0
95.94
85.38
74.01
59.35
51.99
Other Fixed Assets Less : Accumulated Depreciation
272.94
234.59
194.73
162.71
146.4
Goodwill
0
0
0
0
0
Technical Know-how
0
0
0
0
0
Leasehold Land
0
0
0
0
0
Freehold Land
0
0
0
0
0
Railway Sidings
0
0
0
0
0
47.8
41.33
33.96
28.42
25.53
Ponds & Reservoirs
0
0
0
0
0
Water supply / tubewells
0
0
0
0
0
106.95
89.99
74.82
61.64
57.79
Buildings
Plant and Machinery Ships / Vessels Electrical Installations / Fittings Factory Equipments Furniture and Fixtures
0
0
0
0
0
11.84
10.1
8.15
5.9
5.38
0
0
0
0
0
23.59
22.17
18.7
16.82
16.2
Office Equipments
0
0
0
0
0
Computers
0
0
0
0
0
3.35
2.85
2.01
1.76
1.66
Lab and R & D Equipment Medical Equipment and Surgical Instrument
0
0
0
0
0
0.61
0.62
0.41
1.04
0.81
Transmission and Distribution Equipment
0
0
0
0
0
Wind Turbines
0
0
0
0
0
Aircraft and Helicopters
0
0
0
0
0
78.8
67.53
56.68
47.13
39.03
Vehicles
Other Fixed Assets Net Block Goodwill Technical Know-how
207.21 0
189.82 0
159.89 0
131.63 0
87.36 0
0
0
0
0
0
20.26
0.82
0.77
0.77
0.77
9.09
9.09
9.09
6.64
0.11
0
0
0
0
0
66.81
68.4
58.99
57.2
39.62
Ponds & Reservoirs
0
0
0
0
0
Water supply / tubewells
0
0
0
0
0
70.9
69.13
53.22
40.61
21.01
Leasehold Land Freehold Land Railway Sidings Buildings
Plant and Machinery Ships / Vessels Electrical Installations / Fittings Factory Equipments
0
0
0
0
0
11.12
11.22
8.96
6.25
4.17
0
0
0
0
0
8.53
9.83
9.35
5.54
6.99
Office Equipments
0
0
0
0
0
Computers
0
0
0
0
0
3.21
3.26
1.94
1.67
0.92
Furniture and Fixtures
Lab and R & D Equipment Medical Equipment and Surgical Instrument
0
0
0
0
0
0.15
0.22
0.24
0.73
0.81
Transmission and Distribution Equipment
0
0
0
0
0
Wind Turbines
0
0
0
0
0
Aircraft and Helicopters
0
0
0
0
0
17.14
17.85
17.33
12.22
12.96
Vehicles
Other Fixed Assets Lease Adjustment
0
0
Page 35
0
0
0
Nerolac_BSheet
Capital Work in Progress Capital Advances
26.63
17.63
17.96
29.26
21.15
6.63
4.97
2.37
11.66
5.34
Pre-operative Expenditure
0
0
0
0
0
Development Expenses
0
0
0
0
0
Assets in Transit
0
0
0
0
0
Other Capital Work in Progress
20
Investments Quoted Government Securities Unquoted Government Securities
12.66 232.14
0
15.59 154.82
0
17.6 163.93
0
15.81 179.12
0
130.4 0
0
0
0
0
0
0.25
0.25
0.25
0.25
0.28
20.24
20.24
20.24
3.11
1
7.11
7.11
5.77
5.77
1.39
Unquoted Debentures/Bonds
5
5
7
7
7.9
Quoted Units
0
0
0
0
0
199.54
122.22
130.67
163.81
111.81
Preference Shares
0
0
0
0
0
Joint Venture / Partnerships
0
0
0
0
0
Application Money
0
0
0
0
0
Other Investments Less : Prov.for dimunition in value of investment
0
0
0
0
9.02
0
0
0
0.82
1
Quoted Equity Unquoted Equity Quoted Debentures/Bonds
Unquoted Units
Current Assets, Loans & Advances Inventories
173.41
180.42
178.24
114.56
107.21
Raw Materials
52.12
52.45
59.47
40.45
31.86
Work-in Progress
13.38
16.11
19.52
12.06
10.67
Contract WIP / Site under development Finished Goods Stores and Spares
0
0
0
0
0
102.37
105.42
91.72
56.48
60.03
1.95
1.94
1.33
1.48
1.52
Investment as Stock_in_Trade
0
0
0
0
0
Stock on hire
0
0
0
0
0
3.59
4.5
6.2
4.09
3.13
Goods-in transit
0
0
0
0
0
Other Inventory
0
0
0
0
Packing Materials
Sundry Debtors Debtors more than Six months Debtors Others Less : Provisions for Doubtful Debts
212.93
143.92
0 104.84
111.72
3.74
4.38
0.73
0.41
1.18
209.19
190.31
143.19
104.43
110.54
0
0
0
0
Cash and Bank Balance with Bank
194.69
33.38
21.49
15.79
0 13.24
18.71
33.31
21.32
15.59
12.94
18.42
Term Deposit with Banks
0.02
0.02
0.08
0.21
0.14
Cash in hand / others
0.05
0.15
0.12
0.09
Loans and Advances Bills Receivable Loans to Subsidiary
48.14
52.72
57.62
0.15 50.47
34.27
0
0
0
0
0
0.98
0.25
0
3.4
0
Loans to Group / Associate Companies
0
0
0
0
0
Loans to Others
0
0
0
0
0
14.98
15.91
20.38
12.14
4.84
Intercorporate Deposits
0
0
0
0
0
Deposits Others
0
0
0
0
0
19.27
18.47
14.01
7.11
8.21
Pre-paid expenses
0
0
0
0
0
Advances to suppliers
0
0
0
0
0
Deposits with Government
Advance Tax
Page 36
Nerolac_BSheet
Advances for capital goods Advances recoverable in cash or kind Less : Provision for Doubtful Advances
0
0
0
0
0
12.6
17.78
22.88
27.47
21.22
0
0
0
0
0
0.31
0.31
0.35
0.35
0
Application money pending allotment
0
0
0
0
0
Other Current Assets
0
Interest Accrued on Investments
Total Current Assets
0 467.86
0 449.32
0 395.57
0 283.11
271.91
Less : Current Liabilities and Provisions Current Liabilities
168.89
149.39
152.04
145.77
124.68
Sundry Creditors
161.02
142.11
146.84
142.38
121.58
Creditors for Goods
161.57
142.16
146.84
142.38
121.58
Creditors for Capital Goods
0
0
0
0
0
Creditors for Finance
0
0
0
0
0
-0.55
-0.05
0
0
0
6.81
6.16
4.05
3.04
2.7
Application Money
0
0
0
0
0
Warrants Application Money
0
0
0
0
0
0.55
0.05
0.19
0.04
0
Advances from Customers / Credit balances
0
0
0
0
0
Due to Subsidiary / Group Companies
0
0
0
0
0
Trade and Other deposits
0.02
0.03
0.04
0
0
Unclaimed Dividend
0.48
1.03
0.92
0.23
0.17
Interest Accrued But Not Due
0.01
0.01
0
0
0
0
0
0
0.08
0.23
Creditors for Others Acceptances
Bank Overdraft / Short term credit
Other Liabilities Provisions Provision for Tax
83.7
46.98
77.7
76.53
62.95
15.23
14.95
15.1
13.62
12.02
5.5
0
4.11
4.11
2.45
0
0
0
0
Provision for Dividend
32.34
1.65
Proposed Equity Dividend
32.34
1.65
29.33
29.33
19.13
Provision for Contingencies
0
0
0
0
0
Provision for depreciation in investment
0
0
0
0
0
Provision for Corporate Dividend Tax Provision for Gratuity
Other Provisions
30.46
16.6
30.21
29.33
48.54
29.16
29.33
0 47.06
29.47
19.13
33.6
29.35
Total Current Liabilities
252.59
196.37
229.74
222.3
187.63
Net Current Assets
215.27
252.95
165.83
60.81
84.28
0
0
0
0
Miscellaneous Expenses not written off
0
Discount on issue of shares
0
0
0
0
0
Discount on issue of Debentures
0
0
0
0
0
Preliminary Expenses
0
0
0
0
0
Deferred revenue expenses
0
0
0
0
0
Pre-operative/Trial run Expenses
0
0
0
0
0
Promoter's Expenses
0
0
0
0
0
Debenture/Share Issue expenses
0
0
0
0
0
Royalty/Liscense fees/ Technical Knowhow
0
0
0
0
0
Financial charges / Expenses not written off Other Miscellaneous expenditure not written off Less: Misc.Expenditure written off during the year
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
Deferred Tax Assets
10.98
11.59
11.63
12.62
Deferred Tax Liability
0.59
5.08
3.41
2.9
0.65
10.39
6.51
8.22
9.72
12.16
691.64
621.73
515.83
410.54
335.35
Net Deferred Tax Total Assets
Page 37
12.81
Nerolac_BSheet
Contingent Liabilities Claims not acknowledged as debt Guarantees undertaken
17.8
18.82
6.1
8.3
3.8
0
0
0
0
0
17.8
18.82
6.1
8.3
3.8
Letter of Credit
0
0
0
0
0
Bills Discounted
0
0
0
0
0
Disputed Sales Tax
0
0
0
0
0
Disputed Income Tax
0
0
0
0
0
Disputed Excise Duty
0
0
0
0
0
Other Disputed Claims
0
0
0
0
0
Uncalled Liability on Shares
0
0
0
0
0
Others
0
0
0
0
0
4.81
1.78
0.8
6.06
20.09
Estimated Capital Contracts Remaining
Page 38
Nerolac_BSheet
Mar 03
Mar 02
15.3
Mar 01
15.3
15.3
30
30
30
0
0
0
0
0
0
15.3
15.3
15.3
15.3
15.3
15.3
15.3
15.3
15.3
0
0
0
0
0
0
15.3
15.3
15.3
0
0
0
0
0
0
0
0
0
0
0
0
0
0 213.25
0 193
182.28
213.25
187.26
0
0
176.43 0
143.65
122.73
112.78
49.71
49.71
49.71
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0.06
0.06
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
19.89
14.76
13.88
0
0
0
0
5.74
5.85
0
5.74
5.85
0
0
0
0
0
0
228.55
208.3
35.85
38.11
197.58 57.12
0
0
0
0
0
0
Page 39
Nerolac_BSheet
0
0
0
0
0
0
0
0
0
0
0
5
0
0
0
0
0
0
28.88
29.6
28.63
0
0
0
6.97
8.51
23.49
0
0
0
0
0
0
0
0 34.91
0 27.69
25.02
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
30.46
21.21
14.39
0
0
0
0
0
0
4.45
6.48
10.63
4.45
6.48
10.63
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
70.76
65.8
82.14
299.31
274.1
279.72
213.39
184.04
164.75
0
0
0
0
0
0
0
0
0
0.88
5.45
5.45
0
0
0
58.78
52.85
48.84
0
0
0
0
0
0
74.58
59.49
56.02
0
0
0
8.94
7.43
7.13
0
0
0
22.31
19.65
17.18
0
0
0
0
0
0
2.51
2.12
1.78
0
0
0
Page 40
Nerolac_BSheet
1.29
1.02
0.68
0
0
0
0
0
0
0
0
0
44.1
36.03
27.67
124.82
94.34
69.92
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
22.35
19.28
16.56
0
0
0
0
0
0
51.59
39.23
33.62
0
0
0
4.74
3.41
2.77
0
0
0
13.55
10.54
7.1
0
0
0
0
0
0
1.7
1.15
0.76
0
0
0
0.56
0.35
0.21
0
0
0
0
0
0
0
0
0
28.88
19.37
7.75
88.57
89.7
94.83
0
0
0
0
0
0
0
0
0
0.88
5.45
5.45
0
0
0
36.43
33.57
32.28
0
0
0
0
0
0
22.99
20.26
22.4
0
0
0
4.2
4.02
4.36
0
0
0
8.76
9.11
10.08
0
0
0
0
0
0
0.81
0.97
1.02
0
0
0
0.73
0.67
0.47
0
0
0
0
0
0
0
0
0
15.22
16.66
19.92
0
0
0
Page 41
Nerolac_BSheet
2.68
0.39
2.35
0
0
0
0
0
0
0
0
0
0
0
0
2.68
0.39 97.75
2.35 61.16
31.07
0
0
0
0.01
0.01
0.01
0.28
0.28
5.28
1.2
1.66
1.79
0
0
0
13.25
13.85
12.93
2.08
2.08
2.08
82.83
45.18
8.98
0
2
4
0
0
0
0
0
0
0
0
0
1.9
3.9
4
100.82
86.04
105.83
29.52
23.45
32.18
11.58
10.12
10.57
0
0
0
55.18
48.01
57.19
1.53
1.34
1.46
0
0
0
0
0
0
3.01
3.12
4.43
0
0
0
0
0 122.15
0 104.95
96.21
3.24
3.06
0.39
118.91
101.89
95.82
0
0 4.79
0 10.24
14.4
4.66
9.72
14.04
0
0.35
0.22
0.13
0.17 32.18
0.14 43.59
48.58
0
0
0
0
7.22
6.88
0
0
0
0
0
0
4.83
5.5
6.2
0
0.12
0
0
0
0
6.16
1.11
13.57
0
0
0
0
0
0
Page 42
Nerolac_BSheet
0
0
0
21.19
29.32
21.93
0
0
0
0
0.32
0
0
0
0
0
0 259.94
0 244.82
134.25
265.02
115.42
95.5
131.31
112.06
93.14
131.31
112.06
93.14
0
0
0
0
0
0
0
0
0
2.56
2.5
1.62
0
0
0
0
0
0
0
0.56
0.35
0
0
0
0
0
0
0
0
0
0.15
0.12
0.09
0.18
0.18
0.3
0.05
0 27.41
0 17.37
18.05
9.33
3.63
4.83
1.76
0
1.01
0
0
0
11.48
9.95
13.77
11.48
9.95
0
0
0
0
0
0
13.77
24.86
2.55
2.26
2.26
161.66
132.79
113.55
98.28
112.03
151.47
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
12.76
11.41
0
0.73
0.59
0
12.03
10.82
0
299.31
274.1
279.72
Page 43
Nerolac_BSheet
9.3
9.3
11.05
0
0
0
9.3
9.3
11.05
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
0
2.29
0.3
1.77
Page 44
Company >> Share Price >> Share Price
Kansai Nerolac Paints Ltd Industry :Paints / Varnishes
22500 20000
765.55
17500 15000 Close BSE_SEN Date -Unit Curr SEX 12500 2003 265.83 5838.96 410.15 10000 410.15 6602.69 2004 2005 765.55 9397.93 7500 265.83 6602.69 2006 815 13786.91 5838.96 2007 863.5 20286.99 5000 2008 605 13802.22
863.5 No of 815 20286.99 Volume Trades 732,289.00 3668 969,440.00 8344 1,433,016.00 8383 1,301,953.00 10413 13786.91 1,759,710.00 20066 2,403,782.00 22764
9397.93
80
70
605 60 13802.2
50
40
30
20
2500
10
0 2003
Profitability Ratios (in %age) Total - Reserves Total - Shareholders Funds Reserves/ Shareholders Fund PAT/ Sales Retained Profit / PAT Return on Capital Employed Return on Equity Capital Structure Debt / Equity Activity Ratios Stock Days Debtor Days
90
2004
2005
2006
2007 484.78 510.29 0.95 0.12 80.66 35.81 31.40
2007
249.63 264.93 0.94 0.09 73.76 42.49 27.52
297.89 323.40 0.92 0.13 75.91 50.34 37.64
2006 380.55 406.06 0.94 0.17 71.41 54.37 43.95
2008 2009 566.74 642.25 593.69 673.00 0.95 0.95 0.11 0.14 78.95 81.42 36.80 37.03 25.87 32.78
0.15
0.17
0.18
0.16
0.13
0.14
71.30 50.32
66.68 41.33
85.33 49.49
72.87 55.19
65.95 55.35
70.37 56.37
0 2008
Creditor Days Stability Ratios Current Ratio Acid Test Ratio
85.14
87.77
74.84
61.43
65.39
59.84
2.29 1.70
2.09 1.59
2.07 1.44
2.56 1.82
2.74 2.07
2.70 1.98
Avg. Turnover 863.5 Net Turnover900 Market Avg. -In 20286.99 -In Thousand Cap Avg. Price Volume Thousand 8001,630.48 527,918.09 698.4 6,051.98 4,362.96 723,224.39 2,327.13 732.43 3,909.03 2,916.23 700 1,214,048.88 2,079.07 829.89 5,755.08 4,875.70 605 1,952.92 739,422.47 594.11 5,228.73 2,969.57 600 13802.22 656,107.04 302.25 6,927.99 5001,045.88 C 9,501.11 572,913.79 677.87 Column 153.7 400 Column B 300 200 100 2007
0 2008
2010 724.36 757.44 0.96 0.14 82.06 35.94 32.22 0.14 69.96 57.49
2,583.10 2,264.48
57.12 2.79 2.04
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