Credit Analysis Of Hcc Workbook
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Income from Operations Less: Company’s Share of Turnover in Integrated Joint Ventures
Mar ' 07 Mar ' 08 Mar ' 09 2,394.50 3,104.34 3,518.32
36.88 21.58 204.62 2,357.62 3,082.76 3,313.70
Company’s Share of Profit/ (Loss) in Integrated Joint Ventures
24.38
-0.72
0.06
Other Income
19.88
38.71
58.83
2,401.88 3,120.75 3,372.59 Expenses Construction Expenses Employees’ Remuneration and Benefits Office and Site Establishment Expenses
EBITDA Less: Depreciation EBIT Less: Interest EBT Less: Tax Provision for Current Tax Provision Tax Provision for for Deferred Fringe Benefit Tax MAT credit entitlement PROFIT BEFORE EARLIER YEARS’ TAX Add/(Less) Earlier Years’ Tax Profit After Tax Add: Balance brought forward from Last Year Add: Transferred from Debenture Redemption Reserve Amount avialbale for appropriation
1837.03 2304.93 2390.14
208.68
297.23
374.90
96.65
113.99
117.28
2142.36 2716.15 2882.32 259.52 404.60 490.27 79.66 96.19 115.22 179.86 308.41 375.05 61.97 152.41 210.50 117.89 156.00 164.55 18.19 17.81 2.61 0
17.36 27.75 3.2 -1.08
18.61 36.51 2.4 -18.32
79.28 -42.52 36.76
108.77 0 108.77
125.35 0 125.35
118.36
154.03
207.95
2.42
2.67
8.5
157.54
265.47
341.80
Proposed Dividend Tax on Proposed Dividend Debenture Redemption Reserve General Reserve
19.22 3.27
20.5 3.48
20.5 3.48
8.54 15 46.03
8.54 25 57.52
12.92 25 61.9
Balance carried to Balance Sheet111.51
207.95
279.90
Mar ' 07 Mar ' 08 Mar ' 09 Sources of Funds Owner's Funds Share Capital 25.63 25.63 25.63 Share Warrants 0 15.19 15.19 Reserves & Surplus 878.45 963.24 964.03 Total Shareholders’ Funds 904.08 1004.06 1004.85 Loans Secured loans 482.48 520.75 904.1 Unsecured loans 1,068.58 1,324.11 1,417.70 Total Loans 1,551.06 1,844.86 2,321.80 Deferred Tax Liability 85.54 113.29 113.17 Total of Sources of (Net) Funds ### ### ### Application of Funds Fixed Assets Gross Block 1,101.19 1,409.73 1,682.83 Less : Accumulated Depreciation 355.03 456.63 554.65 Net Block 746.16 953.10 1,128.18 Capital Work In Progress 151.27 67.5 46.44 Total Fixed Assets 897.43 1,020.60 1,174.62 Investments 228.64 295.54 365.5 Current Assets Inventories 1738.61 2143.87 2776.64 Sundry Debtors 0.54 4.45 4.71 Cash & Bank Balances 208.37 264.35 153.87 Other Current Assets 11.09 1.98 3.81 1,958.61 2,414.65 2,939.03 Loans & Advances 347.61 295.4 528.35 Total Current Assets, Loans & Advances 2,306.22 2,710.05 3,467.38 Less: Current Liabilities & Provisions Current Liabilities 843.90 1,017.42 1,402.60 Provisions 47.71 46.56 165.08 Total Current Liabilities & 891.61 1,063.98 1,567.68 Provisions Net Current Assets 1,414.61 1,646.07 1,899.70 Total of Application of Funds ### ### ### NOTES: Book Value of Unquoted Investments Market Value of Quoted Investments Contingent Liabilities Number of Equity Shares Outstanding (In Lakhs)
216.23
252.01
352.55
16.72 416.04
47.71 800.05
7.3 795.74
2562.5
2562.5
2562.5
Year
March'07March'08March'09
Profitability Ratios Operating Profit Margin (OPM) (%) 10.84% Return on Capital Employed (ROCE) (%)8.32% Return on Net Worth (ROE) (%) 4.07%
13.03% 11.87% 10.83%
13.93% 12.39% 12.47%
1.81 0.75 0.58 4.19
1.95 0.83 0.55 2.65
2.42 0.76 0.51 2.33
Current Ratio Quick Ratio Cash Ratio
1.72 0.16 0.16
1.69 0.17 0.16
1.56 0.07 0.07
Degree of Financial Leverage Loan To Value Enterprise Value
0.66 0.51
0.51 0.52
0.44 0.52
Leverage & Coverage Ratios Total debt/equity Asset Turnover Ratio Asset Coverage Ratio Interest Coverage Ratio
Liquidity Ratios
Working Capital Total Assets Z1
March'07March'08March'09CAGR 2,306.22 2,710.05 3,467.38 22.62% 3,203.65 3,730.65 4,642.00 20.37% 0.72 0.73 0.75 1.86%
Retained Earnings Total Assets Z2
111.51 207.95 279.90 3,203.65 3,730.65 4,642.00 0.03 0.06 0.06
58.43% 20.37% 31.62%
EBIT Total Assets Z3
179.86 308.41 375.05 3,203.65 3,730.65 4,642.00 0.06 0.08 0.08
44.40% 20.37% 19.96%
Market Value of Equities 3300 3500 3900 8.71% Book Value of Total Liabilities2,442.67 2,908.84 3,889.48 26.19% Z4 1.35 1.2 1 -13.85% Sales Total Assets Z5 Z-Score
2,394.50 3,104.34 3,518.32 3,203.65 3,730.65 4,642.00 0.75 0.83 0.76 2.66
2.78
2.61
21.22% 20.37% 0.70% -0.93%
Mar ' 07 Mar ' 08 Mar ' 09 2,394.50 3,104.34 3,518.32
36.88 21.58 204.62 2,357.62 3,082.76 3,313.70
Company’s Share of Profit/ (Loss) in Integrated Joint Ventures
24.38
-0.72
0.06
Other Income
19.88
38.71
58.83
2,401.88 3,120.75 3,372.59 Expenses Construction Expenses Employees’ Remuneration and Benefits Office and Site Establishment Expenses
EBITDA Less: Depreciation EBIT Less: Interest EBT Less: Tax Provision for Current Tax Provision Tax Provision for for Deferred Fringe Benefit Tax MAT credit entitlement PROFIT BEFORE EARLIER YEARS’ TAX Add/(Less) Earlier Years’ Tax Profit After Tax Add: Balance brought forward from Last Year Add: Transferred from Debenture Redemption Reserve Amount avialbale for appropriation
1837.03 2304.93 2390.14
208.68
297.23
374.90
96.65
113.99
117.28
2142.36 2716.15 2882.32 259.52 404.60 490.27 79.66 96.19 115.22 179.86 308.41 375.05 61.97 152.41 210.50 117.89 156.00 164.55 18.19 17.81 2.61 0
17.36 27.75 3.2 -1.08
18.61 36.51 2.4 -18.32
79.28 -42.52 36.76
108.77 0 108.77
125.35 0 125.35
118.36
154.03
207.95
2.42
2.67
8.5
157.54
265.47
341.80
Proposed Dividend Tax on Proposed Dividend Debenture Redemption Reserve General Reserve
19.22 3.27
20.5 3.48
20.5 3.48
8.54 15 46.03
8.54 25 57.52
12.92 25 61.9
Balance carried to Balance Sheet111.51
207.95
279.90
Mar ' 07 Mar ' 08 Mar ' 09 Sources of Funds Owner's Funds Share Capital 25.63 25.63 25.63 Share Warrants 0 15.19 15.19 Reserves & Surplus 878.45 963.24 964.03 Total Shareholders’ Funds 904.08 1004.06 1004.85 Loans Secured loans 482.48 520.75 904.1 Unsecured loans 1,068.58 1,324.11 1,417.70 Total Loans 1,551.06 1,844.86 2,321.80 Deferred Tax Liability 85.54 113.29 113.17 Total of Sources of (Net) Funds ### ### ### Application of Funds Fixed Assets Gross Block 1,101.19 1,409.73 1,682.83 Less : Accumulated Depreciation 355.03 456.63 554.65 Net Block 746.16 953.10 1,128.18 Capital Work In Progress 151.27 67.5 46.44 Total Fixed Assets 897.43 1,020.60 1,174.62 Investments 228.64 295.54 365.5 Current Assets Inventories 1738.61 2143.87 2776.64 Sundry Debtors 0.54 4.45 4.71 Cash & Bank Balances 208.37 264.35 153.87 Other Current Assets 11.09 1.98 3.81 1,958.61 2,414.65 2,939.03 Loans & Advances 347.61 295.4 528.35 Total Current Assets, Loans & Advances 2,306.22 2,710.05 3,467.38 Less: Current Liabilities & Provisions Current Liabilities 843.90 1,017.42 1,402.60 Provisions 47.71 46.56 165.08 Total Current Liabilities & 891.61 1,063.98 1,567.68 Provisions Net Current Assets 1,414.61 1,646.07 1,899.70 Total of Application of Funds ### ### ### NOTES: Book Value of Unquoted Investments Market Value of Quoted Investments Contingent Liabilities Number of Equity Shares Outstanding (In Lakhs)
216.23
252.01
352.55
16.72 416.04
47.71 800.05
7.3 795.74
2562.5
2562.5
2562.5
Year
March'07March'08March'09
Profitability Ratios Operating Profit Margin (OPM) (%) 10.84% Return on Capital Employed (ROCE) (%)8.32% Return on Net Worth (ROE) (%) 4.07%
13.03% 11.87% 10.83%
13.93% 12.39% 12.47%
1.81 0.75 0.58 4.19
1.95 0.83 0.55 2.65
2.42 0.76 0.51 2.33
Current Ratio Quick Ratio Cash Ratio
1.72 0.16 0.16
1.69 0.17 0.16
1.56 0.07 0.07
Degree of Financial Leverage Loan To Value Enterprise Value
0.66 0.51
0.51 0.52
0.44 0.52
Leverage & Coverage Ratios Total debt/equity Asset Turnover Ratio Asset Coverage Ratio Interest Coverage Ratio
Liquidity Ratios
Working Capital Total Assets Z1
March'07March'08March'09CAGR 2,306.22 2,710.05 3,467.38 22.62% 3,203.65 3,730.65 4,642.00 20.37% 0.72 0.73 0.75 1.86%
Retained Earnings Total Assets Z2
111.51 207.95 279.90 3,203.65 3,730.65 4,642.00 0.03 0.06 0.06
58.43% 20.37% 31.62%
EBIT Total Assets Z3
179.86 308.41 375.05 3,203.65 3,730.65 4,642.00 0.06 0.08 0.08
44.40% 20.37% 19.96%
Market Value of Equities 3300 3500 3900 8.71% Book Value of Total Liabilities2,442.67 2,908.84 3,889.48 26.19% Z4 1.35 1.2 1 -13.85% Sales Total Assets Z5 Z-Score
2,394.50 3,104.34 3,518.32 3,203.65 3,730.65 4,642.00 0.75 0.83 0.76 2.66
2.78
2.61
21.22% 20.37% 0.70% -0.93%
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