17005640 Vishal Retail Ltd

8/6/2019 17005640 Vishal Retail Ltd

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Company FundamentalsCompany Fundamentals\Company Profile

COMPANY PROFILEFigures in I ndian Rupees

A Wright Investors' Service Research Report:

Vishal Retail Limited.440 Wheelers Farms Road

Milford, CT 06461 U.S.A.

Wright Quality Rating:LLNN

Vishal Retail Limited is an India-based company. The Company is engaged in retail

trading of goods, such as apparel, non apparel and fast moving consumer goods

(FMCG). The Company's portfolios of products are categorized as apparel, non-

apparel (consumer durables, home furnishing and furniture) and FMCG. The

Company's subsidiaries include VRL Consumer Goods Limited, VRL Foods Limited, VRL

Fashions Limited, VRL Movers Limited, VRL Retail Ventures Limited and VRL

Knowledge Process Limited.

Stock Price (11/ 26/ 2010): 31.95

Stock Chart

Recent stock performance1 Week -16.0%4 Weeks -20.5%13 Weeks -38.1%52 Weeks -50.7%

Chairman & ManagingDirector

Ram Chandra Agarwal

Secretary & Chief

Compliance OfficerArun Gupta

Officers

Earnings / Dividends (as of 3/ 31/ 2010)

Earnings Dividends

Most Recent Qtr -109 0.00

Last 12 Months -163 0.00

Ratio Analysis

Price / Earnings Ratio N/A Dividend Yield 0.00%

Price / Sales Ratio 0.06 Payout Ratio N/A

Price / Book Ratio N/A % Held by Insiders 63.27%

Key Data

Ticker:532867

2010 Sales:

11,054,593,000

Major Industry:Retailers

Sub Industry:

Apparel Store Chains

Country:

India

Currency:

Indian Rupees

Fiscal Year Ends:March

Employees

13,423

Exchanges:

BOM

Share Type:

Ordinaria

Market Capitalization:715,643,865

Total Shares

Outstanding:

22,398,869

Closely Held Shares:

14,170,781


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Address

Near TELCO service station Rangpuri

New Delhi DELHI 110 037INDIA

Phone+91 11 3243-1314/15

Home Page

http://www.vishalmegamart.net

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stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written

permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Comparative Business Analysis

A Wright Investors' Service Research Report:

Vishal Retail Limited.

Provided By CorporateInformation.com440 Wheelers Farms RoadMilford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 11/26/2010

Company Description

Vishal Retail Limited is an India-based company. The Company is engaged in retail trading of goods, such as

apparel, non apparel and fast moving consumer goods (FMCG). The Company's portfolios of products are

categorized as apparel, non-apparel (consumer durables, home furnishing and furniture) and FMCG. The

Company's subsidiaries include VRL Consumer Goods Limited, VRL Foods Limited, VRL Fashions Limited, VRLMovers Limited, VRL Retail Ventures Limited and VRL Knowledge Process Limited.

Competitor Analysis

Vishal Retail Limited. operates in the Family clothing stores sector. This analysis compares Vishal Retail Limited.

with three other companies: Shopper's Stop Ltd (2010 sales of 14.49 billion Indian Rupees [US$328.19 million]

of which 100% was Retail Operations), Hyunda i DSF Company Limited of South Korea (2009 sales: 91.06

billion Korean Won [US$79.32 million] ), and Maoye International Holdings Limited which is based in China

(2009 sales of 1.70 billion Chinese Renmimbi [US$255.83 million] of which 80% was Department Stores). Note:

not all of these companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

Vishal Retail Limited. reported sales of 11.05 billion Indian Rupees (US$250.39 million) for the fiscal year ending

March of 2010. This represents a decrease of 16.5% versus 2009, when the company's sales were 13.23 billion

Indian Rupees.Recent Sales at Vishal Retail Limited.

(Figures in Billions of Indian Rupees)

While the company's sales decreased in 2010, all three comparable companies experienced an increase in sales

(between 1.1% and 14.0%). Vishal Retail Limited. currently has 13,423 employees. With sales of 11.05 billionIndian Rupees (US$250.39 million) , this equates to sales of US$18,654 per employee. This is a great deal lower

than the three comparable companies, which had sales between US$62,935 and US$474,950 per employee. Note

that some of the figures stated herein could be distorted based on exact classification of employees and

subcontractors.

Sales Comparisons (Most Recent Fiscal Year)

1.52.9

6.0

9.5

13.2

11.1

200520062007200820092010

Company

Year

Ended

Sales

(US$mlns)

SalesGrowth

Sales/

Emp (US$) Largest Region

Vishal Retail Limited. Mar 2010 250.387 -16.5% 18,654 N/A

Shopper's Stop Ltd Mar 2010 328.190 11.5% 85,222 India (100.0%)

Hyundai DSF Company Limited Dec 2009 79.317 1.1% 474,950 N/A


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Recent Stock Performance

In recent years, this stock has performed terribly. In fiscal year 2008, the stock traded as high as 1,001.00

Indian Rupees, versus 31.95 Indian Rupees on 11/26/2010. For the 52 weeks ending 11/26/2010, the stock of

this company was down 50.7% to 31.95 Indian Rupees. During the past 13 weeks, the stock has fallen 38.1%During the past 52 weeks, the stock of Vishal Retail Limited. has performed significantly worse than the three

comparable companies, which saw gains between 31.9% and 97.0%. During the 12 months ending 3/31/2010,

the company has experienced losses totalling 162.83 Indian Rupees per share. Note that the earnings numberincludes a 1.31 pre-tax charge and excludes a 22.68 charge Mar 2010. This company is currently trading at 0.06

times sales. This is at a lower ratio than all three comparable companies, which are trading between 0.98 and

10.07 times their annual sales. This company has negative book value (and thus a price to book value would not

make any sense).

Summary of company valuations (as of 11/26/2010).

The market capitalization of this company is 715.64 million Indian Rupees (US$16.21 million) . Closely held shares

(i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5%

of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to

acquire a majority of the shares without the consent of management and other insiders. The capitalization of th

floating stock (i.e., that which is not closely held) is 262.89 million Indian Rupees (US$5.95 million) . These

shares are not very liquid.

Dividend Analysis

This company has paid no dividends during the last 12 months. The company also reported losses during the

previous 12 months. The company has not paid any dividends during the previous 6 fiscal years.

Profitability Analysis

On the 11.05 billion Indian Rupees in sales reported by the company in 2010, the cost of goods sold totalled15.67 billion Indian Rupees, or 141.8% of sales (i.e., the gross profit was -41.8% of sales). This gross profit

margin is lower than the company achieved in 2009, when cost of goods sold totalled 99.6% of sales. The gross

margin in 2010 was the lowest of the previous five years (in 2008, the gross margin had been as high as 13.7%)

Vishal Retail Limited.'s 2010 gross profit margin of-41.8% was lower than all three comparable companies (whichhad gross profits in 2010 between 8.8% and 86.4% of sales). In 2010, earnings before extraordinary items at

Vishal Retail Limited. were -3.65 billion Indian Rupees, or -33.0% of sales. This profit margin is lower than the

level the company achieved in 2009, when the profit margin was -7.1% of sales. The company's return on equity

in 2010 was -205.7%. This was significantly worse than the -34.8% return the company achieved in 2009.

(Extraordinary items have been excluded).

Profitability Comparison

Maoye International Holdings Limited Dec 2009 255.829 14.0% 62,935 China (100.0%)

Company P/ E

Price/

Book

Price/

Sales

52 Wk Pr Chg

Vishal Retail Limited. N/A N/A 0.06 -50.70%

Shopper's Stop Ltd 54.3 8.72 1.70 97.03%

Hyundai DSF Company Limited 5.4 0.64 0.98 31.88%

Maoye International Holdings Limited 33.3 4.73 10.07 53.79%

Company Year

Gross

ProfitMargin

EBITDA

Margin

Earns

bef.

extra

Vishal Retail Limited. 2010 -41.8% N/A -33.0%

Vishal Retail Limited. 2009 0.4% -0.2% -7.1%

Shopper's Stop Ltd 2010 8.8% 7.8% 2.5%

Hyundai DSF Company Limited 2009 86.4% 26.9% 16.6%

Maoye International Holdings Limited 2009 38.3% 20.8% 27.6%

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All Rights Reserved


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Company Fundamentals\Summary Analysis

SUMMARY ANALYSIS: Vishal Retail Limited.Per Share- I nd ian Rupees

Year PriceValue Ratios Equity Capital Earnings Dividends

Fiscal Yr

Ends:March

Market

PriceLast

Price/

EarningsRatio

Price/

BookRatio

DividendYield

%

EarnedGrowth

% Profit

Rate(ROE)

Book

ValueBegin Yr

12 Month

EarningsPer Share

% Change

%

PayoutRatio

12 Month

DividendPer Shar

2008 B 833.95 44.0 14.7 0.0% 33.5% 33.5% 56.59 C 18.95 70.0% 0.0% 0.0

2009 34.85 n/c 0.3 0.0% -34.9% -34.9% 121.06 AC -42.19 n/c n/c 0.0

2010 53.10 n/c 0.7 0.0% n/c n/c 79.14 n/a n/c n/c 0.0

11/26/2010 31.95 n/c n/c 0.0% n/a n/a n/a -162.83 n/c n/c 0.0

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 1.31 PRETAX CHG & EXCLS 22.68 CHGMAR 2010, INCLS 1.24 PRETAX CHG IN FIS 2009 ( 1.24 PRETAX CHG MAR )

(B): CHANGE FROM UNCONSOLIDATED TO CONSOLIDATED REPORTS

(C): BASED ON AVERAGE SHARES OUTSTANDING

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established newsmedia, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or bany means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliabbut accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Sales Analysis

SALES ANALYSIS: Vishal Retail Limited.Figures in thousands o f I ndian Rupees

Year

Sales

Cost of

Goods Sold

Earnings before

Interest,

Taxes,

Depreciation, and

Amortization

(EBITDA)

After Tax Income

before

Extraordinary

Charges and

Credits Employees

Amount

in

thousands

Year-to-

year

Growth

Amount

in

thousands

% of

Sales

Amount

in

thousands

% of

Sales

Amount

in

thousands

% of

Sales Number

Sales

Per

Employee

After Tax

Income

PerEmploye

2004 881,040 n/c 851,950 96.7% 30,140 3.4% 3,820 0.4% n/a n/a n/

2005 1,463,120 66.1% 1,375,610 94.0% 88,940 6.1% 30,200 2.1% n/a n/a n/

2006 2,884,430 97.1% 2,621,010 90.9% 269,080 9.3% 124,740 4.3% n/a n/a n/

2007 6,026,530 108.9% 5,356,120 88.9% 690,680 11.5% 249,830 4.1% 6,801 886,124 36,73

2008 9,529,748 58.1% 8,225,715 86.3% 1,229,605 12.9% 406,402 4.3% 13,423 709,957 30,27

2009 13,232,343 38.9% 13,172,825 99.6% -1,708 -0.0% -944,905 -7.1% n/a n/a n/

2010 11,054,593 -16.5% 15,671,829 141.8%-

4,516,232

-

40.9%

-

3,647,275

-

33.0%n/a n/a n/

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieva

system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed

reliable, but accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Price Analysis

PRICE ANALYSIS: Vishal Retail Limited.Per Share- I nd ian Rupees

Quarter

High

Price

Low

Price

Closing

Price

Quarterly

%Change

12

months

%

Change

2007Jul-Sep 809.000 423.250 697.550 n/a n/a

Oct-Dec 993.700 653.000 972.100 39.4% n/a

2008Jan-Mar 1,001.000 646.450 833.950 -14.2% n/a

Apr-Jun 879.950 580.000 588.250 -29.5% n/a

Jul-Sep 630.000 242.000 249.600 -57.6% -64.2%

Oct-Dec 260.000 55.600 96.300 -61.4% -90.1%

2009

Jan-Mar 111.450 25.250 34.850 -63.8% -95.8%

Apr-Jun 98.450 34.950 67.250 93.0% -88.6%

Jul-Sep 77.500 53.200 70.900 5.4% -71.6%

Oct-Dec 86.300 54.000 62.600 -11.7% -35.0%

2010Jan-Mar 75.900 52.750 53.100 -15.2% 52.4%

Apr-Jun 71.750 47.750 63.050 18.7% -6.2%

Jul-Sep 67.100 44.050 44.600 -29.3% -37.1%

11/26/2010 31.950 -38.1% -50.7%

Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,

stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written

permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.


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Company Fundamentals\Earnings & Dividends Analysis

EARNINGS AND DIVIDENDS ANALYSIS: Vishal Retail Limited.Per Share- I nd ian Rupees Fiscal Ye ar Ends in M arch

(A):INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT- INCLS 1.31 PRETAX CHG & EXCLS 22

CHG MAR 2010, INCLS 1.24 PRETAX CHG IN FIS 2009 ( 1.24 PRETAX CHG MAR )

(B): CHANGE FROM UNCONSOLIDATED TO CONSOLIDATED REPORTS

(C):BASED ON AVERAGE SHARES OUTSTANDING

Fiscal

Years

Earnings Per Share Dividends Per Share

12 Months QuarterlyReportedEarn ings 12 Months QuarterlyReportedDividends

Earnings

%

Change

Q1Jun.

Q2Sep.

Q3Dec.

Q4Mar. Dividends

%

Change

Q1Jun.

Q2Sep.

Q3Dec.

Q4Mar.

%

Payo

2004 C0.81 n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0

2005 C2.28 181.5% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0



2008B

C18.95 70.0% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0

2009AC-

42.19n/c 6.25 1.82 0.96 -51.22 0.00 n/c n/a n/a n/a 0.00 0.0

2010 n/a n/c n/a n/a-

53.98-

108.850.00 n/c n/a n/a n/a 0.00 n/c

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retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Informat

is believed reliable, but accuracy, completeness and opinions are not guaranteed.


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Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size

Balance Sheet - (Common Size): Vishal Retail Limited.Figures are expressed as Percent of Total Assets.Total Assets are in millions of Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005

Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005

Assets

Total Assets 10,773.1 9,629.6 4,388.5 1,592.8 643.2

Cash & Short Term Investments 1.4% 5.7% 3.5% 5.2% 3.4%

Cash 1.2% 5.2%

Short Term Investments 0.2% 0.5%

Receivables (Net) 2.9% 5.0% 6.1% 4.6% 2.9%

Inventories -Total 61.9% 57.9% 57.9% 50.2% 58.6%

Raw Materials 2.0% 1.6%

Work in Process 0.7% 1.1%

Finished Goods 59.3% 55.2%

Progress Payments & Other 0.0% 0.0%

Prepaid Expenses 4.1% 3.8% 3.1% 9.5% 0.9%

Other Current Assets 3.8% 3.7% 4.8% 5.3% 5.3%

Current Assets - Total 74.2% 76.2% 75.4% 74.8% 71.1%

Long Term Receivables

Investment in AssociatedCompanies

0.0% 0.0% 0.0% 0.0% 0.0%

Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%

Property Plant and Equipment -Gross

34.8% 29.4% 30.5% 31.9% 37.3%

Accumulated Depreciation 9.2% 5.5% 5.9% 6.7% 8.4%

Property Plant and Equipment Net

25.6% 23.8% 24.6% 25.2% 28.9%

Other Assets 0.2% 0.0% 0.0% 0.0% 0.0%

Deferred Charges 0.1% 0.0% 0.0% 0.0% 0.0%

Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%


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Intangible Other Assets 0.1% 0.0% 0.0% 0.0% 0.0%

Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%

Liabilities & Shareholders'Equity

Total Liabilities & Shareholders'

Equity

10,773.1 9,629.6 4,388.5 1,592.8 643.2

Accounts Payable 8.7% 5.0%

Short Term Debt & Current Portionof Long Term Debt

42.5% 7.7% 32.5%

Accrued Payroll 0.1%

Income Taxes Payable 4.0% 4.4%

Dividends Payable

Other Current Liabilities 3.9% 4.5% 15.3%

Current Liabilities - Total 59.3% 21.6% 47.8% 19.0% 15.7%

Long Term Debt 28.2% 49.7% 22.9% 34.6% 35.2%

Long Term Debt ExcludingCapitalized Leases

27.9% 49.4% 22.9% 34.6% 35.2%

Capitalized Lease Obligations 0.3% 0.3% 0.0% 0.0% 0.0%

Provision for Risks and Charges 0.2% 0.1%

Deferred Income

Deferred Taxes -4.2% 0.2% 0.4% 0.7% 1.7%

Deferred Taxes - Credit 0.3% 0.2% 0.4% 0.7% 1.7%

Deferred Taxes - Debit 4.5%

Deferred Tax Liability in UntaxedReserves

Other Liabilities 0.0% 0.2% 0.0% 0.0% 0.1%

Total Liabilities 83.5% 71.8% 71.1% 54.3% 52.9%

Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Stock 0.0% 0.0% 0.0% 3.5% 0.0%

Preferred Stock Issued forESOP


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ESOP Guarantees - PreferredIssued

Common Equity 16.5% 28.2% 28.9% 42.2% 47.1%

Total Liabilities & Shareholders'Equity

100.0% 100.0% 100.0% 100.0% 100.0%

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recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.


13/40

Financial Statement Analyses\Balance Sheet - Year-Year % Change

Balance Sheet - (Year to Year Percent Change): Vishal Retail Limited.Figures are the Percent Changes from the Prior Year.

Fiscal Year 2009 2008 2007 2006 2005


Assets

Total Assets 11.9% 119.4% 175.5% 147.7% 77.0%

Cash & Short Term Investments -72.4% 263.0% 83.3% 275.4% 7.7%

Cash -74.9%

Short Term Investments -46.1%

Receivables (Net) -35.0% 81.4% 268.1% 285.1% 87.4%

Inventories -Total 19.7% 119.2% 217.8% 112.4% 85.0%

Raw Materials 35.8%

Work in Process -28.6%

Finished Goods 20.1%

Progress Payments & Other

Prepaid Expenses 21.2% 170.4% -11.0% 2,612.5% 195.2%


Current Assets - Total 9.0% 121.8% 177.6% 160.6% 79.0%



Other Investments -100.0%


32.5% 111.2% 163.6% 111.6% 95.0%



20.1% 112.1% 169.5% 115.9% 89.8%

Other Assets 2,243.8% -100.0% -80.0% -41.2%

Deferred Charges 1,052.4% -100.0% -80.0% -41.2%

Tangible Other Assets


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Intangible Other Assets

Total Assets 11.9% 119.4% 175.5% 147.7% 77.0%



Equity

11.9% 119.4% 175.5% 147.7% 77.0%

Accounts Payable 95.3%


516.1% -47.8%

Accrued Payroll

Income Taxes Payable 2.6%

Dividends Payable

Other Current Liabilities -1.3% -35.9%

Current Liabilities - Total 207.7% -1.0% 592.1% 199.1% 59.2%

Long Term Debt -36.5% 375.8% 82.8% 142.9% 179.6%


-36.8% 372.9% 82.8% 142.9% 179.6%

Capitalized Lease Obligations 15.1%

Provision for Risks and Charges 101.4%

Deferred Income

Deferred Taxes-

2,139.5%21.9% 55.6% 3.2% 66.5%

Deferred Taxes - Credit 61.5% 21.9% 55.6% 3.2% 66.5%

Deferred Taxes - Debit


Other Liabilities -100.0% -100.0% -98.9%


Non-Equity Reserves

Minority Interest 80.0%

Preferred Stock -100.0%


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Common Equity -34.6% 113.9% 88.7% 121.6% 129.8%

Total Liabilities & Shareholders'Equity 11.9% 119.4% 175.5% 147.7% 77.0%

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16/40

Financial Statement Analyses\Balance Sheet - Five-Year Averages

Balance Sheet - (5 Year Averages): Vishal Retail Limited.Figures in millions of Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005


Assets

Total Assets 5,405.4 3,323.5

Cash & Short Term Investments 191.6 165.3

Cash

Short Term Investments

Receivables (Net) 232.2 171.0

Inventories -Total 3,193.1 1,899.7

Raw Materials

Work in Process

Finished Goods

Progress Payments & Other

Prepaid Expenses 219.6 131.6

Other Current Assets 219.9 141.4

Current Assets - Total 4,056.4 2,509.0



0.0 0.0

Other Investments 0.0 2.0


1,732.5 1,007.7

Accumulated Depreciation 389.0 195.5


1,343.5 812.2

Other Assets 5.6 0.3

Deferred Charges 2.9 0.3

Tangible Other Assets 0.0 0.0


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Intangible Other Assets 2.7 0.0

Total Assets 5,405.4 3,323.5



Equity

5,405.4 3,323.5

Accounts Payable


Accrued Payroll

Income Taxes Payable

Dividends Payable

Other Current Liabilities

Current Liabilities - Total 2,192.4 927.9

Long Term Debt 1,922.5 1,330.7


1,909.7 1,324.8

Capitalized Lease Obligations 12.8 5.9

Provision for Risks and Charges

Deferred Income

Deferred Taxes -77.0 13.9

Deferred Taxes - Credit 19.7 13.9

Deferred Taxes - Debit


Other Liabilities 4.3 20.3

Total Liabilities 4,048.2 2,294.8

Non-Equity Reserves 0.0 0.0

Minority Interest 0.7 0.3

Preferred Stock 11.2 11.2



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Common Equity 1,345.4 1,017.2

Total Liabilities & Shareholders'Equity

5,405.4 3,323.5




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Financial Statement Analyses\Income Statement - Common Size

Income Statement - (Common Size): Vishal Retail Limited.Figures are expressed as Percent of Net Sales or Revenues.Net Sales or Revenues are in millions of Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005

Net Sales or Revenues 13,232.3 9,529.7 6,026.5 2,884.4 1,463.1

Cost of Goods Sold 99.6% 86.3% 88.9% 90.9% 94.0%

Depreciation, Depletion & Amortization 3.7% 2.9% 2.5% 1.9% 2.0%

Gross Income -3.2% 10.8% 8.6% 7.3% 4.0%

Selling, General & Administrative Expenses

Other Operating Expenses 0.7% 1.1% 0.0% 0.0% 0.0%

Operating Expenses - Total 103.9% 90.3% 91.5% 92.8% 96.0%

Operating Income -3.9% 9.7% 8.5% 7.2% 4.0%

Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0%

Extraordinary Charge - Pretax 0.2% 0.0% 0.0% 0.0% 0.0%

Non-Operating Interest Income 0.1% 0.1% 0.0% 0.0% 0.0%

Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

Other Income/Expense - Net 0.3% 0.2% 0.3% 0.2% 0.1%

Earnings before Interest, Taxes, Depreciation& Amortization (EBITDA)

-0.0% 12.9% 11.5% 9.3% 6.1%

Earnings before Interest & Taxes(EBIT) -3.7% 10.0% 8.9% 7.5% 4.1%

Interest Expense on Debt 7.0% 3.4% 2.4% 1.0% 0.7%

Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%

Pretax Income -10.7% 6.6% 6.5% 6.5% 3.4%

Income Taxes -3.6% 2.3% 2.3% 2.1% 1.3%


Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%

After Tax Other Income/Expense -0.0% -0.0% 0.0% 0.0% 0.0%

Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income before ExtraordinaryItems/Preferred Dividends

-7.1% 4.3% 4.1% 4.3% 2.1%


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Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%

Net Income after Preferred Dividends -available to Common

-7.1% 4.3% 4.1% 4.3% 2.1%





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Financial Statement Analyses\Income Statement - Year-Year % Change

Income Statement - (Year to Year Percent Change): Vishal Retail Limited.Figures are the Percent Changes from the Prior Year.

Fiscal Year 2009 2008 2007 2006 2005

Net Sales or Revenues 38.9% 58.1% 108.9% 97.1% 66.1%

Cost of Goods Sold 60.1% 53.6% 104.4% 90.5% 61.5%

Depreciation, Depletion & Amortization 76.8% 80.5% 184.9% 84.0% 97.8%

Gross Income-

141.7%98.6% 146.7% 259.5% 306.6%


Other Operating Expenses -12.7% 3,747.8% 231.3%

Operating Expenses - Total 59.8% 56.1% 106.0% 90.5% 62.1%

Operating Income -155.9%

79.9% 146.4% 258.1% 306.6%

Extraordinary Credit - Pretax

Extraordinary Charge - Pretax

Non-Operating Interest Income -7.9% 571.3% 302.0% 157.9% -38.7%

Reserves - Increase/Decrease

Pretax Equity in Earnings

Other Income/Expense - Net 202.5% -31.7% 250.9% 381.5% 67.6%

Earnings before Interest, Taxes, Depreciation& Amortization (EBITDA)

-100.1%

78.0% 156.7% 202.5% 195.1%

Earnings before Interest & Taxes(EBIT)-

151.4%77.3% 149.7% 260.4% 288.2%

Interest Expense on Debt 181.5% 122.7% 406.7% 196.2% 370.3%

Interest Capitalized

Pretax Income-

326.4%60.1% 109.5% 273.0% 275.3%

Income Taxes-

315.1%55.6% 128.1% 211.7% 108.1%

Minority Interest

Equity in Earnings

After Tax Other Income/Expense


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Discontinued Operations

Net Income before ExtraordinaryItems/Preferred Dividends

-332.5%

62.7% 100.3% 313.0% 690.6%

Extraordinary Items & Gain/Loss Sale ofAssets

Preferred Dividend Requirements

Net Income after Preferred Dividends -available to Common

-332.5%

62.7% 100.3% 313.0% 690.6%





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Financial Statement Analyses\Income Statement - Five-Year Averages

Income Statement - (5 Year Averages): Vishal Retail Limited.Figures in millions of Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005

Net Sales or Revenues 6,627.2 4,157.0

Cost of Goods Sold 6,150.3 3,686.1

Depreciation, Depletion & Amortization 200.0 105.3

Gross Income 277.0 365.6


Other Operating Expenses 38.9 21.1

Operating Expenses - Total 6,389.1 3,812.5

Operating Income 238.1 344.5

Extraordinary Credit - Pretax 0.0

Extraordinary Charge - Pretax 5.5 0.0

Non-Operating Interest Income 5.6 3.2

Reserves - Increase/Decrease 0.0 0.0

Pretax Equity in Earnings 0.0 0.0

Other Income/Expense - Net 17.2 8.6

Earnings before Interest, Taxes, Depreciation &Amortization (EBITDA)

455.3 461.7

Earnings before Interest & Taxes(EBIT) 255.4 356.4

Interest Expense on Debt 288.0 103.4

Interest Capitalized 0.0 0.0

Pretax Income -32.7 253.0

Income Taxes -5.9 89.9

Minority Interest 0.0 0.0

Equity in Earnings 0.0 0.0

After Tax Other Income/Expense -0.0 -0.0

Discontinued Operations 0.0 0.0

Net Income before Extraordinary Items/PreferredDividends

-26.7 163.0


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Financial Statement Analyses\Sources of Capital - Net Change

Sources of Capital: Vishal Retail Limited.Currency figures are in millions of Indian Rupees.Year to year % changes pertain to reported Balance Sheet values.

Fiscal Year 2009 2008 2007 2006 2005


Total Capital 4,814.8 7,501.9 2,274.1 1,278.3 529.8

Percent of Total Capital

Short Term Debt 95.2% 9.9% 62.7%

Long Term Debt 63.1% 63.8% 44.3% 43.1% 42.8%

Other Liabilities 0.0% 0.3% 0.0% 0.0% 0.2%



Preferred Stock 0.0% 0.0% 0.0% 4.4% 0.0%

Retained Earnings

Common Equity 36.8% 36.1% 55.7% 52.5% 57.2%

Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%

Year to Year Net Changes

Short Term Debt 384.0 -68.2

Long Term Debt -174.9 378.3 45.6 32.4 14.6

Other Liabilities -2.1 2.1 0.0 -0.1 -7.9

Total Liabilities 208.1 379.6 225.6 52.5 10.9

Minority Interest 0.1 0.1 0.0 0.0 0.0

Preferred Stock 0.0 0.0 -5.6 5.6 0.0

Retained Earnings

Common Equity -93.9 144.4 59.6 36.9 17.1

Total Capital -268.7 522.8 99.6 74.9 31.7

Year to Year Percent Changes

Short Term Debt 516.1% -47.8%

Long Term Debt -36.5% 375.8% 82.8% 142.9% 179.6%

Other Liabilities -100.0% -100.0% -98.9%


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Minority Interest 80.0%

Preferred Stock -100.0%

Retained Earnings

Common Equity -34.6% 113.9% 88.7% 121.6% 129.8%Total Capital -35.8% 229.9% 77.9% 141.3% 148.7%

Total Liabilities & CommonEquity

Total Liabilities 8,998.2 6,916.7 3,120.9 865.0 340.1

Net Change in Liabilities as% of Total Liabilities

23.1% 54.9% 72.3% 60.7% 32.0%

Common Equity 1,772.7 2,711.6 1,267.6 671.8 303.1Net Change in Common Equity as% of Common Equity

-53.0% 53.3% 47.0% 54.9% 56.5%

Cash Flow

Operating Activities -1,501.4 -2,341.4 -1,150.0 -292.0 -19.8

Financing Activities 2,195.6 3,942.4 2,171.6 623.0 128.5

Investing Activities 1,100.0 1,159.0 952.8 270.3 107.1




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Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios

Accounting Ratios: Vishal Retail Limited.

Fiscal Year 2009 2008 2007 2006 2005


Receivables Turnover 41.9 19.6 22.5 39.7 77.5

Receivables - Number of Days 11.1 14.4 10.3 5.8 3.6

Inventory Turnover 2.2 2.0 3.2 4.5 4.7

Inventory - Number of Days 169.7 180.1 113.9 82.0 77.0

Gross Property, Plant & EquipmentTurnover

3.5 3.4 4.5 5.7 6.1

Net Property, Plant & EquipmentTurnover

4.8 4.2 5.6 7.2 7.9

Depreciation, Depletion &Amortization% of Gross Property, Plant &Equipment

13.0% 9.8% 11.4% 10.6% 12.1%

Depreciation, Depletion &AmortizationYear to Year Change

21.2 12.3 9.9 2.5 1.4

Depreciation, Depletion &Amortization

Year to Year % Change

76.8% 80.5% 184.9% 84.0% 97.8%





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Financial Ratio Analyses\Asset Utilization

Asset Utilization: Vishal Retail Limited.Figures are expressed as the ratio of Net Sales.Net Sales are in millions of Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005


Net Sales 13,232.3 9,529.7 6,026.5 2,884.4 1,463.1

Cash & Cash Equivalents 1.1% 5.8% 2.5% 2.9% 1.5%

Short-Term Investments 0.2% 0.5%

Accounts Receivable 2.4% 5.1% 4.4% 2.5% 1.3%

Inventories 50.4% 58.5% 42.2% 27.7% 25.8%


Total Current Assets 60.4% 77.0% 54.9% 41.3% 31.2%

Total Long Term Receivables &Investments

0.0% 0.0% 0.0% 0.0% 0.0%


Investments in AssociatedCompanies

0.0% 0.0% 0.0% 0.0% 0.0%

Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%

Property, Plant & Equipment -Gross

28.3% 29.7% 22.2% 17.6% 16.4%


Property Plant & Equipment - Net 20.8% 24.1% 17.9% 13.9% 12.7%

Other Assets 0.2% 0.0% 0.0% 0.0% 0.0%

Total Assets 81.4% 101.0% 72.8% 55.2% 44.0%





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Financial Ratio Analyses\Employee Efficiency

Employee Efficiency: Vishal Retail Limited.Values per Employee are in Indian Rupees.

Fiscal Year 2008 2007

Fiscal Year End Date 3/31/2008 3/31/2007

Employees 13,423 6,801

Values per Employee

Sales 709,957 886,124

Net Income 30,277 36,734

Cash Earnings 59,931 76,733

Working Capital 391,780 178,005

Total Debt 412,204 357,605

Total Capital 558,886 334,376

Total Assets 717,395 645,276

Year to Year % Change per Employee

Employees 97.4%

Sales -19.9%

Net Income -17.6%

Cash Earnings -21.9%

Working Capital 120.1%

Total Debt 15.3%

Total Capital 67.1%

Total Assets 11.2%





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Financial Ratio Analyses\Fixed Charges Coverage

Fixed Charges Coverage: Vishal Retail Limited.

Fiscal Year 2009 2008 2007 2006 2005


EBIT/Total Interest Expense -0.5 2.9 3.6 7.4 6.1

EBIT/Net Interest -0.5 3.0 3.7 7.5 6.2

EBIT/(Total Interest Exp + Pfd Div) -0.5 2.9 3.6 7.4 6.1

EBIT/Dividends on Common Shares

EBIT/(Dividends on Common + Pfd)

EBITDA/Total Interest Expense -0.0 3.7 4.7 9.2 9.0

EBITDA/Net Interest -0.0 3.9 4.7 9.4 9.2

EBITDA/(Total Interest Exp + PfdDiv)

-0.0 3.7 4.7 9.2 9.0

EBITDA/Dividends on Com Shares

EBITDA/(Dividends on Com + Pfd)





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Financial Ratio Analyses\Leverage Analysis

Leverage Analysis: Vishal Retail Limited.

Fiscal Year 2009 2008 2007 2006 2005


Long Term Debt % of EBIT 502.2% 187.1% 255.5% 379.1%

Long Term Debt % of EBITDA 389.5% 145.7% 204.6% 254.8%

Long Term Debt % of Total Assets 28.2% 49.7% 22.9% 34.6% 35.2%

Long Term Debt % of Total Capital 63.1% 63.8% 44.3% 43.1% 42.8%

Long Term Debt % of Com Equity 171.5% 176.6% 79.4% 81.9% 74.8%

Total Debt % of EBIT 580.2% 452.2% 255.5% 379.1%

Total Debt % of EBITDA 450.0% 352.1% 204.6% 254.8%

Total Debt % of Total Assets 70.8% 57.5% 55.4% 34.6% 35.2%

Total Debt % of Total Capital 158.3% 73.8% 106.9% 43.1% 42.8%

Total Debt % of Total Capital &Short Term Debt

81.1% 67.1% 65.7% 43.1% 42.8%

Total Debt % of Common Equity 430.0% 204.0% 191.9% 81.9% 74.8%

Minority Interest % of EBIT 0.1% 0.0% 0.0% 0.0%

Minority Interest % of EBITDA 0.1% 0.0% 0.0% 0.0%

Minority Interest % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Total Capital 0.0% 0.0% 0.0% 0.0% 0.0%

Minority Interest % of Com Equity 0.1% 0.0% 0.0% 0.0% 0.0%

Preferred Stock % of EBIT 0.0% 0.0% 26.0% 0.0%

Preferred Stock % of EDITDA 0.0% 0.0% 20.8% 0.0%

Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 3.5% 0.0%

Preferred Stock % of Total Capital 0.0% 0.0% 0.0% 4.4% 0.0%

Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 8.3% 0.0%

Common Equity % of Total Assets 16.5% 28.2% 28.9% 42.2% 47.1%

Common Equity % of Total Capital 36.8% 36.1% 55.7% 52.5% 57.2%

Total Capital % of Total Assets 44.7% 77.9% 51.8% 80.3% 82.4%

Capital Expenditure % of Sales 8.3% 12.2% 15.9% 9.4% 8.0%


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Fixed Assets % of Common Equity 155.4% 84.6% 85.3% 59.7% 61.3%

Working Capital % of Total Capital 33.4% 70.1% 53.2% 69.5% 67.2%

Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0%

Funds From Operations % of TotalDebt

-10.2% 14.5% 21.5% 34.6% 28.5%




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Financial Ratio Analyses\Liquidity Analysis

Liquidity Analysis: Vishal Retail Limited.

Fiscal Year 2009 2008 2007 2006 2005


Total Current Assets % Net Sales 60.4% 77.0% 54.9% 41.3% 31.2%

Cash % of Current Assets 1.6% 6.8%

Cash & Equivalents % of CurrentAssets

1.9% 7.5% 4.6% 6.9% 4.8%

Quick Ratio 0.1 0.5 0.2 0.5 0.4

Receivables % of Current Assets 4.0% 6.6% 8.1% 6.1% 4.1%

Receivable Turnover - number ofdays

11.1 14.4 10.3 5.8 3.6

Inventories % of Current Assets 83.5% 76.0% 76.9% 67.2% 82.4%

Inventory Turnover - number ofdays

169.7 180.1 113.9 82.0 77.0

Inventory to Cash & Equivalents -number of days

8.2 35.5 21.4 37.2 21.0

Receivables % of Total Assets 2.9% 5.0% 6.1% 4.6% 2.9%

Current Ratio 1.3 3.5 1.6 3.9 4.5

Total Debt % of Total Capital 81.1% 67.1% 65.7% 43.1% 42.8%

Funds from Operations % ofCurrent Liabilities

-12.2% 38.8% 24.9% 62.8% 63.9%

Funds from Operations % of LongTerm Debt

-25.6% 16.8% 51.9% 34.6% 28.5%

Funds from Operations % of TotalDebt

-10.2% 14.5% 21.5% 34.6% 28.5%

Funds from Operations % of TotalCapital -16.2% 10.7% 22.9% 14.9% 12.2%

Cash Flow (in milllions of IndianRupees)

Operating Activities -1,501.4 -2,341.4 -1,150.0 -292.0 -19.8

Financing Activities 2,195.6 3,942.4 2,171.6 623.0 128.5

Investing Activities 1,100.0 1,159.0 952.8 270.3 107.1


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Financial Ratio Analyses\Per-Share Ratios

Per Share Data: Vishal Retail Limited.Figures are expressed as per unit of respective shares.Figures are in Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005


Sales 590.76 425.46 269.06 174.91 98.73

Operating Income -23.10 41.34 22.99 12.67 3.94

Pre-tax Income -63.16 27.90 17.42 11.30 3.37

Net Income (Continuing Operations) -63.16 27.90 17.42 11.30 3.37

Net Income Before Extra Items -42.19 18.14 11.15 7.56 2.04

Extraordinary Items 0.00 0.00 0.00 0.00 0.00

Net Income After ExtraordinaryItems

-42.19 18.14 11.15 7.56 2.04

Net Income Available to CommonShares

-42.19 18.95 11.15 7.98 2.28

Fully Diluted Earnings -42.19 18.95 11.15 7.88 2.27

Common Dividends 0.00 0.00 0.00 0.00 0.00

Cash Earnings -34.80 37.52 23.30 12.18 4.89

Book Value 79.14 121.06 56.59 40.74 20.45

Retained Earnings

Assets 480.97 429.91 195.93 96.59 43.40





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Financial Ratio Analyses\Profitability Growth

Profitability Analysis: Vishal Retail Limited.Currency figures are in Indian Rupees.

Fiscal Year 2009 2008 2007 2006 2005


Gross Income Margin -3.2% 10.8% 8.6% 7.3% 4.0%

Operating Income Margin -3.9% 9.7% 8.5% 7.2% 4.0%

Pretax Income Margin -10.7% 6.6% 6.5% 6.5% 3.4%

EBIT Margin -3.7% 10.0% 8.9% 7.5% 4.1%

Net Income Margin -7.1% 4.3% 4.1% 4.3% 2.1%

Return on Equity - Total -42.1% 20.4% 25.8% 25.6% 13.9%

Return on Invested Capital -0.2% 10.4% 13.8% 16.0% 9.7%

Return on Assets -0.2% 8.8% 11.5% 12.9% 7.2%

Asset Turnover 1.2 1.0 1.4 1.8 2.3

Financial Leverage 430.0% 204.0% 191.9% 81.9% 74.8%

Interest Expense on Debt 925,025,317 328,634,584 147,540,000 29,120,000 9,830,000

Effective Tax Rate 35.0% 36.0% 33.0% 39.5%

Cash Flow % Sales -5.9% 8.4% 8.7% 6.6% 4.4%

Selling, General &Administrative Expenses %of Sales

Research & DevelopmentExpense

Operating Income ReturnOn Total Capital

-35.8% 229.9% 77.9% 141.3% 148.7%





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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance

Wright Quality Rating - Investment Acceptance: Vishal Retail Limited.Currency figures are in millions of U.S. Dollars.

Wright Quality Rating LLNN

Investment Acceptance Rating LLNNTotal Market Value of Shares Outstanding - Three Year Average 191

- Current Year 20

Public Market Value (Excludes Closely Held) - Three Year Average 70

- Current Year 7

Trading Volume - Three Year Average 0

- Current Year 0

Turnover Rate - Three Year Average 0.0%

- Current Year 0.0%

Stock Exchange ListingsBOM

Number of Institutional Investors 0

Number of Shareholders 15,946

Closely Held Shares as % of Total Shares Outstanding 63.3%Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site




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Wright Quality Rating Analyses\Profitability & Stability

Wright Quality Rating - Profitability & Stability: Vishal Retail Limited.


Profitability & Stability Rating LLNN

Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 3.3%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Time-Weighted Average 21.0%

- Basic Trend -4.0%

Cash Earnings Return on Equity - Stability Index 23.5%

Return On Assets (Time-Weighted Average) 4.9%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 3.1%Operating Income as % of Total Assets (Time-Weighted Average) 6.5%

Operating Income as % of Total Capital (Adjusted Rate) -4.2%

Pre-Tax Income as % of Total Assets (Time-Weighted Average) 3.1%

Operating Income as % of Total Assets (Time-Weighted Average) 6.5%

Operating Income as % of Total Capital (Adjusted Rate) -4.2%





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Wright Quality Rating Analyses\Corporate Growth

Wright Quality Rating - Corporate Growth: Vishal Retail Limited.Figures are expressed on a Per Share Basis.


Growth Rating LLNNNormal Earnings Growth 9.3%

Cash Earnings Growth 25.0%

Cash Earnings Stability Index 24.2%

Earned Equity Growth 3.3%

Dividend Growth 0.0%

Operating Income Growth 0.0%

Assets Growth 25.0%

Sales/Revenues Growth 25.0%




17005640 Vishal Retail Ltd

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Transcript of 17005640 Vishal Retail Ltd