INTRODUCTION

Asian Paints Limited is an Indian chemicals company headquartered in Mumbai, India.[3] It manufactures paints for decorative and industrial use. Asian Paints is India's largest paint company and Asia's third largest paint company, with a turnover of Rs 96.32 billion. Besides Asian Paints, the group operates around the world through its subsidiaries Berger International Limited, Apco Coatings Limited, SCIB Paints and Taubmans.

Asian Paints manufactures and markets industrial and decorative coatings. Along with that the company also provides home painting services and solutions. The company's key products and brands include the following:

Decorative paints: Interior wall paints, Exterior wall paints, Wood surface paints, Metals surface paints.

Industrial coatings: Protective coatings, Floor coatings, Road markings.

Ancillaries: Wall primer, Acrylic Wall Putty, Exterior Wall Putty, Wood Primer.

Asian paints made a foray in automotive paints in the year 1997 with a joint venture with PPG Industries. The joint venture is called PPG Asian paints.[7] The company manufactures body coatings and plastic coatings.

Paint brands owned by the company are: Ace & Apex, Apcolite, Apex, Apex Ultima, Asian Paints, Colour Next, Premium Gloss Enamel, Royale, Royale Play, Touchwood, Tractor Emulsion, Utsav.

ECONOMY AND SECTOR ANALYSIS 2013-14Indian economy showed substantial slowdown and recorded a meager growth of 4.9%, a far cry from the earlier levels of 8%. The recovery in the economy was due to timely monsoons resulting in agricultural growth but industry showed no signs of recovery. In the demand side, consumption growth remained weak and inflation high.

Rupee depreciated heavily on fears of large fund outflows, excess demand for dollars lead to the rupee depreciation. Although inflation reduced slightly, stickiness in inflation prevented Reserve Bank of India to lower the interest rates (which would have increased liquidity in the economy and increased inflation).

The paint industry remained comparatively resilient but was not as good as expected. Demand in rural areas was comparatively better than in urban areas. Heavy rains in South India slowed down the paint operations in the infrastructure sector.

ANALYSING ASIAN PAINTS WITH RESPECT TO OTHER COMPANIES (2013-14)

RATIO ANALYSIS

1. CURRENT RATIO

The current ratio is an indication of a firm's market liquidity and ability to meet creditor's demands. Acceptable current ratios vary from industry to industry and are generally between 1.5 and 3 for healthy businesses. If a company's current ratio is in this range, then it generally indicates good short-term financial strength. If current liabilities exceed current assets (the current ratio is below 1), then the company may have problems meeting its short-term obligations. If the current ratio is too high, then the company may not be efficiently using its current assets or its short-term financing facilities. This may also indicate problems in working capital management.

ASIAN PAINTS NEROLAC DULUX BERGER PAINTS SHALIMAR PAINTS1.288511 1.59 0.736462094 0.97 0.9

CURRENT RATIO

Asian PaintsNerolacDuluxBergerShalimar

Here we see that Nerolac lead the industry in terms of having the best Current Ratio. Asian Paints are second in the industry. A healthier ratio should have been at least 1.5 so Asian paints should work on increasing its current assets with respect to its current liabilities.

ASIAN PAINTS VERTICAL ANALYSIS

BALANCE SHEET

Here we see that Total Debts have fallen over the years whereas cash balances of the firm have increased. Also, Total Current assets have increased whereas current liabilities show a decline. Loans and advances have remained stable over the years.

PROFIT AND LOSS STATEMENT

Sources Of Funds2014 2013 2012 2011 2010

Total Share Capital 2.634846 3.125428 3.611446 4.703229 5.908187Equity Share Capital 2.634846 3.125428 3.611446 4.703229 5.908187Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Reserves 96.27985 95.35096 90.05497 92.1523 90.00868Revaluation Reserves 0 0 0 0 0Net worth 98.91469 98.47639 93.66642 96.85552 95.91687Secured Loans 0.18267 0.302377 0.640437 1.148839 1.576214Unsecured Loans 0.902638 1.221237 5.693148 1.995636 2.506914Total Debt 1.085308 1.523613 6.333584 3.144475 4.083129Total Liabilities 100 100 100 100 100

0 0 0 0 0Application Of Funds 0 0 0 0 0Gross Block 79.8832 91.35587 62.48155 79.00267 73.56838Less: Accum. Depreciation

24.60966 22.86854 24.49059 27.16566 29.99242

Net Block 55.27354 68.48733 37.99096 51.83701 43.57596Capital Work in Progress 1.042456 1.712273 31.14834 3.30089 23.45043Investments 28.2985 14.65289 20.41491 50.73721 43.34374Inventories 45.7376 48.2496 47.60617 52.55142 47.00556Sundry Debtors 19.56796 20.65415 18.83434 17.97936 20.41441Cash and Bank Balance 20.47445 18.47039 16.97816 0.994386 1.760383Total Current Assets 85.78002 87.37415 83.41867 71.52517 69.18036Loans and Advances 13.14676 11.81517 13.60015 13.28201 14.88626Fixed Deposits 0 0 1.88366 0.009316 0.001232Total CA, Loans & Advances

98.92678 99.18932 98.90248 84.81649 84.06785

Deffered Credit 0 0 0 0 0Current Liabilities 66.573 67.73954 72.63479 74.10674 75.70264Provisions 16.96828 16.30227 15.82191 16.58486 18.73533Total CL & Provisions 83.54128 84.04181 88.4567 90.69161 94.43798Net Current Assets 15.3855 15.14751 10.44578 -5.87511 -10.3701Miscellaneous Expenses 0 0 0 0 0Total Assets 100 100.00 100.00 100.00 100.00

Income 2014 2013 2012 2011 2010Sales Turnover 100% 100% 100% 100% 100%Excise Duty 0 0 8.888011 8.814439 7.358705Net Sales 100 100 91.11199 91.18556 92.64129Other Income 1.571201 1.406088 0.989453 0.99909 2.599373Stock Adjustments 0.723117 1.960721 1.57319 2.174588 2.25799Total Income 102.2943 103.3668 93.67463 94.35924 97.49866Expenditure 0 0 0 0 0Raw Materials 58.01697 59.75456 53.24896 52.62506 51.19406Power & Fuel Cost 1.100417 1.133007 0.812855 0.910749 0.811689Employee Cost 4.630389 4.509625 3.758566 4.173321 4.534448Other Manufacturing Expenses

0 0 0.843054 0.848357 0.902644

Selling and Admin Expenses

0 0 18.30253 18.38406 19.32814

Miscellaneous Expenses

19.91702 19.31741 0.402324 0.389118 0.300479

Preoperative Exp Capitalised

0 0 0 0 0

Total Expenses 83.66479 84.7146 77.36829 77.33067 77.07146Operating Profit 17.05833 17.24612 15.31689 16.02948 17.82782PBDIT 18.62953 18.65221 16.30634 17.02857 20.42719Interest 0.250317 0.340627 0.305053 0.225548 0.329646PBDT 18.37922 18.31158 16.00129 16.80302 20.09755Depreciation 2.037859 1.415339 1.088585 1.304146 1.04831Other Written Off 0 0 0 0 0Profit Before Tax 16.34136 16.89624 14.9127 15.49888 19.04924Extra-ordinary items

0 0 0.026041 0.05825 0.124782

PBT (Post Extra-ord Items)

16.34136 16.89624 14.93874 15.55713 19.17402

Tax 5.120657 5.192773 4.452376 4.857418 5.806952Reported Net Profit 11.2207 11.70347 10.48637 10.69971 13.36707Total Value Addition

25.64782 24.96004 24.11933 24.70561 25.8774

Preference Dividend

0 0 0 0 0

Equity Dividend 4.879362 4.91802 4.198201 4.236817 4.469727Corporate Dividend Tax

0.787232 0.828048 0.681008 0.691689 0.747831

Per share data (annualised)

100% 100% 100% 100% 100%

Shares in issue (lakhs)

92.06433 10.6914 10.49523 13.24022 16.5548

Earning Per Share (Rs)

0.117 1.22017 1.09329 1.115453 1.393489

Equity Dividend (%) 5.086968 5.127233 4.37666 4.417089 4.659921Book Value (Rs) 0.360311 3.511932 2.837826 2.842535 2.801993

Here we see that the sales have increased but the gap between Total income and expenses have remained constant over the years. Operating profit has not grown and Profit after taxes has fallen as compared to the level five years back.

TREND ANALYSIS

BALANCE SHEETSources Of Funds 2014 2013 2012 2011 201

0Total Share Capital 1 1 1 1 1Equity Share Capital 1 1 1 1 1Share Application MoneyPreference Share CapitalReserves 2.39855

62.00255

91.63680

31.28611

51

Revaluation ReservesNetworth 2.31240

91.94080

51.59757

81.26849

11

Secured Loans 0.259867

0.362642

0.664713

0.915592

1

Unsecured Loans 0.807371

0.920885

3.715233

1 1

Total Debt 0.596017

0.705385

2.537638

0.967416

1

Total Liabilities 2.242327

1.890361

1.635962

1.256198

1

Application Of FundsGross Block 2.43479

92.34741

61.38942

11.34899 1

Less: Accum. Depreciation

1.839895

1.441357

1.335859

1.137802

1

Net Block 2.84426 2.971037

1.426286

1.494346

1

Capital Work in Progress 0.09968 0.138028

2.172988

0.176823

1

Investments 1.463983

0.63906 0.770538

1.470477

1

Inventories 2.18184 1.94039 1.65686 1.40440 1

1 1 5 8Sundry Debtors 2.14935

31.91256

11.50933

81.10635

71

Cash and Bank Balance 26.07978

19.83415

15.77817

0.709587

1

Total Current Assets 2.780368

2.387508

1.972666

1.298776

1

Loans and Advances 1.980305

1.500372

1.494621

1.120821

1

Fixed Deposits 0 0 2501.5 9.5 1Total CA, Loans & Advances

2.638656

2.230384

1.924644

1.267385

1

Deffered CreditCurrent Liabilities 1.97190

51.69151

51.56966

41.22971

61

Provisions 2.030838

1.64487 1.381563

1.11201 1

Total CL & Provisions 1.983597

1.682261

1.532347

1.206364

1

Net Current Assets -3.3268 -2.76123 -1.6479 0.711689

1

Miscellaneous ExpensesTotal Assets 2.24232

71.89036

11.63596

21.25619

81

We observe that the net worth of the company has increased 2.3 times compared to the base year. Total assets increased 2.24 times and total liabilities 2.4 times but, Net current assets have declined by 3.3 times so the gap between current assets and current liabilities has worsened.

PROFIT AND LOSS

Income 2014 2013 2012 2011 2010Sales Turnover 1.798174 1.548423 1.577364 1.250341 1Excise Duty 0 0 1.905176 1.49769 1Net Sales 1.941007 1.671417 1.551325 1.230694 1Other Income 1.086913 0.837594 0.600425 0.480579 1Stock Adjustments 0.575862 1.344569 1.098983 1.204158 1Total Income 1.88662 1.641618 1.515498 1.210081 1ExpenditureRaw Materials 2.037826 1.807345 1.640679 1.285291 1Power & Fuel Cost 2.437806 2.161386 1.57963 1.402934 1

Employee Cost 1.83622 1.539946 1.307464 1.150763 1Other Manufacturing Expenses

0 0 1.473231 1.175143 1

Selling and Admin Expenses

0 0 1.493665 1.189269 1

Miscellaneous Expenses

119.1907 99.54624 2.112005 1.619184 1

Preoperative Exp CapitalisedTotal Expenses 1.952004 1.701979 1.583439 1.254546 1Operating Profit 1.72056 1.497899 1.355203 1.124216 1PBDIT 1.639928 1.413875 1.259157 1.042313 1Interest 1.365445 1.6 1.459686 0.855497 1PBDT 1.644431 1.410822 1.255867 1.045377 1Depreciation 3.495555 2.09055 1.637965 1.555482 1Other Written OffProfit Before TaxExtra-ordinary items 0 0 0.329184 0.583679 1PBT (Post Extra-ord Items)

1.532521 1.364478 1.228946 1.014483 1

Tax 1.585657 1.384652 1.209416 1.04589 1Reported Net Profit 1.509438 1.355713 1.237431 1.000839 1Total Value Addition 1.78222 1.493531 1.470201 1.193723 1Preference DividendEquity DividendCorporate Dividend Tax

1.892915 1.714517 1.436418 1.156474 1

Per share data (annualised)Shares in issue (lakhs) 9.999979 1 1 1 1Earning Per Share (Rs)

0.150978 1.355834 1.237553 1.000867 1

Equity Dividend (%) 1.962963 1.703704 1.481481 1.185185 1Book Value (Rs) 0.231229 1.940745 1.597536 1.268432 1

We observe that the sales have increased 1.7 times and total income by 1.8. Operating profit increased 1.7 times and PAT by 1.5. However, Earnings per share recorded a meager 0.15 growth from the base year.

RATIO ANALYSIS

Net profit margin and Gross profit margin both show a slight decline. Net working capital turnover has improved significantly but same cannot be said for asset and fixed asset turnover ratios which both

RATIOS2014 2013 2012 2011 2010

Net profit margin 0.112207 0.117035 0.104864 0.106997 0.133671Gross profit margin 0.637478 0.653972 0.732158 0.729541 0.689745Net working capital turnover 14.90 14.89 29.07 -125.47 -50.69Asset Turnover 2.861956 2.923311 3.441035 3.552227 3.568866Fixed asset turnover 5.177805 4.268397 9.05751 6.852685 8.18999Days of Cash 26.11212 23.06184 19.766 1.120523 1.943414Return on investment 0.321132 0.342129 0.36084 0.380078 0.477053Return on Equity 0.324655 0.347422 0.385239 0.392417 0.497361Current ratio 1.288511 1.289854 1.148467 0.965164 0.913843Quick ratio 0.601481 0.577573 0.493049 0.256033 0.29292Cash ratio 0.307549 0.272668 0.233747 0.013418 0.023254Debt to asset 0.010853 0.015236 0.063336 0.031445 0.040831Long term debt to capital structure 0.082462 0.088235 0.081265 0.103578 0.117376

show a decline. Days of Cash have improved significantly whereas return on investment and equity show a slight decline. Liquidity ratios show improvement and solvency ratios are fairly stable.

BALANCE

Here we see that Total Debts have fallen over the years whereas cash balances of the firm have

Sources Of Funds2014 2013 2012 2011 2010

Total Share Capital 3.653807 4.002317 4.760096 5.396285 3.052787Equity Share Capital 3.653807 4.002317 4.760096 5.396285 3.052787Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Reserves 92.84019 91.5052 89.14779 86.34457 84.48913Revaluation Reserves 0 0 0 0 0Net worth 96.494 95.50751 93.90789 91.74085 87.54191Secured Loans 0.061021 0.066841 0.261456 0.812096 3.798142Unsecured Loans 3.444979 4.425646 5.830654 7.447054 8.659946Total Debt 3.506 4.492488 6.09211 8.25915 12.45809Total Liabilities 100 100 100 100 100

0 0 0 0 0Application Of Funds 0 0 0 0 0Gross Block 90.06244 84.80237 74.65795 67.61996 72.23267Less: Accum. Depreciation 28.39224 27.28339 39.65111 39.76108 39.45967Net Block 61.6702 57.51898 35.00685 27.85889 32.773Capital Work in Progress 3.265284 9.171457 15.85037 10.3711 1.861124Investments 3.828708 4.500691 16.20898 37.23264 45.48482Inventories 43.77623 39.66475 40.07508 35.45822 28.029Sundry Debtors 30.83849 31.19216 31.69456 26.06144 26.32193Cash and Bank Balance 3.720227 4.461328 5.227223 3.974405 4.653376Total Current Assets 78.33495 75.31824 76.99686 65.49407 59.0043Loans and Advances 5.800354 6.649288 5.929426 6.372667 6.087449Fixed Deposits 0 0 0 0 0Total CA, Loans & Advances 84.1353 81.96753 82.92629 71.86674 65.09175Deffered Credit 0 0 0 0 0Current Liabilities 45.62448 44.35557 39.71294 36.40351 34.60014Provisions 7.27502 8.803084 10.27956 10.92586 10.61056Total CL & Provisions 52.8995 53.15865 49.99249 47.32937 45.21069Net Current Assets 31.2358 28.80888 32.9338 24.53737 19.88106Miscellaneous Expenses 0 0 0 0 0Total Assets 100 100.00 100.00 100.00 100.00

increased. Also, Total Current assets and current liabilities have increased. Loans and advances have remained stable over the years.

PROFIT AND LOSS STATEMENTIncome 2014 2013 2012 2011 2010Sales Turnover 100% 100% 100% 100% 100%Excise Duty 0 0 9.542708 9.404819 7.962124Net Sales 100 100 90.45729 90.59518 92.03788Other Income 0.327484 4.594591 0.841107 1.945299 1.017898Stock Adjustments 2.558372 2.038773 2.009183 2.816472 2.399947Total Income 102.8859 106.6334 93.30758 95.35695 95.45572Expenditure 0 0 0 0 0Raw Materials 70.74706 70.63873 59.75804 59.30996 56.90543Power & Fuel Cost 2.113906 1.592091 1.152506 1.341655 1.326767Employee Cost 4.307702 4.135657 3.542655 3.715722 3.857058Other Manufacturing Expenses 0 0 0.186508 0.898046 0.930664Selling and Admin Expenses 0 0 14.75267 15.85559 17.32608Miscellaneous Expenses 13.91063 13.90664 1.941272 0.615677 0.6928Preoperative Exp Capitalised 0 0 0 0 0Total Expenses 91.0793 90.27312 81.33365 81.73665 81.03879Operating Profit 11.47907 11.76565 11.13283 11.675 13.39903PBDIT 11.80655 16.36024 11.97394 13.6203 14.41693Interest 0.014266 0.0007 0.002981 0.049334 0.083177PBDT 11.79229 16.35954 11.97095 13.57097 14.33375Depreciation 2.060012 1.649152 1.866735 1.979392 2.244752Other Written Off 0 0 0 0 0Profit Before Tax 9.732274 14.71039 10.10422 11.59158 12.089Extra-ordinary items 0 0 0.004307 0.006417 0.057311PBT (Post Extra-ord Items) 9.732274 14.71039 10.10853 11.59799 12.14631Tax 3.18354 4.48222 2.956298 3.335085 3.751059Reported Net Profit 6.548734 10.22817 7.151896 8.261705 8.393729Total Value Addition 20.33224 19.63439 21.57561 22.42669 24.13387Preference Dividend 0 0 0 0 0Equity Dividend 1.87931 2.07518 1.963798 2.161488 2.049997Corporate Dividend 0.319559 0.352865 0.318687 0.350555 0.340314

TaxPer share data (annualised) 0 0 0 0 0Shares in issue (lakhs) 17.08498 18.86565 17.85307 21.61568 13.66631Earning Per Share (Rs) 1.215147 1.898047 1.327088 1.532976 3.115063Equity Dividend (%) 3.487248 3.850705 3.644025 4.010926 7.60761Book Value (Rs) 8.371931 8.353229 6.535393 6.818574 14.54575

Here we see that the sales have increased but the gap between Total income and expenses have remained constant over the years. Operating profit has not grown and Profit after taxes has fallen as compared to the level five years back.

TREND ANALYSIS

BALANCE SHEETSources Of Funds 2014 2013 2012 2011 201

0Total Share Capital 1.99962

91.99962

91.99962

91.99962

9 1Equity Share Capital 1.99962

91.99962

91.99962

91.99962

9 1Share Application Money 0 0 0 0 1Preference Share Capital 0 0 0 0 1Reserves 1.83584

31.65188

31.35313

11.15607

3 1Revaluation Reserves 0 0 0 0 1Networth 1.84155

4 1.664011.37567

6 1.18549 1Secured Loans 0.02684

20.02684

20.08827

90.24187

3 1Unsecured Loans 0.66461

70.77946

4 0.863440.97279

3 1Total Debt 0.47017

60.55000

90.62711

40.74995

5 1Total Liabilities 1.67070

71.52522

7 1.28242 1.13123 1

Application Of FundsGross Block 2.08311

51.79062

81.32551

3 1.05898 1Less: Accum. Depreciation

1.202124

1.054572

1.288675

1.139859 1

Net Block 3.143855

2.676863

1.369867 0.9616 1

Capital Work in Progress 2.931223

7.516129

10.92209

6.303713 1

Investments 0.140634

0.150919

0.457015

0.925985 1

Inventories2.60936

2.158382

1.833616

1.431054 1

Sundry Debtors 1.957396

1.807419

1.544218

1.120024 1

Cash and Bank Balance 1.335686

1.462269

1.440604

0.966164 1

Total Current Assets 2.218069

1.946918 1.67352

1.255639 1

Loans and Advances 1.591924

1.665984

1.249163 1.18422 1

Fixed Deposits #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Total CA, Loans & Advances

2.159511

1.920645

1.633834 1.24896 1

Deffered Credit #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Current Liabilities 2.20304

51.95524

61.47195

91.19017

8 1Provisions 1.14551

1 1.26541.24244

71.16483

4 1Total CL & Provisions 1.95485

11.79334

51.41809

5 1.18423 1Net Current Assets 2.62492

2 2.210132.12443

7 1.39616 1Miscellaneous Expenses #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Total Assets 1.67071

81.52521

51.28245

41.13121

9 1

We observe that the net worth of the company has increased 1.84 times compared to the base year. Total assets increased 1.67 times and total liabilities 2.2 times ,Net current assets have by 2.6 times.

PROFIT AND LOSSIncome 2014 2013 2012 2011 2010Sales Turnover 1.599804 1.448803 1.530976 1.264481 1Excise Duty 0 0 1.834894 1.493598 1Net Sales 1.738202 1.574138 1.504684 1.24466 1Other Income 0.514699 6.539611 1.265072 2.416542 1Stock Adjustments 1.70541 1.230769 1.281699 1.483939 1Total Income 1.724331 1.618455 1.496523 1.263173 1Expenditure #DIV/0! #DIV/0! #DIV/0!

Raw Materials 1.988939 1.798451 1.607722 1.317912 1Power & Fuel Cost 2.54893 1.738532 1.329893 1.27867 1Employee Cost 1.786719 1.553452 1.40618 1.218146 1Other Manufacturing Expenses 0 0 0.306812 1.220163 1Selling and Admin Expenses 0 0 1.303583 1.157163 1Miscellaneous Expenses 32.12225 29.08199 4.289898 1.123719 1Preoperative Exp Capitalised #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Total Expenses 1.798016 1.613894 1.536546 1.27537 1Operating Profit 1.370567 1.27219 1.272039 1.101783 1PBDIT 1.310139 1.644093 1.271547 1.194611 1Interest 0.27439 0.012195 0.054878 0.75 1PBDT 1.316149 1.653563 1.278607 1.197191 1Depreciation 1.468143 1.064392 1.273159 1.115002 1Other Written Off #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Profit Before Tax 1.287926 1.762964 1.279619 1.212452 1Extra-ordinary items 0 0 0.115044 0.141593 1PBT (Post Extra-ord Items) 1.281849 1.754645 1.274124 1.207399 1Tax 1.357761 1.731206 1.206598 1.124256 1Reported Net Profit 1.248157 1.765438 1.304471 1.244592 1Total Value Addition 1.347799 1.178691 1.368688 1.175034 1Preference Dividend #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Equity Dividend 1.466601 1.466601 1.466601 1.333251 1Corporate Dividend Tax 1.502235 1.502235 1.433681 1.302534 1Per share data (annualised) #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1Shares in issue (lakhs) 2 2 2 2 1Earning Per Share (Rs) 0.624064 0.882774 0.652231 0.622273 1Equity Dividend (%) 0.733333 0.733333 0.733333 0.666667 1Book Value (Rs) 0.920781 0.832008 0.687866 0.592748 1

We observe that the sales have increased 1.5 times and total income by 1.7. Operating profit increased 1.3 times and PAT by 1.2. However, Earnings per share has shown a decline from the base year.

RATIO ANALYSIS

DULUX PAINTS

RATIOS2014 2013 2012 2011 2010

Net profit margin6.52 10.17 7.86 9.03 9.04

Gross profit margin9.41 10.11 10.24 10.7 12.11

Net working capital turnover-9.87 -8.71 -15.63 -10.95 -8.82

Asset Turnover2.24 2.31 2.56 2.4 2.23

Fixed asset turnover2.38 2.51 3.24 3.37 2.86

Days of Cash6.35 7.68 7.91 6.41 8.26

Return on investment0.14 0.22 0.19 0.21 0.19

Return on Equity0.26 0.18 0.25 0.26 0.16

Current ratio1.59 1.54 1.66 1.52 1.3

Quick ratio0.76 0.8 0.84 0.74 0.79

Cash ratio8.68 0.67 2.42 0.46 1.63

Debt to asset0.04 0.04 0.06 0.08 0.12

Long term debt to capital structure0.04 0.05 0.06 0.09 0.11

2013-2014 2012-2013 2012-2011 2011-2010 2010-2009Share Capital 5.50837462 4.2250973 3.32408 3.371198 3.709303Reserves & Surplus 94.4916254 95.774903 96.57183 96.49139 96.1395Current LiabilitiesCurrent Liabilities 75.076669 56.030037 38.5982 26.99707 24.40278Provisions 65.4163718 52.528725 16.55795 15.54599 15.64358Total Current Liabilities 140.493041 108.55876 55.15614 42.54306 40.04637total 100 100 100 100 100

AssetsNon-current AssetsGross Block 106.735079 66.135891 48.39695 34.34408 35.2283(-) Acc. Depreciation 47.4640245 34.036008 23.67106 21.34481 21.30834Net Block 59.2710545 32.099882 24.62179 12.86185 13.76877Current assetsCapital Work in Progress 3.60934183 9.5630146 1.603053 3.27959 0.231831Investments 74.1448455 85.696191 69.63914 90.23452 96.7846Inventories 38.240151 28.490003 23.13671 14.03444 9.797399Sundry Debtors 36.282142 22.763051 15.68355 6.421766 8.14434Cash and Bank 8.51615947 7.7535511 5.156142 2.775742 1.441387Loans and Advances 20.4293465 22.19307 15.21166 12.79773 9.726842Total Current Assets 103.467799 81.199674 59.18806 36.02968 29.10997NET CURRENT ASSETS -37.025242 -27.359088 4.031922 -6.51337 -10.9364TOTAL ASSETS 100 100 100 100 100

VERTICAL ANALYSIS

Here we see that Total Debts have fallen over the years whereas cash balances of the firm have increased. Also, Total Current assets have increased whereas current liabilities show a decline.

INCOME STATEMENT

2013-2014 2012-2013 2012-2011 2011-2010 2010-2009

Sales Turnover 100 100 109.312 109.1157 107.0331Excise Duty 0 0 9.311966 9.11568 7.033051NET SALES 100 100 100 100 100Other Income 0 0 0 0 0TOTAL INCOME 102.34501 106.18728 100.9908 103.5422 102.0177

Manufacturing Expenses 0.64105215 0.6541219 2.830999 1.552308 2.113759Material Consumed 57.090864 58.234767 57.36313 47.31236 46.46426Personal Expenses 8.01935564 7.8539427 7.431374 5.391793 5.005765Selling Expenses 0 0 13.85168 27.04153 26.71983Administrative Expenses 26.312089 24.811828 9.377686 7.695483 7.359723Expenses CapitalisedProvisions MadeTOTAL EXPENDITURE 92.0633608 91.554659 90.85486 88.99348 87.66334Operating Profit 7.93663923 8.4453405 9.145139 11.00652 12.33666EBITDA 10.2816494 14.632616 10.13599 14.54876 14.35434Depreciation 1.80735349 1.7293907 1.85026 1.79176 2.036895Other Write-offsEBIT 8.47429588 12.903226 8.285729 12.757 12.31745Interest 0.06203731 0.3987455 0.197159 0.123854 0.105688EBT 8.41225857 12.50448 8.08857 12.63314 12.21176Taxes 2.20025642 2.7016129 2.254689 4.054166 3.910453Profit and Loss for the Year 6.21200215 9.8028674 5.833881 8.578978 8.301307REPORTED Profit After Tax 6.21200215 9.8028674 10.20171 14.58179 15.30553Shares in Issue (Lakhs) 19.2977377 20.905018 18.6209 30.41367 35.39008Earning Per Share - Annualised (Rs)1.33132057 2.1008065 2.76983 3.958385 4.155457

VERTICAL ANALYSIS

Here we see that the sales have increased but the gap between Total income and expenses have remained constant over the years. Operating profit has declined and Profit after taxes has fallen as compared to the level five years back.

TREND ANALYSIS

BALANCE SHEET

2013-2014 2012-2013 2012-2011 2011-2010 2010-2009Share Capital 1 0.974948 1.30163 1 1Reserves & Surplus 0.756754 0.760707 1.321181 1.10432 1Current Liabilities 1Current Liabilities 1.027773 1.113448 1.887343 1.217266 1Provisions 0.955219 2.433361 1.406011 1.093428 1Total Current Liabilities 0.992666 1.509688 1.711456 1.16889 1total 0.767032 0.767037 1.320081 1.100292 1

1Assets 1Non-current Assets 1Gross Block 1.237893 1.048179 1.860229 1.072675 1(-) Acc. Depreciation 1.069644 1.102902 1.463948 1.102176 1Net Block 1.416291 1 2.527066 1.027818 1Current assets 1Capital Work in Progress 0.289499 4.575758 0.645251 15.56522 1Investments 0.66364 0.943896 1.018782 1.025828 1Inventories 1.029533 0.944511 2.17624 1.576132 1Sundry Debtors 1.222576 1.113274 3.223966 0.867574 1Cash and Bank 0.842474 1.153432 2.452145 2.118881 1Loans and Advances 0.706074 1.119069 1.569077 1.447668 1Total Current Assets 0.977382 1.052292 2.168574 1.361842 1NET CURRENT ASSETS 1.038029 -5.20482 -0.81716 0.6553 1TOTAL ASSETS 0.767032 0.767037 1.320081 1.100292 1

TREND ANALYSIS

Total assets has remained same.Net current assets have increased so the gap between current assets and current liabilities has declined.

INCOME STATEMENT

2013-2014 2012-2013 2012-2011 2011-2010 2010-2009INCOME:

Sales Turnover 1.083289 1.032234 1.636247 1.186266 1Excise Duty 0 0 1.668478 1.508197 1NET SALES 1.083289 1.128355 1.633309 1.163624 1Other Income 0 0 0 0 1TOTAL INCOME 1.044091 1.186414 1.593062 1.181013 1

1Manufacturing Expenses 1.061644 0.260714 2.978723 0.854545 1Material Consumed 1.06201 1.145501 1.980279 1.184864 1Personal Expenses 1.106104 1.192517 2.251149 1.253359 1Selling Expenses 0 0 0.836641 1.177634 1Administrative Expenses 1.14879 2.985445 1.990343 1.21671 1Expenses Capitalised 1Provisions Made 1TOTAL EXPENDITURE 1.089308 1.137047 1.667471 1.18128 1Operating Profit 1.018037 1.042012 1.357089 1.038162 1EBITDA 0.761176 1.628928 1.137911 1.179384 1Depreciation 1.132124 1.054645 1.686636 1.023585 1Other Write-offs 1EBIT 0.711458 1.757169 1.060841 1.205148 1Interest 0.168539 2.282051 2.6 1.363636 1EBT 0.728771 1.744375 1.045752 1.203777 1Taxes 0.882255 1.352018 0.90835 1.206388 1Profit and Loss for the Year 0.686472 1.896014 1.110683 1.202546 1REPORTED Profit After Tax 0.686472 1.084242 1.142695 1.1086 1Shares in Issue (Lakhs) 1 1.266764 1 1 1Earning Per Share - Annualised (Rs)0.6865 0.855813 1.142887 1.108439 1

TREND ANALYSIS

We observe that the sales have increased 0.05 times and total income has decreased by 0.14. Operating profit decreased by 0.03 and PAT has also decreased by 0.40. However, Earnings per share also dived a meager 0.27 .

RATIO ANALYSISRATIO ANALYSIS

2013-2014 2012-2013 2012-2011 2011-2010 2010-2009NET PROFIT MARGIN 0.062120022 0.098028674 0.10201708

70.145817852

0.153055342

CASH RATIO 0.113432836 0.138382044 0.133585041

0.102816423

0.059066501

DAYS OF CASH 10.89912734 14.01456093 13.70987311

9.131781026

5.01489239

RETURN ON INVESTMENT(ROI)

0.177164426 0.197955306 0.140041638

0.161780872

0.160568491

CURRENT RATIO 0.736462094 0.747978998 1.073100151

0.846899225

0.72690662

QUICK(ACID TEST)RATIO 0.464276719 0.485540462 0.653623553

0.517011197

0.482255223

GROSS PROFIT MARGIN 6.71 7.29 9.21 10.29 9.53ASSET TURNOVER RATIO 1.75 1.56 1.16 1.06 1.05FIXED ASSET TURNOVER 3.05 2.84 3.23 2.98 2.78Return On Capital Employed

26.05 11.38 14.17 12.94 11.57

Net profit margin and Gross profit margin both show a slight decline. Asset turnover ratio has increased and fixed asset turnover ratios have also increased. Days of Cash have declined significantly whereas return on investment shows a slight decline.

BERGER PAINTS

RS. Cr.

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

BALANCE SHEET 12 months 12 months

12 months

12 months

12 months

Sources Of FundsTotal Share Capital 69.3 69.26 69.2 69.21 69.21Equity Share Capital 69.3 69.26 69.2 69.21 69.21Share Application Money 0 0 0 0.88 0Preference Share Capital 0 0 0 0 0Reserves 1,062.59 915.17 775.4 651.99 556.04Revaluation Reserves 0 0 0.9 0.93 0.98Networth 1,131.89 984.43 845.5 723.01 626.23Secured Loans 299.6 147.68 71.8 78.53 24.41Unsecured Loans 3.2 155.34 98 0.03 0.05Total Debt 302.8 303.02 169.8 78.56 24.46Total Liabilities 1,434.69 1,287.45 1,015.30 801.57 650.69Application Of FundsGross Block 879.43 601.98 518.8 419.49 371.74Less: Accumulated. Depreciation 331.01 280.3 246.8 215.33 186.15Net Block 548.42 321.68 272 204.16 185.59Capital Work in Progress 132.22 171.23 98.6 76.79 31.6Investments 187.29 90.58 79.6 117.59 170.2Inventories 618.7 576.91 513.9 403.92 299.33Sundry Debtors 383.21 324.55 305 240.29 204.73Cash and Bank Balance 163.07 222.54 19 28.95 25.99Total Current Assets 1,164.98 1,124.00 837.9 673.16 530.05Loans and Advances 128.01 131.34 67.1 55.62 50.58Fixed Deposits 0 0 157.4 93.98 11.57Total CA, Loans & Advances 1,292.99 1,255.34 1,062.40 822.76 592.2Deferred Credit 0 0 0 0 0Current Liabilities 627.09 469.91 433.3 375.71 276.31Provisions 99.14 81.47 64 44.01 52.59Total CL & Provisions 726.23 551.38 497.3 419.72 328.9Net Current Assets 566.76 703.96 565.1 403.04 263.3

Miscellaneous Expenses 0 0 0 0 0Total Assets 1,434.69 1,287.45 1,015.30 801.58 650.69Contingent Liabilities 345.24 462.29 424.1 84.11 49.3Book Value (RS) 32.67 28.43 24.4 20.84 18.07

Total debt has decreased over the years….total current assets are decreased and total current liabilities have also decreased.

VERTICAL ANALYSISBALANCE SHEET

Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

0.048303 0.053796 0.068157 0.086342 0.106364Total Share Capital 0.048303 0.053796 0.068157 0.086342 0.106364Equity Share Capital 0 0 0 0.001098 0Share Application Money 0 0 0 0 0Preference Share Capital 0.740641 0.710839 0.763715 0.813381 0.854539Reserves 0 0 0.000886 0.00116 0.001506Revaluation Reserves 0.788944 0.764636 0.832759 0.901981 0.962409Networth 0.208826 0.114707 0.070718 0.097969 0.037514Secured Loans 0.00223 0.120657 0.096523 3.74E-05 7.68E-05Unsecured Loans 0.211056 0.235364 0.167241 0.098006 0.037591Total Debt 1 1 1 0.999988 1Total Liabilities 0 0 0 0 0Application Of Funds 0.612976 0.467575 0.510982 0.523329 0.571301Gross Block 0.230719 0.217717 0.243081 0.268632 0.286081Less: Accumulated. Depreciation

0.382257 0.249858 0.267901 0.254697 0.28522

Net Block 0.092159 0.132999 0.097114 0.095798 0.048564Capital Work in Progress 0.130544 0.070356 0.0784 0.146698 0.261568Investments 0.431243 0.448103 0.506156 0.503905 0.460019

0.267103 0.252087 0.300404 0.29977 0.314635Sundry Debtors 0.113662 0.172853 0.018714 0.036116 0.039942

0.812008 0.873044 0.825273 0.839791 0.814597Total Current Assets 0.089225 0.102016 0.066089 0.069388 0.077733Loans and Advances 0 0 0.155028 0.117243 0.017781Fixed Deposits 0.901233 0.975059 1.04639 1.026423 0.910111Total CA, Loans & Advances 0 0 0 0 0Deferred Credit 0.437091 0.364993 0.42677 0.468712 0.424642Current Liabilities 0.069102 0.06328 0.063036 0.054904 0.080822Provisions 0.506193 0.428273 0.489806 0.523616 0.505463Total CL & Provisions 0.39504 0.546786 0.556584 0.502807 0.404647Net Current Assets 0 0 0 0 0Miscellaneous Expenses 1 1 1 1 1Total Assets 0.240637 0.359074 0.417709 0.10493 0.075766Contingent Liabilities 0.022771 0.022082 0.024032 0.025999 0.027771Book Value (RS)

TREND ANALYSISBALANCE SHEET Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Sources Of Funds 1.000578 1.000867 0.999856 1 1Total Share Capital 1.000578 1.000867 0.999856 1 1

Preference Share Capital 1.161085 1.180255 1.189282 1.17256 1Reserves 0 0 0.967742 0.94898 1Revaluation Reserves 1.149792 1.164317 1.169417 1.154544 1Networth 2.028711 2.056825 0.9143 3.217124 1Secured Loans 0.0206 1.585102 3266.667 0.6 1Unsecured Loans 0.999274 1.78457 2.161405 3.211774 1Total Debt 1.114366 1.268049 1.266639 1.231877 1

Application Of Funds 1.460896 1.160332 1.23674 1.12845 1Gross Block 1.180913 1.135737 1.146148 1.156755 1Less: Accumulated. Depreciation

1.704862 1.182647 1.332288 1.100059 1

Net Block 0.772178 1.736613 1.284021 2.430063 1Capital Work in Progress 2.067675 1.13794 0.676928 0.690893 1Investments 1.072438 1.122611 1.272282 1.349414 1Inventories 1.180743 1.064098 1.2693 1.173692 1Sundry Debtors 0.732767 11.71263 0.656304 1.11389 1Cash and Bank Balance 1.036459 1.341449 1.244726 1.269993 1Total Current Assets 0.974646 1.957377 1.206401 1.099644 1Loans and Advances 0 0 1.674824 8.122731 1Fixed Deposits 1.029992 1.181608 1.291264 1.389328 1

Deferred Credit 1.33449 1.084491 1.153283 1.359741 1Current Liabilities 1.21689 1.272969 1.454215 0.836851 1Provisions 1.317113 1.108747 1.184838 1.276133 1Total CL & Provisions 0.805103 1.245726 1.402094 1.530725 1

Miscellaneous Expenses 1.114366 1.268049 1.266623 1.231892 1Total Assets 0.746804 1.09005 5.042207 1.706085 1Contingent Liabilities 1.149138 1.165164 1.170825 1.153293 1Book Value (RS)

Networth has shown increase over the years. Total debt has first increased and then declined.

INCOME STATEMENTProfit & Loss account of Berger Paints India

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

Mar '14 Mar '13 Mar '12 Mar '11 Mar '1012 months 12

months12 months

12 months

12 months

IncomeSales Turnover 3,384.82 3,024.21 2,901.20 2,288.35 1,822.42Excise Duty 0 0 251.3 203.12 135.76Net Sales 3,384.82 3,024.21 2,649.90 2,085.23 1,686.66Other Income 30.59 30.76 22.6 40.28 24.22Stock Adjustments 27.19 41.49 85.4 68.49 10.45Total Income 3,442.60 3,096.46 2,757.90 2,194.00 1,721.33ExpenditureRaw Materials 2,084.70 1,919.93 1,787.30 1,400.83 1,093.30Power & Fuel Cost 33.61 28.04 25.1 22.61 17.86Employee Cost 158.74 139.96 121.1 107.97 90.12Other Manufacturing Expenses 0 0 29.8 27.82 23.42Selling and Admin Expenses 0 0 433.7 341.03 263.06Miscellaneous Expenses 745.32 641.45 57 40.49 33.02Preoperative Expenditure Capitalized 0 0 0 0 0Total Expenses 3,022.37 2,729.38 2,454.00 1,940.75 1,520.78Operating Profit 389.64 336.32 281.3 212.97 176.33PBDIT 420.23 367.08 303.9 253.25 200.55Interest 34.26 27.67 18.1 12.18 4.75PBDT 385.97 339.41 285.8 241.07 195.8Depreciation 58.27 46.28 37.6 29.98 26.41Other Written Off 0 0 0 0 0Profit Before Tax 327.7 293.13 248.2 211.09 169.39Extra-ordinary items 0 0 0 0 0PBT (Post Extra-ordinary Items) 327.7 293.13 248.2 211.09 169.39Tax 93.45 83.33 70.8 62.81 49.26Reported Net Profit 234.25 209.8 177.4 148.31 120.14Total Value Addition 937.67 809.45 666.7 539.92 427.47Preference Dividend 0 0 0 0 0Equity Dividend 76.23 62.33 48.5 44.99 38.07Corporate Dividend Tax 12.95 10.6 7.8 7.37 6.32Per share data (annualized)Shares in issue (lakhs) 3,464.81 3,462.90 3,461.53 3,460.72 3,460.72Earning Per Share (RS) 6.76 6.06 5.12 4.29 3.47Equity Dividend (%) 110 90 70 65 55Book Value (RS) 32.67 28.43 24.4 20.84 18.07

Sales turnover shows a declining trend. Earnings per share has decreased and operating profit has also shown a decline in all 5 years

VERTICAL ANALYSISINCOME STATEMENT

Mar '14 Mar '13 Mar '12 Mar '11 Mar '1012 months

13 months

14 months

15 months

16 months

Sales Turnover 1 1 1.094834 1.097409 1.080490 0 0.094834 0.097409 0.08049

Net Sales 1 1 1 1 1Other Income 0.009037 0.010171 0.008529 0.019317 0.01436Stock Adjustments 0.008033 0.013719 0.032228 0.032845 0.006196Total Income 1.01707 1.023891 1.040756 1.052162 1.020555Expenditure 0 0 0 0 0Raw Materials 0.615897 0.634853 0.674478 0.671787 0.648204Power & Fuel Cost 0.00993 0.009272 0.009472 0.010843 0.010589Employee Cost 0.046898 0.04628 0.0457 0.051778 0.053431Other Manufacturing Expenses 0 0 0.011246 0.013341 0.013885Selling and Admin Expenses 0 0 0.163667 0.163546 0.155965Miscellaneous Expenses 0.220195 0.212105 0.02151 0.019418 0.019577Preoperative Expenditure Capitalized

0 0 0 0 0

Total Expenses 0.892919 0.90251 0.926073 0.930713 0.9016520.115114 0.111209 0.106155 0.102133 0.104544

PBDIT 0.124151 0.12138 0.114684 0.121449 0.1189040.010122 0.009149 0.00683 0.005841 0.002816

PBDT 0.11403 0.112231 0.107853 0.115608 0.116087Depreciation 0.017215 0.015303 0.014189 0.014377 0.015658Other Written Off 0 0 0 0 0Profit Before Tax 0.096815 0.096928 0.093664 0.101231 0.100429Extra-ordinary items 0 0 0 0 0PBT (Post Extra-ordinary Items) 0.096815 0.096928 0.093664 0.101231 0.100429Tax 0.027609 0.027554 0.026718 0.030121 0.029206Reported Net Profit 0.069206 0.069373 0.066946 0.071124 0.07123Total Value Addition 0.277022 0.267657 0.251594 0.258926 0.253442Preference Dividend 0 0 0 0 0Equity Dividend 0.022521 0.02061 0.018303 0.021576 0.022571Corporate Dividend Tax 0.003826 0.003505 0.002944 0.003534 0.003747Per share data (annualized) 0 0 0 0 0

Shares in issue (lakhs) 1.023632 1.145059 1.306287 1.659635 2.051818Earning Per Share (RS) 0.001997 0.002004 0.001932 0.002057 0.002057Equity Dividend (%) 0.032498 0.02976 0.026416 0.031172 0.032609Book Value (RS) 0.009652 0.009401 0.009208 0.009994 0.010713

TREND ANALYSIS Mar '14 Mar '13 Mar '12 Mar '11 Mar '10

Sales Turnover 1.119241 1.0424 1.267813 1.255666 1Excise Duty 0 0 1.2372 1.49617 1Net Sales 1.119241 1.141254 1.270795 1.236307 1Other Income 0.994473 1.361062 0.561072 1.663088 1Stock Adjustments 0.655339 0.485831 1.246897 6.554067 1Total Income 1.111786 1.12276 1.257019 1.274596 1

Raw Materials 1.085821 1.074207 1.275886 1.281286 1Power & Fuel Cost 1.198645 1.117131 1.110128 1.265957 1Employee Cost 1.134181 1.155739 1.121608 1.198069 1Other Manufacturing Expenses

0 0 1.071172 1.187874 1

Selling and Admin Expenses 0 0 1.271736 1.296396 1Miscellaneous Expenses 1.16193 11.25351 1.407755 1.226227 1

Total Expenses 1.107347 1.112217 1.26446 1.276154 1Operating Profit 1.158539 1.195592 1.320843 1.207792 1PBDIT 1.144791 1.207897 1.2 1.262777 1Interest 1.238164 1.528729 1.486043 2.564211 1PBDT 1.137179 1.187579 1.185548 1.231205 1Depreciation 1.259075 1.230851 1.254169 1.135176 1

Profit Before Tax 1.117934 1.181023 1.175802 1.246177 1

PBT (Post Extra-ord Items) 1.117934 1.181023 1.175802 1.246177 1Tax 1.121445 1.176977 1.127209 1.275071 1Reported Net Profit 1.11654 1.182638 1.196143 1.234476 1Total Value Addition 1.158404 1.214114 1.234813 1.263059 1

Equity Dividend 1.223007 1.285155 1.078017 1.18177 1Corporate Dividend Tax 1.221698 1.358974 1.058345 1.166139 1

Shares in issue (lakhs) 1.000396 1.000234 1 1Earning Per Share (RS) 1.115512 1.183594 1.193473 1.236311 1Equity Dividend (%) 1.222222 1.285714 1.076923 1.181818 1Book Value (RS) 1.149138 1.165164 1.170825 1.153293 1

Sales turnover has first declined and then increased. Total income has first increased and then decreased.Earning per share has increased and operating profit has shown an increase over the years except the last year.

RATIO ANALYSISNet Profit Margin (%) 6.85 6.86 6.61 6.99 7.02Gross Profit Margin (%) 9.78 9.59 9.19 8.77 8.88Current Ratio 0.97 1.25 1.44 1.43 1.57Quick Ratio 0.93 1.23 1.1 0.99 0.88Debt Equity Ratio 0.27 0.31 0.2 0.11 0.04Fixed Assets Turnover Ratio

3.91 5.09 5.19 5.06 4.63

Total Assets Turnover RatioEarnings per share

2.38

6.76

2.36

6.06

2.63

5.12

2.63

4.29

2.63

3.47

Net profit margin shows slight increase and Gross profit margin show a slight decline. Asset turnover ratio has increased and fixed asset turnover ratios have also increased.

SHALIMAR PAINTS

VERTICAL ANALYSIS

Balance sheet2014 2013 2012 2011 2010

Sources Of Funds

Total Share Capital2.32344286

42.86124112

9 3.3412677423.96567960

73.82172027

8

Equity Share Capital2.32344286

42.86124112

9 3.3412677423.96567960

73.82172027

8Share Application Money 0 0 0 0 0Preference Share Capital 0 0 0 0 0Preference Share Application Money 0 0 0 0 0Employee Stock Opiton 0 0 0 0 0

Reserves43.6611083

945.2513966

5 41.4440624240.6612953

932.4493294

3

Revaluation Reserves 0 0 2.5654588733.11813330

53.13602904

1

Networth45.9845512

548.1126377

8 47.35078903 47.745108339.4070787

5

Secured Loans47.8788621

951.8873622

2 51.608921850.5074814

357.1745487

5

Unsecured Loans6.13045610

6 0 1.0402891651.74741027

53.41837249

2

Total Debt54.0093182

951.8873622

2 52.64921097 52.254891760.5929212

5

Total Liabilities99.9938695

4 100 100 100 100Application Of Funds 0 0 0 0 0

Gross Block50.5946542

4 60.1766571 71.90337653 80.182065567.8027629

3Less: Accum. Depreciation 27.6606179 31.7001358 37.44159393 40.9542743 36.2609660

5 9 5 2

Net Block22.9340362

928.4765212

1 34.461782639.2277911

531.5417969

1

Capital Work in Progress4.83079941

10.68699984

9 0.2732963060.16741655

30.05041847

3

Investments0.12260912

20.15098897

8 0.1763201970.20927069

20.20167389

3

Inventories80.9036292

379.8807187

1 73.2786740765.7633148

550.9932439

2

Sundry Debtors94.7032859

2104.340933

1 99.62972759 96.065711 79.2074216

Cash and Bank Balance9.29377145

710.0105692

3 9.38905051610.6414146

713.8247453

9

Total Current Assets184.900686

6 194.232221 182.2974522172.470440

5144.025410

9

Loans and Advances12.0279548

8 5.37520761 5.0956537077.19891179

28.03670464

9

Fixed Deposits 0 0 00.03139060

4 0

Total CA, Loans & Advances196.928641

5199.607428

7 187.3931059179.700742

9152.062115

6Deffered Credit 0 0 0 0 0

Current Liabilities119.507111

3117.975237

8 117.5967557114.010672

882.1316930

5

Provisions5.30897498

810.9467008

9 4.7430133125.33640263

71.74447917

7

Total CL & Provisions124.816086

3128.921938

7 122.339769119.347075

483.8761722

3

Net Current Assets72.1125551

770.6854899

6 65.0533368660.3536674

768.1859433

3Group Share in Joint Venture 0 0 0 0 0

Miscellaneous Expenses 0 0 0.0352640390.04185413

80.02016738

9Total Assets 100 100 100 100 100

The share capital forms just 2.32% of the total sources of fund on ’14-15’ which has reduced from last year in absolute terms.

The reserves and surpluses in ’14-15’ reduced to 43.44% of the sources of fund as last year’s figure of 45.25% . Thus it can be inferred that the decrease in sources of fund has been due to a decrease in reserves and surpluses.

The unsecured loans as a percentage of total capital rises to 6.13% in ’14-15’ from 0% in ’13-14’. From this we may conclude that company liable to pay outsider’s loan as it is not self dependent on its own funds.

The gross block of fixed assets as a percentage of the total sources of funds fell from 60.17 in ’13-14’ to ’50.59’ in ’14-15’.

Thus even the net block of fixed assets fell from 22.93% to 28.47%, as it is continuing to decrease from last year in absolute terms.

Depreciation as a percentage as a percentage of total application of funds fell from 31%in ‘13-14’ to 27% in ‘14-15’ as it continuing to decrease from last year in absolute terms.

Investments decreases from .150% to .122% in ’14-15’. Inventories formed 80.90% in 14-15 as compared to 79.88% last year which is continusely

increases from last years in absolute terms. Loans and advances both increased in absolute as well as in percentage terms.

VERTICAL ANALYSIS

PROFIT AND LOSS STATEMENT

2014 2013 2012 2011 2010Operating Income 100 100 100 100 100Expenses 0 0 0 0 0

Material consumed

67.00932

65.93278

62.71807

61.44572

65.86047

Manufacturing expenses

0.877061

0.970295

1.036846

0.971614

0.957239

Personnel expenses

5.415142

5.200946

5.624706

5.372452

4.804201

Selling expenses

#VALUE!

15.29242

17.22303

17.67411

17.77644

Adminstrative expenses

19.52356

4.806249

6.824874

7.386441

5.242311

Expenses capitalised

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

Cost of sales92.8250

892.2006

493.4275

392.8476

294.6376

6

Operating profit7.17492

27.79936

36.57246

87.15238

35.36234

1

Other recurring income

0.030178

0.016446

0.457796

0.503497

0.630158

Adjusted PBDIT 7.20517.81580

87.03026

4 7.655885.99249

8Financial expenses 3.12724

2.625141

2.071218

2.068421

1.899475

Depreciation0.72428

20.88395

50.84135

50.91990

31.02025

5

Other write offs#VALUE

!#VALUE

!#VALUE

!#VALUE

!#VALUE

!

Adjusted PBT3.35357

84.30876

84.11769

14.66755

63.07276

8

Tax charges0.87706

11.33415

61.22986

31.39346

30.83420

9

Adjusted PAT2.47840

42.97255

62.88782

83.27409

3 2.24156

Non recurring items

-0.39986

#VALUE!

#VALUE!

-0.55249

-1.17029

Other non cash adjustments

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

Reported net profit

2.078539

2.972556

2.887828

2.721607

1.068267

Earnigs before appropriation

3.902448

4.536951

4.486402

4.297417

2.433608

Equity dividend#VALUE

!0.77911

40.74979

60.77293

60.34208

6Preference dividend

#VALUE!

#VALUE!

#VALUE!

#VALUE!

#VALUE!

Dividend tax#VALUE

!0.12539

80.12125

40.13063

70.05701

4Retained earnings

3.902448

3.634495

3.615352

3.391122

2.034509

Cost of goods sold remained almost same as a percentage of net sales over last year. All expenses are increased as a percentage of net sales over last year. This shows decreasein

efficiency in resource utilisation and production over last year. Profits fell to 2.07% of net sales in ‘14-15’ from 2.97% in ‘13-14’. This is also a result of an

decrease in overall efficiency. Current tax expenditure as a percentage of net sales fell from 1.33 in ’13-14’ to .877 in ‘14-15’.

The lower tax expenditure could a result from reduction in profits.

TREND ANALYSIS

Balance Sheet

Sources Of Funds #DIV/0! #DIV/0! #DIV/0! #DIV/0!Total Share Capital 1 1 1 1Equity Share Capital 1 1 1 1Share Application Money #DIV/0! #DIV/0! #DIV/0! #DIV/0!Preference Share Capital #DIV/0! #DIV/0! #DIV/0! #DIV/0!Preference Share Application Money #DIV/0! #DIV/0! #DIV/0! #DIV/0!Employee Stock Opiton #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Reserves1.18818

81.27504

81.20972

71.20758

2

Revaluation Reserves #DIV/0! 0 0.976510.95819

9

Networth1.17699

71.18655

71.17707

61.16760

5

Secured Loans1.13633

11.17406

91.21276

20.85132

3

Unsecured Loans #DIV/0! 00.70658

70.49262

5

Total Debt1.28182

71.15087

11.19583

50.83108

7

Total Liabilities1.23139

11.16776

91.18687

90.96369

9Application Of Funds #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Gross Block1.03537

80.97731

71.06433

51.13964

9

Less: Accum. Depreciation1.07454

20.98869

81.08507

91.08843

2

Net Block0.99178

20.96495

31.04267

81.19852

9

Capital Work in Progress8.65934

12.93548

4 1.9375 3.2Investments 1 1 1 1

Inventories1.24723

61.27297

91.32251

41.24283

2

Sundry Debtors1.11771

91.22298

91.23091

2 1.16881

Cash and Bank Balance1.14328

8 1.245071.04719

80.74179

4

Total Current Assets1.17230

31.24422

11.25450

51.15402

9

Loans and Advances2.75561

81.23183

40.84011

60.86323

7Fixed Deposits #DIV/0! #DIV/0! 0 #DIV/0!

Total CA, Loans & Advances1.21493

91.24388

41.23768

51.13885

9Deffered Credit #DIV/0! #DIV/0! #DIV/0! #DIV/0!

Current Liabilities1.24745

61.17152

71.22421

11.33775

3

Provisions0.59724

12.69516

71.05490

22.94797

7

Total CL & Provisions1.19224

71.23059

7 1.216641.37124

3

Net Current Assets1.25632

81.26887

1 1.27930.85300

2Group Share in Joint Venture #DIV/0! #DIV/0! #DIV/0! #DIV/0!Miscellaneous Expenses #DIV/0! 0 1 2

Total Assets1.23146

61.16776

91.18687

90.96369

9

We observe that the net worth of the company has increased 1.17 times compared to the base year. Total assets increased 1.17 times and total liabilities 1.23 times but, Net current assets have declined by 1.25 times so the gap between current assets and current liabilities has worsened.

TREND ANALYSIS

Profit And Loss Statement

2014 2013 2012 2011 2010Sales Turnover

1.002913

1.197454

1.116261

1.069701

1

Excise Duty 0 1.129283

1.330958

0.769674

1

Net Sales 1.089896

1.203756

1.099858

1.102536

1

Other Income

-24.5 0.043243

-10.277

8

0.1 1

Stock Adjustments

0.521939

1.750549

1.734772

-0.7717

9

1

Total income

1.05926

1.216453

1.118655

1.167725

1

Raw Materials

1.066994

1.290282

1.143297

1.116452

1

Power & Fuel Cost

1.128641

1.078534

1.190031

1.146429

1

Employee Cost

1.134783

1.113066

1.151469

1.232979

1

Other Manufacturing Expenses

0 1.666667

1 0.923077

1

Selling and Admin Expenses

0 1.070809

1.079763

1.103024

1

Miscellaneous Expenses

7.479046

0.73617

0.964597

1.788073

1

Preoperative ExpCapitalised

#DIV/0! #DIV/0! #DIV/0! #DIV/0! 1

Total Expenses

1.068092

1.207663

1.120849

1.143686

1

Operating Profit

1.003164

1.42755

1.01142

1.470885

1

PBDIT 0.949487

1.337438

1.089306

1.624533

1

Interest 1.298356

1.525687

1.101316

1.200632

1

PBDT 0.772979

1.258853

1.08437

1.900308

1

Depreciation 0.893023

1.264706

1.005917

0.994118

1

Other Written Off

#DIV/0! #DIV/0! #DIV/0! #DIV/0! 1

Profit Before Tax

0.748329

1.257658

1.101919

2.387046

1

Extra-ordinary items

#DIV/0! #DIV/0! #DIV/0! #DIV/0! 1

PBT (Post Extra-ord Items)

0.748329

1.257658

1.101919

2.387046

1

Tax 0.7164 1.3058 0.9707 1.8417 1

87 35 03 27Reported Net Profit

0.762102

1.239075

1.167 2.808989

1

Total Value Addition

1.071216

1.029654

1.075576

1.203128

1

Preference Dividend

#DIV/0! #DIV/0! #DIV/0! #DIV/0! 1

Equity Dividend

0 1.250825

1.066901

2.491228

1

Corporate Dividend Tax

0 1.244898

1.020833

2.526316

1

Shares in issue (lakhs)

4.999472

1 1 1 1

Earning Per Share (Rs)

0.152356

1.239455

1.16654

2.807651

1

Equity Dividend (%)

0 1.25 1.066667

2.5 1

Book Value (Rs)

0.246501

1.198077

1.191106

1.185645

1

We observe that the sales have increased to 1.002 times and total income by 1.05. Operating profit increased 1.003 times and PAT by .76. However, Earnings per share recorded a meager 0.15 growth from the base year.

RATIO ANALYSISRATIOS

2014 2013 2012 2011 2010

Net profit Margin 2.03 2.97 2.87 2.7 1.06Gross profit Margin 6.45 6.91 5.73 5.67 4.34Asset Turnover Ratio 3.67 3.96 4.95 4.79 4.96Fixed Assets Turnover Ratio 3.59 3.96 5.31 3.7 3.39

Return on investment 6.75 10.9110.2

8 10.46 3.58

Return on equity 21.06 25.4622.6

3 24.52 17.24Current Ratio 0.9 0.86 0.83 0.82 0.81Quick Ratio 0.93 0.93 0.93 0.95 1.2Long Term Debt Equity Ratio 0.09 - 0.03 0.04 0.09

Net profit margin and Gross profit margin both show a slight decline. Asset and fixed asset turnover ratios both show a decline. return on investment and equity show a huge decline.