Crisil data
17
CRISIL Balance Sheet for the past 10 years Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths Total Share Capital 6.2 6.2 6.2 6.24 6.29 6.37 Equity Share Capital 6.2 6.2 6.2 6.24 6.29 6.37 Share Application Money 0 0 0 0 0 0 Preference Share Capital 0 0 0 0 0 0 Reserves 53.47 59.38 64.98 76.27 88.67 103.74 Revaluation Reserves 0 0 0 0 0 0 Networth 59.67 65.58 71.18 82.51 94.96 110.11 Secured Loans 0 0 0 0 0 0 Unsecured Loans 0 0 0 0 0 0 Total Debt 0 0 0 0 0 0 Total Liabilities 59.67 65.58 71.18 82.51 94.96 110.11 Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05 12 mths 12 mths 12 mths 12 mths 12 mths 12 mths Gross Block 40.87 60.98 68.95 67.89 78.59 80.16 Sources Of Funds Application Of Funds
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Data for discussion on Wealth management session 3 on equity investment
Transcript of Crisil data
CRISIL Balance Sheet for the past 10 years
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
Total Share Capital 6.2 6.2 6.2 6.24 6.29 6.37
Equity Share
Capital 6.2 6.2 6.2 6.24 6.29 6.37
Share Application
Money 0 0 0 0 0 0
Preference Share
Capital 0 0 0 0 0 0
Reserves 53.47 59.38 64.98 76.27 88.67 103.74
Revaluation
Reserves 0 0 0 0 0 0
Networth 59.67 65.58 71.18 82.51 94.96 110.11
Secured Loans 0 0 0 0 0 0
Unsecured Loans 0 0 0 0 0 0
Total Debt 0 0 0 0 0 0
Total Liabilities 59.67 65.58 71.18 82.51 94.96 110.11
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
12 mths 12 mths 12 mths 12 mths 12 mths 12 mths
Gross Block 40.87 60.98 68.95 67.89 78.59 80.16
Sources Of Funds
Application Of Funds
Less: Accum.
Depreciation 14.45 17.67 23.82 27.05 32.74 37.87
Net Block 26.42 43.31 45.13 40.84 45.85 42.29
Capital Work in
Progress 12.72 0.15 0.52 0 0 0.12
Investments 11.79 7.5 25.15 45.15 55.66 66.45
Inventories 0 0 0 0 0 0
Sundry Debtors 6.14 6.4 7.2 5.02 9.2 16.47
Cash and Bank
Balance 2.94 2.82 0.55 0.84 5.12 4.57
Total Current
Assets 9.08 9.22 7.75 5.86 14.32 21.04
Loans and
Advances 12.88 25.17 8.25 7.13 3.81 5.27
Fixed Deposits 0.11 3.68 3.69 5.02 1.39 6.85
Total CA, Loans &
Advances 22.07 38.07 19.69 18.01 19.52 33.16
Deffered Credit 0 0 0 0 0 0
Current Liabilities 8.52 19.37 14.33 13.37 16.27 20.18
Provisions 5.1 4.29 5.11 8.18 9.79 11.74
Total CL &
Provisions 13.62 23.66 19.44 21.55 26.06 31.92
Net Current Assets 8.45 14.41 0.25 -3.54 -6.54 1.24
Miscellaneous
Expenses 0.28 0.21 0.13 0.06 0 0
Total Assets 59.66 65.58 71.18 82.51 94.97 110.1
Contingent
Liabilities 9.6 5.71 0.11 0 0 10.91
Book Value (Rs) 96.25 105.77 114.8 132.16 150.9 172.98
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
9 mths 12 mths 12 mths 12 mths 12 mths
6.58 6.76 7.23 7.23 7.23
6.58 6.76 7.23 7.23 7.23
0 0 0 0 0
0 0 0 0 0
123.31 156.22 260.99 339.19 405
0 0 0 0 0
129.89 162.98 268.22 346.42 412.23
0 0 0 0 0
0 0 0 0 0
0 0 0 0 0
129.89 162.98 268.22 346.42 412.23
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
9 mths 12 mths 12 mths 12 mths 12 mths
84.41 83.85 95.1 115.03 117.51
40.88 42.66 52.54 60.38 68.07
43.53 41.19 42.56 54.65 49.44
0 0.09 8.04 4.04 63.67
94.91 132.83 186.38 186.49 181.49
0 0 0 0 0
15.87 25.51 67.82 80.32 69.5
4.26 7.73 16.73 19.32 72.73
20.13 33.24 84.55 99.64 142.23
7.93 10.68 50.4 63.84 84.6
1 1.72 1.19 81.45 61.8
29.06 45.64 136.14 244.93 288.63
0 0 0 0 0
28.33 41.47 70.04 101.85 135.91
9.29 15.3 34.87 41.84 35.1
37.62 56.77 104.91 143.69 171.01
-8.56 -11.13 31.23 101.24 117.62
0 0 0 0 0
129.88 162.98 268.21 346.42 412.22
3.15 5.54 16.6 13.26 13.06
197.31 241.26 371.23 479.47 570.56
CRISIL P&L for the past 10 years
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04
12 mths 12 mths 12 mths 12 mths 12 mths
Sales Turnover 37.46 39.93 67.64 68.92 71.34
Excise Duty 0 0 0 0 0
Net Sales 37.46 39.93 67.64 68.92 71.34
Other Income 2.74 7.56 1.65 2.91 1.95
Stock Adjustments 0 0 0 0 0
Total Income 40.2 47.49 69.29 71.83 73.29
Raw Materials 0 0 0 0 0
Power & Fuel Cost 0 0 0 0 0
Employee Cost 8.49 12.8 15.74 17.56 21.5
Other
Manufacturing
Expenses 0.48 1.21 0.82 1.33 0.77
Selling and Admin
Expenses 6.46 11.61 13.46 14.68 15.35
Miscellaneous
Expenses 2.52 3.93 3.05 2.96 2.59
Preoperative Exp
Capitalised 0 0 0 0 0
Income
Expenditure
Total Expenses 17.95 29.55 33.07 36.53 40.21
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04
12 mths 12 mths 12 mths 12 mths 12 mths
Operating Profit 19.51 10.38 34.57 32.39 31.13
PBDIT 22.25 17.94 36.22 35.3 33.08
Interest 0.01 0 0 0 0
PBDT 22.24 17.94 36.22 35.3 33.08
Depreciation 2.94 5.38 7.01 7.21 6.18
Other Written Off 0.08 0.08 0.08 0.08 0.06
Profit Before Tax 19.22 12.48 29.13 28.01 26.84
Extra-ordinary
items 0 0.9 -5.75 0 0
PBT (Post Extra-
ord Items) 19.22 13.38 23.38 28.01 26.84
Tax 6.31 3.72 10.3 10.1 8.9
Reported Net
Profit 12.92 9.66 13.08 17.92 17.94
Total Value
Addition 17.95 29.55 33.08 36.53 40.21
Preference
Dividend 0 0 0 0 0
Equity Dividend 3.41 3.41 4.03 6.24 6.29
Corporate
Dividend Tax 0.38 0.35 0 0.8 0.81
Shares in issue
(lakhs) 62 62 62 62.44 62.93
Per share data (annualised)
Earning Per Share
(Rs) 20.83 15.59 21.09 28.7 28.51
Equity Dividend
(%) 55 55 65 100 100
Book Value (Rs) 96.25 105.77 114.8 132.16 150.9
Calculations for the last 3 questions
EPS CAGR calulation
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Shares in issue
(lakhs) 62 62 62 62.44 62.93 63.66
Earning Per
Share (Rs) 20.83 15.59 21.09 28.7 28.51 34.82
EPS adjusted 20.83 15.59 21.09 28.90368 28.93765 35.75228
EPS CAGR 27.80%
Average ROE calculation
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Reported Net
Profit 12.92 9.66 13.08 17.92 17.94 22.16
Networth 59.67 65.58 71.18 82.51 94.96 110.11
ROE 21.65% 14.73% 18.38% 21.72% 18.89% 20.13%
Average ROE - 23%
Average ROE calculation
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Reported Net
Profit 12.92 9.66 13.08 17.92 17.94 22.16
Total Liabilities 59.67 65.58 71.18 82.51 94.96 110.11
ROCE 21.65% 14.73% 18.38% 21.72% 18.89% 20.13%
Average Dividend payout ratio calculation
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
EPS 20.83 15.59 21.09 28.7 28.51 34.82
Equity Dividend
(%) 55 55 65 100 100 125
Equity Dividend 5.5 5.5 6.5 10 10 12.5
Dividend payout ratio 26.40% 35.28% 30.82% 34.84% 35.08% 35.90%
Average Payout ratio - 33.95%
Average PE ratio calculation
Mar '00 Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
Share price -High 432 342 400 561 705
Share price -Low 122 85 240 239 358
EPS 20.83 15.59 21.09 28.7 28.51 34.82
PE High 27.71007 16.21622 13.93728 19.67731 20.24698
PE Low 7.825529 4.030346 8.362369 8.383024 10.28145
Forecast of
share value in
2020
Historical Earnings growth rate:Year EPS DPS
2010 212.43 72.12 Eps after 10 years
2011 271.49 92.17 Sum of dividends for 10 years
2012 346.96 117.79
2013 443.41 150.54 Projected share price is 2020
2014 566.68 192.39 Total gain including dividends
2015 724.22 245.87
2016 925.55 314.23 current price of share
2017 1182.86 401.58 CAGR of investment
2018 1511.69 513.22
2019 1931.94 655.89
2020 2469.02 838.23
Total 3594.03
Sustainable growth rate model
Year BVPS EPS DPS
retained
earnings
2010 570.56 131.23 44.55 86.68 EPS in 2020
2011 657.24 151.16 51.32 99.84 Average PE ratio
2012 757.08 174.13 59.12 115.01 Share price in 2020
2013 872.09 200.58 68.10 132.48 Add dividend
2014 1004.58 231.05 78.44 152.61
2015 1157.19 266.15 90.36 175.79 Current share price
2016 1332.98 306.59 104.09 202.50 CAGR of investment
2017 1535.48 353.16 119.90 233.26
2018 1768.74 406.81 138.11 268.70
2019 2037.44 468.61 159.09 309.52
2020 2346.96 539.80 183.26 356.54
Total 1096.34
Mar '05 Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
12 mths 9 mths 12 mths 12 mths 12 mths 12 mths
90.91 83.19 148.15 255.55 387.28 441.62
0 0 0 0 0 0
90.91 83.19 148.15 255.55 387.28 441.62
0.68 1.8 8.52 10.31 15.03 20.54
0 0 0 0 0 0
91.59 84.99 156.67 265.86 402.31 462.16
0 0 0 0 0 0
0 0 0 0 0 0
26.54 27.56 54.74 104.41 136.41 160.42
0.55 0.35 2.57 2.45 1.51 0
21.88 21.83 32.68 43.58 63.81 79.58
3.7 2.84 6.22 10.61 13.61 17.95
0 0 0 0 0 0
52.67 52.58 96.21 161.05 215.34 257.95
Mar '05 Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
12 mths 9 mths 12 mths 12 mths 12 mths 12 mths
38.24 30.61 51.94 94.5 171.94 183.67
38.92 32.41 60.46 104.81 186.97 204.21
0 0 0 0 0 0
38.92 32.41 60.46 104.81 186.97 204.21
5.99 4.36 6.55 13.34 11.84 13.88
0 0 0 0 0 0
32.93 28.05 53.91 91.47 175.13 190.33
0.12 0 0 -0.43 0 0
33.05 28.05 53.91 91.04 175.13 190.33
10.87 10.53 16.53 20.37 37.75 40
22.16 17.52 37.38 70.67 137.38 150.34
52.68 52.58 96.21 161.05 215.34 257.95
0 0 0 0 0 0
7.96 6.58 10.13 18.06 50.58 72.25
1.12 0.92 1.42 3.37 8.6 12.28
63.66 65.83 67.55 72.25 72.25 72.25
34.82 26.61 55.33 97.81 190.14 208.08
125 100 150 250 700 1,000.00
172.98 197.31 241.26 371.23 479.47 570.56
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
65.83 67.55 72.25 72.25 72.25
26.61 55.33 97.81 190.14 208.08
28.25381 60.28293 113.9802 221.5744 242.4803
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
17.52 37.38 70.67 137.38 150.34
129.89 162.98 268.22 346.42 412.23
13.49% 22.94% 26.35% 39.66% 36.47%
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
17.52 37.38 70.67 137.38 150.34
129.89 162.98 268.22 346.42 412.23
13.49% 22.94% 26.35% 39.66% 36.47%
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
26.61 55.33 97.81 190.14 208.08
100 150 250 700 1,000.00
10 15 25 70 100
37.58% 27.11% 25.56% 36.81% 48.06%
Dec '05 Dec '06 Dec '07 Dec '08 Dec '09
1700 2499 4270 4045 4600
502 1054 2020 1842 2052
26.61 55.33 97.81 190.14 208.08 Average Average PE for Crisil
63.88576 45.16537 43.65607 21.2738 22.10688 29.39 20.545
18.86509 19.04934 20.65229 9.687599 9.861592 11.7
2469.02
Sum of dividends for 10 years 3594.03
Projected share price is 2020 50725.99
Total gain including dividends 54320.02
6132
24.37%
EPS in 2020 539.80
Average PE ratio 20.545
Share price in 2020 11090.21
Add dividend 12186.55
Current share price 6132
CAGR of investment 7.10%
