final ppt of MCC PTA

Working Capital Management & Financial performance Model of MCC PTA India Corp. Pvt. Ltd.

MCC PTA India Corp. Private LimitedSummer Internship Program2013 By: Pooja GhoshEnrollment no.: 12BSPHH010703IBS HYDERABADDATE:27TH May, 2013

Working CapitalManagement& Financial Performance Analysis of MCC PTA India Corp. Private Limited

About The CompanyMitsubishi Chemical Corporation (MCC), a Fortune 500 giant, is Japans largest diversified chemical company.It is also the worlds second largest producer of Purified Terephthalic Acid (PTA).In 1997, it decided to enter into a shareholders agreement with the West Bengal Government, setting up an affiliate company, MCC PTA India Corp. Private Ltd (MCPI), headquartered in Kolkata.

MethodologyData collection methods-Secondary data namely Annual reports and internal/sales records. In addition certain theoretical books were referred for the purpose of the analysis and certain valuable information was found from different websites.Primary data includes which was collected by conducting various discussions and interviews with the managers and employees of the company.

Tools and Techniques Altmans Z-score AnalysisFinancial Ratio Analysis. DuPont AnalysisCalculate various components of Return on EquityComparative Financial Statements Trend Analysis (Indexing)Common Size Analysis Regression AnalysisCorrelation Analysis Moving AveragesCash Conversion CycleNet Working CapitalSoftware was used for data analysis( Excel)

Working Capital Management and its Main ComponentsCash Conversion CycleOperating Cycle- Net operating cycleCorrelation Analysis between the important components of working capital and performance indicators.Discuss the major dimensions of working capital management- accounts receivables, accounts payables, cash and inventory management.

Working Capital Management and Cash Conversion Cycle

Operating Cycle

Correlation AnalysisCorrelation analysis is used to quantify the relationship between variables.The value ranges from +1.0 to -1.0.Hypothesis-Working capital management has a relationship with the performance analysis of the company.Result of Analysis- True

Correlation Analysis between Working Capital Factors & Performance FactorsVariablesCCCCATACLTAROAROECCC1.000CATA0.2831.000CLTA-0.1450.7911.000ROA0.5050.263-0.2891.000ROE0.5330.274-0.2750.9991.000

Working Capital Management-Its major dimensionsImportant Components of Working Capital management that need to be considered are:Receivables ManagementCash ManagementPayables ManagementInventory Management

Receivables ManagementThe receivables management of the company is very strong and it faces negligent chances of bad debt losses.The company maintains a strict collection policy whereby the customers are suppose to pay their bills either in advance or within a span of maximum 20days.Credit is given only to two big customers- RIL & JBF.

Receivables Management

There is a positive relationship between sales and collection which indicates that the receivables management of the company is healthy.According to the company records we have seen that the average collection period is very less compared to the industry average. At present in 2012 it is just 8 days.The company does not face issues with bad debts as most of the customers pay their bills in advance.

Correlation Analysis betwee Sales and CollectionsCorrelation Analysis between Sales and Collections VariablesSalesCollectionsSales1.000Collections0.24801.000

There is a positive correlation between sales and collections of the company.

The receivables management of the company is healthy and the relationship between the variables is perfect.

Moving AveragesIt helps in tracking the trends of sales of a company by smoothing out the fluctuations.Prediction of the future sales of a particular product over a specific time period is based on:Past performanceInflation ratesMarket trendsInterest rates. It is the primary tool for predicting the volume of attainable sales.

Cash Management

Cash ManagementThe company maintains a good cash balance always as liquidity plays a very important role.There are ways in which the company manages a negative cash balance:Extension Payment Period.Buyers credit/ Short Term Loan.Overdraft Facility by SBI.Cash planning plays a very important role. Among its main cash outflows is the purchase of Paraxylene which is the main raw material for producing PTA.

LIQUIDITY POSITION OF MCC PTA INDIA CORP. PRIVATE LIMITED2007 2008 2009 2010 2011 2012

Payables ManagementThe first objective is paying bills at a later date.The second objective of the payables department is to hold money as long as possible.The third objective of the payables department is to build strong relationships with vendors.

Payables ManagementIn 2012 we see that the average payment period is 136 days.

Generally all company wishes to keep their average payment period longer as this facilitates them in maintaining liquidity.

We notice an increasing trend from 2008 to 2010 which is a healthy sign in terms of payables management.

Inventory ManagementFor a manufacturing company like MCC PTA India Corp. Private Ltd inventory is materials needed to produce the final product, work-in-progress and finished goods. For this company inventory is one of the largest asset item in the balance sheet.

Inventory PlanningThe company has a system whereby the people, systems and databases all interact with each other.They have an integrated specialized demand and inventory planning software.The top management involves themselves in forecasting sales.They use standardized data definitions.

Financial Performance Analysis

Firm-wise Analysis

Firm-wise Analysis

Firm-wise Analysis

Firm-wise Analysis 2007 2008 2009 2010 2011 2012

Firm-wise Analysis

Inter-firm Analysis

Inter-firm Analysis

Inter-firm Analysis

Inter-firm Analysis

Inter-firm Analysis

Inter-firm Analysis

Inter-firm Analysis

Altmans Z-Score AnalysisThe Z-score for predicting bankruptcy was published in 1968 by Edward I. AltmanAltmans Z-Score analysis is used for knowing the companys fiscal fitness (a method to predict the bankruptcy prediction for a company)Zones Of Discrimination:Z > 2.99 - Safe Zone1.81 < Z < 2.99 - Grey ZoneZ < 1.81 - Distress Zone

Z-SCORE FOR IOCL

Z-SCORE FOR RELIANCE INDUSTRIES LIMITED

Z-SCORE FOR TATA CHEMICALS

Z-SCORE FOR BASF

Z-SCORE FOR MCC PTA INDIA CORP. PRIVATE LIMITED

Trend Analysis

RETURN ON EQUITY ANALYSISOne of the most important fundamental facts about any business is that the operating performance of the firm shapes its financial structure. One of the most popular measures of financial performance is Return on Equity (ROE).

Three Determinants of ROE:

Profit Margin= Net Income/ SalesAsset Turnover= Sales/ AssetsFinancial Leverage= Assets/ Shareholders Equity.

RETURN ON EQUITY ANALYSIS

ASSET MANAGEMENT RATIOS

Du Pont Analysis

Du Pont Analysis

Du Pont Analysis

Leverage Analysis

Leverage Analysis

Leverage Analysis

FindingsThe Average Collection Period is very low.Transportation costs are extremely high The company has a negative operating cycle There is a credit crunch which leads to shortage of cash balance of the company which leads to a fall in current ratio.The Average Payment Period is very long so reputation of the firm may be hampered.In the Z-score analysis we see that the company lies in the Distress zone.

FindingsThe company takes huge amount of short term loan for its day to operations and payment of its creditors.The payables management of the company is not very strong so it looks for buyers credit and extension in payment period from its reliable suppliers.The company takes financial help from its parent company, Mitsubishi Chemical Corporation.The sale price of PTA is independent of the raw material cost

RecommendationsThe company needs to explore cheaper sources of funds for its operations.The strict credit policy can be liberalized to increase the customer base.The transportation costs can be recovered from the customers to reduce transportation costs.Payment to creditors must be made on time.

ANNEXURES

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Sheet10SUMMARY OUTPUT

Regression StatisticsMultiple R0.2513R Square0.0632Adjusted R Square0.0478Standard Error1037517173.2272Observations63.0000ANOVAdfSSMSFSignificance FRegression14.4278E+184.42779016588317E+184.11335737550.0469189961Residual616.5663E+191.07644188474144E+18Total627.0091E+19

CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%Intercept1619591472.46842254302128.1135886.36876885180.00000002781111082944.075352128100000.861491111082944.075352128100000.86149X Variable 10.14884446450.07338959082.02814135980.04691899610.00209290920.29559601980.00209290920.2955960198

SALES VS COLLECTIONSSALES VS COLLECTIONS FIGURES-5YEARSMONTHSALES TOTALCOLLECTIONSINRINRCORRELATION ANALYSISJan-071,601,127,220.761,800,028,788.901601127220.761800028788.9Feb-071,283,844,845.161,483,855,567.871601127220.761Mar-071,045,405,492.471,238,675,675.551800028788.90.24801Apr-071,452,730,604.331,238,675,675.55May-071,566,935,953.251,957,999,118.88Jun-071,635,115,690.981,765,075,195.64Jul-071,567,368,784.681,572,151,272.40Aug-071,637,557,525.542,379,227,349.16Sep-071,673,735,667.902,186,303,425.93Oct-071,698,377,720.202,293,379,502.69Nov-071,218,938,528.012,400,455,579.45Dec-071,277,591,091.932,507,531,656.22Jan-081,072,906,402.022,614,607,732.98Feb-08863,552,119.502,721,683,809.74Mar-081,214,642,106.722,828,759,886.51Apr-08935,063,501.042,935,835,963.27May-081,589,441,407.403,042,912,040.03Jun-081,600,825,619.383,149,988,116.79Jul-082,086,675,308.273,257,064,193.56Aug-08574,026,580.133,364,140,270.32Correlation MatrixSep-08581,528,535.003,471,216,347.08VARIABLESSALESCOLLECTIONSR2= THE CORRELATION BETWEEN SALES AND COLLECTION IS NOT VERY STRONG(0.063).ON THE Y-AXIS WE HAVE COLLECTIONS AND ON THE X-AXIS WE HAVE SALES (2007-2012). THE Y INTERCEPT IS 2E+09Oct-081,014,501,915.003,578,292,423.85SALES1Nov-08814,062,375.008,685,368,500.61COLLECTIONS0.24801Dec-08950,018,829.411,207,555,422.63Jan-091,131,224,847.182,565,298,280.00Feb-091,267,342,758.201,173,993,375.89Mar-091,186,103,100.002,417,311,528.21Apr-091,644,471,582.011,908,616,432.31May-091,793,046,225.041,399,921,336.41Jun-091,702,198,688.341,891,226,240.52Jul-091,125,772,929.901,122,531,144.62Aug-091,852,785,387.962,873,836,048.72Sep-091,631,710,086.141,265,140,952.82Oct-091,710,837,038.911,716,445,856.93Nov-091,333,536,182.0013,350,761.03Dec-091,271,296,338.004,839,055,665.13Jan-10350,130,777.00300,360,569.23Feb-101,129,128,498.4012,158,665,473.33Mar-102,820,012,232.801,222,970,377.44Apr-102,831,481,817.003,378,104,128.50May-103,029,402,033.003,114,207,996.99Jun-102,330,575,415.002,894,389,086.68Jul-103,523,684,684.003,402,094,171.31Aug-102,118,452,703.002,755,495,370.25Sep-101,761,818,820.002,072,733,299.54Oct-102,995,681,955.603,044,828,795.66Nov-103,118,752,717.003,288,295,561.09Dec-104,306,629,233.604,439,214,629.54Jan-113,661,948,717.004,043,118,374.23Feb-113,700,949,030.404,239,220,734.03Mar-113,979,556,352.204,072,720,471.60Apr-112,995,987,0563,216,486,395.68May-112,537,627,1483,207,267,408.60Jun-113,112,416,5543,472,012,726.66Jul-113,098,920,5383,329,069,343.79Aug-112,404,452,0933,226,360,503.36Sep-114,556,708,9004,631,064,011.76Oct-113,153,564,2073,160,978,468.53Nov-113,907,788,9974,128,839,448.11Dec-114,085,957,1714,496,464,098.75Jan-123,808,882,2693,785,792,930.88Feb-122,942,276,5523,431,883,322.23Mar-123,037,012,3455,874,614,948.13TOTAL SALES FROM 2007-2012129,906,097,803.96

CREDIT SALESCOLLECTIONS

Mean2069435009.40645Mean2991205403.14821Standard Error135925168.870675Standard Error229074930.785078Median1686056694.05Median2915112524.974ModeERROR:#N/AMode1238675675.55Standard Deviation1070275849.96408Standard Deviation1803737808.74042Sample Variance1.14549039501633E+18Sample Variance3.25347008267968E+18Kurtosis-0.7073892606Kurtosis11.282281792Skewness0.618108878Skewness2.5904071513Range4206578123.2Range12145314712.3013Minimum350130777Minimum13350761.02872Maximum4556708900.2Maximum12158665473.33Sum128304970583.2Sum185454734995.189Count62Count62Largest(1)4556708900.2Largest(1)12158665473.33Smallest(1)350130777Smallest(1)13350761.02872

3MONTHLY MOVING AVERAGEMONTHSALES TOTAL2 Monthly Moving Averages3 Monthly Moving Averages6 Monthly Moving AveragesINRINRINRINRJan-071,601,127,220.76ERROR:#N/AN/AN/AFeb-071,283,844,845.16ERROR:#N/AN/AN/AMar-071,045,405,492.471,260,660,313.99N/AN/AApr-071,452,730,604.331,355,024,016.681310125852.80N/AMay-071,566,935,953.251,551,594,082.851260660313.99N/AJun-071,635,115,690.981,589,806,809.641355024016.68N/AJul-071,567,368,784.681,613,347,333.731551594082.851430859967.83Aug-071,637,557,525.541,626,220,659.371589806809.641425233561.81Sep-071,673,735,667.901,669,890,304.551613347333.731484185675.21Oct-071,698,377,720.201,530,350,638.701626220659.371588907371.11Nov-071,218,938,528.011,398,302,446.711669890304.551629848557.09Dec-071,277,591,091.931,189,812,007.321530350638.701571848986.22Jan-081,072,906,402.021,071,349,871.151398302446.711512261553.04Feb-08863,552,119.501,050,366,876.081189812007.321429851155.93Mar-081,214,642,106.721,004,419,242.421071349871.151300850254.93Apr-08935,063,501.041,246,382,338.391050366876.081224334661.40May-081,589,441,407.401,375,110,175.941004419242.421097115624.87Jun-081,600,825,619.381,758,980,778.351246382338.391158866104.77Jul-082,086,675,308.271,420,509,169.261375110175.941212738526.01Aug-08574,026,580.131,080,743,474.471758980778.351381700010.39Sep-08581,528,535.00723,352,343.381420509169.261333445753.82Oct-081,014,501,915.00803,364,275.001080743474.471227926825.20Nov-08814,062,375.00926,194,373.14723352343.381241166560.86Dec-08950,018,829.41965,102,017.20803364275.001111936722.13Jan-091,131,224,847.181,116,195,478.26926194373.141003468923.80Feb-091,267,342,758.201,194,890,235.13965102017.20844227180.29Mar-091,186,103,100.001,365,972,480.071116195478.26959779876.63Apr-091,644,471,582.011,541,206,969.021194890235.131060542304.13May-091,793,046,225.041,713,238,831.801365972480.071165537248.63Jun-091,702,198,688.341,540,339,281.091541206969.021328701223.64Jul-091,125,772,929.901,560,252,335.401713238831.801454064533.46Aug-091,852,785,387.961,536,756,134.671540339281.091453155880.58Sep-091,631,710,086.141,731,777,504.341560252335.401550729652.21Oct-091,710,837,038.911,558,694,435.681536756134.671624997483.23Nov-091,333,536,182.001,438,556,519.641731777504.341636058392.72Dec-091,271,296,338.00984,987,765.671558694435.681559473385.54Jan-10350,130,777.00916,851,871.131438556519.641487656327.15Feb-101,129,128,498.401,433,090,502.73984987765.671358382635.00Mar-102,820,012,232.802,260,207,516.07916851871.131237773153.41Apr-102,831,481,817.002,893,632,027.601433090502.731435823511.19May-103,029,402,033.002,730,486,421.672260207516.071622597640.87Jun-102,330,575,415.002,961,220,710.672893632027.601905241949.37Jul-103,523,684,684.002,657,570,934.002730486421.672081788462.20Aug-102,118,452,703.002,467,985,402.332961220710.672610714113.37Sep-101,761,818,820.002,291,984,492.872657570934.002775601480.80Oct-102,995,681,955.602,625,417,830.872467985402.332599235912.00Nov-103,118,752,717.003,473,687,968.732291984492.872626602601.77Dec-104,306,629,233.603,695,776,889.202625417830.872641494382.43Jan-113,661,948,717.003,889,842,327.003473687968.732970836685.53Feb-113,700,949,030.403,780,818,033.203695776889.202993880691.03Mar-113,979,556,352.203,558,830,813.003889842327.003257630078.93ERROR:#N/AApr-112,995,987,0563,171,056,852.073780818033.203627253000.97ERROR:#N/AMay-112,537,627,1482,882,010,252.673558830813.003627303851.101,260,660,313.99Jun-113,112,416,5542,916,321,413.073171056852.073530449589.531,355,024,016.68Jul-113,098,920,5382,871,929,728.202882010252.673331414142.931,551,594,082.85Aug-112,404,452,0933,353,360,510.272916321413.073237576113.031,589,806,809.64Sep-114,556,708,9003,371,575,066.872871929728.203021493290.131,613,347,333.73Oct-113,153,564,2073,872,687,368.333353360510.273117685381.471,626,220,659.37Nov-113,907,788,9973,715,770,125.203371575066.873143948239.971,669,890,304.55Dec-114,085,957,1713,934,209,479.203872687368.333372308548.271,530,350,638.70Jan-123,808,882,2693,612,371,997.333715770125.203534565317.731,398,302,446.71Feb-122,942,276,5523,262,723,721.933934209479.203652892273.031,189,812,007.32Mar-123,037,012,3453612371997.333742529682.831,071,349,871.15Apr-123262723721.933489246923.571,050,366,876.08May-121993096298.802963652889.001,004,419,242.42Jun-121012337448.202312354722.771,246,382,338.391,375,110,175.941,758,980,778.351,420,509,169.26Jan-10350,130,777.00ERROR:#N/AERROR:#N/A1,080,743,474.47Feb-101,129,128,498.40ERROR:#N/AERROR:#N/A723,352,343.38Mar-102,820,012,232.802,260,207,516.07ERROR:#N/A803,364,275.00Apr-102,831,481,817.002,893,632,027.602,452,506,145.30926,194,373.14May-103,029,402,033.002,730,486,421.672,752,867,874.45965,102,017.20Jun-102,330,575,415.002,961,220,710.672,928,785,987.251,116,195,478.26Jul-103,523,684,684.002,657,570,934.002,750,528,708.751,194,890,235.13Aug-102,118,452,703.002,467,985,402.332,433,632,905.501,365,972,480.07Sep-101,761,818,820.002,291,984,492.872,599,909,540.651,541,206,969.02Oct-102,995,681,955.602,625,417,830.872,498,676,548.901,713,238,831.80Nov-103,118,752,717.003,473,687,968.733,045,720,681.551,540,339,281.09Dec-104,306,629,233.603,695,776,889.203,520,753,155.801,560,252,335.40Jan-113,661,948,717.003,889,842,327.003,697,069,924.501,536,756,134.67Feb-113,700,949,030.403,780,818,033.203,912,270,833.301,731,777,504.34Mar-113,979,556,352.203,558,830,813.003,584,610,289.001,558,694,435.68Apr-112,995,987,0563,171,056,852.073,303,529,896.651,438,556,519.64May-112,537,627,1482,882,010,252.673,156,396,777.55984,987,765.67Jun-113,112,416,5542,916,321,413.072,936,237,823.90916,851,871.13Jul-113,098,920,5382,871,929,728.202,788,354,083.051,433,090,502.73Aug-112,404,452,0933,353,360,510.273,293,124,521.202,260,207,516.07Sep-114,556,708,9003,371,575,066.873,303,411,434.552,893,632,027.60Oct-113,153,564,2073,872,687,368.333,505,628,549.502,730,486,421.67Nov-113,907,788,9973,715,770,125.203,926,004,818.952,961,220,710.67Dec-114,085,957,1713,934,209,479.203,739,048,161.252,657,570,934.00Jan-123,808,882,2693,612,371,997.333,686,226,247.352,467,985,402.33Feb-122,942,276,5523,262,723,721.933,468,532,084.152,291,984,492.87Mar-123,037,012,3452,989,644,448.203,262,723,721.932,625,417,830.87Apr-123,037,012,344.602,989,644,448.203,473,687,968.73May-12ERROR:#DIV/0!3,037,012,344.603,695,776,889.20Jun-123,889,842,327.003,780,818,033.203,558,830,813.003,171,056,852.072,882,010,252.672,916,321,413.072,871,929,728.203,353,360,510.273,371,575,066.873,872,687,368.333,715,770,125.203,934,209,479.203,612,371,997.333,262,723,721.93

FORECASTED SALES FIGURES USING MOVING AVERAGES.

yearly sales as a percentage5 Yearly Sales Forecasts

MONTHSALES TOTAL% OF TOTAL SALESINRJan-071,601,127,220.769.07%Feb-071,283,844,845.167.27%Mar-071,045,405,492.475.92%Apr-071,452,730,604.338.23%May-071,566,935,953.258.87%Jun-071,635,115,690.989.26%Jul-071,567,368,784.688.88%Aug-071,637,557,525.549.27%Sep-071,673,735,667.909.48%Oct-071,698,377,720.209.62%Nov-071,218,938,528.016.90%Dec-071,277,591,091.937.23%TOTAL FOR 200717,658,729,125.21100.00%Jan-081,072,906,402.028.07%Feb-08863,552,119.506.49%Mar-081,214,642,106.729.13%Apr-08935,063,501.047.03%May-081,589,441,407.4011.95%Jun-081,600,825,619.3812.04%Jul-082,086,675,308.2715.69%Aug-08574,026,580.134.32%Sep-08581,528,535.004.37%Oct-081,014,501,915.007.63%Nov-08814,062,375.006.12%Dec-08950,018,829.417.14%TOTAL FOR 200813,297,244,698.87100.00%Jan-091,131,224,847.186.41%Feb-091,267,342,758.207.18%Mar-091,186,103,100.006.72%Apr-091,644,471,582.019.32%May-091,793,046,225.0410.16%Jun-091,702,198,688.349.64%Jul-091,125,772,929.906.38%Aug-091,852,785,387.9610.50%Sep-091,631,710,086.149.24%Oct-091,710,837,038.919.69%Nov-091,333,536,182.007.56%Dec-091,271,296,338.007.20%TOTAL FOR 200917,650,325,163.68100.00%Jan-10350,130,777.001.15%Feb-101,129,128,498.403.72%Mar-102,820,012,232.809.30%Apr-102,831,481,817.009.34%May-103,029,402,033.009.99%Jun-102,330,575,415.007.69%Jul-103,523,684,684.0011.62%Aug-102,118,452,703.006.99%Sep-101,761,818,820.005.81%Oct-102,995,681,955.609.88%Nov-103,118,752,717.0010.29%Dec-104,306,629,233.6014.21%TOTAL FOR 201030,315,750,886.40100.00%Jan-113,661,948,717.008.89%Feb-113,700,949,030.408.98%Mar-113,979,556,352.209.66%Apr-112,995,987,0567.27%May-112,537,627,1486.16%Jun-113,112,416,5547.56%Jul-113,098,920,5387.52%Aug-112,404,452,0935.84%Sep-114,556,708,90011.06%Oct-113,153,564,2077.66%Nov-113,907,788,9979.49%Dec-114,085,957,1719.92%TOTAL FOR 201141,195,876,764100.00%

YEARSALES% CHANGE IN SALESRESULTSJan-081,072,906,402.02YearCredit Sales% of Total SalesFeb-08863,552,119.50-20%DecreaseJan-081,072,906,402.028.07%Mar-081,214,642,106.7241%IncreaseFeb-08863,552,119.506.49%Apr-08935,063,501.04-23%DecreaseMar-081,214,642,106.729.13%May-081,589,441,407.4070%IncreaseApr-08935,063,501.047.03%Jun-081,600,825,619.381%DecreaseMay-081,589,441,407.4011.95%Jul-082,086,675,308.2730%IncreaseJun-081,600,825,619.3812.04%Aug-08574,026,580.13-72%DecreaseJul-082,086,675,308.2715.69%Sep-08581,528,535.001%IncreaseAug-08574,026,580.134.32%Oct-081,014,501,915.0074%IncreaseSep-08581,528,535.004.37%Nov-08814,062,375.00-20%DecreaseOct-081,014,501,915.007.63%Dec-08950,018,829.4117%IncreaseNov-08814,062,375.006.12%Jan-091,131,224,847.1819%IncreaseDec-08950,018,829.417.14%Feb-091,267,342,758.2012%IncreaseMar-091,186,103,100.00-6%DecreaseJan-091,131,224,847.186.41%Apr-091,644,471,582.0139%IncreaseFeb-091,267,342,758.207.18%May-091,793,046,225.049%IncreaseMar-091,186,103,100.006.72%Jun-091,702,198,688.34-5%DecreaseApr-091,644,471,582.019.32%Jul-091,125,772,929.90-34%DecreaseMay-091,793,046,225.0410.16%Aug-091,852,785,387.9665%IncreaseJun-091,702,198,688.349.64%Sep-091,631,710,086.14-12%DecreaseJul-091,125,772,929.906.38%Oct-091,710,837,038.915%IncreaseAug-091,852,785,387.9610.50%Nov-091,333,536,182.00-22%DecreaseSep-091,631,710,086.149.24%Dec-091,271,296,338.00-5%DecreaseOct-091,710,837,038.919.69%Jan-10350,130,777.00-72%DecreaseNov-091,333,536,182.007.56%Feb-101,129,128,498.40222%IncreaseDec-091,271,296,338.007.20%Mar-102,820,012,232.80150%IncreaseApr-102,831,481,817.000%DecreaseJan-10350,130,777.001.15%May-103,029,402,033.007%IncreaseFeb-101,129,128,498.403.72%Jun-102,330,575,415.00-23%DecreaseMar-102,820,012,232.809.30%Jul-103,523,684,684.0051%IncreaseApr-102,831,481,817.009.34%Aug-102,118,452,703.00-40%DecreaseMay-103,029,402,033.009.99%Sep-101,761,818,820.00-17%DecreaseJun-102,330,575,415.007.69%Oct-102,995,681,955.6070%IncreaseJul-103,523,684,684.0011.62%Nov-103,118,752,717.004%IncreaseAug-102,118,452,703.006.99%Dec-104,306,629,233.6038%IncreaseSep-101,761,818,820.005.81%Jan-113,661,948,717.00-15%DecreaseOct-102,995,681,955.609.88%Feb-113,700,949,030.401%IncreaseNov-103,118,752,717.0010.29%Mar-113,979,556,352.208%IncreaseDec-104,306,629,233.6014.21%Apr-112,995,987,056-25%DecreaseMay-112,537,627,148-15%DecreaseJan-113,661,948,717.008.89%Jun-113,112,416,55423%IncreaseFeb-113,700,949,030.408.98%Jul-113,098,920,538-0%DecreaseMar-113,979,556,352.209.66%Aug-112,404,452,093-22%DecreaseApr-112,995,987,0567.27%Sep-114,556,708,90090%IncreaseMay-112,537,627,1486.16%Oct-113,153,564,207-31%DecreaseJun-113,112,416,5547.56%Nov-113,907,788,99724%IncreaseJul-113,098,920,5387.52%Dec-114,085,957,1715%IncreaseAug-112,404,452,0935.84%Sep-114,556,708,90011.06%Oct-113,153,564,2077.66%Nov-113,907,788,9979.49%Dec-114,085,957,1719.92%TOTAL FOR 201141,195,876,764100.00%SALES FORECASTINGMONTHLAST YEARCHANGEFORECASTJan-081,072,906,402.025.00%53,645,320.10Feb-08863,552,119.505.00%43,177,605.98Mar-081,214,642,106.725.00%60,732,105.34Apr-08935,063,501.045.00%46,753,175.05May-081,589,441,407.405.00%79,472,070.37Jun-081,600,825,619.385.00%80,041,280.97Jul-082,086,675,308.275.00%104,333,765.41Aug-08574,026,580.135.00%28,701,329.01Sep-08581,528,535.005.00%29,076,426.75Oct-081,014,501,915.005.00%50,725,095.75Nov-08814,062,375.005.00%40,703,118.75Dec-08950,018,829.415.00%47,500,941.47Jan-091,131,224,847.185.00%56,561,242.36Feb-091,267,342,758.205.00%63,367,137.91Mar-091,186,103,100.005.00%59,305,155.00Apr-091,644,471,582.015.00%82,223,579.10May-091,793,046,225.045.00%89,652,311.25Jun-091,702,198,688.345.00%85,109,934.42Jul-091,125,772,929.905.00%56,288,646.50Aug-091,852,785,387.965.00%92,639,269.40Sep-091,631,710,086.145.00%81,585,504.31Oct-091,710,837,038.915.00%85,541,851.95Nov-091,333,536,182.005.00%66,676,809.10Dec-091,271,296,338.005.00%63,564,816.90Jan-10350,130,777.005.00%17,506,538.85Feb-101,129,128,498.405.00%56,456,424.92Mar-102,820,012,232.805.00%141,000,611.64Apr-102,831,481,817.005.00%141,574,090.85May-103,029,402,033.005.00%151,470,101.65Jun-102,330,575,415.005.00%116,528,770.75Jul-103,523,684,684.005.00%176,184,234.20Aug-102,118,452,703.005.00%105,922,635.15Sep-101,761,818,820.005.00%88,090,941.00Oct-102,995,681,955.605.00%149,784,097.78Nov-103,118,752,717.005.00%155,937,635.85Dec-104,306,629,233.605.00%215,331,461.68Jan-113,661,948,717.005.00%183,097,435.85Feb-113,700,949,030.405.00%185,047,451.52Mar-113,979,556,352.205.00%198,977,817.61Apr-112,995,987,0565.00%149,799,352.82May-112,537,627,1485.00%126,881,357.38Jun-113,112,416,5545.00%155,620,827.70Jul-113,098,920,5385.00%154,946,026.88Aug-112,404,452,0935.00%120,222,604.65Sep-114,556,708,9005.00%227,835,445.01Oct-113,153,564,2075.00%157,678,210.37Nov-113,907,788,9975.00%195,389,449.87Dec-114,085,957,1715.00%204,297,858.54- 0102,459,197,512.955,122,959,875.65

Sales 2008

Sheet2

Credit Sales3 Monthly Moving Averages6 Monthly Moving AveragesJan-10350,130,777.00ERROR:#N/AERROR:#N/AFeb-101,129,128,498.40ERROR:#N/AERROR:#N/AMar-102,820,012,232.80ERROR:#N/AERROR:#N/AApr-102,831,481,817.002,452,506,145.30ERROR:#N/AMay-103,029,402,033.002,752,867,874.45ERROR:#N/AJun-102,330,575,415.002,928,785,987.25ERROR:#N/AJul-103,523,684,684.002,750,528,708.752,540,391,054.74Aug-102,118,452,703.002,433,632,905.502,630,775,386.40Sep-101,761,818,820.002,599,909,540.652,655,871,061.09Oct-102,995,681,955.602,498,676,548.902,696,909,761.09Nov-103,118,752,717.003,045,720,681.552,879,370,789.74Dec-104,306,629,233.603,520,753,155.803,069,566,975.74Jan-113,661,948,717.003,697,069,924.503,094,890,453.80Feb-113,700,949,030.403,912,270,833.303,360,762,403.69Mar-113,979,556,352.203,584,610,289.003,537,072,151.74Apr-112,995,987,0563,303,529,896.653,471,635,750.60May-112,537,627,1483,156,396,777.553,470,730,584.46Jun-113,112,416,5542,936,237,823.903,298,200,770.74Jul-113,098,920,5382,788,354,083.053,118,558,395.89Aug-112,404,452,0933,293,124,521.203,240,809,805.86Sep-114,556,708,9003,303,411,434.553,122,810,928.03Oct-113,153,564,2073,505,628,549.503,253,068,348.17Nov-113,907,788,9973,926,004,818.953,474,258,351.49Dec-114,085,957,1713,739,048,161.253,573,753,453.69Jan-123,808,882,2693,686,226,247.353,551,375,741.43Feb-122,942,276,5523,468,532,084.153,641,741,491.66Mar-123,037,012,345Apr-12May-12Jun-12

ALTMAN'S Z SCOREALTMAN'S Z-SCORE FOR CHEMICAL MANUFACTURING FIRMS

MAJOR CHEMICAL COMPANIES IN INDIA-ALTMAN'S Z-SCORERELIANCE INDUSTRIESIOCLDeterminantMar-12Mar-11Mar-10Mar-09Mar-08DeterminantMar-12Mar-11Mar-10Mar-09Mar-08X116.28%9.04%4.39%3.77%7.31%X1-3.62%0.77%10.12%7.13%15.76%X20.76%0.70%0.76%0.71%1.11%X21.21%2.75%8.20%5.53%5.35%X39.59%9.30%12.22%8.11%16.17%X34.32%6.65%10.46%5.75%9.89%X40.19%0.17%0.18%0.32%0.38%X40.11%0.14%0.21%0.43%0.43%X5121.44%93.27%80.94%61.53%91.58%X5209.11%190.66%186.32%236.32%212.49%

YEARZ-SCOREInterpretation of Z-SCOREYEARZ-SCOREInterpretation of Z-SCORE

20121.731.82.9Distress 20122.191.82.9Grey20111.351.82.9Distress 20112.161.82.9Grey20101.271.82.9Distress 20102.431.82.9Grey20090.931.82.9Distress 20092.691.82.9Grey20081.551.82.9Distress 20082.701.82.9GreyMCC PTA INDIA CORP PRIVATE LIMITEDTATA CHEMICALSDeterminantMar-12Mar-11Mar-10Mar-09Mar-08DeterminantMar-12Mar-11Mar-10Mar-09Mar-08X1-17.29%-6.45%-2.16%-12.96%4.00%X17.24%9.24%5.38%10.02%8.78%X2-13.29%-3.98%-5.76%-11.43%0.33%X220.58%20.67%21.18%17.84%22.13%X3-7.73%4.56%5.79%-11.90%-2.18%X316.65%15.33%15.49%13.75%17.21%X40.001%0.0006%0.0006%0.0008%0.0008%X42.32%2.23%2.14%1.97%2.11%X5143.86%91.88%49.78%46.54%54.21%X5126.96%113.47%104.58%124.13%79.31%


20120.781.82.920122.201.82.9Grey20110.931.82.920112.041.82.9Grey20100.581.82.920101.921.82.9Grey2009-0.251.82.920092.061.82.9Grey20080.521.82.920081.781.82.9Distress

ADITYA BIRLA CHEMICALSJBF INDUSTRIESDeterminantMar-12Mar-11Mar-10Mar-09Mar-08DeterminantMar-12Mar-11Mar-10Mar-09Mar-08

X14.67%17.68%11.44%4.19%-1.03%X135.19%10.77%6.81%13.50%11.65%X221.61%63.15%54.13%46.93%37.94%X210.59%13.59%15.13%14.30%17.27%X37.54%15.87%14.93%16.62%18.71%X34.49%12.07%10.82%9.69%15.24%X411.93%34.31%30.69%28.09%24.05%X43.74%4.35%5.13%5.34%6.41%X547.51%54.38%55.66%56.24%50.31%X5129.45%122.54%118.53%128.92%153.20%


20121.151.82.9Distress20122.021.82.9Grey20112.361.82.9Grey20111.961.82.9Grey20102.121.82.9Grey20101.851.82.9Grey20091.981.82.9Grey20091.991.82.9Grey20081.781.82.9Distress20082.441.82.9GreyBASF INDUSTRIES

DeterminantMar-12Mar-11Mar-10Mar-09Mar-08

X133.51%40.70%47.25%34.85%39.04%X27.36%7.68%24.02%10.94%11.20%X37.26%8.06%29.26%17.06%18.23%X411.05%12.81%16.61%20.79%22.74%X5160.28%175.27%108.21%170.05%171.35%

YEARZ-SCOREInterpretation of Z-SCORE

20122.401.82.9Grey20112.671.82.9Grey20103.041.82.9Safe20092.941.82.9Safe20083.061.82.9SafeFOR A UNLISTED COMPANY:TO CALCULATE THE BOOK VALUE OF SHARES=SHARE CAPITAL+RESERVES AND SURPLUS/NO. OF OUTSTANDING SHARESTO CALCULATE THE MARKET PRICE OF SHARE=CALCULATE INDUSTRY P/E RATIO* EPSFOR DETERMINANT X4FOR PRIVATE FIRMS WE TAKE BOOK VALUE OF EQUITY/TOTAL LIABILITIESP/E RATIO *EPS= MARKET VALUE PER SHARESL NO

book value of equity

ril556.3496.47441.87792.38568.36jbf126.66129.09117.49100.1596.19iocl238.38227.9208.21368.86344.58tata251.93214193.56192.73158.91basf242.28223.63212.36136.66120.5aditya154.03150.03123.73102.684.42average261.5966666667240.1866666667216.2033333333282.23228.8266666667

we will assume the average of the industry as the book value of equity of MCC PTA.

ALTMAN'S Z-SCORE ANALYSIS FOR KNOWING THE COMPANY'S FISCAL FITNESS(a method to predict the bankruptcy prediction for a company). The Z-score is probably better used as a gauge of relative financial health rather than as a predictor. Arguably, it's best to use the model as a quick check of financial health. Z=Index of corporate health Z= 1.2xX1 + 1.4xX2 + 3.3xX3 + 0.6xX4 + 0.99xX5 X1 = Working Capital / Total Assets(%) X2 = Retained Earnings / Total Assets(%) X3 = Earnings Before Interest and Taxes / TotalAssets X4 = Market Value of Equity / Total Liabilities X5 = Sales/ Total Assets (times)

Zones of Discrimination:Z > 2.99 -Safe Zones

1.81 < Z < 2.99 -Grey Zones

Z < 1.81 -Distress Zones

SAFE ZONESAFE ZONESAFE ZONE

DATA FOR MCCMCC PTA INDIA CORP PVT. LTD

Rupees '000YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07INCOME STATEMENT SOURCES OF FUNDSSHARE CAPITAL739282773928277392827739282773928276131475YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07REVALUATION RESERVES000097557666732RESERVES AND SURPLUS228304822830482283048228304822820480INCOMETOTAL SHARE CAPITAL(NET WORTH)967587596758759675875967587597724326798207NON CURRENT LIABILITIESGROSS SALES570496263921936718454767163346031701235817801098SECURED LOANS0086267912488479691830LESS:EXCISE DUTY-5521809-3837952120321979294310277531362766UNSECURED LOANS14081408137722041609600715014014118233946556890NET SALES515278173538141517251548155416601598460516438332TOTAL DEBT14081408137722041695868616262861127925776556890LONG TERM LIABILITIES000000OTHER INCOME784483424017149728018543934154812827OTHER LONG TERM LIABILITIES000000523123003580543218748828155602031691875917251159LONG TERM PROVISIONS000000EXPENDITUREDEFERRED TAX LIABILITY(NET)09734905476008873301183900TOTAL 2375728324,421,56926689321259387362345233914538997MANUFACTURING AND OTHER EXPENSES527420833225034615886.08118792.0961682675916965638APPLICATION OF FUNDSDEPRECIATION23387741798988855985741601734949746123FIXED ASSETSINTEREST393927370709134398426085199379162167GROSS BLOCK361039273373302132804618145476741393065313991828554747843442004316876464199597821776108717873928LESS.DEPRECIATION1099863992094747444358657948858509775122954NET BLOCK251052882452354725360260796818680796768868874PROFIT BEFORE TAX(PBT)-316248413853891872364-4399579-842328-622769ADD CAPITAL WORK IN PROGRESS859888504987891318483613141929014460021PBIT-276855717560982006762-3973494-642949-460602TOTAL251912762537404525439173264517992227257713328895PROVISION FOR TAXATIONINVESTMENTS000000CURRENT0278047173924000LONG TERM LOANS AND ADVANCES000000DEFFERED-42134091873054760-887330-292654-192970INTANGIBLE ASSETS000000FRINGE BENEFIT TAX0007866118938517MIN ALTERNATIVE TAX CREDIT0-278047-173924000CURRENT ASSETS,LOANS&ADVANCESPROFIT AFTER TAX(PAT)-27411444666591817604-3520135-561567-438316INVENTORY357423348521264342569283202425965252643815SUNDRY DEBTORS128299110261371346835100668611208871323993PROFIT BROUGHT FORWARD FROM PREV YEAR-2017720-1997846-3815450975576667321105048CASH AND BANK BALANCES145949234180517068989219815710152420573LESS:OPENING ADJ ON ADOPTION OF AS-1500-392872-76080LOANS AND ADVANCES430942938362653455912221176919240273423682CURRENT INVESTMENTS000000PROFIT AVAILABLE FOR APPROPRIATION-1531187-1997846-381545097557666732OTHER CURRENT ASSETS000004223TOTAL CURRENT ASSETS10626145131325799216005694267772124549815296BALANCE CARRIED TO B.S-4758864-1531187-1997846-381545097557666732LESS:CURRENT LIABILITIESEPS-3.710.632.46-4.760.760.71SHORT TERM BORROWINGS000000(Nominal value per share-Rs. 10)TRADE PAYABLES000000PROVISIONS182773154440122063594855917116673OTHER CURRENT LIABLILTIES166362291546180298416401121170559725218588521TOTAL CURRENT LIABILITIES & PROVISIONS168190021561624299637031127119060316928605194NET CURRENT ASSETS-6192857-2483663-747698-432851311807621210102DEBIT BALANCE IN P/L A/C47588641531187-1997846-381545000TOTAL(NCA+FA)237572832442156926689321259387362345333914538997RETAINED EARNINGS-4758864-1531187-1997846-381545097557666732book value of equity261.5966666667240.1866666667216.2033333333282.23228.8266666667

DATA FOR RILRELIANCE INDUSTRIESIndustry: Chemical(Petrochemicals)(Rs.in Crores)YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07INCOME STATEMENTSOURCES OF FUNDSSHARE CAPITAL3,271.003,273.373,270.371,573.531,453.391,393.21YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07REVALUATION RESERVES3,127.005,467.008,804.2711,784.75871.262,651.97IncomeRESERVES AND SURPLUS159,698.00142,799.95125,095.97112,945.4477,441.5059,861.81Sales Turnover368,571.00276,371.78211,727.07155,788.51143,004.98120,431.10TOTAL SHARE CAPITAL(NET WORTH)166,096.00151,540.32137,170.61126,372.9781,448.6063,967.13Excise Duty10,042.0010,655.988,356.504,452.975,495.546,654.68NON CURRENT LIABILITIESNet Sales358,529.00265,715.80203,370.57151,335.54137,509.44113,776.42SECURED LOANS6,969.0010,571.2111,670.5010,697.926,600.179569.12Other Income5,884.002,598.4711,449.611,295.146,946.78322.96UNSECURED LOANS51,658.0056,825.4750,824.1963,206.5629,879.5118,256.61Stock Adjustments2,844.004,458.046,034.992,269.541,533.93696.92TOTAL DEBT58,627.0067,396.6862,494.6973,904.4836,479.6827,825.73Total Income367,257.00272,772.31220,855.17154,900.22145,990.15114,796.30LONG TERM LIABILITIES000000ExpenditureOTHER LONG TERM LIABILITIES000000Raw Materials304,978.00212,677.44164,277.25117,294.00103,564.0781,815.73LONG TERM PROVISIONS000000Power & Fuel Cost4,740.002,834.333,140.753,848.912,108.382,262.95DEFERRED TAX LIABILITY(NET)000000Employee Cost3,955.003,324.262,790.873,017.572,738.162,590.89CURRENT LIABILITIESOther Manufacturing Expenses2,829.003,362.832,466.921,857.132,028.011,422.48SHORT TERM BORROWINGS000000Selling and Admin Expenses8,959.008,330.216,746.685,347.055,864.195,501.33TRADE PAYABLES000000Miscellaneous Expenses1,216.001,670.64948.441,248.52613.77418.72PROVISIONS4,258.004,563.483,565.433,010.902,992.621,712.87Preoperative Exp Capitalised-123-30.26-1,217.92-3,380.45-208.8-117.43OTHER CURRENT LIABLILTIES66,244.0061,399.8748,018.6542,664.8129,228.5424,145.19Total Expenses326,554.00232,169.45179,152.99129,232.73116,707.7893,894.67TOTAL CURRENT LIABILITIES & PROVISIONS70,502.0065,963.3551,584.0845,675.7132,221.1625,858.06APPLICATION OF FUNDSOperating Profit34,819.0038,004.3930,252.5724,372.3522,335.5920,578.67FIXED ASSETSPBDIT40,703.0040,602.8641,702.1825,667.4929,282.3720,901.63GROSS BLOCK209,552.00221,251.97215,864.71149,628.70104,229.1099532.77Interest2,894.002,413.912,063.312,133.941,257.321,344.95LESS.DEPRECIATION91,770.0078,545.5062,604.8249,285.6442,345.4735,872.31PBDT37,809.0038,188.9539,638.8723,533.5528,025.0519,556.68NET BLOCK117,782.00142,706.47153,259.89100,343.0661,883.6363,660.46Depreciation12,401.0014,120.7611,008.825,725.445,004.204,899.45ADD CAPITAL WORK IN PROGRESS4,885.0012,819.5612,138.8269,043.8323,005.847528.13Other Written Off000000INVESTMENTS54,008.0037,651.5423,228.6221,606.4922,063.6016,251.34Profit Before Tax25,408.0024,068.1928,630.0517,808.1123,020.8514,657.23LONG TERM LOANS AND ADVANCES000000Extra-ordinary items0-0.33-0.232.5856.75-538.35INTANGIBLE ASSETS000000PBT (Post Extra-ord Items)25,408.0024,067.8628,629.8217,810.6923,077.6014,118.88Tax5,691.004,796.674,269.492,932.263,495.592,580.57CURRENT ASSETS,LOANS&ADVANCESReported Net Profit19,717.0019,271.5224,423.5814,950.3119,523.2412,074.74INVENTORY35,955.0029,825.3826,981.6214,836.7214,247.5412136.51Minority Interest-7-22.16-79.56-18.411.86-0.09SUNDRY DEBTORS18,424.0017,441.9411,660.214,571.386,227.583,732.42Share Of P/L Of Associates000000CASH AND BANK BALANCES889604.57362.36500.13217.79308.35Net P/L After Minority Interest & Share Of Associates19,724.0019,293.6815,834.5514,894.2614,789.9012,076.75LOANS AND ADVANCES24,573.0017,320.6010,517.5713,375.1518,441.2012,506.71Total Value Addition21,576.0019,492.0114,875.7411,938.7313,143.7112,078.94CURRENT INVESTMENTS38,709.0026,530.2913,100.2921,676.404,062.261,527.00Preference Dividend000000OTHER CURRENT ASSETS000000Equity Dividend2,531.002,384.992,084.671,897.051,631.241,440.45TOTAL CURRENT ASSETS118,550.0091,722.7862,622.0554,959.7843,196.3730,210.99Corporate Dividend Tax410386.9346.24322.4277.23202.02NET CURRENT ASSETS48,048.0025,759.4311,037.979,284.0710,975.214,352.93Per share data (annualised)Total Assets224,723.00218,937.00199,665.30200,277.45117,928.2891,792.86Shares in issue (lakhs)29,787.0529,810.1929,780.2013,749.4614,536.4913,935.08Retained Earnings2,237.651,984.271,912.811,746.691,669.10Earning Per Share (Rs)66.1964.6582.01108.73134.3186.65Equity Dividend (%)000000Book Value (Rs)556.3496.47441.87792.38568.36467.67PBIT28,302.0026,482.1030,693.3619,942.0524,278.1716,002.18

data for JBFJBF INDUSTRIESIndustry: Chemical(Petrochemicals)INCOME STATEMENT(Rs.in Crores)YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07INCOMESOURCES OF FUNDSSALES TURNOVER4782.083860.562846.492551.352314.771611.55SHARE CAPITAL160.4198.2662.2462.2462.0654.38EXCISE DUTY400.95307.86162.65157.06164.1134.45RESERVES AND SURPLUS840.14853.22669.05561.11534.9333.55NET SALES4381.133552.72683.842394.292150.671477.1TOTAL SHARE CAPITAL(NET WORTH)1000.55951.48731.29623.35607.06387.93OTHER INCOME129.247.1440.63-59.118.159.86NON CURRENT LIABILITIESSTOCK ADJUSTMENTS5.2871.3166.4658.8-9.2237.65SECURED LOANS703.25515.16418.54329.11214.97347.46TOTAL INCOME4515.653631.152790.932393.982149.61524.61UNSECURED LOANS661.13606.8406.47405.13329.94172.01TOTAL DEBT1364.381121.96825.01734.24544.91519.47EXPENDITURELONG TERM LIABILITIES0.000.000.000.000.000.00RAW MATERIALS3626.762928.202259.221971.601744.841245.10OTHER LONG TERM LIABILITIES0.000.000.000.000.000.00POWER &FUEL224.19161.25134.50120.7485.2659.75LONG TERM PROVISIONS0.000.000.000.000.000.00EMPLOYEE COST46.1841.1029.3225.2219.2012.72DEFERRED TAX LIABILITY(NET)0.000.000.000.000.000.00MANUFACTURING EXPENSES18.4516.4112.069.709.105.10TOTAL2364.932073.441556.301357.591151.97907.40SELLING AND ADMIN EXPENSES0.0051.0841.5429.6128.0615.65APPLICATION OF FUNDSMISC EXPENSES364.259.907.184.843.482.44FIXED ASSETSPREOPERATIVE EXP CAPITALISED0.000.000.000.000.000.00GROSS BLOCK1,767.311,554.961,394.171,201.98913.28825.89TOTAL EXPENSES4279.833207.942483.822161.711889.941340.76LESS.DEPRECIATION491.11413.69344.77283.05232.23190.45NET BLOCK1,276.201,141.271,049.40918.93681.05635.44ADD CAPITAL WORK IN PROGRESS115.84145.8891.6238.3188.4128.74OPERATING PROFIT106.58416.07266.48291.38251.51173.99TOTAL1,392.041,287.151,141.02957.24769.46664.18PBDIT235.82423.21307.11232.27259.66183.85INVESTMENTS91.54443.07254.59159.69142.29110.57INTEREST123.56163.1261.8959.4246.5526.88LONG TERM LOANS AND ADVANCES000000PBDT112.26260.09245.22172.85213.11156.97INTANGIBLE ASSETS000000DEPRECIATION83.9473.3762.2152.345.7336.56CURRENT ASSETS,LOANS&ADVANCESOTHER WRITTEN OFF000000.00INVENTORY458.94520.11346.17238.3995.0377.24PROFIT BEFORE TAX28.32186.72183.01120.55167.38120.41SUNDRY DEBTORS400.94280.23254.95267.88199.11137.7EXTRA ORDINARY ITEMS-0.14.99-0.25-3.050.71-0.03CASH AND BANK BALANCES161.0714.1410.0618.4319.213.75PBT(POST EXTRA-ORD ITEMS)28.22191.71182.76117.5168.38120.38LOANS AND ADVANCES879.79354.49257.45215.49178.71111.65TAX-20.4660.2653.984429.3439.79CURRENT INVESTMENTSREPORTED NET PROFIT48.68131.4212976.27138.7380.77OTHER CURRENT ASSETS000000TOTAL VALUE ADDITION653.07279.74224.6190.11145.195.66TOTAL CURRENT ASSETS1020.95814.48611.18524.7313.35218.69PREF DIVIDEND0.7200000.00TOTAL CURRENT ASSETS,LOANS AND ADVANCES1900.741168.97868.63740.19492.06330.34EQUITY DIVIDEND57.6657.3237.3531.1210.5112.54LESS:CORPORATE DIVIDEND TAX9.479.36.355.291.792.12CURRENT LIABILITIESPER SHARE DATA(ANNUALISED)SHORT TERM BORROWINGS000000SHARES IN ISSUE(LAKHS)720.19716.48622.42622.42620.6543.75TRADE PAYABLES000000EPS6.6618.3420.7312.2522.3514.85PROVISIONS90.98137.79100.5963.1739.8532.52EQUITY DIVIDEND %808060501522.50OTHER CURRENT LIABLILTIES928.41757.08631.32455.4309.43173.34BOOK VALUE(Rs)126.66129.09117.49100.1596.1971.34TOTAL CURRENT LIABILITIES & PROVISIONS1019.39894.87731.91518.57349.28205.86PBIT151.88349.84244.9179.97213.93147.29NET CURRENT ASSETS881.35274.1136.72221.62142.78124.48

TOTAL (NCA+FA)2,273.391,561.251,277.741,178.86912.24788.66retained earnings358.39393.96342.6265.52242.43

data for ioclIOCL INDUSTRIESIndustry: Chemical(Petrochemicals)INCOME STATEMENT(Rs.in Crores)YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07SOURCES OF FUNDSSHARE CAPITAL2,427.952427.952427.951192.371192.371192.37IncomeRESERVES AND SURPLUS55,448.7552,904.3748124.9842805.8139893.8833664.92Sales Turnover463,285.27357,275.89291,272.84329,806.88270,410.49238348.37TOTAL SHARE CAPITAL(NET WORTH)57,876.7055332.3250552.9343998.1841086.2534857.29Excise Duty24,455.5926,141.0421,834.7622,682.8923,051.2521849.52NON CURRENT LIABILITIESNet Sales438,829.68331,134.85269,438.08307,123.99247,359.24216498.85SECURED LOANS0.00018292.4517565.136415.785671.42Other Income-4,509.803,554.943,189.68-2,905.923,128.543810.01UNSECURED LOANS0.00026273.827406.9329107.3921411.27Stock Adjustments2,852.134,972.935,044.25-1,674.561,958.09-180.73TOTAL DEBT0.000.0044,566.2544,972.0635,523.1727,082.69Total Income437,172.01339,662.72277,672.01302,543.51252,445.87220128.13LONG TERM LIABILITIES16826.7600000ExpenditureOTHER LONG TERM LIABILITIES332.81364.80000Raw Materials394,385.52299,806.97240,712.77273,708.98223,214.64193290.8LONG TERM PROVISIONS258.18179.270000Power & Fuel Cost3,801.741,880.24369.45447.19357.82291.31DEFERRED TAX LIABILITY(NET)5241.886336.594756.115478.715384.825379.7Employee Cost4,980.066,429.585,723.965,686.962,894.862586.8TOTAL80,536.3362,212.9855,309.0449,476.8946,471.0740,236.99Other Manufacturing Expenses1,465.941,638.361,385.831,053.321,200.32821.56APPLICATION OF FUNDSSelling and Admin Expenses4,321.1113,378.7911,386.0610,709.6610,084.298528.96FIXED ASSETSMiscellaneous Expenses14,283.791,249.03733.59804.51642.54526.75GROSS BLOCK56518.2454541.48Preoperative Exp Capitalised0-945.24-1,121.28-544.01-403.58-542.83LESS.DEPRECIATION23959.6821400.07Total Expenses423,238.16323,437.73259,190.38291,866.61237,990.89205503.35NET BLOCK58932.2957189.0241132.9934392.4532558.5633141.41ADD CAPITAL WORK IN PROGRESS13415.368939.321226.8518114.059152.654376.89Operating Profit18,443.6512,670.0515,291.9513,582.8211,326.4410814.77TOTAL72347.6566128.3262359.8452506.541711.2137518.3PBDIT13,933.8516,224.9918,481.6310,676.9014,454.9814624.78INVESTMENTS4918.014703.4922370.2532232.1321535.7819990.86Interest5,590.542,702.141,572.354,020.981,589.731496.25LONG TERM LOANS AND ADVANCES9660.814940.340000PBDT8,343.3113,522.8516,909.286,655.9212,865.2513128.53INTANGIBLE ASSETS1206.451339.68489.86411.91230.83246.22Depreciation4,867.794,546.673,227.142,881.712,709.702590.31CURRENT ASSETS,LOANS&ADVANCESOther Written Off0132.04133.98317.64236.53113.43INVENTORY56829.249284.5236404.0825149.630941.4824702.69Profit Before Tax3,475.528,844.1413,548.163,456.579,919.0210424.79SUNDRY DEBTORS15502.878863.695799.285937.866819.236739.27Extra-ordinary items278.76-41.93-36.52915.26178.6476.73CASH AND BANK BALANCES307.011294.421315.11798.02824.43925.97PBT (Post Extra-ord Items)3,754.288,802.2113,511.644,371.8310,097.6610501.52LOANS AND ADVANCES33269.9521060.814728.8311875.1113556.025917.1Tax-200.341,297.713,097.871,364.713,104.542949.46CURRENT INVESTMENTS13760.4514841.270000Reported Net Profit3,954.627,445.4810,220.552,949.556,962.587499.47OTHER CURRENT ASSETS2057.351223.151141.51051.58790.14775.35Total Value Addition28,852.6423,630.7618,477.6118,157.6314,776.2512212.55TOTAL CURRENT ASSETS121726.8396567.8559388.844812.1752931.339060.38Preference Dividend000000LESS:Equity Dividend1,213.982,306.553,156.34910.48655.812250.89CURRENT LIABILITIESCorporate Dividend Tax194.43358.7508.83154.7476.48361.72SHORT TERM BORROWINGS53497.1734065.760000Per share data (annualised)TRADE PAYABLES33235.4529661.760000Shares in issue (lakhs)24,279.5224,279.5224,279.5211,923.7411,923.7411680.12PROVISIONS14890.366584.1910271.562609.551172.993129.11Earning Per Share (Rs)16.2930.6742.124.7458.3964.21OTHER CURRENT LIABLILTIES27700.4424911.7934480.1732942.1733407.9926579.97Equity Dividend (%)50951307555190TOTAL CURRENT LIABILITIES & PROVISIONS129323.4295223.544751.7335551.7234580.9829709.08Book Value (Rs)238.38227.9208.21368.86344.58298.22NET CURRENT ASSETS-7596.591344.3514637.079260.4518350.329351.30PBIT9,066.0611,546.2815,120.517,477.5511,508.7511,921.04

TOTAL (NCA+FA)152883.98144584.50162216.86146917.49123539.35104624.98Retained earnings2,546.214,780.2311,860.467,189.416,230.29

data for TATA CHEMICALSTATA CHEMICALSIndustry: Chemical(Petrochemicals)INCOME STATEMENT(Rs.in Crores)YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08SOURCES OF FUNDSIncomeSHARE CAPITAL254.82254.82243.32235.23234215.16Sales Turnover14,045.2511,102.409,567.7612,327.825,981.68REVALUATION RESERVES000000Excise Duty239.19207.78121.81173.86-0.37RESERVES AND SURPLUS4762.414485.864031.753386.683337.622177.68Net Sales13,806.0610,894.629,445.9512,153.965,982.05TOTAL SHARE CAPITAL(NET WORTH)5017.234740.684275.073621.913571.682392.84Other Income15.45225.6381.42-196.21669.91NON CURRENT LIABILITIESStock Adjustments490.646.64-177.3831.8775.12SECURED LOANS498.93252.73249.24249.2447.9760.63Total Income14,312.1111,166.899,349.9911,989.626,727.08UNSECURED LOANS1960.52723.212697.273426.622297.31981.14ExpenditureTOTAL DEBT2459.432975.942946.513675.862345.281041.77Raw Materials6,648.974,919.253,726.156,422.382,586.98LONG TERM LIABILITIES000000Power & Fuel Cost1,438.811,177.791,040.661,373.65938.73OTHER LONG TERM LIABILITIES000000Employee Cost971.01819.71746.15866.64477.75LONG TERM PROVISIONS000000Other Manufacturing Expenses293.89243.39224.33181.11206.5DEFERRED TAX LIABILITY(NET)000000Selling and Admin Expenses01,654.321,354.83831.72698.54TOTAL 7476.667716.627221.587297.775916.963434.61Miscellaneous Expenses2,640.32419.51411.87547.4203.76APPLICATION OF FUNDSPreoperative Exp Capitalised000-2.26-0.14FIXED ASSETSTotal Expenses11,993.009,233.977,503.9910,220.645,112.12GROSS BLOCK4300.353946.562803.53602.993291.443219.35LESS.DEPRECIATION2490.322358.992211.062058.011948.241811.83Operating Profit2,303.661,707.291,764.581,965.19945.05NET BLOCK1810.031587.581592.441544.981343.21407.52PBDIT2,319.111,932.921,846.001,768.981,614.96ADD CAPITAL WORK IN PROGRESS265.38340.05237.65298.77169.38107.22Interest427350.83452.96398.22141.54TOTAL2075.411927.631830.091843.751512.581514.74PBDT1,892.111,582.091,393.041,370.761,473.42INVESTMENTS4613.874901.694905.594473.733741.41350.28Depreciation508.68461.13446.78422.64313.83LONG TERM LOANS AND ADVANCES000000Other Written Off0000.533.17INTANGIBLE ASSETS000000Profit Before Tax1,383.431,120.96946.26947.591,156.42Extra-ordinary items0021.5488.9519.45CURRENT ASSETS,LOANS&ADVANCESPBT (Post Extra-ord Items)1,383.431,120.96967.81,036.541,175.87INVENTORY1253.22696.3611.19969.8657.64506.48Tax343.92274.92209.32157.51211.47SUNDRY DEBTORS1485.83731.72581.61001.79639.5668.55Reported Net Profit1,039.51846.04723.58759.81964.4CASH AND BANK BALANCES891.8590.78624.96510.52175.972.48Minority Interest199.46192.57131.14111.710LOANS AND ADVANCES554.41545.28391.19863.35713.45647.08Share Of P/L Of Associates2.460-13.4700CURRENT INVESTMENTS070887.69128.23101.7322Net P/L After Minority Interest & Share Of Associates989.95653.47584.37559.15944.95OTHER CURRENT ASSETS000000Total Value Addition5,344.034,314.723,777.843,798.262,525.14TOTAL CURRENT ASSETS4185.312772.082296.633473.692288.221916.59Preference Dividend00000LESS:Equity Dividend254.76254.76218.93211.65211.25CURRENT LIABILITIESCorporate Dividend Tax64.541.3337.1135.9735.9SHORT TERM BORROWINGS000000Per share data (annualised)TRADE PAYABLES000000Shares in issue (lakhs)2,547.562,547.562,432.562,351.692,339.94PROVISIONS417.09401.16353.19372.71351.79379.81Earning Per Share (Rs)40.833.2129.7532.3141.21OTHER CURRENT LIABLILTIES2980.841483.61457.742120.391273.981350.7Equity Dividend (%)00000TOTAL CURRENT LIABILITIES & PROVISIONS3397.931884.761810.932493.11625.771730.51Book Value (Rs)251.93214193.56192.73158.91NET CURRENT ASSETS787.38887.32485.7980.59662.45186.08PBIT1,810.431,471.791,399.221,345.811,297.96DEBIT BALANCE IN P/L A/Coperating profitgp-finance costsTOTAL(NCA+FA)7476.667716.647221.387298.075916.433051.1Retained Earnings2,237.651,984.271,912.811,746.691,669.10

data for BASFBASF CHEMICALS

Industry: Chemical(Petrochemicals)INCOME STATEMENT(Rs.in Crores)YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07Sources Of FundsINCOMETotal Share Capital43.2943.2940.7728.1928.1928.19SALES TURNOVER3740.283237.221466.531239.431031.86875.87Equity Share Capital43.2943.2940.7728.1928.1928.19EXCISE DUTY224.34177.1183.48121.45123.69105.48Share Application Money0.000.000.000.000.000.00NET SALES3515.843060.111383.051117.98908.17770.39Preference Share Capital0.000.000.000.000.000.00OTHER INCOME5.112.61225.31-1.681.78-2.81Reserves1,005.43924.69825357.04311.49275.21STOCK ADJUSTMENTS19.75104.7247.5923.778.4-3.43Revaluation Reserves0.000.000.000.000.000.00TOTAL INCOME3540.83167.441655.951140.07918.35764.15Networth1,048.72967.98865.77385.23339.68303.4Secured Loans0.000.000.000.000.000.00EXPENDITUREUnsecured Loans174.89128.460.000.000.000.51RAW MATERIALS2566.092379.23946.36764.42592.06498.15Total Debt174.89128.460.000.000.000.51POWER &FUEL46.6542.0622.1823.1820.8922.19Total Liabilities1,223.611,096.44865.77385.23339.68303.91EMPLOYEE COST250.06199.14108.7888.7481.7268.41MANUFACTURING EXPENSES6.3530.267.5314.1711.563.49Application Of FundsSELLING AND ADMIN EXPENSES0261.72132.21107.4774.6350.02Gross Block872.62762.49629.62363.64341.11326.59MISC EXPENSES460.6767.9838.7714.7427.2731.41Less: Accum. Depreciation467.95413.44386.31237.7224.25227.09PREOPERATIVE EXP CAPITALISED000000Net Block404.67349.05243.31125.94116.8699.5TOTAL EXPENSES3329.822980.391255.831012.72808.13673.67Capital Work in Progress83.8736.869.5221.154.004.99Investments0.000.009.009.0011.911.9Inventories745.52622.09349.51200.98124.92115.26OPERATING PROFIT205.87184.44174.81129.03108.4493.29Sundry Debtors624.85470.72258137.28158.69145.08PBDIT210.98187.05400.12127.35110.2290.48Cash and Bank Balance33.9117.1927.2927.68.022.31INTEREST9.539.350.844.183.621.51Total Current Assets1,404.281,110.00634.8365.86291.63262.65PBDT201.45177.7399.28123.17106.688.97Loans and Advances300.72250244.98135.39105.4884.26DEPRECIATION51.7346.426.0815.1613.610.87Fixed Deposits00.07136.550.10.140.13OTHER WRITTEN OFF000000Total CA, Loans & Advances1,705.001,360.071,016.33501.35397.25347.04PROFIT BEFORE TAX149.72131.3373.2108.019378.1Deffered Credit0.000.000.000.000.000.00EXTRA ORDINARY ITEMS000000Current Liabilities920.01586.56358.18237.76156.72129.94TAX48.8632.9254.5639.3733.6328.01Provisions49.9262.9854.2134.4533.6129.58REPORTED NET PROFIT100.86117.8396.8168.6459.3750.09Total CL & Provisions969.93649.54412.39272.21190.33159.52TOTAL VALUE ADDITION763.73601.16309.47248.3216.07175.52Net Current Assets735.07710.53603.94229.14206.92187.52PREF DIVIDEND000000Miscellaneous Expenses0.000.000.000.000.000.00EQUITY DIVIDEND17.3134.6332.6219.7319.7319.73Total Assets1,223.611,096.44865.77385.23339.68303.91CORPORATE DIVIDEND TAX2.815.755.423.363.363.36Retained earnings161.54134.130771.9559.38PER SHARE DATA(ANNUALISED)SHARES IN ISSUE(LAKHS)432.85432.85407.69281.89281.89281.89EPS2327.2223.7524.3521.0617.77EQUITY DIVIDEND %408080707070BOOK VALUE(Rs)242.28223.63212.36136.66120.5107.63PBIT159.25140.65374.04112.1996.6279.61

DATA FOR ADITYA BIRLA CHEMICALSADITYA BIRLA CHEMICALS

Industry: Chemical(Petrochemicals)(Rs.in Crores)YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07SOURCES OF FUNDSINCOMETotal Share Capital 23.3923.3923.3923.3923.3923.39SALES TURNOVER670.64262.65243.55231.58204.38168.33Equity Share Capital 23.3923.3923.3923.3923.3923.39EXCISE DUTY57.2924.8819.1726.5628.6423.32Share Application Money 000000NET SALES613.35237.77224.38205.02175.74145.01Preference Share Capital 000000OTHER INCOME-11.518.824.465.452.493.27Reserves 336.85328.66265.97216.57174.03124.41STOCK ADJUSTMENTS4.40.11-0.75-0.052.960.13Revaluation Reserves 000000TOTAL INCOME606.24246.7228.09210.42181.19148.41Networth 360.24352.05289.36239.96197.42147.8Secured Loans 707.5626.0543.845.7666.1386.28EXPENDITUREUnsecured Loans 00.10.260.4113.5725.99RAW MATERIALS341.96113.47104.4697.1673.853.35Total Debt 707.5626.1544.0646.1779.7112.27POWER &FUEL37.3419.7517.479.044.663.2Total Liabilities 1067.8378.2333.42286.13277.12260.07EMPLOYEE COST34.9413.9213.2513.1710.7310.69MANUFACTURING EXPENSES02.853.082.831.691.4Application Of FundsSELLING AND ADMIN EXPENSES02.646.815.415.376.04Gross Block 1145.35384.17379.19374.34327.56305.05MISC EXPENSES40.644.272.212.951.582.93Less: Accum. Depreciation 192.94143.45125.57105.8287.3470.45PREOPERATIVE EXP CAPITALISED000000Net Block 952.41240.72253.62268.52240.22234.6TOTAL EXPENSES454.88156.9147.28130.5697.8377.61Capital Work in Progress 36.2114.132.721.413.8516.32TOTAL988.62254.85256.34269.92254.07250.92Investments 18.8446.0230.940.3253.75OPERATING PROFIT162.8780.9876.3574.4180.8767.53Inventories 66.4119.5620.8111.1313.799.34PBDIT151.3689.880.8179.8683.3670.8Sundry Debtors 75.4425.3624.9520.5515.2212.52INTEREST80.72.643.575.589.210.72Cash and Bank Balance 35.762.133.261.026.392.25PBDT70.6687.1677.2474.2874.1660.08Total Current Assets 177.6147.0549.0232.735.424.11DEPRECIATION54.0220.3620.0418.7117.3615.82Loans and Advances 106.0228.4124.8432.725.4316.41OTHER WRITTEN OFF00.040.570.550.630.36Fixed Deposits 060.8841.9928.959.4131.91PROFIT BEFORE TAX16.6466.7656.6355.0256.1743.9Total CA, Loans & Advances 283.63136.34115.8594.3570.2472.43EXTRA ORDINARY ITEMS04.287.341.169.710.74PBT(POST EXTRA-ORD ITEMS)16.6471.0463.9756.1865.8844.64Deffered Credit000000TAX12.358.7410.489.539.1811.01Current Liabilities 209.8153.9159.3770.8864.6762.57REPORTED NET PROFIT4.2962.7160.7446.0849.2733.76Provisions 13.475.1110.358.29.176.15TOTAL VALUE ADDITION112.9243.4342.8133.4124.0324.26Total CL & Provisions 223.2859.0269.7279.0873.8468.72PREF DIVIDEND000000Net Current Assets 60.3577.3246.1315.27-3.63.71EQUITY DIVIDEND1.171.173.513.513.513.51Miscellaneous Expenses0000.611.631.67CORPORATE DIVIDEND TAX0.190.190.580.60.60.6PER SHARE DATA(ANNUALISED)Total Assets 1067.81378.19333.41286.1277.1260.05SHARES IN ISSUE(LAKHS)233.87233.87233.87233.87233.87233.87EPS1.8426.8125.9719.721.0714.43EQUITY DIVIDEND %5515151515BOOK VALUE(Rs)154.03150.03123.73102.684.4263.2PBIT97.3469.460.260.665.3754.62Retained earnings279.05276.11218.21171.11132.54

SENSITIVITY ANALYSISCash Flow Sensitivity Analysis

% Change in Receipts and Disbursements10.00%(IN RUPEES 000)

PARTICULARSEXPECTEDPESSIMISTICOPTIMISTICBEGINNING CASH BALANCE1,416,9791,416,9791,416,979OTHER INCOMES7,127,8946415104.3127840683.048ACCOUNTS RECEIVABLE COLLECTIONS6,833,6236150260.5567516985.124LOAN PROCEEDS7,160,5906444531.3967876649.484SALES AND RECEIPTS5,059,8094553828.15565789.9

TOTAL CASH INFLOWS26181915.9623563724.36428800107.556AVAILABLE CASH BALANCE27598894.69581724980703.09981730217086.291817

CASH OUTFLOWS(EXPENSES)Remittances :Paraxylene69464076251766.37641047.7Buyers payment333491300141.9366840.1Materials :FO+ others600000540000660000Acetic Acid10000090000110000Acetic Acid refundOthers- Rep/Spares150000135000165000Others (Transport, etc)150000135000165000Customs Duty-PX/AA/DEPB600000540000660000Miscellaneous Payments Kolkata300002700033000Salary 500000450000550000Haldia Transfers500000450000550000Insurance500004500055000DP- Capex (BDT)10000900011000Long Term LoanInterest - BDT2078218703.822860.2Entry Tax600005400066000Shutdown Expenses Estd/repairsMCC G/FeesRoyaltyGovernment payments400000360000440000Hal & Cal Exp 200000180000220000HP Payments/ CPP763031686727.9839334.1TOTAL CASH OUTFLOWS1141371110272339.912555082.1ENDING CASH BALANCE16185183.69581714708363.19981717662004.191817

Sheet2

Sheet3

COMMON SIZE AND TRENDING ANALYSMCC PTA INDIA CORP PVT. LTDCOMPARATIVE BALANCE SHEETCommon size Balance Sheet below:FROM 2007-2012Rupees '000YearMar-12% of totalMar-11% of totalMar-10% of totalMar-09% of totalMar-08% of totalMar-07% of totalTOTAL LIABILITIES AND EQUITY SHAREHOLDERS FUNDSSHARE CAPITAL739282731.12%739282730.27%739282727.70%739282728.50%739282731.52%613147542.17%REVALUATION RESERVES0000975570.42%6667324.59%RESERVES AND SURPLUS22830489.61%22830489.35%22830488.55%22830488.80%22820489.73%0TOTAL SHARE CAPITAL(NET WORTH)967587540.73%967587539.62%967587536.25%967587537.30%977243241.67%679820746.76%NON CURRENT LIABILITIESSECURED LOANS0008626793.23%12488474.81%9691834.13%0UNSECURED LOANS1408140859.27%1377220456.39%1609600760.31%1501401457.88%1182339450.41%655689045.10%TOTAL DEBT1408140859.27%1377220456.39%1695868663.54%1626286162.70%1279257754.55%655689045.10%LONG TERM LIABILITIES0000000OTHER LONG TERM LIABILITIES0000000LONG TERM PROVISIONS0000000DEFERRED TAX LIABILITY(NET)009734903.99%547600.21%08873303.78%11839008.14%TOTAL 23757283100.00%24421569100.00%26689321100.00%25938736100.00%23452339100.00%14538997100.00%CURRENT LIABILITIESSHORT TERM BORROWINGS000000TRADE PAYABLES000000PROVISIONS1827731%1544401%1220631%594851%591711%166730%OTHER CURRENT LIABLILTIES1663622999%1546180299%984164099%1121170599%597252199%8588521100%TOTAL CURRENT LIABILITIES & PROVISIONS16819002100%15616242100%9963703100%11271190100%6031692100%8605194100%TOTAL ASSETS 35817421100%38506624100%34655178100.00%33394476100.00%29485031100.00%23144191100.00%FIXED ASSETSGROSS BLOCK361039273373302132804618145476741393065313991828LESS.DEPRECIATION1099863992094747444358657948858509775122954NET BLOCK2510528870%2452354763.69%2536026073.18%796818623.86%807967627.40%886887438.32%ADD CAPITAL WORK IN PROGRESS859880%8504982.21%789130.23%1848361355.35%1419290148.14%446002119.27%TOTAL251912762537404525439173264517992227257713328895INVESTMENTS000000LONG TERM LOANS AND ADVANCES000000INTANGIBLE ASSETS000000

CURRENT ASSETS,LOANS&ADVANCESINVENTORY357423310%485212612.60%434256912.53%28320248.48%25965258.81%264381511.42%SUNDRY DEBTORS12829914%10261372.66%13468353.89%10066863.01%11208873.80%13239935.72%CASH AND BANK BALANCES14594924%34180518.88%706890.20%8921982.67%15710155.33%242057310.46%LOANS AND ADVANCES430942912%38362659.96%34559129.97%22117696.62%19240276.53%342368214.79%CURRENT INVESTMENTS000000OTHER CURRENT ASSETS0000042230.02%TOTAL CURRENT ASSETS10626145131325799216005694267772124549815296NET CURRENT ASSETS-6192857-2483663-747698-432851311807621210102DEBIT BALANCE IN P/L A/C475886415311871997846381545000TOTAL(NCA+FA)237572832442156926689321259387362345333914538997

YearMar-12% of totalMar-11% of totalMar-10% of totalMar-09% of totalMar-08% of totalMar-07% of totalAMOUNT IN RS%AMOUNT IN RS%AMOUNT IN RS%AMOUNT IN RS.%AMOUNT IN RS.%AMOUNT IN RS.%Total assets35817421100.00%38506624100.00%34655178100.00%33394476100.00%29485031100.00%23144191100.00%Current Assets1062614529.67%1313257934.10%921600526.59%694267720.79%721245424.46%981529642.41%Fixed Assets2519127670.33%2537404565.90%2543917373.41%2645179979.21%2227257775.54%1332889557.59%%%%%%%Total liabilities and Equity Shareholder's funds40576285100.00%40037811100.00%36653024100.00%37209926100.00%29484031100.00%23144191100.00%Current liabilities1681900241.45%1561624239.00%996370327.18%1127119030.29%603169220.46%860519437.18%Long term liabilties2375728358.55%2442156961.00%2668932172.82%2593873669.71%2345233979.54%1453899762.82%

TOTAL ASSETS-TOTAL LIABILITIES-4758864-1531187-1997846-381545010000

COMMON SIZE BALANCE SHEET OF MCC PTA

Rupees '000YearTOTAL LIABILITIES AND EQUITY SHAREHOLDERS FUNDSMar-12Mar-11Mar-10Mar-09Mar-08Mar-07SHARE CAPITAL18.22%18.46%20.17%19.87%25.07%26.49%REVALUATION RESERVES0.00%0.00%0.00%0.00%0.24%7.75%RESERVES AND SURPLUS5.63%5.70%6.23%6.14%7.74%0.00%TOTAL SHARE CAPITAL(NET WORTH)23.85%24.17%26.40%26.00%33.14%29.37%SECURED LOANS0.00%0.00%2.35%3.36%3.29%0.00%UNSECURED LOANS34.70%34.40%43.91%40.35%40.10%28.33%TOTAL DEBT34.70%34.40%46.27%43.71%43.39%28.33%LONG TERM LIABILITIES0.00%0.00%0.00%0.00%0.00%0.00%OTHER LONG TERM LIABILITIES0.00%0.00%0.00%0.00%0.00%0.00%LONG TERM PROVISIONS0.00%0.00%0.00%0.00%0.00%0.00%DEFERRED TAX LIABILITY(NET)0.00%2.43%0.15%0.00%3.01%5.12%SHORT TERM BORROWINGS0.00%0.00%0.00%0.00%0.00%0.00%PROVISIONS0.45%0.39%0.33%0.16%0.20%0.07%OTHER CURRENT LIABLILTIES41.00%38.62%26.85%30.13%20.26%37.11%TOTAL CURRENT LIABILITIES & PROVISIONS100.00%100.00%100.00%100.00%100.00%100.00%TOTAL ASSETS FIXED ASSETSGROSS BLOCK100.80%LESS.DEPRECIATION30.71%NET BLOCK70.09%63.69%73.18%23.86%27.40%38.32%ADD CAPITAL WORK IN PROGRESS0.24%2.21%0.23%55.35%48.14%19.27%TOTAL70.33%65.90%73.41%79.21%75.54%57.59%INVESTMENTS0.00%0.00%0.00%LONG TERM LOANS AND ADVANCES0.00%0.00%0.00%INTANGIBLE ASSETS0.00%0.00%0.00%0.00%0.00%0.00%CURRENT ASSETS,LOANS&ADVANCESINVENTORY9.98%12.60%12.53%8.48%8.81%11.42%SUNDRY DEBTORS3.58%2.66%3.89%3.01%3.80%5.72%CASH AND BANK BALANCES4.07%8.88%0.20%2.67%5.33%10.46%LOANS AND ADVANCES12.03%9.96%9.97%6.62%6.53%14.79%CURRENT INVESTMENTS0.00%OTHER CURRENT ASSETS0.00%0.00%0.00%0.00%0.00%0.00%TOTAL CURRENT ASSETS29.67%34.10%26.59%20.79%24.46%42.41%Total ASSETS 100.00%100.00%100.00%100.00%100.00%100%

Trend Analysis(INDEXING)

Mar-07Mar-08Mar-09Mar-10Mar-11Mar-12INCOME STATEMENT SALES10097.239823359294.5452373148104.9470712722215.2372576488313.4613475382EBIT100139.588842428862.6740656793-435.6824329899-381.261479542601.0735949909YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07PAT100128.1192107977803.1043813139-414.6789074549-106.4663393533625.3807755136CURRENT ASSETS10073.481777829270.733241259493.8943155662133.7970755034108.2610753664INCOMECURRENT LIABILTIES10070.0936202019130.981242259115.7870816161181.4746070803195.4517469333GROSS FIXED ASSETS10099.562780503103.9726474625234.4555550569241.0908781898258.0358120469GROSS SALES570496263921936718454767163346031701235817801098NET ASSETS100ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!LESS:EXCISE DUTY-5521809-3837952120321979294310277531362766TOTAL ASSETS100127.3971123035144.2888023176149.7359661437166.3770576384154.7577143656NET SALES515278173538141517251548155416601598460516438332NET WORTH100143.7501388234142.3298084333142.3298084333142.3298084333142.3298084333DIVIDEND10000000OTHER INCOME784483424017149728018543934154812827523123003580543218748828155602031691875917251159EXPENDITURE

ITEMSMar-07Mar-08Mar-09Mar-10Mar-11Mar-12MANUFACTURING AND OTHER EXPENSES527420833225034615886.08118792.0961682675916965638SALES10097.239823359294.5452373148104.9470712722215.2372576488313.4613475382DEPRECIATION23387741798988855985741601734949746123EBIT100139.588842428862.6740656793-435.6824329899-381.261479542601.0735949909INTEREST393927370709134398426085199379162167PAT100128.1192107977803.1043813139-414.6789074549-106.4663393533625.3807755136554747843442004316876464199597821776108717873928CURRENT ASSETS10073.481777829270.733241259493.8943155662133.7970755034108.2610753664CURRENT LIABILTIES10070.0936202019130.981242259115.7870816161181.4746070803195.4517469333PROFIT BEFORE TAX(PBT)-316248413853891872364-4399579-842328-622769GROSS FIXED ASSETS10099.562780503103.9726474625234.4555550569241.0908781898258.0358120469PBIT-276855717560982006762-3973494-642949-460602NET ASSETS100ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!ERROR:#DIV/0!PROVISION FOR TAXATIONTOTAL ASSETS100127.3971123035144.2888023176149.7359661437166.3770576384154.7577143656CURRENT0278047173924000NET WORTH100143.7501388234142.3298084333142.3298084333142.3298084333142.3298084333DEFFERED-42134091873054760-887330-292654-192970DIVIDEND10000000FRINGE BENEFIT TAX0007866118938517MIN ALTERNATIVE TAX CREDIT0-278047-173924000PROFIT AFTER TAX(PAT)-27411444666591817604-3520135-561567-438316PROFIT BROUGHT FORWARD FROM PREV YEAR-2017720-1997846-3815450975576667321105048LESS:OPENING ADJ ON ADOPTION OF AS-1500-392872-76080PROFIT AVAILABLE FOR APPROPRIATION-1531187-1997846-381545097557666732BALANCE CARRIED TO B.S-4758864-1531187-1997846-381545097557666732EPS-3.710.632.46-4.760.760.71(Nominal value per share-Rs. 10)

Rupees '000YearTOTAL LIABILITIES AND EQUITY SHAREHOLDERS FUNDSMar-12Mar-11Mar-10Mar-09Mar-08SHARE CAPITAL18.22%18.46%20.17%19.87%25.07%REVALUATION RESERVES0.00%0.00%0.00%0.00%0.24%RESERVES AND SURPLUS5.63%5.70%6.23%6.14%7.74%TOTAL SHARE CAPITAL(NET WORTH)23.85%24.17%26.40%26.00%33.14%SECURED LOANS0.00%0.00%2.35%3.36%3.29%UNSECURED LOANS34.70%34.40%43.91%40.35%40.10%TOTAL DEBT34.70%34.40%46.27%43.71%43.39%LONG TERM LIABILITIES0.00%0.00%0.00%0.00%0.00%OTHER LONG TERM LIABILITIES0.00%0.00%0.00%0.00%0.00%LONG TERM PROVISIONS0.00%0.00%0.00%0.00%0.00%DEFERRED TAX LIABILITY(NET)0.00%2.43%0.15%0.00%3.01%SHORT TERM BORROWINGS0.00%0.00%0.00%0.00%0.00%PROVISIONS0.45%0.39%0.33%0.16%0.20%OTHER CURRENT LIABLILTIES41.00%38.62%26.85%30.13%20.26%TOTAL CURRENT LIABILITIES & PROVISIONS100.00%100.00%100.00%100.00%100.00%TOTAL ASSETS FIXED ASSETSGROSS BLOCK100.80%LESS.DEPRECIATION30.71%NET BLOCK70.09%63.69%73.18%23.86%27.40%ADD CAPITAL WORK IN PROGRESS0.24%2.21%0.23%55.35%48.14%TOTAL70.33%65.90%73.41%79.21%75.54%INVESTMENTS0.00%0.00%0.00%LONG TERM LOANS AND ADVANCES0.00%0.00%0.00%INTANGIBLE ASSETS0.00%0.00%0.00%0.00%0.00%CURRENT ASSETS,LOANS&ADVANCESINVENTORY9.98%12.60%12.53%8.48%8.81%SUNDRY DEBTORS3.58%2.66%3.89%3.01%3.80%CASH AND BANK BALANCES4.07%8.88%0.20%2.67%5.33%LOANS AND ADVANCES12.03%9.96%9.97%6.62%6.53%CURRENT INVESTMENTS0.00%OTHER CURRENT ASSETS0.00%0.00%0.00%0.00%0.00%TOTAL CURRENT ASSETS29.67%34.10%26.59%20.79%24.46%Total ASSETS 100.00%100.00%100.00%100.00%100.00%

COMMON SIZE FOR MCCINCOME STATEMENT COMMON SIZE STATEMENT FOR MCC PTA INDIA CORP LIMITEDFOR MCC PTA INDIA CORP PRIVATE LIMITEDYearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07INCOMEGROSS SALES570496263921936718454767163346031701235817801098INCOMELESS:EXCISE DUTY-5521809-3837952120321979294310277531362766NET SALES515278173538141517251548155416601598460516438332NET SALES100.00%100.00%100.00%100.00%100.00%100.00%

OTHER INCOME784483424017149728018543934154812827OTHER INCOME1.52%1.20%8.68%0.12%5.84%4.94%TOTAL INCOME523123003580543218748828155602031691875917251159TOTAL INCOME101.52%101.20%108.68%100.12%105.84%104.94%EXPENDITUREEXPENDITURE

MANUFACTURING AND OTHER EXPENSES527420833225034615886.08118792.0961682675916965638MANUFACTURING AND OTHER EXPENSES102.36%91.15%0.09%0.12%105.27%103.21%DEPRECIATION23387741798988855985741601734949746123DEPRECIATION4.54%5.08%4.96%4.77%4.60%4.54%INTEREST393927370709134398426085199379162167INTEREST0.76%1.05%0.78%2.74%1.25%0.99%TOTAL EXPENSES554747843442004316876464199597821776108717873928TOTAL EXPENSES107.66%97.28%97.83%128.43%111.11%108.73%

PROFIT BEFORE TAX(PBT)-316248413853891872364-4399579-842328-622769PROFIT BEFORE TAX(PBT)-6.14%3.92%10.85%-28.31%-5.27%-3.79%PBIT-276855717560982006762-3973494-642949-460602PBIT-5.37%4.96%11.63%-25.57%-4.02%-2.80%PROVISION FOR TAXATIONPROVISION FOR TAXATION0.00%0.00%0.00%0.00%0.00%0.00%CURRENT0278047173924000CURRENT0.00%0.79%1.01%0.00%0.00%0.00%DEFFERED-42134091873054760-887330-292654-192970DEFFERED-0.82%2.60%0.32%-5.71%-1.83%-1.17%FRINGE BENEFIT TAX0007866118938517FRINGE BENEFIT TAX0.00%0.00%0.00%0.05%0.07%0.05%MIN ALTERNATIVE TAX CREDIT0-278047-173924000MIN ALTERNATIVE TAX CREDIT0.00%-0.79%-1.01%0.00%0.00%0.00%PROFIT AFTER TAX(PAT)-27411444666591817604-3520135-561567-438316PROFIT AFTER TAX(PAT)-5.32%1.32%10.54%-22.65%-3.51%-2.67%

PROFIT BROUGHT FORWARD FROM PREV YEAR-2017720-1997846-3815450975576667321105048PROFIT BROUGHT FORWARD FROM PREV YEAR-3.92%-5.65%-22.12%0.63%4.17%6.72%LESS:OPENING ADJ ON ADOPTION OF AS-1500-392872-76080LESS:OPENING ADJ ON ADOPTION OF AS-150.00%0.00%0.00%-2.53%-0.05%0.00%

PROFIT AVAILABLE FOR APPROPRIATION-1531187-1997846-381545097557666732PROFIT AVAILABLE FOR APPROPRIATION0.00%-4.33%-11.58%-24.55%0.61%4.06%

BALANCE CARRIED TO B.S-4758864-1531187-1997846-381545097557666732BALANCE CARRIED TO B.S-9.24%-4.33%-11.58%-24.55%0.61%4.06%

EPS-3.710.632.46-4.760.760.71(Nominal value per share-Rs. 10)

COMMON SIZE FOR IOCLINCOME STATEMENTCOMMON SIZE STATEMENT FOR IOCL

YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07

IncomeIncomeSales Turnover463,285.27357,275.89291,272.84329,806.88270,410.49238348.37Sales TurnoverExcise Duty24,455.5926,141.0421,834.7622,682.8923,051.2521849.52Excise DutyNet Sales438,829.68331,134.85269,438.08307,123.99247,359.24216498.85Net Sales100.00%100.00%100.00%100.00%100.00%100.00%Other Income-4,509.803,554.943,189.68-2,905.923,128.543810.01Other Income-1.03%1.07%1.18%-0.95%1.26%1.76%Stock Adjustments2,852.134,972.935,044.25-1,674.561,958.09-180.73Stock Adjustments0.65%1.50%1.87%-0.55%0.79%-0.08%Total Income437,172.01339,662.72277,672.01302,543.51252,445.87220128.13Total Income99.62%102.58%103.06%98.51%102.06%101.68%ExpenditureExpenditure0.00%0.00%0.00%0.00%0.00%0.00%Raw Materials394,385.52299,806.97240,712.77273,708.98223,214.64193290.8Raw Materials89.87%90.54%89.34%89.12%90.24%89.28%Power & Fuel Cost3,801.741,880.24369.45447.19357.82291.31Power & Fuel Cost0.87%0.57%0.14%0.15%0.14%0.13%Employee Cost4,980.066,429.585,723.965,686.962,894.862586.8Employee Cost1.13%1.94%2.12%1.85%1.17%1.19%Other Manufacturing Expenses1,465.941,638.361,385.831,053.321,200.32821.56Other Manufacturing Expenses0.33%0.49%0.51%0.34%0.49%0.38%Selling and Admin Expenses4,321.1113,378.7911,386.0610,709.6610,084.298528.96Selling and Admin Expenses0.98%4.04%4.23%3.49%4.08%3.94%Miscellaneous Expenses14,283.791,249.03733.59804.51642.54526.75Miscellaneous Expenses3.25%0.38%0.27%0.26%0.26%0.24%Preoperative Exp Capitalised0-945.24-1,121.28-544.01-403.58-542.83Preoperative Exp Capitalised0.00%-0.29%-0.42%-0.18%-0.16%-0.25%Total Expenses423,238.16323,437.73259,190.38291,866.61237,990.89205503.35Total Expenses96.45%97.68%96.20%95.03%96.21%94.92%0.00%0.00%0.00%0.00%0.00%0.00%Operating Profit18,443.6512,670.0515,291.9513,582.8211,326.4410814.77Operating Profit4.20%3.83%5.68%4.42%4.58%5.00%PBDIT13,933.8516,224.9918,481.6310,676.9014,454.9814624.78PBDIT3.18%4.90%6.86%3.48%5.84%6.76%Interest5,590.542,702.141,572.354,020.981,589.731496.25Interest1.27%0.82%0.58%1.31%0.64%0.69%PBDT8,343.3113,522.8516,909.286,655.9212,865.2513128.53PBDT1.90%4.08%6.28%2.17%5.20%6.06%Depreciation4,867.794,546.673,227.142,881.712,709.702590.31Depreciation1.11%1.37%1.20%0.94%1.10%1.20%Other Written Off0132.04133.98317.64236.53113.43Other Written Off0.00%0.04%0.05%0.10%0.10%0.05%Profit Before Tax3,475.528,844.1413,548.163,456.579,919.0210424.79Profit Before Tax0.79%2.67%5.03%1.13%4.01%4.82%Extra-ordinary items278.76-41.93-36.52915.26178.6476.73Extra-ordinary items0.06%-0.01%-0.01%0.30%0.07%0.04%PBT (Post Extra-ord Items)3,754.288,802.2113,511.644,371.8310,097.6610501.52PBT (Post Extra-ord Items)0.86%2.66%5.01%1.42%4.08%4.85%Tax-200.341,297.713,097.871,364.713,104.542949.46Tax-0.05%0.39%1.15%0.44%1.26%1.36%Reported Net Profit3,954.627,445.4810,220.552,949.556,962.587499.47Reported Net Profit0.90%2.25%3.79%0.96%2.81%3.46%Total Value Addition28,852.6423,630.7618,477.6118,157.6314,776.2512212.55Total Value Addition6.57%7.14%6.86%5.91%5.97%5.64%Preference Dividend000000Preference Dividend0.00%0.00%0.00%0.00%0.00%0.00%Equity Dividend1,213.982,306.553,156.34910.48655.812250.89Equity Dividend0.28%0.70%1.17%0.30%0.27%1.04%Corporate Dividend Tax194.43358.7508.83154.7476.48361.72Corporate Dividend Tax0.04%0.11%0.19%0.05%0.03%0.17%Per share data (annualised)Per share data (annualised)Shares in issue (lakhs)24,279.5224,279.5224,279.5211,923.7411,923.7411680.12Shares in issue (lakhs)5.53%7.33%9.01%3.88%4.82%5.40%Earning Per Share (Rs)16.2930.6742.124.7458.3964.21Earning Per Share (Rs)0.00%0.01%0.02%0.01%0.02%0.03%Equity Dividend (%)50951307555190Equity Dividend (%)0.01%0.03%0.05%0.02%0.02%0.09%Book Value (Rs)238.38227.9208.21368.86344.58298.22Book Value (Rs)0.05%0.07%0.08%0.12%0.14%0.14%PBIT9,066.0611,546.2815,120.517,477.5511,508.7511,921.04PBIT2.07%3.49%5.61%2.43%4.65%5.51%

YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07Year

SHARE CAPITAL2,427.952427.952427.951192.371192.371192.37SHARE CAPITAL1.16%1.54%2.43%1.40%1.47%1.70%RESERVES AND SURPLUS55,448.7552,904.3748124.9842805.8139893.8833664.92RESERVES AND SURPLUS26.42%33.60%48.10%50.34%49.22%48.13%TOTAL SHARE CAPITAL(NET WORTH)57,876.7055332.3250552.9343998.1841086.2534857.29TOTAL SHARE CAPITAL(NET WORTH)27.58%35.15%50.52%51.75%50.69%49.83%NON CURRENT LIABILITIESNON CURRENT LIABILITIESSECURED LOANS0.00018292.4517565.136415.785671.42SECURED LOANS0.00%0.00%18.28%20.66%7.92%8.11%UNSECURED LOANS0.00026273.827406.9329107.3921411.27UNSECURED LOANS0.00%0.00%26.26%32.23%35.91%30.61%TOTAL DEBT0.000.0044,566.2544,972.0635,523.1727,082.69TOTAL DEBT0.00%0.00%44.54%52.89%43.83%38.72%LONG TERM LIABILITIES16826.7600000LONG TERM LIABILITIES8.02%0.00%0.00%0.00%0.00%0.00%OTHER LONG TERM LIABILITIES332.81364.80000OTHER LONG TERM LIABILITIES0.16%0.23%0.00%0.00%0.00%0.00%LONG TERM PROVISIONS258.18179.270000LONG TERM PROVISIONS0.12%0.11%0.00%0.00%0.00%0.00%DEFERRED TAX LIABILITY(NET)5241.886336.594756.115478.715384.825379.7DEFERRED TAX LIABILITY(NET)2.50%4.02%4.75%6.44%6.64%7.69%TOTAL80,536.3362,212.9855,309.0449,476.8946,471.0740,236.99TOTAL38.38%39.52%55.28%58.19%57.33%57.53%CURRENT LIABILITIESCURRENT LIABILITIESSHORT TERM BORROWINGS53497.1734065.760000SHORT TERM BORROWINGS25.49%21.64%0.00%0.00%0.00%0.00%TRADE PAYABLES33235.4529661.760000TRADE PAYABLES15.84%18.84%0.00%0.00%0.00%0.00%PROVISIONS14890.366584.1910271.562609.551172.993129.11PROVISIONS7.10%4.18%10.27%3.07%1.45%4.47%OTHER CURRENT LIABLILTIES27700.4424911.7934480.1732942.1733407.9926579.97OTHER CURRENT LIABLILTIES13.20%15.82%34.46%38.74%41.22%38.00%TOTAL CURRENT LIABILITIES & PROVISIONS129323.4295223.544751.7335551.7234580.9829709.08TOTAL CURRENT LIABILITIES & PROVISIONS61.62%60.48%44.72%41.81%42.67%42.47%Total Liabilities209859.75157436.48100060.7785028.6181052.0569946.07Total Liabilities100.00%100.00%100.00%100.00%100.00%100.00%FIXED ASSETSFIXED ASSETSGROSS BLOCK56518.2454541.48GROSS BLOCKLESS.DEPRECIATION23959.6821400.07LESS.DEPRECIATIONNET BLOCK58932.2957189.0241132.9934392.4532558.5633141.41NET BLOCK28.08%32.93%28.44%26.46%27.97%34.23%ADD CAPITAL WORK IN PROGRESS13415.368939.321226.8518114.059152.654376.89ADD CAPITAL WORK IN PROGRESS6.39%5.15%14.68%13.94%7.86%4.52%TOTAL72347.6566128.3262359.8452506.541711.2137518.3TOTAL34.47%38.07%43.12%40.40%35.83%38.75%INVESTMENTS4918.014703.4922370.2532232.1321535.7819990.86INVESTMENTS2.34%2.71%15.47%24.80%18.50%20.65%LONG TERM LOANS AND ADVANCES9660.814940.340000LONG TERM LOANS AND ADVANCES4.60%2.84%0.00%0.00%0.00%0.00%INTANGIBLE ASSETS1206.451339.68489.86411.91230.83246.22INTANGIBLE ASSETS0.57%0.77%0.34%0.32%0.20%0.25%CURRENT ASSETS,LOANS&ADVANCESCURRENT ASSETS,LOANS&ADVANCESINVENTORY56829.249284.5236404.0825149.630941.4824702.69INVENTORY27.08%28.38%25.17%19.35%26.58%25.52%SUNDRY DEBTORS15502.878863.695799.285937.866819.236739.27SUNDRY DEBTORS7.39%5.10%4.01%4.57%5.86%6.96%CASH AND BANK BALANCES307.011294.421315.11798.02824.43925.97CASH AND BANK BALANCES0.15%0.75%0.91%0.61%0.71%0.96%LOANS AND ADVANCES33269.9521060.814728.8311875.1113556.025917.1LOANS AND ADVANCES15.85%12.13%10.19%9.14%11.65%6.11%CURRENT INVESTMENTS13760.4514841.270000CURRENT INVESTMENTS6.56%8.55%0.00%0.00%0.00%0.00%OTHER CURRENT ASSETS2057.351223.151141.51051.58790.14775.35OTHER CURRENT ASSETS0.98%0.70%0.79%0.81%0.68%0.80%TOTAL CURRENT ASSETS121726.8396567.8559388.844812.1752931.339060.38TOTAL CURRENT ASSETS58.00%55.60%41.07%34.48%45.47%40.35%Total Assets209859.75173679.68144608.75129962.71116409.1296815.76Total Assets100.00%100.00%100.00%100.00%100.00%100.00%

COMMON SIZE FOR JBFINCOME STATEMENTCOMMON SIZE STATEMENT FOR JBF INDUSTRIESYearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07INCOMEINCOMESALES TURNOVER4782.083860.562846.492551.352314.771611.55SALES TURNOVEREXCISE DUTY400.95307.86162.65157.06164.1134.45EXCISE DUTYNET SALES4381.133552.72683.842394.292150.671477.1NET SALES100.00%100.00%100.00%100.00%100.00%100.00%OTHER INCOME129.247.1440.63-59.118.159.86OTHER INCOME2.95%0.20%1.51%-2.47%0.38%0.67%STOCK ADJUSTMENTS5.2871.3166.4658.8-9.2237.65STOCK ADJUSTMENTS0.12%2.01%2.48%2.46%-0.43%2.55%TOTAL INCOME4515.653631.152790.932393.982149.61524.61TOTAL INCOME103.07%102.21%103.99%99.99%99.95%103.22%

EXPENDITUREEXPENDITURERAW MATERIALS3626.762928.202259.221971.601744.841245.10RAW MATERIALS82.78%82.42%84.18%82.35%81.13%84.29%POWER &FUEL224.19161.25134.50120.7485.2659.75POWER &FUEL5.12%4.54%5.01%5.04%3.96%4.05%EMPLOYEE COST46.1841.1029.3225.2219.2012.72EMPLOYEE COST1.05%1.16%1.09%1.05%0.89%0.86%MANUFACTURING EXPENSES18.4516.4112.069.709.105.10MANUFACTURING EXPENSES0.42%0.46%0.45%0.41%0.42%0.35%SELLING AND ADMIN EXPENSES0.0051.0841.5429.6128.0615.65SELLING AND ADMIN EXPENSES0.00%1.44%1.55%1.24%1.30%1.06%MISC EXPENSES364.259.907.184.843.482.44MISC EXPENSES8.31%0.28%0.27%0.20%0.16%0.17%PREOPERATIVE EXP CAPITALISED0.000.000.000.000.000.00PREOPERATIVE EXP CAPITALISED0.00%0.00%0.00%0.00%0.00%0.00%TOTAL EXPENSES4279.833207.942483.822161.711889.941340.76TOTAL EXPENSES97.69%90.30%92.55%90.29%87.88%90.77%

OPERATING PROFIT106.58416.07266.48291.38251.51173.99OPERATING PROFIT2.43%11.71%9.93%12.17%11.69%11.78%PBDIT235.82423.21307.11232.27259.66183.85PBDIT5.38%11.91%11.44%9.70%12.07%12.45%INTEREST123.56163.1261.8959.4246.5526.88INTEREST2.82%4.59%2.31%2.48%2.16%1.82%PBDT112.26260.09245.22172.85213.11156.97PBDT2.56%7.32%9.14%7.22%9.91%10.63%DEPRECIATION83.9473.3762.2152.345.7336.56DEPRECIATION1.92%2.07%2.32%2.18%2.13%2.48%OTHER WRITTEN OFF000000.00OTHER WRITTEN OFF0.00%0.00%0.00%0.00%0.00%0.00%PROFIT BEFORE TAX28.32186.72183.01120.55167.38120.41PROFIT BEFORE TAX0.65%5.26%6.82%5.03%7.78%8.15%EXTRA ORDINARY ITEMS-0.14.99-0.25-3.050.71-0.03EXTRA ORDINARY ITEMS-0.00%0.14%-0.01%-0.13%0.03%-0.00%PBT(POST EXTRA-ORD ITEMS)28.22191.71182.76117.5168.38120.38PBT(POST EXTRA-ORD ITEMS)0.64%5.40%6.81%4.91%7.83%8.15%TAX-20.4660.2653.984429.3439.79TAX-0.47%1.70%2.01%1.84%1.36%2.69%REPORTED NET PROFIT48.68131.4212976.27138.7380.77REPORTED NET PROFIT1.11%3.70%4.81%3.19%6.45%5.47%TOTAL VALUE ADDITION653.07279.74224.6190.11145.195.66TOTAL VALUE ADDITION14.91%7.87%8.37%7.94%6.75%6.48%PREF DIVIDEND0.7200000.00PREF DIVIDEND0.02%0.00%0.00%0.00%0.00%0.00%EQUITY DIVIDEND57.6657.3237.3531.1210.5112.54EQUITY DIVIDEND1.32%1.61%1.39%1.30%0.49%0.85%CORPORATE DIVIDEND TAX9.479.36.355.291.792.12CORPORATE DIVIDEND TAX0.22%0.26%0.24%0.22%0.08%0.14%PER SHARE DATA(ANNUALISED)PER SHARE DATA(ANNUALISED)0.00%0.00%0.00%0.00%0.00%0.00%SHARES IN ISSUE(LAKHS)720.19716.48622.42622.42620.6543.75SHARES IN ISSUE(LAKHS)16.44%20.17%23.19%26.00%28.86%36.81%EPS6.6618.3420.7312.2522.3514.85EPS0.15%0.52%0.77%0.51%1.04%1.01%EQUITY DIVIDEND %808060501522.50EQUITY DIVIDEND %1.83%2.25%2.24%2.09%0.70%1.52%BOOK VALUE(Rs)126.66129.09117.49100.1596.1971.34BOOK VALUE(Rs)2.89%3.63%4.38%4.18%4.47%4.83%PBIT151.88349.84244.9179.97213.93147.29PBIT3.47%9.85%9.12%7.52%9.95%9.97%

YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearSOURCES OF FUNDSSOURCES OF FUNDSSHARE CAPITAL160.4198.2662.2462.2462.0654.38SHARE CAPITAL4.74%3.31%2.72%3.32%4.13%4.88%RESERVES AND SURPLUS840.14853.22669.05561.11534.9333.55RESERVES AND SURPLUS24.82%28.74%29.24%29.91%35.63%29.96%TOTAL SHARE CAPITAL(NET WORTH)1000.55951.48731.29623.35607.06387.93TOTAL SHARE CAPITAL(NET WORTH)29.56%32.05%31.96%33.22%40.44%34.85%NON CURRENT LIABILITIESNON CURRENT LIABILITIESSECURED LOANS703.25515.16418.54329.11214.97347.46SECURED LOANS20.78%17.36%18.29%17.54%14.32%31.21%UNSECURED LOANS661.13606.8406.47405.13329.94172.01UNSECURED LOANS19.54%20.44%17.76%21.59%21.98%15.45%TOTAL DEBT1364.381121.96825.01734.24544.91519.47TOTAL DEBT40.31%37.80%36.05%39.14%36.30%46.66%LONG TERM LIABILITIES0.000.000.000.000.000.00LONG TERM LIABILITIES0.00%0.00%0.00%0.00%0.00%0.00%OTHER LONG TERM LIABILITIES0.000.000.000.000.000.00OTHER LONG TERM LIABILITIES0.00%0.00%0.00%0.00%0.00%0.00%LONG TERM PROVISIONS0.000.000.000.000.000.00LONG TERM PROVISIONS0.00%0.00%0.00%0.00%0.00%0.00%DEFERRED TAX LIABILITY(NET)0.000.000.000.000.000.00DEFERRED TAX LIABILITY(NET)0.00%0.00%0.00%0.00%0.00%0.00%TOTAL2364.932073.441556.301357.591151.97907.40TOTAL69.88%69.85%68.01%72.36%76.73%81.51%CURRENT LIABILITIESCURRENT LIABILITIESSHORT TERM BORROWINGS000000SHORT TERM BORROWINGS0.00%0.00%0.00%0.00%0.00%0.00%TRADE PAYABLES000000TRADE PAYABLES0.00%0.00%0.00%0.00%0.00%0.00%PROVISIONS90.98137.79100.5963.1739.8532.52PROVISIONS2.69%4.64%4.40%3.37%2.65%2.92%OTHER CURRENT LIABLILTIES928.41757.08631.32455.4309.43173.34OTHER CURRENT LIABLILTIES27.43%25.51%27.59%24.27%20.61%15.57%TOTAL CURRENT LIABILITIES & PROVISIONS1019.39894.87731.91518.57349.28205.86TOTAL CURRENT LIABILITIES & PROVISIONS30.12%30.15%31.99%27.64%23.27%18.49%Total Liabilities3384.322968.312288.211876.161501.251113.26Total Liabilities100.00%100.00%100.00%100.00%100.00%100.00%FIXED ASSETSFIXED ASSETSGROSS BLOCK1,767.311,554.961,394.171,201.98913.28825.89GROSS BLOCK52.22%53.63%61.57%64.72%65.06%74.74%LESS.DEPRECIATION491.11413.69344.77283.05232.23190.45LESS.DEPRECIATION14.51%14.27%15.23%15.24%16.54%17.23%NET BLOCK1,276.201,141.271,049.40918.93681.05635.44NET BLOCK37.71%39.37%46.35%49.48%48.51%57.50%ADD CAPITAL WORK IN PROGRESS115.84145.8891.6238.3188.4128.74ADD CAPITAL WORK IN PROGRESS3.42%5.03%4.05%2.06%6.30%2.60%TOTAL1,392.041,287.151,141.02957.24769.46664.18TOTAL41.13%44.40%50.39%51.54%54.81%60.10%INVESTMENTS91.54443.07254.59159.69142.29110.57INVESTMENTS2.70%15.28%11.24%8.60%10.14%10.01%LONG TERM LOANS AND ADVANCES000000LONG TERM LOANS AND ADVANCES0.00%0.00%0.00%0.00%0.00%0.00%INTANGIBLE ASSETS000000INTANGIBLE ASSETS0.00%0.00%0.00%0.00%0.00%0.00%CURRENT ASSETS,LOANS&ADVANCESCURRENT ASSETS,LOANS&ADVANCESINVENTORY458.94520.11346.17238.3995.0377.24INVENTORY13.56%17.94%15.29%12.84%6.77%6.99%SUNDRY DEBTORS400.94280.23254.95267.88199.11137.7SUNDRY DEBTORS11.85%9.67%11.26%14.42%14.18%12.46%CASH AND BANK BALANCES161.0714.1410.0618.4319.213.75CASH AND BANK BALANCES4.76%0.49%0.44%0.99%1.37%0.34%LOANS AND ADVANCES879.79354.49257.45215.49178.71111.65LOANS AND ADVANCES26.00%12.23%11.37%11.60%12.73%10.10%CURRENT INVESTMENTSCURRENT INVESTMENTS0.00%0.00%0.00%0.00%0.00%0.00%OTHER CURRENT ASSETS000000OTHER CURRENT ASSETS0.00%0.00%0.00%0.00%0.00%0.00%TOTAL CURRENT ASSETS1020.95814.48611.18524.7313.35218.69TOTAL CURRENT ASSETS30.17%28.09%26.99%28.25%22.32%19.79%TOTAL CURRENT ASSETS,LOANS AND ADVANCES1900.741168.97868.63740.19492.06330.34TOTAL CURRENT ASSETS,LOANS AND ADVANCES56.16%40.32%38.36%39.86%35.05%29.89%Total ASSETS3,384.322,899.192,264.241,857.121,403.811,105.09Total ASSETS100.00%100.00%100.00%100.00%100.00%100.00%

COMMON SIZE FOR RILINCOME STATEMENTCOMMON SIZE STATEMENT FOR RELIANCE INDUSTRIES LIMITED

YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07IncomeIncomeSales Turnover368,571.00276,371.78211,727.07155,788.51143,004.98120,431.10Sales TurnoverExcise Duty10,042.0010,655.988,356.504,452.975,495.546,654.68Excise DutyNet Sales358,529.00265,715.80203,370.57151,335.54137,509.44113,776.42Net Sales100.00%100.00%100.00%100.00%100.00%100.00%Other Income5,884.002,598.4711,449.611,295.146,946.78322.96Other Income1.64%0.98%5.63%0.86%5.05%0.28%Stock Adjustments2,844.004,458.046,034.992,269.541,533.93696.92Stock Adjustments0.79%1.68%2.97%1.50%1.12%0.61%Total Income367,257.00272,772.31220,855.17154,900.22145,990.15114,796.30Total Income102.43%102.66%108.60%102.36%106.17%100.90%ExpenditureExpenditureRaw Materials304,978.00212,677.44164,277.25117,294.00103,564.0781,815.73Raw Materials85.06%80.04%80.78%77.51%75.31%71.91%Power & Fuel Cost4,740.002,834.333,140.753,848.912,108.382,262.95Power & Fuel Cost1.32%1.07%1.54%2.54%1.53%1.99%Employee Cost3,955.003,324.262,790.873,017.572,738.162,590.89Employee Cost1.10%1.25%1.37%1.99%1.99%2.28%Other Manufacturing Expenses2,829.003,362.832,466.921,857.132,028.011,422.48Other Manufacturing Expenses0.79%1.27%1.21%1.23%1.47%1.25%Selling and Admin Expenses8,959.008,330.216,746.685,347.055,864.195,501.33Selling and Admin Expenses2.50%3.14%3.32%3.53%4.26%4.84%Miscellaneous Expenses1,216.001,670.64948.441,248.52613.77418.72Miscellaneous Expenses0.34%0.63%0.47%0.83%0.45%0.37%Preoperative Exp Capitalised-123-30.26-1,217.92-3,380.45-208.8-117.43Preoperative Exp Capitalised-0.03%-0.01%-0.60%-2.23%-0.15%-0.10%Total Expenses326,554.00232,169.45179,152.99129,232.73116,707.7893,894.67Total Expenses91.08%87.38%88.09%85.39%84.87%82.53%

Operating Profit34,819.0038,004.3930,252.5724,372.3522,335.5920,578.67Operating Profit9.71%14.30%14.88%16.10%16.24%18.09%PBDIT40,703.0040,602.8641,702.1825,667.4929,282.3720,901.63PBDIT11.35%15.28%20.51%16.96%21.29%18.37%Interest2,894.002,413.912,063.312,133.941,257.321,344.95Interest0.81%0.91%1.01%1.41%0.91%1.18%PBDT37,809.0038,188.9539,638.8723,533.5528,025.0519,556.68PBDT10.55%14.37%19.49%15.55%20.38%17.19%Depreciation12,401.0014,120.7611,008.825,725.445,004.204,899.45Depreciation3.46%5.31%5.41%3.78%3.64%4.31%Other Written Off000000Other Written Off0.00%0.00%0.00%0.00%0.00%0.00%Profit Before Tax25,408.0024,068.1928,630.0517,808.1123,020.8514,657.23Profit Before Tax7.09%9.06%14.08%11.77%16.74%12.88%Extra-ordinary items0-0.33-0.232.5856.75-538.35Extra-ordinary items0.00%-0.00%-0.00%0.00%0.04%-0.47%PBT (Post Extra-ord Items)25,408.0024,067.8628,629.8217,810.6923,077.6014,118.88PBT (Post Extra-ord Items)7.09%9.06%14.08%11.77%16.78%12.41%Tax5,691.004,796.674,269.492,932.263,495.592,580.57Tax1.59%1.81%2.10%1.94%2.54%2.27%Reported Net Profit19,717.0019,271.5224,423.5814,950.3119,523.2412,074.74Reported Net Profit5.50%7.25%12.01%9.88%14.20%10.61%Minority Interest-7-22.16-79.56-18.411.86-0.09Minority Interest-0.00%-0.01%-0.04%-0.01%0.00%-0.00%Share Of P/L Of Associates000000Share Of P/L Of Associates0.00%0.00%0.00%0.00%0.00%0.00%Net P/L After Minority Interest & Share Of Associates19,724.0019,293.6815,834.5514,894.2614,789.9012,076.75Net P/L After Minority Interest & Share Of Associates5.50%7.26%7.79%9.84%10.76%10.61%Total Value Addition21,576.0019,492.0114,875.7411,938.7313,143.7112,078.94Total Value Addition6.02%7.34%7.31%7.89%9.56%10.62%Preference Dividend000000Preference Dividend0.00%0.00%0.00%0.00%0.00%0.00%Equity Dividend2,531.002,384.992,084.671,897.051,631.241,440.45Equity Dividend0.71%0.90%1.03%1.25%1.19%1.27%Corporate Dividend Tax410386.9346.24322.4277.23202.02Corporate Dividend Tax0.11%0.15%0.17%0.21%0.20%0.18%Per share data (annualised)Per share data (annualised)0.00%0.00%0.00%0.00%0.00%0.00%Shares in issue (lakhs)29,787.0529,810.1929,780.2013,749.4614,536.4913,935.08Shares in issue (lakhs)8.31%11.22%14.64%9.09%10.57%12.25%Earning Per Share (Rs)66.1964.6582.01108.73134.3186.65Earning Per Share (Rs)0.02%0.02%0.04%0.07%0.10%0.08%Equity Dividend (%)000000Equity Dividend (%)0.00%0.00%0.00%0.00%0.00%0.00%Book Value (Rs)556.3496.47441.87792.38568.36467.67Book Value (Rs)0.16%0.19%0.22%0.52%0.41%0.41%PBIT28,302.0026,482.1030,693.3619,942.0524,278.1716,002.18PBIT7.89%9.97%15.09%13.18%17.66%14.06%YearMar-12Mar-11Mar-10Mar-09Mar-08Mar-07Year(Rs.in Crores)SHA

final ppt of MCC PTA

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Transcript of final ppt of MCC PTA