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Financial Analysis of ZF Steering India Ltd
Akhil Saraswat, Amrit Sharma, Dhaivat Acharya, Raj Vadukul, Rajdeepsinh Parmar, Ronak Sani
ZF Steering India• Incorporated in the year 1980 as a joint venture zf friedrichshafen ag.• a Pioneer in Manufacturing and Supply of Ball and Nut Integral
Hydraulic Power & Worm and Roller Mechanical Steering System in India.
• The plant is located at village Vadu Budruk, Taluka- Shirur, 28 Km away from Pune.
• Present installed capacity is• 2,00,000 units of Worm and Roller Mechanical Steering Gears • 2,50,000 units of Ball and Nut Integral Hydraulic Power Steering Gears• 60,000 units of Mechanical Rack & Pinion Steering Gears per annum.• certification for QMS vide ISO: TS: 16949:2009 and ISO: 14001.
Valuable Customers• Ashok Leyland• Force Motors• Mahindra Trucks & Buses• SML Isuzu Ltd.• Tata Motors Ltd• Volvo Group• International tractors Ltd.• TAFE Motors & Tractors Ltd.• Piaggio vehicles Private Limited
Mission• We are firmly set on being market leaders in state of art technology for
steering gear system.• We shall ensure that our product give the necessary comfort and safety
in driving.• We shall give top priority to ensure customer satisfaction through best
quality products and services.• We shall, in the process of our growth, continuously upgrade our
working environment and skill efficiency of everyone associated by perseverance and motivation.
Dinesh Munot -Chairman and Managing Director
Price Ratios Year March
'07March
'08March
'09March
'10March
'11March
'12March
'13March
'14March
'15
P/E Ratio 6.29 5.86 6.11 8.40 7.24 6.81 8.05 19.13 29.37
PEG Ratio
1.91 1.78 1.85 2.54 2.19 2.06 2.44 5.80 8.90
Price to Sales 0.88 0.81 0.58 1.23 1.09 0.99 0.73 1.02 3.48
Price to book value
2.63 2.09 1.08 1.87 2.50 1.52 1.16 1.49 4.83
Dividend yield(%) 3.80 4.03 6.59 2.91 2.78 2.60 3.19 2.14 0.79
Dividend Payout Ratio(%)
22.98 16.10 12.40 27.30 58.37 23.14 14.36 13.77 28.28
Price to Earning Ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Price to Earning RatioLinear (Price to Earning Ratio)
PEG Ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
8.00
9.00
10.00
PEG RatioLinear (PEG Ratio)
Price to Sales
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
Price to SalesLinear (Price to Sales)
Price To Book Value
March '07
March '08
March '09
March '10
March '11
March '12
March '13
March '14
March '15
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Price to book valueLinear (Price to book value)
Dividend Yield(%)
March '07
March '08
March '09
March '10
March '11
March '12
March '13
March '14
March '15
0.00
1.00
2.00
3.00
4.00
5.00
6.00
7.00
Dividend yield(%)Linear (Dividend yield(%))
Dividend Payout Ratio(%)
March '07
March '08
March '09
March '10
March '11
March '12
March '13
March '14
March '15
0.00
10.00
20.00
30.00
40.00
50.00
60.00
70.00
Dividend Payout Ratio(%)Linear (Dividend Payout Ratio(%))
Inferences
Profitability Ratios YEAR March
'07March
'08March
'09March
'10March
'11March
'12March
'13March
'14March
'15Return On Assets
20.43 17.62 8.87 14.60 17.57 13.98 8.25 4.51 10.49
Return On Equity
30.64 25.52 12.34 21.14 24.66 23.02 11.70 6.25 14.33
Profit Margin 12.73 12.51 8.61 13.26 13.72 13.19 8.19 4.84 10.76
Return On Assets
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
5.00
10.00
15.00
20.00
25.00
Return On AssetsLinear (Return On Assets)
Return On Equity
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Returm On EquityLinear (Returm On Equity)
Profit Margin
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
16.00
Profit MarginLinear (Profit Margin)
Inferences
Liquidity Ratios YEAR March
'07March
'08March
'09March
'10March
'11March
'12March
'13March
'14March
'15Current Ratio 3.92 2.66 3.19 1.68 2.82 1.59 1.58 1.56 1.47
Quick Ratio 2.49 1.59 1.78 1.02 1.97 1.17 1.22 1.20 1.11
Current Ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
0.50
1.00
1.50
2.00
2.50
Current RatioLinear (Current Ratio)
Quick Ratio
• Quick Ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
0.50
1.00
1.50
2.00
2.50
3.00
Quick RatioLinear (Quick Ratio)
Inferences
Debt Ratio YEAR March
'07March
'08March
'09March
'10March
'11March
'12March
'13March
'14March
'15Debt to Equity Ratio
2.34 1.50 1.67 1.39 1.33 1.16 1.14 1.14 1.15
Interest Coverage Ratio
81.47 72.21 34.52 93.64 233.92 58.72 14.46 66.03 51.31
Debt to Equity Ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
0.50
1.00
1.50
2.00
2.50
Debt to Equity RatioLinear (Debt to Equity Ratio)
Interest Coverage Ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
50.00
100.00
150.00
200.00
250.00
Interste Coverage RatioLinear (Interste Coverage Ratio)
Inferences
Efficiency Ratio YEAR March
'07March
'08March
'09March
'10March
'11March
'12March
'13March
'14March
'15Assets turn over ratio
3.48 3.09 2.30 3.99 2.92 3.43 2.72 2.59 3.28
Inventory turn over ratio
9.50 7.65 5.19 10.27 9.62 13.09 12.08 11.19 13.30
Assets turn over ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
0.50
1.00
1.50
2.00
2.50
3.00
3.50
4.00
4.50
Assets turn over ratioLinear (Assets turn over ratio)
Inventory turn over ratio
March '07 March '08 March '09 March '10 March '11 March '12 March '13 March '14 March '150.00
2.00
4.00
6.00
8.00
10.00
12.00
14.00
Inventory turn over ratioLinear (Inventory turn over ratio)
Inferences
Cash Flow AnalysisMar 2006
Mar 2007
Mar 2008
Mar 2009
Mar 2010
Mar 2011
Mar 2012
Mar 2013
Mar 2014
Mar 2015
Cash from Operating Activity
29.93 11.41 11.47 30.22 26.31 47.77 31.15 58.39 47.63 25.83
Cash from Investing Activity
-23.42
-8.70 -8.80 -17.09
-8.15 -55.28
-15.00
-71.63
16.82 -27.89
Cash from Financing Activity
-2.66 -7.53 -2.81 -7.36 -7.65 -5.62 -8.41 23.42 -56.55
-13.49
Net Cash Flow
3.85 -(4.82)
-0.14 5.77 10.51 -13.13
7.74 10.18 7.90 -15.55
in Rs. Crores