Corporate Banking Project

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Instructions for using this work book

This work book is structured in four worksheets1.1. Instructions1.2. Financial Analysis1.3. MyCRA rating sheet1.4. Rating Definition

2.2 In the MyCRA worksheet coloured cells have formulae and should not be overwritten.Complete financial analysis using the "Financial Analysis" sheetRefer to MyCRA Manual for detailed instructions on rating scores

Refer to Rating Definition sheet to assign the letter grade In the comments cell mention its meaning from rating definition

Please do not alter the formulae in any of the worsheet cells. This not a fully developed rating model. This is created only to illustrate the credit rating process for the students.

2.1 In financial analysis worksheet all cells with O as value have formulae and should not be overwritten.

Remember this rating does not factor in discussions with management, which can lead to reassessment of scores and change in rating

Credit ratings suffer from many limitations but are still found to be very useful in taking credit decisions if the limitations are kept in your mind while taking the credit decisions.

Real test of any rating is seen only over years on the basis of rating stability and sensitivity to changes in fortunes. But a well thought out system gives fair indication of probability of default of a borrower.

Financial Analysis

Page 3

FINANCIAL YEARS 2006 2007 2008 2009 2010

CURRENT ASSETS 3 4 5 6 7

Stocks- Raw Material 59.47 52.45 52.12 63.026 68.278- Work-in Progress 19.52 16.11 13.38 17.189 18.136- Finished Goods 91.72 105.42 102.37 123.29 136.652-Spares etc. 1.33 1.94 1.95 2.04 2.172

Total - Stocks 172.04 175.92 169.82 205.545 225.238

Debtors- Trade Debtors 143.92 194.69 212.93 241.301 270.528- Bills Receivable

Total - Debtors 143.92 194.69 212.93 241.301 270.528

Cash & Bank Balances 15.79 21.49 33.38 31.799 35.558

Investments - Marketable 163.93 154.82 232.14 225.836 243.754

Other Current Assets 63.82 57.22 51.73 62.342 65.474

Total - Current Assets 559.5 604.14 700 766.823 840.552

CURRENT LIABILITIES

Creditors 146.84 142.16 161.57 166.834 174.81

Bills Payable 4.05 6.16 6.81 7.954 9.088

Bank Borrowings

Due to Bank (O/D, T/R) 0.19 0.05 0.55 0.499 0.61S.T.Debt

Total - Bank Borrowings 0.19 0.05 0.55 0.499 0.61

Taxation - Current 57.77 49.35 53.28 62.195 67.314

Dividends 51.02 30.99 32.34 40.986 43.794

Current S.T. borrowings 10.01 6.93 1.04 5.438 5.734(Non-Bank)

Other Current Liability 0 0 0 -0.1 -0.154

Total - Current Liabilities 269.88 235.64 255.59 283.806 301.196

Financial Analysis

Page 4

SUMMARY OF CURRENT ASSETS AND CURRENT LIABILITIES

Net Working Assets 165.07 222.29 214.37 272.058 311.868

Total Cash Assets 179.72 176.31 265.52 257.635 279.312

Net Cash Assets 179.53 176.26 264.97 257.136 278.702

Net Current Assets 289.62 368.5 444.41 483.017 539.356

Financial Analysis

Page 5

FIXED ASSETS (WDV)

Land & Buildings 68.85 78.31 96.16 107.192 119.694

Plant & Machinery 64.12 83.61 85.23 107.52 122.854

Motor Vehicles 0.24 0.22 0.15 -0.119 -0.302

Furniture & Fixtures 9.35 9.83 8.53 10.259 10.996

Investments - Subsidiary& Group Companies 20.24 20.24 20.24 29.649 35.21

Other Fixed Assets 17.33 17.85 17.14 19.697 21.096

Total - Fixed Assets 180.13 210.06 227.45 274.198 309.548

LONG TERM LIABILITIES

Term Loans

- Rupee Loans 1 to 3 years 0 0 0 0 0 3 to 5 years 0 0 0 0 0 Over 5 years 0 0 0 0 0

- Foreign Currency Loans 0 0 0 0 0

Total - Term Loans 0 0 0 0 0

Debentures 0 0 0 0 0

Deferred Tax 71.22 79.98 78.77 95.507 105.66

Financial Leases 0 0 0 0 0

Other Long Term Debt 0 0 0 0 0

Total - Long Term Liabilities 71.22 79.98 78.77 95.507 105.66

Financial Analysis

Page 6

SHAREHOLDERS FUNDS

Equity Share Capital 25.51 25.51 26.95 30.746 33.076

Preference Share Capital 0 0 0 0 0

Reserves- General Reserve 265.39 294.42 306.4 354.583 389.21- Capital Reserve 0 0.3 0.3 0.39 0.48- Share Premium 39.5 39.5 39.5 35.415 33.372- Profit & Loss Account 75.66 150.56 220.54 251.863 301.3- Revaluation 0 0 0 0 0- Others 0 0 0 0 0

Total - Reserves 380.55 484.78 566.74 642.251 724.362

Intangibles- Goodwill 0 0 0 0- Preliminary Expenses 0 0 0 0 0 Not Written Off 0 0 0 0 0- Others 0 0 0 0 0

Total - Intangibles 0 0 0 0 0

Total - Shareholders Funds 406.06 510.29 593.69 672.997 757.438

SUMMARY OF NET LONG TERM ASSETS AND LIABILITIES

Net Worth

- Shareholders Funds Route 406.06 510.29 593.69 672.997 757.438 - Assets less Liabilities Route 398.53 498.58 593.09 661.708 743.244 - Accuracy Check 7.53 11.71 0.6 11.289 14.194

Financial Analysis

Page 7

PROFIT AND LOSS STATEMENT

Sales (Net of Excise Duty) 1061.34 1287.48 1404.14 1562.545 1717.43614.62174 21.307027 9.0611116 14.73% 14.73%

Cost of Sales 735.87 881.22 939.89 1066.095 1175.158(Manufacturing Costs) 21.685711 19.75213 6.6578153 15.25% 15.25%

Gross Profit 325.47 406.26 464.25 496.45 542.278

Selling and Admn. Expenses 195.85 224.91 255.42 275.078 299.79616.362664 14.837886 13.565426 12.38% 12.38%

Depreciation 31.78 33.56 39.6 20.7 22.04

Operating Profit 97.84 147.79 169.23 200.672 220.442

Interest Cost 0.78 0.96 1.41 1.159 1.196

Other Income 75.01 24.05 24.85 39.87 42.304

Non-Operating Expenses

Profit / (loss) from Sale of F.Asset 1.67 0.83 0.05 0.127 -0.176

Income from Investments 0 0 0 0 0

- Profit / (Loss) on Sale of Invts 53.28 5.14 13.96 23.409 25.842 - Interest / Dividend Income 0 0 0 0 0

Total - Income from Invts. 53.28 5.14 13.96 23.409 25.842

Non-Cash Exp. Written - Off

Provision for Income Tax 48.54 16.6 53.07 42.318 43.166

PBDIT 259.58 211.37 247.69 284.778 310.452

PBIT 227.8 177.81 208.09 264.078 288.412

PBT 227.02 176.85 206.68 262.919 287.216

PAT 178.48 160.25 153.61 220.601 244.0516.82% 12.45% 10.94% 14.12% 14.21%

Financial Analysis

Page 8

APPROPRIATIONS

- Dividends 51.02 30.99 32.34 40.986 43.794 - Transfer to Gen. Reserve 50 10.77 11.98 8.969 2.442

- Balance in P&L Account 77.46 118.49 109.29 170.646 197.814 ( transfer to Balance Sheet)

Total - Appropriations 178.48 160.25 153.61 220.601 244.05

Financial Analysis

Page 9

FINANCIAL RATIOS

1. Profitability Ratios (in %age)

Gross Profit / Sales 30.67 31.55 33.06 31.77 31.57

Operating Profit / Sales 9.22 11.48 12.05 12.84 12.84

PBT/ Sales 21.39 13.74 14.72 16.83 16.72

PAT/ Sales 0.17 0.12 0.11 0.14 0.14

Retained Profit / PAT 71.41 80.66 78.95 81.42 82.06

Return on Capital Employed 54.37 35.81 36.80 37.03 35.94

Return on Equity 43.95 31.40 25.87 32.78 32.22

2. Capital Structure

Debt / Equity 0.18 0.16 0.13 0.14 0.14

Total Liability / Net Worth 0.84 0.62 0.56 0.56 0.54

PBIT / Interest Expense(Intr. cover) 292.05 185.22 147.58 227.85 241.15

3. Activity Ratios

Stock Days 85.33 72.87 65.95 70.37 69.96

Debtor Days 49.49 55.19 55.35 56.37 57.49

Creditor Days 74.84 61.43 65.39 59.84 57.12

Financial Analysis

Page 10

4. Stability Ratios

Current Ratio 2.07 2.56 2.74 2.70 2.79

Acid Test Ratio 1.44 1.82 2.07 1.98 2.04

5. Break-Even Analysis

Sales 1061.34 1287.48 1404.14 1562.55 1717.44

Variable Costs 735.87 881.22 939.89 1066.10 1175.16

Contribution Margin (In %age) 30.67 31.55 33.06 31.77 31.57

Fixed Costs 228.41 259.43 296.43 296.94 323.03

Break-Even Point 7.45 8.22 8.97 9.35 10.23

Operating Leverage 3.33 2.75 2.74 2.47 2.46

Financial Leverage 1.01 1.01 1.01 1.01 1.01

6. Efficiency Ratios

Fixed Assets Efficiency 0.17 0.16 0.16 0.18 0.18

Working Capital to Sales Ratio 0.27 0.29 0.32 0.31 0.31

Financial Analysis

Page 11

DETAILS OF FIXED ASSETS

Land and BuildingGross Block 102.81 119.64 143.96 159.835 178.082Accumulated Depreciation 33.96 41.33 47.8 52.643 58.388

Net Block 68.85 78.31 96.16 107.192 119.694

Plant and MachineryGross Block 149.1 186.55 207.37 240.836 270.996Accumulated Depreciation 84.98 102.94 122.14 133.316 148.142

Net Block 64.12 83.61 85.23 107.52 122.854

Furniture and FixturesGross Block 28.05 32 32.12 35.794 38.544Accumulated Depreciation 18.7 22.17 23.59 25.535 27.548

Net Block 9.35 9.83 8.53 10.259 10.996

VehiclesGross Block 0.65 0.84 0.76 0.333 0.068Accumulated Depreciation 0.41 0.62 0.61 0.452 0.37

Net Block 0.24 0.22 0.15 -0.119 -0.302

Other Fixed AssetsGross Block 74.01 85.38 95.94 107.513 118.906Accumulated Depreciation 56.68 67.53 78.8 87.816 97.81

Net Block 17.33 17.85 17.14 19.697 21.096

Summary of Fixed Assets

Total Gross Block 354.62 424.41 480.15 544.311 606.596Total Accumulated Depreciation 194.73 234.59 272.94 299.762 332.258Total Net Block 159.89 189.82 207.21 244.549 274.338

Financial Analysis

Page 12

FUNDS FLOW STATEMENT

Sources of Funds

Profit after Tax 178.48 160.25 153.61 220.601 244.05

add: Depreciation 32.02 39.86 38.35 26.822 32.496

add: Non-Cash Expenses Wr. Off 0 0 0 0 0

Increase in Share Capital

- Equity Capital 0 0 1.44 3.796 2.33 - Preference Capital 0 0 0 0 0

Increase in Long Term Liabilities

- Term Loans 0 0 0 0 0- Debentures 0 0 0 0 0- Other Long Term Debt 0 0 0 0 0

Decrease in Working Capital 0 0 0 0 0

Sale of Fixed Assets

Decrease in Invt. in Group Subs Co. 0 0 0 0 0

Total - Sources of Funds 210.5 200.11 193.4 251.219 278.876

Application of Funds

Purchase of Fixed Assets 60.28 69.79 55.74 64.161 62.285

Decrease in Long Term Liabilities- Term Loans 0 0 0 0 0- Debentures 0 0 0 0 0- Other Long Term Debt 0 0 0 0 0

Redemption of Preference Capital 0 0 0 0 0

Increase in Working Capital 48.61 78.88 75.91 38.607 56.339

Dividend Paid to Shareholders 51.02 30.99 32.34 40.986 43.794

Increase in Invt. in Group Subs. Co. 0 0 0 0 0

Total - Application of Funds 159.91 179.66 163.99 143.754 162.418

Financial Analysis

Page 13

Diff of Source - Appl. 50.59 20.45 29.41 107.465 116.458

Financial Analysis

Page 14

CASH FLOW STATEMENT

PBIT 227.8 177.81 208.09 264.078 288.412

add: Depreciation 31.78 33.56 39.6 20.7 22.04

add: Non-Cash Exp. written-off 0 0 0 0 0

(Profit)/Loss on Sale of F.Assets 1.67 0.83 0.05 0.127 -0.176

Gross Cash Flow from Operation 257.91 210.54 247.64 284.651 310.628

MyCRA

Page 15

Name of the assessee Company Incorporated in YearKansai Nerolac 1920Group to which it belongs Group strengthKansaiAudited financials used for rating assessment

Scoring Scale

Risk Type Weight Score level Weighted Score1 Management Risk 25 4.50

1.1 Track Record 10 5.05

1.1.1 Experience in the industry 5 5.50

1.1.2 Board Composition 2 4.00

1.1.3 Business and financial policy 3 5.00

1.2 Credibility 5 3.00

1.2.1 Ability to meet sales projections 2 3.00

1.2.2 Ability to meet profit projections 3 3.00

1.3 Payment Record 5 5.00

1.3.1 Market reputation on meeting all obligation without fail 5 5.00

1.4 Other Factors 5 4.40

1.4.1 Management Proactiveness 2 5.001.4.2 Strategic Initiatives 1 5.00

0 to 6 (6 being the Best)

MyCRA

Page 16

1.4.3 Group Support 2 3.50

2 Financial Risk 40 5.532.1 EFP (Expected Financial Performance) 20 5.94

2.1.1 ROCE - EFP 4 4.50

2.1.2 Operating Margin EFP 4 5.00

2.1.3 Interest Coverage 2 6.00

2.1.4 Total Outside Liabilities/Total Net Worth - EFP 2 5.50

2.1.5 Operating Income/Short Term Borrowings 2 6.00

2.1.6 Current Ratio 2 5.50

2.1.7 DSCR - EFP 2 6.00

2.1.8 Accounting Quality - EFP 2 5.70

21..9 Free cashflow from operations/Total debt 2 5.70

2.2 CFA Current Financial Assessment 30 5.35

2.2.1 ROCE - CFA 5 4.50

2.2.2 Operating Margin CFA 5 4.502.2.3 DSCR CFA 4 6.00

2.2.4 Total Outside Liabilities/Total Net Worth - CFA 4 6.00

2.2.5 Accounting Quality - CFA 4 5.50

2.2.6 Interest Coverage 4 5.70

MyCRA

Page 17

2.2.7 Free cashflow from operations/Total debt 4 5.70

2.3 Financial Flexibility 5 5.00

2.3.1 Ability to raise Capital 5 5.00

3 Business Risk 20 4.103.1 Operating Efficiency 10 3.55

3.1.1 Integration of operations 3 4.503.1.2 Capacity utilisation 2

3.1.3 Access to cost effective technology 3 5.00

3.1.4 Bargaining power with suppliers 2 3.50

3.2 Market Position 10 4.65

3.2.1 Consistency of quality 3 4.50

3.2.2 Customisation of Product 2 5.00

3.2.3 Diversification of markets 3 5.00

3.2.4 Long term contracts or assured off-take 2 4.00

4 Industry Risk 15 4.60 4.604.1 Choose appropriate score from list below 15 4.60

5 Overall Score 4.85

6 Letter Grade assigned to the company AA

MyCRA

Page 18

*** In the comments cell mention its meaning

***

****

Score1 Auto 42 Auto Ancillary 43 Capital goods & gen engg 4.54 Cement & non-metallic products 3.75 Chemicals 4.66 Construction & Real estate 3.27 Consumer durables 58 FMCG 5.59 Food Processing 5

10 Hotels 4.811 Metals & minerals 412 NBFC 2.513 Others 314 Paper & stationery 4.615 Petroleum 516 Pharma 5.417 Power 518 Services 5.819 Textiles 420 Trading 421 Transport services 4.5

Refer to Rating Definition sheet to assign the letter grade

Refer to MyCRA Manual for detailed instructions on rating

Complete financial analysis using the "Financial Analysis" sheet

Pick up appropriate industry rating score from the list below

MyCRA

Page 19

Belongs to IndustryPAINTS

Reasoning for the score assigned/ Comments

Company initiated a JV to enter malaysian market

Rich experience in paints since 1920. Mr. Kothari the Managing director has been with the company from last 29 years, during his tenure he brough in foreign patterns in terms of technology and research

The board have a pretty varied composition, with some eminent personalities, like Mr. S.M. Datta

The business policies have been very mature. The investments have been at the right places, specially in establishing EOUs and acquiring latest technologies. The diversifications have been very few, and have come late. Won the ICSI national award for excellence in Corporate Governance

They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs

They had been on target since 2002, but failed to diliver in 2006, due to sudden rise in import costs

The company has shown incredible record in terms of payment obligations, hence making it worthy of really high credit ratings for various financial instruments

The management has shown quite a bit of proactiveness for its decorative industry. It had foreseen the requirement for high end paintsand multiple shades, and hence invested in establishing technlogy for the same.

MyCRA

Page 20

MD's have been changing more frequetly over the last 5 years.

The Operating margin of the company is as per industry standards.The Debt Service Coverage ratio is amongst best in the industry

The ROCE of 35 to 36% defenitely shows a good health of the company. But, it is a bit on lower side as industry leaders like Asian Paints and Berger Paints are expecting ROCE to be in the region of 45 to 60%.

The company is expecting operating margin to be around 12.84%. It is good enough considering the industry standards & company seems to be in position to achieve it.

As the debt portion of the company is very small, there is absolutly no problem on this front.

Total Networh of the company is more than 7 times that of Total outside liability and hence provides a better cushion.

Operating Income is expected to be almost 50 times that of short term borrowings

Current Ratio is expected to be 2.67 which is much above the comfort level of the bank. The only thing bank needs to assure is the quality of current assets goning into calculation.

Debt Service Coverage Ratio of the company is one of the best amongst industries as the debt portion is very minimal

The accounting quality of the company seems fair enough and is being acknowledged in corporate governence checkings

The Cash-flow of the company is expected to be fair enough to take care of all the debt service.

The ROCE in current financial year is good enough, but it is a bit on lower side as compared to that of industry leaders.

The Networth of the company is providing more than sufficient cushion to outside liabilities.

The company is following sound accounting practices and a check is kept on it by various bodies

As the debt portion of the company is very less as of now, the interest coverage ratio is more than sufficient.

MyCRA

Page 21

This is generally centrally set by risk

The company has managed to keep cash flow level way above that of debt service requirement.

The Debt-Equity ratio, Interest Coverage Ratio and other profitability ratios point out that the company could raise capital easily if required. The only thing which may harm it is uncertain capital market conditions.

As company has its operations spread across the country it uses strong operating platform of SAP R-3 as well as Business Inteligence Warehousing which enables it to get real time data.

Historically, the company has had the access to most cost effective technologies and have been the pioneers in getting new technologies to develop more shades

As the supply includes mainly of petro products which are driven by the globle factors, the company does not enjoy much bargaing power and can only use its financial strength to some extent to get better credit terms

The company have good reputation in the market and have won award this year for manufacturing exellence.

The company is in the forefront of serving most of the segments of the market. It has launched Programmes like 'Colour Tool' and 'Nerolac Colour Guide' which helps customers in choosing colour of their own choice and requirement.

The company is expanding its reach as far as market segments and geographical reach is concerned.

The demand for company is products is robust, but there is no long term contract with the dealers or customers.

MyCRA

Page 22

Rating Definition

Page 23

Grade

Debt obligations

Grade I Very High

Grade II High

Grade III Adequate

Grade IV Average

Grade V Below Average

Grade VI Inadequate

Grade VII Low

Grade VIII High Risk

Grade IX Substantial Risk

Grade X Default

Degree of safety with regard to

servicing

Rating Definition

Page 24

Comments

Range of score

From To

5.5 <=6

4.7 <5.5

4.2 <4.7

3.7 <4.2

2.7 <3.2

2.2 <2.7

1.7 <2.2

1.5 <1.7

1 <1.5

0 <1

The fundamentally strong debt servicing capacity of such companies is most unlikely to be adversely affected by changes in circumstances.

Adverse business conditions are unlikely to affect debt servicing capacity. Such companies differ in safety from those in Grade I only marginally.

Changes in circumstances are more likely to affect debt servicing capacity than for higher grades.

Debt servicing capacity could weaken in view of changing circumstances

While such companies are less susceptible to default than those in lower grades, uncertainties faced by them could adversely affect debt servicing capacity.

Uncertainties faced by issuer could lead to inadequate capacity to make timely debt repayments

Debt servicing capacity is highly vulnerable to adverse changes in circumstances.

Adverse business or economic conditions are likely to lead to lack of ability or willingness to service debt obligations.

Timely payment of debt would continue only if favourable circumstances continue

Debt servicing capacity is in default and returns from this may be realised only on reorganisation or liquidation

Rating Definition

Page 25

Letter Grade Rating Type

AAA Investment Grade

AA Investment Grade

A+ Investment Grade

A Investment Grade

BBB Investment Grade

BB+ Speculative Grade

BB Speculative Grade

BB- Speculative Grade

C Speculative Grade

D Default Grade

Nerolac

Rating Date Security Type Amount Rating

Commercial Paper 52 P1+

Short Term Debt 35 P1+

Term Loan Programme 431 P1+

Non-Convertible Debentures 10 AAA









Commercial Paper 30 AAA








ICI Dulux

30-05-2008

30-05-2008

30-05-2008

29-08-2007

29-08-2007

19-12-2006

19-12-2006

13-10-2005

13-10-2005

24-08-2005

24-08-2005

20-09-2004

20-09-2004

05-05-2003

25-01-2002

20-11-2001

28-08-1999

30-06-1998

04-06-1998

14-04-1998


Commercial Paper/Short Term Debt 50 P1+





Non-Convertible Debentures 60 WD



Non-Convertible Debentures 60 AA+

Non-Convertible Debentures 23.3 AA+


Debentures 50 Ind AAA






Debentures 0 AA+






Berger Paints





30-08-2007

13-03-2007

27-02-2007

22-08-2005

20-09-2004

30-05-2003

30-05-2003

05-05-2003

05-05-2003

08-07-2002

08-07-2002

23-11-2001

20-11-2001

20-11-2001

19-07-2001

28-08-1999

28-08-1999

28-08-1999

23-06-1998

23-06-1998

04-06-1998

14-04-1998

14-04-1998

26-02-2008

29-08-2007

31-07-2007



Fixed Deposits 0 FAAA








Fixed Deposits 0 FAA+

Fixed Deposits 0 FAA+


Fixed Deposits 0 MAA+

Non-Convertible Debentures 20 MAA+



Short Term Debt 0 A1+

Non-Convertible Debentures 20 MAA+





Fixed Deposits 0 MAA







13-12-2006

22-08-2005

22-08-2005

20-09-2004

20-09-2004

31-08-2004

31-08-2004

06-10-2003

06-10-2003

20-08-2002

20-08-2002

21-11-2001

21-11-2001

30-09-2001

31-08-2001

31-08-2001

30-06-2001

30-06-2001

07-03-2001

07-03-2001

28-02-2001

28-02-2001

31-10-2000

31-10-2000

30-06-2000

30-06-2000

30-04-2000

30-04-2000

01-02-2000

31-12-1999





Non-Convertible Debentures 0 AA-


Fixed Deposits 0 FAA

Debentures 0 AA-










Commercial Paper 15 A1+



Asian Paints




31-12-1999

11-10-1999

30-09-1999

30-09-1999

09-09-1999

09-09-1999

09-09-1999

28-08-1999

23-06-1998

23-06-1998

23-06-1998

04-06-1998

04-06-1998

14-04-1998

14-04-1998

14-04-1998

30-11-1997

30-11-1997

30-11-1997

09-08-1997

04-04-2008

04-04-2008

Rating Type

Very Strong With Relatively Higher Standing














The instrument rated AAA are judged to offer highest safety of timely payment of interest and principal. Though the circumstances providing this degree of safety are likely to change, such changes as can be envisaged are

most unlikely to affect adversely the fundamentally strong position of such issues.











Rating Type






Rating Withdrawn




Highest credit quality. Risk factors are negligble.






Rating Type




The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally.







The instrument rated AA are judged to offer high safety of timely payment of interest and principal. They differ in safety from AAA issues only marginally



Degree of safety regarding timely payment of interest and principal is very strong.









The prospect of timely payment of debt/obligation is the best.





Degree of safety regarding timely payment of interest and principal is strong. However, the relative degree of safety is not as high as for fixed deposits with 'FAAA' rating.


The prospect of timely servicing of the interest and principal as per terms is high, but not as high as in "MAAA" rating.




















Rating Type
















Year

924.97 1,062.77 1,225.98 1,483.86 1,613.33

114.52 136.82 164.64 196.38 209.19

810.45 925.95 1,061.34 1,287.48 1,404.14

10.48 28.45 75.01 24.05 24.85

3.94 -2.16 41.22 5.82 -5.78

824.87 952.24 1,177.57 1,317.35 1,423.21

406.4 466.21 575.84 697.33 738.54

9.24 10.63 15.49 20.24 20.75

51.45 47.67 54.14 58.13 67.25

65.73 80.22 90.4 105.52 113.35

160.13 168.31 195.85 224.91 255.42

19.8 20.47 13.7 15.74 16.5

0 0 0 0 0

712.75 793.51 945.42 1,121.87 1,211.81

112.12 158.73 232.15 195.48 211.4

1.32 0.77 0.78 0.96 1.41

110.8 157.96 231.37 194.52 209.99

22.04 20.7 31.78 33.56 39.6

88.76 137.26 199.59 160.96 170.39

30.93 42.86 57.77 49.35 53.28

-0.13 2.44 1.43 2.58 -3.88

57.96 91.96 138.59 107.66 119.79

1.23 5.97 38.66 4.04 9.63

56.73 85.99 99.93 103.62 110.16

0 0 0.51 13.39 0

19.89 26.27 44.73 75.66 150.56

0 0 0 0 0

51.58 73.5 108.17 46.15 49.81

26.27 44.73 75.66 150.56 220.54

19.13 29.33 51.02 30.99 32.34

0 0 0 0 0

125 115 200 115 120

36.28 34.41 51.52 40.48 42.41

173.16 126.77 159.18 200.04 220.29

Year Mar 08(12) Mar 07(12) Mar 06(12) Mar 05(12) Mar 04(12)

Opening Stock of Raw Materials 52.45 59.47 40.45 31.86 29.52

Purchases of Raw Material 692.93 640.64 564.86 451.58 386.88

Purchase of Trading Goods 45.28 45.29 27.43 23.22 21.86

Direct Expense on Purchase/Adjustment 0 0 0 0 0

Closing Stock of Raw Materials 52.12 52.45 59.47 40.45 31.86

Adjustment on amalgamation / trial runs 0 4.38 2.57 0 0

Mar 04(12) Mar 05(12) Mar 06(12) Mar 07(12) Mar 08(12)

INCOME :

Sales Turnover + Excise Duty

Net Sales

Other Income + Stock Adjustments + Total Income

EXPENDITURE :

Raw Materials + Power & Fuel Cost+ Employee Cost + Other Manufacturing Expenses + Selling and Administration Expenses + Miscellaneous Expenses + Less: Pre-operative Expenses Capitalised+ Total Expenditure

Operating Profit

Interest + Gross Profit

Depreciation+ Profit Before Tax

Tax+ Deferred Tax+ Reported Net Profit

Extraordinary Items + Adjusted Net Profit

Adjst. below Net Profit + P & L Balance brought forward

Statutory Appropriations + Appropriations + P & L Balance carried down

Dividend

Preference Dividend

Equity Dividend %

Earnings Per Share-Unit Curr

Book Value-Unit Curr

790.71 707.75 683.59 629.23 545.79

95.17 84.75 86.87 78.68 75.15

695.54 623.00 596.72 550.55 470.64

8.86 10.75 11.54 8.66 7.81

8.63 -9.63 17.83 2.29 13.37

713.03 624.12 626.09 561.50 491.82

352.13 311.71 319.39 286.66 244.48

8.87 6.51 5.49 5.17 3.46

56.54 43.88 39.32 33.84 34.04

57.23 59.28 61.52 56.26 54.57

138.7 128.55 125.2 98.86 84.96

17.66 8.42 15.64 18.2 16.9

0 0 0 0 0

631.13 558.35 566.56 498.99 438.41

81.9 65.77 59.53 62.51 53.41

1.67 3.74 6.37 8.09 9.96

80.23 62.03 53.16 54.42 43.45

24.14 24.67 20.08 12.14 9.42

56.09 37.36 33.08 42.28 34.03

18.39 12.76 11.07 12.3 8.5

-2.14 -2.76 -0.57 0 0

39.84 27.36 22.58 29.98 25.53

2.16 0.2 0.53 0.95 0.02

37.68 27.16 22.05 29.03 25.51

0.83 0 0 0 0

14.76 13.88 12.26 11.32 6.83

0 0 0 0 0

35.54 26.48 20.96 29.04 21.04

19.89 14.76 13.88 12.26 11.32

13.77 11.48 9.95 9.95 9.95

0 0 0 0 0

90 75 65 65 65

24.88 17.88 14.1 18.88 15.97

149.38 132.39 125.31 117.73 105.34

Mar 03(12) Mar 02(12) Mar 01(12) Mar 00(12) Mar 99(12)

Nerolac_BSheet

Page 36

Year

26.95 26.95 25.51 25.51 15.3

Equity Authorised 30 30 30 30 30

Preference Capital Authorised 0 0 0 0 0

Unclassified Authorised 0 0 0 0 0

Equity Issued 26.95 25.51 25.51 25.51 15.3

Equity Subscribed 26.95 25.51 25.51 25.51 15.3

Equity Called Up 26.95 25.51 25.51 25.51 15.3

Less : Equity Calls in Arrears 0 0 0 0 0

Equity Forfeited 0 0 0 0 0

Equity Paid Up 26.95 25.51 25.51 25.51 15.3

Adjustments to equity 0 1.44 0 0 0

Preference Capital Paid Up 0 0 0 0 0

Convertible Preference Share Paid Up 0 0 0 0 0

Non-convertible Preference Share Paid UP 0 0 0 0 0

Unclassified Shares Paid Up 0 0 0 0 0

566.74 484.78 380.55 297.89 249.63

566.74 484.78 380.55 297.89 249.63

Capital Reserves 0.3 0.3 0 0 0

General Reserves 306.4 294.42 265.39 213.65 173.65

Share Premium 39.5 39.5 39.5 39.51 49.71

Investment Allowance Reserve 0 0 0 0 0

Debenture Redemption Reserve 0 0 0 0 0

Capital Redemption Reserve 0 0 0 0 0

Debt Redemption Reserve 0 0 0 0 0

Amalgamation Reserve 0 0 0 0 0

Taxation Reserve 0 0 0 0 0

Exchange Fluctuation Reserve 0 0 0 0 0

Foreign Exchange Earnings Reserve 0 0 0 0 0

Exchange Profit / Allowance Reserve 0 0 0 0 0

Deferred Credit Reserve 0 0 0 0 0

Contingency Reserve 0 0 0 0 0

Development Rebate Reserve 0 0 0 0 0

Special Reserve 0 0 0 0 0

Special Appropriation to Projects 0 0 0 0 0

Statutory Reserves 0 0 0 0 0

Reserve for Bad and Doubtful Debt 0 0 0 0 0

Investment Fluctuation Reserve 0 0 0 0 0

Profit & Loss Account Balance 220.54 150.56 75.66 44.73 26.27

Other Reserves 0 0 0 0 0

TOTAL REVALUATION RESERVE 0 0 0 0 0

Fixed Asset Revaluation Reserve 0 0 0 0 0

Investment Revaluation Reserve 0 0 0 0 0

Other Revaluation Reserve 0 0 0 0 0

593.69 511.73 406.06 323.4 264.93

19.18 30.02 38.55 32.59 29.7

Convertible Debentures 0 0 0 0 0

Non Convertible Debentures 0 0 0 0 0

Partly Convertible Debentures 0 0 0 0 0

Less : Debentures Calls in arrears 0 0 0 0 0

Mar 08 Mar 07 Mar 06 Mar 05 Mar 04

SOURCES OF FUNDS :

Share Capital

Reserves Total

TOTAL RESERVES EXCLUDING REVALUATION RESERVE

Total Shareholders Funds

Secured Loans

Nerolac_BSheet

Page 37

Term Loans Institutions 0 0 0 0 0

Term Loans Banks 0 0 0 0 0

Term Loans Others 0 0 0 0 0

Borrowings from Government of India 0 0 0 0 0

Deferred Credit / Hire Purchase 18.14 23.09 28.54 29.1 28.42

Bridge Loans 0 0 0 0 0

1.04 6.93 10.01 3.49 1.28

Working Capital Advances 0 0 0 0 0

Interest Accured & Due 0 0 0 0 0

Secured Loans Others 0 0 0 0 0

78.77 79.98 71.22 54.55 40.72

Debentures / Bonds 0 0 0 0 0

Accrued Interest 0 0 0 0 0

Loans from Group Cos 0 0 0 0 0

Loans from Banks 0 0 0 0 0

Loans from Institutions 0 0 0 0 0

Advances 0 0 0 0 0

Loans from GOI / PSUs 0 0 0 0 0

Deferred Liabilities 0 0 0 0 0

Deferred Tax 78.77 79.98 71.22 54.55 40.72

Commercial Paper 0 0 0 0 0

Unsecured Loans Others 0 0 0 0 0

TOTAL DEPOSITS 0 0 0 0 0

Fixed Deposits 0 0 0 0 0

Intercorporate Deposits 0 0 0 0 0

Security Deposits 0 0 0 0 0

Directors Deposits 0 0 0 0 0

Share Deposits 0 0 0 0 0

Other Deposits 0 0 0 0 0

97.95 110 109.77 87.14 70.42

691.64 621.73 515.83 410.54 335.35

480.15 424.41 354.62 294.34 233.76

Goodwill 0 0 0 0 0

Technical Know-how 0 0 0 0 0

Leasehold Land 20.26 0.82 0.77 0.77 0.77

Freehold Land 9.09 9.09 9.09 6.64 0.11

Railway Sidings 0 0 0 0 0

Buildings 114.61 109.73 92.95 85.62 65.15

Ponds & Reservoirs 0 0 0 0 0

Water supply / tubewells 0 0 0 0 0

Plant and Machinery 177.85 159.12 128.04 102.25 78.8

Ships / Vessels 0 0 0 0 0

Electrical Installations / Fittings 22.96 21.32 17.11 12.15 9.55

Factory Equipments 0 0 0 0 0

Furniture and Fixtures 32.12 32 28.05 22.36 23.19

Office Equipments 0 0 0 0 0

Computers 0 0 0 0 0

Lab and R & D Equipment 6.56 6.11 3.95 3.43 2.58

Medical Equipment and Surgical Instrument 0 0 0 0 0

Vehicles 0.76 0.84 0.65 1.77 1.62

Transmission and Distribution Equipment 0 0 0 0 0

Wind Turbines 0 0 0 0 0

Cash Credit /Packing Credit / Bills Discounted

Unsecured Loans

Total Debt

Total Liabilities

APPLICATION OF FUNDS :

Gross Block

Nerolac_BSheet

Page 38

Aircraft and Helicopters 0 0 0 0 0


272.94 234.59 194.73 162.71 146.4

Goodwill 0 0 0 0 0


Leasehold Land 0 0 0 0 0

Freehold Land 0 0 0 0 0


Buildings 47.8 41.33 33.96 28.42 25.53







Furniture and Fixtures 23.59 22.17 18.7 16.82 16.2


Computers 0 0 0 0 0



Vehicles 0.61 0.62 0.41 1.04 0.81





207.21 189.82 159.89 131.63 87.36

Goodwill 0 0 0 0 0


Leasehold Land 20.26 0.82 0.77 0.77 0.77

Freehold Land 9.09 9.09 9.09 6.64 0.11


Buildings 66.81 68.4 58.99 57.2 39.62







Furniture and Fixtures 8.53 9.83 9.35 5.54 6.99


Computers 0 0 0 0 0



Vehicles 0.15 0.22 0.24 0.73 0.81





0 0 0 0 0

26.63 17.63 17.96 29.26 21.15

Capital Advances 6.63 4.97 2.37 11.66 5.34

Pre-operative Expenditure 0 0 0 0 0

Development Expenses 0 0 0 0 0

Less : Accumulated Depreciation

Net Block

Lease Adjustment

Capital Work in Progress

Nerolac_BSheet

Page 39

Assets in Transit 0 0 0 0 0

Other Capital Work in Progress 20 12.66 15.59 17.6 15.81

232.14 154.82 163.93 179.12 130.4

Quoted Government Securities 0 0 0 0 0

Unquoted Government Securities 0 0 0 0 0

Quoted Equity 0.25 0.25 0.25 0.25 0.28

Unquoted Equity 20.24 20.24 20.24 3.11 1

Quoted Debentures/Bonds 7.11 7.11 5.77 5.77 1.39

Unquoted Debentures/Bonds 5 5 7 7 7.9

Quoted Units 0 0 0 0 0

Unquoted Units 199.54 122.22 130.67 163.81 111.81

Preference Shares 0 0 0 0 0

Joint Venture / Partnerships 0 0 0 0 0

Application Money 0 0 0 0 0

Other Investments 0 0 0 0 9.02

0 0 0 0.82 1

173.41 180.42 178.24 114.56 107.21

Raw Materials 52.12 52.45 59.47 40.45 31.86

Work-in Progress 13.38 16.11 19.52 12.06 10.67

Contract WIP / Site under development 0 0 0 0 0

Finished Goods 102.37 105.42 91.72 56.48 60.03

Stores and Spares 1.95 1.94 1.33 1.48 1.52

Investment as Stock_in_Trade 0 0 0 0 0

Stock on hire 0 0 0 0 0

Packing Materials 3.59 4.5 6.2 4.09 3.13

Goods-in transit 0 0 0 0 0

Other Inventory 0 0 0 0 0

212.93 194.69 143.92 104.84 111.72

Debtors more than Six months 3.74 4.38 0.73 0.41 1.18

Debtors Others 209.19 190.31 143.19 104.43 110.54

Less : Provisions for Doubtful Debts 0 0 0 0 0

33.38 21.49 15.79 13.24 18.71

Balance with Bank 33.31 21.32 15.59 12.94 18.42

Term Deposit with Banks 0.02 0.02 0.08 0.21 0.14

Cash in hand / others 0.05 0.15 0.12 0.09 0.15

48.14 52.72 57.62 50.47 34.27

Bills Receivable 0 0 0 0 0

Loans to Subsidiary 0.98 0.25 0 3.4 0

Loans to Group / Associate Companies 0 0 0 0 0

Loans to Others 0 0 0 0 0

Deposits with Government 14.98 15.91 20.38 12.14 4.84

Intercorporate Deposits 0 0 0 0 0

Deposits Others 0 0 0 0 0

Advance Tax 19.27 18.47 14.01 7.11 8.21

Pre-paid expenses 0 0 0 0 0

Advances to suppliers 0 0 0 0 0

Advances for capital goods 0 0 0 0 0

Advances recoverable in cash or kind 12.6 17.78 22.88 27.47 21.22

Less : Provision for Doubtful Advances 0 0 0 0 0

Interest Accrued on Investments 0.31 0.31 0.35 0.35 0

Application money pending allotment 0 0 0 0 0

Other Current Assets 0 0 0 0 0

Investments

Less : Prov.for dimunition in value of investment

Current Assets, Loans & Advances

Inventories

Sundry Debtors

Cash and Bank

Loans and Advances

Nerolac_BSheet

Page 40

467.86 449.32 395.57 283.11 271.91

168.89 149.39 152.04 145.77 124.68

Sundry Creditors 161.02 142.11 146.84 142.38 121.58

Creditors for Goods 161.57 142.16 146.84 142.38 121.58

Creditors for Capital Goods 0 0 0 0 0

Creditors for Finance 0 0 0 0 0

Creditors for Others -0.55 -0.05 0 0 0

Acceptances 6.81 6.16 4.05 3.04 2.7

Application Money 0 0 0 0 0

Warrants Application Money 0 0 0 0 0

Bank Overdraft / Short term credit 0.55 0.05 0.19 0.04 0

Advances from Customers / Credit balances 0 0 0 0 0

Due to Subsidiary / Group Companies 0 0 0 0 0

Trade and Other deposits 0.02 0.03 0.04 0 0

Unclaimed Dividend 0.48 1.03 0.92 0.23 0.17

Interest Accrued But Not Due 0.01 0.01 0 0 0

Other Liabilities 0 0 0 0.08 0.23

83.7 46.98 77.7 76.53 62.95

Provision for Tax 15.23 14.95 15.1 13.62 12.02

Provision for Corporate Dividend Tax 5.5 0 4.11 4.11 2.45

Provision for Gratuity 0 0 0 0 0

Provision for Dividend 32.34 1.65 16.6 29.33 48.54 29.33 47.06 19.13 33.6

Proposed Equity Dividend 32.34 1.65 29.33 29.33 19.13

Provision for Contingencies 0 0 0 0 0

Provision for depreciation in investment 0 0 0 0 0

Other Provisions 30.46 30.21 29.16 29.47 29.35

252.59 196.37 229.74 222.3 187.63

215.27 252.95 165.83 60.81 84.28

0 0 0 0 0

Discount on issue of shares 0 0 0 0 0

Discount on issue of Debentures 0 0 0 0 0

Preliminary Expenses 0 0 0 0 0

Deferred revenue expenses 0 0 0 0 0

Pre-operative/Trial run Expenses 0 0 0 0 0

Promoter's Expenses 0 0 0 0 0

Debenture/Share Issue expenses 0 0 0 0 0

Royalty/Liscense fees/ Technical Knowhow 0 0 0 0 0

Financial charges / Expenses not written off 0 0 0 0 0

0 0 0 0 0

0 0 0 0 0

10.98 11.59 11.63 12.62 12.81

0.59 5.08 3.41 2.9 0.65

10.39 6.51 8.22 9.72 12.16

691.64 621.73 515.83 410.54 335.35

17.8 18.82 6.1 8.3 3.8

Claims not acknowledged as debt 0 0 0 0 0

Guarantees undertaken 17.8 18.82 6.1 8.3 3.8

Letter of Credit 0 0 0 0 0

Bills Discounted 0 0 0 0 0

Total Current Assets

Less : Current Liabilities and Provisions

Current Liabilities

Provisions

Total Current Liabilities

Net Current Assets

Miscellaneous Expenses not written off

Other Miscellaneous expenditure not written off

Less: Misc.Expenditure written off during the year

Deferred Tax Assets

Deferred Tax Liability

Net Deferred Tax

Total Assets

Contingent Liabilities

Nerolac_BSheet

Page 41

Disputed Sales Tax 0 0 0 0 0

Disputed Income Tax 0 0 0 0 0

Disputed Excise Duty 0 0 0 0 0

Other Disputed Claims 0 0 0 0 0

Uncalled Liability on Shares 0 0 0 0 0

Others 0 0 0 0 0

Estimated Capital Contracts Remaining 4.81 1.78 0.8 6.06 20.09

Nerolac_BSheet

Page 42

15.3 15.3 15.3

30 30 30

0 0 0

0 0 0

15.3 15.3 15.3

15.3 15.3 15.3

15.3 15.3 15.3

0 0 0

0 0 0

15.3 15.3 15.3

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

213.25 193 182.28

213.25 187.26 176.43

0 0 0

143.65 122.73 112.78

49.71 49.71 49.71

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0.06 0.06

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

19.89 14.76 13.88

0 0 0

0 5.74 5.85

0 5.74 5.85

0 0 0

0 0 0

228.55 208.3 197.58

35.85 38.11 57.12

0 0 0

0 0 0

0 0 0

0 0 0

Mar 03 Mar 02 Mar 01

Nerolac_BSheet

Page 43

0 0 0

0 0 5

0 0 0

0 0 0

28.88 29.6 28.63

0 0 0

6.97 8.51 23.49

0 0 0

0 0 0

0 0 0

34.91 27.69 25.02

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

30.46 21.21 14.39

0 0 0

0 0 0

4.45 6.48 10.63

4.45 6.48 10.63

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

70.76 65.8 82.14

299.31 274.1 279.72

213.39 184.04 164.75

0 0 0

0 0 0

0 0 0

0.88 5.45 5.45

0 0 0

58.78 52.85 48.84

0 0 0

0 0 0

74.58 59.49 56.02

0 0 0

8.94 7.43 7.13

0 0 0

22.31 19.65 17.18

0 0 0

0 0 0

2.51 2.12 1.78

0 0 0

1.29 1.02 0.68

0 0 0

0 0 0

Nerolac_BSheet

Page 44

0 0 0

44.1 36.03 27.67

124.82 94.34 69.92

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

22.35 19.28 16.56

0 0 0

0 0 0

51.59 39.23 33.62

0 0 0

4.74 3.41 2.77

0 0 0

13.55 10.54 7.1

0 0 0

0 0 0

1.7 1.15 0.76

0 0 0

0.56 0.35 0.21

0 0 0

0 0 0

0 0 0

28.88 19.37 7.75

88.57 89.7 94.83

0 0 0

0 0 0

0 0 0

0.88 5.45 5.45

0 0 0

36.43 33.57 32.28

0 0 0

0 0 0

22.99 20.26 22.4

0 0 0

4.2 4.02 4.36

0 0 0

8.76 9.11 10.08

0 0 0

0 0 0

0.81 0.97 1.02

0 0 0

0.73 0.67 0.47

0 0 0

0 0 0

0 0 0

15.22 16.66 19.92

0 0 0

2.68 0.39 2.35

0 0 0

0 0 0

0 0 0

Nerolac_BSheet

Page 45

0 0 0

2.68 0.39 2.35

97.75 61.16 31.07

0 0 0

0.01 0.01 0.01

0.28 0.28 5.28

1.2 1.66 1.79

0 0 0

13.25 13.85 12.93

2.08 2.08 2.08

82.83 45.18 8.98

0 2 4

0 0 0

0 0 0

0 0 0

1.9 3.9 4

100.82 86.04 105.83

29.52 23.45 32.18

11.58 10.12 10.57

0 0 0

55.18 48.01 57.19

1.53 1.34 1.46

0 0 0

0 0 0

3.01 3.12 4.43

0 0 0

0 0 0

122.15 104.95 96.21

3.24 3.06 0.39

118.91 101.89 95.82

0 0 0

4.79 10.24 14.4

4.66 9.72 14.04

0 0.35 0.22

0.13 0.17 0.14

32.18 43.59 48.58

0 0 0

0 7.22 6.88

0 0 0

0 0 0

4.83 5.5 6.2

0 0.12 0

0 0 0

6.16 1.11 13.57

0 0 0

0 0 0

0 0 0

21.19 29.32 21.93

0 0 0

0 0.32 0

0 0 0

0 0 0

Nerolac_BSheet

Page 46

259.94 244.82 265.02

134.25 115.42 95.5

131.31 112.06 93.14

131.31 112.06 93.14

0 0 0

0 0 0

0 0 0

2.56 2.5 1.62

0 0 0

0 0 0

0 0.56 0.35

0 0 0

0 0 0

0 0 0

0.15 0.12 0.09

0.18 0.18 0.3

0.05 0 0

27.41 17.37 18.05

9.33 3.63 4.83

1.76 0 1.01

0 0 0

13.77 24.86 11.48 9.95

13.77 11.48 9.95

0 0 0

0 0 0

2.55 2.26 2.26

161.66 132.79 113.55

98.28 112.03 151.47

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

12.76 11.41 0

0.73 0.59 0

12.03 10.82 0

299.31 274.1 279.72

9.3 9.3 11.05

0 0 0

9.3 9.3 11.05

0 0 0

0 0 0

Nerolac_BSheet

Page 47

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

0 0 0

2.29 0.3 1.77

Company >> Share Price >> Share Price

Kansai Nerolac Paints Ltd

Industry :Paints / Varnishes

Volume732,289.00969,440.00

1,433,016.001,301,953.00

Date 1,759,710.002003 265.83 5838.96 2,403,782.002004 410.15 6602.692005 765.55 9397.932006 815 13786.912007 863.5 20286.992008 605 13802.22

Profitability Ratios (in %age) 2006 2007 2008

Total - Reserves 249.63 297.89 380.55 484.78 566.74

Total - Shareholders Funds 264.93 323.40 406.06 510.29 593.69

Reserves/ Shareholders Fund 0.94 0.92 0.94 0.95 0.95

PAT/ Sales 0.09 0.13 0.17 0.12 0.11

Retained Profit / PAT 73.76 75.91 71.41 80.66 78.95

Return on Capital Employed 42.49 50.34 54.37 35.81 36.80

Return on Equity 27.52 37.64 43.95 31.40 25.87

Capital StructureDebt / Equity 0.15 0.17 0.18 0.16 0.13

Activity RatiosStock Days 71.30 66.68 85.33 72.87 65.95

Debtor Days 50.32 41.33 49.49 55.19 55.35

Creditor Days 85.14 87.77 74.84 61.43 65.39

Close -Unit Curr

BSE_SENSEX

2003 2004 2005 2006 2007 20080

5000

10000

15000

20000

25000

0

100

200

300

400

500

600

700

800

900

1000

5838.966602.69

9397.93

13786.91

20286.99

13802.22

265.83

410.15

765.55815

863.5

605

BSE_SENSEXNerolac

Stability RatiosCurrent Ratio 2.29 2.09 2.07 2.56 2.74

Acid Test Ratio 1.70 1.59 1.44 1.82 2.07

Avg. Price3668 527,918.09 1,630.48 698.4 6,051.98 4,362.968344 723,224.39 2,327.13 732.43 3,909.03 2,916.238383 1,214,048.88 2,079.07 829.89 5,755.08 4,875.70

10413 739,422.47 1,952.92 594.11 5,228.73 2,969.57

20066 656,107.04 1,045.88 302.25 6,927.99 2,583.1022764 572,913.79 677.87 153.7 9,501.11 2,264.48

2009 2010

642.25 724.36

673.00 757.44

0.95 0.96

0.14 0.14

81.42 82.06

37.03 35.94

32.78 32.22

0.14 0.14

70.37 69.96

56.37 57.49

59.84 57.12

No of Trades

Net Turnover -In Thousand

Market Cap

Avg. Volume

Avg. Turnover -In Thousand

2003 2004 2005 2006 2007 20080

5000

10000

15000

20000

25000

0

100

200

300

400

500

600

700

800

900

1000

5838.966602.69

9397.93

13786.91

20286.99

13802.22

265.83

410.15

765.55815

863.5

605

BSE_SENSEXNerolac

2.70 2.79

1.98 2.04

Documents

Corporate Banking Project