Catgory Approach Name NumeratorCash generating activityActivity Day to Day activitInventory turnover COGS

Efficient mgmt o Days of Inventory on hand No of days in periodReceivables turnover RevenueDays of sales outstanding No of days in periodPayables turnover PurchasesNo of days payable No of days in periodWorking capital turnover RevenueFixed assets turnover RevenueTotal assets turnover Revenue

Liquidity Short term Oblig Current ratio Current assetsQuick ratio Cash + short term marketable investments Cash ratio Cash + short term marketable investmentsDefensive interval ratio Cash + short term marketable investments Cash conversion cycle DOH + DSO - No of days payable

Solvency Long term ObligaDebt to assets ratio Total debtDebt to capital ratio Total debtDebt to equity ratio Total debtFinancial leverage ratio Average total assetsIntrest coverage EBITFixed charge coverage EBIT + Lease payments

Profitability Ability to generatGross profit margin Gross profitOperating profit margin Operting profitPretax margin EBT (earnings before tax but after intrest)Net profit margin Net incomeOperating ROA Operting profitROA Net income (Delever)Return on total capital EBITROE Net incomeReturn on common equity Net income - Preferred dividends

Valuation Flow/Qty of assetP/E Price per shareUsed for equity vP/CF Price per share

P/S Price per shareP/BV Price per shareBasic EPS Net income - Preferred dividendsDilted EPS Adjusted income available for ordinary shareCashflow per share Cashflow from OperationsEBITDA per share EBITDADividends per share Common dividends declaredDividend payout ratio Common share dividendsRetention ratioSustainable growth rate ROE x Retention rate

Industry specifiBusiness risk Coefficient of varation of operat Std Dev of operating incomeCoefficient of varation of Net In Std Dev of Net IncomeCoefficient of varation of RevnueStd Dev of RevenueCapital adequacy banks Various components of capitalMonetary reserve requirement (caReserves held at central bank

Liquid assets requirement Approved readily marketable securitiesNet intrest margin Net intrest income

Retail ratios Same (or comparable) store salesAverage revenue growth year over year for stores open in both periodsSales per square meter (or squareRevenue

Services companiRevenue per employee RevenueNet income per emloyee Net Income

Hotel Average daily rate Room revenueOccupancy rate No of rooms sold

Credit Ratio 8

Segment ratio Segmentation Segment margin Segment profit (loss)Segment turnover Segment revenueSegment ROA Segment profit (loss)Segment debt ratio Segment Liabilities

Z-Score

Denominator

Average InventoryInventory turnoverAverage ReceivablesReceivables turnoverAverage trade payablePayables turnoverAverage Working capitalAverage Net fised assetsAverage total assetsCurrent liabilitiesCurrent liabilitiesCurrent liabilitiesDaily cash expenditure

Total assetsTotal Debt + Total shareholder's equityTotal shareholder's equityAverage total equityIntrest paymentIntrest payment + Lease paymentRevenueRevenueRevenueRevenueAverage total assetsAverage total assetsShort & long term debt + equityAverage total equityAverage common equityEarnings per shareCashflow per shareSales per shareBook Value per shareWeighted average no of ordinary shares O/SWeighted average no of ordinary and potential ordinary shares O/SWeighted average no of ordinary shares O/SWeighted average no of ordinary shares O/SWeighted average no of ordinary shares O/SNet income attributable to common shares

Average operationg incomeAverage Net IncomeAverage RevenueVarious measures as Risk-weighted assets, market risk exposure, or level of operational risk assumed.Specified deposit liabilities

Specified deposit liabilitiesTotal intrest earning assets

Average revenue growth year over year for stores open in both periodsTotal retail space in square meters (or square foot)Total number of employeesTotal number of employeesNo of rooms soldNo of rooms available

Segment revenueSegment assetsSegment assetsSegment assets

Various measures as Risk-weighted assets, market risk exposure, or level of operational risk assumed.

LiqCR 1.28 1.25 0.76 0.50 0.91ActRec 947.31 188.93 69.99 491.90 595.87Inv 692.01 841.27 1,810.83 2,023.93 2,489.45Pay 1,052.90 -1,118.32 -1,440.38 -126.25 129.74CCC 586.42 2,148.53 3,321.20 2,642.08 2,955.57SolLDE 0.00 0.00 0.00 0.02 0.06TDE 0.10 0.00 0.06 0.87 1.94DA 0.07 0.00 0.04 0.39 0.51IC 4 24 -5 -5 -9ProGM 63% 68% 71% 78% 54%OM 1% 7% -51% -54% -43%NM 1% 6% -51% -50% -44%ROE 11% 8% 9% 10% 36%

Equity & Liabilites 2015 2014 2013 2012Shareholder's FundShare Capital 29,000 29,000 29,000 29,000Reserves 25,730 25,180 22,443 44,768Non Current LibilitiesLong term Borrow 0 0 12 1,199Deferred Tax 0 0 0 0Long term Prov 263 216 171 192Current LiabilitesShort term borrow 5,320 0 3,125 62,770Trade Payables 8,572 4,333 6,366 13,428Other current liabilities 7,894 4,070 9,022 5,165Short term prov 354 251 169 7,638Total 77,132 63,050 70,309 164,161AssetsNon Current AssetsFixed assetsTangible assets 48,528 52,014 55,905 119,182Intangible assets 48 48 0 0Non Current Inv 0 0 0 0Long term loans 217 204 186 0Other non current assets 0 0 0 60Current assetsInventories 4,191 3,430 6,332 9,222Trade Receiavable 15,637 2,384 839 10,158Cash 1,308 312 895 894Short term Loan 7,203 4,658 6,050 16,572Other current assets 0 0 101 8,073Total 77,132 63,050 70,309 164,161

2011

29,00014,400

2,4904,319

105

81,52120,25812,858

969165,920

57,7412

3,51500

49,70625,652

1,79127,315

197165,920

INCOME 2015 2014 2013 2012 2011Revenue from Op 5,973 4,553 3,963 6,014 15,690Other Income 52 52 413 1,523 24Total Revenue 6,025 4,605 4,376 7,537 15,713ExpensesCost of Material 2,210 1,488 1,276 1,663 7,288Chng in Inventories -135 10 133 3,908 5,232Employee Exp 1,127 553 512 629 1,821Finance cost 11 12 524 947 896Dep & Amt 395 342 436 538 564Other Exp 2,360 1,906 3,010 3,777 6,734Total Exp 5,968 4,311 5,892 11,462 22,535PB Expt 57 294 -1,516 -3,924 -6,822Expt -5 0 -671 -161 0Prior peroid 0 10 -24 0 0PBT 52 304 -2,210 -4,085 -6,822TaxCurrent tax 0 0 0 -1 -1Earlier tax 0 -30 -22 -142 -422Deferred tax 0 0 0 432 268Profit 52 274 -2,232 -3,796 -6,977EPSBasic 0.18 0.94 -7.70 -13.09 -24.06Diluted 0.18 0.94 -7.70 -13.09 -24.06

Emp Cost adjusted (12%) EPS 0.16 Mar-15 Dec-14 Sep-14 Jun-14Price 17.3 370.65 311.81 235.68 208.39Actual P/E 95.69Adjusted P/E 110.03

1 yr 3 yr 4 yr 2015 2014 2013 201231% 0% -21% 99% 99% 91% 80%-2% -68% 21% 1% 1% 9% 20%31% -7% -21% 100% 100% 100% 100%

37% 32% 29% 22%-2% 0% 3% 52%19% 12% 12% 8%

0% 0% 12% 13%7% 7% 10% 7%

39% 41% 69% 50%99% 94% 135% 152%

1% 6% -35% -52%0% 0% -15% -2%0% 0% -1% 0%

-83% -123% #NUM! 1% 7% -51% -54%

0% 0% 0% 0%0% -1% 0% -2%0% 0% 0% 6%

-81% -124% #NUM! 1% 6% -51% -50%

2011100%

0%100%

46%33%12%

6%4%

43%143%-43%

0%0%

-43%

0%-3%2%

-44%

Employee cost increased in 2015, had it been consistent percentage of sales, it would have given a high EPS.Co got rid of Debt in 2014Sales dropped drastically in 2014 and started increasing thereof.What happened in 2014???Aggressive accounting? Receivable increased?Promotor's holding has increased slightly in 2012, possibilly because of allotment

Employee cost increased in 2015, had it been consistent percentage of sales, it would have given a high EPS.