ffbd financial statement analysis 06-aug-10[1]

8/3/2019 FFBD Financial Statement Analysis 06-Aug-10[1]

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Coveri g Sheet

Title Financial Statement Analysis

SubjectFinancial Framework for Business

Decisions ( FFBD )

Level / Semester 1st Semester

Programme G.B.P.L.

Subject Tutor Mr. Tamil Selven

Name of the Student Vimal Dhandapani

Student Registration Number PGD-B/Jun10/24

Date of Submission 06–08–2010

Word Count 3,139 Words

Word Limit 3,000 Words



Check List

Date of Submission

Is the cover page in the correct format as indicated in the “guidelines to

“writing assignments”?Yes

Have I done a complete spell-check of the Assignment? Yes

Have I done a complete word count for the Assignment? Yes

Does the table of contents include numbers? Yes

Are the pages numbered correctly? Yes

Are the figures numbered correctly? Yes

Are the tables/charts numbered correctly? Yes

Are the captions for the tables and charts proper? Yes

Are the references / bibliography listed in the Assignment? Yes

Are the references cited adequately in the text? Yes

All the reference material has been cited from books and the University of wales online library. Any other internet source quoted is with the

permission of the module Tutor.

Not

Applicable

Are the references in the text in the proper format as indicated in the

“Guidelines to writing Assignment?Yes

Has a soft copy of the Assignment been enclosed? Yes

Declaration:

All the material written in this assignment is my own and I have not used any material,

content or information of others claiming them to be mine. Wherever materials have been

used, proper citation has been done in the text. I am fully aware of the rules/regulations

governing plagiarism. Should at any point of time my work be suspected/investigated and

established to have been plagiarized, I am aware of the consequences. I have read the

Student’s Handbook in detail.

Signature Of The Student Date: 06-Aug-2010



Table Of Content

S/No. Topics Page No.

1 Introduction 1

2 • Tools Used 1

3 • Reason For Choosing The Firm 2

Common Size Balance Sheet

4 • S.Kumars Nationwide Ltd 5

5 • Gokaldas Exports Ltd 6

Common Size Income Statement.

6 • S.Kumars Nationwide Ltd 7

7 • Gokaldas Exports Ltd 8

Ratio Analysis

• Profitability Ratios

8 •Operating Profit Ratio: 9

9 •Net Profit Ratio. 10

•Rate of Return Ratio

10 •Return on Total Assets. ( ROTA ) Ratio 11

11 •Return on Capital Empoyed ( ROCE ) Ratio. 12

12 •Return on Net Worth ( RONW ) Ratio. 13

•Liquidity Ratio

13 •Current Ratio 14

14 •Quick Ratio 15

15 •Total Assets Turnover Ratio 16

•Solvency Ratio

16 •Debt To Equity Ratio 17

17 •Interest Coverage Ratio: 18

18 Conclusion 19

19 Bibliography 20



Table Of Content

S/No. Tables Page No.

Table - A1 Comparison On Peer Group Firms 3

Table - A2 Comparing Profit % For Five Years 4

Table - 01 Operating Profit Ratio 9

Table - 02 Net Profit Ratio 10

Table - 03 Return on Total Assets. ( ROTA ) Ratio 11

Table - 04 Return on Capital Empoyed ( ROCE ) Ratio. 12

Table - 05 Return on Net Worth ( RONW ) Ratio. 13

Table - 06 Current Ratio 14

Table - 07 Quick Ratio 15

Table - 08 Total Assets Turnover Ratio 16

Table - 09 Debt To Equity Ratio 17

Table - 10 Interest Coverage Ratio: 18

Graphs

Graph - 01 Operating Profit Ratio 9

Graph - 02 Net Profit Ratio 10

Graph - 03 Return on Total Assets. ( ROTA ) Ratio 11

Graph - 04 Return on Capital Empoyed ( ROCE ) Ratio. 12

Graph - 05 Return on Net Worth ( RONW ) Ratio. 13

Graph - 06 Current Ratio 14

Graph - 07 Quick Ratio 15

Graph - 08 Total Assets Turnover Ratio 16

Graph - 09 Debt To Equity Ratio 17

Graph - 10 Interest Coverage Ratio: 18



Page - 1 of 24

Financial Statement Analysis.

Introduction

Financial statement analysis is a technique of answering various questions regarding the

performance of the firm in the past, present and future. So in this assignment we have used the

financial statement analysis to compare the performances of two companies S.Kumar Nationwide

Ltd. & Gokaldas Export Ltd. in Textile Industry.

Methodology

This assignment is specially based on the secondary data. The required financial data wereextracted from the financial statements of the selected companies. The qualitative information was

collected from website www.indiainfoline.com. This assignment covers the time horizon of the

Financial year 2007, 2008 & 2009.

Tools Used

Common Size BalanceSheet & Income Statement

A company balance sheet, that displays all items as percentages of a common base

figure is referred to Common Size BalanceSheet & IncomeStatement.

• In liability side Total Liabilities is taken as a base figure and all other liabilities are

calculated as percentages.

• In assets side Total Assets is taken as the base figure and all other asset items are calculated

as percentage.

• In Common Size Income Statement, Sales Turnover is taken as the base figure to which all

the incomes and expenses are calculated as percentage.

Abstract

Financial Statements are summaries of monetary data about an enterprise.

Hence Financial Statement Analysis will help one to assess the Viability,

Stability, Profitability and Liquidity of an enterprise.

In this Assignment, an attempt, to analyze the financial performance of

two companies in Textile Industry (S.Kumar Nationwide Ltd. &

Gokaldas Export Ltd.) has been made.

As the result of this assignment I found the performances of S.Kumar

Nationwide Ltd. is better than Gokaldas Export Ltd.



Page - 2 of 24

Ratio Analysis

Ratio analysis is one of the techniques of financial analysis to evaluate the financial

condition and performance of a business concern. Simply, ratio means the comparison of one figure

to other relevant figure or figures. In this assignment I have used the below ratios for the financial

analysis.

! Profitability Ratio

✓ Operating Profit Ratio

✓ Net Profit Ratio

! Rate Of Return Ratio

✓ Return On Total Assets (ROTA)Ratio

✓ Return On Capital Employed Ratio

✓ Return On NetWorth Ratio

! Liquidity Ratio

✓ Current Ratio

✓ Quick Ratio

! Total Assets TurnOver Ratio

! Solvency Ratio

✓ Debt To Equity Ratio

✓ Interest Coverage Ratio

Comparison Of Trends

All the ratios are calculated for the year ending 2007, 2008 & 2009 and a comparison of

these ratios are made between the two companies.

Reasons For Choosing The Firms

Textiles Industry

Today textile sector accounts for nearly 14% of the total industrial output in India. Moreover,

total textile export during the year 2009 - 2010 has reached over 83,700 Crores Indian Rupee which

accounts for more than 30% of the total exports. It is the largest industry in terms of foreign revenue

and export. As we can see Textile Industry plays a major role in Indian Economy, this influenced

me to take up Textile Industry for my Assignment.



Page - 3 of 24

S.Kumars Nationwide Ltd. ( SKNL )

S.Kumars Nationwide Ltd. is my selected firm. SKNL is one of India’s leading textile and

apparel company which grew from a turnover of 50 Lakh in 1948 to 2,350 Crores in 2009 and

carrying on its achievements. Transformation of the company took place when Nitin Kasliwal took

over the reins of his family run textile business.

SKNL is an industry which is only into Textile Sector and has 6 brands namely Reid &

Taylor, Belmonte, S.Kumars, Uniformity, Carmichael House and Stephens Brothers. Through these

brands they are very strong in domestic market. Their main strength is their manufacturing units

which produces over 2,00,000 meters of High-Quality fabrics each day. SKNL considers

Manufacturing, Distribution, Brands & Human Capital as their 4 pillars for success. The business at

SKNL is divided into product-wise Strategic Business Units (SBU). Through these SBUs the

company is able to maintain a highly trained human resources easily.

Selecting Benchmark Firm

There are many leading companies in textile industry however many of them are also

involved in other industries. I have selected the below companies which have textile as more than

90% of the Turnover.

Table Showing - Comparison On Peer Group Firms

Name Of The Firm 2010 Sales in crores Net Profit Profit %

S.Kumars Nationwide Ltd. 1,550.19 60.09 3.88

Maxwell Industries Ltd. 211.39 7.02 3.32

Malwa Cotton Spinning Mills Ltd. 458.90 -43.72 -9.53

Gokaldas Exports Ltd. 1,093.40 3.37 0.31

Loyal Textiles Mills Ltd. 424.06 -14.13 -3.33

Siyaram Silk Mills Ltd647.87

11.44 1.77 Table - A1

I have selected Gokaldas Exports Ltd. From the above 5 firms that I considered to compare

with the main firm. The first factor that I considered was Gokaldas Exports Ltd’s Sales is near to the

main Firm when compared to the other firms. However I was not compromised to their profit

percentage so I also considered their pervious performers comparing with S.Kumars Nationwide

Ltd. for past 5 years to justify my selection. Please find the comparison in next page.



Page - 4 of 24

Ta le Showing - C mparing Profit % For Five Ye rs

S.Ku ars Nationwi e Ltd. Gok ldas Exports Ltd.

Total Sales Net Profit Profit % Total Sales Net Profit Profit %

2009 1550.23 60.09 3.88 1,093.40 3.37 0.31

2008 1605.72 178.13 11.09 1,002.57 47.60 4.75

2007 1229.54 107.47 8.74 999.81 70.28 7.03

2006 889.73 99.78 11.21 861.96 60.88 7.06

2005 344.53 9.15 2.66 709.24 39.59 5.58

Table - A2

As we can see that Gokaldas Exports Ltd. has made a better profit in all the pervious years

when compared the 2009 moreover their sales is also competitive to SKNL this clearly justifies my

selection.

Gokaldas Exports Ltd.

Gokaldas Exports was incorporated in 1979. And now it is the India’s largest Apparel

Exporter. And one of the world’s best known and most reliable manufacturer of ready-made fashion

garments. Which provides fashion wear for more than 100 famous Labels in 39 countries. Gokaldas

accounts about 47,000 skilled employees at a group of 46 factories with which its able to produce

1,40,000 garments per day.



Page - 5 of 24

Common Size Balance Sheet Of S.Kumars Nationwi e Ltd Fo The Year Ending 0 , 08 & 09

Liabilities.

Am unts in C ores ercentage s

Mar - 09 Mar - 08 Mar - 07 Mar - 09 Mar - 08 Mar - 07

SOURCES OF FUNDS :

Share Capital 310.34 379.84 361.72 10.89% 19.34% 20.34%

Reserves Total 602.27 482.56 223.74 21.13% 24.57% 12.58%

Total Shareholders Funds 912.61 862.4 585.46 32.02% 43.91% 32.92%

Secured Loans 1,715.2 848.76 871.06 60.18% 43.21% 48.98%

Unsecured Loans 222.49 252.93 321.89 7.81% 12.88% 18.10%

Total Debt 1,937.6 1,101.69 1,192.95 67.98% 56.09% 67.08%

Total Liabilities 2,850.3 1,964.09 1,778.41 100.00% 100.00% 100.00%

Assets.

APPLICATION OF FUNDS :

Gross Block 681.75 483.13 638.81 23.92% 23.57% 35.52%

Less : Accumulated Depreciation 193.04 173.24 355.58 6.77% 8.45% 19.77%

Net Block 488.71 309.89 283.23 17.15% 15.12% 15.75%

Capital Work in Progress 607.13 527.39 295.86 21.30% 25.73% 16.45%

Investments 206.32 41.42 1.38 7.24% 2.02% 0.08%

Inventories 577.72 482.51 503.65 20.27% 23.54% 28.01%

Sundry Debtors 836.67 610.29 608.7 29.35% 29.77% 33.85%

Cash and Bank 42.98 8.45 14.52 1.51% 0.41% 0.81%

Loans and Advances 380.94 249.86 256.98 13.37% 12.19% 14.29%

Total Current Assets 1,838.3 1,351.11 1,383.85 64.50% 65.92% 76.95%

Current Liabilities 143.13 116.57 143.61 5.02% 5.69% 7.99%

Provisions 139.23 58.82 23.24 4.88% 2.87% 1.29%

Total Current Liabilities 282.36 175.39 166.85 9.91% 8.56% 9.28%

Net Current Assets 1,556 1,175.72 1,217.00 54.59% 57.36% 67.67%

Deferred Tax Assets 0.47 0.12 0 0.02% 0.01% 0.00%

Deferred Tax Liability 8.33 4.86 0 0.29% 0.24% 0.00%

Net Deferred Tax -7.86 -4.74 0 -0.28% -0.23% 0.00%

Total Assets 2,850.3 2,049.68 1,798.41 100.00% 100.00% 100.00%

Common Size Balance Sheet & Income Statement.



Page - 6 of 24

Common Size Balance Sheet O Gokald s Exports Ltd For he Year E ding 07, 8 & 09

Liabilities.

Am unts in C ores ercentage s


SOURCES OF FUNDS :

Share Capital 17.19 17.19 17.19 2.13% 2.16% 2.42%

Reserves Total 425.78 434.15 390.57 52.83% 54.56% 54.97%

Total Shareholders Funds 442.97 451.34 407.76 54.96% 56.72% 57.39%

Secured Loans 362.95 344.39 266.83 45.04% 43.28% 37.56%

Unsecured Loans 0 0 35.88 0.00% 0.00% 5.05%

Total Debt 362.95 344.39 302.71 45.04% 43.28% 42.61%

Total Liabilities 805.92 795.73 710.47 100.00% 100.00% 100.00%

Assets.


Gross Block 381.62 359.03 288.71 47.35% 45.12% 40.64%

Less : Accumulated Depreciation 146.24 112.77 80.88 18.15% 14.17% 11.38%

Net Block 235.38 246.26 207.83 29.21% 30.95% 29.25%

Capital Work in Progress 17.85 16.85 34.32 2.21% 2.12% 4.83%

Investments 56.05 54.72 71.23 6.95% 6.88% 10.03%

Inventories 430.88 406.9 336.03 53.46% 51.14% 47.30%

Sundry Debtors 68.84 80.35 78.97 8.54% 10.10% 11.12%

Cash and Bank 4.45 4.59 6.52 0.55% 0.58% 0.92%

Loans and Advances 90.7 91.17 66.33 11.25% 11.46% 9.34%

Total Current Assets 594.87 583.01 487.85 73.81% 73.27% 68.67%

Current Liabilities 88.44 88.53 65.19 10.97% 11.13% 9.18%Provisions 2.62 9.21 15.61 0.33% 1.16% 2.20%

Total Current Liabilities 91.06 97.74 80.8 11.30% 12.28% 11.37%

Net Current Assets 503.81 485.27 407.05 62.51% 60.98% 57.29%

Deferred Tax Assets 2.28 3.71 1.3 0.28% 0.47% 0.18%

Deferred Tax Liability 9.45 11.08 11.3 1.17% 1.39% 1.59%

Net Deferred Tax -7.17 -7.37 -10 -0.89% -0.93% -1.41%

Total Assets 805.92 795.73 710.47 100.00% 100.00% 100.00%



Page - 7 of 24

Common Si e Income

For the

tatement

Year Endi

f S.Kuma

g 07,08 &

rs Nationw

09

de Ltd

Am unts in Cr res ercentagesar cu ars


INCOME :

Sales Turnover 1,550.23 1,605.72 1,229.54 100.00% 100.00% 100.00%

Excise Duty 0.04 0.33 0 0.00% 0.02% 0.00%

Net Sales 1,550.19 1,605.39 1,229.54 100.00% 99.98% 100.00%

Other Income 61.18 9.73 10.27 3.95% 0.61% 0.84%

Stock Adjustments 69.54 -64.2 86.45 4.49% -4.00% 7.03%

Total Income 1,680.91 1,550.92 1,326.26 108.43% 96.59% 107.87%

EXPENDITURE :

Raw Materials 1,234.72 1,007.30 886.84 79.65% 62.73% 72.13%

Power & Fuel Cost 4.97 15.87 20.04 0.32% 0.99% 1.63%

Employee Cost 28.69 36.6 30.16 1.85% 2.28% 2.45%

Other Manufacturing Exp 18.75 26.53 29.31 1.21% 1.65% 2.38%

Selling andAdministration Exp

59.15 105.59 99.713.82% 6.58% 8.11%

Misc. Expenses 26.91 14.49 31.13 1.74% 0.90% 2.53%

Total Expenditure 1,373.19 1,206.38 1,097.19 88.58% 75.13% 89.24%

Operating Profit 307.72 344.54 229.07 19.85% 21.46% 18.63%Interest 139.23 90.67 66.4 8.98% 5.65% 5.40%

Gross Profit 168.49 253.87 162.67 10.87% 15.81% 13.23%

Depreciation 26.54 35.67 43.88 1.71% 2.22% 3.57%

Profit Before Tax 141.95 218.2 118.79 9.16% 13.59% 9.66%

Tax 78.05 34.61 10.83 5.03% 2.16% 0.88%

Fringe Benefit tax 0.69 0.72 0.49 0.04% 0.04% 0.04%

Deferred Tax 3.12 4.74 0 0.20% 0.30% 0.00%

Reported Net Profit 60.09 178.13 107.47 3.88% 11.09% 8.74%Extraordinary Items 50.21 -7.94 -11.09 3.24% -0.49% -0.90%

Adjusted Net Profit 9.88 186.07 118.56 0.64% 11.59% 9.64%

P & L Balance b/f -20.05 -198.18 -303.65 -1.29% -12.34% -24.70%

Appropriations 40.04 0 2 2.58% 0.00% 0.16%

P & L Balance c/d 0 -20.05 -198.18 0.00% -1.25% -16.12%

Dividend 0 0 0 0.00% 0.00% 0.00%

Equity Dividend % 0 0 0 0.00% 0.00% 0.00%

E.P.S - Unit Curr 2.69 8.48 5.58 0.17% 0.53% 0.45%E.P.S (Adj)-Unit Curr 2.69 8.48 5.58 0.17% 0.53% 0.45%

Book Value-Unit Curr 36.5 32.46 20.92 2.35% 2.02% 1.70%



Page - 8 of 24

Common Size Incom

For the

e Statemen

Year Endi

t Of Gokal

g 07,08 &

das Export

09

Ltd

Am unts in Cr res ercentages


INCOME :

Sales Turnover 1,093.40 1,002.57 999.81 100.00% 100.00% 100.00%

Excise Duty

Net Sales 1,093.40 1,002.57 999.81 100.00% 100.00% 100.00%

Other Income 81.54 86.9 39.69 7.46% 8.67% 3.97%

Stock Adjustments 28.49 16.65 18.83 2.61% 1.66% 1.88%

Total Income 1,203.43 1,106.12 1,058.33 110.06% 110.33% 105.85%

EXPENDITURE :

Raw Materials 609.13 558.35 552.58 55.71% 55.69% 55.27%

Power & Fuel Cost 13.5 11.11 10.68 1.23% 1.11% 1.07%

Employee Cost 79.36 72.86 55.69 7.26% 7.27% 5.57%

Other Manufacturing Exp 311.27 299.05 272.83 28.47% 29.83% 27.29%

Selling andAdministration Exp

42.99 40.75 33.04 3.93% 4.06% 3.30%

Misc. Expenses 74.36 10.15 8.58 6.80% 1.01% 0.86%

Total Expenditure 1,130.61 992.27 933.4 103.40% 98.97% 93.36%

Operating Profit 72.82 113.85 124.93 6.66% 11.36% 12.50%Interest 35.1 30.52 21.97 3.21% 3.04% 2.20%

Gross Profit 37.72 83.33 102.96 3.45% 8.31% 10.30%

Depreciation 34.27 32.13 24.97 3.13% 3.20% 2.50%

Profit Before Tax 3.45 51.2 77.99 0.32% 5.11% 7.80%

Tax 0 5.98 2.76 0.00% 0.60% 0.28%

Fringe Benefit tax 0.29 0.24 0.28 0.03% 0.02% 0.03%

Deferred Tax -0.21 -2.62 4.67 -0.02% -0.26% 0.47%

Reported Net Profit 3.37 47.6 70.28 0.31% 4.75% 7.03%Extraordinary Items -0.25 -7.07 0.37 -0.02% -0.71% 0.04%

Adjusted Net Profit 3.62 54.67 69.91 0.33% 5.45% 6.99%

P & L Balance b/f 177.51 138.69 83.55 16.23% 13.83% 8.36%

Appropriations 0 8.78 15.14 0.00% 0.88% 1.51%

P & L Balance c/d 180.88 177.51 138.69 16.54% 17.71% 13.87%

Dividend 0 3.44 6.87 0.00% 0.34% 0.69%

Equity Dividend % 0 20 40 0.00% 1.99% 4.00%

E.P.S - Unit Curr 0.98 13.68 20.1 0.09% 1.36% 2.01%E.P.S (Adj)-Unit Curr 0.98 13.68 20.1 0.09% 1.36% 2.01%

Book Value-Unit Curr 128.85 131.28 118.6 11.78% 13.09% 11.86%



Page - 9 of 24

Ratio Analysis

Profitability Ratios

Operating Profit Ratio:

Operating Profit Ratio shows the relationship between Operating Profit and Net Sales.

Operating Profit refers to the profit, that is earned by the concern from its business operation only.

All the other sources of income are not included. Operating Profit is calculated by taking net profit

and adding all the non-operating incomes and deducting all the non-operating expenses. Since only

operational transactions are considered this helps the concern to know about its business income

from its business operations.

Formula Used For Calculation:Operating Profit

Net Sales

Operating Profit Ratio = x 100

Table Showing - Ope ating Profi Ratio

S.Kumars Nationwide Ltd. Goka das Exports Ltd.

Mar ’07 Mar ’08 Mar ’09 Mar ’07 Mar ’08 Mar ’09

Operating Profit 118.79 218.20 141.95 77.99 51.20 3.45

Net Sales 1229.54 1605.39 1550.19 999.81 1002.57 1093.40

Operating Profit Ratio 9.66 13.59 9.16 7.80 5.11 0.32

Table - 1 (all alues are in rores)

0

2.5

5

7.5

10

12.5

15

2007 2008 2009

Interpretation

S.Kumars Nationwide Ltd. has showed an

increase in the operating Profit of 40% in the year

2007-2008 this clearly shows that the company has

performed very well. However in the year

2008-2009 the operating profit has decreased by

33% shows the company’s performance has gone

down.Gokaldas Export Ltd. has shown a continuos

decrease in operating profit from the year

2006-2007 to 2008-2009 by 34% & 91%

respectively. As per the company’s statement, two

major factors effected the operating profit

‣ Strong Competition from the neighboring countries

‣ Impact of appreciating Indian Rupee effecting the import by Rs. 350 crores for the year

2008-2009 and also 10% of the companies contracts in Euro Currency.

When compared to Gokaldas Exports Ltd. S.Kumars Nationwide Ltd’s performance is better.

However Gokaldas Exports is said to aim at domestic market to overcome the Forex Risks.

S.Kumars Nationwide Ltd.


Graph Showing Operating Profit Ratio(Graph - 01)



Page - 10 of 24

Formula Used For Calculation:

Profitability Ratios

Net Profit Ratio.

Net Profit Ratio shows the relationship between Net Profit of the concern and its Net Sales.

Net Profit is obtained when operating expenses, interest and taxes are subtracted from the gross profit. All the other sources of income are also included in Net profit. Since Net Profit ratio helps us

to analysis the net profitability of a concern, its very useful for comparing with other pear

companies to analysis their profitability. Net Profit Ratio can be calculated in the following manner.

Interpretation

S.Kumars Nationwide Ltd. shows an

increases in Net Profit Ratio of 27% from the year

2006-2007 to 2008-2009 which had an increase in

Operating Profit by 40%. The concern has gown

down by 65% of Net Profit in the year 2008-2009

where it also decreased in Operating Profit by 33%

when compared to 2007-2008. When we compare

the Net Profit increase & decreases to its

corresponding years to Operating Profit I find the

concern has a continuos increase in non profit

expenses.

Gokaldas Exports Ltd. shows a continuos

decrease in Net profit Ratio in the year 2007-2008 and 2008-2009 by 32% and 93% respectively.

This decrease in Net Profit Ratio is a reflection of the decrease in Operating Profit by 34% and91% to the corresponding years. The company had maintained the non operating expenses.

Net Profit

Net Sales Net Profit Ratio = x 100

Table howing - et Profit R tio



Net Profit 107.47 178.13 60.09 70.28 47.60 3.37

Net Sales 1229.54 1605.39 1550.19 999.81 1002.57 1093.40

Net Profit Ratio 8.74 11.10 3.88 7.03 4.75 0.31

Table - 2 (all alues are in rores)

0

2.5

5

7.5

10

12.5

15

2007 2008 2009



Graph Showing Net Profit Ratio(Graph - 02)



Page - 11 of 24

Rate of Return Ratio

Return on Total Assets. ( ROTA ) Ratio

The ROTA Ratio of a company helps us to analysis and determines its ability to utilize the

Assets employed in the company efficiently and effectively to earn a good return. The ratio also tells

us how well management is performing on all the firm's resources. However, it does not tell how

well they are performing for the stockholders. The ratio measures the percentage of profits earned

per Rupee of Asset and thus is a measure of efficiency of the company in generating profits on its

Assets.

Interpretation

S.Kumars Nationwide Ltd. shows 61%

increase in return on the Total Assets Ratio that it

has employed in its operations in the year ending

2008. However in the year ending 2009 the

company’s ROTA Ratio has decreased by 53%

which is an impact of decreases in Operating Profit

to the corresponding year.

Gokaldas Exports Ltd. The continuos

decrease in operating profit has effected the ROTA

Ratio to decrease 41% in the year ended 2008 and

93% in the year ended 2009.

Return on Total Assets Ratio = x 100

abl e Showin g - Return n Total As ets Ratio



Profit Before Tax 118.79 218.20 141.95 77.99 51.20 3.45

Total Assets 1798.41 2049.68 2850.25 710.47 795.73 805.92

Return on Total Assets

Ratio

6.61 10.65 4.98 10.98 6.43 0.43

Table - 3 (all values are in C r ores)

0

2.5

5

7.5

10

12.5

15

2007 2008 2009

Operating Profit (or) Profit Before Interest & Tax

Total Assets



Graph Showing Return On Total Assets Ratio(Graph - 03)




Page - 12 of 24


Return on Capital Empoyed ( ROCE ) Ratio.

Return on Total Assets Ratio is equivalent of Return on Capital Employed Ratio. This ratio

explains the overall utilization of funds by a business enterprise. It is useful to analysis how muchprofits the concern has earned from the amount invested by its Shareholders. Capital Employed

means the long-term funds employed in the business and includes the shareholder s fund, debentures

and long-term loans. Profit before Interest and Tax is considered for computation of this ratio to

make numerator and denominator consistent.


Interpretation

S.Kumars Nationwide Ltd. shows 66%

increases in return on Capital Employed Ratio in

the year ending 2008 this is due to the increase in

Operating Profit Ratio by 40% in the same year.

However in the year ending 2009 the company’s

ROCE Ratio has decreased by 55% which is an

impact of decreases in Operating Profit by 33%

and the company has increased its capital and

purchased a Fashion chain “Internacionale” in UK

to the corresponding year.

Gokaldas Exports Ltd. Has decreased

continuos in ROCE Ratio by 41% in the year ended 2008 and 93% in the year ended 2009. This decrease is onle due to the decrease in the

operating profit as I did not find any increase in the capital that could effect this ratio.

Graph Showing Return On Capital Empoyed Ratio(Graph - 04)

Return on Capital Employed Ratio = x 100

Table Sho ing - Capi al Employe Ratio



Profit Before Tax 118.79 218.20 141.95 77.99 51.20 3.45Capital Employed 1778.41 1964.09 2850.25 710.47 795.73 805.92

Rent. on Cap. Employed 6.68 11.11 4.98 10.98 6.43 0.43


0

2.5

5

7.5

10

12.5

15

2007 2008 2009



Profit Before Interest & TaxCapital Employed



Page - 13 of 24


Return on Net Worth ( RONW ) Ratio.

Return on NetWorth Ratio states how much profit the concern has earned in comparing to

the total amount of shareholders equity. This ratio is very important from the shareholders point of

view as the ratio indicates the total profitability of the shareholders. So this ratio is very useful to

compare between pear concerns to analysis investing in which concern could be more profitable.

Interpretation

S.Kumars Nationwide Ltd. Has only shown

13% increases in return on Net Worth Ratio in

the year ending 2008 but has shown 68% decrease

in the year ending 2009.this is due to the impact

of decrease of PAT by 66% and increase in Net

Worth by 6%.

Gokaldas Exports Ltd. Has decreased

continuos in Net Worth Ratio by 39% in the year

ended 2008 and 93% in the year ended 2009. This

decrease is only due to the decrease in the PAT by

32% and 93% to the corresponding years however

I only found an increase of 11% and 2% difference in Net Worth which is not a effecting factor in

a major amount to the NetWorth Ratio.

Profit After Interest & Tax

Net Worth

Return on Net Worth Ratio = x 100

Table howing - et Worth R tio



Profit After Tax 107.47 178.13 60.09 70.28 47.60 3.37

Net Worth 585.46 862.40 912.61 407.76 451.34 442.97

Net Worth Ratio 18.36 20.66 6.58 17.24 10.55 0.76


0

5

10

1520

25

30

2007 2008 2009



Graph Showing Net Worth Ratio(Graph - 05)




Page - 14 of 24

Liquidity Ratio

Current Ratio

A liquidity ratio that measures a company's ability to pay short-term outstanding. The

Current Ratio is mainly used to give an idea of the concern's ability to pay back its short-term

liabilities like debt and payables with its short-term assets like cash, inventory, receivables etc. The

higher the current ratio, the more capable the company is of paying its obligations.

Current Ratio =

Table Showing - urrent Ra io



Current Assets 1383.85 1351.11 1838.31 487.85 583.01 594.87Current Liabilities 143.61 116.57 143.13 65.19 88.53 88.44

Current Ratio 9.64 11.59 12.84 7.48 6.59 6.73


0

2.167

4.333

6.5

8.667

10.833

13

2007 2008 2009



Current Assets

Current Liabilities

Graph Showing Current Ratio(Graph - 07)


Interpretation

S.Kumars Nationwide Ltd.‘s Current Ratio is

in a continuos increase in the year ended 2009 and

2009 of 20% and 11% respectively. This is a good

indicates that the company is increasing its ability to

payoff short term obligations.

Gokaldas Exports Ltd. shows a decrease in

Current Ratio of 12% in the year ending 2008 and

shows a increase of 2% in the year ending 2009.

S.Kumars Nationwide Ltd is better in Current

Ratio when compared to Gokaldas Exports Ltd also

S.Kumars Nationwide Ltd. shows a continuos

increase in the ratio.



Page - 15 of 24

Liquidity Ratio

Quick Ratio

The Quick Ratio is also known as Acid-Test Ratio. This ratio measures the ability of a

concern to use its cash, near cash or quick assets to immediately payoff the current liabilities. Quick

Assets includes those current assets that can be converted as cash quickly.

Quick Ratio =

Tabl e Showing - Quick Rati o



Current Assets -

Inventories - Doubtful

Debtors

880.20 868.60 1260.59 151.82 176.11 163.99

Current Liabilities +

Short Term Loans +

Provisions

166.85 175.39 282.36 80.80 97.74 91.06

Quick Ratio 5.28 4.95 4.46 1.88 1.80 1.80


0

1

2

3

4

5

6

2007 2008 2009



Current Assets - Inventories - Doubtful Debtors

Current Liabilities + Short Term Loans + Provisions

Graph Showing Quick Ratio(Graph - 08)


Interpretation

S.Kumars Nationwide Ltd.‘s Quick Ratio is in

a continuos decrease in the year ended 2009 and

2009 of 6% and 10% respectively. This clearly

shows that the company has less quick ratio which

is also decreasing.

Gokaldas Exports Ltd. Shows a decrease in

Quick Ratio of 4% in the year ended 2008 and was

able to maintain the same ratio in the year ended

2009. However the ratio shows that the company is

very low in quick liquidity.

When compare to Gokaldas Exports Ltd.,

S.Kumars Nationwide Ltd. is better in liquidity.



Page - 16 of 24

Total Assets Turnover Ratio

Total Assets Turnover Ratio states the ability of a company to make its turnover with using

the total assets available. The total asset turnover ratio considers all assets including fixed assets,

like plant and equipment, as well as inventories and accounts receivable and in which miscellanies

expenses are deducted.

Total Assets Turnover Ratio =

able Showi g - Total A sets Turno er Ratio



Net Sales 1229.54 1605.39 1550.19 999.81 1002.57 1093.40

Total Assets 1798.41 2049.68 2850.25 710.47 795.73 805.92

Misc Expenses 31.13 14.49 26.91 8.58 10.15 74.36

Total Assets TurnoverRatio 0.70 0.79 0.55 1.42 1.28 1.49


0

0.25

0.5

0.75

1

1.25

1.5

2007 2008 2009



Net Sales

Total Assets - Misc Expenses


Interpretation

S.Kumars Nationwide Ltd.‘s Total Assets

Turnover Ratio has increased 13% in the year ended

2008. However shows a decrease of 30% in the year

ended 2009 this is due to the decrease of Net Sales

by 4% and increase of Total Assets by 40%.

Gokaldas Exports Ltd. Shows a decrease in

Total Assets Turnover Ratio of 10% in the year

ended 2008 and was able to increase the ratio in the

year ended 2009 by 16%.

When compare to S.Kumars Nationwide Ltd.,

Gokaldas Exports Ltd. is better in Total Assets

Turnover Ratio.

Graph Showing Total Assets Turnover Ratio(Graph - 06)



Page - 17 of 24

Solvency Ratio

Debt To Equity Ratio

Debt To Equity Ratio shows the relationship between Long Term Debt and Shareholders

Equity. Its the company’s ability to meet long term liability. Since this ratio is Closely related to

leveraging, the ratio is also known as Risk , Gearing or Leverage. This ratio also helps the concern

to know how much money a company should safely be able to borrow over long periods of time. So

if the ratio is high (financed more with debt) then the company is in a risky position - especially if

interest rates are on the rise.

Interpretation

S.Kumars Nationwide Ltd.‘s Long Term Debt

Ratio has decreased by 37% in the year ended 2008,

this is due to the increase in the Shareholders

Equity by 47%. However in the year ended 2009

the ratio has increased by 65% this is due to the

increase in the Long Term Debt by 76%

Gokaldas Exports Ltd. shows a slight increase

in the ratio of 3% and 8% in the year ended 2008

and 2009 respectively.

When compare to S.Kumars Nationwide Ltd.,

Gokaldas Exports Ltd. is better in Debt Equity Ratio as because their ratio percentage is lesser

which means that they have used more of Shareholders Equity than using Long Term Debt.


Debt Equity Ratio =

Table S howing - D bt Equity atio



Long term Debt 1192.95 1101.69 1937.64 302.71 344.39 362.95

Shareholders Equity 585.46 862.40 912.61 407.76 451.34 442.97

Debt Equity Ratio 2.04 1.28 2.12 0.74 0.76 0.82


0

0.5

1

1.5

2

2.5

3

2007 2008 2009



Long Term Debt

Shareholders Equity

Graph Showing Debt Equity Ratio(Graph - 09)



Page - 18 of 24

Solvency Ratio

Interest Coverage Ratio:

The Interest Coverage Ratio is used to determine how easily a concern can pay its interest

expenses on outstanding debt. This ratio is calculated by dividing a company's Profit Before Interest

and Tax by the company's interest expenses for the same period. The lower the ratio, the more the

company is burdened by debt expense.

Interpretation

S.Kumars Nationwide Ltd.‘s Interest

Coverage Ratio has increased by 35% in the year

ended 2008 and in the year ended 2009 the ratio has

decreased by 58% this is due to the increase in the

Interest by 53% and decease in the Operating Profit

by 35%

Gokaldas Exports Ltd. shows a continuos

decrease in the ratio by 53% and 94% in the year

ended 2008 and 2009 respectively. The decrease in

the Operating Profit by 34% and 93% to the

corresponding years is the major reason for this decrease in Interest Coverage Ratio.

When compare to S.Kumars Nationwide Ltd., Gokaldas Exports Ltd. is more burdened by

the debt expenses.

Graph Showing Interest Coverage Ratio(Graph - 10)


Interest Coverage Ratio =

Table Sho ing - Inter st Coverag e Ratio




Interest Expense 66.40 90.67 139.23 21.97 30.52 35.10

Interest Coverage Ratio 1.79 2.41 1.02 3.55 1.68 0.10


0

0.667

1.333

2

2.667

3.333

4

2007 2008 2009



Profit Before Tax

Interest Expense



Page - 19 of 24

Conclusion

Summary Of Trend Analysis in Ratios.

On comparing the trend analysis for the year 2007, 2008 & 2009 of Ratio Analysis I found

S.Kumars Nationwide Ltd.’s performance is better than Gokaldas Exports Ltd. However both thecompanies has shown a Down Trend in the year ended 2009, as per my research SKNL is

concentrating to develop international brands by investing in oversees to purchase foreign brands

and Gokaldas Exports states strong competition from the neighboring countries and impact of

appreciating Indian Rupee effecting the import by Rs. 350 crores for the year 2008-2009 and also

10% of the companies contracts in Euro Currency. These are the main factors effecting the

performances.

Predicting Future Growth.

SKNL is expected to increase in the forthcoming years as they have made a stand in the

international market. And also according to the company, its expecting a growth particularly in the

brand Uniformity by Belmonte.

Gokaldas Exports being effected in the Forex Risk is said to increase the customers in the

domestic market also stating by the company that it has already confirmed some contracts in

domestic brands. Adding to this I find the exchange rate of US Dollar % Euro is healthy when

compared to previous year. From considering these factors I expect a good growth rate in the

forthcoming years.



Page - 20 of 24

Bibliography

The Journals." Krishna Prasad Upadhyay (Dec 2004) “Financial Analysis of Finance Companies in Pokhara: A

Comparative Study of Pokhara Finance Ltd. and Annapurna Finance Company Ltd.” Vol-1

" WANG Chunmei (2009) Empirical Analysis on Financial Ability of Listed Companies Which

Have Completed Ownership of Share Places Reform in Jiangsu

" State Bank Of Pakistan Statistics Aan DWH Dept. (2009) Balance Sheet Analysis Of

Joint Stock Companies Listed On The Karachi Stock Exchange (2003-2008)

Book Reference

" I.M. Pandey (2010) Financial Management - 10th Edition

" A.N. Chakrabarti (2005) Financial Management

WebLinks.

http://www.indiainfoline.com/Markets/Company/Gokaldas-Exports-Ltd/532630

http://www.indiainfoline.com/Markets/Company/S.Kumars-Nationwide-Ltd/514304

http://beginnersinvest.about.com/od/incomestatementanalysis/a/return-on-assets-roa-income-

statement.htm

http://www.just-style.com/news/indian-textile-group-s-kumars-buys-internacionale_id100923.aspx

http://www.investopedia.com/terms/c/currentratio.asp

http://www.universalteacher4u.com/cbse/xii/acctheory/ch11/page1.htm



Page - 21 of 24

Appendix


Balance Sheet

(Rs. in Crores)

Particulars Mar-09 Mar-08 Mar-07 Mar-06 Mar-05 Sep-04

SOURCES OF FUNDS :

Share Capital 310.34 379.84 361.72 239.92 190.40 190.40

Reserves Total 602.27 482.56 223.74 -108.17 -205.89 49.44

Total Shareholders Funds 912.61 862.40 585.46 131.75 -15.49 239.84

Secured Loans 1,715.15 848.76 871.06 978.71 850.46 830.40

Unsecured Loans 222.49 252.93 321.89 90.56 309.14 285.49

Total Debt 1,937.64 1,101.69 1,192.95 1,069.27 1,159.60 1,115.89

Total Liabilities 2,850.25 1,964.09 1,778.41 1,201.02 1,144.11 1,355.73


Gross Block 681.75 483.13 638.81 613.82 610.41 865.24

Less : Accumulated

Depreciation 193.04 173.24 355.58 310.89 268.05 296.19

Less:Impairment of Assets 0.00 0.00 0.00 NA NA 0.00

Net Block 488.71 309.89 283.23 NA NA 569.05

Lease Adjustment 0.00 0.00 0.00 0.00 0.00 0.00

Capital Work in Progress 607.13 527.39 295.86 79.85 69.45 69.33

Investments 206.32 41.42 1.38 7.88 6.88 6.88

Current Assets, Loans &Advances

Inventories 577.72 482.51 503.65 379.91 340.69 320.51

Sundry Debtors 836.67 610.29 608.70 490.83 406.88 375.40

Cash and Bank 42.98 8.45 14.52 17.71 8.00 32.59

Loans and Advances 380.94 249.86 256.98 231.82 207.17 156.39

Total Current Assets 1,838.31 1,351.11 1,383.85 1,120.27 962.74 884.89

Less : Current Liabilities andProvisions

Current Liabilities 143.13 116.57 143.61 300.19 240.20 121.49

Provisions 139.23 58.82 23.24 11.92 1.43 1.83

Total Current Liabilities 282.36 175.39 166.85 312.11 241.63 123.32

Net Current Assets 1,555.95 1,175.72 1,217.00 808.16 721.11 761.57

Miscellaneous Expenses notwritten off

0.00 0.00 0.94 2.20 4.31 6.18

Deferred Tax Assets 0.47 0.12 0.00 0.00 0.00 58.24

Deferred Tax Liability 8.33 4.86 0.00 0.00 0.00 0.00

Net Deferred Tax -7.86 -4.74 0.00 0.00 0.00 58.24

Total Assets 2,850.25 2,049.68 1,798.41 1,201.02 1,144.11 1,471.25

Contingent Liabilities 616.31 331.02 525.12 601.97 592.23 602.23

Cash Flow (Rs. in Crores)

Particulars Mar-09 Mar-08 Mar-07

Cash and Cash Equivalents at Begining of the year 8.45 14.52 17.71

Net Cash from Operating Activities -192.87 334.41 -14.36

Net Cash Used In Investing Activities -448.89 -331.33 -231.91

Net Cash Used In Financing Activities 676.29 -9.15 243.08

Net Inc/(Dec) In Cash And Cash 34.53 -6.07 -3.19

Cash And Cash Equivalents At End Of The Year 42.98 8.45 14.52



Page - 22 of 24

Appendix


Profit & Loss(Rs. in Crores)

Particulars Mar-09 Mar-08 Mar-07 Mar-06 Mar-05 Sep-04

INCOME :

Sales Turnover 1,550.23 1,605.72 1,229.54 889.73 344.53 615.16

Excise Duty 0.04 0.33 0.00 0.22 0.17 7.12

Net Sales 1,550.19 1,605.39 1,229.54 889.51 344.36 608.04

Other Income 61.18 9.73 10.27 61.17 4.32 6.92

Stock Adjustments 69.54 -64.20 86.45 17.90 -8.74 25.82

Total Income 1,680.91 1,550.92 1,326.26 968.58 339.94 640.78

EXPENDITURE :

Raw Materials 1,234.72 1,007.30 886.84 640.71 254.14 487.05

Power & Fuel Cost 4.97 15.87 20.04 15.18 6.77 15.19

Employee Cost 28.69 36.60 30.16 22.22 8.23 20.76

Other Manufacturing Expenses 18.75 26.53 29.31 28.05 12.85 20.62

Selling and AdministrationExpenses

59.15 105.59 99.71 50.53 22.66 48.53

Miscellaneous Expenses 26.91 14.49 31.13 13.26 2.40 8.59

Less: Pre-operative ExpensesCapitalised

0.00 0.00 0.00 0.00 0.00 0.00

Total Expenditure 1,373.19 1,206.38 1,097.19 769.95 307.05 600.74


Interest 139.23 90.67 66.40 47.44 2.85 2.59

Gross Profit 168.49 253.87 162.67 151.19 30.04 37.45Depreciation 26.54 35.67 43.88 40.92 20.89 58.60

Profit Before Tax 141.95 218.20 118.79 110.27 9.15 -21.15

Tax 78.05 34.61 10.83 10.49 0.00 -2.00

Fringe Benefit tax 0.69 0.72 0.49 NA NA 0.00

Deferred Tax 3.12 4.74 0.00 0.00 0.00 0.00

Reported Net Profit 60.09 178.13 107.47 99.78 9.15 -19.15

Extraordinary Items 50.21 -7.94 -11.09 49.83 -0.08 -0.20

Adjusted Net Profit 9.88 186.07 118.56 49.95 9.23 -18.95

Adjst. below Net Profit 0.00 0.00 0.00 0.00 -211.47 0.00

P & L Balance brought forward -20.05 -198.18 -303.65 -403.43 -201.11-

181.96

Statutory Appropriations 0.00 0.00 0.00 0.00 0.00 0.00

Appropriations 40.04 0.00 2.00 0.00 0.00 0.00

P & L Balance carried down 0.00 -20.05 -198.18 -303.65 -403.43-

201.11

Dividend 0.00 0.00 0.00 0.00 0.00 0.00

Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00

Equity Dividend % 0.00 0.00 0.00 0.00 0.00 0.00

Earnings Per Share-Unit Curr 2.69 8.48 5.58 6.45 1.18 0.00

Earnings Per Share(Adj)-UnitCurr

2.69 8.48 5.58 6.45 1.18 0.00

Book Value-Unit Curr 36.50 32.46 20.92 1.95 -4.50 11.96



Page - 23 of 24

Balance Sheet

(Rs. in Crores)

Particulars Mar-09 Mar-08 Mar-07 Mar-06 Mar-05 Mar-04

SOURCES OF FUNDS :

Share Capital 17.19 17.19 17.19 17.19 14.06 10.00

Reserves Total 425.78 434.15 390.57 328.33 152.24 2.94

Total Shareholders Funds 442.97 451.34 407.76 345.52 166.30 12.94

Secured Loans 362.95 344.39 266.83 154.78 126.18 85.72

Unsecured Loans 0.00 0.00 35.88 64.23 64.36 38.35

Total Debt 362.95 344.39 302.71 219.01 190.54 124.07

Total Liabilities 805.92 795.73 710.47 564.53 356.84 137.01


Gross Block 381.62 359.03 288.71 203.56 129.09 58.09

Less : Accumulated

Depreciation 146.24 112.77 80.88 57.02 39.58 11.33

Less:Impairment of Assets 0.00 0.00 0.00 NA NA NA

Net Block 235.38 246.26 207.83 NA NA NA

Lease Adjustment 0.00 0.00 0.00 0.00 0.00 0.00

Capital Work in Progress 17.85 16.85 34.32 13.71 2.13 0.83

Investments 56.05 54.72 71.23 93.18 30.99 0.00

Current Assets, Loans &Advances

Inventories 430.88 406.90 336.03 267.48 177.59 109.68

Sundry Debtors 68.84 80.35 78.97 56.16 57.67 22.20

Cash and Bank 4.45 4.59 6.52 7.04 20.41 23.98

Loans and Advances 90.70 91.17 66.33 46.32 35.16 13.19

Total Current Assets 594.87 583.01 487.85 377.00 290.83 169.05

Less : Current Liabilities andProvisions

Current Liabilities 88.44 88.53 65.19 48.42 46.50 79.12

Provisions 2.62 9.21 15.61 12.21 6.29 0.55

Total Current Liabilities 91.06 97.74 80.80 60.63 52.79 79.67

Net Current Assets 503.81 485.27 407.05 316.37 238.04 89.38

Miscellaneous Expenses notwritten off

0.00 0.00 0.04 0.05 0.05 0.06

Deferred Tax Assets 2.28 3.71 1.30 2.15 0.31 0.01

Deferred Tax Liability 9.45 11.08 11.30 7.47 4.19 0.03

Net Deferred Tax -7.17 -7.37 -10.00 -5.32 -3.88 -0.02

Total Assets 805.92 795.73 710.47 564.53 356.84 137.01

Contingent Liabilities 185.34 175.89 140.05 103.95 116.95 87.86

Cash Flow (Rs. in Crores)

Particulars Mar-09 Mar-08 Mar-07

Cash and Cash Equivalents at Begining of the year 3.09 4.77 1.63

Net Cash from Operating Activities 60.31 19.11 27.60

Net Cash Used In Investing Activities -24.45 -33.83 -81.32

Net Cash Used In Financing Activities -35.91 13.04 55.75

Net Inc/(Dec) In Cash And Cash -0.05 -1.68 2.03

Cash And Cash Equivalents At End Of The Year 3.04 3.09 3.66

Appendix




Page - 24 of 24

Profit & Loss(Rs. in Crores)

Particulars Mar-09 Mar-08 Mar-07 Mar-06 Mar-05 Mar-04

INCOME :

Sales Turnover 1,093.40 1,002.57 999.81 861.96 709.24 39.11

Excise Duty 0.00 0.00 0.00 0.00 0.00 0.00

Net Sales 1,093.40 1,002.57 999.81 861.96 709.24 39.11

Other Income 81.54 86.90 39.69 26.86 10.24 0.31

Stock Adjustments 28.49 16.65 18.83 30.74 21.79 2.03

Total Income 1,203.43 1,106.12 1,058.33 919.56 741.27 41.45

EXPENDITURE :

Raw Materials 609.13 558.35 552.58 527.62 458.11 26.01

Power & Fuel Cost 13.50 11.11 10.68 6.54 2.81 0.14

Employee Cost 79.36 72.86 55.69 44.38 34.56 1.64

Other Manufacturing Expenses 311.27 299.05 272.83 203.01 144.39 7.85

Selling and AdministrationExpenses

42.99 40.75 33.04 32.16 32.77 1.60

Miscellaneous Expenses 74.36 10.15 8.58 5.54 1.56 0.11

Less: Pre-operative ExpensesCapitalised

0.00 0.00 0.00 0.00 0.00 0.00

Total Expenditure 1,130.61 992.27 933.40 819.25 674.20 37.35


Interest 35.10 30.52 21.97 14.29 11.80 0.56

Gross Profit 37.72 83.33 102.96 86.02 55.27 3.54

Depreciation 34.27 32.13 24.97 18.08 11.57 0.52


Tax 0.00 5.98 2.76 3.48 1.43 0.06

Fringe Benefit tax 0.29 0.24 0.28 NA NA NA

Deferred Tax -0.21 -2.62 4.67 3.33 2.68 0.02

Reported Net Profit 3.37 47.60 70.28 60.88 39.59 2.94

Extraordinary Items -0.25 -7.07 0.37 1.14 -0.04 0.00

Adjusted Net Profit 3.62 54.67 69.91 59.74 39.63 2.94

Adjst. below Net Profit 0.00 0.00 0.00 0.00 0.00 0.00

P & L Balance brought forward 177.51 138.69 83.55 34.77 2.94 0.00Statutory Appropriations 0.00 0.00 0.00 0.00 0.00 0.00

Appropriations 0.00 8.78 15.14 12.10 7.76 0.00

P & L Balance carried down 180.88 177.51 138.69 83.55 34.77 2.94

Dividend 0.00 3.44 6.87 5.16 3.44 0.00

Preference Dividend 0.00 0.00 0.00 0.00 0.00 0.00

Equity Dividend % 0.00 20.00 40.00 30.00 20.00 0.00

Earnings Per Share-Unit Curr 0.98 13.68 20.10 34.93 27.90 2.94

Earnings Per Share(Adj)-UnitCurr

0.98 13.68 20.10 17.47 NA NA

Book Value-Unit Curr 128.85 131.28 118.60 201.00 118.28 12.94

Appendix


ffbd financial statement analysis 06-aug-10[1]

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