7/31/2019 JUBlife

1/37

10

INCOME STATEMENT (in INR mn) 2000 2001

INCOME

Sales and operating income (Net of discs) 6066.59 8424.77Less: Excise duty (474.97) (622.56)

TOTAL SALES 5591.62 7802.21

EXPENDITURE

Material Cost (5035.27) (7198.58)

Employee Cost

SG&A costs

PROFIT BEFORE INT, DEP,TAX AND EXC ITEMS 556.35 603.63

Less : Interest (349.60) (413.33)

Less : Depreciation/Amortisation (175.72) (206.42)

Add: Other Income 74.35 145.91

PROFIT BEFORE TAX AND EXCEPTIONAL ITEMS 105.38 129.79

Add/(Less) : Exceptional Item

PROFIT BEFORE TAX AND PRIOR PERIOD ITEMS 105.38 129.79

(Less) : Prior period items (Net) 121.57 108.04

PROFIT BEFORE TAX 226.95 237.82

Less: Provision for Taxation:

Current Tax (0.40) (5.40)

Deferred Tax (Refer Note B - 8 in Schedule M) 0.00 0.00

Fringe Benefit Tax 0.00 0.00

Excess (Tax) Provision for earlier years (1.82) 9.23

PROFIT AFTER TAX 224.73 241.65Less: Minority Interest

NET PROFIT ATTRIBUTABLE TO SHAREHOLDERS 224.73 241.65

Add : Balance brought forward from previous year

AMOUNT AVAILABLE FOR APPROPRIATION 224.73 241.65

APPROPRIATIONS

Dividend to shareholders of parent company:

Equity Shares - Interim dividend

Proposed Final dividend (35.33) (44.60)

Tax on Dividend (includes tax on proposed div) (6.37) (3.83)

Transfer to General Reserve (75.00) (100.00)

Balance carried to Balance Sheet 108.04 93.22

Per share data

EPS (Rs.) Basic and Diluted - before exc item

EPS (Rs.) Basic and Diluted - after exc item

DPS (Rs)

No of shares - eop

7/31/2019 JUBlife

2/37

Key Figures

Gross Profit 556.35 603.63

EBITDA 556.35 603.63

Operating Profit (EBIT) 380.63 397.21

PBT 226.95 237.82

Net Income 224.73 241.65

Margins

Gross Profit 9.95% 7.74%

EBITDA 9.95% 7.74%

Operating Profit (EBIT) 6.81% 5.09%

PBT 4.06% 3.05%

Net Income 4.02% 3.10%

Purchases

Assumptions

Sales (Growth - YoY) 0.08

Material Cost (as a % of Sales) 0.92

Overheads

Employee Cost (as a % of sales)

SG&A costs (as a % of sales)

Other income (Growth - YoY) 96.26%

Other income (as a % of sales) 1.33% 1.87%

Effective Tax Rate -0.98% 1.61%

Dividend Payout Ratio

Divident Tax RateMinority Interest as % of PAT

7/31/2019 JUBlife

3/37

2002 2003 2004 2005 2006 2007 2008

8,648.18 9,686.07 9,456.65 12,736.96 16,178.90 19,434.40 26,287.66(864.64) (1,034.31) (1,189.35) (1,337.25) (1,398.89)

8,648.18 9,686.07 8,592.01 11,702.65 14,989.55 18,097.15 24,888.77

(7,797.17) (8,497.67) (7,009.31) (10,013.87) (13,013.18) (15,156.02) (20,536.11)

851.01 1,188.40 1,582.70 1,688.78 1,976.37 2,941.13 4,352.66

(411.05) (402.50) (357.64) (220.36) (172.66) (194.64) (336.68)

(255.80) (237.52) (326.18) (381.40) (513.35) (622.86) (1,039.14)

28.66 93.30 67.40 554.22 391.03 829.41 1,584.47

212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31

212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31

212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31

(2.21) (50.13) (89.27) (317.64) (231.20) (369.84) (702.47)

14.60 (110.45) (114.53) (116.08) (138.89) (318.61) 11.97

(22.35) (24.04) 117.66

7.00 24.80 2.13

232.21 481.10 787.28 1,209.65 1,288.95 2,240.55 3,988.47(4.91) (17.72) 7.80 39.45 16.47

232.21 481.10 782.37 1,191.93 1,296.75 2,280.00 4,004.94

101.54 104.73 461.09 1,048.35 1,702.69 2,390.69 3,960.05

333.75 585.83 1,243.46 2,240.28 2,999.44 4,670.69 7,964.99

(59.02) (74.44) (84.32) (161.96) (183.07) (180.07) (219.29)

(10.79) (22.79) (25.68) (30.57) (37.27)

(170.00) (50.00) (100.00) (352.84) (400.00) (500.00) (1,000.00)

104.73 461.39 1,048.35 1,702.69 2,390.69 3,960.05 6,708.43

7/31/2019 JUBlife

4/37

851.01 1,188.40 1,582.70 1,688.78 1,976.37 2,941.13 4,352.66

851.01 1,188.40 1,582.70 1,688.78 1,976.37 2,941.13 4,352.66

595.21 950.88 1,256.52 1,307.38 1,463.02 2,318.27 3,313.52

212.82 641.68 966.28 1,641.24 1,681.39 2,953.04 4,561.31

232.21 481.10 787.28 1,209.65 1,288.95 2,240.55 3,988.47

9.84% 12.27% 18.42% 14.43% 13.18% 16.25% 17.49%

9.84% 12.27% 18.42% 14.43% 13.18% 16.25% 17.49%

6.88% 9.82% 14.62% 11.17% 9.76% 12.81% 13.31%

2.46% 6.62% 11.25% 14.02% 11.22% 16.32% 18.33%

2.69% 4.97% 9.16% 10.34% 8.60% 12.38% 16.03%

0.41 0.40 0.33 0.07 0.17 0.49 0.48

0.90 0.88 0.82 0.86 0.87 0.84 0.83

-80.36% 225.54% -27.76% 722.28% -29.44% 112.11% 91.04%

0.33% 0.96% 0.78% 4.74% 2.61% 4.58% 6.37%

9.11% -25.02% -18.52% -26.30% -23.34% -24.13% -12.56%

7/31/2019 JUBlife

5/37

2009 2010 2011 2012 2013 2014 2015

36,405.44 38,754.75 35,102.12(1,225.60) (843.43) (768.08)

35,179.84 37,911.32 34,334.04 - - - -

(31,308.22) (30,449.17) (29,682.45)

3,871.62 7,462.15 4,651.59 - - - -

(1,070.42) (1,505.20) (1,050.57)

(1,632.42) (1,246.84) (1,801.02)

1,796.98 468.86 605.91

2,965.76 5,178.97 2,405.91 - - - -

2,965.76 5,178.97 2,405.91 - - - -

2,965.76 5,178.97 2,405.91 - - - -

(668.37) (1,025.48) (876.21)

126.85 66.04 742.56

274.33

2,698.57 4,219.53 2,272.26 - - - -133.19 (4.92) 24.93

2,831.76 4,214.61 2,297.19 - - - -

6,697.99 7,768.46 8,440.71

9,529.75 11,983.07 10,737.90 - - - -

(223.34) (317.56) (318.56)

(37.95) (52.74) (51.68)

(2,120.50) (1,100.00)

9,268.46 9,492.27 9,267.66 - - - -

7/31/2019 JUBlife

6/37

3,871.62 7,462.15 4,651.59

3,871.62 7,462.15 4,651.59

2,239.20 6,215.31 2,850.57

2,965.76 5,178.97 2,405.91

2,698.57 4,219.53 2,272.26

11.01% 19.68% 13.55%

11.01% 19.68% 13.55%

6.37% 16.39% 8.30%

8.43% 13.66% 7.01%

7.67% 11.13% 6.62%

(0.11) 0.93 (0.38)

0.89 0.80 0.86

13.41% -73.91% 29.23%

5.11% 1.24% 1.76%

-9.01% -18.53% -5.56%

7/31/2019 JUBlife

7/37

2016 2017 2018 2019 2020

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

- - - - -

7/31/2019 JUBlife

8/37

7/31/2019 JUBlife

9/37

10

BALANCE SHEET (in INR m) 2000 2001

FUNDS EMPLOYED

Shareholders' FundsShare Capital 112.59 112.59

Reserves and Surplus 1342.328 1415.236

Shareholders' equity 1454.92 1527.83

Loan Funds

Secured Loans 2699.061 2802.59

Unsecured Loans 551.432 712.089

Loans 3250.49 3514.68

Deferred Tax Liability (Net)

Minority Interest

Total 4705.41 5042.51

APPLICATION OF FUNDS

Fixed Assets

Gross Block 4307.223 5037.325

Less: Depreciation/Amortisation -1734.74 -1930.053

Net Block 2572.48 3107.27

Add : Capital Work in Progress 371.49 53.18

Net Fixed Assets

Foreign exchange monetary trans.. Difference

Deferred tax assets

Investments 234.919 235.358Total Long Term Assets 3178.89 3395.81

Current Assets, Loans and Advances

Cash and Bank Balances 117.895 70.544

Inventories 799.004 985.9

Sundry debtors (receivables) 888.145 844.374

Loans and Advances 407.181 376.253

Total Current Assets 2212.23 2277.07

Current Liabilities and Provisions

Current Liabilities 584.244 613.964

Provisions 127.809 81.696

Total Current Liabilities 712.05 695.66

Net Current Assets 1500.17 1581.41

Miscellaneous expenditure 26.347 65.284

Total 4705.41 5042.51

check 1 1

7/31/2019 JUBlife

10/37

Schedule G

Current Liabilities

1 Acceptances

2 Sundry Creditors

Trade (payables)

Others

3 Investor Education etc4 Other Liabilities

Assumptions:

Fixed Assets

B Net Fixed Assets - Opening

A Add: Capex

A Add: Acquisitions / (Disposals)/WIP addns

S Less: Depreciation

E Net Fixed Assets - Ending

Capex (as a % of sales)

Depreciation (as a % of sales)

Debt

Average Debt

Interest paid

Interest cost %

Cash and Bank Balances

Interest earnedInterest rate %

Ratio Analysis

Solvency Ratios

Current ratio 3.11 3.27

Quick ratio 1.98 1.86

Cash ratio 0.17 0.10

Turnover Ratios

Receivables turnover

Inventory turnover

Payables turnover

7/31/2019 JUBlife

11/37

Average receivables collection period

Average inventory processing period

Average payment period

Cash Conversion Cycle

Other ReceivablesLoans and Advances as % of Sales 0.07 0.05

Other Payables

Acceptances as % of COGS

Others Creditors as % of COGS

Investor Education etc as % of COGS

Other Liabilities as % of COGS

Operating Efficiency

Total asset turnover

Net fixed asset turnover

Equity turnover

Operating Profitability

Gross Profit Margin 0.10 0.08

Operating Profit Margin 0.07 0.05

Net Profit Margin 0.04 0.03

Return on total capital 0.05 0.05

Return on total equity 0.15 0.16

ROE DuPont Analysis

Profit Margin

Asset Turnover

Leverage

ROE

Financial Risk Ratios

Debt to equity ratio

Debt ratio

Interest coverage ratio

7/31/2019 JUBlife

12/37

2002 2003 2004 2005 2006 2007 2008

73.33 73.33 117.32 129.58 142.46 143.76 146.96

1033.54 1407.95 1996.38 4830.52 8114.74 8917.59 12415.01

1106.87 1481.28 2113.70 4960.10 8257.20 9061.35 12561.97

2584.89 3473.21 3857.66 2038.15 3344.89 4171.68 10585.88

777.08 575.15 352.34 1619.73 3875.44 12354.45 10498.65

3361.97 4048.36 4210.00 3657.88 7220.33 16526.13 21084.53

361.90 644.86 741.62 857.70 1042.04 1360.15 1302.30

150.89 174.12 213.91

4830.74 6174.50 7065.32 9475.68 16670.46 27121.75 35162.71

5416.41 6645.08 7161.53 8359.50 14020.47 16671.47 24959.09

(2308.62) (2513.76) (2825.21) (3083.57) (3778.96) (4392.48) (5834.90)

3107.79 4131.32 4336.32 5275.93 10241.51 12278.99 19124.19

165.36 113.10 405.99 929.70 1289.75 2356.85 4846.90

84.23 161.84 148.89 990.23 2.23 38.84 456.373357.38 4406.26 4891.20 7195.86 11533.49 14674.68 24427.46

101.47 106.27 208.35 159.62 1389.57 8749.11 5237.68

1030.18 1350.02 1282.80 1762.05 3116.89 3532.43 4257.80

768.83 815.15 1455.05 1784.38 2479.18 2948.11 4349.67

550.38 760.33 811.42 1249.01 1963.46 2424.69 3552.70

2450.86 3031.77 3757.62 4955.06 8949.10 17654.34 17397.85

879.97 1079.72 1379.93 2039.53 2692.65 2917.82 3717.83

97.53 184.97 225.48 691.29 1151.68 2330.30 2961.26

977.50 1264.69 1605.41 2730.82 3844.33 5248.12 6679.09

1473.36 1767.08 2152.21 2224.24 5104.77 12406.22 10718.76

1.16 21.91 55.58 32.20 40.85 16.49

4830.74 6174.50 7065.32 9475.68 16670.46 27121.75 35162.71

1 1 1 1 1 1 1

7/31/2019 JUBlife

13/37

2.51 2.40 2.34 1.81 2.33 3.36 2.60

1.45 1.33 1.54 1.17 1.52 2.69 1.97

0.10 0.08 0.13 0.06 0.36 1.67 0.78

7/31/2019 JUBlife

14/37

0.06 0.08 0.09 0.11 0.13 0.13 0.14

0.10 0.12 0.18 0.14 0.13 0.16 0.17

0.07 0.10 0.15 0.11 0.10 0.13 0.13

0.03 0.05 0.09 0.10 0.09 0.12 0.16

0.05 0.09 0.12 0.14 0.08 0.09 0.12

0.21 0.32 0.37 0.24 0.16 0.25 0.32

7/31/2019 JUBlife

15/37

2009 2010 2011 2012 2013 2014 2015

147.56 158.80 159.30

12527.90 21854.56 21563.36

12675.46 22013.36 21722.66 0.00 0.00 0.00 0.00

29026.16 21607.92 28900.48

9754.94 10119.41 10344.73

38781.10 31727.33 39245.21 0.00 0.00 0.00 0.00

1150.63 2349.48 2107.01

319.52 379.18 418.11

52926.71 56469.35 63492.99 0.00 0.00 0.00 0.00

46482.57 48452.64 51632.78

(9032.56) (10263.78) (11722.26)

37450.01 38188.86 39910.52 0.00 0.00 0.00 0.00

5031.16 5056.34 6777.59

120.81

425.32 395.02

2713.56 2564.07 327.5245194.73 46355.40 47410.65 0.00 0.00 0.00 0.00

3816.64 5036.74 10456.94

5956.10 6909.51 6912.78

5044.12 5186.13 5204.47

4854.92 5182.70 5653.70

19671.78 22315.08 28227.89 0.00 0.00 0.00 0.00

7364.57 7535.25 7861.38

4578.52 4665.88 4284.17

11943.09 12201.13 12145.55 0.00 0.00 0.00 0.00

7728.69 10113.95 16082.34 0.00 0.00 0.00 0.00

3.29

52926.71 56469.35 63492.99 0.00 0.00 0.00 0.00

1 1 1 1 1 1 1

7/31/2019 JUBlife

16/37

1.65 1.83 2.32

1.15 1.26 1.75

0.32 0.41 0.86

7/31/2019 JUBlife

17/37

0.14 0.14 0.16

0.11 0.20 0.14

0.06 0.16 0.08

0.08 0.11 0.07

0.05 0.08 0.04

0.21 0.19 0.10

7/31/2019 JUBlife

18/37

2016 2017 2018 2019 2020

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

0.00 0.00 0.00 0.00 0.00

1 1 1 1 1

7/31/2019 JUBlife

19/37

7/31/2019 JUBlife

20/37

7/31/2019 JUBlife

21/37

10

CASH FLOW STATEMENT (in INR mn) 2000 2001

Cash Flow from Operating Activities:

Profit before tax and prior period items 105.38 129.79

Adjustment for:Depreciation/Impairment 175.72 206.42

Impairment of Goodwill - -

Provision for iminution in the value of investments

provision for doubtful debts

Prior period item (Net) - -

Profit/ (Loss) on sale of investments / Assets (0.69) -

Profit on disposal of subsidiaries - -

Gain/loss on disposal of assets - 19.01

Bad debt/ irrecoverable advance w/off

Interest Expense / income - -

Amortization- deferred Revenue Expenditure 9.38 21.46

Interest Income (Net) 349.60 413.33

Dividend Income (1.93) (1.74)

exceptional items

Exchange difference 14.25 15.55

Operating Profit before Working Capital changes 651.70 803.83

Adjustment for:

Changes in working capital

Trade Receivables (sundry debtors) (68.51) 59.62

Increse/(decrease) in Miscellaneous Expenditure (2.60) (60.40)Other Receivables (loans & advances) - -

Inventories (9.00) (186.90)

Trade and other payables 101.83 (26.51)

Changes in other current assets - -

Cash generated from Operations 673.43 589.64

Income tax paid (net of refund) (2.17) 18.77

Interest paid (336.57) (440.78)

Net cash generated from operating activities 334.70 167.63

Cash Flow from Investing Activities:

Purchase of Fixed Assets (712.62) (456.18)

Proceeds from sale of Fixed Assets 3.88 1.99

Purchase of Investment 2.03 (0.44)

Loan from/to Companies 45.45 6.70

Sale of Investment - -

Interest received 64.04 26.39

Dividend received 1.93 1.74

Cash outflow on additional stake in subsidiary - -

Cash inflow arising on disposal of subsidiary - -

7/31/2019 JUBlife

22/37

exceptional itms - -

Net cash used in investing activities (595.30) (419.80)

Cash Flow from Financing Activities

Proceeds from long term borrowings 320.27 264.19

Proceeds from short term borrowings - -

Repayment of long term borrowings - -

Repayment of short term borrowings - -EXCHANGE DIFFERENCE (14.25) (15.55)

Interest Paid - -

Dividend and Dividend tax paid and Provisions (35.82) (43.82)

Net cash used in financing activities 270.20 204.82

Net Inc/(Dec) in Cash and Cash Equivalents 9.60 (47.35)

Cash and Cash Equivalents - bop 104.04 117.90

Net effect of changes in exchange rate 4.25 -

Cash and Cash Equivalents - eop 117.90 70.54

7/31/2019 JUBlife

23/37

2002 2003 2004 2005 2006 2007 2008 2009

216.12 641.20 978.92 1,503.04 1,790.92

254.33 237.45 321.98 347.70 441.55

5.06 14.31 24.49 19.96

2.23 11.99

3.05 0.81 0.89 (10.53)

15.80

42.10 38.10 1.56 1.17

(46.70) (2.96) (47.02)

0.11 2.28 13.42 23.51

407.42 402.50 357.55 213.19 146.63

(1.26) (0.21) (3.19) (2.34)

(9.47) (75.70)

6.17 (22.57) (103.83) (61.49) 64.63

938.50 1,299.84 1,538.66 1,959.39 2,428.48 - - -

(120.51) (235.75) (621.87) (578.51) (1,085.39)

(1.27) (24.19) (47.09) (0.13)

(34.92) (321.07) 59.09 (479.25) (1,055.99)

235.03 180.00 283.77 591.48 253.71

1,018.10 921.75 1,235.46 1,446.02 540.68 - - -

9.96 (54.20) (11.27) (174.51) (261.74)

(453.92) (432.83) (395.75) (232.70) (110.45)

574.14 434.72 828.44 1,038.81 168.49 - - -

(390.82) (1,083.41) (823.77) (1,763.58) (2,393.30)

12.20 25.36 (831.05) (1,395.10)

(60.70) 14.57

(59.15) (19.50) (14.50) (1.20) (49.00)

41.10 15.74 11.39 6.38

1.26 0.21 3.19 2.34

7/31/2019 JUBlife

24/37

9.47 40.19

(385.94) (1,123.42) (782.39) (2,581.25) (3,828.68) - - -

(174.31) 745.66 199.21 19.30 1,578.50

102.75

(50.00) 1,508.86 3,169.11

(44.63) (54.10) (136.45) (34.45) (189.43)

(166.19) 691.56 62.76 1,493.71 4,558.18 - - -

22.01 2.86 108.81 (48.73) 897.99 - - -

70.54 92.55 99.54 208.35 159.62 1,082.28 1,082.28 1,082.28

4.13 24.67

92.55 99.54 208.35 159.62 1,082.28 1,082.28 1,082.28 1,082.28

7/31/2019 JUBlife

25/37

2010 2011 2012 2013 2014 2015 2016 2017

- - - - - - - -

- - - - - - - -

- - - - - - - -

7/31/2019 JUBlife

26/37

- - - - - - - -

- - - - - - - -

- - - - - - - -

1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28

1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28 1,082.28

7/31/2019 JUBlife

27/37

2018 2019 2020

- - -

- - -

- - -

7/31/2019 JUBlife

28/37

- - -

- - -

- - -

1,082.28 1,082.28 1,082.28

1,082.28 1,082.28 1,082.28

7/31/2019 JUBlife

29/37

Valuation Sheet

FY 09

DCF Summary 2000

Net Income

Depreciation

Interest*(1-T)

Capex

Changes in working capital

Free Cash Flow to Firm

Date

FCFF (explicit forecast)

Terminal value

Present value of "explicit forecast period" - till 2015E

PV of Terminal Value

Valuation Assumptions

Terminal growth rate 5.0%

Cost of debt 10.0%

Beta 1.1Risk free rate (rf) 8.0%

Market Premium 5.0%

Cost of Equity

WACC Calculation

Total Debt

Shareholders' equity

Capitalization:Debt: Equity

Debt: Total Capital

Equity: Total Capital

Cost of Equity

WACC

Hist

7/31/2019 JUBlife

30/37

CB Research & Analytics Asian Paints Model

EV Computation

Present value of "explicit forecast period" - till 2015E

PV of Terminal Value

Total Valuation

Less: Debt

Less: Minority Interest

Add: Cash and bank deposits

Other adjustments:

Add: Investments

Add: Other non-operating assets

Intrinsic Value (in mn)

No of Shares (in mn)

Share Price (INR)

7/31/2019 JUBlife

31/37

FY 10 FY 11E FY 12E FY 13E FY 14E FY 15E

2001 2002 2003 2004 2005 2006 2007 2008 2009

2012 2011 1905 1905 1905 1905

rical Forecast

7/31/2019 JUBlife

32/37

7/31/2019 JUBlife

33/37

2010 2011 2012 2013 2014 2015 2016 2017 2018

7/31/2019 JUBlife

34/37

7/31/2019 JUBlife

35/37

7/31/2019 JUBlife

36/37

Peer Companies

Debt

CashMarket Price

Shares Outstanding

Equity Value

Enterprise Value

Capital Invested

(In Crores)

Sales

Excise

Net Sales

COGS

Total Expenses

Operating Expenses

EBITDA

GP Margins

EBITDA Margins

Net Profit

Net Profit Margins

Total Assets

Multiple Analysis

P/E

EV/Sales

EV/EBITDA

P/Sales

7/31/2019 JUBlife

37/37