HORIZONTAL ANALYSIS

BALANCE SHEET
PROFIT & LOSS
KEY RATIOS

Balance Sheet of Tourism Finance Corp of India

Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
12 mths 12 mths 12 mths 12 mths 12 mths
Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

80.72
80.72
0
0
259.38
0
340.1
197.35
324.31
521.66
861.76

80.72
80.72
0
0
226.23
0
306.95
115
274.44
389.44
696.39

80.72
80.72
0
0
203.83
0
284.55
55
304.18
359.18
643.73

80.72
80.72
0
0
184.89
0
265.61
59
236.99
295.99
561.6

67.42
67.42
0
0
122.56
0
189.98
106.2
240.35
346.55
536.53

Mar '11 Mar '10 Mar '09 Mar '08 Mar '07
12 mths 12 mths 12 mths 12 mths 12 mths
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

40.3
11.08
29.22
0
79.45
0
0.51
0.34
0.85
778.88
0
779.73
0
11.39
15.24
26.63
753.1
0
861.77

39.59
9.23
30.36
0
75.25
0
0.49
1.72
2.21
620.78
0
622.99
0
16.89
15.31
32.2
590.79
0
696.4

38.65
7.32
31.33
0
108.91
0
0.48
38.97
39.45
490.34
0
529.79
0
12.88
13.42
26.3
503.49
0
643.73

15.98
5.61
10.37
20.02
136.49
0
0.48
10.84
11.32
408.44
0
419.76
0
11.64
13.42
25.06
394.7
0
561.58

15.95
5.03
10.92
0
116.87
0
0.62
1.31
1.93
390.28
65
457.21
0
41.29
7.19
48.48
408.73
0
536.52

0
42.13

1.56
38.03

0.66
35.25

4.2
32.91

7.54
28.19

Profit & Loss account of Tourism Finance Corp of India

Mar '11

Mar '10

Mar '09

Mar '08

Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

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 Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

108.43
0
108.43
1.1
0
109.53

80.07
0
80.07
1.42
0
81.49

67.27
0
67.27
3.69
0
70.96

58.22
0
58.22
1.14
0
59.36

63.22
0
63.22
0.78
0
64

0
0
6.81
0
0
-6.87
0
-0.06
Mar '11

0
0
3.56
0
1.34
1.47
0
6.37
Mar '10

0
0
3.27
0
-2.82
1.3
0
1.75
Mar '09

0
0
1.82
0
-5.29
0.75
0
-2.72
Mar '08

0
0
2.35
0
8.78
0.66
0
11.79
Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

108.49
109.59
41.64
67.95
1.85
0
66.1
-7.08
59.02
17.31
41.72
-0.07
0
9.69
1.57

73.7
75.12
33.13
41.99
1.91
0
40.08
5.16
45.24
11.16
34.08
6.37
0
9.69
1.65

65.52
69.21
28.26
40.95
1.73
0
39.22
0
39.22
10.26
28.97
1.74
0
8.07
1.37

60.94
62.08
31.75
30.33
0.59
0
29.74
0
29.74
8.01
21.74
-2.72
0
8.07
1.37

51.43
52.21
34.29
17.92
0.61
0
17.31
0
17.31
3.03
14.28
11.8
0
3.37
0.57

807.17
5.17
12
42.13

807.17
4.22
12
38.03

807.17
3.59
10
35.25

807.17
2.69
10
32.91

674.19
2.12
5
28.18

Key Financial Ratios of Tourism Finance Corp of India

Investment Valuation Ratios

Face Value
Dividend Per Share
Operating Profit Per Share (Rs)
Net Operating Profit Per Share (Rs)
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios
Operating Profit Margin(%)
Profit Before Interest And Tax Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
Return on Long Term Funds(%)
Liquidity And Solvency Ratios
Current Ratio
Quick Ratio
Debt Equity Ratio
Long Term Debt Equity Ratio
Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio
Debtors Turnover Ratio
Investments Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
Asset Turnover Ratio
Average Raw Material Holding
Average Finished Goods Held

Mar '11

Mar '10

Mar '09

Mar '08

10
1.2
13.44
13.43
---

10
1.2
9.13
9.92
18.35
--

10
1
8.12
8.33
17.55
--

10
1
7.55
7.21
15.9
--

100.06
97.36
98.35
46.23
46.23
38.08
38.08
12.5
12.26
14.34
42.13
42.13
12.5

92.04
88.58
89.65
37.48
37.48
42.04
42.04
10.44
11.1
9.27
38.03
38.03
10.67

97.4
93.48
94.83
41.01
41.01
42.45
42.45
10.06
10.18
9.22
35.25
35.25
11

104.68
101.67
103.67
37.61
37.61
36.62
36.62
10.95
8.18
8.18
32.91
32.91
12.23

29.28
29.11
1.53
1.53

10.01
19.2
1.27
1.22

3.89
20.06
1.26
1.07

2.93
16.69
1.11
0.89

2.59
1.53
2.63
2.05

2.2
1.27
2.25
2.09

2.29
1.26
2.35
2.09

1.94
1.11
1.96
1.7

-217.87
---2.69

-165.37
---2.02

-139.51
---1.74

-105.59
--0.1
3.64

---

---

---

---

Number of Days In Working Capital

Profit & Loss Account Ratios
Material Cost Composition
Imported Composition of Raw Materials Consumed
Selling Distribution Cost Composition
Expenses as Composition of Total Sales
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times

Earnings Per Share

Book Value

2,500.46 2,656.05 2,694.37 2,440.70

-----

-----

-----

-----

26.98
25.84
76.93
77.78
10.3

33.25
31.48
60.2
62.7
12.82

32.59
30.75
64.05
66.27
12.83

43.44
42.29
56.57
57.71
13.26

Mar '11

Mar '10

Mar '09

Mar '08

5.17
42.13

4.22
38.03

3.59
35.25

2.69
32.91

Mar '07

10
0.5
7.63
9.38
10.37
-81.34
79.39
28
23.26 C
23.26
22.31
22.31
9.61 C
7.52 C
7.51
28.18
28.18
11.99
1.75 C
9.4 C
1.82 C
1.27
1.5 C
1.82
1.52
1.43
-70.12 C
-5.65
0.12
3.96
---

2,327.34
----27.61
26.48
72.39 C
73.52 C
23.27

Mar '07
2.12
28.18

ash Flow of Tourism Finance Corp of India

Mar '11

Mar '10

Mar '09

Mar '08

12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax
Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In Cash and Cash Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

68.8
10.67

46.07
-26.79

39.23
30.25

29.74
-39.81

-0.72
-11.33
-1.37
1.72
0.34

-0.95
-9.51
-37.26
38.97
1.72

-2.67
-9.44
18.13
20.84
38.97

-20.05
59.39
-0.47
1.31
0.84

Mar '07
12 mths
17.31
0.6
-0.08
0
0.52
0.79
1.31

Reserves
Networth

Mar '11
259.38
340.1

Mar '10
226.23
306.95

Mar '09
203.83
284.55

Mar '08
184.89
265.61

Mar '07
122.56
189.98

Total CA, Loans & Advances

Net Current Assets

779.73
753.1

622.99
590.79

529.79
503.49

419.76
394.7

457.21
408.73

Book Value (Rs)

42.13

38.03

35.25

32.91

28.19

Mar '11
108.49
66.1
807.17
5.17

Mar '10
73.7
40.08
807.17
4.22

Mar '09
65.52
39.22
807.17
3.59

Mar '08
60.94
29.74
807.17
2.69

Mar '07
51.43
17.31
674.19
2.12

Mar '11
12 mths

Mar '10
12 mths

Mar '09
12 mths

Mar '08
12 mths

Mar '07
12 mths

Cash Profit Margin(%)

46.23

37.48

41.01

37.61

23.26

Return On Capital Employed(%)

Return On Net Worth(%)

12.5
12.26

10.44
11.1

10.06
10.18

10.95
8.18

9.61
7.52

Current Ratio
Quick Ratio
Debt Equity Ratio

29.28
29.11
1.53

10.01
19.2
1.27

3.89
20.06
1.26

2.93
16.69
1.11

1.75
9.4
1.82

Interest Cover

2.59

2.2

2.29

1.94

1.5

Debtors Turnover Ratio

217.87

165.37

139.51

105.59

70.12

Earning Retention Ratio

Cash Earning Retention Ratio

76.93
77.78

60.2
62.7

64.05
66.27

56.57
57.71

72.39
73.52

PROFIT & LOSS

Operating Profit
Profit Before Tax
Shares in issue (lakhs)
Earning Per Share (Rs)
KEY RATIOS

250
200
150
100
50
0

Debt-Income Ratio

Mar '07
5.41

Mar '08
4.99

Mar '09
5.06

Mar '10
4.78

Mar '11
4.76

Mar '11
Mar '10
Mar '09

Profit Before Tax

Mar '07
17.31

Mar '08
29.74

Mar '09
39.22

Mar '10
40.08

Mar '08

Mar '11
66.1

Mar '07

Profit Before Tax (cr)

4.40

70
60
50
40

Profit
Before Tax

30
20
10
0
Mar '07

Mar '08

Mar '07
70.12

DTR

Mar '09

Mar '10

Mar '08
105.59

Mar '11

Mar '09
139.51

Mar '10
165.37

Mar '11
217.87

DTR
250
200
150
DTR

100
50
0
Mar '07

Mar '08

Mar '09

Mar '10

Mar '11

4.60

Debt-Income Ratio

Debt-Income Ratio

4.60

4.80

5.00

5.20

5.40

5.60

Return On Capital Employed(%)

Return On Net Worth(%)

Mar '07
9.61
7.52

Mar '08
10.95
8.18

Mar '09
10.06
10.18

Mar '10
10.44
11.1

Mar '11
12.5
12.26

Mar '11
Mar '10
Mar '09
Mar '08
Mar '07
0

Return On Net Worth(%)

Return On Capital
Employed(%)

10

15