Consolidated Income Statements (in INR 10 millions)

2007
2008
2009
2010
Income
Sales turnover
CAGR(in %)
Excise duty
Net sales
CAGR(in %)
Stock Adjustment
Total Operating Revenue
CAGR(in %)
Expenditure
Raw material
Power and fuel cost
Employee Cost
Other namufacturing expenses
Selling and administrative expenses
Miscellaneous expenses

4781

5244

5463

8510

490
4291

549
4695

479
4984

389
8121

16
4307

67
4762

11
4995

-218
7903

2882
152
406
80
348
39

2996
155
440
124
390
59

3412
172
415
136
410
29

4363
239
1088
200
727
100

3907
400
117
283

4164
598
130
468

4574
421
129
292

6717
1186
254
932

Interest expense
Other income/(loss)
EBT
Tax expense
Net Profit
Profit/Loss of associate companies

120
34
197
79
118
0

88
26
406
135
271
0

112
31
211
74
137
0

134
117
915
261
654
0

Net profit after minority interest & P/L of

associate co.
Extraordinary items
Adjusted net profit
P&L brought forward
Appropriations
P&L Balance carried down
Dividend

118
-1
117
126
72
171
21

271
0
271
171
87
355
25

137
-1
136
354
83
407
23

654
59
713
408
150
971
38

46.4

48.8

50.4

50.4

Operating Expenses (Excluding

depreciation)
EBDITA
Depreciation
EBIT

Weighted avergae number of equity

outstanding
EBIT after tax
Add non cash transactions

Less changes in non-cash working capital

Less Capital Expenditure
Yearly Free Cash Flow to the Firm
(Existing period)
Growth in Free Cash Flow to the firm
Terminal Growth Rate
Yearly Free Cash Flow to the Firm
(Estimates)
PV of the Terminal Vallue
PV of Free Cash Flow to the Firm
Value of Firm
Less Value of Debt (As on 31st March
2012)
Implied Equity Value
Number of Equity Shares
Per Share Value
Current Price
Upside/Downside

50.4

ons)

Assumptions
2011

2012

9378

12902
21.96
749
12153
23.15
256
12409
23.57

510
8868
474
9342

5796
259
1134
281
810
89

8293
333
1335
318
889
95

8369
973
272
701

11263
1146
326
820

204
51
548
106
442
-1

297
33
556
144
412
-2

441
11
452
911
141
1222
25

410
-21
389
1211
159
1441
25

50.4

50.4

2013(E)
Management outlook and
previous CAGR (20%)

100

%
%
%
%
%
%
90.8

of
of
of
of
of
of

revenue
revenue
revenue
revenue
revenue
revenue

% of revenue
% of revenue
Incremental cost of debt
as per balance sheet

2012 Level

2014(E)

2015(E)

2016(E)

2017(E)

Consolidated Income Statements (in INR 10 millions)

2007
2008
2009
2010
Application of funds
Current Assets, Loans and advances
Inventories
Sundory debtors
Cash and Bank
Loans and advances
Total current assets
Less current liabilities and provisions
Current liabilities
Sundory creditors
Acceptances
Other liabilities
Provisions
Total current liabilities
Net Current Assets
Long Term Assets
Gross block
Accumulated depreciation
Net Block (Property and Equipment)
Capital Work in Progress
Investments
Total Long Term Application of funds
Long term Sources of funds
Share capital
Reserves and Surplus
Total shareholder equity
Debt
Secured Loan
Unsecured Loan
Total debt
Net deferred tax liability
Other liabilities
Total long term sources of funds

639
367
194
447
1647

715
313
285
171
1484

630
225
362
206
1423

993
787
349
310
2439

652
117
25
303
1097
550

610
74
8
114
806
678

546
24
16
114
700
723

1130
101
14
369
1614
825

1974
681
1293
80
5
1928

1977
750
1227
95
5
2005

2308
882
1426
281
5
2435

5680
3120
2560
536
6
3927

46
877
923

49
1129
1178

50
1299
1349

50
1917
1967

661
163
824
170
181
1928

394
252
646
176
181
2005

637
254
891
194
195
2435

1446
261
1707
251
253
3927

ns)

Assumptions
2011

2012

2013(E)

1754
952
191
258
3155

1995
1146
173
349
3663

% of Revenue
% of Revenue
Same as in 2012
Same as in 2012

991
209
445
324
1969
1186

1075
224
424
424
2147
1516

% of Raw Material
Same as in 2012
Same as in 2012
Same as in 2012

7020
3501
3519
358
11
5074

8168
4011
4157
331
16
6020

50
2362
2412

50
2782
2832

1632
848
2480
316
54
4946

2342
530
2872
403
183
5887

% of revenue

% of Revenue
Same as in 2012
Balancing figure

Same as 2012 level (As per Capital

Structure Policy)
From income statement

Maintaining debt to EBDITA ratio in line

with previous year
Same as in 2012
Same as 2012 level
Same as 2012 level

2014(E)

2015(E)

2016(E)

2017(E)

Source of Capital
Amount (As per Book Value)
Equity
Share Capital
Reserves and Surplus
Debt Capital
Secured Loan
Unsecured Loan
Weighted Average Cost of Capital

Weight

After Tax Cost of Capital

Weighted Cost of Capital

Consolidated Cash Flow Statements (in INR 10 millions)

Cash and Cash Equivalent at the beginning of the year
Net Cash From Operating Activities
Cash Flow from Operating Activities
Net Profit Before Tax and Extraordinary
Adjustement for
Depreciation
Interest (Net)
Dividend Received
Profit and Loss on Sale of Assets
P/L on sale of investment
Provision & written off (net)
P/L in forex
Total adjustment (PBT & Extraordinary items)
Operating prfit before work capital changes
Adjustment for
Trade and Other Receivables
Inventories
Trade Payables
Loans & Advances
Total (operating profit before working capital changes)
Cash generated from operations
Interest paid (Net)
Direct Tax Paid
Advance Tax Paid
Others
Total others
Cash flow before extraordianry items
Gain on forex transactions
Net Cash Used in Investing Activities
Investment in assets
Purchase of fixed assets
Sale of fixed assets
Purchase of Investment
Sale of Investments
Investment Income
Interest Received
Dividend Received
Acquisition of Companies
Others
Net Cash Used in Financing Activities
Proceeds from issue of shares (including share premium)
Proceeds from other long term borrowings
Proceeds from bank borrowings

2007
231

2008
194

196

405

117
96
0
1
0
2
-1
412

130
78
0
0
0
4
2
617

On redemption of debentures
On the long term borrowings
On the short term borrowing
On Financial Liabilities
Interest paid
Others
Net cash used in financing activities
Net Increase/decrease in cash and cash equivalent
Cash and cash equivalent at the end of the year

Assumptions
2009
285

2010
362

2011
336

2012
177

213

914

547

556

129
110
0
1
0
-3
-3
450

254
116
1
4
0
7
-6
1296

272
185
0
-15
0
7
6
996

326
281
0
1
0
3
-6
1167

2013(E)

2014(E)

2015(E)

2016(E)

2017(E)