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Question Number
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
Total
Marks
1
1
1
1
3
3
1
2
3
1
1
1
1
1
1
1
1
1
25
FinShiksha
3
4
5
6
Real Estate
Maruti
Cement
Real Estate
FinShiksha
Year
Effective Capacity
Production
Utilization
Operating Margin
mt
mt
%
2010
27.4
21.1
77.0%
2011
29.0
23.5
81.0%
2012
30.0
24.2
80.7%
21.2%
18.8%
19.0%
Why do you think ACC is not using their capacity completely even though their margins seem fine and
ACC is one of the largest Cement firms in India. In spite of stable margins, ACC has not bee
exists in India, and there are indications of cartelization. The companies have already bee
all companies produce less to keep prices in check. Also - cement cannot be stored for too
ins, ACC has not been utilizing their capacity completely, since demand supply mismatch in cement
es have already been penalized for this as well. Thus rather than producing more and taking a hit o
ot be stored for too long, so any surplus is unwanted.
FinShiksha
Profit & Loss Excerpts
Sales
Operating Profit
EBIT
Interest
Net profit
Mar-08
27,012
11,381
8,173
396
6,395
Mar-09
37,352
15,440
11,048
631
7,859
Mar-10
41,829
16,997
11,032
770
9,163
Mar-08
1,898
19,767
58
9,543
32,338
Mar-09
1,898
27,087
1,429
12,088
43,873
Mar-10
1,899
37,716
4,958
5,330
53,020
ROE
29.52%
27.11%
23.13%
NPM
ATR
A/E
23.68%
0.84
1.49
29.52%
21.04%
0.85
1.51
27.11%
21.91%
0.79
1.34
23.13%
Falling ROE due to Largely Net Margin Impacts. Also, Asset Turnover has reduced, which sh
Mar-11
59,467
19,971
11,762
2,535
7,167
Mar-12
71,506
23,705
10,601
4,083
2,217
Mar-11
1,899
46,868
7,671
48,980
108,273
Mar-12
1,899
48,713
12,089
56,934
122,404
14.70%
4.38%
12.05%
0.55
2.22
14.70%
3.10%
0.58
2.42
4.38%
nover has reduced, which shows lesser utilization of resources. This infact when leverage has incre
FinShiksha
Cash Flow
Cash from Operating Activity
Cash from Investing Activity
Cash from Financing Activity
Net Cash Flow
Mar-03
199
-1274
1025
-49
Mar-04
1056
-320
-771
-35
Mar-05
1355
-1780
915
490
Jet seems to have turned around a bit in the last few years, in terms of CFO becoming pos
probably the huge debt is due to that. 2009 was when recession arrived, and the company
consistently reducing debt, unlike their peer Kingfisher, and probably this is one reason w
foreign player.
Mar-06
607
-2472
1588
-276
Mar-07
687
-786
732
634
Mar-08
863
-6177
5123
-191
Mar-09
-376
-1154
1242
-288
Mar-10
1651
160
-2084
-272
Mar-11
1227
14
-1206
35
Mar-12
2241
293
-2610
-76
of CFO becoming positive and higher. 2008 was the year they got Sahara, and
ved, and the company suffered due to that. However, since then they have been
y this is one reason why they were the first candidate to get acquired by a
FinShiksha
Exercise Objective
Kindly create the Cash Flow Statement using the Indirect method, and
Income Statement
Y1
5000
Y2
6000
2600
3120
Gross Profit
2400
2880
Operating Expense
Depreciation & Amortization
Operating Profit
1200
1200
1200
1440
1600
1440
Finance Cost
400
500
EBT
800
940
Tax
240
282
Net Profit
560
658
Dividends
80
25
Revenue
CFO Year 1
Cash Balance Year 2
Total Assets Year 2
1660
3113
17113
low Statement using the Indirect method, and fill in the grey cells, in order to Balance the Balance Sheet for
Balance Sheet
Yo
9000
0
4000
2000
Y1
9000
480
4000
1800
Total Liabilities
15000
15280
17113
Gross Block
Accumulated Dep & Amor
Net Block
12000
2000
10000
12000
3200
8800
16000
4800
11200
Gross Capex
Investments
1000
2000
2000
900
3680
1900
1000
3113
1800
15000
15280
17113
Cash Flo
Y2
9000
1113
5000
2000
Net Profit
Add Depreciation
Less Change in Current Asse
Add Change in Current Liabil
Total Assets
Check
Equity
Debt
Less Dividend
Y2
dd Depreciation
ss Change in Current Assets
dd Change in Current Liabilities
560
1200
-100
-200
658
1600
-100
200
1660
2558
0
100
-4000
-100
100
-4100
0
0
80
0
1000
25
-80
975
1680
2000
3680
-567
3680
3113
oss Capex
ss Dividend
et Cash Flow
eginning Cash
nding Cash
FinShiksha
Consolidated Balance Sheet
Sources Of Funds
Total Share Capital
Equity Share Capital
Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Group Share in Joint Venture
Total Liabilities
Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Receivables
Cash and Bank Balance
Loans and Advances
Total CA, Loans & Advances
Payables
Provisions
Total CL & Provisions
Net Current Assets
Group Share in Joint Venture
Total Assets
Consolidated Profit & Loss account
Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Rs Crore
Mar '12
Mar '11
145
145
15,530
15,675
1,262
1,262
16,937
145
145
14,164
14,309
31
278
309
232
14,850
15,056
7,310
7,746
612
6,545
1,838
1,007
2,463
2,889
8,197
5,470
692.90
6,162.60
2,034
16,937
11,953
6,281
5,672
1,499
5,439
1,414
895
2,511
1,630
6,450
3,820
517.40
4,337.20
2,113
127
14,850
Rs Crore
Mar '12
Mar '11
40,050
3,989
36,061
844
162
37,068
40,895
4,351
36,544
1,349
73
37,966
28,736
29,294
230
878
53
3,844
-43
33,698
210
704
1,949
1,057
451
33,664
2525.1
3369.4
1,163
2206.7
62
2,145
2,145
512
1,634
2952.9
4302.0
1,031
3270.7
24
3,246
19
3,265
828
2,307
7.00%
4.5%
8.08%
6.3%
10.4%
0.08
35.8
19.6
35.8
6.6
16.1%
0.02
134.0
25.8
40.8
9.6
Ratios
OPM
NPM
ROE
Debt Equity
Interest Coverage
Inventory Turnover Ratio
Receivables Turnover Ratio
Payables Turnover Ratio
Costs as % of sales
Raw Material Cost
Power & Fuel
Employee Cost
Working Capital (Current Assets - Current Liabilities)
Non Cash CA - CL
In terms of days
Inventory
Receivables
Payables
Cash Conversion Cycle
Cash Collected
79.7%
0.6%
2.4%
80.2%
0.6%
1.9%
2,034
-429.4
2,113
-398.0
18.6
10.2
55.4
-26.6
35,949
14.1
8.9
38.2
-15.1
99.69%
36,061
112
23,099
6,163
19,187
4,337