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Balance Sheet ACC

2006 2007 2008 2009 2010


Sources Of Funds
Total Share Capital 187.48 187.83 187.88 187.94 187.95
Equity Share Capital 187.48 187.83 187.88 187.94 187.95
Share Application Money 0.28 0.1 0 0.08 0
Preference Share Capital 0 0 0 0 0
Reserves 2,955.16 3,964.78 4,739.85 5,828.20 6,281.54
Revaluation Reserves 0 0 0 0 0
Networth 3,142.92 4,152.71 4,927.73 6,016.22 6,469.49
Secured Loans 720.96 266.03 450 559.74 518.05
Unsecured Loans 50.2 40.38 32.03 7.18 5.77
Total Debt 771.16 306.41 482.03 566.92 523.82
Total Liabilities 3,914.08 4,459.12 5,409.76 6,583.14 6,993.31
Application Of Funds
Gross Block 4,816.25 5,464.07 5,835.67 6,826.27 8,076.95
Less: Accum. Depreciation 1,893.76 2,149.35 2,365.97 2,667.98 2,994.51
Net Block 2,922.49 3,314.72 3,469.70 4,158.29 5,082.44
Capital Work in Progress 558.42 649.19 1,602.86 2,156.21 1,562.80
Investments 543.09 844.81 679.08 1,475.64 1,702.67
Inventories 624.13 730.86 793.27 778.98 914.98
Sundry Debtors 213.96 289.29 310.17 203.7 178.28
Cash and Bank Balance 152.98 78.87 87.57 95.64 94.96
Total Current Assets 991.07 1,099.02 1,191.01 1,078.32 1,188.22
Loans and Advances 569.21 544.31 779.76 714.55 752.41
Fixed Deposits 467.19 664.61 896.67 650.74 985.07
Total CA, Loans & Advances 2,027.47 2,307.94 2,867.44 2,443.61 2,925.70
Deffered Credit 0 0 0 0 0
Current Liabilities 1,596.50 1,991.27 2,245.39 2,558.73 2,627.84
Provisions 541.83 666.27 963.93 1,091.88 1,652.46
Total CL & Provisions 2,138.33 2,657.54 3,209.32 3,650.61 4,280.30
Net Current Assets -110.86 -349.6 -341.88 -1,207.00 -1,354.60
Miscellaneous Expenses 0.94 0 0 0 0
Total Assets 3,914.08 4,459.12 5,409.76 6,583.14 6,993.31

Contingent Liabilities 341.56 890.62 1,734.21 840.52 474.18


Book Value (Rs) 167.81 221.33 262.56 320.45 344.59

Key financial Ratios 2006 2007 2008 2009 2010


NPM 21% 21% 17% 20% 15%
FATR 0.51 0.48 0.48 0.52 0.66
EPS 65.78 76.67 64.62 85.58 59.66
ROE 39% 35% 25% 27% 17%
ROA 43% 45% 32% 36% 21%

Particulars ACC (2010) MADRAS (2010)


Rf 4.51 4.51
Beta 0.85 0.62
Market Return (Rm) 21% 21%
Tax (@35%) 35% 35%
Ke 18.51% 14.74%
Kd 11% 6%
Equity 6,469.49 1,558.16
Debt 523.82 2,566.51
D+E 6,993.31 4,124.67
WACC 17% 8%
Income ACC
Sales Turnover 6,467.84 7,865.11 8,300.18 8,803.17
Net Sales 5,731.75 6,894.79 7,229.97 8,021.59
Other Income 247.87 369.35 252.84 137.4
Stock Adjustments -29.25 6.93 0.33 28.74
Total Income 5,950.37 7,271.07 7,483.14 8,187.73
Expenditure
Raw Materials 1,513.55 1,843.65 1,180.48 1,233.42
Power & Fuel Cost 430.98 517.56 1,598.96 1,539.65
Employee Cost 318.02 352.73 413.04 367.71
Other Manufacturing Expenses 262.45 344.17 362.9 421.69
Selling and Admin Expenses 1,298.32 1,547.30 1,620.65 1,658.79
Miscellaneous Expenses 189.08 354.51 270.99 262.72
Preoperative Exp Capitalised 0 0 0 0
Total Expenses 4,012.40 4,959.92 5,447.02 5,483.98
Operating Profit 1,690.10 1,941.80 1,783.28 2,566.35
PBDIT 1,937.97 2,311.15 2,036.12 2,703.75
Interest 75.19 73.87 39.96 84.3
PBDT 1,862.78 2,237.28 1,996.16 2,619.45
Depreciation 254.61 305.43 294.18 342.09
Other Written Off 6.24 1.55 0 0
Profit Before Tax 1,601.93 1,930.30 1,701.98 2,277.36
Extra-ordinary items 14.55 -0.16 35.39 21.54
PBT (Post Extra-ord Items) 1,616.48 1,930.14 1,737.37 2,298.90
Tax 369.1 491.7 524.6 688.93
Reported Net Profit 1,231.84 1,438.59 1,212.79 1,606.73
Total Value Addition 2,498.85 3,116.27 4,266.54 4,250.56
Preference Dividend 0 0 0 0
Equity Dividend 280.92 375.02 375.33 431.76
Corporate Dividend Tax 39.4 63.74 63.79 73.38
Shares in issue (lakhs) 1,872.78 1,876.24 1,876.82 1,877.40
Earning Per Share (Rs) 65.78 76.67 64.62 85.58
Equity Dividend (%) 150 200 200 230
Book Value (Rs) 167.81 221.33 262.56 320.45
RAS (2010)
4.51
0.62
21%
35%
4.74%
6%
558.16
566.51
124.67
8%
8,609.29
7,647.77
169.99
56.58
7,874.34

1,520.68
1,598.67
461.89
538.24
1,594.53
313.33
0
6,027.34
1,677.01
1,847.00
56.78
1,790.22
392.68
0
1,397.54
185.92
1,583.46
424.15
1,120.01
4,506.66
0
572.63
95.1
1,877.45
59.66
305
344.59
Balance Sheet
2006 2007 2008 2009
Sources Of Funds
Total Share Capital 12.08 12.08 11.9 23.8
Equity Share Capital 12.08 12.08 11.9 23.8
Share Application Money 0 0 0 0
Preference Share Capital 0 0 0 0
Reserves 381.1 654.28 941.95 1,236.40
Revaluation Reserves 0 0 0 0
Networth 393.18 666.36 953.85 1,260.20
Secured Loans 190.78 158.64 660.13 1,762.88
Unsecured Loans 411.67 518.7 975.51 700.57
Total Debt 602.45 677.34 1,635.64 2,463.45
Total Liabilities 995.63 1,343.70 2,589.49 3,723.65
Application Of Funds
Gross Block 1,640.53 1,798.98 2,714.45 3,917.59
Less: Accum. Depreciation 650.64 718.45 808.31 917.91
Net Block 989.89 1,080.53 1,906.14 2,999.68
Capital Work in Progress 11.3 178.44 576.48 635.37
Total Current Assets 199.61 250.15 327.23 457.02
Loans and Advances 127.47 364.6 451.98 456.5
Fixed Deposits 0 0 0.02 0.28
Total CA, Loans & Advances 327.08 614.75 779.23 913.8
Deffered Credit 0 0 0 0
Current Liabilities 379.95 469.59 653.36 825.24
Provisions 44.55 150.72 110.75 105.03
Total CL & Provisions 424.5 620.31 764.11 930.27
Net Current Assets -97.42 -5.56 15.12 -16.47
Miscellaneous Expenses 3.18 1.53 2.99 16.46
Total Assets 995.62 1,343.69 2,589.49 3,723.65

Contingent Liabilities 58.61 380.97 393.82 294.52


Book Value (Rs) 325.54 551.72 801.38 52.96

Particulars 2006 2007 2008 2009


Earning Per Share (Rs) ACC 65.78 76.67 64.62 85.58
Earning Per Share (Rs)
MADRAS 65.43 255.03 343.02 15.28
Exchange ratio 0.99 3.33 5.31 0.18

0.165551839464883 -0.15716708 0.324357784 -0.3028745


2.89775332416323 0.345018233 -0.95545449 -0.02748691
#REF! #REF! #REF! #REF!

Particulars 2006 2007 2008 2009


Retension ratio (b)
ROE
Growth rate
2010 Profit & Loss account
Income
23.8 Sales Turnover 1,187.39 1,803.54 2,335.67
23.8 Excise Duty 183.02 236.17 330.35
0 Net Sales 1,004.37 1,567.37 2,005.32
0 Other Income 8.75 13.48 15.16
1,534.36 Stock Adjustments -0.87 -12.33 9.58
0 Total Income 1,012.25 1,568.52 2,030.06
1,558.16 Expenditure
1,884.28 Raw Materials 242.68 321.62 390.63
682.23 Power & Fuel Cost 253.77 309.96 407.91
2,566.51 Employee Cost 52.35 81.3 113.43
4,124.67 Other Manufacturing Expenses 6.69 9.36 9.73
Selling and Admin Expenses 235.07 275.61 340.97
4,811.14 Miscellaneous Expenses 4.45 4.66 4.91
1,118.62 Preoperative Exp Capitalised 0 0 0
3,692.52 1.301209 Total Expenses 795.01 1,002.51 1,267.58
317.7 Operating Profit 208.49 552.53 747.32
603.58 PBDIT 217.24 566.01 762.48
532.01 Interest 36.3 25.53 52.45
0.07 PBDT 180.94 540.48 710.03
1,135.66 Depreciation 65.19 71.9 93.27
0 Other Written Off 0 0 0
1,011.56 Profit Before Tax 115.75 468.58 616.76
119.78 Extra-ordinary items -0.47 0 0.03
1,131.34 PBT (Post Extra-ord Items) 115.28 468.58 616.79
4.32 Tax 36.25 160.55 208.52
21.39 Reported Net Profit 79.02 308.02 408.29
4,124.67 Total Value Addition 552.34 680.9 876.95
Preference Dividend 0 0 0
748.26 Equity Dividend 18.14 30.24 48.03
65.48 Corporate Dividend Tax 2.54 4.6 8.16
Per share data (annualised)
Shares in issue (lakhs) 120.78 120.78 119.03
Earning Per Share (Rs) 65.43 255.03 343.02
Equity Dividend (%) 150 250 400
Book Value (Rs) 325.54 551.72 801.38

Total Current Assets 199.61 250.15 327.23


Current Liabilities 379.95 469.59 653.36
2010 -180.34 -219.44 -326.13
59.66
14.86
0.25

0.00746701 3
0.564957538
#REF!

2010
t

2,905.58 3,115.21
376.34 308.03
2,529.24 2,807.18
15.88 10.95
25.07 7.2
2,570.19 2,825.33
989.89 1,080.53 1,906.14 2,999.68 3,692.52
553 595.75 0.09 0.76 0.57 0.23 #DIV/0!
602.18 596.25
138.66 165.24 3,692.52 4800.276 6240.359 8112.466 10546.21
15.07 27.72
458.62 547.73
8.81 14.57
0 0
1,776.34 1,947.26
777.97 867.12
793.85 878.07 152.05 494.11 669.21 656.13 681.98 920.673 1242.909 1677.927
110.73 151.53
683.12 726.54 0
137.72 196.09 196.09 254.917 331.3921 430.8097 560.0526
0 0
545.4 530.45
0.01 0
545.41 530.45
181.9 176.76
363.52 353.68
1,223.33 1,351.52
0 0
47.66 47.66
8.1 8.05

2,379.69 2,379.69
15.28 14.86
200 200
52.96 65.48

457.02 603.58
825.24 1,011.56
-368.22 -407.98 -300.422
2265.201 3058.021
Particulars 2011 2012 2013 2014
EBIT 920.67 1242.91 1677.93 2265.20
Tax rate (%) 35.00 35.00 35.00 35.00
Capital expending 400.00 512.00 600.00 690.00
Depriciation 196.09 254.92 331.39 430.81
Changre in working capital (Negative) 300.00 300.00 300.00 300.00
FCFF 694.53 850.81 1122.04 1513.19
PV of FCF @ WACC 8% 643.08097 729.4303 890.715 1112.24
PV OF FCF 4830.39
Continuous growth rate (%) 8.00
CV 230878.77
PV OF CV 213776.64
Enterprice value 218607.03
2015
3058.02
35.00
710.00
560.05
300.00 Particulars 2011 2012 2013 2014 2015
2137.77 FCFF 694.5275 850.8076 1122.044 1513.19 2137.766
1454.927877 PV of FC 643.081 729.4303 890.715 1112.24 1454.928
9 PV OF FC 4830.394
Continuous 8
77 CV 230878.8
64 PV OF CV 213776.6
03 Enterprice 218607

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