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Income Statement

Reclassified
12 months
Mar03102007
INR

Restated
12 months
Mar03102008
INR

Reclassified
12 months
Mar03102009
INR

Reclassified
12 months
Mar03102010
INR

Reclassified
12 months
Mar03102011
INR

Revenue
Other Revenue
Total Revenue

252,123.8

1,315,336.3

1,473,292.6

1,023,931.2

1,187,531.2

252,123.8

1,315,336.3

1,473,292.6

1,023,931.2

1,187,531.2

Cost Of Goods Sold


Gross Profit

116,230.6
135,893.2

800,261.5
515,074.8

984,214.0
489,078.6

631,859.6
392,071.6

712,253.0
475,278.2

47,317.6
199.9

274,523.5
582.9

283,436.7
1,745.7

251,006.1
1,038.9

256,021.3
1,909.5

10,109.8
14,498.9

41,369.5
62,040.1

42,653.9
22,769.6

44,917.3
59,384.8

44,148.2
49,601.6

Other Operating Exp., Total

72,126.2

378,516.0

350,605.9

356,347.1

351,680.6

Operating Income

63,767.0

136,558.8

138,472.7

35,724.5

123,597.6

(6,340.7)
5,402.9
(937.8)

(45,393.7)
5,192.9
(40,200.8)

(37,906.9)
4,440.0
(33,466.9)

(34,943.0)
2,835.4
(32,107.6)

(32,070.4)
3,661.5
(28,408.9)

791.8

1,681.6
5,782.9
1,260.9
105,083.4

607.2
266.6

1,268.6
(292.0)

105,879.6

4,593.5

663.6
545.5
(7,487.4)
88,910.4

(40,945.3)

For the Fiscal Period Ending


Currency

Selling General & Admin Exp.


Provision for Bad Debts
R & D Exp.
Depreciation & Amort.
Other Operating Expense/(Income)

Interest Expense
Interest and Invest. Income
Net Interest Exp.
Income/(Loss) from Affiliates
Currency Exchange Gains (Loss)
Other Non0Operating Inc. (Exp.)
EBT Excl. Unusual Items
Restructuring Charges
Impairment of Goodwill
Gain (Loss) On Sale Of Invest.
Gain (Loss) On Sale Of Assets
Asset Writedown
Other Unusual Items
EBT Incl. Unusual Items

835.9
64,456.9
(1,530.3)
263.6
107.1

300.8
2,543.6

2,505.8
449.4

(16,837.2)
(362.4)
12,947.5
1,090.0

23,102.1

624.7
63,922.0

57,464.4
165,392.2

150.1
68,039.6

147.2
1,578.6

121,683.1

Income Tax Expense


Earnings from Cont. Ops.

21,474.1
42,447.9

40,493.0
124,899.2

18,940.0
49,099.6

21,518.4
(19,939.8)

32,459.0
89,224.1

Earnings of Discontinued Ops.


Extraord. Item & Account. Change
Net Income to Company

42,447.9

124,899.2

49,099.6

(19,939.8)

89,224.1

8,945.9
1,003.8
(279.1)

Minority Int. in Earnings


Net Income

(675.2)
41,772.7

(1,399.4)
123,499.8

409.4
49,509.0

(152.4)
(20,092.2)

602.8
89,826.9

259.6

1,280.5

536.8

45.4

41,772.7

123,240.2

48,228.5

(20,629.0)

89,781.5

Share Price
Dividends per Share

630
13.0

438
16.0

501
16.0

648
8.0

561
12.0

Authorized Shares
Issued Shares
Outstanding Shares

1,000
850
731

1,000
900
731

1,000
900
887

1,100
950
902

1,100
975
959

Weighted Avg. Basic Shares Out.


Weighted Avg. Diluted Shares Out.

646.1
646.1

697.0
756.7

729.9
867.6

827.9
827.9

906.6
969.9

Restated
Mar03102007
INR

Restated
Mar03102008
INR

Restated
Mar03102009
INR

Restated
Mar03102010
INR

Restated
Mar03102011
INR

108,879.6
38,000.0
146,879.6

42,318.6
11,337.4
53,656.0

61,483.6
33,977.4
95,461.0

68,151.1
19,312.4
87,463.5

108,590.5
31,592.8
140,183.3

Accounts Receivable
Other Receivables
Notes Receivable
Total Receivables

16,865.3
11.6

186,978.2
89.6

130,316.3
68.1

115,124.4
76.3

16,876.9

187,067.8

130,384.4

115,200.7

148,119.2
537.6
26,428.3
175,085.1

Inventory
Other Current Assets

38,881.3
19,803.4

230,643.4
154,598.1

216,684.2
129,987.3

186,866.4
68,498.9

240,552.4
9,068.8

231,935.6
(90,494.5)
141,441.1

996,832.5
(594,024.5)
402,808.0

1,035,080.4
(591,828.2)
443,252.2

1,019,525.0
(571,571.4)
447,953.6

1,055,109.5
(571,819.9)
483,289.6

126,975.0
2,196.6
764.2

20,795.6
180,499.6
7,236.8

29,065.9
153,649.2
9,806.4

33,850.5
145,418.2
10,004.7

69.3
2,097.7

102.6
1,556.3
11,159.4
1,250,123.6

761.2
1,054.8
5,784.3
1,215,890.9

1,488.3

45,795.6
152,982.0
16,725.5
57,878.6
1,755.6
1,178.3
30,387.5
1,354,882.3

Pref. Dividends and Other Adj.


NI to Common Incl Extra Items

Balance Sheet
Balance Sheet as of:
Currency
ASSETS
Cash And Equivalents
Short Term Investments
Total Cash & ST Investments

Gross Property, Plant & Equipment


Accumulated Depreciation
Net Property, Plant & Equipment
Long0term Investments
Goodwill
Other Intangibles
Loans Receivable Long0Term
Deferred Tax Assets, LT
Deferred Charges, LT
Other Long0Term Assets
Total Assets
LIABILITIES

495,985.1

1,015.0
1,097,759.8

Accounts Payable
Accrued Exp.
Short0term Borrowings
Curr. Port. of LT Debt
Curr. Port. of Cap. Leases
Curr. Income Taxes Payable
Other Current Liabilities

17,944.7
15,567.6
3,958.8

106,528.7
51,420.6
4,886.8

105,661.2
58,574.7
2,851.6

156,288.1
56,592.7
2,046.3

5,639.9
36,085.4

22,542.3
147,695.9

13,972.2
124,132.0

11,853.2
75,132.5

245,252.3
44.2

527,199.4
4,161.2

586,131.7
10,021.7

521,148.8
7,808.4

7,928.7
11,357.6
343,779.2

24,646.8
10,975.1
900,056.8

17,855.5
10,598.7
929,799.3

18,029.4
11,880.8
860,780.2

484,082.8
8,424.1
1,774.8
27,670.6
21,881.8
40,036.2
990,354.2

5,800.0
22,593.6
107,732.6

54,725.2
7,299.1
63,921.4
160,287.3

54,726.6
7,299.2
61,127.7
189,504.0

8,865.4
140,315.0
155,831.9

9,585.4
182,104.2
223,352.9

10,095.8

55,506.8

(35,514.7)

(76,873.4)

(59,403.4)

5,983.9

8,327.0

8,948.8

8,840.7

8,889.0

Total Equity

152,205.9

350,066.8

286,091.6

236,979.6

364,528.1

Total Liabilities And Equity

495,985.1

1,250,123.6

1,215,890.9

1,097,759.8

1,354,882.3

12 months
Mar03102007
INR

Restated
12 months
Mar03102008
INR

Restated
12 months
Mar03102009
INR

Restated
12 months
Mar03102010
INR

Restated
12 months
Mar03102011
INR

41,772.7
10,021.0
88.8
10,109.8

123,499.8
42,617.7
1,236.8
43,854.5

49,509.0
38,532.9
1,433.5
39,966.4

(20,092.2)
42,199.0
1,896.2
44,095.2

89,826.9
42,722.2
45.3
42,767.5

1,172.0
(107.1)
(262.6)
980.8
(1,176.4)
(9,601.3)
(6,399.5)

26.3
(2,543.6)
(954.1)
2,271.2
(9,990.8)
38,585.3
(27,013.4)

0.1
(449.4)
(1,940.7)
43,182.3
23,843.3
30,034.2
10,123.0

27.3
(1,090.0)
(10,360.7)
16,837.2
26,587.8
21,189.6
18,842.4

1,764.6
(1,003.8)
(7,364.4)
(22,823.0)
29,464.7
(44,736.9)
(48,885.1)

Long0Term Debt
Capital Leases
Unearned Revenue, Non0Current
Pension & Other Post0Retire. Benefits
Def. Tax Liability, Non0Curr.
Other Non0Current Liabilities
Total Liabilities
Pref. Stock, Convertible
Common Stock
Additional Paid In Capital
Retained Earnings
Treasury Stock
Comprehensive Inc. and Other
Minority Interest

160,380.7
35,471.1
5,808.5
107,455.3
1,017.3
11,512.2
84,838.8

Cash Flow
For the Fiscal Period Ending
Currency
Net Income
Depreciation & Amort.
Amort. of Goodwill and Intangibles
Depreciation & Amort., Total
Other Amortization
(Gain) Loss From Sale Of Assets
(Gain) Loss On Sale Of Invest.
Asset Writedown & Restructuring Costs
Other Operating Activities
Change in Acc. Receivable
Change In Inventories

Change in Acc. Payable


Change in Other Net Operating Assets
Cash from Ops.
Changes in Fixed Assets
Sale of Property, Plant, and Equipment
Cash Acquisitions
Divestitures
Invest. in Marketable & Equity Securt.
Net (Inc.) Dec. in Loans Originated/Sold
Other Investing Activities
Cash from Investing
Short Term Debt Issued
Long0Term Debt Issued
Total Debt Issued
Short Term Debt Repaid
Long0Term Debt Repaid
Total Debt Repaid
Issuance of Common Stock
Issuance of Pref. Stock
Common Dividends Paid
Common and/or Pref. Dividends Paid
Total Dividends Paid
Special Dividend Paid
Other Financing Activities
Cash from Financing
Foreign Exchange Rate Adj.
Net Change in Cash

18,541.7

(33,798.7)

(37,309.1)

8,985.3

16,114.2

55,030.1

133,936.5

156,959.1

105,021.9

55,124.7

(29,751.1)
480.3
(6,686.2)

(84,197.3)
4,230.5
(407,404.5)

(84,337.4)
726.8
(1,827.5)

(71,495.1)
2,023.6
(3,538.0)

(132,094.3)

19,639.2

(27,533.9)

21,067.5

(95,883.9)
2,524.3
(646.7)
28,780.1
(14,130.8)

5,169.0
(162,882.3)

5,747.6
(461,984.5)

4,753.0
(108,219.0)

4,939.2
(47,002.8)

3,517.6
(75,839.4)

227,607.1
227,607.1

524,653.0
524,653.0

105,085.2
105,085.2

100,383.8
100,383.8

394,297.5
394,297.5

(24,209.7)
(24,209.7)

(354,580.6)
(354,580.6)

(84,571.2)
(84,571.2)

(127,250.1)
(127,250.1)

(341,388.4)
(341,388.4)

13,987.9

48,853.2
54,725.2

144.0
1.4

24,464.7

58,786.1

(13,209.1)

(7,162.1)

(7,168.2)

(9,478.2)
(9,478.2)

(12,266.2)
(12,266.2)

(13,209.1)

(7,162.1)

(5,414.3)
204,802.8

(58,746.8)
205,425.8

(35,940.9)
(27,547.7)

(35,739.3)
(51,350.0)

(44,802.2)
59,730.9

96,950.6

(122,622.2)

21,192.4

6,669.1

1,429.2
40,445.4

(7,168.2)

12 months
Mar03102012
INR
1,328,997.0
1,328,997.0
868,842.7
460,154.3
277,711.1
816.3
45,166.5
56,409.5
380,103.4
80,050.9
(38,846.0)
5,565.2
(33,280.8)
2,681.1
(430.6)
2,624.8
51,645.4

38,009.1
(74.1)
(1,049.5)
88,530.9
36,364.6
52,166.3

52,166.3

1,731.4
53,897.7
1,735.1
52,162.6
403
12.0
1,200
1,020
971
961.0
1,003.1

Mar-31-2012
INR
108,015.8
13,983.7
121,999.5
148,784.8
309.5
25,380.0
174,474.3
255,980.0
13,325.2
1,252,294.5
(661,088.1)
591,206.4
24,947.0
173,546.1
29,393.5
47,078.2
614.4
800.4
39,036.6
1,472,401.6

177,089.5
40,563.3
3,361.8
142,224.5
999.0
12,136.7
99,105.0
443,711.9
8,670.5
1,813.3
28,556.7
25,038.5
47,783.9
1,031,054.6

9,712.1
188,764.0
262,128.2
(30,393.1)
11,135.8
441,347.0
1,472,401.6

12 months
Mar03102012
INR
53,897.7
43,562.4
1,378.0
44,940.4
452.1
74.1
(33,684.4)
1,049.5
34,518.3
8,887.1
4,077.2

(1,374.2)
112,837.8
(121,360.3)
1,773.9
7,214.7
71,264.8
4,443.9
(36,663.0)

188,267.5
188,267.5
(235,490.4)
(235,490.4)
13,450.3

(11,639.4)
(11,639.4)

(37,631.2)
(83,043.2)
6,338.7
(529.7)

Test Time

For the Fiscal Period Ending

2 Hours

12 months
Mar-31-2010

12 months
Mar-31-2011

12 months
Mar-31-2012

Average

1 Please ensure you are using excel linking to arrive at your answers (no hardcoding allowed)
2

Please ensure that the formulas created in excel are standardized (draggable if used in next cells, have no hardcoded
numbers and are the best available approach)

We recommend usage of IFERROR, IF and other standardized formulae to make the spreadsheet clean and error
free (no value errors).

1 Please Calculate the Following:


Statutary tax rate is 37.5%
EBITDA (Earnings Before Interest Tax Dep. &
Amortization) per Share
Total Shareholder's Equity
Levered Free Cash Flow
Tangible Book Value/Share
Dividend Yield
2 Please Calculate the Following Ratios:
Return on Assets %
Return on Common Equity %
Normalized Net Income %
Average Collection Period
Inventory Days
Free Cash Flow to Firm Per Share
Quick Ratio
Leverage
Interest Coverage Ratio
Debt Service Ratio
3 Link the missing information from the main sheet
EBITDA (Year on Year Growth)
Unlevered Free Cash Flow
Net Income to Common Excl. Extra Items

Median

4 Please Calculate (Except for the gray highlighted area)


Year Over Year Growth
Revenue
Dividend Payout Ratio
EPS before Extraordinary Items
Tangible Book Value
Compound Annual Growth Rate Over Three Years
Total Revenue
EBITDA
Net Income
Total Assets
5 Please prepare a bar graph showing revenues and Net income for the available historical periods (in the space provided Below).

Q6 onwards are all independent questions


6

6.Which of the following is considered a


profitability measure?
a. Days sales in inventory
b. Fixed asset turnover
c. Price-earnings ratio
d. Cash coverage ratio
e. Return on Assets

7
Firm A has a Return on Equity (ROE) equal to
24%, while firm B has an ROE of 15% during the
same year. Both firms have a total debt ratio
(D/V) equal to 0.8. Firm A has an asset turnover
ratio of 0.9, while firm B has an asset turnover
ratio equal to 0.4. From this we know that
a. Firm A has a higher profit margin than firm B
b. Firm B has a higher profit margin than firm A
c. Firm A and B have the same profit margin
d. Firm A has a higher equity multiplier than firm
B
e.IfYou
needhas
more
information
to sayaanything

a firm
$100
in inventories,
current ratio
about
the
firm's
profit
margin
equalto1.2,andaquickratioequalto1.1,whatis
8

thefirm'sNetWorkingCapital?3.Ifafirmhas$100
in inventories, a current ratio equal to 1.2, and a
quick ratio equal to 1.1, what is the firm's Net
WorkingCapital?

a.$0
b.$100
c.$200
d.$1,000
9 e.$1,200

To measure a firm's solvency as completely as


possible,weneedtoconsider
a.Thefirm'srelativeproportionofdebtandequity
initscapitalstructure
b.Thefirm'scapitalstructureandtheliquidityofits
currentassets
c.The firm's abilityto use NetWorking Capitalto
payoffitscurrentliabilities
d.Thefirmsleverageanditsabilitytomakeinterest
paymentsonitslong-termdebt
e.Thefirmleverageanditsabilitytoturnitsassets
overintosales

###

YouhavebeenhiredasananalystforGoldmanSachsandyourteamisworkingonanindependentassessmentof
ABC.ABCInc.isafirmthatspecializesintheproductionoffreshlyimportedfarmproductsfromFrance.Your
assistanthasprovidedyouwiththefollowingdataforABCIncandtheirindustry.

Ratio
Long-termdebt
InventoryTurnover
Depreciation/TotalAssets
Dayssalesinreceivables
DebttoEquity
ProfitMargin
TotalAssetTurnover
QuickRatio
CurrentRatio

2016
0.45
62.65
0.25
113
0.75
0.082
0.54
1.028
1.33

2015
0.4
42.42
0.014
98
0.85
0.07
0.65
1.03
1.21

2014
0.35
32.25
0.018
94
0.9
0.06
0.7
1.029
1.15

2016 Industry
Average
0.35
53.25
0.015
130.25
0.88
0.075
0.4
1.031
1.25

TimesInterestEarned
EquityMultiplier

0.9
1.75

4.375
1.85

4.45
1.9

4.65
1.88

a.Intheannualreporttotheshareholders,theCEOofABCwrote,2014wasagoodyearforthefirmwithrespecttoourabilitytomeetourshortAnswerA.

b.Whatcanyousayaboutthefirm'sassetmanagement?Beascompleteaspossiblegiventheaboveinformation,butdonotuseanyirrelevantinfo
AnswerB.

c.Youareaskedtoprovidetheshareholderswithanassessmentofthefirm'ssolvencyandleverage.Beascompleteaspossiblegiventheabovein
AnswerC.
###

A firm has an average collection period of 10 days. The industry average ACP is 25 days. Is this a good or poor sign about the management of th
###

A firm has a debt ratio of 20%. The industry average debt ratio is 65%. Is this a good or poor sign about the management of the firms financia
###

A firm has an ROE of 20%. The industry average ROE is 12%. Is this a good or poor sign about the management of the firm?
###

Classify each of the following ratios according to a ratio category (liquidity ratio, asset management ratio, debt management ratio, profitability
a.Currentratio
b.Inventoryturnoverratio
c.Returnonassets
d.Accountspayableperiod
e.Timesinterestearned
f.Equitymultiplier
g.Basicearningspowerratio

15

Foreachoftheactionslistedbelow,determinewhatwouldhappentothecurrentratio.Assumenothingelseonthebalancesheetchangesandthatnetwo
a.Accountsreceivablearepaidincash
b.Notespayablearepaidoffwithcash
c.Inventoryissoldonaccount
d.Inventoryispurchasedonaccount
e.Accruedwagesandtaxesincrease
f.Long-termdebtispaidwithcash
g.Cashfromashort-termbankloanisreceived
16

AfirmhasanROEof10%.TheindustryaverageROEis15%.HowcantheDuPontsystemofanalysishelpthefirmsmanagersidentifythereasonsfor

ed Below).

meetourshort-termobligations.Wehadhigherliquiditylargelyduetoanincreaseinhighlyliquidcurrentassets(cash,accountreceivablesandshort-termmarketable

rrelevantinformation.

ntheaboveinformation,butdonotuseanyirrelevantinformation.

agement of the firms accounts receivable?

rms financial leverage?

profitability ratio, or market value ratio).

ndthatnetworkingcapitalispositive.

ereasonsforthisdifference?

ermmarketablesecurities).IstheCEOcorrect?Explainanduseonlyrelevantinformationinyouranalysis.