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SUMMARY STATEMENT OF UNCONSOLIDATED FINANCIAL INFORMATION

SUMMARY STATEMENT OF UNCONSOLIDATED ASSETS AND LIABILITIES - AS RESTATED

AS AT
PARTICULARS 30.09.09 2009
Rs. in Rs. in
Million Million
Fixed Assets
Gross Block 626.78 615.79
Less: Accumulated Depreciation 202.83 173.24
Net Block 423.95 442.55
Less: Revaluation Reserve - -
Net Block after adjustment for
423.95 442.55
Revaluation Reserve
Capital WIP including Capital
15.75 6.46
Advances
Total (a) 439.70 449.01
Goodwill (b) - -
Investments (c) 1,267.87 1,256.78
Current Assets, Loans and
3,686.16 - -
Advances
Inventories 902.85 748.16
Sundry Debtors 2,297.37 2,195.11
Cash and Bank Balances 284.78 200.56
Other current Assets 440.06 297.18
Loans and Advances 3,839.24 3,264.07
Total (d) 7764.30 6,705.08
Total Assets [a+b+c+d] (e) 9,471.87 8,410.87
Liabilities and Provisions
Secured Loans 1,220.54 1,050.11
Unsecured Loans 290.91 714.59
Current Liabilities 2,625.85 1,965.46
Provisions 814.22 852.90
Deferred Tax Liability / (Asset) -8.88 -3.83
TOTAL (f) 4,942.64 4,579.24
Net Worth [ e-f ] 4,529.22 3,831.63
Net Worth Represented by :
Share Capital (g) 792.16 759.15
Reserves and Surplus 3,737.07 3,072.48
Share Application Money - -
Less: Revaluation Reserve - -
Reserves and Surplus (Net of
(h) 3,737.07 3,072.48
Revaluation Reserve)
Less: Miscellaneous
(i) - -
Expenditure
(to the extent not written off or
adjusted)
NET WORTH (g+h-i) 4,529.22 3,831.63

10

SUMMARY STATEMENTS OF UNCONSOLIDATED PROFITS AND LOSSES AS RESTATED


For the

Period
ended
PARTICULARS 30.09.09 2009 2008
Rs. in Rs. in Rs. in
Million Million Million
Operating Income
Sales
Gross Sales(See Note III 4 of
3,103.55 5,258.45 6,161.68
Schedule 1)
Less: Work Contract Tax /
-106.11 -179.43 -139.12
VAT Collected
Less: Service Tax Collected -68.28 -165.75 -135.48
Increase/ (Decrease) in
139.69 213.59 -36.21
Unbilled Revenue
Turnover (Net) 3,068.87 5,126.86 5,850.87
Other Operating Income
Share of Profit From a
61.45 25.26 29.61
Partnership Firm/AOP
Rent/Compensation 23.50 39.80 36.72
84.94 65.06 66.33
Total Operating Income 3,153.81 5,191.92 5917.20
Other Income 38.79 113.64 114.18
TOTAL INCOME 3192.60 5,305.56 6,031.38
Cost of Sales 2,531.66 3,919.88 4,255.52
Employees Cost 146.77 318.68 299.61
Operating and Administrative
118.93 247.38 271.15
Cost
Finance Cost 105.20 253.50 159.51
Provision for Contingency - 200.00 -
Depreciation 29.59 57.26 40.48
TOTAL EXPENDITURE 2,932.15 4996.70 5,026.27
Profit Before Tax 260.45 308.86 1,005.11
Less: Provision For
Current Tax 80.23 96.32 366.00
Deferred Tax -5.06 -1.68 -8.28
Fringe Benefit Tax - 3.64 17.96
75.17 98.28 375.68
Net Profit After Tax 185.28 210.58 629.43
ADJUSTMENTS:
Adjustments on account of
11.59 167.83 17.96
Restatements
Current Tax Adjustments -3.04 -59.75 -10.37
Deferred Tax Adjustments - - -
Total of Adjustments 8.55 108.08 7.59
Net Profit As Restated 193.83 318.66 637.02
Profit or (Loss) at the
1,711.72 1,393.06 756.04
beginning of the year
Balance Available for
1,905.55 1,711.72 1,393.06

Appropriation As Restated

11

SUMMARY STATEMENTS OF UNCONSOLIDATED PROFITS AND LOSSES AS RESTATED


For the

Period
ended
PARTICULARS 30.09.09 2009 2008
APPROPRIATIONS
As per Audited Accounts
Transfer to General Reserve - - -
Dividend on Preference -
- - -
Paid/Provided
Dividend on Equity
- - -
Paid/Provided
Tax on Dividend on Preference
- - -
Shares
Tax on Dividend on Equity
- - -
Shares
Adjustment on Restatement - - -
Dividend on Preference Shares - - -
Tax on Dividend on Preference
- - -
Shares
Total Appropriation As
- - -
Restated
BALANCE CARRIED
FORWARDS AS 1,905.55 1,711.72 1,393.06

RESTATED

12

SUMMARY STATEMENT OF UNCONSOLIDATED CASH FLOW AS RESTATED

PARTICULARS

Cash Flow from Operating Activities


Net Profit Before Tax and Prior Year

Adjustments
Adjustments for :
Depreciation

(Profit)/ Loss on Sale

Assets/Investments
Employee Compensation Expenses
(ESOP)
Interest income

Dividend Income
Interest expense
Provision for doubtful debts
Operating Profit before Working Capital

changes
Movements in Working Capital
Decrease/ (Increase) in Inventories
Decrease/ (Increase) in Sundry Debtors
Decrease/ (Increase) in Other Current

Assets
Decrease/ (Increase) in Loans and

Advances
Increase /(Decrease) in Trade Payables
Cash generated from Operations
Direct Taxes paid (net of refunds)
Cash Flow before Extraordinary Items
Net Cash from Operating Activities (A)
Cash Flow from Investing Activities
Purchase of Fixed Assets
Disposal of Fixed Assets
Purchase of Investments
Disposal of Investments
Interest received

Dividend received
Net Cash from Investing Activities (B)
Cash Flow from Financing Activities
Proceeds from issuances of Share Capital
Increase/(Decrease) in Share Application

Money
Redemption of Preference Capital

Availment (Repayment) of Long Term

Borrowings
Interest paid
Dividends paid

Tax on Dividend paid


Net Cash from Financing Activities ( C )

13

SUMMARY STATEMENT OF UNCONSOLIDATED CASH FLOW AS RESTATED

AS AT
PARTICULARS 30.09.09 2009 2008
Net increase in Cash and Cash Equivalents
84.22 -289.84 433.73
(A+B+C)
Cash and Cash Equivalents at the beginning
200.56 490.40 56.67
of the year
Cash and Cash Equivalents at the end of
284.78 200.56 490.40
the year
Components of Cash and Cash

Equivalents
Sep-09 2009 2008
Cash on Hand 8.85 8.12 15.14
With Banks - on Current Accounts 168.46 75.45 368.51
- on Deposit Accounts 107.47 116.99 106.76
284.78 200.56 490.40
As At March 31,
2008 2007 2006 2005
Rs. in Rs. in Rs. in Rs. in
Million Million Million Million

516.01 314.12 243.57 180.96 FA 0.19 0.64


124.99 86.24 69.40 57.53 Sales -0.12 0.58
391.02 227.88 174.17 123.43 GFA 8.54 10.66
- - - -

391.02 227.88 174.17 123.43

12.45 3.24 0.55 1.34

403.47 231.12 174.72 124.77


- - - -
1,115.65 534.36 52.77 116.35

- - - -

496.70 572.61 941.80 239.78


2,300.87 1,557.08 550.98 397.22
490.40 56.67 92.52 27.43
111.15 113.14 76.75 89.85
2,787.03 1,581.52 554.02 414.39
6,186.15 3,881.03 2,216.07 1,168.67
7,705.27 4646.50 2,443.56 1409.80

80.81 131.34 534.02 35.12


2463.30 465.47 632.85 477.42
1,371.25 1,296.74 567.22 400.77
784.96 459.12 170.67 97.33
-2.16 6.12 10.34 12.41
4,698.16 2,358.79 1,915.11 1,023.05
3,007.11 2,287.71 528.46 386.74

726.15 354.82 301.60 109.68


2,280.96 1,932.89 226.86 277.06
- - - -
- - - -
2,280.96 1,932.89 226.86 277.06

- - - -

3,007.11 2,287.71 528.46 386.74

For the year ended as on March 31,

2007 2006 2005


Rs. in Rs. in Rs. in
Million Million Million

3692.80 1,502.69 1,343.57

-50.37 -18.65 -35.34

-62.29 -51.36 -

44.08 6.58 6.82

3,624.22 1,439.26 1,315.05

129.90 -3.25 -

23.94 11.91 4.53


153.84 8.66 4.53
3,778.06 1,447.92 1,319.58
42.70 43.81 9.69
3,820.76 1,491.73 1,329.27 -0.12 0.58
2,845.21 1,064.93 1,071.93
108.02 74.62 47.15
118.14 61.48 45.36

39.26 30.67 27.04


- - -
21.76 18.90 13.04
3,132.39 1250.60 1,204.52
688.37 241.13 124.75

192.50 88.59 44.01


5.57 -2.07 1.51
1.38 1.10 -
199.45 87.62 45.52
488.92 153.51 79.23

-191.42 -6.00 8.35

67.49 1.86 -3.03


9.78 - -
-114.15 -4.14 5.32
374.77 149.37 84.55

381.27 256.41 196.17

756.04 405.78 280.72

For the year ended as on March 31,

2007 2006 2005

- 16.90 8.00

- 10.66 6.02
- - 4.32

- 1.21 0.79

- - 0.57

- - -
- -4.00 3.99

- -0.27 0.64

- 24.50 24.31

756.04 381.27 256.41

AS AT As At March 31,
30.09.09 2009 2008 2007 2006 2005
Rs. in Rs. in Rs. in Rs. in Rs. in
Rs. in Million
Million Million Million Million Million

272.04 476.69 1,023.07 496.94 235.14 133.10

29.59 57.26 39.69 21.62 16.69 12.94


of
-2.83 0.46 -45.11 -21.84 -28.55 -2.01
2.08 4.16 65.89 - - -

-34.40 -111.67 -58.91 -8.85 -11.59 -4.52


0.00 -1.52 -7.50 -7.98 -0.57 -0.44
105.20 253.50 137.16 39.26 30.67 27.67
12.63 19.42 44.18 - - -

384.30 698.30 1,198.46 519.14 241.79 166.74

-147.49 -205.42 102.69 381.80 -672.80 17.09


-114.89 86.33 -787.97 -1006.10 -153.76 -250.61

-142.88 -186.03 -407.39 372.98 23.96 -18.98

-554.13 -319.35 -352.64 -1,329.97 -79.81 -56.19

538.43 512.31 -7.27 931.97 166.18 78.61


-36.65 586.14 -254.11 -130.17 -474.45 -63.34
-21.04 -167.55 -461.46 -144.91 -71.27 -39.28
-57.69 418.59 -715.58 -275.08 -545.72 -102.62
-57.69 418.59 -715.58 -275.08 -545.72 -102.62

-19.83 -116.61 -212.16 -103.21 -67.87 -38.99


- 13.36 0.27 44.12 3.96 1.76
-33.75 -578.67 -583.30 -483.78 -22.53 -104.72
25.49 437.55 46.98 2.68 111.60 3.33

34.40 111.67 58.91 8.85 11.59 4.52


0.00 1.52 7.50 7.98 0.57 0.44
6.32 -131.18 -681.80 -523.36 37.32 -133.66

- 501.70 16.50 1384.50 100.00 -

- - - - - -75.00

- - - - -100.08 100.00

248.45 -779.41 1,978.55 -570.05 654.32 240.56

-112.86 -299.54 -163.93 -51.87 -59.90 -27.67

- - - - -18.60 -2.40
- - - - -2.24 -0.31
135.59 -577.25 1,831.12 762.58 573.50 235.17

As At March 31,
2007 2006 2005

-35.85 65.10 -1.11

92.52 27.43 28.53

56.67 92.52 27.43

As At March 31,

2007 2006 2005


6.88 3.39 2.95
39.73 84.34 15.79
10.06 4.80 8.69
56.67 92.52 27.43
CAGR
0.29 0.35 FA 0.28
1.56 0.12 Sdales 0.32
9.21 5.35 PAT 0.22
1.56 0.12
Figures in Million

2009 2008 2007 2006


Sales 5,305.56 6,031.38 3,820.76 1,491.73
COS & Exp 4,485.94 4,826.28 3,071.37 1,201.03
Depr 57.26 40.48 21.76 18.9
EBIT 762.36 1,164.62 727.63 271.80
Int 253.50 159.51 39.26 30.67
Contingency 200.00
PBT 308.86 1,005.11 688.37 241.13
Tax 98.28 375.68 199.45 87.62
PAT 210.58 629.43 488.92 153.51

GFA 615.79 516.01 314.12 243.57


Accum Depr 173.24 124.99 86.24 69.4
LTD 1,764.70 2,544.11 596.81 1,166.87
NCWC 422.09 752.51 486.98 831.64
Cash 200.56 490.40 56.67 92.52

Depr % 28% 24% 27% 28%

Int% 12% 10% 4% 4%

GFA Turn Over 8.54 10.66 9.21 5.35

AVG GFA Turn 8.44


Avg Depr 28%

Data Used

Depr Rate 28%


Growth Rate 1st 5 yrs 15%
Growth Rate 2nd 5 yrs 15%
Terminal Growth Rate 5%
Tax 33%
WACC 14.30% (Assumed Constant)

Forecasting
2009 2010 2011 2012
Sales Forecast 5,305.56 6101.39 7016.6 8069.09
COS & EXP 4,485.94 5158.83 5932.66 6822.55
Depr 57.26 30.06 30.39 34.95
EBIT 762.36 912.50 1,053.56 1,211.59

GFA 615.79 723.07 831.53 956.26


Accum Depr 172.54 202.6 232.99 267.93
Add Depr 57.26 30.06 30.39 34.95
Non Cash WC 422.09 485.4 558.21 641.95

Cashflow & Valuation


2009 2010 2011 2012
EBIT 762.36 912.50 1,053.56 1,211.59
EBIT(1-T) 510.78 611.38 705.88 811.77
Depr 57.26 30.06 30.39 34.95
Increase in NCWC -330.42 63.31 72.81 83.73
Capex 99.78 107.28 108.46 124.73

0 1 2 3
FCF 798.68 470.84 555.00 638.25
DF 1 0.87 0.77 0.67
PV 798.68 411.93 424.82 427.42
Total Value 10,165.39
Debt 1,764.70
Cash 200.56
Value of equity 8,601.25

Proceeds from IPO 1780


Equity 90
Per Share 115.35
2005
1,329.27
1,164.44
13.04
151.79
27.04

124.75
45.52
79.23

180.96
57.53
512.54
228.75
27.43

32%

11%

d Constant)

2013 2014 2015 2016 2017 2018 2019


9279.46 10671.38 12272.08 14112.9 16229.83 18664.3 21463.95
7845.94 9022.83 10376.25 11932.69 13722.59 15780.98 18148.13
40.19 46.22 53.15 61.12 70.29 80.84 92.96
1,393.33 1,602.33 1,842.68 2,119.08 2,436.94 2,802.49 3,222.86

1099.7 1264.66 1454.36 1672.51 1923.39 2211.9 2543.68


308.12 354.34 407.49 468.62 538.91 619.75 712.71
40.19 46.22 53.15 61.12 70.29 80.84 92.96
738.24 848.97 976.32 1122.77 1291.18 1484.86 1707.59

2013 2014 2015 2016 2017 2018 2019


1,393.33 1,602.33 1,842.68 2,119.08 2,436.94 2,802.49 3,222.86
933.53 1,073.56 1,234.60 1,419.78 1,632.75 1,877.66 2,159.31
40.19 46.22 53.15 61.12 70.29 80.84 92.96
96.29 110.74 127.35 146.45 168.42 193.68 222.73
143.44 164.96 189.7 218.15 250.88 288.51 331.78

4 5 6 7 8 9 10 TV
733.99 844.09 970.70 ### ### ### ### ###
0.59 0.51 0.45 0.39 0.34 0.3 0.26 0.26
430.04 432.67 435.32 437.99 440.67 443.37 446.08 5036.41
2009 2008 2007 2006 2005

2009 2010 2011 2012 2013 2014 2015


2016 2017 2018 2019