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FinShiksha

INR Crore 2014 2015 2016 2017

Revenue
Gross Revenue from operations 651,055 773,164

Excise Duty - - 75,165 92,314

Net Revenue from operations - - 575,890 680,850


Other Income 14,806 22,896

Total Revenue - - 590,696 703,746

Costs
Raw Materials - - 354,833 426,279
Purchases - - 32,179 44,936
Changes in Stock in Trade - - 48 -3,793
Employee Cost - - 20,003 23,603
Other Expenses - - 80,542 87,280
Own Use Vehicles -602 -1,036

Total Costs - - 487,003 577,269

Operating Profits - - 88,887 103,581

Depreciation & Amortization - - 28,218 26,039

EBIT - - 75,475 100,438

Interest - - 817 894

Profit Before Exceptional Items and Taxes - - 74,658 99,544


Exceptional Items - - - -
Profit Before Taxes - - 74,658 99,544

Taxes - - 20,875 26,162

Profit Before Minority Interest and Share in Associates - - 53,783 73,382


Share in Associates - - 1,189 1,728

Profit Before Minority Interest - - 54,972 75,110


Minority Interest

Profit for the Year - - 54,972 75,110


Vertical Analysis
2014 2015 2016 2017

#DIV/0! #DIV/0! 100.0% 100.0%

#DIV/0! #DIV/0! 11.5% 11.9%

#DIV/0! #DIV/0! 88.5% 88.1%


#DIV/0! #DIV/0! 2.3% 3.0%

#DIV/0! #DIV/0! 90.7% 91.0%

#DIV/0! #DIV/0! 54.5% 55.1%


#DIV/0! #DIV/0! 4.9% 5.8%
#DIV/0! #DIV/0! 0.0% -0.5%
#DIV/0! #DIV/0! 3.1% 3.1%
#DIV/0! #DIV/0! 12.4% 11.3%
#DIV/0! #DIV/0! -0.1% -0.1%

#DIV/0! #DIV/0! 74.8% 74.7%

#DIV/0! #DIV/0! 13.7% 13.4%

#DIV/0! #DIV/0! 4.3% 3.4%

#DIV/0! #DIV/0! 11.6% 13.0%

#DIV/0! #DIV/0! 0.1% 0.1%

#DIV/0! #DIV/0! 11.5% 12.9%


#DIV/0! #DIV/0! 0.0% 0.0%
#DIV/0! #DIV/0! 11.5% 12.9%

#DIV/0! #DIV/0! 3.2% 3.4%

#DIV/0! #DIV/0! 8.3% 9.5%


0.2% 0.2%

#DIV/0! #DIV/0! 8.4% 9.7%

#DIV/0! #DIV/0! 8.4% 9.7%


FinShiksha
INR Crore 2014 2015 2016 2017

Sources of Funds

Shareholder Funds
Share Capital - 1,510 1,510
Reserves & Surplus - 304,650 369,241
Money Received against Warrants - - -

Minority Interest - 144 154


Share Application Money Pending Allotment - - -

Long Term Liabilities


Loans - - -
Other Long Term Liabilities - 8,075 11,055
Long Term Provisions - 148 219
Deferred Tax Liabilities - 2,287 5,058

Current Liabilities
Tax Liabilities 7,956 8,036
Short Term Borrowings - 774 4,836
Trade Payables - 74,089 83,692
Other Current Liabilities - 11,650 18,278
Short Term Provisions - 3,994 4,498
Other Finance Liabilities 11,978 13028
Total - - 427,255 519,605

Application Of Funds

Long Term Assets


Tangible Assets - 121,827 129,377
Intangible Assets - 3,469 3,730
Capital Work in Progress - 10,069 12,523
Intangible Assets Under Development - - -

Non-Current Investments - 195,345 269,718


Other Financial Assets - 234 241
Long Term Loans and Advances - 4 3
Other Non Current Assets - 16,796 16,033
-
Current Assets -
-
Inventories - 31,326 32,637
Receivables - 13,234 12,026
Cash & Bank Balances - 507 235
Loans & Advances - 31 25
Other Current Assets - 16,611 15,408
Current Tax Asset - 4,906 4,910
Investments - 11,413 21,788
Other Financial Assets - 1,483 951
Total - - 427,255 519,605

Check 0 0 0 0
Vertical Analysis
2014 2015 2016 2017

#DIV/0! 0.35% 0.29%


#DIV/0! 71.30% 71.06%
#DIV/0! 0.00% 0.00%

#DIV/0! 0.03% 0.03%


#DIV/0! 0.00% 0.00%

#DIV/0! 0.00% 0.00%


#DIV/0! 1.89% 2.13%
#DIV/0! 0.03% 0.04%
#DIV/0! 0.54% 0.97%

#DIV/0! 1.86% 1.55%


#DIV/0! 0.18% 0.93%
#DIV/0! 17.34% 16.11%
#DIV/0! 2.73% 3.52%
#DIV/0! 0.93% 0.87%
#DIV/0! 2.80% 2.51%
#DIV/0! 100.00% 100.00%

#DIV/0! 28.51% 24.90%


#DIV/0! 0.81% 0.72%
#DIV/0! 2.36% 2.41%
#DIV/0! 0.00% 0.00%

#DIV/0! 45.72% 51.91%


#DIV/0! 0.05% 0.05%
#DIV/0! 0.00% 0.00%
#DIV/0! 3.93% 3.09%
#DIV/0!
#DIV/0!
#DIV/0! 0.00% 0.00%
#DIV/0! 7.33% 6.28%
#DIV/0! 3.10% 2.31%
#DIV/0! 0.12% 0.05%
#DIV/0! 0.01% 0.00%
#DIV/0! 3.89% 2.97%
#DIV/0! 1.15% 0.94%
#DIV/0! 2.67% 4.19%
#DIV/0! 0.35% 0.18%
#DIV/0! 100.00% 100.00%
FinShiksha
INR Crore 2014 2015 2016 2017

Cash from Operating Activities 747 544 533 1017


Cash from Investing Activities -174 -114 -1199 -179
Cash from Financing Activities -574 -432 667 -816

Total Cash Flow -1 -2 1 23


FinShiksha
INR Crore 2014 2015

Profitability
OPM Operating Profit / Net Sales #DIV/0! #DIV/0!
NPM Net Profit / Net Sales #DIV/0! #DIV/0!

Return Ratios
ROE Net Profit / Total Shareholder Equity #DIV/0!
ROA EBIT / Total Assets #DIV/0!
ROCE EBIT / (Shareholder Equity + Debt) #DIV/0!

Stability Ratios
Debt / Equity Long Term Debt / Equity #DIV/0!
Interest Coverage EBIT / Interest #DIV/0!

Solvency Ratio
Current Ratio Current Assets / Current Liabilities #DIV/0!
Quick Ratio (Current Assets - Inventory) / Current Liabilities #DIV/0!

Turnover Ratios
Receivable Turnover ratio Sales / Receivables #DIV/0!
Inventory Turnover Ratio Sales / Inventory #DIV/0!
Payable Turnover Ratio Sales / Payables #DIV/0!

Dupont Analysis
ROE #DIV/0!
NPM #DIV/0!
Asset Turnover Net Sales / Total Assets #DIV/0!
Assets / Equity Total Assets / Shareholder Equity #DIV/0!

Cash Conversion Cycle


Receivable Days 365 / RTR #DIV/0!
Inventory Days 365 / ITR #DIV/0!
Payable Days 365 / PTR #DIV/0!

Cash Conversion Cycle #DIV/0!

Costs as percentage of sales #DIV/0! #DIV/0!


Power and Fuel as % of sales #DIV/0! #DIV/0!
Other Mfr. Exp as % of sales #DIV/0! #DIV/0!
Employee Cost as % of sales #DIV/0! #DIV/0!
Selling and admin as % of sales #DIV/0! #DIV/0!
Other Expenses as % of sales #DIV/0! #DIV/0!

Gearing Total Debt/Networth #DIV/0!


Total Indebtedness Ratio Total Outside Liability/Networth
DSCR EBIDTA/Debt within a Year + Interest #DIV/0!
CDSCR EBIDTA-25% of WC/Debt within a Year + Interest
NCATD PAT-Dividends+Dep/Tota Debt Outstanding #DIV/0!
Total Debt to CFO
Total Debt to EBIDTA

Growth in Net Sales (Present Year - Previous Year)/Previous Year


Growth in Total Operating Income (Present Year - Previous Year)/Previous Year
Growth in PBILDAT (Present Year - Previous Year)/Previous Year
Growth in PAT (Present Year - Previous Year)/Previous Year

Cash accruals Profit + All non cash items

PBILDT Margin PBILDT/TOI


PAT Margin PAT/TOI
ROCE (PBIT + Non Op Income +/- Extra Ord Income/Expense)/Total Capital Employed

RONW PAT/Tangible Net Worth

Miscellaneous expenditure not written off and Accumulated Losses- Both Miscellaneous expenditure not written off and Accumulated Loss

Revaluation Reserves- Revaluation reserves arise out of revaluation of fixed assets and are not treated as a part of the tangible networth of

Treatment of Deferred Tax - DTL/A is the timing difference between the accounting profit and profit as per income tax act. As this differenc
computation of the tangible networth of the entity.

D/E Ratio Long Term Debt/Tangible Networth


Term Debt/GCA
Total Debt/GCA
DSCR GCA + Interest - Capex/Loans Payable + Interest

Redeemable Preference Shares- Preference shares have a fixed tenure at the end of which they have to be redeemed by the issuer. Further

Compulsorily Convertible Instruments- Sometimes the instrument could be compulsorily convertible into equity at the end of a long time f
at the end of the tenure and as such there is no credit risk. In all such cases where the terms of the preference shares/ debentures give it e
2016 2017

15.4% 15.2%
9.5% 11.0%

18.0% 20.3%
17.7% 19.3%
18.5% 20.2%

0.03 0.03
#DIV/0! 92.38

0.68 0.54
0.34 0.25

44.63 58.52
18.86 21.56
7.97 8.41

18.0% 17.9%
9.5% 9.50%
1.35 1.35
1.40 1.40

8.18 6.24
19.36 16.93
45.78 43.41

-18.25 -20.24

82.55% 82.18%
60.07% 60.57%
5.45% 6.39%
0.01% -0.54%
3.39% 3.35%
13.64% 12.40%

0.08 0.10
Usually impotant when you have large non fund based liability
6.71 4.31
6.70 4.38

TCE = Networth + Total Debt or Net Fixed Assets + Net WC

Tangible Networth of the entity includes the equity share capital, all reserves
and surplus (excluding revaluation reserve), unsecured loans from promoters
which are subordinated to the outside loans, equity share warrants, share
application money, ESOPs outstanding, minority interest (in case of
consolidated financials).

written off and Accumulated Losses are deducted from the above to arrive at the tangible networth.

part of the tangible networth of the entity.

income tax act. As this difference is expected to reverse in the future, we need to exclude the same from the

redeemed by the issuer. Further, they also carry a fixed rate of dividend.

quity at the end of a long time frame, say 5-7 years. Hence, the company does not have to redeem the instrument
nce shares/ debentures give it equity like characteristics.
FinShiksha
Supreme Infra KNR Const
Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-13 Mar-14 Mar-15
Sales 2333 2571 1814 1290 1161 692 835 876
Growth 10.19% -29.43% -28.90% -9.97% 20.61% 4.95%

PAT 100 79 -14 -150 -340 52 61 73


Growth -20.96% -117.84% 961.47% 127.12% 16.98% 19.73%

ROE 21% 12% -2% -21% -88% 12% 13% 13%


Dividend Payout 3 3 0 0 0 3 3 3
Divident % 3% 4% 0% 0% 0% 5% 5% 4%

Retention 97% 96% 100% 100% 100% 95% 95% 96%

SGR 20.36% 11.43% -1.79% -21.40% -88.46% 11.44% 12.01% 12.97%

Debt 2317 3090 4184 3822 4081 71 91 96

Assets 1094 2852 1240 1015 958 290 264 224


KNR Const Ambika Cotton Trident
Mar-16 Mar-17 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17 Mar-13 Mar-14
903 1541 397.79 476.86 495.28 492.31 528.61 3335 3869
3.02% 70.74% 19.88% 3.86% -0.60% 7.37% 16.00%

161 157 31 48 51 44 56 49 197


120.61% -2.37% 55.39% 6.31% -13.13% 25.17% 299.41%

25% 19% 15% 20% 18% 14% 16% 7% 25%


6 0 5.58 7.34 8.23 8.81 0 0 13
3% 0% 18% 15% 16% 20% 0% 0% 7%

97% 100% 82% 85% 84% 80% 100% 100% 93%

23.79% 19.26% 12.20% 16.99% 15.31% 11.21% 15.68% 7.28% 23.04%

117 144 94 100 63 20 7 2240 1862

176 261 291 289 270 255 254 1968 1796


Trident
Mar-15 Mar-16 Mar-17
3754 3665 4687
-2.98% -2.35% 27.87%

118 242 337


-40.20% 105.68% 39.06%

10% 13% 13%


29 31 61
24% 13% 18%

76% 87% 82%

7.60% 10.94% 10.73%

2580 3503 2852

2864 4693 4344


FinShiksha

Country Risk
Political Stability
Legal System
Interest Rate Stability Score from 1 to 10 and 10 being
Inflation Stability
Strength of Fin Market
Country Credit History

Business
Business Quality (Moat Basically) Low - Medium - High - Very
Diversification in Business Low - Medium - High - Very
Market Leader Low - Medium - High - Very
Size Low - Medium - High - Very
Concentration in Clients Low - Medium - High - Very
An extremely cyclical firm such as an airline m
Cyclicity stable utility may receive

Finance
Growth >20% Excellent, >15% Good, >10% Average
Profitability >20% Excellent, >15% Good, >10% Average
Leverage
Coverage
Turnover
Liquidity
Revenue Rcognition
Outstanding Balance
Accrued Interest
Amount Paid if any
Mentioned in Internal Credit Note. Once th
Borrower Entity factors will be checked aga
Guarantor, Co-Borrower
Nature of Business
Previous Rating

Cash Flows
Cash Generation PAT>CFO Analy
Growth Funding SSGR

Management
Execution Ability Those firms for which our view of manageme
Modestly positive or negative views result in
Corporate Strategy while a scores of 5 or 1 are reserved for extrem
Salary treatment.
Risk Taking Ability
from 1 to 10 and 10 being best, 1 being worst

ow - Medium - High - Very High - Extreme


ow - Medium - High - Very High - Extreme
ow - Medium - High - Very High - Extreme
ow - Medium - High - Very High - Extreme
ow - Medium - High - Very High - Extreme
cal firm such as an airline may receive a score of 1, while a
stable utility may receive a score of 5.

>15% Good, >10% Average, >5% Not so Good, <0% Bad


>15% Good, >10% Average, >5% Not so Good, <0% Bad

ernal Credit Note. Once the rating is issued all the above
factors will be checked again and again

PAT>CFO Analysis
SSGR

ch our view of management is neutral receive a score of 3.


or negative views result in a score of 4 or 2, respectively,
or 1 are reserved for extreme cases of good or bad creditor
treatment.

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