SHANTHI GEARS RANE MADRAS

2019 2018 2017 2016 2015 2019 2018

INCOME
Sales 242.97 214.12 183.95 164.79 155.19 1370.25 1211.89
Other Income 11.8 11.92 10.73 9.23 11.65 10.57 5.64
Total revenue 254.77 226.04 194.68 174.02 166.84 1380.82 1217.53

EXPENSES
Cost Of Materials Consumed 115.76 81.42 77.46 62.53 69.24 864.97 758.95
Change in Inventories -7.88 8.87 -8.4 -2.08 -4.86 1.11 -15.47
Employee Benefit Expenses 45.4 41.72 38.86 35.76 36.52 148.51 135.1
Finance Costs 0 0 0 0 0.03 28.35 29.42
Depreciation & Amortisation 10.62 15.56 17.83 16.71 16.75 53.03 49.89
Other Expenses 48.41 45.3 40.43 37.95 36.05 214.49 199.46
Total Expenses 212.31 192.87 166.18 150.87 153.73 1310.46 1157.35
Profit Before Tax 42.46 33.17 28.5 23.15 13.11 70.36 60.18
Current Tax 8.2 7 8.1 7.91 5.66 25.23 18.33
Deferred Tax 0.91 -2.41 -2.11 -2.49 -1.87 -2.11 0.04
Profit After Tax 33.35 28.58 22.51 17.73 9.32 47.24 41.81
 INCOME STATEMNET
RANE MADRAS ZF STEERING GEAR BHARAT GEARS
2017 2016 2015 2019 2018 2017 2016 2015 2019 2018

989.27 860.91 778.88 439.42 424.55 398.81 381.31 330.45 594.4 506.71
3.35 1.58 1.09 8.9 9.67 11.6 5.95 9.11 4.75 1.58
992.62 862.49 779.97 448.32 434.22 410.41 387.26 339.56 599.15 508.29

598.89 514.16 462 277.35 250.63 242.85 229.55 213.37 288.4 243.48
-12.66 -7.41 -5.37 -2.39 1.58 -3.93 0.72 -0.94 -14.29 -7.44
114.62 98.25 87.31 51.48 49.19 45.16 42.72 36.08 98.39 87.26
27.8 18.96 16.18 1.94 3.22 2.49 1.77 0.85 21.97 16.84
45.29 39.38 33.41 31.03 33.3 27.85 24.74 23.45 21.76 18.28
192.39 177.79 166.36 35.79 34.92 32.81 29.5 23.99 163.46 140.62
966.33 841.13 759.89 395.2 372.84 347.23 329 296.8 579.69 499.04
26.29 21.36 20.08 53.12 61.38 63.18 58.26 42.76 19.46 9.25
5.61 4.21 3.5 13.44 17.46 13.87 16.23 9.57 6.93 4.25
2.94 5.86 7.9 -25.86 -3.15 -0.4 -3.03 -2.38 0 -1.31
17.74 11.29 8.68 65.54 47.07 49.71 45.06 35.57 12.53 6.31
BHARAT GEARS HI TECH GEAR INDUSTRY INCOME STAT
2017 2016 2015 2019 2018 2017 2016 2015 2019 2018

406.78 397.49 414.9 647.22 527.27 448.31 449.97 431.93 3294.26 2884.54
1.14 2.54 2.09 16.24 13.19 5.91 2.28 2.66 52.26 42
407.92 400.03 416.99 663.46 540.46 454.22 452.25 434.59 3346.52 2926.54

189.74 179.18 202.28 323.4 253.71 214.13 215.27 208.73 1869.88 1588.19
-3.87 7.16 -5.62 -9.05 -4.51 -1.33 -2.02 -1.33 -32.5 -16.97
77.16 74.58 77.8 100.54 79.29 72.44 68.65 60.86 444.32 392.56
14.81 16.16 16.35 18.41 9.06 2.94 2.49 3.69 70.67 58.54
16.69 16.5 13.95 27.08 26.3 25.08 22.73 25.11 143.52 143.33
115.66 105.92 118.65 118.32 96.99 87.65 76.79 67.08 580.47 517.29
410.19 399.5 423.41 578.7 460.84 400.91 383.91 364.14 3076.36 2682.94
-2.27 0.53 -6.42 84.76 79.62 53.31 68.34 70.45 270.16 243.6
0 0.11 0 16.6 18 11.11 13.55 9.3 70.4 65.04
-0.82 0.39 -2.22 1.04 -1.53 0.6 -1.11 -1.42 -26.02 -8.36
-1.45 0.03 -4.2 67.12 63.15 41.6 55.9 62.57 225.78 186.92
INDUSTRY INCOME STATEMENT
2017 2016 2015

2427.12 2254.47 2111.35

32.73 21.58 26.6
2459.85 2276.05 2137.95

1323.07 1200.69 1155.62

-30.19 -3.63 -18.12
348.24 319.96 298.57
48.04 39.38 37.1
132.74 120.06 112.67
468.94 427.95 412.13
2290.84 2104.41 1997.97
169.01 171.64 139.98
38.69 42.01 28.03
0.21 -0.38 0.01
130.11 130.01 111.94
 SHANTHI GEARS RANE M
2019 2018 2017 2016 2015 2019
EQUITIES AND LIABILITIES
Share Capital
Equity Share Capital 8.17 8.17 8.17 8.17 8.17 11.97
Reserves and Surplus 293.91 309.62 298.15 275.72 262.32 299.3
Shareholders Fund 302.08 317.79 306.32 283.89 270.49 311.27
Non Current Liabilities
Long Term Borrowings 0 0 0 0 0 112.29
Deferred Tax Liabilities 0 0 0 0 0.73 6.76
Other Long Term Liabilities 1.07 0.88 0.06 0.05 0.09 4.28
Long Term Provisions 0.16 0.1 0.1 0.1 0.1 6.21
Total Non Current Liabilities 1.23 0.98 0.16 0.15 0.92 129.54
Current Liabilities
Short Term Borrowings 0 0 0 0 0 171.14
Trade Payables 30.93 23.67 25.04 21.41 23.55 190.84
Other Current Liabilities 17.72 17.01 15.51 11.9 10.81 59.29
Short Term Provisions 0.66 0.61 0.52 0.44 0.14 8.31
Total Current Liabilities 49.31 41.29 41.07 33.75 34.5 429.58
Total Equity & Liabilities 352.62 360.06 347.55 317.79 305.91 870.39

ASSETS
Non Current Assets
Tangible Assets 51.09 49.44 57.91 65.59 73.43 336.41
Intangible Assets 0.45 0.26 0.21 0.36 0.85 5.45
Capital Work-In-Progress 0.18 0.5 0.77 0.36 3.61 12.13
Non-Current Investments 14.16 12.17 12.17 6 0 0.75
Deferred Tax Assets 4.96 5.95 3.6 1.45 0 0
Long Term Loans And Advances 0 0 0 0 7.37 44.7
Other Non-Current Assets 12.83 12.92 13.51 20.34 3.64 51.24
Total Non Current Assets 83.67 81.24 88.17 94.1 88.9 450.68
Current Assets
Current Investments 109.69 101.4 57.6 49.64 15.54 0
Inventories 70.13 58.88 75.17 66.71 65.45 154.71
Trade Receivables 56.51 55.48 45.93 38.59 36.65 218.88
Cash And Cash Equivalents 19.74 1.48 2.48 1.71 89.09 10.72
Short Term Loans And Advances 0 0 0 0 3.53 0.24
OtherCurrentAssets 12.88 61.58 78.2 67.04 6.75 35.16
Total Current Assets 268.95 278.82 259.38 223.69 217.01 419.71
Total Assets 352.62 360.06 347.55 317.79 305.91 870.39
 BALANCE SHEET
RANE MADRAS ZF STEERING GEAR BHARA
2018 2017 2016 2015 2019 2018 2017 2016 2015 2019

11.61 10.51 18.74 18.74 9.07 9.07 9.07 9.07 9.07 8.14
254.82 160.44 141.88 134.99 359.14 369.54 329.49 270.49 239.07 80.35
266.43 170.95 160.62 153.73 368.21 378.61 338.56 279.56 248.14 88.49

118.65 128.91 124.07 50.96 20.95 14.63 15.77 7.94 10.1 80.9
2.16 0 8.01 4.9 0 0 2.82 2.72 5.82 0
4.1 6.36 0.14 0.26 0.07 0.1 0.15 0 0 17.1
5.46 4.78 7.45 6.85 1.79 2.25 2.68 2.23 2.01 5.39
130.37 140.05 139.67 62.97 22.81 16.98 21.42 12.89 17.93 103.39

138.72 141.43 110.94 109.1 13.27 42 40.97 24.61 10.13 59.35

233.05 172.58 136.69 132.72 40.54 50.99 44.55 39.78 40.06 116.43
68 58.78 62.04 66.84 39.38 19.29 13.71 13.1 5.54 50.65
5.92 6.74 2.99 8.67 2.77 1.52 5.59 5.38 14.38 1.4
445.69 379.53 312.66 317.33 95.96 113.8 104.82 82.87 70.11 227.83
842.49 690.53 612.95 534.03 486.98 509.39 464.8 375.32 336.18 419.71

337.21 314.09 301.48 234.94 109.32 102.25 118.36 103.88 98.8 143.82
5.66 5.7 4.62 6.69 1.63 2.72 1.6 1.94 1.72 1.5
14.02 27.09 7.37 29.47 26.29 0.7 0.32 0.66 0.57 10.07
0.15 0.15 0.15 0 151.73 230.7 189.69 164.58 137.35 0
0 3.24 0 0 25.47 -0.58 5.35 0 0 3.05
8.47 6.48 29.84 29.49 0.65 0.61 0.77 13.55 10.48 1.38
40.56 32.76 0 0 35.3 20.97 15.34 0 0 7.07
406.07 389.51 343.46 300.59 350.39 357.37 331.43 284.61 248.92 166.89

0 0 0 0 0 0 0 0 0 0
135.77 110.31 93.35 86.31 40.27 39.7 39.12 23.17 24.84 94.07
213.44 150.67 121.8 114.67 77.23 92.27 76.22 54.38 52.35 116.16
5.76 3.3 2.78 3.16 6.09 4.7 1.65 1.78 2.91 7.34
0.21 0.28 40.79 23.48 0.07 0.08 0.1 5.02 3.53 0.75
81.24 36.46 10.77 5.82 12.93 15.29 16.28 6.37 3.63 34.51
436.42 301.02 269.49 233.44 136.59 152.04 133.37 90.72 87.26 252.83
842.49 690.53 612.95 534.03 486.98 509.41 464.8 375.33 336.18 419.72
 BHARAT GEARS HI TECH GEAR INDUSTRY BA
2018 2017 2016 2015 2019 2018 2017 2016 2015 2019

8.14 7.82 7.82 7.82 18.77 18.77 18.77 18.77 18.77 56.12
69.68 58.66 63.1 62.86 249.41 221.67 195.67 177.26 162.9 1282.11
77.82 66.48 70.92 70.68 268.18 240.44 214.44 196.03 181.67 1338.23

78.68 37.25 51.43 48.88 164.13 122.24 72.01 0.28 0.16 378.27
0 0 0 0 1.37 0.33 1.86 2.73 4.04 8.13
13.71 11.87 10.6 12.33 2.31 3.67 4.41 0 0 24.83
4.5 4.36 4.48 4.56 4.63 3.34 3.39 3.19 2.35 18.18
96.89 53.48 66.51 65.77 172.44 129.58 81.67 6.2 6.55 429.41

49.83 52.37 25.78 33.49 71.56 56.87 51.39 41.13 29.87 315.32
117.07 89.03 75.52 95.75 63.06 55.39 37.51 38.59 54.14 441.8
23.22 28.29 28.35 28.34 53.72 35.02 33.08 24.59 16.81 220.76
0.91 0.9 1.12 1.3 3.58 3.45 3.15 9.38 13.54 16.72
191.03 170.59 130.77 158.88 191.92 150.73 125.13 113.69 114.36 994.6
365.74 290.55 268.2 295.33 632.54 520.75 421.24 315.92 302.58 2762.24

112.11 101.62 113.54 126.7 174.07 167.81 170.12 173.95 172.06 814.71
1 1.17 1.41 1.86 0.98 1.52 0.4 0.41 0.49 10.01
2.36 1.59 3.48 1.9 13.8 2.11 2.81 2.53 0.8 62.47
0 0 0 0 158.47 153.57 101.51 0.07 0 325.11
2.08 0.79 0.41 0.56 0 0 0 0 0 33.48
1.29 1.14 7.69 8.03 3.33 1.79 1.61 3.13 4 50.06
6.09 6.98 0.51 0.47 32.96 4.04 1.2 0.56 0.55 139.4
124.93 113.29 127.04 139.52 383.61 330.84 277.65 180.65 177.9 1435.24

0 0 0 0 0 0 0 0 0 109.69
77.03 62.43 57.34 64.91 73.97 45.71 34.71 32.13 28.21 433.15
128.18 92.32 62.9 71.64 109.03 99.71 73.02 66.46 64.08 577.81
5.34 5.64 5.82 5.53 41.78 24.1 14.04 15.52 2.39 85.67
0.52 0.37 9.08 11.33 1.05 0.73 0.67 19.62 29.98 2.11
29.74 16.51 6.01 2.4 23.1 19.65 21.15 1.54 0 118.58
240.81 177.27 141.15 155.81 248.93 189.9 143.59 135.27 124.66 1327.01
365.74 290.56 268.19 295.33 632.54 520.74 421.24 315.92 302.56 2762.25
 INDUSTRY BALANCE SHEET
2018 2017 2016 2015

55.76 54.34 62.57 62.57

1225.33 1042.41 928.45 862.14
1281.09 1096.75 991.02 924.71

334.2 253.94 183.72 110.1

2.49 4.68 13.46 15.49
22.46 22.85 10.79 12.68
15.65 15.31 17.45 15.87
374.8 296.78 225.42 154.14

287.42 286.16 202.46 182.59

480.17 368.71 311.99 346.22
162.54 149.37 139.98 128.34
12.41 16.9 19.31 38.03
942.54 821.14 673.74 695.18
2598.43 2214.67 1890.18 1774.03

768.82 762.1 758.44 705.93

11.16 9.08 8.74 11.61
19.69 32.58 14.4 36.35
396.59 303.52 170.8 137.35
7.45 12.98 1.86 0.56
12.16 10 54.21 59.37
84.58 69.79 21.41 4.66
1300.45 1200.05 1029.86 955.83

101.4 57.6 49.64 15.54

357.09 321.74 272.7 269.72
589.08 438.16 344.13 339.39
41.38 27.11 27.61 103.08
1.54 1.42 74.51 71.85
207.5 168.6 91.73 18.6
1297.99 1014.63 860.32 818.18
2598.44 2214.68 1890.18 1774.01
 LIQUIDITY RATIOS
2019 2018 2017 2016 2015
CURRENT RATIO 1.334215 1.377119 1.235636 1.276932 1.176933
ACID TEST RATIO 0.898713 0.99826 0.843815 0.872176 0.788947

SOLVENCY RATIOS
2019 2018 2017 2016 2015
DEBT EQUITY RATIO 1.0641 1.028296 1.019302 0.907308 0.918472
DEBT RATIO 0.515525 0.506973 0.504777 0.475701 0.478757
INTEREST COVERAGE RATIO 4.822839 5.161257 4.51811 5.358558 4.773046

PROFITABILITY RATIOS
2019 2018 2017 2016 2015
GROSS PROFIT MARGIN 0.448246 0.463973 0.468366 0.47699 0.465262
NET PROFIT MARGIN 0.068537 0.064801 0.053607 0.057668 0.053018
ROA 0.123389 0.116277 0.098005 0.11164 0.099819
ROCE 0.198561 0.18705 0.160696 0.179631 0.171123
ROE 0.168715 0.145907 0.118632 0.131188 0.121054

ACTIVITY RATIOS
2019 2018 2017 2016 2015
Debtors turnover 5.701286 4.896686 5.539346 6.551216 6.221014
Inventory turnover 7.605356 8.077908 7.543731 8.267217 7.827933
Inventory holding period 84.55075 82.06691 88.75955 82.89858 85.19046
Capital turnover 1.919173 1.785772 1.796948 1.919123 2.040326
Asset turnover 1.1926 1.110105 1.095924 1.192728 1.190157
Working Capital turnover 9.910231 8.115178 12.5439 12.08313 17.16545