CRIS Finalyssis

ADITYA BIRLA NUVO LTD.

Contents
COMPANY ANALYSIS ....................................................................................................... 3
COMPANY NAME : Aditya Birla Nuvo Ltd. ............................................................... 4
Profit and Loss Account................................................................................................ 4
Cash Flow ....................................................................................................................... 7
Assets and Liabilities ..................................................................................................... 8
Ratios ............................................................................................................................ 11
Shareholders Information........................................................................................... 12
Forex and its effect: ..................................................................................................... 14
Raw Material................................................................................................................ 15
Product profile ............................................................................................................. 16
Some Interesting Indicators........................................................................................ 20
SUMMARY STATEMENTS ............................................................................................. 23
Profit and Loss ............................................................................................................. 24
Balance Sheet ............................................................................................................... 25
INDUSTRY ANALYSIS ..................................................................................................... 26
INDUSTRY NAME ......................................................................................................... 27
Profit and Loss Account.............................................................................................. 28
Cash Flow ..................................................................................................................... 30
Assets and Liabilities ................................................................................................... 30
Effect of Forex and Interest ........................................................................................ 32
ADITYA BIRLA NUVO LTD. VS INDUSTRY ........................................................ 33
Income and Profit Analysis......................................................................................... 34
Cost Analysis:............................................................................................................... 35
Ratio Analysis .............................................................................................................. 37
INDUSTRY GRAPHS......................................................................................................... 40
Marketcap & Net Worth............................................................................................. 41
Debt & Equity .............................................................................................................. 42
Operating Profit & Net Profit Margin ...................................................................... 43
Return on Net Worth (RONW) and Return on Capital Employed (ROCE)......... 44
Current Ratio ............................................................................................................... 45
Operating Income ........................................................................................................ 46
Profit After Tax ........................................................................................................... 47

Company Analysis

Company Name : Aditya Birla Nuvo Ltd.

Profit and Loss Account
Rs. Crores

Financial Snapshot :
Operating Income
Cost of Sales
OPBDIT
Interest & Finance Charges
Less Interest Capitalised
Operating Profit Before Depn. and
Taxes
Depreciation
OPBT
Non Operating Income
PBT before extraordinary items
Cash Adjustments
Non Cash Adjustments
Extraordinary Income
Extraordinary Expenses
Reported Profit Before Tax |RPBT|
Tax
Def. Tax liab / (asset)
RPAT after def. Tax
Preference Dividend
RPAT after pref div

(YTD)
Mar 08
3965.80
3331.85
633.95
179.02
0.00
454.93
141.10
313.83
0.00
313.83
0.00
0.00
0.73
0.00
314.56
82.00
25.24
207.32
0.00
207.32

Mar 07

Mar 06

Mar 05

100.00
84.01
15.99
4.51
0.00
11.47

3395.68
2876.07
519.61
196.38
-0.98
324.21

100.00
84.70
15.30
5.78
-0.03
9.55

2615.58
2237.21
378.37
69.30
-0.70
309.77

100.00
85.53
14.47
2.65
-0.03
11.84

1866.58
1621.09
245.49
23.09
-0.11
222.51

100.00
86.85
13.15
1.24
-0.01
11.92

3.56
7.91
0.00
7.91
0.00
0.00
0.00
0.00
7.93
2.07
0.64
5.23
0.00
5.23

120.32
203.89
99.06
302.95
40.62
0.00
0.20
-11.20
332.57
102.21
5.39
224.97
0.00
224.97

3.54
6.00
2.92
8.92
1.20
0.00
0.01
-0.33
9.79
3.01
0.16
6.63
0.00
6.63

111.91
197.86
67.43
265.29
15.99
0.00
0.00
-4.04
277.24
97.22
-6.91
186.93
0.00
186.93

4.28
7.56
2.58
10.14
0.61
0.00
0.00
-0.15
10.60
3.72
-0.26
7.15
0.00
7.15

77.84
144.67
14.77
159.44
5.29
0.00
4.92
-12.57
157.08
45.35
-1.99
113.72
0.00
113.72

4.17
7.75
0.79
8.54
0.28
0.00
0.26
-0.67
8.42
2.43
-0.11
6.09
0.00
6.09

Rs. Crores

Operating Profit:
Mar 07
332.57
203.89

PBT
OPBT

%
100.00
61.31

Mar 06
277.24
197.86

%
100.00
71.37

Mar 05
157.08
144.67

%
100.00
92.10

Operating Margin Trend (OPBDIT)

OPM %

Period ended :
31-Mar-07
31-Mar-06
31-Mar-05
31-Mar-04
31-Mar-03

15.3
14.46
13.15
14.94
15.49

Indexation of:
Operating Income
RM & trade purchase Cost
Power & Fuel
Employee Cost
OPBDIT
RPAT after def tax.

Mar 07
182
185
275
154
212
198

Mar 06
140
145
155
131
154
164

Mar 05
100
100
100
100
100
100

Cost Analysis:
RM & trade purchase cost % OI
Power & Fuel cost % OI
Employee cost % OI
Selling exp % OI
Finance cost %OI
Deprn. cost % OI

Mar 07
54.27
9.83
5.69
6.63
5.75
3.54

Mar 06
54.97
7.17
6.27
7.76
2.62
4.28

Mar 05
53.24
6.5
6.71
9.26
1.23
4.17

Significant Accounting Alerts :

Mar 07
The Company routed rights issue expenses amounting to Rs.744 lakh through share premium reserves and transitional provision for
employee benefits amounting to Rs.1925 lakh net of deferred tax (Rs.977 lakh) routed through general reserve.
Mar 05

Significant Event:
Mar 07
Transfer of business to wholly owned subsidiary. The company has transferred contract export business of Madura Garments division to its
wholly owned subsidiary, Madura Garments exports ltd wef from July 1, 2006 and recognized a gain of Rs. 20 lakh under the head Profit
from transfer of business
Pursuant to the Schemes of Amalgamation (the Schemes) under sections 391 to 394 of the Companies Act, 1956, with effect from September
1,2005 (the Appointed Date) Indo Gulf Fertilizers Limited (herein after referred to as IGFL) and Birla Global Finance Limited (herein after
referred to as BGFL), were merged with the Company. The Effective date of the Schemes for merger of IGFL & BGFL was April 03, 2006
and June 30, 2006 respectively.
Post Balance Sheet Event (09-08-2007) - Aditya Birla Nuvo Limited has informed the Exchange that The Scheme of Amalgamation of
Aditya Birla Insulators Limited with Aditya Birla Nuvo Limited has been sanctioned by the Honble High Court, Gujarat at Ahmedabad. The
Committee of Board of Directors authorised for this purpose, has reviewed and declared the merger effective which shall take effect from
April 1, 2007
The company has fortified its presence in the fast growing telecom space. In a strategic move, the company, along with its wholly owned
subsidiary, acquired additional equity stake in Idea Cellular at a cost of Rs. 137290 Lakh in the first quarter of FY 07. The company further
invested Rs. 22500 Lakh in Ideas pre-placement IPO. With these investments, Aditya Birla Nuvos stake in Idea Cellular has increased from
20.74% to 31.78%.
Mar 06
Amalgamation: The Scheme of Amalgamation of Indo Gulf Fertilisers Ltd (IGFL) with the company became effective on April 03, 2006 on
receipt of requisite approvals and sanctions.
The Scheme of Amalgamation between Birla Global Finance Ltd (BGFL) and the company, was sanctioned by High Court of Mumbai on
January 27, 2006 and is pending for sanction of High Court of Gujarat at Ahmedabad, on Sanction and receipt of other requisite approvals,
the Scheme will become operative from September 01, 2005 (Appointed Date).
On September 28, 2005, the company acquired equity shares of IDEA Cellular Ltd (IDEA) at an aggregate price of Rs 6607.30 million from
AT & T Cellular Pvt. Ltd, Mauritius, raising its equity holding in IDEA from 4.28% to 20.74%
The Aditya Birla Group, in terms of the Shareholders Agreement, has accepted the offer made by the Tata Group, and will acquire its entire
holding of 48.14% in IDEA. The company will acquire 15% of the said holding directly or through its subsidiaries. Post acquisition the
company equity holding in IDEA will increase from 20.74% to 35.74%.
Mar-05

Significant Change in Accounting Policy :

Mar 07
Mar 06
The company, during the year, revised the estimated useful lives of office equipments, showroom assets and assets acquired on
amalgamation of IGFL and BGCL from life/rates as per company Act to the useful life as stated in the accounting policy of depreciation and
amortization. Consequently additional depreciation of Rs 558 Lakh has been charged to the P&L for the year.
Mar-05

Auditors Report
Mar 07 - Auditor's Report is Not Qualified for the year.
Mar 06 - Auditor's Report is Not Qualified for the year.
Mar 05 - Auditor's Report is Not Qualified for the year.

Cash Flow
Rs. Crores

Net Cash Flow from:

Mar 07
Operations
Investing Activities
Financing Activities
Net increase in cash & cash equivalents

496.35
-2245.72
1751.79
2.42

Mar 06

Mar 05
-7.67
-663.14
675.56
4.75

51.25
-94.25
39.17
-3.83

Assets and Liabilities

Rs. Crores

Debtors Analysis

Mar 07 Mar 06 Mar 05

12.14
10.82
3.33
583.85
404.62
257.57
0.00
59.34
0.00
595.99
474.78
260.90
2.03
2.27
1.27

Debtors : More than 6 months

Debtors : Less than 6 months
Bills Receivable
Total Debtors
Debtors More than 6 months as % of
Total Debtors

Rs. Crores

Inventory Breakup
Mar 07
200.51
33.00
195.04
46.71
475.26

Raw and Packing Materials

Work In Process
Finished Goods
Stores and Spares
Total Inventories

Mar 06
307.57
35.32
147.53
35.91
526.33

Mar 05
203.25
25.47
108.42
17.86
355.00

Mar 06
752.87
1563.57
0
0.19
6.67

Mar 05
285.31
493.03
0.1
0.38
11.22

Debt Coverage (no. of times) :

LTD (Rs Crores)
Total Debt (Rs Crores)
CFO / Total Debt
GCA/ Total Debt
Interest Coverage Ratio

Mar 07
1600.6
2831.83
0.18
0.12
3.32

Asset Structure: (times)

Gross Block (Rs Crores)
Net Operating Curr. Assets (Rs Crores)
Net operating Assets/Total Assets
Net Total Investment/Total Assets
Other Assets/Total Assets
OPBDIT / Net Operating Assets
OPBT / Net Operating Assets

Mar 07 Mar 06 Mar 05

2454.83 2265.28 1225.10
850.24 849.69 449.77
0.31
0.46
0.59
0.64
0.45
0.38
0.05
0.09
0.03
0.28
0.21
0.23
0.11
0.11
0.13

Rs. Crores

Appreciation in Quoted investment

Appreciation/ (Depreciation) in Quoted investment
Mar 07
1333.55
2515.84
8214.78
5698.94

Book Value of Un Quoted Investments

Book Value of Quoted Investments
Market Value of Quoted Investments
Appreciation/ (Depreciation) Quoted investment

Mar 06
1524.25
151.54
419.41
267.87

Rs. Crores

Exposure to subsidiaries and affiliates :

Expo.to subs. & affiliates(ESA) (Rs Crores)
ESA/Total Investments %
ESA/Tangible net worth %

Mar 07
3508.99
89.99
109.16

Mar 05
562.91
136.75
259.39
122.64

Mar 06
1442.83
83.72
63.43

Mar 05
611.58
85.44
44.84

Share Capital And Reserves:

Paid up Capital
Gross Reserves
Intangible Assets
Misc Exp. Not w/o
Debit Balance in P&L
Net Reserves
Tangible Networth

Mar 07
93.31
3205.32
84.21
0.00
0.00
3121.11
3214.42

Rs. Crores
Mar 06
59.89
2291.81
100.50
0.00
0.00
2191.31
2274.81

Mar 05
59.88
1419.70
115.62
0.00
0.00
1304.08
1363.96

Rs. Crores

Contingent Liabilities
Period ended on
Guarantees for operations
Guarantees on behalf of Subsidiaries :affiliates
Other Claims against the co. not acknowledged as
debt
Future lease rentals payable: Finance Lease: as per
old AS
Others 1
Others 2
Others 3
TOTAL CONTINGENT LIABILITIES
Total Contingent Liability as % of Tangible
Networth

Mar 07

Mar 06

Mar 05

0
110.52
99.36

0
292.85
103.94

0
143.64
138.26

10.94
49.58
1.05
271.45
8.44%

15.43
29.37
1.48
443.07
19.48%

4.19
0
0
286.09
20.97%

10

Ratios
Some Key Ratios :
Mar 07
1.38 times
6.98 %
8.61%
0.88 times
1.04 times
68 Days
25 Days
51 Days

OI/Gross Block
ROGNW
ROCE
Debt:Equity Ratio
Current Ratio
Debtors to Sales
FG Inventory as cost of sales
Payables to cost of sales

Mar 06
1.15 times
7.58 %
8.78%
0.69 times
1.4 times
72 Days
24 Days
69 Days

Mar 05
1.52 times
7.55 %
9.13%
0.36 times
1.48 times
58 Days
24 Days
53 Days

Shareholders data :
FV per share (Rs.)
MP per share
Dividend Rate
EPS(after pref.Div)
Book Value per share
MP/BV (times)
PE ratio (times)
Price /Div.per share

MP per Share *
EPS
EPS annualized
PE ratio annualized
Paid up Capital
* Mar,31,2008

Mar 07
10
1061.68
55%
25.59
344.49
3.08
41.49
193.03

Mar 06
10
742.95
50%
25.39
379.83
1.96
29.26
148.59

Mar 05
10
402.25
40%
18.98
227.78
1.77
21.19
100.56

(YTD) Mar 08
Rs 1394.9
Rs 26.05
Rs 26.05
53.55
Rs 95.01 Crore

11

Shareholders Information
Shareholding Pattern:
Category
Promoters
Mutual Funds
Banks , FIs
FIIs
Private Corporate Bodies
Indian Public
NRI / OCB
Others
*Source BSE / NSE

Jun 08
40.19
6.59
8.03
20.44
2.81
14.62
1.21
6.11

Mar 08
40.15
8.68
7.99
17.94
3.10
14.79
1.20
6.16

Dec 07
39.06
9.22
7.72
17.90
3.12
15.27
1.23
6.48

Names of top shareholders

As on 30 Jun 2008
Promoters
Kumar Mangalam Birla Karta of AVKM Birla HUF
Vasavadatta Bajaj
Neerja Birla
Kumar Mangalam Birla
Birla Industrial Investment India Ltd
Birla Industrial Finance India Ltd
Birla Consultants Ltd
Mangalam Services Ltd
Manav Investment & Trading Company Ltd
ECE Industries Ltd
Rajashree Birla
Pilani Investment & Ind.Corpn Ltd
Heritage Housing Finance Ltd
Umang Commercial Company Ltd
IGH Holding Private Ltd
Trapti Trading & Investments Pvt Ltd
Turquoise Investments & Finance Pvt Ltd
Grasim Industries Ltd
Birla Group Holdings Pvt Ltd
Hindalco Industries Ltd
TGS Investment & Trade Pvt Ltd
Total
Others
General Insurance Corporation of India
Master Trust Bank of Japan A/c HSBC Indian Equity
Mother Fun
HSBC Global Investments Fund A/c HSBC Global
Investment Fund
Life Insurance Corporation of India
Total

No. of Securities
held

% Holding

150
1902
2115
4609
5955
27790
28655
46111
114675
119163
127634
187098
679012
1162208
1915389
1923935
2941092
3345816
3389294
8650412
13506736
38179751

0
0
0
0
0.01
0.03
0.03
0.05
0.12
0.13
0.13
0.2
0.71
1.22
2.02
2.03
3.1
3.52
3.57
9.1
14.22
40.19

1269807
1390000

1.34
1.46

7375900

7.76

7531074
17566781

7.93
18.49

12

Distribution of shareholding

1-100
101-200
201 - 500
501-1000
1001-5000
5001-10000
10001 & above
Total

Mar 07
No. Of
Shareholders
128982
17745
11642
3626
2240
141
227
164603

Percentage
78.36
1-100
10.78
101-200
7.07
201 - 500
2.2
501-1000
1.36
1001-5000
0.09
5001-10000
0.14 10001 & above
100
TOTAL

Mar 06
No. Of
Shareholders
59961
14497
9974
2984
1636
102
133
89287

Percentage
67.16
16.24
11.17
3.34
1.83
0.11
0.15
100

Mar 05
No. Of
Shareholders
62149
15939
10951
3096
1765
99
138
94137

Percentage
66.02
16.93
11.63
3.29
1.87
0.11
0.15
100

13

Forex and its effect:

Rs. Crores

Forex details :
Forex Details:
Purchase of Capital Goods
Purchase of Materials
Purchase of Other Materials
Payment of Interest
Payment of Dividend
Other Forex Expense
Total (A)
Export Sales (FOB basis)
Other Forex Income
Total (B)
Net Forex Inflow / (Outflow ((B) (A))

Mar 07
99.99
855.33
35.80
5.77
0.12
28.07
1025.08
491.46
0.00
491.46
-533.62

Mar 06
30.56
635.53
36.29
1.85
0.02
14.40
718.65
462.37
0.00
462.37
-256.28

9.75
83.44
3.49
0.56
0.00
2.74
100.00
100.00
0.00
100.00

%
4.25
88.43
5.05
0.26
0.00
2.00
100.00
100.00
0.00
100.00

Mar 05
27.32
523.47
13.11
0.78
0.02
13.36
578.06
447.37
0.00
447.37
-130.69

%
4.73
90.56
2.27
0.13
0.00
2.31
100.00
100.00
0.00
100.00

% Effect of exchange rate fluctuations on profits of the company :

Period ended
Net inflow/ (outflow) as % of PBT
PBT (Rs Crore)
Impact on PBT on 5% change in forex rate. (Rs Crore)(+/-)
% Impact on PBT on 5% change in forex rate.(+/-)
Impact on PBT on 10% change in forex rate. (Rs Crore)(+/-)
% Impact on PBT on 10% change in forex rate.(+/-)

Mar 07
-160.45%
332.57
-21.68
-6.51
-43.35
-13.03

Mar 06
-92.43%
277.24
-11.29
-4.07
-22.57
-8.14

Mar 05
-83.19%
157.08
-5.17
-3.28
-10.34
-6.57

% Effect of interest rate variation on profits of the company

Period ended
Average Debt (Rs Crore)
PBT (Rs Crore)
Impact on PBT of 1% change in interest rate.(Rs Crore) (+/-)
%Impact on PBT of 1% change in interest rate.(+/-)
Impact on PBT of 2% change in interest rate.(Rs Crore) (+/-)
%Impact on PBT of 2% change in interest rate.(+/-)

Mar 07
2197.70
332.57
21.98
6.61
43.95
13.22

Mar 06
1028.30
277.24
10.28
3.71
20.57
7.42

Mar 05
449.42
157.08
4.49
2.86
8.99
5.72

14

Raw Material
Rs. Crores

Imports of Raw Materials and Spares.

Period ended
Raw Material and Stores Imported
Raw Material and Stores Indigenous
Total
RM Imported Percentage
RM Indigenous Percentage

Mar 07
962.74
747.37
1710.11
56.30
43.70

Mar 06
714.18
623.19
1337.37
53.40
46.60

Raw material Consumption and Prices (major Items):

Period ended
CARBON BLACK FEED STOCK(MT)
Qty
Total Cost
Cost Per Unit
Cost Per Unit Indexation
% of Total Cost

Mar 2007

Mar 2006

Mar 05
555.31
365.74
921.05
60.29
39.71

Rs. Crores
Mar 2005

337332.00
520.53
15430.79
155.62
32.16

320228.00
379.44
11849.06
119.50
30.04

306649.00
304.06
9915.57
100.00
35.32

NATURAL GAS(MT)
Qty
Total Cost
Cost Per Unit
Cost Per Unit Indexation
% of Total Cost

525825.00
306.84
5835.40
100.22
18.96

296531.00
172.65
5822.33
100.00
13.67

N.A.
N.A.
N.A.
N.A.
N.A.

WOOL FIBRE(MT)
Qty
Total Cost
Cost Per Unit
Cost Per Unit Indexation
% of Total Cost

8572.00
246.83
287949.14
88.15
15.25

6087.00
155.50
255462.46
78.20
12.31

3488.00
113.94
326662.84
100.00
13.24

15

Product profile
(Top three products by turnover)
CARBON BLACK(MT)
Period ended
Installed Capacity
Indexation
Capacity Utilization %
Production
Indexation
Revenue per unit (Rs./ Unit)
Indexation
Closing Price per unit (Rs./ Unit)
Indexation
Sales in Quantity (Units)
Indexation
Sales in Value
Indexation
Contribution to Total revenue %

Mar 07
170000.00
100.00
107.45
182668.00
111.37
45201.31
148.97
38806.97
140.56
180893.00
109.57
817.66
163.22
23.03

Mar 06
170000.00
100.00
102.99
175080.00
106.74
35191.88
115.98
31353.74
113.57
175944.00
106.57
619.18
123.60
22.47

Mar 05
170000.00
100.00
96.49
164025.00
100.00
30343.14
100.00
27608.39
100.00
165095.00
100.00
500.95
100.00
25.20

Mar 07
956300.00
119.09
107.50
1028064.00
178.59
7251.49
111.58
6014.61
118.91
1043565.00
185.06
756.74
206.49
21.31

Mar 06
803000.00
100.00
71.69
575646.00
100.00
6498.69
100.00
5058.07
100.00
563914.00
100.00
366.47
100.00
13.30

Mar 05

UREA(MT)
Period ended
Installed Capacity
Indexation
Capacity Utilization %
Production
Indexation
Revenue per unit (Rs./ Unit)
Indexation
Closing Price per unit (Rs./ Unit)
Indexation
Sales in Quantity (Units)
Indexation
Sales in Value
Indexation
Contribution to Total revenue %

N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.
N.A.

16

GARMENTS(NOS/000)
Period ended
Installed Capacity

Mar 07
Indexation

Capacity Utilization %
Production
Indexation
Revenue per unit (Rs./ Unit)
Indexation
Closing Price per unit (Rs./ Unit)
Indexation
Sales in Quantity (Units)
Indexation
Sales in Value
Indexation
Contribution to Total revenue %

N.A.
N.A.
N.A.
9852.00
133.73
647726.21
113.41
228365.19
82.87
10709.00
128.53
693.65
145.76
19.53

Mar 06
N.A.
N.A.
N.A.
10942.01
148.52
554579.92
97.10
239327.34
86.85
11103.90
133.27
615.80
129.41
22.35

Mar 05
N.A.
N.A.
N.A.
7367.34
100.00
571149.09
100.00
275559.64
100.00
8331.80
100.00
475.87
100.00
23.93

17

Major Traded Items

INSULATORS
Period ended
Purchase in Value

Mar 07
Indexation

Sales in Value
Indexation
Revenue per unit (Rs./ Unit)
Indexation
Cost per unit (Rs./ Unit)
Indexation
Margin on Traded sales (%)
Contribution to Traded Sales %

TRADED GOODS
Period ended
Purchase in Value

Mar 06

74.88
105.38
112.31
127.96
144431.58
151.71
96296.30
124.93
49.98
86.65

Mar 07
Indexation

Sales in Value
Indexation
Revenue per unit (Rs./ Unit)
Indexation
Cost per unit (Rs./ Unit)
Indexation
Margin on Traded sales (%)
Contribution to Traded Sales %

100.47
141.39
120.42
137.20
74127.42
77.86
61846.72
80.24
19.85
85.20

Mar 06

16.02
3269.39
16.92
157.40
N.A.
N.A.
N.A.
N.A.
N.A.
13.05

Mar 05
71.06
100.00
87.77
100.00
95205.55
100.00
77079.94
100.00
23.51
87.66

Mar 05

5.74
1171.43
19.78
184.00
N.A.
N.A.
N.A.
N.A.
N.A.
13.99

0.49
100.00
10.75
100.00
N.A.
N.A.
N.A.
N.A.
N.A.
10.74

ARRESTORS
Period ended
Purchase in Value

Mar 07
Indexation

Sales in Value
Indexation
Revenue per unit (Rs./ Unit)
Indexation
Cost per unit (Rs./ Unit)
Indexation
Margin on Traded sales (%)
Contribution to Traded Sales %

Mar 06
0.36
23.23
0.38
23.60
873.76
74.65
827.78
73.46
5.55
0.29

1.11
71.61
1.14
70.81
1403.77
119.93
1366.83
121.29
2.70
0.81

Mar 05
1.55
100.00
1.61
100.00
1170.48
100.00
1126.86
100.00
3.87
1.61

18

Productwise Contribution to Revenue

CARBON BLACK
UREA
GARMENTS
Other Sales (balance fig)
Total sales (manuf + traded)

Mar 07
817.66
756.74
693.65
1282.19
3550.24

%
23.03
21.32
19.54
36.12
100.00

Mar 06
619.18
366.47
615.80
1153.30
2754.75

%
22.48
13.30
22.35
41.87
100.00

Mar 05
500.95

%
25.20

475.87
1011.02
1987.84

23.94
50.86
100.00

19

Some Interesting Indicators

IRR
Period ended
5 Year IRR on share price 5 years ago (based on EPS)

Mar-07
27.69%

Mar-06
19.71%

Mar-05
23.44%

Return over a period of three years.

Period ended
Present Value of market Value added (Price
appreciation+dividends+bonus shares) per share (Rs)
Share Price three years ago(Rs)
Return to investor over a period of three financial reporting periods

Economic profit
Period ended
Economic profit for the year
Enterprise value
Economic profit over cost of funds (based on reported PAT) -- as a % of
Capital Employed
PAT as a % of average capital employed
enterprise value/ average capital employed

Mar 07
Mar 06 Mar 05
1079.06
758.65
414.70
188.95
75.30
71.75
471.08 % 907.50 % 477.98 %

Rs. Crores
Mar 07
-188.91
12715.63
-3.71 %

Mar 06
-52.22
5992.78
-1.73 %

Mar 05
-92.26
2892.29
-4.75 %

4.41 %
2.50

6.20 %
1.99

5.86 %
1.49

20

Fund Raising capacity

Fund Raising capacity
Existing Paid-up Capital
Non-Voting Shares (25% of existing capital)
20% premium over year end price (Rs)
Total additional issue (A)
Post-Issue Networth
Existing Debt/ Equity Ratio
Revised Debt/ Equity Ratio (post issue of non-voting shares)
Capacity to raise additional debt (as Debt/Equity ratio of 1.5:1 (B)
Total Fund Raising Capacity (A) + (B)

Rs. Crores
As on period ended 31/ Mar / 2007
93.31
23.33
1274.02
2971.96
6186.38
0.88
0.46
6447.74
9419.7

21

Rating Review
Outstanding Credit Rating from All
Agencies as on Dec/2007
Short
Term

CRISIL
CARE
FITCH
ICRA

Long
Term

Fixed
Deposit

Medium Corporate
Term / Governan
Term
ce
Deposit

A1+

Rs. Crores

Consolidated Results Vs. Standalone Results

Standalone
Mar 2007

Net Sales
Operating Income
OPBDIT
PAT
Tangible Networth
Total Debt
Net Fixed Assets
Investments
Net Current Assets

3367.82
3395.68
519.61
224.97
3214.42
2831.83
1223.92
3899.51
922.82

Consolidated
Mar 2007

7895.54
8124.66
2303.77
242.89
295.25
9223.57
3224.07
4543.39
1751.36

% Diff
Consolidated
numbers higher
than Standalone
numbers by:
134.44%
139.26%
343.37%
7.97%
-90.81%
225.71%
163.42%
16.51%
89.78%

22

Summary Statements

23

Rs. Crores

Profit and Loss Account

Period Ends On
Income from Operation
Gross Sales
Traded Goods Sales
Total Excise and Other Indirect Taxes
Net Sales
Other Related Income
Operating Income
Expenditure:
Material Costs
Traded Goods Purchased
|Accretion| : Decretion to Stock
Consumable Stores
Power and fuel
Employee Costs
Other Manufacturing Expenses
Other Expenses
Selling Expenses
Miscellaneous Expenses Written off
Less Expenditure Capitalised :excluding Interest
Cost of Sales
Operating Profit Before Depn. Interest and Taxes
|OPBDIT|
Interest and finance Charges
Less Interest Capitalised
Operating Profit Before Depn. and Taxes |OPBDT|
Depreciation
Operating Profit Before Tax |OPBT|
Non operating Income
Adjustments (Cash/Non cash)
Extraordinary Income
Extraordinary Expenses
Profit Before Tax |APBT|
Tax
Provision for Deferred Tax
Profit After Tax |APAT|
Dividend

31-Mar-07
3524.95
0.00
-157.13
3367.82
27.86
3395.68

% of OI

31-Mar-06

-4.46
99.18
0.82
100.00

2724.18
0.00
-140.60
2583.58
32.00
2615.58

1678.36
164.32
-47.51
76.77
333.75
193.22
128.72
123.75
225.09
0.00
0.00
2876.07
519.61

49.43
4.84
-1.40
2.26
9.83
5.69
3.79
3.64
6.63
0.00
0.00
84.70
15.30

196.38
-0.98
324.21
120.32
203.89
99.06
40.62
0.20
-11.20
332.57
102.21
5.39
224.97
58.52

5.78
-0.03
9.55
3.54
6.00
2.92
1.20
0.01
-0.33
9.79
3.01
0.16
6.63
1.72

% of OI

31-Mar-05

% of OI

-5.16
98.78
1.22
100.00

1816.68
137.75
-121.94
1832.49
34.09
1866.58

-6.24
98.17
1.83
100.00

1297.30
140.42
-33.73
63.54
187.56
164.03
121.51
93.58
203.00
0.00
0.00
2237.21
378.37

49.60
5.37
-1.29
2.43
7.17
6.27
4.65
3.58
7.76
0.00
0.00
85.53
14.47

887.81
106.03
-4.00
48.39
121.31
125.16
86.33
72.14
172.88
2.95
0.00
1621.09
245.49

47.56
5.68
-0.21
2.59
6.50
6.71
4.63
3.86
9.26
0.16
0.00
86.85
13.15

69.30
-0.70
309.77
111.91
197.86
67.43
15.99
0.00
-4.04
277.24
97.22
-6.91
186.93
47.61

2.65
-0.03
11.84
4.28
7.56
2.58
0.61
0.00
-0.15
10.60
3.72
-0.26
7.15
1.82

23.09
-0.11
222.51
77.84
144.67
14.77
5.29
4.92
-12.57
157.08
45.35
-1.99
113.72
27.37

1.24
-0.01
11.92
4.17
7.75
0.79
0.28
0.26
-0.67
8.42
2.43
-0.11
6.09
1.47

24

Rs. Crores

Balance Sheet
Period Ends On
Assets
Gross Block
Accumulated Depreciation
Capital Work in Progress
Net fixed assets
Total Investments (net of provision)
Total Inventory
Total Receivables
Total Non operational Inventory/assets
Loans & Advances
Cash and Bank Balances
TOTAL ASSETS
Liabilities
Total Paid Up Equity Share Capital
Share Application Money Pending Allotment
Quasi equity share capital
Reserves & Surplus
Tangible net worth
Long term debt
Short term debt
Other Liabilities
Total Provisions
TOTAL LIABILITIES

31-Mar-07

31-Mar-06

31-Mar-05

2454.83
-1434.79
203.88
1223.92
3849.39
475.26
595.99
74.21
258.12
22.74
6499.63

2265.28
-1352.71
122.45
1035.02
1675.79
526.33
474.78
233.22
371.62
20.32
4337.08

1225.10
-585.47
55.03
694.66
706.32
355.00
260.90
0.00
97.22
9.41
2123.51

93.31
0.00
0.00
3121.11
3214.42
1600.60
1231.23
393.73
59.65
6499.63

59.89
0.00
23.61
2191.31
2274.81
752.87
810.70
424.78
73.92
4337.08

59.88
0.00
0.00
1304.08
1363.96
285.31
207.72
228.58
37.94
2123.51

25

Industry Analysis

26

List of Companies included in Industry Aggregate.

* In Industry aggregates and Industry graphs all year endings are shown as March ending. Data of the latest three
years available is used for the reports.
Example: - For a June year ending company, data of June 2007 is included in March 2007. If the report of June
2007 is not available, June 2006 is added to March 2007.
Company
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India)
Ltd.
Aditya Birla Nuvo Ltd.
RSWM Ltd.
SRF Ltd.

2007
3/31/2007
3/31/2007
6/30/2007
3/31/2007

2006
3/31/2006
3/31/2006
6/30/2006
3/31/2006

2005
3/31/2005
3/31/2005
6/30/2005
3/31/2005

3/31/2007
3/31/2007
3/31/2007

3/31/2006
3/31/2006
3/31/2006

3/31/2005
3/31/2005
3/31/2005

27

Industry Analysis
Profit and Loss Account
Financial Snapshot :

Operating Income
Cost of Sales
OPBDIT
Interest and Finance Charges
Less Interest Capitalised
Operating Profit Before
Depn. and Taxes |OPBDT|
Depreciation
OPBT
Non operating Income
PBT
Cash Adjustments
Non cash Adjustments
Extraordinary Income
Extraordinary Expenses
Reported Profit Before Tax
|RPBT|
Tax
Def. Tax (liab) / asset
RPAT after def. Tax
Preference Dividend
RPAT after pref div

(Rs Crore)
(YTD)
Mar 08
14694.81
12459.67
2235.14
548.75
0.00
1686.39

Mar 2007

Mar 2006

Mar 2005

100.00
84.79
15.21
3.73
0.00
11.48

12523.68
10484.87
2038.80
664.21
-111.16
1485.75

100.00
83.72
16.28
5.30
-0.89
11.86

10133.02
8858.47
1274.54
383.51
-76.16
967.20

100.00
87.42
12.58
3.78
-0.75
9.55

8455.73
7370.15
1085.58
221.86
-20.07
883.79

100.00
87.16
12.84
2.62
-0.24
10.45

735.42
950.97
0.00
950.97
0.00
0.00
-13.50
0.00
937.47

5.00
6.47
0.00
6.47
0.00
0.00
-0.09
0.00
6.38

586.08
899.66
223.87
1123.53
53.48
16.03
0.20
-14.04
1179.19

4.68
7.18
1.79
8.97
0.43
0.13
0.00
-0.11
9.42

496.34
470.86
177.36
648.23
23.64
0.00
94.15
-16.51
749.51

4.90
4.65
1.75
6.40
0.23
0.00
0.93
-0.16
7.40

400.02
483.77
49.25
533.02
29.00
0.00
10.64
-5.36
567.30

4.73
5.72
0.58
6.30
0.34
0.00
0.13
-0.06
6.71

179.33
135.87
622.27
0.00
622.27

1.22
0.92
4.23
0.00
4.23

278.38
117.23
783.59
0.74
782.85

2.22
0.94
6.26
0.01
6.25

164.83
65.16
519.52
7.59
511.93

1.63
0.64
5.13
0.07
5.05

81.82
72.50
412.98
8.50
404.48

0.97
0.86
4.88
0.10
4.78

Operating Profit:
PBT
OPBT

(Rs Crore)
Mar 2007
1179.19
899.66

%
100.00
76.29

Mar 2006
749.51
470.86

%
100.00
62.82

Mar 2005
567.30
483.77

%
100.00
85.28

28

Operating margin Trend (OPBDIT)

Period ended :
Mar 2007
Mar 2006
Mar 2005
Mar 2004
Mar 2003

OPM %
16.28
12.58
12.84
16.34
17.69

Indexation of:
Operating Income
RM & trade purchase Cost
Power & Fuel
Employee Cost
OPBDIT
RPAT after def tax.

Mar 2007
148.11
143
193.99
150.43
187.81
189.74

Mar 2006
119.84
115.44
143.94
126.22
117.41
125.80

Mar 2005
100
100
100
100
100
100

Mar 2007
62.90
7.89
4.11
3.74
4.42
4.68

Mar 2006
62.55
7.24
4.26
4.21
3.03
4.90

Mar 2005
64.93
6.02
4.04
3.75
2.39
4.73

Cost Analysis:
RM & trade purchase cost % OI
Power & Fuel cost % OI
Employee cost % OI
Selling exp % OI
Finance cost %OI
Deprn. Cost % OI

29

Cash Flow
Net Cash Flow from:

(Rs Crore)
Mar 2007
1097.28
-4247.85
3428.53
277.96

Operations
Investing Activities
Financing Activities
Net increase in cash & cash
equivalents

Mar 2006
986.23
-2534.05
1569.73
21.91

Mar 2005
550.72
-1259.16
1033.74
325.30

Assets and Liabilities

Debtors Analysis :

(Rs Crore)

Debtors : More than 6 months

Debtors : Less than 6 months
Bills Receivable
Total Debtors
Debtors More than 6 months as % of Total
Debtors

Mar 2007
41.55
1641.81
1.30
1684.66
2.47%

Mar 2006
40.72
1138.92
59.78
1239.42
3.29%

Inventory Breakup :
Raw and Packing Materials
Work In Process
Finished Goods
Stores and Spares
Total Inventories

Mar 2005
32.82
961.05
1.66
995.52
3.30%

(Rs Crore)
Mar 2007
605.18
358.28
709.16
182.03
1854.64

Mar 2006
676.61
261.66
464.06
120.33
1522.67

Mar 2005
669.71
216.94
616.09
77.34
1580.07

Debt Coverage (no. of times) :

LTD (Rs crores)
Total Debt (Rs crores)
CFO / Total Debt
GCA/ Total Debt
Interest Coverage Ratio

Mar 2007
6947.81
9625.87
0.11
0.15
4.19

Mar 2006
4582.24
6359.19
0.16
0.17
4.93

Mar 2005
3023.68
4107.49
0.13
0.22
5.56

30

Asset structure: (times)

Gross Block (Rs. crs)
Net Operating Curr.* Assets (Rs.crs)
Net operating Assets/Total Assets
Net Total Investment/Total Assets
Other Assets/Total Assets
OPBDIT / Net Operating Assets
OPBT / Net Operating Assets
*current

Mar 2007
12698.17
3647.46
0.66
0.26
0.08
0.18
0.08

Mar 2006
10225.46
2637.27
0.68
0.17
0.15
0.15
0.06

Share Capital And Reserves:

Paid up Capital
Gross Reserves
Intangible Assets
Misc Exp. Not w/o
Debit Balance in P&L
Net Reserves
Tangible Networth

Mar 2005
7803.82
2333.08
0.77
0.12
0.11
0.16
0.07

(Rs Crore)
Mar 2007
545.90
6930.05
88.45
3.04
0.00
6838.56
7386.34

Mar 2006
496.22
5362.26
105.12
3.35
0.00
5253.79
5778.37

Mar 2005
480.12
4164.05
120.00
4.36
0.00
4039.68
4523.13

Ratios
Some Key Ratios :
OI/Gross Block
ROGNW
ROCE
Debt:Equity Ratio
Current Ratio
Debtors to Sales
FG Inventory as cost of sales
Payables to cost of sales

Mar 2007
0.99 times
12.05 %
10.13 %
1.30 times
1.27 times
57 Days
25 Days
55 Days

Mar 2006
0.99 times
9.93 %
8.63 %
1.10 times
1.27 times
55 Days
19 Days
58 Days

Mar 2005
1.08 times
10.45 %
8.78 %
0.91 times
1.36 times
51 Days
31 Days
58 Days

31

Effect of Forex and Interest

% Effect of exchange rate fluctuations on profits of the company
Period ended, 31st
Net inflow/ (outflow) as % of PBT
PBT (Rs. Crore)
Impact on PBT on 5% change in forex rate.(Rs. Crore)(+/-)
% Impact on PBT on 5% change in forex rate. (+/-)
Impact on PBT on 10% change in forex rate.(Rs. Crore)(+/-)
% Impact on PBT on 10% change in forex rate. (+/-)

Mar 2007
-24.07%
1179.19
29.60
2.51
59.21
5.02

Mar 2006
-62.92%
749.51
8.77
1.17
17.55
2.34

Mar 2005
-122.48%
567.30
4.80
0.85
9.59
1.69

% Effect of interest rate variation on profits of the company

Period ended, 31st
Average Debt (Rs. Crore)
PBT (Rs. Crore)
Impact on PBT of 1% change in interest rate.(Rs. Crore)(+/-)
%Impact on PBT of 1% change in interest rate. (+/-)
Impact on PBT of 2% change in interest rate.(Rs. Crore)(+/-)
%Impact on PBT of 2% change in interest rate. (+/-)

Mar 2007
7992.53
1179.19
79.93
6.78
159.85
13.56

Mar 2006
5233.34
749.51
52.33
6.98
104.67
13.96

Mar 2005
3542.54
567.30
35.43
6.25
70.85
12.49

32

Company Vs Industry

33

Income and Profit Analysis:

34

Cost Analysis :

35

36

Ratio Analysis :

37

38

39

Industry Graphs

40

Marketcap & Net Worth

(Rs Crore)

Year-2007
Company
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.
Industry

Marketcap
9906.54
971.96
250.32
218.06
667.70
207.64
834.72
13056.94

Net worth
3214.42
1166.26
589.64
428.76
733.05
313.94
940.27
7386.34

41

Debt Equity ratio

(Rs Crore)

Year-2007
Company
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.
Industry

DEBT
2831.83
3337.11
430.46
691.03
941.77
910.03
483.64
9625.87

Net worth
3214.42
1166.26
589.64
428.76
733.05
313.94
940.27
7386.34

42

Operating Profit and Net Profit Margin

(Rs Crore)

Year-2007
Company
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.

OPM
15.30
25.67
7.89
10.88
7.64
10.00
30.47

NPM
6.62
8.85
1.70
1.66
1.02
4.08
15.99

43

Return on Net Worth (RONW) and Return on Capital Employed (ROCE)

Year-2007
Company
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.

RONW
6.98
17.71
3.88
9.74
4.63
17.95
32.72

ROCE
8.61
9.12
4.32
9.54
4.45
7.47
33.41

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Current Ratios
Year-2007
Year
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.

Mar-2007
1.04
1.72
1.39
1.79
0.80
1.38
1.33

Mar-2006
1.40
1.85
0.97
1.61
0.51
1.35
1.06

Mar-2005
1.48
2.34
1.15
1.94
0.76
1.31
0.92

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Operating Income
(Rs Crore)

Year-2007
Year
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.

Mar-2007
3395.68
1861.96
979.25
1393.80
2006.84
1079.07
1807.09

Mar-2006
2615.58
1433.00
989.66
953.25
1937.60
1000.17
1203.76

Mar-2005
1866.58
1241.94
955.13
648.87
1918.33
765.05
1059.84

46

Profit after tax

(Rs Crore)

Year-2007
Year
Aditya Birla Nuvo Ltd.
Alok Industries Ltd.
Century Enka Ltd.
Garden Silk Mills Ltd.
Indo Rama Synthetics (India) Ltd.
RSWM Ltd.
SRF Ltd.

Mar-2007
224.97
164.86
16.72
23.26
20.64
44.07
289.07

Mar-2006
186.93
109.21
17.59
22.10
51.83
27.08
104.77

Mar-2005
113.72
89.25
52.56
8.79
70.21
18.40
60.05

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CONTACT DETAILS:
Contact Person: Ms. Megha Chopra
Address: CRISIL Research,
CRISIL Limited
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Tel.: +91-20-2553 9064-67
Fax.: +91-20-2553 9068
E-mail : mchopra@crisil.com

DISCLAIMER
CRISIL Research has taken due care and caution in compilation of the data for this publication. We have
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is not responsible for any errors in transmission and especially states that it has no financial liability whatsoever
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