Analysis of Financial Performance of Cement Industry

A Research Report On

“Analysis of Financial Performance of Cement Industry” Submitted in partial fulfillment of requirement for the award of the degree of

Master of Business Administration Of Bangalore University By

VISHAL CHOPRA Reg. No: 05XQCM6116

Under the Guidance and Supervision Of Prof.S.SANTHANAM

M.P.BIRLA INSTITUTE OF MANAGEMENT Associate Bharathiya Vidya Bhavan #43, Race Course Road, BANGALORE-560001 M.P.BIRLA INSTITUTE OF MANAGEMENT

Declaration

I hereby declare, that this project report titled “ Analysis of Financial

Performance of Cement Industry”, has been successfully completed under the guidance of Prof.S.SANTHANAM, Project Guide, M P Birla Institute of Management in partial fulfillment of Masters in Business Administration degree at Bangalore University.

I further declare that this project report is the result of my own efforts and that it has not been submitted to any other university for the award of a degree or does not form the basis of any degree or diploma of other similar title of recognition in any other university.

Place: Bangalore Date:

M.P.BIRLA INSTITUTE OF MANAGEMENT

Vishal Chopra

(Reg. No. 05XQCM6116)

Guide’s Certificate

This is to certify that the Project titled “Analysis of Financial

Performance of Cement Industry”, has been prepared by Mr.Vishal Chopra bearing the registration number 05XQCM6116

under my guidance. This has not formed a basis for the award of any Degree/Diploma by any other University.



Prof.S.SANTHANAM

(Faculty, MPBIM)

Principal’s Certificate

This to certify that this report entitled “Analysis of Financial

Performance of Cement Industry”, has been prepared by Mr.Vishal Chopra bearing Reg. No. 05XQCM6116 of M P Birla

Institute of Management in partial fulfillment of the award of the

degree,

Master of Business Administration

University,

under

the

guidance

and

at

Bangalore

supervision

of

Prof.S.Santhanam , MPBIM, Bangalore. This report or a similar report

on this topic has not been submitted for any other examination and does not form a part of any other course undergone by Mr.Vinay.R



(Dr. N S Malavalli) Principal

ACKNOWLEDGMENT

I sincerely thank Dr.Nagesh.S.Malavalli (Principal), M.P.Birla Institute of Management, Bangalore for granting me the permission to do this Research Project.

I extend my gratitude to Prof. T.V.N.Rao , and also Prof S.Santhanam, professor, MPBIM who kindly spared their valuable time giving information without which this report would have been incomplete.

I extend my deep sense of gratitude to my parents who have encouraged and helped me to complete this project successfully.

I would like to extend my thanks to all my friends & the unseen hands that have made this project possible.



VISHAL CHOPRA.V.

(Reg. No. 05XQCM6116)

TABLE OF CONTENTS CHAPTERS

PARTICULARS EXECUTIVE SUMMARY

1.

INTRODUCTION & THEORICAL BACKGROUND

2.

LITERATURE REVIEW

3

RESEARCH METHODOLOGY

3.1

Research problem statement

3.2

Methodology

4

DATA ANALYSIS AND INTERPRETATION

4.1 5.

Empirical Results CONCLUSION BIBLIOGRAPHY


Executive Summary:Cement is a key infrastructure industry. Indian cement industry is 84 years old. It has 120 large cement plants besides some 300 mini plants with installed capacity of about 163 million tones and a production of 131.88 million Prices moved above rs.160-180 everywhere in last year. The demand is expected to remain strong The Indian cement Industry not only ranks second in the production of cement in the world but also produces quality cement which meets global standards. , the industry faces a number of constraints in terms of high cost of power, high railway tariff; high incidence of state and central levies and duties; lack of private and public investment in infrastructure projects; poor quality coal and inadequate growth of related infrastructure like sea and rail transport, ports and bulk terminals. In order to utilize excess capacity available with the cement industry, the government has identified the following thrust areas for increasing demand for cement: -Housing development programmes; -Promotion of concrete highways and roads; -Use of ready-mix concrete in large infrastructure projects; -Construction of concrete roads in rural areas under Prime Ministers Gram Sadak Yojana. The financial analysis has been done on 1) India Cements Ltd. 2) Birla Corporation Ltd. 3) Madras Cements 4) K.C.P.Ltd Chettinad cements ltd.


Cement Industry


CEMENT INDUSTRY Introduction Cement is a key infrastructure infrastructure industry. It has been decontrolled from price and distribution on 1st March, 1989 and delicensed on 25th July, 1991.

However, the

performance of the industry and prices of cement are monitored regularly.

The

constraints faced by the industry are reviewed in the Infrastructure Coordination Committee meetings held in the Cabinet Secretariat under the Chairmanship of Secretary (Coordination).

Its performance is also also reviewed by the Cabinet Committee Committee on

Infrastructure. The Indian cement industry is one of the pillar sectors of our economy as it accounts for a significant portion of total industrial output of our country. Further it plays a dominant role in satisfying basic needs (house construction) of human kind. In view of LPG, while India Cements Industry faces many challenges, it gets good opportunities to improve sales. As a result of this, Cement Industry continues to adopt a series of readjusting and restructuring measures including up gradation of technology. India is largest market with a great potential, as the country possesses more than a billion people, vast territory and abundant resources. The cement industry can enlarge global market shares so long as the industry players firmly seize the business opportunities, promptly solve outstanding problems and improve weak links in their existing production chain. The industry is expected to perform well in all the dimensions and achieve a healthy growth in its operations. In order to manage stiff competition, drastic steps are to be tak en to reduce cost of production. In the changed environment, application of financial management techniques would help the cement companies in increasing their productivity and profitability. An attempt has been made in the present study to have an insight into the examination of financial health of the cement companies in India.


The Indian cement industry is on a roll. Driven by a booming housing sector, global demand and increased activity in infrastructure development such as state and national highways, the cement industry has outpaced itself, ramping up production capacity, attracting the top cement companies in the world, and sparking off a spate of mergers and acquisitions to spur growth. The recent boom in the housing and construction industry in India has worked wonders for cement manufacturing companies with capacity utilization crossing the 100 per cent mark for the first time in January 2007. Cement consumption this fiscal is all set to exceed the 150-million tonne mark for the first time. The industry is expected to end the fiscal with a dispatch of about 155 million tonne. The overall capacity utilization during the 10-month period is estimated to be in the range of 95 per cent or more. Major cement companies witnessed a 32 per cent surge in their sales volume and, across the board, companies reported higher production, higher sales and lower production costs. Cement industry at present is enjoying one of the best time in terms of demand and price. What more one could ask for as the most of the cement companies have seen their top line as well as bottom line surging back on the strong spending on the Infrastructure. Today, Indian cement industry comprises of more than 400 large and mini plants ranking rank ing second in the world only after China. The industry at present has an installed capacity of 165 million tones and most of the industry players are operating at the healthy capacity utilization. For the year 2005-06, capacity utilization was at 81 per cent and for the current year, we expect it to be higher. Many cement companies have undertaken expansion plans to meet the growing demand but most of the new capacity will go on stream only by 2008. Hence, we expect the prices of cement to remain firm in the months to come.


Growth and India can easily be taken for synonyms in recent times. It’s not just for the potential of IT and ITES sectors that India is considered a goldmine, but also in a lot of other sectors, the prerequisites, of course, is that investments are made in k ey areas which would be the drivers for future growth. The top slot for the key areas would wou ld easily be taken up by the infrastructure sector. Not only on ly does the sector have enormous scope for growth in itself, it is an important component of the entire growth eco-system.

The cement industry would play a crucial role in building up the infrastructure required for aviation, transportation, ports, and fuel terminals (for energy requirements) amongst others.

The Cement Industry in India has made major strides ever since inception of the first cement plant in 1914 with a humble capacity of 1000 tons/annum. At 145 metric tones a year the country is the second largest producer of cement producing around 5% of the global produce.

GLOBAL SCENARIO Cement demand throughout 2006 will remain strong with growth expected in most countries. There are exceptions, notably the Philippines, Malaysia, the UK, Switzerland and Germany. As expected, the emerging markets are on course to register high annual growth rates. In the Middle East, India and Vietnam, rates of 8% are on the card, while in other countries rates of 3% to 6% have already been reported. The shift of focus In the recent Building Materials Report from Exane BNP Paribas, there was much mention of the shift in the centre of gravity of the cement industry to the East, and from the mature markets to the emerging markets. Asia represents 70% of global cement consumption, with China accounting for about 45% of the world total; by 2020 the emerging markets are expected to represent 90% of world consumption. For the period 2005 – 2010 it is anticipated that there will be a net increase in capacity of 648 million


ton stream, of which 63% will be in Asia and 15% in the Middle East, two regions in which the European players have a relatively limited presence.

Middle East With regard to the Middle East countries, there are two important factors that could be influencing the decision makers: oil prices and the geopolitical situation in the Middle East. Construction output in these countries has always b een correlated to oil process. If demand slows and does not match expectations of increased cement capacity there could be intense domestic price competition and surplus capacity would have to be exported, out of a region that is currently importing about 15% of global sea-borne cement.

The international cement groups as well as the domestic producers in the Middle East will be carefully watching oil prices, as a fall from the high levels and revenues that have been fuelling the construction industry in many parts of the region could severely affect cement demand.

Expansion options There is also another interesting aspect of the latest developments in the cement industry and that is an increase in vertical integration, in which companies are looking to control downstream activities. The acquisition of aggregates companies or ready mix concrete operations (such as that of Aggregate Industries by Holcim, or RMC by Cemex) can offer a deterrent d eterrent to imports. An oversupply of cement in some of the rapidly expanding regions could set off a price war in the mature markets and the established players will want to protect their domestic interests, by becoming both producer and customer.

THE INDIAN SCENERIO The Indian cement industry is fragmented across the length and the breadth of the country with a few clusters. Cement being a transportation intensive industry the fragmentation provides an opportunity. Road is the preferred mode for transportation upto 250 km but the industry is highly dependent on the roads as the railway infrastructure is not adequate, there is an acute shortage of wagons.


Indian per capita consumption of cement is only about a third of the world average. Even though India stands fourth in the tally of cements ce ments consumers across the globe it easily has the capability of being the second largest consumer behind China, which, as per the estimates, would continue to be the largest consumer of cement. An additional 12 million tons per annum would need to be added to the current Indian capacity to keep up with the growing demand. There aren’t a lot of Greenfield projects in the pipeline to add a dd to the capacity thus it would create a favorable demand-supply scenario. However, cement consumption per capita in our country at about 115-kg/ capita is one of the lowest amongst other countries. A simple comparison with the rest of the world would prove the point, the figure for China, for instance is 450 kg/capita. Similarly in Japan it is 631 kg/capita while in France it is 447 kg/capita, while the world average is about 250 kg/capita.

Energy Efficiency As for energy and pollution norms, the best performers in the country perform almost at par with the best around the globe (thermal energy Kcal/kg of clinker – India 665 against 690 of Japan and pollution norms SPM of 40 in India against 20 of Japan) but the average performers lag far behind the global average. Looking at the background of cement industry, the prices of cement industry are market driven and are not in the control of the manufacturers. There is a mismatch between the supply and demand, with the demand side being heavier. However, an increase in the installed capacity can bridge the gap between demand and supply. In budget`07, a dual policy was announced for the cement industry, which had a positive as well as a negative impact. On the positive side, there was emphasis on infrastructure development and nation-building projects, resulting in an increase in the derived demand for cement. However, the simultaneous increase in the excise duty had wiped out the benefits. The price considered in the budget was the maximum retail price (MRP) at Rs 190 a 50kg bag. Due to additional costs like primary freight, secondary freight, handling and the


presence of intermediaries further inflated the retail price of cement, which resulted in an increase in cement prices earlier last week. However, recently cement manufacturers have agreed to hold the the current prices for one year even after rise in input costs, with excise duty of Rs 600 a ton being left unchanged. Cement manufacturers also agreed that if any concession is given to them on excise duty and other statutory levies, they will pass on the benefit to consumers. This had a `negative` impact on the cement companies. As per a report by Networth Stock Broking, the above would mean cement companies will not have any decline in realizations from current levels but reduction in Networth price assumption by Rs 150 a ton for FY08/CY07 would lead to 14 to 20 % impact on net earnings of frontline cement companies. Gujarat Ambuja would be affected 13% and UltraTech 18%. ``Further the cap on prices would expose the cement manufacturers to negative surprises on cost front. We upgrade the sector to neutral in light of sharp correction, the decision of freezing the price for one year has washed away any kind of probability for bottom line surprise for the next one year. Cement companies have lost opportunities for further price hikes which we have factored in our earnings estimates for next year. This move will downgrade the net earnings of frontline cement companies by 10-15%, Looking at the lack of trigger in near future, inability to pass on the cost and overhang of supply due to commercialization of new plants by FY09, Karvy has downgraded the cement sector to `Neutral`.


Demand Supply Cement demand has posted a healthy growth rate of 11.16% in the current fiscal. This is in tandem with strong economic growth of the country. The GDP growth in the current fiscal is expected to be in excess of 8.1 per cent and during the half year Jan-June 2006, cement industry grew around 12.2 % as compared to 10.5 % for the corresponding previous year. The industry produced and supplied over 136 million tons of cement, including export of 9 million tons of cement and clinker. The industry capacity capac ity was 157 million tons. The industry achieved production of 141.81 million tons in fiscal 2005–06 compared to 127.57 million tons during corresponding previous year.

The strong growth in the cement sector has been fuelled by various sectors which are witnessing strong growth themselves. They are Growth in housing sector (over 30%)-a key demand driver; -Infrastructure projects like ports, airports, power projects, dam & irrigation projects -National Highway Development Programme -Bharat Nirman Yojana for rural infrastructure -Rise in industrial projects -Export potential is also a demand driver Capacity Utilization The capacity utilization has improved over the years, the current level of capacity utilization is pegged at 90% which in itself is a benchmark ben chmark the world over. Not being able to add capacity rapidly has been a blessing in disguise for the industry as it has enabled it to attain such a high level of productivity.

THE CONSOLIDATION In the past 3 years the Indian cement industry has undergone dramatic changes, the takeover of L&T cement division (UltraTech) by Grasim (Aditya Birla Group) was only the beginning of the consolidation that was to follow. The top five players control almost 50% of the capacity; the remaining 50% of the capacity remains pretty fragmented.


Global participation The consolidation so far has not been limited to the home grown players; a lot of foreign players are keen to get into the Indian market. The newfound interest of the global bigwigs in the Indian cement arena has a pretty simple reasoning behind it; huge potential for growth in the medium and the long run, and a strategic base for a possible injection of cement at competitive prices to China and other Asian Countries.

It would only be unfair to expect that the global bigwigs would sit back and watch without being part of the action. Its no wonder that the top ones (Lafarge, Holcim and Heidelberg) have increased their investments in India. The government initiatives to extend a variety of incentives to the industry to spur growth in the housing and other infrastructure sectors is only going to increase cement demand in the medium term. Having mentioned earlier that the per capita cement consumption in India is very low, the multinational majors see a huge potential for this pie to grow and a nd thus are eager to have a slice through acquisitions. The acquirer and the acquired. The following acquisitions have happened in the recent past Grasim: UltraTech (L&T) ACC: IDCOL Lafarage : Tisco, Raymonds Gujarat Ambuja :DLF, ACC Cement FranCais : Zuari Heidelberg : Mysore Cement Holcim: Gujarat Ambuja

It’s interesting to note that ACC took over state-owned Industrial Development Corporation of Orissa Ltd (IDCOL) in Dec 2003, only to be merged with by Gujarat Ambuja which in turn has been taken over by Holcim recently. ACC and Gujarat Ambuja are now the two arms of Swiss cement giant Holcim with a 24 per cent share of the Indian market and nearly 35 million tons capacity. The Indian Cement Industry is evolving and evolving for the good. The action that we have seen is not the end, it is would continue for some time. Though the bigger players have created bigger entities there have hav e isolated smaller entities who would eventually


have to come together either to grow or be part of some bigger entity. The cement market is on a growth path(refer other article in this issue on Realty Boom) and as they say “make hay while the sun shines” we expect more global players to enter this growing market.

As global majors strengthen presence — Indian cement industry logs highest growth in output The industry has witnessed strong consolidations as several global majors like Lafarge, Holcim and Heidelberg have strengthened their foothold here through M&A route. As a result these foreign companies are controlling more than 25 per cent of the market. One of the reasons for strong interest shown by the foreign players is due to lower per capita consumption of cement in India Vis a Vis other Asian countries. For example, India has per capita consumption of mere 125 kg as against China of 800 kg, 960 kg of South Korea and 450 kg of Thailand. In other words, there is good scope for cement consumption to increase over the years. Cement production slowed in 2006-07, with a sharp decline recorded in March, data from the index of six infrastructure industries showed today. The overall six core sector index, which has a combined weight of 26.7 per cent in the index of industrial production, grew by 10 per cent in the month, as against 7.1 per cent in March 2006. Cement production growth, which has a weight of 1.99 per cent in the IIP, fell this March to 5.5 per cent, as against 17 per cent in the same month last year. For the 12-month period (April-March 2006-07), production growth slowed to 9.1 per cent, as against 12.4 per cent in 2005-06. Cement industry executives expect the slowdown to continue in the coming months.


Cement majors cash in on West Asian construction boom THE surge in oil prices has brought cheer to at least one section of the Indian industry. Cement majors including Gujarat Ambuja, UltraTech Cement and Saurashtra Cement are among those cashing in on the huge export potential in West Asia, which is witnessing an oil price-led construction boom. During February, for instance, cement exports showed a healthy growth of 6.67 per cent to 0.32 million tonnes from 0.3 million tonnes, according to data generated by the Cement Manufacturers' Association. Much of the increase in cement exports has been on account of exports to the United Arab Emirates and other West Asian nations, industry players said. According to them, the prices for both cement and clinker have shot up by 40-50 per cent in the global market, even as domestic prices remain comparatively subdued. This has opened up huge opportunities for cement majors, especially those on the west coast of the country, to cater to the booming demand in the countries of the West Asian region, they said. "The export prices of cement have increased to nearly $40 (free-on-board) against $25 six months ago, while clinker prices have hav e risen to close to $30, as against a gainst $20 earlier. "The spurt in export prices is largely on account of the West Asian construction boom and provides tremendous export potential for Indian west coast-based manufacturers since the average realization in the international markets is higher now," an industry player said. West Asia has traditionally been a high priced market for cement. In the mid-1990s, cement prices in the West Asian countries were ruling close to the $47-mark and it is only after 1998-99 that cement prices crashed to settle around the $20-mark.


Players such as Gujarat Ambuja, which are based in Gujarat, have a big logistical advantage in shipping products to West Asia, according to industry sources. Also, the company has its own captive port, giving it a tremendous cost advantage. Gujarat Ambuja Cements, with manufacturing facilities in Gujarat, is among the largest exporter of cement and the company sells about 15 per cent of its production to the export market. UltraTech Cement, the erstwhile cement division of Larsen & Toubro that is now part of the AV Birla group, is the other big exporter of clinker and cement to West Asia. Saurashtra Cement is also among those planning to export to West Asian nations in a big way.

Capacity and Production The cement industry comprises of 125 large cement plants with an installed capacity of 163 million tonnes and more than 300 mini cement plants with an estimated capacity of 11.10 million tonnes per annum. The Cement Corporation Corporation of India, India, which is is a Central Public Sector Undertaking, has 10 units. There are 10 large cement plants owned by various State Governments.

The total installed capacity in the country as a

whole is 159.38 million tonnes. GLOBAL cement majors such as Holcim forking out huge premiums to strengthen their presence in the Indian market should come as no surprise with the domestic cement industry registering the fastest growth in production globally over the last 10 years, beating China to second place. Cement production in the country recorded a compounded annual growth rate (CAGR) of 8.2 per cent between 1994-2003, as compared with a 7.2 per cent growth clocked by the Chinese cement industry and the world average of 3.5 per cent growth, according to data sourced from the US Geological Survey. The increase in cement production is only expected to pick up as the country continues growing at over 6-7 per cent annually.


Swiss-cement major Holcim paid the equivalent of more than $200 a tonne for picking up a 14.8 per cent stake in Gujarat Ambuja on January 30, which is among the highest valuations in cement industry deals during the last five years or so. Besides India and China, the other countries that have seen significant growth in production include Brazil, Spain and the US. On the other hand, Germany and Japan are among countries that have shown a downturn in production during the 10-year period, as per the data. According to analysts, the predominant reason for the fast growth in the Indian cement industry is on account of a combination of the rapid economic growth and the fact that the Government shackles on the sector was removed early. The sector was decontrolled from price and distribution restrictions in 1989 and delicensed in July 1991. , the Indian cement industry is projected to grow at a CAGR of around 7 per cent over the next five years. For the development of the cement industry, the Government had constituted a `Working Group' in the Planning Commission during the formulation of Tenth Five Year Plan, which forecast a growth rate of 10 per cent for the industry during the plan period and has projected creation of additional capacity of 40-62 million tonnes mainly through expansion of existing plants. The thrust areas for improving demand for cement include the Government's efforts to further push to housing development programmes, promotion of concrete highways and roads and the use of ready-mix concrete in large infrastructure projects.

Recommendations on Cement Industry For the development of the cement industry ‘Working Group on Cement Industry’ was constituted by the Planning Commission for the formulation of X Five Year Plan. The Working Group has projected a growth rate of 10% for the cement industry during the plan period and has projected creation of additional capacity of 40-62 million tonnes


mainly through expansion of existing plants.

The Working Group has identified

following thrust areas for improving demand for cement; (i)

Further push to housing development programmes;

(ii)

Promotion of concrete Highways and roads; and

(iii)

Use of ready-mix concrete in large infrastructure projects.

Further, in order to improve global competitiveness of the Indian Cement Industry, the Department of Industrial Policy & Promotion commissioned a study on the global competitiveness of the Indian Industry through an organization of international repute, viz. KPMG Consultancy Pvt. Ltd. The report submitted by the organization has made several recommendations for making the Indian Cement Industry more competitive in the the international market. The recommendations recommendations are under consideration.

Technological change Cement industry has made tremendous strides in technological up gradation and assimilation of latest technology. At present ninety three per cent of the total capacity in the industry is based on modern and environment-friendly dry process technology and only seven per cent of the capacity is based on old wet and semi-dry process technology. There is tremendous scope for waste heat recovery in cement plants and thereby reduction in emission emission level. One project for co-generation of power utilizing waste heat in an Indian cement plant is being implemented with Japanese assistance under Green Aid Plan. The induction of advanced technology has helped the industry immensely to conserve energy and fuel and to save materials materials substantially.

India is also producing producing

different varieties of cement like Ordinary Portland Cement (OPC), Portland Pozzolana Cement (PPC), Portland Blast Furnace Slag Cement (PBFS), Oil Well Cement, Rapid Hardening Portland Cement, Sulphate Resisting Portland Cement, White Cement etc. Production of these varieties varieties of cement conform to the BIS Specifications. It is worth mentioning that some cement plants have set up dedicated jetties for promoting bulk transportation and export.


Capacity, Production and Exports The cement industry comprises 128 large cement plants with an installed capacity of 151.69 million tonnes and more than 300 mini cement plants with an estimated capacity of 11.10 million tonnes per annum resulting in total installed capacity of 163 million tonnes. Actual cement production in 2003-04 was 123.50 million tonnes as against a production of 116.35 million tonnes in 2002-03, which is an increase of 6.15% over 2002-03. Cement production during the year 2004-05 (April-January, 2004-05) was 108.06 million tonnes (provisional), registering a growth of 7.10%. The Cement Corporation of India, which is a central public sector undertaking, has 10 units. Besides, there are 10 large cement plants owned by various state governments. Keeping in view the past trends, a production target of 133 million tonnes has been set for the year 2004-05. During the Tenth Plan, the industry is expected to grow at the rate of 10% per annum and is expected to add capacity of 40-52 million tonnes, mainly through expansion of existing plants and use of more fly ash in the production of cement. Apart from meeting the domestic demand, the cement industry also contributes towards exports.

Overview of the performance of the Cement Sector The Indian cement Industry not only ranks second in the production of cement in the world but also produces quality cement, which meets global standards. However, the industry faces a number of constraints in terms of high cost of power, high railway tariff; high incidence of state and central levies and duties; lack of private and public investment in infrastructure projects; poor quality coal and inadequate growth of related infrastructure like sea and rail transport, ports and bulk terminals. In order to utilize excess capacity available with the cement industry, the government has identified the following thrust areas for increasing demand for cement: (I) Housing development programmes; (ii) Promotion of concrete highways and roads; (iii) Use of ready-mix concrete in large infrastructure projects; and (iv) Construction of concrete roads in rural areas under Prime Ministers Gram Sadak Yojana.


The differential excise duty on price was a major announcement for the cement sector in the Union Budget 2006-07. 2006 -07. However, government's initiatives on the infrastructure and housing sector fronts would continue to remain the key demand drivers. We believe that the current good times will continue in the medium term. The demand for cement has increased at the rate of 10% annually on account of buoyancy in the end user industries. With capacity additions taking place at a slower pace, the demand supply equation is expected to continue to remain favorable and this will lend support to current high prices. Once new planned capacities become operational, the industry may face excess supply situation, which in turn might impact margins. A dual policy was announced for the cement industry, which has a positive as well as negative impact. On the positive side, with so much emphasis on infrastructure development and nation-building projects, there is bound to be an increase in the derived demand for cement. However, the simultaneous increase in the excise duty wipes out o ut the benefits. Looking at the background of cement industry, the prices of cement industry are market driven and are not in the control of the manufacturers. There is a miss-match between the supply and demand, with the demand side being heavier. Since the suppliers are not able to cope up with the increasing demand, the gap is increasing which again implies a price rise, resulting in further deviation of demand and supply. Presently, cement is sold at around Rs. 200 per 50 kg/ bag and the returns generated are fair enough for undertaking expansion activities. The increase in the installed capacity can bridge the gap between demand and supply. The price considered in the budget is the maximum retail price (MRP) at Rs.190 per 50 kg bag. ba g. Due to additional costs like primary freight, secondary freight, handling etc, the MRP tends to be higher than Rs.190 and the presence of intermediaries further inflates the retail price of cement, as the intermediaries include their margins. If the manufacturers are forced to sell at lower price, then there won’t be any surplus left for further expansionary


measures. This will affect the supply of cement. As a result, the gap between demand de mand and supply of cement would be further widened. Again, the increase in the cost (excise duty) will leave the manufacturers with no choice but to pass on the burden to the consumers, which will hamper the demand side.

Even for the government, the dual policy doesn’t seem to be effective. On one hand, it will earn huge revenues by means of additional excise duty; while on the other hand, it will have to pay inflated bills for the infrastructure projects undertaken. This would nearly nullify the effect of increase in excise duty. Presently, the Government has a sizeable share in the demand for cement

Overview 1. Indian cement industry dates back to 1914 - first unit was set-up at Porbandar with a capacity of 1000 tonnes 2. Currently India is ranked second in the world with an installed capacity of 114.2 million tonnes. Industry estimated at around Rs. 18,000 crores c rores (US $ 4185 mn) 3. Current per capita consumption - 85 kgs. As against world standard of 256 kgs 4. Cement grade limestone in the country reported to be 89 billion tonne. A large proportion however is unexploitable. 5. 55 - 60% of the cost of production are government controlled 6. Cement sales primarily through a distribution channel. Bulk sales account for < 1% of the total cement produced. 7. Ready mix concrete a relatively nascent market in India

Cement industry: Structure Installed capacity 114.2 mn tonnes per annum (mntpa) Production around 87.8 mn tonnes


Major cement plants •

Companies : 59

•

Plants : 120

•

Typical installed capacity

•

per plant : Above 1.5 mntpa

•

Production 05-06 :160mn ten

•

All India reach through multiple plants

•

Export to Bangladesh, Nepal, Sri Lanka, UAE and Mauritius

•

•

Strong marketing network, tie-ups with customers, contractors. Wide spread distribution network.

Sales primarily through the dealer channel

Mini cement plants •

Nearly 300 plants

•

Located in Gujarat, Rajasthan, MP

•

Typical capacity < 200 tad

•

Installed capacity around 9 mn. Tonnes

•

Production around : 6.2 mn tonnes

•

Excise : Rs. 200/ tonne

•

Production cost / tonne - Rs. 1,000 to 1,400

•

Presence of these plants limited to the state

•

Infrastructural facilities not the best


Transportation •

Transportation costs high - freight accounts for 17% of the production cost

•

Road preferred mode for transportation for distances less than 250kms. However, industry is heavily dependant on roads as the railway infrastructure is not adequate - shortage of wagons.

Capacity additions •

Acquisitions have been the mainstay of the business

•

Regional imbalance resulting in cross regional movement limestone availability in pockets has led to uneven capacity additions

•

Capacity additions have slowed down

Industry inputs •

Highly capital intensive industry

•

Nearly 55-60% of the inputs controlled by the government

•

Facing problems due to power shortage

•

Coal availability and quality affecting production

•

Mini plants realization of revenue lower than large plants, survival difficult

Demand drivers •

Infrastructure & construction sector the major demand drivers. Some demand determinants 

Economic growth



Industrial activity



Real estate business



Construction activity



Investments in the core sector


Future •

Signs of a revival 

growth in the housing sector



central road fund established for national highways and railway over bridges to provide the necessary impetus



expansion plans, Greenfield projects on the anvil

•

Demand - supply balance expected in the next 12 - 15 months

•

Higher capacity utilization likely in the future

•

Encouraging trend in demand due to pick-up in rural housing demand and industrial revival

•

Industry likely to grow at 8-10% in the next few years

Expectations Government in order to curb the inflation very recently reduced the import duty on cement from 12.5 per cent to Zero. But we feel this will not have any impact. There are two reasons for the same. First, cement being bulky in nature will not be an easy to import and at the same time our Indian ports are not good enough to manage large quantity of cement being imported. Second, prices of cement in the international market are quite high as compared to domestic market. Hence, we don’t expect any threat from exports numbers going forward. The industry has been demanding the reduction on the excise front. In fact, last time excise duty on cement increased was in 2003-04 when increased from Rs 350 per tonne to Rs 400 per tonne. Now industry wants the same to rolled back to Rs 350 per tonne. Besides, this it wants government to continue to have specific rate of excise duty as against ad valorem (white cement has Ad valorem duty of 16 per cent). Our talk to industry players suggest that instead of giving any direct benefits the government should further increase the thrust on the infrastructure and that should help the cement industry to report better growth. “To keep maintain high economic rate of return the national M.P.BIRLA INSTITUTE OF MANAGEMENT

policy makers should continue with their emphasis on construction and infrastructure development.” The present scenario of cement industry ind ustry is very good in terms of demand and with the prices going above Rs 160 to Rs 180 everywhere. Most importantly, the gap between the demand and supply does not exist any longer in any part of the country. Domestic consumption with 11 per cent increase and exports keeping up with the last year levels, the Indian cement industry is expected to cross 150 million tonnes in dispatches, including domestic consumption, and exports during 2005-06 from all plants put together, including mini cement plants. Mini cement plants everywhere are operating at 100 per cent capacity capa city utilization. The margins are improving in line with others.

Cement consumptions are as follows : 

South 30 per cent (26 per cent),



East 17 per cent (17 per cent),



North 20 per cent (21 per cent),



Central 16 per cent (17 per cent), and



West 18 per cent (20 per cent).

The figures for the current year are for April-November period while the figures in brackets represent full year for the year 2004-05. Also, there is an increase in the consumption of PPC cement from 48 per cent to 50 per cent. Today, cement from Andhra is going all over India, including Assam, Meghalaya, Jharkhand, Orissa, West Bengal, Chattisgarh, Gujarat and Maharastra. More cement is likely to flow into Tamil Nadu from the state in view of cut in sales tax. Any further increase in demand in the South India will benefit the cement industry here. Cement movement from Gujarat to Mumbai is also coming down due to exports while cement movement from Orissa into Andhra has stopped and, in fact, cement is flowing into Orissa as well.


Cement consumption to cross 150 mt this fiscal With the capacity utilization crossing the 100% mark for the first time in January 2007 and two more peak months of February and March left in the current fiscal, cement consumption this fiscal is all set to exceed the 150-million tonne mark for the first time. The industry is expected to end the fiscal with a dispatch of about 155 million tonne.This has been possible thanks to the overall economic growth in general and more particularly, impressive growth of the realty sector. Cement industry has already dispatched 130 million tonne in the first 10 months, thus registering a growth of 10%. In the next two months additional 25-30 million tonne is likely to be consumed. The overall capacity utilization during the 10 month period is estimated to be in the range of 95% or more, industry sources said. Southern region, which witnessed a slowdown in dispatches in the last few months due to monsoon, has regained the lost momentum with increased off take from Tamil Nadu and Karnataka. Andhra Pradesh, which posted a negative growth in consumption in the beginning of this fiscal, has seen dispatches picking up sharply. Among the regions, south is expected to end the fiscal with 12% growth in consumption, followed by north (11%) and west (10%), the industry sources added. Karnataka has shown a remarkable growth in consumption with 20% growth over the same period last year. For the first time in the last few years, the capacity utilization has gone up over 100% to touch 102% in January 2007 with dispatches touching 14.10 million tonne as against the production of 14 million tonne, reflecting the demand for the commodity. The total installed capacity of the industry has gone up to touch 165 million tonne in the current fiscal as against 160 million tonne during the last fiscal.


5-year tax holiday to new cement units Unable to put pressure on cement manufacturers to slash prices, the government is planning to offer them a five-year tax holiday to set up more capacity to end the current demand-supply mismatch and consequently soften prices. According to a source in the Department of Industrial Policy and Promotion, the government may give a five-year tax holiday to cement units announced on or after April 1 with a caveat that they have to commence production within three years. Cement makers and the government have been at loggerheads over prices, which have risen over 40% to a peak of Rs 255 per 50 kg bag in the last 12 months. Manufacturers have so far not paid heed to the Center’s call to roll back prices, but have promised not to raise them further for a year. Official sources believe that cement manufacturers are currently in a commanding position as far as prices are concerned, due to a major demand-supply gap. Various infrastructure and real estate projects have seen construction activity growing at an unprecedented pace, and this has led to growing demand for cement. It is understood that the proposed policy move is also aimed at incentivising participation of new companies. The cement industry’s current capacity is 165 mntpa and capacity utilization has been 92% so far this year. Cement production—127 mt during April-January (‘06-07)—has seen a growth of almost 10%. Industry players welcome the proposed move, but also point out loopholes in it. “Such short-term incentives may leave a trail of winners and losers, It would lead to bunching of capacity and the plants that commence production after these three years would lose out,”. It, however, may not be easy for manufacturers to take advantage of the proposed incentives. “Equipment supply is a major constraint and cement makers will have to work very hard to finish projects in time,” Equipment suppliers’ order books are already full


and with increasing demand from India and the Middle East, equipment delivery time has almost doubled from the usual six months. The industry has announced the addition of 42 million tonnes in the next two years. Given the past trend, not all of them are expected to materialize. In 2006-07, manufacturers had announced the addition of 13 million tonnes, but only 5 million tonnes came up. The fact that cement makers enjoy high margins due to supply-demand mismatch is one reason cited by analysts for slow addition of new capacities.

Cement worries The Government should intervene to correct prices when the rise is due to a demandsupply mismatch in construction boom.Worried by the "abnormal" increase in cement prices — not commensurate with the rise in input costs — the Centre has asked manufacturers to rein in prices within a week. The Centre is obviously under pressure from a section of consumers, especially the powerful builders' lobby, to step in. In a cyclical industry where price and distribution controls were removed in 1989 and the industry de-licensed in 1991, it is a moot point whether the Government should persuade itself to intervene only when prices are going up. There was no such stirring within the Government when the cement industry was struggling for more than two years with low prices. Some of the large regional players even had to get their debt restructured. The industry can very well turn around and ask the Government why it did not intervene then. An intervention will be justified only when the Government has evidence of cartelisation or of a monopoly situation emerging. The Indian cement industry is fragmented, with the top five players accounting for nearly 50 per cent of the installed capacity of about 160 million tonnes and with small, regional players holding the balance. By all accounts, the current price increase is a result of the demand-supply mismatch, a consequence of the construction boom in the major cities, which has also caused runaway increases in the price of land, steel and other materials. The industry may argue that cement accounts for hardly 5 per cent of the construction cost in building projects, if the land price is also included. It is not that the Centre should sit back and watch. Creating an enlargement in supplies is an obvious answer. The 2006M.P.BIRLA INSTITUTE OF MANAGEMENT

07 Budget reduced the Customs duty on cement to 12.5 per cent, but this is not likely to be good enough to cause a surge in imports, as the infrastructure at the ports is inadequate to handle large arrivals. The Centre would do well first to ensure that various bottlenecks such as inefficient transportation infrastructure are looked into. The industry has evolved in recent years to match global standards with some of the top international majors coming into the country. Prices too match global trends. The industry is in the throes of consolidation, and the existing players are looking to expand capacities. There has also been a demand to curb exports of cement. At 6 million tonnes, these are just about 4 per cent of the total production of 141 million tonnes in 2005-06. Curbing that may have but a marginal impact on prices, but leave a deep scar on an industry that has just begun to adjust to market forces. Would it not make better sense for the Government to go lighter on the tax burden — excise and sales tax add up to almost Rs 50 a bag? Concerned over the steep increase in cement prices, the Government on Tuesday came down heavily on the manufacturing companies and asked them to work out ways within a week's time to cut prices. Cement prices have gone up from an average level of Rs 135-140 per bag of 50 kg to around Rs 205-210 per bag during the past six months. At a meeting called by the Department of Industrial Policy and Promotion (DIPP), the Cement Manufacturers Association has been asked to call a meeting of its members urgently and decide on steps for lowering of prices, instead of waiting for the rainy season, when cement prices tend to fall. The meeting was convened following complaints from builders against the sharp increase in prices of cement. `We think that the nearly 50 per cent increase in cement prices since November 2005 is abnormal. The prices have increased more than the increase in the input cost,’ The cost has roughly increased by around 15 per cent, but increase in prices in certain cases has been as high as 40-50 per cent; on an average it was about 30 per cent. Therefore, there is a need to take corrective measures by the manufacturers to bring down the prices.


The cement industry has been witnessing a boom period following increased spending in construction and infrastructure sectors. Cement output increased by 11 per cent from 127.57 million tonnes (mt) in 2004-05 to 141.81 mt in 2005-06. Exports during 2005-06 went up by more than 47 per cent from 4.07 mt in 2004-05 to 6.01 mt during 2005-06. This surge in exports had led to builders' associations demanding ban on cement exports in the face of high domestic d omestic prices. With a booming market the cement industry has also increased its capacity from 153.85 mt in March 2005 to 159.80 mt in March 2006.

Out of control Abnormal rise from Rs 135-140 per bag of 50 kg to Rs 205-210 per bag during the past six months. Prices have increased more than the increase in the input cost. Industry undergoing a boon period due to increased spending in infrastructure building.

Cement majors post increase in sales Cement majors have reported a substantial year-on-year increase in volume sales for the month of February. The Associated Cement Companies reported a 11.8 per cent increase in sales at 15.34 lakh tonnes in February this year as against 13.72 lakh tonnes in February last year. Gujarat Ambuja Cements Ltd reported a 16 per cent increase in dispatches, which figured at 10.72 lakh tonnes (9.27 lakh tonnes). The Aditya Birla group's (largely Grasim and UltraTech) cement dispatches for the month grew by 16.06 per cent, to 25.35 lakh tonnes. Production increased as well. ACC reported a 12.2 per cent increase in production for the month, which stood at 15.43 lakh tonnes. At GACL, production grew by 12 per cent to 10.51 lakh tonnes. The Aditya Birla group reported a 13.34 13.34 per cent increase in production, which stood at 25.24 lakh tonnes.


Outlook - Cement industry 

Rise in prices of cement by Rs 5 per bag is due to rise in price of Coal.



Interest rate on housing loan reduced by 25 basis points which might fuel the growth of construction.



Better realization have led rise in profits of cement companies.



Cement manufactures tops in terms of capacity utilization in cement industry – 100%.ss



Demand from gulf also fuels the prices.

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Retailing and BPO infrastructure to push up cement demand.



Consumption of cement in southern region has been declining in the recent months due to rainy season.



The high price of cement in the north is due to the high prices of power and fuel.



International prices of non-coking coal have nearly doubled in the last 12 to18 months.

The cement cartel, which took the price in the country to a five-year high


LITERATURE REVIEW


Fundamental analysis Fundamental analysis of a business involves analyzing its financial statements and health, its management and competitive advantages, and its competitors and markets. The analysis is performed on historical and present data, da ta, but with the goal to make financial projections. There are several possible objectives: •

to calculate a company's credit risk,

•

to make projection on its business performance,

•

to evaluate its management and make internal business decisions,

•

to make the company's stock valuation and predict its probable price evolution.

Fundamental analysis. It's geared primarily at new investors who don't know a

balance sheet from an

statement. While you may not be a "stock-picker extraordinaire" The biggest part of fundamental analysis involves delving into the financial statements. Also known as quantitative analysis, this involves looking at

revenue, expenses, assets, liabilities and all the other

financial aspects of a company. Fundamental analysts look at this information to gain insight on a company's future performance. A good part of this tutorial will be spent learning about the balance sheet, income statement, cash

flow statement and how they all fit together.

But there is more than just number crunching when it comes to analyzing a company. This is where qualitative analysis comes in - the breakdown of all the intangible, difficult-to-measure aspects of a company.

The Concept of Intrinsic Value

Before we get any further, we have to address the subject of intrinsic value. One of the primary assumptions of fundamental analysis is that the price on the stock market does not fully reflect a stock’s “real” value. After all, why would you be doing price analysis if the stock market were always correct? In financial jargon, this true value is known as the intrinsic value.

For example, let’s say that a company’s stock was trading at $20. After doing extensive homework on the company, you determine that it really is worth $25. In other words, you determine the intrinsic value of the


firm to be $25. This is clearly relevant becaus e an investor wants to buy stocks that are trading at prices significantly below their estimated intrinsic value.

This leads us to one of the second major assumptions of fundamental analysis: in the long run, the stock market will reflect the fundamentals. There is no point in buying a stock based on intrinsic value if the price never reflected that value. Nobody knows how long “the long run” really is. It could be days or years.

This is what fundamental analysis is all about. By focusing on a particular business, an investor can estimate the intrinsic value of a firm and thus find opportunities where he or she can buy at a discount. If all goes well, the investment will pay off over time as the market catches up to the fundamentals.

The big unknowns are:

1) You don’t know if y our estimate of intrinsic value is correct; and 2) You don’t know how long it will take for the intrinsic value to be reflected in the marketplace.

Criticisms of Fundamental Analysis The biggest criticisms of fundamental analysis come primarily from two groups: proponents of

technical

analysis and believers of the “ efficient market hypothesis”.

Fundamental Analysis: Introduction to Financial Statements The massive amount of numbers in a company's financial statements can be bewildering and intimidating to many investors. On the other hand, if you k now how to analyze them, the financial statements are a gold mine of information.

Financial statements are the medium by which a company discloses information concerning its financial performance. Followers of

fundamental analysis use the quantitative information gleaned from

financial statements to make investment decisions. Before we jump into the specifics of the three most important financial statements -

income statements, balance sheets and cash flow statements - we

will briefly introduce each financial statement's specific function, along with where they can be found.

The Major Statements The Balance Sheet The balance sheet represents a record of a company's assets, liabilities and equity at a particular point in


time. The balance sheet is named by the fact that a business's financial structure balances in the following manner:

Assets = Liabilities + Shareholders' Equity

Assets represent the resources that the business owns or controls at a given point in time. This includes items such as cash, inventory, machinery and buildings. The other side of the equation represents the total value of the financing the company has used to acquire those assets. Financing comes as a result of

liabilities or equity. Liabilities represent debt (which of course must be paid back), while equity represents the total value of money that the owners have contributed to the business - including retained earnings, which is the profit made in previous years.

The Income Statement

While the balance sheet takes a snapshot approach in examining a business, the income statement measures a company's performance over a specific time frame. Technically, you could have a balance sheet for a month or even a day, but you'll only see public companies report quarterly and annually.

The income statement presents information about revenues, expenses and profit that was generated as a result of the business' operations for that period.

Statement of Cash Flows

The statement of cash flows represents a record of a business' cash inflows and outflows over a period of time. Typically, a statement of cash flows focuses on the following cash-related activities:

•

Operating Cash Flow (OCF): Cash generated from day-to-day business operations

•

Cash from investing (CFI): Cash used for investing in assets, as well a s the proceeds from the sale of other businesses, equipment or long-term assets

•

Cash from financing (CFF): Cash paid or received from the issuing and borrowing of funds

The cash flow statement is important because it's very difficult for a business to manipulate its cash situation. There is plenty that aggressive accountants can do to manipulate earnings, but it's tough to fake


cash in the bank. For this reason some investors use the cash flow statement as a more conservative measure of a company's performance

Fundamental analysis: The Income Statement The income statement is basically the first financial statement you will come across in an annual report or quarterly Securities And Exchange Commission (SEC) filing.

It also contains the numbers most often discussed when a company announces its results numbers such as revenue, earnings and earnings per share. Basically, the income statement shows how much money the company generated (revenue), how much it spent (expenses) and the difference between the two (profit) over a certain time period.

When it comes to analyzing fundamentals, fund amentals, the income statement lets investors know how well the company’s business is performing - or, basically, whether or not the company is making money. Generally speaking, companies ought to be able to bring in more money than they spend or they don’t stay in business for long. Those companies with low expenses relative to revenue - or high profits relative to revenue - signal strong fundamentals to investors.

Revenue as a investor signal Revenue, also commonly known as sales, is generally the most straightforward part of the income statement. Often, there is just a single number that represents all the money a company brought in during a specific time period, although big companies sometimes break down revenue by business segment or geography.

The best way for a company to improve profitability is by increasing sales revenue. For instance, Starbucks Coffee has aggressive long-term sales growth goals tha t include a distribution system of 20,000 stores worldwide. Consistent sales growth has been a strong


driver of Starbucks’ profitability.

The best revenue are those that continue year in and year out. Temporary increases, such as those that might result from a short-term promotion, are less valuable and should garner a lower price-to-earnings multiple for a company.

What are the Expenses? There are many kinds of expenses, but the two most common are the cost of goods sold (COGS) and selling, general and administrative expenses (SG&A). Cost of goods sold is the expense most directly involved in creating revenue. It represents the costs of producing or purchasing the goods or services sold by the company. For example, if WalMart pays a supplier $4 for a box of soap, which it sells to customers c ustomers for $5. When it is sold, Wal-Mart’s cost of good sold for the box of soap would be $4.

Next, costs involved in operating the business are SG&A. This category includes marketing, salaries, utility bills, technology expenses and other general costs associated with running a business. SG&A also includes depreciation d epreciation and amortization. Companies must include the cost of replacing worn out assets. Remember, some corporate expenses, such as research and development (R&D) at technology companies, are crucial to future growth and should not be cut, even though doing so may make for a better-looking earnings report. Finally, there are financial costs, notably taxes and interest payments, which need to be considered.

Profits = Revenue - Expenses Profit, most simply put, is equal to total revenue minus total expenses. However, there are several commonly used profit subcategories that tell investors how the company is performing. Gross profit is calculated as revenue minus cost of sales. Returning to WalMart again, the gross profit from the sale of the soap would have been bee n $1 ($5 sales price less $4 cost of goods sold = $1 gross profit).

Companies with high gross margins will have a lot of money left over to spend on other


business operations, such as R&D or marketing. So be on the lookout for downward trends in the gross margin rate over time. This is a telltale sign of future problems facing the bottom line. When cost of goods go ods sold rises rapidly, they are likely to lower gross profit margins - unless, of course, the company can pass these costs onto customers in the form of higher prices.

Operating profit is equal to revenues minus the cost of sales and SG&A. This number represents the profit a company made from its actual operations, and excludes certain expenses and revenues that may not be related to its central operations. High operating margins can mean the company has effective control of costs, or that sales are increasing faster than operating costs. Operating profit also gives investors an opportunity to do profit-margin comparisons between companies that do not issue a separate disclosure of their cost of goods sold figures (which are needed to do gross margin analysis). Operating profit measures how much cash the business throws off, and some consider it a more reliable measure of profitability since it is harder to manipulate with accounting tricks than net earnings.

Net income generally represents the company's profit after all expenses, including financial expenses, have been paid. This number is often called the "bottom line" and is generally the figure people refer to when they use the word "profit" or "earnings".

When a company has a high profit margin, it usually means that it also has one or more advantages over its competition. Companies with high net profit margins have a bigger cushion to protect themselves during the hard times. Companies with low profit margins can get wiped out in a downturn. And companies with profit margins reflecting a competitive advantage are able to improve their market share during the hard times leaving them even better positioned when things improve again.


Conclusion

You can gain valuable insights about a company by examining its income statement. Increasing sales offers the first sign of strong fundamentals. Rising margins indicate increasing efficiency and profitability. It’s also a good idea to determine whether the company is performing in line with industry peers and competitors. Look for significant changes in revenues, costs of goods sold and SG&A to get a sense of the company’s profit fundamentals

Fundamental Analysis: The Balance Sheet Investors often overlook the

balance sheet. Assets and liabilities aren't nearly as sexy as revenue and

earnings. While earnings are important, they don't tell the whole story.

The balance sheet highlights the financial condition of a company and is an integral part of the financial statements. (To read more on financial statement basics The Snapshot of Health The balance sheet, also known as the statement of financial condition, offers a snapshot of a company's health. It tells you how much a company owns (its assets), and how much it owes (its liabilities). The difference between what it owns and what it owes is its

equity, also commonly called "net assets" or

"shareholders equity".

The balance sheet tells investors a lot about a company's

fundamentals: how much debt the company

has, how much it needs to collect from customers (and how fast it does so), ho w much cash and equivalents it possesses and what kinds of funds the company has generated over time.

The Balance Sheet's Main Three Assets, liability and equity are the three main components of the balance sheet. Carefully analyzed, they can tell investors a lot about a company's fundamentals.

Assets There are two main types of assets:

current assets and non-current assets. Current assets are likely to

used up or converted into cash within one business cycle - usually treated as twelve months. Three very important current asset items found on the balance sheet are:

receivables. M.P.BIRLA INSTITUTE OF MANAGEMENT

cash, inventories and accounts

be

Investors normally are attracted to companies with plenty of cash on their balance sheets. After all, cash offers protection against tough times, and it also gives companies more options for future

growth. Growing

cash reserves often signal strong company performance. Indeed, it shows that cash is accumulating so quickly that management doesn't have time to figure out how to make use of it. A dwindling cash pile could be a sign of trouble. That said, if loads of cash are more or less a permanent feature of the company's balance sheet, investors need to ask why the money is not being put to use. Cash could be there because management has run out of investment opportunities or is too short-sighted to know what to do with the money.

Inventories are finished products that haven't yet sold. As an investor, you want to know if a company has too much money tied up in its inventory. Companies have l imited funds available to invest in inventory. To generate the cash to pay bills and return a profit, they must sell the merchandise they have purchased from suppliers. Inventory

turnover (cost of goods sold divided by average inventory) measures how

quickly the company is moving merchandise through the warehouse to customers. If inventory grows faster than sales, it is almost always a sign of deteriorating fundamentals.

Receivables are outstanding (uncollected bills). Analyzing the speed at which a company collects what it's owed can tell you a lot about a bout its financial efficiency. If a company's collection period is growing longer, it could mean problems ahead. The company may be letting customers stretch their credit in order to recognize greater top-line sales and that can spell trouble later on, especially if customers face a cash crunch. Getting money right away is preferable to waiting for it - since some of what is owed may never get paid. The quicker a company gets its customers to make payments, the sooner it has cash to pay for salaries, merchandise, equipment, loans, and best of all, dividends and growth opportunities.

Non-current assets are defined as anything not classified as a current asset. This includes items that are

fixed assets, such as property, plant and equipment (PP&E). Unless the company is in financial distress and is liquidating assets, investors need not pay too much attention to fixed assets. Since companies are often unable to sell their fixed assets within any reasonable amount of time they are carried on the balance sheet at cost regardless of their actual value. As a result, it's is possible for companies to grossly inflate this number, leaving investors with questionable and hard-to-compare asset figures.

Liabilities There are current liabilities and non-current liabilities. Current liabilities are obligations the firm must pay within a year, such as payments owing to suppliers. Non-current liabilities, meanwhile, represent what the company owes in a year or more time. Typically, non-current liabilities represent bank and bondholder debt.

You usually want to see a manageable amount of debt. When debt levels are falling, that's a good sign.


Generally speaking, if a company has more assets than liabilities, then it is in decent condition. By contrast, a company with a large amount of liabilities relative to assets ought to be examined with more diligence. Having too much debt relative to cash flows required to pay for interest and debt repayments is one way a company can go bankrupt.

Look at the quick

ratio. Subtract inventory from current assets and then divide by current liabilities. If the

ratio is 1 or higher, it says that the company has enough cash and liquid assets to cover its short-term debt obligations.

Current Assets - Inventories Quick Ratio = Current Liabilities

Equity Equity represents what shareholders own, so it is often called shareholder's equity. As described above, equity is equal to total assets minus total liabilities.

Equity = Total Assets – Total Liabilities

The two important equity items are

paid-in capital and retained earnings. Paid-in capital is the amount

of money shareholders paid for their shares when the stock was

first offered to the public. It basically

represents how much money the firm received when it sold its shares. In other words, retained earnings are a tally of the money the company has chosen to reinvest in the business rather than pay to shareholders. Investors should look closely at how a company puts retained capital to use and how a company generates a return on it.

Fundamental Analysis: The Qualitative factors – The Company Before diving into a company's financial statements, we're going to take a look at some of the

qualitative

aspects of a company.

Fundamental analysis seeks to determine the intrinsic value of a company's stock. But since qualitative factors, by definition, represent aspects of a company's business that are difficult or impossible to quantify,


incorporating that kind of information into a pricing evaluation can be quite difficult. On the flip side, as we've demonstrated, you can't ignore the less tangible characteristics of a company.

In this section we are going to highlight some of the company-specific qualitative factors that you should be aware of.

Business Model Even before an investor looks at a company's financial statements or does any research, one of the most important questions that should be asked is: What exactly does the company do? This is referred to as a company's business model – it's how a company makes money. You can get a good overview of a company's business

model by checking out its website or reading the first part of its 10-K filing (Note:

We'll get into more detail about the 10-K in the financial statements chapter. For now, just bear with us).

Sometimes business models are easy to understand. Take McDonalds, for instance, which sells hamburgers, fries, soft drinks, salads and whatever other new special they are promoting at the time. It's a simple model, easy enough for anybody to understand.

Other times, you'd be surprised how complicated it can get. Boston Chicke n Inc. is a prime example of this. Back in the early '90s its stock was the darling of Wall Street. At one point the company's CEO bragged that they were the "first new fast-food restaurant to reach $1 billion in sales since 1969". The problem is, they didn't make money by selling chicken. Rather, they made their money from royalty fees and high-interest loans to franchisees. Boston Chicken was really nothing more than a big franchisor. On top of this, management was aggressive with how it recognized its revenue. As soon as it was revealed that all the franchisees were losing money, the house of cards collapsed and the company went

bankrupt.

At the very least, you should understand the business model of any company you invest in. The " Oracle

of

Omaha", Warren Buffett, rarely invests in tech stocks because most of the time he doesn't understand them. This is not to say the technology s ector is bad, but it's not Buffett's area of expertise; he doesn't feel comfortable investing in this area. Similarly, unless you understand a company's business model, you don't know what the drivers are for future growth, and you leave yourself vulnerable to being blindsided like shareholders of Boston Chicken were.

Competitive Advantage Another business consideration for investors is competitive advantage. A company's long-term success is driven largely by its ability to maintain a competitive advantage - and keep it. Powerful competitive advantages, such as Coca Cola's brand name and Microsoft's domination of the personal computer operating system, create a

moat around a business allowing it to keep co mpetitors at bay and enjoy growth

and profits. When a company can achieve c ompetitive advantage, its shareholders can be well rewarded for


decades.

Management Just as an army needs a general to lead it to victory, a company relies upon management to steer it towards financial success. Some believe that management is the most important aspect for investing in a company. It makes sense - even the best business model is doomed if the leaders of the company fail to properly execute the plan.

So how does an average investor go about evaluating the management of a company?

This is one of the areas in which individuals are truly at a disadvantage compared to professional investors. You can't set up a meeting with management if you want to invest a few thousand dollars. On the other hand, if you are a fund manager interested in investing millions of dollars, there is a good chance you can schedule a face-to-face meeting with the upper brass of the firm.

Every public

company has a corporate information section on its website. Usually there will be a quick

biography on each executive with their employment history, educational background and any applicable achievements. Don't expect to find anything useful here. Let's be honest: We're looking for dirt, and no company is going to put negative information on its corporate website.

Instead, here are a few ways for you to get a feel for management:

1. Conference Calls The Chief

Executive Officer (CEO) and Chief Financial Officer (CFO) host quarterly conference

calls. (Sometimes you'll get other executives as well.) The first portion of the call is management basically reading off the financial results. What is really interesting is the question-and-answer portion of the call. This is when the line is open for analysts to call in and ask management direct questions. Answers here can be revealing about the company, but more importantly, listen for candor. Do they avoid questions, like politicians, or do they provide forthright answers?

2. Management Discussion and Analysis (MD&A) The Management

Discussion and Analysis is found at the beginning of the annual report (discussed

in more detail later in this tutorial). In theory, the MD&A is supposed to be frank commentary on the management's outlook. Sometimes the content is worthwhile, other times it's

boilerplate. One tip is to

compare what management said in past years with what they are saying now. Is it the same material rehashed? Have strategies actually been implemented? If possible, sit down and read the last five years of MD&As; it can be illuminating.


3. Ownership and Insider Sales Just about any large company will compensate executives with a combination of cash, restricted stock and

options. While there are problems with stock options (See Putting Management Under the Microscope), it is a positive sign that members of management are also

shareholders. The ideal situation

is when the founder of the company is still in charge. Examples include Bill Gates (in the '80s and '90s), Michael Dell and Warren Buffett. When you know that a majority of management's wealth is in the stock, you can have confidence that they will do the right thing. As well, it's worth checking out if management has been selling its stock. This has to be filed with the

Securities and Exchange Commission (SEC), so

it's publicly available information. Talk is cheap - think twice if you see management unloading all of its shares while saying something else in the media.

4. Past Performance Another good way to get a feel for management capability is to check and see how executives have done at other companies in the past. You can normally find biographies of top executives on company web sites. Identify the companies they worked at in the past and do a search on those companies and their performance. Corporate Governance Corporate governance describes the policies in place within an organization denoting the relationships and responsibilities between management, directors and determined in the

stakeholders. These policies are defined and

company charter and its bylaws, along with corporate laws and regulations. The

purpose of corporate governance policies is to ensure that proper checks and balances are in place, making it more difficult for anyone to conduct unethical and illegal activities.

Good corporate governance is a situation in which a company complies with all of its governance policies and applicable government regulations (such as the

Sarbanes-Oxley Act of 2002) in order to look out

for the interests of the company's investors and other stakeholders.

Although, there are companies and organizations (such as

Standard & Poor's) that attempt to

quantitatively assess companies on how well their corporate governanc e policies serve stakeholders, most of these reports are quite expensive for the average investor to purchase.

Fortunately, corporate governance policies typically cover a few general areas: structure of the board of directors, stakeholder rights and financial and information transparency. With a little research and the right questions in mind, investors can get a good idea about a company's corporate governance.


Financial and Information Transparency This aspect of governance relates to the quality and timeliness of a company's financial disclosures and operational happenings. Sufficient transparency implies that a company's financial releases are written in a manner that stakeholders can follow what management is doing and therefore have a clear understanding of the company's current financial situation.

Stakeholder Rights This aspect of corporate governance examines the extent that a company's policies are benefiting stakeholder interests, notably shareholder interests. Ultimately, as owners of the company, shareholders should have some access to the board of directors if they have concerns or want something addressed. Therefore companies with good governance give shareholders a certain amount of ownership voting rights to call meetings to discuss pressing issues with the board.

Another relevant area for good governance, in terms of ownership rights, is whether or not a c ompany possesses large amounts of takeover defenses (such as the Macaroni

Defense or the Poison Pill) or

other measures that make it difficult for changes in management, directors and ownership to occur. (T o read more on takeover strategies, see

The Wacky World of M&As.)

Structure of the Board of Directors The board of directors is composed of repres entatives from the company and representatives from outside of the company. The combination of inside and outside directors attempts to provide an independent assessment of management's performance, making sure that the interests of shareholders are represented.

The key word when looking at the board of directors is independence. The board of directors is responsible for protecting shareholder interests and ensuring that the upper management of the company is doing the same. The board possesses the right to hire and fire members of the board on behalf of the shareholders. A board filled with

insiders will often not serve as objective critics of management and will defend their

actions as good and beneficial, regardless of the circumstances.


Valuations While the concept behind discounted

cash flow analysis is simple, its practical application can be a

different matter. The premise of the discounted cash flow method is that the current value of a company is simply the present value of its future cash flows that are attributable to shareholders. Its calculation is as follows:

For simplicity's sake, if we know that a c ompany will generate $1 per share in cash flow for shareholders every year into the future; we can calculate what this type of cash flow is worth today. This value is then compared to the current value of the company to determine whether the company is a good investment, based on it being undervalued or overvalued.

There are several different techniques within the discounted cash flow realm of valuation, essentially differing on what type of cash flow is used in the analysis. The

dividend discount model focuses on the

dividends the company pays to shareholders, while the cash flow model looks at the cash that can be paid to shareholders after all expenses, reinvestments and debt repayments have been made. But conceptually they are the same, as it is the present value of these streams that are taken into consideration.

As we mentioned before, the difficulty lies in the implementation of the model as there are a considerable amount of estimates and assumptions that go into the model. As you can imagine, forecasting the revenue and expenses for a firm five or 10 years into the future can be considerably difficult. Nevertheless, DCF is a valuable tool used by both analysts and everyday investors to estimate a company's value.

For more information and in-depth instructions, see the

Discounted Cash Flow Analysis tutorial.

Ratio Valuation Financial ratios are mathematical calculations using figures mainly from the financial statements, and they are used to gain an idea of a company's valuation and financial performance. Some of the most well-known valuation ratios are price-to-earnings and price-to-book . Each valuation ratio uses different measures in its calculations. For example, price-to-book compares the price per share to the company's book value.

The calculations produced by the valuation ratios are used to gain some understanding of the company's value. The ratios are compared on an abs olute basis, in which there are threshold values. For example, in price-to-book, companies trading below '1' are considered undervalued. Valuation ratios are also compared to the historical values of the ratio for the co mpany, along with comparisons to competitors and the overall market itself.


Conclusion Whenever you’re thinking of investing in a company it is vital that you understand what it does, its market and

the

industry

in

which

it

operates.

You

should

never

blindly

invest

in

a

One of the most important areas for any investor to look at when researching a company is the

company.

financial

statements. It is essential to understand the purpose of each part of these statements and how to interpret them.

Let's recap what we've learned:

•

Financial reports are required by law and are published both quarterly and annually.

•

Management discussion and analysis (MD&A) gives investors a better understanding of what the company does and usually points out some key areas where it performed well.

•

Audited financial reports have much more credibility than unaudited ones.

•

The balance sheet lists the assets, liabilities and shareholders' equity.

•

For all balance sheets: Assets = Liabilities + Shareholders’ Equity. The two sides must always equal each other (or balance each other).

•

The income statement includes figures such as revenue, expenses, earnings and earnings per share.

•

For a company, the top line is revenue while the bottom line is net income.

•

The income statement takes into account some non-cash items, such as depreciation.


•

The cash flow statement strips away all non-cash items and tells you how much actual money the company generated.

•

The cash flow statement is divided into three parts: cash from operations, financing and investing.

•

Always read the notes to the financial statements. They provide more in-depth information on a wide range of figures reported in the three financial statements.


RESEARCH METHODOLOGY METHODOLOGY


PROBLEM STATEMENT:

Recent Performance of cement sector

RESEARCH OBJECTIVES:

To examine overall financial performance of the cement Sector

Research Methodology and analysis The methods used are fundamental basic analysis from “STRATEGIC FINANCIAL MANAGEMENT”.

The companies financial was calculated on the basis of FUTURE CASH FLOW OF THE FIRM is calculated on the basis of different growth rates such as 5%, 8%, 125 and

15%.Change in Capex, change in working capital, has been calculated on net block taking Fy 06 as a base year, and then it was calculated with different growth rates such as 5%, 8%, 12% and 15%.Rate 15%.Ra te of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE has been taken among the 5 companies.


DATA ANALYSIS AND INTERPRETATION


Birla Corporation Ltd. Birla Corporation Ltd.(formerly Birla Jute & Industries), a part of M P Birla Group was established in 1919. The company is into manufacture of cement, jute products, autoancillaries, PVC floor coverings, wallpapers, coated cotton fabrics, e tc. Its also has its presence in steel industry.

The company's cement capacity of 4.78 million tpa were spread in its four cement units located in Madhya Pradesh, Uttar Pradesh, Rajasthan and West Bengal. But the jute, carbide, gases, synthetic viscose/cotton yarn and PVC flooring & wall covering divisions are in West Bengal. It also has a steel casting unit in Madhya Pradesh. The Auto Trim division of the company has three plants, each in West Bengal, Maharashtra and Haryana.

The subsidiaries of the company are Assam Jute Supply Company Ltd, Talavadi Cements Ltd and Lok Cements Ltd.

In 1994-95, two units of the company Durgapur Cement Works and Birla Synthetics were awarded the ISO 9002 certification. Satna Cement Works and the jute division have also obtained the same certification. In 1996-97, the company installed 2 DG sets of 6 MW capacity each at Satna and one DG set of similar capacity at Chittor.

The company modernized/upgraded one of its plants at Cittor Cement Works at Chittorgarh during 2001-02. The installed capacity at a t Chittorgarh and the Company as a whole increased to 20.00 lac tonnes. And debottlenecking carried out in Chittorgarh plant and installed capacity was also increased to 45.10 lac tonnes.

The company come out with a rights issue of 2,20,01,528 ordinary shares of Rs 10 each for cash at a premium of Rs 9 per share aggregating to Rs 41.8 cr to the existing ordinary shareholders of the company in the ratio of 2:5. An expansion project was also taken up at Raebareli which was completed and as a result the capacity of Cement Grinding was


enhanced to 6.30 lac tonnes from 3.60 lac tonnes. With this expansion the total installed capacity of the cement has increased to 47.80 lac tonnes p.a. The company has expanded its installed capacity of Auto Trim Parts by 36000 Pcs. during 2004-05 and with this expansion the total installed capacity of Auto Trim Parts has increased to 603000 Pcs.

During April 2004 the company has decided to close its Birla Synthetics at Birlapur and in February 2005 the Birla Carbide & Gases unit at Birlapur, since there has been no production in these units.

The company has commenced commercial production in its new unit Durga Hitech Cement at Durgapur, which has a capacity to manufacture 1 Million tonnes Cement during December 2005.

Chettinad Cement Corporation Ltd Incorporated in the year 1962, Chettinad Cement Corporation (CCCL) has been awarded the ISO 9002 certificate by the Bureau of Indian Standards, in 1994. It is the first company in Tamilnadu to be honored hon ored with the certificate, in the field of mining.

CCCL has diversified into shipping. Its shipping fleet consisits of two bulk carriers viz m.v. Chettinand Tradition and m.v. Chettinad Prince. The Second Cement plant at Karikkali,Tamil Nadu faced some teething problem in 2002 and in 2003 the plant was successful in making it fully operational with optimum efficiency. During 2002-03 the comapny completed the Rights Issue of 84,31,700 equity shares in the ratio of 2:5 at a premium of Rs.26/- per share. The company has commissioned a 15 MW Captive Thermal Plant at its plant at Karikal during October 2004.The Karur unit of Chettinad Cements has been functioning with the highest operating ratio for any cement unit in the southern region. In Sep. 94, the company commissioned 16 wind power generators near Poolavadi, Coimbatore. In addition, 26 wind power generators have been installed in Mar.'95, in the same place. While 12 No of 225 KW each of Wind Power Generator commissioned in 1995-96.


Totally 66 wind power generators for a capacity of 17.35 MW have been installed in four phases and they are functioning well. The project was financed by the Industrial Finance Corporation of India (IFCI) and internal accruals. CCCL has diversified into shipping. Its shipping fleet consisits of two bulk carriers viz m.v. Chettinad Tradition and m.v. Chettinad Prince. The Second Cement plant at Karikkali,Tamil Nadu faced some teething problem in 2002 and in 2003 the plant was successful in making it fully operational with optimum efficiency. During 2 002-03 the company completed the Rights Issue of 84,31,700 equity shares in the ratio of 2:5 at a premium of Rs.26/- per share.

The company has commissioned a 15 MW Captive Thermal Plant at its plant at Karikal during October 2004.

India Cements Ltd(ICL) India Cements Ltd(ICL) was established in Feb.'46, it is a diversified company with interests in cement, shipping and real estate development. dev elopment. The first cement unit was commissioned in 1949 at Sankarnagar, Tamilnadu. By 1970, the capacity was raised to 9.1 lac tpa. The second cement plant at Sankari, Tamilnadu, was commissioned in 1963, with a capacity of 2 lac tpa, which was increased to 4 lac tpa in 1966 and to 6 lac tpa in 1971.

The subsidiaries of the company are ICL Securities Ltd, ICL International Ltd, Industrial Chemicals & Monomers Ltd and ICL Financial Services Ltd.

In 1990 with ICL's acquisition of Coromandel Cement plant at Cuddapah, installed Capacity rose to 2.6 million tonnes per annum. During 1991-92, the company started shipping activities by time-chartering dry bulk-cargo carriers. In 1994 ICL successfully floated a US$ 50 million GDR issue. In 1995 it announced a 1:1 Bonus. It acquired its fifth bulk carrier in 1995. The company is also engaged in real estate and property development and it also has a wind farm in Coimbatore.


In 1996 ICL's green field cement plant at Dalavoi commenced commercial production with an Installed capacity 90,000 TPA. In 1997 India cements acquired Aruna Sugars Finance Ltd which was later renamed as India Cements Capital & Finance Ltd. It also acquired Cement Plant of Visaka Cement Ce ment Industry, at Tandur, Ranga Reddy district of Andhra Pradesh with Installed capacity 9,00,000 Tonnes.

The cement division of Raasi Cement (RCL) was vested with the company from Apr.'98 under a scheme of arrangement. Also during the same year the company hived off its shipping division to ICL Shipping (ICLS). It also acquired Cement Corporation of India's Yerraguntla Cement Plant at Andhra Pradesh with an Installed capacity 4,00,000 Tonnes.

In Oct.'99, ICL Securities, the company wholly owned subsidiary acquired 49.05% of the equity share capital in Sri Vishnu Cement Ce ment (SVCL), simultaneously, Raasi Cement also acquired 39.5% of the equity capital of SVCL. At present the company along with its subsidiary holds 94.16% of the share capital cap ital of SVCL and is now a subsidiary of the company.

The upgradation of the Chilamakur cement plant to 3800 TPD has been completed. The upgradation in another group company -- Sri Vishnu Cement -- from 2750 TPD of clinker to 3400 TPD was complete in the fiscal 2001.

During 2001-02, the company has launched a portal 'homztoday.com' containing A to Z on home making. This is a comprehensive web site focusing on a variety of home needs and providing various categories of users information ranging from property pu rchase to locating any type of service provider to homes.

During 2004-05, the unique Waste Heat Recovery System for generation of power from waste gas at Vishnupuram plant was commissioned with generating power of 7.7MW. Currently, the plant locations of the company are at Sankarnagar, Sankari and Dalavoi in Tamilnadu, Chilamakur, Yerraguntla and Vishnupuram in Andhra Pradesh.


Madras Cements Ltd(MCL) Madras Cements Ltd(MCL), a flagship of the Ramco group, group , is a major player in the blended cement category in South India and is very popular for its Ramco brands of cements like `Ramco super steel cement' and `Ramco super grade cement'. It also operates a ready mix concrete plant (RMC) near Chennai.

Between 1980 and 1985, it undertook a modernization programme and replaced its four cement mills in R N Nagar, Tamilnadu, with a single new combined cement c ement mill which ensured substantial reduction in energy and operation costs. In 1986, MCL implemented one more cement plant in Jayanthipuram, Andhra Pradesh.

In 1990-91, the company expanded the capacity of its factory by 100000 tpa at an estimated cost of Rs 21.5 cr. In 1992-93, 1 992-93, it diversified into power generation by setting up a 4-MW windmill at Muppandal in Kanyakumari, Tamilnadu, which was upgraded by adding eight wind turbines of 250 kW, thereby taking the generation capacity to 6 MW. In 1994-95, 70 additional wind mills were installed in Poolavadi, TN. The total Installed capacity of these plants, consisting 123 Wind Energy Ene rgy Generators is 34.44 MW. During 2004-05, The company commissioned a 36 MW Thermal Power Plant at Alathiyur.

The company, for the first time in India, commissioned a surface mine to modernize the mine operations at Ramasamyraja Nagar factory. The company received ISO 9002 certification for its units in Ramasamyraja Nagar, Alathiyur and ready mix concrete unit in Vengaivasal.

During 1999-00, the company's slag grinding project at Jayanthipuram for manufacture of blended cement was commissioned and also the capacity of the Alathiyur unit was expanded by 0.2 million TPA. The company's second unit at Alathiyur with a capacity of 15 lac tonnes at an estimated cost of Rs 300 crore was commissioned up to the clinkerisation in Jan.'01. The cement mill was commissioned in May '01. The klin fitted with cross bar cooler, the first of its kind outside US and the Vertical mill for cement


grinding, the highest of its kind in Asia set up in Alathiyur Unit.

The company took over ove r the assets of Karnataka Minerals & Manufacturing Co, a mini cement plant situated at Mathodu, Hosadurga Taluk, Chitradurga Dist. The second klin at R Nagar was upgraded in May'01 with the installation of fixed inlet segment to the cooler, new calciner and modifying preheater cyclone, thereby increasing the capacity of the unit to 11 lac TPA of blended cement.

The company's new project Dry Motor Plant for manufacture of high technology construction products such as render, skimcoat and dryconcrete started production from January 2003 in Sriperumbudur, with the help of M.Tech, Germany who conducted the training assistance to the architects, consultants, builders and contractors to know about the advantages of new product.

The company subdivided its value of Equity shares from Rs 100/- to Rs.10/- in the ratio 1:10 with effective from Nov. 06, 2003

Madras Cements Ltd(MCL) Madras Cements Ltd(MCL), a flagship of the Ramco group, group , is a major player in the blended cement category in South India and is very popular for its Ramco brands of cements like `Ramco super steel cement' and `Ramco super grade cement'. It also operates a ready mix concrete plant (RMC) near Chennai.

Between 1980 and 1985, it undertook a modernization programme and replaced its four cement mills in R N Nagar, Tamilnadu, with a single new combined cement c ement mill which ensured substantial reduction in energy and operation costs. In 1986, MCL implemented one more cement plant in Jayanthipuram, Andhra Pradesh.

In 1990-91, the company expanded the capacity of its factory by 100000 tpa at an estimated cost of Rs 21.5 cr. In 1992-93, 1 992-93, it diversified into power generation by setting up a 4-MW windmill at Muppandal in Kanyakumari, Tamilnadu, which was upgraded by


adding eight wind turbines of 250 kW, thereby taking the generation capacity to 6 MW. In 1994-95, 70 additional wind mills were installed in Poolavadi, TN. The total Installed capacity of these plants, consisting 123 Wind Energy Ene rgy Generators is 34.44 MW. During 2004-05, The company commissioned a 36 MW Thermal Power Plant at Alathiyur.

The company, for the first time in India, commissioned a surface mine to modernize the mine operations at Ramasamyraja Nagar factory. The company received ISO 9002 certification for its units in Ramasamyraja Nagar, Alathiyur and ready mix concrete unit in Vengaivasal.

During 1999-00, the company's slag grinding project at Jayanthipuram for manufacture of blended cement was commissioned and also the capacity of the Alathiyur unit was expanded by 0.2 million TPA. The company's second unit at Alathiyur with a capacity of 15 lac tonnes at an estimated cost of Rs 300 crore was commissioned up to the clinkerisation in Jan.'01. The cement mill was commissioned in May '01. The klin fitted with cross bar cooler, the first of its kind outside US and the Vertical mill for cement grinding, the highest of its kind in Asia set up in Alathiyur Unit.

The company took over ove r the assets of Karnataka Minerals & Manufacturing Co, a mini cement plant situated at Mathodu, Hosadurga Taluk, Chitradurga Dist. The second klin at R Nagar was upgraded in May'01 with the installation of fixed inlet segment to the cooler, new calciner and modifying preheater cyclone, thereby increasing the capacity of the unit to 11 lac TPA of blended cement.

The company's new project Dry Motor Plant for manufacture of high technology construction products such as render, skimcoat and dryconcrete started production from January 2003 in Sriperumbudur, with the help of M.Tech, Germany who conducted the training assistance to the architects, consultants, builders and contractors to know about the advantages of new product.


The company subdivided its value of Equity shares from Rs 100/- to Rs.10/- in the ratio 1:10 with effective from Nov. 06, 2003

K C P Ltd A multi-product company with two sugar mills, a downstream distillery, a cement plant and an engineering division, KCP was initially a sick sugar unit (cap. : 600 tpd). It was taken over by the late Velagapudi Ramakrishna in 1941. The merger of Challapalli Sugars - a BIFR company - with it in 1988 and expansions have increased its sugar capacity tenfold to 6300 tpd over the last five decades.

The cement factory, set up in 1958, was the first dry process plant in India. The engineering division was set up in 1955 as an in-house venture to manufacture sugar machinery required by the company. Manufacture of machinery required for cement, chemicals, steel castings, etc, were later added to this division. Both the cement and engineering divisions have been accredited with the ISO 9002 and ISO 9001 certification respectively in 1994.

KCP hived off its sugar and industrial alcohol business, which was transferred to a new company, KCP Sugar Industries Corporation. The Company also undertook a joint venture with Vantech Industries for the manufacture of specialized insecticides. KCP promoted FCB-KCP, a joint venture with FCB, France, in a 40:40 equity participation. The new company is to manufacture and supply state-of-the-art machinery and technology to clients in the sugar industry both in India and abroad.

The cement unit of the company continues to retain the ISO 9001 certification while the engineering unit was accredited to use the symbol 'S' and 'U' of the American Society of Mechanical Engineers (ASME) for the manufacture and assembly of power boilers and pressure vessels, respectively on 15 May'96. KCP has also received the Certificate of Merit for outstanding export performance during 1994-95 among Non-SSI exporters in industrial machinery panel for manufacture of sugar, paper, chemical, cement and pharmaceuticals.


The company had set up 5 mini-hydol units aggregating 8.25 MW capacity in the Guntur branch canal of the Nagarjuna Na garjuna Sagar Dam. Electricity generated in this unit is wheeled to the cement unit for use. During 2001-02 the company entered into an agreement with Andhra Pradesh Transmission Corporation Limited(APTRANSCO) for wheeling the generated energy at Hydel stations to the cement plant with a wheeling charge of 2% fixed for a period of 20 years.

ANALYSIS. Financial Analysis of Birla Corporation Ltd.


15%.Change in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 4th place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 94.28 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates.

BIRLA

DEBT EQUITY WACOC=

WACOC=

271.78 65.2272

KeWe*KdWd

6.27

D/E

0.76

INTEREST 13.62 Kd= 5.011406 Ke= 15 TAX 30% TOTAL CAPITAL

% 337.01

The terminal value is calculated as 10th year FCFF (wacoc-growth rate)*100 Value of equity per share varied from 789.39 at growth rate of 5% to -1515.11 at 8% to 967.92 at 12% and -945.36 at 15%. Value of firm is at 6350.54 at 5% growth rate to 11395.39 at 8% to -7181.73 at 12% and -7007.98 at 15%.value of debt is 271.78 cr.


Value of equity varied from 6078.76 at 5% to -11667.17 at 8% to -7453.51 at 12% and 7279.76 at 15%.

Financial Analysis of Chettinad cements Ltd.


15%.Change in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 3rd place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 76.29.it has been below average ,the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates. chettinad cement DEBT EQUITY WACOC=

WACOC=

304.91 597.6236

KeWe*KdWd

8.25

D/E

1.96


% 902.53

The terminal value is calculated as 10th year FCFF( wacoc-growth rate)*100 Value of equity per share varied from -86.72 at growth rate of 5% to 400.63 at 8% to 4.88 at 12% and 287.76 at 15%. Value of firm is at -2286.66 at 5% growth rate to 12124.93 at 8% to 306.35 at 12% and 1153.89 at 15%.value of debt is 304.91 cr. Value of equity varied from -2591.57 at 5% to 11820.02 at 8% to 1.44 at 12% and 848.98 at 15%.


Financial Analysis of India Cements Ltd.

The companies financial was calculated on the basis of FUTURE CASH FLOW OF THE FIRM is calculated on the basis of different growth rates such as 5%, 8%, 125 and 15%.Change

in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at last place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 83.22 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates. India Cement

DEBT

1,525.24

EQUITY

4285.9244

WACOC=

WACOC=

KeWe*KdWd

8.98

D/E

2.81

INTERE INTEREST ST

148.93 148.93

Kd=

9.764365

Ke=

15

TAX

30%

TOTAL CAPITAL

%

5,811.16

The terminal value is calculated as 10th year FCFF( wacoc-growth rate)*100

Value of equity per share varied 1475.75 1475.75 at growth rate of 5% to 728.43 at 8% to -314.3 at 12% 12% and -354.98 at 15%. Value of firm is at 3625.04 at 5% growth rate to 16421.52 at 8% to -6557.47 at 12% and -7453.97 at 15%.value of debt is 368.94cr. Value of equity varied from 3256.1 at 5% to 16052.58 at 8% to -6926.41 at 12% and -7822.91 at 15%.


Financial Analysis of K C P Ltd.


in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 2 nd place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 90.8 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates. K.C.P.LTD DEBT EQUITY WACOC=

WACOC=

60.71 31.5692

KeWe*KdWd

9.86

D/E

0.52


% 92.28

The terminal value is calculated as 10th year FCFF( wacoc-growth rate)*100 Value of equity per share varied from -145.5 at growth rate of 5% to -2209.19 at 8% to 785 at 12% and 1096.28 at 15%. 15%. Value of firm is at -126.87 at 5% growth rate to -11395.39 -11395.39 at 8% to 7181.73 at 12% and -7007.98 at 15%.value of debt is 60.71 cr. Value of equity varied from 187.58 at 5% to -2269.9 at 8% to 724.29 at 12% and 1035.57 at 15%.


Financial Analysis of Madras cements Ltd.


in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 1 st place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 73.88 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates. madras cement DEBT EQUITY WACOC=

WACOC=

602.44 1072.3432

KeWe*KdWd

8.10

D/E

1.78


% 1,674.78

The terminal value is calculated as 10th year FCFF( wacoc-growth rate)*100 Value of equity per share varied from -371.59 -371.59 at growth rate of 5% to 901.83at 8% to -107.62 -107.62 at 12% and -106 at 15%. Value of firm is at -3469.72 at 5% growth rate to 109524.6at 8% to – 12395.81 at 12% and -12199.99 at 15%.value of debt is 602.44 cr. Value of equity varied from 4072.16 at 5% to -108922.16 at 8% to -12998.25 at 12% and -12802.43 at 15%.


Financial Analysis


CHANGE IN CAPEX



Birla corporation Ltd. 5% NET BLOCK CHANGE IN CAPEX 8% NET BLOCK CHANGE IN CAPEX 12 % NET BLOCK CHANGE IN CAPEX 15 % NET BLOCK CHANGE IN CAPE APEX

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 1 2 3 4 5 6 7 525.24 551.50 579.08 608.03 638.43 670.36 703.87 25.01 26.26 27.58 28.95 30.40 31.92 33.52 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH BASE 1 2 3 4 5 6 7 500.2 0.23 540 540.25 583 583.47 630.15 680.56 735.00 793.80 857.31 40.02 43.22 46.68 50.41 54.44 58.80 63.50 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH BASE 1 2 3 4 5 6 7 500. 500.23 23 560. 560.26 26 627. 627.49 49 702. 702.79 79 787. 787.12 12 881. 881.58 58 987. 987.37 37 1105 1105..85 60.03 67 67.23 75 75.30 84 84.33 94.45 105.79 118.48 STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH BASE 1 2 3 4 5 6 7 500. 500.23 23 575. 575.26 26 661. 661.55 55 760. 760.79 79 874. 874.91 91 1006 1006.1 .14 4 1157 1157.0 .06 6 1330 1330.6 .62 2 75.03 86. 86.29 99. 99.23 114.12 131.24 150.92 173.56 BASE 500.23

8 739.07 35.19

9 776.02 36.95

10 814.82 38.80

8 925.89 68.58

9 999.96 74.07

10 1079.9 9.96 80.00

8 1238 1238.5 .55 5 132.70

9 1387 1387.1 .18 8 148.63

10 1553 1553.6 .64 4 166.46

8 1530 1530.2 .22 2 199.59

9 1759 1759.7 .75 5 229.53

10 2023 2023.7 .71 1 263.96

Chettinad cements ltd. 5% NET BLOCK CHANGE IN CAPEX 8% NET BLOCK CHANGE IN CAPEX 12% NET BLOCK CHANGE IN CAPE APEX

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 1 2 3 4 5 6 7 503 503.4 .45 5 528. 528.63 63 555 555..06 582 582..81 611 611..95 642. 642.55 55 674. 674.68 68 23.97 25.17 26.43 27.75 29.14 30.60 32.13 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH BASE 1 2 3 4 5 6 7 479. 479.48 48 517. 517.84 84 559. 559.27 27 604. 604.01 01 652. 652.33 33 704. 704.51 51 760. 760.87 87 821. 821.74 74 38.36 41.43 44.74 48.32 52.19 56.36 60.87 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH BASE 1 2 3 4 5 6 7 479. 479.48 48 537. 537.02 02 601. 601.46 46 673. 673.63 63 754. 754.47 47 845. 845.01 01 946. 946.41 41 1059 1059.9 .98 8 57.54 64 64.44 72 72.18 80 80.84 90 90.54 101.40 113.57 BASE 479. 479.48 48

8 708. 708.41 41 33.73

9 743. 743.83 83 35.42

10 781. 781.02 02 37.19

8 887. 887.48 48 65.74

9 958. 958.48 48 71.00

10 1035 1035.1 .16 6 76.68

8 1187 1187.1 .17 7 127.20

9 1329 1329.6 .64 4 142.46

10 1489 1489.1 .19 9 159.56

8 1466 1466.7 .74 4 191. 191.31 31

9 1686 1686.7 .75 5 220. 220.01 01

10 1939 1939.7 .76 6 253. 253.01 01


15% NET BLOCK CHAN CHANGE GE IN CAPE CAPEX X

BASE 479. 479.48 48

STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH 1 2 3 4 5 6 7 551. 551.40 40 634. 634.11 11 729. 729.23 23 838. 838.61 61 964. 964.41 41 1109 1109.0 .07 7 1275 1275.4 .43 3 71.9 71.92 2 82.7 82.71 1 95.1 95.12 2 109. 109.38 38 125. 125.79 79 144. 144.66 66 166. 166.36 36

India Cements Ltd. 5% NET BLOCK CHANG HANGE E IN CAP CAPEX 8% NET BLOCK CHANG HANGE E IN CAP CAPEX

BASE 2083 2083.9 .99 9

BASE 2083 2083.9 .99 9

12% NET BLOCK CHANG HANGE E IN CAP CAPEX

BASE 2083 2083.9 .99 9

15%

BASE 2083 2083.9 .99 9

NET BLOCK CHA CHANGE NGE IN CAPE CAPEX X

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 1 2 3 4 5 6 7 8 9 10 2188 2188.1 .19 9 2297 2297.6 .60 0 2412. 2412.48 48 2533 2533.1 .10 0 2659 2659.7 .76 6 2792 2792.7 .75 5 2932. 2932.38 38 3079 3079.0 .00 0 3232 3232.9 .95 5 3491 3491.5 .59 9 104.20 109.41 114.88 120.62 126.66 132.9 2.99 139.64 146.62 153.95 258.64 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH 1 2 3 4 5 6 7 8 9 10 2250 2250.7 .71 1 2430 2430.7 .77 7 2625. 2625.23 23 2835 2835.2 .25 5 3062 3062.0 .07 7 3307 3307.0 .03 3 3571. 3571.59 59 3857 3857.3 .32 2 4165 4165.9 .91 1 4499 4499.1 .18 8 166.72 180.06 194.46 210.02 226.82 244.9 4.97 264.56 285.73 308.59 333.27 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH 1 2 3 4 5 6 7 8 9 10 2334 2334.0 .07 7 2614 2614.1 .16 6 2927. 2927.86 86 3279 3279.2 .20 0 3672 3672.7 .70 0 4113 4113.4 .43 3 4607. 4607.04 04 5159 5159.8 .88 8 5779 5779.0 .07 7 6472 6472.5 .56 6 250.08 280.09 313.70 351.34 393.50 440.7 0.72 493.61 552.84 619.19 693.49 STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH 1 2 3 4 5 6 7 8 9 10 2396 2396.5 .59 9 2756 2756.0 .08 8 3169. 3169.49 49 3644 3644.9 .91 1 4191 4191.6 .65 5 4820 4820.4 .40 0 5543. 5543.45 45 6374 6374.9 .97 7 7331 7331.2 .22 2 8430 8430.9 .90 0 312. 312.60 60 359. 359.49 49 413. 413.41 41 475. 475.42 42 546. 546.74 74 628. 628.75 75 723. 723.06 06 831. 831.52 52 956. 956.25 25 1099 1099..68

15% NET BLOCK CHAN CHANGE GE IN CAPE CAPEX X

BASE 479. 479.48 48

STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH 1 2 3 4 5 6 7 551. 551.40 40 634. 634.11 11 729. 729.23 23 838. 838.61 61 964. 964.41 41 1109 1109.0 .07 7 1275 1275.4 .43 3 71.9 71.92 2 82.7 82.71 1 95.1 95.12 2 109. 109.38 38 125. 125.79 79 144. 144.66 66 166. 166.36 36

8 1466 1466.7 .74 4 191. 191.31 31

9 1686 1686.7 .75 5 220. 220.01 01

10 1939 1939.7 .76 6 253. 253.01 01

India Cements Ltd. 5% NET BLOCK CHANG HANGE E IN CAP CAPEX 8% NET BLOCK CHANG HANGE E IN CAP CAPEX

BASE 2083 2083.9 .99 9

BASE 2083 2083.9 .99 9

12% NET BLOCK CHANG HANGE E IN CAP CAPEX

BASE 2083 2083.9 .99 9

15%

BASE 2083 2083.9 .99 9

NET BLOCK CHA CHANGE NGE IN CAPE CAPEX X

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 1 2 3 4 5 6 7 8 9 10 2188 2188.1 .19 9 2297 2297.6 .60 0 2412. 2412.48 48 2533 2533.1 .10 0 2659 2659.7 .76 6 2792 2792.7 .75 5 2932. 2932.38 38 3079 3079.0 .00 0 3232 3232.9 .95 5 3491 3491.5 .59 9 104.20 109.41 114.88 120.62 126.66 132.9 2.99 139.64 146.62 153.95 258.64 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH 1 2 3 4 5 6 7 8 9 10 2250 2250.7 .71 1 2430 2430.7 .77 7 2625. 2625.23 23 2835 2835.2 .25 5 3062 3062.0 .07 7 3307 3307.0 .03 3 3571. 3571.59 59 3857 3857.3 .32 2 4165 4165.9 .91 1 4499 4499.1 .18 8 166.72 180.06 194.46 210.02 226.82 244.9 4.97 264.56 285.73 308.59 333.27 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH 1 2 3 4 5 6 7 8 9 10 2334 2334.0 .07 7 2614 2614.1 .16 6 2927. 2927.86 86 3279 3279.2 .20 0 3672 3672.7 .70 0 4113 4113.4 .43 3 4607. 4607.04 04 5159 5159.8 .88 8 5779 5779.0 .07 7 6472 6472.5 .56 6 250.08 280.09 313.70 351.34 393.50 440.7 0.72 493.61 552.84 619.19 693.49 STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH 1 2 3 4 5 6 7 8 9 10 2396 2396.5 .59 9 2756 2756.0 .08 8 3169. 3169.49 49 3644 3644.9 .91 1 4191 4191.6 .65 5 4820 4820.4 .40 0 5543. 5543.45 45 6374 6374.9 .97 7 7331 7331.2 .22 2 8430 8430.9 .90 0 312. 312.60 60 359. 359.49 49 413. 413.41 41 475. 475.42 42 546. 546.74 74 628. 628.75 75 723. 723.06 06 831. 831.52 52 956. 956.25 25 1099 1099..68


Madras cements ltd 5%

BASE 989. 989.89 89

8%

BASE 989. 989.89 89

12%

BASE 989. 989.89 89

NET BLOCK CHANGE IN CAPEX


NET BLOCK CHANGE IN CAPEX PEX 15% NET BLOCK CHANGE IN CAPEX PEX

BASE 989. 989.89 89

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 1 2 3 4 5 6 7 1039 1039.3 .38 8 1091 1091.3 .35 5 1145 1145.9 .92 2 1203 1203.2 .22 2 1263. 1263.38 38 1326. 1326.55 55 1392. 1392.87 87 49.49 51.97 54.57 57.30 60.16 63.17 66.33 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH 1 2 3 4 5 6 7 1069 1069.0 .08 8 1154 1154.6 .61 1 1246 1246.9 .98 8 1346 1346.7 .73 3 1454. 1454.47 47 1570. 1570.83 83 1696. 1696.50 50 79.19 85.53 92.37 99.76 10 107.74 11 116.36 12 125.67 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH 1 2 3 4 5 6 7 1108 1108.6 .68 8 1241 1241.7 .72 2 1390 1390.7 .72 2 1557 1557.6 .61 1 1744. 1744.52 52 1953. 1953.87 87 2188. 2188.33 33 118.7 8.79 133.04 149. 49.01 166.89 186.9 6.91 209.34 234.46 STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH 1 2 3 4 5 6 7 1138 1138.3 .37 7 1309 1309.1 .13 3 1505 1505.5 .50 0 1731 1731.3 .32 2 1991. 1991.02 02 2289. 2289.68 68 2633. 2633.13 13 148.4 8.48 170.76 196. 96.37 225.82 259.7 9.70 298.65 343.45

8 1462 1462.5 .52 2 69.64

9 10 1535. 1535.64 64 1612. 1612.43 43 73.13 76.78

8 9 10 1832 1832.2 .22 2 1978. 1978.79 79 2137. 2137.10 10 13 135.72 14 146.58 15 158.30 8 2450 2450.9 .93 3 262.60

9 10 2745. 2745.04 04 3074. 3074.45 45 294.11 329.41

8 9 10 3028 3028.1 .10 0 3482. 3482.31 31 4004. 4004.66 66 394.97 454.21 522.35

K.C.P.ltd 5% NET BLOCK CHANGE IN CAPEX

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH BASE 1 2 3 4 5 6 7 68.98 72.43 78.22 84.48 91.24 98.54 106.42 114.94 3 45 5 79 6 26 6 76 7 30 7 88 8 51

8 124.13 9 19

9 134.06 9 93

10 144.79 10 72

Madras cements ltd 5%

BASE 989. 989.89 89

8%

BASE 989. 989.89 89

12%

BASE 989. 989.89 89



NET BLOCK CHANGE IN CAPEX PEX 15% NET BLOCK CHANGE IN CAPEX PEX

BASE 989. 989.89 89

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 1 2 3 4 5 6 7 1039 1039.3 .38 8 1091 1091.3 .35 5 1145 1145.9 .92 2 1203 1203.2 .22 2 1263. 1263.38 38 1326. 1326.55 55 1392. 1392.87 87 49.49 51.97 54.57 57.30 60.16 63.17 66.33 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH 1 2 3 4 5 6 7 1069 1069.0 .08 8 1154 1154.6 .61 1 1246 1246.9 .98 8 1346 1346.7 .73 3 1454. 1454.47 47 1570. 1570.83 83 1696. 1696.50 50 79.19 85.53 92.37 99.76 10 107.74 11 116.36 12 125.67 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH 1 2 3 4 5 6 7 1108 1108.6 .68 8 1241 1241.7 .72 2 1390 1390.7 .72 2 1557 1557.6 .61 1 1744. 1744.52 52 1953. 1953.87 87 2188. 2188.33 33 118.7 8.79 133.04 149. 49.01 166.89 186.9 6.91 209.34 234.46 STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH 1 2 3 4 5 6 7 1138 1138.3 .37 7 1309 1309.1 .13 3 1505 1505.5 .50 0 1731 1731.3 .32 2 1991. 1991.02 02 2289. 2289.68 68 2633. 2633.13 13 148.4 8.48 170.76 196. 96.37 225.82 259.7 9.70 298.65 343.45

8 1462 1462.5 .52 2 69.64

9 10 1535. 1535.64 64 1612. 1612.43 43 73.13 76.78

8 9 10 1832 1832.2 .22 2 1978. 1978.79 79 2137. 2137.10 10 13 135.72 14 146.58 15 158.30 8 2450 2450.9 .93 3 262.60

9 10 2745. 2745.04 04 3074. 3074.45 45 294.11 329.41

8 9 10 3028 3028.1 .10 0 3482. 3482.31 31 4004. 4004.66 66 394.97 454.21 522.35

K.C.P.ltd 5% NET BLOCK CHANGE IN CAPEX 8% NET BLOCK CHANGE IN CAPEX 12 % NET BLOCK CHANGE IN CAPEX

STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH BASE 1 2 3 4 5 6 7 68.98 72.43 78.22 84.48 91.24 98.54 106.42 114.94 3.45 5.79 6.26 6.76 7.30 7.88 8.51 STATEMENT SHOWING CHANGE IN CAPEX AT 8% GROWTH BASE 1 2 3 4 5 6 7 68.98 74.50 80.46 86.89 93.85 101.35 109.46 118.22 5.52 5.96 6.44 6.95 7.51 8.11 8.76 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH BASE 1 2 3 4 5 6 7 68.98 77.26 86.53 96.91 108.54 121.57 136.15 152.49 8.28 9.27 10.38 11.63 13.02 14.59 16.34

8 124.13 9.19

9 134.06 9.93

10 144.79 10.72

8 127.68 9.46

9 137.89 10.21

10 148.92 11 11.03

8 170.79 18.30

9 191.29 20.50

10 214.24 22.95

8 211.01 27.52 183.49

9 242.66 31.65 211.01

10 279.06 36.40 242.66


15 % NET BLOCK CHANGE IN CAPEX

STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH BASE 1 2 3 4 5 6 7 68.98 79.33 91.23 104.91 120 120.65 138.74 159.55 183.49 10.35 11.90 13.68 15.74 18.10 20.81 23.93 68.98 79.33 91.23 104.91 120.65 138.74 159.55

15 % NET BLOCK CHANGE IN CAPEX

STATEMENT SHOWING CHANGE IN CAPEX AT 15% GROWTH BASE 1 2 3 4 5 6 7 68.98 79.33 91.23 104.91 120 120.65 138.74 159.55 183.49 10.35 11.90 13.68 15.74 18.10 20.81 23.93 68.98 79.33 91.23 104.91 120.65 138.74 159.55


8 211.01 27.52 183.49

9 242.66 31.65 211.01

10 279.06 36.40 242.66


CHANGE IN WORKING CAPITAL



BIRLA CORPORATION LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVENTO INVENTORIE RIES S SUNDRY SUNDRY DEBTO DEBTORS RS CASH CASH AND AND BANK BANK LOANS LOANS AND ADVANCE ADVANCES S TOTAL CURRENT ASSETS CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVI PROVISI SION ONS S TOTAL CURRENT LIABILITIES WORKING CAPITAL CHANG CHANGE E IN WC

BASE 1 105.72 105.72 111.00 111.006 6 27.7 27.7 29.08 29.085 5 59.2 59.23 3 62.1 62.191 915 5 124.87 124.87 131. 131.113 1135 5 317. 317.52 52 333. 333.39 396 6 257.53 257.53 270.40 270.4065 65 50.2 50.27 7 52.7 52.783 835 5 307. 307.8 8 323. 323.19 19 10.2 10.206 06 9.72 0.486 0.486

2 116.55 116.5563 63 30.53 30.5392 925 5 65.3 65.301 0108 08 137.669 137.6692 2 350. 350.06 0658 58 283.92 283.9268 68 55.4 55.422 2268 68 339. 339.34 3495 95 10.71 10.7163 63 0.51 0.5103 03

3 122.38 122.3841 41 32.0 32.066 6621 21 68.5 68.566 6613 13 144.552 144.5526 6 367. 367.56 5691 91 298.12 298.1232 32 58.1 58.193 9381 81 356. 356.31 317 7 11.2 11.252 5212 12 0.53 0.5358 5815 15

4 5 128.50 128.5033 33 134.92 134.9285 85 33.6 33.669 6952 52 35.3 35.353 53 71.9 71.994 9444 44 75.5 75.594 9416 16 151.780 151.7803 3 159.369 159.3693 3 385. 385.94 9475 75 405. 405.24 2449 49 313.02 313.0293 93 328.68 328.6808 08 61.1 61.103 035 5 64.1 64.158 5867 67 374. 374.13 1328 28 392. 392.83 8395 95 11.8 11.814 1472 72 12.4 12.405 0546 46 0.56 0.5626 2606 06 0.59 0.5907 0736 36

6 141.674 141.6749 9 37.12 37.1206 065 5 79.37 79.3738 386 6 167.337 167.3377 7 425.5 425.507 072 2 345.114 345.1148 8 67.36 67.3666 661 1 412. 412.48 4814 14 13.02 13.0257 573 3 0.62 0.6202 0273 73

7 148.75 148.7587 87 38.9 38.976 7668 68 83.3 83.342 4256 56 175.704 175.7046 6 446. 446.78 7825 25 362.37 362.3706 06 70.7 70.734 3494 94 433. 433.10 1055 55 13.6 13.677 7702 02 0.651 0.65128 286 6

8 156.19 156.1966 66 40.9 40.925 2552 52 87.5 87.509 0969 69 184.489 184.4899 9 469. 469.12 1217 17 380.48 380.4891 91 74.2 74.271 7169 69 454. 454.76 7608 08 14.3 14.360 6087 87 0.68 0.6838 3851 51

9 164.00 164.0064 64 42.9 42.971 7179 79 91.8 91.885 8517 17 193.714 193.7144 4 492. 492.57 5777 77 399.51 399.5136 36 77.9 77.985 8527 27 477. 477.49 4988 88 15.0 15.078 7891 91 0.71 0.7180 8043 43

10 172.20 172.2067 67 45.1 45.120 2038 38 96.4 96.479 7943 43 203.40 203.4001 01 517. 517.20 2066 66 419.48 419.4892 92 81.8 81.884 8453 53 501. 501.37 3738 38 15.8 15.832 3286 86 0.75 0.7539 3946 46

7 181.18 181.1855 55 47.4 47.472 7293 93 101. 101.50 5098 98 214. 214.00 0052 52 544. 544.17 1735 35 441. 441.36 3612 12 86.1 86.153 5395 95 527. 527.51 5151 51 16.6 16.658 5837 37 1.233 1.23395 953 3

8 195.68 195.6803 03 51.2 51.270 7077 77 109. 109.63 6306 06 231 231.1 .125 257 7 587. 587.70 7074 74 476. 476.67 6701 01 93.0 93.046 4626 26 569. 569.71 7163 63 17.99 17.9910 104 4 1.332 1.33267 67

9 211.33 211.3348 48 55.3 55.372 7243 43 118. 118.40 401 1 249. 249.61 6157 57 634. 634.72 7239 39 514. 514.80 8037 37 100. 100.49 49 615. 615.29 2936 36 19.4 19.430 3032 32 1.43 1.4392 9283 83

10 228.24 228.2416 16 59.8 59.802 0222 22 127. 127.87 8731 31 269.5 269.585 85 685. 685.50 5019 19 555.9 555.988 88 108. 108.52 5292 92 664. 664.51 5171 71 20.9 20.984 8475 75 1.55 1.5544 4426 26

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVENTO INVENTORIE RIES S SUNDRY SUNDRY DEBTO DEBTORS RS CASH CASH AND AND BANK BANK LOANS LOANS AND AND ADVAN ADVANCES CES TOTAL CURRENT ASSETS CURREN CURRENT T LIABI LIABILI LITI TIES ES PROVI PROVISI SION ONS S TOTAL CURRENT LIABILITIES WORK WORKIN ING G CAPI CAPITA TAL L CHANG CHANGE E IN WC

BASE 105.72 105.72 27.7 27.7 59.2 59.23 3 124. 124.87 87 317.52 257. 257.53 53 50.2 50.27 7 307.8 9.72 9.72

1 114.17 114.1776 76 29.91 29.916 6 63.9 63.968 684 4 134. 134.85 8596 96 342. 342.92 9216 16 278. 278.13 1324 24 54.2 54.291 916 6 332.4 332.424 24 10.49 10.4976 76 0.77 0.7776 76

2 123.31 123.3118 18 32.30 32.3092 928 8 69.0 69.085 8587 87 145 145.6 .648 484 4 370. 370.35 3553 53 300. 300.38 383 3 58.6 58.634 3493 93 359. 359.01 0179 79 11.3 11.337 3741 41 0.839 0.83980 808 8

3 133.17 133.1768 68 34.8 34.894 9402 02 74.6 74.612 1274 74 157. 157.30 3002 02 399. 399.98 9838 38 324. 324.41 4136 36 63.3 63.325 2572 72 387. 387.73 7394 94 12.2 12.244 444 4 0.90 0.9069 6993 93

4 143.83 143.8309 09 37.6 37.685 8554 54 80.5 80.581 8176 76 169 169.8 .884 843 3 431. 431.98 9825 25 350. 350.36 3667 67 68.3 68.391 9178 78 418. 418.75 7585 85 13.2 13.223 2395 95 0.97 0.9795 9552 52

5 155.33 155.3374 74 40.7 40.700 0039 39 87.0 87.028 283 3 183. 183.47 475 5 466. 466.54 5411 11 378. 378.39 3961 61 73.8 73.863 6312 12 452. 452.25 2592 92 14.2 14.281 8187 87 1.05 1.0579 7916 16

6 167.764 167.7644 4 43.95 43.9564 642 2 93.99 93.9905 057 7 198. 198.15 153 3 503. 503.86 8643 43 408.6 408.667 677 7 79.77 79.7721 217 7 488. 488.43 4399 99 15.4 15.424 2442 42 1.14 1.1425 255 5


STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVANCES ADVANCES TOTA TOTAL L CURRE CURRENT NT ASSE ASSETS TS CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVI PROVISI SIONS ONS TOTAL TOTAL CUR CURRE RENT NT LIABI LIABILI LITIE TIES S WORK WORKIN ING G CA CAPI PITA TAL L CHANGE CHANGE IN WC

BASE 1 105. 105.72 72 118. 118.40 4064 64 27.7 27.7 31.02 31.024 4 59.23 59.23 66.3 66.337 376 6 124.87 124.87 139. 139.854 8544 4 317.52 317.52 355.622 355.6224 4 257.53 257.53 288.43 288.4336 36 50.2 50.27 7 56.3 56.302 024 4 307.8 307.8 344.73 344.736 6 9.72 9.72 10.8 10.886 864 4 1.1664 1.1664

3 2 4 132. 132.61 6152 52 148. 148.52 529 9 166. 166.35 3525 25 34.7 34.746 4688 88 38.9 38.916 1651 51 43.5 43.586 8649 49 74.2 74.298 9811 11 83.2 83.213 1389 89 93.1 93.199 9955 55 156.636 156.6369 9 175.433 175.4334 4 196.48 196.4854 54 398.297 398.2971 1 446.09 446.0927 27 499.6239 499.6239 323.04 323.0456 56 361.81 361.8111 11 405.22 405.2284 84 63.0 63.058 5869 69 70.6 70.625 2573 73 79.1 79.100 0082 82 386.10 386.1043 43 432.43 432.4368 68 484.32 484.3293 93 12.19 12.1927 277 7 13.6 13.655 559 9 15.2 15.294 9461 61 1.3063 1.306368 68 1.4631 1.463132 32 1.63870 1.638708 8

5 186.3 186.314 148 8 48.81 48.8168 686 6 104.3 104.383 835 5 220.06 220.0636 36 559.578 559.5787 7 453.85 453.8559 59 88.59 88.5929 292 2 542.448 542.4488 8 17.12 17.1299 996 6 1.8353 1.835353 53

6 208. 208.67 6725 25 54.6 54.674 7489 89 116. 116.90 9095 95 246.47 246.4712 12 626.728 626.7282 2 508.318 508.3186 6 99.2 99.224 2407 07 607.542 607.5426 6 19.1 19.185 8556 56 2.0555 2.055595 95

7 233. 233.71 7132 32 61.2 61.235 3587 87 130. 130.93 9387 87 276.04 276.0478 78 701.93 701.9356 56 569.31 569.3168 68 111. 111.13 131 1 680.44 680.4477 77 21.4 21.487 8782 82 2.3022 2.302267 67

8 261. 261.75 7588 88 68.5 68.584 8418 18 146. 146.65 6513 13 309.17 309.1735 35 786.1678 786.1678 637.63 637.6348 48 124. 124.46 4667 67 762.10 762.1015 15 24.0 24.066 6636 36 2.5785 2.578539 39

9 293. 293.16 1699 99 76.8 76.814 1428 28 164. 164.24 2495 95 346.27 346.2743 43 880.50 880.508 8 714.151 714.151 139. 139.40 4027 27 853.55 853.5536 36 26.9 26.954 5433 33 2.8879 2.887963 63

1 328. 328.35 350 0 86.0 86.03 3 183.9 183.959 59 387.82 387.827 7 986.16 986.168 8 799.84 799.849 9 156. 156.13 13 955.980 955.980 30.18 30.1888 88 3.2345 3.23451 1

9 371. 371.90 9099 99 97.4 97.445 4517 17 208. 208.36 3638 38 439.27 439.2772 72

1 427. 427.69 696 6 112. 112.06 061 1 239. 239.61 618 8 505.16 505.168 8

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVANCES ADVANCES

BASE 105. 105.72 72 27.7 27.7 59.23 59.23 124.87 124.87

1 121. 121.57 578 8 31.8 31.855 55 68.1 68.114 145 5 143. 143.600 6005 5

2 139. 139.81 8147 47 36.6 36.633 3325 25 78.3 78.331 3168 68 165.140 165.1406 6

3 160. 160.78 7869 69 42.1 42.128 2824 24 90.0 90.081 8143 43 189.911 189.9117 7

4 184. 184.90 9049 49 48.4 48.447 4747 47 103. 103.59 5936 36 218.39 218.3984 84

5 6 7 8 212.6 212.640 407 7 244. 244.53 5368 68 281. 281.21 2173 73 323. 323.39 3999 99 55.71 55.7145 459 9 64.0 64.071 7178 78 73.6 73.682 8255 55 84.7 84.734 3493 93 119.1 119.132 327 7 137. 137.00 0026 26 157. 157.55 553 3 181. 181.18 1859 59 251.15 251.1582 82 288.83 288.8319 19 332.15 332.1567 67 381.98 381.9802 02

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVANCES ADVANCES TOTA TOTAL L CURRE CURRENT NT ASSE ASSETS TS CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVI PROVISI SIONS ONS TOTAL TOTAL CUR CURRE RENT NT LIABI LIABILI LITIE TIES S WORK WORKIN ING G CA CAPI PITA TAL L CHANGE CHANGE IN WC

BASE 1 105. 105.72 72 118. 118.40 4064 64 27.7 27.7 31.02 31.024 4 59.23 59.23 66.3 66.337 376 6 124.87 124.87 139. 139.854 8544 4 317.52 317.52 355.622 355.6224 4 257.53 257.53 288.43 288.4336 36 50.2 50.27 7 56.3 56.302 024 4 307.8 307.8 344.73 344.736 6 9.72 9.72 10.8 10.886 864 4 1.1664 1.1664

3 2 4 132. 132.61 6152 52 148. 148.52 529 9 166. 166.35 3525 25 34.7 34.746 4688 88 38.9 38.916 1651 51 43.5 43.586 8649 49 74.2 74.298 9811 11 83.2 83.213 1389 89 93.1 93.199 9955 55 156.636 156.6369 9 175.433 175.4334 4 196.48 196.4854 54 398.297 398.2971 1 446.09 446.0927 27 499.6239 499.6239 323.04 323.0456 56 361.81 361.8111 11 405.22 405.2284 84 63.0 63.058 5869 69 70.6 70.625 2573 73 79.1 79.100 0082 82 386.10 386.1043 43 432.43 432.4368 68 484.32 484.3293 93 12.19 12.1927 277 7 13.6 13.655 559 9 15.2 15.294 9461 61 1.3063 1.306368 68 1.4631 1.463132 32 1.63870 1.638708 8

5 186.3 186.314 148 8 48.81 48.8168 686 6 104.3 104.383 835 5 220.06 220.0636 36 559.578 559.5787 7 453.85 453.8559 59 88.59 88.5929 292 2 542.448 542.4488 8 17.12 17.1299 996 6 1.8353 1.835353 53

6 208. 208.67 6725 25 54.6 54.674 7489 89 116. 116.90 9095 95 246.47 246.4712 12 626.728 626.7282 2 508.318 508.3186 6 99.2 99.224 2407 07 607.542 607.5426 6 19.1 19.185 8556 56 2.0555 2.055595 95

7 233. 233.71 7132 32 61.2 61.235 3587 87 130. 130.93 9387 87 276.04 276.0478 78 701.93 701.9356 56 569.31 569.3168 68 111. 111.13 131 1 680.44 680.4477 77 21.4 21.487 8782 82 2.3022 2.302267 67

8 261. 261.75 7588 88 68.5 68.584 8418 18 146. 146.65 6513 13 309.17 309.1735 35 786.1678 786.1678 637.63 637.6348 48 124. 124.46 4667 67 762.10 762.1015 15 24.0 24.066 6636 36 2.5785 2.578539 39

9 293. 293.16 1699 99 76.8 76.814 1428 28 164. 164.24 2495 95 346.27 346.2743 43 880.50 880.508 8 714.151 714.151 139. 139.40 4027 27 853.55 853.5536 36 26.9 26.954 5433 33 2.8879 2.887963 63

1 328. 328.35 350 0 86.0 86.03 3 183.9 183.959 59 387.82 387.827 7 986.16 986.168 8 799.84 799.849 9 156. 156.13 13 955.980 955.980 30.18 30.1888 88 3.2345 3.23451 1

7 281. 281.21 2173 73 73.6 73.682 8255 55 157. 157.55 553 3 332.15 332.1567 67 844. 844.60 6095 95 685.03 685.0349 49 133. 133.71 7192 92 818. 818.75 7541 41 25.8 25.855 5539 39 3.37 3.3724 2443 43

8 323. 323.39 3999 99 84.7 84.734 3493 93 181. 181.18 1859 59 381.98 381.9802 02 971. 971.30 3009 09 787.79 787.7902 02 153. 153.77 7771 71 941. 941.56 5672 72 29.7 29.733 337 7 3.87 3.8783 8309 09

9 371. 371.90 9099 99 97.4 97.445 4517 17 208. 208.36 3638 38 439.27 439.2772 72 1116. 1116.99 996 6 905.958 905.9587 7 176. 176.84 8436 36 1082. 1082.80 802 2 34.1 34.193 9376 76 4.46 4.4600 0055 55

1 427. 427.69 696 6 112. 112.06 061 1 239. 239.61 618 8 505.16 505.168 8 1284 1284.5 .54 4 1041.8 1041.85 5 203. 203.37 370 0 1245 1245.2 .22 2 39.32 39.3228 28 5.12 5.1290 906 6

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVANCES ADVANCES TOTAL CURRENT ASSETS CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVI PROVISI SIONS ONS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

3 BASE 1 2 105. 105.72 72 121. 121.57 578 8 139. 139.81 8147 47 160. 160.78 7869 69 27.7 27.7 31.8 31.855 55 36.6 36.633 3325 25 42.1 42.128 2824 24 59.23 59.23 68.1 68.114 145 5 78.3 78.331 3168 68 90.0 90.081 8143 43 124.87 124.87 143. 143.600 6005 5 165.140 165.1406 6 189.911 189.9117 7 317.52 365.1 365.148 48 419. 419.92 9202 02 482. 482.90 9082 82 257.53 257.53 296.15 296.1595 95 340.58 340.5834 34 391.67 391.6709 09 50.2 50.27 7 57.8 57.810 105 5 66.4 66.482 8208 08 76.4 76.454 5439 39 307.8 353. 353.97 97 407. 407.06 0655 55 468. 468.12 1253 53 9.72 9.72 11.1 11.178 78 12.8 12.854 547 7 14.7 14.782 8291 91 1.45 1.458 8 1.67 1.6767 67 1.92 1.9282 8205 05

4 184. 184.90 9049 49 48.4 48.447 4747 47 103. 103.59 5936 36 218.39 218.3984 84 555. 555.34 3445 45 450.42 450.4216 16 87.9 87.922 2254 54 538. 538.34 3441 41 17.0 17.000 0034 34 2.217 2.21743 436 6

5 212.6 212.640 407 7 55.71 55.7145 459 9 119.1 119.132 327 7 251.15 251.1582 82 638.6 638.646 461 1 517.98 517.9848 48 101.1 101.110 109 9 619.0 619.095 957 7 19.55 19.5503 039 9 2.55 2.5500 0051 51

6 244. 244.53 5368 68 64.0 64.071 7178 78 137. 137.00 0026 26 288.83 288.8319 19 734.4 734.443 431 1 595.682 595.6825 5 116. 116.27 2776 76 711.9 711.960 601 1 22.4 22.482 8295 95 2.93 2.9325 2559 59


CHETTINAD CEMENTS STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVENTO INVENTORIE RIES S SUNDR SUNDRY Y DEBTO DEBTORS RS CASH CASH AND BANK BANK LOANS LOANS AND AND ADVANC ADVANCES ES TOTAL CURRENT ASSETS CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVISI PROVISIONS ONS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CAPI CAPITA TAL L CHANGE CHANGE IN WC

BASE 100.17 100.17 17.4 17.44 4 21.4 21.49 9 40.7 40.76 6 179.86 77.59 77.59 30.09 30.09 107. 107.68 68 72.18 72.18

1 2 105.17 105.1785 85 110.43 110.4374 74 18.3 18.312 12 19.2 19.227 276 6 22.5 22.564 645 5 23.6 23.692 9273 73 42.7 42.798 98 49.2 49.217 177 7 188.853 217. 217.18 181 1 81.469 81.4695 5 85.542 85.54298 98 31.594 31.5945 5 33.174 33.17423 23 113. 113.06 064 4 118. 118.71 7172 72 75.7 75.789 89 79.5 79.578 7845 45 3.60 3.609 9 3.78 3.7894 945 5

3 115.95 115.9593 93 20.1 20.188 8898 98 24.8 24.877 7736 36 56. 56.60 6003 036 6 249. 249.75 7581 81 89.820 89.82012 12 34.832 34.83294 94 124. 124.65 6531 31 83.5 83.557 5737 37 3.97 3.9789 8923 23

4 121.75 121.7573 73 21.1 21.198 9843 43 26.1 26.121 2123 23 65. 65.09 0904 041 1 287. 287.22 2218 18 94.311 94.31113 13 36.574 36.57458 58 130. 130.88 8857 57 87.7 87.735 3524 24 4.17 4.1778 7869 69

5 127.845 127.8451 1 22.25 22.2583 835 5 27.42 27.4272 729 9 74. 74.85 8539 397 7 330.3 330.305 051 1 99.026 99.02669 69 38.403 38.40331 31 137. 137.43 43 92.1 92.122 22 4.38 4.3867 6762 62

6 134.23 134.2374 74 23.3 23.371 7127 27 28.7 28.798 9866 66 86. 86.08 0820 206 6 379. 379.85 8508 08 103.97 103.978 8 40.323 40.32348 48 144. 144.30 3015 15 96.7 96.728 281 1 4.606 4.6061 1

7 140.94 140.9492 92 24.5 24.539 3983 83 30.2 30.238 3859 59 98. 98.99 9943 437 7 436. 436.82 8285 85 109.176 109.1769 9 42.339 42.33965 65 151. 151.51 5166 66 101. 101.56 5645 45 4.83 4.8364 6405 05

8 147.99 147.9967 67 25.7 25.766 6682 82 31.7 31.750 5052 52 113 113.8 .843 435 5 502. 502.35 3527 27 114.63 114.6358 58 44.456 44.45663 63 159. 159.09 0924 24 106. 106.64 6427 27 5.07 5.0782 8225 25

9 155.39 155.3965 65 27.0 27.055 5516 16 33.3 33.338 3804 04 130 130.9 .920 201 1 577. 577.70 7056 56 120.36 120.3676 76 46.679 46.67947 47 167. 167.04 047 7 111. 111.97 9749 49 5.33 5.3321 2137 37

10 163.166 163.1664 4 28.40 28.4079 792 2 35.00 35.0049 495 5 150 150.5 .558 581 1 664.3 664.361 615 5 126.385 126.3859 9 49.013 49.01344 44 175. 175.39 3994 94 117.5 117.573 736 6 5.59 5.5987 8744 44

5 6 7 147.182 147.1826 6 158.95 158.9572 72 171.67 171.6738 38 25.6 25.625 2508 08 27.6 27.675 7509 09 29.8 29.889 891 1 31.57 31.5758 586 6 34.1 34.101 0193 93 36.8 36.830 3008 08 59.889 59.88981 81 64.681 64.681 69.855 69.85548 48

8 185.40 185.4077 77 32.2 32.280 8022 22 39.7 39.776 7649 49 75.443 75.44392 92

9 10 200.24 200.2403 03 216.259 216.2595 5 34.8 34.862 6264 64 37.65 37.6516 165 5 42.9 42.958 5861 61 46.3 46.395 953 3 81.479 81.47943 43 87.997 87.99778 78

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVENTO INVENTORIE RIES S SUNDR SUNDRY Y DEBTO DEBTORS RS CASH CASH AND BANK BANK LOANS LOANS AND ADVANCES ADVANCES

BASE 100.17 100.17 17.4 17.44 4 21.4 21.49 9 40.76 40.76

1 108.18 108.1836 36 18.83 18.8352 52 23.2 23.209 092 2 44.020 44.0208 8

2 116.83 116.8383 83 20.3 20.342 4202 02 25.0 25.065 6594 94 47.542 47.54246 46

3 126.18 126.1854 54 21.9 21.969 6938 38 27.0 27.071 7121 21 51.345 51.34586 86

4 136.28 136.2802 02 23.7 23.726 2693 93 29.2 29.236 3691 91 55.453 55.45353 53

CHETTINAD CEMENTS STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVENTO INVENTORIE RIES S SUNDR SUNDRY Y DEBTO DEBTORS RS CASH CASH AND BANK BANK LOANS LOANS AND AND ADVANC ADVANCES ES TOTAL CURRENT ASSETS CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVISI PROVISIONS ONS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CAPI CAPITA TAL L CHANGE CHANGE IN WC

BASE 100.17 100.17 17.4 17.44 4 21.4 21.49 9 40.7 40.76 6 179.86 77.59 77.59 30.09 30.09 107. 107.68 68 72.18 72.18

1 2 105.17 105.1785 85 110.43 110.4374 74 18.3 18.312 12 19.2 19.227 276 6 22.5 22.564 645 5 23.6 23.692 9273 73 42.7 42.798 98 49.2 49.217 177 7 188.853 217. 217.18 181 1 81.469 81.4695 5 85.542 85.54298 98 31.594 31.5945 5 33.174 33.17423 23 113. 113.06 064 4 118. 118.71 7172 72 75.7 75.789 89 79.5 79.578 7845 45 3.60 3.609 9 3.78 3.7894 945 5

3 115.95 115.9593 93 20.1 20.188 8898 98 24.8 24.877 7736 36 56. 56.60 6003 036 6 249. 249.75 7581 81 89.820 89.82012 12 34.832 34.83294 94 124. 124.65 6531 31 83.5 83.557 5737 37 3.97 3.9789 8923 23

4 121.75 121.7573 73 21.1 21.198 9843 43 26.1 26.121 2123 23 65. 65.09 0904 041 1 287. 287.22 2218 18 94.311 94.31113 13 36.574 36.57458 58 130. 130.88 8857 57 87.7 87.735 3524 24 4.17 4.1778 7869 69

5 127.845 127.8451 1 22.25 22.2583 835 5 27.42 27.4272 729 9 74. 74.85 8539 397 7 330.3 330.305 051 1 99.026 99.02669 69 38.403 38.40331 31 137. 137.43 43 92.1 92.122 22 4.38 4.3867 6762 62

6 134.23 134.2374 74 23.3 23.371 7127 27 28.7 28.798 9866 66 86. 86.08 0820 206 6 379. 379.85 8508 08 103.97 103.978 8 40.323 40.32348 48 144. 144.30 3015 15 96.7 96.728 281 1 4.606 4.6061 1

7 140.94 140.9492 92 24.5 24.539 3983 83 30.2 30.238 3859 59 98. 98.99 9943 437 7 436. 436.82 8285 85 109.176 109.1769 9 42.339 42.33965 65 151. 151.51 5166 66 101. 101.56 5645 45 4.83 4.8364 6405 05

8 147.99 147.9967 67 25.7 25.766 6682 82 31.7 31.750 5052 52 113 113.8 .843 435 5 502. 502.35 3527 27 114.63 114.6358 58 44.456 44.45663 63 159. 159.09 0924 24 106. 106.64 6427 27 5.07 5.0782 8225 25

9 155.39 155.3965 65 27.0 27.055 5516 16 33.3 33.338 3804 04 130 130.9 .920 201 1 577. 577.70 7056 56 120.36 120.3676 76 46.679 46.67947 47 167. 167.04 047 7 111. 111.97 9749 49 5.33 5.3321 2137 37

10 163.166 163.1664 4 28.40 28.4079 792 2 35.00 35.0049 495 5 150 150.5 .558 581 1 664.3 664.361 615 5 126.385 126.3859 9 49.013 49.01344 44 175. 175.39 3994 94 117.5 117.573 736 6 5.59 5.5987 8744 44

7 171.67 171.6738 38 29.8 29.889 891 1 36.8 36.830 3008 08 69.855 69.85548 48 308. 308.24 2484 84 132.9 132.975 756 6 51.568 51.56897 97 184. 184.54 5446 46 123.703 123.7038 8 9.16 9.1632 3247 47

8 185.40 185.4077 77 32.2 32.280 8022 22 39.7 39.776 7649 49 75.443 75.44392 92 332. 332.90 9083 83 143. 143.61 6137 37 55.694 55.69449 49 199. 199.30 3082 82 133.60 133.6001 01 9.896 9.89630 307 7

9 200.24 200.2403 03 34.8 34.862 6264 64 42.9 42.958 5861 61 81.479 81.47943 43 359. 359.54 541 1 155. 155.10 1028 28 60.150 60.15005 05 215. 215.25 2528 28 144.28 144.2882 82 10.6 10.688 8801 01

10 216.259 216.2595 5 37.65 37.6516 165 5 46.3 46.395 953 3 87.997 87.99778 78 388. 388.30 3043 43 167.5 167.511 11 64.962 64.96205 05 232. 232.47 473 3 155.83 155.8312 12 11.54 11.5430 305 5

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVENTO INVENTORIE RIES S SUNDR SUNDRY Y DEBTO DEBTORS RS CASH CASH AND BANK BANK LOANS LOANS AND ADVANCES ADVANCES TOTAL CURRENT ASSETS CURRE CURRENT NT LIABI LIABILI LITI TIES ES PROVISI PROVISIONS ONS TOTAL CURRENT LIABILITIES WORK WORKING ING CAP CAPITA ITAL L CHANGE CHANGE IN WC

BASE 100.17 100.17 17.4 17.44 4 21.4 21.49 9 40.76 40.76 179.86 77.5 77.59 9 30.09 30.09 107.68 72.18 72.18

1 108.18 108.1836 36 18.83 18.8352 52 23.2 23.209 092 2 44.020 44.0208 8 194. 194.24 2488 88 83.7 83.797 972 2 32.497 32.4972 2 116. 116.29 2944 44 77.954 77.9544 4 5.77 5.7744 44

2 116.83 116.8383 83 20.3 20.342 4202 02 25.0 25.065 6594 94 47.542 47.54246 46 209.7 209.788 887 7 90.5 90.500 0098 98 35.096 35.09698 98 125. 125.59 598 8 84.190 84.19075 75 6.23 6.2363 6352 52

3 126.18 126.1854 54 21.9 21.969 6938 38 27.0 27.071 7121 21 51.345 51.34586 86 226. 226.57 5718 18 97.7 97.741 4105 05 37.904 37.90473 73 135. 135.64 6458 58 90.926 90.92601 01 6.73 6.7352 526 6

4 136.28 136.2802 02 23.7 23.726 2693 93 29.2 29.236 3691 91 55.453 55.45353 53 244. 244.69 6975 75 105. 105.56 5603 03 40.937 40.93711 11 146. 146.49 4975 75 98.200 98.20009 09 7.27 7.27408 4081 1

5 147.182 147.1826 6 25.6 25.625 2508 08 31.57 31.5758 586 6 59.889 59.88981 81 264. 264.27 2733 33 114. 114.00 0052 52 44.212 44.21208 08 158. 158.21 2172 72 106.05 106.0561 61 7.85 7.8560 6007 07

6 158.95 158.9572 72 27.6 27.675 7509 09 34.1 34.101 0193 93 64.681 64.681 285. 285.41 4152 52 123. 123.12 1256 56 47.749 47.74905 05 170. 170.87 8746 46 114.54 114.5406 06 8.48 8.4844 4488 88


STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTAL CURRENT ASSETS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CAPI CAPITA TAL L CHAN CHANGE GE IN WC

BASE 100. 100.17 17 17.4 17.44 4 21.4 21.49 9 40.7 40.76 6 179.86 77.5 77.59 9 30.0 30.09 9 107.68 72.1 72.18 8

1 112. 112.19 1904 04 19.5 19.532 328 8 24.0 24.068 688 8 45.6 45.651 512 2 201. 201.44 4432 32 86.9 86.900 008 8 33.7 33.700 008 8 120. 120.60 6016 16 80.8 80.841 416 6 8.66 8.6616 16

2 125. 125.65 6532 32 21.8 21.876 7674 74 26.9 26.957 5706 06 51.12 51.1293 934 4 225. 225.61 6164 64 97.3 97.328 289 9 37.7 37.744 449 9 135. 135.07 0738 38 90.5 90.542 4259 59 9.70 9.7009 0992 92

3 140. 140.73 7316 16 24.5 24.501 0194 94 30.1 30.191 919 9 57.26 57.2648 487 7 252. 252.69 6904 04 109. 109.00 0084 84 42.2 42.274 7428 28 151. 151.28 2826 26 101. 101.40 4077 77 10.8 10.865 6511 11

4 157. 157.61 6194 94 27.4 27.442 4218 18 33.8 33.814 1493 93 64.13 64.1366 665 5 283. 283.01 0132 32 122. 122.08 0894 94 47.3 47.347 472 2 169. 169.43 4366 66 113. 113.57 5766 66 12.1 12.168 6892 92

5 176. 176.53 5338 38 30.73 30.7352 524 4 37.8 37.872 7272 72 71.83 71.8330 305 5 316.9 316.974 748 8 136. 136.74 7401 01 53.0 53.028 2886 86 189. 189.76 769 9 127.2 127.205 058 8 13.6 13.629 292 2

6 197. 197.71 7178 78 34.4 34.423 2347 47 42.4 42.417 1745 45 80.453 80.45301 01 355. 355.01 0117 17 153. 153.14 1489 89 59.3 59.392 9232 32 212. 212.54 5412 12 142. 142.47 4705 05 15.2 15.264 647 7

7 221.4 221.444 44 38.5 38.554 5428 28 47.5 47.507 0754 54 90.10 90.1073 737 7 397. 397.61 6132 32 171. 171.52 5268 68 66.5 66.519 194 4 238. 238.04 0462 62 159. 159.56 567 7 17.0 17.096 9646 46

8 248.0 248.017 172 2 43.18 43.1808 08 53.20 53.2084 845 5 100.92 100.9203 03 445.3 445.326 267 7 192. 192.11 11 74.5 74.501 0173 73 266. 266.61 6117 17 178. 178.71 715 5 19.1 19.148 4804 04

9 277. 277.77 7793 93 48.3 48.362 6249 49 59.5 59.593 9346 46 113.0 113.030 307 7 498. 498.76 7659 59 215. 215.16 1632 32 83.4 83.441 4194 94 298. 298.60 6051 51 200. 200.16 1608 08 21.4 21.445 458 8

10 311. 311.11 1128 28 54.1 54.165 6599 99 66.7 66.744 4468 68 126.59 126.5944 44 558. 558.61 6179 79 240. 240.98 9828 28 93.4 93.454 5497 97 334. 334.43 4377 77 224. 224.18 1801 01 24.0 24.019 193 3

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES

BASE 100. 100.17 17 17.44 17.44 21.4 21.49 9 40.7 40.76 6

1 115. 115.19 1955 55 20.0 20.056 56 24.7 24.713 135 5 46.8 46.874 74

2 132. 132.47 4748 48 23.0 23.064 644 4 28.4 28.420 2053 53 53.90 53.9051 51

3 152. 152.34 346 6 26.5 26.524 2406 06 32.6 32.683 836 6 61.9 61.990 9087 87

4 175.1 175.198 98 30.5 30.502 0267 67 37.5 37.586 8614 14 71.2 71.289 8949 49

5 201. 201.47 4776 76 35.0 35.078 7807 07 43.2 43.224 2407 07 81.98 81.9829 292 2

6 7 8 9 231. 231.69 6993 93 266. 266.45 4542 42 306.4 306.422 223 3 352. 352.38 3857 57 40.3 40.339 3978 78 46.3 46.390 9075 75 53.34 53.3493 936 6 61.3 61.351 5176 76 49.7 49.707 0768 68 57.1 57.163 6383 83 65.7 65.738 384 4 75.5 75.599 9916 16 94. 94.280 28036 36 108. 108.42 4224 24 124.6 124.685 858 8 143. 143.38 3886 86

10 405. 405.24 2435 35 70.5 70.554 5453 53 86.9 86.939 3904 04 164. 164.89 8969 69

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTAL CURRENT ASSETS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CAPI CAPITA TAL L CHAN CHANGE GE IN WC

BASE 100. 100.17 17 17.4 17.44 4 21.4 21.49 9 40.7 40.76 6 179.86 77.5 77.59 9 30.0 30.09 9 107.68 72.1 72.18 8

1 112. 112.19 1904 04 19.5 19.532 328 8 24.0 24.068 688 8 45.6 45.651 512 2 201. 201.44 4432 32 86.9 86.900 008 8 33.7 33.700 008 8 120. 120.60 6016 16 80.8 80.841 416 6 8.66 8.6616 16

2 125. 125.65 6532 32 21.8 21.876 7674 74 26.9 26.957 5706 06 51.12 51.1293 934 4 225. 225.61 6164 64 97.3 97.328 289 9 37.7 37.744 449 9 135. 135.07 0738 38 90.5 90.542 4259 59 9.70 9.7009 0992 92

3 140. 140.73 7316 16 24.5 24.501 0194 94 30.1 30.191 919 9 57.26 57.2648 487 7 252. 252.69 6904 04 109. 109.00 0084 84 42.2 42.274 7428 28 151. 151.28 2826 26 101. 101.40 4077 77 10.8 10.865 6511 11

4 157. 157.61 6194 94 27.4 27.442 4218 18 33.8 33.814 1493 93 64.13 64.1366 665 5 283. 283.01 0132 32 122. 122.08 0894 94 47.3 47.347 472 2 169. 169.43 4366 66 113. 113.57 5766 66 12.1 12.168 6892 92

5 176. 176.53 5338 38 30.73 30.7352 524 4 37.8 37.872 7272 72 71.83 71.8330 305 5 316.9 316.974 748 8 136. 136.74 7401 01 53.0 53.028 2886 86 189. 189.76 769 9 127.2 127.205 058 8 13.6 13.629 292 2

6 197. 197.71 7178 78 34.4 34.423 2347 47 42.4 42.417 1745 45 80.453 80.45301 01 355. 355.01 0117 17 153. 153.14 1489 89 59.3 59.392 9232 32 212. 212.54 5412 12 142. 142.47 4705 05 15.2 15.264 647 7

7 221.4 221.444 44 38.5 38.554 5428 28 47.5 47.507 0754 54 90.10 90.1073 737 7 397. 397.61 6132 32 171. 171.52 5268 68 66.5 66.519 194 4 238. 238.04 0462 62 159. 159.56 567 7 17.0 17.096 9646 46

8 248.0 248.017 172 2 43.18 43.1808 08 53.20 53.2084 845 5 100.92 100.9203 03 445.3 445.326 267 7 192. 192.11 11 74.5 74.501 0173 73 266. 266.61 6117 17 178. 178.71 715 5 19.1 19.148 4804 04

9 277. 277.77 7793 93 48.3 48.362 6249 49 59.5 59.593 9346 46 113.0 113.030 307 7 498. 498.76 7659 59 215. 215.16 1632 32 83.4 83.441 4194 94 298. 298.60 6051 51 200. 200.16 1608 08 21.4 21.445 458 8

10 311. 311.11 1128 28 54.1 54.165 6599 99 66.7 66.744 4468 68 126.59 126.5944 44 558. 558.61 6179 79 240. 240.98 9828 28 93.4 93.454 5497 97 334. 334.43 4377 77 224. 224.18 1801 01 24.0 24.019 193 3

7 266. 266.45 4542 42 46.3 46.390 9075 75 57.1 57.163 6383 83 108. 108.42 4224 24 478. 478.43 4312 12 206. 206.39 3909 09 80.04 286. 286.43 4309 09 192. 192.00 0002 02 25.0 25.043 4351 51

8 306.4 306.422 223 3 53.34 53.3493 936 6 65.7 65.738 384 4 124.6 124.685 858 8 550. 550.19 1959 59 237.3 237.349 496 6 92.0 2.046 329. 329.39 3956 56 220.8 220.800 003 3 28.80 28.8000 004 4

9 352. 352.38 3857 57 61.3 61.351 5176 76 75.5 75.599 9916 16 143. 143.38 3886 86 632. 632.72 7252 52 272. 272.95 952 2 105 105.8529 378. 378.80 8049 49 253. 253.92 9203 03 33.1 33.120 2004 04

10 405. 405.24 2435 35 70.5 70.554 5453 53 86.9 86.939 3904 04 164. 164.89 8969 69 727. 727.63 634 4 313. 313.89 8948 48 121.7308 435. 435.62 6257 57 292. 292.00 0084 84 38.0 38.088 8805 05

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTAL CURRENT ASSETS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROVI OVISIO SIONS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CAPI CAPITA TAL L CHAN CHANGE GE IN WC

BASE 100. 100.17 17 17.44 17.44 21.4 21.49 9 40.7 40.76 6 179.86 77.5 77.59 9 30.09 107.68 72.1 72.18 8

1 115. 115.19 1955 55 20.0 20.056 56 24.7 24.713 135 5 46.8 46.874 74 206. 206.83 839 9 89.2 89.228 285 5 34.6035 123. 123.83 832 2 83.00 83.007 7 10.8 10.827 27

2 132. 132.47 4748 48 23.0 23.064 644 4 28.4 28.420 2053 53 53.90 53.9051 51 237. 237.86 8649 49 102. 102.61 6128 28 39.79403 142. 142.40 4068 68 95.4 95.458 5805 05 12.4 12.451 5105 05

3 152. 152.34 346 6 26.5 26.524 2406 06 32.6 32.683 836 6 61.9 61.990 9087 87 273. 273.54 5446 46 118. 118.00 0047 47 45. 45.76313 163. 163.76 7678 78 109. 109.77 7768 68 14.31 14.3187 871 1

4 175.1 175.198 98 30.5 30.502 0267 67 37.5 37.586 8614 14 71.2 71.289 8949 49 314. 314.57 5763 63 135.7 135.705 054 4 52.6276 188. 188.33 333 3 126. 126.24 2433 33 16.4 16.4665 6651 1

5 201. 201.47 4776 76 35.0 35.078 7807 07 43.2 43.224 2407 07 81.98 81.9829 292 2 361. 361.76 7627 27 156.0 156.061 612 2 60. 60.52174 216. 216.58 5829 29 145. 145.17 1798 98 18.9 18.936 3649 49

6 231. 231.69 6993 93 40.3 40.339 3978 78 49.7 49.707 0768 68 94. 94.280 28036 36 416. 416.02 0271 71 179. 179.47 4704 04 69.6 249. 249.07 0704 04 166. 166.95 9567 67 21.7 21.776 7696 96


INDIA CEMENTS LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 8% PARTICULARS INVEN INVENTO TORI RIES ES SUNDRY SUNDRY DEBTO DEBTORS RS CASH CASH AND AND BANK BANK LOANS LOANS AND AND ADVAN ADVANCE CES S TOTAL TOTAL CUR CURREN RENT T ASSET ASSETS S CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVISIONS TOTAL TOTAL CURRE CURRENT NT LIAB LIABILI ILITIE TIES S WORK WORKIN ING G CAPI CAPITA TAL L CHANG CHANGE E IN WC

BASE 213. 213.82 82 240. 240.59 59 43.6 43.62 2 1014 1014.3 .39 9 1512.4 1512.42 2 387.05 387.05

1 224. 224.51 511 1 252. 252.61 6195 95 45.8 45.801 01 1065. 1065.11 11 1588.0 1588.041 41 406.40 406.4025 25

3 2 235. 235.73 7366 66 247. 247.52 5234 34 265.2 265.250 505 5 278. 278.51 513 3 48.0 48.091 9105 05 50.4 50.495 956 6 1118. 1118.36 365 5 117 1174. 4.28 283 3 1667.4 1667.443 43 1750.8 1750.815 15 426.72 426.7226 26 448.05 448.0588 88

387.05 387.05 1125 1125.3 .37 7

406.40 406.4025 25 1181 1181.6 .639 39 56.2 56.268 685 5

426.72 426.7226 26 448.05 448.0588 88 470.46 470.462 2 493.98 493.985 5 518.68 518.684 4 544.61 544.618 8 571.84 571.8491 91 1240. 1240.72 72 1302 1302.7 .756 56 1367 1367.8 .89 9 1436 1436.2 .29 9 1508 1508.1 .1 1583 1583.5 .51 1 1662 1662.6 .684 84 59.0 59.081 8193 93 62.03 62.0360 602 2 65.1 65.137 378 8 68.3 68.394 947 7 71.8 71.814 144 4 75.4 75.405 052 2 79.1 79.175 7543 43

4 259.9 259.9 292. 292.43 439 9 53.0 53.020 204 4 1233 1233 1838.36 1838.36 470.462 470.462

5 272. 272.89 895 5 307. 307.06 061 1 55.6 55.671 714 4 1294 1294.6 .65 5 1930.2 1930.27 7 493.98 493.985 5

6 286. 286.53 539 9 322. 322.41 414 4 58.4 58.455 55 135 1359. 9.38 38 2026.7 2026.79 9 518.68 518.684 4

7 300. 300.86 866 6 338. 338.53 534 4 61.3 61.377 777 7 1427 1427.3 .35 5 2128.1 2128.13 3 544.61 544.618 8

8 315. 315.90 9095 95 355. 355.46 461 1 64.4 64.446 4661 61 149 1498. 8.71 716 6 2234.5 2234.533 33 571.84 571.8491 91

9 331. 331.70 705 5 373. 373.23 2341 41 67.6 67.668 6894 94 157 1573. 3.65 652 2 2346.2 2346.26 6 600.44 600.4416 16

10 10 348. 348.29 2902 02 391. 391.89 8958 58 71.0 71.052 5238 38 165 1652. 2.33 334 4 2463.5 2463.573 73 630.46 630.4637 37

600.44 600.4416 16 630.46 630.4637 37 1745 1745.8 .818 18 1833 1833.1 .109 09 83.1 83.134 342 2 87.29 87.2909 091 1

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVEN INVENTO TORI RIES ES SUNDRY SUNDRY DEBTO DEBTORS RS CASH CASH AND AND BANK BANK LOANS LOANS AND AND ADVAN ADVANCE CES S

BASE 1 213. 213.82 82 230.9 230.925 256 6 240. 240.59 59 259. 259.83 8372 72 43.6 43.62 2 47.1 47.109 096 6 1014 1014.3 .39 9 1095.5 1095.541 41

2 249. 249.39 3996 96 280.6 280.624 242 2 50.8 50.878 7837 37 1183. 1183.18 184 4

3 269. 269.35 3516 16 303. 303.07 0741 41 54.9 54.948 4864 64 1277 1277.8 .839 39

4 290. 290.9 9 327. 327.32 32 59.3 59.344 445 5 1380. 1380.07 07

5 314. 314.17 172 2 353. 353.50 506 6 64.0 64.092 921 1 1490. 1490.47 47

6 7 339. 339.30 305 5 366. 366.45 45 381. 381.78 786 6 412. 412.32 329 9 69.2 69.219 195 5 74.7 74.757 57 1609. 1609.71 71 1738. 1738.49 49

8 9 395. 395.76 7659 59 427. 427.42 4272 72 445. 445.31 3153 53 480. 480.94 9405 05 80.7 80.737 3758 58 87.1 87.196 9658 58 1877. 1877.56 565 5 2027 2027.7 .77 7

10 10 461. 461.62 6213 13 519. 519.41 4158 58 94.1 94.172 7231 31 2189 2189.9 .992 92

INDIA CEMENTS LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 8% PARTICULARS INVEN INVENTO TORI RIES ES SUNDRY SUNDRY DEBTO DEBTORS RS CASH CASH AND AND BANK BANK LOANS LOANS AND AND ADVAN ADVANCE CES S TOTAL TOTAL CUR CURREN RENT T ASSET ASSETS S CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVISIONS TOTAL TOTAL CURRE CURRENT NT LIAB LIABILI ILITIE TIES S WORK WORKIN ING G CAPI CAPITA TAL L CHANG CHANGE E IN WC

BASE 213. 213.82 82 240. 240.59 59 43.6 43.62 2 1014 1014.3 .39 9 1512.4 1512.42 2 387.05 387.05

1 224. 224.51 511 1 252. 252.61 6195 95 45.8 45.801 01 1065. 1065.11 11 1588.0 1588.041 41 406.40 406.4025 25

3 2 235. 235.73 7366 66 247. 247.52 5234 34 265.2 265.250 505 5 278. 278.51 513 3 48.0 48.091 9105 05 50.4 50.495 956 6 1118. 1118.36 365 5 117 1174. 4.28 283 3 1667.4 1667.443 43 1750.8 1750.815 15 426.72 426.7226 26 448.05 448.0588 88

387.05 387.05 1125 1125.3 .37 7

406.40 406.4025 25 1181 1181.6 .639 39 56.2 56.268 685 5

426.72 426.7226 26 448.05 448.0588 88 470.46 470.462 2 493.98 493.985 5 518.68 518.684 4 544.61 544.618 8 571.84 571.8491 91 1240. 1240.72 72 1302 1302.7 .756 56 1367 1367.8 .89 9 1436 1436.2 .29 9 1508 1508.1 .1 1583 1583.5 .51 1 1662 1662.6 .684 84 59.0 59.081 8193 93 62.03 62.0360 602 2 65.1 65.137 378 8 68.3 68.394 947 7 71.8 71.814 144 4 75.4 75.405 052 2 79.1 79.175 7543 43

4 259.9 259.9 292. 292.43 439 9 53.0 53.020 204 4 1233 1233 1838.36 1838.36 470.462 470.462

5 272. 272.89 895 5 307. 307.06 061 1 55.6 55.671 714 4 1294 1294.6 .65 5 1930.2 1930.27 7 493.98 493.985 5

6 286. 286.53 539 9 322. 322.41 414 4 58.4 58.455 55 135 1359. 9.38 38 2026.7 2026.79 9 518.68 518.684 4

7 300. 300.86 866 6 338. 338.53 534 4 61.3 61.377 777 7 1427 1427.3 .35 5 2128.1 2128.13 3 544.61 544.618 8

8 315. 315.90 9095 95 355. 355.46 461 1 64.4 64.446 4661 61 149 1498. 8.71 716 6 2234.5 2234.533 33 571.84 571.8491 91

9 331. 331.70 705 5 373. 373.23 2341 41 67.6 67.668 6894 94 157 1573. 3.65 652 2 2346.2 2346.26 6 600.44 600.4416 16

10 10 348. 348.29 2902 02 391. 391.89 8958 58 71.0 71.052 5238 38 165 1652. 2.33 334 4 2463.5 2463.573 73 630.46 630.4637 37

600.44 600.4416 16 630.46 630.4637 37 1745 1745.8 .818 18 1833 1833.1 .109 09 83.1 83.134 342 2 87.29 87.2909 091 1

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVEN INVENTO TORI RIES ES SUNDRY SUNDRY DEBTO DEBTORS RS CASH CASH AND AND BANK BANK LOANS LOANS AND AND ADVAN ADVANCE CES S TOTAL TOTAL CUR CURREN RENT T ASSET ASSETS S CURRENT CURRENT LIABIL LIABILITI ITIES ES PROVISIONS TOTAL TOTAL CURRE CURRENT NT LIAB LIABILI ILITIE TIES S WORK WORKIN ING G CAPI CAPITA TAL L CHANG CHANGE E IN WC

3 BASE 1 2 213. 213.82 82 230.9 230.925 256 6 249. 249.39 3996 96 269. 269.35 3516 16 240. 240.59 59 259. 259.83 8372 72 280.6 280.624 242 2 303. 303.07 0741 41 43.6 43.62 2 47.1 47.109 096 6 50.8 50.878 7837 37 54.9 54.948 4864 64 1014 1014.3 .39 9 1095.5 1095.541 41 1183. 1183.18 184 4 1277 1277.8 .839 39 1512.4 1512.42 2 1633.4 1633.414 14 1764.0 1764.087 87 1905.2 1905.214 14 387.05 387.05 418.01 418.014 4 451.45 451.4551 51 487.57 487.5715 15 0 0 0 0 387.05 387.05 418.01 418.014 4 451.45 451.4551 51 487.57 487.5715 15 1125 1125.3 .37 7 1215 1215.4 .4 1312. 1312.63 632 2 1417 1417.6 .642 42 90.0 90.029 296 6 97.2 97.231 3197 97 105.0 105.010 105 5

4 290. 290.9 9 327. 327.32 32 59.3 59.344 445 5 1380. 1380.07 07 2057.6 2057.63 3 526.57 526.577 7 0 526.57 526.577 7 1531 1531.0 .05 5 113. 113.41 411 1

5 314. 314.17 172 2 353. 353.50 506 6 64.0 64.092 921 1 1490. 1490.47 47 2222.2 2222.24 4 568.70 568.703 3 0 568.70 568.703 3 1653 1653.5 .54 4 122. 122.48 484 4

6 339. 339.30 305 5 381. 381.78 786 6 69.2 69.219 195 5 1609. 1609.71 71 2400.0 2400.02 2 614.2 614.2 0 614.2 614.2 1785 1785.8 .82 2 132. 132.28 283 3

7 366. 366.45 45 412. 412.32 329 9 74.7 74.757 57 1738. 1738.49 49 2592.0 2592.02 2 663.33 663.336 6 0 663.33 663.336 6 1928 1928.6 .69 9 142. 142.86 866 6

8 395. 395.76 7659 59 445. 445.31 3153 53 80.7 80.737 3758 58 1877. 1877.56 565 5 2799.3 2799.384 84 716.40 716.4025 25 0 716.40 716.4025 25 2082 2082.9 .981 81 154. 154.29 2949 49

9 427. 427.42 4272 72 480. 480.94 9405 05 87.1 87.196 9658 58 2027 2027.7 .77 7 3023.3 3023.335 35 773.71 773.7147 47 0 773.71 773.7147 47 2249 2249.6 .62 2 166. 166.63 6385 85

10 10 461. 461.62 6213 13 519. 519.41 4158 58 94.1 94.172 7231 31 2189 2189.9 .992 92 3265.2 3265.201 01 835.61 835.6119 19 0 835.61 835.6119 19 2429 2429.5 .589 89 179.9 179.969 696 6


STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVEN INVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROVISIONS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 1 2 213. 213.82 82 239.4 239.478 784 4 268. 268.21 2158 58 240. 240.59 59 269. 269.46 4608 08 301. 301.79 7961 61 43.6 43.62 2 48.8 48.854 544 4 54.7 54.716 1693 93 1014 1014.3 .39 9 1136.1 1136.117 17 1272. 1272.45 451 1 1512 1512.4 .42 2 1693 1693.9 .91 1 1897 1897.1 .18 8 387. 387.05 05 433. 433.49 496 6 485. 485.51 5155 55 0 0 0 387. 387.05 05 433. 433.49 496 6 485. 485.51 5155 55 1125 1125.3 .37 7 1260 1260.4 .414 14 1411 1411.6 .664 64 135. 135.04 0444 44 151. 151.24 2497 97

3 300. 300.40 4017 17 338. 338.01 0116 16 61.2 61.282 8296 96 1425 1425.1 .145 45 2124. 2124.841 841 543. 543.77 7774 74 0 543. 543.77 7774 74 1581 1581.0 .064 64 169. 169.39 3997 97

4 336 336.4 .45 5 378. 378.57 573 3 68.6 68.636 369 9 1596. 1596.16 16 2379 2379.8 .82 2 609. 609.03 031 1 0 609. 609.03 031 1 1770 1770.7 .79 9 189. 189.72 728 8

5 376. 376.82 824 4 424. 424.00 002 2 76.8 76.873 733 3 1787 1787.7 .7 2665 2665.4 .4 682. 682.11 114 4 0 682. 682.11 114 4 1983 1983.2 .29 9 212. 212.49 495 5

6 422. 422.04 043 3 474. 474.88 882 2 86.0 86.098 981 1 2002. 2002.23 23 2985. 2985.25 25 763. 763.96 968 8 0 763. 763.96 968 8 2221 2221.2 .28 8 237. 237.99 994 4

7 472. 472.68 688 8 531. 531.86 868 8 96.4 96.429 299 9 2242. 2242.49 49 3343 3343.4 .48 8 855. 855.64 644 4 0 855. 855.64 644 4 2487 2487.8 .83 3 266. 266.55 554 4

8 9 529. 529.41 4104 04 592. 592.93 9397 97 595. 595.69 692 2 667. 667.17 175 5 108. 108.00 0015 15 120. 120.96 9617 17 2511. 2511.59 592 2 2812 2812.9 .983 83 3744.6 3744.696 96 4194 4194.0 .06 6 958. 958.32 3215 15 1073 1073.3 .32 2 0 0 958. 958.32 3215 15 1073 1073.3 .32 2 2786 2786.3 .375 75 3120 3120.7 .74 4 298. 298.54 5401 01 334. 334.36 365 5

10 10 664. 664.09 0925 25 747. 747.23 236 6 135. 135.47 4771 71 3150. 3150.54 541 1 4697.3 4697.347 47 1202 1202.1 .119 19 0 1202 1202.1 .119 19 3495 3495.2 .228 28 374.4 374.488 888 8

8 654. 654.08 0803 03 735. 735.97 9703 03 133. 133.43 4346 46 310 3103. 3.04 042 2 4626.5 4626.527 27

10 1 0 865. 865.02 0212 12 973. 973.32 3207 07 176. 176.46 4672 72 410 4103. 3.77 773 3 6118.5 6118.582 82

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CURRE CURRENT NT ASSET ASSETS S

BASE 213. 213.82 82 240. 240.59 59 43.6 43.62 2 1014 1014.3 .39 9 1512.4 1512.42 2

1 245.8 245.893 93 276. 276.67 6785 85 50.1 50.163 63 1166 1166.5 .549 49 1739.2 1739.283 83

3 2 282. 282.77 777 7 325. 325.19 1935 35 318.1 318.180 803 3 365. 365.90 9073 73 57.6 57.687 8745 45 66.3 66.340 4057 57 134 1341. 1.53 531 1 1542 1542.7 .76 6 2000.1 2000.175 75 2300.2 2300.202 02

4 5 373. 373.97 973 3 430. 430.06 068 8 420. 420.79 793 3 483. 483.91 912 2 76.2 76.291 917 7 87.7 87.735 354 4 1774 1774.1 .17 7 2040 2040.3 .3 2645.2 2645.23 3 3042.0 3042.02 2

6 7 494. 494.57 579 9 568. 568.76 765 5 556. 556.49 499 9 639. 639.97 974 4 100. 100.89 896 6 116. 116.03 03 234 2346. 6.35 35 2698 2698.3 .3 3498.3 3498.32 2 4023.0 4023.07 7

9 752. 752.19 1923 23 846. 846.36 3659 59 153. 153.44 4498 98 3568 3568.4 .499 99 5320.5 5320.506 06

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVEN INVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROVISIONS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 1 2 213. 213.82 82 239.4 239.478 784 4 268. 268.21 2158 58 240. 240.59 59 269. 269.46 4608 08 301. 301.79 7961 61 43.6 43.62 2 48.8 48.854 544 4 54.7 54.716 1693 93 1014 1014.3 .39 9 1136.1 1136.117 17 1272. 1272.45 451 1 1512 1512.4 .42 2 1693 1693.9 .91 1 1897 1897.1 .18 8 387. 387.05 05 433. 433.49 496 6 485. 485.51 5155 55 0 0 0 387. 387.05 05 433. 433.49 496 6 485. 485.51 5155 55 1125 1125.3 .37 7 1260 1260.4 .414 14 1411 1411.6 .664 64 135. 135.04 0444 44 151. 151.24 2497 97

3 300. 300.40 4017 17 338. 338.01 0116 16 61.2 61.282 8296 96 1425 1425.1 .145 45 2124. 2124.841 841 543. 543.77 7774 74 0 543. 543.77 7774 74 1581 1581.0 .064 64 169. 169.39 3997 97

4 336 336.4 .45 5 378. 378.57 573 3 68.6 68.636 369 9 1596. 1596.16 16 2379 2379.8 .82 2 609. 609.03 031 1 0 609. 609.03 031 1 1770 1770.7 .79 9 189. 189.72 728 8

5 376. 376.82 824 4 424. 424.00 002 2 76.8 76.873 733 3 1787 1787.7 .7 2665 2665.4 .4 682. 682.11 114 4 0 682. 682.11 114 4 1983 1983.2 .29 9 212. 212.49 495 5

6 422. 422.04 043 3 474. 474.88 882 2 86.0 86.098 981 1 2002. 2002.23 23 2985. 2985.25 25 763. 763.96 968 8 0 763. 763.96 968 8 2221 2221.2 .28 8 237. 237.99 994 4

7 472. 472.68 688 8 531. 531.86 868 8 96.4 96.429 299 9 2242. 2242.49 49 3343 3343.4 .48 8 855. 855.64 644 4 0 855. 855.64 644 4 2487 2487.8 .83 3 266. 266.55 554 4

8 9 529. 529.41 4104 04 592. 592.93 9397 97 595. 595.69 692 2 667. 667.17 175 5 108. 108.00 0015 15 120. 120.96 9617 17 2511. 2511.59 592 2 2812 2812.9 .983 83 3744.6 3744.696 96 4194 4194.0 .06 6 958. 958.32 3215 15 1073 1073.3 .32 2 0 0 958. 958.32 3215 15 1073 1073.3 .32 2 2786 2786.3 .375 75 3120 3120.7 .74 4 298. 298.54 5401 01 334. 334.36 365 5

10 10 664. 664.09 0925 25 747. 747.23 236 6 135. 135.47 4771 71 3150. 3150.54 541 1 4697.3 4697.347 47 1202 1202.1 .119 19 0 1202 1202.1 .119 19 3495 3495.2 .228 28 374.4 374.488 888 8

7 568. 568.76 765 5 639. 639.97 974 4 116. 116.03 03 2698 2698.3 .3 4023.0 4023.07 7 1029 1029.5 .56 6 0 1029 1029.5 .56 6 2993 2993.5 .51 1 390. 390.45 457 7

8 654. 654.08 0803 03 735. 735.97 9703 03 133. 133.43 4346 46 310 3103. 3.04 042 2 4626.5 4626.527 27 1183 1183.9 .995 95 0 1183 1183.9 .995 95 3442 3442.5 .533 33 449. 449.02 026 6

10 1 0 865. 865.02 0212 12 973. 973.32 3207 07 176. 176.46 4672 72 410 4103. 3.77 773 3 6118.5 6118.582 82 1565 1565.8 .833 33 0 1565 1565.8 .833 33 4552 4552.7 .749 49 593.8 593.836 369 9

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVEN INVENTO TORI RIES ES SUNDR SUNDRY Y DEBTOR DEBTORS S CASH CASH AND AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CURRE CURRENT NT ASSET ASSETS S CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROVISIONS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 213. 213.82 82 240. 240.59 59 43.6 43.62 2 1014 1014.3 .39 9 1512.4 1512.42 2 387. 387.05 05 0 387. 387.05 05 1125 1125.3 .37 7

1 245.8 245.893 93 276. 276.67 6785 85 50.1 50.163 63 1166 1166.5 .549 49 1739.2 1739.283 83 445. 445.10 1075 75 0 445. 445.10 1075 75 1294 1294.1 .176 76 168. 168.80 8055 55

2 282. 282.77 777 7 318.1 318.180 803 3 57.6 57.687 8745 45 134 1341. 1.53 531 1 2000.1 2000.175 75 511. 511.87 8736 36 0 511. 511.87 8736 36 1488 1488.3 .302 02 194. 194.12 1263 63

3 325. 325.19 1935 35 365. 365.90 9073 73 66.3 66.340 4057 57 1542 1542.7 .76 6 2300.2 2300.202 02 588. 588.65 6547 47 0 588. 588.65 6547 47 1711 1711.5 .547 47 223. 223.24 2453 53

4 373. 373.97 973 3 420. 420.79 793 3 76.2 76.291 917 7 1774 1774.1 .17 7 2645.2 2645.23 3 676. 676.95 953 3 0 676. 676.95 953 3 1968 1968.2 .28 8 256. 256.73 732 2

5 430. 430.06 068 8 483. 483.91 912 2 87.7 87.735 354 4 2040 2040.3 .3 3042.0 3042.02 2 778. 778.49 496 6 0 778. 778.49 496 6 2263 2263.5 .52 2 295. 295.24 242 2

6 494. 494.57 579 9 556. 556.49 499 9 100. 100.89 896 6 234 2346. 6.35 35 3498.3 3498.32 2 895. 895.27 27 0 895. 895.27 27 2603 2603.0 .05 5 339. 339.52 528 8

9 752. 752.19 1923 23 846. 846.36 3659 59 153. 153.44 4498 98 3568 3568.4 .499 99 5320.5 5320.506 06 1361 1361.5 .594 94 0 1361 1361.5 .594 94 3958 3958.9 .912 12 516. 516.37 3799 99


MADRAS CEMENTS LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVEN NVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

3 BASE 1 2 4 100. 100.95 95 106 106 111. 111.3 3 116. 116.86 86 122. 122.71 71 49.3 49.35 5 51.8 51.818 18 54.4 54.408 08 57.1 57.129 29 59.9 59.985 85 49.3 49.3 51.7 51.765 65 54.3 54.353 53 57.0 57.071 71 59.9 59.924 24 127. 127.47 47 133 133.8 .84 4 140. 140.54 54 147 147.5 .56 6 154. 154.94 94 327. 327.07 07 343.4 343.42 2 360.59 360.59 378.6 378.62 2 397.56 397.56 184. 184.15 15 193. 193.36 36 203. 203.03 03 213. 213.18 18 223. 223.84 84 44.5 44.55 5 46.7 46.778 78 49.1 49.116 16 51.5 51.572 72 54.1 54.151 51 228. 228.7 7 240. 240.14 14 252.14 252.14 264.75 264.75 277.99 277.99 98.3 98.37 7 103. 103.29 29 108. 108.45 45 113. 113.88 88 119. 119.57 57 4.91 4.9185 85 5.16 5.1644 44 5.42 5.4226 26 5.69 5.6938 38

5 128. 128.84 84 62.9 62.984 84 62.9 62.921 21 162 162.6 .69 9 417.4 417.43 3 235. 235.03 03 56.8 56.858 58 291.89 291.89 125. 125.55 55 5.97 5.9785 85

6 135. 135.28 28 66.1 66.134 34 66. 66.067 067 170. 170.82 82 438.31 438.31 246. 246.78 78 59.7 59.701 01 306.48 306.48 131. 131.83 83 6.27 6.2774 74

7 142. 142.05 05 69.4 69.44 4 69.3 69.37 7 179 179.3 .36 6 460.2 460.22 2 259. 259.12 12 62.6 62.686 86 321. 321.8 8 138. 138.42 42 6.59 6.5913 13

8 149. 149.15 15 72.9 72.912 12 72. 72.839 839 188. 188.33 33 483.23 483.23 272. 272.07 07 65.8 65.821 21 337. 337.89 89 145. 145.34 34 6.92 6.9208 08

9 156. 156.61 61 76.5 76.558 58 76.4 76.48 8 197 197.7 .75 5 507.3 507.39 9 285. 285.68 68 69.1 69.112 12 354. 354.79 79 152. 152.6 6 7.26 7.2669 69

10 164. 164.44 44 80.3 80.386 86 80. 80.305 305 207. 207.64 64 532.76 532.76 299. 299.96 96 72.5 72.567 67 372. 372.53 53 160. 160.23 23 7.63 7.6302 02

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES

BASE 100. 100.95 95 49.3 49.35 5 49.3 49.3 127. 127.47 47

1 109. 109.03 03 53.2 53.298 98 53.2 53.244 44 137. 137.67 67

2 117. 117.75 75 57.5 57.562 62 57.5 57.504 04 148. 148.68 68

3 127. 127.17 17 62.1 62.167 67 62.1 62.104 04 160. 160.58 58

4 137. 137.34 34 67.1 67.14 4 67.0 67.072 72 173. 173.42 42

5 6 7 148. 148.33 33 160. 160.19 19 173. 173.01 01 72.5 72.511 11 78.3 78.312 12 84.5 84.577 77 72.4 72.438 38 78.2 78.233 33 84.4 84.492 92 187. 187.3 3 202. 202.28 28 218. 218.46 46

8 9 10 186. 186.85 85 201. 201.8 8 217. 217.94 94 91.3 91.343 43 98.6 98.651 51 106. 106.54 54 91.2 91.251 51 98.5 98.551 51 106. 106.44 44 235. 235.94 94 254. 254.81 81 275. 275.2 2

MADRAS CEMENTS LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVEN NVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

3 BASE 1 2 4 100. 100.95 95 106 106 111. 111.3 3 116. 116.86 86 122. 122.71 71 49.3 49.35 5 51.8 51.818 18 54.4 54.408 08 57.1 57.129 29 59.9 59.985 85 49.3 49.3 51.7 51.765 65 54.3 54.353 53 57.0 57.071 71 59.9 59.924 24 127. 127.47 47 133 133.8 .84 4 140. 140.54 54 147 147.5 .56 6 154. 154.94 94 327. 327.07 07 343.4 343.42 2 360.59 360.59 378.6 378.62 2 397.56 397.56 184. 184.15 15 193. 193.36 36 203. 203.03 03 213. 213.18 18 223. 223.84 84 44.5 44.55 5 46.7 46.778 78 49.1 49.116 16 51.5 51.572 72 54.1 54.151 51 228. 228.7 7 240. 240.14 14 252.14 252.14 264.75 264.75 277.99 277.99 98.3 98.37 7 103. 103.29 29 108. 108.45 45 113. 113.88 88 119. 119.57 57 4.91 4.9185 85 5.16 5.1644 44 5.42 5.4226 26 5.69 5.6938 38

5 128. 128.84 84 62.9 62.984 84 62.9 62.921 21 162 162.6 .69 9 417.4 417.43 3 235. 235.03 03 56.8 56.858 58 291.89 291.89 125. 125.55 55 5.97 5.9785 85

6 135. 135.28 28 66.1 66.134 34 66. 66.067 067 170. 170.82 82 438.31 438.31 246. 246.78 78 59.7 59.701 01 306.48 306.48 131. 131.83 83 6.27 6.2774 74

7 142. 142.05 05 69.4 69.44 4 69.3 69.37 7 179 179.3 .36 6 460.2 460.22 2 259. 259.12 12 62.6 62.686 86 321. 321.8 8 138. 138.42 42 6.59 6.5913 13

8 149. 149.15 15 72.9 72.912 12 72. 72.839 839 188. 188.33 33 483.23 483.23 272. 272.07 07 65.8 65.821 21 337. 337.89 89 145. 145.34 34 6.92 6.9208 08

9 156. 156.61 61 76.5 76.558 58 76.4 76.48 8 197 197.7 .75 5 507.3 507.39 9 285. 285.68 68 69.1 69.112 12 354. 354.79 79 152. 152.6 6 7.26 7.2669 69

10 164. 164.44 44 80.3 80.386 86 80. 80.305 305 207. 207.64 64 532.76 532.76 299. 299.96 96 72.5 72.567 67 372. 372.53 53 160. 160.23 23 7.63 7.6302 02

7 173. 173.01 01 84.5 84.577 77 84.4 84.492 92 218. 218.46 46 560.5 560.54 4 315. 315.6 6 76. 76.351 351 391.9 391.95 5 168. 168.59 59 12.4 12.488 88

8 186. 186.85 85 91.3 91.343 43 91.2 91.251 51 235. 235.94 94 605.38 605.38 340. 340.85 85 82. 82.459 459 423. 423.31 31 182. 182.08 08 13.4 13.487 87

9 201. 201.8 8 98.6 98.651 51 98.5 98.551 51 254. 254.81 81 653.8 653.81 1 368. 368.12 12 89. 89.056 056 457. 457.17 17 196. 196.64 64 14.5 14.566 66

10 217. 217.94 94 106. 106.54 54 106. 106.44 44 275. 275.2 2 706.12 706.12 397. 397.57 57 96. 96.18 493. 493.75 75 212. 212.37 37 15.7 15.731 31

3 BASE 1 2 4 5 6 7 100. 100.95 95 113. 113.06 06 126. 126.63 63 141. 141.83 83 158. 158.85 85 177. 177.91 91 199. 199.26 26 223. 223.17 17 49.3 49.35 5 55.2 55.272 72 61.9 61.905 05 69.3 69.333 33 77.6 77.653 53 86.9 86.972 72 97.4 97.408 08 109. 109.1 1 49.3 49.3 55.2 55.216 16 61.8 61.842 42 69.2 69.263 63 77.5 77.575 75 86.8 86.883 83 97.3 97.309 09 108. 108.99 99 127. 127.47 47 142. 142.77 77 159. 159.9 9 179. 179.09 09 200. 200.58 58 224. 224.65 65 251. 251.6 6 281. 281.8 8 327. 327.07 07 366.3 366.32 2 410.28 410.28 459.5 459.51 1 514.65 514.65 576.4 576.41 1 645.58 645.58 723.0 723.05 5 184. 184.15 15 206. 206.25 25 231 231 258. 258.72 72 289. 289.76 76 324. 324.54 54 363. 363.48 48 407. 407.1 1 44.5 44.55 5 49. 49.896 896 55. 55.884 884 62.5 62.59 9 70.1 70.1 78.5 78.512 12 87. 87.934 934 98. 98.486 486 228. 228.7 7 256. 256.14 14 286.88 286.88 321.31 321.31 359.86 359.86 403.05 403.05 451.41 451.41 505.58 505.58 98.3 98.37 7 110. 110.17 17 123. 123.4 4 138. 138.2 2 154. 154.79 79 173. 173.36 36 194. 194.16 16 217. 217.46 46 11. 11.804 804 13. 13.221 221 14.8 14.807 07 16.5 16.584 84 18.5 18.574 74 20.8 20.803 03 23.3 23.3 STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 %

8 249. 249.95 95 122. 122.19 19 122. 122.06 06 315. 315.61 61 809.81 809.81 455. 455.95 95 110. 110.3 3 566. 566.25 25 243. 243.56 56 26. 26.096 096

9 279. 279.94 94 136. 136.85 85 136. 136.71 71 353. 353.48 48 906.9 906.99 9 510. 510.66 66 123. 123.54 54 634. 634.2 2 272. 272.79 79 29. 29.227 227

10 313. 313.54 54 153. 153.27 27 153. 153.12 12 395. 395.9 9 1015.8 1015.8 571. 571.94 94 138. 138.37 37 710. 710.31 31 305. 305.52 52 32. 32.735 735

8 308. 308.81 81 150. 150.96 96 150. 150.81 81 389. 389.93 93 1000.5 1000.5 563. 563.32 32

9 355. 355.13 13 173. 173.61 61 173. 173.43 43 448 448.4 .42 2 1150. 1150.6 6 647. 647.82 82

10 408. 408.4 4 199. 199.65 65 199. 199.45 45 515. 515.69 69 1323.2 1323.2 744. 744.99 99

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S PROV PROVIISION SIONS S TOTA TOTAL L CU CURR RREN ENT T LIAB LIABIL ILIT ITIE IES S WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

3 BASE 1 2 100. 100.95 95 109. 109.03 03 117. 117.75 75 127. 127.17 17 49.3 49.35 5 53.2 53.298 98 57.5 57.562 62 62.1 62.167 67 49.3 49.3 53.2 53.244 44 57.5 57.504 04 62.1 62.104 04 127. 127.47 47 137. 137.67 67 148. 148.68 68 160. 160.58 58 327. 327.07 07 353.2 353.24 4 381.49 381.49 412.0 412.01 1 184. 184.15 15 198. 198.88 88 214. 214.79 79 231. 231.98 98 44.5 44.55 5 48. 48.114 114 51. 51.963 963 56.1 56.12 2 228. 228.7 7 247 247 266.7 266.76 6 288. 288.1 1 98.3 98.37 7 106. 106.24 24 114. 114.74 74 123. 123.92 92 7.86 7.8696 96 8.49 8.4992 92 9.17 9.1791 91

4 137. 137.34 34 67.1 67.14 4 67.0 67.072 72 173. 173.42 42 444.98 444.98 250. 250.53 53 60.6 60.61 1 311.1 311.14 4 133. 133.83 83 9.91 9.9134 34

5 148. 148.33 33 72.5 72.511 11 72.4 72.438 38 187. 187.3 3 480.5 480.57 7 270. 270.58 58 65.4 65.459 59 336.0 336.04 4 144. 144.54 54 10.7 10.707 07

6 160. 160.19 19 78.3 78.312 12 78.2 78.233 33 202. 202.28 28 519.02 519.02 292. 292.22 22 70. 70.695 695 362.9 362.92 2 156. 156.1 1 11.5 11.563 63


STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIITIES TIES PROV PROVIISION SIONS S TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC GROWTH AT 15% PARTICULARS INVEN NVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S

3 BASE 1 2 4 5 100. 100.95 95 116. 116.09 09 133. 133.51 51 153. 153.53 53 176. 176.56 56 203. 203.05 05 49.3 49.35 5 56.7 56.753 53 65.2 65.265 65 75.0 75.055 55 86.3 86.313 13 99.2 99.26 6 49.3 49.3 56.6 56.695 95 65.1 65.199 99 74.9 74.979 79 86.2 86.226 26 99.1 99.16 6 127. 127.47 47 146 146.5 .59 9 168. 168.58 58 193 193.8 .87 7 222. 222.95 95 256 256.3 .39 9 327. 327.07 07 376.1 376.13 3 432.55 432.55 497.4 497.43 3 572.05 572.05 657.8 657.85 5 184. 184.15 15 211. 211.77 77 243. 243.54 54 280. 280.07 07 322. 322.08 08 370. 370.39 39

6 233. 233.5 5 114. 114.15 15 114. 114.03 03 294. 294.85 85 756.53 756.53 425. 425.95 95

7 268. 268.53 53 131. 131.27 27 131. 131.14 14 339 339.0 .07 7 870.0 870.01 1 489. 489.84 84

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIITIES TIES PROV PROVIISION SIONS S TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC GROWTH AT 15% PARTICULARS INVEN NVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTAL CURRENT LIABILITIES WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

3 BASE 1 2 4 5 6 7 100. 100.95 95 113. 113.06 06 126. 126.63 63 141. 141.83 83 158. 158.85 85 177. 177.91 91 199. 199.26 26 223. 223.17 17 49.3 49.35 5 55.2 55.272 72 61.9 61.905 05 69.3 69.333 33 77.6 77.653 53 86.9 86.972 72 97.4 97.408 08 109. 109.1 1 49.3 49.3 55.2 55.216 16 61.8 61.842 42 69.2 69.263 63 77.5 77.575 75 86.8 86.883 83 97.3 97.309 09 108. 108.99 99 127. 127.47 47 142. 142.77 77 159. 159.9 9 179. 179.09 09 200. 200.58 58 224. 224.65 65 251. 251.6 6 281. 281.8 8 327. 327.07 07 366.3 366.32 2 410.28 410.28 459.5 459.51 1 514.65 514.65 576.4 576.41 1 645.58 645.58 723.0 723.05 5 184. 184.15 15 206. 206.25 25 231 231 258. 258.72 72 289. 289.76 76 324. 324.54 54 363. 363.48 48 407. 407.1 1 44.5 44.55 5 49. 49.896 896 55. 55.884 884 62.5 62.59 9 70.1 70.1 78.5 78.512 12 87. 87.934 934 98. 98.486 486 228. 228.7 7 256. 256.14 14 286.88 286.88 321.31 321.31 359.86 359.86 403.05 403.05 451.41 451.41 505.58 505.58 98.3 98.37 7 110. 110.17 17 123. 123.4 4 138. 138.2 2 154. 154.79 79 173. 173.36 36 194. 194.16 16 217. 217.46 46 11. 11.804 804 13. 13.221 221 14.8 14.807 07 16.5 16.584 84 18.5 18.574 74 20.8 20.803 03 23.3 23.3 STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % 3 BASE 1 2 100. 100.95 95 116. 116.09 09 133. 133.51 51 153. 153.53 53 49.3 49.35 5 56.7 56.753 53 65.2 65.265 65 75.0 75.055 55 49.3 49.3 56.6 56.695 95 65.1 65.199 99 74.9 74.979 79 127. 127.47 47 146 146.5 .59 9 168. 168.58 58 193 193.8 .87 7 327. 327.07 07 376.1 376.13 3 432.55 432.55 497.4 497.43 3 184. 184.15 15 211. 211.77 77 243. 243.54 54 280. 280.07 07 44.5 44.55 5 51.2 51.233 33 58.9 58.917 17 67.7 67.755 55 228.7 26 263.01 30 302.46 34 347.82 98.3 98.37 7 113. 113.13 13 130. 130.09 09 149. 149.61 61 14. 14.756 756 16. 16.969 969 19.5 19.514 14

4 176. 176.56 56 86.3 86.313 13 86.2 86.226 26 222. 222.95 95 572.05 572.05 322. 322.08 08 77.9 77.918 18 400 172. 172.05 05 22.4 22.441 41

5 203. 203.05 05 99.2 99.26 6 99.1 99.16 6 256 256.3 .39 9 657.8 657.85 5 370. 370.39 39 89.6 89.606 06 460 197. 197.86 86 25.8 25.807 07

6 233. 233.5 5 114. 114.15 15 114. 114.03 03 294. 294.85 85 756.53 756.53 425. 425.95 95 103. 103.05 05 529 227. 227.54 54 29.6 29.679 79

7 268. 268.53 53 131. 131.27 27 131. 131.14 14 339 339.0 .07 7 870.0 870.01 1 489. 489.84 84 118. 118.5 5 6 0 8 . 35 261. 261.67 67 34.1 34.13 3

8 249. 249.95 95 122. 122.19 19 122. 122.06 06 315. 315.61 61 809.81 809.81 455. 455.95 95 110. 110.3 3 566. 566.25 25 243. 243.56 56 26. 26.096 096

9 279. 279.94 94 136. 136.85 85 136. 136.71 71 353. 353.48 48 906.9 906.99 9 510. 510.66 66 123. 123.54 54 634. 634.2 2 272. 272.79 79 29. 29.227 227

10 313. 313.54 54 153. 153.27 27 153. 153.12 12 395. 395.9 9 1015.8 1015.8 571. 571.94 94 138. 138.37 37 710. 710.31 31 305. 305.52 52 32. 32.735 735

8 308. 308.81 81 150. 150.96 96 150. 150.81 81 389. 389.93 93 1000.5 1000.5 563. 563.32 32 136. 136.28 28 699 . 6 300. 300.92 92 39.2 39.25 5

9 355. 355.13 13 173. 173.61 61 173. 173.43 43 448 448.4 .42 2 1150. 1150.6 6 647. 647.82 82 156. 156.72 72 804.54 80 346. 346.05 05 45. 45.137 137

10 408. 408.4 4 199. 199.65 65 199. 199.45 45 515. 515.69 69 1323.2 1323.2 744. 744.99 99 180. 180.23 23 925.22 92 397. 397.96 96 51. 51.908 908


K.C.P.LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CU CURR RREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 1 51.2 51.2 53.7 53.76 6 14.0 14.06 6 14.7 14.76 6 17.0 17.07 7 17.9 17.92 2 56.7 56.72 2 59. 59.56 56 139. 139.05 05 146 146 46.9 46.9 49.2 49.25 5 22.1 22.17 7 23.2 23.28 8 69.0 69.07 7 72.5 72.52 2 69.9 69.98 8 73.48 73.48 3.49 3.499 9

2 56.4 56.448 48 15.5 15.501 01 18.8 18.82 2 62.5 62.534 34 163. 163.52 52 51.7 51.707 07 24.4 24.442 42 76.1 76.15 5 77.1 77.153 53 3.67 3.674 4

3 59.2 59.27 7 16.2 16.28 8 19.7 19.76 6 65.6 65.66 6 183. 183.1 1 54.29 54.29 25.6 25.66 6 79.9 79.96 6 81.0 81.01 1 3.85 3.858 8

4 62.2 62.234 34 17.0 17.09 9 20.7 20.749 49 68.9 68.944 44 205. 205.12 12 57.0 57.007 07 26.9 26.948 48 83.9 83.955 55 85.0 85.061 61 4.05 4.0505 05

5 65.3 65.346 46 17.9 17.945 45 21.7 21.786 86 72.3 72.391 91 229. 229.74 74 59.8 59.858 58 28.2 28.295 95 88.1 88.153 53 89.3 89.314 14 4.25 4.2531 31

6 68.6 68.613 13 18.8 18.842 42 22.8 22.875 75 76.0 76.01 1 257. 257.31 31 62.8 62.85 5 29.7 29.71 1 92.5 92.56 6 93.7 93.78 8 4.46 4.4657 57

7 72.0 72.044 44 19.7 19.784 84 24.0 24.019 19 79.8 79.811 11 288. 288.18 18 65.9 65.993 93 31.1 31.195 95 97.1 97.188 88 98.4 98.469 69 4.68 4.689 9

8 75.6 75.646 46 20.7 20.773 73 25.2 25.22 2 83.80 83.801 1 322. 322.77 77 69.29 69.293 3 32.7 32.755 55 102.0 102.05 5 103.3 103.39 9 4.92 4.9234 34

9 79.4 79.428 28 21.8 21.812 12 26.4 26.481 81 87.99 87.991 1 361. 361.5 5 72.75 72.757 7 34.3 34.393 93 107.1 107.15 5 108. 108.56 56 5.16 5.1696 96

10 83.3 83.399 99 22.9 22.902 02 27.8 27.805 05 92. 92.39 391 1 404. 404.88 88 76.3 76.395 95 36.1 36.113 13 112. 112.51 51 113. 113.99 99 5.42 5.4281 81

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVEN NVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK

BASE 51. 51.2 14.0 14.06 6 17.0 17.07 7

1 55.3 55.3 15.1 15.18 8 18.4 18.44 4

2 59.7 59.72 2 16.4 16.4 19.9 19.91 1

3 64.5 64.5 17.7 17.71 1 21.5 21.5

4 69.6 69.657 57 19.1 19.128 28 23.2 23.224 24

5 75. 75.23 20.6 20.659 59 25.0 25.081 81

6 7 8 9 10 81.2 81.248 48 87.7 87.748 48 94.7 94.768 68 102. 102.35 35 110. 110.54 54 22.3 22.311 11 24.0 24.096 96 26.0 26.024 24 28.1 28.106 06 30.3 30.354 54 27.0 27.088 88 29.2 29.255 55 31.5 31.595 95 34.1 34.123 23 36.8 36.853 53

K.C.P.LTD. STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH AT 5% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CU CURR RREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTA TOTAL L CURR CURREN ENT T LIAB LIABIL ILIT ITIE IES S WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 1 51.2 51.2 53.7 53.76 6 14.0 14.06 6 14.7 14.76 6 17.0 17.07 7 17.9 17.92 2 56.7 56.72 2 59. 59.56 56 139. 139.05 05 146 146 46.9 46.9 49.2 49.25 5 22.1 22.17 7 23.2 23.28 8 69.0 69.07 7 72.5 72.52 2 69.9 69.98 8 73.48 73.48 3.49 3.499 9

2 56.4 56.448 48 15.5 15.501 01 18.8 18.82 2 62.5 62.534 34 163. 163.52 52 51.7 51.707 07 24.4 24.442 42 76.1 76.15 5 77.1 77.153 53 3.67 3.674 4

3 59.2 59.27 7 16.2 16.28 8 19.7 19.76 6 65.6 65.66 6 183. 183.1 1 54.29 54.29 25.6 25.66 6 79.9 79.96 6 81.0 81.01 1 3.85 3.858 8

4 62.2 62.234 34 17.0 17.09 9 20.7 20.749 49 68.9 68.944 44 205. 205.12 12 57.0 57.007 07 26.9 26.948 48 83.9 83.955 55 85.0 85.061 61 4.05 4.0505 05

5 65.3 65.346 46 17.9 17.945 45 21.7 21.786 86 72.3 72.391 91 229. 229.74 74 59.8 59.858 58 28.2 28.295 95 88.1 88.153 53 89.3 89.314 14 4.25 4.2531 31

6 68.6 68.613 13 18.8 18.842 42 22.8 22.875 75 76.0 76.01 1 257. 257.31 31 62.8 62.85 5 29.7 29.71 1 92.5 92.56 6 93.7 93.78 8 4.46 4.4657 57

7 72.0 72.044 44 19.7 19.784 84 24.0 24.019 19 79.8 79.811 11 288. 288.18 18 65.9 65.993 93 31.1 31.195 95 97.1 97.188 88 98.4 98.469 69 4.68 4.689 9

8 75.6 75.646 46 20.7 20.773 73 25.2 25.22 2 83.80 83.801 1 322. 322.77 77 69.29 69.293 3 32.7 32.755 55 102.0 102.05 5 103.3 103.39 9 4.92 4.9234 34

9 79.4 79.428 28 21.8 21.812 12 26.4 26.481 81 87.99 87.991 1 361. 361.5 5 72.75 72.757 7 34.3 34.393 93 107.1 107.15 5 108. 108.56 56 5.16 5.1696 96

10 83.3 83.399 99 22.9 22.902 02 27.8 27.805 05 92. 92.39 391 1 404. 404.88 88 76.3 76.395 95 36.1 36.113 13 112. 112.51 51 113. 113.99 99 5.42 5.4281 81

8 94.7 94.768 68 26.0 26.024 24 31.5 31.595 95 104. 104.98 98 257.37 257.37 86.8 86.809 09 41.0 41.035 35 127. 127.84 84 129.5 129.53 3 9.59 9.5947 47

9 102. 102.35 35 28.1 28.106 06 34.1 34.123 23 113 113.3 .38 8 277.96 277.96 93.75 93.753 3 44.3 44.318 18 138. 138.07 07 139.8 139.89 9 10.3 10.362 62

10 110. 110.54 54 30.3 30.354 54 36.8 36.853 53 122. 122.45 45 300. 300.2 2 101.2 101.25 5 47.8 47.863 63 149. 149.12 12 151. 151.08 08 11.1 11.191 91

8 126. 126.77 77 34.8 34.812 12 42.2 42.265 65 140. 140.44 44 344.2 344.28 8 116. 116.12 12 54.8 54.892 92 171. 171.01 01 173. 173.27 27 18.56 18.564 4

9 141. 141.98 98 38.9 38.989 89 47.3 47.336 36 157. 157.29 29 385. 385.6 6 130.0 130.06 6 61.4 61.479 79 191. 191.54 54 194. 194.06 06 20.79 20.792 2

10 159. 159.02 02 43.6 43.668 68 53.0 53.017 17 176. 176.16 16 431.8 431.87 7 145.6 145.66 6 68.8 68.857 57 214. 214.52 52 217. 217.35 35 23.2 23.287 87

8 156. 156.62 62 43.0 43.01 1 52.2 52.218 18 173.5 173.51 1 425.36 425.36 143. 143.47 47

9 180. 180.12 12 49. 49.461 461 60.0 60.05 5 199.5 199.53 3 489.16 489.16 164.9 164.99 9

10 207. 207.13 13 56. 56.881 881 69.0 69.058 58 229 229.4 .46 6 562.53 562.53 189.7 189.74 4

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 8 % GROWTH AT 8% PARTICULARS INVEN NVENTO TORI RIES ES SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTAL CURRENT LIABILITIES WORK WORKIN ING G CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 51. 51.2 14.0 14.06 6 17.0 17.07 7 56.7 56.72 2 139. 139.05 05 46.9 46.9 22.1 22.17 7 69.07 69.9 69.98 8

3 1 2 4 5 55.3 55.3 59.7 59.72 2 64.5 64.5 69.6 69.657 57 75. 75.23 15.1 15.18 8 16.4 16.4 17.7 17.71 1 19.1 19.128 28 20.6 20.659 59 18.4 18.44 4 19.9 19.91 1 21.5 21.5 23.2 23.224 24 25.0 25.081 81 61.2 61.26 6 66.1 66.158 58 71. 71.45 45 77. 77.16 167 7 83.3 83.34 4 150.2 150.2 162.1 162.19 9 175. 175.2 2 189. 189.18 18 204.3 204.31 1 50.6 50.65 5 54.7 54.704 04 59.08 59.08 63.8 63.807 07 68.9 68.911 11 23.9 23.94 4 25.8 25.859 59 27.9 27.93 3 30.1 30.162 62 32.5 32.575 75 74.6 74.6 80.5 80.563 63 87.0 87.01 1 93.9 93.969 69 101. 101.49 49 75.58 75.58 81.6 81.625 25 88.1 88.15 5 95.2 95.207 07 102. 102.82 82 5.59 5.598 8 6.04 6.0463 63 6.53 6.53 7.05 7.0524 24 7.61 7.6166 66

6 81.2 81.248 48 22.3 22.311 11 27.0 27.088 88 90.0 90.008 08 220. 220.65 65 74.4 74.424 24 35.1 35.181 81 109. 109.61 61 111. 111.05 05 8.22 8.2259 59

7 87.7 87.748 48 24.0 24.096 96 29.2 29.255 55 97. 97.20 208 8 238.31 238.31 80.3 80.378 78 37.9 37.995 95 118. 118.37 37 119. 119.93 93 8.88 8.884 4


STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CU CURR RREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTAL CURRENT LIABILITIES WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 51.2 51.2 14.0 14.06 6 17.0 17.07 7 56.7 56.72 2 139. 139.05 05 46.9 46.9 22.1 22.17 7 69.07 69.9 69.98 8

1 57.3 57.34 4 15.7 15.75 5 19.1 19.12 2 63.5 63.53 3 155. 155.7 7 52.5 52.53 3 24.8 24.83 3 77.3 77.36 6 78.3 78.38 8 8.39 8.398 8

2 64.2 64.225 25 17.6 17.637 37 21.4 21.413 13 71.1 71.15 5 174.4 174.42 2 58.8 58.831 31 27.8 27.81 1 86.6 86.641 41 87.7 87.783 83 9.40 9.4053 53

3 71.9 71.93 3 19.7 19.75 5 23.9 23.98 8 79.6 79.69 9 195.4 195.4 65.89 65.89 31.1 31.15 5 97.0 97.04 4 98.3 98.32 2 10.5 10.53 3

4 80.5 80.564 64 22.1 22.124 24 26.8 26.86 6 89.2 89.25 5 218. 218.8 8 73.7 73.798 98 34.8 34.885 85 108. 108.68 68 110. 110.11 11 11.7 11.798 98

5 90.2 90.232 32 24.7 24.779 79 30.0 30.083 83 99.9 99.96 6 245.0 245.05 5 82.6 82.654 54 39.0 39.071 71 121. 121.72 72 123. 123.33 33 13.2 13.214 14

6 101. 101.06 06 27.7 27.752 52 33.6 33.693 93 111. 111.96 96 274.4 274.46 6 92.5 92.572 72 43.7 43.76 6 136. 136.33 33 138. 138.13 13 14.7 14.799 99

7 113. 113.19 19 31.0 31.082 82 37.7 37.736 36 125. 125.39 39 307. 307.4 4 103. 103.68 68 49.0 49.011 11 152. 152.69 69 154. 154.7 7 16.5 16.575 75

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S

3 BASE 1 2 4 51.2 51.2 58.8 58.88 8 67.7 67.712 12 77.8 77.87 7 89.5 89.549 49 14.0 14.06 6 16. 16.17 18.5 18.594 94 21.3 21.38 8 24.5 24.591 91 17.0 17.07 7 19.6 19.63 3 22.5 22.575 75 25.9 25.96 6 29.8 29.856 56 56.7 56.72 2 65. 65.23 23 75.0 75.012 12 86.2 86.26 6 99.2 99.204 04 139. 139.05 05 159.9 159.9 183.8 183.89 9 211. 211.5 5 243. 243.2 2 46.9 46.9 53.9 53.94 4 62.0 62.025 25 71.33 71.33 82.0 82.028 28

5 102. 102.98 98 28. 28.28 34.3 34.334 34 114. 114.08 08 279. 279.68 68 94.3 94.333 33

6 118. 118.43 43 32.5 32.522 22 39.4 39.484 84 131. 131.2 2 321.6 321.63 3 108. 108.48 48

7 136. 136.19 19 37.4 37.4 45.4 45.407 07 150. 150.88 88 369. 369.88 88 124. 124.75 75

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12 % GROWTH AT 12% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOAN LOANS S AND AND ADVA ADVANC NCES ES TOTA TOTAL L CU CURR RREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIS ISIO IONS NS TOTAL CURRENT LIABILITIES WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 51.2 51.2 14.0 14.06 6 17.0 17.07 7 56.7 56.72 2 139. 139.05 05 46.9 46.9 22.1 22.17 7 69.07 69.9 69.98 8

1 57.3 57.34 4 15.7 15.75 5 19.1 19.12 2 63.5 63.53 3 155. 155.7 7 52.5 52.53 3 24.8 24.83 3 77.3 77.36 6 78.3 78.38 8 8.39 8.398 8

2 64.2 64.225 25 17.6 17.637 37 21.4 21.413 13 71.1 71.15 5 174.4 174.42 2 58.8 58.831 31 27.8 27.81 1 86.6 86.641 41 87.7 87.783 83 9.40 9.4053 53

3 71.9 71.93 3 19.7 19.75 5 23.9 23.98 8 79.6 79.69 9 195.4 195.4 65.89 65.89 31.1 31.15 5 97.0 97.04 4 98.3 98.32 2 10.5 10.53 3

4 80.5 80.564 64 22.1 22.124 24 26.8 26.86 6 89.2 89.25 5 218. 218.8 8 73.7 73.798 98 34.8 34.885 85 108. 108.68 68 110. 110.11 11 11.7 11.798 98

5 90.2 90.232 32 24.7 24.779 79 30.0 30.083 83 99.9 99.96 6 245.0 245.05 5 82.6 82.654 54 39.0 39.071 71 121. 121.72 72 123. 123.33 33 13.2 13.214 14

6 101. 101.06 06 27.7 27.752 52 33.6 33.693 93 111. 111.96 96 274.4 274.46 6 92.5 92.572 72 43.7 43.76 6 136. 136.33 33 138. 138.13 13 14.7 14.799 99

7 113. 113.19 19 31.0 31.082 82 37.7 37.736 36 125. 125.39 39 307. 307.4 4 103. 103.68 68 49.0 49.011 11 152. 152.69 69 154. 154.7 7 16.5 16.575 75

8 126. 126.77 77 34.8 34.812 12 42.2 42.265 65 140. 140.44 44 344.2 344.28 8 116. 116.12 12 54.8 54.892 92 171. 171.01 01 173. 173.27 27 18.56 18.564 4

9 141. 141.98 98 38.9 38.989 89 47.3 47.336 36 157. 157.29 29 385. 385.6 6 130.0 130.06 6 61.4 61.479 79 191. 191.54 54 194. 194.06 06 20.79 20.792 2

10 159. 159.02 02 43.6 43.668 68 53.0 53.017 17 176. 176.16 16 431.8 431.87 7 145.6 145.66 6 68.8 68.857 57 214. 214.52 52 217. 217.35 35 23.2 23.287 87

8 156. 156.62 62 43.0 43.01 1 52.2 52.218 18 173.5 173.51 1 425.36 425.36 143. 143.47 47 67.8 67.819 19 211. 211.29 29 214. 214.07 07 27.9 27.922 22

9 180. 180.12 12 49. 49.461 461 60.0 60.05 5 199.5 199.53 3 489.16 489.16 164.9 164.99 9 77.9 77.991 91 242. 242.98 98 246. 246.18 18 32.1 32.111 11

10 207. 207.13 13 56. 56.881 881 69.0 69.058 58 229 229.4 .46 6 562.53 562.53 189.7 189.74 4 89.6 89.69 9 279. 279.43 43 283. 283.11 11 36.9 36.927 27

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 15 % GROWTH AT 15% PARTICULARS INVE INVENT NTOR ORIE IES S SUND SUNDRY RY DEBT DEBTOR ORS S CASH CASH AND AND BANK BANK LOANS LOANS AND ADVAN ADVANCES CES TOTA TOTAL L CURR CURREN ENT T ASSE ASSETS TS CURRE CURRENT NT LIAB LIABIL ILIT ITIE IES S PROV PROVIISION SIONS S TOTAL CURRENT LIABILITIES WORKI ORKING NG CA CAPI PITA TAL L CHAN CHANGE GE IN WC

BASE 1 2 51.2 51.2 58.8 58.88 8 67.7 67.712 12 14.0 14.06 6 16. 16.17 18.5 18.594 94 17.0 17.07 7 19.6 19.63 3 22.5 22.575 75 56.7 56.72 2 65. 65.23 23 75.0 75.012 12 139. 139.05 05 159.9 159.9 183.8 183.89 9 46.9 46.9 53.9 53.94 4 62.0 62.025 25 22.1 22.17 7 25.5 25.5 29.3 29.32 2 69.07 79. 79.43 91.3 91.345 45 69.9 69.98 8 80.4 80.48 8 92.5 92.549 49 10.5 10.5 12.0 12.072 72


3 77.8 77.87 7 21.3 21.38 8 25.9 25.96 6 86.2 86.26 6 211. 211.5 5 71.33 71.33 33. 33.72 105 105 106. 106.4 4 13.8 13.88 8

4 89.5 89.549 49 24.5 24.591 91 29.8 29.856 56 99.2 99.204 04 243. 243.2 2 82.0 82.028 28 38.7 38.775 75 120. 120.8 8 122. 122.4 4 15.9 15.965 65

5 102. 102.98 98 28. 28.28 34.3 34.334 34 114. 114.08 08 279. 279.68 68 94.3 94.333 33 44.5 44.592 92 138. 138.92 92 140. 140.75 75 18.3 18.359 59

6 118. 118.43 43 32.5 32.522 22 39.4 39.484 84 131. 131.2 2 321.6 321.63 3 108. 108.48 48 51.2 51.281 81 159. 159.76 76 161. 161.87 87 21.1 21.113 13

7 136. 136.19 19 37.4 37.4 45.4 45.407 07 150. 150.88 88 369. 369.88 88 124. 124.75 75 58.9 58.973 73 183. 183.73 73 186. 186.15 15 24.2 24.28 8

ROCE


Mar-97

pbit 52.75

BIRLA CORPORATION Ltd. Mar-97 Mar-97 capital_employed pbit/capital_employed*100 559.57 9.426881355

Mar-98

pbit

Mar-98

capital_employed -5.55

560.9

Mar-99

Mar-99

pbit

capital_employed 0.12

516.45

Mar-00

Mar-00

pbit


502.94

Mar-01

Mar-01

pbit


524.88

Mar-02

Mar-02

pbit


482.59

Mar-03

Mar-03

pbit


486.67

Mar-04

Mar-04

pbit


453.51

Mar-05

Mar-05

pbit


544.04

Mar-06

Mar-06

pbit


avg

646.5

Mar-98 pbit/capital_employed*100 -0.99 Mar-99 pbit/capital_employed*100 0.02 Mar-00 pbit/capital_employed*100 2.86 Mar-01 pbit/capital_employed*100 5.84 Mar-02 pbit/capital_employed*100 7.36 Mar-03 pbit/capital_employed*100 7.86 Mar-04 pbit/capital_employed*100 14.71 Mar-05 pbit/capital_employed*100 21.20 Mar-06 pbit/capital_employed*100 24.39

roce


9.27

MADRAS Cements Ltd. Mar-97

pbit

Mar-97

pbit/capital_employed*100

109.12

709.57

15.38

Mar-98

Ma Mar-98 capital_employed

Mar-98

pbit


115.33

803.93

14.35

Mar-99

Ma Mar-99

Mar-99

114.21


Mar-00

Ma Mar-00

105.51


pbit

pbit

Mar-01

pbit


pbit/capital_employed*100 14.81 Mar-00



123.18

1131.43

10.89

Mar-02

Ma Mar-02

Mar-02

119.91


Mar-03

Ma Mar-03

91.06


pbit

pbit

Mar-04

pbit





105.3

906.88

11.61

Mar-05


Mar-05

pbit


97.01

1025.81

9.46

Mar-06

Ma Mar-06

Mar-06

151.57


pbit avg



roce


15.22 12.45

KCP cements Ltd. Mar-97

pbit

Mar-97

capital_employed


68.16

154.16

44.21

Mar-98

Mar-98

Mar-98

pbit

capital_employed


13.45

194.35

6.92

Mar-99

Mar-99

Mar-99

pbit

capital_employed


16.21

199.76

8.11

Mar-00

Mar-00

Mar-00

pbit

capital_employed


5.7

195.19

2.92

Mar-01

Mar-01

Mar-01

pbit

capital_employed


18.42

171.18

10.76

Mar-02

Mar-02

Mar-02

pbit

capital_employed


20.39

157.51

12.94

Mar-03

Mar-03

Mar-03

pbit

capital_employed


4.35

152.57

2.85

Mar-04

Mar-04

Mar-04

pbit

capital_employed


7.19

149.38

4.81

Mar-05

Mar-05

Mar-05

pbit

capital_employed


19.51

146.02

13.36

Mar-06

Mar-06

Mar-06

pbit


avg

Mar-97

pbit/capital_employed*100 169.85

roce


17.24 12.412

CHETTINAD Cements Ltd. Mar-97

pbit

Ma Mar-97

capital_employed


48.45

269.52

17.98

Mar-98

Ma Mar-98

Mar-98

pbit

capital_employed


43.2

317.65

13.60

Mar-99

Ma Mar-99

Mar-99

pbit

capital_employed


40.9

314.54

13.00

Mar-00

Ma Mar-00

Mar-00

pbit

capital_employed


34.43

303.66

11.34

Mar-01

Ma Mar-01

Mar-01

pbit

capital_employed


32.53

440.86

7.38

Mar-02

Ma Mar-02

Mar-02

pbit

capital_employed


28.52

464.36

6.14

Mar-03

Ma Mar-03

Mar-03

pbit

capital_employed


22.72

442.24

5.14

Mar-04

Ma Mar-04

Mar-04

pbit

capital_employed


54.37

422

12.88

Mar-05

Ma Mar-05

Mar-05

pbit

capital_employed


63.9

474.14

13.48

Mar-06

Ma Mar-06

Mar-06

pbit


avg

Mar-97


roce


17.43 11.84

India cements Ltd. Mar-97

pbit

Mar-97

capital_employed


131

1027.57

12.75

Mar-98

Mar-98

Mar-98

pbit

capital_employed


147.65

1514.22

9.75

Mar-99

Mar-99

Mar-99

pbit

capital_employed


238.88

2079

11.5

Mar-00

Mar-00

Mar-00

pbit

capital_employed


217.72

2411.9

9.02

Mar-01

Mar-01

Mar-01

pbit

capital_employed


241.35

2615.06

9.23

Mar-02

Mar-02

Mar-02

pbit

capital_employed


197.88

2413.21

8.2

Mar-03

Mar-03

Mar-03

pbit

capital_employed


-48.69

2197.17

-2.22

Mar-04

Mar-04

Mar-04

pbit

capital_employed


48.95

2432.16

2.01

Mar-05

Mar-05

Mar-05

pbit

capital_employed


138.08

2350.25

5.86

Mar-06

Mar-06

Mar-06

pbit


avg

Mar-97


roce


8.25 7.435

Expenses Percentage



BIRLA CORPORATION LTD. Year Net Sales Tot Total Expenditure exp exp as % of sale sales s

Mar 06(12) 1,216.50 1,026.30 84.3 84.364 6498 98

Mar 05(12) 1,131.04 1,005.72 88.9 88.919 1993 93

Mar Mar Mar 04(12) 03(12) 02(12) 973 944.51 959.25 913.67 895.62 909.95 93.9 93.902 0236 36 94.8 94.823 2377 77 94.8 94.860 6057 57 CHETTINAD CEMENTS LTD .

Mar 01(12) 868.46 825.46 95.0 95.048 4871 71

Mar 00(12) 853.87 833.53 97.6 97.617 179 9

Mar 99(12) 744.66 738.7 8.72 99.2 99.202 0232 32

Mar 98(12) 828.32 819.98 98.9 98.993 9314 14

Mar 97(12 97(12 Ave Averag rage e 901.47 856 856.73 95.0 95.037 37 94.2 94.28 8

Year Net Sales Total Expenditure exp as % of sale sales s

Mar 06(12) 485.49 423.4 87.2 87.210 1086 86

Mar 05(12) 427.77 360.62 84.3 84.302 0231 31

Mar Mar Mar 04(12) 03(12) 02(12) 324.77 266.19 201.81 244.59 223.29 165.41 75.3 75.311 1176 76 83.8 83.883 8369 69 81.9 81.963 6323 23 MADRAS CEMENTS LTD.

Mar 01(12) 185.1 139.7 75.4 75.472 7272 72

Mar 00(12) 199.28 138.66 69.5 69.580 8049 49

Mar 99(12) 196 138.15 70.4 70.484 8469 69

Mar 98(12) 211.65 147.47 69.67 69.6763 635 5

Mar 97(12 97(12 Ave Averag rage e 207.03 147.66 71.3 71.323 23 76.9 76.92 2

Year Net sales Total expenditure exp as % of sales

Mar 06(12) 1,009.10 795.72 78.8 78.854 5442 42

Mar 05(12) 738.98 597.28 80.8 80.824 2492 92

Mar Mar 04(12) 03(12) 695.32 626.14 521.42 476.17 74.9 74.989 8993 93 76.04 76.0484 849 9 K.C.P.LTD

Year Net Sales Total Expenditure exp as % of sale sales s

Mar 06(12) 165.58 145.84 88.0 88.078 7827 27

Mar 05(12) 136.73 122.01 89.2 89.234 3426 26

Mar 04(12) 117.43 109.41 93.1 93.170 704 4

Mar 03(12) 114.39 105.38 92.1 92.123 2344 44

Mar 02(12) 706.3 528.38 74.8 74.809 0957 57

Mar 01(12) 618.34 449.1 72.6 72.629 2994 94

Mar 02(12) 113.02 99.6 88.1 88.126 26

Mar 01(12) 115.47 96.89 83.9 83.909 0924 24

Mar Mar Mar Mar 00(12) 99(12) 98(12) 97(12 97(12 513.65 521.03 487.32 415.24 379.23 350.77 348.72 282.07 73.8 73.830 3043 43 67.3 67.322 2242 42 71.5 71.558 5873 73 67.9 67.929 2939 39 Mar 00(12) 108.38 109.89 101.3 101.393 932 2

Mar 99(12) 160.31 140.18 87.4 87.443 4308 08

Mar 98(12) 124.93 116.42 93.1 93.188 8819 19

Averag Ave rage e

73.88 73.88

Mar 97(12 Average 137.84 125.84 91.2 91.294 9425 25 90.8 90.80 0


INDIA CEMENTS LTD. Year Net Net Sale Sales s Tot Total Expe Expend ndit itur ure e exp exp as % of sale sales s

Mar 06(12) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 81.6 81.631 3126 26

Mar 05(12) 1,16 1,162. 2.14 14 1,03 1,031. 1.87 87 88.79 88.7905 051 1

Avg of four companies CHETTINAD 76.92 BIRLA CEMNTS 94.28 KCP 90.8 MADRAS 73.88 INDIA CEMENTS 83.22 cogs% 82.63

Mar 04(12) 1,01 1,016. 6.90 90 915. 915.06 06 89.9 89.985 8525 25

Mar 03(12) 851. 851.58 58 801. 801.55 55 94.1 94.125 2504 04

Mar 02(12) 1,01 1,019. 9.11 11 847. 847.96 96 83.2 83.205 0593 93

Mar Mar Mar 01(12) 00(12) 99(12) 1,25 1,256. 6.95 95 1,19 1,194. 4.85 85 1,15 1,156. 6.67 67 945. 945.36 36 955. 955.5 5 890. 890.81 81 75.2 75.210 1063 63 79.9 79.968 682 2 77.0 77.015 1505 05

Mar 98(12) 771. 771.01 01 623 623.6 .68 8 80.8 80.891 913 3

Mar 97(12 97(12 Ave Averag rage e 728. 728.36 36 592. 592.61 61 81.3 81.362 6224 24 83.2 83.22 2

INDIA CEMENTS LTD. Year Net Net Sale Sales s Tot Total Expe Expend ndit itur ure e exp exp as % of sale sales s

Mar 06(12) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 81.6 81.631 3126 26

Mar 05(12) 1,16 1,162. 2.14 14 1,03 1,031. 1.87 87 88.79 88.7905 051 1

Mar 04(12) 1,01 1,016. 6.90 90 915. 915.06 06 89.9 89.985 8525 25

Mar 03(12) 851. 851.58 58 801. 801.55 55 94.1 94.125 2504 04

Avg of four companies CHETTINAD 76.92 BIRLA CEMNTS 94.28 KCP 90.8 MADRAS 73.88 INDIA CEMENTS 83.22 cogs% 82.63


Mar 02(12) 1,01 1,019. 9.11 11 847. 847.96 96 83.2 83.205 0593 93

Mar Mar Mar 01(12) 00(12) 99(12) 1,25 1,256. 6.95 95 1,19 1,194. 4.85 85 1,15 1,156. 6.67 67 945. 945.36 36 955. 955.5 5 890. 890.81 81 75.2 75.210 1063 63 79.9 79.968 682 2 77.0 77.015 1505 05

Mar 98(12) 771. 771.01 01 623 623.6 .68 8 80.8 80.891 913 3

Mar 97(12 97(12 Ave Averag rage e 728. 728.36 36 592. 592.61 61 81.3 81.362 6224 24 83.2 83.22 2


EBIT



Birla corp ltd.

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars base 2006 1,21 1,216. 6.50 50 sales 1,02 1,026. 6.30 30 cogs ebi ebit 190. 190.2 2 growth at 8% cogs at 82% particulars base 2006 1,21 1,216. 6.50 50 sales 1,02 1,026. 6.30 30 cogs ebi ebit 190. 190.2 2 growth at 12% cogs at 82% particulars base 2006 1,21 1,216. 6.50 50 sales 1,02 1,026. 6.30 30 cogs ebi ebit 190. 190.2 2 growth at 15% cogs at 82% particulars base 2006 1,21 1,216. 6.50 50 sales 1,02 1,026. 6.30 30 cogs ebi ebit 190. 190.2 2

1 2 3 4 5 6 7 8 9 10 1277 1277.3 .33 3 1341 1341.1 .19 9 1408 1408.2 .25 5 1478 1478.6 .66 6 1552 1552.6 .60 0 1630 1630.2 .23 3 1711 1711.7 .74 4 1797 1797.3 .32 2 1887 1887.1 .19 9 1981 1981.5 .55 5 1047 1047.4 .41 1 1099 1099.7 .78 8 1154 1154.7 .77 7 1212 1212.5 .50 0 1273 1273.1 .13 3 1336 1336.7 .79 9 1403 1403.6 .62 2 1473 1473.8 .81 1 1547 1547.5 .50 0 1624 1624.8 .87 7 229. 229.92 92 241. 241.41 41 253. 253.49 49 266. 266.16 16 279. 279.47 47 293. 293.44 44 308. 308.11 11 323. 323.52 52 339. 339.69 69 356. 356.68 68

1 2 3 4 5 6 7 8 9 10 1313 1313.8 .82 2 1418 1418.9 .93 3 1532 1532.4 .44 4 1655 1655.0 .03 3 1787 1787.4 .44 4 1930 1930.4 .43 3 2084 2084.8 .87 7 2251 2251.6 .66 6 2431 2431.7 .79 9 2626 2626.3 .33 3 1077 1077.3 .33 3 1163 1163.5 .52 2 1256 1256.6 .60 0 1357 1357.1 .13 3 1465 1465.7 .70 0 1582 1582.9 .95 5 1709 1709.5 .59 9 1846 1846.3 .36 6 1994 1994.0 .07 7 2153 2153.5 .59 9 236. 236.49 49 255. 255.41 41 275. 275.84 84 297. 297.91 91 321. 321.74 74 347. 347.48 48 375. 375.28 28 405. 405.30 30 437. 437.72 72 472. 472.74 74

1 2 3 4 5 6 7 8 9 10 1362 1362.4 .48 8 1525 1525.9 .98 8 1709 1709.0 .09 9 1914 1914.1 .19 9 2143 2143.8 .89 9 2401 2401.1 .16 6 2689 2689.2 .29 9 3012 3012.0 .01 1 3373 3373.4 .45 5 3778 3778.2 .26 6 1117 1117.2 .23 3 1251 1251.3 .30 0 1401 1401.4 .46 6 1569 1569.6 .63 3 1757 1757.9 .99 9 1968 1968.9 .95 5 2205 2205.2 .22 2 2469 2469.8 .85 5 2766 2766.2 .23 3 3098 3098.1 .18 8 245. 245.25 25 274. 274.68 68 307. 307.64 64 344. 344.55 55 385. 385.90 90 432. 432.21 21 484. 484.07 07 542. 542.16 16 607. 607.22 22 680. 680.09 09

1 2 3 4 5 6 7 8 9 10 1398 1398.9 .98 8 1608 1608.8 .82 2 1850 1850.1 .14 4 2127 2127.6 .67 7 2446 2446.8 .82 2 2813 2813.8 .84 4 3235 3235.9 .91 1 3721 3721.3 .30 0 4279 4279.5 .50 0 4921 4921.4 .42 2 1147 1147.1 .16 6 1319 1319.2 .23 3 1517 1517.1 .12 2 1744 1744.6 .69 9 2006 2006.3 .39 9 2307 2307.3 .35 5 2653 2653.4 .45 5 3051 3051.4 .47 7 3509 3509.1 .19 9 4035 4035.5 .57 7 251. 251.82 82 289. 289.59 59 333. 333.03 03 382. 382.98 98 440. 440.43 43 506. 506.49 49 582. 582.46 46 669. 669.83 83 770. 770.31 31 885. 885.86 86


Chettinad Cements ltd. growth at 5% cogs at 82% particulars base 2006 485.49 sales 423.4 cogs ebit 62.09 growth at 8% cogs at 82% particulars base 2006 485.49 sales 423.4 cogs ebit 62.09 growth at 12% cogs at 82% particulars base 2006 485. 485.49 49 sales 423. 423.4 4 cogs ebit 62.09 growth at 15% cogs at 82% particulars base 2006 485. 485.49 49 sales

1 509.7 9.76 418.0 8.01 91. 91.76

2 535.25 438.91 96. 96.35

3 562.02 460.85 1 0 1 . 16

4 590.12 483.90 1 0 6 .2 2

5 619.62 508.09 111.53

6 650.60 533.49 117 117.11

7 683.13 560.17 122 122.96

8 717. 17.29 588. 88.18 129 129.11

9 753.15 617.59 135. 135.5 57

10 790.81 648.47 142 142.35

1 485.4 5.49 398.1 8.10 87.39

2 485.49 398.10 8 7 . 39

3 485.49 398.10 8 7 . 39

4 485.49 398.10 8 7 . 39

5 485.49 398.10 8 7 . 39

6 485.49 398.10 8 7 . 39

7 485.49 398.10 87.39

8 485. 85.49 398. 98.10 87.39

9 485.49 398.10 87.39

10 485.49 398.10 87.39

1 543. 543.75 75 445. 445.87 87 97. 97.87

2 609. 609.00 00 499. 499.38 38 1 0 9 . 62

3 682. 682.08 08 559. 559.30 30 1 2 2 . 77

4 763. 763.93 93 626. 626.42 42 1 3 7 . 51

5 855. 855.60 60 701. 701.59 59 1 5 4 . 01

6 958. 958.27 27 785. 785.78 78 1 7 2 .4 9

7 1073 1073.2 .26 6 880. 880.08 08 193.19

8 1202 1202.0 .06 6 985. 985.69 69 216 216.37

9 1346 1346..30 1103 1103..97 242.3 2.33

10 1507 1507.8 .86 6 1236 1236.4 .44 4 271.41

1 558. 558.31 31

2 642. 642.06 06

3 738. 738.37 37

4 849. 849.13 13

5 976. 976.49 49

6 1122 1122.9 .97 7

7 1291 1291.4 .41 1

8 1485 1485.1 .13 3

9 1707 1707.8 .89 9

10 1964 1964.0 .08 8

Chettinad Cements ltd. growth at 5% cogs at 82% particulars base 2006 485.49 sales 423.4 cogs ebit 62.09 growth at 8% cogs at 82% particulars base 2006 485.49 sales 423.4 cogs ebit 62.09 growth at 12% cogs at 82% particulars base 2006 485. 485.49 49 sales 423. 423.4 4 cogs ebit 62.09 growth at 15% cogs at 82% particulars base 2006 485. 485.49 49 sales 423. 423.4 4 cogs ebit 62.09

1 509.7 9.76 418.0 8.01 91. 91.76

2 535.25 438.91 96. 96.35

3 562.02 460.85 1 0 1 . 16

4 590.12 483.90 1 0 6 .2 2

5 619.62 508.09 111.53

6 650.60 533.49 117 117.11

7 683.13 560.17 122 122.96

8 717. 17.29 588. 88.18 129 129.11

9 753.15 617.59 135. 135.5 57

10 790.81 648.47 142 142.35

1 485.4 5.49 398.1 8.10 87.39

2 485.49 398.10 8 7 . 39

3 485.49 398.10 8 7 . 39

4 485.49 398.10 8 7 . 39

5 485.49 398.10 8 7 . 39

6 485.49 398.10 8 7 . 39

7 485.49 398.10 87.39

8 485. 85.49 398. 98.10 87.39

9 485.49 398.10 87.39

10 485.49 398.10 87.39

1 543. 543.75 75 445. 445.87 87 97. 97.87

2 609. 609.00 00 499. 499.38 38 1 0 9 . 62

3 682. 682.08 08 559. 559.30 30 1 2 2 . 77

4 763. 763.93 93 626. 626.42 42 1 3 7 . 51

5 855. 855.60 60 701. 701.59 59 1 5 4 . 01

6 958. 958.27 27 785. 785.78 78 1 7 2 .4 9

7 1073 1073.2 .26 6 880. 880.08 08 193.19

8 1202 1202.0 .06 6 985. 985.69 69 216 216.37

9 1346 1346..30 1103 1103..97 242.3 2.33

10 1507 1507.8 .86 6 1236 1236.4 .44 4 271.41

1 558. 558.31 31 457. 457.82 82 100.5 0.50

2 642. 642.06 06 526. 526.49 49 115.57

3 738. 738.37 37 605. 605.46 46 1 3 2 . 91

4 849. 849.13 13 696. 696.28 28 1 5 2 . 84

5 976. 976.49 49 800. 800.72 72 1 7 5 . 77

6 1122 1122.9 .97 7 920. 920.83 83 2 0 2 . 13

7 1291 1291.4 .41 1 1058 1058.9 .96 6 232.45

8 1485 1485.1 .13 3 1217 1217.8 .80 0 267 267.32

9 1707 1707.8 .89 9 1400 1400..47 307.4 7.42

10 1964 1964.0 .08 8 1610 1610.5 .54 4 353.53


India cements Ltd

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1,258. 8.55 55 cogs ebit 283.2 growth at 8% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1, 258. 8.55 55 cogs ebit 283.2 growth at 12% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1,258. 8.55 55 cogs ebit 283.2 growth at 15%

1 1618 1618.8 .84 4 1327 1327.4 .45 5 291.39 29

2 1699 1699.7 .78 8 1393 1393.8 .82 2 3 0 5 .9 6 30

3 1784 1784.7 .77 7 1463 1463.5 .51 1 321.26 32

4 1874 1874.0 .01 1 1536 1536.6 .69 9 337.32 33

5 1967 1967.7 .71 1 1613 1613.5 .52 2 3 54 . 1 9 35

6 2066 2066.0 .09 9 1694 1694.2 .20 0 3 7 1 .9 0 37

7 2169 2169.4 .40 0 1778 1778.9 .91 1 390.49 39

8 9 10 2277 2277.8 .87 7 2391 2391.7 .76 6 2511 2511.3 .35 5 1867 1867.8 .85 5 1961 1961.2 .24 4 2059 2059.3 .31 1 4 1 0 .0 2 41 4 30 . 5 2 43 452.04 45

1 1665 1665.0 .09 9 1365 1365.3 .37 7 299.72 29

2 1798 1798.3 .30 0 1474 1474.6 .60 0 3 2 3 .6 9 32

3 1942 1942.1 .16 6 1592 1592.5 .57 7 349.59 34

4 2097 2097.5 .53 3 1719 1719.9 .98 8 377.56 37

5 2265 2265.3 .34 4 1857 1857.5 .58 8 4 07 . 7 6 40

6 2446 2446.5 .56 6 2006 2006.1 .18 8 4 4 0 .3 8 44

7 2642 2642.2 .29 9 2166 2166.6 .68 8 475.61 47

8 9 10 2853 2853.6 .67 7 3081 3081.9 .97 7 3328 3328.5 .52 2 2340 2340.0 .01 1 2527 2527.2 .21 1 2729 2729.3 .39 9 5 1 3 .6 6 51 5 54 . 7 5 55 599.13 59

1 1726 1726.7 .76 6 1415 1415.9 .94 4 310.82 31

2 1933 1933.9 .97 7 1585 1585.8 .86 6 3 4 8 .1 1 34

3 2166 2166.0 .05 5 1776 1776.1 .16 6 389.89 38

4 2425 2425.9 .97 7 1989 1989.3 .30 0 436.68 43

5 2717 2717.0 .09 9 2228 2228.0 .01 1 4 89 . 0 8 48

6 3043 3043.1 .14 4 2495 2495.3 .38 8 5 4 7 .7 7 54

7 3408 3408.3 .32 2 2794 2794.8 .82 2 613.50 61

8 9 10 3817 3817.3 .32 2 4275 4275.3 .39 9 4788 4788.4 .44 4 3130 3130.2 .20 0 3505 3505.8 .82 2 3926 3926.5 .52 2 6 8 7 .1 2 68 7 69 . 5 7 76 861.92 86

India cements Ltd

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1,258. 8.55 55 cogs ebit 283.2 growth at 8% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1, 258. 8.55 55 cogs ebit 283.2 growth at 12% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1,258. 8.55 55 cogs ebit 283.2 growth at 15% cogs at 82% particulars base 2006 1,54 1,541. 1.75 75 sales 1,25 1,258. 8.55 55 cogs ebit 283.2

1 1618 1618.8 .84 4 1327 1327.4 .45 5 291.39 29

2 1699 1699.7 .78 8 1393 1393.8 .82 2 3 0 5 .9 6 30

3 1784 1784.7 .77 7 1463 1463.5 .51 1 321.26 32

4 1874 1874.0 .01 1 1536 1536.6 .69 9 337.32 33

5 1967 1967.7 .71 1 1613 1613.5 .52 2 3 54 . 1 9 35

6 2066 2066.0 .09 9 1694 1694.2 .20 0 3 7 1 .9 0 37

7 2169 2169.4 .40 0 1778 1778.9 .91 1 390.49 39

8 9 10 2277 2277.8 .87 7 2391 2391.7 .76 6 2511 2511.3 .35 5 1867 1867.8 .85 5 1961 1961.2 .24 4 2059 2059.3 .31 1 4 1 0 .0 2 41 4 30 . 5 2 43 452.04 45

1 1665 1665.0 .09 9 1365 1365.3 .37 7 299.72 29

2 1798 1798.3 .30 0 1474 1474.6 .60 0 3 2 3 .6 9 32

3 1942 1942.1 .16 6 1592 1592.5 .57 7 349.59 34

4 2097 2097.5 .53 3 1719 1719.9 .98 8 377.56 37

5 2265 2265.3 .34 4 1857 1857.5 .58 8 4 07 . 7 6 40

6 2446 2446.5 .56 6 2006 2006.1 .18 8 4 4 0 .3 8 44

7 2642 2642.2 .29 9 2166 2166.6 .68 8 475.61 47

8 9 10 2853 2853.6 .67 7 3081 3081.9 .97 7 3328 3328.5 .52 2 2340 2340.0 .01 1 2527 2527.2 .21 1 2729 2729.3 .39 9 5 1 3 .6 6 51 5 54 . 7 5 55 599.13 59

1 1726 1726.7 .76 6 1415 1415.9 .94 4 310.82 31

2 1933 1933.9 .97 7 1585 1585.8 .86 6 3 4 8 .1 1 34

3 2166 2166.0 .05 5 1776 1776.1 .16 6 389.89 38

4 2425 2425.9 .97 7 1989 1989.3 .30 0 436.68 43

5 2717 2717.0 .09 9 2228 2228.0 .01 1 4 89 . 0 8 48

6 3043 3043.1 .14 4 2495 2495.3 .38 8 5 4 7 .7 7 54

7 3408 3408.3 .32 2 2794 2794.8 .82 2 613.50 61

8 9 10 3817 3817.3 .32 2 4275 4275.3 .39 9 4788 4788.4 .44 4 3130 3130.2 .20 0 3505 3505.8 .82 2 3926 3926.5 .52 2 6 8 7 .1 2 68 7 69 . 5 7 76 861.92 86

1 1773 1773.0 .01 1 1453 1453.8 .87 7 319.14 31

2 2038 2038.9 .96 6 1671 1671.9 .95 5 3 6 7 .0 1 36

3 2344 2344.8 .81 1 1922 1922.7 .74 4 422.07 42

4 2696 2696.5 .53 3 2211 2211.1 .15 5 485.38 48

5 3101 3101.0 .01 1 2542 2542.8 .83 3 5 58 . 1 8 55

6 3566 3566.1 .16 6 2924 2924.2 .25 5 641.91 64

7 4101 4101.0 .09 9 3362 3362.8 .89 9 738.20 73

8 9 10 4716 4716.2 .25 5 5423 5423.6 .69 9 6237 6237.2 .24 4 3867 3867.3 .32 2 4447 4447.4 .42 2 5114 5114.5 .54 4 8 4 8 .9 2 84 976.26 1122.70 97


Madras cements ltd.

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795.72 cogs ebit 213.38 growth at 8% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795. 795.72 72 cogs ebit 213.38 growth at 12% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795. 795.72 72 cogs ebit 213.38 growth at 15%

1 1059 1059..56 868.84 19 190.72

2 1112 1112.5 .53 3 912. 12.28 20 200.26

3 1168 1168.1 .16 6 957.8 7.89 21 210.27

4 1226 1226.5 .57 7 1005.79 22 220.78

5 1287 1287.9 .90 0 1056.07 23 231.82

6 1352 1352..29 1108 108.88 24 2 4 3 .4 1

7 1419 1419.9 .91 1 1164.3 4.32 25 2 5 5 .5 8

8 1490 1490..90 1222.54 26 268.36

9 1565 1565..45 128 1283.67 28 2 8 1 .7 8

10 1643 1643.7 .72 2 1347.85 29 295.87

1 1089 1089..83 893. 893.66 66 19 196.17

2 1177 1177.0 .01 1 965. 965.15 15 21 211.86

3 1271 1271.1 .18 8 1042 1042..36 22 228.81

4 1372 1372.8 .87 7 1125 1125.7 .75 5 24 247.12

5 1482 1482.7 .70 0 1215 1215.8 .81 1 26 266.89

6 1601 1601..31 1313 1313..08 28 2 8 8 .2 4

7 1729 1729.4 .42 2 1418 1418..12 31 3 1 1 .3 0

8 1867 1867..77 1531 1531..57 33 336.20

9 2017 2017..20 1654 1654..10 36 3 6 3 .1 0

10 2178 2178.5 .57 7 1786 1786.4 .43 3 39 392.14

1 1130 1130..19 926. 926.76 76 20 203.43

2 1265 1265.8 .82 2 1037 1037..97 22 227.85

3 1417 1417.7 .71 1 1162 1162..52 25 255.19

4 1587 1587.8 .84 4 1302 1302.0 .03 3 28 285.81

5 1778 1778.3 .38 8 1458 1458..27 32 320.11

6 1991 1991..78 1633 1633..26 35 3 5 8 .5 2

7 2230 2230.8 .80 0 1829 1829..25 40 4 0 1 .5 4

8 2498 2498..49 2048 2048..77 44 449.73

9 2798 2798..31 2294 2294..62 50 5 0 3 .7 0

10 3134 3134.1 .11 1 2569 2569.9 .97 7 56 564.14

Madras cements ltd.

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795.72 cogs ebit 213.38 growth at 8% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795. 795.72 72 cogs ebit 213.38 growth at 12% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795. 795.72 72 cogs ebit 213.38 growth at 15% cogs at 82% particulars base 2006 1,00 1,009. 9.10 10 sales 795. 795.72 72 cogs ebit 213.38

1 1059 1059..56 868.84 19 190.72

2 1112 1112.5 .53 3 912. 12.28 20 200.26

3 1168 1168.1 .16 6 957.8 7.89 21 210.27

4 1226 1226.5 .57 7 1005.79 22 220.78

5 1287 1287.9 .90 0 1056.07 23 231.82

6 1352 1352..29 1108 108.88 24 2 4 3 .4 1

7 1419 1419.9 .91 1 1164.3 4.32 25 2 5 5 .5 8

8 1490 1490..90 1222.54 26 268.36

9 1565 1565..45 128 1283.67 28 2 8 1 .7 8

10 1643 1643.7 .72 2 1347.85 29 295.87

1 1089 1089..83 893. 893.66 66 19 196.17

2 1177 1177.0 .01 1 965. 965.15 15 21 211.86

3 1271 1271.1 .18 8 1042 1042..36 22 228.81

4 1372 1372.8 .87 7 1125 1125.7 .75 5 24 247.12

5 1482 1482.7 .70 0 1215 1215.8 .81 1 26 266.89

6 1601 1601..31 1313 1313..08 28 2 8 8 .2 4

7 1729 1729.4 .42 2 1418 1418..12 31 3 1 1 .3 0

8 1867 1867..77 1531 1531..57 33 336.20

9 2017 2017..20 1654 1654..10 36 3 6 3 .1 0

10 2178 2178.5 .57 7 1786 1786.4 .43 3 39 392.14

1 1130 1130..19 926. 926.76 76 20 203.43

2 1265 1265.8 .82 2 1037 1037..97 22 227.85

3 1417 1417.7 .71 1 1162 1162..52 25 255.19

4 1587 1587.8 .84 4 1302 1302.0 .03 3 28 285.81

5 1778 1778.3 .38 8 1458 1458..27 32 320.11

6 1991 1991..78 1633 1633..26 35 3 5 8 .5 2

7 2230 2230.8 .80 0 1829 1829..25 40 4 0 1 .5 4

8 2498 2498..49 2048 2048..77 44 449.73

9 2798 2798..31 2294 2294..62 50 5 0 3 .7 0

10 3134 3134.1 .11 1 2569 2569.9 .97 7 56 564.14

1 1160 1160..47 951. 951.58 58 20 208.88

2 1334 1334.5 .53 3 1094 1094..32 24 240.22

3 1534 1534.7 .71 1 1258 1258..47 27 276.25

4 1764 1764.9 .92 2 1447 1447.2 .24 4 31 317.69

5 2029 2029.6 .66 6 1664 1664..32 36 365.34

6 2334 2334..11 1913 1913..97 42 4 2 0 .1 4

7 2684 2684.2 .23 3 2201 2201..07 48 4 8 3 .1 6

8 3086 3086..86 2531 2531..23 55 555.63

9 3549 3549..89 2910 2910..91 63 6 3 8 .9 8

10 4082 4082.3 .37 7 3347 3347.5 .55 5 73 734.83


K.C.P.ltd

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 . 74 growth at 8% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 . 74 growth at 12% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 . 74 growth at 15%

1 173.86 142.56 31.29

2 182.55 149.69 3 2 . 86

3 191.68 157.18 3 4 . 50

4 201.26 165.04 3 6 . 23

5 211.33 173.29 38.04

6 221.89 181.95 39 39.94

7 232.99 191.05 41 41.94

8 244.64 200.60 44 44.03

9 256.87 210.63 46 . 2 4

10 269.71 221.16 48 48.55

1 178.83 146.64 32.19

2 191.34 156.90 3 4 . 44

3 204.74 167.89 3 6 . 85

4 219.07 179.64 3 9 . 43

5 234.40 192.21 42.19

6 250.81 205.67 45 45.15

7 268.37 220.06 48 48.31

8 287.16 235.47 51 51.69

9 307.26 251.95 55 . 3 1

10 328.77 269.59 59 59.18

1 185.45 152.07 33.38

2 207.70 170.32 3 7 . 39

3 232.63 190.75 4 1 . 87

4 260.54 213.65 4 6 . 90

5 291.81 239.28 52.53

6 326.83 268.00 58 58.83

7 366.04 300.16 65 65.89

8 409.97 336.18 73 73.79

9 459.17 376.52 82 . 6 5

10 514.27 421.70 92 92.57

K.C.P.ltd

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS growth at 5% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 . 74 growth at 8% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 . 74 growth at 12% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 . 74 growth at 15% cogs at 82% particulars b a se 2 0 06 165.58 sales 145.84 cogs ebit 1 9 .7 4

1 173.86 142.56 31.29

2 182.55 149.69 3 2 . 86

3 191.68 157.18 3 4 . 50

4 201.26 165.04 3 6 . 23

5 211.33 173.29 38.04

6 221.89 181.95 39 39.94

7 232.99 191.05 41 41.94

8 244.64 200.60 44 44.03

9 256.87 210.63 46 . 2 4

10 269.71 221.16 48 48.55

1 178.83 146.64 32.19

2 191.34 156.90 3 4 . 44

3 204.74 167.89 3 6 . 85

4 219.07 179.64 3 9 . 43

5 234.40 192.21 42.19

6 250.81 205.67 45 45.15

7 268.37 220.06 48 48.31

8 287.16 235.47 51 51.69

9 307.26 251.95 55 . 3 1

10 328.77 269.59 59 59.18

1 185.45 152.07 33.38

2 207.70 170.32 3 7 . 39

3 232.63 190.75 4 1 . 87

4 260.54 213.65 4 6 . 90

5 291.81 239.28 52.53

6 326.83 268.00 58 58.83

7 366.04 300.16 65 65.89

8 409.97 336.18 73 73.79

9 459.17 376.52 82 . 6 5

10 514.27 421.70 92 92.57

1 190.42 156.14 34 34.28

2 218.98 179.56 39 39.42

3 251.83 206.50 45 45.33

4 289.60 237.47 52 52.13

5 333.04 273.09 59 59.95

6 383.00 314.06 68 68.94

7 440.45 361.17 79 79.28

8 506.51 415.34 91 9 1 .1 7

9 582.49 477.64 1 0 4 . 85

10 669.86 549.29 120.58



FCFF



FCFF OF BIRLA CEMENTS

PARTICULARS SALES COGS OGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CHA -CHANG NGE E IN WC FCFF

BASE(06) 1,216. 16.50 1,026.30 190. 190.2 2 30% 1 3 3 . 14

1 3 3 . 14

1 1277.33 1077.62 199. 199.71 71 30% 139.80 500.23 0.48 0.486 6 -360.92

2 1341.19 1131.50 209. 209.69 6955 55 30% 146.79 52 5 25.24 0.51 0.5103 03 -378.96

GROWTH AT 5% 3 4 5 6 7 8 9 1408.25 1478.66 1552. 52.60 1630.23 1711.74 1797.32 1887.19 1188.07 124 1247.47 1309. 09.85 1375.34 1444.11 1516.31 1592.13 220. 220.18 1802 028 8 231. 231.18 1893 93 242. 242.74 7488 88 254. 254.88 8862 62 267. 267.63 6305 05 281. 281.01 012 2 295. 295.06 0626 26 30% 30% 30% 30% 30% 30% 30% 154.13 16 61 1.83 1 6 9 . 92 178.42 18 87 7.34 1 9 6 . 71 2 0 6 . 54 551.50 57 5 79.08 60 6 08.03 63 6 38.43 67 6 70.36 70 7 03.87 73 7 39.07 0. 0.5358 535815 15 0.56 0.5626 2606 06 0.59 0.5907 0736 36 0.62 0.6202 0273 73 0.65 0.6512 1286 86 0.68 0.6838 3851 51 0.71 0.7180 8043 43 -397.91 -417.81 -438.70 - 4 6 0 . 63 -483.67 -507.85 - 5 3 3 . 24

terminal value 10 1981.55 1671.73 309 309.8 .815 158 8 30% 2 1 6 .8 7 216.87 21 0.00 0 216.87 17776.31

value of firm

6350.54 271.78 6078.76

value of debt value of equity value of equity per share=6078.76*10000000)/77005347

789.39453


PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF FCFF

BASE(06) 1,21 1,216. 6.50 50 1,026 1,026.3 .30 0 190. 190.2 2 30% 133.1 3.14

133. 133.14 14

terminal value

1 1313. 1313.82 82 1108 1108.4 .40 0 205.4 205.42 2 30% 1 4 3 . 79 500.23

2 1418 1418.9 .93 3 1197 1197.0 .08 8 221.8 221.849 49 30% 155. 55.29 540.25

GROWTH AT 8% 3 4 5 1532. 1532.44 44 1655. 1655.03 03 1787 1787.4 .44 4 1292 1292.8 .84 4 1396 1396.2 .27 7 1507 1507.9 .97 7 239. 239.59 5972 72 258.7 258.765 65 279. 279.46 466 6 30% 30% 30% 1 6 7 . 72 181.14 1 9 5 . 63 583.47 630.15 680.56

0.7776

0.8 0.83981

0.9 0.90699 6993

0.9 0.97955

1.05 1.057 792

1.14255

1.2 1.23395

-357 -357.2 .22 2

-385 -385.7 .79 9

-41 -416. 6.66 66

-449 -449.9 .99 9

-485 -485.9 .99 9

-52 -524. 4.87 87

-566 -566.8 .86 6

6 7 8 9 1930.4 1930.43 3 2084. 2084.87 87 2251 2251.6 .66 6 2431 2431.7 .79 9 1628. 1628.61 61 1758. 1758.90 90 1899 1899.6 .61 1 2051 2051.5 .58 8 301. 301.82 8235 35 325.9 325.969 69 352. 352.04 047 7 380.2 380.211 11 30% 30% 30% 30% 2 1 1 . 28 228.18 246 246.43 266.15 735.00 793.80 857.31 925.89

1.3 1.33267 -612 -612.2 .21 1

1.4 1.43928 -661 -661.1 .18 8

Value of firm value of debt value of equity value of equity per share=(11667.17*10000000)/77005347

10 2626. 2626.33 33 2215 2215.7 .70 0 410. 410.62 6275 75 30% 2 8 7 . 44 0.00

287.4 7.44

0 287. 287.44 44 16148.27 11395.39 271.78 11667.17 1515.112

PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC

BASE(06) 1,21 1,216. 6.50 50 1,026 1,026.3 .30 0 190. 190.2 2 30% 133.1 3.14

FCFF FCFF

133. 133.14 14

terminal value

1 1313. 1313.82 82 1108 1108.4 .40 0 205.4 205.42 2 30% 1 4 3 . 79 500.23

2 1418 1418.9 .93 3 1197 1197.0 .08 8 221.8 221.849 49 30% 155. 55.29 540.25

GROWTH AT 8% 3 4 5 1532. 1532.44 44 1655. 1655.03 03 1787 1787.4 .44 4 1292 1292.8 .84 4 1396 1396.2 .27 7 1507 1507.9 .97 7 239. 239.59 5972 72 258.7 258.765 65 279. 279.46 466 6 30% 30% 30% 1 6 7 . 72 181.14 1 9 5 . 63 583.47 630.15 680.56

0.7776

0.8 0.83981

0.9 0.90699 6993

0.9 0.97955

1.05 1.057 792

1.14255

1.2 1.23395

-357 -357.2 .22 2

-385 -385.7 .79 9

-41 -416. 6.66 66

-449 -449.9 .99 9

-485 -485.9 .99 9

-52 -524. 4.87 87

-566 -566.8 .86 6

6 7 8 9 1930.4 1930.43 3 2084. 2084.87 87 2251 2251.6 .66 6 2431 2431.7 .79 9 1628. 1628.61 61 1758. 1758.90 90 1899 1899.6 .61 1 2051 2051.5 .58 8 301. 301.82 8235 35 325.9 325.969 69 352. 352.04 047 7 380.2 380.211 11 30% 30% 30% 30% 2 1 1 . 28 228.18 246 246.43 266.15 735.00 793.80 857.31 925.89

1.3 1.33267 -612 -612.2 .21 1

1.4 1.43928 -661 -661.1 .18 8

10 2626. 2626.33 33 2215 2215.7 .70 0 410. 410.62 6275 75 30% 2 8 7 . 44 0.00

287.4 7.44

0 287. 287.44 44 16148.27 11395.39 271.78 11667.17 1515.112

Value of firm value of debt value of equity value of equity per share=(11667.17*10000000)/77005347


GROWTH AT 12% PARTICULARS SALE SALES S COGS OGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CHA -CHANG NGE E IN WC FCFF

terminal value BASE(06) 1,21 1,216. 6.50 50 1,026.30 190. 190.2 2 30% 1 3 3 . 14

1 3 3 . 14

1 1362 1362..48 114 1149.46 213. 213.02 024 4 30% 1 4 9 . 12 500.23 1.16 1.1664 64 -352.28

2 1525 1525.9 .98 8 1287.39 238.5 238.586 869 9 30 30% 1 6 7 . 01 560.26 1.30 1.3063 6368 68 -394.55

3 1709 1709..09 1441 441.88 267. 267.21 2173 731 1 30% 187.05 627.49 1.46 1.4631 3132 322 2 -441.90

4 5 6 7 8 9 1914 1914..19 2143 2143..89 2401 2401.1 .16 6 2689 2689..29 3012 3012.0 .01 1 3373 3373.4 .45 5 161 1614.90 1808. 08.69 2025.73 2268.82 2541.08 2846.01 299. 299.28 2834 34 335.1 335.197 974 4 375. 375.42 4211 11 420. 420.47 4716 16 470. 470.92 9282 82 527. 527.43 4396 96 30 30% 30 30% 30 30% 30 30% 30 30% 30 30% 209.50 2 3 4 . 64 2 6 2 . 79 294.33 3 2 9 . 65 3 6 9 . 21 702.79 787.12 8 81 81.58 987.37 1105.85 1238.55 1.63 1.6387 8708 08 1.83 1.8353 5353 53 2.05 2.0555 5595 95 2.30 2.3022 2267 67 2.57 2.5785 8539 39 2.88 2.8879 7963 63 -494.93 -554.32 - 6 2 0 . 84 -695.34 -778.78 - 8 7 2 . 23 value of firm value of debt value of equity

value of equity per share=(7453.51*10000000)/77005347

10 3778 3778..26 3187.53 590. 590.73 7323 23 30 30% 413.51 0.00 0 413.51

4 1 3 .5 1

-7154.15 -7181.73 271.78 -7453.51 967.9211

GROWTH AT 12% PARTICULARS SALE SALES S COGS OGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CHA -CHANG NGE E IN WC FCFF

terminal value BASE(06) 1,21 1,216. 6.50 50 1,026.30 190. 190.2 2 30% 1 3 3 . 14

1 3 3 . 14

1 1362 1362..48 114 1149.46 213. 213.02 024 4 30% 1 4 9 . 12 500.23 1.16 1.1664 64 -352.28

2 1525 1525.9 .98 8 1287.39 238.5 238.586 869 9 30 30% 1 6 7 . 01 560.26 1.30 1.3063 6368 68 -394.55

3 1709 1709..09 1441 441.88 267. 267.21 2173 731 1 30% 187.05 627.49 1.46 1.4631 3132 322 2 -441.90

4 5 6 7 8 9 1914 1914..19 2143 2143..89 2401 2401.1 .16 6 2689 2689..29 3012 3012.0 .01 1 3373 3373.4 .45 5 161 1614.90 1808. 08.69 2025.73 2268.82 2541.08 2846.01 299. 299.28 2834 34 335.1 335.197 974 4 375. 375.42 4211 11 420. 420.47 4716 16 470. 470.92 9282 82 527. 527.43 4396 96 30 30% 30 30% 30 30% 30 30% 30 30% 30 30% 209.50 2 3 4 . 64 2 6 2 . 79 294.33 3 2 9 . 65 3 6 9 . 21 702.79 787.12 8 81 81.58 987.37 1105.85 1238.55 1.63 1.6387 8708 08 1.83 1.8353 5353 53 2.05 2.0555 5595 95 2.30 2.3022 2267 67 2.57 2.5785 8539 39 2.88 2.8879 7963 63 -494.93 -554.32 - 6 2 0 . 84 -695.34 -778.78 - 8 7 2 . 23

10 3778 3778..26 3187.53 590. 590.73 7323 23 30 30% 413.51 0.00 0 413.51

value of firm

4 1 3 .5 1

-7154.15 -7181.73 271.78 -7453.51 967.9211

value of debt value of equity value of equity per share=(7453.51*10000000)/77005347


PARTICULARS SALE SALES S COGS OGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CHA -CHANG NGE E IN WC FCFF

BASE(06) 1,21 1,216. 6.50 50 1,026.30 190. 190.2 2 30% 1 3 3 . 14

1 3 3 . 14

1 1398 1398..98 118 1180.25 218.7 218.73 3 30% 1 5 3 . 11 500.23 1.45 1.458 8 -348 348.58

2 1608 1608.8 .82 2 1357.28 251. 251.53 5395 95 30 30% 1 7 6 . 08 575.26 1.67 1.6767 67 -400.86

GROWTH AT 15% 3 4 5 6 7 8 9 1850 1850..14 2127 2127..67 2446 2446..82 2813 2813.8 .84 4 3235 3235..91 3721 3721.3 .30 0 4279 4279.5 .50 0 1560 560.87 179 1795.01 2064. 64.26 2373.89 2729.98 3139.48 3610.40 289.2 289.270 7043 43 332. 332.66 661 1 382. 382.56 5601 01 439. 439.94 9442 42 505. 505.93 9358 58 581. 581.82 8261 61 669. 669.10 1001 01 30% 30 30% 30 30% 30 30% 30 30% 30 30% 30 30% 202.49 232.86 2 6 7 . 79 3 0 7 . 96 354.16 4 0 7 . 28 4 6 8 . 37 661.55 760.79 874.91 1006.14 1157.06 1330.62 1530.22 1.92 1.9282 8205 05 2.21 2.2174 7436 36 2.55 2.5500 0051 51 2.93 2.9325 2559 59 3.37 3.3724 2443 43 3.87 3.8783 8309 09 4.46 4.4600 0055 55 -460. 60.99 -530.14 -609.66 - 7 0 1 . 11 -806.28 -927 927.22 -1066.31 value of firm value of debt value of equity value of equity per share=(7279.76*10000000)/77005347

terminal value 10 4921 4921..42 4151.96 769. 769.46 4651 51 30 30% 538.63 0.00 0 538 538.63

5 3 8 .6 3

-6134.74 -7007.98 271.78 -7279.76 945.3577


BASE(06) 1,21 1,216. 6.50 50 1,026.30 190. 190.2 2 30% 1 3 3 . 14

1 3 3 . 14

1 1398 1398..98 118 1180.25 218.7 218.73 3 30% 1 5 3 . 11 500.23 1.45 1.458 8 -348 348.58

2 1608 1608.8 .82 2 1357.28 251. 251.53 5395 95 30 30% 1 7 6 . 08 575.26 1.67 1.6767 67 -400.86

GROWTH AT 15% 3 4 5 6 7 8 9 1850 1850..14 2127 2127..67 2446 2446..82 2813 2813.8 .84 4 3235 3235..91 3721 3721.3 .30 0 4279 4279.5 .50 0 1560 560.87 179 1795.01 2064. 64.26 2373.89 2729.98 3139.48 3610.40 289.2 289.270 7043 43 332. 332.66 661 1 382. 382.56 5601 01 439. 439.94 9442 42 505. 505.93 9358 58 581. 581.82 8261 61 669. 669.10 1001 01 30% 30 30% 30 30% 30 30% 30 30% 30 30% 30 30% 202.49 232.86 2 6 7 . 79 3 0 7 . 96 354.16 4 0 7 . 28 4 6 8 . 37 661.55 760.79 874.91 1006.14 1157.06 1330.62 1530.22 1.92 1.9282 8205 05 2.21 2.2174 7436 36 2.55 2.5500 0051 51 2.93 2.9325 2559 59 3.37 3.3724 2443 43 3.87 3.8783 8309 09 4.46 4.4600 0055 55 -460. 60.99 -530.14 -609.66 - 7 0 1 . 11 -806.28 -927 927.22 -1066.31 value of firm value of debt value of equity value of equity per share=(7279.76*10000000)/77005347

terminal value 10 4921 4921..42 4151.96 769. 769.46 4651 51 30 30% 538.63 0.00 0 538 538.63

5 3 8 .6 3

-6134.74 -7007.98 271.78 -7279.76 945.3577


CHETTINAD CEMENTS Ltd.

PARTICULARS SALES COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CHA -CHANG NGE E IN WC FCFF

BASE(2006) 485.49 423.4 62.0 62.09 9 30% 4 3 . 46

4 3 . 46

1 509.76 444.57 65.1 65.194 945 5 30% 4 5 . 64 479.48 3.60 3.609 9 -437.45

GROWTH AT 5% 2 3 4 5 535.25 562.02 590.12 619.62 466.80 490.14 514.65 540.38 68.4 68.454 5423 23 71.8 71.876 7694 94 75.4 75.470 7078 78 79.2 79.244 4432 32 30% 30% 30% 30% 4 7 . 92 5 0 .3 1 52.83 55.47 50 503.45 52 528.63 55 555.06 58 582.81 3. 3.7894 78945 5 3.97 3.9789 8923 23 4.17 4.1778 7869 69 4.38 4.3867 6762 62 -459.33 -482.29 - 5 0 6 . 41 -531.73

terminal value 6 7 8 9 650.60 683.13 717.29 753.15 567.40 595.77 625.55 656.83 83.20 83.2065 654 4 87.3 87.366 6687 87 91.7 91.735 3521 21 96.3 96.321 2197 97 30% 30% 30% 30% 58.24 61.16 64.21 67.43 61 611.95 64 642.55 67 674.68 70 708.41 4.60 4.6061 61 4.83 4.8364 6405 05 5.07 5.0782 8225 25 5.33 5.3321 2137 37 -558.31 -586.23 -615.54 -646.32 value of firm value of debt value of equity


10 790.81 689.67 101.1 101.138 381 1 30% 70 . 80 0.00 0 7 0 .8 0

2178.36 -2286.66 304.91 -2591.57 86.71693214

CHETTINAD CEMENTS Ltd.


BASE(2006) 485.49 423.4 62.0 62.09 9 30% 4 3 . 46

4 3 . 46

1 509.76 444.57 65.1 65.194 945 5 30% 4 5 . 64 479.48 3.60 3.609 9 -437.45

GROWTH AT 5% 2 3 4 5 535.25 562.02 590.12 619.62 466.80 490.14 514.65 540.38 68.4 68.454 5423 23 71.8 71.876 7694 94 75.4 75.470 7078 78 79.2 79.244 4432 32 30% 30% 30% 30% 4 7 . 92 5 0 .3 1 52.83 55.47 50 503.45 52 528.63 55 555.06 58 582.81 3. 3.7894 78945 5 3.97 3.9789 8923 23 4.17 4.1778 7869 69 4.38 4.3867 6762 62 -459.33 -482.29 - 5 0 6 . 41 -531.73

terminal value 6 7 8 9 650.60 683.13 717.29 753.15 567.40 595.77 625.55 656.83 83.20 83.2065 654 4 87.3 87.366 6687 87 91.7 91.735 3521 21 96.3 96.321 2197 97 30% 30% 30% 30% 58.24 61.16 64.21 67.43 61 611.95 64 642.55 67 674.68 70 708.41 4.60 4.6061 61 4.83 4.8364 6405 05 5.07 5.0782 8225 25 5.33 5.3321 2137 37 -558.31 -586.23 -615.54 -646.32

10 790.81 689.67 101.1 101.138 381 1 30% 70 . 80 0.00 0 7 0 .8 0

value of firm

2178.36 -2286.66 304.91 -2591.57 86.71693214




BASE(2006) 485.49 423.4 62.0 62.09 9 30% 43.46

4 3 . 46

1 524.33 457.27 67.0 67.057 572 2 30% 4 6 . 94 479.48 5.77 5.7744 44 -438.31

2 566.28 493.85 72.4 72.421 2178 78 30% 5 0 . 70 51 517.84 6.23 6.2363 6352 52 -473.38

GROWTH AT 8% 3 4 5 6 7 8 9 611.58 660.50 713.34 770.41 832.04 898.61 970.50 533.36 576.03 622.11 671.88 725.63 783.68 846.38 78.2 78.215 1552 52 84.4 84.472 7276 76 91.2 91.230 3058 58 98.52 98.5290 903 3 106. 106.41 4113 13 114. 114.92 9243 43 124. 124.11 1182 82 30% 30% 30% 30% 30% 30% 30% 5 4 .7 5 5 9 . 13 63.86 68.97 7 4 . 49 80.45 86.88 55 559.27 60 604.01 65 652.33 70 704.51 76 760.87 82 821.74 88 887.48 6.73 6.7352 526 6 7.27 7.2740 4081 81 7.85 7.8560 6007 07 8.48 8.4844 4488 88 9.16 9.1632 3247 47 9.89 9.8963 6307 07 10. 10.6880 68801 1 -511.25 - 5 5 2 . 15 -596.32 -644.03 -695.55 -751.19 -811.29 value of firm value of debt value of equity value of equity per share=(11820.02*10000000)/29503350

terminal value 10 1048.14 914.09 134.0 134.047 477 7 30% 9 3 . 83 0.00 0 9 3 .8 3

287.44

37533.34 12124.93 304.91 11820.02 400.6331484


BASE(2006) 485.49 423.4 62.0 62.09 9 30% 43.46

4 3 . 46

1 524.33 457.27 67.0 67.057 572 2 30% 4 6 . 94 479.48 5.77 5.7744 44 -438.31

2 566.28 493.85 72.4 72.421 2178 78 30% 5 0 . 70 51 517.84 6.23 6.2363 6352 52 -473.38

GROWTH AT 8% 3 4 5 6 7 8 9 611.58 660.50 713.34 770.41 832.04 898.61 970.50 533.36 576.03 622.11 671.88 725.63 783.68 846.38 78.2 78.215 1552 52 84.4 84.472 7276 76 91.2 91.230 3058 58 98.52 98.5290 903 3 106. 106.41 4113 13 114. 114.92 9243 43 124. 124.11 1182 82 30% 30% 30% 30% 30% 30% 30% 5 4 .7 5 5 9 . 13 63.86 68.97 7 4 . 49 80.45 86.88 55 559.27 60 604.01 65 652.33 70 704.51 76 760.87 82 821.74 88 887.48 6.73 6.7352 526 6 7.27 7.2740 4081 81 7.85 7.8560 6007 07 8.48 8.4844 4488 88 9.16 9.1632 3247 47 9.89 9.8963 6307 07 10. 10.6880 68801 1 -511.25 - 5 5 2 . 15 -596.32 -644.03 -695.55 -751.19 -811.29

terminal value 10 1048.14 914.09 134.0 134.047 477 7 30% 9 3 . 83 0.00 0 9 3 .8 3

value of firm

287.44

37533.34 12124.93 304.91 11820.02


400.6331484



BASE(2006) 485.49 423.4 62.0 62.09 9 30% 43.46

4 3 . 46

1 543.75 474.21 69.5 69.540 408 8 30% 4 8 . 68 479.48 8.66 8.6616 16 -439.46

GROWTH AT 12% 2 3 4 5 60 609.00 68 682.08 76 763.93 85 855.60 531.11 594.85 666.23 746.18 77.88 77.8857 57 87.2 87.231 3198 98 97.6 97.699 9982 82 109. 109.42 4238 38 30% 30% 30% 30% 5 4 . 52 6 1 .0 6 6 8 . 39 76.60 5 37 37.02 6 01 01.46 6 73 73.63 7 54 54.47 9.70 9.7009 0992 92 10. 10.865 86511 12. 12.1689 16892 2 13. 13.6292 6292 -492. 92.20 -551.26 - 6 1 7 . 41 -691.50

terminal value 6 7 8 95 958.27 1073.26 1202.06 835.72 936.00 1048.32 122.5 122.554 547 7 137. 137.26 2612 12 153. 153.73 7326 26 30% 30% 30% 85.79 9 6 . 08 107.61 8 45 45.01 9 46 46.41 1059.98 15. 15.26 2647 47 17. 17.0964 09646 6 19. 19.1480 14804 4 -774.48 -867.42 -971.51

9 1346.30 1174.12 172.1 172.180 805 5 30% 120.53 1187.17 21. 21.4458 4458 -1088 088.09

value of firm value of debt value of equity value of equity per share=(1.44*10000000)/29503350

10 1507.86 1315.02 192. 192.84 8421 21 30% 134.99 0.00 0 4 1 3 . 51 41

413.51

1033 0337.75 306.35 304.91 1.44 4.880801672


BASE(2006) 485.49 423.4 62.0 62.09 9 30% 43.46

4 3 . 46

1 543.75 474.21 69.5 69.540 408 8 30% 4 8 . 68 479.48 8.66 8.6616 16 -439.46

GROWTH AT 12% 2 3 4 5 60 609.00 68 682.08 76 763.93 85 855.60 531.11 594.85 666.23 746.18 77.88 77.8857 57 87.2 87.231 3198 98 97.6 97.699 9982 82 109. 109.42 4238 38 30% 30% 30% 30% 5 4 . 52 6 1 .0 6 6 8 . 39 76.60 5 37 37.02 6 01 01.46 6 73 73.63 7 54 54.47 9.70 9.7009 0992 92 10. 10.865 86511 12. 12.1689 16892 2 13. 13.6292 6292 -492. 92.20 -551.26 - 6 1 7 . 41 -691.50

terminal value 6 7 8 95 958.27 1073.26 1202.06 835.72 936.00 1048.32 122.5 122.554 547 7 137. 137.26 2612 12 153. 153.73 7326 26 30% 30% 30% 85.79 9 6 . 08 107.61 8 45 45.01 9 46 46.41 1059.98 15. 15.26 2647 47 17. 17.0964 09646 6 19. 19.1480 14804 4 -774.48 -867.42 -971.51

9 1346.30 1174.12 172.1 172.180 805 5 30% 120.53 1187.17 21. 21.4458 4458 -1088 088.09

10 1507.86 1315.02 192. 192.84 8421 21 30% 134.99 0.00 0 4 1 3 . 51 41

value of firm

413.51

1033 0337.75 306.35 304.91 1.44


4.880801672


PARTICULARS SALE ALES COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF CFF

BASE(2006) 485.49 423.4 62.0 62.09 9 30% 43.46

43. 43.46

1 558.31 486.91 71.4 71.403 035 5 30% 4 9 . 98 479.48

2 642.06 559.95 82.1 82.114 1403 03 30% 57.48 551 551.40

10.8 10.827 27 12. 12.451 45105 -440 -440..32 -506 -506.3 .37 7

GROWTH AT 15% 3 4 5 73 738.37 84 849.13 97 976.49 643.94 740.53 851.61 94.4 94.431 3113 13 108. 108.59 5958 58 124. 124.88 8852 52 30% 30% 30% 6 6 . 10 76.02 87.42 634 634.11 729 729.23 838 838.61

terminal value 6 1122.97 979.35 143. 143.61 6179 79 30% 1 0 0 . 53 964 964.41

7 1291.41 1126.25 165. 165.16 1606 06 30% 1 1 5 . 61 1109.07

8 1485.13 1295.19 189. 189.93 9347 47 30% 1 3 2 . 95 1275.43

9 1707 707.89 1489.47 218.4 218.424 249 9 30% 152.90 1466.74

10 1964.08 1712.89 251. 251.18 1887 87 30% 1 7 5 . 83 0.00

14.3 14.318 1871 71 16. 16.46 4665 651 1 18.93 18.9364 649 9 21.77 21.7769 696 6 25.0 25.043 4351 51 28.8 28.800 0004 04 33. 33.1200 12004 4 -582. 582.33 33 -669. 669.68 68 -770 -770.1 .13 3 -885. 885.65 65 -101 -1018. 8.50 50 -1171 1171.2 .27 7 -134 1346.96 6.96

0 538 538..63


5 3 8 .6 3

1346 13465. 5.75 75 1153.89 304.91 848.98 287.757153

PARTICULARS SALE ALES COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF CFF

BASE(2006) 485.49 423.4 62.0 62.09 9 30% 43.46

43. 43.46

1 558.31 486.91 71.4 71.403 035 5 30% 4 9 . 98 479.48

GROWTH AT 15% 3 4 5 73 738.37 84 849.13 97 976.49 643.94 740.53 851.61 94.4 94.431 3113 13 108. 108.59 5958 58 124. 124.88 8852 52 30% 30% 30% 6 6 . 10 76.02 87.42 634 634.11 729 729.23 838 838.61

2 642.06 559.95 82.1 82.114 1403 03 30% 57.48 551 551.40

10.8 10.827 27 12. 12.451 45105 -440 -440..32 -506 -506.3 .37 7

terminal value 6 1122.97 979.35 143. 143.61 6179 79 30% 1 0 0 . 53 964 964.41

7 1291.41 1126.25 165. 165.16 1606 06 30% 1 1 5 . 61 1109.07

8 1485.13 1295.19 189. 189.93 9347 47 30% 1 3 2 . 95 1275.43

9 1707 707.89 1489.47 218.4 218.424 249 9 30% 152.90 1466.74

10 1964.08 1712.89 251. 251.18 1887 87 30% 1 7 5 . 83 0.00

14.3 14.318 1871 71 16. 16.46 4665 651 1 18.93 18.9364 649 9 21.77 21.7769 696 6 25.0 25.043 4351 51 28.8 28.800 0004 04 33. 33.1200 12004 4 -582. 582.33 33 -669. 669.68 68 -770 -770.1 .13 3 -885. 885.65 65 -101 -1018. 8.50 50 -1171 1171.2 .27 7 -134 1346.96 6.96

0 538 538..63


5 3 8 .6 3

1346 13465. 5.75 75 1153.89 304.91 848.98 287.757153


INDIA CEMENTS LTD.

PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CH CHAN ANGE GE IN WC FCFF

BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 1 9 8 . 24

198.24

1 1618 1618..84 1321 1321..48 297. 297.36 36 30% 2 0 8 . 15 104.20 56.2 56.268 685 5 4 7 . 68

2 1699 1699..78 1387 1387..55 312. 312.22 228 8 30% 218.56 10 109.41 59.0 59.081 8193 93 5 0 . 07

GROWTH AT 5% 3 4 5 6 7 8 1784 1784.7 .77 7 1874 1874.0 .01 1 1967 1967..71 2066 2066.0 .09 9 2169 2169.4 .40 0 2277 2277.8 .87 7 1456 1456.9 .93 3 1529 1529.7 .78 8 1606 1606..26 1686 1686.5 .58 8 1770 1770.9 .91 1 1859 1859.4 .45 5 327. 327.83 8394 94 344. 344.23 2314 14 361.4 361.442 429 9 379. 379.51 5151 51 398. 398.49 4908 08 418. 418.41 4154 54 30% 30% 30% 30% 30% 30% 229.49 22 2 4 0 . 96 253 . 0 1 265.66 26 278.94 27 2 9 2 . 89 11 114.88 12 120.62 126.66 132.99 13 139.64 14 146.62 62.0 62.036 3602 02 65.1 65.137 3782 82 68.3 68.394 9471 71 71.8 71.814 1445 45 75.4 75.405 0517 17 79.1 79.175 7543 43 52.57 5 5 . 20 57.96 60.86 6 3 . 90 6 7 . 10

terminal value 9 10 10 2391 2391..76 2511 2511.3 .35 5 1952 1952..42 2050 2050.0 .05 5 439.3 439.336 362 2 461. 461.30 303 3 30% 30% 307.54 3 2 2 . 91 153.95 0.00 83.13 83.1342 42 0 70.45 3 2 2 .6 1


3 2 2 .6 1

81 8 105.78 3625.04 368.94 3256.10 147.75

INDIA CEMENTS LTD.


BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 1 9 8 . 24

198.24

1 1618 1618..84 1321 1321..48 297. 297.36 36 30% 2 0 8 . 15 104.20 56.2 56.268 685 5 4 7 . 68

2 1699 1699..78 1387 1387..55 312. 312.22 228 8 30% 218.56 10 109.41 59.0 59.081 8193 93 5 0 . 07

GROWTH AT 5% 3 4 5 6 7 8 1784 1784.7 .77 7 1874 1874.0 .01 1 1967 1967..71 2066 2066.0 .09 9 2169 2169.4 .40 0 2277 2277.8 .87 7 1456 1456.9 .93 3 1529 1529.7 .78 8 1606 1606..26 1686 1686.5 .58 8 1770 1770.9 .91 1 1859 1859.4 .45 5 327. 327.83 8394 94 344. 344.23 2314 14 361.4 361.442 429 9 379. 379.51 5151 51 398. 398.49 4908 08 418. 418.41 4154 54 30% 30% 30% 30% 30% 30% 229.49 22 2 4 0 . 96 253 . 0 1 265.66 26 278.94 27 2 9 2 . 89 11 114.88 12 120.62 126.66 132.99 13 139.64 14 146.62 62.0 62.036 3602 02 65.1 65.137 3782 82 68.3 68.394 9471 71 71.8 71.814 1445 45 75.4 75.405 0517 17 79.1 79.175 7543 43 52.57 5 5 . 20 57.96 60.86 6 3 . 90 6 7 . 10

terminal value 9 10 10 2391 2391..76 2511 2511.3 .35 5 1952 1952..42 2050 2050.0 .05 5 439.3 439.336 362 2 461. 461.30 303 3 30% 30% 307.54 3 2 2 . 91 153.95 0.00 83.13 83.1342 42 0 70.45 3 2 2 .6 1

value of firm

3 2 2 .6 1

81 8 105.78 3625.04 368.94 3256.10


147.75



BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 198.24

198.24

GROWTH AT 8% 1 2 3 4 5 1665 1665.0 .09 9 1798 1798..30 1942 1942..16 2097 2097..53 2265 2265..34 1365 1365.3 .37 7 1474 1474..60 1592 1592..57 1719 1719.9 .98 8 1857 1857..58 299. 299.71 7162 62 323.6 323.693 935 5 349. 349.58 589 9 377. 377.55 5561 61 407. 407.76 7606 06 30% 30% 30% 30% 30% 209.80 2 2 6 . 59 244.71 2 6 4 . 29 2 8 5 . 43 166.72 180.06 19 194.46 21 210.02 22 226.82 90. 90.0296 0296 97.2 97.231 3197 97 105. 105.01 0105 05 113. 113.41 4114 14 122. 122.48 4843 43 - 4 6 . 95 - 5 0 . 70 -54.76 - 5 9 . 14 - 6 3 . 87

terminal value 6 7 8 9 2446 2446..56 2642 2642..29 2853 2853..67 3081 3081.9 .97 7 2006 2006..18 2166 2166..68 2340 2340..01 2527 2527.2 .21 1 440.3 440.381 814 4 475. 475.61 6119 19 513. 513.66 6609 09 554. 554.75 7538 38 30% 30% 30% 30% 308.27 3 3 2 . 93 359.56 3 8 8 . 33 244.97 264.56 285.73 30 308.59 132. 132.283 283 142. 142.86 8657 57 154. 154.29 2949 49 166. 166.63 6385 85 -68.98 - 7 4 . 50 -80.46 -86.90 value of firm value of debt value of equity


10 3328 3328.5 .52 2 2729 2729.3 .39 9 599. 599.13 1341 41 30% 4 1 9 . 39 0.00 0 4 1 9 . 39

385.71

42795.29 16421.52 368.94 16052.58 728.43


BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 198.24

198.24

GROWTH AT 8% 1 2 3 4 5 1665 1665.0 .09 9 1798 1798..30 1942 1942..16 2097 2097..53 2265 2265..34 1365 1365.3 .37 7 1474 1474..60 1592 1592..57 1719 1719.9 .98 8 1857 1857..58 299. 299.71 7162 62 323.6 323.693 935 5 349. 349.58 589 9 377. 377.55 5561 61 407. 407.76 7606 06 30% 30% 30% 30% 30% 209.80 2 2 6 . 59 244.71 2 6 4 . 29 2 8 5 . 43 166.72 180.06 19 194.46 21 210.02 22 226.82 90. 90.0296 0296 97.2 97.231 3197 97 105. 105.01 0105 05 113. 113.41 4114 14 122. 122.48 4843 43 - 4 6 . 95 - 5 0 . 70 -54.76 - 5 9 . 14 - 6 3 . 87

terminal value 6 7 8 9 2446 2446..56 2642 2642..29 2853 2853..67 3081 3081.9 .97 7 2006 2006..18 2166 2166..68 2340 2340..01 2527 2527.2 .21 1 440.3 440.381 814 4 475. 475.61 6119 19 513. 513.66 6609 09 554. 554.75 7538 38 30% 30% 30% 30% 308.27 3 3 2 . 93 359.56 3 8 8 . 33 244.97 264.56 285.73 30 308.59 132. 132.283 283 142. 142.86 8657 57 154. 154.29 2949 49 166. 166.63 6385 85 -68.98 - 7 4 . 50 -80.46 -86.90

10 3328 3328.5 .52 2 2729 2729.3 .39 9 599. 599.13 1341 41 30% 4 1 9 . 39 0.00 0 4 1 9 . 39

value of firm

385.71

42795.29 16421.52 368.94 16052.58


728.43



BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 198.24

198. 98.24

GROWTH AT 12% 1 2 3 4 5 6 7 8 1726 1726.7 .76 6 1933 1933..97 2166 2166..05 2425 2425..97 2717 2717..09 3043 3043..14 3408 3408..32 3817 3817..32 1409 1409.5 .58 8 1578 1578..73 1768 1768..17 1980 1980.3 .35 5 2218 2218..00 2484 2484..15 2782 2782..25 3116 3116..12 317.1 317.184 84 355. 355.24 2461 61 397. 397.87 8756 56 445. 445.62 6207 07 499.0 499.095 952 2 558.9 558.986 866 6 626.0 626.065 65 701. 701.19 1928 28 30% 30% 30% 30% 30% 30% 30% 30% 222.03 2 4 8 . 67 278.51 3 1 1 . 93 3 4 9 . 37 391.29 4 3 8 . 25 490.83 250.08 280.09 31 313.70 35 351.34 39 393.50 440.72 493.61 552.84 135. 135.04 0444 44 151. 151.24 2497 97 169. 169.39 3997 97 189. 189.72 7277 77 212.4 212.495 95 237. 237.99 9944 44 266. 266.55 5537 37 298. 298.54 5401 01 - 1 6 3 . 09 -182 182.67 -204.59 - 2 2 9 . 14 -256. 56.63 -287.43 -321 321.92 -360.55

terminal value 9 4275 4275.3 .39 9 3490 3490.0 .06 6 785. 785.33 3359 59 30% 5 4 9 . 74 61 619.19 334.3 334.365 65 -403.82

value of firm value of debt

406.21

-1345 3450.66 -6557.47 368.94

value of equity value of equity per share=(6926.41*10000000)/220373657

10 4489 4489.1 .16 6 3908 3908.8 .87 7 580. 580.29 2986 86 30% 4 0 6 . 21 0.00 0 406.21 40

-6926.41 -314.30


BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 198.24

198. 98.24

GROWTH AT 12% 1 2 3 4 5 6 7 8 1726 1726.7 .76 6 1933 1933..97 2166 2166..05 2425 2425..97 2717 2717..09 3043 3043..14 3408 3408..32 3817 3817..32 1409 1409.5 .58 8 1578 1578..73 1768 1768..17 1980 1980.3 .35 5 2218 2218..00 2484 2484..15 2782 2782..25 3116 3116..12 317.1 317.184 84 355. 355.24 2461 61 397. 397.87 8756 56 445. 445.62 6207 07 499.0 499.095 952 2 558.9 558.986 866 6 626.0 626.065 65 701. 701.19 1928 28 30% 30% 30% 30% 30% 30% 30% 30% 222.03 2 4 8 . 67 278.51 3 1 1 . 93 3 4 9 . 37 391.29 4 3 8 . 25 490.83 250.08 280.09 31 313.70 35 351.34 39 393.50 440.72 493.61 552.84 135. 135.04 0444 44 151. 151.24 2497 97 169. 169.39 3997 97 189. 189.72 7277 77 212.4 212.495 95 237. 237.99 9944 44 266. 266.55 5537 37 298. 298.54 5401 01 - 1 6 3 . 09 -182 182.67 -204.59 - 2 2 9 . 14 -256. 56.63 -287.43 -321 321.92 -360.55

terminal value 9 4275 4275.3 .39 9 3490 3490.0 .06 6 785. 785.33 3359 59 30% 5 4 9 . 74 61 619.19 334.3 334.365 65 -403.82

10 4489 4489.1 .16 6 3908 3908.8 .87 7 580. 580.29 2986 86 30% 4 0 6 . 21 0.00 0 406.21 40

value of firm

406.21

-1345 3450.66 -6557.47

value of debt

368.94 value of equity

-6926.41


-314.30


MADRAS CEMENTS


BASE(2006) 1,00 1,009. 9.10 10 795. 95.72 213. 213.38 38 30% 149.37

149. 149.37 37

1 1059 1059..56 86 868.84 190. 190.71 7199 99 30% 13 133.50 989.89 4.91 4.9185 85 -861. 861.30 30

GROWTH AT 5% 2 3 4 5 6 1112 1112.5 .53 3 1168 1168.1 .16 6 1226 1226..57 1287 1287..90 1352 1352.2 .29 9 91 912.28 957.89 1005.79 1056.07 1108.88 200. 200.25 2559 59 210.2 210.268 687 7 220. 220.78 7821 21 231. 231.82 8212 12 243. 243.41 4123 23 30% 30% 30% 30% 30% 14 140.18 1 4 7 .1 9 15 154.55 16 162.27 17 170.39 1039.38 1091.35 1145.92 1203.22 1263.38 5.16 5.1644 4425 25 5.42 5.4226 2646 46 5.69 5.6937 3779 79 5.97 5.9784 8467 67 6.27 6.2773 7391 91 -904 -904.3 .37 7 -949. 949.59 59 -997 -997..07 -104 1046.92 6.92 -109 -1099. 9.27 27

terminal value 7 8 9 1419 1419..91 1490 1490.9 .90 0 1565 1565..45 1164 164.32 1222.54 1283.67 255. 255.58 5829 29 268. 268.36 3621 21 281. 281.78 7802 02 30% 30% 30% 1 7 8 .9 1 18 187.85 197.25 1326.55 1392.87 1462.52 6.59 6.5912 126 6 6.92 6.9208 0823 23 7.26 7.2668 6865 65 -1154 1154.2 .23 3 -121 -1211. 1.94 94 -127 1272.54 2.54 value of firm


10 1643 1643.7 .72 2 1347.85 295.8 295.869 692 2 30% 20 207.11 0.00 0 207. 207.11 11

6680 6680.9 .92 2 -3469.72 602.44 -4072.16 -3371.59

MADRAS CEMENTS


BASE(2006) 1,00 1,009. 9.10 10 795. 95.72 213. 213.38 38 30% 149.37

149. 149.37 37

1 1059 1059..56 86 868.84 190. 190.71 7199 99 30% 13 133.50 989.89 4.91 4.9185 85 -861. 861.30 30

GROWTH AT 5% 2 3 4 5 6 1112 1112.5 .53 3 1168 1168.1 .16 6 1226 1226..57 1287 1287..90 1352 1352.2 .29 9 91 912.28 957.89 1005.79 1056.07 1108.88 200. 200.25 2559 59 210.2 210.268 687 7 220. 220.78 7821 21 231. 231.82 8212 12 243. 243.41 4123 23 30% 30% 30% 30% 30% 14 140.18 1 4 7 .1 9 15 154.55 16 162.27 17 170.39 1039.38 1091.35 1145.92 1203.22 1263.38 5.16 5.1644 4425 25 5.42 5.4226 2646 46 5.69 5.6937 3779 79 5.97 5.9784 8467 67 6.27 6.2773 7391 91 -904 -904.3 .37 7 -949. 949.59 59 -997 -997..07 -104 1046.92 6.92 -109 -1099. 9.27 27

terminal value 7 8 9 1419 1419..91 1490 1490.9 .90 0 1565 1565..45 1164 164.32 1222.54 1283.67 255. 255.58 5829 29 268. 268.36 3621 21 281. 281.78 7802 02 30% 30% 30% 1 7 8 .9 1 18 187.85 197.25 1326.55 1392.87 1462.52 6.59 6.5912 126 6 6.92 6.9208 0823 23 7.26 7.2668 6865 65 -1154 1154.2 .23 3 -121 -1211. 1.94 94 -127 1272.54 2.54

10 1643 1643.7 .72 2 1347.85 295.8 295.869 692 2 30% 20 207.11 0.00 0 207. 207.11 11

value of firm

6680 6680.9 .92 2 -3469.72 602.44 -4072.16


-3371.59


PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS LESS::-CH CHAN ANGE GE IN WC FCFF FCFF

BASE(2006) 1,00 1,009. 9.10 10 795. 795.72 72 213.3 213.38 8 30% 1 4 9 . 37

149. 149.37 37

1 1089 1089.8 .83 3 893. 893.66 66 196. 196.16 169 9 30% 137.32 989.89 7.86 7.8696 96 -860 -860.4 .44 4

GROWTH AT 8% 2 3 4 1177 1177..01 1271 1271.1 .18 8 1372 1372..87 965 965.1 .15 5 1042 1042.3 .36 6 1125 1125.7 .75 5 211. 211.86 8626 26 228. 228.81 8116 16 247. 247.11 1165 65 30% 30% 30% 14 148.30 16 160.17 17 172.98 1069.08 1154.61 1246.98 8.49 8.4991 9168 68 9.17 9.1791 9101 01 9.91 9.9134 343 3 -929 -929.2 .28 8 -100 -1003. 3.62 62 -108 -1083. 3.91 91

terminal value 5 6 7 8 9 1482 1482..70 1601 1601.3 .31 1 1729 1729..42 1867 1867.7 .77 7 2017 2017.2 .20 0 1215 1215..81 1313 1313.0 .08 8 1418 1418..12 1531 1531.5 .57 7 1654 1654.1 .10 0 266. 266.88 8858 58 288. 288.23 2367 67 311.2 311.295 956 6 336. 336.19 1993 93 363. 363.09 0952 52 30% 30% 30% 30% 30% 18 186.82 20 201.77 21 217.91 23 235.34 25 254.17 1346.73 1454.47 1570.83 1696.50 1832.22 10. 10.7065 7065 11. 11.5630 56302 2 12. 12.4880 48807 7 13.4 13.487 8711 11 14.5 14.566 6608 08 -117 -1170. 0.62 62 -126 -1264. 4.27 27 -136 -1365. 5.41 41 -147 -1474. 4.65 65 -159 -1592. 2.62 62 value of firm value of debt

2744 274499 99.9 .97 7 109524.60 602.44


10 2178 2178..57 1786 1786..43 392.1 392.142 428 8 30% 27 274.50 0.00 0 274. 274.50 50

108922.16 90183.40


BASE(2006) 1,00 1,009. 9.10 10 795. 795.72 72 213.3 213.38 8 30% 1 4 9 . 37

149. 149.37 37

1 1089 1089.8 .83 3 893. 893.66 66 196. 196.16 169 9 30% 137.32 989.89 7.86 7.8696 96 -860 -860.4 .44 4

GROWTH AT 8% 2 3 4 1177 1177..01 1271 1271.1 .18 8 1372 1372..87 965 965.1 .15 5 1042 1042.3 .36 6 1125 1125.7 .75 5 211. 211.86 8626 26 228. 228.81 8116 16 247. 247.11 1165 65 30% 30% 30% 14 148.30 16 160.17 17 172.98 1069.08 1154.61 1246.98 8.49 8.4991 9168 68 9.17 9.1791 9101 01 9.91 9.9134 343 3 -929 -929.2 .28 8 -100 -1003. 3.62 62 -108 -1083. 3.91 91

terminal value 5 6 7 8 9 1482 1482..70 1601 1601.3 .31 1 1729 1729..42 1867 1867.7 .77 7 2017 2017.2 .20 0 1215 1215..81 1313 1313.0 .08 8 1418 1418..12 1531 1531.5 .57 7 1654 1654.1 .10 0 266. 266.88 8858 58 288. 288.23 2367 67 311.2 311.295 956 6 336. 336.19 1993 93 363. 363.09 0952 52 30% 30% 30% 30% 30% 18 186.82 20 201.77 21 217.91 23 235.34 25 254.17 1346.73 1454.47 1570.83 1696.50 1832.22 10. 10.7065 7065 11. 11.5630 56302 2 12. 12.4880 48807 7 13.4 13.487 8711 11 14.5 14.566 6608 08 -117 -1170. 0.62 62 -126 -1264. 4.27 27 -136 -1365. 5.41 41 -147 -1474. 4.65 65 -159 -1592. 2.62 62

10 2178 2178..57 1786 1786..43 392.1 392.142 428 8 30% 27 274.50 0.00 0 274. 274.50 50

value of firm

2744 274499 99.9 .97 7 109524.60

value of debt


108922.16


90183.40



BASE(2006) 1,00 1,009. 9.10 10 795. 795.72 72 213. 213.38 38 30% 149.37

149. 149.37 37

1 1130 1130..19 926 926.7 .76 6 203. 203.43 4346 46 30% 14 142.40 989.89 11.8 11.804 044 4 -859 -859.2 .29 9

GROWTH AT 12% 2 3 4 1265 1265.8 .82 2 1417 1417.7 .71 1 1587 1587..84 1037 1037.9 .97 7 1162 1162..52 1302 1302.0 .03 3 227. 227.84 8467 67 255.1 255.188 883 3 285. 285.81 8109 09 30% 30% 30% 15 159.49 1 7 8 .6 3 20 200.07 1108.68 1241.72 1390.72 13.2 13.220 2093 93 14.8 14.807 0744 44 16.5 16.584 8433 33 -962 -962.4 .41 1 -107 -1077. 7.89 89 -120 -1207. 7.24 24

terminal value 5 6 7 8 9 1778 1778..38 1991 1991.7 .78 8 2230 2230..80 2498 2498.4 .49 9 2798 2798..31 1458 1458.2 .27 7 1633 1633.2 .26 6 1829 1829..25 2048 2048.7 .77 7 2294 2294..62 320. 320.10 1082 82 358. 358.52 5212 12 401. 401.54 5437 37 449. 449.72 729 9 503. 503.69 6965 65 30% 30% 30% 30% 30% 22 224.08 25 250.96 2 8 1 .0 8 31 314.81 352.59 1557.61 1744.52 1953.87 2188.33 2450.93 18.5 18.574 7445 45 20.8 20.803 0339 39 23.2 23.299 9979 79 26.0 26.095 9577 77 29.2 29.227 2726 26 -135 -1352. 2.11 11 -151 -1514. 4.36 36 -169 -1696. 6.09 09 -189 -1899. 9.62 62 -212 -2127. 7.57 57 value of firm value of debt value of equity


10 3134 3134.1 .11 1 2569 2569.9 .97 7 564.1 564.140 401 1 30% 39 394.90 0.00 0 394. 394.90 90

-101 -10125 25.5 .59 9 -12395.81 602.44 -12998.25 -10762.06


BASE(2006) 1,00 1,009. 9.10 10 795. 795.72 72 213. 213.38 38 30% 149.37

149. 149.37 37

1 1130 1130..19 926 926.7 .76 6 203. 203.43 4346 46 30% 14 142.40 989.89 11.8 11.804 044 4 -859 -859.2 .29 9

GROWTH AT 12% 2 3 4 1265 1265.8 .82 2 1417 1417.7 .71 1 1587 1587..84 1037 1037.9 .97 7 1162 1162..52 1302 1302.0 .03 3 227. 227.84 8467 67 255.1 255.188 883 3 285. 285.81 8109 09 30% 30% 30% 15 159.49 1 7 8 .6 3 20 200.07 1108.68 1241.72 1390.72 13.2 13.220 2093 93 14.8 14.807 0744 44 16.5 16.584 8433 33 -962 -962.4 .41 1 -107 -1077. 7.89 89 -120 -1207. 7.24 24

terminal value 5 6 7 8 9 1778 1778..38 1991 1991.7 .78 8 2230 2230..80 2498 2498.4 .49 9 2798 2798..31 1458 1458.2 .27 7 1633 1633.2 .26 6 1829 1829..25 2048 2048.7 .77 7 2294 2294..62 320. 320.10 1082 82 358. 358.52 5212 12 401. 401.54 5437 37 449. 449.72 729 9 503. 503.69 6965 65 30% 30% 30% 30% 30% 22 224.08 25 250.96 2 8 1 .0 8 31 314.81 352.59 1557.61 1744.52 1953.87 2188.33 2450.93 18.5 18.574 7445 45 20.8 20.803 0339 39 23.2 23.299 9979 79 26.0 26.095 9577 77 29.2 29.227 2726 26 -135 -1352. 2.11 11 -151 -1514. 4.36 36 -169 -1696. 6.09 09 -189 -1899. 9.62 62 -212 -2127. 7.57 57 value of firm value of debt value of equity


10 3134 3134.1 .11 1 2569 2569.9 .97 7 564.1 564.140 401 1 30% 39 394.90 0.00 0 394. 394.90 90

-101 -10125 25.5 .59 9 -12395.81 602.44 -12998.25 -10762.06



BASE(2006) 1,00 1,009. 9.10 10 795. 795.72 72 213. 213.38 38 30% 1 4 9 . 37

149. 149.37 37

1 1160 1160..47 951. 951.58 58 208. 208.88 8837 37 30% 1 4 6 . 22 989.89 14.7 14.755 555 5 -858 -858.4 .43 3

terminal value GROWTH AT 15% 2 3 4 5 6 7 8 9 10 10 1334 1334.5 .53 3 1534 1534..71 1764 1764.9 .92 2 2029 2029.6 .66 6 2334 2334.1 .11 1 2684 2684.2 .23 3 3086 3086..86 3549 3549..89 4082 4082..37 1094 1094.3 .32 2 1258 1258.4 .47 7 1447 1447..24 1664 1664..32 1913 1913.9 .97 7 2201 2201.0 .07 7 2531 2531.2 .23 3 2910 2910..91 3347 3347..55 240. 240.21 2163 63 276. 276.24 2487 87 317. 317.68 686 6 365. 365.33 3389 89 420. 420.13 1397 97 483. 483.16 1607 07 555. 555.63 6348 48 638. 638.98 98 734. 734.82 827 7 30% 30% 30% 30% 30% 30% 30% 30% 30% 168.15 193.37 222.38 2 5 5 . 74 294.10 3 3 8 . 21 388.94 447.29 514.38 1138.37 1309.13 1505.50 1731.32 1991.02 2289.68 2633.13 3028.10 0.00 16.9 16.968 6883 83 19.5 19.514 1415 15 22.4 22.441 4127 27 25.8 25.807 0746 46 29.6 29.678 7858 58 34.1 34.130 3037 37 39.2 39.249 4992 92 45.1 45.137 3741 41 0 -987 -987.1 .19 9 -113 -1135. 5.27 27 -130 -1305. 5.56 56 -150 -1501. 1.39 39 -172 -1726. 6.60 60 -198 -1985. 5.59 59 -228 -2283. 3.43 43 -262 -2625. 5.95 95 514. 514.38 38 -745 -7454. 4.77 77 value of firm value of debt value of equity value of equity per share=(12802.43*10000000)/12077850

-12199.99 602.44 -12802.43 -10599.92


BASE(2006) 1,00 1,009. 9.10 10 795. 795.72 72 213. 213.38 38 30% 1 4 9 . 37

149. 149.37 37

1 1160 1160..47 951. 951.58 58 208. 208.88 8837 37 30% 1 4 6 . 22 989.89 14.7 14.755 555 5 -858 -858.4 .43 3

terminal value GROWTH AT 15% 2 3 4 5 6 7 8 9 10 10 1334 1334.5 .53 3 1534 1534..71 1764 1764.9 .92 2 2029 2029.6 .66 6 2334 2334.1 .11 1 2684 2684.2 .23 3 3086 3086..86 3549 3549..89 4082 4082..37 1094 1094.3 .32 2 1258 1258.4 .47 7 1447 1447..24 1664 1664..32 1913 1913.9 .97 7 2201 2201.0 .07 7 2531 2531.2 .23 3 2910 2910..91 3347 3347..55 240. 240.21 2163 63 276. 276.24 2487 87 317. 317.68 686 6 365. 365.33 3389 89 420. 420.13 1397 97 483. 483.16 1607 07 555. 555.63 6348 48 638. 638.98 98 734. 734.82 827 7 30% 30% 30% 30% 30% 30% 30% 30% 30% 168.15 193.37 222.38 2 5 5 . 74 294.10 3 3 8 . 21 388.94 447.29 514.38 1138.37 1309.13 1505.50 1731.32 1991.02 2289.68 2633.13 3028.10 0.00 16.9 16.968 6883 83 19.5 19.514 1415 15 22.4 22.441 4127 27 25.8 25.807 0746 46 29.6 29.678 7858 58 34.1 34.130 3037 37 39.2 39.249 4992 92 45.1 45.137 3741 41 0 -987 -987.1 .19 9 -113 -1135. 5.27 27 -130 -1305. 5.56 56 -150 -1501. 1.39 39 -172 -1726. 6.60 60 -198 -1985. 5.59 59 -228 -2283. 3.43 43 -262 -2625. 5.95 95 514. 514.38 38 -745 -7454. 4.77 77 value of firm

-12199.99 602.44 -12802.43


-10599.92


PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS: SS:-CHAN HANGE IN WC FCFF

BASE(2006) 165. 165.58 58 145. 145.84 84 19.74 19.74 30% 1 3 . 82

1 3 . 82

1 173. 173.86 86 142. 142.56 56 31.29 31.29 30% 2 1 . 91 68.98 3.499 -50.57

2 182. 182.55 55 149. 149.69 69 32.8 32.86 6 30% 23.00 72.43 3. 3.674 -53.10

GROWTH AT 5% 3 4 5 6 7 8 191. 191.68 68 201. 201.26 26 211. 211.33 33 221. 221.89 89 232. 232.99 99 244. 244.64 64 157. 157.18 18 165. 165.04 04 173. 173.29 29 181. 181.95 95 191. 191.05 05 200. 200.60 60 34.5 34.502 02 36.2 36.227 27 38.0 38.039 39 39.9 39.941 41 41.9 41.937 378 8 44.0 44.034 347 7 30% 30% 30% 30% 30% 30% 24.15 25.36 26.63 27.96 2 9 . 36 3 0 . 82 78.22 84.48 91.24 98.54 106.42 114.94 3.8576 4.0505 4.2531 4.4657 4.68899 4.92344 -57.93 -63.17 -68.87 -75.05 -81.75 - 8 9 . 03

terminal value 9 256. 256.87 87 210. 210.63 63 46.2 46.236 36 30% 32.37 124.13 5.1696 -96.93

10 269. 269.71 71 221. 221.16 16 48.5 48.548 4822 2270 701 1 30% 33.98 0.00 0 3 3 . 98


6 9 9 .2 5 -126.87 60.71 -187.58 -145.50

PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS: SS:-CHAN HANGE IN WC FCFF

BASE(2006) 165. 165.58 58 145. 145.84 84 19.74 19.74 30% 1 3 . 82

1 3 . 82

1 173. 173.86 86 142. 142.56 56 31.29 31.29 30% 2 1 . 91 68.98 3.499 -50.57

GROWTH AT 5% 3 4 5 6 7 8 191. 191.68 68 201. 201.26 26 211. 211.33 33 221. 221.89 89 232. 232.99 99 244. 244.64 64 157. 157.18 18 165. 165.04 04 173. 173.29 29 181. 181.95 95 191. 191.05 05 200. 200.60 60 34.5 34.502 02 36.2 36.227 27 38.0 38.039 39 39.9 39.941 41 41.9 41.937 378 8 44.0 44.034 347 7 30% 30% 30% 30% 30% 30% 24.15 25.36 26.63 27.96 2 9 . 36 3 0 . 82 78.22 84.48 91.24 98.54 106.42 114.94 3.8576 4.0505 4.2531 4.4657 4.68899 4.92344 -57.93 -63.17 -68.87 -75.05 -81.75 - 8 9 . 03

2 182. 182.55 55 149. 149.69 69 32.8 32.86 6 30% 23.00 72.43 3. 3.674 -53.10

terminal value 9 256. 256.87 87 210. 210.63 63 46.2 46.236 36 30% 32.37 124.13 5.1696 -96.93

10 269. 269.71 71 221. 221.16 16 48.5 48.548 4822 2270 701 1 30% 33.98 0.00 0 3 3 . 98

value of firm

6 9 9 .2 5 -126.87 60.71 -187.58


-145.50


PARTICULARS SALE SALES S COGS OGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF

BASE(2006) 165. 165.58 58 145.84 19.7 19.74 4 30% 1 3 . 82

13.82

1 178. 178.83 83 146.64 32.1 32.19 9 30% 2 2 . 53 68.98 5.598 -52.05

2 193. 193.13 13 158.37 34.7 34.76 6 30% 2 4 . 33 74.50 6. 6.046 - 5 6 . 21

GROWTH AT 8% 3 4 5 208. 208.58 58 225. 225.27 27 243. 243.29 29 171. 71.04 184.72 199.50 37.5 37.545 45 40.5 40.549 49 43.7 43.792 92 30% 30% 30% 26.28 28.38 30.65 80.46 86.89 93.85 6.53 7.0524 7.6166 -60.71 -65.56 -70.81

terminal value 6 7 8 262. 262.75 75 283. 283.78 78 306. 306.48 48 215.4 5.46 232.70 251.31 47.2 47.296 96 51.0 51.079 795 5 55.1 55.165 659 9 30% 30% 30% 33.11 3 5 . 76 38.62 101.35 109.46 118.22 8.2259 8.88396 9.59467 -76.47 -82.59 -89.20

9 331. 331.00 00 271 271.42 59.5 59.579 79 30% 41.71 127.68 10.362 -96.33

10 357. 357.47 47 293.13 64.3 64.345 4546 4641 419 9 30% 45 . 04 o 0 45.04

value of firm value of debt value of equity value of equity per share=(419*10000000)/12892116

-49 -4991.91 479.71 60.71 419.00 325.00

PARTICULARS SALE SALES S COGS OGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF

BASE(2006) 165. 165.58 58 145.84 19.7 19.74 4 30% 1 3 . 82

13.82

1 178. 178.83 83 146.64 32.1 32.19 9 30% 2 2 . 53 68.98 5.598 -52.05

2 193. 193.13 13 158.37 34.7 34.76 6 30% 2 4 . 33 74.50 6. 6.046 - 5 6 . 21

GROWTH AT 8% 3 4 5 208. 208.58 58 225. 225.27 27 243. 243.29 29 171. 71.04 184.72 199.50 37.5 37.545 45 40.5 40.549 49 43.7 43.792 92 30% 30% 30% 26.28 28.38 30.65 80.46 86.89 93.85 6.53 7.0524 7.6166 -60.71 -65.56 -70.81

terminal value 6 7 8 262. 262.75 75 283. 283.78 78 306. 306.48 48 215.4 5.46 232.70 251.31 47.2 47.296 96 51.0 51.079 795 5 55.1 55.165 659 9 30% 30% 30% 33.11 3 5 . 76 38.62 101.35 109.46 118.22 8.2259 8.88396 9.59467 -76.47 -82.59 -89.20

9 331. 331.00 00 271 271.42 59.5 59.579 79 30% 41.71 127.68 10.362 -96.33

10 357. 357.47 47 293.13 64.3 64.345 4546 4641 419 9 30% 45 . 04 o 0 45.04

value of firm

-49 -4991.91 479.71 60.71 419.00

value of debt value of equity value of equity per share=(419*10000000)/12892116

325.00


PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF FCFF

BASE(2006) 165. 165.58 58 145. 145.84 84 19.7 19.74 4 30% 13.82

13.8 13.82 2

1 2 185. 185.45 45 207. 207.70 70 152. 152.07 07 170. 170.32 32 33.3 33.38 8 37.3 37.39 9 30% 30% 23.37 2 6 . 17 68.98 77.26 8.398 9. 9.405

GROWTH AT 12% 3 4 5 232. 232.63 63 260. 260.54 54 291. 291.81 81 190. 190.75 75 213. 213.65 65 239. 239.28 28 41.8 41.873 73 46.8 46.898 98 52.5 52.526 26 30% 30% 30% 2 9 . 31 3 2 . 83 3 6 . 77 86.53 96.91 108.54 10.534 11.798 13.214

-54. -54.01 01

-67. -67.75 75

-60. -60.49 49

-75. -75.88 88

-84. -84.99 99

terminal value 6 7 8 326. 326.83 83 366. 366.04 04 409. 409.97 97 268. 268.00 00 300. 300.16 16 336. 336.18 18 58.8 58.829 29 65.8 65.888 88 73.7 73.794 946 6 30% 30% 30% 4 1 . 18 46.12 5 1 . 66 121.57 136.15 152.49 14.799 16.5754 18.5644 -95. -95.19 19

-106 -106.6 .61 1

9 459. 459.17 17 376. 376.52 52 82.6 82.65 5 30% 5 7 . 85 170.79 20.792 -119 -119.4 .40 0 133.73

10 514. 514.27 27 421. 421.70 70 92.5 92.567 6794 9423 234 4 30% 6 4 .8 0 0.00 0

value of firm value of debt

3483.74 785.00 60.71


6 4 . 80

724.29 561.81

PARTICULARS SALE SALES S COGS COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC

BASE(2006) 165. 165.58 58 145. 145.84 84 19.7 19.74 4 30% 13.82

FCFF FCFF

13.8 13.82 2

1 2 185. 185.45 45 207. 207.70 70 152. 152.07 07 170. 170.32 32 33.3 33.38 8 37.3 37.39 9 30% 30% 23.37 2 6 . 17 68.98 77.26 8.398 9. 9.405

GROWTH AT 12% 3 4 5 232. 232.63 63 260. 260.54 54 291. 291.81 81 190. 190.75 75 213. 213.65 65 239. 239.28 28 41.8 41.873 73 46.8 46.898 98 52.5 52.526 26 30% 30% 30% 2 9 . 31 3 2 . 83 3 6 . 77 86.53 96.91 108.54 10.534 11.798 13.214

-54. -54.01 01

-67. -67.75 75

-60. -60.49 49

-75. -75.88 88

-84. -84.99 99

terminal value 6 7 8 326. 326.83 83 366. 366.04 04 409. 409.97 97 268. 268.00 00 300. 300.16 16 336. 336.18 18 58.8 58.829 29 65.8 65.888 88 73.7 73.794 946 6 30% 30% 30% 4 1 . 18 46.12 5 1 . 66 121.57 136.15 152.49 14.799 16.5754 18.5644 -95. -95.19 19

-106 -106.6 .61 1

9 459. 459.17 17 376. 376.52 52 82.6 82.65 5 30% 5 7 . 85 170.79 20.792 -119 -119.4 .40 0 133.73

10 514. 514.27 27 421. 421.70 70 92.5 92.567 6794 9423 234 4 30% 6 4 .8 0 0.00 0 6 4 . 80

3483.74

value of firm

785.00

value of debt


724.29


561.81


PARTICULARS SALES COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET NET CAPE APEX LESS:-CHA CHANGE IN WC FCFF

BASE(2006) 165.58 145. 45.84 19.7 19.74 4 30% 1 3 . 82

1 190.42 156.14 34.2 34.28 8 30% 23.99 68.98 10.5

2 218.98 179.56 39.4 39.42 2 30% 27.59 79.33 12 12.07

13. 13.82

-55. 55.48

-63. -63.81 81

terminal value

GROWTH AT 15% 3 4 5 251.83 289.60 333.04 206.50 237.47 273. 73.09 45.3 45.329 29 52.1 52.128 28 59.9 59.947 47 30% 30% 30% 31.73 36.49 41.96 91.23 104.91 120.65 13.882 15.965 18.359 -73. -73.38 38

-84. -84.38 38

6 7 8 383.0 3.00 440.45 506.51 314.06 361.17 415.34 68.9 68.939 39 79.2 79.280 803 3 91.1 91.172 723 3 30% 30% 30% 4 8 .2 6 55.50 55 6 3 . 82 63 138.74 159.55 183.49 21. 21.113 24.2802 27.9222 -97. -97.04 04 111.60 -128 -128.3 .34 4 -147 -147.5 .59 9

9 582.49 477.64 104. 104.85 85 30% 7 3 . 39 211.0 1.01 32.111 169.73

10 669.86 549.29 120. 120.57 5754 5421 21 30% 8 4.4 0 0.00 0


8 4 . 40

84.40

4 5 3 7 .7 8 1096.28 60.71 1035.57 803.26

PARTICULARS SALES COGS EBIT EBIT TAX EBIT(1-T) LESS:-NET NET CAPE APEX LESS:-CHA CHANGE IN WC FCFF

BASE(2006) 165.58 145. 45.84 19.7 19.74 4 30% 1 3 . 82

1 190.42 156.14 34.2 34.28 8 30% 23.99 68.98 10.5

2 218.98 179.56 39.4 39.42 2 30% 27.59 79.33 12 12.07

13. 13.82

-55. 55.48

-63. -63.81 81

terminal value

GROWTH AT 15% 3 4 5 251.83 289.60 333.04 206.50 237.47 273. 73.09 45.3 45.329 29 52.1 52.128 28 59.9 59.947 47 30% 30% 30% 31.73 36.49 41.96 91.23 104.91 120.65 13.882 15.965 18.359 -73. -73.38 38

-84. -84.38 38

6 7 8 383.0 3.00 440.45 506.51 314.06 361.17 415.34 68.9 68.939 39 79.2 79.280 803 3 91.1 91.172 723 3 30% 30% 30% 4 8 .2 6 55.50 55 6 3 . 82 63 138.74 159.55 183.49 21. 21.113 24.2802 27.9222 -97. -97.04 04 111.60 -128 -128.3 .34 4 -147 -147.5 .59 9

9 582.49 477.64 104. 104.85 85 30% 7 3 . 39 211.0 1.01 32.111 169.73

10 669.86 549.29 120. 120.57 5754 5421 21 30% 8 4.4 0 0.00 0

84.40

8 4 . 40

4 5 3 7 .7 8

value of firm

1096.28 60.71 1035.57


803.26



BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 198.24

198.24

1 2 1773 1773..01 2038 2038..96 1447 1447.3 .33 3 1664 1664..43 325. 325.68 68 374. 374.53 532 2 30% 30% 2 2 7 . 98 2 6 2 . 17 312.60 359.49 168. 168.80 8055 55 194. 194.12 1263 63 -253.4 3.43 -291.44

GROWTH AT 15% 3 4 5 6 7 2344 2344..81 2696 2696.5 .53 3 3101 3101..01 3566 3566..16 4101 4101..09 1914 1914..10 2201 2201.2 .21 1 2531 2531..39 2911 2911..10 3347 3347..77 430. 430.71 7118 18 495. 495.31 3186 86 569.6 569.616 164 4 655. 655.05 0588 88 753.3 753.317 176 6 30% 30% 30% 30% 30% 301.50 3 4 6 .7 2 3 9 8 . 73 458.54 527.32 413.41 475.42 546.74 628.75 723.06 223. 223.24 2453 53 256. 256.73 7321 21 295. 295.24 2419 19 339. 339.52 5282 82 390. 390.45 4574 74 -335.16 -385.43 -443 443.25 -509.73 -586.19

terminal value 8 9 4716 4716..25 5423 5423.6 .69 9 3849 3849..93 4427 4427.4 .42 2 866. 866.31 3153 53 996. 996.26 2626 26 30% 30% 606.42 6 9 7 .3 8 831.52 956.25 449.0 449.026 26 516. 516.37 3799 99 -674.12 -775.24 value of firm


10 6237 6237.2 .24 4 5091 5091.5 .54 4 1145. 1145.70 702 2 30% 801.99 0.00 0 801.99 80

801.99

-133 13322.09 1153.89 304.91 848.98

287.757153


BASE(2006) 1,54 1,541. 1.75 75 1,25 1,258. 8.55 55 283. 283.2 2 30% 198.24

198.24

1 2 1773 1773..01 2038 2038..96 1447 1447.3 .33 3 1664 1664..43 325. 325.68 68 374. 374.53 532 2 30% 30% 2 2 7 . 98 2 6 2 . 17 312.60 359.49 168. 168.80 8055 55 194. 194.12 1263 63 -253.4 3.43 -291.44

GROWTH AT 15% 3 4 5 6 7 2344 2344..81 2696 2696.5 .53 3 3101 3101..01 3566 3566..16 4101 4101..09 1914 1914..10 2201 2201.2 .21 1 2531 2531..39 2911 2911..10 3347 3347..77 430. 430.71 7118 18 495. 495.31 3186 86 569.6 569.616 164 4 655. 655.05 0588 88 753.3 753.317 176 6 30% 30% 30% 30% 30% 301.50 3 4 6 .7 2 3 9 8 . 73 458.54 527.32 413.41 475.42 546.74 628.75 723.06 223. 223.24 2453 53 256. 256.73 7321 21 295. 295.24 2419 19 339. 339.52 5282 82 390. 390.45 4574 74 -335.16 -385.43 -443 443.25 -509.73 -586.19

terminal value 8 9 4716 4716..25 5423 5423.6 .69 9 3849 3849..93 4427 4427.4 .42 2 866. 866.31 3153 53 996. 996.26 2626 26 30% 30% 606.42 6 9 7 .3 8 831.52 956.25 449.0 449.026 26 516. 516.37 3799 99 -674.12 -775.24 value of firm



10 6237 6237.2 .24 4 5091 5091.5 .54 4 1145. 1145.70 702 2 30% 801.99 0.00 0 801.99 80

801.99

-133 13322.09 1153.89 304.91 848.98

287.757153


CONCLUSION


Conclusion. We can conclude by the above performance of the companies . that some companies have performed well and some are still lagging behind. BIRLA CORPORATION LTD.


15%.Change in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it ha s been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 3rd place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 76.29.it has been below average ,the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates.

Chettinad cements Ltd.


15%.Change in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it ha s been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 3rd place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 76.29.it has been below average ,the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rate.


in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth


rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at last place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 83.22 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates.

K C P Ltd.


in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 2 nd place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 90.8 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates.

Madras cements Ltd.


in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at 1st place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 73.88 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates

Financial Analysis of India Cements Ltd.


in Capex , change in working capital, has been calculated on net block taking Fy 06 as a base year. 500.23 cr was taken as a base as Net Block and then it was calculated with different growth rates such as 5%, 8% , 12% and 15%.Rate of Capital expenses is calculated as (PBIT/Capital


employed)*100. it has been calculated from 1997-2006. it has been compared along with other 4 companies it ROCE stands at last place among the 5 companies. the average expenses percentage of other 4 companies is 82.63 where its expenses percentage is 83.22 .the average 5 of expenses is taken as 82%. Ebit has also been calculated on various growth rates


BIBILIOGRAPHY


Bibliography and Annexure 

The Indian cement industry, ICRA, JULY 2006



Indian cement industry-a perspective of environment friendliness’



Indian cement industry on concrete foundation, moneycontrol.com



“The Indian Cement Industry”, ICRA Industry Watch Series#1, Update-II, Aug 1995



Cement, equitymaster.com, November 28,2006



www.capitaline.com



www.saurasthracements.com



www.kcpltd.com



www.birlacorpltd.com



www.madrascement.com



www.nseindia.com



www.bseindia.com




Analysis of Financial Performance of Cement Industry

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