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Balance Sheet of Kansai Nerolac Paints ------------------- in Rs. Cr.

-------------------

Mar '05 Mar '06 Mar '07 Mar '08 Ma

12 mths 12 mths 12 mths 12 mths 12

Sources Of Funds
Total Share Capital 25.51 25.51 25.51 26.95 2
Equity Share Capital 25.51 25.51 25.51 26.95 2
Share Application Money 0.00 0.00 1.44 0.00
Preference Share Capital 0.00 0.00 0.00 0.00
Reserves 297.89 380.55 484.78 566.74 62
Revaluation Reserves 0.00 0.00 0.00 0.00
Networth 323.40 406.06 511.73 593.69 65
Secured Loans 32.59 38.56 30.02 19.18 1
Unsecured Loans 54.55 71.22 79.98 78.77 7
Total Debt 87.14 109.78 110.00 97.95 9
Total Liabilities 410.54 515.84 621.73 691.64 74
Mar '05 Mar '06 Mar '07 Mar '08 Ma

12 mths 12 mths 12 mths 12 mths 12

Application Of Funds
Gross Block 294.34 354.62 424.41 480.15 54
Less: Accum. Depreciation 162.71 194.73 234.59 272.94 30
Net Block 131.63 159.89 189.82 207.21 23
Capital Work in Progress 29.26 17.96 17.63 26.64 3
Investments 179.12 163.93 154.82 232.14 29
Inventories 114.56 178.24 180.42 173.41 17
Sundry Debtors 104.84 143.92 194.69 212.93 20
Cash and Bank Balance 13.11 15.71 21.47 33.36 3
Total Current Assets 232.51 337.87 396.58 419.70 41
Loans and Advances 61.24 69.25 64.30 59.12 5
Fixed Deposits 0.21 0.08 0.02 0.02 4
Total CA, Loans & Advances 293.96 407.20 460.90 478.84 50
Deffered Credit 0.00 0.00 0.00 0.00
Current Liabilities 146.89 155.46 157.42 169.48 24
Provisions 76.54 77.70 44.03 83.70 8
Total CL & Provisions 223.43 233.16 201.45 253.18 32
Net Current Assets 70.53 174.04 259.45 225.66 18
Miscellaneous Expenses 0.00 0.00 0.00 0.00
Total Assets 410.54 515.82 621.72 691.65 74

Contingent Liabilities 14.36 6.90 2.88 5.91


Book Value (Rs) 126.78 159.19 200.05 220.33 24
Source : Religare Technova

Profit & Loss account of Kansai Nerolac


------------------- in Rs. Cr. -------------------
Paints

Mar '05 Mar '06 Mar '07 Mar '08 Ma

12 mths 12 mths 12 mths 12 mths 12

Income
Sales Turnover 1,062.77 1,225.98 1,483.86 1,528.67 1,56
Excise Duty 136.83 164.65 196.39 209.19 18
Net Sales 925.94 1,061.33 1,287.47 1,319.48 1,38
Other Income 27.05 74.64 23.91 23.79 2
Stock Adjustments -2.16 41.22 5.82 -5.78
Total Income 950.83 1,177.19 1,317.20 1,337.49 1,40
Expenditure
Raw Materials 534.26 657.89 791.33 840.57 91
Power & Fuel Cost 10.63 15.49 19.95 20.46 2
Employee Cost 49.60 56.27 59.97 69.63 7
Other Manufacturing Expenses 16.37 15.85 18.81 17.12 1
Selling and Admin Expenses 170.01 187.48 217.08 163.46 18
Miscellaneous Expenses 10.48 11.93 14.33 13.81 1
Preoperative Exp Capitalised 0.00 0.00 0.00 0.00
Total Expenses 791.35 944.91 1,121.47 1,125.05 1,22
Mar '05 Mar '06 Mar '07 Mar '08 Ma

12 mths 12 mths 12 mths 12 mths 12

Operating Profit 132.43 157.64 171.82 188.65 15


PBDIT 159.48 232.28 195.73 212.44 17
Interest 1.00 0.84 1.33 1.81
PBDT 158.48 231.44 194.40 210.63 17
Depreciation 20.70 31.78 33.56 39.60 3
Other Written Off 0.00 0.00 0.00 0.00
Profit Before Tax 137.78 199.66 160.84 171.03 14
Extra-ordinary items 0.17 0.30 0.13 0.12
PBT (Post Extra-ord Items) 137.95 199.96 160.97 171.15 14
Tax 45.30 61.01 53.31 50.60 4
Reported Net Profit 91.96 138.76 107.66 119.79 9
Total Value Addition 257.09 287.02 330.14 284.48 30
Preference Dividend 0.00 0.00 0.00 0.00
Equity Dividend 29.33 51.02 30.99 32.34 3
Corporate Dividend Tax 4.16 7.15 4.40 5.50
Per share data (annualised)
Shares in issue (lakhs) 255.08 255.08 255.08 269.46 26
Earning Per Share (Rs) 36.05 54.40 42.21 44.46 3
Equity Dividend (%) 115.00 200.00 115.00 120.00 12
Book Value (Rs) 126.78 159.19 200.05 220.33 24

Source : Religare Technova

Explore Kansai Nerolac connections

Cash Flow of Kansai Nerolac Paints ------------------- in Rs. Cr. -------------------

Mar '05 Mar '06 Mar '07 Mar '08 Ma

12 mths 12 mths 12 mths 12 mths 12

Net Profit Before Tax 137.26 199.60 160.97 170.39 14


Net Cash From Operating Activities 96.78 6.90 109.91 150.08 20
Net Cash (used in)/from
-96.40 30.38 -25.04 -122.54 -11
Investing Activities
Net Cash (used in)/from Financing Activities -5.77 -35.86 -81.15 -15.66 -4
Net (decrease)/increase In Cash and Cash
-5.39 2.54 3.73 11.88 4
Equivalents
Opening Cash & Cash Equivalents 18.71 13.24 17.77 21.49 3
Closing Cash & Cash Equivalents 13.32 15.79 21.49 33.38 7

Source : Religare Technova

Key Financial Ratios of Kansai Nerolac


------------------- in Rs. Cr. -------------------
Paints

Mar '05 Mar '06 Mar '07 Mar '08 Ma

Investment Valuation Ratios


Face Value 10.00 10.00 10.00 10.00 1
Dividend Per Share 11.50 20.00 11.50 12.00 1
Operating Profit Per Share (Rs) 51.65 61.72 67.36 69.73 5
Net Operating Profit Per Share (Rs) 363.01 416.08 504.74 489.68 51
Free Reserves Per Share (Rs) 116.78 149.19 189.94 210.21 23
Bonus in Equity Capital 61.23 61.23 61.23 57.96 5
Profitability Ratios
Operating Profit Margin(%) 14.22 14.83 13.34 14.24 1
Profit Before Interest And Tax Margin(%) 11.80 11.67 10.62 11.15
Gross Profit Margin(%) 15.50 15.97 14.17 11.23
Cash Profit Margin(%) 11.97 15.83 10.85 10.95
Adjusted Cash Margin(%) 10.66 10.30 10.04 10.95
Net Profit Margin(%) 9.77 12.88 8.27 9.00
Adjusted Net Profit Margin(%) 8.46 7.35 7.46 9.00
Return On Capital Employed(%) 30.66 27.33 24.41 22.90 1
Return On Net Worth(%) 28.44 34.17 21.04 20.17 1
Adjusted Return on Net Worth(%) 24.61 19.49 19.03 17.85 1
Return on Assets Excluding Revaluations 14.51 18.53 13.08 12.68
Return on Assets Including Revaluations 14.51 18.53 13.08 12.68
Return on Long Term Funds(%) 30.93 27.87 24.74 22.94 1
Liquidity And Solvency Ratios
Current Ratio 1.28 1.61 2.14 1.88
Quick Ratio 0.75 0.93 1.33 1.16
Debt Equity Ratio 0.27 0.27 0.22 0.16
Long Term Debt Equity Ratio 0.26 0.25 0.20 0.16
Debt Coverage Ratios
Interest Cover 163.92 180.74 157.85 112.68 7
Total Debt to Owners Fund 0.27 0.27 0.22 0.16
Financial Charges Coverage Ratio 147.27 206.32 139.20 109.41 7
Financial Charges Coverage Ratio Post Tax 114.17 204.63 107.07 89.06 6
Management Efficiency Ratios
Inventory Turnover Ratio 8.21 6.04 7.21 9.11
Debtors Turnover Ratio 8.55 8.53 7.60 6.47
Investments Turnover Ratio 9.75 7.18 8.53 9.11
Fixed Assets Turnover Ratio 6.87 6.27 6.68 2.75
Total Assets Turnover Ratio 2.26 2.06 2.07 1.91
Asset Turnover Ratio 3.15 2.99 3.03 2.75

Average Raw Material Holding 32.87 39.04 28.96 27.06 2


Average Finished Goods Held 30.21 42.41 39.21 35.23 3
Number of Days In Working Capital 27.42 59.03 72.55 61.57 4
Profit & Loss Account Ratios
Material Cost Composition 57.69 61.98 61.46 63.70 6
Imported Composition of Raw Materials
31.00 33.86 36.02 35.31 3
Consumed
Selling Distribution Cost Composition 15.59 14.95 14.27 9.72 1
Expenses as Composition of Total Sales 0.10 0.33 0.16 0.41
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 36.42 41.92 32.86 31.58 3
Dividend Payout Ratio Cash Profit 29.73 34.10 25.05 23.73 2
Earning Retention Ratio 57.93 26.53 63.58 64.32 5
Cash Earning Retention Ratio 66.61 47.57 72.93 74.03 7
AdjustedCash Flow Times 0.87 0.99 0.84 0.67

Mar '05 Mar '06 Mar '07 Mar '08 Ma

Earnings Per Share 36.05 54.40 42.21 44.46 3


Book Value 126.78 159.19 200.05 220.33 24

Source : Religare Technova