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SPICE JET Balance Sheets

(Rs. Lacs)
31/3/2018 31/3/2017

I. Liabilities & Shareholders Equity

Shareholders Equity (430) (6,091)


Share Capital 5994.5 5,995
Other Equity -6424.17 (12,085)

Non-Controlling Interest - -

Non-Current Liabilities 10,680 11,328


Long-Term Borrowings 6,510 7,760
Other Non-Current Liabilities 4,171 3,568

Total 10,251 5,237

II. Assets

Non-Current Assets 31,996 22,983


A. Core Non-Current Assets 15,977 16,198
Tangible & Intangible Fixed Assets 15,977 16,198
Capital Work in Progress - -
B. Non-Core Non-Current Assets 16,019 6,785
Other Investments 0 0
All Other Non-Current Assets 16,019 6,785

Net Working Capital (I) +(II) (21,745) (17,746)

Operating Current Assets (A) 5,167 3,057


Inventories of Goods & Materials 1,244 870
Receivables 852 618
All Other Current Assets 3,072 1,569

Operating Current Liabilities (B) 24,216 20,614

Trade Creditors 6,882 5,845


provisions,deferred taxes & incentives 2,254 1,418
Other Current Liabilities 15,080 13,351

Net Operating Working Capital (I) = (A) - (B) (19,049) (17,557)


Financial Current Assets (C ) 4,056 3,869
Other Bank Balances 271 486
Cash & Equivalents 1,187 188
Short-Term Investments 1,013 1,398
Other Financial Current Assets 1,586 1,798

Financial Current Liabilities (D) 6,753 4,058

Short-Term Borrowings 3,574 2,522


Current Maturities of Long-Term Debt 2,943 1,272
Other Financial Current Liabilities 236 264

Net Financial Working Capital (II) = (C) - (D) (2,697) (190)

Total 10,250 5,237


(0) (0)

Statement of Profit & Loss


31/3/2018 31/3/2017

A. Revenue from Operations 77,951 61,913


Gross Sales 77,234 61,013
Other Operating Revenue 717 899

B. Cost of Goods Sold (Refer Additional


Info) 55,566 44,325
Aircraft fuel Expenses 24,326 18,552
Aircraft and Engine rentals - -
Purchase of stock-in-trade - -
Changes of inventory stock-in-trade - -
31,239 25,773
C. Gross Profit (A)-(B) 22,385 17,587

D. All other Operating Expenses (Income) 17,170 14,141


Employee Benefits 8,626 6,735
Depreciation and Amortization Expenses 2,312 1,986
Other Expenses 6,232 5,419

E. Operating Profit 5,215 3,446

F. Finance Costs 922 650

G. Core Profit ( E) - (F) 4,293 2,796


H. Net Non-Core Income 1,373 1,511

i. Non-Core Income 1,373 1,511


Other Income 1,373 1,125
Exceptional Income (Net) 0 386

ii. Non-Core Expense - -


Exceptional Expenses (Net) - -

J. Profit Before Tax (G) + (H) - (I) 5,666 4,307

Income Taxes - -

Profit After Tax 5,666 4,307


Less: Non-Controlling Interest in Profit 0 -
Consolidated Profit After Tax for the Year 5,666 4,307

Add: Other Comprehensive Income (Net of Tax &


Non-Controlling Interest) 2 (21)

Net Comprehensive Income After Tax 5,668 4,286

Average Tax Rate 0.00% 0.00%

Details of Inventories 31/3/2018 31/3/2017

Raw Materials/Fuels 518 724


WIP - -
Loose tools 28 23
Finished Goods - -
Stock in Trade 65 78
Stores & Spares 1,221 807

Total 1,832 1,632

Finished Products 65 78

Intensity Ratios

Raw Materials 0.66% 1.17%


WIP 0.00% 0.00%
Loose Tool 0.04% 0.04%
Finished Goods 0.00% 0.00%
Stock in Trade 0.08% 0.13%
Stores & Spares 1.57% 1.30%
Finished Product 0.08% 0.13%

Finished Product T/o Ratio 1200.1682832949 797.843556701


31/3/2016

(10,389)
5,995
(16,383)

12,601
9,209
3,392

2,213

21,664
16,276
16,276
-
5,389
-
5,389

(19,452)

3,895
665
434
2,796

22,967

7,210
3,684
12,073

(19,071)
2,907
300
759
205
1,644

3,288

1,050
2,037
200

(380)

2,213
0

(Rs. Lacs)
31/3/2016

50,881
50,204
677

35,941
13,920

22,021
14,940

11,363
4,925
1,798
4,640

3,577

1,237

2,340
2,158

2,158
1,521
637

-
-

4,498

4,498
-
4,498

(5)

4,493

0.00%

31/3/2016

17,279 518 724


18,485 - -
28 23
31,768 - -
56,619 65 78
4,717 1,221 807

128,867 1,832 1,632

88,387 65 78

33.96%
36.33%
0.00%
62.44%
111.28%
9.27%
173.71%

0.5756591929
Relevant Information from Cash Flow Statement 31/3/2018 31/3/2017 3/31/2016

Cash generated from operating activites 11,099 4,882 6,356


Deduct: income tax 79 (81) 3
Net Cash Inflow from Operating Activities after
11,020 4,963 6,534
Exceptional Operating Items (Post-Tax)

Net Cash Inflow/(Outflow) from Investing Activities (8,616) (4,918) (1,752)


Net Cash Outflow from Financing Activities (1,404) (624) (4,049)

Total Product Gross Value Added 3/31/2018 3/31/2017 3/31/2016


Sales of Products 77,234 61,013 50,204
Less:
Purchase of Stock-in-Trade - - 0
Raw Materials Consumed 55565.55 44325.13 35941.02
Decrease in Inventory of Finished Goods, Stock-in-Trad 0 0 0
Add:
Increase in Inventory of Finished Goods, Stock-in-Trade 0 0 0

PGVA Ratio- Total 71.94% 72.65% 71.59%


-0.70% 1.06%
Summary Du-Pont 31/3/2018 31/3/2017 3/31/2016
I. Return on Equity

Net Profit Margin 7.27% 6.96% 8.84%


Total Asset Turnover Ratio 7.60 11.82 23.00
Total Leverage Ratio (23.86) (0.86) (0.21)
ROE -1318.75% -70.71% -43.30%

II. Return on Equity

Return on Investment (Return on Assets) 50.88% 65.81% 161.66%


Total Leverage Ratio (23.86) (0.86) (0.21)
1/(Degree of Financial Leverage) (Degree of
Financial Leverage = PBIT/PAT) 108.64% 124.97% 125.76%
ROE -13.19 -0.71 -0.43
ROE (%) -1,318.71 -70.71 -43.30
Ratio 31/3/2018 31/3/2017
Gross Profit Margin 0.2871727124 0.2840653269
Product Gross Value Added Margin 0.7194432252 0.7264831973
Operating Profit Margin 0.0669043974 0.0556666439
Core Profit Margin 0.0550777265 0.0451615227
Net Profit Margin 0.0726879076 0.0695655783

Net Cash Profit Margin 0.14 0.08


Return on Equity -13.1870738008 -0.7071141729
Return on Assets 0.5087696193 0.6581151373

Comprehensive Return on Equity (Comprehensive Income/Equity) -13.1925198408 -0.7036303099

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 7.6046497562 11.8228839646


Non-Current Asset Turnover Ratio (Sales/Non-Current Assets) 2.4362802336 2.6938599514
Core Assets 4.8789405033 3.8223000108
Fixed Assets 4.8789405033 3.8223000108
Non-Core Assets 4.8661970952 9.1247566369

Net Working Capital Turnover Ratio -3.5847007075 -3.4887840777


Net Operating Working Capital Turnover Ratio -4.0922023345 -3.5264607042
Net Financial Working Capital Turnover Ratio -28.9049725601 -326.5435654008

Total Asset Intensity Ratio 13.15% 8.46%


Non Current Asset Intensity Ratio 41.05% 37.12%
Core Assets 20.50% 26.16%
Fixed Assets 20.50% 26.16%
Non-Core Assets 20.55% 16.70%

Net Working Capital Intensity Ratio -0.2789633171 -0.2866328147


Operating Net Working Capital Intensity Ratio -0.2443671936 -0.2835704362
Financial Net Working Capital Intensity Ratio -0.0345961235 -0.0030623785

C. Working Capital Analysis Ratios

Current Ratio 0.2978296621 0.2807190621


Quick Ratio 0.2576706768 0.2454594535

Total Operating Current Asset Turnover Ratio 15.0852232374 20.2522210737


Total Operating Current Liability Turnover Ratio 3.2189818971 3.0034743918
Inventory Turnover Ratio (Revenue/Inventory) 62.6776421588 71.1697033095
Debtors Turnover Ratio (Revenue/Receivables) 91.5056640098 100.2325762114
Creditors Turnover Ratio (Revenue/Creditors) 11.3265210341 10.5922146889
Inventory Holding Period 5.8234481616 5.1285867866
Debtors Holding/Collection Period 3.9888241231 3.6415306659
Creditors Holding/Payment Period 32.2252524761 34.4592713348

Total Operating Current Asset Intensity Ratio 0.0662900366 0.0493773002


Total Operating Current Liability Intensity Ratio 0.3106572301 0.3329477364

Inventory Intensity Ratio 1.60% 1.41%


Debtors Intensity Ratio 1.09% 1.00%
Other Operating Current Asset Intensity Ratio 3.94% 2.53%
Creditors Intensity Ratio 8.83% 9.44%
Other Operating Current Liability Intensity Ratio 22.24% 23.85%

D. Liquidity Analysis Ratios


Liquidity Ratio (Financial Current Assets)/Current Liabilities 0.1309729661 0.1568108806
Net Operating Cash Flow Yield (Net Cash Flow from Operations/PBIT) 2.1129972427 1.4401460045
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations) 0.2180959234 0.0092134053

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio -24.857216003 -1.8597819056


Debt-Asset Ratio 1.0419160392 2.1630856541
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) -23.857216003 -0.8597819056
Total Debt Ratio (NCL+FCL)/Total Assets 1.7007374325 2.9381745686
Degree of Financial Leverage (Op. Pft/PAT) 0.9204336677 0.8002038547
Interest Coverage Ratio (PBIT/Finance Cost) 5.6570777742 5.299000615
Retention Ratio 1 1

F. Market Price Based Ratios

Price to Earnings Ratio


Price to Book Ratio
Dividend Yield

Additional Info
Basic Earning per share 9.45 7.19
Dividend per share 0 0
31/3/2016
0.2936220242 0.3107385506 -0.95566974
0.7159001003 -0.7039972142 1.058309704
0.0702993197 1.1237753474 -1.46326757
0.0459973837 0.9916203762 -0.0835861
0.0884091263 0.3122329288 -1.88435479
0
0.13 6 -5
-0.4330041594 -1247.9959627971 -27.4110013
1.6166031664 -14.9345517923 -95.8488029

-0.4324776222 -1248.8889530872 -27.1152688


0
0
0
0
22.9960001627 -421.8234208493 -1117.31162
2.3486039667 -25.7579717827 34.52559847
3.1261981901 105.6640492494 69.61018208
3.1261981901 105.6640492494 69.61018208
9.4422016646 -425.8559541766 -31.7445028
0 0
-2.6157534194 -9.5916629786 -87.3030658
-2.6679111149 -56.5741630312 -85.8549589
-133.7980435469 29763.8592840772 -19274.5522
0 0
4.35% 4.6916763522 4.109590844
42.58% 3.9247265895 -5.45703088
31.99% -5.6660050324 -5.82547698
31.99% -5.6660050324 -5.82547698
10.59% 3.8488567084 6.110321016
0 0
0 0
-0.3822990319 0.7669497627 9.566621725
-0.3748250811 3.9203242593 9.125464493
-0.0074739508 -3.1533744966 0.441157232
0
0
0
0
0.2591109247 1.7110600003 2.160813734
0.2337643837 1.2211223361 1.169506972
0 0
13.0615099077 -516.6997836351 719.0711166
2.2153992452 21.5507505345 78.80751466
0 0
76.4594716437 -849.2061150707 -528.976833
117.3069580855 -872.6912201601 -1707.43819
7.0570925689 73.4306345234 353.512212
4.77377089 69.4861374943 35.48158966
3.1114948845 34.7293457132 53.00357814
51.72101633 -223.4018858672 -1726.1745
0 0
0 0
0.076560827 1.6912736349 -2.71835268
0.4513859081 -2.2290506244 -11.8438172
0 0
1.31% 0.1903729794 0.097209835
0.85% 0.0951488924 0.145215283
5.50% 1.4057517631 -2.96077779
14.17% -0.6120599613 -4.7292452
30.97% -1.6169906631 -7.11457196
0 0
0 0
0 0
0.1107373335 -2.5837914499 4.607354712
1.8266701707 67.2851238244 -38.6524166
0.7319071043 20.8882518167 -72.2693699
0 0
0 0
0 0
-1.212981885 -2299.7434097395 -64.6800021
5.6952349961 -112.1169614903 -353.214934
-0.212981885 -2299.7434097395 -64.6800021
7.181109017 -123.7437136141 -424.293445
0.7951590816 12.0229812997 0.504477305
2.8927456531 35.8077159156 240.6254962
1 0
0
0
0
0
0
0
0
0
6.79 40
0 0
Balance Sheets
(Rs. Lacs)
31/3/2018 31/3/2017

I. Liabilities & Shareholders Equity

Shareholders Equity (430) (6,091)


Share Capital 5994.5 5,995
Other Equity -6424.17 (12,085)

Non-Controlling Interest - -

Non-Current Liabilities 10,680 11,328


Long-Term Borrowings 6,510 7,760
Other Non-Current Liabilities 4,171 3,568

Total 10,251 5,237

II. Assets

Non-Current Assets 31,996 22,983


A. Core Non-Current Assets 15,977 16,198
Tangible & Intangible Fixed Assets 15,977 16,198
Capital Work in Progress - -
B. Non-Core Non-Current Assets 16,019 6,785
Other Investments 0 0
All Other Non-Current Assets 16,019 6,785

Net Working Capital (I) +(II) (21,745) (17,746)

Operating Current Assets (A) 5,167 3,057


Inventories of Goods & Materials 1,244 870
Receivables 852 618
All Other Current Assets 3,072 1,569

Operating Current Liabilities (B) 24,216 20,614

Trade Creditors 6,882 5,845


provisions,deferred taxes & incentives 2,254 1,418
Other Current Liabilities 15,080 13,351

Net Operating Working Capital (I) = (A) - (B) (19,049) (17,557)


Financial Current Assets (C ) 4,056 3,869
Other Bank Balances 271 486
Cash & Equivalents 1,187 188
Short-Term Investments 1,013 1,398
Other Financial Current Assets 1,586 1,798

Financial Current Liabilities (D) 6,753 4,058

Short-Term Borrowings 3,574 2,522


Current Maturities of Long-Term Debt 2,943 1,272
Other Financial Current Liabilities 236 264

Net Financial Working Capital (II) = (C) - (D) (2,697) (190)

Total 10,250 5,237


(0) (0)

Statement of Profit & Loss


31/3/2018 31/3/2017

A. Revenue from Operations 77,951 61,913


Gross Sales 77,234 61,013
Other Operating Revenue 717 899

B. Cost of Goods Sold (Refer Additional


Info) 55,566 44,325
Aircraft fuel Expenses 24,326 18,552
Aircraft and Engine rentals - -
Purchase of stock-in-trade - -
Changes of inventory stock-in-trade - -
31,239 25,773
C. Gross Profit (A)-(B) 22,385 17,587

D. All other Operating Expenses (Income) 17,170 14,141


Employee Benefits 8,626 6,735
Depreciation and Amortization Expenses 2,312 1,986
Other Expenses 6,232 5,419

E. Operating Profit 5,215 3,446

F. Finance Costs 922 650

G. Core Profit ( E) - (F) 4,293 2,796


H. Net Non-Core Income 1,373 1,511

i. Non-Core Income 1,373 1,511


Other Income 1,373 1,125
Exceptional Income (Net) 0 386

ii. Non-Core Expense - -


Exceptional Expenses (Net) - -

J. Profit Before Tax (G) + (H) - (I) 5,666 4,307

Income Taxes - -

Profit After Tax 5,666 4,307


Less: Non-Controlling Interest in Profit 0 -
Consolidated Profit After Tax for the Year 5,666 4,307

Add: Other Comprehensive Income (Net of Tax &


Non-Controlling Interest) 2 (21)

Net Comprehensive Income After Tax 5,668 4,286

Average Tax Rate 0.00% 0.00%

Details of Inventories 31/3/2018 31/3/2017

Raw Materials/Fuels 518 724


WIP - -
Loose tools 28 23
Finished Goods - -
Stock in Trade 65 78
Stores & Spares 1,221 807

Total 1,832 1,632

Finished Products 65 78

Intensity Ratios

Raw Materials 0.66% 1.17%


WIP 0.00% 0.00%
Loose Tool 0.04% 0.04%
Finished Goods 0.00% 0.00%
Stock in Trade 0.08% 0.13%
Stores & Spares 1.57% 1.30%
Finished Product 0.08% 0.13%

Finished Product T/o Ratio 1200.1682832949 797.843556701


31/3/2016

(10,389)
5,995
(16,383)

12,601
9,209
3,392

2,213

21,664
16,276
16,276
-
5,389
-
5,389

(19,452)

3,895
665
434
2,796

22,967

7,210
3,684
12,073

(19,071)
2,907
300
759
205
1,644

3,288

1,050
2,037
200

(380)

2,213
0

(Rs. Lacs)
31/3/2016

50,881
50,204
677

35,941
13,920

22,021
14,940

11,363
4,925
1,798
4,640

3,577

1,237

2,340
2,158

2,158
1,521
637

-
-

4,498

4,498
-
4,498

(5)

4,493

0.00%

31/3/2016

17,279
18,485

31,768
56,619
4,717

128,867

88,387

33.96%
36.33%
0.00%
62.44%
111.28%
9.27%
173.71%

0.5756591929
Ratio 31/3/2018 31/3/2017
Gross Profit Margin 0.2871727124 0.2840653269
Product Gross Value Added Margin
Operating Profit Margin 0.0669043974 0.0556666439
Core Profit Margin 0.0550777265 0.0451615227
Net Profit Margin 0.0726879076 0.0695655783

Net Cash Profit Margin


Return on Equity -13.1870738008 -0.7071141729
Return on Assets 0.5087696193 0.6581151373
Comprehensive Return on Equity (Comprehensive
Income/Equity) -13.1925198408 -0.7036303099

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 7.6046497562 11.8228839646


Non-Current Asset Turnover Ratio (Sales/Non-Current Assets) 2.4362802336 2.6938599514
Core Assets 4.8789405033 3.8223000108
Fixed Assets 4.8789405033 3.8223000108
Non-Core Assets 4.8661970952 9.1247566369

Net Working Capital Turnover Ratio -3.5847007075 -3.4887840777


Net Operating Working Capital Turnover Ratio -4.0922023345 -3.5264607042
Net Financial Working Capital Turnover Ratio -28.9049725601 -326.5435654008

Total Asset Intensity Ratio 13.15% 8.46%


Non Current Asset Intensity Ratio 41.05% 37.12%
Core Assets 20.50% 26.16%
Fixed Assets 20.50% 26.16%
Non-Core Assets 20.55% 16.70%

Net Working Capital Intensity Ratio -0.2789633171 -0.2866328147


Operating Net Working Capital Intensity Ratio -0.2443671936 -0.2835704362
Financial Net Working Capital Intensity Ratio -0.0345961235 -0.0030623785

C. Working Capital Analysis Ratios

Current Ratio 0.2978296621 0.2807190621


Quick Ratio 0.2576706768 0.2454594535

Total Operating Current Asset Turnover Ratio 15.0852232374 20.2522210737


Total Operating Current Liability Turnover Ratio 3.2189818971 3.0034743918
Inventory Turnover Ratio (Revenue/Inventory) 62.6776421588 71.1697033095
Debtors Turnover Ratio (Revenue/Receivables) 91.5056640098 100.2325762114
Creditors Turnover Ratio (Revenue/Creditors) 11.3265210341 10.5922146889
Inventory Holding Period 5.8234481616 5.1285867866
Debtors Holding/Collection Period 3.9888241231 3.6415306659
Creditors Holding/Payment Period 32.2252524761 34.4592713348

Total Operating Current Asset Intensity Ratio 0.0662900366 0.0493773002


Total Operating Current Liability Intensity Ratio 0.3106572301 0.3329477364

Inventory Intensity Ratio 1.60% 1.41%


Debtors Intensity Ratio 1.09% 1.00%
Other Operating Current Asset Intensity Ratio 3.94% 2.53%
Creditors Intensity Ratio 8.83% 9.44%
Other Operating Current Liability Intensity Ratio 22.24% 23.85%

D. Liquidity Analysis Ratios


Liquidity Ratio (Financial Current Assets)/Current Liabilities 0.1309729661 0.1568108806
Net Operating Cash Flow Yield (Net Cash Flow from Operations/PBIT)
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations)

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio -24.857216003 -1.8597819056


Debt-Asset Ratio 1.0419160392 2.1630856541
Total Leverage Ratio (Total L.T. Funds/Sh. Funds) -23.857216003 -0.8597819056
Total Debt Ratio (NCL+FCL)/Total Assets 1.7007374325 2.9381745686
Degree of Financial Leverage (Op. Pft/PAT) 0.9204336677 0.8002038547
Interest Coverage Ratio (PBIT/Finance Cost) 5.6570777742 5.299000615
Retention Ratio

F. Market Price Based Ratios

Price to Earnings Ratio


Price to Book Ratio
Dividend Yield
31/3/2016
0.2936220242

0.0702993197
0.0459973837
0.0884091263

-0.4330041594
1.6166031664

-0.4324776222

22.9960001627
2.3486039667
3.1261981901
3.1261981901
9.4422016646

-2.6157534194
-2.6679111149
-133.7980435469

4.35%
42.58%
31.99%
31.99%
10.59%

-0.3822990319
-0.3748250811
-0.0074739508

0.2591109247
0.2337643837

13.0615099077
2.2153992452
76.4594716437
117.3069580855
7.0570925689
4.77377089
3.1114948845
51.72101633

0.076560827
0.4513859081

1.31%
0.85%
5.50%
14.17%
30.97%

0.1107373335

-1.212981885
5.6952349961
-0.212981885
7.181109017
0.7951590816
2.8927456531
Ratio 31/3/2018 31/3/2017
Gross Profit Margin 0.2871727124 0.2840653269
Product Gross Value Added Margin
Operating Profit Margin 0.0669043974 0.0556666439
Core Profit Margin 0.0550777265 0.0451615227
Net Profit Margin 0.0726879076 0.0695655783

Net Cash Profit Margin


Return on Equity -13.1870738008 -0.7071141729
Return on Assets 0.5087696193 0.6581151373
Comprehensive Return on Equity -13.1925198408 -0.7036303099

B. Efficiency Analysis Ratios

Total Asset Turnover Ratio 7.6046497562 11.8228839646


Non-Current Asset Turnover Ratio 2.4362802336 2.6938599514
Core Assets 4.8789405033 3.8223000108
Fixed Assets 4.8789405033 3.8223000108
Non-Core Assets 4.8661970952 9.1247566369

Net Working Capital Turnover Rat -3.5847007075 -3.4887840777


Net Operating Working Capital Tu -4.0922023345 -3.5264607042
Net Financial Working Capital Tur -28.9049725601 -326.5435654008

Total Asset Intensity Ratio 0.1314984953 0.0845817317


Non Current Asset Intensity Ratio 0.4104618123 0.3712145464
Core Assets 0.2049625322 0.2616225825
Fixed Assets 0.2049625322 0.2616225825
Non-Core Assets 0.2054992801 0.167010713

Net Working Capital Intensity Rati -0.2789633171 -0.2866328147


Operating Net Working Capital Int -0.2443671936 -0.2835704362
Financial Net Working Capital Inte -0.0345961235 -0.0030623785

C. Working Capital Analysis Ratios

Current Ratio 0.2978296621 0.2807190621


Quick Ratio 0.2576706768 0.2454594535

Total Operating Current Asset Tur 15.0852232374 20.2522210737


Total Operating Current Liability 3.2189818971 3.0034743918
Inventory Turnover Ratio (Revenu 62.6776421588 71.1697033095
Debtors Turnover Ratio (Revenue/ 91.5056640098 100.2325762114
Creditors Turnover Ratio (Revenue 11.3265210341 10.5922146889
Inventory Holding Period 5.8234481616 5.1285867866
Debtors Holding/Collection Perio 3.9888241231 3.6415306659
Creditors Holding/Payment Perio 32.2252524761 34.4592713348

Total Operating Current Asset Inte 0.0662900366 0.0493773002


Total Operating Current Liability I 0.3106572301 0.3329477364

Inventory Intensity Ratio 0.0159546525 0.0140509227


Debtors Intensity Ratio 0.0109282853 0.0099767963
Other Operating Current Asset Int 0.0394070988 0.0253495812
Creditors Intensity Ratio 0.0882883629 0.0944089626
Other Operating Current Liability 0.2223688672 0.2385387738

D. Liquidity Analysis Ratios


Liquidity Ratio (Financial Current 0.1309729661 0.1568108806
Net Operating Cash Flow Yield (Net Cash Flow from Operations/PBIT)
Free Cash Flow Yield (Free Cash Flow/Net Cash Flow from Operations)

E. Financing/Capital Structure Analysis Ratios

Debt-Equity Ratio -24.857216003 -1.8597819056


Debt-Asset Ratio 1.0419160392 2.1630856541
Total Leverage Ratio (Total L.T. F -23.857216003 -0.8597819056
Total Debt Ratio (NCL+FCL)/Total 1.7007374325 2.9381745686
Degree of Financial Leverage (Op. 0.9204336677 0.8002038547
Interest Coverage Ratio (PBIT/Fin 5.6570777742 5.299000615
Retention Ratio

F. Market Price Based Ratios

Price to Earnings Ratio


Price to Book Ratio
Dividend Yield
31/3/2016
0.2936220242

0.0702993197
0.0459973837
0.0884091263

-0.4330041594
1.6166031664
-0.4324776222

22.9960001627
2.3486039667
3.1261981901
3.1261981901
9.4422016646

-2.6157534194
-2.6679111149
-133.7980435469

0.0434858233
0.4257848552
0.3198773524
0.3198773524
0.1059075029

-0.3822990319
-0.3748250811
-0.0074739508

0.2591109247
0.2337643837

13.0615099077
2.2153992452
76.4594716437
117.3069580855
7.0570925689
4.77377089
3.1114948845
51.72101633

0.076560827
0.4513859081

0.0130788244
0.0085246435
0.0549573591
0.1417014146
0.3096844935

0.1107373335

-1.212981885
5.6952349961
-0.212981885
7.181109017
0.7951590816
2.8927456531
Sustainable Growth Rate - DDM 3/31/2018 3/31/2017 3/31/2016

ROE -1318.75% -70.71% -43.30% -12.480319


Retention Ratio 1 1 1 0

Sustainable Growth Rate - DDM -13.18745975 -0.707141179 -0.433004159 -12.480319

Sustainable Growth Rate-Higgins

Net Profit Margin 0.0726879076 0.0695655783 0.0884091263 0.0031223


Retention Ratio 1 1 1 0
Total Leverage Ratio (Total Assets/Equity) -23.857216 -0.859781906 -0.212981885 -22.997434
Total Asset Turnover Ratio 7.6046497562 11.822883965 22.996000163 -4.2182342

Higgins SGR -0.185691381 -0.005033473 -0.000818148 -0.1806579

Sustainable Growth Rate- Operating Cycle

Inventory Holding Period 5.8234481616 5.1285867866 4.77377089 0.6948614


Receivables Collection Period 3.9888241231 3.6415306659 3.1114948845 0.3472935
Gross Operating Cycle Period 9.8122722846 8.7701174526 7.8852657745 1.0421548
Less: Creditors Payment Period 32.2252524761 34.4592713348 51.72101633 -2.2340189
Net Operating Cycle Period -22.41298019 -25.68915388 -43.83575056 3.2761737
(+) Operating Expenses Period (Gross Op Cycle/2) 4.9061361423 4.3850587263 3.9426328873 0.5210774

Operating Cash Cycle (days) -17.50684405 -21.30409516 -39.89311767 3.7972511

Operating Expenses as a % of Sales (%) 0.9330956026 0.9443333561 0.9297006803 -0.0112378


Operating Profit Margin (%) (Pre-Tax) 0.0669043974 0.0556666439 0.0702993197 0.0112378
Post-Tax Operating Profit Margin (%) 0.0669043974 0.0556666439 0.0702993197 0.0112378
OCC Self-Financing Growth Rate 0.0717015462 0.0589480861 0.0756150029 0.0127535
No. of OCC Cycles in a Year -20.848989057 -17.132856257 -9.1494478581 -3.7161328

Annualized Self-Financing Growth Rate


(with No Debt) -0.763957352 -0.625177322 -0.486716516 -0.13878
0
Core Expenses as a % of Sales (%) 0.9449222735 0.9548384773 0.9540026163 -0.0099162
Core Profit Margin (%) (Pre-Tax) 0.0550777265 0.0451615227 0.0459973837 0.0099162
Post-Tax Core Profit Margin (%) 0.0550777265 0.0451615227 0.0459973837 0.0099162
OCC Self-Financing Growth Rate 0.0582881026 0.0472975522 0.0482151547 0.0109906
No. of OCC Cycles in a Year -20.848989057 -17.132856257 -9.1494478581 -3.7161328
Annualized Self-Financing Growth Rate
(with Debt) -0.693074289 -0.546954252 -0.350035229 -0.14612
-0.274137
0

-0.274137

-0.0188435
0
-0.6468
-11.173116

-0.0042153

0.3548159
0.5300358
0.8848517
-17.261745
18.146597
0.4424258

18.589023

0.0146327
-0.0146327
-0.0146327
-0.0166669
-7.9834084

-0.1384608
0
0.0008359
-0.0008359
-0.0008359
-0.0009176
-7.9834084
-0.196919