Camlin Limited

2007-08 2008-09 2009-10

Net Sales
Manufactured 10217 47.79% 13324 47.21% 16300
Traded 11160 52.21% 14898 52.79% 18400
Total 21377 100.00% 28222 100.00% 34700
22.95%
COGS
Manufactured 5610 54.91% 8473 63.59% 10106
Traded 8447 75.69% 10315 69.24% 12696
Total 14057 18788 22802

Variable Cost
Manufactured 955 9.35% 1275 9.57% 1549
Traded 545 4.88% 745 5.00% 920
Total Variable Cost 1500 2020 2469

Contribution 5820 7414 9430

Fixed Costs
Employee Costs 1867 2249 20.46% 2924
Power &Fuel 37 48 29.73% 60
Repairs 112 113 0.89% 119
Rent 333 431 29.43% 457
Rates &Taxes 21 17 -19.05% 18
Insurance 43 33 -23.26% 35
Travelling &Conveyance 412 447 8.50% 483
Advertisement&Sales Promotion 671 1065 58.72% 1225
Other Expenses 925 1068 15.40% 1228
Total Fixed Costs 4421 20.68% 5471 19.39% 6547

Depreciation 375 1.75% 435 1.54% 650

Operating PBIT 1024 4.79% 1508 5.34% 2232

Other Recurring Income 58 0.27% 55 0.19% 50
PBIT 1082 5.06% 1563 5.54% 2282

Financing Cost 262 1.23% 529 1.87% 523

PBT Before Exceptional Items 820 1034 1760

VRS Amortisation 168 168 167

Insurance Claim 0 89
PBT 652 3.05% 955 3.38% 1593

Current &Prior Year Taxes Paid 230 221 510

FBT 40 38 45
Deferred Tax Liability -3 85 0
PAT 385 1.80% 611 2.16% 1038

Dividend 150 180 180

Dividend Tax 26 30 30
Transferred to Reserves 209 401 828
 Camlin Limited
2009-10 2010-11 2011-12 2012-13

46.97% 19500 46.88% 23500 47.00% 28000 46.67%

53.03% 22100 53.13% 26500 53.00% 32000 53.33%
100.00% 41600 100.00% 50000 100.00% 60000 100.00%
19.88% 20.19% 20.00%

62.00% 12090 62.00% 14570 62.00% 17360 62.00%

69.00% 15249 69.00% 18285 69.00% 22080 69.00%
27339 32855 39440

9.50% 1853 9.50% 2233 9.50% 2660 9.50%

5.00% 1105 5.00% 1325 5.00% 1600 5.00%
2957.5 3557.5 4260

11303.5 13587.5 16300

30.00% 3508 20.00% 4210 20.00% 5052 20.00%

25.00% 75 25.00% 94 25.00% 117 25.00%
5.00% 125 5.00% 131 5.00% 137 5.00%
6.00% 484 6.00% 513 6.00% 544 6.00%
5.00% 19 5.00% 20 5.00% 21 5.00%
5.00% 36 5.00% 38 5.00% 40 5.00%
8.00% 521 8.00% 563 8.00% 608 8.00%
15.00% 1408 15.00% 1620 15.00% 1863 15.00%
15.00% 1412 15.00% 1624 15.00% 1868 15.00%
18.87% 7590 18.24% 8813 17.63% 10250 17.08%

1.87% 700 1.68% 750 1.50% 800 1.33%

6.43% 3014 7.24% 4024 8.05% 5250 8.75%

0.14% 55 0.13% 60 0.12% 65 0.11%
6.58% 3069 7.38% 4084 8.17% 5315 8.86%

1.51% 465 1.12% 303 0.61% 201 0.33%

201
2604 3782 5114

4.59% 2604 6.26% 3782 7.56% 5114 8.52%

833 1210 1636

50 55 60

2.99% 1721 4.14% 2517 5.03% 3417 5.70%

210 210 240

35 35 40
1476 2272 3137
 Camlin Limited
3/31/2007 07-08 3/31/2008 08-09 3/31/2009

Share Capital 480 600 600

Reserves and Surplus 2108 4268 4746
Networth 2588 4868 5346

Term Loans 678 1085 1292

Fixed Deposits 278 19 0
Working Capital Loans 576 940 2645
Borrowed Funds 1532 2044 3937

Deferred Tax Liability 37 34 120

Total 4157 6946 9403

Debt-Equity Ratio 0.59 0.42 0.74

Fixed Assets
Gross Block 4315 5015 7834
(-) Accumulated Depreciation 2510 2864 3235
Net Block 1805 2151 4599
Capital Work in Process 148 474 225
Net Fixed Assets 1953 2625 4824

Investments 99 99 77

Current Assets
Inventories 3010 3928 4394
Receivables 1875 2642 3475
Other CA/Loans and Advances 763 754 1156
Cash and Bank Balances 237 360 236
Total Current Assets 5885 7684 9261

Current Liabilities &Provisions

Creditors 2934 2337 3224
Other Current Liabilities 1069 1098 1315
Provisions 280 362 387
Total Current Liabilities 4283 3797 4926

Net Current Assets 1602 3887 4335

Current Ratio 1.21 1.62 1.22

Miscellaneous Expenditure 503 335 167

Total 4157 6946 9403

Camlin Limited
09-10 3/31/2010 10-11 3/31/2011 11-12 3/31/2012 12-13 3/31/2013

600 600 600 600

828 5574 1476 7050 2272 9321 3137 12459
6174 7650 9921 13059

43 1335 265 1600 -775 825 -275 550

0 0 0 0
2860 2231 2042 696
4195 3831 2867 1246

0 120 120 120 120

10489 11600 12908 14425

0.68 0.50 0.29 0.10

700 8534 700 9234 700 9934 700 10634

650 3885 700 4585 750 5335 800 6135
4649 4649 4599 4499
-75 150 150 150 150
4799 4799 4749 4649

77 77 77 77

5704 6838 8219 9863

4278 5129 6164 7397
1426 1710 2055 2466
289 342 411 493
11697 14019 16849 20219

3993 4787 5753 6904

1616 1938 2329 2795
475 570 685 0 822
6084 7294 8767 10521

5613 6724 8082 9699

1.31 1.47 1.56 1.80

0 0 0 0

10489 11600 12908 14425

 Camlin Limited
P/E Projections based on SENSEX
EPS 1.02 1 2
X Y X-Xavg Y-Yavg
Aug-08 14565 18.90 18.53 2562 4.79
Sep-08 12860 13.90 13.63 857 -0.12
Oct-08 9788 11.45 11.23 -2215 -2.52
Nov-08 9093 9.20 9.02 -2910 -4.72
Dec-08 9647 10.50 10.29 -2356 -3.45
Jan-09 9424 9.50 9.31 -2579 -4.43
Feb-09 8892 8.30 8.14 -3111 -5.61
Mar-09 9709 8.40 8.24 -2294 -5.51
Apr-09 11403 11.40 11.18 -600 -2.57
May-09 14625 20.90 20.49 2622 6.75
Jun-09 14694 15.90 15.59 2691 1.84
Jul-09 15670 20.55 20.15 3667 6.40
Aug-09 15667 23.35 22.89 3664 9.15
Sum 156037 178.68
Avg 12003 13.74 Cov y,x
N= 13 13
Bxy

Y-Yavg=bxy*(X-Xavg)

Y=
Y=

Y=
Y=

Y=
Y=

Y=
Y=

Camlin Limited
P/E Projections based on BSE Small Cap Index
EPS 1.02 1 2
X Y X-Xavg Y-Yavg
Aug-08 6892 18.90 18.53 2140 4.79
Sep-08 5577 13.90 13.63 825 -0.12
Oct-08 3755 11.45 11.23 -997 -2.52
Nov-08 3305 9.20 9.02 -1447 -4.72
Dec-08 3683 10.50 10.29 -1069 -3.45
Jan-09 3339 9.50 9.31 -1413 -4.43
Feb-09 3106 8.30 8.14 -1646 -5.61
Mar-09 3247 8.40 8.24 -1505 -5.51
Apr-09 3941 11.40 11.18 -811 -2.57
May-09 5987 20.90 20.49 1235 6.75
Jun-09 5740 15.90 15.59 988 1.84
Jul-09 6206 20.55 20.15 1454 6.40
Aug-09 6997 23.35 22.89 2245 9.15
Sum 61775 178.68
Avg 4752 13.74 Cov y,x
N= 13 13
Bxy

Y-Yavg=bxy*(X-Xavg)

Y=
Y=

Y=
Y=

Y=
Y=

Y=
Y=
 3 4
=1*2 =1*1
12260 6564632
-100 734713
5579 4905543
13748 8467205
8128 5550011
11426 6650447
17443 9677364
12637 5261730
1540 359815
17689 6875691
4962 7242309
23480 13448017
33519 13426023
162311 89163502
12485 6858731

0.00182

Y-Yavg=bxy*(X-Xavg)

13.74+.00182(20000-12003)
31

13.74+.00182(16000-12003)
22

13.74+.00182(13000-12003)
16

13.74+.00182(10000-12003)
9

dex
3 4
=1*2 =1*1
10240 4579929
-96 680752
2511 993856
6836 2093586
3688 1142597
6260 1996352
9229 2709063
8291 2264793
 2082 657596
8332 1525415
1822 976296
9310 2114340
20538 5040370
89043 26774945
6849 2059611

0.003326

Y-Yavg=bxy*(X-Xavg)

13.74+.003326(10000-4752)
35

13.74+.003326(8000-4752)
27

13.74+.003326(6000-4752)
19

13.74+.003326(4000-4752)
11
 Camlin Limited
Valuation Based on P/E
P/E Projections based on SENSEX P/E Projectio
Y= 13.74+.002143(20000-12003) Y-Yavg=bxy*(X-Xavg)
Y= 31
Y=
Y= 13.74+.002143(16000-12003) Y=
Y= 22
Y=
Y= 13.74+.002143(13000-12003) Y=
Y= 16
Y=
Y= 13.74+.002143(10000-12003) Y=
Y= 9
2009-10 2010-11 Y=
EPS 1.73 2.87 Y=

P/E at Sensex 10000 9 9

Price 16 27

P/E at Sensex 13000 16 16

Price 27 46

P/E at Sensex 16000 22 22

Price 39 64

P/E at Sensex 20000 31 31

Price 53 89
ased on P/E
P/E Projections based on BSE Small Cap Index
Y-Yavg=bxy*(X-Xavg)

13.74+.004097(10000-4752)
35

13.74+.004097(8000-4752)
27

13.74+.004097(6000-4752)
19

13.74+.004097(4000-4752) 2009-10 2010-11

11 EPS 1.73 2.87

P/E at 4000 11 11
Price 18 31

P/E at Sensex 6000 19 19

Price 33 54

P/E at Sensex 8000 27 27

Price 47 78

P/E at Sensex 10000 35 35

Price 61 101
 Camlin Limited
Valuation by Enterprise DCF Method
Rs. in Lacs

Actual Projections
08-09 09-10 10-11

PBIT / EBITA 1563 2282 3069

(Earnings before Interest, Taxes, and Amortisations)

Taxes on EBITA 538 775 1032

NOPAT / NOPLAT 1025 1507 2037

(Net operating profit after adjusted taxes)

Plus Depreciation 435 650 700

Gross Cash Flow from Operations 1460 2157 2737

Increase in Net Current Assets 448 1278 1111

Less Capital Expenditure 2600 625 700

Free Cash Flow -1588 254 925

Cash Flow available to Investors 254 925

PV Of Cash Flows for four years 220 693

PV of Continuing Value

Total Value of the Company

Computation of WACC

Equity
Paid Up Capital 600 600 600
Reserves 4746 5574 7050
Net Worth 5346 6174 7650

Debt 3937 4195 3831

Debt:Equity 0.74 0.68 0.50

Weights
Debt 0.42 0.40 0.33
Equity 0.58 0.60 0.67

Cost of Debt(Post Tax) 0.0796 0.0726 0.0683

Cost Of Equity 0.2050 0.2050 0.2050

WACC 0.1518 0.1514 0.1594

Discount Tares 1.1514 1.3350

Enterprise Value with 15% growth in terminal cash flows 32472

Debt Value 3937

Equity Value 28535

Value Per Share 48

Projections
11-12 12-13

4084 5315

1362 1761

2722 3554

750 800

3472 4354

1358 1616
700 700

1415 2038 Continuing

Value
with 15%
Growth

1415 2038 55211

903 1091 Total 2908

29564

32472

Cost of Equity
Based on SENSEX

600 600 Rf 7%
 9321 12459 Rm 25%
9921 13059 Beta 0.75

2867 1246 Rs 20.50%

0.29 0.10

0.22 0.09
0.78 0.91

0.0630 0.0608
0.2050 0.2050

0.1732 0.1924
1.5661 1.8675
 Camlin Limited
2007-08 2008-09 2009-10
Net Sales
Manufactured 10217 47.79% 13324 47.21% 16300
Traded 11160 52.21% 14898 52.79% 18400
Total 21377 100.00% 28222 100.00% 34700
22.95%
COGS
Manufactured 5610 54.91% 8473 63.59% 10106
Traded 8447 75.69% 10315 69.24% 12696
Total 14057 18788 22802

Variable Cost
Manufactured 955 9.35% 1275 9.57% 1549
Traded 545 4.88% 745 5.00% 920
Total Variable Cost 1500 2020 2469

Contribution 5820 7414 9430

Fixed Costs
Employee Costs 1867 2249 20.46% 2724
Power &Fuel 37 48 29.73% 60
Repairs 112 113 0.89% 119
Rent 333 431 29.43% 157
Rates &Taxes 21 17 -19.05% 18
Insurance 43 33 -23.26% 35
Travelling &Conveyance 412 447 8.50% 483
Advertisement&Sales Promotion 671 1065 58.72% 1225
Other Expenses 925 1068 15.40% 1228
Total Fixed Costs 4421 20.68% 5471 19.39% 6047

Depreciation 375 1.75% 435 1.54% 650

Operating PBIT 1024 4.79% 1508 5.34% 2732

Other Recurring Income 58 0.27% 55 0.19% 50
PBIT 1082 5.06% 1563 5.54% 2782

Financing Cost 262 1.23% 529 1.87% 523

PBT Before Exceptional Items 820 1034 2260

VRS Amortisation 168 168 167

Insurance Claim 0 89
PBT 652 3.05% 955 3.38% 2093

Current &Prior Year Taxes Paid 230 221 670

FBT 40 38 45
Deferred Tax Liability -3 85 0
PAT 385 1.80% 611 2.16% 1378
Dividend 150 180 180
Dividend Tax 26 30 30
Transferred to Reserves 209 401 1168
 Camlin Limited
2009-10 2010-11 2011-12 2012-13

46.97% 19500 46.88% 23500 47.00% 28000 46.67%

53.03% 22100 53.13% 26500 53.00% 32000 53.33%
100.00% 41600 100.00% 50000 100.00% 60000 100.00%
19.88% 20.19% 20.00%

62.00% 12090 62.00% 14570 62.00% 17360 62.00%

69.00% 15249 69.00% 18285 69.00% 22080 69.00%
27339 32855 39440

9.50% 1853 9.50% 2233 9.50% 2660 9.50%

5.00% 1105 5.00% 1325 5.00% 1600 5.00%
2957.5 3557.5 4260

11303.5 13587.5 16300

30.00% 3168 20.00% 3802 20.00% 4563 20.00%

25.00% 75 25.00% 94 25.00% 117 25.00%
5.00% 125 5.00% 131 5.00% 137 5.00%
6.00% 166 6.00% 176 6.00% 187 6.00%
5.00% 19 5.00% 20 5.00% 21 5.00%
5.00% 36 5.00% 38 5.00% 40 5.00%
8.00% 521 8.00% 563 8.00% 608 8.00%
15.00% 1408 15.00% 1620 15.00% 1863 15.00%
15.00% 1412 15.00% 1624 15.00% 1868 15.00%
17.43% 6932 16.66% 8068 16.14% 9403 15.67%

1.87% 700 1.68% 750 1.50% 800 1.33%

7.87% 3672 8.83% 4770 9.54% 6097 10.16%

0.14% 55 0.13% 60 0.12% 65 0.11%
8.02% 3727 8.96% 4830 9.66% 6162 10.27%

1.51% 465 1.12% 303 0.61% 201 0.33%

201
3262 4527 5961

6.03% 3262 7.84% 4527 9.05% 5961 9.93%

1044 1449 1907

50 55 60

3.97% 2168 5.21% 3023 6.05% 3993 6.66%

 210 210 240
35 35 40
1923 2778 3713
 Camlin Limited
Valuation by Enterprise DCF Method
Rs. in Lacs

Actual Projections
08-09 09-10 10-11

PBIT / EBITA 1563 2782 3727

(Earnings before Interest, Taxes, and Amortisations)

Taxes on EBITA 538 935 1243

NOPAT / NOPLAT 1025 1847 2484

(Net operating profit after adjusted taxes)

Plus Depreciation 435 650 700

Gross Cash Flow from Operations 1460 2497 3184

Increase in Net Current Assets 448 1278 1111

Less Capital Expenditure 2600 625 700

Free Cash Flow -1588 594 1373

Cash Flow available to Investors 594 1373

PV Of Cash Flows for four years 516 1028

PV of Continuing Value

Total Value of the Company

Computation of WACC

Equity
Paid Up Capital 600 600 600
Reserves 4746 5574 7050
Net Worth 5346 6174 7650

Debt 3937 4195 3831

Debt:Equity 0.74 0.68 0.50

Weights
Debt 0.42 0.40 0.33
Equity 0.58 0.60 0.67

Cost of Debt(Post Tax) 0.0796 0.0726 0.0683

Cost Of Equity 0.2050 0.2050 0.2050

WACC 0.1518 0.1514 0.1594

Discount Rates 1.1514 1.3350

Enterprise Value with 15% growth in terminal cash flows 42090

Debt Value 3937

Equity Value 38153

Value Per Share 64

Projections
11-12 12-13

4830 6162

1600 2032

3229 4130

750 800

3979 4930

1358 1616
700 700

1921 2613 Continuing

Value
with 15%
Growth

1921 2613 70816

1227 1399 Total 4170

37920

42090

Cost of Equity
Based on SENSEX

600 600 Rf 7%
 9321 12459 Rm 25%
9921 13059 Beta 0.75

2867 1246 Rs 20.50%

0.29 0.10

0.22 0.09
0.78 0.91

0.0630 0.0608
0.2050 0.2050

0.1732 0.1924
1.5661 1.8675