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commnman
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Joined: 28/Jul/2010
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Posts: 426
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   Topic: Mayur Uniquoters - Annual Report Analysis
Posted: 10/Jul/2011 at 11:21am |
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Dear Friends:
Recently, I went thru the thread "RoE and RoCE - the important tools" Started by Basant ji and was greatly motivated to study Annual Reports. Hence, This is my first serious attempt at understanding financial statements.
The Company's Business, MOAT, Risks, Etc are extensively discussed by seniors and fellow members in the thred in Stock Synopsis section.
For most of calculations, I have taken help from Investopedia Financial Ratios Tutorial. I would appreciate if fellow members could fine-tune these and suggest improvements.
Regards.
M A Y U R U N I Q U O T E R S L T D
______________Rs. in Lacs ___ Increase _____ FY-2011 _____ FY-2010 _____ FY-2009
B A L A N C E S H E E T
Shareholder's Equity
__________ Share Capital ___________________ 541.32 ______ 541.32
_______ Resrves & Surplus __________________ 5559.77 _____ 3663.92
_____ SHAREHOLDER'S FUNDS ( 1) ___ 45% _____ 6101.09 _____ 4205.24 _____ 2896.50
Assets
_____________ Inventories ( 2) ___ 48% _____ 1455.38 ______ 983.57 ______ 698.91
__________ sundry Debtors ( 3) ___ 23% _____ 3159.30 _____ 2562.73 _____ 2156.22
_________ Cash & Bank Bal ( 4) ___ 17% _____ 2282.53 _____ 1958.16
________ Loans & Advances ________ __________ 403.67 ______ 274.65
____ Other Current Assets ________ __________ 119.84 _______ 78.48
__________ CURRENT ASSETS ( 5) ___ 28% _____ 7420.72 _____ 5857.59 _____ 3651.86
_____________ Gross Block __________________ 4847.83 _____ 3775.09
____________ Depreciation _________________ (1717.58) ___ (1460.38)
_______________ Net Block ( 6) ___ 35% _____ 3130.25 _____ 2314.71 _____ 2264.89
_____ Capital Work in Progress ___ __________ 335.13 _______ 25.41
____________ FIXED ASSETS ( 7) ___ 48% _____ 3465.38 _____ 2340.12 _____ 2409.54
___ Long-term Investments ( 8) ________________ 6.57 ________ 6.57
____________ TOTAL ASSETS ( 9) ___ 33% ____ 10892.67 _____ 8204.28 _____ 6061.40
Liabilities
________ Sundry Creditors (10) ___ 13% _____ 3246.71 _____ 2881.62 _____ 1859.13
_______ Other Liabilities ________ __________ 255.91 ______ 144.85
______________ Provisions ________ __________ 313.29 ______ 355.56
_____ CURRENT LIABILITIES (11) ___ 13% _____ 3815.91 _____ 3382.03
______________ Loan Funds (12) ___ 76% ______ 777.82 ______ 442.22 ______ 785.31
__ Deferred Tax Liability ________ ___ ______ 197.85 ______ 174.79
_______ TOTAL LIABILITIES (13) ___ 20% _____ 4791.58 _____ 3999.04
Total Liabilities & Shareholder's Equity __ 10892.67 _____ 8204.28
***/ ________________________________________ End of Balance Sheet
Abstracts from Balance sheet to be later used in Ratio Calculations:
_ Avg Shareholder's Funds (15) _____________ 5153.17 _____ 3550.87
_________ Avg Inventories (16) _____________ 1219.48 ______ 841.24
______ Avg Sundry Debtors (17) _____________ 2861.02 _____ 2359.48
______ Avg Current Assets (18) _____________ 6639.16 _____ 4754.73
____________ Total Assets (19) _____________ 9548.48 _____ 7132.84
________ Avg Fixed Assets (20) _____________ 2902.75 _____ 2374.83
____ Avg Sundry Creditors (25) _____________ 3064.17 _____ 2370.38
__________ Avg Loan Funds (26) ______________ 610.02 ______ 613.77
________ Capital Employed (27) ___ 38% _____ 5763.19 _____ 4164.64
__(calculated by 15 + 26)
____ Book Value per Share (28) ______________ 112.71 _______ 77.70
(Calculated by ( 1) x 100000 in Rs. 610109000 / 5413200)
No. of Shares Outstanding (29) __ 5413200
__ Market Price per Share (30) __ Rs. 350.00 (For calculating per Share Data)
***/ __________ Profit & Loss and Cash Flow Statements Continues...
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main toh aam aadmi hun... jo sunta hoon wohi sach maanta hoon
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commnman
Senior Member
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Posted: 10/Jul/2011 at 11:26am |
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______________Rs. in Lacs ____ Increase ____ FY-2011 _____ FY-2010
PROFIT & LOSS ACCOUNT
_______________ Net Sales (31) ____ 51% ___ 24855.63 ____ 16473.28
__ Raw Materials Consumed ____ ____ 53% ___ 18425.02 ____ 12018.58
___ Manufaturing Expenses ____ ____ ___ _____ 499.99 ______ 360.11
___ Increase/Decrease in Stock _____________ (135.78) _____ (65.17)
______ Cost of Goods Sold (32) ____ 53% ___ 18789.23 ____ 12313.52
____________ Gross Profit (33) ____ 46% ____ 6066.40 _____ 4159.76
_______ Repairs to PP & E ___________________ 125.98 ______ 112.51
__________ Employees Cost _________ 25% _____ 753.34 ______ 602.30
_ Administrative Expenses _________ 33% _____ 438.08 ______ 329.12
________ Selling Expenses _________ 65% _____ 758.62 ______ 458.97
__________________ EBITDA (34) ____ 50% ____ 3990.38 _____ 2656.86
____________ Other Income _________ ___ _____ 213.23 ______ 219.18
____________ Depreciation _________ ___ _____ 267.41 ______ 218.16
____________________ PBIT (35) ____ 48% ____ 3936.20 _____ 2657.88
______ Financial Expenses (36) ____ ___ _____ 186.38 ______ 133.95
_______ Profit Before Tax (37) ____ 49% ____ 3749.82 _____ 2523.93
_______________ Total Tax (38) ____ ___ ____ 1222.64 ______ 902.41
______________ NET PROFIT (39) ____ 56% ____ 2527.18 _____ 1621.52
__________ Total Dividend (41) ____ ___ _____ 631.54 ______ 316.66
(Interim + Proposed + Div Tax)
Abstracts from P&L to be used in Ratio Calculations:
_______ Net Sales per Day (45) ____ ___ ______ 68.10 _______ 45.13
_Cost of goods sold / Day (46) ____ ___ ______ 51.48 _______ 33.74
________________ Tax Rate _____________________ 0.33 ________ 0.36
___________________ NOPAT (50) ____ 55% ____ 2637.25 _____ 1701.04
___ (PBIT x (1-Tax rate))
_____________ Diluted EPS (51) _______________ 46.69 _______ 29.95
_____ Net Sales per Share (52) ______________ 459.20 ______ 304.32
______ Dividend per Share (53) _______________ 11.67 ________ 5.85
___ Market Capitalization (54) ____________ 18946.20 (Rs. Lacs)
_(Calculated on CMP Rs. 350/-)
________ Enterprise Value (55) ____________ 17441.50 (Rs. Lacs)
(Calculated by 54 + 12 - 4 above)
______________Rs. in Lacs ____ Increase ____ FY-2011 _____ FY-2010
CASH FLOW STATEMENT
Cash Flow From Operating Activities
_______ Profit before Tax __________________ 3749.82 _____ 2523.94
____________ Depreciation ___________________ 267.41 ______ 218.16
_________ Interest Charge ___________________ (26.32) _____ (5.40)
____ Sale of Fixed Assets ____________________ 18.20 _______ 15.87
______________ Provisions ____________________ 14.90 _______ 49.37
________________ Dividend ____________________ (0.70) ______ (0.58)
Operating Profit b/f Working Capital Changes 4023.31 _____ 2812.16
_______ Trade Receivables __________________ (611.47) ____ (455.89)
_____________ Inventories __________________ (471.80) ____ (284.67)
__________ Trade Payables ___________________ 325.65 _____ 1034.34
_________ Loan & Advances __________________ (130.78) ____ (121.45)
______________ Direct Tax _________________ (1410.60) ____ (825.05)
__ CASH fr Opr ACTIVITIES (60) ___ (20%) ___ 1724.31 _____ 2159.44
__ Cash fr Inv Activities _________________ (1222.63) _____ (90.79)
__ Cash fr Fin Activities __________________ (177.31) ____ (686.54)
____ Net Increase in Cash ___________________ 324.37 _____ 1382.11
_____ Opening Bal of Cash __________________ 1958.16 ______ 576.05
_____ Closing Bal of Cash __________________ 2282.53 _____ 1958.16
Operating Cash Flow per Share (70) ________Rs. 31.90
***/ _________ Financial Ratios Continues...
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main toh aam aadmi hun... jo sunta hoon wohi sach maanta hoon
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commnman
Senior Member
Joined: 28/Jul/2010
Location: India
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Posts: 426
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Posted: 10/Jul/2011 at 11:35am |
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M A Y U R U N I Q U O T E R S L T D - Financial Ratios
Liquidity Measurements
_________________________________________ FY-2011 _______ FY-2010
_____________________ Current Ratio ________ 1.94 __________ 1.73
_____________________ (5 / 11)
_____________ Quick/Acid-Test Ratio ________ 1.56 __________ 1.44
_____________ (4 + 3 / 11)
________________________ Cash Ratio ________ 0.60 __________ 0.58
Cash Conversion Cycle
________ Days Inventory Outstanding ________ 23.7 __________ 24.9
________ (DIO = 16 / 46)
____________ Days Sales Outstanding __________ 42 __________ 52.3
____________ (DSO = 17 / 45)
__________ Days Payable Outstanding ________ 59.5 __________ 70.3
__________ (DPO = 25 / 46)
_____________ Cash Conversion Cycle _________ 6.2 ___________ 6.9
___________ (CCC = DIO + DSO - DPO)
_________________________________________ FY-2011 _______ FY-2010
Profitability Indicators
Profit Margins
____________ Gross Profit Margin % _________ 24.4 __________ 25.3
__________________ EBITDA Margin % ___________ 16 __________ 16.1
______________ Net Profit Margin % _________ 10.2 ___________ 9.8
_____________ Effective Tax Rate % _________ 32.6 __________ 35.8
_______________ Return on Assets % _________ 26.5 __________ 22.7
(RoA 39 / 19 x 100) on Net Profit)
_______________ Return on Assets % _________ 27.6 __________ 23.9
_____(RoA 50 / 19 x 100) on NOPAT)
_______________ Return on Equity % ___________ 49 __________ 45.7
(RoE 39 / 15 x 100) on Net Profit)
_______________ Return on Equity % _________ 51.2 __________ 47.9
_____(RoE 50 / 15 x 100) on NOPAT)
_____ Return on Capital Employed % _________ 43.9 __________ 38.9
(RoCE 39 / 27 x 100) on Net Profit)
_____ Return on Capital Employed % _________ 45.8 __________ 40.8
____(RoCE 50 / 27 x 100) on NOPAT)
_________________________________________ FY-2011 _______ FY-2010
DEBT RATIOS
_____________________ Debt Ratio % ___________ 44 __________ 48.8
___________________ (13 / 9 x 100)
_ Total Liability to Equity Ratio % ________ 78.5 __________ 95.1
_____ (13 / 1 x 100)
____________ Debt to Equity Ratio % ________ 12.8 __________ 10.5
____________ Capitalization Ratio % ________ 11.3 ___________ 9.5
___________ Interest Coverage Ratio ________ 21.1 __________ 19.8
_________________________ (35 / 36)
___________ Cash Flow to Debt Ratio _________ 2.2 ___________ 4.9
___________________________ (24/12)
______________ Fixed Asset Turnover _________ 8.6 ___________ 6.9
_________________________ (31 / 20)
Operating Cash Fl to Sales Ratio % __________ 6.9 __________ 13.1
(24 + 31 x 100)
Free Cash Flow to Operating Cash Flow
(Unable to Calculate Free Cash flow...
Need Senior's Help)
___________ Dividend Payout Ratio % __________ 25 __________ 19.5
___________________ (41 / 39 x 100)
_________________________________________ FY-2011
Investment Valuation Ratios
(@ CMP Rs. 350/-)
____ Price to Book Value (CMP / 28) _________ 3.1
_____ Price to Cash Flow (CMP / 70) __________ 11
______ Price to Earnings (CMP / 51) _________ 7.5
____ Price to Earnings To Growth Ratio - PEG Ratio
(Unable to calculate... Need Senior's help)
___ Price to Sales Ratio (CMP / 52) ________ 0.76
_ Dividend Yield (53 / CMP x 100) % ________ 3.33
_______________ EV/EBITDA (55 / 34) ________ 4.37
Comments Awaited...
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main toh aam aadmi hun... jo sunta hoon wohi sach maanta hoon
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rdyn
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Posted: 11/Jul/2011 at 12:08pm |
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commnmanji, Thanks for this.
The formatting makes it for a very difficult read. Can u paste the same in Google Docs and paste the link here? or use screen captures?
May be the admins should think about switching to a WYSWYG editor in the backend.
Thanks,
Praveen.
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My aim is to read each and every post on TED!
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Jaishrikrishna
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Posted: 11/Jul/2011 at 12:23pm |
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really good Commanman, your efforts are appreciated, what i suggest is, if you have a problem posting the excel sheet, just take a snap, upload it on tinypic.com and just copy paste the img link here, i think it will help.
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Don't Buy and Hold, Buy and Homework / Fish see the bait,but not the hook; Men see the profit, but not the peril.
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rdyn
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Posted: 11/Jul/2011 at 1:17pm |
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@Jaishrikrishnaji, how does Mayur look on the charts?
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My aim is to read each and every post on TED!
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commnman
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Joined: 28/Jul/2010
Location: India
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Posted: 11/Jul/2011 at 1:42pm |
Thanks rdyn & Jaishrikrishna
I don't know how post these things in a Tabular Format 
Can someone teach us how to create table formats here?
Anyway, I have uploaded XL sheet on Google docs...
https://spreadsheets.google.com/spreadsheet/ccc?key=0Ai2QNhqGPqUBdFlNRFZhOG1GdG82bXh2b2FZbXRaeFE&hl=en_US#gid=0
Thanks
@rdyn - your in-box is full?
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Edited by commnman - 11/Jul/2011 at 1:44pm
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main toh aam aadmi hun... jo sunta hoon wohi sach maanta hoon
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rdyn
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Posted: 11/Jul/2011 at 1:48pm |
I too have no clue of how to format tables. I take a screencapture and upload it to tinypic.com. Although time taking, its worth the effort for others to read.
Thanks for posting the spreadsheet. Can u please make the document access rights public or did u make it intentionally make it private  ?
Thanks.
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