TRFL by factica

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									                                                                                              Regd off: 11, Station Road., Burma Mines, Jamshedpur - 831 007
TRF LIMITED                                                                                   E-Mail:    investors@trf.co.in
                                                                                              Web site: www.trf.co.in
                                                                                              Telephone: (0657) 227 1286 Fax: (0657) 227 1075
CAPITAL GOODS                                                                        TATA     Tr agent: TSR Darashaw, H. Moosa Patrawala Ind. Est., E.Moses Rd., Mumbai - 11
Chairman: Jamshed J. Irani                                                       SEC: Prashant Kumar                                    AUD: Deloitte Haskins & Sells
Yr of Inc   B. Code       BL. Code    F.V.         Price        % ch 1-m         % ch 12-m      P/E       P/CF           Yield         Mkt cap              Vol.            ISIN
 1962   505854             TRF:IN     10           480.2          9.7              42.3         13.0         11.9         2.5          5,282.2              11.2       INE391D01019
SHAREHOLDING                                                     FX Transaction    (FY09)                            ADJUSTED DAILY SHARE PRICE DATA
Indian Promoters           : 36.5%               Exports (fob)          Rs m        1,655             (Rs)
Foreign collaborators      :  5.3%               Imports (cif)          Rs m          577
Indian inst/Mut Fund       : 15.5%               Fx inflow              Rs m        1,655       1200
FIIs/GDR                   :  1.7%               Fx outflow             Rs m          594                                                                    DAILY
Free float                 : 41.0%               Net fx                 Rs m        1,061
Shareholders               : 14,210                                                                                                                          100 DMA
                                                                                                 900
                           No. of months                  12            12              12
                             Year ending            31/03/07      31/03/08        31/03/09
EQUITY SHARE DATA
                                                                                                 600
High                                  Rs                 640          2,100          1,222
Low                                   Rs                 239            490            180
Sales per share                       Rs               631.3          811.5        1,316.0
Earnings per share                    Rs                36.7           72.4           73.6       300
Cash flow per share                   Rs                39.1           76.5           80.5
Dividends per share                   Rs                6.00          10.00          12.00
Dividend yield (eoy)                  %                  1.4            0.8             1.7
                                                                                                      0
Book value per share                  Rs               100.5          168.2          226.0
Shares outstanding (eoy)              m                 5.50           5.50           5.50            Aug-06          Jun-07           Feb-08               Nov-08          Aug-09
Bonus/Rights/Conversions                                    -              -              -
Price / Sales ratio                   x                   0.7            1.6            0.5                               No. of months                12           12            12
Avg P/E ratio                         x                 12.0           17.9             9.5                                 Year ending          31/03/07     31/03/08      31/03/09
                                                                                               CASH FLOW
P/CF ratio (eoy)                      x                 11.2           16.9             8.7
Price / Book Value ratio              x                   4.4            7.7            3.1    From Operations                         Rs   m        586               31           -45
Dividend payout                       %                 16.3           13.8           16.3     From Investments                        Rs   m        -55             -376          -119
Avg Mkt Cap                           Rs m             2,417          7,123          3,856     From Financial Activity                 Rs   m       -360              245           208
No. of employees                      `000                  1              1              1    Net Cashflow                            Rs   m        171             -100            44
Total wages/salary                    Rs m               259            397            575
Avg. sales/employee                   Rs Th          4,562.4        4,975.5        7,799.6                                       INTERIM RESULTS
Avg. wages/employee                   Rs Th            340.3          442.6          619.6                                           2QFY09  3QFY09            4QFY09        1QFY10
Avg. net profit/employee              Rs Th            265.4          443.7          436.4     Net sales                   Rs    m       909   1,430             2,395         1,097
                                                                                               Gross profit                Rs    m       139      260              372           122
INCOME DATA                                                                                    Gross profit margin         %            15.3     18.2             15.5          11.1
Net Sales                             Rs     m         3,472            4,463        7,238     Net profit                  Rs    m       110      200              239             65
Other income                          Rs     m             23              18           30     Net profit margin           %            12.1     14.0             10.0            5.9
Total revenues                        Rs     m         3,495            4,481        7,268
Gross profit                          Rs     m           313              514          873
Depreciation                          Rs     m            13               23           38
Interest                              Rs     m             26               27           79
Profit before tax                     Rs     m           297              482          786
Minority Interest                     Rs     m              0             -25             0
Prior Period Items                    Rs     m              0                0            0
Extraordinary Inc (Exp)               Rs     m              9             127         -134
Tax                                   Rs     m           104              186          247
Profit after tax                      Rs     m           202              398          405
Gross profit margin                   %                   9.0            11.5         12.1
Effective tax rate                    %                 35.0             38.6         31.4
Net profit margin                     %                   5.8              8.9          5.6

BALANCE SHEET DATA
Current assets                        Rs m             2,720            4,521        5,784
Current liabilities                   Rs m             2,228            3,168        3,751
Net working cap to sales              %                 14.2             30.3         28.1
Current ratio                         x                   1.2              1.4          1.5
Inventory Turnover                    Days                17               60           57
Debtors Turnover                      Days               180              207          150
Net fixed assets                      Rs m               105              273          367
Share capital                         Rs m                55               55           55
"Free" reserves                       Rs m               495              859        1,182
Net worth                             Rs m               553              925        1,243
Long term debt                        Rs m                  0             277          447
Total assets                          Rs m             2,862            4,952        6,329
Interest coverage                     x                 12.4             18.9         10.9
Debt to equity ratio                  x                   0.0              0.3          0.4
Sales to assets ratio                 x                   1.2              0.9          1.1
Return on assets                      %                 41.2             35.4         28.6
Return on equity                      %                 36.5             43.0         32.6
Return on capital                     %                 60.0             50.8         43.3
Exports to sales                      %                 20.6             17.1         22.9
Imports to sales                      %                   1.3              5.4          8.0
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