Models for Corporate Valuation _XLS_-Smitha P-04106

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Models for Corporate Valuation _XLS_-Smitha P-04106 Powered By Docstoc
					H F C L Infotel Ltd. Mahanagar Telephone Nigam Ltd. Videsh Sanchar Nigam Ltd.

STATEMENT SHOWING THE RETURN ON EQUITY FOR THE BENCHMARK COMP 2000 2001 2002 0.35 -43.5 -53.97 15.28 18.45 14.55 13.61 27 27.9

ASSUMPTION:-SINCE THE ROE FOR HFCL IS NEGATIVE IT HAS BEEN IGNORED IN CALCULATIN

QUITY FOR THE BENCHMARK COMPANIES 2003 2004 -21.68 -572.68 9.24 11.14 14.05 7.31

2005 AVERAGE -132.3 -137.30 8.58 12.87 13.2 17.18 15.03

HAS BEEN IGNORED IN CALCULATING THE AVERAGE ROE

particulars sales cogs ebit less:-intrest ebt tax ebit(1-t) less:-net capex less:-change in wc FCFE

base 2005 807.47 902.6 -95.13 153.97 -249.10 0% -249.10

-249.10

1 952.81 743.20 209.62 314.28 -104.66 0% -104.66 0.00 0.00 -104.66

2 952.81 743.20 209.62 282.85 -73.23 0% -73.23 0.00 0.00 -73.23

FCFE STATEMENT 3 4 5 952.81 952.81 952.81 743.19 744.20 743.19 209.62 209.62 209.62 254.56 229.11 206.20 -44.94 -19.49 3.42 0% 0% 30% -44.94 -19.49 2.40 0.00 0.00 0.00 0.00 0.00 0.00 -44.94 -19.49 2.40

6 952.81 745.20 209.62 185.58 24.04 30% 16.83 0.00 0.00 16.83

7 952.81 743.19 209.62 167.02 42.60 30% 29.82 0.00 0.00 29.82

value of equity per share FCFE STATEMENT 3 4 5 1033.56 1033.56 1033.56 806.18 806.18 806.18 227.38 227.38 227.38 254.56 229.11 206.20 -27.18 -1.73 21.18 0% 0% 30% -27.18 -1.73 14.83 0.00 0.00 0.00 0.00 0.00 0.00 -27.18 -1.73 14.83

particulars sales cogs ebit less:-intrest ebt tax ebit(1-t) less:-net capex less:-change in wc FCFE

base 2005 807.47 902.6 -95.13 153.97 -249.10 0% -249.10

-249.10

1 1033.56 806.18 227.38 314.28 -86.89 0% -86.89 0.00 0.00 -86.89

2 1033.56 806.18 227.38 282.85 -55.47 30% -38.83 0.00 0.00 -38.83

6 7 1033.56 1033.56 806.18 806.18 227.38 227.38 185.58 167.02 41.80 60.36 30% 30% 29.26 42.25 0.00 0.00 0.00 0.00 29.26 42.25

value of equity per share FCFE STATEMENT 3 4 5 1195.06 1195.06 1195.06 932.15 932.15 932.15 262.91 262.91 262.91 254.56 229.11 206.20 8.35 33.80 56.71 30% 30% 30% 5.84 23.66 39.70 0.00 0.00 0.00 0.00 0.00 0.00 5.84 23.66 39.70

particulars sales cogs ebit less:-interest ebt tax ebit(1-t) less:-net capex less:-change in wc FCFE

base 2005 807.47 902.6 -95.13 153.97 -249.10 0% -249.10

-249.10

1 1195.06 932.14 262.91 314.28 -51.36 0% -51.36 0.00 0.00 -51.36

2 1195.06 932.14 262.91 282.85 -19.94 0% -19.94 0.00 0.00 -19.94

6 7 1195.06 1195.06 932.15 932.15 262.91 262.91 185.58 167.02 77.33 95.89 30% 30% 54.13 67.12 0.00 0.00 0.00 0.00 54.13 67.12

value of equity per share

8 9 10 952.81 952.81 952.81 746.20 743.19 747.20 209.62 209.62 209.62 150.32 135.29 121.76 59.30 74.33 87.86 30% 30% 30% 41.51 52.03 61.50 0.00 0.00 0.00 0.00 0.00 0.00 41.51 52.03 61.50 value of equity (401.03*10000000)/1520585484

410.03 2.67

8 9 10 1033.56 1033.56 1033.56 806.18 806.18 806.18 227.38 227.38 227.38 150.32 135.29 121.76 77.06 92.09 105.62 30% 30% 30% 53.94 64.47 73.94 0.00 0.00 0.00 0.00 0.00 0.00 53.94 64.47 73.94 value of equity (492.91*10000000)/1520585484

492.91 3.24

8 9 10 1195.06 1195.06 1195.06 932.15 932.15 932.15 262.91 262.91 262.91 150.32 135.29 121.76 112.59 127.62 141.15 30% 30% 30% 78.82 89.34 98.81 0.00 0.00 0.00 0.00 0.00 0.00 78.82 89.34 98.81 value of equity (658.71*10000000)/1520585484

658.71 4.3

STATEMENT SHOWING PERCENTAGE OF INTEREST TO DEBT 2005 2004 2003 2002 2001 Total Debt 1837.87 1478.46 711.07 351.54 351.72 Interest 153.97 121.76 97.92 71.9 119.35 int % 8.38 8.24 13.77 20.45 33.93

AVERAGE 2000 333.6 95.48 28.62

18.90

Total Debt INT PAID AT 19%

STATEMENT SHOWING THE PROJECTION OF INTEREST PAID FOR TEN YEARS 200503 1 2 3 4 5 6 1837.87 1654.08 1488.67 1339.81 1205.83 1085.24 976.72 153.97 314.28 282.85 254.56 229.11 206.20 185.58

ASSUMPTION:- DEBT IS REPAID AT 10% REDUCING BALANCE

PAID FOR TEN YEARS 7 879.05 167.02

8 791.14 150.32

9 712.03 135.29

10 640.83 121.76

PROJECTION OF-BALANCE SHEET AT GROWTH RATE OF 48%- Tata Teleservices (Maharashtr 200503 SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Capital Work in Progress Current Assets, Loans & Advances Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Total Assets 1 2 3 4 5

1490.97 2206.64 3265.82 -1534.67 -2271.31 -3361.54 -43.7 -64.7 -95.7 1091.51 1615.43 2390.84 746.36 1104.61 1634.83 1837.87 2720.048 4025.67 1794.17 2655.37 3929.95

4833.41 7153.45 10587.11 -4975.08 -7363.12 -10897.42 -141.7 -209.7 -310.3 3538.45 5236.90 7750.62 2419.54 3580.92 5299.77 5957.9923 8817.8285 13050.39 5816.33 8608.16 12740.08

3232.80 980.79 2252.01 240.37 142.29 82.02 142.29 366.60

4784.54 7081.13 1451.57 2148.32 3332.97 4932.80 355.75 526.51 210.59 121.39 210.59 542.57 311.67 179.66 311.67 803.00

10480.07 3179.52 7300.55 779.23 461.27 265.89 461.27 1188.44 3155.75 296.14 3451.8925 -2263.45 5816.33

15510.50 22955.53 4705.69 6964.41 10804.81 15991.12 1153.26 1706.82 682.69 393.52 682.69 1758.89 1010.38 582.41 1010.38 2603.16

973.46 1440.72 2132.27 91.35 135.20 200.09 1064.81 1575.919 2332.36 -698.21 -1033.35 -1529.36 1794.17 2655.37 3929.95

4670.52 6912.37 438.28 648.66 5108.801 7561.025 -3349.91 -4957.86 8608.16 12740.08

eleservices (Maharashtra) Ltd (Curr: Rs in Cr.) 6 7 8 9 10

15668.92 23190.01 34321.21 50795.40 75177.18 -16128.18 -23869.70 -35327.16 -52284.20 -77380.61 -459.3 -679.7 -1005.9 -1488.8 -2203.4 11470.91 16976.95 25125.89 37186.32 55035.75 7843.66 11608.61 17180.75 25427.51 37632.71 19314.57 28585.566 42306.638 62613.824 92668.459 18855.32 27905.87 41300.69 61125.02 90465.03

33974.19 10307.33 23666.86 2526.10 1495.36 861.97 1495.36 3852.68

50281.80 15254.85 35026.95 3738.63 2213.13 1275.71 2213.13 5701.96

74417.07 110137.26 163003.15 22577.18 33414.23 49453.06 51839.89 76723.03 113550.09 5533.17 8189.09 12119.85 3275.43 1888.05 3275.43 8438.91 4847.63 2794.31 4847.63 12489.58 7174.50 4135.58 7174.50 18484.58 49083.47 4606.02 53689.49 -35204.91 90465.03

10230.30 15140.85 22408.45 33164.51 960.02 1420.82 2102.82 3112.17 11190.32 16561.67 24511.272 36276.682 -7337.64 -10859.71 -16072.37 -23787.10 18855.32 27905.87 41300.69 61125.02

PROJECTION OF-BALANCE SHEET AT GROWTH RATE OF 28%- Tata Teleservices (Maharashtra) L 200503 SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Capital Work in Progress Current Assets, Loans & Advances Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Total Assets 1 2 3 4 5

1490.97 1908.44 2442.81 3126.79 4002.29 5122.93 -1534.67 -1964.38 -2514.40 -3218.44 -4119.60 -5273.09 -43.7 -55.9 -71.6 -91.6 -117.3 -150.2 1091.51 1397.13 1788.33 2289.06 2930.00 3750.40 746.36 955.34 1222.84 1565.23 2003.49 2564.47 1837.87 2352.474 3011.17 3854.29 4933.49 6314.873 1794.17 2296.54 2939.57 3762.65 4816.19 6164.72

3232.80 980.79 2252.01 240.37 142.29 82.02 142.29 366.60

4137.98 5296.62 6779.67 8677.98 11107.82 1255.41 1606.93 2056.87 2632.79 3369.97 2882.57 3689.69 4722.81 6045.19 7737.85 307.67 393.82 504.09 645.24 825.91 182.13 104.99 182.13 469.25 233.13 134.38 233.13 600.64 298.40 172.01 298.40 768.82 381.96 220.17 381.96 984.08 488.90 281.82 488.90 1259.63

973.46 1246.03 1594.92 2041.49 2613.11 3344.78 91.35 116.93 149.67 191.57 245.22 313.88 1064.81 1362.957 1744.58 2233.07 2858.33 3658.659 -698.21 -893.71 -1143.95 -1464.25 -1874.24 -2399.03 1794.17 2296.54 2939.57 3762.65 4816.19 6164.72

eleservices (Maharashtra) Ltd (Curr: Rs in Cr.) 6 7 8 9 13751.77 -14154.83 -403.1 10067.40 6883.96 16951.36 10 17602.27 -18118.19 -515.9 12886.28 8811.46 21697.74

6557.36 8393.41 10743.57 -6749.55 -8639.42 -11058.46 -192.2 -246.0 -314.9 4800.51 6144.66 7865.16 3282.53 4201.63 5378.09 8083.038 10346.29 13243.249 7890.84 10100.28

12928.36 16548.30 21181.82

14218.00 18199.05 4313.56 5521.36 9904.44 12677.69 1057.16 1353.16 625.80 360.73 625.80 1612.32 801.02 461.73 801.02 2063.77

23294.78 29817.32 38166.17 7067.34 9046.19 11579.12 16227.44 20771.13 26587.04 1732.05 2217.02 2837.79 1025.31 591.02 1025.31 2641.63 1312.39 756.50 1312.39 3381.29 1679.86 968.32 1679.86 4328.05

4281.32 5480.09 7014.52 8978.58 11492.59 401.76 514.25 658.25 842.56 1078.47 4683.084 5994.347 7672.7647 9821.139 12571.06 -3070.76 -3930.57 -5031.13 -6439.85 -8243.01 7890.84 10100.28 12928.36 16548.30 21181.82

Net Sales

Tata Teleservices (Maharashtra) Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 200103 (12) 200003 (12) 807.47 597.5 359.59 252.5 139.23 63.81 x log x 0.339

2001/2000

2.18

2002/2001

1.81

0.259 gm=antilog((sum of log x)/n)

2003/2002

1.42

0.154

gm=

antilog of 0.220 = 1.66-1

1.66 0.66 66%

2004/2003

1.66

0.221

2005/2004 sum of log x sum of log x / n

1.35

0.131 1.102 0.220

Net Sales

HFCL Infotel Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 253.32 191.67 89.42 12.1 x log x -0.254

200103 (12) 200003 (12) 19.67 35.32

2001/2000

0.56

2002/2001

0.62

-0.211 gm=antilog((sum of log x)/n)

2003/2002

7.39

0.869

gm=

antilog of 0.171 = 1.48-1

1.48 0.48 48%

2004/2003

2.14

0.331

2005/2004 sum of log x sum of log x / n

1.32

0.121 0.856 0.171

Videsh Sanchar Nigam Ltd (Curr: Rs in Cr.)

Net Sales

200503 (12) 200403 (12) 200303 (12) 200203 (12) 3303.04 3164.2 4538.55 6508.09 x log x 0.020

200103 (12) 200003 (12) 7297.51 6967.59

2001/2000

1.05

2002/2001

0.89

-0.050 gm=antilog((sum of log x)/n)

2003/2002

0.70

-0.157

gm=

antilog of -0.065 = 0.86-1

0.86 -0.14 -14%

2004/2003

0.70

-0.157

2005/2004 sum of log x sum of log x / n

1.04

0.019 -0.324 -0.065

Mahanagar Telephone Nigam Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 5592.39 6369.6 5806.53 6143.72 x 2001/2000 1.12 log x 0.048 200103 (12) 200003 (12) 5784.58 5182.2

Net Sales

2002/2001

1.06

0.026 gm=antilog((sum of log x)/n)

2003/2002

0.95

-0.025

gm=

antilog of 0.007 = 1.016-1

1.016 0.016 2%

2004/2003

1.10

0.040

2005/2004 sum of log x sum of log x / n

0.88

-0.057 0.033 0.007

PROJECTION OF-BALANCE SHEET AT GROWTH RATE OF 18%- Tata Teleservices (Maharashtra) Lt 200503 SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Capital Work in Progress Current Assets, Loans & Advances Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Total Assets 1 2 3 4 5

1490.97 1759.345 2076.03 2449.71 2890.66 3410.98 -1534.67 -1810.91 -2136.9 -2521.5 -2975.4 -3511 -43.7 -51.6 -60.8 -71.8 -84.7 -100.0 1091.51 1288.0 1519.8 1793.4 2116.2 2497.1 746.36 880.7 1039.2 1226.3 1447.0 1707.5 1837.87 2168.687 2559.05 3019.68 3563.22 4204.6 1794.17 2117.12 2498.20 2947.88 3478.50 4104.63

3232.80 980.79 2252.01 240.37 142.29 82.02 142.29 366.60

3814.70 4501.35 5311.59 6267.68 7395.86 1157.33 1365.65 1611.47 1901.53 2243.81 2657.37 3135.70 3700.12 4366.15 5152.05 283.64 334.69 394.94 466.02 549.91 167.90 96.78 167.90 432.59 198.12 114.20 198.12 510.45 233.79 134.76 233.79 602.34 275.87 159.02 275.87 710.76 325.53 187.64 325.53 838.69

973.46 1148.68 1355.45 1599.43 1887.32 2227.04 91.35 107.79 127.20 150.09 177.11 208.99 1064.81 1256.476 1482.64 1749.52 2064.43 2436.03 -698.21 -823.89 -972.19 -1147.18 -1353.67 -1597.34 1794.17 2117.12 2498.20 2947.88 3478.50 4104.63

eleservices (Maharashtra) Ltd (Curr: Rs in Cr.) 6 7 8 9 10

4024.95 4749.446 5604.3463 6613.129 7803.492 -4142.9 -4888.65 -5768.608 -6806.96 -8032.21 -118.0 -139.2 -164.3 -193.8 -228.7 2946.6 3477.0 4102.8 4841.3 5712.8 2014.8 2377.5 2805.5 3310.4 3906.3 4961.43 5854.487 6908.2946 8151.788 9619.109 4843.46 5715.28 6744.03 7957.96 9390.39

8727.12 10298.00 2647.70 3124.28 6079.42 7173.72 648.89 765.69 384.12 221.42 384.12 989.66 453.26 261.27 453.26 1167.79

12151.64 14338.94 16919.94 3686.65 4350.25 5133.29 8464.99 9988.69 11786.65 903.52 1066.15 1258.06 534.85 308.30 534.85 1378.00 631.12 363.80 631.12 1626.04 744.72 429.28 744.72 1918.72 5094.93 478.11 5573.04 -3654.32 9390.39

2627.91 3100.93 3659.10 4317.74 246.60 290.99 343.37 405.18 2874.51 3391.924 4002.4709 4722.916 -1884.86 -2224.13 -2624.47 -3096.88 4843.46 5715.28 6744.03 7957.96

statement showing the percentage of expenditure to sales Tata Teleservices (Maharashtra) Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 200103 (12) Net Sales 807.47 597.5 359.59 252.5 139.23 Total Expenditure 902.6 597.92 308.18 245.35 211.87 exp as % of sales 111.78 100.07 85.70 97.17 152.17

statement showing the percentage of expenditure to sales - HFCL Infotel Ltd (Curr: Rs in Cr.) Net Sales Total Expenditure exp as % of sales 253.32 199.4 78.71 191.67 173.55 90.55 89.42 111.43 124.61 12.1 15.28 126.28 19.67 14.09 71.63

statement showing the percentage of expenditure to sales - Videsh Sanchar Nigam Ltd (Curr: Rs in Cr.) Net Sales Total Expenditure exp as % of sales 3303.04 2639.44 79.91 3164.2 2736.97 86.50 4538.55 3418.17 75.31 6508.09 4884.1 75.05 7297.51 5385.3 73.80

statement showing the percentage of expenditure to sales - Mahanagar Telephone Nigam Ltd (Curr: Rs in Cr.) Net Sales Total Expenditure exp as % of sales 5592.39 4464.27 79.83 6369.6 4465.12 70.10 5806.53 3969.14 68.36 6143.72 3758.74 61.18 5784.58 3621.87 62.61

COGS avg of all three companies vsnl 78.74 hfcl 87.18 mtnl 67.91 cogs% 77.94

tra) Ltd (Curr: Rs in Cr.) average 200003 (12) 63.81 181.64 284.66 138.59

(Curr: Rs in Cr.) 35.32 11.06 31.31 Ltd (Curr: Rs in Cr.) 6967.59 5705.96 81.89

average

87.18 average

78.74 average

am Ltd (Curr: Rs in Cr.) 5182.2 3389.36 65.40

67.91

Statement showing return on capital employed for benchmark companies H F C L Infotel Ltd. Mar-00 Mar-00 capital_employed pbit/capital_employed*100 102.5 16.32 Mar-01 Mar-01 capital_employed pbit/capital_employed*100 57.7 -2.7 Mar-02 Mar-02 capital_employed pbit/capital_employed*100 51.02 -3.72 Mar-03 Mar-03 capital_employed pbit/capital_employed*100 721.83 4.58 Mar-04 Mar-04 capital_employed pbit/capital_employed*100 660.83 -6.26 Mar-05 Mar-05 capital_employed pbit/capital_employed*100 773.34 -3.49 avg roce 0.79

Mar-00 pbit 16.73 Mar-01 pbit -1.56 Mar-02 pbit -1.9 Mar-03 pbit 33.04 Mar-04 pbit -41.34 Mar-05 pbit -26.96

Mar-00 pbit 1485.62 Mar-01 pbit 2576.99 Mar-02 pbit 2107.01 Mar-03 pbit 1840.78 Mar-04 pbit 1084.86 Mar-05 pbit 1304.87 avg roce

Mahanagar Telephone Nigam Ltd. Mar-00 Mar-00 Mar-00 pbit capital_employed pbit/capital_employed*100 1703.57 10210.58 16.68 Mar-01 Mar-01 Mar-01 pbit 1734.89 Mar-02 pbit 1857.71 Mar-03 pbit 1293.8 Mar-04 pbit 1645.64 Mar-05 pbit 1251.42 capital_employed 11229.15 Mar-02 capital_employed 11558.64 Mar-03 capital_employed 9496.98 Mar-04 capital_employed 10327.64 Mar-05 capital_employed 10943.84 avg roce pbit/capital_employed*100 15.45 Mar-02 pbit/capital_employed*100 16.07 Mar-03 pbit/capital_employed*100 13.62 Mar-04 pbit/capital_employed*100 15.93 Mar-05 pbit/capital_employed*100 11.43 14.86

employed for benchmark companies Videsh Sanchar Nigam Ltd. Mar-00 Mar-00 capital_employed pbit/capital_employed*100 6178.78 24.04 Mar-01 Mar-01 capital_employed pbit/capital_employed*100 6588.75 39.11 Mar-02 Mar-02 capital_employed pbit/capital_employed*100 5043.98 41.77 Mar-03 Mar-03 capital_employed pbit/capital_employed*100 5550.42 33.16 Mar-04 Mar-04 capital_employed pbit/capital_employed*100 5230.18 20.74 Mar-05 Mar-05 capital_employed pbit/capital_employed*100 5728.05 22.78 avg roce 30.27

vsnl mtnl hfcl

30.27 14.86 0.79

average(wacc)

15.31

particulars sales cogs ebit less interest ebt tax ebit(1-t) less:-net capex less:-change in wc fcff

base 2005 0.9 1.59 -0.69 0.10 -0.79 0% -0.79

-0.79

1 1.17 0.78 0.39 0.06 0.32 30% 0.23 0.00 0.00 0.23

FCFF STATEMENT AT 30% GROWTH RATE 2 3 4 5 6 1.52 1.98 2.57 3.34 4.34 1.02 1.32 1.72 2.24 2.91 0.50 0.65 0.85 1.10 1.43 0.06 0.05 0.05 0.04 0.04 0.45 0.60 0.80 1.06 1.40 30% 30% 30% 30% 30% 0.31 0.42 0.56 0.74 0.98 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.31 0.42 0.56 0.74 0.98

terminal value 7 5.65 3.78 1.86 0.03 1.83 30% 1.28 0.00 0.00 1.28 8 9 10 7.34 9.54 12.41 4.92 6.39 8.31 2.42 3.15 4.09 0.03 0.03 0.02 2.39 3.12 4.07 30% 30% 30% 1.68 2.19 2.85 0.00 0.00 0.00 0.00 0.00 0.00 1.68 2.19 2.85 value of equity (2.66*10000000)/7642995

value of equity per share STATEMENT SHOWING FCFE CALCULATION 2 3 4 5 6 1.26 1.26 1.26 1.26 1.26 0.84 0.84 0.84 0.84 0.84 0.42 0.42 0.42 0.42 0.42 0.06 0.05 0.05 0.04 0.04 0.36 0.37 0.37 0.38 0.38 30% 30% 30% 30% 30% 0.26 0.26 0.26 0.27 0.27 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.26 0.26 0.26 0.27 0.27

38.98 2.66 3.40

particulars sales cogs ebit less:-interest ebt tax ebit(1-t) less:-net capex less:-change in wc fcff

base 2005 0.9 1.59 -0.69 0.10 -0.79 0% -0.79

-0.79

1 1.26 0.84 0.42 0.06 0.35 30% 0.25 0.00 0.00 0.25

7 1.26 0.84 0.42 0.03 0.39 30% 0.27 0.00 0.00 0.27

value of equity per share STATEMENT SHOWING FCFE CALCULATION 2 3 4 5 6 1.35 1.35 1.35 1.35 1.35 0.90 0.90 0.90 0.90 0.90 0.45 0.45 0.45 0.45 0.45 0.06 0.05 0.05 0.04 0.04 0.39 0.40 0.40 0.41 0.41 30% 30% 30% 30% 30% 0.28 0.28 0.28 0.29 0.29 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.28 0.28 0.28 0.29 0.29

8 9 10 1.26 1.26 1.26 0.84 0.84 0.84 0.42 0.42 0.42 0.03 0.03 0.02 0.39 0.39 0.40 30% 30% 30% 0.27 0.28 0.28 0.00 0.00 0.00 0.00 0.00 0.00 0.27 0.28 0.28 value of equity (0.84*10000000)/7642995

0.84 1.09

particulars sales cogs ebit less:-interest ebt tax ebit(1-t) less:-net capex less:-change in wc fcff

base 2005 0.9 1.59 -0.69 0.10 -0.79 0% -0.79

-0.79

1 1.35 0.90 0.45 0.06 0.38 30% 0.27 0.00 0.00 0.27

7 1.35 0.90 0.45 0.03 0.42 30% 0.29 0.00 0.00 0.29

value of equity per share

8 9 10 1.35 1.35 1.35 0.90 0.90 0.90 0.45 0.45 0.45 0.03 0.03 0.02 0.42 0.42 0.43 30% 30% 30% 0.29 0.30 0.30 0.00 0.00 0.00 0.00 0.00 0.00 0.29 0.30 0.30 value of equity (0.90*10000000)/7642995

0.90 1.17

STATEMENT SHOWING EXPENDITURE AS A PERCENT OF SALES- Odyssey Technologies Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) Net Sales 0.9 0.52 0.61 0.99 Total Expenditure 1.59 2.69 2.22 6.41 exp as % of sales 176.67 517.31 363.93 647.47

STATEMENT SHOWING EXPENDITURE AS A PERCENT OF SALES- Wipro Ltd (Curr: Rs in Cr.) Net Sales 7233.16 5132.68 3984.81 3416.15 Total Expenditure 5388.26 4034.39 3038.15 2463.07 exp as % of sales 74.49 78.60 76.24 72.10

STATEMENT SHOWING EXPENDITURE AS A PERCENT OF SALES- Infosys Technologies Ltd (Curr: Rs in Cr.) Net Sales 6860 4760.89 3622.69 2603.59 Total Expenditure 4534 3186.16 2379.92 1565.25 exp as % of sales 66.09 66.92 65.69 60.12

STATEMENT SHOWING EXPENDITURE AS A PERCENT OF SALES-Satyam Computer Services Ltd (Curr: Rs in Cr Net Sales 3464.22 2541.54 2023.65 1731.94 Total Expenditure 2594.94 1880.64 1581.45 1192.15 exp as % of sales 74.91 74.00 78.15 68.83 COGS avg of all three companies wipro infy satyam cogs% 77.3 63.47 70.59 67.03

Technologies Ltd (Curr: Rs in Cr.) average 200103 (12) 200003 (12) 4.67 0.58 4.03 1.38 86.30 237.93 338.27

Wipro Ltd (Curr: Rs in Cr.) 3051.23 2252.89 73.84

average 2273.56 2012.51 88.52

77.30

Technologies Ltd (Curr: Rs in Cr.) average 1900.57 882.33 1150.43 542.17 60.53 61.45 63.47

mputer Services Ltd (Curr: Rs in Cr.) average 1219.99 672.81 774.97 431.34 63.52 64.11 70.59

STATEMENT SHOWING PROJECTION OF BALANCE SHEET AT 40% GROWTH RATE - Odyssey Technologies Ltd (Cu 200503 SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less:Accumulated Depreciation Net Block Investments Current Assets, Loans & Advances Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax Total Assets 7.64 -7.11 0.53 0.14 0.38 0.52 1.05 1 10.70 -9.95 0.74 0.20 0.53 0.73 1.47 2 14.97 -13.94 1.04 0.27 0.74 1.02 2.06 3 20.96 -19.51 1.45 0.38 1.04 1.43 2.88 4 29.35 -27.31 2.04 0.54 1.46 2.00 4.03 5 41.09 -38.24 2.85 0.75 2.04 2.80 5.65 6 57.53 -53.54 3.99 1.05 2.86 3.92 7.91 7 80.54 -74.95 5.59 1.48 4.01 5.48 11.07

2.53 2.06 0.47 1.32 0.41 0.01 0.22 0.64 0.5 0.88 1.38 -0.74 0.03 0 0.03 -0.03 1.05

3.54 2.88 0.66 1.85 0.57 0.01 0.31 0.90 0.70 1.23 1.93 -1.04 0.04 0.00 0.04 -0.04 1.47

4.96 4.04 0.92 2.59 0.80 0.02 0.43 1.25 0.98 1.72 2.70 -1.45 0.06 0.00 0.06 -0.06 2.06

6.94 5.65 1.29 3.62 1.13 0.03 0.60 1.76 1.37 2.41 3.79 -2.03 0.08 0.00 0.08 -0.08 2.88

9.72 7.91 1.81 5.07 1.58 0.04 0.85 2.46 1.92 3.38 5.30 -2.84 0.12 0.00 0.12 -0.12 4.03

13.61 11.08 2.53 7.10 2.21 0.05 1.18 3.44 2.69 4.73 7.42 -3.98 0.16 0.00 0.16 -0.16 5.65

19.05 15.51 3.54 9.94 3.09 0.08 1.66 4.82 3.76 6.63 10.39 -5.57 0.23 0.00 0.23 -0.23 7.91

26.67 21.72 4.95 13.91 4.32 0.11 2.32 6.75 5.27 9.28 14.55 -7.80 0.32 0.00 0.32 -0.32 11.07

ologies Ltd (Curr: Rs in Cr.) 8 112.75 -104.93 7.82 2.07 5.61 7.67 15.50 9 157.85 -146.90 10.95 2.89 7.85 10.74 21.69 10 220.99 -205.66 15.33 4.05 10.99 15.04 30.37

37.34 30.40 6.94 19.48 6.05 0.15 3.25 9.45 7.38 12.99 20.37 -10.92 0.44 0.00 0.44 -0.44 15.50

52.27 42.56 9.71 27.27 8.47 0.21 4.55 13.22 10.33 18.18 28.51 -15.29 0.62 0.00 0.62 -0.62 21.69

73.18 59.59 13.59 38.18 11.86 0.29 6.36 18.51 14.46 25.45 39.92 -21.40 0.87 0.00 0.87 -0.87 30.37

STATEMENT SHOWING PROJECTION OF BALANCE SHEET AT 50% GROWTH RATE - Odyssey Technologies 200503 SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less:Accumulated Depreciation Net Block Investments Current Assets, Loans & Advances Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax Total Assets 7.64 -7.11 0.53 0.14 0.38 0.52 1.05 1 11.46 -10.67 0.79 0.21 0.57 0.78 1.58 2 17.19 -16.00 1.19 0.32 0.86 1.17 2.36 3 25.79 -24.00 1.79 0.47 1.28 1.76 3.54 4 38.68 -35.99 2.68 0.71 1.92 2.63 5.32 5 58.02 -53.99 4.02 1.06 2.89 3.95 7.97 6 87.02 -80.99 6.04 1.59 4.33 5.92 11.96

2.53 2.06 0.47 1.32 0.41 0.01 0.22 0.64 0.5 0.88 1.38 -0.74 0.03 0 0.03 -0.03 1.05

3.80 3.09 0.71 1.98 0.62 0.02 0.33 0.96 0.75 1.32 2.07 -1.11 0.05 0.00 0.05 -0.05 1.58

5.69 4.64 1.06 2.97 0.92 0.02 0.50 1.44 1.13 1.98 3.11 -1.67 0.07 0.00 0.07 -0.07 2.36

8.54 6.95 1.59 4.46 1.38 0.03 0.74 2.16 1.69 2.97 4.66 -2.50 0.10 0.00 0.10 -0.10 3.54

12.81 10.43 2.38 6.68 2.08 0.05 1.11 3.24 2.53 4.46 6.99 -3.75 0.15 0.00 0.15 -0.15 5.32

19.21 15.64 3.57 10.02 3.11 0.08 1.67 4.86 3.80 6.68 10.48 -5.62 0.23 0.00 0.23 -0.23 7.97

28.82 23.46 5.35 15.04 4.67 0.11 2.51 7.29 5.70 10.02 15.72 -8.43 0.34 0.00 0.34 -0.34 11.96

E - Odyssey Technologies Ltd (Curr: Rs in Cr.) 7 130.54 -121.48 9.06 2.39 6.49 8.88 17.94 8 195.80 -182.22 13.58 3.59 9.74 13.33 26.91 9 293.71 -273.33 20.37 5.38 14.61 19.99 40.37 10 440.56 -410.00 30.56 8.07 21.91 29.99 60.55

43.23 35.20 8.03 22.55 7.01 0.17 3.76 10.94 8.54 15.04 23.58 -12.64 0.51 0.00 0.51 -0.51 17.94

64.84 52.80 12.05 33.83 10.51 0.26 5.64 16.40 12.81 22.55 35.37 -18.97 0.77 0.00 0.77 -0.77 26.91

97.26 79.19 18.07 50.75 15.76 0.38 8.46 24.60 19.22 33.83 53.05 -28.45 1.15 0.00 1.15 -1.15 40.37

145.89 118.79 27.10 76.12 23.64 0.58 12.69 36.91 28.83 50.75 79.58 -42.67 1.73 0.00 1.73 -1.73 60.55

STATEMENT SHOWING PROJECTION OF BALANCE SHEET AT 30% GROWTH RATE - Odyssey Technologies 200503 SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less:Accumulated Depreciation Net Block Investments Current Assets, Loans & Advances Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Deferred Tax Assets Deferred Tax Liabilities Net Deferred Tax Total Assets 7.64 -7.11 0.53 0.14 0.38 0.52 1.05 1 9.93 -9.24 0.69 0.18 0.49 0.68 1.37 2 12.91 -12.02 0.90 0.24 0.64 0.88 1.77 3 16.79 -15.62 1.16 0.31 0.83 1.14 2.31 4 21.82 -20.31 1.51 0.40 1.09 1.49 3.00 5 28.37 -26.40 1.97 0.52 1.41 1.93 3.90 6 36.88 -34.32 2.56 0.68 1.83 2.51 5.07

2.53 2.06 0.47 1.32 0.41 0.01 0.22 0.64 0.5 0.88 1.38 -0.74 0.03 0 0.03 -0.03 1.05

3.29 2.68 0.61 1.72 0.53 0.01 0.29 0.83 0.65 1.14 1.79 -0.96 0.04 0.00 0.04 -0.04 1.37

4.28 3.48 0.79 2.23 0.69 0.02 0.37 1.08 0.85 1.49 2.33 -1.25 0.05 0.00 0.05 -0.05 1.77

5.56 4.53 1.03 2.90 0.90 0.02 0.48 1.41 1.10 1.93 3.03 -1.63 0.07 0.00 0.07 -0.07 2.31

7.23 5.88 1.34 3.77 1.17 0.03 0.63 1.83 1.43 2.51 3.94 -2.11 0.09 0.00 0.09 -0.09 3.00

9.39 7.65 1.75 4.90 1.52 0.04 0.82 2.38 1.86 3.27 5.12 -2.75 0.11 0.00 0.11 -0.11 3.90

12.21 9.94 2.27 6.37 1.98 0.05 1.06 3.09 2.41 4.25 6.66 -3.57 0.14 0.00 0.14 -0.14 5.07

E - Odyssey Technologies Ltd (Curr: Rs in Cr.) 7 47.94 -44.61 3.33 0.88 2.38 3.26 6.59 8 62.32 -58.00 4.32 1.14 3.10 4.24 8.57 9 81.02 -75.40 5.62 1.48 4.03 5.51 11.13 10 105.32 -98.02 7.31 1.93 5.24 7.17 14.48

15.88 12.93 2.95 8.28 2.57 0.06 1.38 4.02 3.14 5.52 8.66 -4.64 0.19 0.00 0.19 -0.19 6.59

20.64 16.80 3.83 10.77 3.34 0.08 1.79 5.22 4.08 7.18 11.26 -6.04 0.24 0.00 0.24 -0.24 8.57

26.83 21.85 4.98 14.00 4.35 0.11 2.33 6.79 5.30 9.33 14.63 -7.85 0.32 0.00 0.32 -0.32 11.13

34.88 28.40 6.48 18.20 5.65 0.14 3.03 8.82 6.89 12.13 19.02 -10.20 0.41 0.00 0.41 -0.41 14.48

STATEMENT SHOWING RETURN ON CAPITAL EMPLOYED FOR BENCHMARKING COMPANIES Infosys Technologies Ltd. Mar-00 Mar-00 capital_employed pbit/capital_employed*100 833.3 40.01 Mar-01 Mar-01 capital_employed pbit/capital_employed*100 1389.64 50.53 Mar-02 Mar-02 capital_employed pbit/capital_employed*100 2080.31 45.76 Mar-03 Mar-03 capital_employed pbit/capital_employed*100 2860.65 41.95 Mar-04 Mar-04 capital_employed pbit/capital_employed*100 3253.43 46.43 Mar-05 Mar-05 capital_employed pbit/capital_employed*100 5242 43.21 roce 44.65 Wipro Ltd. Mar-00 capital_employed 713.88 Mar-01 capital_employed 1900.34 Mar-02 capital_employed 2538.89 Mar-03 capital_employed 3350.38 Mar-04 capital_employed 3514.09 Mar-05 capital_employed 4933.12 roce

Mar-00 pbit 333.4 Mar-01 pbit 702.24 Mar-02 pbit 951.86 Mar-03 pbit 1200.1 Mar-04 pbit 1510.6 Mar-05 pbit 2265 avg

Mar-00 pbit 314.97 Mar-01 pbit 771.31 Mar-02 pbit 977.23 Mar-03 pbit 951.17 Mar-04 pbit 1060.9 Mar-05 pbit 1755.49 avg

Mar-00 pbit/capital_employed*100 44.12 Mar-01 pbit/capital_employed*100 40.59 Mar-02 pbit/capital_employed*100 38.49 Mar-03 pbit/capital_employed*100 28.39 Mar-04 pbit/capital_employed*100 30.19 Mar-05 pbit/capital_employed*100 35.59 36.23

Mar-00 pbit -0.81 Mar-01 pbit 0.4 Mar-02 pbit -5.22 Mar-03 pbit -1.73 Mar-04 pbit -2.24 Mar-05 pbit -0.82 AVG

Odyssey Technologies Ltd. Mar-00 Mar-00 capital_employed pbit/capital_employed*100 5.36 -15.11 Mar-01 Mar-01 capital_employed pbit/capital_employed*100 5.99 6.68 Mar-02 Mar-02 capital_employed pbit/capital_employed*100 4.77 -109.43 Mar-03 Mar-03 capital_employed pbit/capital_employed*100 3.26 -53.07 Mar-04 Mar-04 capital_employed pbit/capital_employed*100 1.32 -169.7 Mar-05 Mar-05 capital_employed pbit/capital_employed*100 1.02 -80.39 ROCE -70.17

Mar-00 pbit 176.87 Mar-01 pbit 539.24 Mar-02 pbit 524.02 Mar-03 pbit 411.68 Mar-04 pbit 704.12 Mar-05 pbit 923.43 avg

Satyam Computer Services Ltd. Mar-00 Mar-00 capital_employed pbit/capital_employed*100 641.4 27.58 Mar-01 Mar-01 capital_employed pbit/capital_employed*100 950.42 56.74 Mar-02 Mar-02 capital_employed pbit/capital_employed*100 1936.25 27.06 Mar-03 Mar-03 capital_employed pbit/capital_employed*100 2153.24 19.12 Mar-04 Mar-04 capital_employed pbit/capital_employed*100 2588.06 27.21 Mar-05 Mar-05 capital_employed pbit/capital_employed*100 3226.89 28.62 roce 31.06

WIPRO INFY SATYAM WACC(AVG)

36.23 44.65 31.06 37.31

Odyssey Technologies Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 0.9 0.52 0.61 0.99 x 2001/2000 8.05 log x 0.906 200103 (12) 200003 (12) 4.67 0.58

Net Sales

2002/2001

0.21

-0.674 gm=antilog((sum of log x)/n)

2003/2002

0.62

-0.210

gm=

antilog of 0.038 = 1.091-1

1.091 0.09 9%

2004/2003

0.85

-0.069

2005/2004 sum of log x sum of log x / n

1.73

0.238 0.191 0.038

Wipro Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 7233.16 5132.68 3984.81 3416.15 x 2001/2000 1.34 log x 0.128 200103 (12) 200003 (12) 3051.23 2273.56

Net Sales

2002/2001

1.12

0.049 gm=antilog((sum of log x)/n)

2003/2002

1.17

0.067

gm=

antilog of 0.101 = 1.26-1

1.26 0.26 26%

2004/2003

1.29

0.110

2005/2004 sum of log x sum of log x / n

1.41

0.149 0.503 0.101

Infosys Technologies Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 6860 4760.89 3622.69 2603.59 x 2001/2000 2.15 log x 0.333 200103 (12) 200003 (12) 1900.57 882.33

Net Sales

2002/2001

1.37

0.137 gm=antilog((sum of log x)/n)

2003/2002

1.39

0.143

gm=

antilog of 0.178 = 1.507-1

1.507 0.51 51%

2004/2003

1.31

0.119

2005/2004 sum of log x sum of log x / n

1.44

0.159 0.891 0.178

Satyam Computer Services Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 3464.22 2541.54 2023.65 1731.94 x 2001/2000 1.81 log x 0.258 200103 (12) 200003 (12) 1219.99 672.81

Net Sales

2002/2001

1.42

0.152 gm=antilog((sum of log x)/n)

2003/2002

1.17

0.068

gm=

antilog of 0.142 = 1.39-1

1.39 0.39 39%

2004/2003

1.26

0.099

2005/2004 sum of log x sum of log x / n

1.36

0.135 0.712 0.142

Company Name Odyssey Technologies Ltd. Satyam Computer Services Ltd. Wipro Ltd. Infosys Technologies Ltd.

STATEMENT SHOWING RETURN ON EQUITY FOR THE BENCHMARK COMPANIE Mar-00 Mar-01 Mar-02 ROE ROE ROE -15.11 6.45 -115.51 37.13 59.82 23.28 36.52 35.04 34.2 35.22 45.25 38.84

ROE=PAT/NETWORTH*100

QUITY FOR THE BENCHMARK COMPANIES Mar-03 Mar-04 ROE ROE ROE -54.29 -221.57 14.4 21.54 24.42 26.08 33.49 38.22

Mar-05 AVERAGE -184 23.32 30.55 36.32

29.92 31.14 37.89 32.98

statement showing the percentage of interest to total debt 2005 2004 2003 2002 2001 Total Debt 0.52 0.3 0 0 0.25 Interest 0.1 0.02 0 0.19 0 interest % 19.23 6.67 0.00 0.00 0.00

average 2000 0 0 0.00

12.95

Total Debt interest at 13%

2005 0.52 0.1

STATEMENT SHOWING THE PROJECTION OF INTEREST PAYMENT AT 13% 1 2 3 4 5 6 7 0.47 0.42 0.38 0.34 0.31 0.28 0.25 0.06 0.06 0.05 0.05 0.04 0.04 0.03

8 0.22 0.03

9 0.20 0.03

10 0.18 0.02

ASSUMPTION:- DEBT IS REPAID IN TEN YEARS AT REDUCING BALANCE OF 10%

Balance sheet projection of saurashtra cement at 7%
PARTICULARS SOURCES OF FUNDS SHARE CAPITAL RESERVES SECURED LOANS UNSECURED LOANS TOTAL LIABILITIES APPLICATION OF FUNDS GROSS BLOCK LESS:- ACCUMULATED DEP NET BLOCK CAPITAL WIP INVESTMENTS CURRENT ASSETS ,LOANS & ADV INVENTORIES SUNDRY DEBTORS CASH AND BANK LOANS AND ADVANCES TOTAL CURRENT ASSETS CURRENT LIABILITIES PROVISIONS TOTAL CURRENT LIABILITIES NET CURRENT ASSETS MISC EXPENSES NOT WRITTEN OFF DEFERRED TAX ASSETS DEFFERED TAX LIABILITY NET DEFERRED TAX TOTAL ASSETS 2005 46.13 -91.27 341.82 27.12 323.80 2005 396.48 202.8 193.68 93.33 16.66 23.64 14.47 17.97 48.89 104.97 144.01 3.48 147.49 -42.52 0 98.98 36.33 62.65 323.80 1 49.36 -97.66 365.75 29.02 346.47 1 424.23 217.00 207.24 99.86 17.83 25.29 15.48 19.23 52.31 112.32 154.09 3.72 157.81 -45.50 0.00 105.91 38.87 67.04 346.47 2 52.81 -104.50 391.35 31.05 370.72 2 453.93 232.19 221.74 106.85 19.07 27.07 16.57 20.57 55.97 120.18 164.88 3.98 168.86 -48.68 0.00 113.32 41.59 71.73 370.72 3 56.51 -111.81 418.74 33.22 396.67 3 485.71 248.44 237.27 114.33 20.41 28.96 17.73 22.01 59.89 128.59 176.42 4.26 180.68 -52.09 0.00 121.25 44.51 76.75 396.67 4 60.47 -119.64 448.06 35.55 424.44 4 519.70 265.83 253.87 122.34 21.84 30.99 18.97 23.56 64.08 137.59 188.77 4.56 193.33 -55.74 0.00 129.74 47.62 82.12 424.44 5 64.70 -128.01 479.42 38.04 454.15 5 556.08 284.44 271.65 130.90 23.37 33.16 20.29 25.20 68.57 147.23 201.98 4.88 206.86 -59.64 0.00 138.82 50.95 87.87 454.15

a cement at 7%
6 69.23 -136.97 512.98 40.70 485.94 6 595.01 304.35 290.66 140.06 25.00 35.48 21.72 26.97 73.37 157.53 216.12 5.22 221.34 -63.81 0.00 148.54 54.52 94.02 485.94 7 74.07 -146.56 548.89 43.55 519.95 7 636.66 325.65 311.01 149.87 26.75 37.96 23.24 28.86 78.51 168.56 231.25 5.59 236.84 -68.28 0.00 158.94 58.34 100.60 519.95 8 79.26 -156.82 587.31 46.60 556.35 8 681.23 348.45 332.78 160.36 28.62 40.62 24.86 30.88 84.00 180.36 247.44 5.98 253.42 -73.06 0.00 170.07 62.42 107.64 556.35 9 84.81 -167.80 628.42 49.86 595.29 9 728.91 372.84 356.07 171.58 30.63 43.46 26.60 33.04 89.88 192.98 264.76 6.40 271.15 -78.17 0.00 181.97 66.79 115.18 595.29 10 90.74 -179.54 672.41 53.35 636.96 10 779.94 398.94 381.00 183.59 32.77 46.50 28.46 35.35 96.17 206.49 283.29 6.85 290.14 -83.64 0.00 194.71 71.47 123.24 636.96

Balance sheet projection of saurashtra cement at 10%
PARTICULARS SOURCES OF FUNDS SHARE CAPITAL RESERVES SECURED LOANS UNSECURED LOANS TOTAL LIABILITIES APPLICATION OF FUNDS GROSS BLOCK LESS:- ACCUMULATED DEP NET BLOCK CAPITAL WIP INVESTMENTS CURRENT ASSETS ,LOANS & ADV INVENTORIES SUNDRY DEBTORS CASH AND BANK LOANS AND ADVANCES TOTAL CURRENT ASSETS CURRENT LIABILITIES PROVISIONS TOTAL CURRENT LIABILITIES NET CURRENT ASSETS MISC EXPENSES NOT WRITTEN OFF DEFERRED TAX ASSETS DEFFERED TAX LIABILITY NET DEFERRED TAX TOTAL ASSETS 2005 46.13 -91.27 341.82 27.12 323.80 2005 396.48 202.8 193.68 93.33 16.66 23.64 14.47 17.97 48.89 104.97 144.01 3.48 147.49 -42.52 0 98.98 36.33 62.65 323.80 1 50.74 -100.40 376.00 29.83 356.18 1 436.13 223.08 213.05 102.66 18.33 26.00 15.92 19.77 53.78 115.47 158.41 3.83 162.24 -46.77 0.00 108.88 39.96 68.92 356.18 2 55.82 -110.44 413.60 32.82 391.80 2 479.74 245.39 234.35 112.93 20.16 28.60 17.51 21.74 59.16 127.01 174.25 4.21 178.46 -51.45 0.00 119.77 43.96 75.81 391.80 3 61.40 -121.48 454.96 36.10 430.98 3 527.71 269.93 257.79 124.22 22.17 31.46 19.26 23.92 65.07 139.72 191.68 4.63 196.31 -56.59 0.00 131.74 48.36 83.39 430.98 4 67.54 -133.63 500.46 39.71 474.08 4 580.49 296.92 283.57 136.64 24.39 34.61 21.19 26.31 71.58 153.69 210.85 5.10 215.94 -62.25 0.00 144.92 53.19 91.73 474.08 5 74.29 -146.99 550.50 43.68 521.48 5 638.54 326.61 311.92 150.31 26.83 38.07 23.30 28.94 78.74 169.06 231.93 5.60 237.53 -68.48 0.00 159.41 58.51 100.90 521.48

a cement at 10%
6 81.72 -161.69 605.55 48.04 573.63 6 702.39 359.27 343.12 165.34 29.51 41.88 25.63 31.83 86.61 185.96 255.12 6.17 261.29 -75.33 0.00 175.35 64.36 110.99 573.63 7 89.89 -177.86 666.11 52.85 630.99 7 772.63 395.20 377.43 181.87 32.47 46.07 28.20 35.02 95.27 204.56 280.63 6.78 287.42 -82.86 0.00 192.88 70.80 122.09 630.99 8 98.88 -195.65 732.72 58.13 694.09 8 849.89 434.72 415.17 200.06 35.71 50.67 31.02 38.52 104.80 225.01 308.70 7.46 316.16 -91.15 0.00 212.17 77.88 134.30 694.09 9 108.77 -215.21 805.99 63.95 763.50 9 934.88 478.19 456.69 220.07 39.28 55.74 34.12 42.37 115.28 247.51 339.57 8.21 347.77 -100.26 0.00 233.39 85.66 147.73 763.50 10 119.65 -236.73 886.59 70.34 839.85 10 1028.37 526.01 502.36 242.07 43.21 61.32 37.53 46.61 126.81 272.27 373.52 9.03 382.55 -110.29 0.00 256.73 94.23 162.50 839.85

Balance sheet projection of saurashtra cement at 12%
PARTICULARS SOURCES OF FUNDS SHARE CAPITAL RESERVES SECURED LOANS UNSECURED LOANS TOTAL LIABILITIES APPLICATION OF FUNDS GROSS BLOCK LESS:- ACCUMULATED DEP NET BLOCK CAPITAL WIP INVESTMENTS CURRENT ASSETS ,LOANS & ADV INVENTORIES SUNDRY DEBTORS CASH AND BANK LOANS AND ADVANCES TOTAL CURRENT ASSETS CURRENT LIABILITIES PROVISIONS TOTAL CURRENT LIABILITIES NET CURRENT ASSETS MISC EXPENSES NOT WRITTEN OFF DEFERRED TAX ASSETS DEFFERED TAX LIABILITY NET DEFERRED TAX TOTAL ASSETS 2005 46.13 -91.27 341.82 27.12 323.80 2005 396.48 202.8 193.68 93.33 16.66 23.64 14.47 17.97 48.89 104.97 144.01 3.48 147.49 -42.52 0 98.98 36.33 62.65 323.80 1 51.67 -102.22 382.84 30.37 362.66 1 444.06 227.14 216.92 104.53 18.66 26.48 16.21 20.13 54.76 117.57 161.29 3.90 165.19 -47.62 0.00 110.86 40.69 70.17 362.66 2 57.87 -114.49 428.78 34.02 406.17 2 497.34 254.39 242.95 117.07 20.90 29.65 18.15 22.54 61.33 131.67 180.65 4.37 185.01 -53.34 0.00 124.16 45.57 78.59 406.17 3 64.81 -128.23 480.23 38.10 454.92 3 557.03 284.92 272.11 131.12 23.41 33.21 20.33 25.25 68.69 147.48 202.32 4.89 207.21 -59.74 0.00 139.06 51.04 88.02 454.92 4 72.59 -143.62 537.86 42.67 509.51 4 623.87 319.11 304.76 146.86 26.21 37.20 22.77 28.28 76.93 165.17 226.60 5.48 232.08 -66.91 0.00 155.75 57.17 98.58 509.51 5 81.30 -160.85 602.40 47.79 570.65 5 698.73 357.40 341.33 164.48 29.36 41.66 25.50 31.67 86.16 184.99 253.79 6.13 259.93 -74.93 0.00 174.44 64.03 110.41 570.65 6 91.05 -180.15 674.69 53.53 639.12 6 782.58 400.29 382.29 184.22 32.88 46.66 28.56 35.47 96.50 207.19 284.25 6.87 291.12 -83.93 0.00 195.37 71.71 123.66 639.12 7 101.98 -201.77 755.66 59.95 715.82 7 876.49 448.33 428.16 206.32 36.83 52.26 31.99 39.73 108.08 232.06 318.36 7.69 326.05 -94.00 0.00 218.81 80.31 138.50 715.82 8 114.22 -225.98 846.33 67.15 801.72 8 981.67 502.13 479.54 231.08 41.25 58.53 35.83 44.49 121.05 259.90 356.56 8.62 365.18 -105.28 0.00 245.07 89.95 155.12 801.72 9 127.92 -253.10 947.89 75.21 897.92 9 1099.47 562.38 537.09 258.81 46.20 65.56 40.13 49.83 135.58 291.09 399.35 9.65 409.00 -117.91 0.00 274.48 100.75 173.73 897.92 10 143.27 -283.47 1061.64 84.23 1005.67 10 1231.41 629.87 601.54 289.87 51.74 73.42 44.94 55.81 151.84 326.02 447.27 10.81 458.08 -132.06 0.00 307.42 112.84 194.58 1005.67

NET BLOCK CHANGE IN CAPEX

BASE 193.68

STATEMENT SHOWING CHANGE IN CAPEX AT 7% GROWTH 1 2 3 4 5 6 7 207.24 221.74 237.27 253.87 271.65 290.66 311.01 13.56 14.51 15.52 16.61 17.77 19.02 20.35 STATEMENT SHOWING CHANGE IN CAPEX AT 10% GROWTH 1 2 3 4 5 6 7 213.05 234.35 257.79 283.57 311.92 343.12 377.43 19.37 21.30 23.44 25.78 28.36 31.19 34.31 STATEMENT SHOWING CHANGE IN CAPEX AT 12% GROWTH 1 2 3 4 5 6 7 216.92 242.95 272.11 304.76 341.33 382.29 428.16 23.24 26.03 29.15 32.65 36.57 40.96 45.87

8 332.78 21.77

9 356.07 23.29

10 381.00 24.93

NET BLOCK CHANGE IN CAPEX

BASE 193.68

8 415.17 37.74

9 456.69 41.52

10 502.36 45.67

12% BASE NET BLOCK 193.68 CHANGE IN CAPEX

8 479.54 51.38

9 537.09 57.55

10 601.54 64.45

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 7 % GROWTH AT 7% PARTICULARS INVENTORIES SUNDRY DEBTORS CASH AND BANK LOANS AND ADVANCES TOTAL CURRENT ASSETS CURRENT LIABILITIES PROVISIONS TOTAL CURRENT LIABILITIES WORKING CAPITAL CHANGE IN WC (45.50-42.52) BASE 23.64 14.47 17.97 48.89 104.97 144.01 3.48 147.49 -42.52 1 25.29 15.48 19.23 52.31 112.32 154.09 3.72 157.81 -45.50 -2.98 2 27.07 16.57 20.57 55.97 120.18 164.88 3.98 168.86 -48.68 -3.18 3 28.96 17.73 22.01 59.89 128.59 176.42 4.26 180.68 -52.09 -3.41 4 30.99 18.97 23.56 64.08 137.59 188.77 4.56 193.33 -55.74 -3.65 5 33.16 20.29 25.20 68.57 147.23 201.98 4.88 206.86 -59.64 -3.90 6 35.48 21.72 26.97 73.37 157.53 216.12 5.22 221.34 -63.81 -4.17 7 37.96 23.24 28.86 78.51 168.56 231.25 5.59 236.84 -68.28 -4.47 8 40.62 24.86 30.88 84.00 180.36 247.44 5.98 253.42 -73.06 -4.78 9 43.46 26.60 33.04 89.88 192.98 264.76 6.40 271.15 -78.17 -5.11 10 46.50 28.46 35.35 96.17 206.49 283.29 6.85 290.14 -83.64 -5.47

PARTICULARS INVENTORIES SUNDRY DEBTORS CASH AND BANK LOANS AND ADVANCES TOTAL CURRENT ASSETS CURRENT LIABILITIES PROVISIONS TOTAL CURRENT LIABILITIES WORKING CAPITAL CHANGE IN WC

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 10% BASE 1 2 3 4 5 6 23.64 26.00 28.60 31.46 34.61 38.07 41.88 14.47 15.92 17.51 19.26 21.19 23.30 25.63 17.97 19.77 21.74 23.92 26.31 28.94 31.83 48.89 53.78 59.16 65.07 71.58 78.74 86.61 104.97 115.47 127.01 139.72 153.69 169.06 185.96 144.01 158.41 174.25 191.68 210.85 231.93 255.12 3.48 3.83 4.21 4.63 5.10 5.60 6.17 147.49 162.24 178.46 196.31 215.94 237.53 261.29 -42.52 -46.77 -51.45 -56.59 -62.25 -68.48 -75.33 -4.25 -4.68 -5.14 -5.66 -6.23 -6.85

7 46.07 28.20 35.02 95.27 204.56 280.63 6.78 287.42 -82.86 -7.53

8 50.67 31.02 38.52 104.80 225.01 308.70 7.46 316.16 -91.15 -8.29

9 55.74 34.12 42.37 115.28 247.51 339.57 8.21 347.77 -100.26 -9.11

10 61.32 37.53 46.61 126.81 272.27 373.52 9.03 382.55 -110.29 -10.03

PARTICULARS INVENTORIES SUNDRY DEBTORS CASH AND BANK LOANS AND ADVANCES TOTAL CURRENT ASSETS CURRENT LIABILITIES PROVISIONS TOTAL CURRENT LIABILITIES WORKING CAPITAL CHANGE IN WC

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 12% BASE 1 2 3 4 5 6 23.64 26.48 29.65 33.21 37.20 41.66 46.66 14.47 16.21 18.15 20.33 22.77 25.50 28.56 17.97 20.13 22.54 25.25 28.28 31.67 35.47 48.89 54.76 61.33 68.69 76.93 86.16 96.50 104.97 117.57 131.67 147.48 165.17 184.99 207.19 144.01 161.29 180.65 202.32 226.60 253.79 284.25 3.48 3.90 4.37 4.89 5.48 6.13 6.87 147.49 165.19 185.01 207.21 232.08 259.93 291.12 -42.52 -47.62 -53.34 -59.74 -66.91 -74.93 -83.93 -5.10 -5.71 -6.40 -7.17 -8.03 -8.99

7 52.26 31.99 39.73 108.08 232.06 318.36 7.69 326.05 -94.00 -10.07

8 58.53 35.83 44.49 121.05 259.90 356.56 8.62 365.18 -105.28 -11.28

9 65.56 40.13 49.83 135.58 291.09 399.35 9.65 409.00 -117.91 -12.63

10 73.42 44.94 55.81 151.84 326.02 447.27 10.81 458.08 -132.06 -14.15

Associated Cement Cos. Ltd. Jun-00 Jun-00 Jun-00 pbit capital_employed pbit/capital_employed*100 101.3 2000.96 5.06 Jun-01 Jun-01 Jun-01 pbit capital_employed pbit/capital_employed*100 231.8 2127.88 10.89 Jun-02 Jun-02 Jun-02 pbit capital_employed pbit/capital_employed*100 311.84 1974.06 15.8 Jun-03 Jun-03 Jun-03 pbit capital_employed pbit/capital_employed*100 253.27 2184.78 11.59 Jun-04 Jun-04 Jun-04 pbit capital_employed pbit/capital_employed*100 366.73 2716.44 13.5 Jun-05 Jun-05 Jun-05 pbit capital_employed pbit/capital_employed*100 541.14 3021.48 17.91 avg roce 12.46

Saurashtra Cement Ltd. Jun-00 Jun-00 pbit capital_employed pbit/capital_employed*100 -12.3 287.75 -4.27 Jun-00 Jun-01 pbit Jun-01 Jun-01 capital_employed pbit/capital_employed*100 -6.62 285.5 -2.32

Jun-02 pbit

Jun-02 Jun-02 capital_employed pbit/capital_employed*100 -22.49 274.73 -8.19 Jun-03 Jun-03 capital_employed pbit/capital_employed*100 8.05 248.63 3.24

Jun-03 pbit

Jun-04 pbit

Jun-04 Jun-04 capital_employed pbit/capital_employed*100 -18.09 197.67 -9.15

Jun-05 Jun-05 capital_employed pbit/capital_employed*100 -4.54 141.69 -3.2 avg roce -3.98 pbit

Jun-05

Gujarat Ambuja Cements Ltd. Jun-00 Jun-00 pbit capital_employed pbit/capital_employed*100 581.58 2124.77 27.37 Jun-00 Jun-01 Jun-01 pbit capital_employed pbit/capital_employed*100 349.19 3066.26 11.39 Jun-02 pbit Jun-02 Jun-02 capital_employed pbit/capital_employed*100 339.82 3277.51 10.37 Jun-03 Jun-03 capital_employed pbit/capital_employed*100 383.04 3003.32 12.75 Jun-04 Jun-04 capital_employed pbit/capital_employed*100 495.26 3134.36 15.8 Jun-05 Jun-04 pbit Jun-03 pbit Jun-01

Dalmia Cement (Bharat) Ltd. Jun-00 Jun-00 pbit capital_employed pbit/capital_employed*100 54.37 419.77 12.95 Jun-00 Jun-01 Jun-01 pbit capital_employed pbit/capital_employed*100 68.58 458.7 14.95 Jun-02 pbit Jun-02 Jun-02 capital_employed pbit/capital_employed*100 65.17 397.72 16.39 Jun-03 Jun-03 capital_employed pbit/capital_employed*100 53.79 400.45 13.43 Jun-04 Jun-04 capital_employed pbit/capital_employed*100 59.03 507.74 11.63 Jun-01

Jun-03 pbit

Jun-04 pbit

Jun-05 Jun-05 capital_employed pbit/capital_employed*100 608.44 3235.87 18.8 avg roce 16.08 pbit

Jun-05 Jun-05 capital_employed pbit/capital_employed*100 59.64 736.42 8.1 avg roce 12.91 pbit

Jun-05

ACC GUJARAT AMBHUJA DALMIA AVERAGE

12.46 16.08 12.91 13.82

Statement showing percentage of expenditure to sales-Dalmia cement (rs in cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 200103 (12) Net Sales 449.36 369.09 387.85 368.05 362.83 Total Expenditure 406.89 348.39 301.36 302.58 309.48 exp as % of sales 90.55 94.39 77.70 82.21 85.30

Statement showing percentage of expenditure to sales - ACC (Curr: Rs in Cr.) Net Sales 3887.4 3274.61 2853.56 2827.91 2576.37 Total Expenditure 3320.95 2891.68 2593.85 2439.29 2292.95 exp as % of sales 85.43 88.31 90.90 86.26 89.00

Statement showing percentage of expenditure to sales - Gujarat Ambuja Cement (Curr: Rs in Cr.) Net Sales 2600.48 1962.24 1734.72 1383.79 1268.04 Total Expenditure 1884.22 1458.22 1264.21 928.58 836.49 exp as % of sales 72.46 74.31 72.88 67.10 65.97

Statement showing percentage of expenditure to sales - Saurashtra Cement (Curr: Rs in Cr.) Net Sales 203.33 175.51 187.04 187.98 160 Total Expenditure 201.22 204.5 185.72 190.57 153.03 exp as % of sales 98.96 116.52 99.29 101.38 95.64 Avg of three companies DALMIA ACC GUJARAT AMBHUJA cogs%

86.57 89.15 70.12 81.95

average 200003 (12) 320.44 286.03 89.26

86.57

average 2323.39 2207.02 94.99

89.15

ent (Curr: Rs in Cr.) average 1117.35 759.99 68.02 70.12

t (Curr: Rs in Cr.) 168.06 167.75 99.82

average

101.94

Saurashtra Cement ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 203.33 175.51 187.04 187.98 x 2001/2000 0.95 log x -0.021 200103 (12) 200003 (12) 160 168.06

Net Sales

2002/2001

1.17

0.070 gm=antilog((sum of log x)/n)

2003/2002

0.99

-0.002

gm=

antilog of 0.017 = 1.039-1

1.039 0.04 4%

2004/2003

0.94

-0.028

2005/2004 sum of log x sum of log x / n

1.16

0.064 0.083 0.017

Gujarat Ambuja Cements Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 2600.48 1926.24 1734.72 1383.79 x 2001/2000 1.13 log x 0.055 200103 (12) 200003 (12) 1268.04 1117.35

Net Sales

2002/2001

1.09

0.038 gm=antilog((sum of log x)/n)

2003/2002

1.25

0.098

gm=

antilog of 0.073 = 1.19-1

1.19 0.19 19%

2004/2003

1.11

0.045

2005/2004 sum of log x sum of log x / n

1.35

0.130 0.367 0.073

Dalmia (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 449.36 369.09 387.85 368.05 x 2001/2000 1.13 log x 0.054 200103 (12) 200003 (12) 362.83 320.44

Net Sales

2002/2001

1.01

0.006 gm=antilog((sum of log x)/n)

2003/2002

1.05

0.023

gm=

antilog of .029 = 1.07-1

1.07 0.7 7%

2004/2003

0.95

-0.022

2005/2004 sum of log x sum of log x / n

1.22

0.085 0.147 0.029

Net Sales

ACC (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 3887.4 3274.61 2853.56 2827.91 x log x 0.045

200103 (12) 200003 (12) 2576.37 2323.39

2001/2000

1.11

2002/2001

1.10

0.040 gm=antilog((sum of log x)/n)

2003/2002

1.01

0.004

gm=

antilog of 0.045 = 1.11-1

1.11 0.11 11%

2004/2003

1.15

0.060

2005/2004 sum of log x sum of log x / n

1.19

0.074 0.224 0.045

acc dalmia gujarat wacc

11 7 19 12.33

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN
growth at 7% cogs at 82% particulars base 2005 sales 203.33 cogs 201.22 ebit 2.11

1 217.56 178.40 39.16

2 232.79 190.89 41.90

3 249.09 204.25 44.84

4 266.52 218.55 47.97

5 285.18 233.85 51.33

6 305.14 250.22 54.93

growth at 10% cogs at 82% particulars base 2005 sales 203.33 cogs 201.22 ebit 2.11

1 223.66 183.40 40.26

2 246.03 201.74 44.29

3 270.63 221.92 48.71

4 297.70 244.11 53.59

5 327.46 268.52 58.94

6 360.21 295.37 64.84

growth at 12% cogs at 82% particulars base 2005 sales 203.33 cogs 201.22 ebit 2.11

1 227.73 186.74 40.99

2 255.06 209.15 45.91

3 285.66 234.24 51.42

4 319.94 262.35 57.59

5 358.34 293.84 64.50

6 401.34 329.10 72.24

DS SOLD FOR TEN YEARS

7 326.50 267.73 58.77

8 349.36 286.47 62.88

9 373.81 306.53 67.29

10 399.98 327.98 72.00

7 396.23 324.91 71.32

8 435.86 357.40 78.45

9 479.44 393.14 86.30

10 527.39 432.46 94.93

7 449.50 368.59 80.91

8 503.44 412.82 90.62

9 563.85 462.36 101.49

10 631.51 517.84 113.67

PARTICULARS SALES COGS EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF

BASE(2005) 1 203.33 217.56 201.22 178.4 2.11 39.16 30% 30% 1.48 27.41 13.56 -2.98 1.48 16.83

GROWTH AT 7% 2 3 4 5 6 7 8 9 10 232.8 249.08 266.52 285.18 305.14 326.5 349.36 373.81 399.98 190.9 204.25 218.55 233.85 250.21 267.73 286.48 306.53 327.98 41.9 44.83 47.97 51.33 54.93 58.77 62.88 67.28 72 30% 30% 30% 30% 30% 30% 30% 30% 30% 29.33 31.38 33.58 35.93 38.45 41.14 44.02 47.10 50.40 14.51 15.52 16.61 17.77 19.02 20.35 21.77 23.29 0.00 -3.18 -3.41 -3.65 -3.90 -4.17 -4.47 -4.78 -5.11 0.00 18.01 19.27 20.62 22.06 23.61 25.26 27.02 28.92 50.40 value of firm value of debt value of equity value of equity per share=(-71.94*10000000)/39253547

PARTICULARS SALES COGS EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF

GROWTH AT 10% BASE(2005) 1 2 3 4 5 6 7 8 9 10 203.33 223.66 246.03 270.63 297.69 327.46 360.21 396.23 435.86 479.47 527.39 201.22 182.4 201.74 221.92 244.1 268.52 295.38 324.91 357.4 393.17 432.46 2.11 41.26 44.29 48.71 53.59 58.94 64.83 71.32 78.46 86.3 94.93 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 30% 1.48 28.88 31.00 34.10 37.51 41.26 45.38 49.92 54.92 60.41 66.45 19.37 21.30 23.44 25.78 28.36 31.19 34.31 37.74 41.52 0.00 -4.252 -4.68 -5.14 -5.66 -6.23 -6.85 -7.53 -8.29 -9.11 0.00 1.48 13.77 14.38 15.81 17.39 19.13 21.04 23.15 25.47 28.01 66.45 value of firm value of debt value of equity value of equity per share=(159.19*10000000)/39253547 GROWTH AT 12% BASE(2005) 1 2 3 4 5 6 203.33 227.73 255.06 285.66 319.94 358.37 401.34 201.22 186.74 209.15 234.24 262.35 293.86 329.1 2.11 40.99 45.91 51.42 57.59 64.51 72.24 30% 30% 30% 30% 30% 30% 30% 1.48 28.69 32.14 35.99 40.31 45.16 50.57 23.24 26.03 29.15 32.65 36.57 40.96 -5.10 -5.71 -6.40 -7.17 -8.03 -8.99 1.48 10.55 11.82 13.24 14.83 16.61 18.60

PARTICULARS SALES COGS EBIT TAX EBIT(1-T) LESS:-NET CAPEX LESS:-CHANGE IN WC FCFF

7 8 9 10 449.5 503.44 563.85 631.51 368.6 412.82 462.36 517.83 80.9 90.62 101.49 113.68 30% 30% 30% 30% 56.63 63.43 71.04 79.58 45.87 51.38 57.55 0.00 -10.07 -11.28 -12.63 0.00 20.83 23.33 26.13 79.58 value of firm value of debt value of equity equity price per share=(783.89*10000000)/39253547

terminal value

50.40/(13.82-7)*100 739.00 297.00 368.94 -71.94 -18.32

terminal value

1739.55 528.13 368.94 159.19 41 terminal value

4372.31 1152.83 368.94 783.89 200

particulars sales cogs ebit less:-interest ebt tax ebit(1-t) less:-net capex less:-change in wc FCFF

base 2005 51.35 179.37 -128.02 11.03 -139.05 0% -139.05

-139.05

1 55.46 52.69 2.77 13.37 -10.60 0% -10.60 0.00 0.00 -10.60

FCFF STATEMENT AT 8% GROWTH RATE 2 3 4 5 6 59.89 64.69 69.86 75.45 81.49 56.90 61.45 66.37 71.68 77.41 2.99 3.23 3.49 3.77 4.07 10.70 8.56 6.85 5.48 4.38 -7.70 -5.32 -3.35 -1.70 -0.31 0% 0% 0% 0% 0% -7.70 -5.32 -3.35 -1.70 -0.31 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -7.70 -5.32 -3.35 -1.70 -0.31

terminal value 7 88.00 83.60 4.40 3.51 0.89 30% 0.63 0.00 0.00 0.63 8 9 10 95.05 102.65 110.86 90.29 97.52 105.32 4.75 5.13 5.54 2.80 2.24 1.79 1.95 2.89 3.75 30% 30% 30% 1.36 2.02 2.62 0.00 0.00 0.00 0.00 0.00 0.00 1.36 2.02 2.62 value of equity (-15.52*10000000)/10508100

value of equity per share FCFF STATEMENT AT 10% GROWTH RATE 2 3 4 5 6 62.13 68.35 75.18 82.70 90.97 59.03 64.93 71.42 78.56 86.42 3.11 3.42 3.76 4.13 4.55 10.70 8.56 6.85 5.48 4.38 -7.59 -5.14 -3.09 -1.34 0.17 0% 0% 0% 0% 30% -7.59 -5.14 -3.09 -1.34 0.12 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -7.59 -5.14 -3.09 -1.34 0.12

11.93 -15.52 -15.00 terminal value

particulars sales cogs ebit less;-interest ebt tax ebit(1-t) less:-net capex less:-change in wc FCFF

base 2005 51.35 179.37 -128.02 11.03 -139.05 0% -139.05

-139.05

1 56.49 53.66 2.82 13.37 -10.55 0% -10.55 0.00 0.00 -10.55

7 100.07 95.06 5.00 3.51 1.50 30% 1.05 0.00 0.00 1.05

value of equity per share FCFF STATEMENT AT 12% GROWTH RATE 2 3 4 5 6 64.41 72.14 80.80 90.50 101.36 61.19 68.54 76.76 85.97 96.29 3.22 3.61 4.04 4.52 5.07 10.70 8.56 6.85 5.48 4.38 -7.48 -4.95 -2.81 -0.95 0.69 0% 0% 0% 0% 30% -7.48 -4.95 -2.81 -0.95 0.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -7.48 -4.95 -2.81 -0.95 0.48

8 9 10 110.07 121.08 133.19 104.57 115.03 126.53 5.50 6.05 6.66 2.80 2.24 1.79 2.70 3.81 4.86 30% 30% 30% 1.89 2.67 3.41 0.00 0.00 0.00 0.00 0.00 0.00 1.89 2.67 3.41 value of equity (-14.52*10000000)/10508100

17.03 -14.52 -14.00 terminal value

particulars sales cogs ebit less:-interest ebt tax ebit(1-t) less:-net capex less:-change in wc FCFF

base 2005 51.35 179.37 -128.02 11.03 -139.05 0% -139.05

-139.05

1 57.51 54.64 2.88 13.37 -10.50 0% -10.50 0.00 0.00 -10.50

7 113.52 107.84 5.68 3.51 2.17 30% 1.52 0.00 0.00 1.52

value of equity per share

8 9 10 127.14 142.40 159.49 120.78 135.28 151.51 6.36 7.12 7.97 2.80 2.24 1.79 3.55 4.88 6.18 30% 30% 30% 2.49 3.41 4.33 0.00 0.00 0.00 0.00 0.00 0.00 2.49 3.41 4.33 value of equity (-13.37*10000000)/10508100

24.03 -13.37 -13

STATEMENT SHOWING PROJECTION OF BALANCE SHEET AT 10% GROWTH RATE- Snowcem India 200503 1 2 3 4 5 SOURCES OF FUNDS : Share Capital 10.51 11.56 12.72 13.99 15.39 16.93 Reserves Total -101.92 -112.11 -123.32 -135.66 -149.22 -164.14 Total Shareholders Funds -91.41 -100.55 -110.61 -121.67 -133.83 -147.22 Secured Loans 47.67 52.44 57.68 63.45 69.79 76.77 Unsecured Loans 71.72 78.89 86.78 95.46 105.01 115.51 Total Debt 119.39 131.33 144.46 158.91 174.80 192.28 Total Liabilities 27.98 30.78 33.86 37.24 40.97 45.06

APPLICATION OF FUNDS : Gross Block 38.79 Less : Accumulated Depreciation 14.54 Net Block 24.25 Capital Work in Progress 0.29 Investments 3.44 Current Assets, Loans & Advances Inventories 8.76 Sundry Debtors 35.06 Cash and Bank 2.16 Loans and Advances 7.17 Total Current Assets 53.15 Less : Current Liabilities and Provisions Current Liabilities 52.98 Provisions 0.17 Total Current Liabilities 53.15 Net Current Assets 0.00 Total Assets 27.98

42.67 15.99 26.68 0.32 3.78 9.64 38.57 2.38 7.89 58.47 58.28 0.19 58.47 0.00 30.78

46.94 17.59 29.34 0.35 4.16 10.60 42.42 2.61 8.68 64.31 64.11 0.21 64.31 0.00 33.86

51.63 19.35 32.28 0.39 4.58 11.66 46.66 2.87 9.54 70.74 70.52 0.23 70.74 0.00 37.24

56.79 21.29 35.50 0.42 5.04 12.83 51.33 3.16 10.50 77.82 77.57 0.25 77.82 0.00 40.97

62.47 23.42 39.05 0.47 5.54 14.11 56.46 3.48 11.55 85.60 85.32 0.27 85.60 0.00 45.06

ROWTH RATE- Snowcem India Ltd (Curr: Rs in Cr.) 6 7 8 9 18.62 -180.56 -161.94 84.45 127.06 211.51 49.57 20.48 -198.61 -178.13 92.90 139.76 232.66 54.53 22.53 -218.47 -195.95 102.18 153.74 255.92 59.98 24.78 -240.32 -215.54 112.40 169.11 281.52 65.98

10 27.26 -264.35 -237.09 123.64 186.02 309.67 72.57

68.72 25.76 42.96 0.51 6.09 15.52 62.11 3.83 12.70 94.16 93.86 0.30 94.16 0.00 49.57

75.59 28.33 47.26 0.57 6.70 17.07 68.32 4.21 13.97 103.57 103.24 0.33 103.57 0.00 54.53

83.15 31.17 51.98 0.62 7.37 18.78 75.15 4.63 15.37 113.93 113.57 0.36 113.93 0.00 59.98

91.46 34.28 57.18 0.68 8.11 20.66 82.67 5.09 16.91 125.32 124.92 0.40 125.32 0.00 65.98

100.61 37.71 62.90 0.75 8.92 22.72 90.94 5.60 18.60 137.86 137.42 0.44 137.86 0.00 72.57

STATEMENT SHOWING PROJECTION OF BALANCE SHEET AT 8% GROWTH RATE - Snowcem India Ltd (Cu 200503 1 2 3 4 5 6 SOURCES OF FUNDS : Share Capital 10.51 11.35 12.26 13.24 14.30 15.44 16.68 Reserves Total -101.92 -110.07 -118.88 -128.39 -138.66 -149.75 -161.73 Total Shareholders Funds -91.41 -98.72 -106.62 -115.15 -124.36 -134.31 -145.06 Secured Loans 47.67 51.48 55.60 60.05 64.85 70.04 75.65 Unsecured Loans 71.72 77.46 83.65 90.35 97.57 105.38 113.81 Total Debt 119.39 128.94 139.26 150.40 162.43 175.42 189.46 Total Liabilities 27.98 30.22 32.64 35.25 38.07 41.11 44.40

APPLICATION OF FUNDS : Gross Block 38.79 Less : Accumulated Depreciation 14.54 Net Block 24.25 Capital Work in Progress 0.29 Investments 3.44 Current Assets, Loans & Advances Inventories 8.76 Sundry Debtors 35.06 Cash and Bank 2.16 Loans and Advances 7.17 Total Current Assets 53.15 Less : Current Liabilities and Provisions Current Liabilities 52.98 Provisions 0.17 Total Current Liabilities 53.15 Net Current Assets 0.00 Total Assets 27.98

41.89 15.70 26.19 0.31 3.72 9.46 37.86 2.33 7.74 57.40 57.22 0.18 57.40 0.00 30.22

45.24 16.96 28.29 0.34 4.01 10.22 40.89 2.52 8.36 61.99 61.80 0.20 61.99 0.00 32.64

48.86 18.32 30.55 0.37 4.33 11.04 44.17 2.72 9.03 66.95 66.74 0.21 66.95 0.00 35.25

52.77 19.78 32.99 0.39 4.68 11.92 47.70 2.94 9.75 72.31 72.08 0.23 72.31 0.00 38.07

57.00 21.36 35.63 0.43 5.05 12.87 51.51 3.17 10.54 78.09 77.85 0.25 78.09 0.00 41.11

61.55 23.07 38.48 0.46 5.46 13.90 55.64 3.43 11.38 84.34 84.07 0.27 84.34 0.00 44.40

wcem India Ltd (Curr: Rs in Cr.) 7 8 9 18.01 -174.67 -156.66 81.70 122.92 204.61 47.95 19.45 -188.65 -169.19 88.23 132.75 220.98 51.79 21.01 -203.74 -182.73 95.29 143.37 238.66 55.93

10 22.69 -220.04 -197.35 102.92 154.84 257.75 60.41

66.48 24.92 41.56 0.50 5.90 15.01 60.09 3.70 12.29 91.09 90.80 0.29 91.09 0.00 47.95

71.80 26.91 44.89 0.54 6.37 16.21 64.89 4.00 13.27 98.38 98.06 0.31 98.38 0.00 51.79

77.54 29.07 48.48 0.58 6.88 17.51 70.09 4.32 14.33 106.25 105.91 0.34 106.25 0.00 55.93

83.74 31.39 52.35 0.63 7.43 18.91 75.69 4.66 15.48 114.75 114.38 0.37 114.75 0.00 60.41

STATEMENT SHOWING PROJECTION OF BALANCE SHEET AT 12% GROWTH RATE- Snowcem India Ltd 200503 1 2 3 4 5 SOURCES OF FUNDS : Share Capital 10.51 11.77 13.18 14.77 16.54 18.52 Reserves Total -101.92 -114.15 -127.85 -143.19 -160.37 -179.62 Total Shareholders Funds -91.41 -102.38 -114.66 -128.42 -143.84 -161.10 Secured Loans 47.67 53.39 59.80 66.97 75.01 84.01 Unsecured Loans 71.72 80.33 89.97 100.76 112.85 126.40 Total Debt 119.39 133.72 149.76 167.73 187.86 210.41 Total Liabilities 27.98 31.34 35.10 39.31 44.03 49.31

APPLICATION OF FUNDS : Gross Block 38.79 Less : Accumulated Depreciation 14.54 Net Block 24.25 Capital Work in Progress 0.29 Investments 3.44 Current Assets, Loans & Advances Inventories 8.76 Sundry Debtors 35.06 Cash and Bank 2.16 Loans and Advances 7.17 Total Current Assets 53.15 Less : Current Liabilities and Provisions Current Liabilities 52.98 Provisions 0.17 Total Current Liabilities 53.15 Net Current Assets 0.00 Total Assets 27.98

43.44 16.28 27.16 0.32 3.85 9.81 39.27 2.42 8.03 59.53 59.34 0.19 59.53 0.00 31.34

48.66 18.24 30.42 0.36 4.32 10.99 43.98 2.71 8.99 66.67 66.46 0.21 66.67 0.00 35.10

54.50 20.43 34.07 0.41 4.83 12.31 49.26 3.03 10.07 74.67 74.43 0.24 74.67 0.00 39.31

61.04 22.88 38.16 0.46 5.41 13.78 55.17 3.40 11.28 83.63 83.37 0.27 83.63 0.00 44.03

68.36 25.62 42.74 0.51 6.06 15.44 61.79 3.81 12.64 93.67 93.37 0.30 93.67 0.00 49.31

ROWTH RATE- Snowcem India Ltd (Curr: Rs in Cr.) 6 7 8 9 20.74 -201.17 -180.43 94.09 141.56 235.65 55.23 23.23 -225.31 -202.08 105.38 158.55 263.93 61.85 26.02 -252.35 -226.33 118.03 177.58 295.61 69.28 29.15 -282.63 -253.49 132.19 198.89 331.08 77.59

10 32.64 -316.55 -283.91 148.06 222.75 370.81 86.90

76.56 28.70 47.87 0.57 6.79 17.29 69.20 4.26 14.15 104.91 104.57 0.34 104.91 0.00 55.23

85.75 32.14 53.61 0.64 7.60 19.37 77.51 4.78 15.85 117.50 117.12 0.38 117.50 0.00 61.85

96.04 36.00 60.04 0.72 8.52 21.69 86.81 5.35 17.75 131.60 131.18 0.42 131.60 0.00 69.28

107.57 40.32 67.25 0.80 9.54 24.29 97.22 5.99 19.88 147.39 146.92 0.47 147.39 0.00 77.59

120.48 45.16 75.32 0.90 10.68 27.21 108.89 6.71 22.27 165.08 164.55 0.53 165.08 0.00 86.90

STATEMENT SHOWING RETURN ON CAPITAL EMPLOYED Goodlass Nerolac Paints Ltd. Mar-00 pbit/capital_employed*100 23.84 Mar-01 pbit/capital_employed*100 17.13 Mar-02 pbit/capital_employed*100 17.78 Mar-03 pbit/capital_employed*100 21.21 Mar-04 pbit/capital_employed*100 27.38 Mar-05 pbit/capital_employed*100 33.97 23.55 Asian Paints Ltd. Mar-00 pbit/capital_employed*100 35.55 Mar-01 pbit/capital_employed*100 32.52 Mar-02 pbit/capital_employed*100 38.45 Mar-03 pbit/capital_employed*100 43.17 Mar-04 pbit/capital_employed*100 40.89 Mar-05 pbit/capital_employed*100 44.01 39.10 Berger Paints India Ltd. Mar-00 pbit/capital_employed*100 24.34 Mar-01 pbit/capital_employed*100 26.14 Mar-02 pbit/capital_employed*100 24.78 Mar-03 pbit/capital_employed*100 28.13 Mar-04 pbit/capital_employed*100 32.93 Mar-05 pbit/capital_employed*100 31.77 28.02

Goodlass Nerolac Paints Ltd Asian Paints Ltd Berger Paints WACC

23.55 39.1 28.02 30.22

Snowcem India Ltd. Mar-00 pbit/capital_employed*100 18.15 Mar-01 pbit/capital_employed*100 22.7 Mar-02 pbit/capital_employed*100 18.78 Mar-03 pbit/capital_employed*100 -1.35 Mar-04 pbit/capital_employed*100 -4.63 Mar-05 pbit/capital_employed*100 710.54 127.37

PARTICULARS Total Debt Interest int %

STATEMENT SHOWING PERCENTAGE OF INTEREST TO DEBT 2005 2004 2003 2002 2001 2000 AVERAGE 119.39 121.18 126.55 127.53 113.83 114.84 11.03 11.96 22.71 18.27 19.95 15.04 9.24 9.87 17.95 14.33 17.53 13.10 13.67

Total Debt interest at 14%

200503 119.39 11.03

STATEMENT SHOWING PROJECTION OF INTEREST PAID FOR TEN YEARS 1 2 3 4 5 6 95.51 76.41 61.13 48.90 39.12 31.30 13.37 10.70 8.56 6.85 5.48 4.38

ASSUMPTION:- DEBT WILL BE PAID OFF IN TEN YEARS AT 20% REDUCING BALANCE

PAID FOR TEN YEARS 7 25.04 3.51

8 20.03 2.80

9 16.02 2.24

10 12.82 1.79

DUCING BALANCE

Asian Paints Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 2048.82 1797.96 1650.06 1462.39 x 2001/2000 1.14 log x 0.058 200103 (12) 200003 (12) 1334.83 1167

Net Sales

2002/2001

1.10

0.040 gm=antilog((sum of log x)/n)

2003/2002

1.13

0.052

gm=

antilog of 0.049 = 1.12-1

1.12 0.12 12%

2004/2003

1.09

0.037

2005/2004 sum of log x sum of log x / n

1.14

0.057 0.244 0.049 11 12 14 12.3

Goodlass Nerolac Paints Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 925.95 810.45 695.54 623 x 2001/2000 1.08 log x 0.035 200103 (12) 200003 (12) 596.72 550.55

Net Sales

2002/2001

1.04

0.019

gm=antilog((sum of log x)/n) 2003/2002 1.12 0.048 gm= antilog of 0.045 = 1.11-1 1.11 0.11 11%

2004/2003

1.17

0.066

2005/2004 sum of log x sum of log x / n

1.14

0.058 0.226 0.045

Berger Paints (India) Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 824.58 670.61 582.28 524.95 x 2001/2000 1.12 log x 0.049 200103 (12) 200003 (12) 490.38 437.99

Net Sales

2002/2001

1.07

0.030 gm=antilog((sum of log x)/n)

2003/2002

1.11

0.045

gm=

antilog of 0.055 = 1.14-1

1.14 0.14 14%

2004/2003

1.15

0.061

2005/2004 sum of log x

1.23

0.090 0.275

sum of log x / n

0.055

Snowcem India Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 51.35 42.14 57.91 102.09 x 2001/2000 1.37 log x 0.136 200103 (12) 200003 (12) 192.24 140.5

Net Sales

2002/2001

0.53

-0.275 gm=antilog((sum of log x)/n)

2003/2002

0.57

-0.246

gm=

antilog of -0.087= 0.82-1

0.82 -0.18 -18%

2004/2003

0.73

-0.138

2005/2004 sum of log x sum of log x / n

1.22

0.086 -0.437 -0.087

STATEMENT SHOWING EXPENDITURE AS A PERCENT OF SALES- Asian Paints Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) Net Sales 2048.82 1797.96 1650.06 1462.39 Total Expenditure 1829.81 1537.67 1408.41 1201.23 exp as % of sales 89.31 85.52 85.36 82.14

STATEMENMT SHOWING EXPENDITURE AS A PERCENTAGE OF SALES Goodlass Nerolac Paints Ltd (Curr: Rs in 200503 (12) 200403 (12) 200303 (12) 200203 (12) Net Sales 925.95 810.45 695.54 623 Total Expenditure 925.95 810.45 695.54 623 exp as % of sales 100.00 100.00 100.00 100.00

STATEMENT SHOWING EXPENDITURE AS A PERCENTAGE OF SALES- Berger Paints (India) Ltd (Curr: Rs in C 200503 (12) 200403 (12) 200303 (12) 200203 (12) Net Sales 824.58 670.61 582.28 524.95 Total Expenditure 779.19 611.12 523.71 478.51 exp as % of sales 94.50 91.13 89.94 91.15 STATEMENT SHOWING EXPENDITUREAS A PERCENTAGE OF SALES- Snowcem India Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) Net Sales 51.35 42.14 57.91 102.09 Total Expenditure 179.37 45.38 50.78 81.25 exp as % of sales 349.31 107.69 87.69 79.59 COGS avg of all three companies asian berger nerolac cogs% 85.78 91.74 100 95.87

n Paints Ltd (Curr: Rs in Cr.) AVERAGE 200103 (12) 200003 (12) 1334.83 1167 1145.3 1009.75 85.80 86.53 85.78

ss Nerolac Paints Ltd (Curr: Rs in Cr.) AVERAGE 200103 (12) 200003 (12) 596.72 550.55 596.72 550.55 100.00 100.00 100.00

r Paints (India) Ltd (Curr: Rs in Cr.) AVERAGE 200103 (12) 200003 (12) 490.38 437.99 449.68 402.97 91.70 92.00 91.74

wcem India Ltd (Curr: Rs in Cr.) AVERAGE 200103 (12) 200003 (12) 192.24 140.5 166.31 117.66 86.51 83.74 132.42

FINANCE -PROFIT AND LOSS - Victoria Mills Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 3.96 3.72 3.02 1.35 x 2001/2000 1.44 log x 0.160 200103 (12) 200003 (12) 0.65 0.45

Net Sales

2002/2001

2.08

0.317 gm=antilog((sum of log x)/n)

2003/2002

2.24

0.350

gm=

antilog of 0.189 = 1.54-1

1.54 0.54 54%

2004/2003

1.23

0.091

2005/2004 sum of log x sum of log x / n

1.06

0.027 0.944 0.189

FINANCE -PROFIT AND LOSS - Century Textiles & Industries Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 2459.23 2187.17 2216.53 2201.91 x 2001/2000 1.03 log x 0.011 200103 (12) 200003 (12) 2172.45 2116.26

Net Sales

2002/2001

1.01

0.006 gm=antilog((sum of log x)/n)

2003/2002

1.01

0.003

gm=

antilog of 0.013 = 1.030-1

1.03 0.03 3%

2004/2003

0.99

-0.006

2005/2004 sum of log x sum of log x / n

1.12

0.051 0.065 0.013

FINANCE -PROFIT AND LOSS - Raymond Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 1149.26 1008.18 927.38 865.47 x 2001/2000 0.89 log x -0.050 200103 (12) 200003 (12) 1287.07 1444.2

Net Sales

2002/2001

0.67

-0.172 gm=antilog((sum of log x)/n)

2003/2002

1.07

0.030

gm=

antilog of -0.020 = 0.95-1

0.95 -0.045 -5%

2004/2003

1.09

0.036

2005/2004 sum of log x sum of log x / n

1.14

0.057 -0.099 -0.020

Net Sales

FINANCE -PROFIT AND LOSS - Arvind Mills Ltd (Curr: Rs in Cr.) 200503 (12) 200403 (12) 200303 (12) 200203 (12) 200103 (12) 200003 (12) 1668.73 1407.26 1475.86 698.23 1850.2 1205.79 x log x 0.186

2001/2000

1.53

2002/2001

0.38

-0.423 gm=antilog((sum of log x)/n)

2003/2002

2.11

0.325

gm=

antilog of 0.028 = 1.067-1

1.067 0.067 7%

2004/2003

0.95

-0.021

2005/2004 sum of log x sum of log x / n

1.19

0.074 0.141 0.028

Statement showing percentage of expenditure to sales-Victoria Mills Ltd(rs in cr.) average 200503 (12) 200403 (12) 200303 (12) 200203 (12) 200103 (12) 200003 (12) Net Sales 3.96 3.72 3.02 1.35 0.65 0.45 Total Expenditure 6.43 6.77 5.94 2.87 1.19 0.98 exp as % of sales 162.37 181.99 196.69 212.59 183.08 217.78 192.42

Statement showing percentage of expenditure to sales - Century Textiles & Industries Ltd (Curr: Rs in Cr.) average Net Sales 2459.23 2187.17 2216.53 2201.91 2172.45 2116.26 Total Expenditure 2231.13 2036.6 1978.38 1950.67 1961.29 1944.23 exp as % of sales 90.72 93.12 89.26 88.59 90.28 91.87 90.64

Statement showing percentage of expenditure to sales - Raymond Ltd (Curr: Rs in Cr.) Net Sales 1149.26 1008.18 927.38 865.47 1287.07 Total Expenditure 1046.76 917.18 811.06 794.74 1373.85 exp as % of sales 91.08 90.97 87.46 91.83 106.74

average 1444.2 1271.11 88.01

92.68

Statement showing percentage of expenditure to sales - Arvind Mills Ltd (Curr: Rs in Cr.) Net Sales 1668.73 1407.26 1475.86 698.23 1850.2 Total Expenditure 1308.13 1109.11 1093.36 525.22 1673.25 exp as % of sales 78.39 78.81 74.08 75.22 90.44 Avg of three companies CENTURY RAYMONDS ARVIND cogs%

average 1205.79 1118.23 92.74

81.61

90.64 92.68 81.61 88.31

BALANCE SHEET PROJECTION AT 3% GROWTH - Victoria Mills Ltd (Curr: Rs in Cr.) PARTICULARS SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Total Assets 200503 0.99 -1.75 -0.76 0.14 0 0.14 -0.62 1 1.02 -1.80 -0.78 0.14 0.00 0.14 -0.64 2 1.05 -1.86 -0.81 0.15 0.00 0.15 -0.66 3 1.08 -1.91 -0.83 0.15 0.00 0.15 -0.68 4 1.11 -1.97 -0.86 0.16 0.00 0.16 -0.70 5 1.15 -2.03 -0.88 0.16 0.00 0.16 -0.72 6 1.18 -2.09 -0.91 0.17 0.00 0.17 -0.74 7 1.22 -2.15 -0.93 0.17 0.00 0.17 -0.76 8 1.25 -2.22 -0.96 0.18 0.00 0.18 -0.79 9 1.29 -2.28 -0.99 0.18 0.00 0.18 -0.81 10 1.33 -2.35 -1.02 0.19 0.00 0.19 -0.83

0.53 0.26 0.27 1.33 1.77 1.45 0.28 9.3 12.80 17.91 0.02 17.93 -5.13 2.91 -0.62

0.55 0.27 0.28 1.37 1.82 1.49 0.29 9.58 13.18 18.45 0.02 18.47 -5.28 3.00 -0.64

0.56 0.28 0.29 1.41 1.88 1.54 0.30 9.87 13.58 19.00 0.02 19.02 -5.44 3.09 -0.66

0.58 0.28 0.30 1.45 1.93 1.58 0.31 10.16 13.99 19.57 0.02 19.59 -5.61 3.18 -0.68

0.60 0.29 0.30 1.50 1.99 1.63 0.32 10.47 14.41 20.16 0.02 20.18 -5.77 3.28 -0.70

0.61 0.30 0.31 1.54 2.05 1.68 0.32 10.78 14.84 20.76 0.02 20.79 -5.95 3.37 -0.72

0.63 0.31 0.32 1.59 2.11 1.73 0.33 11.10 15.28 21.39 0.02 21.41 -6.13 3.47 -0.74

0.65 0.32 0.33 1.64 2.18 1.78 0.34 11.44 15.74 22.03 0.02 22.05 -6.31 3.58 -0.76

0.67 0.33 0.34 1.68 2.24 1.84 0.35 11.78 16.21 22.69 0.03 22.71 -6.50 3.69 -0.79

0.69 0.34 0.35 1.74 2.31 1.89 0.37 12.13 16.70 23.37 0.03 23.39 -6.69 3.80 -0.81

0.71 0.35 0.36 1.79 2.38 1.95 0.38 12.50 17.20 24.07 0.03 24.10 -6.89 3.91 -0.83

BALANCE SHEET PROJECTION AT 5% GROWTH - Victoria Mills Ltd (Curr: Rs in Cr.) PARTICULARS SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Total Assets 200503 0.99 -1.75 -0.76 0.14 0 0.14 -0.62 1 1.04 -1.84 -0.80 0.15 0.00 0.15 -0.65 2 1.09 -1.93 -0.84 0.15 0.00 0.15 -0.68 3 1.15 -2.03 -0.88 0.16 0.00 0.16 -0.72 4 1.20 -2.13 -0.92 0.17 0.00 0.17 -0.75 5 1.26 -2.23 -0.97 0.18 0.00 0.18 -0.79 6 1.33 -2.35 -1.02 0.19 0.00 0.19 -0.83 7 1.39 -2.46 -1.07 0.20 0.00 0.20 -0.87 8 1.46 -2.59 -1.12 0.21 0.00 0.21 -0.92 9 1.54 -2.71 -1.18 0.22 0.00 0.22 -0.96 10 1.61 -2.85 -1.24 0.23 0.00 0.23 -1.01

0.53 0.26 0.27 1.33 1.77 1.45 0.28 9.3 12.80 17.91 0.02 17.93 -5.13 2.91 -0.62

0.56 0.27 0.28 1.40 1.86 1.52 0.29 9.77 13.44 18.81 0.02 18.83 -5.39 3.06 -0.65

0.58 0.29 0.30 1.47 1.95 1.60 0.31 10.25 14.11 19.75 0.02 19.77 -5.66 3.21 -0.68

0.61 0.30 0.31 1.54 2.05 1.68 0.32 10.77 14.82 20.73 0.02 20.76 -5.94 3.37 -0.72

0.64 0.32 0.33 1.62 2.15 1.76 0.34 11.30 15.56 21.77 0.02 21.79 -6.24 3.54 -0.75

0.68 0.33 0.34 1.70 2.26 1.85 0.36 11.87 16.34 22.86 0.03 22.88 -6.55 3.71 -0.79

0.71 0.35 0.36 1.78 2.37 1.94 0.38 12.46 17.15 24.00 0.03 24.03 -6.87 3.90 -0.83

0.75 0.37 0.38 1.87 2.49 2.04 0.39 13.09 18.01 25.20 0.03 25.23 -7.22 4.09 -0.87

0.78 0.38 0.40 1.97 2.62 2.14 0.41 13.74 18.91 26.46 0.03 26.49 -7.58 4.30 -0.92

0.82 0.40 0.42 2.06 2.75 2.25 0.43 14.43 19.86 27.78 0.03 27.82 -7.96 4.51 -0.96

0.86 0.42 0.44 2.17 2.88 2.36 0.46 15.15 20.85 29.17 0.03 29.21 -8.36 4.74 -1.01

BALANCE SHEET PROJECTION AT 7 % GROWTH - Victoria Mills Ltd (Curr: Rs in Cr.) PARTICULARS SOURCES OF FUNDS : Share Capital Reserves Total Total Shareholders Funds Secured Loans Unsecured Loans Total Debt Total Liabilities APPLICATION OF FUNDS : Gross Block Less : Accumulated Depreciation Net Block Investments Current Assets, Loans & Advances Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Less : Current Liabilities and Provisions Current Liabilities Provisions Total Current Liabilities Net Current Assets Miscellaneous Expenses not written off Total Assets 200503 0.99 -1.75 -0.76 0.14 0 0.14 -0.62 1 1.06 -1.87 -0.81 0.15 0.00 0.15 -0.66 2 1.13 -2.00 -0.87 0.16 0.00 0.16 -0.71 3 1.21 -2.14 -0.93 0.17 0.00 0.17 -0.76 4 1.30 -2.29 -1.00 0.18 0.00 0.18 -0.81 5 1.39 -2.45 -1.07 0.20 0.00 0.20 -0.87 6 1.49 -2.63 -1.14 0.21 0.00 0.21 -0.93 7 1.59 -2.81 -1.22 0.22 0.00 0.22 -1.00 8 1.70 -3.01 -1.31 0.24 0.00 0.24 -1.07 9 1.82 -3.22 -1.40 0.26 0.00 0.26 -1.14 10 1.95 -3.44 -1.50 0.28 0.00 0.28 -1.22

0.53 0.26 0.27 1.33 1.77 1.45 0.28 9.3 12.80 17.91 0.02 17.93 -5.13 2.91 -0.62

0.57 0.28 0.29 1.42 1.89 1.55 0.30 9.95 13.70 19.16 0.02 19.19 -5.49 3.11 -0.66

0.61 0.30 0.31 1.52 2.03 1.66 0.32 10.65 14.65 20.51 0.02 20.53 -5.87 3.33 -0.71

0.65 0.32 0.33 1.63 2.17 1.78 0.34 11.39 15.68 21.94 0.02 21.97 -6.28 3.56 -0.76

0.69 0.34 0.35 1.74 2.32 1.90 0.37 12.19 16.78 23.48 0.03 23.50 -6.72 3.81 -0.81

0.74 0.36 0.38 1.87 2.48 2.03 0.39 13.04 17.95 25.12 0.03 25.15 -7.20 4.08 -0.87

0.80 0.39 0.41 2.00 2.66 2.18 0.42 13.96 19.21 26.88 0.03 26.91 -7.70 4.37 -0.93

0.85 0.42 0.43 2.14 2.84 2.33 0.45 14.93 20.55 28.76 0.03 28.79 -8.24 4.67 -1.00

0.91 0.45 0.46 2.29 3.04 2.49 0.48 15.98 21.99 30.77 0.03 30.81 -8.81 5.00 -1.07

0.97 0.48 0.50 2.45 3.25 2.67 0.51 17.10 23.53 32.93 0.04 32.96 -9.43 5.35 -1.14

1.04 0.51 0.53 2.62 3.48 2.85 0.55 18.29 25.18 35.23 0.04 35.27 -10.09 5.72 -1.22

particulars Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Current Liabilities Provisions Total Current Liabilities working capital change in wc

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 3 % GROWTH base 2005 1 2 3 4 5 6 7 1.77 1.82 1.88 1.93 1.99 2.05 2.11 2.18 1.45 1.49 1.54 1.58 1.63 1.68 1.73 1.78 0.28 0.29 0.30 0.31 0.32 0.32 0.33 0.34 9.3 9.58 9.87 10.16 10.47 10.78 11.10 11.44 12.80 13.18 13.58 13.99 14.41 14.84 15.28 15.74 17.91 18.45 19.00 19.57 20.16 20.76 21.39 22.03 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 17.93 18.47 19.02 19.59 20.18 20.79 21.41 22.05 -5.13 -5.28 -5.44 -5.61 -5.77 -5.95 -6.13 -6.31 -0.15 -0.16 -0.16 -0.17 -0.17 -0.18 -0.18

8 2.24 1.84 0.35 11.78 16.21 22.69 0.03 22.71 -6.50 -0.19

9 2.31 1.89 0.37 12.13 16.70 23.37 0.03 23.39 -6.69 -0.19

10 2.38 1.95 0.38 12.50 17.20 24.07 0.03 24.10 -6.89 -0.20

Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Current Liabilities Provisions Total Current Liabilities working capital change in wc

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 5 % GROWTH 1.77 1.86 1.95 2.05 2.15 2.26 2.37 2.49 1.45 1.52 1.60 1.68 1.76 1.85 1.94 2.04 0.28 0.29 0.31 0.32 0.34 0.36 0.38 0.39 9.3 9.77 10.25 10.77 11.30 11.87 12.46 13.09 12.80 13.44 14.11 14.82 15.56 16.34 17.15 18.01 17.91 18.81 19.75 20.73 21.77 22.86 24.00 25.20 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 17.93 18.83 19.77 20.76 21.79 22.88 24.03 25.23 -5.13 -5.39 -5.66 -5.94 -6.24 -6.55 -6.87 -7.22 -0.26 -0.27 -0.28 -0.30 -0.31 -0.33 -0.34

2.62 2.14 0.41 13.74 18.91 26.46 0.03 26.49 -7.58 -0.36

2.75 2.25 0.43 14.43 19.86 27.78 0.03 27.82 -7.96 -0.38

2.88 2.36 0.46 15.15 20.85 29.17 0.03 29.21 -8.36 -0.40

particulars Inventories Sundry Debtors Cash and Bank Loans and Advances Total Current Assets Current Liabilities Provisions Total Current Liabilities working capital change in wc

STATEMENT SHOWING CHANGE IN WORKING CAPITAL AT 7% GROWTH base 2005 1 2 3 4 5 6 1.77 1.89 2.03 2.17 2.32 2.48 2.66 1.45 1.55 1.66 1.78 1.90 2.03 2.18 0.28 0.30 0.32 0.34 0.37 0.39 0.42 9.3 9.95 10.65 11.39 12.19 13.04 13.96 12.80 13.70 14.65 15.68 16.78 17.95 19.21 17.91 19.16 20.51 21.94 23.48 25.12 26.88 0.02 0.02 0.02 0.02 0.03 0.03 0.03 17.93 19.19 20.53 21.97 23.50 25.15 26.91 -5.13 -5.49 -5.87 -6.28 -6.72 -7.20 -7.70 -0.36 -0.38 -0.41 -0.44 -0.47 -0.50

7 2.84 2.33 0.45 14.93 20.55 28.76 0.03 28.79 -8.24 -0.54

8 3.04 2.49 0.48 15.98 21.99 30.77 0.03 30.81 -8.81 -0.58

9 3.25 2.67 0.51 17.10 23.53 32.93 0.04 32.96 -9.43 -0.62

10 3.48 2.85 0.55 18.29 25.18 35.23 0.04 35.27 -10.09 -0.66

Net Block change in capex

200503 0.27

1

STATEMENT SHOWING CHANGE IN CAPEX AT 3% GROWTH 2 3 4 5 6 7 0.28 0.29 0.30 0.30 0.31 0.32 0.33 0.01 0.01 0.01 0.01 0.01 0.01 0.01 STATEMENT SHOWING CHANGE IN CAPEX AT 5% GROWTH 2 3 4 5 6 7 0.28 0.30 0.31 0.33 0.34 0.36 0.38 0.01 0.01 0.01 0.02 0.02 0.02 0.02

8 0.34 0.01

9 0.35 0.01

10 0.36 0.01

Net Block change in capex

200503 0.27

1

8 0.40 0.02

9 0.42 0.02

10 0.44 0.02

Net Block change in capex

200503 0.27

STATEMENT SHOWING CHANGE IN CAPEX AT 7% GROWTH 1 2 3 4 5 6 7 0.29 0.31 0.33 0.35 0.38 0.41 0.43 0.02 0.02 0.02 0.02 0.02 0.03 0.03

8 0.46 0.03

9 0.50 0.03

10 0.53 0.03

PROJECTION OF SALES AND COST OF GOODS SOLD FOR TEN YEARS
growth at 3% cogs at 88% particulars base 2005 sales 3.96 cogs 6.43 ebit -2.47

1 4.08 3.59 0.49

2 4.20 3.70 0.50

3 4.33 3.81 0.52

4 4.46 3.92 0.53

5 4.59 4.04 0.55

6 4.73 4.16 0.57

7 4.87 4.29 0.58

8 5.02 4.41 0.60

9 5.17 4.55 0.62

10 5.32 4.68 0.64

growth at 5% cogs at 88% particulars base 2005 sales 3.96 cogs 6.43 ebit -2.47

1 4.16 3.66 0.50

2 4.37 3.84 0.52

3 4.58 4.03 0.55

4 4.81 4.24 0.58

5 5.05 4.45 0.61

6 5.31 4.67 0.64

7 5.57 4.90 0.67

8 5.85 5.15 0.70

9 6.14 5.41 0.74

10 6.45 5.68 0.77

growth at 7% cogs at 88% particulars base 2005 sales 3.96 cogs 6.43 ebit -2.47

1 4.24 3.73 0.51

2 4.53 3.99 0.54

3 4.85 4.27 0.58

4 5.19 4.57 0.62

5 5.55 4.89 0.67

6 5.94 5.23 0.71

7 6.36 5.60 0.76

8 6.80 5.99 0.82

9 7.28 6.41 0.87

10 7.79 6.86 0.93

Arvind Mills Ltd. Mar-00 Mar-00 Mar-00 pbit capital_employed pbit/capital_employed*100 35.89 1701.77 2.11 Mar-01 Mar-01 Mar-01 pbit capital_employed pbit/capital_employed*100

Century Textiles & Inds. Ltd. Mar-00 Mar-00 Mar-00 pbit capital_employed pbit/capital_employed*100 234.08 1915.43 12.22 Mar-01 Mar-01 Mar-01 pbit capital_employed pbit/capital_employed*100 253.25 1918.81 13.2 Mar-02 Mar-02 Mar-02 pbit capital_employed pbit/capital_employed*100 167.89 1360.69 12.34 Mar-03 Mar-03 Mar-03 pbit capital_employed pbit/capital_employed*100 192.04 1343.67 14.29 Mar-04 Mar-04 Mar-04 pbit capital_employed pbit/capital_employed*100 164.76 1244.35 13.24 Mar-05 Mar-05 Mar-05 pbit capital_employed pbit/capital_employed*100 181.27 1246.39 14.54 avg roce 13.31 Raymond Ltd. Mar-00 Mar-00 Mar-00 pbit capital_employed pbit/capital_employed*100 146.61 1460.42 10.04 Mar-01 Mar-01 Mar-01 pbit capital_employed pbit/capital_employed*100 454.92 1127.01 40.37 Mar-02 Mar-02 Mar-02 pbit capital_employed pbit/capital_employed*100 170.55 1059.65 16.09 Mar-03 Mar-03 Mar-03 pbit capital_employed pbit/capital_employed*100 170.71 1102.16 15.49 Mar-04 Mar-04 Mar-04 pbit capital_employed pbit/capital_employed*100 210.16 1190.8 17.65 Mar-05 Mar-05 Mar-05 pbit capital_employed pbit/capital_employed*100 130.7 1381.6 9.46 avg roce 18.18 18.18 13.31 9.25 13.58

Mar-02 Mar-02 Mar-02 pbit capital_employed pbit/capital_employed*100 93.76 1811.14 5.18 Mar-03 Mar-03 Mar-03 pbit capital_employed pbit/capital_employed*100 295.05 1875.21 15.73 Mar-04 Mar-04 Mar-04 pbit capital_employed pbit/capital_employed*100 238.16 1987.75 11.98 Mar-05 Mar-05 Mar-05 pbit capital_employed pbit/capital_employed*100 248.41 2212.8 11.23 avg roce 9.25 Victoria Mills Ltd. Mar-00 Mar-00 Mar-00 pbit capital_employed pbit/capital_employed*100 -0.04 0.56 -7.14 Mar-01 Mar-01 Mar-01 pbit capital_employed pbit/capital_employed*100 0.36 0.9 40 Mar-02 Mar-02 Mar-02 pbit capital_employed pbit/capital_employed*100 0.03 0.93 3.23 Mar-03 Mar-03 Mar-03 pbit capital_employed pbit/capital_employed*100 -0.99 -5.53 17.9 Mar-04 Mar-04 Mar-04 pbit capital_employed pbit/capital_employed*100 -0.33 0.13 -253.85 Mar-05 Mar-05 Mar-05 pbit capital_employed pbit/capital_employed*100 -0.71 -0.62 114.52 avg roce -14.22 raymond century arvind wacc

FCFF STATEMENT growth at 3 % particulars base 2005 sales 3.96 cogs 6.43 ebit -2.47 tax 0% ebit(1-t) -2.47 less:-net capex less:-change in wc fcff -2.47 terminal value 1 4.08 3.59 0.49 30% 0.34 0.01 -0.15 0.49 2 4.20 3.70 0.50 30% 0.35 0.01 -0.16 0.50 3 4.33 3.81 0.52 30% 0.36 0.01 -0.16 0.52 4 4.46 3.92 0.53 30% 0.37 0.01 -0.17 0.53 5 4.59 4.04 0.55 30% 0.39 0.01 -0.17 0.55 6 4.73 4.16 0.57 30% 0.40 0.01 -0.18 0.57 7 4.87 4.29 0.58 30% 0.41 0.01 -0.18 0.58 8 9 10 5.02 5.17 5.32 4.41 4.55 4.68 0.60 0.62 0.64 30% 30% 30% 0.42 0.43 0.45 0.01 0.01 0.00 -0.19 -0.19 0.00 0.60 0.62 0.45 value of firm value of debt value of equity (3.73*10000000)/98560

value of equity per share growth at 5 % particulars base 2005 sales 3.96 cogs 6.43 ebit -2.47 tax 30% ebit(1-t) -1.73 less:-net capex less:-change in wc fcff -1.73

4.23 3.87 0.14 3.73 378.00 terminal value

1 4.16 3.66 0.50 30% 0.35 0.01 -0.26 0.59

2 4.37 3.84 0.52 30% 0.37 0.01 -0.27 0.62

3 4.58 4.03 0.55 30% 0.39 0.01 -0.28 0.65

4 4.81 4.24 0.58 30% 0.40 0.02 -0.30 0.69

5 5.05 4.45 0.61 30% 0.42 0.02 -0.31 0.72

6 5.31 4.67 0.64 30% 0.45 0.02 -0.33 0.76

7 5.57 4.90 0.67 30% 0.47 0.02 -0.34 0.79

value of equity per share growth at 7 % particulars base 2005 sales 3.96 cogs 6.43 ebit -2.47 tax 30% ebit(1-t) -1.73 less:-net capex less:-change in wc fcff -1.73

8 9 10 5.85 6.14 6.45 5.15 5.41 5.68 0.70 0.74 0.77 30% 30% 30% 0.49 0.52 0.54 0.02 0.02 0.00 -0.36 -0.38 0.00 0.83 0.88 0.54 value of firm value of debt value of equity (5.07*10000000)/98560

6.32 5.21 0.14 5.07 514.00 terminal value

1 4.24 3.73 0.51 30% 0.36 0.02 -0.36 0.70

2 4.53 3.99 0.54 30% 0.38 0.02 -0.38 0.74

3 4.85 4.27 0.58 30% 0.41 0.02 -0.41 0.80

4 5.19 4.57 0.62 30% 0.44 0.02 -0.44 0.85

5 5.55 4.89 0.67 30% 0.47 0.02 -0.47 0.91

6 5.94 5.23 0.71 30% 0.50 0.03 -0.50 0.98

7 6.36 5.60 0.76 30% 0.53 0.03 -0.54 1.04

value of equity per share

8 9 10 6.80 7.28 7.79 5.99 6.41 6.86 0.82 0.87 0.93 30% 30% 30% 0.57 0.61 0.65 0.03 0.03 0.00 -0.58 -0.62 0.00 1.12 1.20 0.65 value of firm value of debt value of equity (6.89*10000000)/98560

9.94 7.03 0.14 6.89 700


				
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