Balance Sheet (all fig in crores)

Particulars 9-Mar 8-Mar 7-Mar 6-Mar 5-Mar 4-Mar

SOURCES OF FUNDS :

Share Capital
10.02 10.02 10.02 10.02 20.02 20.02

Reserves Total
56.73 48.4 40.08 27.14 33.5 16.05

Total Shareholders Funds

66.75 58.42 50.1 37.16 53.52 36.07

Secured Loans
2.39 12.58 16.26 17.58 45.28 22.46

Unsecured Loans
0 0 0 0 0 1.26

Total Debt
2.39 12.58 16.26 17.58 45.28 23.72

Total Liabilities
69.14 71 66.36 54.74 98.8 59.79
APPLICATION OF FUNDS
:

Gross Block
84.25 70.97 65.46 58.94 108.34 85.01
Less : Accumulated
Depreciation 37.55 32 27.13 22.98 35.23 26.92

Less:Impairment of
Assets
0 0 0 NA NA NA

Net Block

46.7 38.97 38.33 NA NA NA

Lease Adjustment
0 0 0 0 0 0

Capital Work in Progress

8.53 7.16 5.4 4.42 3.49 0.2

Investments
21.36 23.29 7.31 8.33 7.91 1.59
Current Assets, Loans &
Advances
Inventories 7.55 10.5 9.77 11.27 14.3 5.45

Sundry Debtors
23.32 20.62 31.3 19.89 32.69 28.57

Cash and Bank

0.72 0.57 0.47 0.49 2.78 0.95
Loans and Advances
3.93 5.9 9.26 7.83 8.22 3.29
Total Current Assets 35.52 37.59 50.8 39.48 57.99 38.26

Less : Current Liabilities

and Provisions
Current Liabilities
35.99 29.26 25.43 23.6 26.36 24.74

Provisions
4.6 3.57 6.59 6.24 9.91 8.4

Total Current Liabilities

40.59 32.83 32.02 29.84 36.27 33.14

Net Current Assets

-5.07 4.76 18.78 9.64 21.72 5.12

Miscellaneous Expenses
not written off
0 0 0 0 0 0.09

Deferred Tax Assets

0.63 0.43 0.31 0.23 0.5 0.62

Deferred Tax Liability

3.01 3.61 3.77 3.84 7.93 5.92

Net Deferred Tax

-2.38 -3.18 -3.46 -3.61 -7.43 -5.3

Total Assets

69.14 71 66.36 54.74 98.8 59.79

Contingent Liabilities 2.74 0.99 3.65 5.49 2.51 0.29
Cash Flow of Munjal Auto ------------------- in Rs. Cr.
Industries -------------------
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09

12 mths 12 mths 12 mths 12 mths 12 mths

Net Profit Before Tax 40.21 34.4 27.29 15.35 15.97

Net Cash From Operating
Activities 28.77 26.43 17.26 32.52 23.24
Net Cash (used in)/from
Investing Activities -33.59 -40.87 -5.73 -22.23 -10.57
Net Cash (used in)/from
Financing Activities 6.64 13.88 -11.54 -10.19 -12.52

Net (decrease)/increase
In Cash and Cash
Equivalents 1.83 -0.56 -0.01 0.1 0.15
Opening Cash & Cash
Equivalents 0.95 2.78 0.48 0.47 0.57
Closing Cash & Cash
Equivalents 2.78 2.22 0.47 0.57 0.72

26.370000000000000% 73.630000000000000%
4.4443820224719100% 12.409550561797800%
 Profit & Loss
Particular
s 9-Mar 8-Mar 7-Mar 6-Mar 5-Mar 4-Mar
INCOME :
Sales
Turnover 276.31 260.85 292.27 272.62 286.04 184.47
Excise
Duty 41.2 43.72 47.89 38.5 39.94 25.33

Net Sales
235.11 217.13 244.38 234.12 246.1 159.14
Other
Income 2.77 1.34 1.43 1.27 0.91 0.54
Stock
Adjustment
s 0.23 0.17 -0.05 0.81 -0.12 -0.06
Total
Income 238.11 218.64 245.76 236.2 246.89 159.62
EXPENDIT
URE :
Raw
Materials 156.53 146.55 161.48 136.48 127.67 73.5
Power &
Fuel Cost 12.59 9.65 10.89 11.8 12.72 8.53
Employee
Cost 9.97 8.52 7.21 8.15 9.84 7.87
Other
Manufactur
ing
Expenses 23.58 21.31 22.09 27.53 35 21.33

Selling and
Administrat
ion
Expenses
11.44 10.31 10.18 9.09 8.51 7.41
Miscellane
ous
Expenses 1.39 1.46 1.06 1.49 2.52 1.72

Less: Pre-
operative
Expenses
Capitalise
d 0 0 0 0 0 0
Total
Expenditu
re 215.5 197.8 212.91 194.54 196.26 120.36
Operating
Profit 22.61 20.84 32.85 41.66 50.63 39.26
Interest 0.62 0.7 1.01 1.52 1.75 1.78
Gross
Profit 21.99 20.14 31.84 40.14 48.88 37.48
Depreciatio
n 5.88 5.02 4.28 5.76 8.69 6.95
Profit
Before
Tax 16.11 15.12 27.56 34.38 40.19 30.53
Tax 5.55 5.12 8.83 9.88 12.09 9.43

Fringe
Benefit tax
0.11 0.14 0.08 NA NA NA
Deferred
Tax -0.8 -0.29 -0.14 1.81 2.12 1.42
Reported
Net Profit 11.25 10.15 18.79 22.56 25.98 19.68
Extraordina
ry Items 0.09 -0.14 0.18 -0.13 -0.24 -0.09
Adjusted
Net Profit 11.16 10.29 18.61 22.69 26.22 19.77
Adjst.
below Net
Profit 0 0 0 0.16 0.03 0.06
P&L
Balance
brought
forward 38.25 30.36 19.3 12.25 -2.04 -13.04
Statutory
Appropriati
ons 0 0 0 0 0 0
Appropriati
ons 4.05 2.26 7.73 15.67 11.72 8.74
P&L
Balance
carried
down 45.45 38.25 30.36 19.3 12.25 -2.04
Dividend 2.5 1.5 5 5 8 6

Preference
Dividend
0 0 0 0 0 0

Equity
Dividend %
25 15 50 50 40 30
Earnings
Per Share-
Unit Curr 10.81 9.88 17.9 21.82 12.42 9.45
Earnings
Per
Share(Adj)-
Unit Curr 10.81 9.88 17.9 21.82 12.42 9.45
Book
Value-Unit
Curr 66.62 58.3 50 37.09 26.73 18.02
 Symbol Series Date munjal nifty %ch. In munjal %ch in nif. sd of mun
MUNJALAU EQ 3-Aug-09 68.6 4711.4 0 0 2.86384718
MUNJALAU EQ 4-Aug-09 69.3 4680.5 1.020408163265 -0.655856
MUNJALAU EQ 5-Aug-09 68.9 4694.15 -0.5772005772 0.29163551
MUNJALAU EQ 6-Aug-09 64.85 4585.5 -5.87808417997 -2.314583
MUNJALAU EQ 7-Aug-09 62.2 4481.4 -4.08635312259 -2.2701995
MUNJALAU EQ 10-Aug-09 59.7 4437.65 -4.0192926045 -0.9762574
MUNJALAU EQ 11-Aug-09 60.1 4471.35 0.670016750419 0.75941095
MUNJALAU EQ 12-Aug-09 59.8 4457.5 -0.49916805324 -0.3097499
MUNJALAU EQ 13-Aug-09 65.25 4605 9.113712374582 3.30902973
MUNJALAU EQ 14-Aug-09 64.2 4580.05 -1.6091954023 -0.5418024
MUNJALAU EQ 17-Aug-09 62.85 4387.9 -2.10280373832 -4.195369
MUNJALAU EQ 18-Aug-09 64.25 4458.9 2.227525855211 1.6180861
MUNJALAU EQ 19-Aug-09 61.75 4394.1 -3.89105058366 -1.4532732
MUNJALAU EQ 20-Aug-09 60.9 4453.45 -1.37651821862 1.35067477
MUNJALAU EQ 21-Aug-09 60.4 4528.8 -0.8210180624 1.69194669
MUNJALAU EQ 24-Aug-09 64 4642.8 5.960264900662 2.51722311
MUNJALAU EQ 25-Aug-09 64.6 4659.35 0.9375 0.35646593
MUNJALAU EQ 26-Aug-09 66.95 4680.85 3.637770897833 0.46143775
MUNJALAU EQ 27-Aug-09 65 4688.2 -2.91262135922 0.15702276
MUNJALAU EQ 28-Aug-09 65.75 4732.35 1.153846153846 0.94172604
MUNJALAU EQ 31-Aug-09 71.4 4662.1 8.593155893536 -1.4844633
MUNJALAU EQ 1-Sep-09 72.3 4625.35 1.260504201681 -0.7882714
MUNJALAU EQ 2-Sep-09 77.4 4608.35 7.053941908714 -0.3675398
MUNJALAU EQ 3-Sep-09 78.5 4593.55 1.421188630491 -0.3211562
MUNJALAU EQ 4-Sep-09 83.75 4680.4 6.687898089172 1.89069456
MUNJALAU EQ 7-Sep-09 85.1 4782.9 1.611940298507 2.18998376
MUNJALAU EQ 8-Sep-09 85.4 4805.25 0.352526439483 0.46728972
MUNJALAU EQ 9-Sep-09 81 4814.25 -5.15222482436 0.18729515
MUNJALAU EQ 10-Sep-09 77.75 4819.4 -4.01234567901 0.10697409
MUNJALAU EQ 11-Sep-09 77.95 4829.55 0.257234726688 0.21060713
MUNJALAU EQ 14-Sep-09 78.4 4808.6 0.577293136626 -0.4337878
MUNJALAU EQ 15-Sep-09 78.35 4892.1 -0.0637755102 1.73647215
MUNJALAU EQ 16-Sep-09 79.1 4958.4 0.957243139757 1.35524621
MUNJALAU EQ 17-Sep-09 81.9 4965.55 3.53982300885 0.14419974
MUNJALAU EQ 18-Sep-09 81.3 4976.05 -0.7326007326 0.21145694
MUNJALAU EQ 22-Sep-09 81.6 5020.2 0.369003690037 0.88724993
MUNJALAU EQ 23-Sep-09 78.5 4969.95 -3.79901960784 -1.0009561
MUNJALAU EQ 24-Sep-09 83.25 4986.55 6.050955414013 0.33400738
MUNJALAU EQ 25-Sep-09 83.25 4958.95 0 -0.5534889
MUNJALAU EQ 29-Sep-09 83.6 5006.85 0.42042042042 0.96593029
MUNJALAU EQ 30-Sep-09 87.9 5083.95 5.143540669856 1.53989035
MUNJALAU EQ 1-Oct-09 85.2 5083.4 -3.07167235495 -0.0108184
MUNJALAU EQ 5-Oct-09 83.15 5003.2 -2.40610328638 -1.5776842
MUNJALAU EQ 6-Oct-09 80.9 5027.4 -2.70595309681 0.48369044
MUNJALAU EQ 7-Oct-09 82.7 4985.75 2.224969097651 -0.82846
MUNJALAU EQ 8-Oct-09 83.2 5002.25 0.604594921403 0.33094319
MUNJALAU EQ 9-Oct-09 82.6 4945.2 -0.72115384615 -1.1404868
MUNJALAU EQ 12-Oct-09 82.7 5054.25 0.121065375303 2.20516865
MUNJALAU EQ 14-Oct-09 84 5118.2 1.571946795647 1.2652718
MUNJALAU EQ 15-Oct-09 86.75 5108.85 3.27380952381 -0.1826814
MUNJALAU EQ 16-Oct-09 90.05 5142.15 3.804034582133 0.65181009
MUNJALAU EQ 17-Oct-09 90.7 5141.8 0.721821210439 -0.0068065
MUNJALAU EQ 20-Oct-09 95.6 5114.45 5.402425578831 -0.5319149
MUNJALAU EQ 21-Oct-09 92.25 5063.6 -3.50418410042 -0.9942418
MUNJALAU EQ 22-Oct-09 89.25 4988.6 -3.25203252033 -1.4811596
MUNJALAU EQ 23-Oct-09 93.45 4997.05 4.705882352941 0.1693862
MUNJALAU EQ 26-Oct-09 97 4970.9 3.798822899947 -0.5233088
MUNJALAU EQ 27-Oct-09 89.9 4846.7 -7.31958762887 -2.4985415
MUNJALAU EQ 28-Oct-09 90.35 4826.15 0.500556173526 -0.4239998
MUNJALAU EQ 29-Oct-09 89.1 4750.55 -1.38350857775 -1.566466
MUNJALAU EQ 30-Oct-09 87.75 4711.7 -1.51515151515 -0.8178
MUNJALAU EQ 3-Nov-09 82.75 4563.9 -5.69800569801 -3.136872
MUNJALAU EQ 4-Nov-09 84.15 4710.8 1.691842900302 3.21873836
MUNJALAU EQ 5-Nov-09 83.25 4765.55 -1.06951871658 1.16222298
MUNJALAU EQ 6-Nov-09 86.45 4796.15 3.843843843844 0.64210847
MUNJALAU EQ 9-Nov-09 88.15 4898.4 1.966454598034 2.13191831
MUNJALAU EQ 10-Nov-09 88.5 4881.7 0.397050482133 -0.3409276
MUNJALAU EQ 11-Nov-09 89.55 5003.95 1.186440677966 2.50425057
MUNJALAU EQ 12-Nov-09 88.3 4952.65 -1.39586823004 -1.0251901
MUNJALAU EQ 13-Nov-09 87.7 4998.95 -0.67950169875 0.93485306
MUNJALAU EQ 16-Nov-09 103.6 5058.05 18.12998859749 1.18224827
MUNJALAU EQ 17-Nov-09 98.85 5062.25 -4.58494208494 0.08303595
MUNJALAU EQ 18-Nov-09 101.3 5054.7 2.478502781993 -0.1491432
MUNJALAU EQ 19-Nov-09 98.25 4989 -3.01085883514 -1.2997804
MUNJALAU EQ 20-Nov-09 99.55 5052.45 1.323155216285 1.27179796
MUNJALAU EQ 23-Nov-09 99.4 5103.55 -0.15067805123 1.01139051
MUNJALAU EQ 24-Nov-09 97.05 5090.55 -2.36418511066 -0.2547247
MUNJALAU EQ 25-Nov-09 98.7 5108.15 1.700154559505 0.34573867
MUNJALAU EQ 26-Nov-09 97.45 5005.55 -1.26646403242 -2.008555
MUNJALAU EQ 27-Nov-09 94.5 4941.75 -3.02719343253 -1.2745852
MUNJALAU EQ 30-Nov-09 97.65 5032.7 3.333333333333 1.84044114
MUNJALAU EQ 1-Dec-09 97.75 5122 0.102406554019 1.77439545
MUNJALAU EQ 2-Dec-09 108.95 5123.25 11.45780051151 0.02440453
MUNJALAU EQ 3-Dec-09 107.7 5131.7 -1.14731528224 0.16493437
MUNJALAU EQ 4-Dec-09 103.85 5108.9 -3.5747446611 -0.4442972
MUNJALAU EQ 7-Dec-09 104.8 5066.7 0.914780934039 -0.8260095
MUNJALAU EQ 8-Dec-09 103.65 5147.95 -1.09732824427 1.60360787
MUNJALAU EQ 9-Dec-09 106.95 5112 3.183791606368 -0.6983362
MUNJALAU EQ 10-Dec-09 106.5 5134.65 -0.42075736325 0.44307512
MUNJALAU EQ 11-Dec-09 103.85 5117.3 -2.4882629108 -0.3379003
MUNJALAU EQ 14-Dec-09 103.1 5105.7 -0.72219547424 -0.226682
MUNJALAU EQ 15-Dec-09 101.25 5033.05 -1.79437439379 -1.4229195
MUNJALAU EQ 16-Dec-09 100.55 5042.05 -0.69135802469 0.17881801
MUNJALAU EQ 17-Dec-09 99.65 5041.75 -0.89507707608 -0.00595
MUNJALAU EQ 18-Dec-09 100.5 4987.7 0.852985449072 -1.0720484
MUNJALAU EQ 21-Dec-09 99 4952.6 -1.49253731343 -0.7037312
MUNJALAU EQ 22-Dec-09 100.05 4985.85 1.060606060606 0.67136454
MUNJALAU EQ 23-Dec-09 101.15 5144.6 1.099450274863 3.18401075
MUNJALAU EQ 24-Dec-09 101.1 5178.4 -0.04943153732 0.65699957
MUNJALAU EQ 29-Dec-09 100.6 5187.95 -0.49455984174 0.1844199
MUNJALAU EQ 30-Dec-09 100.95 5169.45 0.347912524851 -0.3565956
MUNJALAU EQ 31-Dec-09 104.4 5201.05 3.417533432392 0.6112836
MUNJALAU EQ 4-Jan-10 106.6 5232.2 2.107279693487 0.59891753
MUNJALAU EQ 5-Jan-10 109.15 5277.9 2.392120075047 0.87343756
MUNJALAU EQ 6-Jan-10 115.75 5281.8 6.046724690792 0.07389303
MUNJALAU EQ 7-Jan-10 115.6 5263.1 -0.12958963283 -0.354046
MUNJALAU EQ 8-Jan-10 118.3 5244.75 2.335640138408 -0.3486538
MUNJALAU EQ 11-Jan-10 123.2 5249.4 4.14201183432 0.08866009
MUNJALAU EQ 12-Jan-10 117.55 5210.4 -4.58603896104 -0.7429421
MUNJALAU EQ 13-Jan-10 117.5 5233.95 -0.04253509145 0.45198065
MUNJALAU EQ 14-Jan-10 119 5259.9 1.276595744681 0.49580145
MUNJALAU EQ 15-Jan-10 117.45 5252.2 -1.3025210084 -0.1463906
MUNJALAU EQ 18-Jan-10 123.8 5274.85 5.406555981269 0.43124786
MUNJALAU EQ 19-Jan-10 122.35 5225.65 -1.17124394184 -0.9327279
MUNJALAU EQ 20-Jan-10 121.45 5221.7 -0.73559460564 -0.0755887
MUNJALAU EQ 21-Jan-10 113.85 5094.15 -6.25771922602 -2.4426911
MUNJALAU EQ 22-Jan-10 114.6 5036 0.658761528327 -1.1415055
MUNJALAU EQ 25-Jan-10 112.3 5007.9 -2.00698080279 -0.5579825
MUNJALAU EQ 27-Jan-10 105.95 4853.1 -5.65449688335 -3.091116
MUNJALAU EQ 28-Jan-10 102 4867.25 -3.72817366682 0.29156622
MUNJALAU EQ 29-Jan-10 102.35 4882.05 0.343137254902 0.30407314
MUNJALAU EQ 1-Feb-10 106.3 4899.7 3.859306301905 0.36152846
MUNJALAU EQ 2-Feb-10 108.55 4830.1 2.11665098777 -1.4204951
MUNJALAU EQ 3-Feb-10 106.9 4931.85 -1.52003684938 2.10658164
MUNJALAU EQ 4-Feb-10 105.25 4845.35 -1.54349859682 -1.7539057
MUNJALAU EQ 5-Feb-10 101.15 4718.65 -3.89548693587 -2.6148782
MUNJALAU EQ 6-Feb-10 104.3 4757.25 3.114186851211 0.81803058
MUNJALAU EQ 8-Feb-10 103.05 4760.4 -1.19846596357 0.06621472
MUNJALAU EQ 9-Feb-10 102.8 4792.65 -0.24260067928 0.67746408
MUNJALAU EQ 10-Feb-10 102.9 4757.2 0.097276264591 -0.7396743
MUNJALAU EQ 11-Feb-10 102.7 4826.85 -0.19436345967 1.46409653
MUNJALAU EQ 15-Feb-10 102.35 4801.95 -0.34079844206 -0.5158644
MUNJALAU EQ 16-Feb-10 108.25 4855.75 5.764533463605 1.12037818
MUNJALAU EQ 17-Feb-10 109.15 4914 0.831408775982 1.19960871
MUNJALAU EQ 18-Feb-10 108.45 4887.75 -0.64131928539 -0.534188
MUNJALAU EQ 19-Feb-10 105.9 4844.9 -2.35131396957 -0.8766815
MUNJALAU EQ 22-Feb-10 103.5 4856.4 -2.26628895184 0.237363
MUNJALAU EQ 23-Feb-10 104 4870.05 0.48309178744 0.2810724
MUNJALAU EQ 24-Feb-10 100.35 4858.6 -3.50961538462 -0.2351105
MUNJALAU EQ 25-Feb-10 99.55 4859.75 -0.79720976582 0.02366937
MUNJALAU EQ 26-Feb-10 98.95 4922.3 -0.60271220492 1.28710325
MUNJALAU EQ 2-Mar-10 100.4 5017 1.465386558868 1.92389737
MUNJALAU EQ 3-Mar-10 102.4 5088.1 1.99203187251 1.41718158
MUNJALAU EQ 4-Mar-10 103.6 5080.25 1.171875 -0.1542816
MUNJALAU EQ 5-Mar-10 102.9 5088.7 -0.67567567568 0.1663304
MUNJALAU EQ 8-Mar-10 103.35 5124 0.437317784257 0.69369387
MUNJALAU EQ 9-Mar-10 103.1 5101.5 -0.24189646831 -0.4391101
MUNJALAU EQ 10-Mar-10 102.05 5116.25 -1.01842870999 0.28913065
MUNJALAU EQ 11-Mar-10 101.35 5133.4 -0.68593826556 0.33520645
MUNJALAU EQ 12-Mar-10 102.4 5137 1.036013813518 0.07012896
MUNJALAU EQ 15-Mar-10 102.15 5128.9 -0.244140625 -0.1576796
MUNJALAU EQ 16-Mar-10 101.8 5198.1 -0.34263338228 1.34921718
MUNJALAU EQ 17-Mar-10 102.35 5231.9 0.540275049116 0.65023759
MUNJALAU EQ 18-Mar-10 101.8 5245.9 -0.53737176356 0.26758921
MUNJALAU EQ 19-Mar-10 101.6 5262.8 -0.19646365422 0.32215635
MUNJALAU EQ 22-Mar-10 100.85 5205.2 -0.73818897638 -1.0944744
MUNJALAU EQ 23-Mar-10 99.9 5225.3 -0.941993059 0.38615231
MUNJALAU EQ 25-Mar-10 100.5 5260.4 0.600600600601 0.67173177
MUNJALAU EQ 26-Mar-10 100.4 5282 -0.09950248756 0.41061516
MUNJALAU EQ 29-Mar-10 100.1 5302.85 -0.29880478088 0.39473684
MUNJALAU EQ 30-Mar-10 99.75 5262.45 -0.34965034965 -0.7618545
MUNJALAU EQ 31-Mar-10 100 5249.1 0.250626566416 -0.2536841
MUNJALAU EQ 1-Apr-10 103.55 5290.5 3.55 0.78870664
MUNJALAU EQ 5-Apr-10 105.75 5368.4 2.124577498793 1.47245062
MUNJALAU EQ 6-Apr-10 109.8 5366 3.829787234043 -0.0447061
MUNJALAU EQ 7-Apr-10 109.55 5374.65 -0.2276867031 0.16120015
MUNJALAU EQ 8-Apr-10 106.1 5304.45 -3.14924691921 -1.3061316
MUNJALAU EQ 9-Apr-10 108.95 5361.75 2.686145146089 1.08022509
MUNJALAU EQ 12-Apr-10 110.2 5339.7 1.14731528224 -0.4112463
MUNJALAU EQ 13-Apr-10 110.35 5322.95 0.13611615245 -0.313688
MUNJALAU EQ 15-Apr-10 109.2 5273.6 -1.04213864975 -0.9271175
MUNJALAU EQ 16-Apr-10 105.6 5262.6 -3.2967032967 -0.2085862
MUNJALAU EQ 19-Apr-10 105.35 5203.65 -0.23674242424 -1.1201687
MUNJALAU EQ 20-Apr-10 108.35 5230.1 2.847650688182 0.50829706
MUNJALAU EQ 21-Apr-10 110.15 5244.9 1.661282879557 0.28297738
MUNJALAU EQ 22-Apr-10 113.35 5269.35 2.905129369042 0.46616713
MUNJALAU EQ 23-Apr-10 111.2 5304.1 -1.89677988531 0.65947413
MUNJALAU EQ 26-Apr-10 111.05 5322.45 -0.13489208633 0.34595879
MUNJALAU EQ 27-Apr-10 110.3 5308.35 -0.6753714543 -0.2649156
MUNJALAU EQ 28-Apr-10 108.75 5215.45 -1.40525838622 -1.750073
MUNJALAU EQ 29-Apr-10 109.45 5254.15 0.64367816092 0.7420261
MUNJALAU EQ 30-Apr-10 112.7 5278 2.969392416629 0.4539269
MUNJALAU EQ 3-May-10 112.2 5222.75 -0.44365572316 -1.046798
MUNJALAU EQ 4-May-10 111.05 5148.5 -1.02495543672 -1.4216648
MUNJALAU EQ 5-May-10 109.5 5124.9 -1.39576767222 -0.4583859
MUNJALAU EQ 6-May-10 108 5090.85 -1.3698630137 -0.6644032
MUNJALAU EQ 7-May-10 104.5 5018.05 -3.24074074074 -1.4300166
MUNJALAU EQ 10-May-10 107.8 5193.6 3.157894736842 3.49837088
MUNJALAU EQ 11-May-10 108.45 5136.15 0.602968460111 -1.1061691
MUNJALAU EQ 12-May-10 107.65 5156.65 -0.73766712771 0.39913165
MUNJALAU EQ 13-May-10 113.4 5178.9 5.341384115188 0.43148168
MUNJALAU EQ 14-May-10 113.4 5093.5 0 -1.6489988
MUNJALAU EQ 17-May-10 112.5 5059.9 -0.79365079365 -0.6596643
MUNJALAU EQ 18-May-10 109.6 5066.2 -2.57777777778 0.12450839
MUNJALAU EQ 19-May-10 106.35 4919.65 -2.96532846715 -2.8927006
MUNJALAU EQ 20-May-10 107.45 4947.6 1.034320639398 0.56812985
MUNJALAU EQ 21-May-10 107.4 4931.15 -0.04653327129 -0.3324844
MUNJALAU EQ 24-May-10 106.9 4943.95 -0.46554934823 0.25957434
MUNJALAU EQ 25-May-10 103 4806.75 -3.64826941066 -2.775109
MUNJALAU EQ 26-May-10 104.35 4917.4 1.31067961165 2.30197119
MUNJALAU EQ 27-May-10 104.7 5003.1 0.335409678965 1.74279091
MUNJALAU EQ 28-May-10 106.4 5066.55 1.623686723973 1.26821371
MUNJALAU EQ 31-May-10 107.05 5086.3 0.610902255639 0.38981161
MUNJALAU EQ 1-Jun-10 106.25 4970.2 -0.74731433909 -2.2826023
MUNJALAU EQ 2-Jun-10 107.05 5019.85 0.752941176471 0.99895376
MUNJALAU EQ 3-Jun-10 109.55 5110.5 2.335357309668 1.80583085
MUNJALAU EQ 4-Jun-10 107.8 5135.5 -1.59744408946 0.48918892
MUNJALAU EQ 7-Jun-10 106.15 5034 -1.5306122449 -1.9764385
MUNJALAU EQ 8-Jun-10 106.55 4987.1 0.376825247292 -0.9316647
MUNJALAU EQ 9-Jun-10 108.6 5000.3 1.923979352417 0.26468288
MUNJALAU EQ 10-Jun-10 108.5 5078.6 -0.09208103131 1.56590605
MUNJALAU EQ 11-Jun-10 111.95 5119.35 3.179723502304 0.80238648
MUNJALAU EQ 14-Jun-10 109.4 5197.7 -2.27780259044 1.53046774
MUNJALAU EQ 15-Jun-10 108.85 5222.35 -0.50274223035 0.47424823
MUNJALAU EQ 16-Jun-10 109.7 5233.35 0.780891134589 0.21063314
MUNJALAU EQ 17-Jun-10 111.3 5274.85 1.458523245214 0.79299111
MUNJALAU EQ 18-Jun-10 111.05 5262.6 -0.22461814915 -0.2322341
MUNJALAU EQ 21-Jun-10 113.35 5353.3 2.07113912652 1.72348269
MUNJALAU EQ 22-Jun-10 113.45 5316.55 0.088222320247 -0.6864924
MUNJALAU EQ 23-Jun-10 113 5323.15 -0.39665050683 0.12414066
MUNJALAU EQ 24-Jun-10 113.5 5320.6 0.442477876106 -0.047904
MUNJALAU EQ 25-Jun-10 112 5269.05 -1.32158590308 -0.9688757
MUNJALAU EQ 28-Jun-10 117.85 5333.5 5.223214285714 1.22318065
MUNJALAU EQ 29-Jun-10 113.25 5256.15 -3.90326686466 -1.4502672
MUNJALAU EQ 30-Jun-10 113.95 5312.5 0.618101545254 1.07207747
MUNJALAU EQ 1-Jul-10 114.25 5251.4 0.263273365511 -1.1501176
MUNJALAU EQ 2-Jul-10 116.7 5237.1 2.144420131291 -0.2723083
MUNJALAU EQ 5-Jul-10 115.8 5235.9 -0.77120822622 -0.0229134
MUNJALAU EQ 6-Jul-10 117.75 5289.05 1.683937823834 1.01510724
MUNJALAU EQ 7-Jul-10 118.45 5241.1 0.594479830149 -0.90659
MUNJALAU EQ 8-Jul-10 119.5 5296.85 0.886449978894 1.063708
MUNJALAU EQ 9-Jul-10 124.05 5352.45 3.807531380753 1.04968047
MUNJALAU EQ 12-Jul-10 122.85 5383 -0.96735187424 0.57076666
MUNJALAU EQ 13-Jul-10 123 5400.65 0.1221001221 0.32788408
MUNJALAU EQ 14-Jul-10 122.95 5386.15 -0.0406504065 -0.2684862
MUNJALAU EQ 15-Jul-10 123.55 5378.75 0.488003253355 -0.1373894
MUNJALAU EQ 16-Jul-10 125.65 5393.9 1.699716713881 0.28166396
MUNJALAU EQ 19-Jul-10 125.3 5386.45 -0.27855153203 -0.138119
MUNJALAU EQ 20-Jul-10 125.6 5368 0.23942537909 -0.3425262
MUNJALAU EQ 21-Jul-10 126.8 5399.35 0.955414012739 0.58401639
MUNJALAU EQ 22-Jul-10 126.6 5441.95 -0.15772870662 0.78898386
MUNJALAU EQ 23-Jul-10 126.4 5449.1 -0.1579778831 0.13138673
MUNJALAU EQ 26-Jul-10 125.15 5418.6 -0.98892405063 -0.5597255
MUNJALAU EQ 27-Jul-10 124.85 5430.6 -0.23971234519 0.22145942
MUNJALAU EQ 28-Jul-10 123.05 5397.55 -1.44173007609 -0.6085884
MUNJALAU EQ 29-Jul-10 123.75 5408.9 0.568874441284 0.21028059
MUNJALAU EQ 30-Jul-10 123.75 5367.6 0 -0.7635564
sd of nifty
1.1738928

correlation
0.4593635

BETA 1.12067

0.982

MUNJAL AUTO
MARKET CAP (in crores) 130.65 130.65
DEBT /EQUITY 0.018293 2.39
BETA 1.03
TAX RATE 34.45%

UNLEVERED 1.017795

efffective tax rate 0.344507

 CALCULATION OF BUSINESS/INDUSTRY BETA

EXIDE RICO AUTO APOLLO TYRES MRF TYRES

MARKET CAP(IN CRORES) 12,057.25 356.28 3235.84 3118.26
DEBT/EQUITY RATIO 0.014 1.03 3.508 0.093
BETA LEVERED 0.87 1.35 1.11 1.65
TAX RATE 33.70% 0% 33.50% 33.40%

UNLEVERED BETA 0.861998925969 0.665024631 0.3330512899 1.55376302571

WEIGHTS 0.591603399895 0.017481305 0.15877036186 0.15300115845

weights X un. Beta 0.509961495309 0.011625498 0.05287867381 0.2377275429

INDUSTRY BETA 0.915176821834

 all fig in crores
AMARA RAJA BATTERIES INDUSTRY
1613 20,380.63
0.056
1.35
33.06%

1.30122187625785

0.079143775241492 1
0.102983611713863
 YEAR SALES EBIT EBT % CHANGE IN EBIT
2007-08 217.13 15.82 15.12 5.6890012642225
2008-09 235.11 16.72 16.11

DOL 0.687014930200572

DFL 1.15092592592593

OPERATING BETA 0.628740140373699

FINANCIAL BETA 0.926150763388327 ind. Beta ( 1+(1-t)d/e)

FUNDAMENTAL BETA
WEIGTHS WEIGHTS X RESP. BETA
INDUSTRY BETA 0.915177 0.5 0.457588410917168
OPERATIONAL BETA 0.62874 0.25 0.157185035093425
FINANCIAL BETA 0.926151 0.25 0.231537690847082

FUNDAMENTAL BETA 0.846311136857675

% CHANGE IN SALES % CHANGE IN EBT
8.28075346566574 6.54761904761905
 CALCULATION OF COST OF EQUITY AND COST OF DE

cost of equity= Rf+beta(Rm-Rf)

Rf 7.50%
Rm 15%
Beta 0.846311136857675

ke = 13.85%

Kd = interest rate*(1-t)
(in crores)
interest payment 0.62 2009
Average debt 7.485 Total Debt 2.39
effective tax rate 34.45%

interset rate = 0.082832331329325

Kd= 5.43%

WACC= Ke*Wt. of Equity + Kd*Wt. of Debt

Market value
MV Equity(m cap) 130.65 total 133.04
MV debt 2.39
Wt of Equity 0.982035478051714
Wt of debt 0.017964521948286

WACC (MV) 13.70%

ECONOMIC VALUE ADDITION OF FIRM ROCE - WACC

ROCE = NOPLAT/ (DEBT + EQUITY)
EBIDTA 22.61
(DEPRECIATION) -5.88
EBIT 16.73
(TAX) -5.55
NOPLAT 11.18

Market value
MV Equity(m cap) 130.65
MV debt 2.39

ROCE in terms of MV = 8.40%

EVA in terms of MV= -5.29%
UITY AND COST OF DEBT

2008
12.58

Book value total 69.14

BV equity 66.75
BV debt 2.39
Wt of Equity 0.965432
Wt of debt 0.034568

WACC(BV) 13.56%

Book value
BV equity 66.75
BV debt 2.39

ROCE in terms of BV= 16.17%

EVA in terms of BV = 2.61%
share capital 10.02
Reserves Total 56.73
networth 66.75
no of o/s shares 10 millin or 1 crore
 CALCULATION OF OPTIMAL CAPITAL STRUCTURE

DEBT 2.39
EQUITY 130.65
BETA 0.846311
EFFECTIVE TAX RATE 16.62%
Rm 15.00%
Rf 7.50%
INTEREST RATE 8.28%
COST OF DEBT 5.43%
ETR 34.45%
EBIT 16.73
TOTAL CAPITAL 133.04

Equity Debt Ke WACC Beta Kd Interest Rate Default Spread

1 0 13.77% 15.13% 0.836263 0 0 0
0.982 0.018 13.85% 13.70% 0.846311 5.43% 8.28% 0.78%
0.8 0.2 14.80% 12.93% 0.973306 5.43% 8.28% 0.78%
0.7 0.3 15.53% 12.84% 1.071193 6.56% 10.00% 0.025
0.6 0.4 16.51% 12.58% 1.20171 6.69% 10.20% 0.0270
0.5 0.5 17.88% 12.33% 1.384434 6.78% 10.35% 0.0285
0.4 0.6 19.94% 12.11% 1.658519 6.88% 10.50% 0.0300
0.3 0.7 23.36% 12.06% 2.115328 7.21% 11.00% 0.0350
0.2 0.8 30.22% 12.07% 3.028945 7.54% 11.50% 0.0400
0.1 0.9 50.77% 12.16% 5.769798 7.87% 12.00% 0.0450
0.01 0.99 420.79% 12.48% 55.10515 8.36% 12.75% 0.0525
PITAL STRUCTURE

Credit Rating ICR

AAA 84.37443
AA 7.593699
A- 4.191722
A- 3.082148
BB+ 2.429984
BB 1.996058
B 1.633138
B- 1.366866
CCC 1.164367
CCC 0.99625
 ICR Rating Default Spread Yield
> 8.5 AAA 0.0135 0.0785
8.50 - 6.50 AA 0.0250 0.0900
5.50 – 6.50 A+ 0.0270 0.0920
4.25 – 5.50 A 0.0285 0.0935
3.00 – 4.25 A- 0.0300 0.0950
2.50 – 3.00 BBB 0.0350 0.1000
2.05 - 2.50 BB+ 0.0400 0.1050
1.90 – 2.00 BB 0.0450 0.1100
1.75 – 1.90 B+ 0.0525 0.1175
1.50 - 1.75 B 0.0600 0.1250
1.25 – 1.50 B- 0.0800 0.1450
0.80 – 1.25 CCC 0.1100 0.1750
0.65 – 0.80 CC 0.1500 0.2150
0.20 – 0.65 C 0.2000 0.2650
< 0.20 D 0.2500 0.3150
 DIVIDEND DISCOUNT MODEL DIVi/(1+Ke)I + TV/(1+Ke)n

DIVIDEND 2.5 Inf. Rate 7.75%

N/ No. of years 5 ke .infinity 0.15
Growth rate 12.64% beta infinity 1
Ke 13.85%
1 2 3 4 5
2.473498 2.447142 2.42113401481869 2.395402155724 2.369943775325

ROE 16.85%
RETENTION RATIO 75%
+Ke)I + TV/(1+Ke)n

TV VALUE
17.09172 29.19884
32.68888
 VALUE OF ASSETS, FIRM AND EQUITY USIN

CASH FLOW FROM OPERATTIONS (CFOT) 23.24

CHANGES IN WORKING CAP. 9.83
CHANGE IN MKT. SECUTITY 1.93
CHANGE IN FIXED ASSETS -7.73
FREE CASH FLOW TO FIRM (FCFF) 27.27
INTEREST EXPENSE -0.62
CHANGE IN DEBT -10.19
FREE CASH FLOW TO EQUITY (FCFE) 16.46

VALUE OF ASSETS USING CFOT

1st yr 2nd yr 3rd yr Terminal Value

CFOT 26.17764 29.48661 33.21385212 469.27200090818
DISCOUNTED VALUE 23.02428 22.81056 22.59881857 319.29427426197

VALUE OF ASSETS 387.7279

VALUE OF EQUITY 347.1279

VALUE OF FIRM USING FCFF

1st yr 2nd yr 3rd yr Terminal Value
FCFF 30.71705 34.59982 38.97339704 550.64748127221
DISCOUNTED VALUE 27.01687 26.76609 26.51763263 374.66242939431

VALUE OF FIRM 454.963

VALUE OF EQUITY 452.573

VALUE OF EQUITY USING FCFE

1st yr 2nd yr 3rd yr Terminal Value
FCFE 18.54062 20.88424 23.52409664 324.4702984433
DISCOUNTED VALUE 16.28551 16.11287 15.94205727 219.89044516541

VALUE OF EQUITY 268.2309

VALUE OF FIRM 270.6209

ETS, FIRM AND EQUITY USING CFOT, FCFF & FCFE all fig in crores

Rf 7.50%
Rm 15%
Beta 0.846311
Growth Rate 12.64%
Inflation Rate 7.75%
Beta infinity 1
Ke 13.85% We 0.982
Kd 5.43% Wd 0.018
Ke Infinity 15.00%
WACC 13.70%
WACC Infinity 14.83%
N 3 Years
Current Liab 40.59
Debt 2.39
Deffered Tax -2.38
VALUE OF EQUITY 268.2309 IN CRORES
NO. OF SHARES O/S 1 (1CRORE= 10MILLION)

PRICE PER SHARE 268.2309 RUPEES

PRICE PER SHARE EARLIER 130.65 RUPEES

VALUE OF EQUITY EARLIER 130.65 CRORES
MARKET CAP 130.65 CRORES

SO COMPANY IS UNDERVALUED BECAUSE VALUE OF EQUITY CALCULATED > MARKET CAP