Nilkamal Limited

Data 2014 2015 2016

Revenue 164,907.29 178,665.92 185,759.47
Other Revenues 352.65 624.96 945.86
Total Revenue 165,259.94 179,290.88 186,705.33

Sales Growth Rate 8.49% 4.14%

CAGR

Expenses
Material Costs 104,331.82 113,288.47 107,447.99
Employee Benefits 10,539.54 11,293.51 13,501.94
Other Expenses 35,541.23 40,084.20 43,170.01
Total Expenses 150,412.59 164,666.18 164,119.94
9.48% -0.33%

Operating Profit-EBITDA 14,847.35 14,624.70 22,585.39

-1.50% 54.43%

Operating Profit % 8.98% 8.16% 12.10%

Depreciation 4,892.22 5,375.67 5,306.25

EBIT 9,955.13 9,249.03 17,279.14

6.02% 5.16% 9.25%

Finance Costs 4,142.47 3,197.56 1,813.06

EBT 5,812.66 6,051.47 15,466.08

3.52% 3.38% 8.28%

Taxation 1,809.51 1,805.36 4,987.66

PAT 4,003.15 4,246.11 10,478.42

2.42% 2.37% 5.61%

Exceptional Items - - -11.14

PAT After Exceptional Items 4,003.15 4,246.11 10,467.28

Cash from Operating Activities 15,479.49 15,202.21 16,663.24

Cash from Investing Activities -3,305.96 -823.37 -2,666.57
Cash from Financing Activities -11,959.01 -14,821.67 -14,059.57
Cash from Operating activities as % of EBITDA 104.26% 103.95% 73.78%

Balance Sheet Data

Equity and Reserves 46,274.70 49,243.50 58,520.35
Long Term Liabilities 15,719.05 10,375.42 6,355.41
Short Term Borrowings 17,599.17 12,523.90 7,444.72
Trade Payables 9,415.69 9,532.38 10,741.76
Other Current Liabilities 10,617.91 10,372.59 10,698.88
99,626.52 92,047.79 93,761.12

Debt Equity Ratio-Long term 0.34 0.21 0.11

Equity to Total Debt 1.15 0.87 0.60

Tangible Assets 32,856.39 28,166.28 26,001.26

Intangible Assets 401.57 201.30 91.36
Capital Work-In-Progress 215.47 136.16 451.37
Intangible Assets Under Development - - -
Fixed Assets 33,473.43 28,503.74 26,543.99
Non-Current Investments 2,556.29 2,556.29 2,561.59
Long Term Loans And Advances 5,644.77 5,216.68 2,832.64
Other Non-Current Assets 43.44 107.11 2,226.75
Total Non-Current Assets 41,717.93 36,383.82 34,164.97
CURRENT ASSETS
Current Investments - - -
Inventories 30,063.49 27,666.90 29,399.66
Trade Receivables 21,755.09 23,155.00 25,758.83
Cash And Cash Equivalents 1,805.23 820.26 951.88
Short Term Loans And Advances 3,696.41 3,597.60 564.91
OtherCurrentAssets 588.07 424.21 2,920.87
Total Current Assets 57,908.29 55,663.97 59,596.15
Total Assets 99,626.22 92,047.79 93,761.12

Error Check OK OK

Working Capital 20,275.52 23,235.10 30,710.79

Working Capital T/O 8.15 7.72 6.08

Inventory T/O 5.50 6.48 6.35

Receivables T/O 7.60 7.74 7.25
Fixed Assets T/O 4.94 6.29 7.03
Total Assets T/O 1.66 1.95 1.99

Share Price #REF!

Number of Shares 14,922,525 14,922,525 14,922,525

EPS 26.83 28.45 70.22
Non-Financial Data

Company Achievements

Operational Data
Number of Employees
R & D Scientist

Cost Analysis
Material Costs 63.27% 63.41% 57.84%
Employee Benefits 6.39% 6.32% 7.27%
Other Expenses 21.55% 22.44% 23.24%

Return Analysis
Return on Average Equity 8.65% 8.89% 19.45%
Dividends Paid 697.01 689.37 1,758.50
Payout Ratio 17.41% 16.24% 16.78%
Share Price 197.30 422.20 1,105.20
 sb@evaluenz.com Note for Students
9833781237 / 9819338575 Please capture relevant information only in cells shaded as Blue
Amounts in Lacs Do not change the formulae
2017 2018 2019
195,664.75 207,116.25 230,418.37
1,201.22 773.62 1,709.16
196,865.97 207,889.87 232,127.53

5.44% 5.60% 11.66%

7.03%

112,660.19 116,474.35 135,803.75

14,565.46 16,433.03 17,788.12
46,708.14 51,010.73 56,123.27
173,933.79 183,918.11 209,715.14
5.98% 5.74% 14.03%

22,932.18 23,971.76 22,412.39

1.54% 4.53% -6.51%

11.65% 11.53% 9.66%

4,881.70 4,846.85 4,964.07

18,050.48 19,124.91 17,448.32

9.17% 9.20% 7.52%

1,158.80 1,249.30 1,579.90

16,891.68 17,875.61 15,868.42

8.58% 8.60% 6.84%

5,046.28 6,165.06 4,745.50

11,845.40 11,710.55 11,122.92

6.02% 5.63% 4.79%

-5.35 105.26 -122.94

11,840.05 11,815.81 10,999.98

10,314.45 11,239.29 17,105.30

-6,349.43 -8,805.31 -10,325.94
-4,100.60 -2,035.58 -7,221.22
 44.98% 46.89% 76.32%

69,713.30 79,717.56 88,438.48

5,993.76 6,946.36 12,464.06
8,280.56 10,719.93 3,409.43
10,928.63 16,883.02 13,139.43
8,370.19 3,675.27 4,579.68
103,286.44 117,942.14 122,031.08

0.09 0.09 0.14

0.48 0.48 0.38

25,623.53 32,606.11 38,218.41

18.92 62.23 100.21
3,198.59 878.40 1,384.37
- - -
28,841.04 33,546.74 39,702.99
2,567.60 2,567.60 2,572.42
2,569.37 2,431.13 2,606.08
2,431.30 2,292.21 2,546.48
36,409.31 40,837.68 47,427.97

- - -
32,627.33 36,860.34 38,167.80
29,002.24 33,148.88 29,870.61
604.26 921.15 479.29
565.26 736.72 891.55
4,078.04 5,437.37 5,193.86
66,877.13 77,104.46 74,603.11
103,286.44 117,942.14 122,031.08

OK OK OK

39,297.75 45,826.24 53,474.57

5.01 4.54 4.34

6.03 5.64 6.08

6.79 6.27 7.77
6.83 6.20 5.85
1.91 1.76 1.90

#REF! #REF!
#REF!
14,922,525 14,922,525 14,922,525
79.38 78.48 74.54
 57.58% 56.24% 58.94%
7.44% 7.93% 7.72%
23.87% 24.63% 24.36%

18.47% 15.67% 13.23%

793.54 1811.55 2279.06
6.70% 15.47% 20.49%
1,951.55 1,479.95 1,303.45 1200.55
only in cells shaded as Blue
ulae
Company’s Revenue or Sales Growth?
5 Year CAGR
2015 2016 2017 2018 2019 7.03%
Revenue 179290.9 186705.3 196866 207889.9 232127.5
Annual Growth Rate 4.14% 5.44% 5.60% 11.66%

Revenue Growth
250000 0.14
11.66% 0.12
200000
0.1
150000 0.08
100000 5.44% 5.60% 0.06
4.14% 0.04
50000
0.02
0 0
2015 2016 2017 2018 2019

Revenue Annual Growth Rate

Profitability Levels of the Company GAP Analysis

As % of Sales 2015 2016 2017 2018 2019

EBIDTA 8.16% 12.10% 11.65% 11.53% 9.66%
EBIT 5.16% 9.25% 9.17% 9.20% 7.52% 3.00% 2.84%
PBT 3.38% 8.28% 8.58% 8.60% 6.84% 1.78% 0.97%
PAT 2.37% 5.61% 6.02% 5.63% 4.79% 1.01% 2.67%

Profitability Trend
14.00%
12.00% 12.10% 11.65% 11.53%
10.00% 9.66%
8.00% 8.16%
6.00% 5.61% 6.02% 5.63%
4.00% 4.79%
2.00% 2.37%
0.00%
2015 2016 2017 2018 2019

EBIDTA EBIT PBT PAT

Business Efficiency Levels of the Company

# of Days
Turnover Ratios 2015 2016 2017 2018 2019 2015
Inventory T/O 6.48 6.35 6.03 5.64 6.08 56.32
Receivables T/O 7.74 7.25 6.79 6.27 7.77 47.14
Working Capital T/O 7.72 6.08 5.01 4.54 4.34 47.30
Fixed Assets T/O 6.29 7.03 6.83 6.20 5.85
Total Assets T/O 1.95 1.99 1.91 1.76 1.90
 Turnover Ratios
9.00
7.77
8.00 7.25 7.03
7.00 6.35 6.08 6.08 5.85
6.00
5.00 4.34
4.00
3.00 1.99 1.90
2.00
1.00
-
Inventory T/O Receivables T/O Working Capital Fixed Assets T/O Total Assets T/O
T/O

2015 2016 2017 2018 2019

Cost Management 2015 2016 2017 2018 2019

Material Costs 63% 58% 58% 56% 59% -6% 0%
Employee Benefits 6% 7% 7% 8% 8% 1% 0%
Other Expenses 22% 23% 24% 25% 24% 1% 1%

Material Costs
0% 3%
-1%
1 2 3 4
-6%

Employee Costs
1%

0%
0% 0%
1 2 3 4

Other Expenses
1% 1%
1%

1 2 3 4
0%
How Company is performing from Investor Perspective?

Return Ratios 2015 2016 2017 2018 2019

Return on Avg Equity
 sb@evaluenz.com
9833781237 / 9819338575

Comments
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2.48% 2.33% 2.14%

0.59% 0.60% 0.68%
2.56% 2.97% 2.04%

365
2016 2017 2018 2019
57.47 60.49 64.72 60.02
50.36 53.77 58.20 46.97
60.04 72.86 80.46 84.08
-1% 3%
0% 0%
1% 0%
Name of the Student
Roll No
Capture your analysis of the Company and state inputs that you will consider for future projections perspective

Your Analysis
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Inputs with respect to Future Projections

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 Rajeshree Mane
17-F-249
of the Company and state inputs that you will consider for future projections perspective

There has been a decent growth in the revenue of the company in the last few years.
Innitially, there was a huge dependency on the extermal borrowings but in the recent years, the dependency has
decreased.
In the recent 3 yrs, the investment in the working capital and expenses have increased and hence there has been a dip in
the EPS every year.
The Net profit margins during the year has declined from 5.8% in FY 18 to 5.0% in FY 19.
The company's operating profit decreased by 23.4% during the fiscal year. Operating profit margins witnessed a fall and
stood at 7.8% in FY19 as against 11.3% in FY18

Future Projections
Sales growth for the next five years is estimated @ 7%
YoY expense for the next 5 years the rate of 7%.
Depreciation on the fixed Asset @ 15%
Interest Cost of the debt financing would be at the rate 13%
Tax rate @35%
Increase in working capital @ 66 Lacs/year
Trade receivable would be @14% of the sales.
The Plastic Business has achieved a volume growth of 7% and value growth of 13%. This is expected to grow at the same
rate for coming Years

Both the ready furniture and mattress industry have displayed double digit growth and we firmly believe that
this growth rate would continue at the same levels in the years to come