BUSINESS ANALYSIS AND VALUATION

(BAV)
ASSIGNMENT ON:
Take any one company from BSE database, critically examine
and forecast its business for coming 5 Years. Again, value the
business.

UNDER THE GUIDANCE OF:

Dr. PADMANAVA MOHAPATRA
SUBMITTED BY:
GROUP - 2

NAME REGISTRATION NO. SIGNATURE

SUMIT RANA MBA/19-21/39

NAVIN KUMAR RAJAK MBA/19-21/19

BHABANI SHANKAR DAS MBA/19-21/5

SAKET KUMAR DAS MBA/19-21/26

DEBABRATA PRIYADARSHI MBA/19-21/49

SWARNALATA BEHERA MBA/19-21/43

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 CONTENTS

Statement of Profit and Loss.............................................................................................................. 3

Balance Sheet .................................................................................................................................... 4
Condensed Statement of Profit and Loss ....................................................................................... 4
Condensed Balance Sheet.............................................................................................................. 4
Projected Sales .................................................................................................................................. 5
Relationship .................................................................................................................................. 5
Projecting the Relationship………………………………………………………………………………………………………………..5
Condensed Projected Statement of Profit and Loss ........................................................................ 6
Condensed Projected Balance Sheet .............................................................................................. 6
Relationship .................................................................................................................................. 6

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 We have taken data of Reliance Industries Limited from BSE Database.

Statement of Profit and Loss

Particulars FY18-19 FY17-18 FY16-17 FY15-16 FY14-15

INCOME
Revenue from Operations (Gross) 622809 430731 330180 293298 388494
Less: Excise/ST/Other levies 55674 39054 24798 19299 13059
Revenue from Operations (Net) 567135 391677 305382 273999 375435
Other Operating Revenues 0 0 0 0 0
Total Operating Revenues 567135 391677 305382 273999 375435
Other Income 8635 9949 9443 12053 8613
Total 575770 401626 314825 286052 384048
EXPENSES
Cost of Mat. Consumed 275237 207448 175087 158199 266862
Changes in Inventories of FG, WIP and Stock -4680 -8610 -5218 2560 1483
Employee Benefit Expenses 12488 9523 8388 7407 6262
Finance Costs 16495 8052 3849 3691 3316
Depreciation and Amortisation Expenses 20934 16706 11646 11565 11547
Other Expenses 47882 50512 38500 17595 17717
Total 520646 352259 274683 247551 352934

Profit/Loss Before Exceptional, Extraordinary Items and

Tax 55124 49367 40142 38501 31114
Exceptional Items 0 0 0 0 0
Profit/Loss Before Tax 55124 49367 40777 38501 31114
Current Tax 11683 10098 8333 8042 6296
Less: MAT Credit Entitlement 0 0 0 0 0
Deferred Tax 3707 3248 1321 834 1178
Total Tax Expenses 15390 13346 10201 8876 7474
Profit/Loss After Tax And Before Extraordinary Items 39734 36021 29941 29625 23640
Profit/Loss from Continuing Operations 39734 36021 29941 29625 23640
Profit/Loss for the Period 39734 36021 29941 29625 23640
Minority Interest -249 -5 68 -116 -74
Share of Profit/Loss of Associates 103 59 -108 236 0
Consolidated Profit/Loss After MI and Associates 39588 36075 29901 29745 23566

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 Balance Sheet

Particulars 31.3.19 31.3.18 31.3.17 31.3.16 31.3.15

EQUITY & LIABLITIES
Shareholder's Funds 3,87,112 293491 263705 231548 218482
Equity Share Application Money 0 15 4 8 17
Minority Interest 8280 3539 2917 3356 3038
Non-Current Liability 289692 205451 210398 178931 144396
Current Liability 317322 313852 235315 185154 138553
Total 10,02,406 816348 712339 598997 504486
ASSETS
Non-Current Assets 771651 632562 565526 471212 367909
Current Assets 230755 183786 146813 127785 136577
Total 1002406 816348 712339 598997 504486

Condensed Statement of Profit and Loss:

Particulars FY18-19 FY17-18 FY16-17 FY15-16 FY14-15

Sales 567135 391677 305382 273999 375435
NOPAT 45236 34693.1 26025.2 23771.6 19932.1
NIEAT 5502 -1327.9 -3915.8 -5853.4 -3707.9
Net Income 39734 36021 29941 29625 23640

Condensed Balance Sheet:

Particulars 31.3.19 31.3.18 31.3.17 31.3.16 31.3.15

EQUITY & LIABILITIES
Owned Fund 3,95,392 2,97,045 2,66,626 2,34,644 2,21,537
Borrowed Fund 289692 205451 210398 178931 144396
Total 6,85,084 5,02,496 4,77,024 4,13,575 3,65,933
ASSETS
Non-Current Assets 771651 632562 565526 471212 367909
Net Current Assets -86567 -130066 -88502 -57637 -1976
Total 685084 502496 477024 413575 365933

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Projected Sales:

X Y Trend
1 567135
2 391677
3 305382
4 273999
5 375435
6 232402.2
7 182294.4
8 132186.6
9 82078.8
10 31971

Relationship:

NIEAT RATE 0.970139

Net CA to Sales -15.2639
NOPAT Margin 7.976231
Non-Current Assets to Sales 136.0613
Debt to Equity 1.36487

Projecting the Relationship:

Particulars FY19-20 FY20-21 FY21-22 FY22-23

Projected Sales 232402.2 182294.4 132186.6 82078.2
NOPAT Margin 7.976231 7.976231 7.976231 7.976231
NIEAT Rate 0.97 0.97 0.97 0.97
WC to Sales -15.2639 -15.2639 -15.2639 -15.2639
Non-CA to Sales 136.0613 136.0613 136.0613 136.0613
Debt to Equity 1.36487 1.36487 1.36487 1.36487

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Condensed Projected Statement of Profit and loss:

Particulars FY18-19 FY19-20 FY20-21 FY21-22 FY22-23

Sales 567135 232402.2 182294.4 132186.6 82078.2
NOPAT 45236 18536.93632 14540.22244 10543.50857 6546.74683
NIEAT 5502 2254.30134 1768.25568 1282.21002 796.15854
Net Income 39734 16282.63498 12771.96676 9261.298547 5750.58829

Condensed Projected Balance sheet:

Particulars 31.3.19 31.3.20 31.3.21 31.3.22 31.3.23

EQUITY & LIABILITIES
Owned Fund 3,95,392 1,18,711 93,116 67,521 41,925
Borrowed Fund 289692 162024.9282 127091.0391 92157.14988 57222.8424
Total 685084 2,80,736 2,20,207 1,59,678 99,148
ASSETS
Non-Current Assets 771651 316209.4545 248032.1305 179854.8064 111676.666
Net Current Assets -86567 -35473.63941 -27825.23492 -20176.83044 -12528.3344
Total 685084 280736 220207 159678 99148

Relationship:

Particulars FY 19-20 FY 20-21 FY21-22 FY 22-23

NOPAT Margin 7.976231 7.976231 7.976231 7.976231
NIEAT Rate 0.97 0.97 0.97 0.97
WC to Sales -15.2639 -15.2639 -15.2639 -15.2639
Non-CA to Sales 136.0613 136.0613 136.0613 136.0613
Debt to Equity 1.36487 1.36487 1.36487 1.36487

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