Balance Sheet

Sources Of Funds
Total Share Capital
Equity Share Capital
Share Application Money
Preference Share Capital
Reserves
Revaluation Reserves
Networth
Secured Loans
Unsecured Loans
Total Debt
Total Liabilities

Application Of Funds
Gross Block
Less: Accum. Depreciation
Net Block
Capital Work in Progress
Investments
Inventories
Sundry Debtors
Cash and Bank Balance
Total Current Assets
Loans and Advances
Fixed Deposits
Total CA, Loans & Advances
Deffered Credit
Current Liabilities
Provisions
Total CL & Provisions
Net Current Assets
Miscellaneous Expenses
Total Assets
Contingent Liabilities
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '10

Mar '11
Comparative
Cross Sectional
12 mths 12 mths
34.84
34.84
34.84
34.84
0
0
0
0
1,798.40 1,951.34
0
0
1,833.24 1,986.18
1,788.53 1,780.49
218.71
227.41
2,007.24 2,007.90
3,939.47 3,994.08
Mar '10
Mar '11
12 mths 12 mths
2,950.86
2,198.91
751.95
967.42
1,592.24
358.13
82.42
416.37
492.33
780.18
364.59
1,637.10
0
608.36
499.87
1,108.23
528.87
0
3,939.47
693.13
526.23

4,042.07
2,875.01
1,167.06
1,027.83
1,196.46
404.23
108.21
460.81
973.25
537.86
0
1,511.11
0
626.42
281.97
908.39
602.72
0
3,994.07
198.18
570.13

1.00000
1.00000
#DIV/0!
#DIV/0!
1.08504
#DIV/0!
1.08343
0.99550
1.03978
1.00033
1.01386

0
0
#DIV/0!
#DIV/0!
0.08504
#DIV/0!
0.08343
-0.00450
0.03978
0.00033
0.01386

1.36979
1.30747
1.55204
1.06244
0.75143
1.12872
1.31291
1.10672
1.97682
0.68941
0.00000
0.92304
#DIV/0!
1.02969
0.56409
0.81968
1.13964
#DIV/0!
1.01386
0.28592
1.08342

0.36979
0.30747
0.55204
0.06244
-0.24857
0.12872
0.31291
0.10672
0.97682
-0.31059
-1.00000
-0.07696
#DIV/0!
0.02969
-0.43591
-0.18032
0.13964
#DIV/0!
0.01386
-0.71408
0.08342

5708.56
5,927.27

Profit & Loss account

Income
Sales Turnover
Excise Duty
Net Sales
Other Income
Stock Adjustments
Total Income
Expenditure
Raw Materials
Power & Fuel Cost
Employee Cost
Other Manufacturing Expenses
Selling and Admin Expenses
Miscellaneous Expenses
Preoperative Exp Capitalised
Total Expenses

Operating Profit
PBDIT
Interest
PBDT
Depreciation
Other Written Off
Profit Before Tax
Extra-ordinary items
PBT (Post Extra-ord Items)
Tax
Reported Net Profit
Total Value Addition
Preference Dividend
Equity Dividend
Corporate Dividend Tax
Per share data (annualised)
Shares in issue (lakhs)
Earning Per Share (Rs)
Equity Dividend (%)
Book Value (Rs)

------------------- in Rs. Cr. ------------------Mar '10

Mar '11
Comparative
12 mths
12 mths
4,014.09
385.89
3,628.20
61.72
23.58
3,713.50

3,937.79
424.71
3,513.08
-1.7
34.81
3,546.19

0.98099
1.10060
0.96827
-0.02754
1.47625
0.95495

646.64
650.91
610.48
912.32
159.21
198.54
41.79
233.41
664.34
676.68
25.27
667.08
0
0
2,147.73
2,662.26
Mar '10
Mar '11
12 mths
12 mths
1,504.05
885.63
1,565.77
883.93
129.09
97.83
1,436.68
786.1
570.43
675.76
0
0
866.25
110.34
16.69
58.74
882.94
169.08
206.84
-40.61
676.1
209.7
1,501.08
2,011.35
0
0
45.29
48.77
7.59
7.99

1.00660
1.49443
1.24703
5.58531
1.01857
26.39810
#DIV/0!
1.23957

348.37
194.07
130
526.23

348.37
60.19
140
570.13

0.58883
0.56453
0.75784
0.54716
1.18465
#DIV/0!
0.12738
3.51947
0.19150
-0.19634
0.31016
1.33994
#DIV/0!
1.07684
1.05270
#DIV/0!
1.00000
0.31015
1.07692
1.08342

Cross Sectional

-0.01901
0.10060
-0.03173
-1.02754
0.47625
-0.04505
0.00660
0.49443
0.24703
4.58531
0.01857
25.39810
#DIV/0!
0.23957

-0.41117
-0.43547
-0.24216
-0.45284
0.18465
#DIV/0!
-0.87262
2.51947
-0.80850
-1.19634
-0.68984
0.33994
#DIV/0!
0.07684
0.05270
#DIV/0!
0.00000
-0.68985
0.07692
0.08342

Gross profit margin = Formula = Gross profit/net sales. Gross profit = Net sales (-) Cost of
production before selling, general, administrative expenses and interest charges. Net sales
= Gross sales (-) Excise duty.

ales. Gross profit = Net sales (-) Cost of

expenses and interest charges. Net sales

Cash Flow
Net Profit Before Tax
Net Cash From Operating Activities
Net Cash (used in)/from
Investing Activities
Net Cash (used in)/from Financing Activities
Net (decrease)/increase In
Cash and Cash Equivalents
Opening Cash & Cash Equivalents
Closing Cash & Cash Equivalents

------------------- in Rs. Cr. ------------------Mar '10

Mar '11
867.91
158.82
1253.98
1074.43
-1688.45
378.58

-636.07
-393.93

-55.89
472.26
416.37

44.43
416.37
460.81

Exhibit 1a
Activity Analysis
Inventory turnover
No. of Days
Accounts Receivables Turnover
No. of Days
Fixed Assets Turnover
Total Assets Turnover

Numerator
COGS
365 days
Total Revenue
Total Revenue
Total revenue

Denominator
Avg Inventory
Inventory Turnover
Avg Receivables
365 A/R Turnover
Avg Fixed Assets
Avg Total Assets

Numerator
3,513.08
365
3,546.19
365
3,546.19
3,546.19

Average Inventory

358.13

404.23

Cash
A/R
Inventories
Total Current Assets

460.81
108.21
404.23
973.25

82.42 Average AR
973.25

Average Total Assets

3917.275

Fixed assets

762.36

3,840.48

Denominator Ratio
381.18
9.21633
9.21633
39.60362
95.315
37.20495
32.77137
11.13777
2194.88
1.61566
3917.275
0.90527
381.18

Ratio
9.21633
39.60362
95.315 32.77137
11.13777
1.61566
0.90527

3,994.07

219488.84

Exhibit 1b
Liquidity Analysis
Average no. of days inventory in stock
(Plus)Days of receivables outstanding
Length of operating cycle
(minus) Payables outstanding
Length of cash cycle
Current Ratio
Quick Ratio
Cash Ratio
Cash from operations ratio
Defensic interval no. of days

Numerator
We have already done in Exhibit 1
We have already done in Exhibit 1
365
Current Assets
cash+MS+A/R
cash+MS
CFO

*Payables Turnover=Purchases/Avg Accounts Payables

Purchases= Cost of sales+Closing Stock-Opening stock
Purchses
Avg Accounts Payables
Payables Turnover
Payables Outstanding

365

436505
91045.5
4.794361061
76.13110388

**Projected Expenditure=cost of sales+selling,general and admin-depre and amortization

Proejcted Expenditure
669772
Cash+MS+A/R
740624
Projected Ex/C+MS+AR
0.904334723

Denominator

Accounts Payables Turnover*

Numerator Denominator Ratio

40
12
52
365
24

Current Liabilities
Current Liabilities
Current Liabilities
Current Liabilities
Projected Exp**/(Cash+MS+AR)

995.70
591.47
483.2632
1074.4317
365

Purchases
Net Sales
Closing Stock - Opening Stock
Average Accounts Payable
Current Liabilities
Current Assets
Inventories
Accounts Payable Turnover

3,547.8894
3,513.08
34.809
146.882
626.42
995.70
404.23
24.15
591.47
108.21
483.26
1,074.43
9.4474
359.3586
233.41
0
591.47
3,387.13
5.72660

Accounts Receivable
Cash+MS
CFO
Depreciation
Depreciation and amortization
General expenses
Admin and Selling Expenses
Cash+MS+AR
Projected Expenditure
Projected Expenditure/(Cash+MS+AR)

626.418
626.418
626.418
626.418
5.727

40
12
52
15
37
1.58952
0.94421
0.77147
1.71520
63.73765

Exhibit 1b
Solvency Analysis
Debt to Equity
Debt to Capital
Debt (including trade) to Equity
Debt (including trade) to Capital
Times interest earned
Capital expenditure ratio
CFO to Debt
ST+LT

Numerator
ST+LT
ST+LT
ST+LT+A/P
ST+LT+A/P
EBIT
CFO
CFO

Denominator
Equity
*Capital
Equity
**Capital
Interest
Only net Capex
ST+LT
21338

ST+LT+A/P (including tax payable)

151467

Equity

907373

*Capital=Equity+LT+ST+Bank Loan
Capital

928711

**Capital=Equity+LT+ST+Bank Loan+A/P+Income Taxes Payable

Capital
1058840

Net Capex= Investment in PPE-sale of PPE

Net Capex

27847

Ratio
1.01094
0.50272
1.07251
0.51749
2.12787
0.53510

Total Debt
Equity share capital
reserves
Equity capital
Accounts Payable
ST+LT+A/P
EBIT
Interest

2,007.90
34.84
1,951.34
1986.18
122.30
2,130.20
208.17
97.83

CFO

3,994.08
1074.432
4,116.38

1074.43

Exhibit 1d
Profitability Analysis
Gross Margin
Operating Margin
Pretax Margin
Profit Margin
ROE after tax
ROTC (preinterest)after tax
ROTC (preinterest) pre tax

Numerator
GP
Operating Income
Pre interest and pretax income
Net Income
Net Income
NI+Interest(1-t)
EBIT

Tax rate

43%
Profit Before Tax
Net Sales
Total Income
Net Income
PBDIT
Average Equity
Average Total Capital
Interest(1-t)
NI + Interest(1-t)
Depreciation
Pre interest and pretax income
Operating Profit

Denominator
Total Revenue
Total Revenue
Total Revenue
Total Revenue
Average Equity
Avg Total Capital (Debt+Equity)
Avg Total Capital (Debt+Equity)

5.97%
24.97%
24.93%
5.91%
10.98%
6.78%
6.80%

110.34
3,513.08
3,546.19
209.7
883.93 Depreciation
1909.71
3917.28
55.7631
265.4631
266.38
675.76
208.17
885.63

675.76

Operating Profit Margin(%)

Profit Before Interest And Tax Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
Return on Long Term Funds(%)

25.2
5.89
5.97
24.58
24.58
5.89
5.89
6.42
10.55
10.04
570.13
570.13
6.42

Exhibit 4:
ROE Disaggregation: 3 and 5 Component Dupont Models
Total Components
3
5
1 Tax Burden(Net Income/EBT)
2 X Financing (EBT/EBIT)
3 X Operations (EBIT/Sales)
1
Net Income/Sales
2
4 X Asset Turnover
3
5 X Leverage (Avg Assets/Avg Equity)
.=Return on Equity

Profit Before Tax

Net Sales
Total Income
Net Income
PBDIT
Average Equity
Average Total Capital
Interest(1-t)
NI + Interest(1-t)
Depreciation
Pre interest and pretax income
Operating Profit
Average Assets
Average Equity

1.90
0.12
25.16
5.97
0.91
2.05
11.08

110.34
3,513.08
3,546.19
209.7
883.93
1909.71
3917.28
55.7631
265.4631
266.38
675.76
883.93
885.63
3917.275
1909.71

Key Financial Ratios of Shree Cements

------------------- in Rs. Cr. ------------------Mar '11
Mar '10
Mar '09
Mar '08
Investment Valuation Ratios
Face Value
Dividend Per Share
Operating Profit Per Share (Rs)
Net Operating Profit Per Share (Rs)
Free Reserves Per Share (Rs)
Bonus in Equity Capital
Profitability Ratios
Operating Profit Margin(%)
Profit Before Interest And Tax Margin(%)
Gross Profit Margin(%)
Cash Profit Margin(%)
Adjusted Cash Margin(%)
Net Profit Margin(%)
Adjusted Net Profit Margin(%)
Return On Capital Employed(%)
Return On Net Worth(%)
Adjusted Return on Net Worth(%)
Return on Assets Excluding Revaluations
Return on Assets Including Revaluations
Return on Long Term Funds(%)
Liquidity And Solvency Ratios
Current Ratio
Quick Ratio
Debt Equity Ratio
Long Term Debt Equity Ratio
Debt Coverage Ratios
Interest Cover
Total Debt to Owners Fund
Financial Charges Coverage Ratio
Financial Charges Coverage Ratio Post Tax
Management Efficiency Ratios
Inventory Turnover Ratio
Debtors Turnover Ratio
Investments Turnover Ratio
Fixed Assets Turnover Ratio
Total Assets Turnover Ratio
Asset Turnover Ratio
Average Raw Material Holding
Average Finished Goods Held
Number of Days In Working Capital
Profit & Loss Account Ratios
Material Cost Composition
Imported Composition of Raw Materials Consumed
Selling Distribution Cost Composition
Expenses as Composition of Total Sales

10
14
254.22
1,008.43
---

10
13
431.74
1,041.47
460.05
--

10
10
273.76
779.76
302.68
--

10
8
248.4
605.16
147.89
--

25.2
5.89
5.97
24.58
24.58
5.89
5.89
6.42
10.55
10.04
570.13
570.13
6.42

41.45
25.3
25.73
33.32
33.32
18.32
18.32
25.91
36.88
35.96
526.23
526.23
27.13

35.1
26.93
27.54
28.56
28.56
20.8
20.8
30.64
47.76
48.61
347.33
347.33
32.66

41.04
17.76
18.33
36.23
36.23
11.96
11.96
23.37
38.69
46.03
193.13
193.13
23.78

1.66
1.14
1.01
1.01

1.13
1.1
1.09
1

1.34
1.71
1.19
1.05

1.84
1.7
1.89
1.84

2.62
1.01
9.53
10.05

8.4
1.09
12.13
10.66

10.89
1.19
13.16
11.15

9.13
1.89
17.93
15.21

9.74
36.86
9.74
0.87
0.88
0.87

17.5
51.56
17.5
1.23
0.95
1.23

63.7
50.44
63.7
1.21
1.03
1.21

28.34
55.73
28.34
0.96
1.09
0.96

61.76

58.13
4.93
52.48

8.84
3.7
91.94

10.54
4.45
98.02

17.82
0.9 -17.35
0.31

18.49

---

18.52
2.67
-0.89

17.85
--

16.9
0.68

17.06
0.81

Cash Flow Indicator Ratios

Dividend Payout Ratio Net Profit
Dividend Payout Ratio Cash Profit
Earning Retention Ratio
Cash Earning Retention Ratio
AdjustedCash Flow Times
Earnings Per Share
Book Value

27.06
7.82
7.05
12.52
6.41
4.24
5.2
4.41
71.54
91.98
93.08
89.48
93.52
95.71
94.87
95.87
2.29
1.63
1.81
1.61
Mar '11
Mar '10
Mar '09
Mar '08
60.19
194.07
165.91
74.74
570.13
526.23
347.33
193.13

Mar '07
10
6
170.49
402.74
82.08
-42.33
11.29
42.45
42.84
41.46
12.43
11.04
13.62
38.94
34.61
130.48
144.61
13.62
2.3
1.82
1.94
1.94
17.53
1.94
51.07
51.67
9.12
63.01
15.74
1.85
1.05
0.85
29.69
4.01
113.27
18.42
-15.98
--

13.46
3.9
84.86
95.97
1.49
Mar '07
50.81
130.48

INCOME
Sales 14 3,93,778.94 4,01,408.60
Less: Excise Duty 42,591.69 38,196.30
Net Sales 3,51,187.25 3,63,212.30
Other Income 15 4,677.07 7,583.79
3,55,864.32 3,70,796.09
EXPENDITURE
Manufacturing Expenses 16 1,73,412.70 1,31,234.03
(Increase) / Decrease in Stock 17 (3,359.83) (1,965.58)
Purchase of Finished Goods 6,251.28 918.42
Payment to and Provision for Employees 18 19,853.79 15,861.19
Administrative Expenses 19 6,268.26 4,949.31
Freight & Selling Expenses 20 61,405.91 62,983.14
Interest and Financial Expenses (Net) 21 9,782.62 7,658.07
2,73,614.73 2,21,638.58
Captive consumption of Cement [Net of Excise Duty Rs. 197.92 Lac (1,208.59) (1,019.61)
(Previous year Rs. 165.43 Lac)]
2,72,406.14 2,20,618.97
PROFIT BEFORE DEPRECIATION, EXCEPTIONAL ITEMS & TAX 83,458.18 1,50,177.12
Depreciation & Amortisation 67,575.94 57,042.98
Exceptional Items
Provision for Statutory Liabilities of Earlier Years - 4,367.62
Assets Constructed at Others' Premises W / off 4,847.41 1,975.23
PROFIT BEFORE TAX 11,034.83 86,791.29
Provision for Current Tax 2,171.00 20,885.00
MAT Credit Entitlement (213.00) Provision for Deferred Tax (5,985.34) (201.40)
Prior Period Tax Expense (Net) (5,874.40) (1,476.00)
Fringe Benefit Tax of Earlier Years Written Back (33.48) (26.34)
PROFIT AFTER TAX 20,970.05 67,610.03
Balance Brought Forward from Previous Year 1,13,615.46 80,793.18
PROFIT AVAILABLE FOR APPROPRIATION 1,34,585.51 1,48,403.21
Transferred to Debenture Redemption Reserve 12,500.00 7,500.00
Transferred to General Reserve 2,500.00 22,000.00
Interim Dividend on Equity Shares 2,090.23 1,741.86
Corporate Dividend Tax on Interim Dividend 347.16 296.03
Proposed Final Dividend on Equity Shares 2,786.98 2,786.98
Corporate Dividend Tax on Final Dividend 452.12 462.88
20,676.49 34,787.75
Balance Carried Over to Balance Sheet 1,13,909.02 1,13,615.46
1,34,585.51 1,48,403.21