MODULE 5 A

FINANCIAL STATEMENT
ANALYSIS

Financial Statement Analysis

1. Components of an annual report
A. Financial Statements

Balance sheets listing assets and liabilities at the end of the year
with schedules giving a detailed breakup of items.
Profit and Loss account listing incomes, expenses and operating
results including the profit / loss for the year followed by schedules
giving a detailed break up of each item.
Cash flow statement listing cash flows from operating, investing and
financing activities during the year.
A statement of accounting policies and explanatory notes to
facilitate better understanding of the numbers and details of
contingent liabilities.

B. Report of the Board of Directors

A brief analysis of performance during the year, dividends, bonus,

status of on going projects, new products launched etc.

C. Management Discussion and Analysis (MDA)

Economic environment analysis such as interest rates, inflation, GDP

growth relevant to the industry.
Industry and segment analysis including opportunities threats, risks,
concerns and outlook and generally the managements perception
about future business.
Companys strategy to exploit future opportunities and handle
threats through fresh investment on projects, introduction of new
products etc.
Risk management strategy
Sometimes this may also contain a detailed performance analysis of
each division, product etc for better understanding of future strategy

D. Corporate Governance Report

Compliance to the Corporate Governance Code

Other shareholder information such as details of Directors, various
committees constituted by the Board, attendance at the Board /
Committees, movement of companys share prices relative to
benchmark indexes, Sensex and Nifty, shareholding pattern etc.

E. Voluntary Disclosures

Disclosures as per Generally Accepted Accounting Principles

(GAPP) and other laws and regulations.

2. Users of Financial Information

Investors and equity analysts

Valuation of equity / debt

Suppliers of inputs /customers

Liquidity of the company sustainability

and ability of the company to grow

Management

Valuation of equity for fresh issue/buy

back

Creditors/Lenders

Evaluation of credit risk

Merchant Bankers

Targets for acquisition, mergers etc.

Employees

Continuity of employment,
compensation negotiations

3. Business Analysis

Business environment and risk analysis

Financial Statement Analysis
Management Analysis

4. Financial Statement Analysis

Profitability (Return on Investment)

Ability to meet short term commitments (Liquidity)
Ability to meet long term commitments by the company (Solvency)
Activity; Assets productivity
Funds flow and Cash flow analysis
While financial statement analysis provides current position, future
cash flow evaluation depends on the nature of the business and
managements capability.
The future financial performance may depend upon a lot of nonfinancial factors

Employee retention
Customer retention

Pharmaceutical industry
Telephony services

5. Comparative Financial Statement Analysis (CFSA)

Companies
a) Physical Performance
b) Profit and Loss account
c) Balance Sheet
Analysis of consecutive years audited accounts to reveal the trend
The changes in the each item of physical performance, profit and loss
account and balance sheet are recorded in absolute terms as well as
percentage.
A small item even if it increases by a large percentage is less relevant.
For instance cost of raw material increasing from Rs. 10 crores to Rs.
11 crores (i.e.) 10% increase is more relevant than the cost of power
increasing by 30% from Rs. 1 crore to Rs. 1.3 crores per year.

HERO HONDA MOTORS LTD

PHYSICAL PERFORMANCE
2009 - 10 2008 - 09
Production
Installed Capacity (Million Nos)
Production (Million Nos)
Capacity Utilisation %
Sales
Quantity (Million No's)
Value (Rs Crores)
Average Realisation Rs / Vehicle
Raw Materials

Value (Rs Crores)

Cost / Rs Vehicle

Components
Steel Sheets
Total

5.4

5.2

+3.8%

4.6
85

3.72
71.5

+23.66%

4.6
15719
34171

3.72
12720
34175

+23.66%
+ 23.58%

10678
103
10781
23436

8790
26
8816
23700

+21.48%

+22.29%

EXPORTS / IMPORTS
(Rs Crores)
Exports
% of sales
Imports
Raw materials / Components
% of raw material consumption
STOCKS (Vehicles)
Opening Stock
Add: Production
Less: Sales
Less: Capitalised
Closing Stock
Value of closing stock (Rs Crores)
Vehicles
Spares
Value / Vehicle
( . ) indicates negative

2009 - 10

2008 - 09

337.27
2.10%

247.04
1.90%

579.9
5.38

427.54
4.85

10579
4596244
4606823
4600130
6693
218
6475

10955
3721844
3732799
3722000
10799
220
10579

19.68
22.67
42.35
30394

28.52
32.49
61.01
26959

(37%)

HERO HONDA LTD

(Rs in Crores)
A. Comparative Statement of Profit and Loss Account
Year Ended

2010

2009

Change

% Change

March 31,
Gross: Sales

16781

13543

3238

+23.9%

1023

1224

(202)

(16.5%)

15758

12319

3439

+27.9%

Profit on sale of
Investments

196

145

51

+ 35.2%

Interest Income

58

56

+ 3.0%

15

(8)

( 53.3%)

102

64

38

+ 59.4%

363

280

83

+29.6%

Less: Excise duty

Net Sales

Dividend
Miscellaneous Income
Stock Adjustments

Total Revenue

(6)

16115

18 -

12617

3498

+ 27.7%

Year Ended
March 31,
Raw Materials
Utilities
Salaries & Wages
Director's Remuneration
Consumable Stores
Repairs
Selling Expenses
Distribution
Advertisement/Commission
Royalty / Technical
knowhow fees
Administration Expenses
Dimenition in Investment
Value
Provision for doubtful debt
Loss on sale of
assets/investments
Total expenses

2010

2009

Change

% Change

10730
81
438
122
81
63

8760
74
371
78
72
42

1970
7
67
44
9
21

+ 22.5%
+ 9.5%
+ 18.1%
+ 56.4%
+ 12.5%
+ 50.0%

373
387

316
265

57
122

+ 18.0%
+ 46.0%

416

324

92

+ 28.4%

388

319

69

+ 21.6%

13

(10)
2

19
10653

(13)
2437

3
26
13090

+ 22.9%

Year Ended

March 31,

2010

2009

Change

% Change

Profit before interest and

depreciation

3025

1964

1061

+ 54%

Interest

Depreciation

2-

191

181

10

+ 5.5%

2832

1781

1051

+ 59.0%

591

481

110

+ 22.9%

19

(10)

(52.6%)

Net Profit

2232

1281

951

+ 74.2%

Dividend %

5500

1000

Amount

2197

399

1798

451%

371

68

303

446%

(337)

814

(1151)

(141%)

Profit bofore tax

Tax
Deferred tax

Tax on dividend
Transfers to Reserves

As at March 31,
Liabilities
Share capital
Reserves and surplus

HERO HONDA MOTORS LTD

BALANCE SHEET
(Rs in Crores)
2010
2009
40
3425

Assets
Gross Block
Less: Depreciation
Work in Progress
Investments
Inventories
- Raw materials
- Work in process
- Finished goods
- Stores

40
3761
3465
66
153
3684

Sales tax deferment loan

Deferred Tax Liability

2751
1092

3801
78
143
4022

(336)
(336)
(12)
10
(348)

(7.9)
(8.8)
(15.4)
+7.0
(8.7)

1573
121
3367

235
149
86
86
559

+9.3
+ 15.8
+ 5.5
(60.3)
16.6

+ 121
(31)
19
109

+ 60.2
(50.1)
+ 82.6
+33.3

2516
943
1659
48
3926

322
30
42
42
436

Change % Change

201
61
23
42
327

Debtors
Cash and bank
balance
Loans and advances
Advance tax

109

150

(41)

(27.3)

1907
337
94

220
243
74

1687
94
20

+ 766.8
+ 38.7
+27
84.3

1526

408
273
1
1598
2280

+ 58.0
+ 34.4
+ 3.4
149.4

527
(1039)
4022

36
200
273
(10)
499
(910)
(338)

+450
+ 50
+401.5
(19.23)
+94.7
(87.6)
(8.4)

2883
Less:
Current Liabilities
Sundry Creditors
Other Liabilities
Dealer Deposits
Interim dividend

1111
1067
30
1598

1014

703
794
29
3806

Provisions
Tax
Dividend
Tax on dividend
Others
Net current assets
Total Assets

44
599
341
42

8
399
68
52
1026
(1949)
3684

LIMITATIONS OF CFSA
It shows only increase or decrease of an item over the
years. It doesnt establish the relationship between various
items such as raw material cost to sales. If the raw material
cost has gone down, it will contribute to the profit only if
the sales has not gone down. So it is not important whether
raw material increased / decreased but whether the ratio
of raw materials cost to sales increased or decreased. If raw
material cost has gone down due to lower production it is
not good.
If the base year figure is small or an item is changing signs
every year, we cannot draw any conclusions.

COMMON SIZE FINANCIAL STATEMENT ANALYSIS

For balance sheet, each item is expressed as a percentage of either
invested capital or total asset (or liabilities plus equity). Invested
capital is networth plus interest bearing credit (i.e.) Total Assets
minus interest free credits.
The networth would be calculated after deducting miscellaneous
expenses yet to be written off and adding surplus in profit and loss
account (deducting loss in P / L)
In profit and loss account analysis each item is expressed as
percentage of net sales (i.e. net of all duties) as all items are related
to net sales.
It shows how the composition of assets or a subgroup of assets
have changed over the period and how expenses have varied as %
of sales over the period.

 Sometimes income from investments / other income / profit on

sale of assets directly go to pretax profit as no expenses are
incurred in this like manufacture. Hence it is necessary to look at
the ratio of other income to the pretax profit.
This is very useful for intercompany comparison for analyzing the
relative financial strengths But care must be taken if the sizes of
the companies are different
An item can remain unchanged in absolute value but % may change
as total assets / net sales keep changing year to year.

PRODUCTION AND SALES

Year Ended
March 31,
a) Production
Capacity (Million Nos)
Production (Million Nos)
Capacity Utilisation (%)
b) Sales
Sales (Million Nos)
Average realisation(Rs / Vehicle)
Sales (Rs crores)
2 wheelers
Spares
Total
c) Raw Materials (Rs
Crores)
Steel Sheets
Components

Rs Contribution / Vehicle

2010

2009

2008

2007

5.4
4.6
85%

5.2
3.72
71.50%

3.4
3.33
97.90%

3.4
3.34
98.20%

4.6
34171

3.72
34175

3.34
33993

3.34
32674

15179
1062(6.3%)
16781

12720
823(6.1%)
13543

11353
685(5.7%)
12038

10913
629(5.4%)
11542

103
10678
10781
13043

726
8190
8916
12707

28
7413
7441
13805

36
7122
7168
13096

HERO HONDA MOTORS LTD

(Rs in Crores)

Year Ended March 31,

Sales
Less: Excise duty
Net Sales
Profit on sale of
investments
Interest income
Dividend income

2010
16781
1022
15758

%
106.49
6.49
100

2009
13543
1224
12319

%
109.94
9.94
100

2008
12038
1703
10335

%
116.48
16.48
100

2007
11542
1647
9895

%
116.64
16.64
100

196
58
7

1.24
0.37
0.04

145
56
15

1.18
0.45
0.12

152
51
7

1.48
0.5
0.07

150
35
12

1.52
0.35
0.12

Miscellaneous income

102
363
(6)
16115
10730
81
438

0.65
2.3
(0.04)
102.27
68.09
0.51
2.78

64
280
18
12617
8760
74
371

0.52
2.27
0.15
102.42
71.11
0.6
3.01

33
243
(14)
10564
7392
57
321

0.32
2.36
0.14
102.22
71.52
0.55
3.1

37
234
3
10132
7176
52
299

0.37
2.36
0.03
102.39
72.52
0.53
3.02

122
81
63

0.77
0.51
0.4

78
72
42

0.63
0.58
0.34

62
64
32

0.6
0.62
0.31

55
68
29

0.56
0.69
0.29

Stock Adjustments
Total Revenue
Raw Materials
Utilities
Salaries and Wages
Director's
remuneration
Consumable Stores
Repairs

2010

2009

2008

2007

373

2.37

316

2.57

267

2.58

250

2.53

387

2.46

265

2.15

237

2.3

257

2.6

277 2.68
251 2.43
8960 86.70

254
267
8707

2.56
2.7
88

Selling Expenses

- Distribution
- Advertisement /
Commission
Royalty / Technical fees
Administrative Expenses
Total
Dimunition/ loss in the
sale
value of assets
/investments
Provision for doubtful
debts

416
388
13079

Total Expenses
Profit before interest

13090 83.07 10653 86.47

and depreciation

2.64
324 2.63
2.47
319 2.59
83 10621 86.21

0.06

0.01 -

3025 19.19

32

0.26
-

1964 15.94

0.08

0.02

24

0.23

35

0.35

8992 87.01

8744 88.37

1572 15.21

1388 14.03

2010

2009

2008

2007

0.01

0.02

0.02

0.02

191

1.21

181

1.47

160

1.55

140

1.42

2832

17.97

1781

14.46

1410

13.64

1246

12.59

591

3.75

481

3.9

441

4.27

379

3.83

0.06

19

0.15

0.09

Profit after tax

2232

14.16

1281

10.4

968

9.37

858

8.67

Dividend %

5500

Amount

2197

13.94

399

3,24

379

3.67

339

3.43

371

2.36

68

0.55

64

0.62

58

0.58

(337)

(2.14)

814

6.61

525

5.08

461

4.66

Interest
Depreciation
Profit before tax
Current tax
Deferred tax

Tax on dividends
Transfers to
Reserves

1000

950

850

As at March 31,

2010

2009

2008

2007

40

1.09

40

0.99

40

1.23

40

1.45

Reserves & Surplus

3425

92.97

3761

93.51

2946

90.81

2430

87.95

Shareholder's fund
Sales tax deferred
loans

3465

94.06

3801

94.5

2986

92.04

2470

89.4

66

1.79

78

1.94

132

4.07

165

5.97

153

4.15

143

3.56

126

3.89

128

4.63

3684

100

4022

100

3244

100

2763

100

Gross block

2751

74.67

2516

62.56

1939

59.77

1807

65.16

Less: Depreciation

1092

29.64

943

23.45

783

24.14

635

22.97

1) Net fixed assets

1659

45.03

1573

39.11

1156

35.63

1166

42.19

48

1.3

121

3.01

409

12.61

190

6.87

3926 106.57

3367

83.71

2567

79.13

1974

71.44

LIABILITIES
Equity

Deferred tax
liability
ASSETS

2) Capital work in
progress
3) Investments

2010

2009

2008

2007

CURRENT ASSETS
Inventories
a) Raw Materials
b) Finished goods

322
42

8.74
1.14

201
61

5
1.52

220
45

6.78
1.39

168
57

6.08
2.06

c) Work in process
d) Stores

30
43

0.81
1.17

23
42

0.57
1.04

16
36

0.49
1.11

18
32

0.65
1.16

4)Total Inventories
5) Advance Tax

437
94

11.86
2.56

327
74

8.13
1.84

317
51

9.77
1.57

275
48

9.95
1.74

6) Loans/advances
7) Cash / Bank
balances
8) Debtors
9) Total current assets
(4+5+6+7+8)
CURRENT LIABILITIES

337

9.15

243

6.04

140

4.32

219

7.92

1907
108

51.76
2.93

220
150

5.47
3.73

131
298

4.04
9.19

36
335

1.3
12.12

2883

78.26

1014

25.21

937

28.89

913

33.03

10) Sundry creditors

1111

30.16

703

17.48

756

23.3

555

20.08

11) Other liabilities

1067

28.96

794

19.74

541

16.68

461

16.68

12) Dealer Deposits

30

0.81

29

0.72

28

0.86

26

0.94

2010

2009

2008

2007

1598

43.38

3806

103.31

1526

37.94

1325

40.84

1042

37.7

44

1.19

0.2

0.19

44

0.15

16) Dividend

599

16.26

399

9.92

379

11.68

339

12.26

17) Tax on dividend

341

9.26

68

1.69

65

58

2.1

42

1.14

52

1.29

50

1.54

36

1.3

1026

27.85

527

13.1

500

15.41

437

15.81

(1949)

(52.90)

(1039)

(25.83)

(888)

(27.37)

(566)

(20.48)

3684

100

4022

100

3244

100

2764

100

13) Interim dividend

14) Total Current Liabilities

(10+11+12+13)
PROVISIONS
15) Tax provisions

18) Others
19) Total Provisions
(15+16+17+18)
20) Net Current assets
(9-14-19)
21) Total Assets

(1+2+3+20)

Table - I
This table represents changes between the percentage of sales of items from year to year Brackets indicates reduction
Revenues
2010
2009
2008
Other Income
(0.15)
0.20
(0.17)
Raw materials
(3.02)
(0.41)
(1.0)
Utilities
(0.09)
0.05
0.02
Salaries & Wages
(0.23)
(0.09)
0.09
Director's remuneration
0.14
0.03
0.04
Stores
(0.07)
(0.04)
(0.07)
Repairs
0.06
0.03
0.02
Selling - Distributiion
(0.2)
(0.01)
0.05
Selling - Advertising/Commission
Royalty
Administrative expenses

0.31
0.01
(0.12)

(0.15)
(0.05)
0.16

(0.30)
0.12
(0.26)

Dimunition / loss in assets/investments

(0.19)

(0.05)

(0.06)

Profit before interest & Depreciation

- Change in revenue
- Change in expenses
Net

3.25
(0.15)
(3.40)
3.25

0.73
0.2
(0.53)
0.73

1.18
(0.17)
(1.35)
1.18

2010

2009

2008

(0.26)

(0.09)

0.13

3.51

0.82

1.05

Current tax

(0.15)

(0.37)

0.44

Deferred tax

(0.10)

0.16

(0.09)

Profit after tax

3.76

1.03

0.7

Dividend amount

10.7

(0.43)

0.24

Tax on dividends

1.81

(0.07)

0.04

(8.75)

1.53

0.42

Interest

Depreciation
Profit before tax

Transfers to reserves

Table - II
This table represents changes between the percentage of total assets/liabilities of
each item of the balancesheet - brackets indicates reduction
2010
2009
2008
Liabilities
Equity
0.1
(0.24)
(0.22)
Reserves & Surplus

(0.54)

2.7

2.86

Shareholder's funds

(0.44)

2.46

2.64

Sales tax loan

(0.15)

(2.13)

(1.90)

0.59
-

0.33
-

(0.74)
-

Deferred tax liability

Total
Assets
Gross Fixed Assets
Less: Depreciation
1. Net fixed assets
2. Capital works in
progress

12.11
6.19
5.92

2.79
(0.69)
3.48

(5.39)
1.17
(6.56)

(1.71)

(9.60)

5.74

3. Investments

22.86

4.58

7.69

2010

2009

2008

a) Raw Materials

3.74

(1.78)

0.7

b) Finished goods

(0.38)

0.13

(0.67)

c) Work in process

0.24

0.08

(0.16)

d) Stores

0.13

(0.07)

(0.05)

(a+b+c+d)

3.73

(1.64)

(0.18)

6. Advance tax

0.72

0.27

(0.17)

7. Loans/Advances

3.11

1.72

(3.60)

8. Cash/bank balances

46.29

1.43

2.74

9. Debtors

(0.80)

(5.46)

(2.93)

(3.68)

(4.14)

4. Inventories

5. Total Inventories

10. Total current assets

(5+6+7+8+9)

53.05

2010

2009

2008

11. Sundry creditors

12.68

(5.82)

3.22

12. Other liabilities

9.22

3.06

13. Dealer deposits

0.09

(0.14)

(0.08)

43.38
65.37

(2.90)

3.14

0.99

0.01

0.04

17. Dividend

6.34

(1.76)

(0.58)

18. Tax on dividends

7.57

(0.31)

(0.10)

19. Others
20. Total Provisions

(0.15)

(0.25)

0.24

(16+17+18+19)
21. Net current assets

14.75

(2.31)

(0.40)

(27.07)

1.53

(6.88)

28.78

9.59

13.43

Current liabilities

14. Interim dividend

15. Total current liabilities
Provisions
16. Tax

(10-15-20)
22. Total assets
(1+2+3+21)

Index number trend analysis

Set the value of the item at the base year at
100 which is the normal year and work out
variations over the period of time.
Care must be taken to adjust the financial
statements for change in accounting policy.
The interpretation of the result requires a
basic understanding of the industry,
companys strategies, accounting policies,
strengths and weaknesses.

HERO HONDA MOTOR LTD - PROFIT AND LOSS ACCOUNTS

(Rs. Crores)
Year Ended
March 31,
2010
%
Sales
16781 145.3
Less: Excise
duty
1022 62.05
Net Sales
15758 159.25
Profit on sale of
investments
196 130.67
Interest Income
Dividend
Income
Miscellaneous
Income

Stock
Adjustments
Total Revenue

58 165.71
7

58.33

102 275.68
363 155.13
(6)

(300)

16115 159.05

2009
%
13543 117.34

2008
12038

%
104.3

2007
11542

%
100

1224
12319

74.32
124.5

1703
10335

103.4
104.45

1647
9895

100
100

145

96.67

152

101.33

150

100

56

160

51

145.71

35

100

15

125

58.33

12

100

64 172.97
280 119.66

33
243

89.19
103.85

37
234

100
100

600

(14)

(566.67)

100

12617 124.53

10564

104.26

10132

100

18

Year Ended March 31,

Raw materials
Utilities

2010

2009

2008

% 2007

10730 149.53
81 155.77

8760 122.07
74 142.31

7392 103.01 7176 100

57 109.62
52 100

Salaries/Wages

438 146.49

371 124.08

321 107.36

299 100

Director's remuneration

122 221.82

78 141.82

62 112.73

55 100

Consumable stores

81 119.12

72 105.88

64 94.12

68 100

Repairs

63 217.24

42 144.83

32 110.34

29 100

126.4

267 106.8

250 100

Selling Expenses
-Distribution

373

- Advertisement/Commission

387 150.58

265 103.11

237 92.22

257 100

Royalty/Technical fees

416 163.78

324 127.56

277 109.06

254 100

Administrative expenses

149.2

316

388 145.32
319 119.48
13079 150.21 10621 121.98

251 94.01 267 100

8960 102.91 8707 100

Year Ended March 31,

Diminution in the value of
investments
Provision for doubtful debts
Loss on sale of investments /
assets
Total expenses
Profit before Interest and
Depreciation
Interest

Depreciation
Profit before tax
Tax
Deferred Tax

2010

2009

13

5.71

211

68.57

35 100

300

19

950

150

2 100

13090

100

191 136.43
2832 227.29
591 155.94
9

% 2007

149.7 10653 121.83 8992 102.84 8744 100

3025 217.94
2

% 2008

100

1964 141.5 1572 113.26 1388 100

2

100

181 129.29

100

2 100

160 114.29

140 100

1781 142.94 1410 113.16 1246 100

481 126.91
19 211.11

441 116.36
1

11.11

379 100
9 100

2010

2009

Profit after
tax

2232 260.14

1281

149.3

Dividend%

5500

1000

Amount

2197 648.08

399

2008

2007

968 112.82

858

100

950

850

117.7

379

111.8

339

100

Tax on
dividends

371 639.66

68 117.24

64 110.34

58

100

Transfer to
Reserves

(337) (173.10)

814 176.57

517 112.15

461

100

As at March 31
Equity
Reserves and
Surplus
Share holder's fund
Sales tax

Deferment loan

2010

2009

40

100%

40

% 2008

40 100%

3425 140.95

3761 154.77 2946 121.23

2430 100%

3465 140.28

3801 153.89 2986 120.89

2470 100%

40

78

40

2007

100%

66

100%

47.27

132

80

165 100%

143 111.71

126

98.44

128 100%

4022 145.56 3244 117.41

2763 100%

Deferred tax
Liability

153 119.53
3684 133.33

As at March 31,

2010

2009

Gross Block

2751 152.75

2516

Less: Depreciation

1092 171.97

943

1) Net Block

1659 142.28

2) Capital work in
progress

48 25.26

2007

139.7

1939 107.66

1801

100

148.5

783 123.31

635

100

99.14

1166

100

63.68

409 215.26

190

100

1573 134.91
121

2008

1156

3) Investments
4) Inventories

3926 198.89

3367 170.57

2567 130.04

1974

100

- Raw materials

322 191.67

201 119.64

220 130.95

168

100

- Finished goods

42 73.68

61 107.02

78.95

57

100

- Work in process
- Stores

30 166.67
43 134.38
437 158.91

23 127.78
42 131.25
327 118.91

16 88.89
36 112.5
317 115.27

18
32
275

100
100
100

45

As at March 31,
5) Debtors
6) Cash/bank
balance

7) Loans/Advances

8) Advance tax
9) Total Current Assets
(4+5+6+7+8)

2010
108

% 2009
32.24

150

% 2008
44.78

298

2007

88.96

335

100

36

100

63.93

219

100

1907 5297.22

220 611.11

131 363.89

337 153.08

243 110.96

140

94 195.83

74 154.17

51 106.25

48

100

2883 315.77 1014 111.06

937 102.63

913

100

As at March 31,
Curent Liabilities & Provisions

2010

2009

2008

Sundry Creditors

1111

200.18

703

126.67

756

136.22

555

100

Other Liabilities

1067

231.45

794

172.23

541

117.35

461

100

Dealer deposits

30

115.38

29

111.54

28

107.69

26

100

Interim dividend

1598

Total current liabilities

Provisions

3806

Tax provision
Dividend
Tax on dividend
Others
Net current assets
Total Assets

1526

% 2007

1325

1042

44
599

1100
176.7

8
399

200
117.7

6
379

150
111.8

4
339

100
100

341
42
1026

587.93
116.67
234.78

68
52
527

117.24
144.44
120.59

65
50
500

112.07
138.89
114.52

58
36
437

100
100
100

(888) (156.89) (566)

100

3244

100

(1949)
3684

(344.35) (1039) (183.57)

133.29

4022

145.51

117.37 2764