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CONTENTS

1.0 STRATEGY ANALYSIS ................................................................................3

2.0 ACCOUNTING ANALYSIS ............................................................................4

3.0 FINANCIAL ANALYSIS .................................................................................4

3.1 Balance Sheet Analysis ........................................................................5

3.2 Profit and Loss Statement Analysis .....................................................5

3.3 Profitability Ratios ...............................................................................6

3.4 Liquidity Ratios ...................................................................................7

3.5 Solvency Ratios ....................................................................................8

3.6 Capital Market Ratios ..........................................................................8

3.7 Cash Ratios ..........................................................................................9

4.0 CONCLUSIONS ..............................................................................................9

5.0 ANNEXURES .................................................................................................12







 



  



Titan Industries is India’s leading producer and retailer of watches and jewellery, and is
credited with changing the face of the Indian watch as well as the jewellery industry. The
watch division with a domestic market share of over 70% of the organized market is clearly
the market leader.

Titan Industries Ltd. operates in Leisure & Personal Goods Retail segment and its area of
operations includes Asia Pacific, Middle East and the UK. The company has three product
divisions: watches, jewellery and eyewear. Titan Industries’ key strategy is to explore new
consumer segments, introduce innovative new products, and rapidly increase its retail
network to drive sales growth. The Company strongly focuses on building a highly
differentiated brand positioning in the marketplace. The business is also rationalizing its cost
structure and leveraging lower rentals prevalent in the market today. The company’s
acquisition of 3 subsidiary companies under its scheme of amalgamation (Samrat Holdings
Ltd, Questar Investments Ltd and Titan Holdings Ltd) has been approved by jurisdictional
High courts with effect from March 30, 2009.

All the aforesaid businesses are consumer led businesses and the retail network expansion is
carried out through franchisees at the front end. This is an efficient way to expand rather than
having Company owned/managed showrooms. The relationships have to be actively managed
to pre-empt shifting of loyalties of these franchisees to other product category brands/brands
within these categories. During 2009, the Company raised a total of Rs. 249.20 crores from
borrowings. As a result, the average cost of borrowings for the year was 10.97% as against
9.24% in the previous year and this has increased the liabilities.

Watch segment sales grew by 3.6% to Rs. 908.49 crores, while jewellery sales went up by
36.3% to Rs. 2,763.20 crores. Sales of other products, including Eyewear, Accessories and
Precision Engineering components, rose by 48.8% to Rs. 136.29 crores. The Company after a
well thought-out plan entered the US jewellery market with the opening of two Tanishq
Stores, one each at Chicago and New Jersey in financial year 2008-09. But due to the adverse
effect of severe economic slowdown in USA, which resulted in poor customer sentiments, the
expected sales did not materialize. The company, in order to curtail and minimize cash losses,
closed down these stores after considered evaluation of store economics resulting in a charge
of Rs. 29.02 crores to the Profit and Loss Account. The company's fledgling Prescription







Eyewear Division which is in the process of establishing a national network of world class
optical stores incurred a loss of Rs. 32.69 crores, in its first full year of operations. In
jewellery business, gold prices continue to be high and volatile and therefore will affect
consumer demand. The company is looking at effective cost management and better working
capital management to stave off these risks.


 






The following have been our observations regarding the accounting policies of the company:

 During the year 2008-09, the Company revised the estimated useful life of Furniture
& Fixtures from 15 years to 5 years which resulted in an additional depreciation
charge of Rs. 7.90 crores. This however does not seems to affect the P&L statement
for the financial year 08-09 much as the overall income from the exceptional items in
the statement has decreased for this period.
 The company changed the Inventory valuation method of gold from weighted average
to FIFO to facilitate appropriate presentation of the financial statements with effect
from April 1, 2009. However this would not affect the analysis that we would be
doing as the last considered financial statement for this study is of the year ending on
31st march 2009.

Apart from the above two changes there does not seems to be a major change in the
accounting policy or unusual accounting treatment evident from the reports.











 
 
 
 
 
 




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The table above shows the key financials of the Titan Industries for the years 2005-2009.
Being the market leader in the watches and having a high market share in the branded
jewellery segment, the company has had increasing sales turnover over the past five years.

 
!
*



The increase in the operating profit and it being a high percentage of the Profit after Tax
shows a high quality of earning. The same point is consolidated by the high Cash Realization
Ratio.

We hereby use the horizontal and vertical analysis methods to derive meaning from the
balance sheet and the profit and loss account and then use the ratio analysis methods to gain
greater insight into the company operations.



 


 

has been carried by observing common sized balance sheet and
horizontal analysis. The following are the key interpretations:

 The company has paid back a major portion of its borrowings in 2008-09, which is
evident from common sized balance sheet as total debts have gone down. The same is
substantiated by reduced growth in reserves and surplus in the same fiscal year
(horizontal analysis).
 The company is moving on to the franchisee model of operations and the same is
indicated by the continuously decreasing increase in fixed assets in common sized
balance sheet and horizontal analysis.
 Investments had risen in 2007-08 due to amalgamation of 3 subsidiaries and
investment rose from Rs 27.02 crores in 2006-07 to Rs 47.39 crores in 2008-09 (the
same is indicated in common sized balance sheet)
 The growth in company’s inventory levels has followed a decreasing trend (horizontal
analysis). The fact can be attributed to stabilization of jewellery business. Moreover,
global recessionary forces led to a demand slump in 2008-09 and this can also be the
reason of company maintaining a not so high inventory level in that period.

3.2 Analyzing the profit and loss statement of the company, its sales have increased over the
5-year period from 2004-09 with a CAGR of 37%. Net profit has also increased over the
period with a CAGR of 59%. Other key observations from common sized profit and loss
statement and horizontal analysis are as follows:

 The growth in company’s sales turnover and net profit has reduced slightly in 2008-09
due to slump in demand worldwide that has been caused due to the global slowdown.







  In 2007-08, company had an unprecedented other income of Rs 84.69 crores which
was due to writing back of provisions Rs 79 cr in the fiscal year (this is indicated by
capitaline database, but company’s annual report does not make a mention of it).

Talking about financial ratios, we group them under profitability, liquidity, solvency, capital
market and cash ratios and carry out the analysis on the basis of the group.




 

 The fixed asset turnover ratio

(FATOR) has shown a
constantly increasing trend,
emphasizing the fact that the
company has been able to
better utilize its assets. The
other major point that this
suggests is that the company
has been moving to a
franchisee model where the
fixed assets have not really
increased, but the sales have
continued to grow. The total
asset turnover (ATOR) ratio
has also increased, not as
drastically as the FATOR, but
it too shows the better
utilization of the company’s


assets.

 The return on investment (ROI), return on equity (ROE) and the earnings per share
(EPS) show the common trend of decreasing marginally per year, except for the year
ending March, 2008. This increase can be attributed to the acquiring of the new
companies by titan industries in that accounting year, which boosted their bottom line.







 









 The quick ratio for titan
industry is 1.38 which is
much higher than the
industry average of 0.68.
This shows the company has
sufficient current assets to
fulfil its present liabilities,
though there has been a
consistent marginal decrease
in the value.
 The quick ratio has been a
steady decline too. It is
much lower than the current
ratio because of high value
of inventory lying with the
company.

 The Debtors turnover ratio (DTOR) is much higher than the industry average of 10.69
and has increased over the years. This fares well for the company as it shows that the
company has been able to collect back its debts in a much efficient way, hence better
utilizing the cash. The debtors collection period has hence been continuously
decreasing.
 The Inventory turnover ratio has been decreasing continuously over the past four
years, and this may be a result of the recessionary phase in the economy as well as the
saturation in the demand. Hence, the inventory holding period has been increasing.
Though the ratio has been decreasing, it is still comparative to the industry average of
3.95.








 
 
 The Debt to equity ratio has



been decreasing constantly and
this is consistent with the
company becoming more
mature. The same holds true
for the liability to equity ratio.
 The interest cover ratio talks
about the ability of the
company to pay off its interest
to the creditors. This value for
titan industries has been
increasing over the past four
years, showing the increasing
strength of the company to
clear off its short term

liabilities to the creditors.


 


 




 Price to Earnings Ratio: As is
indicated by the Price to
Earnings ratios there has been
an increase in 2006-07 over
2005-06, then a decrease in
2007-08 and again an
increase in 2008-09. The dip
in 2007-08 was
predominantly due to setting
in up of recessionary forces in
the market and this dip thus,
can be attributed to
externalities. The small
increase in 2008-09 can be
attributed to recovery trends

in the Indian market.










 Dividend Yield: The dividend given by the company also follows a similar trend as
above which indicates less dividend in 2007-08 as compared to other years.










 The operating cash flow
cover for interest
expense is consistently
greater than 3. This
indicates that the
company is unlikely to
default on its interest
payments even under
relatively adverse
operating conditions.
This is a positive
indication for the
company’s creditors.

 If we look at the difference between net profit and the cash flow from operations, the
current year has seen the quality of earnings improve significantly.
 A Cash realization ratio of greater than 1 is another indicator of the quality of
earnings. The income has not relied on non-cash sources – this shows conservative
valuation policy.








 





Titan Industries reigns supreme in the watches and jewellery segments. The company, owns
brands Titan, Fastrack, Sonata and Tanishq, has recently diversified into eyewear through
Eye+, a segment which combines high revenue potential with strong margins. Introduction of
watches catering to sub 500rs market creates significant advantages in the unorganized







second hand market and gives them the competitive advantage. Titan Industries stock has
been resilient to the recessionary time due to sustained growth in sales and profit and strong
focus on domestic sector.

Since jewellery accounts for the lion’s share of the revenues, about 68% one major concern is
the fluctuation in the prices of gold and high procurement costs which in turn also affect
consumer demand. The biggest challenge in the business would be to maintain the high
service standards expected by consumers in an organized service industry. Therefore it has to
invest further in developing the best talent through training and other developmental
initiatives. The company has high cost of the captive manufacturing unit (Hosur) due to high
wages. Measures like lean manufacturing and outsourcing become critical in watch
manufacturing. The company also identifies the potential threat from the mobile phones and
has started promoting watches as a personal accessory.

Company's options in terms of price attractiveness to customers are very limited as they are
obtained from the international markets. This gives the local players an advantage in price
discounts.



 

 


 


 



 Earnings Per Share (EPS) and P/E ratio: Together they measure the performance
of the company and its investments. A high P/E ratio indicates stock market’s
confidence in a company’s future growth. Current ratio of 38 indicates healthy
performance.
 Debt to Equity Ratio: Over five years there has been a consistent decrease in the
ratio from 2.6 to 0.32 indicating that company has been able to finance its operations
internally and has been at bay from using excessive debt financing. However a low
debt to equity ratio here cannot be considered as conservative since the interest rates
have gone up which makes borrowing expensive. Usually companies with wide
fluctuations in demand keep this ratio low.

 Return on Investment: Though we could not find the relevant personal goods
industry average ratio to compare with that of Titan Industries Ltd, we feel that
currently ROI is a bit low at 9.8%. Keeping in mind other ratios like P/E, Debt to
equity and others which show a healthy growth in times like recession, higher gold







 prices, fluctuation in demand along with the company’s acquisition of three
subsidiaries, it seems a good prospect for long term investment.



This exercise was an extensive learning activity. Firstly, we computed and understood the
importance of managerial financial statements in analyzing companies. Secondly, we
developed an understanding of how to view the available financial information from
perspectives of different stakeholders. Investors, suppliers, clients and other different
stakeholders analyze a company’s financial situation after looking at different set of ratios.
Thus, the set of ratios selected to analyze a company is very crucial. Thirdly, to project a
company’s future prospects, it is imperative to look at past data and develop trends (also
taking into account market externalities). And lastly, we also developed an understanding of
where to look for financial data (i.e. stock exchanges websites, companies’ annual reports,
analyst reports, industry profiles, projection reports etc). All in all, it was a tremendous
learning exercise.







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PnL Statement of Capital Line

Year Latest 2009 2008 2007 2006 2005 2004

No. of Companies 11 3 6 6 6 6 6

INCOME :

Sales Turnover 4,279.44 4,078.83 3,378.43 2,447.40 1,712.11 1,332.15 1,121.74

Excise Duty 61.73 48.79 95.55 98.52 79.85 50 80.83

Net Sales 4,217.71 4,030.04 3,282.88 2,348.88 1,632.26 1,282.15 1,040.91

Other Income 50.13 36 100.19 54.36 101.43 27.5 28.28

Stock Adjustments 205.57 182.23 319.05 252.75 76.45 82.88 33.36

Total Income 4,473.41 4,248.27 3,702.12 2,655.99 1,810.14 1,392.53 1,102.55

EXPENDITURE :

Raw Materials 3,049.95 2,939.65 2,529.12 1,700.38 1,043.17 805.04 644.35

Power & Fuel Cost 22.57 18.14 20.44 17.46 15.7 15.12 13.98

Employee Cost 344.83 253.09 293.66 251.61 209.16 174.21 159.63

Other Manufacturing Expenses 99.89 84.95 66.88 61.62 44.16 35.72 27.53

Selling and Administration Expenses 535.61 505.89 380.48 320.68 235.41 208.26 145.05

Miscellaneous Expenses 161.78 128.68 210.87 227.57 120.6 128.45 117.08

Less: Pre-operative Expenses Capitalised 0.09 0.09 0.02 0.52 0.89 0.49 0.81

Total Expenditure 4,214.54 3,930.31 3,501.43 2,578.80 1,667.31 1,366.31 1,106.81

Operating Profit 258.87 317.96 200.69 77.19 142.83 26.22 -4.26

Interest 155.02 30.9 142.62 133.49 126.68 118.53 116.18

Gross Profit 103.85 287.06 58.07 -56.3 16.15 -92.31 -120.44

Depreciation 53.14 44.65 39.07 34.67 29.41 29.04 35.64







 Profit Before Tax 50.71 242.41 19 -90.97 -13.26 -121.35 -156.08

Tax 76.45 75.96 43.6 40.21 17.66 14.9 9.64

Deferred Tax -6.48 -6.54 7.26 -2.47 -5.65 -5.69 -6.14

Reported Net Profit -24.38 168.16 -36.52 -132.84 -29.08 -130.56 -159.58

Extraordinary Items -1.99 -1.96 -19.55 10.87 29.02 -29.08 -19.03

Adjusted Net Profit -22.39 170.12 -16.97 -143.71 -58.1 -101.48 -140.55

Adjst. below Net Profit -0.45 0 0 -0.2 0 0 127.39

P & L Balance brought forward -771.58 221.35 -865.51 -688.65 -632.63 -485.18 -442.36

Statutory Appropriations 0 0 0 0 0 0 0

Appropriations 168.87 166.48 63.61 43.82 26.94 16.89 10.63

P & L Balance carried down -965.28 223.03 -965.64 -865.51 -688.65 -632.63 -485.18

Dividend 46.02 44.39 36.24 23.61 14.2 9.34 4.96

Preference Dividend 0 0 0 0.39 2.72 2.81 3.32







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