Indo Schottle Auto Parts

Pvt. Ltd.
IPO Presentation
 Agenda
‹ Company Overview
‹ Organisation Setup

‹ Business Profile

‹ Marketing and Distribution

‹ Growth Strategy

‹ Financials
 Company Overview
‹ Brief Background and History
‹ Significant Milestones

‹ Awards and Certifications

‹ Consultants and Auditors

‹ Promoter Profile

‹ Capital Structure and Shareholding

Pattern
 Background and History
‹ Incorporated in April 1985

‹ Jointly Promoted by Mr. V. B.

Pusalkar (Indian National) and Mr.
Wolfgang Schottle (German National)
 Significant Milestones
¾ Indo Schottle is incorporated ¾ Developed Fuel System parts for OE exports
¾ 1 product line (Engine Valve Collets) ¾ Growth rates @ 40%

¾ 2nd product line (Rocker Arm Screws) ¾ Establishment of 3rd Manufacturing Plant
¾ 30 employees, Sales USD 250k ¾ TS 16949 certification

¾“Best Indian Manufacturer” of Auto/Engineering Parts

¾ Established as a premier OEM supplier
¾ 5 product lines
¾ Development of Precision machined parts
¾ Sales USD 15 million
¾ Sales USD 800k, Exports 10%
¾ Exports @ 45%

¾ 100 mill. stamped and 50 mill. machined parts / year

¾ 100% Export Unit (EOU) established

¾ QS 9000 certification
 Awards and Certifications

Best Supplier
ISO TS 16949 QS 9000 ISO 9001:2000
Award from Holset

Emerging
India Award
– 2005 in
the Auto,
Engg. And
Ancilliaries
Best Supplier
Category
Award from Cummins
 Consultants and Auditors

‹ Tax Consultants – M/s. Kunte and Vaidya

‹ Solicitors – M/s. Crawford and Bailey
‹ Statutory Auditors – M/s. PriceWaterhouse
‹ Internal Auditors and Finance Consultants
– M/s. Shah & Kirtane
 Promoter Profile – Mr. V. B.
Pusalkar
‹ A commerce graduate with post-
graduate degree in International
Trade from Indian Institute of
Foreign Trade, New Delhi
‹ Vast experience in International

Trade of auto components

‹ Has worked as Export Manager with

Kirloskar Cummins Ltd.

 Promoter Profile – Mr. Wolfgang
Schottle
‹ An engineering graduate from
University of Stuttgart
‹ Rich experience of over 10 years

with Mahle, a German auto major

‹ Promoter of MVI Motorenteile

Vertrieb GmbH, an European auto

major
Promoter Profile – Rohan Pusalkar
‹ Mechanical Engineer from Pune
University
‹ Completed M. S. in Mechanical
Engineering from University of North
Carolina, US
‹ Served for a brief period as
Customer Engineer with IBM Corp,
US
‹ Is a certified QS 9000 auditor
 Capital Structure
Particulars Rs. Lacs
Issued and Paid up Capital 243.78
Share Premium 2,150.40
Accumulated Profits 3,206.77
Other Reserves 105.18
Total Shareholders' Funds 5,706.13

Issued and
Paid up
2% 4% Capital

Share
38% Premium

Accumulat
56% ed Profits

Other
Reserves

Figures as of 31/3/06, Provisional

 Shareholders
‹ The Pusalkar Family jointly holds
around 59% of the total capital
‹ Mr. Wolfgang Schottle holds 12.30%

‹ The private investors holds another

23.99%
‹ While the balance 4.32% is held by

close friends and relatives

 Shareholding Pattern
Sr.No. Name of the Shareholder No. of Amount % Share
Shares Rs Holding
1 Mr. Vijay B. Pusalkar & others 1,280,643 12,806,430 52.53%
2 Mr. Rohan V. Pusalkar 113,400 1,134,000 4.65%
3 Mr. Ajit V. Kher 53,750 537,500 2.21%
A) PUSALKAR FAMILY 1,447,793 14,477,930 59.39%
4 Mr. Wolfgang Schottle 299,875 2,998,750 12.30%
B) MR.WOLFGANG SCHOTTLE 299,875 2,998,750 12.30%

Promoters taken together 1,747,668 17,476,680 71.69%

C) OTHERS 105,250 1,052,500 4.32%

5 Crossover Fund -I 232,162 2,321,620 9.52%

6 Geosam Mauritius Limited, Mauritius 235,247 2,352,470 9.65%
7 Swiss Technology Venture Capital Fund 117,515 1,175,150 4.82%
Private Limited
D) INVESTORS 584,924 5,849,240 23.99%

TOTAL (A+B+C+D) 2,437,842 24,378,420 100.00%

 Organisation Setup
‹ Board of Directors
‹ Organisation Structure

‹ Employee Strength

‹ Labour Relations

‹ Employee Training & Development

‹ Sister Concerns
 Board of Directors
Represent ‹ Mr. V. B. Pusalkar – Chairman and Managing Director
atives of ‹ Mr. R. V. Pusalkar – Executive Director
the ‹ Mr. Wolfgang Schottle
Promoter
‹ Mr. V. D. Kher
Group

‹ Mrs. S. B. Kalyani
Independ ‹ Mr. S. S. Shirgaokar
ent ‹ Mr. M. K. Soman
Directors ‹ Mr. A. S. Behray
‹ Mr. D. D. Dandekar
Represent ‹ Mr. Ravi Lekharajani
atives of
‹ Mr. Nikhil Khattau
the
Investors ‹ Mr. Pramod Shedde

No major changes in the current Board of Directors is expected, except in case of the Investors,
whose representation shall depend upon their holding post-issue
 Organisation Structure
Chairman and
Managing
Director
Mr. Vijay
Pusalkar

Executive
Director & CEO
(EOU Unit)
Mr. Rohan
Pusalkar

CEO (Domestic GM Sales & HOD Quality

GM Engineering HOD Admin HOD Personnel GM Finance &
Unit) Commercial Assurance
Mr. Vijay Capt. Ashok Mr. Accounts
Mr. Anil Mr. Shirish Mr. Ganesh
Mahashabde Umbarje Mangalvedhekar Mr. R. P. Sathe
Khadkikar Pathak Gosavi
 Employee Strength
‹ Total Employee Strength:- 441 nos.

‹ Technical team Strength:- 390 nos.

‹ Production Engineers:- 296 nos. ( 190 Operators working on Machines are Engineers),
Skills – Job set-up, cycle time monitoring, output.

‹ Quality Engineers:- 52 nos., Skills - Final Quality, SPC, MSA, and Quality Systems.

‹ Purchase & Vendor Development Engineers:- 9 nos. Skills:- Techno-commercial

approach.

‹ Commercial & service staff :- 41 nos. (Skills – Exim, Finance, Logistics, Stores, Human
resources)

‹ Apart from the above company has 213 contract labours

‹ Employee attrition Rate:- 4.5 %

‹ Employee Average age:- 28 years

‹ Average Employee cost - Rs. 0.90 Lacs (p.a.)

 Labour Relations
‹ The company has maintained “Zero
Labour Issue” status right from
inception
‹ The company has an internal union

‹ Wage agreement has been signed

with the Union and will be in-force till

31st July 2007
 Employee Training & Development
‹ Training needs of employees are identified through
a specially devised system comprising of –
• Training need identification format
• Gap Analysis of Competency mapping
• Annual appraisal
‹ A need-based training calendar is formulated
‹ It is implemented with help of outside experts as
well as ISAP faculties
‹ Training Centre established in 2005
‹ Aim of the Training Centre – Development, Value
addition and imparting of requisite skills in the
employees
 Associate Concerns
‹ Pusalkar Mitchel Engineering Pvt. Ltd.
• A 50:50 joint venture with The Mitchel
Group Inc., U.S.
• 100% Export Oriented Unit
• Started commercial production in May
2005
‹ Belgaum Motor Parts Pvt. Ltd.
‹ Pusalkar Schottle Exports Pvt. Ltd.

‹ Pusalkar Engineers
 Business Profile
‹ Products
‹ Revenue Break-up

‹ Manufacturing facilities

‹ Research and Development

‹ Key Suppliers

‹ Trademarks and Warranties

 Products

‹ Components with Dimensional Accuracies within 5 microns, Flatness – 2

microns, Cylindricity – 1.5 microns, Roughness Values up to 0.4 Ra
‹ Component size from Dia. 3 mm to 55 mm & length 2mm up to 145 mm
 Products Engine Valve Collets
¾Installed Capacity - 150 million
¾Cold formed with High repeatability
¾Patent pending on process

Fuel System Parts

Turbocharger Parts
¾Installed Capacity 4 million parts
¾Heat treated and ground
¾Roundness < 2 microns Rocker Arm Screws
¾Match assembled (Size control in microns)
¾Installed Capacity - 40 million

Hydraulic Components ¾Alloy steel with special heat

treatment and Class I threads
¾Installed Capacity 1.5 million parts
¾Very Close tolerances
¾Roundness / Flatness < 3 microns
 Revenue Break-up
2004-05 2005-06
Screws 1,130.92 1,346.24
Total Sales
Collets 873.60 1,045.85 2004-05 2005-06
Pivot 130.21 172.20 4,712.11 5,554.61
Job Work Charges 47.89 63.50
Others 1.03 0.60

Domestic EOU
2004-05 2005-06 2004-05 2005-06
2,183.65 2,628.39 2,528.46 2,926.22

2004-05 2005-06
Oil Seal Plates 513.75 554.59 Turbocharger Components Fuel System Components
2004-05 2005-06 2004-05 2005-06
S.S. Bush 185.25 189.88
1,119.20 1,384.11 1,409.26 1,542.11
Journal Bearing 326.05 391.50
Others 94.15 248.14

2004-05 2005-06
Tappet Sleeve Assy. 83.36 21.57
Tappet Hyd. Assy. 548.60 854.18
Coupling Injector Plunger Assy. 643.30 638.96
Figures in Rs. Lacs Others 134.00 27.40
 Revenue Break-up

3,199
Domestic
2,581

2,356
Export
2,131

- 500 1,000 1,500 2,000 2,500 3,000 3,500

2005-06

2004-05 Rs. Lacs

 Manufacturing Facilities
Domestic Unit at
Pirangut

Export Unit at
Pirangut
Manufacturing Facilities - Domestic
‹ Spread over 3 acres of Land
‹ Built-up manufacturing facility of

27,000 sq. ft.

‹ Manufactures Valve Collets, Rocker

Arm Screws & other precision

engineering components
 Manufacturing Facilities - EOU
‹ Spread over 11 acres of Land
‹ Built-up manufacturing facility of

63,000 sq. ft.

‹ Manufactures Turbocharged parts,

Fuel system parts, Hydraulics and

Fluid power parts
 Machinery and Equipments
S.No Machinery & Equipments Make Nos
1 CNC Bar Auto Citizen, Spinner 13
2 Sliding head CNC automats Nexturn 2
Twin spindle CNC lathe/turn Kummer,Takisawa, Emco, Index,
3 9
mill center Mazak
Mazak, Hardinge, LMW, Galexy,
4 CNC lathes 30
Parishudh, PMT
5 VMC Brother, Kafo 4
6 Electro Chemical deburring Elchem 1
Internal grinder with auto
7 Nova 1
loader
Micromatic, Solitaire, HMT,
8 Cyl./C'less grinder 7
Paragon, Bhagawansons
9 Gun drilling machine Nagal 1
10 Laser marking machine Pryor 1
11 Continues mesh belt furnace Fluidtherm 1
12 Sub zero treatment furnace 1
Bilher, Haulic Roos, Godrej,
13 Press 4
Aptech Engineers
Praga Tools, Machine Tool Equip,
14 Thread rolling M/c 14
Profiroll Technologies
Electronic Devices, Inducto-
15 Induction hardening M/c 8
therm
 Other Infrastructural Facilities
‹ Plants equipped with Compressed Air
‹ 100% Power back-up through
generating sets
‹ In-house heat treatment facility

‹ Leased Office Premises in World

Trade Centre, Cuffe Parade, Mumbai
of about 243 sq. ft built-up area
‹ Owns un-utilised land of about 3
acres for further expansion
 Research and Development
‹ Design
• Products designs are of the customers
• The company designs the Manufacturing
Process, measuring process and tools
‹ Research – Focused on
• Selection of appropriate Manufacturing Process
• Optimizing it
‹ Trials and Testing
• Several experimental and empirical tests,
trials, manufacturing try outs, are done to
improve and optimize productivity, tool cost
and quality
 Key Suppliers
Sr. Name of the No. of years as
No. Name of the Suppliers Product Suppliers
1 Corus Special Steels,UK Steel/Stainless Steel 7
2 Leend Bronze,UK Leaded Bronze 7
3 Mukund Iron, Thane Steel/Stainless Steel 15
4 Hindalco Aluminium 2
5 Jeena Special Alloys Bearing Steel 3
6 Cold Drawn Products Strips for Collet 6

As can be seen above the Key Suppliers are basically Raw-

Material Suppliers.

The company has good and long standing relationship with

these suppliers.
 Trademarks and Warranties
‹ Application to the Patent Office for
grant of patent for invention “A
process of preparing Valve Collets” is
underway
‹ The company do not give any
guarantee to customers.
‹ Only warranties in respect of
defective workmanship or material is
given
 Marketing and Distribution
‹ Marketing Set-up & Strategy
‹ Customers

‹ Contracts with Customers

‹ Market Size and Share

‹ Competition
 Marketing Setup & Strategy
‹ Supplies products only to Original
Equipment Manufactures (Tier I & Tier II)
‹ Long-term relationships with all its Engine
Manufacturers
‹ Supplies to almost all domestic Engine
Manufacturers and significant Engine
Manufacturers based in US and Europe
‹ Not over-dependent on a single customer
 Customers - Domestic
2004-05 2005-06
Sr.
Customers
No. Sales Value Sales Value
% %
(Rs.Lacs) (Rs.Lacs)
1 SANSERA ENGINEERING PVT.LTD. (MARUTI) 358.55 16.42% 489.30 18.62%
2 MARUTI UDYOG LIMITED. 318.04 14.56% 318.63 12.12%
3 HERO HONDA MOTORS LIMITED-GUR 272.48 12.48% 316.27 12.03%
4 SUNDRAM FASTENERS LTD (CUMMINS) 165.78 7.59% 262.78 10.00%
5 BAJAJ AUTO LTD 135.78 6.22% 167.16 6.36%
6 TATA MOTORS LTD. 129.30 5.92% 147.87 5.63%
7 TVS MOTOR COMPANY LTD. 104.46 4.78% 136.45 5.19%
8 JKM DAERIM AUTOMOTIVE LIMITED. (HYUNDAI) 102.64 4.70% 104.06 3.96%
9 MAHINDRA & MAHINDRA LTD 71.29 3.26% 93.34 3.55%
10 CUMMINS INDIA LTD. 63.82 2.92% 67.89 2.58%
11 MIVIN ENGINEERING TECHNOLOGIES (MICO) 47.89 2.19% 63.79 2.43%
12 HONDA MOTORS&SCOOTERS INDIA 70.36 3.22% 50.06 1.90%
13 AUTOTECH INDUSTRIES (I) P. LTD (CUMMINS) 9.16 0.42% 35.16 1.34%
14 TATA CUMMINS LIMITED 32.22 1.48% 34.85 1.33%
15 YAMAHA MOTOR INDIA LIMITED. 25.56 1.17% 33.64 1.28%
16 ASHOK LEYLAND LIMITED 23.12 1.06% 33.07 1.26%
17 AUTO PARTS (BAJAJ AUTO) 20.61 0.94% 30.23 1.15%
18 SIMPSON COMPANY LIMITED(MTR) 14.47 0.66% 20.71 0.79%
19 UGC LOGISTICS PVT.LTD (KIRLOSKAR OIL ENG.) 13.69 0.63% 20.31 0.77%
20 AUTOLINE (MARUTI) 25.26 1.16% 17.98 0.68%
21 ESCORTS LIMITED- TRACTOR DIV 13.79 0.63% 17.53 0.67%
22 GREAVES COTTON LTD. 10.26 0.47% 14.67 0.56%
23 EICHER MOTORS LIMITED 11.58 0.53% 13.72 0.52%
24 INTERNATIONAL TRACTORS 7.62 0.35% 11.85 0.45%
25 LML LIMITED. 10.98 0.50% 10.06 0.38%
26 OTHERS 124.98 5.72% 117.01 4.45%
Grand Total >>> 2,183.65 100.00% 2,628.38 100.00%
 Customers - EOU
2004-05 2005-06
Sales Sales
Sr. No. Customers
Value % Value %
(Rs.Lacs) (Rs.Lacs)
1 DIESEL RECON - USA (CUMMINS) 528.72 20.91% 680.28 23.25%
2 FUEL SYSTEMS PLANT - USA (CUMMINS) 643.30 25.44% 638.96 21.84%
3 HOLSET ENGG.COMPANY LTD - USA 428.92 16.96% 430.20 14.70%
4 HOLSET ENGG. COMPANY LTD - UK 395.75 15.65% 414.29 14.16%
5 TATA HOLSET LIMITED 149.22 5.90% 210.80 7.20%
6 CUMMINS INDIA LIMITED 189.16 7.48% 190.78 6.52%
7 TURBO ENERGY LIMITED 122.58 4.85% 173.25 5.92%
8 BOCSH REXROTH AG. - GERMANY - 0.00% 74.15 2.53%
9 TATA AUTOCOMP SYSTEMS LTD. 1.98 0.08% 49.37 1.69%
10 CUMMINS ENGINE CO.- USA 42.28 1.67% 17.44 0.60%
11 CUMMINS INC.-FSP - USA 1.71 0.07% 6.71 0.23%
12 THE MITCHEL GROUP INC. - 0.00% 6.01 0.21%
13 MELETT LTD - 0.00% 4.82 0.16%
14 AGROMACH SPARES CORPORATION - 0.00% 3.13 0.11%
15 TURBO INTERNATIONAL - 0.00% 2.57 0.09%
16 CUMMINS RECON AUSTRALIA 1.87 0.07% 1.57 0.05%
17 TEL - EXPORTS 0.11 0.00% 0.62 0.02%
18 CUMMINS INDIA LTD. 0.27 0.01% 0.13 0.00%
19 OTHERS 22.61 0.89% 21.15 0.72%
Grand Total >>> 2,528.46 100.00% 2,926.22 100.00%
 Contracts with Customers
‹ The company has long-term
relationships with most of its
customers
‹ The customers generally raise an

open order
‹ This is backed up by monthly

delivery schedules
 Market Size and Share
‹ Auto Industry Overview –
• During the FY 05-06, worldwide 60 Mn
Cars were manufactured - U.S.A. 45%,
Europe 40%, Asia Including China 10-
13% , India – 2%
• Worldwide 25 Mn Motor Cycles were
manufactured, of which 10 Mn were in
India
 Market Size and Share
‹ Valve Collects
• Indian market projected to grow around 20% - 25%
annually
• Global market is of about 3 Billion collects a year, about
30 times company’s current production
• Globally there are about 6 -7 well-known collect
manufacturers
• Enormous growth potential for the company
‹ Rocker Arm Screws
• Global Market of around 450 Mn pieces annually
• Company produces around 36 Mn pieces annually
• Aims to emerge as largest manufacturer
 Market Size and Share
‹ Turbo Chargers
• The sector has been growing at about 20% annually
• The turbocharger market globally is of about $ 2 Billion
• The company is targeting a 5% global market share by
2010
‹ Fuel Injection Components
• Total market size is estimated to be $ 500 Billion
• The company’s turnover of this segment is merely $ 3.5
million
• Huge potential for growth
‹ Hydraulic and Fluid Power
• Enjoys a market share of about 3%
• Another high growth segment
 Competition
‹ The nature of the industry and inherent strengths of the company reduce the
risk and impact of competition

‹ Internal Strengths –
• Long-term relationships with customers
• Supply against open purchase orders
• Single Supplier for many products
• High performance standards in terms of delivery and quality
• Transparent Pricing
• High quality systems have resulted in high customer confidence
• Ability to identify appropriate Manufacturing process, its improvisation and suitable
machinery and equipment setup

‹ External Factors –
• Very few manufacturers globally (e.g. Collets, ISAP amongst 6 collects
manufacturers)
• Presence of small value items (e.g. screws, collets) making unviable for new
entrants
• Stringent procedures followed by OEM’s while appointing suppliers. This is a big
entry barrier in itself
• Machines and equipments are of high standards. Hence, of high value. Thus,
making it an capital intensive sector. This also acts as an entry barrier
 Growth Strategy
‹ Growth Strategy
‹ Present Expansion Plans

‹ Proposed Expansion Plans

‹ Utilisation of Issue Proceeds

‹ Alternative Financing Options

 Growth Strategy
‹ “The World is Our Market”
‹ The company is guided by this

strategy
‹ Planning for expanding sales to US

and European Markets

‹ At the same time the company will

pursue growth within the India

Automobile Arena
 Present Expansion Plans
‹ Dedicated Manufacturing Setup for
Eaton
• LOI received from Eaton Corp.
• Supply of spool assembly
‹ Dedicated Manufacturing Setup for
Honeywell
• Long-term commitment received
• Supply of Sleeve Thrust Assembly
 Proposed Expansion Plans
‹ Export of Collets and Screws to US
Customers
‹ Become a leading player in Turbocharger
Segment
‹ Dedicated Manufacturing facility for a
leading automobile manufacturer in US
‹ Expanding the Journal Bearings segment
‹ Establishing marketing tie-up in US
‹ Establishing new manufacturing facility for
exports in SEZ
 Utilisation of Issue Proceeds
‹ For fulfilling the expansion plans
‹ Acquisition of Indian / Overseas

companies
‹ For the present expansion plans, the

company has already contracted for

debt. Issue proceeds can be utilised
for its pre-payment
 Alternative Financing Options
‹ Public Issue is the preferred choice
‹ The next best option would be Debt

‹ The company has good relationship

with various banks and enjoys great

credibility amongst all of them
 Financials
‹ Past Financials & Ratios
‹ Current Debt Pattern

‹ Tax Benefits

‹ Projected Financials
 Past Financials
Year ended on 31st March
2002 2003 2004 2005 2006
Particulars Audited Audited Audited Audited Prov.

Sales 1,268.90 1,574.93 2,680.00 4,708.63 5,618.28

PBDIT 358.80 545.16 894.51 1,881.80 1,989.83
PBT 152.51 315.27 566.47 1,521.89 1,577.96
PAT 116.56 222.85 417.06 1,250.82 1,327.00
Cash acruals 195.51 338.92 599.69 1,492.24 1,775.84

Net Worth 491.66 707.52 1,199.51 2,350.50 5,837.73

Term Liabilities 717.38 1,075.54 966.51 1,202.50 1,058.89
Current Liabilities 236.02 395.53 1,068.71 1,072.98 1,213.88

Fixed Assets 754.87 1,230.10 1,983.87 2,344.87 4,316.57

Figures in Rs. Lacs

 Past Ratios
Year ended on 31st March
2002 2003 2004 2005 2006
Particulars Audited Audited Audited Audited Prov.

PAT / Sales 9.2% 14.1% 15.6% 26.6% 23.6%

Outside Liab. / Net Worth 1.94 2.08 1.70 0.97 0.39
Current Ratio 2.84 2.38 1.20 2.05 3.06

Return on Equity 24% 31% 35% 53% 23%

Book Value 47 67 63 124 239
Earnings Per Share 11 21 22 66 54
Dividend Payout 25% 25% 25% 50%
 Current Debt Pattern
Facility
Bank Term Loan Cash Credit Bill Discounting Packing Credit Total
Thane Janata Sah. Bank 66.27 144.34 251.92 - 462.53
Canara Bank - - - 210.30 210.30
Citibank 65.10 - - 172.38 237.48
ICICI Bank - - - - -
Total 131.37 144.34 251.92 382.68 910.31

Outstanding as of 30th June 06

Sanctioned Limits
Bank Term Loan Cash Credit Bill Discounting Packing Credit Total
Thane Janata Sah. Bank 461 200 300 961
Canara Bank 310 310
Citibank 1,200 300 1,500
ICICI Bank 3,000 3,000
Total 4,661 200 300 610 5,771

Figures in Rs. Lacs

 Tax Benefits
‹ The company has registered its
Export Unit with SEEPZ as a 100%
EOU
‹ It enjoys all the tax benefits

available to an EOU under the

Income Tax Act (available only upto FY 08-09)
‹ The EOU also enjoys tax breaks in

terms for Excise and Sales Tax

 Projected Financials
Year ended on 31st March
2007 2008 2009 2010 2011
Particulars Projected Projected Projected Projected Projected

Sales 7,436.75 10,702.22 13,543.38 15,440.18 17,704.30

PBDIT 3,011.16 4,645.26 5,642.92 6,106.68 7,026.59
PBT 2,392.19 3,746.08 4,338.97 5,030.17 5,941.51
PAT 2,007.01 3,220.69 3,753.10 3,269.06 3,861.43
Cash acruals 2,570.23 4,022.98 4,656.28 4,204.14 4,796.51

Net Worth 7,382.04 10,538.91 14,228.19 17,433.43 21,231.04

Term Liabilities 3,973.67 4,330.11 2,323.95 1,638.47 884.45
Current Liabilities 958.00 1,248.16 1,504.46 1,750.79 2,045.05

Fixed Assets 6,291.16 6,539.93 6,253.68 5,318.61 4,383.53

Current Assets 5,950.74 9,505.44 11,731.12 15,432.28 19,705.20

Above Projections are based on Present Expansion

Figures in Rs. Lacs
Plans
 Projected Ratios
Year ended on 31st March
2007 2008 2009 2010 2011
Particulars Projected Projected Projected Projected Projected

PAT / Sales 27.0% 30.1% 27.7% 21.2% 21.8%

Outside Liab. / Net Worth 0.67 0.53 0.27 0.19 0.14
Current Ratio 6.21 7.62 7.80 8.81 9.64

Return on Equity 27% 31% 26% 19% 18%

Book Value 303 432 584 715 871
Earnings Per Share 82 132 154 134 158

Return on Equity, Book Value and Earnings Per Share have been
computed on the existing Paid-up capital of Rs. 243.78 Lacs

Above Projections are based on Present Expansion Plans

Thank you