Economy Position

This sector lies in automobile industry and automobile is the part of

large scale manufacturing.
Growth rate is 3.9% in 2014 and 4.0% in 2013.
Due to increase in GST from in 10 to 16 percent in 2014 it turns
production of automobile industry in negative.

Common Sizing

Balance Sheet
Horizontal Analysis

Horizontal Analysis Balance Sheet

Particulars

2014
vs

2013
vs

2012
vs

2011
vs

2010
vs

Assets

2013
%

2012
%

2011
%

2010
%

2009
%

Non Current Assets

Property Plant & Equipment
Intangible assets
Long term investments
Long term loans & advances
Long term deposits
Total non current assets

2.96
-13.93
3.18
14.68
2.97

12.18
-13.46
25.28
-46.60
11.97

20.94
-10.06
-8.85
46.10
20.75

1.06
-11.37
19.10
-5.04
1.12

-5.50
-51.50
31.00
26.50
-5.50

Current Assets
Stores, spares and loose tools
Stock-in-trade
Trade debts
Loans & advances
Trade deposits & prepayments
Short term investments
Accrued mark-up/ interest
Other receivables
Taxation-net
Bank balances
Total current assets
Non current assets classified as held for sale
Total Assets

2.61
-5.94
1.08
6.17
6.20
125.74
-4.08
-25.96
3.79
27.10
100.00
19.57

11.94
0.47
-13.96
0.30
6.45
11.95
166.86
-58.91
-98.39
27.49
8.27
0.00
9.62

6.98
7.90
49.03
-1.11
21.38
9.12
-48.95
1.74
136.01
2.79
10.35
0.00
13.92

1.02
20.35
-9.93
-17.19
-5.48
22.91
88.72
30.34
100.00
27.34
20.20
0.00
12.90

-24.70
-7.10
39.20
7.50
-39.50
138.90
767.90
-88.60
-100.00
158.00
33.90
0.00
15.50

25.00
20.65
21.20

15.00
22.00
20.47

15.00
17.61
17.25

15.00
19.39
18.77

15.00
17.50
17.20

-100.00

36.70

Equity & Liabilities

Equity
Share Capital
Reserves
Total equity
Non Current Liabilities
Long term borrowings

Income Statement
Horizontal Analysis

Horizantal Analysis Profit & Loss Statement

Particulars

2014

2013

2012

2011

2010

vs

vs

vs

vs

vs

2013

2012

2011

2010

2009

Sales

5.09

11.35

16.88

27.26

85.90

Cost of sales

4.16

9.68

17.14

27.70

84.30

Gross profit

14.83

32.54

13.75

22.09

107.00

Sales & marketing expenses

7.23

24.93

18.45

18.05

154.60

Administrative expenses

10.99

15.44

8.02

17.38

59.80

Other income

30.37

17.57

8.31

25.22

166.40

Other operating expenses

17.61

62.56

6.90

18.36

568.60

Profit from operations

21.66

35.89

8.50

26.40

96.80

Finance cost

(17.38)

(16.99)

87.47

(16.99)

(55.30)

Profit before taxation

21.83

36.27

14.85

30.94

205.40

Taxation

14.69

44.21

1.95

11.83

184.40

Profit after taxation

24.49

33.53

20.10

40.72

217.30

Balance Sheet
Vertical Analysis

Particulars

2014

Vertical Analysis Balance Sheet

2013
2012
2011

2010

Non Current Assets

Property Plant & Equipment
Intangible assets
Long term investments
Long term loans & advances
Long term deposits
Total non current assets

31.69
0.03
0.18
0.07
31.98

36.80
0.05
0.21
0.07
37.13

35.96
0.06
0.19
0.14
36.35

33.88
0.07
0.23
0.11
34.29

37.84
0.09
0.22
0.13
38.29

Current Assets
Stores, spares and loose tools
Stock-in-trade
Trade debts
Loans & advances
Trade deposits & prepayments
Short term investments
Accrued mark-up/ interest
Other receivables
Taxation-net
Bank balances
Total current assets

2.79
14.22
3.62
0.25
0.35
25.70
0.08
0.03
19.80
66.83

3.25
18.07
4.28
0.28
0.40
13.61
0.10
0.05
0.02
22.81
62.87

3.18
19.72
5.46
0.30
0.41
13.33
0.04
0.14
1.47
19.61
63.65

3.39
20.82
4.17
0.35
0.38
13.91
0.09
0.16
0.71
21.73
65.71

3.79
19.53
5.23
0.48
0.46
12.78
0.05
0.14
19.27
61.71

1.19
100

100

100

100

100

7.20
47.89
55.09

6.89
47.72
54.61

6.56
42.89
49.45

6.50
41.54
48.04

6.38
39.28
45.67

5.78

7.22

6.66

6.75

6.01
7.04

Assets

Non current assets classified as Net Sales

Held for Sale
Total Assets
Equity & Liabilities
Equity
Share Capital
Reserves
Total equity
Non Current Liabilities
Long term borrowings
Deferred Liabilities

Income Statement
Vertical Analysis

Particulars

Vertical Analysis Profit & Loss

Statement
2014 2013 2012 2011 2010
%

Sales

100.0 100.0 100.0 100.0 100.0

0
0
0
0
0

Cost of sales

(90.50 (91.31 (92.70 (92.50 (92.18

)
)
)
)
)

Gross profit

9.50

Sales & marketing expenses

(2.91) (2.85) (2.54) (2.51) (2.70)

Administrative expenses

(0.97) (0.92) (0.88) (0.96) (1.04)

Other income

0.95

Other operating expenses

(0.50) (0.45) (0.31) (0.34) (0.36)

Profit from operations

6.06

Finance cost

(0.02) (0.02) (0.03) (0.29) (0.44)

Profit before taxation

6.05

Taxation

(1.55) (1.42) (1.09) (1.25) (1.43)

Profit after taxation

4.50

8.69

0.76

5.24

5.22

3.80

7.30

0.72

4.29

4.26

3.17

7.50

0.92

4.62

4.34

3.08

7.82

0.94

4.66

4.22

2.79

Forecasted Balance Sheet

Particulars

2015

2016

Assets
Non Current Assets
Property Plant & Equipment
Intangible assets

4,941,887
4,364

5,393,504
3,862

28,741

31,477

9,499
4,982,263

9,646
5,433,342

Stores, spares and loose tools

Stock-in-trade

420,383
2,189,302

443,529
2,320,541

Trade debts
Loans & advances
Trade deposits & prepayments
Short term investments
Accrued mark-up/ interest

553,025
35,305
53,509
4,097,150
16,879

588,983
34,470
57,161
5,578,034
25,461

Long term investments

Long term loans & advances
Long term deposits
Total non current assets

Current Assets

Other receivables
Taxation-net
Bank balances
Total current assets

4,353

3,835
-

3,253,363
10,531,960

3,746,630
12,125,110

171,459
15,673,527

171,459
17,714,363

1,150,399
7,881,790
9,030,905

1,337,338
9,355,922
10,689,231

Non current assets classified as

Held for Sale
Total Assets
Equity & Liabilities
Equity
Share Capital
Reserves
Total equity

Forecasted Income Statement

Particulars

Sales
Cost of sales
Gross profit
Sales & marketing
expenses
Administrative expenses
Other income
Other operating
expenses
Profit from operations
Finance cost
Profit before taxation
Taxation

2015

51,214,962

2016

58,971,409

(46,158,789) (52,929,834)
5,103,564

6,165,135

(1,516,024)

(1,776,227)

(485,769)

(548,702)

488,841

568,084

(283,022)

(357,614)

3,320,814
(5,247)
3,387,907
(812,845)

4,088,226
(3,426)
4,267,805
(960,543)

Ratio Analysis

Ratios
Profitability Ratios
Gross Profit Margin
Operating Profit
Margin
Net Profit Margin
Return on Asset
Return on Equity
Liquidity Ratios
Current Ratio
Acid Test Ratio
Debt Ratios
Debt Ratio

2014

9.50%

2013

8.69%

2012

7.30%

2011

7.50%

2010

7.82%

6.06% 5.24% 4.29% 4.62% 4.66%

4.50% 3.80% 3.17% 3.08% 2.79%
13.93% 13.38% 10.99% 10.42% 8.36%
25.29% 24.62% 22.22% 21.69% 18.31%

1.71
1.65
1.45
1.45
1.49
1.34
1.17
1.00
0.99
1.02

44.91% 45.40% 50.55% 51.96% 54.33%

102.22 108.14 118.98
81.53% 83.54%
%
%
%

Debt to Equity Ratios

Times Interst Earned
Ratio
335.67 227.97 139.26
Asset Activity Ratios

Average Collection
Period
4.27
4.44
5.74
Inventory Turnover
Ratio
19.71
17.80
16.30
Fixed Asset Turnover
Ratio
9.68
9.49
9.54
Total Assets Turnover
Ratio
3.10
3.52
3.47
Market Value Ratios

Price to Earning Ratio

19.52
21.74
22.58

16.09

10.57

4.51

6.37

15.02

14.15

9.86

7.83

3.38

3.00

23.58

28.85

Duo Pont
Analysis

2014
2013

Profit
Asset
Equity
Margin Turnov Multiplie
er
r
4.501% 3.09%
1.815% 25.24
3%
3.8%
3.5%
1.840% 24.47
%

Performance
Graphs

Sales
50000000
40000000 44,478,713
42,325,242
38,011,857
30000000
32,521,399
25,554,772
20000000
10000000
0

2014
1

2013
2
Year

2012
3
Sales

2011
4

2010
5

Net Income
2500000
2000000
1500000
1000000 2,001,560
1,607,804
1,204,1091,002,556
500000
712,458
0 2014
2013
2012
2011
2010
1
2
3
4
5
Year

Net Income

Strengths
Increase in sales and profit year by year.
Control on cost of goods sold year on year.
Changes in Debt Ratio is a good sign.
Company has strong liquidity position.
Good in recovery position.

Weakness
If their debt ratio is good but increase in liability year by
year with same percentage is little worry sign.
Addition in property plant & equipment is not give any
heavy effect on sales.
They are good in cost but not extra efficient in operating
expenses.