INTRODUCTION

Comparative Balance sheet

Mar ' Mar ' Mar ' Absolute % Absolute %
10 09 08 change change change change
 09-08 10-09
Sources of funds
Owner's fund
Equity share
capital 160.58 155.46 155.46 0 0 5.12 3.293452

Share application
money - - - #VALUE! #VALUE! #VALUE! #VALUE!
Preference share
capital - - - #VALUE! #VALUE! #VALUE! #VALUE!
Reserves &
surplus 5,744.54 4,186.32 3,591.39 594.93 16.56545 1558.22 37.22171
Loan funds 0 #DIV/0! 0 #DIV/0!
Secured loans 0.41 2.79 16.98 -14.19 -83.5689 -2.38 -85.3047

Unsecured loans 4.66 937.45 563.55 373.9 66.34726 -932.79 -99.5029

Total 5,910.19 5,282.02 4,327.38 954.64 22.06046 628.17 11.89261
Uses of funds 0 #DIV/0! 0 #DIV/0!
Fixed assets 0 #DIV/0! 0 #DIV/0!
Gross block 2,895.44 2,693.29 2,201.79 491.5 22.32275 202.15 7.50569

Less : revaluation
reserve 8.97 8.97 8.97 0 0 0 0
Less :
accumulated
depreciation 884.27 700.8 540.43 160.37 29.67452 183.47 26.18008
Net block 2,002.20 1,983.52 1,652.39 331.13 20.03946 18.68 0.94176
Capital work-in-
progress 684.24 366.32 233.12 133.2 57.13795 317.92 86.78751
Investments 265.1 81.32 94.75 -13.43 -14.1741 183.78 225.9961
Net current assets 0 #DIV/0! 0 #DIV/0!

Current assets,
loans & advances 5,483.42 4,419.57 3,743.98 675.59 18.0447 1063.85 24.07135
Less : current
liabilities &
provisions 2,524.77 1,568.71 1,396.86 171.85 12.30259 956.06 60.94562
Total net current
assets 2,958.65 2,850.86 2,347.12 503.74 21.46205 107.79 3.780964
Miscellaneous
expenses not
written - - - #VALUE! #VALUE! #VALUE! #VALUE!
Total 5,910.19 5,282.02 4,327.38 954.64 22.06046 628.17 11.89261
Notes: 0 #DIV/0! 0 #DIV/0!
Book value of
unquoted
investments 265.1 81.32 94.75 -13.43 -14.1741 183.78 225.9961
Market value of
quoted
investments - - - #VALUE! #VALUE! #VALUE! #VALUE!
Contingent
liabilities 423.87 730.75 1,664.58 -933.83 -56.1 -306.88 -41.9952

Number of equity
sharesoutstanding
(Lacs) 8029.21 7772.91 7772.91 0 0 256.3 3.297349

ANALYSIS OF COMPARATIVE BALANCE SHEET

 Total assets/liabilities up by 11.89%

 Net worth up by 37.22%as against lower growth in loan funds by 11.29% which
shows strong financial position.

 Equity share capital increased by 3.29%

Comparative Profit & Loss account

Absoulte Absoulte
change change %
Mar '08 Mar '09 Mar '10 08-09 % change 09-10 change
 12 mths 12 mths 12 mths

Income
Sales Turnover 4,293.95 5,295.33 5,657.85 1,001.38 23.32071869 362.52 6.84603
-
Excise Duty 90.66 61.04 52.16 -29.62 32.67151996 -8.88 -14.547
Net Sales 4,203.29 5,234.29 5,605.69 1,031.00 24.52840513 371.40 7.09551
Other Income 134.92 -139.51 125.71 -274.43 -203.402016 265.22 -190.10
Stock Adjustments 41.37 113.55 184.09 72.18 174.4742567 70.54 62.1224
Total Income 4,379.58 5,208.33 5,915.49 828.75 18.92304742 707.16 13.5774
Expenditure 0.00 #DIV/0! 0.00 #DIV/0
Raw Materials 2,162.48 2,513.11 2,687.54 350.63 16.214254 174.43 6.94080
-
Power & Fuel Cost 96.9 91.71 92.15 -5.19 5.356037152 0.44 0.47977
Employee Cost 255.45 271.33 318.87 15.88 6.21648072 47.54 17.521
Other Manufacturing
Expenses 233.9 262.65 259.67 28.75 12.2915776 -2.98 -1.1345
Selling and Admin Expenses 547.1 887.28 867.98 340.18 62.17876074 -19.30 -2.1751
-
Miscellaneous Expenses 96.66 76.92 182.64 -19.74 20.42209808 105.72 137.441
Preoperative Exp Capitalised 0 0 0 0.00 #DIV/0! 0.00 #DIV/0
Total Expenses 3,392.49 4,103.00 4,408.85 710.51 20.94361369 305.85 7.45430

Mar '08 Mar '09 Mar '10 #VALUE! #VALUE! #VALUE! #VALUE
0.00 #DIV/0! 0.00 #DIV/0
12 mths 12 mths 12 mths #VALUE! #VALUE! #VALUE! #VALUE

0.00 #DIV/0! 0.00 #DIV/0

Operating Profit 852.17 1,244.84 1,380.93 392.67 46.07883404 136.09 10.9323
PBDIT 987.09 1,105.33 1,506.64 118.24 11.9786443 401.31 36.306
Interest 18.05 52.23 28.3 34.18 189.3628809 -23.93 -45.816
PBDT 969.04 1,053.10 1,478.34 84.06 8.674564517 425.24 40.3798
Depreciation 130.68 151.79 165.25 21.11 16.15396388 13.46 8.86751
Other Written Off 0 0 0 0.00 #DIV/0! 0.00 #DIV/0
Profit Before Tax 838.36 901.31 1,313.09 62.95 7.508707477 411.78 45.6868
Extra-ordinary items 0 0 11.9 0.00 #DIV/0! 11.90 #DIV/0
PBT (Post Extra-ord Items) 838.36 901.31 1,324.99 62.95 7.508707477 423.68 47.0071
-
Tax 136.93 124.5 243.5 -12.43 9.077630906 119.00 95.5823
Reported Net Profit 701.43 776.81 1,081.49 75.38 10.74661762 304.68 39.2219
Total Value Addition 1,230.01 1,589.89 1,721.31 359.88 29.25829871 131.42 8.26598
Preference Dividend 0 0 0 0.00 #DIV/0! 0.00 #DIV/0
Equity Dividend 155.46 155.46 160.58 0.00 0 5.12 3.29345
Corporate Dividend Tax 26.42 26.42 26.67 0.00 0 0.25 0.94625
Per share data (annualised) 0.00 #DIV/0! 0.00 #DIV/0
Shares in issue (lakhs) 7,772.91 7,772.91 8,029.21 0.00 0 256.30 3.29734
Earning Per Share (Rs) 9.02 9.99 13.47 0.97 10.75388027 3.48 34.8348
Equity Dividend (%) 100 100 100 0.00 0 0.00
Book Value (Rs) 48.2 55.86 73.55 7.66 15.89211618 17.69 31.6684

ANALYSIS OF COMPARATIVE PROFIT&LOSS ACCOUNT

 Net sales growth by 7.09%

 Tax provision is little bit higher than previous year .
 Total expense increase 7.49% due to power and fuel expenses.
 Depreciation is 8.86% which is lower than last year.

Common size Balance sheet

 Mar ' Mar ' Mar '
10 09 08 2010 2009 2008
Sources of funds
Owner's fund
Equity share capital 160.58 155.46 155.46 2.717002 2.943192 3.592474
Share application money - - - #VALUE! #VALUE! #VALUE!
Preference share capital - - - #VALUE! #VALUE! #VALUE!
Reserves & surplus 5744.54 4186.32 3591.39 198.3996 155.4352 163.1123
Loan funds 0 0 0
Secured loans 0.41 2.79 16.98 0.046366 0.398116 3.141943
Unsecured loans 4.66 937.45 563.55 0.232744 47.26194 34.10514
Total 5910.19 5282.02 4327.38 100 100 100
Uses of funds
Fixed assets
Gross block 2895.44 2693.29 2201.79 48.99064 50.98977 50.88044
Less : revaluation reserve 8.97 8.97 8.97 0.151772 0.169821 0.207285
Less : accumulated depreciation 884.27 700.8 540.43 14.96179 13.26765 12.48862
Net block 2002.2 1983.52 1652.39 33.87708 37.5523 38.18454
Capital work-in-progress 684.24 366.32 233.12 11.57729 6.935226 5.387093
Investments 265.1 81.32 94.75 4.485473 1.539563 2.189547
Net current assets
Current assets, loans & advances 5483.42 4419.57 3743.98 92.77908 83.67197 86.5184
Less : current liabilities &
provisions 2524.77 1568.71 1396.86 42.71893 29.69905 32.27958
Total net current assets 2958.65 2850.86 2347.12 50.06015 53.97291 54.23882
Miscellaneous expenses not
written - - -
Total 5910.19 5282.02 4327.38 100 100 100

ANALYSIS OF COMMON SIZE BALANCE SHEET

 Total net current assets increase d marginal to last year.

 Secured loan is 3.14%where as unsecured loan is 34.01%.
 Company have investments is 2.18% which is higher than last year.
 Common size Profit &
Loss account

Mar '08 Mar '09 Mar '10 2008 2009 2010

12 mths 12 mths 12 mths

Income
Sales Turnover 4293.95 5295.33 5657.85 100 123.3207 131.7633
Excise Duty 90.66 61.04 52.16 100 67.32848 57.53364
Net Sales 4203.29 5234.29 5605.69 100 124.5284 133.3643
Other Income 134.92 -139.51 125.71 100 -103.402 93.17373
Stock Adjustments 41.37 113.55 184.09 100 274.4743 444.9843
Total Income 4379.58 5208.33 5915.49 100 118.923 135.0698
Expenditure
Raw Materials 2162.48 2513.11 2687.54 100 116.2143 124.2805
Power & Fuel Cost 96.9 91.71 92.15 100 94.64396 95.09804
Employee Cost 255.45 271.33 318.87 100 106.2165 124.8268
Other Manufacturing
Expenses 233.9 262.65 259.67 100 112.2916 111.0175
Selling and Admin
Expenses 547.1 887.28 867.98 100 162.1788 158.6511
Miscellaneous Expenses 96.66 76.92 182.64 100 79.5779 188.951
Preoperative Exp
Capitalised 0 0 0
Total Expenses 3392.49 4103 4408.85 100 120.9436 129.9591
Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths

Operating Profit 852.17 1244.84 1380.93 100 146.0788 162.0487

PBDIT 987.09 1105.33 1506.64 100 111.9786 152.6345
Interest 18.05 52.23 28.3 100 289.3629 156.7867
PBDT 969.04 1053.1 1478.34 100 108.6746 152.5572
Depreciation 130.68 151.79 165.25 100 116.154 126.4539
Other Written Off 0 0 0
Profit Before Tax 838.36 901.31 1313.09 100 107.5087 156.626
Extra-ordinary items 0 0 11.9
PBT (Post Extra-ord Items) 838.36 901.31 1324.99 100 107.5087 158.0455
Tax 136.93 124.5 243.5 100 90.92237
Reported Net Profit 701.43 776.81 1081.49 100 110.7466 154.1836
Total Value Addition 1230.01 1589.89 1721.31 100 129.2583 139.9428
Preference Dividend 0 0 0
Equity Dividend 155.46 155.46 160.58 100 100 103.2935
Corporate Dividend Tax 26.42 26.42 26.67 100 100 100.9463
Per share data
(annualised)
Shares in issue (lakhs) 7772.91 7772.91 8029.21 100 100 103.2973
Earning Per Share (Rs) 9.02 9.99 13.47 100 110.7539 149.3348
Equity Dividend (%) 100 100 100 100 100 100
Book Value (Rs) 48.2 55.86 73.55 100 115.8921 152.5934

ANALYSIS OF COMMON SIZE PROFIT &LOSS ACCOUNT

 Sales turn over is131.73% which is more than last year which shows company is in
profit.
 Tatal income of company increased by135.06 in 2010 .it was 118.923% in 2009.
 Profit before tax in 2010 is 156.04.which is more than last year.
trend analysis of Balance sheet
Mar ' Mar '
08 9-Mar 10 %change08 %change09 %change10
Sources of funds
Owner's fund
103.293451
Equity share capital 155.46 155.46 160.58 100 100 7
Share application money - - -
Preference share capital - - -
116.565452 159.953110
Reserves & surplus 3591.39 4186.32 5744.54 100 4 1
Loan funds
16.4310954 2.41460541
Secured loans 16.98 2.79 0.41 100 1 8
166.347262 0.82690089
Unsecured loans 563.55 937.45 4.66 100 9 6
122.060461 136.576635
Total 4327.38 5282.02 5910.19 100 5 3
Uses of funds
Fixed assets
122.322746 131.503912
Gross block 2201.79 2693.29 2895.44 100 5 7
Less : revaluation reserve 8.97 8.97 8.97 100 100 100
129.674518
Less : accumulated depreciation 540.43 700.8 884.27 100 4 163.623411
121.169941
Net block 1652.39 1983.52 2002.2 100 120.039458 7
157.137954
Capital work-in-progress 233.12 366.32 684.24 100 7 293.51407
85.8258575 279.788918
Investments 94.75 81.32 265.1 100 2 2
Net current assets
118.044701 146.459649
Current assets, loans & advances 3743.98 4419.57 5483.42 100 1 9
Less : current liabilities & provisions 1396.86 1568.71 2524.77 100 112.302593 180.746102
121.462047 126.054483
Total net current assets 2347.12 2850.86 2958.65 100 1 8
Miscellaneous expenses not written - - -
122.060461 136.576635
Total 4327.38 5282.02 5910.19 100 5 3
Notes:
Book value of unquoted investments 94.75 81.32 265.1 100 85.8258575 279.788918
 2 2
Market value of quoted investments - - -
43.8999627 25.4640810
Contingent liabilities 1664.58 730.75 423.87 100 5 3
Number of equity sharesoutstanding 103.297349
(Lacs) 7772.91 7772.91 8029.21 100 100 4

ANALYSIS OF TREND BALANCE SHEET

 Equity share capital

is103.29%in 2010.
 Reserve and surplus is
159.95% in 2010.
 Secured loan is 2.414%.
 Total net assets is 126.05
which shows good liquidity
position of company.

Trend analysis of Profit & Loss account %change08 %change09 %change10

Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths

Income
123.320718 131.763294
Sales Turnover 4293.95 5295.33 5657.85 100 7 9
67.3284800 57.5336421
Excise Duty 90.66 61.04 52.16 100 4 8
124.528405 133.364340
Net Sales 4203.29 5234.29 5605.69 100 1 8
93.1737325
Other Income 134.92 -139.51 125.71 100 -103.402016 8
274.474256 444.984288
Stock Adjustments 41.37 113.55 184.09 100 7 1
118.923047 135.069801
Total Income 4379.58 5208.33 5915.49 100 4 2
Expenditure
Raw Materials 2162.48 2513.11 2687.54 100 116.214254 124.280455
 8
94.6439628 95.0980392
Power & Fuel Cost 96.9 91.71 92.15 100 5 2
106.216480 124.826776
Employee Cost 255.45 271.33 318.87 100 7 3
112.291577 111.017528
Other Manufacturing Expenses 233.9 262.65 259.67 100 6 9
162.178760 158.651069
Selling and Admin Expenses 547.1 887.28 867.98 100 7 3
79.5779019 188.950962
Miscellaneous Expenses 96.66 76.92 182.64 100 2 1
Preoperative Exp Capitalised 0 0 0 0 0
120.943613 129.959115
Total Expenses 3392.49 4103 4408.85 100 7 6
Mar '08 Mar '09 Mar '10

12 mths 12 mths 12 mths

145.980262 162.048652
Operating Profit 852.17 1244.84 1380.93 100 2 3
111.978644 152.634511
PBDIT 987.09 1105.33 1506.64 100 3 5
156.786703 156.786703
Interest 18.05 52.23 28.3 100 6 6
PBDT 969.04 1053.1 1478.34 100 108.602838 152.55717
116.153963 126.453933
Depreciation 130.68 151.79 165.25 100 9 3
Other Written Off 0 0 0 0 0
107.508707 156.626031
Profit Before Tax 838.36 901.31 1313.09 100 5 8
Extra-ordinary items 0 0 11.9 100 #DIV/0! #DIV/0!
107.508707 158.045469
PBT (Post Extra-ord Items) 838.36 901.31 1324.99 100 5 7
90.9223690 177.828087
Tax 136.93 124.5 243.5 100 9 3
110.746617 154.183596
Reported Net Profit 701.43 776.81 1081.49 100 6 4
129.258298 139.942764
Total Value Addition 1230.01 1589.89 1721.31 100 7 7
Preference Dividend 0 0 0 0 0
103.293451
Equity Dividend 155.46 155.46 160.58 100 100 7
100.946252
Corporate Dividend Tax 26.42 26.42 26.67 100 100 8
Per share data (annualised)
103.297349
Shares in issue (lakhs) 7772.91 7772.91 8029.21 100 100 4
110.753880 149.334811
Earning Per Share (Rs) 9.02 9.99 13.47 100 3 5
Equity Dividend (%) 100 100 100 100 100 100
115.892116
Book Value (Rs) 48.2 55.86 73.55 100 2 152.593361
Book Value (Rs) 48.2 #REF! #REF!

ANALYSIS OF TREND P&L ACCOUNT

 Sales turn over increase and it is 133.36 in year 2010.

 Net sales is 133.36%.
 Total expenditure increase 129.95% due ti increase in employee cost and power and
fuel cost.
 Excise duty is 57% which is less than last year which shows company is getting profit .