INDIAN INSTITUTE OF TECHNOLOGY ROORKEE

Working Capital Management

Under the Kind GuidancePresented By:

of
Aayush Rastogi (15810001)
Dr A. K. Sharma
Ayush Gupta(15810011)

Industries Covered

Pharmaceuticals Industry
Paper Industry
FMCG Industry

Agenda

Vertical Analysis

Net Working Capital Analysis

Operating Management

Financial Management

FMCG Industry

Britannia Industries
Colgate Palmolive (India)
Hind Industries
Kohinoor Foods

VERTICAL ANALYSIS

CURRENT ASSET ANALYSIS

Exide Industries
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Loans and advances

cash and bank balances

Sundry debtors

Inventory

CURRENT ASSET ANALYSIS

Motherson Sumi
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Inventory
cash and bank balances

Sundry debtors
Loans and advances
7

CURRENT ASSET ANALYSIS

Amara Raja Batteries
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Inventory
cash and bank balances

Sundry debtors
Loans and advances
8

CURRENT ASSET ANALYSIS

Minda Industries
100%
90%
80%
70%
60%
50%
40%
30%
20%
10%
0%

Inventory
cash and bank balances

Sundry debtors
Loans and advances

NET WORKING CAPITAL

ANALYSIS

10

NET WORKING CAPITAL

2,500.00

Exide Industries (in Rs. cr)

2,000.00

1,500.00

1,000.00

500.00

0.00

Mar 12

Mar 13

Total Current Assets

NWC

Mar 14

Mar 15

Mar 16

Total Current Liabilities

11

NET WORKING CAPITAL

Motherson Sumi (in Rs. cr)

1,600.00

1,400.00

1,200.00

1,000.00

800.00

600.00

400.00

200.00

0.00

Mar 12

Mar 13

Total Current Assets

NWC

Mar 14

Mar 15

Mar 16

Total Current Liabilities

12

NET WORKING CAPITAL

1,600.00

1,400.00

Amara Raja Batteries (in Rs. cr)

1,200.00

1,000.00

800.00

600.00

400.00

200.00

0.00

Mar 12

Mar 13

Total Current Assets

Mar 14

Mar 15

Total Current Liabilities

Mar 16

NWC
13

NET WORKING CAPITAL

Minda Industries (in Rs. cr)

400.00

350.00

300.00

250.00

200.00

150.00

100.00

50.00

0.00

Mar 12

Mar 13

Total Current Assets

Mar 14

Mar 15

Total Current Liabilities

Mar 16

NWC

14

OPERATING MANAGEMENT

15

Average Raw Material

Holding Period
Raw45Material holding period (Days)
40
35
30
25
20
15
10
5
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Mar 16

Motherson Sumi
Minda Industries
Industry Average

16

WIP Holding Period

40

WIP Holding Period (Days)

35
30
25
20
15
10
5

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Mar 16

Motherson Sumi
Minda Industries
Industry Average

17

Finished Goods Holding

Period
200
180

Finished Goods Turnover Ratio

160
140
120
100
80
60
40
20
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Mar 16

Motherson Sumi
Minda Industries
Industry Average
18

Collection Period Allowed To

Customers
Collection period allowed to customers (Days)

60

50

40

30

20

10

0
Mar 12

Exide
Industries
Mar 13
Mar 14
Amara Raja batteries
Industry Average

Motherson
Sumi
Mar 15
Minda Industries

Mar 16

19

Gross Operating Cycle

140

Gross Operating Cycle (Days)

120
100
80
60
40
20
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Mar 16

Motherson Sumi
Minda Industries
Industry Average

20

Suppliers Credit
90

Supplier's Credit (Days)

80
70
60
50
40
30
20
10
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

21

Net Operating Cycle

80

Net Operating Cycle (Days)

70
60
50
40
30
20
10
0
Mar 12

Mar 13

Mar 14

Mar 15

Mar 16

-10

Exide Industries
Amara Raja batteries
#REF!

Motherson Sumi
Minda Industries
Industry Average
22

Raw Materials Turnover Ratio

Raw Material Turnover Ratio

35

30

25

20

15

10

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Motherson Sumi
Minda Industries
Industry Average

Mar 16

23

WIP Turnover Ratio

120

WIP Turnover Ratio

100

80

60

40

20

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Mar 16

Motherson Sumi
Minda Industries
Industry Average
24

Finished Goods Turnover

Ratio
Finished Goods Turnover Ratio

200
180
160
140
120
100
80
60
40
20
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
#REF!

Mar 15

Mar 16

Motherson Sumi
Minda Industries
Industry Average

25

Debtors Turnover Ratio

16

Debtors Turnover Ratio

14
12
10
8
6
4
2
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

26

Inventory Turnover Ratio

Inventory Turnover Ratio

16
14
12
10
8
6
4
2
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

27

Creditors Turnover Ratio

18

Creditors Turnover Ratio

16
14
12
10
8
6
4
2
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

28

Fixed Assets Turnover Ratio

9
8

Fixed Asset Turnover Ratio

7
6
5
4
3
2
1
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

29

Gross Profit Margin

30.00

Gross Profit Margin (%)

25.00

20.00

15.00

10.00

5.00

0.00
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

30

FINANCIAL MANAGEMENT

31

Current Ratio
3

Current Ratio

2.5

1.5

0.5

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

32

Quick Ratio
2

Quick Ratio

1.8
1.6
1.4
1.2
1
0.8
0.6
0.4
0.2
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

33

Interest Coverage Ratio

2500

Interest Coverage Ratio

2000

1500

1000

500

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

34

Debt Equity Ratio

0.9

Debt Equity Ratio

0.8
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

35

Net Profit Margin

16

Net Profit Margin (%)

14
12
10
8
6
4
2
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

36

OVERALL PERFORMANCE

37

Return On Net Worth

35

Return on net worth

30

25

20

15

10

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

38

Return On Total Assets

25

Return on Total Assets

20

15

10

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

39

Return On Capital Employed

45

Return on Capital Employed

40
35
30
25
20
15
10
5
0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

40

Return On Net Assets

Return on net assets

30

25

20

15

10

0
Mar 12

Mar 13

Mar 14

Exide Industries
Amara Raja batteries
Industry Average

Mar 15

Mar 16

Motherson Sumi
Minda Industries

41

SUMMARY
COMPANY

OPERATING
MANAGEMENT

Britannia Industries

Average

Colgate Palmolive
(India)

Strong

Hind Industries

Average to Weak

Kohinoor Foods

Weak

FINANCIAL
MANAGEMENT

42

Introduction To FMCG

Fast-moving consumer goods (FMCG) or consumer

packaged goods (CPG) are products that are sold quickly
and at relatively low cost. Examples include non-durable
goods such as soft drinks, toiletries, over-the-counter
drugs, processed foods and many other consumables.

43

Return On Investment Ratios

44

RONW
160
140
120
100
80
60
40
20

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-20
-40
45

EPS
80
60
40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

-20
-40
46

CEPS
80
60
40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

-20
-40
47

Solvency Ratios

48

NAV
160
140
120
100
80
60
40

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
49

DEBT EQUITY
7
6
5
4
3
2

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

1
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
50

INTEREST COVER
350
300
250
200
150
100

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
51

Liquidity Ratios

52

CURRENT RATIOS
1.2
1
0.8
0.6
0.4

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

0.2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
53

QUICK RATIOS
4.5
4
3.5
3
2.5
2
1.5

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

1
0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
54

COLLECTION PERIOD ALLOWED TO CUSTOMERS

100
90
80
70
60
50
40
30
20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

55

SUPPLIERS' CREDIT
250
200
150
100

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
56

INVENTORY HOLDING PERIOD

450
400
350
300
250
200
150

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

100
50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
57

Resources Efficiency /
Turnover Ratios

58

FIXED ASSETS TURNOVER RATIO

6
5
4
3
2

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

1
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
59

NET WORTH TURNOVER RATIO

16
14
12
10
8
6
4

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
60

DEBTORS TURNOVER RATIO

250
200
150
100

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
61

INVENTORY TURNOVER RATIO

14
12
10
8
6
4

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
62

Profitability / Profit Margin

Ratios

63

GROSS PROFIT MARGIN

70
60
50
40
30
20

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
64

PROFIT BEFORE DEPRECIATION, INTEREST AND TAX

35
30
25
20
15
10

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
65

PROFIT BEFORE INTEREST AND TAX

35
30
25
20
15
10

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5
66

PROFIT BEFORE TAX

30
25
20
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

-10
-15
67

PROFIT AFTER TAX

25
20
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

-10
68

DU-PONT ANALYSIS

69

RONW
160
140
120
100
80
60
40
20

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-20
-40
70

RETURN ON TOTAL ASSETS

160
140
120
100
80
60
40

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-20
71

Valuation / Market
Capitalization ratios

72

P/E
40
30
20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

-10
-20
73

MARKET PRICE TO NAV

20
18
16
14
12
10
8
6
4
2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

74

MARKET CAPITALISATION
12000
10000
8000
6000
4000
2000

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

75

YIELD TO INVESTORS
150
100
50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Britannia
Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

-50
-100
76

OTHER INCOME TO PBT

350
300
250
200
150
100
50

Britannia Industries
Colgate Palmolive
(India)
Hind Industries
Kohinoor Foods
Industry Average

0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-50
-100
77

Basic Cash Flow

Statement
(Britannia Industries 31st
March 2015)

78

79

Manufacturing In India
The Indian manufacturing industry is expected to touch US$ 1
trillion by 2025 according to report conducted by McKinsey in 2015

The national manufacturing policy suggests raising the share of

manufacturing in GDP to 25% in order to create 100 million jobs in
the coming decades.

Major manufacturing players in India are Aditya Birla Group,

Larsen and Turbo, Bombay Dyeing, Hindustan Lever Network,
Jindal Steel, Asian Paints and Videocon Group to name a few
Companies Included in manufacturing industry for
Ratio analysis are Asian Paints, GAIL, Vadilal
Industries and Bajaj Auto Ltd
80

ROI Ratios
RONW
80
70
60
50
40
30

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
81

ROI Ratios
EPS
140
120
100
80
60

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
82

ROI Ratios
CEPS
160
140
120
100
80
60

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
83

Solvency Ratios
NAV
450
400
350
300
250
200
150

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

100
50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
84

Solvency Ratios
DEBT EQUITY
3.5
3
2.5
2
1.5

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

1
0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
85

Solvency Ratios
INTEREST COVER
4500
4000
3500
3000
2500
2000
1500

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

1000
500
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
86

Solvency Ratios
CR
1.4
1.2
1
0.8
0.6

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

0.4
0.2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
87

QR
1.2
1
0.8
0.6
0.4

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

0.2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
88

Collection Period
45
40
35
30
25
20
15

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
89

SUPPLIERS CREDIT
250
200
150
100

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
90

INVENTORY HOLDING PERIOD

160
140
120
100
80
60

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
91

FATR
7
6
5
4
3

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

2
1
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
92

NWTR
9
8
7
6
5
4
3

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

2
1
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
93

DTOR
60
50
40
30
20

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
94

CTOR
6
5
4
3
2

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

1
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
95

G/P
50
45
40
35
30
25
20
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

96

PBDIT TO SALES
30
25
20
15
10

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
97

PBIT TO SALES
30
25
20
15
10

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
98

PBT TO SALES
30
25
20
15
10

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
99

PAT TO SALES
25
20
15
10

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
100

RONW
80
70
60
50
40
30

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
101

ROTA
80
70
60
50
40
30

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
102

P/E
90
80
70
60
50
40
30

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
103

MP/NAV
18
16
14
12
10
8
6

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
MP/NAV

4
2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
104

MARKET CAPITALIZATION
90000
80000
70000
60000
50000
40000
30000

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

20000
10000
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
105

YIELD TO INVESTORS
150
100
50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

-50
-100
106

Other Income to PAT

120
100
80
60
40

Asian Paints
GAIL India
Vadilal Industries
Bajaj Auto
Industry Average

20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
107

BASIC CASH FLOW

STATEMENT OF ASIAN PAINTS
AS OF 31st MARCH 2015

108

Introduction of Paper Industry

Pulpand paper industry is growing rapidly with an estimated CAGR
(Compounded Annual Growth Rate) of 7-8% projected over the next
decade. The Indian paper industry accounts for about 1.6% of the
world's production of paper and paperboard.
Some of the leading Paper Companies in India are :

Ballarpur Industries Limited

JK Paper Limited
International Paper - Andhra Pradesh Paper Mills Limited
Orient Paper & Industries Limited
Pudumjee paper and Pulp
Sree Sakthi Paper Industry
Emami Paper Mills Limited
Rainbow Papers Limited

109

Return on
Investment Ratios

110

Return on Net Worth

RONW
40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-20
-40

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-60
-80
111

Earnings Per Share

EPS
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-5
-10

112

Cash Earnings Per Share

CEPS
25
20
15
10
5

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5
-10

113

Solvency Ratios

114

Net Asset Value

NAV
80
70
60
50
40
30

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

115

DEBT EQUITY
3
2.5
2
1.5
1

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

116

INTEREST COVER
6
5
4
3
2

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

1
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-1
117

Liquidity Ratios

118

Current Ratio
CR
1.4
1.2
1
0.8
0.6
0.4

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0.2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

119

Quick Ratio
QR
1.4
1.2
1
0.8
0.6
0.4

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0.2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

120

COLLECTION PERIOD ALLOWED TO CUSTOMERS

100
90
80
70
60
50
40
30
20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

121

SUPPLIERS CREDIT
350
300
250
200
150
100

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

50
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

122

INVENTORY HOLDING PERIOD

200
180
160
140
120
100
80
60
40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

123

Resource
Efficiency/Turnover
Ratios

124

Fixed Asset Turnover Ratio

FATR
2.5
2
1.5
1

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

125

Net Worth Turnover Ratio

NWTR
5
4.5
4
3.5
3
2.5
2
1.5
1
0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

126

Debt Turnover Ratio

DTOR
18
16
14
12
10
8
6

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

4
2
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
127

Cash Turnover Ratio

CTOR
4
3.5
3
2.5
2
1.5

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

1
0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

128

Profitability/Profitabil
ity Margin Ratios

129

Gross Profit Margin

G/P
40
35
30
25
20
15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

130

PBDIT TO SALES
25
20
15
10
5

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5

131

PBIT TO SALES
20
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-10

132

PBT TO SALES
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-10
-15

133

PAT TO SALES
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-5
-10
134

Du Pont Analysis

135

RONW
40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-20
-40

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-60
-80
136

ROTA
15
10
5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-5

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-10
-15
-20

137

Value/Capital Market
Ratios

138

P/E
30
20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-10

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-20
-30

139

MP/NAV
2.5
2
1.5
1

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

0.5
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

140

MKT CAPITALIZATION
900
800
700
600
500
400
300
200
100
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

141

YIELD TO INVESTORS
120
100
80
60
40
20
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-20

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

-40
-60

142

OTHER INCOME TO PBT

80
70
60
50
40
30
20
10
0
Mar '11 Mar '12 Mar '13 Mar '14 Mar '15
-10
-20

JK Paper
Rainbow
Sree Sakthi
Pudumjee
Industry Average

143

asic Cash Flow Statement of Rainbow Papers

144