8531179 Financial Statement Analysis Report

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A

REPORT ON

ANALYSIS OF FINANCIAL STATEMENTS

OF

ASHOK LEYLAND

SUBMITTED BY: GAURANG PATEL

ROLL NO. : 08075

BATCH No.: 2008-10

SUBMITTED TO: PROF. PARAG RIJWANI

FACULTY – FINANCE AREA

N. R. INSITITUTE OF BUSINESS MANAGEMENT,

GLS Campus, Ahmedabad.



PRFEACE

As the world is growing rapidly, the businesses are also moving to become the huge one. And by thatresult, more and more people want to become a master in these businesses. The main purpose in the

finance field is to know how the financial analysis is done. We all know that finance is the blood of anybusiness and without it no business can run. Financial analysis of a company is very difficult and themost important task and by doing this I am able to know the whole financial position and financialstructure of the company.

Simply by looking at how much cash a company has does not provide enough information. Thefinancial statements need to be analyzed to measure a company’s performance and to compare itwith other firm’s in the same industry. The resulting information is intended to be useful to owners,potential investors, creditors, analysts, and others as the analysis evaluates the past performance,future potential and financial position of the firm.

This report is an analysis of financial statements of Ashok Leyland. This report has been preparedwith an objective to develop analytical skills required to interpret the information (explicit as well as

implicit) provided by the financial statements and to measure the company’s performance during thepast few years. The financial statements are analyzed using traditional evaluation techniques such ashorizontal analysis, vertical analysis and trend analysis. Details are given in chapter 3 of this report.Ratios are an important tool in analyzing the financial statements and so in chapter 4, 5 and 6 ratiosare analyzed to measure the company’s profitability, solvency & liquidity. Sincere attempts have beenmade to make this report error free but if any errors and omissions are found then I apologize for that.

Gaurang Patel

ii



ACKNOWLEDGEMENT

This is a great opportunity as well as great honor to submit this Project to you, I am firstly thanks tomy college to give me this kind of course outline and makes me grateful by doing this project.

I sincerely thank all who have contributed to success this Report. Firstly I thanks to our faculty, Mr.Parag Rijwani for makes us able to doing this kind of work and giving us new experience. And help usa lot whenever we needed. He also provides an important data and makes us to understand the termsand theory of Finance as well as gives us guidance.

Last but not the least, I am grateful to our institute, NR Institute of Business Management and GujaratLaw Society including all their members and participants for providing such excellent infrastructureequipped with ultra modern facilities which served as a great source of convenience and information.

iii



EXECUTIVE SUMMARY

The Company has set itself the task of consolidating and enhancing its position in the Indiancommercial vehicle market, both in terms of volumes as well as in customer satisfaction, in

the medium term. The Company is executing various initiatives in terms of process andproduct improvements to achieve this goal.

After six straight years of positive growth rate, domestic demand for M&HCVs showed adecline during FY08 and stood lower by 2% YoY. Ashok Leyland also suffered a similar decline in its M&HCV portfolio.

All segments and geographies combined, and then volumes for the full year remained flat.Here, apart from passenger M&HCVs, sales of LCV and exports also helped prop up

(Rs m) 4QFY07 4QFY08 Change FY07 FY08 Change

Net sales 22,910 25,620 11.8% 71,682 77,291 7.8%

Expenditure 20,261 22,663 11.9% 64,655 69,251 7.1%

Operating profit (EBDITA) 2,649 2,957 11.6% 7,027 8,040 14.4%

EBDITA margin (%) 11.6% 11.5% 9.8% 10.4%

Other income 169 116 -31.3% 708 740 4.5%

Interest (net) 19 91 384.8% 53 497 832.9%

Depreciation 481 486 1.0% 1,506 1,774 17.8%

Profit before tax 2,318 2,496 7.7% 6,176 6,509 5.4%

Extraordinary income/(expense) (30) (22) (131) (84)

Tax 573 669 16.7% 1,632 1,732 6.1%

Profit after tax/(loss) 1,715 1,806 5.3% 4,413 4,693 6.4%

Net profit margin (%) 7.5% 7.0% 6.2% 6.1%

No. of shares (m) 1,323.9 1,330.3 1,323.9 1,330.3

Diluted earnings per share (Rs)* 3.3 3.5

Price to earnings ratio (x)** 11.5

iv



volumes. In value terms, growth stood at 8% YoY for the full year, thanks mainly to improvedproduct mix and a series of price hikes that the company undertook during the fiscal.

Income from vehicles was Rs 68,819 mn. 4.1% over the previous year level of Rs 66,092 mn.

In addition the Company made investments in a vehicle manufacturing / assembly plant at

Ras Al Khaimah, Design Engineering services business viz., Defiance Testing andEngineering Services Inc. USA and Albonair GmbH, Germany which is engaged in the

development of fuel emission treatment / control systems.

v



TABLE OF CONTENTS

TOPIC PAGE NO.

Preface ii Acknowledgment iiiExecutive Summary iv

Chapter – 1 Company Profile 1About Ashok Leyland 1Product Range 3

Chapter – 2 Concept of Financial Statement Analysis 4

Chapter – 3 Traditional Performance Evaluation Techniques3.1 Horizontal Analysis 83.2 Vertical Analysis 213.3 Trend Analysis 24

Chapter – 4 Analysis of Profitability 264.1 Gross Profit Ratio4.2 Net Profit Ratio4.3 Asset Turnover 4.4 Return on Asset

4.5 Return on Equity

Chapter – 5 Analysis of Solvency 295.1 Debt to Equity5.2 Interest Coverage Ratio

Chapter – 6 Analysis of Liquidity 316.1 Current Ratio6.2 Quick Ratio6.3 Debtor Turnover Ratio6.4 Average Collection Period

6.5 Inventory Turnover

Chapter – 7 Cash flow statement analysis 34

Chapter – 8 Recommendations & Suggestion 40

vi



CHAPTER-1

COMPANY PROFILE

About Ashok Leyland

Ashok Leyland is a commercial vehicle manufacturing company based in Chennai, India. It is thesecond largest commercial vehicle company in India in the medium and heavy commercial vehicle(M&HCV) segment with a market share of 28% (2007-08).Ashok Leyland is a market leader in the bus

segment.

The company was established in 1948 as Ashok Motors, with an aim to assemble Austin cars.Manufacturing of commercial vehicles was started in 1955 with equity contribution from the Britishcompany, Leyland Motors. Today the Company is the flagship of the Hinduja Group, a British-basedand Indian originated transnational conglomerate.

Ashok Leyland is a technology leader in the commercial vehicles sector of India. Its annual turnover exceeded USD 2 billion in 2007-08. Selling close to around 83,000 medium and heavy vehicles in2007-08, Ashok Leyland is India's largest exporter of medium and heavy duty trucks out of India. It isalso one of the largest Private Sector Employers in India - with about 12,000 employees working in 6factories and offices spread over the length and breadth of India

Over the years, Ashok Leyland vehicles have built a reputation for reliability and ruggedness. Thiswas mainly due to the product design legacy carried over from British Leyland.

In the populous Indian metros, four out of the five State Transport Undertaking (STU) buses comefrom Ashok Leyland. Some of them like the double-decker and vestibule buses are unique modelsfrom Ashok Leyland, tailor-made for high-density routes.

In 1987, the overseas holding by Land Rover Leyland International Holdings Limited (LRLIH) wastaken over by a joint venture between the Hinduja Group, the Non-Resident Indian transnationalgroup and IVECO Fiat SpA, part of the Fiat Group and Europe's leading truck manufacturer. Thisresulted in Ashok Leyland launching the "Cargo" range of trucks. These vehicles used Iveco engines

and for the first time AL vehicles had factory-fitted cabs. The Cargo trucks are no longer in productionand the use of Iveco engine was discontinued, but the Cargo cab continues to be used on the eCometrange of trucks.

Ashok Leyland also had a collaboration with Hino Motors, Japan from whom the technology for the H-series engines was bought. Many indigenous versions of H-series engine was developed with 4 and 6cylinder and also conforming to BS2 and BS3 emission norms in India. These engines proved to beextremely popular with the customers primarily for their excellent fuel efficiency. Most current modelsof Ashok Leyland come with H-series engines.

In the journey towards global standards of quality, Ashok Leyland reached a major milestone in 1993when it became the first in India's automobile history to win the ISO 9002 certification. The morecomprehensive ISO 9001 certification came in 1994, QS 9000 in 1998 and ISO 14001 certification for

all vehicle manufacturing units in 2002. In 2006, Ashok Leyland became the first automobile companyin India to receive the TS16949 Corporate Certification.

1



Branch office:

No. 1 Sardar Patel Road,

Guindy,Chennai – 600 032,India.Tel: 0091 44-2220 6000Fax: 0091 44-2220 6000

Management Team

Ashok Leyland is currently headed by Mr R. Seshasayee who is the Managing Director since 1998.Under his leadership, the company has expanded from a purely India-centric company to a company

with global focus. Mr. Seshasayee was also the President of CII (Confederation of Indian Industry),the apex body representing Indian Industry for the year 2006-2007.

The following are the other functional heads at Ashok Leyland

1. Mr. Vinod Dasari - Chief Operating Officer.2. Mr. K. Sridharan - Chief Financial Officer.3. Mr. N. Mohanakrishnan - Executive Director - Internal Audit4. Mr. Rajive Saharia - Executive Director - Marketing5. Mr. Shekar Arora - Executive Director - Human Resources6. Mr. B. M. Udayashankar - Executive Director - Manufacturing7. Mr. Anup Bhat - Executive Director - Strategic Sourcing

8. Mr. Rajindar Malhan - Executive Director - International Operations9. Mr. R.R.G.Menon - Executive Director - Product Development10. Mr. A. K. Jain - Executive Director - Project Planning

Achievements

• Eight out of ten metro state transport buses in India are from Ashok Leyland. At60 million

passengers a day, Ashok Leyland buses carry more people than the entire Indian rail network.

•

Ashok Leyland has a near 98.5% market share in the Marine Diesel Engines Markets in India.

• In 2002, all the vehicle-manufacturing units of Ashok Leyland were ISO 14001 certified with

Environmental Management System.

• In the 2006-07 financial year, the company sold a record 83,101 vehicles which is an all time

high for Ashok Leyland.

• It is one of the leading suppliers of defense vehicles in the world and also the leading supplier

of logistics vehicles to the Indian Army.

2



Products

• Luxura

• i-Bus

• Viking BS-I - city bus

• Viking BS-II - city bus• Viking BS-III -city bus

• Cheetah BS-I

• Cheetah BS-II

• Panther

• 12 M

• Stag Mini

• Stag CNG

• 222 CNG

• Lynx

• Double Decker

•

Vestibule• Airport Tarmac Coach

• Olympian

• Gensets

Goods segment

• Bison Haulage

• Tusker Super 1616

•Comet CO 1611

• 1613 H

• Comet Gold 1613

• Comet Tipper(4X2)

• Taurus 2516- 6 X 4 Tipper

• 2214

• Bison Tipper

• Tusker Super 2214 - 6 X 2

• Tusker Gold 2214 (6X2)

• Taurus 2516 - 6X4

• 2516 H (6X2)

• Taurus 2516 - 6 X 2

• 4018 Tractor

• Artik 30.14 Tractor

• Tusker Turbo Tractor 3516

• ecomet 912

• ecomet 111i

• 4921

3



CHAPTER-2

CONCEPTS

Financial Statement Analysis

Objectives:

Assessment of the firm’s past, present and future financial conditions

Done to find firm’s financial strengths and weaknesses

Primary Tools:

• Financial Statements

• Comparison of financial ratios to past, industry, sector and all firms

Financial Statements: Balance Sheet

Income Statement

Cash flow Statement

Statement of Retained

Sources of Data: Annual reports

Via mail, SEC or company websites

Published collections of data

Investment sites on the web

Techniques of Financial Statement Analysis: Horizontal Analysis

Vertical Analysis

Trend Analysis

Ratio Analysis

Horizontal Analysis: This technique is also known as comparative analysis.

It is to calculate amount changes & percentage changes from the previous years to currentyears.

Trend Analysis: It is carried out by first assigning a value of 100 to the financial statement items in a past

financial year used as a base year and then expressing financial statement items in thefollowing year as a percentage of the base year value.

Vertical Analysis:

Vertical/Cross-sectional/Common size statements came from the problems in comparing thefinancial statements of firms that differ in size.

4



In the balance sheet, for example, the assets as well as the liabilities and equity are eachexpressed as a 100% and each item in these categories is expressed as a percentage of therespective totals.

In the common size income statement, turnover is expressed as 100% and every item in theincome statement is expressed as a percentage of turnover (sales).

From the vertical analysis, an analyst can compare the percentage mark-up of asset items

and how they have been financed. The strategies may include increase/decrease the holdingof certain assets. The analyst may as well observe the trend of the increase in the assets andliabilities over several years.

Ratio Analysis:

Objectives to Ratio Analysis:

Standardize financial information for comparisons

Evaluate current operation Compare performance with past performance

Compare performance against other firms or industry standards

Study the efficiency of operations

Study the risk of operations

Rationale behind Ratio Analysis:

A firm has resources

It converts resources into profits through

• production of goods and service

• sales of goods and services

Ratios

• Measure relationships between resources and financial flows

• Show ways in which firm’s situation deviates from

Its own past

Other firms The industry

All firms

Ratios can be classified into the following categories:

• Profitability Ratio

•

Liquidity Ratio• Solvency Ratio

5



Profitability Ratio:

Profitability ratios measure the overall performance of the firm by determining theeffectiveness of the firm in generating profit, and are calculated by establishing relationshipbetween profit figures on the one hand, and sales and assets on the other.

Return on Total Assets:

This is measure of profitability from a given level of investments. It is an excellent indicator of overallperformance of a company. It is also called return on capital employed or return on investment. Itmeasures how efficiently the capital is employed.

Return on Total Assets = Net Income after Tax / Average Total Assets *100

Return on Equity:

It measures the profitability of equity funds invested in firm. It is regarded as a very important measurebecause it reflect the productivity of the ownership capital employed in the firm

Return on Equity = Net Income after Tax - Dividend on Preference Share / AverageShareholders Equity *100

Solvency Ratio:

The capacity of a company to discharge its obligations towards long-term lender indicates thefinancial strength and ensures its long-term survival. It is important for an analyst to study thesolvency of a company.

Debt Coverage Ratio

The ratio measures the capacity of a company to pay the installment of the principal due and theinterest liability it has incurred on its long-term borrowing, out of its cash profits. It is also known asTimes-debt service Covered.

Debt Coverage Ratio = Internally Generated Funds / Average Debt

Interest Cover Ratio

The ratio measures the capacity of a company to pay the interest liability it has incurred on its long-term borrowing, out of its cash profits. It is also known as Times-interest Covered.

Interest Cover Ratio = Earning Before Interest & Tax / Interest Expenses

Liquidity Ratio:

6



Liquidity is the ability of a company to meet its short-term obligations when fall due. A company shouldhave enough cash % other current assets, which can be converted in to cash so that it can pay itssuppliers & lenders on time.

Current Ratio

Current ratio indicates the firm’s ability to pay its current liabilities, i.e. day-to-day financial obligations.It shows the strength of credit, strength of working capital & capacity to carry on effective operations.Higher ratio i.e. more than 2:1 indicates sound solvency position.

Current Ratio = current Assets / current liabilities.

Debtor's Turnover

This ratio shows how many times sundry debtors (accounts receivable) turn over during the year. It isdefined as:

Debtor's Turnover = Average Debtors / Sales

7



CHAPTER-3TRADITIONAL PERFORMANCE

EVALUATION TECHNIQUES

3.1 Horizontal Analysis

3.1.1 Horizontal Analysis of Balance Sheetfor the year 2008-07

Table 1 Horizontal Analysis of Balance SheetFor the year 2008-07

(Rs in millions)

Particulars Mar, 08 Mar, 07 Change Change

(Rs) (Rs) (%)

Sources of funds

A) Share Capital 1330.34 1323.87 6.47 0.49%

B) Reserves and Surplus 20159.48 17621.81 2537.67 14.40%

Total 21489.82 18945.68 2544.14 13.43%

Loan Funds:

A) Secured Loans 1902.4 3602.16 -1699.76 -47.19%

B) Unsecured Loans 6972.61 2801.82 4170.79 148.86%

Total 8875.01 6403.98 2471.03 38.59%

Deferred Tax Liability 2538.2 1969.29 568.91 28.89%

TOTAL 32903.03 27318.95 5584.08 20.44%

Application of Funds

Fixed Assets:

A) Gross Block 29424.38 26201.97 3222.41 12.30%

B) Less: Depreciation 14168.88 13131.64 1037.24 7.90%C) Net Block 15255.5 13070.33 2185.17 16.72%

8



E) Capital work-in progress 5292.45 2374.91 2917.54 122.85%

Investments 6099 2210.94 3888.06 175.86%

Current assets, loans andadvances

A) Inventories 12239.14 10703.21 1535.93 14.35%

B) Sundry debtors 3758.35 5228.75 -1470.4 -28.12%

C) Cash & bank balances 4513.7 4349.39 164.31 3.78%

D) Loans & advances 8241.37 6695.79 1545.58 23.08%

Total 28752.56 26977.141,775.4

2 6.58%

Less: Current liabilities andprovisions -

A) Liabilities 19267.09 16516.25

2,750.8

4 16.66%

B) Provisions 3452.31 1042.32,410.0

1 231.22%

Total 22719.4 17558.555,160.8

5 29.39%

Net current assets 6033.16 9418.59(3,385.4

3) -35.94%

-

Misc. Expenses 222.92 244.18(21.2

6) -8.71%

-

TOTAL 32903.03 27318.955,584.0

8 20.44%

9



Chart 1: Horizontal Analysis of Balance SheetFor 2008-07

.

10



3.1.2. Horizontal Analysis of Balance SheetFor the year 2007-06

Table 2 Horizontal Analysis of Balance SheetFor the year 2007-06

(Rs in millions)


(Rs) (Rs) (%)

Sources of funds

A) Share Capital 1323.87 1221.59 102.28 8.37%


Total 18945.68 14124.53 4821.15 34.13%

Loan Funds:

A) Secured Loans 3602.16 1846.91 1755.25 95.04%

B) Unsecured Loans 2801.82 5072.37 -2270.55 -44.76%

Total 6403.98 6919.28 -515.3 -7.45%


TOTAL 27318.95 22840.7 4478.25 19.61%


Fixed Assets:

A) Gross Block 26201.97 21384.99 4816.98 22.53%

B) Less: Depreciation 13131.64 11952.28 1179.36 9.87%

C) Net Block 13070.33 9432.71 3637.62 38.56%


Investments 2210.94 3681.78 -1470.84 -39.95%

Current assets, loans andadvances

A) Inventories 10703.21 9025.61 1677.6 18.59%B) Sundry debtors 5228.75 4243.37 985.38 23.22%

11



C) Cash & bank balances 4349.39 6028.76 -1679.37 -27.86%

D) Loans & advances 6695.79 3026.39 3669.4 121.25%

Total 26977.14 22324.13 4,653.01 20.84%

Less: Current liabilities andprovisions -

A) Liabilities 16516.25 11468.95 5,047.30 44.01%

B) Provisions 1042.3 2616.21(1,573.91

) -60.16%

Total 17558.55 14085.16 3,473.39 24.66%

Net current assets 9418.59 8238.97 1,179.62 14.32%

-

Misc. Expenses 244.18 73.07 171.11 234.17%

-

TOTAL 27318.95 22840.7 4,478.25 19.61%

Chart 2 Horizontal Analysis of Balance SheetFor the year 2007-06

3.1.3 Horizontal Analysis of Balance Sheetfor the year 2006-05

12



Table 3 Horizontal Analysis of Balance SheetFor the Year 2006-05

(Rs in millions)


(Rs) (Rs) (%)

Sources of funds

A) Share Capital 1221.59 1189.29 32.3 2.72%


Total 14124.53 11678.65 2445.88 20.94%

Loan Funds:

A) Secured Loans 1846.91 2634.96 -788.05 -29.91%

B) Unsecured Loans 5072.37 6169.1 -1096.73 -17.78%

Total 6919.28 8804.06 -1884.78 -21.41%


TOTAL 22840.7 22191.19 649.51 2.93%


Fixed Assets:

A) Gross Block 21384.99 20022.5 1362.49 6.80%

B) Less: Depreciation 11952.28 11084.04 868.24 7.83%

C) Net Block 9432.71 8938.46 494.25 5.53%


Investments 3681.78 2291.9 1389.88 60.64%

Current assets, loans and advances

A) Inventories 9025.61 5680.81 3344.8 58.88%

B) Sundry debtors 4243.37 4587.66 -344.29 -7.50%

C) Cash & bank balances 6028.76 7966.82 -1938.06 -24.33%

D) Loans & advances 3026.39 3337.34 -310.95 -9.32%

Total 22324.13 21572.63751.5

0 3.48%

Less: Current liabilities and provisions

13



-

A) Liabilities 11468.95 9611.871,857.0

8 19.32%

B) Provisions 2616.21 2044.8571.4

1 27.94%

Total 14085.16 11656.672,428.4

9 20.83%

Net current assets 8238.97 9915.96(1,676.9

9) -16.91%

-

Misc. Expenses 73.07 193.32(120.2

5) -62.20%

-

TOTAL 22840.7 22191.19649.5

1 2.93%

Chart 3 Horizontal Analysis of Balance SheetFor the Year 2006-05

3.1.4 Horizontal Analysis of Income StatementFor the year 2008-07

14



Table 4 Horizontal Analysis of Income StatementFor the year 2008-07

(Rs in millions)


(Rs) (Rs) (Rs) (in %)

Income

Sales less returns 77,291.23 71,681.76 5,609.47 7.83%

Other Income 739.99 708.03 31.96 4.51%

Total Income 78,031.22 72,389.79 5,641.43 7.79%

Expenditure

Cost of material57,646.34 54,631.91 3,014.43 5.52%

Employee Expenses 6,162.00 4,807.00 1,355.00 28.19%

Other Expenses 5,443.00 5,216.00 227.00 4.35%

Financial expenses 497.4 53.32 444.08 832.86%

Depreciation 1773.61 1505.74 267.87 17.79%

Total Expenditure 71,522.35 66,213.97 5,308.38 8.02%

Profit before tax 6381.5 6045.06 336.44 5.57%

provision for taxation - current tax 1014 1350.5 -336.50 -24.92%

- Deferred tax 604.4 230.2 374.20 162.55%

- Fringe benefit tax 70 51.5 18.50 35.92%

Profit after tax 4693.1 4412.86 280.24 6.35%

Balance profits carried to balancesheet

5022.74 3616.86 1,405.88 38.87%

Chart 4 Horizontal Analysis of Income StatementFor the Year 2007-06

15



3.1.5 Horizontal Analysis of Income StatementFor the Year 2007-06

Table 5 Horizontal Analysis of Income StatementFor the Year 2007-06

16



(Rs in millions)


(Rs) (Rs) (Rs) (in %)

Income


Other Income 708.03 329.74 378.29 114.72%

Total Income 72,389.79 52,806.31 19,583.48 37.09%

Expenditure

Cost of material 54,631.91 37,690.87 16,941.04 44.95%

Employee Expenses 4,807.00 4,038.00 769.00 19.04%

Other Expenses 5,216.00 5,347.00 -131.00 -2.45%

Financial expenses 53.32 164.53 -111.21 -67.59%

Depreciation 1505.74 1260.06 245.68 19.50%


Profit before tax 6045.06 4523 1,522.06 33.65%

provision for taxation - current tax 1350.5 1130.5 220.00 19.46%

- Deferred tax 230.2 72.3 157.90 218.40%

- Fringe benefit tax 51.5 47 4.50 9.57%

Profit after tax 4412.86 3273.2 1,139.66 34.82%


3616.86 2303.7 1,313.16 57.00%


17



3.1.6 Horizontal Analysis of Income StatementFor the Year 2006-05

Table 6 Horizontal Analysis of Income StatementFor the Year 2006-05

18



(Rs in millions)


(Rs) (Rs) (Rs) (in %)

Income


Other Income 329.74 537.55 -207.81 -38.66%

Total Income 52,806.31 42,356.52 10,449.79 24.67%

Expenditure

Cost of material 37,690.87 29,728.47 7,962.40 26.78%

Employee Expenses 4,038.00 3,541.00 497.00 14.04%

Other Expenses 5,347.00 4,321.00 1,026.00 23.74%

Financial expenses 164.53 27.98 136.55 488.03%

Depreciation 1260.06 1092.14 167.92 15.38%


Profit before tax 4523 3550.1 972.90 27.40%

provision for taxation - current tax 1130.5 895 235.50 26.31%

- Deferred tax 72.3 -59 131.30 -222.54%

- Fringe benefit tax 47 0 47.00

Profit after tax 3273.2 2714.1 559.10 20.60%


2303.7 1784.13 519.57 29.12%


19



3.2 Vertical Analysis

3.2.1 Vertical Analysis of Balance Sheet

20



Table 7 Vertical Analysis of Balance Sheet

(Rs in millions)

Particulars Mar, 08 Mar, 07 Mar,06 Mar,05

Sources of funds

Shareholders’ funds 21489.82 18945.68 14124.53 11678.65

(%) 65.31% 69.35% 61.84% 52.63%

Loan Funds: 8875.01 6403.98 6919.28 8804.06

(%) 26.97% 23.44% 30.29% 39.67%

TOTAL 32903.03 27318.95 22840.7 22191.19

(%) 100% 100% 100% 100%


Fixed Assets: 15255.5 13070.33 9432.71 8938.46

(%) 46.37% 47.84% 41.30% 40.28%

Current assets, loans and advances 28752.56 26977.14 22324.13 21572.63

(%) 87.39% 98.75% 97.74% 97.21%

Less: Current liabilities and provisions 22719.4 17558.55 14085.16 11656.67

(%) 69.05% 64.27% 61.67% 52.53%

TOTAL 32903.03 27318.95 22840.7 22191.19

(%) 100% 100% 100% 100%

Chart 7 Vertical Analysis of Balance SheetFor the Year 2008

21





22




3.3 Trend Analysis

Table 9 Trend Analysis of Balance Sheet

23



(Rs in millions)

Particulars Mar,05 Mar,06 Mar, 07 Mar, 08

Sources of fundsShareholders’ funds 11678.65 14124.53 18945.68 21489.82

(%) 52.63% 61.84% 69.35% 65.31%

Loan Funds: 8804.06 6919.28 6403.98 8875.01

(%) 39.67% 30.29% 23.44% 26.97%

TOTAL 22191.19 22840.7 27318.95 32903.03

(%) 100% 100% 100% 100%


Fixed Assets: 8938.46 9432.71 13070.33 15255.5

(%) 40.28% 41.30% 47.84% 46.37%

Current assets, loans and advances 21572.63 22324.13 26977.14 28752.56

(%) 97.21% 97.74% 98.75% 87.39%

Less: Current liabilities and provisions 11656.67 14085.16 17558.55 22719.4

(%) 52.53% 61.67% 64.27% 69.05%

TOTAL 22191.19 22840.7 27318.95 32903.03

(%) 100% 100% 100% 100%

Chart 11 Trend Analysis of Balance SheetSources of Funds

24



Chart 12 Trend Analysis of Balance SheetApplication of funds

4. ANALYSIS OF PROFITABILITY

25



Profitability Ratios

To analyze the profitability of a company profitability ratios are used. These ratios measure theoperating or income performance of a company. The goal of a business is to make a profit, so thistype of ratio examines how well a company is meeting that goal. The commonly used ratios to

evaluate profitability are:

• Gross Profit ratio

• Net Profit ratio

• Return on Assets

• Asset Turnover

• Return on Equity

PARTICULARS 2004-05 2005-06 2006-07 2007-08

GROSS PROFIT12090.

514785.

7 17,049.8519,644.

89

NET SALES41818.

9752476.

57 71681.7677291.

23PAT 2714.1 3273.2 4412.86 4693.1

AVG. TOTAL ASSETS19776.

6135253.

66 40743.0550016.

41AVG. EQUITY SHARE HOLDER'SFUND

11098.31

22515.94 25079.82

20217.75

Chart 13 Profitability Ratio Analysis

26



4.1. Gross Profit Ratio = Gross Profit × 100Net Sales

2004-05 2005-06 2006-07 2007-08

GROSS PROFIT

12090.5

14785.7

17,049.8

5

19,644.8

9

NET SALES41818.

9752476.

57 71681.76 77291.23

2004-05 2005-06 2006-07 2007-08

GROSS PROFIT RATIO (%) 28.91 28.18 23.79 25.42

Analysis

The GP ratio is showing continuously decreasing trend, starting from 2004/05 in 28.91% to 23.79% inthe financial year 2006/07. This shows that a company is loosing its productivity in maintaining itsgross profit margin. In 2007-08 the ratio again slightly been increased from 23.79 to 25.42.

4.2. Net Profit = PAT × 100Sales

2004-05 2005-06 2006-07 2007-08

PAT 2714.1 3273.2 4412.86 4693.1

NET SALES

41818.97

52476.57 71681.76 77291.23

2004-05 2005-06 2006-07 2007-08

NETPROFIT(%) 6.49 6.24 6.16 6.07

Analysis

The NP ratio is showing declining trend from 6.49% in the year 2004/05 to 6.07% in the year 2007/08which shows that there is increased amount of expenses in the form that increasing in the prices of row material.

4.3. Assets Turnover Ratio = Net Sales

Avg. Total Assets

2004-05 2005-06 2006-07 2007-08

AVG. TOTAL ASSETS

19776.61

35253.66 40743.05 50016.41

NET SALES

41818.97

52476.57 71681.76 77291.23

2004-05 2005-06 2006-07 2007-08

27



ASSET TURN OVER (times) 2.11 1.49 1.76 1.55

Analysis

This ratio measures how efficiently a company uses its assets. The asset turnover ratio is decreasing. Although the return on asset for the year 2008 is highest but the asset turnover ratio is least for thisyear. The company is not using its assets optimally.

4.4. Return of Assets = Profit after tax × 100Average Total Assets

2004-05 2005-06 2006-07 2007-08

PAT 2714.1 3273.2 4412.86 4693.1

AVG. TOTAL ASSETS

19776.61

35253.66 40743.05 50016.41

AnalysisThis ratio is used to measure a company’s success in using its assets to earn income for owners andcreditors, those who are financing the business. There is a steep fall in the year 2006, after that thereis a satisfactory utilization of the assets as the graph shows.

4.5. Return on Equity = PAT × 100 Avg. Common Shareholders’ equity

2004-05 2005-06 2006-07 2007-08

PAT 2714.1 3273.2 4412.86 4693.1

AVG. EQUITY SHARE HOLDER'S FUND

11098.31

22515.94 25079.82 20217.75

2004-05 2005-06 2006-07 2007-08

RETURN ON EQUITY(%) 24.46 14.54 17.60 23.21

Analysis

The ROE of the company is 42.46% in the 2004/05 which has been decreased to 17.60% in the2006/07 and then slightly increased to 23.21% in the 2008/07.Also one point here to be noted is thatROE of the company is higher than the ROA, which may be due to the concept called trading onequity.

2004-05 2005-06 2006-07 2007-08

RETURN ON ASSETS (%) 13.72 9.28 10.83 9.38

28



5. ANALYSIS OF SOLVENCY

Chart 14 Solvency Ratio Analysis

5.1. Debt - Equity Ratio = Loan fundsTotal shareholders

PARTICULARS 2004-05 2005-06 2006-07 2007-08

SECURED+UNSECURED LOANS8804.0

66919.2

8 6403.988875.0

1

EQUITY SHARE HOLDER'S FUND11678.

6514124.

53 18945.6821489.

82

PBIT3882.8

74594.1

8 6402.117197.0

6INTEREST ON LONG TERM DEBT 236.94 288.33 226.29 688.19

29



AnalysisThis ratio is used to compare the amount of debt a company has with the amount the owners haveinvested in the company. It compares the amount of creditors’ claims to the owners’ claims to theassets of the firm. Trend shows that in 2005 the company was highly leverage but after it hasmanaged to control this ratio in the year 2006 and 2007.

5.2. Interest coverage ratio= Profit before interest & taxInterest expense

AnalysisThis ratio suggests that whether company manages to earn sufficient income to cover its expenses.The ratio of the company indicates that company depends much on borrowed funds. The high interest

ratio means that company depends more on debt funds.

2004-05 2005-06 2006-07 2007-08

DEBT TO EQUITY RATIO 0.75 0.49 0.34 0.41

2004-05 2005-06 2006-07 2007-08

INTEREST COVERAGE RATIO 16.39 15.93 28.29 10.46

30



6. ANALYSIS OF LIQUIDITY

Liquidity Ratios:

LIQUIDITY RATIO Rs in millionsPARTICULARS 2004-05 2005-06 2006-07 2007-08

CURRENT ASSETS21572.

6322324.

13 26977.1428752.

56

CURRENT LIABILITIES11656.

6714085.

16 17558.5522719.

4

QUICK ASSETS15891.

8213298.

52 16273.9316513.

42SALES 41818.97 52476.57 71681.76 77291.23

AVG. DEBTOR 4321.93 4415.51 4736.06 4493.55

DEBTORS + BR 4321.93 4415.51 4736.06 4493.55

COGS 29,728.47 37,690.87 54,631.91 57,646.34

AVG. INVENTORY5375.1

17353.2

1 9864.4111471.

17

Chart 15 Liquidity Ratio Analysis

31



6.1 Current Ratio = Current AssetsCurrent Liabilities

2004-05 2005-06 2006-07 2007-08

CURRENT ASSETS

21572.63

22324.13 26977.14 28752.56

CURRENT LIABILITIES

11656.67

14085.16 17558.55 22719.4

CURRENT RATIO 1.85 1.58 1.54 1.27

AnalysisThis ratio is used to measure a company’s ability to pay current liabilities with current assets. Thisratio helps creditors to determine if a company can meet its short- term obligations. The gradualdecrease shows that company’s liquidity has worsened. The company should rethink over its credit

policy.

6.2. Quick Ratio = Current Assets – Inventories Current Liabilities

2004-05 2005-06 2006-07 2007-08

CURRENT LIABILITIES

11656.67

14085.16 17558.55 22719.4

QUICK ASSETS

15891.

82

13298.

52 16273.93 16513.42

32



2004-05 2005-06 2006-07 2007-08

QUICK RATIO 1.36 0.94 0.93 0.73

Analysis

This ratio is used to measure a company’s ability to meet its short-term obligations. This ratio issimilar to the current ratio. However by limiting the numerator to very liquid current assets, it is astricter test. It is often called as the acid test ratio.The quick ratio is worse than the current ratio. This means that the current ratio was because of inventory. The liquid asset other than inventory of the company needs considerable attention.

6.3. Debtor turnover ratio= SalesAverage Debtors

2004-05 2005-06 2006-07 2007-08

SALES 41818.97 52476.57 71681.76 77291.23

AVG. DEBTOR 4321.93 4415.51 4736.06 4493.55

2004-05 2005-06 2006-07 2007-08

DEBTORS TURNOVER RATIO 9.68 11.88 15.14 17.20

Analysis:This ratio indicates the number of times each year the debtors turn into cash. It shows theeffectiveness of the firm’s collection and credit policy. The high ratio indicates the ability of firm’scollection of cash from the debtors. The trend of the past three years indicates that the firm hasmanaged to improve its credit policy.

6.4. Average collection period= Average Debtors Sales/360

2004-05 2005-06 2006-07 2007-08

SALES 41818.97 52476.57 71681.76 77291.23

AVG. DEBTOR 4321.93 4415.51 4736.06 4493.55

Analysis

This ratio shows that the average collection period is going lower from 37.21 days in the year 2004-05to 20.93 days in the 2008-07.It means that lower capital is getting blocked up from 20004-05 to 2008-07.It shows the improvement in the credit policy of the company.

6.5. Inventory Turnover Ratio = Cost of Goods Sold___

2004-05 2005-06 2006-07 2007-08

AVG. COLLECTION PERIOD(Days) 37.21 30.29 23.79 20.93

33



Average Inventory

2004-05 2005-06 2006-07 2007-08

COGS 29,728.47 37,690.87 54,631.91 57,646.34

AVG. INVENTORY

5375.11

7353.21 9864.41 11471.17

2004-05 2005-06 2006-07 2007-08

INVENTORY TURNOVER(TIMES) 5.53 5.13 5.54 5.03

AnalysisThis ratio is used to measure how quickly a company is selling its inventory. This ratio tells how manytimes each year a firm’s inventory is turned over. The inventory turnover of the company over theperiod of four years has remained stable more or less.

7. CASH FLOW STATEMENT ANALYSIS

Cash Flow Statement for the year ended March 31, 2008-2007

(Rs.Millions)

2008 2007

Cash low from operating activities

Profit before tax 6,381.5 6,045.06

Adjustments for:

Depreciation, amortisation and impairment 1,773.61 1,505.74

Other amortisations 143.49 164.76

Foreign exchange (gains)/losses (63.60) (65.30)

Interest expense net of interest capitalisation 615.01 196.46

Interest income (214.67) (160.94)

34



Income from investments (22.85) (98.85)

(Profit)/Loss on disposal of fixed assets/long term investments (375.86) (323.15)

Diminution in value of investments written back – net (168.13)

Transfer from General Reserve – Employee benefits (781.54)

Operating profit before working capital changes 8,236.63 6,314.11

Adjustments for changes in :

Inventories(1,535.93

) (1,677.60)

Debtors 1,426.87 (1,005.76)

Advances 261.52 (1,047.41)

Current liabilities and provisions 3,596.82 4,102.54

Cash generated from operations 11,985.91 6,685.88

Income tax including Fringe benefit tax paid(1,280.65

) (1,356.00)

Net cash low from operating activities before extraordinary expenditure 10,705.26 5,329.88Compensation under Voluntary retirement scheme (48.41) (330.37)

Net cash low from operating activities after extraordinary expenditure 10,656.85 4,999.51

Cash low from investing activities

Payments for assets acquisition(6,209.04

) (6,812.87)

Proceeds on sale of fixed assets 113.65 108.49

Purchase of Investments (373.82) (50.64)

Sale/redemption of investments 474.95 817.93

Income from investments – Interest 106.61 59.43

– Dividend 22.85 129.39

Changes in advances(2,231.98

) (1,473.70)

Net cash low used in investing activities(8,096.78

) (7,221.97)

Cash low from financing activities

Long term borrowings – Raised 3,672.1 2,162.35

– Repaid (404.71) (829.95)

Changes in short term borrowings 993.32

Debenture/Loan raising expenses paid (68.94) (2.47)Interest paid – net (546.59) (181.67)

Dividend paid and tax thereon (1,792.34)

Interim dividend and tax thereon (2,264.32)

Net cash low from financing activities 3,645.18 (2,908.40)

Net cash inflow/(outflow) 6,205.25 (5,130.86)

Opening cash and cash equivalents 1,952.02 7,082.88

Closing cash and cash equivalents 8,157.27 1,952.02

Net increase/(decrease) in cash and cash equivalents 6,205.25 (5,130.86)

Analysis:

35



Figures in the brackets represent outflow. Interest paid is exclusive of purchases of investments is5831.43 millions. Cash and cash equivalents after the adjustment of cash credits balances related tounclaimed dividend is Rs 4491.75 millions.

The statement of cash flow reveals a net cash outflow from operations of Rs. 10705.26 millionswhereas the company shows a net profit of Rs 6381.50 million. There is a sharp decrease in the

inventories of the company. I.e. Rs 1535.93 million and debtors have increased Rs 1426.87 million.

Further compensation under voluntary retirement scheme is Rs 48.41 million. And a net profit on thesale of investment is Rs 474.95 million. Profit on disposal of fixed assets would be Rs 375.86 millionfor the year 2008.

The conversion of Foreign Currency Convertible Notes into equity shares has not been considered inthe above statement.Cash flows from Investing activities includes acquisition of 100% shares in Albonair GmbH (cost Rs.1.59 million) and Defiance Testing & Engineering Services (cost Rs. 141.05 million) and disposal of 60% (Rs. 0.95 million) and 51% (Rs. 71.94 million) shares respectively therein.

The company has used more cash in operations than all of the cash it received from its investing and

financing activities resulting into a net increase in cash.


(Rs. Millions)

2007 2006Cash flow from operating activities

Profit before tax 6,045.06 4,523.

Adjustments for:

Depreciation, amortisation and impairment 1,505.74 1,260.06


Unrealized foreign exchange gains / (losses) -65.3 102.05

Interest expense net of interest capitalisation 196.46 288.33

Interest income -160.94 -193.87

Income from investments -98.85 -87.47

(Profit)/Loss on disposal of fixed assets / long term investments -323.15 -66.61

36



Diminution in value of investments written back - net -168.13 –

Transfer from General Reserve - Employee benefits -781.54 –

Profit on sale of undertaking – -301.66


Adjustments for changes in :

Inventories -1,677.6 -3,477.99

Debtors -1,005.76 -179.55

Advances -1,047.41 314.73



Income tax including Fringe benefit tax paid -1,356. -1,135.68

Net cash flow from operating activities before extraordinary expenditure 5,329.88 3,229.7

Compensation under Voluntary retirement scheme -330.37 -9.53

Net cash flow from operating activities after extraordinary expenditure 4,999.51 3,220.17

Cash flow from investing activities

Payments for assets acquisition -6,812.87 -2,646.86


Proceeds on sale of undertaking – 620.

Purchase of long term and other Investments -50.64 -138.66

Sale / redemption of long term investments 557.64 479.68

Income from investments – Interest 44.78 48.95

– Dividend 129.39 56.93

Changes in advances -1,473.7 189.77

Net cash flow used in investing activities -7,496.91 -1,335.85

Cash flow from financing activities

Long term borrowings – Raised 2,162.35 186.69

– Repaid -829.95 -1,162.88

Changes in short term borrowings – -76.79

Debenture / Loan raising expenses paid -2.47 –

Interest paid – net -167.02 -166.96

Dividend paid and tax thereon -1,792.34 -1,356.1Interim dividend and tax thereon -2,264.32 –

Net cash flow from financing activities -2,893.75 -2,576.04

Net cash inflow / (outflow) -5,391.15 -691.72



Net increase / (decrease) in cash and cash equivalents -5,391.15 -691.72

Analysis:Figures in the brackets represent outflow. Interest paid is exclusive of purchases of investments is

5340.51 millions. Cash and cash equivalents after the adjustment of cash credits balances related tounclaimed dividend is Rs 1953.31 million.

37



The statement of cash flow reveals a net cash outflow from operations of Rs. 4999.51 millionswhereas the company shows a net profit of Rs 6045.06 million. There is a sharp decrease in theinventories of the company. I.e. Rs 1677.60 million and debtors have decreased Rs 1005.76 million.

Further compensation under voluntary retirement scheme is Rs 330.37 million. Loss on disposal of fixed assets would be Rs 323.15 million for the year 2008.

The conversion of Foreign Currency Convertible Notes into equity shares has not been consideredin the above statement.Cash flows from Investing activities includes acquisition of 100% ownership interest in Avia AshokLeyland Motors s.r.o. (subsidiary) of Rs. 0.38 million and disposal of 60% interest therein of Rs. 0.23million.

The borrowing of the company has been increased because of that company is not able to repay netamount efficiently. It results into decrease in cash.


2006 2005

Rs. Millions

Rs.

MillionsCash flow from operating activities

Profit before tax 4,523. 3,550.1

Adjustments for:

Depreciation 1,260.06 1,092.14


Unrealised foreign exchange gains / losses 102.05 -61.34

Interest expense 288.33 236.94

Interest income -193.87 -258.39

Income from investments -87.47 -106.78

(Profit) / Loss on disposal of fixed assets / long term investments -66.61 -351.35Profit on sale of undertaking -301.66 –

38




Adjustments for changes in:

Inventories -3,477.99 -611.4

Debtors -179.55 -120.32

Advances 314.73 -1,013.



Income tax including Fringe benefit tax paid -1,135.68 -693.29

Net cash flow from operating activities before extraordinary expenditure 3,229.7 4,491.17

Compensation under voluntary retirement scheme -9.53 -17.71

Net cash flow from operating activities after extraordinary expenditure 3,220.17 4,473.46

Cash flow from investing activities

Payments for assets acquisition -2,646.86 -1,824.56


Proceeds on sale of undertaking 620. –

Purchase of long term and other investments -138.66 -92.6

Sale / redemption of long term investments 479.68 154.16

Income from investments - interest 48.95 42.7

- Dividend 56.93 106.78

Changes in advances 189.77 10.49

Net cash flow used in investing activities -1,335.85 -1,554.47

Cash flow from financing activities

Long term borrowings - Raised 186.69 4,975.34

- Repaid -1,162.88 -1,131.07

Changes in short term borrowings -76.79 76.79Debenture / Foreign currency convertible notes issue and loan raising expensespaid – -112.86

Interest paid - net -166.96 4.16

Dividend paid and tax thereon -1,356.1 -1,008.54

Net cash flow from financing activities -2,576.04 2,803.82

Net cash inflow / (outflow) -691.72 5,722.81



Net increase / (decrease) in cash and cash equivalents -691.72 5,722.81

Analysis:Figures in the brackets represent outflow. Interest paid is exclusive of purchases of investments is553.06 millions. Cash and cash equivalents after the adjustment of cash credits balances related tounclaimed dividend is Rs 6015.53 million.

The statement of cash flow reveals a net cash outflow from operations of Rs. 3220.17 millionswhereas the company shows a net profit of Rs 4523.00 million. There is a sharp decrease in theinventories of the company. I.e. Rs -3477.99 million and debtors have decreased Rs 179.55 million.

Further compensation under voluntary retirement scheme is Rs 9.53 million. Profit on disposal of fixedassets would be Rs 66.61 million for the year 2008.

The conversion of Foreign Currency Convertible Notes into equity shares has not been considered

in the above statement.

39



The borrowing of the company has been increased because of that company is not able to repay netamount efficiently. It results into decrease in cash.

RECOMMENDATIONS & SUGGESTIONS

Ashok Leyland is the second largest manufacturer of medium and heavy commercial vehicles

(M/HCV) in India. It had a 24% market share in the domestic medium and heavy vehicles (M&HCV)segment in FY07 and a marginal presence in the LCV segment (light commercial vehicles). AshokLeyland is also a key player in the passenger bus segment with almost 49% share in FY07. CVscontributed to 92% of revenues in FY07 while engines and spare parts contributed to the balance.

Transportation- A structural change: The CV segment in India is going through a structural shift.With the government's thrust on road development projects, road sector has gained significantadvantage over railways that has been a mainstay for transportation of coal, food grain and cement tillnow. If one considers the trends of the developed nations, almost two-third of the non-bulk goods aretransported through roads. The completion of the Golden Quadrilateral (aimed at connecting the four metros) and East-West-North-South corridor will result in availability of a network of 15,000 kms of connectivity. This will give a major fillip to road transport.

Bus segment is a growth story: The bus segment has the potential to witness the exponentialgrowth witnessed in the goods commercial vehicles during last three years. We agree with the view of

40



the management about the potential that the bus segment has. Our belief stems from the fact that theState Transport Undertakings (STUs) are operating at significantly high utilisation levels (120% to130% of their capacity). Though the STUs are facing resource crunch due to number of reasons, webelieve that renewal of fleet is an eventuality in the long run.

Aggressive expansion plans: In order to cash in on the industry growth story, the company has

lined up an aggressive expansion plan whereby it will be more than doubling its capacity over thenext 2-3 years by making an investment in the region of Rs 40 bn. Included in the expansion plan is abrand new integrated plant for 50,000 vehicles per annum in the state of Uttaranchal, which will notonly help it save on transportation costs but will also provide certain fiscal incentives.

Sector: The growth of the auto industry is directly linked to the growth in the industrial activity, whichin turn is a function of domestic GDP growth. Given the projected strong economic growth in thecountry, the CV sector is likely to witness robust growth rate in the long term.

Sales: Net sales of the company have averaged Rs 46 bn in the last five years and are expected toclimb higher, given the long-term growth prospects of the economy.

Current ratio: Ashok Leyland’s average current ratio during the period FY03 to FY07 has been 1.5

times. This indicates that the company is comfortably placed to pay off its short-term obligations,which gives comfort to its lenders.

Debt to equity ratio: A highly leveraged business is the first to get hit during times of economicdownturn, as companies have to consistently pay interest costs, despite lower profitability. We believethat a debt to equity ratio of greater than 1 is a highrisk proposition. Considering Ashok Leyland’saverage debt to equity ratio of 0.6 over the past five fiscals

Long term EPS growth: We expect the company's net profits to grow at a compounded rate of around 8% over the period FY08 to FY10 (CAGR of 38% during FY02 to FY07). Based on a normalscenario, we consider a historical compounded growth of over 20% in net profits over a 5-year periodas healthy for a company.

Margin of safety: This is to determine the value of the stock relative to its price and the returns over arisk free rate. Margin of safety of a stock lies in its earning power, which is calculated as EPS dividedby market price (reciprocal of P/E). Considering Ashok Leyland's P/E of 10.0 times its trailingtwelvemonth earnings, the earning power is 2%, which is fairly low.

Valuations Ashok Leyland is currently trading at Rs 13 implying a P/E multiple of 4.40 times. Based on valuationcriteria, the sell limit for the stock as per FY10 cash flow comes to around Rs 50 per share. Thisimplies a point-to-point upside of 43% or alternatively, a CAGR of 18% from the prevailing share price.Thus, at the current juncture, investors could do well to BUY the stock from a March 2010perspective.

Documents

8531179 Financial Statement Analysis Report