Britania Ratios

Balance Sheet Profit and Loss StatementFinanacial RatioYearMar 13Mar 12Mar 11Mar 10Mar 09YearMar 13(12)Mar 12(12)Mar 11(12)Mar 10(12)Mar 09(12)Finanacial RatioMar 12(12)Mar 11(12)Mar 10(12)SOURCES OF FUNDS :INCOME :Liquidity AnalysisShare Capital 23.9123.8923.8923.8923.89Sales Turnover 6,271.325,544.584,642.903,796.323,452.26Net Current Assets Current Assets - Current Liabilities21.1789.3152.5459.88128.69 Reserves Total 531.67385.28302.14258.91697.48 Excise Duty85.9159.2133.5223.4131.03Working Capital (excluding cash)-81.7627.98-24.3417.1359.85Equity Share Warrants00000Net Sales6,185.415,485.374,609.383,772.913,421.23Current RatioCurrent Assets/Current Liabilities1.02756474531.13171983541.10007619051.10479523981.2669750845 Equity Application Money2.290000 Other Income 52.2459.1459.0158.2482.72Debtors Collection PeriodDebtors/(Sales/365)7.24699736967.51975709936.41092728317.0883084947.8948214531Total Shareholders Funds557.87409.17326.03282.8721.37Stock Adjustments 7.6714.0315.6827.2519.62Inventory DaysInventory/(DCOGS/365)23.690943517830.37322709928.857289022430.270394421232.6335732469 Minority Interest2.262.182.082.163.7 Total Income6,245.325,558.544,684.073,858.403,523.57Operating CycleDCP + Inventory Days30.937940887437.892984198335.268216305437.358702915240.5283947001Secured Loans 27.3427.26431.24520.51166.04EXPENDITURE :Suppliers Payment Period Creditors/(DCOGS/365)49.901029720553.980433764548.036428021362.815471517169.0359065204 Unsecured Loans 352.66576.95186.69136.45108.78Raw Materials 3,869.023,546.803,043.292,438.742,138.69Cash to Cash CycleOperating Cycle-SPP-18.9630888331-16.0874495661-12.7682117158-25.4567686019-28.5075118204Total Debt380604.21617.93656.96274.82 Power & Fuel Cost91.0172.8756.5445.4751.48Profitability Analysis Policy Holders Fund00000Employee Cost 226.75211.15177.49164.51158.71Return on AssetsNet Income/Total Assets24%17%12%11%14%Other Liabilities162.57140.85142.0100 Other Manufacturing Expenses 467.67393.22319.89282.13257.5Return on EquityNet Income/Stockholder's Equity47%49%41%36%20% Total Liabilities1,102.701,156.411,088.05941.92999.89Selling and Administration Expenses 920.63786.52663.96602.91499.79Return on Capital EmployedEBIT/Capital Employed43%30%24%14%23%APPLICATION OF FUNDS : Miscellaneous Expenses 197.36177.97127.21134.4122.77Profit MarginNet Income/Sales4%4%3%3%4%Gross Block 1,388.541,215.541,047.181,010.54921.65Less: Pre-operative Expenses Capitalised00000EBITDA Margin EBITDA/SALES8%7%6%5%9% Less: Accumulated Depreciation 651.74591.15542.29511.2451.14 Total Expenditure5,772.445,188.534,388.383,668.163,228.94EBIT Margin EBIT/SALES13%12%10%8%14%Less: Impairment of Assets00000Operating Profit472.88370.01295.69190.24294.63Gross Profit Margin (Revenue-COGS)/Revenue8%6%5%3%6% Net Block 736.8624.39504.89499.34470.51 Interest 41.341.643.6323.4532.6Lease Adjustment00000Gross Profit431.58328.41252.06166.79262.03 Capital Work in Progress147.3111.2612.8210.166.3 Depreciation73.1561.8364.9158.2365.91Solvency RatiosProducing Properties00000Minority Interest (before tax)00000Asset Turnover RatioSales/Total Assets5.60933164054.74344739324.2363678144.00555248853.4216063767 Investments 108.2248.51388.51366.44377.34 Profit Before Tax358.43266.58187.15108.56196.12Inventory Turnover RatioCOGS/Inventory15.406731256812.017162312412.648450785412.057986259511.1848003048Current Assets, Loans & AdvancesTax93.464.9940.9421.534.65Debt to Equity RatioTotal Liabilities/Equity1.97662537872.82623359483.33726957643.33069306931.3860986734Inventories 374.67431.76346.95304.21288.69 Fringe Benefit Tax00005.46 Sundry Debtors 122.81113.0180.9673.2774Deferred Tax5.151.8612-16.0412.77Dupont AnalysisCash and Bank102.9361.3376.8842.7568.84 Net Profit259.88199.73134.21103.1143.24 Loans and Advances 188.77161.2472.75211.05179.19Minority Interest (after tax)0.080.1-0.070.14-8.03So first, Total Current Assets789.18767.34577.54631.28610.72 Profit/Loss of Associate Company-0.3-0.080.070.220.21Net Profit margin = 4%4%3%3%4% Less : Current Liabilities and ProvisionsNet Profit after Minority Interest & P/L Asso.Co.259.5199.55134.35103.18151.48Asset Turnover =5.60933164054.74344739324.2363678144.00555248853.4216063767 Current Liabilities 632.28551.33425.29384330.11 Extraordinary Items 15.9518.9214.41-19.319.22Leverage =1.97662537872.82623359483.33726957643.33069306931.3860986734Provisions 135.73126.799.71187.4151.92Adjusted Net Profit243.55180.63119.94122.48132.26 Total Current Liabilities768.01678.03525571.4482.03 Adjst. below Net Profit 00000Net Current Assets21.1789.3152.5459.88128.69P & L Balance brought forward149.5986.7257.1335.314.62 Miscellaneous Expenses not written off 000027 Statutory Appropriations00000Average EBITDA Margin7%Deferred Tax Assets27.0725.3224.8831.915.44Appropriations 142.33136.68104.7681.35130.8 Deferred Tax Liability39.8332.9330.6325.825.39 P & L Balance carried down266.76149.5986.7257.1335.3Net Deferred Tax-12.76-7.61-5.756.1-9.95Dividend101.66101.5377.6459.7395.56 Other Assets101.9990.55135.0400 Preference Dividend00000Total Assets1,102.701,156.411,088.05941.92999.89Equity Dividend (%)425425325250400 Contingent Liabilities50.7843.87116.61278.5169.72 EPS before Minority Interest (Unit Curr.)20.2915.3410.183953.16EPS before Minority Interest (Adj) (Unit Curr.)10.63 EPS after Minority Interest (Unit Curr.)20.2615.3310.1939.0456.61EPS after Minority Interest (Adj) (Unit Curr.)10.63 Book Value (Unit Curr.)46.4734.2527.29118.38301.95147.3111.2612.8210.166.3Capital Work in Progress6.310.1612.82111.26147.3222%61%26%768%32%

Britania Industries Limited

Nestle Ratios

Balance SheetProfit and lossFinanacial RatioYearDec 12Dec 11Dec 10Dec 09Dec 08YearDec 12(12)Dec 11(12)Dec 10(12)Dec 09(12)Dec 08(12)YearDec 12(12)Dec 11(12)Dec 10(12)Dec 09(12)Dec 08(12)SOURCES OF FUNDS :INCOME :Liquidity AnalysisShare Capital 96.4296.4296.4296.4296.42Sales Turnover 8,614.157,697.316,376.585,222.424,471.06Net Current Assets Current Assets - Current Liabilities22.3326.2730.4430.4430.44 Reserves Total 1,701.991,177.54759484.85376.93 Excise Duty279.62182.76121.8493.04143.39Working Capital (excluding cash)-214.63-200.94-224.85-125.14-163.25Equity Share Warrants00000Net Sales8,334.537,514.556,254.745,129.384,327.67Current RatioCurrent Assets/Current Liabilities1.000.950.630.600.67 Equity Application Money00000 Other Income 31.0327.1642.6537.833.89Debtors Collection PeriodDebtors/(Sales/365)3.83501529185.60623057933.69333497484.56767679523.845106027Total Shareholders Funds1,798.411,273.96855.42581.27473.35Stock Adjustments 92.0248.2882.948.6531.12Inventory DaysInventory/(DCOGS/365)41.225275366244.331734404741.168369435243.905498555345.0222498908 Secured Loans 0.240.84000 Total Income8,457.587,589.996,380.335,175.834,392.68Operating CycleDCP + Inventory Days45.06029065849.93796498444.861704409948.473175350548.8673559178Unsecured Loans 1,049.95970.03000EXPENDITURE :Suppliers Payment Period Creditors/(DCOGS/365)62.380889261273.777514507119.3421673629125.2161507701122.6494245376 Total Debt1,050.19970.87000Raw Materials 3,238.443,052.642,655.792,073.251,785.51Cash to Cash CycleOperating Cycle-SPP-17.3205986032-23.839549523-74.4804629529-76.7429754196-73.7820686197Other Liabilities1,025.05885.13000 Power & Fuel Cost370.89295.81219.2158.87159.76Profitability Analysis Total Liabilities3,873.653,129.96855.42581.27473.35Employee Cost 663.38546.46422.82424.36306.92Return on AssetsNet Income/Total Assets27.57%30.72%95.70%112.68%112.83%APPLICATION OF FUNDS : Other Manufacturing Expenses 815.2753.26647.17495.36476.36Return on EquityNet Income/Stockholder's Equity59.38%75.48%95.70%112.68%112.83%Gross Block 4,427.562,552.211,854.701,640.791,404.84Selling and Administration Expenses 1,375.751,236.551,083.83907.17723.32Return on Capital EmployedEBIT/Capital Employed55.44%62.06%133.99%158.00%163.61% Less : Accumulated Depreciation 1,216.44966.07841.96734.27651.54 Miscellaneous Expenses 137.55158.9177.5887.1773.99Profit MarginNet Income/Sales12.81%12.80%13.09%12.77%12.34%Less:Impairment of Assets6.8510.39010.320.31Less: Pre-operative Expenses Capitalised00000EBITDA Margin EBITDA/SALES22%21%20%20%20% Net Block 3,204.271,575.751,012.74896.2752.99 Total Expenditure6,601.216,043.635,106.394,146.183,525.86EBIT Margin EBIT/SALES19%19%18%18%18%Lease Adjustment00000Operating Profit1,856.371,546.361,273.941,029.65866.82Gross Profit Margin (Revenue-COGS)/Revenue23%21%20%21%21% Capital Work in Progress344.081,371.78348.9179.63109.17 Interest 26.65.111.081.41.64Investments 364.86134.37150.68203.2634.9Gross Profit1,829.771,541.251,272.861,028.25865.18 Current Assets, Loans & Advances Depreciation277.15153.33127.75111.2792.36Solvency Ratios Inventories 745.58734.04575.95498.74434.91Profit Before Tax1,552.621,387.921,145.11916.98772.82Asset Turnover RatioSales/Total Assets2.15159603992.40084537827.31189357278.82443614849.1426428647Sundry Debtors 87.57115.4263.2964.1945.59 Tax372.83416.14325.17265.34222.31Inventory Turnover RatioCOGS/Inventory8.8537916798.23337965238.86603003738.313309548.1071026189 Cash and Bank236.96227.21255.29155.58193.69Fringe Benefit tax0001.528.25Debt to Equity RatioTotal Liabilities/Equity2.15393041632.4568746271111Loans and Advances 55.1579.3151.44138.05123.76 Deferred Tax111.8610.231.27-4.888.18 Total Current Assets1,125.261,155.971,045.97856.56797.95Reported Net Profit1,067.93961.55818.67655534.08Dupont AnalysisLess : Current Liabilities and Provisions Extraordinary Items -10.7-4.01-5.67-2.17-1.91 Dupont Current Liabilities 1,097.431,009.53761.67587.59507.46Adjusted Net Profit1,078.63965.56824.34657.17535.99So first, Provisions 30.76212.07907.94834.79677.32 Adjst. below Net Profit 00000Net Profit margin 12.81%12.80%13.09%12.77%12.34%Total Current Liabilities1,128.191,221.601,669.611,422.381,184.78P & L Balance brought forward656.89334.5142.52100.1112.52Asset Turnover2.15159603992.40084537827.31189357278.82443614849.1426428647 Net Current Assets-2.93-65.63-623.64-565.82-386.83 Statutory Appropriations 00000Leverage 2.15393041632.4568746271111Miscellaneous Expenses not written off 00000Appropriations 650.27639.16626.69612.59446.49 Deferred Tax Assets72.3260.5248.7446.838.91 P & L Balance carried down1,074.55656.89334.5142.52100.11Deferred Tax Liability234.4110.7482.0178.875.79Dividend467.62467.62467.62467.62409.77 Net Deferred Tax-162.08-50.22-33.27-32-36.88 Preference Dividend00000Other Assets125.45163.91000Equity Dividend %485485485485425 Total Assets3,873.653,129.96855.42581.27473.35 Earnings Per Share-Unit Curr102.8991.9176.959.6948.17Contingent Liabilities11.70000Earnings Per Share(Adj)-Unit Curr Book Value-Unit Curr186.52132.1388.7260.2949.09

Nestle India Limited

Heritage Foods Ratios

Balance SheetProfit and lossFinancial RatiosYearMar 13Mar 12Mar 11Mar 10Mar 09YearMar 13(12)Mar 12(12)Mar 11(12)Mar 10(12)Mar 09(12)YearMar 13(12)Mar 12(12)Mar 11(12)Mar 10(12)Mar 09(12)SOURCES OF FUNDS :INCOME :Liquidity AnalysisShare Capital 11.611.5311.5311.5311.53Sales Turnover 1,602.591,393.791,096.18900.43796.03Net Current Assets Current Assets - Current Liabilities3.92-1.0512.6862.658.14 Reserves Total 130.0681.2474.7975.1569.13 Excise Duty0.780.380.10.050Working Capital (excluding cash)-29.15-31.17-16.6537.9727.09Equity Share Warrants00003.19Net Sales1,601.811,393.411,096.08900.38796.03Current RatioCurrent Assets/Current Liabilities1.091.061.161.891.94 Equity Application Money00000 Other Income 4.23.214.813.083.23Debtors Collection PeriodDebtors/(Sales/365)0.18457245240.04191156950.07659112470.08918456650.1008755951Total Shareholders Funds141.6692.7786.3286.6883.85Stock Adjustments -34.4247.62-3.728.87-3.76Inventory DaysInventory/(DCOGS/365)20.431398353924.584129157822.862025160532.41716227722.9163170874 Minority Interest0.020.060.070.040 Total Income1,571.591,444.241,097.17912.33795.5Operating CycleDCP + Inventory Days20.615970806324.626040727322.938616285232.506346843523.0171926826Secured Loans 98.18139.37154.24175.53172.01EXPENDITURE :Suppliers Payment Period Creditors/(DCOGS/365)35.563923873739.671339507739.568224263636.924384027231.5975135383 Unsecured Loans 0108.927.59Raw Materials 1,159.591,129.56834.81670.71600.46Cash to Cash CycleOperating Cycle-SPP-14.9479530674-15.0452987805-16.6296079784-4.4180371837-8.5803208557Total Debt98.18140.37154.24184.45179.6 Power & Fuel Cost43.2436.7729.0624.8926Profitability Analysis Policy Holders Fund00000Employee Cost 87.1869.1759.5648.5148.8Return on AssetsNet Income/Total Assets20.13%3.88%0.45%2.07%-13.52%Other Liabilities8.327.46.2400 Other Manufacturing Expenses 62.9953.6247.2938.3236.43Return on EquityNet Income/Stockholder's Equity35.27%10.06%1.30%6.46%-42.47% Total Liabilities248.18240.6246.87271.17263.45Selling and Administration Expenses 104.6292.3780.4674.3472.24Return on Capital EmployedEBIT/Capital Employed58.63%37.97%25.95%35.02%-9.16%APPLICATION OF FUNDS : Miscellaneous Expenses 8.895.963.652.442.73Profit MarginNet Income/Sales3.12%0.67%0.10%0.62%-4.47%Gross Block 363.48345.9317.5294.24264.48Less: Pre-operative Expenses Capitalised00000EBITDA Margin EBITDA/SALES7%4%4%6%1% Less: Accumulated Depreciation 126.68115.6495.787960.8 Total Expenditure1,466.511,387.451,054.83859.21786.66EBIT Margin EBIT/SALES5%3%2%4%-1%Less: Impairment of Assets00000Operating Profit105.0856.7942.3453.128.84Gross Profit Margin (Revenue-COGS)/Revenue8%0%4%5%1% Net Block 236.8230.26221.72215.24203.68 Interest 19.4122.0319.4522.6220.48Lease Adjustment00000Gross Profit85.6734.7622.8930.5-11.64 Capital Work in Progress8.279.249.528.7113.98 Depreciation22.0221.1919.9419.6417.22Solvency RatiosProducing Properties00000Profit Before Tax63.6513.572.9510.86-28.86Asset Turnover RatioSales/Total Assets75.273026315871.128637059760.758314855957.716666666759.1404160475 Investments 0.810.160.230.220.22 Tax12.312.890.632.230.17Inventory Turnover RatioCOGS/Inventory17.864660738214.84697699315.965339791111.259467959615.9275156914Current Assets, Loans & AdvancesFringe Benefit tax00000.45Debt to Equity RatioTotal Liabilities/Equity21.394827586220.867302688621.411101474423.518647007822.8490893322Inventories 82.0993.4566.0776.3149.39 Deferred Tax1.381.351.23.036.13 Sundry Debtors 15.0711.214.4412.0811.46Reported Net Profit49.969.331.125.6-35.61Dupont AnalysisCash and Bank33.0730.1229.3324.6331.05 Extraordinary Items -0.95-0.83-0.19-0.21-0.39 Dupont Loans and Advances 16.5814.9817.1936.534.34Adjusted Net Profit50.9110.161.315.81-35.22So first, Total Current Assets146.81149.75127.03149.52126.24 Adjst. below Net Profit 00000Net Profit margin 3.12%0.67%0.10%0.62%-4.47% Less : Current Liabilities and ProvisionsP & L Balance brought forward5.192.042.68012.11Asset Turnover75.273026315871.128637059760.758314855957.716666666759.1404160475 Current Liabilities 134.47141.52109.0479.3265.21 Statutory Appropriations 00000Leverage 0.15021883380.21116740330.20898980540.1799723120.1605247466Provisions 8.429.285.317.62.89Appropriations 29.056.181.762.92-23.5 Total Current Liabilities142.89150.8114.3586.9268.1 P & L Balance carried down26.15.192.042.680Net Current Assets3.92-1.0512.6862.658.14Dividend3.462.311.382.080 Miscellaneous Expenses not written off 00000 Preference Dividend00000Deferred Tax Assets1.751.441.2400.89Equity Dividend %302012180 Deferred Tax Liability21.2819.5918.0415.613.46 Earnings Per Share-Unit Curr42.567.770.774.560Net Deferred Tax-19.53-18.15-16.8-15.6-12.57Earnings Per Share(Adj)-Unit Curr Other Assets17.9120.1419.5200 Book Value-Unit Curr122.3280.7775.0675.3470.05Total Assets248.18240.6246.87271.17263.45 Contingent Liabilities8.27.217.2500

Heritage Foods limited

Kwality Foods Ratios

Balance SheetProfit and lossFinanacial RatioYearMar 12Mar 11Mar 10Mar 09Mar 08YearMar 12(12)Mar 11(12)Mar 10(12)Mar 09(12)Mar 08(12) YearMar 12(12)Mar 11(12)Mar 10(12)Mar 09(12)Mar 08(12)SOURCES OF FUNDS :INCOME :Liquidity AnalysisShare Capital 20.3220.3218.218.218.2Sales Turnover 2,394.631,608.041,054.09582.8332.92Net Current Assets Current Assets - Current Liabilities761.81474.37248.7114.2551.22 Reserves Total 159.3570.7329.2813.866.61 Excise Duty00000Working Capital (excluding cash)752.92472.87246.52112.2549.37Equity Share Warrants00000Net Sales2,394.631,608.041,054.09582.8332.92Current RatioCurrent Assets/Current Liabilities19.7412.264.322.181.77 Equity Application Money00000 Other Income 0.090.210.130.10.24Debtors Collection PeriodDebtors/(Sales/365)100.026977027894.110003482590.653549507296.429392587570.7042232368Total Shareholders Funds179.6791.0547.4832.0624.81Stock Adjustments 35.2114.4914.676.948.39Inventory DaysInventory/(DCOGS/365)15.914765275515.21393080617.43805514321.745343381229.4446306169 Secured Loans 565.25342.57168.2660.2418.24 Total Income2,429.931,622.741,068.89589.84341.55Operating CycleDCP + Inventory Days115.9417423033109.3239342885108.0916046501118.1747359687100.1488538537Unsecured Loans 101.3381.9450.6430.5616.05EXPENDITURE :Suppliers Payment Period Creditors/(DCOGS/365)6.553517886410.109035701126.9343812462.82276411273.8228484387 Total Debt666.58424.51218.990.834.29Raw Materials 2,202.381,473.91993.46540.42311.47Cash to Cash CycleOperating Cycle-SPP109.388224416999.214898587481.157223410255.351971856726.326005415Other Liabilities0.310.34000 Power & Fuel Cost7.786.124.84.544.61Profitability Analysis Total Liabilities846.56515.9266.38122.8659.1Employee Cost 8.563.912.111.521.04Return on AssetsNet Income/Total Assets10.75%8.90%6.74%7.63%7.82%APPLICATION OF FUNDS : Other Manufacturing Expenses 28.3820.586.358.016.38Return on EquityNet Income/Stockholder's Equity50.64%50.46%37.81%29.26%18.62%Gross Block 89.1459.7432.221.3719.7Selling and Administration Expenses 15.9615.69.398.044.57Return on Capital EmployedEBIT/Capital Employed18.65%18.95%18.93%21.13%20.73% Less : Accumulated Depreciation 25.1317.8314.3512.5211.33 Miscellaneous Expenses 1.511.40.520.110.18Profit MarginNet Income/Sales3.80%2.86%1.70%1.61%1.39%Less:Impairment of Assets00000Less: Pre-operative Expenses Capitalised00000EBITDA Margin EBITDA/SALES7%6%5%5%4% Net Block 64.0141.9117.858.858.37 Total Expenditure2,264.571,521.521,016.63562.64328.25EBIT Margin EBIT/SALES7%6%5%4%4%Lease Adjustment00000Operating Profit165.36101.2252.2627.213.3Gross Profit Margin (Revenue-COGS)/Revenue5%5%4%3%1% Capital Work in Progress0.0900.390.220 Interest 65.1937.1220.6811.945.21Investments 1.430000Gross Profit100.1764.131.5815.268.09 Current Assets, Loans & Advances Depreciation7.53.531.831.241.05Solvency Ratios Inventories 98.7463.4248.5733.5226.48Profit Before Tax92.6760.5729.7514.027.04Asset Turnover RatioSales/Total Assets2.82865951623.11696065133.95709137324.74361061375.6331641286Sundry Debtors 656.24414.61261.8153.9764.49 Tax2.0614.3411.714.632.48Inventory Turnover RatioCOGS/Inventory22.934676929323.991169977920.931233271616.78520286412.3961480363 Cash and Bank8.891.52.1821.85Fringe Benefit tax0000.040.02Debt to Equity RatioTotal Liabilities/Equity4.71174931825.66611751785.61036225783.83218964442.3821039903Loans and Advances 38.636.9811.1721.624.79 Deferred Tax-0.380.290.09-0.03-0.08 Total Current Assets802.47516.51323.72211.09117.61Reported Net Profit90.9945.9417.959.384.62Dupont AnalysisLess : Current Liabilities and Provisions Extraordinary Items 000-0.010 Dupont Current Liabilities 25.5125.8661.5389.9564.08Adjusted Net Profit90.9945.9417.959.394.62So first, Provisions 15.1516.2813.496.892.31 Adjst. below Net Profit 0-2.11000Net Profit margin 3.80%2.86%1.70%1.61%1.39%Total Current Liabilities40.6642.1475.0296.8466.39P & L Balance brought forward70.7329.2813.716.461.84Asset Turnover2.82865951623.11696065133.95709137324.74361061375.6331641286 Net Current Assets761.81474.37248.7114.2551.22 Statutory Appropriations 00000Leverage 4.71174931825.66611751785.61036225783.83218964442.3821039903Miscellaneous Expenses not written off 00000Appropriations 2.372.382.382.130 Deferred Tax Assets00.050.010.030.01 P & L Balance carried down159.3570.7329.2813.716.46Deferred Tax Liability0.470.90.570.490.5Dividend2.022.032.031.820 Net Deferred Tax-0.47-0.85-0.56-0.46-0.49 Preference Dividend00000Other Assets19.690.47000Equity Dividend %101010100 Total Assets846.56515.9266.38122.8659.1 Earnings Per Share-Unit Curr4.462.240.974.982.54Contingent Liabilities6.0921.1839.3145.6144.79Earnings Per Share(Adj)-Unit Curr Book Value-Unit Curr8.844.482.6117.6213.63

Kwality Foods Limited

DCFParticulars2009201020112012201320142015201620172018Revenue3,523.573,796.324,642.905,544.586,271.326,756.777,279.797,843.308,450.43YOY Growth8%22%19%13%8%8%8%8%0%cagr16%Total inflow3,523.573,796.324,642.905,544.586,271.326,756.777,279.797,843.308,450.43gdp grpwth rate4.50%

AverageEBITDA294.63190.24295.69370.01472.88505.9816541.400312579.29833384619.8492172088EBITDA Margin9%5%6%7%8%7%7%7%7%294.63190.24295.69370.01472.88505.9816541.400312579.29833384619.8492172088Total inflow3,818.203,986.564,938.595,914.596,744.207,262.757,821.198,422.609,070.28-38%90%59%44%Outflow of funds39%Incremental working capital59.8517.13-24.3427.98-81.7694.5490179702-109.3385127095126.4414017001-146.2195494315Capital expenditure470.51499.34504.89624.39736.8826.8932400389928.00275573031041.47557743061168.823445498Income tax on PBIT34.6521.540.9464.9993.4129.5753584043179.762028968249.3868236725345.9784481658Outflow of funds537.97521.49717.36748.441051.0176164134998.42627198881417.30380280321368.5823442324

470.51499.34504.89624.39736.86%1%24%18%Net Cash Flow 3,448.594,417.105,197.235,995.766,211.736,822.767,005.297,701.697,701.69Wacc13%94%53%55%60%62%Terminal alue11480.6907182479Discounted Cash flows5629.96365940873283.82120744793736.76286574684214.14256166994757.0217671982

Present value of cash flows21621.712061471512%Present Value of Perpetuity7091.154785916less contigent liabilities50.78Enterprise Value14479.777275555559%937.8Cost of capital(Equity)13.71%Beta0.42Rf8.70%Rm (using arithmetic mean)11.92%Rm (using geometric mean)7.12%Cost of debt13%waccEquity59%13.71%8.08677600%debt41.0%13%5.3300%WACC13.41677600%

RelativeCompaniesMarket CapDebtMinority InterestPreference SharesEV(in Crores)Equity/Levered BetaD/E RatioUnlevered BetaEV*BetaBritannia11062.32341.352.26011405.930.330.030.323662.7442053358Nestle54041.011050.190055091.20.260.020.2513931.8892760515Heritage foods440.7898.180.020538.980.150.220.1264.8589410507Industry unlevered Beta0.26Britannia's levered beta0.42Cost of capital13.71%Beta0.42Rf8.70%Rm (using arithmetic mean)11.92%Rm (using geometric mean)7.12%