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Company FundamentalsCompany Fundamentals\Company Profile
COMPANY PROFILEFigures in I ndian Rupees
A Wright Investors' Service Research Report:
Vishal Retail Limited.440 Wheelers Farms Road
Milford, CT 06461 U.S.A.
Wright Quality Rating:LLNN
Vishal Retail Limited is an India-based company. The Company is engaged in retail
trading of goods, such as apparel, non apparel and fast moving consumer goods
(FMCG). The Company's portfolios of products are categorized as apparel, non-
apparel (consumer durables, home furnishing and furniture) and FMCG. The
Company's subsidiaries include VRL Consumer Goods Limited, VRL Foods Limited, VRL
Fashions Limited, VRL Movers Limited, VRL Retail Ventures Limited and VRL
Knowledge Process Limited.
Stock Price (11/ 26/ 2010): 31.95
Stock Chart
Recent stock performance1 Week -16.0%4 Weeks -20.5%13 Weeks -38.1%52 Weeks -50.7%
Chairman & ManagingDirector
Ram Chandra Agarwal
Secretary & Chief
Compliance OfficerArun Gupta
Officers
Earnings / Dividends (as of 3/ 31/ 2010)
Earnings Dividends
Most Recent Qtr -109 0.00
Last 12 Months -163 0.00
Ratio Analysis
Price / Earnings Ratio N/A Dividend Yield 0.00%
Price / Sales Ratio 0.06 Payout Ratio N/A
Price / Book Ratio N/A % Held by Insiders 63.27%
Key Data
Ticker:532867
2010 Sales:
11,054,593,000
Major Industry:Retailers
Sub Industry:
Apparel Store Chains
Country:
India
Currency:
Indian Rupees
Fiscal Year Ends:March
Employees
13,423
Exchanges:
BOM
Share Type:
Ordinaria
Market Capitalization:715,643,865
Total Shares
Outstanding:
22,398,869
Closely Held Shares:
14,170,781
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Address
Near TELCO service station Rangpuri
New Delhi DELHI 110 037INDIA
Phone+91 11 3243-1314/15
Home Page
http://www.vishalmegamart.net
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Company Fundamentals\Comparative Business Analysis
A Wright Investors' Service Research Report:
Vishal Retail Limited.
Provided By CorporateInformation.com440 Wheelers Farms RoadMilford, CT 06461 U.S.A.
Wright Comparative Business Analysis Report
Report Date: 11/26/2010
Company Description
Vishal Retail Limited is an India-based company. The Company is engaged in retail trading of goods, such as
apparel, non apparel and fast moving consumer goods (FMCG). The Company's portfolios of products are
categorized as apparel, non-apparel (consumer durables, home furnishing and furniture) and FMCG. The
Company's subsidiaries include VRL Consumer Goods Limited, VRL Foods Limited, VRL Fashions Limited, VRLMovers Limited, VRL Retail Ventures Limited and VRL Knowledge Process Limited.
Competitor Analysis
Vishal Retail Limited. operates in the Family clothing stores sector. This analysis compares Vishal Retail Limited.
with three other companies: Shopper's Stop Ltd (2010 sales of 14.49 billion Indian Rupees [US$328.19 million]
of which 100% was Retail Operations), Hyunda i DSF Company Limited of South Korea (2009 sales: 91.06
billion Korean Won [US$79.32 million] ), and Maoye International Holdings Limited which is based in China
(2009 sales of 1.70 billion Chinese Renmimbi [US$255.83 million] of which 80% was Department Stores). Note:
not all of these companies have the same fiscal year: the most recent data for each company are being used.
Sales Analysis
Vishal Retail Limited. reported sales of 11.05 billion Indian Rupees (US$250.39 million) for the fiscal year ending
March of 2010. This represents a decrease of 16.5% versus 2009, when the company's sales were 13.23 billion
Indian Rupees.Recent Sales at Vishal Retail Limited.
(Figures in Billions of Indian Rupees)
While the company's sales decreased in 2010, all three comparable companies experienced an increase in sales
(between 1.1% and 14.0%). Vishal Retail Limited. currently has 13,423 employees. With sales of 11.05 billionIndian Rupees (US$250.39 million) , this equates to sales of US$18,654 per employee. This is a great deal lower
than the three comparable companies, which had sales between US$62,935 and US$474,950 per employee. Note
that some of the figures stated herein could be distorted based on exact classification of employees and
subcontractors.
Sales Comparisons (Most Recent Fiscal Year)
1.52.9
6.0
9.5
13.2
11.1
200520062007200820092010
Company
Year
Ended
Sales
(US$mlns)
SalesGrowth
Sales/
Emp (US$) Largest Region
Vishal Retail Limited. Mar 2010 250.387 -16.5% 18,654 N/A
Shopper's Stop Ltd Mar 2010 328.190 11.5% 85,222 India (100.0%)
Hyundai DSF Company Limited Dec 2009 79.317 1.1% 474,950 N/A
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Recent Stock Performance
In recent years, this stock has performed terribly. In fiscal year 2008, the stock traded as high as 1,001.00
Indian Rupees, versus 31.95 Indian Rupees on 11/26/2010. For the 52 weeks ending 11/26/2010, the stock of
this company was down 50.7% to 31.95 Indian Rupees. During the past 13 weeks, the stock has fallen 38.1%During the past 52 weeks, the stock of Vishal Retail Limited. has performed significantly worse than the three
comparable companies, which saw gains between 31.9% and 97.0%. During the 12 months ending 3/31/2010,
the company has experienced losses totalling 162.83 Indian Rupees per share. Note that the earnings numberincludes a 1.31 pre-tax charge and excludes a 22.68 charge Mar 2010. This company is currently trading at 0.06
times sales. This is at a lower ratio than all three comparable companies, which are trading between 0.98 and
10.07 times their annual sales. This company has negative book value (and thus a price to book value would not
make any sense).
Summary of company valuations (as of 11/26/2010).
The market capitalization of this company is 715.64 million Indian Rupees (US$16.21 million) . Closely held shares
(i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5%
of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to
acquire a majority of the shares without the consent of management and other insiders. The capitalization of th
floating stock (i.e., that which is not closely held) is 262.89 million Indian Rupees (US$5.95 million) . These
shares are not very liquid.
Dividend Analysis
This company has paid no dividends during the last 12 months. The company also reported losses during the
previous 12 months. The company has not paid any dividends during the previous 6 fiscal years.
Profitability Analysis
On the 11.05 billion Indian Rupees in sales reported by the company in 2010, the cost of goods sold totalled15.67 billion Indian Rupees, or 141.8% of sales (i.e., the gross profit was -41.8% of sales). This gross profit
margin is lower than the company achieved in 2009, when cost of goods sold totalled 99.6% of sales. The gross
margin in 2010 was the lowest of the previous five years (in 2008, the gross margin had been as high as 13.7%)
Vishal Retail Limited.'s 2010 gross profit margin of-41.8% was lower than all three comparable companies (whichhad gross profits in 2010 between 8.8% and 86.4% of sales). In 2010, earnings before extraordinary items at
Vishal Retail Limited. were -3.65 billion Indian Rupees, or -33.0% of sales. This profit margin is lower than the
level the company achieved in 2009, when the profit margin was -7.1% of sales. The company's return on equity
in 2010 was -205.7%. This was significantly worse than the -34.8% return the company achieved in 2009.
(Extraordinary items have been excluded).
Profitability Comparison
Maoye International Holdings Limited Dec 2009 255.829 14.0% 62,935 China (100.0%)
Company P/ E
Price/
Book
Price/
Sales
52 Wk Pr Chg
Vishal Retail Limited. N/A N/A 0.06 -50.70%
Shopper's Stop Ltd 54.3 8.72 1.70 97.03%
Hyundai DSF Company Limited 5.4 0.64 0.98 31.88%
Maoye International Holdings Limited 33.3 4.73 10.07 53.79%
Company Year
Gross
ProfitMargin
EBITDA
Margin
Earns
bef.
extra
Vishal Retail Limited. 2010 -41.8% N/A -33.0%
Vishal Retail Limited. 2009 0.4% -0.2% -7.1%
Shopper's Stop Ltd 2010 8.8% 7.8% 2.5%
Hyundai DSF Company Limited 2009 86.4% 26.9% 16.6%
Maoye International Holdings Limited 2009 38.3% 20.8% 27.6%
Copyright 2001-2010 The Winthrop CorporationDistributed by Wright Investors' Service, Inc.
All Rights Reserved
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Important Legal Notice
THIS REPORT IS PROVIDED FOR GENERAL INFORMATION ONLY, IS NOT TO BE CONSIDERED AS
INVESTMENT ADVICE AND SHOULD NOT BE RELIED UPON FOR INVESTMENT DECISIONS. NO
REPRESENTATION OR WARRANTY IS MADE REGARDING THE ACCURACY, RELIABILITY OR TIMELINESS
OF THE CONTENT. THE REPORTS ARE COMPUTER GENERATED AND MAY BE SUBJECT TO
PROGRAMMATIC AND/OR CONTENT ERRORS. VISITORS SHOULD VERIFY INFORMATION WITH OTHER
RELIABLE SOURCES.
THIS REPORT IS PROVIDED AS IS, WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDIN
BUT NOT LIMITED TO WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR
NON-INFRINGEMENT. IN NO EVENT WILL THE WINTHROP CORPORATION, WRIGHT INVESTORS' SERVIC
INC. OR ANY OF THEIR DATA PROVIDERS BE LIABLE FOR ANY DIRECT, INDIRECT, SPECIAL OR
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Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS: Vishal Retail Limited.Per Share- I nd ian Rupees
Year PriceValue Ratios Equity Capital Earnings Dividends
Fiscal Yr
Ends:March
Market
PriceLast
Price/
EarningsRatio
Price/
BookRatio
DividendYield
%
EarnedGrowth
% Profit
Rate(ROE)
Book
ValueBegin Yr
12 Month
EarningsPer Share
% Change
%
PayoutRatio
12 Month
DividendPer Shar
2008 B 833.95 44.0 14.7 0.0% 33.5% 33.5% 56.59 C 18.95 70.0% 0.0% 0.0
2009 34.85 n/c 0.3 0.0% -34.9% -34.9% 121.06 AC -42.19 n/c n/c 0.0
2010 53.10 n/c 0.7 0.0% n/c n/c 79.14 n/a n/c n/c 0.0
11/26/2010 31.95 n/c n/c 0.0% n/a n/a n/a -162.83 n/c n/c 0.0
(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 1.31 PRETAX CHG & EXCLS 22.68 CHGMAR 2010, INCLS 1.24 PRETAX CHG IN FIS 2009 ( 1.24 PRETAX CHG MAR )
(B): CHANGE FROM UNCONSOLIDATED TO CONSOLIDATED REPORTS
(C): BASED ON AVERAGE SHARES OUTSTANDING
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established newsmedia, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or bany means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliabbut accuracy, completeness and opinions are not guaranteed.
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Company Fundamentals\Sales Analysis
SALES ANALYSIS: Vishal Retail Limited.Figures in thousands o f I ndian Rupees
Year
Sales
Cost of
Goods Sold
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
After Tax Income
before
Extraordinary
Charges and
Credits Employees
Amount
in
thousands
Year-to-
year
Growth
Amount
in
thousands
% of
Sales
Amount
in
thousands
% of
Sales
Amount
in
thousands
% of
Sales Number
Sales
Per
Employee
After Tax
Income
PerEmploye
2004 881,040 n/c 851,950 96.7% 30,140 3.4% 3,820 0.4% n/a n/a n/
2005 1,463,120 66.1% 1,375,610 94.0% 88,940 6.1% 30,200 2.1% n/a n/a n/
2006 2,884,430 97.1% 2,621,010 90.9% 269,080 9.3% 124,740 4.3% n/a n/a n/
2007 6,026,530 108.9% 5,356,120 88.9% 690,680 11.5% 249,830 4.1% 6,801 886,124 36,73
2008 9,529,748 58.1% 8,225,715 86.3% 1,229,605 12.9% 406,402 4.3% 13,423 709,957 30,27
2009 13,232,343 38.9% 13,172,825 99.6% -1,708 -0.0% -944,905 -7.1% n/a n/a n/
2010 11,054,593 -16.5% 15,671,829 141.8%-
4,516,232
-
40.9%
-
3,647,275
-
33.0%n/a n/a n/
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a retrieva
system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed
reliable, but accuracy, completeness and opinions are not guaranteed.
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Company Fundamentals\Price Analysis
PRICE ANALYSIS: Vishal Retail Limited.Per Share- I nd ian Rupees
Quarter
High
Price
Low
Price
Closing
Price
Quarterly
%Change
12
months
%
Change
2007Jul-Sep 809.000 423.250 697.550 n/a n/a
Oct-Dec 993.700 653.000 972.100 39.4% n/a
2008Jan-Mar 1,001.000 646.450 833.950 -14.2% n/a
Apr-Jun 879.950 580.000 588.250 -29.5% n/a
Jul-Sep 630.000 242.000 249.600 -57.6% -64.2%
Oct-Dec 260.000 55.600 96.300 -61.4% -90.1%
2009
Jan-Mar 111.450 25.250 34.850 -63.8% -95.8%
Apr-Jun 98.450 34.950 67.250 93.0% -88.6%
Jul-Sep 77.500 53.200 70.900 5.4% -71.6%
Oct-Dec 86.300 54.000 62.600 -11.7% -35.0%
2010Jan-Mar 75.900 52.750 53.100 -15.2% 52.4%
Apr-Jun 71.750 47.750 63.050 18.7% -6.2%
Jul-Sep 67.100 44.050 44.600 -29.3% -37.1%
11/26/2010 31.950 -38.1% -50.7%
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Vishal Retail Limited.Per Share- I nd ian Rupees Fiscal Ye ar Ends in M arch
(A):INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT- INCLS 1.31 PRETAX CHG & EXCLS 22
CHG MAR 2010, INCLS 1.24 PRETAX CHG IN FIS 2009 ( 1.24 PRETAX CHG MAR )
(B): CHANGE FROM UNCONSOLIDATED TO CONSOLIDATED REPORTS
(C):BASED ON AVERAGE SHARES OUTSTANDING
Fiscal
Years
Earnings Per Share Dividends Per Share
12 Months QuarterlyReportedEarn ings 12 Months QuarterlyReportedDividends
Earnings
%
Change
Q1Jun.
Q2Sep.
Q3Dec.
Q4Mar. Dividends
%
Change
Q1Jun.
Q2Sep.
Q3Dec.
Q4Mar.
%
Payo
2004 C0.81 n/c n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0
2005 C2.28 181.5% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0
2006 C7.98 250.0% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0
2007 C11.15 39.7% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0
2008B
C18.95 70.0% n/a n/a n/a n/a 0.00 n/c n/a n/a n/a 0.00 0.0
2009AC-
42.19n/c 6.25 1.82 0.96 -51.22 0.00 n/c n/a n/a n/a 0.00 0.0
2010 n/a n/c n/a n/a-
53.98-
108.850.00 n/c n/a n/a n/a 0.00 n/c
Copyright 2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in
retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Informat
is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size
Balance Sheet - (Common Size): Vishal Retail Limited.Figures are expressed as Percent of Total Assets.Total Assets are in millions of Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Assets
Total Assets 10,773.1 9,629.6 4,388.5 1,592.8 643.2
Cash & Short Term Investments 1.4% 5.7% 3.5% 5.2% 3.4%
Cash 1.2% 5.2%
Short Term Investments 0.2% 0.5%
Receivables (Net) 2.9% 5.0% 6.1% 4.6% 2.9%
Inventories -Total 61.9% 57.9% 57.9% 50.2% 58.6%
Raw Materials 2.0% 1.6%
Work in Process 0.7% 1.1%
Finished Goods 59.3% 55.2%
Progress Payments & Other 0.0% 0.0%
Prepaid Expenses 4.1% 3.8% 3.1% 9.5% 0.9%
Other Current Assets 3.8% 3.7% 4.8% 5.3% 5.3%
Current Assets - Total 74.2% 76.2% 75.4% 74.8% 71.1%
Long Term Receivables
Investment in AssociatedCompanies
0.0% 0.0% 0.0% 0.0% 0.0%
Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%
Property Plant and Equipment -Gross
34.8% 29.4% 30.5% 31.9% 37.3%
Accumulated Depreciation 9.2% 5.5% 5.9% 6.7% 8.4%
Property Plant and Equipment Net
25.6% 23.8% 24.6% 25.2% 28.9%
Other Assets 0.2% 0.0% 0.0% 0.0% 0.0%
Deferred Charges 0.1% 0.0% 0.0% 0.0% 0.0%
Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
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Intangible Other Assets 0.1% 0.0% 0.0% 0.0% 0.0%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders'Equity
Total Liabilities & Shareholders'
Equity
10,773.1 9,629.6 4,388.5 1,592.8 643.2
Accounts Payable 8.7% 5.0%
Short Term Debt & Current Portionof Long Term Debt
42.5% 7.7% 32.5%
Accrued Payroll 0.1%
Income Taxes Payable 4.0% 4.4%
Dividends Payable
Other Current Liabilities 3.9% 4.5% 15.3%
Current Liabilities - Total 59.3% 21.6% 47.8% 19.0% 15.7%
Long Term Debt 28.2% 49.7% 22.9% 34.6% 35.2%
Long Term Debt ExcludingCapitalized Leases
27.9% 49.4% 22.9% 34.6% 35.2%
Capitalized Lease Obligations 0.3% 0.3% 0.0% 0.0% 0.0%
Provision for Risks and Charges 0.2% 0.1%
Deferred Income
Deferred Taxes -4.2% 0.2% 0.4% 0.7% 1.7%
Deferred Taxes - Credit 0.3% 0.2% 0.4% 0.7% 1.7%
Deferred Taxes - Debit 4.5%
Deferred Tax Liability in UntaxedReserves
Other Liabilities 0.0% 0.2% 0.0% 0.0% 0.1%
Total Liabilities 83.5% 71.8% 71.1% 54.3% 52.9%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 3.5% 0.0%
Preferred Stock Issued forESOP
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ESOP Guarantees - PreferredIssued
Common Equity 16.5% 28.2% 28.9% 42.2% 47.1%
Total Liabilities & Shareholders'Equity
100.0% 100.0% 100.0% 100.0% 100.0%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this sitemay be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Statement Analyses\Balance Sheet - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Vishal Retail Limited.Figures are the Percent Changes from the Prior Year.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Assets
Total Assets 11.9% 119.4% 175.5% 147.7% 77.0%
Cash & Short Term Investments -72.4% 263.0% 83.3% 275.4% 7.7%
Cash -74.9%
Short Term Investments -46.1%
Receivables (Net) -35.0% 81.4% 268.1% 285.1% 87.4%
Inventories -Total 19.7% 119.2% 217.8% 112.4% 85.0%
Raw Materials 35.8%
Work in Process -28.6%
Finished Goods 20.1%
Progress Payments & Other
Prepaid Expenses 21.2% 170.4% -11.0% 2,612.5% 195.2%
Other Current Assets 14.6% 71.2% 148.5% 148.9% 76.1%
Current Assets - Total 9.0% 121.8% 177.6% 160.6% 79.0%
Long Term Receivables
Investment in AssociatedCompanies
Other Investments -100.0%
Property Plant and Equipment -Gross
32.5% 111.2% 163.6% 111.6% 95.0%
Accumulated Depreciation 86.0% 107.1% 141.4% 96.9% 115.2%
Property Plant and Equipment Net
20.1% 112.1% 169.5% 115.9% 89.8%
Other Assets 2,243.8% -100.0% -80.0% -41.2%
Deferred Charges 1,052.4% -100.0% -80.0% -41.2%
Tangible Other Assets
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Intangible Other Assets
Total Assets 11.9% 119.4% 175.5% 147.7% 77.0%
Liabilities & Shareholders'Equity
Total Liabilities & Shareholders'
Equity
11.9% 119.4% 175.5% 147.7% 77.0%
Accounts Payable 95.3%
Short Term Debt & Current Portionof Long Term Debt
516.1% -47.8%
Accrued Payroll
Income Taxes Payable 2.6%
Dividends Payable
Other Current Liabilities -1.3% -35.9%
Current Liabilities - Total 207.7% -1.0% 592.1% 199.1% 59.2%
Long Term Debt -36.5% 375.8% 82.8% 142.9% 179.6%
Long Term Debt ExcludingCapitalized Leases
-36.8% 372.9% 82.8% 142.9% 179.6%
Capitalized Lease Obligations 15.1%
Provision for Risks and Charges 101.4%
Deferred Income
Deferred Taxes-
2,139.5%21.9% 55.6% 3.2% 66.5%
Deferred Taxes - Credit 61.5% 21.9% 55.6% 3.2% 66.5%
Deferred Taxes - Debit
Deferred Tax Liability in UntaxedReserves
Other Liabilities -100.0% -100.0% -98.9%
Total Liabilities 30.1% 121.6% 260.8% 154.4% 47.0%
Non-Equity Reserves
Minority Interest 80.0%
Preferred Stock -100.0%
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Preferred Stock Issued forESOP
ESOP Guarantees - PreferredIssued
Common Equity -34.6% 113.9% 88.7% 121.6% 129.8%
Total Liabilities & Shareholders'Equity 11.9% 119.4% 175.5% 147.7% 77.0%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Statement Analyses\Balance Sheet - Five-Year Averages
Balance Sheet - (5 Year Averages): Vishal Retail Limited.Figures in millions of Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Assets
Total Assets 5,405.4 3,323.5
Cash & Short Term Investments 191.6 165.3
Cash
Short Term Investments
Receivables (Net) 232.2 171.0
Inventories -Total 3,193.1 1,899.7
Raw Materials
Work in Process
Finished Goods
Progress Payments & Other
Prepaid Expenses 219.6 131.6
Other Current Assets 219.9 141.4
Current Assets - Total 4,056.4 2,509.0
Long Term Receivables
Investment in AssociatedCompanies
0.0 0.0
Other Investments 0.0 2.0
Property Plant and Equipment -Gross
1,732.5 1,007.7
Accumulated Depreciation 389.0 195.5
Property Plant and Equipment Net
1,343.5 812.2
Other Assets 5.6 0.3
Deferred Charges 2.9 0.3
Tangible Other Assets 0.0 0.0
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Intangible Other Assets 2.7 0.0
Total Assets 5,405.4 3,323.5
Liabilities & Shareholders'Equity
Total Liabilities & Shareholders'
Equity
5,405.4 3,323.5
Accounts Payable
Short Term Debt & Current Portionof Long Term Debt
Accrued Payroll
Income Taxes Payable
Dividends Payable
Other Current Liabilities
Current Liabilities - Total 2,192.4 927.9
Long Term Debt 1,922.5 1,330.7
Long Term Debt ExcludingCapitalized Leases
1,909.7 1,324.8
Capitalized Lease Obligations 12.8 5.9
Provision for Risks and Charges
Deferred Income
Deferred Taxes -77.0 13.9
Deferred Taxes - Credit 19.7 13.9
Deferred Taxes - Debit
Deferred Tax Liability in UntaxedReserves
Other Liabilities 4.3 20.3
Total Liabilities 4,048.2 2,294.8
Non-Equity Reserves 0.0 0.0
Minority Interest 0.7 0.3
Preferred Stock 11.2 11.2
Preferred Stock Issued forESOP
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ESOP Guarantees - PreferredIssued
Common Equity 1,345.4 1,017.2
Total Liabilities & Shareholders'Equity
5,405.4 3,323.5
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this sitemay be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Statement Analyses\Income Statement - Common Size
Income Statement - (Common Size): Vishal Retail Limited.Figures are expressed as Percent of Net Sales or Revenues.Net Sales or Revenues are in millions of Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Net Sales or Revenues 13,232.3 9,529.7 6,026.5 2,884.4 1,463.1
Cost of Goods Sold 99.6% 86.3% 88.9% 90.9% 94.0%
Depreciation, Depletion & Amortization 3.7% 2.9% 2.5% 1.9% 2.0%
Gross Income -3.2% 10.8% 8.6% 7.3% 4.0%
Selling, General & Administrative Expenses
Other Operating Expenses 0.7% 1.1% 0.0% 0.0% 0.0%
Operating Expenses - Total 103.9% 90.3% 91.5% 92.8% 96.0%
Operating Income -3.9% 9.7% 8.5% 7.2% 4.0%
Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0%
Extraordinary Charge - Pretax 0.2% 0.0% 0.0% 0.0% 0.0%
Non-Operating Interest Income 0.1% 0.1% 0.0% 0.0% 0.0%
Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 0.3% 0.2% 0.3% 0.2% 0.1%
Earnings before Interest, Taxes, Depreciation& Amortization (EBITDA)
-0.0% 12.9% 11.5% 9.3% 6.1%
Earnings before Interest & Taxes(EBIT) -3.7% 10.0% 8.9% 7.5% 4.1%
Interest Expense on Debt 7.0% 3.4% 2.4% 1.0% 0.7%
Interest Capitalized 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Income -10.7% 6.6% 6.5% 6.5% 3.4%
Income Taxes -3.6% 2.3% 2.3% 2.1% 1.3%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
After Tax Other Income/Expense -0.0% -0.0% 0.0% 0.0% 0.0%
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before ExtraordinaryItems/Preferred Dividends
-7.1% 4.3% 4.1% 4.3% 2.1%
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Extraordinary Items & Gain/Loss Sale of Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income after Preferred Dividends -available to Common
-7.1% 4.3% 4.1% 4.3% 2.1%
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may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Vishal Retail Limited.Figures are the Percent Changes from the Prior Year.
Fiscal Year 2009 2008 2007 2006 2005
Net Sales or Revenues 38.9% 58.1% 108.9% 97.1% 66.1%
Cost of Goods Sold 60.1% 53.6% 104.4% 90.5% 61.5%
Depreciation, Depletion & Amortization 76.8% 80.5% 184.9% 84.0% 97.8%
Gross Income-
141.7%98.6% 146.7% 259.5% 306.6%
Selling, General & Administrative Expenses
Other Operating Expenses -12.7% 3,747.8% 231.3%
Operating Expenses - Total 59.8% 56.1% 106.0% 90.5% 62.1%
Operating Income -155.9%
79.9% 146.4% 258.1% 306.6%
Extraordinary Credit - Pretax
Extraordinary Charge - Pretax
Non-Operating Interest Income -7.9% 571.3% 302.0% 157.9% -38.7%
Reserves - Increase/Decrease
Pretax Equity in Earnings
Other Income/Expense - Net 202.5% -31.7% 250.9% 381.5% 67.6%
Earnings before Interest, Taxes, Depreciation& Amortization (EBITDA)
-100.1%
78.0% 156.7% 202.5% 195.1%
Earnings before Interest & Taxes(EBIT)-
151.4%77.3% 149.7% 260.4% 288.2%
Interest Expense on Debt 181.5% 122.7% 406.7% 196.2% 370.3%
Interest Capitalized
Pretax Income-
326.4%60.1% 109.5% 273.0% 275.3%
Income Taxes-
315.1%55.6% 128.1% 211.7% 108.1%
Minority Interest
Equity in Earnings
After Tax Other Income/Expense
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Discontinued Operations
Net Income before ExtraordinaryItems/Preferred Dividends
-332.5%
62.7% 100.3% 313.0% 690.6%
Extraordinary Items & Gain/Loss Sale ofAssets
Preferred Dividend Requirements
Net Income after Preferred Dividends -available to Common
-332.5%
62.7% 100.3% 313.0% 690.6%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Vishal Retail Limited.Figures in millions of Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Net Sales or Revenues 6,627.2 4,157.0
Cost of Goods Sold 6,150.3 3,686.1
Depreciation, Depletion & Amortization 200.0 105.3
Gross Income 277.0 365.6
Selling, General & Administrative Expenses
Other Operating Expenses 38.9 21.1
Operating Expenses - Total 6,389.1 3,812.5
Operating Income 238.1 344.5
Extraordinary Credit - Pretax 0.0
Extraordinary Charge - Pretax 5.5 0.0
Non-Operating Interest Income 5.6 3.2
Reserves - Increase/Decrease 0.0 0.0
Pretax Equity in Earnings 0.0 0.0
Other Income/Expense - Net 17.2 8.6
Earnings before Interest, Taxes, Depreciation &Amortization (EBITDA)
455.3 461.7
Earnings before Interest & Taxes(EBIT) 255.4 356.4
Interest Expense on Debt 288.0 103.4
Interest Capitalized 0.0 0.0
Pretax Income -32.7 253.0
Income Taxes -5.9 89.9
Minority Interest 0.0 0.0
Equity in Earnings 0.0 0.0
After Tax Other Income/Expense -0.0 -0.0
Discontinued Operations 0.0 0.0
Net Income before Extraordinary Items/PreferredDividends
-26.7 163.0
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Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Vishal Retail Limited.Currency figures are in millions of Indian Rupees.Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Total Capital 4,814.8 7,501.9 2,274.1 1,278.3 529.8
Percent of Total Capital
Short Term Debt 95.2% 9.9% 62.7%
Long Term Debt 63.1% 63.8% 44.3% 43.1% 42.8%
Other Liabilities 0.0% 0.3% 0.0% 0.0% 0.2%
Total Liabilities 186.9% 92.2% 137.2% 67.7% 64.2%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 4.4% 0.0%
Retained Earnings
Common Equity 36.8% 36.1% 55.7% 52.5% 57.2%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes
Short Term Debt 384.0 -68.2
Long Term Debt -174.9 378.3 45.6 32.4 14.6
Other Liabilities -2.1 2.1 0.0 -0.1 -7.9
Total Liabilities 208.1 379.6 225.6 52.5 10.9
Minority Interest 0.1 0.1 0.0 0.0 0.0
Preferred Stock 0.0 0.0 -5.6 5.6 0.0
Retained Earnings
Common Equity -93.9 144.4 59.6 36.9 17.1
Total Capital -268.7 522.8 99.6 74.9 31.7
Year to Year Percent Changes
Short Term Debt 516.1% -47.8%
Long Term Debt -36.5% 375.8% 82.8% 142.9% 179.6%
Other Liabilities -100.0% -100.0% -98.9%
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Total Liabilities 30.1% 121.6% 260.8% 154.4% 47.0%
Minority Interest 80.0%
Preferred Stock -100.0%
Retained Earnings
Common Equity -34.6% 113.9% 88.7% 121.6% 129.8%Total Capital -35.8% 229.9% 77.9% 141.3% 148.7%
Total Liabilities & CommonEquity
Total Liabilities 8,998.2 6,916.7 3,120.9 865.0 340.1
Net Change in Liabilities as% of Total Liabilities
23.1% 54.9% 72.3% 60.7% 32.0%
Common Equity 1,772.7 2,711.6 1,267.6 671.8 303.1Net Change in Common Equity as% of Common Equity
-53.0% 53.3% 47.0% 54.9% 56.5%
Cash Flow
Operating Activities -1,501.4 -2,341.4 -1,150.0 -292.0 -19.8
Financing Activities 2,195.6 3,942.4 2,171.6 623.0 128.5
Investing Activities 1,100.0 1,159.0 952.8 270.3 107.1
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this sitemay be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Vishal Retail Limited.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Receivables Turnover 41.9 19.6 22.5 39.7 77.5
Receivables - Number of Days 11.1 14.4 10.3 5.8 3.6
Inventory Turnover 2.2 2.0 3.2 4.5 4.7
Inventory - Number of Days 169.7 180.1 113.9 82.0 77.0
Gross Property, Plant & EquipmentTurnover
3.5 3.4 4.5 5.7 6.1
Net Property, Plant & EquipmentTurnover
4.8 4.2 5.6 7.2 7.9
Depreciation, Depletion &Amortization% of Gross Property, Plant &Equipment
13.0% 9.8% 11.4% 10.6% 12.1%
Depreciation, Depletion &AmortizationYear to Year Change
21.2 12.3 9.9 2.5 1.4
Depreciation, Depletion &Amortization
Year to Year % Change
76.8% 80.5% 184.9% 84.0% 97.8%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
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Financial Ratio Analyses\Asset Utilization
Asset Utilization: Vishal Retail Limited.Figures are expressed as the ratio of Net Sales.Net Sales are in millions of Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Net Sales 13,232.3 9,529.7 6,026.5 2,884.4 1,463.1
Cash & Cash Equivalents 1.1% 5.8% 2.5% 2.9% 1.5%
Short-Term Investments 0.2% 0.5%
Accounts Receivable 2.4% 5.1% 4.4% 2.5% 1.3%
Inventories 50.4% 58.5% 42.2% 27.7% 25.8%
Other Current Assets 3.1% 3.8% 3.5% 2.9% 2.3%
Total Current Assets 60.4% 77.0% 54.9% 41.3% 31.2%
Total Long Term Receivables &Investments
0.0% 0.0% 0.0% 0.0% 0.0%
Long Term Receivables
Investments in AssociatedCompanies
0.0% 0.0% 0.0% 0.0% 0.0%
Other Investments 0.0% 0.0% 0.0% 0.0% 0.0%
Property, Plant & Equipment -Gross
28.3% 29.7% 22.2% 17.6% 16.4%
Accumulated Depreciation 7.5% 5.6% 4.3% 3.7% 3.7%
Property Plant & Equipment - Net 20.8% 24.1% 17.9% 13.9% 12.7%
Other Assets 0.2% 0.0% 0.0% 0.0% 0.0%
Total Assets 81.4% 101.0% 72.8% 55.2% 44.0%
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may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Vishal Retail Limited.Values per Employee are in Indian Rupees.
Fiscal Year 2008 2007
Fiscal Year End Date 3/31/2008 3/31/2007
Employees 13,423 6,801
Values per Employee
Sales 709,957 886,124
Net Income 30,277 36,734
Cash Earnings 59,931 76,733
Working Capital 391,780 178,005
Total Debt 412,204 357,605
Total Capital 558,886 334,376
Total Assets 717,395 645,276
Year to Year % Change per Employee
Employees 97.4%
Sales -19.9%
Net Income -17.6%
Cash Earnings -21.9%
Working Capital 120.1%
Total Debt 15.3%
Total Capital 67.1%
Total Assets 11.2%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Vishal Retail Limited.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
EBIT/Total Interest Expense -0.5 2.9 3.6 7.4 6.1
EBIT/Net Interest -0.5 3.0 3.7 7.5 6.2
EBIT/(Total Interest Exp + Pfd Div) -0.5 2.9 3.6 7.4 6.1
EBIT/Dividends on Common Shares
EBIT/(Dividends on Common + Pfd)
EBITDA/Total Interest Expense -0.0 3.7 4.7 9.2 9.0
EBITDA/Net Interest -0.0 3.9 4.7 9.4 9.2
EBITDA/(Total Interest Exp + PfdDiv)
-0.0 3.7 4.7 9.2 9.0
EBITDA/Dividends on Com Shares
EBITDA/(Dividends on Com + Pfd)
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Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Vishal Retail Limited.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Long Term Debt % of EBIT 502.2% 187.1% 255.5% 379.1%
Long Term Debt % of EBITDA 389.5% 145.7% 204.6% 254.8%
Long Term Debt % of Total Assets 28.2% 49.7% 22.9% 34.6% 35.2%
Long Term Debt % of Total Capital 63.1% 63.8% 44.3% 43.1% 42.8%
Long Term Debt % of Com Equity 171.5% 176.6% 79.4% 81.9% 74.8%
Total Debt % of EBIT 580.2% 452.2% 255.5% 379.1%
Total Debt % of EBITDA 450.0% 352.1% 204.6% 254.8%
Total Debt % of Total Assets 70.8% 57.5% 55.4% 34.6% 35.2%
Total Debt % of Total Capital 158.3% 73.8% 106.9% 43.1% 42.8%
Total Debt % of Total Capital &Short Term Debt
81.1% 67.1% 65.7% 43.1% 42.8%
Total Debt % of Common Equity 430.0% 204.0% 191.9% 81.9% 74.8%
Minority Interest % of EBIT 0.1% 0.0% 0.0% 0.0%
Minority Interest % of EBITDA 0.1% 0.0% 0.0% 0.0%
Minority Interest % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total Capital 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Com Equity 0.1% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EBIT 0.0% 0.0% 26.0% 0.0%
Preferred Stock % of EDITDA 0.0% 0.0% 20.8% 0.0%
Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 3.5% 0.0%
Preferred Stock % of Total Capital 0.0% 0.0% 0.0% 4.4% 0.0%
Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 8.3% 0.0%
Common Equity % of Total Assets 16.5% 28.2% 28.9% 42.2% 47.1%
Common Equity % of Total Capital 36.8% 36.1% 55.7% 52.5% 57.2%
Total Capital % of Total Assets 44.7% 77.9% 51.8% 80.3% 82.4%
Capital Expenditure % of Sales 8.3% 12.2% 15.9% 9.4% 8.0%
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Fixed Assets % of Common Equity 155.4% 84.6% 85.3% 59.7% 61.3%
Working Capital % of Total Capital 33.4% 70.1% 53.2% 69.5% 67.2%
Dividend Payout 0.0% 0.0% 0.0% 0.0% 0.0%
Funds From Operations % of TotalDebt
-10.2% 14.5% 21.5% 34.6% 28.5%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this sitemay be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Vishal Retail Limited.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Total Current Assets % Net Sales 60.4% 77.0% 54.9% 41.3% 31.2%
Cash % of Current Assets 1.6% 6.8%
Cash & Equivalents % of CurrentAssets
1.9% 7.5% 4.6% 6.9% 4.8%
Quick Ratio 0.1 0.5 0.2 0.5 0.4
Receivables % of Current Assets 4.0% 6.6% 8.1% 6.1% 4.1%
Receivable Turnover - number ofdays
11.1 14.4 10.3 5.8 3.6
Inventories % of Current Assets 83.5% 76.0% 76.9% 67.2% 82.4%
Inventory Turnover - number ofdays
169.7 180.1 113.9 82.0 77.0
Inventory to Cash & Equivalents -number of days
8.2 35.5 21.4 37.2 21.0
Receivables % of Total Assets 2.9% 5.0% 6.1% 4.6% 2.9%
Current Ratio 1.3 3.5 1.6 3.9 4.5
Total Debt % of Total Capital 81.1% 67.1% 65.7% 43.1% 42.8%
Funds from Operations % ofCurrent Liabilities
-12.2% 38.8% 24.9% 62.8% 63.9%
Funds from Operations % of LongTerm Debt
-25.6% 16.8% 51.9% 34.6% 28.5%
Funds from Operations % of TotalDebt
-10.2% 14.5% 21.5% 34.6% 28.5%
Funds from Operations % of TotalCapital -16.2% 10.7% 22.9% 14.9% 12.2%
Cash Flow (in milllions of IndianRupees)
Operating Activities -1,501.4 -2,341.4 -1,150.0 -292.0 -19.8
Financing Activities 2,195.6 3,942.4 2,171.6 623.0 128.5
Investing Activities 1,100.0 1,159.0 952.8 270.3 107.1
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may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Vishal Retail Limited.Figures are expressed as per unit of respective shares.Figures are in Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Sales 590.76 425.46 269.06 174.91 98.73
Operating Income -23.10 41.34 22.99 12.67 3.94
Pre-tax Income -63.16 27.90 17.42 11.30 3.37
Net Income (Continuing Operations) -63.16 27.90 17.42 11.30 3.37
Net Income Before Extra Items -42.19 18.14 11.15 7.56 2.04
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income After ExtraordinaryItems
-42.19 18.14 11.15 7.56 2.04
Net Income Available to CommonShares
-42.19 18.95 11.15 7.98 2.28
Fully Diluted Earnings -42.19 18.95 11.15 7.88 2.27
Common Dividends 0.00 0.00 0.00 0.00 0.00
Cash Earnings -34.80 37.52 23.30 12.18 4.89
Book Value 79.14 121.06 56.59 40.74 20.45
Retained Earnings
Assets 480.97 429.91 195.93 96.59 43.40
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may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
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Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Vishal Retail Limited.Currency figures are in Indian Rupees.
Fiscal Year 2009 2008 2007 2006 2005
Fiscal Year End Date 3/31/2009 3/31/2008 3/31/2007 3/31/2006 3/31/2005
Gross Income Margin -3.2% 10.8% 8.6% 7.3% 4.0%
Operating Income Margin -3.9% 9.7% 8.5% 7.2% 4.0%
Pretax Income Margin -10.7% 6.6% 6.5% 6.5% 3.4%
EBIT Margin -3.7% 10.0% 8.9% 7.5% 4.1%
Net Income Margin -7.1% 4.3% 4.1% 4.3% 2.1%
Return on Equity - Total -42.1% 20.4% 25.8% 25.6% 13.9%
Return on Invested Capital -0.2% 10.4% 13.8% 16.0% 9.7%
Return on Assets -0.2% 8.8% 11.5% 12.9% 7.2%
Asset Turnover 1.2 1.0 1.4 1.8 2.3
Financial Leverage 430.0% 204.0% 191.9% 81.9% 74.8%
Interest Expense on Debt 925,025,317 328,634,584 147,540,000 29,120,000 9,830,000
Effective Tax Rate 35.0% 36.0% 33.0% 39.5%
Cash Flow % Sales -5.9% 8.4% 8.7% 6.6% 4.4%
Selling, General &Administrative Expenses %of Sales
Research & DevelopmentExpense
Operating Income ReturnOn Total Capital
-35.8% 229.9% 77.9% 141.3% 148.7%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Vishal Retail Limited.Currency figures are in millions of U.S. Dollars.
Wright Quality Rating LLNN
Investment Acceptance Rating LLNNTotal Market Value of Shares Outstanding - Three Year Average 191
- Current Year 20
Public Market Value (Excludes Closely Held) - Three Year Average 70
- Current Year 7
Trading Volume - Three Year Average 0
- Current Year 0
Turnover Rate - Three Year Average 0.0%
- Current Year 0.0%
Stock Exchange ListingsBOM
Number of Institutional Investors 0
Number of Shareholders 15,946
Closely Held Shares as % of Total Shares Outstanding 63.3%Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Vishal Retail Limited.
Wright Quality Rating LLNN
Profitability & Stability Rating LLNN
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 3.3%
- Basic Trend -4.0%
Cash Earnings Return on Equity - Time-Weighted Average 21.0%
- Basic Trend -4.0%
Cash Earnings Return on Equity - Stability Index 23.5%
Return On Assets (Time-Weighted Average) 4.9%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 3.1%Operating Income as % of Total Assets (Time-Weighted Average) 6.5%
Operating Income as % of Total Capital (Adjusted Rate) -4.2%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 3.1%
Operating Income as % of Total Assets (Time-Weighted Average) 6.5%
Operating Income as % of Total Capital (Adjusted Rate) -4.2%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
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Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Vishal Retail Limited.Figures are expressed on a Per Share Basis.
Wright Quality Rating LLNN
Growth Rating LLNNNormal Earnings Growth 9.3%
Cash Earnings Growth 25.0%
Cash Earnings Stability Index 24.2%
Earned Equity Growth 3.3%
Dividend Growth 0.0%
Operating Income Growth 0.0%
Assets Growth 25.0%
Sales/Revenues Growth 25.0%
Copyright2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site
may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.