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Analysis for B
2005- 2009
Contents of the spreadsheet
Balance Sheet
Profit and loss account
Cash Flow Yearly and trend analysis
Ratio analysis
Final analysis and conclusion
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uestar
Submitted to:
Dr. Karamjeet Singh
Submitted by:
Name Supreet Thind
Roll No. 35
Class MBA Biotech (A)
Date of Submission:
08.03.2010
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Balance sheet BLUESTAR from 2005-2009in Rs. Cr.
2005 2006 2007 2008 2009
Sources Of Funds
Total Share Capital 17.99 17.99 17.99 17.99 17.99
Equity Share Capital 17.99 17.98 17.99 17.99 17.99
Reserves 130.79 155.09 195.34 245.92 349.5Networth 148.78 173.08 213.33 263.91 367.49
Secured Loans 35.91 40.57 39.05 36.29 22.52
Unsecured Loans 1.37 35.3 50 0.25 1.08
Total Debt 37.28 75.87 89.05 36.54 23.6
Liabilities 186.06 248.95 302.38 300.45 391.09
Application Of Funds
Gross Block 164.21 198.09 231.17 272.94 332.87
Less: Accum. Depreciation 87.28 100.95 116.73 134.84 144.92
Net Block 76.93 97.14 114.44 138.1 187.95
Capital Work in Progress 7.28 11.09 2.41 18.09 24.79
Investments 5.18 5.18 5.3 4.57 4.38
Inventories 102.66 149.84 188.08 273.49 207.3
Sundry Debtors 195.77 238.85 350.68 483.74 643.08
Cash and Bank Balance 2.19 2.07 3.81 1.91 4.8
Total Current Assets 300.62 390.76 542.57 759.14 855.18
Loans and Advances 68.92 90.65 85.65 257.49 292.68
Fixed Deposits 0.29 0.29 0.8 0.76 0.85
Total CA, Loans & Advances 369.83 481.7 629.02 1,017.39 1,148.71
Current Liabilities 255.64 321.38 352.21 638.25 672.97
Provisions 21.93 28.04 98.83 240.87 302.37
Total CL & Provisions 277.57 349.42 451.04 879.12 975.34
Net Current Assets 92.26 132.28 177.98 138.27 173.37
Miscellaneous Expenses 4.42 3.26 2.25 1.42 0.6
Assets 186.07 248.95 302.38 300.45 391.09
Contingent Liabilities 41.14 49.39 65.92 123.12 47.7
Book Value (Rs) 82.71 96.23 23.72 29.34 40.86
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Profit and loss Account of BLUESTAR from
2005-2009
2005 2006 2007 2008 2009
Income
Sales Turnover 916.88 1,171.50 1,594.58 2,221.59 2,552.29
Excise Duty 0 0 0 0 0
Net Sales 916.88 1,171.50 1,594.58 2,221.59 2,552.29
Other Income 9.17 3.12 9.72 45.8 4.75
Stock Adjustments 26.96 28.6 26.85 56.39 -34.58
Total Income 953.01
Expenditure
Raw Materials 743.99 936.47 1,269.55 1,747.32 1,915.15
Power & Fuel Cost 3.81 4.51 5.83 7.04 7.43
Employee Cost 72.55 88.28 123.16 154.81 182.73
1.3 1.59 2.37 2.19 2.31
Selling and Admin Expenses 49.84 62.28 81.67 105.05 107.69Miscellaneous Expenses 13.56 19.33 25.95 37.78 38.42
Total Expenses 885.05
Operating Profit 58.79 87.64 112.9 223.79 263.98
PBDIT 67.96 90.76 122.62 269.59 268.73
Interest 3.21 5.72 9.55 7.56 13.55
PBDT 64.75 85.04 113.07 262.03 255.18
Depreciation 12.42 15.99 20.9 21.97 25.88
Profit Before Tax 52.33 69.05 92.17 240.06 229.3
Extra-ordinary items 0.26 0.03 0.42 0.14 8.95
PBT (Post Extra-ord Items) 52.59 69.08 92.59 240.2 238.25 Tax 13.28 20.19 21.42 66.11 57.93
Reported Net Profit 39.16 48.9 71.18 174.09 180.29
Total Value Addition 141.05 175.99 238.98 306.87 338.59
Equity Dividend 17.99 21.58 26.98 62.96 62.96
Corporate Dividend Tax 2.56 3.03 3.94 10.7 10.7
Per share data (annualised)
Shares in issue (lakhs) 179.87 179.84 899.36 899.36 899.36
Earning Per Share (Rs) 21.77 27.19 7.91 19.36 20.05
Equity Dividend (%) 100 120 150 350 350
Book Value (Rs) 82.71 96.23 23.72 29.34 40.86
Cr.
2 5 8 6
Expenses
6 3 9 3
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Cash flow of BLUESTAR from 2005-2009
2005 2006 2007 2008 2009
Net Profit Before Tax 52.44 69.09 92.6 242.02 238.22
Net Cash From Operating Activities 15.34 18.36 60.12 133.78 169.72
Net Cash (used in)/from
-20.98 -36.64 -23.72 -75.17 -80.75Investing Activities 5.69 18.17 -34.16 -60.55 -86
0.05 -0.11 2.24 -1.93 2.98
Opening Cash & Cash Equivalents 2.43 2.48 2.37 4.61 2.67
Closing Cash & Cash Equivalents 2.48 2.37 4.61 2.67 5.65
Cr.
Activities
Net (decrease)/increase In Cash andCash Equivalents
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Yearly and trend analysis BLUESTAR from
2005-2009
Yearly Results in Rs. Cr.
2005 2006 2007 2008 2009Sales Turnover 920.77 1,174.56 1,601.28 2,233.04 2,569.09
Other Income 10.15 4.06 6.13 37.05 4.95
Total Income 930.92 1,178.62 1,607.41 2,270.09 2,574.04
Total Expenses 862.92 1,087.88 1,484.37 1,998.55 2,296.39
Operating Profit 57.85 86.68 116.91 234.49 272.7
Gross Profit 68 90.74 123.04 271.54 277.65
Interest 3.21 5.72 9.55 7.56 13.55
PBDT 64.79 85.02 113.49 263.98 264.1
Depreciation 12.35 15.93 20.9 21.97 25.88
PBT 52.44 69.09 92.59 242.01 238.22
Tax 13.28 20.19 21.41 67.92 57.93
Net Profit 39.16 48.9 71.18 174.09 180.29
Earnings Per Share 21.77 27.18 7.91 19.35 20.04
Equity 17.99 17.99 17.99 17.99 17.99
Reserves 130.43 154.72 194.98 -- 349.14
Face Value 10 10 2 2 2
Total Current Assets 300.62 390.76 542.57 759.14 855.18
Total Assets 186.07 248.95 302.38 300.45 391.09
Total Liabilities 186.06 248.95 302.38 300.45 391.09
2005Trend analysis in percentage
2005 2006 2007 2008 2009
sales turnover 100.00 127.56 173.91 242.52 279.02
net profit 100.00 124.87 181.77 444.56 460.39
current assets 100.00 129.98 180.48 252.52 284.47
total assets 100.00 133.79 162.51 161.47 210.18
total liabilities 100.00 133.80 162.52 161.48 210.20
base year as
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Ratio Analysis of BLUESTAR from 2005-2009
YEARS
Profitability RatiosOperating Profit Margin(%) 6.17 7.28 6.92
Profit Before Interest And Tax Margin(%) 5.83 6.21 6.24Gross Profit Margin(%) 21.53 21.79 21.81
Return On Capital Employed(%) 29.85 30.03 33.64
DU-PONT ANALYSIS
Net Profit Margin(%) 4.11 4.06 4.36
Asset turnover 2.58 2.50 2.59
Return on asset 10.59 10.15 11.32
Liquidity ratiosCurrent Ratio 1.18 1.22 1.54
Quick Ratio 0.77 0.75 1.01cash ratio 0.01 0.01 0.01
debtor turnover ratio 4.68 4.90 4.55
average debt collection period (days) 76.87 73.40 79.17
inventory turnover 8.62 7.42 8.02
inventory holding period (Days) 41.76 48.49 44.88
OPERATING CYCLE (days) 118.62 121.89 124.06
Solvency RatiosDebt Equity Ratio 2.07 4.22 4.95
Liabilities to equity ratio 16.28 22.09 24.53Interest Cover 17.30 13.07 10.65
Equity ratio 0.05 0.04 0.03
fixed asset to net worth ratio 4.28 5.40 6.36
Capital market ratiosEarnings Per Share 21.77 27.19 7.91
Book Value 82.71 96.23 23.72
Investment Valuation Ratios
Face Value 10.0 10.0 2.0Dividend Per Share 10.0 12.0 3.0
Operating Profit Per Share (Rs) 32.7 48.7 12.6
Free Reserves Per Share (Rs) 72.7 86.2 21.7
dividend payout ratio 0.5 0.4 0.4
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2008 2009
9.63 10.47
10.66 9.6324.50 23.78
82.42 62.10
7.49 7.15
2.28 2.20
17.11 15.69
1.19 1.27
0.76 0.960.00 0.01
4.59 3.97
78.39 90.71
7.51 10.87
47.93 33.11
126.32 123.82
2.03 1.31
37.51 38.7232.75 17.92
0.02 0.02
7.68 10.45
19.36 20.05
29.34 40.86
2.0 2.07.0 7.0
24.9 29.4
27.3 38.9
0.4 0.3
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1. TREND ANALYSIS of important 5 parameters
The trend analysis of 5 parametres was done which are as follow:
it's measure has been increasing. The increase in liabilities alone cannot be a very go
measure to evaluate solvency. We need to see its relation vis-a vis assets which can
seen in solvency ratios.
duration taken this measure has been increasing one can say that the company is gro
in size. But here as well we need to evalute its relation with liabilities as well
company is operating. As we see an increasing trend wecan say that company is
increaseing its domain of working.
and larger turnover of the company.
2. RATIO ANALYSISProfitability Ratios
1operating profit margin
(i) total liablities: as it is an indicator of firms solvency and we can see in the 5 year
(ii)total assets: its depicts change or growth in volume or size of company. As in the
(iii) current assets: as they form a part of working capital this tells us how large the
(iv) sales : the rise in this domain depicts growth. Higher sales depicts higher opersti
2005 2006 2007 2008 2009
0.00
200.00
400.00
600.00
800.00
1000.00
1200.00
1400.00
1600.00
Trend Analysis
total liabilities
total assets
current assets
net profit
sales turnover
Year
P e r v e n
t a g e
2.00
4.00
6.00
8.00
10.00
12.00
Operating Profit Margin(%)
Operating ProfitMargin(%)
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expenses associated with their normal business operations.A good operating margin i
needed for a company to be able to pay for its fixed costs, such as interest on debt.
As we can see a rising trend in this case hence we can say that company is working w
efficiency. A dip in 2007 in the ratio colud be seen which might be dur to rise in raw
material or other operating expenses2PBIT margin
A high rise is seen in 2008. This could probably be becasuse rise in sales or other inco
This is followed by a dip in 2009 which could be accounted to recession and related is
3 Gross profit margin
Gross profit margin is a financial ratio used to assess the profitability of a firm's core
activities, excluding fixed costs. It is a measure of how well each Re of a company's
revenue is available to meet expenses and profits after paying for the goods or servic
that were sold.It indicates the relationship between net sales revenue and the cost o
goods sold.A high gross profit margin indicates that a business can make a reasonabl
profit on sales, as long as it keeps overhead costs in control. As in operating profit ma
a rise in 2008 is seen which indicates efficient control in overall cost.
4 return on capital employed
Operating profit marginindicates how effective a company is at controlling the costs a
2005 2006 2007 2008 2009
0.00
2005 2006 2007 2008 2009
0.00
2.00
4.00
6.00
8.00
10.00
12.00
Profit Before Interest And Tax Marg
Profit BeforeInterest And TaxMargin(%)
2005 2006 2007 2008 2009
20.00
21.00
22.00
23.00
24.00
25.00
Gross Profit Margin(%)
Gross ProfitMargin(%)
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It is a measure of the returns that a company is realising from its capital employed. It
commonly used as a measure for comparing the performance between businesses an
for assessing whether a business generates enough returns to pay for its cost of capit
increase in borrowing will reduce shareholders' earnings.hence one can again see hi
returns in 2008 as compared to other years5Net profit margin
It measures the amount of profit earned each Re of revenue. It was maximum in 2008
because of steep increase in sales in that year. However a dip ins ubsequent year cou
because of price competitio or low demand or even recession.
6Asset Turnover
it should always be higher than the rate at which the company borrows, otherwise an
2005 2006 2007 2008 2009
0.00
10.00
20.00
30.0040.00
50.00
60.00
70.00
80.00
90.00
Return On CapitalEmployed(%)
2005 2006 2007 2008 2009
0.00
1.00
2.00
3.004.00
5.00
6.00
7.00
8.00
Net Profit Margin(%)
Net ProfitMargin(%)
2.20
2.30
2.40
2.50
2.60
2.70
Asset turnover
Asset turnover
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revenue - the higher the number the better. It also indicates pricing strategy: compan
margins have low asset turnover.hence we can with a rise in profit margins in 2008
and 2009 there is decline in asset turnover ratio which implies a price competition inthese years.
7Return on Assets
2008 company sees a rise which is dedicated to the elevation in sales. Although it is n
nich emarket , but due to its specialized use one can say that the company enjoys higprofit margins and lower asset turnover.
Liquidity Ratios1Current Ratio
It is aratio which is an indicator of company's ability to pay its debt in short term. It sh
the amount of Current asstes per Re of current liabilities. An ideal ratio is 2:1. but
Asset turnover measures a firm's efficiency at using its assets in generating sales or
with low profit margins tend to have high asset turnover, while those with high profit
It IS an indicator of how profitable a company is relative to its total assets. ROA gives
idea as to how efficient management is at using its assets to generate earnings. In
2005 2006 2007 2008 2009
1.90
2.00
.
2005 2006 2007 2008 2009
0.00
2.00
4.00
6.00
8.0010.00
12.00
14.00
16.00
18.00
Return on asset
Return on asset
2005 2006 2007 2008 2009
0.00
0.20
0.40
0.60
0.80
1.001.20
1.40
1.60
1.80
Current Ratio
Current Ratio
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company always had a ratio between 1 and 1.6. So for this parameter company can b
rated as satisfactory and not perfect. A rise in 2007 tells us that company has more
CA to meet its liabilities.
2Quick ratio
It is an indicator of a company's short-term liquidity. The quick ratio measures a compability to meet its short-term obligations with its most liquid assets. The higher the
quick ratio, the better the position of the company. Hence company is in more liquid
position in 2007 and 2009 hence it can easily pay its short term obligations.
3Cash Ratio
ratio company has high cash ratio in 2007 , 2009 and 2005 as well. This means that
company is in better position to take debt becauseA strong cash ratio is useful to cred
when deciding how much debt, if any, they would be willing to extend to the asking
party.
4 debtor turnover ratio
The cash ratio is most commonly used as a measure of company liquidity. It can ther
determine if, and how quickly, the company can repay its short-term debt. Like quick
2005 2006 2007 2008 2009
0.00
0.20
0.40
0.60
0.80
1.00
1.20
Quick Ratio
Quick Ratio
2005 2006 2007 2008 2009
0.00
0.00
0.00
0.01
0.010.01
0.01
cash ratio
cash ratio
6.00
debtor turnover ratio
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It measures the efficacy of a firms credit and collection policy and shows the number
times each year the debtor turns into cash. It provides some indicator of the quality o
firms' debtors and collection efforts. A decline in this from 2006-2009 indicates a poor
management of receivables and hence we can debtors are becoming less liquid.
5 Inventory turnover ratio
This ratio shows the number of times a ccompany's inventory is turned into sales.
Investment in inventories represents idle cash. We see a rise in the ratio in 2009 whicindicates efficient management of inventory as now more frequently the stocks are s
and a lesser amount of money is required to finanace the inventory. A rise in 2009 is i
line with rise in quich and cash ratio in 2009 because as more inventories is converte
cash higher the ratio is observed.
6 Inventory conversion period
7Debt collection period
8operating cycle
2005 2006 2007 2008 2009
0.00
1.00
2.00
3.00
4.00
5.00debtor turnoverratio
2005 2006 2007 2008 2009
0.00
2.00
4.00
6.00
8.00
10.0012.00
inventory turnover
inventory turnover
50.00
100.00
150.00
200.00
250.00
300.00OPERATINGCYCLE (days)
inventory holdingperiod (Days)
average debtcollection period(days)
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As we see a rise in debt collection period a simultaneous rise in operating cycle is see
in 2009. But the efect has been diluted by lower invertory holding period. Hence we
can say that although the company has improved its inventory management but its
receivable management requires amnedmnents.
Solvency Ratios1Debt equity Ratio
It indicates what proportion of equity and debt the company is using to finance its ass
A high debt/equity ratio generally means that a company has been aggressive in fina
its growth with debt. This can result in volatile earnings as a result of the additional
interest expense. This argument seems to ne true as the trend for this ratio almost m
the pattern of asset turnover. Also one can see hisher quick and cash ratio in 2007, th
year where we had high debt-equity ratio, which marks the existence of aggressive p
during that year.
2Liablities to equity Ratio
It is a variant of debt equity ratio, which includes Current liabilities in the numerators.
This ratio has increased during the period. This means that company has rising short t
obligations.
3 Interest Cover
2005 2006 2007 2008 2009
2005 2006 2007 2008 2009
0.00
1.00
2.00
3.00
4.00
5.00
6.00
Debt Equity Ratio
Debt Equity Ratio
2005 2006 2007 2008 2009
0.00
5.0010.00
15.00
20.00
25.00
30.00
35.00
40.00
45.00
Liabilities to equity ratio
Liabilities toequity ratio
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This ratio used to determine how easily a company can pay interest on outstanding d
As the interest cover declined drasticallyin 2009 we can say that it is largely due to th
in interest rate and hence interest expense
4Equity Ratio
ratio will produce good results for stockholders as long as the company earns a rate o
equity return on assets that is greater than the interest rate paid to creditor. As we se
declining rattio we can say that there is declining share of shareholders in the total
capacity.
5Fixed asset to net worth ratio
The Equity Ratio is a good indicator of the level of leverage used by a company.
2005 2006 2007 2008 2009
0.00
5.00
10.00
15.00
20.00
25.00
30.00
35.00
Interest Cover
2005 2006 2007 2008 20090.00
0.01
0.02
0.03
0.04
0.05
0.06
Equity ratio
Equity ratio
4.00
6.00
8.00
10.00
12.00
fixed asset to net worth ratio
fixed asset to networth ratio
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It establishes the relationship between fixed asset and shareholders funds.This ratio
indicates the extent to which the owners' cash is frozen in the form of brick and mort
and machinery, and the extent to which funds are available for the firm's operations.
A rising ratio tells us that high level of shareholders funds are sunk into fixed assets a
hence a lesser capital is provided by them as a part of working capital which hence mthem vunerable to changes in business climate.
Capital Market Ratio1Earnings per share
It is the portion of a company's profit allocated to each outstanding share of common
stock. A sharp decline is seen in 2007 which could be because of aggressive policy
follwed by the company during that period which lead to lower EPS in that period.
Investment valuation Ratio1Dividend per share
Dividend per share is a simple and intuitive number. It is the amount of the dividend
shareholders have (or will) receive for each share they own. Here again a decrease is
seen in 2007 owing to higher finanacing and aggressive approach of company in that
period.
2005 2006 2007 2008 2009
0.00
.
2005 2006 2007 2008 2009
5
10
15
20
25
30
Earnings Per Share
Earnings PerShare
2005 2006 2007 2008 2009
0.0
2.0
4.06.0
8.0
10.0
12.0
14.0
Dividend Per Share
Dividend PerShare
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2Operating profit per share
As the number of shares incresed to 899 lakhs form 179 lakhs in 2007 , we see a decli
in the operating profit per share ratio. But as there is rise in operating profit in 2008
and 2009 we see a rise in ratio after 2007
3Free reserves per share
This graph also maps the same pattern as that of operating profit per share graph
probably owing to sismilar reasons as stated above.
4Dividend payout Ratio
2005 2006 2007 2008 2009
0.0
10.0
20.0
30.0
40.0
50.0
60.0
Operating Profit Per Share (Rs)
Operating ProfitPer Share (Rs)
2005 2006 2007 2008 2009
0.0
20.0
40.0
60.0
80.0
100.0
Free Reserves Per Share (Rs)
Free Reserves PerShare (Rs)
2005 2006 2007 2008 2009
0.3
0.3
0.4
0.4
0.5
0.5
dividend payout ratio
dividend payoutratio
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It is calculated to find the extent to which earnings per share have been used for paying dividend
nd to know what portion of earnings has been retained in the business.As this ratio is
clining during that years we can safely say that company is in strong financial positio
This is because lower the payout ratio, the higher will be the amount of earnings plou
back in the business which indicates strong financial postion.
3. CONCLUSIONhe most eventfull years in the duartion taken has been 2007 and 2008. Year 2008 wa
rked by profitability as we saw a rise in operating profit margin,PBIT margin, gross pro
rt we can say that company started reaping the fruits of increased finacing in 2007 in
ar 2008 and further. Also the decline in interest expense in2008 but rise in 2009 great
acted its interest coverage ratio . Finanlly the company needs to improve its receiva
management.
of aggressive
a
share.Also which is Hence in
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