Bajaj Auto_Ashutosh 12081

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Bajaj Auto Rs. CroresBalance Sheet

Mar '11 Mar '10 Mar '09 Mar '08 Mar '07

12 mths 12 mths 12 mths 12 mths 12 mths

Total Share Capital 289 145 145 145 101

Equity Share Capital 289 145 145 145 101

Share Application Money - - - - -

Preference Share Capital - - - - -

Reserves 4,621 2,784 1,725 1,443 5,433

Revaluation Reserves - - - - -

Networth 4,910 2,928 1,870 1,588 5,534

Secured Loans 24 13 - 7 22

Unsecured Loans 302 1,326 1,570 1,327 1,603

Total Debt 325 1,339 1,570 1,334 1,625

Total Liabilities 5,235 4,267 3,440 2,922 7,160

Gross Block 3,395 3,379 3,350 2,995 3,179

Less: Accum. Depreciation 1,912 1,900 1,808 1,726 1,905

Net Block 1,483 1,480 1,542 1,269 1,274

Capital Work in Progress 149 121 106 35 108

Investments 4,795 4,022 1,809 1,857 6,448

Inventories 547 446 339 350 310

Sundry Debtors 363 273 359 275 530

Cash and Bank Balance 155 100 136 55 62

Total Current Assets 1,065 819 833 680 902

Loans and Advances 3,892 2,291 1,567 1,100 2,925Fixed Deposits 401 1 1 1 21

Total CA, Loans & Advances 5,358 3,112 2,401 1,781 3,848

Deffered Credit - - - - -

Current Liabilities 2,624 2,218 1,378 1,185 1,683

Provisions 3,926 2,249 1,224 834 2,834

Total CL & Provisions 6,550 4,467 2,602 2,019 4,517

Net Current Assets (1,192) (1,355) (201) (239) (669)

Miscellaneous Expenses - - 183 - -

Total Assets 5,235 4,267 3,440 2,922 7,160

Contingent Liabilities 960 818 925 1,129 812

Book Value (Rs) 170 202 129 110 547

Application Of Funds

Sources Of Funds


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Inv. In fixed assets


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Bajaj AutoPrevious

Years

Profit & Loss account



Sales Turnover 17387 12421 9310 9857 10742Excise Duty 935 608 610 1030 1322

Net Sales 16452 11813 8700 8827 9420

Other Income 1176 23 -6 170 567

Stock Adjustments 83 48 -24 68 -1

Total Income 17711 11883 8669 9065 9987

Raw Materials 11965 8187 6502 6760 6970

Power & Fuel Cost 87 70 61 69 79

Employee Cost 494 412 367 350 310

Other Manufacturing Expenses 62 58 57 54 75

Selling and Admin Expenses 450 408 382 390 457

Miscellaneous Expenses 238 222 226 210 231

Preoperative Exp Capitalised -17 -16 -14 -23 -32

Total Expenses 13279 9341 7580 7810 8089

Operating Profit 3255 2520 1096 1085 1330

PBDIT 4431 2543 1090 1255 1897

Interest 2 6 21 5 5

PBDT 4430 2537 1069 1250 1892

Depreciation 123 136 130 174 190

Other Written Off 0 0 0 1 0Profit Before Tax 4307 2400 939 1075 1701

Extra-ordinary items 47 27 19 59 27

PBT (Post Extra-ord Items) 4354 2427 958 1135 1728

Tax 1011 710 302 379 490

Reported Net Profit 3343 1717 656 756 1238

Total Value Addition 1314 1154 1078 1050 1120

Preference Dividend 0 0 0 0 0

Equity Dividend 1157 579 318 289 405

Corporate Dividend Tax 188 96 54 49 69

Shares in issue (lakhs) 2894 1447 1447 1447 1012

Earning Per Share (Rs) 115 118 45 52 122

Equity Dividend (%) 400 400 220 200 400

Book Value (Rs) 170 202 129 110 547

Income

Per share data (annualised)

Expenditure


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Bajaj AutoPrevious

Years

Profit & Loss account



Sales Turnover 100.00 100 100 100 100

Excise Duty 5.38 4.89 6.55 10.44 12.30

Net Sales 94.62 95.11 93.45 89.56 87.70

Other Income 6.76 0.18 -0.07 1.73 5.28

Stock Adjustments 0.48 0.38 -0.26 0.69 -0.01

Total Income 101.86 95.67 93.12 91.97 92.97

0.00 0.00 0.00 0.00

Raw Materials 68.82 65.91 69.84 68.58 64.88

Power & Fuel Cost 0.50 0.57 0.65 0.70 0.74

Employee Cost 2.84 3.32 3.94 3.55 2.89

Other Manufacturing Expenses 0.36 0.46 0.61 0.55 0.69

Selling and Admin Expenses 2.59 3.28 4.10 3.96 4.26

Miscellaneous Expenses 1.37 1.79 2.42 2.13 2.15

Preoperative Exp Capitalised -0.10 -0.13 -0.15 -0.23 -0.30

Total Expenses 76.38 75.20 81.41 79.23 75.31Operating Profit 18.72 20.29 11.77 11.01 12.38

PBDIT 25.49 20.47 11.71 12.74 17.66

Interest 0.01 0.05 0.23 0.05 0.05

PBDT 25.48 20.42 11.48 12.69 17.61

Depreciation 0.71 1.10 1.39 1.76 1.77

Other Written Off 0.00 0.00 0.00 0.01 0.00

Profit Before Tax 24.77 19.32 10.09 10.91 15.84

Extra-ordinary items 0.27 0.22 0.20 0.60 0.25

PBT (Post Extra-ord Items) 25.04 19.54 10.29 11.51 16.08

Tax 5.81 5.72 3.24 3.84 4.56

Reported Net Profit 19.22 13.82 7.05 7.67 11.52

Total Value Addition 7.56 9.29 11.57 10.65 10.43

Preference Dividend 0.00 0.00 0.00 0.00 0.00

Equity Dividend 6.66 4.66 3.42 2.94 3.77

Corporate Dividend Tax 1.08 0.77 0.58 0.50 0.64

0.00 0.00 0.00 0.00

Shares in issue (lakhs) 16.64 11.65 15.54 14.68 9.42

Earning Per Share (Rs) 0.66 0.95 0.49 0.53 1.14

Equity Dividend (%) 2.30 3.22 2.36 2.03 3.72

Income

Expenditure

Per share data (annualised)


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Book Value (Rs) 0.98 1.63 1.39 1.11 5.09


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Correctio

Balance Sh

1

2

3

45

Profit & Lo

1

2

3

4

5

Important

1


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ns done - Class Assignment dated 17th Feb

eet

All rows with formula marked in shde for reference.

Total Networth (row 14)= Share Capital (rows 9 to 11)+Reserves (rows 12 to 13)

Total debts(row 17)= Secured loans (row 15)+unsecured loans (row 17)

Total Liabilities(Row 18) = Networth(Row 14) + Long term debts (row 17); note formula as inserted across the roCurrent Liabilites & Provisions (row no 36)= Current liabilities (row 34) + Provisions (row 35); note formula as inst

ss

Renamed sheet as P&L

Operating profit (row 29)= Total income (row 11)-Total expenses (row 20)- Other income (row 9)

PBDIT (Row 22)= Total Income (Row 11)- Total expenses(row 20)

Total Expenditure (Row 20)= Sum of expenses (Rows 13 to 19); formula as corrected to be noted

PBDIT (Row 22)= Total Income (Row 11)- Total expenses(row 20)

points to remember

To make a note of the fundamental points to be remembered with reference to Balance Sheet and Profit & Loss; r


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red in cell B36

efer the explanation in the separate sheet as included


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Balance Sheet - Fundamental Points to remember1 Liabilities = Assets

2 Liabilities = Networth(shareholders Funds)+Long term Liabilities

3 Networth = Share capital +Free Reserve

4 Long term Liabilities = Long term Debts+Short Term Debts

5 Assets = Net fixed Assets Block+Investment+ Net Current Assets + Other6 Net Fixed Assets = Gross Asset Block-Accumulaed Depreciation

7 Net Current Assets = Gross Current Assets - Current Liabilities & Provisions

8 Gross Current Assets = Inventory + Receivables + Other Loans & Advances

1

2 + Capital WIP + Investments +

3 Gross Fixed Assets - AccumulatedDepreciation

+ Capital WIP + Investments +

3 Gross Fixed Assets -Accumulated

Depreciation+ Capital WIP + Investments +

Profit & Loss - Fundamental Points to remember1 Total Income = Income from sales + Other Income

2 Operating Profit = Total Income - Total Expenditure (before interest & Taxes) - Oth

3 PBIDT = Profit before interest depreication and taxes

3 PBDT = Profits before depreciation & Taxes

4 PBT = Profit before taxes

5 PAT = Profit After Taxes

Assets ApplicationNet Fixed Assets


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Assets

+Intangibles(Misc Exp

not written off)

- Current Liabilities &Provisions

+ Intangibles(Misc Expnot written off)

Inventory + Receivables +

Other

Assets(loans &

advances)

-Current Liabilities &

Provisions+

Intangibles(Misc Exp

not written off)

er income

Gross Current Assets

Net Current Assets


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=

= +

= Share capital + Reserves + Secured Loans + Unsecured Loans

= Share capital + Reserves + Secured Loans + Unsecured Loans

LiabilitiesNet Worth (Shareholders funds) Long Term Debts


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Bajaj AutoKey Financial Ratios

Mar '11 Mar '10 Mar '09

Activity

Asset Turnover ratio (No. of times) 3.46 3.07 2.74

Fixed Asset Turover Ratio (Gross Block) - No of times 4.86 3.51 2.74

Fixed Asset Turover Ratio (Net Block) - No of times 11.11 7.82 6.19

Working capital Turover Ratio - No of times

Receivables Turnover Ratio - No of times 51.77 37.41 27.45

Receivables (Average number of days) 7 10 13

Inventory Turnover Ratio - No of times 23.92 20.74 18.96

inventory (Average number of days) 15 18 19

Payable Turnover Ratio 2.16 2.30 2.82

Payable (Average number of days) 169 159 129

Liquidity & Solvency

Current Ratio (No. of times) 0.82 0.70 0.92Quick Ratio ( no of times) 0.73 0.60 0.79

Cash Ratio(No. of times) 0.68 0.54 0.65

Operational Cash flow to current liabilities (No. of times)

Assets to Equity capital (No of times) 18 29 24

Long term Debt to Total Capital(No. of times) 1.12 9.25 10.85

Long term Debt to TotalNetworth(Equity) 0.07 0.46 0.84

Interest Coverage 2,622 425 52

Debt Service Coverage Ratio 13.6 1.9 0.7

Working capital (Average Number of days)

Profitability & Cost

Net Profit Margin (%) 20.32 14.53 7.54

Cash Profit Margin(%) 21.06 15.69 9.03

Profit Before Interest & Taxes (EBIT)-% 26.19 20.37 11.04

Operating Cash Profit Margin -% 19.79 21.33 12.60Net Operating Profit Margin -% 19.04 20.18 11.11

Gross Margin -% 27.77 31.10 24.98

Raw Materials cost on sales -% 72.23 68.90 75.02

Other Manufacturing cost on sales -% 6.10 7.60 9.65

Selling & Admin expenses on sales -% 2.74 3.45 4.39

Financial Cost on sales -% 0.01 0.05 0.24

Returns & Valuaton

Return on Total capital Employed -% 70.35 44.56 20.63

Operating margins on Operating Assets -% 711.65 971.38 59.24

Return on Net worth -% 68.07 58.63 35.10

Earnings Per Share (Rs) 115.51 118.68 45.35Dividend Payout ratio (%) 40.25 39.30 56.75

Net Operating profit per share 108.25 164.76 66.79

Free Reserves per share 159.69 192.40 119.23


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Face Value per share 10.00 10.00 10.00

Book Value Per Share (Rs) 169.69 202.40 129.23

Market Value per Share (Rs) 1,731.00 1,005.00 309.00

Price Earning (Market Value to Book value per share) 10.20 4.97 2.39

Market Value Capitalisation (Rs Crores) 50,089.95 14,540.34 4,470.61


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10.00 10.00

109.73 546.98

230.00

2.10 0.00

3,327.64 -


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implication

Number of times - HIgher the cycle ( number of days), the more efficient is the firm's operations

Number of times - Higher the ratio, the faster the utilization and efficiency of the capital

Number of times - Higher the ratio, the faster the rotation and better the chances of liquidity and lower the lengt

Number of times - DesirabHigher the ratio, better the efficiency in collection and receivable management

Number of times - Higher the ratio, better the efficiency in management of inventory

Number of times - Higher the ratio, the faster company settles the creditors dues

Number of times - high coverage -lesser the concern on short term solvency and liquidity

Number of times - Higher the ratio, lesser the concerns of liquidity

Number of times - Higher the ratio, lesser the concerns of liquidity

Number of times - higher the ratio, higher the dependence of external borrowing

Number of times - higher the ratio, higher the risk especially in adverse business situation

Number of times - higher the ratio, higher the risk especially in adverse business situation

Number of times - Lower the ratio, the riskier in chances of the company meeting the regular interest obligations

Number of times - Lower the ratio, the riskier in chances of the company meeting its financial obligtions

Percentage - higher the percentage, higher the profitability

Percentage - higher the percetage, healthier the gross margin to meet its other expenses

Percentage - higher the percetage, higher the returns on the capital independent of finance and tax obligations


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networth/(eq shr cap/10)

mkt shr value/(eq shr cap/10)

Documents

Bajaj Auto_Ashutosh 12081