Bharat Forge Ltd (BHFC IN) - Standardized

In Millions of INR except Per Share FY 2009 FY 2010 FY 2011 FY 2012

12 Months Ending 03/31/2009 03/31/2010 03/31/2011 03/31/2012
Total Assets
+ Cash, Cash Equivalents & STI 4,883.4 5,976.6 6,387.5 10,560.0
+ Cash & Cash Equivalents 4,883.4 5,976.6 3,961.2 6,313.0
+ ST Investments 0.0 0.0 2,426.3 4,247.0
+ Accounts & Notes Receiv 5,313.1 5,043.8 7,538.6 8,133.6
+ Accounts Receivable, Net 5,313.1 5,043.8 7,538.6 8,133.6
+ Notes Receivable, Net 0.0 0.0 0.0 0.0
+ Inventories 7,916.5 6,574.5 8,114.9 10,960.8
+ Raw Materials 1,645.8 1,667.8 2,391.0 3,268.6
+ Work In Process 2,560.1 2,362.1 2,768.5 3,403.6
+ Finished Goods 1,015.4 439.1 684.4 2,016.8
+ Other Inventory 2,695.2 2,105.6 2,271.1 2,271.9
+ Other ST Assets 7,203.5 6,575.9 4,264.9 7,358.6
+ Prepaid Expenses — — — —
+ Derivative & Hedging Assets — — — —
+ Assets Held-for-Sale — — — 0.0
+ Misc ST Assets 7,203.5 6,575.9 4,264.9 7,358.6
Total Current Assets 25,316.4 24,170.8 26,305.9 37,013.1
+ Property, Plant & Equip, Net 27,473.8 25,616.8 26,099.0 30,982.3
+ Property, Plant & Equip 43,068.3 42,883.5 46,481.9 54,252.7
- Accumulated Depreciation 15,594.4 17,266.7 20,382.9 23,270.4
+ LT Investments & Receivables 2.3 2,736.9 1.7 203.2
+ LT Investments 2.3 2,736.9 1.7 203.2
+ LT Receivables — — — —
+ Other LT Assets 9.0 4.6 4,341.6 5,143.4
+ Total Intangible Assets 6.6 4.5 511.4 712.7
+ Goodwill 4.5 4.5 34.3 32.5
+ Other Intangible Assets 2.1 0.0 477.1 680.2
+ Deferred Tax Assets — — — —
+ Derivative & Hedging Assets — — — —
+ Investments in Affiliates 2.3 0.0 185.6 —
+ Misc LT Assets 0.1 0.1 3,644.6 4,430.7
Total Noncurrent Assets 27,485.2 28,358.2 30,442.2 36,328.9
Total Assets 52,801.6 52,529.0 56,748.1 73,342.0

Liabilities & Shareholders' Equity

+ Payables & Accruals 10,581.4 3,067.8 9,709.2 11,788.5
+ Accounts Payable 6,861.6 — — 9,754.4
+ Accrued Taxes 2,342.2 1,773.2 — —
+ Interest & Dividends Payable 437.5 441.3 — —
 + Other Payables & Accruals 940.1 853.3 9,709.2 2,034.1
+ ST Debt 0.0 0.0 3,720.3 4,980.5
+ ST Borrowings 0.0 0.0 3,703.9 1,346.8
+ ST Capital Leases 0.0 0.0 16.5 211.1
+ Current Portion of LT Debt — — — 3,422.7
+ Other ST Liabilities 8,360.9 10,994.2 4,972.6 11,583.3
+ Deferred Revenue — — — —
+ Misc ST Liabilities 8,360.9 10,994.2 4,972.6 11,583.3
Total Current Liabilities 12,080.7 14,062.0 18,402.1 28,352.4
+ LT Debt 21,255.0 22,095.2 15,145.2 19,208.9
+ LT Borrowings 21,255.0 22,095.2 15,097.2 18,404.1
+ LT Capital Leases 0.0 0.0 48.0 804.8
+ Other LT Liabilities 1,843.2 959.2 2,129.2 1,984.6
+ Accrued Liabilities — — — —
+ Pension Liabilities — — — —
+ Deferred Compensation — — — —
+ Deferred Revenue — — — —
+ Deferred Tax Liabilities 1,843.2 959.2 1,320.6 885.6
+ Misc LT Liabilities 0.0 0.0 808.7 1,099.0
Total Noncurrent Liabilities 23,098.2 23,054.4 17,274.4 21,193.5
Total Liabilities 35,179.0 37,116.4 35,676.5 49,545.9
+ Preferred Equity and Hybrid Capital 0.0 0.0 0.0 0.0
+ Share Capital & APIC 7,464.8 6,462.3 9,127.3 8,455.8
+ Common Stock 445.4 445.4 465.7 465.7
+ Additional Paid in Capital 7,019.4 6,016.9 8,661.7 7,990.1
- Treasury Stock 0.0 0.0 0.0 0.0
+ Retained Earnings 6,930.5 5,642.2 7,470.1 9,747.7
+ Other Equity 2,273.58 2,525.47 2,932.00 3,635.50
Equity Before Minority Interest 16,668.9 14,630.0 19,529.5 21,839.0
+ Minority/Non Controlling Interest 953.8 782.7 1,542.1 1,957.2
Total Equity 17,622.7 15,412.7 21,071.6 23,796.2
Total Liabilities & Equity 52,801.6 52,529.0 56,748.1 73,342.0

Reference Items
Accounting Standard IN GAAP IN GAAP IN GAAP IN GAAP
Shares Outstanding 445.3 445.3 465.6 465.6
Number of Treasury Shares 0.0 0.0 0.0 0.0
Pension Obligations — — — —
Future Minimum Operating Lease Obligatio 0.0 0.0 0.0 5.4
Capital Leases - Total 0.0 0.0 64.5 1,015.9
Percent Of Foreign Ownership — 12.35 12.64 10.40
Number Of Shareholders — 71,718.00 60,048.00 58,669.00
Options Granted During Period — — — —
Options Outstanding at Period End — — — —
Net Debt 16,371.6 16,118.6 12,478.0 13,629.5
Net Debt to Equity 92.90 104.58 59.22 57.28
Tangible Common Equity Ratio 31.56 27.84 33.82 29.09
Current Ratio 2.10 1.72 1.43 1.31
Cash Conversion Cycle 44.25 — — —
Number of Employees — — — —
Source: Bloomberg
 FY 2013 FY 2014 FY 2015 FY 2016 FY 2017 FY 2018
03/31/2013 03/31/2014 03/31/2015 03/31/2016 03/31/2017 03/31/2018

9,409.0 11,926.1 11,361.0 11,674.8 11,558.7 6,844.6

5,534.6 4,204.7 6,794.6 4,443.6 3,327.0 3,004.6
3,874.4 7,721.4 4,566.5 7,231.3 8,231.7 3,840.0
7,967.0 8,659.7 8,534.7 14,017.4 13,410.7 19,371.4
7,967.0 8,659.7 8,534.7 14,017.4 13,410.7 19,371.4
0.0 0.0 0.0 0.0 0.0 0.0
11,320.2 10,385.8 10,339.0 9,967.8 10,752.0 13,598.9
2,503.6 1,891.1 1,784.3 1,138.2 1,538.6 2,527.0
3,364.1 3,829.3 3,546.5 3,748.7 4,113.6 4,808.0
2,925.2 2,361.1 2,374.5 3,685.9 3,449.9 3,866.5
2,527.3 2,304.3 2,633.8 1,395.1 1,650.0 2,397.3
8,935.2 10,292.9 14,096.9 6,883.7 6,479.1 5,993.8
— — 511.2 278.9 518.9 287.9
— — — 1,154.3 1,962.0 1,245.8
546.2 1.3 1.0 0.0 16.7 0.0
8,389.0 10,291.5 13,584.7 5,450.5 3,981.6 4,460.1
37,631.4 41,264.5 44,331.5 42,543.8 42,200.5 45,808.7
34,784.0 30,931.6 34,187.9 34,698.9 36,209.1 37,834.0
61,591.3 58,810.8 64,199.2 70,826.8 74,843.4 81,939.7
26,807.3 27,879.2 30,011.3 36,127.9 38,634.3 44,105.7
282.8 290.6 388.9 794.5 3,691.3 11,154.0
282.8 290.6 388.9 773.6 3,683.8 11,011.2
— — 0.0 20.9 7.5 142.7
3,248.6 2,858.4 3,450.8 4,882.4 6,732.2 5,367.6
638.6 235.4 795.4 731.9 1,093.4 600.8
32.5 56.8 537.2 443.7 424.2 429.1
606.1 178.6 258.2 288.2 669.3 171.7
— — — — 425.6 396.6
— — — 600.6 1,564.9 476.6
2.3 — — 849.3 0.1 160.2
2,607.7 2,623.1 2,655.4 2,700.7 3,648.1 3,733.5
38,315.4 34,080.6 38,027.6 40,375.8 46,632.6 54,355.6
75,946.8 75,345.1 82,359.1 82,919.6 88,833.1 100,164.2

9,757.3 11,719.2 13,293.8 9,445.0 9,564.8 14,572.5

7,930.4 10,554.2 11,391.3 8,372.1 8,463.3 13,267.9
— — 105.1 222.9 179.4 369.3
287.5 320.3 219.4 196.2 121.1 113.1
 1,539.4 844.7 1,578.0 653.9 801.0 822.3
9,591.8 10,423.2 3,830.6 13,052.2 12,621.8 15,848.2
4,825.2 4,830.9 3,775.8 8,694.8 4,531.4 10,333.0
227.3 30.7 54.8 39.3 62.3 56.1
4,539.3 5,561.6 — 4,318.1 8,028.1 5,459.2
11,319.8 8,005.4 7,547.9 6,190.6 9,875.1 7,118.1
— — — — 0.0 0.0
11,319.8 8,005.4 7,547.9 6,190.6 9,875.1 7,118.1
30,668.9 30,147.9 24,672.3 28,687.8 32,061.6 37,538.8
18,274.0 15,212.0 19,815.1 16,381.4 10,590.7 11,262.3
17,641.1 15,160.0 19,711.3 16,161.9 10,430.1 11,134.8
633.0 52.1 103.8 219.5 160.6 127.5
2,797.6 2,982.6 3,430.1 3,760.8 4,916.7 4,551.8
— — — — 0.0 0.0
— 1,110.5 1,157.0 1,116.5 1,265.4 1,260.2
1,069.4 — — — — —
— — — — 0.0 0.0
1,345.4 1,644.6 1,637.7 1,964.1 3,031.8 2,543.7
382.8 227.6 635.4 680.2 619.4 747.9
21,071.6 18,194.6 23,245.2 20,142.2 15,507.4 15,814.1
51,740.4 48,342.5 47,917.5 48,830.0 47,569.0 53,352.9
0.0 0.0 0.0 0.0 0.0 0.0
7,562.2 7,562.2 7,562.2 7,562.2 7,562.2 7,862.2
465.7 465.7 465.7 465.7 465.7 931.3
7,096.5 7,096.5 7,096.5 7,096.5 7,096.5 6,930.9
0.0 0.0 0.0 0.0 0.0 0.0
10,585.0 13,540.9 19,136.1 21,307.6 28,493.3 33,676.2
4,416.74 5,729.36 7,743.36 5,262.42 5,108.21 4,978.71
22,563.9 26,832.4 34,441.6 34,132.2 41,163.7 46,517.1
1,642.5 170.2 — -42.6 100.4 294.2
24,206.4 27,002.6 34,441.6 34,089.6 41,264.1 46,811.3
75,946.8 75,345.1 82,359.1 82,919.6 88,833.1 100,164.2

IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP IN GAAP

465.6 465.6 465.6 465.6 465.6 465.6
0.0 0.0 0.0 0.0 0.0 0.0
— 1,110.5 1,157.0 1,116.5 1,265.4 1,260.2
— 0.0 0.0 0.0 5.4 53.7
860.3 82.8 158.5 258.8 222.9 183.6
9.74 16.25 1.48 16.37 20.21 10.77
63,303.00 52,986.00 74,536.00 105,825.00 103,386.00 120,548.00
— — 0.0 0.0 0.0 0.0
— — 0.0 0.0 0.0 0.0
18,456.7 13,709.1 12,284.7 17,758.8 11,653.8 20,265.9
76.25 50.77 35.67 52.09 28.24 43.29
29.11 35.41 41.25 40.64 45.67 46.12
1.23 1.37 1.80 1.48 1.32 1.22
95.62 62.99 34.16 62.43 111.12 97.33
— 4,581.00 — — — —