Ratio Analysis Mar '01 Mar '02 Mar '03 Mar '04

Net Sales 141.49 165.07 192.83 234.49

Reported Net Profit 8.1 11.11 14.91 17.62
Extra-ordinary items -0.05 -4.92 -0.02 -3.26
Adjusted net profit=Reported net profit-extraordinary items 8.15 16.03 14.93 20.88
Interest 1.56 0.79 0.51 0.72
Share Holders Funds 30.77 34.92 44.52 55.83
Debt Holders Funds 9.25 2.26 5.7 23.02
Total Assets 40.01 37.18 50.22 78.85
NPM=ANP/NS 0.0576012 0.0971103 0.0774257 0.0890443
ROE (ANP/SHF) 0.2648684 0.4590493 0.3353549 0.3739925
ROI=PAIAT/(SHF+DHF) 0.2413793 0.3200646 0.307049 0.2325935
Total Share Capital 10.78 9.99 9.99 9.99
Cost of Equity 0.8624 0.7992 0.7992 0.7992
Economic Profit=RNP-Cost of Equity 7.2376 10.3108 14.1108 16.8208
Economic Profit=ANP-Cost of Equity 7.2876 15.2308 14.1308 20.0808
ROE Analysis Mar '01 Mar '02 Mar '03 Mar '04
NPM=ANP/NS 0.0576012 0.0971103 0.0774257 0.0890443
TATR-Total Asset Turn Over Ration(Net Sales/Total Assets) 3.5363659 4.4397526 3.8397053 2.9738744
TA/SHF 1.3002925 1.0647194 1.1280323 1.4123231
ROE (ANP/SHF) 0.2648684 0.4590493 0.3353549 0.3739925
Efficiency Ratios Mar '01 Mar '02 Mar '03 Mar '04
Net Sales 141.49 165.07 192.83 234.49
Net Block 32.15 32.96 38.82 45.49
Total Current Asset 14.9 13.57 25.22 41.56
Inventories 7.96 5.09 12.79 26.57
Sundry Debtors 1.31 0.81 0.9 1.12
Raw Materials 106.92 119.67 145.31 184.02
Power & Fuel Cost 4.93 5.03 6.39 7.75
Employee Cost 4.46 5.64 6.65 8.17
Less: Accum. Depreciation 2.29 2.49 4.5 3.94
Stock Adjustments 1.46 -2.64 5.48 11.9
Total Expenses 126.64 141.53 170.85 215.55
COGS=RMC+P&F+EC+DEP+OME 128.93 144.02 175.35 219.49
Credit Sales/day 0.3876438 0.4522466 0.5283014 0.6424384
TATR=NS/TA 3.5363659 4.4397526 3.8397053 2.9738744
FATR=NS/NFA(net block) 4.4009331 5.0081917 4.9672849 5.1547593
CATR=NS/TCA 9.4959732 12.164333 7.6459159 5.642204
ITR=COGS/Inventory 16.197236 28.294695 13.70993 8.2608205
ACP=Debtors/cr.sales per day 3.3793908 1.7910583 1.7035731 1.7433579
*All values are in Cr.
 Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
266.13 292.07 346.33 588.03 792.56 900.38
10.16 13.17 1.73 0.94 -34.96 5.72
-0.06 -0.47 -1.41 0 -0.66 -0.13
10.22 13.64 3.14 0.94 -34.3 5.85
1.11 0.91 2.66 17.39 20.48 16.67
62.64 72.49 69.3 118.89 83.96 86.88
12.14 18.73 104.98 153.55 179.6 184.45
74.77 91.23 174.29 272.44 263.56 271.32
0.0384023 0.0467011 0.0090665 0.0015986 -0.043277 0.0064973
0.1631545 0.1881639 0.0453102 0.0079065 -0.408528 0.0673343 reported net profit+ interest(PAIAT)
0.1507087 0.1543521 0.0251894 0.0672809 -0.05494 0.0825194
9.99 9.99 11.53 11.53 11.53 11.53
0.7992 0.7992 0.9224 0.9224 0.9224 0.9224
9.3608 12.3708 0.8076 0.0176 -35.8824 4.7976
9.4208 12.8408 2.2176 0.0176 -35.2224 4.9276
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
0.0384023 0.0467011 0.0090665 0.0015986 -0.043277 0.0064973
3.5593152 3.2014688 1.9870905 2.1583835 3.0071331 3.3185169
1.1936462 1.2585184 2.5150072 2.29153 3.1391139 3.1229282
0.1631545 0.1881639 0.0453102 0.0079065 -0.408528 0.0673343
Mar '05 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
266.13 292.07 346.33 588.03 792.56 900.38
50.37 53.33 95.57 162.41 203.67 215.24
40.51 50.85 73.9 104.82 90.53 113.02
23.6 25.73 44.88 45.39 49.39 76.31
1.66 2.33 4.38 9.27 11.46 12.08
204.64 229.35 281.68 486.93 634.25 705.19
9.12 10.03 11.5 3.55 20.66 19.98
8.15 9.79 15.46 35.46 49.51 48.51
4.01 4.8 6.78 10.55 17.22 19.64
-5.2 1.33 7.83 8.37 -3.76 8.87
240.26 268.88 342.39 607.9 785.96 865.15
244.27 273.68 349.17 618.45 803.18 884.79
0.7291233 0.8001918 0.9488493 1.6110411 2.1713973 2.4667945
3.5593152 3.2014688 1.9870905 2.1583835 3.0071331 3.3185169
5.2835021 5.4766548 3.6238359 3.6206514 3.8913929 4.1831444
6.569489 5.7437561 4.6864682 5.6099027 8.754667 7.9665546
10.350424 10.636611 7.7800802 13.625248 16.261996 11.59468
2.2767069 2.911802 4.6161176 5.7540432 5.2777077 4.8970435
 Leverage Ratios Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
DHF 9.25 2.26 5.7 23.02 12.14
SHF 30.77 34.92 44.52 55.83 62.64
No of Shares 10783851 9990000 9990000 9990000 9990000
Price 17.75 40 109.1 74.85 161.45
Mcap 191413355 4E+08 1.09E+09 7.48E+08 1.61E+09
Profit Before Tax 14.2 20.16 27.75 31.31 20.32
Interest 1.56 0.79 0.51 0.72 1.11
PBIT 15.76 20.95 28.26 32.03 21.43
Current Liabilities 8.85 1.36 0.31 7 2.4
Total Share Capital 10.78 9.99 9.99 9.99 9.99
Closing Year Price 17.75 40 109.1 74.85 161.45
MCAP 19.1345 39.96 108.9909 74.77515 161.2886
Total Assets 40.01 37.18 50.22 78.85 74.77
COGS=RMC+P&F+EC+DEP+OME 57.76 77.18 159.32 153.7 236.22
Debt Ratio(BV)=DHF/TA 0.2311922 0.060785 0.113501 0.291947 0.162365
Book Value (Rs) 28.49 32.38 44.56 55.88 62.7
Debt Ratio(MV)=DHE/MCAP+MD) 0.32588208 0.053529 0.049699 0.23539 0.07
Interest Coverage Ratio(EBIT/Int) 10.1025641 26.51899 55.41176 44.48611 19.30631
A/C payable ratio=A/c payable or CL/COGS 0.15322022 0.017621 0.001946 0.045543 0.01016
Liquidity Ratio Mar '01 Mar '02 Mar '03 Mar '04 Mar '05
CA 14.9 13.57 25.22 41.56 40.51
CL 7.72 13.97 17.21 19.61 20.9
Inventories 7.96 5.09 12.79 26.57 23.6
QA=CA-Inventories 6.94 8.48 12.43 14.99 16.91
CR=CA/CL 1.93005181 0.971367 1.465427 2.119327 1.938278
QR=QA/CL 0.89896373 0.607015 0.722255 0.764406 0.809091
Aaltman's Z-Score
Z>2.675 z=1.81 to 2.675
Total Current Asset(TCA) 14.9 13.57 25.22 41.56 40.51
Total Current Liability(TCL) 8.85 1.36 0.31 7 2.4
Total Asset(TA) 40.01 37.18 50.22 78.85 74.77
Net Working Capital(NWC)=TCA-TCL 6.05 12.21 24.91 34.56 38.11
NWC/TA 0.1512122 0.328402 0.496018 0.438301 0.509696
Reported Net Profit 8.1 11.11 14.91 17.62 10.16
Dividends 1.6 2 2.75 2.75 3
Retained Earnings(RE)=ANP-D 6.5 9.11 12.16 14.87 7.16
EBIT=PBT+Int 15.76 20.95 28.26 32.03 21.43
EBIT/TA 0.39390152 0.563475 0.562724 0.406214 0.286612
Market Value of Equity(MVE) 19.1345 39.96 108.9909 74.77515 161.2886
Book Value of Debt(BVD) 9.25 2.26 5.7 23.02 12.14
MVE/BVD 2.06859459 17.68142 19.12121 3.248269 13.28571
Net Sales 141.49 165.07 192.83 234.49 266.13
NS/TA 3.53636591 4.439753 3.839705 2.973874 3.559315
Z Score 6.48629547 17.64519 18.10363 7.053324 13.22226
*All values are in Cr.
 Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
18.73 104.98 153.55 179.6 184.45
72.49 69.3 118.89 83.96 86.88
9990000 11529500 11529500 11529500 11529500
174.45 339.95 72 205 218.75
1.74E+09 3.92E+09 8.3E+08 2.36E+09 2.52E+09
24.83 10.33 11.23 -11.07 30.36
0.91 2.66 17.39 20.48 16.67
25.74 12.99 28.62 9.41 47.03
1.26 62.77 147.56 172.01 175.53
9.99 11.53 11.53 11.53 11.53
174.45 339.95 72 205 218.75
174.2756 391.9624 83.016 236.365 252.2188
91.23 174.29 272.44 263.56 271.32
265.68 514.24 344.44 468.56 490.07
0.205305 0.602329 0.56361 0.681439 0.679825
72.57 69.37 100.35 70.05 75.35
0.097044 0.211252 0.649079 0.431767 0.422403
28.28571 4.883459 1.645773 0.459473 2.821236
0.004743 0.122064 0.428406 0.367103 0.358173
Mar '06 Mar '07 Mar '08 Mar '09 Mar '10
50.85 73.9 104.82 90.53 113.02
25.08 41.5 74.12 80.67 94.84
25.73 44.88 45.39 49.39 76.31
25.12 29.02 59.43 41.14 36.71
2.027512 1.780723 1.414193 1.122226 1.191691
0.974738 0.924688 1.632959 1.633327 1.242825

z<2.675 on the way to bankruptcy

50.85 73.9 104.82 90.53 113.02
1.26 62.77 147.56 172.01 175.53
91.23 174.29 272.44 263.56 271.32
49.59 11.13 -42.74 -81.48 -62.51
0.543571 0.063859 -0.156879 -0.309152 -0.230392
13.17 1.73 0.94 -34.96 5.72
3 3 1.8 0 1.8
10.17 -1.27 -0.86 -34.96 3.92
25.74 12.99 28.62 9.41 47.03
0.282144 0.074531 0.105051 0.035703 0.173338
174.2756 391.9624 83.016 236.365 252.2188
18.73 104.98 153.55 179.6 184.45
9.304621 3.733686 0.540645 1.316063 1.36741
292.07 346.33 588.03 792.56 900.38
3.201469 1.98709 2.158383 3.007133 3.318517
10.52367 4.539684 2.636764 3.357907 4.454734
Balance Sheet of Heritage Foods Limited

Mar '09 Mar '10 Change S/U

Sources Of Funds
Total Share Capital 11.53 11.53 0 S
Equity Share Capital 11.53 11.53 0 S
Share Application Money 3.19 0 -3.19 S
Preference Share Capital 0 0 0 S
Reserves 69.24 75.35 6.11 S
Revaluation Reserves 0 0 0 S
Networth 83.96 86.88 2.92 S
Secured Loans 172.01 175.53 3.52 U
Unsecured Loans 7.59 8.92 1.33 S
Total Debt 179.6 184.45 4.85
Total Liabilities 263.56 271.33

Application Of Funds
Gross Block 264.47 294.24 29.77 U
Less: Accum. Depreciation 60.8 79 18.2 S
Net Block 203.67 215.24 11.57
Capital Work in Progress 13.98 8.71 -5.27 S
Investments 0.27 0.92 0.65 U
Inventories 49.39 76.31 26.92 U
Sundry Debtors 11.46 12.08 0.62 U
Cash and Bank Balance 29.68 24.63 -5.05 U
Total Current Assets 90.53 113.02 22.49
Loans and Advances 34.41 35.87 1.46 S
Fixed Deposits 1.37 0 -1.37 S
Total CA, Loans & Advances 126.31 148.89 22.58
Deffered Credit 0 0 0 U
Current Liabilities 80.67 94.84 14.17 S
Provisions 0 7.6 7.6 S
Total CL & Provisions 80.67 102.44 21.77
Net Current Assets 45.64 46.45 0.81
Miscellaneous Expenses 0 0 0 S
Total Assets 263.56 271.32 7.76
*All values are in Cr.
 A. Funds Flow Statement:Total Funds Basis
Sources Uses
Inc Share Capital 0.00 Secured Loans -3.52
Equity Share Capital 0.00 Gross Block 29.7
Share Application Money -3.19 Investments 0.65
Preference Share Capital 0.00 Inventories 26.92
Inc Reserves 6.11 Debtors 5.47
Depreciation 18.20 Loans and Advances -1.46
Revaluation Reserves 0.00 Current Liabilities -14.17
Less: Accum. Depreciation 18.20
Capital Work in Progress -5.27
Fixed Deposits 1.30
Provisions 7.60
Unsecured Loans -1.33
41.62 43.59
B.Funds Flow Statement:Working Capital Basis
Sources and Uses of Working Capital Basis
Sources Uses
Reported Net Profit 5.72 Dividends -2.08
Depreciation 18.20 Secured Loans 3.52
Gross Block 29.77
Share Premium=Inc in Res-(RNP-Dividends) -1.36
Unsecured Loans 1.33
Capital Work in Progress 5.27
Fixed Deposits -1.37
27.79 31.21469
Net Funds Available for Addl WC -3.42

Net funds available for Addl WC

Changes in Contents of Working Capital
Item Impact on WC
Inc Provisions -7.6 Dec
Inc Inventories 26.92 Inc
Inc in Debtors -0.62 Inc
Dec in Cash and Cash Balances -5.05 Dec
Dec in Loan & Adv -1.46 Dec
Dec In Fd -1.73
Inc in current liabilities -14.17 Dec
Net Change in WC=(Sum of inc - Sum of Dec) -3.71

C.Funds Flow Statement: Cash Basis

Change in Sources of Cash User of Cash
Total Share Capital 0 Secured Loans -3.52
Equity Share Capital 0 Gross Block 29.77
Share Application Money 3.19 Investments 0.65
 Preference Share Capital 0 Inventories 26.92
Reported Net Profit 5.72 Sundry Debtors 0.65
Revaluation Reserves 0 Dividends -2.08
Unsecured Loans -1.33
Less: Accum. Depreciation 18.2
Capital Work in Progress -5.27
Loans and Advances 1.46
Fixed Deposits 1.37
Current Liabilities 14.17
Share Premium=Inc in Res-(RNP-Dividends) -1.36
Provisions 7.6
45.99 52.39469
-6.40469
*All values are in Cr.
Classified Cash Flow Stmt For 2009-10
Cash Flow from operating activities
Profit before tax and extra. Items 47.03
Add: Interest 16.67
Add: Depriciation 19.64
Increase in inventories -26.92
Increase in debtors -4.85
Decrease in loans and advances -1.46
Increase in Liabilities 7.77
Increase in Provisions 7.6
Before tax cash flow from operations 44.1
Less: tax(incl diff tax) 4.98
Post tax operating Cash flow 34.57

Cash Flow from investing activities

Increase in gross block -29.77
Increase in investments -0.65
Decrease in CWIP 5.27
Decrease in Fixed Deposits -1.37
Total CF from investing activities -26.74

Cash Flow from financing activities

Share Premium -1.36
Dividends -2.08
Interest -16.67
dec Secured Loans 3.52
Sale of Items -0.13
Fixed Deposits 1.70
dec Unsecured Loans 1.33
Total CF from financing activities -14.24

Cash Flow from Extraordinary Item -0.13

Net Change in Cash & BB -6.41
*All values are in Cr.