CRISIL Balance Sheet for the past 10 years

Mar '00

Mar '01

Mar '02

Mar '03

Mar '04

Mar '05

12 mths

12 mths

12 mths

12 mths

12 mths

12 mths

Total Share Capital

6.2

6.2

6.2

6.24

6.29

6.37

Equity Share
Capital

6.2

6.2

6.2

6.24

6.29

6.37

Share Application
Money

Preference Share
Capital

53.47

59.38

64.98

76.27

88.67

103.74

59.67

65.58

71.18

82.51

94.96

110.11

Secured Loans

Unsecured Loans

Total Debt

59.67
Mar '00

65.58
Mar '01

71.18
Mar '02

82.51
Mar '03

94.96
Mar '04

110.11
Mar '05

12 mths

12 mths

12 mths

12 mths

12 mths

12 mths

40.87

60.98

68.95

67.89

78.59

80.16

Sources Of Funds

Reserves

Revaluation
Reserves
Networth

Total Liabilities

Application Of Funds
Gross Block

Less: Accum.
Depreciation

14.45

17.67

23.82

27.05

32.74

37.87

Net Block

26.42

43.31

45.13

40.84

45.85

42.29

Capital Work in
Progress

12.72

0.15

0.52

0.12

Investments

11.79

7.5

25.15

45.15

55.66

66.45

Sundry Debtors

6.14

6.4

7.2

5.02

9.2

16.47

Cash and Bank

Balance

2.94

2.82

0.55

0.84

5.12

4.57

Total Current
Assets

9.08

9.22

7.75

5.86

14.32

21.04

12.88

25.17

8.25

7.13

3.81

5.27

0.11

3.68

3.69

5.02

1.39

6.85

22.07

38.07

19.69

18.01

19.52

33.16

8.52

19.37

14.33

13.37

16.27

20.18

Provisions

5.1

4.29

5.11

8.18

9.79

11.74

Total CL &
Provisions

13.62

23.66

19.44

21.55

26.06

31.92

Inventories

Loans and
Advances

Fixed Deposits

Total CA, Loans &

Advances
Deffered Credit

Current Liabilities

Net Current Assets

8.45

14.41

0.25

-3.54

-6.54

1.24

Miscellaneous
Expenses

0.28

0.21

0.13

0.06

59.66

65.58

71.18

82.51

94.97

110.1

9.6

5.71

0.11

10.91

96.25

105.77

114.8

132.16

150.9

172.98

Total Assets

Contingent
Liabilities

Book Value (Rs)

Dec '05

Dec '06

Dec '07

Dec '08

Dec '09

9 mths

12 mths

12 mths

12 mths

12 mths

6.58

6.76

7.23

7.23

7.23

6.58

6.76

7.23

7.23

7.23

123.31

156.22

260.99

339.19

405

129.89

162.98

268.22

346.42

412.23

129.89
Dec '05

162.98
Dec '06

268.22
Dec '07

346.42
Dec '08

412.23
Dec '09

9 mths

12 mths

12 mths

12 mths

12 mths

84.41

83.85

95.1

115.03

117.51

40.88

42.66

52.54

60.38

68.07

43.53

41.19

42.56

54.65

49.44

0.09

8.04

4.04

63.67

94.91

132.83

186.38

186.49

181.49

15.87

25.51

67.82

80.32

69.5

4.26

7.73

16.73

19.32

72.73

20.13

33.24

84.55

99.64

142.23

7.93

10.68

50.4

63.84

84.6

1.72

1.19

81.45

61.8

29.06

45.64

136.14

244.93

288.63

28.33

41.47

70.04

101.85

135.91

9.29

15.3

34.87

41.84

35.1

37.62

56.77

104.91

143.69

171.01

-8.56

-11.13

31.23

101.24

117.62

129.88

162.98

268.21

346.42

412.22

3.15

5.54

16.6

13.26

13.06

197.31

241.26

371.23

479.47

570.56

CRISIL P&L for the past 10 years

Mar '00

Mar '01

Mar '02

Mar '03

Mar '04

12 mths

12 mths

12 mths

12 mths

12 mths

37.46

39.93

67.64

68.92

71.34

37.46

39.93

67.64

68.92

71.34

2.74

7.56

1.65

2.91

1.95

40.2

47.49

69.29

71.83

73.29

Raw Materials

Power & Fuel Cost

Employee Cost

8.49

12.8

15.74

17.56

21.5

Other
Manufacturing
Expenses

0.48

1.21

0.82

1.33

0.77

Selling and Admin

Expenses

6.46

11.61

13.46

14.68

15.35

Miscellaneous
Expenses

2.52

3.93

3.05

2.96

2.59

Income

Sales Turnover
Excise Duty
Net Sales
Other Income

Stock Adjustments
Total Income
Expenditure

Preoperative Exp
Capitalised

Total Expenses

17.95
Mar '00

29.55
Mar '01

33.07
Mar '02

36.53
Mar '03

40.21
Mar '04

12 mths

12 mths

12 mths

12 mths

12 mths

19.51
22.25
0.01
22.24

10.38
17.94
0
17.94

34.57
36.22
0
36.22

32.39
35.3
0
35.3

31.13
33.08
0
33.08

Depreciation

2.94

5.38

7.01

7.21

6.18

Other Written Off

0.08

0.08

0.08

0.08

0.06

Profit Before Tax

19.22

12.48

29.13

28.01

26.84

0.9

-5.75

PBT (Post Extraord Items)

Tax

19.22
6.31

13.38
3.72

23.38
10.3

28.01
10.1

26.84
8.9

Reported Net
Profit

12.92

9.66

13.08

17.92

17.94

Total Value
Addition

17.95

29.55

33.08

36.53

40.21

Preference
Dividend

Equity Dividend

3.41

3.41

4.03

6.24

6.29

Corporate
Dividend Tax

0.38

0.35

0.8

0.81

62

62

62.44

62.93

Operating Profit
PBDIT
Interest
PBDT

Extra-ordinary
items

Per share data (annualised)

Shares in issue
(lakhs)

62

Earning Per Share

(Rs)

20.83

15.59

21.09

28.7

28.51

55

55

65

100

100

96.25

105.77

114.8

132.16

150.9

0.098909
0.200729

0.085374

Mar '01

Mar '02

Mar '03

Mar '04

Mar '05

62

62

62.44

62.93

63.66

15.59
15.59

21.09
21.09

Mar '00

Mar '01

Mar '02

Mar '03

Mar '04

Mar '05

12.92

9.66

13.08

17.92

17.94

22.16

59.67
21.65%
23%

65.58
14.73%

71.18
18.38%

82.51
21.72%

94.96
18.89%

110.11
20.13%

Mar '01

Mar '02

Mar '03

Mar '04

Mar '05

9.66
65.58
14.73%

13.08
71.18
18.38%

17.92
82.51
21.72%

17.94
94.96
18.89%

22.16
110.11
20.13%

Mar '01
15.59

Mar '02
21.09

Mar '03
28.7

Mar '04
28.51

Mar '05
34.82

55
5.5
35.28%

65
6.5
30.82%

100
10
34.84%

100
10
35.08%

125
12.5
35.90%

Mar '01

Mar '02

Mar '03

Mar '04

Mar '05

Share price -High

432

342

400

561

705

Share price -Low

122

85

240

239

358

Equity Dividend
(%)

Book Value (Rs)

Calculations for the last 3 questions

EPS CAGR calulation
Mar '00
Shares in issue
(lakhs)
62
Earning Per
Share (Rs)
20.83
20.83
EPS adjusted
EPS CAGR
27.80%

0.15122 0.141798

28.7
28.51
34.82
28.90368 28.93765 35.75228

Average ROE calculation

Reported Net
Profit
Networth
ROE
Average ROE Average ROE calculation

Mar '00
Reported Net
Profit
12.92
Total Liabilities
59.67
ROCE
21.65%
Average Dividend payout ratio calculation
Mar '00
20.83
EPS
Equity Dividend
(%)
55
Equity Dividend
5.5
Dividend payout ratio
26.40%
Average Payout ratio 33.95%
Average PE ratio calculation
Mar '00

20.83

EPS
PE High
PE Low
Forecast of
share value in
2020

15.59
27.71007
7.825529

21.09
16.21622
4.030346

28.7
28.51
34.82
13.93728 19.67731 20.24698
8.362369 8.383024 10.28145

Historical Earnings growth rate:

Year

EPS

DPS

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020

212.43
271.49
346.96
443.41
566.68
724.22
925.55
1182.86
1511.69
1931.94
2469.02

Total

72.12
92.17
117.79
150.54
192.39
245.87
314.23
401.58
513.22
655.89
838.23

Eps after 10 years

Sum of dividends for 10 years
Projected share price is 2020
Total gain including dividends
current price of share
CAGR of investment

3594.03

Sustainable growth rate model

Year
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
Total

BVPS
570.56
657.24
757.08
872.09
1004.58
1157.19
1332.98
1535.48
1768.74
2037.44
2346.96

EPS
131.23
151.16
174.13
200.58
231.05
266.15
306.59
353.16
406.81
468.61
539.80

DPS
44.55
51.32
59.12
68.10
78.44
90.36
104.09
119.90
138.11
159.09
183.26
1096.34

retained
earnings
86.68
99.84
115.01
132.48
152.61
175.79
202.50
233.26
268.70
309.52
356.54

EPS in 2020
Average PE ratio
Share price in 2020
Add dividend
Current share price
CAGR of investment

Mar '05

Dec '05

Dec '06

Dec '07

Dec '08

Dec '09

12 mths

9 mths

12 mths

12 mths

12 mths

12 mths

90.91

83.19

148.15

255.55

387.28

441.62

90.91

83.19

148.15

255.55

387.28

441.62

0.68

1.8

8.52

10.31

15.03

20.54

91.59

84.99

156.67

265.86

402.31

462.16

26.54

27.56

54.74

104.41

136.41

160.42

0.55

0.35

2.57

2.45

1.51

21.88

21.83

32.68

43.58

63.81

79.58

3.7

2.84

6.22

10.61

13.61

17.95

52.67
Mar '05

52.58
Dec '05

96.21
Dec '06

161.05
Dec '07

215.34
Dec '08

257.95
Dec '09

12 mths

9 mths

12 mths

12 mths

12 mths

12 mths

38.24
38.92
0
38.92

30.61
32.41
0
32.41

51.94
60.46
0
60.46

94.5
104.81
0
104.81

171.94
186.97
0
186.97

183.67
204.21
0
204.21

5.99

4.36

6.55

13.34

11.84

13.88

32.93

28.05

53.91

91.47

175.13

190.33

0.12

-0.43

33.05
10.87

28.05
10.53

53.91
16.53

91.04
20.37

175.13
37.75

190.33
40

22.16

17.52

37.38

70.67

137.38

150.34

52.68

52.58

96.21

161.05

215.34

257.95

7.96

6.58

10.13

18.06

50.58

72.25

1.12

0.92

1.42

3.37

8.6

12.28

63.66

65.83

67.55

72.25

72.25

72.25

34.82

26.61

55.33

97.81

125

100

150

250

172.98

197.31

241.26

371.23

190.14

208.08

700 1,000.00

479.47

570.56

0.146322 0.140652 0.222746 0.538713 0.291571 0.189981

Dec '05

Dec '06

Dec '07

Dec '08

Dec '09

65.83

67.55

72.25

72.25

72.25

26.61
55.33
97.81
190.14
208.08
28.25381 60.28293 113.9802 221.5744 242.4803

Dec '05

Dec '06

Dec '07

Dec '08

Dec '09

17.52

37.38

70.67

137.38

150.34

129.89
13.49%

162.98
22.94%

268.22
26.35%

346.42
39.66%

412.23
36.47%

Dec '05

Dec '06

Dec '07

Dec '08

Dec '09

17.52
129.89
13.49%

37.38
162.98
22.94%

70.67
268.22
26.35%

137.38
346.42
39.66%

150.34
412.23
36.47%

Dec '05
26.61

Dec '06
55.33

Dec '07
97.81

Dec '08
190.14

Dec '09
208.08

100
10
37.58%

150
15
27.11%

250
25
25.56%

Dec '05

Dec '06

Dec '07

Dec '08

Dec '09

1700

2499

4270

4045

4600

502

1054

2020

1842

2052

700 1,000.00
70
100
36.81%
48.06%

26.61
55.33
97.81
190.14
208.08 Average Average PE for Crisil
63.88576 45.16537 43.65607 21.2738 22.10688
29.39
20.545
18.86509 19.04934 20.65229 9.687599 9.861592
11.7

m of dividends for 10 years

jected share price is 2020

al gain including dividends

2469.02
3594.03
50725.99
54320.02
6132
24.37%

EPS in 2020
Average PE ratio
Share price in 2020
Add dividend

539.80
20.545
11090.21
12186.55

Current share price

CAGR of investment

6132
7.10%