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Hero Motocorp

Balance Sheet Mar '11 12 mths Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 39.94 39.94 0.00 0.00 2,916.12 0.00 2,956.06 1,458.45 32.71 1,491.16 4,447.22 Mar '11 12 mths Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 5,538.46 1,458.18 4,080.28 125.14 5,128.75 524.93 130.59 47.75 703.27 783.48 23.77 1,510.52 0.00 5,316.40 1,081.07 6,397.47 4,886.95 0.00 4,447.22 131.90 148.03 ------------------- in Rs. Cr. ------------------Mar '10 12 mths 39.94 39.94 0.00 0.00 3,425.08 0.00 3,465.02 0.00 66.03 66.03 3,531.05 Mar '10 12 mths 2,750.98 1,092.20 1,658.78 48.14 3,925.71 436.40 108.39 1,863.48 2,408.27 438.46 43.73 2,890.46 0.00 3,965.69 1,026.35 4,992.04 -2,101.58 0.00 3,531.05 73.04 173.52

Previous Years

Mar '09 12 mths 39.94 39.94 0.00 0.00 3,760.81 0.00 3,800.75 0.00 78.49 78.49 3,879.24 Mar '09 12 mths 2,516.27 942.56 1,573.71 120.54 3,368.75 326.83 149.94 217.49 694.26 325.80 2.08 1,022.14 0.00 1,678.93 526.97 2,205.90 -1,183.76 0.00 3,879.24 100.54 190.33

Bajaj Auto
Balance Sheet Mar '11 12 mths Sources Of Funds Total Share Capital Equity Share Capital Share Application Money Preference Share Capital Reserves Revaluation Reserves Networth Secured Loans Unsecured Loans Total Debt Total Liabilities 289.37 289.37 0.00 0.00 4,620.85 0.00 4,910.22 23.53 301.62 325.15 5,235.37 Mar '11 12 mths Application Of Funds Gross Block Less: Accum. Depreciation Net Block Capital Work in Progress Investments Inventories Sundry Debtors Cash and Bank Balance Total Current Assets Loans and Advances Fixed Deposits Total CA, Loans & Advances Deffered Credit Current Liabilities Provisions Total CL & Provisions Net Current Assets Miscellaneous Expenses Total Assets Contingent Liabilities Book Value (Rs) 3,395.16 1,912.45 1,482.71 149.34 4,795.20 547.28 362.76 155.45 1,065.49 3,891.66 401.04 5,358.19 0.00 2,624.35 3,925.72 6,550.07 1,191.88 0.00 5,235.37 959.66 169.69 ------------------- in Rs. Cr. ------------------Mar '10 12 mths 144.68 144.68 0.00 0.00 2,783.66 0.00 2,928.34 12.98 1,325.60 1,338.58 4,266.92 Mar '10 12 mths 3,379.25 1,899.66 1,479.59 120.84 4,021.52 446.21 272.84 100.20 819.25 2,291.29 1.21 3,111.75 0.00 2,218.06 2,248.72 4,466.78 -1,355.03 0.00 4,266.92 818.25 202.40

Previous Years

Mar '09 12 mths 144.68 144.68 0.00 0.00 1,725.01 0.00 1,869.69 0.00 1,570.00 1,570.00 3,439.69 Mar '09 12 mths 3,350.20 1,807.91 1,542.29 106.48 1,808.52 338.84 358.65 135.68 833.17 1,567.09 1.19 2,401.45 0.00 1,378.20 1,224.15 2,602.35 -200.90 183.30 3,439.69 924.96 129.23

Cash Flow of Bajaj Auto

------------------- in Rs. Cr. ------------------Mar '11 12 mths Mar '10 12 mths 2411.13 2737.11 -2163.62 -608.95 -35.46 136.87 101.41 Mar '09 12 mths 958.09 411.49 -207.66 -123.03 80.80 56.07 136.87

Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

4350.75 2013.72 -1096.64 -862.00 55.08 101.41 156.49

Cash Flow of Hero Motocorp

------------------- in Rs. Cr. ------------------Mar '11 12 mths Mar '10 12 mths 2831.73 2686.64 -527.63 -2109.31 49.70 13.45 63.15 Mar '09 12 mths 1781.46 1359.03 -861.19 -499.93 -2.09 15.19 13.10

Net Profit Before Tax Net Cash From Operating Activities Net Cash (used in)/from Investing Activities Net Cash (used in)/from Financing Activities Net (decrease)/increase In Cash and Cash Equivalents Opening Cash & Cash Equivalents Closing Cash & Cash Equivalents

2404.76 2288.11 -1322.31 -989.18 -23.38 62.61 39.23

Analysis from Operating Activity of Bajaj

10
2737.11

09
411.49

The cash from operating activity has gone up due to less investment in operations.

11
2013.72

10
2737.11

The cash from operating activity has gone down due to more investment in operations.

Analysis from Operating Activity of Hero motorcorp

10
2686.64

09
1359.03

The cash from operating activity has gone up due to less investment in operations.

11
2288.11

10
2686.64

The cash from operating activity has gone down due to more investment in operations.

Analysis from Investing Activity of Bajaj

10
-2163.62

09
-207.66

The cash from investing activity has gone up due to more investment in investments.

11
-1096.64

10
-2163.62

The cash from operating activity has gone down due to less investment in investments.

Analysis from Investing Activity of Hero

10
-527.63

09
-861.19

The cash from investing activity has gone down due to less investment in investments.

11
-1322.31

10
-527.63

The cash from operating activity has gone up due to more investment in investments.

Analysis from Financing Activity of Bajaj

10
-608.95

09
-123.03

The cash from investing activity has gone down due to less investment in investments.

11
-862.00

10
-608.95

The cash from operating activity has gone up due to more investment in investments.

Analysis from Financing Activity of HERO

10
-2109.31

09
-499.93

The cash from investing activity has gone down due to less investment in investments.

11
-989.18

10
-2109.31

The cash from operating activity has gone up due to more investment in investments

Computation of Turnover Ratios


1. Inventory

Turnover

Ratio:

measure

of

the number of

times

a company's inventories replaced during a given time period. Turnover ratio is calculated as cost of goods sold divided by average inventory during the time period. A high turnover ratio is a sign that the company is producing and selling its goods or services very quickly. Turnover Ratios= cost of goods sold/ Inventory YEAR BAJAJ HERO 2011
43.88 43.88

2010
42.80 42.80

2009
47.53 47.53

2. Debtors Turnover Ratio: Ratio of net credit sales to average trade debtors is called debtors turnover ratio. It is also known as receivables turnover ratio. This ratio is expressed in times. Accounts receivable is the term which includes trade debtors and bills receivables. It is a component of current assets and as such has direct influence on working capital position (liquidity) of the business. Debtors Turnover Ratio= Net Credit Sales/ Average Sundry Debtors

YEAR IOC ONGC

2011 37.249 17.2

2010 46.460 19.71

2009 51.723 15.66

3. Average Collection Period: The approximate amount of time that it takes for a business to receive payments owed, in terms of receivables, from its customers and clients. Average collection Period= Average sundry debtors/Average daily credit sales

YEAR IOC ONGC

2011 7.37 20.11

2010 7.85 18.51

2009 7 23.30

4. Fixed Asset Turnover: Fixed-asset turnover is the ratio of sales (on the profit and loss account) to the value of fixed assets (on the balance sheet). It indicates how well the business is using its fixed assets to generate sales. Fixed Asset Turnover= Net sales/Average Net fixed Assets

YEAR IOC ONGC

2011 3.7 0.8

2010 3.1 0.8

2009 3.6 1.0

5. Gross Margin: Gross Margin is the difference between revenue and cost before accounting for certain other costs. Generally, it is calculated as the selling price of an item, less the cost of goods sold (production or acquisition costs, essentially).The purpose of margins is to determine the value of incremental sales, and to guide pricing and promotion decision. Gross Margin= Revenue COGS/ Revenue

YEAR IOC ONGC

2011 0.0989 0.4685

2010 0.1188 0.5149

2009 0.0984 0.5207

6. Operating Margin: Operating margin is a measurement of what proportion of a company's revenue is left over after paying for variable costs of production such as wages, raw materials, etc. A healthy operating margin is required for a company to be able to pay for its fixed costs, such as interest on debt.

Also known as "operating profit margin" or "net profit margin". Operating margin: Operating Income/Net Sales

COMPANY/YEAR 2011 IOC ONGC 0.038 0.612

2010 0.059 0.625

2009 0.044 0.503

7. Net Profit Margin: The net profit margin formula looks at how much of a company's revenues are kept as net income. The net profit margin is generally expressed as a percentage. Both net income and revenues can be found on a company's income statement. Net Profit Margin: Net Income/Sales Revenue

COMPANY/YEAR 2011 IOC ONGC 0.0216 0.2838

2010 0.0385 0.2703

2009 0.0249 0.2434

8. Return on Equity (ROE): This ratio indicates how profitable a company is by


comparing its net income to its average shareholders' equity. The Return on Equity measures how much the shareholders earned for their investment in the company. The higher the ratio percentage, the more efficient management is in utilizing its equity base and the better return is to investors. ROE= Net Income (After Tax)/ Share holders Assets

YEAR IOC ONGC

2011 0.1095 0.1925

2010 0.1065 0.1866

2009 0.1738 0.1978

9. Earnings per Share (EPS):EPS is used to measure the profitability of the common
shareholders investment. It is obtained by dividing the profit after taxes by the total number of common shares outstanding. EPS = Profit/Average Common shares

YEAR IOC ONGC

2011
30.67 22.12

2010
42.1 78.39

2009
24.74 75.4

10. Price-to-Earnings Ratio (P/E Ratio): P/E Ratio is a measure of the price paid for a share relative to the annual net income or profit earned by the firm per share. The P/E ratio can therefore alternatively be calculated by dividing the company's market capitalization by its total annual earnings. P/E Ratio = Market Price per Share/ Annual Earnings per Share

YEAR IOC ONGC

2011

2010

2009