Project group no.7

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Project group no.7

  1. 1. 1 A PROJECT REPORT ON PREPARED BY : ROLL NO : Paneliya Ketan 22 M.B.A SEM-II ACADEMIC YEAR: - 2014-2015 GUIDANCE BY : Mr. Nilesh Movalia SUBMITTED TO : K.K.PAREKH INSTITUTE OF MANAGEMENT STUDY OF AMRELI
  2. 2. 2 Preface M.B.A. is course in which practical aspect in an important as theoretical aspect. M.B.A is to develop effective managers and that require training as practical aspect. The growth of economy is depends upon skilled managers and M.B.A. course fulfils this need. The practical studies give an idea to the student about problem they have to face in the future of their managerial life
  3. 3. 3 Acknowledgement To complete this report many persons have helped us. At the time of presenting this report we thank to all who have helped Us to complete this report. First off all we thank to Dr. Vishal Patidar the Director of K.K.PAREKH INSTITUTE OF MANAGEMENT STUDIS OF AMRELI. And I also thank to Mr. Nilesh Movaliya project guides for providing opportunity to prepare the report Date: 22/4/2014 Signature Place: Amreli
  4. 4. 4 Content Sr.no Particular 1. Introduction 2. Overview about company and its products and services 3. Financial analysis and it’s important for company 4. Financial statement analysis 5. Ratio analysis 6. Findings and suggestions 7. Conclusion 8. References 9. Annexure
  5. 5. 5 Introduction We are prepared financial report on asian paint this company is Indian large company this company establish in Mumbai and founded 1942 this company find out product and service,important,financial statement analysis as under capital structure ,dividend policy,working capital management,ratio analysis,per share ratios,profitability ratio,leverage ratio,combine leverage and payout ratio this company is all ratio find.
  6. 6. 6 Company profile Asian Paints Limited Type Public Traded as BSE 50082 NSE: ASIANPAINT Industry Chemicals Founded 1942 Headquarters Mumbai, India Area served Global Key people K.B.S. Anand (MD& CEO) Products Paints and speciality products
  7. 7. 7 Product and service Asian Paints manufactures and markets industrial and decorative coatings. Along with that the company also provides home painting services and solutions. The company's key products and brands include the following: Decorative paints: Interior wall paints, Exterior wall paints, Wood surface paints, Metals surface paints. Industrial coatings: Protective coatings, Floor coatings, Road markings. Ancillaries: Wall primer, Acrylic Wall Putty, Exterior Wall Putty, Wood Primer. Asian paints made a foray in automotive paints in the year 1997 with a joint venture with PPG Industries. The joint venture is called PPG Asian paints. The company manufactures body coatings and plastic coatings. Paint brands owned by the company are: Ace & Apex, Apcolite, Apex, Apex Ultima, Asian Paints, Colour Next, Premium Gloss Enamel, Royale, Royale Play, Touchwood, Tractor Emulsion, Utsav.
  8. 8. 8 Importance of asian paint company  Asian Paints believes that internships are important, not just for you but, the organization as well.  We want young minds who can work on live business challenges and we trust our interns to excel against all odds even if it may be the first time that they are taking up such a high-impact challenge.  This is again a program which has a long standing history and has been an important revenue for us to identify and select our people.  With our internship program, you will find yourself enriched by your seniors, many of whom are alumni of your B-schools.  Frequent reviews will help you to track your progress. Excel and you may find that you have been rewarded with a PPO/PPI.  You won't lack friends or mentors here, or opportunities for that matter.
  9. 9. 9 1 .Capital structure Year 2009 2010 2011 2012 2013 Equity Capital 10094.47 1557.22 1975.32 2487.78 3022.26 Debt Capital 65.29 66.29 64.13 168.22 46.76 Total Capital 10159.76 1623.51 2039.45 2656 3069.02 Interpretation: Asian paint Company in capital structure was 2009 increase 10159.76 so, well for the company. 2010 1623.51 in ratio is decrease is of company. 0 2000 4000 6000 8000 10000 12000 2009 2010 2011 2012 2013 Equity Capital Debt Capital
  10. 10. 10 2..Dividend Policy Year 2013 2012 2011 2010 2009 Equity dividend 167.86 258.98 306.94 383.69 441.23 Interpretation: Asian paint company in Equity Dividend 2009 year in highest ratio 441.23 for the last 5 year. After the 2009 continues 4 yetheDividend tax was definitely decrease of company. 0 50 100 150 200 250 300 350 400 450 500 2013 2012 2011 2010 2009 Equity dividend Equity dividend
  11. 11. 11 3.Working capital management Interpretation: Asian paint Company in current Assets will be increase continuously after 2010. In 2009 compare the ratio then decrease the ratio in 2010 but 2010 after total net current ratio is increase. -500 0 500 1000 1500 2000 2500 3000 3500 4000 2013 2012 2011 2010 2009 Current assets:loans,advances Less:Current liabilities Provision Total net current assets Year 2013 2012 2011 2010 2009 Current assets:loans,advances 3644.14 2626.85 1,729.79 1364.85 1172.36 Less:Current liabilities Provision 2579.26 2349.41 1849.61 1533.21 1034.92 Total net current assets 464.88 277.44 -119.82 168.36 137.44
  12. 12. 12 A.Per share Ratio 1. Earning per share Year Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Adjusted EPS (Rs) 0.21 0.23 0.21 0.25 0.13 Interpretation: Asian paint Company in earning per share is the ratio was continuously increase or decrease by the continuously year. In 2009 the ratio was 0.21 and 2010 in the ratio was 0.23the highest ratio for the last five year. 2010 in decrease the ratio was above 0.23 and 2012 in increase above 0.25 Last 2013 in again decrease the ratio was 0.13 and the ratio. 0 0.05 0.1 0.15 0.2 0.25 0.3 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Adjusted EPS (Rs) Adjusted EPS (Rs)
  13. 13. 13 2.Dividend per share Interpretation: Asian paint Company Dividend per share was a . In 2009 in the ratio was highest as compare to all five year in ratio. 2009 in 20 ratio and 2010 in 10 ratios so 2013 increase ratio 46.00 of company. 0 10 20 30 40 50 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dividend per share Dividend per share Year Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Dividend per share 46.00 40.00 32.00 27.00 17.50
  14. 14. 14 3.Price earning ratio Interpretation: Asian paint Company Price earnings ratio was a changeable for the continuously five year. In 2009 was the ratio 3.02 and 2010 in increase the ratio was 2.01 but in the year 2011 the ratio was increase above the 50% at 2.54 2012 in the ratio was some point increase as compare the year was 2011 at 69.8 and also increases in the year 2013 at 2.88. 0 0.5 1 1.5 2 2.5 3 3.5 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Book value (excl rev res) per share EPS (Rs) Book value (excl rev res) per share EPS (Rs) Year Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Book value (excl rev res) per share EPS (Rs) 2.88 2.59 2.54 2.01 3.02
  15. 15. 15 B.Profitability Ratio: 1: Operating Margin Year 2013 2012 2011 2010 2009 Operating margin 0.17 0.17 1.76 0.19 0.13 Interpretation: Asian paint Company in Operating Margin ratio was at 2011year in 1.76 and increases the margin ratio as compare to 2009 and2013it is decrease. 0 0.2 0.4 0.6 0.8 1 1.2 1.4 1.6 1.8 2 2013 2012 2011 2010 2009 Operating margin Operating margin
  16. 16. 16 2.Net profit Margin Interpretation: Asian paint Company in net profit margin ratio was in2009 year is 7.97 lowest ratios for last five year. 2010 in increase ratios. In 2011 net profit ratio was increase 2011 the 11.61 as compare the 2011,2012 increase . 0 2 4 6 8 10 12 14 16 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar'09 Net profit margin (%) Year Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar'09 Net profit margin (%) 11.54 11.38 11.61 14.29 7.97
  17. 17. 17 3. Return on investment ratio: Interpretation: Asian paint. Company in return on investment ratio was in2009 year at 1.53 lowest ratios for last five year. 2013 in increase 2.34 ratio. In 2011 return on investment ratio was decrease the 0.75 was comparing the 2010? 2012 increase the ratio at 1.76 and last 2013 in increase the ratio was 2.34. 0 0.5 1 1.5 2 2.5 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar'09 Adjusted return on net worth (%) Adjusted return on net worth (%) Year Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar'09 Adjusted return on net worth (%) 2.34 1.76 0.75 1.09 1.53
  18. 18. 18 C. Leverage Ratio: 1. Debt equity ratio: Year Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Total debt/equity 0.02 0.07 0.03 0.04 0.06 Interpretation: Asian paint Company in Debt - equity ratio was in 2013 year at 0.02 the lowest ratio for last five year in 2013year decrease 0.02 ratio. In 2012 debt - equity ratio was increasing the 0.07 was compare the 2009 2012 increase the ratio at 0.07 and last 2012in increase the ratio was 10.07. 0 0.01 0.02 0.03 0.04 0.05 0.06 0.07 0.08 Mar ' 13 Mar ' 12 Mar ' 11 Mar ' 10 Mar ' 09 Total debt/equity Total debt/equity
  19. 19. 19 2.Financial Leverage FINANCIAL LEAVRAGE = EBIT /EBP Interpretation:- Asian paint Company in financial leverage was in 2009 year at 578.02 In 2013 year increase at 1371.99. In 2011 financial leverage was increase the 1144.93 2012 increase the ratio at 1371.99and last 2013 in increase the ratio was 1516.71. 0 500 1000 1500 2000 mar'13 mar'12 mar'11 mar'10 mar'09 Series1 mar'13 mar'12 mar'11 mar'10 mar'09 1516.71 1371.99 1144.93 1013.86 578.02
  20. 20. 20 3. Operating leverage OPERETING LEAVREGE =CONTRIBUTION/EBIT mar'13 mar'12 mar'11 mar'10 mar'09 0.88 0.89 0.86 0.87 0.99 Interpretation:- Asian paint Company in operating leverage was in 2009 year at 0.99 The lowest ratio for last five year in 2011 year decrease 0.86 ratio. In 2012 was increase the 0.89 highest rates for the year. 2009 increase the ratio at 0.99 and last 2009 in increase the ratio was 0.99.so, in this chart in continuously increase or decrease. 0.75 0.8 0.85 0.9 0.95 1 mar'13 mar'12 mar'11 mar'10 mar'09
  21. 21. 21 4.Combined Leverage:- COMBINE LEAVREGE =OPERETING LEAVREGE*FINANCIAL LEAVREGE mar'13 mar'12 mar'11 mar'10 mar'09 1334.71 1221.07 984.64 882.05 572.24 Interpretation:- Asian paint Company in combine leverage was in2009 year at 572.24 the lowest ratio for last five year. In 2010 year increase 882.05 ratios. 2011 year was increase the 984.64 2012 increase the ratio at 1221.07 and last 2013 in increase the ratio was1334.71 highest ratios. 0 200 400 600 800 1000 1200 1400 1600 mar'13 mar'12 mar'11 mar'10 mar'09
  22. 22. 22 D.Liquidity ratio: 1. Current Ratio:- Interpretation:- Asian paint Company in current ratio was in 2009 year at 1.13. The lowest ratio for last five year in 2010 year decreases 0.89 ratios. In 2013 current ratio was increase the 1.18 was comparing the 2010. 2012 decrease the ratio at 1.07and last 2013 in increase the ratio was 1.18. 0 0.2 0.4 0.6 0.8 1 1.2 1.4 Current ratio Current ratio Year Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Current ratio 1.18 1.07 0.93 0.89 1.13
  23. 23. 23 2. Liquid ratio Year mar'13 mar'12 mar'11 mar'10 mar'09 liquidity ratio 0.61 0.57 0.34 0.38 0.59 Interpretation:- Asian paint Company in liquidity ratio was in 2009 year at 0.59. The lowest ratio for last five year in 2011 year decrease 0.34 ratio. In 2012 current ratio was increase the 0.57 as compare the 2009 2010 decrease the ratio at 0.38 and last 2013 in increase the ratio was 0.61. 0 0.1 0.2 0.3 0.4 0.5 0.6 0.7 mar'13 mar'12 mar'11 mar'10 mar'09 Year liquidity ratio Year liquidity ratio
  24. 24. 24 3. Inventory Turnover Ratio:- Year Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Inventory turnover ratio 6.06 7.56 7.08 7.95 9.80 Interpretation:- Asian paint Company in inventory turnover ratio was in 2009 year at 9.80 2010 year decrease 7.95 ratios. In 2011 current ratio was decrease the 7.08 as compare the 2013 and also highest ratio for the last five year 2009 year at 9.80. 0 2 4 6 8 10 12 Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Inventory turnover ratio Inventory turnover ratio
  25. 25. 25 E. Payout Ratio:- 1. Dividend Payout Ratio:- Year Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Dividend payout ratio (net profit) 49.09 46.52 46.06 39.03 54.19 Interpretation:- Asian paint Company in dividend payout ratio was in 2010 year at 39.03 and also highest ratio for the last five year. 2009 year increase 54.19 ratios. 0 10 20 30 40 50 60 Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Dividend payout ratio (net profit) Dividend payout ratio (net profit)
  26. 26. 26 2. Financial Charges Coverage Ratio: Year Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Financial charges coverage ratio 54.76 53.34 75.34 56.68 39.57 Interpretation:- Asian paint Company in financial charge coverage ratio was in 2011 year at 75.342010 year increase and 2009 lowest ratio at 54.76. 0 10 20 30 40 50 60 70 80 Mar'2013 Mar'2012 Mar'2011 Mar'2010 Mar'2009 Financial charges coverage ratio Financial charges coverage ratio
  27. 27. 27 finding and Suggestion:- We are finding the all ratio for Asian Paint Company All ratios in some ratio in good position for the company and some ratio in also bed position for the company but the company positivity is capital structure and current assets also increase by the every year. So, this is a very good sign for the company. Suggestion:- Asian paint Company in increase the follow ratio:- Financial Charges Coverage Ratio, Price Earnings Ratio, Inventory turnover ratio, Return on inventory ratio, Dividend per share, Earning per share. These are the ratio in needs for change in ratio so company going in growth and achieve more and more profit for company. Conclusion:- The Project report gives me a great experience in visiting. ASIAN PAINT COMPANY The project report helps me to improve my knowledge. We have heartily thankful to Nilesh Movalia co-operate with me and my partners and have give me all the information about his organization. Reference:- We are completed this project with the help of www.rediff money.com, www.asian paint
  28. 28. 28 Profit & Loss account of Asian Paints ------------------- in Rs. Cr. ------------------- Mar '13 Mar '12 Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Income Sales Turnover 8,971.70 9,139.39 7,244.59 5,794.09 5,042.40 Excise Duty 0.00 812.31 638.57 426.37 532.28 Net Sales 8,971.70 8,327.08 6,606.02 5,367.72 4,510.12 Other Income 126.15 90.43 72.38 150.61 23.86 Stock Adjustments 175.91 143.78 157.54 130.83 0.61 Total Income 9,273.76 8,561.29 6,835.94 5,649.16 4,534.59 Expenditure Raw Materials 5,361.00 4,866.63 3,812.47 2,966.23 2,641.09 Power & Fuel Cost 101.65 74.29 65.98 47.03 45.78 Employee Cost 404.59 343.51 302.34 262.73 239.77 Other Manufacturing Expenses 0.00 77.05 61.46 52.30 40.45 Selling and Admin Expenses 0.00 1,672.74 1,331.85 1,119.89 939.16 Miscellaneous Expenses 1,733.10 36.77 28.19 17.41 10.55 Preoperative Exp Capitalised 0.00 0.00 0.00 0.00 0.00 Total Expenses 7,600.34 7,070.99 5,602.29 4,465.59 3,916.80 Mar '13 Mar '12 Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Operating Profit 1,547.27 1,399.87 1,161.27 1,032.96 593.93 PBDIT 1,673.42 1,490.30 1,233.65 1,183.57 617.79 Interest 30.56 27.88 16.34 19.10 15.91 PBDT 1,642.86 1,462.42 1,217.31 1,164.47 601.88 Depreciation 126.98 99.49 94.48 60.74 57.15 Other Written Off 0.00 0.00 0.00 0.00 0.00 Profit Before Tax 1,515.88 1,362.93 1,122.83 1,103.73 544.73 Extra-ordinary items 0.00 2.38 4.22 7.23 3.60 PBT (Post Extra-ord Items) 1,515.88 1,365.31 1,127.05 1,110.96 548.33 Tax 465.88 406.92 351.90 336.46 185.97 Reported Net Profit 1,050.00 958.39 775.15 774.50 362.36 Total Value Addition 2,239.34 2,204.36 1,789.82 1,499.36 1,275.71 Preference Dividend 0.00 0.00 0.00 0.00 0.00 Equity Dividend 441.23 383.69 306.94 258.98 167.86 Corporate Dividend Tax 74.29 62.24 50.11 43.33 28.53 Per share data (annualised) Shares in issue (lakhs) 959.20 959.20 959.20 959.20 959.20 Earning Per Share (Rs) 109.47 99.92 80.81 80.74 37.78 Equity Dividend (%) 460.00 400.00 320.00 270.00 175.00
  29. 29. 29 Book Value (Rs) 315.08 259.36 205.93 162.35 114.10 Balance Sheet of Asian Paints ------------------- in Rs. Cr. ------------------- Mar '13 Mar '12 Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Sources Of Funds Total Share Capital 95.92 95.92 95.92 95.92 95.92 Equity Share Capital 95.92 95.92 95.92 95.92 95.92 Share Application Money 0.00 0.00 0.00 0.00 0.00 Preference Share Capital 0.00 0.00 0.00 0.00 0.00 Reserves 2,926.34 2,391.86 1,879.40 1,461.30 998.55 Revaluation Reserves 0.00 0.00 0.00 0.00 0.00 Networth 3,022.26 2,487.78 1,975.32 1,557.22 1,094.47 Secured Loans 9.28 17.01 23.43 25.59 24.59 Unsecured Loans 37.48 151.21 40.70 40.70 40.70 Total Debt 46.76 168.22 64.13 66.29 65.29 Total Liabilities 3,069.02 2,656.00 2,039.45 1,623.51 1,159.76 Mar '13 Mar '12 Mar '11 Mar '10 Mar '09 12 mths 12 mths 12 mths 12 mths 12 mths Application Of Funds Gross Block 2,803.73 1,659.51 1,611.22 1,194.39 1,116.93 Less: Accum. Depreciation 701.84 650.47 554.03 486.93 494.02 Net Block 2,101.89 1,009.04 1,057.19 707.46 622.91 Capital Work in Progress 52.55 827.30 67.32 380.72 164.64 Investments 449.70 542.22 1,034.76 703.69 234.77 Inventories 1,480.79 1,264.42 1,071.76 763.14 546.71 Sundry Debtors 633.88 500.24 366.68 331.43 311.02
  30. 30. 30 Cash and Bank Balance 566.86 450.94 20.28 28.58 128.05 Total Current Assets 2,681.53 2,215.60 1,458.72 1,123.15 985.78 Loans and Advances 362.61 361.22 270.88 241.68 186.37 Fixed Deposits 0.00 50.03 0.19 0.02 0.21 Total CA, Loans & Advances 3,044.14 2,626.85 1,729.79 1,364.85 1,172.36 Deffered Credit 0.00 0.00 0.00 0.00 0.00 Current Liabilities 2,078.94 1,929.18 1,511.37 1,229.04 849.08 Provisions 500.32 420.23 338.24 304.17 185.84 Total CL & Provisions 2,579.26 2,349.41 1,849.61 1,533.21 1,034.92 Net Current Assets 464.88 277.44 -119.82 -168.36 137.44 Miscellaneous Expenses 0.00 0.00 0.00 0.00 0.00 Total Assets 3,069.02 2,656.00 2,039.45 1,623.51 1,159.76 Contingent Liabilities 464.28 414.71 505.87 223.80 356.87 Book Value (Rs) 315.08 259.36 205.93 162.35 114.10 Key financial ratio: Mar '13 Mar '12 Mar '11 Mar '10 Mar '09 Investment Valuation Ratios Face Value 10.00 10.00 10.00 10.00 10.00 Dividend Per Share 46.00 40.00 32.00 27.00 17.50 Operating Profit Per Share (Rs) 161.31 145.94 121.07 107.69 61.92 Net Operating Profit Per Share (Rs) 935.33 868.13 688.70 559.61 470.20 Free Reserves Per Share (Rs) -- 249.31 195.88 152.29 104.05 Bonus in Equity Capital 97.98 97.98 97.98 97.98 97.98 Profitability Ratios
  31. 31. 31 Operating Profit Margin(%) 17.24 16.81 17.57 19.24 13.16 Profit Before Interest And Tax Margin(%) 15.61 15.45 15.97 17.94 11.80 Gross Profit Margin(%) 15.83 15.61 16.14 18.11 11.90 Cash Profit Margin(%) 12.93 12.50 12.92 13.42 9.40 Adjusted Cash Margin(%) 12.93 12.50 12.92 13.42 9.40 Net Profit Margin(%) 11.54 11.38 11.61 14.29 7.97 Adjusted Net Profit Margin(%) 11.54 11.38 11.61 14.29 7.97 Return On Capital Employed(%) 50.38 52.24 55.73 62.94 49.35 Return On Net Worth(%) 34.74 38.52 39.24 49.73 33.10 Adjusted Return on Net Worth(%) 34.74 38.30 38.90 42.79 33.85 Return on Assets Excluding Revaluations 315.08 259.36 205.93 162.35 114.10 Return on Assets Including Revaluations 315.08 259.36 205.93 162.35 114.10 Return on Long Term Funds(%) 50.38 54.51 55.79 62.95 49.35 Liquidity And Solvency Ratios Current Ratio 1.18 1.07 0.93 0.89 1.13 Quick Ratio 0.61 0.57 0.34 0.38 0.59 Debt Equity Ratio 0.02 0.07 0.03 0.04 0.06 Long Term Debt Equity Ratio 0.02 0.02 0.03 0.04 0.06 Debt Coverage Ratios Interest Cover 50.60 50.66 74.05 74.27 55.04 Total Debt to Owners Fund 0.02 0.07 0.03 0.04 0.06 Financial Charges Coverage Ratio 54.76 53.34 75.34 56.68 39.57 Financial Charges Coverage Ratio Post Tax 39.51 38.94 54.22 44.73 27.37 Management Efficiency Ratios Inventory Turnover Ratio 6.06 7.56 7.08 7.95 9.80 Debtors Turnover Ratio 15.82 19.21 18.93 16.71 16.02 Investments Turnover Ratio 6.06 7.56 7.08 7.95 9.80 Fixed Assets Turnover Ratio 3.23 5.23 4.25 4.68 4.18 Total Assets Turnover Ratio 2.95 3.22 3.33 3.40 4.02 Asset Turnover Ratio 3.13 3.55 3.61 3.86 4.17 Average Raw Material Holding -- 40.96 48.61 42.69 33.13 Average Finished Goods Held -- 44.69 44.60 42.38 31.72 Number of Days In Working Capital 18.65 11.99 -6.53 -11.29 10.97 Profit & Loss Account Ratios Material Cost Composition 59.75 58.44 57.71 55.26 58.55 Imported Composition of Raw Materials Consumed 44.05 25.57 23.86 20.74 19.49 Selling Distribution Cost Composition -- 17.11 17.08 17.51 17.27 Expenses as Composition of Total Sales 0.61 0.50 0.66 0.64 0.64 Cash Flow Indicator Ratios Dividend Payout Ratio Net Profit 49.09 46.52 46.06 39.03 54.19 Dividend Payout Ratio Cash Profit 43.80 42.15 41.05 36.19 46.81 Earning Retention Ratio 50.91 53.21 53.54 54.64 47.00 Cash Earning Retention Ratio 56.20 57.63 58.63 58.43 54.09 AdjustedCash Flow Times 0.04 0.16 0.07 0.09 0.15
  32. 32. 32 Mar '13 Mar '12 Mar '11 Mar '10 Mar '09 Earnings Per Share 109.47 99.92 80.81 80.74 37.78 Book Value 315.08 259.36 205.93 162.35 114.10 Source : Dion Global Solutions Limited

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