The document provides details about Jaiprakash Associates Limited, an Indian infrastructure company. It analyzes the company's cash flows, profits, assets and returns over several years:
- Cash flows from operating activities have been declining while investing activities show negative returns, indicating stagnant growth. Financing activities show decreasing cash flow, making it difficult to acquire financing.
- Profits have increased but returns on assets (ROA) are decreasing as the company is unable to fully utilize its resources. Returns on equity (ROE) have increased as shareholders receive a fair return.
- The retention ratio and internal growth rate are declining as ROA decreases, meaning the company struggles to use internal resources for optimum growth.
IASBO 2012-The Audit, what to look for and what to communicate to your boardsbohnsack
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Bohnsack & Frommelt Presentation March 28, 2012 to the Iowa Association of School Business Officials.
The Audit-What to look for and what to communicate to your board.
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A du-pont analysis of automobile companiespriya1826dangi
ย
Do-Pont is the method of measuring the performance which was started by DuPont Corporation in 1920โs. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher return on equity (ROE). It is also known as "DuPont identity".
DuPont analysis tells us that ROE is affected by three things:
- Operating efficiency, which is measured by profit margin
- Asset use efficiency, which is measured by total asset turnover
- Financial leverage, which is measured by the equity multiplier
The Du-Pont analysis also called the Du-Pont model is a financial ratio based on the return on equity ratio that is used to analyze a company's ability to increase its return on equity. In other words, this model breaks down the return on equity ratio to explain how companies can increase their return for investors.
The Du-Pont analysis looks at three main components of the ROE ratio.
โข Profit Margin
โข Total Asset Turnover
โข Financial Leverage
Based on these three performances measures the model concludes that a company can raise its ROE by maintaining a high profit margin, increasing asset turnover, or leveraging assets more effectively
It is one of the strongest indicators for a financially successful company. ROE is a great tool for investors because it shows you what the return is on the portion of the company that belongs to equity. It is a simple calculation that quickly summarizes the ability of management to turn shareholder equity into profitable returns
There are two other indicators that would like to analyze in a company: profit margin and asset turnover. Ideally we would like to see a company with high numbers for both of these, but thatโs not always possible. It is a must that the company has at least one of these performing better than the industry standard. If the asset turnover is low, then the profit margin better be high (a specialty producer with a competitive advantage). If the profit margin is low, then the asset turnover better be high (a low cost provider with large market share).
In this report there is comparison between Five automobile companies i.e. Tata motors, Mahindra and Mahindra ,Maruti Suzuki, Hero MotoCorp, and Bajaj Auto through Do-Pont Model
The Du-Pont analysis is only the first step in analyzing the firmโs performance. The next step is to dig deeper into the differences between the firmโs performance and the benchmark against which it is being measured.
After analyzing these automobile companies I found that Hero MotoCorp maintaining highest ROE as per comparison of others automobile companies more effectively.
Additional analysis can include comparing additional financial ratios and common-size financial statements that facilitate comparisons between firms. Common-size financial statements express everything as a percentage of one financial statement parameter, such as sales on the income statement or total assets on the balance she
IASBO 2012-The Audit, what to look for and what to communicate to your boardsbohnsack
ย
Bohnsack & Frommelt Presentation March 28, 2012 to the Iowa Association of School Business Officials.
The Audit-What to look for and what to communicate to your board.
CapitalHeight Financial Services is a leading Stock Advisory Company, having a strong hold in providing most authentic and accurate Equity Tips as well as Commodity Tips.
We are a team of highly qualified and experienced analysts, who deliver their expertise in providing stock market calls for traders which include tips like Stock Tips, Commodity Tips, MCX Tips, Equity Tips and Intraday Tips. All services are provided through SMS and Instant Messenger.
Our research is based around these services :
โข Stock Tips
โข Commodity Tips
โข Equity Tips
โข Intraday Tips
โข NCDEX Tips
CapitalHeight always aim at providing services in accordance with the comfort levels of all traders and investors in stock market ranging from small investors to HNIโs, who trade in vast domain of share market such as Intraday, Index Trading (NIFTY & BANK NIFTY ), Equity Market, F&O, MCX, NCDEX.
For stock tips, mcx tips, commodity tips and equity tips, please visit our site at http://www.capitalheight.com or please call our 24/7 Customer Care Support us at +91 9993066624, 0731 - 4295 - 950
Or email us at: contact@capitalheight.com
A du-pont analysis of automobile companiespriya1826dangi
ย
Do-Pont is the method of measuring the performance which was started by DuPont Corporation in 1920โs. With this method, assets are measured at their gross book value rather than at net book value in order to produce a higher return on equity (ROE). It is also known as "DuPont identity".
DuPont analysis tells us that ROE is affected by three things:
- Operating efficiency, which is measured by profit margin
- Asset use efficiency, which is measured by total asset turnover
- Financial leverage, which is measured by the equity multiplier
The Du-Pont analysis also called the Du-Pont model is a financial ratio based on the return on equity ratio that is used to analyze a company's ability to increase its return on equity. In other words, this model breaks down the return on equity ratio to explain how companies can increase their return for investors.
The Du-Pont analysis looks at three main components of the ROE ratio.
โข Profit Margin
โข Total Asset Turnover
โข Financial Leverage
Based on these three performances measures the model concludes that a company can raise its ROE by maintaining a high profit margin, increasing asset turnover, or leveraging assets more effectively
It is one of the strongest indicators for a financially successful company. ROE is a great tool for investors because it shows you what the return is on the portion of the company that belongs to equity. It is a simple calculation that quickly summarizes the ability of management to turn shareholder equity into profitable returns
There are two other indicators that would like to analyze in a company: profit margin and asset turnover. Ideally we would like to see a company with high numbers for both of these, but thatโs not always possible. It is a must that the company has at least one of these performing better than the industry standard. If the asset turnover is low, then the profit margin better be high (a specialty producer with a competitive advantage). If the profit margin is low, then the asset turnover better be high (a low cost provider with large market share).
In this report there is comparison between Five automobile companies i.e. Tata motors, Mahindra and Mahindra ,Maruti Suzuki, Hero MotoCorp, and Bajaj Auto through Do-Pont Model
The Du-Pont analysis is only the first step in analyzing the firmโs performance. The next step is to dig deeper into the differences between the firmโs performance and the benchmark against which it is being measured.
After analyzing these automobile companies I found that Hero MotoCorp maintaining highest ROE as per comparison of others automobile companies more effectively.
Additional analysis can include comparing additional financial ratios and common-size financial statements that facilitate comparisons between firms. Common-size financial statements express everything as a percentage of one financial statement parameter, such as sales on the income statement or total assets on the balance she
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What is the banking industry? The banking industry includes systems of financial institutions called banks that help people store and use their money. Banks offer clients the opportunity to open accounts for different purposes, like saving or investing their money.
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Mergers and acquisitions are a very complex process, our Merger And Acquisition PowerPoint Presentation Slides can help you to explain this complex process in a simpler way. The merger is a consolidation of two companies into one, whereas acquisition takes place when one company takes over another company. Business valuation PowerPoint compete deck helps you portray the entire process as it contains a set of slides such as key steps, company overview, business, and financial overview, determining new growth market, types of inorganic opportunities, M&A criteria, identify targets, balance sheet KPIs, cash flow statement, financial projections, key financial ratios, liquidity and profitability ratios, activity and solvency ratios, M&A synergy framework, company valuation methodologies, valuation results, business due diligence process, post-merger integration framework, challenges and performance tracker etc. This strategic alliance Presentation template is useful for business as well as educational purposes. Download M&A valuation PPT slide to give a presentation in top-level organizational meetings. Spray your thoughts with our Merger And Acquisition Powerpoint Presentation Slides. Your audience will swoon with their heady aroma. https://bit.ly/3y8H2MI
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Presenting this set of slides with name - Mergers And Acquisitions Management PowerPoint Presentation Slides. This is a one stage process. The stages in this process are Merger And Acquisition Framework, Mergers And Acquisitions Management, Merger And Acquisition Model.
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www.seribangash.com
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Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
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https://seribangash.com/promotors-is-person-conceived-formation-company/
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Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
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Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
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DO-PONT & CASH FLOW ANALYSIS OF J P ASSOCIATES
1. INSTITUTE OF PROFESSIONAL EDUCATION AND
RESEARCH (IPER), BHOPAL
ASSIGNMENT OF FINANCIAL MANAGEMENT ON
JP ASSOCIATE MBA SEC-II GROUP-12
Submitted to-
Prof. Priya Dwivedi
Submitted by-
Sandeep Patel
Sandeep Rai
Sanjeev Malviya
3. INTRODUCTION
Civil Engineering
Initially, the Jaypee Group started as civil engineering contractors. Jaiprakash Associates Ltd.,
the flagship company of the Group, is a leader in Construction of river valley and hydropower
projects on turnkey basis for more than 4 decades. The company is currently executing various
projects in hydropower / irrigation / other infrastructure fields and has had the distinction of
executing simultaneously 13 hydropower projects spread over 6 states and the neighboring
country Bhutan for generating 10,290 MW of power. Jaypee Group undertakes projects
involving:-
Large quantities of rock excavation (both surface and underground)
Controlled earth/rock fill
Concrete manufacture and placement (including chilling)
Fabrication and erection of penstock liners
Hydro-mechanical equipment procurement and erection
Steel Structures
Expressway Construction
Real Estate Development
The projects that have been commissioned or in the advance stages of completion have been
undertaken by it either as a successful EPC contractor or as a Non EPC contractor. The group
also has secured three BOT contracts in the private hydropower generation sector after the
opening up of the doors by the Government of India in 1991 for private sector power generation
companies.
It is not an embellishment to state that over the past three decades the company has not only
successfully executed large and prestigious projects, but in this process has acquired a pool of
knowledge, skills and experience in their field of technological excellence.
The company has been assigned "CR 1" grade by ICRA Ltd indicating Very Strong Contract
Execution Capacity with best prospects of timely completion of projects without cost overruns,
etc. for hydropower EPC contracts of value greater than Rs.2500 Crores.
Civil Engineering
4. CASH FLOW STATEMENT ANALYSIS
The cash flow statement explains the change during the period in cash and cash
equivalents.
Cash includes currency on hand and demand deposits. Cash equivalents are short-term,
highly
Liquid investments those are readily convertible to cash.
The cash flow statement will summarize the cash flows so that net cash provided or used
by each of the three types of activities is reported. Beginning and ending cash must be
reconciled based on the net effect of these activities.
Components of a cash flow statement
Operating Activities
The statement provides information about the cash generated from a companyโs
daily operating activities. Operating activities are those which produce either
revenue or are the direct cost of producing a product or service.
Operating activities which generate cash inflows include customer collections from
sales of their primary products or services, receipts of interest and dividends, and
other operating cash receipts.
Operating activities which create cash outflows include payments to suppliers,
payments to employees, interest payments, payment of income taxes and other
operating cash payments.
Investing Activities
Investing activities include buying and selling noncurrent assets which will be used
to generate revenues over a long period of time; or buying and selling securities not
classified as cash equivalents.
Cash inflows generated by investing activities include sales of noncurrent assets
such as property, plant, and equipment. Investing activities can also include the
purchase or sale of stock and securities.
Lending money and receiving loan payments would also be considered investing
activities.
Financing Activities
Financing activities include borrowing and repaying money, issuing stock (equity)
and paying dividends.
For example, if you borrow funds to purchase equipment or pay off a loan, the cash
flow statement will enable you to determine how much cash was either generated or
used as a result of those transactions.
5. INTERPRETATION
Jaiprakash Associates
Cash Flow ------------------- in Rs. Cr. -------------------
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Net Profit Before Tax 1314.34 1754.51 2381.67 1250.98 843.35
Net Cash From Operating Activities 704.77 1207.58 185.32 523.12 1007.69
Net Cash (used in)/from
Investing Activities
-2948.10 -4919.20 -2949.12 -3712.66 -4225.27
Net Cash (used in)/from Financing
Activities
842.28 2294.97 3734.39 4259.04 3603.21
Net (decrease)/increase In Cash and
Cash Equivalents
-1401.05 -1416.65 970.59 1069.50 385.63
Opening Cash & Cash Equivalents 2423.28 3879.18 2908.59 1839.09 1429.81
Closing Cash & Cash Equivalents 1022.23 2462.53 3879.18 2908.59 1815.44
CASH FLOW ANALYSIS OF JP ASSOCIATE
Operating Activities
While analyzing cash flow, We found that Cash from operating Activity have been Declining
over the years. When compare from 2008 to 2009 almost Decrease in half the value of previous
years.
It tells us the firm needs a cash infusion.
Investing Activities
The cash flow statement puts investing activities into perspective. At one glance, we can see
wheather or not a surplus in operations is being used to grow the company.
A lack of investing activities, which is few purchases of new equipment or other assets, may
indicate stagnant growth or a diversion of funds away from the company.
It tells us the JP Associate Investment Activities provides Negative Returns
Financing Activities
While we made comparison between past periods shows a negative idea of the trend of JP
Associateโs business. Negative trends from (2008-12) in cash flow will discourage them to
consider long-term financing and also affects the ability to generate cash for repayment.
Decreasing cash flow will also make it difficult to acquire financing and to negotiate with
lenders.
6. Jaiprakash Associates
Profit & Loss account ------------------- in Rs. Cr. -------------------
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Income
Sales Turnover 13,408.07 13,539.72 10,497.25 6,100.82 4,326.87
Excise Duty 604.96 663.25 430.68 332.06 348.50
Net Sales 12,803.11 12,876.47 10,066.57 5,768.76 3,978.37
Other Income 264.49 865.04 1,595.17 389.12 271.60
Stock Adjustments -97.00 162.56 -83.10 66.16 23.78
Total Income 12,970.60 13,904.07 11,578.64 6,224.04 4,273.75
Expenditure
Raw Materials 1,826.75 1,636.98 1,709.89 1,068.36 816.41
Power & Fuel Cost 1,583.52 1,490.64 474.95 264.69 201.19
Employee Cost 661.32 595.72 453.35 330.79 255.27
Other Manufacturing Expenses 3,488.07 5,022.23 3,690.53 1,711.84 935.51
Selling and Admin Expenses 0.00 1,431.59 956.31 620.90 537.40
Miscellaneous Expenses 1,706.80 157.23 493.50 73.95 97.31
Preoperative Exp Capitalised 0.00 -307.63 -217.27 0.00 0.00
Total Expenses 9,266.46 10,026.76 7,561.26 4,070.53 2,843.09
Mar '12 Mar '11 Mar '10 Mar '09 Mar '08
12 mths 12 mths 12 mths 12 mths 12 mths
Operating Profit 3,439.65 3,012.27 2,422.21 1,764.39 1,159.06
PBDIT 3,704.14 3,877.31 4,017.38 2,153.51 1,430.66
Interest 1,781.74 1,515.41 1,158.28 584.75 383.70
PBDT 1,922.40 2,361.90 2,859.10 1,568.76 1,046.96
Depreciation 614.15 607.81 456.06 308.97 203.30
Other Written Off 0.00 0.42 4.40 0.33 0.31
Profit Before Tax 1,308.25 1,753.67 2,398.64 1,259.46 843.35
Extra-ordinary items 23.17 32.61 3.25 12.23 -0.06
PBT (Post Extra-ord Items) 1,331.42 1,786.28 2,401.89 1,271.69 843.29
Tax 288.10 600.82 673.31 353.97 233.68
Reported Net Profit 1,026.38 1,167.78 1,708.36 897.01 609.67
Total Value Addition 7,439.71 8,389.78 5,851.37 3,002.17 2,026.68
Preference Dividend 0.00 0.00 0.00 0.00 0.00
Equity Dividend 106.32 170.12 190.44 127.09 114.60
Corporate Dividend Tax 17.25 13.80 31.93 15.57 19.47
Per share data (annualised)
Shares in issue (lakhs) 21,264.33 21,264.33 21,246.35 11,838.01 11,715.22
Earning Per Share (Rs) 4.83 5.49 8.04 7.58 5.20
Equity Dividend (%) 25.00 40.00 54.00 50.00 50.00
Book Value (Rs) 57.86 43.24 38.58 52.27 33.22
8. INTERPRETATIONS
DU PONT ANALYSIS
The DuPont Analysis is an approach that breaks down ROE (Return on Equity) into a function
of 3 or 5 ratios that helps to see the impact of each ratio on ROE.
Return on assets (ROA)
It is a financial ratio that shows the percentage of profit that a company earns in relation to its
overall resources (total assets). Return on assets is a key profitability ratio which measures the
amount of profit made by a company per dollar of its assets.
It is decreasing over the period of time. The company is unable to utilise its resources.
Calculation (formula)
Return on assets is calculated by dividing a company's net income (usually annual income) by
its total assets, and is displayed as a percentage. There are two acceptable ways to calculate
return on assets: using total assets on the exact date or average total assets:
ROA = Net Income after tax / Total assets (or Average Total assets)
Return on equity (ROE)
is the amount of net income returned as a percentage of shareholders equity. It reveals how much
profit a company earned in comparison to the total amount of shareholder equity found on the
balance sheet.
It shows positive trend as it is increasing. The shareholders are receiving fare enough
through the investment in the JP Associate Company.
Calculation (formula)
Return on equity is calculated by taking a yearโs worth of earnings and dividing them by the
average shareholder equity for that year, and is expressed as a percentage:
ROE = Net income after tax / Shareholder's equity
9. Definition of 'Retention Ratio'
The per cent of earnings credited to retained earnings. In other words, the proportion of net
income that is not paid out as dividends.
Calculated as:
Retention Ratio is increasing over the years. This might be due to the fact that company is
diversifying itself.
Definition of 'Internal Growth Rate'(IGR)
The highest level of growth achievable for a business without obtaining outside financing. A
firm's maximum internal growth rate is the level at which growth from general business
operations can continue to fund and grow the company. For start-up firms and small business the
internal growth rate is an important ratio to follow, since it measures a firm's profitable increase
in top-line revenues.
IGR is declining over the period of time because of the ROA is also decreasing company is
struggling to make optimum uses of its internal Resources.
Definition of 'Sustainable Growth Rate โ( SGR ):
The maximum growth rate that a firm can sustain without having to increase financial leverage.
SGR = ROE *b/ 1 โ (ROE*b)
Where b is Retention Ratio
SGR is also negative over the years. It also affects the overall efficiency of the business.
With the Help of Du Pont Analysis, we have calculated ROI, ROE,ROA, RETENTION RATIO,
IGR, SGR.