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COMPANY ANALYSIS

HINDUSTAN SANITARYWARE &


INDUSTRIES LIMITED
INTRODUCTION:

The Company was incorporated as Hindustan Twyfords Ltd. in 1960 by the Somanyfamily in collaboration
with Twyfords Ltd., UK, to introduce vitreous china ceramic sanitaryware in India.

The Company changed its name to Hindustan Sanitaryware & Industries Limited in 1969 and has since been
popularly known as ‘HSIL’. In March 2009, the company name changed to HSIL Limited".

HSIL Limited, vastly recognised by its brand hindware, a leading name in the Indian market is a company
driven by innovation. Its complete focus on crafting unforgettable bathing experiences, developing
contemporary bathroom solutions for over five decades with products that make life better has set new trends
each year.

The unequivocal trait of HSIL, being the very ‘best and first’, in its domain began with the introduction of
Vitreous China Sanitaryware to the Indian consumer in 1962. And, it was just the beginning! Searching for
new approaches and ideas in bathroom product design led to the birth of brand hindware. Its growing portfolio
of excellent brands; hindware Italian Collection, hindware Art along with hindware encompasses pristine
ceramic bathroom fixtures (water-closets, bidets, washbasins, and urinals), series of tech-smart taps/faucets,
tiles, vents, wellness & kitchen appliances is a testament of its growth and commitment.

HSIL’s other brands; Raasi (1999) and Benelave (2011) address the ‘value for money’ category. While brand
Amore (2013) offers premium wellness products.

Set up in 1960 as Hindustan Twyfords Ltd, with a technological collaboration with Twyfords UK, the
company was renamed to Hindustan Sanitaryware& Industries Limited in 1969.

HSIL Limited as we know today, reformed the way the India sanitaryware market was operating.
Synonymous with design and quality, after establishing its reputation in the bathroom products vertical,
diversified into glass. The company acquired Associated Glass Industries Limited (AGI) in 1981and entered
the glass bottle manufacturing sector. 2011 saw PET bottles added to its portfolio with Garden Polymers
Private Limited (GPPL) coming under its umbrella.

In 2007 HSIL Limited expanded its business portfolio further and Hindware Home Retail Pvt Limited
(HHRPL) was incorporated. HHRPL, a 100% subsidiary of HSIL Limited, launched brand EVOK a chain of
large retail format stores, offering home interiors &décor merchandise. There are 18 EVOK stores pan India
at present.
HSIL Limited is among India’s top 500 companies as listed in the ‘Fortune India 500’ 2014 list. Superlative
design, stylish flair and unbeatable quality is at the heart of HSIL’s business philosophy.

PRODUCT PORTFLIO:

The Company is the most respected sanitaryware manufacturer in India today.

 It diversified into the manufacture of glass containers through the acquisition of Associated Glass
Industries Limitedin 1981.

 It widened its product basket with a range of bathroom and kitchen appliances products, leveraging the
power of the Hindware brand.

 It expanded in the retail business of Speciality Home Interior Solutions in 2007 through a wholly
owned subsidiary, called Hindware Home Retail Pvt. Ltd. (HHRL). Its first store commenced
operations in May 2008 under the ‘EVOK’ brand.

MISSION :

To enrich quality of people’s lives by ensuring that they live in a clean, hygienic and healthy
environment.

VISION:

To co-create a world, with courage, integrity and inspiration, where each of us can live a better,
cleaner, nourishing life.

SUMMARY:

 Hindware has been recognized as a Super brand consecutively for the last four years.
 Hindware manufactures ten sanitaryware ware pieces every two minutes; 310 every hour and 2.7
million each year.
 Possesses the most committed distribution network in India's building products industry.
 AGI Glasspac has a capacity to produce 953 million bottles per annum and the capability to
manufacture 400 different products in three colours.
 AGI's second container glass manufacturing facility at Bhongir, A.P. has a capacity of manufacturing
690 million pieces per annum bringing the total capacity to 1643 million pieces per annum.
 For the year ending March 2017,HSIL has declared an equity dividend of 200% amounting to toRs 4
per share.
 At current share price of Rs 419.25 this results in adividend yield of 0.095.
 The company has a good dividend track report and has consistently declared dividends for the last 5
years.

SOURCES OF FUNDS OF HSIL

Source of funds for the company are equity share capital, reserves and loans.

YEAR Mar '17 Mar '16 Mar '15 Mar '14


Total Share
14.46 14.46 14.46 13.21
Capital
Equity Share
14.46 14.46 14.46 13.21
Capital
Reserves 1,435.58 1,486.60 1,421.23 1,108.27
Secured Loans 546.93 285.61 357.54 780.92

Unsecured Loans 295.86 198.06 187.81 138.75

Total Debt 842.79 483.67 545.35 919.67


Total Liabilities 2,292.83 1,984.73 1,981.04 2,041.15
Source:www.moneycontrol/financials / hsil/balance-sheet/hs102.

1. In 2014 the equity share capital of the company is 13.21 crores , then in 2015 it is 14.46 ,then in 2016 14.46
,then in 2017 it is 14.46. the equity share capital is almost remain constant in all the 4 years it means the
company is not issuing equity share to increase the equity share capital ,this was not beneficial for the long
term growth of the company.

2.In the given data the reserves of a company in 2014 is 1108.27, in 2015 it is 1421.33 ,in 2016 it is 1486.60,
in 2017 it is 1435.so, the reserves of the company is increasing continuously . so, the company is investing
more in company’s project because of more retaining. It means is investing more in the projects by giving less
amount to the shareholder.

3. In the year 2014 the company is having is secured loans of 780.92 , in 2015 it is 357.54 ,in the year 2016 it
is 285.61,in the year 2017 it is 546.93. so the company’s secured loan amount is decreasing as company is
taking less risk regarding about interest but in last year its secured loans is increases by double amount as
compared to last year means the company is taking risk by backing up their asset, so this sudden increase by
big amount may put lots of interest burden on the company and may leads to wind up of business.
4. In the year 2014 the unsecured loan is 138.75,in 2015 it is 187.81, in 2016 it is 198.06 ,in 2017 it is
295.86.so we can say clearly from the data that the company is taking more risk by taking more personal loan
without the use of property as a collateral for the loan.so, this continuous increase in unsecured loans may put
lots of debt burden on the company in future.

COMPARISON COST OF CAPITAL

Cost of capital is the cost of funds used to finance a business. Typically, corporations obtain financing through
a combination of issuing equity in the form of shares, and by taking on debt through borrowing from banks or
issuing bonds. The people who provide a company with its capital also want to earn a return on their
investment. Combined, those factors comprise a company’s overall cost of capital.

The cost of debt is the interest a company pays. The cost of equity is the compensation investor’s demand in
exchange for owning a company’s shares. The overall cost of capital is the weighted average of a company’s
capital sources, also known as the weighted average cost of capital, or WACC.

The cost of capital is used to discount future cash flows from potential projects and estimate their net present
value. Companies want an optimal financing mix. Debt has tax advantages over equity financing. But too
much debt results in high leverage, leading to high interest rates to compensate lenders for the risk of higher
default.

Businesses use cost of capital to analyse whether or not to proceed with a project. As long as the cost of
capital is below the rate of return that the company earns by using its capital, it’s a good investment. If the
capital needed to make money exceeds the amount of money the capital will generate, it’s a bad investment.

COST OF EQUITY (comparative analysis and interpretation)

The cost of equity is the minimum rate of return that company must earn on its investments as to maintain the
market value of shares. Companies have to reward shareholders for the risk that other investments will pay a
higher return. Typically, the cost of equity is higher when the overall stock market is strong, or when the
company is seen as volatile. The rate of return that investors seek may come from two possible sources. In
some cases, they receive dividends, which provide an immediate reward for their ownership. Or the stock
could experience appreciation, enabling them to profit when they sell shares.

• COST OF EQUITY is calculated as Ke = D/P + g


• Where D = dividend per share
• P = current market price
• g = growth in dividend
COST OF EQUITY (HSIL Vs CERA SANITARYWARE)

COST OF EQUITY (HSIL Vs CERA SANITARYWARE)


YEARS 2016-17 2015-16 2014-15 2013-14 2012-13
Equity share dividend 34.81 28.92 25.32 19.81 19.81
Net proceed (equity share capital) 14.46 14.46 14.46 13.21 13.21
Cost of equity (Ke) 2.4 2 1.75 1.49 1.49

Source: http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02

Note: The above calculation is done without consideration of tax and growth.

As we know that cost of equity is minimum return that firm must earn on its investment. From the table we
can analysed that 2012-13 and 2013-14 the rate of return on equity was 1.49% and over the year it gradually
increase 1.75% in the year 2014-15 and 2% in the year 2015-16 which shows the company has on project
which is giving them correct rate of return show that the share price of market is unchanged and finally in the
year 2016-17 huge increase in rate of return which implies company is getting proper rate of return and its
regularly to distribution dividend to shareholders from over period 2012-13 to 2015-16.

Note: The above calculation is done without consideration of tax and growth.After looking the table of
competitor we analyzed that 2012-13 and 2013-14 the rate return on equity 0.799% and 1% which is much

lower as compare to HSIL in the year 2012-13 and 2013-14 as CERA SANITARYWARE rate of return on
equity investment is less the amount of dividend paid is less as compare to HSIL in 2014-15 and 2015-16 cost
of equity is 1.25% and 1.8% which is marginally low as compare to HSIL and in the year they did not any
dividend to shareholders the change of change in market price of the share.

COST OF EQUITY (CERA SANITARYWARE)


YEARS 2016-17 2015-16 2014-15 2013-14 2012-13
Equity share dividend 0 11.71 8.13 6.33 5.06
Net proceed (equity share capital) 6.5 6.5 6.5 6.33 6.33
Cost of equity(Ke) 0 1.8 1.25 1 0.79

Source: http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02
COST OF DEBT

Cost of debt is the interest a company pays on its borrowings. It is expressed as a percentage rate. In addition,
cost of debt can be calculated as a before-tax rate or an after-tax rate. Because interest is deductible for income
taxes, the cost of debt is usually expressed as an after-tax rate.

(HSIL Vs CERA SANITARYWARE)

COST OF DEBT (HSIL CO LTD)


YEARS 2016-17 2015-16 2014-15 2013-14 2012-13
Interest on debentures (finance 33.36 38.22 73.55 67.89 63.94
cost)
Total debt ( long-term borrowing) 339.09 208.37 357.11 547.32 578.23
Cost of debt (Kd) 9.83 18.34 20.5 12.4 11.5
Source: http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02

Note: The above calculation is done without consideration of tax

From the table we analyzed that in the year 2012-13 and 2014-15 the amount capital raised through debt for
HSIL is more which is around 578.33cr,544.32cr but the interest on debt 63.94cr and 67.89cr which implies
that they raised debt at cheaper source of finance in year 2012-13 and 2013-14 the cost of debt is 11.5 and
12.4 (before tax) which implies that they raised capital at cheaper source and paid low rate of interest on debt
in the year 2014-2015 the rate of interest on debt was high as compare to year 2012-13 and 2013-14 that is
why in year 2014-15 they paid high interest and year 2015-16 the amount of capital raised through debt was
less because it focus more on debt but in again 2016-17 they raise capital through debt because they got
cheaper rate of interest .

YEARS 2016-17 2015-16 2014-15 2013-14 2012-13


Interest on debentures (finance 7.09 6.44 7.73 5.46 3.44
cost)
Total debt ( long-term borrowing) 0 5.34 14.24 9 14.89
Cost of debt (Kd) 0 1.20 0.54 0.60 0.23
Source: http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02

From the above table we analysised that CERA SANITARYWARE more dependent on raised capital trough
equity rather then debt CERA SANITARYWARE have minimum capital through debt at lower rate of interest
thus the cost of capital is less as compare to HSIL.
WEIGHT AVAERGE COST OF CAPITAL

The weighted average cost of capital (WACC) is the rate that a company is expected to pay on average to all
its security holders to finance its assets. The WACC is commonly referred to as the firm’s cost of capital.
Importantly, it is dictated by the external market and not by management. The WACC represents the
minimum return that a company must earn on an existing asset base to satisfy its creditors, owners, and
otherproviders of capital, or they will invest elsewhere.

Note: The above calculation is done without consideration of tax.

WEIGHT AVERAGE COST OF CAPITAL OF HSIL PVT. LTD. (2017)


Amount Proportion Cost of capital WACC
Equity 14.46 0.041 0.024 0.00098
Debt 339.09 0.959 0.098 0.094
Total 353.55 1 WACC (total) 0.095

WEIGHT AVERGAE COST OF CAPITAL OF CERA SANITARY LTD. (2017)


Amount Proportion Cost of capital WACC
Equity 6.50 1 0 0
Total 6.50 1 WACC (total) 0
Source: http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02

Note: The above calculation is done without consideration of tax.

The WACC of HSIL is more than CERA SANITARYWARE which shows that HSIL ltd has more
complicated capital structure and is more risky than CERA SANITARYWARE.

A high weighted average cost of capital, or WACC, is typically a signal of higher risk associated with a firm's
operations. Investors tend to require additional return to assume additional risk. A company's WACC can be
used to estimate the expected costs for all of its financing sources. This includes payments made on debt
obligations, or cost of debt financing, and the required rate of return demanded by ownership, or cost of
equity financing.

The WACC of CERA SANITARYWARE is zero because in the previous year cost of equity is also zero as
divined is not distributed to the shareholders.
SUGGESTION FOR CONTROLLING THE COSTS:

As far as Cost of equity and debt for HSIL ltd and CERA SANITARYWARE ltd is concerned, the figures and
facts reflects that both the business are considered as normal but still to be more effective in nature the
following steps are to be taken into consideration.

 Revising Capital Structure: Both the companies should have control over its capital structure, means
targeting an optimal capital structure. Where more debt is issued, the cost of debt (Kd) increases, and
as more equity is issued, the cost of equity (Ke) increases.
 Optimum Investment Policy: If the companies change its investment policy relative to its risk, both
the cost of equity and debt changes, so there has to optimum policy.
 Proper Dividend Policy: The companies should also have control over its pay-out ratio, because the
pay-out ratio of the company increases the breakpoint between lower-cost internally generated equity
and newly issued equity is lowered.
 The company can increase the owners’ equity and reduce outsider’s equity. The company can focus on
maximum utilisation of reserves rather than going for unsecured loans and paying huge amount of
interest.

Strategies that can be employed are increasing sales profitability, better management of inventory and
restructuring debt.The most logical step a company can take to reduce its debt to capital ratio is that of
increasing sales revenues and profitability. This can be achieved by raising prices, increasing sales or
reducing costs. The extra cash generated can then be used to pay off existing debt.Another measure that
can be taken to reduce the debt to capital ratio is more effective management of inventory. Inventory can
take up a very sizable amount of a company's working capital. Maintaining unnecessarily high levels of
inventory beyond what is required to fill customer orders in a timely fashion is a waste of cash flow.

Restructuring debt provides another way to increase capital and reduce the debt to capital ratio. If a company
is largely financed at high interest rates, and current interest rates are significantly lower, the company can
seek to refinance its existing debt at lower rates. This will reduce both interest expenses and monthly
payments, improving the company's bottom-line profitability and improve cash flow.
DIAGNOSING THE CAPITAL STRUCTURE AND IMPLICATION OF RELEVANT MODEL:
Capital structure is the mix of company’s long-term debt, specific short-term debt and common equity. The
capital structure is how a firm finances its overall operations and growth by using different sources of funds.
Now here to analyze the capital structure of HSIL Pvt. Ltd and identify the real capital structure we will
follow the two methods given bellow:

 Components of Capital Structure (HSIL Pvt. Ltd):


The capital structure of the HSIL Pvt. Ltd. can be divided into two separate parts depending on the
long term sources of Found used by them these components are shareholders fund and borrowed fund.
 Shareholders Fund: In components of capital structure, shareholder's funds (owned capital) means
funds provided or contributed by the owners. It is also known as owned capital or ownership capital.
This component includes the equity, preference and retained earnings where HSIL Pvt. Ltd. Company
wants to expand their business as if they have taken outsider loan and there total debt also increase so
near future they will be dealing with more products and also it will be benefit for the shareholder so as
their interest would increase.
 Equity Capital: Equity share capital represents the ownership capital of the HSIL Pvt. Ltd. Company.
It is the permanent capital and cannot be withdrawn during the lifetime of the company. They are the
real risk bearers, but they also enjoy rewards. Their liability is restricted to their capital contributed. In
2013 equity capital was low and in 2014 it was increased and further it remains constant so it indicates
that their shareholder dividend remain constant.
 Borrowed Fund: Borrowed capital is the amount which is raised by way of loans or credit. Various
parts of borrowed capital include debenture, term loan and many other but as far as HSIL Pvt. Ltd. is
concerned it used only the loan for raising the fund.

 Authorized and Issued Capital :

Class Of Authorized Issued Capital


From Year To Year
Share Capital (Cr.) (Crores) Face Value
2016 2017 Equity Share 22.25 14.46 2
2015 2016 Equity Share 22.25 14.46 2
2014 2015 Equity Share 22.25 14.46 2
2013 2014 Equity Share 20.00 13.21 2
2012 2013 Equity Share 20.00 13.21 2
25

20
Axis Title 15 Authorised Capital
10 issued capital
5 Face value
0
2016-17 2015-16 2014-15 2013-14 2012-13
Axis Title

Source: http://www.hindwarehomes.com/pdf/2016-2017.pdf
http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02

 Authorized capital: The maximum equity capital a company can raise, which is mentioned in the
Memorandum of Association and Articles of Association of the Company. However, share premium is
excluded from the definition of authorized capital here in case of HSIL Pvt. Ltd the amount is always
greater than Issued capital.
 Issued capital: Issued Capital is the amount of nominal value of share held by the shareholders. It is
the face value of the shares that have been issued to the shareholders. Issued share capital and share
premium represent the amount invested by the shareholders in the company. It is also known as the
subscribed capital or subscribed share capital so now if we see the issued capital of HSIL Pvt. Ltd It
says that the range of the issued capital by the shareholder is comparatively higher as compared to
competitor.
 Face Value: is the amount at which the shares of the company are issued the more the face values the
more the return would be for the company.
 Earnings per Shares: The earnings per share ratio (EPS ratio) measure the amount of a company's net
income that is theoretically available for payment to the holders of its common stock. EPS figure is very
important for actual and potential common stockholders because the payment of dividend and increase in
the value of stock in future largely depends on the earnings of the company. EPS is the most widely
quoted and relied figure by investors.

Component Years Ratio


Earnings Per Share 2016-17 14.25
2015-16 16.14
2014-15 14.70
2013-14 8.51
2012-13 15.01
Sales

22% 21%

2016-17

12% 2015-16
24% 2014-15
2013-14
21%
2012-13

Source: http://www.hindwarehomes.com/pdf/2016-2017.pdf
http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02
 Analysis and Interpretation :

From 2012-13 earning of the company was increase because there was less competition in the market
and year by year earning was increase but after 2016 earning was started reducing because of the
competition so company thought of expanding their products and for that they have taken outsider
funds.

 CAPITAL STRUCTURE OF HSILPVT. LTD.

Mar 17 Mar 16 Mar 15 Mar 14 Mar 13

Equity Share Capital


1445.97 1445.97 1445.97 1320.97 1320.97

Reserve and Surplus 68,451.04


61,376.91 54,358.03 47,414.50 44,184.51

Share Premium 21,144.82


45,497.87 45,497.87 45,497.87 21,144.82

Business
Reconstruction
29,608.83 30,419.59 42,267.37 42,267.37 42,267.37
Reserve

Loan Fund 1,08,085.5


74,099.96 64,157.30 76,454.52 95,639.66
4
Deferred Tax
Liability 20,768.33 20,759.32 10,449.86 11,540.41 11,008.86

Other Long Term


Liabilities (including
interest bearing trade 1,216.74 82.74 186.57 201.02 228.95
deposits)

Long Term
Provision 957.37 781.14 724.52 422.11 393.11

Total 2,32,396.7
2,42,046.11 2,24,520.84 2,31,384.71 2,16,188.25
4
EPS (Face Value 2/-) 14.25 16.08 15.70 8.51 15.01
EBIT 18,301.41 22,299.52 22,579.79 16,541.24 17,902.65
Source: http://www.hindwarehomes.com/pdf/HSIL-AR-2015-16_090816-Final.pdf

http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02#HSI02

Cost of equity (Ke) 2.4 2 1.75 1.49 1.49


Cost of debt (Kd) 9.83 18.34 20.5 12.4 11.5
Source http://www.moneycontrol.com/financials/hsil/balance-sheetVI/HSI02#HSI02

 Implication & Relevance of the Structure Model:

By understanding the whole capital structure of HSIL Pvt. Ltd we have come to the conclusion that the
model which is going to be implemented or in other language the model which fit for the whole cost of
capital and capital structure of this particular company decided on the following parameters.

 By analyzing the effects of capital structure one form of capital needs to be replaced with another form.
 Maximization of value of the firm is consistent with maximization of shareholders’ wealth
 Company shows mixed growth that sometime value of firm in increasing and sometime its decreasing
also.

On the basis of the above statements we suggest that the Traditional Approach would be implemented where it
fit the overall capital structure and cost of capital of HSIL Pvt. Ltd.
Model Used : The company has used a mixture of equity shares, reserves and Debt. There is no use of
Preference shares. Also, the debt used is less than share capital and mostly reserves of the company have been
used.

 Traditional Approach Model:

1. Company is using debt along with the equity.

2. Overall Cost of Capital will remain constant irrespective of method of financing .

3. Increased use of debt increases financial risk of equity shareholders and Cost of Equity increases.

4. cost of debt and cost of equity is constant and also increasing. When debt is increases after some time
the equity also increases and shareholder demanding higher return.

The Capital structure of the company depends mainly on the sources of funds available to it and its main aim
is to :

1. Maximise the value of the firm.


2. Minimise the average cost of capital.

 it can be seen that the use of reserves is more than the debt and share capital in the firm. It may be due
to the investors decision or the company wants to rise its credibility in market.
 But it can be seen that the use of debt is initially rising every year due to which the profits of the
company are risings, thus rising the earnings per share and the overall cost of capital is decreasing.
Here, the company is using the concept of financial leverage. But in the year 2015-2016 the value of
debt is decrease and company started using reserves and surplus.
 Also, the cost of equity is almost constant i.e. 20% every year as per the profit and loss statement given
by the company.
 With the more use of reserves every year, it can be said that the company may pay less dividend and
retain most of its profit with it so to use it for further investment and growth of the company.
 In future also, the shareholders may not get enough dividend on their investments and this happened.
As per the present information available, the company has not paid any dividend in the last few years.
SUGGESTIONS & RECOMMENDATION

So finally we have analyzed the overall capital structure and cost of capital for HSIL Pvt. Ltd there are some
suggestions and recommendations which HSIL Pvt. Ltd should follow in order to be more efficient as
compare to competitors.

 The company should utilize the debt fund more efficiently to maximize shareholder’s Return on
investment.

 For an optimal capital structure of HSIL Pvt. Ltd there should be the best combination of debt-to-
equity ratio that maximizes its value. Where the optimal capital structure for a company could also
help HSIL Pvt. Ltd to have a balance between the ideal debt-to-equity ranges and minimizes the cost
of capital. In theory, debt financing generally offers the lowest cost of capital due to its tax
deductibility

 HSIL Pvt. Ltd is spite being a cash rich company having loads of unsecured loans so it should be paid
off to make it an agile company.

 HSIL Pvt. Ltd Company should review the structure of its debt in a bid to reduce the WACC. The
option of capital restructuring involves substituting debt for equity, because it translates to lower costs
after taxation such as the process of raising equity attracts marginal cost of capital that is, the cost of
raising new capital in addition to equity risk premium. The change of capital structure to accommodate
more debt than equity eliminates these costs and reduces WACC .

 HSIL Pvt. Ltd as growing firm should move from secured debt to unsecured debt in order to free their
assets because the interest rate in unsecured loan is less.

 The HSIL Pvt. Ltd should try to increase the profit before interest and tax so that the investments in the
firms are attractive as the investors would like to invest only where the return is higher.

 The HSIL Pvt. Ltd can invest in marketable securities to improve its cash positions and liquidity
positions for long run and for short run as well.
Balance Sheet of HSIL ------------------- in Rs. Cr. -------------------
Mar 17 Mar 16 Mar 15 Mar 14 Mar 13
Equity Share Capital 14.46 14.46 14.46 13.21 13.21
Total Share Capital 14.46 14.46 14.46 13.21 13.21
Reserves and Surplus 1,435.58 1,486.60 1,421.23 1,108.27 1,075.97
Total Reserves and Surplus 1,435.58 1,486.60 1,421.23 1,108.27 1,075.97
Total Shareholders Funds 1,450.04 1,501.06 1,435.69 1,121.48 1,089.18
NON-CURRENT LIABILITIES
Long Term Borrowings 339.09 208.37 357.11 547.32 578.23
Deferred Tax Liabilities [Net] 207.68 100.98 104.50 115.40 110.09
Other Long Term Liabilities 35.69 20.35 17.99 15.44 13.98
Long Term Provisions 9.57 7.99 4.71 4.22 3.93
Total Non-Current Liabilities 592.05 337.68 484.31 682.38 706.22
CURRENT LIABILITIES
Short Term Borrowings 503.70 275.30 188.23 372.35 325.55
Trade Payables 196.60 145.63 128.51 137.10 131.67
Other Current Liabilities 342.25 360.78 405.74 363.85 269.18
Short Term Provisions 2.98 43.18 39.37 27.63 25.03
Total Current Liabilities 1,045.53 824.89 761.85 900.93 751.43
Total Capital And Liabilities 3,087.62 2,663.64 2,681.84 2,704.78 2,546.83
ASSETS
NON-CURRENT ASSETS
Tangible Assets 1,476.26 1,472.74 1,531.56 1,452.30 1,381.76
Intangible Assets 30.85 21.03 27.98 34.93 1.46
Capital Work-In-Progress 151.58 62.53 33.54 119.31 61.61
Fixed Assets 1,658.69 1,556.29 1,593.08 1,606.54 1,444.84
Non-Current Investments 35.04 155.77 144.49 132.74 197.07
Long Term Loans And Advances 18.32 40.73 27.87 49.80 48.15
Other Non-Current Assets 169.78 0.27 1.36 1.70 1.55
Total Non-Current Assets 1,881.83 1,753.07 1,766.79 1,790.78 1,691.60
CURRENT ASSETS
Current Investments 104.55 0.00 0.00 0.00 0.00
Inventories 492.50 454.68 435.71 405.73 362.07
Trade Receivables 397.17 387.21 406.75 409.38 351.10
Cash And Cash Equivalents 143.82 18.10 23.96 58.47 79.20
Short Term Loans And Advances 1.40 48.89 46.59 38.49 61.58
OtherCurrentAssets 66.35 1.69 2.03 1.94 1.28
Total Current Assets 1,205.79 910.57 915.05 914.01 855.23
Total Assets 3,087.62 2,663.64 2,681.84 2,704.78 2,546.83
OTHER ADDITIONAL INFORMATION
CONTINGENT LIABILITIES,
COMMITMENTS
Contingent Liabilities 207.95 30.62 353.38 340.47 470.23
CIF VALUE OF IMPORTS
Raw Materials 265.59 136.12 99.70 80.85 95.14
Stores, Spares And Loose Tools 0.00 12.45 12.83 7.12 13.00
Trade/Other Goods 0.00 121.87 131.27 85.53 60.53
Capital Goods 38.47 6.31 9.95 10.94 30.23
EXPENDITURE IN FOREIGN EXCHANGE
Expenditure In Foreign Currency 304.06 19.79 24.88 33.82 27.10
EARNINGS IN FOREIGN EXCHANGE
FOB Value Of Goods 52.02 60.70 54.76 26.39 34.00
Other Earnings - - - - -
BONUS DETAILS
Bonus Equity Share Capital 4.85 4.85 4.85 4.85 4.85
NON-CURRENT INVESTMENTS
Non-Current Investments Unquoted
35.04 155.75 144.46 132.72 197.05
Book Value

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