jaypee infra

7/27/2019 Jaypee Infra

1/59

Company name

Management - Jaypee InfratechName DesignationManoj Gaur Chairman & Managing DirectorSameer Gaur Joint Managing DirectorRekha Dixit Whole Time DirectorM J Subbaiah DirectorB K Goswami DirectorR C Vaish DirectorS C Gupta DirectorB B Tandon DirectorAnand Bordia DirectorSunil Kumar Sharma Vice ChairmanRakesh Sharma Managing & Wholetime DirectorSachin Gaur Wholetime Director & CFOR N Bhardwaj DirectorB Samal DirectorS Balasubramanian DirectorArun Balakrishnan Director

Har Prasad DirectorK P Nair Director

MARKET CAP (RS CR) 2,430.63FACE VALUE (RS) 10.00

Industry : Constructio


2/59

Jaypee Infratech Ltd.& Infrastructure


3/59

Company Secretary

Sanjay Kumar Gupta

Registered & Corporate Office

Sector 128Distt. Gautam Budh Nagar NOIDA-201 304Uttar PradeshTel.: +91-120-4609000 Fax: +91-120-4609464

Registrar and Transfer AgentKarvy Computershare Private Limited Plot No. 17 t

Tel.:1-800-345 4001Fax : +91 40 2342 0814


4/59

Auditors

R. Nagpal Associates Chartered Accountants

Website & E-mail Address

www.jaypeeinfratech.com, jpinfratech.investo


5/59

The construction industry plays an important role in the development of a coIts significance to the Indian economy can be gauged by its growing contributo 7.9 percent in 201011. Additionally, the construction industry creates anmore than 40 million people.

By 2020, India is expected to emerge as the worlds third-largest constructiourbanization will fuel this growth.

While the long-term outlook for the construction industry appears very positiRising interest costs, stagnating orders, a slowdown in new government projchallenges the industry is facing.

The Companys ability to foresee and manage business risks is crucial in acGiven the huge gap between infrastructure demand and supply in a rapidly

Cautionary StatementCertain statements in the Management Discussion & Analysis Report detailiThese statements being based on certain assumptions and expectation of f

Threats

The Companys business is significantly dependent on the general economiIt is apparent from the historical facts that all the infrastructure road projectsworked out various probable solutions to the same for timely control.


6/59

untrys infrastructure, which is a key engine of economic growth.tion to gross domestic product (GDP)from 5.1 percent in 200102annual asset base of US$80 billion and generates employment for

n market. Large infrastructure investments and growing

e, concerns have been raised about its immediate future.ects and an increasing number of stalled projects are just some of the

ieving favorable results. While management is positive about Companys lorowing economy like India, all businesses relating to urban infrastructure, po

g the Companys objectives, projections, estimates, expectations or predictiture event, actual results could differ materially from those expressed or im

condition, activity in this region and government policy relating to infrastructhave inherent threats from the farmers and inhabitants of the areas/villages t

Industry Analysis

Risks


7/59

g term outlook, the initial traffic on the expressway and the annual traffic gr wer, roads & water, education, health, recreation etc. would witness significa

ns may be forward looking statements within the meaning of applicable seclied. Important factors that could make a difference to the Companys operat

ure development projects. The real estate development industry is highly frahrough which the road/expressway passes. The upcoming movement and pr


8/59

wth shall need to be monitored closely with due focus on project management growth over a sustained period.

rities laws and regulations.ions include economic conditions affecting domestic demand supply conditio

mented. Moreover, the Company is operating in a highly competitive enviroogress of the roads is affected by the farmers protest in regard to the land ac


9/59

t and delivery of its projects being undertaken on Land for Development.

ns, finished goods prices, changes in Government Regulations and Tax regi

ment where demand and supply in the urbanized sector may influence the equisition, compensation for land acquired and the toll charges etc. Moreover,


10/59

e etc. The Company assumes no responsibility to publically amend, modify

ternal business environment in which the Company operates.with the growth of population and traffic, certain new problems creep up and


11/59

or revise any forward looking statements on the basis of subsequent develo

become threat to the operation of said project. The Company is always seiz


12/59

ments, information or events.

d of such threats and has


13/59

2011 2012 2013

EQUITY AND LIABILITIESShareholders Funds

Share Capital 1388.93 1388.93 1388.93Reserves and Surplus 3374.00 4388.71 4791.23Money received against share warrant 0.00 0.00 0.00

4,763 5,778 6,180

Long-term borrowings - Secured 6209.85 6535.23 7234.42Long-term borrowings - Unsecured 58.27 109.93 248.04

Deferred tax liabilities (Net) 0.00 0.00 0.00Other Long term liabilities 0.54 2.81 3.53Long term provisions 26.73 97.61 117.64

6,295 6,746 7,604Current Liabilities

Short-term borrowings 0.00 0.00 0.00(b) Trade payables 194.93 696.38 776.44(c) Other current liabilities 2375.03 2642.98 3775.06(d) Short-term provisions 597.16 911.93 1039.44

3,167 4,251 5,591

Total 14,225 16,775 19,375

ASSETSNon-current assets

(a) Fixed assets(i) Tangible assets 16.39 27.28 28.52(ii) Intangible assets 0.00 0.00 9618.64(iii) Capital work-in-progress 6830.57 9202.62 0.00(iv) Intangible assets under development 0.00 0.00 330.77

6,847 9,230 9,978

(b) Non-current investments 0.00 0.00 205.43(c) Deferred tax assets (net) 0.00 0.00 0.00(d) Long term loans and advances 1071.18 1207.65 1039.03(e) Other non-current assets 2.58 12.42 6.04

1,074 1,220 1,250Current assets

Balance Sheet


14/59

(a) Current investments 0.00 0.00 0.00(b) Inventories 3337.74 4528.35 5707.85(c) Trade receivables 537.89 409.55 363.42(d) Cash and cash equivalents 1850.85 541.60 254.44(e) Short-term loans and advances 543.93 827.21 897.17

(f) Other current assets 34.31 17.83 923.416,305 6,325 8,146

Total 14,225 16,775 19,375


15/59

2011

REVENUERevenue from Operations 2778.70Other Income 19.93Total Revenue 2,799EXPENSESCost of Sales 921.47Employee Benefits Expenses 8.60Other Expenses 35.19EBIDTA 1,833.37Depreciation and Amortization Expenses Other 8.63EBIT 1,824.74

Finance Costs 10.10Profit Before Tax 1814.64Tax Expense:

Current tax 368.34 For earlier year 11.23 Excess Provision for Income Tax Written Bac 0.00Tax expenses of continuing operations 380Profit for the period 1,435Earning Per Equity Share (Face value of ` 10/- each)(1) Basic 10.48(2) Diluted 10.48

Tax rate 21%

Income Statement


16/59


17/59

2012 2013

3155.90 3274.3413.03 17.863,169 3,292

1459.79 1658.2412.67 29.3334.26 110.06

1,662.21 1,494.581.59 14.92

1,660.62 1,479.66

63.22 611.501597.40 868.16

319.61 173.700.00 0.00

-11.94 0.00308 174

1,290 694

9.29 59.29 5

19% 20%


18/59

Particulars(A) CASH FLOW FROM OPERATING ACTIVITIES:Net Profit before Tax as per Profit & Loss AccountAdd Back:

(a) Depreciation(b) Interest & Finance Charges(c) Deficit on Loss of Asset

Deduct:(a) Interest Income(b) Profit on sale of Assets

Operating Profit before Working Capital ChangesDeduct:

(a) Increase in Inventories(b) Increase in Trade Receivables(c) Increase in Other Current Assets

Add(a) Decrease in Inventories(b) Increase in Current Liabilites(c) Decrease in Short Term Loan & Advances(d) Decrease in Other Current Assets(e) Decrease in Trade Receivables

Cash Generated from OperationsDeduct:

(a) Tax Paid (including Wealth Tax)(b) Dividend Paid (including Dividend Distribution Tax)

CASH INFLOW/(OUTFLOW) FROM OPERATING ACTIVITIES

(B) CASH FLOW FROM INVESTING ACTIVITIES:Inflow:

(a) Interest Income(b) Sale of Fixed Assets(c) Insurance Claim Receipts(c) Foreign Currency Rate Differenced) Decrease in Long Term Loan & Advances


19/59

(e) Decrease in Other Non Current Assets

Outflow:(a) Increase in Fixed Assets (including Capital work in progres(b) Increase in Long Term Loan & Advances

(c) Increase in Other Non Current Assets(d) Initial Public Offer Expenses

CASH INFLOW/(OUTFLOW) FROM INVESTING ACTIVITIES

(C) CASH FLOW FROM FINANCING ACTIVITIES:Inflow:

(a) Proceeds from issue of Share Capital (including Securities(b) Long-Term Borriwings -Secured(c) Long-Term Borriwings -UnSecured(d) Other Long-Term Laibilities

Outflow:(a) Repayment of Borrowings(b) Interest Paid(c) Non Current Investment

CASH INFLOW/(OUTFLOW) FROM FINANCING ACTIVITIES

NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVAL

CASH AND CASH EQUIVALENTS AS AT THE BEGINNING OCASH AND CASH EQUIVALENTS AS AT THE END OF THE Y


20/59

2010-11 2011-12 2012-13

1814.64 1597.40 868.16

8.63 1.59 14.9210.10 63.22 611.50

0.01 0.02 0.0019 65 626

14.50 10.17 16.210.00 0.00 0.53

15 10 171,819 1,652 1,478

1206.10 931.32 907.85435.26 0.00 0.00

30.94 0.00 905.581,672 931 1,813

0.00 0.00 0.00686.44 733.50 1112.22614.21 43.98 108.04

0.00 16.48 0.000.00 128.34 46.13

1,301 922 1,2661447.24 1643.05 930.80

471.29 327.26 178.01121.47 161.43 80.71

593 489 259854 1,154 672

14.50 10.17 16.210.85 0.01 0.050.04 0.00 0.000.00 0.00 0.530.00 0.00 168.62

Cashflow Statement


21/59

0.00 0.00 6.3915 10 192

1225.01 1810.84 764.221071.18 136.47 -1.21

2.58 9.84 0.0057.75 0.00 0.002,357 1,957 763

-2,341 -1,947 -571

1650.00 0.00 0.001688.85 365.53 4896.41

58.27 51.66 138.110.54 2.55 0.68

3,398 420 5,035

1200.00 40.15 4197.22643.14 896.23 1020.58

0.00 0.00 205.431,843 936 5,4231,555 -517 -388

68 -1,309 -287

1782.97 1850.85 541.601850.85 541.60 254.44


22/59

Name Formula 2011

Core Ratios :

Return on Sales PAT / Sales 51%Asset Turnover Sales / Total Assets 0.20Asset Leverage Total Assets / Equity 2.99Return on Equity PAT / Equity 30%

Profitability :

Gross Profit / Sales 67%Net Operating Profit / Sales 65%Profit Before Tax / Sales 65%

Return on capital EmployedEBIT / (Shareholder's Funds +Long Term Borrowings ) 17%

Return on Invested Capital

EBIT*(1 - Tax) / (Short TermBorrowings + Long TermBorrowings + Shareholder'sFunds) 13%

Return on Assets EBIT / Total Assets 13%

Operating Efficiency :

Inventory Days Inventory / COGS 1322.09Trade Receivables (Debtor) D (Debtors / Sales) * 365 70.15Creditors Days Creditors / COGS 77.21

Funding GapInventory Days (B24) + DebtorDays (B25) - Creditor Days (B26) 1315.03

Working Capital Turnover Sales / Net Working Capital 0.89

Financial Structure :

Current Ratio Current Aseets / Current Liabilities 1.99

Quick Ratio (Acid Test)( Current Assets - Inventories ) /Current Liabilities 0.94

Working Capital in Crores Current Assets - Current Liabilities


23/59

Gross Gearing

(Short Term + Long TermBorrowings) / Shareholder'sFunds 1.32

Net Gearing

(Short Term + Long TermBorrowings - Cash - MarketableSecurities) / Shareholder's Funds 0.93

Solvency (Times Interest Earn EBIT / Interest Expenses

Total Equity / Total Assets 0.33

Market Related Ratios :

No. of Shares Issued & Outst Rs. 2 per share 1388933497Current Share Price (BSE) 58.15

Market Capitalization (BSE)

No. of Shares (B44) * Current

Share Price (B45) 8076.6Earnings Per Share PAT / No. of Shares 10.3P/E Ratio Price per share / EPS 5.63Market Price / Book Value 0.00

Enterprise Value (EV)Market Capitalization + ShortTerm + Long Term Borrowings 14345

EV / EBITDA 0.00000078

Growth Formulas :

R = Retained Earnings / SalesNet Profit - Dividends - MinorityInterest / Sales 51%

G = Sales GrowthT = Current Asset / Sales 2.25Growth Funded by RE (R / G) * T

Profit Margin (P) Net Profit / Sales 0.51

Retained Earnings (R)Net Profit - Dividends - MinorityInterest / Sales 0.51

Asset Turnover (A) 0.20

Asset Equity (T) Total Assets / Creditors 72.98Sustainable Growth P*R*A*T 3.77


24/59

2012 2013

41% 21%0.19 0.172.90 3.1322% 11%

54% 49%52% 45%50% 26%

13% 11%

11% 9%10% 8%

1132.25 1256.3747.17 40.29

174.12 170.90

1005.30 1125.761.53 1.29

1.49 1.46

0.42 0.44


25/59

1.15 1.21

1.06 1.17

0.34 0.32

1388933497 138893349750.35 39.55

6993.3 5493.29.3 5.05.42 7.910.00 0.00

13638 129760.00000082 0.00000087

41% 21%13.2% 3.9%

2.00 2.476.14 13.42

0.41 0.21

0.41 0.210.19 0.17

24.09 24.950.75 0.19


26/59


27/59

2013-14 2014-15 2015-16

1,433.31 1,576.66 1,734.0115.26 16.76 18.76

1,448.57 1,593.43 1,752.77-903.45 724.28 796.71545.12 2,317.71 2,549.48

0.14 0.2 0.26214.23 235.66 259.16759.49 2,553.57 2,808.90


28/59

2010-11 2011-12 2012-13

Initial sales 2,798.6 3,168.9 3,292.2

Sales growth 13% 4%Costs of goods sold/Sales 33% 46% 50%Depreciation rate 53% 6% 52%SG&A/Sales 2% 3% 23%Interest Received on Cash 1% 2% 6%Marginal tax rate 21% 19% 20%Fixed assets increase 10.89 1.25Capital WIP Increase 2372.04 -9202.62Intangibles increase 0.00 9618.64Current assets/Sales 225% 200% 247%Current liabilities/Sales 113% 134% 170%Long Term Borrowings / Sales(sec) 222% 206% 220%Long Term Borrowings / Sales(unsec) 2% 3% 8%Short Term Borrowings / Sales 0% 0% 0%Deferred tax Liabilities / Sales 0% 0% 0%Deferred tax Assets / Sales 0% 0% 0%Long Term Loans & Advances / Sales 38.28% 38.11% 31.56%New Equity 1,015 403Cash / Total Assets 13% 3% 1%Debtors / Sales 19% 13% 11%Creditors / COGS 21% 48% 47%Inventory / COGS 3.62 3.10 3.44

Actual


29/59


30/59

2011 2012 2013

EQUITY AND LIABILITIESShareholders Funds

Share Capital 1388.93 1388.93 1388.93Reserves and Surplus 3374.00 4388.71 4791.23Money received against share warrant 0.00 0.00 0.00

4,763 5,778 6,180

Long-term borrowings - Secured 6209.85 6535.23 7234.42Long-term borrowings - Unsecured 58.27 109.93 248.04

Deferred tax liabilities (Net) 0.00 0.00 0.00Other Long term liabilities 0.54 2.81 3.53

Long term provisions 26.73 97.61 117.646,295 6,746 7,604

Current LiabilitiesShort-term borrowings 0.00 0.00 0.00(b) Trade payables 194.93 696.38 776.44(c) Other current liabilities 2375.03 2642.98 3775.06(d) Short-term provisions 597.16 911.93 1039.44

3,167 4,251 5,591

Total 14,225 16,775 19,375

ASSETSNon-current assets

(a) Fixed assets(i) Tangible assets 16.39 27.28 28.52(ii) Intangible assets 0.00 0.00 9618.64(iii) Capital work-in-progress 6830.57 9202.62 0.00(iv) Intangible assets under development 0.00 0.00 330.77

6,847 9,230 9,978

(b) Non-current investments 0.00 0.00 205.43(c) Deferred tax assets (net) 0.00 0.00 0.00(d) Long term loans and advances 1071.18 1207.65 1039.03(e) Other non-current assets 2.58 12.42 6.04

1,074 1,220 1,250

Balance Sheet

Actual


31/59

Current assets(a) Current investments 0.00 0.00 0.00(b) Inventories 3337.74 4528.35 5707.85(c) Trade receivables 537.89 409.55 363.42(d) Cash and cash equivalents 1850.85 541.60 254.44

(e) Short-term loans and advances 543.93 827.21 897.17(f) Other current assets 34.31 17.83 923.41

6,305 6,325 8,146

Total 14,225 16,775 19,375


32/59


33/59

5069.99 5576.99 6134.69507.00 557.70 613.47196.65 214.67 233.96

900.00 925.00 950.00569.21 692.77 831.73

7242.84 7967.13 8763.84

19,665 21,467 23,396


34/59


35/59


36/59

2013 2013-14 2014-15 2015-16

3274.34 3585.21 3943.73 4338.1017.86 36.21 39.84 43.823,292 3621.42 3983.56 4381.92

1658.24 1448.57 1593.43 1752.7729.33 362.14 398.36 438.19

110.06 362.14 398.36 438.191,494.58 1,448.57 1,593.43 1,752.77

14.92 15.26 16.76 18.761,479.66 1,433.31 1,576.66 1,734.01

611.50 362.14 398.36 438.19868.16 1071.16 1178.31 1295.81

173.700.000.00174 214.23 235.66 259.16694 857 943 1,037

55

20% 20% 20% 20%

Forecast


37/59

Name Formula 2011

Core Ratios :

Return on Sales PAT / Sales 51%Asset Turnover Sales / Total Assets 0.20Asset Leverage Total Assets / Equity 2.99Return on Equity PAT / Equity 30%

Profitability :

Gross Profit / Sales 67%Net Operating Profit / Sales 65%Profit Before Tax / Sales 65%

Return on capital EmployedEBIT / (Shareholder's Funds +Long Term Borrowings ) 17%

Return on Invested Capital

EBIT*(1 - Tax) / (Short TermBorrowings + Long TermBorrowings + Shareholder'sFunds) 13%

Return on Assets EBIT / Total Assets 13%

Operating Efficiency :

Inventory Days Inventory / COGS 1322.09Trade Receivables (Debtor) D (Debtors / Sales) * 365 70.15Creditors Days Creditors / COGS 77.21

Funding GapInventory Days (B24) + DebtorDays (B25) - Creditor Days (B26) 1315.03

Working Capital Turnover Sales / Net Working Capital 0.89

Financial Structure :

Current Ratio Current Aseets / Current Liabilities 1.99

Quick Ratio (Acid Test)( Current Assets - Inventories ) /Current Liabilities 0.94

Working Capital in Crores Current Assets - Current Liabilities 3,138


38/59

Gross Gearing

(Short Term + Long TermBorrowings) / Shareholder'sFunds 1.32

Net Gearing

(Short Term + Long TermBorrowings - Cash - MarketableSecurities) / Shareholder's Funds 0.93

Solvency (Times Interest Earn EBIT / Interest Expenses

Total Equity / Total Assets 0.33

Market Related Ratios :

No. of Shares Issued & Outst Rs. 2 per share 1388933497Current Share Price (BSE) 58.15

Market Capitalization (BSE)

No. of Shares (B44) * Current

Share Price (B45) 8076.65Earnings Per Share PAT / No. of Shares 10.3P/E Ratio Price per share / EPS 5.63Market Price / Book Value 0.00

Enterprise Value (EV)Market Capitalization + ShortTerm + Long Term Borrowings 14345

EV / EBITDA 0.000000782

Growth Formulas :

R = Retained Earnings / SalesNet Profit - Dividends - MinorityInterest / Sales 51%

G = Sales GrowthT = Current Asset / Sales 2.25Growth Funded by RE (R / G) * T

Profit Margin (P) Net Profit / Sales 0.51

Retained Earnings (R)Net Profit - Dividends - MinorityInterest / Sales 0.51

Asset Turnover (A) 0.20

Asset Equity (T) Total Assets / Creditors 72.98Sustainable Growth P*R*A*T 377%


39/59

0%

10%

20%

30%

40%

50%

60%

70%

80%

2012

G R O W

T H


40/59


41/59

1.15 1.21 1.22 1.25 1.28

1.06 1.17 1.19 1.22 1.25

0.34 0.32 0.34 0.33 0.33

1388933497 1388933497 1388933497 1388933497 138893349750.35 39.55 41.5275 43.603875 45.78406875

6993.28 5493.23 5767.89 6056.29 6359.109.3 5.0 6.17 6.79 7.465.42 7.91 6.73 6.42 6.130.00 0.00 0.00 0.00 0.00

13638 12976 13916.09 15019.31 16218.420.000000820 0.000000868 0.000000961 0.000000943 0.000000925

41% 21% 24% 24% 24%13.2% 3.9% 10% 10% 10%

2.00 2.47 2.00 2.00 2.006.14 13.42 4.73 4.73 4.73

0.41 0.21 0.24 0.24 0.24

0.41 0.21 0.24 0.24 0.240.19 0.17 0.18 0.19 0.19

24.09 24.95 38.79 38.49 38.1475% 19% 40% 40% 40%

GROWTH MODEL


42/59

2013 2013-14 2014-15 2015-16


43/59

2011 2012 2013

Return on Sales 51% 41% 21%

2011 2012 2013

Asset Leverage 2.99 2.90 3.13

0%

10%

20%

30%

40%

50%

60%

2011 2012 2013 2013-14

2.75

2.80

2.85

2.90

2.95

3.00

3.05

3.10

3.15

3.20

2011 2012 2013 2013-14


44/59

2011 2012 2013

Return on capital Employed 17% 13% 11%

2011 2012 2013

Gross Profit / Sales 67% 54% 49%

2011 2012 2013

Return on Invested Capital 13% 11% 9%

0%

2%

4%

6%

8%

10%

12%

14%

16%

18%

2011 2012 2013 2013-14

0%

10%

20%

30%

40%

50%

60%

70%

80%

2011 2012 2013 2013-1


45/59

0%

2%

4%

6%

8%

10%

12%

14%

2011 2012 2013 2013-14


46/59


47/59

2013-14 2014-15 2015-16

10% 10% 10% Return on Assets

2013-14 2014-15 2015-16

50% 50% 50% Net Operating Profit / S

2013-14 2014-15 2015-16

8% 8% 8% P/E Ratio

2014-15 2015-16

Series1

4 2014-15 2015-16

Series1


48/59

2014-15 2015-16

Series1


49/59

2011 2012 2013 2013-14 2014-15 2015-16

0.20 0.19 0.17 0.18 0.19 0.19

2011 2012 2013 2013-14 2014-15 2015-16

30% 22% 11% 13% 13% 13%

0.16

0.16

0.17

0.17

0.18

0.18

0.19

0.19

0.20

0.20

2011 2012 2013 2013-14 2014-15 2015-16

Series1

0%

5%

10%

15%

20%

25%

30%

35%

2011 2012 2013 2013-14 2014-15 2015-16

Series1


50/59

2011 2012 2013 2013-14 2014-15 2015-16

13% 10% 8% 7% 7% 7%

2011 2012 2013 2013-14 2014-15 2015-16

65% 52% 45% 40% 40% 40%

2011 2012 2013 2013-14 2014-15 2015-16

5.63 5.42 7.91 6.73 6.42 6.13

0%

2%

4%

6%

8%

10%

12%

14%

2011 2012 2013 2013-14 2014-15 2015-16

Series1

0%

10%

20%

30%

40%

50%

60%

70%

2011 2012 2013 2013-14 2014-15 2015-16

Series1


51/59

0.00

1.00

2.00

3.00

4.00

5.00

6.00

7.00

8.00

9.00

2011 2012 2013 2013-14 2014-15 2015-16

Series1


52/59

Particulars 2011

Operating Free Cashflow / Total Debt

Net Profit After Tax / Total De 0.229Total Debt / Total Assets 0.441

Particulars 2011

Profit after Tax 1435.06Depreciation & Ammortizatio 8.63

Gross Cashflow 1443.69

Gross Cashflow / Current Deb 0.230Profit Before Tax / Capital Em 0.101Equity / Current Liabilities 0.439Tangible Net Worth / Total Li 0.098Working Capital / Total Asset 0.221

Bathory Score 0.218

Particulars 2011

Working Capital / Total Asset 0.221Retained Earnings / Total Ass 0.237

LoH -

Nam

BeBatZ S

Sprin

Beav

Bath

Altma


53/59

EBIT / Total Assets 0.128Market Value of Equity / Book 1.289Sales / Total Assets 0.197

Altman's Z-Score 1.990

Particulars 2011

Working Capital / Total Asset 0.221EBIT / Total Assets 0.128PBT / Current Liabilities 0.573Sales / Total Assets 0.393

Springate Score 1.1565

Particulars 2011

Average Inventories / SalesAverage Receivables / Average InventoriesCash & Equivalents / Total As 0.130Quick Assets / Current Liabiliti 0.937

Income from continuingoperation(EBIT) / (TotalAssets - Current Liabilities) 0.165Long Term Debt / (TotalAssets - Current Liabilities) 0.567Sales / (Net Working Capital + 0.887

Y

Probability of Bankruptcy

Particulars 2011

Retained Earnings / Total Ass 0.237

H - F

Sprin

Lo


54/59


55/59

2012 2013 2013-14 2014-15 2015-16

2060.762 3624.056 759.490 2553.571 2808.904

0.194 0.093 0.105 0.105 0.1050.396 0.386 0.414 0.418 0.421

2012 2013 2013-14 2014-15 2015-16

1289.72 694.46 856.93 942.65 1036.651.59 14.92 15.26 16.76 18.76

1291.32 709.38 872.19 959.41 1055.41

0.194 0.095 0.107 0.107 0.1070.077 0.036 0.044 0.044 0.0440.327 0.248 0.295 0.268 0.2440.083 -0.425 -0.469 -0.477 -0.4800.124 0.132 0.129 0.130 0.131

0.161 0.017 0.021 0.015 0.009

2012 2013 2013-14 2014-15 2015-16

0.124 0.132 0.129 0.130 0.1310.262 0.247 0.269 0.270 0.269

git Analysisactor Model

of the Models

ver's Modelhory Modelcore Model

gate Analysis

r's Model

ry Model

's Z-Score


56/59

0.099 0.076 0.073 0.073 0.0741.052 0.734 0.708 0.676 0.6450.189 0.170 0.184 0.186 0.187

1.661 1.367 1.381 1.367 1.352

2012 2013 2013-14 2014-15 2015-16

0.124 0.132 0.129 0.130 0.1310.099 0.076 0.073 0.073 0.0740.376 0.155 0.228 0.228 0.2270.378 0.340 0.368 0.371 0.375

0.8303 0.6087 0.6540 0.6579 0.6625

2012 2013 2013-14 2014-15 2015-16

1.405 1.615 1.637 1.470 1.4700.120 0.076 0.081 0.100 0.1000.032 0.013 0.010 0.010 0.0100.423 0.436 0.462 0.462 0.462

0.133 0.107 0.096 0.097 0.098

0.531 0.543 0.545 0.550 0.5571.509 1.274 1.412 1.412 1.411

-1.46955483 -1.26388437 -1.16163369 -1.19751696 -1.22639837

81.30% 77.97% 76.16% 76.81% 77.32%

2012 2013 2013-14 2014-15 2015-16

0.262 0.247 0.269 0.270 0.269

ctor Model

ate Model

it Model


57/59

0.378 0.340 0.368 0.371 0.3751.196 1.065 1.032 1.135 1.2480.329 0.545 0.102 0.313 0.3130.396 0.386 0.414 0.418 0.4210.253 0.289 0.239 0.241 0.243

1.436 1.455 1.485 1.525 1.5740.312 0.342 0.311 0.311 0.3110.051 0.005 0.009 0.008 0.007

-2.29 -2.03 -2.60 -2.29 -2.25


58/59

Particulars AAA AA

EBIT Interest Coverage 23.8 13.6

EBITDA Interest Coverage 25.3 17.1Free Operating Cashflow / Total Debt 167.8 77.5Funds From Operations / Total Debt 104.1 41.1Return on Capital 35.1 26.9Operating Income / Sales 24.6 23.4Long-Term Debt / Capital 13.3 28.2Total Debt / Capital including short term 6.2 34.8

Particulars 2011 2012

EBIT Interest Coverage 180.590 26.265EBITDA Interest Coverage 181.444 26.290Free Operating Cashflow / Total Debt 0.00% 31.01%Funds From Operations / Total Debt 29.09% 24.06%Return on Capital 14.08%Operating Income / Sales 65.51% 52.45%Long-Term Debt / Capital 56.82% 53.49%Total Debt / Capital including short term 56.82% 53.49%

Particulars 2011 2012AVG Capital Employed 15499.98AVG Current Liabilities 3709.20AVG Short Term Debt 0

Median

For the Company


59/59

A BBB BB B CCC

6.9 4.2 2.3 0.9 0.4

9.4 5.9 3.1 1.6 0.943.2 34.6 20 10.1 2.925.4 16.9 7.9 2.6 -0.916.8 13.4 10.3 6.7 2.318.2 14.7 15.8 13.9 11.433.9 42.5 57.2 69.7 68.839.8 45.6 57.2 74.2 101.2

2013 2013-14 2014-15 2015-16

2.420 3.958 3.958 3.957 BBB2.444 4.000 4.000 4.000 BBB

48.43% 9.32% 28.49% 28.49% BBB11.80% 13.33% 13.33% 13.33% BBB11.25% 9.97% 10.09% 10.20% BBB45.40% 40.00% 40.00% 40.00% AAA54.77% 54.95% 55.52% 56.21% BBB54.77% 54.95% 55.52% 56.21% BBB

2013 2013-14 2014-15 2015-16

18074.61 19519.97 20566.02 22431.654921.11 5149.39 4943.24 5437.56

0 0 0 0

Scores

jaypee infra

Documents