AC Choksi Share Brokers Private Limited

A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research |Initiation Report|MINING MOILApril 26, 2011Exhibit 93 -Ratio AnalysisKEY RATIOSParticulars FY06 FY07 FY08 FY09 FY10 FY11 E FY12 EGrowth (%)Gross Sales 25.4% 133.9% 31.8% -25.1% 32.4% 6.8%Net Sales 26.0% 134.2% 32.3% -25.0% 32.2% 6.8%EBITDA 14.7% 283.7% 30.6% -34.5% 45.8% 1.9%EBIT 14.1% 306.1% 30.0% -35.6% 47.0% 4.3%PBT 17.0% 271.4% 37.0% -29.8% 41.2% 6.6%PAT 16.2% 251.5% 49.6% -32.5% 43.6% 6.6%Gearing Ratio (X)Debt to Equity 0 0 0 0 0 0 0Coverage Ratios (X)Interest Coverage - - - - - - -Yield (%)Dividend Yield 1.4% 2.1% 2.2%Margins (%)EBITDA 48.3% 44.0% 72.1% 71.1% 62.1% 68.5% 67.5%EBIT 44.8% 40.6% 70.4% 69.2% 59.5% 66.2% 64.6%PBT 51.0% 47.4% 75.2% 77.8% 72.9% 77.9% 77.8%PAT 34.1% 31.5% 47.2% 53.4% 48.0% 52.2% 52.1%Profitability (%)Operating Return on Asset (OROA) 37.9% 37.5% 88.5% 68.1% 33.2% 38.9% 31.4%Return on Asset (ROA) 26.8% 26.8% 58.0% 51.1% 25.7% 29.6% 25.0%Return on Equity(ROE) 31.9% 32.5% 74.5% 65.5% 31.1% 34.6% 28.9%Turnover (X)Total Asset turnover 0.8 0.9 1.2 1.0 0.5 0.6 0.5Fixed Asset turnover (Net Block) 5.4 5.7 7.2 6.6 4.8 6.1 5.0Fixed Asset turnover (Gross Block) 2.3 2.5 4.0 4.0 2.8 3.3 2.8Inventory Turnover 2.3 3.3 6.5 7.1 4.9 5.0 5.0Receivables Turnover 7.3 8.7 9.4 11.8 13.2 11.4 9.6Payables Turnover 2.5 2.1 1.7 1.8 1.5 1.7 1.8_____________________________________________________________________________________Source: MOIL, A C Choksi Institutional ResearchA C Choksi Institutional Researchresearch@acchoksi.com 60