AC Choksi Share Brokers Private Limited

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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
A C ChoksiShare Brokers Private LimitedA C Choksi Institutional Research |Initiation Report|MINING MOILApril 26, 2011Exhibit 94 -Du Pont Analysis & Valuation RatiosWCC,Per Share Data, Du-Pont Analysis & Valuation RatiosParticulars FY06 FY07 FY08 FY09 FY10 FY11 E FY12 EWorking Capital Cycle (Days)Inventory Days 157 112 56 51 75 73 73Debtor days 50 42 39 31 28 32 38Payable days 147 170 221 200 238 220 207Per Share ( `)Earnings 6.7 7.8 27.5 41.1 27.7 39.8 42.4DividendsBook Value 21.1 27.0 46.8 78.6 99.8 130.4 163.0Cash 13.0 19.1 36.2 73.3 88.5 118.4 145.1Du pont analysisPAT/Net worth(%) 31.9% 32.5% 74.5% 65.5% 31.1% 34.6% 28.9%Net profit Margin (%) 34.1% 31.5% 47.2% 53.4% 48.0% 52.2% 52.1%Asset turnover (X) 0.8 0.9 1.2 1.0 0.5 0.6 0.5TA/Networth 1.2 1.2 1.3 1.3 1.2 1.2 1.2Valuations (X)EV/EBITDA 8.3 5.1 4.4EV/Sales 5.2 3.5 3.0EV/Tonne 42,611 39,426 34,380P/E 13.9 9.7 9.1P/B 3.9 3.0 2.4Mcap/Sales 6.7 5.1 4.7Mcap/Total Assets 3.3 2.5 2.1Source: MOIL, A C Choksi Institutional Research_____________________________________________________________________________________A C Choksi Institutional Researchresearch@acchoksi.com 61
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AC Choksi Share Brokers Private Limited

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