Name

CEAT LIMITED

SUBMITTED BY:AKANKSHA ARORAPGDBMROLL NO.203

Managerial BS

CONSOLIDATED MANAGERIAL BALANCE SHEETCOMMON SIZE STATEMENTAll Amounts In Rupees Lakhs

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014WORKING NOTEPARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014LIABILITIESLIABILITIESShareholders Fund48838.1562920.7765349.8167761.2678546.59102861.061Shareholders Fund45.99%50.01%40.77%37.69%46.39%46.76%Net Deferred Tax Liabilities1630.382040.422555.372479.077863.3911483.563Net Deferred Tax Liabilities1.54%1.62%1.59%1.38%4.64%5.22%Preference Share Issued By Subsidiaries088.7823.0315.168.120Preference Share Application Money Pending Allotment0.00%0.07%0.01%0.01%0.00%0.00%Minority Interest01040.990003629.4Minority Interest0.00%0.83%0.00%0.00%0.00%1.65%Debt55717.9159736.292344.87109517.0582882.89102019.262Debt52.47%47.47%57.62%60.92%48.96%46.37%TOTAL106186.44125827.16160273.08179772.54169300.99219993.28TOTAL100.00%100.00%100.00%100.00%100.00%100.00%ASSETSASSETSIntangibles235.01438.908,410.808,502.728,272.128,490.624Intangibles0.22%0.35%5.25%4.73%4.89%3.86%Net Fixed Asset77303.5879647.85133075.06150152.73149005.28148016.184Net Fixed Asset72.80%63.30%83.03%83.52%88.01%67.28%Capital WIP1956.123400.8310995.781759.742737.338231.474Capital WIP1.84%18.60%6.86%0.98%1.62%3.74%Investments4266.714342.174295.543090.8258.860.435Investments4.02%3.45%2.68%1.72%0.03%0.00%Net Working Capital22425.0417997.412351.316486.23166948241.557Net Working Capital21.12%14.30%1.47%9.17%0.99%21.93%Long Term Working Capital001144.6-219.717558.47013.036Long Term Working Capital0.00%0.00%0.71%-0.12%4.46%3.19%TOTAL106186.44125827.16160273.08179772.53169300.99219993.28TOTAL100.00%100.00%100.00%100.00%100.00%100.00%

WORKING NOTES

1. Shareholder's Fund2008-20092009-20102010-20112011-20122012-20132013-2014Share Capital3424.353424.353424.353424.353424.353595.57Reserves & Surplus45413.859496.4261320.0463972.9474758.2799265.49Money Received Against Share Warrants00605.42363.97363.970Total48838.1562920.7765349.8167761.2678546.59102861.06

1 (a). Share Capital2008-20092009-20102010-20112011-20122012-20132013-2014Authorised600060006000600060006000Issued3424.423424.423424.423424.423424.423595.64Subscribed3424.353424.353424.353424.353424.353595.57Paid-Up3424.353424.353424.353424.353424.353595.571 (b). Reserves & Surplus2008-20092009-20102010-20112011-20122012-20132013-2014Capital Reserve271.45271.45271.45876.87876.871176.87Share Premium16523.6516523.6516523.6516523.6516523.6517808.3Capital Redemption Reserve390390390390390390Revaluation Reserve468.32058.52901.19901.19901.19General Reserve16915.9818530.9818700.9818700.9819800.9722,338.97Cash Flow Hedging Reserve0000-1.90-536.89Foreign Currency Translation Reserve0-94.27-185.09-395.24-20.56589.83Surplus In The Statement Of Profit And Loss (Retained Earnings)10844.423874.6125560.5326975.4936,288.0556,597.22Total45413.859496.4261320.0463972.9474758.2799265.49

2. Debt2008-20092009-20102010-20112011-20122012-20132013-2014Long Term Debt55717.9159736.260468.7557163.9542404.0542333.2Short Term Debt8796.517626.3731876.1252353.140478.8459686.06Total64514.4267362.5792344.87109517.0582882.89102019.262 (a). Long Term Debts2008-20092009-20102010-20112011-20122012-20132013-201440238Secured Term Loans33072.6527177.749282.6344199.8630520.1432861.6632565.55Unsecured Term Loans22645.2632558.511186.1212964.0911883.919471.545387.85Total55717.9159736.260468.7557163.9542404.0542333.227177.7

2 (b). Short Term Debts2008-20092009-20102010-20112011-20122012-20132013-201434797.02Secured Term Loan6739.785387.851042.491227.8739865.4950126.192238.52Unsecured Loans2056.732238.5230833.6351125.23613.359559.8732558.5Total8796.517626.3731876.1252353.140478.8459686.067626.3759736.23. Deferred Tax Liabilities (Net)2008-20092009-20102010-20112011-20122012-20132013-201467362.57Deferred Tax Assets002999.126895.855792.753324.46Deferred Tax LiabilitiesDifference Between Book And Tax Depreciation005511.439331.4613656.1414808.02Less : Deferred Tax On Revaluation Surplus0043.0643.4600Net Deferred Tax Liability002555.372479.077863.3911483.56

4. Net Fixed Assets2008-20092009-20102010-20112011-20122012-20132013-2014Tangible AssetsFreehold Land 40798.4541471.1942294.2243173.7143320.143527.03Leasehold Land2442.1823995898.25925.975813.085769.9Building9496.089448.4617249.5618539.6318465.4418236.63Plant & Equipments23868.5325768.8166934.9881515.880224.1779329.1Leased Plant & Equipments193.34161.69130.0498.42138.5041.25Furniture & Fixtures164.56142.06185.72342.76437.24471.92Office Equipments000224.64206.91254.76Vehicles340.44256.64382.34331.8399.84385.59Net Fixed Assets77303.5879647.85133075.06150152.73149005.28148016.18

Intangible AssetsSoftware235.01111.17118.87389.38362.25748.79Brand005512.515231.024949.534668.04Technical Knowhow00614832.29804.02803.05Goodwill On Consolidation0327.732048.032048.032156.322270.74Intangible Assets under Development00117.3920.000.00Add: Capital WIP1956.123400.8310995.781759.742737.338231.47Total79494.69103487.58152481.64160415.19160014.73164738.27

Total Investments2008-20092009-20102010-20112011-20122012-20132013-2014Non-Current Investments160.0541.7741.7858.8658.860.43Current Investments4106.664300.44253.763031.9600Total4266.714342.174295.543090.8258.860.435. Investments2008-20092009-20102010-20112011-20122012-20132013-2014Operating Investment0041.7858.8658.860.43Non-operating Investment4266.714342.174253.763031.9600Total4266.714342.174295.543090.8258.860.435 (a). Operating Investments2008-20092009-20102010-20112011-20122012-20132013-2014Investment in Associates0041.7858.8658.860.43Total0041.7858.8658.860.435 (b). Non-operating Investments2008-20092009-20102010-20112011-20122012-20132013-2014Investment in Mutual Funds4266.714342.174253.763031.9600Total4266.714342.174253.763031.96006. Long Term Working Capital2008-20092009-20102010-20112011-20122012-20132013-2014Non-Current Assets:a)Long Term Loans & Advances002207.86891.728066.158608.44b) Other Non-Current Assets00001057.281004.81Total002207.86891.729123.439613.25

Non-Current Liabilitiesa) Other Long Term Liabilities00111.54142.2142.2142.2b) Long Term Provisions00951.72969.231422.832458.02Total001063.261111.431565.032600.22Long Term Working Capital (NCA-NCL)001144.6-219.717558.47013.037. Net Working Capital2008-20092009-20102010-20112011-20122012-20132013-2014Current Assets:Inventories21941.6341719.958693.9660268.4755882.3775357.8Trade Receivables31870.8539032.9550173.5163664.6966284.9675453.22Cash & Bank Balances20151.8414097.794890.363595.9711207.6516787.32Short Term Loans & Advances7942.6410983.2912348.0813710.3410454.999245.91Other Current Assets00224.19579.751672.883420.74Total81906.96105833.93126330.1141819.22145502.85180264.99

Current Liabilities:Trade Payables29496.1765465.5976039.3266894.2579250.1569428.9Other Current Liabilities28205.4618451.845969.8856886.5657729.255417.88Short term provisions1780.293919.131969.61552.186854.57176.66Total59481.9287836.52123978.8125332.99143833.85132023.44Net Working Capital (CA-CL)22425.0417997.412351.316486.23166948241.55

Managerial P&L

CONSOLIDATED MANAGERIAL PROFIT AND LOSS STATEMENTCOMMON SIZE STATEMENTAll Amount In Rupees Lakhs

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014CAGRPARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014Gross Revenues From Operations275843.13303292.28388508.49497065.37547732.63604975.6918.84%Gross Revenues From Operations109.26%105.98%107.05%106.92%108.41%108.93%less: Excise Duty24473.8818249.628269.3635278.7246832.5354198.9831.28%less: Excise Duty9.69%6.38%7.79%7.59%9.27%9.76%Net Sales251369.25285042.68360239.13461786.65500900.1550776.7117.90%Net Sales99.56%99.60%99.26%99.33%99.14%99.17%Other Operating Income1100.041138.972693.373113.064321.374621.1541.93%Other Operating Income0.44%0.40%0.74%0.67%0.86%0.83%Total Operating Income252469.29286181.65362932.5464899.71505221.47555397.8618.03%Total Operating Income100.00%100.00%100.00%100.00%100.00%100.00%less: Cost of Goods Sold216834.9233012.77319151.21405285.51416247.66436204.8816.97%less: Cost of Goods Sold85.89%81.42%87.94%87.18%82.39%78.54%Gross Profit35634.3953168.8843781.2959614.288973.8099999999119192.9822.36%Gross Profit14.11%18.58%12.06%12.82%17.61%21.46%less: Selling, General & Administrative Expenses33592.0922500.7429621.635204.448191.8556071.7725.64%less: Selling, General & Administrative Expenses13.31%7.86%8.16%7.57%9.54%10.10%EBIDTA2042.330668.1414159.6924409.799999999940781.959999999963121.210000000119.78%EBIDTA0.81%10.72%3.90%5.25%8.07%11.37%less: Depreciation & Ammortisation2561.732749.333593.997280.2180628654.3433.20%less: Depreciation & Ammortisation1.01%0.96%0.99%1.57%1.60%1.56%EBIT-519.4327918.8110565.717129.589999999932719.959999999954466.870000000118.18%EBIT-0.21%9.76%2.91%3.68%6.48%9.81%less: Interest6552.565727.597995.8415600.7815011.5814184.6625.45%less: Interest2.60%2.00%2.20%3.36%2.97%2.55%add: Non Operating Income3395.722967.532519.761357.831767.121399.49-17.13%add: Non Operating Income1.35%1.04%0.69%0.29%0.35%0.25%less: Non Operating Expense40.95678.35903.16459.652825.72354.3-14.99%less: Non Operating Expense0.02%0.24%0.25%0.10%0.56%0.06%Profit Before Tax And Exceptional Items-3717.2224480.44186.462426.989999999916649.779999999941327.400000000113.99%Profit Before Tax And Exceptional Items-1.47%8.55%1.15%0.52%3.30%7.44%less: Exceptional Items000001003.93less: Exceptional Items0.00%0.00%0.00%0.00%0.00%0.18%Profit Before Tax-3717.2224480.44186.462426.989999999916649.779999999940323.470000000113.29%Profit Before Tax-1.47%8.55%1.15%0.52%3.30%7.26%less: Provision for Taxless: Provision for TaxCurrent Tax9.947489.34982.57679.783702.459629.66Current Tax0.00%2.62%0.27%0.15%0.73%1.73%MAT Credit Utilised/Available For Set-Off0000-3178.050MAT Credit Utilised/Available For Set-Off0.00%0.00%0.00%0.00%-0.63%0.00%Short / (Excess) Provision of Earlier Years-1188.5530.28-11.865.03-159.19-5.34Short / (Excess) Provision of Earlier Years-0.47%0.01%-0.00%0.00%-0.03%-0.00%Deferred Tax-1100.03443.12471.4-76.34265.583620.17Deferred Tax-0.44%0.15%0.13%-0.02%0.84%0.65%Fringe Benefit Tax172.5800000Fringe Benefit Tax0.07%0.00%0.00%0.00%0.00%0.00%Total Tax-2106.067962.741442.11608.514630.7913244.4913.56%Total Tax-0.83%2.78%0.40%0.13%0.92%2.38%Profit After Tax-1611.1616517.662744.351818.479999999912018.989999999927078.980000000113.15%Profit After Tax-0.64%5.77%0.76%0.39%2.38%4.88%less: Dividend On Subsidiary's Preference Share0137.5210.175.533.90less: Dividend On Subsidiary's Preference Share0.00%0.05%0.00%0.00%0.00%0.00%less: Minority Interest0132.487.5700-44.52less: Minority Interest0.00%0.05%0.02%0.00%0.00%-0.01%Profit After Tax, Minority Interest & Income from Associates-1611.1616247.742646.611812.949999999912015.089999999927123.500000000113.67%Profit After Tax, Minority Interest & Income from Associates-0.64%5.68%0.73%0.39%2.38%4.88%

WORKING NOTES1. Other Operationg Income2008-20092009-20102010-20112011-20122012-20132013-2014Sale of Scrap934.151004.071186.11516.761582.521456.37Royalty165.89134.9135.81181.32184.92216.49Government Grants01371.461196.92294.182140.32Others00218.08259.75807.97TOTAL1100.041138.972693.373113.064321.374621.15

2. COGS2008-20092009-20102010-20112011-20122012-20132013-2014Cost Of Raw Materials Consumed179913.24189177.48267505.09344927.16347576.04356574.97Salaries, Wages and Bonus13066.0716122.7417625.7720055.7222231.7225962.6Provident Fund, Gratuity fund etc1535.431735.211777.911780.983367.461876.1Welfare Expenses1467.771775.121960.252536.062704.713252.91Conversion Charges7500.267499.4810567.5512115.5914823.8521610.8Stores and Spares Consumed1608.922106.392815.883454.874098.434099.73Power and Fuel9053.9911126.7112868.5915754.917320.8918077.76Rent710.97533.88483.7408.12443.71616.53Rates and Taxes503.03387.08132.46117.15271.92219.48Insurance171.05223.29236.88285.71333.19416.32Repairs : Machine1068.952098.322660.73022.953075.743497.68Factory Expenses235.22227.07516.43826.300TOTAL216834.9233012.77319151.21405285.51416247.66436204.88

3. SGA2008-20092009-20102010-20112011-20122012-20132013-2014Provision for Obsolescence of Stores217.592.83032.72572.714.18Freight and Delivery Charges7914.166431.487785.858624.1116113.1819935.73Lease Rent0263.93234.34185.98181.02140.84Repairs : Building322.79167.82381.41346.05459.55560.23Repairs : Others103.0391.3584.8268.1350.7939.35Travelling and Conveyance1199.591230.261328.971750.812106.132741.68Printing and Stationery122.92112.34141.96184.03182.07216.72Directors Fees8.110.358.758.458.18.4Auditors Remuneration44.951.8551.9163.6371.0963.62Advertisement and Sales Promotion Expenses22192243.794657.244413.847425.257540.74Rebates and Discounts 14178.723388.474656.945997.36054.999039.74Commission3497.693655.344195.835123.11523.71435.37Communication Expenses398.29567.02573.28494.19540.43676.06Bad Debts Written off15.999.3141.28454.2236.417.16Advances Written Off000001.42Provision for Doubtful Debts219.1786.9757.08271.45354.96402.36Cost Audit Fees000002.2Legal Charges95.94116.44126.01229.15126.96175.08Finance Charges 1441.411552.482206.293979.424745.813019.83Professional and Consultancy Charges 643.94717.29971.83614.582432.761473.41Commission to Directors0200350170380Training and Conference Expenses000518.72701.71077.6Bank Charges000001498.69General Expenses948.861601.422082.811844.515334.246621.36TOTAL33592.0922500.7429621.635204.448191.8556071.77

4. NOI2008-20092009-20102010-20112011-20122012-20132013-2014Foreign Exchange Fluctuation (Net)50.670.6200288.70Profit on Sale of Assets9.550.389.32000Profit on Sale of Investment00.07000.4826.78Interest1141.221709.391247.88595.53706.21605.02Provisions No Longer Required Written Back202.45257.9540.17000Provision For Bad Debts Written Back2.03055.32000Dividend On Investments103.54115.9236.27135.52158.7154.73Miscellaneous1886.26883.21130.8626.78613.02712.96TOTAL3395.722967.532519.761357.831767.121399.49

5. NOE2008-20092009-20102010-20112011-20122012-20132013-2014Foreign Exchange Fluctuations (Net) 0627.1873.3889.670163.36Loss On Assets Sold40.9551.1747.5554.3456.1658.14Premium on sale and purchase of forward contract00000132.8Voluntary Retirement Compensation00782.23315.642769.560TOTAL40.95678.35903.16459.652825.72354.3

Operational BS

CONSOLIDATED OPERATIONAL BALANCE SHEETAll Amounts in Rupees Lakhs

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014LIABILITIESEquity50468.5365049.9767928.2170255.4986418.1114344.62less: Non Operating Investment4266.714342.174253.763031.9600less: Excess Cash403.04281.9697.8171.92224.15335.75Core Equity45798.7860425.8463576.6467151.6186193.95114008.87Minority Interest 01040.990003629.4Debt55717.9159736.292344.87109517.0582882.89102019.26TOTAL101516.69121203.03155921.51176668.7169076.84219657.53

ASSETSIntangibles235.01438.908,410.808,502.728,272.128,490.62Net Fixed Asset77303.5879647.85133075.06150152.73149005.28148016.18Capital WIP1956.123400.8310995.781759.742737.338231.47Operating Investment0041.7858.8658.860.43Operating Working Capital22022.0017715.452253.4916414.311444.8547905.80Long Term Working Capital001144.6-219.717558.47013.03TOTAL101516.69121203.03155921.51176668.7169076.84219657.53

Du Pont

DU PONT ANALYSIS

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014Core Equity45798.7860425.8463576.6467151.6186193.95114008.87Increase in Deferred Tax Liability410.04514.95-76.305384.323620.17Debt55717.9159736.292344.87109517.0582882.89102019.26Total Capital Employed101516.69121203.03155921.51176668.66169076.84219657.53

Intangibles235.01438.908,410.808,502.728,272.128,490.62Fixed Assets77303.5879647.85133075.06150152.73149005.28148016.18Operating Working Capital22022.0017715.452253.4916414.311444.8547905.80Total Assets101516.69121203.03155921.51176668.65169076.84219657.53

Sales251369.25285042.68360239.13461786.65500900.1550776.71EBIT-519.4327918.8110565.717129.589999999932719.959999999954466.8700000001PBT-3717.2224480.44186.462426.989999999916649.779999999941327.4000000001PAT-1611.1616517.662744.351818.479999999912018.989999999927078.9800000001Interest6552.565727.597995.8415600.7815011.5814184.66Tax-2106.067962.741442.11608.514630.7913244.49

Tax Rate56.66%32.53%34.45%25.07%27.81%32.05%

RETURN ON CAPITAL EMPLOYED

NOPAT-225.1418837.666926.1312834.7523619.5837011.48Adjusted NOPAT19247.707441.0812758.4529003.9040631.65ROCE15.88%4.77%7.22%17.15%18.50%

Adjusted NOPAT / Sales0.06752567140.02065595430.02762845750.05790356940.0737715458Sales / Total Capital Employed2.35177841782.31038760162.6138571972.96255896962.5074337355ROCE (Verification)15.88%4.77%7.22%17.15%18.50%

RETURN ON EQUITY

Operating PAT-3065.222776268314973.08160590511684.62024980531145.497265666512783.162428344327372.6795789501Adjusted Operating PAT16407.613576.517516.9417314.6529795.23ROE27.15%5.63%11.19%20.09%26.13%

Adjusted Operating Profit / Sales0.05760.00990.01630.03460.0541Sales / Total Capital Employed2.35182.31042.61392.96262.5074Capital Employed / Core Equity2.00582.45252.63091.96161.9267ROE (Verification)27.15%5.63%11.19%20.09%26.13%

Return on Assets-1.59%13.63%1.76%1.03%7.11%12.33%

OTHER RATIOS

Sales/Intangibles1069.6109649.447942.830554.310560.552864.8688Sales/Net Fixed Asset3.25173.57882.70703.07543.36163.7211Sales/ Working Capital11.209315.8380153.208528.0104300.119911.4171Sales/ Capital WIP128.505312.180932.7616262.4175182.988666.9111Sales/Trade Receivables7.88717.30267.17997.25347.55687.2996Sales/Cash Balance12.473820.219073.6631128.417844.692732.8091Sales/inventories11.45636.83236.13767.66228.96357.3088

Cash Flow

CASH FLOWAll Amounts in Rupees LakhsPARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014

Net Fixed Assets77303.5879647.85133075.06150152.73149005.28148016.18Net Intangible Assets235.01438.98410.88502.728272.128490.62Operating Working Capital22022.0017715.452253.4916414.311444.8547905.80Long Term Working Capital001144.6-219.717558.47013.03Total Debt55717.9159736.292344.87109517.0582882.89102019.26Operating Investments0041.7858.8658.860.43REINVESTMENTPARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014EBIT(1-Tax)-225.137290448218837.6583382876926.133008556112834.752851556723619.583684613237011.4792653713Increase in DTL410.04514.95-76.35384.323620.17Adjusted NOPAT19247.6983382877441.083008556112758.452851556729003.903684613240631.6492653713

Increase in NFA2344.2753427.2117077.67-1147.45-989.10Increase in Net Intangible Assets203.897971.991.92-230.6218.5Increase in Operating Working Capital-4306.55-15461.9614160.82-14969.4646460.96Increase in LT WC01144.6-1364.317778.11-545.37Increase in Operating Investment041.7817.080-58.43Total-1758.3947081.7529966.10-8569.4045144.99

Reinvestment Ratio-0.09135580626.32727098272.3487250491-0.29545690451.1110793536

FCFF21006.09-39640.67-17207.6437573.31-4513.34

FCFF21006.09-39640.67-17207.6437573.31-4513.34

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014CFBHInterest*(1-Tax Rate)2840.093864.585241.5111689.2610836.42Increase in Debt4018.2932608.6717172.18-26634.1619136.37FCFE22184.29-10896.57-5276.98-750.113786.61

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014Adjusted Operating PAT16407.613576.517516.9417314.6529795.23Total Reinvestments-1758.3947081.7529966.10-8569.4045144.99Increase in Debts4018.2932608.6717172.18-26634.1619136.37Reinvestments in Equity-5776.6814473.0812793.9218064.7626008.62FCFE22184.29-10896.57-5276.98-750.113786.61Growth (RR*ROC)-1.45%30.20%16.96%-5.07%20.55%

Beta

BETA

CEAT LIMITEDS&P BSE SENSEX90 DAYS T-BILLYX12DateCloseReturns (Y)CloseReturns (X)(Y-Y')(X-X')(Y-Y')^2(X-X')^2(X-X')*(Y-Y')Risk-Free Returns(Ri-Rfr)(Rm-Rfr)(Ri-Rfr)-3.516%(Rm-Rfr)-3.738%1x2Sep-09162.217126.84-0.0106-0.00620.00010.00000.00010.3435%-0.343%-0.343%-0.806%-0.378%0.003%Oct-09148.95-8.896%15896.28-7.741%-0.0996-0.08370.00990.00700.00830.3435%-9.239%-8.085%-9.701%-8.119%0.788%Nov-09143.95-3.473%16926.226.085%-0.04530.05460.00210.0030-0.00250.3435%-3.817%5.741%-4.279%5.707%-0.244%Dec-09145.51.065%17464.813.084%0.00010.02460.00000.00060.00000.4817%0.584%2.602%0.122%2.568%0.003%Jan-10133.05-9.357%16357.96-6.766%-0.1042-0.07390.01090.00550.00770.4817%-9.839%-7.248%-10.301%-7.282%0.750%Feb-10135.71.953%16429.550.436%0.0089-0.00190.00010.0000-0.00000.4817%1.471%-0.046%1.009%-0.080%-0.001%Mar-10149.29.048%17527.776.266%0.07990.05640.00640.00320.00450.2554%8.793%6.010%8.331%5.976%0.498%Apr-10145.1-2.826%17558.710.176%-0.0389-0.00450.00150.00000.00020.2554%-3.081%-0.079%-3.543%-0.113%0.004%May-10132.9-9.180%16944.63-3.624%-0.1024-0.04250.01050.00180.00440.2554%-9.435%-3.879%-9.897%-3.913%0.387%Jun-10133.950.784%17700.94.272%-0.00280.03650.00000.0013-0.00010.2775%0.506%3.995%0.044%3.961%0.002%Jul-10134.250.223%17868.290.937%-0.00840.00310.00010.0000-0.00000.2775%-0.054%0.659%-0.516%0.625%-0.003%Aug-10145.557.764%17971.120.572%0.0670-0.00050.00450.0000-0.00000.2775%7.486%0.295%7.024%0.261%0.018%Sep-10176.317.442%20069.1210.454%0.16380.09830.02680.00970.01610.2751%17.167%10.179%16.705%10.145%1.695%Oct-10156.05-12.977%20032.34-0.184%-0.1404-0.00810.01970.00010.00110.2751%-13.252%-0.459%-13.714%-0.493%0.068%Nov-10139.3-12.024%19521.25-2.618%-0.1308-0.03240.01710.00110.00420.2751%-12.300%-2.893%-12.762%-2.927%0.374%Dec-10133.65-4.227%20509.094.817%-0.05290.04190.00280.0018-0.00220.5341%-4.762%4.282%-5.224%4.248%-0.222%Jan-11112.8-18.484%18327.76-11.902%-0.1954-0.12530.03820.01570.02450.5341%-19.018%-12.436%-19.480%-12.470%2.429%Feb-1196.8-16.529%17823.4-2.830%-0.1759-0.03450.03090.00120.00610.5341%-17.063%-3.364%-17.525%-3.398%0.595%Mar-11103.16.111%19445.228.340%0.05050.07720.00260.00600.00390.5693%5.541%7.771%5.079%7.737%0.393%Apr-11106.63.283%19135.96-1.616%0.0222-0.02240.00050.0005-0.00050.5693%2.714%-2.185%2.252%-2.219%-0.050%May-1198.8-7.895%18503.28-3.419%-0.0896-0.04040.00800.00160.00360.5693%-8.464%-3.989%-8.926%-4.023%0.359%Jun-11106.457.186%18845.871.818%0.06130.01190.00380.00010.00070.6298%6.557%1.188%6.095%1.154%0.070%Jul-11104.65-1.720%18197.2-3.565%-0.0278-0.04190.00080.00180.00120.6298%-2.350%-4.194%-2.812%-4.228%0.119%Aug-1185.55-22.326%16676.75-9.117%-0.2339-0.09740.05470.00950.02280.6298%-22.956%-9.747%-23.418%-9.781%2.291%Sep-1177.3-10.673%16453.76-1.355%-0.1173-0.01980.01380.00040.00230.6388%-11.312%-1.994%-11.774%-2.028%0.239%Oct-1172.85-6.108%17705.017.067%-0.07170.06440.00510.0042-0.00460.6388%-6.747%6.428%-7.209%6.394%-0.461%Nov-1173.250.546%16123.46-9.809%-0.0051-0.10430.00000.01090.00050.6388%-0.093%-10.448%-0.555%-10.482%0.058%Dec-1173.550.408%15454.92-4.326%-0.0065-0.04950.00000.00250.00030.6915%-0.284%-5.017%-0.746%-5.051%0.038%Jan-1285.614.077%17193.5510.112%0.13020.09490.01690.00900.01230.6915%13.386%9.421%12.924%9.387%1.213%Feb-1287.652.339%17752.683.150%0.01280.02520.00020.00060.00030.6915%1.647%2.458%1.185%2.424%0.029%Mar-1288.450.904%17404.2-2.002%-0.0016-0.02630.00000.00070.00000.7000%0.205%-2.702%-0.258%-2.736%0.007%Apr-12107.817.950%17318.81-0.493%0.1689-0.01120.02850.0001-0.00190.7000%17.250%-1.193%16.788%-1.227%-0.206%May-1292.7-16.289%16218.53-6.784%-0.1735-0.07410.03010.00550.01290.7000%-16.989%-7.484%-17.451%-7.518%1.312%Jun-1298.155.553%17429.986.950%0.04490.06330.00200.00400.00280.7176%4.835%6.233%4.373%6.199%0.271%Jul-1298.05-0.102%17236.18-1.124%-0.0116-0.01750.00010.00030.00020.7176%-0.820%-1.842%-1.282%-1.876%0.024%Aug-12111.411.984%17429.561.109%0.10920.00480.01190.00000.00050.7176%11.266%0.392%10.804%0.358%0.039%Sep-12112.651.110%18762.747.105%0.00050.06480.00000.00420.00000.7047%0.405%6.401%-0.057%6.367%-0.004%Oct-12119.75.890%18505.38-1.391%0.0483-0.02020.00230.0004-0.00100.7047%5.185%-2.095%4.723%-2.129%-0.101%Nov-12104.45-14.600%19339.94.315%-0.15660.03690.02450.0014-0.00580.7047%-15.305%3.610%-15.767%3.576%-0.564%Dec-12105.250.760%19426.710.447%-0.0030-0.00180.00000.00000.00000.6690%0.091%-0.222%-0.371%-0.256%0.001%Jan-13105.30.047%19894.982.354%-0.01010.01730.00010.0003-0.00020.6690%-0.622%1.685%-1.084%1.651%-0.018%Feb-1391.55-15.019%18861.54-5.479%-0.1608-0.06100.02590.00370.00980.6690%-15.688%-6.148%-16.150%-6.182%0.998%Mar-1393.72.295%18835.77-0.137%0.0123-0.00760.00020.0001-0.00010.6932%1.601%-0.830%1.139%-0.864%-0.010%Apr-13105.110.847%19504.183.427%0.09790.02800.00960.00080.00270.6932%10.154%2.734%9.692%2.700%0.262%May-13107.752.459%19760.31.296%0.01400.00670.00020.00000.00010.6932%1.766%0.603%1.304%0.569%0.007%Jun-13105.8-1.843%19395.81-1.879%-0.0290-0.02500.00080.00060.00070.6572%-2.500%-2.536%-2.962%-2.570%0.076%Jul-13127.6517.117%19345.7-0.259%0.1606-0.00880.02580.0001-0.00140.6572%16.460%-0.916%15.998%-0.950%-0.152%Aug-13104.2-22.505%18619.72-3.899%-0.2357-0.04520.05550.00200.01070.6572%-23.162%-4.556%-23.624%-4.590%1.084%Sep-13122.2514.765%19379.773.922%0.13700.03300.01880.00110.00450.6361%14.129%3.286%13.667%3.252%0.444%Oct-13184.1533.614%21164.528.433%0.32550.07810.10600.00610.02540.6361%32.978%7.797%32.516%7.763%2.524%Nov-13285.835.567%20791.93-1.792%0.3451-0.02420.11910.0006-0.00830.6361%34.931%-2.428%34.469%-2.462%-0.849%Dec-13320.6510.869%21170.681.789%0.09810.01160.00960.00010.00110.6650%10.204%1.124%9.741%1.090%0.106%Jan-14298.3-7.492%20513.85-3.202%-0.0855-0.03830.00730.00150.00330.6650%-8.157%-3.867%-8.620%-3.901%0.336%Feb-14282.05-5.761%21120.122.871%-0.06820.02250.00470.0005-0.00150.6650%-6.426%2.206%-6.888%2.172%-0.150%Mar-14440.7536.007%22386.275.656%0.34950.05030.12210.00250.01760.7508%35.256%4.905%34.794%4.871%1.695%Apr-14388.55-13.435%22417.80.141%-0.1449-0.00480.02100.00000.00070.7508%-14.185%-0.610%-14.647%-0.644%0.094%May-14422.68.057%24217.347.431%0.07000.06810.00490.00460.00480.7508%7.306%6.680%6.844%6.646%0.455%Jun-14685.5538.356%25413.784.708%0.37300.04080.13910.00170.01520.7334%37.623%3.974%37.161%3.940%1.464%Jul-14523.45-30.968%25894.971.858%-0.32030.01230.10260.0002-0.00390.7142%-31.682%1.144%-32.144%1.110%-0.357%Aug-14587.410.887%26638.112.790%0.09830.02160.00970.00050.00210.7142%10.173%2.076%9.711%2.042%0.198%

Mean (Y')0.0106Mean (X')0.0062Total1.17030.14250.2064Average0.5805%0.462%0.034%20.431%Yearly6.97%5.54%0.41%

Standard DeviationReturnsCeat LimitedSensexCeat LimitedSensexMonthly13.97%4.87%Monthly1.06%0.62%Yearly48.38%16.88%Yearly12.72%7.50%

Covariance0.0034051951Variance0.0024121052Beta1.4117108333Cost Of Equity7.543%

SUMMARY OUTPUT

Regression StatisticsMultiple R0.50534065R Square0.2553691725Adjusted R Square0.2423054738Standard Error0.1236413319Observations59

ANOVAdfSSMSFSignificance FRegression10.29883376210.298833762119.5479992210.0000446141Residual570.87136919990.0152871789Total581.170202962

CoefficientsStandard Errort StatP-valueLower 95%Upper 95%Lower 95.0%Upper 95.0%Intercept0.00155034840.0162264240.09554467390.9242173245-0.03094250530.0340432021-0.03094250530.0340432021X Variable 11.44846671610.32761016134.42131193440.00004461410.79243868392.10449474830.79243868392.1044947483

PE & EV

P\E RATIO & EV(All Amounts In Rupees Lakhs)PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014PAT-1611.1616247.742646.611812.949999999912015.089999999927123.5000000001No Of Shares (In Lacs)342.43534342.43534342.43534342.43534342.43534359.557EPS (Rs.)-4.70547.4487.7295.29435.08775.436MPS (As On 31st March)34.750149.200103.188.4593.7440.75P/E Ratio = MPS/EPS(Trailing)-31.712.1711.4417.7012.56P/E Ratio = MPS/EPS(Current)-7.393.1413.3416.712.675.84P/E Ratio = MPS/EPS(Forward)0.7319.3019.472.521.24Book Value (Equity/No.Of Equity Shares)147.38189.96198.37205.16252.36318.02Price/Book Value (Trailing)1.010.540.450.461.75Price/Book Value (Current)0.240.790.520.430.371.39Price/Book Value (Forward)0.180.750.500.350.29EBIDTA2,042.3030,668.1414,159.6924,409.8040,781.9663,121.21Market Value Of Equity11899.62806551091.35272835305.08355430288.40582332086.191358158474.74775Debt55717.9159736.292344.87109517.0582882.89102019.26Excess Cash403.04281.9697.8171.92224.15335.75Non Operating Investment4266.714342.174253.763031.960.000.00Net Debt51048.1655112.0787993.30106413.1782658.74101683.51Enterprise Value(EV)62947.79106203.43123298.39136701.58114744.93260158.26EV/EBIDTA (Trailing)52.00194.02049.65434.70086.3792EV/EBIDTA (Current)30.82203.46308.70775.60032.81364.1216EV/EBIDTA (Forward)2.05257.50045.05123.35201.8179

Z Score

CREDIT RATING & Z SCORE

CREDIT ANALYSIS

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014Total Debt/Capital0.548850.492860.592250.619900.490210.46445EBIT/Interest-0.079274.874441.321401.098002.179653.83984EBIDTA/Interest0.311685.354461.770881.564652.716704.44996FCFF/Debt0.37701-0.66360-0.186340.34308-0.05445ROC-0.22%15.54%4.44%7.26%13.97%16.85%Long Term Debt/ Total Capital0.524720.474750.377290.317980.250470.19243ALTMAN Z SCORE

PARTICULARS2008-20092009-20102010-20112011-20122012-20132013-2014WC/Total Asset [A]0.211190.143030.014670.091710.009860.21929Retained Earnings/Total Asset [B]0.102130.189740.159480.150050.214340.25727EBIT/Total Asset [C]-0.004890.221880.065920.095280.193270.24758MV of Equity/BV of Total Liability [D]0.112060.406040.220280.168480.189520.72036Sales/Total Asset [E]2.367242.265352.247662.568732.958642.50361ALTMAN Z SCORE = 1.2A+1.4B+3.3C+0.6D+1E2.814743.678472.838253.304384.022034.37617

WACC

WEIGHTED AVERAGE COST OF CAPITALPARTICULARS2012-2013Interest14184.66Average Debt92451.08Cost of Debt10.43%Net Cost of Debt( Add:Currency Depreciation @ 6%)16.43%Beta 1.41Cost of Equity19.34%Total Capital260494.01Weight of Debt0.392Weight of Equity0.608Tax Rate32.05%WACC 18.20%