Balance Sheet of

Cholamandalam ------------------- in Rs. Cr. -------------------

Investment and
Finance Company
Mar Mar Mar
'08 '09 '10
12 12 12
mths mths mths

366.4 366.4
Total Share Capital 52.24
7 7
Equity Share Capital 52.2466.4766.47
Share Application Money 0.00 0.00 0.00
300.0 300.0
Preference Share Capital 0.00
0 0
506.3 414.5 418.5
Reserves
9 4 3
Revaluation Reserves 0.00 0.00 0.00
558.6 781.0 785.0
Networth
3 1 0
2,993 3,713 3,858
Secured Loans
.89 .34 .30
2,403 1,677 1,536
Unsecured Loans
.68 .67 .19
5,397 5,391 5,394
Total Debt
.57 .01 .49
5,956 6,172 6,179
Total Liabilities
.20 .02 .49
Mar Mar Mar
'08 '09 '10
12 12 12
mths mths mths

Gross Block 78.8076.7664.10

Less: Accum. Depreciation 31.2142.9250.35
Net Block 47.5933.8413.75
Capital Work in Progress 1.38 0.00 0.03
173.9 428.7 219.3
Investments
4 3 3
Inventories 0.00 0.00 0.00
Sundry Debtors 0.00 0.00 0.00
135.0 157.4
Cash and Bank Balance 48.27
3 7
135.0 157.4
Total Current Assets 48.27
3 7
5,760 5,124 5,942
Loans and Advances
.15 .38 .61
485.4 1,422 587.6
Fixed Deposits
0 .78 6
6,293 6,682 6,687
Total CA, Loans & Advances
.82 .19 .74
Deffered Credit 0.00 0.00 0.00
325.3 334.9 317.7
Current Liabilities
0 0 6
242.9 652.3 423.6
Provisions
2 7 0
568.2 987.2 741.3
Total CL & Provisions
2 7 6
5,725 5,694 5,946
Net Current Assets
.60 .92 .38
Miscellaneous Expenses 7.6814.51 0.00
5,956 6,172 6,179
Total Assets
.19 .00 .49
Contingent Liabilities 9.9116.1919.99
107.0
Book Value (Rs) 72.4473.04
7
Profit & Loss account
of Cholamandalam ------------------- in Rs. Cr. -------------------
Investment and
Finance Company
Mar
Mar '07 Mar '08
'06

12
12 mths 12 mths
mths

Income
Sales Turnover 219.53 407.45 891.28
Excise Duty 0.00 0.00 0.00
Net Sales 219.53 407.45 891.28
Other Income -7.85 -17.80 -52.80
Stock Adjustments 0.00 0.00 0.00
Total Income 211.68 389.65 838.48
Expenditure
Raw Materials 0.00 0.00 0.00
Power & Fuel Cost 0.00 0.00 0.00
Employee Cost 18.14 38.05 75.15
Other Manufacturing Expenses 15.00 0.00 4.04
Selling and Admin Expenses 10.09 18.43 50.99
Miscellaneous Expenses 9.67 71.89 39.09
Preoperative Exp Capitalised 0.00 0.00 0.00
Total Expenses 52.90 128.37 169.27
Mar
Mar '07 Mar '08
'06
 12
12 mths 12 mths
mths

Operating Profit 166.63 279.08 722.01

PBDIT 158.78 261.28 669.21
Interest 99.36 188.93 378.34
PBDT 59.42 72.35 290.87
Depreciation 4.17 5.60 16.19
Other Written Off 0.00 0.00 0.00
Profit Before Tax 55.25 66.75 274.68
Extra-ordinary items 0.00 0.00 0.00
PBT (Post Extra-ord Items) 55.25 66.75 274.68
Tax 10.84 16.25 162.07
Reported Net Profit 35.21 31.02 59.37
Total Value Addition 52.90 128.37 169.26
Preference Dividend 0.52 0.00 0.00
Equity Dividend 18.97 15.18 20.87
Corporate Dividend Tax 2.73 2.58 3.55
Per share data (annualised)
Shares in issue (lakhs) 379.46 379.46 521.76
Earning Per Share (Rs) 9.14 8.17 11.38
Equity Dividend (%) 50.00 40.00 40.00
Book Value (Rs) 83.20 86.00 107.07

------------------- in Rs. Cr. -------------------

Key Financial Ratios

of Cholamandalam
Investment and
Finance Company

Mar '06 Mar '07 Mar '08

Investment Valuation Ratios

Face Value 10.00 10.00 10.00
Dividend Per Share 5.00 4.00
Operating Profit Per Share (Rs) 41.49 68.41 128.17
Net Operating Profit Per Share (Rs) 57.85 107.37 170.82
Free Reserves Per Share (Rs) 50.79 52.02 76.63
Bonus in Equity Capital 2.10 2.10
Profitability Ratios
Operating Profit Margin(%) 71.70 63.71 75.03
Profit Before Interest And Tax Margin(%) 69.75 62.33 73.18
Gross Profit Margin(%) 28.31 19.65 73.21
Cash Profit Margin(%) 17.92 8.98 14.44
Adjusted Cash Margin(%) 21.57 13.35 14.44
Net Profit Margin(%) 16.02 7.61
Adjusted Net Profit Margin(%) 19.67 11.98
Return On Capital Employed(%) 7.61 7.16 10.96
Return On Net Worth(%) 11.15 9.50 10.77
Adjusted Return on Net Worth(%) 13.70 15.13 20.44
Return on Assets Excluding Revaluations 1.60 0.81 105.59
Return on Assets Including Revaluations 1.60 0.81 105.59
Return on Long Term Funds(%) 10.87 8.56 15.23
Liquidity And Solvency Ratios
Current Ratio 1.93 2.79
Quick Ratio 3.44 12.11 11.03
Debt Equity Ratio 5.38 9.86
Long Term Debt Equity Ratio 3.47 8.09
Debt Coverage Ratios
Interest Cover 1.61 1.41
Total Debt to Owners Fund 5.38 9.86
Financial Charges Coverage Ratio 1.59 1.37
Financial Charges Coverage Ratio Post Tax 1.40 1.19
Management Efficiency Ratios
Inventory Turnover Ratio 0.15 --
Debtors Turnover Ratio -- --
Investments Turnover Ratio -- --
Fixed Assets Turnover Ratio 12.40 16.01
Total Assets Turnover Ratio 0.11 0.12
Asset Turnover Ratio 5.96 8.97 12.25

Average Raw Material Holding -- --

Average Finished Goods Held -- --
Number of Days In Working Capital 3,149.57 3,029.60 2,312.64
Profit & Loss Account Ratios
Material Cost Composition -- --
Imported Composition of Raw Materials
-- --
Consumed
Selling Distribution Cost Composition 0.79 0.69
Expenses as Composition of Total Sales -- --
Cash Flow Indicator Ratios
Dividend Payout Ratio Net Profit 62.58 57.25 41.12
Dividend Payout Ratio Cash Profit 55.87 48.49 32.31
Earning Retention Ratio 49.18 63.63 78.32
Cash Earning Retention Ratio 53.70 67.37 81.05
AdjustedCash Flow Times 35.86 59.15 41.90

Mar '06 Mar '07 Mar '08

Earnings Per Share 9.14 8.17 11.38

Book Value 83.20 86.00 107.07

Source : Religare Technova

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