Minal Engineering

Quick Snapshots

Share Capital

Variable	Current
Market Capitalisation	13.40
Face Value (FV) (#)	2.00
Shares Outstanding	3.56
Equity Capital (Rs. Cr.)	7.13
Foreign (FII) Shareholding (%)	0.16
Promoters Shareholding (%)	51.02
Govt./FI Shareholding (%)	0.00
Others Shareholding (%)	17.12
Corporate Shareholding (%)	31.71

Key Ratios

Variable	Current	Industry Median
Net Profit Margin	36.00	1.09
Operating Profit Margin	-128.00	0.20
Asset Turnover	0.02	1.40
Return on Assets	0.84	2.16
Financial Leverage	1.00	1.02
Return on Equity	0.84	4.15
Debt to Equity	0.00	0.02
Return on Capital Employed	1.12	4.55
Interest Coverage	12.00	2.51
Quick Ratio	4.11	1.96
Current Ratio	7.80	2.64
Debtor Days	58.40	57.27
Inventory Days	12305.71	17.75

Valuation

Variable	Current	Historical Average	Industry Median
Price Close (Rs.)	3.76
Book Value per share	2.99		18.04
Cash flow per share
Earnings per share	0.03		0.52
Dividend per share	0.18		0.00
Sales per share	0.07		55.19
Free cash flow per share
Price to sales	53.62	24.80	0.53
Price to book value	1.26	1.44	0.68
Price to cash flow
Price to earnings	148.94	10.18	8.98
Price to free cash flow
Dividend Yield	4.77	4.01	0.00

5 Year Snapshots

Performance Snapshot

Variable	FY05	FY06	FY07	FY08	FY09	YoY	5yr CAGR
Sales Turnover (Rs. Cr.)	0.34	0.45	1.11	0.95	0.25	-73.68	-7.40
Profit After Tax (PAT) (Rs. Cr.)	2.77	2.10	-0.91	1.96	0.09	-95.41	-57.54
Cash from Operating Activities (Rs. Cr.)
Free Cash Flow
Equity Dividend (Rs. Cr.)	0.26	0.64	0.00	0.00	0.64		25.26
Dividend Payout	9.39	30.48	-0.00	0.00	711.11
Net Profit Margin	814.71	466.67	-81.98	206.32	36.00
Operating Profit Margin	-2.94	6.67	-104.50	-87.37	-128.00
Asset Turnover	0.04	0.04	0.11	0.08	0.02
Return on Assets	31.12	20.43	-9.23	17.31	0.84
Financial Leverage	1.00	1.00	1.05	1.00	1.00
Return on Equity	31.12	20.47	-9.73	17.33	0.84
Capital Employed	8.90	10.28	9.86	11.32	10.68
Return on Capital Employed	31.24	21.11	-8.82	17.84	1.12
Free Cash Flow to Sales
Debt to Equity	0.00	0.00	0.05	0.00	0.00
Interest Coverage	278.00	217.00	-43.50	101.00	12.00
Interest Cost to Total Debt		50.00	3.92	200.00	50.00
Quick Ratio	6.25	38.36	35.27	4.32	4.11
Current Ratio	8.50	47.57	45.33	7.00	7.80
Debtor Days	64.41	56.78	19.73	73.00	58.40
Inventory Days	312.86	356.70	934.15	528.40	12305.71

Historical Valuation Snapshot

Variable	FY05	FY06	FY07	FY08	FY09	Current
Yearly Average Price (Rs.)		6.77	6.70	1.30	1.34	3.76
Book Value per share	8.56	2.88	2.62	3.17	2.99	2.99
Earnings per share	2.66	0.59	-0.26	0.55	0.03	0.03
Dividend per share	0.25	0.18	0.00	0.00	0.18	0.18
Sales per share	0.33	0.13	0.31	0.27	0.07	0.07
Cash flow per share
Free cash flow per share
Yearly Average P2BV		2.35	2.55	0.41	0.45	1.26
Yearly Average P2E		11.50	-26.25	2.37	53.11	148.94
Yearly Average DivYield		2.65	0.00	0.00	13.39	4.77
Yearly Average P2Sales		53.67	21.52	4.89	19.12	53.62
Yearly Average P2CFlow
Yearly Average P2FreeCFlow

Balance Sheet (Rs in Crs)

Variable	FY05	FY06	FY07	FY08	FY09
Equity Capital (Rs. Cr.)	2.08	7.13	7.13	7.13	7.13
Reserves & Surplus (Rs. Cr.)	6.82	3.13	2.22	4.18	3.53
Total Shareholders Funds (Rs. Cr.)	8.90	10.26	9.35	11.31	10.66
Secured Loans (Rs. Cr.)	0.00	0.02	0.51	0.01	0.00
Unsecured Loans (Rs. Cr.)	0.00	0.00	0.00	0.00	0.02
Total Debt (Rs.Cr.)	0.00	0.02	0.51	0.01	0.02
Total Liabilities (Rs. Cr.)	8.90	10.28	9.86	11.32	10.68
Gross Block (Rs. Cr.)	0.98	2.19	2.43	2.47	2.47
Accumulated Depreciation (Rs. Cr.)	0.59	0.63	0.72	0.82	0.91
Net Block (Rs. Cr.)	0.39	1.56	1.71	1.65	1.56
Capital Work in Progress (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Investments (Rs. Cr.)	8.19	2.94	1.49	4.08	5.51
Inventories (Rs. Cr.)	0.18	1.29	1.51	2.49	2.36
Sundry Debtors (Rs. Cr.)	0.06	0.07	0.06	0.19	0.04
Cash and Bank Balance (Rs. Cr.)	0.40	4.73	3.46	2.05	0.24
Loans and Advances (Rs. Cr.)	0.04	0.57	1.77	1.78	2.35
Current Liabilities (Rs. Cr.)	0.08	0.14	0.15	0.93	0.64
Provisions (Rs. Cr.)	0.31	0.76	0.01	0.00	0.74
Net Current Assets (Rs. Cr.)	0.29	5.76	6.64	5.58	3.61
Miscellaneous Expenses (Rs. Cr.)	0.03	0.02	0.61	0.02	0.07
Total Assets (Rs. Cr.)	8.90	10.28	9.86	11.32	10.68
Contingent Liabilities (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00

Cash Flow Statement (Rs in Crs)

Variable	FY05	FY06	FY07	FY08	FY09
Net Profit Before Tax (PBT) (Rs. Cr.)	2.77	2.16	-0.89	2.00	0.11
Cash from Operating Activities (Rs. Cr.)
Cash from Investing Activities (Rs. Cr.)
Cash from Financing Activities (Rs. Cr.)
Net Change in Cash
Opening Cash (Rs. Cr.)

P&L Account View (Rs in Crs)

Variable	FY05	FY06	FY07	FY08	FY09
Sales Turnover (Rs. Cr.)	0.34	0.45	1.11	0.95	0.25
Other Income (Rs. Cr.)	2.83	2.18	0.38	2.94	0.54
Stock Adjustments (Rs. Cr.)	0.05	1.12	0.22	0.98	-0.13
Total Income (Rs. Cr.)	3.22	3.75	1.71	4.87	0.66
Raw Materials (Rs. Cr.)	0.14	1.25	0.49	1.61	0.03
Excise Duty (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Power & Fuel Cost (Rs. Cr.)	0.04	0.03	0.05	0.05	0.02
Other Manufacturing Expenses (Rs. Cr.)	0.03	0.04	0.05	0.06	0.02
Employee Cost (Rs. Cr.)	0.08	0.08	0.08	0.08	0.06
Selling and Administration Expenses (Rs. Cr.)	0.08	0.12	1.21	0.94	0.24
Miscellaneous Expenses (Rs. Cr.)	0.03	0.02	0.61	0.02	0.07
Preoperative Expenditure Capitalised (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Profit before Interest, Depreciation & Tax (Rs. Cr.)	2.82	2.21	-0.78	2.11	0.22
Interest & Financial Charges (Rs. Cr.)	0.01	0.01	0.02	0.02	0.01
Depreciation (Rs. Cr.)	0.04	0.04	0.09	0.09	0.10
Net Profit Before Tax (PBT) (Rs. Cr.)	2.77	2.16	-0.89	2.00	0.11
Tax (Rs. Cr.)	0.00	0.06	0.02	0.04	0.02
Profit After Tax (PAT) (Rs. Cr.)	2.77	2.10	-0.91	1.96	0.09
Adjustment below Net Profit (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
P&L Balance brought forward (Rs. Cr.)	3.88	0.35	1.20	0.29	2.25
Appropriations (Rs. Cr.)	6.30	1.25	0.00	0.00	0.74
P&L Balance carried down (Rs. Cr.)	0.35	1.20	0.29	2.25	1.60
Equity Dividend (Rs. Cr.)	0.26	0.64	0.00	0.00	0.64
Preference Dividend (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Corporate Dividend Tax (Rs. Cr.)	0.04	0.11	0.00	0.00	0.10
Equity Dividend (%)	20.00	10.00	0.00	0.00	10.00
Earnings per share	2.66	0.59	-0.26	0.55	0.03
Book Value per share	8.56	2.88	2.62	3.17	2.99
Extraordinary Items (Rs. Cr.)	0.00	0.00	-0.02	-0.01	0.00