Swaraj Engines

Quick Snapshots

Share Capital

Variable	Current
Market Capitalisation	516.80
Face Value (FV) (#)	10.00
Shares Outstanding	1.24
Equity Capital (Rs. Cr.)	12.42
Foreign (FII) Shareholding (%)	2.43
Promoters Shareholding (%)	50.62
Govt./FI Shareholding (%)	13.31
Others Shareholding (%)	29.43
Corporate Shareholding (%)	3.84

Key Ratios

Variable	Current	Industry Median
Net Profit Margin	13.22	15.60
Operating Profit Margin	17.55	17.55
Asset Turnover	2.30	1.81
Return on Assets	30.43	28.28
Financial Leverage	1.00	1.00
Return on Equity	30.43	28.43
Debt to Equity	0.00	0.00
Return on Capital Employed	44.60	39.05
Interest Coverage	1824.67	1061.84
Quick Ratio	2.09	2.09
Current Ratio	2.71	2.47
Debtor Days	5.25	67.09
Inventory Days	33.46	33.46

Valuation

Variable	Current	Historical Average	Industry Median
Price Close (Rs.)	416.10
Book Value per share	98.82		98.82
Cash flow per share
Earnings per share	30.07		30.07
Dividend per share	8.00		12.00
Sales per share	227.41		143.68
Free cash flow per share
Price to sales	1.83	1.39	3.36
Price to book value	4.21	2.55	4.21
Price to cash flow
Price to earnings	13.84	11.97	13.84
Price to free cash flow
Dividend Yield	1.92	2.12	2.49

5 Year Snapshots

Performance Snapshot

Variable	FY06	FY07	FY08	FY09	FY10	YoY	5yr CAGR
Sales Turnover (Rs. Cr.)	148.42	149.70	145.53	235.47	306.44	35.68	21.84
Profit After Tax (PAT) (Rs. Cr.)	13.99	14.86	14.36	21.27	37.35	75.60	27.83
Cash from Operating Activities (Rs. Cr.)
Free Cash Flow
Equity Dividend (Rs. Cr.)	9.32	0.00	6.21	6.21	9.93	59.90	1.60
Dividend Payout	66.62	0.00	43.25	29.20	26.59
Net Profit Margin	10.91	11.52	11.46	10.22	13.22
Operating Profit Margin	20.14	20.36	18.49	15.30	17.55
Asset Turnover	2.10	1.70	1.51	2.15	2.30
Return on Assets	22.93	19.59	17.31	21.93	30.43
Financial Leverage	1.00	1.00	1.00	1.00	1.00
Return on Equity	22.93	19.59	17.31	21.93	30.43
Capital Employed	61.01	75.87	82.96	96.97	122.74
Return on Capital Employed	37.08	30.05	26.59	33.28	44.60
Free Cash Flow to Sales
Debt to Equity	0.00	0.00	0.00	0.00	0.00
Interest Coverage	18.85	134.12	1103.00	537.83	1824.67
Interest Cost to Total Debt
Quick Ratio	3.94	5.06	3.22	3.29	2.09
Current Ratio	4.40	5.60	3.74	3.92	2.71
Debtor Days	115.27	102.56	49.15	9.15	5.25
Inventory Days	37.21	39.88	33.61	28.45	33.46

Historical Valuation Snapshot

Variable	FY06	FY07	FY08	FY09	FY10	Current
Yearly Average Price (Rs.)		138.50	206.31	155.28	283.02	416.10
Book Value per share	49.12	61.09	66.80	78.08	98.82	98.82
Earnings per share	11.26	11.96	11.56	17.13	30.07	30.07
Dividend per share	7.50	0.00	5.00	5.00	8.00	8.00
Sales per share	103.20	103.87	100.93	167.61	227.41	227.41
Cash flow per share
Free cash flow per share
Yearly Average P2BV		2.27	3.09	1.99	2.86	4.21
Yearly Average P2E		11.58	17.84	9.07	9.41	13.84
Yearly Average DivYield		0.00	2.42	3.22	2.82	1.92
Yearly Average P2Sales		1.33	2.04	0.93	1.24	1.83
Yearly Average P2CFlow
Yearly Average P2FreeCFlow

Balance Sheet (Rs in Crs)

Variable	FY06	FY07	FY08	FY09	FY10
Equity Capital (Rs. Cr.)	12.42	12.42	12.42	12.42	12.42
Reserves & Surplus (Rs. Cr.)	48.59	63.45	70.54	84.55	110.32
Total Shareholders Funds (Rs. Cr.)	61.01	75.87	82.96	96.97	122.74
Secured Loans (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Unsecured Loans (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Total Debt (Rs.Cr.)	0.00	0.00	0.00	0.00	0.00
Total Liabilities (Rs. Cr.)	61.01	75.87	82.96	96.97	122.74
Gross Block (Rs. Cr.)	66.73	67.54	70.11	71.30	71.94
Accumulated Depreciation (Rs. Cr.)	32.20	35.89	40.27	44.90	49.22
Net Block (Rs. Cr.)	34.53	31.65	29.84	26.40	22.72
Capital Work in Progress (Rs. Cr.)	0.53	0.83	0.18	0.13	0.95
Investments (Rs. Cr.)	0.00	0.00	16.71	20.32	57.71
Inventories (Rs. Cr.)	9.38	10.06	8.49	12.77	19.91
Sundry Debtors (Rs. Cr.)	40.48	36.25	16.88	5.22	4.06
Cash and Bank Balance (Rs. Cr.)	3.68	6.79	30.51	55.88	56.39
Loans and Advances (Rs. Cr.)	36.12	50.64	5.23	5.59	6.98
Current Liabilities (Rs. Cr.)	20.40	18.52	16.34	20.26	32.27
Provisions (Rs. Cr.)	43.31	41.83	8.54	9.08	13.71
Net Current Assets (Rs. Cr.)	25.95	43.39	36.23	50.12	41.36
Miscellaneous Expenses (Rs. Cr.)	0.50	0.44	0.54	0.70	0.87
Total Assets (Rs. Cr.)	61.01	75.87	82.96	96.97	122.74
Contingent Liabilities (Rs. Cr.)	1.69	1.65	5.12	4.65	5.74

Cash Flow Statement (Rs in Crs)

Variable	FY06	FY07	FY08	FY09	FY10
Net Profit Before Tax (PBT) (Rs. Cr.)	21.42	22.63	22.04	32.21	54.71
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	FY06	FY07	FY08	FY09	FY10
Sales Turnover (Rs. Cr.)	148.42	149.70	145.53	235.47	306.44
Other Income (Rs. Cr.)	1.07	0.93	3.47	5.10	10.01
Stock Adjustments (Rs. Cr.)	-0.22	-0.14	0.44	1.53	2.61
Total Income (Rs. Cr.)	149.27	150.49	149.44	242.10	319.06
Raw Materials (Rs. Cr.)	87.21	87.13	86.90	158.08	208.41
Excise Duty (Rs. Cr.)	20.24	20.69	20.17	27.30	24.00
Power & Fuel Cost (Rs. Cr.)	1.18	1.30	1.21	1.62	2.34
Other Manufacturing Expenses (Rs. Cr.)	3.62	3.64	4.08	4.16	6.42
Employee Cost (Rs. Cr.)	7.52	8.59	8.66	10.68	13.84
Selling and Administration Expenses (Rs. Cr.)	2.12	1.50	1.23	2.60	3.60
Miscellaneous Expenses (Rs. Cr.)	0.50	0.44	0.54	0.70	0.87
Preoperative Expenditure Capitalised (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Profit before Interest, Depreciation & Tax (Rs. Cr.)	26.88	27.20	26.65	36.96	59.58
Interest & Financial Charges (Rs. Cr.)	1.20	0.17	0.02	0.06	0.03
Depreciation (Rs. Cr.)	4.26	4.40	4.59	4.69	4.84
Net Profit Before Tax (PBT) (Rs. Cr.)	21.42	22.63	22.04	32.21	54.71
Tax (Rs. Cr.)	7.43	7.77	7.68	10.94	17.36
Profit After Tax (PAT) (Rs. Cr.)	13.99	14.86	14.36	21.27	37.35
Adjustment below Net Profit (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
P&L Balance brought forward (Rs. Cr.)	9.07	10.43	13.29	14.39	16.39
Appropriations (Rs. Cr.)	12.63	12.00	13.27	19.27	33.58
P&L Balance carried down (Rs. Cr.)	10.43	13.29	14.38	16.39	20.16
Equity Dividend (Rs. Cr.)	9.32	0.00	6.21	6.21	9.93
Preference Dividend (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Corporate Dividend Tax (Rs. Cr.)	1.31	0.00	1.06	1.06	1.65
Equity Dividend (%)	75.00	0.00	50.00	50.00	80.00
Earnings per share	11.26	11.96	11.56	17.13	30.07
Book Value per share	49.12	61.09	66.80	78.08	98.82
Extraordinary Items (Rs. Cr.)	0.00	0.19	0.04	0.00	0.83