Vinati Organics

Quick Snapshots

Share Capital

Variable	Current
Market Capitalisation	456.98
Face Value (FV) (#)	2.00
Shares Outstanding	4.93
Equity Capital (Rs. Cr.)	9.87
Foreign (FII) Shareholding (%)	0.39
Promoters Shareholding (%)	74.99
Govt./FI Shareholding (%)	0.07
Others Shareholding (%)	22.59
Corporate Shareholding (%)	1.97

Key Ratios

Variable	Current	Industry Median
Net Profit Margin	17.28	3.49
Operating Profit Margin	22.74	7.91
Asset Turnover	1.43	1.33
Return on Assets	24.67	5.25
Financial Leverage	1.64	1.89
Return on Equity	40.37	14.10
Debt to Equity	0.64	0.89
Return on Capital Employed	34.63	11.05
Interest Coverage	12.72	2.32
Quick Ratio	2.59	1.59
Current Ratio	3.60	2.43
Debtor Days	56.49	59.76
Inventory Days	43.37	82.68

Valuation

Variable	Current	Historical Average	Industry Median
Price Close (Rs.)	92.60
Book Value per share	20.10		29.88
Cash flow per share
Earnings per share	8.11		2.65
Dividend per share	1.00		0.44
Sales per share	46.96		89.69
Free cash flow per share
Price to sales	1.97	0.52	0.37
Price to book value	4.61	1.42	1.10
Price to cash flow
Price to earnings	11.41	4.35	5.94
Price to free cash flow
Dividend Yield	1.08	3.52	1.08

5 Year Snapshots

Performance Snapshot

Variable	FY06	FY07	FY08	FY09	FY10	YoY	5yr CAGR
Sales Turnover (Rs. Cr.)	65.20	90.46	161.36	203.47	238.44	21.65	41.78
Profit After Tax (PAT) (Rs. Cr.)	1.95	3.51	15.20	25.13	40.04	59.33	112.87
Cash from Operating Activities (Rs. Cr.)
Free Cash Flow
Equity Dividend (Rs. Cr.)	0.66	0.79	1.97	2.47	4.94	100.00	65.40
Dividend Payout	33.85	22.51	12.96	9.83	12.34
Net Profit Margin	3.40	4.28	10.39	13.19	17.28
Operating Profit Margin	10.11	10.14	17.30	17.38	22.74
Asset Turnover	1.15	1.48	1.90	1.64	1.43
Return on Assets	3.91	6.31	19.75	21.69	24.67
Financial Leverage	1.82	1.86	1.80	1.79	1.64
Return on Equity	7.14	11.74	35.63	38.72	40.37
Capital Employed	49.81	55.59	76.95	115.86	162.30
Return on Capital Employed	8.43	13.49	34.32	30.36	34.63
Free Cash Flow to Sales
Debt to Equity	0.82	0.86	0.80	0.79	0.64
Interest Coverage	3.39	3.81	8.10	10.69	12.72
Interest Cost to Total Debt	5.51	7.67	9.51	6.46	7.00
Quick Ratio	1.47	1.72	1.87	2.11	2.59
Current Ratio	2.12	2.26	2.54	2.79	3.60
Debtor Days	84.39	87.64	55.05	53.50	56.49
Inventory Days	68.39	48.95	42.00	32.87	43.37

Historical Valuation Snapshot

Variable	FY06	FY07	FY08	FY09	FY10	Current
Yearly Average Price (Rs.)		4.01	14.02	15.62	48.90	92.60
Book Value per share	8.30	9.09	8.64	13.15	20.10	20.10
Earnings per share	0.59	1.07	3.08	5.09	8.11	8.11
Dividend per share	0.20	0.24	0.40	0.50	1.00	1.00
Sales per share	17.43	24.94	29.65	38.60	46.96	46.96
Cash flow per share
Free cash flow per share
Yearly Average P2BV		0.44	1.62	1.19	2.43	4.61
Yearly Average P2E		3.76	4.55	3.07	6.03	11.41
Yearly Average DivYield		5.99	2.85	3.21	2.05	1.08
Yearly Average P2Sales		0.16	0.47	0.40	1.04	1.97
Yearly Average P2CFlow
Yearly Average P2FreeCFlow

Balance Sheet (Rs in Crs)

Variable	FY06	FY07	FY08	FY09	FY10
Equity Capital (Rs. Cr.)	6.58	6.58	9.87	9.87	9.87
Reserves & Surplus (Rs. Cr.)	20.73	23.32	32.79	55.03	89.31
Total Shareholders Funds (Rs. Cr.)	27.31	29.90	42.66	64.90	99.18
Secured Loans (Rs. Cr.)	19.09	21.04	28.17	44.84	56.99
Unsecured Loans (Rs. Cr.)	3.41	4.65	6.12	6.12	6.13
Total Debt (Rs.Cr.)	22.50	25.69	34.29	50.96	63.12
Total Liabilities (Rs. Cr.)	49.81	55.59	76.95	115.86	162.30
Gross Block (Rs. Cr.)	54.27	56.26	64.03	71.12	110.95
Accumulated Depreciation (Rs. Cr.)	17.58	20.27	23.18	26.43	31.32
Net Block (Rs. Cr.)	36.69	35.99	40.85	44.69	79.63
Capital Work in Progress (Rs. Cr.)	0.39	1.63	10.91	43.43	38.36
Investments (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Inventories (Rs. Cr.)	7.89	8.21	12.12	12.06	18.89
Sundry Debtors (Rs. Cr.)	13.26	19.70	22.07	27.92	35.87
Cash and Bank Balance (Rs. Cr.)	1.38	0.88	1.37	1.89	1.79
Loans and Advances (Rs. Cr.)	3.16	5.80	10.79	7.59	10.76
Current Liabilities (Rs. Cr.)	12.09	15.32	18.28	17.72	18.69
Provisions (Rs. Cr.)	0.87	1.30	2.88	4.00	4.31
Net Current Assets (Rs. Cr.)	12.73	17.97	25.19	27.74	44.31
Miscellaneous Expenses (Rs. Cr.)	1.46	2.13	3.19	3.14	2.99
Total Assets (Rs. Cr.)	49.81	55.59	76.95	115.86	162.30
Contingent Liabilities (Rs. Cr.)	6.59	8.89	16.10	21.22	15.76

Cash Flow Statement (Rs in Crs)

Variable	FY06	FY07	FY08	FY09	FY10
Net Profit Before Tax (PBT) (Rs. Cr.)	2.96	5.53	23.15	31.88	51.79
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.)	65.20	90.46	161.36	203.47	238.44
Other Income (Rs. Cr.)	0.78	1.89	4.03	5.32	8.45
Stock Adjustments (Rs. Cr.)	-1.69	-0.52	1.87	-0.57	5.11
Total Income (Rs. Cr.)	64.29	91.83	167.26	208.22	252.00
Raw Materials (Rs. Cr.)	38.08	54.63	96.23	121.35	137.94
Excise Duty (Rs. Cr.)	7.85	8.41	15.03	12.97	6.69
Power & Fuel Cost (Rs. Cr.)	1.91	3.21	5.38	7.60	12.01
Other Manufacturing Expenses (Rs. Cr.)	2.12	3.38	3.71	4.95	9.02
Employee Cost (Rs. Cr.)	4.14	5.06	6.20	8.84	11.49
Selling and Administration Expenses (Rs. Cr.)	2.15	4.80	8.18	10.95	10.72
Miscellaneous Expenses (Rs. Cr.)	1.46	2.13	3.19	3.14	2.99
Preoperative Expenditure Capitalised (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Profit before Interest, Depreciation & Tax (Rs. Cr.)	6.58	10.21	29.34	38.42	61.14
Interest & Financial Charges (Rs. Cr.)	1.24	1.97	3.26	3.29	4.42
Depreciation (Rs. Cr.)	2.38	2.71	2.93	3.25	4.93
Net Profit Before Tax (PBT) (Rs. Cr.)	2.96	5.53	23.15	31.88	51.79
Tax (Rs. Cr.)	1.01	2.02	7.95	6.75	11.75
Profit After Tax (PAT) (Rs. Cr.)	1.95	3.51	15.20	25.13	40.04
Adjustment below Net Profit (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
P&L Balance brought forward (Rs. Cr.)	18.42	19.62	22.11	31.34	51.06
Appropriations (Rs. Cr.)	0.75	1.02	5.97	5.41	9.81
P&L Balance carried down (Rs. Cr.)	19.62	22.11	31.34	51.06	81.29
Equity Dividend (Rs. Cr.)	0.66	0.79	1.97	2.47	4.94
Preference Dividend (Rs. Cr.)	0.00	0.00	0.00	0.00	0.00
Corporate Dividend Tax (Rs. Cr.)	0.09	0.13	0.34	0.42	0.82
Equity Dividend (%)	10.00	12.00	20.00	25.00	50.00
Earnings per share	0.59	1.07	3.08	5.09	8.11
Book Value per share	8.30	9.09	8.64	13.15	20.10
Extraordinary Items (Rs. Cr.)	-0.01	-0.01	-0.01	0.00	0.00