Finances of Foreign Direct Investment Companies: 2010-11* This article assesses the financial performance of 745 non-governments non-financial foreign direct investment (FDI) companies for the year 2010-11 based on their audited annual accounts. The data are presented at the aggregate level for all select companies and also for major country of origin and industries. The aggregate results of the select companies revealed that while sales grew at a higher rate in 2010-11, growth rates of expenses were higher leading to decline in net profits. Profitability in terms of profit margins and return on equity were lower in 2010-11 as compared to those in 2009-10. However, growth in borrowings was at a much higher level in 2010-11 as compared to the previous year. Lower accretion in reserve and surplus led to increase in the borrowing requirement. The share of external sources of funds (i.e., other than own sources), which has been playing a major role in financing the asset formation and other activities during the last few years, witnessed a significant increase in 2010-11. The FDI companies experienced lower growth in sales and profits compared with those of non-FDI companies in 2010-11. However profit margin and return on equity of FDI companies were higher as compared to those of non-FDI companies. Among the FDI companies, performance of those with FDI share between 30 per cent and 50 per cent was relatively better. The financial performance of 745 FDI companies1 for the year 2010-11 presented in this article is based on the audited annual accounts closed during April 2010 to March 2011. The select 745 companies consists of 493 public limited companies and 252 private limited companies, which were included in the regular studies on finances of non-government non-financial public/ private limited companies for the year 2010-11. The select companies are classified into 8 major countries and 9 major industries. A company is classified into a country depending upon the country of origin of the largest FDI share holding in the company. The industry of the company is determined on the basis of the industry from which the company has reported more than 50 per cent earning of its total income. Further, the performance of these select 745 FDI companies have also been compared with those of 4590 non-FDI companies in the article. As observed from Table 1, ‘Computer and related activities (81)’, ‘Chemicals and chemical products (78)’ and ‘Machinery and machine tools (66)’ were the most preferred industries for FDI. Similarly, Mauritius is the origin of investment in the highest number of companies (179), followed by USA (114), UK (66) and Germany (61). The select 745 FDI companies under study, as a sample have some limitations that the sample companies had a share of only 4.8 per cent of total FDI inflow to India2 (from August 1991 to March 2011). Income and Expenditure The sales of the select 745 FDI companies registered a higher growth (16.0 per cent) in 2010-11 (Table 2, Statements 1 and 3). However manufacturing expenses and employees’ remuneration grew at higher rates leading to lower growth in EBITDA and a decline in EBT. Sales growth in 2010-11 was higher than that in the previous year for all major industries except in ‘Motor vehicles and other transport equipment’ and ‘Computer and related activities’ industries (Table 2). Net profits witnessed a lower growth across manufacturing industries and recorded a decline for the services sector industries. As per the countries of origin, FDI companies from UK recorded higher growth in net profits (22.0 per cent) in 2010-11, while those from Japan, USA, Switzerland and Mauritius recorded substantial decline.
Table 1: Industry and Country of Origin-wise Distribution of the Select FDI Companies: 2010-11 |
(Number of Companies) |
All Companies |
UK |
USA |
Germany |
Switzerland |
Japan |
France |
Netherland |
Mauritius |
Others |
Total |
1. Manufacturing |
43 |
62 |
54 |
22 |
48 |
8 |
26 |
82 |
120 |
465 |
Of which |
|
|
|
|
|
|
|
|
|
|
(i) Food products and beverages |
7 |
6 |
2 |
1 |
– |
– |
3 |
7 |
8 |
34 |
(ii) Chemicals and chemical products |
7 |
7 |
7 |
5 |
5 |
2 |
5 |
11 |
29 |
78 |
(iii) Rubber and plastic products |
1 |
3 |
4 |
– |
2 |
1 |
2 |
8 |
8 |
29 |
(iv) Machinery and machine tools |
5 |
15 |
12 |
– |
5 |
– |
5 |
4 |
14 |
66 |
(v) Electrical machinery and apparatus |
3 |
2 |
4 |
3 |
4 |
1 |
1 |
6 |
8 |
32 |
(vi) Motor vehicles and other transport equipment |
4 |
8 |
6 |
– |
21 |
– |
1 |
5 |
7 |
52 |
2. Services |
15 |
41 |
5 |
3 |
4 |
6 |
5 |
77 |
67 |
223 |
Of which |
|
|
|
|
|
|
|
|
|
|
(i) Wholesale and retail trade |
2 |
4 |
– |
1 |
2 |
– |
– |
6 |
10 |
25 |
(ii) Transport, storage and communications |
2 |
1 |
1 |
– |
1 |
|
– |
8 |
10 |
23 |
(iii) Computer and related activities |
6 |
17 |
1 |
– |
1 |
3 |
4 |
26 |
23 |
81 |
Total (Including Others) |
66 |
114 |
61 |
25 |
52 |
16 |
31 |
179 |
201 |
745 |
On comparing the performance of select FDI companies with non-FDI companies (Table 3), it is observed that the sales of FDI companies grew at a lower rate than non-FDI companies in 2010-11. Further net profits of FDI companies recorded a decline while net profits growth of non-FDI companies moderated. Profitability of FDI companies declined in 2010-11 and in particular, EBITDA margin (measured as percentage of sales) declined by 1.4 percentage points (Table 4 and Statement 2). However with the lower retention ratio (retained earnings to net profits), the dividend rate (as percentage of paid-up capital) was maintained.
Table 2: Growth Rates of Sales, EBITDA and Net Profits of the Select FDI Companies: 2009-10 & 2010-11 |
(Per cent) |
Industry/Country of Origin |
Number of Companies |
Sales |
EBITDA |
Net Profits |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
Select Industries |
|
|
|
|
|
|
|
1. Manufacturing |
465 |
14.2 |
16.8 |
40.9 |
4.2 |
50.7 |
6.2 |
Of which |
|
|
|
|
|
|
|
(i) Food products and beverages |
34 |
16.0 |
22.1 |
16.2 |
6.3 |
29.2 |
4.2 |
(ii) Chemicals and chemical products |
78 |
7.6 |
17.5 |
51.5 |
11.5 |
47.3 |
16.5 |
(iii) Rubber and plastic products |
29 |
14.8 |
41.6 |
42.3 |
81.4 |
102.9 |
62.5 |
(iv) Machinery and machine tools |
66 |
2.6 |
23.0 |
25.6 |
10.1 |
32.2 |
17.8 |
(v) Electrical machinery and apparatus |
32 |
7.2 |
10.2 |
19.5 |
-13.0 |
32.3 |
-13.5 |
(vi) Motor vehicles and other transport equipment |
52 |
28.4 |
22.9 |
76.2 |
11.5 |
80.8 |
13.5 |
2. Services |
223 |
7.2 |
16.3 |
40.5 |
5.9 |
40.8 |
-31.3 |
Of which |
|
|
|
|
|
|
|
(i) Wholesale and retail trade |
25 |
6.0 |
21.8 |
35.4 |
79.8 |
145.9 |
-53.1 |
(ii) Transport, storage and communications |
25 |
5.7 |
14.6 |
21.9 |
-3.3 |
24.4 |
-62.6 |
(iii) Computer and related activities |
81 |
10.1 |
9.4 |
28.4 |
7.5 |
22.4 |
8.1 |
Select Countries of Origin |
|
|
|
|
|
|
|
1. UK |
66 |
17.0 |
16.7 |
20.9 |
19.0 |
16.7 |
22.0 |
2. USA |
114 |
4.1 |
2.5 |
27.0 |
-12.6 |
28.9 |
-14.6 |
3. Germany |
61 |
6.9 |
14.9 |
77.1 |
# |
35.2 |
2.9 |
4. Switzerland |
25 |
9.7 |
13.7 |
24.5 |
-14.4 |
18.3 |
-10.0 |
5. Japan |
52 |
29.4 |
25.4 |
135.6 |
3.6 |
# |
-30.0 |
6. France |
16 |
23.1 |
18.8 |
-3.7 |
10.8 |
-12.9 |
5.4 |
7. Netherlands |
31 |
7.9 |
18.4 |
34.3 |
10.5 |
42.9 |
16.3 |
8. Mauritius |
179 |
7.7 |
12.8 |
25.7 |
1.4 |
33.0 |
-9.6 |
All Companies (Including Others) |
745 |
12.4 |
16.0 |
37.4 |
5.6 |
42.4 |
-1.9 |
For growth rates of other important parameters at disaggregated level, refer to Statements 7 and 8. # Numerator or denominator is negative or nil or negligible. |
Table 3: Growth Rates of Sales, EBITDA and Net Profits of the Select Non-FDI Companies: 2009-10 & 2010-11 |
(Per cent) |
Industry |
Number of Companies |
Sales |
EBITDA |
Net Profits |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
Select Industries |
|
|
|
|
|
|
|
1. Manufacturing |
2804 |
13.5 |
25.5 |
35.7 |
18.5 |
31.4 |
18.2 |
Of which |
|
|
|
|
|
|
|
(i) Food products and beverages |
297 |
13.6 |
28.5 |
101.2 |
-16.4 |
92.1 |
-34.4 |
(ii) Chemicals and chemical products |
515 |
2.9 |
18.8 |
125.8 |
15.4 |
49.6 |
21.1 |
(iii) Rubber and plastic products |
187 |
10.7 |
23.5 |
72.5 |
11.2 |
121.9 |
6.2 |
(iv) Machinery and machine tools |
208 |
5.7 |
15.5 |
23.9 |
-7.7 |
-19.3 |
7.3 |
(v) Electrical machinery and apparatus |
130 |
-12.7 |
17.0 |
44.4 |
0.2 |
-107.8 |
# |
(vi) Motor vehicles and other transport equipment |
144 |
29.0 |
36.1 |
124.7 |
32.0 |
122.6 |
29.6 |
2. Services |
1412 |
8.8 |
15.5 |
24.5 |
18.7 |
30.8 |
16.4 |
Of which |
|
|
|
|
|
|
|
(i) Wholesale and retail trade |
375 |
23.8 |
10.1 |
208.4 |
10.1 |
136.4 |
21.3 |
(ii) Transport, storage and communications |
150 |
5.5 |
17.4 |
-5.1 |
20.0 |
-172.4 |
-7.0 |
(iii) Computer and related activities |
263 |
1.5 |
18.5 |
37.0 |
15.4 |
138.2 |
10.7 |
All Companies (Including Others) |
4590 |
12.5 |
22.9 |
31.8 |
18.6 |
41.0 |
17.5 |
# Numerator or Denominator is negative or nil or negligible. |
During 2010-11 the EBITDA margin of select FDI companies was higher than that of the non-FDI companies in the manufacturing sector (Table 5), while in case of services sector companies the EBITDA margin was higher for non-FDI companies. Similar was the case with return on equity. The tax provision to EBT ratio was much higher in the case of FDI companies in manufacturing sector.
Table 4: Select Ratios of Profitability and Tax Provision to EBT ratio of the Select FDI Companies: 2009-10 & 2010-11 |
(Per cent) |
Industry/Country of Origin |
EBITDA to Sales |
Return on Equity |
Tax provision to EBT * |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
Select Industries |
|
|
|
|
|
|
1. Manufacturing |
15.0 |
13.4 |
17.7 |
16.2 |
31.0 |
30.1 |
Of which |
|
|
|
|
|
|
(i) Food products and beverages |
10.9 |
9.5 |
15.4 |
15.0 |
30.5 |
30.9 |
(ii) Chemicals and chemical products |
15.2 |
14.4 |
21.2 |
21.6 |
27.5 |
26.0 |
(iii) Rubber and plastic products |
12.8 |
16.4 |
8.9 |
12.5 |
23.9 |
30.7 |
(iv) Machinery and machine tools |
13.5 |
12.0 |
15.6 |
16.4 |
35.5 |
33.1 |
(v) Electrical machinery and apparatus |
13.3 |
10.5 |
20.8 |
15.8 |
31.3 |
30.5 |
(vi) Motor vehicles and other transport equipment |
11.9 |
10.8 |
20.5 |
19.6 |
31.5 |
28.8 |
2. Services |
16.0 |
14.5 |
12.2 |
7.7 |
15.8 |
16.9 |
Of which |
|
|
|
|
|
|
(i) Wholesale and retail trade |
-3.3 |
-0.6 |
22.0 |
9.4 |
35.4 |
36.9 |
(ii) Transport, storage and communications |
23.5 |
19.9 |
10.7 |
3.8 |
8.8 |
7.4 |
(iii) Computer and related activities |
22.9 |
22.5 |
17.7 |
16.6 |
17.0 |
17.6 |
Select Countries of Origin |
|
|
|
|
|
|
1. UK |
19.4 |
19.7 |
21.7 |
22.8 |
32.5 |
30.8 |
2. USA |
20.3 |
17.3 |
20.3 |
15.6 |
26.5 |
29.9 |
3. Germany |
-0.5 |
2.2 |
16.7 |
15.2 |
29.6 |
33.0 |
4. Switzerland |
19.0 |
14.3 |
23.2 |
18.8 |
30.9 |
29.6 |
5. Japan |
12.5 |
10.3 |
14.7 |
8.6 |
28.3 |
26.3 |
6. France |
11.9 |
11.1 |
17.6 |
16.2 |
29.9 |
30.1 |
7. Netherlands |
12.4 |
11.6 |
19.7 |
19.3 |
34.4 |
32.7 |
8. Mauritius |
19.5 |
17.5 |
13.9 |
10.8 |
18.8 |
18.5 |
All Companies (Including Others) |
15.4 |
14.0 |
15.2 |
13.0 |
26.7 |
26.7 |
For other important ratios, at disaggregated level, refer to Statements 10 and 11. *Calculated based on companies which made profit in respective years. |
Table 5: Select Ratios of Profitability and Tax Provision to EBT ratio of the Select Non-FDI Companies: 2009-10 & 2010-11 |
(Per cent) |
Industry |
EBITDA to Sales |
Return on Equity |
Tax provision to EBT * |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
Select Industries |
|
|
|
|
|
|
1. Manufacturing |
12.2 |
11.5 |
12.6 |
12.7 |
23.5 |
24.9 |
Of which |
|
|
|
|
|
|
(i) Food products and beverages |
7.0 |
4.5 |
11.2 |
6.3 |
20.7 |
29.5 |
(ii) Chemicals and chemical products |
10.8 |
10.5 |
14.5 |
14.7 |
24.5 |
25.1 |
(iii) Rubber and plastic products |
14.0 |
12.6 |
19.0 |
16.8 |
27.6 |
28.5 |
(iv) Machinery and machine tools |
5.8 |
4.6 |
13.2 |
12.0 |
34.9 |
34.9 |
(v) Electrical machinery and apparatus |
8.3 |
7.1 |
-0.3 |
3.5 |
28.2 |
33.6 |
(vi) Motor vehicles and other transport equipment |
10.7 |
10.4 |
16.5 |
16.6 |
22.2 |
23.8 |
2. Services |
14.7 |
15.1 |
9.0 |
9.0 |
24.8 |
26.3 |
Of which |
|
|
|
|
|
|
(i) Wholesale and retail trade |
1.9 |
1.9 |
6.2 |
4.7 |
29.4 |
24.5 |
(ii) Transport, storage and communications |
11.5 |
11.8 |
-3.1 |
-3.3 |
25.8 |
32.2 |
(iii) Computer and related activities |
25.1 |
24.4 |
23.0 |
21.7 |
22.9 |
24.8 |
All Companies (Including Others) |
12.8 |
12.3 |
11.5 |
11.4 |
23.8 |
25.2 |
*Calculated based on companies which made profit in the year. |
Earnings and Expenditure in Foreign Currencies The total earnings in foreign currencies of the select FDI companies increased by 10.2 per cent in 2010-11, as against decline of 0.6 per cent in 2009-10 (Statements 1 and 6). The share of merchandise exports in foreign currency earnings increased to 66.6 per cent in 2010-11 (63.1 per cent in previous year). The export intensity of sales (exports to sales ratio) in 2010-11 remained almost at same level as in the previous year (Statement 2). Expenditure in foreign currencies also grew at higher rate. The value of merchandise imports registered an increase of 15.9 per cent in 2010-11 as compared to 0.6 per cent in 2009-10. Dividend remittances in foreign currencies of the select FDI companies doubled and they formed 6.4 per cent of total expenditure in foreign currencies in 2010-11 as against 3.6 per cent in 2009-10. Select FDI companies in most of the manufacturing industries registered higher export growth in 2010-11, except those belonging to ‘Electrical machinery and apparatus’ and ‘Motor vehicles and other transport equipment’ industries (Table 6 and Statement 7). However in the services sector, export growth was lower in 2010-11. Companies having major portion of FDI from UK, France and Netherlands recorded higher growth in exports. As regards imports, all industry groups, except ‘Food products and beverages’,‘Transport, storage and communications and ‘Computer and related activities’ recorded higher growth in 2010- 11. Companies having major portion of FDI from Germany and Switzerland have shown significantly higher growth in imports. On comparing the performance of FDI and non-FDI companies, it was observed that the growth in both exports and imports of non-FDI companies was higher than those of FDI companies, in 2010-11. The exports to sales ratio of FDI companies continued to remain lower than non-FDI companies in 2010.11. Liabilities and Assets The total liabilities/assets of the select 745 FDI companies at `99,23,673 million grew at a higher rate (16.5 per cent) in 2010-11 (Statements 1 and 4). While the net worth grew at a lower rate 14.6 per cent (18.3 per cent in 2009-10), total borrowings showed a higher growth of 17.3 per cent in 2010-11 (7.5 per cent in 2009-10). Borrowings from banks mainly contributed to the higher borrowings.
Table 6: Growth in Exports and Imports of the Select FDI Companies: 2009-10 & 2010-11 |
(Per cent) |
Industry/Country of Origin |
Growth in Exports |
Growth in Imports |
Export Intensity of Sales |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
Select Industries |
|
|
|
|
|
|
1. Manufacturing |
-1.5 |
14.7 |
-1.1 |
20.8 |
15.6 |
15.4 |
Of which |
|
|
|
|
|
|
(i) Food products and beverages |
8.4 |
68.1 |
23.6 |
-11.5 |
6.3 |
8.7 |
(ii) Chemicals and chemical products |
2.5 |
18.3 |
-13.5 |
29.6 |
21.9 |
22.0 |
(iii) Rubber and plastic products |
3.5 |
115.3 |
28.0 |
43.9 |
15.6 |
23.7 |
(iv) Machinery and machine tools |
-19.0 |
25.2 |
-8.9 |
28.1 |
17.6 |
17.9 |
(v) Electrical machinery and apparatus |
6.6 |
-2.0 |
0.4 |
5.0 |
13.0 |
11.6 |
(vi) Motor vehicles and other transport equipment |
15.7 |
-9.7 |
-6.1 |
32.1 |
15.2 |
11.2 |
2. Services |
56.2 |
13.6 |
1.5 |
2.4 |
3.0 |
3.0 |
Of which |
|
|
|
|
|
|
(i) Wholesale and retail trade |
32.9 |
1.4 |
6.3 |
36.5 |
2.7 |
2.2 |
(ii) Transport, storage and communications |
# |
67.2 |
-4.7 |
-45.1 |
0.1 |
0.2 |
(iii) Computer and related activities |
80.2 |
17.1 |
4.3 |
-17.7 |
7.7 |
8.2 |
Select Countries of Origin |
|
|
|
|
|
|
1. UK |
1.2 |
34.5 |
13.0 |
8.3 |
10.9 |
12.6 |
2. USA |
3.4 |
6.9 |
-5.4 |
14.3 |
16.5 |
17.2 |
3. Germany |
-14.9 |
0.7 |
1.6 |
34.0 |
8.2 |
7.2 |
4. Switzerland |
9.4 |
15.7 |
4.5 |
25.6 |
10.4 |
10.6 |
5. Japan |
16.4 |
3.5 |
18.6 |
4.0 |
12.2 |
10.0 |
6. France |
-16.2 |
31.2 |
21.1 |
22.5 |
5.8 |
6.5 |
7. Netherlands |
-29.3 |
33.5 |
3.6 |
18.5 |
10.0 |
11.2 |
8. Mauritius |
-10.3 |
20.0 |
-5.3 |
15.7 |
8.4 |
8.9 |
All Companies (Including Others) |
0.8 |
16.3 |
0.6 |
15.9 |
12.3 |
12.3 |
# Numerator or denominator is negative or nil or negligible. |
‘Reserves and surplus’ continued to be the major contributor in total liabilities but with a slightly lower share of 41.3 per cent (Table 8), followed by ‘Borrowings’ (26.0 per cent) and ‘Trade dues and other current liabilities’ (22.7 per cent) in 2010-11. As compared with the non-FDI companies, the share of ‘Reserves and surplus’ was higher in FDI companies whereas that of‘ Borrowings’ was lower.
Table 7: Growth in Exports and Imports of the Select Non-FDI Companies: 2009-10 & 2010-11 |
(Per cent) |
Industry |
Growth in Exports |
Growth in Imports |
Export Intensity of Sales |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
1. Manufacturing |
6.2 |
28.3 |
20.1 |
20.8 |
23.9 |
24.5 |
Of which |
|
|
|
|
|
|
(i) Food products and beverages |
-26.6 |
54.0 |
59.3 |
26.2 |
9.8 |
11.8 |
(ii) Chemicals and chemical products |
9.1 |
17.2 |
-22.0 |
27.9 |
24.3 |
24.0 |
(iii) Rubber and plastic products |
2.0 |
26.2 |
18.8 |
34.0 |
14.7 |
15.0 |
(iv) Machinery and machine tools |
-25.8 |
-5.1 |
-2.4 |
3.5 |
7.9 |
6.5 |
(v) Electrical machinery and apparatus |
-52.6 |
-20.7 |
-34.7 |
33.2 |
13.5 |
9.2 |
(vi) Motor vehicles and other transport equipment |
-0.7 |
52.9 |
-14.5 |
27.5 |
9.8 |
11.0 |
2. Services |
-2.9 |
0.1 |
3.7 |
1.1 |
5.7 |
5.0 |
Of which |
|
|
|
|
|
|
(i) Wholesale and retail trade |
-5.6 |
-8.8 |
36.5 |
-15.2 |
19.4 |
16.1 |
(ii) Transport, storage and communications |
141.8 |
24.5 |
-31.3 |
-17.9 |
1.1 |
1.1 |
(iii) Computer and related activities |
-15.3 |
13.4 |
17.9 |
36.5 |
2.5 |
2.4 |
All Companies (Including Others) |
4.7 |
27.6 |
16.4 |
18.7 |
18.4 |
19.1 |
Table 8: Composition of Liabilities of the Select FDI and Non-FDI Companies |
(Per cent) |
Liabilities |
FDI |
Non-FDI |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
1. Share capital |
6.1 |
5.8 |
5.3 |
5.0 |
2. Reserves and surplus |
41.8 |
41.3 |
38.3 |
38.4 |
3. Borrowings |
25.8 |
26.0 |
34.0 |
33.2 |
Of which from Banks |
14.8 |
15.8 |
20.8 |
20.6 |
4. Trade dues and other current liabilities |
21.5 |
22.7 |
18.9 |
20.1 |
5. Other liabilities |
4.8 |
4.3 |
3.5 |
3.3 |
Total |
100.0 |
100.0 |
100.0 |
100.0 |
Gross fixed assets (adjusted for revaluation) registered a lower growth of 12.6 per cent in 2010-11 as compared to a growth of 13.8 per cent in 2009-10. This resulted in 1.9 percentage points decline in the share of ‘Net fixed assets’ in total assets while the share of ‘Inventories’ increased by 1.1 percentage points. As compared with non-FDI companies, shares of‘ Net fixed assets’, was higher in FDI companies whereas that of ‘Loans and advances and other debtor balances’ was lower.
Table 9: Composition of Assets of the Select FDI and Non-FDI Companies |
(Per cent) |
Assets |
FDI |
Non-FDI |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
1. Net fixed assets |
38.5 |
36.6 |
37.5 |
34.2 |
2. Inventories |
10.0 |
11.1 |
11.3 |
11.8 |
3. Loans and advances and other debtor balances |
22.3 |
22.7 |
23.8 |
25.9 |
4. Investment |
19.5 |
18.5 |
18.0 |
16.8 |
5. Cash and bank balances |
8.0 |
7.4 |
6.4 |
6.7 |
6. Other assets |
1.8 |
3.7 |
3.1 |
4.5 |
Total |
100.0 |
100.0 |
100.0 |
100.0 |
Sources and Uses of funds An analysis of sources of funds of select 745 FDI companies revealed that the share of external sources of funds increased sharply to 62.5 per cent in 2010-11 from 43.5 per cent in 2009-10 (Table 10), as quantum of ‘Borrowings and ‘Trade dues and other current liabilities’ increased. On the other hand the share of internal sources of funds moved down to 37.5 per cent in 2010-11 due to lower accretion in reserves and surplus and decrease in provisions. The proportion of internal sources was still higher for FDI companies than the non-FDI companies in the 2010-11. As regards the uses of funds, it was mostly used in core business as share of surplus ‘Investments’ declined sharply (Table 11). However, Share of ‘Gross fixed assets’ formation was lower while the share of ‘Inventories’ and ‘Loans and advances and other debtor balances’ increased. While comparing with non-FDI companies, it was observed that the shares of funds used in ‘Gross fixed assets’ formation for FDI companies was higher while that in ‘Loan and advances and other debtor balances’ was lower.
Table 10: Composition of Sources of funds of the Select FDI and Non-FDI Companies |
(Per cent) |
Sources of funds |
FDI |
Non FDI |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
I Internal Sources |
56.5 |
37.5 |
48.2 |
35.8 |
(a) Paid-up Capital+ |
-0.3 |
0.7 |
1.0 |
0.4 |
(b) Reserves and Surplus |
31.8 |
20.4 |
29.0 |
23.1 |
(c) Provisions |
25.0 |
16.3 |
18.2 |
12.2 |
Of which; |
|
|
|
|
(i) Depreciation |
18.1 |
15.3 |
16.1 |
10.6 |
(ii) Dividend |
5.8 |
0.5 |
1.6 |
0.7 |
II External sources |
43.5 |
62.5 |
51.8 |
64.2 |
(a) Paid-up Capital |
16.3 |
14.4 |
20.2 |
14.6 |
(b) Borrowings |
12.1 |
22.8 |
16.1 |
25.8 |
Of which from Banks |
6.2 |
18.4 |
4.7 |
17.4 |
(c) Trade Dues and Other Current Liabilities |
12.7 |
25.2 |
15.3 |
23.7 |
(d) Other Liabilities |
2.4 |
0.2 |
0.3 |
- |
Total |
100.0 |
100.0 |
100.0 |
100.0 |
+ Negative indicates decrease in liabilities during the year. – Nil or Negligible. |
Table 11: Composition of Uses of funds of the select FDI and Non-FDI Companies |
(Per cent) |
Uses of funds |
FDI |
Non-FDI |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
I Gross fixed assets |
46.1 |
36.3 |
39.9 |
24.9 |
II Inventories |
4.7 |
15.4 |
11.6 |
13.1 |
III Loans and advances and other debtor balances |
16.8 |
21.4 |
19.1 |
33.7 |
IV Investment |
30.9 |
10.4 |
22.9 |
9.1 |
V Cash and bank balances |
2.2 |
3.3 |
5.6 |
7.9 |
VI Other assets+ |
-0.7 |
13.2 |
1.0 |
11.3 |
Total |
100.0 |
100.0 |
100.0 |
100.0 |
+ Negative indicates decrease in assets during the year. |
Debt to Equity Debt to equity ratio (Table 12) of the select FDI companies at the aggregate declined to 34.5 per cent in 2010-11 from 37.6 per cent in 2009-10. However, the ratio increased marginally for ‘Chemicals and chemical products’, ‘Machinery and machine tools’ and ‘ Motor vehicles & other transport equipment’ and ‘Computer and related activities’ industries. The Debt to equity ratio for non-FDI companies was relatively higher than FDI companies though it also declined in 2010-11. Performance of FDI Companies according to Share of FDI Analysis of FDI companies according to share of FDI revealed that the companies with foreign share holding between 30 per cent and 50 per cent performed better than others in 2010-11. In terms of growth in sales, EBITDA and net assets, this group recorded much higher growth (Table 13). In terms of profit margin, companies with FDI share between 10 per cent and 20 per cent performed the best while it was the lowest in the group with FDI share ’50 per cent and above’ in 2010-11.
Table 12: Debt to equity of the Select FDI and Non- FDI Companies |
(Per cent) |
Industry |
FDI |
Non-FDI |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
1. Manufacturing |
33.4 |
31.5 |
41.5 |
38.5 |
Of which |
|
|
|
|
(i) Food products and beverages |
48.9 |
33.1 |
71.0 |
62.7 |
(ii) Chemicals and chemical products |
14.1 |
14.4 |
44.2 |
42.3 |
(iii) Rubber and plastic products |
32.9 |
28.5 |
60.4 |
55.2 |
(iv) Machinery and machine tools |
13.6 |
15.0 |
23.6 |
20.4 |
(v) Electrical machinery and apparatus |
6.9 |
5.4 |
44.3 |
38.2 |
(vi) Motor vehicles and other transport equipment |
30.0 |
30.8 |
65.0 |
44.1 |
2. Services |
43.2 |
40.2 |
43.3 |
39.7 |
Of which |
|
|
|
|
(i) Wholesale and retail trade |
6.2 |
3.8 |
29.9 |
16.3 |
(ii) Transport, storage and communications |
61.6 |
58.9 |
74.7 |
79.3 |
(iii) Computer and related activities |
12.5 |
13.3 |
10.0 |
9.4 |
All Companies (Including Others) |
37.6 |
34.5 |
45.4 |
43.0 |
Table 13: Performance of Companies according to Share of FDI |
(Per cent) |
A. Growth Rates of Select items |
No of Companies |
Sales |
EBITDA |
Total Net Assets |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
Foreign Share Group |
|
|
|
|
|
|
|
10 per cent to 20 per cent |
143 |
10.7 |
9.1 |
33.0 |
-6.3 |
8.3 |
17.2 |
20 per cent to 30 per cent |
94 |
15.4 |
18.8 |
28.3 |
20.7 |
13.7 |
12.1 |
30 per cent to 40 per cent |
59 |
7.6 |
28.3 |
16.0 |
24.9 |
18.5 |
21.4 |
40 per cent to 50 per cent |
67 |
11.3 |
26.6 |
11.6 |
32.2 |
33.3 |
32.2 |
50 per cent and above |
382 |
13.2 |
17.1 |
60.7 |
7.1 |
15.3 |
14.4 |
B. Select Financial ratio |
EBITDA to Sales |
Debt to Equity |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
Foreign Share Group |
|
|
|
|
|
|
10 per cent to 20 per cent |
18.5 |
22.2 |
19.1 |
39.6 |
35.3 |
32.0 |
20 per cent to 30 per cent |
11.7 |
13.0 |
13.2 |
42.3 |
48.6 |
48.5 |
30 per cent to 40 per cent |
13.2 |
14.3 |
13.9 |
35.1 |
32.1 |
28.0 |
40 per cent to 50 per cent |
16.8 |
16.8 |
17.6 |
23.6 |
34.8 |
29.7 |
50 per cent and above |
8.0 |
11.4 |
10.4 |
39.9 |
37.3 |
34.2 |
Concluding Observations The aggregate result of select 745 FDI companies reveled that while their sales growth improved, they recorded lower growth in profits in 2010-11. Higher growth in manufacturing expenses and remuneration to employees led to reduction in profits. EBITDA margin and return on equity declined in 2010-11. The share of internal sources of funds decreased significantly due to lower accretion in reserves and surplus, resulting from low profits and correspondingly the borrowings requirement went up. The FDI companies experienced lower growth in sales and profits as compared with non-FDI companies in 2010-11. However the profit margin and return on share holders’ equity of FDI companies were higher as compared with those of non-FDI companies. Among the FDI companies, performance of those with FDI share between 30 per cent and 50 per cent was relatively better.
Statement 1: Growth Rates of the Select Items of the Select 745 Foreign Direct Investment Companies, 2009-10 and 2010-11 |
(Per cent) |
Item |
2009-10 |
2010-11 |
1 |
2 |
1 |
Sales+ |
12.4 |
16.0 |
2 |
Value of production |
11.8 |
17.6 |
3 |
Total Income |
11.9 |
16.7 |
4 |
Manufacturing expenses |
9.5 |
21.3 |
5 |
Remuneration to employees |
11.4 |
17.8 |
6 |
Operating expenses (excluding depreciation, interest and taxes) |
8.2 |
19.8 |
7 |
EBITDA |
37.4 |
5.6 |
8 |
Depreciation provision |
17.0 |
13.8 |
9 |
EBIT |
38.0 |
1.5 |
10 |
Interest |
9.5 |
6.9 |
11 |
EBT before non-operating surplus/deficit |
44.9 |
0.5 |
12 |
Non-operating surplus/deficit |
-13.3 |
-23.3 |
13 |
EBT |
40.2 |
-0.7 |
14 |
Tax provision |
34.9 |
2.4 |
15 |
Net profits |
42.4 |
-1.9 |
16 |
Dividend paid |
52.2 |
13.9 |
17 |
Retained earnings |
38.6 |
-8.9 |
18 |
Gross saving |
29.0 |
0.2 |
19 |
(a) Gross value added |
26.2 |
8.1 |
|
(b) Net value added |
28.2 |
7.0 |
20 |
Net worth @ |
18.3 |
14.6 |
21 |
Total borrowings @ |
7.5 |
17.3 |
|
Of which, from banks @ |
6.6 |
24.4 |
22 |
Trade dues and other current liabilities @ |
9.5 |
22.8 |
23 |
(a) Gross fixed assets @ |
13.8 |
12.6 |
|
(b) Net fixed assets @ |
12.0 |
10.6 |
24 |
Inventories @ |
7.5 |
30.2 |
25 |
(a) Gross physical assets @ |
12.8 |
15.3 |
|
(b) Net physical assets @ |
11.1 |
14.7 |
26 |
(a) Total gross assets @ |
14.4 |
16.6 |
|
(b) Total net assets @ |
13.8 |
16.5 |
27 |
Total earnings in foreign currencies |
-0.6 |
10.2 |
|
Of which, Exports |
0.8 |
16.3 |
28 |
Total expenditure in foreign currencies |
1.0 |
17.3 |
|
Of which, Imports |
0.6 |
15.9 |
+ : Net of ‘rebates and discounts’ and ‘excise duty and cess’. @ : Adjusted for revaluation, etc. Note : Rates of growth of all items are adjusted for changes due to amalgamation of companies. |
Statement 2: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies, 2008-09 to 2010-11 |
(Per cent) |
Selected Financial Ratios |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
A. |
Capital structure ratios |
|
|
|
|
1 Net fixed assets to total net assets |
39.0 |
38.5 |
36.6 |
|
2 Net worth to total net assets |
46.0 |
47.8 |
47.0 |
|
3 Debt to equity |
38.8 |
37.6 |
34.5 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
39.9 |
38.5 |
35.2 |
|
5 Short term bank borrowings to inventories |
71.8 |
59.5 |
70.9 |
|
6 Total outside liabilities to net worth |
117.2 |
109.0 |
112.5 |
B. |
Liquidity ratios |
|
|
|
|
7 Current assets to current liabilities** |
1.3 |
1.3 |
1.2 |
|
8 Quick assets to current liabilities |
68.3 |
69.1 |
61.4 |
|
9 Current assets to total net assets |
45.7 |
44.3 |
45.0 |
|
10 Sundry creditors to current assets |
28.5 |
29.4 |
29.5 |
|
11 Sundry creditors to net working capital |
130.5 |
125.0 |
153.5 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
12 Sales to total net assets^ |
|
80.5 |
81.0 |
|
13 Sales to gross fixed assets^ |
|
143.7 |
147.2 |
|
14 Inventories to sales |
13.8 |
13.2 |
14.8 |
|
15 Sundry debtors to sales |
15.4 |
15.0 |
14.8 |
|
16 Exports to sales |
13.7 |
12.3 |
12.3 |
|
17 Gross value added to gross fixed assets^ |
|
38.8 |
37.0 |
|
18 Raw materials consumed to value of production |
46.1 |
46.0 |
48.3 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
46.1 |
36.3 |
|
20 Gross capital formation to total uses of funds |
|
50.8 |
51.7 |
|
21 External sources of funds to total sources of funds |
|
43.1 |
62.8 |
|
22 Increase in bank borrowings to total external sources |
|
14.4 |
29.3 |
|
23 Gross savings to gross capital formation |
|
113.4 |
84.3 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
24 EBIT to total net assets |
9.4 |
11.4 |
10.0 |
|
25 EBIT to sales |
12.3 |
15.1 |
13.2 |
|
26 Net profits to net worth |
12.6 |
15.2 |
13.0 |
|
27 EBITDA to sales |
12.6 |
15.4 |
14.0 |
|
28 Tax provision to EBT* |
26.8 |
26.7 |
26.7 |
|
29 Retained earnings to net profits* |
75.2 |
72.2 |
69.1 |
|
30 Dividends to net worth |
3.6 |
4.6 |
4.6 |
|
31 Ordinary dividends to ordinary paid-up capital |
29.1 |
41.0 |
43.7 |
* : Calculated based on companies which made profit in the year. ** : Item B.7 is the actual ratio of current assets to current liabilities. @ : Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc. ^ : Calculated based on average total net assets and gross fixed assets during the year. Ratio for the year 2008-09, therefore was not available. |
Statement 3: Combined Income, Value of Production, Expenditure and Appropriation Accounts of the Select 745 Foreign Direct Investment Companies, 2008-09 to 2010-11 |
(` Million) |
Item |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
INCOME AND VALUE OF PRODUCTION |
|
|
|
1 Sales + |
57,29,227 |
64,39,901 |
74,72,354 |
2 Increase(+) or decrease(-) in value of stock of finished goods and work in progress |
59933 |
34989 |
1,44,964 |
3 Value of production (1+2) |
57,89,160 |
64,74,890 |
76,17,318 |
4 Other income |
2,34,261 |
2,75,300 |
2,75,103 |
Of which, (a) Dividends |
22,805 |
20,132 |
26,980 |
(b) Interest |
48,497 |
57,502 |
58,835 |
(c) Rent |
3,252 |
3,404 |
3,576 |
5 Non-operating surplus(+)/ deficit(-) |
50,273 |
43,604 |
33,448 |
6 Total (3+4+5) |
60,73,694 |
67,93,794 |
79,25,869 |
EXPENDITURE AND APPROPRIATIONS |
|
|
|
7 Raw materials, components, etc., consumed |
26,70,603 |
29,81,093 |
36,75,833 |
8 Stores and spares consumed |
1,24,006 |
1,33,053 |
1,62,442 |
9 Power and fuel |
3,46,288 |
3,08,823 |
3,58,996 |
10 Other manufacturing expenses |
5,29,257 |
5,96,278 |
6,79,423 |
11 Salaries, wages and bonus |
3,69,246 |
4,11,831 |
4,87,273 |
12 Provident fund |
22,930 |
26,555 |
29,864 |
13 Employees' welfare expenses |
40,948 |
44,067 |
51,222 |
14 Managerial remuneration |
18,509 |
22,392 |
24,060 |
15 Royalty |
28,923 |
38,222 |
56,138 |
16 Repairs to buildings |
9,353 |
9,608 |
10,526 |
17 Repairs to machinery |
42,416 |
48,847 |
58,983 |
18 Bad debts |
21,148 |
24,058 |
19,575 |
19 Selling commission |
89,365 |
1,04,068 |
1,23,623 |
20 Rent |
46,715 |
50,586 |
57,708 |
21 Rates and taxes |
20,245 |
24,140 |
31,783 |
22 Advertisement |
1,02,626 |
1,22,575 |
1,40,152 |
23 Insurance |
8,851 |
9,738 |
10,816 |
24 Research and development |
40,566 |
45,000 |
53,017 |
25 Other expenses |
5,24,289 |
4,75,113 |
5,30,331 |
26 Other provisions (other than tax and depreciation) |
13,141 |
9,759 |
11,500 |
27 EBITDA |
7,19,735 |
9,89,085 |
10,44,054 |
28 Depreciation provision |
2,48,796 |
2,91,012 |
3,31,279 |
29 EBIT |
7,05,199 |
9,73,373 |
9,87,877 |
30 Less: Interest |
1,37,550 |
1,50,658 |
1,61,017 |
31 Profit before tax and NoP |
5,67,649 |
8,22,715 |
8,26,860 |
32 Non-operating surplus(+)/ deficit(-) |
50,273 |
43,604 |
33,448 |
33 EBT |
6,17,922 |
8,66,319 |
8,60,308 |
34 Less: Tax provision |
1,82,549 |
2,46,334 |
2,52,282 |
35 Net Profits |
4,35,373 |
6,19,986 |
6,08,026 |
36 Dividends |
1,22,821 |
1,86,956 |
2,13,001 |
(a) Ordinary |
1,21,844 |
1,85,050 |
2,11,928 |
(b) Preference |
977 |
1,905 |
1,073 |
37 Profits retained |
3,11,965 |
4,32,378 |
3,93,698 |
38 Total (7 to 26 + 28 + 29 + 32) |
60,73,694 |
67,93,794 |
79,25,869 |
+ : Net of ‘rebates and discounts’ and ‘excise duty and cess’. |
Statement 4: Combined Balance Sheet of the Select 745 Foreign Direct Investment Companies, 2008-09 to 2010-11 |
(` Million) |
Capital and Liabilities |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
A. Share capital |
4,88,236 |
5,16,408 |
5,73,390 |
1 Paid-up capital |
4,87,584 |
5,15,748 |
5,72,730 |
(a) Ordinary |
4,18,336 |
4,50,878 |
4,85,298 |
Of which, bonus |
68,304 |
71,467 |
76,698 |
(b) Preference |
69,248 |
64,871 |
87,431 |
2 Forfeited shares |
652 |
660 |
660 |
B. Reserves and surplus |
29,56,782 |
35,57,598 |
40,95,481 |
3 Capital reserve |
11,57,254 |
13,24,027 |
14,83,384 |
Of which, premium on shares |
10,13,693 |
11,53,410 |
13,03,687 |
4 Investment allowance reserve |
2,055 |
1,438 |
1,413 |
5 Sinking funds |
18,034 |
21,883 |
32,006 |
6 Other reserves |
17,79,439 |
22,10,250 |
25,78,679 |
C. Borrowings |
20,40,745 |
21,97,061 |
25,76,873 |
7 Debentures @ |
1,10,952 |
1,64,349 |
1,92,949 |
8 Loans and advances |
17,68,455 |
18,80,235 |
22,39,598 |
(a) From banks |
11,78,864 |
12,57,009 |
15,63,412 |
Of which, short-term borrowings |
5,66,230 |
5,04,354 |
7,82,169 |
(b) From other Indian financial institutions |
55,217 |
67,219 |
84,560 |
(c) From foreign institutional agencies |
3,54,925 |
3,37,344 |
3,72,983 |
(d) From Government and semi-Government bodies |
22,889 |
20,248 |
16,528 |
(e) From companies |
40,515 |
59,281 |
72,128 |
(f) From others |
1,16,046 |
1,39,135 |
1,29,987 |
9 Deferred payments |
1,55,469 |
1,37,851 |
1,24,947 |
10 Public deposits |
5,869 |
14,626 |
19,379 |
Of total borrowings, debt |
13,35,793 |
15,32,187 |
16,08,927 |
D. Trade dues and other current liabilities |
16,74,535 |
18,33,881 |
22,52,224 |
11 Sundry creditors |
9,73,663 |
11,08,122 |
13,16,317 |
12 Acceptances |
1,55,591 |
1,38,309 |
1,85,795 |
13 Liabilities to companies |
3,790 |
3,451 |
10,764 |
14 Advances/ deposits from customers, agents, etc. |
2,94,632 |
3,19,736 |
4,10,999 |
15 Interest accrued on loans |
17,980 |
14,518 |
16,160 |
16 Others |
2,28,879 |
2,49,746 |
3,12,190 |
E. Provisions |
3,22,992 |
4,10,169 |
4,25,634 |
17 Taxation (net of advance of income-tax) |
57,990 |
67,994 |
54,178 |
18 Dividends |
83,232 |
1,55,957 |
1,64,399 |
19 Other current provisions |
1,54,280 |
1,59,928 |
1,73,221 |
20 Non-current provisions |
27,491 |
26,290 |
33,836 |
F. 21 Miscellaneous non-current liabilities |
55 |
91 |
72 |
22 TOTAL |
74,83,345 |
85,15,209 |
99,23,673 |
@ : Include privately placed debentures. |
Statement 4: Combined Balance Sheet of the Select 745 Foreign Direct Investment Companies, 2008-09 to 2010-11 (Concld.) |
(` Million) |
Assets |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
G. Gross fixed assets |
41,89,356 |
47,74,338 |
53,80,458 |
23 Land |
1,85,020 |
2,18,426 |
2,33,830 |
24 Buildings |
3,86,627 |
4,55,424 |
5,38,079 |
25 Plant and machinery |
27,94,552 |
31,56,881 |
35,56,529 |
26 Capital work-in-progress |
5,17,382 |
5,87,074 |
6,98,185 |
27 Furniture, fixtures and office equipments |
1,42,054 |
1,56,113 |
1,65,544 |
28 Others |
1,63,721 |
2,00,419 |
1,88,290 |
H. 29 Depreciation |
12,67,787 |
14,96,409 |
17,53,056 |
I. 30 Net fixed assets |
29,21,569 |
32,77,929 |
36,27,401 |
J. Inventories |
7,88,490 |
8,47,614 |
11,03,734 |
31 Raw materials, components, etc. |
2,66,303 |
2,76,515 |
3,56,136 |
32 Finished goods |
2,22,007 |
2,32,389 |
3,11,015 |
33 Work-in-progress |
1,41,616 |
1,69,408 |
2,39,237 |
34 Stores and spares |
81,572 |
82,325 |
1,05,817 |
35 Others |
76,992 |
86,976 |
91,529 |
K. Loans and advances and other debtor balances |
16,89,604 |
19,00,154 |
22,56,358 |
36 Sundry debtors |
8,84,394 |
9,69,052 |
11,07,479 |
37 Loans and advances |
5,89,774 |
6,72,979 |
8,16,383 |
(a) To subsidiaries and companies under the same management |
2,13,414 |
2,84,434 |
3,47,326 |
(b) Others |
3,76,360 |
3,88,545 |
4,69,057 |
38 Interest accrued on loans and advances |
26,168 |
28,541 |
39,097 |
39 Deposits/ balances with Government/ others |
1,33,058 |
1,49,291 |
1,69,312 |
40 Others |
56,210 |
80,291 |
1,24,088 |
L. Investments |
12,74,242 |
16,61,087 |
18,33,352 |
Of which, quoted investments |
2,92,723 |
3,44,350 |
3,77,377 |
41 Foreign |
62,355 |
61,629 |
71,257 |
42 Indian |
12,11,887 |
15,99,459 |
17,62,095 |
(a) Government/ semi-Government securities |
8,572 |
9,499 |
6,329 |
(b) Securities of Financial Institutions |
3,21,752 |
5,05,925 |
4,79,690 |
(c) Industrial securities |
1,00,105 |
1,17,512 |
1,36,264 |
(d) Shares and debentures of subsidiaries |
7,27,596 |
8,62,797 |
10,21,321 |
(e) Others |
53,862 |
1,03,725 |
1,18,491 |
M. 43 Advance of income-tax (net of tax provision) |
- |
- |
- |
N. Other assets |
1,59,300 |
1,51,101 |
3,71,050 |
44 Immovable property |
4,176 |
4,283 |
5,067 |
45 Intangible assets |
1,54,716 |
1,46,709 |
3,65,905 |
46 Miscellaneous non-current assets |
408 |
109 |
78 |
O. Cash and bank balances |
6,50,141 |
6,77,325 |
7,31,778 |
47 Fixed deposits with banks |
5,13,287 |
5,05,668 |
5,65,470 |
48 Other bank balances |
1,12,703 |
1,49,311 |
1,50,410 |
49 Cash in hand |
24,151 |
22,345 |
15,898 |
50 TOTAL (I to O) |
74,83,345 |
85,15,209 |
99,23,673 |
- : Nil or negligible. |
Statement 5: Sources and Uses of Funds of the Select 745 Foreign Direct Investment Companies, 2009-10 and 2010-11 |
(` Million) |
Sources of Funds |
2009-10 |
2010-11 |
1 |
2 |
INTERNAL SOURCES |
7,10,011 |
6,22,860 |
A. 1 Paid-up capital# |
-3,223 |
12,422 |
B. Reserves and Surplus |
3,98,974 |
3,39,777 |
2 Capital reserve |
-36,436 |
-38,712 |
3 Investment allowance reserve |
-617 |
-26 |
4 Sinking funds |
3,849 |
10,123 |
5 Other reserves |
4,32,178 |
3,68,392 |
C. Provisions |
3,14,260 |
2,70,661 |
6 Depreciation |
2,27,083 |
2,55,195 |
7 Taxation (net of advance of income tax) |
10,004 |
-13,815 |
8 Dividends |
72,725 |
8,442 |
9 Other current provisions |
5,649 |
13,343 |
10 Non-current provisions |
-1,201 |
7,496 |
EXTERNAL SOURCES |
5,46,433 |
10,39,875 |
D. Paid-up capital |
2,04,760 |
2,38,719 |
11 Net issues |
31,384 |
44,559 |
12 Premium on shares |
1,73,375 |
1,94,160 |
E. 13 Capital receipts |
29,814 |
3,020 |
F. Borrowings |
1,52,191 |
3,78,861 |
14 Debentures |
53,398 |
28,600 |
15 Loans and advances |
1,11,716 |
3,58,413 |
(a) From banks |
78,145 |
3,05,454 |
(b) From other Indian financial institutions |
12,002 |
17,340 |
(c) From foreign institutional agencies |
-17,581 |
35,320 |
(d) From Government and semi-Government bodies |
-2,641 |
-3,720 |
(e) From companies |
18,766 |
12,847 |
(f) From others |
23,025 |
-8,829 |
16 Deferred payments |
-17,618 |
-12,904 |
17 Public deposits |
8,757 |
4,754 |
G. Trade dues and other current liabilities |
1,59,632 |
4,19,293 |
18 Sundry creditors |
1,34,138 |
2,09,145 |
19 Acceptances |
-17,283 |
47,486 |
20 Liabilities to companies |
265 |
7,313 |
21 Advances/ deposits from customers, agents, etc. |
25,104 |
91,263 |
22 Interest accruded on loans |
-3,462 |
1,642 |
23 Others |
20,871 |
62,444 |
H. 24 Miscellaneous non-current liabilities |
36 |
-19 |
25 TOTAL |
12,56,444 |
16,62,735 |
# : Capitalized reserves and forfeited shares; the changes consequent on amalgamation of companies and reduction in the value of paid-up capital are also included here. Note: This statement is derived from Statement 4. Figures have been adjusted for revaluation, etc., wherever necessary. |
Statement 5: Sources and Uses of Funds of the Select 745 Foreign Direct Investment Companies, 2009-10 and 2010-11 (Concld.) |
(` Million) |
Uses of Funds |
2009-10 |
2010-11 |
1 |
2 |
I. Gross fixed assets |
5,79,018 |
6,03,743 |
26 Land |
29,546 |
14,204 |
27 Buildings |
66,851 |
81,503 |
28 Plant and machinery |
3,62,194 |
3,99,622 |
29 Capital work-in-progress |
69,687 |
1,11,112 |
30 Furniture, fixtures and office equipments |
14,047 |
9,431 |
31 Others |
36,693 |
-12,129 |
J. Inventories |
59,124 |
2,56,145 |
32 Raw materials, components, etc. |
10,213 |
79,621 |
33 Finished goods |
10,382 |
78,626 |
34 Work-in-progress |
27,792 |
69,829 |
35 Stores and spares |
753 |
23,492 |
36 Others |
9,984 |
4,577 |
K. Loans and advances and other debtor balances |
2,11,337 |
3,55,113 |
37 Sundry debtors |
84,855 |
1,38,410 |
38 Loans and advances |
83,795 |
1,42,329 |
a) To subsidiaries and companies under the same management |
71,623 |
62,892 |
b) Others |
12,171 |
79,437 |
39 Interest accrued on loans and advances |
2,373 |
10,555 |
40 Deposits/ balances with Government/ others |
16,233 |
20,021 |
41 Others |
24,081 |
43,797 |
L. 42 Investments |
3,88,364 |
1,72,340 |
M. 43 Other assets |
-8,582 |
2,19,936 |
N. 44 Cash and bank balances |
27,184 |
55,437 |
45 TOTAL |
12,56,444 |
16,62,714 |
Statement 6: Earnings/ Expenditure in Foreign Currencies of the Select 745 Foreign Direct Investment Companies, 2008-09 to 2010-11 |
(` Million) |
Item |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
I. |
Expenditure in foreign currencies |
15,37,951 |
15,53,890 |
18,23,335 |
|
(a) Imports (on c.i.f. basis) |
11,64,934 |
11,72,446 |
13,58,665 |
|
of which: i) Raw materials |
7,27,144 |
7,76,263 |
9,03,694 |
|
ii) Capital goods |
2,36,729 |
2,34,327 |
1,73,234 |
|
iii) Stores and spares |
74,520 |
42,470 |
74,539 |
|
(b) Other expenditure in foreign currencies |
3,73,017 |
3,81,443 |
4,64,670 |
|
of which: Dividend |
43998 |
55778 |
115980 |
II. |
Earnings in foreign currencies |
12,59,748 |
12,51,724 |
13,79,704 |
|
of which: Exports (on f.o.b. basis) |
7,83,861 |
7,90,228 |
9,19,401 |
III. |
Net inflow (+) / outflow (-) in foreign currencies |
-2,78,203 |
-3,02,166 |
-4,43,631 |
Statement 7: Growth Rates of the Select Items of the Select 745 Foreign Direct Investment Companies - Industry-wise, 2009-10 and 2010-11 |
(Per cent) |
Item |
Manufacturing (465) |
Services (223) |
Computer and Related Activities (81) |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
1 |
2 |
3 |
4 |
5 |
6 |
1 Sales+ |
14.2 |
16.8 |
7.2 |
16.3 |
10.1 |
9.4 |
2 Value of production |
13.4 |
18.8 |
7.4 |
17.5 |
10.3 |
9.4 |
3 Total Income |
13.5 |
18.7 |
7.5 |
12.9 |
9.5 |
9.4 |
4 Manufacturing expenses |
11.0 |
22.8 |
2.8 |
23.2 |
7.5 |
-4.9 |
5 Remuneration to employees |
12.7 |
18.6 |
10.3 |
17.3 |
12.7 |
18.4 |
6 EBITDA |
40.9 |
4.2 |
40.5 |
5.9 |
28.4 |
7.5 |
7 Depreciation provision |
16.5 |
14.3 |
16.2 |
12.8 |
-0.8 |
3.1 |
8 EBIT |
41.7 |
4.6 |
41.8 |
-14.1 |
22.7 |
14.5 |
9 Interest |
0.3 |
3.9 |
15.6 |
7.8 |
118.9 |
12.6 |
10 EBT before non-operating surplus/deficit |
49.7 |
4.7 |
52.4 |
-20.8 |
18.6 |
14.6 |
11 Non-operating surplus/deficit |
24.4 |
10.2 |
-19.7 |
-58.7 |
101.3 |
-49.0 |
12 EBT |
48.8 |
4.8 |
35.1 |
-26.2 |
23.4 |
8.6 |
13 Tax provision |
44.9 |
1.9 |
15.4 |
-4.7 |
28.0 |
10.7 |
14 Net profits |
50.7 |
6.2 |
40.8 |
-31.3 |
22.4 |
8.1 |
15 Dividend paid |
63.9 |
10.4 |
7.7 |
36.0 |
-2.2 |
59.5 |
16 Retained earnings |
43.6 |
3.3 |
48.2 |
-42.2 |
29.9 |
-3.6 |
17 Gross saving |
32.2 |
7.4 |
31.0 |
-16.1 |
20.8 |
-1.9 |
18 (a) Gross value added |
31.3 |
9.1 |
21.1 |
5.2 |
14.0 |
15.5 |
(b) Net value added |
34.1 |
8.2 |
22.7 |
3.0 |
15.3 |
16.4 |
19 Net worth @ |
19.2 |
16.1 |
13.8 |
8.4 |
14.7 |
15.8 |
20 Total borrowings @ |
6.6 |
14.6 |
2.2 |
24.2 |
47.5 |
21.0 |
Of which: from banks @ |
9.7 |
17.7 |
3.9 |
40.8 |
40.8 |
18.8 |
21 Trade dues and other current liabilities @ |
8.3 |
22.5 |
9.8 |
14.1 |
20.8 |
-3.8 |
22 (a) Gross fixed assets @ |
12.6 |
12.2 |
16.2 |
13.6 |
11.7 |
11.0 |
(b) Net fixed assets @ |
13.1 |
10.9 |
10.2 |
10.3 |
4.5 |
4.5 |
23 Inventories @ |
3.7 |
32.1 |
17.0 |
38.8 |
37.8 |
59.8 |
24 (a) Gross physical assets @ |
10.9 |
15.8 |
16.2 |
14.8 |
12.3 |
12.3 |
(b) Net physical assets @ |
10.6 |
16.1 |
10.6 |
12.1 |
5.7 |
7.1 |
25 (a) Total gross assets @ |
14.0 |
16.3 |
12.3 |
15.1 |
19.4 |
13.5 |
(b) Total net assets @ |
14.4 |
16.6 |
9.4 |
14.1 |
19.0 |
12.8 |
26 Total earnings in foreign currencies |
-2.4 |
14.3 |
1.2 |
6.6 |
7.6 |
4.1 |
Of which: Exports |
-1.5 |
14.7 |
56.2 |
13.6 |
80.2 |
17.1 |
27 Total expenditure in foreign currencies |
0.4 |
27.0 |
-2.8 |
4.8 |
0.0 |
-5.9 |
Of which: Imports |
-1.1 |
20.8 |
1.5 |
2.4 |
4.3 |
-17.7 |
+ Net of ‘rebates and discounts’ and excise duty and cess’ @ Adjusted for revaluation, etc. # Numerator or Denominator is negative or nil or negligible. Note : 1. Figure in bracket represents the number of companies. 2. Rates of growth of all the items are adjusted for changes due to amalgamation of companies. |
Statement 7: Growth Rates of the Select Items of the Select 745 Foreign Direct Investment Companies - Industry-wise, 2009-10 and 2010-11 (Contd.) |
(Per cent) |
Item |
Food Products and Beverages (34) |
Chemicals and Chemical Products (78) |
Rubber and Plastic Products (29) |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
7 |
8 |
9 |
10 |
11 |
12 |
1 Sales+ |
16.0 |
22.1 |
7.6 |
17.5 |
14.8 |
41.6 |
2 Value of production |
17.2 |
21.5 |
6.7 |
18.6 |
14.2 |
43.4 |
3 Total Income |
17.6 |
20.9 |
5.9 |
19.0 |
16.1 |
40.9 |
4 Manufacturing expenses |
16.3 |
26.0 |
1.8 |
21.5 |
13.3 |
38.5 |
5 Remuneration to employees |
17.3 |
11.6 |
17.0 |
16.4 |
18.5 |
31.2 |
6 EBITDA |
16.2 |
6.3 |
51.5 |
11.5 |
42.3 |
81.4 |
7 Depreciation provision |
22.2 |
3.6 |
15.1 |
23.9 |
17.7 |
17.6 |
8 EBIT |
11.7 |
8.5 |
54.2 |
16.2 |
51.6 |
75.9 |
9 Interest |
14.9 |
8.3 |
-23.5 |
11.8 |
17.5 |
32.3 |
10 EBT before non-operating surplus/deficit |
10.9 |
8.6 |
63.1 |
16.4 |
65.0 |
88.1 |
11 Non-operating surplus/deficit |
# |
-45.5 |
-67.0 |
-30.5 |
290.2 |
-78.6 |
12 EBT |
20.8 |
4.7 |
39.2 |
14.4 |
85.2 |
78.3 |
13 Tax provision |
5.4 |
6.1 |
21.8 |
8.7 |
45.8 |
127.4 |
14 Net profits |
29.2 |
4.2 |
47.3 |
16.5 |
102.9 |
62.5 |
15 Dividend paid |
5.4 |
17.6 |
8.6 |
32.2 |
96.6 |
-7.7 |
16 Retained earnings |
47.9 |
-3.4 |
89.9 |
6.8 |
105.1 |
79.0 |
17 Gross saving |
38.7 |
-1.2 |
64.2 |
11.0 |
58.4 |
54.6 |
18 (a) Gross value added |
17.2 |
8.3 |
41.0 |
15.8 |
30.7 |
64.0 |
(b) Net value added |
16.7 |
8.9 |
44.3 |
15.0 |
34.6 |
76.3 |
19 Net worth @ |
25.1 |
7.1 |
19.8 |
14.1 |
9.2 |
15.8 |
20 Total borrowings @ |
26.1 |
-11.1 |
-6.4 |
30.3 |
50.3 |
9.5 |
Of which: from banks @ |
40.3 |
-5.2 |
-9.1 |
31.6 |
23.0 |
14.9 |
21 Trade dues and other current liabilities @ |
27.9 |
15.8 |
1.4 |
15.6 |
16.2 |
23.7 |
22 (a) Gross fixed assets @ |
13.4 |
-1.5 |
16.8 |
12.9 |
14.4 |
10.4 |
(b) Net fixed assets @ |
12.6 |
-4.4 |
17.1 |
12.3 |
16.3 |
9.8 |
23 Inventories @ |
30.8 |
18.1 |
6.5 |
29.6 |
36.7 |
42.3 |
24 (a) Gross physical assets @ |
17.9 |
4.2 |
13.7 |
17.6 |
16.6 |
14.1 |
(b) Net physical assets @ |
18.7 |
3.9 |
13.0 |
18.7 |
19.3 |
15.3 |
25 (a) Total gross assets @ |
24.2 |
3.3 |
9.8 |
16.5 |
17.9 |
13.9 |
(b) Total net assets @ |
25.4 |
3.1 |
9.0 |
16.8 |
19.7 |
14.5 |
26 Total earnings in foreign currencies |
5.6 |
66.6 |
2.7 |
19.4 |
10.4 |
100.1 |
Of which: Exports |
8.4 |
68.1 |
2.5 |
18.3 |
3.5 |
115.3 |
27 Total expenditure in foreign currencies |
22.5 |
-7.8 |
-11.6 |
22.4 |
25.9 |
47.5 |
Of which: Imports |
23.6 |
-11.5 |
-13.5 |
29.6 |
28.0 |
43.9 |
Statement 7: Growth Rates of the Select Items of the Select 745 Foreign Direct Investment Companies - Industry-wise, 2009-10 and 2010-11 (Contd.) |
(Per cent) |
Item |
Motor vehicles and Other Transport Equipment (52) |
Machinery and Machine Tools (66) |
Electrical Machinery and Apparatus (32) |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
13 |
14 |
15 |
16 |
17 |
18 |
1 Sales+ |
28.4 |
22.9 |
2.6 |
23.0 |
7.2 |
10.2 |
2 Value of production |
28.7 |
23.6 |
3.4 |
24.4 |
8.1 |
11.7 |
3 Total Income |
28.1 |
23.2 |
2.8 |
24.3 |
8.6 |
11.6 |
4 Manufacturing expenses |
25.7 |
25.4 |
-0.2 |
27.8 |
5.8 |
16.8 |
5 Remuneration to employees |
15.9 |
28.2 |
6.6 |
18.7 |
12.0 |
22.3 |
6 EBITDA |
76.2 |
11.5 |
25.6 |
10.1 |
19.5 |
-13.0 |
7 Depreciation provision |
17.3 |
19.8 |
0.9 |
-1.2 |
22.1 |
17.4 |
8 EBIT |
81.8 |
12.1 |
26.1 |
16.0 |
19.6 |
-13.9 |
9 Interest |
-8.3 |
-5.5 |
-13.8 |
1.7 |
-22.2 |
-3.6 |
10 EBT before non-operating surplus/deficit |
97.3 |
13.5 |
32.6 |
17.5 |
24.2 |
-14.6 |
11 Non-operating surplus/deficit |
-15.9 |
-86.7 |
-44.4 |
50.0 |
# |
-12.4 |
12 EBT |
87.7 |
9.7 |
24.8 |
18.9 |
26.8 |
-14.5 |
13 Tax provision |
104.7 |
1.5 |
13.7 |
20.9 |
16.3 |
-16.7 |
14 Net profits |
80.8 |
13.5 |
32.2 |
17.8 |
32.3 |
-13.5 |
15 Dividend paid |
172.0 |
4.5 |
29.6 |
-7.2 |
27.0 |
35.0 |
16 Retained earnings |
45.4 |
20.1 |
33.5 |
30.5 |
33.4 |
-21.9 |
17 Gross saving |
32.1 |
20.0 |
17.0 |
16.7 |
31.0 |
-14.3 |
18 (a) Gross value added |
50.8 |
17.0 |
15.8 |
14.0 |
18.2 |
-1.1 |
(b) Net value added |
60.1 |
16.4 |
19.0 |
16.7 |
17.9 |
-2.8 |
19 Net worth @ |
19.2 |
18.9 |
15.3 |
12.6 |
26.8 |
14.1 |
20 Total borrowings @ |
-10.9 |
6.9 |
-13.3 |
9.7 |
-13.8 |
18.4 |
Of which: from banks @ |
-2.3 |
-11.7 |
-11.0 |
9.8 |
-10.4 |
28.3 |
21 Trade dues and other current liabilities @ |
12.7 |
23.8 |
17.2 |
31.6 |
10.3 |
17.2 |
22 (a) Gross fixed assets @ |
10.9 |
12.1 |
3.3 |
9.8 |
9.7 |
13.0 |
(b) Net fixed assets @ |
7.1 |
8.8 |
-5.1 |
7.8 |
10.4 |
14.1 |
23 Inventories @ |
2.7 |
25.9 |
4.9 |
35.4 |
14.8 |
26.6 |
24 (a) Gross physical assets @ |
9.6 |
14.2 |
3.7 |
16.0 |
11.0 |
16.7 |
(b) Net physical assets @ |
6.1 |
12.7 |
-1.4 |
18.9 |
12.0 |
18.8 |
25 (a) Total gross assets @ |
14.3 |
16.5 |
11.8 |
17.3 |
13.6 |
14.7 |
(b) Total net assets @ |
13.6 |
16.4 |
11.6 |
18.8 |
14.4 |
15.2 |
26 Total earnings in foreign currencies |
13.8 |
-9.3 |
-23.5 |
23.4 |
8.2 |
-2.1 |
Of which: Exports |
15.7 |
-9.7 |
-19.0 |
25.2 |
6.6 |
-2.0 |
27 Total expenditure in foreign currencies |
-1.1 |
43.8 |
-9.8 |
28.4 |
3.3 |
64.0 |
Of which: Imports |
-6.1 |
32.1 |
-8.9 |
28.1 |
0.4 |
5.0 |
Statement 7: Growth Rates of the Select Items of the Select 745 Foreign Direct Investment Companies -Industry-wise, 2009-10 and 2010-11 (Concld.) |
(Per cent) |
Item |
Construction (22) |
Wholesale and Retail Trade (25) |
Transport Storage and Communications (25) |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
19 |
20 |
21 |
22 |
23 |
24 |
1 Sales+ |
18.2 |
-3.9 |
6.0 |
21.8 |
5.7 |
14.6 |
2 Value of production |
16.1 |
-2.3 |
6.9 |
27.8 |
5.7 |
14.5 |
3 Total Income |
17.1 |
-1.1 |
8.8 |
18.4 |
5.7 |
9.3 |
4 Manufacturing expenses |
17.2 |
-1.9 |
5.3 |
24.7 |
3.2 |
25.0 |
5 Remuneration to employees |
7.9 |
14.0 |
3.8 |
7.6 |
6.0 |
12.0 |
6 EBITDA |
9.3 |
-19.2 |
35.4 |
79.8 |
21.9 |
-3.3 |
7 Depreciation provision |
16.5 |
20.4 |
9.6 |
-10.0 |
19.2 |
13.2 |
8 EBIT |
13.5 |
-9.1 |
86.0 |
-51.8 |
36.2 |
-33.7 |
9 Interest |
33.9 |
33.5 |
-11.3 |
-0.3 |
6.9 |
5.6 |
10 EBT before non-operating surplus/deficit |
3.5 |
-36.0 |
100.4 |
-55.2 |
58.7 |
-54.1 |
11 Non-operating surplus/deficit |
# |
-15.6 |
113.2 |
# |
-37.1 |
-77.9 |
12 EBT |
13.7 |
-34.1 |
119.4 |
-51.8 |
20.7 |
-59.0 |
13 Tax provision |
15.5 |
-21.6 |
83.6 |
-49.7 |
-0.9 |
-32.2 |
14 Net profits |
12.9 |
-39.7 |
145.9 |
-53.1 |
24.4 |
-62.6 |
15 Dividend paid |
-3.3 |
32.8 |
19.9 |
2.4 |
-9.3 |
9.3 |
16 Retained earnings |
13.7 |
-42.9 |
171.8 |
-58.1 |
27.4 |
-67.2 |
17 Gross saving |
14.6 |
-23.0 |
130.7 |
-52.3 |
22.6 |
-21.9 |
18 (a) Gross value added |
10.7 |
-3.2 |
43.4 |
-31.1 |
21.4 |
-4.2 |
(b) Net value added |
10.0 |
-5.9 |
45.6 |
-32.2 |
22.8 |
-14.9 |
19 Net worth @ |
25.3 |
6.7 |
27.5 |
9.9 |
10.1 |
3.9 |
20 Total borrowings @ |
32.3 |
20.2 |
47.9 |
0.7 |
-4.1 |
26.7 |
Of which: from banks @ |
7.5 |
24.6 |
74.9 |
14.4 |
-2.2 |
51.1 |
21 Trade dues and other current liabilities @ |
21.2 |
46.8 |
8.9 |
19.2 |
10.1 |
18.8 |
22 (a) Gross fixed assets @ |
17.3 |
13.6 |
5.8 |
9.7 |
16.9 |
13.1 |
(b) Net fixed assets @ |
14.0 |
9.4 |
6.6 |
10.6 |
10.5 |
9.5 |
23 Inventories @ |
26.9 |
17.4 |
2.1 |
22.4 |
0.0 |
11.7 |
4 (a) Gross physical assets @ |
22.7 |
15.8 |
3.3 |
18.4 |
16.7 |
13.1 |
(b) Net physical assets @ |
22.0 |
14.5 |
3.1 |
19.7 |
10.4 |
9.5 |
25 (a) Total gross assets @ |
25.8 |
25.9 |
17.7 |
12.6 |
8.9 |
15.8 |
(b) Total net assets @ |
25.6 |
25.8 |
18.3 |
12.8 |
4.4 |
14.5 |
26 Total earnings in foreign currencies |
18.2 |
-59.7 |
12.6 |
9.7 |
-7.6 |
19.9 |
Of which: Exports |
69.2 |
-53.2 |
32.9 |
1.4 |
# |
67.2 |
27 Total expenditure in foreign currencies |
12.9 |
-54.6 |
6.5 |
35.5 |
-7.0 |
-20.7 |
Of which: Imports |
12.9 |
-43.4 |
6.3 |
36.5 |
-4.7 |
-45.1 |
Statement 8: Growth Rates of the Select Itmes of the Select 745 Foreign Direct Investment Companies - Country-Wise, 2009-10 and 2010-11 |
(Per cent) |
Item |
France (16) |
Germany (61) |
U.S.A. (114) |
U.K. (66) |
2008-09 |
2009-10 |
2008-09 |
2009-10 |
2008-09 |
2009-10 |
2008-09 |
2009-10 |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
1 Sales+ |
23.1 |
18.8 |
6.9 |
14.9 |
4.1 |
2.5 |
17.0 |
16.7 |
2 Value of production |
21.7 |
20.0 |
6.3 |
18.6 |
2.2 |
3.6 |
15.3 |
18.0 |
3 Total Income |
21.1 |
19.9 |
6.8 |
14.4 |
2.6 |
4.0 |
15.5 |
17.5 |
4 Manufacturing expenses |
27.3 |
21.1 |
4.6 |
16.9 |
-3.5 |
8.5 |
14.6 |
19.2 |
5 Remuneration to employees |
31.6 |
23.6 |
17.5 |
16.6 |
6.0 |
15.7 |
12.2 |
14.2 |
6 EBITDA |
-3.7 |
10.8 |
77.1 |
# |
27.0 |
-12.6 |
20.9 |
19.0 |
7 Depreciation provision |
29.5 |
23.8 |
14.9 |
6.5 |
6.9 |
-0.3 |
16.3 |
18.2 |
8 EBIT |
-6.9 |
6.2 |
18.3 |
14.6 |
23.8 |
-9.8 |
19.8 |
19.1 |
9 Interest |
82.2 |
16.4 |
14.3 |
12.1 |
21.7 |
-5.9 |
5.3 |
4.0 |
10 EBT before non-operating surplus/deficit |
-13.7 |
4.5 |
19.0 |
15.1 |
24.1 |
-10.2 |
21.0 |
20.2 |
11 Non-operating surplus/deficit |
-361.4 |
23.7 |
53.7 |
-31.0 |
# |
2.0 |
58.7 |
-34.3 |
12 EBT |
-18.1 |
5.7 |
23.2 |
8.2 |
28.5 |
-9.7 |
22.5 |
17.4 |
13 Tax provision |
-28.2 |
6.3 |
1.8 |
20.9 |
27.4 |
3.4 |
35.7 |
8.5 |
14 Net profits |
-12.9 |
5.4 |
35.2 |
2.9 |
28.9 |
-14.6 |
16.7 |
22.0 |
15 Dividend paid |
-3.7 |
31.0 |
35.8 |
46.9 |
21.2 |
50.3 |
63.5 |
3.1 |
16 Retained earnings |
-15.9 |
1.2 |
35.1 |
-5.4 |
31.5 |
-35.3 |
-18.5 |
50.6 |
17 Gross saving |
-5.1 |
8.6 |
28.2 |
-1.8 |
24.5 |
-26.7 |
-9.6 |
39.9 |
18 (a) Gross value added |
4.5 |
11.8 |
13.0 |
15.1 |
16.9 |
-0.5 |
18.2 |
17.0 |
(b) Net value added |
1.1 |
9.7 |
12.7 |
16.4 |
18.2 |
-0.5 |
18.4 |
16.9 |
19 Net worth @ |
20.1 |
14.6 |
23.1 |
13.6 |
8.1 |
10.7 |
19.7 |
16.1 |
20 Total borrowings @ |
24.6 |
21.8 |
8.0 |
7.0 |
-24.3 |
7.8 |
16.9 |
11.0 |
Of which, from banks @ |
27.9 |
10.7 |
-6.3 |
6.4 |
-26.7 |
11.8 |
-19.1 |
-0.4 |
21 Trade dues and other current liabilities @ |
15.1 |
27.5 |
-0.5 |
28.7 |
0.2 |
23.8 |
31.5 |
14.1 |
22 (a) Gross fixed assets @ |
24.8 |
17.3 |
9.6 |
12.7 |
-25.1 |
7.0 |
12.8 |
11.1 |
(b) Net fixed assets @ |
25.6 |
16.1 |
3.9 |
11.1 |
-29.7 |
4.7 |
12.8 |
9.2 |
23 Inventories @ |
-20.7 |
21.4 |
14.6 |
24.2 |
1.9 |
24.8 |
3.0 |
24.1 |
24 (a) Gross physical assets @ |
18.5 |
17.7 |
11.3 |
16.6 |
-17.8 |
12.9 |
10.6 |
13.7 |
(b) Net physical assets @ |
17.8 |
16.7 |
8.7 |
17.2 |
-18.3 |
13.7 |
10.0 |
13.2 |
25 (a) Total gross assets @ |
19.9 |
20.0 |
14.3 |
16.0 |
-4.0 |
12.2 |
23.0 |
14.0 |
(b) Total net assets @ |
19.6 |
19.7 |
13.5 |
16.1 |
-1.7 |
12.4 |
24.8 |
13.8 |
26 Total earnings in foreign currencies |
-11.5 |
19.5 |
-8.1 |
-32.5 |
-13.1 |
11.4 |
5.1 |
17.9 |
Of which, Exports |
-16.2 |
31.2 |
-14.9 |
0.7 |
3.4 |
6.9 |
1.2 |
34.5 |
27 Total expenditure in foreign currencies |
21.1 |
22.1 |
0.0 |
4.0 |
6.1 |
11.8 |
13.6 |
10.1 |
Of which, Imports |
21.1 |
22.5 |
1.6 |
34.0 |
-5.4 |
14.3 |
13.0 |
8.3 |
+ Net of ‘rebates and discounts’ and excise duty and cess’ @ Adjusted for revaluation, etc. # Numerator or Denominator is negative or nil or negligible. Note : 1. Figure in bracket represents the number of companies. 2. Rates of growth of all the items are adjusted for changes due to amalgamation of companies. |
Statement 8: Growth Rates of the Select Itmes of the Select 745 Foreign Direct Investment Companies -Country-Wise, 2009-10 and 2010-11 (Concld.) |
(Per cent) |
Item |
Switzerland (25) |
Netherlands (31) |
Japan (52) |
Mauritius (179) |
2008-09 |
2009-10 |
2008-09 |
2009-10 |
2008-09 |
2009-10 |
2008-09 |
2009-10 |
9 |
10 |
11 |
12 |
13 |
14 |
15 |
16 |
1 Sales+ |
9.7 |
13.7 |
7.9 |
18.4 |
29.4 |
25.4 |
7.7 |
12.8 |
2 Value of production |
9.6 |
15.1 |
8.5 |
18.4 |
29.5 |
26.5 |
7.5 |
14.9 |
3 Total Income |
9.8 |
16.2 |
8.8 |
18.2 |
30.7 |
23.6 |
7.8 |
13.9 |
4 Manufacturing expenses |
5.3 |
23.8 |
2.5 |
20.0 |
29.3 |
31.6 |
5.3 |
19.2 |
5 Remuneration to employees |
14.5 |
18.7 |
11.8 |
22.5 |
19.4 |
30.3 |
8.4 |
16.8 |
6 EBITDA |
24.5 |
-14.4 |
34.3 |
10.5 |
135.6 |
3.6 |
25.7 |
1.4 |
7 Depreciation provision |
66.1 |
13.3 |
13.8 |
7.1 |
21.5 |
22.9 |
14.5 |
14.1 |
8 EBIT |
13.4 |
-15.7 |
33.0 |
14.9 |
277.9 |
-8.3 |
29.8 |
-8.6 |
9 Interest |
32.8 |
-8.4 |
-24.7 |
-14.7 |
-0.5 |
-8.0 |
5.7 |
11.3 |
10 EBT before non-operating surplus/deficit |
12.0 |
-16.3 |
36.3 |
15.8 |
# |
-8.3 |
36.6 |
-13.0 |
11 Non-operating surplus/deficit |
406.3 |
362.3 |
65.0 |
-32.6 |
-0.1 |
-118.4 |
-82.3 |
# |
12 EBT |
13.9 |
-11.7 |
37.8 |
12.9 |
429.3 |
-22.2 |
32.0 |
-9.6 |
13 Tax provision |
5.1 |
-15.5 |
29.2 |
6.5 |
100.6 |
-6.0 |
28.3 |
-9.8 |
14 Net profits |
18.3 |
-10.0 |
42.9 |
16.3 |
# |
-30.0 |
33.0 |
-9.6 |
15 Dividend paid |
15.3 |
10.0 |
13.4 |
10.0 |
294.7 |
5.8 |
9.8 |
3.1 |
16 Retained earnings |
19.8 |
-19.7 |
55.2 |
18.2 |
# |
-58.1 |
37.2 |
-11.8 |
17 Gross saving |
35.1 |
-6.3 |
41.2 |
15.2 |
138.5 |
-11.4 |
27.5 |
-1.8 |
18 (a) Gross value added |
21.5 |
-1.9 |
23.1 |
15.6 |
89.9 |
8.7 |
21.4 |
2.4 |
(b) Net value added |
14.9 |
-5.1 |
24.2 |
16.4 |
137.2 |
3.7 |
23.3 |
-0.6 |
19 Net worth @ |
28.0 |
11.0 |
16.0 |
18.8 |
8.2 |
19.6 |
25.0 |
16.6 |
20 Total borrowings @ |
35.4 |
5.2 |
-27.0 |
24.6 |
-0.4 |
24.2 |
17.3 |
22.6 |
Of which, from banks @ |
30.9 |
-0.8 |
-31.4 |
40.7 |
-8.6 |
27.2 |
22.3 |
31.8 |
21 Trade dues and other current liabilities @ |
6.6 |
22.1 |
6.8 |
19.4 |
11.1 |
24.9 |
7.6 |
25.3 |
22 (a) Gross fixed assets @ |
25.5 |
20.7 |
5.8 |
10.1 |
16.1 |
14.1 |
22.0 |
14.7 |
(b) Net fixed assets @ |
26.8 |
21.5 |
1.5 |
9.3 |
13.8 |
11.1 |
21.3 |
13.1 |
23 Inventories @ |
19.3 |
19.6 |
18.8 |
24.6 |
16.9 |
40.4 |
6.9 |
36.3 |
24 (a) Gross physical assets @ |
24.3 |
20.5 |
9.2 |
14.3 |
16.2 |
16.6 |
20.3 |
16.7 |
(b) Net physical assets @ |
24.7 |
21.0 |
8.5 |
16.1 |
14.2 |
15.0 |
19.2 |
16.1 |
25 (a) Total gross assets @ |
21.3 |
14.6 |
9.6 |
17.8 |
10.7 |
21.9 |
19.4 |
19.2 |
(b) Total net assets @ |
20.8 |
13.4 |
9.4 |
19.0 |
8.6 |
22.2 |
18.6 |
19.3 |
26 Total earnings in foreign currencies |
14.7 |
25.0 |
-30.9 |
30.9 |
17.7 |
3.7 |
-4.4 |
12.5 |
Of which, Exports |
9.4 |
15.7 |
-29.3 |
33.5 |
16.4 |
3.5 |
-10.3 |
20.0 |
27 Total expenditure in foreign currencies |
6.2 |
23.9 |
4.3 |
13.4 |
16.6 |
18.0 |
-4.1 |
23.1 |
Of which, Imports |
4.5 |
25.6 |
3.6 |
18.5 |
18.6 |
4.0 |
-5.3 |
15.7 |
Statement 9: Growth Rates of the Select Items of the Select 745 Foreign Direct Investment Companies -Type-wise, 2009-10 and 2010-11 |
(Per cent) |
Item |
Public (493) |
Private (252) |
2009-10 |
2010-11 |
2009-10 |
2010-11 |
1 |
2 |
3 |
4 |
1 Sales+ |
12.7 |
15.4 |
6.1 |
29.4 |
2 Value of production |
12.1 |
16.9 |
5.7 |
34.5 |
3 Total Income |
12.1 |
16.1 |
6.8 |
28.5 |
4 Manufacturing expenses |
10.0 |
20.5 |
-1.2 |
41.8 |
5 Remuneration to employees |
11.2 |
17.2 |
12.7 |
23.9 |
6 EBITDA |
36.9 |
5.0 |
55.0 |
22.0 |
7 Depreciation provision |
16.9 |
13.9 |
18.2 |
12.2 |
8 EBIT |
37.7 |
2.3 |
46.0 |
-16.8 |
9 Interest |
9.2 |
6.9 |
17.1 |
5.2 |
10 EBT before non-operating surplus/deficit |
44.6 |
1.4 |
52.8 |
-20.7 |
11 Non-operating surplus/deficit |
-14.6 |
-28.0 |
88.4 |
141.8 |
12 EBT |
39.7 |
-0.1 |
53.8 |
-15.3 |
13 Tax provision |
34.6 |
3.4 |
42.1 |
-15.8 |
14 Net profits |
41.8 |
-1.4 |
60.4 |
-15.0 |
15 Dividend paid |
52.5 |
15.3 |
43.4 |
-28.5 |
16 Retained earnings |
37.6 |
-8.9 |
67.1 |
-10.5 |
17 Gross saving |
28.5 |
0.3 |
42.0 |
-0.8 |
18 (a) Gross value added |
26.3 |
8.3 |
24.6 |
5.7 |
(b) Net value added |
28.4 |
7.1 |
25.6 |
4.7 |
19 Net worth @ |
18.2 |
14.5 |
21.3 |
15.9 |
20 Total borrowings @ |
7.7 |
17.5 |
0.9 |
10.9 |
Of which, from banks @ |
7.1 |
24.7 |
-4.3 |
15.7 |
21 Trade dues and other current liabilities @ |
9.3 |
21.6 |
14.0 |
45.2 |
22 (a) Gross fixed assets @ |
13.7 |
12.7 |
15.7 |
11.4 |
(b) Net fixed assets @ |
12.0 |
10.8 |
12.7 |
7.0 |
23 Inventories @ |
7.7 |
29.4 |
4.2 |
43.4 |
24 (a) Gross physical assets @ |
12.8 |
15.2 |
13.1 |
17.9 |
(b) Net physical assets @ |
11.1 |
14.6 |
10.4 |
16.5 |
25 (a) Total gross assets @ |
14.3 |
16.4 |
15.2 |
22.2 |
(b) Total net assets @ |
13.7 |
16.3 |
14.0 |
22.0 |
26 Total earnings in foreign currencies |
0.1 |
8.0 |
-16.1 |
66.2 |
Of which, Exports |
2.7 |
14.6 |
-36.5 |
73.3 |
27 Total expenditure in foreign currencies |
1.9 |
14.9 |
-12.9 |
64.8 |
Of which, Imports |
1.6 |
12.7 |
-12.5 |
65.4 |
+ Net of 'rebates and discounts' and 'excise duty and cess' @ Adjusted for revaluation, etc. Note : Rates of growth of all the items are adjusted for changes due to amalgamation of companies. |
Statement 10: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies -Industry -wise, 2008-09 to 2010-11 |
(Per cent) |
Item |
Manufacturing (465) |
Services (223) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
4 |
5 |
6 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
40.6 |
40.1 |
38.2 |
39.6 |
39.9 |
38.6 |
|
2 Net worth to total net assets |
45.7 |
47.5 |
47.3 |
46.6 |
48.5 |
46.0 |
|
3 Debt to equity |
35.0 |
33.4 |
31.5 |
45.2 |
43.2 |
40.2 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
36.3 |
34.3 |
32.2 |
46.2 |
44.0 |
40.8 |
|
5 Short term bank borrowings to inventories |
53.4 |
47.8 |
48.3 |
257.0 |
187.6 |
288.3 |
|
6 Total outside liabilities to net worth |
118.7 |
110.4 |
111.3 |
114.6 |
106.4 |
117.2 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.3 |
1.3 |
1.3 |
1.2 |
1.2 |
1.0 |
|
8 Quick assets to current liabilities |
63.4 |
66.2 |
65.1 |
81.4 |
72.1 |
52.2 |
|
9 Current assets to total net assets |
48.4 |
47.1 |
49.5 |
39.4 |
37.3 |
35.5 |
|
10 Sundry creditors to current assets |
30.2 |
31.1 |
30.4 |
28.1 |
30.0 |
32.0 |
|
11 Sundry creditors to net working capital |
137.9 |
133.9 |
124.1 |
151.6 |
163.2 |
3722.0 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
98.2 |
99.1 |
|
54.7 |
56.9 |
|
13 Sales to gross fixed assets^ |
|
164.6 |
170.8 |
|
99.0 |
100.3 |
|
14 Inventories to sales |
15.5 |
14.1 |
16.0 |
4.7 |
5.1 |
6.1 |
|
15 Sundry debtors to sales |
13.4 |
13.0 |
12.8 |
19.5 |
18.7 |
18.3 |
|
16 Exports to sales |
18.1 |
15.6 |
15.4 |
2.1 |
3.0 |
3.0 |
|
17 Gross value added to gross fixed assets^ |
|
38.3 |
37.1 |
|
38.9 |
35.7 |
|
18 Raw materials consumed to value of production |
56.4 |
56.0 |
58.4 |
18.0 |
16.8 |
18.3 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
45.3 |
37.0 |
|
64.9 |
45.6 |
|
20 Gross capital formation to total uses of funds |
|
48.5 |
58.4 |
|
68.1 |
51.7 |
|
21 External sources of funds to total sources of funds |
|
40.7 |
56.7 |
|
29.6 |
71.4 |
|
22 Increase in bank borrowings to total external sources |
|
21.2 |
22.9 |
|
15.6 |
50.1 |
|
23 Gross savings to gross capital formation |
|
116.3 |
77.9 |
|
117.0 |
92.7 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
10.9 |
13.5 |
12.1 |
6.3 |
8.2 |
6.2 |
|
25 EBIT to sales |
11.8 |
14.7 |
13.1 |
11.9 |
15.7 |
11.6 |
|
26 Net profits to net worth |
14.0 |
17.7 |
16.2 |
9.9 |
12.2 |
7.7 |
|
27 EBITDA to sales |
12.2 |
15.0 |
13.4 |
12.2 |
16.0 |
14.5 |
|
28 Tax provision to EBT* |
31.3 |
31.0 |
30.1 |
17.0 |
15.8 |
16.9 |
|
29 Retained earnings to net profits* |
66.6 |
62.8 |
61.3 |
87.1 |
89.0 |
83.1 |
|
30 Dividends to net worth |
4.9 |
6.8 |
6.4 |
1.8 |
1.7 |
2.1 |
|
31 Ordinary dividends to ordinary paid-up capital |
54.3 |
78.6 |
79.5 |
9.8 |
10.3 |
13.1 |
* : Calculated based on companies which made profit in the year. ** : Item B.7 is the actual ratio of current assets to current liabilities @ : Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc. # : Numerator or Denominator is negative or nil or negligible. ^ : Calculated based on average total net assets and gross fixed assets during the year. Ratio for the year 2008-09, therefore was not available. Note : Figure in bracket represents the number of companies. |
Statement 10: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies - Industry -wise, 2008-09 to 2010-11 (Contd.) |
(Per cent) |
Item |
Computer and Related Activities (81) |
Food Products and Beverages (34) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
7 |
8 |
9 |
10 |
11 |
12 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
16.8 |
14.7 |
13.6 |
31.6 |
28.4 |
26.3 |
|
2 Net worth to total net assets |
66.4 |
64.0 |
65.7 |
45.6 |
44.3 |
46.0 |
|
3 Debt to equity |
11.3 |
12.5 |
13.3 |
38.5 |
48.9 |
33.1 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
11.3 |
12.5 |
13.3 |
39.6 |
50.0 |
33.7 |
|
5 Short term bank borrowings to inventories |
419.9 |
451.5 |
373.9 |
62.3 |
50.4 |
60.1 |
|
6 Total outside liabilities to net worth |
50.7 |
56.3 |
52.3 |
119.2 |
125.8 |
117.3 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
2.0 |
2.0 |
2.3 |
1.4 |
1.8 |
1.6 |
|
8 Quick assets to current liabilities |
149.2 |
130.2 |
147.1 |
55.5 |
62.3 |
53.5 |
|
9 Current assets to total net assets |
51.2 |
55.4 |
57.0 |
50.3 |
58.4 |
60.9 |
|
10 Sundry creditors to current assets |
18.3 |
16.5 |
13.2 |
26.0 |
22.1 |
21.9 |
|
11 Sundry creditors to net working capital |
36.1 |
32.8 |
23.7 |
88.7 |
50.1 |
56.0 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
69.7 |
65.9 |
|
113.0 |
122.1 |
|
13 Sales to gross fixed assets^ |
|
259.1 |
254.7 |
|
267.0 |
309.0 |
|
14 Inventories to sales |
0.9 |
1.2 |
1.7 |
14.4 |
16.3 |
15.7 |
|
15 Sundry debtors to sales |
30.8 |
27.9 |
31.3 |
8.0 |
8.9 |
7.7 |
|
16 Exports to sales |
4.7 |
7.7 |
8.2 |
6.8 |
6.3 |
8.7 |
|
17 Gross value added to gross fixed assets^ |
|
169.1 |
175.3 |
|
50.1 |
51.4 |
|
18 Raw materials consumed to value of production |
4.2 |
2.1 |
2.2 |
50.4 |
50.7 |
52.9 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
16.5 |
20.8 |
|
21.8 |
-15.8 |
|
20 Gross capital formation to total uses of funds |
|
17.7 |
24.1 |
|
39.7 |
64.2 |
|
21 External sources of funds to total sources of funds |
|
48.2 |
20.8 |
|
52.9 |
10.5 |
|
22 Increase in bank borrowings to total external sources |
|
17.7 |
32.1 |
|
55.1 |
-294.8 |
|
23 Gross savings to gross capital formation |
|
414.3 |
361.6 |
|
73.5 |
262.7 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
13.0 |
13.4 |
13.6 |
13.0 |
11.6 |
12.2 |
|
25 EBIT to sales |
18.8 |
20.9 |
21.9 |
11.8 |
11.4 |
10.1 |
|
26 Net profits to net worth |
16.6 |
17.7 |
16.6 |
14.5 |
15.4 |
15.0 |
|
27 EBITDA to sales |
19.6 |
22.9 |
22.5 |
10.9 |
10.9 |
9.5 |
|
28 Tax provision to EBT* |
15.8 |
17.0 |
17.6 |
34.5 |
30.5 |
30.9 |
|
29 Retained earnings to net profits* |
78.0 |
81.8 |
72.7 |
57.4 |
64.6 |
60.0 |
|
30 Dividends to net worth |
3.9 |
3.3 |
4.5 |
6.4 |
5.5 |
6.1 |
|
31 Ordinary dividends to ordinary paid-up capital |
43.9 |
42.5 |
65.7 |
83.7 |
83.3 |
91.3 |
Statement 10: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies - Industry -wise, 2008-09 to 2010-11 (Contd.) |
(Per cent) |
Item |
Chemicals and Chemical Products (78) |
Rubber and Plastic Products (29) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
13 |
14 |
15 |
16 |
17 |
18 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
25.7 |
27.7 |
26.6 |
46.0 |
44.7 |
42.9 |
|
2 Net worth to total net assets |
49.2 |
54.1 |
52.8 |
60.4 |
55.1 |
55.7 |
|
3 Debt to equity |
16.4 |
14.1 |
14.4 |
19.6 |
32.9 |
28.5 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
16.4 |
14.1 |
14.4 |
22.9 |
37.7 |
31.8 |
|
5 Short term bank borrowings to inventories |
53.5 |
40.9 |
44.9 |
108.3 |
71.3 |
59.6 |
|
6 Total outside liabilities to net worth |
103.2 |
85.0 |
89.4 |
65.6 |
81.6 |
79.5 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.4 |
1.5 |
1.5 |
1.2 |
1.3 |
1.3 |
|
8 Quick assets to current liabilities |
73.4 |
76.9 |
76.6 |
59.4 |
73.2 |
67.6 |
|
9 Current assets to total net assets |
59.1 |
56.6 |
59.3 |
31.6 |
34.5 |
36.1 |
|
10 Sundry creditors to current assets |
26.5 |
31.4 |
30.3 |
21.5 |
24.0 |
24.0 |
|
11 Sundry creditors to net working capital |
89.6 |
92.5 |
87.5 |
163.4 |
103.8 |
109.8 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
99.5 |
103.4 |
|
67.9 |
82.3 |
|
13 Sales to gross fixed assets^ |
|
249.3 |
255.3 |
|
95.9 |
121.0 |
|
14 Inventories to sales |
17.1 |
16.9 |
18.7 |
12.3 |
14.6 |
14.7 |
|
15 Sundry debtors to sales |
16.7 |
15.4 |
14.9 |
14.7 |
13.5 |
13.2 |
|
16 Exports to sales |
22.9 |
21.9 |
22.0 |
17.3 |
15.6 |
23.7 |
|
17 Gross value added to gross fixed assets^ |
|
64.5 |
65.1 |
|
19.6 |
28.6 |
|
18 Raw materials consumed to value of production |
49.7 |
47.0 |
48.3 |
65.2 |
64.1 |
62.1 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
55.5 |
28.6 |
|
46.1 |
41.7 |
|
20 Gross capital formation to total uses of funds |
|
64.7 |
54.3 |
|
59.0 |
63.9 |
|
21 External sources of funds to total sources of funds |
|
6.9 |
48.0 |
|
61.9 |
32.6 |
|
22 Increase in bank borrowings to total external sources |
|
-125.5 |
32.7 |
|
22.2 |
36.6 |
|
23 Gross savings to gross capital formation |
|
134.1 |
101.8 |
|
60.2 |
93.7 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
11.2 |
15.9 |
15.8 |
6.2 |
7.8 |
12.1 |
|
25 EBIT to sales |
11.6 |
16.7 |
16.5 |
9.5 |
12.6 |
15.6 |
|
26 Net profits to net worth |
17.2 |
21.2 |
21.6 |
4.8 |
8.9 |
12.5 |
|
27 EBITDA to sales |
10.8 |
15.2 |
14.4 |
10.4 |
12.8 |
16.4 |
|
28 Tax provision to EBT* |
31.5 |
27.5 |
26.0 |
29.4 |
23.9 |
30.7 |
|
29 Retained earnings to net profits* |
48.0 |
61.8 |
57.0 |
82.7 |
82.7 |
90.7 |
|
30 Dividends to net worth |
8.8 |
8.0 |
9.3 |
0.9 |
1.6 |
1.3 |
|
31 Ordinary dividends to ordinary paid-up capital |
128.6 |
142.8 |
175.9 |
4.7 |
9.6 |
8.7 |
Statement 10: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies - Industry -wise, 2008-09 to 2010-11 (Contd.) |
(Per cent) |
Item |
Machinery and Machine Tools (66) |
Electrical Machinery and Apparatus (32) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
19 |
20 |
21 |
22 |
23 |
24 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
27.8 |
23.7 |
21.5 |
25.1 |
24.2 |
23.9 |
|
2 Net worth to total net assets |
45.9 |
47.4 |
44.9 |
45.7 |
50.5 |
50.0 |
|
3 Debt to equity |
16.7 |
13.6 |
15.0 |
10.8 |
6.9 |
5.4 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
16.9 |
13.7 |
15.0 |
10.9 |
7.0 |
5.5 |
|
5 Short term bank borrowings to inventories |
46.5 |
35.3 |
26.0 |
54.4 |
42.9 |
44.3 |
|
6 Total outside liabilities to net worth |
117.7 |
111.1 |
122.7 |
119.0 |
98.1 |
100.1 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.5 |
1.5 |
1.5 |
1.4 |
1.5 |
1.4 |
|
8 Quick assets to current liabilities |
82.4 |
88.8 |
78.7 |
87.9 |
95.5 |
88.3 |
|
9 Current assets to total net assets |
67.4 |
69.6 |
70.8 |
67.4 |
66.7 |
66.8 |
|
10 Sundry creditors to current assets |
27.6 |
26.8 |
31.0 |
30.7 |
31.0 |
31.1 |
|
11 Sundry creditors to net working capital |
86.7 |
78.1 |
95.4 |
111.7 |
98.3 |
104.3 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
99.4 |
106.0 |
|
128.9 |
123.8 |
|
13 Sales to gross fixed assets^ |
|
193.3 |
223.1 |
|
319.4 |
315.8 |
|
14 Inventories to sales |
16.4 |
16.8 |
18.5 |
11.5 |
12.3 |
14.1 |
|
15 Sundry debtors to sales |
19.9 |
21.2 |
20.4 |
24.5 |
25.3 |
27.2 |
|
16 Exports to sales |
22.2 |
17.6 |
17.9 |
13.1 |
13.0 |
11.6 |
|
17 Gross value added to gross fixed assets^ |
|
50.3 |
53.8 |
|
68.9 |
61.1 |
|
18 Raw materials consumed to value of production |
60.3 |
58.1 |
60.3 |
64.6 |
63.4 |
66.0 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
12.3 |
22.2 |
|
25.2 |
30.5 |
|
20 Gross capital formation to total uses of funds |
|
18.1 |
48.0 |
|
39.0 |
53.8 |
|
21 External sources of funds to total sources of funds |
|
32.5 |
57.2 |
|
27.5 |
47.8 |
|
22 Increase in bank borrowings to total external sources |
|
-29.0 |
7.7 |
|
-23.6 |
27.0 |
|
23 Gross savings to gross capital formation |
|
375.6 |
97.4 |
|
205.2 |
104.3 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
10.9 |
12.3 |
12.0 |
15.2 |
15.9 |
11.9 |
|
25 EBIT to sales |
10.6 |
13.0 |
12.3 |
11.8 |
13.2 |
10.3 |
|
26 Net profits to net worth |
13.6 |
15.6 |
16.4 |
19.9 |
20.8 |
15.8 |
|
27 EBITDA to sales |
11.0 |
13.5 |
12.0 |
11.9 |
13.3 |
10.5 |
|
28 Tax provision to EBT* |
37.3 |
35.5 |
33.1 |
34.2 |
31.3 |
30.5 |
|
29 Retained earnings to net profits* |
69.7 |
68.0 |
77.6 |
84.6 |
85.3 |
77.1 |
|
30 Dividends to net worth |
4.7 |
5.3 |
4.3 |
3.0 |
3.1 |
3.6 |
|
31 Ordinary dividends to ordinary paid-up capital |
43.5 |
39.8 |
36.0 |
47.3 |
48.7 |
63.0 |
Statement 10: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies - Industry -wise, 2008-09 to 2010-11 (Contd.) |
(Per cent) |
Item |
Motor Vehicles and Other Transport Equipments (52) |
Construction (22) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
25 |
26 |
27 |
28 |
29 |
30 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
38.7 |
36.4 |
34.1 |
17.1 |
15.5 |
13.5 |
|
2 Net worth to total net assets |
46.6 |
48.9 |
50.0 |
33.0 |
32.9 |
27.9 |
|
3 Debt to equity |
39.6 |
30.0 |
30.8 |
33.0 |
41.9 |
45.5 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
41.1 |
31.0 |
31.6 |
33.9 |
42.8 |
46.4 |
|
5 Short term bank borrowings to inventories |
41.8 |
31.9 |
16.4 |
53.3 |
42.6 |
46.4 |
|
6 Total outside liabilities to net worth |
114.4 |
104.4 |
100.0 |
203.4 |
204.2 |
258.6 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.4 |
1.3 |
1.4 |
1.2 |
1.3 |
1.1 |
|
8 Quick assets to current liabilities |
76.8 |
68.7 |
73.6 |
39.1 |
46.0 |
34.0 |
|
9 Current assets to total net assets |
48.0 |
45.8 |
47.4 |
67.5 |
70.0 |
66.8 |
|
10 Sundry creditors to current assets |
37.5 |
37.4 |
38.3 |
22.2 |
21.8 |
19.5 |
|
11 Sundry creditors to net working capital |
135.6 |
179.9 |
141.4 |
130.9 |
91.4 |
175.6 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
142.9 |
152.6 |
|
68.8 |
52.6 |
|
13 Sales to gross fixed assets^ |
|
234.5 |
258.4 |
|
325.5 |
271.3 |
|
14 Inventories to sales |
9.9 |
7.9 |
8.1 |
42.4 |
45.6 |
55.7 |
|
15 Sundry debtors to sales |
8.9 |
7.4 |
6.1 |
27.4 |
31.2 |
35.3 |
|
16 Exports to sales |
16.8 |
15.2 |
11.2 |
0.7 |
0.9 |
0.5 |
|
17 Gross value added to gross fixed assets^ |
|
43.4 |
45.5 |
|
64.0 |
53.8 |
|
18 Raw materials consumed to value of production |
72.1 |
70.7 |
71.8 |
40.1 |
40.2 |
39.2 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
38.3 |
35.7 |
|
14.1 |
10.3 |
|
20 Gross capital formation to total uses of funds |
|
40.1 |
49.1 |
|
41.9 |
28.5 |
|
21 External sources of funds to total sources of funds |
|
10.4 |
45.1 |
|
81.4 |
90.4 |
|
22 Increase in bank borrowings to total external sources |
|
-8.3 |
-7.3 |
|
7.2 |
18.2 |
|
23 Gross savings to gross capital formation |
|
161.0 |
119.2 |
|
44.6 |
40.2 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
9.5 |
15.2 |
14.7 |
6.8 |
6.2 |
4.4 |
|
25 EBIT to sales |
8.0 |
11.3 |
10.3 |
10.4 |
10.0 |
9.4 |
|
26 Net profits to net worth |
13.5 |
20.5 |
19.6 |
9.7 |
8.8 |
4.9 |
|
27 EBITDA to sales |
8.7 |
11.9 |
10.8 |
10.1 |
9.3 |
7.9 |
|
28 Tax provision to EBT* |
28.8 |
31.5 |
28.8 |
30.0 |
30.5 |
35.6 |
|
29 Retained earnings to net profits* |
72.3 |
58.1 |
62.0 |
95.1 |
95.8 |
91.1 |
|
30 Dividends to net worth |
3.8 |
8.6 |
7.6 |
0.5 |
0.4 |
0.5 |
|
31 Ordinary dividends to ordinary paid-up capital |
42.4 |
107.2 |
105.0 |
3.6 |
3.3 |
4.7 |
Statement 10: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies - Industry -wise, 2008-09 to 2010-11 (Concld.) |
(Per cent) |
Item |
Wholesale and Retail Trade (24) |
Transport Storage and Communications (23) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
31 |
32 |
33 |
34 |
35 |
36 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
7.7 |
7.0 |
6.8 |
50.1 |
53.1 |
50.8 |
|
2 Net worth to total net assets |
37.0 |
39.8 |
38.8 |
42.5 |
44.8 |
40.6 |
|
3 Debt to equity |
5.6 |
6.2 |
3.8 |
64.0 |
61.6 |
58.9 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
5.6 |
6.2 |
3.8 |
66.1 |
63.3 |
60.3 |
|
5 Short term bank borrowings to inventories |
17.5 |
29.4 |
27.2 |
# |
# |
# |
|
6 Total outside liabilities to net worth |
170.6 |
151.0 |
157.5 |
135.4 |
123.1 |
146.0 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.4 |
1.5 |
1.5 |
1.0 |
0.9 |
0.6 |
|
8 Quick assets to current liabilities |
79.8 |
95.4 |
82.0 |
74.1 |
51.4 |
25.9 |
|
9 Current assets to total net assets |
87.5 |
87.3 |
87.1 |
30.7 |
24.3 |
21.1 |
|
10 Sundry creditors to current assets |
30.3 |
28.7 |
34.7 |
32.0 |
43.3 |
51.6 |
|
11 Sundry creditors to net working capital |
99.2 |
84.5 |
102.6 |
# |
-333.6 |
-76.6 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
176.2 |
186.1 |
|
44.5 |
46.5 |
|
13 Sales to gross fixed assets^ |
|
# |
# |
|
63.0 |
62.9 |
|
14 Inventories to sales |
15.1 |
14.5 |
14.6 |
1.3 |
1.2 |
1.2 |
|
15 Sundry debtors to sales |
18.8 |
18.5 |
16.2 |
10.8 |
10.4 |
9.9 |
|
16 Exports to sales |
2.1 |
2.7 |
2.2 |
– |
0.1 |
0.2 |
|
17 Gross value added to gross fixed assets^ |
|
212.1 |
135.5 |
|
22.0 |
18.3 |
|
18 Raw materials consumed to value of production |
90.5 |
89.7 |
87.0 |
1.3 |
0.2 |
0.1 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
3.5 |
9.8 |
|
116.4 |
52.5 |
|
20 Gross capital formation to total uses of funds |
|
6.3 |
57.5 |
|
116.4 |
52.8 |
|
21 External sources of funds to total sources of funds |
|
42.0 |
84.0 |
|
7.1 |
84.4 |
|
22 Increase in bank borrowings to total external sources |
|
47.7 |
12.8 |
|
-62.8 |
59.4 |
|
23 Gross savings to gross capital formation |
|
# |
68.2 |
|
95.8 |
82.1 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
9.2 |
14.4 |
6.2 |
5.0 |
6.5 |
3.8 |
|
25 EBIT to sales |
5.1 |
8.9 |
3.5 |
11.6 |
15.0 |
8.7 |
|
26 Net profits to net worth |
11.4 |
22.0 |
9.4 |
9.4 |
10.7 |
3.8 |
|
27 EBITDA to sales |
-5.5 |
-3.3 |
-0.6 |
20.4 |
23.5 |
19.9 |
|
28 Tax provision to EBT* |
41.9 |
35.4 |
36.9 |
10.6 |
8.8 |
7.4 |
|
29 Retained earnings to net profits* |
83.3 |
91.7 |
82.0 |
94.1 |
95.6 |
94.2 |
|
30 Dividends to net worth |
2.0 |
1.8 |
1.7 |
0.8 |
0.6 |
0.7 |
|
31 Ordinary dividends to ordinary paid-up capital |
10.0 |
11.9 |
11.6 |
3.6 |
3.2 |
3.3 |
Statement 11: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies, Country -wise, 2008-09 to 2010-11 |
(Per cent) |
Item |
France (16) |
Germany (61) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
1 |
2 |
3 |
4 |
5 |
6 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
49.1 |
51.5 |
50.0 |
26.1 |
24.4 |
23.3 |
|
2 Net worth to total net assets |
43.3 |
43.5 |
41.7 |
41.5 |
45.3 |
44.4 |
|
3 Debt to equity |
22.8 |
32.9 |
31.5 |
31.9 |
30.6 |
26.0 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
22.8 |
32.9 |
31.5 |
32.0 |
30.7 |
26.1 |
|
5 Short term bank borrowings to inventories |
174.0 |
102.3 |
96.1 |
47.1 |
32.2 |
33.3 |
|
6 Total outside liabilities to net worth |
131.0 |
129.9 |
140.0 |
140.9 |
120.6 |
125.4 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.0 |
1.0 |
0.9 |
1.4 |
1.7 |
1.5 |
|
8 Quick assets to current liabilities |
60.3 |
61.7 |
55.5 |
78.0 |
83.9 |
74.2 |
|
9 Current assets to total net assets |
45.6 |
42.4 |
41.6 |
65.1 |
67.2 |
67.9 |
|
10 Sundry creditors to current assets |
26.4 |
28.6 |
31.3 |
27.7 |
25.6 |
26.8 |
|
11 Sundry creditors to net working capital |
# |
# |
-366.5 |
90.1 |
64.8 |
76.0 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
135.9 |
134.9 |
|
83.7 |
83.5 |
|
13 Sales to gross fixed assets^ |
|
214.4 |
211.1 |
|
202.9 |
208.1 |
|
14 Inventories to sales |
8.2 |
5.3 |
5.4 |
25.0 |
26.8 |
28.9 |
|
15 Sundry debtors to sales |
16.0 |
14.4 |
16.7 |
28.2 |
26.6 |
24.7 |
|
16 Exports to sales |
8.6 |
5.8 |
6.5 |
10.3 |
8.2 |
7.2 |
|
17 Gross value added to gross fixed assets^ |
|
34.7 |
32.2 |
|
53.5 |
55.0 |
|
18 Raw materials consumed to value of production |
71.5 |
76.0 |
76.6 |
52.7 |
53.0 |
54.8 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
68.5 |
49.5 |
|
25.5 |
28.8 |
|
20 Gross capital formation to total uses of funds |
|
59.4 |
55.7 |
|
45.0 |
57.2 |
|
21 External sources of funds to total sources of funds |
|
51.5 |
56.8 |
|
24.1 |
50.8 |
|
22 Increase in bank borrowings to total external sources |
|
44.5 |
16.4 |
|
-30.0 |
10.3 |
|
23 Gross savings to gross capital formation |
|
83.3 |
79.9 |
|
148.2 |
87.9 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
16.9 |
13.2 |
11.7 |
10.5 |
10.9 |
10.7 |
|
25 EBIT to sales |
14.0 |
10.6 |
9.4 |
12.5 |
13.8 |
13.8 |
|
26 Net profits to net worth |
24.3 |
17.6 |
16.2 |
15.4 |
16.7 |
15.2 |
|
27 EBITDA to sales |
15.2 |
11.9 |
11.1 |
-2.3 |
-0.5 |
2.2 |
|
28 Tax provision to EBT* |
34.0 |
29.9 |
30.1 |
35.8 |
29.6 |
33.0 |
|
29 Retained earnings to net profits* |
84.7 |
81.8 |
78.5 |
84.2 |
84.1 |
77.4 |
|
30 Dividends to net worth |
3.7 |
3.0 |
3.4 |
2.4 |
2.7 |
3.4 |
|
31 Ordinary dividends to ordinary paid-up capital |
12.7 |
12.8 |
16.4 |
21.0 |
27.4 |
40.2 |
* : Calculated based on companies which made profit in the year. ** : Item B.7 is the actual ratio of current assets to current liabilities @ : Available for two years, as these are worked based on sources and uses of funds taking difference between two successive years. These ratios are adjusted for revaluation, etc. # : Numerator or Denominator is negative or nil or negligible. ^ : Calculated based on average total net assets and gross fixed assets during the year. Ratio for the year 2008-09, therefore was not available. Note : Figure in bracket represents the number of companies. |
Statement 11: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies, Country -wise, 2008-09 to 2010-11 (Contd.) |
(Per cent) |
Item |
USA (114) |
UK (66) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
7 |
8 |
9 |
10 |
11 |
12 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
33.9 |
24.2 |
22.5 |
38.8 |
35.3 |
33.8 |
|
2 Net worth to total net assets |
50.2 |
55.2 |
54.4 |
54.2 |
51.7 |
52.7 |
|
3 Debt to equity |
31.5 |
23.1 |
17.1 |
12.5 |
16.4 |
13.9 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
31.7 |
23.3 |
17.2 |
14.0 |
18.0 |
15.1 |
|
5 Short term bank borrowings to inventories |
24.5 |
14.4 |
24.8 |
41.0 |
26.8 |
18.8 |
|
6 Total outside liabilities to net worth |
99.1 |
81.0 |
83.9 |
84.4 |
93.4 |
89.7 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.6 |
1.7 |
1.6 |
1.3 |
1.2 |
1.3 |
|
8 Quick assets to current liabilities |
74.2 |
84.0 |
77.0 |
62.0 |
65.2 |
71.7 |
|
9 Current assets to total net assets |
54.7 |
55.0 |
58.0 |
50.4 |
47.3 |
51.0 |
|
10 Sundry creditors to current assets |
19.4 |
18.5 |
19.2 |
33.6 |
37.8 |
34.8 |
|
11 Sundry creditors to net working capital |
50.5 |
43.5 |
50.5 |
133.5 |
213.7 |
149.9 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
79.4 |
77.3 |
|
97.0 |
95.4 |
|
13 Sales to gross fixed assets^ |
|
173.2 |
200.2 |
|
183.4 |
190.9 |
|
14 Inventories to sales |
25.3 |
24.7 |
30.1 |
16.6 |
14.7 |
15.6 |
|
15 Sundry debtors to sales |
14.8 |
12.8 |
17.2 |
11.1 |
13.0 |
12.3 |
|
16 Exports to sales |
16.6 |
16.5 |
17.2 |
12.6 |
10.9 |
12.6 |
|
17 Gross value added to gross fixed assets^ |
|
58.7 |
65.9 |
|
56.2 |
58.6 |
|
18 Raw materials consumed to value of production |
43.0 |
41.4 |
47.5 |
40.5 |
40.5 |
40.4 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
279.2 |
19.8 |
|
26.4 |
34.7 |
|
20 Gross capital formation to total uses of funds |
|
271.4 |
54.8 |
|
28.2 |
53.8 |
|
21 External sources of funds to total sources of funds |
|
64.5 |
52.1 |
|
55.5 |
42.8 |
|
22 Increase in bank borrowings to total external sources |
|
140.1 |
19.0 |
|
-12.0 |
-0.3 |
|
23 Gross savings to gross capital formation |
|
-87.4 |
107.4 |
|
109.6 |
107.0 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
13.0 |
16.3 |
13.1 |
18.0 |
17.2 |
18.0 |
|
25 EBIT to sales |
17.1 |
20.4 |
18.0 |
19.3 |
19.7 |
20.1 |
|
26 Net profits to net worth |
17.0 |
20.3 |
15.6 |
22.2 |
21.7 |
22.8 |
|
27 EBITDA to sales |
16.7 |
20.3 |
17.3 |
18.7 |
19.4 |
19.7 |
|
28 Tax provision to EBT* |
26.9 |
26.5 |
29.9 |
29.1 |
32.5 |
30.8 |
|
29 Retained earnings to net profits* |
74.9 |
76.6 |
59.7 |
60.0 |
43.3 |
50.3 |
|
30 Dividends to net worth |
4.4 |
4.9 |
6.6 |
9.5 |
13.1 |
11.6 |
|
31 Ordinary dividends to ordinary paid-up capital |
43.5 |
48.9 |
72.0 |
156.5 |
253.2 |
219.4 |
Statement 11: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies, Country -wise, 2008-09 to 2010-11 (Contd.) |
(Per cent) |
Item |
Switzerland (25) |
Netherland (31) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
13 |
14 |
15 |
16 |
17 |
18 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
33.1 |
34.7 |
37.2 |
20.2 |
18.8 |
17.3 |
|
2 Net worth to total net assets |
43.0 |
45.6 |
44.6 |
49.2 |
51.9 |
51.8 |
|
3 Debt to equity |
28.6 |
32.3 |
31.3 |
6.3 |
4.0 |
3.1 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
28.8 |
32.4 |
31.4 |
6.3 |
4.0 |
3.1 |
|
5 Short term bank borrowings to inventories |
26.4 |
29.6 |
23.7 |
22.8 |
11.2 |
17.3 |
|
6 Total outside liabilities to net worth |
132.4 |
119.4 |
124.3 |
103.2 |
92.5 |
93.0 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.4 |
1.5 |
1.5 |
1.5 |
1.6 |
1.6 |
|
8 Quick assets to current liabilities |
77.5 |
90.2 |
83.2 |
78.6 |
84.7 |
82.7 |
|
9 Current assets to total net assets |
58.5 |
57.3 |
57.4 |
72.0 |
73.3 |
73.2 |
|
10 Sundry creditors to current assets |
36.1 |
31.5 |
34.7 |
40.3 |
37.7 |
37.5 |
|
11 Sundry creditors to net working capital |
135.3 |
91.6 |
111.0 |
115.1 |
98.3 |
99.8 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
109.0 |
106.2 |
|
125.5 |
130.1 |
|
13 Sales to gross fixed assets^ |
|
188.8 |
174.7 |
|
334.3 |
366.5 |
|
14 Inventories to sales |
11.9 |
12.9 |
13.6 |
11.3 |
12.4 |
13.1 |
|
15 Sundry debtors to sales |
19.4 |
18.1 |
16.9 |
15.1 |
14.2 |
14.9 |
|
16 Exports to sales |
10.4 |
10.4 |
10.6 |
15.2 |
10.0 |
11.2 |
|
17 Gross value added to gross fixed assets^ |
|
52.7 |
42.1 |
|
89.6 |
95.9 |
|
18 Raw materials consumed to value of production |
51.7 |
50.2 |
53.6 |
58.8 |
56.1 |
56.8 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
54.8 |
67.1 |
|
20.8 |
18.4 |
|
20 Gross capital formation to total uses of funds |
|
64.4 |
81.1 |
|
44.9 |
36.6 |
|
21 External sources of funds to total sources of funds |
|
36.2 |
42.9 |
|
12.1 |
44.6 |
|
22 Increase in bank borrowings to total external sources |
|
46.5 |
-1.5 |
|
-125.4 |
14.6 |
|
23 Gross savings to gross capital formation |
|
85.5 |
76.3 |
|
245.6 |
168.0 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
17.5 |
16.4 |
12.2 |
12.5 |
15.3 |
14.7 |
|
25 EBIT to sales |
16.0 |
16.5 |
12.2 |
10.3 |
12.7 |
12.3 |
|
26 Net profits to net worth |
25.1 |
23.2 |
18.8 |
15.9 |
19.7 |
19.3 |
|
27 EBITDA to sales |
16.7 |
19.0 |
14.3 |
10.0 |
12.4 |
11.6 |
|
28 Tax provision to EBT* |
33.5 |
30.9 |
29.6 |
36.0 |
34.4 |
32.7 |
|
29 Retained earnings to net profits* |
66.5 |
67.3 |
60.2 |
72.2 |
77.2 |
78.2 |
|
30 Dividends to net worth |
8.4 |
7.6 |
7.5 |
4.7 |
4.6 |
4.3 |
|
31 Ordinary dividends to ordinary paid-up capital |
109.4 |
89.5 |
94.5 |
23.9 |
26.3 |
28.5 |
Statement 11: Select Financial Ratios of Select Items of the Select 745 Foreign Direct Investment Companies, Country -wise, 2008-09 to 2010-11 (Concld.) |
(Per cent) |
Item |
Japan (52) |
Mauritius (179) |
2008-09 |
2009-10 |
2010-11 |
2008-09 |
2009-10 |
2010-11 |
19 |
20 |
21 |
22 |
23 |
24 |
A. |
Capital structure ratios |
|
|
|
|
|
|
|
1 Net fixed assets to total net assets |
46.6 |
48.8 |
44.4 |
41.8 |
42.8 |
40.5 |
|
2 Net worth to total net assets |
40.0 |
39.8 |
39.0 |
46.9 |
49.4 |
48.3 |
|
3 Debt to equity |
52.2 |
57.7 |
51.5 |
38.6 |
39.4 |
37.6 |
|
4 Debt to equity (equity adjusted for revaluation reserve) |
52.3 |
57.8 |
51.5 |
39.2 |
39.9 |
37.9 |
|
5 Short term bank borrowings to inventories |
164.1 |
88.6 |
109.5 |
109.5 |
107.2 |
131.1 |
|
6 Total outside liabilities to net worth |
150.1 |
151.0 |
156.3 |
113.1 |
102.2 |
107.0 |
B. |
Liquidity ratios |
|
|
|
|
|
|
|
7 Current assets to current liabilities** |
1.0 |
0.9 |
0.9 |
1.1 |
1.3 |
1.1 |
|
8 Quick assets to current liabilities |
69.8 |
51.8 |
45.4 |
60.4 |
67.6 |
50.8 |
|
9 Current assets to total net assets |
40.9 |
33.2 |
34.7 |
39.8 |
40.2 |
38.0 |
|
10 Sundry creditors to current assets |
24.0 |
32.3 |
30.4 |
30.0 |
28.1 |
29.4 |
|
11 Sundry creditors to net working capital |
# |
-278.8 |
-174.1 |
239.6 |
122.0 |
238.3 |
C. |
Assets utilisation and turnover ratios |
|
|
|
|
|
|
|
12 Sales to total net assets^ |
|
89.9 |
97.4 |
|
63.7 |
60.4 |
|
13 Sales to gross fixed assets^ |
|
131.8 |
143.6 |
|
105.0 |
100.4 |
|
14 Inventories to sales |
9.6 |
8.7 |
9.7 |
11.1 |
11.0 |
13.3 |
|
15 Sundry debtors to sales |
8.8 |
7.4 |
7.2 |
16.8 |
18.0 |
17.7 |
|
16 Exports to sales |
13.5 |
12.2 |
10.0 |
10.1 |
8.4 |
8.9 |
|
17 Gross value added to gross fixed assets^ |
|
26.2 |
24.8 |
|
33.5 |
29.1 |
|
18 Raw materials consumed to value of production |
61.5 |
61.2 |
63.6 |
31.6 |
31.3 |
33.5 |
D. |
Sources and uses of funds ratios @ |
|
|
|
|
|
|
|
19 Gross fixed assets formation to total uses of funds |
|
82.7 |
37.2 |
|
57.5 |
40.1 |
|
20 Gross capital formation to total uses of funds |
|
91.9 |
48.6 |
|
59.6 |
50.5 |
|
21 External sources of funds to total sources of funds |
|
15.8 |
73.2 |
|
49.5 |
63.2 |
|
22 Increase in bank borrowings to total external sources |
|
-90.8 |
25.0 |
|
34.4 |
40.2 |
|
23 Gross savings to gross capital formation |
|
71.6 |
53.1 |
|
85.4 |
84.7 |
E. |
Profitability and profit allocation ratios |
|
|
|
|
|
|
|
24 EBIT to total net assets |
2.8 |
9.6 |
7.2 |
9.5 |
10.4 |
7.9 |
|
25 EBIT to sales |
3.8 |
11.1 |
8.1 |
14.7 |
17.7 |
14.3 |
|
26 Net profits to net worth |
0.7 |
14.7 |
8.6 |
13.1 |
13.9 |
10.8 |
|
27 EBITDA to sales |
6.9 |
12.5 |
10.3 |
16.7 |
19.5 |
17.5 |
|
28 Tax provision to EBT* |
41.8 |
28.3 |
26.3 |
18.6 |
18.8 |
18.5 |
|
29 Retained earnings to net profits* |
65.3 |
63.7 |
63.0 |
86.1 |
88.0 |
86.1 |
|
30 Dividends to net worth |
1.8 |
6.5 |
5.7 |
2.0 |
1.8 |
1.5 |
|
31 Ordinary dividends to ordinary paid-up capital |
10.8 |
42.7 |
41.7 |
16.5 |
15.9 |
15.6 |
Annexure Explanatory notes to Statements
-
As per the Balance of Payments and International Investment Position Manual, Sixth Edition (BPM6) of the International Monetary Fund (IMF), Foreign Direct Investment (FDI) is a ‘category of cross-border investment associated with a resident in one economy having control or a significant degree of infl uence on the management of an enterprise that is resident in another economy.’ Further, in case of FDI, the investor’s purpose is to gain an effective voice in the management of the enterprise. Some degree of equity ownership is almost always considered to be associated with an effective voice in the management of an enterprise; the BPM6 suggests that ‘immediate direct investment relationships arise when a direct investor directly owns equity that entitles it to 10 per cent or more of the voting power in the direct investment enterprise.’
-
The growth rates of all the items and data on sources and uses of funds are adjusted for changes due to amalgamation of companies. These are also adjusted for revaluation, etc., wherever necessary.
-
Due to rounding off of the figures, the constituent items may not add up to the totals.
-
Sales are net of ‘rebates and discounts’ and ‘excise duty and cess’.
-
Manufacturing expenses comprise (a) raw materials, components, etc. consumed, (b) stores and spares consumed, (c) power and fuel and (d) other manufacturing expenses.
-
Raw materials, components, etc., consumed include purchases of traded goods in the case of trading companies and consumption of stores and provisions for hotels, restaurants and eating houses.
-
Other manufacturing expenses include construction expenses of construction companies and operating expenses of shipping companies, etc
-
Remuneration to employees comprises (a) salaries, wages and bonus, (b) provident fund and (c) employees’ welfare expenses.
-
Non-operating surplus/deficit comprises (a) profit/loss on account of (i) sale of fixed assets, investments, etc., and (ii) revaluation/devaluation of foreign currencies, (b) provisions no longer required written back, (c) insurance claims realised and (d) income or expenditure relating to the previous years and such other items of non-current nature.
-
EBITDA is earning before interest, tax, depreciation provision and amortisation, however other income and non-operating surplus/deficit are excluded.
-
Gross profits (EBIT) are net of depreciation provision but before interest and tax, other income is also included.
-
Gross saving is measured as the sum of retained earnings and depreciation provision.
-
Gross value added comprises (a) net value added and (b) depreciation provision.
-
Net value added comprises (a) salaries, wages and bonus, (b) provident fund, (c) employees’ welfare expenses, (d) managerial remuneration, (e) rent paid net of rent received, (f) interest paid net of interest received, (g) tax provision, (h) dividends paid net of dividends received and (i) retained earnings net of nonoperating surplus/deficit.
-
Debt comprises (a) all borrowings from Govt. and semi- Govt. bodies, financial institutions other than banks, and from foreign institutional agencies, (b) borrowings from banks against mortgages and other long term securities, (c) borrowings from companies and others against mortgages and other long term securities, (d) debentures, deferred payment liabilities and public deposits.
-
Equity or Net worth comprises (a) paid-up capital, (b) forfeited shares and (c) all reserves and surplus.
-
Current assets comprise (a) inventories, (b) loans and advances and other debtor balances, (c) book value of quoted investments, (d) cash and bank balances and (e) advance of income-tax in excess of tax provision.
-
Current liabilities comprise (a) short term borrowings from banks, (b) unsecured loans and other short term borrowings from companies and others, (c) trade dues and other current liabilities and (d) tax provision in excess of advance of income-tax and other current provisions.
-
Quick assets comprise (a) sundry debtors, (b) book value of quoted investments and (c) cash and bank balances.
-
Capital reserves include profits on sale of investments and fixed assets.
-
Other reserves include retained earnings in the form of various specific reserves and profit/loss carried to balance sheet.
-
Debentures include privately placed debentures with financial institutions.
-
Internal Sources: These are own sources comprising capitalized reserves, retained earnings, depreciation provision and other provisions.
-
External sources: These are other than own sources comprising funds raised from capital markets, borrowed funds, trade dues and other current liabilities and miscellaneous non-current liabilities.
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