Finances of Foreign Direct Investment Companies: 2010-11

RbiAnnouncementWeb

Asset Publisher

back

ప్రచురించబడిన తేదీ డిసెంబర్ 10, 2012

listen

Finances of Foreign Direct Investment Companies: 2010-11

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
Industry/Country of Origin	Number of Companies	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
Industry	Number of Companies	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 *
Industry/Country of Origin	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 *
Industry	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
Industry/Country of Origin	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
Industry	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
Liabilities	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
Assets	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
Sources of funds	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
Uses of funds	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
Industry	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
A. Growth Rates of Select items	No of Companies	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
B. Select Financial ratio	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
Item		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
Selected Financial Ratios		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
Item	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
Capital and Liabilities	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
Assets	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
Sources of Funds	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
Uses of Funds	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
Item		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.

* Prepared in the Company Finances Division of the Department of Statistics and Information Management. The previous study relates to finances of 681 FDI companies during 2009-10 published in November 2011 issue of the Reserve Bank of India Bulletin. In the present study, 224 new companies have been covered in addition to 521 companies common with the previous study.

¹ For definition of FDI companies, please refer to the explanatory notes. Though in the Indian context the FDI enterprises are identified based on the principle of ‘lasting interest’, in this study the FDI companies are identified based on 10 per cent or more equity holding by foreign investor/s.

² Ref. Fact sheet on FDI (from August 1991 to March 2011) published by Ministry of Commerce and Industry, Department of Industrial Policy and Promotion.