Page industries

1. Company FundamentalsCompany Fundamentals\Company Profile
COMPANY PROFILE
Figures in Indian Rupees

A Wright Investors' Service Research Report:

Page Industries Limited.



440 Wheelers Farms Road
Milford, CT 06461 U.S.A.

Wright Quality Rating:DCNN
Page Industries Limited is an India-based company. It is engaged in the business of
manufacturing garments. The Company is the licensee of JOCKEY International Inc.
(USA) for manufacture and distribution of the JOCKEY brand innerwear/leisurewear
for men and women in India, Sri Lanka, Bangladesh and Nepal. Its range of products
include Men's Innerwear, which consists of Zone Stretch, Comfort Stretch, Jockey
Gold Edition, Elance, Jockey Zone, Modern Classic and Boys; its Women's Innerwear
consists of Active Bras, Essence Bras, Soft Wonder, Comfort Stretch, Jockey
Comfies and Simple Comfort. The Company Sport and Leisure product consist of
Sport performance, Sport, 24x7 stretch and Socks; Its Thermals product includes
both Men's and Women's wear. As of March 31, 2010, the Company authorized
franchisees, opened ten Exclusive Brand Outlets (EBO) and 54 outlets across the
cities of India.




Stock Price (11/26/2010): 1,392.80
Stock Chart
Recent stock performance
1 Week   0.2%
4 Weeks   8.1%
13 Weeks   13.5%
52 Weeks     94.1%
 Chief Operating Officer
 Vedji Ticku
 Executive Managing Director
 Sunder Genomal
 Secretary & Chief
Compliance Officer
 Gargi Das
 
 
 
 
Officers
Earnings / Dividends (as of 9/30/2010)
Earnings Dividends
Most Recent Qtr 14.67 8.00
Last 12 Months 43.91 24.00
Ratio Analysis
Key Data
Ticker:
PAGEIND
2010 Sales:
3,393,799,071
Major Industry:
Apparel & Textiles
Sub Industry:
Apparel Manufacturers
Country:
India
Currency:
Indian Rupees
Fiscal Year Ends:
March
Employees
8,732
Exchanges:
BOM
Share Type:
Ordinary
Market Capitalization:
15,535,115,707
Total Shares
Outstanding:
11,153,874
Closely Held Shares:
7,469,874

2.  
Price / Earnings Ratio 31.72   Dividend Yield 1.72%
Price / Sales Ratio 4.58   Payout Ratio 54.66%
Price / Book Ratio 14.97  % Held by Insiders 66.97%
Address
Abbaiah Reddy Indl Area Hongasandra
Bangalore  KARNATAKA  560 068 
INDIA
Phone 
[phone]/2952
Home Page
http://www.jockeyindia.com
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
 
 

3. Company Fundamentals\Comparative Business Analysis
A Wright Investors' Service Research Report:

Page Industries Limited.

Provided By CorporateInformation.com


440 Wheelers Farms Road
Milford, CT 06461 U.S.A.

Wright Comparative Business Analysis Report

Report Date: 11/26/2010

Company Description

Page Industries Limited is an India-based company. It is engaged in the business of manufacturing garments. The
Company is the licensee of JOCKEY International Inc. (USA) for manufacture and distribution of the JOCKEY
brand innerwear/leisurewear for men and women in India, Sri Lanka, Bangladesh and Nepal. Its range of products
include Men's Innerwear, which consists of Zone Stretch, Comfort Stretch, Jockey Gold Edition, Elance, Jockey
Zone, Modern Classic and Boys; its Women's Innerwear consists of Active Bras, Essence Bras, Soft Wonder,
Comfort Stretch, Jockey Comfies and Simple Comfort. The Company Sport and Leisure product consist of Sport
performance, Sport, 24x7 stretch and Socks; Its Thermals product includes both Men's and Women's wear. As of
March 31, 2010, the Company authorized franchisees, opened ten Exclusive Brand Outlets (EBO) and 54 outlets
across the cities of India.

Competitor Analysis

Page Industries Limited. operates in the Men's & boys' underwear & nightwear sector. This analysis compares
Page Industries Limited. with three other companies: K-Lifestyle & Industries Limited (2010 sales of 5.56
billion Indian Rupees [US$125.99 million] of which 100% was Textiles), Pearl Global Limited (2009 sales: 3.87
billion Indian Rupees [US$87.60 million] of which 100% was Readymade Garments), and Birla Cotsyn India
Limited (2010 sales of 3.44 billion Indian Rupees [US$77.92 million] of which 63% was Trading). Note: not all of
these companies have the same fiscal year: the most recent data for each company are being used.

Sales Analysis

Page Industries Limited. reported sales of 3.39 billion Indian Rupees (US$76.87 million) for the fiscal year ending
March of 2010. This represents an increase of 33.3% versus 2009, when the company's sales were 2.55 billion
Indian Rupees. Sales at Page Industries Limited. have increased during each of the previous five years (and since
2005, sales have increased a total of 355%).
Recent Sales at Page Industries Limited.
(Figures in Billions of Indian Rupees)
Page Industries Limited. currently has 8,732 employees. With sales of 3.39 billion Indian Rupees (US$76.87
million) , this equates to sales of US$8,803 per employee. This company's employees do not appear to be very
efficient in generating sales.
Sales Comparisons (Most Recent Fiscal Year)
0.75

1.01

1.36

1.92

2.55

3.39

2005 2006 2007 2008 2009 2010
Company
Year
Ended
Sales
(blns)
Sales
Growth
Sales/
Emp (US$)Largest Region
Page Industries Limited. Mar 2010 3.39433.3% 8,803India (100.0%)
K-Lifestyle & Industries Limited Mar 2010 5.56211.0% N/AIndia (100.0%)

4.  

Recent Stock Performance

For the 52 weeks ending 11/26/2010, the stock of this company was up 94.1% to 1,392.80 Indian Rupees.
During the past 13 weeks, the stock has increased 13.5%. During the 12 months ending 9/30/2010, earnings per
share totalled 43.91 Indian Rupees per share. Thus, the Price / Earnings ratio is 31.72. These 12 month earnings
are greater than the earnings per share achieved during the last fiscal year of the company, which ended in
March of 2010, when the company reported earnings of 35.51 per share. Earnings per share rose 25.2% in 2010
from 2009. Note that the earnings number includes a 0.07 pre-tax charge Mar 2010. This company is currently
trading at 4.58 times sales. This is at a higher ratio than all three comparable companies, which are trading
between 0.08 and 0.16 times sales. Page Industries Limited. is trading at 14.97 times book value. The company's
price to book ratio is significantly higher than that of all three comparable companies, which are trading between
0.16 and 0.79 times book value.
Summary of company valuations
The market capitalization of this company is 15.54 billion Indian Rupees (US$351.87 million) . Closely held shares
(i.e., those held by officers, directors, pension and benefit plans and those shareholders who own more than 5%
of the stock) amount to over 50% of the total shares outstanding: thus, it is impossible for an outsider to
acquire a majority of the shares without the consent of management and other insiders. The capitalization of the
floating stock (i.e., that which is not closely held) is 5.13 billion Indian Rupees (US$116.22 million) .

Dividend Analysis

During the 12 months ending 9/30/2010, Page Industries Limited. paid dividends totalling 24.00 Indian Rupees per
share. Since the stock is currently trading at 1,392.80 Indian Rupees, this implies a dividend yield of 1.7%. The
company has paid a dividend for 5 straight years. Page Industries Limited. has increased its dividend during each
of the past 3 fiscal years (in 2007, the dividends were 4.37 Indian Rupees per share). During the same 12 month
period ended 9/30/2010, the Company reported earnings of 43.91 Indian Rupees per share. Thus, the company
paid 54.7% of its profits as dividends.
Profitability Analysis

On the 3.39 billion Indian Rupees in sales reported by the company in 2010, the cost of goods sold totalled 2.74
billion Indian Rupees, or 80.6% of sales (i.e., the gross profit was 19.4% of sales). This gross profit margin is
lower than the company achieved in 2009, when cost of goods sold totalled 79.5% of sales. Page Industries
Limited.'s 2010 gross profit margin of 19.4% was better than all three comparable companies (which had gross
profits in 2010 between 7.0% and 9.3% of sales). The company's earnings before interest, taxes, depreciation
and amorization (EBITDA) were 653.20 million Indian Rupees, or 19.2% of sales. This EBITDA to sales ratio is
roughly on par with what the company achieved in 2009, when the EBITDA ratio was 20.2% of sales. The three
comparable companies had EBITDA margins that were all less (between 5.4% and 9.3%) than that achieved by
Page Industries Limited.. In 2010, earnings before extraordinary items at Page Industries Limited. were 396.10
million Indian Rupees, or 11.7% of sales. This profit margin is lower than the level the company achieved in 2009,
when the profit margin was 12.4% of sales. Earnings before extraordinary items have grown for each of the past
5 years (and since 2006, earnings before extraordinary items have grown a total of 248%). The company's return
on equity in 2010 was 45.6%. This was an improvement over the already high 40.9% return the company
achieved in 2009. (Extraordinary items have been excluded).
Profitability Comparison
Pearl Global Limited  Mar 2009 3.86829.5% N/AIndia (100.0%)
Birla Cotsyn India Limited  Mar 2010 3.44077.5% N/AIndia (100.0%)
Company Date P/E
Price/
Book
Price/
Sales
52 Wk
Pr Chg
Page Industries Limited. 11/26/2010 31.714.97 4.5894.10%
K-Lifestyle & Industries Limited  11/26/2010  N/A 0.160.16-21.82%
Pearl Global Limited   8/13/2009 146.4 0.790.10 N/A
Birla Cotsyn India Limited   11/26/2010  9.80.620.08-2.86%
Company Year
Gross
Profit
Margin
EBITDA
Margin
Earns
bef.
extra
Page Industries Limited. 201019.4% 19.2%11.7%
Page Industries Limited. 200920.5% 20.2%12.4%

5. Inventory Analysis

As of March 2010, the value of the company's inventory totalled 945.50 million Indian Rupees. Since the cost of
goods sold was 2.74 billion Indian Rupees for the year, the company had 126 days of inventory on hand (another
way to look at this is to say that the company turned over its inventory 2.9 times per year). This is an increase
in days in inventory from March 2009, when the company had 679.86 million Indian Rupees, which was only 123
days of sales in inventory. The 126 days in inventory is higher than the three comparable companies, which had
inventories between 24 and 83 days sales at the end of 2010.

Financial Position

As of March 2010, the company's long term debt was 109.09 million Indian Rupees and total liabilities (i.e., all
monies owed) were 1.73 billion Indian Rupees. The long term debt to equity ratio of the company is 0.11. As of
March 2010, the accounts receivable for the company were 263.77 million Indian Rupees, which is equivalent to
28 days of sales. This is an improvement over the end of 2009, when Page Industries Limited. had 35 days of
sales in accounts receivable. The 28 days of accounts receivable at Page Industries Limited. are lower than all
three comparable companies: K-Lifestyle & Industries Limited had 54 days, Pearl Global Limited had 84 days,
while Birla Cotsyn India Limited had 97 days outstanding at the end of the fiscal year 2010.
Financial Positions
K-Lifestyle & Industries Limited2010 N/A 9.3%-0.1%
Pearl Global Limited 2009 7.0% 5.4%0.2%
Birla Cotsyn India Limited 2010 9.0% 8.2%2.2%
Company Year
LT Debt/
Equity
Days
AR
Days
Inv.
Page Industries Limited. 2010 0.11 28126
K-Lifestyle & Industries Limited2010 0.25 54 47
Pearl Global Limited 2009 0.63 84 83
Birla Cotsyn India Limited 2010 0.55 97 24
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6. Company Fundamentals\Summary Analysis
SUMMARY ANALYSIS: Page Industries Limited.
Per Share- Indian Rupees

Year Price
Value Ratios Equity Capital Earnings Dividends
Fiscal Yr
Ends:
March
Market
Price
Last
Price/
Earnings
Ratio
Price/
Book
Ratio
Dividend
Yield
%
Earned
Growth
%
Profit
Rate
(ROE)
Book
Value
Begin
Yr
12 Month
Earnings
Per
Share
%
Change
%
Payout
Ratio
12 Month
Dividends
Per
Share
2007 296.10 6.9 n/c 1.5% 75.0% 83.5% n/a AC 42.94 -8.2% 10.2% 4.37
2008 417.80 19.6 6.9 2.4% 18.7% 35.2% 60.72
ABC
21.35
-50.3% 46.8% 10.00
2009 360.10 12.7 5.2 5.0% 14.9% 40.9% 69.37 AC 28.36 32.8% 63.5% 18.00
2010 798.05 22.5 10.3 2.8% 17.4% 45.6% 77.84 AC 35.51 25.2% 62.0% 22.00
11/26/2010 1,392.80 31.7 15.0 1.7% n/a n/a 88.78   43.91 n/c 54.7%   24.00
(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0.07 PRETAX CHG MAR 2010, INCLS 0.02
PRETAX CHG IN FIS 2009, INCLS 0.01 PRETAX CHG IN FIS 2008, INCLS 0.03 PRETAX CR & 0.21 PRETAX CHG IN FIS
2007 (0.03 PRETAX CR & 0.20 PRETAX CHG 6 MOS ENDED MAR & 0.04 PRETAX CHG 6 MOS ENDED SEP), INCLS 0.14
PRETAX CHG IN FIS 2006, INCLS 0.01 PRETAX CHG NET IN FIS 2005, INCLS 0.20 PRETAX CR NET IN FIS 2004 
(B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED AS-15(R) FOR
EMPLOYEE BENEFITS IN FIS 2008, EARNINGS IMPACT NOT SPECIFIED 
(C): BASED ON AVERAGE SHARES OUTSTANDING , INFORMATION UPDATED FROM 2007 ANNUAL, AS 2006 ANNUAL NOT
AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2005 ANNUAL NOT AVAILABLE, INFORMATION
UPDATED FROM 2007 PROSPECTUS, AS 2004 ANNUAL NOT AVAILABLE
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news
media, no pages on this site may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by
any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is believed reliable,
but accuracy, completeness and opinions are not guaranteed.
 
 

7. Company Fundamentals\Sales Analysis
SALES ANALYSIS: Page Industries Limited.
Figures in thousands of Indian Rupees

Year
Sales
Cost of
Goods Sold
Earnings before
Interest,
Taxes,
Depreciation, and
Amortization
(EBITDA)
After Tax Income
before
Extraordinary
Charges and
Credits Employees
Amount
in
thousands
Year-
to-year
Growth
Amount
in
thousands
% of
Sales
Amount
in
thousands
% of
Sales
Amount
in
thousands
% of
SalesNumber
Sales
Per
Employee
After Tax
Income
Per
Employee
2004 624,600 n/c   531,060 85.0% 89,820 14.4% 52,690 8.4% n/a n/a n/a
2005 746,470 19.5% 669,710 89.7% 80,820 10.8% 42,350 5.7% n/a n/a n/a
20061,010,093 35.3% 819,752 81.2% 194,484 19.3% 113,914 11.3% n/a n/a n/a
20071,359,395 34.6% 1,086,336 79.9% 293,055 21.6% 170,269 12.5% 3,377402,545 50,420
20081,923,478 41.5% 1,553,165 80.7% 408,483 21.2% 238,170 12.4% 4,215456,341 56,505
20092,546,513 32.4% 2,023,424 79.5% 577,965 22.7% 316,305 12.4% 6,358400,521 49,749
20103,393,799 33.3% 2,735,284 80.6% 700,404 20.6% 396,103 11.7% 8,732388,662 45,362
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a
retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is
believed reliable, but accuracy, completeness and opinions are not guaranteed.
 
 

8. Company Fundamentals\Price Analysis
PRICE ANALYSIS: Page Industries Limited.
Per Share- Indian Rupees

Quarter
High
Price
Low
Price
Closing
Price
Quarterly
%Change
12
months
%
Change
 
2007
Jan - Mar 341.900241.250 296.100 n/a   n/a  
  Apr - Jun 488.800278.250 411.800 39.1% n/a  
  Jul - Sep 468.900380.100 440.000 6.8% n/a  
  Oct - Dec 485.100341.600 480.100 9.1% n/a  
 
2008
Jan - Mar 549.400397.100 417.800 -13.0% 41.1%
  Apr - Jun 540.000410.000 435.000 4.1% 5.6%
  Jul - Sep 499.900350.100 407.900 -6.2% -7.3%
  Oct - Dec 435.000300.600 349.000 -14.4% -27.3%
 
2009
Jan - Mar 398.900300.000 360.100 3.2% -13.8%
  Apr - Jun 565.000360.000 540.600 50.1% 24.3%
  Jul - Sep 700.000505.100 640.000 18.4% 56.9%
  Oct - Dec 879.850616.000 874.250 36.6% 150.5%
 
2010
Jan - Mar 890.000715.100 798.050 -8.7% 121.6%
  Apr - Jun 982.900787.000 931.150 16.7% 72.2%
  Jul - Sep1,339.000924.0001,230.000 32.1% 92.2%
11/26/2010 1,392.800 13.5% 94.1%
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced,
stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written
permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
 
 

9. Company Fundamentals\Earnings & Dividends Analysis
EARNINGS AND DIVIDENDS ANALYSIS: Page Industries Limited.
Per Share- Indian Rupees
Fiscal Year Ends in March

(A): INCLUDES OR EXCLUDES EXTRAORDINARY CHARGE OR CREDIT - INCLS 0.07 PRETAX CHG MAR 2010,
INCLS 0.02 PRETAX CHG IN FIS 2009, INCLS 0.01 PRETAX CHG IN FIS 2008, INCLS 0.03 PRETAX CR & 0.21
PRETAX CHG IN FIS 2007 (0.03 PRETAX CR & 0.20 PRETAX CHG 6 MOS ENDED MAR & 0.04 PRETAX CHG 6 MOS
ENDED SEP), INCLS 0.14 PRETAX CHG IN FIS 2006, INCLS 0.01 PRETAX CHG NET IN FIS 2005, INCLS 0.20
PRETAX CR NET IN FIS 2004 
(B): INCLUDES THE EFFECTS OF A CHANGE IN ACCOUNTING POLICIES OR TAX LAWS - - ADOPTED AS-15(R)
FOR EMPLOYEE BENEFITS IN FIS 2008, EARNINGS IMPACT NOT SPECIFIED 
(C): BASED ON AVERAGE SHARES OUTSTANDING , INFORMATION UPDATED FROM 2007 ANNUAL, AS 2006
ANNUAL NOT AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2005 ANNUAL NOT
AVAILABLE, INFORMATION UPDATED FROM 2007 PROSPECTUS, AS 2004 ANNUAL NOT AVAILABLE
Fiscal
Years
Earnings Per Share Dividends Per Share
12 Months Quarterly Reported Earnings 12 Months Quarterly Reported Dividends  
Earnings
%
Change
Q1
Jun.
Q2
Sep.
Q3
Dec.
Q4
Mar.Dividends
%
Change
Q1
Jun.
Q2
Sep.
Q3
Dec.
Q4
Mar.
%
Payout
2004
C
AC 21.63 n/c   n/a   n/a   n/a   n/a   n/a  n/c   n/a   n/a   n/a   n/a   n/c  
2005
C
AC 17.39 -19.6% n/a   n/a   n/a   n/a   n/a  n/c   n/a   n/a   n/a   n/a   65.0%
2006
C
AC 46.77 168.9% n/a   n/a   n/a   n/a    20.00 n/c   n/a   n/a   n/a    20.00 48.7%
2007 AC 42.94 -8.2% n/a    22.47 n/a    20.47  4.37-78.2% n/a   n/a   n/a    4.37 32.6%
2008 ABC 21.35 -50.3% n/a   n/a   n/a   n/a    10.00128.8% n/a    4.00 n/a    6.00 46.8%
2009 AC 28.36 32.8%  7.81  7.51  8.06  4.98  18.0080.0%  4.00  4.00  7.00  3.00 59.9%
2010 AC 35.51 25.2%  9.09  9.46  8.06  8.90  22.0022.2%  6.00  6.00  10.00  0.00 67.6%
2011 n/a   n/c    12.28  14.67 n/a   n/a   n/a  n/c    8.00 n/a   n/a   n/a   n/c  
Copyright ©2000-2010 Distributed by Wright Investors' Service, Inc. All Rights Reserved. Except for quotations by established news media, no pages on this site may be reproduced, stored in a
retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise without prior written permission. Information is
believed reliable, but accuracy, completeness and opinions are not guaranteed.
 
 

10. Financial Statement AnalysesFinancial Statement Analyses\Balance Sheet - Common Size
Balance Sheet - (Common Size): Page Industries Limited.
Figures are expressed as Percent of Total Assets.
Total Assets are in millions of Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Assets          
Total Assets 2,723.22,122.71,738.41,210.5 453.8
Cash & Short Term Investments 1.1% 4.9% 0.1% 24.9% 0.1%
     Cash 0.5% 0.3% 0.0% 0.1% 0.1%
     Short Term Investments 0.6% 4.6% 0.1% 24.9% 0.0%
Receivables (Net) 9.7% 11.5% 8.2% 7.0% 14.7%
Inventories -Total 34.7% 32.0% 36.3% 33.6% 53.5%
     Raw Materials 17.2% 10.3% 11.6% 9.2% 23.5%
     Work in Process 6.7% 4.9% 4.2% 4.9% 7.3%
     Finished Goods 10.8% 16.8% 17.2% 15.6% 20.3%
     Progress Payments & Other 0.0% 0.0% 3.3% 3.9% 2.4%
Prepaid Expenses 19.4% 16.1% 11.7% 0.2% 0.2%
Other Current Assets 3.7% 1.6% 1.4% 2.4% 2.9%
Current Assets - Total 68.6% 66.1% 57.7% 68.2% 71.4%
Long Term Receivables          
Investment in Associated
Companies
0.0% 0.0% 0.0% 0.0% 0.0%
Other Investments 1.1% 2.5% 17.2% 11.3% 1.5%
Property Plant and Equipment -
Gross
39.0% 38.5% 30.5% 25.3% 36.6%
     Accumulated Depreciation 8.7% 7.0% 5.4% 4.8% 9.6%
     Property Plant and Equipment –
Net
30.3% 31.5% 25.1% 20.5% 27.0%
Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
     Deferred Charges 0.0% 0.0% 0.0% 0.0% 0.0%
     Tangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%

11.      Intangible Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Assets 100.0% 100.0% 100.0% 100.0% 100.0%
Liabilities & Shareholders'
Equity
         
Total Liabilities & Shareholders'
Equity
2,723.22,122.71,738.41,210.5 453.8
Accounts Payable 9.0% 6.8% 9.5% 8.7% 11.4%
Short Term Debt & Current Portion
of Long Term Debt
16.1% 12.6% 16.1% 14.8% 25.6%
Accrued Payroll   0.6% 0.3% 0.5% 0.5%
Income Taxes Payable   15.6% 10.5% 1.7% 4.8%
Dividends Payable 0.0% 1.6% 0.0%   
Other Current Liabilities 33.8% 14.0% 12.1% 11.5% 22.9%
Current Liabilities - Total 58.9% 51.2% 48.5% 37.2% 65.3%
Long Term Debt 4.0% 7.1% 5.3% 6.2% 3.4%
     Long Term Debt Excluding
Capitalized Leases
4.0% 7.1% 5.3% 6.0% 2.8%
     Capitalized Lease Obligations0.0% 0.1% 0.1% 0.2% 0.6%
Provision for Risks and Charges 0.0% 0.0% 0.7%  1.1%
Deferred Income 0.0% 0.0% 0.0% 0.0% 0.0%
Deferred Taxes 0.7% 0.8% 0.9% 0.7% 2.6%
     Deferred Taxes - Credit 1.2% 1.3% 1.5% 0.7% 2.6%
     Deferred Taxes - Debit 0.5% 0.5% 0.6%   
Deferred Tax Liability in Untaxed
Reserves
         
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities 63.6% 59.1% 55.5% 44.1% 72.4%
Non-Equity Reserves 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
     Preferred Stock Issued for
ESOP
         

12.      ESOP Guarantees - Preferred
Issued
         
Common Equity 36.4% 40.9% 44.5% 55.9% 27.6%
Total Liabilities & Shareholders'
Equity
100.0% 100.0% 100.0% 100.0% 100.0%
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13. Financial Statement Analyses\Balance Sheet - Year-Year % Change
Balance Sheet - (Year to Year Percent Change): Page Industries Limited.
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Assets          
Total Assets 28.3% 22.1% 43.6% 166.7% 24.2%
Cash & Short Term Investments -71.3%5,796.4% -99.4%106,451.7% -23.4%
     Cash 143.4% 569.8% -16.5% 255.8% -23.4%
     Short Term Investments -83.8%10,656.4% -99.7%   
Receivables (Net) 8.2% 71.3% 68.6% 26.5% 33.0%
Inventories -Total 39.1% 7.9% 54.8% 67.6% 20.7%
     Raw Materials 113.6% 8.9% 80.3% 4.9% 
     Work in Process 76.6% 40.8% 24.3% 79.1% 
     Finished Goods -17.8% 19.4% 57.8% 105.3% 
     Progress Payments & Other  -100.0% 20.8% 322.5% 
Prepaid Expenses 54.1% 68.4%9,919.1% 133.0% 30.2%
Other Current Assets 208.8% 36.0% -17.9% 122.4% 13.0%
Current Assets - Total 33.2% 39.9% 21.5% 154.6% 22.6%
Long Term Receivables          
Investment in Associated
Companies
         
Other Investments -43.0% -82.6% 118.8% 1,857.1% 133.3%
Property Plant and Equipment -
Gross
30.1% 54.1% 72.9% 84.4% 24.5%
     Accumulated Depreciation 59.8% 58.4% 61.4% 33.5% 23.4%
     Property Plant and Equipment
– Net
23.5% 53.1% 75.6% 102.4% 25.0%
Other Assets          
     Deferred Charges          
     Tangible Other Assets          

14.      Intangible Other Assets         
Total Assets 28.3% 22.1% 43.6% 166.7% 24.2%
Liabilities & Shareholders'
Equity
         
Total Liabilities &
Shareholders' Equity
28.3% 22.1% 43.6% 166.7% 24.2%
Accounts Payable 69.1% -12.8% 56.7% 104.8% -66.6%
Short Term Debt & Current
Portion of Long Term Debt
63.5% -3.9% 56.3% 53.6% 
Accrued Payroll   105.5% -1.7% 164.5% 
Income Taxes Payable   81.7% 802.7% -7.9% 
Dividends Payable -99.5%51,585.1%     
Other Current Liabilities 210.6% 41.0% 50.6% 34.1% 
Current Liabilities - Total 47.6% 28.8% 87.4% 52.0% 91.4%
Long Term Debt -27.7% 62.4% 24.5% 377.8% -88.1%
     Long Term Debt Excluding
Capitalized Leases
-27.6% 62.8% 27.5% 461.3% -90.2%
     Capitalized Lease Obligations-44.5% 22.2% -63.9% -11.2% 
Provision for Risks and Charges  -100.0%     
Deferred Income          
Deferred Taxes 17.6% 3.0% 95.3% -28.8% -4.2%
     Deferred Taxes - Credit 18.6% 4.5% 218.5% -28.8% -4.2%
     Deferred Taxes - Debit 20.2% 6.9%     
Deferred Tax Liability in Untaxed
Reserves
         
Other Liabilities          
Total Liabilities 38.1% 30.1% 80.9% 62.3% 10.0%
Non-Equity Reserves          
Minority Interest          
Preferred Stock          
     Preferred Stock Issued for
ESOP
         

15.      ESOP Guarantees - Preferred
Issued
         
Common Equity 14.1% 12.2% 14.3% 440.9% 87.7%
Total Liabilities & Shareholders'
Equity
28.3% 22.1% 43.6% 166.7% 24.2%
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16. Financial Statement Analyses\Balance Sheet - Five-Year Averages
Balance Sheet - (5 Year Averages): Page Industries Limited.
Figures in millions of Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Assets          
Total Assets 1,649.71,178.2 809.9   
Cash & Short Term Investments 87.3 81.5 61.0   
     Cash 4.3 1.6 0.6   
     Short Term Investments 83.0 79.8 60.4   
Receivables (Net) 160.3 117.5 78.0   
Inventories -Total 581.2 432.3 325.4   
     Raw Materials 221.6       
     Work in Process 90.7       
     Finished Goods 245.9       
     Progress Payments & Other 22.9       
Prepaid Expenses 215.4 110.0 41.6   
Other Current Assets 40.3 22.3 17.2   
Current Assets - Total 1,084.4 763.6 523.2   
Long Term Receivables          
Investment in Associated
Companies
0.0 0.0 0.0   
Other Investments 105.2 99.8 90.0   
Property Plant and Equipment -
Gross
576.4 390.6 249.2   
     Accumulated Depreciation 116.3 75.9 52.4   
     Property Plant and Equipment –
Net
460.1 314.8 196.8   
Other Assets 0.0 0.0 0.0   
     Deferred Charges 0.0 0.0 0.0   
     Tangible Other Assets 0.0 0.0 0.0   

17.      Intangible Other Assets 0.0 0.0 0.0   
Total Assets 1,649.71,178.2 809.9   
Liabilities & Shareholders'
Equity
         
Total Liabilities & Shareholders'
Equity
1,649.71,178.2 809.9   
Accounts Payable 142.6 124.6 118.2   
Short Term Debt & Current Portion
of Long Term Debt
256.2       
Accrued Payroll          
Income Taxes Payable          
Dividends Payable          
Other Current Liabilities 334.1 150.0 90.8   
Current Liabilities - Total 856.2 566.3 371.6   
Long Term Debt 88.7 93.2 84.3   
     Long Term Debt Excluding
Capitalized Leases
87.1 91.7 83.1   
     Capitalized Lease Obligations 1.6       
Provision for Risks and Charges         
Deferred Income 0.0 0.0 0.0   
Deferred Taxes 14.6 13.1 11.8   
     Deferred Taxes - Credit 21.5 17.3 13.8   
     Deferred Taxes - Debit          
Deferred Tax Liability in Untaxed
Reserves
         
Other Liabilities 0.0 0.0 0.0   
Total Liabilities 962.8 675.9 471.0   
Non-Equity Reserves 0.0 0.0 0.0   
Minority Interest 0.0 0.0 0.0   
Preferred Stock 0.0 0.0 0.0   
     Preferred Stock Issued for
ESOP
         

18.      ESOP Guarantees - Preferred
Issued
         
Common Equity 686.9 502.2 339.0   
Total Liabilities & Shareholders'
Equity
1,649.71,178.2 809.9   
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19. Financial Statement Analyses\Income Statement - Common Size
Income Statement - (Common Size): Page Industries Limited.
Figures are expressed as Percent of Net Sales or Revenues.
Net Sales or Revenues are in millions of Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Net Sales or Revenues 3,393.82,546.51,923.51,359.41,010.1
Cost of Goods Sold 80.6%79.5%80.7%79.9%81.2%
Depreciation, Depletion & Amortization 2.6% 2.9% 1.9% 1.1% 0.8%
Gross Income 16.8%17.7%17.4%19.0%18.0%
Selling, General & Administrative Expenses         
Other Operating Expenses 0.2% 0.3% 0.4% 0.1% 0.5%
Operating Expenses - Total 83.4%82.6%83.0%81.1%82.5%
Operating Income 16.6%17.4%17.0%18.9%17.5%
Extraordinary Credit - Pretax 0.0% 0.0% 0.0% 0.0% 0.0%
Extraordinary Charge - Pretax 0.0% 0.0% 0.0% 0.1% 0.0%
Non-Operating Interest Income 0.3% 1.2% 1.0% 0.3% 0.2%
Reserves - Increase/Decrease 0.0% 0.0% 0.0% 0.0% 0.0%
Pretax Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
Other Income/Expense - Net 1.1% 1.3% 1.4% 1.2% 0.7%
Earnings before Interest, Taxes, Depreciation &
Amortization (EBITDA)
20.6%22.7%21.2%21.6%19.3%
Earnings before Interest & Taxes(EBIT) 18.0%19.8%19.4%20.4%18.4%
Interest Expense on Debt 0.7% 1.5% 1.7% 1.6% 1.5%
Interest Capitalized          
Pretax Income 17.2%18.3%17.7%18.9%16.9%
Income Taxes 5.6% 5.9% 5.3% 6.3% 5.7%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Equity in Earnings 0.0% 0.0% 0.0% 0.0% 0.0%
After Tax Other Income/Expense -0.0%-0.0%-0.0%-0.0%-0.0%
Discontinued Operations 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income before Extraordinary Items/Preferred
Dividends
11.7%12.4%12.4%12.5%11.3%

20. Extraordinary Items & Gain/Loss Sale of Assets0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Dividend Requirements 0.0% 0.0% 0.0% 0.0% 0.0%
Net Income after Preferred Dividends - available
to Common
11.7%12.4%12.4%12.5%11.3%
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21. Financial Statement Analyses\Income Statement - Year-Year % Change
Income Statement - (Year to Year Percent Change): Page Industries Limited.
Figures are the Percent Changes from the Prior Year.
Fiscal Year 2010 2009 2008 2007 2006
Net Sales or Revenues 33.3%32.4%41.5%34.6% 35.3%
Cost of Goods Sold 35.2%30.3%43.0%32.5% 22.4%
Depreciation, Depletion & Amortization 22.5%102.9%135.6%83.5% 15.8%
Gross Income 26.4%34.6%29.7%41.6% 161.7%
Selling, General & Administrative Expenses         
Other Operating Expenses -29.9% 2.0%771.0%-83.8% 
Operating Expenses - Total 34.5%31.8%44.8%32.3% 23.1%
Operating Income 27.4%35.3%27.2%45.3% 154.2%
Extraordinary Credit - Pretax          
Extraordinary Charge - Pretax 262.2%33.9%-80.5%145.9%1,046.3%
Non-Operating Interest Income -64.6%53.6%310.4%111.9%22,137.4%
Reserves - Increase/Decrease          
Pretax Equity in Earnings          
Other Income/Expense - Net 13.7%24.8%55.6%126.2% 84.0%
Earnings before Interest, Taxes,
Depreciation & Amortization (EBITDA)
21.2%41.5%39.4%50.7% 140.6%
Earnings before Interest & Taxes(EBIT) 21.0%35.5%34.1%49.2% 152.9%
Interest Expense on Debt -34.2%21.3%50.4%40.8% 15.6%
Interest Capitalized          
Pretax Income 25.5%36.9%32.7%49.9% 182.3%
Income Taxes 26.2%46.3%18.6%50.9% 214.5%
Minority Interest          
Equity in Earnings          
After Tax Other Income/Expense          
Discontinued Operations          
Net Income before Extraordinary
Items/Preferred Dividends
25.2%32.8%39.9%49.5% 169.0%

22. Extraordinary Items & Gain/Loss Sale of
Assets
         
Preferred Dividend Requirements          
Net Income after Preferred Dividends -
available to Common
25.2%32.8%39.9%49.5% 169.0%
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23. Financial Statement Analyses\Income Statement - Five-Year Averages
Income Statement - (5 Year Averages): Page Industries Limited.
Figures in millions of Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Net Sales or Revenues 2,046.71,517.21,132.8   
Cost of Goods Sold 1,643.61,230.5932.0   
Depreciation, Depletion & Amortization 44.6 28.1 14.9   
Gross Income 358.5258.6185.9   
Selling, General & Administrative Expenses          
Other Operating Expenses 5.3 4.2 2.7   
Operating Expenses - Total 1,693.51,262.8949.6   
Operating Income 353.2254.4183.2   
Extraordinary Credit - Pretax 0.0 0.0 0.1   
Extraordinary Charge - Pretax 0.5 0.3 0.3   
Non-Operating Interest Income 13.3 11.2     
Reserves - Increase/Decrease 0.0 0.0 0.0   
Pretax Equity in Earnings 0.0 0.0 0.0   
Other Income/Expense - Net 24.3 17.6 10.2   
Earnings before Interest, Taxes, Depreciation &
Amortization (EBITDA)
434.9311.0213.3   
Earnings before Interest & Taxes(EBIT) 390.3282.9198.4   
Interest Expense on Debt 26.4 23.9 18.4   
Interest Capitalized          
Pretax Income 363.9259.0180.0   
Income Taxes 116.9 82.7 56.5   
Minority Interest 0.0 0.0 0.0   
Equity in Earnings 0.0 0.0 0.0   
After Tax Other Income/Expense -0.1 -0.1 -0.1   
Discontinued Operations 0.0 0.0 0.0   
Net Income before Extraordinary Items/Preferred
Dividends
247.0176.2123.5   

24. Extraordinary Items & Gain/Loss Sale of Assets 0.0 0.0 0.0   
Preferred Dividend Requirements 0.0 0.0 0.0   
Net Income after Preferred Dividends - available to
Common
247.0176.2123.5   
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25. Financial Statement Analyses\Sources of Capital - Net Change
Sources of Capital: Page Industries Limited.
Currency figures are in millions of Indian Rupees.
Year to year % changes pertain to reported Balance Sheet values.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Total Capital 1,099.41,019.2 866.7 751.9 140.8
Percent of Total Capital          
Short Term Debt 39.9% 26.3% 32.2% 23.8% 82.6%
Long Term Debt 9.9% 14.8% 10.7% 9.9% 11.1%
Other Liabilities 0.0% 0.0% 0.0% 0.0% 0.0%
Total Liabilities 157.6% 123.1% 111.3% 70.9% 233.3%
Minority Interest 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock 0.0% 0.0% 0.0% 0.0% 0.0%
Retained Earnings          
Common Equity 90.1% 85.2% 89.3% 90.1% 88.9%
Total Capital 100.0% 100.0% 100.0% 100.0% 100.0%
Year to Year Net Changes          
Short Term Debt 17.0 -1.1 10.0 6.2 
Long Term Debt -4.2 5.8 1.8 5.9 -11.6
Other Liabilities 0.0 0.0 0.0 0.0 0.0
Total Liabilities 47.8 29.0 43.1 20.5 3.0
Minority Interest 0.0 0.0 0.0 0.0 0.0
Preferred Stock 0.0 0.0 0.0 0.0 0.0
Retained Earnings          
Common Equity 12.2 9.4 9.7 55.2 5.8
Total Capital 8.0 15.2 11.5 61.1 -5.8
Year to Year Percent Changes          
Short Term Debt 63.5% -3.9% 56.3% 53.6% 
Long Term Debt -27.7% 62.4% 24.5% 377.8% -88.1%
Other Liabilities          

26. Total Liabilities 38.1% 30.1% 80.9% 62.3% 10.0%
Minority Interest          
Preferred Stock          
Retained Earnings          
Common Equity 14.1% 12.2% 14.3% 440.9% 87.7%
Total Capital 7.9% 17.6% 15.3% 433.9% -29.0%
Total Liabilities & Common
Equity
         
Total Liabilities 1,732.91,254.5 964.6 533.2 328.6
Net Change in Liabilities as
% of Total Liabilities
27.6% 23.1% 44.7% 38.4% 9.1%
Common Equity 990.3 868.2 773.8 677.2 125.2
Net Change in Common Equity as
% of Common Equity
12.3% 10.9% 12.5% 81.5% 46.7%
Cash Flow          
Operating Activities 283.0 333.5 109.7 78.1 92.0
Financing Activities -135.2 -174.7 -22.9 493.8 -55.2
Investing Activities 221.3 57.6 387.0 270.3 36.9
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27. Financial Ratio AnalysesFinancial Ratio Analyses\Accounting Ratios
Accounting Ratios: Page Industries Limited.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Receivables Turnover 12.9 10.4 13.5 16.1 15.1
Receivables - Number of Days 27.3 27.7 21.5 20.3 21.1
Inventory Turnover 3.4 3.1 3.0 3.3 3.7
Inventory - Number of Days 108.4 118.2 121.9 109.2 98.9
Gross Property, Plant & Equipment
Turnover
3.2 3.1 3.6 4.4 6.1
Net Property, Plant & Equipment
Turnover
4.1 3.8 4.4 5.5 8.2
Depreciation, Depletion &
Amortization
% of Gross Property, Plant &
Equipment
8.5% 9.0% 6.8% 5.0% 5.0%
Depreciation, Depletion &
Amortization
Year to Year Change
1.7 3.7 2.1 0.7 0.1
Depreciation, Depletion &
Amortization
Year to Year % Change
22.5% 102.9% 135.6% 83.5% 15.8%
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28. Financial Ratio Analyses\Asset Utilization
Asset Utilization: Page Industries Limited.
Figures are expressed as the ratio of Net Sales.
Net Sales are in millions of Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Net Sales 3,393.82,546.51,923.51,359.41,010.1
Cash & Cash Equivalents 0.9% 4.0% 0.1% 22.2% 0.0%
Short-Term Investments 0.5% 3.8% 0.0% 22.1% 0.0%
Accounts Receivable 7.8% 9.6% 7.4% 6.2% 6.6%
Inventories 27.9% 26.7% 32.8% 29.9% 24.0%
Other Current Assets 3.0% 1.3% 1.3% 2.2% 1.3%
Total Current Assets 55.1% 55.1% 52.1% 60.7% 32.1%
Total Long Term Receivables &
Investments
0.9% 2.1% 15.6% 10.1% 0.7%
     Long Term Receivables          
     Investments in Associated
Companies
0.0% 0.0% 0.0% 0.0% 0.0%
     Other Investments 0.9% 2.1% 15.6% 10.1% 0.7%
Property, Plant & Equipment -
Gross
31.3% 32.1% 27.6% 22.5% 16.5%
Accumulated Depreciation 7.0% 5.8% 4.9% 4.3% 4.3%
Property Plant & Equipment - Net 24.3% 26.2% 22.7% 18.3% 12.2%
Other Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Total Assets 80.2% 83.4% 90.4% 89.0% 44.9%
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29. Financial Ratio Analyses\Employee Efficiency
Employee Efficiency: Page Industries Limited.
Values per Employee are in Indian Rupees.
Fiscal Year 2010 2009 2008 2007  
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/2007 
Employees 8,732 6,358 4,215 3,377 
Values per Employee          
Sales 388,662400,521456,341402,545 
Net Income 45,362 49,749 56,505 50,420 
Cash Earnings 55,898 61,362 67,019 56,481 
Working Capital 30,283 49,635 37,631110,983 
Total Debt 62,719 65,932 88,257 74,990 
Total Capital 125,901160,298205,623222,643 
Total Assets 311,861333,867412,423358,443 
Year to Year % Change per Employee          
Employees 37.3% 50.8% 24.8%   
Sales -3.0% -12.2% 13.4%   
Net Income -8.8% -12.0% 12.1%   
Cash Earnings -8.9% -8.4% 18.7%   
Working Capital -39.0% 31.9% -66.1%   
Total Debt -4.9% -25.3% 17.7%   
Total Capital -21.5% -22.0% -7.6%   
Total Assets -6.6% -19.0% 15.1%   
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30. Financial Ratio Analyses\Fixed Charges Coverage
Fixed Charges Coverage: Page Industries Limited.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
EBIT/Total Interest Expense 24.1 13.1 11.7 13.1 12.4
EBIT/Net Interest 41.1 57.1 29.9 16.9 14.6
EBIT/(Total Interest Exp + Pfd Div)24.1 13.1 11.7 13.1 12.4
EBIT/Dividends on Common Shares 2.3 2.7 3.3 5.0 3.4
EBIT/(Dividends on Common + Pfd) 2.3 2.7 3.3 5.0 3.4
EBITDA/Total Interest Expense 27.6 15.0 12.9 13.9 13.0
EBITDA/Net Interest 47.2 65.5 32.8 17.8 15.2
EBITDA/(Total Interest Exp + Pfd
Div)
27.6 15.0 12.9 13.9 13.0
EBITDA/Dividends on Com Shares 2.6 3.0 3.7 5.3 3.5
EBITDA/(Dividends on Com + Pfd) 2.6 3.0 3.7 5.3 3.5
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31. Financial Ratio Analyses\Leverage Analysis
Leverage Analysis: Page Industries Limited.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Long Term Debt % of EBIT 17.9% 29.9% 25.0% 26.9% 8.4%
Long Term Debt % of EBITDA 15.6% 26.1% 22.8% 25.5% 8.0%
Long Term Debt % of Total Assets 4.0% 7.1% 5.3% 6.2% 3.4%
Long Term Debt % of Total Capital 9.9% 14.8% 10.7% 9.9% 11.1%
Long Term Debt % of Com Equity 11.0% 17.4% 12.0% 11.0% 12.5%
Total Debt % of EBIT 89.7% 83.1% 99.9% 91.2% 70.9%
Total Debt % of EBITDA 78.2% 72.5% 91.1% 86.4% 67.8%
Total Debt % of Total Assets 20.1% 19.7% 21.4% 20.9% 29.1%
Total Debt % of Total Capital 49.8% 41.1% 42.9% 33.7% 93.7%
Total Debt % of Total Capital &
Short Term Debt
35.6% 32.6% 32.5% 27.2% 51.3%
Total Debt % of Common Equity 55.3% 48.3% 48.1% 37.4% 105.4%
Minority Interest % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of EBITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total Assets0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Total Capital0.0% 0.0% 0.0% 0.0% 0.0%
Minority Interest % of Com Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EBIT 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of EDITDA 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total Assets 0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total Capital0.0% 0.0% 0.0% 0.0% 0.0%
Preferred Stock % of Total Equity 0.0% 0.0% 0.0% 0.0% 0.0%
Common Equity % of Total Assets 36.4% 40.9% 44.5% 55.9% 27.6%
Common Equity % of Total Capital 90.1% 85.2% 89.3% 90.1% 88.9%
Total Capital % of Total Assets 40.4% 48.0% 49.9% 62.1% 31.0%
Capital Expenditure % of Sales 7.3% 12.0% 12.0% 10.3% 3.3%

32. Fixed Assets % of Common Equity 83.3% 77.0% 56.4% 36.7% 98.0%
Working Capital % of Total Capital24.1% 31.0% 18.3% 49.8% 19.7%
Dividend Payout 67.6% 59.9% 46.8% 32.6% 48.7%
Funds From Operations % of Total
Debt
89.1% 93.1% 75.9% 75.3% 92.3%
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33. Financial Ratio Analyses\Liquidity Analysis
Liquidity Analysis: Page Industries Limited.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Total Current Assets % Net Sales 55.1% 55.1% 52.1% 60.7% 32.1%
Cash % of Current Assets 0.7% 0.4% 0.1% 0.1% 0.1%
Cash & Equivalents % of Current
Assets
1.6% 7.3% 0.2% 36.6% 0.1%
Quick Ratio 0.2 0.3 0.2 0.9 0.2
Receivables % of Current Assets 14.1% 17.4% 14.2% 10.2% 20.6%
Receivable Turnover - number of
days
27.3 27.7 21.5 20.3 21.1
Inventories % of Current Assets 50.6% 48.5% 62.9% 49.3% 75.0%
Inventory Turnover - number of
days
108.4 118.2 121.9 109.2 98.9
Inventory to Cash & Equivalents -
number of days
11.2 54.5 1.0 267.0 0.4
Receivables % of Total Assets 9.7% 11.5% 8.2% 7.0% 14.7%
Current Ratio 1.2 1.3 1.2 1.8 1.1
Total Debt % of Total Capital 35.6% 32.6% 32.5% 27.2% 51.3%
Funds from Operations % of
Current Liabilities
30.4% 35.9% 33.5% 42.4% 41.1%
Funds from Operations % of Long
Term Debt
447.4% 258.4% 303.9% 255.5% 779.3%
Funds from Operations % of Total
Debt
89.1% 93.1% 75.9% 75.3% 92.3%
Funds from Operations % of Total
Capital
44.4% 38.3% 32.6% 25.4% 86.5%
Cash Flow (in milllions of Indian
Rupees)
         
Operating Activities 283.0 333.5 109.7 78.1 92.0
Financing Activities -135.2 -174.7 -22.9 493.8 -55.2
Investing Activities 221.3 57.6 387.0 270.3 36.9

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may be reproduced, stored in a retrieval system, or transmitted for commercial purposes, in any form or by any means, electronic, mechanical, photocopying,
recording, or otherwise without prior written permission. Information is believed reliable, but accuracy, completeness and opinions are not guaranteed.
 
 

35. Financial Ratio Analyses\Per-Share Ratios
Per Share Data: Page Industries Limited.
Figures are expressed as per unit of respective shares.
Figures are in Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Sales 304.27 228.31 172.45 121.88 414.76
Operating Income 50.51 39.64 29.29 23.03 72.57
Pre-tax Income 52.46 41.79 30.53 23.00 70.26
Net Income (Continuing Operations)52.46 41.79 30.53 23.00 70.26
Net Income Before Extra Items 35.51 28.36 21.35 15.27 46.77
Extraordinary Items 0.00 0.00 0.00 0.00 0.00
Net Income After Extraordinary
Items
35.51 28.36 21.35 15.27 46.77
Net Income Available to Common
Shares
35.51 28.36 21.35 42.94 46.77
Fully Diluted Earnings 35.51 28.36 21.35 42.94 46.77
Common Dividends 22.00 18.00 10.00 4.37 20.00
Cash Earnings 43.76 34.98 25.33 48.10 50.00
Book Value 88.78 77.84 69.37 60.72 51.41
Retained Earnings          
Assets 244.15 190.31 155.85 108.52 186.34
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36. Financial Ratio Analyses\Profitability Growth
Profitability Analysis: Page Industries Limited.
Currency figures are in Indian Rupees.
Fiscal Year 2010 2009 2008 2007 2006
Fiscal Year End Date 3/31/20103/31/20093/31/20083/31/20073/31/2006
Gross Income Margin 16.8% 17.7% 17.4% 19.0% 18.0%
Operating Income Margin 16.6% 17.4% 17.0% 18.9% 17.5%
Pretax Income Margin 17.2% 18.3% 17.7% 18.9% 16.9%
EBIT Margin 18.0% 19.8% 19.4% 20.4% 18.4%
Net Income Margin 11.7% 12.4% 12.4% 12.5% 11.3%
Return on Equity - Total 42.6% 38.5% 32.8% 42.4% 118.7%
Return on Invested Capital 29.3% 28.1% 25.1% 31.0% 54.4%
Return on Assets 17.1% 17.7% 17.7% 22.1% 30.2%
Asset Turnover 1.2 1.2 1.1 1.1 2.2
Financial Leverage 55.3% 48.3% 48.1% 37.4% 105.4%
Interest Expense on Debt25,366,13838,532,76931,777,99321,134,81215,011,916
Effective Tax Rate 32.3% 32.1% 30.0% 33.6% 33.4%
Cash Flow % Sales 14.4% 15.3% 14.7% 14.0% 12.1%
Selling, General &
Administrative Expenses % of
Sales
         
Research & Development
Expense
         
Operating Income Return On
Total Capital
7.9% 17.6% 15.3% 433.9% -29.0%
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37. Wright Quality Rating AnalysesWright Quality Rating Analyses\Investment Acceptance
Wright Quality Rating - Investment Acceptance: Page Industries Limited.
Currency figures are in millions of U.S. Dollars.
Wright Quality Rating DCNN
     Investment Acceptance Rating DCNN
Total Market Value of Shares Outstanding - Three Year Average 110
           - Current Year 298
Public Market Value (Excludes Closely Held) - Three Year Average 36
           - Current Year 98
Trading Volume - Three Year Average 0
           - Current Year 0
Turnover Rate - Three Year Average 0.0%
           - Current Year 0.0%
Stock Exchange Listings
BOM

Number of Institutional Investors 0
Number of Shareholders 4,071
Closely Held Shares as % of Total Shares Outstanding 67.0%
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38. Wright Quality Rating Analyses\Financial Strength
Wright Quality Rating - Financial Strength: Page Industries Limited.
Wright Quality Rating
DCNN
     Financial Strength Rating
DCNN
Total Shareholders' Equity (Millions of U.S. Dollars) 22
Total Shareholders' Equity as % Total Capital 90.0%
Preferred Stock as % of Total Capital 0.0%
Long Term Debt as % of Total Capital 10.0%
     Long Term Debt (Millions of Indian Rupees) 109
     Lease Obligations (Millions of Indian Rupees) 1
     Long Term Debt including Leases (Millions of Indian Rupees) 110
Total Debt as % of Total Capital 35.6%
Fixed Charge Coverage Ratio: Pretax Income to Interest Expense & Preferred
Dividends
24.1
Fixed Charge Coverage Ratio: Pretax Income to Net Interest Income & Preferred
Dividends
41.2
Quick Ratio (Cash & Receivables / Current Liabilities) 0.2
Current Ratio (Current Assets / Current Liabilities) 1.2
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39. Wright Quality Rating Analyses\Profitability & Stability
Wright Quality Rating - Profitability & Stability: Page Industries Limited.
Wright Quality Rating
DCNN
     Profitability & Stability Rating
DCNN
Profit Rate of Earnings on Equity Capital - Time-Weighted Normal 54.8%
           - Basic Trend -4.0%
Cash Earnings Return on Equity - Time-Weighted Average 47.2%
           - Basic Trend -0.5%
Cash Earnings Return on Equity - Stability Index 49.1%
Return On Assets (Time-Weighted Average) 25.4%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 22.8%
Operating Income as % of Total Assets (Time-Weighted Average) 22.7%
Operating Income as % of Total Capital (Adjusted Rate) 74.7%
Pre-Tax Income as % of Total Assets (Time-Weighted Average) 22.8%
Operating Income as % of Total Assets (Time-Weighted Average) 22.7%
Operating Income as % of Total Capital (Adjusted Rate) 74.7%
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40. Wright Quality Rating Analyses\Corporate Growth
Wright Quality Rating - Corporate Growth: Page Industries Limited.
Figures are expressed on a Per Share Basis.
Wright Quality Rating
DCNN
     Growth Rating
DCNN
Normal Earnings Growth 3.6%
Cash Earnings Growth 4.0%
Cash Earnings Stability Index 38.9%
Earned Equity Growth 0.0%
Dividend Growth 0.0%
Operating Income Growth -1.5%
Assets Growth 4.6%
Sales/Revenues Growth -7.2%
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